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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 24, 2022, Vol. 23, No. 206

                           Headlines



B E L G I U M

TELENET GROUP: S&P Affirms 'BB-' ICR on Partnership With Fluvius


I R E L A N D

OZLME IV: Fitch Affirms B+sf Rating on Class F Notes


I T A L Y

DEDALUS ITALIA: S&P Lowers LongTerm ICR to 'B-', Outlook Stable


N E T H E R L A N D S

JUBILEE CLO 2015-XVI: S&P Affirms 'B-(sf)' Rating on Cl. F Notes
PROMONTORIA HOLDING: S&P Places 'B' ICR on CreditWatch Positive


S P A I N

JOYE MEDIA: S&P Upgrades ICR to 'B-' on Completed Refinancing


S W I T Z E R L A N D

SRPSKA FABRIKA: GlobalGlass Takes Over Business


T U R K E Y

KOC HOLDING: S&P Lowers Long-Term ICR to 'B', Outlook Stable


U N I T E D   K I N G D O M

BULB ENERGY: Ovo Energy Launches Last-Minute Bid
DAILY MAIL: Fitch Alters Outlook on 'BB+' LongTerm IDR to Negative
JEHU GROUP: Set to Enter Administration, Ceases Trading
LIBERTY GLOBAL: Egan-Jones Keeps BB Senior Unsecured Ratings
PEARL SERVICES: Enters Liquidation, 70+ Jobs Affected

THG PLC: Fitch Alters Outlook on 'B+' LongTerm IDR to Negative
VIVO ENERGY: S&P Affirms 'BB+' LongTerm ICR, Outlook Stable
ZEPHYR MIDCO: S&P Affirms 'B-' ICR & Alters Outlook to Negative
[*] UK: Businesses in Significant Financial Distress Up 8% in 3Q


X X X X X X X X

[*] BOND PRICING: For the Week October 17 to October 21, 2022

                           - - - - -


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B E L G I U M
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TELENET GROUP: S&P Affirms 'BB-' ICR on Partnership With Fluvius
----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' issuer and issue ratings on
Telenet Group Holding N.V. (Telenet) and its debt.

The stable outlook reflects S&P's view that Telenet will
demonstrate about 1% organic EBITDA growth in 2022, thanks to the
continued solid performance of its broadband segment and price
increases. This should translate to S&P Global Ratings-adjusted
leverage falling below 4.5x by 2023, partly thanks to lower lease
liabilities after partnering with Fluvius System Operator
(Fluvius).

The partnership with Fluvius will slightly reduce Telenet's
adjusted leverage, with dividend cuts and its recent tower business
sale providing sufficient funding for increased capital expenditure
(capex) and macro uncertainties. S&P expects Telenet's adjusted
leverage to decline to slightly below 4x in 2023 due to the the
removal of the EUR0.5 billion long-term "erfpacht" lease liability
to Fluvius and the meaningful cash balance from the recent sale of
Telenet's mobile telecommunications towers (largely offset by a
respective lease liability and deferred spectrum liability).

S&P said, "While adjusted leverage should slightly creep toward 4x,
as Telenet invests cash to upgrade its network to FTTH, we expect
the dividend reduction to EUR1 per share will cover a large portion
of the increased capex, which we assume will amount to EUR1 billion
over 2023-2026. In addition, the expected leverage reduction
provides Telenet with a significant buffer for any operating
underperformance during the peak network build period. This is
especially important as we expect Telenet will be exposed to wage
indexation linked to continued inflationary pressure in 2023, as
well as rising electricity costs, and potentially softer demand for
broadband upgrades and video products as consumers battle with the
increasing cost of living. We currently assume this will mean a
slight reduction in Telenet's EBITDA margin in 2023 and, overall,
about flat EBITDA compared with 2022 (before the positive effect of
removing the lease liability fees to Fluvius). However, we see
significant headroom for underperformance versus our current base
case within the current rating.

"Telenet has demonstrated a track record of a prudent financial
policy, reflected by the company sticking to its leverage target as
well as its cash flow priorities. We view Telenet's recent actions,
including the diversion of cash flows toward network investments
instead of shareholder remuneration, sticking to its leverage
target, and retaining the proceeds from its recent towers sale, as
positives for our view of its financial policy. Therefore, we see
very limited risk of an increase in gross debt over the medium
term.

"We see the combination with Fluvius and planned network upgrade as
positive to Telenet's long-term market position, but think the
return on investment is not likely to be material in the next two
years. We think that the upgrade of the majority of the network to
FTTH is a defensive move that will help Telenet maintain its
competitive advantage versus competitors, including the incumbent
telecom operator Proximus. In addition, we see scope for increased
wholesale revenues on the upgraded network based on a greater
appetite for alternative fixed line players to access a full fiber
network, rather than a cable coaxial network. We also think the
full fiber network may be appealing to customers looking to upgrade
their contracts, but that creating a significant revenue uptick
will likely take more than two years, especially given
macroeconomic uncertainties and the rise in household bills.

"We do not think that the netco's creation will meaningfully impair
Telenet's debt recovery. We understand that the netco will be part
of the debt restricted group and act as a guarantor to Telenet's
debt facilities. In addition, there will be no external debt at the
level of the netco and, hence, we do not see any priority
liabilities within the capital structure.

"We also expect the valuation of Telenet's stake in the netco to be
broadly in-line with the previous network, as Telenet will now own
two-thirds of a larger network--compared with full ownership of a
network that covers about two-thirds of the netco's coverage. We
also think the netco's value should grow over time, thanks to
planned investments--offsetting the loss of the tower assets.

"Any further sell down of Telenet's stake in the netco could affect
our view of the company's business risk profile. This is because we
view a purely telecom service company as a riskier business than
being a majority owner of the network. Majority ownership has
economic benefits that mean significantly higher margins and
operating leverage, as well as control over strategic investments
in the network. The network also provides a relatively stable
stream of high-margin wholesale revenues and could be a
differentiating factor compared with competitors.

"The stable outlook reflects our view that Telenet will demonstrate
about 1% organic EBITDA growth in 2022, thanks to the continued
solid performance of its broadband segment and price increases, and
about flat EBITDA in 2023, before the positive impact of removing
lease liability fees to Fluvius, driven by softer demand and
inflationary costs pressures. This should translate to adjusted
leverage falling below 4.5x by 2023, partly thanks to lower lease
liability after partnering with Fluvius.

"We could lower the rating if Telenet adopted a more aggressive
financial policy, leading to an adjusted debt to EBITDA of about 5x
or adjusted free operating cash flow (FOCF) to debt (excluding
spectrum and the benefit of vendor financing) below 5% for a
prolonged period. This could also stem from more fierce
competition, causing higher churn, or price pressure with unchanged
shareholder remuneration.

"We could also lower the rating if Telenet generates persistently
negative free cash flow after leases.

"The rating on Telenet is capped at the level of the rating on its
parent, Liberty Global PLC (BB-/Stable/--). We could raise the
rating on Telenet if we raised the rating on Liberty Global and, at
the same time, Telenet tightened its financial policy so as to
target adjusted debt to EBITDA of about 4x and FOCF to debt,
excluding vendor financing, at or more than 10% sustainably. We
regard this scenario as unlikely, given our stable outlook on the
parent and our expectation that Telenet will maintain its net
leverage target of 3.5x-4.5x."

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




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I R E L A N D
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OZLME IV: Fitch Affirms B+sf Rating on Class F Notes
----------------------------------------------------
Fitch Ratings has revised the Outlooks on classes B to F notes to
Stable from Positive, while affirming its notes.

   Debt                  Rating            Prior
   ----                  ------            -----
OZLME IV DAC
  
   A-1 XS1829320784   LT AAAsf  Affirmed   AAAsf
   A-2 XS1829321592   LT AAAsf  Affirmed   AAAsf
   B XS1829321089     LT AA+sf  Affirmed   AA+sf
   C-1 XS1829323291   LT A+sf   Affirmed   A+sf
   C-2 XS1834897040   LT A+sf   Affirmed   A+sf
   D XS1829322137     LT BBB+sf Affirmed   BBB+sf
   E XS1829322301     LT BB+sf  Affirmed   BB+sf
   F XS1829323705     LT B+sf   Affirmed   B+sf

TRANSACTION SUMMARY

The transaction is a cash flow collateralised loan obligation
backed by a portfolio of mainly European leveraged loans and bonds.
The transaction is actively managed by Sculptor Europe Loan
Management Limited and will exit its reinvestment period on 27
October 2022.

KEY RATING DRIVERS

Reinvestment Period Near Close: Following the expiry of the
reinvestment period, the manager can still reinvest unscheduled
principal proceeds and sale proceeds from credit improved and
credit risk obligations as long as the reinvestment criteria are
satisfied.

Fitch believes that the manager will be able to reinvest after the
reinvestment period, and as such has assessed the transaction by
stressing to their covenanted limits for Fitch-calculated weighted
average rating factor (WARF), Fitch-calculated weighted average
recovery rate (WARR), weighted average spread and fixed-asset
limits. Fitch has applied a haircut of 1.5% to the stressed WARR
covenant to reflect the old recovery rate definition in the
transaction documents, which can result, on average, in a 1.5%
inflation of the WARR relative to Fitch's latest CLO Criteria.

Stable Outlook: The Stable Outlooks on all notes reflect the
uncertain macroeconomic environment, and its expectation that
deleveraging will be limited since the transactions can still
reinvest.

Stable Asset Performance: The transaction's metrics indicate stable
asset performance. The transaction is passing all the tests
(collateral-quality, coverage and portfolio-profile tests).
Exposure to assets with Fitch-derived ratings of 'CCC+' and below
is 3.4%, as calculated by the trustee.

High Recovery Expectations: Senior secured obligations comprise
96.7% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch-calculated WARR of the current
portfolio as reported by the trustee was 66.4%. The
Fitch-calculated Fitch WARR for the portfolio using the latest
criteria WARR definitions was 63.60%.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration is 13.32% of the portfolio balance and no obligor
represents more than 1.5%.

Cashflow Modelling: Fitch used a customised proprietary cash-flow
model to replicate the principal and interest waterfalls and the
various structural features of the transaction, and to assess their
effectiveness, including the structural protection provided by
excess spread diverted through the par- value and interest-coverage
tests.

Deviation from Model-Implied Ratings: The class B notes' rating are
lower than their model-implied rating (MIR) by one notch. The
deviation is motivated by the current economic uncertainty, limited
default rate cushion at the MIR based on the stress portfolio, and
that the transaction is yet to deleverage

RATING SENSITIVITIES

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

A 25% increase in the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings
based on the current portfolio would result in downgrades of two
notches and three notches for the class E and F notes respectively
and there would be no impact on the other notes. Downgrades may
occur if the loss expectation of the current portfolio is larger
than initially assumed, due to unexpectedly high levels of defaults
and portfolio deterioration. Class B, E and F display rating
cushions of one notch, class D displays a rating cushion of two
notches, while classes A and C has no rating cushions.

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

A 25% reduction of the mean RDR and a 25% increase in the RRR
across all ratings of the stressed portfolio would result in
upgrades by three notches for classes D, E and F. Upgrades may
occur on better-than-expected portfolio credit quality and deal
performance, leading to higher credit enhancement and excess spread
available to cover losses in the remaining portfolio.

DATA ADEQUACY

OZLME IV DAC

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

The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.

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

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




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

DEDALUS ITALIA: S&P Lowers LongTerm ICR to 'B-', Outlook Stable
---------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer and issue ratings
on European healthcare software provider Dedalus Italia S.p.A. to
'B-' from 'B'. The recovery rating remains at '3'.

The stable outlook reflects S&P's view that the company's revenue
will increase more than 5% in 2022-2023 while adjusted EBITDA
margin and leverage will gradually improve, with increasing
investment offset by synergies and slightly lower nonrecurring
operational costs.

Increasing growth-driven investment, operational disruptions, and
high nonrecurring costs are weighing on the adjusted EBITDA margin
and credit metrics.

S&P said, "Dedalus' operational performance in 2021 and first-half
2022 were weaker than we had forecast. In particular the company's
adjusted EBITDA margin stood at about 15%, much lower than the
average of 25%-30% of other software peers and our forecast of
19%-21%. The margin underperformance is mainly attributed to costs
related to the acquisition and integrations, the company's
increasing spending on R&D, sales, and marketing, delays in the
customer procurement process, and operational disruptions caused by
its internal ERP rollout. We think the company's margin will remain
under pressure in 2022-2023 because of ongoing investment to remain
competitive and still high integration and IT-related costs.
Additionally, we think the company's service-driven business is
likely to be affected by inflationary wage pressure, despite the
company's relatively good ability to pass on costs to its end
customers. As a result, we forecast the company's adjusted leverage
will remain above 12x in 2022. While we see some improvement in
2023, we forecast it will remain above 10x. We also forecast
negative FOCF of up to EUR50 million in 2022 compared with about
EUR45 million outflow in 2021, largely driven by billing delays
caused by the company's ERP implementation. We expect FOCF to turn
positive in 2023, in part supported by reversal of working capital
swings from 2022, but recurring free cash flow will remain
relatively low compared with Dedalus' significant debt amount. We
therefore think the company's credit metrics are weaker than 'B'
rated peers, which generally enjoy a much higher margins and cash
flows."

Large acquisition appetite and interest-accruing payment-in-kind
(PIK) debt constrain deleveraging prospects. Following Dedalus'
EUR955 million Aceso acquisition in 2020, the company spent about
EUR749 million in 2021 on various acquisitions including DXC
Technology's healthcare software solutions. As a result, the
company's total adjusted debt increased to about EUR1.5 billion in
2021 from about EUR938 million in 2020, leading to adjusted debt to
EBITDA increasing to 12.9x pro forma. S&P said, "We think the
company will limit its mergers and acquisitions (M&A) in the short
term, with less than EUR50 million planned in 2022, because of its
focus on integration of past acquisitions, new product development,
and strengthening its IT infrastructure as a group. However, in the
medium term we think the company will likely leverage its leading
position in the hospital and clinics market in Europe and continue
to push for consolidation through acquisitions." This would likely
lead to additional debt because of the company's limited cash flow
and sustained high transaction and integration costs, limiting its
long-term deleveraging prospects. Furthermore, the company has a
sizable interest-accruing PIK facility (about EUR216 million at the
end of 2021), which will result in a steady increase of adjusted
debt on accrual of the interest.

Good growth prospects thanks to increasing healthcare
digitalization spending. S&P said, "We think the company enjoys a
favorable tailwind supported by increased spending on healthcare
digitalization, which will be less affected than other sectors by
slowing economic growth in Europe. Despite project delays in Italy
and international markets outside Europe, the company's revenue
increased 4.4% in first-half 2022, with the total order book
increasing by 11.6%. We expect the company's revenue will increase
in 2023 by 7%-8% because of pent-up demand, particularly in
Italy."

The resilient business model stems from mission critical healthcare
software and IT services. S&P said, "We think the company's
business resiliency stems from the importance of the company's
healthcare software and services, which are deeply embedded in the
daily operations of hospitals, clinics, and general practitioners.
Additionally, the company enjoys favorable contract terms of three
to five years, and has a very low churn rate of less than 2%. There
are also high switching costs due to the complexity of the products
and the initial license fee. Moreover, we consider products sold to
public hospitals as relatively recession-proof because demand for
healthcare remains stable, and public hospitals will have a budget
to spend through economic cycles."

S&P said, "The stable outlook reflects our view that the company's
revenue will increase more than 5% in 2022-2023 while adjusted
EBITDA margin will gradually improve, with increasing investment
offset by synergies and slightly lower nonrecurring operational
costs. We expect the company's adjusted leverage will remain above
10x, with up to EUR50 million net FOCF outflow in 2022 before FOCF
turns positive in 2023.

"We could lower the rating if Dedalus' revenue growth is much
slower than our current base case, or increasing investment and
inflationary wage pressure lead to sustained negative FOCF and
liquidity pressure.

"We think an upgrade is unlikely over the next 12 months
considering Dedalus' highly leveraged capital structure and
private-equity ownership. However, we could raise the rating by one
notch over the longer term if Dedalus significantly deleverages to
below 9x (7x excluding PIK), and FOCF to debt increases to 5% or
more on a sustained basis."

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




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

JUBILEE CLO 2015-XVI: S&P Affirms 'B-(sf)' Rating on Cl. F Notes
----------------------------------------------------------------
S&P Global Ratings raised its credit ratings on Jubilee CLO
2015-XVI DAC's class B1-R and B2-R to 'AA+ (sf)' from 'AA (sf)'. At
the same time, S&P raised to 'AA (sf)' from 'A+ (sf)' its rating on
the class C-R notes, to 'A (sf)' from 'BBB (sf)' its rating on the
class D-R notes, and to 'BB+ (sf)' from 'BB (sf)' its rating on the
class E-R notes. S&P affirmed its 'AAA (sf)' ratings on the class
A1-R and A2-R notes, and its 'B- (sf)' rating on the class F notes.


The rating actions follow the application of its global corporate
CLO criteria and its credit and cash flow analysis of the
transaction based on the September 2022 trustee report.

S&P's ratings address timely payment of interest and ultimate
principal on the class A1-R, A2-R, B1-R, and B2-R notes and
ultimate payment of interest and principal on the class C-R, D-R,
E-R, and F notes.

Since S&P reviewed the transaction in 2020:

-- The weighted-average rating of the portfolio is unchanged at
'B'.

-- As the CLO has begun amortizing, the portfolio has become less
diversified (the number of performing obligors has decreased to 113
from 166).

-- The portfolio's weighted-average life has decreased to 2.99
years from 4.80 years.

-- The percentage of 'CCC' rated assets has decreased to 4.56%
from 10.05%.

Despite a more concentrated portfolio the scenario default rates
have decreased for all rating scenarios, mainly due to the
reduction in the weighted-average life of the portfolio to 2.99
years from 4.80 years and improvement in credit quality.

  Portfolio Benchmarks
                                       CURRENT      PREVIOUS

  SPWARF                              2,887.33      2,919.40

  Default rate dispersion (%)           670.14        705.45

  Weighted-average life (years)           2.99          4.80

  Obligor diversity measure              76.93        104.80

  Industry diversity measure             18.24         18.92

  Regional diversity measure              1.21          1.22

  SPWARF—S&P Global Ratings weighted-average rating factor.


On the cash flow side:

-- The reinvestment period for the transaction ended in December
2019. The class A notes (A1-R and A2-R) deleveraged by EUR78.08
million since then.

-- No class of notes is deferring interest.

-- All coverage tests are passing as of the September 2022 trustee
report.

  Transaction Key Metrics
                                       CURRENT      PREVIOUS
  
  Total collateral amount (mil. EUR)*   313.21        396.97

  Defaulted assets (mil. EUR)             0.20          0.00

  Number of performing obligors            113           166

  Portfolio weighted-average rating          B             B

  'CCC' assets (%)                        4.56         10.05

  'AAA' SDR (%)                          56.78         63.99

  'AAA' WARR (%)                         37.22         37.63

*Performing assets plus cash and expected recoveries on defaulted
assets.
SDR--scenario default rate.
WARR--Weighted-average recovery rate.

  Credit Enhancement
                CURRENT (%)   PREVIOUS (%)

  A1-R            51.50          42.06

  A2-R            51.50          42.06

  B1-R            33.62          27.95

  B2-R            33.62          27.95

  C-R             25.64          21.66

  D-R             19.25          16.62

  E-R             11.08          10.17

  F                6.93           6.89

  Sub               N/A            N/A

Credit enhancement = [Performing balance + cash balance + recovery
on defaulted obligations (if any) – tranche balance (including
tranche balance of all senior tranches)]/ [Performing balance +
cash balance + recovery on defaulted obligations (if any)].

S&P said, "In our view, the portfolio is diversified across
obligors, industries, and asset characteristics. Nevertheless, due
to the CLO amortizing, it has become more concentrated (since our
previous analysis). The aggregate exposure to the top 10 obligors
is now 20.88%.

"Based on the improved scenario default rates, higher portfolio
weighted-average recovery, and higher available credit enhancement,
we raised our ratings on the class B1-R, B2-R, C-R, D-R, and E-R
notes as the available credit enhancement is now commensurate with
higher levels of stresses.

"At the same time, we affirmed our ratings on the class A1-R, A2-R,
and F notes.

"Our cash flow analysis indicated higher ratings than those
currently assigned for the class B1-R, B2-R, C-R, and D-R notes.
However, we considered that the manager has and may still reinvest
unscheduled redemption proceeds and sale proceeds from
credit-impaired and credit-improved assets (such reinvestments, as
opposed to repayment of the liabilities, may therefore prolong the
note repayment profile for the most senior class of notes). We also
took into account the considerable portion of senior notes
outstanding with low redemptions due on the underlying portfolio in
the next 18 months, and current macroeconomic conditions.

"For the class F notes, our credit and cash flow analysis indicates
that the available credit enhancement could withstand stresses that
are commensurate with a lower rating. However, we have applied our
'CCC' rating criteria resulting in a 'B- (sf)' rating for this
class of notes.

"Our affirmation of our 'B- (sf)' rating on the class F notes
reflects the available credit enhancement for this class, the
portfolio's average credit quality and, comparing our model
generated breakeven default rate at the 'B-' rating level versus
the long-term sustainable default rate. We also assessed (i)
whether the tranche is vulnerable to nonpayments soon, (ii) if
there is a one in two chance of this tranche defaulting, and (iii)
if we envision this tranche defaulting in the next 12-18 months.
Following this analysis, we consider that the available credit
enhancement for the class F notes is commensurate with a 'B- (sf)'
rating."

Counterparty, operational, and legal risks are adequately mitigated
in line with S&P's criteria.

Following the application of S&P's structured finance sovereign
risk criteria, it considers the transaction's exposure to country
risk to be limited at the assigned ratings, as the exposure to
individual sovereigns does not exceed the diversification
thresholds outlined in its criteria.


PROMONTORIA HOLDING: S&P Places 'B' ICR on CreditWatch Positive
---------------------------------------------------------------
S&P Global Ratings placed all of its ratings on Promontoria Holding
264 B.V. (WFS), including its 'B' issuer credit rating, on
CreditWatch with positive implications to indicate that S&P may
raise its ratings on WFS by at least one notch as its credit
quality may improve after the acquisition.

Singapore-listed aviation services provider SATS has entered into
an agreement to buy the holding company of air cargo and ground
handling operator WFS, Promontoria Holding 264 B.V. (WFS), from
Cerberus Capital Management for an enterprise value of EUR2.25
billion.

S&P said, "We plan to resolve the CreditWatch when the transaction
closes, which management anticipates will occur in first-quarter
2023. The result of our CreditWatch resolution will depend on our
assessment of the combined company's creditworthiness, including
capital structure, WFS' status within SATS, as well as its future
stand-alone credit quality.

"The CreditWatch placement follows SATS' announcement that it had
entered into an agreement to acquire the entire equity interest in
WFS, which is currently owned by private-equity firm Cerberus
Capital Management. According to SATS, at an enterprise value of
EUR2.25 billion, WFS is valued at a multiple of 9.7x its unaudited
EBITDA for the last 12 months (pro forma for full-year contribution
of the Mercury and Pinnacle acquisitions that WFS made in 2021),
excluding synergies. We expect the transaction will close in the
first quarter of 2023, subject to shareholder and regulatory
approvals.

"The transaction should enable SATS to broaden its geographical
reach, reduce its reliance on direct exposure to the number of air
travel passengers, enhance its digital transformation capabilities,
and provide cross-selling opportunities. SATS should also be able
to leverage WFS' extensive expertise and top position in cargo
handling with a stronger value proposition for customers through
its larger network that spans the Americas, Europe, and
Asia-Pacific. We believe the combined company will have increased
scale, growth, and synergy opportunities, and that its credit
metrics may be stronger than those of WFS currently. As a result,
we believe that WFS' creditworthiness may also improve after the
transition.

"We understand that SATS intends to retain the WFS brand and its
management, and WFS' debt that the company issued earlier this year
(including EUR340 million and $400 million fixed-rate senior
secured notes as well as EUR250 million floating-rate senior
secured notes all due in 2027) will remain outstanding upon
closing.

"We understand that SATS intends to finance the acquisition via a
combination of equity, hybrid securities, debt and cash on its
balance sheet, but the final funding structure is yet to be
determined. Details on the combined entity's planned capital
structure and its medium-term leverage are unavailable at this
stage, but we anticipate that leverage may be more conservative
than under the private-equity ownership. We note SATS' public
commitment to prudent balance sheet management with reported net
leverage below 4x.

"The CreditWatch positive placement indicates that we may raise our
ratings on WFS by at least one notch as its credit quality may
improve after its acquisition by SATS, and in view of the increased
scale, growth, and synergy opportunities that the combined company
will have, along with stronger credit metrics. The result of our
CreditWatch resolution will depend on our assessment of the
combined company's creditworthiness, including capital structure,
WFS' status within SATS, as well as its future stand-alone credit
quality."

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




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

JOYE MEDIA: S&P Upgrades ICR to 'B-' on Completed Refinancing
-------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Joye Media SLU to 'B-' from 'CCC-' and removed it from CreditWatch
developing, where it was placed on July 25, 2022.

At the same time, S&P assigned its 'B-' issue rating and '3'
recovery rating to the new EUR500 million term loan, reflecting its
expectation of meaningful recovery (65%) in case of default.

S&P withdrew its issue ratings on the group's previous debt
instruments, since these were repaid as part of the refinancing.

The stable outlook reflects S&P's expectation that Joye Media's S&P
Global Ratings-adjusted EBITDA will stay above EUR150 million in
2022-2024, keeping leverage well below 5.0x throughout the period,
while the group's free operating cash flow (FOCF) after leases will
turn positive from 2023.

On July 25, 2022, Joye Media, parent of European audio-visual group
Mediapro, issued a EUR500 million senior secured uni-tranche loan
and refinanced its existing capital structure.

The transaction lowers the group's financial leverage, eliminates
refinancing risk, and provides a more sustainable capital
structure, ending the lengthy financial restructuring started in
July 2021.

The EUR500 million refinancing ends Joye Media's lengthy
restructuring process. In July 2022, Joye Media successful issued a
EUR500 million term loan, refinancing its whole capital structure.
The restructuring process started in July 2021, when the group's
lenders agreed to waive interest and amortization payments,
following a significant deterioration in its performance.
Restructuring negotiations lasted until June 2022, when a EUR620
million equity injection allowed Joye Media to repay half of its
first-lien debt. With the recent term loan issuance, the group
reimbursed the remaining portion of the restructured debt,
finalizing the process and securing a long-term sustainable capital
structure.

The transaction substantially lowers the group's leverage. The
EUR500 million refinancing provides the group with a sustainable
capital structure and strengthens its liquidity, eliminating
short-term refinancing risk. Post transaction, the group's
financial debt amounts to EUR500 million, about half of the 2021
level. Therefore, we estimate Joye Media's S&P Global
Ratings-adjusted leverage dropped to about 4x at closing, from 6.6x
in 2021. Current leverage is broadly comparable to 2019 levels, and
we consider it more sustainable, given the company's current size
and business prospects.

Joye Media's sports rights business is much smaller than before the
COVID-19 pandemic, but remains exposed to contract risk. S&P said,
"We forecast Joye Media will report about EUR1.1 billion in revenue
and about EUR165 million of EBITDA in 2022, in line with 2021, but
30%-40% lower than in 2018-2019. The drop is mostly due to the
contraction of the sports rights business, linked to the expiration
of domestic Spanish La Liga broadcasting rights in 2019, the abrupt
end of the French League contract supposed to replace it in 2020,
and lower international agency commissions. We also note that the
majority of sports rights EBITDA is now linked to international La
Liga broadcasting rights contract, which expires in 2024 and, in
our view, has more uncertain renewal prospects given we expect a
competitive commercial renegotiation." Adverse outcomes on
expiration could include complete loss of the contract, or renewal
at terms less favorable than currently enjoyed by the company.

Joye Media now generates the majority of its operating profits from
audio-visual and studio activities. Given the contraction of sports
rights, Joye Media's revenue and operating profits are now mostly
generated by its audio-visual, studio, and innovation segments,
which accounted for more than two-thirds of reported EBITDA
(excluding the negative contribution of holding companies) in
first-half 2022. S&P considers that these business lines have good
growth prospects and are more stable than the sports rights
business. This is because they are less exposed to single-contract
renewal risk, while having more predictable working capital
cycles.

S&P said, "Good cash-balance and our expectation of positive FOCF
from 2023 support the group's liquidity profile. Following the
refinancing, Joye Media has about EUR150 million of cash on the
balance sheet, which provides a good buffer to manage its
operations. That said, we note the group does not have a committed
revolving credit facility (RCF), even if the new debt documentation
allows a specific basket for it. We estimate FOCF will turn
moderately positive from 2023, after 2022 performance suffered from
the significant fees and expenses related to the restructuring
transaction, as well as working capital unwinding. We forecast a
stable EBITDA base, neutral working capital flows, and limited
capital expenditure (capex) will support positive cash flow in
2023-2024. However, FOCF will remain constrained by elevated
interest expenses. The group's ability to generate structurally
positive FOCF is a key rating support.

"We understand Southwind Media Holdings Ltd. Hong Kong (Southwind)
took control of the group from private-equity fund Orient Hontai
Capital. Southwind, which injected EUR620 million of equity in June
2022, is an investment firm linked to Hao Tang, who was previously
a minority investor through Kunshan Technology Investment Ltd. The
capital increase made Southwind the controlling shareholder with
70%, while diluting the stakes of other shareholders. These include
private-equity fund Orient Hontai Capital, whose equity
participation dropped to 10.5%, advertisement group WPP, whose
participation dropped to 9.5%, and the two founders Josep Maria
Benet and Jaume Roures, whose participation dropped to 5.0% each.
We understand that Southwind's financial policy will be in line
with that of the previous controlling shareholder, Orient Hontai
Capital. Therefore, we continue assessing the group's financial
policy as FS-6.

"The stable outlook reflects our expectation that Joye Media's S&P
Global Ratings-adjusted EBITDA will stay above EUR150 million in
2023-2024, keeping leverage well below 5.0x, while the group's FOCF
after leases will turn positive from 2023.

"We could lower our ratings on Joye Media if the company's capital
structure becomes unsustainable, reliant on favorable economic and
financial conditions to meet its obligations, or we envisage
specific default events as an increasing possibility." In
particular, S&P could lower the ratings if:

-- Joye Media experiences a drop in revenue and profitability, due
to the loss of significant sports rights contracts or
underperformance in audio-visual and content in the current
macroeconomic environment that leads to a deterioration in forecast
sustainability or visibility on operating performance;

-- FOCF after lease-related payments remains negative for a
prolonged period, weakening its liquidity profile; or

-- In S&P's view, there is a higher risk of specific default
events or a selective default occurring.
S&P could raise its ratings on Joye Media in the next 12 months,
if:

-- The group demonstrates a track record of structurally
consistent positive FOCF after leases, driving its FOCF to debt
toward 10% on a sustainable basis and providing greater financial
flexibility;

-- Revenue and EBITDA increase ahead of our base-case forecast, on
the back of new profitable sports rights contracts, or faster
growth in its other segments; and

-- The group continues to show improvements in internal controls
and proves a track record of limited litigation.

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

S&P said, "Governance factors are a very negative consideration in
our credit rating analysis of Joye Media. The group was
historically involved in various legal cases, which we think
resulted in reputational and financial losses that ultimately
triggered its financial restructuring in 2021. The company,
including former employees and members of senior management, was
involved in criminal misconduct and corruption. Since then, it has
sought to further strengthen risk controls and processes. We note
that 2020 and 2021 audited accounts were released with significant
delays. Auditors issued a qualified opinion due to the
classification of short- and long-term debt that we understand is
going to be carried forward in 2022. Social factors are a
moderately negative consideration. The pandemic, for example,
placed strong pressure on customers in the group's value chain,
particularly sports and media companies, and therefore also on Joye
Media's working capital management."




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

SRPSKA FABRIKA: GlobalGlass Takes Over Business
-----------------------------------------------
Djordje Jajcanin at SeeNews reports that Swiss company GlobalGlass
is taking over insolvent Serbian glassmaker Srpska Fabrika Stakla
(SFS) for an undisclosed sum, the Slovenian subsidiary of
GlobalGlass, Steklarna Hrastik, said on Oct. 21.

According to SeeNews, the Slovenian company said in a press release
the Group will allocate over EUR100 million (US$97.5 million) in
the coming years to further modernise and expand business
operations in Slovenia and Serbia in line with its ambitious growth
plans for the European market.

"The bulk of production in Serbia will involve glass for the food
industry and supply of the Serbian market and markets of South-East
Europe, where there is a shortage of supply," Petar Cas, CEO of
Steklarna Hrastnik, was quoted as saying.

The takeover of SFS is pending approval by the competition
authorities and is expected to be completed by the end of the first
quarter of 2023, SeeNews discloses.

Last week, Paracin city authorities announced that a public auction
for SFS had failed, SeeNews relates.

SFS had been put up for sale on Sept. 7, SeeNews notes.




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

KOC HOLDING: S&P Lowers Long-Term ICR to 'B', Outlook Stable
------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Koc Holding A.S. (Koc) and issue rating on the company's unsecured
notes to 'B' from 'B+'.

The stable outlook mirrors that on Turkey, given Koc's dependence
on the T&C assessment.

On Sept. 30, 2022, S&P Global Ratings lowered its local currency
sovereign rating and transfer and convertibility (T&C) assessment
on Turkey to 'B' from 'B+', reflecting loose monetary and fiscal
policy settings as well as low net foreign currency reserve
levels.

S&P said, "Our rating on Koc is tied to our T&C assessment on
Turkey. The rating action on Koc follows a similar action on
Turkey. We continue to cap our rating on Koc with our T&C
assessment because most of its investee companies are based in
Turkey (and consequently its dividend inflows). This reflects our
view that the government would likely restrict access to
foreign-exchange liquidity for Turkish companies in a hypothetical
default scenario, creating obstacles to paying foreign-currency
debt." This concentration in Turkey also represents a constraint
for the holding's overall investment position, somewhat offsetting
the asset and sector diversity of its portfolio and its ample
liquidity cushion.

S&P said, "Koc's stand-alone credit profile (SACP) assessment is
four notches higher than our sovereign rating on Turkey, owing to
its well diversified and export-driven asset portfolio, low
leverage, and tight liquidity management.Among its investee
companies, Ford Otosan, Tofas, and Arcelik (about 45% of combined
portfolio value) derived about 77%, 67%, and 70% of their revenue,
respectively, from international sales in 2021 and are therefore
less affected by weaker domestic market conditions. Lira
depreciation also allows Turkey-based production to remain cost
competitive for export markets, especially at a time when global
consumer spending is challenged by high inflation. Overall, we
continue to view Koc's sector diversity favorably, which allows for
stability in income (dividend, management fees and interest income
of Turkish lira [TRY] 7.5 billion-TRY8.5 billion in 2022). Energy
business Tupras is performing strongly this year thanks to high
refining margins and so-far-resilient domestic demand, and as such
we anticipate it could further support the holding's dividend
income next year. The company, which has U.S.-dollar-linked sales,
was the holding's main dividend income source before the COVID-19
pandemic, with TRY1.3 billion received in 2018 and TRY1.5 billion
in 2019 (about 50% of total dividend income). Overall, we
anticipate the company will maintain a sound cash flow adequacy
ratio of 2.0x-3.0x this year and beyond (from 2.6x in 2021), which
should ultimately help restore and maintain its net cash position.

"We anticipate that Koc will maintain sufficient financial
flexibility to address its short-term debt maturities.At June 30,
2022, the holding had a modest S&P Global Ratings-adjusted debt
position of about TRY1.4 billion (excluding a TRY3.6 billion
additional Tier 1 [AT1] issuance by Yapi ve Kredi Bankasi A.S
[YKB]) reflecting the TRY3.5 billion purchase of an additional 18%
stake in YKB in April 2022. This translates into our loan-to-value
(LTV) ratio of 0.9% at June 30, 2022. We anticipate Koc will return
to a modest net cash position over the next 12 months, supported by
resilient dividend income from its investee assets and a prudent
dividend payout to its shareholders. With 92% of its TRY23.0
billion cash balance denominated in hard currency at June 30, 2022
(about $1.4 billion equivalent, placed with domestic as well as
international banks), we believe the company has an ample cushion
to absorb its $750 million upcoming bond maturity in March 2023. We
also expect management will retain a prudent financial policy
thereafter to address its second $750 million bond maturity in
March 2025. We believe this defensive treasury management will
continue to support the rating should operating and refinancing
conditions remain challenging. That said, the company's
weighted-average debt maturity of less than two years compares less
favorably to larger investment holding companies we rate, and
ultimately constrains our financial assessment despite its very low
leverage.

"Koc has a strong track record of low leverage and prudent risk
management. We assess the holding's management and governance as
strong. This assessment primarily reflects its highly experienced
management, solid strategic planning process, record of delivering
on its strategy, and very comprehensive risk-management and
performance-monitoring procedures. The holding has maintained a net
cash position since we assigned the rating and is tightly managing
its foreign exchange exposure thanks to a sizable cash balance in
hard currency.

"The stable outlook mirrors that on Turkey, given Koc's dependence
on the T&C assessment. The stable outlook on Turkey reflects
balanced risks to the country's creditworthiness: the central
government's remaining fiscal space against still-notable
balance-of-payments vulnerabilities, contingent liabilities from
state banks and public enterprises, and unpredictable policy
settings."

S&P could lower its rating on Koc if it lower its sovereign rating
and T&C assessment on Turkey.

S&P could raise the rating on Koc if it takes a similar positive
action on the sovereign rating and T&C assessment.

Environmental, Social, And Governance

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

S&P said, "Environmental factors are a moderately negative
consideration in our credit rating analysis of Koc. This is because
its portfolio has material stakes in companies exposed to high
greenhouse gas emissions such as Ford Otosan, Otokoc, Turk Traktor,
Tofas, and Otokar. Also, Koc is exposed to refineries through its
stake in Tupras. These assets make up close to 60% of the total
portfolio value, with the remainder in less exposed sectors like
finance and consumer durables. Koc's governance is exposed to high
country risk in Turkey, a negative factor compared with that of
other investment holdings in Europe, but we view positively the
group's extensive strategic planning process, track record of
delivering on its strategy, and very comprehensive risk-management
and performance-monitoring procedures."




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

BULB ENERGY: Ovo Energy Launches Last-Minute Bid
------------------------------------------------
Gill Plimmer at The Financial Times reports that Ovo Energy has
launched a last-minute effort to buy failed rival Bulb Energy
almost a year into a nationalisation that has cost the taxpayer at
least GBP4 billion.

Bulb was Britain's seventh-largest household energy supplier when
it collapsed last November as the result of soaring energy prices,
inadequate capitalisation and its failure to buy gas in advance,
the FT relates.  Its bailout is expected to be the most expensive
since the rescue of RBS during the 2008 financial crisis, the FT
notes.

The company, which has 1.4 million customers, has been temporarily
nationalised and is waiting for a long-running sales process to
complete, months after it closed in July, the FT discloses.

Octopus Energy had been the only company left in the running for
Bulb after British Gas owner Centrica and Middle East energy group
Masdar pulled out, the FT states.

But according to Bulb's administrators Teneo, Ovo on Oct. 20
submitted a letter of intent to Lazards, which is handling the
sales process, the FT relays.

No terms of the proposed Ovo deal have been released, according to
the FT.  A supplier with the combined customers of Bulb and Ovo --
Britain's third-biggest energy supplier -- would have almost a
fifth of the UK market, rivalling British Gas, the largest company
in the sector, the FT states.

Ovo first made an approach for Bulb soon after it collapsed last
November but did not make a formal offer during the sales process
this summer, the FT recounts.  When it released accounts for 2021
last month, Ovo revealed that until recent government interventions
it had been under financial pressure and in danger of breaching
bank covenants, the FT relays.

It is unclear whether the government could accept a bid from Ovo
since the sales process is already closed, according to the FT.

In talks over its proposed deal, Octopus has asked the government
to lock in Bulb's fuel purchases at a cost of about GBP1 billion,
although the government would be repaid as the energy is used, the
FT relays, citing people close to the Octopus bid.  Treasury rules
prevent administrators of nationalised companies from hedging.

The people said Octopus would pay more than GBP100 million up front
for Bulb and also pay a percentage of any profits on the customers
it inherits from the company, the FT relates.


DAILY MAIL: Fitch Alters Outlook on 'BB+' LongTerm IDR to Negative
------------------------------------------------------------------
Fitch Ratings has revised the Outlook on Daily Mail and General
Trust plc's (DMGT) Long-Term Issuer Default Rating (IDR) to
Negative from Stable. In addition, Fitch has affirmed the IDR and
senior unsecured instrument rating at 'BB+'.

DMGT has a portfolio of businesses that have variable growth
prospects and profitability. The company has a strong market
position within traditional print and online media, property
information and a small but successful Events business which
supports the rating.

However, the change of the Outlook to Negative reflects a
deteriorating macroeconomic environment leading to weaker revenue
visibility and profitability. Following the take-private and
payment of the special dividend, DMGT's leverage has increased and
Fitch expects deleveraging will take longer than Fitch previously
expected. Consequently, Fitch expects leverage to remain above its
downgrade threshold of 1.7x on a Fitch defined net debt to EBITDA
basis until FY24 (financial year ending September).

KEY RATING DRIVERS

Margin Pressure, Slower Deleveraging: Fitch-defined net debt to
EBITDA is projected to be 2.4x in FY22, only falling below its
downgrade threshold towards the end of FY24. Fitch usually gives
companies 18-24 months after a corporate event to restore leverage
to within its rating sensitivities. Fitch expects slower
deleveraging from weaker media profits, lower revenue from Landmark
and a slow ramp up on margin at dmg events impacted by a
challenging macroeconomic backdrop. Margin pressure is coming from
higher newsprint and distribution costs in the media business, and
higher staff cost. Future newspaper cover price increases and cost
reduction could provide margin relief although it is not without
some execution risk. DMGT's profitability is considered to be weak
at the rating level.

Macroeconomic Uncertainty: Fitch are projecting a contraction in
2023 in UK GDP with negligible growth in consumer spending.
Advertising spend experienced significant growth in 2021 and start
of 2022 reflecting post pandemic recovery, Fitch is projecting a
drop in UK advertising revenue starting in late 2022 and continuing
into 2023 as companies cut costs, followed by a recovery into 2024
in line with historical trends. Uncertainty in the UK property
market has been driven by an expected reversion following an
overheating in late 2021 and anticipated base interest rate rises
(which could reach up to 5%). Fitch believes this could see a
reduction in the volume of property transactions and as such, fees
earned by Landmark over FY23. Fitch acknowledges, any reduction may
be mitigated by some homeowners trading down to cheaper properties
due to affordability constraints.

Structural Decline of Print Media: Following the disposal of
certain B2B businesses, approximately 70% of FY21 revenue was
derived through DMG Media, with over half of that being generated
by circulation, and print media. This industry is in structural
decline and the long term sustainability of the sector relies on
the successful shift to a subscription model and online content.
Average monthly circulation of the Daily Mail has dropped 63% since
2000 indicating a 5% CAGR decline. Fitch believes DMGT is well
positioned to capitalise on the growth of online media and
advertising given its established brand and wide reach however, in
the UK, online news consumption has been unable to compensate for
print losses thus far and whilst it inevitably will, this is likely
to be spread across a broader set of media outlets beyond
traditional media.

Reduced Revenue and Cashflow Visibility: At FY21, reported
subscription revenues stood at 9% after removing RMS compared to
30% in FY20. This mean less visibility on revenues than in the
past. Fitch believes up to two thirds of revenues are now volume
driven. Digital advertising revenues make up a slightly larger
portion of revenues compared to FY20 (19% vs 13%) and Fitch
understands there are some minimum revenue guarantees in place with
the large tech companies in this space. Organic investments in the
Landmark platform aimed at improving efficiency and reducing
completion times are entering their conclusion. DMGT have also
recently introduced a subscription based model in print. These
efforts, along with steady growth in the largely
subscription-based, US data provider, Trepp, aims to introduce some
predictability to an otherwise less insulated operating model.

Pandemic Recovery: Circulation has gradually recovered as
restrictions have been removed, driven by recent global events and
the return of commuter traffic. However, Metro remains loss making
and in Fitch's view, is unlikely to return to pre-pandemic levels.
Encouragingly, dmg events has seen a swifter recovery with
attendances returning to pre-pandemic levels as three of the major
Gulf events were successfully held during FY22 with online events
not impeding the return to in-person events. Whilst there is a
greater focus on corporate expenses and the environment leading to
greater scrutiny on event attendance, expenditure on key events,
such as the big 5, is expected to remain robust and predictable
given their perceived importance. However, Events only accounts for
around 9% of revenues and the operating margin is expected to
remain depressed below pre-pandemic levels until FY24 due to higher
costs.

Reduced Scale, Portfolio Concentration: The scale and
diversification of the business has materially reduced over the
last five years as a result of several profitable disposals.
Reported revenues have halved from GBP1.7 billion in FY17 to GBP0.9
billion in FY21. The proportion of revenues generated from the UK
have increased from 57% in FY20 to 74% in FY21 excluding recent
disposals. Revenues from consumer media have increased from around
50% in FY21 with RMS to around 70% by 1H22, with Cash Operating
Income (Cash OI) following a similar trend. Whilst DMGT retains a
dominant market position in UK print media and through Landmark, in
its view, the current portfolio has a much greater exposure to
declining, more competitive or cyclically sensitive sectors, which
cannot be mitigated through the same level of diversification
enjoyed in the past.

DERIVATION SUMMARY

DMGT's credit profile is supported by the group's B2B and consumer
media portfolio and measured financial policy providing the
flexibility to manage operational risks. However, the medium- to
long-term visibility of cash flow is affected by uncertainties in
the evolution of print circulation and advertising, the likely need
for continued investment in new products and digital platforms. The
company's active management of its asset portfolio leads to more
limited visibility of the scale and scope of the business. As a
result, the thresholds for DMGT have been set tighter at the rating
level relative to peers.

Higher-rated larger peers with greater leverage flexibility such as
RELX PLC (BBB+/Stable) and Thomson Reuters Corporation
(BBB+/Stable) have a higher proportion of subscription-based
revenue, little/lower exposure to print, and bigger discretionary
cash flows that support higher leverage or ratings. Lower rated
peers Adevinta ASA (BB/Stable) and Springer Nature AG & Co. KGaA
(BB-/Stable) have higher leverage.

KEY ASSUMPTIONS

- Revenue to grow by CAGR of 2.4% in FY22-FY25 reflecting near term
pressures in the consumer business and challenging macroeconomic
outlook offset by improved growth prospects in the events and
property information businesses and economic recovery in later
years;

- Fitch-defined EBITDA margin of 10% in FY22, rising to 12% in
FY25;

- Slightly negative change in working capital at around -1% of
revenue per year between FY23 and FY25;

- Capex intensity of around 1.8%-2.0% in FY22-FY25;

- Dividends around GBP20 million per year growing steadily to GBP30
million by FY25;

- No significant M&A's forecast in FY23-FY25

RATING SENSITIVITIES

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

- Fitch defined Net Debt to Operating EBITDA sustained below 1.2x
(equivalent to FFO net leverage below 1.5x);

- Pre-dividend FCF margin above 5% on a sustained basis;

- Tangible improvement in the overall scale of the business, along
with a strengthening and visibility of operating margins.

Factors that could, individually or collectively, lead to a Stable
Outlook:

- Reach Fitch defined Net Debt to Operating EBITDA below 1.7x
(equivalent to FFO net leverage below 2.0x) faster than FY24;

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

- Fitch defined Net Debt to Operating EBITDA consistently above
1.7x (equivalent to FFO net leverage above 2.0x);

- Pre-dividend FCF margin below 3% on a sustained basis;

- Weakening consumer division operating profit trends, given the
importance of the consumer transition to online in the context of a
declining print news industry.

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: DMGT's liquidity profile has changed
following the take-private deal, with the cash balance materially
reducing following the payment of the special dividend and
contribution to the pension plan. Fitch expects the company to
generate stable low single digit FCF margins from FY22 to FY25.
Fitch believes DMGT has sufficient liquidity to cover short-term
liabilities from cash on balance sheet and an undrawn revolving
credit facility. The company has a GBP200 million outstanding bond
which matures in June 2027.

ISSUER PROFILE

DMGT is a diversified company with a portfolio of assets in the B2B
and B2C spaces. B2B investments include property information and an
events business. DMG Media is the B2C print and online media
business with most of the revenues earned by the Daily Mail, Mail
on Sunday and MailOnline news outlets.

ESG CONSIDERATIONS

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

   Debt                     Rating           Prior
   ----                     ------           -----
Daily Mail and General
Trust plc              LT IDR BB+  Affirmed    BB+

   senior unsecured    LT     BB+  Affirmed    BB+


JEHU GROUP: Set to Enter Administration, Ceases Trading
-------------------------------------------------------
Sion Barry at BusinessLive reports that one of Wales' oldest
construction and property development firms, Jehu, is set to
collapse into administration.

According to BusinessLive, it has blamed the move on inflationary
pressures decimating its cash reserves.

The Bridgend-based firm, which operates across South Wales and the
south-west of England, has made 104 employees redundant with
immediate effect, BusinessLive relates.

Jehu Group, Jehu Project Services and Waterstone Homes have ceased
trading, BusinessLive discloses.  Insolvency firm Begbies Traynor
is handling the administration process, BusinessLive states.
Delivering construction and development projects for housing
associations and local authorities in Wales and the south-west of
England, Jehu Project Services had 15 live contracts with a
remaining total value in excess of GBP100 million, according to
BusinessLive.

Family-run-and-owned Jehu said it has been hindered by fixed-price
contracts it had struck before the pandemic with profit margins
being wiped out by construction cost inflation spiralling by more
than 25%, BusinessLive notes.

"This situation underlines the crushing impact of the current
inflationary environment on an established and successful business.
Pre-pandemic, the group was highly profitable and by 2019 had
almost GBP7 million in net assets," BusinessLive quotes Huw Powell,
managing partner at Begbies Traynor in South Wales, as saying.

"It continued to win high profile projects and was an award-winning
business.  However, delays in completing projects caused by the
pandemic and subsequent cost increases caused a severe cash-flow
crisis that it could not recover from, despite support from key
stakeholders."

The creditor position is expected to run into millions of pounds,
BusinessLive states.  As with other contractor administrations the
local authorities and housing associations will look to appoint new
firms to complete outstanding projects, BusinessLive discloses.
Jehu recently secured a new GBP5 million lending facility from the
Development Bank of Wales, which was secured against assets,
BusinessLive relates.

In 2020, the development bank also supported a multi-million-pound
new funding line into the business, alongside Bibby Financial
Services and Santander, to support its growth plans, BusinessLive
recounts.

The business has been run by the Jehu family for four generations
after being established in 1935.  Its residential development arm
through, Waterstone Homes is currently delivering more than 1,000
homes.


LIBERTY GLOBAL: Egan-Jones Keeps BB Senior Unsecured Ratings
------------------------------------------------------------
Egan-Jones Ratings Company, on September 13, 2022, retained its
'BB' foreign currency and local currency senior unsecured ratings
on debt issued by Liberty Global, Inc.

Headquartered in London, United Kingdom, Liberty Global, Inc.
provides communications services.


PEARL SERVICES: Enters Liquidation, 70+ Jobs Affected
-----------------------------------------------------
Natasha Meek at Telegraph & Argus reports that a major Bradford
company has officially entered liquidation after 40 years of
trading.

According to Telegraph & Argus, more than 70 jobs have been lost at
PEC based on Commondale Way at the Euroway Industrial Estate.

Liquidators were appointed for the company's trading name, Pearl
Services UK Ltd, on Oct. 21, Telegraph & Argus relates.

The notice was placed in the London Gazette while a sign has been
pinned up on the entrance to PEC, Telegraph & Argus notes.

Creditors from Clough Corporate Solutions Ltd have also been
appointed, Telegraph & Argus discloses.  

PEC has been part of the city's economy for many years, offering
retail and commercial space fit-outs and refurbs - including
healthcare settings, schools, hotels, and more.

Managing director Sohan Panesar cited the Covid-19 pandemic,
economic downturn and rising costs as reasons behind the decision,
Telegraph & Argus relates.

Mr. Panesar warned of "challenges in the immediate future,
including a potential recession, associated reduced work
opportunities and still lower margins".

The escalating cost of fuel and what Mr. Panesar described as "the
risks associated with inflation on longer projects" were also
mentioned, Telegraph & Argus relays.


THG PLC: Fitch Alters Outlook on 'B+' LongTerm IDR to Negative
--------------------------------------------------------------
Fitch Ratings has revised the Outlook on THG PLC's (THG) Long-Term
Issuer Default Rating (IDR) to Negative from Stable and affirmed
the IDR at 'B+'. Fitch has also affirmed THG Operations Holdings
Limited's EUR600 million term loan B (TLB) at 'BB-'/'RR3'.

The revision of the Outlook to Negative reflects elevated execution
risks for THG as it seeks to improve profit margins and free cash
flow (FCF) amid a weakened consumer environment in most markets,
high competition, and elevated costs in 2022-23. The ability to
deleverage will depend on improving operating profitability, which
Fitch views as challenging over the coming year.

The rating affirmation reflects THG's good market positions with
strong sales performance and demonstrated ability to recruit new
customers and retain existing ones. The rating is also supported by
THG's solid liquidity profile and our expectation of deleveraging
by 2024.

KEY RATING DRIVERS

Weakened Consumer Environment: THG has been experiencing stronger
headwinds in a weaker consumer environment and the post-pandemic
trend for consumers to resume shopping in stores. To protect
revenue growth, THG's management has decided to delay or avoid any
meaningful cost pass-through to consumers, resulting in operating
margin decline in 2022. While demand for products in the 'Beauty'
segment should be more resilient in a recession, Fitch assumes
profitability will remain under pressure in 2023 as most products
are discretionary and may suffer from consumers trading down.

Management Decisions to Shape Revenue, Profit Recovery: Fitch
expects revenue growth for FY22 to be in the low teens, supported
by the management's decision to hold prices to gain market share.
Fitch believes the 'Beauty' segment will continue to lead the
group's revenue growth in 2H22 while investment in pricing for
Nutrition products could shore up demand. There has been good
growth momentum for recurring revenue from Ingenuity's existing
customers. However, the prospects of this division could be
dampened by softer demand from third- party fintech customers.

Costs Challenges: Fitch said, "We expect gross margin for FY22 to
recover slightly from 1H22 (42.1%) as the pricing for whey started
to normalise. We expect distribution costs to gradually decrease as
a result of recent investments in automation and network
localisation. We also assume pressure on profitability from rising
personnel costs in 2023, which could be mitigated by cost-cutting
measures, while marketing expenses are likely to be high to support
revenue growth. We estimate Fitch-defined EBITDA margin will
normalise towards 5% from FY24 onwards from temporarily low levels
of around 2.5% in 2022-23."

Delayed Deleveraging: Fitch calculates total debt-to-EBITDA to
remain well above 5.5x for FY22 and FY23, but return within
sensitivities from 2024, when Fitch assumes a more normalised
consumer environment which, together with growing operating
leverage, should result in improving profitability. Due to the
stretched leverage metrics, Fitch considers there is no rating
headroom for additional acquisitions throughout its rating horizon.
This is in line with the company's near-term strategy to focus on
integrating recent acquisitions and driving organic revenue growth
in its core segments.

Elevated Execution Risks: Fitch expects THG's FCF generation to
remain negative throughout FY22-23 as EBITDA margins remain
suppressed to support volume growth in a tough consumer
environment. Fitch estimates FCF margin could turn positive from
FY24 as profitability improves in more normalised economic
circumstances while capex subsides on project completion with cost
savings coming through. While there are currently downside risks to
its 2024 forecasts, Fitch expects THG to be able to manage the
balance sheet over the next two years without material utilisation
of available credit facilities.

Developing Business Position: THG's established position in the
beauty (Lookfantastic.com) and wellbeing (Myprotein) consumer
markets demonstrates a robust business model, underpinned by
moderate geographic diversification and increasing penetration of
markets outside the UK and Europe. THG's in-house "Ingenuity"
platform and owned infrastructure are relatively high barriers to
new entrants. This end-to-end supply chain reaches a global online
audience, which is available to third parties, including global
FMCG groups providing tailored direct-to-consumer (D2C) solutions.

Business Reconfiguration: THG is pursuing strategic transactions
with its core business units to maximise long-term shareholder
value. While SoftBank's call option to acquire 20% of Ingenuity
fell through, the group is keen to proceed with a planned
separation of beauty, which may lead to an eventual sale, demerger
or partnership arrangement. The sale of a material division would
trigger a partial or full repayment of the TLB, yet any
transformative deals cast doubt on how proceeds would be applied
(new M&A, shareholder distributions), and what cash flows will be
available to service THG's debts.

DERIVATION SUMMARY

Fitch rates THG according to the framework laid out in its Consumer
Products: Ratings Navigator Companion. Fitch recognises THG's
retailing and business service offerings, but the group's business
model is underpinned by an end-to-end supply chain that aligns its
business model most closely with Fitch's consumer framework.

THG's IDR ('B+'/Negative) compares well with beauty seller Oriflame
Investment Holding Plc ('B'/Negative). Oriflame was downgraded in
April 2022 due to its expectation of significant challenges from
doing business in Russia. Fitch estimates one third of profits come
from Russia. While it has higher leverage, THG has limited exposure
to Russia/Ukraine, greater diversification of revenue streams and a
strong online D2C channel presence. THG's business model is well
placed to capture the continuing transition of consumers to online
channels providing a stronger ability to deleverage relative to
Oriflame.

Compared with Natura &Co Holding S.A. and Avon Products, Inc.
(Natura; part of the same group and rated 'BB'/Positive), the
rating differential with THG reflects the significantly larger
scale of Natura's operations, synergies from Avon's acquisition and
the revitalisation of its product portfolio and its digitalisation
plan. Natura also enjoys a low leverage due to recent equity
issuance, which is reflected in the Positive Outlook.

The one-notch difference between THG and Sunshine Luxembourg VII
SARL ('B'/Stable) - the vehicle used by private equity firm EQT to
acquire Nestle's Skin Health Division (Galderma) - captures the
high leverage of Galderma only partly balanced by its significantly
larger product offering and scale relative to THG.

Non-food retailer The Very Group Limited (TVG; 'B-'/Stable), a pure
online retailer in the UK, is rated two notches below THG due to
its weaker business profile, including geographical concentration
in one country, and heavily leveraged balance sheet.

THG's IDR is positioned at the same level as Ocado Group Plc's
('B+'/Negative) despite THG's stronger financial metrics. This is
due to Ocado's strong positions as an international technology and
business services provider with a significant proportion of
long-term contracted earnings. In its view, there is a greater
exposure to pure online retail channel, including greater inventory
risk, at THG.

KEY ASSUMPTIONS

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

- Organic growth from the company's existing product portfolio
supplemented by acquisitions completed in 2021 (full effect to be
seen in 2022) of around 12% annually for FY22-23 and a slow down to
high single digit from FY24 onwards;

- Fitch-adjusted EBITDA margin around 2.5% for FY22-23 and
improving towards 4.5% by 2024 and 5.5% in 2025 (2021: 3.3%);

- Operating exceptional costs around GBP50 million in 2022,
gradually declining towards GBP20 million by 2024; these are partly
reflected in EBITDA or within FFO;

- Working capital outflows in small amounts for FY22-23, reflecting
investment in inventory to meet growth, before turning into neutral
and slightly positive from FY24 onwards as a result of improved
global logistics network and normalising demand;

- Capex declining from GBP180 million in FY22 to GBP130 million in
FY23 and then further down to GBP120 million in FY24 onwards;

- No M&A from 2022 onwards;

- No dividend payments over the rating horizon.

KEY RECOVERY RATING ASSUMPTIONS

- The recovery analysis assumes that THG would be restructured as a
going concern (GC) rather than liquidated in a default;

- THG's post-restructuring GC EBITDA reflects Fitch's view of a
sustainable EBITDA of around GBP95 million, which represents a 27%
discount to Fitch's 2024 EBITDA forecast of GBP130 million, which
Fitch estimates would be in line with the sustainable profitability
to be generated by the company. Fitch considers that THG's ability
to generate revenue and profits has not fundamentally changed and
the GC EBITDA is kept unchanged from its previous review in March
2022.

Its GC EBITDA includes a conservative estimate of EBITDA
contribution from the acquisitions of Cult Beauty, among others, in
2021. The stress on EBITDA would most likely result from
operational issues, likely worsened by lower growth and weaker
margins than currently envisaged in the beauty and wellbeing
divisions.

- Fitch applies a distressed enterprise value (EV)/EBITDA multiple
of 5.5x to calculate a going-concern EV, reflecting THG's growing
position in both beauty and wellbeing D2C channels, underpinned by
internally-developed intellectual property.

- Based on the payment waterfall, the multi-currency revolving
credit facility (RCF) of GBP170 million equivalent and the new
three-year term loan of GBP156 million (assumed to be fully-drawn
in default) ranks pari passu with the senior secured term loan
totalling EUR600 million.

After deducting 10% for administrative claims, Fitch's waterfall
analysis generates a ranked recovery for the senior secured loans
in the 'RR3' band, indicating a 'BB-' instrument rating, one notch
above the IDR. The waterfall-generated recovery computation (WGRC)
analysis on current metrics and assumptions is 56% down from 69%,
indicative of the inclusion of the new term loan.

RATING SENSITIVITIES

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

- More aggressive financial policy or operating underperformance
leading to a lack of deleveraging with total debt to EBITDA staying
above 5.5x (or net debt to EBITDA above 4.5x) beyond 2023;

- Operating EBITDA/interest paid below 3.0x, or FFO interest
coverage below 2.5x for two consecutive years;

- Increased competition, weak pricing power and/or delay to or
failure in delivering expected cost savings leading to weak
profitability; and

- FCF margin (after interest and taxes) consistently negative
eroding liquidity buffer by 2024.

Factors that could, individually or collectively, lead to Stable
Outlook:

- Evidence of improvement in EBITDA margins and narrowing FCF burn
(after interest and taxes) beyond 2023;

- Total debt to EBITDA trending below 5.5x (or net debt to EBITDA
below 4.5x);

- Operating EBITDA/interest paid above 3.0x, or FFO interest
coverage above 2.5x; and

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

- Dynamic sales progression showing increased scale, solid pricing
power, along with stable cost base driving sequential EBITDA margin
improvements, excluding add-backs;

- Total debt to EBITDA trending permanently below 4.0x (or net debt
to EBITDA below 3.5x);

- Operating EBITDA to interest paid above 4.0x, or FFO interest
coverage above 3.5x;

- Maintenance of solid liquidity and visibility that FCF margin
(after interest and taxes) would turn positive.

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: Fitch expects THG to continue operating with
cash on balance sheet of over GBP180 million at all times from 2022
through to 2025, which is more than enough to repay the new term
loan in October 2025. Together with availability of a GBP170
million fully undrawn RCF, provides a comfortable liquidity given
the lack of meaningful debt repayments in the next two years. THG
has foreign exchange and interest rate swaps in place to mitigate
its exposure to EURIBOR on the seven-year term loan facility.

In its liquidity calculations, Fitch treats GBP40 million of cash
as restricted, reflecting limited intra-year working-capital swings
and the rapidly increasing business scale.

ISSUER PROFILE

THG is a D2C online seller of wellness and beauty products, selling
a mix of third-party and own brands through its various websites.
THG's integrated supply chain includes the group's manufacturing of
its own brands, as well as leveraging its logistics network.
Underpinning the group's activities is the Ingenuity platform
(end-to-end supply chain), which is also available to third parties
providing e-commerce solutions.

ESG CONSIDERATIONS

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

   Debt                  Rating         Recovery   Prior
   ----                  ------         --------   -----
THG Operations
Holdings Limited

   senior secured  LT     BB- Affirmed   RR3        BB-

THG PLC            LT IDR B+  Affirmed              B+


VIVO ENERGY: S&P Affirms 'BB+' LongTerm ICR, Outlook Stable
-----------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' long-term issuer credit
rating on Pan-African fuel retailer Vivo Energy Ltd. (formerly Vivo
Energy PLC)  and its 'BB+' issue rating on the group's senior
unsecured notes.

The stable outlook reflects S&P's view that Vivo should weather
economic headwinds and deleverage rapidly toward historical levels,
supported by its expectation that it will cancel dividends in the
next couple of years and successfully refinance its bridge facility
and RCF.

Vivo Energy has taken on $600 million of bridge financing that will
enable the payment of an exceptional dividend of about $600 million
to partly fund its recent acquisition by crude oil products trader
Vitol and other investors.

Although Vivo's leverage will increase in 2022 due to a $600
million bridge loan, its conservative financial policy and strong
earnings prospects should enhance its credit quality over the next
three years.In July 2022, Vitol, the world's largest crude oil
products trader, and associated investors bought out the minority
shareholders of Vivo through an intermediary holding company, VIP
II Blue B.V., with a combination of equity and debt funding. To
partly finance Vitol's takeover of Vivo, Vivo has taken on a $600
million bridge loan that has a maturity of up to 18 months to fund
an exceptional dividend of about $600 million that will redeem part
of the debt outstanding at VIP II Blue. The group aims to refinance
the bridge loan with a long-dated bond, market conditions allowing.
The bridge loan will result in Vivo's S&P Global Ratings-adjusted
debt increasing to $858 million as of year-end 2022 from $350
million in 2021, with adjusted leverage rising to about 1.8x (net
of cash balances) from 0.8x. Adjusted funds from operations (FFO)
to debt will also weaken, to 36% in 2022 from 79% in 2021. Despite
this re-leveraging, we expect a rapid improvement in credit metrics
thereafter, since Vivo's management has confirmed its intention to
cancel dividends until leverage reaches at least 1.5x by its
calculations (equivalent to adjusted leverage of about 1.8x).
Vivo's typically robust free cash flow after leases of $120
million-$150 million per year, its conservative financial policy,
and likely continued strong revenue growth despite the sharp
increase in oil prices over the next 18 months, should help
leverage return to its pre-transaction level by 2024. FFO to debt,
which better captures the likely increase in interest rates, should
exceed 45% by then. Despite the partly debt-funded nature of the
acquisition, S&P also understands that Vitol takes a generally
prudent approach to leverage at companies in which it has invested
equity.

Vitol should bring some operational benefits to Vivo, reinforcing
its leadership position in Africa. Alongside its indirect
participation in Vivo through VIP II Blue, which owns 62.7% of
Vivo, Vitol also has a 32% direct stake in Vivo, enabling it to
exert substantial influence on Vivo's operational and financial
direction. S&P said, "Although we don't factor in any uplift for
group support in our rating on Vivo, Vivo should benefit from
Vitol's increased participation and reinforce its competitive
standing in Africa. Since Vitol will try to maximize Vivo's value
in the coming years, we expect that Vitol will increase its
involvement in setting Vivo's strategic policy, including expanding
into new countries and abandoning less profitable operations. For
example, we expect Vivo to adopt a financial policy that
prioritizes organic growth over dividend payments, which, in turn,
will accelerate growth in Vivo's earnings and facilitate
deleveraging. Vitol already has expertise in fuel distribution, and
has appointed a former executive from its Turkish fuel distribution
subsidiary as a senior executive in Vivo."

S&P said, "We expect Vivo to actively manage its refinancing
risk.Vivo has raised $600 million of short-term financing to fund
the exceptional dividend, and has an RCF that matures in less than
12 months, putting pressure on its strong liquidity position.
Vivo's bridge facility has a 12-month tenure, but is extendable at
the group's discretion for another six months. In the meantime, the
group's $300 million RCF is due in May 2023, and it has not yet
signed a replacement. This has the potential to deplete Vivo's
comfortable liquidity. That said, as of September 2022, Vivo
reported over $581 million of cash on the balance sheet, while we
expect its FFO to remain north of $300 million. In contrast, we
estimate that intra-year uses of cash, excluding the exceptional
dividend, are a little under $300 million per year. Therefore, even
in a scenario where Vivo did not refinance either the bridge loan
or the RCF on a timely basis, its liquidity could remain sufficient
if its operating performance is in line with our forecast.
Furthermore, we understand that Vivo aims to refinance these
instruments in due course. We would expect Vivo to obtain the
necessary funding on either a public or private market to refinance
its bridge facility with a longer-dated instrument. We also expect
lenders to view Vitol's ownership positively in a potential
refinancing scenario.

"Vivo has proved resilient to the COVID-19 pandemic and has a solid
track record of managing country and currency risks. The pandemic
provides a good demonstration of the robustness of Vivo's business
model. During the pandemic, Morocco and Kenya showed a sharp
slowdown in GDP, a rise in fiscal deficits, and declining
creditworthiness. There was also a decline in retail and commercial
trading volumes across most of Vivo's countries of operation, as
well as a sharp decline in average crude oil prices in 2020. Yet
Vivo continued to generate positive free operating cash flow (FOCF)
without having to curb capital expenditure (capex) or cancel
dividends, and it contained leverage at 1.3x in 2020. Furthermore,
in 2021, Vivo's performance immediately rebounded as
pandemic-related restrictions eased, leading to about a 28%
increase in cash generation and deleveraging to 0.8x by year-end.
Vivo also managed to continue operating in countries that defaulted
on their debt, such as Zambia, and managed foreign-exchange risk
adeptly, notably that relating to transfer and convertibility. We
also believe that the group's diverse footprint in Africa, with a
presence in over 23 countries, cushions it from the various risks
that may materialize in one country. In particular, so far, Vivo
has not been adversely affected by changes in pricing regulation in
some of the countries where it operates. Even if Vivo were to see
an impact, we do not see this as likely to materially reduce its
earnings.

"We expect that sales will continue to increase and
operating-margin volatility will be manageable. Vivo saw a strong
pickup in sales in the first half of 2022 (+7% in retail, +11% in
commercial, and +7% in lubricants) as the markets recovered from
the pandemic-related lockdowns in 2020-2021. We believe that the
recovery in sales will continue until the end of this year, with a
slight deceleration in 2023 due to the likely reduction in real
incomes amid rising energy and food prices. That said, the
fundamental factors underlying volume growth on the African
continent--rapidly developing markets and young populations--remain
solid. These will be reinforced by the group's plans to continue
investing and opening new fuel stations across its markets. The
decrease in Vivo's operating margins during the first half of this
year stemmed primarily from the higher cost of goods sold.
Considering the regulated nature of most of Vivo's operations, we
expect that the group should be able to improve its operating
margins to 4.4%-4.6% in 2022 by passing through some of these price
increases to the end consumers. Conversely, assuming oil prices
moderate next year, the delayed pass-through of price increases
should favor Vivo and boost operating margins to 4.6%-4.8% in 2023.
Importantly, in the regulated markets where Vivo operates (20 of 23
countries), Vivo earns a guaranteed margin for each unit of fuel
sold.

"The stable outlook reflects our anticipation that Vivo will
withstand economic headwinds and deleverage to historical levels
within less than 24 months, on the back of a supportive financial
policy and the successful refinancing of its bridge facility and
RCF."

S&P could lower its ratings if:

-- Vivo's earnings drop unexpectedly, for example due to volatile
fuel volumes, margins, or exchange rates.

-- Management adopts a more aggressive financial policy on capital
investment, major debt-funded acquisitions, or shareholder returns,
resulting in adjusted FFO to debt remaining below 45%, or adjusted
FOCF to debt below 25%

-- Vivo fails to refinance its short-term debt maturities,
depleting its strong liquidity position considerably.

S&P could raise the ratings if Vivo:

-- Demonstrates its capacity to deleverage while maintaining its
market-leading position as a fuel retailer in Africa, notably
leveraging on Vitol's strengths, without any operational setbacks;

-- Meaningfully improves its cash generation and prudently manages
its working capital, capex, and shareholder returns, restoring
adjusted FOCF to debt to well above 25% and FFO to debt to well
above 45%, while adjusted debt to EBITDA remains lower than 1.5x;
and

-- Lengthens the weighted average maturity of its capital
structure and shows a track record of adherence to a prudent
financial policy.

Environmental, Social, And Governance

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

S&P said, "Governance factors are a negative consideration in our
credit rating analysis of Vivo. The group has considerable exposure
to African economies that we consider bear significant country
risk. Conversely, and in contrast to peers operating in developed
markets, we consider Vivo's fuel sales to be less exposed to the
transition to electric vehicles, since this trend is still nascent
in the countries where it operates. Petrol remains the main source
of energy across Africa, with little or no alternative."


ZEPHYR MIDCO: S&P Affirms 'B-' ICR & Alters Outlook to Negative
---------------------------------------------------------------
S&P Global Ratings revised its outlook on ZPG's parent entity,
Zephyr Midco 2 Ltd. to negative from stable, and affirmed its 'B-'
issuer credit rating. S&P also affirmed its 'B-' rating on Zephyr
Midco 2's first-lien debt.

S&P said, "The negative outlook indicates that we could lower the
ratings in the next 12 months if ZPG's free operating cash flow
remains negative, or if the group fails to significantly reduce
leverage over that timeframe. We would also lower the ratings if we
viewed an event of default as increasingly likely."

The outlook revision reflects that S&P thinks leverage will remain
very high and free operating cash flow (FOCF) will be weak for
longer than expected.

S&P said, "We now expect adjusted leverage will remain above 8x
until 2023. We forecast earnings in 2022 and 2023 will be held back
by slower revenue growth and exceptional costs of GBP15
million-GBP25 million. We also project working capital headwinds,
the rising cost of floating debt, and heightened capital
expenditures will lead to FOCF outflows of about GBP40 million in
2022. In our view, the combination of high leverage and weak FOCF
is placing ZPG's capital structure under pressure." That said,
asset disposals and plans to repay debt and cost cutting
initiatives indicate the group has a strong focus on reducing
leverage over the next two years.

ZPG still has leeway to improve its credit metrics and refinance
its capital structure ahead of debt maturities in 2025. Its
revolving credit facility (RCF) is set to expire in January 2025,
while the first-lien debt matures in July of the same year. ZPG's
second-lien debt is due in July 2026. S&P said, "We believe ZPG
will address its debt maturities well in advance, and still has
some headroom to improve credit metrics before approaching the
market for a refinancing transaction. That said, if operating
performance does not improve in line with our expectations,
refinancing risks could rise in the next 12 months. We therefore
consider headroom under the current rating to be limited."

ZPG's operating performance will remain impacted by the disruption
in energy markets for longer than previously expected. Since
second-half 2021, ZPG's revenue from energy contracts switching
(part of the Uswitch business) has been depressed by high retail
energy prices. Due to the ongoing Russia-Ukraine conflict, European
energy prices have risen further in 2022, significantly above our
previous expectations, leading to severe disruption in energy
markets across the continent. S&P said, "We expect that, as a
result, U.K. energy prices will likely remain above the cap set out
by the U.K. government and regulators (currently limiting energy
costs for an average household at GBP2,500 per year) through 2023
and potentially 2024. We therefore anticipate that price-based
switching in energy contracts (contributing GBP80 million to ZPG's
revenue in 2020) will remain negligible over the same period,
hampering the group's revenue and profitability."

The property division continues to perform strongly and should be
somewhat resilient to a cool-off in transaction volumes in
2023.ZPG's property division (Zoopla) accounts for about 40% of
group revenues. Zoopla derives its revenue from subscription
contracts with real estate agents who market properties for rentals
and sales, as well as through software for agents and developers,
and data solutions that provide valuation tools and risk
information to the mortgage market. S&P said, "We expect
persistently high inflation, together with rising interest rates,
could dampen mortgage affordability in the U.K. over the next 12
months. While house prices have so far remained resilient,
transaction volumes have started to cool off from high levels in
2020 and 2021. We forecast these factors will slow Zoopla's growth
prospects in 2023, but we believe this could be partly offset by
(i) growing use of premium marketing services in a tougher market
for sellers, (ii) a resilient rental market, which tends to be
counter-cyclical, and (iii) strong demand for data and software
solutions."

ZPG's liquidity position remains sound, boosted by the sale of RVU
International. ZPG ended the first half of 2022 with GBP46 million
of cash on balance sheet, and just GBP63 million available under
its GBP150 million revolving credit facility (RCF) due January
2025. S&P said, "We expect some temporary pressure over the second
half of 2022 due to the Tempcover acquisition (partly funded with
RCF drawings), working capital headwinds, and high capital
expenditure (capex). However, we believe ZPG's liquidity headroom
will improve in early 2023. The sale of RVU International, expected
to complete in January 2023, will raise EUR150 million in proceeds,
which we anticipate will be largely utilized to redeem drawings
under the RCF."

S&P said, "We expect ZPG's private equity owners will remain
supportive. Overall, we view ZPG's financial policy as aggressive
and similar to other private equity-owned companies. Adjusted
leverage has been above 8x since the buyout of the group in late
2018. We believe the high amount of financial debt and acquisitions
that the group continued to pursue despite the loss of
energy-related revenues, have led to especially weak credit metrics
in 2021 and 2022. That said, we consider shareholders are
supportive of the business. ZPG has not distributed any dividends
since the buyout, and shareholders have contributed over GBP300
million in additional equity to partly fund acquisitions in the
past two years. We assume that in 2023, the group's financial
policy will be targeted toward deleveraging, and hence don't assume
any dividends or debt-financed acquisitions in our base case.

"The negative outlook indicates that we could lower the ratings in
the next 12 months if ZPG's free operating cash flow remains
negative, or if the group fails to significantly reduce leverage
against the backdrop of a prolonged disruption in the U.K. energy
market and weaker macroeconomic environment."

S&P could lower its ratings on ZPG if:

-- S&P considered the group's capital structure has become
unsustainable if it failed to materially reduce leverage, or if
FOCF remains negative after 2022; or

-- S&P believed there was a heightened probability of a default,
including distressed exchanges.

S&P said, "We could revise our outlook to stable if the group
managed to report sound organic revenue growth and deliver on
effective cost control measures, leading to material positive FOCF
on a sustainable basis and reduced leverage in line with our
expectations."

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


[*] UK: Businesses in Significant Financial Distress Up 8% in 3Q
----------------------------------------------------------------
Business Sale reports that the latest Red Flag Alert from Begbies
Traynor has revealed a significant increase in the number of UK
businesses in financial distress.

According to the report, close to 610,000 UK firms were in
significant financial distress during the third quarter of the
year, an 8 per cent increase on Q3 2021 and up 4 per cent from Q2
2022, Business Sale relates.

The number of businesses classed as being in "critical financial
distress", meanwhile, increased 25% year-on-year to 2,090, which
was a seven per cent increase compared to Q2 2022, Business Sale
discloses.

Overall, Begbies Traynor reported that significant financial
distress has increased quarter-on-quarter across all 22 sectors
covered in the report, Business Sale notes.

The rapid increase in significant financial distress has been led
by the general retail sector (with a 72 per cent increase compared
to Q2 2022) and bars and restaurants (up 48 per cent), after
consumer confidence was hit by the cost-of-living crisis, Business
Sale states.  Other sectors with notable increases included leisure
and cultural activities (36 per cent) and media (48 per cent),
according to Business Sale.

Over recent months, many UK businesses have been hit by issues
including rising costs, Business Sale relays   With inflation
currently at an official rate of 9 per cent, Begbies Traynor has
warned that companies face the prospect of interest rates going
above 5 per cent, which it says could lead to distressed businesses
entering insolvency as their debt piles (with many having accrued
huge debts during the COVID-19 pandemic) become unserviceable,
Business Sale discloses.

Winding-up Petitions, meanwhile, were up 237 per cent compared to
the same period last year, with Begbies Traynor remarking that
companies are increasingly resorting to aggressive legal
enforcement measures as they seek to recoup debts, Business Sale
notes.

According to Business Sale, Begbies Traynor partner Julie Palmer
commented: "We are now in an environment that we have not seen for
many years, with a dangerous mix of rapidly rising inflation,
escalating interest rates and crumbling consumer confidence."

"The economy, which had already been weakened by two years of
pandemic disruption, now faces the very real possibility of a
recession at a time when businesses were in desperate need of a
sustained period of stability so they could get back on their
feet."

"What we have instead is a situation where input costs are soaring
and businesses that borrowed to survive for years and are stuck
with levels debt that they may be unable repay -- especially with
interest rates expected to rise to circa 6 per cent in 2023."

Mr. Palmer added that, with consumer confidence falling, there was
major concern for businesses in sectors most exposed to
discretionary consumer spending, which had been among those worst
affected by the COVID-19 pandemic.




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

[*] BOND PRICING: For the Week October 17 to October 21, 2022
-------------------------------------------------------------
Issuer             Coupon   Maturity Currency Price
------             ------   -------- -------  -----
Metalcorp Group SA   8.500    6/28/2026  EUR   28.006
Banca Monte dei Pasch5.375    1/18/2028  EUR   69.100
Credit Suisse Group A4.500               USD   58.275
Credit Suisse Group A0.625    1/18/2033  EUR   57.634
Credit Suisse Group A5.625               SGD   73.039
Credit Suisse Group A6.375               USD   74.250
Credit Suisse Group A5.100               USD   60.900
Casino Guichard Perra4.498     3/7/2024  EUR   66.947
Credit Suisse Group A2.875     4/2/2032  EUR   74.968
Credit Suisse Group A7.250               USD   74.700
Casino Guichard Perra3.992               EUR   14.000
Credit Suisse Group A3.000               CHF   68.686
Castellum AB         3.125               EUR   54.034
Orpea SA             2.625    3/10/2025  EUR   41.907
Vedanta Resources Ltd6.125     8/9/2024  USD   62.960
United Kingdom Gilt  1.125   10/22/2073  GBP   43.538
Casino Guichard Perra4.262               EUR   10.583
Metalcorp Group SA   7.000    10/2/2022  EUR   31.957
Carnival PLC         1.000   10/28/2029  EUR   42.846
Webuild SpA          3.875    7/28/2026  EUR   71.096
Tullow Oil PLC       7.000     3/1/2025  USD   66.454
Audax Renovables SA  4.200   12/18/2027  EUR   59.838
Unibail-Rodamco-Westf2.125               EUR   72.769
Gol Finance SA       7.000    1/31/2025  USD   44.843
Orpea SA             2.000     4/1/2028  EUR   41.582
Credit Suisse Group A3.875               CHF   68.445
Signa Development Fin5.500    7/23/2026  EUR   54.250
Banca Monte dei Pasch8.500    9/10/2030  EUR   73.790
Credit Suisse Group A4.875    5/15/2045  USD   67.733
Allianz SE           3.875               USD   60.057
Banca Monte dei Pasch8.000    1/22/2030  EUR   72.962
Casino Guichard Perra5.250    4/15/2027  EUR   39.969
Credit Suisse Group A3.091    5/14/2032  USD   69.217
Atento Luxco 1 SA    8.000    2/10/2026  USD   40.882
CECONOMY AG          1.750    6/24/2026  EUR   55.983
R-Logitech Finance SA10.250   9/26/2027  EUR   69.235
International Persona9.750   11/12/2025  EUR   74.375
Nordea Bank Abp      3.750               USD   68.875
Webuild SpA          3.625    1/28/2027  EUR   71.112
Heimstaden Bostad AB 2.625               EUR   44.966
Gazprom PJSC Via Gaz 3.125   11/17/2023  EUR   53.663
Frigoglass Finance BV6.875    2/12/2025  EUR   37.859
Aroundtown SA        0.375    4/15/2027  EUR   72.021
Romanian Government I3.624    5/26/2030  EUR   73.436
Casino Guichard Perra3.580     2/7/2025  EUR   47.347
Orpea SA             0.375    5/17/2027  EUR   73.467
Constellation Automot4.875    7/15/2027  GBP   62.140
Nobel Bidco BV       3.125    6/15/2028  EUR   59.384
Cimpress PLC         7.000    6/15/2026  USD   61.222
Aegon NV             4.101               USD   73.110
JT International Fina2.250    9/14/2031  USD   69.008
Ulker Biskuvi Sanayi 6.950   10/30/2025  USD   68.966
Barclays PLC         4.375               USD   63.800
HSBC Holdings PLC    4.600               USD   66.622
Casino Guichard Perra6.625    1/15/2026  EUR   41.980
Casino Guichard Perra4.048     8/5/2026  EUR   41.231
Credit Suisse Group A3.500               CHF   70.291
Republic of Belarus I6.875    2/28/2023  USD   24.700
UBS Group AG         4.375               USD   67.040
Estonia Government In0.125    6/10/2030  EUR   74.214
Credit Suisse Group A0.650    9/10/2029  EUR   68.618
Jababeka Internationa6.500    10/5/2023  USD   55.580
BNP Paribas SA       4.625               USD   65.696
Standard Chartered PL4.300               USD   65.470
AT Securities BV     5.250               USD   70.508
Castellum Helsinki Fi0.875    9/17/2029  EUR   59.609
EnfraGen Energia Sur 5.375   12/30/2030  USD   57.013
Altice France Holding8.000    5/15/2027  EUR   71.481
British American Toba3.000               EUR   70.143
Elior Group SA       3.750    7/15/2026  EUR   70.097
Telecom Italia SpA/Mi1.625    1/18/2029  EUR   67.664
Swan Housing Capital 3.625     3/5/2048  GBP   56.190
DIC Asset AG         2.250    9/22/2026  EUR   61.032
Jaguar Land Rover Aut4.500    7/15/2028  EUR   67.934
Gazprom PJSC Via Gaz 1.450     3/6/2023  CHF   52.687
BAT International Fin4.000   11/23/2055  GBP   52.996
Aroundtown SA        2.875               EUR   46.973
Banco Comercial Portu1.750     4/7/2028  EUR   71.580
Saipem Finance Intern3.125    3/31/2028  EUR   69.367
VTR Finance NV       6.375    7/15/2028  USD   54.163
Fastighets AB Balder 2.873     6/2/2081  EUR   58.711
Deutsche Bank AG/New 3.742     1/7/2033  USD   64.921
United Kingdom Gilt  1.125    1/31/2039  GBP   62.989
Credit Agricole SA   4.750               USD   69.242
Ocado Group PLC      3.875    10/8/2026  GBP   71.906
Gazprom PJSC Via Gaz 5.150    2/11/2026  USD   55.000
Vodafone Group PLC   5.125     6/4/2081  USD   64.488
Ocado Group PLC      0.875    12/9/2025  GBP   71.643
Piraeus Financial Hol8.750               EUR   66.160
Vedanta Resources Fin9.250    4/23/2026  USD   58.556
Electricite de France1.000   11/29/2033  EUR   65.821
Gazprom PJSC via Gaz 3.000    6/29/2027  USD   58.500
Trinseo Materials Ope5.125     4/1/2029  USD   56.061
Enel Finance Internat5.500    6/15/2052  USD   69.766
Atos SE              1.000   11/12/2029  EUR   53.305
Movida Europe SA     5.250     2/8/2031  USD   73.066
United Group BV      5.250     2/1/2030  EUR   67.862
Shell International F1.750    9/10/2052  GBP   46.093
Atos SE              1.750     5/7/2025  EUR   72.807
Suzano Austria GmbH  3.125    1/15/2032  USD   70.728
Minejesa Capital BV  4.625    8/10/2030  USD   74.956
Deutsche Bank AG     4.625               EUR   67.959
Verisure Midholding A5.250    2/15/2029  EUR   73.939
Deutsche Bank AG     6.000               USD   73.345
DEMIRE Deutsche Mitte1.875   10/15/2024  EUR   66.825
MHP Lux SA           6.950     4/3/2026  USD   48.136
CPI Property Group SA4.875               EUR   51.419
Heimstaden Bostad AB 3.248               EUR   59.212
Intrum AB            3.000    9/15/2027  EUR   74.568
Air France-KLM       0.125    3/25/2026  EUR   15.642
ING Groep NV         4.250               USD   59.288
Altice France SA/Fran3.375    1/15/2028  EUR   73.501
Deutsche Bank AG     4.789               USD   72.660
Cellnex Telecom SA   0.750   11/20/2031  EUR   64.384
Akelius Residential P2.249    5/17/2081  EUR   72.903
Telecom Italia SpA/Mi5.250    3/17/2055  EUR   67.820
HSE Finance Sarl     5.625   10/15/2026  EUR   55.617
AerCap Ireland Capita3.300    1/30/2032  USD   73.168
Deutsche Bank AG     4.500               EUR   70.686
Poste Italiane SpA   2.625               EUR   70.626
Mahle GmbH           2.375    5/14/2028  EUR   68.004
Gazprom PJSC Via Gaz 4.950    3/23/2027  USD   30.000
VGP NV               1.500     4/8/2029  EUR   61.552
Telecom Italia Capita6.000    9/30/2034  USD   72.335
WM Morrison Supermark4.750     7/4/2029  GBP   58.002
State of North Rhine-3.000    1/27/2028  EUR    3.029
Gazprom PJSC Via Gaz 2.949    1/24/2024  EUR   54.366
Mitsubishi UFJ Invest4.968   12/15/2050  EUR   35.950
BNP Paribas SA       4.500               USD   67.900
Aroundtown SA        3.375               EUR   47.925
VGP NV               1.625    1/17/2027  EUR   74.687
Rothesay Life PLC    4.875               USD   66.552
VGP NV               2.250    1/17/2030  EUR   62.126
Electricite de France2.625               EUR   64.365
MHP SE               7.750    5/10/2024  USD   49.357
Engie SA             1.875               EUR   68.165
La Banque Postale SA 3.000               EUR   62.925
Faurecia SE          2.375    6/15/2029  EUR   68.228
Romanian Government I2.124    7/16/2031  EUR   61.275
Gazprom PJSC via Gaz 1.500    2/17/2027  EUR   46.572
Romanian Government I4.625     4/3/2049  EUR   62.400
Aroundtown SA        1.625               EUR   48.385
Gazprom PJSC Via Gaz 8.625    4/28/2034  USD   49.500
United Kingdom Gilt  0.375   10/22/2030  GBP   74.977
Gazprom PJSC Via Gaz 2.250   11/22/2024  EUR   55.664
Braskem Netherlands F5.875    1/31/2050  USD   69.466
International Consoli3.750    3/25/2029  EUR   69.652
ADLER Real Estate AG 1.875    4/27/2023  EUR   72.867
Banco Santander SA   3.625               EUR   62.096
Allianz SE           3.200               USD   64.577
ADLER Group SA       2.250    1/14/2029  EUR   37.283
Legal & General Group5.625               GBP   74.003
Vedanta Resources Fin8.950    3/11/2025  USD   68.941
Aroundtown SA        2.125               EUR   53.003
JSM Global Sarl      4.750   10/20/2030  USD   69.408
United Kingdom Gilt  1.625   10/22/2054  GBP   57.537
Electricite de France3.375               EUR   63.561
Petrobras Global Fina5.500    6/10/2051  USD   69.588
Garfunkelux Holdco 3 6.750    11/1/2025  EUR   69.629
Romanian Government I2.000    1/28/2032  EUR   59.378
Gazprom PJSC via Gaz 2.950    1/27/2029  USD   48.500
University of Oxford 2.544    12/8/2117  GBP   52.944
International Consoli1.500     7/4/2027  EUR   69.731
TAG Immobilien AG    0.625    8/27/2026  EUR   70.497
Gazprom PJSC via Gaz 3.250    2/25/2030  USD   51.000
MARB BondCo PLC      3.950    1/29/2031  USD   71.088
Sofina SA            1.000    9/23/2028  EUR   70.776
SCOR SE              5.250               USD   66.140
Liquid Telecommunicat5.500     9/4/2026  USD   72.098
EP Infrastructure AS 1.698    7/30/2026  EUR   72.411
InterCement Financial5.750    7/17/2024  USD   68.908
Intesa Sanpaolo SpA  2.925   10/14/2030  EUR   74.072
Vonovia SE           1.625     9/1/2051  EUR   42.318
Ukraine Government In6.750    6/20/2028  EUR   16.775
Gazprom PJSC via Gaz 3.897               EUR   32.428
Castle UK Finco PLC  7.000    5/15/2029  GBP   62.077
B2W Digital Lux Sarl 4.375   12/20/2030  USD   68.053
United Kingdom Gilt  1.750    1/22/2049  GBP   62.420
Allianz SE           2.625               EUR   64.724
Aroundtown SA        4.750               GBP   47.009
Russian Railways Via 2.100    10/2/2023  CHF   26.914
CSN Resources SA     4.625    6/10/2031  USD   67.049
ING Groep NV         3.875               USD   63.268
Altice France Holding4.000    2/15/2028  EUR   57.870
Ukraine Government In4.375    1/27/2032  EUR   15.694
Pro-Gest SpA         3.250   12/15/2024  EUR   63.458
Russian Foreign Bond 12.750   6/24/2028  USD   67.326
Russian Foreign Bond 4.875    9/16/2023  USD   67.000
Russian Foreign Bond 7.500    3/31/2030  USD   63.261
Novafives SAS        5.000    6/15/2025  EUR   58.336
TUI AG               5.000    4/16/2028  EUR   67.950
Corestate Capital Hol1.375   11/28/2022  EUR   21.083
UniCredit SpA        3.875               EUR   66.714
Tele Columbus AG     3.875     5/2/2025  EUR   74.990
Vodafone Group PLC   4.125     6/4/2081  USD   67.680
MRG Finance UK PLC   8.750   10/26/2023  EUR   41.000
Heimstaden AB        6.750               EUR   55.267
Gazprom PJSC Via Gaz 4.250     4/6/2024  GBP   50.078
Maxeda DIY Holding BV5.875    10/1/2026  EUR   63.359
Swedbank AB          4.000               USD   67.340
BAT International Fin5.750     7/5/2040  GBP   72.985
Aragvi Finance Intern8.450    4/29/2026  USD   69.667
CSN Resources SA     5.875     4/8/2032  USD   72.251
Gazprom PJSC Via Gaz 2.500    3/21/2026  EUR   49.096
BNP Paribas SA       0.837               EUR   72.000
United Group BV      4.000   11/15/2027  EUR   69.412
Simpar Europe SA     5.200    1/26/2031  USD   72.009
NatWest Group PLC    4.600               USD   62.675
SPP Infrastructure Fi2.625    2/12/2025  EUR   71.620
Societe Generale SA  5.375               USD   69.800
Ukraine Government In7.750     9/1/2024  USD   25.000
Klabin Austria GmbH  3.200    1/12/2031  USD   72.993
Altice France SA/Fran5.500   10/15/2029  USD   74.417
Vilmorin & Cie SA    1.375    3/26/2028  EUR   70.525
Nobian Finance BV    3.625    7/15/2026  EUR   73.333
Deuce Finco Plc      5.500    6/15/2027  GBP   73.768
British American Toba3.750               EUR   65.863
Aroundtown SA        1.450     7/9/2028  EUR   69.731
Jaguar Land Rover Aut4.500    10/1/2027  USD   68.561
Grand City Properties1.500               EUR   53.654
Nykredit Realkredit A1.000    10/1/2050  DKK   70.306
Victoria PLC         3.625    8/24/2026  EUR   74.174
Deutsche Bank AG/New 3.729    1/14/2032  USD   67.540
Berkeley Group PLC/Th2.500    8/11/2031  GBP   59.955
Mong Duong Finance Ho5.125     5/7/2029  USD   70.426
Banco Santander SA   4.750               USD   68.053
Assicurazioni General2.124    10/1/2030  EUR   74.675
Accor SA             0.700    12/7/2027  EUR   40.028
CAB SELAS            3.375     2/1/2028  EUR   74.697
CNP Assurances       4.875               USD   64.880
Credit Suisse Group A3.091    5/14/2032  USD   68.974
ADLER Group SA       1.500    7/26/2024  EUR   45.167
Italy Buoni Poliennal1.500    4/30/2045  EUR   56.426
Hellenic Republic Gov1.875    1/24/2052  EUR   52.758
Veolia Environnement 2.500               EUR   74.324
Samhallsbyggnadsbolag2.624               EUR   34.012
Banco de Sabadell SA 5.000               EUR   69.886
Compact Bidco BV     5.750     5/1/2026  EUR   63.445
Smith & Nephew PLC   2.032   10/14/2030  USD   72.520
Valeo                1.000     8/3/2028  EUR   74.519
Phoenix Group Holding5.750               GBP   73.253
International Consoli1.125    5/18/2028  EUR   64.820
Balder Finland Oyj   1.000    1/18/2027  EUR   72.220
Wellcome Trust Ltd/Th1.500    7/14/2071  GBP   41.538
Slovakia Government B0.375    4/21/2036  EUR   59.578
Banco de Credito Soci5.250   11/27/2031  EUR   74.619
TUI Cruises GmbH     6.500    5/15/2026  EUR   71.763
Samhallsbyggnadsbolag2.875               EUR   31.982
Heimstaden Bostad AB 3.625               EUR   45.354
HSBC Holdings PLC    4.700               USD   69.574
Gazprom PJSC Via Gaz 7.288    8/16/2037  USD   50.000
Andrade Gutierrez Int9.500   12/30/2024  USD   57.000
Cellnex Finance Co SA2.000    9/15/2032  EUR   66.108
Bellis Finco PLC     4.000    2/16/2027  GBP   65.723
Sigma Holdco BV      5.750    5/15/2026  EUR   60.724
Republic of Belarus I5.875    2/24/2026  USD   19.817
Vodafone Group PLC   3.000    8/12/2056  GBP   56.607
Gazprom PJSC via Gaz 4.599               USD   35.500
Citycon Oyj          4.496               EUR   64.695
Anheuser-Busch InBev 2.850    5/25/2037  GBP   68.880
United Group BV      3.625    2/15/2028  EUR   68.093
VTB Bank OJSC Via VTB6.950   10/17/2022  USD    5.611
Altice Finco SA      4.750    1/15/2028  EUR   68.234
Diebold Nixdorf Dutch9.000    7/15/2025  EUR   74.950
Gol Finance SA       8.000    6/30/2026  USD   61.804
Russian Railways Via 2.200    5/23/2027  EUR   33.156
Just Group PLC       5.000               GBP   57.868
Minerva Luxembourg SA4.375    3/18/2031  USD   74.515
Accentro Real Estate 3.625    2/13/2023  EUR   49.603
Millicom Internationa4.500    4/27/2031  USD   72.463
NatWest Group PLC    5.125               GBP   74.449
Russian Railways Via 4.600     3/6/2023  EUR   27.186
ADLER Group SA       1.875    1/14/2026  EUR   39.959
ZF Finance GmbH      2.250     5/3/2028  EUR   73.240
Samhallsbyggnadsbolag1.000    8/12/2027  EUR   65.498
Vmed O2 UK Financing 4.500    7/15/2031  GBP   71.604
Ukraine Government In7.750     9/1/2026  USD   17.910
United Group BV      4.625    8/15/2028  EUR   68.341
Mobilux Finance SAS  4.250    7/15/2028  EUR   68.590
ams-OSRAM AG         2.125    11/3/2027  EUR   60.529
Verallia SA          1.875   11/10/2031  EUR   71.176
Aroundtown SA        1.625    1/31/2028  EUR   72.316
EIG Pearl Holdings Sa4.387   11/30/2046  USD   65.978
Unicaja Banco SA     4.875               EUR   66.590
Enel SpA             1.375               EUR   73.160
WEPA Hygieneprodukte 2.875   12/15/2027  EUR   71.813
Gazprom PJSC via Gaz 3.500    7/14/2031  USD   49.125
Air Baltic Corp AS   6.750    7/30/2024  EUR   72.203
Kernel Holding SA    6.500   10/17/2024  USD   36.160
Saga PLC             5.500    7/15/2026  GBP   64.167
MorphoSys AG         0.625   10/16/2025  EUR   64.032
Romanian Government I2.625    12/2/2040  EUR   48.649
Securitas AB         0.250    2/22/2028  EUR   73.999
Standard Profil Autom6.250    4/30/2026  EUR   57.199
Ocado Group PLC      0.750    1/18/2027  GBP   60.942
Corestate Capital Hol3.500    4/15/2023  EUR   19.824
Peach Property Financ4.375   11/15/2025  EUR   70.837
Very Group Funding Pl6.500     8/1/2026  GBP   67.240
Romanian Government I3.875   10/29/2035  EUR   66.038
Ziggo Bond Co BV     3.375    2/28/2030  EUR   68.224
MMC Norilsk Nickel OJ2.550    9/11/2025  USD   53.459
Jaguar Land Rover Aut5.875    1/15/2028  USD   70.247
Barclays PLC         3.250    1/17/2033  GBP   71.469
Castle UK Finco PLC  5.571    5/15/2028  EUR   73.875
EP Infrastructure AS 1.816     3/2/2031  EUR   56.818
Aydem Yenilenebilir E7.750     2/2/2027  USD   74.209
CPI Property Group SA3.750               EUR   54.849
Takko Luxembourg 2 SC5.375   11/15/2023  EUR   68.417
Credit Suisse Group A5.250               USD   70.625
Commerzbank AG       4.250               EUR   65.428
Development Bank of t6.750     5/2/2024  USD   17.333
SBB Treasury Oyj     1.125   11/26/2029  EUR   56.471
Erste Group Bank AG  3.375               EUR   69.471
Republic of Italy Gov4.000   10/17/2049  USD   64.552
Standard Chartered PL4.750               USD   66.800
Hammerson Ireland Fin1.750     6/3/2027  EUR   70.614
Credit Suisse Group A4.500               USD   57.625
VZ Secured Financing 3.500    1/15/2032  EUR   71.764
AI Candelaria Spain S5.750    6/15/2033  USD   58.927
Societe Generale SA  4.750               USD   76.250
Romanian Government I2.750    4/14/2041  EUR   49.373
Ageasfinlux SA       1.619               EUR   74.963
Metinvest BV         8.500    4/23/2026  USD   48.000
Evonik Industries AG 1.375     9/2/2081  EUR   71.845
CPI Property Group SA1.500    1/27/2031  EUR   59.030
Sarens Finance Co NV 5.750    2/21/2027  EUR   71.173
Virgin Media Finance 3.750    7/15/2030  EUR   72.502
Kleopatra Holdings 2 6.500     9/1/2026  EUR   63.250
Kernel Holding SA    6.750   10/27/2027  USD   35.360
Diageo Finance PLC   2.750     6/8/2038  GBP   69.878
Prosus NV            1.288    7/13/2029  EUR   70.508
Balder Finland Oyj   2.000    1/18/2031  EUR   58.881
E.ON SE              0.875   10/18/2034  EUR   66.471
Ubisoft Entertainment0.878   11/24/2027  EUR   72.092
Castellum AB         0.750     9/4/2026  EUR   72.821
Ctec II GmbH         5.250    2/15/2030  EUR   74.286
Deutsche Bahn Finance1.375    4/16/2040  EUR   64.741
Intesa Sanpaolo SpA  4.125               EUR   64.625
Orpea SA             2.200   12/15/2024  EUR   47.000
VEON Holdings BV     3.375   11/25/2027  USD   51.000
Zurich Finance Irelan3.000    4/19/2051  USD   69.578
Dignity Finance PLC  4.696   12/31/2049  GBP   70.112
Tatra Banka as       0.500    4/23/2028  EUR   72.599
Intesa Sanpaolo SpA  4.198     6/1/2032  USD   64.419
Eni SpA              3.375               EUR   74.064
Turkey Government Int5.875    6/26/2031  USD   72.128
Romanian Government I1.375    12/2/2029  EUR   63.716
Rothschild & Co Conti1.700               EUR   67.048
Rothesay Life PLC    5.000               GBP   62.603
Altice Financing SA  4.250    8/15/2029  EUR   73.550
Banco Santander SA   4.125               EUR   69.254
Heimstaden Bostad AB 3.000               EUR   47.255
Korian SA            0.875     3/6/2027  EUR   43.014
Altice France SA/Fran4.250   10/15/2029  EUR   72.951
InPost SA            2.250    7/15/2027  EUR   73.904
ING Groep NV         4.875               USD   68.046
CPI Property Group SA1.625    4/23/2027  EUR   73.094
Enel Finance Internat0.500    6/17/2030  EUR   70.653
Raiffeisen Bank Inter4.500               EUR   65.253
Virgin Media Vendor F4.875    7/15/2028  GBP   73.875
Ukraine Government In7.750     9/1/2025  USD   21.444
Ukraine Government Bo15.840   2/26/2025  UAH   59.233
Ukraine Railways Via 8.250     7/9/2024  USD   21.350
NAK Naftogaz Ukraine 7.625    11/8/2026  USD   20.260
Allianz SE           2.600               EUR   61.730
Gazprom PJSC Via Gaz 4.950     2/6/2028  USD   44.000
Vodafone Group PLC   3.000    8/27/2080  EUR   72.937
Novolipetsk Steel Via1.450     6/2/2026  EUR   55.514
Rallye SA            4.371    2/28/2032  EUR   11.042
HOCHTIEF AG          0.625    4/26/2029  EUR   68.739
Romanian Government I3.625    3/27/2032  USD   68.700
John Lewis PLC       4.250   12/18/2034  GBP   57.077
Wintershall Dea Finan3.000               EUR   68.044
Boparan Finance PLC  7.625   11/30/2025  GBP   62.906
NAK Naftogaz Ukraine 7.125    7/19/2024  EUR   18.492
Bulgaria Government I1.375    9/23/2050  EUR   44.997
Republic of Austria G1.500    2/20/2047  EUR   70.888
UBS Group AG         3.875               USD   81.375
Agri Resources Group 8.000    3/17/2026  EUR   30.001
EP Infrastructure AS 2.045    10/9/2028  EUR   64.342
Rothschild & Co Conti4.420               USD   74.846
Herens Midco Sarl    5.250    5/15/2029  EUR   62.334
Altice France SA/Fran5.125    7/15/2029  USD   74.231
Altice Financing SA  3.000    1/15/2028  EUR   72.895
Enel Finance Internat2.250    7/12/2031  USD   66.055
Deutsche Bank AG     1.375    2/17/2032  EUR   67.323
ADLER Group SA       2.000   11/23/2023  EUR   60.050
Citycon Oyj          3.625               EUR   52.341
Telefonica Europe BV 2.376               EUR   69.848
Vodafone Group PLC   4.250    9/17/2050  USD   67.321
Hungary Government In0.500   11/18/2030  EUR   60.469
Assicurazioni General2.429    7/14/2031  EUR   74.030
Akelius Residential P1.125    1/11/2029  EUR   72.279
Enel SpA             1.875               EUR   64.176
Belfius Bank SA      3.625               EUR   70.639
Diamond BC BV        4.625    10/1/2029  USD   74.025
Iceland Bondco PLC   4.375    5/15/2028  GBP   68.057
JAB Holdings BV      4.500     4/8/2052  USD   60.356
Serbia International 1.000    9/23/2028  EUR   66.753
Maison Finco PLC     6.000   10/31/2027  GBP   68.607
M&G PLC              6.250   10/20/2068  GBP   74.736
TotalEnergies SE     2.125               EUR   66.275
Credit Suisse Group A6.375               USD   74.125
Czech Republic Govern2.000   10/13/2033  CZK   67.046
Balder Finland Oyj   1.000    1/20/2029  EUR   62.243
Mutuelle Assurance De3.500               EUR   62.269
State Agency of Roads6.250    6/24/2030  USD   14.932
TI Automotive Finance3.750    4/15/2029  EUR   68.801
Romanian Government I2.500     2/8/2030  EUR   69.389
BAT International Fin2.000    3/13/2045  EUR   44.508
GOL Equity Finance SA3.750    7/15/2024  USD   44.750
Accor SA             2.625               EUR   74.751
Standard Chartered PL4.316               USD   76.750
Gazprom PJSC via Gaz 2.950    4/15/2025  EUR   44.982
MVM Energetika Zrt   0.875   11/18/2027  EUR   70.074
North Macedonia Gover1.625    3/10/2028  EUR   71.982
Abertis Infraestructu2.625               EUR   71.420
Prosus NV            3.061    7/13/2031  USD   69.649
Cooperatieve Rabobank3.100               EUR   68.206
Metalloinvest Finance3.375   10/22/2028  USD   57.500
Romanian Government I5.125    6/15/2048  USD   66.243
Leather 2 SpA        5.693    9/30/2028  EUR   68.921
Heimstaden AB        4.375     3/6/2027  EUR   72.421
BAT International Fin2.250    6/26/2028  GBP   74.975
Serbia International 2.125    12/1/2030  USD   64.986
Dometic Group AB     2.000    9/29/2028  EUR   69.938
ZF Europe Finance BV 3.000   10/23/2029  EUR   71.716
Autostrade per l'Ital1.875    9/26/2029  EUR   74.662
Republic of Armenia I3.950    9/26/2029  USD   71.604
Banco Comercial Portu4.000    5/17/2032  EUR   66.260
CaixaBank SA         3.625               EUR   64.606
IWG International Hol0.500    12/9/2027  GBP   64.996
EnBW International Fi1.875   10/31/2033  EUR   73.290
Voltalia SA          1.000    1/13/2025  EUR   27.034
Zorlu Yenilenebilir E9.000     6/1/2026  USD   72.108
NPC Ukrenergo        6.875    11/9/2028  USD   17.500
UniCredit SpA        0.850    1/19/2031  EUR   67.195
Unibail-Rodamco-Westf2.875               EUR   61.889
Gazprom PJSC Via Gaz 4.364    3/21/2025  EUR   52.821
Assicurazioni General1.713    6/30/2032  EUR   67.420
Laboratoire Eimer Sel5.000     2/1/2029  EUR   67.699
Talanx AG            1.750    12/1/2042  EUR   68.852
HOCHTIEF AG          1.250     9/3/2031  EUR   63.305
Ukraine Government In9.750    11/1/2030  USD   19.274
Russian Foreign Bond 5.250    6/23/2047  USD   46.527
Holcim Finance Luxemb0.500    4/23/2031  EUR   68.181
Samhallsbyggnadsbolag2.625               EUR   35.013
Metro Bank PLC       5.500    6/26/2028  GBP   49.339
Ukraine Government In7.750     9/1/2029  USD   18.743
Teva Pharmaceutical F1.625   10/15/2028  EUR   69.600
Gazprom PJSC via Gaz 1.850   11/17/2028  EUR   48.855
Republic of Austria G1.500    11/2/2086  EUR   54.860
Neoen SA             1.875    10/7/2024  EUR   35.438
Enel Finance Internat0.375    5/28/2029  EUR   73.945
Cellnex Telecom SA   1.750   10/23/2030  EUR   70.185
ADLER Group SA       3.250     8/5/2025  EUR   42.000
Altice France Holding6.000    2/15/2028  USD   63.747
MHP Lux SA           6.250    9/19/2029  USD   46.583
Victoria PLC         3.750    3/15/2028  EUR   70.331
Turkey Government Int6.625    2/17/2045  USD   64.132
Achmea BV            4.625               EUR   71.941
Korian SA            1.875               EUR   32.205
Atrium Finance Issuer2.625     9/5/2027  EUR   71.775
FEL Energy VI Sarl   5.750    12/1/2040  USD   67.943
Cellnex Finance Co SA1.250    1/15/2029  EUR   73.964
Volkswagen Financial 0.375    2/12/2030  EUR   72.818
HSE Finance Sarl     6.071   10/15/2026  EUR   61.864
Ageas SA/NV          3.875               EUR   68.438
TotalEnergies SE     3.250               EUR   69.247
Lukoil Capital DAC   2.800    4/26/2027  USD   76.500
Banco de Credito Soci1.750     3/9/2028  EUR   73.610
SBB Treasury Oyj     0.750   12/14/2028  EUR   57.543
CPI Property Group SA4.875               EUR   53.212
GTC Aurora Luxembourg2.250    6/23/2026  EUR   73.263
Wellcome Trust Ltd/Th2.517     2/7/2118  GBP   53.029
Avianca Midco 2 PLC  9.000    12/1/2028  USD   74.516
RCS & RDS SA         3.250     2/5/2028  EUR   74.043
Banco Comercial Portu3.871    3/27/2030  EUR   74.026
Autostrade per l'Ital2.000    1/15/2030  EUR   74.607
Credit Suisse Group A2.125   11/15/2029  GBP   71.490
Adecco International 1.000    3/21/2082  EUR   67.589
NAK Naftogaz Ukraine 7.375    7/19/2022  USD   20.662
Amprion GmbH         0.625    9/23/2033  EUR   67.421
Landesbank Baden-Wuer4.000               EUR   72.822
TotalEnergies SE     2.000               EUR   72.221
Sberbank of Russia Vi5.125   10/29/2022  USD    8.643
Union Fenosa Preferen2.843               EUR   67.923
Russian Railways Via 0.898    10/3/2025  CHF   24.872
MMC Norilsk Nickel OJ4.100    4/11/2023  USD   58.000
Russian Railways Via 5.700     4/5/2022  USD   24.818
ZUR Rose Finance BV  2.750    3/31/2025  CHF   67.298
HSBC Bank PLC        3.127               USD   71.193
Deutsche Bank AG/New 3.035    5/28/2032  USD   68.497
Ukreximbank Via Biz F9.750    1/22/2025  USD   30.970
Ukraine Government In8.994     2/1/2026  USD   16.741
Intesa Sanpaolo SpA  5.875               EUR   72.619
DDM Debt AB          9.000    4/19/2026  EUR   70.007
Republic of Belarus I6.378    2/24/2031  USD   19.667
Logicor Financing Sar2.000    1/17/2034  EUR   58.941
Hungary Government In1.750     6/5/2035  EUR   58.185
Cellnex Finance Co SA2.000    2/15/2033  EUR   64.631
Romanian Government I3.500     4/3/2034  EUR   63.819
CPI Property Group SA1.750    1/14/2030  EUR   65.163
Anadolu Efes Biracili3.375    6/29/2028  USD   70.260
Chrome Holdco SASU   5.000    5/31/2029  EUR   71.120
LEG Immobilien SE    0.400    6/30/2028  EUR   74.306
Electricite de France3.000               EUR   69.119
Bulgarian Energy Hold2.450    7/22/2028  EUR   71.444
Nykredit Realkredit A1.000    10/1/2053  DKK   69.466
Serbia International 1.650     3/3/2033  EUR   55.041
Eustream AS          1.625    6/25/2027  EUR   60.588
EnBW Energie Baden-Wu2.125    8/31/2081  EUR   58.222
Grupo Antolin-Irausa 3.500    4/30/2028  EUR   63.545
Raiffeisen Bank Inter6.000               EUR   74.686
Phosagro OAO Via Phos3.050    1/23/2025  USD   56.500
Fastighets AB Balder 1.125    1/29/2027  EUR   70.080
Tinkoff Bank JSC Via 11.002              USD   32.500
Republic of Belarus I6.200    2/28/2030  USD   20.000
MMC Norilsk Nickel OJ2.800   10/27/2026  USD   55.000
VF Ukraine PAT via VF6.200    2/11/2025  USD   53.527
Vantage Towers AG    0.750    3/31/2030  EUR   74.767
OSB Group PLC        6.000               GBP   70.703
BMW Finance NV       0.200    1/11/2033  EUR   68.909
UniCredit SpA        4.450               EUR   66.606
Ideal Standard Intern6.375    7/30/2026  EUR   51.373
Rolls-Royce PLC      1.625     5/9/2028  EUR   71.280
Republic of Italy Gov3.875     5/6/2051  USD   62.095
Hungary Government Bo3.250   10/22/2031  HUF   58.290
Intesa Sanpaolo SpA  5.500               EUR   74.641
Akelius Residential P0.750    2/22/2030  EUR   66.622
Nykredit Realkredit A1.500    10/1/2053  DKK   73.879
Iberdrola Internation2.250               EUR   74.420
Gazprom PJSC via Gaz 1.540    6/30/2027  CHF   48.848
Rallye SA            4.000    2/28/2032  EUR   10.314
Minejesa Capital BV  5.625    8/10/2037  USD   64.036
Enel Finance Internat0.875    6/17/2036  EUR   55.887
Russian Foreign Bond 4.250    6/23/2027  USD   44.423
AerCap Ireland Capita3.850   10/29/2041  USD   64.181
Credit Agricole Assur1.500    10/6/2031  EUR   68.719
P3 Group Sarl        1.625    1/26/2029  EUR   61.867
Aggregate Holdings SA6.875    11/9/2025  EUR   36.708
Julius Baer Group Ltd3.625               USD   65.551
HSBC Bank PLC        4.420               USD   71.027
ADLER Real Estate AG 2.125     2/6/2024  EUR   68.638
Novatek OAO Via Novat4.422   12/13/2022  USD   62.811
State of North Rhine-1.450    1/19/2122  EUR   50.861
Vattenfall AB        2.500    6/29/2083  GBP   72.210
Turkey Government Int5.250    3/13/2030  USD   71.363
BNP Paribas SA       1.625     7/2/2031  EUR   71.391
Rumo Luxembourg Sarl 4.200    1/18/2032  USD   74.983
Enel Finance Internat0.875    1/17/2031  EUR   70.502
BNP Paribas SA       3.132    1/20/2033  USD   73.274
AXA SA               1.875    7/10/2042  EUR   69.375
Atento Luxco 1 SA    8.000    2/10/2026  USD   41.063
Prosus NV            3.832     2/8/2051  USD   55.102
Vonovia SE           0.750     9/1/2032  EUR   62.025
Enel Finance Internat0.875    9/28/2034  EUR   59.653
Synthos SA           2.500     6/7/2028  EUR   74.741
Zalando SE           0.625     8/6/2027  EUR   74.188
Deutsche Bank AG     1.750   11/19/2030  EUR   73.192
Russian Railways Via 0.840    3/12/2026  CHF   18.588
Serbia International 2.050    9/23/2036  EUR   51.548
Albania Government In3.500   11/23/2031  EUR   70.851
BCP V Modular Service6.750   11/30/2029  EUR   68.113
Enel Finance Internat1.875    7/12/2028  USD   74.098
Helvetia Europe SA   2.750    9/30/2041  EUR   73.486
Hellenic Republic Gov0.750    6/18/2031  EUR   70.423
Dtek Renewables Finan8.500   11/12/2024  EUR   35.090
Evraz PLC            5.375    3/20/2023  USD   50.000
ADLER Group SA       2.250    4/27/2027  EUR   37.834
Fastighets AB Balder 1.250    1/28/2028  EUR   66.775
Heimstaden Bostad Tre1.000    4/13/2028  EUR   73.201
Enel Finance Internat4.750    5/25/2047  USD   65.380
Thames Water Utilitie1.250    1/31/2032  EUR   71.447
Lukoil Securities BV 3.875     5/6/2030  USD   72.500
Heimstaden Bostad AB 3.375               EUR   52.062
Aliaxis Finance SA   0.875    11/8/2028  EUR   70.449
Deutsche Bahn Finance0.625    12/8/2050  EUR   45.030
Deutsche Bank AG/New 3.547    9/18/2031  USD   72.754
Sagax Euro Mtn NL BV 1.000    5/17/2029  EUR   65.136
Global Ports Finance 6.500    9/22/2023  USD   28.807
Sampo Oyj            2.500     9/3/2052  EUR   70.284
Heimstaden Bostad Tre1.625   10/13/2031  EUR   61.198
Nexity SA            0.250     3/2/2025  EUR   55.691
SES SA               2.875               EUR   73.429
Fnac Darty SA        0.250    3/23/2027  EUR   62.037
Investec PLC         1.875    7/16/2028  GBP   73.408
Garfunkelux Holdco 3 7.750    11/1/2025  GBP   70.419
TP ICAP Finance PLC  2.625   11/18/2028  GBP   67.490
Tesco Corporate Treas0.375    7/27/2029  EUR   72.486
Autostrade per l'Ital2.250    1/25/2032  EUR   69.269
Solvay SA            0.500     9/6/2029  EUR   73.084
Aroundtown SA        2.912    9/20/2030  EUR   70.405
E.ON SE              0.350    2/28/2030  EUR   74.705
Erste Group Bank AG  4.250               EUR   71.866
Ziggo BV             2.875    1/15/2030  EUR   73.099
Russian Railways Via 7.487    3/25/2031  GBP   21.877
Novolipetsk Steel Via4.700    5/30/2026  USD   66.000
Maisons du Monde SA  0.125    12/6/2023  EUR   46.071
Bank Gospodarstwa Kra2.125     6/5/2030  PLN   60.072
Enel Finance Internat2.875    7/12/2041  USD   53.838
Republic of Armenia I3.600     2/2/2031  USD   67.858
ADLER Real Estate AG 3.000    4/27/2026  EUR   58.598
Russian Railways Via 3.125               CHF    6.242
Deutsche Pfandbriefba5.750               EUR   73.855
JAB Holdings BV      3.750    5/28/2051  USD   53.056
Prosus NV            4.193    1/19/2032  USD   74.473
Hungary Government In1.625    4/28/2032  EUR   64.879
HOCHDORF Holding AG  2.500               CHF   25.303
RAC Bond Co PLC      5.250    11/4/2027  GBP   73.902
Intesa Sanpaolo SpA  1.350    2/24/2031  EUR   68.142
Credit Suisse Group A5.100               USD   62.000
NatWest Group PLC    4.500               GBP   67.986
Altice France SA/Fran4.000    7/15/2029  EUR   72.964
State of North Rhine-2.150    3/21/2119  EUR   69.637
Electricite de France5.875               GBP   69.520
SPP-Distribucia AS   1.000     6/9/2031  EUR   62.564
Eurotorg LLC Via Boni9.000   10/22/2025  USD   52.029
Energizer Gamma Acqui3.500    6/30/2029  EUR   70.268
Haya Holdco 2 PLC    9.542   11/30/2025  EUR   63.505
Republic of Austria G0.250   10/20/2036  EUR   66.524
UniCredit SpA        1.625    1/18/2032  EUR   69.327
Hungary Government Bo3.000   10/27/2027  HUF   66.514
Aviva PLC            4.000     6/3/2055  GBP   67.099
Shell International F3.000   11/26/2051  USD   61.328
RL Finance Bonds NO 44.875    10/7/2049  GBP   66.001
Flamingo Lux II SCA  5.000    3/31/2029  EUR   72.086
CTP NV               1.500    9/27/2031  EUR   51.301
Russian Foreign Bond 4.375    3/21/2029  USD   42.805
Vnesheconombank Via V6.800   11/22/2025  USD    5.870
BUPA Finance PLC     4.000               GBP   58.320
Electricite de France2.875               EUR   73.477
Idorsia Ltd          2.125     8/4/2028  CHF   68.158
Romanian Government I2.875    3/11/2029  EUR   74.286
Picard Bondco SA     5.375     7/1/2027  EUR   74.133
Czech Republic Govern1.500    4/24/2040  CZK   51.253
SATO Oyj             1.375    2/24/2028  EUR   73.386
Siemens Financierings1.750    2/28/2039  EUR   71.522
Tikehau Capital SCA  1.625    3/31/2029  EUR   72.925
Audax Renovables SA  2.750   11/30/2025  EUR   68.629
Utmost Group PLC     6.125               GBP   65.914
Nykredit Realkredit A1.500    10/1/2053  DKK   69.608
Barclays PLC         3.564    9/23/2035  USD   69.296
BAWAG Group AG       5.125               EUR   72.952
Atos SE              2.500    11/7/2028  EUR   60.615
Wp/ap Telecom Holding5.500    1/15/2030  EUR   74.550
Realkredit Danmark A/1.000    10/1/2050  DKK   70.308
Tinkoff Bank JSC Via 6.000               USD   33.000
Evraz PLC            5.250     4/2/2024  USD   48.886
BICO Group AB        2.875    3/19/2026  SEK   57.257
Orsted AS            2.500    2/18/3021  GBP   58.701
Airbus SE            2.375     6/9/2040  EUR   71.746
Delivery Hero SE     1.000    4/30/2026  EUR   71.309
Logicor Financing Sar0.875    1/14/2031  EUR   61.247
Iberdrola Internation1.825               EUR   70.011
Heimstaden AB        4.250     3/9/2026  EUR   74.358
Turkey Government Int7.250     3/5/2038  USD   74.888
Telefonica Emisiones 5.213     3/8/2047  USD   72.037
Biocartis Group NV   4.000     5/9/2024  EUR   58.629
Phosagro OAO Via Phos2.600    9/16/2028  USD   50.000
RWE AG               1.000   11/26/2033  EUR   67.299
EDP - Energias de Por1.875    3/14/2082  EUR   65.219
Delivery Hero SE     1.500    1/15/2028  EUR   62.172
ADLER Group SA       2.750   11/13/2026  EUR   39.000
Banco Santander SA   3.225   11/22/2032  USD   67.106
Medtronic Global Hold1.375   10/15/2040  EUR   61.365
Intesa Sanpaolo SpA  4.950     6/1/2042  USD   56.458
B&M European Value Re4.000   11/15/2028  GBP   74.650
IG Group Holdings PLC3.125   11/18/2028  GBP   72.451
Delivery Hero SE     1.000    1/23/2027  EUR   73.121
TenneT Holding BV    0.875    6/16/2035  EUR   65.925
Telefonaktiebolaget L1.000    5/26/2029  EUR   69.994
Balder Finland Oyj   1.375    5/24/2030  EUR   58.303
Transport for London 4.000     4/7/2064  GBP   74.198
Digital Intrepid Hold1.375    7/18/2032  EUR   65.382
TenneT Holding BV    0.125   11/30/2032  EUR   66.263
BUPA Finance PLC     4.125    6/14/2035  GBP   68.462
Suez SA              1.250    5/14/2035  EUR   68.099
GSK Consumer Healthca3.375    3/29/2038  GBP   70.780
AP Moller - Maersk A/0.750   11/25/2031  EUR   71.967
Electricite de France4.500    12/4/2069  USD   63.660
Vonovia SE           0.625   12/14/2029  EUR   70.082
Intesa Sanpaolo Vita 2.375   12/22/2030  EUR   67.627
Deutsche Bahn Finance1.125    5/29/2051  EUR   51.925
Siemens Financierings0.500     9/5/2034  EUR   67.578
Ozon Holdings PLC    1.875    2/24/2026  USD   55.899
DVI Deutsche Vermoege2.500    1/25/2027  EUR   72.572
Zurich Finance Irelan3.500     5/2/2052  USD   69.273
Vodafone Group PLC   3.375     8/8/2049  GBP   63.998
Cadent Finance PLC   2.750    9/22/2046  GBP   54.922
Lloyds Banking Group 3.369   12/14/2046  USD   57.948
Prosus NV            2.085    1/19/2030  EUR   71.607
Jaguar Land Rover Aut5.500    7/15/2029  USD   68.289
DXC Capital Funding D0.950    9/15/2031  EUR   71.486
Momox Holding AG     7.498    7/10/2025  EUR   58.108
Pension Insurance Cor3.625   10/21/2032  GBP   65.315
Citycon Treasury BV  1.625    3/12/2028  EUR   71.141
Samhallsbyggnadsbolag1.125     9/4/2026  EUR   74.061
Korian SA            2.250   10/15/2028  EUR   70.982
EnBW International Fi0.250   10/19/2030  EUR   70.466
Annington Funding PLC2.924    10/6/2051  GBP   51.893
Polyus Finance PLC   3.250   10/14/2028  USD   49.257
Sanctuary Capital PLC2.375    4/14/2050  GBP   52.149
Antofagasta PLC      2.375   10/14/2030  USD   72.966
Lloyds Banking Group 2.707    12/3/2035  GBP   67.114
Sherwood Financing PL4.500   11/15/2026  EUR   69.353
alstria office REIT-A1.500   11/15/2027  EUR   69.726
ALROSA Finance SA    3.100    6/25/2027  USD   10.000
Canary Wharf Group In3.375    4/23/2028  GBP   74.746
VIA Outlets BV       1.750   11/15/2028  EUR   73.568
Deutsche Bahn Finance1.600               EUR   73.011
Just Eat Takeaway.com0.625     2/9/2028  EUR   61.819
Odea Bank AS         8.606     8/1/2027  USD   63.131
LEG Immobilien SE    0.875    1/17/2029  EUR   74.829
Nykredit Realkredit A1.000    10/1/2053  DKK   64.391
Ziton A/S            9.016    10/3/2024  EUR   70.390
HSBC Holdings PLC    2.871   11/22/2032  USD   70.340
Sweden Government Bon1.375    6/23/2071  SEK   61.275
Muenchener Rueckversi1.000    5/26/2042  EUR   64.948
University College Lo1.625     6/4/2061  GBP   47.391
Metinvest BV         7.750    4/23/2023  USD   55.500
Banco Santander SA   2.749    12/3/2030  USD   67.858
Acef Holding SCA     1.250    4/26/2030  EUR   62.158
Czech Gas Networks In0.450     9/8/2029  EUR   63.314
Altice France SA/Fran4.125    1/15/2029  EUR   73.335
Credit Bank of Moscow7.500    10/5/2027  USD   14.374
Proximus SADP        0.750   11/17/2036  EUR   63.850
Orpea SA             2.564   11/30/2027  EUR   41.509
Nestle Finance Intern0.875    6/14/2041  EUR   61.449
Grand City Properties2.500               EUR   72.848
Jaguar Land Rover Aut5.500    7/15/2029  USD   68.178
Banco Santander SA   1.000    11/4/2031  EUR   71.147
FIGEAC-AERO          1.750   10/18/2028  EUR   21.938
CPI Property Group SA2.750    1/22/2028  GBP   66.439
Republic of Belarus I7.625    6/29/2027  USD   19.696
Cadent Finance PLC   2.625    9/22/2038  GBP   60.736
Barclays PLC         3.811    3/10/2042  USD   57.298
Novafives SAS        5.500    6/15/2025  EUR   58.430
HSBC Holdings PLC    2.357    8/18/2031  USD   70.809
Vonovia SE           0.250     9/1/2028  EUR   73.633
UNIQA Insurance Group2.375    12/9/2041  EUR   67.134
Moby SpA             7.750    2/15/2023  EUR   65.688
UBS Group AG         2.746    2/11/2033  USD   71.209
MMC Norilsk Nickel OJ3.375   10/28/2024  USD   55.903
Bank Gospodarstwa Kra2.375   11/27/2040  PLN   39.315
UBS Group AG         0.875    11/3/2031  EUR   71.165
Verbund AG           0.900     4/1/2041  EUR   58.489
UniCredit SpA        3.127     6/3/2032  USD   69.160
Virgin Media Secured 4.250    1/15/2030  GBP   73.717
Banco Santander SA   1.625   10/22/2030  EUR   72.133
Annington Funding PLC3.935    7/12/2047  GBP   65.741
Hellenic Republic Gov1.875     2/4/2035  EUR   70.660
BPCE SA              2.125   10/13/2046  EUR   64.699
AerCap Ireland Capita3.400   10/29/2033  USD   70.594
ContourGlobal Power H3.125     1/1/2028  EUR   71.359
Severstal OAO Via Ste3.150    9/16/2024  USD   10.830
Barclays PLC         2.894   11/24/2032  USD   70.110
Glencore Capital Fina0.750     3/1/2029  EUR   73.319
Latvia Government Int0.250    1/23/2030  EUR   74.844
Electricite de France2.000    12/9/2049  EUR   50.078
Delivery Hero SE     2.125    3/10/2029  EUR   59.264
Royalty Pharma PLC   2.200     9/2/2030  USD   74.359
Upjohn Finance BV    1.908    6/23/2032  EUR   69.483
Zurich Insurance Co L1.500     5/3/2052  CHF   73.221
Mallinckrodt Internat10.000   6/15/2029  USD   56.057
Eurochem Finance DAC 5.500    3/13/2024  USD   54.000
Phosagro OAO Via Phos3.949    4/24/2023  USD   59.401
Constellium SE       3.125    7/15/2029  EUR   72.172
gategroup Finance Lux3.000    2/28/2027  CHF   69.033
Muenchener Rueckversi1.250    5/26/2041  EUR   69.661
Stora Enso Oyj       0.625    12/2/2030  EUR   72.767
Credit Agricole SA   1.125    7/12/2032  EUR   71.672
Desenio Group AB     7.056   12/16/2024  SEK   47.867
Novolipetsk Steel Via4.000    9/21/2024  USD   60.243
Hacienda Investments 5.350     2/8/2028  USD   12.206
Vinci SA             2.750    9/15/2034  GBP   74.367
Swiss Re Finance UK P2.714     6/4/2052  EUR   72.145
AXA SA               1.375    10/7/2041  EUR   68.935
BNP Paribas SA       0.625    12/3/2032  EUR   65.238
GlaxoSmithKline Capit1.625    5/12/2035  GBP   65.140
Turkey Government Int6.750    5/30/2040  USD   68.731
EnBW Energie Baden-Wu1.625     8/5/2079  EUR   70.857
Sigma Holdco BV      7.875    5/15/2026  USD   61.843
Hungary Government Bo2.000    5/23/2029  HUF   58.184
Arrival SA           3.500    12/1/2026  USD   30.934
Global Fashion Group 1.250    3/15/2028  EUR   72.558
Volkswagen Internatio1.250    9/23/2032  EUR   74.531
EnfraGen Energia Sur 5.375   12/30/2030  USD   56.387
Icade Sante SACA     0.875    11/4/2029  EUR   71.757
Anchor Hanover Group 2.000    7/21/2051  GBP   47.896
Deutsche Bahn Finance0.350    9/29/2031  EUR   74.296
Medtronic Global Hold1.625   10/15/2050  EUR   56.137
Deutsche Telekom AG  1.750    12/9/2049  EUR   60.910
Deutsche Bahn Finance0.625    4/15/2036  EUR   64.795
Grand City Properties0.125    1/11/2028  EUR   69.184
ABN AMRO Bank NV     3.324    3/13/2037  USD   68.331
Direct Line Insurance4.750               GBP   65.384
Linde PLC            1.000    9/30/2051  EUR   46.028
Derwent London PLC   1.875   11/17/2031  GBP   66.106
Czech Republic Govern1.200    3/13/2031  CZK   67.346
Sagax Euro Mtn NL BV 0.750    1/26/2028  EUR   68.464
Chancellor Masters & 2.350    6/27/2078  GBP   54.803
Credit Bank of Moscow3.100    1/21/2026  EUR   20.594
Cardea Europe AG     7.250    12/8/2023  EUR   39.950
Orpea SA             2.130     7/3/2024  EUR   45.264
Offentliga Hus I Nord8.521               SEK   62.000
State of North Rhine-1.950    9/26/2078  EUR   73.180
Stellantis NV        1.250    6/20/2033  EUR   65.487
Altarea SCA          1.875    1/17/2028  EUR   73.259
SAS AB               6.900               SEK   20.000
Barclays PLC         4.950    1/10/2047  USD   72.797
H&M Finance BV       0.250    8/25/2029  EUR   73.066
Wintershall Dea Finan2.499               EUR   71.877
Anglo American Capita4.750    3/16/2052  USD   72.424
ASTM SpA             2.375   11/25/2033  EUR   68.270
Bank Gospodarstwa Kra1.750    3/12/2028  PLN   67.922
Viterra Finance BV   1.000    9/24/2028  EUR   74.003
British Land Co PLC/T2.375    9/14/2029  GBP   74.933
Anglian Water Osprey 2.000    7/31/2028  GBP   70.926
HSBC Holdings PLC    2.804    5/24/2032  USD   71.051
NatWest Group PLC    0.780    2/26/2030  EUR   74.554
ING Groep NV         0.250     2/1/2030  EUR   74.112
Sirius Real Estate Lt1.750   11/24/2028  EUR   63.014
Klepierre SA         1.625   12/13/2032  EUR   66.485
Virgin Media Secured 4.125    8/15/2030  GBP   71.677
Fuerstenberg Capital 5.625               EUR   63.486
PB International BV  7.625   12/31/2025  USD   44.742
BNP Paribas SA       4.245               USD   69.147
VTB Bank PJSC Via VTB9.500               USD    6.640
Barclays PLC         2.667    3/10/2032  USD   70.307
EnBW Energie Baden-Wu1.375    8/31/2081  EUR   65.033
HSBC Holdings PLC    2.848     6/4/2031  USD   73.954
BNG Bank NV          0.125    4/19/2033  EUR   72.174
Mercedes-Benz Group A0.750    3/11/2033  EUR   71.952
NGD Holdings BV      6.750   12/31/2026  USD   41.097
Logicor Financing Sar1.625    1/17/2030  EUR   70.200
Russian Foreign Bond 5.875    9/16/2043  USD   56.999
VEON Holdings BV     4.000     4/9/2025  USD   62.172
Croatia Government In1.750     3/4/2041  EUR   63.837
Prosus NV            2.778    1/19/2034  EUR   67.824
Royalty Pharma PLC   3.550     9/2/2050  USD   59.148
CTP NV               0.750    2/18/2027  EUR   71.334
BASF SE              0.875    10/6/2031  EUR   73.594
Platform HG Financing1.625    8/10/2055  GBP   41.699
Infrastrutture Wirele1.750    4/19/2031  EUR   71.800
Unicaja Banco SA     3.125    7/19/2032  EUR   72.541
Intesa Sanpaolo SpA  4.700    9/23/2049  USD   69.794
Unibail-Rodamco-Westf2.000    6/29/2032  EUR   70.158
Deutsche Telekom AG  3.625    1/21/2050  USD   64.731
Heimstaden Bostad Tre1.375    7/24/2028  EUR   73.566
Scandinavian Airlines0.625               CHF   13.539
Chancellor Masters & 0.250    6/27/2068  GBP   62.642
Severn Trent Utilitie2.625    2/22/2033  GBP   74.417
Lukoil Capital DAC   3.600   10/26/2031  USD   72.500
Enel Finance Internat5.500    6/15/2052  USD   68.843
WPP Finance 2013     2.875    9/14/2046  GBP   52.797
Grainger PLC         3.000     7/3/2030  GBP   70.508
National Grid Electri2.000    4/17/2040  GBP   53.989
BNP Paribas SA       2.824    1/26/2041  USD   55.385
Dana Financing Luxemb3.000    7/15/2029  EUR   73.495
Czech Republic Govern0.950    5/15/2030  CZK   67.826
NET4GAS sro          3.500    7/28/2026  EUR   65.504
Societe Generale SA  3.625     3/1/2041  USD   55.554
BP Capital Markets BV1.467    9/21/2041  EUR   58.661
Slovakia Government B2.000   10/17/2047  EUR   68.496
National Grid Electri0.872   11/26/2040  EUR   50.577
Siemens Financierings2.875    3/11/2041  USD   66.189
ALROSA Finance SA    4.650     4/9/2024  USD   10.785
GKN Holdings Ltd     4.625    5/12/2032  GBP   71.435
Aeroporti di Roma SpA1.750    7/30/2031  EUR   69.961
Cooperatieve Rabobank1.000    1/19/2034  EUR   67.939
La Mondiale SAM      2.125    6/23/2031  EUR   72.139
Mallinckrodt Internat10.000   4/15/2025  USD   66.666
United Utilities Wate2.000     7/3/2033  GBP   69.345
Ukraine Railways Via 7.875    7/15/2026  USD   19.500
Workspace Group PLC  2.250    3/11/2028  GBP   70.476
Orsted AS            1.500    2/18/3021  EUR   70.694
BNP Paribas SA       2.871    4/19/2032  USD   73.120
Mutuelle Assurance De2.125    6/21/2052  EUR   64.647
GTLK Europe Capital D5.950    4/17/2025  USD   25.532
Vonovia SE           1.000    6/16/2033  EUR   60.649
Cadent Finance PLC   0.625    3/19/2030  EUR   73.547
EnBW International Fi0.500     3/1/2033  EUR   64.274
Realkredit Danmark A/1.000    10/1/2050  DKK   65.597
Kojamo Oyj           0.875    5/28/2029  EUR   67.616
Nexity SA            0.875    4/19/2028  EUR   40.673
JT International Fina3.300    9/14/2051  USD   52.014
Northern Powergrid No1.875    6/16/2062  GBP   45.779
Groupe des Assurances1.850    4/21/2042  EUR   68.664
Societe Nationale SNC1.000    1/19/2061  EUR   41.354
Neoen SA             2.000     6/2/2025  EUR   46.898
Holcim Sterling Finan3.000    5/12/2032  GBP   72.267
Holding d'Infrastruct1.475    1/18/2031  EUR   73.593
Vnesheconombank Via V5.942   11/21/2023  USD    5.925
Hungary Government Bo4.500    5/27/2032  HUF   63.736
Credit Agricole SA   2.811    1/11/2041  USD   55.511
Motability Operations1.500    1/20/2041  GBP   54.383
Romanian Government I3.375     2/8/2038  EUR   59.844
LSEGA Financing PLC  3.200     4/6/2041  USD   66.996
Fresenius SE & Co KGa1.125    1/28/2033  EUR   67.478
Credit Bank of Moscow3.875    9/21/2026  USD   19.111
Enel Finance Internat1.875    7/12/2028  USD   73.745
Chesnara PLC         4.750     8/4/2032  GBP   74.903
Hungary Government Bo1.500    8/26/2026  HUF   66.661
Prosus NV            2.031     8/3/2032  EUR   64.065
Paragon GmbH & Co KGa4.000    4/23/2023  CHF   48.000
Slovenia Government B0.688     3/3/2081  EUR   31.060
Jyske Realkredit A/S 1.000    10/1/2050  DKK   70.417
UPM-Kymmene Oyj      0.500    3/22/2031  EUR   69.901
Equinor ASA          3.250   11/18/2049  USD   66.368
Shell International F4.000    5/10/2046  USD   74.103
NatWest Group PLC    3.032   11/28/2035  USD   68.835
Holcim Finance Luxemb0.625     4/6/2030  EUR   72.180
Digital Intrepid Hold0.625    7/15/2031  EUR   64.228
BNP Paribas SA       2.000    9/13/2036  GBP   58.458
UBS Group AG         2.095    2/11/2032  USD   69.380
Bayer AG             1.375     7/6/2032  EUR   73.106
Avianca Midco 2 PLC  9.000    12/1/2028  USD   74.664
Banque Federative du 1.125   11/19/2031  EUR   67.541
Eversholt Funding PLC2.742    6/30/2040  GBP   74.838
Jaguar Land Rover Aut5.875    1/15/2028  USD   70.650
Euroclear Investments1.375    6/16/2051  EUR   72.007
Raiffeisen Bank Inter1.375    6/17/2033  EUR   66.674
Santander UK Group Ho2.896    3/15/2032  USD   71.335
Icade Sante SACA     1.375    9/17/2030  EUR   69.804
Societe Generale SA  3.337    1/21/2033  USD   72.546
Barclays PLC         1.106    5/12/2032  EUR   68.565
Lar Espana Real Estat1.843    11/3/2028  EUR   64.788
UniCredit SpA        5.459    6/30/2035  USD   72.243
British Telecommunica3.625   11/21/2047  GBP   64.048
Ekosem-Agrar AG      8.500    12/7/2022  EUR    8.189
Aroundtown SA        3.000   10/16/2029  GBP   68.742
Thermo Fisher Scienti1.125   10/18/2033  EUR   74.677
Sherwood Financing PL6.000   11/15/2026  GBP   71.711
Imerys SA            1.000    7/15/2031  EUR   60.631
Jyske Bank A/S       3.625               EUR   73.080
UNEDIC ASSEO         0.100    5/25/2034  EUR   68.250
Nordea Kredit Realkre1.000    10/1/2050  DKK   70.390
MMK International Cap4.375    6/13/2024  USD   29.998
Glencore Capital Fina1.250     3/1/2033  EUR   63.655
Russian Foreign Bond 1.125   11/20/2027  EUR   38.057
Ekosem-Agrar AG      2.500    7/31/2029  EUR   18.086
Cofinimmo SA         0.875    12/2/2030  EUR   68.218
Orange SA            1.375               EUR   73.031
Enel Finance Internat1.250    1/17/2035  EUR   62.189
Accent Capital PLC   2.625    7/18/2049  GBP   56.929
GTLK Europe Capital D4.800    2/26/2028  USD   22.637
Samhallsbyggnadsbolag4.841               SEK   58.999
Shell International F1.000   12/10/2030  GBP   70.474
Electricite de France4.950   10/13/2045  USD   70.864
Segro Capital Sarl   0.500    9/22/2031  EUR   63.958
Bunzl Finance PLC    1.500   10/30/2030  GBP   68.534
Intesa Sanpaolo SpA  2.625    3/11/2036  GBP   57.063
STERIS Irish FinCo Un3.750    3/15/2051  USD   64.176
Segro PLC            2.875   10/11/2037  GBP   67.602
Wirecard AG          0.500    9/11/2024  EUR   12.019
Yorkshire Water Finan1.750   10/27/2032  GBP   67.450
Borets Finance DAC   6.000    9/17/2026  USD   33.414
Clarion Funding PLC  1.875     9/7/2051  GBP   44.276
Blackstone Property P2.625   10/20/2028  GBP   72.612
Sberbank of Russia Vi5.250    5/23/2023  USD   11.678
Yorkshire Water Finan2.750    4/18/2041  GBP   63.089
Wendel SE            1.375    1/18/2034  EUR   63.359
Claranova SE         5.000     7/1/2023  EUR    1.040
Interpipe Holdings PL8.375    5/13/2026  USD   40.000
Aedifica SA          0.750     9/9/2031  EUR   61.698
HSBC Bank PLC        4.750    3/24/2046  GBP   73.994
SELP Finance Sarl    0.875    5/27/2029  EUR   69.595
Metinvest BV         7.650    10/1/2027  USD   42.459
ACEA SpA             0.250    7/28/2030  EUR   70.878
Electricite de France1.875   10/13/2036  EUR   66.589
Intesa Sanpaolo SpA  5.148    6/10/2030  GBP   73.908
Prosus NV            4.027     8/3/2050  USD   56.483
Russian Federal Bond 6.100    7/18/2035  RUB   73.716
Traton Finance Luxemb1.250    3/24/2033  EUR   66.805
Digital Dutch Finco B1.000    1/15/2032  EUR   65.658
Societe Generale SA  3.625     3/1/2041  USD   56.204
Telenor ASA          0.625    9/25/2031  EUR   74.843
Holcim Finance Luxemb0.625    1/19/2033  EUR   63.457
Norddeutsche Landesba8.916               EUR   63.229
Electricite de France5.000    9/21/2048  USD   70.426
Prosus NV            4.987    1/19/2052  USD   65.056
Fresenius Finance Ire0.875    10/1/2031  EUR   69.150
Thermo Fisher Scienti1.625   10/18/2041  EUR   62.273
Vonovia SE           1.500    6/14/2041  EUR   49.576
Barclays PLC         2.645    6/24/2031  USD   72.122
Motability Operations2.125    1/18/2042  GBP   60.126
Clarion Funding PLC  3.125    4/19/2048  GBP   62.153
Ilija Batljan Invest 8.350               SEK   49.000
Credit Bank of Moscow5.150    2/20/2024  EUR   19.947
Tullow Oil PLC       7.000     3/1/2025  USD   66.584
Orange SA            0.500     9/4/2032  EUR   72.126
Vonovia Finance BV   1.000     7/9/2030  EUR   69.918
UBS Group AG         0.625    2/24/2033  EUR   66.330
Sibur Securities DAC 3.450    9/23/2024  USD   33.092
Hungary Government Bo2.750   12/22/2026  HUF   68.382
Hungary Government Bo2.250    6/22/2034  HUF   47.965
Foodco Bondco SA     6.250    5/15/2026  EUR   70.708
Acef Holding SCA     0.750    6/14/2028  EUR   73.113
E.ON SE              0.600    10/1/2032  EUR   68.674
Nestle Finance Intern0.375    5/12/2032  EUR   74.277
Altice France SA/Fran5.125    1/15/2029  USD   73.343
Northern Powergrid No3.250     4/1/2052  GBP   65.772
BNP Paribas SA       1.250    7/13/2031  GBP   64.733
GTLK Europe Capital D4.349    2/27/2029  USD   19.776
Deutsche Bahn Finance0.875    6/23/2039  EUR   61.071
UBS AG/London        4.500    6/26/2048  USD   73.502
Societe Du Grand Pari1.625     4/8/2042  EUR   69.768
BNP Paribas SA       2.588    8/12/2035  USD   69.096
Heimstaden Bostad Tre0.750     9/6/2029  EUR   63.907
Hellenic Bank PCL    10.000              EUR   53.486
UBS Group AG         2.746    2/11/2033  USD   70.647
Bank Gospodarstwa Kra2.250    7/21/2033  PLN   52.464
London & Quadrant Hou2.000    3/31/2032  GBP   70.986
Nykredit Realkredit A0.500    10/1/2050  DKK   65.966
Helvetia Schweizerisc1.450    8/12/2040  CHF   73.344
Market Parent Finco P6.750    10/1/2029  GBP   65.259
State of North Rhine-1.375    1/15/2120  EUR   48.115
Viterra Finance BV   3.200    4/21/2031  USD   73.066
Offshore Drilling Hol8.375    9/20/2020  USD    3.842
JDE Peet's NV        2.250    9/24/2031  USD   71.181
Nykredit Realkredit A1.500    10/1/2050  DKK   74.901
Holcim Finance Luxemb0.500     9/3/2030  EUR   70.675
Unibail-Rodamco-Westf2.250    5/14/2038  EUR   57.354
ABH Financial Ltd Via2.875    11/9/2022  CHF #N/A N/A
UBS AG/London        0.500    3/31/2031  EUR   73.144
Ukreximbank Via Biz F9.950   11/14/2029  USD   30.333
Metinvest BV         5.625    6/17/2025  EUR   41.025
Bank Gospodarstwa Kra1.875    4/27/2027  PLN   72.336
ABN AMRO Bank NV     1.250    1/20/2034  EUR   67.913
Becton Dickinson Euro1.336    8/13/2041  EUR   56.646
Sovereign Housing Cap2.375    11/4/2048  GBP   54.732
RELX Finance BV      0.875    3/10/2032  EUR   74.874
BASF SE              1.625   11/15/2037  EUR   67.758
TenneT Holding BV    0.500   11/30/2040  EUR   51.327
Thermo Fisher Scienti2.000   10/18/2051  EUR   59.299
Thames Water Utilitie2.375    4/22/2040  GBP   55.967
HSBC Holdings PLC    0.770   11/13/2031  EUR   70.859
Peabody Capital No 2 2.750     3/2/2034  GBP   73.000
BPCE SA              3.582   10/19/2042  USD   59.902
NE Property BV       2.000    1/20/2030  EUR   66.081
Cooperatieve Rabobank1.000    1/19/2034  EUR   68.048
DH Europe Finance II 1.350    9/18/2039  EUR   63.590
GTLK Europe Capital D4.650    3/10/2027  USD   25.000
SCF Capital Designate3.850    4/26/2028  USD   18.798
Adecco International 0.500    9/21/2031  EUR   69.367
Royalty Pharma PLC   3.350     9/2/2051  USD   56.574
Vonovia SE           0.625    3/24/2031  EUR   66.022
Cadent Finance PLC   2.250   10/10/2035  GBP   62.272
Societe Generale SA  2.889     6/9/2032  USD   70.258
Royalty Pharma PLC   2.150     9/2/2031  USD   71.472
Eni SpA              2.750               EUR   69.159
Cellnex Finance Co SA3.875     7/7/2041  USD   59.825
Nostrum Oil & Gas Fin8.000    7/25/2022  USD   26.502
Republic of Poland Go2.000     3/8/2049  EUR   64.673
National Grid Electri0.823     7/7/2032  EUR   70.397
Uralkali OJSC Via Ura4.000   10/22/2024  USD   18.407
Senvion Holding GmbH 3.875   10/25/2022  EUR    0.267
Medtronic Global Hold2.250     3/7/2039  EUR   73.678
Deutsche Bank AG     1.875   12/22/2028  GBP   73.677
Mercialys SA         2.500    2/28/2029  EUR   74.431
Vnesheconombank Via V6.025     7/5/2022  USD    5.809
GTLK Europe Capital D4.949    2/18/2026  USD   31.294
Blend Funding PLC    2.922     4/5/2054  GBP   58.210
Housing & Care 21    3.288    11/8/2049  GBP   65.383
Econocom Group SA/NV 0.500     3/6/2023  EUR    8.054
JAB Holdings BV      1.000    7/14/2031  EUR   68.030
Northern Powergrid Yo2.250    10/9/2059  GBP   50.581
Aareal Bank AG       0.250   11/23/2027  EUR   73.930
Digital Dutch Finco B1.500    3/15/2030  EUR   74.412
Essity AB            0.250     2/8/2031  EUR   71.110
Saxa Gres Spa        7.000     8/4/2026  EUR   30.475
Volkswagen Financial 1.375    9/14/2028  GBP   72.743
Merlin Properties Soc1.375     6/1/2030  EUR   71.022
London Stock Exchange1.625     4/6/2030  GBP   74.877
BPCE SA              3.648    1/14/2037  USD   70.054
Storebrand Livsforsik1.875    9/30/2051  EUR   67.637
Saltaire Finance PLC 2.711     5/9/2052  GBP   65.077
TotalEnergies Capital3.127    5/29/2050  USD   63.125
Banque Federative du 1.125    1/19/2032  EUR   72.650
Banco Santander SA   2.958    3/25/2031  USD   72.975
Royalty Pharma PLC   3.300     9/2/2040  USD   64.281
ICADE                1.000    1/19/2030  EUR   69.887
Diageo Finance PLC   1.250    3/28/2033  GBP   66.583
Belfius Bank SA      1.250     4/6/2034  EUR   73.315
Altarea SCA          1.750    1/16/2030  EUR   62.104
Nordea Bank Abp      0.500    3/19/2031  EUR   73.325
Associated British Fo2.500    6/16/2034  GBP   71.021
Places For People Tre2.500    1/26/2036  GBP   65.321
United Utilities Wate1.750    2/10/2038  GBP   58.694
Standard Chartered PL3.265    2/18/2036  USD   69.297
Hyde Housing Associat1.750    8/18/2055  GBP   42.409
Andorra International1.700   10/13/2041  EUR   67.790
Jigsaw Funding PLC   3.375     5/5/2052  GBP   67.203
Southern Gas Networks3.100    9/15/2036  GBP   68.463
Metinvest BV         7.750   10/17/2029  USD   45.000
Hannover Rueck SE    1.375    6/30/2042  EUR   67.706
Vonovia Finance BV   1.125    9/14/2034  EUR   57.921
Flagship Finance PLC 1.875    7/14/2061  GBP   44.104
Perrigo Finance Unlim4.900   12/15/2044  USD   62.915
BAE Systems PLC      1.900    2/15/2031  USD   74.022
Jaguar Land Rover Aut4.500    10/1/2027  USD   68.567
Optivo Finance PLC   3.283    3/22/2048  GBP   64.775
BPCE SA              3.116   10/19/2032  USD   68.165
Chelyabinsk Pipe Plan4.500    9/19/2024  USD   15.165
Alfa Bank AO Via Alfa5.950    4/15/2030  USD    7.501
Zurich Finance Irelan1.875    9/17/2050  EUR   74.110
Wuestenrot & Wuerttem2.125    9/10/2041  EUR   65.756
Medtronic Global Hold0.750   10/15/2032  EUR   73.557
Johnson Controls Inte2.000    9/16/2031  USD   73.617
VEON Holdings BV     4.950    6/16/2024  USD   72.091
Euroboden GmbH       5.500   11/18/2025  EUR   74.538
Engie SA             0.500   10/24/2030  EUR   74.347
JDE Peet's NV        1.125    6/16/2033  EUR   64.782
Snam SpA             1.250    6/20/2034  EUR   65.104
Vonovia Finance BV   1.000    1/28/2041  EUR   44.109
Carmila SA           1.625    5/30/2027  EUR   73.702
Genfit               3.500   10/16/2025  EUR   25.525
Wintershall Dea Finan1.823    9/25/2031  EUR   72.171
abrdn plc            5.250               GBP   69.802
European Financial St0.875    4/10/2035  EUR   74.956
Southern Gas Networks1.250    12/2/2031  GBP   66.094
Nordea Kredit Realkre1.000    10/1/2053  DKK   64.429
Vonovia Finance BV   0.500    9/14/2029  EUR   70.864
Severn Trent Utilitie2.000     6/2/2040  GBP   56.886
Barclays PLC         3.330   11/24/2042  USD   59.597
Electricite de France4.875    1/22/2044  USD   71.957
Credit Suisse Group A4.875    5/15/2045  USD   66.965
Slovakia Government B1.875     3/9/2037  EUR   73.404
Alstom SA            0.500    7/27/2030  EUR   73.703
Aareal Bank AG       0.750    4/18/2028  EUR   73.605
Credit Suisse AG/Lond1.250    2/22/2029  USD   66.239
UBS Group AG         3.179    2/11/2043  USD   59.927
National Grid Gas PLC1.625    1/14/2043  GBP   45.169
Centrica PLC         4.250    9/12/2044  GBP   69.426
Peabody Capital No 2 3.250    9/14/2048  GBP   63.125
Rallye SA            5.250    2/28/2032  EUR   10.440
Intermediate Capital 2.500    1/28/2030  EUR   71.150
Vodafone Group PLC   4.875    6/19/2049  USD   73.927
Medtronic Global Hold1.500     7/2/2039  EUR   64.603
Wessex Water Services1.250    1/12/2036  GBP   54.737
ING Groep NV         0.875   11/29/2030  EUR   74.960
UniCredit SpA        5.459    6/30/2035  USD   71.793
ASTM SpA             1.500    1/25/2030  EUR   74.566
Lithuania Government 0.300    2/12/2032  EUR   70.903
TechnipFMC PLC       3.750    10/7/2033  EUR   70.564
Finland Government Bo0.500    4/15/2043  EUR   59.148
Prosus NV            1.985    7/13/2033  EUR   61.349
Orange SA            1.375     9/4/2049  EUR   60.728
Agence Francaise de D1.125     3/2/2037  EUR   71.511
Saderea DAC          12.500  11/30/2026  USD   64.118
UK Municipal Bonds Ag1.625    8/26/2060  GBP   44.234
AstraZeneca PLC      3.000    5/28/2051  USD   63.749
VTR Finance NV       6.375    7/15/2028  USD   53.877
Russian Foreign Bond 1.850   11/20/2032  EUR   42.000
Klepierre SA         0.875    2/17/2031  EUR   66.305
ING Groep NV         1.125    12/7/2028  GBP   74.587
LANXESS AG           0.625    12/1/2029  EUR   72.490
Tritax Big Box REIT P1.500   11/27/2033  GBP   59.589
Slovenia Government B0.125     7/1/2031  EUR   74.282
Allianz SE           3.200               USD   65.999
Koninklijke Luchtvaar0.750               CHF   18.650
Realkredit Danmark A/1.500    10/1/2053  DKK   73.926
Societe Generale SA  4.027    1/21/2043  USD   58.527
Nykredit Realkredit A0.500    10/1/2043  DKK   74.411
Nostrum Oil & Gas Fin7.000    2/16/2025  USD   25.424
Vodafone Group PLC   2.500    5/24/2039  EUR   71.621
Jyske Realkredit A/S 1.000    10/1/2050  DKK   65.697
BPCE SA              0.250    1/14/2031  EUR   71.162
UBS Group AG         2.095    2/11/2032  USD   68.939
BNP Paribas SA       0.875    8/31/2033  EUR   72.991
Merlin Properties Soc1.875    12/4/2034  EUR   61.917
esure Group PLC      6.000               GBP   67.372
Czech Gas Networks In0.875    3/31/2031  EUR   60.054
Pension Insurance Cor4.625     5/7/2031  GBP   73.907
Smurfit Kappa Treasur0.500    9/22/2029  EUR   74.064
Onward Homes Ltd     2.125    3/25/2053  GBP   48.966
Shell International F3.250     4/6/2050  USD   65.316
UBS Group AG         4.375               USD   66.125
Credit Agricole SA   4.750               USD   70.480
Terna - Rete Elettric0.375    9/25/2030  EUR   72.223
Mitsubishi UFJ Invest5.628   12/30/2099  EUR    5.244
ABN AMRO Bank NV     1.000     6/2/2033  EUR   69.024
Hungary Government Bo1.500    4/22/2026  HUF   68.689
Imperial Brands Finan1.750    3/18/2033  EUR   64.072
Nykredit Realkredit A0.500    10/1/2053  DKK   64.146
Utmost Group PLC     4.000   12/15/2031  GBP   69.691
Penarian Housing Fina3.212     6/7/2052  GBP   65.694
CK Hutchison Group Te2.625   10/17/2034  GBP   61.571
Gazprom PJSC Via Gaz 7.288    8/16/2037  USD   53.000
Guinness Partnership 2.000    4/22/2055  GBP   45.922
ABN AMRO Bank NV     1.125    4/23/2039  EUR   70.913
E.ON SE              0.750   12/18/2030  EUR   74.472
United Kingdom Gilt  1.250    7/31/2051  GBP   52.566
Syngenta Finance NV  4.375    3/28/2042  USD   70.340
Gol Finance SA       7.000    1/31/2025  USD   44.905
Electricite de France4.950   10/13/2045  USD   70.936
CK Hutchison Group Te1.500   10/17/2031  EUR   72.849
Blend Funding PLC    3.459    9/21/2047  GBP   68.616
Intelsat Jackson Hold5.500     8/1/2023  USD    0.483
CBRE Global Investors0.900   10/12/2029  EUR   70.593
Rallye SA            3.250    2/28/2032  CHF    8.723
Credit Bank of Moscow7.625               USD   14.660
Nordea Kredit Realkre0.500    10/1/2050  DKK   66.006
Terna - Rete Elettric0.750    7/24/2032  EUR   70.028
Orpea SA             2.750     6/3/2033  EUR   44.549
GOL Equity Finance SA3.750    7/15/2024  USD   44.705
Groupe Bruxelles Lamb0.125    1/28/2031  EUR   70.713
Bayer AG             0.625    7/12/2031  EUR   70.522
Bank Gospodarstwa Kra0.500     7/8/2031  EUR   64.993
ERG SpA              0.875    9/15/2031  EUR   70.206
Vonovia Finance BV   2.750    3/22/2038  EUR   63.301
Standard Chartered PL3.265    2/18/2036  USD   70.268
Unibail-Rodamco-Westf2.000    5/29/2037  EUR   58.195
Rickmers Holding AG  8.875    6/11/2018  EUR    1.698
Credit Agricole SA   0.875    1/14/2032  EUR   70.480
Eversholt Funding PLC3.529     8/7/2042  GBP   66.592
Investor AB          0.375   10/29/2035  EUR   60.933
Realkredit Danmark A/1.000    10/1/2053  DKK   64.394
Nederlandse Gasunie N0.375    10/3/2031  EUR   72.353
Manchester Airport Gr2.875    9/30/2044  GBP   56.258
Unibail-Rodamco-Westf0.875    3/29/2032  EUR   62.253
Medtronic Global Hold1.750     7/2/2049  EUR   59.272
Trinseo Materials Ope5.125     4/1/2029  USD   56.642
HSBC Bank PLC        2.977               USD   71.000
TotalEnergies Capital1.405     9/3/2031  GBP   71.847
Electricite de France5.000    9/21/2048  USD   69.849
Unibail-Rodamco-Westf1.750     7/1/2049  EUR   43.849
Euroboden GmbH       5.500    10/1/2024  EUR   70.972
Portugal Obrigacoes d1.150    4/11/2042  EUR   64.216
Red Electrica Financi0.500    5/24/2033  EUR   72.509
Yandex NV            0.750    9/13/2022  USD   69.354
EQT AB               0.875    5/14/2031  EUR   64.897
Wales & West Utilitie1.875    5/28/2041  GBP   53.519
Assura Financing PLC 1.625    6/30/2033  GBP   61.162
Deutsche Telekom AG  2.250    3/29/2039  EUR   74.778
Sweden Government Bon0.500   11/24/2045  SEK   69.015
Mercedes-Benz Group A1.125     8/8/2034  EUR   72.505
Engie SA             1.000   10/26/2036  EUR   60.398
Agence Francaise de D1.125     3/2/2037  EUR   71.226
Saltaire Finance PLC 1.527   11/23/2051  GBP   48.204
Republic of Poland Go2.000   10/25/2046  EUR   64.913
Transport for London 3.625    5/15/2045  GBP   68.668
Societe Generale SA  5.625   11/24/2045  USD   72.111
Romania Government Bo4.250    4/28/2036  RON   58.783
Koninklijke KPN NV   0.875   11/15/2033  EUR   68.436
Unibail-Rodamco-Westf1.375    12/4/2031  EUR   67.503
Investec PLC         2.625     1/4/2032  GBP   73.611
Intesa Sanpaolo SpA  2.500    1/15/2030  GBP   71.487
Snam SpA             0.750    6/17/2030  EUR   72.632
Eurofins Scientific S0.875    5/19/2031  EUR   70.198
Legrand SA           0.375    10/6/2031  EUR   72.747
Brenntag Finance BV  0.500    10/6/2029  EUR   72.198
EIG Pearl Holdings Sa4.387   11/30/2046  USD   66.119
RWE AG               0.625    6/11/2031  EUR   71.932
Allianz SE           1.301    9/25/2049  EUR   74.303
ICADE                0.625    1/18/2031  EUR   64.758
Orange SA            0.625   12/16/2033  EUR   69.698
Koninklijke DSM NV   0.625    6/23/2032  EUR   70.729
JT International Fina2.750    9/28/2033  GBP   70.949
Finland Government Bo1.375    4/15/2047  EUR   70.489
Societe Du Grand Pari0.700   10/15/2060  EUR   38.060
BNP Paribas SA       4.625               USD   66.000
DH Europe Finance II 1.800    9/18/2049  EUR   58.553
Enel Finance Internat1.125   10/17/2034  EUR   62.558
Investor AB          1.500    6/20/2039  EUR   65.182
Fresnillo PLC        4.250    10/2/2050  USD   67.670
Aberdeen City Council0.100    2/28/2054  GBP   74.568
Finland Government Bo0.125    4/15/2036  EUR   66.116
BNP Paribas SA       2.871    4/19/2032  USD   72.742
ESB Finance DAC      1.000    7/19/2034  EUR   70.336
Latvia Government Int1.375    5/16/2036  EUR   68.922
United Utilities Wate1.875     6/3/2042  GBP   54.530
CTP NV               1.250    6/21/2029  EUR   63.046
Hacienda Investments 5.075    2/15/2023  USD   11.202
JAB Holdings BV      2.250   12/19/2039  EUR   57.390
EXOR NV              1.750   10/14/2034  EUR   68.460
Bromford Housing Grou3.125     5/3/2048  GBP   64.144
Atlas Copco Finance D0.750     2/8/2032  EUR   72.953
Ireland Government Bo0.550    4/22/2041  EUR   61.738
Karbon Homes Ltd     3.375   11/15/2047  GBP   68.798
CM.com NV            2.000     9/9/2026  EUR   66.100
South Eastern Power N1.750    9/30/2034  GBP   64.028
Channel Link Enterpri3.848    6/30/2050  GBP   67.169
Sage Group PLC/The   2.875     2/8/2034  GBP   71.440
Sovcombank Via SovCom7.600               USD    3.464
Sibur Securities DAC 4.125    10/5/2023  USD   33.046
Airbus SE            3.950    4/10/2047  USD   73.629
BP Capital Markets BV0.933    12/4/2040  EUR   54.296
Sovcombank Via SovCom8.000     4/7/2030  USD    3.692
Lendlease Europe Fina3.500    12/2/2033  GBP   60.586
Czech Republic Govern0.050   11/29/2029  CZK   64.395
Shell International F2.875   11/26/2041  USD   66.394
Air Liquide Finance S0.375    9/20/2033  EUR   69.876
Realkredit Danmark A/1.000    10/1/2053  DKK   69.481
Whitbread Group PLC  3.000    5/31/2031  GBP   70.550
Polyus Finance PLC   5.250     2/7/2023  USD   47.659
Intelsat Jackson Hold9.750    7/15/2025  USD    0.483
Erste Group Bank AG  0.250    1/27/2031  EUR   69.778
Cie Generale des Etab0.250    11/2/2032  EUR   71.014
LiveWest Treasury PLC1.875    2/18/2056  GBP   44.930
Equinor ASA          3.700     4/6/2050  USD   72.262
Credit Bank of Moscow8.875               USD   11.817
Prs Finance PLC      1.500    8/24/2034  GBP   68.703
RTE Reseau de Transpo1.125     7/8/2040  EUR   59.535
Russian Railways Via 4.375     3/1/2024  USD   21.901
Svenska Handelsbanken0.500    2/18/2030  EUR   74.533
DNB Bank ASA         3.320               USD   67.374
Standard Chartered PL2.678    6/29/2032  USD   69.478
Aroundtown SA        3.625    4/10/2031  GBP   67.913
Credit Bank of Moscow4.700    1/29/2025  USD   23.957
Nykredit Realkredit A1.500    10/1/2050  DKK   72.026
Pierre Et Vacances SA2.000     4/1/2023  EUR   24.850
Rusal Capital DAC    4.850     2/1/2023  USD   40.000
BNG Bank NV          0.805    6/28/2049  EUR   55.849
RTE Reseau de Transpo0.750    1/12/2034  EUR   69.061
BAE Systems PLC      3.000    9/15/2050  USD   59.465
Bazalgette Finance Pl2.750    3/10/2034  GBP   72.859
Digital Dutch Finco B1.250     2/1/2031  EUR   69.107
Volkswagen Internatio1.500    1/21/2041  EUR   57.484
AGCO International Ho0.800    10/6/2028  EUR   74.676
La Poste SA          0.625    1/18/2036  EUR   62.840
Hera SpA             0.250    12/3/2030  EUR   67.618
OMV AG               1.000     7/3/2034  EUR   68.293
Regiao Autonoma Madei1.141    12/4/2034  EUR   69.950
Hellenic Republic Gov2.085    7/25/2057  EUR   30.664
Carmila SA           1.625     4/1/2029  EUR   65.938
AstraZeneca PLC      2.125     8/6/2050  USD   52.611
National Grid Electri2.000    9/16/2038  GBP   56.084
Paragon Treasury Plc 2.000     5/7/2036  GBP   63.415
Shell International F0.875    11/8/2039  EUR   57.545
LEG Immobilien SE    1.000   11/19/2032  EUR   60.652
Intelsat Jackson Hold8.500   10/15/2024  USD    0.483
Jyske Realkredit A/S 1.000    10/1/2053  DKK   64.482
Czech Gas Networks In1.000    7/16/2027  EUR   74.992
Hexagon Housing Assoc3.625    4/22/2048  GBP   67.535
Sibur Securities DAC 2.950     7/8/2025  USD   36.869
WPC Eurobond BV      0.950     6/1/2030  EUR   67.442
Mobile Telesystems OJ5.000    5/30/2023  USD   25.265
Kerry Group Financial0.875    12/1/2031  EUR   72.924
Logicor Financing Sar2.750    1/15/2030  GBP   71.968
Bevco Lux Sarl       1.000    1/16/2030  EUR   68.107
Lithuania Government 0.500    7/28/2050  EUR   41.907
Reckitt Benckiser Tre1.750    5/19/2032  GBP   71.625
Unibail-Rodamco-Westf1.750    2/27/2034  EUR   63.346
London & Quadrant Hou3.125    2/28/2053  GBP   59.480
Metropolitan Funding 4.125     4/5/2048  GBP   73.332
Vodafone Group PLC   5.125    6/19/2059  USD   73.999
E.ON SE              0.625    11/7/2031  EUR   71.310
Land Securities Capit2.750    9/22/2059  GBP   57.879
Henkel AG & Co KGaA  0.500   11/17/2032  EUR   71.923
Close Brothers Financ1.625    12/3/2030  GBP   69.443
Nordea Kredit Realkre1.000    10/1/2050  DKK   65.659
PJSC Koks via IMH Cap5.900    9/23/2025  USD    7.123
Cadent Finance PLC   0.750    3/11/2032  EUR   68.512
Millicom Internationa4.500    4/27/2031  USD   72.743
Simon International F1.125    3/19/2033  EUR   64.023
Novolipetsk Steel Via4.500    6/15/2023  USD   57.905
ABN AMRO Bank NV     1.125    4/23/2039  EUR   70.971
Carmila SA           2.125     3/7/2028  EUR   70.171
Altice France Holding6.000    2/15/2028  USD   63.217
Credit Suisse Group A4.875    5/15/2045  USD   66.961
FLUVIUS System Operat0.250    12/2/2030  EUR   74.418
Suek Securities DAC  3.375    9/15/2026  USD   11.976
Idavang A/S          7.571   11/11/2025  EUR   63.841
Russian Railways Via 1.195     4/3/2028  CHF   17.129
Clarion Funding PLC  1.250   11/13/2032  GBP   64.359
NN Group NV          0.875   11/23/2031  EUR   72.210
Mithra Pharmaceutical4.250   12/17/2025  EUR   67.888
Lithuania Government 0.750    7/15/2051  EUR   45.724
Terragon AG          6.500    5/24/2024  EUR    5.000
TenneT Holding BV    1.125     6/9/2041  EUR   57.923
Hylea Group SA       7.250    12/1/2022  EUR    1.300
Klepierre SA         0.625     7/1/2030  EUR   66.487
Stichting Afwikkeling6.250   10/26/2020  EUR   45.341
University of Leeds  3.125   12/19/2050  GBP   68.126
Land Securities Capit2.625    9/22/2037  GBP   69.076
Thomas Cook Group PLC6.250    6/15/2022  EUR    0.617
State of Schleswig-Ho0.200    8/15/2039  EUR   60.296
Mondelez Internationa0.625     9/9/2032  EUR   70.795
Cardiff University   3.000    12/7/2055  GBP   65.505
Societe Generale SA  2.889     6/9/2032  USD   70.787
FLUVIUS System Operat0.625   11/24/2031  EUR   73.499
DSV Finance BV       0.875    9/17/2036  EUR   60.249
Chanel Ceres PLC     1.000    7/31/2031  EUR   74.646
State of North Rhine-0.500    1/15/2052  EUR   50.986
Zurich Finance Irelan1.625    6/17/2039  EUR   64.093
Southern Housing Grou2.375    10/8/2036  GBP   65.141
Beyond Housing Ltd   2.125    5/17/2051  GBP   50.157
Wrekin Housing Group 2.500   10/22/2048  GBP   54.630
Brookfield Finance I 2.340    1/30/2032  USD   71.770
Cimpress PLC         7.000    6/15/2026  USD   69.000
Hannover Rueck SE    1.125    10/9/2039  EUR   73.008
Holcim Finance Luxemb1.375    10/8/2036  EUR   55.901
Martlet Homes Ltd    3.000     5/9/2052  GBP   60.561
Holcim Sterling Finan2.250     4/4/2034  GBP   62.734
Telia Co AB          0.125   11/27/2030  EUR   73.333
Gol Finance SA       8.000    6/30/2026  USD   61.922
Telefonica Emisiones 4.895     3/6/2048  USD   68.236
Morhomes PLC         3.400    2/19/2038  GBP   71.957
GTLK Europe DAC      5.125    5/31/2024  USD   30.701
European Financial St1.750    7/17/2053  EUR   72.859
Societe Generale SA  4.027    1/21/2043  USD   57.984
Direct Line Insurance4.000     6/5/2032  GBP   70.448
Inmobiliaria Colonial0.750    6/22/2029  EUR   74.017
Banque Federative du 0.625    2/21/2031  EUR   71.227
Erste Group Bank AG  0.250    9/14/2029  EUR   74.333
Intu Debenture PLC   5.562   12/31/2027  GBP   43.597
CNP Assurances       1.875   10/12/2053  EUR   66.703
Standard Chartered PL3.603    1/12/2033  USD   69.981
Libra Longhurst Group3.250    5/15/2043  GBP   67.025
Air Berlin PLC       8.250    4/19/2018  EUR    0.226
Unibail-Rodamco-Westf1.375    4/15/2030  EUR   72.332
BNP Paribas SA       2.824    1/26/2041  USD   55.380
SABIC Capital I BV   3.000    9/14/2050  USD   60.835
Iren SpA             0.875   10/14/2029  EUR   74.407
Orbit Capital PLC    3.375    6/14/2048  GBP   65.274
Platform HG Financing1.926    9/15/2041  GBP   55.907
Affordable Housing Fi2.893    8/11/2043  GBP   71.666
Nederlandse Waterscha0.125     9/3/2035  EUR   66.430
K2A Knaust & Andersso7.712               SEK   73.000
Iren SpA             0.250    1/17/2031  EUR   65.683
Vesteda Finance BV   0.750   10/18/2031  EUR   69.413
Smurfit Kappa Treasur1.000    9/22/2033  EUR   65.508
Enel Finance Internat2.875    7/12/2041  USD   53.038
Hera SpA             1.000    4/25/2034  EUR   63.293
Richemont Internation2.000    3/26/2038  EUR   73.704
Nats En Route PLC    1.750    9/30/2033  GBP   67.865
Johnson Controls Inte1.000    9/15/2032  EUR   73.481
Standard Chartered PL3.603    1/12/2033  USD   70.642
PREOS Global Office R7.500    12/9/2024  EUR   48.000
Home Credit & Finance8.800               USD    7.953
Credit Bank of Moscow5.550    2/14/2023  USD   22.642
Barclays PLC         3.382    5/20/2032  AUD   70.264
Danfoss Finance II BV0.750    4/28/2031  EUR   73.331
Aster Treasury Plc   1.405    1/27/2036  GBP   59.092
University of Southam2.250    4/11/2057  GBP   53.429
Achmea BV            2.500    9/24/2039  EUR   74.181
DWR Cymru Financing U2.500    3/31/2036  GBP   69.685
Eni SpA              1.000   10/11/2034  EUR   66.448
TenneT Holding BV    1.875    6/13/2036  EUR   73.463
Orange SA            0.750    6/29/2034  EUR   68.921
Delete Group Oyj     6.458    4/19/2024  EUR   67.458
Enel Finance Internat2.250    7/12/2031  USD   65.429
Czech Republic Govern1.950    7/30/2037  CZK   60.675
Enexis Holding NV    0.625    6/17/2032  EUR   72.830
Nordea Kredit Realkre1.000    10/1/2053  DKK   69.577
Nordea Bank Abp      3.750               USD   67.186
Braskem Netherlands F5.875    1/31/2050  USD   69.377
3i Group PLC         3.750     6/5/2040  GBP   65.490
Lloyds Banking Group 4.344     1/9/2048  USD   64.517
Nykredit Realkredit A1.000    10/1/2053  DKK   59.019
ESB Finance DAC      1.875    7/21/2035  GBP   64.991
SCF Capital Designate5.375    6/16/2023  USD   20.000
Rallye SA            3.400    2/28/2032  EUR   11.000
Sage Group PLC/The   1.625    2/25/2031  GBP   69.205
UNEDIC ASSEO         0.250    7/16/2035  EUR   66.734
CCEP Finance Ireland 1.500     5/6/2041  EUR   60.054
Omnicom Capital Holdi2.250   11/22/2033  GBP   67.860
Nestle Finance Intern0.375    12/3/2040  EUR   55.530
Hannover Rueck SE    1.750    10/8/2040  EUR   73.703
Transport for London 3.875    7/23/2042  GBP   73.678
DNB Bank ASA         3.716               USD   67.496
CCEP Finance Ireland 0.875     5/6/2033  EUR   70.318
Takko Luxembourg 2 SC5.696   11/15/2023  EUR   67.850
NIBC Bank NV         1.315               EUR   72.424
Nordea Kredit Realkre1.500    10/1/2053  DKK   69.599
Jyske Realkredit A/S 1.000    10/1/2053  DKK   69.621
Prologis Internationa1.625    6/17/2032  EUR   71.451
Island Offshore Shiph8.320    6/30/2024  NOK    4.304
Veolia Environnement 0.800    1/15/2032  EUR   73.592
National Grid Gas PLC1.125    1/14/2033  GBP   59.946
Orsted AS            2.500    5/16/2033  GBP   73.544
UNEDIC ASSEO         0.500    5/25/2036  EUR   67.091
RHP Finance PLC      3.250     2/5/2048  GBP   66.920
Richemont Internation1.625    5/26/2040  EUR   65.019
Credit Agricole SA   2.811    1/11/2041  USD   55.222
PIK Securities DAC   5.625   11/19/2026  USD   32.400
Kreditanstalt fuer Wi0.875     7/4/2039  EUR   69.803
Realkredit Danmark A/0.500    10/1/2050  DKK   65.967
Engie SA             1.375    6/21/2039  EUR   58.392
CE Credit Management 6.500    6/28/2024  EUR   70.351
Prosus NV            3.061    7/13/2031  USD   69.384
University of Liverpo3.375    6/25/2055  GBP   72.438
Annington Funding PLC3.685    7/12/2034  GBP   72.934
Gazprom PJSC Via Gaz 4.950     2/6/2028  USD   43.000
La Banque Postale SA 0.750    6/23/2031  EUR   69.999
Clarion Funding PLC  1.875    1/22/2035  GBP   63.165
Snam SpA             0.625    6/30/2031  EUR   68.722
ING Groep NV         2.727     4/1/2032  USD   73.648
Andrade Gutierrez Int11.000   8/20/2021  USD   51.362
Iren SpA             1.000     7/1/2030  EUR   72.170
BPCE SA              2.277    1/20/2032  USD   69.977
Santander UK Group Ho5.625    9/15/2045  USD   69.003
European Financial St0.700    1/17/2053  EUR   52.627
SKF AB               0.250    2/15/2031  EUR   71.518
Lseg Netherlands BV  0.750     4/6/2033  EUR   69.978
Scottish Hydro Electr2.250    9/27/2035  GBP   64.487
Samhallsbyggnadsbolag2.874    1/30/2027  SEK   74.360
Slovakia Government B2.250    6/12/2068  EUR   68.288
Ulker Biskuvi Sanayi 6.950   10/30/2025  USD   69.003
Credit Agricole Itali0.375    1/20/2032  EUR   73.343
Movida Europe SA     5.250     2/8/2031  USD   73.153
Eurogrid GmbH        0.741    4/21/2033  EUR   70.822
Finland Government Bo0.250    9/15/2040  EUR   59.263
LEG Immobilien SE    0.750    6/30/2031  EUR   65.511
DH Europe Finance II 3.250   11/15/2039  USD   72.393
Sovcombank Via SovCom3.400    1/26/2025  USD    4.883
Russian Agricultural 8.500   10/16/2023  USD   13.449
Standard Chartered PL2.678    6/29/2032  USD   68.833
TenneT Holding BV    0.500     6/9/2031  EUR   73.756
Altice France SA/Fran5.125    7/15/2029  USD   73.746
Coca-Cola Europacific0.700    9/12/2031  EUR   74.225
Realkredit Danmark A/1.500    10/1/2050  DKK   74.895
Nordea Kredit Realkre1.500    10/1/2053  DKK   73.934
Telefonica Emisiones 4.665     3/6/2038  USD   72.906
Shell International F3.125    11/7/2049  USD   63.615
Cooperatieve Rabobank0.625    2/25/2033  EUR   67.133
Ukraine Government Bo9.790    5/26/2027  UAH   54.368
ABN AMRO Bank NV     0.625    1/24/2037  EUR   68.178
National Grid Electri2.750     2/6/2035  GBP   69.237
DH Europe Finance II 3.400   11/15/2049  USD   67.862
Royal Schiphol Group 0.875     9/8/2032  EUR   71.468
NIBC Bank NV         2.850    2/21/2040  EUR   70.150
Realkredit Danmark A/1.000    10/1/2053  DKK   59.031
London & Quadrant Hou3.750   10/27/2049  GBP   68.452
Prologis Internationa2.750    2/22/2032  GBP   74.601
DWR Cymru Financing U2.375    3/31/2034  GBP   67.419
Gecina SA            0.875    6/30/2036  EUR   60.361
TenneT Holding BV    1.500     6/3/2039  EUR   64.837
DLR Kredit A/S       1.000    10/1/2050  DKK   71.545
Catalyst Housing Ltd 3.125   10/31/2047  GBP   62.822
Slovenia Government B1.750    11/3/2040  EUR   69.224
Aeroports de Paris   1.125    6/18/2034  EUR   68.166
Credit Logement SA   1.081    2/15/2034  EUR   74.115
Landesbank Baden-Wuer0.375    2/21/2031  EUR   68.303
Officine Maccaferri-S5.750     6/1/2021  EUR   16.598
Bilt Paper BV        10.360              USD    1.343
Deutsche Boerse AG   0.125    2/22/2031  EUR   72.829
Enel Finance Internat4.750    5/25/2047  USD   64.518
LiveWest Treasury PLC2.250   10/10/2043  GBP   57.045
BNP Paribas SA       4.500               USD   69.000
Vonovia Finance BV   1.625    10/7/2039  EUR   50.304
Celtic Resources Hold4.125    10/9/2024  USD   14.298
Allied Irish Banks PL12.500   6/25/2035  GBP   54.686
Covivio Hotels SACA  1.000    7/27/2029  EUR   73.832
Nederlandse Waterscha0.500    4/26/2051  EUR   51.538
Euronext NV          1.500    5/17/2041  EUR   56.163
BP Capital Markets PL1.104   11/15/2034  EUR   68.332
Windreich GmbH       6.500     3/1/2015  EUR    4.475
Vier Gas Transport Gm0.500    9/10/2034  EUR   60.092
Gecina SA            1.625    5/29/2034  EUR   71.943
Nykredit Realkredit A2.000    10/1/2053  DKK   73.022
Nordea Bank Abp      1.625    12/9/2032  GBP   74.466
Latvia Government Int2.250    2/15/2047  EUR   73.674
Annington Funding PLC2.308    10/6/2032  GBP   66.153
London & Quadrant Hou2.750    7/20/2057  GBP   53.561
Rallye SA            4.000    2/28/2032  CHF    8.500
Prologis Internationa3.000    2/22/2042  GBP   63.393
Signa Development Fin5.500    7/23/2026  EUR   52.834
Bulgaria Government B0.100    8/17/2031  BGN   63.936
A2A SpA              0.625    7/15/2031  EUR   66.740
Berlin Hyp AG        0.375    4/21/2031  EUR   72.816
Cie de Financement Fo0.010   10/29/2035  EUR   63.877
ENW Finance PLC      1.415    7/30/2030  GBP   71.624
Linde Finance BV     0.550    5/19/2032  EUR   72.648
Gazprom PJSC via Gaz 4.599               USD   32.000
Linde PLC            1.625    3/31/2035  EUR   74.842
Ile-de-France Mobilit0.675   11/24/2036  EUR   67.603
OGX Austria GmbH     8.500     6/1/2018  USD    0.002
Jyske Realkredit A/S 1.500    10/1/2050  DKK   74.943
British Telecommunica4.250    11/8/2049  USD   69.545
EYEMAXX Real Estate A5.500    4/26/2023  EUR    1.702
Thames Water Utilitie2.625    1/24/2032  GBP   73.179
Realkredit Danmark A/0.500    10/1/2053  DKK   64.087
Unibail-Rodamco-Westf2.000    4/28/2036  EUR   61.810
Electricite de France4.875    1/22/2044  USD   71.988
Kreditanstalt fuer Wi0.050    9/29/2034  EUR   69.504
Tresu Investment Hold6.228     1/2/2025  EUR   48.750
Bulgaria Government B1.500    6/21/2039  BGN   59.795
Societa di Progetto B3.375   12/31/2038  EUR   67.886
UniCredit SpA        3.127     6/3/2032  USD   68.511
TotalEnergies Capital3.386    6/29/2060  USD   61.497
Shell International F0.500    11/8/2031  EUR   74.570
BNP Paribas SA       3.132    1/20/2033  USD   72.756
OP Corporate Bank plc0.625   11/12/2029  EUR   73.714
Heineken NV          1.750     5/7/2040  EUR   65.321
DWR Cymru Financing U1.375    3/31/2033  GBP   65.494
Blackstone Property P1.625    4/20/2030  EUR   69.243
European Financial St0.050    1/18/2052  EUR   41.133
Bayerische Landesbank1.375   11/22/2032  EUR   73.466
Mong Duong Finance Ho5.125     5/7/2029  USD   70.210
NPC Ukrenergo        6.875    11/9/2028  USD   14.920
Polyus Finance PLC   4.700    1/29/2024  USD   48.152
de Volksbank NV      0.375    9/16/2041  EUR   58.091
Realkredit Danmark A/1.500    10/1/2053  DKK   69.600
Barclays Bank PLC    12.000   9/24/2025  TRY   53.125
Societe Generale SA  5.375               USD   69.170
BNP Paribas SA       2.588    8/12/2035  USD   68.253
Alfa Bank AO Via Alfa5.900               USD    5.355
Gazprom PJSC Via Gaz 8.625    4/28/2034  USD   49.131
MARB BondCo PLC      3.950    1/29/2031  USD   71.227
Credit Suisse AG/Lond1.500    3/19/2029  USD   68.319
UniCredit Bank AG    0.375    1/17/2033  EUR   74.612
Schlumberger Finance 0.500   10/15/2031  EUR   73.828
Ireland Government Bo0.400    5/15/2035  EUR   72.421
Futures Treasury PLC 3.375     2/8/2044  GBP   69.223
ABN AMRO Bank NV     0.400    9/17/2041  EUR   58.674
Kommunalbanken AS    1.500   12/30/2030  AUD   73.211
Enagas Financiaciones0.375    11/5/2032  EUR   68.347
Russian Foreign Bond 4.875    9/16/2023  USD   67.000
City of Lausanne Swit0.540    11/6/2062  CHF   54.125
Allianz Finance II BV0.500   11/22/2033  EUR   68.989
Deutsche Bahn Finance3.350    1/20/2042  AUD   66.974
Ageas SA/NV          1.875   11/24/2051  EUR   69.098
Molnlycke Holding AB 0.625    1/15/2031  EUR   69.855
Ile-de-France Mobilit1.275    2/14/2042  EUR   66.040
Immigon Portfolioabba6.569               EUR    9.934
Aroundtown SA        4.750    3/27/2032  USD   71.506
LyondellBasell Indust4.625    2/26/2055  USD   70.091
East Slope Residencie0.100    2/28/2062  GBP   66.103
HOWOGE Wohnungs-bauge1.125    11/1/2033  EUR   68.479
Repsol Europe Finance0.875     7/6/2033  EUR   69.175
Bayerische Landesbode0.250    3/21/2036  EUR   67.180
DAA Finance PLC      1.601    11/5/2032  EUR   74.223
Deutsche Bahn Finance0.750    7/16/2035  EUR   67.469
Wendel SE            1.000     6/1/2031  EUR   68.706
Mondelez Internationa1.250     9/9/2041  EUR   56.049
Landesbank Baden-Wuer0.375     5/7/2029  EUR   74.428
Gazprom PJSC Via Gaz 5.150    2/11/2026  USD   55.958
Optivo Finance PLC   2.857    10/7/2035  GBP   71.150
A2A SpA              1.000    11/2/2033  EUR   62.134
Ukraine Government Bo10.950   11/1/2023  UAH   67.977
Royal Schiphol Group 0.750    4/22/2033  EUR   69.096
Notting Hill Genesis 3.250   10/12/2048  GBP   63.025
LSF9 Balta Issuer SAR3.000   12/31/2030  EUR   56.842
LEG Immobilien SE    1.500    1/17/2034  EUR   62.137
Nationwide Building S0.500     5/5/2041  EUR   59.795
National Grid Electri1.125     7/7/2028  GBP   74.959
Terega SA            0.875    9/17/2030  EUR   71.630
AXA Logistics Europe 0.875   11/15/2029  EUR   69.105
Becton Dickinson Euro1.213    2/12/2036  EUR   65.644
Citizen Treasury PLC 3.250   10/20/2048  GBP   66.430
Societe Generale SA  4.750               USD   73.620
Societe Nationale SNC1.000    5/25/2040  EUR   63.110
Anglo American Capita3.950    9/10/2050  USD   64.134
Rusal Capital DAC    5.300     5/3/2023  USD   41.034
Eastern Power Network1.875     6/1/2035  GBP   63.546
O1 Properties Finance0.500    9/27/2028  USD    5.224
SRV Group Oyj        4.875               EUR   56.000
State of North Rhine-1.450    2/16/2043  EUR   73.389
Standard Chartered PL5.300     1/9/2043  USD   74.422
Sigma Holdco BV      7.875    5/15/2026  USD   61.102
ABH Financial Ltd Via2.700    6/11/2023  EUR    6.314
Jyske Realkredit A/S 1.500    10/1/2053  DKK   73.956
National Grid PLC    0.750     9/1/2033  EUR   65.555
State of North Rhine-1.750    7/11/2068  EUR   70.106
VEON Holdings BV     3.375   11/25/2027  USD   51.000
Motability Operations2.375     7/3/2039  GBP   65.905
Jyske Realkredit A/S 0.500    10/1/2050  DKK   66.114
National Grid Gas PLC1.375     2/7/2031  GBP   67.502
Enexis Holding NV    0.375    4/14/2033  EUR   68.701
Siemens Financierings1.250    2/25/2035  EUR   73.440
RTE Reseau de Transpo2.000    4/18/2036  EUR   74.527
Agence Francaise de D1.125     3/2/2037  EUR   71.505
Ukraine Government In7.750     9/1/2024  USD   23.797
Metropolitan Housing 1.875    7/28/2036  GBP   60.753
TMK OAO Via TMK Capit4.300    2/12/2027  USD   15.452
State of North Rhine-1.750   10/26/2057  EUR   73.296
Avianca Midco 2 PLC  9.000    12/1/2028  USD   72.972
Gazprom PJSC via Gaz 3.250    2/25/2030  USD   51.000
Assura Financing PLC 1.500    9/15/2030  GBP   68.531
Gecina SA            0.875    1/25/2033  EUR   69.504
Telenor ASA          0.875    2/14/2035  EUR   67.712
Engie SA             2.000    9/28/2037  EUR   67.558
Havila Shipping ASA  7.410     1/2/2025  NOK   30.248
Eastern Power Network2.125   11/25/2033  GBP   68.453
Debenhams PLC        5.250    7/15/2021  GBP    0.425
Polski Koncern Naftow2.875    3/25/2031  PLN   60.390
SP Transmission PLC  2.000   11/13/2031  GBP   72.825
Societe Du Grand Pari1.000    2/18/2070  EUR   40.075
Croatia Government Bo1.250     3/3/2040  EUR   59.403
KBC Group NV         0.750    5/31/2031  EUR   71.366
Notting Hill Genesis 2.000     6/3/2036  GBP   61.850
Siemens Financierings0.500    2/20/2032  EUR   74.243
SNCF Reseau          0.750    5/25/2036  EUR   69.708
OP Corporate Bank plc0.750    3/24/2031  EUR   69.958
Vilogia SA d'HLM     1.500     8/7/2034  EUR   62.983
EWE AG               0.375   10/22/2032  EUR   64.691
Cadent Finance PLC   3.125    3/21/2040  GBP   63.952
Paradigm Homes Charit2.250    5/20/2051  GBP   52.211
Scottish Hydro Electr2.125    3/24/2036  GBP   62.276
Europejskie Centrum O13.200   4/14/2023  PLN   49.489
Petrobras Global Fina4.750     4/2/2038  EUR   56.261
Vedanta Resources Fin8.950    3/11/2025  USD   69.131
JAB Holdings BV      2.200   11/23/2030  USD   72.012
Prosus NV            4.193    1/19/2032  USD   74.160
BPCE SA              1.000    1/14/2032  EUR   70.830
Vienna Insurance Grou1.000    3/26/2036  EUR   60.906
Credit Agricole Itali0.125    3/15/2033  EUR   68.081
Samhallsbyggnadsbolag7.000    7/24/2023  SEK   40.484
Vedanta Resources Ltd6.125     8/9/2024  USD   63.540
Blackstone Property P1.000     5/4/2028  EUR   72.935
European Financial St0.700    1/20/2050  EUR   55.272
Pfandbriefbank schwei0.375     7/8/2039  CHF   72.859
Incommunities Treasur3.250    3/21/2049  GBP   66.723
TotalEnergies Capital1.618    5/18/2040  EUR   64.826
TenneT Holding BV    1.250   10/24/2033  EUR   73.028
John Deere Cash Manag1.650    6/13/2039  EUR   68.980
Ukraine Government In7.253    3/15/2035  USD   17.038
Credit Suisse AG/Lond3.200    3/24/2032  USD   69.880
Nordiska Kreditmarkna10.669              SEK   73.539
European Financial St1.375    5/31/2047  EUR   69.649
Home Group Ltd       3.125    3/27/2043  GBP   65.073
Deutsche Bahn Finance1.850   11/23/2043  EUR   67.847
AI Candelaria Spain S5.750    6/15/2033  USD   58.792
Vodafone Group PLC   4.375    2/19/2043  USD   71.713
adidas AG            0.625    9/10/2035  EUR   66.136
InterCement Financial5.750    7/17/2024  USD   68.352
Blend Funding PLC    3.508     5/4/2057  GBP   65.061
Petrobras Global Fina4.500     2/4/2033  EUR   68.861
Muenchener Hypotheken1.000    4/18/2039  EUR   69.960
Klepierre SA         1.250    9/29/2031  EUR   66.716
Aon Global Ltd       4.250   12/12/2042  USD   73.252
Credit Mutuel Arkea S0.875    3/11/2033  EUR   67.358
Prologis Internationa0.750    3/23/2033  EUR   62.756
Deutsche Lichtmiete F5.750     1/1/2023  EUR    6.000
Unibail-Rodamco-Westf1.375    5/25/2033  EUR   63.170
DNB Bank ASA         3.691               USD   67.562
Phosagro OAO Via Phos3.050    1/23/2025  USD   51.349
Blackstone Property P1.750    3/12/2029  EUR   73.621
Vnesheconombank Via V6.800   11/22/2025  USD    5.870
Johnson Controls Inte4.500    2/15/2047  USD   73.917
Travelex Financing PL8.000    5/15/2022  EUR    0.941
Jyske Realkredit A/S 1.500    10/1/2053  DKK   69.628
Parnassia Groep BV   1.200    12/1/2051  EUR   66.629
MHP SE               7.750    5/10/2024  USD   49.077
United Utilities Wate0.875   10/28/2029  GBP   71.648
EA Partners I BV     6.875    9/28/2020  USD    0.500
Ministeries Van de Vl0.875    3/21/2046  EUR   57.472
National Grid Electri1.750     9/9/2031  GBP   69.371
Latvia Government Int1.875    2/19/2049  EUR   67.656
Engie SA             1.250   10/24/2041  EUR   53.160
La Poste SA          1.000    9/17/2034  EUR   69.996
Southern Housing Grou3.500   10/19/2047  GBP   66.923
MHP Lux SA           6.950     4/3/2026  USD   47.729
Credit Suisse AG/Lond2.300    9/24/2031  USD   66.093
Cie Generale des Etab0.625    11/2/2040  EUR   53.911
Bayer AG             1.000    1/12/2036  EUR   60.942
Luzerner Kantonalbank0.400    3/15/2038  CHF   73.759
Espirito Santo Financ9.750   12/19/2025  EUR    0.521
RTE Reseau de Transpo2.125    9/27/2038  EUR   72.166
Societe Generale SA  3.653     7/8/2035  USD   72.455
BPCE SA              2.277    1/20/2032  USD   69.644
Jyske Realkredit A/S 1.500    10/1/2050  DKK   72.041
Trane Technologies Lu4.500    3/21/2049  USD   73.883
Novartis Finance SA  1.700    8/14/2038  EUR   73.710
MHP Lux SA           6.250    9/19/2029  USD   46.422
Cooperatieve Rabobank0.750    6/21/2039  EUR   66.214
Midland Heart Capital1.831    8/12/2050  GBP   46.179
RTE Reseau de Transpo1.125     9/9/2049  EUR   48.447
Novatek OAO Via Novat4.422   12/13/2022  USD   62.811
RTE Reseau de Transpo0.625     7/8/2032  EUR   72.334
CBo Territoria       3.750     7/1/2024  EUR    4.230
Volkswagen Internatio3.500     4/2/2043  EUR   73.307
Constellation Automot4.875    7/15/2027  GBP   61.942
TotalEnergies Capital2.986    6/29/2041  USD   67.434
Autonomous Region of 1.095    9/27/2036  EUR   67.586
Air Liquide Finance S3.500    9/27/2046  USD   70.378
Standard Chartered PL4.300               USD   64.655
Vier Gas Transport Gm0.125    9/10/2029  EUR   72.689
ING Bank NV          1.000    2/17/2037  EUR   72.565
CSN Resources SA     4.625    6/10/2031  USD   67.146
City of Lausanne Swit0.050    9/28/2054  CHF   49.193
State of North Rhine-0.200    1/27/2051  EUR   46.509
Credit Mutuel Arkea S0.875   10/25/2031  EUR   70.778
Liquid Telecommunicat5.500     9/4/2026  USD   72.142
Covivio              1.125    9/17/2031  EUR   71.850
BNG Bank NV          0.875   10/24/2036  EUR   72.339
Societe Du Grand Pari0.875    5/10/2046  EUR   55.696
Altice France SA/Fran5.500   10/15/2029  USD   74.398
Gazprom PJSC via Gaz 2.950    1/27/2029  USD   49.145
Iberia Lineas Aereas 3.750    5/28/2027  EUR   71.561
Suez SA              0.500   10/14/2031  EUR   71.876
Agence Francaise de D0.375    5/25/2036  EUR   64.580
Ukraine Government In15.840   2/26/2025  UAH   59.233
UniCredit Bank AG    0.010    1/21/2036  EUR   63.858
Aeroports de Paris   2.125   10/11/2038  EUR   68.510
Espirito Santo Financ6.875   10/21/2019  EUR    0.001
Wales & West Utilitie3.000     8/3/2038  GBP   67.530
Accentro Real Estate 4.125    3/23/2026  EUR   56.878
Ukraine Government In7.750     9/1/2027  USD   18.268
Andrade Gutierrez Int9.500   12/30/2024  USD   53.034
State of North Rhine-0.600     6/4/2041  EUR   63.093
Sovcombank Via SovCom7.750               USD    3.353
Russian Foreign Bond 4.250    6/23/2027  USD   44.423
Nordea Kredit Realkre1.500    10/1/2050  DKK   72.038
Prosus NV            4.987    1/19/2052  USD   64.972
Credit Agricole SA   1.400    7/28/2031  EUR   72.388
RTE Reseau de Transpo1.875   10/23/2037  EUR   70.160
Intesa Sanpaolo SpA  2.700    3/29/2031  USD   66.909
Telefonica Emisiones 1.864    7/13/2040  EUR   63.984
Ukraine Government Bo15.970   4/19/2023  UAH   59.293
Fuerstenberg Capital 2.522               EUR   62.879
Unilever PLC         1.500    6/11/2039  EUR   69.929
OGX Austria GmbH     8.375     4/1/2022  USD    0.002
GELF Bond Issuer I SA1.125    7/18/2029  EUR   74.225
Societe Nationale SNC0.875    2/28/2051  EUR   47.683
Privatbank CJSC Via U10.250   1/23/2018  USD    3.453
Koninklijke KPN NV   0.875   12/14/2032  EUR   71.014
Electricite de France5.250   10/13/2055  USD   70.110
NorteGas Energia Dist0.905    1/22/2031  EUR   70.617
DLR Kredit A/S       1.000    10/1/2053  DKK   70.273
Jababeka Internationa6.500    10/5/2023  USD   56.039
Polski Fundusz Rozwoj1.375    8/30/2027  PLN   68.728
Lukoil Capital DAC   2.800    4/26/2027  USD   76.500
Vedanta Resources Fin9.250    4/23/2026  USD   60.005
Cyprus Government Int2.250    4/16/2050  EUR   69.361
Nykredit Realkredit A0.500    10/1/2053  DKK   62.629
Aragvi Finance Intern8.450    4/29/2026  USD   69.299
Cyprus Government Int1.250    1/21/2040  EUR   63.584
Stichting Afwikkeling11.250              EUR    0.579
EDOB Abwicklungs AG  7.500     4/1/2012  EUR    0.521
Paragon Treasury Plc 3.625    1/21/2047  GBP   71.109
HSBC Holdings PLC    0.813    11/3/2031  CHF   74.402
Uliving@essex3 LLP   2.720    8/31/2066  GBP   57.732
European Primary Plac1.732    11/9/2055  GBP   48.702
NRW Bank             0.100     7/9/2035  EUR   66.456
Societe Generale SA  1.113    7/17/2031  EUR   73.530
BPCE SA              0.750     3/3/2031  EUR   71.604
Gazprom PJSC Via Gaz 4.950    3/23/2027  USD   52.000
SNCF Reseau          2.250   12/20/2047  EUR   74.908
Saleza AS            9.000    7/12/2021  EUR    0.203
LEG Immobilien SE    1.625   11/28/2034  EUR   60.414
Avangardco Investment10.000  10/29/2018  USD    0.348
TotalEnergies Capital3.461    7/12/2049  USD   68.062
Kreditanstalt fuer Wi0.375    5/20/2036  EUR   69.014
Northern Electric Fin2.750    5/24/2049  GBP   60.131
Societe Du Grand Pari1.700    5/25/2050  EUR   65.506
Snam SpA             1.000    9/12/2034  EUR   61.564
Praktiker AG         5.875    2/10/2016  EUR    2.232
Siemens Financierings3.300    9/15/2046  USD   67.952
Orpea SA             3.000   11/25/2041  EUR   36.263
Bulgaria Government B0.500   12/21/2029  BGN   74.179
Ministeries Van de Vl1.500    4/11/2044  EUR   68.473
Thomas Cook Finance 23.875    7/15/2023  EUR    1.268
Credit Suisse AG/Lond2.600    1/27/2032  USD   67.201
Basler Kantonalbank  0.250    3/10/2036  CHF   74.787
Russian Foreign Bond 12.750   6/24/2028  USD   67.326
Credit Agricole Home 0.375     2/1/2033  EUR   73.828
FEL Energy VI Sarl   5.750    12/1/2040  USD   68.075
National Grid Electri1.625    10/7/2035  GBP   58.787
Nykredit Realkredit A0.500    10/1/2050  DKK   64.561
Hellas Telecommunicat6.054    1/15/2015  USD    0.014
Ukraine Government In7.375    9/25/2034  USD   16.107
UBS Group AG         3.179    2/11/2043  USD   59.470
Air Berlin PLC       6.750     5/9/2019  EUR    0.301
SCOR SE              1.375    9/17/2051  EUR   67.737
Action Logement Servi0.500   10/30/2034  EUR   70.146
EYEMAXX Real Estate A5.500    9/24/2024  EUR    1.457
Altice France Holding8.000    5/15/2027  EUR   71.425
Landwirtschaftliche R0.625   10/31/2036  EUR   70.325
Republic of Ireland I1.425    9/18/2119  EUR   50.155
Republic of Poland Go1.750    4/25/2032  PLN   56.152
Pershing Square Holdi3.250    10/1/2031  USD   80.632
Cirio Del Monte NV   7.750    3/14/2005  EUR    0.364
Wessex Water Services1.500    9/17/2029  GBP   72.917
ABN AMRO Bank NV     3.324    3/13/2037  USD   67.820
Verisure Midholding A5.250    2/15/2029  EUR   74.098
DSV Finance BV       0.750     7/5/2033  EUR   68.243
blueplanet Investment5.500    2/26/2026  EUR   26.609
Deutsche Lichtmiete A5.750    12/1/2023  EUR    8.000
Intesa Sanpaolo SpA  2.100   11/13/2030  USD   68.181
Manchester Airport Gr2.875    3/31/2039  GBP   61.348
Alfa Bank AO Via Alfa6.950               USD    5.080
Equinor ASA          1.625    11/9/2036  EUR   73.416
Stonewater Funding PL1.625    9/10/2036  GBP   59.817
BNG Bank NV          0.875   10/17/2035  EUR   73.933
Ukraine Government In7.750     9/1/2026  USD   18.794
NAK Naftogaz Ukraine 7.625    11/8/2026  USD   20.281
Lehman Brothers UK Ca5.125               EUR   13.466
Region de Bruxelles-C1.121    5/11/2071  EUR   47.913
Berner Kantonalbank A0.100    9/30/2039  CHF   65.317
nVent Finance Sarl   2.750   11/15/2031  USD   72.533
Nederlandse Waterscha0.375    9/28/2046  EUR   54.215
Lukoil Capital DAC   3.600   10/26/2031  USD   72.500
Free State of Bavaria0.010    1/18/2035  EUR   67.412
Autonomous Community 2.965     9/8/2039  JPY   65.548
Lehman Brothers UK Ca3.875               EUR   13.466
City of Lausanne Swit0.680    3/11/2058  CHF   61.428
UBS Group AG         3.875               USD   74.250
Realkredit Danmark A/0.500    10/1/2043  DKK   74.411
Shell International F3.750    9/12/2046  USD   71.345
Ukraine Government Bo16.000   5/24/2023  UAH   59.000
BNG Bank NV          1.600   11/27/2030  AUD   73.916
Cirio Holding Luxembo6.250    2/16/2004  EUR    1.822
Region Wallonne Belgi1.250    6/22/2071  EUR   49.740
Region Provence-Alpes1.574     6/8/2037  EUR   74.616
Hellenic Republic Gov3.250    3/20/2050  EUR   73.364
Alfa Bank AO Via Alfa5.500   10/26/2031  USD    7.359
Hungary Government In2.125    9/22/2031  USD   66.767
B2W Digital Lux Sarl 4.375   12/20/2030  USD   67.759
Erste Group Bank AG  0.500    1/12/2037  EUR   66.120
Credit Suisse AG/Lond1.352     4/8/2034  EUR   74.179
Standard Chartered PL4.316               USD   76.750
Bourbon Corp         8.305               EUR    0.196
Nestle Finance Intern0.625    2/14/2034  EUR   72.419
FF Group Finance Luxe1.750     7/3/2019  EUR    4.000
Orpea SA             2.770   12/18/2028  EUR   42.094
Dexia SA             2.012               EUR    3.582
Canton of Geneva Swit0.500   10/31/2056  CHF   62.932
BPCE SFH SA          0.375    3/18/2041  EUR   58.775
BNG Bank NV          0.250   11/22/2036  EUR   65.135
City of Bern Switzerl0.040    10/2/2070  CHF   45.213
Kommunalbanken AS    1.250     7/2/2030  NZD   73.215
Nordea Kredit Realkre0.500    10/1/2053  DKK   64.217
Orange SA            1.200    7/11/2034  EUR   74.580
Republic of Belarus I6.875    2/28/2023  USD   30.400
Free State of Saxony 0.010   12/17/2035  EUR   65.069
Minerva Luxembourg SA4.375    3/18/2031  USD   74.520
Standard Chartered PL4.750               USD   66.720
Societe Du Grand Pari1.000   11/26/2051  EUR   51.349
Orpea SA             2.300     3/6/2025  EUR   58.729
Societe Generale SA  5.625   11/24/2045  USD   72.765
Kommunekredit        0.125    9/26/2040  EUR   57.170
Credit Bank of Moscow7.121    6/25/2024  USD   25.379
Blend Funding PLC    2.467    6/16/2061  GBP   50.686
Ministeries Van de Vl0.125   10/15/2035  EUR   65.084
GN Store Nord AS     1.970     3/3/2036  EUR   44.800
Fastighets AB Balder 1.293     3/3/2031  EUR   50.690
Banco Espirito Santo 4.193               EUR    0.120
Basque Government    1.000   10/31/2050  EUR   47.858
Nordea Kredit Realkre1.500    10/1/2053  DKK   66.000
ABN AMRO Bank NV     0.375    1/14/2035  EUR   69.517
European Financial St1.450     9/5/2040  EUR   74.691
Sveriges Sakerstallda0.750     6/9/2032  SEK   73.412
Salerno Pompei Napoli2.800    1/19/2045  EUR   69.996
Charm Finance PLC    3.509    4/12/2048  GBP   67.959
Unibail-Rodamco-Westf1.875    1/15/2031  EUR   72.804
State Agency of Roads6.250    6/24/2030  USD   15.334
CSN Resources SA     5.875     4/8/2032  USD   72.175
Ukraine Government Bo12.520   5/13/2026  UAH   58.399
Banca Popolare di Vic9.500    9/29/2025  EUR    0.096
Dexia Credit Local SA2.063               EUR    2.551
Ukreximbank Via Biz F10.426    2/9/2023  USD   30.000
Nordea Kredit Realkre0.500    10/1/2043  DKK   74.619
Metalloinvest Finance3.375   10/22/2028  USD   56.000
Very Group Funding Pl6.500     8/1/2026  GBP   67.201
A2A SpA              0.625   10/28/2032  EUR   63.034
BPCE SA              3.116   10/19/2032  USD   68.127
Zurich Finance Irelan1.600   12/17/2052  EUR   65.137
Ukraine Government In9.750    11/1/2030  USD   19.497
ESFIL-Espirito Santo 5.250    6/12/2015  EUR    0.111
Hampshire Trust Bank 7.250    5/10/2028  GBP   57.500
EA Partners II BV    6.750     6/1/2021  USD    0.615
Deutsche Lichtmiete A5.250     2/1/2027  EUR    3.030
Societe Generale SA  3.653     7/8/2035  USD   73.358
State of Saxony-Anhal0.500    3/24/2051  EUR   52.983
Argenta Spaarbank NV 0.500    10/8/2041  EUR   59.822
Prosus NV            3.832     2/8/2051  USD   55.027
Engie SA             1.500    3/13/2035  EUR   69.005
DSV Finance BV       0.500     3/3/2031  EUR   72.781
Santander UK Group Ho5.625    9/15/2045  USD   70.647
City of Zurich Switze0.250    5/26/2039  CHF   72.857
Evraz PLC            5.250     4/2/2024  USD   48.886
Ministeries Van de Vl1.000    1/23/2051  EUR   54.848
Basque Government    1.375   10/31/2070  EUR   41.316
RAC Bond Co PLC      5.250    11/4/2027  GBP   74.068
Takarek Mortgage Bank3.000   10/22/2031  HUF   48.650
Land Berlin          0.150    2/22/2036  EUR   65.986
Concessio Estacions A3.520   12/31/2037  EUR   74.834
Gazprom PJSC via Gaz 3.500    7/14/2031  USD   49.838
FF Group Finance Luxe3.250    11/2/2021  CHF    4.900
Vasakronan AB        1.115   10/24/2039  EUR   62.096
Russian Foreign Bond 7.500    3/31/2030  USD   63.261
Kuntarahoitus Oyj    0.050    9/10/2035  EUR   66.102
Klabin Austria GmbH  3.200    1/12/2031  USD   72.637
Aggregate Holdings SA5.500    5/17/2024  EUR   36.815
Orbit Capital PLC    2.000   11/24/2038  GBP   57.897
LEG Immobilien SE    0.875    3/30/2033  EUR   59.123
Cordia International 4.000    11/7/2026  HUF   75.000
United Group BV      5.250     2/1/2030  EUR   67.844
Covivio              0.875    1/20/2033  EUR   67.090
Ukraine Government In4.375    1/27/2032  EUR   15.823
Swissgrid AG         0.050    6/30/2050  CHF   50.097
Development Bank of t6.750     5/2/2024  USD   18.350
Aon Global Ltd       4.450    5/24/2043  USD   74.216
Highland Holdings Sar0.934   12/15/2031  EUR   72.186
Deuce Finco Plc      5.500    6/15/2027  GBP   73.650
BASF SE              1.450   12/13/2032  EUR   72.729
Eurocaja Rural SCC   0.125    9/22/2031  EUR   74.562
Kommunekredit        0.625   11/21/2039  EUR   65.069
WD Invest Sarl       1.900    10/2/2024  EUR   11.686
Veneto Banca SpA     9.878    12/1/2025  EUR    0.465
Societe Generale SA  3.337    1/21/2033  USD   71.935
Lithuania Government 1.625    6/19/2049  EUR   61.978
Ministeries Van de Vl1.000   10/13/2036  EUR   72.178
Karlou BV            7.750    6/18/2024  USD   14.322
Coventry Building Soc2.000   12/20/2030  GBP   69.791
E.ON SE              0.875    8/20/2031  EUR   74.804
Telia Co AB          1.625    2/23/2035  EUR   74.496
European Financial St1.200    2/17/2045  EUR   68.204
Societe Du Grand Pari0.300     9/2/2036  EUR   63.875
Simpar Europe SA     5.200    1/26/2031  USD   72.019
Italgas SpA          0.875    4/24/2030  EUR   73.956
Cie de Financement Fo0.600   10/25/2041  EUR   61.384
Yorkshire Building So1.500    9/15/2029  GBP   72.112
M Objekt Real Estate 6.000    7/22/2024  EUR   39.511
Telefonica Emisiones 1.957     7/1/2039  EUR   66.261
DLR Kredit A/S       0.500    10/1/2053  DKK   64.585
Ministeries Van de Vl1.874    3/28/2058  EUR   62.539
State of Bremen      0.450    2/24/2051  EUR   51.606
Societe Generale SA  2.000    1/30/2036  USD   50.796
Banco Santander SA   0.100    2/27/2032  EUR   72.442
Hungary Government In3.125    9/21/2051  USD   49.685
Tinkoff Bank JSC Via 6.000               USD   35.070
Cirio Finance Luxembo7.500    11/3/2002  EUR    2.513
Jyske Realkredit A/S 0.500    10/1/2053  DKK   64.172
Heineken NV          4.000    10/1/2042  USD   73.398
VEON Holdings BV     4.000     4/9/2025  USD   61.000
Deutsche Bahn Finance0.100    1/28/2036  CHF   72.537
Suek Securities DAC  3.375    9/15/2026  USD   11.976
Banque Cantonale Vaud0.400     5/5/2036  CHF   74.655
Solarworld AG        9.691    2/24/2019  EUR   14.883
Mallinckrodt Internat4.750    4/15/2023  USD   38.500
Castle UK Finco PLC  7.000    5/15/2029  GBP   62.417
Luzerner Kantonalbank0.160   12/23/2043  CHF   64.247
Orpea SA             2.000     8/9/2029  EUR   42.891
Avianca Midco 2 PLC  9.000    12/1/2028  USD   72.972
Affinity Water Financ3.278    8/22/2042  GBP   70.776
State of North Rhine-1.550    6/16/2048  EUR   73.314
National Grid Electri1.608    8/24/2040  GBP   48.478
Muenchener Hypotheken0.010    11/2/2040  EUR   55.025
Ville de Paris       1.200    6/25/2039  EUR   69.416
Yuksel Insaat AS     9.500   11/10/2015  USD    0.105
Flughafen Zurich AG  0.200    2/26/2035  CHF   71.305
City of Lausanne Swit0.600   11/30/2056  CHF   60.750
Perrigo Co PLC       5.300   11/15/2043  USD   70.215
Peach Property Financ4.375   11/15/2025  EUR   71.917
BAE Systems PLC      1.900    2/15/2031  USD   73.355
VEON Holdings BV     4.950    6/16/2024  USD   71.000
Barclays Bank PLC    2.000     8/2/2030  USD   73.449
State of North Rhine-0.750    8/16/2041  EUR   64.782
DZ Bank AG Deutsche Z0.550    4/29/2024  EUR   68.010
Realkredit Danmark A/2.000    10/1/2053  DKK   73.043
State of North Rhine-0.375     9/2/2050  EUR   50.144
Nobel Bidco BV       3.125    6/15/2028  EUR   59.500
Alitalia-Societa Aere5.250    7/30/2020  EUR    0.230
Agence Francaise de D0.500    5/31/2035  EUR   68.511
Realkredit Danmark A/1.500    10/1/2050  DKK   72.035
Ukraine Government In7.750     9/1/2028  USD   18.144
Nykredit Realkredit A1.500    10/1/2053  DKK   66.001
Ukraine Government In6.876    5/21/2031  USD   15.991
Evraz PLC            5.375    3/20/2023  USD   50.000
Antofagasta PLC      2.375   10/14/2030  USD   73.044
Metropolitano de Tene1.229    7/30/2036  EUR   68.382
Deutsche Wohnen SE   1.300     4/7/2041  EUR   47.975
Euronext NV          0.750    5/17/2031  EUR   73.989
DLR Kredit A/S       1.500    10/1/2053  DKK   70.466
Electricite de France4.990   10/21/2056  USD   68.203
Caisse Francaise de F0.375    2/13/2040  EUR   60.338
Rallye SA            1.000    2/28/2032  EUR   14.682
Metinvest BV         7.750    4/23/2023  USD   55.000
Credit Agricole Home 0.010    11/3/2031  EUR   74.216
JSM Global Sarl      4.750   10/20/2030  USD   69.099
Communaute Francaise 0.625    6/11/2035  EUR   70.132
Caisse Francaise de F0.500    10/1/2046  EUR   55.092
Credit Bank of Moscow7.500    10/5/2027  USD   14.374
Norwegian Air Shuttle6.379     2/7/2023  SEK   39.852
Free and Hanseatic Ci0.200     9/3/2049  EUR   48.492
Waste Italia SpA     10.500  11/15/2019  EUR    0.550
VF Ukraine PAT via VF6.200    2/11/2025  USD   53.023
Aroundtown SA        4.900     2/1/2038  USD   66.043
Ukreximbank Via Biz F9.750    1/22/2025  USD   32.717
KTG Agrar SE         7.125     6/6/2017  EUR    2.007
Virgolino de Oliveira11.750    2/9/2022  USD    0.498
Stadt Graz           1.878   10/31/2046  EUR   72.647
Rumo Luxembourg Sarl 4.200    1/18/2032  USD   74.431
BNG Bank NV          0.125     7/9/2035  EUR   66.991
Luzerner Kantonalbank0.150    10/7/2044  CHF   62.232
La Banque Postale Hom0.250    2/12/2035  EUR   67.690
BPCE SA              3.648    1/14/2037  USD   69.513
Ceske Drahy AS       3.000     6/4/2035  EUR   64.129
Linde PLC            0.375    9/30/2033  EUR   67.503
2i Rete Gas SpA      0.579    1/29/2031  EUR   69.950
Republic of Belarus I5.875    2/24/2026  USD   21.250
Banca Popolare di Vic2.821   12/20/2017  EUR    0.438
BAWAG PSK Bank fuer A0.010   11/19/2035  EUR   62.918
National Grid Electri1.045    7/27/2028  GBP   74.483
Prosus NV            4.027     8/3/2050  USD   56.468
Banco Espirito Santo 7.125   11/28/2023  EUR    0.218
Republic of Belarus I6.378    2/24/2031  USD   19.769
Herefordshire Capital4.193   11/28/2049  GBP   71.480
United Group BV      4.000   11/15/2027  EUR   68.850
Czech Republic Govern1.750    6/23/2032  CZK   67.926
Lehman Brothers UK Ca6.900               USD    3.986
Hungary Government Bo4.750   11/24/2032  HUF   64.551
Russian Foreign Bond 5.100    3/28/2035  USD   42.569
Aroundtown SA        3.250   11/12/2032  EUR   65.001
Italgas SpA          1.000   12/11/2031  EUR   69.969
State of Lower Saxony0.050     3/9/2035  EUR   67.226
TechnipFMC PLC       4.000    6/14/2032  EUR   73.977
Sberbank of Russia Vi5.125   10/29/2022  USD    8.643
Muenchener Hypotheken0.250    3/29/2041  CHF   67.200
Standard Profil Autom6.250    4/30/2026  EUR   57.164
Raiffeisenbank AS    0.700   11/15/2031  EUR   71.802
Jyske Realkredit A/S 1.000    10/1/2053  DKK   59.028
Eurochem Finance DAC 5.500    3/13/2024  USD   44.701
United Group BV      4.625    8/15/2028  EUR   68.083
EXOR NV              0.875    1/19/2031  EUR   72.735
Ocado Group PLC      3.875    10/8/2026  GBP   72.133
Santhera Pharmaceutic7.500    8/17/2024  CHF   71.240
Jyske Realkredit A/S 0.500    10/1/2043  DKK   74.594
NRW Bank             1.200    3/28/2039  EUR   72.785
EYEMAXX Real Estate A5.500    7/22/2025  EUR   16.000
Anglian Water Service1.760   11/13/2035  GBP   61.367
Deutsche Bahn Finance3.100    5/20/2041  AUD   66.931
JAB Holdings BV      4.500     4/8/2052  USD   68.383
UkrLandFarming PLC   10.875   3/26/2018  USD    1.377
Region of Centre-Val 0.711    11/2/2036  EUR   68.317
GN Store Nord AS     3.200   11/26/2036  GBP   66.565
Lukoil Securities BV 3.875     5/6/2030  USD   70.500
UniCredit Bank Austri0.050    9/21/2035  EUR   64.514
BPCE SFH SA          0.010    1/29/2036  EUR   63.003
Iceland Bondco PLC   4.375    5/15/2028  GBP   68.348
Herens Midco Sarl    5.250    5/15/2029  EUR   62.500
Niedersachsen Invest 0.250    7/16/2035  EUR   67.855
Credit Suisse AG/Lond20.000  11/29/2024  USD   10.583
MMC Norilsk Nickel OJ2.550    9/11/2025  USD   53.459
Ukraine Government Bo9.990    5/22/2024  UAH   59.000
British Telecommunica3.924    6/25/2042  GBP   67.252
Credit Agricole Itali1.000    1/17/2045  EUR   58.972
Virgolino de Oliveira10.500   1/28/2018  USD    0.498
Intrum AB            3.000    9/15/2027  EUR   74.485
Romania Government Bo3.650    9/24/2031  RON   64.778
Ministeries Van de Vl1.863    2/28/2048  EUR   66.585
Abengoa Abenewco 1 SA6.000    6/10/2022  EUR    0.374
Romanian Government I2.625    12/2/2040  EUR   48.843
Boparan Finance PLC  7.625   11/30/2025  GBP   62.759
Realkredit Danmark A/0.500    10/1/2053  DKK   62.645
Pfandbriefbank schwei0.500    6/22/2040  CHF   73.915
Cellnex Telecom SA   1.900    7/31/2029  EUR   72.190
Mediobanca Banca di C0.010     2/3/2031  EUR   74.060
Gazprom PJSC Via Gaz 3.125   11/17/2023  EUR   53.663
Banco Espirito Santo 4.373               EUR    0.349
Gazprom PJSC via Gaz 1.850   11/17/2028  EUR   48.855
Italgas SpA          0.500    2/16/2033  EUR   62.335
Credit Agricole Itali0.750    1/20/2042  EUR   58.323
Romanian Government I3.624    5/26/2030  EUR   73.769
Republic of Belarus I6.200    2/28/2030  USD   19.667
Nordea Kredit Realkre1.000    10/1/2053  DKK   59.021
London & Quadrant Hou2.000   10/20/2038  GBP   57.331
Ukraine Government Bo10.000   8/23/2023  UAH   59.000
Electricite de France4.650   10/21/2046  USD   72.308
Canton of Ticino     0.400    6/27/2044  CHF   68.823
Mallinckrodt Internat10.000   6/15/2029  USD   55.500
Republic of Belarus I7.625    6/29/2027  USD   20.250
Ile-de-France Mobilit0.950    5/28/2041  EUR   62.958
Pershing Square Holdi3.250    10/1/2031  USD   80.426
BCP V Modular Service6.750   11/30/2029  EUR   67.950
Hamon & CIE SA       3.300    1/31/2035  EUR   46.000
Ukraine Government Bo9.840    2/15/2023  UAH   59.000
DLR Kredit A/S       1.500    10/1/2053  DKK   73.792
Land Thueringen      0.125    1/13/2051  EUR   45.884
Jyske Realkredit A/S 0.500    10/1/2050  DKK   64.596
City of Lausanne Swit0.600     7/6/2050  CHF   64.994
Sherwood Financing PL6.000   11/15/2026  GBP   72.505
Bellis Finco PLC     4.000    2/16/2027  GBP   65.983
BNG Bank NV          1.550    2/19/2032  AUD   69.943
Italy Buoni Poliennal0.950     6/1/2032  EUR   72.107
Intesa Sanpaolo SpA  1.400     2/8/2031  GBP   74.925
Leonteq Securities AG13.000  11/30/2022  EUR   35.860
Havila Shipping ASA  6.660     1/2/2025  NOK   30.000
Pfandbriefbank schwei0.250   10/14/2036  CHF   74.930
Land Berlin          0.350     9/9/2050  EUR   50.122
Russian Foreign Bond 4.750    5/27/2026  USD   45.539
Cooperatieve Rabobank0.010   11/27/2040  EUR   54.715
BAWAG PSK Bank fuer A0.375    3/25/2041  EUR   58.424
City of Lugano Switze0.150   11/28/2070  CHF   45.687
Banco Santander SA   3.236               EUR    1.473
HSBC Continental Euro0.546               EUR   74.000
Intesa Sanpaolo SpA  4.375    1/12/2048  USD   61.149
MMK International Cap4.375    6/13/2024  USD   29.998
Volkswagen Internatio3.000     7/1/2039  EUR   73.459
Credit Agricole Publi0.125    12/8/2031  EUR   74.827
Hellas Telecommunicat8.500   10/15/2013  EUR    0.834
Romanian Government I3.000    2/14/2031  USD   68.119
Republic of Ireland I0.740   11/27/2120  EUR   28.272
Credit Suisse AG/Lond10.920   2/16/2023  GBP   63.390
Realkredit Danmark A/1.500    10/1/2053  DKK   65.916
Canton of Neuchatel  0.100   10/29/2049  CHF   56.544
Dublin Port Co       2.406    9/30/2049  EUR   72.876
Shell International F3.625    8/21/2042  USD   72.990
ING-DiBa AG          1.000    5/23/2039  EUR   69.280
Stonewater Funding PL3.375    11/2/2045  GBP   69.771
Jaguar Land Rover Aut4.500    7/15/2028  EUR   68.110
Region Wallonne Belgi0.500    6/22/2037  EUR   64.187
Region Wallonne Belgi0.650    1/16/2051  EUR   46.712
Landwirtschaftliche R0.010   11/26/2040  EUR   56.374
Nationale-Nederlanden0.375     3/4/2041  EUR   58.759
Realkredit Danmark A/0.500    10/1/2050  DKK   64.572
Sairgroup Finance BV 4.375     6/8/2006  EUR    1.964
Altice France SA/Fran4.250   10/15/2029  EUR   72.944
Virgin Media Vendor F4.875    7/15/2028  GBP   73.868
Offshore Drilling Hol8.375    9/20/2020  USD    3.842
Air Berlin PLC       5.625     5/9/2019  CHF    0.412
Bank Vontobel AG     15.000   11/7/2022  EUR   20.600
Kernel Holding SA    6.500   10/17/2024  USD   36.437
Autostrade per l'Ital3.750     6/9/2033  EUR   73.195
Banco Espirito Santo 6.875    7/15/2016  EUR   16.375
Holcim US Finance Lux2.240   10/15/2031  USD   71.949
Jyske Realkredit A/S 2.000    10/1/2053  DKK   73.073
United Utilities Wate0.010    7/27/2040  GBP   74.050
Phones4u Finance PLC 9.500     4/1/2018  GBP   74.432
Credit Suisse AG/Lond3.880   10/31/2036  USD   66.562
Autobahnen- und Schne0.100    7/16/2035  EUR   67.113
DLR Kredit A/S       1.000    10/1/2050  DKK   66.805
Affinity Water Financ2.699   11/22/2033  GBP   73.779
NRW Bank             0.500    6/17/2041  EUR   61.482
BPCE SA              0.500   10/21/2034  EUR   69.395
Stichting Afwikkeling6.625    5/14/2018  EUR   45.375
Fuerstenberg Capital 3.905               EUR   63.166
Celtic Resources Hold4.125    10/9/2024  USD   14.298
Free and Hanseatic Ci0.250    2/18/2041  EUR   58.696
National Grid Electri1.690    9/16/2041  GBP   48.027
Nordea Kredit Realkre0.500    10/1/2053  DKK   62.633
LBI ehf              6.100    8/25/2011  USD   10.750
United Group BV      3.625    2/15/2028  EUR   68.023
Ukraine Government In7.750     9/1/2025  USD   21.002
British Telecommunica3.883    6/25/2039  GBP   69.055
Credit Suisse Group A2.455     7/4/2034  EUR   67.723
Bank Gospodarstwa Kra2.000    11/3/2036  EUR   65.170
Transports Publics Du0.450   12/29/2056  CHF   53.954
Cimpress PLC         7.000    6/15/2026  USD   61.342
Privatbank CJSC Via U11.000    2/9/2021  USD    1.000
Romanian Government I1.750    7/13/2030  EUR   62.651
Prosus NV            2.031     8/3/2032  EUR   64.142
Borets Finance DAC   6.000    9/17/2026  USD   33.414
Nordea Kredit Realkre2.000    10/1/2053  DKK   73.319
ALROSA Finance SA    4.650     4/9/2024  USD   10.785
Hacienda Investments 5.350     2/8/2028  USD   12.206
Societe Generale SA  5.100    6/27/2036  USD   74.294
Caisse de Refinanceme0.250     2/7/2035  EUR   68.060
Romanian Government I3.625    3/27/2032  USD   68.894
JAB Holdings BV      3.750    5/28/2051  USD   52.740
Landesbank Hessen-Thu0.500    1/19/2037  EUR   67.548
Altice France Holding4.000    2/15/2028  EUR   57.917
Akademiska Hus AB    0.650     2/8/2044  CHF   71.580
Zurich Finance Irelan2.250    12/8/2031  USD   71.744
Deutsche Wohnen SE   0.500     4/7/2031  EUR   65.152
BPCE SA              2.614     3/4/2036  AUD   56.910
LSEGA Financing PLC  3.200     4/6/2041  USD   67.222
Bank of Valletta PLC 3.750    6/15/2031  EUR   69.693
de Volksbank NV      0.125   11/19/2040  EUR   56.179
Severn Trent Utilitie0.010   12/16/2055  GBP   51.361
Bank Julius Baer & Co13.250    1/5/2023  USD   34.650
City of Kyiv Via PBR 7.500   12/15/2022  USD   34.590
Credit Suisse AG/Lond5.100     6/8/2041  USD   72.214
Elli Finance UK PLC  8.750    6/15/2019  GBP   61.355
Deutsche Bahn Finance1.987     7/8/2030  AUD   74.725
Grand City Properties2.000   10/25/2032  EUR   69.597
Emissionszentrale fue0.100    11/2/2038  CHF   70.315
Credit Suisse AG/Lond0.875    5/21/2031  EUR   69.169
Altice Financing SA  3.000    1/15/2028  EUR   72.887
Kingdom of Belgium Go1.400    6/22/2053  EUR   62.276
Russian Foreign Bond 5.250    6/23/2047  USD   46.527
Privatbank CJSC Via U10.875   2/28/2018  USD    3.348
Ukraine Government In7.750     9/1/2029  USD   18.858
Credit Suisse AG/Lond3.110     3/3/2032  USD   70.120
City of Lausanne Swit0.875    10/6/2042  CHF   74.553
Cooperatieve Rabobank5.454     6/1/2037  AUD   73.525
Heineken NV          4.000    10/1/2042  USD   73.385
Global Ports Finance 6.500    9/22/2023  USD   35.000
Pfandbriefbank schwei0.250    4/25/2042  CHF   68.479
Viterra Finance BV   3.200    4/21/2031  USD   73.186
Nova Kreditna Banka M1.625    5/25/2027  EUR   70.765
Pfandbriefbank schwei0.125    8/17/2040  CHF   68.238
Deutsche Bank AG     1.580   10/23/2031  EUR   67.421
Kreditanstalt fuer Wi0.470   10/14/2033  EUR   74.357
Canton of Geneva Swit0.600     7/4/2046  CHF   71.060
Getin Noble Bank SA  10.990  12/12/2022  PLN   74.965
Land Berlin          0.625    8/25/2036  EUR   70.228
Caisse Francaise de F0.125    2/15/2036  EUR   64.252
Land Berlin          0.625    1/26/2052  EUR   53.971
Mallinckrodt Internat10.000   4/15/2025  USD   65.843
Boparan Finance PLC  7.625   11/30/2025  GBP   63.250
Kommunekredit        0.875    11/3/2036  EUR   71.939
Getin Noble Bank SA  12.320   3/31/2023  PLN   39.955
Berlin Hyp AG        0.250    5/19/2033  EUR   72.598
Castellum AB         2.840     6/5/2029  SEK   72.029
Gemeente Bergen OP Zo0.440    9/20/2044  EUR   56.812
Havenbedrijf Rotterda1.100    3/23/2051  EUR   58.678
Prosus NV            2.778    1/19/2034  EUR   67.426
French Republic Gover0.750    5/25/2053  EUR   51.706
Kommunalkredit Austri0.570    9/15/2037  EUR   64.080
Societe Du Grand Pari1.923    5/25/2066  EUR   62.641
DZ Bank AG Deutsche Z1.576    7/22/2030  EUR   72.405
Nederlandse Gasunie N0.750   10/13/2036  EUR   61.720
Agrokor dd           9.875     5/1/2019  EUR   15.000
HSBC Holdings PLC    4.000     9/8/2036  USD   72.966
Ziggo Bond Co BV     3.375    2/28/2030  EUR   68.419
DZ Bank AG Deutsche Z1.055    3/11/2031  EUR   70.103
Diamond BC BV        4.625    10/1/2029  USD   74.123
Russian Foreign Bond 5.875    9/16/2043  USD   56.999
New World Resources N8.000     4/7/2020  EUR    0.001
Altice Finco SA      4.750    1/15/2028  EUR   68.167
Italy Buoni Poliennal2.150     9/1/2052  EUR   60.273
British Telecommunica4.250    11/8/2049  USD   69.356
Raiffeisen Bank Inter0.700    12/6/2029  EUR   71.582
Constellium SE       3.125    7/15/2029  EUR   72.262
Aydem Yenilenebilir E7.750     2/2/2027  USD   74.440
PSP Swiss Property AG0.160    9/16/2031  CHF   74.537
Land Thueringen      0.250     3/5/2040  EUR   59.874
Polski Fundusz Rozwoj1.750     6/7/2027  PLN   71.220
Jyske Realkredit A/S 0.500    10/1/2053  DKK   62.682
Barclays Bank PLC    5.000    11/1/2029  BRL   68.054
DLR Kredit A/S       0.500    10/1/2050  DKK   66.577
Nationale-Nederlanden0.050    9/24/2035  EUR   64.528
Corporate Commercial 8.250     8/8/2014  USD    0.308
Encavis AG           2.900    3/24/2041  EUR   72.171
Credit Suisse AG/Lond9.750    4/27/2023  USD   50.200
Cellnex Finance Co SA3.875     7/7/2041  USD   59.600
Severstal OAO Via Ste3.150    9/16/2024  USD   10.830
Ukraine Government In9.790    5/26/2027  UAH   54.368
Anglo American Capita4.750    3/16/2052  USD   72.144
Vmed O2 UK Financing 4.500    7/15/2031  GBP   71.423
New World Resources N4.000    10/7/2020  EUR    0.312
Takarek Mortgage Bank3.500   10/27/2027  HUF   63.550
Hungary Government In0.125    9/21/2028  EUR   68.240
Kernel Holding SA    6.750   10/27/2027  USD   34.664
City of Lausanne Swit0.230    11/1/2060  CHF   48.485
Vnesheconombank Via V5.942   11/21/2023  USD    5.925
Romanian Government I3.875   10/29/2035  EUR   65.984
Akbank TAS           4.000    9/17/2029  EUR   74.150
Kreditanstalt fuer Wi1.000   10/19/2050  EUR   59.100
Sidetur Finance BV   10.000   4/20/2016  USD    0.770
BNG Bank NV          1.980    4/19/2040  SEK   72.868
Region de Bruxelles-C0.274   12/11/2040  EUR   54.973
Mondelez Internationa0.625     9/9/2032  EUR   66.933
Thames Water Utilitie2.442    5/12/2050  GBP   47.509
Cirio Finanziaria SpA8.000   12/21/2005  EUR    0.414
Romanian Government I5.125    6/15/2048  USD   66.079
Aegon Bank NV        0.375     6/9/2036  EUR   66.328
Carmila SA           3.000    6/26/2029  EUR   74.636
BPCE SA              3.582   10/19/2042  USD   59.429
MED Hotel Management 3.000   12/31/2036  EUR   72.888
Altice France SA/Fran5.125    1/15/2029  USD   73.130
Fresnillo PLC        4.250    10/2/2050  USD   67.899
Iberdrola Finanzas SA1.000     2/2/2037  EUR   68.189
Caisse Francaise de F0.625    1/20/2042  EUR   61.278
Ukraine Government In15.840   2/26/2025  UAH   59.233
Autonomous Community 0.700    7/30/2033  EUR   72.829
Credit Suisse AG/Nass3.750   10/20/2036  USD   65.295
Muenchener Hypotheken0.050    8/13/2036  CHF   71.664
TUI Cruises GmbH     6.500    5/15/2026  EUR   72.071
Gecci Investment KG  6.000    10/1/2027  EUR   32.951
State of North Rhine-0.500   11/25/2039  EUR   63.711
State of Hesse       0.750     8/4/2036  EUR   71.856
Altice Financing SA  4.250    8/15/2029  EUR   73.500
Raiffeisenlandesbank 0.200     6/9/2036  EUR   61.850
BAWAG PSK Bank fuer A0.625    6/19/2034  EUR   72.622
Pfandbriefbank schwei0.250    3/15/2041  CHF   69.657
Sonnedix Energy Tau S2.200   12/31/2038  EUR   71.000
Credit Suisse AG/Lond1.800    9/14/2028  USD   73.419
DXC Capital Funding D0.950    9/15/2031  EUR   71.822
Romanian Government I3.375    1/28/2050  EUR   49.056
Region de Bruxelles-C1.400    3/11/2054  EUR   58.064
Carmila SA           1.890    11/6/2031  EUR   53.623
Malta Government Bond2.000    7/10/2051  EUR   64.170
DLR Kredit A/S       1.000    10/1/2053  DKK   65.125
PIK Securities DAC   5.625   11/19/2026  USD   33.200
Norwegian Air Shuttle7.500   11/10/2023  USD   74.301
Cooperatieve Rabobank0.500   10/30/2043  MXN   10.871
Sovcombank Via SovCom7.600               USD    3.464
Altice France SA/Fran4.000    7/15/2029  EUR   72.750
Aroundtown SA        2.970    9/26/2033  EUR   61.209
GB Social Housing PLC3.814     4/9/2047  GBP   66.529
CPI Hungary Investmen2.250     8/7/2030  HUF   51.000
Romanian Government I2.000    1/28/2032  EUR   59.571
Credit Suisse AG/Lond2.000    5/17/2029  USD   72.217
Region de Bruxelles-C1.220    6/23/2053  EUR   57.051
Phosagro OAO Via Phos2.600    9/16/2028  USD   50.000
Land Berlin          0.100    1/18/2041  EUR   56.797
Landesbank Hessen-Thu4.375    3/30/2042  USD   68.794
Region Wallonne Belgi1.050    6/22/2040  EUR   65.170
Frigoglass Finance BV6.875    2/12/2025  EUR   37.859
Canary Wharf Group In3.375    4/23/2028  GBP   74.171
State of Lower Saxony0.250    4/15/2036  EUR   66.908
Russian Foreign Bond 4.375    3/21/2029  USD   42.805
DZ Bank AG Deutsche Z0.660   11/23/2035  EUR   66.109
SCF Capital Designate5.375    6/16/2023  USD   20.000
Action Logement Servi0.750    7/19/2041  EUR   59.272
Metinvest BV         8.500    4/23/2026  USD   44.000
Achmea Bank NV       0.250    9/29/2036  EUR   64.809
nextbike GmbH        6.000    3/31/2025  EUR   65.000
V-Bank AG            4.000               EUR   70.446
MVM Energetika Zrt   3.250     9/3/2031  HUF   59.000
Maison Finco PLC     6.000   10/31/2027  GBP   68.258
Leather 2 SpA        5.693    9/30/2028  EUR   69.172
Garfunkelux Holdco 3 6.750    11/1/2025  EUR   68.875
United Kingdom Gilt  1.625   10/22/2071  GBP   54.982
DLR Kredit A/S       0.500    10/1/2043  DKK   74.720
Espirito Santo Financ3.125    12/2/2018  EUR    0.501
Nordea Kredit Realkre0.500    10/1/2050  DKK   64.883
Alno AG              8.500    5/14/2018  EUR   15.084
Credit Suisse AG/Lond3.220     2/8/2032  AUD   74.960
Standard Chartered Ba3.000    4/30/2036  AUD   65.883
Nederlandse Waterscha1.625    1/29/2048  EUR   74.654
Investitionsbank Berl0.050     3/2/2035  EUR   67.173
United Kingdom Gilt  0.625    7/31/2035  GBP   64.666
UBS AG/London        19.250   1/26/2023  USD   69.050
Nykredit Realkredit A1.000    10/1/2050  DKK   65.591
Credit Suisse AG/Lond3.750    9/29/2031  USD   71.230
Landesbank Hessen-Thu0.550   11/27/2030  EUR   72.755
Department of L'Eure 0.515    5/25/2040  EUR   58.628
Bausparkasse Schwaebi0.200    4/27/2033  EUR   72.508
Kommunekredit        0.500    6/19/2039  DKK   61.784
Romanian Government I2.124    7/16/2031  EUR   61.373
Irish Bank Resolution0.566    6/21/2016  EUR    0.679
Sherwood Financing PL4.500   11/15/2026  EUR   69.409
Intesa Sanpaolo SpA  2.250    4/16/2033  EUR   73.089
City of Munich German0.250   11/18/2032  EUR   73.239
Sibur Securities DAC 2.950     7/8/2025  USD   36.869
Kantonsspital St Gall0.300    9/30/2036  CHF   70.960
Heimstaden Bostad AB 2.800     5/4/2035  EUR   60.190
Zorlu Yenilenebilir E9.000     6/1/2026  USD   72.190
Pfandbriefzentrale de0.200    5/22/2042  CHF   67.383
JAB Holdings BV      2.200   11/23/2030  USD   71.433
Hema Bondco II BV    8.500    1/15/2023  EUR    0.113
Alpine Holding GmbH  5.250    6/10/2016  EUR    4.195
Evan Group PLC       6.000    7/31/2022  EUR   18.100
TotalEnergies Capital1.535    5/31/2039  EUR   66.246
Mox Telecom AG       7.250    11/2/2017  EUR    2.270
Junta de Castilla y L1.275     4/7/2049  EUR   54.143
Rhaetische Bahn AG RH0.050     8/3/2050  CHF   55.371
Ukraine Government Bo11.100  11/23/2022  UAH   59.000
SES SA               5.300     4/4/2043  USD   71.763
Novolipetsk Steel Via4.000    9/21/2024  USD   60.243
Nestle Hungaria Kft  1.750    5/31/2028  HUF   59.000
Ukraine Government In6.750    6/20/2028  EUR   17.370
Minejesa Capital BV  5.625    8/10/2037  USD   64.203
Norske Skogindustrier7.000   12/30/2026  EUR    0.010
Altice Financing SA  5.750    8/15/2029  USD   72.616
Kommunekredit        0.010     5/4/2034  EUR   68.308
City of Zurich Switze0.250   11/24/2051  CHF   62.330
niiio finance group A4.000    5/31/2026  EUR   46.000
NRW Bank             0.300    9/29/2033  EUR   72.434
CAB SELAS            3.375     2/1/2028  EUR   74.947
Valiant Bank AG      0.125    12/4/2034  CHF   73.016
Cooperatieve Rabobank0.500    7/30/2043  MXN   11.321
State of Brandenburg 0.300    10/4/2049  EUR   49.904
Finmek International 7.000    12/3/2004  EUR    2.193
Alpine Holding GmbH  6.000    5/22/2017  EUR    4.195
Romanian Government I2.750    4/14/2041  EUR   49.484
State of Lower Austri0.815    9/22/2056  EUR   49.829
Serbia International 2.050    9/23/2036  EUR   51.574
Muenchener Hypotheken0.420   12/10/2035  EUR   57.348
Dana Financing Luxemb3.000    7/15/2029  EUR   73.133
Rena GmbH            8.250    7/11/2018  EUR    0.058
Orbit Capital PLC    3.500    3/24/2045  GBP   67.793
State of Bremen      1.000    5/27/2039  EUR   70.648
Societe Generale SA  1.137    1/26/2037  EUR   65.844
Ukraine Government Bo3.700    4/27/2023  USD   72.052
Romanian Government I4.000    2/14/2051  USD   53.285
Region of Veneto Ital0.112    12/7/2046  EUR   71.810
Lehman Brothers UK Ca5.750               EUR    7.000
Cooperatieve Rabobank0.500   10/29/2027  MXN   59.024
BNG Bank NV          10.010   6/17/2025  TRY   52.885
Caisse Francaise de F1.555    2/12/2042  EUR   74.762
Barclays Bank PLC    2.000   12/21/2029  USD   70.152
4iG Nyrt             6.000   12/17/2031  HUF   69.000
Batigere Grand Est SA1.345    4/18/2032  EUR   67.992
Tennor Finance BV    5.750    6/17/2024  EUR   75.000
Land Berlin          0.125   11/24/2045  EUR   50.870
CDC Habitat SEM      1.700    3/21/2039  EUR   57.571
Jain International Tr7.125    3/31/2026  USD   27.543
Hamburg Commercial Ba0.550   11/20/2028  EUR   71.426
Pro-Gest SpA         3.250   12/15/2024  EUR   62.804
Bromford Housing Grou2.554    3/17/2054  GBP   54.556
DZ Bank AG Deutsche Z2.593   12/30/2024  EUR   68.540
Land Baden-Wuerttembe0.125   11/19/2040  EUR   57.649
Master & Fellows of U3.068    4/28/2065  GBP   57.011
Communaute Francaise 2.300    4/25/2089  EUR   70.516
State of Bremen      0.400    8/20/2049  EUR   51.837
Credit Suisse AG/Lond2.100    3/15/2037  EUR   69.208
Gazprom PJSC via Gaz 1.500    2/17/2027  EUR   46.572
State of Lower Austri1.000    9/15/2121  EUR   35.083
Canton of Neuchatel  0.350    7/14/2050  CHF   60.623
Alfa Bank AO Via Alfa5.950    4/15/2030  USD    7.501
VZ Vendor Financing I2.875    1/15/2029  EUR   68.319
Emissionszentrale fue0.150     9/9/2041  CHF   67.922
Phosphorus Holdco PLC10.000    4/1/2019  GBP    1.321
Joh Friedrich Behrens6.250    6/18/2024  EUR   30.210
Deutsche Lichtmiete A5.250     9/1/2025  EUR    4.100
Ctec II GmbH         5.250    2/15/2030  EUR   74.690
Single Platform Inves1.230     2/3/2034  EUR   71.509
SNCF Reseau          2.000     2/5/2048  EUR   70.218
Rena GmbH            7.000   12/15/2015  EUR    0.058
Assa Abloy AB        0.650    8/28/2034  EUR   66.705
Muenchener Hypotheken0.250     5/2/2036  EUR   65.843
Deutsche Telekom AG  3.500    4/15/2041  AUD   65.153
EOS Imaging SA       6.000    5/31/2023  EUR    7.250
Deutsche Telekom AG  3.625    1/21/2050  USD   64.722
DLR Kredit A/S       0.500    10/1/2050  DKK   65.195
Credit Agricole Corpo1.550     9/8/2031  AUD   69.489
Andrade Gutierrez Int11.000   8/20/2021  USD   51.362
MMB SCF SACA         0.010    9/20/2031  EUR   74.181
Ferrovie dello Stato 0.641    12/4/2030  EUR   70.099
Autostrade per l'Ital3.625     6/9/2038  EUR   69.478
Deutsche Wohnen SE   1.625     6/3/2031  EUR   74.394
Credit Suisse AG/Lond3.111    5/18/2036  EUR   66.925
Ukraine Government In11.100  11/23/2022  UAH   59.000
FLUVIUS System Operat0.810     4/8/2033  EUR   68.078
Grand City Properties2.081     8/8/2034  EUR   63.826
Swissgrid AG         0.125    6/30/2036  CHF   69.280
Vasakronan AB        2.035    1/15/2031  NOK   74.142
SG Issuer SA         5.150    1/10/2025  EUR   67.450
Joh Friedrich Behrens7.750   11/11/2020  EUR   31.300
Altice France SA/Fran3.375    1/15/2028  EUR   73.479
Spain Government Bond1.900   10/31/2052  EUR   63.473
DLR Kredit A/S       1.500    10/1/2050  DKK   73.141
Sigma Holdco BV      5.750    5/15/2026  EUR   60.275
Region Bretagne SCI  0.815    6/12/2040  EUR   62.344
Alpine Holding GmbH  5.250     7/1/2015  EUR    4.195
Rio Forte Investments4.000    7/22/2014  EUR    4.149
Pfandbriefbank schwei0.375    9/23/2043  CHF   69.265
Anselma Issuer SA    2.174   12/31/2038  EUR   67.580
Canton of Zurich     0.100    6/23/2045  CHF   64.800
Land Thueringen      0.100     7/9/2035  EUR   66.858
Blend Funding PLC    2.984    3/15/2034  GBP   74.462
Land Thueringen      0.200    9/12/2039  EUR   60.087
Lloyds Bank PLC      0.250    4/26/2027  USD   75.000
Castle UK Finco PLC  5.571    5/15/2028  EUR   74.187
Societe Nationale SNC2.820    4/28/2036  AUD   70.009
JDE Peet's NV        2.250    9/24/2031  USD   70.790
Nationwide Building S0.485    7/11/2044  CHF   66.554
Region Auvergne-Rhone0.892   10/21/2041  EUR   60.123
Portugal Telecom Inte6.250    7/26/2016  EUR    0.285
OTP Munkavallalok Ii 4.500    7/14/2031  HUF   57.990
Communaute Francaise 1.760    1/26/2043  EUR   68.193
Pfandbriefbank schwei0.500    6/17/2041  CHF   73.135
Bestjobs Recrutare SA5.800    5/20/2026  EUR   72.380
LIB-Landesimmobilien 0.620    7/15/2041  EUR   61.310
Societe Nationale SNC1.280    3/27/2120  EUR   34.887
Serbia International 1.000    9/23/2028  EUR   66.732
Pfandbriefbank schwei0.250    10/6/2042  CHF   68.027
Emissionszentrale fue0.300   11/25/2039  CHF   71.777
Logicor Financing Sar2.875    12/6/2029  GBP   73.193
Free and Hanseatic Ci0.400   11/23/2051  EUR   50.109
MFB Magyar Fejlesztes4.600   10/24/2029  HUF   63.763
State of Rhineland-Pa0.375    7/20/2048  EUR   52.190
Novafives SAS        5.000    6/15/2025  EUR   58.292
Social Chain AG /The 5.750     4/7/2024  EUR   75.000
UniCredit Bank Austri0.150    4/29/2033  EUR   70.628
Republic of Armenia I3.600     2/2/2031  USD   67.517
Canton of Zurich     0.250    7/12/2039  CHF   73.032
Uralkali OJSC Via Ura4.000   10/22/2024  USD   18.407
Thames Water Utilitie2.060   11/12/2030  USD   71.300
City of St Gallen    0.140    9/16/2044  CHF   64.938
Land Thueringen      0.375    12/1/2051  EUR   49.673
NRW Bank             1.150    9/16/2051  EUR   61.165
Nederlandse Waterscha0.877    6/24/2054  EUR   56.390
NRW Bank             1.250    3/21/2044  EUR   70.098
Getin Noble Bank SA  11.300   8/30/2024  PLN   37.873
Banco Santander SA   0.180    6/22/2031  EUR   74.602
State of Brandenburg 0.500   11/21/2039  EUR   63.887
Agrokor dd           8.875     2/1/2020  USD   15.000
Transmission Finance 2.701   10/16/2037  EUR   70.110
DZ Bank AG Deutsche Z2.000   12/29/2031  EUR   65.620
Ville de Paris       0.450   10/20/2045  EUR   50.457
Land Baden-Wuerttembe0.010     7/9/2032  EUR   74.025
German Pellets GmbH  7.250     7/9/2018  EUR    1.495
Allergan Funding SCS 4.750    3/15/2045  USD   83.841
Credit Suisse AG/Lond0.508     2/6/2031  EUR   74.465
Ideal Standard Intern6.375    7/30/2026  EUR   51.769
Intesa Sanpaolo SpA  1.900     2/8/2029  USD   71.265
Kreditanstalt fuer Wi1.100    9/16/2051  EUR   60.728
WEPA Hygieneprodukte 2.875   12/15/2027  EUR   71.875
Kingdom of Belgium Go0.459    7/23/2079  EUR   29.111
Barclays Bank PLC    3.070    12/3/2032  AUD   71.434
Ahtium PLC           4.000   12/16/2015  EUR    0.586
Kuntarahoitus Oyj    0.500     5/8/2029  AUD   72.853
Vnesheconombank Via V6.025     7/5/2022  USD    5.809
Espirito Santo Financ5.050   11/15/2025  EUR    0.521
Romanian Government I4.625     4/3/2049  EUR   62.494
VST Building Technolo7.000    6/28/2024  EUR    0.371
Region of Ile de Fran0.610     7/2/2040  EUR   60.432
Assistance Publique H1.750   11/27/2041  EUR   72.448
Mobilux Finance SAS  4.250    7/15/2028  EUR   69.077
Aeroports de la Cote 2.500     7/9/2036  EUR   63.864
Nationale-Nederlanden0.050   11/12/2040  EUR   56.032
Maxeda DIY Holding BV5.875    10/1/2026  EUR   63.755
Norddeutsche Landesba3.600    1/29/2035  USD   70.673
NRW Bank             2.000    4/23/2031  AUD   73.333
Deutsche Wohnen SE   2.000    3/28/2034  EUR   64.971
Interpipe Holdings PL8.375    5/13/2026  USD   35.460
Virgolino de Oliveira10.500   1/28/2018  USD    0.010
Senivita Social Estat6.500    5/12/2025  EUR    5.120
AK BARS Bank Via AK B8.000    7/13/2022  USD   31.025
Air Liquide Finance S3.500    9/27/2046  USD   70.423
Goldman Sachs Interna4.550    4/24/2050  USD   74.807
State of Lower Austri0.460    10/8/2049  EUR   47.460
Metinvest BV         7.750   10/17/2029  USD   39.317
State of Rhineland-Pa0.375     4/1/2041  EUR   60.481
Serbia International 1.500    6/26/2029  EUR   65.866
Mifa Mitteldeutsche F7.500    8/12/2018  EUR    2.410
Hungary Government Bo1.000   11/26/2025  HUF   70.485
Depfa Funding III LP 2.056               EUR   49.931
Kommunekredit        0.375     2/3/2045  DKK   51.379
State of Bremen      0.550     2/4/2050  EUR   53.982
Single Platform Inves1.840    11/5/2040  EUR   67.171
VZ Secured Financing 3.500    1/15/2032  EUR   72.067
Nykredit Realkredit A1.000     1/1/2033  DKK   73.512
Landeskreditbank Bade0.610   11/17/2050  EUR   54.746
HPI AG               3.500               EUR    0.015
Kommunekredit        0.500    7/30/2027  TRY   22.949
MOL Hungarian Oil & G1.100    9/22/2030  HUF   47.000
Swissgrid AG         0.150    6/30/2034  CHF   73.754
MFB Magyar Fejlesztes3.000   10/27/2027  HUF   65.077
Banco Santander SA   1.000    10/1/2033  EUR   66.654
Virgin Media Finance 3.750    7/15/2030  EUR   72.375
HSBC Bank PLC        2.015   11/24/2036  EUR   69.942
Raiffeisen-Landesbank0.500    5/27/2041  EUR   59.637
BNP Paribas SA       1.590    2/23/2051  EUR   55.205
VTB Bank PJSC Via VTB9.500               USD    6.640
Deutsche Bank AG     1.750   10/30/2028  USD   68.000
Single Platform Inves1.416    2/15/2041  EUR   63.734
State of Saarland    0.500    3/15/2051  EUR   52.659
SNCF Reseau          1.425    8/14/2119  EUR   38.184
Polski Fundusz Rozwoj2.000     3/5/2030  PLN   60.982
Kungsleden AB        1.963    3/30/2028  SEK   72.694
Single Platform Inves1.220    8/24/2047  EUR   52.676
Bilt Paper BV        10.360              USD    1.343
TI Automotive Finance3.750    4/15/2029  EUR   68.975
State of North Rhine-1.000   10/16/2046  EUR   64.695
Serbia International 1.650     3/3/2033  EUR   55.022
Jyske Realkredit A/S 1.500    10/1/2053  DKK   65.994
Credit Suisse AG/Lond5.000   11/27/2023  USD    9.380
Novolipetsk Steel Via4.700    5/30/2026  USD   53.585
Muenchener Hypotheken0.125     9/5/2035  EUR   66.043
Ahtium PLC           9.750     4/4/2017  EUR    0.726
SES SA               5.300     4/4/2043  USD   71.763
Region Bretagne SCI  0.544    12/7/2036  EUR   66.275
Ukraine Government In12.520   5/13/2026  UAH   58.399
State of Rhineland-Pa0.375    3/10/2051  EUR   50.279
Caisse Francaise de F1.093   10/14/2051  EUR   62.796
MFB Magyar Fejlesztes1.900    4/22/2026  HUF   67.741
Credit Suisse AG/Lond2.302     4/8/2037  EUR   65.341
BNG Bank NV          1.627    4/25/2046  EUR   70.487
MMC Norilsk Nickel OJ3.375   10/28/2024  USD   51.000
BOA Offshore AS      0.409    7/17/2047  NOK    5.249
DZ Bank AG Deutsche Z0.700   10/16/2034  EUR   68.553
Republic of Armenia I3.950    9/26/2029  USD   71.333
Romanian Government I2.875    4/13/2042  EUR   49.208
Credit Suisse AG/Lond3.500    3/28/2032  USD   72.893
State of Rhineland-Pa1.500    4/25/2052  EUR   71.208
Banco Santander SA   3.830    9/22/2032  USD   73.477
Cofinimmo SA         1.470    6/22/2028  EUR   74.613
Reckitt Benckiser Tre1.750    5/19/2032  GBP   71.505
Chrome Holdco SASU   5.000    5/31/2029  EUR   70.820
Futureal Development 4.000    3/23/2031  HUF   58.000
Ziggo BV             2.875    1/15/2030  EUR   72.781
Ukraine Government In16.000   5/24/2023  UAH   59.000
ABN AMRO Bank NV     1.115     3/3/2042  EUR   67.289
Novolipetsk Steel Via1.450     6/2/2026  EUR   55.514
Yarlington Treasury S3.410    9/18/2057  GBP   63.663
Takko Luxembourg 2 SC5.375   11/15/2023  EUR   68.726
Anadolu Efes Biracili3.375    6/29/2028  USD   71.258
Comunidad Foral de Na1.450     5/8/2040  EUR   67.325
Region Wallonne Belgi1.246    5/12/2070  EUR   48.765
Finance and Credit Ba9.250    1/25/2019  USD    0.001
Del Monte Finance Lux6.625    5/24/2006  EUR    1.401
Pfandbriefbank schwei0.375    6/15/2046  CHF   67.234
Credit Suisse AG/Lond9.000    4/22/2024  USD   26.740
Spain Government Bond1.200   10/31/2040  EUR   65.389
AXA Home Loan SFH SA 0.125    6/25/2035  EUR   65.770
Bpifrance SACA       1.046    5/25/2050  EUR   54.860
PJSC Koks via IMH Cap5.900    9/23/2025  USD    7.123
Single Platform Inves1.108    2/15/2041  EUR   57.829
St Galler Kantonalban0.100   10/10/2041  CHF   64.729
Credit Suisse AG     0.500   12/16/2025  BRL   70.241
HSE Finance Sarl     5.625   10/15/2026  EUR   55.827
Transcapitalbank JSC 10.000              USD   65.373
Nobian Finance BV    3.625    7/15/2026  EUR   73.281
Wp/ap Telecom Holding5.500    1/15/2030  EUR   74.583
Care Property Invest 2.050     7/8/2031  EUR   69.145
Anglo American Capita3.950    9/10/2050  USD   63.734
Banque Cantonale de F0.100    11/1/2044  CHF   60.108
Mercedes-Benz Manufac1.500    3/16/2027  HUF   63.000
Region Wallonne Belgi1.130    3/28/2036  EUR   73.052
Republic of Ireland I2.045    3/22/2075  EUR   74.747
Polyus Finance PLC   3.250   10/14/2028  USD   49.257
Norwegian Air Shuttle6.375   11/15/2024  USD   48.101
Intesa Sanpaolo SpA  2.500   10/14/2031  USD   63.923
Orient Express Bank P2.000               USD   19.403
Banco Espirito Santo 6.900    6/28/2024  EUR   16.367
Raiffeisenlandesbank 0.375    1/15/2035  EUR   68.439
Intesa Sanpaolo SpA  4.700    9/23/2049  USD   64.094
Sovcombank Via SovCom8.000     4/7/2030  USD    3.692
Harp Issuer PLC      1.400    2/14/2032  USD   61.693
Laboratoire Eimer Sel5.000     2/1/2029  EUR   67.967
Malta Government Bond1.800    8/28/2051  EUR   60.160
Malta Government Bond1.200    5/13/2037  EUR   67.560
Housing & Care 21    3.288    11/8/2049  GBP   65.669
Oberoesterreichische 0.610    1/28/2037  EUR   67.341
Caisse Francaise de F1.640    7/10/2048  EUR   73.449
Pfandbriefzentrale de0.250    6/12/2040  CHF   70.123
Virgin Media Secured 4.125    8/15/2030  GBP   71.542
Gazprom PJSC via Gaz 3.897               EUR   32.428
Ile-de-France Mobilit0.200   11/16/2035  EUR   65.224
Affinity Water Financ0.230   11/22/2042  GBP   66.375
Polski Fundusz Rozwoj1.375    9/30/2027  PLN   68.303
Single Platform Inves3.505     8/6/2046  AUD   63.769
Elecnor SA           3.025    9/30/2035  EUR   66.682
Raiffeisenlandesbank 0.500    1/22/2035  EUR   69.993
Norske Skogindustrier2.000   12/30/2115  EUR    0.113
Metinvest BV         7.650    10/1/2027  USD   41.653
Steilmann SE         7.000    9/23/2018  EUR    1.429
Severn Trent Utilitie1.941   10/29/2030  GBP   74.316
Credit Suisse AG/Lond3.750    3/24/2032  USD   74.380
Assistance Publique H1.099     4/6/2071  EUR   40.340
Autonomous Community 1.850    5/13/2061  EUR   53.399
Sibur Securities DAC 4.125    10/5/2023  USD   33.046
Compact Bidco BV     5.750     5/1/2026  EUR   64.114
Ministeries Van de Vl0.634   11/19/2060  EUR   39.681
Albania Government In3.500   11/23/2031  EUR   71.036
Vasakronan AB        1.655     9/5/2039  SEK   58.820
City of Zurich Switze0.400   11/21/2046  CHF   68.121
Pfandbriefbank schwei0.250     8/4/2038  CHF   72.416
Natixis SA           1.813   12/10/2030  USD   71.116
Landesbank Baden-Wuer7.070    1/27/2023  EUR   34.290
DNB Boligkreditt AS  0.980    6/20/2044  EUR   62.496
Malta Government Bond1.000    8/23/2035  EUR   69.995
Societe Generale SA  8.000   11/30/2032  USD   66.230
Swisscom AG          0.245   11/20/2034  CHF   73.909
Getin Noble Bank SA  12.300   1/31/2024  PLN   37.875
Vasakronan AB        2.050    5/28/2044  EUR   60.766
Pongs & Zahn AG      8.500    11/1/2014  EUR    0.150
Siemens Financierings2.875    3/11/2041  USD   66.464
State of Brandenburg 0.600   10/13/2051  EUR   54.053
Rusal Capital DAC    5.300     5/3/2023  USD   41.034
AXA Bank Europe SCF  0.250     6/9/2040  EUR   58.172
ISP Group AG         5.250               CHF   72.989
Croatia Government In1.125     3/4/2033  EUR   70.087
Chelyabinsk Pipe Plan4.500    9/19/2024  USD   15.165
Energizer Gamma Acqui3.500    6/30/2029  EUR   70.273
Nomura Bank Internati1.071    1/28/2032  EUR   70.123
National Grid Electri1.151    2/20/2040  EUR   53.406
MFB Magyar Fejlesztes3.900   10/22/2028  HUF   66.041
Serbia International 2.125    12/1/2030  USD   65.136
Banco de Sabadell SA 3.150    3/30/2037  EUR   55.684
TenneT Holding BV    2.000    5/12/2036  EUR   74.768
Agrokor dd           9.125     2/1/2020  EUR   15.000
BNP Paribas SA       2.670    3/13/2030  AUD   72.997
Grupo Antolin-Irausa 3.500    4/30/2028  EUR   63.684
Land Berlin          0.625    7/15/2039  EUR   65.866
Wingholding Zrt      3.500    5/20/2030  HUF   62.600
State of Brandenburg 0.125    1/26/2046  EUR   50.837
Barclays Bank PLC    4.100    1/29/2048  USD   70.595
Pescanova SA         5.125    4/20/2017  EUR    0.319
JAB Holdings BV      2.000   12/19/2039  EUR   64.520
Allgemeine Sparkasse 2.500    1/27/2034  EUR   69.442
Societe Nationale SNC2.842    3/31/2036  AUD   70.228
Credit Suisse AG/Lond1.450   12/20/2030  EUR   74.048
Credit Suisse AG/Lond4.600    3/31/2023  USD    8.520
DZ Bank AG Deutsche Z2.200   12/29/2031  EUR   72.960
Getin Noble Bank SA  10.930   4/29/2024  PLN   22.775
United Utilities Wate1.474    8/24/2031  USD   66.860
UBS AG/London        1.500     2/2/2031  USD   69.160
Region of Pays de la 0.877   10/28/2041  EUR   62.274
Odea Bank AS         8.606     8/1/2027  USD   63.315
Walliser Kantonalbank0.010    3/12/2035  CHF   71.961
Credit Suisse AG/Lond4.450    6/28/2023  USD    8.370
Deutsche Bank AG     2.400    2/25/2032  EUR   70.924
Raiffeisen Landesbank0.250     3/4/2036  EUR   65.494
OGX Austria GmbH     8.500     6/1/2018  USD    0.002
Kingdom of Belgium Go1.600    6/22/2047  EUR   70.040
International Hotel I3.650    12/7/2031  EUR   73.187
Sovcombank Via SovCom7.750               USD    3.353
Communaute Francaise 2.350    8/18/2062  EUR   73.537
Zurcher Kantonalbank 16.000  11/18/2022  CHF   32.100
North Macedonia Gover1.625    3/10/2028  EUR   71.726
Region Hauts-de-Franc0.402    2/18/2043  EUR   52.349
Stichting Afwikkeling8.450    8/20/2018  USD   45.375
Veneto Banca SpA     6.411               EUR    0.345
Picard Bondco SA     5.375     7/1/2027  EUR   74.500
Aeroports de la Cote 2.000     7/9/2033  EUR   74.866
Land Thueringen      1.100     7/3/2047  EUR   67.344
Russian Agricultural 8.500   10/16/2023  USD   13.449
State of Bremen      0.150    9/14/2040  EUR   57.915
Sairgroup Finance BV 6.625    10/6/2010  EUR    1.964
Single Platform Inves0.950    7/25/2047  EUR   49.563
Emissionszentrale fue0.350    4/27/2040  CHF   72.518
Cooperatieve Rabobank5.000    4/27/2037  AUD   69.591
Deutsche Pfandbriefba4.120    11/3/2031  EUR   66.106
Bank Gospodarstwa Kra6.000    6/25/2045  PLN   68.176
Societe Du Grand Pari1.955    4/16/2069  EUR   65.048
Stelius Befektetoe Za3.100    9/17/2030  HUF   66.500
Russian Foreign Bond 2.875    12/4/2025  EUR   40.670
Windreich GmbH       6.500    7/15/2016  EUR    4.475
Societe Generale SA  9.000   10/31/2034  USD   54.000
Single Platform Inves1.779    2/23/2036  EUR   73.052
Swissgrid AG         0.200    6/29/2040  CHF   63.767
BNP Paribas Emissions8.500    2/21/2023  USD   67.950
UniCredit SpA        3.127     6/3/2032  USD   68.278
Ukraine Government Bo16.000   3/13/2024  UAH   64.936
Muenchener Hypotheken0.010   10/19/2039  EUR   56.612
DZ HYP AG            0.375   11/10/2034  EUR   70.098
Kreditanstalt fuer Wi0.902   11/16/2050  EUR   60.340
Region Wallonne Belgi1.805    1/24/2040  EUR   71.595
Fortum Oyj           3.500     6/3/2043  EUR   73.388
Lloyds Bank PLC      0.500    7/26/2028  MXN   53.980
Pershing Square Holdi3.000    7/15/2032  USD   73.685
Santander Consumer Ba7.000               NOK   60.664
Caisse des Depots et 1.106    9/30/2049  EUR   63.593
Banque Federative du 0.376   10/15/2031  EUR   70.383
Ukraine Government Bo3.900    10/5/2023  USD   54.992
Kantonsspital Baden A0.350    9/30/2036  CHF   71.366
Eurohold Bulgaria AD 8.000   12/29/2026  EUR   60.716
Comunidad Foral de Na1.800    3/25/2042  EUR   70.378
Kelag-Kaerntner Elekt1.150    4/16/2041  EUR   59.319
Free and Hanseatic Ci0.010    11/5/2035  EUR   65.307
UBS Group AG         2.370    2/25/2036  USD   59.273
Bank Nadra Via NDR Fi8.250    7/31/2018  USD    0.208
Barclays Bank PLC    2.650    11/4/2031  EUR   67.300
Single Platform Inves0.950    2/15/2044  EUR   52.333
Ville de Paris       0.850     8/4/2051  EUR   50.531
Landesbank Baden-Wuer6.000   12/23/2022  EUR   74.420
La Banque Postale Hom0.640    1/27/2042  EUR   62.981
Bayerische Landesbank1.820    5/12/2031  EUR   72.028
EnBW International Fi2.080    1/21/2041  EUR   60.667
Single Platform Inves0.915    2/15/2043  EUR   53.945
Ministeries Van de Vl0.400   11/20/2043  EUR   52.333
ING Bank NV          2.220    1/20/2036  USD   63.636
Malta Government Bond1.500   10/22/2045  EUR   61.330
State of Saarland    0.050    11/5/2040  EUR   56.597
VTB Bank OJSC Via VTB6.250    6/30/2035  USD   21.707
Ukraine Government In8.994     2/1/2026  USD   18.983
Metinvest BV         5.625    6/17/2025  EUR   43.000
NRW Bank             1.510     3/7/2046  EUR   72.069
Region de Bruxelles-C0.444    3/19/2057  EUR   37.476
Italy Buoni Poliennal0.950    12/1/2031  EUR   73.439
Kingdom of Belgium Go1.170    5/12/2121  EUR   39.921
MMC Norilsk Nickel OJ4.100    4/11/2023  USD   57.918
EVN AG               0.850   10/15/2035  EUR   60.926
Raiffeisen Landesbank0.375   11/13/2034  EUR   69.608
Intesa Sanpaolo SpA  2.300   11/18/2028  USD   73.529
Autonomous Community 2.300    5/24/2049  EUR   69.440
Barclays PLC         5.000    5/24/2041  USD   70.185
Engie SA             2.750   11/20/2045  EUR   67.567
Caisse des Depots et 1.460    1/24/2052  EUR   67.327
Credit Suisse AG/Lond4.700    7/19/2023  USD    9.080
OTP Munkavallalok I s4.500    7/14/2031  HUF   57.990
Single Platform Inves1.675    2/15/2041  EUR   67.147
ING Bank NV          0.182    4/21/2033  EUR   71.712
Deutsche Wohnen SE   2.125    8/31/2033  EUR   70.481
City of Amsterdam Net1.515    2/26/2044  EUR   73.761
Turkey Government Int6.500    9/20/2033  USD   71.980
Russian Federal Bond 0.250    7/20/2044  RUB   10.180
Barclays Bank PLC    1.580    4/12/2039  EUR   66.750
Nederlandse Waterscha0.190    11/2/2050  EUR   46.789
DekaBank Deutsche Gir7.650    3/10/2023  EUR   29.880
Land Berlin          0.500    6/19/2047  EUR   56.765
Italy Buoni Poliennal2.450     9/1/2050  EUR   65.859
Vasakronan AB        2.256    4/12/2044  EUR   71.433
Magyar Export-Import 2.000   10/27/2027  HUF   61.814
Air Berlin Finance BV8.500     3/6/2019  EUR    0.382
Stichting Afwikkeling4.252               EUR    0.579
Mobile Telesystems OJ5.000    5/30/2023  USD   25.265
Communaute Francaise 1.040    7/19/2101  EUR   43.016
SG Issuer SA         0.010    6/22/2033  EUR   69.100
DZ Bank AG Deutsche Z1.000    2/13/2042  EUR   63.918
Ukraine Government In12.520   5/13/2026  UAH   58.399
BASF SE              1.025    8/13/2048  JPY   69.815
ING Bank NV          0.465    4/21/2041  EUR   61.351
Ukraine Government In7.375    9/25/2034  USD   16.300
Luzerner Kantonalbank0.500    7/26/2041  CHF   70.971
AB Financial Products0.238    7/30/2040  EUR   62.167
Liga Bank eG Regensbu0.010    1/29/2036  EUR   61.509
ALROSA Finance SA    3.100    6/25/2027  USD   10.000
State of North Rhine-1.850    3/18/2089  EUR   60.201
Civitas Properties Fi4.000   11/24/2022  EUR   65.000
French Republic Gover0.500    6/25/2044  EUR   57.451
Pfandbriefzentrale de0.050    10/6/2043  CHF   63.486
Communaute Francaise 0.788    8/30/2049  EUR   49.423
Unibail-Rodamco-Westf2.000    12/5/2033  EUR   65.825
Windreich GmbH       6.750     3/1/2015  EUR    4.475
DekaBank Deutsche Gir5.970     2/9/2023  EUR   34.500
Kuntarahoitus Oyj    1.011    1/27/2037  EUR   73.074
Morhomes PLC         2.508    2/19/2051  GBP   53.110
Cooperatieve Rabobank1.460     6/1/2040  EUR   72.876
Region Wallonne Belgi1.220    6/12/2050  EUR   55.698
K&H Jelzalogbank zrt 6.750    4/27/2032  HUF   73.235
Alteo Nyrt           3.150   10/28/2029  HUF   54.100
A-TEC Industries AG  8.750   10/27/2014  EUR    0.100
Altice France SA/Fran4.125    1/15/2029  EUR   73.389
Cooperatieve Rabobank0.500   11/30/2027  MXN   58.482
Cooperatieve Rabobank0.500    1/31/2033  MXN   29.828
Mondelez Internationa0.875    10/1/2031  EUR   73.166
Virgin Media Secured 4.250    1/15/2030  GBP   73.662
Cie de Financement Fo0.975    8/11/2046  EUR   62.819
MOL Nyrt Kueloenleges4.950    1/26/2032  HUF   59.210
National Grid Electri2.020    3/12/2032  AUD   69.400
Brussels Municipaliti0.832    3/29/2041  EUR   61.628
Quintet Private Bank 3.650   11/13/2023  EUR   25.630
Kleopatra Holdings 2 6.500     9/1/2026  EUR   63.270
Credit Agricole Corpo1.760    2/26/2031  USD   70.123
Grupo Isolux Corsan S1.000   12/30/2021  EUR    0.206
Bazalgette Finance Pl0.174    5/16/2049  GBP   66.786
Deutsche Pfandbriefba0.653    2/21/2033  EUR   74.569
Landeskreditbank Bade2.500    5/21/2036  AUD   65.864
MFB Magyar Fejlesztes2.900   10/22/2031  HUF   54.290
German Pellets GmbH  7.250   11/27/2019  EUR    1.495
State of North Rhine-1.467    6/12/2045  EUR   73.037
UBS AG/London        5.000     1/9/2023  USD   45.950
DekaBank Deutsche Gir3.970     2/9/2023  EUR   34.190
Thames Water Utilitie2.620    3/22/2033  GBP   70.144
Free State of Saxony 0.400    5/12/2036  EUR   68.366
Nomura Bank Internati1.130    4/23/2036  EUR   60.778
Credit Suisse AG/Lond5.000    3/29/2023  USD    9.500
Garfunkelux Holdco 3 7.750    11/1/2025  GBP   71.333
Societe Generale SA  5.050   11/25/2036  USD   32.884
Sovcombank Via SovCom3.400    1/26/2025  USD    4.883
Dtek Renewables Finan8.500   11/12/2024  EUR   35.090
Phosagro OAO Via Phos3.949    4/24/2023  USD   59.401
Free and Hanseatic Ci0.300    9/16/2050  EUR   49.363
CRC Breeze Finance SA6.110     5/8/2026  EUR   30.502
BNP Paribas SA       0.500   11/16/2032  MXN   29.380
United Kingdom Gilt  1.500    7/22/2047  GBP   59.185
Malta Government Bond2.400    8/13/2052  EUR   67.290
Kosovo Government Bon3.800    2/23/2032  EUR   73.328
Societe Generale SA  3.920    12/9/2036  AUD   68.720
Wellis Magyarorszag K3.000    2/26/2031  HUF   55.332
Bayerische Landesbank1.550    2/13/2040  EUR   53.486
Raiffeisen Switzerlan7.050    5/22/2023  EUR   67.260
Prosus NV            2.085    1/19/2030  EUR   71.537
VTB Bank PJSC        7.554               USD   63.500
Region de Bruxelles-C0.910    1/31/2053  EUR   50.383
Aedifica SA          1.850    7/15/2030  EUR   72.043
Prosus NV            1.985    7/13/2033  EUR   61.236
Alno AG              8.000    3/21/2019  EUR   15.000
voestalpine AG       1.810    8/19/2031  EUR   73.800
KTG Agrar SE         7.250   10/15/2019  EUR    2.007
Sibur Securities DAC 3.450    9/23/2024  USD   33.092
CB First Investment B8.000               EUR   56.944
Bayerische Landesbank2.250   10/17/2033  EUR   69.620
Vasakronan AB        2.470    1/14/2032  USD   73.084
BKS Bank AG          1.390    1/19/2032  EUR   73.387
Elia Transmission Bel1.560    1/30/2044  EUR   71.935
Premium Green PLC    1.610    9/30/2030  AUD   70.591
Eurogrid GmbH        0.875   11/20/2040  EUR   57.676
DZ Bank AG Deutsche Z0.190    1/14/2031  EUR   69.494
Takko Luxembourg 2 SC6.918   11/15/2023  EUR   67.276
Berlin Hyp AG        0.010   11/28/2031  EUR   74.190
NRW Bank             0.120    2/24/2033  EUR   72.335
Caisse des Depots et 1.114    9/20/2049  EUR   64.628
Vasakronan AB        1.130    5/27/2042  JPY   72.657
Canton of Geneva Swit0.050    8/27/2041  CHF   65.986
Societe Generale SA  8.000    5/31/2023  USD   65.775
CNH Industrial Financ2.200    7/15/2039  EUR   67.099
Haya Holdco 2 PLC    9.542   11/30/2025  EUR   63.505
Region de Bruxelles-C1.144    1/14/2056  EUR   51.097
Sberbank of Russia Vi5.250    5/23/2023  USD   11.678
Alteo Nyrt           2.450    10/8/2031  HUF   48.300
Commerzbank AG       2.950    1/20/2034  EUR   74.929
Standard Chartered Ba1.530    9/11/2030  USD   71.620
DZ Bank AG Deutsche Z1.550    6/27/2041  EUR   73.085
Barclays PLC         5.100     7/8/2041  USD   71.046
Barclays Bank PLC    0.500    1/28/2033  MXN   29.254
VON Der Heydt Securit1.000    4/30/2031  EUR   69.770
Flextronics Internati3.600    12/6/2031  HUF   58.000
Barclays Bank PLC    7.830    7/26/2038  MXN   65.319
ABN AMRO Bank NV     1.290    3/25/2037  EUR   73.528
State of Lower Austri1.886     3/2/2048  EUR   71.366
Deutsche Telekom AG  4.125    7/23/2049  USD   65.254
Credit Bank of Moscow8.875               USD   11.817
Republic of Ireland I0.835     7/8/2080  EUR   41.633
Bayerische Landesbode0.030   10/22/2035  EUR   65.301
Eurotorg LLC Via Boni9.000   10/22/2025  USD   52.029
Romanian Government I3.375     2/8/2038  EUR   59.600
Societe Generale SFH 0.280    9/14/2032  EUR   73.650
LFA Foerderbank Bayer0.250    3/19/2037  EUR   64.916
Steilmann SE         7.000     3/9/2017  EUR    1.429
DZ Bank AG Deutsche Z1.000    2/18/2032  EUR   65.902
BNP Paribas SA       4.800    8/20/2042  USD   73.469
ESB Finance DAC      2.000    4/17/2044  EUR   71.421
Lehman Brothers Treas4.358    10/5/2035  EUR    0.100
Deutsche Bank AG     0.950     9/1/2028  GBP   71.661
Ukraine Government In9.790    5/26/2027  UAH   54.368
GTC Magyarorszag Zrt 2.600    3/17/2031  HUF   54.860
Societa di Progetto B3.375   12/31/2038  EUR   67.886
State of Bremen      0.500     5/6/2041  EUR   61.487
Ville de Paris       0.750   11/30/2041  EUR   59.907
Centre Hospitalier Re1.500    4/27/2050  EUR   69.524
Grand City Properties2.500    6/27/2039  EUR   50.117
Landesbank Baden-Wuer0.900    6/24/2030  EUR   73.597
DZ Bank AG Deutsche Z4.180   10/28/2022  EUR   64.120
German Pellets GmbH  7.250     4/1/2016  EUR    1.495
Banque Federative du 0.125    11/6/2030  EUR   71.526
DZ Bank AG Deutsche Z0.520   11/23/2033  EUR   69.502
Golden Gate AG       6.500   10/11/2014  EUR   32.000
Region Wallonne Belgi1.135   10/10/2069  EUR   46.147
Danske Bank A/S      6.600     1/9/2027  SEK   60.640
Credit Suisse AG/Lond3.550    3/16/2032  USD   73.259
Penarian Housing Fina3.212     6/7/2052  GBP   66.375
ACCIONA Financiacion 3.090     4/7/2027  PLN   72.823
Agence France Locale 2.200    9/20/2031  AUD   74.631
Frigate Luxembourg SA2.000     8/1/2032  EUR   52.721
Centre Hospitalier Un1.160     9/6/2039  EUR   57.623
Getin Noble Bank SA  12.110  12/21/2023  PLN   19.875
J&T Banka AS         7.000               EUR   66.091
Societe Generale SA  1.920    1/21/2031  USD   65.580
Credit Suisse AG/Lond1.000   12/20/2027  EUR    2.910
Santander Consumer Ba2.620    6/18/2031  NOK   70.648
Credit Agricole Corpo2.110     7/6/2037  EUR   71.287
Nostrum Oil & Gas Fin8.000    7/25/2022  USD   26.502
Caixa Economica Monte5.000               EUR   52.070
SiC Processing GmbH  7.125     3/1/2016  EUR    0.788
Vasakronan AB        2.135    6/28/2031  USD   71.752
Ukraine Government In15.970   4/19/2023  UAH   59.293
SCF Capital Designate3.850    4/26/2028  USD   18.798
Ile-de-France Mobilit1.586    2/23/2052  EUR   64.839
Malta Government Bond1.400    8/20/2046  EUR   59.250
Pfandbriefbank schwei0.500    1/25/2044  CHF   71.080
Getin Noble Bank SA  11.250   5/31/2024  PLN   36.013
HOCHTIEF AG          2.300    4/26/2034  EUR   63.525
Deutsche Wohnen SE   1.700    12/5/2036  EUR   61.858
Societe Generale SA  1.700    1/19/2031  USD   64.259
Credit Suisse AG/Lond1.400    2/21/2032  EUR   72.152
Aktia Bank Oyj       1.050     9/9/2041  EUR   60.055
Credit Suisse AG/Lond4.430    9/25/2035  USD   72.582
BAE Systems PLC      3.000    9/15/2050  USD   61.708
BASF SE              2.370   10/17/2031  HKD   74.716
Getin Noble Bank SA  11.070   4/28/2023  PLN   35.965
Credit Suisse AG/Lond4.700     7/1/2046  AUD   73.556
OGX Austria GmbH     8.375     4/1/2022  USD    0.002
Getin Noble Bank SA  12.290   7/28/2023  PLN   29.875
Vasakronan AB        2.130    5/27/2041  SEK   64.691
Landesbank Hessen-Thu1.100   12/27/2034  EUR   65.400
Solon SE             1.375    12/6/2012  EUR    0.745
Agence Francaise de D0.368    1/12/2046  EUR   51.910
Societe Generale SA  0.831   11/25/2031  EUR   66.309
DekaBank Deutsche Gir1.100   11/25/2030  EUR   71.348
HSBC Bank PLC        0.500    6/23/2027  MXN   60.230
Batigere Grand Est SA1.400    8/31/2050  EUR   40.391
Norddeutsche Landesba0.600    2/24/2031  EUR   72.227
Steilmann SE         6.750    6/27/2017  EUR    2.184
Batigere Grand Est SA1.709    11/4/2042  EUR   49.034
Getin Noble Bank SA  11.430   11/9/2023  PLN   33.865
Italy Buoni Poliennal2.800     3/1/2067  EUR   65.631
DAH Holding GmbH     7.250    9/28/2018  EUR    0.718
DekaBank Deutsche Gir3.040   10/26/2022  EUR   56.390
Raiffeisen Schweiz Ge8.340     3/7/2023  EUR   56.840
Die Schweizerische Po0.370    3/17/2036  CHF   73.877
Pfandbriefbank schwei0.375    1/24/2042  CHF   70.686
Credit Agricole SA   4.400    2/24/2042  AUD   62.290
Region Wallonne Belgi1.550    4/28/2120  EUR   46.325
Region Provence-Alpes0.753     1/5/2037  EUR   68.383
Single Platform Inves1.610    2/15/2043  EUR   63.837
Societe Centrale des 2.500    5/15/2023  EUR    6.880
Luzerner Kantonalbank0.250    8/28/2040  CHF   68.666
Autonomous Community 1.138   11/22/2052  EUR   47.400
National Grid Electri3.120   12/10/2039  AUD   66.381
United Utilities Wate1.700    1/23/2033  EUR   73.926
Indigo Group SAS     2.951    7/27/2037  EUR   74.681
Getin Noble Bank SA  11.290   7/26/2024  PLN   34.875
Autonomous Community 1.931     4/4/2042  EUR   70.819
InPost SA            2.250    7/15/2027  EUR   74.045
Kreditanstalt fuer Wi1.270    6/29/2051  EUR   65.486
Landesbank Hessen-Thu0.600    3/18/2031  EUR   73.553
Jain International Tr7.125     2/1/2022  USD   21.799
Erotik-Abwicklungsges7.750     7/9/2019  EUR    0.779
Moby SpA             7.750    2/15/2023  EUR   65.688
Specialfastigheter Sv1.280    9/20/2049  SEK   51.556
Landesbank Hessen-Thu0.600    7/23/2031  EUR   71.504
Single Platform Inves1.897     3/3/2037  EUR   73.100
Ukraine Government Bo3.900    3/30/2023  USD   71.491
Societe Generale SA  3.770   10/18/2028  PLN   70.151
Credit Suisse AG/Lond2.800    5/27/2031  AUD   73.169
Single Platform Inves0.800   12/20/2040  EUR   54.862
Alliander NV         1.125     4/8/2035  EUR   69.495
Turkey Government Int5.750    5/11/2047  USD   57.927
Societe Du Grand Pari0.576   10/29/2052  EUR   46.235
Nykredit Realkredit A1.000    10/1/2050  DKK   68.958
Getin Noble Bank SA  11.260   6/28/2024  PLN   24.875
BNP Paribas SA       1.019    5/25/2028  EUR   40.000
State of Mecklenburg-0.239   11/17/2070  EUR   36.433
Ville de Paris       0.650   11/25/2070  EUR   35.094
Societe Du Grand Pari2.062    3/19/2070  EUR   68.539
Polyus Finance PLC   4.700    1/29/2024  USD   48.152
Romanian Government I2.500     2/8/2030  EUR   69.202
Nostrum Oil & Gas Fin7.000    2/16/2025  USD   25.424
Cassa Depositi e Pres1.089   12/15/2031  EUR   73.488
Caisse des Depots et 0.398   12/15/2050  EUR   50.625
Credit Suisse AG/Lond5.880    6/28/2023  USD    8.510
Unibail-Rodamco-Westf3.080    3/24/2034  EUR   73.421
Ukraine Government In10.000   8/23/2023  UAH   59.000
Portugal Telecom Inte5.242    11/6/2017  EUR    0.694
Telefonica Emisiones 4.900    4/18/2037  USD   74.219
Kuntarahoitus Oyj    0.940     6/9/2064  EUR   65.139
BNP Paribas SA       0.500    9/29/2029  AUD   67.530
Region de Bruxelles-C0.845    9/30/2059  EUR   44.012
La Veggia Finance SA 7.125   11/14/2004  EUR    0.287
MET Hungary Solar Par3.800    12/2/2031  HUF   59.200
Greenleaves Capital D3.050   12/24/2031  AUD   73.699
Credit Suisse AG/Lond2.100    3/31/2031  USD   66.646
Danske Bank A/S      7.728     7/9/2023  SEK   64.180
Region Wallonne Belgi2.057   10/19/2043  EUR   69.987
Assa Abloy AB        0.480    2/17/2031  EUR   74.305
Kreditanstalt fuer Wi0.820    4/15/2050  EUR   63.657
Credit Suisse AG/Lond2.000    1/24/2029  USD   73.366
State of Lower Austri1.800     3/9/2043  EUR   73.781
Unibail-Rodamco-Westf1.913     6/6/2033  EUR   74.100
Romanian Government I3.500     4/3/2034  EUR   63.734
Romanian Government I1.375    12/2/2029  EUR   63.716
Commerzbank AG       1.046   12/18/2034  EUR   66.326
Credit Bank of Moscow5.550    2/14/2023  USD   22.642
Polski Fundusz Rozwoj1.500    9/30/2027  PLN   68.775
Turkey Government Int6.000    1/14/2041  USD   60.631
Region Wallonne Belgi1.000    9/16/2059  EUR   46.798
State of Hesse       0.227    8/20/2049  EUR   48.549
Unibail-Rodamco-Westf2.066    11/4/2030  EUR   73.396
Cooperatieve Rabobank0.500   12/29/2027  MXN   57.452
Nederlandse Waterscha1.900    1/31/2035  AUD   65.123
Single Platform Inves1.720    2/15/2041  EUR   65.081
Corner Banca SA      15.000  12/14/2022  USD   59.430
Credit Suisse AG/Lond9.250   12/14/2022  USD   68.630
Credit Suisse AG/Lond0.900   12/20/2031  EUR   69.126
Intelsat Jackson Hold8.500   10/15/2024  USD    0.483
Cooperatieve Rabobank2.360    9/25/2047  EUR   69.231
Region Wallonne Belgi1.600    3/29/2039  EUR   73.231
Veragold Mining Co Gm5.000   12/31/2022  EUR   30.000
Vasakronan AB        1.700    6/28/2044  EUR   55.941
Kardan NV            6.325    2/21/2021  ILS   10.000
Hungary Government In1.500   11/17/2050  EUR   42.660
ING Bank NV          2.600   10/19/2031  AUD   72.964
Banque Internationale0.550    7/30/2029  EUR   74.788
Mondelez Internationa1.250     9/9/2041  EUR   55.547
Erste Jelzalogbank zr2.500   10/30/2029  HUF #N/A N/A
Kreditanstalt fuer Wi0.788    11/4/2039  EUR   67.845
Autonomous Community 1.255   10/31/2048  EUR   53.313
Deutsche Telekom AG  3.500     9/6/2039  AUD   66.439
Governo Portugues Con2.750               EUR   75.000
Credit Suisse AG/Lond7.500   10/24/2022  CHF   67.140
DekaBank Deutsche Gir7.300    6/28/2023  EUR   74.670
ABN AMRO Bank NV     1.070     3/3/2041  EUR   68.110
Department of L'Eure 0.643    8/31/2041  EUR   58.022
Land Baden-Wuerttembe0.375    7/20/2048  EUR   52.950
BNG Bank NV          2.020     8/7/2058  EUR   73.411
Kingdom of Belgium Go0.650    6/22/2071  EUR   40.356
Muenchener Hypotheken0.400    8/11/2031  EUR   70.280
Ukraine Government In6.876    5/21/2031  USD   16.175
Societe Generale Effe10.500  10/28/2022  EUR   52.610
MOL Hungarian Oil & G1.900    4/12/2031  HUF   48.900
Credit Bank of Moscow3.875    9/21/2026  USD   19.111
Region Auvergne-Rhone1.090     4/8/2037  EUR   71.508
Caisse des Depots et 1.015    7/22/2050  EUR   62.717
Banque Internationale2.160    6/27/2039  EUR   65.368
Region Hauts-de-Franc0.691     7/9/2042  EUR   57.292
United Kingdom Gilt  0.250    7/31/2031  GBP   71.932
Caisse Francaise de F0.510   11/19/2040  EUR   60.956
Intelsat Jackson Hold9.750    7/15/2025  USD    0.483
Cooperatieve Rabobank1.099    6/28/2051  EUR   62.784
State of Brandenburg 0.050    8/10/2040  EUR   56.849
Single Platform Inves1.040    6/25/2044  EUR   52.838
Norwegian Air Shuttle7.500   11/10/2023  USD   74.301
Communaute Francaise 0.626    8/24/2040  EUR   59.683
Centrosolar Group AG 7.000    2/15/2016  EUR    2.505
Gebr Sanders GmbH & C8.750   10/22/2018  EUR    9.375
Mitsubishi HC Capital2.300   11/28/2029  AUD   74.095
Pershing Square Holdi3.000    7/15/2032  USD   73.685
Agrokor dd           9.875     5/1/2019  EUR   15.000
Landesbank Hessen-Thu0.650   10/18/2034  EUR   61.666
BNP Paribas SA       0.480    7/28/2029  EUR   73.878
Deutsche Bahn Finance0.232    3/17/2032  EUR   74.554
Ukraine Government In15.970   4/19/2023  UAH   59.293
Credit Suisse AG/Lond4.700   11/30/2022  USD    9.440
Single Platform Inves1.051     4/1/2042  EUR   55.137
Single Platform Inves0.955    2/15/2041  EUR   55.684
DNB Bank ASA         1.185    1/14/2038  EUR   61.672
Societe Du Grand Pari2.100    2/14/2069  EUR   64.419
French Republic Gover1.500    5/25/2050  EUR   67.667
Nederlandse Waterscha1.850    2/11/2059  EUR   74.114
Credit Bank of Moscow5.150    2/20/2024  EUR   19.947
Hungary Government In3.125    9/21/2051  USD   49.614
Ministeries Van de Vl0.875     6/3/2045  EUR   52.986
Rusal Capital DAC    4.850     2/1/2023  USD   42.125
Canton of St Gallen S0.200   11/28/2041  CHF   68.400
Norske Skog Holding A8.000    2/24/2021  EUR    0.006
Sequa Petroleum NV   5.000    4/29/2020  USD   30.250
State of Brandenburg 0.375    1/29/2035  EUR   70.763
Getin Noble Bank SA  12.320    4/4/2024  PLN   32.635
Deutsche Apotheker-un0.555    8/28/2030  EUR   72.158
Bazalgette Finance Pl0.688    6/27/2050  GBP   71.703
Veneto Banca SpA     6.950    2/25/2025  EUR    0.477
Peine GmbH           2.000     7/5/2023  EUR   44.500
Cooperatieve Rabobank0.500    8/21/2028  MXN   53.492
KPNQwest NV          8.875     2/1/2008  EUR    0.453
Siemens Financierings3.300    9/15/2046  USD   67.535
Aareal Bank AG       1.880    4/15/2030  EUR   71.501
Banco Santander SA   2.210    3/12/2031  USD   67.061
Richter Gedeon Nyrt  1.750     6/4/2031  HUF   60.000
Region Occitanie     0.766    10/7/2041  EUR   59.490
VTB Bank PJSC        11.250              RUB   68.000
Single Platform Inves2.250    2/15/2044  EUR   69.095
Vontobel Financial Pr7.500   12/23/2022  USD   56.450
State of North Rhine-1.960    1/24/2079  EUR   70.308
Credit Suisse AG/Lond2.000    9/30/2030  USD   67.564
Land Thueringen      1.127     4/2/2049  EUR   63.236
Region de Bruxelles-C1.528     4/5/2049  EUR   62.945
DZ Bank AG Deutsche Z0.390   12/30/2030  EUR   69.000
UBS Group AG         2.210   11/24/2035  USD   58.457
Proximus SADP        1.500    5/14/2040  EUR   63.614
Ministeries Van de Vl1.053     6/3/2050  EUR   52.594
Republic of Ireland I1.230    5/29/2120  EUR   43.670
Region Bourgogne-Fran0.397    12/3/2045  EUR   48.263
Aktia Bank Oyj       0.500    3/30/2031  EUR   72.137
DZ Bank AG Deutsche Z0.900   12/30/2030  EUR   73.490
DZ Bank AG Deutsche Z0.640    12/7/2035  EUR   65.869
Societe Generale SA  20.650   9/13/2023  USD   24.650
SNCF Reseau          0.350    7/25/2047  EUR   64.253
Sveriges Sakerstallda0.649    9/18/2032  SEK   72.096
Standard Chartered Ba1.520    9/17/2030  USD   71.506
Credit Suisse AG/Lond4.750     6/7/2046  AUD   73.847
Deutsche Bank AG     2.400    3/10/2031  EUR   71.553
Deutsche Bank AG     0.687   10/11/2049  EUR   39.264
SpareBank 1 SR-Bank A1.650    2/24/2042  EUR   65.754
Landesbank Baden-Wuer4.650   11/25/2022  EUR   47.760
Deutsche Pfandbriefba0.500    7/23/2029  EUR   68.274
RCS & RDS SA         3.250     2/5/2028  EUR   74.063
Banque Cantonale Vaud13.400   10/6/2023  CHF   63.620
Single Platform Inves0.840    6/20/2043  EUR   51.680
Ukraine Government Bo3.700    5/25/2023  USD   68.642
Hungary Government Bo4.500    3/23/2028  HUF   70.387
DZ Bank AG Deutsche Z1.070    10/6/2042  EUR   66.905
MFB Magyar Fejlesztes4.500    4/22/2027  HUF   72.673
Region de Bruxelles-C0.592   12/10/2061  EUR   37.688
City of Hanover Germa1.560     5/3/2048  EUR   74.155
Deutsche Bank AG/Lond2.200    4/14/2023  EUR   62.880
Nederlandse Waterscha1.670   12/16/2030  AUD   74.091
Thomas Cook Group PLC6.250    6/15/2022  EUR    0.617
Vasakronan AB        2.400    6/20/2044  SEK   61.735
Slovenia Government B0.488   10/20/2050  EUR   42.828
Nederlandse Waterscha1.080   10/26/2050  EUR   60.349
Single Platform Inves1.680   10/22/2036  EUR   70.234
Credit Suisse AG/Lond1.400   12/20/2030  EUR   74.085
Nederlandse Waterscha0.466    12/3/2029  GBP   74.727
Credit Suisse AG/Lond4.530    7/12/2023  USD    7.720
Unibail-Rodamco-Westf3.080     4/3/2034  EUR   73.796
Minicentrales Dos SA 0.010     6/6/2047  EUR   59.125
Deutsche Bank AG     2.350   10/23/2030  EUR   72.300
Romania Government Bo4.750   10/11/2034  RON   65.064
Credit Suisse AG/Lond12.400   9/25/2023  EUR   16.700
Credit Suisse AG/Lond25.920  12/27/2022  USD   16.240
Basler Kantonalbank  10.840   3/28/2023  EUR   63.610
SG Issuer SA         2.270     2/4/2032  EUR   45.880
HSBC Holdings PLC    0.950    12/9/2032  EUR   67.326
Communaute Francaise 2.177    8/17/2068  EUR   68.997
Pfandbriefbank schwei0.250    1/24/2041  CHF   69.594
State of Bremen      0.102     2/7/2033  EUR   72.372
Municipality of Arnhe0.605    2/24/2040  EUR   64.406
Caisse des Depots et 1.300    4/28/2051  EUR   63.930
Credit Suisse AG/Lond4.490    8/30/2038  AUD   74.173
Societe Generale SA  16.000    7/3/2024  USD   22.550
Vasakronan AB        1.000    6/15/2041  EUR   38.448
Aareal Bank AG       1.250    1/30/2029  EUR   72.237
Landesbank Hessen-Thu1.500   10/20/2036  EUR   60.000
Assistance Publique H1.665    4/10/2049  EUR   64.803
Vasakronan AB        1.668   10/16/2030  USD   70.258
ABN AMRO Bank NV     0.250   12/12/2032  EUR   73.434
ABN AMRO Bank NV     0.500   12/12/2039  EUR   62.369
Societe Generale SA  5.400   11/17/2037  USD   31.906
Deutsche Pfandbriefba3.355    7/28/2037  USD   71.936
Caisse des Depots et 0.945    5/19/2051  EUR   60.669
Deutsche Pfandbriefba0.710    9/10/2031  EUR   60.827
Foodco Bondco SA     6.250    5/15/2026  EUR   70.792
Dolphin Drilling ASA 4.490    8/28/2019  NOK    0.644
Ukraine Government In7.750     9/1/2028  USD   19.114
Credit Suisse AG/Lond11.500   1/16/2023  EUR   25.470
Societe Generale SA  8.000    8/16/2023  USD   42.000
Denmark Government Bo0.250   11/15/2052  DKK   48.837
Citigroup Global Mark2.900    3/15/2041  USD   64.349
Parnassia Groep BV   1.210    12/1/2033  EUR   70.078
Autonomous Community 1.655   10/31/2050  EUR   58.892
UBS AG/London        13.250  10/27/2023  USD   59.050
Region Occitanie     1.339    3/21/2042  EUR   66.537
Erste Jelzalogbank zr2.500   10/22/2028  HUF   58.450
OP Corporate Bank plc1.706   12/12/2033  EUR   73.866
Hungary Government In0.125    9/21/2028  EUR   68.251
Landesbank Hessen-Thu1.500   10/27/2036  EUR   59.000
Agence Francaise de D1.656     4/4/2054  EUR   71.650
DZ HYP AG            0.050    1/31/2031  EUR   74.356
NRW Bank             0.106    8/17/2050  EUR   47.882
Department of Loiret 0.478   10/30/2040  EUR   57.338
Caisse Francaise de F0.010   10/19/2035  EUR   63.745
Deutsche Bank AG     1.500    2/26/2028  USD   70.200
Batigere Grand Est SA1.550   11/14/2039  EUR   52.650
Landesbank Hessen-Thu4.358    9/20/2032  EUR   74.500
Ukraine Government In7.253    3/15/2035  USD   16.175
Spain Government Bond1.000   10/31/2050  EUR   50.914
Single Platform Inves1.548   10/31/2050  EUR   48.283
ACCIONA Financiacion 3.000    12/2/2039  EUR   72.540
Norske Skog Holding A8.000    2/24/2023  USD    0.006
Hemso Fastighets AB  2.680    7/10/2035  AUD   64.070
Skandinaviska Enskild10.150   1/15/2025  SEK   50.510
Municipality of Arnhe0.460    9/20/2049  EUR   51.960
Agence Metropolitaine0.750    5/25/2034  EUR   74.414
Bulgaria Steel Financ12.000    5/4/2013  EUR    0.216
Getin Noble Bank SA  12.300   8/31/2023  PLN   45.520
Bayerische Landesbank1.600    7/21/2036  EUR   73.107
getgoods.de AG       7.750    10/2/2017  EUR    0.527
SAir Group           0.125     7/7/2005  CHF   12.375
Vodafone Group PLC   4.600     8/9/2046  USD   66.364
Banco Santander SA   0.180     7/6/2031  EUR   74.493
MKB-Leasing OOO      10.500  10/12/2026  RUB   70.020
Barclays Bank PLC    2.000    10/8/2042  EUR   72.403
Hospices Civils de Ly0.597   11/24/2031  EUR   69.151
Credit Suisse AG/Lond4.460    7/26/2023  USD    8.820
Pfandbriefzentrale de0.450    2/11/2042  CHF   71.514
UBS AG/London        9.760    2/16/2027  EUR   74.220
Pfandbriefzentrale de0.020    1/30/2040  CHF   67.281
Region de Bruxelles-C1.532    8/16/2038  EUR   74.294
Communaute Francaise 0.782     2/8/2061  EUR   40.947
Assistance Publique H2.000    5/25/2053  EUR   67.930
Single Platform Inves1.440    7/18/2042  EUR   59.425
Spain Government Bond0.850    7/30/2037  EUR   66.529
Republic of Austria G2.100    9/20/2117  EUR   67.811
GTC Magyarorszag Zrt 2.250    12/7/2030  HUF   53.870
Grand City Properties2.800    2/25/2039  EUR   53.198
Single Platform Inves1.060     4/1/2042  EUR   56.665
Slovenia Government B1.175    2/13/2062  EUR   48.137
DNB Boligkreditt AS  1.488   12/14/2038  EUR   73.387
Bazalgette Finance Pl0.010     8/5/2036  GBP   70.163
Republic of Austria G0.100    7/10/2040  EUR   57.215
BNP Paribas SA       3.750    6/12/2040  AUD   70.430
Alfa-Bank AO         11.750              RUB   75.000
VTB Bank PJSC        7.600     4/2/2031  RUB   70.000
Land Thueringen      0.375   11/14/2034  EUR   70.847
Societe Nationale SNC1.400    5/18/2120  EUR   36.671
Land Berlin          0.125     6/4/2035  EUR   67.433
Bazalgette Finance Pl0.074    5/16/2049  GBP   59.196
Premium Green PLC    1.610    9/30/2030  AUD   70.591
Region de Bruxelles-C0.562   12/23/2065  EUR   36.332
Hemso Fastighets AB  3.050    1/18/2038  SEK   74.138
Communaute Francaise 2.000    4/14/2076  EUR   66.028
Elli Investments Ltd 12.250   6/15/2020  GBP   52.250
Free State of Bavaria0.010    3/28/2036  EUR   63.962
Bibby Offshore Servic7.500    6/15/2021  GBP   11.625
Assistance Publique H0.490    9/30/2040  EUR   57.646
Premium Green PLC    1.000    7/25/2040  EUR   57.912
Erste Group Bank AG  2.000    4/20/2037  EUR   73.633
Single Platform Inves1.340     4/4/2042  EUR   63.014
DZ Bank AG Deutsche Z0.840   10/27/2031  EUR   71.629
Purple Protected Asse1.600     9/8/2056  EUR   65.653
Deutsche Bank AG     3.300     3/9/2032  USD   73.927
Single Platform Inves0.815     4/1/2042  EUR   51.250
Morgan Stanley & Co I1.105    6/18/2041  EUR   55.422
Autonomous Community 1.515    6/21/2051  EUR   56.005
Kreditanstalt fuer Wi1.208    6/17/2051  EUR   67.671
Goldman Sachs Interna2.500    7/26/2048  EUR   70.154
Nederlandse Waterscha0.955    2/13/2051  EUR   58.264
Credit Suisse AG/Lond9.250   11/10/2022  CHF    7.180
ING Bank NV          2.440    7/13/2030  EUR   68.700
Caisse des Depots et 1.150     2/3/2042  EUR   68.417
Credit Agricole Corpo2.400    4/20/2031  USD   74.139
DZ Bank AG Deutsche Z1.210   12/29/2031  EUR   72.310
Societe Nationale SNC3.190    4/19/2041  AUD   68.197
BNP Paribas Emissions5.900    2/21/2023  USD   72.760
Anselma Issuer SA    1.574   12/31/2038  EUR   67.230
Realkredit Danmark A/1.000     1/1/2033  DKK   73.376
Senvion Holding GmbH 3.875   10/25/2022  EUR    0.267
Intelsat Jackson Hold9.750    7/15/2025  USD    0.483
Raiffeisen Bank Inter0.370     2/3/2033  EUR   56.362
HSBC Bank PLC        1.700     2/9/2031  USD   69.294
Landesbank Baden-Wuer0.307     2/1/2030  EUR   71.737
Muenchener Hypotheken0.568    6/15/2032  EUR   68.954
Vasakronan AB        1.770   10/26/2033  NOK   65.777
BNG Bank NV          0.630    7/11/2067  EUR   43.341
Vasakronan AB        2.777    4/12/2039  SEK   71.071
Sanctuary Capital PLC2.481   11/12/2037  GBP   68.340
Specialfastigheter Sv1.180    12/2/2044  SEK   55.341
Nomura Bank Internati1.138   12/19/2039  EUR   55.622
Credit Suisse AG/Lond3.088     8/4/2034  EUR   74.754
Cooperatieve Rabobank1.850    3/29/2049  EUR   60.978
Hema Bondco II BV    8.500    1/15/2023  EUR    0.113
ContourGlobal Power H3.125     1/1/2028  EUR   71.929
Single Platform Inves1.180     4/1/2039  EUR   61.281
Italy Buoni Poliennal0.950     3/1/2037  EUR   61.774
Banco Santander SA   0.010    10/1/2032  EUR   62.154
Kingdom of Belgium Go0.400    6/22/2040  EUR   60.195
Belfius Bank SA      0.125    6/19/2034  EUR   68.182
DZ Bank AG Deutsche Z0.350    2/25/2030  EUR   73.840
Deutsche Wohnen SE   2.500    7/21/2034  EUR   69.375
Norske Skog Holding A8.000    2/24/2021  EUR    0.006
SAir Group           2.750    7/30/2004  CHF   12.375
Credit Agricole SA/Lo1.770    4/26/2035  EUR   68.393
Polyus Finance PLC   5.250     2/7/2023  USD   47.659
Commerzbank AG       1.110    5/28/2029  EUR   73.504
Hell Energy Magyarors2.700   12/18/2029  HUF   53.100
Credit Agricole Corpo1.507    9/15/2030  USD   70.261
Societe Du Grand Pari2.145   11/26/2068  EUR   69.183
Banco Espirito Santo 10.000   12/6/2021  EUR    0.218
Air Berlin Finance BV6.000     3/6/2019  EUR    0.382
Deutsche Bank AG     2.160   12/18/2030  EUR   70.694
KPNQwest NV          10.000   3/15/2012  EUR    0.453
State Savings Bank of10.186   1/19/2024  USD   33.578
Landesbank Baden-Wuer7.830   11/25/2022  EUR   71.180
Kreditanstalt fuer Wi1.171    7/19/2051  EUR   64.018
Corner Banca SA      13.200   11/2/2022  USD   63.900
BNP Paribas SA       1.050    3/29/2036  EUR   61.593
Region de Bruxelles-C1.500     8/2/2038  EUR   73.969
Kingdom of Belgium Go2.750    6/10/2071  USD   67.889
Ville de Paris       1.165     6/9/2053  EUR   54.573
Barclays Bank PLC    3.020    4/23/2036  NZD   66.572
ING Bank NV          2.830    9/28/2051  USD   55.589
Credit Agricole Corpo2.620    1/27/2032  USD   73.033
Societe Nationale SNC2.457   12/23/2050  USD   67.764
Vacse AB             2.067    4/20/2034  SEK   71.671
Sberbank of Russia PJ0.010   11/13/2026  TRY   64.600
Deutsche Pfandbriefba1.340   10/16/2051  EUR   66.012
Nykredit Realkredit A1.182    1/17/2034  EUR   63.325
EnBW International Fi3.080    6/16/2039  EUR   73.924
Grupo Isolux Corsan S6.000   12/30/2021  EUR    0.266
Landesbank Baden-Wuer1.300    6/21/2049  EUR   49.348
BNG Bank NV          0.632    7/12/2066  EUR   44.018
Grand Delta Habitat  1.285    11/6/2040  EUR   48.962
Batigere Grand Est SA2.030    5/29/2070  EUR   56.045
Region Wallonne Belgi1.865    5/10/2051  EUR   66.761
UniCredit Bank AG    6.600    7/20/2028  EUR    3.640
Natixis SA           2.719   10/25/2032  AUD   70.576
HSBC Bank PLC        2.230     9/6/2047  EUR   64.089
Grenke Finance PLC   0.819    2/15/2030  EUR   71.273
Agence Metropolitaine0.651     7/7/2032  EUR   74.991
Libra Internet Bank S4.250    9/28/2028  EUR   69.551
Societe Generale SA  0.432   11/14/2029  EUR   71.479
Landesbank Hessen-Thu8.717    6/17/2031  EUR   74.700
Nationwide Building S1.573     5/7/2041  EUR   72.492
Santander Consumer Ba7.000               NOK   60.664
Duna Aszfalt Ut Es Me2.990   10/17/2029  HUF   68.000
Depfa Funding II LP  6.500               EUR   57.625
DZ HYP AG            1.430   10/26/2046  EUR   66.313
DZ HYP AG            1.300    7/18/2041  EUR   68.413
Agrokor dd Via Aquari4.921     8/8/2017  EUR   14.625
Russian Railways JSC 15.300   9/20/2039  RUB   55.010
Nationwide Building S1.336    2/26/2041  EUR   72.709
Raiffeisenlandesbank 0.998    11/4/2033  EUR   67.334
Bayerische Landesbank0.280    10/9/2030  EUR   73.748
National Treasury Man1.560    2/16/2122  EUR   55.421
Single Platform Inves1.350    1/26/2034  EUR   72.597
Magyar Export-Import 2.500    5/23/2029  HUF   58.312
ING Bank NV          2.760     4/5/2036  USD   67.979
Single Platform Inves2.306    2/15/2044  EUR   69.850
UBS AG/London        7.780   12/27/2023  USD    9.660
Credit Suisse AG/Lond5.200   12/28/2022  USD    9.410
Credit Suisse AG/Lond7.370   12/28/2022  USD    9.180
Purple Protected Asse1.518    1/25/2061  EUR   58.488
National Grid Electri2.037    2/15/2039  EUR   66.439
ASH8 Debt Co UK 1 PLC3.651   12/31/2055  GBP   73.031
Deutsche Pfandbriefba0.475   10/11/2028  EUR   72.085
DZ Bank AG Deutsche Z0.300    2/12/2032  EUR   72.789
Kreditanstalt fuer Wi0.613    6/10/2040  EUR   60.710
Kreditanstalt fuer Wi1.027   10/26/2050  EUR   62.310
UniCredit SpA        5.459    6/30/2035  USD   72.054
Communaute Francaise 1.925    4/18/2059  EUR   65.205
Erdoel-Lagergesellsch1.200     6/4/2043  EUR   65.825
NRW Bank             1.250    5/13/2049  EUR   68.428
Agence Francaise de D2.360   10/17/2044  AUD   57.012
ABN AMRO Bank NV     0.450   12/12/2036  EUR   66.279
Batigere Grand Est SA1.800    8/12/2050  EUR   45.989
Banque et Caisse d'Ep0.900     8/6/2042  EUR   66.568
Societe Generale SA  2.420    5/27/2031  USD   67.473
Norske Skogindustrier7.000   12/30/2026  EUR    0.010
Bankinter SA         1.200     6/5/2035  EUR   73.569
Vasakronan AB        2.084    8/26/2030  AUD   71.133
Standard Chartered Ba0.500    9/11/2040  JPY   65.687
Allgemeine Sparkasse 2.000   10/16/2030  EUR   74.566
Deutsche Bank AG/Lond13.750   6/20/2026  TRY   15.697
HYPO NOE Landesbank f1.605    8/23/2046  EUR   70.424
Sveriges Sakerstallda1.378    7/13/2046  SEK   61.242
Societe Generale SFH 0.650    6/23/2035  EUR   70.348
Deutsche Bank AG     2.010   12/10/2052  EUR   47.003
Penarian Housing Fina3.212     6/7/2052  GBP   66.723
Nordea Bank Abp      7.250    7/20/2023  EUR   77.870
VTB Bank PJSC        5.000               USD   58.000
Single Platform Inves0.880    1/15/2040  EUR   57.354
Credit Suisse AG/Lond9.500    11/4/2022  CHF   35.750
OPUS TIGAZ Gazhalozat2.800    3/24/2031  HUF   70.000
Deutsche Pfandbriefba1.720     3/7/2042  EUR   74.531
United Utilities Wate1.707    10/6/2032  EUR   74.686
Sihltal Zuerich Uetli0.250    4/30/2036  CHF   69.033
Assistance Publique H1.183    4/16/2050  EUR   55.888
Hemso Fastighets AB  2.373    5/26/2031  USD   73.697
AXA Home Loan SFH SA 0.250    5/26/2032  EUR   74.210
Banco Santander SA   0.790    9/30/2031  EUR   69.728
Region de Bruxelles-C1.620     2/8/2044  EUR   69.031
Takarek Mortgage Bank2.600   10/22/2028  HUF   56.850
Landesbank Baden-Wuer6.750   11/25/2022  EUR   35.200
Grenke Finance PLC   2.040    4/16/2029  EUR   67.876
Romania Government Bo2.500   10/25/2027  RON   72.493
Skandinaviska Enskild6.000    7/15/2024  SEK   66.010
Collectivite Europeen0.181    10/9/2032  EUR   73.623
NRW Bank             0.800   10/22/2060  EUR   52.468
Marseille Provence Me1.000    1/15/2038  EUR   69.476
NIBC Bank NV         0.410    1/27/2031  EUR   62.211
DZ Bank AG Deutsche Z1.000    4/25/2033  EUR   74.642
Kreditanstalt fuer Wi0.980    6/28/2051  EUR   62.898
Region Wallonne Belgi2.168    7/26/2047  EUR   72.580
Single Platform Inves1.945    11/3/2035  EUR   74.778
Region de Bruxelles-C1.810    3/22/2053  EUR   67.113
Societe Generale SFH 0.360    9/14/2033  EUR   71.830
Banco Santander SA   2.280    2/28/2039  EUR   67.786
UniCredit SpA        2.360    1/26/2035  EUR   67.321
Commerzbank AG       2.350    2/24/2042  EUR   60.332
Intesa Sanpaolo SpA  0.240    9/10/2028  EUR   74.923
Autostrade per l'Ital3.240    6/10/2034  EUR   69.959
HSBC Continental Euro1.300   10/23/2039  EUR   62.386
Canton of Geneva Swit0.300   11/28/2039  CHF   71.935
Heimstaden Bostad AB 2.800     5/4/2035  EUR   60.932
Landesbank Baden-Wuer0.820    5/27/2032  EUR   66.722
LSF9 Balta Issuer SAR3.000   12/31/2030  EUR   56.842
Kommunekredit        0.100    9/30/2033  DKK   72.327
Norske Skogindustrier7.125   10/15/2033  USD    0.010
Vasakronan AB        3.100     9/9/2039  AUD   61.502
A-TEC Industries AG  5.750    11/2/2010  EUR    0.100
Svensk Exportkredit A0.500    6/20/2029  AUD   72.650
New World Resources N4.000    10/7/2020  EUR    0.312
ABN AMRO Bank NV     2.921    9/21/2026  EUR   50.000
Communaute Francaise 0.584    9/17/2039  EUR   57.831
DZ Bank AG Deutsche Z1.598   10/11/2050  EUR   67.690
Regie Autonome des Tr0.640    8/13/2041  EUR   60.919
Deutsche Bank AG     3.275    3/18/2032  USD   72.240
Bank Julius Baer & Co9.300    4/27/2023  USD   57.800
Single Platform Inves1.785    2/15/2041  EUR   68.639
Single Platform Inves1.375    7/25/2053  EUR   52.994
Ville de Paris       2.017    5/25/2052  EUR   70.930
Region Occitanie     0.728   11/16/2037  EUR   65.238
UniCredit Bank AG    5.050   10/28/2022  EUR   71.980
Landesbank Baden-Wuer2.000   11/25/2022  EUR   49.850
Caisse des Depots et 1.552    8/16/2038  EUR   73.813
ING Bank NV          2.250    2/26/2036  USD   63.697
Greenleaves Capital D2.626    6/24/2031  AUD   72.476
Skandinaviska Enskild5.050    1/15/2025  SEK   72.000
Credit Suisse AG/Lond6.200    3/31/2023  USD    8.550
Nederlandse Waterscha1.610    12/4/2052  EUR   73.024
VTB Bank PJSC        0.010   10/25/2024  RUB   74.440
State of North Rhine-2.000    4/16/2038  SEK   73.585
Landesbank Hessen-Thu2.050     4/6/2033  EUR   74.700
BNG Bank NV          1.900    7/11/2058  EUR   70.943
Landeskreditbank Bade1.862     4/6/2062  EUR   70.111
Region de Bruxelles-C1.500    6/22/2070  EUR   57.544
Caisse Francaise de F1.428    2/19/2049  EUR   70.651
Zurcher Kantonalbank 23.000  11/22/2022  CHF   31.770
Credit Suisse AG/Lond1.000    9/24/2035  EUR   59.905
Landesbank Hessen-Thu1.806    5/11/2037  EUR   71.568
Landesbank Hessen-Thu1.300    9/25/2035  EUR   63.600
VTB Bank PJSC        9.700     4/2/2031  RUB   60.000
Societe Generale SA  1.900    1/21/2031  USD   65.457
Landesbank Baden-Wuer0.250    5/27/2037  EUR   61.999
Credit Suisse AG/Lond1.600   11/27/2030  USD   64.536
Ministeries Van de Vl0.600   11/19/2055  EUR   41.153
Credit Agricole Corpo5.400    1/31/2028  BRL   74.731
Societe Generale SA  1.900    1/15/2031  AUD   64.455
Brussels Municipaliti0.336   12/15/2035  EUR   66.566
Communaute Francaise 0.749    9/16/2080  EUR   46.888
Societe Generale SA  2.360    5/25/2031  USD   67.115
EFG International Fin13.000  11/14/2022  CHF   28.550
DZ Bank AG Deutsche Z0.625    7/24/2031  EUR   70.630
Aareal Bank AG       1.576    2/23/2032  EUR   63.028
Societe Generale SA  2.630     3/2/2036  USD   55.226
Prosus NV            1.288    7/13/2029  EUR   70.313
Single Platform Inves0.810     4/1/2042  EUR   52.048
Societe Generale SA  3.310   11/29/2033  AUD   67.243
Caisse Francaise de F0.726   10/29/2039  EUR   64.828
Ukraine Government In10.000   8/23/2023  UAH   59.000
Republic of Ireland I0.740    9/22/2078  EUR   39.767
Premium Green PLC    2.325    7/25/2040  EUR   73.932
RENE LEZARD Mode GmbH7.250   11/25/2017  EUR    0.500
Aareal Bank AG       1.741    1/12/2045  EUR   60.406
DZ Bank AG Deutsche Z1.598   10/11/2050  EUR   67.690
State of Brandenburg 0.750     8/8/2036  EUR   71.726
O1 Properties Finance0.500    9/27/2028  USD    5.224
Kuntarahoitus Oyj    1.200    7/21/2061  EUR   62.006
DZ Bank AG Deutsche Z1.370   12/28/2029  EUR   71.010
Region de Bruxelles-C1.286   12/17/2046  EUR   61.444
Landeskreditbank Bade0.547    2/18/2041  EUR   60.865
Single Platform Inves1.831   11/30/2036  EUR   72.582
Single Platform Inves1.103    5/25/2052  EUR   47.954
Department of Gironde0.846    4/29/2039  EUR   64.728
Department of Gironde0.765    4/29/2036  EUR   70.070
Hungary Government Bo4.000    4/28/2051  HUF   47.453
DekaBank Deutsche Gir0.230    4/22/2031  EUR   72.589
Landwirtschaftliche R0.210    9/30/2033  EUR   72.372
Wirtschafts- und Infr0.500    8/28/2046  EUR   55.922
Societe Du Grand Pari1.149     4/8/2069  EUR   46.128
Region Wallonne Belgi1.250    4/30/2055  EUR   52.441
Credit Suisse AG/Lond4.000   12/30/2025  EUR   72.420
Landesbank Baden-Wuer5.300    2/13/2034  AUD   71.152
Lloyds Bank PLC      2.450     2/1/2049  EUR   72.613
Hungary Government In2.125    9/22/2031  USD   66.873
Kreditanstalt fuer Wi0.220    9/27/2033  EUR   72.742
Raiffeisenlandesbank 0.658    9/29/2031  EUR   69.640
Communaute Francaise 1.397    7/18/2059  EUR   58.313
Region Wallonne Belgi0.250   12/29/2036  EUR   62.194
Banco Santander SA   1.600    6/12/2032  EUR   70.999
Societe Wallonne de F0.624    6/22/2030  EUR   73.322
Deutsche Pfandbriefba0.200    12/1/2027  EUR   74.893
Communaute Francaise 1.787    6/14/2044  EUR   68.139
Hypo Tirol Bank AG   0.550    1/27/2031  EUR   69.393
Commerzbank AG       2.565    5/15/2043  EUR   59.608
Takarek Mortgage Bank1.750   12/22/2026  HUF   61.600
Takarek Mortgage Bank3.000    1/28/2036  HUF   40.900
Credit Agricole SA   3.000    1/28/2041  AUD   49.482
United Kingdom Gilt  1.750     9/7/2037  GBP   72.143
Agence France Locale 0.550    6/20/2040  EUR   62.839
Ukraine Government In9.990    5/22/2024  UAH   59.000
Department of Bouches1.068    5/21/2048  EUR   55.868
Raiffeisen Switzerlan7.050    5/23/2023  CHF   66.710
Republic of Ireland I0.995    2/24/2121  EUR   37.465
NRW Bank             0.185    8/17/2033  EUR   71.685
Alfa Bank AO Via Alfa5.900               USD    5.355
Ville de Paris       2.100   10/23/2045  EUR   74.907
International Finance0.500    6/29/2027  ZAR   63.808
Skandinaviska Enskild9.600    1/15/2024  SEK   72.620
Officine Maccaferri-S5.750     6/1/2021  EUR   16.598
Virgolino de Oliveira10.875   1/13/2020  USD   36.000
Muenchener Hypotheken0.250   10/31/2044  CHF   62.565
SNCF Reseau          2.777    7/29/2115  EUR   72.175
Canton of Geneva Swit0.250    6/15/2040  CHF   70.441
Landesbank Baden-Wuer0.760    6/15/2032  EUR   66.106
Aareal Bank AG       0.625    9/16/2030  EUR   61.908
Novolipetsk Steel Via4.500    6/15/2023  USD   57.905
Getin Noble Bank SA  11.750   5/31/2023  PLN   36.965
Telia Co AB          3.000    9/25/2064  EUR   72.020
Northland Resources A4.000   10/15/2020  USD    0.271
Landesbank Baden-Wuer1.500    4/24/2039  EUR   63.240
State of Bremen      0.936    9/28/2046  EUR   61.521
Caisse des Depots et 1.270    10/1/2051  EUR   66.563
Romanian Government I2.875    4/13/2042  EUR   49.052
Berlin Hyp AG        0.625    6/30/2031  EUR   69.709
Norddeutsche Landesba1.090   11/15/2043  EUR   63.885
Department of Loiret 0.915   11/23/2043  EUR   58.538
United Kingdom Gilt  0.875    7/31/2033  GBP   71.505
Grand Delta Habitat  1.425    2/26/2048  EUR   43.304
Single Platform Inves1.830    11/5/2040  EUR   67.048
Kuntarahoitus Oyj    1.300     4/8/2061  EUR   63.296
Landeskreditbank Bade1.236    5/22/2045  EUR   65.717
Nordea Bank Abp      6.060    7/20/2023  SEK   71.050
Specialfastigheter Sv2.205   10/11/2038  SEK   73.374
Agence France Locale 2.550    3/20/2036  AUD   67.594
ING Bank NV          0.335    4/21/2036  EUR   65.002
Societe Generale SA  8.000     5/3/2023  USD   71.075
Purple Protected Asse2.100    4/15/2060  EUR   57.236
BNP Paribas SA       2.800    1/18/2049  EUR   69.844
Republic of Austria G0.750    3/20/2051  EUR   54.762
Credit Agricole Corpo1.050    4/15/2032  EUR   73.001
BNP Paribas SA       2.400    6/14/2048  EUR   74.073
Kuntarahoitus Oyj    0.450   10/18/2033  EUR   74.226
Skandinaviska Enskild9.500    7/17/2023  SEK   53.960
Grand City Properties2.600    2/25/2034  EUR   59.531
BNP Paribas SA       2.300    9/17/2027  PLN   69.991
BNG Bank NV          0.772     8/5/2050  EUR   51.629
Region Bretagne SCI  0.700    12/2/2038  EUR   63.730
Ville de Paris       0.760    5/25/2066  EUR   38.905
United Utilities Wate0.379    12/9/2036  GBP   69.093
Raiffeisenlandesbank 1.174    7/11/2034  EUR   66.988
Kreditanstalt fuer Wi0.945   12/17/2040  EUR   69.006
Communaute Francaise 1.363    4/16/2040  EUR   66.511
Muenchener Hypotheken0.125   11/19/2030  EUR   70.787
Deutsche Pfandbriefba0.640    9/10/2030  EUR   64.230
Single Platform Inves0.780     4/1/2042  EUR   51.684
Bayerische Landesbank3.180    2/16/2038  EUR   71.518
NRW Bank             1.182     8/7/2050  EUR   63.298
Societe Generale SA  2.200   12/17/2040  USD   54.647
Aareal Bank AG       0.300   12/11/2030  EUR   58.780
Purple Protected Asse1.598     2/5/2061  EUR   59.437
Nomura Bank Internati2.061    3/22/2034  EUR   72.793
Autonomous Community 1.744     7/1/2061  EUR   52.521
4iG Nyrt             2.900    3/29/2031  HUF   57.040
Hypo Vorarlberg Bank 0.920     7/8/2036  EUR   61.487
TBI Bank EAD         5.250    7/30/2031  EUR   52.241
Deutsche Wohnen SE   1.250    7/31/2031  EUR   69.351
Batigere Grand Est SA1.610   10/23/2040  EUR   51.299
Decipher Production L12.500   9/27/2019  USD    1.500
Republic of Poland Go1.250   10/25/2030  PLN   58.124
DZ Bank AG Deutsche Z2.240    8/22/2034  USD   68.701
Autonomous Community 1.900    5/24/2039  EUR   73.406
United Kingdom Gilt  0.500   10/22/2061  GBP   35.062
Skandinaviska Enskild7.600    1/15/2024  SEK   57.580
Region Wallonne Belgi1.225     9/2/2120  EUR   38.790
Hemso Fastighets AB  2.615   11/30/2043  EUR   59.317
SNCF Reseau          1.100   10/27/2036  EUR   72.740
Ireland Government Bo1.500    5/15/2050  EUR   67.190
BPCE SFH SA          1.420    3/30/2039  EUR   72.862
Communaute Francaise 1.000    10/8/2069  EUR   44.044
Heta Asset Resolution1.490   12/31/2023  EUR    0.553
Pfandbriefbank schwei0.250    5/17/2040  CHF   70.228
Credit Suisse AG/Lond13.500  10/24/2022  USD   38.290
Batigere Grand Est SA1.500   12/15/2051  EUR   42.505
NIBC Bank NV         0.660    7/14/2031  EUR   62.450
Autonomous Community 1.646    7/30/2060  EUR   51.097
Citigroup Global Mark6.000     1/4/2034  EUR   67.740
Credit Suisse AG/Lond14.000   4/11/2023  EUR   70.350
Landesbank Baden-Wuer4.700    5/26/2023  EUR   54.420
Credit Suisse AG/Lond8.000    11/1/2022  EUR   45.690
Societe Generale SA  1.230    1/30/2035  EUR   68.325
DekaBank Deutsche Gir2.620    12/9/2022  EUR   69.070
Credit Suisse AG/Lond13.750   4/13/2023  USD   50.550
Barclays Bank PLC    1.750    6/22/2029  USD   72.798
Societe Generale SA  2.700    3/25/2036  USD   55.645
Societe Generale SFH 0.570    3/15/2036  EUR   68.452
Credit Industriel Et 1.170    1/28/2037  EUR   60.005
Landesbank Baden-Wuer0.905     4/1/2041  EUR   50.753
Landesbank Hessen-Thu1.850   11/16/2033  EUR   73.200
Kreditanstalt fuer Wi1.000    4/27/2041  EUR   67.421
Single Platform Inves1.370    7/25/2053  EUR   52.911
Rikshem AB           3.250    5/31/2041  AUD   61.739
HSE Finance Sarl     6.071   10/15/2026  EUR   61.864
DekaBank Deutsche Gir4.810   12/23/2022  EUR   43.530
Credit Suisse AG/Lond8.000    11/4/2022  USD   66.870
Communaute Francaise 1.617     2/7/2039  EUR   70.928
City of Amsterdam Net1.359    2/26/2044  EUR   71.402
BPCE SFH SA          1.500     2/7/2039  EUR   74.240
Swedbank AB          0.350    9/22/2031  EUR   70.549
Hypo Vorarlberg Bank 1.022    7/31/2034  EUR   65.709
Hemso Fastighets AB  0.473    2/18/2030  EUR   66.961
Banque Federative du 1.590     2/5/2031  USD   67.224
Caisse des Depots et 0.642    2/12/2041  EUR   62.978
UniCredit SpA        1.490   10/23/2035  EUR   58.494
Serbia International 1.500    6/26/2029  EUR   65.902
LFA Foerderbank Bayer0.050    9/29/2034  EUR   68.163
Region Wallonne Belgi0.050   10/26/2032  EUR   70.105
French Republic Gover0.500    5/25/2072  EUR   36.909
Republic of Austria G0.850    6/30/2120  EUR   39.204
Landesbank Hessen-Thu0.350    1/20/2031  EUR   72.634
Purple Protected Asse1.580    5/25/2060  EUR   53.970
Grand Delta Habitat  1.500     6/2/2045  EUR   45.548
SG Issuer SA         6.130    1/20/2024  SEK   51.000
Single Platform Inves0.887    9/20/2039  EUR   57.827
State of Brandenburg 0.300   11/17/2045  EUR   53.414
Kingdom of Belgium Go0.675     7/7/2080  EUR   34.389
Hypo Vorarlberg Bank 1.520     7/8/2050  EUR   56.396
Swedbank AB          2.070     9/9/2031  AUD   73.962
Caisse des Depots et 0.750    11/6/2048  EUR   58.631
Kreditanstalt fuer Wi0.699   10/20/2036  EUR   71.718
Communaute Francaise 1.380    11/7/2046  EUR   61.224
Land Berlin          0.050     8/6/2040  EUR   56.670
GSP-Finance LLC/Russi9.430    3/27/2028  RUB   70.000
Region de Bruxelles-C0.500    6/22/2040  EUR   58.695
Societe Generale SA  2.060    3/12/2031  USD   65.952
Italy Buoni Poliennal0.150    5/15/2051  EUR   57.658
Landesbank Baden-Wuer0.600     3/5/2036  EUR   54.804
Nationwide Building S0.750     5/8/2035  EUR   70.439
Willhem AB           1.824   10/18/2038  SEK   61.590
Hemso Fastighets AB  1.130   10/31/2039  EUR   64.588
Aktia Bank Oyj       0.800    2/26/2036  EUR   64.644
Befimmo SA           2.050     9/4/2035  EUR   71.664
Sidetur Finance BV   10.000   4/20/2016  USD    0.770
Caisse des Depots et 1.075    9/15/2050  EUR   63.748
Commerzbank AG       1.400    7/21/2031  EUR   69.546
Svensk Exportkredit A0.500    8/29/2029  AUD   71.859
Heta Asset Resolution7.500   12/31/2023  ATS    0.572
BNP Paribas SA       1.395    2/12/2035  EUR   72.308
State of Saarland    1.108    5/18/2046  EUR   66.616
COFIDUR SA           0.100   12/31/2024  EUR   25.050
Department of Val d'O0.207   10/10/2032  EUR   73.832
UBS AG/London        9.250     3/9/2023  USD   69.200
Bank Julius Baer & Co12.000  10/27/2022  CHF   65.400
Austrian Anadi Bank A6.000    7/19/2032  EUR   70.184
BNP Paribas SA       1.450   11/17/2041  EUR   59.394
Norddeutsche Landesba0.900     7/5/2033  EUR   67.785
Credit Suisse AG/Lond8.000   11/29/2022  EUR   45.710
Deutsche Bank AG     0.500    9/16/2031  EUR   69.602
Muenchener Hypotheken1.640     8/8/2033  EUR   74.294
Swedbank Hypotek AB  1.490    8/15/2038  EUR   74.464
Romanian Government I3.750     2/7/2034  EUR   67.324
Single Platform Inves1.850    11/5/2040  EUR   66.116
Muenchener Hypotheken0.145    2/26/2031  EUR   70.063
Single Platform Inves1.715     2/6/2037  EUR   71.094
Kommunekredit        0.342     9/1/2042  EUR   58.358
Santander Internation1.150     4/8/2041  EUR   53.707
Region Bourgogne-Fran0.799     5/6/2041  EUR   60.617
Credit Bank of Moscow7.625               USD   14.660
DZ Bank AG Deutsche Z1.000    1/13/2032  EUR   72.072
BNP Paribas SA       2.100    1/24/2039  EUR   73.298
State of North Rhine-0.463     8/1/2033  EUR   73.970
National Grid Electri0.010    3/26/2036  GBP   72.382
VTB Bank PJSC        10.000              RUB   69.000
SG Issuer SA         14.280   4/13/2023  CHF   64.550
Landesbank Hessen-Thu1.350    5/15/2034  EUR   68.893
Bayerische Landesbode0.700    6/12/2037  EUR   68.959
BKS Bank AG          2.165    6/21/2039  EUR   69.378
Oberoesterreichische 0.705    1/29/2036  EUR   59.799
Credit Agricole Corpo0.100   10/21/2030  EUR   69.346
Agence Metropolitaine0.800     7/1/2040  EUR   62.062
Societe Wallonne de F0.883   11/21/2044  EUR   56.978
Credit Agricole Corpo1.810    1/27/2031  USD   70.709
Wirtschafts- und Infr0.192    1/28/2042  EUR   55.853
Caisse des Depots et 0.913   11/20/2050  EUR   60.175
Credit Mutuel Arkea S2.635    3/25/2039  EUR   73.620
Danske Bank A/S      1.490    2/15/2038  EUR   74.494
Takarek Mortgage Bank3.000    8/21/2030  HUF   52.050
State of North Rhine-0.950    1/10/2121  EUR   37.506
Banque et Caisse d'Ep1.230    4/26/2046  EUR   69.330
Region de Bruxelles-C1.036    6/29/2049  EUR   55.126
Takarek Mortgage Bank5.750    5/27/2032  HUF   62.450
Kuntarahoitus Oyj    1.400     3/5/2061  EUR   66.152
Single Platform Inves1.000   10/31/2040  EUR   56.668
Citigroup Global Mark1.000    3/19/2041  EUR   52.929
BPCE SA              0.554   12/16/2030  EUR   73.934
Societe Generale Effe4.000   11/22/2022  USD   54.050
State of Saxony-Anhal2.562     7/3/2028  EUR   60.000
Hypo Vorarlberg Bank 1.020    1/17/2035  EUR   64.526
LeasePlan Corp NV    1.830     5/6/2030  EUR   74.798
Tonon Luxembourg SA  12.500   5/14/2024  USD    0.399
Department of Bouches0.810   12/16/2041  EUR   59.777
Single Platform Inves0.695    6/25/2039  EUR   55.545
BNP Paribas SA       1.125    11/5/2034  EUR   63.667
Batigere Grand Est SA1.600   11/14/2039  EUR   53.462
Phosphorus Holdco PLC10.000    4/1/2019  GBP    1.321
Vasakronan AB        2.162     5/4/2040  SEK   63.769
Netherlands Governmen0.500    1/15/2040  EUR   67.538
Societe Generale SA  3.820    4/26/2039  AUD   62.303
Purple Protected Asse2.085   10/27/2060  EUR   61.559
Kingdom of Belgium Go0.558    9/24/2077  EUR   32.510
Bayerische Landesbank2.020   10/14/2030  EUR   74.674
Royalty Pharma PLC   2.200     9/2/2030  USD   74.811
State of Rhineland-Pa0.600   10/24/2046  EUR   57.765
Region of Centre-Val 0.712    12/3/2039  EUR   61.987
Wofin Wohnungsfinanzi2.200   10/22/2035  EUR   70.890
Deutsche Bank AG     1.725    1/16/2045  EUR   42.468
Windreich GmbH       6.250     3/1/2015  EUR    4.475
Turkey Government Int4.875    4/16/2043  USD   55.030
BNP Paribas Issuance 1.560     2/2/2039  EUR   44.560
DZ Bank AG Deutsche Z1.598   10/11/2050  EUR   64.617
Heta Asset Resolution5.730   12/31/2023  EUR    0.553
Elenia Verkko Oyj    2.170    8/26/2034  EUR   73.902
UniCredit Bank AG    15.050   4/28/2023  EUR   44.880
Single Platform Inves1.250   10/18/2035  EUR   67.922
Banco Santander SA   0.020    7/23/2031  EUR   73.211
Credit Suisse AG/Lond7.500   10/24/2022  CHF   60.250
UBS AG/London        9.000    3/18/2024  CHF   71.500
Skandinaviska Enskild4.620    7/15/2026  SEK   72.460
Single Platform Inves0.800     4/7/2042  EUR   51.915
Commerzbank AG       1.155    3/16/2038  EUR   73.455
Credit Suisse AG/Lond6.550   11/30/2022  USD    9.550
Befimmo SA           1.269    2/24/2031  EUR   74.939
Landesbank Hessen-Thu0.900    5/12/2036  EUR   60.566
Credit Agricole Corpo11.190   3/12/2027  TRY   48.767
Spain Government Bond1.450   10/31/2071  EUR   45.470
Leonteq Securities AG30.000  11/15/2022  CHF   23.160
NIBC Bank NV         2.105   10/10/2033  EUR   65.357
Hemso Fastighets AB  2.975   10/25/2038  SEK   72.595
Landesbank Hessen-Thu0.750     4/9/2035  EUR   61.277
Sparekassen Bredebro 3.750    4/15/2031  DKK   67.876
Cyprus Government Int0.950    1/20/2032  EUR   74.848
PKO Bank Hipoteczny S3.488    8/24/2028  PLN   71.904
Kommunekredit        1.062     9/9/2041  EUR   69.108
Landesbank Hessen-Thu1.300    4/30/2035  EUR   66.179
Single Platform Inves2.240     4/5/2039  EUR   72.200
HSBC Continental Euro2.200    2/19/2049  EUR   68.848
Landesbank Baden-Wuer0.590    12/7/2035  EUR   56.653
Hamburger Sparkasse A1.530    1/12/2033  EUR   71.828
Banque Federative du 2.460     6/7/2032  AUD   70.146
Kreditanstalt fuer Wi0.826   10/22/2041  EUR   66.965
BNP Paribas SA       1.625     7/2/2031  EUR   71.822
BPCE SA              1.850     2/8/2036  EUR   71.863
DNB Boligkreditt AS  1.530   12/21/2043  EUR   69.337
State of Lower Austri0.080    9/22/2031  EUR   74.426
Malta Government Bond1.000    8/23/2035  EUR   69.590
Banque Internationale0.675   10/29/2030  EUR   71.364
Basque Government    2.350    4/11/2049  EUR   72.238
Agence Francaise de D0.537    7/16/2040  EUR   62.744
Natixis SA           2.150   10/23/2035  USD   61.088
Landesbank Hessen-Thu0.600   10/27/2034  EUR   61.234
HSBC Bank PLC        2.130   11/30/2036  EUR   71.566
Credit Suisse AG/Lond10.000   6/16/2023  CHF   62.110
Italy Buoni Poliennal0.600     8/1/2031  EUR   71.986
Kreditanstalt fuer Wi1.000   10/20/2050  EUR   61.888
Barclays Bank PLC    2.500   12/29/2032  USD   72.002
Republic of Ireland I1.320   11/28/2119  EUR   37.727
SNCF Reseau          2.029    1/22/2048  EUR   70.993
Credito Padano Banca 3.100               EUR   34.195
Deutsche Bank AG     3.050     3/3/2032  USD   71.398
Societe Generale SA  12.000   7/14/2026  USD   24.980
Aralco Finance SA    10.125    5/7/2020  USD    3.060
Nederlandse Waterscha0.448    10/8/2040  EUR   61.004
Cie de Saint-Gobain  1.875     5/3/2035  EUR   71.368
HSBC Continental Euro1.385   11/18/2039  EUR   63.437
UBS AG/London        0.904   11/23/2025  EUR   58.500
Landesbank Hessen-Thu0.550    8/28/2034  EUR   65.700
Espirito Santo Financ2.981   10/27/2024  EUR    1.438
Bulgaria Government I0.375    9/23/2030  EUR   66.935
Ville de Paris       0.963     6/8/2050  EUR   53.961
Phones4u Finance PLC 9.500     4/1/2018  GBP   74.432
Virgolino de Oliveira11.750    2/9/2022  USD    0.498
State of Saxony-Anhal1.223     5/4/2046  EUR   65.463
Fluxys Finance SA    3.080   12/11/2045  EUR   74.399
HSBC Bank PLC        0.500   11/25/2025  BRL   69.862
DekaBank Deutsche Gir1.360    8/25/2033  EUR   69.398
Cooperatieve Rabobank1.300    3/28/2039  EUR   73.340
DZ Bank AG Deutsche Z1.300   12/29/2031  EUR   71.260
Single Platform Inves1.233    6/25/2044  EUR   58.357
SG Issuer SA         14.300  12/23/2022  USD   61.700
Mediobanca Banca di C2.050   12/23/2029  USD   73.523
Citigroup Global Mark7.400    3/15/2032  EUR   71.310
Nordea Bank Abp      2.500    1/20/2027  SEK   74.000
Nomura Bank Internati9.260    1/10/2027  USD   66.260
Ville de Marseille   1.079   11/19/2046  EUR   58.910
EFG International Fin19.000  11/10/2022  CHF   21.100
Single Platform Inves0.740     4/1/2042  EUR   51.931
Kreditanstalt fuer Wi1.208    3/10/2051  EUR   66.948
Region de Bruxelles-C0.650    2/15/2061  EUR   40.047
Kreditanstalt fuer Wi0.680    2/23/2051  EUR   60.634
Single Platform Inves1.920    11/5/2040  EUR   67.455
Kopaszi Gat Kft      5.750    1/31/2032  HUF   67.550
Landwirtschaftliche R0.984     2/4/2042  EUR   68.693
Landesbank Hessen-Thu1.000     3/9/2037  EUR   61.100
Assistance Publique H0.800    3/23/2046  EUR   54.028
DZ Bank AG Deutsche Z0.420    2/17/2033  EUR   71.043
Credit Suisse AG/Lond15.250   1/20/2023  USD   19.120
Landesbank Baden-Wuer0.780    4/21/2036  EUR   56.381
Societe Generale SA  3.100    4/22/2036  AUD   60.579
Landeskreditbank Bade0.842     5/3/2041  EUR   66.195
Ebis OOO             12.000    4/9/2024  RUB    6.610
Oberbank AG          2.280    6/22/2038  EUR   70.606
BNG Bank NV          2.000     9/5/2058  EUR   72.970
Region de Bruxelles-C0.930     5/3/2051  EUR   52.137
Kreditanstalt fuer Wi0.953    1/24/2042  EUR   68.584
Credit Suisse AG/Lond16.000  12/29/2022  CHF   47.980
Basque Government    1.750    4/22/2050  EUR   60.580
BNG Bank NV          1.790    1/21/2049  EUR   72.817
Kalita OOO           15.000   9/12/2023  RUB    3.580
Region de Bruxelles-C1.506    2/21/2039  EUR   73.349
Cooperatieve Rabobank2.090   12/27/2047  EUR   64.970
Landesbank Hessen-Thu1.340     6/4/2042  EUR   61.859
Single Platform Inves3.770     3/3/2046  AUD   68.608
Hypo Vorarlberg Bank 6.125               EUR   72.500
ENEL RUSSIA PJSC     8.600   12/15/2022  RUB   61.010
Abengoa Abenewco 1 SA6.000    6/10/2022  EUR    0.374
Kuntarahoitus Oyj    0.815    2/24/2061  EUR   55.303
Berfest Investments S2.223    6/27/2038  EUR   72.829
Nederlandse Waterscha0.230   10/22/2035  EUR   66.800
Societe Wallonne de F0.948   10/23/2051  EUR   45.908
Deutsche Bank AG/Lond14.900   5/30/2028  TRY   50.209
Barclays Bank PLC    1.382   11/27/2045  EUR   61.947
Region Bourgogne-Fran0.300    12/3/2040  EUR   54.866
Landesbank Saar      0.500   12/12/2031  EUR   71.318
Deutsche Apotheker-un1.090   12/16/2039  EUR   55.554
DZ Bank AG Deutsche Z0.710   10/20/2031  EUR   70.914
ING Bank NV          2.550   10/15/2031  AUD   72.823
Credit Agricole Corpo1.750   11/29/2032  EUR   74.837
Kommunalkredit Austri1.055    10/6/2031  EUR   67.976
Societe Generale SA  3.640    6/29/2037  USD   60.647
Landesbank Baden-Wuer0.520     3/6/2034  EUR   58.992
Single Platform Inves1.130     5/1/2030  EUR   72.737
Aktia Bank Oyj       0.850   12/21/2040  EUR   57.793
SAG Solarstrom AG    6.250   12/14/2015  EUR   31.000
Berlin Hyp AG        0.130    9/29/2032  EUR   71.855
BPCE SA              1.980    10/6/2030  AUD   66.485
Banque Internationale1.010   12/12/2039  EUR   58.357
Region de Bruxelles-C0.283   10/24/2033  EUR   71.420
Baromfi-Coop Termelo 3.000    5/19/2028  HUF   56.100
Agence France Locale 0.210   12/20/2035  EUR   66.643
LR Realkredit AS     0.500    10/1/2050  DKK   64.000
Magyar Export-Import 1.000    12/4/2024  HUF   74.271
Norddeutsche Landesba0.700   10/21/2030  EUR   73.696
Lehman Brothers Treas6.650    8/24/2011  AUD    0.100
Resa SA/Belgium      1.950    7/22/2036  EUR   50.010
Kuntarahoitus Oyj    0.500    7/30/2029  AUD   72.318
Deutsche Pfandbriefba0.857    9/18/2037  EUR   44.164
DZ Bank AG Deutsche Z1.598   10/11/2050  EUR   67.690
UniCredit Bank AG    1.300    9/19/2031  EUR   73.158
Single Platform Inves1.842    2/15/2044  EUR   65.052
Single Platform Inves1.390    6/25/2044  EUR   57.194
Credit Suisse AG/Lond7.000   10/26/2022  CHF   58.610
Municipality of Leval0.750   11/17/2036  EUR   70.076
NIBC Bank NV         0.460    7/19/2029  EUR   69.178
Credit Suisse AG/Lond7.500   11/28/2022  CHF   71.070
Single Platform Inves1.250    8/15/2051  EUR   51.749
Single Platform Inves1.785    7/30/2042  EUR   64.805
Landwirtschaftliche R1.365    3/10/2042  EUR   73.994
DZ Bank AG Deutsche Z6.500    2/24/2023  EUR   71.820
Credit Suisse AG/Lond9.250    5/25/2023  CHF   67.800
Ukraine Government In9.840    2/15/2023  UAH   59.000
Credit Agricole Corpo1.850    3/25/2030  USD   73.823
DekaBank Deutsche Gir3.190   10/26/2022  EUR   41.350
Danske Bank A/S      2.091     8/7/2032  EUR   74.278
ING Bank NV          2.400    6/18/2031  USD   74.989
Landesbank Baden-Wuer0.770    6/23/2036  EUR   56.119
Barclays Bank PLC    2.680    4/14/2031  AUD   72.505
VTB Bank PJSC        3.750               EUR   50.000
State of Lower Austri0.585   10/11/2049  EUR   49.593
BNG Bank NV          2.280   10/17/2048  SEK   72.162
Caisse des Depots et 1.140    2/25/2037  EUR   74.490
Region Auvergne-Rhone0.543    9/28/2036  EUR   66.394
United Utilities Wate0.387    10/5/2057  GBP   63.095
Purple Protected Asse1.565   12/23/2060  EUR   55.274
Republic of Austria G0.700    4/20/2071  EUR   40.443
Italy Buoni Poliennal2.150     3/1/2072  EUR   55.297
Luzerner Kantonalbank5.000    6/28/2023  CHF   63.380
DZ Bank AG Deutsche Z1.000    1/12/2032  EUR   72.112
State of North Rhine-0.463     8/8/2033  EUR   73.826
UBS AG/London        10.250   5/30/2023  CHF   39.000
United Utilities Wate1.653    12/6/2032  EUR   73.821
Single Platform Inves1.715    2/15/2041  EUR   67.192
DNB Boligkreditt AS  1.480   12/22/2042  EUR   69.300
Caisse des Depots et 1.780    1/15/2048  EUR   71.014
Standard Chartered Ba2.300    6/15/2031  USD   74.362
Single Platform Inves2.386    5/25/2053  EUR   68.425
BPCE SA              2.160    10/6/2031  USD   65.858
Kingdom of Belgium Go1.700    6/22/2050  EUR   69.534
BPCE SA              4.182    1/31/2034  USD   73.814
Russian Foreign Bond 5.100    3/28/2035  USD   42.569
Region Auvergne-Rhone1.150     4/8/2039  EUR   68.515
Bayerische Landesbank0.400    7/15/2031  EUR   73.164
BNP Paribas SA       1.660     3/4/2031  USD   64.635
Romanian Government I4.000    2/14/2051  USD   53.527
Bayerische Landesbank0.800   10/16/2036  EUR   64.363
Landeskreditbank Bade0.170   12/10/2035  EUR   66.255
Republic of Ireland I1.230     6/1/2120  EUR   44.763
Department of Gironde0.650   12/17/2038  EUR   63.053
Ministeries Van de Vl1.095     6/3/2055  EUR   50.664
Landesbank Baden-Wuer0.361    11/6/2029  EUR   72.832
Credit Agricole Corpo1.900    1/15/2031  AUD   72.241
Region de Bruxelles-C0.620    11/4/2044  EUR   53.571
Nationale-Nederlanden1.400    3/18/2039  EUR   73.448
BNG Bank NV          1.040   11/28/2047  EUR   61.288
Republic of Ireland I1.250    10/8/2121  EUR   45.547
Kreditanstalt fuer Wi0.816   12/19/2050  EUR   59.345
DekaBank Deutsche Gir2.200    3/24/2023  EUR   63.180
Rosselkhozbank JSC   0.010   12/24/2023  RUB   65.010
Landesbank Baden-Wuer0.740     6/2/2036  EUR   55.885
Nederlandse Waterscha1.003    6/24/2031  GBP   74.132
Bank fuer Kirche und 0.450     7/1/2031  EUR   72.335
Landesbank Baden-Wuer1.585    2/22/2034  EUR   68.117
Bayerische Landesbank1.850     3/5/2031  EUR   72.581
Vasakronan AB        2.400    2/25/2033  NOK   71.976
Kreditanstalt fuer Wi1.267    3/22/2051  EUR   67.843
NRW Bank             0.200     3/1/2034  EUR   70.479
NRW Bank             1.180     3/3/2051  EUR   66.612
SNCF Reseau          2.303    7/11/2067  EUR   66.572
DekaBank Deutsche Gir5.480   12/23/2022  EUR   60.830
Deutsche Wohnen SE   2.125    9/26/2033  EUR   66.135
Landesbank Hessen-Thu0.700    9/25/2034  EUR   62.153
Bibby Offshore Servic7.500    6/15/2021  GBP   11.625
Landesbank Baden-Wuer0.625   10/17/2029  EUR   74.558
Landesbank Baden-Wuer0.327     5/7/2038  EUR   61.345
Landesbank Hessen-Thu1.200    5/17/2034  EUR   68.900
Raiffeisen Bank Inter0.290   11/11/2030  EUR   67.356
Bayerische Landesbank0.900   11/29/2035  EUR   66.581
Landesbank Hessen-Thu1.010   10/31/2031  EUR   72.459
Deutsche Bahn Finance2.005     6/7/2039  SEK   70.466
Landesbank Hessen-Thu0.500   10/23/2030  EUR   72.745
Landesbank Baden-Wuer0.690    10/8/2035  EUR   56.146
Heta Asset Resolution2.262   12/31/2023  EUR    0.550
Norske Skogindustrier7.125   10/15/2033  USD    0.010
Raiffeisen Bank Inter0.430     9/9/2030  EUR   68.899
Landesbank Hessen-Thu0.750   10/21/2033  EUR   65.294
TKK OOO              12.000   9/20/2046  RUB   60.100
Kreditanstalt fuer Wi2.820    11/8/2046  USD   72.354
Raiffeisen-Landesbank2.010    12/7/2048  EUR   73.429
BNP Paribas SA       0.624    9/11/2029  EUR   73.159
Landeskreditbank Bade0.812   12/16/2060  EUR   51.681
Landesbank Hessen-Thu8.717     7/7/2031  EUR   74.900
Rio Forte Investments3.900    7/10/2014  USD    4.135
Aktia Bank Oyj       0.990    1/15/2035  EUR   67.966
SNCF Reseau          2.622    9/24/2049  USD   65.186
Caisse Francaise de F1.110    9/21/2046  EUR   63.225
DZ Bank AG Deutsche Z9.250    4/28/2023  EUR   41.670
Credit Suisse AG/Lond9.000    7/11/2023  USD   73.440
Caisse Francaise de F0.865    2/17/2042  EUR   64.750
Credit Suisse AG/Lond7.500     1/5/2023  CHF   53.500
UBS AG/London        10.250    4/6/2023  USD   50.850
Luzerner Kantonalbank8.400   12/27/2022  USD   64.440
Hypo Tirol Bank AG   0.670    7/21/2031  EUR   69.382
BNP Paribas Issuance 2.600    1/23/2024  EUR   65.750
DZ Bank AG Deutsche Z2.150   12/23/2022  EUR   54.970
Assistance Publique H0.750    12/3/2041  EUR   60.422
BPCE SA              2.255    3/12/2040  AUD   47.066
UBS AG/London        5.250   12/16/2022  CHF   73.000
DZ Bank AG Deutsche Z5.500    6/23/2023  EUR   60.440
DZ HYP AG            1.965    7/19/2058  EUR   74.102
Landesbank Baden-Wuer3.200    1/27/2023  EUR   53.560
ING Bank NV          2.410    3/16/2031  AUD   73.040
Aktia Bank Oyj       0.550    3/17/2031  EUR   72.541
Portugal Obrigacoes d1.000    4/12/2052  EUR   49.499
ING Bank NV          1.770    2/17/2031  USD   71.813
BPCE SA              3.000   11/18/2036  AUD   59.417
Raiffeisen-Landesbank0.665    2/11/2030  EUR   74.192
Akademiska Hus AB    1.252    2/13/2043  SEK   58.917
UBS AG/London        20.500    6/8/2023  USD   68.000
Landesbank Baden-Wuer0.710    5/12/2036  EUR   55.654
Muenchener Hypotheken1.300     5/7/2061  EUR   59.849
Single Platform Inves1.340    6/20/2041  EUR   62.114
Danske Bank A/S      2.059    6/28/2033  EUR   72.457
UniCredit Bank AG    0.740    1/20/2031  EUR   69.380
Luzerner Kantonalbank5.500   12/27/2022  CHF   64.850
Assistance Publique H1.073    4/16/2045  EUR   59.219
Bank Julius Baer & Co7.000     3/8/2023  CHF   63.900
Region Auvergne-Rhone0.645     4/9/2040  EUR   60.507
Department of Bouches0.872   12/18/2037  EUR   67.596
Nederlandse Waterscha1.650    5/27/2061  EUR   68.698
Single Platform Inves1.165     6/6/2046  EUR   53.613
Novafives SAS        5.500    6/15/2025  EUR   58.217
BNG Bank NV          0.562     6/7/2051  EUR   56.757
State of Saxony-Anhal0.475    9/30/2050  EUR   53.068
Cooperatieve Rabobank1.704    2/25/2049  EUR   73.354
Societe Generale SA  8.880    9/16/2024  USD   37.250
Hypo-Bank Burgenland 0.570    9/17/2029  EUR   74.999
Aareal Bank AG       0.570     8/7/2029  EUR   66.331
Landesbank Baden-Wuer1.080    7/16/2035  EUR   60.217
UBS AG/London        26.000   5/23/2024  USD   10.683
Banque Internationale0.680    10/9/2030  EUR   71.318
Societe Generale SA  2.190   10/14/2035  USD   52.655
Muenchener Hypotheken0.580   10/14/2035  EUR   59.267
Credit Bank of Moscow3.100    1/21/2026  EUR   20.594
Raiffeisen-Landesbank0.550    1/20/2031  EUR   70.627
Societe Generale SA  8.200     6/8/2023  USD   41.330
Forras Vagyonkezelesi3.250    10/1/2030  HUF   56.140
Nederlandse Waterscha0.260   11/10/2036  EUR   65.025
Purple Protected Asse1.480   11/30/2060  EUR   55.569
Societe Generale SA  0.705   11/12/2035  EUR   61.400
Banque Internationale0.775   11/18/2032  EUR   67.359
Vasakronan AB        0.914    5/27/2030  EUR   61.781
Metropole de Lyon    0.540    12/7/2050  EUR   44.314
LFA Foerderbank Bayer0.160     1/2/2040  EUR   57.377
Single Platform Inves1.080    5/25/2066  EUR   40.913
Turkey Government Int5.950    1/15/2031  USD   73.083
Landesbank Hessen-Thu0.360    12/2/2030  EUR   71.415
DekaBank Deutsche Gir2.790   10/28/2022  EUR   61.100
Caisse Francaise de F1.466     2/1/2038  EUR   74.379
Berlin Hyp AG        0.460    10/7/2031  EUR   72.046
SAir Group           5.125     3/1/2003  CHF   12.750
Agence France Locale 0.570    9/20/2040  EUR   62.772
DZ Bank AG Deutsche Z4.850   12/23/2022  EUR   48.200
Kreditanstalt fuer Wi0.951     9/9/2050  EUR   61.089
Banco Santander SA   0.190    6/29/2031  EUR   74.618
Single Platform Inves1.840    7/25/2053  EUR   61.407
Deutsche Bank AG     0.650     6/3/2031  EUR   69.655
Landesbank Hessen-Thu0.400     4/1/2030  EUR   74.071
Landesbank Hessen-Thu1.500    4/12/2032  EUR   74.000
Societe Generale SA  0.570    6/30/2031  EUR   67.219
Commerzbank AG       0.800    10/5/2029  EUR   72.476
DZ Bank AG Deutsche Z0.470    6/24/2030  EUR   73.341
BNP Paribas Issuance 4.360   12/14/2022  EUR   66.130
Region de Bruxelles-C1.029    1/14/2048  EUR   56.575
Landesbank Hessen-Thu0.950     4/9/2036  EUR   61.105
Purple Protected Asse1.570    4/30/2061  EUR   68.211
Communaute Francaise 2.100    6/30/2067  EUR   66.288
Credit Suisse AG/Lond7.250    8/16/2024  USD    6.330
Nordea Bank Abp      3.050    7/20/2027  SEK   65.750
Zurcher Kantonalbank 13.750  11/14/2022  CHF   56.790
Lloyds Bank PLC      2.637    1/16/2040  AUD   62.778
United Kingdom Gilt  1.250   10/22/2041  GBP   61.063
Communaute Francaise 1.367    1/20/2070  EUR   56.993
Goldman Sachs Interna1.300     7/3/2030  EUR   71.235
Landesbank Baden-Wuer0.400    11/8/2039  EUR   59.090
CDC Habitat SEM      1.043    5/12/2036  EUR   57.564
Deutsche Bank AG     2.784     4/3/2034  EUR   67.754
Skandinaviska Enskild6.500    1/15/2024  SEK   56.600
Erste Group Bank AG  1.230    5/29/2033  EUR   68.555
Pescanova SA         6.750     3/5/2015  EUR    0.319
Heta Asset Resolution1.136   12/31/2023  EUR    0.553
VTB Bank OJSC Via VTB6.250    6/30/2035  USD   21.707
A-TEC Industries AG  2.750    5/10/2014  EUR    0.100
Ukreximbank Via Biz F10.426    2/9/2023  USD   30.000
Barclays Bank PLC    1.750    9/29/2032  USD   62.196
United Kingdom Gilt  0.625   10/22/2050  GBP   43.123
BPCE SFH SA          1.210    6/15/2039  EUR   72.918
MS Deutschland Beteil6.875   12/18/2017  EUR    0.210
La Banque Postale Hom1.379     4/4/2040  EUR   71.591
Communaute Francaise 1.581    1/23/2120  EUR   45.080
Deutsche Bank AG/Lond11.210   6/26/2025  TRY   55.535
Danske Bank A/S      0.805    8/12/2036  EUR   69.070
Banco Santander SA   0.180     7/8/2031  EUR   74.434
Alfa-Bank AO         10.200   2/10/2025  RUB   65.000
UBS AG/London        11.750    8/4/2023  USD   43.950
DZ Bank AG Deutsche Z10.000  12/21/2022  EUR   63.810
Single Platform Inves1.450    9/20/2032  EUR   74.365
Region of Centre-Val 0.668    11/2/2035  EUR   70.197
Centre Hospitalier Un0.490    12/1/2036  EUR   65.727
Single Platform Inves1.050    6/25/2044  EUR   53.381
SG Issuer SA         0.015    11/7/2033  EUR   57.330
Corner Banca SA      13.680  10/28/2022  EUR   41.350
Nomura Bank Internati1.415    1/27/2042  EUR   57.001
MOL Nyrt Kueloenleges4.950    1/26/2032  HUF   59.210
BPCE SA              2.250    3/13/2040  AUD   47.750
Nordea Bank Abp      3.750    1/20/2027  SEK   68.620
Leonteq Securities AG25.200   11/9/2022  CHF   22.490
ING Bank NV          2.900    6/23/2051  USD   56.835
Aareal Bank AG       1.068    2/18/2050  EUR   61.515
Leonteq Securities AG11.000  12/21/2022  EUR   71.940
Bank Vontobel AG     14.000  11/14/2022  CHF   20.900
EFG International Fin15.000  11/10/2022  EUR   59.820
DZ Bank AG Deutsche Z6.600   12/23/2022  EUR   52.290
Raiffeisenlandesbank 0.725    8/27/2041  EUR   62.950
UBS AG/London        2.350   12/17/2048  EUR   71.015
Muenchener Hypotheken0.550    2/18/2046  CHF   57.142
Landeskreditbank Bade0.605    6/16/2036  EUR   70.257
Kreditanstalt fuer Wi0.980     2/9/2042  EUR   68.940
Single Platform Inves1.442    7/25/2053  EUR   54.358
Single Platform Inves1.083    2/15/2041  EUR   56.912
Swedbank Hypotek AB  1.445    3/29/2038  EUR   74.252
Morgan Stanley & Co I3.470    1/27/2042  AUD   66.972
Kuntarahoitus Oyj    1.197     4/6/2051  EUR   65.408
Turkiye Ihracat Kredi12.540   9/14/2028  TRY   48.682
Nordea Hypotek AB    2.250   10/15/2048  SEK   70.050
Bayerische Landesbank0.630    3/19/2032  EUR   72.463
DZ HYP AG            1.536   10/24/2039  EUR   74.381
Santander Internation0.970   12/20/2031  EUR   71.104
UBS AG/London        5.520    4/29/2041  USD   35.860
Single Platform Inves1.580   12/19/2033  EUR   74.150
Sberbank of Russia PJ0.010    2/26/2027  RUB   70.110
Societe Generale Effe8.000   10/28/2022  EUR   72.300
Credit Agricole SA   1.150   12/24/2030  EUR   72.601
Credit Suisse AG/Lond16.300  12/26/2023  USD   36.290
Hemso Fastighets AB  3.020    9/14/2048  SEK   65.591
Landesbank Baden-Wuer5.690    2/24/2023  EUR   58.410
Kreditanstalt fuer Wi0.955     4/6/2040  EUR   69.631
DZ Bank AG Deutsche Z1.580   12/29/2031  EUR   70.900
Standard Chartered Ba3.040    1/18/2042  USD   62.715
DNB Boligkreditt AS  1.481    1/11/2038  EUR   74.157
BPCE SFH SA          1.533    4/12/2038  EUR   74.882
VTB Bank PJSC        3.750               EUR   45.000
DZ Bank AG Deutsche Z0.890   11/18/2030  EUR   74.590
DZ Bank AG Deutsche Z0.860   11/18/2030  EUR   74.400
UBS AG/London        11.750  11/28/2022  CHF   26.640
Republic of Poland Go2.750   10/25/2029  PLN   69.438
Skandinaviska Enskild8.520    1/15/2024  SEK   58.600
Erste Group Bank AG  1.850    1/30/2034  EUR   74.041
Skandinaviska Enskild8.300    7/17/2023  SEK   53.280
BNP Paribas SA       1.930     6/1/2033  EUR   72.919
Landesbank Hessen-Thu1.750     7/6/2033  EUR   72.900
Credit Agricole Corpo14.280   11/5/2026  TRY   57.315
Deutsche Bank AG     0.510    9/16/2031  EUR   67.798
NRW Bank             0.835    9/24/2041  EUR   65.062
Berlin Hyp AG        0.440   10/29/2035  EUR   59.140
Goldman Sachs Interna2.250    5/10/2037  EUR   71.691
Goldman Sachs Interna2.300    5/25/2037  EUR   72.154
Lithuania Government 2.100    5/26/2047  EUR   70.961
Banque Internationale1.085   10/22/2040  EUR   57.861
Italy Buoni Poliennal1.700     9/1/2051  EUR   55.047
Golfino AG           8.000   11/18/2023  EUR    0.010
SR-Boligkreditt AS   1.252    12/2/2041  EUR   68.690
BNP Paribas SA       0.857    2/22/2036  EUR   59.459
Magyar Export-Import 1.650   11/26/2025  HUF   65.815
NRW Bank             0.130   10/12/2032  EUR   73.776
Uliving@Essex2 Issuer0.100    8/31/2063  GBP   67.087
Metal Hungaria Holdin3.000   11/17/2030  HUF   62.000
Deutsche Bahn Finance1.520     7/3/2035  SEK   70.803
NRW Bank             0.090   10/26/2032  EUR   73.341
Hemso Fastighets AB  2.127    4/18/2039  EUR   57.766
Comunidad Foral de Na2.100    4/30/2044  EUR   70.790
Kommunekredit        0.869   11/12/2043  SEK   60.184
Agence Metropolitaine0.500     7/7/2035  EUR   69.261
NTRP Via Interpipe Lt10.250    8/2/2017  USD   26.500
Credit Agricole Corpo1.850    1/22/2031  USD   71.004
Credit Agricole Corpo1.700    1/25/2031  USD   70.036
Barclays Bank PLC    2.320    1/11/2041  USD   53.947
DZ Bank AG Deutsche Z0.350   11/14/2031  EUR   74.241
Belfius Bank SA      0.190    1/28/2031  EUR   70.556
DZ Bank AG Deutsche Z0.800    1/21/2041  EUR   62.333
NRW Bank             0.533    1/21/2041  EUR   61.060
Agence Francaise de D2.302   10/25/2044  USD   66.746
Nordea Bank Abp      5.400    1/20/2025  SEK   61.750
Crown Holding Kft    5.500    2/23/2032  HUF   67.410
BNG Bank NV          1.873   11/24/2047  EUR   74.789
Assistance Publique H1.987    8/11/2042  EUR   74.931
Getin Noble Bank SA  11.720  11/30/2023  PLN   23.875
Credit Agricole Corpo2.610    7/27/2050  USD   48.550
Credit Agricole Corpo11.550   1/28/2026  TRY   53.051
Landesbank Hessen-Thu0.340   12/23/2030  EUR   71.231
Single Platform Inves2.000     1/1/2039  EUR   70.112
Single Platform Inves0.419    2/15/2040  EUR   51.373
DZ Bank AG Deutsche Z7.900    3/24/2023  EUR   68.260
Kreditanstalt fuer Wi1.271    5/20/2051  EUR   66.610
Grand Delta Habitat  1.630     3/6/2045  EUR   47.130
Landesbank Baden-Wuer1.600     4/3/2039  EUR   64.830
Raiffeisenlandesbank 1.725    6/21/2032  EUR   74.998
Barclays Bank PLC    13.810   4/16/2024  TRY   71.010
Citigroup Global Mark0.520    3/19/2033  EUR   63.140
Landeskreditbank Bade1.025     4/1/2061  EUR   55.191
Allgemeine Sparkasse 0.200    3/22/2033  EUR   71.176
Muenchener Hypotheken0.867    2/25/2047  EUR   63.142
UBS Group AG         2.490     3/4/2036  USD   60.236
Kreditanstalt fuer Wi0.650    2/24/2041  EUR   64.778
Agence France Locale 0.330   12/20/2040  EUR   59.232
UniCredit Bank AG    23.500  10/28/2022  EUR   48.240
Landesbank Baden-Wuer3.940   11/25/2022  EUR   45.800
Credit Bank of Moscow4.700    1/29/2025  USD   23.957
Nationwide Building S1.693    3/15/2039  EUR   73.623
BPCE SFH SA          0.430     5/7/2040  EUR   59.313
Ministeries Van de Vl0.940    5/12/2050  EUR   50.696
National Grid Electri2.226   12/19/2039  GBP   55.764
Single Platform Inves0.745    2/15/2047  EUR   46.250
Svensk Exportkredit A0.500    3/28/2029  AUD   73.325
BPCE SA              1.657    1/30/2034  EUR   73.649
Kuntarahoitus Oyj    0.854    1/14/2060  EUR   58.038
Region Wallonne Belgi1.150     9/2/2120  EUR   36.104
Region de Bruxelles-C0.731    8/25/2060  EUR   41.591
Credit Suisse AG/Lond2.500    7/23/2025  SEK   27.450
Credit Suisse AG/Lond3.214    10/6/2023  SEK   11.880
NRW Bank             0.610     9/7/2040  EUR   63.610
International Bank of8.250    10/9/2024  USD   60.375
UniCredit Bank AG    2.250   10/14/2039  EUR   67.282
NatWest Markets PLC  4.358    8/26/2031  USD   59.934
Northland Resources A4.000   10/15/2020  NOK    0.271
HSBC Bank PLC        3.820    4/16/2038  USD   71.488
NRW Bank             0.473    6/23/2049  EUR   55.812
Landesbeteiligungen B1.450    6/15/2046  EUR   56.307
Heta Asset Resolution5.920   12/31/2023  EUR    0.416
SG Issuer SA         2.910    10/8/2034  AUD   63.157
BPCE SA              1.130    10/6/2031  EUR   74.693
Credit Suisse AG/Lond9.500    1/12/2023  USD   69.910
MMC Norilsk Nickel OJ2.800   10/27/2026  USD   51.058
NRW Bank             1.245    11/4/2051  EUR   63.960
NRW Bank             1.021    8/11/2051  EUR   61.106
BNP Paribas Emissions10.000  12/22/2022  EUR   55.790
Luzerner Kantonalbank14.480   2/14/2023  CHF   68.560
UBS AG/London        8.100     3/4/2027  EUR   67.660
UBS AG/London        13.250   4/20/2023  USD   36.800
NRW Bank             0.765   12/10/2036  EUR   69.728
Landesbank Hessen-Thu0.510    3/10/2032  EUR   68.342
Region Occitanie     1.238     3/2/2039  EUR   69.746
Landesbank Baden-Wuer0.920    3/18/2032  EUR   70.768
Commerzbank AG       1.250    6/28/2034  EUR   70.256
Raiffeisenlandesbank 0.750    1/31/2030  EUR   74.306
DZ Bank AG Deutsche Z10.500  12/23/2022  EUR   45.820
Basler Kantonalbank  16.000   5/19/2023  CHF   62.980
Caisse des Depots et 3.000    11/8/2051  AUD   62.274
Kreditanstalt fuer Wi0.890    3/10/2041  EUR   66.171
Textura Kereskedelmi 5.500    2/28/2032  HUF   59.500
DekaBank Deutsche Gir4.630   12/16/2022  EUR   66.580
Finland Government Bo0.125    4/15/2052  EUR   43.534
Credit Suisse AG/Lond1.520   12/20/2030  EUR   74.865
Banque Cantonale Vaud7.300    9/16/2024  CHF   43.470
Credit Agricole Corpo3.200    3/19/2041  AUD   66.225
Landesbank Baden-Wuer1.000   12/15/2031  EUR   69.998
Brussels Municipaliti0.892    9/29/2041  EUR   61.968
Nederlandse Waterscha1.551   11/24/2061  EUR   63.417
Home Invest Belgium S1.850    1/15/2032  EUR   67.642
Deutsche Bank AG     0.700     2/6/2032  EUR   68.802
UniCredit Bank AG    8.150    2/22/2023  EUR   64.220
Luzerner Kantonalbank1.550   10/18/2024  CHF   70.220
Credit Suisse AG/Lond10.000   8/14/2023  CHF   72.680
Specialfastigheter Sv1.120    2/19/2044  SEK   54.272
Single Platform Inves0.803    3/20/2041  EUR   53.088
Credit Agricole SA   3.610    4/20/2036  AUD   63.180
Vontobel Financial Pr3.700    2/27/2023  EUR   72.740
Centre Hospitalier Re0.800    6/28/2041  EUR   60.392
Leonteq Securities AG8.000   11/29/2023  CHF   72.280
Landshypotek Bank AB 1.680    1/20/2042  SEK   69.447
Banco Santander SA   2.750     7/4/2038  EUR   74.644
Communaute Francaise 1.600    6/22/2047  EUR   65.150
Societe Generale SA  2.000    9/30/2030  USD   72.962
VTB Bank PJSC        0.010   12/13/2024  RUB   68.820
Region de Bruxelles-C1.020    4/30/2060  EUR   47.427
Kommunalkredit Austri1.183     6/2/2031  EUR   69.306
Landesbank Hessen-Thu0.780   11/18/2031  EUR   73.173
Bayerische Landesbank1.680   12/18/2037  EUR   72.340
Grand Delta Habitat  1.750   10/28/2061  EUR   58.637
SR-Boligkreditt AS   1.490     7/2/2038  EUR   74.438
Landesbank Baden-Wuer4.300    3/24/2023  EUR   58.860
Citigroup Global Mark12.000   2/13/2024  SEK   53.820
Natixis SA           0.300    6/25/2048  USD   21.230
Assistance Publique H1.800    4/10/2048  EUR   67.802
Cie de Financement Fo1.494   12/17/2038  EUR   73.769
Oberoesterreichische 0.285    11/6/2042  EUR   54.603
Agence France Locale 0.586    6/20/2034  EUR   71.447
Natixis SA           3.520    7/31/2034  USD   74.382
Raiffeisenlandesbank 2.070    6/18/2049  EUR   63.126
Romania Government Bo4.150   10/24/2030  RON   70.002
Hamburgische Investit0.380    2/24/2042  EUR   58.506
Natixis SA           3.220     7/5/2034  AUD   69.827
Landesbank Baden-Wuer0.660     7/3/2031  EUR   73.022
Single Platform Inves0.462    2/15/2040  EUR   52.368
Department of Bouches0.482   10/20/2045  EUR   49.716
BPCE SA              2.315   11/19/2035  AUD   54.153
DZ Bank AG Deutsche Z0.440    1/21/2036  EUR   57.179
UBS Group AG         3.030   11/18/2034  AUD   71.231
Skandinaviska Enskild7.450    1/15/2025  SEK   51.410
Region Auvergne-Rhone0.800    5/22/2040  EUR   61.355
Autonomous Community 0.810   10/31/2040  EUR   58.313
Region de Bruxelles-C0.556   12/23/2064  EUR   36.722
Landesbank Hessen-Thu0.750    12/2/2036  EUR   60.500
Credit Agricole Corpo2.500    2/20/2048  EUR   69.350
Landesbank Baden-Wuer3.480    2/24/2023  EUR   39.280
United Kingdom Gilt  1.500    7/31/2053  GBP   55.695
Tonon Luxembourg SA  9.250    1/24/2020  USD    0.500
Landesbank Hessen-Thu1.000    1/21/2036  EUR   60.450
UBS AG/London        16.300    1/8/2024  EUR   11.100
Republic of Ireland I1.180    5/25/2087  EUR   49.101
Banco Santander SA   2.010     3/7/2034  EUR   73.863
Republic of Ireland I2.000    6/29/2064  EUR   65.738
Credit Suisse Group A5.250               USD   66.520
Raiffeisenlandesbank 0.750    6/20/2031  EUR   70.621
DekaBank Deutsche Gir3.000    1/27/2023  EUR   65.540
Muenchener Hypotheken0.600     3/4/2031  EUR   73.209
Oberoesterreichische 0.445    3/28/2036  EUR   66.563
Raiffeisen Centrobank10.000   3/24/2023  EUR   32.250
Republic of Ireland I2.000    6/29/2063  EUR   66.133
UBS AG/London        8.250   11/19/2026  EUR   64.100
DZ Bank AG Deutsche Z4.690   11/25/2022  EUR   35.410
Italy Buoni Poliennal2.700     3/1/2047  EUR   71.998
SAG Solarstrom AG    7.500    7/10/2017  EUR   31.000
Hypo Tirol Bank AG   1.010    1/20/2040  EUR   67.294
Kuntarahoitus Oyj    1.000   10/25/2049  EUR   63.216
Batigere Grand Est SA1.600   11/14/2044  EUR   45.944
Baromfi-Coop Termelo 2.700   11/20/2026  HUF   61.300
Single Platform Inves0.754    9/20/2039  EUR   55.795
BPCE SA              2.820   12/18/2039  AUD   52.895
Lehman Brothers Treas3.000    9/12/2036  JPY    0.100
Communaute Francaise 0.886    6/22/2057  EUR   45.299
SALVATOR Vermoegensve9.500               EUR    7.900
DZ HYP AG            1.300    2/27/2037  EUR   74.209
Autonomous Community 1.950    5/24/2041  EUR   70.755
Raiffeisen-Landesbank0.766    9/17/2031  EUR   70.142
Lehman Brothers Treas2.875    3/14/2013  CHF    0.100
Commerzbank AG       0.660    9/16/2030  EUR   74.403
SpareBank 1 SR-Bank A1.670    11/9/2033  EUR   73.888
OR PJSC              11.500   7/28/2024  RUB    4.020
Credit Suisse AG/Lond2.500    10/7/2025  SEK   27.920
Landesbank Baden-Wuer3.300   10/27/2036  EUR   69.683
Landesbank Baden-Wuer0.560    9/22/2033  EUR   60.322
Axial Javito Keresked2.000    9/23/2030  HUF   48.453
State of Hesse       0.450    9/23/2044  EUR   56.236
SAir Group           4.250     2/2/2007  CHF   12.329
BPCE SFH SA          1.375    3/22/2038  EUR   73.792
Premium Green PLC    1.637    7/25/2040  EUR   74.372
KPNQwest NV          7.125     6/1/2009  EUR    0.453
Russian Railways JSC 9.390   10/15/2040  RUB   50.010
UBS AG/London        18.000  11/20/2023  USD   73.850
Single Platform Inves1.690    7/25/2053  EUR   59.242
Single Platform Inves1.800    7/25/2053  EUR   61.015
Citigroup Global Mark1.370    7/27/2051  EUR   50.666
Barclays Bank PLC    3.900    2/15/2042  AUD   67.125
Credit Suisse AG/Lond10.350   2/27/2023  CHF   10.180
UBS AG/London        11.000   1/16/2023  CHF   55.100
Citigroup Global Mark1.380    11/4/2041  EUR   57.558
Landesbank Baden-Wuer0.400    1/12/2032  EUR   66.635
Sberbank of Russia PJ0.010   12/11/2026  RUB   66.100
DZ Bank AG Deutsche Z4.000   12/23/2022  EUR   54.530
Vontobel Financial Pr3.650    12/6/2022  EUR   50.930
Sberbank of Russia PJ0.010    7/23/2026  RUB   72.300
Sberbank of Russia PJ0.010    7/24/2028  RUB   59.000
Landesbank Baden-Wuer2.860   10/28/2022  EUR   56.030
Credit Suisse AG/Lond6.250   11/28/2022  CHF   65.160
Credit Suisse AG/Lond7.750   12/15/2022  CHF   47.370
Single Platform Inves1.762    5/25/2066  EUR   50.502
Credit Suisse AG/Lond10.000   1/18/2023  USD   57.920
Societe Generale SA  2.650    1/26/2032  USD   66.796
Bank Julius Baer & Co6.900     2/1/2023  CHF   70.150
Credit Suisse AG/Lond8.750    1/25/2023  USD   66.760
Sberbank of Russia PJ0.010   11/30/2028  RUB   59.600
Nederlandse Waterscha1.577    12/9/2039  GBP   63.038
Single Platform Inves1.761   12/14/2035  EUR   73.138
Merrill Lynch BV     3.770    2/16/2037  AUD   73.953
Landesbank Baden-Wuer2.300    2/28/2025  EUR   57.370
DekaBank Deutsche Gir4.210    2/24/2023  EUR   63.550
VTB Bank PJSC        0.010     9/7/2024  RUB   67.300
MFB Magyar Fejlesztes4.200    4/20/2033  HUF   59.051
Realkredit Danmark A/1.000     4/1/2033  DKK   73.001
VTB Bank PJSC        0.010    4/22/2026  RUB   70.000
NRW Bank             1.000    6/24/2051  EUR   61.122
Raiffeisen Schweiz Ge8.500    2/20/2023  CHF   44.500
Sberbank of Russia PJ0.010   11/27/2026  RUB   65.800
Sberbank of Russia PJ0.010    12/7/2026  RUB   71.300
Muenchener Hypotheken1.692    11/6/2051  EUR   56.639
Assistance Publique H0.666    3/19/2040  EUR   60.878
Credit Suisse AG/Lond4.600    11/9/2022  USD    9.740
Single Platform Inves2.130    3/18/2039  EUR   72.985
Regie Autonome des Tr1.820    7/18/2048  EUR   74.482
Landesbank Hessen-Thu1.550    9/21/2033  EUR   71.400
CDC Habitat SEM      0.853    2/15/2041  EUR   45.289
Landesbank Baden-Wuer0.620    2/18/2036  EUR   55.040
National Grid Electri3.350    6/10/2036  AUD   72.120
BNP Paribas SA       1.130    5/26/2036  EUR   61.581
Societe Generale SA  2.970    4/15/2036  USD   57.716
Caisse des Depots et 1.018    2/16/2051  EUR   61.637
Societe Generale SA  2.050    2/18/2031  AUD   65.029
Bayerische Landesbank0.450    2/12/2031  EUR   74.176
Kreditanstalt fuer Wi0.990    2/12/2051  EUR   61.246
DZ Bank AG Deutsche Z0.650   12/30/2030  EUR   73.560
SG Issuer SA         1.500    1/24/2034  EUR   59.040
Assistance Publique H1.913    4/22/2042  EUR   74.219
Purple Protected Asse2.060    3/30/2061  EUR   73.172
Deutsche Bank AG     2.330    2/11/2043  EUR   55.808
Landesbank Saar      0.710    12/6/2035  EUR   61.954
DekaBank Deutsche Gir14.820    6/1/2023  EUR   73.960
Muenchener Hypotheken1.172   10/30/2047  EUR   64.654
Berlin Hyp AG        0.750     3/4/2050  EUR   58.064
Deutsche Bank AG     1.560    6/18/2031  EUR   69.120
Department of Bouches0.981    5/14/2047  EUR   55.565
TMK PJSC             7.350    2/28/2025  RUB   60.150
Autonomous Community 1.550    5/11/2051  EUR   55.977
Landesbank Hessen-Thu0.900    6/10/2036  EUR   60.449
Credit Suisse AG/Lond6.800    1/27/2023  CHF   74.400
Danske Bank A/S      2.030   12/21/2032  EUR   73.098
Credit Suisse AG/Lond7.000    1/12/2023  EUR   65.550
Cooperatieve Rabobank1.485     9/3/2041  EUR   72.434
Region de Bruxelles-C1.040     5/3/2061  EUR   47.777
Deutsche Pfandbriefba0.240    4/18/2028  EUR   72.984
Landesbank Hessen-Thu0.350    5/27/2031  EUR   70.032
UBS AG/London        7.800    4/20/2026  EUR   42.860
Deutsche Pfandbriefba1.850    9/20/2032  EUR   64.959
VTB Bank PJSC        0.010   12/20/2024  RUB   70.090
VTB Bank PJSC        0.010   12/13/2024  RUB   73.040
Regie Autonome des Tr0.938    5/25/2050  EUR   51.865
Parnassia Groep BV   1.470    12/1/2045  EUR   59.804
NRW Bank             1.400    3/19/2070  EUR   59.811
Region de Bruxelles-C1.710     5/5/2047  EUR   67.846
Thomas Cook Finance 23.875    7/15/2023  EUR    1.268
VTB Bank PJSC        0.010   10/25/2024  RUB   75.000
Belfius Bank SA      1.561    4/27/2043  EUR   70.860
Muenchener Hypotheken1.420    4/20/2038  EUR   73.977
Barclays Bank PLC    6.400    6/16/2031  MXN   64.177
Single Platform Inves1.510    2/13/2043  EUR   60.039
Barclays Bank PLC    2.370   10/18/2031  USD   74.156
Single Platform Inves1.800     6/6/2039  EUR   69.159
Infogroup Holding Kft3.000    5/20/2031  HUF   52.350
DZ Bank AG Deutsche Z1.360    6/25/2031  EUR   67.710
Agence Francaise de D1.790     2/8/2049  EUR   74.259
Landesbank Baden-Wuer4.358    2/20/2034  EUR   68.120
Communaute Francaise 1.917   12/14/2045  EUR   68.711
La Banque Postale Hom1.475   12/17/2038  EUR   74.441
Muenchener Hypotheken0.170    9/25/2031  EUR   69.182
Single Platform Inves2.160    2/15/2044  EUR   67.882
Caisse des Depots et 0.950    2/17/2051  EUR   60.638
Landesbank Baden-Wuer0.820     2/1/2039  EUR   51.574
Region Bretagne SCI  0.815    6/12/2040  EUR   62.344
Credit Agricole Corpo1.620    8/24/2030  USD   70.990
DZ Bank AG Deutsche Z1.170    6/25/2030  EUR   71.380
DZ Bank AG Deutsche Z0.750    6/28/2033  EUR   72.847
BPCE SA              1.850   10/30/2030  AUD   65.501
Communaute Francaise 1.520    7/22/2069  EUR   56.600
Credit Suisse AG/Lond2.850    6/16/2036  EUR   69.332
Region Auvergne-Rhone0.805    7/26/2039  EUR   63.788
Cie de Financement Fo0.900    7/18/2058  EUR   51.875
Deutsche Bank AG/Lond4.030    6/15/2037  USD   68.038
Landesbank Saar      0.540   11/18/2033  EUR   65.092
Nomura Bank Internati0.400    11/5/2030  EUR   68.194
Aargau Verkehr AG    0.270   11/29/2049  CHF   64.997
Santander Internation1.700   12/12/2049  EUR   33.154
Ukraine Government In16.000   5/24/2023  UAH   59.000
Bayerische Landesbank1.480     4/8/2036  EUR   72.376
Single Platform Inves0.873    5/25/2052  EUR   43.591
Barclays Bank PLC    1.550    11/5/2029  USD   74.845
Banque Internationale0.480   11/13/2030  EUR   70.123
Credit Agricole Corpo1.760    1/20/2031  USD   70.460
Single Platform Inves2.040    2/15/2044  EUR   70.348
Petromena ASA        10.850  11/19/2018  USD    0.622
Barclays Bank PLC    1.235   11/27/2040  EUR   62.884
DZ Bank AG Deutsche Z0.540   12/30/2030  EUR   70.850
Hemso Fastighets AB  2.000    2/15/2033  EUR   67.432
DNB Boligkreditt AS  1.594    1/29/2043  EUR   71.948
Assistance Publique H1.810   11/17/2043  EUR   71.359
Muenchener Hypotheken1.495    10/5/2050  EUR   54.373
Muenchener Hypotheken1.666     8/7/2042  EUR   74.677
SAir Group           5.500    7/23/2003  CHF   12.329
Wirtschafts- und Infr0.170    12/9/2041  EUR   56.166
Ukraine Government In9.990    5/22/2024  UAH   59.000
Single Platform Inves1.600    2/15/2041  EUR   63.608
GVC George's Venture 2.500   12/18/2030  HUF   59.740
Corner Banca SA      11.000  11/17/2022  EUR   58.950
Erste Group Bank AG  1.065    5/17/2041  EUR   56.573
Societe Generale SA  2.920    2/21/2035  USD   60.133
UniCredit Bank AG    0.030    2/28/2033  EUR   69.517
Sberbank of Russia PJ0.010     7/5/2028  RUB   72.500
Sberbank of Russia PJ0.010     7/3/2026  RUB   72.400
Credit Suisse AG/Lond5.800    7/12/2023  USD    8.000
Single Platform Inves1.490    3/20/2051  EUR   54.317
Republic of Ireland I1.020    9/10/2086  EUR   44.721
Single Platform Inves1.480    7/25/2053  EUR   55.806
Assistance Publique H1.053    5/25/2052  EUR   51.791
BNG Bank NV          2.300     3/3/2036  AUD   65.581
Muenchener Hypotheken0.750    8/20/2031  EUR   72.688
Landesbank Baden-Wuer0.460    2/22/2030  EUR   72.480
Landesbank Baden-Wuer1.000    3/18/2039  EUR   53.503
Communaute Francaise 2.500     7/6/2087  EUR   73.536
Zurcher Kantonalbank 20.000  11/15/2022  USD   34.640
Banque Internationale18.000  11/23/2022  CHF   26.060
Sberbank of Russia PJ0.010   11/24/2026  RUB   66.100
Hungary Government Bo3.000    4/25/2041  HUF   45.069
Takarek Mortgage Bank3.750    4/14/2026  HUF   71.650
Deutsche Bank AG     2.480   12/10/2035  EUR   62.465
DekaBank Deutsche Gir1.300    4/23/2035  EUR   65.483
Commerzbank AG       1.430    1/23/2040  EUR   61.379
ECM Real Estate Inves5.000    10/9/2011  EUR   15.375
Region Auvergne-Rhone0.493   10/23/2037  EUR   63.591
Royal Schiphol Group 2.890   10/25/2034  AUD   66.886
Kreditanstalt fuer Wi0.660   11/12/2039  EUR   66.339
Landesbank Hessen-Thu1.020    5/14/2032  EUR   71.583
Landesbank Baden-Wuer0.780    5/27/2031  EUR   69.691
UBS AG/London        1.600    4/18/2049  EUR   63.267
Bayerische Landesbank1.690    4/23/2037  EUR   73.075
Erste Group Bank AG  1.400     5/7/2034  EUR   69.709
Caisse des Depots et 0.930    11/9/2050  EUR   60.495
Assistance Publique H1.502     5/9/2044  EUR   66.493
BNP Paribas SA       1.150   11/20/2034  EUR   70.063
Junta de Castilla y L1.270   10/31/2044  EUR   59.257
OR PJSC              12.000  11/14/2024  RUB    4.130
Landesbank Hessen-Thu0.900   10/22/2035  EUR   61.339
Waste Italia SpA     10.500  11/15/2019  EUR    0.550
Bulgaria Steel Financ12.000    5/4/2013  EUR    0.216
BPCE SFH SA          1.597    2/13/2042  EUR   73.681
Region Wallonne Belgi2.160    2/23/2044  EUR   71.111
Uliving@Essex Issuerc0.100    8/31/2058  GBP   72.013
Bayerische Landesbank0.710    12/1/2031  EUR   73.694
Ringkjoebing Landboba1.875     6/6/2039  EUR   64.482
Region Auvergne-Rhone0.650    5/18/2038  EUR   64.216
Takarek Mortgage Bank1.500    1/10/2025  HUF   73.000
Wirtschafts- und Infr0.060    8/31/2034  EUR   67.317
Landesbank Hessen-Thu1.700    1/11/2034  EUR   70.500
Oberoesterreichische 0.315    9/14/2035  EUR   65.628
BPCE SA              2.550     6/9/2035  AUD   57.094
State of North Rhine-1.513    7/27/2065  EUR   65.349
Russian Post FGUP    2.750    12/6/2023  RUB   60.070
Nationwide Building S1.425    3/16/2038  EUR   73.185
Erste Group Bank AG  0.350   10/23/2029  EUR   73.771
Region Wallonne Belgi1.741     4/7/2039  EUR   74.954
State of North Rhine-1.491    8/23/2066  EUR   63.779
Deutsche Pfandbriefba3.100     9/7/2046  USD   62.624
Ville de Paris       0.921    5/26/2053  EUR   50.015
Norddeutsche Landesba1.020   10/29/2031  EUR   73.882
UBS AG/London        9.750    1/16/2023  EUR   63.850
UBS AG/London        9.750    4/27/2023  USD   46.300
UBS AG/London        9.500    4/27/2023  USD   40.100
Berlin Hyp AG        0.030    7/22/2030  EUR   72.636
Dyadya Doner OOO     13.500   4/25/2023  RUB   15.000
Ile-de-France Mobilit1.000    12/2/2043  EUR   60.812
Credit Suisse AG/Lond7.500   11/18/2022  CHF   68.510
ING Bank NV          6.100    5/26/2028  RON   70.070
NRW Bank             0.591    3/19/2040  EUR   67.182
Nederlandse Waterscha1.500    3/10/2042  EUR   72.456
VTB Bank PJSC        0.010    9/16/2026  RUB   65.590
Credit Suisse AG/Lond8.000   10/31/2022  USD   60.000
Bank Vontobel AG     8.500   12/12/2022  EUR   53.800
VTB Bank PJSC        0.010    3/25/2026  RUB   61.000
JP Morgan Structured 12.000   8/28/2026  ZMW #N/A N/A
DZ Bank AG Deutsche Z0.520    6/23/2031  EUR   70.235
Credit Suisse AG/Lond8.000    8/30/2024  USD    8.219
Sberbank of Russia PJ0.010    12/7/2026  RUB   72.300
Kuntarahoitus Oyj    0.448    3/19/2040  EUR   59.401
Natixis SA           3.000   11/26/2031  AUD   74.314
Banque Internationale8.000    11/8/2023  USD   57.940
Assistance Publique H0.683    3/19/2041  EUR   59.318
Raiffeisen Schweiz Ge10.250    2/6/2023  CHF   36.090
Vontobel Financial Pr10.750   4/13/2023  EUR   70.260
UniCredit Bank AG    0.475   12/30/2030  EUR   73.463
Sberbank of Russia PJ0.010     9/3/2026  RUB   75.000
Sberbank of Russia PJ0.010    8/31/2028  RUB   57.800
Berlin Hyp AG        0.118    3/18/2030  EUR   74.056
Societe Generale SA  2.050    2/18/2031  AUD   65.084
VTB Bank PJSC        0.010   10/14/2026  RUB   55.560
VTB Bank PJSC        0.010    10/6/2024  RUB   71.720
Societe Generale SA  6.150   11/18/2024  USD   70.500
Trans-Sped Logisztika2.500    3/16/2030  HUF   55.430
Caisse des Depots et 1.275     5/5/2051  EUR   66.972
Landesbank Hessen-Thu1.800     6/9/2036  EUR   62.650
Landesbank Baden-Wuer0.320    5/28/2029  EUR   74.478
Region of Centre-Val 0.662    5/12/2034  EUR   73.676
UniCredit Bank AG    1.120    5/14/2057  EUR   60.799
Raiffeisen Schweiz Ge7.000    3/24/2023  CHF   53.840
UBS AG/London        13.250    8/2/2023  USD   59.400
Credit Suisse AG/Lond8.250    4/13/2023  CHF   53.850
United Utilities Wate0.359    10/5/2048  GBP   63.278
City of Kyiv Via PBR 7.500   12/15/2022  USD   34.590
UBS AG/London        5.000    4/14/2023  CHF   65.300
Credit Suisse AG/Lond8.500    3/24/2023  USD   73.720
VTB Bank PJSC        0.010   12/20/2024  RUB   69.670
VTB Bank PJSC        0.010   11/22/2024  RUB   75.000
VTB Bank PJSC        0.010   12/13/2024  RUB   73.780
Kuntarahoitus Oyj    0.939    2/15/2050  EUR   66.530
Sberbank of Russia PJ0.010    9/21/2028  RUB   58.610
Muenchener Hypotheken0.420   11/16/2033  EUR   65.222
Region Wallonne Belgi2.100    6/26/2048  EUR   73.874
Deutsche Apotheker-un1.616    1/15/2038  EUR   64.369
BNP Paribas SA       2.000     5/2/2033  EUR   71.872
UBS AG/London        12.250   11/3/2023  USD   64.400
Societe Generale SA  3.040    1/19/2032  AUD   70.154
BNP Paribas SA       2.230    2/22/2034  EUR   73.921
Sparebank 1 Oestlande1.750    1/30/2034  EUR   73.981
Vasakronan AB        2.533    1/28/2044  EUR   51.254
Raiffeisenlandesbank 0.810   10/20/2031  EUR   70.553
Bank of Ireland Mortg1.574    3/31/2043  EUR   72.123
Parnassia Groep BV   1.260    12/3/2046  EUR   70.462
Nordea Bank Abp      7.150    7/20/2024  SEK   64.600
BPCE SFH SA          1.229    4/12/2049  EUR   65.281
Hypo Tirol Bank AG   0.565     2/5/2031  EUR   69.638
Assistance Publique H0.647    7/17/2040  EUR   60.036
Region de Bruxelles-C1.250    1/10/2060  EUR   52.588
Landesbank Hessen-Thu1.600    6/12/2035  EUR   66.300
Credit Agricole Corpo2.480    8/18/2050  USD   46.968
Kreditanstalt fuer Wi0.620    1/14/2050  EUR   53.097
Region de Bruxelles-C0.460   12/15/2051  EUR   42.952
Region Auvergne-Rhone0.697     8/2/2036  EUR   68.749
EFG International Fin6.120    7/11/2024  EUR   44.640
Single Platform Inves1.140    3/26/2040  EUR   59.635
State of Lower Austri0.400   10/13/2050  EUR   45.713
Credit Agricole Corpo2.105   10/22/2035  USD   59.078
Department of Loiret 0.790   11/22/2039  EUR   63.012
BNG Bank NV          0.799    7/25/2039  EUR   67.043
HSBC Continental Euro0.800   12/13/2034  EUR   66.485
Skandinaviska Enskild6.250    1/15/2025  SEK   49.610
Landesbank Baden-Wuer0.010    1/25/2030  EUR   73.580
Wirtschafts- und Infr0.208    1/28/2043  EUR   54.604
MFB Magyar Fejlesztes1.700    6/24/2025  HUF   71.400
Lehman Brothers Treas11.750    3/1/2010  EUR    0.100
Region de Bruxelles-C0.765    7/15/2052  EUR   48.022
Single Platform Inves0.428    2/15/2040  EUR   51.601
Single Platform Inves0.725     3/7/2039  EUR   56.657
BPCE SA              2.285    12/3/2035  AUD   53.849
Landesbank Hessen-Thu0.500    2/18/2036  EUR   57.021
Landesbank Hessen-Thu0.500   10/14/2031  EUR   70.220
Credit Bank of Moscow7.121    6/25/2024  USD   25.379
Credit Suisse AG/Lond1.200   12/20/2030  EUR   72.785
DZ Bank AG Deutsche Z9.750    5/26/2023  EUR   67.030
Societe Generale SA  3.470    1/26/2033  USD   69.543
Rikshem AB           2.197     3/1/2033  EUR   74.149
VTB Bank PJSC        0.010    9/16/2026  RUB   71.950
DVM Construction Fova3.000    7/29/2030  HUF   54.400
DekaBank Deutsche Gir7.050    4/28/2023  EUR   52.190
Department of Loiret 0.550   12/18/2045  EUR   50.534
LFA Foerderbank Bayer0.125    9/30/2038  EUR   59.497
Office Public De L'Ha1.700   12/22/2060  EUR   70.789
Nomura Bank Internati0.909   11/20/2029  EUR   74.963
Kommunekredit        1.375    5/18/2046  SEK   65.447
Akademiska Hus AB    2.600   10/27/2047  SEK   74.933
Hypo Vorarlberg Bank 0.500    6/23/2031  EUR   69.597
Region de Bruxelles-C1.310   12/15/2069  EUR   49.956
Landesbank Hessen-Thu0.530    11/4/2031  EUR   71.691
Norddeutsche Landesba0.750    1/15/2032  EUR   70.664
Barclays Bank PLC    2.550    3/18/2031  AUD   72.155
Cooperatieve Rabobank3.000    3/25/2036  AUD   73.170
Landesbank Saar      0.700    3/26/2031  EUR   74.653
Muenchener Hypotheken1.000    6/30/2037  EUR   61.606
Barclays Bank PLC    3.020    3/26/2051  USD   58.532
Norddeutsche Landesba0.675    2/25/2033  EUR   66.501
VTB Bank PJSC        0.010    8/26/2026  RUB   67.120
DekaBank Deutsche Gir2.800   12/23/2022  EUR   46.120
Cooperatieve Rabobank1.520     9/7/2043  EUR   71.929
Russian Railways JSC 9.390    2/28/2040  RUB   50.010
Russian Railways JSC 9.390    2/28/2040  RUB   50.010
OP Corporate Bank plc1.400    3/16/2035  EUR   68.753
Deutsche Bank AG     1.750     4/9/2035  EUR   57.608
Basler Kantonalbank  8.000    8/18/2023  CHF   58.840
BNP Paribas Issuance 0.700    6/25/2039  EUR   61.390
Progress Etteremhaloz3.000    9/18/2030  HUF   57.700
Batigere Grand Est SA1.485   10/25/2039  EUR   52.099
Erste Group Bank AG  7.500   11/29/2024  EUR   46.950
Leonteq Securities AG8.000    11/1/2022  CHF   52.020
DZ Bank AG Deutsche Z1.150   12/30/2030  EUR   72.390
Vasakronan AB        1.870     6/3/2039  EUR   48.788
Solarwatt GmbH       7.000    11/1/2015  EUR   15.500
Nationale-Nederlanden0.530     9/3/2029  EUR   74.810
Transports Publics Ne0.220   10/28/2032  CHF   73.470
Pongs & Zahn AG      8.500               EUR    0.003
Astana Finance BV    9.000   11/16/2011  USD   15.250
Russian Foreign Bond 2.875    12/4/2025  EUR   40.670
NRW Bank             1.245     9/7/2060  EUR   60.381
Free and Hanseatic Ci1.095    6/13/2046  EUR   65.331
Communaute Francaise 1.115    7/11/2039  EUR   64.508
DZ HYP AG            1.060    7/28/2036  EUR   72.203
DekaBank Deutsche Gir2.890    5/23/2044  EUR   74.329
Pescanova SA         8.750    2/17/2019  EUR    0.319
State of North Rhine-1.293    2/25/2041  EUR   71.850
Raiffeisen-Landesbank0.060    10/3/2031  EUR   73.221
Banca Popolare di Son1.590   12/30/2035  EUR   74.325
Bayerische Landesbank3.200   10/28/2022  EUR   61.630
Reso-Leasing OOO     17.000  10/30/2025  RUB   70.000
Leonteq Securities AG8.000    1/23/2023  CHF   59.720
Corner Banca SA      14.000   2/14/2023  CHF   55.760
DZ Bank AG Deutsche Z1.000    11/9/2035  EUR   72.286
UBS AG/London        9.250     1/9/2023  USD   67.650
UBS AG/London        13.000    4/6/2023  USD   37.700
Landesbank Baden-Wuer4.000     1/2/2026  EUR   74.440
Banque et Caisse d'Ep1.000     1/4/2042  EUR   67.134
Region of Centre-Val 0.924    11/2/2043  EUR   58.739
Region of Centre-Val 0.755    11/2/2037  EUR   66.510
Brown's Pharma Holdin3.900     7/9/2031  EUR   70.511
Muenchener Hypotheken0.620    7/22/2033  EUR   66.422
Landesbank Hessen-Thu1.000    3/24/2032  EUR   73.024
UBS AG/London        0.120    5/25/2040  MXN   11.766
Hunland Feed Kft     2.880    7/21/2031  HUF   55.890
Baromfi-Coop Termelo 3.000    7/19/2031  HUF   58.100
Leonteq Securities AG11.000   1/19/2023  CHF   52.940
Leonteq Securities AG11.000   1/26/2023  USD   37.710
Caisse des Depots et 1.365    11/2/2051  EUR   68.018
Natixis SA           3.080    1/25/2032  AUD   73.741
Zurcher Kantonalbank 10.000   1/26/2023  CHF   60.630
Credit Suisse AG/Lond12.000   1/24/2023  USD   43.490
Erste Group Bank AG  1.200    2/11/2040  EUR   59.959
Credit Agricole Corpo17.520   1/27/2027  TRY   66.185
Credit Suisse AG/Lond8.000   11/21/2022  EUR   23.510
Credit Suisse AG/Lond7.000    2/10/2023  EUR   58.250
Credit Agricole Corpo10.800   3/24/2026  TRY   48.752
Citigroup Global Mark1.240    2/18/2040  EUR   57.177
Republic of Ireland I1.100   11/12/2096  EUR   42.536
Republic of Ireland I1.230    6/23/2121  EUR   43.306
DZ Bank AG Deutsche Z0.540   10/23/2031  EUR   69.410
Barclays Bank PLC    10.200   2/14/2025  TRY   56.754
Greenleaves Capital D2.665    9/25/2031  AUD   71.726
Barclays Bank PLC    0.940     8/2/2049  JPY   67.633
Metropolis of Grenobl0.700   11/18/2033  EUR   74.689
Metal Hungaria Holdin3.500   11/16/2031  HUF   65.000
Bank Vontobel AG     11.500  11/14/2022  EUR   64.100
Landesbank Baden-Wuer0.060     9/1/2031  EUR   68.934
Landesbank Hessen-Thu2.180    3/17/2042  EUR   73.326
Nordea Bank Abp      2.000    4/29/2027  SEK   59.980
UniCredit Bank AG    4.200    9/29/2025  EUR   49.390
Swedbank Hypotek AB  1.500    7/13/2048  EUR   68.821
Cie de Financement Fo1.520    7/19/2038  EUR   74.386
BPCE SFH SA          1.470     8/2/2038  EUR   73.868
State of Rhineland-Pa0.500    7/30/2036  EUR   68.829
BNP Paribas SA       2.050    8/14/2039  EUR   74.103
Region de Bruxelles-C1.800    8/17/2048  EUR   68.272
Landesbank Baden-Wuer0.570    2/27/2034  EUR   59.452
Landesbank Hessen-Thu1.200     2/9/2052  EUR   68.446
UBS AG/London        6.750    2/23/2024  CHF   68.950
UBS AG/London        8.500   11/30/2022  CHF   38.750
Zurcher Kantonalbank 10.000   1/27/2023  USD   72.910
Banque et Caisse d'Ep0.880    2/10/2037  EUR   72.054
Banque Cantonale Vaud5.000     4/6/2023  CHF   45.150
Kreditanstalt fuer Wi1.175    4/14/2051  EUR   66.558
Credit Agricole Corpo3.200    3/11/2036  AUD   71.907
Landesbank Baden-Wuer0.760    3/31/2036  EUR   56.247
DekaBank Deutsche Gir0.250    1/31/2031  EUR   73.203
NRW Bank             0.642     2/9/2051  EUR   57.738
Credit Agricole Corpo2.000    2/19/2031  AUD   73.067
Single Platform Inves1.650     6/1/2038  EUR   74.742
Caisse des Depots et 0.571    2/18/2041  EUR   62.382
Brussels Municipaliti0.892    3/29/2041  EUR   62.727
OR PJSC              16.000  11/22/2025  RUB   18.000
UBS AG/London        7.000    7/12/2023  CHF   52.250
Natixis SA           3.600   11/16/2041  AUD   65.823
Landeskreditbank Bade1.017    3/15/2061  EUR   55.389
Credit Suisse AG/Lond15.000   3/17/2023  USD   52.960
Bayer Construct Epito3.700   10/21/2031  HUF   53.340
Single Platform Inves1.240    5/21/2032  EUR   74.023
Region de Bruxelles-C1.065    6/22/2047  EUR   57.475
Barclays Bank PLC    2.600     4/6/2031  NZD   74.541
Landesbank Baden-Wuer0.500    4/16/2031  EUR   68.583
DNB Boligkreditt AS  1.570    9/27/2038  EUR   74.649
DNB Boligkreditt AS  1.573    11/2/2038  EUR   74.534
Stadt Graz           1.824   10/31/2047  EUR   69.175
Nordea Bank Abp      5.000    1/20/2025  SEK   61.120
Credit Agricole Corpo3.020    4/22/2036  AUD   70.071
Barclays Bank PLC    2.000     5/7/2036  MXN   28.038
ING Bank NV          2.330    5/12/2031  USD   74.789
Muenchener Hypotheken1.185     5/5/2059  EUR   59.803
UBS AG/London        10.000   10/2/2023  CHF   68.600
DZ Bank AG Deutsche Z3.000    3/24/2023  EUR   73.740
BPCE SFH SA          1.523    6/14/2038  EUR   74.954
Department of Bouches1.563    6/18/2038  EUR   74.722
Specialfastigheter Sv2.375    6/25/2048  SEK   69.119
Leonteq Securities AG7.000    9/27/2023  CHF   56.050
Societe Generale SA  29.000   4/19/2023  USD   50.650
Leonteq Securities AG23.400   1/18/2023  CHF   28.430
Kuntarahoitus Oyj    1.150    9/24/2051  EUR   65.075
Credit Mutuel Arkea S2.060    9/21/2038  EUR   67.787
Swedbank Hypotek AB  1.450    9/14/2038  EUR   73.922
Societe d'Infrastruct1.913    7/12/2033  EUR   70.664
ING Groep NV         0.975    2/14/2034  EUR   59.650
Banco Santander SA   2.750     9/5/2037  EUR   74.660
Nederlandse Waterscha1.950    8/29/2058  EUR   72.705
Credit Suisse AG/Lond7.000   10/31/2022  USD   54.620
Nordea Bank Abp      2.000     2/3/2027  SEK   63.310
NRW Bank             0.921   10/20/2041  EUR   66.900
Aareal Bank AG       0.220    3/10/2028  EUR   71.856
UniCredit Bank AG    1.560    1/20/2031  EUR   64.720
Credit Agricole Corpo3.100    4/28/2041  AUD   65.064
Landesbank Baden-Wuer0.420    4/12/2030  EUR   71.653
Cooperatieve Rabobank2.250    9/15/2047  EUR   67.819
JP Morgan Structured 11.000  12/30/2026  ZMW #N/A N/A
DZ Bank AG Deutsche Z1.150    4/30/2035  EUR   71.407
Nordea Bank Abp      8.250    1/20/2025  SEK   60.990
ABN AMRO Bank NV     1.585    1/21/2039  EUR   74.531
ING Bank NV          1.557    1/17/2039  EUR   74.606
ING Bank NV          1.560    1/21/2039  EUR   74.640
Credit Agricole Corpo2.300    6/16/2031  USD   72.679
UBS AG/London        16.000    4/1/2024  USD   70.350
Landesbank Baden-Wuer4.000   11/25/2022  EUR   66.800
Nordea Bank Abp      1.424    2/20/2034  EUR   73.969
Landesbank Hessen-Thu1.600    3/22/2034  EUR   72.079
Landeskreditbank Bade1.443    3/18/2042  EUR   72.576
DNB Boligkreditt AS  1.355   12/18/2037  EUR   72.756
DNB Boligkreditt AS  1.455    1/11/2038  EUR   73.841
DNB Boligkreditt AS  1.452    1/19/2038  EUR   73.697
Deutsche Bank AG/Lond12.780   3/16/2028  TRY   42.981
BNG Bank NV          1.603    3/19/2048  EUR   70.528
Stadshypotek AB      1.444    4/19/2038  EUR   74.241
Erste Group Bank AG  7.250    6/30/2026  EUR   66.850
Banco Santander SA   1.000    1/14/2034  EUR   66.473
Norddeutsche Landesba1.100   10/13/2034  EUR   66.705
Premium Green PLC    3.500    9/15/2041  EUR   71.447
Swedbank Hypotek AB  1.500     7/2/2038  EUR   72.864
Banco Santander SA   1.020     1/4/2034  EUR   66.146
BPCE SA              2.730    10/5/2036  AUD   57.126
Leonteq Securities AG17.000  11/22/2022  USD   14.360
Bank Vontobel AG     15.000  11/28/2022  CHF   56.100
Cie de Financement Fo1.887    1/31/2049  EUR   73.616
Lloyds Bank PLC      2.280    1/29/2044  EUR   70.987
Oberbank AG          2.250     2/1/2039  EUR   69.813
Swedbank Hypotek AB  1.292    2/11/2037  EUR   73.482
Sibur Holding PAO    1.500    10/1/2032  USD   47.000
DZ HYP AG            1.505    3/12/2038  EUR   74.846
Ukraine Government Bo4.000    1/25/2024  USD   40.778
BPCE SFH SA          1.529   12/14/2038  EUR   74.331
BPCE SFH SA          1.536   12/21/2038  EUR   74.312
Aareal Bank AG       0.255    9/17/2029  EUR   64.669
NRW Bank             0.650    7/20/2037  EUR   69.535
Vasakronan AB        1.781   10/30/2030  NOK   73.065
Norddeutsche Landesba1.600     8/1/2039  EUR   64.165
BNP Paribas SA       3.660     8/9/2039  AUD   66.511
NRW Bank             1.000    2/26/2050  EUR   61.766
Land Thueringen      1.000    3/29/2039  EUR   70.780
Nederlandse Waterscha1.486    4/24/2052  EUR   70.641
Landesbank Baden-Wuer1.250    4/24/2039  EUR   63.040
Department of L'Eure 1.110    6/18/2039  EUR   67.703
BKS Bank AG          1.160     2/4/2031  EUR   73.677
Credit Agricole Corpo1.830     2/4/2031  AUD   71.836
Kuntarahoitus Oyj    0.040     2/9/2034  EUR   69.691
Vasutvillamosito Kft 3.000     2/3/2031  HUF   65.000
BNP Paribas SA       3.580    7/23/2040  AUD   69.004
Caisse des Depots et 0.678    7/23/2040  EUR   64.513
Rikshem AB           2.370    6/17/2032  NOK   72.842
Aareal Bank AG       0.660    6/26/2028  EUR   72.315
Region Wallonne Belgi0.808    6/24/2038  EUR   64.829
Kreditanstalt fuer Wi0.400    8/12/2040  EUR   62.357
Daniella Kereskedelmi3.000    7/30/2030  HUF   54.700
Regie Autonome des Tr0.875    8/18/2080  EUR   36.256
UniCredit SpA        1.050    1/23/2031  EUR   67.466
Single Platform Inves1.150    5/25/2066  EUR   42.493
Caisse des Depots et 1.630   12/28/2046  EUR   74.742
Ville de Paris       0.831    2/23/2056  EUR   45.595
Vasakronan AB        3.270    6/26/2034  AUD   69.830
Royal Schiphol Group 3.090     7/1/2034  AUD   68.635
BNP Paribas SA       3.950    7/11/2039  AUD   69.123
Collectivite Europeen0.487    10/9/2045  EUR   49.831
DZ Bank AG Deutsche Z0.500   10/21/2032  EUR   72.143
Societe Generale SA  3.300     7/8/2034  AUD   66.669
UniCredit Bank AG    0.310   10/15/2035  EUR   65.937
Societe Generale SA  27.300  10/20/2025  USD   17.250
Hypo Vorarlberg Bank 0.390   10/21/2030  EUR   70.380
Landesbank Baden-Wuer0.440   10/19/2035  EUR   66.863
Nederlandse Waterscha0.436   10/22/2040  EUR   60.892
BNG Bank NV          1.410    7/28/2031  AUD   71.056
Mostotrest PJSC      0.010    7/29/2026  RUB   62.660
UBS AG/London        12.250  11/18/2022  EUR   27.040
Deutsche Pfandbriefba1.000    12/2/2030  EUR   64.887
Standard Chartered Ba1.730    1/26/2031  USD   71.735
Nederlandse Waterscha0.932    12/2/2060  EUR   53.346
Hypo Tirol Bank AG   0.740    5/29/2040  EUR   63.339
Single Platform Inves2.320    9/18/2041  EUR   71.269
Kuntarahoitus Oyj    0.983    11/3/2060  EUR   58.623
DNB Boligkreditt AS  1.538    5/18/2038  EUR   74.499
EFG International Fin9.100    9/20/2023  EUR   37.020
BKS Bank AG          1.160     2/4/2031  EUR   73.615
Santander Internation1.365    1/28/2061  EUR   42.817
NRW Bank             0.600    1/28/2051  EUR   51.026
Landesbank Baden-Wuer1.100     5/7/2040  EUR   56.839
HSBC Bank PLC        10.300  12/10/2024  TRY   60.725
Kreditanstalt fuer Wi0.210   11/18/2037  EUR   61.951
State of Lower Austri0.550   11/13/2080  EUR   28.907
Societe Wallonne de F0.750    5/22/2030  EUR   74.552
Metropole de Lyon    0.466    12/7/2046  EUR   47.989
Landesbank Saar      0.400    1/14/2031  EUR   73.133
Societe Generale SA  1.100    2/20/2034  EUR   64.217
Region Bretagne SCI  0.150    1/19/2035  EUR   66.967
Credit Agricole Corpo11.340   2/12/2026  TRY   54.122
Regie Autonome des Tr0.953    5/24/2052  EUR   57.390
Single Platform Inves0.785    3/20/2039  EUR   57.178
Credit Agricole Corpo0.650    11/5/2034  EUR   62.346
SBAB Bank AB         0.928    11/7/2034  SEK   70.325
Region de Bruxelles-C1.467     3/1/2039  EUR   72.778
Single Platform Inves1.340    5/10/2044  EUR   56.663
OR PJSC              12.600   9/28/2025  RUB    5.000
Region de Bruxelles-C1.819    1/22/2048  EUR   69.384
HSBC Continental Euro2.220    1/24/2048  EUR   70.112
BPCE SFH SA          1.458    1/26/2038  EUR   74.280
Landesbank Hessen-Thu2.435     2/6/2048  EUR   70.710
Deutsche Apotheker-un1.715    2/13/2037  EUR   66.724
Landesbank Baden-Wuer1.690     2/7/2033  EUR   71.715
La Banque Postale Hom1.470    12/1/2037  EUR   74.995
State of Rhineland-Pa0.872   10/31/2036  EUR   71.694
Ministeries Van de Vl1.564   11/12/2046  EUR   64.794
DZ Bank AG Deutsche Z0.750    7/30/2032  EUR   74.686
Single Platform Inves0.678    2/15/2041  EUR   51.717
Batigere Grand Est SA1.550    8/12/2041  EUR   49.126
Cooperatieve Rabobank0.540     8/3/2040  EUR   59.838
Kuntarahoitus Oyj    0.726     1/8/2060  EUR   43.118
Aktia Bank Oyj       0.965   12/11/2040  EUR   59.164
UBS AG/London        10.250  12/15/2022  CHF   49.950
Single Platform Inves0.656    9/20/2050  EUR   41.249
Skandinaviska Enskild8.600    7/17/2023  SEK   53.450
Metropole de Lyon    0.500   12/28/2048  EUR   45.917
Single Platform Inves1.000    7/15/2036  EUR   64.493
Banque Cantonale Vaud5.000    5/17/2023  CHF   61.390
UBS AG/London        8.250   11/21/2022  CHF   41.700
Credit Agricole Corpo10.800   3/24/2026  TRY   52.458



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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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