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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 17, 2022, Vol. 23, No. 201

                           Headlines



A U S T R I A

SCHUR FLEXIBLES: S&P Upgrades ICR to 'CCC+', Outlook Stable


F R A N C E

ELIOR GROUP: Moody's Cuts CFR to B2, Under Review for Downgrade


G E R M A N Y

ROEHM HOLDING: Moody's Affirms B3 CFR & Alters Outlook to Negative


I R E L A N D

ACCUNIA EUROPEAN III: Moody's Hikes EUR10.2MM F Notes Rating to B1
BLUEMOUNTAIN FUJI III: Moody's Affirms B2 Rating on Class F Notes
CARLYLE EURO 2017-3: Moody's Cuts Class E Notes Rating to B2
SADEREA LTD: Moody's Reviews Rating on USD253MM Notes for Downgrade


I T A L Y

BORMIOLI PHARMA: Moody's Alters Outlook on 'B3' CFR to Negative
ESSELUNGA SPA: S&P Affirms 'BB+' LT ICR & Alters Outlook to Neg.
FIBER BIDCO: Moody's Assigns B2 CFR & Rates New EUR875MM Notes B2


N E T H E R L A N D S

BRIGHT BIDCO: Moody's Assigns Ba1 Rating to Secured DIP Term Loan


R U S S I A

OBYEDINENNY BANK: Bank of Russia Cancels Banking License
TURKISTON BANK: S&P Lowers ICR to 'D/D' Then Withdraws Rating


S W I T Z E R L A N D

VIKING CRUISES: S&P Affirms 'CCC+' ICR & Alters Outlook to Pos.


T U R K E Y

MERSIN INT'L: S&P Lowers ICR to 'B', Outlook Stable
SEKERBANK TAS: Moody's Hikes LongTerm Deposit Ratings to Caa1


U K R A I N E

[*] UKRAINE: Needs Up to US$4BB a Month in External Aid, IMF Says


U N I T E D   K I N G D O M

CANADA SQUARE 7: Moody's Assigns B2 Rating to GBP1.7MM Cl. E Notes
ENQUEST PLC: Moody's Reviews 'B3' CFR, On Direction Uncertain
LANEBROOK MORTGAGE 2022-1: Moody's Gives Ca Rating to Cl. F Notes
LANEBROOK MORTGAGE 2022-1: S&P Assigns BB(sf) Rating on F Notes
LIFESKILLS: Enters Administration Following Government Dispute

MISSOURI TOPCO: Moody's Lowers CFR to Caa3 & PDR to Ca-PD
MULLER EV: Enters Administration, 38 Jobs Affected
NIDDA BONDCO: Moody's Affirms 'B3' CFR, Outlook Remains Stable
ODEON FINCO: Moody's Rates New $400MM Secured 1st Lien Notes 'B3'
PLAYTECH PLC: Moody's Affirms Ba3 CFR & Alters Outlook to Positive

S4 CAPITAL: Moody's Affirms 'Ba3' CFR & Alters Outlook to Negative
WASPS: Coventry Council Says No Plans to Offer Financial Support
WORCESTER WARRIORS: Central Contracts for Players to Be Discussed


X X X X X X X X

[*] BOND PRICING: For the Week October 10 to October 14, 2022

                           - - - - -


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A U S T R I A
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SCHUR FLEXIBLES: S&P Upgrades ICR to 'CCC+', Outlook Stable
-----------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Austria-based plastic packaging manufacturer Schur Flexibles GmbH
to 'CCC+' from 'SD' (selective default). S&P assigned its 'CCC+'
issue rating (recovery rating of '3') to the EUR160 million
liquidity facilities. At the same time, S&P assigned its 'CCC-'
issue rating (recovery rating of '6') to the EUR147 million
take-back debt. S&P withdrew its 'D' issue ratings on the EUR475
million term loan B (as the loan has now been restructured).

The stable outlook reflects S&P's expectation that Schur Flexibles
will maintain sufficient liquidity during the next 12 months,
despite its expectation of negative free operating cash flow (FOCF)
for the next two years.

Capital restructuring strengthens Schur Flexibles' balance sheet.
Under the restructuring, Schur Flexibles has received new loans
totalling EUR160 million. Around 75% of the amounts outstanding
under its senior facilities and supply chain financing loan have
been written off. Only EUR147 million of the loans provided under
the September 2021 senior facility agreement and the supply chain
financing agreement have been reinstated as take-back debt, on a
junior basis, to the EUR160 million liquidity facility. All
outstanding shareholder loans (around EUR41 million) have been
written off and ownership of the group has been transferred to the
lenders (led by Apollo). S&P believes that the new capital
structure is more palatable to suppliers and other stakeholders as
it lowers the group's annual cash interest expense and improves its
balance sheet (reduced financial leverage).

Schur Flexibles looks to rebuild reputation after accounting fraud
exposure and a weak track record of FOCF generation. Schur
Flexibles' historical financial performance was characterized by
limited like-for-like revenue growth and low margins. The group
also struggled to pass raw material prices on to customers, faced
integration costs (due to acquisitions), and high interest costs.
The accounting fraud exposed in early 2022 restricted the group's
access to funds from banks and led to a loss of confidence in the
group, followed by a liquidity crisis.

Although Schur improved its ability to pass cost (including resins,
aluminum, energy, and freight) increases on to customers and
lowered its annual interest burden (via the implementation of a
consensual capital restructuring), S&P believes that there remain
significant uncertainties around the group's ability to generate
positive FOCF in the next two-to-three years. It anticipates that
adjusted FOCF generation this year will be negative EUR190
million-EUR195 million and undermined by elevated consulting and
restructuring costs (over EUR70 million) and high working capital
needs (of about EUR80 million). The group's ability to generate
positive FOCF relies on its ability to maintain its market
position, streamline costs, and successfully pass on potential
rises in input costs.

S&P said, "We expect that Schur Flexibles' liquidity in the next 12
months will be underpinned by the recent cash injection. Schur
Flexibles received cash injections totaling EUR110 million between
June 2022 and September 2022. The group has an additional EUR50
million available under the liquidity facility. We believe that
this liquidity injection will allow Schur Flexibles to meet its
financial commitments during the next 12-18 months. Nevertheless,
in our view, Schur Flexibles is still vulnerable to high unexpected
cash outflows, for example, from a further increase in working
capital needs amid the loss in supplier confidence as well as
ongoing cost and price increases.

"The stable outlook reflects our expectation that Schur Flexibles
will maintain sufficient liquidity during the next 12 months,
despite our expectation of negative FOCF for the next two years."

S&P would lower the ratings if:

-- Schur Flexibles' liquidity deteriorated, leading to a shortfall
in the short term; or

-- The company failed to improve its EBITDA and FOCF generation
and we viewed the capital structure as unsustainable.

Given S&P's expectation of negative FOCF in the next 12-18 months,
it is unlikely to upgrade Schur Flexibles in the near term. S&P
could raise its ratings if:

The group sustainably generated positive FOCF;
-- Adjusted debt to EBITDA decreased and stayed below 7.0x, for
example, as a result of the successful implementation of Schur
Flexibles' turnaround plan; and

-- Liquidity remained adequate, with liquidity sources sustainably
exceeding uses by more than 1.2x.

Environmental Social and Governance

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

S&P said, "Governance factors remain a moderately negative
consideration in our credit rating analysis because of the
potential adverse impact on Schur Flexibles' credit quality of
Apollo's majority ownership. This is reflected in our 'G-3'
governance assessment. We acknowledge that the individuals (former
members of the senior management team) who are under investigation
for fraud have now left the company. However, in our view, the
group still has scope to improve its financial reporting and
financial communications.

"Environmental factors remain a moderately negative consideration
in our credit rating analysis of Schur Flexibles. Like its plastic
packaging peers, Schur Flexibles' environmental risk is higher than
for companies that use more sustainable materials. Risks include
waste concerns, changing consumer preferences, and tightening
recyclability regulations on plastic packaging. Schur Flexibles is
exposed to these risks as a producer of flexible food plastic
packaging (about 80% of its estimated 2021 revenue). However, we
acknowledge that the company is focusing on the circularity of its
products and on developing more sustainable solutions through
light-weighting and increasing the amount of recycled material in
its products. It aims to make most of its products recyclable by
2025."




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F R A N C E
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ELIOR GROUP: Moody's Cuts CFR to B2, Under Review for Downgrade
---------------------------------------------------------------
Moody's Investors Service has downgraded Elior Group S.A.'s
corporate family rating to B2 from B1, the probability of default
rating to B2-PD from B1-PD and the rating on the guaranteed senior
unsecured notes due 2026 to B2 from B1. The ratings are on review
for downgrade. The outlook was changed to ratings under review from
stable.

RATINGS RATIONALE

The downgrade and the review for downgrade reflects Moody's
expectations that the increasing inflation will have a material
negative effect on Elior's cost base, and will impact its operating
performance and overall liquidity. This is in addition to the
deterioration in the company's operating performance already
experienced in H1-22 (negative reported EBITA due to the impact of
omicron wave and higher inflation) and exceptional non-recurring
items such as the loss on Preferred Meals business (which Elior has
now voluntarily exited since September 2022), that have already
weakened the company's liquidity. This led to a cash burn of EUR60
million in H1-22, adding to the cash burn experienced in the
previous fiscal years due to COVID crisis. Management expects the
company reported EBITA to be near breakeven in fiscal 2022,
excluding an estimated EUR35 million in losses at Preferred Meals.


The majority of Elior's contracts with customers are negotiated on
a profit and loss basis, meaning that the pass-through of price
increases is not automatic - these need to be discussed together
with some other elements of the contract.  Moody's understands that
Elior has already successfully renegotiated 47% of outstanding
contracts, as of July 2022. Moody's still believes in the business
model and the company still benefits from good market positions,
but given the nature of its contracts, Elior's profitability will
remain under pressure. There will be some time lag before
renegotiated contracts, or contracts that are currently under
renegotiation, will begin to improve the company's profitability.

Moody's forecasts that the company's free cash flow generation
after IFRS 16 repayment will be negative at over EUR100 million in
the next 12-18 months, breakeven at best, and that the company will
most likely need to draw down on its revolving credit facility
(RCF) or raise additional financing to bolster its liquidity.
Moody's expects that the company will be very close to breaching
its covenants over the next 12-18 months and that a waiver may be
needed. Moody's expects management to promptly address, if
necessary, a waiver request, as already done in the past.

The review will focus on the disclosure of the company's fiscal
2022 results, 2023 guidance and details on how the company's
liquidity will develop including any waiver requests.

Governance was considered a key rating driver in accordance with
Moody's ESG framework, given the expected deterioration in the
company's liquidity and the need to potentially waive covenants in
the next 12 months.

LIQUIDITY

Moody's views Elior's liquidity as weak, given the company will
most likely generate negative free cash flow in the next 12-18
months. As of the end of March 2022 cash and equivalents on the
balance sheet were EUR38 million, Elior had EUR350 million
available under the committed revolving credit facility (RCF) and
EUR81 million available under the current receivable securitization
program. The company does not have any short term debt maturing but
the first debt maturity will take place in October 2023 (fiscal
2024), when the EUR225 million French state-guaranteed loan will
begin amortizing (EUR28 million repayment).

The semi-annual net leverage maintenance covenant remains suspended
till March 2023, when the test ratio is set at 7.5x. Moody's
expects the covenant headroom to be tight and management to
promptly address, if necessary, a waiver request, as already done
in the past.

RATIONALE FOR THE REVIEW FOR DOWNGRADE

The ratings on review for downgrade reflects Moody's expectations
that the company's operating performance will come under increased
pressure to due to inflation and that this will weaken the
company's liquidity. Disclosure of fiscal 2022 results and guidance
on fiscal 2023 will help Moody's to understand how the company's
operating performance will develop, including the success of
contract renegotiations. The review also reflects the need to
timely address any potential waiver request or shortfall in cash.

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

Although unlikely in the short term, the rating could be upgraded
if Elior successfully manages the ongoing inflationary pressure
such that Moody's adjusted EBITA margin progressively and
sustainably increases well above 2.5% and then ultimately revert
back to around 3%, levels more in line with pre-covid levels.
Moody's would also require free cash flow to turn sustainably
positive in excess of 5% free cash flow (FCF)/debt and liquidity to
become adequate. An upgrade would also require Moody's adjusted
EBITA/ interest expense to remain sustainably above 2x.  At the
same time, Moody's adjusted debt /EBITDA would also require to be
lower than 6.0x on a sustainable basis.

The rating could be downgraded if Moody's adjusted EBITA margin
looks unlikely to increase towards 2% in the next 12-18 months,
which in Moody's view would be a level that would begin to support
positive free cash flow. A downgrade could also materialize if
Moody's FCF/debt fails to increase to low single digits and
approach 5%. In addition, a downgrade could also materialize if
management fails to promptly address any potential waiver request
or shortfall in cash in a timely manner. Negative rating action may
also materialize if liquidity further deteriorates in the next 12
months, or adjusted debt to EBITDA remains above 7x.

LIST OF AFFECTED RATINGS

Issuer: Elior Group S.A.

Downgrades, Placed On Review for Downgrade:

LT Corporate Family Rating, Downgraded to B2 from B1

Probability of Default Rating, Downgraded to B2-PD from B1-PD

BACKED Senior Unsecured Regular Bond/Debenture, Downgraded to B2
from B1

Outlook Actions:

Outlook, Changed To Ratings Under Review From Stable

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Headquartered in France, Elior is a global player in contract
catering and support services. In the fiscal year ended September
2021, the company generated revenues of EUR3.7 billion.




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G E R M A N Y
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ROEHM HOLDING: Moody's Affirms B3 CFR & Alters Outlook to Negative
------------------------------------------------------------------
Moody's Investors Service affirmed Roehm Holding GmbH's B3
corporate family rating and B3-PD probability of default rating.
Concurrently Moody's affirmed the B3 ratings for the senior secured
(USD and Euro) term loans B and the senior secured multi-currency
revolving credit facility (RCF). The outlook changed to negative
from stable.

RATINGS RATIONALE

The negative outlook reflects Moody's expectation that softer end
market demand will result in deteriorating credit metrics over the
next 12 to 18 months. Also, the negative outlook highlights
increased risks of production cuts at Roehm's or its customers'
production sites as a result of sustained high energy costs or
potential energy supply disruptions. Roehm has relatively lower
operational flexibility than other more diversified rated chemical
companies because of its geographical concentration in Europe, in
particular Germany, making the company more susceptible to economic
shocks in Europe and to volatility in prices and supply of gas and
energy. Exposure to rising interest rates on its Euro denominated
variable rate term loan creates incremental pressure on the
company's capacity to generate free cash flow.

The rating agency estimates Roehm's Moody's adjusted debt-to-EBITDA
ratio at around 6.5x for the last twelve months through June, and
expects leverage to rise in the second half of 2022 and into 2023.
The aforementioned metric includes the rating agency's standard
adjustments and certain other non-recurring items. Moody's expects
that Roehm's earnings and cash flow will face pressure as the
energy crisis in Europe, high inflation, and higher interest rates
reduce demand for its products in 2023. The company has exposure to
highly cyclical end-markets such as the automotive and construction
industries, which Moody's considers more susceptible to
macroeconomic deterioration. Depending on the pace and depth of any
economic downturn or further energy disruptions, Moody's expect
Roehm's debt-to-EBITDA to trend above 7.0x, above Moody's
expectations for the current B3 rating.

The rating affirmation reflects Roehm's leading market positions in
bulk monomers, moulding components and acrylic products; its
diversified manufacturing footprint; and a tightening supply in
North America following the decision of one of Roehm's principal
competitors, Mitsubishi Chemical Corporation (Mitsubishi), to close
its methyl methacrylate (MMA) Beaumont plant in the US. Also, over
the next few years, contributions from Roehm's excellence programme
and growth investments will likely offset some of the pressure on
demand and costs. The company's highly cyclical end markets,
limited product diversification, elevated financial leverage and
high capital spending related to the company's LiMA project in the
US constrain the rating. The LiMA project entails a high degree of
execution risk with capital spending likely to total around $580
million, with roughly $125 million and $300 million of outflows in
2022 and 2023, respectively.

LIQUIDITY

Roehm's liquidity is adequate.  As of the end of June 2022, the
company had around EUR223 million of cash on balance and access to
an undrawn EUR300 million RCF. In combination with forecast funds
from operations, these sources are expected be sufficient to cover
capital spending, working capital movements and general cash needs,
barring severe disruptions related to either the broader
macroeconomic environment or further gas/energy disruptions.

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

While unlikely given the negative outlook, Moody's could upgrade
the rating if debt/EBITDA were to fall sustainably well below 6.0x,
supported by stable MMA prices, growth in Roehm's main end markets
and further incremental EBITDA contribution from its capital
spending projects, as well as cost benefits from the company's
value creation plan. Moody's also expects positive free cash flow
(FCF) generation before investments in its LiMA project to achieve
a higher rating.

The following could lead to a downgrade of Roehm's ratings: (i) FCF
generation deteriorates by turning materially negative (excluding
LiMA investments) or liquidity deteriorates, (ii) Moody's-adjusted
debt/EBITDA remains above 7.0x on a sustained basis, (iii)
EBITDA/Interest coverage below 1.5x on a sustained basis, (iv) the
company's required investments in LiMA materially exceed current
estimates of $580 million or there are disruptions or delays to the
successful startup of the facility which require additional
capital.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Chemicals
published in June 2022.

COMPANY PROFILE

Roehm is one of the world's largest methyl methacrylate (MMA)
producers as measured by market share. It is owned by funds managed
by private equity firm Advent International. Roehm for the last
twelve months ending December 2021 had sales of around EUR1.8
billion and company-adjusted EBITDA of EUR366 million.




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I R E L A N D
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ACCUNIA EUROPEAN III: Moody's Hikes EUR10.2MM F Notes Rating to B1
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Accunia European CLO III Designated Activity
Company:

EUR20,000,000 Class B-1 Senior Secured Floating Rate Notes due
2031, Upgraded to Aa1 (sf); previously on Aug 2, 2018 Definitive
Rating Assigned Aa2 (sf)

EUR12,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2031,
Upgraded to Aa1 (sf); previously on Aug 2, 2018 Definitive Rating
Assigned Aa2 (sf)

EUR25,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to A1 (sf); previously on Aug 2, 2018
Definitive Rating Assigned A2 (sf)

EUR10,200,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to B1 (sf); previously on Aug 2, 2018
Definitive Rating Assigned B2 (sf)

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

EUR216,000,000 Class A Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Aug 2, 2018 Definitive
Rating Assigned Aaa (sf)

EUR19,500,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Baa2 (sf); previously on Aug 2, 2018
Definitive Rating Assigned Baa2 (sf)

EUR21,750,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Ba2 (sf); previously on Aug 2, 2018
Definitive Rating Assigned Ba2 (sf)

Accunia European CLO III Designated Activity Company, issued in
August 2018, is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by ACCUNIA FONDSMGLERSELSKAB A/S. The
transaction's reinvestment period ended in August 2022.

RATINGS RATIONALE

The rating upgrades on the Class B-1, Class B-2, Class C and Class
F Notes are primarily a result of the benefit of the transaction
having reached the end of the reinvestment period in August 2022.

In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements. In particular, Moody's assumed that
the deal will benefit from a shorter amortisation profile than it
had assumed at the last review in April 2022.

The over-collateralisation ratios of the rated notes have improved
since August 2021. According to the trustee report dated August
2022 [1] the Class A/B, Class C, Class D, Class E and Class F OC
ratios are reported at 143.1%, 130.0%, 121.33%, 112.93 and 109.38%
compared to August 2021 [2] levels of 141.95%, 128.95%, 120.35%,
112.02 and 108.5%, respectively.

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

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

Performing par and principal proceeds balance: EUR354.9m

Defaulted Securities: none

Diversity Score: 48

Weighted Average Rating Factor (WARF): 2985

Weighted Average Life (WAL): 4.46 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.82%

Weighted Average Coupon (WAC): 3.24%

Weighted Average Recovery Rate (WARR): 44.94%

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

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank and swap providers,
using the methodology "Moody's Approach to Assessing Counterparty
Risks in Structured Finance" published in June 2022. Moody's
concluded the ratings of the notes are not constrained by these
risks.

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

The rated notes' performance is subject to uncertainty. The notes'
performance is sensitive to the performance of the underlying
portfolio, which in turn depends on economic and credit conditions
that may change.

Additional uncertainty about performance is due to the following:

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

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.


BLUEMOUNTAIN FUJI III: Moody's Affirms B2 Rating on Class F Notes
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by BlueMountain Fuji EUR CLO III DAC:

EUR32,900,000 Class B Senior Secured Floating Rate Notes due 2031,
Upgraded to Aaa (sf); previously on May 28, 2021 Definitive Rating
Assigned Aa2 (sf)

EUR23,100,000 Class C Deferrable Mezzanine Floating Rate Notes due
2031, Upgraded to A1 (sf); previously on May 28, 2021 Definitive
Rating Assigned A2 (sf)

EUR17,500,000 Class D Deferrable Mezzanine Floating Rate Notes due
2031, Upgraded to Baa1 (sf); previously on May 28, 2021 Definitive
Rating Assigned Baa2 (sf)

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

EUR207,000,000 Class A-1 Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on May 28, 2021 Definitive
Rating Assigned Aaa (sf)

EUR10,000,000 Class A-2 Senior Secured Fixed Rate Notes due 2031,
Affirmed Aaa (sf); previously on May 28, 2021 Definitive Rating
Assigned Aaa (sf)

EUR24,500,000 Class E Deferrable Junior Floating Rate Notes due
2031, Affirmed Ba2 (sf); previously on May 28, 2021 Affirmed Ba2
(sf)

EUR10,500,000 Class F Deferrable Junior Floating Rate Notes due
2031, Affirmed B2 (sf); previously on May 28, 2021 Affirmed B2
(sf)

BlueMountain Fuji EUR CLO III DAC, issued in September 2018, is a
collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans. The portfolio is
managed by BlueMountain Fuji Management, LLC. The transaction's
reinvestment period ended in July 2022.

RATINGS RATIONALE

The rating upgrades on the Class B, C and D Notes are primarily a
result of the transaction having reached the end of the
reinvestment period in July 2022.

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

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

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

Performing par and principal proceeds balance: EUR347.93m

Defaulted Securities: EUR2.47m

Diversity Score: 64

Weighted Average Rating Factor (WARF): 2804

Weighted Average Life (WAL): 5.10 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.77%

Weighted Average Coupon (WAC): 4.33%

Weighted Average Recovery Rate (WARR): 44.55%

Par haircut in OC tests and interest diversion test: none

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

Methodology Underlying the Rating Action:

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

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank, using the
methodology "Moody's Approach to Assessing Counterparty Risks in
Structured Finance" published in June 2022. Moody's concluded the
ratings of the notes are not constrained by these risks.

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

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

Additional uncertainty about performance is due to the following:

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

Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels.  Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty.  Moody's analysed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market prices.
Recoveries higher than Moody's expectations would have a positive
impact on the notes' ratings.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.


CARLYLE EURO 2017-3: Moody's Cuts Class E Notes Rating to B2
------------------------------------------------------------
Moody's Investors Service has taken a variety of rating actions on
the following notes issued by Carlyle Euro CLO 2017-3 DAC:

EUR29,500,000 Class A-2-A Senior Secured Floating Rate Notes due
2031, Upgraded to Aa1 (sf); previously on Jun 29, 2021 Affirmed Aa2
(sf)

EUR15,000,000 Class A-2-B Senior Secured Fixed Rate Notes due
2031, Upgraded to Aa1 (sf); previously on Jun 29, 2021 Affirmed Aa2
(sf)

EUR11,100,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Downgraded to B2 (sf); previously on Jun 29, 2021
Affirmed B1 (sf)

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

EUR234,000,000 Class A-1-R Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Jun 29, 2021 Definitive
Rating Assigned Aaa (sf)

EUR26,500,000 Class B-1 Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed A2 (sf); previously on Jun 29, 2021
Affirmed A2 (sf)

EUR10,000,000 Class B-2 Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed A2 (sf); previously on Jun 29, 2021
Affirmed A2 (sf)

EUR20,500,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Baa2 (sf); previously on Jun 29, 2021
Affirmed Baa2 (sf)

EUR23,500,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Ba2 (sf); previously on Jun 29, 2021
Affirmed Ba2 (sf)

Carlyle Euro CLO 2017-3 DAC, issued in December 2017 and refinanced
in June 2021, is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by CELF Advisors LLP. The transaction's
reinvestment period ended in July 2022.

RATINGS RATIONALE

The rating upgrades on the Class A-2-A and Class A-2-B Notes are
primarily a result of the benefit of the transaction having reached
the end of the reinvestment period in July 2022.

The rating downgrade on the Class E Notes is primarily a result of
the increased defaults and deterioration in over-collateralisation
ratios since September 2021. According to the trustee report dated
September 2022 [1] the Class A, Class B, Class C, Class D and Class
E OC ratios are reported at 140.4%, 124.2%, 116.6%, 108.9 and
105.7% compared to September 2021 [2] levels of 141.0%, 124.6%,
117.0%, 109.4% and 106.1%, respectively.

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

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

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

Performing par and principal proceeds balance: EUR390.1m

Defaulted Securities: EUR3.0m

Diversity Score: 54

Weighted Average Rating Factor (WARF): 3041

Weighted Average Life (WAL): 4.2 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.67%

Weighted Average Recovery Rate (WARR): 45.1%

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank, using the
methodology "Moody's Approach to Assessing Counterparty Risks in
Structured Finance" published in June 2022. Moody's concluded the
ratings of the notes are not constrained by these risks.

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

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

Additional uncertainty about performance is due to the following:

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

Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's
over-collateralisation levels. Further, the timing of recoveries
and the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's analysed
defaulted recoveries assuming the lower of the market price or the
recovery rate to account for potential volatility in market prices.
Recoveries higher than Moody's expectations would have a positive
impact on the notes' ratings.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.


SADEREA LTD: Moody's Reviews Rating on USD253MM Notes for Downgrade
-------------------------------------------------------------------
Moody's Investors Service has downgraded and placed under review
for downgrade the rating on the following notes issued by Saderea
Limited (the "Issuer"):

  USD253,189,000 12.5 per cent. Senior Secured Amortising
  Bonds due 2026, Downgraded to Caa2 and Placed Under
  Review for Possible Downgrade; previously on Feb 15, 2022
  Downgraded to Caa1

This transaction represents a repackaging of five promissory notes
issued by the Republic of Ghana ("Collateral"). The notes will
amortise on each payment date in accordance with an amortisation
schedule taking into account the amortisation schedules of each of
the five promissory notes and the fees to be paid by the Issuer.

RATINGS RATIONALE

Moody's explained that the rating action taken today is the result
of a rating action on the Government of Ghana, which was downgraded
to Caa2 and placed under review for downgrade from Caa1 on
September 2022.

Saderea Limited is a special purpose vehicle incorporated in
Ireland for the purposes of the issue of the notes. Given the
repack nature of the structure, noteholders are mainly exposed to
the credit risk of the collateral which itself is linked to Ghana's
sovereign rating.

Methodology Underlying the Rating Action:

The principal methodology used in this rating was "Moody's Approach
to Rating Repackaged Securities" published in June 2020.

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

This rating is essentially a pass-through of the rating of the
underlying assets. Noteholders are exposed to the credit risk of
the Government of Ghana and therefore the rating moves in
lock-step.

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, which could negatively impact the rating
of the notes, as evidenced by (1) uncertainties of credit
conditions in the general economy and (2) more specifically, any
uncertainty associated with the underlying credits in the
transaction could have a direct impact on the repackaged
transaction.




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

BORMIOLI PHARMA: Moody's Alters Outlook on 'B3' CFR to Negative
---------------------------------------------------------------
Moody's Investors Service has changed to negative from stable the
outlook on Bormioli Pharma S.p.A.'s ("Bormioli Pharma" or "the
company") ratings. Bormioli Pharma is an Italian manufacturer of
glass and plastic packaging for the pharmaceutical and cosmetic
industries. Concurrently, Moody's has affirmed the B3 corporate
family rating, the B3-PD probability of default rating and the B3
rating on the EUR280 million backed senior secured floating rate
notes due 2024 issued by Bormioli Pharma.

"Moody's have changed Bormioli Pharma's outlook to negative to
reflect the approaching debt maturities over the next 24 months,
which will likely be refinanced at higher rates, while its current
free cash flow generation is weak owing to committed growth
investments and plant refurbishments, leaving limited headroom in
the capital structure for higher interests," says Donatella Maso,
Vice President–Senior Credit Officer and lead analyst for
Bormioli Pharma.

RATINGS RATIONALE

The change in Bormioli Pharma's outlook to negative from stable
reflects the approaching refinancing risk due to its complex
capital structure with staggered maturities over the next 24 months
combined with lack of meaningful free cash flow (FCF) generation.

Bormioli Pharma's operating performance in the first half of 2022
was better than in the same period of last year, given a robust
volume recovery and several waves of price increases. Despite
inflationary pressures on costs (other than gas, which Bormioli
Pharma hedged until mid-2023), the company was able to maintain a
stable EBITDA year-on-year. As a result, its leverage, as adjusted
by Moody's, remained high at 6.8x, but within the tolerance levels
for the current B3 rating category.

Moody's expects the company's EBITDA to slightly decline in the
second half of 2022 because of higher fixed costs linked to the
refurbishment of one its Bergantino furnaces but its leverage to
remain at around 6.8x owing to some expected debt repayments.

While visibility into 2023 remains low given the uncertain
macroeconomic environment, Bormioli Pharma will likely withstand
recessionary pressures on demand for its products because the vast
majority of its revenue comes from the resilient pharmaceutical
industry. Bormioli Pharma will remain vulnerable to supply chain
disruptions and cost inflation, particularly related to energy and
labour. The company is fully hedged on gas prices and plans to
switch the furnaces to heavy oil from July 2023, but it is not
hedged on electricity, which represents c.10% of revenue.

Moody's expects no material volatility in its earnings and leverage
in 2022-2023, but Bormioli Pharma's credit profile remains
constrained by its inability to generate meaningful FCF.

Historically, the company's FCF generation has been limited because
of the high capex related to the construction of a new furnace in
San Vito and other growth projects. According to the rating agency,
the company's FCF will continue to be negative or weak in 2022 and
2023 due to capex for the refurbishment of one of the Bergantino
furnaces and an expansion project at its German plant,
respectively.

Most of the past investments, including several acquisitions, have
been funded with additional debt provided by relationship banks,
adding complexity to its capital structure and weakening its credit
metrics. Bormioli Pharma has recently refinanced some facilities
due in 2022, but all its bank debt matures ahead of the backed
senior secured bonds due November 2024 with maturities in 2023 and
in 2024.

Bormioli Pharma will need to start address the upcoming refinancing
risk in 2023 because the debt repayment will soon erode its cash
balances unless it is funded with other sources of liquidity. Given
the current market conditions, the company may have to refinance
its debt at much higher rates, further reducing its ability to
improve its FCF at a time when leverage is high and its capital
structure does not have much headroom to accommodate higher
interests.

LIQUIDITY

Bormioli Pharma's liquidity remains adequate for its near-term
needs, although it is weakening because of around EUR62 million of
debt maturing ahead of the backed senior secured notes, including
short term bank lines but excluding factoring. It is also weakening
because of Moody's expectations of negative FCF owing to
investments in plant refurbishment and capacity expansion. In the
next 24 months, the company will have to fully refinance its whole
capital structure, including the EUR48 million term loans, the
EUR55 million super senior revolving credit facility and the EUR280
million backed senior secured floating rate notes.

Liquidity is supported by c.EUR20 million of cash on balance sheet
as of the end of June 2022; EUR40 million availability (as of
August 2022) under its EUR55 million super senior RCF maturing in
May 2024; and EUR3.7 million availability under its committed
recourse factoring lines. The company also relies on uncommitted
bank credit lines and factoring arrangements, which the rating
agency does not consider in its liquidity analysis given their
uncommitted nature.

The super senior RCF has one springing financial covenant (net
leverage ratio), set with a large headroom of 7.9x versus the
current reported leverage of 5.3x, to be tested on a quarterly
basis when the RCF is drawn by more than 35%.

STRUCTURAL CONSIDERATIONS

The B3-PD probability of default rating is in line with the CFR.
This is based on a 50% family recovery rate, as is typical for
transactions with both bank debt and bonds. The B3 rating on the
EUR280 million backed senior secured floating rate notes due 2024
is also in line with the CFR, because this instrument represents
the vast majority of the capital structure. The backed senior
secured notes are guaranteed by Bormioli Pharma (the main operating
company) but are structurally subordinated to the liabilities of
Bormioli Pharma France S.A. and other operating subsidiaries. The
backed senior secured notes share the same security as the super
senior RCF, consisting of pledges over stocks and certain operating
bank accounts, which is considered weak. However, the backed senior
secured notes rank junior to the super senior RCF upon enforcement
under the provisions of the intercreditor agreement.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook reflects the approaching refinancing risk
owing to its complex financing structure and the risk that its debt
will have to be refinanced at much higher rates at a time when the
company's free cash flow generation is weak.

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

Given the negative outlook, upward pressure on the ratings is
unlikely in the near term. The outlook could be stabilized if the
company addresses the refinancing of its upcoming debt maturities,
maintaining an adequate liquidity profile at a manageable cost that
does not place additional pressure on its free cash flow
generation. Overtime, upward pressure on the rating would require
the company to demonstrate a positive EBITDA growth trajectory;
with its Moody's adjusted Debt/EBITDA falling below 6.0x on a
sustainable basis; and its FCF/Debt staying positive and growing.

Conversely, downward ratings pressure could be considered if the
company does not make progress in the refinancing of its upcoming
maturities over the next 12 to 18 months, increasing the risk of a
debt restructuring that might result in losses for creditors.
Credit metrics that could lead to downward pressure on the rating
include a Moody's adjusted Debt/EBITDA ratio sustainably rising
above 7.0x and its FCF remaining negative, on a sustained basis.

LIST OF AFFECTED RATINGS

Affirmations:

Issuer: Bormioli Pharma S.p.A.

Probability of Default Rating, Affirmed B3-PD

LT Corporate Family Rating, Affirmed B3

BACKED Senior Secured Regular Bond/Debenture,
Affirmed B3

Outlook Actions:

Issuer: Bormioli Pharma S.p.A.

Outlook, Changed To Negative From Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Packaging
Manufacturers: Metal, Glass and Plastic Containers published in
December 2021.

COMPANY PROFILE

Headquartered in Italy, Bormioli Pharma is a European producer of
plastic and glass pharmaceutical packaging serving approximately
900 customers in 120 countries. Bormioli Pharma has eight
manufacturing facilities, five in Italy, two in Germany and one in
France and had around 1,450 employees. For the last twelve months
to June 30, 2022, Bormioli Pharma generated EUR297 million of
revenue and EUR64 million of company adjusted EBITDA (or EUR60
million as adjusted by Moody's).

The company, which was the former pharma business unit of Bormioli
Rocco S.p.A., is owned by private equity firm Triton since November
2017.


ESSELUNGA SPA: S&P Affirms 'BB+' LT ICR & Alters Outlook to Neg.
----------------------------------------------------------------
S&P Global Ratings revised its outlook on Esselunga SpA to negative
from stable, and affirmed its 'BB+' long-term issuer credit rating
on the company.

The negative outlook reflects S&P's view that the challenging
operating environment, characterized by weaker consumer demand and
surging costs, will constrain Esselunga's profitability and cash
flow over the next 12 months, potentially leading to a structural
deterioration of credit metrics.

Cost inflation hit Esselunga's profitability more than S&P
expected. In first-half 2022, the group reported gross sales of
EUR4.3 billion, in line with that of the previous year; but EBITDA
of only EUR215 million, about 50% lower than in 2021 (or 44%,
accounting for the one-off effect from the closing of the Fidaty
loyalty program in 2021). The drop was caused by surging input
costs, including for food and energy, which translated into a 5.0%
increase of the cost base. Esselunga passed on only a 1.7% average
price increase to customers, despite a 7.4% average inflation in
cost of goods sold, taking a toll on profitability. Consequently,
the EBITDA margin fell to 5.0% in first-half 2022 from 9.9% in
first-half 2021. This followed an already-weak second-half 2021,
when EBITDA margin had dropped to 6.2%, on aggressive pricing and
promotions to sustain the top line because food demand was
normalizing after the COVID-19 boom.

While the group's price aggressiveness aims to strengthen long-term
business positioning, it hampered 2022 credit metrics. From
November 2021-April 2022, Esselunga went through commercial
campaign consisting in cutting the prices on over 1,500 frequently
acquired products 6%-8%. S&P said, "We understand the group's
strategy was keeping its prices lower than competitors' to support
purchasing power and brand loyalty. While it should presumably
strengthen the group's business position by boosting volumes and
brand awareness, it hampers credit metrics. Although we were
projecting a temporary decline in profitability in 2022, for
first-half 2022, the actual margin was about 200 basis points lower
our base-case scenario. This translated into a spike in adjusted
leverage, that we estimate reached 4.5x in 12 months ended June 30,
2022, a level that is not commensurate with the 'BB+' ratings.
Weaker profitability also affected free operating cash flow (FOCF),
which was negative in first-half 2022."

S&P said, "We expect price increases and low capital expenditure
(capex) in second-half 2022 will translate into a full-year EBITDA
margin of 6.0%-6.5% and positive FOCF. Following the conclusion of
the price campaign (on April 30, 2022), we understand the company
is implementing progressive price increases that should restore the
margin gradually over the second half of the year. We now expect
the EBITDA margin will reach 6.0%-6.5% for the year, then
recovering to 6.8%-7.3% in 2023. The lower-than-historical margin
in 2023 is driven by our expectation that Esselunga's utility costs
will remain about double its 2021 level and the lag between the
cost increases and price increases, which will translate in a
gradual recovery in margin. The group is significantly cutting its
capex from its budget to preserve positive cash flow. In first-half
2022, capex was only EUR150 million and we now forecast it will
reach about EUR380 million for the year compared with our initial
expectation of EUR450 million. We expect that lower capex and taxes
will help the company achieve positive FOCF for the year, despite
the lower overall profitability."

Economic uncertainty will weight on Esselunga's ability to revive
profitability in the coming months. Economic uncertainty and
inflation pose risks to European food retailers' profitability in
fiscal years 2022-2023, given surging cost inflation and customers'
weakening purchasing power. After COVID-19 restrictions drove a
period of exceptional food demand that softened price competition
among European food retailers, the market has progressively
normalized since second-half 2021. This means competition is back
at a time when surging inflation on many input costs is expanding
retailers' cost base, while economic uncertainty weigh on
consumers' spending habits. S&P Said, "We believe Esselunga can
rely on solid business relationships, private labels, and its
vertically integrated business model to keep the cost increases
under control. However, we are unsure about its ability to fully
pass cost increases to customers without affecting the top line in
the coming months. As the economic outlook keeps weighing on
consumers' purchasing power, we believe Esselunga might not
capitalize on its recent investments in prices and revive its
profitability. As the group increases its average prices, customers
could further trade down. If EBITDA margin does not recover to
above 7% in the next 12 months, we could lower the ratings."

The buyback of La Villata's preferred shares does not significantly
affect our metrics. On June 7, 2022, Esselunga announced it had
agreed with UniCredit to buy back 32.5% of La Villata's share
capital, for EUR435 million. These preferred shares were sold to
UniCredit for the same amount in April 2020 to finance a portion of
the group's minority interests buyout. The group funded the EUR435
million with EUR255 million cash on the balance sheet and a EUR180
million senior unsecured bank loan issued by La Villata. S&P said,
"The transaction did not affect our adjusted leverage metrics,
because we regarded the preferred shares as akin to debt in our
calculations, given their contractually fixed dividends. On the
other hand, it marginally improves the adjusted cash flow and
coverage metrics, because we considered the special dividends as
similar to interest expenses. In our new base-case scenario, the
discretionary cash flow (DCF) is unchanged because the absence of
dividends to UniCredit is compensated by the company starting to
distribute dividends of about EUR15 million per year to its
principal shareholders. This is something that we did not
previously expect, and underlines the flexibility of the group's
financial policy, which has been 100% owned by Giuliana Albera
Caprotti and Marina Sylvia Caprotti since 2020."

The negative outlook reflects S&P's view that the challenging
operating environment, characterized by weaker consumer demand and
surging costs, would constrain Esselunga's profitability and cash
flow over the next 12 months, leading to a meaningful deterioration
of credit metrics.

S&P could lower the ratings if Esselunga's operating performance
continues to underperform our base-case over the next 12 months. In
particular, S&P could lower the ratings if:

-- The group's adjusted EBITDA margin does not rebound
    from first-half 2022 levels.

-- It failed to reduce debt to EBITDA below 4x.

-- FFO to debt were to decline below 20%.

-- Adjusted DCF were to stay below EUR100 million per year.

-- S&P saw pressure on the group's covenant.

S&P could revise the outlook to stable if operating performance
improves in the next 12 months, such that S&P Global
Ratings-adjusted margin rebounds sustainably above 7%, the group
preserves its market share, and its credit metrics return to
historical levels. This implies debt to EBITDA well below 4x, FFO
to debt above 20%, and adjusted DCF above EUR100 million per year.

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


FIBER BIDCO: Moody's Assigns B2 CFR & Rates New EUR875MM Notes B2
-----------------------------------------------------------------
Moody's Investors Service has assigned a B2 corporate family rating
and a B2-PD probability of default rating to Fiber Bidco S.p.A.
("Fedrigoni" or "the company"), the new top entity of Fedrigoni's
restricted group. Concurrently, Moody's has assigned B2 instrument
ratings to the proposed EUR875 million senior secured notes
borrowed by Fiber Bidco S.p.A. Moody's will also withdraw the
outstanding B2 CFR, B2-PD and B2 instruments ratings from Fedrigoni
S.p.A. at closing of the transaction. The outlook is stable.

The proceeds from the proposed senior secured notes along with PIK
notes and an equity injection from the new sponsors (Bain Capital
and BC Partners) and the management, will be used to finance the
acquisition of Fedrigoni S.p.A. The founding family and management
retain a 8.8% proportion of the ownership.  

RATINGS RATIONALE

Fedrigoni's B2 CFR is primarily supported by the company's
market-leading positions in a number of structurally growing
premium niches (such as luxury packaging and self-adhesive labels,
for example, for the premium wine industry), with well-established
brands, which allow it to operate with a level of profitability (a
Moody's-adjusted EBITDA margin of 12.8% for the twelve months that
ended in June 2022) that compares well with that of most other
paper producers. The exposure to the packaging industry and a good
customer diversification in different industries reduces the
cyclicality of the company's operating performance relative to
other peers. However, Moody's recognizes macroeconomic challenges
ahead in Fedrigoni's key markets, combined with ongoing energy cost
inflation challenges but recognize management's offsetting measures
implemented. As a consequence, the assigned rating is based on the
expectation of continued positive free cash flow (FCF) generation
going forward, given its relatively limited maintenance capital
spending needs and the realization of efficiency improvement
measures.

The B2 rating is constrained by a leverage of 5.8x Moody's-adjusted
debt/EBITDA for the twelve months that ended in June 2022 pro forma
for the new capital structure, (i.e. 7.0x including the shareholder
loan). Moody's expects the group's leverage to reduce towards 5.5x
over the course of 2022 (6.7x when including the shareholder loan
into the calculation), which is in the mid of the expectation for
the B2 rating category. Furthermore, the rating agency notes that
the interest coverage ratio is expected to be initially at the
lower end of the requirements but expected to be restored over the
next two years.

Fedrigoni's B2 rating is further constrained by the company's
moderate scale, with revenue of around EUR1.9 billion for the
twelve months that ended in June 2022; exposure to volatile pulp
prices because it is not vertically integrated into pulp; some,
although decreasing, exposure to the structurally declining and
margin-dilutive coated wood-free and uncoated wood-free paper
segment (9% of total revenue in LTM June 2022).

Fedrigoni's ratings also factor in its private-equity ownership,
with high tolerance for leverage and an aggressive financial policy
as evidenced by the significant amount of debt sitting outside the
restricted group in the form of PIK notes. The PIK notes are
structurally junior and do not entail cross-default or
cross-guarantees. The proceeds are down streamed into the
restricted group as shareholder loan and therefore not included in
Moody's debt calculations.

Moody's considers the PIK notes as a sign of an aggressive
financial policy. There is a risk that the company's cash flow or
the debt capacity of the restricted group will be used to pay
interest on the PIK notes or repay or refinance the PIK. This risk
may rise gradually towards PIK maturity and may increasingly weigh
on the rating, depending on the performance and credit metrics
pattern of the company.

OUTLOOK

The stable rating outlook reflects the expectation that the
positive trend in operating performance will continue during the
rest of 2022, albeit normalizing during 2023. While Moody's expects
that Fedrigoni's leverage will approach 5.5x Moody's-adjusted
debt/EBITDA (6.7x when including the shareholder loan into the
calculation) by year-end 2022 and Moody's adjusted free cash flow
will be positive in 2023, the rating agency remains cautious that
increased geopolitical and macroeconomic risks along with
persisting inflationary pressure could lead to a protracted
deterioration of global economic activity towards full year 2023,
which would inadvertently affect Fedrigoni's operating performance.
The rating has currently limited headroom for performance deviation
or dividend payouts.

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

Moody's could downgrade Fedrigoni's rating if its (1) Moody's
adjusted debt/EBITDA increases above 6.0x without taking into
account the shareholder loan or above 7.5x including the
shareholder loan on a sustained basis, (2) Moody's adjusted EBITDA
margin deteriorates sustainably below 10%; (3) interest cover is
trending below 2.0x EBITDA/interest expense; (4) free cash flow
generation turns negative; or (5) liquidity deteriorates. Likewise,
negative pressure could increase if the company's cash flow would
be applied to fund interest payments to the PIK investors or in
case of refinancing risk related to the PIK rises.

Moody's could upgrade Fedrigoni's CFR if (1) the company
demonstrates the existence of financial policies aimed to reduce
its debt/EBITDA ratio (as adjusted) sustainably below 5.0x (and
below 6.0x including shareholder loan), (2) interest cover is
trending above 3.0x EBITDA/interest expense; (3) its Moody's
adjusted EBITDA margin remains sustainably in low teens in % terms;
(4) it builds a track record of material positive free cash flow
generation; and if (5) it strengthens its liquidity by building
sufficient cash balances.

STRUCTURAL CONSIDERATIONS

The B2 rating on the proposed EUR875 million senior secured notes
borrowed by Fiber Bidco S.p.A is in line with the CFR. This is
predominantly because the notes are ranking pari passu to the
EUR150 million term loan A and the EUR150 million revolving credit
facility.

In the Loss Given Default assessment, the bonds rank in line with
trade payables (EUR571 million as of June 2022), pension and lease
liabilities. Although both the bonds and the senior credit
facilities are secured, the strength of the security is relatively
weak because it essentially consists only of share pledges,
material bank accounts and certain intragroup receivables. However,
upstream guarantees are provided from all material group entities
and guarantor coverage represents 80% of consolidated EBITDA of the
group.

LIQUIDITY

Fedrigoni's liquidity profile is considered to be adequate. Moody's
expects a cash position of around EUR60 million post-closing of the
acquisition, further underpinned by the new sizeable EUR150 million
revolving credit facility maturing in 2027, which will be
completely undrawn at closing, and the expectation of positive FCF
generation in the next four to six quarters. The credit facility
contains a springing covenant tested only when the revolver is more
than 40% drawn. These sources are considered sufficient to cover
any seasonality in cash flow. The current liquidity profile
benefits from drawings of the company's factoring programme of
around EUR270 million. The assigned B2 rating assumes continued
access to this factoring programme. There are no material debt
maturities until 2027, when the proposed EUR875 million senior
secured notes mature.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Paper and
Forest Products published in December 2021.

COMPANY PROFILE

Headquartered in Verona, Italy, Fiber Bidco S.p.A. (Fedrigoni) is a
producer of specialty paper and self-adhesive labels. With around
4,500 employees and 52 production plants and slitting centers, in
Italy, Spain, Brazil, the UK and the US, the group sells its
products in more than 130 countries around the world. Fedrigoni was
founded in 1888, and it operates through its two business segments:
Specialty Paper - Luxury Packaging and Creative Solutions and Self
Adhesive/Labels business. Fedrigoni reported revenue of EUR1.9
billion for the twelve months that ended in June 2022.

In July 2022, Bain Capital Private Equity and BC Partners entered
into joint ownership agreement for Fedrigoni.




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

BRIGHT BIDCO: Moody's Assigns Ba1 Rating to Secured DIP Term Loan
-----------------------------------------------------------------
Moody's Investors Service has assigned a Ba1 rating to the senior
secured super-priority debtor-in-possession (DIP) term loan
facility of Bright Bidco B.V. (DIP) (Lumileds, or the company). On
August 31, 2022, the US Bankruptcy Court for the Southern District
of New York approved on an interim base up to $175 million of
aggregate DIP loans [1].

The senior secured DIP term loan facility will help the company
manage its operations and liquidity needs during the chapter 11
process, which was filed on August 29, 2022. The senior secured DIP
term loan facility has a maturity of maximum six months after the
approval of the interim order.

Bright Bidco B.V. and certain of its affiliates had filed a
voluntary petition under Chapter 11 on August 29, 2022. Moody's
subsequently withdrew all ratings of the company.

The following rating was assigned:

Issuer: Bright Bidco B.V. (DIP)

Assignments:

Senior Secured Bank Credit Facility, Assigned Ba1

Outlook Actions:

No Outlook

RATINGS RATIONALE

The Ba1 rating primarily reflects the high collateral coverage
available to the rated DIP facility and the small proportion of the
DIP financing relatively to Lumileds' pre-petition debt amount. The
rating also reflects the structural features of the senior secured
DIP term loan facility, the cause of the bankruptcy filing, and the
nature and scope of the reorganization.

The DIP term loan facility has a super-priority administrative
claim and is secured by a priming first lien on the collaterals for
the pre-petition credit facility and guaranteed by all guarantors
under the pre-petition credit facility. Moody's estimates total
collateral coverage of the senior secured DIP term loan facility is
at least 2.1x, consistent with a Baa factor rating under Moody's
Debtor-in-Possession Lending methodology. In addition, the ratio of
the senior secured DIP term loan ($175 million) relative to
pre-petition funded debt ($1.7 billion) is relatively low at
approximately 11%. This is in line with the Baa range under Moody's
methodology.

The Ba1 rating also reflects favorable structural features,
including the super-priority administrative status and super senior
claim to a large portion of property, upstream guarantees from
principal operating subsidiaries, and the nature of the DIP, which
is pure new money. The structure approved by the bankruptcy court
on an interim base and collateral package ensures that the senior
secured DIP term loan is fully repaid prior to Lumileds exiting
bankruptcy.

In assessing the cause of the bankruptcy filing and the nature and
scope of the reorganization, Moody's believes that the bankruptcy
was largely due to Lumileds significant financial debt, which stems
from the leveraged buyout and subsequent shareholder distributions
by private equity firm Apollo.

The rating also takes into consideration the company's business
model to be challenged in short-term due to ongoing semiconductor
shortage and amidst a weakening economy but also in long-term as
high competition requires continuous investment in the business.
The company operations were heavily affected by the pandemic and
the high interest burden which ultimately led to a weaking in
liquidity.

Moody's views the debt restructuring as relatively uncomplicated,
with one main layer of debt (in addition to the DIP).

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was
Debtor-in-Possession Lending published in June 2018.

COMPANY PROFILE

Bright Bidco B.V. (DIP) is an indirect parent company of Lumileds
Holding B.V. (DIP), a manufacturer of LED components and automotive
lighting activities that Royal Philips N.V. wholly owned until June
2017, when it sold an 80.1% stake to funds owned by Apollo Global
Management. Lumileds generated a revenue of $1.3 billion as of end
2021.

This rating is assigned on a point-in-time basis and will be
withdrawn as soon as practicable, before which it is subject to
monitoring.




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

OBYEDINENNY BANK: Bank of Russia Cancels Banking License
--------------------------------------------------------
The Bank of Russia, by its Order No. OD-2119, dated October 14,
2022, cancelled the banking licence of the Cheboksary-based
commercial bank Obyedinenny Bank Respubliki (limited liability
company), CB OBR (LLC) (Registration No. 1016).  The credit
institution ranked 344th by assets in the Russian banking system.

The licence of CB OBR (LLC) was cancelled following the request
submitted by the credit institution to the Bank of Russia after the
decision of the general shareholders' meeting on its voluntary
liquidation (in accordance with Article 61 of the Civil Code of the
Russian Federation).

Based on the reporting data provided to the Bank of Russia, the
credit institution has sufficient assets to satisfy creditors'
claims.

A liquidation commission will be appointed to CB OBR (LLC).

CB OBR (LLC) is a member of the deposit insurance system.


TURKISTON BANK: S&P Lowers ICR to 'D/D' Then Withdraws Rating
-------------------------------------------------------------
S&P Global Ratings lowered its long- and short-term foreign and
local currency issuer credit ratings on Uzbekistan-based Turkiston
Bank (Turkiston) to 'D/D' (default) from 'CCC+/Stable/C'.

The ratings were subsequently withdrawn.

S&P lowered the ratings to 'D/D' and withdrew them owing to the
Central Bank of Uzbekistan (CBU)'s revoking of Turkiston's banking
license on Oct. 7, 2022. In its view, the regulator's latest action
means that Turkiston is currently unable to fulfil its obligations
to its counterparties according to the terms of the respective
agreements.

The CBU decision was based on a number of factors including a lack
of sufficient provisions, leading to a dramatic decrease in
regulatory capital. Following the license withdrawal, the CBU will
start the process of settling the bank's obligations to creditors
in accordance with bankruptcy law. Therefore, S&P believes that the
bank's outstanding obligations could not be settled in a timely
basis.

S&P said, "We have insufficient reliable information to analyze the
bank's creditworthiness.

"We expect insufficient recoveries for creditors. We expect
repayment to creditors to be lengthy and recoveries to be low based
on similar cases in other Commonwealth of Independent States
countries. According to Uzbekistani legislation, the Fund of
Guarantee Citizens' Deposits in Banks guarantees retail deposits
and they will be returned in full.

"We withdrew the ratings because we understand the bank is
undergoing liquidation and is no longer a licensed entity."

ESG credit indicators: To: N.A., N.A., N.A. From: E-2, S-2, G-5




=====================
S W I T Z E R L A N D
=====================

VIKING CRUISES: S&P Affirms 'CCC+' ICR & Alters Outlook to Pos.
---------------------------------------------------------------
S&P Global Ratings revised its outlook on river and ocean cruise
operator Viking Cruises Ltd. to positive from negative and affirmed
all ratings, including its 'CCC+' issuer credit rating.

S&P said, "The positive outlook reflects the possibility of an
upgrade over the next year if Viking's revenue, EBITDA, and cash
flow improve in line with our forecast despite increasing
macroeconomic headwinds. Although Viking's leverage will remain
unsustainable through 2022, we expect its occupancy and EBITDA to
continue improving sequentially because all of its ocean vessels
and the majority of its river vessels returned to operations
earlier this year. Viking also benefits from new ships in the
fleet. Despite operating at significantly lower occupancy compared
with pre-pandemic levels, Viking generated positive EBITDA in
second-quarter 2022, recovering to about 46% of 2019 EBITDA, faster
than other rated cruise peers. Viking's second and third quarters
in 2019 were its most profitable periods, generating about 96% of
the year's EBITDA. We believe Viking will be closer to normal
operations in 2023 as COVID-19 travel protocols loosen further,
such as by no longer requiring a negative COVID-19 test result to
enter the U.S. as well as the relaxation daily testing protocols.
With a full year of operations across Viking's entire fleet,
increased capacity in its fleet, and our expectation that occupancy
will recover to historic levels, we forecast Viking's leverage to
improve below our 8.5x upgrade threshold in 2023 from current
unsustainable levels. Our measure of leverage includes the
preferred shares issued at parent Viking Holdings Ltd. (VHL) as
debt because it has some provisions we consider debt-like, and we
believe the company may redeem the shares in time, potentially
using debt. Although we include the parent's preferred stock as
debt, we believe the instrument includes provisions that provide a
significant amount of financial flexibility and are favorable to
its creditors."

Viking's forward bookings support forecasted credit measure
improvement through 2023. Viking's 2022 booked position for both
its river and ocean cruise segments are below 2019 levels, although
they have improved the last couple of months. Viking sold 81% of
its 2022 river operating capacity as of Sept. 4, 2022, compared
with 69% as of March 27, 2022, while it sold 76% of its ocean
capacity as compared with 75% as of March 27, 2022. As such, S&P
expects cash flow and leverage measures to continue improving
through the second half of the year, despite load factors remaining
below historical levels.

S&P said, "As of September 2022, booking and price trends for 2023
are higher than for the same period in 2018 for 2019. That, plus a
material capacity increase in ocean ships and our assumption that
occupancy is closer to 2019 levels, leads us to believe Viking's
2023 leverage could plausibly return to below 7x with a full year
of operations. It will also benefit from new ship deliveries,
including its new expedition and Mississippi River ships, three new
river ships, and three new ocean ships set to join before the end
of 2023. As of Sept. 4, 2022, Viking's 2023 booked cruise revenue
is 42% above 2019 levels due to higher capacity, flat to
high-single-digit percent increases in pricing, and the amount of
inventory sold. We believe this level of revenue improvement could
support 2023 EBITDA that exceeds 2019 levels despite higher fuel
costs."

Viking's typically long booking window gives S&P some confidence in
the trajectory of its revenue recovery despite the risk of a
recession in 2023. Viking has sold 64% of its ocean capacity and
54% of its river capacity for 2023. However, demand for future
cruise bookings could decline due to high levels of inflation that
reduce discretionary spending on travel; stock market volatility
that hurts the wealth of its target customer demographic of North
Americans 55 years and older; or geopolitical issues that affect
consumer willingness to travel to eastern Europe,especially on
river cruises that rely on customers flying to overseas
destinations. These could cause customers to cancel current 2023
bookings.

S&P said, "We believe liquidity will remain adequate over the next
12 months. Despite high leverage and forecasted negative free
operating cash flow (FOCF) in 2022, we believe Viking has
sufficient liquidity to weather the expected ramp-up of operations
this year. We expect Viking to maintain adequate liquidity despite
using available to cash on hand to pay for the delivery of the
Viking Polaris in the third quarter of 2022. Viking has indicated
its intent to refinance that delivery through debt over the near
term. If successful, this could replenish cash on the balance
sheet. Pro forma for the use of approximately $240 million of
available cash for Polaris, Viking's liquidity includes about $1.2
billion of cash as of June 30, 2022. (Viking does not have a
revolving credit facility). Viking also has access to cash at its
parent holding company if needed. Additionally, Viking's liquidity
will benefit from cash inflows from unearned passenger revenues,
representing deposits and final payments on bookings for 2022 and
2023 in addition to bookings for 2024 that are already being
marketing. Viking benefits from a relatively long booking curve, as
customers book on average, prior to the Covid-19 outbreak nine
months before travel."

Viking is vulnerable to credit measure volatility as the industry
is capital intensive and operators must accept ordered ships
regardless of the operating environment. Operators generally must
commit to deliveries several years in advance, particularly for
ocean ships, and generally obtain financing commitments for ships
before delivery and while contracting the ship delivery. This
provides liquidity support should cash flow decline. However,
incremental debt to finance ship deliveries can significantly
deteriorate credit measures when operations are weak because debt
balances increase while EBITDA declines. S&P believes Viking's
planned ship orders will slow the recovery in its credit measures
because it believes capital expenditures (capex) for new ships will
exceed 2022 EBITDA.

Furthermore, when demand is low, incremental capacity from new
ships can exacerbate pricing pressure as operators try to match
supply and demand. Between 2020 and 2021, Viking took delivery of
10 ships (eight river ships, one ocean ship, and one expedition
ship). By the end of 2023, Viking will take delivery of three ocean
ships (Viking Neptune and Viking Mars in 2022 and Viking Saturn in
2023), two river ships (Viking Osiris in 2022 and Viking Aton in
2023), one expedition ship (Viking Polaris), and two charters (one
for its Mississippi river cruises in 2022 and one for its Vietnam
river cruises in 2022). Given the significant disruption the
COVID-19 pandemic caused, cruise companies had to undertake
liquidity actions to survive a long period of cash burn, largely by
issuing incremental debt. This may cause operators to exercise
caution in future ship options and orders as they try to repair
highly leveraged balance sheets.

S&P said, "The positive outlook reflects the possibility that we
may raise the rating over the next 12 months if Viking's 2023
booked position translates into revenue, EBITDA, and cash flow
recovery, such that we expect leverage sustained under 8.5x. With a
majority of its ships sailing and an occupancy trending toward
historic levels, Viking's margins and credit measures should
improve despite broader macroeconomic conditions.

"We could raise our rating if its credit measures continue to
improve in line with our base-case forecast such that we believe
Viking can generate positive FOCF and reduce leverage below 8.5x.

"We could revise our outlook to stable if Viking cannot raise
occupancy above 80% and leverage remains unsustainable.

"We could lower our ratings if we expect Viking's liquidity
position to worsen or that it will default or restructure its debt
in the next 12 months. This would most likely result from operating
performance deteriorating significantly, as a weak macroeconomic
environment affects customers and leads to increased cancelations
and weaker bookings. A reluctance to travel due to expanding
Russia-Ukraine tensions or other safety concerns could also lower
occupancy levels.'

ESG credit indicators: E-3, S-5, G-2

Social factors are a very negative consideration in S&P's credit
rating analysis of Viking. No-sail orders and travel restrictions
during the pandemic led to a long period of cash burn and very weak
credit measures. New health and safety measures (including testing
requirements initially and ongoing vaccination requirements),
initial capacity limits, virus variants, and travel restrictions as
Viking resumed cruising have affected its recovery path. Although
the relaxation of travel protocols should support recovery in
occupancy and cash flow over the next year, Viking's leverage was
severely hindered by incremental debt incurred during the pandemic
and currently remains unsustainable. Other safety-related
incidents, such as ship accidents, could damage Viking's reputation
if not properly managed. That said, Viking's bookings have not been
impaired by such events.

Environmental factors are a moderately negative consideration. This
is because of Viking's heavy use of fuels (which create GHG
emissions), increasing environmental regulations, and potential
environmental damage that could result from a ship accident.

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

-- Health and safety




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

MERSIN INT'L: S&P Lowers ICR to 'B', Outlook Stable
---------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit on port
operator Mersin International Port (MIP) and its issue rating on
the company's debt to 'B' from 'B+'.

The stable outlook mirrors that on the sovereign.

The rating action reflects S&P's revised T&C assessment on Turkiye,
which caps its rating on MIP. This is because all MIP's operations
are based in Turkiye. Although the company holds about 90%-95% of
its available cash in hard currency overseas, our T&C assessment
reflects our view that the government would likely restrict access
to foreign-currency liquidity for Turkish companies in a
hypothetical default scenario, creating obstacles to paying
foreign-currency debt.

On Sept. 30, 2022, S&P Global Ratings lowered its unsolicited
long-term local currency sovereign credit rating and revised
downward the T&C assessment on Turkey to 'B' from 'B+'. The T&C
assessment is at the same level as the rating on Turkiye's foreign-
and local-currency debt, reflecting its view that the risk the
sovereign could prevent private sector debtors from servicing
foreign currency-denominated debt is about the same as the risk of
a sovereign default.

The stable outlook on MIP reflects that on Turkiye. MIP displays
stronger stand-alone credit quality than the sovereign, but S&P's
ratings on MIP are capped by its 'B' T&C assessment on Turkiye,
because all MIP's operations are based in the country.

The 'bbb-' stand-alone credit profile (SACP) reflects MIP's solid
market position and our expectation that financial flexibility will
help the company maintain S&P Global Ratings-adjusted debt to
EBITDA of 2.5x-3.0x and adjusted funds from operations (FFO) to
debt of close to 30% on a three-year weighted-average basis.

S&P could lower its rating on MIP if:

-- S&P revised downward our T&C assessment on Turkiye.

-- The company's SACP deteriorated below 'b'. This could result
from any combination of weaker liquidity, financial metrics, or a
deterioration of business strengths.

-- Although it would not affect the rating, S&P could revise the
SACP downward by one notch to 'bb+' if FFO to debt deteriorated
below 30% and debt to EBITDA rose above 3x, all else being equal.

S&P could take a positive rating action on MIP if it takes a
similar action on Turkiye.

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


SEKERBANK TAS: Moody's Hikes LongTerm Deposit Ratings to Caa1
-------------------------------------------------------------
Moody's Investors Service has upgraded Sekerbank T.A.S.' long-term
deposit ratings to Caa1 from Caa2 and its long-term Counterparty
Risk Ratings to B3 from Caa1.

The rating upgrades were driven by the one-notch upgrade in the
bank's Baseline Credit Assessment (BCA) to caa1 from caa2,
reflecting the material improvement in the bank's solvency profile,
particularly profitability and asset quality over the past three
years.

The outlook on Sekerbank's long-term deposit ratings is stable.
This concludes the review for upgrade that was initiated on August
16, 2022.

RATINGS RATIONALE

BCA UPGRADE REFLECTS MATERIAL IMPROVEMENTS IN THE BANK'S SOLVENCY
PROFILE

The main driver for the upgrade of Sekerbank's BCA to caa1 is the
material improvement in the bank's profitability and asset quality
over the last three years despite pressures stemming from Turkiye's
challenging operating environment.

Following a major loss in 2019 due to a spike in loan loss charges,
Sekerbank's profitability has recovered to 2.5% of tangible assets
during the first half of 2022 (2021: 0.80%). The bank's
profitability is underpinned by its established and growing
domestic franchise in Turkiye, reflected in the considerable extent
of granular retail deposits, which represent 71% of total deposits,
and support a strong net interest margin of 7.5% in the first half
of 2022.

The bank has undertaken restructuring and consolidation efforts,
which combined with its digital transformation exercise have
supported efficiency gains lowering the bank's operating expenses
relative to revenues via the closure of 35 branches during the
restructuring process in 2019. Furthermore, 67% of local currency
loans are either loans converted to revolving loans or are
short-term loans, reducing interest rate sensitivity with a
marginally negative duration gap in the context of Turkiye's deeply
negative real interest rate environment.

Sekerbank's profitability has also been boosted in recent periods
by inflation-indexed investments in Turkish government securities
and wider margins between lending and deposit rates in Turkiye in
2022.

Moody's says that it expects the improvement in Sekerbank's
profitability to be sustained for the rest of 2022. Nevertheless,
the rating agency expects some pressure on profitability beyond
2022 given Turkiye's difficult operating environment as inflation
continues to exert cost pressures, provisioning needs remain
elevated and globally high interest rates elevate funding costs
given the high dollarisation of liabilities.

The upgrade of Sekerbank's BCA also reflects asset quality
improvements in the last three years, with a decline in problem
loans to gross loans to 5.4% as of June 2022 (December 2019:
13.4%). The improvement was underpinned by efforts to enhance risk
monitoring and management practices and the bank has seen a decline
in nominal problem loans. Asset quality improvement has also been
supported by collections supported by inflated asset prices in
Turkiye's inflationary environment and write-offs.

Sekerbank's average annual loan growth rate of 17% in last three
years is considerably lower than the Turkish banking sector average
of 33% and limits unseasoned risk. Nevertheless, the bank's
exposure to Turkiye's tourism sector and the construction and real
estate sectors remains considerable at 17% and 27%, respectively.
In addition, Moody's notes a degree of concentration to Turkiye's
small-and-medium sized enterprises at 54% of loans, which are
exposed to a higher extent than large corporates to Turkiye's
heightening domestic inflationary pressures.

Sekerbank's loan loss reserves against problem loans are adequate
at 106% gross loans as at as of June 2022.  Moody's expects
Sekerbank to see some asset quality deterioration in the next 12 to
18 months, in line with Moody's expectation for the Turkish banking
sector.

Sekerbank's capitalisation is considered modest, with tangible
common equity to risk-weighted assets at 8.7% as at June 2022, in
particular in the context of relatively high asset risks. Moody's
notes the considerable degree of exposure to foreign currency
denominated risk-weighted assets with 49% of total assets
denominated in foreign currency as of June 2022, exposing the
bank's capital levels to volatility in the value of the lira.

THE UPGRADE OF LONG-TERM DEPOSIT RATINGS REFLECTS THE UPGRADE OF
THE BCA AND UNCHANGED GOVERNMENT SUPPORT

The one-notch upgrade of the long-term deposit ratings to Caa1 from
Caa2 reflects the one-notch upgrade in the bank's BCA as well as
unchanged government support assumption of low probably of
government support, which results in no uplift to the bank's
long-term deposit ratings.

OUTLOOK

Sekerbank's long-term deposit ratings have a stable outlook, in
line with the stable outlook on Turkiye's sovereign rating. The
outlook balances the resilience of the bank's performance and
solvency profile against persistently challenging domestic
operating environment.

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

Sekerbank's ratings could be upgraded in the event of an upgrade of
Turkiye's sovereign rating or following a material improvement in
the bank's capital adequacy ratios and further improvements in
asset quality and profitability.

A downgrade could be driven by a downgrade of the sovereign rating
or a further deterioration in Turkiye's operating environment. The
bank's ratings could also be downgraded due to a
higher-than-expected deterioration of asset quality and
profitability, a material decline in capital ratios and a higher
reliance on market funds.

LIST OF AFFECTED RATINGS

Issuer: Sekerbank T.A.S.

Upgrades:

Adjusted Baseline Credit Assessment, Upgraded to caa1 from caa2

Baseline Credit Assessment, Upgraded to caa1 from caa2

Long-term Counterparty Risk Assessment, Upgraded to B3(cr) from
Caa1(cr)

Long-term Counterparty Risk Ratings, Upgraded to B3 from Caa1

NSR Long-term Counterparty Risk Rating, Upgraded to A3.tr from
Baa3.tr

NSR Short-term Counterparty Risk Rating, Upgraded to TR-2 from
TR-3

Long-term Bank Deposit Ratings, Upgraded to Caa1 from Caa2,
Outlook Changed To Stable From Ratings Under Review

NSR Long-term Bank Deposit Rating, Upgraded to Baa3.tr from B1.tr

NSR Short-term Bank Deposit Rating, Upgraded to TR-3 from TR-4

Affirmations:

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

Short-term Counterparty Risk Ratings, Affirmed NP

Short-term Bank Deposit Ratings, Affirmed NP

Outlook Action:

Outlook, Changed To Stable From Ratings Under Review

PRINCIPAL METHODOLOGY

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




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

[*] UKRAINE: Needs Up to US$4BB a Month in External Aid, IMF Says
-----------------------------------------------------------------
Tobias Burns at The Hill reports that the head of the International
Monetary Fund (IMF) said Ukraine needs between US$3 billion and
US$4 billion a month in external aid to make sure its government
doesn't collapse as it fights an increasingly brutal war against
Russia.

"Our preliminary estimate is that somewhere between three and four
billion dollars are necessary on a monthly basis," The Hill quotes
IMF Managing Director Kristalina Georgieva said at an annual
meeting of the IMF and World Bank in Washington, D.C., on Oct. 12.

Ms. Georgieva said the external aid would go toward the most basic
economic needs of Ukraine, including social services,
infrastructure and energy costs, The Hill relates.

Ukrainian President Volodymyr Zelensky made an appeal to the
international development banks by video teleconference on Oct. 12,
asking for US$55 billion to cover Ukraine's 2023 budget deficit as
well as to help the country rebuild from the war, The Hill
discloses.

Ukraine, The Hill says, has been the recipient of a steady flow of
foreign cash and weapons, and the country applied to join the NATO
military alliance in September.

The IMF and World Bank have already provided Ukraine with US$35
billion in economic funding, Ms. Georgieva said on Oct. 12, The
Hill notes.  That's on top of the tens of billions of dollars in
economic assistance provided directly to Ukraine by the United
States, according to The Hill.

U.S. military aid provided to Ukraine since Russia's February
invasion of the country also numbers in the tens of billions, The
Hill states.




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

CANADA SQUARE 7: Moody's Assigns B2 Rating to GBP1.7MM Cl. E Notes
------------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to Debt
issued by Canada Square Funding 7 PLC:

GBP199.6M Class A Loan Note due December 2051, Definitive Rating
Assigned Aaa (sf)

GBP14.7M Class B Mortgage Backed Floating Rate Notes due December
2051, Definitive Rating Assigned Aa2 (sf)

GBP6.8M Class C Mortgage Backed Floating Rate Notes due December
2051, Definitive Rating Assigned A1 (sf)

GBP2.8M Class D Mortgage Backed Floating Rate Notes due December
2051, Definitive Rating Assigned Baa2 (sf)

GBP1.7M Class E Mortgage Backed Floating Rate Notes due December
2051, Definitive Rating Assigned B2 (sf)

Moody's has not assigned any ratings to the GBP11.9M VRR Loan Note
due December 2051, the Class S1 Certificate, the Class S2
Certificate and the Class Y Certificates. The VRR Loan Note is a
risk retention Note which receives 5% of all available receipts,
while the remaining Debt (Class A Loan Note and Classes B-E Notes)
and Certificates receive 95% of the available receipts on a
pari-passu basis.

The Debt is backed by a pool of UK buy-to-let ("BTL") mortgage
loans originated by Fleet Mortgages Limited ("Fleet", NR). The
portfolio of assets amount to approximately GBP237.4 million as of
September 30, 2022 pool cutoff date and was previously securitized
in Canada Square Funding 2019-1 PLC. This represents the seventh
issuance out of the Canada Square Funding transaction.

RATINGS RATIONALE

The ratings are primarily based on the credit quality of the
portfolio, the structural features of the transaction and its legal
integrity.

According to Moody's, the transaction benefits from various credit
strengths such as a portfolio with comparatively high seasoning and
low indexed LTV and an amortising liquidity reserve initially sized
at 1.00% of the Class A Loan Note balance at closing. The target
amount of the liquidity reserve fund is 1.25% of the outstanding
Class A Loan Note balance and the principal receipts will be used
to fund the reserve from 1.00% up to its target. The liquidity
reserve will amortise together with Class A Loan Note, subject to a
floor of 1.00% of Class A Loan Note at closing prior to the step-up
date and no floor post the step-up date in June 2025. The liquidity
reserve supports the Class S1 and S2 Certificates and Class A Loan
Note. The release amounts from the liquidity reserve fund will flow
through the principal waterfall and hence provide credit
enhancement for all Classes.

However, Moody's notes that the transaction features some credit
weaknesses such as a portfolio with a relatively short time to
reset on the fixed rate loans, negative excess spread at closing,
lack of liquidity support for Classes B to E, and an unrated
servicer. Various mitigants have been included in the transaction
structure such as a back-up servicer facilitator responsible for
finding a replacement servicer if certain triggers are breached,
and a principal to pay interest mechanism that is always available
for Class A Loan Note, and is available for Classes B-E provided
the PDL for the respective Class is below 10%, or it is the most
senior tranche outstanding.

Moody's determined the portfolio lifetime expected loss of 1.25%
and Aaa MILAN credit enhancement ("MILAN CE") of 11% related to
borrower receivables. The expected loss captures Moody's
expectations of performance considering the current economic
outlook, while the MILAN CE captures the loss Moody's expect the
portfolio to suffer in the event of a severe recession scenario.
Expected defaults and MILAN CE are parameters used by Moody's to
calibrate its lognormal portfolio loss distribution curve and to
associate a probability with each potential future loss scenario in
the ABSROM cash flow model to rate RMBS.

Portfolio expected loss of 1.25%: This is in line with the UK BTL
RMBS sector and is based on Moody's assessment of the lifetime loss
expectation for the pool taking into account: (i) the portfolio
characteristics, including the WA CLTV for the pool of 69.2%, 94.2%
interest-only loans, and short time to reset of the fixed rate
loans in the portfolio, with a WA time to reset of 1.3 years; (ii)
good performance of Canada Square 2019-1 transaction and Fleet
originated loans to date, based on the historical data, which
however does not cover a full economic cycle (historical data
provided starting 2015); (iii) the current macroeconomic
environment in the UK and the impact of future interest rate rises
on the performance of the mortgage loans; and (iv) benchmarking
with other UK BTL transactions.

MILAN CE of 11%: This is lower than other UK BTL RMBS transactions
and follows Moody's assessment of the loan-by-loan information
taking into account the following key drivers: (1) the WA current
LTV for the pool of 69.2%, WA Seasoning of 4.0 years and WA indexed
LTV of 56.7%; (2) 100% BTL portfolio with 94.2% interest-only
loans, and 23.9% HMO/MUB loans; (3) the pool concentration with the
top 20 borrowers accounting for approximately 10.2% of current
balance; (4) the historical data does not cover a full economic
cycle; and (5) benchmarking with similar UK BTL transactions.

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

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

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

Factors that may cause an upgrade of the ratings of the notes
include significantly better than expected performance of the pool
together with an increase in credit enhancement of Notes.

Factors that would lead to a downgrade of the ratings include: (i)
economic conditions being worse than forecast, resulting in
worse-than-expected performance of the underlying collateral; and
(ii) deterioration in the credit quality of the counterparties,
including the servicer.


ENQUEST PLC: Moody's Reviews 'B3' CFR, On Direction Uncertain
-------------------------------------------------------------
Moody's Investors Service has placed on review with direction
uncertain EnQuest plc's B3 corporate family rating, B3-PD
probability of default rating and the Caa1 rating assigned to the
backed senior unsecured high yield notes due 2023. Concurrently,
Moody's has also assigned a B3 rating to the proposed backed senior
unsecured bond issuance due 2027. The outlook has changed to
ratings under review from stable.

EnQuest seeks to fully refinance its outstanding senior unsecured
notes due October 2023 through a combination of new senior
unsecured notes, drawings under its Reserve Base Lending facility
(RBL) and available cash balances. Moody's review will focus on the
timely and successful completion of the planned transaction, after
which the CFR could be upgraded to B2 and the PDR to B2-PD. On the
other hand, failure to timely address the upcoming bond maturities
could lead to a downgrade of EnQuest's ratings because of
heightened refinancing risk.

RATINGS RATIONALE

The action balances the expected improvement in EnQuest's liquidity
position upon successful execution of the planned refinancing
transaction along with financial metrics progressively
strengthening over the next 12-18 months under Moody's base case
scenario. At the same time, the rating action also reflects the
uncertainty related to the refinancing because of challenging
conditions of the debt capital markets. Should the refinancing not
be successful, EnQuest will face debt maturities of around $0.9
billion due in a year's time.

Moody's base case scenario assumes stable production at around 48
thousand barrels of oil equivalent (boe) per day, average oil
prices of $75/bbl for the remainder of 2022 and for 2023 and unit
OpEx of $20-$22/boe. Accordingly, EnQuest should generate
Moody's-adjusted EBITDA of $800 million annually in 2022 and 2023,
as well as Free Cash Flow (FCF) of $300 million and $200 million
respectively despite rising cash outflows for abandonment costs,
capex and tax payments related to the recently-introduced Energy
Profits Levy. Assuming the senior unsecured notes are fully and
timely refinanced and that positive FCF generation is primarily
deployed towards progressive reimbursement of pro-forma RBL
drawings, Moody's projects key credit metrics to improve to levels
commensurate with a potential rating upgrade, including gross debt
to EBITDA declining to 2.4x by year-end 2022 and remaining within a
1.75x – 2.0x range in the medium term compared to 3.4x as at
year-end 2021. Conversely, if EnQuest does not fully refinance its
outstanding senior unsecured notes then EnQuest's liquidity
position would become increasingly challenging because FCF
generation and available cash balances under Moody's base case
scenario would not be sufficient to redeem the retail and
high-yield bonds due October 2023 at maturity.

ESG CONSIDERATIONS

Environmental considerations incorporated into Moody's assessment
of EnQuest's credit profile primarily relate to increasing
regulatory risks facing upstream companies as the world moves
towards cleaner energy mix, in particular as far as carbon
emissions are concerned. EnQuest achieved a 44% reduction in
emission compared to the North Sea Transition Deal 2018 baseline in
2021, moving closer to its target of reducing emissions by 50% by
2030. Environmental considerations also extend to the management of
decommissioning liabilities. Despite the significant uncertainties
relating to the estimated costs for decommissioning, Moody's
expects EnQuest's annual cash costs associated with asset
retirement obligations to rise compared to historical levels albeit
without impairing the company's cash generating capacity overall.

LIQUIDITY

EnQuest's liquidity profile is adequate, assuming a successful and
timely refinancing of the senior unsecured notes due October 2023.
Under Moody's base case, the company's cashflow generation is
projected to cover all funding needs over the next 12-18 months. On
a pro-forma basis, EnQuest's first debt maturity will be the
redemption of the outstanding 7% senior unsecured retail notes in
October 2023, which Moody's expects the company to fund out of FCF
generation and available cash balances.

The company will have access to an amended and restated $500
million RBL (including $75 million letter of credit-sublimit) which
is projected to be largely drawn at closing. The RBL contains a net
leverage covenant (set at 3.5x) and a liquidity covenant testing
the company's sufficiency of funds for the next 24 months. Moody's
expects EnQuest to retain sufficient headroom under both
covenants.

STRUCTURAL CONSIDERATIONS

The B3 rating assigned to the new proposed senior notes assumes a
successful completion of the planned refinancing, instance that
could likely lead to a subsequent one-notch upgrade to B2 of
EnQuest's corporate family rating (CFR). The notes rating also
reflects their subordination to the RBL.

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

In the event of a successful completion of the refinancing,
EnQuest's CFR and PDR could likely be upgraded to B2 and B2-PD
respectively, assuming that no material event deteriorates the
company's operations, profitability, free cash flow generation or
the liquidity profile. Before placing the ratings on review,
Moody's had previously stated that:

EnQuest's ratings could be upgraded should a continuous recovery in
operating profitability boost FCF generation, leading to a strong
liquidity profile and Moody's-adjusted gross leverage sustained
below 3.0x. The refinancing of the high yield notes maturing in
2023 is also a required condition for an upgrade.

The ratings could come under pressure if leverage trended above
5.0x or liquidity deteriorated most likely as a result of a decline
in oil prices. Failure to address the 2023 maturities at least 12
months in advance could also lead to a downgrade. EnQuest's ratings
could come under pressure should persistent weakness in cash flow
generation lead to some further deterioration in the group's
liquidity profile and leverage metrics.

LIST OF AFFECTED RATINGS

Placed On Review Direction Uncertain:

Issuer: EnQuest plc

Probability of Default Rating, Placed on Review
Direction Uncertain, currently B3-PD

LT Corporate Family Rating, Placed on Review Direction
Uncertain, currently B3

BACKED Senior Unsecured Regular Bond/Debenture, Placed
on Review Direction Uncertain, currently Caa1

Assignments:

Issuer: EnQuest plc

BACKED Senior Unsecured Regular Bond/Debenture,
Assigned B3; Placed on Review Direction Uncertain

Outlook Actions:

Issuer: EnQuest plc

Outlook, Changed To Ratings Under Review From Stable

PRINCIPAL METHODOLOGY

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


LANEBROOK MORTGAGE 2022-1: Moody's Gives Ca Rating to Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to Notes
issued by Lanebrook Mortgage Transaction 2022-1 PLC:

GBP299.98M Class A Mortgage Backed Floating Rate Notes due July
2059, Definitive Rating Assigned Aaa (sf)

GBP17.14M Class B Mortgage Backed Floating Rate Notes due July
2059, Definitive Rating Assigned Aa2 (sf)

GBP8.57M Class C Mortgage Backed Floating Rate Notes due July
2059, Definitive Rating Assigned A3 (sf)

GBP6.86M Class D Mortgage Backed Floating Rate Notes due July
2059, Definitive Rating Assigned Ba1 (sf)

GBP5.14M Class E Mortgage Backed Floating Rate Notes due July
2059, Definitive Rating Assigned Caa1 (sf)

GBP5.14M Class F Mortgage Backed Floating Rate Notes due July
2059, Definitive Rating Assigned Ca (sf)

Moody's has not assigned a rating to the subordinated GBP1.71M
Class X1 Mortgage Backed Floating Rate Notes due July 2059 and
GBP1.71M Class X2 Mortgage Backed Floating Rate Notes due July
2059.

RATINGS RATIONALE

The notes are backed by a static pool of United Kingdom buy-to-let
("BTL") mortgage loans originated by The Mortgage Lender Limited
("TML") a subsidiary of Shawbrook Bank Limited ("Shawbrook"). This
represents the third BTL securitization from Shawbrook under the
Lanebrook series.

The portfolio of assets amount to approximately GBP343 million as
of September 28, 2022 pool cut-off date. There are two Reserve
Funds, a Liquidity Reserve Fund and a General Reserve Fund. The
amortising Liquidity Reserve Fund is sized at 1.5% of the Class A &
B Notes balance. Whilst the amortising General Reserve Fund is
sized at 1.5% of the Class A to F Notes balance, less any amounts
in the Liquidity Reserve Fund. The total credit enhancement for the
Class A Notes will be 14%.

The ratings are primarily based on the credit quality of the
portfolio, the structural features of the transaction and its legal
integrity.

According to Moody's, the transaction benefits from various credit
strengths such as a granular portfolio and an amortising Liquidity
Reserve Fund sized at 1.5% of Class A and B Notes balance. However,
Moody's notes that the transaction features some credit weaknesses
such as an unrated servicer (TML) and originator (Shawbrook). In
order to mitigate the operational risk, Shawbrook (NR) acts as the
replacement servicer. The transaction benefits from a back-up
servicer facilitator (Intertrust Management Limited (NR)). To
ensure payment continuity over the transaction's lifetime, the
transaction documents incorporate estimation language whereby the
cash manager Citibank, N.A., London Branch (Aa3(cr)/P-1(cr)) can
use the three most recent servicer reports to determine the cash
allocation in case no servicer report is available. The transaction
also benefits from a clean pool containing no loans in arrears and
no adverse loan credit history at the pool cut-off date.

Moody's determined the portfolio lifetime expected loss of 1.4% and
Aaa MILAN credit enhancement ("MILAN CE") of 13.0% related to
borrower receivables. The expected loss captures Moody's
expectations of performance considering the current economic
outlook, while the MILAN CE captures the loss Moody's expect the
portfolio to suffer in the event of a severe recession scenario.
Expected loss and MILAN CE are parameters used by Moody's to
calibrate its lognormal portfolio loss distribution curve and to
associate a probability with each potential future loss scenario in
the ABSROM cash flow model to rate RMBS.

Portfolio expected loss of 1.4%: This is in line with the United
Kingdom BTL RMBS sector and is based on Moody's assessment of the
lifetime loss expectation for the pool taking into account: (i) the
collateral performance of TML originated loans to date, as provided
by the originator and observed in previously securitised
portfolios; (ii) limited track record of TML, with this being only
the third securitisation and fifth by Shawbrook; (iii) limited
seasoning of loans in the pool; (iv) the current macroeconomic
environment in the United Kingdom; and (v) benchmarking with
comparable transactions in the UK market.

MILAN CE of 13.0%: This is in line with the United Kingdom
buy-to-let RMBS sector average and follows Moody's assessment of
the loan-by-loan information taking into account the following key
drivers: (i) the collateral performance of TML originated loans to
date as described above; (ii) the weighted average current
loan-to-value ratio of 72.95% which is in line with the sector
average; and (iii) no borrowers with adverse credit history or
prior CCJs in the pool at the cut-off date.

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

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

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS:

Factors that would lead to an upgrade of the ratings include: (i)
significantly better than expected performance of the pool together
with an increase in credit enhancement of notes; or (ii) a
deleveraging of the capital structure.

Factors that would lead to a downgrade of the ratings include: (i)
an increase in the level of arrears resulting in a higher level of
losses than forecast; and (ii) economic conditions being worse than
forecast resulting in higher arrears and losses.


LANEBROOK MORTGAGE 2022-1: S&P Assigns BB(sf) Rating on F Notes
---------------------------------------------------------------
S&P Global Ratings assigned credit ratings to Lanebrook Mortgage
Transaction 2022-1 PLC's class A and B-Dfrd to F-Dfrd notes. On
closing, the issuer also issued unrated class X1-Dfrd and X2-Dfrd
notes.

This is an RMBS transaction that securitizes a portfolio of £343
million buy-to-let (BTL) mortgage loans secured on properties in
the U.K.

The loans in the pool were originated between 2021 and 2022 by The
Mortgage Lender Ltd., a nonbank specialist lender, under a forward
flow agreement with Shawbrook Bank PLC.

The collateral comprises loans granted to experienced portfolio
landlords, none of whom have an adverse credit history.

The transaction benefits from liquidity support provided by a
liquidity reserve, and principal can be used to pay senior fees and
interest on the most senior notes.

Credit enhancement for the rated notes consists of subordination
from the closing date and a reserve fund.

The transaction incorporates a swap to hedge the mismatch between
the notes, which pay a coupon based on compounded daily SONIA, and
the loans, which pay a fixed rate of interest until they revert to
a floating rate.

At closing, Lanebrook Mortgage Transaction 2022-1 PLC used the
proceeds of the notes to purchase and accept the assignment of the
seller's rights against the borrowers in the underlying portfolio
and to fund the reserves. The noteholders benefit from the security
granted in favor of the security trustee, Citicorp Trustee Co.
Ltd.

There are no rating constraints in the transaction under our
counterparty, operational risk, or structured finance sovereign
risk criteria. We consider the issuer to be bankruptcy remote.

  Ratings

  CLASS       RATING*     CLASS SIZE (%)

  A           AAA (sf)        87.50

  B-Dfrd      AA (sf)          5.00

  C-Dfrd      A (sf)           2.50

  D-Dfrd      A- (sf)          2.00

  E-Dfrd      BBB- (sf)        1.50

  F-Dfrd      BB (sf)          1.50

  X1-Dfrd     NR               0.50

  X2-Dfrd     NR               0.50

  RC1 Certs   NR                N/A

  RC2 Certs   NR                N/A

*S&P's ratings address timely receipt of interest and ultimate
repayment of principal on the class A notes, and the ultimate
payment of interest and principal on all the other rated notes.
S&P's ratings also address timely receipt of interest on the class
B–Dfrd to F-Dfrd notes when they become the most senior
outstanding.
NR--Not rated.
N/A--Not applicable.


LIFESKILLS: Enters Administration Following Government Dispute
--------------------------------------------------------------
Sophie England at Echo reports that a Basildon training provider
has gone into administration immediately after an ongoing dispute
with the government.

LifeSkills, located in Town Square Basildon, has informed staff and
learners that the business will be placed into administration, Echo
notes.

The social enterprise was formed in 2002 in Bethnal Green with
training centres subsequently set up in Basildon, Lowestoft, and
Rotherham.

They provide post-16 education and training programmes and aimed to
equip learners with the skills they need in the modern world in
order to get the jobs they want.

It currently works with more than 470 students.

Unfortunately, LifeSkills claim they have suffered from an ongoing
dispute with the ESFA / Department for Education, which has
affected funding and made the social enterprise unviable, Echo
relates.

As a result, all 80 staff will be made redundant following the
appointment and the business will cease trading from close of
business on Friday, Oct. 14, Echo states.

Kris Wigfield and Joanne Hammond of Begbies Traynor have been
appointed as joint administrators, Echo discloses.

According to Echo, Kris Wigfield of Begbies Traynor added: "While
we have not managed to find a purchaser during the timeframe we
were given, should anybody have a genuine interest in purchasing
the business, please contact Richard Temple at Eddisons (0113 243
0101).

"Our immediate priority over the coming days will be to assist the
students and employees as much as we possibly can."


MISSOURI TOPCO: Moody's Lowers CFR to Caa3 & PDR to Ca-PD
---------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating of Missouri TopCo Limited (Matalan or the company) to Caa3
from Caa1, and the company's probability of default rating to Ca-PD
from Caa1-PD.

Concurrently, Moody's has downgraded to Caa2 from B3 the rating of
the GBP350 million backed senior secured first lien notes due in
January 2023, and to C from Caa3 the rating of the GBP80 million
backed senior secured second lien notes due in January 2024. Both
the first lien and second lien notes are issued by Matalan Finance
plc and guaranteed by the parent company Missouri TopCo Limited.
The outlook on the ratings remains negative.

RATINGS RATIONALE

The downgrade, which follows the company's recent announcement that
a strategic sales process has been initiated, reflects Moody's view
that it is now highly likely that Matalan lenders will incur losses
in a balance sheet restructuring.

In support of the sale process an ad hoc group of first lien
noteholders (the AHG), representing over half of the outstanding
first lien debt, has committed to support Matalan's intent to
extend the maturity of the first lien notes by 6 months, to July
2023. If the company's request in this respect is agreed by the
required proportion of noteholders (representing 90% by value) this
maturity extension will represent a distressed exchange under
Moody's definition of default.

Moreover, the AHG has offered to (a) provide GBP200 million of
senior secured staple financing to bidders for the company's
ownership; or if required (b) support an alternative
recapitalisation transaction which would result in a material
reduction in Matalan's debt and a further maturity extension of the
first lien debt until September 2027. Moody's believes that either
of the AHG's proposals would result in crystallisation of losses
for long term financial creditors, which comprise the first lien
and second lien noteholders and the GBP50 million Shareholder
Notes, due July 2024. The rating agency's working assumption is
that claims under the GBP60 million Asset Backed Term Loan (ABTL)
agreed in June this year, and those of both suppliers and landlords
would not be compromised in a restructuring.

Moody's considers Matalan's recent performance to be creditable in
the context of increasingly weak consumer sentiment amid high
inflation that has been squeezing disposable incomes this year. The
rating agency believes the company's established position as a
value retailer and the strong growth of its online offering since
the outbreak of the Coronavirus pandemic means that it has scope to
outperform more expensive peers when consumers focus on value for
money.

However, Matalan's profits are still below pre-pandemic levels, and
in its business plan are expected to remain so in the company's
next two full fiscal years. In this context, and noting downside
risks to the company's business plan, its weak credit metrics mean
that in Moody's view Matalan's current capital structure is
unsustainable. In addition to high gross leverage of around 5.5x,
measured as its Moody's-adjusted debt to EBITDA, the company has
weak interest coverage of less than 1x, measured as
Moody's-adjusted EBITA to interest, and has had persistently weak
Moody's-adjusted Free Cash Flow. While Matalan's current capital
structure includes fixed interest coupons (and non-cash obligations
in respect of the second lien and Shareholder debt) the higher
interest rates and wider credit spreads that are current features
of the capital markets will influence the shape of any balance
sheet restructuring.

RATING OUTLOOK

The negative outlook reflects the high probability of a default
under Moody's definition.

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

An upgrade is unlikely in the short term but could arise if a
sustainable capital structure is put in place following a
restructuring.

Conversely, downward pressure could arise if expected recovery
rates for lenders are less than 65%.

STRUCTURAL CONSIDERATIONS

The company's capital structure consists of four classes of debt:
(a) The Super Senior ranking GBP60 million ABTL, which has an
initial 12 month term to July 2023 but also a springing maturity to
January 15, 2023 if the first lien notes have not been extended or
refinanced by then (b) the GBP350 million first lien notes due in
January 2023, which are rated Caa2, one notch higher than the CFR;
(c) the GBP80 million second lien notes, due January 2024, which
are rated C reflecting the material debt claims ahead of them; and
lastly (d) the unsecured GBP50 million PIK notes owned by the
shareholder that are due July 2024. Security for the debt (with the
exception of the unsecured shareholder PIK) comprises fixed and
floating charges on substantially all of the assets and property of
the company, Matalan Finance plc, and material subsidiary
guarantors.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Notwithstanding the company's established comprehensive quarterly
reporting, Moody's considers Matalan's governance profile to be
very highly negative under the rating agency's General Principles
for Assessing Environmental, Social and Governance Risks
Methodology framework. Moody's notes there has been a history of
transactions between the company and its founding shareholder John
Hargreaves and considers Mr Hargreaves has demonstrated a long
standing tolerance for sustained high leverage which ultimately
limits the company's financial flexibility in challenging economic
or capital market conditions.

Moody's believes Mr Hargreaves decision last month to step down
from the board to potentially participate as a bidder in the
strategic sale process is tacit acknowledgement that the current
capital structure is unsustainable. However, the rating agency
considers this step and the concurrent appointment of a seasoned
Chief Executive and a further independent Non-Executive Director to
be positive developments in respect of governance.

PRINCIPAL METHODOLOGY

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

PROFILE

Headquartered in Liverpool, Matalan is one of the leading value
clothing retailers in the UK, with revenues of more than GBP1
billion and Moody's-adjusted EBITDA of GBP195 million in its fiscal
2022, ended February 26, 2022. The company operates through 230
stores across the country, primarily in out-of-town retail parks,
as well as online and through 53 franchise stores in the Middle
East and Europe.


MULLER EV: Enters Administration, 38 Jobs Affected
--------------------------------------------------
AMOnline reports that electric vehicle (EV) home charger business,
Muller EV, which trades as Andersen EV, has entered
administration.

According to AMOnline, a statement issued on behalf of the
administrators said that the company, incorporated in 2016, had
experienced difficult trading conditions in part due to the supply
chain issues affecting the automotive industry.

Will Wright and Nick Holloway from Interpath Advisory were
appointed joint administrators to Muller EV on Oct. 11, AMOnline
relates.

The joint administrators made 38 employees redundant immediately
following their appointment, AMOnline notes.

A small number of employees have been retained by the
administrators to assist them in their duties, AMOnline discloses.


NIDDA BONDCO: Moody's Affirms 'B3' CFR, Outlook Remains Stable
--------------------------------------------------------------
Moody's Investors Service has affirmed the B3 corporate family
rating and B3-PD probability of default rating of Nidda BondCo GmbH
(STADA or the company). At the same time the agency has affirmed
the Caa2 instrument ratings of the backed senior secured
second-lien global notes due in 2025 issued by the company, and has
affirmed the B2 instrument rating of the senior secured bank credit
facilities, including the senior secured term loans, senior secured
revolving credit facility (RCF) and senior secured global notes,
borrowed by Nidda Healthcare Holding GMBH. The outlook on all
ratings remains stable.

Moody's is assigning a B2 instrument rating to the proposed EUR500
million backed senior secured notes due in 2026 which will be part
of an exchange offering that the company is proposing to the
holders of the EUR1,885 million senior secured notes global due in
2024.

STADA is giving the option to the existing senior secured note
investors to exchange EUR500 million of the senior secured notes
due in 2024 for a new EUR500 million backed senior secured notes,
due in 2026. These new exchange backed senior secured notes will be
offered at a higher coupon with an upfront cash payment to
compensate investors for the tenor extension. The agency
understands that the transaction is a par-for-par exchange and
therefore there is no haircut or expected loss to current
investors. Moody's does not consider this exchange as an event of
default given the expectation of no loss in value to current
bondholders and the agency's view that this exchange does not have
the effect of avoiding an event of default for STADA, mainly
because Moody's believe the company's performance remains strong
with a sustainable capital structure.

RATINGS RATIONALE

The B3 rating affirmation considers the company's good business
profile, including a diversified small-molecule generics portfolio,
good geographical diversification and strong over-the-counter (OTC)
portfolio of consumer health products and specialty products.
Furthermore, it considers the company's highly-leveraged capital
structure with a Moody's-adjusted gross leverage of 7.2x for the
last twelve months to June 2022, and an appetite for debt-funded
acquisitions which can delay deleveraging.

While under the agency's governance risk framework, Moody's
positively views the proactive management of STADA's debt
maturities and its adequate liquidity, the company will still have
a significant amount of debt maturities outstanding in September
2024, totaling EUR1,385 million of senior secured notes. The agency
expects that the company will look into a timely refinancing of
such facilities over the next 12 months, before refinancing risk
increases and adds downward pressure to its current rating.

The rating also considers the downside risks coming from the
Russia-Ukraine military conflict, given STADA's material exposure
to the region. However, operations continue to be relatively normal
in the region and the group's operating and financial performance
has been positive with growth in key markets. Moody's expects that
the company's Moody's-adjusted gross leverage will trend towards 7x
by the end of 2022, and that its Moody's-adjusted free cash flow
(FCF) generation will improve to around EUR35-40 million, over the
next 12-18 months.

RATING OUTLOOK

The stable rating outlook reflects Moody's expectation that STADA's
credit metrics will continue to improve in the next 12-18 months
with a Moody's-adjusted gross leverage improving below 7x, driven
by stronger earnings and positive Moody's-adjusted FCF. The outlook
assumes the company will address the remaining of its 2024
maturities within the next 12 months and that the company
successfully extends its senior secured RCF as planned by the
company before year-end.

LIQUIDITY PROFILE

STADA has adequate liquidity, underpinned by cash balances of
EUR340 million as of June 30, 2022, the agency's expectations of
positive Moody's-adjusted FCF of between EUR35-40 million for the
next 12-18 months; and access to its EUR400 million senior secured
revolving credit facility, which is fully undrawn. There could be
increased volatility in working capital requirements over the next
few quarters if STADA's supply-chain arrangements are disrupted in
Russia, or its Russian accounts receivable collection period is
extended significantly or impairments increase.

The company's next maturities are its EUR400 million senior secured
RCF, due in August 2023, which the company is currently under
negotiations to extend until August 2025 and more than 90% of RCF
lenders have agreed to an extension, and the agency assumes the
extension will be confirmed before the end of the year; and the
remaining EUR1,385 million senior secured notes, due in September
2024. The company has extended the maturity of its EUR371 million
ruble-denominated debt at its Russian subsidiary with two new
tranches of 3 and 5 years of maturity.

The senior secured RCF is subject to a total debt leverage covenant
of 8.5x, tested quarterly if more than 35% of the facility is
drawn; Moody's expects the company to have sufficient capacity for
this covenant, if tested.

STRUCTURAL CONSIDERATIONS

In light of the mixed capital structure, which includes both bank
debt and bonds, Moody's has applied a recovery rate of 50% for the
corporate family. The recovery rate assumption of 50% also reflects
the covenant-lite package, with only a springing covenant on the
senior secured RCF. The security package is considered weak because
it consists of a pledge on the shares and not on the assets of the
operating subsidiaries.

The B2 ratings of the senior secured term loans, senior secured
notes and senior secured RCF reflect the creditors' first-lien
claim over a security package consisting of shares from operating
subsidiaries accounting for at least 80% of group EBITDA. The
capacity to raise new senior secured debt is very limited. The
issuance of further senior secured debt could weigh on the
one-notch uplift. The Caa2 rating of the backed senior secured
second-lien notes reflects the second-lien claim over the same
security package.

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

Upward pressure on the rating would reflect a decline in leverage,
with Moody's-adjusted gross debt/EBITDA declining below 6.5x.

Downward pressure on the rating could materialise if the company's
Moody's-adjusted FCF turns negative on a sustained basis, or if its
Moody's-adjusted gross leverage does not fall below 7.5x over the
next 12-18 months, or if its operating performance deteriorates, of
if the company fails to address the remaining of its 2024
maturities within the next 12 months.

LIST OF AFFECTED RATINGS

Assignments:

Issuer: Nidda Healthcare Holding GMBH

BACKED Senior Secured Regular Bond/Debenture, Assigned B2

Affirmations:

Issuer: Nidda BondCo GmbH

Probability of Default Rating, Affirmed B3-PD

LT Corporate Family Rating, Affirmed B3

BACKED Senior Secured Regular Bond/Debenture, Affirmed Caa2

Issuer: Nidda Healthcare Holding GMBH

Senior Secured Bank Credit Facility, Affirmed B2

Senior Secured Regular Bond/Debenture, Affirmed B2

Outlook Actions:

Issuer: Nidda BondCo GmbH

Outlook, Remains Stable

Issuer: Nidda Healthcare Holding GMBH

Outlook, Remains Stable

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

STADA is a Germany-based pharmaceutical company specialised in the
production and marketing of small-molecule generics and OTC
pharmaceutical products. During the twelve months ended in June
2022, STADA generated revenue of EUR3,511 million and
company-adjusted pro forma EBITDA of EUR912 million. The company's
product portfolio is now reported under three divisions: generics;
consumer healthcare; and specialty, which includes biosimilars and
partnership licensing deals. The company is fully owned by funds
managed by Bain Capital Private Equity (Europe), LLP and Cinven
Partners LLP.


ODEON FINCO: Moody's Rates New $400MM Secured 1st Lien Notes 'B3'
-----------------------------------------------------------------
Moody's Investors Service assigned a B3 rating to the proposed $400
million senior secured first-lien notes ("New First-Lien Notes") to
be issued by Odeon Finco PLC, a UK-based direct wholly-owned
finance subsidiary of Odeon Cinemas Group Limited ("OCGL"). OCGL is
a direct wholly-owned subsidiary of AMC UK Holding Limited, which
is an indirect wholly-owned subsidiary of AMC Entertainment
Holdings, Inc. ("AMC" or the "company"). AMC's Caa2 Corporate
Family Rating, existing debt ratings and positive outlook remain
unchanged. Odeon Finco PLC's outlook is positive.

Net proceeds from the New First-Lien Notes plus cash will be used
to fully repay the existing $505.6 million USD equivalent
outstanding 11.25% Odeon Term Loan Facility due August 2023
(unrated) plus the related call premium. The New First-Lien Notes
will be secured on a first-lien basis to the bulk of AMC's overseas
assets, which reside in the company's OCGL operating subsidiary,
while the existing first-lien and second-lien rated debts issued by
AMC are collateralized solely by AMC's North American assets. The
New First-Lien Notes, which will be guaranteed on a first-lien
basis by OCGL and certain subsidiaries of OCGL (including Odeon and
UCI Cinemas Holdings Limited), will be guaranteed by AMC on an
unsecured basis.

Following is a summary of the rating actions:

Assignments:

Issuer: Odeon Finco PLC

$400 Million Gtd Secured 1st Lien Regular Bond/Debenture
  due 2027, Assigned B3 (LGD2)

Outlook Actions:

Issuer: Odeon Finco PLC

Outlook, Assigned Positive

The assigned rating is subject to review of final documentation and
no material change to the size, terms and conditions of the
transaction as advised to Moody's.

RATINGS RATIONALE

AMC's Caa2 CFR reflects the company's position as the world's
largest movie exhibitor, but also considers the weak, albeit
improving, operating and financial performance, which suffered from
pandemic-induced revenue and operating losses in 2020 and 2021, and
delayed recovery when economies reopened. Moody's expects continued
operating improvement and good liquidity driven by the strong 2022
movie slate (compared to 2021), growing moviegoer attendance,
increasing new release volumes, the expectation that the big
studios will adhere to the 45-day theatrical window for major film
releases, and AMC's focus on optimized ticket pricing and cost
management. The rating continues to reflect Moody's view for a
potential balance sheet restructuring given AMC's untenable debt
capital structure, uncertainty surrounding Disney's adherence to
the theatrical window for most, if not all, of its major film
releases, as well as macroeconomic headwinds that could dampen
moviegoer demand over the coming quarters. Assuming AMC maintains
close to its current 22% domestic market share, Moody's forecasts
improved year-over-year EBITDA and free cash flow (FCF) turning
positive in H2 2022 based on a projected domestic box office
approaching $7.75 - $8.5 billion this year.

Conversely, the rating captures: (i) the cinema industry's excess
screen capacity in North America, which will eventually require
reduction; (ii) comparatively lower moviegoer demand as studios
simultaneously release some films online via SVOD/PVOD or release
them downstream in a shortened theatrical window; (iii) lower
theatrical release volumes relative to historical levels; (iv)
reduced show times compared to pre-pandemic periods; and (v) the
impact from some cost-conscious consumers reducing their
out-of-home entertainment and number of trips to the cinema amid
affordable subscription-based VOD movie viewing. Additionally,
AMC's financial leverage is elevated, currently around 12x (Moody's
adjusted) at LTM June 30, 2022. While Moody's expects leverage to
decrease to the 8x-9x range over the next 12-18 months as EBITDA
expands, AMC will not be able to meaningfully repay debt given the
sizable interest burden that dampens FCF generation. The new $950
million 7.5% Senior Secured First-Lien Notes issued earlier this
year to refinance high coupon debt has helped to somewhat alleviate
AMC's hefty borrowing costs.

The positive outlook reflects Moody's view that continued pent-up
moviegoer demand for big budget tentpole films combined with the
robust movie release schedule will continue to produce increased
out-of-home mobility and support organic revenue growth, expanding
EBITDA and positive cash flows over the rating horizon. The outlook
also embeds Moody's expectation that AMC will continue to
effectively manage operating expenses, which will support profit
expansion. The outlook considers Moody's current macroeconomic
forecast of decelerating economic growth and persistently high
inflation. Though AMC has no exposure to Russia and Ukraine,
Moody's continues to expect some macroeconomic spillover from the
military conflict in that region. The magnitude of the effects will
depend on the length and severity of the crisis. Moody's currently
projects US GDP growth will decelerate to 1.9% in 2022 (2.5% in
Euro area) and 1.3% in 2023 (0.3% in Euro area), while US inflation
is forecast to remain high at 7.0% year-over year (yoy) by year end
2022, declining from 8.2% yoy in September 2022.

Over the next 12-18 months, Moody's expects AMC to maintain good
liquidity (SGL-2) supported by slightly positive FCF generation
projected in the $30 - $75 million range/annum and sizable
unrestricted cash balances, which totaled roughly $965 million at
June 30, 2022. Moody's expects cash burn to moderate and operating
cash to turn positive in H2 2022, which should help maintain cash
at high levels (barring potential usage for M&A, debt repayment,
shareholder distributions or other capital outlays).

Liquidity is further supported by an undrawn $225 million revolving
credit facility (RCF) maturing April 2024. The RCF has a springing
maximum net senior secured leverage covenant of 6x that becomes
applicable when more than 35% of the facility is drawn. In December
2021, AMC extended relief for this covenant through the quarter
ending March 31, 2023. Prior to expiration of the waiver period,
Moody's will closely monitor the covenant cushion. AMC is currently
subject to minimum liquidity requirements of approximately $139
million, of which $100 million is required under the conditions for
the extended Covenant Suspension Period for the RCF, as amended,
and GBP32.5 million (equivalent to approximately $39 million) under
the Odeon Term Loan Facility; however the second liquidity
requirement will fall away once the Odeon Facility is repaid as
part of this refinancing.

ESG CONSIDERATIONS

AMC's ESG Credit Impact Score is highly negative (CIS-4),
reflecting the company's neutral-to-low exposure to environmental
risks (E-2) and highly-negative exposures to demographic and
societal trends (S-4) and governance risks (G-4). Environmental
risks are neutral-to-low across all categories. The nature of AMC's
media activities, with limited exposure to physical climate risk
and very low emissions of pollutants and carbon, results in low
environmental risk. AMC's credit exposure to social considerations
is highly-negative driven principally by demographic and societal
trends. This risk is associated with lower moviegoer attendance
compared to pre-pandemic levels as an increasing number of new
first-run films are now distributed via SVOD and AVOD streaming
platforms by the major movie studios within a shortened theatrical
window at competitive pricing to the consumer. Though moviegoing
demand has accelerated owing to a more consistent cadence of new
films with broad consumer appeal since the pandemic abated, North
American year-to-date box office receipts and new theatrical
release volumes remain below the industry's peak in 2019 and 2018.
There is limited exposure to customer relations, human capital,
health & safety and responsible production risks. There is limited
exposure to customer relations, human capital, health & safety and
responsible production risks. Credit exposure to governance risks
is highly-negative due to AMC's elevated financial leverage and
negative free cash flow generation (albeit improving), offset by
good liquidity. Additional mitigants include neutral-to-low
exposure to organizational structure and compliance & reporting
risks. AMC maintains an independent board, however the chair is not
independent. While management has a good track record of reducing
operating costs and enhancing liquidity during the health crisis,
it is unclear whether recently implemented business strategies will
positively address lower moviegoer attendance compared to
pre-pandemic levels.

STRUCTURAL CONSIDERATIONS

The B3 rating assigned to the New First-Lien Notes issued by Odeon
Finco PLC reflects the significant asset coverage and
overcollateralization for this class of debt in a distressed
scenario as well as the relatively lower financial leverage, as
measured by debt to EBITDA, associated with AMC's international
assets. The Caa1 ratings on the senior secured bank credit
facilities and senior secured first-lien notes issued by AMC are
one notch lower than the implied outcome to reflect the less than
adequate asset coverage for this debt class in a distressed
scenario and significant financial leverage associated with the
debt to EBITDA generated by the company's North American-based
assets. The ratings also consider the obligations' priority
position in AMC's capital structure versus the second-lien notes
issued by AMC, which are rated Caa3. The Caa3 rating on the
second-lien notes incorporates the deficient asset coverage and low
anticipated recovery prospects for this debt class in a distressed
scenario. The Ca ratings on the senior subordinated notes issued by
AMC reflect the very low anticipated recovery prospects given their
junior position relative to a sizeable amount of first-lien and
second-lien debt ahead of them.

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

Ratings could be upgraded if AMC experiences positive growth in box
office attendance, stable-to-improving market share, expanding
EBITDA with margins approaching pre-pandemic levels and enhanced
liquidity; and exhibits prudent financial policies that translate
into an improved credit profile. An upgrade would also be
considered if financial leverage as measured by total debt to
EBITDA approaches the 8x-8.5x area (Moody's adjusted) and free cash
flow as a percentage of total debt improves to the -1% to +1% range
(Moody's adjusted).

Ratings could be downgraded if there was: (i) a deterioration of
the company's liquidity or an inability to access additional
sources of liquidity to cover cash outlays; (ii) poor execution on
reducing or managing operating expenses; or (iii) limited prospects
for sustained operating performance recovery in 2023. A downgrade
could also be considered if Moody's expects total debt to EBITDA
will remain above 9x (Moody's adjusted) or free cash flow will
remain negative on a sustained basis. Ratings could also be
downgraded if Moody's expects AMC will pursue a balance sheet
restructuring.

Headquartered in Leawood, Kansas, AMC Entertainment Holdings, Inc.
is the largest movie exhibitor in the US and globally, operating
947 movie theatres with 10,552 screens in 15 countries across the
US, Europe and the Middle East. Revenue totaled approximately $3.9
billion for the twelve months ended June 30, 2022.

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


PLAYTECH PLC: Moody's Affirms Ba3 CFR & Alters Outlook to Positive
------------------------------------------------------------------
Moody's Investors Service has affirmed Playtech Plc's corporate
family rating of Ba3 and probability of default rating of Ba3-PD.
Concurrently Moody's has also affirmed the Ba3 instrument rating on
the EUR530 million backed senior secured notes due 2023 and EUR350
million backed senior secured notes due 2026. The rating outlook
has changed to positive from stable.

The rating affirmation and the outlook change follows Moody's
understanding that the company plans to repay the EUR530 million
backed senior secured notes maturing on the October 12, 2023 with
internal cash resources as well as the refinancing of the EUR317
million revolving credit facility (RCF) expiring in September 2023
with a new EUR277 million 3+1 years RCF.

Playtech announced on the October 12 that it intends to use cash
available on balance sheet to make an initial pre-payment of the
senior secured notes for an amount up to EUR330 million, and a
notice to bondholders has already been issued.

The positive outlook also reflects a positive trend in earnings
since the headwinds faced during the pandemic which has led to a
decline in Moody's adjusted gross leverage to around 2.6x as of LTM
June 2022 when adjusted for the RCF repayment which occurred in
July. The proposed debt reduction will also accelerate the pace of
deleveraging towards 1.7x by end of 2022.

RATINGS RATIONALE

Playtech is strongly positioned in the Ba3 rating category. This is
supported by (1) strong market position in the largest regulated
gambling markets in Europe (UK and Italy) combined with rapid
growth in newly regulated and still developing markets (Americas,
Germany); (2) embedded software platforms with large, established
and diversified gaming operators; (3) well positioned BTB division
to tap into gaming operators' increasing interest to outsource
product development and content creation, as they shift focus to
new customer acquisition (marketing but also compliance and
affordability checks), multiple brands cross-sell to customer base;
(4) credit metrics that are already above peers in the Ba3 rating
category - Moody's adjusted gross leverage as of LTM June 2022 was
3.0x (2.6x if adjusted for RCF repayment) vs 4.8x LTM June 2021.

However the rating also reflects (1) a high degree of customer
concentration particularly in the UK market which is expected to
increase due to gaming industry consolidation, as well as some
exposure still to unregulated markets in Asia; (2) a highly
competitive operating environment, with new companies and/or
technologies as well as the risk that insourcing could become
attractive the larger the gaming operator becomes and (3) cash
outflows to support partnerships in Latin America whereby Playtech
is effectively the beneficiary of the majority of the revenues (4)
the EUR530 million of debt maturity coming due within the next 12
months would deplete balance sheet flexibility and company's
liquidity would  increasingly rely on the  undrawn EUR277 million
RCF facility, if projections are not in line with expectations

ESG CONSIDERATIONS

Playtech has a highly negative exposure to social risks. The
company operates in jurisdictions where the gaming industry is
subject to an evolving and tightening regulatory environment aimed
at protecting players subject to gambling addiction issues as well
as preventing money laundering. Although, gaming remains a popular
source of entertainment, the UK faces growing social responsibility
pressures, which could lead to tighter gaming regulations for
online gaming as already seen in the UK retail segment and in
Germany and the Netherlands. Playtech's decreasing revenue
generation from unregulated markets, combined with expansion into
newly regulated countries in the Americas would help to mitigate
its exposure to regulatory risk in Italy and the UK.

Playtech has been a publicly listed company on the London Stock
Exchange since 2012. The debt pre-payment ahead of maturity also
points to management operating with a conservative financial
policy. The company targets a maximum net leverage of 1.5x.

LIQUIDITY

Moody's considers Playtech's liquidity position to be good. Capex
and R&D of EUR170-200 million (excluding one off Italian licenses)
are expected to be met with cash from operations, dividends have
not been reinstated yet. Liquidity is supported by (1) cash
(excluding cash in assets held for sale and cash held on behalf of
clients) on balance sheet of more than EUR545 million as at June
30, 2022 – EUR597 million adjusted for RCF repayment and proceeds
from the closing of Finalto sale; (2) availability under the new
EUR277 million RCF facility which has a 3.5x net debt / Adjusted
EBITDA covenant and a 4.0x Adjusted EBITDA / interest cover
covenant; and (3) about EUR200 million remaining outstanding of
backed senior secured notes due within the next 12 months.

The ratings assume that the company will maintain sufficient cash
and availability under the RCF to repay the remaining balance of
the EUR530 million bond coming due next year as well as preserve
the necessary liquidity to pay for the renewals of licences in
Italy expected in the second half of 2024 for an amount of up to
EUR250-300 million.

STRUCTURAL CONSIDERATION

The Ba3 instrument rating assigned to the EUR530 million and EUR350
million SSNs is in line with the corporate family rating; Moody's
Loss Given Default for Speculative-Grade Companies methodology
assumes a 50% recovery rate, typical for transactions including
both bonds and bank debt (RCF).

The notes and the RCF rank pari-passu and are secured mainly
against share pledges of certain companies of the group. The RCF is
guaranteed by material subsidiaries representing at least 75% of
consolidated EBITDA and 55% of gross assets, and this extends to
the notes via the inter-creditor agreement for as long as the RCF
remains in place.

RATIONALE FOR THE POSITIVE OUTLOOK

The positive rating outlook reflects the company's ability and
willingness to repay 2023 debt maturities with cash available on
balance sheet and no stated intention to pay dividends; Moody's
expect debt leverage to remain low thereafter and well within
company's target net leverage. Additionally, Moody's expects
Playtech to achieve margin expansions from new service offerings,
increase its online penetration in Italy and growth in North
America.

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

Positive pressure on the ratings could develop in 2023 if revenue
and EBITDA continue to demonstrate a positive trajectory while
maintaining good margin. An upgrade would also be predicated on the
assumption that SNAITECH S.p.A. remains a core part of the business
and that debt leverage remains below 3.0x. A rating upgrade would
also require Playtech to continue to have positive free cash flow
and to maintain adequate liquidity.

Conversely, negative pressure on the ratings could arise if (1) the
Moody's-adjusted debt/EBITDA exceeds 4.5x on a sustained basis; (2)
the company becomes less diversified as a result of M&A activity;
or (3) its profitability further deteriorates owing to competitive,
regulatory and fiscal pressure.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Gaming
published in June 2021.

Previously Playtech was rated with the Business and Consumer
Services methodology published in November 2021. Moody's change of
rating methodology was driven by SNAITECH S.p.A. now being the
largest EBITDA contributor for the group.

COMPANY PROFILE

Headquartered in the Isle of Man, Playtech is a leading technology
company in the gambling industry and the world largest online
gambling software and services supplier. Founded in 1999 by an
Israeli entrepreneur, Teddy Sagi, it has grown through a
combination of organic growth and acquisitions. Employs around
6,400 people across 24 countries. Listed on the London Stock
Exchange in 2012, it has a market capitalisation of about GBP1.4
billion. In the last twelve month ending in June 2022, the group
generated EUR1.5 billion of revenue and EUR397 million of
company-reported adjusted EBITDA.


S4 CAPITAL: Moody's Affirms 'Ba3' CFR & Alters Outlook to Negative
------------------------------------------------------------------
Moody's Investors Service has changed the outlook on the ratings of
S4 Capital PLC's (S4 Capital), S4 Capital LUX Finance S.a r.l. and
S4 Capital 2 Ltd to negative from stable. The agency has at the
same time affirmed the Ba3 corporate family rating and a Ba3-PD
probability of default rating for S4 Capital as well as the Ba3
ratings on the EUR375 million Backed Senior Secured Term Loan B
issued by S4 Capital LUX Finance S.a r.l., and GBP100 million
Backed Senior Secured Revolving Credit Facility (RCF) issued by S4
Capital 2 Ltd and co-borrowed by subsidiaries including S4 Capital
Acquisitions 1 Ltd, S4 Capital Acquisitions 2 Ltd, S4 Capital
Acquisitions 3 B.V. and S4 Capital US Holdings LLC.

Moody's decision to change the ratings outlook to negative reflects
the view that S4 Capital will likely fall behind Moody's
expectations for net sales and EBITDA for 2023 in comparison to the
agency's estimates at the time of assigning the ratings back in
July 2021. S4 Capital's EBITDA margin has come under significant
pressure in 2022, its acquisition related payment obligations are
also high for 2022/23 resulting in significantly weak Moody's
adjusted credit metrics for 2022. Although Moody's recognizes that
the hike in acquisition related payment obligations is mainly
driven by the H12022 merger announced with Theorem One, that will
boost S4 Capital's tech services practice and the merger with XX
artists, a leading social agency.

Earlier this year, S4 delayed the publication of its 2021
preliminary results because of internal control issues and
subsequently issued a profit warning due to an unexpected rise in
costs. This has dented management credibility and challenged the
company's ability to grow rapidly through acquisitions.

"While S4 Capital's organic revenue growth for 2022 is likely to
remain strong at 25%, the company's EBITDA is expected to be 25%
weaker than Moody's initial expectation. The company has now guided
for GBP120 million of EBITDA in 2022, which is substantially weaker
than Moody's previous expectation of GBP154-GBP165 million", says
Gunjan Dixit, Vice President -- Senior Credit Officer and lead
analyst on S4 Capital.

RATINGS RATIONALE

S4 Capital issued a profit warning in July 2022 and confirmed with
its first half 2022 results publication in September that it
expects its EBITDA margin (of Net Sales) to weaken to 14% in 2022
compared to 18.6% in 2021. The pressure on EBITDA margin is due to
increased costs, reflecting rapid growth in headcount in its
Content and Data&Digital Media practices, that has surpassed the
pace of its expected revenue growth. The company has struggled to
manage its costs effectively at a time when its growth was
particularly strong due to M&A, and the inflationary environment
will pose additional challenges. Actions on staff costs, such as a
brake on hiring will likely help margins recover in 2023, but could
also slow growth in revenue if not executed prudently.

The company's share price had taken a hit earlier in 2022, when S4
Capital had to delay the publication of its 2021 preliminary
results twice. The delay in results release caused reputational
damage to the company and pointed to weakness in the company's
internal controls and governance structure. While the results delay
led to a loss in investor confidence, the company thereafter
clarified that the scope of adjustments following the extended
audit were not significant - less than 1% for revenues and less
than 5% for EBITDA. The adjustments required by
PricewaterhouseCoopers (PwC) relate mainly to cut off and timing of
revenue and cost of sales recognition over FY 2021 and FY 2022, and
there is no impact on cash.

Because S4 has a policy of funding acquisitions with a 50-50 mix of
cash and stock, this year's drop in share price has constrained its
ability to make further acquisitions. S4 has indicated that it will
put a halt to executing further M&A deals at least for the rest of
2022. This will slow down the pace of inorganic revenue growth for
the company but give it time to focus on resolving its operational
challenges.

Moody' adjusted gross leverage for S4 Capital will rise to around
16.0x at the end of 2022 after deducting 50% of the expected
employment linked contingent consideration expenses (estimated at
around GBP165-185 million) from reported EBITDA (expected at GBP120
million). Moody's adjusted net leverage (adjusted for 50% of
contingent consideration expense and deferred consideration) for
2022 will also increase to around 10.3x. This is because the
company will make GBP57 million of total cash payments in 2022
towards contingent consideration.

In FY2023, the company could achieve significant deleveraging
absent of any material acquisitions, if it is able to steadily grow
its revenue and EBITDA. This suggests that the company has
potential to achieve leverage metrics in line with the Ba3 category
provided its contingent consideration expense reduces in 2023 and
it is able to successfully preserve and improve its EBITDA margin.
However, Moody's remain cautious on the growth outlook for 2023 in
the backdrop of the global recessionary macro-economic environment
with high inflation levels. Market consensus currently expects
revenue growth of at least 10-15% for S4 Capital in 2023, but these
forecasts can be swiftly revised downwards if the global economic
recession deepens. Nevertheless, Moody's would expect S4 Capital to
continue to outperform the overall digital advertising market as it
also has businesses in digital transformation, marketing technology
software and data analytics which may prove relatively more
resilient in a recessionary environment.

S4 Capital's liquidity profile is adequate. The company's cash on
balance as of June 30, 2022 was GBP193 million. The company also
has access to a GBP100 million committed, undrawn revolving credit
facility due August 2026. In 2023, the company has to meet a cash
outflow of GBP107 million related to contingent consideration. It
has no near-term debt maturities. Its revolving credit facility
benefits from a springing financial covenant under which the
company will maintain adequate headroom.

ESG CONSIDERATIONS

S4 Capital has highly negative exposure to governance risks. On May
6, 2022, S4 Capital announced its 2021 preliminary full year
results after two postponements in April 2022. The delay has pushed
S4 Capital to establish stricter financial controls and new risk
and governance procedures. The company has a clearly defined
financial policy of a maximum reported net leverage not exceeding
1.5x-2.0x but has so far had a highly active M&A strategy. Its
profit margin has come under pressure as it has not been able to
effectively manage its cost structure while growing aggressively
via M&A.

Sir Martin Sorrell's reputation is highly valuable to S4 Capital,
but it carries key-man risk. This risk is generally quite difficult
to mitigate but S4 Capital's management team benefits from having
some highly experienced senior members.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook reflects the execution risks associated with
the company's efforts to protect and improve its EBITDA margin
while continuing to grow its revenues steadily over the next 12-18
months despite a difficult global macro-economic environment.

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

Downward rating pressure is likely if (1) the company fails to see
healthy organic revenue growth and is not able to preserve and
improve its EBITDA margin in 2023; and/ or (2) it loosens its
financial policy to accommodate expensive merger targets such that
Moody's adjusted Gross Debt/ EBITDA remains sustainably above 4.0x
and/ or its liquidity profile weakens meaningfully.

Upward rating pressure will build over time as the company (1)
demonstrates a track record of organic and inorganic revenue and
EBITDA growth that helps expand its scale and quality of
operations; and (2) maintains a conservative financial policy such
that Moody's adjusted Gross Debt/ EBITDA is maintained sustainably
below 3.0x together with healthy free cash flow generation.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

S4 Capital PLC, a new age digital and marketing services company,
was formed in May 2018 by Sir Martin Sorrell. For the last six
months ended June 30, 2022, the company's PF net sales (gross
profit) was GBP375 million and its PF operational EBITDA (as
calculated by S4 Capital) reached GBP30 million.


WASPS: Coventry Council Says No Plans to Offer Financial Support
----------------------------------------------------------------
Bobby Bridge at CoventryLive reports that Coventry City Council has
rejected claims it plans to offer a financial support package to
Wasps.

It was reported that a meeting had been called for Labour
Councillors to vote on Oct. 14 on a financial package to help Wasps
"stave off" administration, CoventryLive relates.

According to CoventryLive, two hours after the reports surfaced,
the authority took to its Twitter account to set the record
straight.  It said: "Contrary to inaccurate media reports, there
are NO plans to offer a financial support package to help
#WaspsRugby stave off administration."

On Oct. 12, Wasps Holdings Limited, the company that owns the rugby
club, announced it was "likely" to go into administration in the
coming days, with confirmation set to follow on Monday, Oct. 17, in
court, CoventryLive discloses.

A statement explained there was "insufficient cash at this time to
continue to fund operations" while negotiations over a takeover or
fresh investment were taking place, CoventryLive notes.

Attempts to gain bridging finance from investors were not completed
in time, CoventryLive states.  Wasps subsequently withdrew
themselves from the Oct. 15 game against Exeter Chiefs and were
suspended from the Gallagher Premiership by the RFU, CoventryLive
recounts.

BBC CWR reported that confirmation of administration -- which would
result in Wasps' relegation from the top flight -- was not a
foregone conclusion, according to CoventryLive.

"Councillors on Coventry City Council have been called to an
emergency meeting tonight where it's understood they will vote on
signing off a financial support package to help Wasps stave off
administration," CoventryLive quotes the media outlet as saying.


WORCESTER WARRIORS: Central Contracts for Players to Be Discussed
-----------------------------------------------------------------
Nick Purewal at Independent reports that Bill Sweeney believes even
the once "nuclear" option of central contracts for England players
will be discussed to solve club rugby's financial crisis.

The Rugby Football Union chief executive revealed central contracts
and two-tier deals will be floated as part of wide-ranging plans to
reshape the sport in England, Independent relates.

Mr. Sweeney pledged the RFU will keep thrashing out a way forward
with Premiership Rugby (PRL), with Worcester in administration and
Wasps poised to follow suit, Independent discloses.

The RFU and PRL are already in talks on a new Professional Game
Agreement (PGA), despite current terms not expiring until June
2024, Independent states.

But with clubs racked with debt and benefactor owners adding the
league's main ballast, Mr. Sweeney wants radical changes to bring
about self-sufficiency, Independent notes.

According to Independent, when asked if central contracts could be
an option to alleviate financial burden on cash-strapped clubs, Mr.
Sweeney replied: "I think everything's on the table to be
discussed.

"And everyone who's around the table wasn't part of the old days
when there was animosity between club and country.  And this is a
fresher set of eyes that are looking at it.

"But there are certain phrases that are like nuclear buttons, and
the phrase 'central contracts' tends to have that nuclear effect.

"There are higher-level salaries for those playing for England, and
then there's the amount of time they spend playing for their club.

"So is there a different way that we can work with PRL and the
clubs to mitigate the expense they are facing on that side of
things and have a better structure in place? To achieve greater
financial stability for the clubs and better preparedness for the
national team."

Asked if joint contracts shared between club and country could also
work, Mr. Sweeney continued: "Possibly. And I would say that all of
these possibilities are on the table, because of what's happened.

"This has created an opportunity, albeit using a word like that
doesn't feel appropriate. But it's a chance now to address ideas
that have been knocking about for some time."

Mr. Sweeney wants major governance reform in English club rugby, to
stop another club going the way of Worcester and Wasps, Independent
discloses.

Worcester rugby director Steve Diamond understandably lamented the
lack of intervention from either Premiership Rugby or the RFU as
the Warriors went to the wall, Independent relays.

But Mr. Sweeney insisted the current regulations left the two
governing bodies without the requisite power to take stronger
action, Independent notes.

"I don't think it's accurate to say we stood to one side and let it
all happen," Independent quotes Mr. Sweeney as saying.

"We knew Worcester were in a precarious position because the
winding-up petition was issued in August and it was Oct. 5 when
they had to pay the outstanding GBP6.5 million debt to HMRC.

"We were not in a position to put them into administration prior to
the season starting, nor were PRL.  And that goes to issues around
governance.

"The only body that could have done would have been DCMS
(Department for Digital, Culture, Media and Sport) because of
Government loans as a creditor, and they were reluctant to do that
as they wanted to find a credible bidder.

"The issue is what could have been done and how do we change that
going forward."




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

[*] BOND PRICING: For the Week October 10 to October 14, 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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delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
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