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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, October 3, 2022, Vol. 23, No. 191

                           Headlines



B E L A R U S

EUROTORG LLC: S&P Lowers ICR to 'SD' on Distressed Debt Exchange


B E L G I U M

ONTEX GROUP: S&P Lowers ICR to 'B', Outlook Negative


C R O A T I A

ZAGREB: S&P Upgrades LongTerm ICR to 'BB', Outlook Stable


F R A N C E

ELIS SA: Moody's Upgrades CFR to Ba1 & Alters Outlook to Stable
EUROPCAR MOBILITY: S&P Upgrades ICR to 'B' on Green Mobility Deal
GOLDSTORY SAS: S&P Affirms 'B' ICR & Alters Outlook to Positive
VANTIVA SA: Moody's Hikes CFR to Caa1 & Alters Outlook to Stable


G E R M A N Y

HSE FINANCE: S&P Affirms 'B' ICR & Alters Outlook to Negative
[*] GERMANY: Unveils Energy Price Cap for Consumers, Businesses


I T A L Y

ALMAVIVA: S&P Raises ICR to 'BB-', Outlook Stable
CREDEMVITA SPA: Fitch Affirms 'BB+' Rating on Subordinated Debt
HAYFIN EMERALD X: Fitch Assigns 'B-sf' Rating on Cl. F Notes
LEATHER SPA: S&P Affirms 'B' ICR & Alters Outlook to Negative


K A Z A K H S T A N

KAZMUNAYGAS NC: S&P Upgrades ICR to 'BB+', Outlook Negative


L U X E M B O U R G

SITEL GROUP: S&P Raises ICR to 'BB' on Stronger Credit Metrics


N E T H E R L A N D S

VINCENT TOPCO: S&P Affirms 'B-' LT ICR & Alters Outlook to Stable


S P A I N

GRIFOLS SA: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable
INTERNATIONAL PARK: S&P Affirms 'B-' ICR, Outlook Negative


S W E D E N

ROAR BIDCO: Fitch Alters Outlook on 'B' LongTerm IDR to Stable


T U R K E Y

TURKIYE EMLAK: Fitch Affirms 'B-/B' LongTerm IDRs, Outlook Neg
VAKIF KATILIM: Fitch Affirms 'B-' Foreign Currency IDR


U N I T E D   K I N G D O M

BRITISH STEEL: Owners Ask Government Bailout to Save Jobs
CAMAIEU: Goes Into Administration, 2,600 Jobs Affected
DAHLIAL LTD: Director Disqualified for Seven Years
EM MIDCO 2: S&P Assigns 'B' LongTerm ICR, Outlook Stable
HODDERS LAW: Enters Administration, Halts Trading

PHARMANOVIA BIDCO: S&P Upgrades LT ICR to 'B', Outlook Stable
SKINNER'S: Enters Administration, Seeks Buyer for Business
TAYLORMADE CASTINGS: Goes Into Liquidation, 14 Jobs Affected


X X X X X X X X

[*] BOND PRICING: For the Week September 26 to September 30, 2022

                           - - - - -


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B E L A R U S
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EUROTORG LLC: S&P Lowers ICR to 'SD' on Distressed Debt Exchange
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S&P Global Ratings lowered its foreign currency issuer credit
ratings on Eurotorg LLC to 'SD' (selective default) from 'CC/C' and
its local currency issuer ratings to 'SD' from 'CCC/C'. S&P also
lowered its rating on the U.S. dollar-denominated Eurobonds to 'D'
from 'CC'.

S&P downgraded Eurotorg to 'SD' after it completed its distressed
exchange with creditors, which reduced the company's debt burden by
about $44 million. The Eurobonds were issued in the form of loan
participation notes for the sole purpose of financing a loan to
Eurotorg and borrowed by a special-purpose vehicle, Bonitron.

Bonitron announced on Sept. 14, 2022, that its tender offer, under
which holders could exchange their Eurobonds for cash, was closed.
It paid holders $550 for each $1,000 in face value and about $44
million was tendered as a result of the offer. S&P considers this a
distressed exchange, given that the amount reimbursed fell
significantly short of the original imputed promise to the
creditors.

The company confirmed that the downgrade of the U.S.
dollar-denominated Eurobonds will not trigger accelerated repayment
of any other debt instruments issued by Eurotorg, in accordance
with the cross-default provisions in its documentation.

S&P said, "We expect Eurotorg's ability to make timely debt service
payments to remain uncertain for the next few months because of the
disruption to the financial and payment processing infrastructure
in Belarus resulting from the Russia-Ukraine conflict and related
sanctions. In particular, the company could encounter difficulties
in settling the coupon payment on its outstanding $97 million in
Eurobonds by the due date of Oct. 22, 2022, even though the company
has sufficient funds available and has already started the process
of executing the payment.

"In our view, food retail is one of the most resilient sectors when
there is macroeconomic turmoil. Due to its leading market position
in Belarus, we therefore expect Eurotorg will continue to generate
earnings and cash flows sufficient to fund its financial needs.
Nonetheless, given how the Belarusian payment infrastructure has
deteriorated, we cannot rule out further hardships or delays for
the company in servicing its debt. Moreover, if additional
sanctions are imposed on Belarus, its business entities, and
selected individuals, Eurotorg's ability to service its foreign
currency liabilities may be diminished.

"Bonitron launched a second public tender offer on Sept. 22, 2022.
When completed, we are likely to consider this is also a distressed
exchange because Bonitron is proposing to pay $720 for each $1,000
in face value, with a maximum acceptance amount of $40 million in
aggregate principal. Therefore, we expect the 'SD' rating on
Eurotorg and the 'D' rating on the Eurobonds to be maintained until
the situation is fully resolved."




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B E L G I U M
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ONTEX GROUP: S&P Lowers ICR to 'B', Outlook Negative
----------------------------------------------------
S&P Global Ratings lowered its long-term ratings on Belgium-based
Ontex Group N.V. and its EUR580 senior unsecured notes due 2026 to
'B' from 'B+'.

In S&P's view, the announced disposal of the Mexican operations,
despite reducing business diversity, should support rapid
deleveraging toward 6x by year end 2023.

The negative outlook reflects S&P's expectation that the adjusted
EBITDA margin and free cash flow generation at Ontex will remain
depressed in 2023 and reflects the risk of delay in the company's
deleveraging trajectory.

Ontex's weakening profitability is pushing leverage to an estimated
9x in 2022, which is not commensurate with a 'B+' rating. The high
inflation and volatility of raw material prices, in particular
oil-based derivatives, fluff pulp, and energy, will lead to a
deterioration of Ontex's profitability in 2022. S&P said,
"Therefore, we have revised our forecasts and expect the company's
S&P Global Ratings-adjusted EBITDA margin to contract to 4.0%-5.0%
in 2022, from 6.5% in 2021 and 10.2% in 2020. This translates into
S&P Global Ratings-adjusted debt to EBITDA increasing to about 9x
in 2022, which represents a major deviation compared with our
previous estimate of leverage close to 5.0x-6.0x. Our adjusted debt
figure includes EUR580 million of notes due 2026, a EUR220 million
term loan due 2024, EUR50 million-EUR100 million expected
utilization of the revolving credit facility (RCF), EUR110
million-EUR115 million of lease liabilities, EUR130 million-EUR140
million of outstanding factoring, and EUR10 million-EUR15 million
of pension liabilities. We deduct from gross debt roughly EUR200
million of available cash according to our expectations in 2022."

The adjusted EBITDA margin will remain depressed at 4%-5% this year
as sales price increases and cost savings could only partially
offset the volatility of input costs. Given the focus on private
labels, the company has been relatively late in realizing sales
price increases in core developed countries. Since the beginning of
the year it has progressively started price negotiations with its
customers, with some time-lag compared with branded companies. S&P
said, "We expect additional rounds of price increases in the second
half of 2022 and at the beginning of 2023 in the retail channel,
along with gradual revision of prices in the healthcare segment
(about 20% of sales), since contracts in this segment are over
longer periods of up to three years. In the first half of 2022, we
observe a material increase in volumes, also supported by the
contract gains that were secured in 2021. That said, despite the
volume momentum, we believe the price increases will not be
sufficient to avoid margin erosion of S&P Global Ratings-adjusted
EBITDA margin to 4.0%-5.0% in 2022. We acknowledge some uncertainty
on the evolution of profitability in 2023, given the current
volatility of input costs, we see a risk that the company could
perform below our base case and the EBITDA margin might not
marginally improve in 2023 to 5.5%-6.5% as we currently expect.
Positively, we note Ontex's revenue should remain resilient in the
current economic environment, since the nondiscretionary nature of
personal hygiene should preserve volumes and Ontex's revenue could
be supported by additional demand for private labels as consumers
could trade down to more affordable products. In addition, we
acknowledge that the company is continuing to make cost-savings,
which has mitigated the margin contraction. We anticipate the
company should deliver about EUR80 million in savings for the whole
group (of which EUR60 million for the continuing operations) by the
end of 2022 and believe Ontex will continue optimizing its
footprint and reducing its selling, general, and administrative
expenses in 2023."

Successful disposal of Mexican assets should support deleveraging
in 2023. Ontex announced on July 29, 2022, that it had reached an
agreement to sell its Mexican assets to Softys for total net cash
proceeds of EUR250 million, of which EUR25 million will be deferred
over five years. The closing of the transaction is expected by
early 2023, contingent on merger clearance approvals and carve out
of the Tijuana plant, which the company will keep to support its
North American business. S&P said, "We expect the company will use
the proceeds to repay the EUR220 million term loan maturing in
2024. We estimate this will enable the group to reduce leverage
close to 6.0x in 2023, supported by the early repayment of the term
loan. Should the transaction fail to complete or should there be
unexpected delays in the carve-out of the Tijuana plant, we
estimate leverage would remain elevated at about 7.5x in 2023."

S&P said, "Early repayment of the EUR220 million term loan only
partly alleviates liquidity pressures since we expect limited
covenant headroom in 2023. We continue to assess Ontex's liquidity
as less than adequate since we expect volatile input prices will
hamper EBITDA and cash flow in 2023. In our view, the headroom
under Ontex's maintenance covenant, with semi-annual testing
reverting in June 2023 and which applies to the term loan and the
RCF, remains tight, mainly with reference to the test at year-end
2023. This is despite our assumption that the EUR220 million term
loan will be repaid in 2023 with the proceeds from the Mexican
disposal. We acknowledge the company has faced similar situations
in the past, when it managed covenant headroom through cost control
and cash management initiatives as well as thanks to the support of
its main lenders.

"Ontex has made a commitment to reduce leverage, which could be
further accelerated by additional disposals. Our rating assessment
is supported by the management's commitment to deleveraging,
although we believe the company's previous target to reduce net
leverage toward 3.0x in 2023 will be delayed. We also believe that
additional disposals in emerging markets might accelerate the
deleveraging path if proceeds are used for debt repayment. We
believe the announced disposals of these businesses have slightly
weakened Ontex's business risk profile due to the diminished
diversity of its geographic footprint. Moreover, emerging markets
tend to show healthier growth rate for incontinence products,
primarily baby and feminine care. However, we acknowledge Ontex has
not been able to properly manage operations in some of these
markets (mainly in Brazil) in the past years despite the
implementation of turnaround initiatives. Overall, we think that
the company's strategic decision to focus on core developed
countries in the private label segment should translate into lower
business complexity and increased and more stable profitability,
given foreign exchange-rate-driven volatility and the overall
dilutive margins from emerging markets.

"The negative outlook on Ontex reflects the risk that the company
could underperform our base case and that S&P Global
Ratings-adjusted debt to EBITDA could remain above 7x in 2023 after
the peak expected in 2022 of about 9x. This could stem from the
company's inability to counter margin erosion through price
increases and cost savings.

"We could lower our issuer credit rating on Ontex within the next
12-18 months if we believe the group will not be able to
significantly improve S&P Global Ratings-adjusted EBITDA margin
from the 4.0%-5.0% range expected in 2022. Failure to timely
complete the disposal of the Mexican business could also lead to
adjusted debt to EBITDA above 7.0x in 2023. We could also consider
a downgrade if the company's cash flow generation came under
pressure, such that free operating cash flow remained negative next
year, which could also raise concerns about the company's ability
to manage its covenant headroom, mainly in December 2023.

"We could revise the outlook to stable if Ontex is able to improve
its profitability and increase its financial flexibility through
announced asset disposals and debt repayment, such that S&P Global
Ratings-adjusted debt to EBITDA is maintained comfortably and
permanently below 7x from 2023 and free operating cash flow turns
positive again, after having been negative in 2022."

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




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C R O A T I A
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ZAGREB: S&P Upgrades LongTerm ICR to 'BB', Outlook Stable
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S&P Global Ratings, on Sept. 23, 2022, raised its long-term foreign
currency issuer credit rating on the Croatian capital city of
Zagreb to 'BB' from 'BB-'. The outlook is stable.

Outlook

The outlook is stable because expect Zagreb's budgetary performance
will continue to improve, buoyed by high economic growth, despite
increasing energy prices. S&P believes that the ongoing
reconstruction of earthquake-devastated areas will be supported by
funds from the EU and Croatia's central government.

Downside scenario

S&P could lower the rating if, contrary to its expectations, the
financial pressure on Zagreb and its companies were to rise, for
example due to increasing payables alongside declining cash
holdings. Fading government support, for example shown via reduced
funds for Zagreb to finance major investment projects, could also
weigh on the rating.

Upside scenario

S&P sees upward potential for the rating if the city manages to
improve its budgetary performance more than it currently expects,
for example by implementing stricter cost controls. In addition,
further accumulation of cash reserves could reduce Zagreb's
dependence on short-term credit. In addition, increased
transparency on its financial planning could lead us to consider a
positive rating action.

Rationale

The upgrade reflects the city's improved liquidity situation, lower
contingent liabilities, and continued economic resilience. S&P
expects tax revenue to rise significantly, fueled by high real GDP
growth in 2022 and solid prospects for 2023 and 2024 despite
headwinds from geopolitical events. The ratings also take into
account Zagreb's moderately high tax-supported debt and a volatile
policy environment.

Zagreb continues to receive funds from the EU and Croatia's central
government to rebuild infrastructure after earthquakes. The city's
share of the cost of rebuilding private properties is significantly
lower than we previously expected, thereby reducing our estimate of
the city's contingent liabilities compared with our previous
projections. S&P continues to view the city as dependent on having
a good relationship with the central government to ensure financing
of ongoing projects and infrastructure development.

S&P expects Zagreb's tax revenue to skyrocket in 2022 and 2023

Higher prices for energy and food will lead to elevated inflation
rates in Croatia, further boosting Zagreb's tax revenue. Personal
income tax collection is the city's main tax source; the city can
theoretically modify the surcharge tax within limits set by central
government. S&P expects a sound rebound of the national economy,
with real GDP expanding by 5.8% in 2022, which, coupled with
double-digit inflation rates, will lead to Zabreb's tax revenue
increasing by more than 17% year-on-year.

Zagreb benefits from its role as Croatia's capital and dominant
economic center. The city contributes about one-third of Croatia's
GDP. Unemployment is considerably lower than the national average,
at 2.8% as of June 30, 2022, versus 6.3%. Zagreb's GDP per capita
is comparable with that of similarly rated international peers and
significantly higher than the national average. S&P said, "We
expect Croatia's real GDP to increase by a still sound 1.75% in
2023 and by 3.5% in 2024, well above other European countries, with
Zagreb's GDP per capita developing in line with national growth
trends. We anticipate that, in the medium term, Zagreb's economy
will benefit from a relatively stable population, which
distinguishes the city from the national trend."

S&P said, "We understand that Zagreb's financial management intends
to increase the transparency of the city's financials and decisions
and implement various savings measures, which should help keep
operating expenditure growth below inflation rates. We expect that
in 2022-2024 continued investment needs will continue to weigh on
Zagreb's budgetary performance."

The rating on the city incorporates our view of the unpredictable
institutional framework for Croatian local and regional
governments. Changes to tax codes and rates are frequent and
complicate financial planning, and the distribution of resources is
unbalanced and insufficiently aligned to tasks delegated to
municipalities. Zagreb has settled various legal disputes with the
Croatian ministry of finance, which S&P views as a sign of
improving cooperation between both administrations despite their
opposing partisan backgrounds. Mayor Tomislav Tomasevic, elected in
May 2021, has formed a majority coalition in the city council.
However, implementing cost-saving measures might be more difficult
in future. In some cases, this has been delayed by the courts
ruling that such measures should be implemented slower than the
city's management intended, so as to give citizens and companies
time to adapt.

Zagreb should display sound budgetary performance and improved
access to financing through 2024

S&P said, "We expect Zagreb's operating surplus to average about
12% of operating revenue through 2024, thanks to booming tax
revenue and cost-cutting measures. Moreover, the city has access to
the EU Solidarity Fund until midyear 2023 to alleviate the cost of
rebuilding infrastructure after two earthquakes in March 2020. We
therefore expect capital expenditure for those projects to decline
by then. According to national law, Zagreb needs to cover 20% of
the costs of rebuilding the more heavily damaged private buildings.
The magnitude of these costs is hard to estimate, but effective
drawings on Zagreb's finances were well below budgeted funds until
midyear 2022, which we believe is likely to continue, effectively
limiting Zagreb's contingent liabilities relating to
earthquake-related damage."

Zagreb's budgetary flexibility is limited because most revenue
items depend on the central government's decisions. The city cannot
change its main revenue source, personal income taxes, except for
the surtax charged. However, the surtax is already at the maximum
set by the central government. Expenditure flexibility is further
constrained by fixed subsidies granted to the municipal holding
company and Zagrebacki Elektricni Tramvaj (ZET), both of which
supply essential public services. Asset sales have been difficult
to achieve in recent years and do not provide additional room to
maneuver.

S&P said, "We expect Zagreb's tax-supported debt to reach 94% of
consolidated operating revenue in 2024, which we regard as high for
a local government in Central and Eastern Europe. Direct debt is
less than half the city's tax-supported debt, reflecting the
substantial use of non-traditional means like factoring and the
debt of various municipal companies. We therefore include the debt
of Zagrebacki Holding and ZET in our tax-supported debt ratio. We
assume Zagreb will accumulate debt beyond its financing needs to
help reduce payables to suppliers and further increase its cash
holdings according to a new minimum cash holding strategy.

"We now view contingent liabilities as lower than previously, since
yearly spending on earthquake-related damage remains low. In
addition, risks from litigation reduced considerably after the
largest case -- for more than Croatian kuna (HRK) 10.7 billion
(about EUR 435 million) -- was eventually dropped in the first half
of 2022, and all outstanding issues with the Croatian ministry of
finance have been settled. The remaining contingent liabilities are
low in our view, consisting of Zagrebacki Holding's and ZET's
payables, as well as the long- and short-term debt of related
entities not already included in tax-supported debt. Foreign
exchange risk is limited because all debt is in local currency.

"In our view, Zagreb's liquidity situation is improving but remains
a weakness. Cash on hand increased by midyear 2022, but still
covers only about one-half of the next 12 months' debt service and
financing needs, leaving the city dependent on raising debt.
Furthermore, we now view Zagreb's access to external liquidity as
satisfactory because the city has access to a pool of international
banks willing to provide short-term loans if needed."




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ELIS SA: Moody's Upgrades CFR to Ba1 & Alters Outlook to Stable
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Moody's Investors Service has upgraded Elis S.A.'s corporate family
rating to Ba1 from Ba2 and probability of default rating to Ba1-PD
from Ba2-PD. Concurrently, the rating on the EUR4 billion backed
senior unsecured Euro Medium Term Note (EMTN) programme was
upgraded to (P)Ba1 from (P)Ba2, and the ratings on the backed
senior unsecured notes (senior notes) due 2023, 2026, 2027 and 2028
were upgraded to Ba1 from Ba2. The outlook has been changed to
stable from positive.

"The rating action reflects Moody's expectation that further
recovery in the hospitality end market and the company's strong
track record in offsetting cost inflation will result in credit
metrics commensurate with a Ba1 CFR on a sustained basis", says
Eric Kang, a Moody's Vice President-Senior Analyst and lead analyst
on Elis. "Although Moody's expect the company will face more
challenging market conditions over the next 12-18 months, Elis can
reduce costs, capex and dividends if needed to limit a
deterioration in financial metrics and ensure positive future free
cash flow generation", adds Mr Kang.

RATINGS RATIONALE

The upgrade of Elis' CFR to Ba1 from Ba2 reflects Moody's
expectations that a further recovery in the hospitality end market,
the company's strong track record in offsetting cost inflation and
the levers at the company's disposal to limit financial pressures
from a deteriorating outlook, will result in credit metrics
commensurate with a Ba1 CFR on a sustained basis, notably
Moody's-adjusted debt/EBITDA reducing towards 3.0x and
Moody's-adjusted free cash flow (FCF) / debt in the low to mid
single percentage digits. Moody's-adjusted debt/EBITDA and FCF/debt
were 3.5x and 3.0% respectively for the last twelve months ended
June 30, 2022 (excluding EUR450 million of debt proceeds earmarked
for the repayment of the senior notes maturing in February 2023).

Moody's expects Elis to face more challenging market conditions
over the next 12-18 months amid slower economic activity and
volatile commodity prices, notably energy. However, Elis' operating
performance during the pandemic and past economic cycles has been
robust, partly because of diversified end markets. The resilience
of Elis' business model also reflects its ability to timely reduce
costs, capex and dividend payments if needed to protect margins and
FCF generation. Furthermore, at this stage, Moody's does not expect
potential gas rationing to have a material or long-lasting negative
effects on Elis' credit profile, reflecting its exposure to
essential businesses like healthcare, food processing and
pharmaceuticals as well as its ability to timely adjust production
capacity as shown during the pandemic.

Moody's expects Elis to maintain a conservative financial policy as
reflected by its objective to further reduce reported net leverage
in the coming years and the company's decision to suspend dividends
in 2020-2021 to support liquidity during the pandemic. Moody's also
expects Elis' acquisition strategy to continue focusing on small
acquisitions, mostly funded with internally generated cash flows.
This conservative financial policy and in particular the company's
willingness to cut past dividends offsets to some extent the weak
FCF for the rating category. Moody's expects Moody's-adjusted
FCF/debt excluding dividend payments to be in the mid single
percentage digits over the next 12-18 months. The company targets a
net leverage as reported of 2.5x by year-end 2022 compared to 3.0x
over 2017-2019.

LIQUIDITY

Moody's views Elis' liquidity as good reflecting Moody's
expectation of positive free cash flow over the next 12-18 months,
unrestricted cash balances of EUR614 million as of June 30, 2022
(including EUR450 million of debt proceeds earmarked for the
repayment of the senior notes maturing in February 2023), and
access to an undrawn sustainability-linked revolving credit
facility (RCF) of EUR900 million - although the RCF provides a
backup for the EUR600 million commercial paper programme, of which
EUR219 million was outstanding as of June 30, 2022.

Moody's expects the company will maintain comfortable headroom
under the net leverage financial maintenance covenant, which
applies to the RCF and the US private placement (USPP) debt. The
covenant, which is tested semi-annually, is set at 3.75x. Net
leverage as reported was 2.7x as of June 30, 2022.

Moody's expects the company will maintain good access to debt
capital markets as reflected by the issuance of new senior notes,
USPP debt and convertible notes since May 2022, which provides some
comfort that the company will be able to refinance the senior notes
of EUR450 million (original nominal value of EUR650 million) and
convertibles notes of EUR388 million maturing in February 2023 and
October 2023 respectively. After 2023, Elis has a staggered debt
maturity profile with around EUR300 million to EUR500 million of
debt maturating annually between 2024 and 2029.

STRUCTURAL CONSIDERATIONS

The (P)Ba1 backed senior unsecured rating of the EMTN programme as
well as the Ba1 backed senior unsecured instrument ratings on the
senior notes due 2023, 2026, 2027 and 2028 are at the same level as
the Ba1 CFR. The senior notes rank pari passu ranking with Elis'
other bank facilities. All these facilities are unsecured and have
a weak level of guarantee from operating companies.

RATING OUTLOOK

The stable outlook assumes that Elis' credit metrics will continue
to strengthen over the next 12 to 18 months, leading to
Moody's-adjusted debt/EBITDA reducing towards 3.0x and
Moody's-adjusted free cash flow (FCF) / debt in the low to mid
single percentage digits.

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

Positive rating pressure could develop if Elis maintains its strong
operating execution and commits to a financial policy that will
sustainably result in (1) Moody's-adjusted debt/EBITDA of below
3.0x, (2) strong levels of underlying free cash flow with continued
ability to flex costs and capex when needed, and (3) good
liquidity.

Downward rating pressure could materialize if a deterioration in
earnings or a change in financial policy sustainably lead to (1)
Moody's-adjusted debt/EBITDA increasing above 3.5x or (2)
Moody's-adjusted FCF/debt weakening towards 1% or below. The
ratings could also be downgraded if liquidity materially weakens.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Elis is a France-based multiservice provider of flat linen, garment
and washroom appliances, water fountains, coffee machines, dust
mats and pest control services. The company reported revenue of
around EUR3 billion in 2021.  


EUROPCAR MOBILITY: S&P Upgrades ICR to 'B' on Green Mobility Deal
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S&P Global Ratings raised its long-term credit ratings on Europcar
Mobility Group (Europcar) and Europcar International SASU to 'B'
from 'B-', as well as its issue rating on the EUR500 million fleet
bond to 'B+' from 'B'. S&P's recovery rating of '2 with rounded
recovery prospects of 80% is unchanged.

The stable outlook indicates that Europcar will address in a timely
manner the refinancing of its corporate debt, while managing
potential volatility in demand through fleet and cost adjustments.
S&P expects EBIT interest coverage of at least 1x and neutral to
positive corporate free cash flows over the next 12 months.

Green Mobility Holding SA (GMH), which is 66% owned by Volkswagen
Finance Luxembourg, a fully-owned subsidiary of Volkswagen AG (VW),
completed the acquisition of Europcar in July 2022.

S&P said, "We think that Europcar could help accelerate VW's
long-term strategic aspiration to become a provider of integrated
mobility and transportation solutions via one central platform by
2030. Europcar is a leading player in the European car rental
market with a market share of 27% and a large network of more than
3,500 rental agencies in railway stations, airports, and cities
across more than 140 countries. Europcar's fleet management
capabilities should help VW develop an integrated mobility platform
to cover all consumers' mobility needs including subscription and
car sharing. VW owns a 66% stake in Europcar through GMH, while
Attestor and Pon Holdings own 27% and 7%, respectively. The
shareholder agreement between VW, Attestor, and Pon is designed to
allow VW to increase its ownership in Europcar through call
options, exercisable in five years. Attestor and Pon have put
options only. VW and Europcar will operate at arm's length, such
that there won't be any operational synergies between the two
groups. We therefore assess Europcar as a moderately strategic
entity for the VW group and apply an uplift of one notch to
Europcar's 'b-' standalone credit profile.

"We assess Europcar's liquidity as weak due to the upcoming
maturities of its corporate debt. The acquisition of Europcar by
GMH triggered the change of control clause of its corporate debt.
We understand that Europcar has obtained a waiver such that
debtholders of its corporate debt including a EUR500 million term
loan B (TLB) maturing in June 2023, a 170 million revolving credit
facility (RCF) maturing in June 2023, and state financing loans of
EUR251 million maturing in 2026, cannot exercise their put options
enabling them to request the immediate redemption of these loans
until the end of 2022. Over the next few months, we will monitor
Europcar's progress in refinancing its corporate debt. We assume
that VW will provide financial support to Europcar if it faced
difficulties refinancing its debt due to volatile financial markets
and in order to avoid a default on those liabilities.

"Europcar's 2022 earnings and cash flows will likely exceed our
previous expectations, which should also support the refinancing
process. We have therefore revised our forecast for 2022 and now
anticipate that Europcar's corporate EBITDA post International
Financial Reporting Standard (IFRS) 16 will increase to about
EUR500 million (higher than pre-pandemic level of about EUR390
million for 2019) and corporate free cash flow will increase to
about EUR300 million. Our previous forecast for 2022 (revenue of
EUR2.6 billion-EUR2.7 billion and corporate EBITDA post IFRS16 of
EUR330 million-EUR340 million) had underestimated the recovery in
demand for leisure activities. In addition, fleet supply has
remained constrained due to persisting supply chain issues, leading
to favorable pricing for car rental companies, like Europcar. In
the first quarter of 2022, the company's revenue soared 57% to
EUR567 million, from EUR356 million in 2021, supported by strong
pricing and a robust recovery in demand. More specifically, the
"Cars" segment experienced record growth of 76%, due to better
performance in the leisure segment, while "Vans & Trucks" declined
by 2%. Corporate EBITDA climbed to EUR31 million, from negative
EUR44 million in the first quarter of 2021, also helped by the
company's strict cost discipline. Corporate free cash flow also
adopted a positive trend, rising to EUR44 million in the first
quarter of 2022, from negative EUR100 million in the same quarter
of 2021."

"Weakening consumer sentiment in Europe will likely curb Europcar's
2023 earnings and cash flows. Europcar derives about 80%-85% of its
revenue from Europe. Moreover, the demand for car rentals is
discretionary in nature and therefore highly cyclical. We expect
further downward revisions to our macro-economic outlook for the
eurozone following the recent indefinite closure of the Nord Stream
1 gas pipeline. This will likely challenge Europcar's ability to
repeat the record operating results that we expect it will post in
2022. Our base case assumes that Europcar's corporate EBITDA post
IFRS 16 for 2023 will drop from our forecast of about EUR500
million for 2022, but stay above EUR300 million. We also forecast
that the company's corporate free cash flow (excluding fleet
related working capital) will be neutral to slightly positive in
2023, compared with about EUR300 million in 2022.

"The stable outlook indicates that Europcar will address the
refinancing of its EUR500 million term loan B and EUR170 million
RCF coming due within the next twelve months in a timely manner,
while managing the potential volatility in demand through fleet and
costs adjustments, leading to EBIT interest coverage of at least 1x
and neutral to positive corporate free cash flows."

Downside scenario

S&P said, "We could lower our rating on Europcar if it failed to
adapt its cost base to a potential fall in demand due to
deteriorating macro-economic conditions. This could lead to
negative corporate free cash flow and concerns on the
sustainability of its capital structure. We could also lower our
rating if we had concerns about the company's ability to refinance
its corporate debt coming due within the next twelve months."

Upside scenario

S&P could raise its rating on Europcar if

-- The company sustained its S&P Global Ratings-adjusted EBIT
interest coverage above 1.5x and posted positive corporate free
cash flows; or

-- If S&P was to reassess the strategic importance of Europcar to
its indirect majority owner VW or if the companies demonstrated a
track record of closer financial links.

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

S&P said, "Social factors are now only a moderately negative
consideration in our credit rating analysis for Europcar. Although
we think that car rental companies will remain sensitive to health
and safety factors in the long-term, the high COVID-19 related
vaccination rate as well as materially lower hospitalization rates
in Europe, where Europcar generates 80%-85% of its revenue, reduces
the risk of extensive new lockdowns as observed in 2020-2021.
Europcar is therefore benefiting from a full recovery of rental
demand in 2022. In addition, the shortage of new vehicles (due
largely to a chip shortage resulting from global supply chain
constraints) limits the ability of rental companies to meet greater
demand and allows them to charge higher rental rates.

"Governance factors are a moderately negative consideration in our
credit rating analysis. This reflects pressure on Europcar's new
management team to successfully refinance the group in a timely
manner, and maintain positive corporate free cash flow despite
deteriorating macro-economic conditions. We note that the company
undertook a debt restructuring in 2020, although that was under a
different ownership and management team. Environmental factors
remain a neutral consideration in our credit rating analysis,
because Europcar, as a rental car company, is not directly exposed
to energy transition risks, unlike automakers."


GOLDSTORY SAS: S&P Affirms 'B' ICR & Alters Outlook to Positive
---------------------------------------------------------------
S&P Global Ratings revised its outlook on jewelry retailer
Goldstory SAS to positive from negative and affirmed its 'B' issuer
credit rating. At the same time, S&P discontinued its 'B' issuer
credit rating on THOM Group S.A.S.

S&P said, "The positive outlook indicates that we could raise the
rating on Goldstory if it achieves credit metrics in line with our
base-case assumptions. These include adjusted debt to EBITDA
dropping below 5x and positive FOCF (after leases) sustainably in
excess of EUR40 million. Our positive outlook assumes the company
would not increase debt to EBITDA to above 5.5x over the forecasted
period."

Despite macroeconomic headwinds, THOM Group's Q3 fiscal 2022
results point to very robust operating performance.

In Q3 fiscal 2022, THOM Group reported nine-month revenue of about
EUR724 million, compared to EUR711 million realized in the full
fiscal year 2021 and EUR737 million in fiscal 2019. The solid
performance stems from positive like-for-like sales in France,
thanks to the increase in brand attractiveness, and strong results
from the Italian business, which has completed a restructuring of
operations and is benefitting from a more robust brand positioning.
S&P said, "Although inflationary pressures are likely to weigh on
discretionary spending, we expect THOM Group to be able to smoothly
navigate the unfavorable macroeconomic environment thanks to the
recurrent nature of purchases linked to celebrations, such as
Christmas or Valentine's Day, and to the group's somewhat dominant
position in the affordable jewelry market, especially in France and
Italy. Indeed, these markets remain very fragmented, and
competition mainly comprises independent stores. THOM Group can
take advantage of its purchasing power to cushion the current price
increases of precious metals, while its omnichannel footprint and
diversified brands offer greater customer service in contrast to
smaller independent players. We expect the company's strategy of
maintaining flat prices in an inflationary environment to have
reduce profitability by about 150-200 basis points, but we think
this will help the company to further consolidate the market and
boost its topline through increased volumes. As a result, we expect
THOM Group's reported EBITDA to reach about EUR180 million in 2022
and we expect a similar amount in 2023, compared to EUR144 million
in 2021 and EUR127 million in 2019."

Goldstory's track record of robust earnings and cash flow
generation demonstrates the robustness of its operating model. S&P
said, "Goldstory has posted robust operating performance since we
first assigned a rating to the group in 2014. It has managed to
preserve sound operating profitability and robust FOCF generation
even during the COVID-19 pandemic, when almost the entire store
network was closed. The soundness of its business model was also
demonstrated after the refinancing completed in early 2021, during
which the company increased its gross debt amount by about EUR130
million, but our adjusted debt to EBITDA remained stable at about
5.1x at year-end 2021 compared to our previous expectations of
6.2x. The group's strong focus on costs and cash flow management,
along with its omnichannel strategy that helped it to keep business
operational during the pandemic, allowed the company to report FOCF
after lease payments of about EUR48 million in 2020 and EUR88
million in 2021. We expect the company to maintain its outstanding
FOCF generation, with FOCF of about EUR75 million in 2022 and about
EUR55 million in 2023."

Although the company has carried out several dividend recaps in the
past, its operating performance will support a leverage commitment
that is commensurate with a higher rating. The company recently
decided to pay a EUR100 million dividend to its shareholders and
reimburse EUR60 million of its vendor loan, consuming all its
available cash in hand. S&P said, "We expect the company to draw on
its revolving credit facility (RCF) by about EUR25 million to be
able to sustain inventory building until the Christmas period.
However, we expect adjusted debt to EBITDA will reduce to about
4.5x in 2022, compared to our previous expectations of about
5.5x-6.0x for the same year, from 5.1x realized in 2021, after
Altamir, the private equity sponsor of Goldstory, acquired a
majority stake earlier in 2021. We do not expect the group to
materially increase debt to EBITDA durably beyond 5.5x in the
scenario of another dividend recap, and we note that the group's
current documentation limits its senior secured net leverage ratio
at 4.3x, which is about 5.3x-5.8x under our adjusted terms.
Compared to other private equity-owned companies that we rate, THOM
Group regularly services dividends to its shareholders, but it has
also done so by primarily using cash on the balance sheet and
without undergoing a massive increase in leverage of the business
in the case of a recap. Consequently, we expect adjusted debt to
EBITDA will remain stable at less 5.0x in fiscal 2023."

S&P discontinued its 'B' long-term issuer credit rating on THOM
Group. The action follows the acquisition of THOM Group by
Goldstory.

S&P said, "The positive outlook reflects the possibility of a
one-notch upgrade over the next 12-18 months if, despite the
uncertain macroeconomic context, Goldstory continues to deliver
strong performance metrics in line with our forecasts. This would
include adjusted debt to EBITDA well below 5x; an earnings before
interest, tax, debt, amortization, and rent (EBITDAR) ratio
exceeding 2x in fiscal 2022; and materially positive FOCF after
lease payments. The positive outlook also reflects our assumption
that Goldstory will not increase debt to EBITDA to above 5.5x in
the scenario of new dividend recap.

"We could raise the rating over the next 12 months if Goldstory
continues to perform in line with our expectations. We expect tight
working capital and capital expenditure (capex) management will
support sizable FOCF (after lease payments) above EUR40 million on
a sustainable basis. Moreover, we expect the uptick in performance
will result in adjusted debt to EBITDA sustainably below 5.0x and
EBITDAR coverage remaining stable at about 2.0x-2.2x over the next
12-18 months, allowing for more leeway in case of any demand
downturn. A positive rating action would also be contingent on a
supportive financial policy that upholds stronger credit metrics.

"We could revise the outlook to stable over the next 12-18 months
if Goldstory's FOCF after lease payments were to reduce
substantially and durably at about EUR20 million-EUR40 million per
year, its EBITDAR coverage deteriorated below 1.8x, or its adjusted
debt to EBITDA increased sustainably above 5.5x."

This could happen if the unfavorable macroenvironment translated
into weakening earnings generation and pressure on the group's
margins, or if its financial policy were to become more aggressive,
leading to the depletion of its comfortable cash buffer or to
weaker credit metrics.

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

S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis of Goldstory, as is the
case for most rated entities owned by private-equity sponsors. We
think the company's highly leveraged financial risk profile points
to corporate decision-making that prioritizes the interests of the
controlling owners. This also reflects generally finite holding
periods and a focus on maximizing shareholder returns."


VANTIVA SA: Moody's Hikes CFR to Caa1 & Alters Outlook to Stable
----------------------------------------------------------------
Moody's Investors Service upgraded Vantiva S.A.'s ("Vantiva" or
"the company"), formerly Technicolor S.A. (Technicolor), corporate
family rating to Caa1 from Caa2 and its probability of default
rating to Caa1-PD from Caa2-PD. Moody's also changed the outlook to
stable from ratings under review.

This action concludes the review initiated on September 8, 2022,
following the company's announcement that its shareholders approved
the exceptional distribution of 65% of the capital of Technicolor
Creative Studios SA (TCS) in the form of dividend in kind. Vantiva
refinanced its EUR1.2 billion outstanding debt, which the company
announced on September 16 [1], and subsequently reduced its debt
load to EUR375 million. Euronext decided on the admission of TCS'
shares to trading on September 13 [2], subject to certain
conditions, which have been met, allowing the distribution in kind
of 65% of TCS shares and their subsequent listing on September 27.
Following the spinoff of TCS, Technicolor S.A. was renamed Vantiva
S.A. effective from September 27, 2022.

RATINGS RATIONALE

The recently completed refinancing included a EUR624 million
equivalent senior secured first lien term loan due 2026 raised by
TCS, as well as instruments raised by Vantiva itself — a EUR250
million senior secured first lien term loan due 2026 and a EUR125
million senior secured second lien term loan due 2026 (new term
loans), and EUR300 million mandatory convertible notes. The notes
were automatically converted into Vantiva's ordinary shares upon
the board of directors' approval to proceed with TCS listing. As a
result, Vantiva reduced its reported debt load to EUR375 million of
new term loans from EUR1.2 billion as of June 30, 2022.

Factoring in Vantiva's reduced scale following the spinoff of TCS
(45% of consolidated company-adjusted EBITDA in H1 2022), Moody's
estimate Vantiva's leverage to reduce to slightly below 6.5x
Moody's-adjusted debt/EBITDA as of the end of June 2022 from around
8.0x as of December 31, 2021, both pro forma for the transactions.
Moody's considers incremental leverage reduction over the next
12-18 months limited because of the ongoing components shortage and
expected persistently negative free cash flow (FCF). While the
refinancing resulted in interest expense savings of up to 35%
annually (or over 60% considering the payment-in-kind component),
Moody's forecasts the company's FCF to be negative (in mid-double
digits in absolute terms) over the next 12-18 months, driven by low
profitability, working capital consumption (mostly related to
inventory) and moderate capital spending (around 5% of revenue),
including R&D and lease payments.

However, Vantiva will retain a 35% stake in TCS at the time of the
spinoff, which will provide it with more financial flexibility. The
company plans to sell the stake or part of it and use the proceeds
 for debt repayment.

The Caa1 CFR takes into account Vantiva's (1) leading market
positions, and good growth prospects in broadband connectivity; (2)
solid operating performance and improved profitability in the
Connected Home (CH) segment despite a difficult market environment;
(3) highly variable cost structure and cost-saving measures that to
some extent protect margins; (4) reduced debt burden following the
completion of refinancing; and (5) adequate liquidity.

The Caa1 CFR is constrained by the company's (1) exposure to mature
packaged media and traditional pay-TV markets; (2) ongoing key
components shortage, which significantly limits top-line and
earnings; (3) low profitability of the remaining business,
intensified by the inflationary pressure on key input costs; (4)
high seasonal working capital swings, which weigh on cash flow and
liquidity; (5) high leverage of around 6.5x-7.5x Moody's-adjusted
debt/EBITDA and weak interest coverage (below 1.0x Moody's-adjusted
EBITA/interest expense), expected over the next 12-18 months.

LIQUIDITY

Pro forma for the refinancing and spinoff of TCS, Moody's considers
Vantiva's liquidity adequate. As a part of refinancing, the company
extended the maturity of its $125 million asset-based lending line
to 2026 from 2023, which will support its liquidity needs. The cash
requirements mainly include working cash (typically 3% of revenue),
seasonal working capital swings, capital spending requirements of
around EUR70 million (including R&D) and lease payments. Vantiva
will not have any significant debt maturities until 2026, when its
375 million new loans are due.

The new financing package includes a maintenance net leverage
covenant, which Moody's expect Vantiva to comply with at all times
over the next 12-18 months.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectation that Vantiva will
be able to manage through components shortages in the CH business.
This will allow the company to sustain its revenue and earnings
generation and preserve its adequate liquidity despite negative
FCF, though leverage will remain high over the next 12-18 months.

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

The ratings could be upgraded if Vantiva demonstrates sustainable
revenue growth, improves its profitability towards 5%
Moody's-adjusted EBITA margin and interest coverage at around 1.0x
Moody's-adjusted EBITA/interest expense, reduces its
Moody's-adjusted debt/EBITDA below 6.5x, generates at least
break-even Moody's-adjusted FCF, and maintains adequate liquidity,
all on a sustained basis.

The ratings could be downgraded if Vantiva's liquidity weakens,
including because of decreasing capacity under the maintenance
financial covenant or more negative FCF that Moody's currently
expects. Downward pressure on the ratings could also materialise
should the company fail to improve its credit metrics, including
profitability, interest cover and FCF generation, on a sustained
basis.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Manufacturing
published in September 2021.

COMPANY PROFILE

Vantiva S.A., headquartered in Paris, France, is a leading provider
of solutions and services for the media and entertainment
industries, deploying and monetising next-generation video and
audio technologies and experiences. Upon completion of TCS' listing
and spinoff on September 27, Technicolor S.A. was renamed Vantiva
S.A. (Vantiva) and remains listed on Euronext Paris. Vantiva's
business will focus on customer premise equipment (via the CH
unit), and DVD and supply chain services (via Vantiva Supply Chain
Services).




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

HSE FINANCE: S&P Affirms 'B' ICR & Alters Outlook to Negative
-------------------------------------------------------------
S&P Global Ratings revised its outlook on German tele-retailer HSE
Finance to negative from stable and affirmed its 'B' long-term
issuer credit rating on the company.

S&P's negative outlook reflects the increased inflationary pressure
that could undermine HSE's top-line stability, profitability and
cash flow generation over the next 12-24 months, together with its
limited visibility over the group's Russian business capacity to
contribute to debt servicing.

Protracted weakness in consumer sentiment, driven by increasing
cost of living, will drag on volumes in the next 12-24 months.
HSE's revenue continued to decline in the second quarter of 2022 on
the back of logistical challenges and reduced orders, resulting in
total first-half 2022 sales that were 7.3% lower year on year.
Since mid-February and the start of the Russia-Ukraine conflict,
German consumers' sentiment has been depressed by inflationary
concerns. This can be seen in the second quarter of 2022 as
Germany's savings ratio, which measures savings as a percentage of
employees' current salaries, has returned to pre-COVID-19 levels,
primarily owing to the faster acceleration of expenses to incomes,
i.e., real income erosion. With skyrocketing energy prices
following Nord Stream 1's shut-off, S&P expects further increases
in the cost of living to hasten the depletion of household savings
built during the COVID-19 lockdowns. Increased budget vigilance
poses risks of a prolonged volume weakening until 2023.

Resolution of logistical challenges will provide volume and margin
reprieve in the second half of 2022. The COVID-19 outbreak at a
warehouse of HSE's only logistic partner DHL led to the delayed
fulfillment of orders, therefore driving consumer cancellations,
postponement of additional orders, and inventory build-up. This
compelled the company to introduce promotional activities to sell
off its products, especially on fashion goods whose seasonal nature
and susceptibility to trend shifts make immediate sales critical.
S&P understands that this has since been resolved and that
management is looking to increase warehouse automation to address
this risk over the long term.

Considering the highly discretionary nature of the group's product
offering, HSE has limited latitude to sufficiently increase prices
and make up for volume reduction without further impairing demand.
It is even more probable that price competition will intensify
among retailers in a bid to preserve market share. Some measures
have been identified to address this, such as securing cheaper
freight contracts and exercising contractual rights to return
excess inventory to stem the rise in the cost of goods sold.
However, this would not be enough to protect margins from the
confluence of demand volatility, cost of input increases, and
salary hikes. The company's scale of operations also limits its
negotiating power over suppliers. QVC, a subsidiary of U.S.-based
tele-retailer Qurate Retail (B+/Stable/--), is HSE's direct
competitor and the largest player in their shared markets, and it
reported a turnover of around EUR3 billion in 2021. HSE is smaller,
earning less than a third of QVC's turnover, with EUR848 million in
revenue in 2021.

S&P said, "With the company bearing the brunt of inflationary
pressures, we expect a margin squeeze that will compress
profitability.The rise in cost of inputs and energy prices, as well
as the limitations in retail price increases, will inevitably lead
to margin deterioration in 2022. Notwithstanding this, the company
can continue to generate positive cash flows. Our new base case now
forecasts leverage will exceed 6.5x in 2022 and declining FOCF
after leases. We ran a separate sensitivity test on energy costs
which comprise only 0.20% of total costs. Energy is such a small
portion of expenses that we don't expect energy cost inflation to
be a significant driver of profitability. We reckon, however, that
its impact would be more prominent on consumer demand, therefore
affecting turnover.

"Sanctions on Russia and our expectation of depressed earnings for
HSE in Russia raise doubts about the company's ability to expand
and access earnings generated there. Russia represents a material
exposure of about 10% in terms of revenue and profitability. We
understand that, because of international sanctions imposed on
Russia and measures taken by the Russian government in response,
cash flows generated in Russia can no longer be used to service
debt located at the parent company level. Furthermore, apart from
the current disruption to economic activity linked to the
sanctions, we expect follow-on effects to weigh materially on
Russia's long-term growth prospects, reducing HSE's incentive to
invest in that country. We understand HSE has stopped expansionary
capital expenditure (capex) in Russia and we see it as unlikely
that this might resume soon. For these reasons, we present HSE's
financial metrics including and excluding Russia to reflect the
increasing risk of an exit from Russia. The impact of ceasing
business in Russia would cause our adjusted leverage ratio to
increase by 0.4x-0.9x (see key metrics table below). While not
included in our calculations, we also believe that, if HSE were to
leave Russia, it could receive some form of financial compensation
that could help cushion the impact on our credit ratios, although
we would expect a material discount in the event of a disposal.

"Notwithstanding the limited rating headroom, HSE's robust cash
flow, sufficient liquidity, and absence of near-term maturities
support the rating. Despite our downward revision of our base case,
we acknowledge HSE remains cash flow generative. With production
capex being already disbursed, annual investments are considerably
flexible should management need to postpone outlay in the next two
years. We note that the EUR35 million revolving credit facility
(RCF) remains fully undrawn and can be tapped anytime. Following
its refinancing exercise in 2021, management pushed out maturities
of its EUR350 million fixed-rate notes and EUR250 million
floating-rate notes to 2026, rendering refinancing risk remote as
the company weathers the economic difficulties.

"Our negative outlook reflects the increased inflationary pressure
that could undermine HSE's top-line stability, profitability, and
cash flow over the next 12-24 months, together with our limited
visibility over the group's Russian business capacity to contribute
to debt servicing. We forecast continuous demand weakness and the
rise in cost of operations will bring S&P Global Ratings-adjusted
leverage to 6.5x-7.0x in 2022 before normalizing below 6.5x in
2023. Nonetheless, we expect the company continue generating cash
flow, with FOCF after leases forecast to be at EUR25 million-EUR35
million per year over the next two years."

Rating headroom is limited, and S&P could downgrade HSE if it
experienced any material underperformance against its base case or
if it were forced to exit Russia without any meaningful
compensation, translating into an inability to:

-- Demonstrate deleveraging, with debt to EBITDA trending well
below 6.5x; and

-- Restore a more robust cash flow generation, with an FOCF
greater than EUR25 million.

S&P could also lower the rating by multiple notches if the group
undertook bond repurchases at a decline against the par value.

S&P said, "We could revise the outlook to stable if the group curbs
revenue decline and contains margin erosion. We would expect these
factors to result in leverage sustainably and comfortably below
6.0x, and FOCF after leases remaining materially positive in the
next 12-24 months."

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

S&P said, "ESG factors are neutral considerations in our evaluation
of HSE's creditworthiness. Early this year, the company was hit by
COVID-19 cases among workers in the warehouse run by its shipping
partner, DHL, which led to reduced order fulfillment. We understand
that this has since been resolved and we don't expect this to be a
recurring risk to operations. As far as we know, the company does
not currently face material litigation relating to environmental or
social concerns that is likely to require provisioning or lead to
significant payouts. Governance factors are a moderately negative
consideration, as is the case for most rated entities owned by
private-equity sponsors. We consider the company's aggressive
financial risk profile points to corporate decision-making that
prioritizes the interests of the controlling owners. This also
reflects generally finite holding periods and a focus on maximizing
shareholder returns."


[*] GERMANY: Unveils Energy Price Cap for Consumers, Businesses
---------------------------------------------------------------
Tom Fairles at The Wall Street Journal reports that Germany on
Sept. 29 unveiled a wide-ranging price cap on energy in response to
growing concerns among German businesses that a wave of
insolvencies could wash over the country and disrupt the supply
chains serving Germany's largest industrial sectors.

According to the Journal, the government said it would cap the
prices of electricity and natural gas as part of a fourth package
of measures aimed at shielding businesses and consumers from
soaring energy prices following Russia's attack on Ukraine.

The move comes after German businesses, starved of the abundant
Russian energy that long fired the nation's industrial engine,
started curtailing production and halting investments, the Journal
notes.  Business and consumer confidence has tumbled, approaching
the lows reached during the 2008 global financial crisis, the
Journal states.

"We are putting up a large defensive shield [for the economy],"
Chancellor Olaf Scholz told reporters in Berlin. "It will help
workers, pensioners, families . . . and large industrial companies
to be able to pay their bills."

More than half of German small and midsize companies now worry that
the energy crisis could put them out of business, up from 42% last
month, according to a survey published on Sept. 29 by the Federal
Association of Medium-Sized Businesses, a trade group, the Journal
relates.  "The situation is growing more threatening from day to
day," said the group's chairman, Markus Jerger.

Business lobbies have warned that an insolvency wave could be just
weeks away and that it could start a chain reaction of business
failures, the Journal states.

On Sept. 29, the government said it would cap the price of gas and
electricity for consumers and companies up to a given level of
consumption that has yet to be determined, the Journal relates.
Above that level, market prices would apply.  A cut in value-added
tax on natural gas is set to be extended through next year.

The measures and other targeted assistance for companies affected
by the war could cost up to EUR200 billion in total and will be
partly financed through the reactivation of an economic support
fund created during the Covid-19 pandemic, the Journal discloses.
A levy on extraordinary profits by some power companies will also
help pay for the electricity price cap.  The government said all
the details would be finalized in the coming weeks.

One in 10 German auto companies have reduced production as a result
of high energy costs, and another third are considering doing so,
the Journal relays citing, a survey in September by the German
Association of the Automotive Industry, a trade group.  More than
half of companies have canceled or postponed planned investments
and nearly a quarter want to shift investments overseas, the trade
group says, the Journal notes.

Output in Germany's manufacturing industry is likely to decline
2.5% this year and by roughly 5% next year, according to Deutsche
Bank analysts, the Journal relays.  Exports, a cornerstone of the
country's recent prosperity, are languishing below prepandemic
levels after adjusting for inflation.

With energy prices likely to remain structurally high, only some of
the German production facilities priced out of the market are
likely to come back on stream, the analysts said, the Journal
notes.  

"The current energy-cost and thus inflation crisis is not only a
cyclical phenomenon but has a major structural component as well,
requiring significant government intervention to prevent serious
medium- and long-term damage to Germany's economic prospects," the
Journal quotes Timo Klein, an economist at S&P Global Market
Intelligence, as saying.

In addition to sparking an energy crisis, Russia's war in Ukraine
has shaken confidence in a German export model that has prospered
by forging deep links with autocratic regimes with fast-growing
economies, especially China, the Journal discloses.

Government officials are now concerned that Germany's economic
dependence on China -- it is the country's largest trade partner
and the biggest single market for many German companies -- would
translate into an even bigger shock for the German economy should
Beijing close ranks with Moscow against the West, the Journal
states.




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

ALMAVIVA: S&P Raises ICR to 'BB-', Outlook Stable
-------------------------------------------------
S&P Global Ratings raised its issuer and issue credit ratings on
Italian IT-services provider Almaviva to 'BB-' from 'B+'.

The stable outlook reflects S&P's expectation that Almaviva will
maintain adjusted leverage comfortably below 3.0x and FOCF to debt
of 15%-20%, in line with its base case, supported by solid
operating performance and a prudent financial policy.

S&P said, "Almaviva's main business lines continue to perform
strongly, in line with our expectations. In first-half 2022,
Almaviva reported about 14% of revenue growth from all segments,
except the customer relationship management (CRM) Europe business.
In the IT services business, Almaviva signed about EUR600 million
of new contracts, of which about 64% were signed with the Public
Administration. We expect an increase of investments from the
Public Administration in the next couple of years supported by the
EU Recovery Fund (PNRR)." The PNRR will allocate about EUR50
billion to digitalization, innovation, and competitiveness, EUR20
billion to healthcare--focusing on technology--and EUR31 billion to
infrastructure and transportation. Almaviva has a strong presence
in all of these sectors. During first-quarter 2022, Almaviva was
awarded three tenders with its biggest client, Gruppo Ferrovie
dello Stato, for a total value of over EUR1.1 billion for seven
years.

Almaviva continues to diversify from telecommunication company
clients in the CRM International business, with nine new clients
acquired in first-half 2022--in the financial and multiservice
sectors. During first-quarter 2022, Almaviva became one of the
largest companies in Brazil in the extrajudicial collection sector
through the acquisition of two specialized companies, CRC Cobranza
and CRC Digital.

S&P said, "On the other hand, the company is downsizing its
unprofitable CRM Europe business and we expect revenues in this
segment to continue declining at 10%-30% per year. Taking this into
account, we anticipate the group's annual revenue growth to be
6%-10% in 2022-2023.

"We expect Almaviva's FOCF to debt will be above 15% in the next
two to three years, owing to solid topline growth, adjusted EBITDA
margin expansion, and prudent capex management.We expect Almaviva's
adjusted EBITDA margin to increase to 14.3%-15.5% in 2022-2023,
from 11.6% in 2020 and 14.1% in 2021, supported mainly by growth in
the higher margin CRM International and Almawave segments, as well
as the rightsizing of the unprofitable CRM Europe business. We note
that Almaviva's EBITDA margin is in the higher end of the peer
average of 10%-15%. This is partially explained by relatively lower
exceptional costs, due to a more conservative growth strategy than,
for example, Centurion Newco (Engineering). We expect that the
launch of new activities with three new clients in the CRM
International business will partly offset our expectation of a
breakeven EBITDA contribution from the domestic CRM operations.

"We also anticipate capex to revenues to remain at 3.5%-4.0%,
leading to annual FOCF after leases of EUR40 million-EUR90 million
and FOCF to debt of 15%-20%, in 2022-2023.

"Almaviva's financial policy is prudent and in line with our
expected deleveraging.Since 2017, Almaviva gradually decreased its
adjusted debt to EBITDA from 6.5x in 2017 to 2.8x as of the end of
second-half 2022, thanks to its EBITDA growth. We believe that
Almaviva will continue investing internally generated cash flow
back into the business and distribute modest annual dividends. As a
result, we expect adjusted leverage to progressively decline toward
2.0x, in line with the company's reported net leverage target of
about 1.0x by the end of 2023."

Almaviva's business is supported by its leading market position in
the public-sector, track record of continuous growth, solid EBITDA
margin improvement, and reduced customer concentration. Trends in
Italy's IT services market are healthy, given that the country
remains relatively underpenetrated compared with other European
countries like the U.K., France, Sweden, and Germany, and the
ongoing digital transformation in all sectors--especially the
public sector. Almaviva is capitalizing on its leading position as
a mission-critical IT services provider to Italy's domestic
transportation, logistics, and public administration sectors, with
long-term contracts that provide significant revenue visibility.

Almaviva is further diversifying its international CRM operations
to nontelecommunications clients, which currently represent about
34% of the operations in that segment versus about two-thirds in
2017. S&P said, "Although we still view Almaviva's high exposure to
its biggest customer, Gruppo Ferrovie dello Stato (about 18% of
total revenues), as a rating constraint, we acknowledge the
concentration in IT services revenue from this single client has
reduced to 26% from 49% in 2017. We anticipate further customer and
sector diversification in the future."

Although reducing, Almaviva has high exposure to the volatile and
unprofitable domestic CRM business. Almaviva has been facing
challenges in its Italian CRM business since 2015, which represents
about 10% of total revenue, leading to consistently negative EBITDA
in this segment. The challenges include a tough competitive
environment and low prices because telecom operators are
increasingly offshoring their business to Albania. Since then,
Almaviva has invested in resources in Romania in order to right
size the business. Therefore, S&P expects a break-even EBITDA in
2022-2023.

S&P said, "The stable outlook reflects our view that Almaviva's
revenues will expand by 5%-7% in the next 12 months, supported by
its IT services business, international CRM, and Almawave segments
offsetting the revenue decline in the European CRM business. We
expect top-line growth, coupled with ongoing cost efficiency plans,
to result in adjusted EBITDA margins of above 14%, leading to
adjusted EBITDA to debt remaining comfortably below 3.0x and FOCF
to debt above 15%.

"We could lower the rating on Almaviva if its performance was
significantly weaker than anticipated, working capital became
sustainably negative, or the company's capex management turned more
aggressive, leading to a FOCF to debt of below 10%. This could
happen if the CRM activities experienced further setbacks,
requiring Almaviva to incur large restructuring costs, or if the IT
services segment did not perform as expected potentially due to an
economic downturn weighing on EBITDA. Alongside any adverse foreign
exchange impact, this could hinder the group's ability to generate
meaningful FOCF after leases and increase FOCF to debt.

"We could raise the rating if Almaviva's FOCF increases
significantly as a result of continued profitability improvement
and prudent cash flow management, leading to adjusted FOCF to debt
moving to above 20%. An upgrade would also be contingent on
adjusted leverage staying below 3.0x and adequate liquidity."

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


CREDEMVITA SPA: Fitch Affirms 'BB+' Rating on Subordinated Debt
---------------------------------------------------------------
Fitch Ratings has affirmed Italian insurer Credemvita S.p.A.'s
(Credemvita) Insurer Financial Strength (IFS) Rating at 'BBB+'
(Good) and Issuer Default Rating (IDR) at 'BBB'. The Outlooks are
Stable.

The affirmation reflects Credemvita's continuing high asset risk,
concentrated exposure to Italian sovereign debt as well as strong
capitalisation.

KEY RATING DRIVERS

Ownership Credit-Positive: Fitch expects Credemvita to receive
support from parent Credito Emiliano S.p.A. (Credem; BBB/Stable),
if required. This leads to an alignment of Credemvita's IDR with
that of Credem via a one-notch uplift from the insurer's standalone
credit quality of 'bbb-'. Credemvita's IFS Rating is notched up
once from its 'BBB' IDR to result in 'BBB+'. Credemvita is highly
integrated within Credem's product offering and is a significant
contributor to the parent's profitability, representing about 7% of
the Credem's operating result at end-2021.

High Asset Risk: Credemvita's standalone credit quality is
influenced by the company's high asset-concentration risk. The
company's risky assets ratio was very high at 246% at end-2021
(2020: 340%), despite Fitch's upgrade of Italy in December 2021.
Under Fitch's insurance criteria, the agency deems 30% of
Credemvita's sovereign assets as risky following Italy's recent
upgrade, down from 50% prior to the upgrade. Credemvita's risky
assets comprise exposure to non-investment-grade bonds and private
debt, and a concentrated exposure to Italian sovereign debt. To
match its domestic insurance liabilities, Credemvita held EUR2
billion of Italian sovereign bonds (2020: EUR1.7 billion),
corresponding to 6.0x consolidated shareholders' funds at end-2021
(2020: 5.6x).

Strong Capital, Improved Leverage: Credemvita's capitalisation, as
measured by Fitch's Prism Factor-Based Model (FBM) score, was 'Very
Strong' based on end-2021 financials, in line with end-2020's.
Credemvita's consolidated Solvency II ratio, calculated using the
standard formula, improved to 217% at end-2021, from 195% at
end-2020, albeit remaining highly sensitive to credit spreads. The
Solvency II ratio slightly deteriorated to 204% at end-1H22 as a
result of unfavourable market conditions. Credemvita's
Fitch-calculated financial leverage ratio (FLR) improved to 24% at
end-2021 (end-2020: 26%), which Fitch views as supportive of
Credemvita's rating.

Strong Profitability: Credemvita's 2021 net income was strong at
EUR33 million in 2021. Its five-year average return on equity (ROE)
was 12%, which Fitch views as strong and supportive of ratings.
Fitch expects Credemvita to maintain its high profitability in
2022.

Moderate Interest-Rate Risk: Fitch assesses Credemvita's
interest-rate risk as moderate for the company's ratings. It
reflects a low proportion of in-force life reserves that carry
financial guarantees (9% of life reserves at end-2021), their low
average level (0.3% of capital at end-2021), as well as the
company's highly liquid investments. The duration mismatch between
assets and liabilities was reduced significantly in 2021 as a
result of Credemvita extending its asset duration. Fitch sees this
as credit- positive.

Moderate Business Profile: Fitch ranks Credemvita's business
profile as 'Moderate' compared with Italian peers'. Credemvita
ranks 17th among Italian life insurers by premiums with EUR1.3
billion of gross premiums underwritten in 2021 and a market share
of 1.1%. Credemvita distributes its products mainly through
Credem's bank branches.

RATING SENSITIVITIES

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

- A downgrade of Credem's IDR

- A lessening in Credem's propensity to support Credemvita

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

- An upgrade of Credem's IDR

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Credemvita's ratings are directly linked to the ratings of Credem.

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.

  Entity/Debt                   Rating            Prior
  -----------                   ------            -----
Credemvita S.p.A.  LT IDR        BBB    Affirmed   BBB

                   Ins Fin Str   BBB+   Affirmed   BBB+

  Subordinated     LT            BB+    Affirmed   BB+


HAYFIN EMERALD X: Fitch Assigns 'B-sf' Rating on Cl. F Notes
------------------------------------------------------------
Fitch Ratings has assigned Hayfin Emerald CLO X DAC final ratings
as detailed below.

  Debt                  Rating              Prior
  ----                  ------              -----
Hayfin Emerald CLO X DAC

  A XS2500204065    LT  AAAsf  New Rating   AAA(EXP)sf
  B-1 XS2500204578  LT  AAsf   New Rating   AA(EXP)sf
  B-2 XS2500204735  LT  AAsf   New Rating   AA(EXP)sf
  C XS2500204909    LT  Asf    New Rating   A(EXP)sf
  D XS2500205112    LT  BBB-sf New Rating   BBB-(EXP)sf
  E XS2500205385    LT  BB-sf  New Rating   BB-(EXP)sf
  F XS2500205542    LT  B-sf   New Rating   B-(EXP)sf
  Sub XS2500205898  LT  NRsf   New Rating   NR(EXP)sf

TRANSACTION SUMMARY

Hayfin Emerald CLO X is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, second-lien loans and high-yield bonds. Note proceeds
are being used to fund a portfolio with a target par of EUR450
million. The portfolio will be actively managed by Hayfin Emerald
Management LLP. The collateralised loan obligation (CLO) has a
two-year reinvestment period and a seven-year weighted average life
(WAL) test.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch places the
average credit quality of obligors in the 'B' category. The Fitch
weighted average rating factor (WARF) of the identified portfolio
is 24.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is 61.3%.

Diversified Asset Portfolio (Positive): The transaction includes
two Fitch matrices corresponding to a seven-year WAL test, a top 10
obligor concentration limit at 23% and maximum fixed-rate asset
limits of 10% and 20%, respectively. The transaction also includes
various concentration limits, including the exposure to the
three-largest Fitch-defined industries in the portfolio at 42.5%.
These covenants ensure 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 was reduced by 12 months. This
reduction reflects the strict reinvestment conditions envisaged
after the reinvestment period. These conditions include passing the
coverage tests and the Fitch 'CCC' maximum limit after reinvestment
and a WAL covenant that progressively steps down over time, both
before and after the end of the reinvestment period. The conditions
would, in Fitch's opinion, reduce the effective risk horizon of the
portfolio during the stress period.

Class F Delayed Issuance (Neutral): At closing, the class F notes
were issued with a pool factor (outstanding principal out of the
original balance) of zero and subscribed by the issuer for a zero
net cash price. The tranche can be sold at the discretion of the
subordinated noteholders at any time during the reinvestment period
only. Once sold the tranche will then be deemed to have a 100% pool
factor.

In Fitch's view, the sale of the tranche would reduce available
excess spread by the class F interest amount to cure the
reinvestment over-collateralisation test. Consequently, Fitch has
modelled the deal assuming the tranche is issued on the issue date
at the maximum spread to reflect the maximum stress the transaction
could withstand if that occurs.

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 of
the current portfolio would have no impact on class A notes and
would lead to downgrades of no more than two notches of the class B
to E notes and to below 'B-sf' for the class F notes.

Downgrades, which are based on the current portfolio, may occur if
the loss expectation is larger than initially assumed, due to
unexpectedly high levels of defaults and portfolio deterioration.
Due to the better metrics of the current portfolio than the
Fitch-stressed portfolio the rated notes display a rating cushion
to a downgrade of up to two notches.

Should the cushion between the current portfolio and the
Fitch-stressed portfolio erode due to manager trading or negative
portfolio credit migration, a 25% increase of the mean RDR across
all ratings and a 25% decrease of the RRR across all ratings of the
Fitch-stressed portfolio would result in downgrades of three
notches on the class A to D notes and to below 'B-sf' for the class
E and F notes.

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 of the Fitch-stressed
portfolios would lead to upgrades of no more than three notches for
the rated notes of the transaction, except for the 'AAAsf' notes.

During the reinvestment period, based on Fitch-stressed portfolio,
upgrades may occur, except for the 'AAAsf' notes, on
better-than-expected portfolio credit quality and a shorter
remaining WAL test, allowing the notes to withstand
larger-than-expected losses for the remaining life of the
transaction. After the end of the reinvestment period, upgrades may
occur on stable portfolio credit quality and deleveraging, leading
to higher credit enhancement and excess spread available to cover
losses in the remaining portfolio.

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

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

DATA ADEQUACY

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

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


LEATHER SPA: S&P Affirms 'B' ICR & Alters Outlook to Negative
-------------------------------------------------------------
S&P Global Ratings revised its outlook on Leather SpA, which trades
as Pasubio, to negative from stable and affirmed its 'B' long-term
issuer credit and issue ratings on the company's secured debt.

The negative outlook reflects the risk that the company may not
restore adjusted debt to EBITDA below 6x in 2023 amid uncertain
market conditions.

Uncertain market conditions could further constrain Pasubio's
earnings in the next 12 months. S&P said, "We believe that the
recovery in global auto production will remain exposed to supply
chain disruptions through 2022 and 2023. Despite some signs of
stabilization, the global supply of semiconductors remains tight,
and we see a heightened risk that gas rationing could further
derail the industrial and auto supply chain in the next 12 months,
particularly in Europe where Pasubio generates 86% of its revenue.
Despite Pasubio's ability to recover some of its higher costs with
its OEM customers, the lag in its pass-through mechanisms can lead
to sizable intrayear profitability swings in the case of sharp and
sudden cost increases. We understand that the company typically
negotiates pass-throughs with OEMs once a year, which contributed
to the material drop in adjusted EBITDA margin to about 8% in the
second half of 2021, from 20% in the first half. We estimate that
raw hides and processing chemicals represent about 65% of the
company's total cost base, compared with close to 10% for direct
labor and less than 2% for energy (including gas and electricity
consumption). Gradual cost recoveries have allowed Pasubio to
restore more stable adjusted EBITDA margins of about 15% this year,
but we believe that persistently high inflation could limit
profitability improvements through 2022 and 2023." Such a scenario
would challenge the company's ability to restore its adjusted
EBITDA margin closer to its target range of 17%-22% achieved in
2019-2020.

S&P said, "Pasubio's deleveraging below 6x could be delayed to
beyond 2023.In our revised base-case scenario, we assume that,
because of its positioning on the premium and luxury auto segment,
Pasubio will maintain resilient revenue growth of about 10% and
stabilized adjusted EBITDA margin of 15%-16% through 2022-2023 on
the back of progressive cost compensation and stabilizing input
prices. We estimate this would translate into adjusted debt to
EBITDA staying at 6.5x-7.0x in 2022, and close to our 6.0x downside
trigger in 2023. We therefore see limited rating headroom for small
downward deviations from our current base-case assumptions. In
particular, we estimate that, all else being equal, were revenue
growth to be 500 bps below our base case and adjusted EBITDA
margins to be 100 bps lower, leverage would stay well above our
rating limit in 2023, at close to 7x.

"Pasubio's positive free operating cash flow (FOCF) and sound
liquidity support the rating. With modest capital intensity
(reported capex to sales of about 4%) and little capacity
investments needed at this stage, we believe the company can remain
cash flow positive during periods of weaker earnings. This is
despite our assumption of an annual cash interest expense of about
EUR17 million and cash taxes of EUR5 million. We anticipate the
company will generate annual FOCF of EUR10 million-EUR20 million in
2022 and 2023, ultimately supporting its liquidity position. The
company had a cash balance of EUR30 million and revolving credit
facility (RCF) availabilities of EUR43 million on June 30, 2022.
Pasubio reported FOCF of EUR9 million during the first half of
2022, despite working capital requirements of EUR10 million, in
line with its cash flow generation track record over 2018-2020.
Last year's deficit of EUR1 million was mainly related to high
working capital outlays of about EUR20 million, because higher raw
material prices led to inventory buildup effects.

"We expect Pasubio's premium and luxury positioning to provide
operating performance resiliency. We think that the company's
positioning in the premium and luxury passenger car segment will
continue to allow some growth outperformance compared with global
auto production. According to S&P Global Mobility, global luxury
and premium car production is set to increase by a compound annual
growth rate of 7.5% over 2022-2025, compared with 4.5% for total
light vehicle production. This segment showed higher resiliency
during the pandemic, with a volume decline of 9.7% versus 16.1% for
light vehicles overall in 2020. We also believe that the company's
value-added offering, which consists of high-quality nappa and full
grain leather, supports some pricing power with OEMs and should
allow a progressive absorption of its higher operating expenses in
the next 12 months. We understand that the company has already
obtained some rolling pass-through compensation for higher energy
costs with some of its key clients for 2022 and 2023. We think this
should provide some resilience, since we anticipate that its gas
and electricity spending will more than double this year from the
2021 levels, which were about EUR1 million and EUR3 million,
respectively. We also view favorably Pasubio's ability to switch
the source of its heating and boiler systems from gas to petroleum
and diesel at its different Italian production plants.

"We assess substitution risk for auto leather as limited, for
now.Potentially evolving car consumer behaviors have so far not
affected the company's sound order book. We believe this is because
leather is still identified as a luxury feature. Nevertheless, the
carbon-intensive meat industry is the only supplier of byproduct
hides, and the tanning process requires polluting chemicals such as
chromium. We believe that increasing customer awareness of
environmental considerations and animal wellness could eventually
reduce demand for leather. In that regard, Tesla Inc. has made the
strategic choice of only using synthetic materials for its seats
and car interiors. To address potentially changing customer
behaviors, Pasubio is investing in new materials, such as recycled
or cotton-based leather, while reducing its chromium usage with
greener chemicals. We estimate that the company spent close to EUR2
million on such projects last year.

"The negative outlook reflects our expectations that prolonged cost
inflation, supply chain bottlenecks, and limited auto production
recovery may further hamper Pasubio's deleveraging in 2023. We
estimate this could result in the company's adjusted debt to EBITDA
staying above 6x in the next 12 months.

"We could lower our rating on Pasubio in the next 12 months if we
anticipate its adjusted debt to EBITDA will stay above 6x in 2023,
or its FOCF to debt to be below 2%. This could stem from operating
setbacks such as an inability to compensate for cost inflation,
prolonged weakness in European auto production, or the loss of
customer contracts. A more-aggressive financial policy favoring
material debt-funded acquisitions or shareholder returns could also
result in ratings pressure.

"We could revise our outlook on Pasubio to stable in the next 12
months if we believe it can progressively restore adjusted debt to
EBITDA below 6x while maintaining FOCF to debt above 2%. We believe
this could stem from cost pass-throughs materializing more quickly
and more strongly, a firmer recovery in the European auto
production, and the company allocating its FOCF toward debt
repayment."

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

S&P said, "Governance is a moderately negative consideration in our
credit rating analysis of Leather SpA. Our assessment of the
company's financial risk profile as highly leveraged reflects
corporate decision-making that prioritizes the interests of the
controlling owners, in line with our view of the majority of rated
entities owned by private-equity sponsors. Our assessment also
reflects their generally finite holding periods and a focus on
maximizing shareholder returns. Environmental and social factors
have a neutral influence on our credit analysis of Leather at this
stage. Its leather products for passenger vehicles' seats and
interiors are used in both internal combustion engine cars and
electric vehicles, such that we do not view its product portfolio
as exposed to the powertrain transition. However, leather
production relies on carbon dioxide-emitting inputs such as hides
and chromium, such that we think it is somewhat more
carbon-intensive than the average for other auto parts. Increasing
environmental and animal wellness considerations have so far not
materially affected customers' demand for leather, which remains
primarily identified as a luxury feature."




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

KAZMUNAYGAS NC: S&P Upgrades ICR to 'BB+', Outlook Negative
-----------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Kazakhstani oil producer KazMunayGas NC JSC (KMG) to 'BB+' from
'BB' and the Kazakhstan national scale rating on the company to
'kzAA' from 'kzA+'.

The negative outlook mirrors that on the sovereign but also
reflects the risks of operational disruptions to the Caspian
Pipeline Consortium (CPC) route due to geopolitical tensions
between Russia and Kazakhstan.

On Sept. 15, 2022, KMG exercised its right to acquire a 50% stake
in KMG Kashagan B.V. (Kashagan), which owns 16.88% of the North
Caspian Production Sharing Agreement (the Kashagan project), from
Sovereign Wealth Fund Samruk-Kazyna JSC (Samruk-Kazyna) for $3.8
billion.

The transaction terms are better than the original $4.7 billion
selling price KMG received from Samruk-Kazyna in 2015, and more
favorable than we incorporated in our rating at the time of the
stake sale.

S&P said, "The upgrade reflects that the Kashagan option was
executed at better terms than we originally incorporated in our
rating. The transaction removes financial policy concerns that have
been incorporated in our rating since 2015, because we assumed a
stronger negative effect on KMG's leverage and liquidity. KMG sold
the 50% stake in Kashagan to Samruk-Kazyna for $4.7 billion in cash
in 2015 to avoid a breach of the financial covenant on its Eurobond
following a sharp decline in oil prices. As part of the
transaction, KMG received an option to purchase back the stake at
an uncertain time and price. We incorporated the transaction
through our financial policy assessment assuming a strike price of
$4.5 billion-$5.0 billion. Under the final terms, KMG has paid $3.8
billion for the stake, of which only $1.3 billion is in cash and
$1.6 billion (Kazakhstani tenge [KZT] 752 billion) is in the form
of 3% bonds due to Samruk-Kazyna in 2035. The remaining $900
million will be offset with financial aid provided to Samruk-Kazyna
in the past and will not affect KMG's debt or leverage metrics.
Therefore, the immediate impact on KMG's net leverage will be $2.6
billion. Importantly, Kashagan has become a cash generating asset
since 2015, with production at the Kashagan field having ramped up
in recent years. We estimate that Kashagan will generate up to $1.5
billion of EBITDA in 2023, which will be incorporated in KMG's
consolidated numbers. We also estimate that Kashagan's free cash
flow will be sufficient to cover most of the $1.3 billion cash
payment KMG will need to make to Samruk-Kazyna until June 30,
2022.

"KMG's funds from operations (FFO) to debt will remain sufficiently
above 30% over the next few years, but decisions on future
dividends and uses of cash will be important for the credit
profile. We expect that KMG's estimated FFO to debt of 30%-35% at
year-end 2022 will not be fully representative, since it will
consolidate only three months of Kashagan operations while
accounting for all transaction-related debt. We therefore assume
stronger credit metrics in 2023 despite our expectation of lower
oil prices, with FFO to debt of 40%-50%. In 2024, we expect FFO to
debt of 35%-45% based on our assumption of a sharp increase in
dividends from KMG's 20%-owned subsidiary Tengizchevroil (TCO),
which will compensate for lower oil prices. TCO is due to finish
heavy spending on its $45.2 billion FGP/WPMP expansion project by
2024, which will free up cash flows that we expect the company will
direct to shareholders. We note that credit metrics will be highly
dependent on KMG's future decisions about its cash uses and
dividends. At year-end 2021, KMG had KZT1.5 trillion ($3.4 billion)
on the balance sheet, which we netted with the company's debt
assuming that it would be used for the Kashagan stake purchase.
With no potential large cash outflows, maintaining such balances
may not be necessary going forward. In our base case, we assume a
progressive increase in dividends but do not factor any one-off
distributions. Currently, we continue to net cash from KMG's debt
roughly equal to the amount held at year-end 2021.

"Geopolitical tensions over CPC remain a key overarching risk for
future cash flows at KMG, TCO, and Kashagan, while alternative
export routes will remain very limited in the coming years. We
estimate that at least 65% of KMG's EBITDA (including dividends
from joint ventures [JVs]) will be linked to oil exports through
CPC in 2023, and more than 80% to exports through Russia, including
the Atyrau-Samara pipeline. Therefore, the company is highly
sensitive to disruptions to CPC operations, with at least four
accidents since late February." These incidents include:

-- Storm-related damage in March that reduced exports for almost a
month;

-- Safety inspections for World War II-era deep-sea mines in
June;

-- A Russian court ruling in July to stop loading for 30 days due
to alleged violations of the pipeline's oil spill plan, which was
overturned a few days later and replaced with a minor fine; and

-- Most recently, subsea cracks discovered on buoyancy tanks that
could limit loading on two out of three CPC single-point moorings
for about a month.

S&P said, "Although none of the accidents have led to lengthy
disruptions, 2022 oil production in Kazakhstan has been revised
down to 85.7 million tons from 87.5 million tons. We see a risk
that geopolitical tensions between Russia and Kazakhstan could lead
to further CPC disruptions, given the pipeline goes mostly through
Russian territory and ends at the Black Sea port of Novorossiysk.
More broadly, we see a risk that Russia might limit Kazakhstan's
access to the rest of its infrastructure, including the
Atyrau-Samara pipeline that also carries Kazakhstani oil to the
port of Novorossiysk through Transneft's oil pipeline system. We
note that alternative routes are very limited and no more than 20%
of TCO's and Kashagan's potential production can be exported via
them in the near term. Kazakhstan's president has recently ordered
the development of alternative routes to CPC, which could go
through the territories of Azerbaijan and Georgia, plus potential
transportation links through Iran. However, the development of
these links would take a few years and they won't be able to
provide more than 10 million tons of additional capacity, while the
combined production of TCO and Kashagan could exceed 55 million
tons within the next three years. There is 10 million tons of
available capacity in the Kazakhstan-China Oil Pipeline (KCP)
reserved for Kazakhstan--the other 10 million tons of capacity is
reserved for Russia's Rosneft. However, it will require upgrades of
Kazakhstan's oil pipeline network for delivery from production
fields in the country's west to the border with China in the east
to be possible. We estimate this could take two-to-three years to
achieve. Still, with all the potential alternative routes,
Kazakhstan will not be able to divert more than 25 million tons-30
million tons of oil from CPC--compared with production approaching
100 million tons per year in three years--which will keep it highly
dependent on CPC. At this point, we do not incorporate any lengthy
disruptions to CPC in our base-case scenario, but shutdowns
exceeding three-to-five days will start affecting KMG's oil
production and key assets, resulting in weaker cash flows and
credit metrics.

"We continue to view the likelihood of government support to KMG as
high because the benefits of the Kashagan option execution balance
the transfer of KazTransGaz (KTG) to Samruk-Kazyna in 2021. Our
rating on KMG continues to factor in our expectation of a high
likelihood of extraordinary state support, because we believe the
favorable terms of the Kashagan option execution balance the
transfer of KTG, which generated about $500 million of annual
EBITDA, to Samruk-Kazyna essentially without any compensation
(Samruk-Kazyna paid KZT1) at year-end 2021. KMG will maintain its
very important role for the government, being the government's main
asset in the strategic hydrocarbon industry, with priority access
to new assets and stakes in all the country's significant oil
ventures. It will remain a large exporter, taxpayer, employer, and
supplier of low-priced fuel to the domestic market. In our view,
KMG's default would have significant repercussions for the
government's reputation and for that of other government-related
entities (GREs). Still, the government generally tolerates
relatively high debt at KMG and other GREs. Government support
results in a two-notch uplift above our assessment of KMG's 'bb-'
stand-alone credit profile (SACP), which is the highest uplift for
GREs in Samruk-Kazyna's portfolio. We do not expect this to change
following the government's planned initial public offering of a
minority stake, which has been postponed several times but is
currently expected to take place before year-end 2022."

The negative outlook mirrors that on Kazakhstan.

S&P said, "It also reflects our view that in a low-probability
high-impact scenario of permanent disruption to Kazakhstan's oil
exports, KMG's credit quality could meaningfully weaken. Still,
KMG's exposure to refining and oil transportation, as well as its
sizeable liquidity buffer, should somewhat offset these risks. In
our base case, we assume that credit metrics will strengthen from
2023, supporting FFO to debt of about 45% on average."

S&P would lower the rating on KMG, if it lowers the rating on
Kazakhstan.

S&P could revise the outlook to stable if it revises the sovereign
outlook to stable.

S&P said, "If geopolitical risk alleviates and we see little chance
of disruption to exports, KMG's standalone creditworthiness could
improve further. This might happen if the company uses its
expanding positive free cash flow for deleveraging rather than
solely to finance higher dividends to the state. Still, this will
not translate into a higher overall rating, so long as the SACP is
below 'bbb-', three notches away from the current level."

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




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

SITEL GROUP: S&P Raises ICR to 'BB' on Stronger Credit Metrics
--------------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on
Luxembourg-based customer experience providers Sitel Group SA and
its issue-level ratings on the company's senior secured debt to
'BB' from 'BB-' and removed all ratings from CreditWatch where it
placed them with positive implications on June 22, 2022.

The stable outlook reflects S&P's expectation for Sitel's leverage
to remain in the 3.25x-3.75x range in 2022 and 2023 while the
company gradually improves its EBITDA margin and generates healthy
levels of free operating cash flow.

Sitel Group and Majorel SA announced that they discontinued their
proposed merger discussions.

S&P said, "The upgrade reflects the company's EBITDA margin
expansion and improved leverage profile. We forecast Sitel's
adjusted EBITDA margin will approach 17% by the end of 2022,
resulting in leverage improving to about 3.75x, compared with
nearly 5x at the end of 2021. We attribute the margin improvement,
which is about a year earlier than our 2021 forecast, to Sitel
improving its mix of higher-margin offshore and near-shore labor,
which is more cost efficient for lower value-add solutions.

"In addition, we view EBITDA margins as a good indicator of the
complexity and value of services provided, fixed-cost leverage, and
execution and technology prowess. Companies like Sitel that can
offer global and multilanguage services, have integrated business
workflows, and generate a higher mix of value-added nonvoice
digital services typically command better pricing and depend less
on expensive human capital to drive operating leverage and growth.
Still, Sitel's profitability remains below that of its largest
peer, Teleperformance, which has consistently operated with
adjusted EBITDA margins in the 20% area for several years. We
credit this to many factors, including its mix of higher-margin
services, pricing power generated from its larger scale, and a
higher percentage of revenue generated by offshore and near-shore
labor.

"We expect prudent financial risk tolerance from Sitel's owners.
The Mulliez family privately owns the company through its Creadev
investment fund, which has historically held a long-term growth
strategy for its investments and had not raised debt at its
portfolio companies to fund dividends. While we expect the customer
experience industry to consolidate, we expect Sitel will use a
combination of debt and equity to avoid increasing leverage above
4x on a sustained basis. Before the 2021 acquisition of Sykes
Enterprises, Sitel operated with leverage below 2x. We also believe
ownership's low tolerance for high leverage is supported by the
proposed terms for its terminated merger with Majorel, which
included debt and equity financing and would have resulted in
reduced leverage.

"We expect Sitel will continue to reduce net leverage toward the
low-to mid-3x area in 2023 through EBITDA growth and cash flow
generation. We expect the company to generate about $150
million-$200 million of free operating cash flow annually.

"Sitel operates in the fragmented and price competitive customer
engagement business process outsourcing (BPO) industry with low
barriers to entry; however, we view its relatively large scale,
global footprint, and diverse service end markets favorably. Sitel
is the third-largest company in the customer experience industry,
behind Teleperformance SE and Concentrix. Its revenue base is about
$4 billion and holds about 5% market share, below that of
Teleperformance (over $8 billion of revenue in 2021; over 7% market
share). The company's global footprint gives it the ability to
serve the needs of large multinational clients by providing
at-scale onshore, near-shore, and offshore service options and
modern customer engagement and digital workflow solutions. Sitel's
global reach extends to over 140 locations in over 40 countries
with services in over 50 languages. We view its global presence and
language capabilities as a key competitive advantage versus smaller
peers in the global customer relationship management (CRM)
industry, considering the cross-border operations of the group's
blue-chip clients in many industries. We also expect Sitel to lean
on this advantage to limit the impact of wage inflation and high
employee attrition in the current macroeconomic environment by both
increasing its mix of lower-cost offshore and near-shore labor and
passing on a portion of higher input costs to its customers.

"The industry has considerable pricing pressure on traditional
activities such as call-center-based services with voice
interactions, which accounts for about 75% of Sitel's revenue. We
believe the company can leverage its embedded position and customer
insights to broaden its solutions to more value-added solutions
such as nonvoice interactions, robotics process automation, revenue
cycle management, etc.

"We expect favorable industry conditions for scaled customer
engagement companies. We believe only 25% of the market is
outsourced, which provides a long-term opportunity to add clients
operating in-house. Sitel's scale positions the company well, as
more in-house operators turn to outsourcing to improve efficiency.
We also believe the industry could benefit from increased levels of
outsourcing in an economic downturn. We think scaled companies can
expand beyond call centers and leverage their digital workflows to
broader their CRM solutions or more easily expand into growing
industry verticals such as e-commerce, health care, government,
etc.

"We expect Sitel to be acquisitive over the next two to three
years, which could result in ongoing integration risks. While Sitel
has completed the majority of the integration of Sykes Enterprises,
large acquisitions take significant time and resources to fully
integrate systems. In January 2022, Sitel had a security breach
affecting a portion of its legacy Sykes network, which hadn't yet
been fully integrated with Sitel's systems. Security breaches like
this increase reputational risk, which could translate into client
renewal challenges and modestly higher operating costs to resolve
the cyber incident. Although we have not seen a material
operational or financial impact to date, we are continuing to
monitor the company's operating performance to determine whether
the breach results in lower customer retention rates, pricing
pressure, or lower new client win rates.

"The stable outlook reflects our expectation for Sitel's leverage
to remain in the 3.25x-3.75x range in 2022 and 2023 while the
company gradually expands its EBITDA margin and generates healthy
levels of free operating cash flow."

S&P's could lower the ratings if the company's leverage increased
above 4x on a sustained basis, likely due to:

-- Large debt-financed acquisitions or other shareholder-friendly
initiatives that keep leverage elevated but do not significantly
improve our view of Sitel's business risk;

-- Adjusted EBITDA margin compression to the low-double-digit
percent area on a sustained basis; or

-- Reputational damage from poor service or recurring data
breaches leading to client losses or additional costs;

While unlikely over the next 12 months, S&P could raise the rating
on Sitel if the company reduced leverage below 3x on a sustained
basis, likely due to:

-- Improving operating performance and EBITDA margins driven by
growth through new and existing clients, improved pricing power,
increasing the mix of offshore and near-shore labor, and an
increase in sales of higher value-added services; and

-- A commitment to debt repayment with its strong cash flow
generation.

ESG credit indicators: E2, S3, G2

S&P said, "Social factors are a moderately negative consideration
in our credit rating analysis of Sitel, reflecting the potential
for personal data and security breaches. We see these as risks for
CRM service providers in general. Such risks could arise through
increased regulatory oversight and fines or reputational damage,
affecting a firm's competitive advantage. While we do not assess
Sitel as demonstrating company-specific weaknesses in the
processing of large volumes of client data relative to other CRM
providers, the company had a security breach on a legacy network of
an acquired business in January 2022. To date, we do not believe
the breach has had an operational or financial impact on the
business."




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

VINCENT TOPCO: S&P Affirms 'B-' LT ICR & Alters Outlook to Stable
-----------------------------------------------------------------
S&P Global Ratings revised the outlook to stable from negative and
affirmed its 'B-' long-term issuer credit rating on Dutch caterer
Vincent Topco BV (Vermaat). We also affirmed our 'B-' issue level
rating on the first-lien debt.

The stable outlook indicates improving volume growth and margins
will support positive cash generation in the next 12-18 months. In
addition, S&P expects the company's liquidity position will remain
adequate over this period.

Vermaat had a better-than-expected 2021, which is continuing into
2022 as it outperforms its year-to-date budget and integrates its
acquisitions. The company's volume rebound supported topline growth
in 2021 to almost 50% on the prior year and, coupled with a better
EBITDA aided by additional government support through the NOW
program in The Netherlands, improved adjusted leverage to around
15x compared with the 24x S&P previously anticipated. The
government provided the NOW support during the height of social
distancing and restrictions as a result of the COVID-19 pandemic.

Since the easing of pandemic-related restrictions in February 2022,
the company has seen strong recovery across most of its business
segments and outperformed its budget by around 10% in the first
half of 2022. The additional government support in 2021 supported a
higher margin base but, with the rebound of volumes in 2022,
Vermaat has been able to narrow the gap on margins in each quarter
of 2022. S&P Said, "However, we expect some margin pressure
compared with our previous base case, as management continues to
find efficiencies in improving volumes and integrating
acquisitions. But we do not expect this margin pressure to prevent
the company from deleveraging below 10x in 2022."

S&P said, "We believe that Vermaat is well positioned to address
continuing inflationary and macroeconomic pressures. Vermaat's
contracts incorporate a number of downside protection measures
including a profit-sharing mechanism on lease agreements and a
mixture of cost plus and fixed price contracts, with some
index-linked pass throughs incorporated on the corporate
agreements. Management renegotiated a number of contracts during
the pandemic to support margins and we expect management will
actively manage the inflationary environment in the coming years.
In addition, Vermaat sources the majority of its products from its
largest supplier, where it has a volume-based agreement, supporting
improved purchasing power. We think that Vermaat's recent
acquisitions should also contribute to the increase in volumes
within this agreement. The company can also adapt to price
increases by incorporating alternative ingredients or adapting
menus to mitigate margin pressure."

Vermaat's liquidity remains adequate. The rebound in volumes
has--to date--allowed most segments to bridge the gap to 2019
revenue levels, which supports continued cash generation. S&P
expects cash flow will remain modest but positive in 2022 and
improve further in 2023 with no further requirements to draw on the
revolving credit facility (RCF) in the near term. This ensures
sufficient headroom on covenants and supports our continued
assessment of adequate liquidity.

S&P said, "The stable outlook reflects our expectation that Vermaat
has an adequate liquidity position to support the business over the
next 12 months. In addition, we expect a continued rebound in
volumes and margins which should support deleveraging over the
coming 12-18 months.

"We could downgrade the company if operational performance weakens
more than expected amid additional waves of the COVID-19 pandemic,
or there is a more structural change to working from home in the
longer term."

Lower discretionary spending could reduce demand across various
segments, which might further strain credit metrics and lead to
greater negative FOCF, tightening liquidity, and, in turn, a lower
rating.

In addition, S&P could consider a downgrade if it deems the capital
structure unsustainable, with leverage sustained above 10x.

S&P could consider an upgrade if business operations resumed
quicker than anticipated with the company generating greater than
anticipated EBITDA, resulting in adjusted debt to EBTIDA of below
7.5x on a sustained basis, funds from operations interest coverage
around 2.0x, and improved and sustained FOCF trending above EUR20
million.

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

S&P said, "We now consider social factors as only moderately
negative in our credit rating analysis of Vermaat. We see strong
recovery in revenue and cash flow because the effects of
pandemic-related restrictions are reducing and the demand for
catering services in corporate, leisure, travel, and events has
largely resumed. Nonetheless, the moderately negative assessment
indicates that new virus variants could result in new restrictions
in the short term. More generally, we think the sector will remain
sensitive to health and safety issues. At the peak of the pandemic,
Vermaat's revenue halved in 2020 compared with 2019, as a result of
the pandemic- and volume-related restrictions. The company
continues to regain volumes as locations reopen with reducing
restrictions across most business segments. We continue to view
governance as moderately negative, given the financial sponsor
ownership of the company."




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

GRIFOLS SA: Fitch Affirms 'B+' LongTerm IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed Grifols, S.A. (Grifols) and its
subsidiaries Grifols Worldwide Operations USA, Inc and Grifols
Worldwide Operations Limited at 'BB-' Long-Term Issuer Default
Ratings (IDR) with Stable Outlook.

Grifols' 'BB-' IDR is materially constrained by the company's high
financial leverage given its aggressive financial policy and
debt-funded expansion strategy. Rating strengths are a strong
business profile underpinned by sizeable cost-efficient operations,
leading global market positions across its core plasma-derived
medical products and healthy cash flow margins.

The Stable Outlook reflects its expectation of steady deleveraging
in 2023 and 2024 after very high leverage in the last two years,
due to pandemic-driven operating underperformance and its
debt-funded acquisition of Biotest AG. Fitch forecasts deleveraging
towards total net debt/EBITDA of 4.5x in 2024 from a
pandemic-disrupted level of around 7.4x in 2022. This will be
supported by a conservative financial policy along with a
successful integration of Biotest leading to new product launches
and operating synergies, against the backdrop of receding pandemic
pressures.

KEY RATING DRIVERS

High Leverage, Steady Deleveraging: Grifols' ratings are
constrained by its high leverage with total debt/EBITDA projected
to peak at 7.9x (net 7.4x) in 2022, albeit in line with our
forecasts. This reflects the combination of a large debt-funded
acquisition of Biotest completed earlier this year, and a
pandemic-related slump in profitability in 2021 from which it is
gradually recovering. Fitch’s view the currently aggressive
leverage as temporary, and project deleveraging to 6.0x gross (5.6x
net) in 2023 and below 5.0x (4.5x) in 2024, which Fitch’s view as
commensurate with the 'BB-' IDR. Execution risk on integrating
Biotest or a relaxed financial policy could lead to a negative
rating action.

No Rating Headroom, Financial Policy Key: The rating is predicated
on Grifols' management remaining committed to a disciplined
financial policy prioritising deleveraging over shareholder
distributions, share buybacks or large M&As. The Stable Outlook is
based on near-term deleveraging prospects and the company's public
commitment to reducing net leverage to 4.0x before any dividend
payments would be made. Fitch does not expect Grifols to make any
large asset disposals to repay debt, despite having the capacity to
do so.

Timely Product Launches Critical: The timely integration of Biotest
with new product launches now delayed by one year to 2024/2025
remain critical to a structural EBITDA margin improvement. Fitch
expects EBITDA margin to rise towards 29% by 2025 (Fitch-defined,
excluding IFRS 16) from the pre-pandemic level of 27%, driving
deleveraging and free cash flow (FCF). Fitch sees moderate
execution risks, given Biotest's asset-intensive operations and
risks associated with the commercialisation of new plasma proteins.
Persisting execution challenges may signal more profound
operational issues and would put Grifols' ratings under pressure.

Healthy FCF: The rating reflects Grifols' intrinsic cash-generative
profile, excluding the impact of the pandemic, with mid-to-high
single-digit FCF margins (low teens before dividends). This
counterbalances its leveraged balance sheet and sets the company
apart from lower-rated sector peers, which is captured in Grifols'
rating sensitivities. Inability to maintain this FCF profile from
2023 would signal a weakening business profile, which combined with
its already stretched financial leverage, would no longer support
its 'BB-' IDR.

Recovering Plasma Volumes, Cost Pressures: Rebounding plasma
collection volumes have enabled a partial recovery of operating
profitability, which together with price increases and favourable
foreign-exchange (FX) changes, should lift EBITDA margin above 20%
for 2022 (Fitch-adjusted, excluding IFRS 16). Improving volumes and
scale-driven efficiencies in 2023 from the integration of Biotest
will contribute to further EBITDA margin improvement to 24.5%.
Fitch expects this to rise further towards 29% in 2025 on new
product launches and improved plasma economics. These forecasts
are, however, down from our previous estimates of over 30%,
reflecting sustained inflation pressures.

Leading Company in Attractive Niche: The rating reflects Grifols'
meaningful position in the plasma-derivatives market, which Fitch
estimates to grow at 8%-9% a year on the use of plasma proteins for
manufacturing of biologic drugs for existing and new treatments.
The plasma derivatives market benefits from barriers to entry due
to the complex and highly regulated collection, handling and
processing of plasma, the importance of scale given the sector's
high capital intensity, as well as reliable access to the key raw
material of blood plasma.

Niche-Specific Pressures: Compared with innovative pharmaceuticals,
the plasma-derivative niche is more exposed to cost and price
pressure given a chronically under-supplied plasma market and
little product differentiation between manufacturers of
plasma-derived medicines, with intellectual property protection of
less relevance. As one of the larger sector constituents, Grifols
is well-placed to defend its competitive market position through
its vertical integration securing plasma supply and running
cost-efficient operations.

Concentrated Portfolio, Accretive Biotest Acquisition: In Fitch’s
view, Grifols remains a medium-sized manufacturer with a
concentrated product portfolio (about 80% of revenue and EBITDA
generated from plasma derivatives) and high exposure to the US
market (about 60% of revenue). The acquisition of Biotest has
strengthened Grifols' product pipeline and innovation capabilities,
in addition to broadening its scale, geographic footprint and
profitability in the near term.

Superior Recoveries for Secured Creditors: Fitch continues to rate
Grifols' senior secured debt at 'BB+', two notches above the IDR,
reflecting its category 2 first-lien debt class under Fitch's
Corporates Recovery Ratings and Instrument Ratings Criteria, which
translates into a Recovery Rating of 'RR2'. However, the senior
unsecured debt issued by Grifols and its subsidiaries are deemed a
subordinated debt class, rated 'B+', one notch below the IDR, with
a Recovery Rating of 'RR5'.

DERIVATION SUMMARY

Fitch rates Grifols using the framework of the Ratings Navigator
for Generic companies.

Grifols stands out as an issuer within the non-investment grade
space with a compelling business model in terms of its global
market position in core products, strong operating profitability
and FCF generation. This is counterbalanced by a heavy reliance on
the performance on four main plasma-derived medicinal products that
are responsible for well over 50% of its sales. Its financial risk
is the main rating constraint, with gross debt/EBITDA projected to
remain above 5.0x (net 4.5x) until 2024.

Fitch compares Grifols with other 'BB' category life sciences peers
such as Synlab AG (BB/Stable) and Avantor Funding Inc.
(BB/Positive). Both companies are similar in revenue to Grifols,
although Avantor's margins are lower than both Synlab's and
Grifols'. However, both peers have significantly lower
indebtedness, which underpin their one-notch higher ratings.

Other pharma peers such as Grunenthal Pharma GmbH & Co
Kommanditgesellschaft derive its 'BB'/Stable rating from its very
conservative financial risk profile and financial policy, combined
with healthy cash flows. On the other hand, lower rated peers such
as European Medco Development 3 S.a.r.l. (B/Stable) have a
significantly smaller scale, which constrain its ratings despite
higher profitability.

KEY ASSUMPTIONS

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

- Double-digit revenue growth in 2022 and 2023, fostered by
   increased plasma supply, FX gains, and the integration of
   Biotest. Mid-single-digit organic revenue growth in 2024 and
   2025

- Gradual recovery of EBITDA margin (excluding the contribution
   of associate Shanghai RAAS) to above 20% in 2022 from 16% in
   2021, albeit still hampered by high costs. EBITDA margin to
   rise further to 24% in 2023, and above 28% in 2024-2025, as
   raw-material costs normalise and Biotest's new products are
   launched

- Working-capital outflows averaging EUR200 million over 2022-
   2023, increasing to EUR250 million after the launch of new
   products in 2024-2025

- Annual capex of about EUR300 million-EUR350 million during
   2022-2025

- Bolt-on acquisitions of EUR100 million in 2022 (excluding the
   Biotest acquisition), EUR150 million in 2023, and EUR500
   million in 2024-2025

- No cash dividend paid in 2022-2024, followed by a 30% dividend
   pay-out in 2025

RATING SENSITIVITIES

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

- Total debt/EBITDA below 4.0x (net 3.5x) or FFO gross leverage
   below 5.0x (net 4.5x)

- Cash flow from operations (CFO) less capex/total debt with
   equity credit sustainably above 7.5%

- Increased product diversification, reducing reliance on plasma
   derivatives

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

- Total debt/EBITDA failing to decline below 5.0x (net 4.5x) or
   FFO gross leverage to below 6.0x (net 5.5x) beyond 2023

- (CFO less capex)/total debt with equity credit sustainably
   below 5%

- Biotest integration challenges, delays in new product launches
   or weakened cost management leading to weaker sales and
   inability to improve EBITDA margins (Fitch-defined, excl. IFRS
   16) to above 24% beyond 2023

- Low single-digit FCF margin on a sustained basis

- EBITDA/interest paid persistently below 3.5x or FFO interest
   coverage persistently below 3.0x

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Fitch said, "We assess Grifols' liquidity
headroom as adequate, with no significant debt maturities until
2025 and sufficient balance-sheet cash of EUR525 million and USD1
billion in an unutilised revolving credit facility as of June 2022.
We expect the company will continue deleveraging organically,
driven by positive FCF (mid-single-digit FCF margin in 2022,
followed by high single digits to 2025)."

ISSUER PROFILE

Grifols is a global company specialising in the hemotherapy/plasma
derivatives sector, which treats diseases using blood
components/proteins derived from human plasma.

ESG CONSIDERATIONS

Grifols has an ESG Relevance Score of '4' for governance structure
and group structure due to the company's concentrated ownership and
a complex group structure with some material related-party
transactions, both of which have a negative impact on the credit
profile and are relevant to the rating in conjunction with other
factors. In Fitch’s view, the concentrated family ownership has
favoured long-term growth at the expense of high indebtedness for a
listed company. In addition, complex related-party business
transactions with entities related to the family exist, albeit
conducted at arm's length.

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.

  Entity/Debt              Rating         Recovery  Prior
  -----------              ------         --------  -----
Grifols Escrow Issuer,
S.A.U.

  senior unsecured  LT       B+   Affirmed   RR5     B+

Grifols, S.A.       LT IDR   BB-  Affirmed           BB-

  senior unsecured  LT       B+   Affirmed   RR5     B+

  senior secured    LT       BB+  Affirmed   RR2     BB+

Grifols Worldwide
Operations USA,
Inc                 LT IDR   BB-  Affirmed           BB-

  senior secured    LT       BB+  Affirmed   RR2     BB+

Grifols Worldwide
Operations Limited  LT IDR   BB-  Affirmed           BB-

  senior secured    LT       BB+  Affirmed   RR2     BB+


INTERNATIONAL PARK: S&P Affirms 'B-' ICR, Outlook Negative
----------------------------------------------------------
S&P Global Ratings affirmed its 'B-' long-term issuer credit and
issue ratings on PortAventura's parent entity International Park
Holdings B.V. (IPH).

S&P said, "The outlook remains negative, reflecting that we could
lower our ratings on IPH if we assess the group's capital structure
as unsustainable in the context of the company's free operating
cash flow (FOCF) profile, or if its liquidity weakens. This could
stem from increased refinancing risk in the next two years, with
its term loan B (TLB) coming due in June 2024 and/or a combination
of weak macroeconomic sentiment amid challenging capital markets."

Refinancing risk has increased for the EUR620 million TLB due June
2024, while liquidity remains adequate for now.

The company has successfully renegotiated for the maturity of most
of its EUR50 million RCF to be extended by up to three years, from
June 2023 currently, improving liquidity. S&P said, "However,
refinancing risk remains because the EUR620 million TLB due 2024 is
below our weighted average maturity of less than two years, which
is reflected in our assessment of a negative capital structure
modifier. Following the renegotiation of the RCF we expect
PortAventura to address the upcoming maturity in a timely manner.
We note that the company has reported record performance during
this year's high season and we understand that management is
seeking an opportune moment to refinance amid the current
volatility in the capital markets." Supported by PortAventura's
unique asset base comprising of three theme parks and six four- and
five-star hotels in Tarragona and the strong brand equity of
PortAventura Park and Ferrari Land, alongside a solid operational
track record, our base case assumes that the company should be in a
position to manage its upcoming maturities.

Sustained demand dynamics in first-half 2022 has paved the way for
deleveraging toward 6.5x-7.0x by year end, from 12x in 2021. As of
end-August 2022, while year-to-date park visits were 4% below 2019,
all other KPIs such as room nights (+7%), park spend (+10%) and
revenue per available room (revpar; +12%) exceeded 2019 levels.
Demand was buoyed by the pent-up demand for outdoor leisure
activities and household savings accumulated over the last two
years. S&P said, "The company has performed ahead of our topline
expectations, and we have therefore adjusted our revenue
projections accordingly to exceed 2019 levels. Despite the negative
effects of inflation and reopening post lockdowns, company-adjusted
EBITDA margins in first-half 2022 were 36.5% compared to 39.2% in
first-half 2019. We expect this performance will see its S&P Global
Ratings-adjusted debt to EBITDA reduce to 6.5x-6.7x in 2022 from
12x in 2021. Concurrently, the company has also managed to meet its
compliance covenants, rendering non-compliance risk remote at this
point."

S&P said, "Eroding real incomes and inflation will reduce cash
flows and keep credit metrics elevated in 2023-2024.
Notwithstanding a robust 2022, we expect park visits and hotel
nights to moderately decline in 2023 on the back of weakening
household purchasing power. This should be somewhat offset by an
increasing per-person spend that we expect will be somewhat buoyed
by efforts to partially pass on inflation through price increases.
Subsequently, we expect margin pressure in 2023-2024 to bring
EBITDA margin down to 40%-42% from the about 43% we forecast for
2022. We expect a reduction in capital expenditure (capex) of EUR30
million-EUR35 million over 2023 and 2024, which should support FOCF
after leases. As such, leverage will remain elevated at 6.5 x-7.0x
in 2022 and 2023 and FOCF after leases will be EUR20 million-EUR30
million over the forecast period.

"The negative outlook reflects the increasing refinancing risk in
the next two years amid weakening consumer sentiment. We expect an
operating recovery this year and some topline volatility in the
medium term on the back of a potential reduction in discretionary
spending. This could see revenues grow by about 60% this year
before slowing down by about 5% in 2023, therefore leading
deleveraging to 6.5x-7.0x in 2022 and 2023 from 12x in 2021."

S&P could lower the ratings if PortAventura:

-- Does not address the upcoming maturity of its TLB due in June
2024 and earliest potential maturity of the RCF due in January 2024
in a timely manner; or

-- Does not achieve S&P's base case, resulting in stressed
liquidity in which the sources and uses ratio for the next 12
months drops to nearly 1.0x, or a potential covenant breach. This
could occur, for example, because of more adverse recessionary and
consumer environment than it expects, combined with a lack of
supportive measures from the financial sponsors.

S&P said, "We could revise the outlook to stable if PortAventura is
able to launch and complete the TLB refinancing in a timely manner,
mitigating its refinancing risk, and if the group's operating
performance continues to recover such that we can see a clear path
for its S&P Global Ratings-adjusted debt to EBITDA to drop
sustainably below 7.5x. An outlook revision would also hinge on
PortAventura maintaining a sound liquidity position and prudent
capex such that FOCF after leases remained broadly neutral."

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

S&P Said, "Social factors are a moderately negative consideration
in our credit rating analysis of International Park Holding. During
the pandemic, the company had to close its parks and hotels, which
led to a sharp 80% drop in revenue in 2020. PortAventura's business
proved its resilience once restrictions were lifted. We expect
attendance to recover to 2019 levels by end-2022, supported by
pent-up demand. Yet the company's asset concentration and single
geography accentuate its exposure to local health and safety risks,
which could result in future business disruption. Governance
factors are a moderately negative consideration, as is the case for
most rated entities owned by private-equity sponsors. We believe
the company's highly leveraged financial risk profiles points to
corporate decision-making that prioritizes the interests of the
controlling owners. This also reflects generally finite holding
periods and a focus on maximizing shareholder returns."




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

ROAR BIDCO: Fitch Alters Outlook on 'B' LongTerm IDR to Stable
--------------------------------------------------------------
Fitch Ratings has revised Roar Bidco AB's (Recipharm) Rating
Outlook to Stable from Positive, and has affirmed the group's
Long-Term Issuer Default Rating (IDR) at 'B'. The agency has also
affirmed Recipharm's EUR1,115 million first-lien term loan B (TLB)
rating at 'B+' with a Recovery Rating of 'RR3'.

The Outlook revision to Stable reflects the group's recent
under-performance versus our prior expectations alongside a weaker
free cash flow (FCF) profile due to higher interest costs and hefty
investments over 2022-2023. Further underperformance versus Fitch's
updated rating-case assumptions would lead to negative rating
action.

Overall the company is adequately positioned to weather a potential
stagflation by passing on cost increases to customers and to
continue to deliver revenue growth supported by solid demand and a
resilient business model.

The 'B' IDR is constrained by high financial leverage, which Fitch
projects to remain above 7.5x in 2022-2023, a highly competitive
contract development manufacturing organisation (CDMO) market, and
a temporarily weaker FCF profile. Positively, high barriers to
entry, regulatory approvals and high switching costs provide for a
sticky customer base, which supports the rating.

KEY RATING DRIVERS

Weaker-than-Expected Financial Performance: Trading performance
over the last 12 months has been weaker than Fitch's expectations.
This was due to delays to product release on quality issues and
some customer-project postponements, a lack of demand for
antibiotics (Covid-19 disruption) combined with increased raw
material and energy costs hitting sales and earnings generation.
Fitch forecasts that Covid-19 related disruption will abate, but
remain cautious about Fitch's earnings projections, particularly in
the near term, as energy costs account for roughly 5% of total
costs. Fitch forecasts that Fitch-adjusted EBITDA margins
(including the initially loss-making Biologics business) will
remain below 15% until 2024.

Financial Leverage to Remain High: Total debt/EBITDA has remained
high following the leveraged buy-out of Recipharm by EQT and
founders in 2021, and is projected to remain above 7.5x in
2022-2023, which is weak for the rating. Fitch believes the
underlying business has deleveraging potential and Fitch forecasts
deleveraging towards 5.5x by 2025, as inflationary pressures ease
and the group's cost base normalises. However, failure to improve
Fitch-adjusted EBITDA margins above 15% by 2024, combined with
neutral or volatile FCF generation, could prompt further negative
rating action.

Strong Revenue Visibility: The rating remains predicated on strong
revenue visibility and high barriers to entry, particularly in more
complex product areas where the manufacturing process is harder to
replicate. Setting up a contract manufacturer requires significant
capex, as well as technological knowledge, regulatory approvals and
time to build reputation. Reliability of CDMOs is key for pharma
companies as switching suppliers can be high-risk and
time-consuming. These factors, combined with the long life-cycle of
pharma products (typically 10+ years), translate into high revenue
visibility for Recipharm with a record in maintaining its customer
base, which is a key rating driver.

Fragmented Market; Large-Scale Customers: The CDMO market is
fragmented with the 10-largest manufacturers accounting for less
than 20% of the overall market. Following the acquisition of
Consort Medical in 2020, Recipharm is the fourth-largest CDMO
globally in sales but still represents only 1%-2% of the total
global market. Large global pharma customers typically have strong
bargaining power in new contract negotiations, especially in
high-volume generics. This is mitigated by Recipharm's strategic
focus on faster-growing, more technologically innovative advanced
delivery systems, plus sterile and development services
(representing 55% of sales).

Long-Term Structural Drivers: Fitch said, "We forecast that overall
market demand will continue to grow in the low to mid-single-digit
percentages, with higher pricing in more technologically complex
product areas, which will support Recipharm's deleveraging. The
global CDMO market, estimated at around EUR90 billion, is supported
by a growing trend of pharmaceutical companies outsourcing
production (opting for more asset-light business models to focus on
core activities, R&D, marketing and sales), as well as long-term
macro drivers of an ageing population, growing healthcare demand
and new drug development."

DERIVATION SUMMARY

Fitch rates Recipharm according to its global Generic Rating
Navigator. Under this framework, the business profile of Recipharm
is supported by resilient end-market demand, a continued
outsourcing trend and high entry barriers, with high switching
costs and strong revenue visibility. The rating is constrained by
its overall limited scale in a fragmented and competitive CDMO
market with high financial leverage.

Fitch regards capital- and asset-intensive businesses such as
PharmaZell (European Medco Development, B/Stable), Ceva Sante
(Financiere Top Mendel SAS, B/Stable) and privately rated CDMOs as
the closest peers to Recipharm as they all rely on ongoing
investments to grow at or above market and to maintain operating
margins.

Recipharm enjoys stronger profitability and scale than most
privately-rated CDMO peers. It also has a stronger business
profile, focused on prescription-drug manufacturing, steriles and
delivery systems with IP rights.

Recipharm's and Ceva Sante's business scale and diversification
support higher debt capacity than the more specialised PharmaZell,
which has around 0.5x-1.0x lower 2022 leverage, (measured as total
debt/ EBITDA) for the same rating. Recipharm has lower FCF
generation than Ceva Sante (owing to higher capex) and a more
stable contracted business model than Ceva Sante.

In Fitch's wider rated pharmaceutical portfolio, Nidda BondCo GmbH
(Stada, B/Negative) is around 3x the size of Recipharm, with total
debt/EBITDA projected to remain 8.0x-9.0x through 2023 (versus
7.0x-8.0x for Recipharm).

KEY ASSUMPTIONS

- Revenue growth of around of 15% in 2022 followed by mid-to-high

   single digits to 2025

- EBITDA margin to decline to 15% in 2022 and 14% in 2023 due to
   the loss-making Biologics division and cost inflation, before
   gradually improving towards 18% in 2025

- Capex at 12% of sales in 2022, 8% in 2023, before returning to
   historical levels (around 6%) until 2025

- Small working-capital outflows of EUR5 million per annum to
   2025

- No large debt-funded M&A or shareholder distributions to 2025

KEY RECOVERY ASSUMPTIONS

Its recovery analysis assumes that Recipharm would be reorganised
as a going-concern (GC) in bankruptcy rather than liquidated.

The EUR164 million (SEK1,750 million-equivalent, unchanged from
last update) GC EBITDA reflects stress assumptions from weak
operating performance with regulatory issues or increased
competition leading to deteriorating margins. The assumption also
reflects corrective measures taken in reorganisation to offset the
adverse conditions that trigger the default.

An enterprise value (EV) multiple of 6.0x is applied to the GC
EBITDA to calculate a post-reorganisation EV. The choice of this
multiple is based on positive market fundamentals, strong revenue
visibility with long-term customer contracts and high switching
costs, but also some traits of commoditisation within solids.

Recipharm's SEK3 billion (EUR293 million-equivalent) revolving
credit facility (RCF) is assumed to be fully drawn upon default. It
has around EUR12 million-equivalent of prior-ranking local
facilities. The RCF and EUR1,115 million first-lien TLB rank
pari-passu between themselves, and senior to a GBP228 million
second-lien term loan in the debt waterfall.

Assuming a 10% administrative claim, the allocation of value in the
liability waterfall results in recoveries corresponding to 'RR3'
for the first-lien RCF and TLB. This indicates a 'B+' instrument
rating for the first-lien TLB with a waterfall-generated recovery
computation (WGRC) of 62% (previously 64%) based on current metrics
and assumptions.

RATING SENSITIVITIES

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

- Larger scale, increased high tech offering or increased
   geographical diversification while maintaining EBITDA margin
   sustainably above 20%

- FFO gross leverage sustainably below 6.5x or total debt/EBITDA
   below 5.0x

- FCF margin at mid-to-high single digits

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

- Weak operating performance, product or regulatory issues or
   change in M&A or investment discipline leading to weaker EBITDA

   margin

- FFO gross leverage sustainably above 8.0x or total debt/EBITDA
   above 6.5x

- Neutral to low single-digit FCF margin, reducing liquidity
   headroom

LIQUIDITY AND DEBT STRUCTURE

Liquidity Remains Satisfactory: As of end-June 2022 cash on balance
sheet of EUR129 million was complemented by a fully undrawn RCF of
around EUR290 million (SEK3 billion). Fitch believes the group's
liquidity position is adequate to cover higher interest costs as
well as its ambitious investment plans, which include capacity
enhancement investments in its fill-and-finish production
facilities for vaccines and other products.

Although its assessment of liquidity is satisfactory, Fitch expects
weaker cash flows, with negative FCF expected in 2022-2023 before
it returns to positive in 2024 as inflationary pressures ease and
capex normalises. The group has a manageable debt maturity profile
with its first TLB maturity in April 2028.

ISSUER PROFILE

Recipharm, headquartered in Sweden, is a leading European CDMO
acquired by EQT and founding shareholders via the acquisition
vehicle Roar BidCo AB in 1H21.

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.

  Entity/Debt             Rating         Recovery   Prior
  -----------             ------         --------   -----
Roar BidCo AB      LT IDR   B    Affirmed             B

  senior secured   LT       B+   Affirmed   RR3       B+




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

TURKIYE EMLAK: Fitch Affirms 'B-/B' LongTerm IDRs, Outlook Neg
--------------------------------------------------------------
Fitch Ratings has affirmed Turkiye Emlak Katilim Bankasi A.S.'s
(Emlak Katilim) Long-Term Foreign-Currency (LTFC) Issuer Default
Rating (IDR) at 'B-' and Long-Term Local-Currency (LTLC) IDR at
'B'. The Outlooks are Negative.

KEY RATING DRIVERS

Emlak Katilim's LTFC IDR is driven by its Viability Rating (VR), or
standalone creditworthiness, reflecting the bank's limited
franchise and concentration of operations in the volatile Turkish
market, still fairly untested business model in light of its fairly
short length of operations, rapid growth and concentration risk.
Fitch considers core capitalisation weak for the bank's risk
profile. However, refinancing risks are mitigated by the bank's
fully deposit funded funding base.

At 'B-', the Negative Outlook on the bank's LTFC IDR reflects both
that on the sovereign and heightened operating environment risks.

Fitch does not factor government support into Emlak Katilim's LTFC
IDR, despite the bank's state ownership and strategic importance as
an Islamic bank to the authorities. This is due to the sovereign's
weak financial flexibility to provide support in FC given Turkey's
weak external finances and sovereign foreign-exchange reserves.
However, the bank's 'B' LTLC IDR is equalised with the sovereign on
the basis of state support, one notch above its LTFC IDR,
reflecting Fitch’s view of a higher sovereign ability to provide
support, and a lower risk of government intervention, in local
currency (LC). The Negative Outlook on the bank's LTLC IDR reflects
that on the sovereign.

The bank's 'B' Short-Term IDR is the only possible option in the
'B' Long-Term IDR category.

Emlak Katilim's National Rating reflects the bank's state ownership
and is affirmed at 'AA(tur)'/Stable, in line with other state-owned
commercial banks, reflecting its view that its creditworthiness in
LC relative to other Fitch-rated Turkish issuers' remains
unchanged.

Operating Environment Risks: Emlak Katilim's operations are
concentrated in the volatile Turkish market characterised by
increased macroeconomic and external risks amid policy uncertainty,
spiralling inflation, external financing weaknesses due to a
widening current account deficit, and weak international reserves.
Multiple new macroprudential regulations imposed on banks aimed at
promoting the government's policy agenda in the absence of monetary
policy further add to the risks and challenges of operating in
Turkiye.

Rapid Growth, Seasoning Risks: Emlak Katilim has grown rapidly from
a low base since its establishment in 2019, but accounted for just
0.5% of banking sector assets at end-1H22. The bank's long-term
growth prospects are underpinned by its state ownership and the
strategic importance of participation banking to the authorities.
It targets further high growth, with a focus on lira financing to
SMEs (a segment highly sensitive to the macro outlook), to
diversify its balance sheet and scale up its operations.

High Risk Appetite; Concentration Risks: Emlak Katilim's
non-performing financing and Stage 2 ratios were a low 0.8% and
0.3% at end-1H22, but should be viewed in light of its rapid growth
and fairly unseasoned portfolio. Credit risks are significant,
given the bank's still evolving credit underwriting framework,
seasoning and macro risks, high albeit below sector average FC
lending (30%), exposure to the troubled construction and real
estate sector, although this is declining (13% of total financing
at end-1H22), and single-name risks. Non-loan assets (mainly
Turkish government sukuk) comprised 22% of total assets at
end-1H22.

Unseasoned Financing Portfolio: Emlak Katilim's non-performing
financing ratio was a low 0.8% at end-1H22, but this should be
viewed in light of the bank's fairly unseasoned financing portfolio
and recent record of high growth. The bank's operations in the
volatile Turkish market and high concentration by single obligor
and sector puts further pressure on asset quality.

Volatile Profitability: The bank's profitability largely relies on
net financing income, which is likely to weaken due to lower CPI
gains and tighter spreads. Profitability remains sensitive to asset
quality weakening and concentration risk, while the high inflation
environment will continue to pressure costs. Emlak Katilim's
operating income/risk-weighted assets increased significantly to
7.7% at end-1H22 (end-2021: 1.1%) benefiting from lower interest
rates (as its liabilities reprice more quickly than its assets) and
high returns on CPI linkers.

Weak Core Capitalisation: Emlak Katilim's 12.9% common equity Tier
1 ratio at end-1H22 includes a 417bp uplift from regulatory
forbearance. In addition, the bank also benefits from alpha factor.
Fitch considers core capitalisation weak for the bank's growth,
sensitivity to lira depreciation and asset quality risks,
notwithstanding its assessment of ordinary state support for the
bank. At end-1H22, additional Tier 1 capital equal to 12% of
risk-weighted assets constituted a substantial qualifying junior
debt buffer but this is insufficient to result in uplift to Emlak
Katilim's ratings, due to the bank's very high leverage
(equity/assets ratio of 5.3% at end-1H22).

Mainly Deposit Funded: Customer deposits made up a high 89% of
total funding at end-1H22. In line with the sector average, 57% of
deposits were in FC, which heightens risks to FC liquidity in case
of sector-wide deposit instability, particularly given high
depositor concentration. FC liquidity mainly comprises FC cash and
placements in foreign banks and was enough to cover FC debts due
within one year, in addition to around 14% of FC deposits at
end-1H22. The bank has negligible FC wholesale funding exposure.

RATING SENSITIVITIES

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

Emlak Katilim's LTFC IDR is sensitive to a change in its VR. The VR
could be downgraded due to further marked deterioration in the
operating environment, particularly if it leads to further erosion
of the bank's capital buffer, if not offset on a timely basis by a
state capital injection, or in its FC liquidity buffer, for example
caused by sector-wide deposit instability. The bank's VR is also
potentially sensitive to a sovereign downgrade.

Emlak Katilim's LTLC IDR could be downgraded if Turkey's LTLC IDR
was downgraded, Fitch believes the sovereign's propensity to
provide support in LC has reduced, or Fitch’s view of the
likelihood of intervention risk in the banking sector in LC
increases

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

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

Upside for the bank's ratings is limited in the near term given the
Negative Outlooks, Fitch’s view of government intervention risk
in the banking sector and the Negative Outlook on Turkey's
sovereign rating.

Government Support: Emlak Katilim's 'ns' GSR reflects the
sovereign's weak financial flexibility to provide support in FC,
given its weak external finances and sovereign foreign-exchange
reserves. This is despite us believing the government has a high
propensity to provide support, given Emlak's ownership, the
strategic importance of participation banking to the authorities
and the record of capital support.

VR ADJUSTMENTS

The Operating Environment score of 'b-' has been assigned below the
implied category score of 'bb' due to the following adjustment
reasons: Sovereign Rating (negative), Macroeconomic Stability
(negative).

The Earnings and Profitability score of 'b-' has been assigned
below the implied category score of 'bb' due to the following
adjustment reason: Earnings Stability (negative).

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Emlak Katilim's ratings are linked to the Turkish sovereign rating
as it is sensitive to our assessment of country risks. In addition,
Emlak Katilim's LTLC IDR is linked to the Turkish sovereign rating
as it is equalised with the sovereign on the basis of state
support, one notch above its LTFC IDR, reflecting our view of a
higher sovereign ability to provide support, and a lower risk of
government intervention, in local currency.

ESG CONSIDERATIONS

Emlak Katilim's ESG Relevance Scores of '4' for Governance
Structure and Management Strategy (in contrast to a typical
Relevance Scores of '3' for comparable banks) reflects potential
government influence over its board's effectiveness and management
strategy in the challenging Turkish operating environment, which
has a moderately negative impact on the bank's credit profile, and
is relevant to the ratings in conjunction with other factors.

Emlak Katilim's ESG Relevance Governance Structure Score of '4'
also takes into account its status as an Islamic bank. Its
operations and activities need to comply with sharia principles and
rules, which entails additional costs, processes, disclosures,
regulations, reporting and sharia audit. In addition, Islamic banks
have an exposure to social impacts relevance score of '3' (in
contrast to a typical ESG relevance score of '2' for comparable
conventional banks), which reflects that Islamic banks have certain
sharia limitations embedded in their operations and obligations,
although this only has a minimal credit impact on Islamic banks.

The ESG Relevance Management Strategy score of '4' also reflects
increased regulatory intervention in the Turkish banking sector,
which hinders the operational execution of management strategy,
constrains management ability to determine strategy and price risk
and creates an additional operational burden for banks. This has a
moderately negative credit impact on the bank's rating in
combination 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
entities, either due to their nature or to the way in which they
are being managed by the entities.

  Entity/Debt                       Rating             Prior
  -----------                       ------             -----
Turkiye Emlak
Katilim Bankasi
A.S.             LT IDR              B-      Affirmed    B-
                 ST IDR              B       Affirmed    B
                 LC LT IDR           B       Affirmed    B
                 LC ST IDR           B       Affirmed    B
                 Natl LT             AA(tur) Affirmed    AA(tur)
                 Viability           b-      Affirmed    b-
                 Government Support  ns      Affirmed    ns


VAKIF KATILIM: Fitch Affirms 'B-' Foreign Currency IDR
------------------------------------------------------
Fitch Ratings has affirmed Vakif Katilim Bankasi A.S.'s Long-Term
Foreign-Currency (LTFC) Issuer Default Rating (IDR) at 'B-' with a
Negative Outlook. The bank's Viability Rating (VR) has also been
affirmed at 'b-'.

KEY RATING DRIVERS

Vakif Katilim's 'B-' LTFC IDR is driven by its standalone
creditworthiness, or VR, mainly reflecting the bank's growing
participation banking franchise and adequate capital buffers.
However, it also considers its exposure to the volatile Turkish
operating environment, rapid financing growth, despite its still
developing risk framework, fairly short record of operations, and
concentration risks on both sides of the balance sheet. At the same
time, the bank's FC wholesale funding exposure is fairly limited.

At 'B-',the Negative Outlook on the bank's LTFC IDR reflects both
that on the sovereign and heightened operating environment risks.

Fitch does not factor government support into Vakif Katilim's LTFC
IDR, despite the bank's state ownership and strategic importance as
an Islamic bank to the authorities. This is due to the sovereign's
weak financial flexibility to provide support in FC given Turkiye's
weak external finances and sovereign foreign-exchange reserves.
However, the bank's 'B' Long-Term Local-Currency (LC) IDR is
equalised with the sovereign on the basis of state support, one
notch above its LTFC IDR, reflecting our view of the sovereign's
higher ability to provide support, and a lower risk of government
intervention, in local currency (LC). The Negative Outlook on the
bank's LTLC IDR reflects that on the sovereign.

The bank's 'B' Short-Term IDR is the only possible option in the
Long-Term 'B' IDR category.

Vakif Katilim's National Rating reflects the bank's state ownership
and has been affirmed at 'AA(tur)'/Stable, in line with other
state-owned commercial banks, reflecting our view that its
creditworthiness in LC relative to other Fitch-rated Turkish
issuers is unchanged.

Operating Environment Pressures: Vakif Katilim's operations are
concentrated in the volatile Turkish market characterised by
increased macroeconomic and external risks amid policy uncertainty,
spiralling inflation, external financing weaknesses due to a
widening current account deficit, and weak international reserves.
Multiple new macroprudential regulations imposed on banks aimed at
promoting the government's policy agenda in the absence of monetary
policy add to the risks and challenges of operating in Turkiye.

Rapidly Growing Participation Bank: Vakif Katilim operates in the
niche participation (Islamic) banking segment in Turkiye, which has
reasonable medium-term prospects, given its low, albeit increasing
base (end-1H22: 8.2% of banking sector assets) and strategic
importance to the Turkish authorities. Vakif Katilim only started
operations in 2016. It has grown rapidly from a low base in its
quest for market share, supported by large capital injections from
the authorities, its growing branch network and product/services
offering, and links with state entities. However, its small size
results in limited pricing power and competitive advantages.

High Risk Appetite: Vakif Katilim's credit underwriting framework
is still developing given the bank's fairly short record of
operations and rapid financing growth in the volatile Turkish
market. As a result it remains fairly untested. The bank targets
loan book diversification largely through growing LC SME financing
(including export lending), a segment highly sensitive to the macro
outlook, with a focus on short-term financing.

Asset Quality Risks: The bank's non-performing financing (NPF)
ratio (end-1H22: 1.2%; sector: 2.5%) and Stage 2 ratio (2.8%; 39%
restructured) have been flattered by consistently strong financing
growth, which in turn creates seasoning risks. Macro uncertainty,
single name concentration, high FC financings (41%; sector: 38%)
and exposure to troubled sectors (real estate and construction,
13%; transportation, largely related to aviation, 5%; and energy,
6%) all heighten credit risks. However, total reserves coverage of
NPFs is adequate (155%, sector: 183%), while the typically rapidly
amortising nature of financings facilitates the timely detection of
problematic exposures. Turkish government sukuk comprised 19% of
total assets at end-1H22.

Growth Boosts Profitability: The bank's performance in recent years
has been largely stable supported by rapid financing growth,
adequate financing margin, controlled increases in operating
expenses (cost/assets ratio of 1.5%; 1.9% for the sector) and
manageable financing impairment charges. 1H22 performance
(annualised operating profit/risk-weighted assets of 8.2%; sector:
5.9%) was also boosted by a widening in core spreads from higher
financing yields and lower lira deposit costs, but also large gains
on CPI linkers; and on FC derivatives and customer flow driven FX
and precious metals transactions (14% of operating income).
Profitability remains sensitive to the macro outlook and asset
quality risks.

Capitalisation Underpinned by Support: The common equity Tier 1
ratio (end-1H22: 15.4% excluding 454bp regulatory forbearance but
including a 482bp alpha effect uplift) outperforms peers and is
adequate for its risk profile and growth appetite. Capital provides
a moderate buffer against market volatility, asset quality
weakening and lira depreciation (which inflates FC risk-weighted
assets), while further budgeted core capital injections (the bank
has received TRY8.6billion of capital support since 2016) should
mitigate risks to capitalisation from planned growth.

Limited FC Debt: The bank is largely deposit funded (end-1H22: 84%
of total funding). A high, albeit declining, 55% of deposits are in
FC, which heightens FC liquidity risk. External FC debt is fairly
limited (8% of total funding), while FC liquidity (mainly
comprising unencumbered FC government sukuk, FC placements in
foreign banks and FC cash excluding balances with the Central Bank
of Turkey) broadly covers non-deposit FC liabilities due within a
year. Nevertheless, FC liquidity could come under pressure in case
of sector-wide FC deposit instability or prolonged wholesale
funding market closure.

RATING SENSITIVITIES

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

Vakif Katilim's LTFC IDR is sensitive to a change in its VR. The VR
could be downgraded due to further marked deterioration in the
operating environment, particularly if it leads to further erosion
of the bank's FC liquidity buffer, for example due to a prolonged
funding-market closure or deposit instability, or a material
deterioration of asset quality metrics. The VR is also potentially
sensitive to a sovereign downgrade.

Vakif Katilim's LTLC IDR could be downgraded if Turkiye's LTLC IDR
was downgraded, Fitch believes the sovereign's propensity to
provide support in LC has reduced, or Fitch’s view of the
likelihood of intervention risk in the banking sector in LC
increases.

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

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

Upside for the bank's ratings is limited in the near term given the
Negative Outlooks, Fitch’s view of government intervention risk
in the banking sector and the Negative Outlook on the sovereign
rating.

Government Support: Vakif Katilim's 'ns' GSR reflects the
sovereign's weak financial flexibility to provide support in FC,
given its weak external finances and sovereign foreign-currency
reserves. This is despite Fitch believing the government has a high
propensity to provide support, given Vakif Katilim's ownership, the
strategic importance of participation banking to the authorities
and the record of capital support.

VR ADJUSTMENTS

The Operating Environment score of 'b-' has been assigned below the
'bb' category implied score for Turkiye due to the following
adjustment reasons: Sovereign Rating (negative), Macroeconomic
Stability (negative).

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Vakif Katilim's ratings are linked to the Turkish sovereign rating
as they are sensitive to its assessment of country risks. In
addition, Vakif Katilim's LTLC IDR is linked to the Turkish
sovereign rating as it is equalised with the sovereign on the basis
of state support, one notch above its LTFC IDR, reflecting its view
of a higher sovereign ability to provide support, and a lower risk
of government intervention, in LC.

ESG CONSIDERATIONS

Vakif Katilim's ESG Relevance Scores of '4' for Governance
Structure and Management Strategy (in contrast to a typical
Relevance Scores of '3' for comparable banks) reflects potential
government influence over its board's effectiveness and management
strategy in the challenging Turkish operating environment, which
has a moderately negative impact on the bank's credit profile, and
is relevant to the ratings in conjunction with other factors.

Vakif Katilim's ESG Relevance Governance Structure Score of '4'
also takes into account its status as an Islamic bank. Its
operations and activities need to comply with sharia principles and
rules, which entails additional costs, processes, disclosures,
regulations, reporting and sharia audit. In addition, Islamic banks
have an exposure to social impacts relevance score of '3' (in
contrast to a typical ESG relevance score of '2' for comparable
conventional banks), which reflects that Islamic banks have certain
sharia limitations embedded in their operations and obligations,
although this only has a minimal credit impact on Islamic banks.

The ESG Relevance Management Strategy score of '4' also reflects
increased regulatory intervention in the Turkish banking sector,
which hinders the operational execution of management strategy,
constrains management ability to determine strategy and price risk
and creates an additional operational burden for banks. This has a
moderately negative credit impact on the bank's rating in
combination 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
entities, either due to their nature or to the way in which they
are being managed by the entities.

  Entity                          Rating               Prior
  ------                          ------               -----
Vakif Katilim
Bankasi AS   LT IDR              B-       Affirmed   B-
              ST IDR              B        Affirmed   B
              LC LT IDR           B        Affirmed   B
              LC ST IDR           B        Affirmed   B
              Natl LT             AA(tur)  Affirmed   AA(tur)
              Viability           b-       Affirmed   b-
              Government Support  ns       Affirmed   ns




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

BRITISH STEEL: Owners Ask Government Bailout to Save Jobs
---------------------------------------------------------
Alexa Phillips at The Telegraph reports that the owners of British
Steel have asked for a government bailout to save the jobs of
thousands of steel workers in the north of England.

Jingye Group, a Chinese company that bought Britain's
second-biggest steel producer out of insolvency in 2020, told
ministers that its two blast furnaces would not be viable without
financial support from taxpayers, The Telegraph relates.

According to The Telegraph, insiders told Sky News the amount
required to keep the company's blast furnaces operational in
Scunthorpe, north Lincolnshire, could be "hundreds of millions of
pounds".

British Steel has about 4,000 employees and supports the
livelihoods of thousands of people in its supply chain.

On Oct. 1, it was unclear whether the rescue package was requested
as a grant or loan, The Telegraph discloses.

In addition to soaring energy costs, the steel industry faces
slowing global demand and excess production capacity, which is
lowering prices, The Telegraph states.

The Government, as cited by The Telegraph, said it was working with
the company to "understand the best way forward as it seeks to
secure a more sustainable future".

A spokesman for the Department for Business, Energy and Industrial
Strategy said the Government had already provided support for the
steel sector with more than GBP780 million since 2013 to help with
energy costs while the Energy Bill Relief Scheme is in place to
lower costs.

"We are investing hundreds of millions of pounds in our long-term
future but like most other companies we are facing a significant
challenge because of the economic slowdown, surging inflation and
exceptionally high energy and carbon prices," The Telegraph quotes
a British Steel spokesman as saying.

"We welcome the recent announcement by the UK government to reduce
energy costs for businesses and remain in dialogue with officials
to ensure we compete on a level playing field with our global
competitors."


CAMAIEU: Goes Into Administration, 2,600 Jobs Affected
------------------------------------------------------
Hannah Thompson at The Connexiion reports that clothes brand
Camaieu has gone into administration, with 2,600 jobs across more
than 500 stores cut as a result of the legal ruling by a business
court in Lille (Nord, Hauts-de-France).

The group had been in receivership since Aug. 1, The Connexiion
discloses.

On Sept. 26, management asked the state for a repayable advance of
48 million, to continue its business recovery plans, The Connexiion
relates.

But the Economy Ministry denied this request, saying it was "not
realistic", The Connexiion notes.  It also said that the state
could not "in any case, substitute itself for the shareholders",
according to The Connexiion.  The shareholders are, in this case,
Hermione People & Brands (HPB).

HPB had said that it was ready to inject EUR5 million of funds to
help as long as it also received government support, and that the
Hauts-de-France region (where the company is based) would also
help, The Connexiion discloses.

But the government said that "the state cannot take on this risk",
citing that if HPB was only willing to put forward EUR5 million of
the EUR80 million needed, then the "plan is too risky", The
Connexiion relays.

After the administration ruling, Ministry for Industry, Roland
Lescure, said: "The takeover plan was very poorly prepared, with a
business plan on just one page.  I regret that it has come to
this."

Camaieu appears to have suffered from changing habits in the way
that people buy clothes in France, and has been in significant debt
for some time, The Connexiion states.

It was also ordered to pay rent for the duration of the lockdown
period, following a decision from the Cour de Cassation (the
highest French judicial court), The Connexiion recounts.  It had
been placed in receivership in the summer of 2020, and was then
taken over the Financiere immobiliere bordelaise (FIB) under Michel
Ohayon, the parent company of HPB, The Connexiion relates.


DAHLIAL LTD: Director Disqualified for Seven Years
--------------------------------------------------
The Insolvency Service on Sept. 30 disclosed that Marian Daniel
Clipici, aged 35, has been disqualified as a director for 7 years
after failing to keep adequate accounts while his business was
trading.

Marian Clipici, a Romanian national, was the sole director of
Dahlial Limited, which operated a construction business from
November 2017 according to documents filed at Companies House.
However, its trading address was also home to Dahlia Restaurant, a
Romanian restaurant in Southampton, which recently closed.  In
addition, until July 2021 he was also a director of Dani-Deea Ltd,
which operates a Romanian food shop in Southampton.

The company ceased trading in September 2021 and went into
liquidation.  The liquidator identified a number of concerns,
triggering a subsequent investigation by the Insolvency Service.

Investigators found that Marian Clipici was unable to account for
more than GBP530,000 paid into the business bank account between
June 2019 and the point of liquidation, including a GBP40,000
Bounce Back Loan paid to the company in May 2020.

The accounts also showed a similar amount paid out over the same
period, bringing the total value of transactions to over £1
million, none of which could be demonstrated to have been for
legitimate company payments due to a lack of accounting records and
documentation.

Businesses were only eligible for support through the Bounce Back
Loan scheme if the money was to be used to benefit the business.
Marian Clipici, however, was unable to prove that the Bounce Back
Loan was either validly obtained or used to support his business
during the Covid pandemic.

The Bounce Back Loan was paid into the company's bank account in
May 2020 and over the next four months Marian Clipici withdrew
GBP30,000.  He claimed the payments were for subcontractors and
business expenses, but was unable to demonstrate to investigators
that these transactions were legitimate company payments.

Marian Clipici made a claim of GBP12,600 in the liquidation of the
company, but due to his inadequate company records, the liquidator
was unable to establish whether this was a valid claim.

The liquidators found that the company owed GBP60,396, including
the GBP40,000 Bounce Back Loan owed to the bank and more than
GBP7,000 to the tax authorities.

The Secretary of State for Business, Energy and Industrial Strategy
accepted a disqualification undertaking from Marian Daniel Clipici
after he did not dispute he had failed to ensure that Dahlial
Limited had kept adequate books and accounting records, or had
failed to provide the Liquidator with such records that had been
kept.

His disqualification is effective for 7 years and begins on
September 20, 2022.  The disqualification undertaking prevents
Clipici from directly, or indirectly, becoming involved in the
promotion, formation or management of a company, without the
permission of the court.

Lawrence Zussman Deputy Head of Insolvent Investigation, said

Maintaining adequate company accounting records is a statutory
requirement for all directors, and is vital to ensure company
transactions are legitimate.

Marian Daniel Clipici has justifiably been removed from the
business environment for a period of 7 years and his
disqualification should serve as a warning to other directors that
if you do not take your responsibilities as a director seriously,
you run the risk of being disqualified.


EM MIDCO 2: S&P Assigns 'B' LongTerm ICR, Outlook Stable
--------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issuer credit rating
to U.K.-Based EM Midco 2 (Element Materials Technology) and its
financing subsidiaries Element Materials Technology Group US
Holdings and EM Bidco Ltd. S&P assigned its 'B' issue rating and
'3' recovery rating to its $1,825 million term loan B (TLB) split
across a USD (including $975 million term loan and $450 million
delayed draw term loan) and EUR tranche (EUR374 million).

S&P said, "We also raised our issuer credit ratings on Element
Materials Technology Ltd. and its financing subsidiaries Greenrock
Midco Ltd. and Greenrock Finance Inc. to 'B' from 'B-' and removed
the ratings from CreditWatch where they were placed on Jan. 7,
2022. We have withdrawn our issue ratings on the senior secured
debt as it has now been fully repaid.

"The stable outlook reflects our expectation that Element will
deleverage from below 12x in 2022 (including PIK notes and
excluding any annualization for acquisitions) to close to 9x by
2023, supported by topline growth and margin expansion. We expect
tailwinds from environmental, social, and governance (ESG)-linked
initiatives, coupled with some synergy realization and full-year
effects from 2022 acquisitions. We anticipate funds from operations
(FFO) cash interest coverage above 2x from 2023 and positive free
operating cash flow (FOCF) generation."

Previous minority shareholder Temasek has completed the acquisition
of Element Materials Technology Ltd. from private equity company
Bridgepoint, via a new entity, EM Midco 2 Ltd. (Element).

Element's business risk profile is supported by its leading
position in materials and product-qualification testing. Its
competitive advantage stems from strong technical expertise in
subsegments of the testing, inspection, and certification (TIC)
market, which are increasingly supported by regulatory and
sustainability drivers. Excess funds from the transaction have been
used for the acquisition of a North American laboratory-based TIC
provider National Technical Systems (NTS), which focuses primarily
on testing services in North America across various end markets.
The acquisition cements the combined entity as the market leader in
North America for space and defense TIC, the global leader and No.
1 player by revenues in the global aerospace market. It will also
be in the top five TIC providers for pharma. With increased testing
requirements in these industries--which need to comply with local,
global, and industry-specific regulations and standards--80% of
Element's revenue is now driven by regulation.

Element's specialized TIC services allow the group to operate in an
industry with high barriers to entry, limiting new competitors.The
bulk of the combined entity's revenues will come from segments that
require technical complexity and expertise such as life sciences
(23%), connected technology (18%), and commercial aerospace (16%).
The reputational risk associated with such segments calls for
end-user trust. Element is well positioned in this regard given its
long-term relationships with high-profile industry leaders.
Post-acquisition, Element will benefit from a large laboratory
network (over 230 labs for the combined entity), creating a
significant advantage over industry newcomers that face high
laboratory costs upfront.

Regulation-driven revenues, alongside a structural shift toward
noncyclical markets, support long-term revenues, margins, and cash
stability.An increase in noncyclical markets' revenue share to 58%
(2022) from 25% (2016)--a trend likely to continue--suggests
Element is well placed to maintain EBIDTA margins in line with
peers. The NTS acquisition should further strengthen cash stability
as the combined entity is well placed to benefit from increased
end-market-user diversification. Apart from the above-mentioned end
markets, Element is also well diversified across the built
environment (12%), space and defense (11%), the energy transition
(10%), and assurance and other (10%). This diversification--and the
fact that over 80% of revenues are backed by regulation--makes for
stable revenues, operating margins, and cash flows. Element has
demonstrated its ability to generate positive FOCF amid challenging
business conditions, which supports its business resilience. This
is despite having a business model that requires highly specialized
operations, creating a relatively inflexible cost base. Element
requires highly educated staff with deep technical expertise, a
scarce resource that is not easy to reduce during economic
downturns. However, management was able to adjust the operating
cost base swiftly during the pandemic by up to $100 million via
staff reductions (81%), salary suppression (10%), and operating
spending cuts (9%). Relatively low capital expenditure (capex) and
working capital needs further support FOCF, signifying that Element
can operate well in challenging conditions.

S&P said, "We see the green transition to low and carbon-free
energy as positive for Element.More than 60% of Element's revenues
are driven by customers' ESG targets, compared to an estimated
40%-45% for Element's competitors. Customers' increased focus on
sustainability and health and safety initiatives is likely to
increase demand for Element's services. Element's end markets
contribute to more than 80% of global greenhouse gas emissions and
will need to reduce this to 60% by 2035. The materials technology
sector will be key to decarbonization, and industry investment will
be critical to helping entities reach net zero targets.

"Our assessment of Element's business risk profile is constrained
by the niche markets in which it operates.Its absolute revenue
base, including the $1.2 billion effect of the acquisition expected
by end-2022, remains small compared to the overall TIC market size
and larger peers. For instance, market leaders such as Bureau
Veritas have almost 11x the revenue of the combined entity. This
reflects the niche markets in which the combined entity operates,
which are very small compared to the total outsourced TIC market.
Element's focus in a highly fragmented market is on the product
testing stage in niche industries, while other players such as
Bureau Veritas operate across multiple segments of the value chain.
This limits Element's business strength relative to peers.

"Our financial risk profile assessment incorporates high leverage
for fiscal 2022, before significant deleveraging supported by
organic as well as inorganic topline growth and margin expansion.
By the end of 2022, we expect Element's S&P Global Ratings-adjusted
net debt to EBITDA will be below 12x. This includes the holdco PIK
notes of $800 million, which we consider a debt liability. On a
cash pay basis, we foresee leverage of about 9.0x while FOCF is
negative. This mainly reflects transaction fees of around $105
million, with the expected adjusted EBITDA of $280 million being
impacted by exceptional costs of about $22 million. Furthermore,
fiscal 2022 adjusted EBITDA does not include any full-year
annualization of the NTS acquisition. From 2023, we expect leverage
to improve to below 7.0x coupled with solid FOCF generation of
above $65 million and FFO cash interest coverage sustainably above
2x.

"Element will see the benefits of the full-year effects of the
acquisitions in 2023, in our view. We view 2022 as a
transformational year given the change in ownership, as well as
numerous acquisitions. In 2023, we forecast solid topline growth of
21.2%, of which we estimate about one-third will come from
like-for-like growth across all segments. We also estimate around
150 basis points of margin expansion coming from better scale, a
positive product mix reflecting a bigger share of higher-margin
business, and lower exceptional costs. Noting Element's business
strategy to continue growing through bolt-on mergers and
acquisitions (M&A), as well as organic growth, we have factored
into our base case about $30 million of additional acquisition
spending annually from 2023. We expect this amount to be funded via
drawdowns under the $200 million revolving credit facility (RCF).
For 2024, we forecast revenue growth of 6.5%, mostly organic.
ESG-related initiatives from clients will provide tailwinds to
business growth. We forecast an adjusted EBITDA margin of 25.6% in
2024, supporting FOCF generation of close to $90 million and
deleveraging to 8.5x and 6.0x on a cash-pay basis.

"We view the group's financial policy as neutral and Temasek as a
strategic investor.Temasek's acquisition of Element from the
previous private equity owner, Bridgepoint, is expected to result
in a less aggressive financial policy. Our view is that the company
will not pay dividends in the short-to-medium term and will focus
on organic growth. This has led to our neutral financial policy
assessment, despite the high opening leverage. Our assessment
aligns with other businesses we rate and of which Temasek has
majority ownership, and for which we also have a neutral financial
policy assessment.

"The final ratings are in line with the preliminary ratings we
assigned on April 4, 2022, following the closing of the transaction
and our review of final documentation. For more, see "U.K.-Based EM
Midco 2 (Element Materials Technology) Rated Preliminary 'B';
Outlook Stable," published April 4, 2022.

"The stable outlook indicates that we expect Element to deleverage
from below 12x (9x on a cash-pay basis) in 2022 to close to 9x
(6.8x on a cash-pay basis) by 2023. This will be supported by
topline growth and margin expansion on growth across all end
markets amid tailwinds from ESG-linked initiatives. This momentum
will be coupled with some synergy realizations and the full-year
effects of acquisitions undertaken during 2022. We anticipate
Element will achieve FFO cash interest coverage above 2x from 2023,
while generating sound positive FOCF."

S&P could consider lowering the rating if:

-- Element generates weak or negative FOCF on a sustained basis;

-- FFO cash interest coverage declines sustainably below 2x; and

-- Element adopts a more aggressive financial policy through
shareholder returns or material debt-funded acquisitions that
increase leverage beyond S&P's current projections. S&P currently
assumes the company will not pay shareholder dividends, but if this
changes it could weigh on the rating.

S&P said, "We could consider raising the rating on Element if its
adjusted debt to EBITDA improves to sustainably below 5x while
EBITDA margins normalize to around 25% and the group demonstrates a
track record of sustainable FOCF. We view it as unlikely that the
business would releverage to fund dividends, but we think
significant part-debt-funded acquisitions could hamper long-term
deleveraging."

ESG credit indicators: E-1, S-2, G-2

S&P said, "Environmental factors are a positive consideration in
our credit rating analysis of Element. The company's business model
leads to cooperation with end markets that account for over 80% of
global emissions. This will need to be reduced to 60% by 2035,
creating structural demand for materials technology to act as a key
decarbonization tool. Increased demand for Element's services--like
environmental and battery testing--align closely with the
industry's environmental agenda. Element stands to profit from
increasingly stringent EU laws in the medium term, which should
more than compensate for the very slow decline in its traditional
fossil-fuel-related activities. We view social and governance
factors as neutral considerations to our rating on Element."


HODDERS LAW: Enters Administration, Halts Trading
-------------------------------------------------
The Law Society Gazette reports that Hodders Law Limited, a North
London firm which had just reached its 150th anniversary, has gone
into administration and ceased trading.

Hodders Law Limited was placed into administration on Sept. 23 and
financial advisory firm Quantuma placed in charge of its affairs,
The Law Society Gazette relates.

According to its most recent accounts, the firm had 48 staff
members working from four offices.

Neighbouring firm JPC announced last week that it had reached an
agreement with Hodders and Quantuma to buy its private client, real
estate and dispute resolution cases, The Law Society Gazette
discloses.

In a statement on its website, Hodders said that all client files
will transfer to another regulated law firm, with clients being
contacted now to update them on the situation, The Law Society
Gazette notes.

The most recent annual report and statement of accounts, for the
period ending July 31, stated that Hodders had assets worth GBP1.64
million, of which around half was from debtors due to pay within a
year.

But the amount owed to creditors within one year had increased from
GBP970,000 to more than GBP2 million, The Law Society Gazette
discloses.  The firm went from having net current assets of
GBP111,000 to an overall deficit of almost GBP400,000, The Law
Society Gazette states.


PHARMANOVIA BIDCO: S&P Upgrades LT ICR to 'B', Outlook Stable
-------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
U.K.-Based Pharmanovia Bidco Ltd. to 'B' from 'B-'. S&P also raised
its issue ratings on Pharmanovia's senior secured debt to 'B' from
'B-', with a recovery rating of '3', reflecting S&P's expectations
of meaningful recovery prospects (50%-70%; rounded estimate: 55%)
in the event of default.

S&P said, "The stable outlook indicates that we expect Pharmanovia
to continue posting solid performance, resulting in adjusted debt
to EBITDA at about 5x-6x within 12-18 months, with solid FOCF
generation of about GBP60 million over the same period.

"Our rating action reflects a positive step change in leverage and
free cash flow as profits from new assets ramp up, despite some
integration costs. With reported sales of about GBP244.8 million,
adjusted EBITDA of GBP97.3 million, and adjusted debt to EBITDA of
6.3x in fiscal 2022, Pharmanovia's results were in line with our
expectations. We anticipate that adjusted debt to EBITDA should
remain close to 6x in the next 12 months, including drawing for the
Rocaltrol China acquisition, reducing to 5x-6x thereafter,
demonstrating a consistent track record of debt to EBITDA close to
6x. We forecast the company will generate adjusted EBITDA of about
GBP115 million-GBP120 million in fiscal 2023 and fiscal 2024,
taking into consideration exceptional costs, thanks to the ramping
up of its in-transition portfolio and control over its operating
expenses, linked to its business model. This forecast reflects our
view that cost-saving plans in place will mitigate investments in
the company's commercial footprint."

S&P expects Pharmanovia, a pharmaceutical company specialized in
off-patent branded drugs, will continue its track record of
improving credit metrics. Specifically, S&P forecast S&P Global
Ratings-adjusted debt to EBITDA will decrease below 6x by March 31,
2024 (end-fiscal 2024) thanks to optimizing sales potential
relative to the acquisition multiples of previously acquired assets
in its portfolio.

Pharmanovia's acquisition of Rocaltrol China demonstrates its
interest in certain therapeutic areas and its ambition to focus on
them going forward. In July 2022, Pharmanovia announced the
acquisition of the commercial rights for Rocaltrol in China from
Roche, following a previous deal for Rocaltrol (excluding China and
Japan) in 2020. This reinforces the company's existing presence in
endocrinology, with a branded product prescribed since 1978. The
company financed this acquisition with a mix of revolving credit
facility (RCF) drawing of EUR85 million and own generated cash. S&P
views this portfolio acquisition as consistent with Pharmanovia's
strategy to capitalize on its existing presence in four therapeutic
areas (cardiology, endocrinology, neurology, and oncology). It also
expands the company's portfolio of well-established brands, which
have been widely prescribed and publicized by large pharmaceutical
companies, enabling the company to invest in marketing and
efficient promotion only slightly.

New management's strategy is a mix of internal projects and
selective acquisitions. Since the beginning of 2021, Pharmanovia,
under new management, has demonstrated larger ambitions to
redevelop some of its portfolio, with line extensions, new
indications, and reformulations if relevant, realizing internal
growth accompanied by continuous selective acquisitions from large
pharmaceutical partners. S&P said, "We now consider that
Pharmanovia has successfully demonstrated its ability to acquire
assets at reasonable valuations, increasing its scale to GBP244.8
million from GBP141.7 million in fiscal 2020, and its adjusted
EBITDA base to GBP97.3 million from GBP62.0 million over the same
period. In addition, we acknowledge a more diversified product
portfolio--for example, the company's exposure to Bonviva has
dropped to 17% of fiscal 2022 pro forma net sales (including
Rocaltrol China) compared to 36% of fiscal 2020 revenue. Therefore,
we note an improvement in product concentration with the No. 1
product being Rocaltrol, which now represents 23% of fiscal 2022
pro forma net sales (before Bonviva and Valium), with a solid
presence in cardiology (33% of fiscal 2022 pro forma net sales),
endocrinology (28%), neurology (24%), and oncology (15%)."

S&P said, "We expect Pharmanovia's profitability to improve to
46%-48% in fiscal 2024 from 44%-46% in fiscal 2023 thanks to the
ramp up of Rocaltrol sales and the full transition of previous
acquisitions. Our expectation for fiscal 2023 reflects our view
that the company will continue to invest in personnel costs and
marketing to build its internal growth capacities. Pharmanovia has
been continuously investing in its commercial platform with an
internal salesforce to expand its market shares. The pandemic
slightly reduced sales in the U.K., but the company expects to
recover in the next 12 months, despite some sales phasing-out due
to changes in the distribution model and transitions for some of
its products.

"We expect FOCF generation to remain solid at close to GBP60
million in fiscal 2023, despite high exceptional capital
expenditure (capex). Pharmanovia's asset-light business model
enables the company to post high operational margins, mostly thanks
to the outsourcing of manufacturing and distribution. Therefore,
FOCF should be GBP58 million-GBP60 million for fiscal 2023,
underlying better working capital management than in fiscal 2022.
We expect exceptionally high capex of about GBP27 million in fiscal
2023, mainly due to technical transfers for product transition as
part of maintenance capex and special spending on the enterprise
resource planning (ERP) transition to SAP S4/HANA and product
development. Capex should normalize to GBP4 million in fiscal 2024,
which should rebuild its FOCF to GBP65 million-GBP70 million in
that year.

"Our stable outlook on Pharmanovia indicates our expectation that
adjusted debt to EBITDA should be close to 6x in fiscal 2023,
underlying the ramp-up of Rocaltrol China acquisition and solid
EBITDA above GBP110 million. We also expect Pharmanovia to generate
FOCF of GBP50 million-GBP60 million in fiscal 2023, despite higher
one-off capex, which should enable the company to grow internally
and build resources to replenish lost sales from its existing
product portfolio. We still view that the company operates a
business model that relies on acquisitions to supplement growth and
create scale. As such, the company will likely continue using
available liquidity to pursue acquisitions.

"We expect Pharmanovia's adjusted debt to EBITDA to improve below
6x in fiscal 2024, and post FOCF of GBP60 million-GBP70 million.

"We could lower the rating if we observe a deterioration in
Pharmanovia's operational performance such that it cannot generate
sufficient FOCF, leading to a significant deterioration of FOCF to
debt sustainably below 5%, or is unable to reduce leverage within
12-18 months after potentially peaking at 6.5x following its latest
acquisition. We could also downgrade the company if we see material
deviations from its track record of financial discipline regarding
acquisition multiples, which could result in a deterioration of
leverage metrics or leverage reduction capacity.

"This could happen if, for example, the company faces operational
setbacks in the integration of its recent acquisitions, suffers
from unexpected tightening of reimbursement terms, or sees
increasing competition that pressures prices. We could also lower
the rating if Pharmanovia fails to replace declining revenue with
newly acquired products, if it purchases products that we consider
higher risk, or if it overpays for products, thus incurring a
substantial increase in leverage compared with our base case.

"We could upgrade Pharmanovia if it demonstrates a strong trend of
leverage reduction, with adjusted debt to EBITDA sustainably below
5.0x, and a long-term commitment to a conservative financial
policy. In addition, we would also expect the group to maintain a
continuous good track record of positive FOCF above our current
base case. For example, this could occur after significant gains in
market share through larger contract gains; robust growth from
product developments, such as dosage forms and categories; enhanced
operating efficiency; and a conservative approach to external
expansion."

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


SKINNER'S: Enters Administration, Seeks Buyer for Business
----------------------------------------------------------
BBC News reports that Cornish brewer Skinner's has announced it is
going into administration after 25 years of beer-making.

"Our strong hope is that a buyer can be found," BBC quotes Steve
Skinner, founder of the brewery which employed 35 people in 2021,
as saying.

The gates of the firm's headquarters have been locked, with no sign
of anyone inside the premises on Sept. 30, BBC relates.

According to BBC, Mr. Skinner added: "We would like to take this
opportunity to thank our staff, stockists, suppliers, the
'Skinner's Beer Tribe' and the whole community for so many years of
steadfast support.

"Our strong hope is that a buyer can be found, and that the brewery
in some form will continue to be part of life in Cornwall for many
years to come."

The Truro-based firm has appointed Bishop Fleming as official
administrators, BBC discloses.


TAYLORMADE CASTINGS: Goes Into Liquidation, 14 Jobs Affected
------------------------------------------------------------
Angus Williams at East Anglian Daily Times reports that a
third-generation family-run firm has gone into liquidation after
its energy bills neared GBP15,000 per month.

Taylormade Castings, which produced metal products such as fences
and garden furniture, appointed liquidators from McTear Williams &
Wood on Sept. 12, leaving creditors short by nearly GBP300,000,
East Anglian Daily Times relates.

According to East Anglian Daily Times, liquidator Jo Watts said the
business which was owned by a company in Haverhill, and employed 14
people elsewhere, had been profitable as recently as 2019.

"It was profitable up until very recently.  Unfortunately, the
trigger was Covid.  While they tried to stay open, a lot of their
customers were closed so their turnover reduced significantly,"
East Anglian Daily Times quotes Ms. Watts as saying.

"From the beginning of 2022, the energy costs were also a factor.
But I think it was more sort of the final nail in the coffin,
rather than the only reason.

"With a business like this their energy costs are significant --
one of the major costs -- because it's a foundry in there running
these great big furnaces 24 hours a day."

Ms. Watts said the firm's monthly energy bill spiked to nearly
GBP15,000 in 2022 after prices rocketed, East Anglian Daily Times
notes.

All 14 staff have been made redundant, though a handful of staff
are currently being retained while the business is wound down, East
Anglian Daily Times disclsoes.

The firm held assets totalling more than GBP500,000 when it went
into liquidation, according to East Anglian Daily Times.  

Among the creditors is EDF energy which is owed almost GBP50,000,
East Anglian Daily Times states.

Ms. Watts, as cited by East Anglian Daily Times, said the
liquidator plans to auction off the property and expects to return
creditors some of their cash.

"The unsecured creditors are likely to get somewhere between 15 and
20 pence in the pound," she said. "That's obviously dependent on
all the debtors paying and us realising what we expect for the
property in the auction."




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

[*] BOND PRICING: For the Week September 26 to September 30, 2022
-----------------------------------------------------------------
Issuer                 Coupon  Maturity Currency Price
------                 ------  -------- -------  -----
Banca Monte dei Pasch   5.3750 1/18/2028   EUR   56.221
Banca Monte dei Pasch  10.5000 7/23/2029   EUR   60.833
CECONOMY AG             1.7500 6/24/2026   EUR   55.729
Atento Luxco 1 SA       8.0000 02/10/2026  USD   49.894
Gol Finance SA          7.0000 1/31/2025   USD   49.702
Gazprom PJSC Via Gaz    1.4500 03/06/2023  CHF   62.357
Vedanta Resources Ltd   6.1250 08/09/2024  USD   64.617
Mahle GmbH              2.3750 5/14/2028   EUR   66.691
Casino Guichard Perra   3.9920             EUR   33.732
Amprion GmbH            0.6250 9/23/2033   EUR   69.668
Constellation Automot   4.8750 7/15/2027   GBP   71.929
Casino Guichard Perra   4.4980 03/07/2024  EUR   68.889
Fastighets AB Balder    2.8730 06/02/2081  EUR   69.764
Russian Foreign Bond    4.8750 9/16/2023   USD   67.309
VTR Finance NV          6.3750 7/15/2028   USD   58.005
Orpea SA                2.6250 03/10/2025  EUR   67.293
Gazprom PJSC via Gaz    3.2500 2/25/2030   USD   49.000
Russian Foreign Bond    5.6250 04/04/2042  USD   59.347
Gazprom PJSC Via Gaz    3.125011/17/2023   EUR   53.501
Ukraine Government In   7.7500 09/01/2024  USD   28.137
Poste Italiane SpA      2.6250             EUR   71.957
Ulker Biskuvi Sanayi    6.950010/30/2025   USD   69.702
MHP Lux SA              6.9500 04/03/2026  USD   53.736
HSBC Holdings PLC       4.6000             USD   74.027
Allianz SE              3.8750             USD   68.692
Standard Chartered PL   4.3000             USD   72.438
Gazprom PJSC Via Gaz    5.1500 02/11/2026  USD   56.000
Intesa Sanpaolo SpA     4.1250             EUR   68.550
Standard Profil Autom   6.2500 4/30/2026   EUR   61.514
Deutsche Bank AG        1.3750 2/17/2032   EUR   71.620
Audax Renovables SA     4.200012/18/2027   EUR   68.774
Russian Railways Via    2.1000 10/02/2023  CHF   26.577
Casino Guichard Perra   3.0220             EUR   21.796
United Kingdom Gilt     0.6250 7/31/2035   GBP   66.093
Gazprom PJSC via Gaz    4.5985             USD   35.500
Banco Santander SA      3.6250             EUR   65.192
Banca Monte dei Pasch   8.5000 09/10/2030  EUR   58.118
Vedanta Resources Fin   8.9500 03/11/2025  USD   73.523
Momox Holding AG        6.2500 07/10/2025  EUR   55.420
Credit Suisse Group A   4.5000             USD   66.160
Iceland Bondco PLC      4.3750 5/15/2028   GBP   66.203
Cimpress PLC            7.0000 6/15/2026   USD   70.567
Russian Railways Via    2.2000 5/23/2027   EUR   31.936
Gazprom PJSC via Gaz    3.8970             EUR   35.599
ZF Finance GmbH         2.2500 05/03/2028  EUR   73.988
Casino Guichard Perra   5.2500 4/15/2027   EUR   52.106
EP Infrastructure AS    2.0450 10/09/2028  EUR   72.488
Movida Europe SA        5.2500 02/08/2031  USD   73.476
Atos SE                 1.0000 11/12/2029  EUR   58.009
Gazprom PJSC via Gaz    2.9500 1/27/2029   USD   50.000
Romanian Government I   4.6250 04/03/2049  EUR   69.152
MHP SE                  7.7500 05/10/2024  USD   54.445
Simpar Europe SA        5.2000 1/26/2031   USD   74.559
Castellum AB            3.1250             EUR   60.286
Russian Foreign Bond    4.2500 6/23/2027   USD   48.469
Barclays PLC            4.3750             USD   71.200
Jababeka Internationa   6.5000 10/05/2023  USD   55.894
Neoen SA                2.0000 06/02/2025  EUR   48.480
Deutsche Bank AG        4.6250             EUR   72.445
Romanian Government I   3.3750 1/28/2050   EUR   54.670
Russian Foreign Bond    7.5000 3/31/2030   USD   65.959
Samhallsbyggnadsbolag   1.0000 08/12/2027  EUR   68.848
Teva Pharmaceutical F   4.1000 10/01/2046  USD   60.439
Russian Foreign Bond    5.1000 3/28/2035   USD   43.529
Sofina SA               1.0000 9/23/2028   EUR   73.958
Gazprom PJSC Via Gaz    8.6250 4/28/2034   USD   51.000
Orpea SA                2.0000 04/01/2028  EUR   59.043
Vedanta Resources Fin   9.2500 4/23/2026   USD   64.449
Maxeda DIY Holding BV   5.8750 10/01/2026  EUR   69.192
Gazprom PJSC via Gaz    1.5000 2/17/2027   EUR   49.116
Russian Foreign Bond    4.7500 5/27/2026   USD   48.753
Ocado Group PLC         3.8750 10/08/2026  GBP   74.667
Aragvi Finance Intern   8.4500 4/29/2026   USD   70.059
Samhallsbyggnadsbolag   2.8750             EUR   42.130
Mitsubishi UFJ Invest   4.968012/15/2050   EUR   33.893
Banca Monte dei Pasch   8.0000 1/22/2030   EUR   57.357
DDM Debt AB             9.0000 4/19/2026   EUR   74.476
Samhallsbyggnadsbolag   2.6240             EUR   44.154
Casino Guichard Perra   3.5800 02/07/2025  EUR   61.419
Novafives SAS           5.0000 6/15/2025   EUR   67.658
Air France-KLM          0.1250 3/25/2026   EUR   15.495
Faurecia SE             2.3750 6/15/2029   EUR   69.214
ZUR Rose Finance BV     2.7500 3/31/2025   CHF   70.412
Credit Suisse Group A   5.1000             USD   68.500
ZF Europe Finance BV    3.000010/23/2029   EUR   72.910
Russian Railways Via    4.6000 03/06/2023  EUR   15.000
Telecom Italia SpA/Mi   1.6250 1/18/2029   EUR   72.213
Korian SA               0.8750 03/06/2027  EUR   44.605
Accentro Real Estate    3.6250 2/13/2023   EUR   51.287
EP Infrastructure AS    1.8160 03/02/2031  EUR   64.350
Gazprom PJSC Via Gaz    4.9500 3/23/2027   USD   30.000
BNP Paribas SA          4.5000             USD   72.976
Nobel Bidco BV          3.1250 6/15/2028   EUR   68.756
Ukraine Government In   9.7500 11/01/2030  USD   22.965
Neoen SA                1.8750 10/07/2024  EUR   38.169
MHP Lux SA              6.2500 9/19/2029   USD   52.227
Suzano Austria GmbH     3.1250 1/15/2032   USD   73.032
Deutsche Bank AG        4.5000             EUR   73.073
Kernel Holding SA       6.750010/27/2027   USD   40.498
Dtek Renewables Finan   8.5000 11/12/2024  EUR   36.062
Sigma Holdco BV         5.7500 5/15/2026   EUR   68.349
BNP Paribas SA          4.6250             USD   69.026
ASTM SpA                2.375011/25/2033   EUR   72.219
Nexi SpA                2.1250 4/30/2029   EUR   74.258
Gazprom PJSC Via Gaz    7.2880 8/16/2037   USD   50.000
Swedbank AB             4.0000             USD   71.525
Cellnex Telecom SA      0.750011/20/2031   EUR   68.063
Spain Government Bond   1.0000 7/30/2042   EUR   66.816
SBB Treasury Oyj        1.125011/26/2029   EUR   63.733
United Kingdom Gilt     0.8750 1/31/2046   GBP   51.718
La Banque Postale SA    3.0000             EUR   65.083
Casino Guichard Perra   6.6250 1/15/2026   EUR   57.053
British American Toba   3.7500             EUR   72.740
Raiffeisen Bank Inter   4.5000             EUR   68.095
Jaguar Land Rover Aut   4.5000 7/15/2028   EUR   66.403
Republic of Belarus I   5.8750 2/24/2026   USD   23.808
Vodafone Group PLC      5.1250 06/04/2081  USD   69.991
VF Ukraine PAT via VF   6.2000 02/11/2025  USD   53.797
Development Bank of t   6.7500 05/02/2024  USD   16.609
Russian Foreign Bond    4.3750 3/21/2029   USD   42.514
Mutuelle Assurance De   2.1250 6/21/2052   EUR   68.629
Gazprom PJSC Via Gaz    2.250011/22/2024   EUR   51.871
Saipem Finance Intern   3.1250 3/31/2028   EUR   71.341
Gazprom PJSC via Gaz    3.5000 7/14/2031   USD   50.000
Ukraine Government In   4.3750 1/27/2032   EUR   19.215
NAK Naftogaz Ukraine    7.3750 7/19/2022   USD   20.751
Bulgaria Government I   1.3750 9/23/2050   EUR   54.808
Ukraine Government In   7.7500 09/01/2029  USD   22.122
Credit Suisse Group A   5.2500             USD   74.550
Gazprom PJSC Via Gaz    2.5000 3/21/2026   EUR   52.451
Matalan Finance PLC     6.7500 1/31/2023   GBP   73.891
Aggregate Holdings SA   6.8750 11/09/2025  EUR   37.500
Enel Finance Internat   0.5000 6/17/2030   EUR   74.309
Standard Chartered PL   4.7500             USD   74.905
Electricite de France   2.6250             EUR   73.372
Gazprom PJSC Via Gaz    2.9490 1/24/2024   EUR   52.872
Ocado Group PLC         0.8750 12/09/2025  GBP   69.668
UBS Group AG            4.3750             USD   71.200
Lukoil Capital DAC      3.600010/26/2031   USD   72.500
Vonovia SE              1.6250 09/01/2051  EUR   51.326
SBB Treasury Oyj        0.750012/14/2028   EUR   63.930
Electricite de France   3.3750             EUR   72.195
Air Liquide Finance S   0.3750 9/20/2033   EUR   74.049
ING Groep NV            3.8750             USD   69.167
UniCredit SpA           3.8750             EUR   70.381
ING Groep NV            4.2500             USD   64.823
JSM Global Sarl         4.750010/20/2030   USD   74.123
Ukraine Government In   6.8760 5/21/2031   USD   20.139
Fnac Darty SA           0.2500 3/23/2027   EUR   62.840
NAK Naftogaz Ukraine    7.6250 11/08/2026  USD   21.833
Leather 2 SpA           4.5000 9/30/2028   EUR   72.650
Gazprom PJSC via Gaz    1.5400 6/30/2027   CHF   47.237
Gazprom PJSC Via Gaz    4.2500 04/06/2024  GBP   50.379
Gazprom PJSC via Gaz    3.0000 6/29/2027   USD   51.326
Altice France SA/Fran   5.1250 7/15/2029   USD   74.353
Russian Railways Via    0.8400 03/12/2026  CHF   18.652
NPC Ukrenergo           6.8750 11/09/2028  USD   19.283
Citycon Oyj             3.6250             EUR   58.229
Biocartis Group NV      4.0000 05/09/2024  EUR   57.810
Aroundtown SA           1.6250             EUR   71.108
United Kingdom Gilt     1.125010/22/2073   GBP   41.664
Russian Railways Via    0.8980 10/03/2025  CHF   25.000
InterCement Financial   5.7500 7/17/2024   USD   73.954
Korian SA               1.8750             EUR   32.885
Bank Gospodarstwa Kra   0.5000 07/08/2031  EUR   69.294
Gol Finance SA          8.0000 6/30/2026   USD   63.613
Tinkoff Bank JSC Via   11.0020             USD   32.500
Jaguar Land Rover Aut   4.5000 10/01/2027  USD   71.768
VZ Secured Financing    3.5000 1/15/2032   EUR   72.874
United Kingdom Gilt     1.5000 7/31/2053   GBP   55.718
Nordea Bank Abp         3.7500             USD   71.740
Allianz SE              3.2000             USD   71.270
Raiffeisen Bank Inter   1.3750 6/17/2033   EUR   70.625
Romanian Government I   2.0000 1/28/2032   EUR   64.413
EnfraGen Energia Sur    5.375012/30/2030   USD   69.348
Vodafone Group PLC      4.1250 06/04/2081  USD   73.098
ams-OSRAM AG            2.1250 11/03/2027  EUR   65.163
Compact Bidco BV        5.7500 05/01/2026  EUR   72.787
Romanian Government I   4.0000 2/14/2051   USD   60.995
Samhallsbyggnadsbolag   2.6250             EUR   43.896
B2W Digital Lux Sarl    4.375012/20/2030   USD   71.461
Nykredit Realkredit A   1.0000 10/01/2050  DKK   71.028
Credit Suisse Group A   0.6250 1/18/2033   EUR   61.989
CaixaBank SA            3.6250             EUR   66.994
International Consoli   3.7500 3/25/2029   EUR   70.266
Ocado Group PLC         0.7500 1/18/2027   GBP   61.925
WEPA Hygieneprodukte    2.875012/15/2027   EUR   73.282
Banco Santander SA      4.1250             EUR   72.941
Sarens Finance Co NV    5.7500 2/21/2027   EUR   67.460
Serbia International    2.0500 9/23/2036   EUR   56.811
Novolipetsk Steel Via   1.4500 06/02/2026  EUR   57.740
Piraeus Financial Hol   8.7500             EUR   73.768
Serbia International    1.0000 9/23/2028   EUR   70.587
Consus Real Estate AG   4.000011/29/2022   EUR   78.000
Gazprom PJSC via Gaz    2.9500 4/15/2025   EUR   52.835
NAK Naftogaz Ukraine    7.1250 7/19/2024   EUR   20.554
Cooperatieve Rabobank   1.0000 1/19/2034   EUR   72.690
Novatek OAO Via Novat   4.422012/13/2022   USD   61.814
Trinseo Materials Ope   5.1250 04/01/2029  USD   66.109
Eurochem Finance DAC    5.5000 3/13/2024   USD   54.000
Herens Midco Sarl       5.2500 5/15/2029   EUR   66.334
State of North Rhine-   0.9500 01/10/2121  EUR   45.100
ADLER Group SA          2.2500 1/14/2029   EUR   55.708
Gazprom PJSC Via Gaz    4.3640 3/21/2025   EUR   52.727
Lukoil Securities BV    3.8750 05/06/2030  USD   72.500
Hungary Government In   1.7500 06/05/2035  EUR   65.957
Cellnex Finance Co SA   2.0000 9/15/2032   EUR   69.205
Metinvest BV            8.5000 4/23/2026   USD   48.000
Hungary Government In   1.6250 4/28/2032   EUR   70.686
State Agency of Roads   6.2500 6/24/2030   USD   20.458
Frigoglass Finance BV   6.8750 02/12/2025  EUR   49.667
Grupo Antolin-Irausa    3.5000 4/30/2028   EUR   66.685
Casino Guichard Perra   4.0480 08/05/2026  EUR   53.670
Romanian Government I   1.3750 12/02/2029  EUR   68.867
Gazprom PJSC via Gaz    1.850011/17/2028   EUR   47.769
Heimstaden Bostad AB    2.6250             EUR   67.438
CPI Property Group SA   4.8750             EUR   67.198
TI Automotive Finance   3.7500 4/15/2029   EUR   69.968
VEON Holdings BV        3.375011/25/2027   USD   52.000
Metalloinvest Finance   3.375010/22/2028   USD   57.500
Romanian Government I   3.875010/29/2035   EUR   72.795
Zurich Finance Irelan   3.0000 4/19/2051   USD   73.687
Signa Development Fin   5.5000 7/23/2026   EUR   66.512
Castellum Helsinki Fi   0.8750 9/17/2029   EUR   66.184
Telefonica Europe BV    2.3760             EUR   73.720
Romanian Government I   1.7500 7/13/2030   EUR   67.877
Russian Foreign Bond    2.8750 12/04/2025  EUR   39.117
Altice France Holding   6.0000 2/15/2028   USD   65.977
Serbia International    2.1250 12/01/2030  USD   69.975
Simon International F   1.1250 3/19/2033   EUR   71.127
Glencore Capital Fina   1.2500 03/01/2033  EUR   68.251
Virgin Media Finance    3.7500 7/15/2030   EUR   72.386
CTP NV                  1.5000 9/27/2031   EUR   63.988
Serbia International    1.6500 03/03/2033  EUR   59.834
Ziggo Bond Co BV        3.3750 2/28/2030   EUR   70.753
TotalEnergies SE        3.2500             EUR   72.190
Bellis Finco PLC        4.0000 2/16/2027   GBP   63.039
Citycon Oyj             4.4960             EUR   73.336
Russian Railways Via    7.4870 3/25/2031   GBP   21.319
Electricite de France   1.000011/29/2033   EUR   71.461
Ukreximbank Via Biz F   9.7500 1/22/2025   USD   30.000
Republic of Belarus I   6.3780 2/24/2031   USD   23.000
Vier Gas Transport Gm   0.1250 09/10/2029  EUR   73.126
ADLER Group SA          1.8750 1/14/2026   EUR   59.175
Mallinckrodt Internat  10.0000 6/15/2029   USD   56.698
TUI AG                  5.0000 4/16/2028   EUR   72.124
Verallia SA             1.8750 11/10/2031  EUR   71.477
Teva Pharmaceutical F   1.625010/15/2028   EUR   71.513
Takko Luxembourg 2 SC   5.375011/15/2023   EUR   66.875
Vier Gas Transport Gm   0.5000 09/10/2034  EUR   61.672
Cellnex Telecom SA      1.750010/23/2030   EUR   72.662
Very Group Funding Pl   6.5000 08/01/2026  GBP   71.406
MMC Norilsk Nickel OJ   6.625010/14/2022   USD   67.922
Zalando SE              0.6250 08/06/2027  EUR   72.333
Thermo Fisher Scienti   2.000010/18/2051   EUR   68.100
Boparan Finance PLC     7.625011/30/2025   GBP   68.667
Unicaja Banco SA        4.8750             EUR   70.545
Kleopatra Holdings 2    6.5000 09/01/2026  EUR   65.735
Ideal Standard Intern   6.3750 7/30/2026   EUR   56.296
Intesa Sanpaolo SpA     1.3500 2/24/2031   EUR   70.862
National Grid Electri   0.8230 07/07/2032  EUR   73.016
Erste Group Bank AG     3.3750             EUR   73.315
GOL Equity Finance SA   3.7500 7/15/2024   USD   51.500
MVM Energetika Zrt      0.875011/18/2027   EUR   72.937
HOCHTIEF AG             0.6250 4/26/2029   EUR   72.237
Deutsche Bank AG/New    3.7420 01/07/2033  USD   68.598
Hera SpA                0.2500 12/03/2030  EUR   70.098
Prosus NV               3.0610 7/13/2031   USD   71.173
Accor SA                0.7000 12/07/2027  EUR   38.688
Russian Railways Via    3.1250             CHF    9.987
Banco Santander SA      3.225011/22/2032   USD   72.591
Anadolu Efes Biracili   3.3750 6/29/2028   USD   71.973
VGP NV                  2.2500 1/17/2030   EUR   70.824
Victoria PLC            3.7500 3/15/2028   EUR   73.547
Renault SA              1.1250 10/04/2027  EUR   74.229
Metinvest BV            5.6250 6/17/2025   EUR   47.017
MMC Norilsk Nickel OJ   3.375010/28/2024   USD   55.970
MMC Norilsk Nickel OJ   2.5500 09/11/2025  USD   55.379
EnBW Energie Baden-Wu   2.1250 8/31/2081   EUR   65.095
Pro-Gest SpA            3.250012/15/2024   EUR   71.850
Russian Railways Via    5.7000 04/05/2022  USD   20.060
Credit Suisse Group A   3.0000             CHF   71.774
International Consoli   1.5000 07/04/2027  EUR   70.128
Carnival PLC            1.000010/28/2029   EUR   52.171
Energizer Gamma Acqui   3.5000 6/30/2029   EUR   73.444
DIC Asset AG            2.2500 9/22/2026   EUR   74.450
SPP-Distribucia AS      1.0000 06/09/2031  EUR   65.076
EIG Pearl Holdings Sa   4.387011/30/2046   USD   74.068
Rothesay Life PLC       5.0000             GBP   69.337
United Kingdom Gilt     1.1250 1/31/2039   GBP   64.776
Heimstaden AB           6.7500             EUR   64.732
International Consoli   1.1250 5/18/2028   EUR   61.495
Sigma Holdco BV         7.8750 5/15/2026   USD   68.569
VGP NV                  1.5000 04/08/2029  EUR   70.744
Intesa Sanpaolo SpA     4.1980 06/01/2032  USD   70.068
Slovakia Government B   0.3750 4/21/2036   EUR   65.741
Balder Finland Oyj      1.0000 1/20/2029   EUR   70.529
Mobilux Finance SAS     4.2500 7/15/2028   EUR   69.216
Hacienda Investments    5.3500 02/08/2028  USD   10.000
Allianz SE              2.6250             EUR   69.804
SKF AB                  0.2500 2/15/2031   EUR   73.926
Ukraine Railways Via    8.2500 07/09/2024  USD   22.005
Hannover Rueck SE       1.3750 6/30/2042   EUR   72.434
Pierre Et Vacances SA   2.0000 04/01/2023  EUR   25.073
Kernel Holding SA       6.500010/17/2024   USD   42.092
Commerzbank AG          4.2500             EUR   70.545
HSE Finance Sarl        6.071010/15/2026   EUR   70.562
Metinvest BV            7.7500 4/23/2023   USD   54.500
VEON Holdings BV        4.0000 04/09/2025  USD   65.000
UniCredit SpA           4.4500             EUR   72.191
NatWest Group PLC       4.6000             USD   69.970
Corestate Capital Hol   3.5000 4/15/2023   EUR   20.833
Novolipetsk Steel Via   4.7000 5/30/2026   USD   66.000
MMK International Cap   4.3750 6/13/2024   USD   29.776
BAT International Fin   2.2500 09/09/2052  GBP   39.507
Castle UK Finco PLC     7.0000 5/15/2029   GBP   72.970
Maison Finco PLC        6.000010/31/2027   GBP   72.529
Republic of Italy Gov   4.000010/17/2049   USD   72.279
Atos SE                 2.5000 11/07/2028  EUR   66.079
Rallye SA               4.3710 2/28/2032   EUR   12.009
United Kingdom Gilt     1.7500 1/22/2049   GBP   62.718
Air Baltic Corp AS      6.7500 7/30/2024   EUR   72.629
Voltalia SA             1.0000 1/13/2025   EUR   27.589
Constellium SE          3.1250 7/15/2029   EUR   73.919
Eustream AS             1.6250 6/25/2027   EUR   67.453
FEL Energy VI Sarl      5.7500 12/01/2040  USD   73.078
Snam SpA                0.6250 6/30/2031   EUR   72.767
Metro Bank PLC          5.5000 6/26/2028   GBP   54.361
gategroup Finance Lux   3.0000 2/28/2027   CHF   70.813
Rolls-Royce PLC         1.6250 05/09/2028  EUR   73.487
Russian Foreign Bond    1.850011/20/2032   EUR   43.484
Turkey Government Int   5.2500 3/13/2030   USD   71.653
Cellnex Finance Co SA   2.0000 2/15/2033   EUR   67.905
VZ Vendor Financing I   2.8750 1/15/2029   EUR   72.756
Fuerstenberg Capital    5.6250             EUR   62.614
HSE Finance Sarl        5.625010/15/2026   EUR   68.663
NGD Holdings BV         6.750012/31/2026   USD   41.967
Republic of Belarus I   7.6250 6/29/2027   USD   22.887
BCP V Modular Service   6.750011/30/2029   EUR   72.336
MorphoSys AG            0.625010/16/2025   EUR   66.039
Hellenic Bank PCL      10.0000             EUR   55.070
Stellantis NV           1.2500 6/20/2033   EUR   69.003
VTB Bank OJSC Via VTB   6.950010/17/2022   USD    5.894
John Lewis PLC          4.250012/18/2034   GBP   63.849
Phosagro OAO Via Phos   3.9490 4/24/2023   USD   60.589
Gazprom PJSC Via Gaz    4.9500 02/06/2028  USD   49.000
United Kingdom Gilt     1.7500 7/22/2057   GBP   59.368
Banco de Sabadell SA    5.0000             EUR   73.467
Allianz SE              2.6000             EUR   67.090
Heimstaden Bostad AB    3.3750             EUR   71.329
Enel Finance Internat   0.8750 6/17/2036   EUR   60.485
IWG International Hol   0.5000 12/09/2027  GBP   66.738
Odea Bank AS            8.6060 08/01/2027  USD   68.081
VEON Holdings BV        4.9500 6/16/2024   USD   72.500
Hungary Government In   1.500011/17/2050   EUR   50.140
Zorlu Yenilenebilir E   9.0000 06/01/2026  USD   73.190
Tinkoff Bank JSC Via    6.0000             USD   33.000
Hungary Government Bo   3.250010/22/2031   HUF   64.275
Cooperatieve Rabobank   3.1000             EUR   70.990
Banco Santander SA      1.0000 11/04/2031  EUR   74.289
Russian Foreign Bond    2.6500 5/27/2036   EUR   40.561
Intesa Sanpaolo SpA     4.9500 06/01/2042  USD   62.491
Severstal OAO Via Ste   3.1500 9/16/2024   USD   10.710
EDP - Energias de Por   1.8750 3/14/2082   EUR   70.241
Wirecard AG             0.5000 09/11/2024  EUR   12.000
Hungary Government Bo   2.2500 4/20/2033   HUF   54.715
Phosagro OAO Via Phos   3.0500 1/23/2025   USD   56.500
Telefonaktiebolaget L   1.0000 5/26/2029   EUR   72.981
Credit Agricole Assur   1.5000 10/06/2031  EUR   73.015
BMW Finance NV          0.2000 01/11/2033  EUR   71.171
MMC Norilsk Nickel OJ   4.1000 04/11/2023  USD   58.000
Phosagro OAO Via Phos   2.6000 9/16/2028   USD   52.182
GTLK Europe Capital D   4.8000 2/26/2028   USD   23.909
United Kingdom Gilt     1.625010/22/2054   GBP   57.617
GTLK Europe Capital D   4.3490 2/27/2029   USD   20.639
Orange SA               1.3750 09/04/2049  EUR   69.797
Evraz PLC               5.3750 3/20/2023   USD   50.000
Just Group PLC          5.0000             GBP   65.782
Italy Buoni Poliennal   1.4500 03/01/2036  EUR   71.872
NET4GAS sro             3.5000 7/28/2026   EUR   60.069
Banque Federative du    1.125011/19/2031   EUR   71.101
La Poste SA             0.6250 1/18/2036   EUR   66.615
Enel SpA                1.8750             EUR   67.372
Vnesheconombank Via V   5.942011/21/2023   USD    5.360
Republic of Italy Gov   3.8750 05/06/2051  USD   68.870
TotalEnergies SE        2.1250             EUR   71.235
Atento Luxco 1 SA       8.0000 02/10/2026  USD   50.357
Delivery Hero SE        1.0000 4/30/2026   EUR   71.697
Mutuelle Assurance De   3.5000             EUR   69.645
HOCHTIEF AG             1.2500 09/03/2031  EUR   66.761
Nykredit Realkredit A   1.0000 10/01/2053  DKK   70.195
Nostrum Oil & Gas Fin   7.0000 2/16/2025   USD   24.333
Eurotorg LLC Via Boni   9.000010/22/2025   USD   48.000
Romanian Government I   4.1250 03/11/2039  EUR   69.338
Sberbank of Russia Vi   5.125010/29/2022   USD    9.040
Metinvest BV            7.750010/17/2029   USD   46.250
AerCap Ireland Capita   3.850010/29/2041   USD   68.909
Sibur Securities DAC    3.4500 9/23/2024   USD   33.799
Romanian Government I   2.7500 4/14/2041   EUR   54.233
National Grid Electri   0.872011/26/2040   EUR   56.990
Andrade Gutierrez Int   9.500012/30/2024   USD   57.000
Arrival SA              3.5000 12/01/2026  USD   33.000
Aroundtown SA           3.3750             EUR   74.008
Prosus NV               2.7780 1/19/2034   EUR   70.032
BICO Group AB           2.8750 3/19/2026   SEK   56.860
ADLER Group SA          1.5000 7/26/2024   EUR   66.775
Vnesheconombank Via V   6.800011/22/2025   USD    5.180
AerCap Ireland Capita   3.400010/29/2033   USD   73.881
GTLK Europe Capital D   4.6500 03/10/2027  USD   25.000
Metinvest BV            7.6500 10/01/2027  USD   47.507
Barclays PLC            1.1060 05/12/2032  EUR   72.929
Heimstaden Bostad AB    3.6250             EUR   68.998
UBS Group AG            0.6250 2/24/2033   EUR   70.490
Societe Generale SA     3.6250 03/01/2041  USD   63.344
UNEDIC ASSEO            0.2500 7/16/2035   EUR   71.065
HOCHDORF Holding AG     2.5000             CHF   35.501
Wintershall Dea Finan   3.0000             EUR   73.658
Global Ports Finance    6.5000 9/22/2023   USD   15.539
Delivery Hero SE        1.5000 1/15/2028   EUR   64.813
Hungary Government Bo   3.000010/27/2038   HUF   50.725
VTR Finance NV          6.3750 7/15/2028   USD   57.789
Ekosem-Agrar AG         2.5000 7/31/2029   EUR   22.735
Rothschild & Co Conti   1.7000             EUR   66.868
GTLK Europe Capital D   5.9500 4/17/2025   USD   26.634
UniCredit SpA           0.8500 1/19/2031   EUR   69.821
Union Fenosa Preferen   1.4390             EUR   67.920
Credit Suisse Group A   3.0910 5/14/2032   USD   73.411
CPI Property Group SA   1.7500 1/14/2030   EUR   70.616
CPI Property Group SA   4.8750             EUR   69.043
Jaguar Land Rover Aut   5.5000 7/15/2029   USD   67.867
Sibur Securities DAC    2.9500 07/08/2025  USD   35.334
Sweden Government Bon   1.3750 6/23/2071   SEK   67.173
Medtronic Global Hold   1.625010/15/2050   EUR   64.810
Haya Holdco 2 PLC       9.542011/30/2025   EUR   63.420
A2A SpA                 0.6250 7/15/2031   EUR   69.703
BNP Paribas SA          0.6250 12/03/2032  EUR   68.776
Balder Finland Oyj      2.0000 1/18/2031   EUR   69.930
Russian Foreign Bond    1.125011/20/2027   EUR   43.496
RWE AG                  1.000011/26/2033   EUR   70.547
Hellenic Republic Gov   0.7500 6/18/2031   EUR   73.398
Vonovia SE              1.5000 6/14/2041   EUR   57.899
ALROSA Finance SA       3.1000 6/25/2027   USD   10.000
Cardea Europe AG        7.2500 12/08/2023  EUR   52.421
Berkeley Group PLC/Th   2.5000 08/11/2031  GBP   64.699
Credit Bank of Moscow   3.8750 9/21/2026   USD   20.256
Autostrade per l'Ital   2.2500 1/25/2032   EUR   74.196
Mithra Pharmaceutical   4.250012/17/2025   EUR   67.856
Orange SA               0.625012/16/2033   EUR   73.154
United Group BV         5.2500 02/01/2030  EUR   73.175
Deutsche Bank AG/New    3.7290 1/14/2032   USD   70.545
ABN AMRO Bank NV        1.2500 1/20/2034   EUR   72.298
Dana Financing Luxemb   3.0000 7/15/2029   EUR   74.228
Polyus Finance PLC      3.250010/14/2028   USD   44.500
BAT International Fin   2.0000 3/13/2045   EUR   52.726
Yandex NV               0.7500 9/13/2022   USD   69.393
Shell International F   3.000011/26/2051   USD   70.006
Investor AB             0.375010/29/2035   EUR   65.510
BNP Paribas SA          1.6250 07/02/2031  EUR   74.043
Corestate Capital Hol   1.375011/28/2022   EUR   20.982
Bank Gospodarstwa Kra   2.1250 06/05/2030  PLN   70.797
ADLER Group SA          2.2500 4/27/2027   EUR   57.100
UniCredit SpA           3.1270 06/03/2032  USD   73.250
Essity AB               0.2500 02/08/2031  EUR   73.807
Croatia Government In   1.7500 03/04/2041  EUR   70.859
AI Candelaria Spain S   5.7500 6/15/2033   USD   72.128
Tikehau Capital SCA     1.6250 3/31/2029   EUR   73.873
Russian Railways Via    4.3750 03/01/2024  USD   21.874
Muenchener Rueckversi   1.2500 5/26/2041   EUR   73.453
UPM-Kymmene Oyj         0.5000 3/22/2031   EUR   72.623
HSBC Bank PLC           3.1269             USD   74.780
Borets Finance DAC      6.0000 9/17/2026   USD   33.318
Ageasfinlux SA          1.6190             EUR   74.321
Enel Finance Internat   0.8750 9/28/2034   EUR   64.307
Idorsia Ltd             2.1250 08/04/2028  CHF   69.594
Realkredit Danmark A/   1.0000 10/01/2050  DKK   71.031
Deutsche Bahn Finance   0.6250 4/15/2036   EUR   69.576
Paragon GmbH & Co KGa   4.0000 4/23/2023   CHF   55.000
Ekosem-Agrar AG         8.5000 12/07/2022  EUR   12.803
AXA SA                  1.8750 07/10/2042  EUR   73.918
Lloyds Banking Group    2.7070 12/03/2035  GBP   70.600
Czech Republic Govern   1.5000 4/24/2040   CZK   59.523
Sweden Government Bon   0.500011/24/2045   SEK   73.805
ADLER Group SA          2.750011/13/2026   EUR   58.155
adidas AG               0.6250 09/10/2035  EUR   70.020
Mallinckrodt Internat  10.0000 4/15/2025   USD   64.063
EnBW Energie Baden-Wu   1.3750 8/31/2081   EUR   71.211
Orsted AS               2.5000 2/18/3021   GBP   68.411
Medtronic Global Hold   1.7500 07/02/2049  EUR   68.483
Slovenia Government B   0.6875 03/03/2081  EUR   36.136
HSBC Bank PLC           1.7500             USD   74.381
Becton Dickinson Euro   1.3360 8/13/2041   EUR   63.150
Jaguar Land Rover Aut   5.5000 7/15/2029   USD   67.862
NE Property BV          2.0000 1/20/2030   EUR   71.279
Belfius Bank SA         3.6250             EUR   73.817
Korian SA               2.250010/15/2028   EUR   74.555
ACEA SpA                0.2500 7/28/2030   EUR   73.238
Altice France SA/Fran   5.1250 1/15/2029   USD   73.515
Intesa Sanpaolo SpA     4.7000 9/23/2049   USD   73.764
ADLER Group SA          2.000011/23/2023   EUR   67.737
Republic of Austria G   1.5000 11/02/2086  EUR   67.442
Just Eat Takeaway.com   0.6250 02/09/2028  EUR   63.997
TP ICAP Finance PLC     2.625011/18/2028   GBP   70.853
Fresenius SE & Co KGa   1.1250 1/28/2033   EUR   71.252
Medtronic Global Hold   1.375010/15/2040   EUR   69.679
University of Oxford    2.5440 12/08/2117  GBP   51.912
Muenchener Rueckversi   1.0000 5/26/2042   EUR   69.123
Russian Railways Via    1.1950 04/03/2028  CHF   19.578
Moby SpA                7.7500 2/15/2023   EUR   66.546
JAB Holdings BV         4.5000 04/08/2052  USD   68.815
Deutsche Bahn Finance   1.1250 5/29/2051   EUR   60.838
Ilija Batljan Invest    8.3500             SEK   49.000
Electricite de France   4.5000 12/04/2069  USD   75.149
Alfa Bank AO Via Alfa   5.9500 4/15/2030   USD    7.584
Intesa Sanpaolo SpA     2.6250 03/11/2036  GBP   60.334
Ozon Holdings PLC       1.8750 2/24/2026   USD   37.000
Nykredit Realkredit A   1.5000 10/01/2053  DKK   71.020
Siemens Financierings   0.5000 09/05/2034  EUR   71.039
Imerys SA               1.0000 7/15/2031   EUR   65.051
Engie SA                1.000010/26/2036   EUR   64.062
Vonovia SE              0.7500 09/01/2032  EUR   67.628
Verbund AG              0.9000 04/01/2041  EUR   65.162
Czech Gas Networks In   0.4500 09/08/2029  EUR   64.939
AXA SA                  1.3750 10/07/2041  EUR   73.068
Nykredit Realkredit A   1.5000 10/01/2053  DKK   74.820
Infrastrutture Wirele   1.7500 4/19/2031   EUR   74.177
ADLER Group SA          3.2500 08/05/2025  EUR   61.060
Hellenic Republic Gov   1.8750 02/04/2035  EUR   73.998
Julius Baer Group Ltd   3.6250             USD   70.629
alstria office REIT-A   1.500011/15/2027   EUR   73.870
Hungary Government Bo   4.5000 5/27/2032   HUF   70.051
Deutsche Telekom AG     1.7500 12/09/2049  EUR   68.267
ABH Financial Ltd Via   2.8750 11/09/2022  CHF #N/A N/A
SCF Capital Designate   3.8500 4/26/2028   USD   19.797
CPI Property Group SA   3.7500             EUR   60.922
EnBW International Fi   0.5000 03/01/2033  EUR   66.617
Enel Finance Internat   2.2500 07/12/2031  USD   72.149
Sanctuary Capital PLC   2.3750 4/14/2050   GBP   55.860
Wuestenrot & Wuerttem   2.1250 09/10/2041  EUR   68.922
ALROSA Finance SA       4.6500 04/09/2024  USD   11.595
Virgin Media Finance    5.0000 7/15/2030   USD   73.936
Slovakia Government B   1.000010/13/2051   EUR   56.908
Foodco Bondco SA        6.2500 5/15/2026   EUR   72.624
ABN AMRO Bank NV        3.3240 3/13/2037   USD   73.831
Hungary Government Bo   1.5000 8/26/2026   HUF   70.278
Deutsche Bank AG/New    3.0350 5/28/2032   USD   74.092
Heimstaden Bostad AB    3.0000             EUR   65.037
Electricite de France   2.0000 12/09/2049  EUR   60.190
Maisons du Monde SA     0.1250 12/06/2023  EUR   46.285
Kojamo Oyj              0.8750 5/28/2029   EUR   71.235
Delivery Hero SE        2.1250 03/10/2029  EUR   61.793
Econocom Group SA/NV    0.5000 03/06/2023  EUR    7.905
Credit Bank of Moscow   5.1500 2/20/2024   EUR   20.534
EnBW International Fi   0.250010/19/2030   EUR   72.291
VTB Bank PJSC Via VTB   9.5000             USD    6.598
Digital Intrepid Hold   1.3750 7/18/2032   EUR   70.236
Russian Foreign Bond    4.8750 9/16/2023   USD   67.309
Nexity SA               0.2500 03/02/2025  EUR   58.019
GTLK Europe Capital D   4.9490 2/18/2026   USD   28.392
Traton Finance Luxemb   1.2500 3/24/2033   EUR   70.019
UniCredit SpA           1.6250 1/18/2032   EUR   72.416
BASF SE                 1.625011/15/2037   EUR   73.073
BPCE SA                 0.2500 1/14/2031   EUR   74.019
Hera SpA                1.0000 4/25/2034   EUR   65.526
Republic of Poland Go   2.0000 03/08/2049  EUR   72.746
Altice France Holding   4.0000 2/15/2028   EUR   65.619
Iberdrola Internation   1.8250             EUR   74.605
NatWest Group PLC       4.5000             GBP   72.580
Medtronic Global Hold   1.5000 07/02/2039  EUR   72.686
Sberbank of Russia Vi   5.2500 5/23/2023   USD   11.187
Enel Finance Internat   1.2500 1/17/2035   EUR   66.651
Denmark Government Bo   0.250011/15/2052   DKK   56.449
Romanian Government I   3.5000 04/03/2034  EUR   71.022
State of North Rhine-   1.4500 1/19/2122   EUR   59.922
Fresnillo PLC           4.2500 10/02/2050  USD   71.325
MMC Norilsk Nickel OJ   2.800010/27/2026   USD   55.000
Rallye SA               4.0000 2/28/2032   EUR   11.849
Thermo Fisher Scienti   1.625010/18/2041   EUR   69.579
Republic of Poland Go   4.0000 4/25/2047   PLN   68.816
United Group BV         3.6250 2/15/2028   EUR   73.243
Evraz PLC               5.2500 04/02/2024  USD   47.936
Wellcome Trust Ltd/Th   1.5000 7/14/2071   GBP   40.545
GTLK Europe DAC         5.1250 5/31/2024   USD   29.220
Smurfit Kappa Treasur   1.0000 9/22/2033   EUR   69.863
Czech Gas Networks In   0.8750 3/31/2031   EUR   60.338
Czech Republic Govern   1.2000 3/13/2031   CZK   73.987
Jaguar Land Rover Aut   4.5000 10/01/2027  USD   72.401
Banque Federative du    0.6250 2/21/2031   EUR   74.500
La Poste SA             1.0000 9/17/2034   EUR   73.933
E.ON SE                 0.6000 10/01/2032  EUR   71.870
Ziggo Bond Co BV        5.1250 2/28/2030   USD   74.242
Prosus NV               1.2880 7/13/2029   EUR   71.728
FIGEAC-AERO             1.750010/18/2028   EUR   21.912
BP Capital Markets BV   1.4670 9/21/2041   EUR   64.770
Novolipetsk Steel Via   4.0000 9/21/2024   USD   60.712
DH Europe Finance II    1.3500 9/18/2039   EUR   69.648
Russian Federal Bond    6.1000 7/18/2035   RUB   72.704
Logicor Financing Sar   2.0000 1/17/2034   EUR   68.057
Saxa Gres Spa           7.0000 08/04/2026  EUR   27.731
Heimstaden Bostad Tre   0.7500 09/06/2029  EUR   70.189
Prosus NV               4.9870 1/19/2052   USD   67.264
Prosus NV               3.8320 02/08/2051  USD   57.478
Desenio Group AB        7.056012/16/2024   SEK   53.000
Andorra International   1.700010/13/2041   EUR   72.428
Annington Funding PLC   3.9350 07/12/2047  GBP   68.572
Deutsche Bahn Finance   0.6250 12/08/2050  EUR   52.240
Snam SpA                1.2500 6/20/2034   EUR   69.891
Credit Suisse Group A   0.6500 09/10/2029  EUR   72.260
Aedifica SA             0.7500 09/09/2031  EUR   67.235
Fastighets AB Balder    1.2500 1/28/2028   EUR   73.833
EQT AB                  0.8750 5/14/2031   EUR   69.933
Nykredit Realkredit A   1.0000 10/01/2053  DKK   65.520
ERG SpA                 0.8750 9/15/2031   EUR   72.964
Polyus Finance PLC      5.2500 02/07/2023  USD   48.029
Heimstaden Bostad Tre   1.625010/13/2031   EUR   68.749
Prosus NV               1.9850 7/13/2033   EUR   63.215
Bank Gospodarstwa Kra   2.375011/27/2040   PLN   50.654
Republic of Austria G   0.250010/20/2036   EUR   71.277
National Grid PLC       0.7500 09/01/2033  EUR   68.147
Hungary Government Bo   1.5000 4/22/2026   HUF   71.975
Proximus SADP           0.750011/17/2036   EUR   68.217
Aggregate Holdings SA   5.5000 5/17/2024   EUR   37.205
Utmost Group PLC        6.1250             GBP   71.766
Saderea DAC            12.500011/30/2026   USD   73.048
Eni SpA                 2.7500             EUR   73.326
Royalty Pharma PLC      3.5500 09/02/2050  USD   65.916
Altarea SCA             1.7500 1/16/2030   EUR   64.758
BNP Paribas SA          1.2500 7/13/2031   GBP   67.013
Hacienda Investments    5.0750 2/15/2023   USD   12.054
Lithuania Government    0.5000 7/28/2050   EUR   49.399
Unibail-Rodamco-Westf   2.2500 5/14/2038   EUR   65.219
Allianz Finance II BV   0.500011/22/2033   EUR   73.201
Novafives SAS           5.5000 6/15/2025   EUR   68.095
Terragon AG             6.5000 5/24/2024   EUR    5.000
Vodafone Group PLC      3.0000 08/12/2056  GBP   56.447
JAB Holdings BV         2.250012/19/2039   EUR   63.506
Groupe Bruxelles Lamb   0.1250 1/28/2031   EUR   73.918
Offentliga Hus I Nord   7.7010             SEK   62.539
Orpea SA                2.200012/15/2024   EUR   65.000
Becton Dickinson Euro   1.2130 02/12/2036  EUR   69.762
Prosus NV               2.0850 1/19/2030   EUR   73.312
Societe Generale SA     3.6250 03/01/2041  USD   63.559
Anheuser-Busch InBev    2.8500 5/25/2037   GBP   71.741
CPI Property Group SA   1.5000 1/27/2031   EUR   66.328
Terna - Rete Elettric   0.7500 7/24/2032   EUR   72.592
Lar Espana Real Estat   1.8430 11/03/2028  EUR   74.116
A2A SpA                 1.0000 11/02/2033  EUR   65.635
Lukoil Capital DAC      3.600010/26/2031   USD   72.500
Credit Bank of Moscow   3.1000 1/21/2026   EUR   20.078
Hungary Government Bo   2.2500 6/22/2034   HUF   52.141
E.ON SE                 0.875010/18/2034   EUR   69.847
Cooperatieve Rabobank   1.0000 1/19/2034   EUR   72.935
Eurogrid GmbH           0.7410 4/21/2033   EUR   73.279
Enel Finance Internat   2.8750 07/12/2041  USD   60.394
BAT International Fin   4.000011/23/2055   GBP   52.128
STERIS Irish FinCo Un   3.7500 3/15/2051   USD   71.589
Aeroporti di Roma SpA   1.7500 7/30/2031   EUR   72.291
Cofinimmo SA            0.8750 12/02/2030  EUR   73.567
Assicurazioni General   1.7130 6/30/2032   EUR   69.622
Imperial Brands Finan   1.7500 3/18/2033   EUR   68.469
Prosus NV               2.0310 08/03/2032  EUR   65.927
Engie SA                1.8750             EUR   70.476
GOL Equity Finance SA   3.7500 7/15/2024   USD   52.250
Republic of Poland Go   2.000010/25/2046   EUR   72.680
Koninklijke KPN NV      0.875011/15/2033   EUR   71.615
Vnesheconombank Via V   6.0250 07/05/2022  USD    5.212
Vonovia SE              1.0000 6/16/2033   EUR   66.443
Prosus NV               4.0270 08/03/2050  USD   58.850
Credit Agricole SA      0.8750 1/14/2032   EUR   74.200
BPCE SA                 2.125010/13/2046   EUR   68.876
Landesbank Baden-Wuer   0.3750 2/21/2031   EUR   71.982
Hungary Government Bo   2.750012/22/2026   HUF   73.315
DSV Finance BV          0.8750 9/17/2036   EUR   65.093
Mobile Telesystems OJ   5.0000 5/30/2023   USD   25.217
Deutsche Bahn Finance   0.8750 6/23/2039   EUR   66.072
Ukraine Government Bo   9.7900 5/26/2027   UAH   55.424
Nestle Finance Intern   0.8750 6/14/2041   EUR   67.906
Intu Debenture PLC      5.562012/31/2027   GBP   45.000
UniCredit SpA           3.1270 06/03/2032  USD   72.408
PB International BV     7.625012/31/2025   USD   44.700
TenneT Holding BV       0.8750 6/16/2035   EUR   71.527
Finland Government Bo   0.5000 4/15/2043   EUR   66.034
Sovcombank Via SovCom   7.6000             USD    4.342
Novolipetsk Steel Via   4.5000 6/15/2023   USD   55.000
Wellcome Trust Ltd/Th   2.5170 02/07/2118  GBP   51.577
PREOS Global Office R   7.5000 12/09/2024  EUR   59.700
Cooperatieve Rabobank   0.6250 2/25/2033   EUR   71.655
Sibur Securities DAC    4.1250 10/05/2023  USD   34.094
Credit Bank of Moscow   7.5000 10/05/2027  USD    9.414
Scandinavian Airlines   0.6250             CHF   13.883
Aviva PLC               4.0000 06/03/2055  GBP   71.284
ABN AMRO Bank NV        1.0000 06/02/2033  EUR   72.874
PIK Securities DAC      5.625011/19/2026   USD    8.999
Koninklijke Luchtvaar   0.7500             CHF   19.050
SAS AB                  4.8640             SEK   25.667
Erste Group Bank AG     0.2500 1/27/2031   EUR   72.604
Ukraine Railways Via    7.8750 7/15/2026   USD   21.602
Snam SpA                1.0000 09/12/2034  EUR   66.287
PJSC Koks via IMH Cap   5.9000 9/23/2025   USD    7.543
Koninklijke KPN NV      0.875012/14/2032   EUR   74.016
Intelsat Jackson Hold   9.7500 7/15/2025   USD    0.501
Balder Finland Oyj      1.3750 5/24/2030   EUR   67.804
Vonovia SE              0.6250 3/24/2031   EUR   71.548
BUPA Finance PLC        4.0000             GBP   64.469
Czech Republic Govern   0.050011/29/2029   CZK   70.321
Sovcombank Via SovCom   7.7500             USD    3.402
RTE Reseau de Transpo   0.7500 01/12/2034  EUR   72.667
Suek Securities DAC     3.3750 9/15/2026   USD   13.244
State of North Rhine-   1.3750 1/15/2120   EUR   56.220
Rusal Capital DAC       4.8500 02/01/2023  USD   40.000
Groupe des Assurances   1.8500 4/21/2042   EUR   73.048
Travelex Financing PL   8.0000 5/15/2022   EUR    0.238
Allianz SE              3.2000             USD   76.751
Realkredit Danmark A/   1.0000 10/01/2050  DKK   66.712
Orange SA               0.7500 6/29/2034   EUR   73.181
Fresenius Finance Ire   0.8750 10/01/2031  EUR   73.714
UNEDIC ASSEO            0.5000 5/25/2036   EUR   72.025
Royalty Pharma PLC      3.3500 09/02/2051  USD   63.648
Societe Generale SA     4.0270 1/21/2043   USD   65.435
Credit Bank of Moscow   4.7000 1/29/2025   USD   25.598
Credit Bank of Moscow   5.5500 2/14/2023   USD   21.239
Hexagon Housing Assoc   3.6250 4/22/2048   GBP   71.740
Intesa Sanpaolo Vita    2.375012/22/2030   EUR   71.591
Cellnex Finance Co SA   3.8750 07/07/2041  USD   66.778
Credit Suisse Group A   2.125011/15/2029   GBP   72.687
BNP Paribas SA          2.0000 9/13/2036   GBP   61.093
Jyske Realkredit A/S    1.0000 10/01/2050  DKK   71.137
Akelius Residential P   0.7500 2/22/2030   EUR   72.860
Linde PLC               1.0000 9/30/2051   EUR   54.486
Intelsat Jackson Hold   5.5000 08/01/2023  USD    0.501
Mallinckrodt Internat  10.0000 6/15/2029   USD   58.000
AstraZeneca PLC         3.0000 5/28/2051   USD   72.535
TotalEnergies Capital   3.1270 5/29/2050   USD   70.790
UNIQA Insurance Group   2.3750 12/09/2041  EUR   70.852
BAE Systems PLC         3.0000 9/15/2050   USD   66.563
Lloyds Banking Group    3.369012/14/2046   USD   65.896
ICADE                   0.6250 1/18/2031   EUR   72.819
EXOR NV                 1.750010/14/2034   EUR   71.872
Nykredit Realkredit A   1.5000 10/01/2050  DKK   73.253
Kuntarahoitus Oyj       0.0500 09/10/2035  EUR   70.085
Enel Finance Internat   1.125010/17/2034   EUR   67.658
La Banque Postale SA    0.7500 6/23/2031   EUR   73.601
Engie SA                1.3750 6/21/2039   EUR   63.997
Koninklijke DSM NV      0.6250 6/23/2032   EUR   74.048
UBS Group AG            3.1790 02/11/2043  USD   70.030
DXC Capital Funding D   0.9500 9/15/2031   EUR   73.520
Upjohn Finance BV       1.9080 6/23/2032   EUR   71.828
Terna - Rete Elettric   0.3750 9/25/2030   EUR   74.542
Shell International F   1.7500 09/10/2052  GBP   45.041
Vonovia Finance BV      1.0000 1/28/2041   EUR   52.392
Region Wallonne Belgi   0.5000 6/22/2037   EUR   68.937
Barclays PLC            3.8110 03/10/2042  USD   68.215
AstraZeneca PLC         2.1250 08/06/2050  USD   61.009
Barclays PLC            3.3820 5/20/2032   AUD   74.990
Nestle Finance Intern   0.3750 12/03/2040  EUR   61.720
Nostrum Oil & Gas Fin   8.0000 7/25/2022   USD   26.405
Bayer AG                0.6250 07/12/2031  EUR   73.620
Eurofins Scientific S   0.8750 5/19/2031   EUR   72.968
Flughafen Zurich AG     0.2000 2/26/2035   CHF   72.195
Ukraine Government In   7.2530 3/15/2035   USD   19.300
Russian Foreign Bond    5.2500 6/23/2047   USD   48.753
Motability Operations   2.1250 1/18/2042   GBP   63.172
Samhallsbyggnadsbolag   2.8740 1/30/2027   SEK   74.228
Gol Finance SA          8.0000 6/30/2026   USD   63.866
BNP Paribas SA          2.8240 1/26/2041   USD   63.704
Talanx AG               1.7500 12/01/2042  EUR   73.642
Gazprom PJSC via Gaz    4.5985             USD   33.000
Societe Generale SA     4.0270 1/21/2043   USD   65.905
Samhallsbyggnadsbolag   4.8410             SEK   60.839
Credit Suisse Group A   3.0910 5/14/2032   USD   73.343
Intelsat Jackson Hold   8.500010/15/2024   USD    0.501
JT International Fina   3.3000 9/14/2051   USD   61.611
Credit Bank of Moscow   8.8750             USD   12.273
Idavang A/S             7.5710 11/11/2025  EUR   67.500
Credit Agricole SA      4.7500             USD   75.578
Stichting Afwikkeling   6.250010/26/2020   EUR   45.353
Nordea Kredit Realkre   1.0000 10/01/2050  DKK   71.157
Logicor Financing Sar   0.8750 1/14/2031   EUR   68.990
Genfit                  3.500010/16/2025   EUR   25.786
Nykredit Realkredit A   0.5000 10/01/2053  DKK   65.145
JAB Holdings BV         1.0000 7/14/2031   EUR   71.221
Euronext NV             1.5000 5/17/2041   EUR   62.637
Prosus NV               3.0610 7/13/2031   USD   71.104
BP Capital Markets PL   1.104011/15/2034   EUR   71.894
CTP NV                  1.2500 6/21/2029   EUR   71.303
Platform HG Financing   1.6250 08/10/2055  GBP   43.577
Royalty Pharma PLC      3.3000 09/02/2040  USD   70.795
Senvion Holding GmbH    3.875010/25/2022   EUR    1.204
Aeroports de Paris      1.1250 6/18/2034   EUR   70.988
LEG Immobilien SE       1.5000 1/17/2034   EUR   68.642
Officine Maccaferri-S   5.7500 06/01/2021  EUR   17.437
Telefonica Emisiones    1.8640 7/13/2040   EUR   70.264
Metalloinvest Finance   3.375010/22/2028   USD   56.000
European Financial St   0.7000 1/17/2053   EUR   61.323
Ukreximbank Via Biz F  10.4256 02/09/2023  USD   30.752
DH Europe Finance II    1.8000 9/18/2049   EUR   66.244
Electricite de France   1.875010/13/2036   EUR   73.770
Aeroports de Paris      2.1250 10/11/2038  EUR   74.550
Russian Foreign Bond    5.6250 04/04/2042  USD   59.347
Anchor Hanover Group    2.0000 7/21/2051   GBP   50.483
RL Finance Bonds NO 4   4.8750 10/07/2049  GBP   70.660
Global Fashion Group    1.2500 3/15/2028   EUR   69.766
SCF Capital Designate   5.3750 6/16/2023   USD   20.000
Clarion Funding PLC     3.1250 4/19/2048   GBP   66.766
Sagax Euro Mtn NL BV    0.7500 1/26/2028   EUR   73.649
BNG Bank NV             0.250011/22/2036   EUR   69.603
Ukraine Government Bo  14.9100 10/12/2022  UAH   58.875
Holcim Finance Luxemb   0.5000 4/23/2031   EUR   72.260
Ukraine Government In   7.7500 09/01/2027  USD   21.803
Cooperatieve Rabobank   1.0000 1/19/2034   EUR   72.936
BNP Paribas SA          1.5747             USD   69.997
Karlou BV               7.7500 6/18/2024   USD   14.929
Rickmers Holding AG     8.8750 06/11/2018  EUR    1.670
ABN AMRO Bank NV        3.3240 3/13/2037   USD   73.860
Southern Gas Networks   1.2500 12/02/2031  GBP   68.539
Audax Renovables SA     2.750011/30/2025   EUR   72.835
BPCE SA                 2.2770 1/20/2032   USD   74.078
Rallye SA               3.2500 2/28/2032   CHF   12.157
Direct Line Insurance   4.7500             GBP   70.304
Optivo Finance PLC      3.2830 3/22/2048   GBP   69.413
Shell International F   2.875011/26/2041   USD   72.907
Intermediate Capital    2.5000 1/28/2030   EUR   73.761
Sovereign Housing Cap   2.3750 11/04/2048  GBP   58.161
Cadent Finance PLC      2.7500 9/22/2046   GBP   56.944
de Volksbank NV         0.3750 9/16/2041   EUR   64.557
BUPA Finance PLC        4.1250 6/14/2035   GBP   72.460
Ville de Paris          0.750011/30/2041   EUR   66.234
Vodafone Group PLC      3.3750 08/08/2049  GBP   64.258
EA Partners I BV        6.8750 9/28/2020   USD    0.500
Zurich Finance Irelan   1.6250 6/17/2039   EUR   72.555
Segro PLC               2.8750 10/11/2037  GBP   72.188
Siemens Financierings   2.8750 03/11/2041  USD   74.310
Unibail-Rodamco-Westf   1.3750 12/04/2031  EUR   71.811
Ireland Government Bo   0.5500 4/22/2041   EUR   67.960
Barclays PLC            3.330011/24/2042   USD   68.263
Merlin Properties Soc   1.8750 12/04/2034  EUR   70.625
Russian Agricultural    8.500010/16/2023   USD   13.519
Credit Mutuel Arkea S   0.8750 03/11/2033  EUR   71.244
Polyus Finance PLC      4.7000 1/29/2024   USD   48.164
Credit Bank of Moscow   7.6250             USD   15.483
Royal Schiphol Group    0.7500 4/22/2033   EUR   73.258
EIG Pearl Holdings Sa   4.387011/30/2046   USD   74.298
Ukreximbank Via Biz F   9.950011/14/2029   USD   37.000
Credit Mutuel Arkea S   0.875010/25/2031   EUR   74.389
Adecco International    0.5000 9/21/2031   EUR   73.706
Perrigo Finance Unlim   4.900012/15/2044   USD   68.917
Sovcombank Via SovCom   3.4000 1/26/2025   USD    5.279
EWE AG                  0.375010/22/2032   EUR   66.961
Nordea Kredit Realkre   1.0000 10/01/2050  DKK   66.815
Air Berlin PLC          8.2500 4/19/2018   EUR    0.450
Pension Insurance Cor   3.625010/21/2032   GBP   69.393
Debenhams PLC           5.2500 7/15/2021   GBP    0.329
Nykredit Realkredit A   0.5000 10/01/2050  DKK   67.062
Thomas Cook Finance 2   3.8750 7/15/2023   EUR    1.285
Tritax Big Box REIT P   1.500011/27/2033   GBP   64.566
Cie Generale des Etab   0.2500 11/02/2032  EUR   72.316
Ukraine Government In   7.7500 09/01/2024  USD   27.667
Deutsche Telekom AG     3.6250 1/21/2050   USD   73.405
Sovcombank Via SovCom   8.0000 04/07/2030  USD    4.073
JDE Peet's NV           1.1250 6/16/2033   EUR   68.235
BNP Paribas SA          4.6250             USD   72.313
Wendel SE               1.3750 1/18/2034   EUR   65.264
Kreditanstalt fuer Wi   0.3750 5/20/2036   EUR   73.681
Offshore Drilling Hol   8.3750 9/20/2020   USD    3.858
Russian Foreign Bond    5.8750 9/16/2043   USD   58.065
Ukraine Government Bo  10.9500 11/01/2023  UAH   67.083
BNP Paribas SA          2.8240 1/26/2041   USD   63.998
Nexity SA               0.8750 4/19/2028   EUR   42.983
Guinness Partnership    2.0000 4/22/2055   GBP   49.381
Credit Agricole SA      2.8110 01/11/2041  USD   64.141
Bank Gospodarstwa Kra   2.2500 7/21/2033   PLN   63.019
Engie SA                2.0000 9/28/2037   EUR   72.364
EnfraGen Energia Sur    5.375012/30/2030   USD   68.749
UBS Group AG            4.3750             USD   71.625
Digital Intrepid Hold   0.6250 7/15/2031   EUR   69.245
Republic of Belarus I   6.8750 2/28/2023   USD   30.727
Action Logement Servi   0.500010/30/2034   EUR   74.169
Fuerstenberg Capital    2.5220             EUR   60.512
O1 Properties Finance   0.5000 9/27/2028   USD    6.506
NIBC Bank NV            1.3150             EUR   73.200
Klepierre SA            0.8750 2/17/2031   EUR   72.109
Derwent London PLC      1.875011/17/2031   GBP   71.367
Enexis Holding NV       0.3750 4/14/2033   EUR   71.336
Samhallsbyggnadsbolag   7.0000 7/24/2023   SEK   47.511
Deutsche Lichtmiete A   5.7500 12/01/2023  EUR    8.500
Slovenia Government B   1.1750 2/13/2062   EUR   58.173
Russian Foreign Bond   12.7500 6/24/2028   USD   66.670
Alfa Bank AO Via Alfa   5.9000             USD    7.384
Mondelez Internationa   0.6250 09/09/2032  EUR   74.385
EA Partners II BV       6.7500 06/01/2021  USD    0.491
Sagax Euro Mtn NL BV    1.0000 5/17/2029   EUR   70.160
BPCE SA                 3.116010/19/2032   USD   73.929
Holcim Finance Luxemb   0.5000 09/03/2030  EUR   74.390
Russian Foreign Bond    4.7500 5/27/2026   USD   48.753
CPI Property Group SA   2.7500 1/22/2028   GBP   70.468
Shell International F   3.2500 04/06/2050  USD   72.920
Lithuania Government    0.7500 7/15/2051   EUR   53.196
Regiao Autonoma Madei   1.1410 12/04/2034  EUR   72.945
Gazprom PJSC Via Gaz    4.9500 3/23/2027   USD   50.500
RTE Reseau de Transpo   1.1250 09/09/2049  EUR   56.072
Chancellor Masters &    2.3500 6/27/2078   GBP   55.356
OMV AG                  1.0000 07/03/2034  EUR   71.442
TMK OAO Via TMK Capit   4.3000 02/12/2027  USD   16.520
Nordea Kredit Realkre   1.0000 10/01/2053  DKK   65.615
Vonovia Finance BV      2.7500 3/22/2038   EUR   73.546
UBS Group AG            2.0950 02/11/2032  USD   74.997
VEON Holdings BV        3.375011/25/2027   USD   51.000
CCEP Finance Ireland    0.8750 05/06/2033  EUR   73.208
Autonomous Community    2.9650 09/08/2039  JPY   66.851
Shell International F   3.1250 11/07/2049  USD   71.180
Annington Funding PLC   2.9240 10/06/2051  GBP   55.073
Unibail-Rodamco-Westf   1.7500 07/01/2049  EUR   52.570
Jyske Realkredit A/S    1.0000 10/01/2050  DKK   66.808
Immigon Portfolioabba   6.5690             EUR   10.287
Interpipe Holdings PL   8.3750 5/13/2026   USD   40.000
Molnlycke Holding AB    0.6250 1/15/2031   EUR   72.901
OP Corporate Bank plc   0.7500 3/24/2031   EUR   73.721
Vonovia Finance BV      1.1250 9/14/2034   EUR   64.745
Mondelez Internationa   1.2500 09/09/2041  EUR   63.656
Altice France Holding   6.0000 2/15/2028   USD   66.952
Flagship Finance PLC    1.8750 7/14/2061   GBP   45.142
Hellenic Republic Gov   2.0850 7/25/2057   EUR   32.828
Bayer AG                1.0000 01/12/2036  EUR   65.673
UNEDIC ASSEO            0.1000 5/25/2034   EUR   72.040
BNP Paribas SA          2.5880 08/12/2035  USD   74.209
BP Capital Markets BV   0.9330 12/04/2040  EUR   59.654
Alfa Bank AO Via Alfa   6.9500             USD    7.829
Enel Finance Internat   2.2500 07/12/2031  USD   72.032
Rallye SA               4.0000 2/28/2032   CHF    7.998
BAWAG PSK Bank fuer A   0.010011/19/2035   EUR   66.892
National Grid Gas PLC   1.1250 1/14/2033   GBP   62.563
Delete Group Oyj        5.0720 4/19/2024   EUR   67.455
Southern Gas Networks   3.1000 9/15/2036   GBP   72.076
Jyske Realkredit A/S    1.0000 10/01/2053  DKK   70.371
EYEMAXX Real Estate A   5.5000 4/26/2023   EUR    1.602
Home Credit & Finance   8.8000             USD    7.947
Severn Trent Utilitie   2.0000 06/02/2040  GBP   60.120
Digital Dutch Finco B   1.0000 1/15/2032   EUR   70.685
Bevco Lux Sarl          1.0000 1/16/2030   EUR   73.794
Western Power Distrib   1.7500 09/09/2031  GBP   72.703
Close Brothers Financ   1.6250 12/03/2030  GBP   72.211
MHP Lux SA              6.2500 9/19/2029   USD   52.291
Ziton A/S               7.9000 10/03/2022  EUR   70.419
National Grid Gas PLC   1.6250 1/14/2043   GBP   47.857
BPCE SA                 2.2770 1/20/2032   USD   74.107
Blend Funding PLC       2.9220 04/05/2054  GBP   61.993
Takko Luxembourg 2 SC   5.696011/15/2023   EUR   67.625
Credit Agricole SA      2.8110 01/11/2041  USD   63.830
Platform HG Financing   1.9260 9/15/2041   GBP   59.504
Russian Foreign Bond    5.1000 3/28/2035   USD   43.529
Credit Suisse Group A   4.5000             USD   66.000
GlaxoSmithKline Capit   1.6250 05/12/2035  GBP   66.800
Shell International F   1.0000 12/10/2030  GBP   72.664
Scottish Hydro Electr   2.2500 9/27/2035   GBP   67.697
CM.com NV               2.0000 09/09/2026  EUR   66.892
Sirius Real Estate Lt   1.750011/24/2028   EUR   72.752
University College Lo   1.6250 06/04/2061  GBP   47.230
Realkredit Danmark A/   1.0000 10/01/2053  DKK   70.213
Digital Dutch Finco B   1.2500 02/01/2031  EUR   73.831
Segro Capital Sarl      0.5000 9/22/2031   EUR   72.662
Intesa Sanpaolo SpA     2.500010/14/2031   USD   68.815
A2A SpA                 0.625010/28/2032   EUR   65.968
Unibail-Rodamco-Westf   1.3750 5/25/2033   EUR   68.227
Northern Powergrid No   3.2500 04/01/2052  GBP   67.127
Wendel SE               1.0000 06/01/2031  EUR   71.509
NPC Ukrenergo           6.8750 11/09/2028  USD   19.780
Thomas Cook Group PLC   6.2500 6/15/2022   EUR    0.185
Blackstone Property P   1.6250 4/20/2030   EUR   74.272
DNB Bank ASA            3.6914             USD   69.659
CNP Assurances          1.8750 10/12/2053  EUR   71.254
Volkswagen Internatio   1.5000 1/21/2041   EUR   62.439
Altice France SA/Fran   5.1250 7/15/2029   USD   74.321
LEG Immobilien SE       1.000011/19/2032   EUR   66.985
Cadent Finance PLC      0.7500 03/11/2032  EUR   72.614
OGX Austria GmbH        8.5000 06/01/2018  USD    0.002
Ageas SA/NV             1.875011/24/2051   EUR   72.917
LEG Immobilien SE       0.8750 3/30/2033   EUR   65.412
Trinseo Materials Ope   5.1250 04/01/2029  USD   65.995
Action Logement Servi   0.7500 7/19/2041   EUR   65.951
Gol Finance SA          7.0000 1/31/2025   USD   49.621
VEON Holdings BV        4.9500 6/16/2024   USD   71.000
Realkredit Danmark A/   1.0000 10/01/2053  DKK   65.525
2i Rete Gas SpA         0.5790 1/29/2031   EUR   72.986
MMK International Cap   4.3750 6/13/2024   USD   20.000
Motability Operations   1.5000 1/20/2041   GBP   57.111
Gazprom PJSC via Gaz    3.2500 2/25/2030   USD   47.966
Terega SA               0.8750 9/17/2030   EUR   74.307
Gecina SA               0.8750 6/30/2036   EUR   68.276
Allied Irish Banks PL  12.5000 6/25/2035   GBP   54.674
Storebrand Livsforsik   1.8750 9/30/2051   EUR   71.591
Clarion Funding PLC     1.8750 09/07/2051  GBP   47.715
DNB Bank ASA            3.3196             USD   69.568
Region Wallonne Belgi   1.0500 6/22/2040   EUR   71.615
Nordea Kredit Realkre   1.0000 10/01/2053  DKK   70.362
UBS Group AG            3.1790 02/11/2043  USD   69.821
Nykredit Realkredit A   0.5000 10/01/2050  DKK   65.899
SRV Group Oyj           4.8750             EUR   56.000
Societe Du Grand Pari   0.700010/15/2060   EUR   46.862
JDE Peet's NV           2.2500 9/24/2031   USD   74.383
Novatek OAO Via Novat   4.422012/13/2022   USD   61.814
Vedanta Resources Fin   8.9500 03/11/2025  USD   73.268
Saltaire Finance PLC    2.7110 05/09/2052  GBP   67.845
Stichting Afwikkeling  11.2500             EUR    0.579
Prologis Internationa   0.7500 3/23/2033   EUR   68.039
Air Berlin PLC          6.7500 05/09/2019  EUR    0.301
Nordea Kredit Realkre   0.5000 10/01/2050  DKK   67.136
TotalEnergies Capital   3.3860 6/29/2060   USD   69.628
Repsol Europe Finance   0.8750 07/06/2033  EUR   71.933
CK Hutchison Group Te   2.625010/17/2034   GBP   65.015
Investor AB             1.5000 6/20/2039   EUR   72.923
Fresnillo PLC           4.2500 10/02/2050  USD   71.517
VEON Holdings BV        4.0000 04/09/2025  USD   61.000
Sage Group PLC/The      1.6250 2/25/2031   GBP   72.373
Russian Foreign Bond    4.2500 6/23/2027   USD   48.469
National Grid Electri   2.0000 4/17/2040   GBP   57.731
Gazprom PJSC Via Gaz    7.2880 8/16/2037   USD   52.079
Lukoil Securities BV    3.8750 05/06/2030  USD   70.500
LSF9 Balta Issuer SAR   3.000012/31/2030   EUR   56.807
BPCE SA                 3.582010/19/2042   USD   67.848
Europejskie Centrum O  13.0000 4/14/2023   PLN   49.489
European Financial St   0.0500 1/18/2052   EUR   48.756
Ukraine Government Bo  15.9700 4/19/2023   UAH   59.254
British Telecommunica   4.2500 11/08/2049  USD   75.541
Realkredit Danmark A/   1.5000 10/01/2053  DKK   74.829
Anglo American Capita   3.9500 09/10/2050  USD   71.107
Nationwide Building S   0.5000 05/05/2041  EUR   66.257
Holcim Sterling Finan   2.2500 04/04/2034  GBP   67.222
Holcim Finance Luxemb   1.3750 10/08/2036  EUR   63.461
Jigsaw Funding PLC      3.3750 05/05/2052  GBP   69.362
CE Credit Management    6.5000 6/28/2024   EUR   69.007
Rallye SA               3.4000 2/28/2032   EUR   12.274
Nordea Bank Abp         3.7500             USD   72.520
Holcim Finance Luxemb   0.6250 1/19/2033   EUR   67.985
NorteGas Energia Dist   0.9050 1/22/2031   EUR   72.900
Republic of Belarus I   7.6250 6/29/2027   USD   22.939
BNP Paribas SA          4.5000             USD   79.220
Celtic Resources Hold   4.1250 10/09/2024  USD   14.432
Vnesheconombank Via V   6.800011/22/2025   USD    5.180
BNP Paribas SA          2.5880 08/12/2035  USD   73.984
East Slope Residencie   0.1000 2/28/2062   GBP   69.356
BNG Bank NV             0.8050 6/28/2049   EUR   66.198
Niedersachsen Invest    0.2500 7/16/2035   EUR   71.672
Region Auvergne-Rhone   0.892010/21/2041   EUR   66.685
Simpar Europe SA        5.2000 1/26/2031   USD   74.434
Gazprom PJSC Via Gaz    4.9500 02/06/2028  USD   39.000
Klepierre SA            0.6250 07/01/2030  EUR   72.107
Swissgrid AG            0.2000 6/29/2040   CHF   64.788
Virgolino de Oliveira  10.5000 1/28/2018   USD    0.054
Western Power Distrib   1.6250 10/07/2035  GBP   61.692
Rallye SA               5.2500 2/28/2032   EUR   12.015
Thames Water Utilitie   2.3750 4/22/2040   GBP   60.388
Deutsche Bank AG        1.580010/23/2031   EUR   71.143
Sveriges Sakerstallda   0.7500 06/09/2032  SEK   73.477
Jyske Realkredit A/S    1.5000 10/01/2053  DKK   74.895
Basque Government       1.000010/31/2050   EUR   53.769
SABIC Capital I BV      3.0000 9/14/2050   USD   71.565
Landwirtschaftliche R   0.010011/26/2040   EUR   62.069
JAB Holdings BV         3.7500 5/28/2051   USD   61.407
Vienna Insurance Grou   1.0000 3/26/2036   EUR   67.388
Telenor ASA             0.8750 2/14/2035   EUR   72.496
Enel Finance Internat   2.8750 07/12/2041  USD   59.142
Bunzl Finance PLC       1.500010/30/2030   GBP   72.507
Unibail-Rodamco-Westf   1.7500 2/27/2034   EUR   67.735
Deutsche Bahn Finance   1.3750 4/16/2040   EUR   72.052
Evan Group PLC          6.0000 7/31/2022   EUR   21.000
de Volksbank NV         3.0000 1/26/2035   EUR   40.000
Chancellor Masters &    0.2500 6/27/2068   GBP   63.276
Italgas SpA             0.5000 2/16/2033   EUR   65.518
Lehman Brothers UK Ca   5.1250             EUR   13.435
Lendlease Europe Fina   3.5000 12/02/2033  GBP   66.909
WPC Eurobond BV         0.9500 06/01/2030  EUR   73.529
Netherlands Governmen   2.0000 1/15/2054   EUR   97.497
LEG Immobilien SE       0.7500 6/30/2031   EUR   71.081
Cie de Financement Fo   0.600010/25/2041   EUR   67.770
Linde PLC               0.3750 9/30/2033   EUR   71.577
Republic of Belarus I   6.3780 2/24/2031   USD   22.319
BPCE SFH SA             0.0100 1/29/2036   EUR   67.092
Ukraine Government In   6.8760 5/21/2031   USD   19.691
Erste Group Bank AG     0.5000 01/12/2037  EUR   70.595
Sigma Holdco BV         7.8750 5/15/2026   USD   68.677
Societe Du Grand Pari   1.000011/26/2051   EUR   60.008
FF Group Finance Luxe   1.7500 07/03/2019  EUR    4.000
Heineken NV             1.7500 05/07/2040  EUR   72.069
Bulgaria Government B   0.1000 8/17/2031   BGN   76.795
ESB Finance DAC         1.0000 7/19/2034   EUR   73.275
Russian Foreign Bond    7.5000 3/31/2030   USD   65.959
LiveWest Treasury PLC   1.8750 2/18/2056   GBP   47.545
Ville de Paris          0.450010/20/2045   EUR   57.182
Dexia Credit Local SA   2.0630             EUR    2.296
K2A Knaust & Andersso   7.2270             SEK   74.067
Cie Generale des Etab   0.6250 11/02/2040  EUR   58.656
Hylea Group SA          7.2500 12/01/2022  EUR    1.250
Yorkshire Water Finan   1.750010/27/2032   GBP   71.472
TenneT Holding BV       0.125011/30/2032   EUR   70.313
Norddeutsche Landesba   8.9160             EUR   59.311
Republic of Croatia F   1.000011/27/2034   HRK   73.605
Autobahnen- und Schne   0.1000 7/16/2035   EUR   70.966
Caisse Francaise de F   0.3750 2/13/2040   EUR   65.993
Autonomous Region of    1.0950 9/27/2036   EUR   71.156
Klepierre SA            1.625012/13/2032   EUR   72.425
Land Securities Capit   2.7500 9/22/2059   GBP   61.389
Unibail-Rodamco-Westf   0.8750 3/29/2032   EUR   66.315
Ulker Biskuvi Sanayi    6.950010/30/2025   USD   69.624
Shell International F   0.8750 11/08/2039  EUR   63.698
Standard Chartered PL   4.7500             USD   76.375
Deutsche Lichtmiete A   5.2500 09/01/2025  EUR    4.200
Schlote Holding GmbH    6.750011/21/2024   EUR   73.415
Banco Espirito Santo    7.125011/28/2023   EUR    0.215
Realkredit Danmark A/   1.5000 10/01/2053  DKK   71.011
Argenta Spaarbank NV    0.5000 10/08/2041  EUR   65.845
Stichting Afwikkeling   6.6250 5/14/2018   EUR   45.375
Richemont Internation   1.6250 5/26/2040   EUR   72.472
Nederlandse Waterscha   0.3750 9/28/2046   EUR   61.245
National Grid Electri   2.7500 02/06/2035  GBP   72.730
Home Group Ltd          3.1250 3/27/2043   GBP   70.457
Prologis Internationa   3.0000 2/22/2042   GBP   66.951
Republic of Belarus I   5.8750 2/24/2026   USD   23.808
Bank of Valletta PLC    3.7500 6/15/2031   EUR   68.820
HSBC Bank PLC           2.9769             USD   74.743
Nordea Kredit Realkre   1.5000 10/01/2053  DKK   71.041
FEL Energy VI Sarl      5.7500 12/01/2040  USD   73.132
NAK Naftogaz Ukraine    7.6250 11/08/2026  USD   22.073
United Utilities Wate   1.7500 02/10/2038  GBP   62.394
Wales & West Utilitie   1.8750 5/28/2041   GBP   56.192
Communaute Francaise    0.6250 06/11/2035  EUR   74.482
Ukraine Government Bo  16.0000 5/24/2023   UAH   58.875
Mitsubishi UFJ Invest   4.252012/30/2099   EUR    5.244
DNB Bank ASA            3.7164             USD   69.617
UK Municipal Bonds Ag   1.6250 8/26/2060   GBP   44.980
South Eastern Power N   1.7500 9/30/2034   GBP   67.202
TenneT Holding BV       0.500011/30/2040   EUR   59.175
Rusal Capital DAC       5.3000 05/03/2023  USD   41.124
Standard Chartered PL   4.3000             USD   70.345
ABN AMRO Bank NV        0.6250 1/24/2037   EUR   72.862
Diageo Finance PLC      1.2500 3/28/2033   GBP   68.624
Jyske Realkredit A/S    1.5000 10/01/2050  DKK   73.269
European Financial St   0.7000 1/20/2050   EUR   63.654
Ukraine Government In   7.7500 09/01/2028  USD   22.155
Iren SpA                0.2500 1/17/2031   EUR   68.948
Bayerische Landesbode   0.2500 3/21/2036   EUR   71.282
WD Invest Sarl          1.9000 10/02/2024  EUR   11.687
Societe Nationale SNC   0.8750 2/28/2051   EUR   54.892
Czech Republic Govern   1.9500 7/30/2037   CZK   68.969
ABH Financial Ltd Via   2.7000 06/11/2023  EUR    5.688
Chelyabinsk Pipe Plan   4.5000 9/19/2024   USD   15.146
Croatia Government Bo   1.2500 03/03/2040  EUR   66.694
Alfa Bank AO Via Alfa   5.500010/26/2031   USD    7.906
CCEP Finance Ireland    1.5000 05/06/2041  EUR   66.571
Housing & Care 21       3.2880 11/08/2049  GBP   69.958
M Objekt Real Estate    6.0000 7/22/2024   EUR   54.511
Very Group Funding Pl   6.5000 08/01/2026  GBP   71.296
Ukraine Government In   9.7500 11/01/2030  USD   22.782
RTE Reseau de Transpo   1.1250 07/08/2040  EUR   64.465
Realkredit Danmark A/   1.0000 10/01/2053  DKK   60.293
VF Ukraine PAT via VF   6.2000 02/11/2025  USD   53.618
InterCement Financial   5.7500 7/17/2024   USD   73.119
United Utilities Wate   1.8750 06/03/2042  GBP   57.548
MHP Lux SA              6.9500 04/03/2026  USD   53.643
Lehman Brothers UK Ca   3.8750             EUR   13.435
Akademiska Hus AB       0.6500 02/08/2044  CHF   73.105
Hungary Government In   2.1250 9/22/2031   USD   71.246
Santhera Pharmaceutic   7.5000 8/17/2024   CHF   71.729
Prs Finance PLC         1.5000 8/24/2034   GBP   71.018
Deutsche Bahn Finance   0.7500 7/16/2035   EUR   71.844
Saltaire Finance PLC    2.7110 05/09/2052  GBP   67.419
Orpea SA                2.7500 06/03/2033  EUR   62.312
Ukraine Government In   7.3750 9/25/2034   USD   19.420
Prosus NV               3.8320 02/08/2051  USD   57.497
BPCE SA                 3.116010/19/2032   USD   73.757
Hacienda Investments    5.3500 02/08/2028  USD   10.000
Societe Nationale SNC   1.0000 1/19/2061   EUR   48.762
DSV Finance BV          0.7500 07/05/2033  EUR   71.120
TotalEnergies Capital   2.9860 6/29/2041   USD   74.093
Jyske Realkredit A/S    1.0000 10/01/2053  DKK   65.613
Andrade Gutierrez Int  11.0000 8/20/2021   USD   54.633
Accent Capital PLC      2.6250 7/18/2049   GBP   60.682
Yarlington Treasury S   3.4100 9/18/2057   GBP   70.997
Tresu Investment Hold   5.0000 01/02/2025  EUR   48.750
Nordea Kredit Realkre   1.5000 10/01/2053  DKK   74.921
Polski Koncern Naftow   2.8750 3/25/2031   PLN   70.351
E.ON SE                 0.6250 11/07/2031  EUR   73.927
Constellation Automot   4.8750 7/15/2027   GBP   72.100
Nykredit Realkredit A   0.5000 10/01/2043  DKK   74.214
Italgas SpA             1.0000 12/11/2031  EUR   72.603
Tinkoff Bank JSC Via    6.0000             USD   33.837
Realkredit Danmark A/   0.5000 10/01/2043  DKK   74.229
WPP Finance 2013        2.8750 9/14/2046   GBP   54.182
Yuksel Insaat AS        9.5000 11/10/2015  USD    0.105
Praktiker AG            5.8750 02/10/2016  EUR    2.232
Intesa Sanpaolo SpA     2.100011/13/2030   USD   72.450
Credit Bank of Moscow   7.1210 6/25/2024   USD   21.126
OGX Austria GmbH        8.3750 04/01/2022  USD    0.002
Suez SA                 0.500010/14/2031   EUR   74.146
Kreditanstalt fuer Wi   0.0500 9/29/2034   EUR   73.493
University of Southam   2.2500 04/11/2057  GBP   54.657
La Banque Postale Hom   0.2500 02/12/2035  EUR   71.451
Espirito Santo Financ   9.750012/19/2025   EUR    0.456
Evraz PLC               5.2500 04/02/2024  USD   47.936
Gazprom PJSC via Gaz    3.8970             EUR   35.599
State of Schleswig-Ho   0.2000 8/15/2039   EUR   65.577
Ukraine Government In  15.8400 2/26/2025   UAH   58.337
Republic of Poland Go   1.7500 4/25/2032   PLN   67.212
Hungary Government In   3.1250 9/21/2051   USD   56.530
FF Group Finance Luxe   3.2500 11/02/2021  CHF    5.296
Evraz PLC               5.3750 3/20/2023   USD   50.000
Cimpress PLC            7.0000 6/15/2026   USD   71.320
Muenchener Hypotheken   0.0500 8/13/2036   CHF   72.403
Credit Suisse Group A   5.1000             USD   68.500
BNG Bank NV             1.5500 2/19/2032   AUD   73.120
Prosus NV               4.9870 1/19/2052   USD   67.255
Finland Government Bo   0.2500 9/15/2040   EUR   65.537
Southern Housing Grou   2.3750 10/08/2036  GBP   69.252
Cadent Finance PLC      2.6250 9/22/2038   GBP   64.465
Suez SA                 1.2500 5/14/2035   EUR   72.279
London & Quadrant Hou   3.1250 2/28/2053   GBP   63.951
Privatbank CJSC Via U  10.8750 2/28/2018   USD    3.757
Gazprom PJSC via Gaz    2.9500 1/27/2029   USD   50.709
Omnicom Capital Holdi   2.250011/22/2033   GBP   71.187
Transport for London    3.6250 5/15/2045   GBP   71.421
Gazprom PJSC Via Gaz    8.6250 4/28/2034   USD   49.827
Cooperatieve Rabobank   0.7500 6/21/2039   EUR   71.680
State of North Rhine-   0.5000 1/15/2052   EUR   59.202
BNG Bank NV             0.1250 07/09/2035  EUR   70.949
Bourbon Corp            8.3050             EUR    0.438
Aragvi Finance Intern   8.4500 4/29/2026   USD   69.904
Takarek Mortgage Bank   3.500010/27/2027   HUF   72.600
State of North Rhine-   0.6000 06/04/2041  EUR   69.245
Vedanta Resources Ltd   6.1250 08/09/2024  USD   64.852
DZ Bank AG Deutsche Z   1.0260 9/23/2030   EUR   73.457
City of Kyiv Via PBR    7.500012/15/2022   USD   34.590
Nederlandse Gasunie N   0.750010/13/2036   EUR   66.222
Engie SA                1.250010/24/2041   EUR   58.919
Free and Hanseatic Ci   0.2500 2/18/2041   EUR   64.414
DLR Kredit A/S          1.0000 10/01/2050  DKK   72.495
Enagas Financiaciones   0.3750 11/05/2032  EUR   70.850
Lseg Netherlands BV     0.7500 04/06/2033  EUR   73.739
Alliander NV            1.1250 04/08/2035  EUR   71.833
EDOB Abwicklungs AG     7.5000 04/01/2012  EUR    1.215
Finland Government Bo   0.1250 4/15/2036   EUR   71.262
TotalEnergies Capital   1.6180 5/18/2040   EUR   71.953
Senivita Social Estat   6.5000 05/12/2025  EUR    5.510
Unibail-Rodamco-Westf   2.0000 5/29/2037   EUR   65.388
Northern Powergrid No   1.8750 6/16/2062   GBP   45.327
3i Group PLC            3.7500 06/05/2040  GBP   69.768
Iberdrola Finanzas SA   1.0000 02/02/2037  EUR   69.458
National Grid Gas PLC   1.3750 02/07/2031  GBP   70.586
Dexia SA                2.0120             EUR    2.000
Lithuania Government    1.6250 6/19/2049   EUR   73.852
City of Lausanne Swit   0.5400 11/06/2062  CHF   57.378
Hungary Government Bo   4.750011/24/2032   HUF   70.822
SCOR SE                 1.3750 9/17/2051   EUR   71.763
Nykredit Realkredit A   1.0000 10/01/2053  DKK   60.279
Deutsche Wohnen SE      1.3000 04/07/2041  EUR   56.218
Agence Francaise de D   0.3750 5/25/2036   EUR   70.387
Ukraine Government Bo   9.9900 5/22/2024   UAH   58.875
Manchester Airport Gr   2.8750 9/30/2044   GBP   59.364
Intesa Sanpaolo SpA     4.3750 01/12/2048  USD   68.965
Ukraine Government Bo  10.0000 8/23/2023   UAH   58.875
ABN AMRO Bank NV        0.4000 9/17/2041   EUR   64.926
Vonovia Finance BV      1.6250 10/07/2039  EUR   60.337
Nordiska Kreditmarkna   9.4660             SEK   72.982
Hyde Housing Associat   1.7500 8/18/2055   GBP   44.907
Societe Nationale SNC   1.0000 5/25/2040   EUR   69.740
Privatbank CJSC Via U  10.2500 1/23/2018   USD    4.000
Metropolitan Housing    1.8750 7/28/2036   GBP   65.814
Mallinckrodt Internat   4.7500 4/15/2023   USD   38.500
Hellas Telecommunicat   6.0540 1/15/2015   USD    0.014
Fuerstenberg Capital    3.9050             EUR   60.840
DWR Cymru Financing U   2.3750 3/31/2034   GBP   71.052
Places For People Tre   2.5000 1/26/2036   GBP   70.088
Gazprom PJSC Via Gaz    5.1500 02/11/2026  USD   55.066
Metropolitano de Tene   1.2290 7/30/2036   EUR   71.873
Emissionszentrale fue   0.3500 4/27/2040   CHF   74.421
Carmila SA              1.6250 04/01/2029  EUR   72.448
Ukreximbank Via Biz F   9.7500 1/22/2025   USD   32.794
Luzerner Kantonalbank   0.160012/23/2043   CHF   65.902
Eni SpA                 1.0000 10/11/2034  EUR   70.594
Beyond Housing Ltd      2.1250 5/17/2051   GBP   52.538
Ukraine Government In   7.7500 09/01/2025  USD   24.318
Saleza AS               9.0000 07/12/2021  EUR    0.203
nextbike GmbH           6.0000 3/31/2025   EUR   75.000
Telefonica Emisiones    1.9570 07/01/2039  EUR   72.356
Cie de Financement Fo   0.010010/29/2035   EUR   67.904
Ukraine Government In  11.1500 8/26/2022   UAH   58.875
Orpea SA                2.564011/30/2027   EUR   60.234
Agence Francaise de D   0.5000 5/31/2035   EUR   73.767
Onward Homes Ltd        2.1250 3/25/2053   GBP   51.601
Elli Finance UK PLC     8.7500 6/15/2019   GBP   65.125
Cyprus Government Int   1.2500 1/21/2040   EUR   67.989
Kommunekredit           0.3750 02/03/2045  DKK   58.880
Yorkshire Water Finan   2.7500 4/18/2041   GBP   66.864
Cardiff University      3.0000 12/07/2055  GBP   66.781
Muenchener Hypotheken   0.2500 05/02/2036  EUR   70.082
MHP SE                  7.7500 05/10/2024  USD   54.801
Wessex Water Services   1.2500 01/12/2036  GBP   58.632
Aster Treasury Plc      1.4050 1/27/2036   GBP   62.915
VZ Secured Financing    3.5000 1/15/2032   EUR   72.831
Republic of Ireland I   1.4250 9/18/2119   EUR   59.293
Cadent Finance PLC      2.2500 10/10/2035  GBP   65.513
Virgolino de Oliveira  11.7500 02/09/2022  USD    0.448
Deutsche Bahn Finance   3.3500 1/20/2042   AUD   72.568
Midland Heart Capital   1.8310 08/12/2050  GBP   49.119
Free State of Bavaria   0.0100 1/18/2035   EUR   71.151
Russian Foreign Bond    4.3750 3/21/2029   USD   42.514
Kommunekredit           0.1250 9/26/2040   EUR   62.478
Credit Agricole Itali   0.1250 3/15/2033   EUR   70.970
Eurochem Finance DAC    5.5000 3/13/2024   USD   49.318
City of Zurich Switze   0.400011/21/2046   CHF   69.347
Jyske Realkredit A/S    0.5000 10/01/2050  DKK   67.212
Nationale-Nederlanden   0.0500 9/24/2035   EUR   68.617
Libra Longhurst Group   3.2500 5/15/2043   GBP   72.100
Castle UK Finco PLC     7.0000 5/15/2029   GBP   73.324
Bromford Housing Grou   3.1250 05/03/2048  GBP   68.238
Assura Financing PLC    1.6250 6/30/2033   GBP   66.972
Credit Bank of Moscow   7.5000 10/05/2027  USD    9.414
City of Zurich Switze   0.2500 5/26/2039   CHF   73.458
Cooperatieve Rabobank   0.5000 1/31/2033   MXN   29.712
Espirito Santo Financ   6.875010/21/2019   EUR    0.103
Banco Espirito Santo    3.8030             EUR    0.120
University of Leeds     3.125012/19/2050   GBP   68.308
Societe Du Grand Pari   0.8750 05/10/2046  EUR   63.915
Romania Government Bo   3.6500 9/24/2031   RON   70.948
Futureal Development    4.0000 3/23/2031   HUF   58.000
Annington Funding PLC   2.3080 10/06/2032  GBP   70.827
Jyske Realkredit A/S    1.5000 10/01/2053  DKK   71.033
Citizen Treasury PLC    3.250010/20/2048   GBP   70.561
Zurich Finance Irelan   2.2500 12/08/2031  USD   73.392
City of Bern Switzerl   0.0400 10/02/2070  CHF   40.306
Ukraine Government Bo   9.8400 2/15/2023   UAH   58.875
Covivio                 0.8750 1/20/2033   EUR   72.461
Orpea SA                3.000011/25/2041   EUR   44.948
City of Lugano Switze   0.150011/28/2070   CHF   43.253
Development Bank of t   6.7500 05/02/2024  USD   16.609
Eastern Power Network   2.125011/25/2033   GBP   71.581
Agrokor dd              9.8750 05/01/2019  EUR   15.000
Mallinckrodt Internat  10.0000 4/15/2025   USD   62.753
Cooperatieve Rabobank   0.500010/29/2027   MXN   59.718
Cooperatieve Rabobank   0.010011/27/2040   EUR   60.228
Landesbank Hessen-Thu   0.5000 1/19/2037   EUR   72.028
Nederlandse Waterscha   0.1250 09/03/2035  EUR   70.483
UkrLandFarming PLC     10.8750 3/26/2018   USD    1.387
Ministeries Van de Vl   0.125010/15/2035   EUR   69.632
State of North Rhine-   0.7500 8/16/2041   EUR   71.158
TenneT Holding BV       1.5000 06/03/2039  EUR   72.897
Ministeries Van de Vl   1.0000 1/23/2051   EUR   63.018
Nordea Kredit Realkre   1.5000 10/01/2053  DKK   67.405
Iceland Bondco PLC      4.3750 5/15/2028   GBP   65.969
State Agency of Roads   6.2500 6/24/2030   USD   20.083
State of North Rhine-   0.2000 1/27/2051   EUR   54.161
NRW Bank                0.1000 07/09/2035  EUR   70.548
LiveWest Treasury PLC   2.2500 10/10/2043  GBP   61.250
Nationale-Nederlanden   0.3750 03/04/2041  EUR   64.746
Barclays Bank PLC      12.0000 9/24/2025   TRY   49.403
Alpine Holding GmbH     5.2500 07/01/2015  EUR    3.084
Nykredit Realkredit A   0.5000 10/01/2053  DKK   63.803
Region Wallonne Belgi   0.6500 1/16/2051   EUR   53.870
DLR Kredit A/S          1.0000 10/01/2053  DKK   70.622
Channel Link Enterpri   3.8480 6/30/2050   GBP   69.592
Achmea Bank NV          0.2500 9/29/2036   EUR   69.154
Scottish Hydro Electr   2.1250 3/24/2036   GBP   65.811
EYEMAXX Real Estate A   5.5000 9/24/2024   EUR    1.812
Bayerische Landesbank   2.250010/17/2033   EUR   71.078
Basque Government       1.375010/31/2070   EUR   47.179
Phosagro OAO Via Phos   3.0500 1/23/2025   USD   56.317
Canton of Geneva Swit   0.500010/31/2056   CHF   63.093
Claranova SE            5.0000 07/01/2023  EUR    1.070
Societe Du Grand Pari   0.3000 09/02/2036  EUR   69.417
Banco Espirito Santo    6.8750 7/15/2016   EUR   16.375
Cirio Holding Luxembo   6.2500 2/16/2004   EUR    1.822
Orpea SA                2.0000 08/09/2029  EUR   52.146
Ukraine Government Bo  12.5200 5/13/2026   UAH   59.134
National Grid Electri   2.0000 9/16/2038   GBP   60.183
Gazprom PJSC via Gaz    1.5000 2/17/2027   EUR   49.116
Ukraine Government In   4.3750 1/27/2032   EUR   19.445
Catalyst Housing Ltd    3.125010/31/2047   GBP   67.136
Bilt Paper BV          10.3600             USD    1.318
Nederlandse Gasunie N   0.3750 10/03/2031  EUR   74.401
Deutsche Lichtmiete A   5.2500 02/01/2027  EUR    4.011
Orbit Capital PLC       2.000011/24/2038   GBP   63.114
Caisse Francaise de F   0.6250 1/20/2042   EUR   67.458
Barclays Bank PLC       1.7500 9/29/2032   USD   66.999
Orbit Capital PLC       3.3750 6/14/2048   GBP   69.816
Realkredit Danmark A/   2.0000 10/01/2053  DKK   74.017
Banco Espirito Santo    3.9830             EUR    0.349
Credit Agricole SA      3.7500 06/09/2040  AUD   66.620
Nordea Kredit Realkre   1.0000 10/01/2053  DKK   60.298
Ukraine Government In   7.7500 09/01/2029  USD   21.917
Deutsche Wohnen SE      0.5000 04/07/2031  EUR   71.177
TenneT Holding BV       1.1250 06/09/2041  EUR   66.163
Prosus NV               4.0270 08/03/2050  USD   59.034
State of North Rhine-   0.500011/25/2039   EUR   69.293
Deutsche Lichtmiete F   5.7500 01/01/2023  EUR    6.900
Cordia International    4.0000 11/07/2026  HUF   75.000
Pfandbriefbank schwei   0.2500 4/25/2042   CHF   70.095
Credit Agricole Itali   0.7500 1/20/2042   EUR   63.997
Zurich Finance Irelan   1.600012/17/2052   EUR   69.239
Pfandbriefbank schwei   0.5000 6/17/2041   CHF   74.705
BPCE SA                 3.2830             EUR   66.368
Ile-de-France Mobilit   1.2750 2/14/2042   EUR   72.896
City of Lausanne Swit   0.6800 03/11/2058  CHF   63.736
Lehman Brothers UK Ca   6.9000             USD    3.986
Sberbank of Russia Vi   5.125010/29/2022   USD    9.040
Rallye SA               1.0000 2/28/2032   EUR   13.770
British Telecommunica   3.625011/21/2047   GBP   64.934
DWR Cymru Financing U   1.3750 3/31/2033   GBP   68.929
Norwegian Air Shuttle   6.3790 02/07/2023  SEK   39.908
Parnassia Groep BV      1.2000 12/01/2051  EUR   70.738
Phosagro OAO Via Phos   2.6000 9/16/2028   USD   54.000
Privatbank CJSC Via U  11.0000 02/09/2021  USD    1.000
ESFIL-Espirito Santo    5.2500 06/12/2015  EUR    0.111
Realkredit Danmark A/   0.5000 10/01/2050  DKK   67.063
Uliving@essex3 LLP      2.7200 8/31/2066   GBP   61.371
Saltaire Finance PLC    1.527011/23/2051   GBP   50.356
Ministeries Van de Vl   0.8750 3/21/2046   EUR   65.069
United Kingdom Gilt     1.2500 7/31/2051   GBP   52.679
Turkey Government Int   4.8750 4/16/2043   USD   56.416
Motability Operations   2.3750 07/03/2039  GBP   68.813
Air Berlin PLC          5.6250 05/09/2019  CHF    0.436
DLR Kredit A/S          0.5000 10/01/2050  DKK   67.862
Grand City Properties   2.000010/25/2032   EUR   72.025
Southern Housing Grou   3.500010/19/2047   GBP   70.567
Virgolino de Oliveira  10.5000 1/28/2018   USD    0.010
Banca Popolare di Vic   9.5000 9/29/2025   EUR    0.093
Nordea Kredit Realkre   0.5000 10/01/2053  DKK   65.248
Junta de Castilla y L   1.2750 04/07/2049  EUR   60.332
Avangardco Investment  10.000010/29/2018   USD    0.348
Nykredit Realkredit A   2.0000 10/01/2053  DKK   74.008
London & Quadrant Hou   2.000010/20/2038   GBP   62.607
Caisse Francaise de F   0.5000 10/01/2046  EUR   61.782
Region of Centre-Val    0.7110 11/02/2036  EUR   73.493
Cadent Finance PLC      3.1250 3/21/2040   GBP   67.364
SpareBank 1 Nord Norg   4.8200             NOK   52.060
Intesa Sanpaolo SpA     2.7000 3/29/2031   USD   73.330
Deutsche Wohnen SE      2.0000 3/28/2034   EUR   70.960
National Grid Electri   1.1510 2/20/2040   EUR   58.498
Gazprom PJSC Via Gaz    3.125011/17/2023   EUR   53.501
DLR Kredit A/S          1.5000 10/01/2053  DKK   74.870
Andrade Gutierrez Int   9.500012/30/2024   USD   56.576
Sovcombank Via SovCom   7.7500             USD    3.402
NRW Bank                0.5000 6/17/2041   EUR   67.589
DLR Kredit A/S          0.5000 10/01/2043  DKK   74.448
Paragon Treasury Plc    2.0000 05/07/2036  GBP   67.368
Paradigm Homes Charit   2.2500 5/20/2051   GBP   54.823
Blend Funding PLC       3.5080 05/04/2057  GBP   69.016
Kommunekredit           0.0100 05/04/2034  EUR   71.690
Peabody Capital No 2    3.2500 9/14/2048   GBP   67.824
Orpea SA                2.770012/18/2028   EUR   65.153
Metinvest BV            8.5000 4/23/2026   USD   39.980
Bellis Finco PLC        4.0000 2/16/2027   GBP   62.708
Alitalia-Societa Aere   5.2500 7/30/2020   EUR    0.267
Land Baden-Wuerttembe   0.125011/19/2040   EUR   63.152
Frigate Luxembourg SA   2.0000 08/01/2032  EUR   57.540
Clarion Funding PLC     1.8750 1/22/2035   GBP   67.870
Kommunekredit           0.625011/21/2039   EUR   70.467
Land Berlin             0.6250 1/26/2052   EUR   62.176
Cooperatieve Rabobank   0.500010/30/2043   MXN   11.700
Region Wallonne Belgi   1.2500 6/22/2071   EUR   56.865
Nykredit Realkredit A   1.5000 10/01/2053  DKK   67.420
Notting Hill Genesis    3.2500 10/12/2048  GBP   67.740
Ziggo Bond Co BV        5.1250 2/28/2030   USD   74.413
ALROSA Finance SA       4.6500 04/09/2024  USD   11.595
Cirio Finance Luxembo   7.5000 11/03/2002  EUR    3.136
Accentro Real Estate    4.1250 3/23/2026   EUR   50.538
Land Berlin             0.3500 09/09/2050  EUR   57.634
Luzerner Kantonalbank   0.1500 10/07/2044  CHF   63.953
Suek Securities DAC     3.3750 9/15/2026   USD   13.244
New World Resources N   4.0000 10/07/2020  EUR    0.312
Altice France Holding   4.0000 2/15/2028   EUR   65.750
EYEMAXX Real Estate A   5.5000 7/22/2025   EUR   16.000
Solarworld AG           9.6910 2/24/2019   EUR   25.000
New World Resources N   8.0000 04/07/2020  EUR    0.001
Notting Hill Genesis    2.0000 06/03/2036  GBP   66.739
MMC Norilsk Nickel OJ   6.625010/14/2022   USD   67.922
Borets Finance DAC      6.0000 9/17/2026   USD   33.318
Phosagro OAO Via Phos   3.9490 4/24/2023   USD   60.589
VST Building Technolo   7.0000 6/28/2024   EUR    1.089
Realkredit Danmark A/   0.5000 10/01/2053  DKK   63.817
EOS Imaging SA          6.0000 5/31/2023   EUR    7.250
State of Bremen         0.4000 8/20/2049   EUR   59.133
Societe Du Grand Pari   1.0000 2/18/2070   EUR   50.003
Kantonsspital Baden A   0.3500 9/30/2036   CHF   72.184
City of Lausanne Swit   0.6000 07/06/2050  CHF   66.942
DLR Kredit A/S          1.5000 10/01/2053  DKK   71.931
DXC Capital Funding D   0.9500 9/15/2031   EUR   73.850
UniCredit Bank AG       0.0100 1/21/2036   EUR   67.841
DZ Bank AG Deutsche Z   0.5500 4/29/2024   EUR   64.546
Gazprom PJSC via Gaz    3.5000 7/14/2031   USD   49.182
Jababeka Internationa   6.5000 10/05/2023  USD   56.014
DLR Kredit A/S          1.0000 10/01/2050  DKK   67.151
Nats En Route PLC       1.7500 9/30/2033   GBP   71.227
KTG Agrar SE            7.1250 06/06/2017  EUR    2.007
Stonewater Funding PL   1.6250 09/10/2036  GBP   64.086
Swan Housing Capital    3.6250 03/05/2048  GBP   71.701
Hampshire Trust Bank    7.2500 05/10/2028  GBP   63.076
Kernel Holding SA       6.750010/27/2027   USD   39.971
Clarion Funding PLC     1.250011/13/2032   GBP   68.663
Berner Kantonalbank A   0.1000 9/30/2039   CHF   66.747
Severn Trent Utilitie   0.010012/16/2055   GBP   51.380
Credit Agricole Itali   1.0000 1/17/2045   EUR   65.474
Unibail-Rodamco-Westf   2.0000 12/05/2033  EUR   68.266
Region de Bruxelles-C   1.1210 05/11/2071  EUR   54.115
Alno AG                 8.5000 5/14/2018   EUR   15.868
Mondelez Internationa   0.6250 09/09/2032  EUR   70.318
St Galler Kantonalban   0.1000 10/10/2041  CHF   66.177
Vasakronan AB           1.668010/16/2030   USD   74.079
B2W Digital Lux Sarl    4.375012/20/2030   USD   71.189
LEG Immobilien SE       1.625011/28/2034   EUR   67.238
Ukraine Government Bo  11.100011/23/2022   UAH   58.875
Nederlandse Waterscha   0.5000 4/26/2051   EUR   60.245
Vedanta Resources Fin   9.2500 4/23/2026   USD   64.623
Sairgroup Finance BV    4.3750 06/08/2006  EUR    1.964
Aegon Bank NV           0.3750 06/09/2036  EUR   70.699
City of Lausanne Swit   0.600011/30/2056   CHF   63.832
Realkredit Danmark A/   0.5000 10/01/2050  DKK   65.924
United Group BV         5.2500 02/01/2030  EUR   73.319
Windreich GmbH          6.5000 03/01/2015  EUR    4.475
Nationale-Nederlanden   0.0500 11/12/2040  EUR   61.154
Ukraine Government In   6.7500 6/20/2028   EUR   19.352
Banco Santander SA      3.2360             EUR    1.472
TotalEnergies Capital   1.5350 5/31/2039   EUR   73.112
Blend Funding PLC       2.4670 6/16/2061   GBP   53.282
London & Quadrant Hou   2.7500 7/20/2057   GBP   57.809
Zorlu Yenilenebilir E   9.0000 06/01/2026  USD   73.256
Unibail-Rodamco-Westf   2.0000 4/28/2036   EUR   68.237
Hema Bondco II BV       8.5000 1/15/2023   EUR    0.113
Vnesheconombank Via V   5.942011/21/2023   USD    5.360
Global Ports Finance    6.5000 9/22/2023   USD   15.539
Bank Vontobel AG       15.0000 11/07/2022  EUR   20.400
DLR Kredit A/S          0.5000 10/01/2053  DKK   65.877
Cellnex Telecom SA      1.9000 7/31/2029   EUR   73.852
Transports Publics Du   0.450012/29/2056   CHF   55.089
Canton of Neuchatel     0.100010/29/2049   CHF   58.023
Ukraine Government In   8.9940 02/01/2026  USD   21.833
Joh Friedrich Behrens   6.2500 6/18/2024   EUR   31.500
Raiffeisen Landesbank   0.375011/13/2034   EUR   73.291
Canton of Zurich        0.2500 07/12/2039  CHF   74.509
CBo Territoria          3.7500 07/01/2024  EUR    4.230
Nordea Kredit Realkre   1.5000 10/01/2050  DKK   73.273
BAWAG PSK Bank fuer A   0.3750 3/25/2041   EUR   64.021
State of North Rhine-   0.8000 7/30/2049   EUR   66.792
Prosus NV               2.7780 1/19/2034   EUR   70.160
Turkey Government Int   5.7500 05/11/2047  USD   59.414
Emissionszentrale fue   0.300011/25/2039   CHF   73.088
Pfandbriefbank schwei   0.1250 8/17/2040   CHF   69.615
Norske Skogindustrier   7.000012/30/2026   EUR    0.010
CPI Hungary Investmen   2.2500 08/07/2030  HUF   51.000
Kreditanstalt fuer Wi   0.9800 6/28/2051   EUR   70.170
Region de Bruxelles-C   1.2200 6/23/2053   EUR   64.680
LBI ehf                 6.1000 8/25/2011   USD   10.750
Cellnex Finance Co SA   3.8750 07/07/2041  USD   67.141
Uralkali OJSC Via Ura   4.000010/22/2024   USD   18.767
ESB Finance DAC         1.8750 7/21/2035   GBP   68.751
DZ HYP AG               0.3750 11/10/2034  EUR   73.804
HSBC Bank PLC           0.5000 6/23/2027   MXN   60.850
Incommunities Treasur   3.2500 3/21/2049   GBP   70.523
European Primary Plac   1.7320 11/09/2055  GBP   49.815
Sigma Holdco BV         5.7500 5/15/2026   EUR   68.344
Land Thueringen         0.1000 07/09/2035  EUR   70.785
GN Store Nord AS        1.9700 03/03/2036  EUR   57.573
Espirito Santo Financ   5.050011/15/2025   EUR    0.456
AI Candelaria Spain S   5.7500 6/15/2033   USD   72.239
United Group BV         3.6250 2/15/2028   EUR   73.042
Bank Julius Baer & Co  13.2500 01/05/2023  USD   34.900
Engie SA                1.5000 3/13/2035   EUR   72.707
Region Auvergne-Rhone   0.493010/23/2037   EUR   69.036
Vasakronan AB           2.1300 5/27/2041   SEK   67.474
Standard Profil Autom   6.2500 4/30/2026   EUR   61.936
Credit Agricole SA      4.4000 2/24/2042   AUD   66.497
Sibur Securities DAC    2.9500 07/08/2025  USD   35.334
Eastern Power Network   1.8750 06/01/2035  GBP   66.665
Pfandbriefbank schwei   0.2500 08/04/2038  CHF   73.497
Master & Fellows of U   3.0680 4/28/2065   GBP   58.558
Joh Friedrich Behrens   7.7500 11/11/2020  EUR   31.510
Manchester Airport Gr   2.8750 3/31/2039   GBP   65.242
Kingdom of Belgium Go   1.4000 6/22/2053   EUR   70.563
NRW Bank                1.1500 9/16/2051   EUR   67.770
Muenchener Hypotheken   0.2500 3/29/2041   CHF   68.513
Sovcombank Via SovCom   7.6000             USD    4.342
Eurogrid GmbH           0.875011/20/2040   EUR   60.652
Pfandbriefbank schwei   0.3750 07/08/2039  CHF   74.034
UniCredit Bank Austri   0.0500 9/21/2035   EUR   68.424
Iberia Lineas Aereas    3.7500 5/28/2027   EUR   70.255
Abengoa Abenewco 1 SA   6.0000 06/10/2022  EUR    0.236
de Volksbank NV         0.125011/19/2040   EUR   62.043
Ile-de-France Mobilit   0.9500 5/28/2041   EUR   69.836
Romanian Government I   3.875010/29/2035   EUR   72.564
Bayerische Landesbank   1.8200 05/12/2031  EUR   73.192
Russian Foreign Bond    2.8750 12/04/2025  EUR   39.117
Corporate Commercial    8.2500 08/08/2014  USD    0.308
Ferrovie dello Stato    0.6410 12/04/2030  EUR   71.335
Metinvest BV            7.6500 10/01/2027  USD   47.980
Morhomes PLC            2.5080 2/19/2051   GBP   58.222
Portugal Telecom Inte   6.2500 7/26/2016   EUR    0.285
Altice France SA/Fran   5.1250 1/15/2029   USD   73.572
Veneto Banca SpA        9.8776 12/01/2025  EUR    0.476
Martlet Homes Ltd       3.0000 05/09/2052  GBP   63.908
Nederlandse Waterscha   0.8770 6/24/2054   EUR   65.713
PIK Securities DAC      5.625011/19/2026   USD    8.999
Dana Financing Luxemb   3.0000 7/15/2029   EUR   74.228
Ile-de-France Mobilit   0.675011/24/2036   EUR   72.718
Transcapitalbank JSC   10.0000             USD   65.369
Department of L'Eure    0.5150 5/25/2040   EUR   64.846
Swissgrid AG            0.0500 6/30/2050   CHF   51.448
Del Monte Finance Lux   6.6250 5/24/2006   EUR    1.393
Novolipetsk Steel Via   4.7000 5/30/2026   USD   51.000
Realkredit Danmark A/   1.5000 10/01/2053  DKK   67.409
Hungary Government In   0.1250 9/21/2028   EUR   73.231
Metinvest BV            7.7500 4/23/2023   USD   55.000
Sidetur Finance BV     10.0000 4/20/2016   USD    0.770
Havenbedrijf Rotterda   1.1000 3/23/2051   EUR   65.329
UBS AG/London           8.5600 6/29/2027   SEK   69.260
Nykredit Realkredit A   1.0000 10/01/2050  DKK   66.704
Quintet Private Bank    3.650011/13/2023   EUR   24.500
Aralco Finance SA      10.1250 05/07/2020  USD    3.060
Waste Italia SpA       10.500011/15/2019   EUR    0.550
City of St Gallen       0.1400 9/16/2044   CHF   66.087
Herens Midco Sarl       5.2500 5/15/2029   EUR   66.383
ABN AMRO Bank NV        0.3750 1/14/2035   EUR   73.368
Fastighets AB Balder    1.2930 03/03/2031  EUR   59.379
Realkredit Danmark A/   1.5000 10/01/2050  DKK   73.264
Grupo Antolin-Irausa    3.5000 4/30/2028   EUR   66.739
Kreditanstalt fuer Wi   1.000010/19/2050   EUR   65.810
Petrobras Global Fina   4.7500 04/02/2038  EUR   63.380
Swissgrid AG            0.1500 6/30/2034   CHF   74.350
Ukraine Government In   7.3750 9/25/2034   USD   19.190
Klepierre SA            1.2500 9/29/2031   EUR   73.372
Havila Shipping ASA     6.1600 01/02/2025  NOK   36.307
Romanian Government I   1.3750 12/02/2029  EUR   69.021
Polski Fundusz Rozwoj   2.0000 03/05/2030  PLN   70.169
Eurotorg LLC Via Boni   9.000010/22/2025   USD   53.000
Polyus Finance PLC      5.2500 02/07/2023  USD   48.029
Banco Santander SA      1.0000 10/01/2033  EUR   69.224
Deutsche Telekom AG     3.5000 4/15/2041   AUD   70.324
Intesa Sanpaolo SpA     4.7000 9/23/2049   USD   73.081
Sovcombank Via SovCom   8.0000 04/07/2030  USD    4.073
Region de Bruxelles-C   0.5920 12/10/2061  EUR   47.488
Hellas Telecommunicat   8.500010/15/2013   EUR    0.834
Serbia International    1.6500 03/03/2033  EUR   59.906
CSN Resources SA        4.6250 06/10/2031  USD   71.407
Nobel Bidco BV          3.1250 6/15/2028   EUR   68.812
Romanian Government I   2.8750 4/13/2042   EUR   54.460
LSEGA Financing PLC     3.2000 04/06/2041  USD   75.249
Maison Finco PLC        6.000010/31/2027   GBP   72.529
Northern Powergrid Yo   2.2500 10/09/2059  GBP   51.317
Nationwide Building S   0.4850 07/11/2044  CHF   69.195
Canton of Geneva Swit   0.300011/28/2039   CHF   73.266
Italy Buoni Poliennal   2.1500 09/01/2052  EUR   66.333
State of North Rhine-   0.3750 09/02/2050  EUR   57.765
Ukraine Government In   9.8400 2/15/2023   UAH   58.875
Irish Bank Resolution   0.5660 6/21/2016   EUR    0.679
Swisscom AG             0.245011/20/2034   CHF   74.480
National Grid Electri   2.9200 9/30/2044   AUD   66.924
DZ Bank AG Deutsche Z   1.5760 7/22/2030   EUR   72.942
Pfandbriefbank schwei   0.2500 3/15/2041   CHF   71.188
Cyprus Government Int   2.2500 4/16/2050   EUR   72.695
Boparan Finance PLC     7.625011/30/2025   GBP   69.400
HOCHTIEF AG             2.3000 4/26/2034   EUR   68.947
Region de Bruxelles-C   0.4440 3/19/2057   EUR   43.868
JAB Holdings BV         2.200011/23/2030   USD   74.221
VTB Bank OJSC Via VTB   6.950010/17/2022   USD    5.894
Cooperatieve Rabobank   0.5000 7/30/2043   MXN   12.511
VTB Bank OJSC Via VTB   6.2500 6/30/2035   USD   21.764
Ziggo Bond Co BV        3.3750 2/28/2030   EUR   70.880
Raiffeisen-Landesbank   0.5000 5/27/2041   EUR   65.346
NET4GAS sro             2.7500 7/17/2025   CZK   72.670
State of Saxony-Anhal   0.5000 3/24/2051   EUR   60.722
Maxeda DIY Holding BV   5.8750 10/01/2026  EUR   68.439
Region of Ile de Fran   0.6100 07/02/2040  EUR   66.798
Societe Centrale des    2.5000 5/15/2023   EUR    6.880
Canton of Geneva Swit   0.2500 6/15/2040   CHF   71.829
Muenchener Hypotheken   0.010010/19/2039   EUR   61.990
Hamon & CIE SA          3.3000 1/31/2035   EUR   46.000
Nova Kreditna Banka M   1.6250 5/25/2027   EUR   73.542
Muenchener Hypotheken   0.0100 11/02/2040  EUR   60.703
Republic of Belarus I   6.2000 2/28/2030   USD   22.017
Pfandbriefbank schwei   0.3750 1/24/2042   CHF   72.289
UniCredit Bank Austri   0.1500 4/29/2033   EUR   73.759
Willhem AB              1.824010/18/2038   SEK   62.812
Communaute Francaise    0.7820 02/08/2061  EUR   47.858
EVN AG                  0.850010/15/2035   EUR   64.827
TI Automotive Finance   3.7500 4/15/2029   EUR   69.965
Cirio Finanziaria SpA   8.000012/21/2005   EUR    0.423
JSM Global Sarl         4.750010/20/2030   USD   74.224
Metinvest BV            7.750010/17/2029   USD   40.250
Espirito Santo Financ   3.1250 12/02/2018  EUR    0.459
Stelius Befektetoe Za   3.1000 9/17/2030   HUF   66.500
Leather 2 SpA           4.5000 9/30/2028   EUR   72.709
ING Groep NV            0.9750 2/14/2034   EUR   62.798
Gemeente Bergen OP Zo   0.4400 9/20/2044   EUR   63.723
Hungary Government In   2.1250 9/22/2031   USD   71.155
Wingholding Zrt         3.5000 5/20/2030   HUF   68.160
Gazprom PJSC via Gaz    1.850011/17/2028   EUR   47.769
Severstal OAO Via Ste   3.1500 9/16/2024   USD   10.710
Emissionszentrale fue   0.1500 09/09/2041  CHF   69.625
Jyske Realkredit A/S    1.5000 10/01/2053  DKK   67.409
VTB Bank OJSC Via VTB   6.2500 6/30/2035   USD   21.764
Constellium SE          3.1250 7/15/2029   EUR   74.019
Anadolu Efes Biracili   3.3750 6/29/2028   USD   72.707
Romanian Government I   2.7500 4/14/2041   EUR   54.407
Municipality of Leval   0.750011/17/2036   EUR   73.132
MVM Energetika Zrt      3.2500 09/03/2031  HUF   59.000
Single Platform Inves   1.2200 8/24/2047   EUR   59.784
Wales & West Utilitie   3.0000 08/03/2038  GBP   72.264
Steilmann SE            7.0000 9/23/2018   EUR    1.429
Rena GmbH               8.2500 07/11/2018  EUR    0.056
Deutsche Telekom AG     3.6250 1/21/2050   USD   74.186
Stichting Afwikkeling   2.8750             EUR    0.579
Barclays Bank PLC       2.6500 11/04/2031  EUR   64.660
Luzerner Kantonalbank   0.4000 3/15/2038   CHF   74.624
Kommunekredit           0.5000 6/19/2039   DKK   67.476
Spain Government Bond   1.900010/31/2052   EUR   70.610
Pfandbriefbank schwei   0.3750 9/23/2043   CHF   70.968
SCF Capital Designate   5.3750 6/16/2023   USD   20.000
Serbia International    2.1250 12/01/2030  USD   69.917
Celtic Resources Hold   4.1250 10/09/2024  USD   14.432
Societe Generale SA     1.1370 1/26/2037   EUR   70.434
Raiffeisenlandesbank    0.3750 1/15/2035   EUR   72.199
BNP Paribas SA          1.0194 5/25/2028   EUR   40.000
CRC Breeze Finance SA   6.1100 05/08/2026  EUR   30.404
Pfandbriefbank schwei   0.5000 1/25/2044   CHF   72.844
SG Issuer SA            5.1500 01/10/2025  EUR   67.060
VZ Vendor Financing I   2.8750 1/15/2029   EUR   72.829
Windreich GmbH          6.5000 7/15/2016   EUR    4.475
Takko Luxembourg 2 SC   5.375011/15/2023   EUR   67.560
Jain International Tr   7.1250 02/01/2022  USD   22.414
Caisse des Depots et    0.398012/15/2050   EUR   57.970
Ville de Paris          0.8310 2/23/2056   EUR   53.642
Altice Financing SA     5.7500 8/15/2029   USD   73.332
Rhaetische Bahn AG RH   0.0500 08/03/2050  CHF   58.275
Frigoglass Finance BV   6.8750 02/12/2025  EUR   50.499
Nordea Kredit Realkre   0.5000 10/01/2043  DKK   74.492
Region de Bruxelles-C   0.8080 1/31/2050   EUR   57.456
Sberbank of Russia Vi   5.2500 5/23/2023   USD   11.187
AXA Home Loan SFH SA    0.1250 6/25/2035   EUR   69.661
Credit Agricole SA      3.6100 4/20/2036   AUD   66.403
Romanian Government I   1.7500 7/13/2030   EUR   68.048
National Grid Electri   1.6080 8/24/2040   GBP   52.203
Meta Wolf AG            6.7500 03/10/2005  DEM    0.108
Pfandbriefzentrale de   0.2500 06/12/2040  CHF   71.458
Alpine Holding GmbH     6.0000 5/22/2017   EUR    3.084
PJSC Koks via IMH Cap   5.9000 9/23/2025   USD    7.543
Finmek International    7.0000 12/03/2004  EUR    2.193
Polyus Finance PLC      4.7000 1/29/2024   USD   48.164
Serbia International    1.0000 9/23/2028   EUR   70.784
Alfa Bank AO Via Alfa   5.9000             USD    7.384
ABN AMRO Bank NV        1.1150 03/03/2042  EUR   73.201
City of Lausanne Swit   0.0500 9/28/2054   CHF   51.322
Vnesheconombank Via V   6.0250 07/05/2022  USD    5.212
Kreditanstalt fuer Wi   1.1000 9/16/2051   EUR   67.661
JAB Holdings BV         3.7500 5/28/2051   USD   61.788
Lehman Brothers UK Ca   5.7500             EUR    7.000
Signa Development Fin   5.5000 7/23/2026   EUR   65.733
DZ Bank AG Deutsche Z   0.1900 1/14/2031   EUR   73.537
Deutsche Bahn Finance   0.1000 1/28/2036   CHF   73.225
Kingdom of Belgium Go   0.6500 6/22/2071   EUR   46.772
German Pellets GmbH     7.250011/27/2019   EUR    1.505
Cooperatieve Rabobank   0.500011/30/2027   MXN   59.048
LIB-Landesimmobilien    0.6200 7/15/2041   EUR   67.211
Affinity Water Financ   3.2780 8/22/2042   GBP   72.379
State Savings Bank of  10.1863 1/19/2024   USD   33.578
City of Zurich Switze   0.250011/24/2051   CHF   63.240
Pfandbriefzentrale de   0.0500 10/06/2043  CHF   65.030
Credit Bank of Moscow   4.7000 1/29/2025   USD   25.598
Credit Suisse AG/Lond   2.3000 9/24/2031   USD   71.313
Autostrade per l'Ital   3.2400 06/10/2034  EUR   71.922
Kommunekredit           0.5000 7/30/2027   TRY   19.198
BPCE SA                 3.582010/19/2042   USD   67.141
Caisse Francaise de F   0.1250 2/15/2036   EUR   68.403
Norwegian Air Shuttle   6.375011/15/2024   USD   48.071
Depfa Funding III LP    2.0560             EUR   53.220
UBS AG/London          10.0000 3/23/2026   USD   46.000
Luzerner Kantonalbank   0.5000 7/26/2041   CHF   72.602
French Republic Gover   0.7500 5/25/2053   EUR   58.842
Free State of Saxony    0.010012/17/2035   EUR   69.092
Credit Suisse AG/Lond   2.6000 1/27/2032   USD   72.667
Metinvest BV            5.6250 6/17/2025   EUR   47.945
Nederlandse Waterscha   1.9000 1/31/2035   AUD   68.013
Russian Federal Bond    0.2500 7/20/2044   RUB   14.481
Alfa Bank AO Via Alfa   5.9500 4/15/2030   USD    7.584
Free and Hanseatic Ci   0.2000 09/03/2049  EUR   55.308
Kleopatra Holdings 2    6.5000 09/01/2026  EUR   65.735
Romanian Government I   2.0000 1/28/2032   EUR   64.513
MFB Magyar Fejlesztes   4.600010/24/2029   HUF   69.937
UBS AG/London           0.904011/23/2025   EUR   58.500
Haya Holdco 2 PLC       9.542011/30/2025   EUR   63.511
BAE Systems PLC         3.0000 9/15/2050   USD   66.902
Jain International Tr   7.1250 3/31/2026   USD   27.543
Realkredit Danmark A/   0.5000 10/01/2053  DKK   65.089
Virgolino de Oliveira  11.7500 02/09/2022  USD    0.448
Romanian Government I   3.3750 1/28/2050   EUR   54.843
Offshore Drilling Hol   8.3750 9/20/2020   USD    3.858
Cooperatieve Rabobank   0.5000 8/21/2028   MXN   54.394
Nordea Kredit Realkre   0.5000 10/01/2053  DKK   63.853
Hungary Government In   3.1250 9/21/2051   USD   56.238
niiio finance group A   4.0000 5/31/2026   EUR   30.660
ALROSA Finance SA       3.1000 6/25/2027   USD   10.000
Caisse des Depots et    1.1140 9/20/2049   EUR   72.786
Vasakronan AB           1.1300 5/27/2042   JPY   74.967
MS Deutschland Beteil   6.875012/18/2017   EUR    0.210
Energizer Gamma Acqui   3.5000 6/30/2029   EUR   73.197
Bestjobs Recrutare SA   5.8000 5/20/2026   EUR   73.011
Serbia International    2.0500 9/23/2036   EUR   56.818
LFA Foerderbank Bayer   0.0500 9/29/2034   EUR   71.625
Valiant Bank AG         0.1250 12/04/2034  CHF   73.892
Romanian Government I   2.6250 12/02/2040  EUR   54.353
AXA Bank Europe SCF     0.2500 06/09/2040  EUR   63.626
Virgin Media Finance    3.7500 7/15/2030   EUR   72.650
Pfandbriefzentrale de   0.0200 1/30/2040   CHF   68.524
BPCE SFH SA             0.3750 3/18/2041   EUR   64.715
Raiffeisen Landesbank   0.2500 03/04/2036  EUR   69.560
Vasakronan AB           1.770010/26/2033   NOK   69.535
Credit Bank of Moscow   5.5500 2/14/2023   USD   21.239
Free and Hanseatic Ci   0.400011/23/2051   EUR   57.801
Muenchener Hypotheken   0.1250 09/05/2035  EUR   69.972
Canton of Zurich        0.1000 6/23/2045   CHF   66.465
Nordea Kredit Realkre   0.5000 10/01/2050  DKK   66.068
Credit Bank of Moscow   8.8750             USD   12.273
Mobilux Finance SAS     4.2500 7/15/2028   EUR   69.887
RHP Finance PLC         3.2500 02/05/2048  GBP   70.051
OGX Austria GmbH        8.5000 06/01/2018  USD    0.002
Commerzbank AG          2.5650 5/15/2043   EUR   66.509
Ahtium PLC              4.000012/16/2015   EUR    0.586
Banco de Sabadell SA    3.1500 3/30/2037   EUR   57.334
Region de Bruxelles-C   1.4000 03/11/2054  EUR   65.901
A-TEC Industries AG     8.750010/27/2014   EUR    0.100
Cooperatieve Rabobank   0.500012/29/2027   MXN   58.209
DLR Kredit A/S          1.0000 10/01/2053  DKK   66.335
Raiffeisenlandesbank    0.5000 1/22/2035   EUR   73.894
Junta de Castilla y L   1.270010/31/2044   EUR   65.182
V-Bank AG               4.0000             EUR   68.186
Luzerner Kantonalbank   0.2500 8/28/2040   CHF   69.992
National Grid Electri   1.6900 9/16/2041   GBP   51.857
Turkey Government Int   6.5000 9/20/2033   USD   73.123
DNB Boligkreditt AS     0.9800 6/20/2044   EUR   68.805
Credit Bank of Moscow   7.6250             USD   15.483
Land Thueringen         0.2000 09/12/2039  EUR   65.421
Havila Shipping ASA     5.4100 01/02/2025  NOK   31.237
Prosus NV               2.0850 1/19/2030   EUR   73.126
Phosphorus Holdco PLC  10.0000 04/01/2019  GBP    1.312
Nestle Hungaria Kft     1.7500 5/31/2028   HUF   59.000
Hungary Government Bo   1.000011/26/2025   HUF   72.884
State of North Rhine-   1.000010/16/2046   EUR   72.365
Matalan Finance PLC     6.7500 1/31/2023   GBP   73.891
Interpipe Holdings PL   8.3750 5/13/2026   USD   40.000
Ile-de-France Mobilit   0.200011/16/2035   EUR   69.475
SAG Solarstrom AG       6.250012/14/2015   EUR   31.000
Rena GmbH               7.000012/15/2015   EUR    0.056
Romanian Government I   4.0000 2/14/2051   USD   60.631
Single Platform Inves   0.5590 2/15/2047   EUR   49.851
Jaguar Land Rover Aut   4.5000 7/15/2028   EUR   69.022
Deutsche Bank AG        0.9500 09/01/2028  GBP   71.623
Caixa Economica Monte   5.0000             EUR   51.520
Virgin Media Secured    4.1250 8/15/2030   GBP   66.451
Banque Cantonale de F   0.1000 11/01/2044  CHF   61.847
Boparan Finance PLC     7.625011/30/2025   GBP   69.417
Anglo American Capita   3.9500 09/10/2050  USD   71.233
Republic of Armenia I   3.9500 9/26/2029   USD   74.318
Turkey Government Int   6.0000 1/14/2041   USD   63.293
Raiffeisen Bank Inter   0.3700 02/03/2033  EUR   62.890
Ahtium PLC              9.7500 04/04/2017  EUR    0.726
Wrekin Housing Group    2.500010/22/2048   GBP   58.560
Kommunekredit           0.8690 11/12/2043  SEK   61.474
Free and Hanseatic Ci   0.0100 11/05/2035  EUR   69.302
Region Hauts-de-Franc   0.4020 2/18/2043   EUR   59.202
WEPA Hygieneprodukte    2.875012/15/2027   EUR   73.400
Jyske Realkredit A/S    1.0000 10/01/2053  DKK   60.286
Assistance Publique H   0.4900 9/30/2040   EUR   63.945
Compact Bidco BV        5.7500 05/01/2026  EUR   72.625
Sovcombank Via SovCom   3.4000 1/26/2025   USD    5.279
Sairgroup Finance BV    6.6250 10/06/2010  EUR    1.964
Banca Popolare di Vic   2.821012/20/2017   EUR    0.396
Bromford Housing Grou   2.5540 3/17/2054   GBP   57.365
Norske Skogindustrier   2.000012/30/2115   EUR    0.113
Societe Generale SA    16.0000 07/03/2024  USD    8.700
Muenchener Hypotheken   0.125011/19/2030   EUR   72.806
Landeskreditbank Bade   0.610011/17/2050   EUR   62.824
State of Bremen         0.1500 9/14/2040   EUR   63.389
MMC Norilsk Nickel OJ   2.5500 09/11/2025  USD   55.379
Bayerische Landesbank   1.5500 2/13/2040   EUR   55.676
Alno AG                 8.0000 3/21/2019   EUR   16.000
Nordea Kredit Realkre   2.0000 10/01/2053  DKK   74.155
Air Berlin Finance BV   8.5000 03/06/2019  EUR    0.298
Bank Gospodarstwa Kra   2.0000 11/03/2036  EUR   71.354
Deutsche Bank AG        1.5000 2/26/2028   USD   73.170
Bank Nadra Via NDR Fi   8.2500 7/31/2018   USD    0.208
State of Lower Saxony   0.0500 03/09/2035  EUR   71.489
Credit Bank of Moscow   3.8750 9/21/2026   USD   20.256
Ukraine Government In  15.8400 2/26/2025   UAH   58.337
Siemens Financierings   2.8750 03/11/2041  USD   73.706
Prosus NV               2.0310 08/03/2032  EUR   65.663
Land Berlin             0.6250 7/15/2039   EUR   71.499
Penarian Housing Fina   3.2120 06/07/2052  GBP   68.864
Pfandbriefbank schwei   0.5000 6/22/2040   CHF   75.218
Walliser Kantonalbank   0.0100 03/12/2035  CHF   72.834
Banco Santander SA      0.1800 6/22/2031   EUR   70.543
FLUVIUS System Operat   0.8100 04/08/2033  EUR   70.584
Novafives SAS           5.0000 6/15/2025   EUR   66.875
Autonomous Community    1.8500 5/13/2061   EUR   59.897
Northern Electric Fin   2.7500 5/24/2049   GBP   61.297
BASF SE                 1.0250 8/13/2048   JPY   73.350
Pro-Gest SpA            3.250012/15/2024   EUR   70.727
Landesbank Baden-Wuer   0.500011/25/2030   EUR   73.446
TBI Bank EAD            5.2500 7/30/2031   EUR   55.406
United Kingdom Gilt     1.625010/22/2071   GBP   53.057
Kreditanstalt fuer Wi   0.6130 06/10/2040  EUR   65.697
SAG Solarstrom AG       7.5000 07/10/2017  EUR   31.000
Landesbank Baden-Wuer   0.4000 07/02/2031  EUR   70.845
Republic of Armenia I   3.6000 02/02/2031  USD   70.680
Societe Nationale SNC   1.2800 3/27/2120   EUR   42.260
VON Der Heydt Securit   1.0000 4/30/2031   EUR   70.278
Jyske Realkredit A/S    2.0000 10/01/2053  DKK   74.080
Grenke Finance PLC      2.0400 4/16/2029   EUR   70.285
Sanctuary Capital PLC   2.4812 11/12/2037  GBP   70.593
Regie Autonome des Tr   0.9380 5/25/2050   EUR   58.548
Polyus Finance PLC      3.250010/14/2028   USD   44.500
Single Platform Inves   0.4190 2/15/2040   EUR   56.633
Romanian Government I   3.7500 02/07/2034  EUR   73.190
MMC Norilsk Nickel OJ   3.375010/28/2024   USD   51.000
Land Berlin             0.125011/24/2045   EUR   57.521
Transmission Finance    2.701010/16/2037   EUR   73.630
Elli Investments Ltd   12.2500 6/15/2020   GBP   52.250
JAB Holdings BV         4.5000 04/08/2052  USD   68.383
Romania Government Bo   4.7500 10/11/2034  RON   72.109
DekaBank Deutsche Gir   7.6500 03/10/2023  EUR   34.650
4iG Nyrt                6.000012/17/2031   HUF   75.940
Dtek Renewables Finan   8.5000 11/12/2024  EUR   36.062
HSBC Bank PLC           2.015011/24/2036   EUR   70.827
Romanian Government I   4.6250 04/03/2049  EUR   69.079
Single Platform Inves   0.4275 2/15/2040   EUR   56.931
Communaute Francaise    1.0400 7/19/2101   EUR   51.068
UniCredit Bank AG       0.428011/19/2029   EUR   74.343
Deutsche Bahn Finance   3.1000 5/20/2041   AUD   72.860
DZ Bank AG Deutsche Z  10.0000 6/23/2023   EUR   60.080
Van Lanschot Kempen N   1.4100 04/04/2024  EUR   25.000
Premium Green PLC       1.0000 7/25/2040   EUR   63.554
Region de Bruxelles-C   1.1000 5/25/2051   EUR   62.819
Landesbank Hessen-Thu   1.2000 9/17/2036   EUR   64.850
ISP Group AG            5.2500             CHF   73.677
Norwegian Air Shuttle   7.5000 11/10/2023  USD   74.286
Assa Abloy AB           0.6500 8/28/2034   EUR   70.405
State of Brandenburg    0.1250 1/26/2046   EUR   57.449
Norwegian Air Shuttle   7.5000 11/10/2023  USD   74.286
JAB Holdings BV         2.000012/19/2039   EUR   72.635
Barclays Bank PLC       5.0000 11/01/2029  BRL   67.991
Batigere Grand Est SA   1.610010/23/2040   EUR   58.821
Vilogia SA d'HLM        1.5000 08/07/2034  EUR   69.321
Assistance Publique H   1.0990 04/06/2071  EUR   49.573
Agrokor dd              8.8750 02/01/2020  USD   15.000
Sibur Securities DAC    4.1250 10/05/2023  USD   34.094
German Pellets GmbH     7.2500 07/09/2018  EUR    1.505
Caisse de Refinanceme   0.2500 02/07/2035  EUR   72.002
Italy Buoni Poliennal   2.4500 09/01/2050  EUR   71.943
DZ Bank AG Deutsche Z   1.0550 03/11/2031  EUR   71.159
Single Platform Inves   0.3630 2/15/2041   EUR   54.227
BNP Paribas SA          1.5900 2/23/2051   EUR   61.916
Deutsche Bank AG        0.5000 9/16/2031   EUR   73.671
SG Issuer SA            5.0000 5/30/2029   EUR   36.940
Region of Centre-Val    0.7120 12/03/2039  EUR   68.204
UniCredit SpA           0.725011/27/2030   EUR   67.449
Land Thueringen         0.1250 1/13/2051   EUR   53.087
Muenchener Hypotheken   0.5680 6/15/2032   EUR   71.432
Barclays Bank PLC       0.5000 1/28/2033   MXN   30.362
BPCE SA                 2.2500 3/13/2040   AUD   52.716
United Kingdom Gilt     1.5000 7/22/2047   GBP   59.771
Credit Suisse AG/Nass   3.750010/20/2036   USD   72.710
Mobile Telesystems OJ   5.0000 5/30/2023   USD   25.217
Communaute Francaise    0.6260 8/24/2040   EUR   65.394
Takko Luxembourg 2 SC   6.528011/15/2023   EUR   67.859
Romanian Government I   2.1240 7/16/2031   EUR   66.950
Norske Skog Holding A   8.0000 2/24/2021   EUR    0.006
Jyske Realkredit A/S    0.5000 10/01/2053  DKK   65.169
Ideal Standard Intern   6.3750 7/30/2026   EUR   56.509
Canton of Geneva Swit   0.6000 07/04/2046  CHF   72.545
Caisse des Depots et    1.0150 7/22/2050   EUR   70.811
Kingdom of Belgium Go   1.1700 05/12/2121  EUR   43.863
Republic of Ireland I   0.8350 07/08/2080  EUR   49.468
State of Bremen         0.5000 05/06/2041  EUR   67.464
Proximus SADP           1.5000 5/14/2040   EUR   71.753
Hemso Fastighets AB     1.130010/31/2039   EUR   63.310
LFA Foerderbank Bayer   0.2500 3/19/2037   EUR   69.220
Single Platform Inves   0.8870 9/20/2039   EUR   63.355
BCP V Modular Service   6.750011/30/2029   EUR   72.000
MMC Norilsk Nickel OJ   2.800010/27/2026   USD   50.983
Orient Express Bank P   2.0000             USD   19.405
Aareal Bank AG          1.8800 4/15/2030   EUR   74.299
Ukraine Government In   9.7900 5/26/2027   UAH   55.424
Royal Schiphol Group    2.890010/25/2034   AUD   71.527
Ile-de-France Mobilit   1.5860 2/23/2052   EUR   74.165
State of North Rhine-   1.8500 3/18/2089   EUR   68.261
Ile-de-France Mobilit   1.2000 04/08/2050  EUR   65.290
MFB Magyar Fejlesztes   4.2000 4/20/2033   HUF   63.014
Ministeries Van de Vl   0.634011/19/2060   EUR   47.580
Single Platform Inves   0.800012/20/2040   EUR   60.711
Grenke Finance PLC      0.8190 2/15/2030   EUR   69.888
Engie SA                2.750011/20/2045   EUR   73.775
GTC Magyarorszag Zrt    2.2500 12/07/2030  HUF   60.270
State of Rhineland-Pa   0.3750 03/10/2051  EUR   57.569
Grupo Isolux Corsan S   1.000012/30/2021   EUR    0.156
Malta Government Bond   2.0000 07/10/2051  EUR   71.220
UniCredit SpA           3.1270 06/03/2032  USD   72.903
Heimstaden Bostad AB    2.8000 05/04/2035  EUR   69.946
Credit Bank of Moscow   7.1210 6/25/2024   USD   21.126
Landeskreditbank Bade   2.5000 5/21/2036   AUD   72.076
Cie de Financement Fo   0.9750 08/11/2046  EUR   69.214
Autonomous Community    1.255010/31/2048   EUR   60.785
4iG Nyrt                2.9000 3/29/2031   HUF   62.790
GN Store Nord AS        3.200011/26/2036   GBP   69.477
Alfa Bank AO Via Alfa   5.500010/26/2031   USD    7.906
Ukraine Government In  12.5200 5/13/2026   UAH   59.134
Autonomous Community    1.5150 6/21/2051   EUR   62.610
Heimstaden Bostad AB    2.8000 05/04/2035  EUR   71.110
Anglian Water Service   1.760011/13/2035   GBP   65.349
British Telecommunica   3.9240 6/25/2042   GBP   70.768
Jyske Realkredit A/S    0.5000 10/01/2043  DKK   74.357
SNCF Reseau             1.4250 8/14/2119   EUR   47.558
Deutsche Telekom AG     3.5000 09/06/2039  AUD   71.439
State of Lower Saxony   0.2500 4/15/2036   EUR   71.193
Deutsche Pfandbriefba   0.9060 03/04/2050  EUR   68.779
BPCE SA                 1.9800 10/06/2030  AUD   70.168
Hungary Government Bo   3.0000 4/25/2041   HUF   47.418
OTP Munkavallalok Ii    4.5000 7/14/2031   HUF   65.170
Landesbank Baden-Wuer   7.0700 1/27/2023   EUR   70.520
Veragold Mining Co Gm   5.000012/31/2022   EUR   45.000
Republic of Armenia I   3.9500 9/26/2029   USD   73.861
State of Brandenburg    0.600010/13/2051   EUR   62.104
Land Berlin             0.1000 1/18/2041   EUR   62.425
Kommunekredit           0.1000 9/30/2033   DKK   74.287
Single Platform Inves   0.7674 2/15/2041   EUR   59.592
Kopaszi Gat Kft         5.7500 1/31/2032   HUF   74.460
Land Berlin             0.0500 08/06/2040  EUR   62.219
State of Bremen         0.4500 2/24/2051   EUR   59.415
State of Lower Austri   1.0000 9/15/2121   EUR   44.758
Malta Government Bond   2.4000 8/13/2052   EUR   74.330
Raiffeisen Switzerlan   7.0500 5/22/2023   EUR   63.560
AMATHEON AGRI Holding   5.0000 1/22/2025   EUR   70.000
SiC Processing GmbH     7.1250 03/01/2016  EUR    0.803
JDE Peet's NV           2.2500 9/24/2031   USD   74.700
United Kingdom Gilt     0.500010/22/2061   GBP   33.760
Societe Generale SA     3.9200 12/09/2036  AUD   69.905
Sibur Securities DAC    3.4500 9/23/2024   USD   33.799
Banque Federative du    0.376010/15/2031   EUR   72.321
Communaute Francaise    0.7500 02/04/2061  EUR   46.882
Ukraine Government In  12.5200 5/13/2026   UAH   59.134
VTB Bank PJSC           3.7500             EUR   60.000
Societe Generale SFH    0.5700 3/15/2036   EUR   72.444
Region Bretagne SCI     0.5440 12/07/2036  EUR   71.407
Novolipetsk Steel Via   1.4500 06/02/2026  EUR   57.740
Malta Government Bond   1.4000 8/20/2046   EUR   65.060
Societe Generale SA    15.2600 5/22/2023   USD   43.650
Cirio Del Monte NV      7.7500 3/14/2005   EUR    0.397
Societe Generale SA     0.831011/25/2031   EUR   68.446
getgoods.de AG          7.7500 10/02/2017  EUR    0.527
Deutsche Pfandbriefba   1.340010/16/2051   EUR   72.078
Magyar Export-Import    1.650011/26/2025   HUF   70.831
Societe Generale SA     2.3600 5/25/2031   USD   72.761
Republic of Austria G   0.1000 07/10/2040  EUR   63.317
HSE Finance Sarl        5.625010/15/2026   EUR   70.583
Windreich GmbH          6.2500 03/01/2015  EUR    4.475
Kuntarahoitus Oyj       0.9400 06/09/2064  EUR   73.855
Landesbank Baden-Wuer   1.0500 7/17/2034   EUR   66.862
STAVMAT Epitoanyag Ke   3.0000 7/20/2031   HUF   60.900
Deutsche Bank AG        1.750010/30/2028   USD   70.710
Batigere Grand Est SA   1.500012/15/2051   EUR   50.756
Bank Vontobel AG        8.000012/19/2022   EUR   28.000
Region Auvergne-Rhone   0.5430 9/28/2036   EUR   71.384
Societe Generale SFH    0.6500 6/23/2035   EUR   74.067
Mondelez Internationa   1.2500 09/09/2041  EUR   63.177
Gecci Investment KG     6.0000 10/01/2027  EUR   31.078
MFB Magyar Fejlesztes   3.000010/27/2027   HUF   70.859
Barclays Bank PLC       2.070012/18/2035   USD   64.296
Banco Espirito Santo    6.9000 6/28/2024   EUR   16.414
UBS AG/London           1.6000 4/18/2049   EUR   71.704
Veneto Banca SpA        6.4110             EUR    0.345
Lloyds Bank PLC         0.5000 7/26/2028   MXN   54.970
Single Platform Inves   1.8650 2/15/2046   EUR   69.857
Thames Water Utilitie   2.0600 11/12/2030  USD   74.684
Commerzbank AG          2.3500 2/24/2042   EUR   67.284
CDC Habitat SEM         0.8140 2/15/2040   EUR   53.317
Basque Government       2.0000 4/30/2059   EUR   66.299
CDC Habitat SEM         1.0430 05/12/2036  EUR   63.936
KTG Agrar SE            7.250010/15/2019   EUR    2.007
BNP Paribas Emissions   5.1500 11/04/2022  USD   70.070
Pfandbriefbank schwei   0.3750 6/15/2046   CHF   69.247
State of Brandenburg    0.500011/21/2039   EUR   69.461
DekaBank Deutsche Gir   1.100011/25/2030   EUR   72.397
Region of Pays de la    0.877010/28/2041   EUR   69.020
Free and Hanseatic Ci   0.3000 9/16/2050   EUR   56.594
Malta Government Bond   1.500010/22/2045   EUR   67.070
Jyske Realkredit A/S    0.5000 10/01/2050  DKK   65.953
Spain Government Bond   1.200010/31/2040   EUR   70.759
Kuntarahoitus Oyj       0.5140 10/07/2039  EUR   70.537
Depfa Funding II LP     6.5000             EUR   57.625
Single Platform Inves   0.7445 2/15/2047   EUR   52.777
Credit Suisse AG/Lond   9.0000 4/22/2024   USD   32.640
Deutsche Bank AG        2.4000 2/25/2032   EUR   74.230
JP Morgan Structured   11.000012/30/2026   ZMW #N/A N/A
Basler Kantonalbank    10.8400 3/28/2023   EUR   71.080
Ukraine Government In  10.0000 8/23/2023   UAH   58.875
La Banque Postale Hom   0.6400 1/27/2042   EUR   68.566
NIBC Bank NV            0.4600 7/19/2029   EUR   71.131
Solon SE                1.3750 12/06/2012  EUR    0.745
Prosus NV               1.9850 7/13/2033   EUR   62.985
Akademiska Hus AB       1.2520 2/13/2043   SEK   60.792
Windreich GmbH          6.7500 03/01/2015  EUR    4.475
Russian Agricultural    8.500010/16/2023   USD   13.519
Golden Gate AG          6.5000 10/11/2014  EUR   32.000
Hemso Fastighets AB     1.8000 05/05/2032  EUR   73.372
Region de Bruxelles-C   1.5000 6/22/2070   EUR   65.149
Societe Generale SA    12.0000 09/05/2024  USD   66.700
Barclays Bank PLC       1.5804 04/12/2039  EUR   69.900
International Bank of   8.2500 10/09/2024  USD   60.375
Malta Government Bond   1.8000 8/28/2051   EUR   67.050
Mox Telecom AG          7.2500 11/02/2017  EUR    2.270
Canton of Neuchatel     0.3500 7/14/2050   CHF   62.310
Ukraine Government In  14.9100 10/12/2022  UAH   58.875
Home Invest Belgium S   1.8500 1/15/2032   EUR   74.039
BNP Paribas SA          3.5800 7/23/2040   AUD   72.325
Region Wallonne Belgi   1.0000 9/16/2059   EUR   54.188
Region Nouvelle-Aquit   0.814011/22/2044   EUR   63.419
Region de Bruxelles-C   0.7650 7/15/2052   EUR   55.125
DZ Bank AG Deutsche Z   2.000012/29/2031   EUR   66.990
Assistance Publique H   0.6660 3/19/2040   EUR   67.150
Ukraine Government In  11.100011/23/2022   UAH   58.875
Societe Generale SA    16.0000 07/03/2024  USD   16.550
Credit Agricole Corpo   1.5500 09/08/2031  AUD   72.636
DNB Bank ASA            1.1850 1/14/2038   EUR   67.775
Ukraine Government In  16.0000 5/24/2023   UAH   58.875
Kreditanstalt fuer Wi   1.2710 5/20/2051   EUR   73.960
Allgemeine Sparkasse    2.5000 1/27/2034   EUR   73.508
Single Platform Inves   0.6555 9/20/2050   EUR   47.934
Peine GmbH              2.0000 07/05/2023  EUR   44.500
Ukraine Government In   7.2530 3/15/2035   USD   19.000
UniCredit Bank AG       6.6000 7/20/2028   EUR    0.640
United Utilities Wate   1.4740 8/24/2031   USD   69.894
Grand City Properties   2.8000 2/25/2039   EUR   70.548
Single Platform Inves   1.7850 7/30/2042   EUR   71.604
Barclays Bank PLC       5.2500 11/08/2023  USD    8.977
City of Lausanne Swit   0.2300 11/01/2060  CHF   51.705
Novolipetsk Steel Via   4.5000 6/15/2023   USD   61.693
Region Wallonne Belgi   1.2250 09/02/2120  EUR   44.559
Deutsche Pfandbriefba   0.4750 10/11/2028  EUR   74.450
Nordea Hypotek AB       2.250010/15/2048   SEK   72.739
Portugal Telecom Inte   5.2420 11/06/2017  EUR    0.694
Republic of Armenia I   3.6000 02/02/2031  USD   70.046
Spain Government Bond   0.8500 7/30/2037   EUR   70.706
Nomura Bank Internati   1.1300 4/23/2036   EUR   67.054
Communaute Francaise    1.5810 1/23/2120   EUR   52.994
Ville de Paris          1.1650 06/09/2053  EUR   62.616
Raiffeisen Switzerlan   9.3500 02/07/2023  CHF   72.610
Erotik-Abwicklungsges   7.7500 07/09/2019  EUR    0.779
Bulgaria Steel Financ  12.0000 05/04/2013  EUR    0.216
Spain Government Bond   1.450010/31/2071   EUR   51.723
Assistance Publique H   1.1830 4/16/2050   EUR   64.553
Thomas Cook Finance 2   3.8750 7/15/2023   EUR    1.285
Landesbank Baden-Wuer   1.6000 04/03/2039  EUR   70.890
Slovenia Government B   0.487510/20/2050   EUR   50.349
Uliving@Essex2 Issuer   0.1000 8/31/2063   GBP   70.752
HSBC Holdings PLC       0.9500 12/09/2032  EUR   71.264
Spain Government Bond   1.000010/31/2050   EUR   57.332
Landesbank Hessen-Thu   0.8500 03/12/2035  EUR   68.778
Vontobel Financial Pr   5.8500 1/27/2023   EUR   72.560
Rusal Capital DAC       4.8500 02/01/2023  USD   42.202
Department of L'Eure    0.959011/25/2037   EUR   74.441
Nordea Eiendomskredit   2.2000 6/17/2043   NOK   73.144
Basler Kantonalbank     7.000012/16/2022   CHF   72.590
CDC Habitat SEM         1.0600 5/22/2036   EUR   64.407
ING Bank NV             2.8300 9/28/2051   USD   65.263
Agence Francaise de D   2.3300 02/10/2041  AUD   63.798
Grand Delta Habitat     1.6300 03/06/2045  EUR   55.148
Nostrum Oil & Gas Fin   8.0000 7/25/2022   USD   26.405
Romanian Government I   2.0000 4/14/2033   EUR   62.047
Steilmann SE            6.7500 6/27/2017   EUR    2.184
French Republic Gover   0.5000 5/25/2072   EUR   42.858
Kantonsspital St Gall   0.3000 9/30/2036   CHF   72.000
Sparekassen Bredebro    3.7500 4/15/2031   DKK   69.800
Credit Suisse AG        0.500012/16/2025   BRL   69.532
Single Platform Inves   0.9300 2/15/2045   EUR   56.493
Ukraine Government In   9.7900 5/26/2027   UAH   55.424
OTP Munkavallalok I s   4.5000 7/14/2031   HUF   65.170
State of Lower Austri   0.8150 9/22/2056   EUR   58.592
Credit Agricole SA      3.4500 03/04/2041  AUD   56.061
State of Saarland       0.0500 11/05/2040  EUR   62.153
Rio Forte Investments   4.0000 7/22/2014   EUR    3.845
Nykredit Realkredit A   1.0000 10/01/2050  DKK   69.927
Agrokor dd Via Aquari   4.9210 08/08/2017  EUR   14.625
Department of Gironde   0.4180 11/12/2041  EUR   61.236
BNP Paribas SA          0.5000 9/29/2029   AUD   70.301
Sonnedix Energy Tau S   2.200012/31/2038   EUR   72.000
JP Morgan Structured   12.0000 8/28/2026   ZMW #N/A N/A
Caisse Francaise de F   0.510011/19/2040   EUR   67.050
Autonomous Community    1.138011/22/2052   EUR   54.203
NTRP Via Interpipe Lt  10.2500 08/02/2017  USD   26.500
Republic of Ireland I   0.740011/27/2120   EUR   34.231
HSBC Bank PLC           2.2300 09/06/2047  EUR   66.524
Nederlandse Waterscha   1.551011/24/2061   EUR   73.996
NRW Bank                1.4000 3/19/2070   EUR   68.626
Communaute Francaise    0.7490 9/16/2080   EUR   54.304
ING Bank NV             0.3350 4/21/2036   EUR   68.959
Ukraine Government In   7.7500 09/01/2027  USD   20.349
Housing & Care 21       3.2880 11/08/2049  GBP   69.682
Single Platform Inves   1.7150 2/15/2041   EUR   74.164
Muenchener Hypotheken   1.3000 05/07/2061  EUR   67.920
Pescanova SA            5.1250 4/20/2017   EUR    0.319
Deutsche Agrar Holdin   7.2500 9/28/2018   EUR    0.718
Communaute Francaise    0.8860 6/22/2057   EUR   52.276
MOL Hungarian Oil & G   1.1000 9/22/2030   HUF   47.000
Heta Asset Resolution   1.136012/31/2023   EUR    1.270
Ville de Paris          1.1650 06/09/2053  EUR   62.776
Parnassia Groep BV      1.2100 12/01/2033  EUR   73.550
Rusal Capital DAC       5.3000 05/03/2023  USD   41.124
CDC Habitat SEM         0.8530 2/15/2041   EUR   52.515
UBS AG/London           9.7500 3/17/2023   CHF   37.650
Hamburg Commercial Ba   0.550011/20/2028   EUR   74.018
Steilmann SE            7.0000 03/09/2017  EUR    1.429
Republic of Ireland I   0.7400 9/22/2078   EUR   47.344
International Finance   0.5000 6/29/2027   ZAR   63.512
Kreditanstalt fuer Wi   1.1750 4/14/2051   EUR   73.873
Ville de Paris          0.9630 06/08/2050  EUR   60.947
Deutsche Pfandbriefba   1.8500 9/20/2032   EUR   68.704
Single Platform Inves   1.2500 8/15/2051   EUR   59.203
Ville de Paris          0.8500 08/04/2051  EUR   58.528
La Veggia Finance SA    7.125011/14/2004   EUR    0.287
Hemso Fastighets AB     0.4730 2/18/2030   EUR   70.856
BNG Bank NV            10.0100 6/17/2025   TRY   49.039
Free State of Bavaria   0.0100 3/28/2036   EUR   67.982
BOA Offshore AS         0.4087 7/17/2047   NOK    5.225
Ukreximbank Via Biz F  10.4256 02/09/2023  USD   30.752
Decipher Production L  12.5000 9/27/2019   USD    1.500
Kernel Holding SA       6.500010/17/2024   USD   43.305
UniCredit Bank AG       4.1000 10/04/2024  EUR   70.300
DZ Bank AG Deutsche Z   0.660011/23/2035   EUR   69.151
Comunidad Foral de Na   1.4500 05/08/2040  EUR   72.479
Republic of Ireland I   0.9950 2/24/2121   EUR   45.178
Assistance Publique H   1.0730 4/16/2045   EUR   67.144
Societe Generale SA    24.0000 8/30/2024   USD   37.250
Credit Suisse Interna   9.5000 3/24/2026   UAH   74.900
National Grid Electri   2.0370 2/15/2039   EUR   72.388
Centrosolar Group AG    7.0000 2/15/2016   EUR    2.505
Chelyabinsk Pipe Plan   4.5000 9/19/2024   USD   15.146
Deutsche Bank AG/Lond   2.2000 4/14/2023   EUR   49.850
CDC Habitat SEM         1.7000 3/21/2039   EUR   64.942
Thomas Cook Group PLC   6.2500 6/15/2022   EUR    0.185
AB Booster Capital Lt   2.0000 03/08/2032  USD   69.792
Societe Generale SA    12.0000 7/14/2026   USD   25.900
Societe Generale SA    11.0000 7/14/2026   USD   16.000
Banque Internationale   8.0000 11/08/2023  USD   62.910
Foodco Bondco SA        6.2500 5/15/2026   EUR   72.792
Societe Nationale SNC   1.4000 5/18/2120   EUR   43.841
Kreditanstalt fuer Wi   0.8200 4/15/2050   EUR   72.196
Commerzbank AG          1.4000 7/21/2031   EUR   73.491
Getin Noble Bank SA    11.0700 4/28/2023   PLN   51.314
Region Nouvelle-Aquit   0.7770 05/12/2041  EUR   67.004
State of Rhineland-Pa   0.3750 04/01/2041  EUR   66.261
State of Lower Austri   0.4600 10/08/2049  EUR   55.229
State of Brandenburg    0.3000 10/04/2049  EUR   57.090
Elecnor SA              3.0250 9/30/2035   EUR   71.401
Free State of Saxony    0.4000 05/12/2036  EUR   72.693
Turkey Government Int   6.6250 2/17/2045   USD   66.303
VTB Bank PJSC           5.0000             USD   63.000
Alteo Nyrt              3.150010/28/2029   HUF   55.900
Andrade Gutierrez Int  11.0000 8/20/2021   USD   54.633
Italy Buoni Poliennal   1.5000 4/30/2045   EUR   61.249
Ukraine Government Bo   3.9000 10/05/2023  USD   50.023
MFB Magyar Fejlesztes   2.900010/22/2031   HUF   59.780
Landesbank Baden-Wuer   0.3270 05/07/2038  EUR   65.821
MFB Magyar Fejlesztes   1.9000 4/22/2026   HUF   71.805
Kingdom of Belgium Go   0.4586 7/23/2079   EUR   32.372
Centre Hospitalier Re   0.8000 6/28/2041   EUR   67.152
City of Kyiv Via PBR    7.500012/15/2022   USD   34.590
Novolipetsk Steel Via   4.0000 9/21/2024   USD   60.712
Caisse des Depots et    1.0750 9/15/2050   EUR   71.906
United Kingdom Gilt     0.625010/22/2050   GBP   43.097
VTB Bank PJSC Via VTB   9.5000             USD    6.598
Italy Buoni Poliennal   0.9500 03/01/2037  EUR   65.121
SAir Group              4.2500 02/02/2007  CHF   12.324
EnBW International Fi   2.0800 1/21/2041   EUR   65.882
HSE Finance Sarl        6.071010/15/2026   EUR   70.562
Single Platform Inves   0.9075 2/15/2041   EUR   61.084
Raiffeisen Schweiz Ge   8.3400 03/07/2023  EUR   67.770
Landesbank Hessen-Thu   1.5000 10/01/2036  EUR   66.000
Duna Aszfalt Ut Es Me   2.990010/17/2029   HUF   68.000
BNG Bank NV             0.5620 06/07/2051  EUR   65.038
Batigere Grand Est SA   1.550011/14/2039   EUR   59.961
Single Platform Inves   1.1025 5/25/2052   EUR   55.496
Tonon Luxembourg SA    12.5000 5/14/2024   USD    0.399
Societe Du Grand Pari   0.575510/29/2052   EUR   52.735
German Real Estate Ca   3.0000             EUR   75.000
Avangard Bank PJSC      0.0100 2/28/2029   RUB  100.000
Societe Generale SA     2.4200 5/27/2031   USD   73.139
BNP Paribas SA          1.4000 06/04/2041  EUR   64.495
Nostrum Oil & Gas Fin   7.0000 2/16/2025   USD   24.211
Credit Mutuel Arkea S   2.0600 9/21/2038   EUR   74.307
Standard Chartered Ba   3.0400 1/18/2042   USD   71.805
Deutsche Bank AG        1.7500 04/09/2035  EUR   61.254
LR Realkredit AS        0.5000 10/01/2050  DKK   67.355
ING Bank NV             0.4650 4/21/2041   EUR   66.524
Ukraine Government In   9.9900 5/22/2024   UAH   58.875
Veneto Banca SpA        6.9440 5/15/2025   EUR    0.476
Alpine Holding GmbH     5.2500 06/10/2016  EUR    3.084
NIBC Bank NV            0.4100 1/27/2031   EUR   64.631
SCF Capital Designate   3.8500 4/26/2028   USD   19.797
OGX Austria GmbH        8.3750 04/01/2022  USD    0.002
Credit Suisse AG/Lond   5.8800 6/28/2023   USD    9.050
Resa SA/Belgium         1.9500 7/22/2036   EUR   50.010
SG Issuer SA            6.1300 1/20/2024   SEK   53.280
Assistance Publique H   0.7500 12/03/2041  EUR   67.032
MMC Norilsk Nickel OJ   4.1000 04/11/2023  USD   58.464
Caisse Francaise de F   0.726010/29/2039   EUR   70.098
Takarek Mortgage Bank   5.7500 5/27/2032   HUF   73.500
Quintet Private Bank    6.0500 5/26/2026   USD   59.260
Landesbank Hessen-Thu   1.500010/20/2036   EUR   65.200
Societe Generale SA     9.000010/31/2034   USD #N/A N/A
Single Platform Inves   1.4900 3/20/2051   EUR   61.676
HSBC Bank PLC          10.3000 12/10/2024  TRY   56.626
State of Brandenburg    0.0500 08/10/2040  EUR   62.322
Nykredit Realkredit A   1.1820 1/17/2034   EUR   66.443
Kingdom of Belgium Go   0.4000 6/22/2040   EUR   66.364
Single Platform Inves   1.2500 05/10/2044  EUR   62.120
Landshypotek Bank AB    1.6800 1/20/2042   SEK   71.123
Muenchener Hypotheken   1.6920 11/06/2051  EUR   63.245
Autonomous Community    1.6460 7/30/2060   EUR   56.860
Department of Bouches   0.810012/16/2041   EUR   66.688
Single Platform Inves   0.9500 2/15/2044   EUR   58.999
Region de Bruxelles-C   1.0650 6/22/2047   EUR   64.881
Phosphorus Holdco PLC  10.0000 04/01/2019  GBP    1.312
Societe Generale SA    11.000010/30/2036   USD   66.125
Raiffeisen Schweiz Ge   6.0000 7/19/2023   CHF   59.900
Mifa Mitteldeutsche F   7.5000 08/12/2018  EUR    2.410
Premium Green PLC       0.620010/31/2046   EUR   69.531
Lehman Brothers Treas   3.6284 3/16/2035   EUR    0.100
SG Issuer SA            8.1200 7/20/2023   SEK   52.120
Single Platform Inves   0.9460 5/25/2036   EUR   68.761
NRW Bank                1.0000 6/24/2051   EUR   67.993
Autonomous Community    1.655010/31/2050   EUR   66.673
Kuntarahoitus Oyj       0.4475 3/19/2040   EUR   62.862
Caisse des Depots et    1.0650 9/20/2049   EUR   71.834
ABN AMRO Bank NV        0.4500 12/12/2036  EUR   70.789
Hemso Fastighets AB     2.615011/30/2043   EUR   68.146
Deutsche Pfandbriefba   0.8570 9/18/2037   EUR   48.782
Veneto Banca SpA        6.9500 2/25/2025   EUR    0.476
BNG Bank NV             1.9800 4/19/2040   SEK   74.094
National Grid Electri   3.1200 12/10/2039  AUD   71.022
Specialfastigheter Sv   1.2800 9/20/2049   SEK   54.870
Santander Consumer Ba   7.0000             NOK   58.802
Nordea Hypotek AB       0.792510/22/2032   SEK   72.935
DZ Bank AG Deutsche Z   1.0000 2/13/2042   EUR   69.067
Erste Jelzalogbank zr   3.5000 5/23/2029   HUF #N/A N/A
Deutsche Bank AG/Lond  13.7500 6/20/2026   TRY   24.673
VEB-Leasing AO          7.9100 09/01/2025  RUB   61.300
Ville de Paris          0.9630 12/06/2051  EUR   58.325
Societe Du Grand Pari   1.1490 04/08/2069  EUR   55.623
Jyske Realkredit A/S    0.5000 10/01/2053  DKK   63.850
Hamburgische Investit   0.3800 2/24/2042   EUR   64.390
Canton of Neuchatel     0.3000 7/19/2039   CHF   72.073
Barclays Bank PLC       2.000012/21/2029   USD   74.385
Societe Generale SA    12.0000 9/14/2023   USD   58.750
Futureal Development    3.500011/16/2036   HUF   47.000
Vontobel Financial Pr  17.0000 9/22/2023   EUR   73.560
Skandinaviska Enskild   6.0000 7/15/2024   SEK   73.000
Grand Delta Habitat     1.2850 11/06/2040  EUR   56.092
Caisse des Depots et    0.913011/20/2050   EUR   67.628
Erste Group Bank AG     1.0100 10/07/2041  EUR   61.895
Akademiska Hus AB       2.0800 4/17/2045   SEK   70.607
Banco Santander SA      1.0000 1/14/2034   EUR   70.512
CB First Investment B   8.0000             EUR   66.141
Caisse Francaise de F   1.092510/14/2051   EUR   70.355
BPCE SA                 1.9200 12/09/2030  AUD   69.246
AK BARS Bank Via AK B   8.0000 7/13/2022   USD   30.914
Canton of Geneva Swit   0.0500 8/27/2041   CHF   67.140
Ukraine Government In   8.9940 02/01/2026  USD   19.394
Deutsche Apotheker-un   1.090012/16/2039   EUR   61.010
Dolphin Drilling ASA    4.4900 8/28/2019   NOK    0.644
Municipality of Arnhe   0.6050 2/24/2040   EUR   70.038
State of Bremen         0.5500 02/04/2050  EUR   61.744
State of Lower Austri   0.5850 10/11/2049  EUR   57.525
Region Wallonne Belgi   1.5500 4/28/2120   EUR   52.897
Ministeries Van de Vl   0.8750 06/03/2045  EUR   65.006
Landesbank Baden-Wuer   3.6284 2/20/2034   EUR   72.740
Hell Energy Magyarors   3.0000 7/28/2031   HUF   61.200
DZ Bank AG Deutsche Z   0.950012/30/2030   EUR   71.960
Skandinaviska Enskild   5.0500 1/15/2025   SEK   72.000
Virgolino de Oliveira  10.8750 1/13/2020   USD   36.000
Region Wallonne Belgi   1.2500 4/30/2055   EUR   59.716
Ile-de-France Mobilit   1.0000 12/02/2043  EUR   68.007
Deutsche Bank AG        0.5100 9/16/2031   EUR   72.062
UBS AG/London           5.5200 4/29/2041   USD   45.270
SALVATOR Vermoegensve   9.5000             EUR    6.800
Caisse Francaise de F   0.010010/19/2035   EUR   67.806
Air Berlin Finance BV   6.0000 03/06/2019  EUR    0.294
A-TEC Industries AG     2.7500 05/10/2014  EUR    0.100
Deutsche Wohnen SE      2.1250 9/26/2033   EUR   72.834
Elia Transmission Bel   1.5600 1/30/2044   EUR   72.940
Brussels Municipaliti   0.8320 3/29/2041   EUR   68.013
Aareal Bank AG          0.6250 9/16/2030   EUR   64.510
Kelag-Kaerntner Elekt   1.1500 4/16/2041   EUR   66.273
Single Platform Inves   1.3010 6/25/2044   EUR   61.706
Single Platform Inves   1.0100 3/20/2051   EUR   55.561
Novafives SAS           5.5000 6/15/2025   EUR   67.375
Ukraine Government Bo   3.7000 4/27/2023   USD   70.433
UBS AG/London           2.6300 09/03/2044  AUD   62.822
German Pellets GmbH     7.2500 04/01/2016  EUR    1.505
Ukraine Government In   7.7500 09/01/2026  USD   21.400
Netherlands Governmen   0.5000 1/15/2040   EUR   73.859
Region Wallonne Belgi   1.2200 06/12/2050  EUR   63.489
Leonteq Securities AG   3.0800 01/11/2023  USD   64.340
MOL Hungarian Oil & G   1.9000 04/12/2031  HUF   50.900
SG Issuer SA            8.7000 1/20/2025   SEK   24.680
Magyar Export-Import    2.000010/27/2027   HUF   66.454
UBS Group AG            2.4900 03/04/2036  USD   68.863
Batigere Grand Est SA   1.600011/14/2039   EUR   60.862
Caisse des Depots et    0.7500 11/06/2048  EUR   66.236
NRW Bank                1.1800 03/03/2051  EUR   74.028
Credit Agricole Corpo  17.5200 1/27/2027   TRY   61.359
Single Platform Inves   0.7800 2/15/2040   EUR   60.777
Harp Issuer PLC         1.3997 2/14/2032   USD   65.542
Batigere Grand Est SA   1.4000 8/31/2050   EUR   48.154
Communaute Francaise    1.3800 11/07/2046  EUR   68.890
Berlin Hyp AG           1.0570 2/21/2059   EUR   66.109
Saechsische Aufbauban   0.3000 2/18/2042   EUR   63.248
Land Thueringen         1.1270 04/02/2049  EUR   71.169
Landshypotek Bank AB    0.7500 2/16/2033   SEK   71.613
Landesbank Hessen-Thu   1.1500 9/22/2036   EUR   63.200
Mercedes-Benz Manufac   1.5000 3/16/2027   HUF   63.000
Vontobel Financial Pr  16.5000 6/23/2023   EUR   61.460
Nordea Bank Abp         2.5000 1/20/2027   SEK   73.370
Pongs & Zahn AG         8.5000             EUR    0.003
Department of Loiret    0.478010/30/2040   EUR   63.654
Credit Bank of Moscow   5.1500 2/20/2024   EUR   20.534
Hospices Civils de Ly   0.3800 8/28/2030   EUR   73.673
Rikshem AB              1.910011/16/2032   NOK   72.588
Pfandbriefzentrale de   0.2000 5/22/2042   CHF   68.898
New World Resources N   4.0000 10/07/2020  EUR    0.312
Intelsat Jackson Hold   9.7500 7/15/2025   USD    0.501
MFB Magyar Fejlesztes   3.900010/22/2028   HUF   71.017
Single Platform Inves   0.8400 6/20/2043   EUR   58.052
Region Provence-Alpes   0.7530 01/05/2037  EUR   73.268
National Grid Electri   2.0200 03/12/2032  AUD   72.224
Agrokor dd              9.1250 02/01/2020  EUR   15.000
United Utilities Wate   0.3870 10/05/2057  GBP   61.376
Grand Delta Habitat     1.8200 3/18/2050   EUR   56.431
Brussels Municipaliti   0.336012/15/2035   EUR   71.005
Communaute Francaise    0.7882 8/30/2049   EUR   55.920
Erdoel-Lagergesellsch   1.2000 06/04/2043  EUR   73.872
Odea Bank AS            8.6060 08/01/2027  USD   63.571
Agrokor dd              9.1250 02/01/2020  EUR   15.000
Sequa Petroleum NV      5.0000 4/29/2020   USD   30.250
Brussels Municipaliti   0.8920 9/29/2041   EUR   68.640
Heta Asset Resolution   7.500012/31/2023   ATS    1.270
Ukraine Government In   7.7500 09/01/2026  USD   22.210
Region de Bruxelles-C   1.1440 1/14/2056   EUR   59.537
Societe Generale SA     9.6400 09/12/2024  USD   65.820
UBS AG/London          14.5000 6/15/2023   USD   47.050
Nordea Bank Abp         7.0500 7/20/2024   SEK   72.000
Intelsat Jackson Hold   8.500010/15/2024   USD    0.501
Region of Veneto Ital   0.1120 12/07/2046  EUR   70.236
Landesbank Hessen-Thu   0.9800 11/09/2060  EUR   62.310
Saastopankkien Keskus   0.9750 8/18/2034   EUR   72.901
Vasakronan AB           2.4000 6/20/2044   SEK   64.217
Deutsche Pfandbriefba   4.1200 11/03/2031  EUR   74.236
BNG Bank NV             2.3000 03/03/2036  AUD   70.675
National Treasury Man   1.5600 2/16/2122   EUR   65.734
Kreditanstalt fuer Wi   1.2010 9/13/2051   EUR   71.048
Nomura Bank Internati   9.2600 01/10/2027  USD   72.850
Societe Generale SA    15.7600 8/13/2026   USD   61.250
Magyar Telekom Teleco   1.450011/26/2027   HUF #N/A N/A
Societe Generale SA    29.0000 4/19/2023   USD   50.650
Berlin Hyp AG           0.3750 9/29/2031   EUR   74.416
Swissgrid AG            0.1250 6/30/2036   CHF   70.187
Aareal Bank AG          0.5200 4/18/2031   EUR   61.598
Societe Generale SA     2.0000 1/30/2036   USD   58.301
Norske Skog Holding A   8.0000 2/24/2021   EUR    0.006
Single Platform Inves   1.8400 7/25/2053   EUR   70.434
Republic of Austria G   0.8500 6/30/2120   EUR   45.844
DZ Bank AG Deutsche Z   0.5300 7/26/2033   EUR   69.754
Kuntarahoitus Oyj       1.3000 04/08/2061  EUR   70.626
Agrokor dd              9.8750 05/01/2019  EUR   15.000
Sveriges Sakerstallda   1.3775 7/13/2046   SEK   63.394
Investitionsbank Berl   0.0500 03/02/2035  EUR   70.863
Solarwatt GmbH          7.0000 11/01/2015  EUR   15.500
Deutsche Bank AG        2.4000 03/10/2031  EUR   74.441
Privatbank CJSC Via U  10.8750 2/28/2018   USD    3.757
Hospices Civils de Ly   0.597011/24/2031   EUR   72.052
Landesbank Hessen-Thu   0.650010/18/2034   EUR   67.848
NRW Bank                1.2440 04/06/2051  EUR   73.325
Norske Skogindustrier   7.125010/15/2033   USD    0.010
VTB Bank PJSC           3.7500             EUR   56.000
Bank Julius Baer & Co   8.0000 10/07/2022  USD   37.350
Bank Julius Baer & Co   8.3500 1/30/2023   CHF   61.950
ABN AMRO Bank NV        2.3606 9/21/2026   EUR   50.000
Minicentrales Dos SA    0.0100 06/06/2047  EUR   59.125
Landesbank Baden-Wuer   1.000012/15/2031   EUR   73.943
Virgolino de Oliveira  10.8750 1/13/2020   USD   36.000
Land Thueringen         0.3750 12/01/2051  EUR   57.263
Credit Suisse AG/Lond   2.0000 9/30/2030   USD   72.607
Senvion Holding GmbH    3.875010/25/2022   EUR    1.204
SpareBank 1 SR-Bank A   1.6500 2/24/2042   EUR   71.966
Department of L'Eure    0.6430 8/31/2041   EUR   64.706
SAir Group              5.5000 7/23/2003   CHF   12.324
Kreditanstalt fuer Wi   0.6200 1/14/2050   EUR   65.586
Thames Water Utilitie   2.4420 05/12/2050  GBP   50.417
Caisse Francaise de F   0.8650 2/17/2042   EUR   71.100
Societe Generale SA     3.310011/29/2033   AUD   70.773
TMK PJSC                7.3500 2/28/2025   RUB   60.160
Societe Generale Effe   5.750010/28/2022   EUR   62.770
Raiffeisen Schweiz Ge   6.3000 07/12/2023  CHF   64.960
Vontobel Financial Pr  18.0000 3/24/2023   EUR   66.130
Single Platform Inves   0.9500 7/25/2047   EUR   56.411
Ville de Paris          0.650011/25/2070   EUR   41.966
French Republic Gover   0.5000 6/25/2044   EUR   64.253
Credit Agricole SA      3.2700 10/05/2041  AUD   56.663
Magyar Export-Import    2.5000 5/23/2029   HUF   63.372
Assistance Publique H   1.0530 5/25/2052   EUR   60.517
Landesbank Baden-Wuer   0.2500 5/27/2037   EUR   66.193
Single Platform Inves   1.3400 04/04/2042  EUR   70.574
Kreditanstalt fuer Wi   1.1710 7/19/2051   EUR   71.114
Single Platform Inves   0.7500 8/15/2050   EUR   51.137
Malta Government Bond   1.2000 5/13/2037   EUR   72.560
Credit Agricole Corpo   2.4000 5/17/2048   EUR   59.027
Region Wallonne Belgi   0.8080 6/24/2038   EUR   69.883
Landesbank Hessen-Thu   0.7500 04/09/2035  EUR   67.680
Deutsche Bahn Finance   1.5200 07/03/2035  SEK   71.164
HSBC Bank PLC           1.7000 02/09/2031  USD   73.996
Batigere Grand Est SA   1.5500 08/12/2041  EUR   56.708
Assistance Publique H   0.6470 7/17/2040   EUR   66.391
Single Platform Inves   1.8500 11/05/2040  EUR   72.316
Credit Mutuel Arkea S   0.730010/14/2036   EUR   62.831
Finance and Credit Ba   9.2500 1/25/2019   USD    0.001
DekaBank Deutsche Gir   0.4000 1/29/2035   EUR   73.806
Region de Bruxelles-C   0.2740 12/11/2040  EUR   60.952
DekaBank Deutsche Gir   5.9700 02/09/2023  EUR   43.590
Secundus Vierte Betei   3.500012/31/2026   EUR   71.590
OR PJSC                11.5000 7/28/2024   RUB    5.100
Kardan NV               6.3250 2/21/2021   ILS #N/A N/A
Rio Forte Investments   3.9000 07/10/2014  USD    3.850
Norddeutsche Landesba   0.8500 12/07/2035  EUR   64.344
Grupo Isolux Corsan S   6.000012/30/2021   EUR    0.257
Single Platform Inves   1.1500 5/25/2066   EUR   50.049
Banco Santander SA      2.2100 03/12/2031  USD   71.963
Cooperatieve Rabobank   1.8500 3/29/2049   EUR   70.896
Vontobel Financial Pr  10.0000 3/24/2023   EUR   45.280
Nordea Bank Abp         7.1000 7/20/2025   SEK   74.450
Russian Railways JSC   15.3000 5/30/2040   RUB   50.000
Landesbank Hessen-Thu   3.6284 4/18/2034   EUR   71.300
Credit Suisse AG/Lond   3.2143 10/06/2023  SEK   11.950
Forras Vagyonkezelesi   3.2500 10/01/2030  HUF   62.360
Caisse des Depots et    1.4600 1/24/2052   EUR   74.554
Nederlandse Waterscha   1.080010/26/2050   EUR   67.805
Autonomous Community    1.7440 07/01/2061  EUR   58.220
Deutsche Telekom AG     4.1250 7/23/2049   USD   73.924
Barclays Bank Ireland   1.6500 03/11/2047  EUR   71.782
DekaBank Deutsche Gir   1.585012/28/2035   EUR   63.579
Banco Santander SA      0.0100 10/01/2032  EUR   65.210
ABN AMRO Bank NV        0.5000 12/12/2039  EUR   67.971
Turkey Government Int   5.9500 1/15/2031   USD   73.254
BPCE SA                 2.2500 3/13/2040   AUD   53.142
Santander Consumer Ba   7.0000             NOK   58.802
Italy Buoni Poliennal   2.1500 03/01/2072  EUR   62.918
Land Thueringen         0.2500 03/05/2040  EUR   65.478
Raiffeisenlandesbank    0.810010/20/2031   EUR   74.177
Aeroports de la Cote    2.5000 07/09/2036  EUR   68.941
Caisse des Depots et    2.6300 9/16/2049   AUD   63.124
BNP Paribas SA          3.7000 10/04/2039  AUD   66.117
Aralco Finance SA      10.1250 05/07/2020  USD    3.060
Batigere Grand Est SA   1.8000 08/12/2050  EUR   54.403
Bayerische Landesbank   0.0200 1/28/2031   EUR   73.818
Minicentrales Dos SA    0.0100 06/06/2047  EUR   66.875
Deutsche Bank AG        0.6870 10/11/2049  EUR   47.635
Deutsche Bank AG        0.7000 02/06/2032  EUR   73.309
Ukraine Government In   9.8400 2/15/2023   UAH   58.875
DekaBank Deutsche Gir   3.5100 4/28/2023   EUR   68.730
Nordea Bank Abp         0.620010/14/2026   SEK   45.500
Nordea Bank Abp        10.1337 1/20/2027   SEK   70.120
Landesbank Hessen-Thu   1.580012/16/2036   EUR   70.500
Credit Suisse AG/Lond  20.000011/29/2024   USD   12.030
Citigroup Global Mark   2.9300 9/15/2025   EUR   51.000
Pannonia Bio Ltd        2.4000 9/18/2029   HUF   60.880
Region Wallonne Belgi   0.1500 05/10/2035  EUR   69.048
Romanian Government I   3.3750 02/08/2038  EUR   65.929
Specialfastigheter Sv   1.2150 5/14/2035   SEK   69.978
Kreditanstalt fuer Wi   0.7878 11/04/2039  EUR   73.908
Parnassia Groep BV      1.4700 12/03/2046  EUR   66.124
Kreditanstalt fuer Wi   0.6000 2/16/2051   EUR   66.981
Landesbank Baden-Wuer   1.5850 2/22/2034   EUR   72.916
Ministeries Van de Vl   1.5640 11/12/2046  EUR   72.193
Intelsat Jackson Hold   9.7500 7/15/2025   USD    0.501
Province of Brescia I   1.2120 6/30/2036   EUR   71.333
DLR Kredit A/S          0.5000 10/01/2053  DKK   66.176
Ukraine Government In   6.7500 6/20/2028   EUR   19.708
RUSNANO AO             10.0400 11/10/2025  RUB   80.110
Nordea Bank Abp         6.4700 1/22/2024   SEK   71.500
SG Issuer SA            2.2700 02/04/2032  EUR   52.460
Raiffeisen Switzerlan   7.0500 5/23/2023   CHF   62.590
Societe Generale Effe   4.000011/22/2022   USD   56.260
MOL Nyrt Kueloenleges   4.9500 1/26/2032   HUF   66.570
Landesbank Baden-Wuer   5.3000 7/28/2023   EUR   68.700
DZ Bank AG Deutsche Z   9.7500 5/26/2023   EUR   60.190
Landesbank Hessen-Thu   1.6000 06/12/2035  EUR   70.100
EFG International Fin   7.8000 10/06/2023  USD   64.400
SG Issuer SA            1.7500 4/21/2034   EUR   67.350
Skandinaviska Enskild   7.8000 7/17/2023   SEK   71.550
Natixis SA              2.7800 10/05/2036  AUD   73.013
Purple Protected Asse   1.5800 5/25/2060   EUR   59.433
Single Platform Inves   0.8330 2/15/2041   EUR   60.018
Region Auvergne-Rhone   0.6500 5/18/2038   EUR   69.928
Landesbank Saar         0.8350 2/19/2035   EUR   70.119
Kreditanstalt fuer Wi   0.935012/16/2039   EUR   74.196
Turkiye Ihracat Kredi  12.5400 9/14/2028   TRY   43.028
Centre Hospitalier Re   1.5000 4/27/2050   EUR   73.652
State of North Rhine-   0.8800 07/12/2040  EUR   72.385
Hemso Fastighets AB     2.418011/30/2038   EUR   68.729
Hypo Vorarlberg Bank    0.400012/22/2031   EUR   70.606
Cimpress PLC            7.0000 6/15/2026   USD   71.320
NRW Bank                1.1550 9/21/2050   EUR   70.114
NRW Bank                1.085010/26/2041   EUR   73.323
DZ Bank AG Deutsche Z   1.0700 10/06/2042  EUR   72.458
DekaBank Deutsche Gir   1.3000 4/23/2035   EUR   70.575
Caisse des Depots et    1.1060 9/30/2049   EUR   70.509
French Republic Gover   0.5000 5/25/2040   EUR   68.430
Berlin Hyp AG           0.4000 10/07/2031  EUR   74.524
Single Platform Inves   0.9010 2/15/2041   EUR   62.025
Land Berlin             0.1250 06/04/2035  EUR   71.389
Region Wallonne Belgi   0.6375 6/21/2047   EUR   56.606
Saastopankkien Keskus   0.8600 1/18/2036   EUR   69.538
State of Hesse          0.4500 9/23/2044   EUR   62.216
Santander Consumer Ba   7.0000             NOK   58.802
Landesbank Hessen-Thu   0.7000 9/25/2034   EUR   68.633
DekaBank Deutsche Gir   3.9700 02/09/2023  EUR   43.380
UniCredit Bank AG      23.500010/28/2022   EUR   53.450
OPUS TIGAZ Gazhalozat   2.8000 3/24/2031   HUF   70.000
WEB Windenergie AG      5.5000 04/08/2023  EUR   30.000
Biggeorge Property Za   5.1000 2/18/2032   HUF   71.090
Russian Railways JSC   10.1500 9/20/2039   RUB   55.000
Takarek Mortgage Bank   2.600010/22/2028   HUF   65.800
Heta Asset Resolution   4.350012/31/2023   EUR    1.270
IT Holding Finance SA   9.875011/15/2012   EUR    0.015
UBS Group AG            2.3700 2/25/2036   USD   67.840
Carmila SA              1.8900 11/06/2031  EUR   65.606
Ukraine Government Bo   3.7000 5/25/2023   USD   67.355
Italy Buoni Poliennal   0.6000 08/01/2031  EUR   73.958
Wirtschafts- und Infr   0.5000 12/01/2038  EUR   69.689
CDC Habitat SEM         1.1700 05/04/2037  EUR   63.388
Kuntarahoitus Oyj       1.1500 9/24/2051   EUR   71.192
Nordea Bank Abp         4.7500 7/20/2026   SEK   61.620
GTC Magyarorszag Zrt    2.6000 3/17/2031   HUF   61.450
Vontobel Financial Pr  25.0000 6/23/2023   EUR   45.080
Bank Vontobel AG        5.7560 12/05/2022  CHF   60.500
Pongs & Zahn AG         8.5000 11/01/2014  EUR    0.101
NRW Bank                0.6000 1/28/2051   EUR   59.768
Assistance Publique H   0.7910 8/27/2051   EUR   56.109
Republic of Ireland I   1.2300 6/23/2121   EUR   51.285
UBS Group AG            2.210011/24/2035   USD   66.858
Hemso Fastighets AB     3.0200 9/14/2048   SEK   71.642
BNG Bank NV             1.040011/28/2047   EUR   71.544
Portugal Obrigacoes d   1.0000 04/12/2052  EUR   55.602
SNCF Reseau             1.4750 3/30/2065   EUR   60.644
Belfius Bank SA         0.1900 1/28/2031   EUR   73.314
Kuntarahoitus Oyj       1.0050 12/07/2060  EUR   64.357
Societe Generale SA     2.9200 2/21/2035   USD   67.904
BNP Paribas SA          3.0800 8/28/2039   AUD   62.962
Ukraine Government In   9.9900 5/22/2024   UAH   58.875
Kingdom of Belgium Go   0.6750 07/07/2080  EUR   37.953
Deutsche Pfandbriefba   0.6130 9/30/2032   EUR   59.170
Banque Federative du    1.5900 02/05/2031  USD   70.930
Landesbank Hessen-Thu   1.0000 4/28/2036   EUR   68.688
Landesbank Hessen-Thu   1.6500 5/27/2030   EUR    2.895
NRW Bank                0.800010/22/2060   EUR   61.179
Caisse Francaise de F   1.1100 9/21/2046   EUR   69.772
Landesbank Hessen-Thu   0.560010/15/2031   EUR   73.738
Region Occitanie        0.728011/16/2037   EUR   70.636
Brussels Municipaliti   0.8920 3/29/2041   EUR   69.235
Flextronics Internati   3.6000 12/06/2031  HUF   58.000
Leonteq Securities AG   3.5000 01/10/2023  EUR   19.970
Landesbank Baden-Wuer   3.6200 1/27/2023   EUR   73.830
BrokerCreditService S   3.5000 4/30/2024   USD   53.000
DZ Bank AG Deutsche Z   2.150012/23/2022   EUR   70.170
Bank Julius Baer & Co  12.000010/20/2022   CHF   43.750
Eltex Kft               3.500012/21/2028   HUF   65.800
LP Portfolio Vagyonke   2.800011/30/2030   HUF   55.900
RENE LEZARD Mode GmbH   7.250011/25/2017   EUR    0.120
Pannon Work Szemelyze   3.000010/30/2030   HUF   60.100
Opus Global Nyrt        2.800010/29/2029   HUF   67.000
Kreditanstalt fuer Wi   1.2080 03/10/2051  EUR   74.221
Parnassia Groep BV      1.4300 12/01/2043  EUR   66.363
Parnassia Groep BV      1.4700 12/01/2045  EUR   66.324
Aareal Bank AG          1.5760 2/23/2032   EUR   66.065
Abengoa Abenewco 1 SA   6.0000 06/10/2022  EUR    0.236
Bayerische Landesbode   0.030010/22/2035   EUR   69.094
NRW Bank                1.0700 03/10/2051  EUR   68.239
Kuntarahoitus Oyj       1.4000 03/05/2061  EUR   73.332
Grand City Properties   2.5000 6/27/2039   EUR   67.195
Single Platform Inves   0.8730 5/25/2052   EUR   50.689
Romanian Government I   3.5000 04/03/2034  EUR   70.866
Republic of Ireland I   1.0200 09/10/2086  EUR   53.088
DZ Bank AG Deutsche Z   5.450012/23/2022   EUR   60.670
Takarek Mortgage Bank   1.750012/22/2026   HUF #N/A N/A
Single Platform Inves   0.4620 2/15/2040   EUR   57.709
Pfandbriefbank schwei   0.2500 5/17/2040   CHF   71.615
Heta Asset Resolution   5.920012/31/2023   EUR    1.270
Deutsche Bank AG        0.6500 06/03/2031  EUR   73.754
Heta Asset Resolution   5.730012/31/2023   EUR    1.270
State of Brandenburg    0.300011/17/2045   EUR   59.715
Republic of Belarus I   6.2000 2/28/2030   USD   21.250
Kreditanstalt fuer Wi   1.2700 6/29/2051   EUR   72.748
Region Occitanie        0.7660 10/07/2041  EUR   66.307
Societe d'Infrastruct   1.9130 07/12/2033  EUR   72.998
Belfius Bank SA         0.1250 6/19/2034   EUR   71.499
Vasakronan AB           1.3100 12/10/2040  EUR   66.465
Dr Max Funding SRO      5.0500 6/23/2028   EUR   66.469
Muenchener Hypotheken   0.4000 08/11/2031  EUR   72.897
NRW Bank                0.1055 8/17/2050   EUR   55.177
Region Auvergne-Rhone   0.6450 04/09/2040  EUR   66.782
Land Berlin             0.5000 6/19/2047   EUR   63.790
Landesbank Hessen-Thu   0.6000 2/18/2036   EUR   64.866
Department of Gironde   0.8460 4/29/2039   EUR   70.855
DZ HYP AG               1.3000 7/18/2041   EUR   73.919
City of Gothenburg Sw   1.9900 2/20/2045   SEK   73.534
Sveriges Sakerstallda   0.6490 9/18/2032   SEK   72.169
Credit Agricole SA      3.0000 1/19/2041   AUD   52.212
Ukraine Government Bo   3.9000 3/30/2023   USD   73.756
Hungary Government Bo   4.0000 4/28/2051   HUF   49.939
Single Platform Inves   1.4500 9/14/2040   EUR   68.417
Single Platform Inves   0.9150 2/15/2043   EUR   60.494
DLR Kredit A/S          0.5000 10/01/2050  DKK   66.459
Brussels Municipaliti   0.3840 6/15/2035   EUR   72.581
Region Hauts-de-Franc   0.6910 07/09/2042  EUR   64.264
Kommunekredit           1.3750 5/18/2046   SEK   67.559
Merrill Lynch BV        3.1000 02/08/2037  USD   71.847
Barclays Bank PLC       1.3400 02/01/2051  EUR   65.984
Single Platform Inves   0.5320 2/15/2044   EUR   52.321
Purple Protected Asse   1.6000 09/08/2056  EUR   72.484
Region Bourgogne-Fran   0.3000 12/03/2040  EUR   61.073
Nomura Bank Internati   1.138012/19/2039   EUR   62.945
Kingdom of Belgium Go   0.5580 9/24/2077   EUR   35.937
Romanian Government I   3.7500 02/07/2034  EUR   73.235
Northland Resources A   4.000010/15/2020   USD    0.271
Communaute Francaise    1.3670 1/20/2070   EUR   64.454
Communaute Francaise    1.0100 7/19/2051   EUR   58.451
Bank Vontobel AG       20.000012/19/2022   CHF   30.400
Landesbank Baden-Wuer   5.4500 3/24/2023   EUR   66.340
Bank J Safra Sarasin    7.750012/22/2022   CHF   56.510
Societe Generale SA     9.2000 5/22/2025   USD   70.500
SG Issuer SA            2.1000 12/06/2033  EUR   34.940
Region Auvergne-Rhone   0.8050 7/26/2039   EUR   69.960
Berlin Hyp AG           0.440010/29/2035   EUR   63.787
Natixis SA              2.8000 03/03/2041  USD   68.765
Swedbank AB             0.3500 9/22/2031   EUR   73.593
AB Financial Products   0.2380 7/30/2040   EUR   69.174
Land Berlin             0.1500 2/22/2036   EUR   70.218
Ville de Paris          0.7600 5/25/2066   EUR   45.704
Tonon Luxembourg SA    12.5000 5/14/2024   USD    0.399
Finland Government Bo   0.1250 4/15/2052   EUR   50.802
Nomura Bank Internati   1.4500 12/10/2041  EUR   65.221
Vasakronan AB           2.1620 05/04/2040  SEK   66.506
A-TEC Industries AG     5.7500 11/02/2010  EUR    0.100
Batigere Grand Est SA   1.3450 4/18/2032   EUR   73.636
Basque Government       1.7500 4/22/2050   EUR   67.303
Landesbank Baden-Wuer   1.000012/15/2031   EUR   73.943
DZ Bank AG Deutsche Z   5.000012/23/2022   EUR   71.330
Agrar Mezogazdasagi T   2.9000 8/24/2031   HUF   61.540
Bank Vontobel AG        8.5004 12/12/2022  EUR   58.400
T-Centrum CZ AS        10.170010/30/2024   CZK   72.000
UBS AG/London           6.3800 06/07/2023  USD    9.490
Koks PAO                9.2000 8/16/2023   RUB   60.050
DekaBank Deutsche Gir   2.2000 3/24/2023   EUR   66.920
UBS AG/London          19.4000 3/28/2024   USD    5.903
Vasakronan AB           1.115010/24/2039   EUR #N/A N/A
Heta Asset Resolution   2.322012/31/2023   EUR    1.270
Erste Group Bank AG     1.1700 1/28/2037   EUR   69.316
DZ Bank AG Deutsche Z   0.700010/16/2034   EUR   71.152
Region Auvergne-Rhone   0.6970 08/02/2036  EUR   73.827
Heta Asset Resolution   0.905012/31/2023   EUR    1.270
Single Platform Inves   0.8110 6/28/2039   EUR   62.276
Credit Suisse AG/Lond   2.1000 3/31/2031   USD   71.732
Barclays Bank PLC       1.382011/27/2045   EUR   70.924
MFB Magyar Fejlesztes   1.7000 6/24/2025   HUF   75.173
Specialfastigheter Sv   1.1800 12/02/2044  SEK   58.898
Hypo Vorarlberg Bank    1.0220 7/31/2034   EUR   70.083
Muenchener Hypotheken   0.5500 2/18/2046   CHF   59.240
Single Platform Inves   0.4650 2/27/2035   EUR   65.830
Caisse des Depots et    2.6700 9/17/2049   AUD   63.639
Kommunekredit           2.1800 7/16/2040   AUD   63.733
Single Platform Inves   0.7800 04/01/2042  EUR   57.810
HSBC Continental Euro   2.8900 09/11/2039  AUD   70.389
Credit Suisse Group A   2.4550 07/04/2034  EUR   73.766
Single Platform Inves   0.9320 2/15/2041   EUR   60.230
Kreditanstalt fuer Wi   0.815512/19/2050   EUR   66.677
Credit Suisse AG/Lond   2.1000 3/15/2037   EUR   73.023
Prosus NV               1.2880 7/13/2029   EUR   71.534
Region de Bruxelles-C   0.5000 6/22/2040   EUR   64.503
Banque et Caisse d'Ep   1.0000 01/04/2042  EUR   72.745
Santander Internation   2.7700 07/02/2035  USD   68.118
NRW Bank                1.2450 11/04/2051  EUR   70.767
Oberoesterreichische    0.6100 1/28/2037   EUR   71.981
Credit Agricole Corpo   2.6100 7/27/2050   USD   58.034
Cooperatieve Rabobank   1.4300 09/01/2036  EUR   74.137
Credit Suisse AG/Lond   1.2500 2/22/2029   USD   73.268
Department of Loiret    0.915011/23/2043   EUR   66.031
Kommunekredit           1.3360 10/01/2032  AUD   70.246
Ukraine Government In  14.9100 10/12/2022  UAH   58.875
Single Platform Inves   0.9240 2/18/2049   EUR   52.430
Muenchener Hypotheken   1.4950 10/05/2050  EUR   60.853
Wirtschafts- und Infr   0.1920 1/28/2042   EUR   61.377
Deutsche Bank AG        2.3300 02/11/2043  EUR   61.838
Heta Asset Resolution   5.270012/31/2023   EUR    7.212
Gebr Sanders GmbH & C   8.750010/22/2018   EUR    9.375
Ringkjoebing Landboba   1.8750 06/06/2039  EUR   70.585
Landesbank Hessen-Thu   0.7500 12/02/2036  EUR   64.300
BPCE SA                 3.000011/18/2036   AUD   65.169
Norske Skogindustrier   7.125010/15/2033   USD    0.010
Heta Asset Resolution   4.875012/31/2023   EUR    1.270
Region Wallonne Belgi   1.2460 05/12/2070  EUR   55.653
Region de Bruxelles-C   1.1000 6/22/2066   EUR   54.978
Citigroup Global Mark  12.0000 2/13/2024   SEK   71.900
Leonteq Securities AG  13.0000 2/22/2023   CHF   37.200
SG Issuer SA            2.100012/27/2033   EUR   39.240
Leonteq Securities AG   2.3800 11/10/2022  EUR   13.560
Erste Group Bank AG     6.2500 3/29/2023   EUR   45.350
DZ Bank AG Deutsche Z   6.850011/25/2022   EUR   52.310
Banque Internationale  18.000011/23/2022   CHF   34.490
Vasutvillamosito Kft    3.0000 02/03/2031  HUF   65.000
UBS AG/London           6.750010/14/2022   EUR   58.100
Leonteq Securities AG  25.8000 9/27/2022   CHF   55.470
Deutsche Bank AG        3.5000 3/31/2032   EUR   71.640
UBS AG/London           8.250011/19/2026   EUR   63.850
Anselma Issuer SA       1.574012/31/2038   EUR   68.230
Landesbank Baden-Wuer   4.3000 3/24/2023   EUR   63.650
Landesbank Baden-Wuer   3.300011/25/2022   EUR   34.090
Nordea Bank Abp         4.6000 1/20/2029   SEK   61.750
DekaBank Deutsche Gir   5.600012/23/2022   EUR   72.080
Zurcher Kantonalbank   12.2500 10/07/2022  CHF   46.510
COFIDUR SA              0.100012/31/2024   EUR   25.200
Nordea Bank Abp         6.1000 7/20/2024   SEK   66.000
Market Epito Zrt        2.950010/22/2029   HUF   68.000
Gazprom PJSC           17.690010/21/2043   RUB   70.000
Russian Railways JSC    9.3900 2/28/2040   RUB   50.000
Republic of Poland Go   1.250010/25/2030   PLN   68.058
Vasakronan AB           1.7000 6/28/2044   EUR   69.566
Societe Generale SA     2.0000 2/26/2033   USD   68.390
Kommunekredit           0.3420 09/01/2042  EUR   64.112
NRW Bank                0.6420 02/09/2051  EUR   65.567
Canton of St Gallen S   0.200011/28/2041   CHF   69.640
SAir Group              6.250010/27/2002   CHF   12.324
Rikshem AB              3.2500 5/31/2041   AUD   73.272
Credit Agricole Corpo  18.5400 3/24/2027   TRY   67.138
Hungary Government In   0.1250 9/21/2028   EUR   73.213
Landesbank Baden-Wuer   1.3000 6/21/2049   EUR   56.900
Akademiska Hus AB       0.8500 2/17/2033   SEK   70.679
Zurcher Kantonalbank    8.650010/13/2023   CHF   71.080
DVM Construction Fova   3.0000 7/29/2030   HUF   56.700
SunDell Estate Nyrt     3.2500 11/12/2030  HUF   67.000
DekaBank Deutsche Gir   4.810012/23/2022   EUR   38.550
DekaBank Deutsche Gir   7.3000 6/28/2023   EUR   70.130
EFG International Fin   6.5000 3/24/2023   USD   53.580
Crown Holding Kft       5.5000 2/23/2032   HUF   74.520
Skandinaviska Enskild   8.5200 1/15/2024   SEK   61.150
Zurcher Kantonalbank    6.000011/22/2022   CHF   58.890
Danske Bank A/S         6.9400 07/09/2023  SEK   66.760
DZ Bank AG Deutsche Z   0.690012/28/2029   EUR   72.610
Skandinaviska Enskild   7.6000 1/15/2024   SEK   59.840
Comunidad Foral de Na   0.550010/22/2035   EUR   70.376
Caisse des Depots et    0.9500 2/17/2051   EUR   68.127
Citigroup Global Mark   0.6100 05/05/2031  EUR   73.536
Regie Autonome des Tr   0.9530 5/24/2052   EUR   66.200
Wirtschafts- und Infr   0.2080 1/28/2043   EUR   60.333
Credit Agricole SA      3.0000 1/28/2041   AUD   52.812
BNP Paribas SA          1.450011/17/2041   EUR   65.655
ING Bank NV             2.9000 6/23/2051   USD   66.703
Single Platform Inves   1.315012/15/2038   EUR   68.350
Norddeutsche Landesba   1.3100 3/23/2039   EUR   63.984
Ministeries Van de Vl   0.400011/20/2043   EUR   59.598
Purple Protected Asse   1.480011/30/2060   EUR   61.253
Banque Internationale   0.775011/18/2032   EUR   71.967
Bayerische Landesbank   1.8200 03/12/2031  EUR   73.389
Cattles Ltd             8.1250 07/05/2017  GBP    0.027
Astana Finance BV       7.8750 06/08/2010  EUR   16.000
Single Platform Inves   1.0510 04/01/2042  EUR   61.469
Hellenic Republic Gov   1.8750 1/24/2052   EUR   56.903
Single Platform Inves   1.6000 3/23/2038   EUR   73.419
Region Provence-Alpes   0.5690 10/01/2038  EUR   68.287
Societe Generale SA     1.7000 1/19/2031   USD   69.515
Bayerische Landesbank   0.650010/13/2031   EUR   74.428
Norske Skog Holding A   8.0000 2/24/2023   USD    0.006
Bayerische Landesbank   0.6300 3/19/2032   EUR   71.770
Ville de Marseille      0.509012/17/2041   EUR   63.211
UBS AG/London           2.7000 9/16/2044   AUD   63.694
Region de Bruxelles-C   1.0290 1/14/2048   EUR   63.975
Santander Internation   1.1920 12/07/2045  EUR   63.532
State of Hesse          0.2270 8/20/2049   EUR   54.991
BNP Paribas SA          0.9000 7/31/2030   EUR   74.489
Pfandbriefzentrale de   0.4500 02/11/2042  CHF   73.013
Ukraine Government Bo   4.0000 1/25/2024   USD   42.240
Single Platform Inves   1.7620 5/25/2066   EUR   59.183
Raiffeisenlandesbank    0.9980 11/04/2033  EUR   71.613
Region Hauts-de-Franc   0.3610 2/18/2041   EUR   61.570
Barclays Bank PLC       1.6448 06/03/2041  USD   66.752
Deutsche Bank AG        3.5000 4/14/2048   EUR   72.645
CDC Habitat SEM         1.1500 4/30/2037   EUR   63.172
Region de Bruxelles-C   0.6400 7/20/2045   EUR   60.153
Kreditanstalt fuer Wi   1.1151 5/17/2041   EUR   68.982
BPCE SA                 2.2550 03/12/2040  AUD   52.447
Lehman Brothers Treas  10.0000 06/11/2038  JPY    0.100
Ville de Paris          0.9210 5/26/2053   EUR   57.463
Region de Bruxelles-C   0.6580 01/07/2041  EUR   64.863
Deutsche Bahn Finance   2.0050 06/07/2039  SEK   73.100
Teksid Aluminum Luxem  12.3750 7/15/2011   EUR    0.122
Erste Group Bank AG     4.2500 9/28/2022   EUR   52.700
Region de Bruxelles-C   0.8450 9/30/2059   EUR   51.024
Communaute Francaise    1.3630 4/16/2040   EUR   72.726
Bank Vontobel AG        7.5000 3/31/2023   CHF   48.600
Zurcher Kantonalbank   21.2500 10/04/2022  CHF   50.550
Credit Suisse AG/Lond   8.0000 1/16/2023   CHF   53.750
Leonteq Securities AG  17.000011/22/2022   USD   16.310
DZ Bank AG Deutsche Z   1.6200 6/25/2031   EUR   63.470
Zurcher Kantonalbank   23.000011/22/2022   CHF   34.150
DZ Bank AG Deutsche Z   1.710012/29/2031   EUR   70.460
VTB Bank PJSC           5.9484             USD   57.990
DZ Bank AG Deutsche Z   3.100012/23/2022   EUR   73.860
Nordea Bank Abp         4.0000 1/20/2029   SEK   67.750
Bank Vontobel AG       12.5080 9/26/2022   CHF   51.200
SG Issuer SA            6.7600 7/20/2024   SEK   64.120
Specialized Financial  12.0000 8/18/2023   RUB   60.060
AKB Peresvet ZAO        0.5100 08/04/2034  RUB   19.450
BNP Paribas SA          3.9500 07/11/2039  AUD   72.330
Nederlandse Waterscha   1.200011/26/2049   EUR   73.759
Grupo Isolux Corsan S   0.250012/30/2018   EUR    0.156
Landesbank Baden-Wuer   1.000012/15/2031   EUR   73.943
Landesbank Baden-Wuer   1.000012/15/2031   EUR   73.943
Landesbank Baden-Wuer   0.4360 9/25/2031   EUR   70.383
Ukraine Government Bo   3.7000 6/22/2023   USD   64.441
Kuntarahoitus Oyj       1.000010/25/2049   EUR   69.489
BPCE SA                 2.6140 03/04/2036  AUD   62.398
Bpifrance SACA          1.0460 5/25/2050   EUR   61.718
Natixis SA              1.8000 02/08/2031  USD   74.585
Getin Noble Bank SA    12.110012/21/2023   PLN   33.875
Regie Autonome des Tr   0.8750 8/18/2080   EUR   41.981
Batigere Grand Est SA   1.600011/14/2044   EUR   53.878
Wirtschafts- und Infr   0.5000 8/28/2046   EUR   62.201
Italy Buoni Poliennal   1.7000 09/01/2051  EUR   60.874
Deutsche Bank AG        2.2670 8/25/2034   EUR   66.617
Ukraine Government In  15.9700 4/19/2023   UAH   59.254
Banque Internationale   1.2500 2/18/2041   EUR   67.365
Bank Julius Baer & Co  14.3500 1/25/2023   CHF   36.100
Landesbank Baden-Wuer   4.7000 5/26/2023   EUR   59.610
Cordia International    3.0000 7/27/2030   HUF   57.000
Metal Hungaria Holdin   3.000011/17/2030   HUF   62.000
DZ Bank AG Deutsche Z   7.200012/23/2022   EUR   62.730
Landesbank Baden-Wuer   4.440012/23/2022   EUR   71.420
Richter Gedeon Nyrt     1.7500 06/04/2031  HUF   60.000
UBS AG/London           7.500011/17/2023   CHF   60.600
Skandinaviska Enskild   8.2000 1/15/2024   SEK   60.720
Basler Kantonalbank     8.0000 3/22/2023   CHF   47.760
Skandinaviska Enskild   9.5000 7/17/2023   SEK   54.660
VTB Bank PJSC           7.6000 04/02/2031  RUB   69.100
Skandinaviska Enskild   6.5000 1/15/2024   SEK   58.720
Bank Julius Baer & Co   4.0000 6/26/2023   CHF   55.000
Kreditanstalt fuer Wi   1.000010/20/2050   EUR   69.152
Eurohold Bulgaria AD    8.000012/29/2026   EUR   60.286
NatWest Markets PLC     1.2500 12/04/2034  EUR   70.632
Single Platform Inves   0.8000 04/07/2042  EUR   58.058
Autonomous Community    0.810010/31/2040   EUR   63.132
Deutsche Bank AG        2.160012/18/2030   EUR   73.457
Societe Generale SA     1.1000 2/20/2034   EUR   68.046
NRW Bank                1.0200 08/01/2049  EUR   61.008
Aktia Bank Oyj          1.0500 09/09/2041  EUR   67.031
Vacse AB                2.0670 4/20/2034   SEK   74.215
Landeskreditbank Bade   0.1700 12/10/2035  EUR   70.698
Single Platform Inves   3.0000 6/21/2047   USD   69.006
Italy Buoni Poliennal   1.8000 03/01/2041  EUR   68.764
NRW Bank                0.4730 6/23/2049   EUR   63.398
BPCE SA                 2.5500 06/09/2035  AUD   62.276
Single Platform Inves   1.1200 7/25/2045   JPY   74.142
Getin Noble Bank SA    11.2900 7/26/2024   PLN   34.875
Stichting Afwikkeling   8.4500 8/20/2018   USD   45.375
Region de Bruxelles-C   1.310012/15/2069   EUR   58.491
Region Occitanie        1.3390 3/21/2042   EUR   73.982
Specialfastigheter Sv   2.3750 6/25/2048   SEK   72.223
Aktia Bank Oyj          0.6900 02/04/2036  EUR   68.862
Single Platform Inves   1.1050 1/18/2040   EUR   64.536
Single Platform Inves   0.6780 2/15/2041   EUR   57.456
Landesbank Saar         0.8900 09/04/2034  EUR   71.957
Societe Generale SA     0.432011/14/2029   EUR   73.780
Heta Asset Resolution   1.490012/31/2023   EUR    1.270
Pfandbriefbank schwei   0.2500 10/06/2042  CHF   69.624
Caisse des Depots et    1.3000 4/28/2051   EUR   71.069
Grand Delta Habitat     1.5000 06/02/2045  EUR   53.507
Landesbank Hessen-Thu   1.0000 7/15/2060   EUR   63.380
Region Wallonne Belgi   1.1350 10/10/2069  EUR   52.996
Region de Bruxelles-C   1.2500 01/10/2060  EUR   60.631
O1 Properties Finance   0.5000 9/27/2028   USD    6.506
Muenchener Hypotheken   0.250010/31/2044   CHF   64.145
Single Platform Inves   0.8800 1/15/2040   EUR   63.114
Banco Espirito Santo   10.0000 12/06/2021  EUR    0.215
BPCE SFH SA             0.5000 1/23/2035   EUR   74.228
UBS AG/London           9.2500 03/08/2023  CHF   58.200
SG Issuer SA            8.4100 1/20/2027   SEK   31.870
SG Issuer SA            7.7400 1/20/2024   SEK   54.820
Takarek Mortgage Bank   3.000010/22/2031   HUF   59.200
MASTERPLAST Nyrt        2.100012/21/2027   HUF   68.000
VTB Bank PJSC          17.7500 05/06/2037  RUB   73.520
UBS AG/London           7.8000 4/20/2026   EUR   46.350
Bank Vontobel AG        5.5000 01/12/2023  EUR   66.200
Gazprombank JSC         3.2500 5/24/2032   EUR   41.998
DZ Bank AG Deutsche Z   1.080012/30/2030   EUR   71.920
Skandinaviska Enskild   9.2000 7/15/2024   SEK   59.770
Landesbank Baden-Wuer   0.5000 09/05/2039  EUR   65.510
Alteo Nyrt              2.4500 10/08/2031  HUF   50.400
State of Saarland       0.5000 3/15/2051   EUR   60.488
Agence France Locale    0.210012/20/2035   EUR   71.222
Landesbank Saar         0.6700 03/10/2034  EUR   70.911
Astana Finance BV       9.000011/16/2011   USD   15.250
Caisse des Depots et    0.6420 02/12/2041  EUR   69.069
Bibby Offshore Servic   7.5000 6/15/2021   GBP   11.625
Parnassia Groep BV      1.2600 12/03/2046  EUR   74.048
Single Platform Inves   0.7535 9/20/2039   EUR   61.117
Lehman Brothers Treas  11.0000 6/29/2009   EUR    0.100
Single Platform Inves   1.3400 6/20/2041   EUR   68.936
Land Baden-Wuerttembe   0.3750 7/20/2048   EUR   59.512
Ville de Paris          1.2930 2/22/2049   EUR   68.913
Republic of Austria G   0.7500 3/20/2051   EUR   63.396
Tonon Luxembourg SA     9.2500 1/24/2020   USD    0.500
Ville de Paris          0.4640 8/20/2040   EUR   64.009
Italy Buoni Poliennal   0.1500 5/15/2051   EUR   65.199
Credit Agricole Corpo   2.4800 8/18/2050   USD   56.311
Officine Maccaferri-S   5.7500 06/01/2021  EUR   17.437
Petromena ASA           9.7500 5/24/2016   NOK    0.607
Region de Bruxelles-C   0.9760 11/04/2058  EUR   54.846
Kuntarahoitus Oyj       1.0050 11/04/2060  EUR   63.210
Nordea Bank Abp         4.2500 7/20/2027   SEK   68.750
UBS AG/London          10.5000 11/07/2022  CHF   42.600
Leonteq Securities AG   7.5200 1/25/2023   USD   49.130
Epito-Es Epuletkarban   3.0000 11/11/2030  HUF   65.500
UniCredit Bank AG       8.1500 2/22/2023   EUR   64.380
Corner Banca SA         6.500011/21/2022   CHF   36.350
Credit Suisse AG/Lond   4.5300 07/12/2023  USD    8.880
Credit Suisse AG/Lond   8.0000 8/30/2024   USD    8.219
Landesbank Hessen-Thu   1.500010/27/2036   EUR   63.000
UBS AG/London           8.2500 05/03/2023  USD   68.250
Corner Banca SA         5.400012/16/2022   CHF   61.260
KESZ Holding Business   2.8000 6/17/2031   HUF   63.390
Zurcher Kantonalbank   11.5000 2/23/2023   USD   60.710
Golfino AG              8.000011/18/2023   EUR    0.020
Deutsche Bank AG        2.750012/19/2031   EUR   67.990
SG Issuer SA            8.3000 7/21/2025   SEK   30.600
SG Issuer SA            6.9400 1/20/2025   SEK   52.100
SG Issuer SA            6.8500 1/20/2024   SEK   58.490
HPI AG                  3.5000             EUR    0.500
DZ Bank AG Deutsche Z   1.740012/28/2029   EUR   72.380
Caisse des Depots et    0.8590 03/02/2041  EUR   71.347
Liga Bank eG Regensbu   0.0100 1/29/2036   EUR   65.899
DekaBank Deutsche Gir   1.3400 8/22/2036   EUR   69.278
Caisse des Depots et    3.0000 11/08/2051  AUD   67.375
Grenke Finance PLC      2.2370 1/29/2029   EUR   69.836
Agence France Locale    0.5500 6/20/2040   EUR   69.017
Norddeutsche Landesba   0.7500 8/26/2031   EUR   74.086
Hemso Fastighets AB     2.1270 4/18/2039   EUR   65.459
Landesbank Baden-Wuer   0.8750 9/19/2031   EUR   73.741
NRW Bank                0.6500 7/20/2037   EUR   74.209
Cooperatieve Rabobank   1.0990 6/28/2051   EUR   69.838
Deutsche Wohnen SE      1.7000 12/05/2036  EUR   69.146
Hellas Telecommunicat   6.0540 1/15/2015   USD    0.014
Landesbank Hessen-Thu   1.050011/17/2060   EUR   63.824
BNG Bank NV             0.6320 07/12/2066  EUR   56.380
BNG Bank NV             0.7993 7/25/2039   EUR   72.945
Commerzbank AG          1.2190 12/12/2039  EUR   63.719
Moby SpA                7.7500 2/15/2023   EUR   66.546
UniCredit SpA           2.3600 1/26/2035   EUR   71.876
LBI ehf                 7.4310             USD    0.001
Landesbank Saar         0.6800 3/29/2034   EUR   70.926
BNG Bank NV             0.6300 07/11/2067  EUR   55.739
Societe Generale SA     0.6900 4/21/2033   EUR   71.888
Societe Nationale SNC   2.5030 1/14/2041   AUD   65.083
BNP Paribas SA          2.8400 8/26/2039   AUD   60.502
Czech Republic Govern   0.9500 5/15/2030   CZK   74.372
Wirtschafts- und Infr   0.1700 12/09/2041  EUR   61.923
Purple Protected Asse   1.5984 02/05/2061  EUR   65.434
Turkey Government Int   6.7500 5/30/2040   USD   72.435
Single Platform Inves   1.0800 5/25/2066   EUR   48.510
Credit Mutuel Arkea S   1.1650 9/23/2039   EUR   62.499
Canton of Ticino        0.4000 6/27/2044   CHF   70.036
BNP Paribas SA          3.1700 01/07/2041  AUD   63.590
Muenchener Hypotheken   0.8050 4/16/2036   EUR   65.587
Landeskreditbank Bade   0.812012/16/2060   EUR   60.787
Department of Gironde   0.900012/15/2039   EUR   70.626
DZ Bank AG Deutsche Z   0.7800 03/05/2030  EUR   72.309
DZ Bank AG Deutsche Z   0.7500 9/21/2035   EUR   70.154
Deutsche Bank AG        0.700010/28/2031   EUR   64.826
Espirito Santo Financ   2.677010/27/2024   EUR    1.438
Single Platform Inves   1.6000 2/15/2041   EUR   70.060
Societe Nationale SNC   2.9100 1/27/2051   AUD   65.661
Norddeutsche Landesba   0.9000 07/05/2032  EUR   72.515
Natixis SA              0.3000 6/25/2048   USD   28.322
Societe Du Grand Pari   1.9230 5/25/2066   EUR   72.778
Single Platform Inves   1.1170 5/25/2066   EUR   49.357
DekaBank Deutsche Gir   1.0800 12/09/2039  EUR   67.287
Region Auvergne-Rhone   0.8000 5/22/2040   EUR   66.938
Ukraine Government In  16.0000 5/24/2023   UAH   58.875
Landesbank Hessen-Thu   0.7000 11/04/2033  EUR   70.324
Ville de Marseille      0.498012/17/2040   EUR   64.428
LFA Foerderbank Bayer   0.2500 9/30/2039   EUR   64.221
Libra Internet Bank S   4.2500 9/28/2028   EUR   73.578
Norddeutsche Landesba   1.090011/15/2043   EUR   66.789
NRW Bank                1.0000 2/26/2050   EUR   68.786
Landesbank Baden-Wuer   0.8210 8/24/2032   EUR   71.025
Caisse des Depots et    0.9155 1/20/2051   EUR   64.922
Pescanova SA            8.7500 2/17/2019   EUR    0.319
Northland Resources A   4.000010/15/2020   NOK    0.271
Nederlandse Waterscha   0.7500 10/04/2041  EUR   70.234
Northland Resources A  15.0000 7/15/2019   USD    2.621
Commerzbank AG          1.046012/18/2034   EUR   70.368
Region Wallonne Belgi   0.050010/26/2032   EUR   72.802
Single Platform Inves   0.8525 3/20/2040   EUR   61.137
Deutsche Bank AG        2.7840 04/03/2034  EUR   71.464
DZ Bank AG Deutsche Z   1.0000 2/18/2032   EUR   66.989
Rikshem AB              2.9000 1/23/2035   AUD   74.572
LSF9 Balta Issuer SAR   3.000012/31/2030   EUR   56.807
Hungary Government Bo   3.0000 8/21/2030   HUF   65.166
SAir Group              6.2500 04/12/2005  CHF   12.324
SAir Group              2.1250 11/04/2004  CHF   12.325
Region Wallonne Belgi   1.1500 09/02/2120  EUR   41.559
Communaute Francaise    2.0000 4/14/2076   EUR   73.991
Communaute Francaise    1.1200 7/19/2038   EUR   71.956
Region de Bruxelles-C   1.5280 04/05/2049  EUR   70.837
Ministeries Van de Vl   1.0530 06/03/2050  EUR   60.542
UBS AG/London           6.2500 03/08/2023  CHF   55.250
Leonteq Securities AG  20.0000 11/01/2022  CHF   36.070
UBS AG/London           6.2500 11/10/2023  CHF   48.300
Erste Group Bank AG     4.5000 8/31/2025   EUR   68.850
Citigroup Global Mark   4.0000 02/07/2034  EUR   66.280
Landesbank Hessen-Thu   1.0000 9/16/2036   EUR   63.450
Raiffeisen Centrobank  10.0000 3/24/2023   EUR   30.720
Sberbank of Russia PJ   0.010011/13/2026   TRY   64.500
Corner Banca SA        12.8000 12/07/2022  CHF   38.520
Leonteq Securities AG  12.0000 10/04/2022  CHF   50.690
BNP Paribas Emissions   8.5000 2/21/2023   USD   70.230
UniCredit Bank AG       0.9000 3/24/2036   EUR   67.310
Landesbank Hessen-Thu   1.1500 6/13/2034   EUR   71.500
Raiffeisen Schweiz Ge  10.000012/31/2024   CHF   52.680
Erste Group Bank AG     4.2500 5/31/2023   EUR   59.750
State of Saxony-Anhal   2.1383 07/03/2028  EUR   60.000
Russian Railways JSC   18.830011/29/2028   RUB   55.000
Ebis OOO               12.0000 9/27/2022   RUB   19.000
Russian Railways JSC    9.3900 2/28/2040   RUB   50.010
Romanian Government I   3.3750 02/08/2038  EUR   66.056
HSBC Continental Euro   2.0250 3/19/2049   EUR   73.363
Landesbank Hessen-Thu   0.9500 04/09/2036  EUR   68.232
Muenchener Hypotheken   0.8670 2/25/2047   EUR   70.540
Turkey Government Int   6.8750 3/17/2036   USD   73.056
Natixis SA              2.6600 9/23/2036   AUD   71.963
Banque Federative du    0.1250 11/06/2030  EUR   73.858
Kuntarahoitus Oyj       0.8580 2/22/2051   EUR   71.573
Deutsche Pfandbriefba   0.6400 09/10/2030  EUR   67.599
Societe Generale SA     3.060011/24/2031   AUD   73.019
Raiffeisen-Landesbank   1.5000 02/10/2061  EUR   56.770
Bayerische Landesbode   0.7000 06/12/2037  EUR   73.219
UniCredit SpA           1.490010/23/2035   EUR   63.044
Kreditanstalt fuer Wi   0.6500 2/24/2041   EUR   71.383
BPCE SA                 1.850010/30/2030   AUD   69.204
DZ HYP AG               0.1800 03/10/2031  EUR   74.367
Caisse des Depots et    0.5705 2/18/2041   EUR   68.750
Natixis SA              2.6200 09/08/2036  AUD   71.529
Grand Delta Habitat     1.5000 09/01/2049  EUR   51.460
Societe Generale SA     3.050011/23/2031   AUD   73.015
Ingrad AO              11.5000 2/27/2030   RUB   63.010
Danske Bank A/S         6.5000 01/09/2027  SEK   62.920
Goldman Sachs Interna   0.0700 1/13/2025   EUR   53.500
Landesbank Hessen-Thu   0.7000 01/12/2037  EUR   63.800
Landesbank Baden-Wuer   9.0000 4/26/2024   EUR   63.480
Leonteq Securities AG   3.170010/28/2022   EUR   68.020
UBS AG/London          26.750011/18/2022   USD   35.750
Landesbank Hessen-Thu   1.3500 4/16/2036   EUR   65.600
OR PJSC                11.000012/29/2024   RUB    5.200
Vontobel Financial Pr   9.5000 3/24/2023   EUR   60.600
Citigroup Global Mark   8.2000 3/21/2024   SEK   72.060
Societe Generale SA     8.0000 5/28/2027   USD   32.020
BNP Paribas SA          0.5640 9/15/2031   EUR   70.912
Emissionszentrale fue   0.1000 11/02/2038  CHF   71.673
Merrill Lynch BV        2.5100 8/25/2036   USD   66.786
Deutsche Pfandbriefba   3.1000 09/07/2046  USD   70.395
Getin Noble Bank SA    11.2500 5/31/2024   PLN   36.016
Deutsche Bank AG        2.0100 12/10/2052  EUR   53.600
Single Platform Inves   1.4400 7/18/2042   EUR   66.013
State of Mecklenburg-   0.239011/17/2070   EUR   42.484
Autonomous Community    1.089010/31/2049   EUR   56.577
BNP Paribas SA          3.6600 08/09/2039  AUD   69.505
Russian Foreign Bond    5.2500 6/23/2047   USD   48.753
Santander Internation   1.7000 12/12/2049  EUR   36.257
Republic of Belarus I   6.8750 2/28/2023   USD   30.000
Agence France Locale    2.5500 3/20/2036   AUD   71.304
Barclays Bank PLC       2.3200 01/11/2041  USD   59.704
Muenchener Hypotheken   0.0300 1/14/2031   EUR   71.536
Kuntarahoitus Oyj       1.2000 7/21/2061   EUR   69.372
Norddeutsche Landesba   0.7000 2/15/2036   EUR   61.735
Landeskreditbank Bade   0.8422 05/03/2041  EUR   72.801
Deutsche Bank AG        1.7250 1/16/2045   EUR   47.182
Aktia Bank Oyj          0.9650 12/11/2040  EUR   66.374
Nomura Bank Internati   0.4000 12/03/2030  EUR   71.506
Metropole de Lyon       0.5400 12/07/2050  EUR   52.101
Ukraine Government In   7.7500 09/01/2028  USD   22.466
SpareBank 1 SR-Bank A   1.0200 10/08/2036  EUR   68.480
Landesbank Hessen-Thu   0.4500 09/05/2031  EUR   73.828
Aktia Bank Oyj          0.850012/21/2040   EUR   64.948
Purple Protected Asse   1.5176 1/25/2061   EUR   64.373
Purple Protected Asse   1.565012/23/2060   EUR   62.199
DekaBank Deutsche Gir   2.1400 5/18/2046   EUR   72.162
Aareal Bank AG          1.7410 01/12/2045  EUR   67.491
Batigere Grand Est SA   2.0300 5/29/2070   EUR   63.183
Purple Protected Asse   2.085010/27/2060   EUR   67.264
Natixis SA              2.5200 8/24/2036   AUD   70.755
Centre Hospitalier Be   0.9500 02/05/2041  EUR   59.300
UkrLandFarming PLC     10.8750 3/26/2018   USD    1.387
Region Wallonne Belgi   1.0000 6/22/2045   EUR   63.523
Credit Agricole Corpo   1.3000 02/02/2061  EUR   55.995
Natixis SA              2.9300 7/29/2051   AUD   67.727
Ukraine Government In   7.7500 09/01/2025  USD   24.340
Aareal Bank AG          0.5700 08/07/2029  EUR   68.701
Societe Generale SA     2.900012/23/2031   AUD   72.253
DZ Bank AG Deutsche Z   0.5100 1/25/2036   EUR   67.693
DZ Bank AG Deutsche Z   0.650012/22/2036   EUR   69.274
Single Platform Inves   1.9200 11/05/2040  EUR   73.818
Getin Noble Bank SA    12.2900 7/28/2023   PLN   35.888
DZ Bank AG Deutsche Z   0.8000 11/06/2034  EUR   71.894
BNP Paribas SA          0.6850 8/26/2030   EUR   73.095
Espirito Santo Financ   5.1250 5/30/2016   EUR    0.528
KPNQwest NV            10.0000 3/15/2012   EUR    0.453
Region de Bruxelles-C   0.562012/23/2065   EUR   41.817
Credit Suisse AG/Lond   7.5000 10/06/2022  CHF   59.970
UBS AG/London          13.2500 04/06/2023  USD   52.600
Credit Suisse AG/Lond   8.000010/19/2022   CHF   69.690
DekaBank Deutsche Gir   2.800012/23/2022   EUR   58.270
AutoWallis Nyrt         3.0000 7/27/2031   HUF   56.400
DZ Bank AG Deutsche Z   2.000012/23/2027   EUR   73.450
Leonteq Securities AG  10.0000 3/24/2023   USD   37.700
DZ Bank AG Deutsche Z   5.000012/23/2022   EUR   46.730
Landesbank Baden-Wuer   3.2000 1/27/2023   EUR   57.330
SG Issuer SA            5.5000 1/20/2025   SEK   49.940
Landesbank Hessen-Thu   1.3000 09/02/2036  EUR   63.700
DZ Bank AG Deutsche Z   7.500012/23/2022   EUR   19.600
Landesbank Baden-Wuer   6.750011/25/2022   EUR   35.600
Sberbank of Russia PJ   0.010011/30/2028   RUB   57.600
Citigroup Global Mark   6.0000 01/04/2034  EUR   69.230
Goldman Sachs & Co We   9.000010/26/2022   EUR   56.680
Credit Suisse AG/Lond   7.5000 2/15/2023   CHF   72.070
Credit Suisse AG/Lond   8.5000 03/06/2023  CHF   60.530
Landesbank Baden-Wuer   4.8200 9/30/2022   EUR   61.350
Raiffeisen Centrobank   7.5000 07/07/2023  EUR   39.010
Greenergy Holding Vag   3.0000 9/21/2031   HUF   59.724
Deutsche Bank AG        1.5600 6/18/2031   EUR   68.670
Baromfi-Coop Termelo    3.0000 7/19/2031   HUF   60.500
Hunland Feed Kft        2.8800 7/21/2031   HUF   61.690
Reneszansz Kofarago z   3.2000 04/09/2031  HUF   73.000
Citigroup Global Mark   3.5000 5/24/2033   EUR   68.270
DZ Bank AG Deutsche Z   4.000012/23/2022   EUR   69.810
DZ Bank AG Deutsche Z   5.000012/23/2022   EUR   70.000
Wingholding Zrt         5.0000 2/17/2032   HUF   70.630
DZ Bank AG Deutsche Z   4.4500 6/23/2023   EUR   72.750
Leonteq Securities AG   6.3000 7/17/2023   EUR   63.910
WEB Windenergie AG      6.5000             EUR    0.010
Russian Railways JSC    9.390010/15/2040   RUB   50.000
Ebis OOO               14.000011/29/2022   RUB    7.400
MARSO Ltd               2.300012/17/2029   HUF   63.520
RUSAL Bratsk OJSC       0.0100 04/07/2026  RUB   73.300
SFO VTB Investment Pr   0.010011/13/2023   RUB   50.010
Duna House Holding Ny   3.0000 09/02/2030  HUF   68.500
DeloPorts LLC           0.010011/14/2025   RUB   70.090
VEB-Leasing AO          6.9100 1/16/2024   RUB   74.600
OR PJSC                12.000011/14/2024   RUB    5.250
DZ Bank AG Deutsche Z   0.960012/30/2030   EUR   72.690
Commerzbank AG          1.1500 6/28/2034   EUR   73.732
Single Platform Inves   1.0750 6/26/2052   EUR   55.731
Deutsche Bank AG        0.7100 9/24/2031   EUR   63.065
DZ Bank AG Deutsche Z   0.4200 2/17/2033   EUR   73.209
Deutsche Apotheker-un   1.6160 1/15/2038   EUR   69.689
Kreditanstalt fuer Wi   0.885011/14/2039   EUR   73.628
DZ Bank AG Deutsche Z   0.4800 9/22/2036   EUR   67.708
Kreditanstalt fuer Wi   0.6600 11/12/2039  EUR   72.651
Caisse des Depots et    0.9300 11/09/2050  EUR   67.950
Hemso Fastighets AB     2.0000 2/15/2033   EUR   73.133
Getin Noble Bank SA    10.0200 04/04/2024  PLN   27.875
Caisse des Depots et    1.0000 2/26/2051   EUR   70.102
Single Platform Inves   0.9550 2/15/2041   EUR   61.451
HSBC Bank PLC           2.130011/30/2036   EUR   72.481
Tonon Luxembourg SA     9.2500 1/24/2020   USD    0.500
Norddeutsche Landesba   0.6750 2/25/2033   EUR   68.864
J&T Banka AS            7.0000             EUR   71.823
Muenchener Hypotheken   0.1700 9/25/2031   EUR   71.541
Landesbank Baden-Wuer   0.6000 03/05/2036  EUR   59.993
SBAB Bank AB            0.9275 11/07/2034  SEK   70.803
Credit Industriel Et    2.160010/29/2035   USD   67.537
Aareal Bank AG          0.3800 9/16/2031   EUR   59.380
Landshypotek Bank AB    1.8150 2/25/2041   SEK   73.845
BPCE SFH SA             0.4300 05/07/2040  EUR   64.720
Lehman Brothers Treas   6.6500 8/24/2011   AUD    0.100
Department of Gironde   0.412011/26/2037   EUR   67.897
Assistance Publique H   1.1250 4/16/2047   EUR   66.200
DZ Bank AG Deutsche Z   0.7000 8/24/2033   EUR   73.815
Grand Delta Habitat     1.5000 09/01/2047  EUR   59.326
Bayerische Landesbank   1.0000 3/22/2024   EUR   64.430
EFG International Fin   5.5000 7/31/2023   USD   67.440
Leonteq Securities AG  11.0000 11/07/2022  CHF   68.990
DZ Bank AG Deutsche Z   2.000012/23/2022   EUR   58.810
DZ Bank AG Deutsche Z   2.4000 3/17/2023   EUR   68.890
Raiffeisen Centrobank   6.5000 9/22/2023   EUR   59.490
DekaBank Deutsche Gir   3.040010/26/2022   EUR   60.490
UBS AG/London           7.6400 4/20/2026   SEK   68.070
UBS AG/London          19.2500 7/13/2023   CHF   53.600
DekaBank Deutsche Gir   4.630012/16/2022   EUR   68.960
Raiffeisen Schweiz Ge   8.5000 2/20/2023   CHF   50.820
Opus Global Nyrt        3.2000 4/29/2031   HUF   71.000
Credit Suisse AG/Lond   7.370012/28/2022   USD    9.720
Leonteq Securities AG  11.000012/21/2022   EUR   59.630
Societe Generale SA     7.3100 5/22/2026   USD   51.200
Vajda-Papir Gyarto Ke   3.500011/16/2030   HUF   61.700
Credit Suisse AG/Lond  10.9200 2/16/2023   GBP   72.190
Landesbank Baden-Wuer   4.6500 4/28/2023   EUR   59.250
Tranzit-Food Baromfif   2.0000 6/23/2028   HUF #N/A N/A
Landesbank Baden-Wuer   3.940011/25/2022   EUR   57.290
Credit Suisse AG/Lond  10.0000 07/12/2023  CHF   60.870
Raiffeisen Schweiz Ge  12.000010/13/2022   CHF   54.840
Barclays Bank PLC       7.0300 3/14/2023   USD    9.450
UBS AG/London           6.5000 6/28/2023   USD    9.500
Nordea Bank Abp         3.7500 1/20/2027   SEK   68.250
Zurcher Kantonalbank    4.5000 11/03/2022  CHF   60.800
Bayer Construct Epito   3.700010/21/2031   HUF   60.030
Bank Vontobel AG       14.0000 10/02/2023  CHF   42.100
DZ Bank AG Deutsche Z   5.1000 6/23/2023   EUR   71.070
Goldman Sachs Interna  10.0000 2/21/2025   EUR   73.850
Corner Banca SA        12.320010/18/2022   EUR   42.190
Leonteq Securities AG  20.0000 11/10/2022  CHF   52.460
Nordea Bank Abp         9.0000 7/20/2024   SEK   55.180
Skandinaviska Enskild   6.8000 1/15/2024   SEK   59.030
DZ Bank AG Deutsche Z   5.000012/23/2022   EUR   53.170
Citigroup Global Mark  12.378711/13/2023   SEK   57.790
SG Issuer SA            5.3000 01/10/2025  EUR   63.540
Citigroup Global Mark  12.0000 11/01/2022  EUR    2.005
Gold-Zack AG            7.000012/14/2005   EUR    1.004
Single Platform Inves   1.1625 5/25/2066   EUR   50.684
SpareBank 1 SR-Bank A   0.9700 10/09/2040  EUR   61.997
Cooperatieve Rabobank   0.5400 08/03/2040  EUR   65.325
Landesbank Saar         0.7600 05/08/2034  EUR   71.403
HSBC Bank PLC           0.500012/22/2025   BRL   68.634
Kreditanstalt fuer Wi   1.027010/26/2050   EUR   69.581
BPCE SA                 2.7300 10/05/2036  AUD   62.731
Intesa Sanpaolo Bank    3.102011/19/2035   AUD   73.074
Republic of Ireland I   1.320011/28/2119   EUR   45.132
Communaute Francaise    1.5200 7/22/2069   EUR   63.299
Deutsche Bank AG        2.4800 12/10/2035  EUR   66.613
Kuntarahoitus Oyj       1.155011/19/2060   EUR   63.351
Norddeutsche Landesba   0.7500 1/15/2032   EUR   72.969
Caisse des Depots et    2.7660 08/09/2049  USD   69.565
Landesbank Baden-Wuer   0.5000 12/08/2031  EUR   71.156
Banco Santander SA      0.7900 9/30/2031   EUR   72.683
Single Platform Inves   1.235012/20/2050   EUR   58.340
Citigroup Global Mark   2.6500 3/17/2040   USD   70.710
Landesbank Baden-Wuer   0.7800 4/21/2036   EUR   61.708
Republic of Austria G   0.7000 4/20/2071   EUR   49.824
Cie Generale de Navig   0.350012/29/2056   CHF   57.973
NRW Bank                0.5100 9/23/2039   EUR   68.572
Department of Bouches   1.1000 07/08/2039  EUR   73.829
Hypo Vorarlberg Bank    1.0200 7/15/2041   EUR   62.191
Societe Generale SA     4.7400 3/24/2030   USD   71.300
Landesbank Baden-Wuer   0.5600 9/22/2033   EUR   64.558
NRW Bank                0.6100 09/07/2040  EUR   69.711
Free and Hanseatic Ci   1.0950 6/13/2046   EUR   72.527
Premium Green PLC       1.5500 7/25/2040   EUR   70.928
Landesbank Baden-Wuer   0.0400 1/15/2031   EUR   74.118
HSBC Continental Euro   1.2000 9/26/2039   EUR   67.096
Banque Internationale   1.1900 1/18/2041   EUR   66.723
Societe Generale SA     2.3700 9/17/2035   AUD   58.764
Bulgaria Government I   0.3750 9/23/2030   EUR   72.663
Landesbank Baden-Wuer   0.9050 04/01/2041  EUR   57.222
Lehman Brothers Treas  11.7500 03/01/2010  EUR    0.100
Region of Centre-Val    0.3900 12/04/2042  EUR   59.309
Specialfastigheter Sv   1.1200 2/19/2044   SEK   57.017
Deutsche Pfandbriefba   2.0000 07/09/2032  EUR   70.313
Ministeries Van de Vl   1.0950 06/03/2055  EUR   59.960
Banco Santander SA      2.7490 12/03/2030  USD   73.830
Region Wallonne Belgi   1.1650 6/29/2059   EUR   57.492
Hypo Tirol Bank AG      0.6700 7/21/2031   EUR   72.659
Brown's Pharma Holdin   3.9000 07/09/2031  EUR   70.037
Ville de Sion           0.3550 09/12/2039  CHF   74.373
Norddeutsche Landesba   1.050011/17/2036   EUR   65.532
Aareal Bank AG          0.6600 6/26/2028   EUR   74.341
DZ Bank AG Deutsche Z   1.4700 1/20/2042   EUR   69.109
Getin Noble Bank SA    11.3000 8/30/2024   PLN   37.875
Single Platform Inves   0.5230 05/07/2041  EUR   55.586
Single Platform Inves   1.5000 3/20/2051   EUR   62.755
Republic of Ireland I   1.2500 10/08/2121  EUR   54.428
NIBC Bank NV            0.6600 7/14/2031   EUR   65.022
Hypo Tirol Bank AG      0.6450 7/21/2031   EUR   72.493
Muenchener Hypotheken   0.8860 3/26/2043   EUR   68.976
Single Platform Inves   0.9500 02/05/2033  EUR   74.286
Landesbank Hessen-Thu   0.7000 9/27/2034   EUR   68.429
Landesbank Baden-Wuer   0.3100 12/09/2039  EUR   51.287
NRW Bank                1.0330 1/27/2042   EUR   73.684
SAir Group              0.1250 07/07/2005  CHF   12.375
DZ Bank AG Deutsche Z   0.4400 1/21/2036   EUR   63.459
Credit Agricole SA/Lo   1.7700 4/26/2035   EUR   73.885
Cerruti Finance SA      6.5000 7/26/2004   EUR    2.058
Caisse des Depots et    0.9450 5/19/2051   EUR   68.797
Societe Generale SA     2.6500 1/26/2032   USD   72.937
Landesbank Baden-Wuer   0.8200 02/01/2039  EUR   57.694
DZ HYP AG               1.2260 8/25/2036   EUR   65.991
Societe Generale SA     2.4800 7/17/2040   USD   52.595
KPNQwest NV             7.1250 06/01/2009  EUR    0.453
Oberbank AG             0.2300 10/07/2041  EUR   61.307
Kreditanstalt fuer Wi   1.0000 4/27/2041   EUR   73.336
NIBC Bank NV            2.1050 10/10/2033  EUR   68.887
Land Thueringen         1.1000 07/03/2047  EUR   74.233
Deutsche Bank AG        0.6100 9/30/2031   EUR   73.400
State of Saarland       1.1080 5/18/2046   EUR   73.564
Norske Skogindustrier   7.000012/30/2026   EUR    0.010
NRW Bank                1.022012/23/2041   EUR   73.999
Credit Agricole SA      1.0000 04/06/2035  EUR   69.098
Single Platform Inves   0.6560 2/15/2046   EUR   51.787
Region Wallonne Belgi   0.8650 7/20/2044   EUR   62.456
Region of Centre-Val    0.9240 11/02/2043  EUR   66.229
Natixis SA              2.4200 9/29/2035   AUD   70.390
Bayerische Landesbank   1.3200 9/16/2033   EUR   73.073
Single Platform Inves   1.8300 11/05/2040  EUR   73.554
Single Platform Inves   1.8400 11/05/2040  EUR   73.684
Aareal Bank AG          1.0680 2/18/2050   EUR   67.881
Hypo Vorarlberg Bank    1.0200 1/17/2035   EUR   68.990
Kreditanstalt fuer Wi   1.0870 1/21/2050   EUR   73.394
Aktia Bank Oyj          0.8000 2/26/2036   EUR   70.111
Region Wallonne Belgi   1.3050 9/29/2041   EUR   72.423
Aktia Bank Oyj          0.9900 1/15/2035   EUR   73.095
Agence Francaise de D   2.302010/25/2044   USD   73.527
Single Platform Inves   0.6950 6/25/2039   EUR   60.880
Leonteq Securities AG   3.5000 9/30/2022   EUR   67.030
Region de Bruxelles-C   0.6500 2/15/2061   EUR   47.168
Region de Bruxelles-C   1.286012/17/2046   EUR   69.069
UBS AG/London           9.2500 2/13/2023   USD   20.920
UBS AG/London          15.2500 9/15/2023   USD   26.940
UBS AG/London           9.0000 8/25/2023   USD   58.200
Leonteq Securities AG  12.0000 05/02/2023  CHF   59.090
Erste Group Bank AG     6.7500 10/01/2022  EUR   67.050
Zurcher Kantonalbank   11.3000 9/30/2022   USD   52.700
UBS AG/London           4.2500 3/29/2023   EUR   47.250
Landesbank Baden-Wuer   2.860010/28/2022   EUR   64.170
UBS AG/London           9.5000 2/27/2023   CHF   53.050
Leonteq Securities AG   4.900011/15/2022   USD   74.610
SG Issuer SA            9.1800 1/20/2025   SEK   25.360
Erste Group Bank AG     8.0000 10/01/2022  EUR   67.050
DekaBank Deutsche Gir   2.790010/28/2022   EUR   65.210
Bank Vontobel AG       14.9100 6/23/2023   EUR   65.500
Landesbank Baden-Wuer   2.5000 6/28/2024   EUR   65.640
Landesbank Hessen-Thu   1.6000 03/08/2034  EUR   74.000
Sberbank of Russia PJ   0.0100 08/03/2028  RUB   57.510
Landesbank Baden-Wuer   3.710011/25/2022   EUR   70.270
Zurcher Kantonalbank    7.000011/22/2022   CHF   10.030
Zurcher Kantonalbank   19.000011/18/2022   USD   63.360
Credit Suisse AG/Lond   7.2500 5/24/2023   CHF   54.860
DZ Bank AG Deutsche Z   6.0700 1/27/2023   EUR   75.010
UBS AG/London           6.000011/14/2022   EUR   69.200
Corner Banca SA        11.000011/17/2022   USD   58.230
Sovcombank Leasing OO   9.2500 5/19/2025   RUB   65.010
DZ Bank AG Deutsche Z   1.850012/29/2031   EUR   63.240
VTB Bank PJSC          10.0000             RUB   70.000
Luzerner Kantonalbank  16.5000 1/31/2023   CHF   58.170
DZ Bank AG Deutsche Z   1.370012/30/2030   EUR   72.560
Raiffeisen Schweiz Ge  10.0000 1/16/2023   CHF   43.020
Raiffeisen Schweiz Ge  12.000010/19/2022   CHF   60.810
Leonteq Securities AG  10.0000 01/04/2023  CHF   12.820
Landesbank Baden-Wuer   6.820012/23/2022   EUR   65.330
UBS AG/London           8.1500 3/14/2025   USD    9.690
AKB Metallurgical Inv   7.5000 07/09/2023  RUB   85.000
Zurcher Kantonalbank    7.0000 07/12/2023  CHF   54.230
Credit Suisse AG/Lond  12.0000 2/13/2023   CHF   19.700
DZ Bank AG Deutsche Z   4.850012/23/2022   EUR   62.040
Raiffeisen Switzerlan   9.2500 10/06/2022  CHF   47.070
Vontobel Financial Pr   3.9000 1/19/2023   EUR   62.130
Landesbank Baden-Wuer   4.100012/23/2022   EUR   66.310
DZ Bank AG Deutsche Z   4.180010/28/2022   EUR   68.620
Appeninn Holding        3.500011/22/2029   HUF   57.350
Russian Post FGUP       2.7500 12/06/2023  RUB   60.100
Erste Group Bank AG     7.500011/29/2024   EUR   46.800
DZ Bank AG Deutsche Z   1.220012/28/2029   EUR   73.340
UBS AG/London          11.000010/14/2022   EUR   60.850
Ukraine Government In  15.9700 4/19/2023   UAH   59.254
SpareBank 1 SMN         0.1900 11/06/2030  EUR   72.254
Landesbank Hessen-Thu   0.5000 03/10/2034  EUR   67.296
HSBC Continental Euro   2.0400 3/29/2049   EUR   73.571
Grupo Isolux Corsan S   6.000012/30/2021   USD    0.305
Single Platform Inves   1.3900 6/25/2044   EUR   64.136
ING Bank NV             2.2500 2/26/2036   USD   70.774
Single Platform Inves   1.5348 5/25/2052   EUR   63.719
Barclays Bank PLC       6.4000 6/16/2031   MXN   71.474
LBI ehf                 2.2500 2/14/2011   CHF   10.750
Deutsche Bank AG        2.3150 3/31/2031   EUR   73.833
Norddeutsche Landesba   0.500010/14/2031   EUR   72.642
Regie Autonome des Tr   1.0700 4/28/2050   EUR   60.813
Kuntarahoitus Oyj       0.9825 11/03/2060  EUR   66.062
Raiffeisen Bank Inter   0.2900 11/11/2030  EUR   73.129
Banque Internationale   0.5100 02/10/2031  EUR   73.652
Banco Santander SA      2.2800 2/28/2039   EUR   73.414
Getin Noble Bank SA    11.720011/30/2023   PLN   34.875
Societe Generale SA     5.400011/17/2037   USD   45.653
Department of L'Eure    1.1100 6/18/2039   EUR   74.045
Landesbank Hessen-Thu   1.0000 9/24/2035   EUR   69.187
Standard Chartered Ba   2.4700 2/24/2036   USD   72.757
Muenchener Hypotheken   0.1700 9/24/2031   EUR   71.550
Aareal Bank AG          0.2550 9/17/2029   EUR   67.104
Banque Internationale   1.085010/22/2040   EUR   65.363
ABN AMRO Bank NV        1.1710 04/04/2044  EUR   72.514
Credit Suisse AG/Lond   6.9000 3/20/2023   USD    1.640
UBS AG/London           6.8000 6/15/2026   USD   48.710
Raiffeisen Schweiz Ge   7.2000 6/14/2023   CHF   67.160
Credit Suisse AG/Lond  20.000012/21/2022   USD   45.360
Basler Kantonalbank     8.000011/28/2022   CHF   59.060
Societe Generale SA    24.0000 11/08/2024  USD   53.000
Landesbank Baden-Wuer   4.760011/25/2022   EUR   66.240
SunDell Estate Nyrt     3.6500 07/09/2031  HUF   65.000
Luzerner Kantonalbank   7.000012/16/2024   USD   55.980
Landesbank Hessen-Thu   1.2500 8/25/2036   EUR   63.600
Landesbank Hessen-Thu   1.3500 7/30/2035   EUR   67.900
Landesbank Baden-Wuer   2.000011/25/2022   EUR   63.430
Societe Generale Effe   5.500010/28/2022   EUR   73.960
Bank Vontobel AG        8.0000 5/26/2023   CHF   68.600
Leonteq Securities AG   4.0800 1/26/2026   EUR   72.320
UBS AG/London          10.500010/28/2022   USD   42.900
Raiffeisenlandesbank    0.2000 06/09/2036  EUR   65.940
DZ Bank AG Deutsche Z   4.690011/25/2022   EUR   30.690
Szabo Fogaskerekgyart   5.5000 2/23/2032   HUF   70.200
Leonteq Securities AG  10.0000 6/29/2023   EUR   60.930
Leonteq Securities AG  11.070011/30/2022   USD   28.240
Leonteq Securities AG  20.400011/16/2022   CHF   12.220
DekaBank Deutsche Gir   3.190010/26/2022   EUR   49.790
UBS AG/London           7.2500 05/03/2023  EUR   51.250
UBS AG/London          16.0000 04/01/2024  USD   73.650
Sberbank of Russia PJ   0.0100 2/26/2027   RUB   71.000
Skandinaviska Enskild   9.6000 1/15/2024   SEK   70.370
Leonteq Securities AG   2.5100 1/25/2023   EUR   58.700
Leonteq Securities AG   4.3100 1/25/2023   USD   59.370
Leonteq Securities AG   3.7900 1/25/2023   EUR   62.270
Leonteq Securities AG   1.6500 1/25/2023   EUR   57.430
Leonteq Securities AG   5.5000 1/25/2023   USD   58.970
Leonteq Securities AG   3.7200 1/25/2023   EUR   68.210
Leonteq Securities AG   2.4500 1/25/2023   EUR   71.390
Leonteq Securities AG   1.8000 1/25/2023   EUR   53.940
Leonteq Securities AG   4.0100 1/25/2023   USD   72.460
SG Issuer SA            1.050011/20/2025   EUR   17.900
Credit Suisse AG/Lond   9.7500 4/27/2023   USD   50.160
Landesbank Hessen-Thu   7.2569 8/24/2033   EUR   71.900
Landesbank Hessen-Thu   0.900011/20/2035   EUR   66.000
Raiffeisen Schweiz Ge  16.0000 5/23/2023   CHF   67.060
UBS AG/London          10.750010/21/2022   EUR   59.700
Russian Railways JSC   18.8300 5/20/2044   RUB   55.000
Ukraine Government In  10.0000 8/23/2023   UAH   58.875
BNG Bank NV             0.6800 03/04/2050  EUR   56.053
State of Lower Austri   0.400010/13/2050   EUR   53.256
Muenchener Hypotheken   0.580010/14/2035   EUR   63.209
BPCE SA                 2.4000 3/26/2031   USD   73.745
Region Wallonne Belgi   1.0400 5/28/2040   EUR   70.481
Kreditanstalt fuer Wi   0.220011/19/2035   EUR   72.100
Assistance Publique H   0.8000 3/23/2046   EUR   61.790
de Volksbank NV         0.8312 7/19/2038   EUR   72.357
Lehman Brothers Treas   2.8750 3/14/2013   CHF    0.100
Communaute Francaise    1.3970 7/18/2059   EUR   67.001
Region Auvergne-Rhone   0.5300 9/29/2036   EUR   71.629
Eika Boligkreditt AS    0.560011/29/2039   EUR   65.834
Lehman Brothers Treas   3.0000 8/13/2011   EUR    0.100
BPCE SA                 2.315011/19/2035   AUD   59.312
Allgemeine Sparkasse    0.2000 3/22/2033   EUR   74.046
Single Platform Inves   1.0300 03/11/2039  EUR   65.649
Berlin Hyp AG           0.6250 6/30/2031   EUR   72.945
Deutsche Pfandbriefba   0.500011/18/2030   EUR   65.255
Lehman Brothers Treas  14.9000 9/15/2008   EUR    0.100
Nomura Bank Internati   1.1500 10/06/2036  EUR   66.367
Region Bretagne SCI     0.6200 08/07/2037  EUR   70.946
Nederlandse Waterscha   1.000011/24/2050   EUR   70.102
Raiffeisenlandesbank    0.7500 6/20/2031   EUR   74.215
Getin Noble Bank SA    12.3000 1/31/2024   PLN   37.875
State of North Rhine-   0.2000 7/17/2034   EUR   74.098
Deutsche Bank AG        1.0500 09/01/2031  EUR   65.622
Raiffeisen-Landesbank   0.0500 9/13/2033   EUR   72.065
New World Resources N   8.0000 04/07/2020  EUR    0.001
Bayerische Landesbank   3.1800 2/16/2038   EUR   73.812
Municipality of Arnhe   0.4600 9/20/2049   EUR   60.518
Region Bretagne SCI     0.8150 06/12/2040  EUR   68.793
Vasakronan AB           1.6550 09/05/2039  SEK   61.918
Sihltal Zuerich Uetli   0.2500 4/30/2036   CHF   69.952
Department of Gironde   0.9790 6/25/2040   EUR   70.947
Region Provence-Alpes   0.7850 6/18/2040   EUR   67.637
Commerzbank AG          0.9000 10/07/2030  EUR   73.089
DZ Bank AG Deutsche Z   0.6000 12/04/2035  EUR   69.111
Single Platform Inves   1.8000 7/25/2053   EUR   69.837
Region Wallonne Belgi   1.2220 6/24/2080   EUR   51.861
Single Platform Inves   1.250010/18/2035   EUR   72.501
Raiffeisen-Landesbank   1.1400 4/26/2051   EUR   71.693
Nationwide Building S   0.7500 05/08/2035  EUR   74.506
Credit Agricole Corpo   2.7000 06/03/2035  AUD   73.163
Single Platform Inves   1.6100 2/15/2043   EUR   71.360
Grand Delta Habitat     1.750010/28/2061   EUR   65.262
Oberoesterreichische    0.3150 9/14/2035   EUR   69.645
LFA Foerderbank Bayer   0.1250 9/30/2038   EUR   64.065
Elli Investments Ltd   12.2500 6/15/2020   GBP   52.250
Societe Generale SA     2.200012/17/2040   USD   62.913
HSBC Continental Euro   1.4100 12/12/2039  EUR   69.289
Region Provence-Alpes   0.623010/15/2035   EUR   73.712
Raiffeisen Landesbank   0.7500 10/10/2031  EUR   73.968
Landesbank Baden-Wuer   0.440011/15/2042   EUR   64.306
National Grid Electri   2.7100 10/04/2034  AUD   72.824
Credit Agricole Corpo  10.2000 08/06/2026  TRY   45.225
Agence Metropolitaine   0.8000 07/01/2040  EUR   68.517
Autonomous Community    1.250010/31/2040   EUR   68.042
Region of Centre-Val    0.7250 12/12/2039  EUR   68.337
Landesbank Hessen-Thu   1.1500 6/23/2036   EUR   70.071
Department of Bouches   1.0680 5/21/2048   EUR   64.194
Getin Noble Bank SA     9.9600 3/31/2023   PLN   59.965
KPNQwest NV             8.8750 02/01/2008  EUR    0.453
KPNQwest NV             8.8750 02/01/2008  EUR    0.453
Penarian Housing Fina   3.2120 06/07/2052  GBP   69.981
Credit Suisse AG/Lond   0.8750 5/21/2031   EUR   71.119
Bayerische Landesbank   1.4800 04/08/2036  EUR   70.940
Autonomous Community    1.5500 05/11/2051  EUR   62.363
BNG Bank NV             0.7720 08/05/2050  EUR   64.345
BLT Finance BV         12.0000 02/10/2015  USD   10.500
Kuntarahoitus Oyj       0.8150 2/24/2061   EUR   63.234
Landwirtschaftliche R   0.4000 7/29/2036   EUR   72.435
Pescanova SA            6.7500 03/05/2015  EUR    0.319
NRW Bank                1.235012/16/2061   EUR   67.673
Credito Padano Banca    3.1000             EUR   33.687
LFA Foerderbank Bayer   0.1600 01/02/2040  EUR   62.223
State of Bremen         0.9360 9/28/2046   EUR   68.255
Region Auvergne-Rhone   0.250010/23/2034   EUR   72.836
Communaute Francaise    0.8175 8/28/2050   EUR   56.278
Region Wallonne Belgi   0.8280 8/28/2048   EUR   57.922
NORD/LB Luxembourg SA   0.5420 9/30/2037   EUR   68.207
Russian Foreign Bond    5.8750 9/16/2043   USD   58.065
Nederlandse Waterscha   0.9640 06/11/2059  EUR   68.630
Landesbank Hessen-Thu   1.0000 06/12/2035  EUR   69.500
Getin Noble Bank SA    11.4300 11/09/2023  PLN   33.865
Landesbank Hessen-Thu   0.9500 02/12/2035  EUR   70.031
Hypo Vorarlberg Bank    0.860010/24/2034   EUR   68.123
UBS AG/London           8.1000 03/04/2027  EUR   66.380
Communaute Francaise    1.1150 07/11/2039  EUR   70.421
Region de Bruxelles-C   1.6200 4/30/2049   EUR   73.100
Region de Bruxelles-C   0.9000 4/14/2050   EUR   59.361
Region de Bruxelles-C   0.7600 9/15/2038   EUR   70.452
Region de Bruxelles-C   0.556012/23/2064   EUR   42.352
Portugal Obrigacoes d   1.1500 04/11/2042  EUR   69.281
Credit Suisse AG/Lond  12.4000 9/25/2023   EUR   23.930
UBS AG/London          10.2500 03/09/2023  USD   33.850
UBS AG/London          15.7500 03/09/2023  USD   37.950
Leonteq Securities AG  12.0000 05/02/2023  USD   27.480
Leonteq Securities AG  13.0000 02/01/2023  CHF   58.220
Credit Suisse AG/Lond   7.5000 9/29/2022   USD   64.500
Ebis OOO               14.500011/25/2025   RUB    9.300
Landesbank Hessen-Thu   2.0000 3/16/2037   EUR   68.900
SG Issuer SA            5.7000 7/20/2024   SEK   57.510
Bank Vontobel AG        8.0000 5/26/2023   CHF   47.400
Bank Julius Baer & Co  10.0000 9/26/2022   CHF   54.050
Erste Group Bank AG     5.0000 10/01/2022  EUR   65.050
SG Issuer SA            6.5000 1/20/2025   SEK   50.060
Citigroup Global Mark   7.3000 1/18/2030   EUR   67.370
Societe Generale SA    10.0000 10/01/2036  USD   62.500
SG Issuer SA            8.8000 7/20/2023   SEK   54.610
Raiffeisen Centrobank   7.5000 09/01/2023  EUR   45.510
Leonteq Securities AG  12.0000 11/09/2022  CHF   29.390
Raiffeisen Schweiz Ge  10.0000 11/10/2022  USD   50.230
OR PJSC                12.6000 9/28/2025   RUB    5.510
Leonteq Securities AG  14.0000 02/03/2023  CHF   20.350
Sberbank of Russia PJ   0.0100 1/22/2027   RUB   66.100
Landesbank Hessen-Thu   1.0000 03/09/2037  EUR   65.100
OR PJSC                13.500010/22/2025   RUB    7.990
Luzerner Kantonalbank   6.400012/15/2022   CHF   62.270
DZ Bank AG Deutsche Z   1.400012/30/2030   EUR   71.470
OR PJSC                16.000011/26/2025   RUB   20.000
Ebis OOO               12.0000 04/09/2024  RUB    9.960
UBS AG/London           7.0000 4/21/2023   USD   35.850
Leonteq Securities AG  25.2000 10/04/2022  CHF   33.730
Leonteq Securities AG   9.000010/26/2022   EUR   58.980
Banque Internationale  15.0000 01/05/2023  EUR   41.090
UBS AG/London          11.500011/14/2022   EUR   64.750
Landesbank Baden-Wuer   7.000010/28/2022   EUR   55.230
Raiffeisen Schweiz Ge   6.500011/17/2023   CHF   50.140
Luzerner Kantonalbank  14.4800 2/14/2023   CHF   66.910
VTB Bank PJSC           0.0100 03/11/2026  RUB   73.820
Vontobel Financial Pr   8.0000 1/27/2023   CHF   54.960
OR PJSC                16.000011/22/2025   RUB   19.100
Leonteq Securities AG   7.0000 9/26/2022   CHF   68.760
WEB Windenergie AG      5.2500 04/08/2023  EUR    0.010
Russian Railways JSC   16.1000 8/18/2033   RUB   55.010
Russian Railways JSC   17.6900 10/11/2038  RUB   55.000
Russian Railways JSC   10.1500 9/19/2033   RUB   55.000
SG Issuer SA            6.8667 11/12/2031  EUR   59.540
Landesbank Hessen-Thu   0.6000 9/27/2034   EUR   67.300
VEB-Leasing AO          7.9100 8/18/2025   RUB   72.660
Pick Szeged Szalamigy   2.0000 12/06/2029  HUF   57.980
Russian Railways JSC   18.8300 06/08/2028  RUB   55.050
Landesbank Hessen-Thu   1.0000 10/01/2035  EUR   67.850
Russian Railways JSC   18.8300 5/29/2035   RUB   55.000
LP Portfolio Vagyonke   2.6400 01/08/2030  HUF   64.860
Morgan Stanley & Co I   1.1050 6/18/2041   EUR   63.095
Landeskreditbank Bade   1.0170 3/15/2061   EUR   66.203
Assistance Publique H   0.6830 3/19/2041   EUR   65.903
Deutsche Bank AG        2.8250 2/25/2043   EUR   67.514
Vasakronan AB           1.0000 6/15/2041   EUR   62.773
Credit Suisse AG/Lond   1.4000 2/21/2032   EUR   74.158
Espirito Santo Financ   5.050011/15/2025   EUR    0.456
CSN Resources SA        4.6250 06/10/2031  USD   71.454
DZ Bank AG Deutsche Z   1.2500 5/25/2035   EUR   75.453
Erste Group Bank AG     0.9500 05/05/2035  EUR   68.233
Deutsche Pfandbriefba   0.7100 09/10/2031  EUR   64.491
NRW Bank                1.1820 08/07/2050  EUR   70.189
Single Platform Inves   0.7800 03/05/2039  EUR   62.452
Batigere Grand Est SA   1.7090 11/04/2042  EUR   56.967
Wirtschafts- und Infr   0.4500 12/01/2038  EUR   69.528
Single Platform Inves   1.0800 7/18/2036   EUR   69.627
Wirtschafts- und Infr   0.3210 2/18/2041   EUR   64.482
Landesbank Hessen-Thu   0.7500 9/17/2035   EUR   66.999
Landesbank Hessen-Thu   0.6500 9/29/2033   EUR   70.983
DZ Bank AG Deutsche Z   1.150012/30/2030   EUR   72.950
Credit Suisse AG/Lond   7.2500 8/16/2024   USD    6.330
Bank Julius Baer & Co   6.500011/24/2022   CHF   62.050
Landesbank Hessen-Thu   1.3000 9/29/2036   EUR   62.400
Skandinaviska Enskild   7.8000 7/15/2024   SEK   63.070
Goldman Sachs Interna   0.0600 1/13/2025   EUR   68.500
BNP Paribas Issuance    3.3000 07/01/2030  EUR   60.310
Leonteq Securities AG  10.0000 01/12/2023  CHF   34.320
ENVIEN Magyarorszag K   2.5000 5/18/2031   HUF   62.190
UBS AG/London          13.7500 03/09/2023  CHF   65.000
Basler Kantonalbank    11.0000 01/09/2023  CHF   42.690
Deutsche Bank AG        4.210010/29/2031   EUR   72.150
SG Issuer SA            7.6000 1/20/2025   SEK   24.410
Leonteq Securities AG  30.0000 9/30/2022   CHF   12.210
VTB Bank PJSC           0.010012/20/2024   RUB   71.800
Trans-Sped Logisztika   2.5000 3/16/2030   HUF   61.040
Citigroup Global Mark   7.0000 12/07/2033  EUR   65.760
SG Issuer SA            7.5000 1/20/2025   SEK   22.980
SG Issuer SA           11.1700 7/20/2025   SEK   13.780
Landesbank Hessen-Thu   2.0000 03/10/2037  EUR   72.400
Societe Generale SA     7.000010/31/2031   USD   73.000
Landesbank Hessen-Thu   2.0000 4/16/2036   EUR   62.300
VTB Bank PJSC           0.0100 9/14/2024   RUB   71.810
Leonteq Securities AG  30.000011/15/2022   CHF   27.810
Nordea Bank Abp         2.3800 7/20/2026   SEK   74.750
BNP Paribas Emissions   7.9500 03/07/2023  EUR   65.000
SG Issuer SA            7.7000 1/20/2024   SEK   54.790
Leonteq Securities AG   1.8100 1/25/2023   EUR   52.920
Leonteq Securities AG   7.4500 1/25/2023   EUR   40.120
Raiffeisen Schweiz Ge   5.2000 1/17/2023   CHF   72.850
Ebis OOO               13.0000 08/11/2023  RUB    9.360
UBS AG/London           9.250010/21/2022   CHF   36.550
DZ Bank AG Deutsche Z   0.0974 10/11/2050  EUR   71.450
SG Issuer SA            6.8900 1/20/2024   SEK   57.430
Swissquote Bank SA     27.0000 8/15/2023   CHF   66.960
SG Issuer SA            7.5200 7/20/2024   SEK   65.410
Leonteq Securities AG   2.5000 06/05/2024  EUR   71.840
Leonteq Securities AG   8.6000 1/24/2023   CHF   69.960
SG Issuer SA            7.0000 7/20/2023   SEK   66.910
Russian Railways JSC   17.6900 4/29/2043   RUB   55.000
Aktia Bank Oyj          0.635010/16/2035   EUR   68.380
Liga Bank eG Regensbu   0.8500 05/04/2034  EUR   73.686
Societe Generale SA     3.8200 4/26/2039   AUD   66.664
Landesbeteiligungen B   1.4500 6/15/2046   EUR   62.960
Citigroup Global Mark   1.0000 1/21/2036   EUR   67.597
Bilt Paper BV          10.3600             USD    1.318
Banco Santander SA      1.0200 01/04/2034  EUR   68.825
Landeskreditbank Bade   1.0250 04/01/2061  EUR   65.016
Republic of Ireland I   1.2300 06/01/2120  EUR   53.431
Lehman Brothers Treas   6.0000 9/20/2011   EUR    0.100
Societe Generale SA     0.5700 6/30/2031   EUR   70.117
Hungary Government In   0.500011/18/2030   EUR   66.741
Erste Group Bank AG     0.770011/13/2033   EUR   68.688
State of Lower Austri   0.550011/13/2080   EUR   36.190
Department of Bouches   0.5300 7/30/2035   EUR   74.044
Raiffeisenlandesbank    1.1740 07/11/2034  EUR   71.472
Cie de Financement Fo   0.9000 7/18/2058   EUR   59.637
Banque Internationale   0.480011/13/2030   EUR   73.898
Landesbank Hessen-Thu   0.8300 9/29/2034   EUR   70.350
Landesbank Baden-Wuer   0.900011/22/2034   EUR   65.192
HSBC Bank PLC          10.300012/20/2024   TRY   56.361
State of Saxony-Anhal   0.4750 9/30/2050   EUR   60.103
Petromena ASA          10.850011/19/2018   USD    0.622
LBI ehf                 7.4310             USD    0.001
Deutsche Bank AG        3.0500 02/02/2037  EUR   70.571
UBS Group AG            2.3000 12/03/2035  AUD   67.342
Credit Suisse AG/Lond   0.5000 01/08/2026  BRL   69.163
Bulgaria Steel Financ  12.0000 05/04/2013  EUR    0.216
Deutsche Bank AG/Lond  14.9000 5/30/2028   TRY   44.030
Agrokor dd              8.8750 02/01/2020  USD   15.000
Bayerische Landesbank   0.350012/23/2030   EUR   73.945
Landesbank Baden-Wuer   0.5000 02/03/2032  EUR   71.573
Wirtschafts- und Infr   0.2500 09/08/2037  EUR   67.479
Progressio Infrastruc   1.2500 4/25/2033   EUR   73.870
Caisse des Depots et    2.7000 4/28/2041   AUD   67.686
Caisse des Depots et    0.9820 11/06/2050  EUR   70.022
Caisse des Depots et    1.0220 9/13/2049   EUR   66.543
Region de Bruxelles-C   0.7590 9/20/2049   EUR   57.328
Norddeutsche Landesba   0.7500 2/16/2032   EUR   74.383
Wirtschafts- und Infr   0.200012/14/2045   EUR   57.392
Deutsche Bank AG        0.7000 10/07/2031  EUR   62.939
Landesbank Hessen-Thu   0.7500 9/18/2034   EUR   68.810
Citigroup Global Mark   1.2300 8/20/2039   EUR   64.603
Region de Bruxelles-C   0.2560 2/26/2035   EUR   71.101
Landesbank Hessen-Thu   0.9500 06/11/2035  EUR   69.681
Region de Bruxelles-C   0.9800 01/10/2051  EUR   59.429
Wirtschafts- und Infr   0.1380 8/23/2044   EUR   57.613
DZ HYP AG               0.2050 06/05/2040  EUR   60.413
Wirtschafts- und Infr   0.2670 8/29/2044   EUR   58.861
UniCredit Bank AG       0.0300 2/28/2033   EUR   72.354
Caisse des Depots et    0.6960 9/14/2040   EUR   70.948
Hypo Tirol Bank AG      0.5100 1/21/2031   EUR   72.375
Landesbank Hessen-Thu   0.7100 05/12/2034  EUR   68.985
Norddeutsche Landesba   1.5100 1/21/2037   EUR   68.758
Landesbank Hessen-Thu   0.6500 9/16/2036   EUR   64.961
BNP Paribas SA          1.3000 1/28/2037   EUR   68.038
Turkey Government Int   5.8750 6/26/2031   USD   72.737
Region Wallonne Belgi   0.8500 1/26/2071   EUR   46.366
Norddeutsche Landesba   1.0500 8/13/2032   EUR   73.214
Rikshem AB              2.1370 1/29/2036   EUR   74.011
Caisse des Depots et    0.6780 7/23/2040   EUR   70.820
Single Platform Inves   1.0000 7/15/2036   EUR   69.136
Communaute Francaise    2.0410 04/12/2069  EUR   75.085
Muenchener Hypotheken   0.0400 1/17/2031   EUR   71.624
Caisse des Depots et    1.2700 10/01/2051  EUR   74.921
Wirtschafts- und Infr   0.2000 12/02/2043  EUR   59.065
BNG Bank NV             2.280010/17/2048   SEK   74.271
Single Platform Inves   1.0330 2/15/2046   EUR   57.616
Regie Autonome des Tr   0.6400 8/13/2041   EUR   67.446
Hypo Vorarlberg Bank    1.5200 07/08/2050  EUR   63.827
Nomura Bank Internati   1.4150 1/27/2042   EUR   65.136
Landesbank Hessen-Thu   0.7000 08/08/2034  EUR   68.932
Landesbank Hessen-Thu   0.7000 07/07/2034  EUR   69.145
Saastopankkien Keskus   0.840010/22/2035   EUR   69.473
Norddeutsche Landesba   1.5200 02/11/2038  EUR   66.330
Communaute Francaise    0.7710 8/25/2050   EUR   55.074
Wirtschafts- und Infr   0.6500 02/08/2039  EUR   64.585
Northland Resources A  15.0000 7/15/2019   USD    2.621
Landesbank Hessen-Thu   1.1500 03/09/2037  EUR   69.266
Societe Generale SA     1.290012/19/2034   EUR   72.507
DNB Boligkreditt AS     1.0800 5/16/2039   EUR   73.804
Landeskreditbank Bade   1.2360 5/22/2045   EUR   72.081
Landesbank Hessen-Thu   1.3500 3/16/2037   EUR   71.107
State of Rhineland-Pa   0.600010/24/2046   EUR   63.591
French Republic Gover   0.7500 5/25/2052   EUR   60.199
Communaute Francaise    0.5840 9/17/2039   EUR   63.431
Region de Bruxelles-C   0.9100 1/31/2053   EUR   57.719
Bank Vontobel AG        9.0000 06/05/2023  CHF   48.400
Bank Vontobel AG        6.000012/27/2022   CHF   49.500
Leonteq Securities AG   7.0000 05/12/2023  CHF   48.480
VTB Bank PJSC           0.010012/13/2024   RUB   70.150
Region of Chelyabinsk   6.000012/17/2027   RUB   62.060
Vontobel Financial Pr   4.800010/25/2022   EUR   55.750
Citigroup Global Mark   9.160012/18/2023   EUR   68.070
UBS AG/London          11.7500 08/02/2023  EUR   68.900
UBS AG/London          10.2500 08/02/2023  CHF   60.200
Corner Banca SA         8.0000 9/26/2022   CHF   49.460
WEB Windenergie AG      4.000012/17/2025   EUR    0.010
Erste Jelzalogbank zr   2.500010/30/2029   HUF #N/A N/A
Bayerische Landesbank   3.000011/25/2022   EUR   66.680
Bayerische Landesbank   2.100010/28/2022   EUR   55.280
Societe Generale SA     2.7000 3/25/2036   USD   63.637
Nomura Bank Internati   1.1750 07/08/2033  EUR   71.768
UBS AG/London           0.1200 5/25/2040   MXN   12.933
Landesbank Hessen-Thu   1.3000 4/30/2035   EUR   72.754
Bayerische Landesbank   1.7160 01/08/2037  EUR   72.226
Ukraine Government Bo  15.8400 2/26/2025   UAH   58.337
Region of Pays de la    0.5700 03/10/2036  EUR   73.216
Deutsche Apotheker-un   0.800012/21/2035   EUR   63.799
HSBC Bank PLC           1.6200 1/27/2033   EUR   73.444
Caisse des Depots et    1.0180 2/16/2051   EUR   69.061
Single Platform Inves   1.4800 7/25/2053   EUR   64.190
Nederlandse Waterscha   0.1900 11/02/2050  EUR   54.677
Serbia International    1.5000 6/26/2029   EUR   70.242
Serbia International    1.5000 6/26/2029   EUR   70.179
Kuntarahoitus Oyj       0.9390 2/15/2050   EUR   73.838
Kommunalkredit Austri   0.5700 9/15/2037   EUR   68.463
Romanian Government I   2.1240 7/16/2031   EUR   66.894
LFA Foerderbank Bayer   0.010012/15/2033   EUR   74.532
Kommunekredit           2.2000 9/27/2041   AUD   63.905
Takarek Mortgage Bank   3.0000 8/21/2030   HUF   61.700
EFG International Fin   6.1200 07/11/2024  EUR   54.180
Specialized Financial  15.3420 2/15/2031   RUB   70.010
Leonteq Securities AG   6.7000 11/04/2022  USD   36.090
SG Issuer SA            0.0150 11/07/2033  EUR   58.770
EFG International Fin  15.000012/29/2022   EUR   63.630
Erste Group Bank AG     4.0000 10/01/2025  EUR   64.000
Societe Generale Effe   4.750010/28/2022   EUR   58.490
Leonteq Securities AG  14.0000 02/08/2023  USD   28.770
BNP Paribas Emissions   8.0000 3/23/2023   EUR   57.350
Leonteq Securities AG  30.000010/18/2022   CHF   39.640
Bank Vontobel AG       29.0000 1/24/2023   CHF   43.300
Bayerische Landesbank   2.1500 1/27/2023   EUR   50.620
Bayerische Landesbank   3.600010/28/2022   EUR   64.250
Luzerner Kantonalbank   3.5000 8/30/2023   USD   47.790
Skandinaviska Enskild  10.1500 1/15/2025   SEK   48.170
Bayerische Landesbank   2.3000 2/24/2023   EUR   54.890
Bayerische Landesbank   0.800010/16/2036   EUR   63.117
Norddeutsche Landesba   1.000010/26/2035   EUR   65.693
KPNQwest NV             7.1250 06/01/2009  EUR    0.453
BNP Paribas SA          1.6600 2/26/2031   USD   67.243
Agence France Locale    0.5700 9/20/2040   EUR   69.037
State of Rhineland-Pa   0.1000 10/01/2040  EUR   62.014
Landesbank Hessen-Thu   0.8000 9/29/2036   EUR   66.290
Societe Generale SA     2.190010/14/2035   USD   60.254
Ville de Marseille      1.079011/19/2046   EUR   65.951
Wirtschafts- und Infr   0.4210 3/17/2039   EUR   68.271
UniCredit Bank AG       2.250010/14/2039   EUR   73.317
ECM Real Estate Inves   5.0000 10/09/2011  EUR   15.375
Kreditanstalt fuer Wi   0.210011/18/2037   EUR   67.005
Norddeutsche Landesba   1.4700 06/04/2035  EUR   69.924
Norddeutsche Landesba   1.170011/24/2038   EUR   62.831
HSBC Continental Euro   1.5000 7/26/2049   EUR   66.389
Citigroup Global Mark   1.0000 9/30/2036   EUR   66.727
Hungary Government Bo   3.000010/27/2027   HUF   72.605
Nederlandse Waterscha   1.1250 07/08/2050  EUR   69.225
Romanian Government I   2.0000 4/14/2033   EUR   61.973
Romanian Government I   2.8750 4/13/2042   EUR   54.361
Norddeutsche Landesba   1.4100 07/07/2037  EUR   65.953
Romanian Government I   2.6250 12/02/2040  EUR   54.276
Berner Oberland-Bahne   0.4500 5/30/2036   CHF   74.790
Landesbank Baden-Wuer   0.5900 9/22/2034   EUR   62.250
NRW Bank                1.2450 09/07/2060  EUR   68.474
Hema Bondco II BV       8.5000 1/15/2023   EUR    0.113
DZ Bank AG Deutsche Z   2.2400 8/22/2034   USD   73.681
Agence Metropolitaine   0.5000 07/07/2035  EUR   73.861
Romania Government Bo   4.2500 4/28/2036   RON   65.875
Nederlandse Waterscha   0.8100 07/08/2050  EUR   67.880
Bayerische Landesbank   1.6900 4/23/2037   EUR   71.779
Communaute Francaise    1.7000 4/15/2049   EUR   72.978
Landesbank Baden-Wuer   0.4900 5/28/2031   EUR   71.856
Communaute Francaise    1.0000 10/08/2069  EUR   50.199
Danske Bank A/S         0.8050 08/12/2036  EUR   73.254
Penarian Housing Fina   3.2120 06/07/2052  GBP   70.306
Hungary Government Bo   2.0000 5/23/2029   HUF   63.239
Credito Padano Banca    3.1000             EUR   33.918
Republic of Ireland I   0.8100 07/10/2079  EUR   49.111
Landesbank Hessen-Thu   0.4000 9/17/2031   EUR   74.252
Region Occitanie        0.792011/23/2043   EUR   64.150
SAir Group              2.7500 7/30/2004   CHF   12.375
Landesbank Hessen-Thu   0.8500 9/23/2033   EUR   71.917
United Kingdom Gilt     1.250010/22/2041   GBP   62.621
Vasakronan AB           1.8700 06/03/2039  EUR   74.118
Bayerische Landesbank   0.1500 8/30/2030   EUR   74.069
DZ HYP AG               1.430010/26/2046   EUR   72.980
Russian Foreign Bond   12.7500 6/24/2028   USD   66.670
Uralkali OJSC Via Ura   4.000010/22/2024   USD   18.767
Region de Bruxelles-C   1.5350 04/05/2049  EUR   70.968
Region de Bruxelles-C   1.4720 4/29/2044   EUR   73.623
Region de Bruxelles-C   1.4190 6/22/2045   EUR   73.073
UBS AG/London           5.0000 09/08/2023  CHF   53.450
Bank Vontobel AG        5.2500 3/24/2023   CHF   55.900
Credit Suisse AG/Lond   8.000012/27/2022   CHF   61.660
Credit Suisse AG/Lond   7.250012/27/2022   CHF   45.570
Credit Suisse AG/Lond  10.000012/28/2022   USD   23.790
Credit Suisse AG/Lond  11.5000 9/29/2022   CHF    7.650
Credit Suisse AG/Lond   9.000012/29/2022   USD   61.300
Credit Suisse AG/Lond  14.5000 9/30/2022   USD   26.330
Credit Suisse AG/Lond   7.5000 10/03/2022  CHF   56.670
Credit Suisse AG/Lond  13.7000 9/25/2023   USD   22.830
Credit Suisse AG/Lond   7.5000 10/04/2022  CHF   42.770
Credit Suisse AG/Lond   8.2500 10/04/2022  EUR   46.590
Credit Suisse AG/Lond  11.0000 10/03/2022  CHF   45.050
Credit Suisse AG/Lond   7.5000 01/05/2023  CHF   54.070
Credit Suisse AG/Lond  10.0000 10/05/2022  USD   27.800
Bank Vontobel AG        7.0000 3/31/2023   CHF   71.100
Bank Vontobel AG        5.2500 10/08/2024  CHF   69.600
Bank Vontobel AG        5.5000 10/09/2023  CHF   53.300
Bank Vontobel AG       11.0000 10/10/2022  CHF   45.600
Bank Vontobel AG       12.0000 01/10/2023  CHF   67.800
Bank Vontobel AG       10.0000 01/10/2023  CHF   39.900
Bank Vontobel AG        8.0000 01/10/2023  CHF   58.900
Bank Vontobel AG       14.2500 10/10/2022  CHF   37.200
Bank Vontobel AG       13.0000 01/10/2023  CHF   27.900
Bank Vontobel AG       10.5000 04/12/2023  CHF   33.700
Bank Vontobel AG       16.2500 04/12/2023  CHF   46.100
UBS AG/London           6.7500 09/08/2023  CHF   55.300
UBS AG/London           7.2500 09/08/2023  CHF   52.000
UBS AG/London           8.5000 03/08/2023  CHF   47.400
UBS AG/London           8.5000 01/09/2023  CHF   70.350
UBS AG/London           6.7500 01/09/2023  CHF   60.050
UBS AG/London           8.0000 01/09/2023  CHF   74.650
UBS AG/London           5.7500 07/07/2023  CHF   72.100
UBS AG/London           6.7500 7/14/2023   CHF   66.250
UBS AG/London           5.2500 7/14/2023   CHF   65.750
UBS AG/London           7.0000 9/22/2023   EUR   64.450
UBS AG/London           6.0000 9/22/2023   CHF   62.250
UBS AG/London           9.7500 3/22/2023   CHF   54.100
UBS AG/London           8.2500 3/22/2023   CHF   69.050
UBS AG/London           7.5000 9/22/2023   CHF   61.200
Zurcher Kantonalbank   11.0000 9/27/2022   CHF   59.450
Zurcher Kantonalbank   10.2500 9/27/2022   CHF   56.670
Zurcher Kantonalbank   14.0000 9/27/2022   USD   43.350
Zurcher Kantonalbank   19.5000 9/27/2022   CHF   71.360
UBS AG/London           8.0000 2/13/2023   CHF   57.900
UBS AG/London           9.2500 2/13/2023   CHF   12.180
UBS AG/London           9.5000 2/13/2023   CHF   55.400
UBS AG/London           5.5000 2/13/2023   CHF   68.100
UBS AG/London           8.7500 2/13/2023   CHF   62.150
UBS AG/London           8.5000 2/13/2023   USD   66.700
UBS AG/London           8.2500 2/13/2023   EUR   66.750
UBS AG/London           9.2500 2/20/2023   CHF   11.180
UBS AG/London           8.0000 8/18/2023   USD   55.050
UBS AG/London           7.7500 8/18/2023   CHF   62.800
Luzerner Kantonalbank   9.7000 10/01/2024  CHF   56.530
Vontobel Financial Pr  14.500012/23/2022   EUR   50.560
Bank Vontobel AG        8.7500 4/18/2023   CHF   13.600
UBS AG/London           6.5000 03/08/2023  CHF   56.300
UBS AG/London           8.0000 03/08/2023  CHF   58.650
Bank Vontobel AG       19.0000 12/05/2022  CHF   34.100
Bank Vontobel AG        9.5000 12/12/2022  CHF   52.100
Bank Vontobel AG        9.5000 12/12/2022  CHF   44.000
Bank Vontobel AG        8.0000 03/10/2023  CHF   47.200
Zurcher Kantonalbank   10.6000 03/09/2023  CHF   49.390
Zurcher Kantonalbank    9.7500 3/16/2023   CHF   49.780
Zurcher Kantonalbank    8.0000 3/16/2023   CHF   52.990
Credit Suisse AG/Lond   7.5000 10/12/2022  USD   55.480
Credit Suisse AG/Lond   9.0000 10/12/2022  EUR   66.770
Credit Suisse AG/Lond   8.000010/14/2022   EUR   41.380
Credit Suisse AG/Lond   7.500010/20/2022   USD   69.040
Credit Suisse AG/Lond   7.000010/17/2022   CHF   58.260
Credit Suisse AG/Lond   8.500010/17/2022   USD   61.170
UBS AG/London          12.2500 4/13/2023   CHF   13.740
UBS AG/London           7.250010/13/2023   CHF   64.550
Zurcher Kantonalbank   13.000010/13/2022   CHF   49.280
Zurcher Kantonalbank   16.000010/14/2022   CHF   17.830
Zurcher Kantonalbank    5.000010/13/2022   CHF   69.840
Zurcher Kantonalbank    8.000010/18/2022   CHF   16.260
Zurcher Kantonalbank   11.000010/18/2022   CHF   66.910
UBS AG/London          10.7500 3/15/2023   CHF   17.240
UBS AG/London           4.0000 3/15/2023   CHF   50.250
UBS AG/London           5.5000 3/15/2023   EUR   21.800
UBS AG/London           5.7500 9/15/2023   CHF   73.700
UBS AG/London           6.5000 9/15/2023   CHF   67.600
UBS AG/London           7.0000 3/15/2023   CHF   51.550
UBS AG/London           7.7500 9/15/2023   CHF   58.100
UBS AG/London          10.7500 3/15/2023   USD   41.350
UBS AG/London           8.7500 3/15/2023   USD   64.650
UBS AG/London           9.2500 01/09/2023  USD   67.500
UBS AG/London          18.2500 3/15/2023   CHF   15.740
UBS AG/London           7.2500 9/22/2023   CHF   52.700
UBS AG/London           8.0000 3/22/2023   CHF   60.300
UBS AG/London          10.0000 3/22/2023   CHF   50.800
UBS AG/London           5.2500 3/15/2023   CHF   62.100
UBS AG/London           8.7500 3/15/2023   USD   53.200
UBS AG/London          12.0000 3/22/2023   CHF   14.560
Zurcher Kantonalbank    8.0000 10/11/2022  CHF   70.170
Zurcher Kantonalbank   20.0000 10/11/2022  CHF   68.670
Zurcher Kantonalbank   20.0000 10/12/2022  USD   26.710
Zurcher Kantonalbank   19.5000 10/12/2022  CHF   36.310
Zurcher Kantonalbank    7.5000 04/05/2023  CHF   71.820
Zurcher Kantonalbank    8.0000 04/05/2023  EUR   55.950
Zurcher Kantonalbank    9.3500 10/05/2022  EUR   50.330
UBS AG/London           7.0000 07/07/2023  CHF   66.100
UBS AG/London           8.0000 01/09/2023  CHF   40.050
UBS AG/London           8.7500 1/16/2023   CHF   32.750
UBS AG/London           7.5000 1/16/2023   CHF   66.550
UBS AG/London          10.2500 1/17/2023   USD   39.500
UBS AG/London           9.7500 1/16/2023   EUR   69.950
UBS AG/London           5.2500 1/17/2023   USD   62.000
UBS AG/London          17.0000 1/17/2023   USD   71.400
UBS AG/London           8.0000 1/16/2023   EUR   65.250
Credit Suisse AG/Lond   8.000010/20/2022   CHF   55.830
Credit Suisse AG/Lond   9.500010/21/2022   EUR   65.340
Credit Suisse AG/Lond   7.500010/24/2022   CHF   54.730
Credit Suisse AG/Lond   7.000010/26/2022   CHF   57.360
Bank Vontobel AG        8.0000 03/06/2023  USD   64.900
Bank Vontobel AG       13.000011/28/2022   CHF   31.800
Bank Vontobel AG        7.0000 10/02/2023  CHF   47.800
Bank Vontobel AG        7.2500 10/02/2023  CHF   45.800
Bank Vontobel AG       13.5000 3/31/2023   CHF   46.400
Bank Vontobel AG       20.0000 10/03/2022  CHF   54.500
Bank Vontobel AG       14.7500 1/16/2023   CHF   14.300
Bank Vontobel AG        8.5000 1/23/2023   CHF   11.200
Bank Vontobel AG        5.5000 1/23/2023   CHF   62.400
Bank Vontobel AG        7.0000 1/23/2023   CHF   55.500
Bank Vontobel AG        5.7500 1/23/2023   CHF   53.200
Bank Vontobel AG        5.0000 1/23/2023   EUR   65.100
Bank Vontobel AG       10.0000 1/23/2023   EUR   31.700
Bank Vontobel AG        8.7500 1/23/2023   CHF   63.400
Bank Vontobel AG       15.000010/24/2022   CHF   39.900
Bank Vontobel AG       12.000010/24/2022   CHF   51.300
Leonteq Securities AG   9.0000 05/02/2023  CHF   48.960
Leonteq Securities AG   7.0000 11/01/2023  CHF   69.010
Bank Vontobel AG        6.5000 2/27/2023   CHF   55.800
Bank Vontobel AG        6.5000 8/28/2023   CHF   46.900
Bank Vontobel AG        9.0000 2/28/2023   CHF   60.100
Bank Vontobel AG       18.0000 2/28/2023   CHF   37.700
Bank Vontobel AG        8.000011/28/2022   CHF   33.900
Bank Vontobel AG        5.500011/28/2022   CHF   45.100
UBS AG/London           9.2500 1/30/2023   USD   20.120
UBS AG/London           6.2500 7/28/2023   CHF   58.700
UBS AG/London           8.2500 1/30/2023   CHF   62.200
UBS AG/London           5.5000 7/28/2023   CHF   52.850
UBS AG/London           8.5000 1/30/2023   CHF   11.600
UBS AG/London           8.0000 7/28/2023   CHF   44.450
UBS AG/London           6.5000 7/28/2023   CHF   67.250
Zurcher Kantonalbank    7.000010/21/2022   CHF   65.220
Zurcher Kantonalbank    9.500010/20/2022   CHF   44.640
Zurcher Kantonalbank    9.1500 4/25/2023   CHF   72.830
Zurcher Kantonalbank    7.600010/14/2022   CHF   50.150
Zurcher Kantonalbank   11.0000 4/21/2023   CHF   72.760
Zurcher Kantonalbank    7.000010/20/2022   CHF   66.020
Zurcher Kantonalbank    7.500010/21/2022   CHF   51.130
Zurcher Kantonalbank    9.300010/14/2022   CHF   60.270
Zurcher Kantonalbank   21.750010/21/2022   CHF   37.770
Credit Suisse AG/Lond   7.2500 11/10/2022  CHF   52.190
Credit Suisse AG/Lond  10.2500 11/09/2022  USD   19.920
Credit Suisse AG/Lond   7.000011/14/2022   CHF   54.830
Credit Suisse AG/Lond   7.000011/14/2022   USD   70.640
Credit Suisse AG/Lond   7.000011/16/2022   CHF   42.190
Societe Generale Effe   5.750010/28/2022   EUR   72.150
UBS AG/London          10.5000 04/06/2023  CHF   47.750
UBS AG/London          13.2500 04/06/2023  USD   57.800
UBS AG/London          10.500010/13/2022   CHF   43.850
UBS AG/London          12.250010/13/2022   CHF   36.550
UBS AG/London           8.500010/13/2022   EUR   64.500
UBS AG/London          10.500010/13/2022   CHF   61.350
UBS AG/London           6.7500 4/13/2023   CHF   66.550
UBS AG/London          14.7500 4/14/2023   USD   42.900
UBS AG/London           7.5000 4/13/2023   CHF   62.100
UBS AG/London           7.0000 4/13/2023   CHF   63.350
UBS AG/London           7.500010/13/2023   CHF   70.100
UBS AG/London           7.500010/13/2023   EUR   69.000
UBS AG/London          15.0000 4/14/2023   USD   60.600
UBS AG/London          13.2500 4/14/2023   USD   50.200
UBS AG/London          13.2500 4/14/2023   USD   34.350
UBS AG/London           8.7500 10/06/2022  CHF   62.800
UBS AG/London           6.7500 04/06/2023  CHF   59.000
UBS AG/London          13.0000 10/06/2022  CHF   31.650
UBS AG/London           9.7500 04/06/2023  USD   17.380
UBS AG/London          13.7500 10/06/2023  USD   27.000
UBS AG/London           8.0000 10/06/2023  CHF   59.850
UBS AG/London           9.7500 04/06/2023  CHF   47.500
UBS AG/London           5.5000 04/06/2023  CHF   77.500
UBS AG/London          11.5000 10/06/2023  CHF   68.300
UBS AG/London           8.2500 2/20/2023   CHF   56.250
UBS AG/London           6.2500 8/18/2023   CHF   57.100
UBS AG/London          21.2500 2/20/2023   CHF   16.680
UBS AG/London           7.7500 8/18/2023   CHF   56.100
UBS AG/London           9.2500 2/27/2023   CHF   11.880
UBS AG/London          15.7500 2/27/2023   CHF   36.500
UBS AG/London           8.2500 2/27/2023   CHF   55.000
UBS AG/London           6.2500 2/27/2023   CHF   56.000
UBS AG/London           7.2500 2/27/2023   CHF   44.600
UBS AG/London          11.0000 2/27/2023   CHF   36.250
UBS AG/London           8.7500 2/27/2023   USD   42.150
UBS AG/London           9.5000 2/27/2023   CHF   52.800
Credit Suisse AG/Lond   8.000010/28/2022   CHF   39.640
Credit Suisse AG/Lond   8.0000 11/02/2022  USD   64.740
Credit Suisse AG/Lond   7.0000 11/04/2022  CHF   55.700
Credit Suisse AG/Lond  10.2500 11/04/2022  EUR   69.050
UBS AG/London           8.000010/13/2023   CHF   65.100
UBS AG/London           7.750010/13/2023   CHF   50.250
UBS AG/London           8.750010/13/2023   CHF   59.500
UBS AG/London           8.750010/13/2023   CHF   53.850
UBS AG/London           7.5000 10/06/2023  CHF   62.400
UBS AG/London          10.2500 04/06/2023  USD   54.150
UBS AG/London           7.0000 10/06/2023  CHF   67.750
UBS AG/London          13.0000 04/06/2023  USD   37.850
Zurcher Kantonalbank    9.100010/14/2022   CHF   58.250
Zurcher Kantonalbank   23.000010/20/2022   CHF   56.210
Zurcher Kantonalbank    7.500010/25/2022   CHF   68.700
Zurcher Kantonalbank    7.000010/25/2022   CHF   58.700
Zurcher Kantonalbank   10.000010/25/2022   CHF   44.410
Zurcher Kantonalbank   26.800010/25/2022   CHF   45.130
Zurcher Kantonalbank   14.500010/24/2022   USD   13.380
Zurcher Kantonalbank   10.000010/24/2022   USD   51.580
UBS AG/London           9.2500 3/29/2023   USD   48.850
UBS AG/London           5.7500 9/29/2023   CHF   68.900
UBS AG/London           8.5000 3/29/2023   CHF   48.600
UBS AG/London          10.000012/30/2022   CHF   37.400
Bank Vontobel AG       10.5000 4/24/2023   EUR   56.600
Bank Vontobel AG        7.5000 4/24/2023   CHF   51.100
Bank Vontobel AG        7.5000 4/24/2023   CHF   57.200
Bank Vontobel AG        9.2500 1/23/2023   EUR   56.000
Bank Vontobel AG        6.750010/23/2023   EUR   53.500
DekaBank Deutsche Gir   3.8000 12/01/2022  EUR   71.430
UBS AG/London           7.0000 02/06/2023  CHF   44.850
UBS AG/London          12.0000 02/06/2023  USD   42.250
UBS AG/London           6.0000 02/06/2023  CHF   72.900
UBS AG/London          18.7500 02/06/2023  CHF   42.450
UBS AG/London          10.2500 02/06/2023  CHF   65.450
UBS AG/London           7.2500 08/04/2023  CHF   55.600
UBS AG/London           8.0000 02/06/2023  CHF   60.500
UBS AG/London           9.2500 1/30/2023   CHF   55.850
UBS AG/London          11.0000 1/30/2023   CHF   61.650
UBS AG/London          10.7500 1/30/2023   CHF   55.350
Bank Vontobel AG       10.0000 03/06/2023  CHF   51.500
Bank Vontobel AG       10.5000 03/06/2023  CHF   65.400
Bank Vontobel AG        9.0000 03/06/2023  CHF   47.600
Bank Vontobel AG        8.0000 12/05/2022  CHF   47.800
Bank Vontobel AG        6.0000 09/04/2023  CHF   49.500
Bank Vontobel AG       13.7500 03/06/2023  EUR   26.200
Credit Suisse AG/Lond  12.000010/18/2022   EUR   22.540
Credit Suisse AG/Lond   9.500010/18/2022   CHF    8.550
Credit Suisse AG/Lond   9.000010/19/2022   USD   69.550
Credit Suisse AG/Lond  11.000010/20/2022   EUR   31.030
Credit Suisse AG/Lond   7.0000 1/23/2023   CHF   63.200
Credit Suisse AG/Lond   7.500010/24/2022   CHF   61.580
Credit Suisse AG/Lond  12.250010/24/2022   CHF   37.890
Credit Suisse AG/Lond  13.500010/24/2022   USD   37.840
Credit Suisse AG/Lond   8.000010/25/2022   USD   45.980
Bank Vontobel AG        7.2500 10/02/2023  CHF   53.100
Bank Vontobel AG       16.500010/31/2022   CHF   39.800
Bank Vontobel AG       16.000010/31/2022   CHF   29.700
Bank Vontobel AG       11.750010/31/2022   CHF   35.200
Bank Vontobel AG        7.5000 05/02/2023  CHF   59.300
Bank Vontobel AG       12.0000 1/30/2023   CHF   70.700
Bank Vontobel AG        7.500010/30/2023   CHF   60.800
Bank Vontobel AG        8.0000 05/02/2023  CHF   46.100
Bank Vontobel AG       15.0000 05/02/2023  CHF   45.600
Bank Vontobel AG        7.000010/30/2023   CHF   57.800
Bank Vontobel AG       19.000010/31/2022   EUR   25.300
Bank Vontobel AG        8.000010/30/2023   EUR   71.600
UBS AG/London           7.2500 4/27/2023   CHF   62.050
UBS AG/London           8.5000 4/27/2023   CHF   58.850
UBS AG/London          11.500010/27/2022   EUR   32.900
UBS AG/London           7.5000 4/27/2023   USD   58.900
UBS AG/London           9.250010/27/2022   CHF   57.500
UBS AG/London           8.7500 4/27/2023   CHF   63.350
UBS AG/London           7.000010/27/2023   CHF   47.350
UBS AG/London          11.000010/27/2022   CHF   52.500
UBS AG/London           8.7500 4/27/2023   CHF   55.950
UBS AG/London           8.000010/27/2023   CHF   62.250
UBS AG/London           9.2500 4/27/2023   CHF   50.550
UBS AG/London           9.7500 4/27/2023   USD   41.050
UBS AG/London           9.5000 4/27/2023   USD   43.900
UBS AG/London          11.750010/27/2022   CHF   73.950
Zurcher Kantonalbank   20.000010/26/2022   USD   37.800
Zurcher Kantonalbank   19.000010/26/2022   CHF   37.790
Zurcher Kantonalbank   12.000010/26/2022   USD   45.180
Zurcher Kantonalbank   28.538410/26/2022   CHF   72.500
Landesbank Baden-Wuer   3.650010/27/2023   EUR   70.970
Landesbank Baden-Wuer   5.150010/27/2023   EUR   67.640
Landesbank Baden-Wuer   6.200010/27/2023   EUR   65.990
Landesbank Baden-Wuer   3.500010/27/2023   EUR   72.960
Landesbank Baden-Wuer   2.500010/27/2023   EUR   50.770
Landesbank Baden-Wuer   3.250010/27/2023   EUR   35.590
Landesbank Baden-Wuer   7.800010/27/2023   EUR   67.620
Landesbank Baden-Wuer   5.000010/27/2023   EUR   66.560
Landesbank Baden-Wuer   8.200010/27/2023   EUR   60.460
Landesbank Baden-Wuer   4.250010/27/2023   EUR   64.780
Landesbank Baden-Wuer   6.200010/27/2023   EUR   59.100
Landesbank Baden-Wuer   7.600010/27/2023   EUR   56.230
Landesbank Baden-Wuer   9.000010/27/2023   EUR   53.850
Landesbank Baden-Wuer   2.700010/27/2023   EUR   66.520
Landesbank Baden-Wuer   4.350010/27/2023   EUR   61.930
Landesbank Baden-Wuer   5.600010/27/2023   EUR   59.310
Landesbank Baden-Wuer   2.900010/27/2023   EUR   70.250
Landesbank Baden-Wuer   4.300010/27/2023   EUR   65.590
Landesbank Baden-Wuer   6.000010/27/2023   EUR   61.840
Landesbank Baden-Wuer   7.750010/27/2023   EUR   59.000
Landesbank Baden-Wuer   5.250010/27/2023   EUR   50.700
Landesbank Baden-Wuer   6.500010/27/2023   EUR   47.860
Landesbank Baden-Wuer   8.000010/27/2023   EUR   45.850
Landesbank Baden-Wuer   2.000010/27/2023   EUR   64.190
Landesbank Baden-Wuer   3.000010/27/2023   EUR   60.130
Landesbank Baden-Wuer   4.250010/27/2023   EUR   57.000
Landesbank Baden-Wuer   3.350010/27/2023   EUR   67.060
Landesbank Baden-Wuer   4.350010/27/2023   EUR   64.370
Landesbank Baden-Wuer   3.600010/27/2023   EUR   72.390
Landesbank Baden-Wuer   3.100010/27/2023   EUR   59.600
Landesbank Baden-Wuer   4.700010/27/2023   EUR   55.480
Landesbank Baden-Wuer   2.700010/27/2023   EUR   67.060
Landesbank Baden-Wuer   3.500010/27/2023   EUR   64.570
Landesbank Baden-Wuer   4.350010/27/2023   EUR   62.410
Landesbank Baden-Wuer   2.100010/27/2023   EUR   62.530
Landesbank Baden-Wuer   3.100010/27/2023   EUR   59.300
Landesbank Baden-Wuer   4.300010/27/2023   EUR   56.730
Landesbank Baden-Wuer   3.500010/27/2023   EUR   53.390
Landesbank Baden-Wuer   4.000010/27/2023   EUR   68.820
Landesbank Baden-Wuer   6.250010/27/2023   EUR   62.450
Landesbank Baden-Wuer   2.250010/27/2023   EUR   60.610
Landesbank Baden-Wuer   4.850010/27/2023   EUR   71.420
Landesbank Baden-Wuer   5.900010/27/2023   EUR   70.240
Landesbank Baden-Wuer   2.850010/27/2023   EUR   67.850
Landesbank Baden-Wuer   7.350010/27/2023   EUR   65.040
Landesbank Baden-Wuer   9.250010/27/2023   EUR   60.680
Bank Julius Baer & Co   6.8000 02/02/2023  CHF   40.500
Bank Julius Baer & Co  11.0000 02/02/2023  CHF   48.550
Landesbank Baden-Wuer   2.500010/28/2022   EUR   69.950
Leonteq Securities AG  20.4000 11/01/2022  CHF   12.810
Corner Banca SA        15.0000 11/01/2022  CHF   71.780
Leonteq Securities AG  12.0000 11/01/2022  CHF   45.440
Corner Banca SA        10.0000 11/01/2023  CHF   61.110
Corner Banca SA        10.0000 05/02/2023  EUR   46.510
Leonteq Securities AG   9.0000 11/01/2023  CHF   55.020
Corner Banca SA        20.0000 11/01/2022  USD   20.110
Sberbank of Russia PJ   0.0100 11/02/2026  RUB   69.900
DZ Bank AG Deutsche Z   5.000011/23/2022   EUR   56.560
DZ Bank AG Deutsche Z   8.000011/23/2022   EUR   53.240
DZ Bank AG Deutsche Z   5.250012/21/2022   EUR   56.280
DZ Bank AG Deutsche Z   7.750011/23/2022   EUR   67.000
DZ Bank AG Deutsche Z   9.250011/23/2022   EUR   63.840
DZ Bank AG Deutsche Z  14.000011/23/2022   EUR   56.450
DZ Bank AG Deutsche Z  14.500012/21/2022   EUR   33.170
DZ Bank AG Deutsche Z   7.750012/21/2022   EUR   47.410
DZ Bank AG Deutsche Z  10.750012/21/2022   EUR   59.800
DZ Bank AG Deutsche Z   5.750011/23/2022   EUR   57.540
DZ Bank AG Deutsche Z   9.000011/23/2022   EUR   53.650
DZ Bank AG Deutsche Z   5.250012/21/2022   EUR   62.780
DZ Bank AG Deutsche Z   6.500012/21/2022   EUR   53.180
DZ Bank AG Deutsche Z  10.500011/23/2022   EUR   39.750
DZ Bank AG Deutsche Z  15.250011/23/2022   EUR   34.700
DZ Bank AG Deutsche Z   8.750012/21/2022   EUR   48.930
DZ Bank AG Deutsche Z   6.000012/21/2022   EUR   69.550
DZ Bank AG Deutsche Z   5.000011/23/2022   EUR   71.410
DZ Bank AG Deutsche Z  11.000012/21/2022   EUR   46.140
DZ Bank AG Deutsche Z   8.750012/21/2022   EUR   41.200
DZ Bank AG Deutsche Z   6.500011/23/2022   EUR   64.710
DZ Bank AG Deutsche Z  12.250011/23/2022   EUR   56.370
DZ Bank AG Deutsche Z  10.000012/21/2022   EUR   59.100
DZ Bank AG Deutsche Z   5.000011/23/2022   EUR   71.410
DZ Bank AG Deutsche Z   8.000011/23/2022   EUR   66.960
Leonteq Securities AG  14.0000 02/01/2023  USD   50.620
Leonteq Securities AG  14.0000 11/01/2022  EUR   67.700
Bank Julius Baer & Co   5.0000 02/02/2023  CHF   57.700
Bank Julius Baer & Co   4.5000 02/02/2023  CHF   67.200
Bank Julius Baer & Co   8.8000 11/02/2022  CHF   59.200
Raiffeisen Switzerlan   7.0000 05/02/2023  EUR   71.360
Raiffeisen Schweiz Ge  12.2500 05/02/2023  CHF   28.620
Raiffeisen Schweiz Ge   6.0000 11/01/2023  CHF   58.530
Raiffeisen Schweiz Ge   7.0000 11/01/2023  CHF   65.900
Raiffeisen Schweiz Ge  16.0000 11/01/2022  CHF   38.130
Raiffeisen Schweiz Ge   9.5000 05/02/2023  CHF   40.610
Raiffeisen Schweiz Ge  11.0000 02/01/2023  CHF   57.000
Raiffeisen Schweiz Ge   7.4000 11/01/2023  CHF   66.900
Raiffeisen Schweiz Ge  10.0000 05/01/2023  USD   41.900
Basler Kantonalbank    10.0000 05/10/2023  CHF   64.880
Basler Kantonalbank    14.0000 11/10/2022  CHF   33.480
Bank Julius Baer & Co   5.9000 11/02/2022  CHF   62.950
Bank Julius Baer & Co   6.3500 11/02/2022  CHF   62.300
Basler Kantonalbank     7.0000 11/10/2023  CHF   60.940
Bank Vontobel AG        6.5000 10/02/2023  CHF   60.600
Bank Vontobel AG        7.0000 3/31/2023   CHF   83.900
UBS AG/London           7.8500 11/02/2023  USD   38.500
Leonteq Securities AG  22.8000 11/02/2022  CHF   37.580
Leonteq Securities AG  23.4000 11/02/2022  CHF   19.410
Banque Internationale  18.0000 11/02/2022  EUR   39.080
Landesbank Baden-Wuer   2.5000 1/27/2023   EUR   62.480
EFG International Fin   6.5800 11/01/2022  CHF   56.240
Leonteq Securities AG   6.1000 12/06/2023  CHF   51.280
Raiffeisen Schweiz Ge   5.0000 09/07/2023  CHF   62.560
Raiffeisen Schweiz Ge   7.5000 03/03/2023  CHF   47.960
UniCredit Bank AG       4.6500 9/28/2022   EUR   52.500
Bank Vontobel AG        8.250011/27/2023   EUR   46.800
Bank Vontobel AG        8.5000 12/04/2023  CHF   56.600
UniCredit Bank AG      13.000012/29/2022   EUR   68.900
Bank Julius Baer & Co   7.0000 09/11/2023  USD   62.850
Societe Generale SA    20.000012/18/2025   USD   42.600
EFG International Fin   7.0000 03/08/2023  CHF   71.960
Landesbank Baden-Wuer   4.0000 9/26/2025   EUR   60.450
Landesbank Baden-Wuer   3.1000 9/26/2025   EUR   67.600
Leonteq Securities AG   8.5000 03/08/2023  EUR   49.190
Leonteq Securities AG   9.5000 12/08/2022  EUR   36.550
Goldman Sachs & Co We   7.000012/21/2022   EUR   47.960
Goldman Sachs & Co We   4.0000 3/22/2023   EUR   56.870
Goldman Sachs & Co We   6.0000 3/22/2023   EUR   51.760
Leonteq Securities AG  19.0000 12/06/2022  CHF   33.550
Leonteq Securities AG  12.0000 12/06/2022  CHF   36.440
Vontobel Financial Pr   5.000012/28/2023   EUR   71.580
Corner Banca SA        12.6000 12/06/2022  CHF   37.100
Corner Banca SA        13.6000 12/06/2022  EUR   50.010
EFG International Fin   6.2000 12/06/2022  CHF   51.150
Goldman Sachs & Co We   5.0000 6/21/2023   EUR   54.480
UniCredit Bank AG      11.4500 9/28/2022   EUR   57.570
UniCredit Bank AG       7.2500 9/28/2022   EUR   50.850
Leonteq Securities AG  14.8000 12/06/2022  CHF   31.610
Leonteq Securities AG   8.0000 12/06/2022  CHF   47.790
Leonteq Securities AG  10.4000 12/06/2022  CHF   42.000
Raiffeisen Schweiz Ge  10.5000 12/06/2022  CHF   53.740
Zurcher Kantonalbank    4.8000 12/08/2023  CHF   60.460
Leonteq Securities AG  11.0000 12/06/2022  CHF   44.760
Nordea Bank Abp         3.0500 7/20/2027   SEK   70.750
Leonteq Securities AG  10.0000 03/06/2023  CHF   36.220
Raiffeisen Schweiz Ge   4.0000 03/03/2023  CHF   14.410
Goldman Sachs & Co We   4.000012/21/2022   EUR   55.930
Goldman Sachs & Co We   5.0000 3/22/2023   EUR   54.140
Goldman Sachs & Co We  10.0000 6/21/2023   EUR   46.510
Sberbank of Russia PJ   0.0100 09/04/2026  RUB   70.300
Leonteq Securities AG   8.0000 03/07/2023  USD   34.690
Leonteq Securities AG  21.0000 6/13/2023   CHF   44.950
Leonteq Securities AG  13.000012/13/2023   CHF   70.750
UniCredit Bank AG      15.3000 3/24/2023   EUR   69.070
DZ Bank AG Deutsche Z  10.750012/21/2022   EUR   65.360
UniCredit Bank AG       7.800012/23/2022   EUR   58.840
UniCredit Bank AG      13.700012/23/2022   EUR   73.420
UniCredit Bank AG      14.8000 3/24/2023   EUR   72.070
Bank Julius Baer & Co   8.5000 6/14/2023   CHF   69.750
UniCredit Bank AG      16.7000 3/24/2023   EUR   70.490
UniCredit Bank AG      17.8000 3/24/2023   EUR   66.990
DZ Bank AG Deutsche Z   9.2500 6/21/2023   EUR   64.310
DZ Bank AG Deutsche Z   7.5000 9/20/2023   EUR   64.540
DZ Bank AG Deutsche Z   9.500012/21/2022   EUR   65.430
DZ Bank AG Deutsche Z  11.7500 3/22/2023   EUR   66.830
UniCredit Bank AG      14.600012/23/2022   EUR   71.870
UniCredit Bank AG      11.7000 3/24/2023   EUR   54.100
UniCredit Bank AG      11.700012/23/2022   EUR   52.870
UniCredit Bank AG      14.800012/23/2022   EUR   49.810
UniCredit Bank AG       8.4000 3/24/2023   EUR   66.270
UniCredit Bank AG      12.300012/23/2022   EUR   59.410
UniCredit Bank AG      19.0000 3/24/2023   EUR   68.610
DZ Bank AG Deutsche Z  14.750012/21/2022   EUR   63.630
UniCredit Bank AG      12.9000 3/24/2023   EUR   52.860
UniCredit Bank AG       5.3500 2/27/2023   EUR   38.080
UniCredit Bank AG      10.6000 3/24/2023   EUR   55.540
UniCredit Bank AG       8.6000 3/24/2023   EUR   58.940
UniCredit Bank AG      14.1000 3/24/2023   EUR   51.720
UniCredit Bank AG       9.6000 3/24/2023   EUR   57.170
UniCredit Bank AG      13.8000 3/24/2023   EUR   72.860
DZ Bank AG Deutsche Z   5.000012/21/2022   EUR   58.660
Leonteq Securities AG  11.0000 12/06/2022  EUR   59.390
DZ Bank AG Deutsche Z   5.250012/19/2022   EUR   67.000
Leonteq Securities AG   9.2000 12/06/2022  CHF   50.990
Goldman Sachs & Co We   5.000012/21/2022   EUR   52.930
Goldman Sachs & Co We   6.000012/21/2022   EUR   50.300
Goldman Sachs & Co We  16.000012/21/2022   EUR   40.380
Goldman Sachs & Co We   7.0000 3/22/2023   EUR   49.670
Goldman Sachs & Co We  12.0000 6/21/2023   EUR   44.640
DZ Bank AG Deutsche Z   4.800012/19/2022   EUR   55.290
DZ Bank AG Deutsche Z   5.900012/19/2022   EUR   53.260
DZ Bank AG Deutsche Z   5.500012/21/2022   EUR   64.580
DZ Bank AG Deutsche Z   6.750012/21/2022   EUR   52.440
Leonteq Securities AG  10.0000 12/06/2022  CHF   62.040
Leonteq Securities AG  17.1000 12/06/2022  CHF   11.140
DZ Bank AG Deutsche Z  15.500012/21/2022   EUR   42.920
DZ Bank AG Deutsche Z   6.000012/21/2022   EUR   67.110
Landesbank Baden-Wuer   2.9000 8/22/2025   EUR   56.230
UniCredit Bank AG       4.5000 9/30/2024   EUR   65.700
Leonteq Securities AG   8.0000 03/07/2023  USD   70.200
Zurcher Kantonalbank    6.000011/29/2022   CHF   69.740
Leonteq Securities AG   9.0000 03/10/2023  CHF   68.870
Leonteq Securities AG   9.0000 03/10/2023  CHF   45.670
Leonteq Securities AG   7.0000 9/13/2023   CHF   62.960
Leonteq Securities AG  10.0000 03/10/2023  CHF   12.860
Credit Suisse AG/Lond  13.500011/28/2022   CHF   12.610
Credit Suisse AG/Lond  15.000011/29/2022   USD   13.200
Credit Suisse AG/Lond   8.500011/30/2022   CHF   66.580
Credit Suisse AG/Lond   9.500011/30/2022   EUR   33.340
Credit Suisse AG/Lond   8.600011/29/2022   USD   61.760
Bank Vontobel AG        9.5000 2/20/2023   EUR   35.200
Bank Vontobel AG       10.0000 2/20/2023   CHF   63.500
Bank Vontobel AG        6.0000 2/20/2023   CHF   60.100
Bank Vontobel AG        7.0000 5/26/2023   EUR   64.500
UniCredit Bank AG       4.000012/30/2024   EUR   59.960
UniCredit Bank AG       4.000012/30/2024   EUR   71.270
Leonteq Securities AG  11.0000 3/13/2023   USD   67.910
DZ Bank AG Deutsche Z   4.250012/21/2022   EUR   53.230
DZ Bank AG Deutsche Z  13.250012/21/2022   EUR   69.500
Vontobel Financial Pr  13.500012/23/2022   EUR   64.460
Vontobel Financial Pr  16.500012/23/2022   EUR   51.300
Vontobel Financial Pr  10.500012/23/2022   EUR   71.830
Vontobel Financial Pr  13.000012/23/2022   EUR   68.740
Vontobel Financial Pr  14.500012/23/2022   EUR   44.100
Vontobel Financial Pr  16.000012/23/2022   EUR   43.090
Vontobel Financial Pr   7.500012/23/2022   EUR   27.720
Vontobel Financial Pr   4.000012/23/2022   EUR   30.910
Vontobel Financial Pr   9.500012/23/2022   EUR   62.920
Vontobel Financial Pr  10.000012/23/2022   EUR   46.360
Vontobel Financial Pr   5.000012/23/2022   EUR   51.480
Vontobel Financial Pr  14.000012/23/2022   EUR   43.890
Vontobel Financial Pr  13.000012/23/2022   EUR   59.530
Vontobel Financial Pr  16.000012/23/2022   EUR   61.660
Vontobel Financial Pr  18.000012/23/2022   EUR   68.020
Vontobel Financial Pr  12.000012/23/2022   EUR   43.700
Vontobel Financial Pr  10.000012/23/2022   EUR   45.250
Vontobel Financial Pr  15.000012/23/2022   EUR   41.990
EFG International Fin  12.0000 05/10/2023  EUR   40.150
EFG International Fin  11.0000 11/10/2022  CHF   64.170
Societe Generale Effe   6.000011/25/2022   EUR   68.470
Societe Generale Effe  12.000010/28/2022   EUR   69.070
EFG International Fin  16.0000 11/10/2022  USD   66.080
Leonteq Securities AG  11.000011/15/2022   CHF   33.950
Landesbank Baden-Wuer   4.000011/25/2022   EUR   60.670
Landesbank Baden-Wuer   4.350011/25/2022   EUR   45.250
Landesbank Baden-Wuer   2.700011/25/2022   EUR   53.080
Landesbank Baden-Wuer   2.400011/25/2022   EUR   65.280
Landesbank Baden-Wuer   4.700011/25/2022   EUR   60.740
Landesbank Baden-Wuer   3.200011/25/2022   EUR   63.910
Landesbank Baden-Wuer   5.100011/25/2022   EUR   54.150
Landesbank Baden-Wuer   2.600011/25/2022   EUR   69.720
Landesbank Baden-Wuer   3.500011/25/2022   EUR   63.480
Landesbank Baden-Wuer   6.100011/25/2022   EUR   59.060
Landesbank Baden-Wuer   2.600011/25/2022   EUR   54.320
Landesbank Baden-Wuer   2.850011/25/2022   EUR   56.310
Landesbank Baden-Wuer   4.000011/25/2022   EUR   71.850
Landesbank Baden-Wuer   5.850011/25/2022   EUR   56.380
Landesbank Baden-Wuer   2.350011/25/2022   EUR   69.950
Landesbank Baden-Wuer   6.650011/25/2022   EUR   59.400
Landesbank Baden-Wuer   8.300011/25/2022   EUR   47.250
Landesbank Baden-Wuer   9.000011/25/2022   EUR   65.890
Landesbank Baden-Wuer   6.250011/25/2022   EUR   58.670
Landesbank Baden-Wuer   2.700011/25/2022   EUR   68.680
Bank Vontobel AG        7.750011/13/2023   EUR   66.700
Bank Vontobel AG        6.250011/13/2023   CHF   57.600
Bank Vontobel AG        9.0000 05/12/2023  CHF   48.900
Bank Vontobel AG       11.500011/14/2022   EUR   54.600
Bank Vontobel AG       18.750011/14/2022   CHF   16.300
Zurcher Kantonalbank    6.6000 11/08/2023  CHF   62.260
Corner Banca SA        11.0000 12/06/2022  CHF   66.050
Leonteq Securities AG   8.0000 03/06/2023  CHF   56.480
Leonteq Securities AG   9.0000 09/06/2023  CHF   50.620
Raiffeisen Schweiz Ge   4.0000 09/06/2023  CHF   69.700
Leonteq Securities AG   7.3000 12/02/2022  AUD   46.580
Leonteq Securities AG   9.0000 03/07/2023  USD   45.700
MKB-Leasing OOO        23.0000 10/12/2026  RUB   70.030
Landesbank Baden-Wuer   3.150012/23/2022   EUR   55.750
Landesbank Baden-Wuer   3.500012/23/2022   EUR   62.740
Landesbank Baden-Wuer   3.000012/23/2022   EUR   68.930
Landesbank Baden-Wuer   3.000012/23/2022   EUR   69.370
Landesbank Baden-Wuer   4.750012/23/2022   EUR   64.760
Bank Julius Baer & Co  10.750010/31/2022   USD   62.000
Zurcher Kantonalbank   12.5000 10/05/2022  USD   51.850
Zurcher Kantonalbank    7.0000 10/07/2022  CHF   55.370
Zurcher Kantonalbank   10.5000 10/11/2022  CHF   65.780
Zurcher Kantonalbank    9.0505 9/30/2022   CHF   65.750
Zurcher Kantonalbank    8.1500 3/31/2023   CHF   42.550
UBS AG/London           7.5000 9/29/2023   CHF   54.550
UBS AG/London           8.5000 9/29/2023   CHF   61.050
UBS AG/London          12.0000 3/29/2023   EUR   58.050
UBS AG/London          14.7500 3/29/2023   CHF   54.750
UBS AG/London           8.5000 9/29/2023   CHF   65.950
UBS AG/London          13.0000 3/29/2023   USD   43.700
UBS AG/London          10.0000 3/29/2023   CHF   47.700
UBS AG/London           6.7500 3/29/2023   CHF   59.600
UBS AG/London           7.2500 3/29/2023   USD   66.150
UBS AG/London           7.7500 9/29/2023   CHF   51.250
UBS AG/London           8.7500 3/29/2023   CHF   45.900
UBS AG/London           6.2500 9/29/2023   CHF   59.400
UBS AG/London          10.2500 4/20/2023   CHF   61.200
UBS AG/London           8.250010/20/2023   CHF   55.550
UBS AG/London          10.2500 4/20/2023   CHF   39.200
UBS AG/London          10.750010/20/2022   EUR   28.840
UBS AG/London          10.750010/20/2022   CHF   52.150
UBS AG/London           9.500010/20/2023   EUR   71.800
UBS AG/London           5.7500 4/20/2023   CHF   69.500
UBS AG/London           8.750010/20/2023   CHF   49.500
UBS AG/London           8.750010/20/2023   EUR   68.250
UBS AG/London          14.2500 4/20/2023   USD   44.150
UBS AG/London          15.000010/20/2022   USD   55.950
UBS AG/London          11.2500 4/20/2023   CHF   66.650
UBS AG/London          13.2500 4/20/2023   USD   42.450
UBS AG/London          12.0000 1/23/2023   CHF   37.100
UBS AG/London          10.5000 1/23/2023   CHF   11.800
UBS AG/London           5.5000 7/21/2023   CHF   61.900
UBS AG/London           8.5000 7/21/2023   CHF   58.650
UBS AG/London           6.5000 1/23/2023   CHF   58.150
UBS AG/London           6.2500 7/21/2023   CHF   68.050
UBS AG/London           9.0000 7/21/2023   EUR   56.250
Credit Suisse AG/Lond   6.250011/28/2022   CHF   59.820
Credit Suisse AG/Lond   6.000011/28/2022   CHF   62.110
Credit Suisse AG/Lond   7.500011/28/2022   USD   73.260
Credit Suisse AG/Lond   8.000011/30/2022   USD   59.780
Credit Suisse AG/Lond  10.000011/30/2022   CHF    9.950
Credit Suisse AG/Lond   7.2500 12/01/2022  CHF   58.470
Credit Suisse AG/Lond  10.0000 9/26/2022   EUR   65.230
Credit Suisse AG/Lond  10.0000 10/03/2022  CHF   38.960
UBS AG/London           5.5000 09/01/2023  CHF   59.850
UBS AG/London           7.7500 03/01/2023  CHF   56.300
UBS AG/London           7.5000 03/01/2023  CHF   55.850
UBS AG/London           9.2500 03/01/2023  CHF   54.850
UBS AG/London           6.5000 03/01/2023  CHF   52.050
UBS AG/London           8.2500 03/01/2023  CHF   40.750
UBS AG/London          10.5000 2/27/2023   CHF   72.950
Credit Suisse AG/Lond   7.0000 12/08/2022  CHF   49.590
Credit Suisse AG/Lond   8.0000 12/09/2022  CHF   55.560
Credit Suisse AG/Lond   7.750012/15/2022   CHF   43.000
Credit Suisse AG/Lond   8.500012/16/2022   CHF   43.990
Bank Vontobel AG        7.0000 9/18/2023   CHF   54.900
Bank Vontobel AG        7.7500 3/17/2023   CHF   48.100
Bank Vontobel AG        8.5000 3/17/2023   CHF   40.800
Bank Vontobel AG       11.5000 3/17/2023   CHF   35.100
Bank Vontobel AG        5.750012/27/2022   USD   69.600
Bank Vontobel AG        6.0000 9/25/2023   CHF   54.200
Bank Vontobel AG       10.500012/27/2022   CHF   36.800
Bank Vontobel AG       11.0000 3/24/2023   EUR   49.500
Bank Vontobel AG        8.0000 3/24/2023   CHF   52.700
Bank Vontobel AG        7.2500 3/24/2023   CHF   47.700
Landesbank Baden-Wuer   2.900012/23/2022   EUR   64.710
UBS AG/London           7.2500 6/30/2023   CHF   70.700
UBS AG/London           4.5000 07/01/2024  CHF   72.900
UBS AG/London           8.2500 6/30/2023   CHF   48.650
UBS AG/London           7.500012/30/2022   CHF   59.600
UBS AG/London           7.000012/30/2022   CHF   59.400
UBS AG/London           7.7500 6/30/2023   CHF   71.750
UBS AG/London           8.500012/30/2022   CHF   69.900
UBS AG/London           6.0000 6/30/2023   CHF   41.250
UBS AG/London           8.500012/30/2022   CHF   63.450
Bank Vontobel AG       10.5000 4/18/2023   EUR   51.700
Bank Vontobel AG        7.5000 1/16/2023   EUR   50.000
Bank Vontobel AG        4.0000 4/15/2024   CHF   68.200
Bank Vontobel AG        9.000010/17/2022   CHF   65.000
Bank Vontobel AG       12.000010/17/2022   EUR   44.200
Bank Vontobel AG        7.5000 4/18/2023   CHF   63.600
Bank Vontobel AG       13.000010/17/2022   CHF   16.700
Bank Vontobel AG        9.2500 1/16/2023   CHF   51.000
Bank Vontobel AG        8.0000 1/16/2023   CHF   52.900
Bank Vontobel AG        9.0000 8/28/2023   EUR   71.900
Bank Vontobel AG       10.0000 2/28/2023   CHF   36.800
Bank Vontobel AG        6.0000 2/27/2023   CHF   50.200
Bank Vontobel AG       10.0000 2/27/2023   EUR   22.800
Bank Vontobel AG        7.5000 2/28/2023   CHF   34.300
Bank Vontobel AG        7.5000 8/28/2023   CHF   48.400
Bank Vontobel AG        6.0000 8/28/2023   CHF   53.300
Credit Suisse AG/Lond   7.000012/16/2022   CHF   47.920
Credit Suisse AG/Lond  11.000012/20/2022   CHF    9.490
Credit Suisse AG/Lond   9.250012/21/2022   USD   49.670
Credit Suisse AG/Lond   7.000012/23/2022   CHF   54.800
Credit Suisse AG/Lond   8.000012/27/2022   EUR   21.570
Credit Suisse AG/Lond   8.000012/27/2022   CHF   44.140
Bank Vontobel AG       11.5000 12/12/2022  EUR   57.400
Bank Vontobel AG        8.0000 03/10/2023  EUR   46.400
Bank Vontobel AG        6.7500 09/10/2024  EUR   65.600
Bank Vontobel AG        7.0000 12/12/2022  CHF   42.900
Bank Vontobel AG        7.250012/19/2022   CHF   42.100
Bank Vontobel AG       15.500012/19/2022   EUR   24.200
UBS AG/London          12.5000 2/13/2023   CHF   13.460
UBS AG/London           7.7500 2/13/2023   CHF   59.300
UBS AG/London           8.2500 1/23/2023   CHF   63.650
UBS AG/London          11.0000 7/21/2023   USD   28.220
Credit Suisse AG/Lond   9.0000 10/03/2022  EUR   64.550
Credit Suisse AG/Lond  11.5000 10/06/2022  USD   18.580
Credit Suisse AG/Lond   7.0000 10/07/2022  CHF   64.710
Credit Suisse AG/Lond  10.2500 2/13/2023   CHF   54.630
Credit Suisse AG/Lond   8.000011/24/2022   EUR   70.540
Credit Suisse AG/Lond  10.3500 2/27/2023   CHF   12.650
UBS AG/London          10.2500 3/29/2023   CHF   53.850
Zurcher Kantonalbank    7.5000 9/29/2022   EUR   60.120
Zurcher Kantonalbank    8.000012/27/2022   CHF   49.010
Zurcher Kantonalbank   10.5000 10/04/2022  CHF   58.250
Zurcher Kantonalbank    8.0000 10/04/2022  CHF   62.860
Zurcher Kantonalbank   29.0000 9/29/2022   CHF   38.660
Zurcher Kantonalbank    7.5000 10/04/2022  CHF   66.290
Zurcher Kantonalbank    8.0000 10/04/2022  CHF   69.410
Zurcher Kantonalbank   10.0000 10/04/2022  CHF   63.840
Zurcher Kantonalbank    8.2500 10/04/2022  CHF   50.620
Zurcher Kantonalbank   21.0000 10/04/2022  CHF   33.890
Zurcher Kantonalbank   16.7500 04/04/2023  USD   52.570
Zurcher Kantonalbank    6.8000 10/04/2022  CHF   65.620
UBS AG/London           8.0000 10/11/2022  CHF   56.800
UBS AG/London           8.000010/20/2023   CHF   55.250
UBS AG/London          14.250010/20/2022   CHF   38.000
UBS AG/London           9.500010/20/2022   USD   54.050
UBS AG/London           9.7500 2/20/2023   CHF   55.350
UBS AG/London          10.2500 2/20/2023   EUR   71.200
UBS AG/London           6.2500 8/18/2023   CHF   59.650
UBS AG/London          10.0000 2/20/2023   EUR   21.400
UBS AG/London           7.5000 8/18/2023   CHF   48.300
UBS AG/London           6.2500 8/18/2023   CHF   60.850
UBS AG/London           9.2500 2/20/2023   CHF   11.180
UBS AG/London           6.5000 8/18/2023   CHF   57.800
UBS AG/London           7.0000 7/21/2023   CHF   66.050
UBS AG/London          11.5000 1/23/2023   CHF   51.250
Luzerner Kantonalbank   9.7000 3/23/2023   CHF   61.720
Luzerner Kantonalbank   6.4000 10/04/2023  CHF   61.390
UBS AG/London           6.0000 7/14/2023   CHF   59.050
UBS AG/London           8.5000 1/16/2023   CHF   58.300
UBS AG/London          11.0000 1/16/2023   CHF   52.250
UBS AG/London          10.0000 1/16/2023   CHF   54.050
UBS AG/London           5.0000 01/09/2023  USD   48.850
UBS AG/London           6.0000 07/07/2023  EUR   51.400
UBS AG/London           7.2500 07/10/2023  USD   45.650
UBS AG/London          10.7500 01/09/2023  CHF   64.200
Zurcher Kantonalbank    8.2500 3/15/2023   EUR   54.100
UBS AG/London           7.7500 3/22/2023   USD   71.700
UBS AG/London           7.0000 9/22/2023   CHF   63.600
UBS AG/London           9.7500 3/22/2023   CHF   46.700
UBS AG/London           9.2500 3/22/2023   CHF   52.150
UBS AG/London           6.7500 3/22/2023   CHF   66.600
UBS AG/London          14.7500 3/22/2023   USD   20.200
UBS AG/London          10.5000 3/22/2023   USD   34.750
UBS AG/London           8.7500 9/22/2023   CHF   72.550
Bank Vontobel AG       10.5000 10/10/2022  CHF   58.600
UBS AG/London           5.2500 08/04/2023  CHF   67.150
UBS AG/London           8.7500 08/04/2023  CHF   41.550
UBS AG/London           8.5000 02/06/2023  USD   53.000
UBS AG/London           5.2500 08/04/2023  CHF   68.100
UBS AG/London          11.7500 08/04/2023  USD   43.800
UBS AG/London           5.7500 08/04/2023  CHF   47.350
Credit Suisse AG/Lond   9.0000 10/07/2022  CHF    7.950
Credit Suisse AG/Lond  15.000010/14/2022   USD   14.780
Credit Suisse AG/Lond  11.0000 10/11/2022  USD   55.980
Credit Suisse AG/Lond   9.5000 01/12/2023  USD   70.840
Credit Suisse AG/Lond  11.100010/13/2022   CHF   40.010
Credit Suisse AG/Lond   7.2500 01/12/2023  CHF   60.950
Credit Suisse AG/Lond   9.250010/13/2022   EUR   64.080
Credit Suisse AG/Lond   8.000010/21/2022   CHF   42.320
Credit Suisse AG/Lond   8.5000 1/13/2023   CHF   60.500
Credit Suisse AG/Lond   7.250010/14/2022   EUR   54.500
Bank Vontobel AG        6.0000 9/25/2023   CHF   59.300
Bank Vontobel AG        7.0000 9/25/2023   CHF   60.700
Bank Vontobel AG        5.7500 9/25/2023   EUR   69.900
Bank Vontobel AG        8.0000 3/24/2023   CHF   64.200
Bank Vontobel AG       20.0000 9/26/2022   CHF   35.500
Bank Vontobel AG       20.000012/27/2022   CHF   32.900
Bank Vontobel AG        4.500012/27/2022   CHF   55.900
Bank Vontobel AG       11.000012/27/2022   EUR   32.200
Bank Vontobel AG        5.000012/27/2022   CHF   46.400
Bank Vontobel AG        8.0000 3/24/2023   EUR   68.200
UBS AG/London           9.2500 03/01/2023  CHF   11.080
UBS AG/London          20.2500 03/01/2023  CHF   37.050
UBS AG/London           5.5000 09/01/2023  CHF   66.350
UBS AG/London          11.5000 03/01/2023  USD   46.750
UBS AG/London           9.0000 03/01/2023  CHF   55.500
UBS AG/London          11.2500 03/01/2023  CHF   12.000
UBS AG/London           9.0000 03/01/2023  EUR   61.500
UBS AG/London           9.7500 03/01/2023  CHF   11.360
UBS AG/London          10.2500 03/01/2023  CHF   62.300
UBS AG/London           7.0000 09/01/2023  CHF   46.000
UBS AG/London           6.2500 09/01/2023  EUR   70.750
Zurcher Kantonalbank    5.0000 09/07/2023  CHF   55.450
Leonteq Securities AG  12.0000 12/06/2022  CHF   32.550
Leonteq Securities AG  15.0000 12/07/2022  CHF   37.250
Leonteq Securities AG  10.0000 09/07/2023  USD   47.220
DZ Bank AG Deutsche Z   7.000012/19/2022   EUR   61.290
Bank Julius Baer & Co   9.4000 2/28/2023   USD   65.050
EFG International Fin  11.0000 06/06/2023  CHF   65.160
Leonteq Securities AG  10.200011/25/2022   CHF   63.200
Leonteq Securities AG  22.820011/25/2022   CHF   26.980
Leonteq Securities AG   9.600011/25/2022   EUR   68.880
Leonteq Securities AG  10.000011/25/2022   CHF   11.520
Leonteq Securities AG  10.800011/29/2022   CHF   48.710
Landesbank Baden-Wuer   3.5000 5/26/2023   EUR   69.280
Landesbank Baden-Wuer   5.2500 5/26/2023   EUR   64.110
Landesbank Baden-Wuer   7.3000 5/26/2023   EUR   59.980
Landesbank Baden-Wuer   2.8500 5/26/2023   EUR   34.030
Landesbank Baden-Wuer   8.2500 5/26/2023   EUR   58.450
Landesbank Baden-Wuer   2.1000 5/26/2023   EUR   54.140
Landesbank Baden-Wuer   4.1500 6/23/2023   EUR   70.790
Landesbank Baden-Wuer   6.3000 6/23/2023   EUR   67.160
Landesbank Baden-Wuer   2.5000 6/23/2023   EUR   69.990
Landesbank Baden-Wuer   3.6000 6/23/2023   EUR   66.520
Landesbank Baden-Wuer   2.4000 6/23/2023   EUR   61.030
Landesbank Baden-Wuer   3.6500 6/23/2023   EUR   57.600
Landesbank Baden-Wuer   4.6000 6/23/2023   EUR   55.460
Landesbank Baden-Wuer   2.1000 6/23/2023   EUR   66.180
Landesbank Baden-Wuer   2.9000 6/23/2023   EUR   63.420
Landesbank Baden-Wuer   4.1000 6/23/2023   EUR   60.670
Landesbank Baden-Wuer   5.5000 6/23/2023   EUR   58.430
Landesbank Baden-Wuer   2.7000 6/23/2023   EUR   73.650
Landesbank Baden-Wuer   5.0000 6/23/2023   EUR   66.810
Landesbank Baden-Wuer   2.2500 6/23/2023   EUR   72.360
Landesbank Baden-Wuer   3.2000 6/23/2023   EUR   69.080
Landesbank Baden-Wuer   4.3500 6/23/2023   EUR   66.250
Landesbank Baden-Wuer   2.0000 6/23/2023   EUR   64.770
Landesbank Baden-Wuer   3.0000 6/23/2023   EUR   61.800
Landesbank Baden-Wuer   4.0000 6/23/2023   EUR   59.210
Landesbank Baden-Wuer   3.6500 6/23/2023   EUR   70.550
Landesbank Baden-Wuer   5.0000 6/23/2023   EUR   67.390
Landesbank Baden-Wuer   2.2000 6/23/2023   EUR   66.620
Landesbank Baden-Wuer   3.6000 6/23/2023   EUR   63.160
Landesbank Baden-Wuer   2.1500 5/26/2023   EUR   62.290
Landesbank Baden-Wuer   4.1500 5/26/2023   EUR   53.970
Landesbank Baden-Wuer   6.0000 5/26/2023   EUR   52.190
Landesbank Baden-Wuer   2.7000 5/26/2023   EUR   68.810
Landesbank Baden-Wuer   4.1500 5/26/2023   EUR   64.670
Landesbank Baden-Wuer   5.8500 5/26/2023   EUR   61.260
Landesbank Baden-Wuer   4.0000 5/26/2023   EUR   52.110
Landesbank Baden-Wuer   3.5000 5/26/2023   EUR   65.470
Landesbank Baden-Wuer   7.1500 5/26/2023   EUR   58.440
Landesbank Baden-Wuer   3.6000 6/23/2023   EUR   50.270
Landesbank Baden-Wuer   2.0000 6/23/2023   EUR   49.700
Vontobel Financial Pr  16.750012/23/2022   EUR   46.000
Vontobel Financial Pr  11.750012/23/2022   EUR   58.190
Vontobel Financial Pr  17.750012/23/2022   EUR   23.890
Societe Generale Effe   4.500011/25/2022   EUR   53.440
Societe Generale Effe   6.750011/25/2022   EUR   69.700
Societe Generale Effe   5.000011/25/2022   EUR   72.750
Societe Generale Effe   6.750010/28/2022   EUR   68.140
Societe Generale Effe   3.500011/25/2022   EUR   65.010
Societe Generale Effe   6.500011/25/2022   EUR   58.000
Societe Generale Effe   4.750011/25/2022   EUR   55.020
Societe Generale Effe   4.750011/25/2022   EUR   54.280
Societe Generale Effe   5.750011/25/2022   EUR   52.100
Societe Generale Effe   4.000011/25/2022   EUR   70.840
Societe Generale Effe   5.000011/25/2022   EUR   67.290
Societe Generale Effe   6.000011/25/2022   EUR   64.510
Societe Generale Effe  12.000011/25/2022   EUR   54.630
Societe Generale Effe   8.250011/25/2022   EUR   68.950
Societe Generale Effe  10.250011/25/2022   EUR   66.120
Societe Generale Effe   3.750011/25/2022   EUR   57.120
Vontobel Financial Pr   6.000012/23/2022   EUR   59.110
Landesbank Baden-Wuer  10.700011/25/2022   EUR   67.320
Landesbank Baden-Wuer   4.300011/25/2022   EUR   63.180
Landesbank Baden-Wuer   3.000011/25/2022   EUR   63.840
Landesbank Baden-Wuer   7.440010/28/2022   EUR   66.000
EFG International Fin  10.0000 04/06/2023  CHF   59.230
EFG International Fin  15.0000 10/06/2022  USD   31.060
Societe Generale Effe   7.250010/28/2022   EUR   58.810
Societe Generale Effe   8.250010/28/2022   EUR   57.230
Societe Generale Effe   9.250010/28/2022   EUR   55.880
Societe Generale Effe  11.250010/28/2022   EUR   40.900
Societe Generale Effe   6.250010/28/2022   EUR   60.650
Goldman Sachs & Co We   7.000012/21/2022   EUR   59.730
Goldman Sachs & Co We   9.000012/21/2022   EUR   58.050
Goldman Sachs & Co We  15.000012/21/2022   EUR   52.210
Goldman Sachs & Co We  18.000012/21/2022   EUR   49.950
Goldman Sachs & Co We   3.0000 3/22/2023   EUR   69.950
Goldman Sachs & Co We   4.0000 3/22/2023   EUR   67.520
Goldman Sachs & Co We   5.0000 3/22/2023   EUR   64.050
Goldman Sachs & Co We   7.0000 3/22/2023   EUR   61.470
Goldman Sachs & Co We   8.0000 3/22/2023   EUR   59.800
Goldman Sachs & Co We  10.0000 3/22/2023   EUR   56.890
Goldman Sachs & Co We  15.0000 3/22/2023   EUR   52.940
Goldman Sachs & Co We  20.000010/26/2022   EUR   69.880
Goldman Sachs & Co We   4.000010/26/2022   EUR   68.990
Goldman Sachs & Co We   5.000010/26/2022   EUR   66.090
Goldman Sachs & Co We  14.000010/26/2022   EUR   51.480
Goldman Sachs & Co We  20.000010/26/2022   EUR   47.390
Goldman Sachs & Co We   4.000012/21/2022   EUR   66.600
Goldman Sachs & Co We   3.0000 6/21/2023   EUR   70.710
Goldman Sachs & Co We   5.0000 6/21/2023   EUR   60.710
Goldman Sachs & Co We   6.0000 6/21/2023   EUR   57.930
Goldman Sachs & Co We  10.0000 6/21/2023   EUR   53.200
Goldman Sachs & Co We  13.0000 6/21/2023   EUR   49.590
Goldman Sachs & Co We   2.0000 9/20/2023   EUR   73.080
Goldman Sachs & Co We   4.0000 9/20/2023   EUR   63.320
Goldman Sachs & Co We   6.0000 9/20/2023   EUR   59.250
Goldman Sachs & Co We   7.0000 9/20/2023   EUR   57.100
Goldman Sachs & Co We   8.0000 9/20/2023   EUR   56.160
Goldman Sachs & Co We  10.0000 9/20/2023   EUR   53.150
Goldman Sachs & Co We  12.0000 9/20/2023   EUR   51.620
UniCredit Bank AG       3.0000 3/21/2023   EUR   54.820
UniCredit Bank AG       3.5000 10/08/2022  EUR   33.170
UniCredit Bank AG      12.300012/23/2022   EUR   62.650
UniCredit Bank AG       9.7000 6/23/2023   EUR   70.510
UniCredit Bank AG       8.6000 6/23/2023   EUR   72.980
UniCredit Bank AG       8.300012/23/2022   EUR   73.390
UniCredit Bank AG      12.6000 6/23/2023   EUR   63.210
UniCredit Bank AG      12.2000 6/23/2023   EUR   66.230
UniCredit Bank AG      11.4000 3/24/2023   EUR   65.310
Leonteq Securities AG  10.0000 10/07/2022  CHF   50.880
Leonteq Securities AG  26.4000 10/07/2022  CHF   23.250
Leonteq Securities AG   7.0000 10/11/2023  CHF   67.980
Societe Generale Effe   8.500010/28/2022   EUR   73.190
Societe Generale Effe   9.500010/28/2022   EUR   46.360
DZ Bank AG Deutsche Z   1.980012/29/2031   EUR   69.750
UniCredit Bank AG       7.2000 11/10/2022  EUR   65.470
Leonteq Securities AG  20.0000 9/27/2022   USD   39.040
Leonteq Securities AG   7.0000 3/24/2023   CHF   66.720
Sibur Holding PAO       1.5000 10/01/2032  USD   47.000
Leonteq Securities AG   8.0000 04/12/2023  CHF   64.800
Leonteq Securities AG  10.0000 04/12/2023  CHF   55.180
Leonteq Securities AG   8.0000 01/11/2023  CHF   51.500
Bank Julius Baer & Co   5.7200 9/27/2022   CHF   63.650
DZ Bank AG Deutsche Z   5.600012/19/2022   EUR   56.640
DZ Bank AG Deutsche Z   5.900012/19/2022   EUR   56.710
DZ Bank AG Deutsche Z   7.900012/19/2022   EUR   71.960
Leonteq Securities AG  11.0000 01/11/2023  CHF   14.090
Corner Banca SA        12.0000 01/11/2023  CHF   58.780
Corner Banca SA         8.0000 10/11/2023  CHF   52.750
DZ Bank AG Deutsche Z   7.250012/19/2022   EUR   66.990
Landesbank Baden-Wuer   3.100010/23/2026   EUR   65.500
Raiffeisen Schweiz Ge  15.0000 10/12/2022  CHF   38.770
Raiffeisen Schweiz Ge  17.5000 10/12/2022  CHF   48.060
Raiffeisen Schweiz Ge  15.0000 10/12/2022  CHF   61.170
DZ Bank AG Deutsche Z   5.000010/26/2022   EUR   58.510
DZ Bank AG Deutsche Z   5.500012/21/2022   EUR   45.010
DZ Bank AG Deutsche Z   7.750012/21/2022   EUR   55.080
DZ Bank AG Deutsche Z   6.500012/21/2022   EUR   35.420
DZ Bank AG Deutsche Z   4.750012/21/2022   EUR   60.700
DZ Bank AG Deutsche Z   5.400012/19/2022   EUR   57.700
Corner Banca SA        12.0000 01/12/2023  USD   72.850
Leonteq Securities AG   9.0000 01/11/2023  CHF   52.050
Leonteq Securities AG  12.0000 01/11/2023  CHF   44.290
Corner Banca SA        16.0000 10/11/2022  EUR   37.800
Raiffeisen Schweiz Ge   7.0000 6/27/2023   CHF   59.100
Leonteq Securities AG  17.0000 01/12/2023  USD   44.450
Raiffeisen Schweiz Ge   7.0000 04/11/2023  CHF   67.020
Raiffeisen Schweiz Ge   7.0000 10/11/2023  CHF   64.230
Raiffeisen Schweiz Ge  11.0000 10/12/2022  USD   57.360
DekaBank Deutsche Gir   3.5000 11/10/2022  EUR   67.010
DZ Bank AG Deutsche Z   5.000010/26/2022   EUR   52.300
DZ Bank AG Deutsche Z   7.500012/21/2022   EUR   59.930
DZ Bank AG Deutsche Z   6.000012/21/2022   EUR   54.680
DZ Bank AG Deutsche Z   5.000012/21/2022   EUR   69.810
DZ Bank AG Deutsche Z   6.250012/21/2022   EUR   40.620
DZ Bank AG Deutsche Z  16.000010/26/2022   EUR   49.740
DZ Bank AG Deutsche Z  12.750010/26/2022   EUR   38.670
DZ Bank AG Deutsche Z   8.250012/21/2022   EUR   55.990
Societe Generale Effe   5.000010/28/2022   EUR   62.980
DekaBank Deutsche Gir   4.4000 11/10/2022  EUR   63.360
DZ Bank AG Deutsche Z   7.000010/26/2022   EUR   56.930
DZ Bank AG Deutsche Z   6.250012/19/2022   EUR   46.480
DZ Bank AG Deutsche Z   5.000012/19/2022   EUR   66.490
Raiffeisen Switzerlan   7.0000 3/24/2023   EUR   71.360
Raiffeisen Schweiz Ge  11.000012/27/2022   CHF   28.620
Raiffeisen Schweiz Ge  11.5000 9/27/2022   CHF   10.530
Raiffeisen Schweiz Ge   7.0000 3/24/2023   CHF   57.010
Raiffeisen Schweiz Ge   8.5000 3/24/2023   USD   35.260
Raiffeisen Schweiz Ge  18.5000 9/27/2022   USD   35.330
Raiffeisen Schweiz Ge   8.0000 3/24/2023   CHF   43.090
DZ Bank AG Deutsche Z   6.250012/21/2022   EUR   53.860
DZ Bank AG Deutsche Z   5.400012/19/2022   EUR   52.060
DZ Bank AG Deutsche Z   4.800012/19/2022   EUR   52.830
DZ Bank AG Deutsche Z   4.700012/19/2022   EUR   60.170
DZ Bank AG Deutsche Z   5.600012/19/2022   EUR   58.400
DZ Bank AG Deutsche Z   6.000012/19/2022   EUR   72.190
DZ Bank AG Deutsche Z   6.800012/19/2022   EUR   70.160
DZ Bank AG Deutsche Z   4.800012/19/2022   EUR   70.230
Leonteq Securities AG  23.4000 9/28/2022   CHF   11.080
DZ Bank AG Deutsche Z   3.900012/23/2022   EUR   48.960
DZ Bank AG Deutsche Z  15.100012/23/2022   EUR   40.390
DZ Bank AG Deutsche Z   5.500012/23/2022   EUR   54.560
DZ Bank AG Deutsche Z   6.500012/23/2022   EUR   59.690
DZ Bank AG Deutsche Z  15.500012/23/2022   EUR   60.440
DZ Bank AG Deutsche Z  10.800012/23/2022   EUR   63.360
UniCredit Bank AG       7.500010/19/2022   EUR   50.890
UniCredit Bank AG      11.700010/19/2022   EUR   45.290
UniCredit Bank AG      10.400010/19/2022   EUR   62.420
Leonteq Securities AG  23.000011/23/2022   CHF   44.610
Leonteq Securities AG  14.0000 2/23/2023   CHF   31.880
DZ Bank AG Deutsche Z  14.000011/25/2022   EUR   52.620
DZ Bank AG Deutsche Z   7.600011/25/2022   EUR   54.450
DZ Bank AG Deutsche Z   9.900011/25/2022   EUR   59.700
DZ Bank AG Deutsche Z  10.6000 3/24/2023   EUR   59.590
Societe Generale Effe   6.500010/28/2022   EUR   49.990
Societe Generale Effe   7.500010/28/2022   EUR   48.740
Societe Generale Effe   8.500010/28/2022   EUR   47.610
DZ Bank AG Deutsche Z  18.500011/25/2022   EUR   32.190
DZ Bank AG Deutsche Z  15.700011/25/2022   EUR   57.870
DZ Bank AG Deutsche Z   9.200011/25/2022   EUR   62.260
DZ Bank AG Deutsche Z   4.1000 3/24/2023   EUR   69.040
DZ Bank AG Deutsche Z  10.1000 3/24/2023   EUR   60.200
DZ Bank AG Deutsche Z  10.900011/25/2022   EUR   45.670
DZ Bank AG Deutsche Z  10.500012/23/2022   EUR   46.440
DZ Bank AG Deutsche Z   9.1000 3/24/2023   EUR   48.350
DZ Bank AG Deutsche Z  10.0000 3/24/2023   EUR   54.360
DZ Bank AG Deutsche Z  10.0000 3/24/2023   EUR   57.600
DZ Bank AG Deutsche Z  11.8000 3/24/2023   EUR   55.510
DZ Bank AG Deutsche Z   5.700011/25/2022   EUR   67.090
DZ Bank AG Deutsche Z   8.900011/25/2022   EUR   62.500
UniCredit Bank AG       6.300012/21/2022   EUR   48.200
UniCredit Bank AG       6.4500 6/21/2023   EUR   54.590
Bank Vontobel AG        5.500011/20/2023   CHF   56.400
Bank Vontobel AG       14.0000 5/22/2023   CHF   55.300
DekaBank Deutsche Gir   5.850011/25/2022   EUR   70.180
DekaBank Deutsche Gir   4.050011/22/2024   EUR   70.080
EFG International Fin   8.600011/29/2022   USD   67.910
UBS AG/London           9.2500 5/24/2023   USD   62.650
UBS AG/London          13.000011/25/2022   USD   45.000
UBS AG/London          21.500011/25/2022   USD   45.700
UBS AG/London           7.500011/24/2023   CHF   63.400
UBS AG/London          18.500011/25/2022   USD   44.100
UBS AG/London          15.000011/25/2022   USD   51.650
UBS AG/London           8.000011/24/2023   CHF   51.250
UBS AG/London           8.0000 5/24/2023   CHF   46.300
Landesbank Baden-Wuer   3.0000 6/28/2024   EUR   63.820
Landesbank Baden-Wuer   2.0000 6/28/2024   EUR   71.210
UBS AG/London           7.000011/24/2023   CHF   56.200
UBS AG/London           6.750011/24/2023   CHF   52.300
UBS AG/London           6.750011/24/2023   CHF   58.600
Bank Julius Baer & Co   9.2000 2/27/2023   EUR   49.900
Landesbank Baden-Wuer   5.5000 5/26/2023   EUR   31.290
Landesbank Baden-Wuer   2.1000 6/23/2023   EUR   58.780
Landesbank Baden-Wuer   3.1000 6/23/2023   EUR   56.010
Landesbank Baden-Wuer   4.2000 6/23/2023   EUR   53.630
Landesbank Baden-Wuer   4.5000 5/26/2023   EUR   72.680
Landesbank Baden-Wuer   8.6500 5/26/2023   EUR   70.750
Landesbank Baden-Wuer   6.7000 5/26/2023   EUR   68.960
Landesbank Baden-Wuer   7.0000 5/26/2023   EUR   68.010
Landesbank Baden-Wuer   2.5000 5/26/2023   EUR   68.250
Landesbank Baden-Wuer   8.4500 5/26/2023   EUR   66.390
Landesbank Baden-Wuer  11.0500 5/26/2023   EUR   59.320
Landesbank Baden-Wuer   3.3000 5/26/2023   EUR   71.240
Landesbank Baden-Wuer   5.9000 5/26/2023   EUR   63.110
Landesbank Baden-Wuer   3.0000 5/26/2023   EUR   52.190
Landesbank Baden-Wuer   6.2000 5/26/2023   EUR   46.160
Landesbank Baden-Wuer   5.1500 5/26/2023   EUR   66.300
Landesbank Baden-Wuer   3.2000 6/23/2023   EUR   47.610
Societe Generale Effe  10.750011/25/2022   EUR   35.940
Societe Generale Effe  12.750011/25/2022   EUR   33.630
Societe Generale Effe  14.750011/25/2022   EUR   31.910
Societe Generale Effe   5.500011/25/2022   EUR   51.530
Societe Generale Effe   6.500011/25/2022   EUR   50.000
Societe Generale Effe   8.000011/25/2022   EUR   66.290
Societe Generale Effe   8.750011/25/2022   EUR   66.310
Societe Generale Effe  16.000011/25/2022   EUR   52.580
Societe Generale Effe   3.500011/25/2022   EUR   55.840
Societe Generale Effe   8.250011/25/2022   EUR   65.530
Societe Generale Effe   8.500010/28/2022   EUR   71.800
Societe Generale Effe   4.500011/25/2022   EUR   62.020
Societe Generale Effe   7.500011/25/2022   EUR   56.550
Societe Generale Effe   9.500011/25/2022   EUR   54.190
Societe Generale Effe   6.750011/25/2022   EUR   44.700
Societe Generale Effe   8.750011/25/2022   EUR   39.260
Societe Generale Effe   7.750011/25/2022   EUR   67.910
Societe Generale Effe   6.750011/25/2022   EUR   50.360
Societe Generale Effe   7.750011/25/2022   EUR   48.880
Societe Generale Effe   4.750011/25/2022   EUR   58.450
Societe Generale Effe  10.250011/25/2022   EUR   62.750
Societe Generale Effe  10.000011/25/2022   EUR   57.230
Societe Generale Effe  11.000011/25/2022   EUR   55.910
Societe Generale Effe  12.000011/25/2022   EUR   72.820
Societe Generale Effe   7.250011/25/2022   EUR   70.640
Vontobel Financial Pr  17.750012/23/2022   EUR   51.010
Landesbank Baden-Wuer   7.8500 5/26/2023   EUR   43.250
Landesbank Baden-Wuer   5.6000 5/26/2023   EUR   68.580
Landesbank Baden-Wuer   3.5000 5/26/2023   EUR   70.930
Landesbank Baden-Wuer   2.0000 5/26/2023   EUR   69.840
Landesbank Baden-Wuer   5.2000 5/26/2023   EUR   61.540
Landesbank Baden-Wuer   2.1500 6/23/2023   EUR   53.880
Societe Generale Effe   7.500011/25/2022   EUR   48.720
Societe Generale Effe   8.500011/25/2022   EUR   47.580
Societe Generale Effe   5.750011/25/2022   EUR   71.840
Societe Generale Effe   6.500011/25/2022   EUR   69.050
Societe Generale Effe   7.000011/25/2022   EUR   68.070
Societe Generale Effe   7.500011/25/2022   EUR   67.140



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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
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Information contained herein is obtained from sources believed to
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members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
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