/raid1/www/Hosts/bankrupt/TCREUR_Public/221121.mbx        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, November 21, 2022, Vol. 23, No. 226

                           Headlines



B E L G I U M

ONTEX GROUP: Moody's Cuts CFR & EUR580MM Sr. Unsecured Notes to B3


F R A N C E

BISCUIT HOLDING: EUR490M Bank Debt Trades at 34% Discount
CASPER MIDCO: Moody's Raises CFR to B3 & Alters Outlook to Stable
UNIFIN: Moody's Affirms 'B2' CFR & Alters Outlook to Stable


G E R M A N Y

AENOVA GROUP: S&P Alters Outlook to Stable, Affirms 'B-' ICR
HUGO BOSS: Egan-Jones Raises Sr. Unsecured Debt Ratings to BB+
SLV GMBH: EUR397M Bank Debt Trades at 27% Discount
WITTUR HOLDING: EUR565M Bank Debt Trades at 39% Discount


I C E L A N D

WD FF LIMITED: Fitch Affirms LongTerm IDR at 'B', Outlook Negative


I R E L A N D

FINANCE IRELAND NO. 2: S&P Affirms 'BB+(sf)' Cl. F-Dfrd Note Rating
ORANJE 32: S&P Affirms 'BB+ (sf)' Rating on Class E Notes


I T A L Y

ITALY: Egan-Jones Retains BB+ Sr. Unsecured Debt Ratings


L U X E M B O U R G

ARMORICA LUX: EUR335M Bank Debt Trades at 26% Discount


N E T H E R L A N D S

CASPER DEBTCO: Moody's Cuts CFR to Ca, Appends "/LD" to PDR
COMET BIDCO: GBP315M Bank Debt Trades at 32% Discount
COMET BIDCO: US$420M Bank Debt Trades at 33% Discount
GTT COMMUNICATIONS: EUR750M Bank Debt Trades at 32% Discount
GTT COMMUNICATIONS: US$140M Bank Debt Trades at 31% Discount

KETER GROUP: EUR690M Bank Debt Trades at 25% Discount
KETER GROUP: S&P Downgrades ICR to 'B-', On CreditWatch Negative
MEDIAN BV: Fitch Lowers LongTerm IDR to 'B-', Outlook Stable
SCHOELLER PACKAGING: Fitch Affirms 'B-' IDR, Outlook Stable
UPFIELD BV: GBP700M Bank Debt Trades at 15% Discount



R O M A N I A

BLUE AIR: To Hand Over 75% Stake to Romania Over Unpaid Debt
HIDROCONSTRUCTIA: Antitrust Regulator OKs Electromontaj Takeover


S P A I N

PROSIL ACQUISITION: DBRS Lowers Rating on Class A Notes to BBsf


S W I T Z E R L A N D

ILIM TIMBER: Moody's Lowers CFR to B3, Outlook Remains Negative


U N I T E D   K I N G D O M

BRITISH STEEL: Chinese Owners Fail to Fulfill Investment Promise
BULB ENERGY: Government Bailout to Cost Taxpayers GBP6.5 Billion
BULB ENERGY: UK Government Blamed for Soaring Bailout Costs
SAPPHIRE: Enters Administration, To Be Put Up for Sale
THAME AND LONDON: Moody's Raises CFR to B3, Outlook Remains Stable

THG OPERATIONS: EUR600M Bank Debt Trades at 18% Discount


X X X X X X X X

[*] BOND PRICING: For the Week November 14 to November 18, 2022

                           - - - - -


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B E L G I U M
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ONTEX GROUP: Moody's Cuts CFR & EUR580MM Sr. Unsecured Notes to B3
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Moody's Investors Service has downgraded Ontex Group NV's corporate
family rating to B3 from B2 and its probability of default rating
to B3-PD from B2-PD. Concurrently, Moody's has downgraded to B3
from B2 the rating on the EUR580 million senior unsecured notes due
2026 issued by Ontex. The outlook on the ratings remains stable.

"The downgrade to B3 reflects Ontex's weaker than expected
operating performance compared with Moody's expectations when
Moody's downgraded the rating to B2 in March 2022, owing to
persistent inflationary pressures only partially mitigated by
higher prices and cost savings," says Pilar Anduiza, a Moody's
Analyst and lead analyst for Ontex.

"Given that some of these challenges will remain into 2023, Moody's
now expect a one year delay in the improvement of credit metrics
and the company's leverage will remain higher for longer," added Ms
Anduiza.

RATINGS RATIONALE

The downgrade reflects Moody's expectation that Ontex's
profitability will continue to be strained by inflationary cost
pressures resulting in weaker credit metrics over the next 12-18
months. Moody's expects Ontex's adjusted gross leverage will remain
very high in 2022, at around 9x, reducing towards 7.0x in 2023,
which is above the expectation for the previous B2 rating.

The company reported revenue growth of 16% YTD September 2022 on
the back of pricing and volume growth. However, EBITDA declined by
40% during the same period. Although, the company has been able to
pass on price increases to most end-customers, this has not been
enough to offset the impact from higher raw material costs as well
as inflation on energy, transportation, packaging and other
operating costs.

Nevertheless, Moody's positively notes the increased visibility
into 2022 final performance with the company's confirmation of its
outlook and the expectation that adjusted EBITDA for the year will
be at the higher end of the EUR125-140 million range.

The company also recently announced the change in CEO. While the
change in management is intended to allow a faster execution of the
strategy and the company confirmed that the strategy will remain
unchanged, Moody's notes that frequent changes in senior management
might also lead to changes in strategic focus and execution
delays.

Moody's expects Ontex's EBITDA margin to improve over the next
12-18 months, as the main raw material costs stabilise while the
company continues to increase prices and realises the cost savings
stemming from the cost reduction plan. Nevertheless, Moody's
believes that it will be challenging for Ontex to return to
pre-pandemic margin levels because if raw material prices drop on a
sustained basis, the current pricing levels will most likely have
to follow to some extent.

Moody's expects free cash flow generation to be negative by around
EUR100-140 million in 2022 as a result of higher than usual working
capital absorption and to remain negative in 2023 and 2024, mainly
because of restructuring-related one-off costs and gradually
increasing capital spending. Moody's also expects EBIT/interest
cover to be relatively weak over the next 12-18 months at around
1.0x.

More positively, Moody's notes that the announced sale of its
Mexican business is positive because Ontex plans to repay its
EUR220 million TLB due June 2024 at closing of the transaction,
addressing its upcoming debt maturities. While this sale and the
use of proceeds for debt reduction will support Ontex's liquidity,
the impact on leverage will be more modest, given that Mexico
generates most of the consolidated EBITDA from emerging markets.

Ontex's B3 CFR continues to be supported by the company's leading
market positions in the production of hygienic disposable products
in Europe; the less cyclical nature of its products; and its good
diversification by product and geography, with a balance between
its own and retail brands.

However, Ontex's CFR is constrained by the price-competitive nature
of the industry and by the strong bargaining power of large
retailers; its exposure to the negative impact from
foreign-currency exchange, also combined with the recent and sharp
increase in raw material prices; and the high level of
restructuring costs to support cost savings and future growth,
further constraining earnings and cash flow generation.

LIQUIDITY

Ontex's liquidity is currently adequate but is dependent on the
successful completion of the Mexico disposal and the refinancing of
the EUR250 million revolving credit facility (RCF) that is due in
June 2024.

The company had around EUR180 million of cash as of June 2022, and
EUR200 million availability under its EUR250 million RCF.  Moody's
expects Ontex to address the refinancing of its RCF due June 2024
at least one year ahead of maturity.

Moody's notes that the EUR250 million RCF and the EUR220 million
term loan due June 2024 are subject to a covenant to be tested
semi-annually with progressive step-downs over time. The company
obtained a waiver for its leverage covenant tests in December 2022
as well as a reset for June 2023. Given the challenging environment
in 2023, under Moody's assumptions a covenant breach is possible
from December 2023. Therefore, the rating and outlook assumes a
successful sale of Mexico, with proceeds used to repay the TLB.

STRUCTURAL CONSIDERATIONS

The B3 rating on the senior unsecured notes is in line with the
CFR. All liabilities within the capital structure rank pari passu
among themselves. The instruments are guaranteed by material
subsidiaries representing a minimum of 70% of consolidated EBITDA.

Moody's has used the standard 50% family recovery rate to reflect
the presence of both notes and bank debt within the company's
capital structure. As a result, the PDR of B3-PD is in line with
the CFR.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectation that Ontex's
operating performance will gradually stabilize resulting in an
improvement in credit metrics over the next 12-18 months, with
leverage reducing towards 7.0x by 2023 and progressively reducing
thereafter.

The stable outlook assumes a successful completion of the sale of
its Mexican business in Q1 2023, with proceeds used to repay its
term loan due June 2024, as well as the refinancing of its RCF
maturing in June 2024 at least one year ahead of maturity.

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

Upward pressure on the ratings could develop overtime subject to
(1) a material improvement in operating performance and
profitability leading to sustained positive free cash flow
generation; (2) a reduction in leverage, measured as
Moody's-adjusted (gross) Debt/EBITDA, below 6.5x on a sustained
basis; (3) an improvement in its Moody's adjusted EBIT/interest
coverage ratio sustainably above 1.5x; and (4) the maintenance of a
good liquidity profile, including comfortable capacity under
financial covenants.

Downward pressure on the ratings could develop if (1) the planned
sale of the Mexican business does not complete as planned or
proceeds from disposal are not used to reduce debt; (2)  the
company's liquidity profile deteriorates owing to upcoming debt
maturities; or (3) operating performance continues to weaken
leading to an increase in leverage, while free cash flow remains
sustainably negative.

LIST OF AFFECTED RATINGS

Downgrades:

Issuer: Ontex Group NV

Probability of Default Rating, Downgraded to B3-PD from B2-PD

LT Corporate Family Rating, Downgraded to B3 from B2

Senior Unsecured Regular Bond/Debenture, Downgraded to B3 from B2

Outlook Action:

Issuer: Ontex Group NV

Outlook, Remains Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Consumer
Packaged Goods published in June 2022.

COMPANY PROFILE

Ontex Group NV, headquartered in Aalst-Erembodegem, Belgium, is a
leading manufacturer of branded and retailer-branded hygienic
disposable products across Europe, the Americas, the Middle East
and Africa. Ontex operates in three product categories: baby care,
adult incontinence and feminine care. Ontex generated net sales of
around EUR2 billion in 2021 and EBITDA of EUR172 million, as
reported by the company. Ontex is a public company listed on the
Euronext Brussels stock exchange.



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F R A N C E
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BISCUIT HOLDING: EUR490M Bank Debt Trades at 34% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Biscuit Holding
SASU/FR is a borrower were trading in the secondary market around
66 cents-on-the-dollar during the week ended Friday, November 18,
2022, according to Bloomberg's Evaluated Pricing service data.

The EUR490 million facility is a term loan.  The loan is scheduled
to mature on February 14, 2027.   The amount is fully withdrawn and
outstanding.

Biscuit International produces snacks and confectionery products.
The Company manufactures a wide range of label biscuits and other
related products.  The Company's country of domicile is France.



CASPER MIDCO: Moody's Raises CFR to B3 & Alters Outlook to Stable
-----------------------------------------------------------------
Moody's Investors Service has upgraded to B3 from Caa1 the
corporate family rating and to B3-PD from Caa1-PD the probability
of default rating of Casper MidCo SAS (B&B or the company) the
holding company of the French hotel operator B&B Hotels. Similarly,
the instrument ratings of the EUR715 million backed senior secured
term loan B3 (TL-B3), EUR100 million backed senior secured term
loan B4 (TL-B4) and EUR120 million equivalent backed senior secured
multicurrency 1st lien revolving credit facility (RCF) issued by
Casper BidCo SAS were upgraded to B3 from Caa1. The rating of the
EUR155 million backed senior secured 2nd lien term loans issued by
Casper BidCo SAS were upgraded to Caa2 from Caa3. The outlook on
all ratings has changed to stable from positive.

"The upgrade of B&B's CFR to B3 reflects the strong operating
performance of the company throughout 2022 combined with gradual
deleveraging which leads to substantial improvement of its credit
metrics. The stable outlook reflects Moody's expectation that
liquidity will remain adequate thanks to the substantial cushion
built throughout 2022 will accommodate for the rising inflation and
weaker consumer sentiment which will weigh on the company operating
performance in the next 12 to 18 months" says Elise Savoye, CFA, a
Moody's Vice President-Senior Analyst and lead analyst for B&B.

RATINGS RATIONALE

The rating action reflects B&B's strong performance throughout 2022
and relative outperformance of many peers. Over the first nine
months to 2022, B&B was able to significantly increase its prices
with an ADR of EUR65 as of Sep-22 YTD or 112% that of 2019 and
maintain its occupancy in line with 2019 (66.6% as of Sep-22 vs
67.1% in 2019) leading to a RevPar exceeding that of 2019 by 16%
and a better than peers recovery. B&B's market share in the budget
and economy segment increased as the company retained many of the
new customers gained thanks to higher opening rate during the
pandemic than peers and new hotels openings (77 through 2020 and
2021). Thanks to the very strong operating performance and gradual
deleveraging, B&B credit metrics have significantly improved with
Moody's adjusted gross debt/EBITDA at 7.0x and Moody's adjusted
EBITA / Interest at 1.2x as of Sept 2022 LTM.

B&B liquidity significantly improved and is now adequate thanks to
equity contribution in late 2021 and early 222, significant cash on
hand of EUR240 million, EUR120 million committed and undrawn backed
senior secured RCF, no major refinancing until 2026 and improved
cash-flow generation. The company has been able to generate
positive Moody's-adjusted free cash flow (FCF) over the first nine
months of 2022. Catch-up effect on the new openings in Q4 will
likely generate a negative FCF in the fourth quarter and we expect
B&B to be FCF neutral in 2022. B&B's now adequate liquidity is also
supported by the absence of dividend payout until the PEG loan is
repaid (2026).

The company grew its hotel base by a total of 142 hotels since 2020
and Moody's anticipate further growth. This will support revenue
generation but will also increase the leverage in absolute term via
additional leases (about 60% of Moody's adjusted debt is made of
leases).

Moody's expects B&B's very strong operating performance in 2022 to
weaken in the next 12-18 months on the back of the weaker consumer
sentiment, rising inflation and their implications on travel
activity. However, Moody's expect that revenue generation will
remain robust supported by B&B's good market position, improved
market share and good performance of new openings, while the
economy segment will likely benefit from transfers from the higher
end segments. B&B's flexible costs structure will also support
EBITDA generation; however Moody's expect the EBITDA margin to
decline from very high 25.2% LTM Sep-2022 to 21.5%-24% over the
next 12 to 18 months.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectations that the key
credit metrics will remain commensurate with a B3 rating in the
next 12-18 months thanks to weaker but still robust operating
performance and significant cushion built throughout 2022. The
outlook does not reflect a spillover of geopolitical tensions on
the European travel market.

LIQUIDITY

B&B's liquidity is adequate and is supported by EUR240 million of
cash as of September 2022, which benefitted from capital increase
of EUR100 million in 2021 and 2022 and the additional TL-B4 of
EUR100 million in 2021, and a committed undrawn backed senior
secured revolving credit facility of EUR120 million as of September
2022. The backed senior secured RCF has a springing covenant of net
leverage below 8.5x if drawn above 40%. Moody's expect the company
to be free cash flow negative (on a Moody's adjusted basis) in 2023
and 2024 on the back of their growth strategy.

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

WHAT COULD MOVE THE RATINGS - UP

The rating could be upgraded if there is a combination of the
following:

Strong liquidity and a return to meaningful and sustained positive
free cash flow

Improvement in credit metrics with debt/EBITDA well below 6.0x
coverage (EBITA/interest) approaching 1.5x and retained cash
flow/net debt above 10%, all on a sustained basis and including
Moody's standard adjustments

WHAT COULD MOVE THE RATINGS - DOWN

Negative rating pressure could arise if:

Moody's adjusted gross debt/ EBITDA remains sustainably above 7x;

Moody's adjusted EBITA/ Interest remains sustainably below 1x;

A rapid and significant deterioration in the underlying business
conditions with lower than anticipated demand or higher costs
leading to materially negative free cash flow and inability to
preserve an adequate liquidity profile

STRUCTURAL CONSIDERATION

In the loss-given-default (LGD) assessment for B&B, Moody's ranks
pari passu the EUR715 million existing backed senior secured TL-B3,
the EUR100 million additional backed senior secured TL-B4 issued in
2021, and EUR120 million backed senior secured RCF, which share the
same security and are guaranteed by certain subsidiaries of the
group accounting for at least 80% of consolidated EBITDA. Moody's
also consider at the same level the total EUR120 million additional
financing received throughout the pandemic from operating
entities.

The TL-B3 and TL-B4 are covenant-light with a spring net leverage
covenant set at 8.5x only applicable to the revolver if it is drawn
over 40% (undrawn as of September 2022). The rating of the TL-B3,
TL-B4 and the RCF reflects a lower relative amount of loss
absorption by the second lien term loan given the additional first
lien debt amount in 2021 and additional state loans on the
operating entity levels.

The EUR155 million of backed senior secured second lien term loans
are ranked junior to the 1st lien TL-B3, TL-B4 and RCF, they share
the same security with 1st lien TL-B3, TL-B4 and RCF and are also
guaranteed by subsidiaries of the group accounting for at least 80%
of consolidated EBITDA. This is reflected in the Caa2 rating on
these loans.

LIST OF AFFECTED RATINGS

Upgrades:

Issuer: Casper MidCo SAS

Probability of Default Rating, Upgraded to B3-PD from Caa1-PD

LT Corporate Family Rating, Upgraded to B3 from Caa1

Issuer: Casper BidCo SAS

BACKED Senior Secured Bank Credit Facility, Upgraded to B3 from
Caa1

BACKED Senior Secured Bank Credit Facility, Upgraded to Caa2 from
Caa3

Outlook Actions:

Issuer: Casper MidCo SAS

Outlook, Changed To Stable From Positive

Issuer: Casper BidCo SAS

Outlook, Changed To Stable From Positive

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Based in Paris, France, B&B is a limited-service hotel chain with
660 hotels in 13 European countries and Brazil as of September
2022. B&B focuses on the "econo-chic" concept – the more upscale
part of the budget segment. The company follows an asset-light
business strategy leasing almost all its hotels. In the first nine
months of 2022 B&B generated EUR690 million in revenues, 9% above
2019 revenues of EUR632 million.

ESG

B&B is owned by Goldman Sachs Merchant Banking Division. As a
result, Moody's expect B&B's financial policy to favour
shareholders over creditors, evidenced by the company's high debt
burden and the continued aggressive debt-fueled growth. The
coronavirus pandemic constitutes a social risk under Moody's ESG
framework, given the substantial implications for public health and
safety.

UNIFIN: Moody's Affirms 'B2' CFR & Alters Outlook to Stable
-----------------------------------------------------------
Moody's Investors Service has affirmed the B2 corporate family
rating and B2-PD probability of default rating of UniFin (Unither
or the company). At the same time, Moody's has affirmed the B2
instrument ratings of the EUR305 million backed senior secured term
loan B and the EUR25 million backed senior secured revolving credit
facility (RCF), both borrowed by the company. The outlook on all
ratings has been changed to stable from negative.

RATINGS RATIONALE

The change in outlook to stable primarily reflects the improved
financial performance over the current year, following a
deterioration of key credit metrics in 2021 indirectly caused by
the coronavirus pandemic. Moody's estimates that the company's key
credit metrics will remain adequately positioned for Unither's B2
rating category over the next 12-18 months, including
Moody's-adjusted gross leverage trending towards 4x, with a
Moody's-adjusted FCF/debt ratio of 1.5%, and continued adequate
liquidity.

Over the next 12-18 months, the agency expects the company to show
top-line growth in the mid-to-high-single digits in percentage
terms, thanks to the strong rebound in demand for blow-fill-seal
(BFS) technology, where the company continues to have a leading
global position. Growth will also be supported by the recent
acquisition of a manufacturing facility in Brazil, which will
increase the company's capacity in Steriles in the region, with
only moderate integration risks. Moody's expects the company to
maintain EBITDA margin thanks to its ability to pass through costs,
and therefore the agency estimates that the company's
Moody's-adjusted EBITDA margin will stay at around 22-23% over the
next 12-18 months, similar to the 2022 levels, despite high raw
materials and energy costs.

On October 26, the company announced that Ardian, the company's
majority shareholder, will sell its stake in the company to a
consortium of current and new investors, led by the company's CEO,
which currently controls around 25% of the company's voting rights.
The closing of the transaction is expected in early 2023. The
agency understands that both the financial policy and strategy of
the company will not materially change, and the company will remain
primarily focused on organic growth and consolidating the company's
market position in China, with a few selective acquisitions to
improve manufacturing capacity. Moody's also understands that in
the future structure no shareholder will have a controlling
position or a majority of votes in the Board of Directors.

RATING OUTLOOK

The stable rating outlook reflects Moody's expectations that
Unither's credit metrics will continue to improve in the next 12-18
months, with a Moody's-adjusted gross leverage trending towards 4x
driven by stronger earnings and positive Moody's-adjusted FCF. The
outlook assumes that the company's financial policy and governance
standards will not deteriorate with the future ownership
structure.

LIQUIDITY PROFILE

Unither's liquidity is adequate, supported by EUR53 million of cash
on balance at end of September 2022; access to a EUR25 million
backed senior secured RCF fully undrawn as of September 2022; and
Moody's expectations of a positive Moody's-adjusted FCF generation
over the next 12-18 months. The company's next debt maturities are
its backed senior secured RCF due in 2024 and the backed senior
secured term loan B debt due in 2025. However, the agency expects
these facilities will be refinanced with the change in ownership,
early next year.

The backed senior secured RCF has a springing net leverage
covenant, defined as a net senior secured leverage ratio at 7.35x,
tested only if the backed senior secured RCF is drawn more than
35%. Moody's expect the company to maintain good capacity under
this covenant, as the ratio was 2.7x as of September 2022.

STRUCTURAL CONSIDERATIONS

The B2-PD is in line with the CFR and reflects a 50% recovery rate,
given the all-bank debt and covenant-lite structure. UniFin is at
the top of the restricted group and the issuer of the EUR305
million backed senior secured term loan B, as well as the EUR25
million backed senior secured RCF. Both instruments are rated B2,
rank pari passu and have a fairly limited security package
consisting only of share pledges. The loan facilities benefit from
guarantees from subsidiaries representing at least 80% of EBITDA.
Other debts for EUR24 million as of September 2022 include loans
from BPI France.

Convertible bonds are issued outside of the restricted group at the
level of the reporting entity Uni Invest, and Moody's treats these
convertible bonds as equity.

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

Upward rating pressure could develop in the medium term in case (1)
Unither's business profile becomes more diversified in terms of
customers and end-markets, (2) and its Moody's-adjusted gross
debt/EBITDA remains sustainably below 4.5x along with a prudent
financial policy, (3) and Unither sustains meaningful positive
Moody's-adjusted FCF and maintains adequate liquidity.

Downward rating pressure could develop in case (1) industry
fundamentals soften or the company loses important customers, (2)
or its Moody's-adjusted gross debt/EBITDA increases above 5.5x for
a prolonged period, or its (3) Moody's-adjusted FCF generation or
liquidity weakens.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Unither is a niche operator in the broader contract development and
manufacturing organization (CDMO) market. It is mainly active in
the secondary manufacturing and packaging part segments, with a
particular focus on the blow-fill-seal (BFS) technology. During the
twelve months ended September 2022, it generated EUR342 million of
net sales and company-adjusted EBITDA of EUR93 million. The company
is currently majority owned by Ardian, a financial sponsor, while
the current CEO's family controls around 25% of voting rights, and
other top executives of the company have 11%.



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G E R M A N Y
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AENOVA GROUP: S&P Alters Outlook to Stable, Affirms 'B-' ICR
------------------------------------------------------------
S&P Global Ratings revised its outlook on Germany-based Aenova
Group GmbH to stable from positive. S&P affirmed its 'B-' long-term
issuer credit rating on Aenova and its 'B-' rating on the senior
secured debt, which has a recovery of '3' (indicating recovery
prospects of about 60%).

The stable outlook indicates that S&P expects Aenova to continue
benefiting from its well-established contractual relationships
across pharma and health care, as well as from operational controls
and efficiencies gained in the past few years, translating into
adjusted debt to EBITDA of close to 7x and positive FOCF in 2023.

Aenova's profit margins will be lower than expected in 2022, due to
elevated raw material, packaging, and energy costs. S&P said, "We
now estimate the adjusted EBITDA margin at about 12%-13% in 2022,
some 200 basis points lower than our previous forecasts, on the
back of sweeping input price inflation. The group's order book
remains strong, thanks to its diverse portfolio of products and
manufacturing capabilities, allowing it to benefit from a
post-COVID return to more normal patterns of demand in many
therapeutic areas (for example, anti-infectives). The group has
been able to mitigate the inflationary impact on its margins,
thanks to management's timely negotiations with customers to pass
through increases in some key raw materials (e.g., active
pharmaceutical ingredients, glucose, gelatin), albeit with a time
lag of one to three months. However, packaging costs, traditionally
excluded from pass through provisions, climbed more than expected,
with global prices for plastic and cardboard packaging increasing
by more than 60% since April 2022, from already elevated levels in
2021. This was coupled with extended supply lead times causing
additional disruption to operational processes for contract
manufacturing organizations in the pharmaceutical and health care
industry, although these pressures now seem to be easing. We note
that Aenova will benefit from energy price caps at its German
manufacturing sites, which should ease the high energy cost impacts
for the next 12 months. Therefore, we believe that the group's
ability to increase its prices, coupled with volume growth, should
slow down further margin erosion as the group goes into 2023."

EBITDA margin should improve in 2023, backed by new product
launches and sound cost management. Despite some expected
volatility, we forecast Aenova's adjusted EBITDA margin will
improve about 12.5%-13.5% in 2023, since its solid orderbook for
the coming months should translate into higher volumes, fueled by
further pricing increases and new product launches such as the BFS
(Blow Fill Seal) project and further innovation in solids. Aenova
is a European market leader in solids, representing 57% of its 2021
sales, with longstanding customer relationships backed by timely
delivery and stringent quality. While operating costs should still
be elevated, management's commitment to include more transparency
in its negotiations should enable the group to pass through further
price increases if needed--including raw materials, packaging, and
energy--thanks to regular negotiation and enhanced transparency
from supplier to customer. The group has secured its electricity
and gas needs for the following months, using hedging when
possible. This should help Aenova's deleveraging path for the next
12 months, after the refinancing in June 2021.

S&P said, "We expect Aenova's adjusted debt to EBITDA to improve to
about 7x in 2023. Despite increased S&P Global Ratings-adjusted
debt to EBITDA in 2022, peaking at about 8x, due to lower
performance, we believe Aenova should be able to decrease its
adjusted leverage to 7x in the next 12 months, thanks to a higher
EBITDA base. Our adjusted debt of about EUR720 million-EUR725
million for 2022 includes the existing term loan B, additional
local bank loans, and our adjustments for net pension liabilities
of about EUR45 million, lease liabilities of about EUR65 million,
and EUR61 million for trade receivables. We also factor in the
financial sponsor ownership by BC Capital Partners. As such, we do
not deduct the cash on the balance sheet from our leverage
calculation."

FOCF should remain positive in 2023, at about EUR15 million. S&P
project positive FOCF generation of at least EUR10 million in 2022
and slightly above EUR15 million in 2023, thanks to lower capital
expenditure (capex) and sound working capital management. That
said, the group might require this cushion in case of operational
needs for additional inventories, if supply chain headwinds pick up
again. In addition, S&P views positively the group's rolling
interest rate hedging policy to support short-term debt service
coverage.

S&P said, "Future growth should be supported by a solid project
pipeline and supportive turnaround strategy. For 2022, capex is
likely to be lower than expected, at about EUR40 million (versus
EUR60 million-EUR70 million in our previous base case) and about
EUR45 million in 2023, due to postponed projects. Nevertheless, we
note that the group's project pipeline is significant, with further
capacities and innovations to be launched, which should support
Aenova's growth in the coming years. The group's focus is on
continuous improvement of production capacity utilization for
existing manufacturing sites, while supporting new partnerships and
product development. The group already has a strong positioning in
solids and plans to expand further in that sector, while
investments in new technologies it lacks in sterile would support
further growth. Since 2019, Aenova has started its turnaround plan
to improve its operational efficiency and gain significant business
in higher-margin business segments such as generic pharma (animal
health and generic drugs), and higher value differentiated
over-the-counter products. While this year's performance might be
lower than expected, we believe the group is putting in place the
necessary steps to implement its plan and fuel revenue growth.

"We expect strong revenue growth of about 10% in 2023, supported by
strong demand and a higher price mix. After a rebound of 5%-6% in
2022, with revenue of EUR735 million-EUR740 million, we expect
further growth over the next 12 months. This is due to a recovery
in demand, stemming from higher volumes of medical consultations,
since almost 50% of Aenova's products are prescription-based. This
means more predictable revenue, but also restoration of therapeutic
pathways disrupted by the pandemic. We also forecast further price
increases, as some impacts have not been fully mitigated, which
should support revenue growth. Therefore, we estimate revenue will
rise to EUR810 million-EUR815 million in 2023, from higher volumes,
coupled with increased prices and some new product launches.

"The stable outlook reflects our expectation that Aenova's
operating performance should improve in the next 12 months thanks
to a solid orderbook, continuous new contract wins and improved
pricing, tight cost-control--including material cost-pass
through--and an improved share of higher value-added products. We
expect adjusted debt to EBITDA of about 8x in 2022, with positive
free operating cash flow (FOCF), thanks to lower capex than
expected and control over working capital needs.

"From 2023, we anticipate positive annual FOCF of EUR15
million-EUR20 million, mainly thanks to better operating leverage
and lower working capital requirements. Under our base case, we
expect Aenova to maintain FFO cash interest coverage above 3x and
to achieve adjusted debt to EBITDA of about 7x.

"We could downgrade Aenova if its operating performance deviates
materially from our base case, such that the group fails to improve
its profitability in line with our assumptions and adjusted debt to
EBITDA stagnates." This scenario could stem from:

-- Loss of key customers;

-- More aggressive financial policy causing adjusted leverage to
increase above our base-case expectations;

-- Nonrenewal of contracts; or

-- A significant increase in production and distribution costs,
with an inability to pass costs through to customers.

S&P said, "We could downgrade Aenova if it is unable to generate
healthy and recurring FOCF, resulting in a material deterioration
in its credit metrics that would hamper expected deleveraging.

"We could take a positive rating action if Aenova demonstrated
profitable growth, with an adjusted EBITDA margin increasing to at
least 15%, pushing adjusted debt to EBITDA comfortably and
sustainably below 6.0x, while also generating positive FOCF. This
scenario could stem from continuous contract gains, robust growth
from product developments, enhanced operating efficiency, and a
conservative approach to external expansion."

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

S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis of Aenova, because of
controlling ownership by a financial sponsor. However, we view
positively the results of the group's operational turnaround
strategy, which has been supported by the sponsor. Aenova's
business has a high degree of operational complexity, providing
high specification outsourced manufacturing services to
pharmaceuticals and consumer health care companies, such as
originators, generic companies, and providers of food supplements
and veterinary products."


HUGO BOSS: Egan-Jones Raises Sr. Unsecured Debt Ratings to BB+
--------------------------------------------------------------
Egan-Jones Ratings Company, on November 15, 2021, upgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Hugo Boss AG to BB+ from BB-.

Headquartered in Metzingen, Germany, Hugo Boss AG designs,
produces, and markets brand name clothing.


SLV GMBH: EUR397M Bank Debt Trades at 27% Discount
--------------------------------------------------
Participations in a syndicated loan under which SLV GmbH is a
borrower were trading in the secondary market around 73.0
cents-on-the-dollar during the week ended Friday, November 18,
2022, according to Bloomberg's Evaluated Pricing service data.

The EUR397 million facility is a term loan.  The loan is scheduled
to mature on January 3, 2024.   The amount is fully withdrawn and
outstanding.

SLV GmbH provides lighting products. The Company offers lamps,
pendant, fittings, transformers, control devices, and electrical
products. The Company's country of domicile is Germany.

WITTUR HOLDING: EUR565M Bank Debt Trades at 39% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Wittur Holding GmbH
is a borrower were trading in the secondary market around 61.4
cents-on-the-dollar during the week ended Friday, November 18,
2022, according to Bloomberg's Evaluated Pricing service data.

The EUR565 million facility is a term loan.  The loan is scheduled
to mature on September 23, 2026.   The amount is fully withdrawn
and outstanding.

Wittur Holding GmbH is the operating entity of The Wittur Group.
The Company is a worldwide producer and supplier of elevator
components. Founded 1968 in Germany, the group is today present
with various subsidiaries in Europe, Asia and Latin America.




=============
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WD FF LIMITED: Fitch Affirms LongTerm IDR at 'B', Outlook Negative
------------------------------------------------------------------
Fitch Ratings has affirmed WD FF Limited's (Iceland; previously
Lannis Ltd) Long-Term Issuer Default Rating (IDR) at 'B'. The
Outlook is Negative. Fitch also affirmed the senior secured
instrument ratings issued by Iceland Bondco plc at 'B+'/'RR3'.

The Negative Outlook reflects higher leverage than commensurate
with the rating and temporary weaker profitability, which Fitch
expects to recover by the financial year ending March 2025 (FY25)
as the company implements its energy hedging plans. It also
captures execution risk on cost savings ahead of the refinancing of
notes maturing in March 2025. This is balanced by a healthy
liquidity position, supported by capex flexibility and fixed
interest rate debt.

Iceland remains highly exposed to capital market conditions at the
time of refinancing, although management retains flexibility to
potentially refinance its debt at a lower amount. Should
operational turnaround and debt capital markets prove elusive by
2H23, this could be indicative of off-market refinancing risks
leading to at least a one-notch downgrade.

The 'B' rating also reflects Iceland's specialist business model
focused on the frozen food and value-seeking consumer segments,
which have been resilient through business cycles. Fitch believes
this segment will somewhat benefit from a recessionary
environment.

KEY RATING DRIVERS

Higher Leverage Upon Refinancing: Fitch expects high funds from
operations (FFO) adjusted gross leverage at 7.5x in FY25 when the
GBP550 million notes mature. Iceland remains highly exposed to
capital market conditions at the time of refinancing. Its forecast
incorporates a reduction in leverage from around 8.5x in FY22-23 as
profitability recovers amid energy cost hedging, which is still
subject to execution. Fitch assumes no voluntary debt prepayment,
as Fitch expects the company will favour a healthy liquidity
position in the current uncertain economic environment and
potentially refinance its debt at a lower amount. Fitch expected
deleveraging to 7.5x by FY24 under its previous rating case in
January 2022.

Energy Cost Drags Profits: Fitch has lowered Iceland's EBITDA
forecast for FY23 to around GBP90 million, from around GBP125
million (after GBP15 million adjustment for leases in line with its
criteria) previously. Fitch expects around a 200bp negative impact
on the EBITDA margin from materially higher but now fully hedged
energy costs in FY23. Overall, Fitch expects a 100bp hit to the
EBITDA margin in FY23, with the energy impact mitigated by around
GBP50 million cost savings and some uplift in sales as consumers
feel the squeeze on their incomes and trade down. Fitch
deconsolidate the restaurants business from its forecast.

Profitability Pressures: Fitch expects cost pressures to continue,
in terms of cost of goods inflation and national living-wage
increases. Fitch expects Iceland to implement various cost-saving
measures, following GBP11 million in 1Q23, to offset some of the
cost inflation. Cost inflation is harder to absorb for
smaller-scale grocers such as Iceland that operate with thinner
EBITDA margins (3.4% in FY22) than large and more diversified
mainstream grocers (around 5%-6%). Management has indicated it has
maintained broadly stable buying margins so far, but this could
become harder, given supplier-cost inflation and in light of
Iceland's value offer and competitive landscape.

Fitch expects for EBITDA margin to gradually recover to 3.6% over
the rating horizon as energy hedging deals, still subject to
execution risk, provide full benefit by FY25.

Opportunistic Financial Behaviour: Iceland's cash funding of the
share purchase from Brait (GBP109 million, fully paid in FY21) and
non-core investments signalled opportunistic financial behaviour in
the context of the company's high leverage. Iceland has not
diverted further funds to its non-core restaurant business,
following an initial GBP31 million that was up-streamed in 3Q21.
However, it is likely that the restricted group would support the
restaurant business if needed.

Its two-family ownership, following the share buyback from Brait,
should allow a longer-term strategic focus. Fitch does not assume
any further material outflows to support, or material earnings
contribution from its restaurant business under its rating case.
The restaurant business has not been included in the restricted
group, and Fitch assumes no additional debt to be serviced from the
restricted group in future.

Lower Free Cash Flow Generation: Fitch expects Iceland to generate
broadly neutral free cash flow (FCF) amid lower profit forecast and
compared with 1% FCF under its previous forecast. Low maintenance
capex of around GBP15 million provides flexibility. Generally,
Fitch expects capex to be lower than FY18-20 when Iceland invested
in its distribution network, depots, online and IT infrastructure.
Fitch expects prudent balancing of capital allocation between
modernisation of its stores, business growth and maintaining
healthy cash balance in the current uncertain environment.

Value Positioning May Benefit: Changing behaviours, whereby
consumers increasingly look for value and shop around for deals,
puts Iceland in a good position to gain market share. Iceland is
UK's second-largest frozen food retailer after Tesco. Iceland grew
its sales during the global financial crisis.

Iceland mildly increased its share in the UK grocery market between
2008 and 2022, despite competitive pressures and the rapid growth
of discount stores. This was achieved by greater differentiation in
its product offering, improved pricing, investment in its stores
and formats, and improved brand positioning with regard to the
environment and sustainability. Fitch expects the UK food industry
to continue to have stiff competition.

DERIVATION SUMMARY

Iceland's business risk profile, as a mostly UK-based specialist
food retailer, is constrained by the company's modest size and
lower diversification compared with other Fitch-rated European food
retailers, such as Tesco Plc (BBB-/Stable) and Bellis Finco Plc
(ASDA; BB-/Negative). Both peers have higher market share, larger
scale, and greater diversification than Iceland.

Iceland's EBITDAR leverage, which Fitch expects to reduce from
around 8.5x in FY23 to slightly below 7.0x in FY25, is much higher
than Fitch-rated UK peers (ASDA: just below 6.0x trending to 5.0x;
Tesco: around 3.5x).

Iceland is larger than Picard Bondco S.A. (B/Negative), a French
specialist food retailer also active in frozen foods, but its
profitability is materially weaker (EBITDAR margin of about 5.5%
versus Picard's above 17%) and FFO. Picard operates mostly in the
higher-margin premium segment and benefits from strong brand
awareness. Picard's financial leverage is similar to Iceland's on
FFO-adjusted gross leverage basis at above 8.5x in FY23-FY25, but
it has better deleveraging capability and a stronger business
profile.

KEY ASSUMPTIONS

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

- Retail revenue (excluding restaurants) growth of 4.5% in FY23 and
3% in FY24 driven by trade-down, partial cost inflation
pass-through and Food Warehouse store openings offset by core
Iceland store closures. Growth of about 1% thereafter.

- 15 Food Warehouse store openings over FY23-FY24, increasing to 25
stores per year in the following two years, partly offset by core
Iceland store closures of 20 per year.

- EBITDA margin to contract by 100bp, given energy cost and wage
inflation, partially offset by cost-savings initiatives.
Improvement by 70bp in FY24 and further 50bp in FY25 as energy
hedging impact feeds through, EBITDA margin reaching 3.6% by FY25.

- Working capital slight outflow of GBP8 million in FY23 (movement
of inventory, payables, and receivables only) and slight inflow
thereafter.

- Capex of GBP50 million in FY23 and reduced to GBP25 million in
FY24 in line with management guidance, and reversal to GBP50
million thereafter.

- No dividends or other distributions (to the restaurants business,
for example) over the rating horizon.

- Restaurant business has been deconsolidated.

Fitch's Key Recovery Rating Assumptions:

Fitch's recovery analysis assumes that Iceland would be reorganised
as a going-concern in bankruptcy scenario rather than liquidated.

Fitch has assumed a 10% administrative claim.

Iceland's going-concern EBITDA assumption reflects its expectation
of recovery in earnings amid visibility on energy cost and cost
savings initiatives. Fitch has excluded the restaurant business
from its going-concern EBITDA calculation.

The going-concern EBITDA estimate of GBP110 million (unchanged)
reflects its view of a sustainable, post-reorganisation EBITDA,
upon which Fitch bases the enterprise valuation (EV). The
assumption also reflects corrective measures taken in the
reorganisation to offset the adverse conditions that trigger its
default, such as cost-cutting efforts or a material business
repositioning.

Fitch applies an EV multiple of 4.5x to the going-concern EBITDA to
calculate a post-reorganisation EV.

Iceland's revolving credit facility (RCF) is assumed to be fully
drawn upon default. The RCF is super-senior to the company's senior
notes in the debt waterfall.

The allocation of value in the debt waterfall results in recovery
expectations corresponding to a 'RR3' Recovery Rating for the rated
notes totalling GBP800 million, with a recovery percentage of 53%
(unchanged).

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to an
upgrade (to B+):

- Fitch views an upgrade of the IDR as unlikely over the next two
years, unless Iceland demonstrates material improvements in
operating performance and adopts more conservative capital
allocation.

- Evidence of positive and profitable like-for-like sales growth
and the maintenance of stable market shares, leading to resilient
profitability with EBITDA margins increasing towards 5%, could lead
to positive rating action.

- Total EBITDAR leverage below 5.5x and FFO adjusted gross leverage
below 6.0x, both on a sustained basis.

- EBITDAR fixed-charge coverage above 2.0x on a sustained basis.

Factors that could, individually or collectively, lead to Outlook
revision to Stable (at B):

- Evidence of stable market share, demonstrated ability to pass on
or mitigate cost inflation, including progress on energy hedging,
leading to stabilised EBITDA margin towards 3.5% and positive FCF.

- Maintenance of comfortable liquidity position while making
voluntary debt prepayments, combined with less adverse market
conditions or EBITDAR leverage trending to 6.5x or below and FFO
adjusted gross leverage trending to 7.0x or below.

- EBITDAR fixed-charge coverage at or above 1.5x.

Factors that could, individually or collectively, lead to negative
rating action/downgrade (to B-):

- Evidence of negative like-for-like sales growth, with loss of
market shares due to a competitive environment or to permanently
lower capex, or inability to pass on or to mitigate cost inflation,
including lack of progress on energy hedging, leading to a
prolonged and accelerating EBITDA margin erosion or neutral FCF.

- Tightening of liquidity amid unexpected cash outflows, combined
with adverse market conditions suggesting high refinancing risk.

- EBITDAR leverage above 6.5x and FFO adjusted gross leverage above
7.0x, both on a sustained basis.

- EBITDAR fixed-charge coverage below 1.5x on a sustained basis.

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: Fitch views Iceland's liquidity as
comfortable, given a cash balance of GBP116 million at September
2022, which excludes restricted GBP20 million for working-capital
purposes (Fitch's adjustment), along with an undrawn GBP20 million
RCF. Fitch expects Iceland's liquidity to remain comfortable over
the rating horizon, despite weaker earnings as Fitch expects
Iceland to flex its capex accordingly. Around 25% of the GBP60
million capex in FY22 was for maintenance.

Refinancing risk on the upcoming GBP550 million senior secured
notes maturities in March 2025 has increased and depend on
execution of profits recovery and visibility on deleveraging before
refinancing, while healthy liquidity provides some buffers to
implement cost-saving measures. Fitch does not assume any voluntary
debt prepayments before maturities.

Iceland is currently exposed to limited interest rate risks as all
debt is fixed, reflected in FFO fixed charge cover of around 1.5x,
in line with the rating.

ISSUER PROFILE

Iceland is a British food retailer specialising in frozen and
chilled food products at a low price point. It operates around
1,000 stores in the UK.

ESG CONSIDERATIONS

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

   Entity/Debt             Rating        Recovery   Prior
   -----------             ------        --------   -----
Iceland Bondco PLC

   senior secured   LT     B+ Affirmed     RR3        B+

WD FF Limited       LT IDR B  Affirmed                B



=============
I R E L A N D
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FINANCE IRELAND NO. 2: S&P Affirms 'BB+(sf)' Cl. F-Dfrd Note Rating
-------------------------------------------------------------------
S&P Global Ratings raised its credit ratings on Finance Ireland
RMBS No. 2 DAC's class B-Dfrd, C-Dfrd, and D-Dfrd notes to 'AA+
(sf)' from 'AA (sf)', 'AA- (sf)' from 'A+ (sf)', and 'A- (sf)' from
'BBB+ (sf)', respectively. At the same time, S&P affirmed its 'AAA
(sf)', 'BBB- (sf)', and 'BB+ (sf)' ratings on the class A, E-Dfrd,
and F-Dfrd notes, respectively.

The rating actions reflect its full analysis of the most recent
transaction information that S^P has received and the transaction's
structural features.

The transaction's performance remains stable with low arrears,
while both the general reserve fund and the class A liquidity
reserve fund remain at their respective targets.

After applying S&P's global residential loans criteria, our
weighted-average foreclosure frequency has decreased primarily
because of the transaction's improved weighted-average effective
loan-to-value (LTV) ratio. S&P's weighted-average loss severity
assumptions have decreased at all rating levels due mainly to the
reduced current weighted-average LTV ratio following recent
significant HPI growth in Ireland.

  Credit Analysis Results

  RATING LEVEL     WAFF (%)     WALS (%)

  AAA              30.56        25.28

  AA               20.66        20.98

  A                15.66        13.48

  BBB              10.44         9.72

  BB                5.44         7.31

  B                 4.24         5.35

  WAFF--Weighted-average foreclosure frequency.
  WALS--Weighted-average loss severity.

S&P said, "Considering the results of our credit and cash flow
analysis, the increased available credit enhancement, and the
transaction's performance, we consider that the available credit
enhancement for the class B-Dfrd, C-Dfrd, and D-Dfrd notes is
commensurate with higher ratings than those currently assigned. We
therefore raised our ratings on these classes of notes.

"We analyzed the performance of the class E-Dfrd and F-Dfrd notes
under different stress scenarios. Specifically, we considered the
high proportion of loans that are on fixed rate products and are
due to revert to a floating rate in the coming years. This could
potentially lead to an increase beyond the typical level of
prepayments expected under our criteria. We also considered the
potential sensitivity of these classes of notes to an increase in
arrears as a result of cost of living pressures, and the
sensitivity of the notes to reduced revenues caused by product
switches. In each case, the ratings remain robust. We therefore
affirmed our 'BBB- (sf)' and 'BB+ (sf)' ratings on the class E-Dfrd
and F-Dfrd notes.

"The available credit enhancement for the class A notes continue to
be commensurate with the currently assigned rating. We therefore
affirmed our 'AAA (sf)' rating on this class of notes."

Finance Ireland RMBS No. 2 is a static RMBS transaction that
securitizes a portfolio of owner-occupied mortgage loans, secured
over residential properties in Ireland. The transaction closed in
September 2020.


ORANJE 32: S&P Affirms 'BB+ (sf)' Rating on Class E Notes
---------------------------------------------------------
S&P Global Ratings raised its credit ratings on the class B through
D notes issued by Oranje (European Loan Conduit No. 32) DAC to 'AAA
(sf)', 'AA (sf)', and 'AA- (sf)', respectively. At the same time,
S&P affirmed its 'AAA (sf)' rating on the class A notes and 'BB+
(sf)' rating on the class E notes.

Rating Rationale

The rating actions follow its review of the transaction's credit
and cash flow characteristics. Four (Cheetah, Cygnet, Le Mirage,
and Legion) of the five loans originally backing the notes have
repaid in full. The repayment of the four loans together with the
partial prepayment of the Phoenix loan have been applied almost
entirely pro rata to the notes, therefore only marginally
increasing credit enhancement. The class A notes' credit
enhancement is now 37.0%, up from 34.9% at closing.

The S&P loan-to-value (LTV) ratio on the Phoenix loan has reduced
to 65.2%from 72.8%, due to deleveraging. S&P's S&P Value on the
remaining properties securing the loan has remained relatively
stable.

The Phoenix loan had a three-year term with an initial maturity
date of August 2021, followed by two one-year extension options.
The second extension option has recently been exercised and the
loan maturity date has been extended to August 2023. The loan pays
interest-only. The original interest rate hedge expired on the
initial loan maturity in 2021. A new interest rate cap was put in
place at 2.5% and will expire at loan maturity in August 2023.

Based on S&P net cash flow (NCF) and the current capped interest
rate of 2.5% (plus margin of 1.9%), the interest coverage ratio
(ICR) for the loan is 3.11x. During the life of the loan, it
benefits from a debt yield covenant which ratchets to 10% from 8.5%
and a cash sweep event which ratchets from to 11% to 9.5%, with
current minimum levels at 10.0% and 11.0%, respectively. The
current debt yield is 13.5%.

At the August 2022 interest payment date, the Ondernemingshuis,
Maastricht property sale was completed and the loan was repaid by
EUR5.7 million.

Transaction Overview

The transaction closed in 2018 and initially consisted of five
loans secured on 79 office, industrial, and residential properties
in the Netherlands. One loan--the Phoenix loan--remains, which has
also partially prepaid because the borrower sold six of the 18
offices. The offices are all located in the Netherlands.

The transaction is backed by one senior commercial mortgage loan.
Morgan Stanley arranged and underwrote the Phoenix loan to
facilitate the refinancing of a portfolio of 18 office properties
located across the Netherlands. The loan had a cut-off loan balance
of EUR99.5 million, indicating an original LTV ratio of 56.1%. Its
loan balance is now EUR75.40 million following the sale of six
assets.

S&P said, "At closing, we underwrote the properties to a slightly
higher occupancy rate than in-place, giving credit for lease ups.
This has not materialized to the same extent and vacancies have
persisted. In addition, the largest property Zuidtoren in Hoofddorp
is currently 49.3% vacant after undergoing major renovations. Green
Street reports market vacancy of 6.3% for Amsterdam as a whole,
however, the property is not in a central business district
location. Average market gross rent is reported as EUR190 per sq
meter per annum, which compares with an in-place rent of EUR239 per
sq meter per annum. Our assumed vacancy rate at closing was 13.1%
compared to 26.1% of the actual portfolio vacancy at that time. The
current vacancy is 22.2%, and we have now applied a 22.2% vacancy
rate in our analysis."

On a like-for-like basis, vacancy at the properties has decreased
since closing--to 22.2% from 26.1%. However, rental income has
improved only marginally to EUR11.6 million from EUR11.5 million.
Net rental income is EUR10.9 million, according to the August 2022
investor report. This is up from EUR10.3 million on a like-for-like
basis since closing..

The 12 office properties have a diversified rent roll with 74
tenants. However, only three of the properties are leased to more
than five tenants. The top five tenants account for 48.4% of rental
income and all have more than six years unexpired lease term. The
weighted-average lease term to expiry is 5.7 years and to
break--5.2 years and extends beyond loan maturity.

Since closing, S&P's S&P Global Ratings value has increased
slightly by 4.6% to EUR115.6 million from EUR111.0 million. This is
because we have assumed a higher NCF which is partially offset by a
higher cap rate at 8.5%.

  Table 1

  Loan And Collateral Summary

                              REVIEW AS OF    AT ISSUANCE
                             NOVEMBER 2022    DECEMBER 2018

  Data as of                   August 2022    November 2018

  Senior loan balance (mil. EUR)      75.4    99.5

  Senior loan-to-value ratio (%)      45.3    54.2

  Contractual rental income
      per year (mil. EUR)             11.6    11.5*

  Net rental income per year
      (mil. EUR)                      10.9    10.3*

  Vacancy rate (%)                    22.2    26.1*

  Market value (mil. EUR)            169.3    143.9*

  *For the 12 remaining Phoenix properties only.


  Table 2

  S&P Global Ratings' Key Assumptions
                                   REVIEW AS OF    AT ISSUANCE
                                  NOVEMBER 2022    DECEMBER 2018*


  S&P Global Ratings vacancy (%)           22.2      13.1

  S&P Global Ratings expenses (%)          10.0      11.5

  S&P Global Ratings net
      cash flow (mil. EUR)                 10.3       9.8

  S&P Global ratings value (mil. EUR)     115.6     111.0

  S&P Global Ratings cap rate (%)           8.5       8.4

  Haircut-to-market value (%)              31.7      22.9

  S&P Global Ratings loan-to-value ratio
  (before recovery rate adjustments; %)    65.2      72.8

*For the 12 remaining Phoenix properties only.

Other analytical considerations

S&P said, "We also analyzed the transaction's payment structure and
cash flow mechanics. We assessed whether the cash flow from the
securitized assets would be sufficient, at the applicable rating,
to make timely payments of interest and ultimate repayment of
principal by the legal maturity date of the floating-rate notes,
after considering available credit enhancement and allowing for
transaction expenses and external liquidity support."

As of the August 2022 interest payment date (IPD), the available
liquidity facility is EUR3.3 million. There have been no drawings.

S&P said, "Our analysis also included a full review of the legal
and regulatory risks, operational and administrative risks, and
counterparty risks. Our assessment of these risks remains unchanged
since closing and is commensurate with the ratings."

Rating Actions

S&P's ratings in this transaction address the timely payment of
interest, payable quarterly, and the payment of principal no later
than the legal final maturity date in November 2028.

The transaction's overall credit quality has improved due to the
delevering, which has followed the partial prepayments. At closing,
S&P also analyzed various last-loan-standing scenarios, where it
reviewed the impact of the prepayment of the loans in different
orders on the capital structure. The class C and D notes were
constrained due to the last-loan-standing analysis. However, this
is no longer a feature of our analysis as only one loan remains in
the transaction.

The S&P Global Ratings LTV ratio has decreased to 65.2% (from
72.8%). S&P therefore raised its ratings on the class B through D
notes to 'AAA (sf)', 'AA (sf)', 'A+ (sf)', 'AA- (sf)',
respectively. S&P affirmed its 'AAA (sf)' rating on the class A
notes and affirmed its 'BB+ (sf)' rating on the class E notes.

Based on the credit metrics alone, S&P's rating on the class E
notes could be higher. However, this class does not benefit from
support from the liquidity facility. S&P therefore does not believe
that its credit risk is commensurate with an investment-grade
rating.




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

ITALY: Egan-Jones Retains BB+ Sr. Unsecured Debt Ratings
--------------------------------------------------------
Egan-Jones Ratings Company, on November 15, 2022, maintained its
'BB+' foreign currency and local currency senior unsecured ratings
on debt issued by Republic of Italy.

Italy is a European country with a long Mediterranean coastline.




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

ARMORICA LUX: EUR335M Bank Debt Trades at 26% Discount
------------------------------------------------------
Participations in a syndicated loan under which Armorica Lux Sarl
is a borrower were trading in the secondary market around 74.4
cents-on-the-dollar during the week ended Friday, November 18,
2022, according to Bloomberg's Evaluated Pricing service data.

The EUR335 million facility is a term loan.  The loan is scheduled
to mature on July 28, 2028. The amount is fully withdrawn and
outstanding.

Armorica Lux Sarl is the parent company of idverde, a provider of
landscaping services in Europe, offering a broad range of services
for public or private clients across all segments.  The Company's
country of domicile is Luxembourg.



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

CASPER DEBTCO: Moody's Cuts CFR to Ca, Appends "/LD" to PDR
-----------------------------------------------------------
Moody's Investors Service has downgraded to Ca from Caa1 the
corporate family rating of Casper Debtco B.V. ("Dummen Orange" or
"the company"), the holding company of the Dummen Orange group, the
Dutch-based leading floriculture breeding company globally.

Moody's also downgraded the company's probability of default rating
to Ca-PD/LD from Caa1-PD, appending a limited default designation
("/LD") to the PDR. Concurrently, the rating agency downgraded the
rating on the EUR80 million super senior secured term loans due
March 2026 to Caa1 from B2 and the rating on the EUR195.6 million
senior secured term loan due September 2026 to C from Caa2, both
borrowed by Casper Debtco B.V. Moody's also changed the outlook to
stable from negative.

The "/LD" designation follows the change in terms and conditions
under the company's debt obligations. The company has recently
started capitalizing substantially all the interest payments on its
EUR80 million super senior secured term loans due March 2026 and
the EUR195.6 million senior secured term loan due September 2026,
essentially converting a cash obligation into a payment-in-kind
(PIK) obligation. This capitalization of interest results in terms
less favorable than those provided in the original credit agreement
and therefore qualifies as a distressed exchange and a limited
default under Moody's definition. Moody's will remove the "/LD"
designation after three business days.

"The downgrade reflects the default resulting from amendments to
the terms and conditions of the company's debt obligations that
result in a diminished value relative to the original promise,"
says Valentino Balletta, a Moody's Analyst and lead analyst for
Dummen Orange.

"It also reflects Moody's expectation that the company's capital
structure is unsustainable, owing to its very high leverage, the
uncertain pace of recovery in light of the challenging economic
environment, and its already weak liquidity. As a result, the
likelihood of another default over the next 12 to 24 months is very
high," adds Mr Balletta. The unsustainable capital structure, weak
liquidity management and track of record of defaults are governance
considerations captured under the financial strategy and risk
management factor as per Moody's General Principles for Assessing
Environmental, Social and Governance Risks Methodology for
assessing ESG risks.

RATINGS RATIONALE

The downgrade reflects the default resulting from amendments to the
terms and conditions of the company's debt obligations that result
in a diminished value relative to the original promise. This is
considered a distressed exchange and a default under Moody's
definition.

The downgrade also reflects Moody's view that the company's
unsustainable capital structure will likely lead to another default
over the next 12 to 24 months, despite the changes to the terms and
conditions of the loans to temporarily alleviate pressure on its
liquidity. While the capitalization of interests will lead to EUR15
million of cash interest savings, it will also lead to a
progressive increase in the company's debt load.

Dummen Orange's year-to-date operating performance has been weaker
than expected, with a negative Moody's adjusted EBITDA as of
year-end September 2022, after the impact of phytosanitary and mold
issues which led to one-off costs of around EUR15 million. The
company is facing substantial headwinds, stemming from higher raw
material, energy, wages and freight costs, which are currently
difficult to be passed on entirely to final customers through price
increases. In addition, the company's operating performance has
been materially impacted by operational challenges in the tropical
business.

In addition, rising input and energy costs could lead to reduction
in volumes as plant growers delay or shorten their growing season,
mainly in Europe. In turn, growers could face increasing
difficulties in passing on price increases to end customers,
especially if end market demand declines given the highly
discretionary nature of the horticultural products. This creates
uncertainty around Dummen Orange's ability to achieve a sustained
recovery in EBITDA and cash flow generation.

The company will need to drive material improvements in performance
to reduce leverage to more sustainable levels. However, Moody's
believes that any material improvement in profitability is unlikely
given the very challenging operating environment, and as a result,
the company's capital structure will remain highly levered, with
Moody's-adjusted gross debt/EBITDA expected to be above 20x over
the next one to two years. The rating agency's calculation of
Dummen Orange's EBITDA deducts development costs of around EUR13-15
million per year that are capitalized in the company's financial
statements.

Dummen Orange's Ca CFR continues to be constrained by (1) its
relatively small scale and niche business focus on floriculture
breeding; (2) its exposure to phytosanitary issues, which creates
risk of earnings volatility; (3) its very high financial leverage
and unsustainable capital structure, with Moody's-adjusted gross
debt/EBITDA expected to be above 20x through 2024; (4) Moody's
expectation that the company will maintain negative free cash flow
over the next 2 years, which will gradually erode its cash cushion
and create pressure on its liquidity, particularly given the high
seasonality of the business and the maturity of its trade working
capital facility in March 2024; and (5) its track record of serial
defaults and restructuring.

However, the rating remains supported by (1) its leading position
in the niche floriculture breeding market globally; (2) its strong
R&D capabilities, which represent a significant competitive
advantage and should support a progressively growing recurring
revenue stream over time; (3) its ample portfolio of intellectual
property rights, which protect its revenue stream; and (4) the
company's position in the high-margin upstream segment of the
floricultural value chain.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Governance considerations have been a driver of the rating action.
The very high and sustained level of leverage and its very tight
liquidity profile create an elevated risk of debt restructuring
which is already reflected in the rating agency assessment of the
company's Financial Strategy and Risk Management score of 5 as well
as Management Credibility and Track Record score of 4. As a result,
the overall exposure to governance risks (Issuer Profile Score or
"IPS") is G-5. Dummen Orange's overall ESG Credit Impact Score
(CIS) is CIS-5 to reflect that the ESG attributes are overall
considered as having a very high negative impact on the rating.

LIQUIDITY

Dummen Orange's liquidity is weak. With a cash balance of around
EUR5 million (including EUR23 million drawings under the new trade
working capital facility) as of end September 2022, the company's
liquidity position has materially weakened in recent months,
because of the weaker than expected operating performance.

The company has recently taken several actions to address the
liquidity shortfall, including (1) raising an additional EUR25
million under the super senior secured term loans; (2) the disposal
of some assets; and (3) the capitalisation of interests that will
allow cash interest savings of around EUR15 million per year.
Nevertheless, while these actions temporarily alleviate pressure on
liquidity, the rating agency forecasts that the company's cash
balance will decrease over the coming quarters owing to the
continued negative free cash flow (FCF) generation.

The company's funds from operations of around EUR15 million each
year in 2023 and 2024 will be insufficient to cover its capital
spending, including capitalized R&D costs and lease repayments,
totaling EUR30 million per year, resulting in negative free cash
flow and therefore increasing reliance on the $30 million trade
working capital facility maturing in March 2024.

More positively, the company's debt facilities do not contain any
financial maintenance covenants.

STRUCTURAL CONSIDERATIONS

Dummen Orange's capital structure primarily comprises a EUR195.6
million senior secured term loan due September 2026, EUR80 million
super senior secured term loans due March 2026 and a $30 million
trade working capital facility maturing in March 2024. These
facilities share a common security package, with the super senior
facility and the trade working capital facility having a priority
claim over the proceeds from enforcement of security. The security
package primarily comprises pledges over shares, bank accounts and
intragroup receivables. In addition, the facilities are guaranteed
by the group's operating subsidiaries representing at least 75% of
consolidated EBITDA and gross assets. Moody's considers the
security package to be weak, in line with its standard approach for
share pledges.

The Caa1 rating on the super senior secured term loans is three
notches above the CFR, reflecting the presence of a significant
junior debt cushion, equal to almost 70% of the total financial
debt. Conversely, the C rating on the senior secured term loan is
one notch below the CFR, reflecting the very small recovery
expectation for this debt instrument in a default scenario.

The Ca-PD/LD PDR of Dummen Orange reflects Moody's assumption of a
50% family recovery rate, as is customary for covenant-lite bank
debt capital structures.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectations that the company
will remain subject to the risk of a broader debt restructuring
over the next one to two years which may lead to a significant debt
write-off which is captured in the Ca CFR.

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

An upgrade is unlikely in the short term, and would be conditional
upon the company materially improving its operating performance and
establishing a more sustainable capital structure and restoring its
liquidity position.

There is limited negative pressure on the ratings at this stage
reflecting the already low rating. The rating could be further
downgraded if Moody's lowers its expectation for recovery in a
situation of distressed exchange due to a strong deterioration in
the company's business environment among others.

LIST OF AFFECTED RATINGS

Downgrades:

Issuer: Casper Debtco B.V.

Probability of Default Rating, Downgraded to Ca-PD /LD from
Caa1-PD

LT Corporate Family Rating, Downgraded to Ca from Caa1

Senior Secured Bank Credit Facility, Downgraded to C from Caa2

Senior Secured Bank Credit Facility, Downgraded to Caa1 from B2

Outlook Action:

Issuer: Casper Debtco B.V.

Outlook, Changed To Stable From Negative

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Consumer
Packaged Goods published in June 2022.

COMPANY PROFILE

Dummen Orange, headquartered in the Netherlands, is a leading Dutch
flower breeder specializing in the breeding and propagation of cut
flowers, pot plants and bedding plants, with a global network of
breeding, propagation, rooting and sales and marketing locations.
In the financial year ended September 30, 2022, the company
generated revenue of EUR390 million (2021: EUR386 million) and
EBITDA of EUR21.8 million (2021: EUR45.1 million), as adjusted for
non-recurring items. Dummen Orange is controlled by funds managed
by private equity firm BC Partners, which acquired the company from
H2 Equity Partners and the founding Dummen Orange family in
December 2015.

COMET BIDCO: GBP315M Bank Debt Trades at 32% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Comet Bidco Ltd is
a borrower were trading in the secondary market around 68
cents-on-the-dollar during the week ended Friday, November 18,
2022, according to Bloomberg's Evaluated Pricing service data.

The GBP315 million facility is a term loan. The loan is scheduled
to mature on October 6, 2024. The amount is fully withdrawn and
outstanding.

CometBidco Limited provides connectivity and business-critical
insight across communities of buyers and sellers. The Company uses
range of exhibitions, conferences, trade shows, and websites to
target new business, demonstrate their products, build relationship
with their clients, and identify new opportunities for performance
improvement. The Company's country of domicile is the Netherlands.



COMET BIDCO: US$420M Bank Debt Trades at 33% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Comet Bidco Ltd is
a borrower were trading in the secondary market around 67
cents-on-the-dollar during the week ended Friday, November 18,
2022, according to Bloomberg's Evaluated Pricing service data.

The US$420 million facility is a term loan.  The loan is scheduled
to mature on October 6, 2024.   About US$402 million of the loan is
withdrawn and outstanding.

CometBidco Limited provides connectivity and business-critical
insight across communities of buyers and sellers. The Company uses
range of exhibitions, conferences, tradeshows, and websites to
target new business, demonstrate their products, build relationship
with their clients, and identify new opportunities for performance
improvement. The Company's country of domicile is the Netherlands.


GTT COMMUNICATIONS: EUR750M Bank Debt Trades at 32% Discount
------------------------------------------------------------
Participations in a syndicated loan under which GTT Communications
BV is a borrower were trading in the secondary market around 68
cents-on-the-dollar during the week ended Friday, November 18,
2022, according to Bloomberg's Evaluated Pricing service data.

The EUR750 million facility is a term loan.  The loan is scheduled
to mature on May 31, 2025.   About EUR374 million of the loan is
withdrawn and outstanding.

GTT Communications B.V. provides telecommunication services. The
Company's country of domicile is the Netherlands.


GTT COMMUNICATIONS: US$140M Bank Debt Trades at 31% Discount
------------------------------------------------------------
Participations in a syndicated loan under which GTT Communications
BV is a borrower were trading in the secondary market around 69
cents-on-the-dollar during the week ended Friday, November 18,
2022, according to Bloomberg's Evaluated Pricing service data.

The US$140 million facility is a term loan.  The loan is scheduled
to mature on May 31, 2025.   About US$70 million of the loan is
withdrawn and outstanding.

GTT Communications B.V. provides telecommunication services. The
Company's country of domicile is the Netherlands.


KETER GROUP: EUR690M Bank Debt Trades at 25% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Keter Group BV is a
borrower were trading in the secondary market around 75
cents-on-the-dollar during the week ended Friday, November 18,
2022, according to Bloomberg's Evaluated Pricing service data.

The EUR690 million facility is a term loan.  The loan is scheduled
to mature on October 31, 2023.   The amount is fully withdrawn and
outstanding.

Keter Group BV manufactures and markets resin-based household and
garden consumer products. The Company offers furniture, storage,
and organization solutions, such as sheds, deck boxes, dining
tables, seating lounge sets, cabinets, shelves, workbenches,
sawhorses, tool chest systems, and outdoor toys. The Company's
country of domicile is the Netherlands.


KETER GROUP: S&P Downgrades ICR to 'B-', On CreditWatch Negative
----------------------------------------------------------------
S&P Global Ratings lowered to 'B-' from 'B' its issuer credit
rating on Keter Group B.V. and its issue rating on the existing
EUR1,205 million term loan B (TLB) and EUR102 million revolving
credit facility (RCF). S&P also placed the 'B-' issuer credit and
issue ratings on Keter on CreditWatch with negative implications.

S&P said, "The CreditWatch placement reflects that we would be
likely to lower our ratings on Keter, if the company is not able to
secure refinancing of its EUR1,205 million TLB in the next three
months given the increasing pressure on its liquidity position. We
intend to resolve the CreditWatch placement as soon as we have
further information on the company's progress regarding
refinancing.

"The downgrade to 'B-' follows our current expectation that Keter's
FY2022-FY2023 performance will be hit by high-cost inflation,
particularly increases in raw materials, energy, and freight costs.
Its performance will also be impaired by recessionary pressures and
a decline in consumer purchase power, which we believe will lessen
the demand for outdoor and indoor storage and furniture from the
end of 2022. Although Keter is taking mitigating measures, such as
increasing prices on selected products (by around 8%-15%), engaging
in cost savings initiatives, and rationalizing lower-margin
stock-keeping units, in our view, the operating environment will
continue posing significant challenges to the company's operations.
We forecast S&P-Global Ratings-adjusted credit metrics to
deteriorate in FY2022, with adjusted leverage above 7x excluding
any NCE instruments (at about 15x including NCE instruments) and
FFO cash interest coverage at or below 2.5x over the same period.
In our base we expect some improvement over 2023, however believe
that the operating conditions will remain demanding and will hamper
performance and credit metrics recovery.

"Keter's EUR1,205 million TLB and EUR102 million RCF mature within
the next 12 months, on Oct. 31, 2023, and July 31, 2023,
respectively. This has created significant pressure on Keter's
liquidity position, which, as a result, we assess as weak. We
understand Keter is currently engaging with lenders and negotiating
refinancing. However, there is still uncertainty about the
successful completion of this and on the company's ability to
secure refinancing in the next months ahead of maturity.

"The CreditWatch placement reflects that we could lower our ratings
on Keter if its refinancing plans for the EUR1,205 million TLB are
not completed in the next three months. In this case, we could
lower the rating by multiple notches, as both the EUR1,205 million
TLB and EUR102 million RCF maturities fall in less than a year,
increasing refinancing risk significantly. If refinancing plans are
consummated, we expect to affirm our 'B-' ratings on the group and
remove the negative CreditWatch placement. The outcome is also
subject to the review of the company's final capital structure, as
well as the terms and conditions of refinancing.

"We intend to resolve the CreditWatch placement as soon as we
obtain further information on completion of the refinancing from
the company."

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

S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis of Keter Group B.V., as
is the case for most rated entities owned by private-equity
sponsors. We believe the company's highly leveraged financial risk
profile points to corporate decision-making that prioritizes the
interests of the controlling owners. This also reflects the
generally finite holding periods and a focus on maximizing
shareholder returns. Environmental and social factors are an
overall neutral consideration in our credit rating analysis. The
company has successfully penetrated the online channel and benefits
from supportive consumer demand for home and garden furniture."


MEDIAN BV: Fitch Lowers LongTerm IDR to 'B-', Outlook Stable
------------------------------------------------------------
Fitch Ratings has downgraded Median B.V.'s Long-Term Issuer Default
Rating (IDR) to 'B-' from 'B'. The Outlook remains Stable. Fitch
has downgraded Median's term loan B (TLB) senior secured rating to
'B' from 'B+' with a recovery rating of 'RR3'.

The downgrade reflects sustained lower free cash flow (FCF)
generation and tighter financial flexibility, with EBITDAR
fixed-charge coverage projected to stay below 1.5x in a higher
interest rate environment.

The 'B-' IDR balances the company's high leverage and aggressive
financial policy with its leading market position in the
non-cyclical private mental care and rehabilitation care markets of
Germany and the UK, aided by an overall balanced regulatory
environment in both countries.

KEY RATING DRIVERS

Structurally Weaker Financial Flexibility: Fitch forecasts that
Median's EBITDAR fixed-charge coverage will remain around 1.3x in
the near and medium term, below the 1.5x sensitivity that Fitch had
set for a 'B' rating. The higher interest rates will place great
pressure on already tight coverage metrics given Median's variable
rate TLB debt structure. The increase in lease payments, which are
linked to inflation and account for around 11% of revenue, will
further affect the fixed charge coverage ratios.

Weak FCF Limits Deleveraging: Fitch projects FCF generation to
remain negative until end-2024, and only mildly positive
thereafter, which contrasts with its previous estimate of sustained
positive FCF. Fitch views the quality of FCF as a clear
differentiating factor between a 'B' and 'B-' rated credits.

This weaker FCF is due to a higher cost of debt, a temporary
pandemic-related reduction in EBITDA and funds from operations
(FFO) generation, non-recurring expenses and the return of prior
Covid-19 related subsidies in Germany in 2023. Lower EBITDA and FFO
will put pressure on leverage metrics, with EBITDAR leverage likely
to remain static at around 7.0x until 2026.

Temporary Pressure on Margins: Fitch expects EBITDA margins to
decline to below 9% in 2022 and 2023 due to lower occupancy in
Germany and higher costs, including energy and personnel. Lower
occupancy in Germany is partly driven by less elective post-acute
rehabilitation treatments, related to the discouraging effect of
ongoing Covid-19 restrictions in sanitary rehabilitation centres
such as requiring patients to wear a mask. From 2024, Fitch
projects a gradually recovering patient admission levels leading to
higher occupancy, and EBITDA margins improving towards 9%.

Fitch anticipates revenues to recover in 2023-2024 as elective
treatments steadily increase and increased reimbursement rates
offset the increase in cost, but Fitch expects personnel costs
(around 62% of revenue) to remain higher than Fitch anticipated,
slowing the recovery of margins.

M&A to Drive Growth: In 2022 Median acquired multiple clinics in
Germany for about EUR50 million, reflecting its intention to
continue expanding inorganically. The company is expecting to sell
and lease back the real estate of the clinics acquired, in line
with its strategy. Its rating case factors in annual bolt-on
acquisitions of EUR100 million funded with a mix of internal cash
flows and incremental debt, as Fitch believes Median will remain
opportunistic on its M&A approach. However, this strategy carries
increased execution risks as it depends on Median's ability to
access new debt.

Median's record of lowering acquisition multiples by undertaking
sale and leaseback transactions on the real estate of acquired
targets yields deleveraging potential. Fitch views the rating
impact of larger acquisitions as event risk, subject to their
business risk and integration complexity, and acquisition economics
and funding mix.

Execution Risks Remain: Fitch continues to see high execution risks
related to the integration of Priory within Median. In addition, an
environment of higher interest rates and lower liquidity in the
debt markets poses challenges to Median's ability to pursue an
acquisitive buy-and-build with sale and leasebacks strategy.

Pan-European Operator, Diversified Service Offering: Median
benefits from geographic diversification across two of Europe's
larger economies with a high share of healthcare spending, unlike
most Fitch-rated EMEA healthcare-service providers.

The merger of German rehabilitation specialist Median with UK-based
behavioural healthcare service provider Priory created a
pan-European healthcare platform to address growing demand for
rehabilitation and mental care in Europe, which has been
exacerbated by the pandemic. Leading national market positions,
albeit in narrowly defined areas, with a reasonably diverse range
of services, also contribute to greater operating resilience for
the combined entity.

Constructive Regulatory Frameworks: Median benefits from stable and
well-funded state-backed healthcare systems in Germany and the UK,
with constructive pricing policies allowing private operators to
pass on most inflationary cost increases.

The German state promotes rehabilitation care over disability
pension to reduce the longer-term burden on the social care system
by reintegrating patients into work and social life after an acute
medical treatment. In the UK, the government's funding pledge to
assign a growing share of the NHS's budget to adult mental health
(at least GBP2.3 billion a year by 2023-2024) provides a supportive
framework for independent private operators.

DERIVATION SUMMARY

Fitch rates Median under Fitch's ratings navigator for healthcare
providers. Global sector peers tend to cluster in the 'B'/'BB'
range, driven by the traits of their respective regulatory
frameworks influencing the quality of funding and government
healthcare policies, and companies' operating profiles, including
scale, service and geographic diversification, and payor and
medical indication mix. Many sector providers pursue debt-funded
M&A strategies, given the importance of scale and limited room for
maximising organic return.

European sector peers have similar operating characteristics of
stable patient demand with regulated but limited ability to enforce
price increases above inflation, and the necessity of driving
operating efficiencies while maintaining well-invested clinic
networks to safeguard competitive sustainability. Nevertheless,
ratings tend to be constrained by weak credit metrics expressed in
highly leveraged balance sheets as a result of continuing national
and cross-border market consolidation with EBITDAR leverage at
6.0x-7.0x and tight EBITDAR fixed charge cover metrics of
1.5x-2.0x.

Median's 'B-' IDR reflects its pan-European operations in mostly
balanced regulatory frameworks, albeit with limited scope for
profitability improvement given sector-specific high operating
leverage. Its credit risk profile is lower than that of peers like
Mehilainen Ythyma Oy (B/Stable) and Almaviva Developpement
(B/Stable), where despite Median's larger scale of operations Fitch
is expecting tighter EBITDAR fixed charge coverage of below 1.5x
and volatile medium-term FCF generation.

KEY ASSUMPTIONS

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

Organic revenue increase at low single digits in 2022, with low
single digits in the UK and flat sales in Germany. Operating
recovery in 2023 will result in organic revenue growth in the high
single digits in 2023, mid single digits in 2024, and low single
digits in 2025.

Annual acquisitions at EUR50 million in 2022 and EUR100 million
thereafter funded through use of committed revolving credit
facility (RCF) and new debt issuance, boosting sales growth to mid
to high single-digit increments

EBITDAR margin fluctuating between 19% and 20% over 2022-2025

Rent expense slightly above 11% of sales over 2022-2023, leading to
an EBITDA margin below 9%; for 2024-2025, EBITDA margins above 9%

Capex gradually easing to 3.5% of revenue in 2025 from 4.2% in
2021

Sale and leaseback proceeds of around EUR30 million in 2022 and
EUR60 million in 2023

No dividends or share buybacks

KEY RECOVERY RATING ASSUMPTIONS

In the recovery analysis Fitch assumes that Median would be
reorganised as a going concern (GC) in bankruptcy rather than
liquidated, given its strong market position across selected
services lines in Germany and the UK and a high share of rented
estate.

Fitch estimates Median's GC EBITDA at around EUR120 million,
reflecting potential integration challenges, adverse regulatory
changes leading to declining occupancy rates, unfavourable shifts
in payor/medical indication mix, or rising costs, especially as the
personnel-intensive business is plagued by staff shortages.

An enterprise value/EBITDA multiple of 6.0x is applied to the GC
EBITDA to calculate a post-reorganisation enterprise value. This
multiple considers: the social-infrastructure asset nature of the
healthcare business, supported by long-term demand and high
barriers to entry; geographic diversification and constructive
regulatory frameworks; and trading and acquisition multiples of
listed sector peers averaging 10.0x-12.0x.

The multiple is 0.5x below that of Mehilainen, whose business
benefits from wide diversification across healthcare and social
care, a leading market position in Finland - now also growing
abroad - with higher cost variability and lower capital intensity,
given its exposure to occupational health and outpatient care. At
the same time, Median's GC multiple is in line with that of other
national hospital operators, such as Almaviva Developpement, as
well as several privately rated EMEA sector peers.

After deducting 10% for administrative claims, its waterfall
analysis generates a ranked recovery for the senior secured TLB in
the 'RR3' category, leading to a 'B' senior secured rating, which
includes a pari passu ranking RCF of EUR120 million that Fitch
assumes will be fully drawn before distress. This results in a
waterfall-generated recovery computation output percentage of 70%,
based on current metrics and assumptions

RATING SENSITIVITIES

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

EBITDA margin trending to 9% and FFO margin to 5% on a sustained
basis

Positive FCF on a sustained basis

FFO adjusted gross leverage below 7.5x and EBITDAR leverage below
7.0x on a sustained basis

EBITDAR fixed charge coverage above 1.5x on a sustained basis

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

Risk to the business model resulting from adverse regulatory
changes to public and private funding in Germany and the UK, or
challenges in executing the M&A growth strategy leading to erosion
of EBITDA margin below 6% and FFO margin below 2.5% on a sustained
basis

Negative or neutral FCF margins on a sustained basis

Tightening liquidity headroom with increased use of the company's
RCF

FFO adjusted gross leverage above 9.0x and EBITDAR leverage above
8.5x on a sustained basis

EBITDAR fixed charge coverage below 1.2x on a sustained basis

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: Fitch expects Median to have adequate
liquidity, given the lack of significant debt repayments until
September 2027, available cash balance of EUR44 million (after
restricting EUR25 million that Fitch considers minimum for
operations), and around EUR100 million available under its
revolving credit facility maturing in March 2027, as of August
2022.

ISSUER PROFILE

Median B.V. is the result of the September 2021 private equity-led
merger of Median (Germany) and Priory (UK), two leading providers
of medical rehabilitation and mental care services in their
respective countries.

ESG CONSIDERATIONS

Median has an ESG Relevance Score of '4' for Exposure to Social
Impact, due to operations in a healthcare market that is subject to
sector regulation, as well as budgetary and pricing policies
adopted in Germany and the UK. Rising healthcare costs expose
private-hospital operators to high risks of adverse regulatory
changes, which could constrain companies' ability to maintain
operating profitability and cash flows. This has a negative impact
on the credit profile and is relevant to the rating in conjunction
with other factors.

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

   Entity/Debt            Rating         Recovery   Prior
   -----------            ------         --------   -----
Median B.V.         LT IDR B- Downgrade               B

   senior secured   LT     B  Downgrade    RR3        B+

SCHOELLER PACKAGING: Fitch Affirms 'B-' IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed returnable transit packaging
manufacturer Schoeller Packaging B.V.'s Long-Term Issuer Default
Rating (IDR) at 'B-' with a Stable Outlook and senior secured
ratings at 'B-'/'RR4'.

The affirmation reflects its expectations that Schoeller's free
cash flow (FCF) generation will improve in 2023 due to normalised
capex and working capital changes, and remain under pressure in the
medium term. Fitch forecasts higher EBITDA leverage than previously
expected due to weaker profitability, with limited leverage
headroom under its negative sensitivity in 2023 and modest
deleveraging in 2024. Fitch expects Fitch-adjusted EBITDA margin to
be below its negative sensitivity of 9% in 2022-2023 on high input
costs and the weak economic environment in Europe before it starts
improving towards 10%.

Schoeller's rating is supported by its leading position in its
niche market, a diversified product portfolio and its extended
geographical presence across Europe. Successful long-term
co-operation with customers and substantial technology investments
in new products act as effective barriers to entry.

KEY RATING DRIVERS

Slower Deleveraging: Fitch forecast EBITDA leverage at 6.8x-7.0x in
2022-2023, which is higher than Fitch previously expected with
limited headroom under its leverage sensitivity. Weaker margins,
high capex and negative working capital changes with the resultant
higher drawings under a EUR30 million revolving credit facility
(RCF) limit deleveraging capacity. Deleveraging towards 4.5x, a
level that is in line with a 'B' category rating, is constrained
now compared with its previous expectations, with forecast EBITDA
leverage at 5.5x in 2024. However, weaker than expected
deleveraging is likely to pressure the rating.

Thin FCF Margins: Fitch forecasts a negative FCF margin in 2022 at
around 8% and a neutral to positive margin in 2023-2024, before it
gradually recovers to around 1%. Schoeller's FCF generation is
affected by a material increase in capex in its rental model in
2021-2022, inflation-related negative working capital changes in
2022 and the expected weaker economic environment in Europe in
2023. Fitch expects FCF generation to be supported by normalised
working capital changes and capex limited to 5% of revenue from
2023. The negative FCF puts pressure on Schoeller's liquidity,
results in high drawings under the RCF and constrains the rating to
the low range of the 'B' rating category.

EBITDA Margin Under Pressure: Fitch forecasts the Fitch-adjusted
EBITDA margin at around 8% in 2022-2023 before it recovers to
around 10% in 2024, which is below its previous expectations. The
company passed on the higher costs of resin and energy through
price increases in 2021 and 2022. However, the remaining inflated
costs pressure the EBITDA margins. Fitch expects margins to
stabilise somewhat in 4Q22 due to currently decreasing resin prices
and cost-cutting measures. However, Fitch expects the margin will
be affected by the expected weak economic environment in 2023,
before it starts improving following continuous cost control and an
expansion of the rental business.

Declining Volumes: Schoeller reported 12.8% revenue growth in 1H22
reflecting price increases being offset by lower volumes. Further
drop in volumes especially in pooling and beverage end-markets in
3Q22 resulted in 1% revenue growth for 9M22. Fitch believes demand
will be somewhat restored in 4Q due to a strong order intake driven
by seasonality and lower resin prices. However, Fitch believes
volume growth is likely to be under pressure in 2023. Fitch
believes renting a container instead of buying it is likely to be a
good alternative for some customers and a mitigating factor for
Schoeller during the economic slowdown when purchasing containers
will be under pressure.

Upcoming Refinancing: Refinancing risk comes from the EUR30 million
RCF due in May 2024 and the EUR250 million senior secured notes
(SSN) due in November 2024. Although refinancing is not imminent,
it is challenged by the weakening economic environment. Fitch
believes that the company will improve its credit ratios and be
supported by a solid business profile when it enters the capital
market in the next several months.

Accelerating Investments: Innovation leading to development of new
products is key to maintaining competitiveness in the returnable
transit packaging industry and Schoeller has historically invested
heavily in more advanced, higher-margin products. Fitch expects its
new rental business to grow faster than the general business.
However, the build-up phase demands material investment and Fitch
forecasts very high capex in 2022 before it gradually normalises.
The rating case assumes the rental business is part of Schoeller's
corporate structure. Fitch will apply the recently announced
deconsolidation once the process is finalised.

Increasing Customer Concentration: Schoeller has a broad customer
base covering a variety of end-markets, but with increasing
concentration to its largest customer in pooling services, Irel
Bidco S.a.r.l (IFCO; B+/Stable), at almost 18% of total revenue in
9M22 (26% in 9M21). The business profile is strengthened by a
leading product range consisting of more than 1,000 customisable
products. It has a good record of longstanding relationships as the
majority of its top 100 customers are recurring, with relationships
often exceeding 15 years.

Environmentally-Driven Growth Opportunities: Fitch believes that
reusable plastic containers are set for growth, supported by a
number of trends such as supply-chain efficiency, environmental
awareness and e-commerce development, which will drive a transition
to reusable from single-use packaging. Fitch expects growing demand
for a circular economy, favourable regulation and efforts to cut
costs by companies will stimulate demand for reusable packaging.
This development should benefit Schoeller's products as they are
100% recyclable and have a long lifetime with an average of 15-20
years, making them sustainable.

DERIVATION SUMMARY

Fitch treats Schoeller as a diversified manufacturer, although
Fitch believes that packaging companies are similar in terms of raw
material usage, environmental impact, logistics, end-markets and
customers. The returnable transit packaging market remains
fragmented, but Schoeller has a leading position in Europe with a
20% market share. Plant locations across Europe allow Schoeller to
be more competitive and to operate at lower transportation costs
than peers that usually operate domestically.

Most Fitch-rated packaging peers produce consumer products
(bottles, jars, small packages) and offer a wider range of products
(different material/shapes/colour/marketing), such as Ardagh Group
S.A. (B/Stable) and Smurfit Kappa Group plc (BBB-/Stable), while
Titan Holdings II B.V. (B/Positive) is focused on metal packaging.
Similar to Schoeller, they are exposed to a broad range of
end-markets (retail, food, industrial etc.), but are more affected
by market trends resulting from consumer spending and preferences.

Schoeller has weaker EBITDA margins than Fitch-rated mid-sized
diversified manufacturers or packaging companies rated in a 'B'
category, including the belt manufacturer Ammega Group B.V.
(B-/Stable), the speciality fibre-based materials manufacturer
Ahlstrom-Munksjö Oyj (B+/Stable), Ardagh Group and Titan Holdings.
Schoeller has a similar leverage profile to Ammega with EBITDA
leverage in the range of 6x-7x. However, Schoeller's leverage is
stronger than that of Ardgah, which has EBITDA leverage at
9.7x-8.0x in 2022-2023, compared with Schoeller's 6.8x-7.0x. The
higher rating of IREL Bidco S.a.r.l (B+/Stable), owner of
Schoeller's customer IFCO, reflects its very high EBITDA margins,
long-term contractual flows and somewhat lower leverage.

KEY ASSUMPTIONS

- Revenue growth of around 2% in 2022 followed by a decline of 2.2%
in 2023 and a low single digit recovery in 2024-2025

- Fitch-adjusted EBITDA margin to decrease to around 8% in
2022-2023. This is followed by a recovery to around 10% and above
in 2024-2025

- Working-capital outflow of around 4% of revenues in 2022 before
it normalises next year

- Capex at 8% of revenue in 2022. Normalised capex at 5% in
2023-2025

- No M&A activity to 2024

- Refinancing of the RCF and SSNs in 2024

KEY RECOVERY ASSUMPTIONS

The recovery analysis assumes that Schoeller would be restructured
as a going concern rather than liquidated in a default.

Fitch applies a distressed enterprise value (EV)/EBITDA multiple of
4.5x to calculate a going-concern EV, reflecting Schoeller´s
leading niche market position, long-term customer relationships and
geographic diversification. The multiple is limited by Schoeller's
small size.

Fitch estimates a post-restructuring going-concern EBITDA of EUR40
million.

These assumptions result in a recovery rate for the senior secured
instrument within the 'RR4' range, resulting in an equal instrument
rating with the IDR. The principal and interest waterfall analysis
output percentage on current metrics and assumptions is 32%.

RATING SENSITIVITIES

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

- EBITDA leverage below 5.5x

- FFO gross leverage below 6.0x

- Neutral to positive FCF on a sustained basis

- Significant growth in size with evidence of strengthening of the
business model through revenue growth and continued EBITDA margin
improvements above 12%

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

- EBITDA leverage above 7.5x

- FFO leverage above 8.0x

- EBITDA margin deterioration towards 9%

- Negative FCF on a sustained basis, compromising liquidity

- Loss of market share or key customers such as IFCO

- EBITDA/interest paid below 2.0x

LIQUIDITY AND DEBT STRUCTURE

Limited Liquidity: At end-September 2022, Schoeller´s readily
available cash amounted to EUR19.9 million. Forecast negative FCF
of EUR49 million in 2022 will weigh on the company's cash position
and result in minimal availability under the EUR30 million RCF due
in May 2024. Fitch expects FCF generation to remain weak in the
medium term supported by the EUR33.8million (September 2022)
available funds under the subordinated shareholder loan of EUR65
million (treated as equity according to Fitch's criteria with
drawings subject to upfront shareholder approval) which supports
capex on the rental business and factoring facilities of EUR100
million, of which EUR45 million was utilised at end-3Q22.

Undiversified Debt Structure: The company's debt structure is not
diversified as the majority of debt consists of EUR250 million
notes resulting in concentrated maturities in 2024. Schoeller also
has local loans of around EUR11.2 million (2021) that Fitch treat
as senior secured and a EUR9 million (2021) unsecured
state-guaranteed loan in France.

ISSUER PROFILE

Headquartered in the Netherlands, Schoeller is Europe´s largest
manufacturer of plastic containers and reusable transit packaging
with more than 1,000 customisable offered across 10 end-markets. In
2018 the sponsor Brookfield Business Partners L.P. acquired the
majority stake in Schoeller Packaging B.V.

ESG CONSIDERATIONS

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

   Entity/Debt              Rating        Recovery   Prior
   -----------              ------        --------   -----
Schoeller Packaging
B.V.                  LT IDR B- Affirmed              B-

   senior secured     LT     B-  Affirmed    RR4      B-

UPFIELD BV: GBP700M Bank Debt Trades at 15% Discount
----------------------------------------------------
Participations in a syndicated loan under which Upfield BV is a
borrower were trading in the secondary market around 86
cents-on-the-dollar during the week ended Friday, November 18,
2022, according to Bloomberg's Evaluated Pricing service data.

The GBP700 million facility is a term loan.  The loan is scheduled
to mature on July 2, 2025.   The amount is fully withdrawn and
outstanding.

Upfield B.V. operates as a plant-based consumer product company.
The Company's country of domicile is the Netherlands.




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

BLUE AIR: To Hand Over 75% Stake to Romania Over Unpaid Debt
------------------------------------------------------------
Nicoleta Banila at SeeNews reports that Romanian low cost carrier
Blue Air said on Nov. 18 that it is ready to hand over 75% of its
shares to Romania's finance ministry over unpaid debt.

On Nov. 18, the company's shareholders were contacted by telephone
by AAAS representatives requesting a meeting to specify the
technical details of the shares handover, Blue Air said, adding
that as soon as this legal process is completed, it will announce
the new shareholding structure, SeeNews relates.

According to SeeNews, on Nov. 17, the finance ministry said it
plans to take over a majority stake in low cost carrier Blue Air
after the air carrier failed to make payments on a RON300.75
million (US$63 million/EUR61 million) loan which was guaranteed
with 75% of the company's stock.

"The action was made necessary by repeated non-fulfillment of
repayment obligations assumed by Blue Air within the framework of
the state aid, namely the non-payment of interest and capital
installments related to the credit contracted with the state
guarantee," SeeNews quotes the ministry as saying.

The loan was granted in 2020 to help the company avoid bankruptcy
due to the COVID-19 pandemic, SeeNews recounts.

Blue Air suspended flights in September, after the environment
ministry blocked its accounts, SeeNews relays.  A day later, the
ministry unblocked its accounts and the Environment Fund
Administration rescheduled its 28 million lei debt in 12 monthly
payments, SeeNews notes.

The air carrier aimed to restart flights on October 10, but failed
to do so, announcing that it is discussing with potential
investors, creditors and the Romanian government to restructure
itself, SeeNews discloses.

Blue Air also said at the time that its total debt amounts to
EUR230 million (US$238 million), or half of its annual revenues,
SeeNews notes.


HIDROCONSTRUCTIA: Antitrust Regulator OKs Electromontaj Takeover
----------------------------------------------------------------
Razvan Timpescu at SeeNews reports that Romania's Competition
Council said on Nov. 18 it has approved the agreed takeover of
hydropower and hydrotechnical construction company Hidroconstructia
and its subsidiaries by Electromontaj, an electricity
infrastructure company.

The anti-trust body's analysis revealed that the acquisition poses
no significant threats to the national market and that there are no
serious doubts regarding its compatibility with a regular
competition environment, SeeNews relays, citing a press release.

The institution announced back in September that it was looking
into the acquisition, SeeNews recounts.

Hidroconstructia originates from the former General Department of
the Bicaz HPP founded in 1950 as the sole constructor of the
hydropower installation at Bicaz, northeastern Romania.  The
company has been insolvent since January 2022, when it filed a
court request in Bucharest, SeeNews notes.






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

PROSIL ACQUISITION: DBRS Lowers Rating on Class A Notes to BBsf
---------------------------------------------------------------
DBRS Ratings GmbH (DBRS Morningstar) downgraded its rating on the
Class A notes issued by ProSil Acquisition S.A. (the Issuer) to BB
(sf) from BB (high) (sf) and changed the trend to Stable from
Negative.

The transaction included the issuance of Class A, Class B, Class J,
and Class Z notes (together, the notes). The rating on the Class A
notes addresses the timely payment of interest and the ultimate
payment of principal on or before the final legal maturity date.
DBRS Morningstar does not rate the Class B, Class J, or Class Z
notes.

The notes are collateralised by a pool of mostly secured Spanish
nonperforming loans (NPLs) originated by Abanca Corporacion
Bancaria, S.A. and Abanca Corporacion Division Immobilaria S.L.
ProSil Acquisition S.A., Cell Number 1, Cell Number 2, and Cell
Number 3 (the transferor) sold the receivables to ProSil
Acquisition S.A., Cell Number 5 (the Issuer). As of the closing
date in March 2019, the gross book value of the loan pool was
approximately EUR 494.7 million. Cortland Investors II S.à r.l.
operates as sponsor and retention holder in the transaction and,
over time, acquired the three portfolios that are part of the pool
(Avia, Lor, and Sil). HipoGes Iberia S.L. (the servicer) services
the loans and manages the following Spanish property companies as
at the closing date: Beautmoon Spain, S.L.; Osgood Invest, S.L.;
Butepala Servicios y Gestiones S.L.; and Vetapana Servicios y
Gestiones S.L.

RATING RATIONALE

The downgrade follows a review of the transaction and is based on
the following analytical considerations:

-- Transaction performance: Assessment of the portfolio
    recoveries as of September 2022, with a focus on: (1) a
    comparison of actual gross collections and the servicer's
    initial business plan forecast; (2) the collection performance

    observed over the past months; and (3) a comparison between
    the current performance and DBRS Morningstar’s expectations.
-- Portfolio characteristics: Loan pool composition as of
    September 2022 and the evolution of its core features since
    issuance.

-- Transaction liquidating structure: The order of priority
    entails a fully sequential amortisation of the notes (i.e.,
    the Class B notes will begin to amortise following the full
    repayment of the Class A notes and the Class J notes will
    amortise following the full repayment of the Class B notes.
    Additionally, interest payments on the Class B notes become
    subordinated to principal payments on the Class A notes if the

    cumulative collection ratio or net present value (NPV)
    cumulative profitability ratio is lower than 90%. This trigger

    has been breached since the April 2020 interest payment date
    (IPD). As per the September 2022 servicing report, the
    cumulative collection ratio was 47.0% and the NPV cumulative
    profitability ratio was 88.4%.

-- Liquidity support: The transaction benefits from an amortising

    cash reserve providing liquidity to the structure, covering a
    potential interest shortfall on the Class A notes and senior
    fees. The current amount of the cash reserve is equal to EUR
    5.3 million and the target amount is equal to 4.5% of the
    Class A notes.

According to the latest investor report dated October 28, 2022, the
principal amount outstanding on the Class A, Class B, Class J, and
Class Z notes was equal to EUR 111.1 million, EUR 30.0 million, EUR
15.0 million, and EUR 16.0 million, respectively. The balance of
the Class A notes amortised by approximately 34.7% since issuance.
The current aggregated transaction balance is EUR 172.1 million.

As of September 2022, the transaction was performing significantly
below the servicer's initial expectations.  The actual cumulative
gross collections equal EUR 107.4 million, whereas the servicer's
initial business plan estimated cumulative gross collections of EUR
211.7 million for the same period. Therefore, as of September 2022,
the transaction was underperforming by EUR 104.3 million (-49.3%)
compared with initial expectations.

At issuance, DBRS Morningstar estimated cumulative gross
collections for the same period of EUR 68.1 million at the BBB
(low) (sf) stressed scenario.  Therefore, as of September 2022, the
transaction was performing above DBRS Morningstar’s stressed
initial expectations.

In October 2022, the servicer delivered an updated portfolio
business plan (the updated business plan) as of July 2022.  The
updated business plan, combined with the actual cumulative gross
collections of EUR 102.0 million as of July 31, 2022, resulted in a
total of EUR 301.0 million expected gross collections, which was
7.5% lower than the total gross collections of EUR 325.3 million
estimated in the initial business plan.  Without including actual
collections, the servicer's expected future collections from
October 2022 accounted for EUR 193.4 million (EUR 113.7 million in
the initial business plan).  Hence, the servicer revised its
expectation for collections on the remaining portfolio upward and
timing of collections is now expected later than initially
envisaged.  The updated DBRS Morningstar BB (sf) rating stress
assumes a haircut of 27.6% to the servicer's updated business plan,
considering total future expected collections from October 2022
onwards.

The final maturity date of the transaction is October 31, 2039.

The Coronavirus Disease (COVID-19) and the resulting isolation
measures had caused an economic contraction, leading in some cases
to increases in unemployment rates and income reductions for many
borrowers. For this transaction, DBRS Morningstar incorporated its
expectation of a moderate medium-term decline in commercial real
estate prices for certain property types.

All figures are in euros unless otherwise noted.



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

ILIM TIMBER: Moody's Lowers CFR to B3, Outlook Remains Negative
---------------------------------------------------------------
Moody's Investors Service has downgraded to B3 from B2 the
corporate family rating and to B3-PD from B2-PD the probability of
default rating of Ilim Timber Continental S.A. The outlook remains
negative.

RATINGS RATIONALE

The rating action balances strong credit metrics on a consolidated
basis against limited insight into the split of profitability, cash
flow generation, cash position and assets between the two business
units Germany and Russia and thus increasing uncertainty regarding
the long-term viability of the business in the current setup in a
dramatically changing economic environment. The rating action
further reflects the challenge to refinancing the maturing
syndicated credit facility by November 2023.

Ilim Timber's rating is supported by the geographical
diversification of the company's assets, with two mills in Germany
and two in Eastern Siberia, Russia; the proximity of the company's
production assets to reliable and accessible raw material supply
and an established distribution infrastructure; its diversified
customer base and established sales channels to all key regions;
and its well-invested modern saw mills in Germany that require
low-maintenance capital spending.

At the same time the rating reflects Ilim Timber's low product
portfolio diversification because around 74% of the company's sales
are represented by sawn timber, a market characterised by
seasonality and volatility in terms of price; the company's highly
concentrated ownership; its fairly small size on a global scale;
high operational concentration at Wismar mill in Germany; somewhat
volatile spreads between cost of logs and sawn timber prices,
resulting in volatile profitability; and its partial exposure to an
emerging market's (Russia) operating environment and related party
transactions.

LIQUIDITY

As of June 30, 2022, Ilim Timber had a cash balance of EUR158
million. Together with operating cash flow of around EUR65 million,
which Moody's expect the company to generate over the 12 months to
June 2023, liquid funds are sufficient to cover capital spending of
around EUR20 million, along with debt maturities of EUR10 million
(excluding the balloon payment of the syndicated facility, which is
likely to be, at least partially, refinanced), and the cash sweep
payment under the syndicated debt facility that has been reduced
and eventually repaid in September in the amount of EUR30 million.

Given that the upcoming maturity of the syndicated debt facility in
November 2023 has not yet been addressed and taking into account
that part of cash may be located in Russia, Moody's consider Ilim
Timber's liquidity to be just adequate.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook reflects the downside risks that Ilim Timber
is exposed to given its operations in Russia, and more broadly to
heightened geopolitical risk and the challenge of the upcoming
refinancing in November 2023.

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

The B3 CFR rating assumes that Ilim Timber will be able to
refinance its syndicated debt facility well ahead of the maturity
in November 2023. Indications that this might not be achievable
could trigger another negative rating action. Likewise, Moody's
could downgrade Ilim Timber's rating if (1) the heightened
geopolitical risk materially impacts the business or financial
profile of the company; (2) operating performance, cash generation
or market position were to weaken materially; or (3) liquidity was
to deteriorate.

Albeit unlikely in the near term given the downgrade, a positive
rating action would require clarity regarding management's future
financial policy in response to the geopolitical changes, in
particular evidence that core operations and assets are independent
from any sanctions against Russia.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Ilim Timber Continental S.A., domiciled in Switzerland, is one of
the largest softwood sawn timber producers in Europe. The company
operates two facilities in Germany and two in Russia, with a total
annual production capacity of 2.6 million cubic metres of sawn
timber and 0.2 million cubic metres of plywood. In 2021, Ilim
Timber reported revenue of EUR753 million — of which 80% was
derived from sawn timber, 8% from by-products and 11% from the
plywood segment — and Moody's-adjusted EBITDA of EUR242 million.
The company generates 74% of its revenue from operations in Germany
and 26% from its mills in Russia. Ilim Timber is controlled by
Boris and Mikhail Zingarevich.



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

BRITISH STEEL: Chinese Owners Fail to Fulfill Investment Promise
----------------------------------------------------------------
The Telegraph's Oliver Gill and Howard Mustoe report that the
Chinese owners of British Steel have injected only a fraction of
the GBP1.2 billion they promised to invest despite begging British
taxpayers for a bailout worth hundreds of millions of pounds.

Jingye, the largely unknown Chinese company that acquired British
Steel almost three years ago, has pumped in just GBP156 million
since acquiring the business in a Government-supported takeover in
March 2020, the Telegraph discloses.

Jingye is threatening to close one of the plant's two blast
furnaces and make 2,000 people at the British Steel works redundant
unless Grant Shapps, the Business Secretary, agrees to provide
state aid totalling hundreds of millions of pounds, notes the
Telegraph.

China has been "busy fishing into our pond" when it comes to
industrial assets, said former Conservative leader Sir Iain Duncan
Smith, who called upon the Government to safeguard strategic
industries such as steel, the Telegraph relates.

The move places a large question mark over the company's
intentions, he said, since prior deals suggest that "China is not a
reliable partner, it's a threat to us", the Telegraph notes.

Filings show that the capital has been injected as loans from the
steel plant's Beijing-controlled parent company, meaning not one
penny has been invested in equity, the Telegraph relays, citing
recently filed accounts.

Structuring Jingye's investment as debt rather than equity means
should the Scunthorpe plant crash once more into insolvency, the
Chinese company's loans would be repaid before unsecured creditors
such as staff and suppliers, the Telegraph states.

According to the Telegraph, a British Steel spokesman said: "Jingye
has invested hundreds of millions of pounds to support the ongoing
transformation of the business and is committed to investing in the
long-term future of British Steel as we transition to net zero.
The steel we make can play a central role in transitioning to a
low-carbon, circular economy and we've ambitious plans to invest in
a range of technologies to reduce the carbon intensity of our
operations, with solutions that are globally recognised and
accepted."

British Steel employs more than 4,000 people and is considered a
nationally-significant asset, producing large amounts of steel for
the railways and other major projects.  

The Chinese firm has been locked in talks with Whitehall officials
for months to unlock fresh payments from British taxpayers, the
Telegraph recounts.

Long-delayed accounts filed at Companies House earlier this month
reveal for the first time the extent of Jingye's investment in
British Steel to date, the Telegraph notes.


BULB ENERGY: Government Bailout to Cost Taxpayers GBP6.5 Billion
----------------------------------------------------------------
Gill Plimmer and David Sheppard at The Financial Times report that
the taxpayer bill for failed retail energy supplier Bulb has soared
to GBP6.5 billion, making it the largest state bailout since Royal
Bank of Scotland in 2008, according to official documents released
on Nov. 17.

Bulb was effectively nationalised after collapsing with 1.6mn
customers in November last year, after soaring gas and electricity
prices exposed the fast-growing company's failure to secure the
energy it had promised customers in advance, the FT recounts.

The total cost to taxpayers is now the equivalent of more than
GBP200 for every household in the UK, the FT relays, citing figures
published by the Office for Budget Responsibility on Nov. 17.

Bulb was the largest and highest profile of a string of energy
retailer collapses in the past 18 months, leading to criticism of
the government and regulator Ofgem's failure to scrutinise the
sector properly.

Customers of 28 other collapsed energy suppliers have been
transferred to rivals at a cost of GBP2.7 billion, which has
already been added to every energy bill in the UK at a cost of
GBP94 per household, the FT discloses.

Bulb's customer base was deemed too large to transfer, however, and
was effectively taken over by the government until it was sold last
month to Octopus Energy, the FT notes.

The cost of the government bailout of Bulb may be added to customer
bills next year, the Treasury has previously said, the FT relays.
It was initially estimated by the government at GBP1.7 billion in
March, while energy consultancy Auxilione estimated in August it
would rise to around GBP4 billion by spring 2023, the FT states.

The jump to GBP6.5 billion according to the OBR, the government's
official forecasters, covers the period to the end of 2023 despite
the takeover by Octopus Energy, according to the FT .

The OBR figures will fuel the suggestion that part of the deal
includes additional government support, the FT states.


BULB ENERGY: UK Government Blamed for Soaring Bailout Costs
-----------------------------------------------------------
David Sheppard, Jim Pickard and Gill Plimmer at The Financial Times
report that the UK government has been accused of costing energy
bill payers more than GBP200 per household following its
"inexplicable" decision to bar nationalised retailer Bulb from
hedging energy purchases for its customers.

The Office for Budget Responsibility, the fiscal watchdog, revealed
last week that the projected cost of Bulb's bailout had soared
GBP6.5 billion, most of which will ultimately have to be repaid by
almost every home in the country, the FT relates.  The government
had predicted in March that it would total about GBP1.7 billion,
the FT notes.

According to the FT, Ed Miliband, the former Labour party leader,
said the spiralling cost of Bulb's effective nationalisation a year
ago was "staggering" -- and stemmed not just from the company's
errors, but through the way the government had handled its rescue.

Treasury guidance limits government-controlled companies from
hedging, or buying customers gas and electricity in advance. In a
year of hugely volatile energy prices, that has sent the bill for
Bulb's rescue soaring, the FT discloses.

"The government should hang its head in shame over the Bulb fiasco
and the staggering costs it is imposing on the British people of
over GBP200 per household," the FT quotes Mr. Miliband as saying.

The Department for Business, Energy and Industrial Strategy, BEIS,
on Nov. 18 disputed the OBR figures, saying the government's
independent forecaster did not have visibility of the deal to sell
Bulb to one-time rival Octopus, the FT relays.

BEIS, as cited by the FT, said the total could be lower as it did
not include the price of the company's sale or potential repayments
Octopus may make to the exchequer over time.  The government has
yet to reveal details of the sale, which has seen rival energy
retailers consider launching a judicial review, the FT states.

Under the sale announced last month, Octopus would absorb Bulb's
1.6mn customers to become one of the largest companies in the
retail energy space, rivalling Centrica's British Gas, the FT
recounts.

BEIS did not deny that the bill for Bulb's rescue would largely
have to be absorbed by households through their energy bills, the
FT notes.

Michael Lewis, chief executive of energy provider E. ON UK,
highlighted that the GBP6.5 billion projected cost of the Bulb
rescue was more than the GBP6 billion allocated by chancellor
Jeremy Hunt for energy efficiency projects such as home insulation
over three years from 2025, the FT relates.  He warned that a
"frightening number of customers" risked falling into debt next
year, putting more pressure on "an already fragile industry".

According to the FT, Darren Jones, the Labour MP who chairs the
Commons Business, Energy and Industrial Strategy Committee, said
members had "long been concerned about the cost of the Bulb
administration".  He added there were particular concerns over
"ministers' decision to prevent the administrators from hedging
against future energy price rises".


SAPPHIRE: Enters Administration, To Be Put Up for Sale
------------------------------------------------------
Terry Murden at Daily Business reports that East Kilbride shopping
centre owner, Sapphire, has fallen into administration and the
venue will be offered for sale.

The centre, which has 1.2 million sq ft of retail space, is
Scotland's largest undercover shopping and leisure destination with
150 shops, several restaurants, a cinema and an ice rink.

Blair Nimmo and Alistair McAlinden of Interpath Advisory were
appointed joint administrators on Nov. 16 at the Court of Session
in Edinburgh, Daily Business relates.

According to Daily Business, the centre will remain open and all
day-to-day operations will continue unaffected by the
administration process under the control of Reith Lambert which
remains property manager. Scoop AM has been appointed asset
manager, Daily Business discloses.

Working with key stakeholders and advisers the administrators will
take steps to enhance the Centre and consider the appropriate time
to bring to the market, Daily Business notes.


THAME AND LONDON: Moody's Raises CFR to B3, Outlook Remains Stable
------------------------------------------------------------------
Moody's Investors Service has upgraded to B3 from Caa1 the
corporate family rating and to B3-PD from Caa1-PD the probability
of default rating of Thame and London Limited (Travelodge or the
company), a UK leading budget hotel chain. Concurrently, Moody's
upgraded to B3 from Caa1 the instrument rating of the GBP440
million backed senior secured notes due 2025 issued by TVL Finance
plc. The rating agency also upgraded to Ba3 from B1 the instrument
ratings of the GBP40 million backed senior secured multi-currency
revolving credit facility (RCF) and GBP30 million backed senior
secured letter of credit facility issued by Full Moon Holdco 7
Limited. The outlook on all ratings remains stable.

RATINGS RATIONALE

The upgrade reflects Travelodge's strong results achieved this year
ahead of the Moody's previous expectations. The recovery was
supported by a combination of strong average daily rate growth and
occupancy, which came from both leisure and business customers and
was well ahead of the UK's broader lodging market. The company's
nine months' revenue to September 2022 reached GBP669 million, 23%
higher year-on-year compared with the pre-pandemic 2019 while
Travelodge's Moody's adjusted EBITDA grew by close to 30% compared
to 2019. The strong results were achieved despite significant cost
inflation (Travelodge's operating expenses in 2022 have been
approximately 15% above 2019 levels with broadly equal number of
hotels) and phasing out of the government support measures, such as
VAT, which returned to 20% in April this year.

As a result of growing profits the company's Moody's estimated
adjusted debt to EBITDA improved to approximately 7.2x in September
2022 from 11.5x in 2021 and 8.9x in 2019 - an adequate level taking
into account the company's large lease obligations for the fully
leased property portfolio. The rating agency also estimates that
Travelodge's Moody's adjusted EBITA interest cover improved to
1.2x. Although Moody's expects the interest cover to slightly
weaken due to higher interest expenses on the GBP440 million
floating rate notes, it will likely remain above 1x over the next
12-18 months. Travelodge also generated an estimated free cash flow
of more than GBP100 million over the twelve months to September
2022, which it used to repay GBP100 million of its term loan and
drawings on the RCF previously used for additional liquidity during
the pandemic - a credit positive.

However, Moody's does not expect the company's EBITDA to improve
much further from current levels in the next 12-18 months because
of the significant headwinds. These include ongoing cost inflation,
in particular on energy which Travelodge has hedged until March
2023. There is also a significant uncertainty around how the
deteriorating macroeconomic conditions in the UK and ongoing cost
of living crisis may affect consumer demand for domestic and
business travel in the country. Travelodge also has a relatively
high portion of fixed costs and is therefore sensitive to fairly
small changes in occupancy and daily rates.

More positively, the rating also reflects the company's leading
position in the UK budget hotel industry and its reliance on
domestic UK demand. Moody's believes that Travelodge's focus on the
more resilient midscale and economy sector, and its ability to
attract both business and leisure customers in approximately equal
proportions, provides a measure of cushion in a downturn.

ENVIRONMENTAL, SOCIAL & GOVERNANCE CONSIDERATIONS

The company is controlled by funds advised by Golden Tree Asset
Management, Avenue Capital and Goldman Sachs and has high tolerance
for leverage and shareholder-friendly actions, although Moody's
positive notes that the company used its excess cash this year to
repay GBP100 million of debt raised during the pandemic.

LIQUIDITY

Travelodge's liquidity is adequate and supported by GBP166 million
cash as of October 28, 2022 following the GBP60 million term loan
repayment. The liquidity also benefits from the fully drawn RCF of
GBP40 million, although it expires in June 2024. Moody's expects
Travelodge to generate approximately GBP50-60 million free cash
flow in 2023 after circa GBP80 million of pre-IFRS 16 capex. The
company's GBP440 million floating rate notes are due in July 2025.
Moody's also estimates that Travelodge maintains significant
headroom under its RCF net leverage covenant.

STRUCTURAL CONSIDERATIONS

The rated debt consists of a GBP440 million outstanding notes rated
at the same level as CFR and GBP40 million super senior RCF rated
Ba3. The difference reflects relative ranking of the instruments in
Travelodge's capital structure in the event of default.
Travelodge's capital structure also includes GBP65 million senior
secured notes due 2025, which are unrated and rank together with
the other notes.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectation that Travelodge
will maintain organic revenue growth and margins and sufficient
liquidity.

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

Upward rating pressure could result from further operational
improvements driven by continued outperformance and successful
execution of the development and refit strategy such that Moody's
adjusted leverage declines below 6.5x on a sustained basis, EBITA
cover improves towards 1.5x and free cash flow remains positive on
a sustained basis. Adequate liquidity would also be important.

Negative rating pressure could arise from operational setbacks such
that company's margins deteriorate significantly, interest cover
declines below 1x or free cash flow becomes negative. Any liquidity
challenges or inability to address upcoming maturities in good time
would also be viewed negatively.

LIST OF AFFECTED RATINGS

Upgrades:

Issuer: Full Moon Holdco 7 Limited

BACKED Senior Secured Bank Credit Facility, Upgraded to Ba3 from
B1

Issuer: Thame and London Limited

Probability of Default Rating, Upgraded to B3-PD from Caa1-PD

LT Corporate Family Rating, Upgraded to B3 from Caa1

Issuer: TVL Finance plc

BACKED Senior Secured Regular Bond/Debenture, Upgraded to B3 from
Caa1

Outlook Actions:

Issuer: Full Moon Holdco 7 Limited

Outlook, Remains Stable

Issuer: Thame and London Limited

Outlook, Remains Stable

Issuer: TVL Finance plc

Outlook, Remains Stable

PRINCIPAL METHODOLOGY

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

PROFILE

Travelodge is a budget hotel chain operating primarily in the
fragmented UK lodging market. As at September 2022, the company
controlled 595 hotels across the UK, Ireland and Spain covering
both urban and roadside locations with the vast majority of rooms
in the UK.

In the last twelve months to September 2022, Travelodge generated
revenues of GBP856 million and company-adjusted pre-IFRS 16 EBITDA
of GBP201 million. Over 90% of Travelodge's revenues are generated
from room bookings, with most of the remainder generated from food
and beverage sales. Around 80% of the booking orders are placed on
the company's website. As a result of its 2012 restructuring, the
shareholders of Travelodge are funds advised by Golden Tree Asset
Management, Avenue Capital and Goldman Sachs.

THG OPERATIONS: EUR600M Bank Debt Trades at 18% Discount
--------------------------------------------------------
Participations in a syndicated loan under which THG Operations
Holdings Ltd is a borrower were trading in the secondary market
around 82 cents-on-the-dollar during the week ended Friday,
November 18, 2022, according to Bloomberg's Evaluated Pricing
service data.

The EUR600 million facility is a term loan.  The loan is scheduled
to mature on December 11, 2026.   The amount is fully withdrawn and
outstanding.

THG Operations Holdings Limited is affiliated with THG PLC,
headquartered in Manchester, England, and has a diverse range of
e-commerce focused activities, and certain associated manufacturing
facilities. Its largest brands lookfantastic.com and myprotein.com
operate in the beauty and wellness retail segments
respectively.




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

[*] BOND PRICING: For the Week November 14 to November 18, 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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Information contained herein is obtained from sources believed to
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delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
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