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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Monday, November 28, 2022, Vol. 23, No. 231

                           Headlines



F R A N C E

EURO ETHNIC: Moody's Affirms B2 CFR, Cuts 1st Lien Term Loan to B2
PIMENTE INVESTISSEMENT: S&P Alters Outlook to Neg, Affirms 'B' ICR
RCI BANQUE: Moody's Affirms 'Ba2' Rating on Subordinated Debt


G E R M A N Y

CECONOMY AG: Moody's Cuts CFR to Ba3 & Sr. Unsecured Notes to B1
PARFUEMERIE DOUGLAS: EUR188M Bank Debt Trades at 13% Discount


G R E E C E

EUROBANK ERGASIAS: Moody's Rates EUR5BB EMTN Programme '(P)B2'


I R E L A N D

ARROW CMBS 2018: DBRS Confirms BB(low) Rating on Class F Notes
EDMONDSTOWN PARK: S&P Assigns Prelim B- (sf) Rating to Cl. F Notes
GROSVENOR PLACE 2022-1: Fitch Assigns 'B-sf' Rating on Cl. F Notes
GROSVENOR PLACE 2022-1: S&P Assigns B-(sf) Rating to Class F Notes
HELIOS (EUROPEAN LOAN 37): DBRS Confirms B(high) Rating on E Notes

MAN GLG EURO V: Fitch Ups F Notes to Bsf, Alters Outlook to Stable


I T A L Y

ARTS CONSUMER: Moody's Assigns Ba3 Rating to EUR27.4MM Cl. D Notes
DEDALUS SPA: Fitch Lowers LongTerm IDR to 'B-', Outlook Stable
MONTE DEI PASCHI: Fitch Hikes LongTerm IDR to 'B+', Outlook Stable


L U X E M B O U R G

ARMORICA LUX: EUR335M Bank Debt Trades at 30% Discount


M O L D O V A

AIR MOLDOVA: At Risk of Insolvency, Must Submit Corrective Plan


N E T H E R L A N D S

GTT COMMUNICATIONS : US$140M Bank Debt Trades at 35% Discount
GTT COMMUNICATIONS: EUR750M Bank Debt Trades at 35% Discount
NOBEL BIDCO BV: EUR1.05B Bank Debt Trades at 26% Discount
NOBEL BIDCO: Moody's Lowers CFR & Sr. Secured Term Loan B to 'B2'


N O R W A Y

PGS ASA: Moody's Affirms 'Caa1' CFR & Alters Outlook to Positive


S W E D E N

FUSILLI HOLDCO AB: EUR300M Bank Debt Trades at 18% Discount
VOLVO CAR: S&P Alters Outlook to Stable, Affirms 'BB+' ICR


S W I T Z E R L A N D

WIZZ AIR: Moody's Assigns 'Ba1' CFR & Alters Outlook to Stable


T U R K E Y

AYDEM YENILENEBILIR: Fitch Affirms LongTerm IDR at 'B', Outlook Neg
TURKIYE WEALTH: Fitch Affirms LongTerm IDR at 'B', Outlook Negative


U N I T E D   K I N G D O M

CONSTELLATION AUTOMOTIVE: EUR400M Bank Debt Trades at 26% Discount
CONSTELLATION AUTOMOTIVE: GBP325M Bank Debt Trades at 59% Discount
CONSTELLATION AUTOMOTIVE: GBP400M Bank Debt Trades at 31% Discount
ELITE SPORTS: Enters Administration After Bid Details Emerge
GATWICK AIRPORT: Moody's Affirms 'Ba3' Rating on Sr. Secured Notes

HAM BAKER: Business Sold, 50 Jobs Saved
INEOS QUATTRO: Fitch Affirms LongTerm IDR at 'BB', Outlook Stable
LUMO LIQUIDS: Administrators Seek Buyer for Business
OPTIPLAN KITCHENS: Goes Into Administration
PMC CIVIL: Creditors Set to Receive 5 to 10 Pence in the Pound

SAGE AR 1: DBRS Confirms B Rating on Class F Debt
VIVARAIL: Files Notice of Intention to Appoint Administrators


X X X X X X X X

[*] BOND PRICING: For the Week November 21 to November 25, 2022

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F R A N C E
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EURO ETHNIC: Moody's Affirms B2 CFR, Cuts 1st Lien Term Loan to B2
------------------------------------------------------------------
Moody's Investors Service affirmed the B2 long-term corporate
family rating and the B2-PD probability of default rating of Euro
Ethnic Foods Bidco S.A.S. (or "EEF" or the "Company").
Concurrently, Moody's downgraded to B2 from B1 the ratings of EEF's
EUR465 million senior secured 1st lien term loan B and EUR50
million senior secured revolving credit facility (RCF). The outlook
remains stable.

The rating action reflects EEF's repayment in May 2022 of the EUR20
million outstanding balance of its second-lien debt (unrated)
(EUR75 million at transaction close). The second lien repayment was
beneficial for the company overall because it provided modest
interest cost savings of approximately EUR6 million annually.
Moody's nevertheless affirmed the B2 CFR because the transaction
does not meaningfully affect debt or leverage and the cash interest
savings are modest relative to the company's free cash flow.

The downgrade of the first lien senior secured facilities ratings
to B2 reflects the elimination of a layer of loss absorbing debt
which ranked below the senior secured first lien credit facilities,
resulting from the repayment of the second lien term loan in its
entirety before maturity of the first lien debt.

RATINGS RATIONALE

The B2 CFR reflects EEF's resilient earnings despite high cost
inflation; its presence within the Grand Frais fresh food store,
which grows faster than the traditional French grocery market due
to growing customer preferences for fresh and healthy products; its
positive free cash flow generation; its high profitability, with a
Moody's-adjusted EBITDA margin of around 20% in fiscal 2022 (ending
on March 31); and its focus on high quality healthy and
international products, which differentiates the company from its
competitors.

At the same time, the company's rating is constrained by its high
leverage, with a Moody's-adjusted (gross) debt/EBITDA of around
6.0x in the last twelve months to June 2022; its small size
relative to traditional grocers and relative to Grand Frais, which
could limit its pricing power; its credit linkage with and
dependence on the success of the fruits and vegetable business,
controlled by a separate company, ZF Invest (Prosol, B3 stable),
which is one of the other that draws customers to Grand Frais; the
concentration of its earnings in France, which accounts for all the
company's EBITDA; and the lack of direct control over certain
strategic decisions such as real estate development, which is
managed by a different entity. This entity is, however, currently
controlled by the Bahadourian family, which retains a 40% stake in
EEF and EEF can decide whether to participate in new store
expansion independently from its partners.

High inflation is hurting consumer spending, even for groceries,
and costs are rising for grocers, which is likely to be a drag on
EEF's volumes and profitability in the next 12 to 18 months. In the
three months to June 2022, EEF's reported revenues and EBITDA were
broadly in line with last year's (revenues -1% and EBITDA -3%),
despite growing cost inflation decreasing the profitability of the
grocery retail sector in France and more broadly across Europe in
the first six months of calendar 2022. EEF's resilience reflects
the growth in Grand Frais attendance driven by its new TV marketing
campaign as well as a low price campaign at Prosol, EEF's
differentiated product offerings with limited direct price
competition with other grocers and Grand Frais store openings (12
year to date in fiscal 2023), as well as the ramp up of stores
opened in the last two years. Moody's expects revenue and gross
profit growth to be broadly offset by fixed cost increases in the
next 12 to 18 months and Moody's Adjusted leverage to remain close
to 6.0x in the next 12 to 18 months.  

LIQUIDITY

EEF's liquidity is adequate, because of a EUR50 million undrawn
RCF, and EUR25 million cash on balance sheet as of June 2022, which
should cover short-term working capital needs. Seasonal swings in
revenues and working capital could lead to temporary drawings on
the RCF.

Seasonal variations in working capital are substantial, with a cash
outflow during Oct-Dec and Jan-Mar. There is some, albeit limited,
seasonality in the topline with revenues peaking in the March-June
period due to major events of the year such as Easter Holidays and
Ramadan.

Thanks to its high margins, Moody's expects EEF to maintain
interest cover of around 1.5x and to generate positive free cash
flows of around EUR10 to 15 million per year in the next 12 to 18
months. Moody's expects capex excluding lease repayments at around
5% of revenues and negative working capital movements
(approximately EUR-15 million).

The RCF is subject to a springing covenant with a 40% headroom
against opening leverage. The company doesn't have any short term
maturities other than around EU20 million per year of local debt
and the first large maturity is in 2028 when the TLB becomes due.

STRUCTURAL CONSIDERATIONS

The EUR465 million senior secured 1st lien term loan B issued by
EEF and the EUR50 million senior secured revolving credit facility
issued by EEF are rated B2 reflecting their pari passu ranking and
the presence of upstream guarantees from material subsidiaries of
the group.

The B2-PD Probability of Default Rating, in line with the CFR,
reflects the hypothetical recovery rate of 50%, which Moody's
believe is appropriate for a capital structure comprising bank debt
and with a single springing covenant under the RCF with significant
headroom.

OUTLOOK

The stable outlook reflects Moody's expectation that EEF will
maintain its leverage around 6.0x Moody's-adjusted (gross)
debt/EBITDA in the next 12 to 18 months while continuing to
generate positive free cash flows and maintaining EBIT/Interest
expense comfortably above 1.0x.

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

Upward pressure on the ratings could arise in case of a sustained
decline of the Moody's-adjusted (gross) debt/EBITDA ratio
comfortably below 5.5x, a significant rise in Moody's-adjusted free
cash flows as well as a track record of prudent financial policy,
with no dividends and no debt-funded acquisitions. A positive
rating action would also necessitate a continued increase in
penetration rate, well above 60%, among Grand Frais customers, as
well as a healthy performance of the sister company, ZF Invest.

Downward pressure on the ratings could arise if Moody's-adjusted
(gross) debt/EBITDA is sustainably above 6.5x or if
Moody's-adjusted EBIT/Interest expense approaches 1.0x. A
deterioration of the company's liquidity profile, as shown for
example by an inability to generate positive Moody's-adjusted free
cash flow, could also prompt a negative rating action. Moody's
could also consider downgrading the rating in case of material
underperformance of Grand Frais' partners, particularly Prosol's
fruits and vegetable business, if this were to lead to a disruption
in footfall in Grand Frais stores.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Headquartered in Lyon, France, EEF is a member of the Grand Frais
brand, a store network focused on fresh quality products. Each
Grand Frais store is around 1,000 square meters large and sells
five different types of products: grocery products, which are
managed by EEF, fruit and vegetable, fish, meat and dairy products
which are managed by third party companies. EEF represents 25% of
the Grand Frais governance and the remainder is split between three
private companies: Despinasse controlling 25% and Prosol Gestion
and Cremerie Exploitation, both controlled by private equity fund
Ardian, representing 50% of Grand Frais.

EEF generated EUR516 million of revenue in fiscal 2022 with 273
stores as of June 30, 2022.

EEF is owned by PAI partners, a private equity group. EEF was
founded in 1929 by the Bahadourian family, who remain minority
shareholders through their company called Norkorz Capital. The
management team is led by Bertrand Nomdedeu, the CEO. Following the
contemplated sale of EEF, Norkorz Capital will retain a minority
interest.

PIMENTE INVESTISSEMENT: S&P Alters Outlook to Neg, Affirms 'B' ICR
------------------------------------------------------------------
S&P Global Ratings revised its outlook on Pimente Investissement
SAS (Panzani) to negative from stable and affirmed the 'B'
long-term issuer credit and issue ratings on the group and its term
loan B (TLB). The '3' recovery rating is unchanged.

The negative outlook reflects rising downside risks to S&P's base
case, such that adjusted leverage may not reach 7.0x by year-end
2023 if the group cannot increase profitability over the next 12
months.

S&P said, "The outlook revision reflects that adjusted leverage
could remain above our 7x downside rating trigger by year-end 2023,
depending on the group's ability to continuously offset high
operating cost inflation. Reported EBITDA was lower than expected
in first-half 2022, at EUR23 million, as price increases and lower
promotions were more than offset by higher-than-anticipated input
cost inflation. Profitability should gradually recover during the
second half, supported by continued pricing activity and stable
volumes in the nondiscretionary pasta and sauces category Panzani
leads, but we still forecast about a 200-basis-point (bps)
contraction in the adjusted EBITDA margin in 2022 as price
increases lag soaring costs for outsourced sauces, energy,
packaging, and labor. We revised down our forecast of adjusted
EBITDA for 2022 to about EUR50 million, from about EUR60 million
previously, which translates to adjusted (gross) debt to EBITDA of
close to 8.0x. Our fully adjusted leverage calculation is also
driven by Panzani's factoring program (EUR60 million factored to
date), which we add to our debt metrics."

For 2023, price increases should help offset input cost inflation
in energy, sauces, and transportation. S&P said, "Assuming some
stabilization in certain input costs, notably durum wheat, which
has trended below elevated levels thanks to positive yield
expectations in Canada, and stable volumes, we anticipate overall
revenue growth of about 8%, with adjusted EBITDA margin rebounding
comfortably to 9.5%-10.0% and positive FOCF. For 2023, we forecast
adjusted EBITDA will rise to close to EUR60 million, versus our
previous base case of EUR65 million-EUR70 million, pushing down
adjusted debt to EBITDA to about 7x. That said, our base case is
subject to volatility, notably stemming from the inflation
trajectory and the group's continuous ability to raise prices in a
French retail environment where this is historically difficult.
Positively, we note the group's track record of raising prices so
far in 2022, its leading market share in France--which is largely
duopolistic with Panzani clearly leading Barilla (not rated)--and
more affordable product price point coverage in the
nondiscretionary market."

Panzani's unexpected factoring facility has combined with
lower-than-assumed EBITDA to increase adjusted leverage to about
8.0x versus 5.8x-6.0x previously. S&P said, "We understand the
factoring program will accelerate cash conversion and, to a minor
extent, fund intrayear working capital swings at a significantly
lower cost compared to the revolving credit facility (RCF).
Although demand for Panzani's main product categories benefits from
relatively low seasonality, inventory levels fluctuate throughout
the year based on management expectations for raw material prices,
notably durum wheat. This is because procurement is mainly done at
spot prices while forward contracts represent only a limited
portion. The company drew EUR20 million from the RCF at year-end
2021 to fund higher-than-expected impacts from inflation on
inventories as well as higher receivables. During first-half 2022,
it repaid this amount after entering the factoring program, which
had EUR63 million outstanding at June 30, 2022. According to our
criteria, we include factored receivables in our gross debt
calculation, since we view this as a source of financing. We expect
S&P Global Ratings-adjusted debt of EUR412 million at year-end
2022, including the EUR340 million TLB, EUR63 million factored
receivables, and EUR9.6 million net pension deficit."

S&P said, "We expect Panzani to remain self-funding over the
forecast period as noncritical investments get delayed, offsetting
inflationary pressures on profitabilityWe forecast positive FOCF of
EUR10 million-EUR15 million in 2022 as the lower EBITDA base is
counterbalanced by significantly lower-than-expected capital
expenditure (capex) of about EUR13 million, from EUR23 million
previously. We believe that the company will delay noncritical
capex in 2023 and 2024 to protect its FOCF cushion, considering the
lower profitability. Our estimate includes about EUR5 million of
working capital outflows in 2022 reflecting inflation's effects on
inventories. We note that the company is not accumulating safety
stock in 2022 given the perceived low risk of raw materials
scarcity and low spare capacity at manufacturing sites, which
prevents the build-up of finished goods inventories. For 2023, we
expect stable FOCF of EUR10 million-EUR15 million as the higher
EBITDA base is offset by higher capex to increase manufacturing
capacity and improve operating efficiency in the supply chain.
Overall, the positive FOCF means the group is well funded and we do
not expect the financial covenants to be tested. Moreover, there
are no near-term refinancing risks.

"The company's adjusted EBITDA margins have trended below our
2021-2022 base case due to input cost inflation and a customary
time lag for price increases. Panzani grappled with a first wave of
raw materials inflation at year-end 2021, notably affecting durum
wheat, which represents about 30% of total operating costs. Lower
global supply after soft harvest seasons in top exporters such as
Canada and the U.S. spiked global durum wheat prices at the end of
last year, spilling over into French prices. The company's first
round of price increases was not set until first-quarter 2022,
translating into lower-than-expected EBITDA in 2021 at EUR50
million, versus EUR56 million previously estimated. The start of
the Russia-Ukraine conflict in first-quarter 2022 sparked a second
wave of inflation, which is directly affecting energy,
transportation, and packaging costs. Also, higher costs of
glassware manufacturing linked to energy inflation and increasing
tomato prices in Spain and Italy are translating into higher costs
for outsourced sauces, which represent about 25% of total operating
costs. We note that French energy prices have increased over the
past few months on significantly lower availability of nuclear
power amid an unprecedented number of reactor shutdowns, adding to
the Europe-wide energy crunch.

"We expect the company to continue offsetting very high inflation,
notably with higher price points, but the competitive French retail
environment makes this difficult. We forecast very high revenue
growth of about 25% in 2022, following 28% in the first half, as
the company continues protecting its margins with price increases.
We also assume volumes remain stable given that pasta is an
affordable food product and Panzani is positioned in the mid-price
range. We note that Panzani's close ties with retailers, supported
by its high brand awareness, enabled it to cover roughly 100% of
input cost inflation so far, despite having no automatic
pass-through mechanisms. The brand is the clear leader in dry pasta
and sauces, which are two essential footfall-driving products in
France. Also, we believe that its "100% French sustainable durum"
sourcing approach creates a competitive advantage when it comes to
price negotiations, since it is positively regarded by final
consumers and retailers in France.

"That said, we believe that the group´s high exposure to French
retailers, at about two-thirds of group sales, handicaps price
negotiations, meaning temporary profitability contractions due to
the time lag in implementing price rises. We note that the French
retail market is highly competitive compared to other European
markets, resulting in tougher and lengthier negotiations. Even in
the current inflationary scenario, it still takes about three
months on average to implement higher prices. On the operating cost
side, durum wheat prices began retreating in September and October,
after trending flat throughout the remainder of 2022, on positive
yield expectations in Canada. Despite very high volatility in our
base case, we estimate a gradual stabilization of energy prices in
2023, reflecting very high gas storage ahead of the coming winter
and supported by a gradual recovery in French nuclear power output.
These factors could help stabilize profitability pressure in the
next 12 months.

"Despite nonstop price increases and recessionary pressures, we
expect relatively stable demand for Panzani´s branded products to
continue supporting volumes in 2023.During first-half 2022, volumes
increased 1.2% despite it raising average selling prices 26.7%. We
also expect relatively stable volumes during the remainder of 2022
and into 2023 amid decreasing consumer sentiment and recessionary
pressures. In our view, Panzani´s brand equity and market
leadership in noncyclical and widely consumed categories in France
should support volume stability, notwithstanding weakening consumer
demand. The French dry pasta and sauces market has proven its
resilience through economic downturns in the past and we expect
this trend to continue in 2023, supported by its affordability,
tradition, taste, lack of substitutes, and convenience. Panzani
remains the top producer of dry pasta and sauces in France, with
about 30% and 25% market shares respectively, supported by very
high brand awareness and penetration rates. Also, its average
selling prices are skewed toward the affordable end of the market
compared to those of its main branded competitors, which we believe
reduces downtrading risk in a recession.

"The negative outlook reflects the downside risk to our base-case
scenario of a rebound in profitability and improved leverage
metrics in 2023 versus 2022. Under our current 2023 base case, we
forecast adjusted EBITDA will rise to about EUR60 million from
EUR50 million last year, with adjusted leverage of about 7.0x and
positive FOCF.

"We could lower the rating if Panzani is unable to mitigate
persistent high operating cost inflation with price increases, such
that profitability does not meaningfully improve over the coming 12
months and adjusted leverage is sustained above 7x. We could also
lower the ratings if Panzani posts negative FOCF, which could
pressure its liquidity position. This would most likely stem from a
low EBITDA base coupled with large negative working capital
movements.

"We could revise the outlook to stable if Panzani shows
stronger-than-expected EBITDA growth in 2023, leading to adjusted
debt leverage reducing to comfortably between 6.0x-7.0x and FOCF
remaining sustainably positive. This could happen if Panzani´s
operating performance exceeds our expectations owing to swift price
negotiations and unanticipated decreases in input costs while
volumes and market share remain resilient."

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 Panzani, 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. According to company
information, all Panzani's dry pastas have the highest nutritional
score (A), while 86% of its sauces have the highest or second
highest (B). The company plans to center its advertising strategy
for pasta and couscous on its 100% responsibly sourced French durum
wheat, to appeal to customers in the core French market. This
supports the company's carbon footprint and illustrates its
importance for supporting local communities. Among key
environmental priorities, we note the company's 100% recyclable
packaging objective by 2025."


RCI BANQUE: Moody's Affirms 'Ba2' Rating on Subordinated Debt
-------------------------------------------------------------
Moody's Investors Service affirmed RCI Banque's long-term deposit
and senior unsecured debt ratings at Baa2, the bank's Baseline
Credit Assessment (BCA) and Adjusted BCA of ba1, its subordinated
debt ratings of Ba2, its long-term Counterparty Risk (CR)
Assessment and long-term Counterparty Risk Rating (CRR) at Baa1(cr)
and Baa1 respectively. The outlook on the long-term senior
unsecured debt and deposit ratings has been changed to stable from
negative.

This action was prompted by the affirmation of the corporate family
rating of RCI's parent Renault S.A. (Renault) at Ba2, and the
change of outlook to stable from negative.

RATINGS RATIONALE

The affirmation of RCI's Baa2 long-term deposit and senior
unsecured debt ratings reflect (1) the bank's ba1 BCA and Adjusted
BCA; and (2) two notches of uplift under the Advanced Loss Given
Failure (LGF) analysis, stemming from the large volume of senior
unsecured long-term debt resulting in a very low expected loss rate
on these instruments.

RCI's BCA of ba1 is supported by the bank's role as a key strategic
arm of Renault and its sound financial fundamentals, including
strong profitability through the credit cycle, moderate asset risk,
and capitalization which is commensurate with its risk profile.

At the same time, the BCA is constrained by the bank's lack of
business diversification and exposures to car dealers, which
accounted for 15% of the bank's loan portfolio at end-June 2022.
Moreover, Moody's factors in RCI's high reliance on
confidence-sensitive wholesale funding, even though the loan book
is funded to a significant degree with long term liabilities,
resulting in low refinancing risk. Furthermore the bank has over
time expanded its online deposits, which currently accounts for 46%
of its funding needs.

OUTLOOK

Moody's believes that the improvement of its parent's
creditworthiness will benefit RCI's fundamentals because RCI is an
integral part of the car manufacturer's business model. However,
RCI's BCA is unlikely to exceed Renault's rating by more than one
notch, as is the case for most other rated auto captives. The
stable outlook on RCI's long-term deposit and senior unsecured
ratings therefore results from the stable outlook of Renault's
rating, reflecting the intrinsic linkages between both companies.

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

Factors that could lead to an upgrade

RCI's BCA could be upgraded due to an upgrade of its parent Renault
assuming that its strong solvency profile is maintained. An upgrade
of RCI's BCA would likely result in an upgrade of its long-term
debt and deposit ratings.

Factors that could lead to a downgrade

Owing to the intrinsic interlinkages between the captive and its
automotive parent, RCI's ratings are highly dependent on the
creditworthiness of Renault. Therefore, a downgrade of Renault
would likely result in a similar action on RCI's ratings. A
downgrade of RCI's ratings could also result from a substantial
deterioration in the bank's asset quality and profitability. A
substantial reduction in outstanding senior unsecured debt could
lead to a higher expected loss on this instrument, and in turn
would prompt a lower rating.

LIST OF AFFECTED RATINGS

Issuer: RCI Banque

Affirmations:


Long-term Counterparty Risk Ratings, affirmed Baa1

Short-term Counterparty Risk Ratings, affirmed P-2

Long-term Bank Deposits, affirmed Baa2, outlook changed to Stable
from Negative

Short-term Bank Deposits Rating, affirmed P-2

Long-term Deposit Note/CD Program, affirmed (P)Baa2

Short-term Deposit Note/CD Program, affirmed P-2

Long-term Counterparty Risk Assessment, affirmed Baa1(cr)

Short-term Counterparty Risk Assessment, affirmed P-2(cr)

Baseline Credit Assessment, affirmed ba1

Adjusted Baseline Credit Assessment, affirmed ba1

Senior Unsecured Regular Bond/Debenture, affirmed Baa2, outlook
changed to Stable from Negative

Senior Unsecured Medium-Term Note Program, affirmed (P)Baa2

Subordinate Regular Bond/Debenture, affirmed Ba2

Subordinate Medium-Term Note Program, affirmed (P)Ba2

Commercial Paper, affirmed P-2

Other Short Term, affirmed (P)P-2

Outlook Action:

Outlook changed to Stable from Negative

Issuer: RCI Banque Sucursal Argentina

Affirmation:

Long-term Issuer Rating, affirmed Caa1, outlook changed to Stable
from Negative

Outlook Action:

Outlook changed to Stable from Negative

PRINCIPAL METHODOLOGY

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



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G E R M A N Y
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CECONOMY AG: Moody's Cuts CFR to Ba3 & Sr. Unsecured Notes to B1
----------------------------------------------------------------
Moody's Investors Service has downgraded to Ba3 from Ba2 the
corporate family rating of CECONOMY AG and its probability of
default rating to Ba3-PD from Ba2-PD. Moody's has also downgraded
Ceconomy's senior unsecured notes to B1 from Ba3. The outlook
remains unchanged at ratings under review. Concurrently, Moody's
affirmed the NP rating of the company's commercial paper program.

RATINGS RATIONALE

The rating action reflects Moody's expectation that, given the
overall weak macroeconomic outlook for Europe and weak consumer
sentiment, Ceconomy is unlikely to meaningfully recover its
earnings and cash flows in the coming quarters. Moody's believes
that given the company's very low margins and negative free cash
flows (FCF) in the last two years (fiscals 2021 and 2022, ending
September 30), a rating level in the mid-to-high Ba range is no
longer tenable.

Moody's significantly cut its 2023 economic growth forecasts and
raised inflation projections for a number of countries in Europe.
Moody's now expects a deeper GDP contraction in Europe in 2023,
including in Ceconomy's major markets such as Germany and Italy,
followed by weak recoveries in 2024. In Germany, which is
Ceconomy's main market, Moody's anticipates an economic contraction
of 1.9% in 2023, compared to only 0.4% previously. There are
significant downside risks to these forecasts. Economic outcomes
could be significantly worse in a situation of acute energy
shortages that would lead to significant rationing.

European consumer sentiment is under severe pressure and with
persistent inflation Moody's expects European consumers to trade
down or to rein their discretionary spending in the next 12-18
months. Moody's expects inflation, which, coupled with rising
energy costs are likely to weigh negatively on trading in the next
few quarters. Weaker consumer demand coupled with rising
operational costs will likely translate into continued weak
profitability in the next 12-18 months. As a result Moody's expects
the company's EBIT margin (as adjusted by Moody's) will be at or
below 1% in fiscal 2023 (year ending September 30, 2023), which
will likely translate into very limited FCF in the absence of major
working capital reversal.

Moody's acknowledges that management has articulated a plan to
improve margins and financial flexibility, especially through
increased sales of high margin Services & Solutions activities
(5.7% of sales in the first 9 months of fiscal 2022), cost and
capital spending reductions, increased logistic efficiency and
active stock management. However, the rating agency considers that
Ceconomy's financial profile is not likely to improve meaningfully
given the history of suppressed margins over the past five years,
the implementation time needed for the contemplated improvements,
as well as deteriorating macro environment and overall consumer
demand Moody's anticipates in the next 12-18 months.

Ceconomy's weaker earnings in 2022, higher inventory levels and
some one-off cash payments (Convergenta transaction, pension
contribution, buy back of minorities shares from store manager and
some reversal of Covid-related tax deferrals) translated into a
significant negative FCF generation in the last 12 months to June
30, 2022 (EUR727 million, Moody's-adjusted). Ceconomy's liquidity
is adequate for now, supported by a full availability under its
committed revolving credit facility (RCF) of EUR1.06 billion. The
company has no major debt refinancing, with only EUR30 million of
short-term commercial paper due over the next 12 months. Having
said that, the absolute amount of trade payables, which usually
peaks at EUR8 billion at the end of each calendar year, is very
material in the context of the company's overall liquidity profile
and weak FCF generation. Moody's believes that a negative shift in
supplier's payment terms (which could be prompted by deterioration
of macro conditions later in 2023) represents a key risk which may
result in material working capital swings during the coming fiscal
year and liquidity deterioration.

STRUCTURAL CONSIDERATIONS

The downgrade of the senior unsecured notes to B1 from Ba3 reflects
the downgrade of the CFR. The company's senior unsecured bond is
rated one-notch below the CFR, reflecting the presence of large
non-debt liabilities, including sizeable trade claims (EUR4.9
billion at end-June 2022) and short-term lease liabilities, both
located at the operating subsidiary level. The magnitude of these
non-debt liabilities creates structural subordination for debt at
the holding company level, including the senior unsecured notes,
which do not benefit from upstream guarantees. Ceconomy's capital
structure also includes around EUR122 million of promissory notes
and the EUR1.06 billion syndicated RCF.

RATIONALE FOR THE REVIEW FOR FURTHER DOWNGRADE

The continuing review will focus on the company's ability to
noticeably improve profitability and cash flows during the first
quarter of fiscal 2023 and on the levers that the company has at
its disposal to strengthen cash flows and liquidity in the
short-term. The review will include an assessment of the company's
liquidity profile that remains reliant on internally generated cash
flows and is very vulnerable to working capital swings, as well as
access to a covenanted RCF.

Moody's had placed Ceconomy's ratings on review for downgrade on
September 20, 2022.

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

A rating upgrade is unlikely considering the rating is on review
for further downgrade. Upward pressure could arise over time if (1)
Ceconomy demonstrates a sustainable margin enhancement with
Moody's-adjusted EBIT margin of around 3% to give the company
sufficient buffer against external pressures; (2) the company's
Moody's-adjusted (gross) debt/EBITDA remains sustainably below
3.5x; (3) FCF turns materially positive on a sustained basis and
(4) liquidity headroom materially improves. Moody's would also
expect Ceconomy to maintain prudent financial policies.

The ratings could be downgraded if Moody's concludes that the
company is unlikely to improve profitability on a sustainable basis
such that FCF will not turn positive in fiscal year 2023. Liquidity
will need to be strong enough to have a sufficient buffer to
sustain material working capital movements throughout the year,
while a draw down on its RCF or signs that creditor terms are
becoming less favourable would suggest a weakening in liquidity.
Moody's estimates the company would need to improve EBIT margin to
at least 2.0-2.5%, maintain the interest cover at 3x or above
(Moody's-adjusted EBIT to interest expense) and Moody's gross
adjusted leverage below 4.0x to support the Ba3 rating.

LIST OF AFFECTED RATINGS

Downgrades:

Issuer: CECONOMY AG

Probability of Default Rating, Downgraded to Ba3-PD from Ba2-PD;
Placed Under Review for further Downgrade

LT Corporate Family Rating, Downgraded to Ba3 from Ba2; Placed
Under Review for further Downgrade

Senior Unsecured Regular Bond/Debenture, Downgraded to B1 from
Ba3; Placed Under Review for further Downgrade

Affirmations:

Issuer: CECONOMY AG

Senior Unsecured Commercial Paper, Affirmed NP

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Headquartered in Dusseldorf, Germany, Ceconomy is Europe's largest
consumer electronics retailer, operating two brands - MediaMarkt
and Saturn. The company recorded EUR21.8 billion of revenue in
fiscal 2022. It is listed on the Frankfurt Stock Exchange and had a
market capitalisation of around EUR1.1 billion as of November 22,
2022. The company has five anchor shareholders: Convergenta, Franz
Haniel & Cie. GmbH (Haniel, Baa3 stable), Meridian Stiftung,
freenet AG and Beisheim.

PARFUEMERIE DOUGLAS: EUR188M Bank Debt Trades at 13% Discount
-------------------------------------------------------------
Participations in a syndicated loan under which Parfuemerie Douglas
International GmbH is a borrower were trading in the secondary
market around 87.1 cents-on-the-dollar during the week ended
Friday, November 25, 2022, according to Bloomberg's Evaluated
Pricing service data.

The EUR188 million facility is a term loan. The loan is scheduled
to mature on April 8, 2026.   The amount is fully withdrawn and
outstanding.

Parfuemerie Douglas International GmbH retails beauty products. The
Company offers deodorants, soap, and shower care products, as well
as shampoos, masks, towel, jewelry, bags, pillow, sunglasses, and
other hair and skin care products. The Company's country of
domicile is Germany.




===========
G R E E C E
===========

EUROBANK ERGASIAS: Moody's Rates EUR5BB EMTN Programme '(P)B2'
--------------------------------------------------------------
Moody's Investors Service assigned local and foreign currency
long-term subordinated (also commonly referred to as "Tier 2
notes") ratings of (P)B2 to Eurobank Ergasias Services and Holdings
S.A.'s EUR5 billion Euro Medium Term Note (EMTN) programme. The
legal entity is the holding company of Eurobank S.A. (Deposits Ba2
positive), which is its main operating bank and one of the four
systemic banks in Greece.

The Tier 2 notes would rank junior to other senior unsecured
obligations and senior to any capital instruments (Additional Tier
1) in resolution and insolvency. All other outstanding ratings and
assessments of the operating bank remain unchanged, including its
positive deposit rating outlook.

RATINGS RATIONALE

The subordinated (Tier 2) (P)B2 ratings assigned to Eurobank
Ergasias Services and Holdings S.A.'s EUR5 billion EMTN programme
is driven by (1) Eurobank S.A.'s Adjusted Baseline Credit
Assessment (BCA) of b1; and (2) Moody's Advanced Loss Given Failure
(LGF) forward-looking analysis (taking into consideration the
bank's funding plans), which indicates likely higher loss severity
for these instruments in the event of the bank's resolution,
leading to a positioning of one notch below the bank's Adjusted
BCA.

The rating positioning reflects the rating agency's view that in a
potential resolution scenario the relative authority is likely to
treat similarly any subordinated obligations within the group,
including any outstanding subordinated debt under the main
operating bank Eurobank S.A. Similar to the senior unsecured
ratings of the EMTN programme under Eurobank S.A., no rating uplift
is incorporated in the group's subordinated ratings stemming from
any government support.

Any potential issuance of Tier 2 debt by the holding company will
support the bank's efforts to gradually meet its minimum
requirement for own funds and eligible liabilities (MREL), which
the single resolution board (SRB) has set at 27.36% of
risk-weighted assets (RWAs) by the end of 2025. Eurobank S.A.'s
MREL ratio was 21.30% at the end of September 2022, which
significantly exceeds its non-binding MREL target of 20.45% set for
January 1, 2023, following the issuance of MREL eligible senior
preferred bonds of EUR1.5 billion so far out of the operating
bank.

The group's recently published nine-month results as of September
2022, are in line with Moody's expectations and consistent with the
operating bank's positive rating outlook that was maintained on
November 7, 2022 when the rating agency upgraded the bank's
long-term deposit ratings by one notch to Ba2. The group's key
performance indicators continue to improve, with its core
pre-provision income growing by around 18% year-on-year, its
nonperforming exposures (NPE) ratio reducing further to 5.6% in
September 2022 from 7.3% in September 2021, and its fully loaded
common equity Tier 1 (CET1) capital ratio increasing to 14.2% in
September 2022 from 12.3% in September 2021.

The bank's improving underlying financial fundamentals support its
standalone credit profile, albeit they are to some degree moderated
by: i) the bank's still relatively high deferred tax credits (DTCs)
that undermine the quality of its tangible common equity, ii) the
headwinds that all Greek banks are likely to face in light of the
current inflationary pressures and resulting slowing economy in
2023, and iii) the rise in interest rates that will challenge
vulnerable borrowers' debt repayment capacity.

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

Upward pressure on the subordinated programme ratings could arise
following any upgrade of the operating bank's BCA, which will be
driven by further improvements in asset quality and profitability,
while maintaining comfortable capital metrics and complying with
its MREL.

Given the current positive rating outlook for the operating bank, a
downgrade is unlikely at this point. However, the subordinated
programme ratings and Eurobank S.A.'s BCA could be downgraded in
the event of a sharp increase in its NPE balances, without any
significant improvement in its recurring profitability. Any
potential deterioration in the operating environment will also
strain the bank's ratings.

Eurobank Ergasias Services and Holdings S.A. is based in Athens,
Greece with total consolidated group assets of EUR83.4 billion as
of September 2022.

LIST OF AFFECTED RATINGS

Issuer: Eurobank Ergasias Services and Holdings S.A.

Assignments:

Subordinate Medium-Term Note Program (Local and Foreign Currency),
assigned (P)B2

No Outlook assigned

PRINCIPAL METHODOLOGY

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



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

ARROW CMBS 2018: DBRS Confirms BB(low) Rating on Class F Notes
--------------------------------------------------------------
DBRS Ratings GmbH (DBRS Morningstar) confirmed its ratings on the
following classes of commercial mortgage-backed floating-rate notes
due May 2030 issued by Arrow CMBS 2018 DAC (the Issuer):

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

The trends on all ratings remain Stable.

The transaction is a securitisation of an originally EUR 308.2
million (69.7% loan-to-value (LTV) ratio) floating-rate senior
commercial real estate loan advanced jointly by Deutsche Bank AG,
London Branch and Societe GEnerale, London Branch, with the loan
sellers jointly holding approximately 5.0% of the senior loan.

The transaction is secured by 73 assets (down from 89 at issuance),
which are predominantly logistics and light industrial properties
located in France, Germany, and the Netherlands. Savills Advisory
Services Limited conducted a revaluation of the portfolio in March
2022 and estimated an aggregated value of the 73 assets at EUR
453.1 million. On the like-for-like basis, this is 22.4% higher
than the original valuation at issuance (June 2018) or 5.4% higher
than the previous valuation (January 2021).

As of the August 2022 interest payment date, the outstanding loan
balance had reduced to EUR 247.7 million (80.4% of the original
whole-loan balance) from EUR 267.6 million a year ago following the
disposal of six properties over the past 12 months, with principal
proceeds allocated to the notes on a pro-rata basis. As a result of
the release premium for the sold assets, the loan's LTV declined to
54.7% as of August 2022 from 59.1% a year ago.

The loan performed in line with expectations over the past 12
months. As of August 2022, net rental income stood at EUR 28.8
million, resulting in a debt yield (DY) of 11.6%. Both the LTV and
DY are well in line with the cash trap covenants, which are set at
77.2% and 9.45%, respectively. Financial covenants are not
applicable prior to a permitted change of control (CoC).

The senior loan carries a floating interest rate equal to
three-month Euribor (subject to zero floor) plus a margin of
2.075%. There is no scheduled amortisation before a permitted CoC.

The senior loan had a term of two years with three one-year
extension options. The borrower has submitted the third and final
extension option notice in order to extend the loan to November
2023. As part of the extension requirements, the borrower entered
into a hedging agreement with Société Générale, Paris Branch.
In line with transaction documentation, the newly-signed cap
agreement covers 100% of the outstanding senior loan balance, with
a strike rate equal to 3.73% which allowed for a hedged ICR of 200%
at the date on which the hedging transaction was contracted. After
the expected note maturity date (22 November 2023), the Euribor
rate payable at note level is capped at 5.0%.

DBRS Morningstar updated its net cash flow (NCF) assumption to EUR
19.2 million from EUR 20.2 million at last review to reflect the
property sales. In addition, DBRS Morningstar maintained its cap
rate assumption at 6.85%, as at issuance, which translates into a
DBRS Morningstar value of EUR 280.4 million, representing a 38.1%
haircut to the most recent appraised value. This did not result in
any changes to the ratings on all classes of notes, which DBRS
Morningstar confirmed with Stable trends.

The transaction benefits from a liquidity facility of EUR 10.8
million (EUR 13.5 million at origination), which equals to 7.6% of
the total outstanding balance of the covered notes. The liquidity
facility is provided by Deutsche Bank AG, London Branch and
Société Générale, London Branch and can be used to cover
interest shortfalls on the Class A1, Class A2, and Class B notes.
According to DBRS Morningstar's analysis, the commitment amount
could provide interest payments on the covered notes of up to 17
months and 14 months based on the interest rate cap strike rate of
3.73% and the Euribor cap of 5.0% after loan maturity,
respectively.

The final legal maturity of the notes is in May 2030, six and a
half years after the fully extended senior loan maturity date. DBRS
Morningstar believes that this provides sufficient time to enforce
the loan collateral and repay the bondholders, given the security
structure and jurisdiction of the underlying loan and properties.

EDMONDSTOWN PARK: S&P Assigns Prelim B- (sf) Rating to Cl. F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary credit ratings to
Edmondstown Park CLO DAC's class A loan and class A, B, C, D, E,
and F notes. At closing, the issuer will also issue unrated
subordinated notes.

The class F notes is a delayed draw tranche which has a maximum
notional amount of EUR13 million, and a spread of three/six-month
Euro Interbank Offered Rate (EURIBOR) plus 10.00%. They can only be
issued once and only during the reinvestment period with an
issuance amount totaling EUR13 million. The issuer will use the
full proceeds received from the sale of the class F notes to redeem
the subordinated notes. Upon issuance, the class F notes' spread
could be subject to a variation and, if higher, is subject to
rating agency confirmation.

The reinvestment period will be 4.6 years, while the non-call
period will be 1.5 years after closing.

Under the transaction documents, the rated loans and notes will pay
quarterly interest unless there is a frequency switch event.
Following this, the notes will switch to semiannual payment.

The preliminary ratings assigned to the notes reflect S&P's
assessment of:

-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior secured term loans and
bonds that are governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

-- The transaction's legal structure, which S&P expects to be
bankruptcy remote.

-- The transaction's counterparty risks, which S&P expects to be
in line with its counterparty rating framework.

  Portfolio Benchmarks

                                                        CURRENT

  S&P Global Ratings weighted-average rating factor    2,780.65

  Default rate dispersion                                502.66

  Weighted-average life (years)                            4.92

  Obligor diversity measure                              123.17

  Industry diversity measure                              17.46

  Regional diversity measure                               1.31

  
  Transaction Key Metrics

                                                        CURRENT

  Total par amount (mil. EUR)                            400.00

  Defaulted assets (mil. EUR)                              0.00

  Number of performing obligors                             159

  Portfolio weighted-average rating
   derived from S&P's CDO evaluator                           B

  'CCC' category rated assets (%)                          1.38

  Actual 'AAA' weighted-average recovery (%)              36.21

  Actual weighted-average spread (%)                       4.00

  Actual weighted-average coupon (%)                       5.42


S&P said, "Our preliminary ratings reflect our assessment of the
preliminary collateral portfolio's credit quality, which has a
weighted-average rating of 'B'. We consider that the portfolio will
be well-diversified on the effective date, primarily comprising
broadly syndicated speculative-grade senior secured term loans and
senior secured bonds. Therefore, we conducted our credit and cash
flow analysis by applying our criteria for corporate cash flow
CDOs.

"In our cash flow analysis, we used the EUR400 million par amount,
the covenanted weighted-average spread of 4.00%, the covenanted
weighted-average coupon of 4.50%, and we have assumed
weighted-average recovery rates, at all rating levels, in line with
the recovery rates of the actual preliminary portfolio presented to
us. We applied various cash flow stress scenarios, using four
different default patterns, in conjunction with different interest
rate stress scenarios for each liability rating category."

The transaction has a reinvestment target par adjustment, which is
capped at EUR10.45 million, any par leakage could have a negative
ratings effect on the junior rated classes.

S&P said, "We expect the transaction's documented counterparty
replacement and remedy mechanisms to adequately mitigate its
exposure to counterparty risk under our current counterparty
criteria.

"Following the application of our structured finance sovereign risk
criteria, we consider the transaction's exposure to country risk to
be limited at the assigned preliminary ratings, as the exposure to
individual sovereigns does not exceed the diversification
thresholds outlined in our criteria.

"We expect the transaction's legal structure and framework to be
bankruptcy remote, in line with our legal criteria.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B, C, D, and E notes could
withstand stresses commensurate with higher ratings than those we
have assigned. However, as the CLO will be in its reinvestment
phase starting from closing, during which the transaction's credit
risk profile could deteriorate, we have capped our preliminary
ratings assigned to the notes. The class A loan and class A and F
notes can withstand stresses commensurate with the assigned
preliminary ratings. In our view, the portfolio is granular in
nature, and well-diversified across obligors, industries, and asset
characteristics when compared with other CLO transactions we have
rated recently. As such, we have not applied any additional
scenario and sensitivity analysis when assigning our preliminary
ratings to any classes of notes in this transaction.

"Until the end of the reinvestment period in July 2027, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and compares that with the
default potential of the current portfolio plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may, through trading, deteriorate the
transaction's current risk profile, as long as the initial ratings
are maintained.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe that our preliminary
ratings are commensurate with the available credit enhancement for
the class A loan and class A, B, C, D, E, and F notes.

"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A to E notes,
based on four hypothetical scenarios.

"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class F notes."

Environmental, social, and governance (ESG) factors

S&P said, "We regard the exposure to ESG credit factors in the
transaction as being broadly in line with our benchmark for the
sector. Primarily due to the diversity of the assets within CLOs,
the exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average." For this transaction, the documents
prohibit assets from being related to the following industries:

-- Production of biological, nuclear, chemical or similar
controversial weapons, anti-personnel land mines, or cluster
munitions.

-- The production or trade in any product or activity deemed
illegal under international law or the local law of the obligor, or
an electrical utility that generates more than 10% of its
electricity from thermal coal.

-- More than 5% of revenue from harmful activities affecting
animal welfare.

-- More than 10% of revenue from trade in weapons or firearms
(excluding civilian weapons).

-- More than 50% of revenue from pornography or prostitution; the
trade in hazardous chemicals, pesticides and wastes,
ozone-depleting substances.

-- The trade in predatory or payday lending activities; the trade
in tobacco, cannabis, or opioids.

-- Activities that are in violation of the UN Global Compact's Ten
Principles.

-- Accordingly, since the exclusion of assets from these
industries does not result in material differences between the
transaction and our ESG benchmark for the sector, no specific
adjustments have been made in our rating analysis to account for
any ESG-related risks or opportunities.

Environmental, social, and governance (ESG) corporate credit
indicators

S&P said, "The influence of ESG factors in our credit rating
analysis of European CLOs primarily depends on the influence of ESG
factors in our analysis of the underlying corporate obligors. To
provide additional disclosure and transparency of the influence of
ESG factors for the CLO asset portfolio in aggregate, we've
calculated the weighted-average and distributions of our ESG credit
indicators for the underlying obligors. We regard this
transaction's exposure as being broadly in line with our benchmark
for the sector, with the environmental and social credit indicators
concentrated primarily in category 2 (neutral) and the governance
credit indicators concentrated in category 3 (moderately
negative)."

  Corporate ESG Credit Indicators

                               ENVIRONMENTAL   SOCIAL   GOVERNANCE

  Weighted-average credit indicator*    2.06     2.16     2.87

  E-1/S-1/G-1 distribution (%)          1.00     0.00     0.00

  E-2/S-2/G-2 distribution (%)         79.27    75.66    16.95

  E-3/S-3/G-3 distribution (%)          6.38     8.24    66.20

  E-4/S-4/G-4 distribution (%)          0.00     2.75     1.25

  E-5/S-5/G-5 distribution (%)          0.00     0.00     2.25

  Unmatched obligor (%)                13.35    13.35    13.35

  *Only includes matched obligor


Edmondstown Park CLO is a European cash flow CLO securitization of
a revolving pool, comprising euro-denominated senior secured loans
and bonds issued mainly by speculative-grade borrowers. Blackstone
Ireland Ltd. will manage the transaction.

  Ratings List

  CLASS     PRELIM     PRELIM     SUB (%)     INTEREST RATE*
            RATING     AMOUNT
                     (MIL. EUR)


  A         AAA (sf)   160.000    40.00   Three/six-month EURIBOR
                                          plus 2.18%

  A Loan    AAA (sf)     80.00    40.00   Three/six-month EURIBOR
                                          plus 2.18%

  B         AA (sf)      40.00    30.00   Three/six-month EURIBOR
                                          plus 3.63%

  C         A (sf)       23.00    24.25   Three/six-month EURIBOR
                                          plus 4.17%

  D         BBB- (sf)    27.00    17.50   Three/six-month EURIBOR
                                          plus 6.19%

  E         BB- (sf)     17.50    13.13   Three/six-month EURIBOR
                                          plus 6.77%

  F        B- (sf)      13.00     9.88   Three/six-month EURIBOR
                                          plus 10.00%

  Sub       NR           31.10     N/A    N/A

*The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A—-Not applicable.


GROSVENOR PLACE 2022-1: Fitch Assigns 'B-sf' Rating on Cl. F Notes
------------------------------------------------------------------
Fitch Ratings has assigned Grosvenor Place CLO 2022-1 DAC ratings,
as detailed below.

   Entity/Debt             Rating       
   -----------             ------        
Grosvenor Place CLO
2022-1 DAC

   A XS2551763407       LT AAAsf  New Rating
   B XS2551763589       LT AAsf   New Rating
   C XS2551764041       LT Asf    New Rating
   D XS2551764124       LT BBB-sf New Rating
   E XS2551764397       LT BB-sf  New Rating
   F XS2551764637       LT B-sf   New Rating
   Subordinated Notes
   XS2551764983         LT NRsf   New Rating

TRANSACTION SUMMARY

Grosvenor Place CLO 2022-1 DAC is a securitisation of mainly senior
secured obligations (at least 92.5%) with a component of senior
unsecured, mezzanine and second-lien loans. Note proceeds have been
used to fund a portfolio with a target par of EUR350 million. The
portfolio will be actively managed by CQS (UK) LLP. The
collateralised loan obligation (CLO) has a one-year reinvestment
period and a seven-year weighted average life (WAL) test.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors to be in the 'B'/'B-' category.
The Fitch weighted average rating factor (WARF) of the identified
portfolio is 25.0.

High Recovery Expectations (Positive): At least 92.5% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is 63.5%.

Diversified Portfolio (Positive): The transaction envisages two
matrices at closing, both based on a top 10 obligors limit of
22.5%, and maximum fixed-rate asset limits of 0% and 5%. The
transaction also includes various concentration limits, including
the maximum exposure to the three largest (Fitch-defined)
industries in the portfolio at 40%. These covenants ensure the
asset portfolio will not be exposed to excessive concentration.

Portfolio Management (Neutral): The transaction has a one-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed-case portfolio with the aim of testing the robustness of
the transaction structure against its covenants and portfolio
guidelines.

Cash Flow Modelling (Positive): The WAL used for the transaction's
matrix and stress portfolio analysis is 12 months less than the WAL
covenant at the issue date. This reduction to the risk horizon
accounts for the strict reinvestment conditions envisaged by the
transaction after its reinvestment period. These include, among
others, passing both the coverage tests, the WARF and the Fitch
'CCC' test post reinvestment as well as a WAL covenant that
progressively steps down over time, both before and after the end
of the reinvestment period. Fitch believes these conditions would
reduce the effective risk horizon of the portfolio during the
stress period.

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the identified portfolio would have no impact on the class A and B
notes, a two-notch impacts on the class C notes, one notch on the
class D notes, three notches on class E and a downgrade to below
'CCCsf' for the class F notes.

Based on the actual portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration. Due to the
better metrics and shorter life of the identified portfolio, the
class B and D to F notes display a rating cushion of two notches
while the class C notes display one notch.

Should the cushion between the identified portfolio and the stress
portfolio be eroded either due to manager trading or negative
portfolio credit migration, a 25% increase of the mean RDR across
all ratings and a 25% decrease of the RRR across all ratings of the
stressed portfolio would lead to downgrades of up to four notches
for class A to D and to below 'CCCsf' for the class E and F notes.

Factors that could, individually or collectively, lead to positive

rating action/upgrade:

A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings of Fitch's stress portfolio
would lead to upgrades of up to four notches for the rated notes,
except for the 'AAAsf' rated notes, which are at the highest rating
on Fitch's scale and cannot be upgraded.

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

DATA ADEQUACY

Grosvenor Place CLO 2022-1 DAC

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

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

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

GROSVENOR PLACE 2022-1: S&P Assigns B-(sf) Rating to Class F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to Grosvenor Place
CLO 2022-1 DAC's class A, B, C, D, E, and F notes. At closing, the
issuer also issued subordinated notes.

The ratings reflect S&P's assessment of:

-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior-secured term loans and
bonds that are governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

-- The transaction's legal structure, which is bankruptcy remote.

-- The transaction's counterparty risks, which is in line with
S&P's counterparty rating framework.

  Portfolio Benchmarks
                                                         CURRENT

  S&P weighted-average rating factor                    2,844.03

  Default rate dispersion                                 507.99

  Weighted-average life (years)                             4.40

  Obligor diversity measure                                72.52

  Industry diversity measure                               23.54

  Regional diversity measure                                1.28


  Transaction Key Metrics

                                                         CURRENT
  Portfolio weighted-average rating
   derived from S&P's CDO evaluator                            B

  'CCC' category rated assets (%)                           2.14

  'AAA' weighted-average recovery (%)                      37.35

  Reference weighted-average spread (%)                     3.94

  Covenanted weighted-average coupon (%)                    4.10


  Delayed draw tranche

Class F is a delayed draw tranche. It is unfunded at closing and
has a maximum notional amount of EUR10.0 million and a spread of
three/six-month Euro Interbank Offered Rate (EURIBOR) plus 10.62%.
The class F notes can only be issued once and only during the
reinvestment period. The issuer will use the proceeds received from
the issuance of the class F notes to redeem the subordinated notes.
Upon issuance, the class F notes' spread could be higher (in
comparison with the issue date) subject to rating agency
confirmation. For the purposes of our analysis, we have assumed the
class F notes to be outstanding at closing.

Asset priming obligations and uptier priming debt

Under the transaction documents, the issuer can purchase asset
priming (drop down) obligations and/or uptier priming debt to
address the risk of a distressed obligor either moving collateral
outside the existing creditors' covenant group or incurring new
money debt senior to the existing creditors.

In this transaction, current pay obligations are limited to 2.5%,
but those obligations that are uptier priming debt can have up to
1.5% more. Corporate rescue loans and uptier priming debt that
comprise defaulted obligations are limited to 2.5%.

Rating rationale

Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will switch to semiannual payments. The portfolio's
reinvestment period will end approximately one year after closing.

The portfolio is well-diversified, primarily comprising broadly
syndicated speculative-grade senior-secured term loans and
senior-secured bonds. Therefore, S&P has conducted our credit and
cash flow analysis by applying its criteria for corporate cash flow
CDOs.

S&P said, "In our cash flow analysis, we used the EUR350 million
target par amount, the actual weighted-average spread (3.94%), the
covenanted weighted-average coupon (4.10%), and the reference
weighted-average recovery rates at each rating level. We applied
various cash flow stress scenarios, using four different default
patterns, in conjunction with different interest rate stress
scenarios for each liability rating category.

"Under our structured finance sovereign risk criteria, we consider
that the transaction's exposure to country risk is sufficiently
mitigated at the assigned ratings.

"Until the end of the reinvestment period on Nov. 24, 2023, the
collateral manager may substitute assets in the portfolio for so
long as our CDO Monitor test is maintained or improved in relation
to the initial ratings on the notes. This test looks at the total
amount of losses that the transaction can sustain as established by
the initial cash flows for each rating, and it compares that with
the current portfolio's default potential plus par losses to date.
As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, as long as the initial ratings
are maintained."

The transaction's documented counterparty replacement and remedy
mechanisms adequately mitigates its exposure to counterparty risk
under our current counterparty criteria.

The transaction's legal structure and framework is bankruptcy
remote, in line with S&P's legal criteria.

S&P said, "Following our analysis of the credit, cash flow,
counterparty, operational, and legal risks, we believe our ratings
are commensurate with the available credit enhancement for the
class A to E notes. Our credit and cash flow analysis indicates
that the available credit enhancement for the class B, C, D, and E
notes could withstand stresses commensurate with higher ratings
than those we have assigned. However, as the CLO will be in its
reinvestment phase starting from closing, during which the
transaction's credit risk profile could deteriorate, we have capped
our ratings assigned to the notes.

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

The ratings uplift (to 'B-') reflects several key factors,
including:

-- The class F notes' available credit enhancement, which is in
the same range as that of other CLOs S&P has rated and that has
recently been issued in Europe.

-- The portfolio's average credit quality, which is similar to
other recent CLOs.

-- S&P's model generated break-even default rate at the 'B-'
rating level of 24.05% (for a portfolio with a weighted-average
life of 4.40 years), versus 13.64% if we were to consider a
long-term sustainable default rate of 3.1% for one year.

-- S&P does not believe that there is a one-in-two chance of this
note defaulting.

-- S&P does not envision this tranche defaulting in the next 12-18
months.

-- Following this analysis, S&P considers that the available
credit enhancement for the class F notes is commensurate with the
assigned 'B- (sf)' rating.

S&P said, "Taking the above factors into account and following our
analysis of the credit, cash flow, counterparty, operational, and
legal risks, we believe that our ratings are commensurate with the
available credit enhancement for all the rated classes of notes.

"In addition to our standard analysis, to provide an indication of
how rising pressures among speculative-grade corporates could
affect our ratings on European CLO transactions, we have also
included the sensitivity of the ratings on the class A to E notes,
based on four hypothetical scenarios.

"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category, and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met, we have not included the above scenario analysis results
for the class F notes."

Environmental, social, and governance (ESG)

S&P regards the exposure to ESG credit factors in the transaction
as being broadly in line with our benchmark for the sector.
Primarily due to the diversity of the assets within CLOs, the
exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets from being related to certain activities,
including, but not limited to the following, an obligor:

-- Involved in the production of controversial weapons, including
cluster munitions, landmines, incendiary weapons (including white
phosphorus), blinding laser weapons, non-detectable fragments,
depleted uranium weapons, and/or nuclear and biological/chemical
weapons;

-- Deriving more than 10% of their revenue from direct involvement
in tobacco sales, adult entertainment, or payday lending;

-- Deriving more than 5% of their revenue from direct involvement
in thermal coal and/or oil sands; or

-- Linked to and/or engage in activities that involve forced
labor, child labor, modern slavery, human trafficking, or other
labor practices, in each case as prohibited under US, UK, and/or EU
laws or deemed to be breaches of the ten principles of the UN
Global Compact.

Accordingly, since the exclusion of assets from these industries
does not result in material differences between the transaction and
S&P's ESG benchmark for the sector, no specific adjustments have
been made in our rating analysis to account for any ESG-related
risks or opportunities.

Environmental, social, and governance (ESG) corporate credit
indicators

S&P said, "The influence of ESG factors in our credit rating
analysis of European CLOs primarily depends on the influence of ESG
factors in our analysis of the underlying corporate obligors. To
provide additional disclosure and transparency of the influence of
ESG factors for the CLO asset portfolio in aggregate, we've
calculated the weighted-average and distributions of our ESG credit
indicators for the underlying obligors. We regard this
transaction's exposure as being broadly in line with our benchmark
for the sector, with the environmental and social credit indicators
concentrated primarily in category 2 (neutral) and the governance
credit indicators concentrated in category 3 (moderately
negative)."

  Corporate ESG Credit Indicators
                            
                             ENVIRONMENTAL    SOCIAL    GOVERNANCE

  Weighted-average credit indicator*  2.07      2.05       2.87

  E-1/S-1/G-1 distribution (%)        0.00      0.00       0.00

  E-2/S-2/G-2 distribution (%)       82.27     83.69      16.06

  E-3/S-3/G-3 distribution (%)        4.29      3.43      67.35

  E-4/S-4/G-4 distribution (%)        1.14      0.57       3.71

  E-5/S-5/G-5 distribution (%)        0.00      0.00       0.57

  Unmatched obligor (%)              12.31     12.31      12.31

  Unidentified asset (%)              0.00      0.00       0.00

  *Only includes matched obligor.

  Ratings List

  CLASS     RATING     AMOUNT     INTEREST RATE     CREDIT
                                                 ENHANCEMENT (%)

  A         AAA (sf)   210.00     3mE + 2.00%       40.00

  B         AA (sf)     35.00     3mE + 4.01%       30.00

  C         A (sf)      24.50     3mE + 5.48%       23.00

  D         BBB- (sf)   22.50     3mE + 5.54%       16.57

  E         BB- (sf)    16.00     3mE + 8.07%       12.00

  F*        B- (sf)     10.00     3mE + 10.62%       9.14

  Sub       NR           4.55     N/A                 N/A

*The class F notes is a delayed drawdown tranche, which is not
issued at closing.
3mE--Three-month Euro Interbank Offered Rate.
NR--Not rated.
N/A--Not applicable.


HELIOS (EUROPEAN LOAN 37): DBRS Confirms B(high) Rating on E Notes
------------------------------------------------------------------
DBRS Ratings Limited (DBRS Morningstar) confirmed its rating on the
Class E notes issued by Helios (European Loan Conduit No. 37) DAC
(the Issuer) at B (high) (sf) with a Negative trend.

DBRS Morningstar also removed the rating from Under Review with
Negative Implications, where it was placed on November 4, 2022 due
to the shortfall in interest payments to Class E noteholders since
the February 2022 interest payment date (IPD) as part of DBRS
Morningstar's annual review of the transaction.

Following the application of the GBP 30 million prepayment of Class
A notes in October 2021, excess spread between the note margin
(3.18%) and the loan margin (3.25%) reduced which, together with
the presence of the senior-ranking issuer costs, have started to
eat into the interest amount payable on the Class E notes since the
February 2022 IPD.

DBRS Morningstar raised a query to the cash manager regarding the
classification of this interest shortfall. The cash manager
confirmed that this shortfall triggered the available funds cap
provisions on the Class E notes because the weighted average margin
(WAM ) increased as a result of the partial prepayment of the Class
A notes.

Under this provision, Class E does not receive the full amount of
its accrued interest and there is no perpetual accrual of deferred
interest. Class E noteholders receive the Class E adjusted interest
payment amount and no other interest would be due and payable. As a
result, the Class E deferred interest was restated to zero by the
cash manager at November 2022 IPD.

Since there is no unpaid interest accumulating on Class E, DBRS
Morningstar resolved the Under Review status on the notes and
confirmed the rating at B (high) with a Negative trend.

MAN GLG EURO V: Fitch Ups F Notes to Bsf, Alters Outlook to Stable
------------------------------------------------------------------
Fitch Ratings has revised Man GLG Euro CLO V DAC's Outlook to
Stable from Positive, while affirming note classes A-1-R to E and
upgrading class F notes as detailed below.

   Entity/Debt             Rating             Prior
   -----------             ------             -----
Man GLG Euro CLO V
DAC

   A-1-R XS2313672177   LT AAAsf  Affirmed    AAAsf
   A-2-R XS2313672250   LT AAAsf  Affirmed    AAAsf
   B-1 XS1881728221     LT AA+sf  Affirmed    AA+sf
   B-2-R XS2313672334   LT AA+sf  Affirmed    AA+sf
   B-3 XS1885673399     LT AA+sf  Affirmed    AA+sf
   C-1 XS1881728908     LT A+sf   Affirmed     A+sf
   C-2-R XS2313673142   LT A+sf   Affirmed     A+sf
   C-3 XS1885673985     LT A+sf   Affirmed     A+sf
   D-1 XS1881729203     LT BBB+sf Affirmed   BBB+sf
   D-2-R XS2313672680   LT BBB+sf Affirmed   BBB+sf
   E XS1881732256       LT BB+sf  Affirmed    BB+sf
   F XS1881732330       LT Bsf    Upgrade      B-sf

TRANSACTION SUMMARY

Man GLG Euro CLO V DAC is a cash flow CLO comprising mostly senior
secured obligations. The transaction is actively managed by GLG
Partners LP and is exiting its reinvestment period in December
2022.

KEY RATING DRIVERS

Reinvestment Period Near End: Although the transaction will exit
its reinvestment period in December 2022 the manager can reinvest
unscheduled principal proceeds and sale proceeds from credit-risk
obligations after the reinvestment period, subject to compliance
with the reinvestment criteria.

Given the manager's ability to reinvest, Fitch analysis is based on
a stressed portfolio testing Fitch-calculated weighted average life
(WAL), Fitch-calculated weighted average rating factor (WARF),
Fitch-calculated weighted average recovery rate (WARR), weighted
average spread (WAS) and fixed-rate asset share to their covenanted
limits. Fitch has applied a haircut of 1.5% to the stressed WARR
covenant to reflect the old recovery rate definition in the
transaction documents, which can result in a 1.5% inflation of the
WARR on average relative to Fitch's latest CLO Criteria.

Limited Deleveraging Prospects: The Stable Outlooks on all notes
reflect limited deleveraging prospects as long as the deal can
still reinvest and the uncertain macroeconomic environment.

Stable Asset Performance: The transaction's metrics indicate stable
asset performance. The transaction is passing all coverage,
collateral-quality tests and portfolio-profile tests that have a
bearing on Fitch's rating analysis. Exposure to assets with a
Fitch-derived rating (FDR) of 'CCC+' and below is 5.94%, excluding
non-rated assets, as calculated by Fitch.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the obligors at 'B'/'B-'. The reported WARF of the current
portfolio was 34.36 as of 5 November 2022, against a covenanted
maximum of 36.

High Recovery Expectations: Senior secured obligations comprise
98.11% of the portfolio as calculated by the trustee. Fitch views
the recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch WARR
reported by the trustee for the current portfolio was at 65.8% as
of 5 November 2022, which compares favourably with the covenanted
minimum of 62.7%.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top-10 obligor
concentration is 12.31%, as calculated by Fitch, and no single
obligor represents more than 1.56% of the portfolio balance, as
reported by the trustee.

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

Deviation from Model-Implied Ratings: The class B and F notes'
ratings are one notch below their respective model-implied ratings,
reflecting the limited cushion on these notes under the
Fitch-stressed portfolio and due to the current uncertain
macro-economic environment.

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the current portfolio would result in downgrades of one notch for
the class C notes, a three notches for the class E notes, and more
than three notches for the class F notes.

Downgrades may occur if the loss expectation of the current
portfolio is larger than initially assumed, due to unexpectedly
high levels of defaults and portfolio deterioration. Due to the
better metrics of the current portfolio than the Fitch-stressed
portfolio, the class B notes display a rating cushion of one notch,
the class D notes three notches, and the class F notes two
notches.

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

A 25% reduction of the mean RDR and a 25% increase in the RRR
across all ratings of the Fitch-stressed portfolio would result in
upgrades of no more than three notches across the structure, except
the class F notes at four notches, and the class A and C notes with
no rating impact.

Upgrades, except for the class A notes, may occur on
better-than-expected portfolio credit quality and deal performance,
leading to higher credit enhancement and excess spread available to
cover losses in the remaining portfolio.

DATA ADEQUACY

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

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

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



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

ARTS CONSUMER: Moody's Assigns Ba3 Rating to EUR27.4MM Cl. D Notes
------------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to Notes issued by ARTS Consumer S.r.l.:

EUR668.2M Class A Asset Backed Floating Rate Notes due December
2064, Assigned Aa3 (sf)

EUR14.9M Class B Asset Backed Floating Rate Notes due December
2064, Assigned A3 (sf)

EUR49.1M Class C Asset Backed Floating Rate Notes due December
2064, Assigned Baa3 (sf)

EUR27.4M Class D Asset Backed Floating Rate Notes due December
2064, Assigned Ba3 (sf)

Moody's has not assigned a rating to the EUR86.1M Class E Asset
Backed Floating Rate Notes due December 2064, the EUR0.1M Class F
Asset Backed Fixed Rate and Variable Return Notes due December 2064
and the EUR12.3M Class Z Asset Backed Floating Rate Notes due
December 2064.

RATINGS RATIONALE

The Notes are backed by a 1-year revolving  pool of Italian
unsecured consumer loans originated by UniCredit S.p.A.
("UniCredit", Baa2(cr)/P-2(cr)). This represents their fourth ABS
issuance backed by consumer loans.

The portfolio comprises 100,915 loans with a total outstanding
principal balance of EUR845.78M as of October 31, 2022 pool cut-off
date. The cash reserve will be funded to 1.6% of the Class A, B, C
and D Notes balance at closing and the total credit enhancement for
the Class A Notes will be 22.44%.

Moody's analysis focused, amongst other factors, on (i) an
evaluation of the underlying portfolio of loans, (ii) the
historical performance information of the total book and past ABS
transactions, (iii) the credit enhancement provided by the
subordination, the excess spread and the cash reserve, (iv) the
liquidity support available in the transaction, by way of principal
to pay interest, and the cash reserve, and (v) the overall legal
and structural integrity of the transaction.

According to Moody's, the transaction benefits from various credit
strengths such as a granular portfolio and diversified portfolio,
and an amortizing cash reserve sized at 1.6% of the Class A, B, C
and D Notes balance.

However, Moody's notes that the transaction features some credit
weaknesses such as (i) a one year revolving structure which could
increase the performance volatility of the underlying portfolio
(ii) the operational risk related to UniCredit performing a number
of key roles in the transaction, and (iii) a complex structure
including interest deferral triggers for junior notes and pro-rata
payments on  the rated notes after the end of the revolving period.
Various mitigants have been included in the transaction structure
such as (i) the eligibility and revolving criteria of the portfolio
and performance triggers which will trigger the early amortization
of the notes if performance deteriorates, (ii) a back-up servicer
facilitator, which is obliged to appoint a back-up servicer if
certain triggers are breached and (iii) a performance trigger which
will switch back the principal payment waterfall to sequential if
the cumulative default ratio surpasses 1.0% before 12 months, 2.5%
before 24 months, 5.7% before 36 months and 8.0% after 37 months
from the closing date.

Moody's determined the portfolio lifetime expected defaults of
5.0%, expected recoveries of 10% and portfolio credit enhancement
("PCE") of 16% related to borrower receivables. The expected
defaults and recoveries capture Moody's expectations of performance
considering the current economic outlook, while the PCE captures
the loss Moody's expect the portfolio to suffer in the event of a
severe recession scenario. Expected defaults and PCE are parameters
used by Moody's to calibrate its lognormal portfolio loss
distribution curve and to associate a probability with each
potential future loss scenario in the ABSROM cash flow model to
rate Consumer ABS.

Portfolio expected defaults of 5.0% are in line with the EMEA
Consumer Loan ABS average and are based on Moody's assessment of
the lifetime expectation for the pool taking into account: (i)
historic performance of the loan book of the originator, (ii)
benchmark transactions, (iii) the current macroeconomic environment
in EMEA and (iv) other qualitative considerations.

Portfolio expected recoveries of 10% are in line with the EMEA
Consumer Loan ABS average and are based on Moody's assessment of
the lifetime expectation for the pool taking into account: (i)
historic performance of the loan book of the originator, (ii)
benchmark transactions, and (iii) other qualitative
considerations.

PCE of 16% is in line with the EMEA Consumer Loan ABS average and
is based on Moody's assessment of the pool which is mainly driven
by: (i) evaluation of the underlying portfolio, complemented by the
historical performance information as provided by the originator,
(ii) the relative ranking to originator peers in the EMEA Consumer
loan market. The PCE level of 16% results in an implied coefficient
of variation ("CoV") of 51.0%.

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in July
2022.

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

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

Factors that would lead to a downgrade of the ratings include: (i)
increased counterparty risk leading to potential operational risk
of servicing or cash management interruptions; and (ii) economic
conditions being worse than forecasted resulting in higher arrears
and losses.

DEDALUS SPA: Fitch Lowers LongTerm IDR to 'B-', Outlook Stable
--------------------------------------------------------------
Fitch Ratings has downgraded Dedalus SpA's Long-Term Issuer Default
Rating (IDR) to 'B-' from 'B'. The Outlook is Stable. Fitch has
also downgraded Dedalus Finance GmbH's EUR1.16 billion senior
secured term loan B (TLB) to 'B' from 'B+'. The Recovery Rating
remains at 'RR3'.

Despite the company's strong position in the fragmented European
healthcare software market, the downgrade reflects increased
leverage driven by debt-funded acquisitions that have not
contributed significant EBITDA. The downgrade also reflects
structurally higher R&D costs and slower organic growth, with
Fitch-defined EBITDA leverage projected to only decline to below 7x
by end-2025.

KEY RATING DRIVERS

High Leverage: Fitch expects Dedalus's gross leverage to spike in
2022 to 12x on a funds from operations (FFO) basis and close to 10x
on an EBITDA basis on the back of slow revenue growth, increasing
R&D spend and significant marketing costs that the company
continues to incur in anticipation of new contract tenders.
Deleveraging will be driven by mid-to-high single-digit revenue
growth and synergies. The company is likely to refrain from
significant M&A until leverage improves.

R&D Increasing: High R&D expenditure increases barriers for new
entrants and strengthens the company's competitive position while
also facilitiating growth. However, this is also likely to
constrain EBITDA margin improvement. New European regulation that
came into force in 2022 started treating medical software similar
to medical devices, with much more rigorous oversight and service
level requirements. Fitch expects the company to increase its R&D
spend, to above EUR50 million per year (over 6% of revenue) in
2023-2025.

Slow Contract Award Process: Slow progress with signing new
contracts due to regulatory delays and customers reluctant to buy
legacy software in anticipation of Dedalus's announced new product
launches weigh on 2022 revenue but should not have a negative
impact on medium-to-long-term growth prospects, in its view.
Overall, Dedalus reported a 27.5% yoy increase in order intake for
9M22. In Italy up to 12 months of expected delays to disbursements
from the PNPR fund intended to finance healthcare sector
digitalisation will affect 2022 revenue, before performance
improves in 2023 and 2024. However, a broader economic downturn is
likely to reduce the pace of new business wins.

ERP Back-Office Issues: Technical issues with a new enterprise
resource planning (ERP) platform created significant problems for
revenue recognition and eroded personnel productivity in 2022.
However, Fitch understands from management that this has not caused
any problems for customers and therefore should not have an impact
on the growth outlook.

Productivity slowdown and ongoing costs related to customers that
continue to be serviced but not properly billed are likely to lead
to reported margin pressure in 2022. Invoicing restarted in
September 2022, and management expect ERP functionality to be fully
restored in 1H23.

Higher Interest: With all of its debt being at floating-rates and
no hedges, Dedalus is vulnerable to interest-rate rises. Applying
Fitch's Global Economic Outlook's assumptions on European rates,
Fitch expects interest payments to significantly increase in 2023
and consume around a half of Fitch-defined 2023 EBITDA, leading to
weaker cash flow generation and EBITDA interest coverage of just
under 2x.

2022 Cash Flow Pressure: Delays to revenue recognition will
significantly weigh on cash flow in 2022, resulting in accumulation
of outstanding accounts receivables by year-end. Fitch expects a
positive reversal of working-capital (WC) dynamics once ERP issues
are resolved in 2023.

Positive FCF Margins From 2023: Margin improvement may be delayed
as Dedalus is facing a structural increase in R&D costs. With capex
equal to only slightly above 1% of revenue and declining
exceptional costs as it integrates acquired assets, Fitch projects
free cash flow (FCF) to turn positive as a share of revenue in the
low-to-mid single digits from 2023 onwards.

Increasing Healthcare Digitalisation: Dedalus is well-positioned to
benefit from the increasing digitalisation of European healthcare
systems. Governments are keen to promote investments in IT
infrastructure, particularly with Covid-19 underlining the
importance of medical data storage and the necessity for
collaborations across healthcare systems. However, this trend is
partially offset by the rationalisation of hospitals, data-security
concerns and budget constraints. Overall, growth for the global
healthcare IT sector was approximately 7% in 2021.

Resilient, Less Cyclical Revenues: Around 70% of Dedalus's revenues
(67% for 9M22) are recurring, with additional significant
re-occurring revenues, which provides good cash-flow visibility and
stability. The critical nature of healthcare software products,
combined with significant barriers to entry including high
switching costs, significant initial R&D, obligation to comply with
rigorous medical regulations, the long-term nature of contracts
(three to six years), as well as low technological risk underpin
customer-base sustainability as underlined by a low churn rate of
around 1%.

However, new contracts and renewals revenue of the non-cyclical
healthcare sector are heavily exposed to availability and the
regulatory process of public funding.

Strong Position in Fragmented Markets: Dedalus has strong positions
in its typically fragmented markets, with its market share varying
from 20% to 70% across different sub-segments. Dedalus's main
competitive advantages are a dedicated focus on the healthcare
industry, strong R&D capabilities and a reasonably large size that
allows it to offer and maintain a broad range of healthcare systems
in compliance with local regulation and international best
practice.

DERIVATION SUMMARY

The ratings of Dedalus are supported by its strong market positions
in all countries of presence across its pan-European footprint, the
long-term nature of its contracts with a majority of revenues being
recurring, and a stable customer base with low single-digit churn
rates.

Its close Fitch-rated peers (providers of healthcare
revenue-cycle-management (RCM) or other healthcare-related
software) FinThrive Software Intermediate Holdings, Inc.
(FinThrive; B-/Stable), Waystar Technologies, Inc. (Waystar;
B/Stable) and athenahealth Group, Inc. (B/Stable) benefit from
significantly stronger EBITDA margins and higher organic revenue
growth driven by conducive US healthcare market fundamentals.
Similar to Dedalus's, these companies' ratings are constrained by
high leverage.

Dedalus's broader Fitch-rated peers in Europe include TeamSystem
Holding S.p.A (B/Stable), a leading Italian provider of ERP and
accounting software for the SME segment, and Unit4 Group Holding
B.V. (B/Stable), an ERP provider for medium-sized people-centric
organisations across Europe. These peers also benefit from healthy
market trends and a sustainable customer base but have notably
higher churn. Their leverage is lower than Dedalus's.

KEY ASSUMPTIONS

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

- Mid-single-digit revenue growth in 2022-2025

- Fitch-defined EBITDA margin at 16% (pro-forma for acquisitions)
in 2022, gradually increasing to 18.5% by 2025

- Synergies of EUR10 million per annum in 2023 and 2024, supporting
EBITDA

- Recurring exceptional costs of EUR10 million per annum deducted
from EBITDA

- Significant WC outflows of above EUR50 million due to delays to
revenue invoicing in 2022 followed by strong reversal in 2023

- Capex at 1.2%-1.3% of revenue in 2022-2025

- Capitalised R&D costs treated as cash expenses and deducted from
EBITDA

- Factoring facility EUR37 million utilised and treated as debt

- No acquisitions or dividends to 2025

KEY RECOVERY RATING ASSUMPTIONS

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

Fitch estimates that its post-restructuring EBITDA would be around
EUR130 million. Fitch would expect a default to come from a fall in
revenue and EBITDA following potential software problems,
unfavorable changes in regulation, reputational damage or
intensified competition. The EUR130 million GC EBITDA is around 20%
lower than its Fitch-defined 2024 EBITDA forecast.

An enterprise value (EV) multiple of 6x is applied to the GC EBITDA
to calculate a post-reorganisation EV. The multiple is in line with
that of other similar software companies that exhibit good
pre-dividend FCF generation, high share of recurring revenues and
low customer churn.

Fitch deducts a 10% of administrative claim from the EV to account
for bankruptcy and associated costs.

Fitch estimates the total amount of secured debt for claims at
EUR1,325 million, which includes an EUR1.16 billion senior secured
term loan B (TLB) and assume that Dedalus's equally ranked EUR165
million RCF and ancillary facilities are fully drawn.

Fitch does not include Dedalus's EUR140 million payment-in-kind
(PIK) notes, which are outside of the scope of the restricted
group, in total debt and Fitch treats them as equity, in line with
its criteria.

Fitch does not include factoring facilities in the total claims
estimates as Fitch believes that the factoring programme will
continue to be available.

Fitch estimates expected recoveries for senior secured debt at 53%.
This results in the senior secured debt rating of 'B', one notch
above the IDR, with 'RR3'.

RATING SENSITIVITIES

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

- FFO gross leverage below 7.5x or EBITDA leverage below 6.5x

- Cash from operations (CFO) less capex/gross debt at above 5%

- Continued strong market leadership and strong FCF generation

- FFO interest coverage sustainably above 2.0x or EBITDA interest
coverage above 2.5x

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

- FFO gross leverage sustainably above 9.5x or EBITDA leverage
above 8.5x

- CFO less capex/gross debt persistently negative

- FFO interest coverage persistently below 1.5x or EBITDA interest
coverage below 2x

- Failure to extract synergies from acquisitions leading to slower
EBITDA growth and delayed deleveraging

- A weakening market position manifested in slowing revenue growth

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: Dedalus's liquidity is supported by an EUR165
million RCF that Fitch expects to be unutilised for approximately
EUR50 million at end-2022 and by likely strong cash flow in 2023 on
the back of invoicing catch-up. Its TLB is due in 2027.

ISSUER PROFILE

Dedalus is a leading pan-European provider in a fragmented
healthcare software market, formed in May 2020 from the merger of
Dedalus's operations in Italy and France and Aceso, a carve-out of
the healthcare software business from Agfa-Gevaert with operations
in Germany, Austria, Switzerland and France.

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
   -----------             ------        --------   -----
Dedalus SpA         LT IDR B-  Downgrade               B

Dedalus Finance
GmbH

   senior secured   LT     B  Downgrade    RR3         B+

MONTE DEI PASCHI: Fitch Hikes LongTerm IDR to 'B+', Outlook Stable
------------------------------------------------------------------
Fitch Ratings has upgraded Banca Monte dei Paschi di Siena S.p.A.'s
(MPS) Long-Term Issuer Default Rating (IDR) to 'B+' from 'B' and
its Viability Rating (VR) to 'b+' from 'b'. The Outlook on the
Long-Term IDR is Stable.

The upgrade reflects the bank's strengthened capitalisation
following an EUR2.5 billion capital injection completed in November
2022, which restored adequate capital buffers over regulatory
requirements and gives the bank the necessary resources to complete
its restructuring plan, including crucial cost cuts and
investments.

The upgrade also considers a reduced stock of impaired loans and
lower capital encumbrance by their unreserved portion since MPS
completed its asset-quality clean-up. Fitch expects the cost
reductions in combination with rising interest rates to lead to
higher and more sustainable profitability and more than offset the
impact from expected deterioration in the operating environment in
Italy in 2023.

KEY RATING DRIVERS

Turnaround in Progress: MPS's ratings reflect the bank's
capitalisation remaining vulnerable to execution risks on its
commercial relaunch and pending legal claims. They also reflect
many years of limited financial flexibility that have hindered its
commercial effectiveness and resulted in weak, although improving,
profitability to date. The ratings are underpinned by asset-quality
metrics that are in line with the sector average and stabilised
customer funding.

Limited Business Generation: MPS's decade-long restructuring and
tight capitalisation have constrained its ability to originate
business and to remain competitive. The freshly injected capital
should enhance commercial capabilities but improvements will take
time to materialise since the bank has to restore its franchise
given weakened client relationships and lacks pricing power
compared with large domestic peers.

Revised Strategy, Execution Risks: MPS's revised strategy envisages
a greater retail focus, the in-sourcing of consumer-finance
activities and maintaining long-dated partnerships with leading
insurance and wealth-management companies. These should underpin
earnings generation and stability in the medium term, although
executions risks remain.

Reduced Risk Appetite: MPS has been successfully containing
impaired loans flows, including from expired moratoria, after it
tightened its underwriting standards and improved risk control
framework over the last five years. Fitch also expects the bank to
further shrink its exposure to Italian sovereign debt following the
downsizing of its capital-markets activities. Legacy legal claims
reduced materially over the past 18 months but remain large
relative to peers'.

Asset Quality Under Control: MPS's impaired loan ratio of about
5.3% at end-September 2022 (about 4% pro-forma for the disposal of
EUR918 million impaired loans to be completed by year-end) is at
its lowest level in a decade and close to the domestic industry
average. Its assessment of asset quality has some headroom to
absorb deterioration of the impaired loans ratio in 2023, which
Fitch expects to be manageable given the bank's reduced risk
appetite. Improved financial flexibility should give the bank room
for increasing loan impairment charges (LICs) in the coming years.

Improved Profitability Prospects: MPS turned profitable at
operating level after 10 years of intermittent losses, due to
structurally lower LICs, reduced cost of deposits and gradual
recovery of business volumes. Fitch expects that profitability will
structurally improve due to rising interest rates and cost savings
resulting from a reduction in full-time employees. However, MPS has
yet to build a record of earnings generation that is sustainable
throughout the economic cycle and its execution capabilities remain
vulnerable to deteriorating economic prospects.

Strengthened Capitalisation: The completion of the EUR2.5 billion
capital increase replenished MPS's tight buffers over regulatory
requirements. Fitch expects the bank to prudently manage its
capitalisation but its ability to maintain or improve its buffers
will be contingent on achieving structurally higher profitability.

Common Equity Tier 1 (CET1) capital encumbrance by unreserved
impaired loans is manageable at below 30%, also due to significant
de-risking and Fitch expects modest negative impact from possible
asset-quality deterioration in 2023. However, capitalisation
remains at risk from significant pending legal claims and large,
albeit decreasing, holdings of Italian government bonds.

Stable Deposits, Uncertain Market Access: Customer deposits have
stabilised and seen their cost reduced. The bank has to execute an
ambitious funding plan by 2026 to comply with its minimum
requirement for own funds and eligible liabilities (MREL). Fitch
expects the bank's improved credit profile to support its ability
to access financial markets, although this could prove costly or
sporadic based on market conditions.

RATING SENSITIVITIES

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

The ratings could be downgraded if the bank fails to structurally
improve profitability and its impaired loans ratio increases above
its expectations, resulting in large erosion of regulatory capital
buffers, without prospects of recovery in the short term. Ratings
pressure could also arise from large unexpected cost items, such as
from pending legal claims or the bank's restructuring.

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

An upgrade of MPS's ratings would require a combination of several
factors, including the turnaround in the bank's profitability
resulting in operating profit sustainably above 0.25% of
risk-weighted assets (RWAs), an impaired loans ratio remaining
below 5% and a CET1 ratio in line with MPS's medium-term target of
about 14%. A rating upgrade would also depend on the bank restoring
reliable market access to institutional funding while maintaining
stable customer funding.

Rating upside would also be contingent on the operating environment
in Italy remaining stable, as per its central expectations.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

DEPOSIT RATINGS

Long-term deposits are rated one notch above the Long-Term IDR
because Fitch expects MPS to comply with its MREL requirements over
the medium term and that deposits will therefore benefit from the
protection offered by junior bank resolution debt and equity
resulting in a lower probability of default.

The short-term deposit rating of 'B' is in line with the bank's
'BB-' long-term deposit rating under Fitch's rating correspondence
table.

SENIOR PREFERRED (SP) DEBT

SP obligations are rated in line with the bank's Long-Term IDR to
reflect that the likelihood of default on any given SP obligation
is the same as that of the bank. The Recovery Rating of 'RR4'
reflects its expectations of average recovery prospects.

SENIOR NON-PREFERRED (SNP) DEBT

MPS's SNP debt is rated one notch below the bank's Long-Term IDR to
reflect the risk of below-average recovery prospects, which
correspond to a Recovery Rating of 'RR5'. Below-average recovery
prospects arise from the use of more senior debt to meet resolution
buffer requirements and from the combined buffer of Tier 2 and SNP
debt being unlikely to exceed 10% of RWAs.

SUBORDINATED DEBT

MPS's subordinated debt is rated two notches below the VR for loss
severity to reflect poor recovery prospects in a resolution. No
notching is applied for incremental non-performance risk because
write-down of the notes will only occur once the point of
non-viability is reached and there is no coupon flexibility before
non-viability. Poor recoveries for subordinated bondholders in a
resolution are also reflected in the notes' 'RR6' Recovery Rating.

Government Support Rating (GSR)

MPS' GSR of 'no support' (ns) reflects Fitch's view that although
external extraordinary sovereign support is possible it cannot be
relied upon. Senior creditors can no longer expect to receive full
extraordinary support from the sovereign in the event that the bank
becomes non-viable.

The EU's Bank Recovery and Resolution Directive and the Single
Resolution Mechanism for eurozone banks provide a framework for
resolving banks that requires senior creditors participating in
losses, if necessary, instead of or ahead of a bank receiving
sovereign support.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

The SP, SNP and long-term deposit ratings are primarily sensitive
to changes in the bank's Long-Term IDR, from which they are
notched.

The long-term deposit rating could be downgraded by one notch on a
reduction in the size of the senior and junior debt buffers,
although Fitch views this unlikely in light of MPS's current and
future MREL requirements.

The SP and SNP ratings could be upgraded if the bank is expected to
meet its resolution buffer requirements exclusively with SNP debt
and more junior instruments or if SNP and more junior resolution
debt buffers exceed 10% of RWAs on a sustained basis, both of which
Fitch considers unlikely.

The subordinated debt rating is sensitive to changes in the bank's
VR, from which it is notched. It is also sensitive to a change in
the notes' notching, which could arise if Fitch changes its
assessment of their non-performance relative to the risk captured
in the VR.

GSR

An upgrade of the GSR would be contingent on a positive change in
the sovereign's propensity to support the bank. In Fitch's view,
this is highly unlikely, although not impossible.

VR ADJUSTMENTS

The business profile score of 'b+' is below the 'bbb' category
implied score because of the following adjustment reasons: business
model (negative) and strategy and execution (negative).

The asset quality score of 'bb' is above the 'b' category implied
score due to the following adjustment reason: historical and future
metrics (positive).

The capitalisation and leverage score of 'b+' is below the 'bb'
category implied score due to the following adjustment reason:
internal capital generation and growth (negative).

The funding and liquidity score of 'b+' is below the 'bbb' category
implied score due to the following adjustment reason: non-deposit
funding (negative).

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 MPS, either
due to their nature or the way in which they are being managed by
the entity.

   Entity/Debt                    Rating        Recovery  Prior
   -----------                    ------        --------  -----
Banca Monte dei
Paschi di Siena
S.p.A.              LT IDR         B+  Upgrade               B
                    ST IDR         B   Affirmed              B
                    Viability      b+  Upgrade               b
                    Gov’t Support  ns  Affirmed              ns

   Subordinated     LT             B-  Upgrade     RR6     CCC+

   long-term
   deposits         LT             BB- Upgrade               B+

   Senior preferred LT             B+  Upgrade     RR4       B

   Senior non-
   preferred        LT             B   Upgrade     RR5       B-

   short-term
   deposits         ST             B   Affirmed              B



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

ARMORICA LUX: EUR335M Bank Debt Trades at 30% Discount
------------------------------------------------------
Participations in a syndicated loan under which Armorica Lux Sarl
is a borrower were trading in the secondary market around 70
cents-on-the-dollar during the week ended Friday, November 25,
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 S.a.r.l. 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.



=============
M O L D O V A
=============

AIR MOLDOVA: At Risk of Insolvency, Must Submit Corrective Plan
---------------------------------------------------------------
Nicoleta Banila at SeeNews reports that Moldova's Civil Aviation
Authority (CAA) said that flag carrier Air Moldova is in danger of
insolvency and asked it to submit a plan to remedy its
vulnerabilities.

According to SeeNews, an inspection of activities at the company
detected serious deficiencies of financial nature, which can
disrupt its smooth functioning and the safety of its planned air
operations, the CAA said in a press release on Nov. 24.

The authority is asking Air Moldova to submit a corrective action
plan to remedy the precarious financial situation, in order to
ensure proper functioning, SeeNews discloses.

CAA also prohibited Air Moldova to promote flights for 2023 summer
schedule until its flight plan is approved, SeeNews notes.

In a statement issued on Nov. 24, Air Moldova said that CAA's
request to stop the sale of tickets for the 2023 season is
"unfounded and illegitimate", SeeNews relates.

State-owned Air Moldova was established in 1993 and currently
operates direct flights to various destinations such as St.
Petersburg, Krasnodar, Tel Aviv, Istanbul, Antalya, London, Dublin,
Frankfurt, Paris, Nice, Lisbon, Rome, Milan, Verona, Thessaloniki,
Heraklion, Prague, Tbilisi and Sharm el Sheik.

Air Moldova booked a net loss of MDL190.4 million in 2021, compared
to a loss of MDL100 million a year earlier, while its turnover fell
to MDL2.73 billion from MDL3.01 billion, data from the finance
ministry indicated, SeeNews relays.  At end-2021, the company
employed 573.

In September, CAA said it is banning all local airlines from
operating in Russian airspace after Air Moldova said it is resuming
flights to Moscow due to high demand, SeeNews recounts.  The
decision was taken for safety and security reasons, CAA said at the
time, SeeNews notes.




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

GTT COMMUNICATIONS : US$140M Bank Debt Trades at 35% Discount
-------------------------------------------------------------
Participations in a syndicated loan under which GTT Communications
BV is a borrower were trading in the secondary market around 65
cents-on-the-dollar during the week ended Friday, November 25,
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.

GTT COMMUNICATIONS: EUR750M Bank Debt Trades at 35% Discount
------------------------------------------------------------
Participations in a syndicated loan under which GTT Communications
BV is a borrower were trading in the secondary market around 65
cents-on-the-dollar during the week ended Friday, November 25,
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.

NOBEL BIDCO BV: EUR1.05B Bank Debt Trades at 26% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Nobel Bidco BV is a
borrower were trading in the secondary market around 74.4
cents-on-the-dollar during the week ended Friday, November 25,
2022, according to Bloomberg's Evaluated Pricing service data.

The EUR1.05 billion facility is a term loan.  The loan is scheduled
to mature on June 23, 2028. The amount is fully withdrawn and
outstanding.

Nobel Bidco BV is an electronic appliances wholesaler. The Company
was founded in 1970 and is located in Amsterdam, the Netherlands.


NOBEL BIDCO: Moody's Lowers CFR & Sr. Secured Term Loan B to 'B2'
-----------------------------------------------------------------
Moody's Investors Service has downgraded Nobel Bidco B.V.'s
("Nobel" or "the company") corporate family rating to B2 from B1
and its probability of default rating to B2-PD from B1-PD. Nobel
Bidco B.V. is the parent company of Philips' domestic appliances
business.

Concurrently, Moody's has downgraded to B2 from B1 the ratings on
the EUR1,050 million senior secured term loan B due 2028, the
EUR650 million senior secured notes due 2028, and the EUR250
million senior secured revolving credit facility (RCF) due 2027,
borrowed by Nobel Bidco B.V. The outlook remains negative.

"The downgrade reflects Moody's view that persistent inflationary
pressures and reduced consumer disposable income, combined with the
negative impact from foreign currency volatility and higher than
expected carve-out costs will result in a higher than expected
deterioration in Nobel's credit metrics over the next 12 to 18
months," says Pilar Anduiza, a Moody's Analyst and lead analyst for
Nobel.

"The negative outlook reflects the expectation that leverage will
remain very high in 2023 while visibility into the company's
ability to improve operating performance and reduce leverage below
6.5x by 2024 is limited given the challenging macroeconomic
environment," added Ms Anduiza.

RATINGS RATIONALE

The downgrade to B2 reflects Moody's view that the company's
earnings will remain weak in 2023 while profitability improvement
will be delayed as a result of persistent inflationary pressures,
reduced consumer disposable income, the negative impact from
foreign currency volatility as well as higher than expected
restructuring and carve-out related costs, resulting in a
deterioration in the company's credit metrics for the next 12 to 18
months.

YTD September 2022 the company reported comparable top line growth
of 8.4%. However, the company's EBITDA margin before brand license
costs declined by 5.5 p.p. as price increases and volume growth
were not enough to offset increasing raw material, freight and
other operating costs as well as the negative impact from foreign
currency volatility. Nobel's EBITDA generation after brand license
and carve-out related costs was almost zero in the first three
quarters of the year.

While Nobel's volumes and market share increased in the third
quarter of 2022, the uncertain economic prospects and deteriorating
consumer confidence also pose challenges to the company's top line
over the next 12-18 months. Nobel was able to raise prices during
2022, but Moody's notes that it could become harder to raise prices
going forward if consumer disposable income is strained by
inflationary pressures and retailers push back on suppliers to
reduce prices. Higher inventory levels may also lead to discounting
in order to sell products quicker and to retain market share in a
competitive environment.

Moody's also assumes higher carve-out costs of around EUR120
million in 2022 and around EUR70-80 million in 2023, which will
limit deleveraging and impair free cash flow generation.

Moody's expects Nobel's leverage to remain around 9x in 2023
(around 6.5x excluding carve-out costs) and to reduce below 6.0x by
2024. Moody's also expects higher interest costs to weaken the
company's EBIT to interest cover metrics to around 1.5x-3.0x. Lower
profits, higher carve-out and higher interest rates will also
result in negative free cash flow generation of around EUR100
million in 2022 and around EUR20 million in 2023, only turning
positive in 2024, although visibility remains low.

More positively, Moody's notes that the company reported good
progress in the process of establishing a stand-alone IT
infrastructure which is expected to be completed in 2023 and
expects to achieve cost savings of over EUR40 million in the next
12 to 18 months.

The rating assumes that the company will complete the exit from the
TSA with Philips in 2023 and that carve-out costs in 2024 will
remain minimal resulting in an improvement in its credit metrics so
that its leverage reduces to between 6.0x and 5.0x and its free
cash flow generation turns positive.

The rating continues to be supported by the strong business profile
of the company reflecting its (1) leading market positions
globally, underpinned by the strong recognition of the Philips'
brand and track record of product innovation; (2) large scale,
broad product portfolio and geographic sales diversity; (3)
adequate liquidity; and (4) free cash flow generation capacity,
supported by an asset-light business model.

However, the rating is constrained by (1) the company's very high
leverage, with a Moody's adjusted gross debt to EBITDA ratio around
9x in 2023 including carve-out costs, which will only decline below
6.0x by 2024; (2) the exposure to discretionary consumer spending
and to emerging markets, both of which bring potential earnings
volatility; (3) the execution risk associated with the carve-out
from Royal Philips N.V. and the repositioning of the business in
China, and (4) the increasing competition and continued need to
focus on product innovation to protect profit margins and market
share.

LIQUIDITY

Moody's views Nobel's liquidity as adequate. The company had EUR95
million of cash on balance sheet as of September 2022 as well as
full availability under the EUR250 million RCF. Moody's expects the
company to generate negative free cash flow over the next 12-18
months. However, the company does not have any material debt
maturities until 2027. The RCF is subject to a senior net leverage
covenant of 10.0x, to be tested if 40% or more of the facility is
drawn, and under which Moody's expects the company will maintain
ample capacity.

STRUCTURAL CONSIDERATIONS

The B2 rating on the EUR1,050 million senior secured term loan B
and EUR250 million RCF is in line with the company's CFR. This
reflects the pari passu ranking of the facilities, as well as the
assumption of a 50% standard family recovery rate, in line with
Moody's customary approach for covenant-lite capital structures.

The facilities benefit from upstream guarantees from the group's
restricted subsidiaries representing at least 80% of consolidated
EBITDA, and are secured by intra-group receivables, bank accounts
and share pledges.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook reflects Moody's expectation that leverage
will remain very high in 2023 as well as uncertainties around the
company's ability to improve its operating performance and reduce
its financial leverage in 2024.

Failure to demonstrate operating margin improvements, reduce
carve-out costs, and ability to generate positive free cash flow in
2024 with financial leverage on a Moody's adjusted gross debt to
EBITDA basis reducing below 6.0x in 2024, could lead to further
downward pressure on the rating.

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

Upward pressure on the rating could develop if the company
successfully executes the carve out and its operating performance
improves while developing a track record of operating under
conservative financial policies such that (1) Moody's adjusted
leverage reduces below 5.0x on a sustainable basis; (2) its Moody's
adjusted EBIT margin improves towards the low double-digit in
percentage terms; and (3) it generates material and sustainable
positive free cash flow generation.

Conversely, negative pressure on the rating could materialise if
operating performance does not improve going forward such that (1)
Moody's adjusted leverage remains above 6.5x by 2024; (2) the
separation process from Royal Philips N.V. results into
higher-than-anticipated extraordinary costs leading to sustained
negative free cash flow generation beyond 2023; (3) the company's
liquidity deteriorates; or (4) the company pursues an aggressive
financial policy including large acquisitions and shareholder
distributions.

LIST OF AFFECTED RATINGS

Downgrades:

Issuer: Nobel Bidco B.V.

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

LT Corporate Family Rating, Downgraded to B2 from B1

Senior Secured Bank Credit Facility, Downgraded to B2 from B1

Senior Secured Regular Bond/Debenture, Downgraded to B2 from B1

Outlook Actions:

Issuer: Nobel Bidco B.V.

Outlook, Remains Negative

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Nobel Bidco B.V. is a leading global company in the small domestic
appliances segment, with sales in 130 countries. Nobel's product
portfolio spans across five categories, including Kitchen
Appliances, Coffee, Garment Care, Floor Care and Air Care. Most of
Nobel's products are sold under the global Philips brand. Nobel is
fully owned by private equity firm Hillhouse Capital. In 2020,
Nobel generated EUR2.5 billion of revenue and EUR335 million of pro
forma company-adjusted EBITDA.



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N O R W A Y
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PGS ASA: Moody's Affirms 'Caa1' CFR & Alters Outlook to Positive
----------------------------------------------------------------
Moody's Investors Service has affirmed the Caa1 long-term corporate
family rating of seismic service provider PGS ASA and Caa1-PD
probability of default rating. The outlook on the rating has
changed to positive from stable.

RATINGS RATIONALE

The rating action reflects the equity private placement completed
by the company on the November 1, 2022 raising approximately USD
150 million and the potential of a further USD30 million from the
subsequent offering to be launched in December. The proceeds will
be used to meet the $200 million September 2023 debt amortization
and to pre-pay the Export Credit Facility deferral amount (almost
$100 million). Moody's understand that the equity raising remains
subject to a favorable shareholder vote at the extraordinary
general meeting (EGM) of the company to be held on the November 23,
2022; Moody's rating action reflect the likelihood a favorable
shareholder vote at the EGM.

The additional cash improves the liquidity profile of the company
in the next 12 months and further reduce PGS's debt stack, but a
refinancing would still be needed to cover the final maturity of
USD 501 million of the term loan B in March 2024 (unrated).

Moody's expects a solid recovery in the performance of PGS in 2022,
as also demonstrated by the positive momentum from high oil prices
and renewed appetite for E&P investments, albeit at a low single
digit. PGS pipeline remains strong, $320 million as of third
quarter 2022 with all its operational vessels fully booked for
2022.

Moody's views positively the company's continued effort to reduce
debt and its shareholders' support for a sustainable capital
structure; Moody's adjusted leverage (based on EBITDA less  MC
CAPEX) is expected to further decline from 3.1x last twelve months
ending in September 2022 to about 2.5x by the end of 2023.

PGS is expected to approach refinancing of the TLB in the first
half of 2023; as management has indicated a target net debt
(excluding leases) range of USD500-600 million, refinancing needs
are most likely to be below USD 500 million. The much lower debt
quantum significantly increases the likelihood of a successful
refinancing.

RATING OUTLOOK

The rating outlook is positive and reflects Moody's view that the
seismic market is recovering. The positive outlook also reflects
the increased likelihood of a refinancing of the TLB which Moody's
expects to be executed in the first half of 2023, well ahead of the
final maturity date in March 2024. Moody's expect PGS's leverage to
decline to around  2.0x on a net debt to EBITDA basis ahead of the
refinancing.

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

A rating upgrade is predicated on a sustainable market recovery
leading to an improved financial profile with an adjusted total
debt to EBITDA (excluding multiclient capital spending) keeping
below 5x on a sustained basis. An upgrade would also require the
group to be consistently free cash flow (FCF) positive and having
addressed the debt refinancing.

The Caa1 rating could be downgraded if the company returns to
negative free cash flow, and Moody's-adjusted total debt to EBITDA
(excluding multiclient capital spending) above 6.0x for an extended
period. Failure to refinance within the timeline communicated by
management could also lead to a negative rating action.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Oilfield
Services published in August 2021.

COMPANY PROFILE

PGS ASA (PGS) is one of the leading offshore seismic acquisition
companies with worldwide operations. PGS headquarters are located
at Oslo, Norway. The company is a technologically leading oilfield
services company specializing in reservoir and geophysical
services, including seismic data acquisition, processing and
interpretation, and field evaluation. PGS maintains an extensive
multi-client seismic data library. In the last twelve months ending
September 2022, PGS reported revenues of $819 million and EBITDA of
$475 million with a margin of 58.1%. PGS is a public limited
company and it is listed on the Oslo Stock Exchange.



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S W E D E N
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FUSILLI HOLDCO AB: EUR300M Bank Debt Trades at 18% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which Fusilli Holdco AB
is a borrower were trading in the secondary market around 82.2
cents-on-the-dollar during the week ended Friday, November 25,
2022, according to Bloomberg's Evaluated Pricing service data.

The EUR300million facility is a term loan.  The loan is scheduled
to mature on October 12, 2023.   The amount is fully withdrawn and
outstanding.

Fusilli HoldCo AB manufactures HVAC building products. The
Company's country of domicile is Sweden.


VOLVO CAR: S&P Alters Outlook to Stable, Affirms 'BB+' ICR
----------------------------------------------------------
S&P Global Ratings revised its outlook on Volvo Cars AB to stable
from positive. S&P also affirmed its 'BB+' long-term issuer credit
rating, as well as its 'BB+' issue rating on the company's
unsecured debt.

S&P said, "The stable outlook indicates that we expect Volvo Cars
will focus on cost discipline to improve its EBITDA margin to above
6% (including the pro rata consolidation of its affiliate Polestar)
and maintain its net cash position over the next 12 to 18 months
despite supply chain volatility, high input costs, and EV
investments.

Volvo Cars' operating profitability is suffering more than most of
its peers this year, due to more severe production stoppages and
the geographic mismatch between its production footprint and sales
in the profitable U.S. market. S&P said, "Although most
Europe-based automakers will offset supply constrained volumes and
input cost inflation through a strong price and product mix in
2022, we do not expect this for Volvo Cars and think the company is
set to deliver weaker operating results this year. We forecast its
EBITDA margin will fall to about 5%-6% in 2022 from a high 9.7% in
2021. This is the result of a combination of unfavorable factors.
In the first nine months of 2022, Volvo Cars' retail deliveries
significantly underperformed that of the car market in Europe (nine
percentage points) and in the U.S. (12 percentage points),
reflecting suboptimal regionalization of sourcing and production.
Volvo Cars currently exports its best-selling SUVs from Europe to
the U.S., which makes it more vulnerable to logistics issues and
volatility in freight costs. From mid-2023 to early 2024, Volvo
Cars' reliance on imports to the U.S. market will gradually
decrease when it starts producing its largest SUVs (XC90 and EX90)
in South Carolina--where it already produces its mid-size sedan
S60. Market regionalization has become more critical for carmakers'
efficiency in recent years, due to increasing geopolitical tensions
resulting in trade tariffs and stricter rules for the eligibility
of tax relief programs. Persisting supply chain bottlenecks have
exacerbated this effect even further. Additionally, Volvo Cars has
witnessed a significant step-up of input costs this year. The
company is trying to offset this through pricing, but there is a
time lag in the materialization of price increases because of the
long order book--especially in Europe. Volvo's cars are sold on a
fixed price, and therefore price increases affect new car sales
only after previous orders have been cleared. Third, we estimate
that capitalized research and development (R&D) costs will increase
to about Swedish krona (SEK) 14 billion in 2022 from about SEK10
billion in 2021 because of the company's investments in new car
models, which will dilute the EBITDA margin in 2022."

S&P said, "We will apply a pro rata consolidation of Polestar to
Volvo Cars' financials from financial year 2022 because we view
Polestar as a strategic asset. Volvo Cars currently owns about 48%
of the performance electric car maker Polestar, and accounts for
Polestar under the equity method. We consider Polestar as a
strategic asset for Volvo Cars and, by extension, the Geely group
(82% owner of Volvo Cars) because Polestar's development plans
coincide with the company's strategy to become a fully electric car
company by 2030 and to derive 50% of its sales from battery
electric vehicles (BEVs) by mid-decade. While Polestar's sales
volumes are somewhat negligible compared with Volvo Cars' current
volume sales, Polestar's plan to sell 290,000 cars by 2025 is
equivalent to about half of Volvo Cars' own target of 600,000 fully
electric car sales by mid-decade. Moreover, Volvo Cars produces
Polestar's vehicles under a manufacturing agreement and the
companies collaborate on a number of R&D projects. In early
November 2022, Volvo Cars provided an 18-month $800 million
shareholder loan to Polestar. In our view, this evidences Volvo
Cars' willingness to support its affiliate in difficult debt market
conditions. The pro rata consolidation of Polestar will have a
negative effect on Volvo Cars' EBITDA and free operating cash flow
in 2022 and 2023. This is because we expect that Polestar will post
a negative EBITDA and will use $4.0 billion–$4.5 billion of cash
during that period. Polestar's ability to reach breakeven will rely
on the commercial success of its cars, as well as on cost
management in the current inflationary environment.

"The shift to EVs and rising costs will dim Volvo Cars' EBITDA
margin recovery prospects in the near term. According to S&P Global
Market intelligence, a division of S&P Global, as is S&P Global
Ratings, the price of lithium carbonate, which is a key component
to produce batteries used for electric cars, will peak in
fourth-quarter 2022 and then gradually decrease in 2023 as the
imbalance between demand and supply softens. However, Market
Intelligence forecasts that lithium will still be about three times
more expensive in 2023 than it was in 2021. This is a key reason
why the gap in Volvo Cars' gross margin between its BEV models and
its non-BEV models will stay wide in 2023. As a result, the
expected increase of BEVs in Volvo Cars' product mix, in line with
the company's target to derive 50% of its volume from fully
electric cars by the mid-decade, will be detrimental to Volvo Cars'
EBITDA margin and limit prospects for meaningful recovery in 2023
from the low level we expect in 2022. Inflation on other costs such
as labor and energy will also be limiting factors. The modest
increase in EBITDA margin we forecast in 2023 is therefore mainly
linked to the materialization of earlier price increases in Europe,
somewhat higher volume, the normalization in certain raw material
costs like steel or aluminum, and self-help measures from cost
saving initiatives. We also expect Volvo will try to seize
opportunities for further price adjustments where possible. But we
think this may be more difficult from next year given the weakening
macroeconomic conditions and deteriorating consumer sentiment in
Europe and the U.S.

"Volvo Cars' net cash position provides financial flexibility amid
near term headwinds and large transformation plan-related
investments. We forecast that Volvo Cars will maintain its net cash
position over 2022-2023 (even after accounting for Polestar's cash
burn on a pro rata basis). Moreover, Volvo Cars' divestment of its
33% stake in Zhejiang Aurobay Powertrain Co., Ltd (Aurobay;
manufacturer of combustion engines that acquired Volvo Cars'
combustion engines operations) emphasizes its commitment to its
electrification strategy and will allow Volvo Cars to allocate
capital to the development of EVs. Aurobay will be Volvo Cars' sole
supplier of hybrid powertrains.

"The stable outlook reflects our expectation that, over the next 12
to 18 months, Volvo Cars will focus on cost discipline to improve
its S&P Global Ratings-adjusted EBITDA margin to above 6%
(including the pro rata consolidation of its affiliate Polestar)
and maintain its solid balance sheet despite the persisting supply
chain issues, high input costs, and investments related to its EV
transformation.

"We could lower our rating on Volvo Cars if we lower our rating on
the parent, Geely, to 'BB+' and, at the same time, Volvo Cars'
EBITDA margin (including Polestar on a pro rata basis) were to fall
below 6% for a long period, combined with its balance sheet moving
to a sizable net debt position. This could be due to operating
missteps, setbacks with the execution of the company's EV strategy,
or higher than expected losses from its 48%-owned affiliate
Polestar.

"We could raise our ratings on Volvo Cars if the company
successfully shifts its sales mix toward BEV, supported by the
rollout of new models, platforms, and enhanced software and
connectivity features, while maintaining an adjusted EBITDA margin
(including Polestar on a pro rata basis) of above 8% on a
sustainable basis. This is in addition to free operating cash flow
to debt converging towards 1%, and a comfortable net cash position.
The upgrade would also hinge on the rating on Geely remaining at
'BBB-'."
Environmental, Social, And Governance.

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

S&P said, "Environmental factors are a moderately negative
consideration for our rating on Volvo Cars, mainly reflecting the
regulatory push toward EVs. In 2021, Volvo Cars comfortably met its
CO2 emissions targets. Volvo Cars is poised to benefit from its
clear focus on electrified vehicles and its product pipeline,
targeting the launch of one new electric car model every year until
2025. By 2030, Volvo Cars intends to sell BEVs only. Volvo Cars'
electrified strategy has been successful so far, with 30% of the
cars it sold being a plug-in hybrid electric vehicle or a BEV.
Nevertheless, we think the company remains exposed to potential
cost pressures related to EV supply chain and technology evolution
that could constrain its EBITDA margin and free cash flow
generation. We expect Volvo Cars will continue to adhere to strict
cost controls, as we expect for its peers."




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

WIZZ AIR: Moody's Assigns 'Ba1' CFR & Alters Outlook to Stable
--------------------------------------------------------------
Moody's Investors Service has withdrawn the Baa3 long term issuer
rating of Wizz Air Holdings plc (Wizz Air) as per the rating
agency's practice for corporates transitioning to speculative grade
and assigned both a Ba1-PD Probability of Default rating and a Ba1
Corporate Family rating to Wizz Air. Concurrently, Wizz Air Finance
Company BV's backed senior unsecured and backed senior unsecured
medium term note program ratings have been downgraded to Ba1 from
Baa3 and to (P)Ba1 from (P)Baa3 respectively. The outlook on both
entities changed to stable from negative.

RATINGS RATIONALE

The downgrade of Wizz Air's backed senior unsecured rating to Ba1
from Baa3 mainly reflects the company's very weak point-in-time
credit metrics for an investment grade rating and the difficulty to
bring back those metrics in line with a level commensurate with an
investment grade rating by fiscal year end March 2024 under Moody's
ratings case. The absence of capital measures to protect the
investment grade rating, the group's aggressive medium term fleet
strategy as well as more uncertainty regarding the pace of recovery
in an increasingly weaker macroeconomic environment have also
played a role in Moody's assessment. Wizz Air's rating remains
supported by the company's superior cost base, very efficient fleet
and strong liquidity profile.

Wizz Air, over the three quarters leading up to Q2 2022/23, has
underperformed both in absolute terms but also relative to peers.
While several factors causing the underperformance such as the
invasion of Ukraine and the industry disruptions due to
inefficiencies at airports and across the air travel value chain
were outside of the company's control, the decision of Wizz Air to
discontinue fuel hedging during the pandemic has been very costly.
As a result Wizz Air' credit metrics are very weak with a Moody's
adjusted debt/EBITDA expected well in excess of 15x expected at
year-end March 2023 and a company reported LTM September 2022/23
EBITDA of EUR34.5 million. The weakness in credit metrics is not
solely due to depressed earnings as Wizz Air's gross financial debt
excluding leases has increased from EUR27 million pre-pandemic to
EUR1030 million as per September 30, 2022.  Wizz Air has currently
around EUR1 billion more gross and net financial debt than Moody's
had forecasted when Moody's affirmed the company's Baa3 rating with
a negative outlook back in May 2020. The company's EBITDA and
operating cash flow are also well below the level Moody's had
forecasted at that time.  

In light of the distance of point-in-time credit metrics of Wizz
Air to Moody's target metrics Moody's believe Wizz Air will face
headwinds in restoring an investment grade credit profile by fiscal
year-end March 2024. The growth in revenue, earnings and operating
cash flows required to reach a Moody's adjusted Debt/EBITDA of
below 3.5 and RCF/net debt of more than 20% is material, even more
so in a context of a more challenging macroeconomic environment and
weaker consumer confidence expected for the next 12 to 18 months at
least.

Wizz Air has ruled out several times in public earnings calls the
possibility to raise equity at the current juncture to protect its
rating. This is in contrast to many other European rated airlines
including investment grade airlines that have diluted shareholders
to protect their credit profiles. Moody's also note Wizz Air's
aggressive fleet strategy as a constraining factor for the rating
although Moody's believe that the increased share of A321 aircraft
in the fleet will improve the overall economics and energy
intensity of the fleet. Lastly, whilst the fleet strategy is
aggressive, Wizz Air has always focused on profitable fleet growth
and value creation rather than scale per say in the past and
Moody's would expect the company to scale back its fleet growth
ambitious if needed. Moody's also believe that Wizz Air would have
sufficient contractual flexibility and bargaining power with Airbus
to postpone deliveries.

Wizz Air's rating remains supported by the company's superior cost
base and very efficient fleet. Wizz Air had one of the lowest cost
base across European airlines before the pandemic with an ex-fuel
CASK of around 2.3 Euro cent in FYE March 2020 and is on its way to
restore pre-pandemic ex-fuel CASK metrics during the course of
fiscal year 2024 assuming a steady recovery in passenger traffic
and gradual normalization of industry disruptions. This should
enable the company to continue growing its network and offering
seat capacity more swiftly than other rated peers. Wizz Air's fleet
is the youngest with an average age of 4.6 years and most fuel
efficient across Moody's European rated universe. The very sizeable
A321 order book that Wizz Air has with Airbus positions the company
well to maintain one of the most energy efficient and economic
fleet in the industry over the foreseeable future.

Wizz Air's rating is also well supported by the company's strong
liquidity profile. The company had EUR1,630 million of cash on
balance sheet as per September 30, 2022 or 55% of LTM September
2022 revenue and 59% of FYE March 2020 revenue. Liquidity is deemed
more than sufficient to maneuver through a 12-month period of weak
operating conditions if market conditions deteriorate during FYE
March 2024. Wizz Air faces two debt maturities of EUR500 million
each in January 2024 and January 2026.

OUTLOOK

The stable outlook on the ratings reflects Moody's expectation that
Wizz Air will focus all its attention to restore credit metrics in
line with Moody's requirement for a Ba1 rating (e.g. Debt/EBITDA
below 4.5x) over the next 12 to 18 months. The stable outlook is
also supported by the company's very strong liquidity.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Wizz Air's ESG Credit Impact Score is Moderately Negative (CIS-3).
This reflects limited credit impact to date, but the potential for
carbon transition and related social risk factors to pressure the
rating over time. Wizz Air has moderately negative corporate
governance practices. Pre-pandemic, Wizz Air maintained generally
conservative financial policies but its track record of maintaining
a low leverage has deteriorated in recent quarters. The company has
ruled out to raise equity to support its credit profile, which is
in contrast with other rated airlines. On a positive note Wizz Air
has always very high liquidity buffer, which served them well
during the early stages of the pandemic. Wizz Air has an ambitious
growth strategy with material capital investment plans for the
purchase of new aircraft over the next 3 to 5 years at least.

STRUCTURAL CONSIDERATIONS

Wizz Air Finance Company BV's senior unsecured notes are rated Ba1,
at the same level of the corporate family rating, in line with
Moody's Loss Given Default for Speculative-Grade Companies (LGD)
methodology published in December 2015. This reflects the fact that
all the financial debt of Wizz Air is senior unsecured and issued
by a finance subsidiary backed by the parent company of Wizz Air.

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

The ratings are unlikely to be upgraded in the short term due to
the currently very depressed credit metrics and the time it will
take to restore metrics commensurate with an investment grade
rating. More longer term positive rating pressure could develop if
(i) Wizz Air reduces its Debt/EBITDA sustainably below 3.5x , (ii)
its Moody's-adjusted EBIT margin exceeds 15% on a sustained basis,
(iii) retained cash flow (RCF)/debt is in excess of 20%, and (iv)
its strong liquidity profile is maintained.

Moody's could downgrade Wizz Air if over the next 12 to 18 months
(i) gross adjusted leverage remains sustainably above 4.5x, (ii)
RCF/net debt stays below 15%, and (iii) adjusted EBIT margin stays
sustainably below 10%.

LIST OF AFFECTED RATINGS:

Issuer: Wizz Air Finance Company BV

Downgrades:

BACKED Senior Unsecured Medium-Term Note Program, Downgraded to
(P)Ba1 from (P)Baa3

BACKED Senior Unsecured Regular Bond/Debenture, Downgraded to Ba1
from Baa3

Outlook Actions:

Outlook, Changed To Stable From Negative

Issuer: Wizz Air Holdings plc

Assignments:

LT Corporate Family Rating, Assigned Ba1

Probability of Default Rating, Assigned Ba1-PD

Withdrawals:

LT Issuer Rating , previously rated Baa3

Outlook Actions:

Outlook, Changed To Stable From Negative

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Passenger
Airlines published in August 2021.



===========
T U R K E Y
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AYDEM YENILENEBILIR: Fitch Affirms LongTerm IDR at 'B', Outlook Neg
-------------------------------------------------------------------
Fitch Ratings has affirmed Aydem Yenilenebilir Enerji Anonim
Sirketi's (Aydem) Long-Term Issuer Default Rating (IDR) at 'B' with
a Negative Outlook. Fitch has also affirmed the senior secured
rating on the USD750 million 7.75% bond due 2027 at 'B', with a
Recovery Rating of 'RR4'.

Fitch constrains Aydem's Long-Term IDR at Turkiye's (B/Negative)
Country Ceiling of 'B' due to its fully domestic operations and as
the majority of its cash is held in Turkish banks. Aydem's rating
is supported by its improved financial profile on the back of
better hydrology and stronger prices, low offtake risk, supportive
regulation for renewable energy producers in Turkiye despite macro
volatility, high profitability and foreign-exchange (FX) exposure
on debt mitigated by naturally hedged revenue.

The rating is constrained by the weakening operating environment in
Turkiye, the company's limited size and scale of operations,
worsening receivables collection and rising exposure to merchant
prices and FX as feed-in tariffs gradually expire.

KEY RATING DRIVERS

Improved Financial Profile: Fitch forecasts Aydem's funds from
operations (FFO) net leverage at slightly above 4.0x on average
over 2022-2025 (10.4x at end-2021), which is an improvement from
its previous forecast and below its negative sensitivity. This is
due to substantially improved hydrology in 2022, higher prices and
the company repurchasing its bonds at below-market prices. Fitch
forecasts FFO interest coverage above 3.0x over 2022-2025 (3.5x at
end-2021) as the company does not have debt maturities before 2025
and will not need to refinance at elevated market rates.

Less Ambitious Capex Programme: The company has reduced its
expansion capex programme to 358MW, including 196MW of hybrid solar
projects and 162MW of wind expansion, from 640MW planned at the
beginning of 2022. The expansionary capex budget has also been
reduced to around USD264 million from USD440 million previously.
Aydem expects the majority of new projects to be completed in
4Q22-2Q23 and to launch all new projects by end-2023. Fitch
accounts for one to three quarters delay in commissioning the
projects against the company's amended schedule due to delays in
regulatory approvals and at the construction stage.

New capacities to Increase Diversification: 84% of Aydem's
installed capacity is hydro plants, but these are highly dependent
on weather conditions and contribute to cash flow volatility.
Following the completion of the expansion programme, the share of
wind and solar plants will reach almost 40% at end-2023, making the
company's generation mix more diversified and stable. Geographical
diversification across Turkiye also slightly reduces operational
volatility. Fitch forecasts generation to rise by about 40% yoy in
2022 on the back of significantly improved hydrology this year and
to normalise below the 2022 level thereafter.

Price Cap on the Merchant Segment: High prices in the merchant
segment, which accounted for around 20% of electricity sales in
9M22, had a limited positive impact on Aydem. This is because at
the end of March 2022 the regulator introduced a lira-denominated
price cap for renewable gencos, indexed for inflation and CPI every
month, equivalent to USD80/MWh - USD85/MWh. Merchant prices over
the last several months were more than two times higher. The price
cap was introduced to support customers and electricity supply
companies. The price cap is valid until March 2023, and Fitch
expects it to be extended. From 2024, Fitch forecasts merchant
prices to gradually decline below the existing price cap.

Weaker Receivables Collection in 2022: Aydem's receivables
significantly increased in 9M22, leading to working capital outflow
of TRY0.9billion, or 30% of EBITDA. In 2022, Aydem decided to sell
the majority of electricity through two related-party supply
companies while previously the majority of sales went through the
energy exchange. The new scheme allows the company to earn
additional spread on top of the sales price, but exposes it to
higher payment collection risk of supply companies. Aydem does not
create reserves for these receivables and expects them to be
collected.

Bonds Repurchase Moderately Credit-Positive: Aydem has repurchased
its own bonds with a nominal value of around USD45 million in 2022
to date, which it plans to cancel, reducing the amount of gross
debt on balance. Fitch views this as moderately credit-positive as
the bonds have been traded at 69%-79% of par value in 2022 and the
company is using the savings from the capex programme reduction for
the repurchase. Aydem plans to continue repurchasing bonds on the
market from available funds over the next years, but this is not
accounted for in its rating case.

Rising Merchant Exposure: Fitch forecasts the share of feed-in
tariffs (FiT)-linked revenue to fall from 87% of consolidated
revenue in 2021 to about 80% in 2022-2023, below 70% in 2024 and
around 50% in 2025 as FiTs for the company's hydro and wind plants
gradually expire. However, merchant exposure may increase in a
particular year if the company decides to switch some of its power
plants from FiT to a merchant basis to benefit from high energy
prices.

Switching significant volume of capacities to market terms is
beneficial from a cash flow perspective, but it will weaken Aydem's
business and financial profiles due to decreased revenue visibility
and higher FX mismatch. From 2026, Aydem will operate predominantly
on a merchant basis as most of FiTs expire, and Fitch expects its
debt capacity to reduce.

Supportive Regulation: Around 80% of Aydem's electricity
generation, providing nearly 80% of revenue in 9M22, benefited from
the Renewable Energy Support Mechanism, or YEKDEM, a law that
provides fixed FiTs denominated in US dollars for 10 years. Assets
under the YEKDEM framework benefit from a lack of price risk and
low offtake risk as all renewable generation is purchased by the
Energy Market Regulatory Authority. After 10 years, assets switch
to merchant-market terms and start selling at wholesale prices in
Turkish lira. Every year the company decides whether its power
plants remain on FiT scheme if they are eligible for it, or switch
to merchant prices.

Standalone Profile Drives Rating: Aydem's IDR is based on its
Standalone Credit Profile (SCP). Fitch does not have sufficient
information to determine the SCP of the parent, Aydem Energy.
However, Aydem has ring-fencing mechanisms including covenants,
restrictions on dividend payments, loans to the parent and other
affiliate transactions. Fitch believes Aydem'scash flows are
sufficiently insulated to support a standalone view.

DERIVATION SUMMARY

Aydem shares the same operating and regulatory environment as
Turkish renewable energy producer, Zorlu Yenilenebilir Enerji AS
(B-/Stable). Both companies have similar scale of operations, high
profitability and benefit from FiT under YEKDEM that gradually
expire, decreasing revenue visibility and raising FX mismatch over
time. Aydem's exposure to hydro leads to more volatile generation
volumes compared with relatively stable production at Zorlu's
geothermal power plants. This is balanced by Aydem's slightly
higher geographical diversification. The rating differential
reflects Aydem's lower forecast leverage.

Aydem's business profile compares well with that of
Uzbekistan-based hydro power generator Uzbekhydroenergo JSC (UGE,
BB-/Stable, SCP b) on the back of a stronger regulatory framework
with long-term tariffs and better asset quality. This results in
slightly higher debt capacity for Aydem. Both companies have
similar leverage.

Aydem's operates in a weaker operating and regulatory environment
than Energia Group Limited (BB-/Stable), an integrated electricity
generation and supply company operating across Northern Ireland and
Republic of Ireland. Similar to Aydem, Energia benefits from a
large share of regulated and quasi-regulated EBITDA. Energia's
financial profile is comparable to that of Aydem, but Energia
benefits from higher debt capacity.

KEY ASSUMPTIONS

- GDP growth in Turkey of 5.6% in 2022 and 2.9% annually over
2023-2025. Inflation of 72.5% in 2022, 59.0% in 2023 and 51.5% in
2024

- Electricity generation volumes at 2.6-2.8 TWh annually over
2022-2025

- US dollar-denominated tariffs as approved by the regulator and
merchant prices in the range of USD65-85/MWh over 2022-2025

- Capex close to management forecasts

- Dividend outflow of about 50% of pre-dividend FCF starting from
2024

KEY RECOVERY RATING ASSUMPTIONS

For issuers with IDRs of 'B+' and below, Fitch performs a recovery
analysis for each class of obligations of the issuer. The issue
rating is derived from the IDR and the relevant Recovery Rating and
notching, based on the going-concern enterprise value of the
company in a distressed scenario or its liquidation value.

- The recovery analysis assumes that Aydem would be a going concern
in bankruptcy and that the company would be reorganised rather than
liquidated.

- A 10% administrative claim is assumed.

Going-Concern Approach

- The going-concern EBITDA estimate reflects Fitch's view of a
sustainable, post-reorganisation EBITDA level upon which Fitch
bases the valuation of the company.

- The going-concern EBITDA is estimated at USD99 million.

- Fitch assumes an enterprise value multiple of 5x.

With these assumptions, its waterfall generated recovery
computation (WGRC) for the senior secured notes is in the 'RR3'
band. However, according to Fitch's Country-Specific Treatment of
Recovery Ratings Criteria, the Recovery Rating for Turkish
corporate issuers is capped at 'RR4'. The Recovery Rating for
senior secured notes is therefore 'RR4' with the WGRC output
percentage at 50%.

RATING SENSITIVITIES

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

- Fitch does not anticipate an upgrade, as reflected in the
Negative Outlook. A revision of the Outlook on the sovereign to
Stable, as well as maintaining FFO leverage below 5.5x, FFO net
leverage below 5x and FFO interest cover above 2x on a sustained
basis without significant weakening in revenue visibility would
result in a revision of Aydem's Outlook to Stable.

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

- A downgrade of Turkiye's Country Ceiling.

- Delayed commissioning of new projects, generation volumes well
below current forecasts, a sustained reduction in profitability or
a more aggressive financial policy leading to FFO leverage above
5.5x, FFO net leverage above 5x and FFO interest cover below 2x on
a sustained basis. Deterioration of the business mix with
FiT-linked revenue representing less than 60% on a structural basis
could lead to a tightening of these sensitivities.

- Disruption of payments from the Energy Market Regulatory
Authority, reduction of FiT or cancellation of FiT hard-currency
linkage or assets switching to merchant price faster than assumed
by the existing business plan.

LIQUIDITY AND DEBT STRUCTURE

At end-3Q22, Aydem had cash and equivalents of TRY1,265 million
(USD68 million), held mostly in US dollars. The nearest bond
amortisation payment of USD150 million is in 2025. Fitch forecasts
the majority of the USD300 million expansion capex programme over
2022-2024 will be funded with cash on balance and operating cash
flows from existing assets.

Aydem's FX exposure will gradually become less balanced as the
share of the company's US dollar-linked revenue falls to about 80%
in 2023, below 70% in 2024 and to around 50% in 2025. This will
limit financial flexibility and increase the company's exposure to
the volatile USD/TRY exchange rate. This is mitigated by the
partially amortising debt structure from 2025.

ISSUER PROFILE

Aydem is a small renewable energy producer operating mostly hydro
and wind power plants across Turkiye. It is controlled by Aydem
Energy with an 81.56% stake, with the remaining being free float.

SUMMARY OF FINANCIAL ADJUSTMENTS

Other operating income and expenses are not part of EBITDA

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
   -----------               ------        --------   -----
Aydem Yenilenebilir
Enerji Anonim
Sirketi                LT IDR B  Affirmed               B

   senior secured      LT     B  Affirmed     RR4       B

TURKIYE WEALTH: Fitch Affirms LongTerm IDR at 'B', Outlook Negative
-------------------------------------------------------------------
Fitch Ratings has affirmed Turkiye Wealth Fund's (TWF) Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDR) at 'B'.
The Outlook is Negative, reflecting that on the sovereign.

The affirmation reflects Fitch's assessment of 'Very Strong'
Status, Ownership and Control, Support Track Record and Financial
Implications of Default, and 'Strong' Socio-Political Implications
of Default, which leads to an overall government support score of
50 out of a maximum 60. This warrants an equalisation of TWF's IDRs
with those of Turkiye. Excluding the state linkage, TWF's rating
would be equalised with the sovereign's as its Standalone Credit
Profile (SCP) of 'b' is equal to the sovereign rating.

KEY RATING DRIVERS

Status, Ownership and Control: 'Very Strong'

Fitch views TWF as a policy-driven key strategic long-term
investment arm of Turkiye underpinned by its full ownership and the
Turkish state's control over TWF's strategy, operations, and
financial activities. TWF is a limited liability entity established
in 2017 and is exempt from a bankruptcy regime. TWF can be only
liquidated upon a presidential decree and in case of a liquidation,
Fitch deems very likely that its assets and liabilities would be
transferred to the Turkish state given the government's full
ownership and strong control.

The 'Very Strong' assessment is also underpinned by strong control
and oversight through its affiliation with the Presidency of the
Republic of Turkiye. TWF's operations and financing activities are
supervised by the Presidency of the Republic of Turkiye, through
its presence on TWF's board of directors. As a key economic agent
of the Turkish state, Fitch does not expect changes to TWF's
status, ownership and control in the medium term.

Support Track Record: 'Very Strong'

As a relatively new entity, TWF receives ongoing state support via
the Treasury guarantee of its syndicated borrowing, which Fitch
believes will remain valid over the medium term. Fitch expects that
guarantees on future borrowing may be granted if instrumental for
TWF's smooth access to capital and financial markets.

Since TWF's inception, Turkish government has transferred key
strategic state-owned companies through equity injections, with
total consolidated assets amounting to TRY3,201 billion at
end-2021. TWF has received further support for its operations
through the new on-lent Treasury funding facilities signed with the
Ministry of Treasury and Finance for the recapitalisation of
state-owned banks under a debt agreement in 2022, in addition to
the on-lent Treasury facilities issued in 2020.

TWF also benefits from a supportive government policy influence,
ranging from exemption of capital market, privatisation,
competition and public procurement laws, taxation and waiving of
dividends. To date, TWF has paid no dividends to the government and
retained all earnings for re-investment.

Socio-Political Implications of Default: 'Strong'

This assessment is underpinned by TWF's high accountability to the
Turkish state. It also reflects Fitch's view of TWF's strategic
importance for the national government's long-term economic agenda
as a strategic investment vehicle with no direct substitute and
that a default would lead to strong political repercussions due to
TWF's strategic importance.

Due to TWF's early stage of financial integration with its
subsidiaries, Fitch does not expect a material impact from a
financial default of TWF on the operations and employees of TWF's
subsidiaries and therefore on their provision of public services.
The majority of TWF's subsidiaries are listed companies and mature,
with well-established records of operations and provision of
services across various industries including aviation,
telecommunications, agriculture, energy and mining.

Financial Implications of Default: 'Very Strong'

TWF's debt is low compared with overall central government debt.
However, Fitch expects that in case of a default by TWF, the
Treasury guarantee on TWF's existing syndicated loan would
significantly impair the sovereign's solvency as the debt is
consolidated in the national debt accounts.

In Fitch's view, TWF is gradually evolving towards a proxy funding
vehicle of the Turkish state in fulfilling its mandate. Fitch
expects TWF will become a larger and regular issuer in the
financial and capital markets mainly at the sub-fund level. In
2021, TWF's subsidiary, Istanbul Finance Center Company issued
TRY600 million sukuk to finance the construction and development of
the finance centre in Istanbul.

Standalone Credit Profile

Revenue Defensibility 'Weaker'

This combines 'Weak' demand and 'Midrange' pricing characteristics.
The majority of TWF's turnover is generated through national
lottery license income, which Fitch projects will grow steadily
from TRY12 billion in 2021 to TRY54 billion in 2026, underpinned by
consolidated betting demand. The gambling sector (net of
expenditures) represents half of TWF's EBITDA of about TRY7 billion
on average. The overall revenue defensibility assessment is skewed
toward 'Weaker' due to the contribution to TWF's EBITDA from a
concentrated dividend income mainly from the Telco sector, followed
by Turksat, Borsa Istanbul Stock Exchange. Profitability decline
will be driven by high inflation and their dividend pay-out
policies

Fitch assesses pricing characteristics as 'Midrange', mainly due to
fairly inelastic demand due to the national lottery and to a lesser
extent, horse racing. The turnover trend demonstrates the
sustainability of the business model during national recessionary
periods. Through the improvement and optimisation of the retail
network and diversification of sales channels, Fitch expects
turnover to remain resilient over the forecast period, and opex to
be broadly contained.

Operating Risk 'Midrange'

This assessment reflects expected moderate cost volatility in
commission costs for licences related to the national lottery.
Fitch expects these to comprise up to 95% of operating spending in
its rating case. Although this reduces significantly operating
spending flexibility, Fitch expects the main cost item to move in
tandem with expected operating revenue growth and be broadly stable
due to management's commitment and ability to curtail costs.

TWF has no supply constraints for labour or resources in terms of
amount, cost or timing.

Fitch assesses capital planning and management as 'Neutral'. TWF
has adequate policies in place for capital planning and funding,
which are managed effectively by an experienced management team
within treasury and strategic asset management. Capex is carefully
planned and conditional on funding availability planned in
advance.

Financial Profile 'Weaker'

Fitch expects TWF's leverage (net adjusted debt/EBITDA) to average
about 10x over the rating case after the 2022 acquisition of Turk
Telekom, which Fitch expects to push borrowing to TRY57 billion by
end-2022, up from TRY18 billion in 2021. Leverage should improve to
4.4x by 2026 as no further financing is projected at the HoldCo
level, since investments are expected to be financed at the
sub-fund level.

Derivation Summary

Fitch views TWF as a government related entity (GRE) and applies a
top-down approach under its GRE Criteria and equalises its ratings
with those of the sovereign irrespective of its SCP. The assessment
results in an overall support score of 50 points under the GRE
criteria.

Even without equalisation, TWF's IDR would be 'B', reflecting its
'b' SCP. This in turn reflects the combination of a Risk Profile
with a 'Weaker' Revenue Defensibility and 'Midrange' Operating Risk
and an expected leverage ratio (Fitch net adjusted debt/EBITDA)
averaging 10 years over the 2022-2026 horizon.

Short-Term Ratings

Under Fitch's criteria, when an issuer's Long-Term IDR is equalised
with a sponsor (government), the Short-Term IDR is also equalised.
TWF's Short-Term IDR is 'B', in line with Turkiye's Short-Term
IDR.

National Ratings

TWF's National Long-Term Rating is 'AAA(tur)' because as a key
strategic GRE in Turkiye TWF has the highest creditworthiness among
GREs, and Fitch assumes it will receive exceptional financial
support in case of need.

KEY ASSUMPTIONS

Assumptions under the Rating Case:

Fitch has used the management case as its rating case. The key
assumptions for the scenario include:

- Financial debt to solely include the existing syndicated loan
guaranteed by Treasury and acquisition loan for the purchase of 55%
of Turk Telekom shares in 2022

- Dividend stream included as per management case and expected to
increase from TRY627 million to TRY6 billion

- Operating revenue CAGR at 36% in 2022-2026, below expected
inflation of 47.7% as the price increase for national lottery did
not follow inflation in 2022, with increased dividends and rental
revenues justifying growth above opex growth

- Operating expenditure CAGR at 34% in 2022-2026 as a considerable
portion of expenditure is fixed and paid as a percentage of sales

- Average funding cost to be 5%, as TWF will borrow predominantly
on the international markets in euros or US dollars

- USD/TRY (year-end) assumptions are based on the sovereign's
estimate, 2022: 20.0, 2023: 24.9, 2024: 27.7

Liquidity and Debt Structure

At end-2021, TWF's debt at the parent company level was the EUR1.25
million (TRY18.4 billion) syndicated loan from 14 international
banks with a bullet repayment maturing in March 2023 and 95%
Treasury guarantee.

In March 2022, TWF on its own balance sheet (recorded in the other
payables)) signed an on-lent debt agreement with the Turkish
Treasury to strengthen the capital structures and adequacy of six
state-owned banks via a total TRY51 billion capital injection.
Following this, TWF raised its share in Halkbank to 87.7% from
75.3% and in VakifBank to 64.8% from 35.9%.

In April 2022, TWF (on its own balance sheet ) utilised an USD1.6
billion acquisition loan with six-year maturity from the domestic
market for the purchase of 55% of shares of Turk Telekom, one of
the leading a telecommunications company of Turkiye. Loan amount is
USD 1,6 billion with a maturity of 6 years.

TWF had no committed bank lines at end-2021.However, about 82% of
current assets (TRY13.5 billion) are held in cash accounts, the
majority of which are FX-denominated and invested in short-term
deposits.

TWF's contingent liabilities relates to the Istanbul Finance
Center's loan. In 2021, this subsidiary raised financing for the
construction and development of the finance centre in Atasehir,
located on the Asian side of Istanbul. The financing is guaranteed
by TWF and consists of two tranches: (i) TRY600 million green sukuk
issuance with a tenor of two years; and (ii) TRY5 billion bridge
loan with a tenor of two years raised by local banks. TWF expects
construction of Istanbul Finance Centerto be completed by end-2022
or early 2023, with rental income in 2023 and onwards.

Issuer Profile

TWF is the sole Sovereign Wealth Fund of Turkiye and manages key
state-owned companies on behalf of the government for promoting the
national economy in alignment with the national strategic agenda.
TWF portfolio includes 28 state owned companies in seven sectors,
two licenses and 46 real estate properties.

RATING SENSITIVITIES

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

A downgrade of the sovereign would lead to a downgrade of TWF.

A weaker assessment of the overall support factors could result in
TWF's ratings being notched down once from the sovereign ratings.

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

A revision of the Outlook on the sovereign rating to Stable would
lead to a revision of TWF's Outlooks provided that the likelihood
of government support is unchanged.

ESG Considerations

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

   Entity/Debt                 Rating                 Prior
   -----------                 ------                 -----
Turkiye Wealth Fund   LT IDR    B        Affirmed      B
                      ST IDR    B        Affirmed      B
                      LC LT IDR B        Affirmed      B
                      LC ST IDR B        Affirmed      B
                      Natl LT   AAA(tur) Affirmed   AAA(tur)



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

CONSTELLATION AUTOMOTIVE: EUR400M Bank Debt Trades at 26% Discount
------------------------------------------------------------------
Participations in a syndicated loan under which Constellation
Automotive Ltd is a borrower were trading in the secondary market
around 73.7 cents-on-the-dollar during the week ended Friday,
November 25, 2022, according to Bloomberg's Evaluated Pricing
service data.

The EUR400million facility is a term loan.  The loan is scheduled
to mature on July 28, 2028.   The amount is fully withdrawn and
outstanding.

Constellation Automotive Group Limited offers digital used car
marketplace. The Company offers used passenger cars, utility
vehicles, and trucks, as well as provides parts and accessories,
repairs and maintenance, finance, and insurance services. The
Company's country of domicile is the United Kingdom.


CONSTELLATION AUTOMOTIVE: GBP325M Bank Debt Trades at 59% Discount
------------------------------------------------------------------
Participations in a syndicated loan under which Constellation
Automotive Ltd is a borrower were trading in the secondary market
around 41 cents-on-the-dollar during the week ended Friday,
November 25, 2022, according to Bloomberg's Evaluated Pricing
service data.

The GBP325 million facility is a term loan. The loan is scheduled
to mature on July 16, 2029. The amount is fully withdrawn and
outstanding.

Constellation Automotive Group Limited is the largest vertically
integrated digital used car marketplace in Europe. The Company's
country of domicile is the United Kingdom.

CONSTELLATION AUTOMOTIVE: GBP400M Bank Debt Trades at 31% Discount
------------------------------------------------------------------
Participations in a syndicated loan under which Constellation
Automotive Ltd is a borrower were trading in the secondary market
around 69.5 cents-on-the-dollar during the week ended Friday,
November 25, 2022, according to Bloomberg's Evaluated Pricing
service data.

The GBP400 million facility is a term loan. The loan is scheduled
to mature on July 28, 2028. The amount is fully withdrawn and
outstanding.

Constellation Automotive Group Limited is the largest vertically
integrated digital used car marketplace in Europe.


ELITE SPORTS: Enters Administration After Bid Details Emerge
------------------------------------------------------------
Douglas Dickie at Scottish Daily Express reports that a sports
goods firm suing Rangers for GBP9.5 million has gone into
administration the day after details of their legal bid emerged.

Elite Sports Group Ltd is seeking the sum from the Ibrox club,
claiming the Gers breached a contract which allowed the firm to
provide the Glasgow team with kits, Scottish Daily Express
relates.

Elite are the exclusive brand partner to Danish sportswear firm
Hummel and it has instructed lawyers to go to the Court of Session
in Edinburgh, Scottish Daily Express discloses.  On Nov. 23, they
won a bid to force Rangers to disclose sales data to them, Scottish
Daily Express states.

However, the company has been placed into administration, Scottish
Daily Express notes.

According to Scottish Daily Express, Keiran Maguire of the
respected Price of Football podcast announced the news on Nov. 23,
saying: "Elite Sports Group, the Hummel distributor for
Southampton, Millwall, Coventry and other clubs, goes into
administration.  Fans who have placed orders online using debit
cards may lose out."

It has since been confirmed by other clubs linked with the brand,
Scottish Daily Express relays.


GATWICK AIRPORT: Moody's Affirms 'Ba3' Rating on Sr. Secured Notes
------------------------------------------------------------------
Moody's Investors Service has affirmed the Baa2 senior secured
ratings and the (P)Baa2 senior secured rating on the medium-term
note programme of Gatwick Funding Limited (Gatwick Funding), a
finance company owned by Ivy Holdco Limited (together the "Gatwick
airport group" or the "ring-fenced group"). The outlook has been
changed to stable from negative.

Moody's has also affirmed the Ba3 rating of the senior secured
notes issued by Gatwick Airport Finance plc (GAF), a holding
company for the Gatwick airport group. The outlook has been changed
to stable from negative.

RATINGS RATIONALE

GATWICK FUNDING LIMITED

The rating action reflects Moody's expectation that the continued
recovery in traffic will allow the Gatwick airport group to improve
operating and financial performance with metrics commensurate with
the current Baa2 ratings, namely a funds from operations (FFO)/debt
ratio of at least 8%. It further considers the group's commitment
to pace its capital spending in the context of the actual and
expected traffic performance and reduce leverage to the levels
comfortably below the lock-up triggers included in Gatwick
Funding's debt documentation.

Following the severe reduction in passenger volumes during 2020-21,
traffic at Gatwick airport started to rebound this year, recovering
to around 70% of the 2019 level in the first ten months of 2022.
This performance was weaker than the average for Moody's rated
European airports, which reflects, among other things, travel
restrictions in the early months of the year and operational
challenges, including staff shortages this summer, that impacted
the aviation industry. Still, traffic performance improved
materially during the year, with passenger volumes reaching 85% of
pre-pandemic levels in October alone, which reflects a strong
pent-up travel demand and an increase in airline capacity once
travel restrictions were lifted. Moody's expects traffic recovery
to be uneven and subject to a greater-than-historical seasonality
next year, but, absent travel restrictions, the airport's passenger
volumes in 2023 will likely exceed this year's performance, which
coupled with higher airport charges and a more efficient cost base
will drive an improvement in the Gatwick airport group's earnings.

Moody's cautions, however, that there remain uncertainties around
the traffic recovery profile, given the weakening macroeconomic
environment, cost of living pressures and the current geopolitical
environment and knock-on effects on the European economy.
Availability of staff across the aviation industry is a further
risk factor. In addition, Gatwick airport is exposed to competition
in the London area system and is dependent on the ability of its
key airlines to drive passenger growth against a backdrop of a more
difficult operating environment. While the Gatwick airport group's
plans include an increase in investments, some of the spending is
not committed and is dependent on the traffic recovery path.
Moody's believes that management will pace its capital spending
depending on the evolution of the actual and expected passenger
volumes. These are important factors underpinning the current
ratings, given the group's current highly-leveraged profile, rising
interest rate environment and cost price inflation.

Overall, the Baa2 rating of the senior secured notes issued by
Gatwick Funding is underpinned by (1) the group's ownership of
London Gatwick airport, the UK's second largest airport and a key
airport within the London airport system; (2) a high proportion of
origin and destination passengers across a diversified carrier
base; (3) a system of economic regulation, which provides more
freedom of manoeuvre to negotiate multiannual deals that are
tailored to the different needs of different airlines, whilst
retaining the protective features of the Civil Aviation Act 2012;
and (4) the supportive features embedded in the financial structure
that offer protections to creditors. These positive factors are
tempered by (1) a degree of competition in the London area system;
(2) the renewal risk associated with the airport's contracts with
airlines; and (3) the high financial leverage.

  GATWICK AIRPORT FINANCE PL

The change in the outlook to stable on GAF and the affirmation of
its Ba3 senior secured rating reflects Moody's expectation that (1)
the Gatwick airport group will reduce its leverage and achieve
financial ratios commensurate with its current ratings, and (2) the
ring-fenced group will build material financial capacity and will
be able to upstream dividends to GAF no later than in 2024.

In addition to the considerations for Gatwick Funding, the Ba3
rating of GAF reflects (1) the group's higher leverage because of
GBP450 million of additional debt at the GAF level; (2) the terms
of Gatwick Funding's financing structure, including lock-up
provisions; (3) the deeply subordinated nature of creditors at the
holding company; (4) the terms of GAF's financing structure and a
pre-funded debt service reserve account to October 2024; and (5)
disciplined financial policies and the strong credit quality of
GAF's major shareholder – Vinci S.A. (A3 stable), which fully
consolidates the group it its accounts.

LIQUIDITY AND DEBT COVENANTS

As of end-June 2022, the ring-fenced group's liquidity was
supported by GBP342 million of cash on balance sheet and no
availability under the revolving credit facilities of GBP300
million, which are due in June 2025. Moody's understands, however,
that given strong cash flow generation, the company has now repaid
a large part of its revolving credit facilities. In addition, the
company has access to an undrawn standby liquidity facility of
GBP150 million with a final maturity in June 2027. The group's next
debt maturity is the GBP300 million bond, which has a scheduled
maturity in January 2024.

The group's debt documentation includes two financial covenants –
senior RAR (Regulatory Asset Ratio) of 0.85x and senior ICR
(Interest Cover Ratio) of 1.1x as events of default.  The company
has received covenant waivers twice since the start of the
pandemic. Management expects to be compliant with its covenants,
including when these are next tested for the period to December 31,
2022. The expected headroom against the covenants reflects
amendments to the calculation of the group's EBITDA, which will
apply until June 2024.

As of end-June 2022, GAF, as a holding company, had GBP53.4 million
of cash. The company's only obligations are related to interest
payments of around GBP20 million a year and the company's senior
secured notes have a final maturity in April 2026.

GAF's senior secured notes include an event of default covenant of
Group RAR of 0.95x. Management expects to be compliant with this
covenant when it is next tested for the period to June 30, 2024.
Since the calculation differs from that at the ring-fenced group,
traffic recovery and an improvement in cash flows in the next 12-18
months will be particularly important factors driving a reduction
in leverage to the levels consistent with this ratio.

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

Although not considered likely given weak macroeconomic prospects,
Gatwick Funding's ratings could be upgraded in the scenario of a
stronger-than-expected traffic recovery and a favourable operating
environment, such that (1) the group's FFO/debt were to improve to
at least 10% on a sustainable basis; (2) the company exhibited
significant headroom against its financial covenants; and (3) the
group maintained solid liquidity.

The ratings of Gatwick Funding could be downgraded if (1) it
appeared likely that the group's credit metrics will not recover to
the levels commensurate with the current ratings, namely FFO/debt
of at least 8%; (2) there was a risk of covenant breaches without
adequate mitigating measures in place; or (3) there were concerns
about the company's liquidity.

Although not considered likely given weak macroeconomic prospects,
GAF's rating could be upgraded if (1) there was a material
improvement in the group's financial profile; (2) there were no
concerns about the ring-fenced group's ability to upstream
dividends providing a strong coverage of debt service requirements
at GAF; and (3) the company had a solid liquidity.

GAF's rating could be downgraded, if (1) it appeared likely that
the ring-fenced group's credit metrics would not restore to the
levels commensurate with the current rating, namely FFO/debt of at
least 8%; (2) there were concerns about the ring-fenced group's
ability to build enough flexibility to accommodate dividend
distributions to GAF starting from 2024, and these were not offset
by adequate mitigating measures such as shareholder support; (3)
there was a risk of covenant breaches without adequate mitigating
measures in place; or (4) there were concerns about the company's
liquidity.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Privately
Managed Airports and Related Issuers published in September 2017.

COMPANY PROFILE

Gatwick Funding Limited is a finance company owned by Ivy Holdco
Limited, the security parent of the Ivy Holdco Limited group. It is
fully owned by Gatwick Airport Finance plc.

Gatwick Airport Finance plc is a holding company of Ivy Holdco
Limited. The company is owned 50.01% by Vinci S.A. (A3 stable),
while the remainder of the ownership is managed by Global
Infrastructure Partners (GIP) on behalf of several investors.

HAM BAKER: Business Sold, 50 Jobs Saved
---------------------------------------
Hannah Hiles at StokeonTrentLive reports that 50 jobs have been
saved after a Stoke-on-Trent engineering group sold two businesses
following administration.

According to StokeOnTrentLive, the two businesses forming part of
the Garner Street company, which was founded in 1893, have been
sold after administrators from corporate investigation and risk
consulting firm Kroll were appointed last week.

Industrial Values Limited has been sold to Dutch valve manufacturer
and distributor Duvalco, while Ham Baker Limited's asset
inspection, maintenance and screens and distributor operations were
bought by Leicester-based construction group Galliford Try,
StokeOnTrentLive discloses.

StokeOnTrentLive previously reported that more than 130 jobs at the
Ham Baker Group were safeguarded in March 2017 after the business
was acquired by Birmingham equity fund Intrinsic Equity.  Ham Baker
Group's previous owner, FJ Holdings Limited, and one of its
subsidiaries, Ham Baker Adams, had gone into administration
following "cash pressures", StokeOnTrentLive recounts.

The Ham Baker Group, which is based in Etruria, designs,
manufactures and installs products for the water, waste water and
process sectors and undertakes project work for a network of global
customers.


INEOS QUATTRO: Fitch Affirms LongTerm IDR at 'BB', Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed INEOS Quattro Group Holding Limited's
(INEOS Quattro) Long-Term Issuer Default Rating (IDR) at 'BB' with
a Stable Outlook. Fitch has simultaneously affirmed its senior
secured debt at 'BB+' with a Recovery Rating of 'RR2' and senior
unsecured debt at 'BB-' with a Recovery Rating of 'RR5'.

The IDR reflects INEOS Quattro's strong business profile as a
globally diversified intermediate chemical manufacturer with
leading market positions but with exposure to cyclical end-markets.
The Stable Outlook reflects its expectation that leverage will
remain within its rating sensitivities over 2022-2026 despite its
expectation that EBITDA will fall in 2023 on weakening demand and
sustained high input costs.

KEY RATING DRIVERS

Strong Earnings Reduce Leverage: INEOS Quattro de-leveraged in
2021-2022 with top-of the-cycle earnings due to demand rebounding
post-lockdowns and successful passing on of energy cost inflation
to customers. Fitch forecasts 2022 EBITDA, excluding joint ventures
(JVs), of EUR2.2 billion following an all-time high EBITDA of
EUR2.3 billion in 2021. Record earnings in 1H22 offset a weaker
2H22, while Fitch expects demand from consumer durables and
construction end markets to weaken and energy costs to remain
high.

EBITDA Normalising: Fitch forecasts EBITDA net leverage at 2.2x and
EBITDA gross leverage at 2.6x in 2022, supported by strong EBITDA
and the early repayment of its 2023 and 2025 term loans, which is
slightly offset by appreciating US dollar debt. Fitch expects
softening prices and margin compression to reduce EBITDA to EUR1.5
billion in 2023, before returning to mid-cycle levels of around
EUR1.8 billion from 2025. This should lead to net debt around 3x
EBITDA and gross debt at around 3.5x EBITDA in 2024-2026.

Fitch expects INEOS Quattro to generate neutral post-dividend free
cash flow (FCF) and distribute most cash flow available after capex
to shareholders, including the proceeds from the sale of 50% of
INEOS Styrolution Advanced Materials Pte Ltd. Fitch does not expect
any meaningful debt repayments until 2026.

Diversified Global Leader: INEOS Quattro operates in four different
chemical value chains and is a top-three producer in North America
and Europe for some of its products while its position is more
mid-tier in the more fragmented Asian market. Its subsidiaries
Styrolution and INOVYN offer more value-added products, which leads
to more pricing power while the aromatics and acetyls businesses
produce pure commodity chemicals and have more volatile earnings.
The four businesses operate largely independently, but INEOS
Quattro continues to pursue operational synergies.

Well-Managed Costs: INOVYN and Styrolution benefit from integration
with sister company INEOS Group Holdings S.A. (IGH; BB+/Stable) for
olefin feedstock supply while recent capex has increased capacity
and improved efficiency in both businesses. INOVYN's fixed-term
energy contracts minimise exposure to energy-price volatility and
support higher, sustained utilisation rates than European peers'.
Fitch expects surplus Asian capacity and softening freight rates to
continue to weigh on margins of certain products. However, INEOS
Quattro takes advantage of opportunistic regional arbitrage.

Rated on Standalone Basis: INEOS Quattro is part of a wider INEOS
Limited. Fitch rates the company on a standalone basis. It operates
as a restricted group with no cross guarantees or cross-default
provisions with INEOS Limited or other entities within the wider
group.

Debt Ratings: Over 90% of the group's debt is senior secured while
the remaining debt is unsecured. The senior secured rating reflects
the security package and is one notch above INEOS Quattro's IDR.
The senior unsecured rating is one notch below the IDR, reflecting
subordination.

DERIVATION SUMMARY

INEOS Quattro's diversification is comparable with that of IGH
(BB+/Stable) and Nouryon Holding B.V. (B+/Stable) and ahead of more
regionally focused Westlake Corporation's (BBB/Positive), INEOS
Enterprises Holdings Limited's (BB-/Stable) and Nobian Holding 2
B.V.'s (B/Stable).

INEOS Quattro's cost position is similar to IGH's but weaker than
specialty chemical companies', such as Nouryon, which has better
pricing power and can more easily pass on costs. While INEOS
Quattro benefits from feedstock supply agreements from sister
company IGH, it has little self-sufficiency within the business
compared with Nobian's, which benefits from strong backward
integration. INEOS Quattro's group structure is complex relative to
that of peers due to its operations within the larger INEOS group
and a substantial share of acetyls earnings from non-consolidated
Asian JVs.

INEOS Quattro's profitability is below Westlake's and Nobian's due
to lower-margin aromatics and styrenics offsetting the more robust
margins in PVC products and acetyls. INEOS Quattro's less
specialised product offering than Nouryon's and INEOS Enterprises'
means EBITDA margins are typically more volatile and lower. INEOS
Quattro is more leveraged than Westlake and IGH, but less leveraged
than Nobian and Nouryon, which both have high leverage following
their respective carve outs.

KEY ASSUMPTIONS

- Consolidated sales to decline to EUR12.4 billion in 2025 and
2026, from EUR18.3 billion in 2022, as prices moderate and volumes
fall in 2023 before recovering in 2024

- EBITDA margin to fall in 2023 to 10.5% before normalising at 13%
to 14% in 2024-2026

- Common dividends of EUR821 million in 2022 and EUR500
million-EUR650 million in 2023-2026

- Capex of EUR875 million in 2022 and EUR650 million in 2023-2026

RATING SENSITIVITIES

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

- EBITDA net leverage below 2.7x or funds from operations (FFO) net
leverage below 3.2x on a sustained basis

- EBITDA gross leverage below 3.2x on a sustained basis

- Record of conservative financial-policy implementation

- Improvement in cost structure and specialty product offerings
leading to lower overall earnings volatility

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

- EBITDA net leverage above 3.7x or FFO net leverage above 4.2x on
a sustained basis

- EBITDA gross leverage above 4.2x on a sustained basis

- Significant deterioration in business profile such as scale,
diversification or product leadership, or prolonged market
pressure

- High dividend payments or capex leading to sustained negative
FCF

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: As of 30 September 2022, INEOS Quattro had
EUR1.5 billion of cash and cash equivalents and EUR840 million of
unutilised, committed securitisation facilities that mature in June
2024. The company has no meaningful debt repayments until 2026
following the repayment of its 2023 and 2025 term loan A facilities
in May 2022.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch has reclassified EUR299 million of lease liabilities as other
financial liabilities and excluded them from financial debt. It has
also reclassified EUR11.6 million of lease interest expense as
selling, general and administrative expenses from interest
expenses. Depreciation and amortisation have been reduced by
right-of-use asset depreciation of EUR88.7 million.

Fitch has added back EUR41.1 million of exceptional administrative
expenses to EBITDA.

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
   -----------              ------          --------   -----
INEOS Quattro
Finance 2 Plc

   senior secured     LT     BB+  Affirmed     RR2       BB+

INEOS Styrolution
US Holding LLC

   senior secured     LT     BB+  Affirmed     RR2       BB+

INEOS Quattro
Finance 1 Plc
  
   senior
   unsecured          LT     BB-  Affirmed     RR5       BB-

INEOS Quattro
Holdings Limited      LT IDR BB   Affirmed               BB

INEOS US Petrochem
LLC

   senior secured     LT     BB+  Affirmed     RR2       BB+

INEOS Quattro
Holdings UK Limited

   senior secured     LT     BB+  Affirmed     RR2       BB+

INEOS Styrolution
Group GmbH
  
   senior secured     LT     BB+  Affirmed     RR2       BB+

LUMO LIQUIDS: Administrators Seek Buyer for Business
----------------------------------------------------
Business Sale reports that a buyer is being sought for
Swansea-based vaping business Lumo Liquids Ltd after it entered
administration.

The company, incorporated in 2014, manufactures and sells a wide
variety of e-liquid vaping products.

Its focus is on e-liquids (mixing, filling and packing e-liquid
bottles, creating white label e-liquids, vape brands), nicotine
services (mixing diluted nicotine solutions, mixing nicotine salt
solutions, mixing bulk e-liquids) and POD filling (filling and
packing vape devices, cartridges and PODs).

According to Business Sale, the company had experienced a sustained
period of significant growth, building a portfolio of well-known
vaping brands, modern production lines, blue chip customers
(including British American Tobacco) and proprietary/in house
developed product formulas.

However, after two of the firm's key customers opted to move
manufacturing and supply chains into mainland Europe, the company
lost contracts representing over 85% of its revenues, Business Sale
discloses.  These lost sales could not be replaced quickly enough
to offset trading losses, prompting Lumo Liquids' directors to
appoint administrators in order to conduct a sale of the business,
Business Sale relates.

According to Business Sale, Mark Boughey and Conrad Pearson of
Mazars have been appointed as joint administrators and the company
will continue to trade while a buyer is sought for all or part of
its business and assets.

In its unaudited financial accounts for the year ending December
31, 2021, Lumo Liquids' fixed and current assets were each valued
at slightly under GBP1.1 million, with the firm's net assets
amounting to GBP1.4 million, Business Sale states.


OPTIPLAN KITCHENS: Goes Into Administration
-------------------------------------------
Daniel Wood at SwindonAdvertiser reports that staff at the Swindon
branch of a national firm were stunned when they were told their
employer had gone into administration.

They received the news that Optiplan Kitchens -- a UK firm with 13
showrooms nationwide -- had given notice of intention to appoint an
administrator on Nov. 23 and that they had all been made redundant
and needed to go home, SwindonAdvertiser relates.

According to SwindonAdvertiser, in a statement provided to
employees to let them know -- seen by SwindonAdvertiser -- Optiplan
CEO Jason Limbert told them that there was no viable alternative.

Mr. Limbert, as cited by SwindonAdvertiser, said: "Optiplan
Kitchens Limited has faced numerous challenges since the outbreak
of Covid-19. Initially, the complete cessation of its operations
was followed by prolonged periods of showroom closures due to
changing Covid restrictions.  Post-Covid challenges in the supply
chain have resulted in severe business disruption alongside rapidly
escalating costs that the business has struggled to pass on to its
customers quickly enough.

"Despite taking action to restructure the business in April this
year, escalating utility costs and further material cost increases
have eroded the benefits that were achieved from this.

"Given the ongoing economic challenges with seemingly no end in
sight to the high levels of ongoing inflation, we have reached the
conclusion that there is no viable alternative to this action."

There has been no official statement from the company,
SwindonAdvertiser notes.

SwindonAdvertiser approached Optiplan Kitchens for comment and was
told: "Optiplan is in the process of appointing an administrator
and a point of contact is expected to be confirmed in the coming
days.  This contact will be put on all channels for consumers to
find once it is available."


PMC CIVIL: Creditors Set to Receive 5 to 10 Pence in the Pound
--------------------------------------------------------------
Darren Slade at Daily Echo reports that most of the creditors owed
money by a civil engineering firm are set to receive around five to
10 pence in the pound almost four years after it collapsed.

PMC Civil Engineering went into administration in 2019 after a
rapid expansion left it struggling to manage the extra workload and
led to a "reduction in the quality of work", Daily Echo recounts.

The latest report by liquidators says unsecured creditors should
receive a dividend by February 2023, Daily Echo notes.

The company, based at Merley House, Wimborne, saw turnover almost
double each year over its last four years, reaching GBP8.3 million,
Daily Echo relays, citing earlier administrators' reports.

But "poor workmanship" meant the business often had to redo work at
its own expense or saw customers reduce their payments, Daily Echo
states.

According to Daily Echo, a previous report said the company missed
out on tenders "due to the industry becoming aware of the poor
quality of work and competitors using this to their advantage".

The business had 10 staff when it went into administration in June,
2019, Daily Echo notes.

According to Daily Echo, in the latest report, joint liquidators
Michael Fortune and Michael Pallott, of Portland Leonard Curtis,
said of the firm's unsecured creditors: "It is anticipated that a
dividend of between 5-10p in the pound will be paid by February
2023."

This would be "dependent upon the final costs and agreed creditors'
claims", they added.

The report, as cited by Daily Echo, said the company had three
principal contracts, with Wessex Water, CG Fry and Persimmon
Homes.

Wessex Water has settled its account, but negotiations are still
going on with CG Fry and Persimmon, both of whom lodged claims
against the business, Daily Echo relays.

The report says the liquidators have reached a settlement over a
potential claim against director Michael Page, who had drawn money
out of the business shortly before the administration and claimed
to have security over its assets because he had lent the company
money, according to Daily Echo.

The joint liquidators said they expected to complete the winding-up
in three to four months, Daily Echo notes.


SAGE AR 1: DBRS Confirms B Rating on Class F Debt
-------------------------------------------------
DBRS Ratings Limited (DBRS Morningstar) confirmed its ratings on
the following classes of notes issued by Sage AR Funding No. 1 Plc
(the Issuer) due November 17, 2030:

-- Class A notes at AAA (sf)
-- Class B notes at AA (high) (sf)
-- Class C notes at A (high) (sf)
-- Class D notes at BBB (sf)
-- Class E notes at BB (low) (sf)
-- Class F notes at B (sf)

DBRS Morningstar assigned Stable trends to all classes of notes
based on the underlying loan performance, which has been in line
with expectations and in accordance with the terms of the senior
facility agreement. The borrower fulfilled all debt service
requirements over the past year, and has put into place a new
hedging agreement in compliance with the provisions of the
transaction documents. The condition on the interest rate cap with
a weighted-average strike rate on any day not be more than the
higher of (i) 0.75% per year and (ii) the rate that ensures that,
as at the date on which the relevant hedging transaction is
contracted, the hedged interest coverage ratio (ICR) is not less
than 1.5x, has been met.

DBRS Morningstar also removed the Under Review with Negative
Implications (UR-Neg.) of the ratings, where they were placed on 26
October 2022.

The transaction is a securitisation of a GBP 220 million
floating-rate senior social housing-backed loan (the senior loan)
advanced by the Issuer to a single borrower, Sage Borrower AR1
Limited. The borrower onlent the funds to its parent, Sage Rented
Limited (SRL), a for-profit registered provider of social housing,
to acquire the properties and cover associated costs. The senior
loan is backed by 1,609 new purpose-built residential units located
across England. The loan term is for five years with an expected
final repayment date on 15 November 2025. The portfolio was
revalued by Savills Advisory Services Limited (Savills) in
September 2021 to GBP 336.4 million, up from GBP 308.4 million (in
terms of market value subject to tenancy), reducing the rated
senior loan-to-value to 62.14% from 67.76%.

Sage Housing Limited (the sponsor) was established in May 2017 and
is majority owned by Blackstone Inc. The portfolio is a mixture of
new-build houses and flats, generally in a good residential
location close to transport links and amenities. Approximately 60%
of the portfolio is in London, the South East, and the South West.
Most of the rented units are let on starter leases and then
transferred to periodic assured tenancy agreements after an initial
probationary period of 12 months, which is extendable to 18 months.
Tenants in social housing typically occupy the units for more than
five years beyond the probationary period.

The senior loan interest comprises two parts: (1) Sonia (subject to
zero floor) plus a margin that is a function of the weighted
average (WA) of the aggregate interest amounts payable on the rated
notes; and (2) the lower of excess cash flow and 9% fixed interest
on the retention tranche (the Class R notes). The borrower
purchased a new interest cap agreement from Merrill Lynch
International, with a cap strike rate of 0.75% for the full
notional amount of the rated notes. The previous arrangement which
comprised a cap strike of 0.50% terminated on 15 November when the
new arrangement came into force. The hedging will expire on 17
November 2023, at which point it must be renewed annually for the
remaining term of the loan.

The loan is interest only, with no scheduled amortisation during
the term of the loan. However, prepayments are permitted as
voluntary prepayments and also with respect to property disposals,
with a release price of 100% of the allocated loan amount. No
disposal has occurred since origination on 21 October 2020. The
allocation of such principal prepayment to the notes will be pro
rata prior to a sequential payment trigger, after which all
principal will be applied sequentially. If a prepayment is made as
a voluntary prepayment, such principal will be applied to the rated
notes in reverse-sequential order.

The Issuer liquidity reserve (ILR) of GBP 6.5 million is provided
by Deutsche Bank AG London Branch. The ILR covers interest payment
shortfalls for Class A to Class C notes. DBRS Morningstar
calculates that the ILR can cover interest payments on the covered
notes up to 21 months, based on the interest cap strike rate of
0.75%, or ten months, based on the Sonia capped at 4.0% plus the
respective notes' margin.

To satisfy risk retention requirements, an entity within Sage Group
has retained a residual interest consisting of no less than 5% of
the nominal and fair market value of the overall capital structure
by subscribing to the unrated and junior-ranking GBP 11 million
Class R notes. The final legal maturity of the notes is expected to
be November 17, 2030, five years after the expected loan maturity
(November15,  2025).

VIVARAIL: Files Notice of Intention to Appoint Administrators
-------------------------------------------------------------
Michael Holden at Rail Advent reports that battery and hybrid train
manufacturer, Vivarail, has announced it has filed a Notice of
Intention to appoint administrators.

Adrian Shooter CBE founded Vivarail in 2013 and the last 9 years
have been spent investigating, trialling and developing battery
technology.

According to Rail Advent, the company has had the financial support
of a sole investment partner
-- however, Vivarail's board of directors had agreed to operate
without reliance on more funding in early 2022.

Since that decision, the Board of Directors have approved a sale
process and have worked to attract new investors, Rail Advent
notes.

Although Vivarail has had a "positive level" of interest, the Board
has had to file a Notice of Intention to appoint Administrators
with the courts, which took place on Nov. 23, Rail Advent relates.

"The Board and I have worked incredibly hard to secure new
investment in recent months, and although we have been encouraged
by the level of interest, time is now against us to allow potential
investors to step in.  Combined with slow market conditions and
delays in reaching certain key commercial arrangements we have had
no choice but to file a Notice of Intention to appoint
Administrators with the Courts," Rail Advent quotes Steve McBride,
Managing Director of Vivarail, as saying.

"The next few weeks undoubtedly represents a degree of uncertainty
for everyone connected to Vivarail, including our 70 employees who
have shown incredible commitment and dedication to decarbonising
our railway.  During this time Management, the Board or Directors
and our advisors will leave no stone unturned in finding a
solution.

"We will now be consulting with our customers and other
stakeholders to try and drive the business forwards, but we must be
realistic in that if we are unable to deliver a rescue package
Administration will unfortunately be inevitable."




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

[*] BOND PRICING: For the Week November 21 to November 25, 2022
---------------------------------------------------------------
Issuer                 Coupon    Maturity Currency Price
------                 ------    -------- -------  -----
Orpea SA                2.625   3/10/2025    EUR   19.657
Orpea SA                2.000    4/1/2028    EUR   19.659
Castellum AB            3.125                EUR   60.919
Atento Luxco 1 SA       8.000   2/10/2026    USD   52.274
Orpea SA                0.375   5/17/2027    EUR   29.775
Gol Finance SA          7.000   1/31/2025    USD   39.743
Samhallsbyggnadsbola    2.875                EUR   37.539
Jababeka Internation    6.500   10/5/2023    USD   53.917
Metalcorp Group SA      8.500   6/28/2026    EUR   49.157
Movida Europe SA        5.250    2/8/2031    USD   73.354
Ulker Biskuvi Sanayi    6.950  10/30/2025    USD   73.257
Vedanta Resources Lt    6.125    8/9/2024    USD   61.247
Nobel Bidco BV          3.125   6/15/2028    EUR   67.552
Sigma Holdco BV         5.750   5/15/2026    EUR   71.099
EnfraGen Energia Sur    5.375  12/30/2030    USD   64.941
Castellum Helsinki F    0.875   9/17/2029    EUR   67.623
CECONOMY AG             1.750   6/24/2026    EUR   65.217
DEMIRE Deutsche Mitt    1.875  10/15/2024    EUR   68.731
Republic of Belarus     6.875   2/28/2023    USD   37.786
Gazprom PJSC via Gaz    1.500   2/17/2027    EUR   66.185
Samhallsbyggnadsbola    2.624                EUR   39.739
Tullow Oil PLC          7.000    3/1/2025    USD   70.117
VEON Holdings BV        3.375  11/25/2027    USD   72.750
Credit Suisse Group     0.625   1/18/2033    EUR   56.066
Kernel Holding SA       6.500  10/17/2024    USD   44.925
Vedanta Resources Fi    8.950   3/11/2025    USD   67.163
HSBC Holdings PLC       4.600                USD   71.868
DIC Asset AG            2.250   9/22/2026    EUR   59.650
Gazprom PJSC Via Gaz    3.125  11/17/2023    EUR   70.933
Air France-KLM          0.125   3/25/2026    EUR   16.128
Arrival SA              3.500   12/1/2026    USD   25.500
Casino Guichard Perr    3.992                EUR   17.596
Maxeda DIY Holding B    5.875   10/1/2026    EUR   66.877
Aroundtown SA           3.375                EUR   54.952
Vedanta Resources Fi    9.250   4/23/2026    USD   60.690
Corestate Capital Ho    1.375  11/28/2022    EUR    8.187
Telecom Italia SpA/M    5.250   3/17/2055    EUR   74.909
ATF Netherlands BV      3.750                EUR   74.468
MorphoSys AG            0.625  10/16/2025    EUR   48.610
JSM Global Sarl         4.750  10/20/2030    USD   64.005
Credit Suisse Group     5.100                USD   59.000
Heimstaden Bostad AB    2.625                EUR   61.578
Schoeller Packaging     6.375   11/1/2024    EUR   72.192
Gazprom PJSC Via Gaz    2.949   1/24/2024    EUR   70.000
Gazprom PJSC Via Gaz    2.250  11/22/2024    EUR   71.420
Credit Suisse Group     2.875    4/2/2032    EUR   74.239
Novafives SAS           5.000   6/15/2025    EUR   73.806
B2W Digital Lux Sarl    4.375  12/20/2030    USD   61.563
Credit Suisse Group     4.500                USD   56.000
Simpar Europe SA        5.200   1/26/2031    USD   73.008
Gazprom PJSC via Gaz    3.897                EUR   37.061
Romanian Government     3.375   1/28/2050    EUR   60.092
Casino Guichard Perr    4.262                EUR   16.125
Samhallsbyggnadsbola    2.625                EUR   38.793
AT Securities BV        5.250                USD   61.644
Allianz SE              3.875                USD   67.689
Gazprom PJSC Via Gaz    8.625   4/28/2034    USD   61.500
Casino Guichard Perr    3.580    2/7/2025    EUR   67.534
Carnival PLC            1.000  10/28/2029    EUR   41.714
Gazprom PJSC Via Gaz    7.288   8/16/2037    USD   73.000
MHP SE                  7.750   5/10/2024    USD   52.622
Republic of Belarus     5.875   2/24/2026    USD   36.477
Gazprom PJSC Via Gaz    1.450    3/6/2023    CHF   60.660
Gazprom PJSC Via Gaz    2.500   3/21/2026    EUR   70.052
MHP Lux SA              6.950    4/3/2026    USD   50.638
Accentro Real Estate    3.625   2/13/2023    EUR   45.625
Kenbourne Invest SA     4.700   1/22/2028    USD   70.880
Balder Finland Oyj      2.000   1/18/2031    EUR   65.340
Ukraine Government I    6.750   6/20/2028    EUR   19.458
Cimpress PLC            7.000   6/15/2026    USD   67.581
Barclays PLC            4.375                USD   74.290
NAK Naftogaz Ukraine    7.625   11/8/2026    USD   18.073
Romanian Government     4.625    4/3/2049    EUR   74.536
Audax Renovables SA     4.200  12/18/2027    EUR   59.932
VTR Finance NV          6.375   7/15/2028    USD   44.098
Development Bank of     6.750    5/2/2024    USD   22.667
Korian SA               1.875                EUR   31.559
Credit Suisse Group     6.375                USD   70.440
Mitsubishi UFJ Inves    6.398  12/15/2050    EUR   38.311
Signa Development Fi    5.500   7/23/2026    EUR   55.334
Vonovia SE              1.625    9/1/2051    EUR   55.329
Gazprom PJSC Via Gaz    5.150   2/11/2026    USD   62.000
Finnair Oyj             4.250   5/19/2025    EUR   74.554
ADLER Group SA          2.250   1/14/2029    EUR   38.767
Korian SA               0.875    3/6/2027    EUR   40.587
Kernel Holding SA       6.750  10/27/2027    USD   38.393
Credit Suisse Group     5.625                SGD   72.793
Gazprom PJSC via Gaz    4.599                USD   52.000
Banco Santander SA      3.625                EUR   69.686
Romanian Government     2.000   1/28/2032    EUR   69.304
Credit Suisse Group     3.000                CHF   67.463
GTC Aurora Luxembour    2.250   6/23/2026    EUR   71.389
SBB Treasury Oyj        0.750  12/14/2028    EUR   59.641
Balder Finland Oyj      1.000   1/20/2029    EUR   67.543
VGP NV                  2.250   1/17/2030    EUR   67.002
UBS Group AG            4.375                USD   68.720
Aroundtown SA           2.875                EUR   54.956
Casino Guichard Perr    6.625   1/15/2026    EUR   46.908
Metinvest BV            8.500   4/23/2026    USD   55.500
Credit Suisse Group     7.250                USD   74.740
Grand City Propertie    1.500                EUR   48.678
ams-OSRAM AG            2.125   11/3/2027    EUR   69.102
CPI Property Group S    4.875                EUR   52.325
Russian Foreign Bond    5.625    4/4/2042    USD   56.908
Mahle GmbH              2.375   5/14/2028    EUR   74.702
Banco Comercial Port    4.000   5/17/2032    EUR   70.050
Credit Suisse Group     5.250                USD   66.950
Gazprom PJSC via Gaz    2.950   1/27/2029    USD   48.500
Heimstaden Bostad AB    3.625                EUR   64.675
Romanian Government     2.750   4/14/2041    EUR   58.190
Gazprom PJSC via Gaz    2.950   4/15/2025    EUR   69.728
Fastighets AB Balder    2.873    6/2/2081    EUR   61.341
Teva Pharmaceutical     4.100   10/1/2046    USD   62.998
Atos SE                 1.000  11/12/2029    EUR   61.435
Anadolu Efes Biracil    3.375   6/29/2028    USD   71.202
NAK Naftogaz Ukraine    7.125   7/19/2024    EUR   18.175
Gazprom PJSC Via Gaz    4.250    4/6/2024    GBP   65.122
VGP NV                  1.500    4/8/2029    EUR   66.431
Gazprom PJSC via Gaz    3.250   2/25/2030    USD   64.000
ING Groep NV            3.875                USD   70.844
Takko Luxembourg 2 S    5.375  11/15/2023    EUR   74.108
Standard Chartered P    4.300                USD   68.430
Petrobras Global Fin    5.500   6/10/2051    USD   74.930
French Republic Gove    0.750   5/25/2052    EUR   62.407
SBB Treasury Oyj        1.125  11/26/2029    EUR   59.331
Citycon Oyj             4.496                EUR   62.567
Credit Suisse Group     3.875                CHF   74.792
Very Group Funding P    6.500    8/1/2026    GBP   73.905
Standard Chartered P    4.750                USD   72.415
Intesa Sanpaolo SpA     4.198    6/1/2032    USD   74.311
UBM Development AG      5.500                EUR   68.000
BNP Paribas SA          4.500                USD   73.746
Hungary Government I    2.125   9/22/2031    USD   74.545
Ukraine Government I    6.876   5/21/2031    USD   21.033
Allianz SE              3.200                USD   72.854
Constellation Automo    4.875   7/15/2027    GBP   65.646
BNP Paribas Fortis S    3.030                EUR   74.280
Gazprom PJSC Via Gaz    4.950   3/23/2027    USD   65.000
United Kingdom Gilt     1.125  10/22/2073    GBP   54.357
Gazprom PJSC via Gaz    1.850  11/17/2028    EUR   62.472
La Banque Postale SA    3.000                EUR   73.357
Berkeley Group PLC/T    2.500   8/11/2031    GBP   66.912
Romanian Government     2.000   4/14/2033    EUR   66.982
Allianz SE              2.625                EUR   74.060
Sigma Holdco BV         7.875   5/15/2026    USD   71.572
Heimstaden AB           6.750                EUR   45.948
Hungary Government I    1.750    6/5/2035    EUR   67.005
Vodafone Group PLC      5.125    6/4/2081    USD   70.707
Aggregate Holdings S    6.875   11/9/2025    EUR   36.675
Voltalia SA             1.000   1/13/2025    EUR   27.839
Casino Guichard Perr    5.250   4/15/2027    EUR   45.359
Aroundtown SA           0.375   4/15/2027    EUR   74.516
IWG International Ho    0.500   12/9/2027    GBP   73.020
Aroundtown SA           4.750                GBP   54.037
Gol Finance SA          8.000   6/30/2026    USD   57.977
Compact Bidco BV        5.750    5/1/2026    EUR   67.944
Hungary Government I    0.500  11/18/2030    EUR   69.512
Ukraine Government I    7.750    9/1/2026    USD   22.437
Cellnex Finance Co S    3.875    7/7/2041    USD   68.941
Atrium Finance Ltd      2.625    9/5/2027    EUR   70.144
Samhallsbyggnadsbola    1.000   8/12/2027    EUR   66.613
Hacienda Investments    5.350    2/8/2028    USD   42.000
Aroundtown SA           1.625                EUR   49.955
TUI AG                  5.000   4/16/2028    EUR   72.550
Intesa Sanpaolo SpA     4.125                EUR   74.626
ING Groep NV            4.250                USD   67.582
Hannover Rueck SE       1.375   6/30/2042    EUR   73.857
CPI Property Group S    1.625   4/23/2027    EUR   72.286
Trinseo Materials Op    5.125    4/1/2029    USD   64.677
Zorlu Yenilenebilir     9.000    6/1/2026    USD   73.194
Aroundtown SA           2.125                EUR   53.490
Ukraine Railways Via    8.250    7/9/2024    USD   19.851
Romanian Government     3.875  10/29/2035    EUR   74.756
Allianz SE              2.600                EUR   71.405
Gazprom PJSC via Gaz    3.000   6/29/2027    USD   62.875
HOCHTIEF AG             0.625   4/26/2029    EUR   74.760
TAG Immobilien AG       0.625   8/27/2026    EUR   71.473
Gazprom PJSC Via Gaz    4.364   3/21/2025    EUR   69.728
Standard Profil Auto    6.250   4/30/2026    EUR   59.992
Unicaja Banco SA        4.875                EUR   72.771
Rothschild & Co Cont    4.438                USD   68.143
Phosagro OAO Via Pho    2.600   9/16/2028    USD   63.000
CTP NV                  1.500   9/27/2031    EUR   59.545
HSE Finance Sarl        5.625  10/15/2026    EUR   55.667
Romanian Government     4.000   2/14/2051    USD   65.325
Russian Railways Via    2.100   10/2/2023    CHF   25.160
M2 Asset Management     5.500   1/15/2025    SEK   71.208
Lar Espana Real Esta    1.843   11/3/2028    EUR   67.628
Pro-Gest SpA            3.250  12/15/2024    EUR   62.120
Enel SpA                1.875                EUR   72.096
Orpea SA                2.200  12/15/2024    EUR   21.300
Sagax Euro Mtn NL BV    1.000   5/17/2029    EUR   71.364
Dtek Renewables Fina    8.500  11/12/2024    EUR   29.978
Altice France Holdin    4.000   2/15/2028    EUR   68.542
Fastighets AB Balder    1.125   1/29/2027    EUR   73.969
Aragvi Finance Inter    8.450   4/29/2026    USD   70.324
Diebold Nixdorf Dutc    9.000   7/15/2025    EUR   67.648
Hungary Government B    2.250   4/20/2033    HUF   60.046
Heimstaden AB           4.250    3/9/2026    EUR   72.311
Prosus NV               3.832    2/8/2051    USD   60.837
Ukraine Government I    9.750   11/1/2030    USD   24.276
Heimstaden Bostad AB    3.000                EUR   64.872
JT International Fin    2.250   9/14/2031    USD   74.087
Citycon Oyj             3.625                EUR   51.649
Credit Suisse Group     0.650   9/10/2029    EUR   68.297
NAK Naftogaz Ukraine    7.375   7/19/2022    USD   15.333
Barclays Bank PLC       1.710                EUR   74.447
AI Candelaria Spain     5.750   6/15/2033    USD   72.710
NPC Ukrenergo           6.875   11/9/2028    USD   16.134
Romanian Government     2.625   12/2/2040    EUR   57.534
Endo Luxembourg Fina    6.125    4/1/2029    USD   74.250
UniCredit SpA           0.850   1/19/2031    EUR   73.871
CPI Property Group S    1.500   1/27/2031    EUR   60.471
Gazprom PJSC via Gaz    3.500   7/14/2031    USD   52.750
CNP Assurances          4.875                USD   75.247
United Kingdom Gilt     1.500   7/31/2053    GBP   65.395
Russian Railways Via    2.200   5/23/2027    EUR   33.298
Zur Rose Group AG       2.500  11/21/2024    CHF   64.989
Gazprom PJSC Via Gaz    4.950    2/6/2028    USD   62.000
Serbia International    1.500   6/26/2029    EUR   74.737
GOL Equity Finance S    3.750   7/15/2024    USD   40.750
Romanian Government     4.125   3/11/2039    EUR   72.361
OSB Group PLC           6.000                GBP   73.003
Balder Finland Oyj      1.000   1/18/2027    EUR   74.636
Ideal Standard Inter    6.375   7/30/2026    EUR   48.467
Ukraine Government I    7.750    9/1/2029    USD   23.905
Korian SA               2.250  10/15/2028    EUR   68.328
EDP - Energias de Po    1.875   3/14/2082    EUR   72.617
Heimstaden AB           4.375    3/6/2027    EUR   71.187
Serbia International    1.000   9/23/2028    EUR   74.620
Slovakia Government     0.375   4/21/2036    EUR   65.510
Citycon Treasury BV     1.625   3/12/2028    EUR   73.528
Gazprom PJSC via Gaz    1.540   6/30/2027    CHF   49.997
Novolipetsk Steel Vi    1.450    6/2/2026    EUR   59.634
NatWest Group PLC       4.600                USD   68.500
Stellantis NV           1.250   6/20/2033    EUR   73.729
United Kingdom Gilt     1.125   1/31/2039    GBP   71.127
HSBC Bank PLC           3.127                USD   67.397
Vilmorin & Cie SA       1.375   3/26/2028    EUR   72.986
Barclays PLC            1.106   5/12/2032    EUR   74.188
Commerzbank AG          4.250                EUR   74.492
CPI Property Group S    4.875                EUR   54.399
Metro Bank PLC          5.500   6/26/2028    GBP   50.189
Haya Holdco 2 PLC       9.542  11/30/2025    EUR   57.640
ADLER Group SA          1.500   7/26/2024    EUR   42.863
Nitrogenmuvek Vegyip    7.000   5/14/2025    EUR   70.022
Ukraine Government B   15.840   2/26/2025    UAH   59.297
Republic of Belarus     6.378   2/24/2031    USD   30.000
Mutuelle Assurance D    3.500                EUR   71.143
Credit Suisse Group     3.091   5/14/2032    USD   69.965
International Consol    1.125   5/18/2028    EUR   72.724
Heimstaden Bostad AB    3.375                EUR   64.751
MMC Norilsk Nickel O    2.800  10/27/2026    USD   51.356
Iceland Bondco PLC      4.375   5/15/2028    GBP   69.861
Ukraine Government I    7.750    9/1/2028    USD   23.912
AerCap Ireland Capit    3.850  10/29/2041    USD   73.804
Swedbank AB             4.000                USD   74.061
ADLER Real Estate AG    3.000   4/27/2026    EUR   68.605
Just Eat Takeaway.co    0.625    2/9/2028    EUR   66.532
NGD Holdings BV         6.750  12/31/2026    USD   39.021
Kleopatra Holdings 2    6.500    9/1/2026    EUR   64.167
United Kingdom Gilt     1.750   7/22/2057    GBP   70.673
Aegon NV                0.496                NLG   68.629
CaixaBank SA            3.625                EUR   71.878
Enel Finance Interna    0.875   9/28/2034    EUR   70.772
Russian Railways Via    3.125                CHF    6.650
Orpea SA                2.130    7/3/2024    EUR   25.549
P3 Group Sarl           1.625   1/26/2029    EUR   74.203
ABN AMRO Bank NV        1.250   1/20/2034    EUR   73.855
Banco Santander SA      3.225  11/22/2032    USD   73.420
gategroup Finance Lu    3.000   2/28/2027    CHF   68.282
Rothesay Life PLC       5.000                GBP   68.247
Casino Guichard Perr    4.048    8/5/2026    EUR   45.520
Republic of Belarus     6.200   2/28/2030    USD   29.976
Akelius Residential     0.750   2/22/2030    EUR   73.890
Hellenic Republic Go    1.875   1/24/2052    EUR   61.420
Vnesheconombank Via     6.800  11/22/2025    USD    5.688
Rallye SA               4.000   2/28/2032    EUR    8.556
EP Infrastructure AS    2.045   10/9/2028    EUR   69.856
DDM Debt AB             9.000   4/19/2026    EUR   64.754
Liquid Telecommunica    5.500    9/4/2026    USD   70.151
Heimstaden Bostad Tr    1.625  10/13/2031    EUR   66.380
MMC Norilsk Nickel O    2.550   9/11/2025    USD   53.312
ADLER Group SA          1.875   1/14/2026    EUR   39.333
Intesa Sanpaolo Vita    2.375  12/22/2030    EUR   72.666
Peach Property Finan    4.375  11/15/2025    EUR   71.345
Rothesay Life PLC       4.875                USD   73.689
Russian Foreign Bond    5.250   6/23/2047    USD   41.480
Metinvest BV            5.625   6/17/2025    EUR   51.864
Grand City Propertie    0.125   1/11/2028    EUR   74.051
Logicor Financing Sa    2.000   1/17/2034    EUR   69.193
Phosagro OAO Via Pho    3.050   1/23/2025    USD   52.532
Altice France Holdin    6.000   2/15/2028    USD   66.310
Russian Railways Via    0.840   3/12/2026    CHF   18.524
EnBW Energie Baden-W    1.375   8/31/2081    EUR   73.268
United Kingdom Gilt     1.750   1/22/2049    GBP   71.906
Republic of Italy Go    3.875    5/6/2051    USD   68.203
Balder Finland Oyj      1.375   5/24/2030    EUR   63.663
Fastighets AB Balder    1.250   1/28/2028    EUR   69.619
Air Baltic Corp AS      6.750   7/30/2024    EUR   71.487
State Agency of Road    6.250   6/24/2030    USD   17.580
Prosus NV               4.027    8/3/2050    USD   61.582
Russian Foreign Bond    4.875   9/16/2023    USD   71.094
Castle UK Finco PLC     7.000   5/15/2029    GBP   69.817
Sberbank of Russia V    5.125  10/29/2022    USD    6.500
Sarens Finance Co NV    5.750   2/21/2027    EUR   74.952
Ukreximbank Via Biz     9.950  11/14/2029    USD   29.625
Russian Railways Via    4.600    3/6/2023    EUR   33.934
Vonovia SE              1.000   6/16/2033    EUR   69.952
BNP Paribas SA          0.837                EUR   74.000
Ocado Group PLC         0.750   1/18/2027    GBP   66.145
Ekosem-Agrar AG         8.500   12/7/2022    EUR   22.139
Prosus NV               1.288   7/13/2029    EUR   73.376
Tinkoff Bank JSC Via    6.000                USD   33.000
Romanian Government     3.500    4/3/2034    EUR   73.397
Deutsche Bahn Financ    0.625   12/8/2050    EUR   56.707
Serbia International    1.650    3/3/2033    EUR   64.772
Intesa Sanpaolo SpA     4.950    6/1/2042    USD   65.783
Idorsia Ltd             2.125    8/4/2028    CHF   69.987
Accor SA                0.700   12/7/2027    EUR   42.372
Vonovia SE              1.500   6/14/2041    EUR   61.716
Ukraine Railways Via    7.875   7/15/2026    USD   20.726
Metalloinvest Financ    3.375  10/22/2028    USD   57.500
Serbia International    2.050   9/23/2036    EUR   59.880
VTB Bank OJSC Via VT    6.950  10/17/2022    USD    7.111
United Kingdom Gilt     1.625  10/22/2054    GBP   67.906
CPI Property Group S    1.750   1/14/2030    EUR   64.743
EIG Pearl Holdings S    4.387  11/30/2046    USD   73.944
Hungary Government B    3.250  10/22/2031    HUF   70.195
Avianca Midco 2 PLC     9.000   12/1/2028    USD   74.250
Jaguar Land Rover Au    5.500   7/15/2029    USD   72.190
Vonovia SE              0.750    9/1/2032    EUR   69.578
MHP Lux SA              6.250   9/19/2029    USD   48.165
Credit Suisse Group     4.875   5/15/2045    USD   69.477
Heimstaden Bostad Tr    0.750    9/6/2029    EUR   69.890
Union Fenosa Prefere    2.843                EUR   65.923
Aroundtown SA           1.450    7/9/2028    EUR   73.974
TotalEnergies SE        2.125                EUR   73.933
EP Infrastructure AS    1.816    3/2/2031    EUR   64.440
Flamingo Lux II SCA     5.000   3/31/2029    EUR   74.630
Odea Bank AS            8.606    8/1/2027    USD   74.000
Deutsche Bank AG/New    3.035   5/28/2032    USD   74.492
ADLER Group SA          2.000  11/23/2023    EUR   48.606
Prosus NV               3.061   7/13/2031    USD   74.112
BICO Group AB           2.875   3/19/2026    SEK   65.345
Groupe des Assurance    1.850   4/21/2042    EUR   74.140
Russian Railways Via    4.375    3/1/2024    USD   29.044
Russian Foreign Bond    5.875   9/16/2043    USD   56.944
Dignity Finance PLC     4.696  12/31/2049    GBP   70.850
MRG Finance UK PLC      8.750  10/26/2023    EUR   56.068
Acef Holding SCA        1.250   4/26/2030    EUR   71.682
Vonovia SE              0.625   3/24/2031    EUR   72.757
Delivery Hero SE        1.000   4/30/2026    EUR   71.084
Fnac Darty SA           0.250   3/23/2027    EUR   64.200
Russian Railways Via    7.487   3/25/2031    GBP   25.650
Mallinckrodt Interna   10.000   6/15/2029    USD   51.938
SATO Oyj                1.375   2/24/2028    EUR   73.937
SPP-Distribucia AS      1.000    6/9/2031    EUR   65.237
EnBW Energie Baden-W    2.125   8/31/2081    EUR   67.189
Atento Luxco 1 SA       8.000   2/10/2026    USD   52.196
Grand City Propertie    2.500                EUR   70.301
Metinvest BV            7.750  10/17/2029    USD   40.500
Boparan Finance PLC     7.625  11/30/2025    GBP   67.563
Takko Luxembourg 2 S    7.137  11/15/2023    EUR   73.150
ASTM SpA                2.375  11/25/2033    EUR   74.322
Delivery Hero SE        2.125   3/10/2029    EUR   62.900
Enel Finance Interna    0.875   6/17/2036    EUR   67.786
VIC Properties SA       3.000   5/28/2025    EUR   75.000
EnBW International F    0.500    3/1/2033    EUR   71.307
Deutsche Bank AG/New    3.742    1/7/2033    USD   71.643
Russian Railways Via    0.898   10/3/2025    CHF   25.018
Czech Republic Gover    1.500   4/24/2040    CZK   60.888
adidas AG               0.625   9/10/2035    EUR   73.133
Foodco Bondco SA        6.250   5/15/2026    EUR   65.250
MMC Norilsk Nickel O    4.100   4/11/2023    USD   60.184
Russian Railways Via    5.700    4/5/2022    USD   24.849
Saga PLC                5.500   7/15/2026    GBP   70.719
BAT International Fi    2.250    9/9/2052    GBP   46.448
Ukreximbank Via Biz     9.750   1/22/2025    USD   29.500
Lukoil Securities BV    3.875    5/6/2030    USD   72.500
ZUR Rose Finance BV     2.750   3/31/2025    CHF   65.611
HOCHTIEF AG             1.250    9/3/2031    EUR   67.023
Fresenius Finance Ir    0.875   10/1/2031    EUR   71.363
Samhallsbyggnadsbola    1.125    9/4/2026    EUR   73.176
DVI Deutsche Vermoeg    2.500   1/25/2027    EUR   73.872
Brit Insurance Holdi    3.676   12/9/2030    GBP   72.307
Romanian Government     3.375    2/8/2038    EUR   68.881
Rothschild & Co Cont    3.030                EUR   67.958
Lloyds Banking Group    2.707   12/3/2035    GBP   74.930
Orpea SA                2.750    6/3/2033    EUR   20.350
Republic of Austria     0.250  10/20/2036    EUR   72.272
Vonovia Finance BV      1.125   9/14/2034    EUR   66.423
Croatia Government I    1.750    3/4/2041    EUR   71.760
Credit Suisse Group     3.500                CHF   64.863
Delivery Hero SE        1.500   1/15/2028    EUR   66.277
Assicurazioni Genera    1.713   6/30/2032    EUR   74.823
Prosus NV               2.031    8/3/2032    EUR   68.363
Neoen SA                2.000    6/2/2025    EUR   50.253
Prosus NV               2.778   1/19/2034    EUR   68.946
Ageas SA/NV             3.875                EUR   73.869
CPI Property Group S    3.750                EUR   54.899
Digital Intrepid Hol    1.375   7/18/2032    EUR   73.840
Lukoil Capital DAC      3.600  10/26/2031    USD   70.283
Shell International     1.750   9/10/2052    GBP   55.454
Merlin Properties So    1.875   12/4/2034    EUR   71.670
Bellis Finco PLC        4.000   2/16/2027    GBP   70.347
Thermo Fisher Scient    2.000  10/18/2051    EUR   70.159
Metinvest BV            7.650   10/1/2027    USD   50.287
Russian Foreign Bond    4.250   6/23/2027    USD   44.236
Deutsche Bank AG        1.375   2/17/2032    EUR   73.027
Russian Foreign Bond    7.500   3/31/2030    USD   64.385
United Group BV         5.250    2/1/2030    EUR   74.231
Nexity SA               0.250    3/2/2025    EUR   56.610
Sirius Real Estate L    1.750  11/24/2028    EUR   68.303
Royalty Pharma PLC      3.550    9/2/2050    USD   67.206
ADLER Group SA          2.250   4/27/2027    EUR   38.792
Societe Generale SA     3.625    3/1/2041    USD   63.226
Logicor Financing Sa    0.875   1/14/2031    EUR   69.004
Maison Finco PLC        6.000  10/31/2027    GBP   72.744
VF Ukraine PAT via V    6.200   2/11/2025    USD   53.994
Eustream AS             1.625   6/25/2027    EUR   64.951
Romanian Government     1.375   12/2/2029    EUR   73.359
Prosus NV               4.987   1/19/2052    USD   70.521
Raiffeisen Bank Inte    4.500                EUR   69.619
Phosagro OAO Via Pho    3.949   4/24/2023    USD   61.988
Imperial Brands Fina    1.750   3/18/2033    EUR   70.703
Fresenius SE & Co KG    1.125   1/28/2033    EUR   70.026
Rallye SA               4.371   2/28/2032    EUR    8.007
BNP Paribas SA          0.625   12/3/2032    EUR   71.337
MMC Norilsk Nickel O    6.625  10/14/2022    USD   53.098
Wellcome Trust Ltd/T    1.500   7/14/2071    GBP   52.596
Polyus Finance PLC      3.250  10/14/2028    USD   48.616
Orpea SA                2.564  11/30/2027    EUR   16.994
Swan Housing Capital    3.625    3/5/2048    GBP   73.994
Agri Resources Group    8.000   3/17/2026    EUR   58.147
MMC Norilsk Nickel O    3.375  10/28/2024    USD   64.422
Hacienda Investments    5.075   2/15/2023    USD   42.341
Glencore Capital Fin    1.250    3/1/2033    EUR   73.123
Altarea SCA             1.750   1/16/2030    EUR   73.967
Bank Gospodarstwa Kr    2.375  11/27/2040    PLN   47.997
Klepierre SA            0.875   2/17/2031    EUR   74.014
Russian Foreign Bond    4.375   3/21/2029    USD   41.196
Severstal OAO Via St    3.150   9/16/2024    USD    5.560
Sweden Government Bo    1.375   6/23/2071    SEK   67.447
Interpipe Holdings P    8.375   5/13/2026    USD   35.750
Nykredit Realkredit     1.000   10/1/2053    DKK   70.082
Herens Midco Sarl       5.250   5/15/2029    EUR   68.486
Societe Generale SA     1.113   7/17/2031    EUR   73.380
HSBC Bank PLC           4.420                USD   67.319
Slovenia Government     0.688    3/3/2081    EUR   39.343
Imerys SA               1.000   7/15/2031    EUR   69.627
University of Oxford    2.544   12/8/2117    GBP   65.782
Russian Foreign Bond    4.750   5/27/2026    USD   44.992
ADLER Group SA          3.250    8/5/2025    EUR   40.933
Verbund AG              0.900    4/1/2041    EUR   67.001
Shell International     3.000  11/26/2051    USD   71.668
Vonovia Finance BV      1.000   1/28/2041    EUR   56.600
Atos SE                 2.500   11/7/2028    EUR   63.962
Credit Mutuel Arkea     0.875   3/11/2033    EUR   72.972
MVM Energetika Zrt      0.875  11/18/2027    EUR   71.755
Just Group PLC          5.000                GBP   68.620
Credit Bank of Mosco    3.100   1/21/2026    EUR   18.583
NE Property BV          2.000   1/20/2030    EUR   69.460
Russian Railways Via    1.195    4/3/2028    CHF   14.432
Intermediate Capital    2.500   1/28/2030    EUR   73.077
BAT International Fi    2.000   3/13/2045    EUR   58.141
R-Logitech Finance S   10.250   9/26/2027    EUR   59.978
Deutsche Bank AG/New    3.729   1/14/2032    USD   73.849
Vodafone Group PLC      3.000   8/12/2056    GBP   68.531
Cofinimmo SA            0.875   12/2/2030    EUR   74.776
Momox Holding AG        7.498   7/10/2025    EUR   57.557
BCP V Modular Servic    6.750  11/30/2029    EUR   72.659
Borets Finance DAC      6.000   9/17/2026    USD   34.153
Standard Chartered P    3.603   1/12/2033    USD   74.324
Biocartis Group NV      4.000    5/9/2024    EUR   56.812
Mutuelle Assurance D    2.125   6/21/2052    EUR   69.839
Aedifica SA             0.750    9/9/2031    EUR   67.672
BPCE SA                 3.116  10/19/2032    USD   72.625
Tinkoff Bank JSC Via   11.002                USD   36.909
TotalEnergies Capita    3.386   6/29/2060    USD   72.757
Lloyds Banking Group    3.369  12/14/2046    USD   64.829
Novafives SAS           5.500   6/15/2025    EUR   73.969
UNEDIC ASSEO            0.100   5/25/2034    EUR   72.825
Electricite de Franc    1.000  11/29/2033    EUR   71.638
Cardea Europe AG        7.250   12/8/2023    EUR   42.917
Andorra Internationa    1.700  10/13/2041    EUR   73.548
Vnesheconombank Via     5.942  11/21/2023    USD    4.574
Samhallsbyggnadsbola    5.333                SEK   55.222
Chesnara PLC            4.750    8/4/2032    GBP   73.018
Jaguar Land Rover Au    5.500   7/15/2029    USD   71.721
Nestle Finance Inter    0.875   6/14/2041    EUR   70.295
Moby SpA                7.750   2/15/2023    EUR   65.867
EnfraGen Energia Sur    5.375  12/30/2030    USD   64.994
Standard Chartered P    2.678   6/29/2032    USD   74.252
Standard Chartered P    2.678   6/29/2032    USD   74.075
Julius Baer Group Lt    3.625                USD   69.541
Delete Group Oyj        6.458   4/19/2024    EUR   71.145
ALROSA Finance SA       3.100   6/25/2027    USD    9.979
Wirecard AG             0.500   9/11/2024    EUR   10.305
Unibail-Rodamco-West    1.750    7/1/2049    EUR   63.665
VTB Bank PJSC Via VT    9.500                USD    6.000
UNIQA Insurance Grou    2.375   12/9/2041    EUR   71.877
Evraz PLC               5.375   3/20/2023    USD   49.263
EQT AB                  0.875   5/14/2031    EUR   69.956
Muenchener Rueckvers    1.000   5/26/2042    EUR   71.908
ICADE                   1.000   1/19/2030    EUR   74.387
Credit Agricole Assu    1.500   10/6/2031    EUR   74.974
Evraz PLC               5.250    4/2/2024    USD   52.000
Standard Chartered P    3.265   2/18/2036    USD   72.641
FIGEAC-AERO             1.750  10/18/2028    EUR   21.911
alstria office REIT-    1.500  11/15/2027    EUR   72.457
Iren SpA                0.250   1/17/2031    EUR   70.541
Desenio Group AB        7.056  12/16/2024    SEK   49.833
ADLER Group SA          2.750  11/13/2026    EUR   39.083
Electricite de Franc    4.500   12/4/2069    USD   72.069
Audax Renovables SA     2.750  11/30/2025    EUR   67.930
Sibur Securities DAC    3.450   9/23/2024    USD   59.750
Paragon GmbH & Co KG    4.000   4/23/2023    CHF   50.110
Perrigo Finance Unli    4.900  12/15/2044    USD   67.300
Orsted AS               1.500   2/18/3021    EUR   73.793
Credit Bank of Mosco    5.150   2/20/2024    EUR   18.453
JDE Peet's NV           1.125   6/16/2033    EUR   73.804
Romania Government B    4.250   4/28/2036    RON   67.985
Russian Foreign Bond    2.875   12/4/2025    EUR   42.746
Novolipetsk Steel Vi    4.700   5/30/2026    USD   59.443
Global Ports Finance    6.500   9/22/2023    USD   25.000
Wuestenrot & Wuertte    2.125   9/10/2041    EUR   70.028
DOF Subsea AS          11.480  11/27/2023    NOK   69.499
Storebrand Livsforsi    1.875   9/30/2051    EUR   71.997
Thermo Fisher Scient    1.625  10/18/2041    EUR   71.765
JAB Holdings BV         4.500    4/8/2052    USD   66.864
DH Europe Finance II    1.350   9/18/2039    EUR   73.080
Becton Dickinson Eur    1.336   8/13/2041    EUR   66.453
Enel Finance Interna    2.250   7/12/2031    USD   74.852
Nykredit Realkredit     1.500   10/1/2053    DKK   74.613
Icade Sante SACA        1.375   9/17/2030    EUR   72.503
Bank Gospodarstwa Kr    2.125    6/5/2030    PLN   68.573
Raiffeisen Bank Inte    1.375   6/17/2033    EUR   69.138
HOCHDORF Holding AG     2.500                CHF   27.273
Czech Gas Networks I    0.450    9/8/2029    EUR   68.392
Deutsche Bahn Financ    1.125   5/29/2051    EUR   63.337
NatWest Group PLC       3.032  11/28/2035    USD   73.481
Maisons du Monde SA     0.125   12/6/2023    EUR   46.077
Prosus NV               1.985   7/13/2033    EUR   65.124
Barclays PLC            3.811   3/10/2042    USD   65.784
E.ON SE                 0.875  10/18/2034    EUR   74.261
SAS AB                  6.900                SEK   20.166
Republic of Poland G    2.000    3/8/2049    EUR   69.834
DOF Subsea AS           9.500   3/14/2023    USD   70.372
Island Offshore Ship    8.320   6/30/2024    NOK   15.250
Koninklijke KPN NV      0.875  11/15/2033    EUR   74.763
HSE Finance Sarl        7.512  10/15/2026    EUR   61.266
Czech Republic Gover    1.950   7/30/2037    CZK   70.713
BP Capital Markets B    1.467   9/21/2041    EUR   69.671
Credit Suisse Group     5.250                USD   68.960
BPCE SA                 2.125  10/13/2046    EUR   71.217
ABN AMRO Bank NV        3.324   3/13/2037    USD   72.552
Credit Bank of Mosco    8.875                USD   17.000
BUPA Finance PLC        4.000                GBP   65.106
Czech Republic Gover    0.050  11/29/2029    CZK   72.018
Bigben Interactive      1.125   2/19/2026    EUR   69.358
Ekosem-Agrar AG         2.500   7/31/2029    EUR   21.627
Linde PLC               1.000   9/30/2051    EUR   60.582
esure Group PLC         6.000                GBP   70.817
Beyond Housing Ltd      2.125   5/17/2051    GBP   60.587
Deutsche Telekom AG     1.750   12/9/2049    EUR   72.731
John Lewis PLC          4.250  12/18/2034    GBP   63.234
GOL Equity Finance S    3.750   7/15/2024    USD   40.500
Karlou BV               7.750   6/18/2024    USD   14.000
Medtronic Global Hol    1.500    7/2/2039    EUR   72.544
ALROSA Finance SA       4.650    4/9/2024    USD   11.281
TP ICAP Finance PLC     2.625  11/18/2028    GBP   72.934
Engie SA                1.375   6/21/2039    EUR   68.521
VTR Finance NV          6.375   7/15/2028    USD   43.912
Engie SA                1.875                EUR   72.457
ABN AMRO Bank NV        1.000    6/2/2033    EUR   74.683
Mobile Telesystems O    5.000   5/30/2023    USD   27.649
Bank Gospodarstwa Kr    1.750   3/12/2028    PLN   74.622
Mallinckrodt Interna   10.000   4/15/2025    USD   68.226
Barclays PLC            3.382   5/20/2032    AUD   72.353
VEON Holdings BV        3.375  11/25/2027    USD   72.500
Russian Foreign Bond    2.650   5/27/2036    EUR   40.000
Vienna Insurance Gro    1.000   3/26/2036    EUR   67.514
Orange SA               1.375    9/4/2049    EUR   73.284
Societe Generale SA     4.027   1/21/2043    USD   66.370
Canton of Zurich        0.100   6/23/2045    CHF   71.103
Hungary Government B    2.250   6/22/2034    HUF   57.903
Enel Finance Interna    1.250   1/17/2035    EUR   73.598
Home Credit & Financ    8.800                USD    8.286
Banque Federative du    0.957                EUR   74.767
JT International Fin    3.300   9/14/2051    USD   56.894
Medtronic Global Hol    1.750    7/2/2049    EUR   70.033
Amprion GmbH            0.625   9/23/2033    EUR   73.227
UBS Group AG            3.179   2/11/2043    USD   67.041
Traton Finance Luxem    1.250   3/24/2033    EUR   72.479
Agence Francaise de     0.500   5/31/2035    EUR   73.435
Groupe Bruxelles Lam    0.125   1/28/2031    EUR   74.976
Nexity SA               0.875   4/19/2028    EUR   42.743
Intesa Sanpaolo SpA     4.700   9/23/2049    USD   71.325
Credit Suisse Group     3.091   5/14/2032    USD   70.320
Orsted AS               2.500   2/18/3021    GBP   66.311
BAT International Fi    4.000  11/23/2055    GBP   63.493
Hera SpA                1.000   4/25/2034    EUR   72.687
BNP Paribas SA          4.245                USD   68.145
Suek Securities DAC     3.375   9/15/2026    USD   33.949
Eni SpA                 1.000  10/11/2034    EUR   73.291
Russian Federal Bond    6.100   7/18/2035    RUB   73.658
Sberbank of Russia V    5.250   5/23/2023    USD    6.524
Credit Bank of Mosco    3.875   9/21/2026    USD   20.746
Credit Suisse Group     2.125  11/15/2029    GBP   72.956
WPC Eurobond BV         0.950    6/1/2030    EUR   74.435
Russian Agricultural    8.500  10/16/2023    USD   13.414
MMK International Ca    4.375   6/13/2024    USD   29.904
Ukraine Government B   11.670  11/22/2023    UAH   59.375
Andrade Gutierrez In    9.500  12/30/2024    USD   54.543
Republic of Poland G    4.000   4/25/2047    PLN   65.048
BMW Finance NV          0.200   1/11/2033    EUR   74.581
Alfa Bank AO Via Alf    5.950   4/15/2030    USD    4.503
RWE AG                  1.000  11/26/2033    EUR   74.363
Klepierre SA            0.625    7/1/2030    EUR   73.838
Aroundtown SA           3.000  10/16/2029    GBP   74.992
Eurochem Finance DAC    5.500   3/13/2024    USD   50.109
UBS Group AG            0.625   2/24/2033    EUR   73.212
Bank Gospodarstwa Kr    0.500    7/8/2031    EUR   69.605
Vonovia Finance BV      1.625   10/7/2039    EUR   64.022
Investor AB             0.375  10/29/2035    EUR   69.813
Credit Suisse Group     6.375                USD   74.000
Sovcombank Via SovCo    7.600                USD    4.609
GTLK Europe Capital     5.950   4/17/2025    USD   26.787
CBRE Global Investor    0.900  10/12/2029    EUR   74.528
Cellnex Finance Co S    3.875    7/7/2041    USD   68.335
Orpea SA                2.000    8/9/2029    EUR   23.396
JAB Holdings BV         2.250  12/19/2039    EUR   70.348
Ilija Batljan Invest    8.350                SEK   47.735
Electricite de Franc    2.000   12/9/2049    EUR   65.131
GTLK Europe Capital     4.800   2/26/2028    USD   22.781
NIBC Bank NV            2.850   2/21/2040    EUR   72.152
Kenbourne Invest SA     4.700   1/22/2028    USD   70.907
Motability Operation    2.125   1/18/2042    GBP   71.324
Scandinavian Airline    0.625                CHF   12.650
Credit Suisse Group     7.250                USD   75.000
Senvion Holding GmbH    3.875  10/25/2022    EUR    0.310
Offshore Drilling Ho    8.375   9/20/2020    USD    3.876
Cie Generale des Eta    0.625   11/2/2040    EUR   63.257
Digital Intrepid Hol    0.625   7/15/2031    EUR   70.761
Jyske Realkredit A/S    1.000   10/1/2050    DKK   71.365
Direct Line Insuranc    4.750                GBP   71.627
Credit Bank of Mosco    4.700   1/29/2025    USD   19.142
Snam SpA                1.000   9/12/2034    EUR   71.411
GTLK Europe Capital     4.650   3/10/2027    USD   21.998
Thomas Cook Group PL    6.250   6/15/2022    EUR    0.188
PB International BV     7.625  12/31/2025    USD   44.698
Standard Chartered P    5.925                USD   76.750
Snam SpA                1.250   6/20/2034    EUR   74.006
ICADE                   0.625   1/18/2031    EUR   68.819
Finland Government B    0.250   9/15/2040    EUR   66.508
BNP Paribas SA          2.824   1/26/2041    USD   62.144
HSBC Bank PLC           2.977                USD   67.394
Digital Dutch Finco     1.000   1/15/2032    EUR   72.727
GlaxoSmithKline Capi    1.625   5/12/2035    GBP   74.499
Lithuania Government    0.500   7/28/2050    EUR   46.278
Mithra Pharmaceutica    4.250  12/17/2025    EUR   65.430
BP Capital Markets B    0.933   12/4/2040    EUR   66.065
DH Europe Finance II    1.800   9/18/2049    EUR   72.896
National Grid Electr    0.872  11/26/2040    EUR   61.689
Rusal Capital DAC       4.850    2/1/2023    USD   43.189
Deutsche Telekom AG     3.625   1/21/2050    USD   73.936
State of North Rhine    0.500   1/15/2052    EUR   57.141
BPCE SA                 2.277   1/20/2032    USD   74.971
Kreditanstalt fuer W    0.050   9/29/2034    EUR   73.957
Unibail-Rodamco-West    2.250   5/14/2038    EUR   74.379
Bank Gospodarstwa Kr    2.250   7/21/2033    PLN   61.167
Metropolitano de Ten    1.229   7/30/2036    EUR   73.651
Utmost Group PLC        4.000  12/15/2031    GBP   72.540
Ukraine Government B    9.790   5/26/2027    UAH   55.201
Genfit                  3.500  10/16/2025    EUR   24.882
Enel Finance Interna    2.875   7/12/2041    USD   62.279
Global Fashion Group    1.250   3/15/2028    EUR   73.545
Allied Irish Banks P   12.500   6/25/2035    GBP   55.141
Ulker Biskuvi Sanayi    6.950  10/30/2025    USD   73.157
Segro Capital Sarl      0.500   9/22/2031    EUR   71.649
Debenhams PLC           5.250   7/15/2021    GBP    0.440
Finland Government B    0.500   4/15/2043    EUR   67.494
UBS Group AG            3.179   2/11/2043    USD   67.475
Wirtschafts- und Inf    0.031   1/22/2036    EUR   66.544
Proximus SADP           0.750  11/17/2036    EUR   71.082
LEG Immobilien SE       0.750   6/30/2031    EUR   71.580
AstraZeneca PLC         2.125    8/6/2050    USD   61.255
Nykredit Realkredit     0.500   10/1/2053    DKK   69.245
Lithuania Government    0.300   2/12/2032    EUR   69.152
Ireland Government B    0.550   4/22/2041    EUR   68.565
Sibur Securities DAC    2.950    7/8/2025    USD   42.843
PJSC Koks via IMH Ca    5.900   9/23/2025    USD    7.242
Peabody Capital No 2    3.250   9/14/2048    GBP   74.032
NET4GAS sro             3.500   7/28/2026    EUR   68.676
Standard Chartered P    3.265   2/18/2036    USD   73.023
Havila Shipping ASA     7.410    1/2/2025    NOK   40.000
Euroboden GmbH          5.500  11/18/2025    EUR   70.454
BPCE SA                 3.116  10/19/2032    USD   72.350
Severn Trent Utiliti    2.000    6/2/2040    GBP   66.780
Econocom Group SA/NV    0.500    3/6/2023    EUR    7.921
Saderea DAC            12.500  11/30/2026    USD   64.359
Officine Maccaferri-    5.750    6/1/2021    EUR   17.672
Thomas Cook Finance     3.875   7/15/2023    EUR    1.474
Barclays PLC            3.330  11/24/2042    USD   69.273
Air Berlin PLC          8.250   4/19/2018    EUR    0.226
Unibail-Rodamco-West    1.375   5/25/2033    EUR   73.049
UNEDIC ASSEO            0.500   5/25/2036    EUR   72.379
Travelex Financing P    8.000   5/15/2022    EUR    0.271
Societe Generale SA     3.625    3/1/2041    USD   63.901
Gol Finance SA          8.000   6/30/2026    USD   58.205
Unibail-Rodamco-West    0.875   3/29/2032    EUR   71.161
Bayer AG                1.000   1/12/2036    EUR   70.560
TotalEnergies Capita    3.127   5/29/2050    USD   72.356
Shell International     0.875   11/8/2039    EUR   66.683
Icade Sante SACA        0.875   11/4/2029    EUR   74.569
Lithuania Government    0.750   7/15/2051    EUR   49.919
GTLK Europe Capital     4.949   2/18/2026    USD   26.012
Altice France Holdin    6.000   2/15/2028    USD   65.376
OMV AG                  1.000    7/3/2034    EUR   74.870
Motability Operation    1.500   1/20/2041    GBP   64.823
Movida Europe SA        5.250    2/8/2031    USD   73.046
Czech Gas Networks I    0.875   3/31/2031    EUR   66.886
La Poste SA             0.625   1/18/2036    EUR   68.974
GTLK Europe Capital     4.349   2/27/2029    USD   20.543
Smurfit Kappa Treasu    1.000   9/22/2033    EUR   72.168
Credit Bank of Mosco    7.500   10/5/2027    USD   18.000
Market Parent Finco     6.750   10/1/2029    GBP   61.972
AstraZeneca PLC         3.000   5/28/2051    USD   73.302
Orpea SA                3.144  12/22/2025    EUR   57.468
Offentliga Hus I Nor    8.521                SEK   63.658
University College L    1.625    6/4/2061    GBP   59.072
Ozon Holdings PLC       1.875   2/24/2026    USD   59.593
Nordiska Kreditmarkn   10.669                SEK   73.926
GTLK Europe DAC         5.125   5/31/2024    USD   30.898
Idavang A/S             9.052  11/11/2025    EUR   62.295
Vnesheconombank Via     6.025    7/5/2022    USD    5.125
Engie SA                1.250  10/24/2041    EUR   63.175
LEG Immobilien SE       1.000  11/19/2032    EUR   67.785
TMK OAO Via TMK Capi    4.300   2/12/2027    USD   16.286
Sovcombank Via SovCo    8.000    4/7/2030    USD    3.506
Lloyds Banking Group    4.344    1/9/2048    USD   73.034
TenneT Holding BV       0.500  11/30/2040    EUR   60.190
Republic of Croatia     1.000  11/27/2034    HRK   70.380
Hellenic Bank PCL      10.000                EUR   54.997
Places For People Tr    2.500   1/26/2036    GBP   73.030
Tullow Oil PLC          7.000    3/1/2025    USD   70.399
Derwent London PLC      1.875  11/17/2031    GBP   72.864
Orange SA               0.625  12/16/2033    EUR   74.676
Sanctuary Capital PL    2.375   4/14/2050    GBP   62.741
Saxa Gres Spa           7.000    8/4/2026    EUR   35.754
Realkredit Danmark A    1.000   10/1/2050    DKK   71.295
SCF Capital Designat    5.375   6/16/2023    USD   20.000
Enel Finance Interna    2.250   7/12/2031    USD   74.262
BAE Systems PLC         3.000   9/15/2050    USD   67.131
Orpea SA                3.000  11/25/2041    EUR   14.843
Intelsat Jackson Hol    5.500    8/1/2023    USD    0.486
Siemens Financiering    2.875   3/11/2041    USD   74.617
Annington Funding PL    2.924   10/6/2051    GBP   62.972
Deutsche Bahn Financ    0.875   6/23/2039    EUR   69.920
Intu Debenture PLC      5.562  12/31/2027    GBP   43.382
CNP Assurances          1.875  10/12/2053    EUR   73.377
Unibail-Rodamco-West    1.750   2/27/2034    EUR   74.656
CPI Property Group S    2.750   1/22/2028    GBP   69.447
Perrigo Co PLC          5.300  11/15/2043    USD   74.000
Ageas SA/NV             1.875  11/24/2051    EUR   73.282
Klepierre SA            1.625  12/13/2032    EUR   74.358
Samhallsbyggnadsbola    3.527   1/30/2027    SEK   73.619
Koninklijke Luchtvaa    0.750                CHF   17.800
Novolipetsk Steel Vi    4.000   9/21/2024    USD   60.481
DNB Bank ASA            3.716                USD   66.682
Nykredit Realkredit     0.500   10/1/2050    DKK   71.108
Eurotorg LLC Via Bon    9.000  10/22/2025    USD   54.897
Thames Water Utiliti    2.375   4/22/2040    GBP   65.602
Stichting Afwikkelin   11.250                EUR   45.000
Gazprom PJSC Via Gaz    7.288   8/16/2037    USD   73.000
Andrade Gutierrez In   11.000   8/20/2021    USD   51.735
SKF AB                  0.250   2/15/2031    EUR   74.224
Talanx AG               1.750   12/1/2042    EUR   74.901
Rallye SA               3.250   2/28/2032    CHF    8.560
BNG Bank NV             0.805   6/28/2049    EUR   62.486
European Financial S    0.700   1/17/2053    EUR   59.160
Sovereign Housing Ca    2.375   11/4/2048    GBP   65.672
BNP Paribas SA          2.588   8/12/2035    USD   73.380
PIK Securities DAC      5.625  11/19/2026    USD   32.400
Euronext NV             1.500   5/17/2041    EUR   65.227
TenneT Holding BV       0.125  11/30/2032    EUR   71.070
Klepierre SA            1.250   9/29/2031    EUR   74.599
Guinness Partnership    2.000   4/22/2055    GBP   56.177
EWE AG                  0.375  10/22/2032    EUR   69.801
Simon International     1.125   3/19/2033    EUR   74.357
Hyde Housing Associa    1.750   8/18/2055    GBP   53.093
Enel Finance Interna    1.125  10/17/2034    EUR   74.294
Clarion Funding PLC     3.125   4/19/2048    GBP   72.195
Wellcome Trust Ltd/T    2.517    2/7/2118    GBP   66.104
Allianz SE              3.200                USD   68.250
Nostrum Oil & Gas Fi    8.000   7/25/2022    USD   26.269
Carmila SA              1.625    4/1/2029    EUR   70.492
Standard Chartered P    4.750                USD   67.693
Tritax Big Box REIT     1.500  11/27/2033    GBP   68.268
Aroundtown SA           2.912   9/20/2030    EUR   70.641
BPCE SA                 3.648   1/14/2037    USD   74.398
NIBC Bank NV            1.315                EUR   72.490
Nordea Kredit Realkr    1.000   10/1/2050    DKK   71.405
Ukraine Government I    8.994    2/1/2026    USD   23.375
BNP Paribas SA          2.000   9/13/2036    GBP   67.526
Deutsche Wohnen SE      0.500    4/7/2031    EUR   69.656
Orpea SA                2.300    3/6/2025    EUR   25.743
Sibur Securities DAC    4.125   10/5/2023    USD   59.728
Republic of Poland G    2.000  10/25/2046    EUR   69.505
A2A SpA                 0.625   7/15/2031    EUR   72.163
Hera SpA                0.250   12/3/2030    EUR   74.803
Euroboden GmbH          5.500   10/1/2024    EUR   69.956
Norddeutsche Landesb    8.916                EUR   68.031
B2W Digital Lux Sarl    4.375  12/20/2030    USD   61.831
Credit Agricole SA      2.811   1/11/2041    USD   62.253
BNP Paribas SA          1.250   7/13/2031    GBP   72.168
Ukraine Government I    7.750    9/1/2026    USD   23.358
Russian Foreign Bond    1.125  11/20/2027    EUR   38.638
Rallye SA               4.000   2/28/2032    CHF    9.598
Ile-de-France Mobili    1.275   2/14/2042    EUR   73.513
UniCredit Bank Austr    0.050   9/21/2035    EUR   69.500
EXOR NV                 1.750  10/14/2034    EUR   74.428
National Grid Electr    2.000   4/17/2040    GBP   64.279
BNP Paribas SA          2.588   8/12/2035    USD   72.763
Intelsat Jackson Hol    9.750   7/15/2025    USD    0.486
Medtronic Global Hol    1.625  10/15/2050    EUR   67.346
Deutsche Bahn Financ    0.625   4/15/2036    EUR   71.389
Finland Government B    0.125   4/15/2036    EUR   71.951
Realkredit Danmark A    1.000   10/1/2053    DKK   70.084
Nestle Finance Inter    0.375   12/3/2040    EUR   63.717
Argenta Spaarbank NV    0.500   10/8/2041    EUR   65.206
Blend Funding PLC       2.922    4/5/2054    GBP   69.309
Sigma Holdco BV         7.875   5/15/2026    USD   71.579
DNB Bank ASA            3.320                USD   66.905
Intelsat Jackson Hol    8.500  10/15/2024    USD    0.486
Avianca Midco 2 PLC     9.000   12/1/2028    USD   74.477
Holcim Finance Luxem    0.625   1/19/2033    EUR   70.702
Bulgaria Government     0.250   5/24/2029    BGN   71.885
Standard Chartered P    3.603   1/12/2033    USD   74.330
Societe Generale SA     4.027   1/21/2043    USD   66.126
Holcim Finance Luxem    1.375   10/8/2036    EUR   60.477
Terragon AG             6.500   5/24/2024    EUR    5.000
CM.com NV               2.000    9/9/2026    EUR   67.649
Cooperatieve Raboban    0.625   2/25/2033    EUR   72.813
State of North Rhine    0.200   1/27/2051    EUR   52.171
Schlote Holding GmbH    6.750  11/21/2024    EUR   67.257
Accent Capital PLC      2.625   7/18/2049    GBP   68.344
Novolipetsk Steel Vi    4.500   6/15/2023    USD   61.652
Slovenia Government     1.175   2/13/2062    EUR   56.248
TenneT Holding BV       0.875   6/16/2035    EUR   73.472
Sovcombank Via SovCo    3.400   1/26/2025    USD    4.879
Gol Finance SA          7.000   1/31/2025    USD   39.512
Gazprom PJSC via Gaz    4.599                USD   52.000
Hungary Government I    2.125   9/22/2031    USD   74.833
K2A Knaust & Anderss    7.712                SEK   72.206
Landesbank Baden-Wue    0.375   2/21/2031    EUR   73.619
Credit Agricole Ital    0.125   3/15/2033    EUR   72.150
Claranova SE            5.000    7/1/2023    EUR    1.050
Marston's Issuer PLC    5.410   7/16/2035    GBP   74.824
A2A SpA                 1.000   11/2/2033    EUR   68.614
Sovcombank Via SovCo    7.750                USD    3.468
Gazprom PJSC Via Gaz    4.950    2/6/2028    USD   70.000
Samhallsbyggnadsbola    7.000   7/24/2023    SEK   63.322
de Volksbank NV         0.375   9/16/2041    EUR   63.084
Hacienda Investments    5.350    2/8/2028    USD   42.000
Ziton A/S              10.060   10/3/2024    EUR   70.402
Aroundtown SA           3.625   4/10/2031    GBP   74.266
JAB Holdings BV         3.750   5/28/2051    USD   57.328
Immigon Portfolioabb    6.569                EUR    9.985
Greene King Finance     4.602   3/15/2036    GBP   74.923
Portugal Obrigacoes     1.150   4/11/2042    EUR   71.568
Korian SA               3.350   6/29/2028    EUR   74.008
Societa di Progetto     3.375  12/31/2038    EUR   72.097
Credit Bank of Mosco    7.625                USD   15.433
Deutsche Wohnen SE      1.300    4/7/2041    EUR   54.449
Saleza AS               9.000   7/12/2021    EUR    0.203
State of North Rhine    1.375   1/15/2120    EUR   57.985
Scottish Hydro Elect    2.250   9/27/2035    GBP   74.009
ABN AMRO Bank NV        3.324   3/13/2037    USD   72.145
InterCement Financia    5.750   7/17/2024    USD   68.270
Orange SA               0.750   6/29/2034    EUR   74.444
ABN AMRO Bank NV        0.400   9/17/2041    EUR   64.482
BPCE SA                 2.277   1/20/2032    USD   74.692
Cooperatieve Raboban    1.000   1/19/2034    EUR   74.084
Chancellor Masters &    0.250   6/27/2068    GBP   66.962
Societe Du Grand Par    0.700  10/15/2060    EUR   45.305
SCF Capital Designat    3.850   4/26/2028    USD   19.428
GN Store Nord AS        1.970    3/3/2036    EUR   48.785
Nederlandse Watersch    0.125    9/3/2035    EUR   71.664
A2A SpA                 0.625  10/28/2032    EUR   69.591
Cooperatieve Raboban    0.500   7/30/2043    MXN   12.489
Shell International     2.875  11/26/2041    USD   74.927
Bulgaria Government     0.100   8/17/2031    BGN   59.926
BNP Paribas SA          2.824   1/26/2041    USD   61.739
Wales & West Utiliti    1.875   5/28/2041    GBP   64.292
Ukraine Government B   10.000   8/23/2023    UAH   59.375
Molnlycke Holding AB    0.625   1/15/2031    EUR   73.734
Ukraine Government I    7.750    9/1/2025    USD   25.127
NAK Naftogaz Ukraine    7.625   11/8/2026    USD   18.061
Orpea SA                2.770  12/18/2028    EUR   12.523
Chelyabinsk Pipe Pla    4.500   9/19/2024    USD   16.665
Ukraine Government B    9.990   5/22/2024    UAH   51.591
Cimpress PLC            7.000   6/15/2026    USD   66.785
Realkredit Danmark A    1.000   10/1/2053    DKK   74.678
Polyus Finance PLC      5.250    2/7/2023    USD   48.191
Zurich Finance Irela    1.625   6/17/2039    EUR   73.172
Pierre Et Vacances S    2.000    4/1/2023    EUR   26.479
National Grid Electr    2.000   9/16/2038    GBP   65.947
O1 Properties Financ    0.500   9/27/2028    USD    5.227
Jyske Realkredit A/S    1.000   10/1/2053    DKK   74.789
CK Hutchison Group T    2.625  10/17/2034    GBP   70.452
Becton Dickinson Eur    1.213   2/12/2036    EUR   73.714
Vedanta Resources Fi    8.950   3/11/2025    USD   67.046
Nationwide Building     0.500    5/5/2041    EUR   66.152
National Grid PLC       0.750    9/1/2033    EUR   72.463
Medtronic Global Hol    1.375  10/15/2040    EUR   69.567
Assura Financing PLC    1.625   6/30/2033    GBP   69.478
NPC Ukrenergo           6.875   11/9/2028    USD   18.486
Investor AB             1.500   6/20/2039    EUR   74.742
Polski Koncern Nafto    2.875   3/25/2031    PLN   72.486
Gazprom PJSC via Gaz    3.500   7/14/2031    USD   64.532
ABN AMRO Bank NV        0.625   1/24/2037    EUR   73.728
DSV Finance BV          0.750    7/5/2033    EUR   72.610
Anchor Hanover Group    2.000   7/21/2051    GBP   58.029
Royalty Pharma PLC      3.350    9/2/2051    USD   65.362
Jababeka Internation    6.500   10/5/2023    USD   54.609
AI Candelaria Spain     5.750   6/15/2033    USD   73.064
Land Securities Capi    2.750   9/22/2059    GBP   69.856
Northern Powergrid N    1.875   6/16/2062    GBP   57.932
Nostrum Oil & Gas Fi    7.000   2/16/2025    USD   25.383
Kernel Holding SA       6.500  10/17/2024    USD   44.276
Regiao Autonoma Made    1.141   12/4/2034    EUR   74.336
Platform HG Financin    1.625   8/10/2055    GBP   51.583
Gazprom PJSC Via Gaz    4.950   3/23/2027    USD   52.000
Credit Bank of Mosco    5.550   2/14/2023    USD   21.202
Jyske Realkredit A/S    1.500   10/1/2053    DKK   74.629
SCOR SE                 1.375   9/17/2051    EUR   71.906
Royalty Pharma PLC      3.300    9/2/2040    USD   72.096
UNEDIC ASSEO            0.250   7/16/2035    EUR   71.703
Prologis Internation    0.750   3/23/2033    EUR   70.136
Prosus NV               4.027    8/3/2050    USD   61.405
Nordea Kredit Realkr    1.000   10/1/2053    DKK   74.763
United Utilities Wat    1.875    6/3/2042    GBP   65.433
Gecina SA               0.875   1/25/2033    EUR   74.733
Nordea Kredit Realkr    1.500   10/1/2053    DKK   74.664
Dexia Credit Local S    3.533                EUR    2.048
Rusal Capital DAC       5.300    5/3/2023    USD   40.465
Societe Nationale SN    1.000   5/25/2040    EUR   69.698
Social Chain AG /The    5.750    4/7/2024    EUR   68.000
Northern Powergrid Y    2.250   10/9/2059    GBP   63.592
Simpar Europe SA        5.200   1/26/2031    USD   72.999
Bulgaria Government     1.500   6/21/2039    BGN   53.980
Banco Espirito Santo    7.125  11/28/2023    EUR    0.110
LEG Immobilien SE       1.500   1/17/2034    EUR   69.008
Societe Du Grand Par    1.000   2/18/2070    EUR   47.934
Cadent Finance PLC      2.750   9/22/2046    GBP   66.330
ABH Financial Ltd Vi    2.700   6/11/2023    EUR    6.987
Mondelez Internation    1.250    9/9/2041    EUR   66.906
Ukraine Government I    7.253   3/15/2035    USD   21.750
Lendlease Europe Fin    3.500   12/2/2033    GBP   67.026
RTE Reseau de Transp    1.125    7/8/2040    EUR   68.042
Rickmers Holding AG     8.875   6/11/2018    EUR    1.345
Enel Finance Interna    2.875   7/12/2041    USD   61.940
Gecina SA               0.875   6/30/2036    EUR   67.185
Hylea Group SA          7.250   12/1/2022    EUR    0.400
Royal Schiphol Group    0.750   4/22/2033    EUR   74.092
Hellenic Republic Go    2.085   7/25/2057    EUR   32.556
SABIC Capital I BV      3.000   9/14/2050    USD   72.392
Credit Suisse Group     4.500                USD   57.625
Credit Agricole SA      2.811   1/11/2041    USD   61.619
Alfa Bank AO Via Alf    6.950                USD    4.438
Ukraine Government B   16.000   5/24/2023    UAH   59.375
European Financial S    0.700   1/20/2050    EUR   61.570
Rallye SA               5.250   2/28/2032    EUR    7.856
Uralkali OJSC Via Ur    4.000  10/22/2024    USD   19.327
NatWest Markets NV      7.125  10/15/2093    USD   74.104
Clarion Funding PLC     1.875    9/7/2051    GBP   52.950
Vier Gas Transport G    0.500   9/10/2034    EUR   66.961
Prosus NV               3.832    2/8/2051    USD   60.635
EA Partners II BV       6.750    6/1/2021    USD    0.866
Tresu Investment Hol    6.228    1/2/2025    EUR   48.500
STERIS Irish FinCo U    3.750   3/15/2051    USD   72.252
Bulgaria Government     0.500  12/21/2029    BGN   70.879
Chancellor Masters &    2.350   6/27/2078    GBP   68.163
OGX Austria GmbH        8.375    4/1/2022    USD    0.002
BNP Paribas SA          4.500                USD   69.000
RTE Reseau de Transp    0.750   1/12/2034    EUR   74.667
Metalloinvest Financ    3.375  10/22/2028    USD   53.731
CCEP Finance Ireland    1.500    5/6/2041    EUR   71.674
Banco Espirito Santo    6.875   7/15/2016    EUR   18.250
Credit Bank of Mosco    7.121   6/25/2024    USD   22.717
City of Lausanne Swi    0.050   9/28/2054    CHF   55.015
Nordea Kredit Realkr    1.000   10/1/2053    DKK   70.139
Gazprom PJSC via Gaz    3.250   2/25/2030    USD   64.000
Engie SA                1.000  10/26/2036    EUR   69.455
WPP Finance 2013        2.875   9/14/2046    GBP   64.093
Kreditanstalt fuer W    0.375   5/20/2036    EUR   73.990
Air Berlin PLC          6.750    5/9/2019    EUR    0.304
Republic of Belarus     5.875   2/24/2026    USD   33.000
Latvia Government In    1.375   5/16/2036    EUR   74.010
Alfa Bank AO Via Alf    5.900                USD    4.396
Orbit Capital PLC       2.000  11/24/2038    GBP   66.572
Ministeries Van de V    0.125  10/15/2035    EUR   69.711
Croatia Government B    1.250    3/3/2040    EUR   63.143
Lukoil Capital DAC      3.600  10/26/2031    USD   70.000
Ukraine Government I   11.670  11/22/2023    UAH   59.375
Cooperatieve Raboban    0.750   6/21/2039    EUR   71.848
FF Group Finance Lux    1.750    7/3/2019    EUR    4.333
Ukraine Government I    7.750    9/1/2027    USD   23.322
Cadent Finance PLC      2.625   9/22/2038    GBP   71.279
Canton of Geneva Swi    0.500  10/31/2056    CHF   70.865
Ukraine Government B   10.950   11/1/2023    UAH   65.343
Gazprom PJSC via Gaz    1.500   2/17/2027    EUR   66.185
East Slope Residenci    0.100   2/28/2062    GBP   72.256
DLR Kredit A/S          1.500   10/1/2053    DKK   74.711
PREOS Global Office     7.500   12/9/2024    EUR   48.500
DNB Bank ASA            3.691                USD   66.663
Intesa Sanpaolo SpA     2.700   3/29/2031    USD   73.738
UniCredit Bank AG       0.010   1/21/2036    EUR   69.117
United Utilities Wat    1.750   2/10/2038    GBP   69.020
Realkredit Danmark A    1.500   10/1/2053    DKK   74.604
EYEMAXX Real Estate     5.500   4/26/2023    EUR    1.613
UBS Group AG            4.375                USD   73.259
Realkredit Danmark A    1.000   10/1/2053    DKK   64.387
Polyus Finance PLC      4.700   1/29/2024    USD   47.725
Fuerstenberg Capital    2.522                EUR   66.823
Caisse Francaise de     0.625   1/20/2042    EUR   66.941
Banco Espirito Santo    4.572                EUR    2.054
Telefonica Emisiones    1.864   7/13/2040    EUR   73.775
Unibail-Rodamco-West    2.000   5/29/2037    EUR   74.327
Slovakia Government     1.000  10/13/2051    EUR   56.795
Republic of Belarus     6.875   2/28/2023    USD   37.786
DWR Cymru Financing     1.375   3/31/2033    GBP   74.107
Aeroports de Paris      1.125   6/18/2034    EUR   73.688
Bayerische Landesban    1.850    3/5/2031    EUR   73.517
JSM Global Sarl         4.750  10/20/2030    USD   64.070
Republic of Poland G    1.750   4/25/2032    PLN   65.260
Mallinckrodt Interna   10.000   6/15/2029    USD   55.500
Prosus NV               3.061   7/13/2031    USD   73.999
NorteGas Energia Dis    0.905   1/22/2031    EUR   74.562
Gazprom PJSC Via Gaz    8.625   4/28/2034    USD   69.900
M2 Asset Management     6.246    2/4/2026    SEK   74.300
Metinvest BV            7.750  10/17/2029    USD   52.500
Volkswagen Internati    1.500   1/21/2041    EUR   65.600
Alno AG                 8.500   5/14/2018    EUR   13.662
Societe Nationale SN    1.000   1/19/2061    EUR   48.914
Espirito Santo Finan    9.750  12/19/2025    EUR    0.622
Suek Securities DAC     3.375   9/15/2026    USD   34.000
Petrobras Global Fin    4.750    4/2/2038    EUR   57.380
Kuntarahoitus Oyj       0.050   9/10/2035    EUR   71.422
EA Partners I BV        6.875   9/28/2020    USD    0.494
Anglo American Capit    3.950   9/10/2050    USD   74.726
Flagship Finance PLC    1.875   7/14/2061    GBP   54.553
Notting Hill Genesis    2.000    6/3/2036    GBP   69.946
EIG Pearl Holdings S    4.387  11/30/2046    USD   73.855
DLR Kredit A/S          1.000   10/1/2050    DKK   72.064
Air Liquide Finance     0.375   9/20/2033    EUR   74.925
Wendel SE               1.375   1/18/2034    EUR   70.037
Intesa Sanpaolo SpA     4.375   1/12/2048    USD   61.149
M Objekt Real Estate    6.000   7/22/2024    EUR   48.758
Stichting Afwikkelin    6.250  10/26/2020    EUR   45.341
Gazprom PJSC Via Gaz    5.150   2/11/2026    USD   73.040
Catalyst Housing Ltd    3.125  10/31/2047    GBP   72.773
Barclays Bank PLC      12.000   9/24/2025    TRY   57.993
Credit Suisse Group     5.100                USD   63.020
UkrLandFarming PLC     10.875   3/26/2018    USD    1.442
Hungary Government I    3.125   9/21/2051    USD   60.011
State of Schleswig-H    0.200   8/15/2039    EUR   66.260
Vnesheconombank Via     6.800  11/22/2025    USD    5.688
Development Bank of     6.750    5/2/2024    USD   23.440
Cyprus Government In    2.250   4/16/2050    EUR   71.690
Canton of Ticino        0.400   6/27/2044    CHF   74.893
Clarion Funding PLC     1.875   1/22/2035    GBP   71.247
London & Quadrant Ho    2.750   7/20/2057    GBP   63.942
Hampshire Trust Bank    7.250   5/10/2028    GBP   59.374
Russian Foreign Bond    5.625    4/4/2042    USD   56.908
Gazprom PJSC via Gaz    3.897                EUR   37.061
Celtic Resources Hol    4.125   10/9/2024    USD   13.417
Communaute Francaise    0.625   6/11/2035    EUR   74.636
Diebold Nixdorf Dutc    9.000   7/15/2025    EUR   68.359
Phosagro OAO Via Pho    2.600   9/16/2028    USD   63.000
Constellation Automo    4.875   7/15/2027    GBP   65.575
Ukraine Government B    9.840   2/15/2023    UAH   59.375
Espirito Santo Finan    6.875  10/21/2019    EUR    0.001
MHP SE                  7.750   5/10/2024    USD   52.677
Enagas Financiacione    0.375   11/5/2032    EUR   74.341
Landesbank Hessen-Th    0.500   1/19/2037    EUR   73.285
SNCF Reseau             0.750   5/25/2036    EUR   74.714
Kernel Holding SA       6.750  10/27/2027    USD   33.627
Fastighets AB Balder    1.293    3/3/2031    EUR   55.223
Electricite de Franc    1.875  10/13/2036    EUR   74.882
London & Quadrant Ho    3.125   2/28/2053    GBP   69.855
Saltaire Finance PLC    1.527  11/23/2051    GBP   58.232
MHP Lux SA              6.950    4/3/2026    USD   48.646
Nederlandse Watersch    0.500   4/26/2051    EUR   58.175
Land Berlin             0.100   1/18/2041    EUR   62.382
Aggregate Holdings S    5.500   5/17/2024    EUR   38.366
Russian Foreign Bond    5.875   9/16/2043    USD   56.944
Lithuania Government    1.625   6/19/2049    EUR   65.898
Nordea Kredit Realkr    0.500   10/1/2050    DKK   71.221
Deutsche Lichtmiete     5.750    1/1/2023    EUR    5.500
Ukraine Government B   15.970   4/19/2023    UAH   60.775
La Poste SA             1.000   9/17/2034    EUR   74.730
Russian Foreign Bond    4.875   9/16/2023    USD   71.094
Sberbank of Russia V    5.125  10/29/2022    USD    6.500
Intesa Sanpaolo SpA     2.625   3/11/2036    GBP   65.402
DSV Finance BV          0.875   9/17/2036    EUR   67.008
Evraz PLC               5.250    4/2/2024    USD   52.000
State of North Rhine    0.600    6/4/2041    EUR   68.977
Nykredit Realkredit     1.000   10/1/2053    DKK   64.500
Mitsubishi UFJ Inves    5.628  12/30/2099    EUR    5.142
Republic of Ireland     1.425   9/18/2119    EUR   64.842
LEG Immobilien SE       0.875   3/30/2033    EUR   65.759
United Kingdom Gilt     1.250   7/31/2051    GBP   61.708
Prologis Internation    3.000   2/22/2042    GBP   74.266
Societe Du Grand Par    1.000  11/26/2051    EUR   59.119
Deutsche Lichtmiete     5.750   12/1/2023    EUR    2.467
Erste Group Bank AG     0.500   1/12/2037    EUR   71.446
Trinseo Materials Op    5.125    4/1/2029    USD   63.475
Holcim Sterling Fina    2.250    4/4/2034    GBP   71.128
National Grid Gas PL    1.375    2/7/2031    GBP   74.986
Manchester Airport G    2.875   9/30/2044    GBP   67.508
Enexis Holding NV       0.375   4/14/2033    EUR   73.814
Annington Funding PL    2.308   10/6/2032    GBP   74.846
Shell International     3.125   11/7/2049    USD   73.278
Ukraine Government I    7.750    9/1/2024    USD   26.690
LEG Immobilien SE       1.625  11/28/2034    EUR   68.583
Southern Gas Network    1.250   12/2/2031    GBP   73.763
New World Resources     8.000    4/7/2020    EUR    0.103
Clarion Funding PLC     1.250  11/13/2032    GBP   71.726
Aster Treasury Plc      1.405   1/27/2036    GBP   67.773
FF Group Finance Lux    3.250   11/2/2021    CHF    5.368
Lehman Brothers UK C    3.875                EUR   13.474
UK Municipal Bonds A    1.625   8/26/2060    GBP   53.030
Wendel SE               1.000    6/1/2031    EUR   74.739
Muenchener Hypotheke    0.010  10/19/2039    EUR   62.336
Land Berlin             0.350    9/9/2050    EUR   56.129
Italgas SpA             0.500   2/16/2033    EUR   70.458
Cie de Financement F    0.010  10/29/2035    EUR   68.616
Paragon Treasury Plc    2.000    5/7/2036    GBP   71.677
Land Thueringen         0.125   1/13/2051    EUR   51.666
Accentro Real Estate    4.125   3/23/2026    EUR   50.001
Severn Trent Utiliti    0.010  12/16/2055    GBP   58.238
Avangardco Investmen   10.000  10/29/2018    USD    0.348
Vedanta Resources Fi    9.250   4/23/2026    USD   61.198
Free State of Bavari    0.010   1/18/2035    EUR   72.588
Lehman Brothers UK C    5.750                EUR    7.000
EYEMAXX Real Estate     5.500   9/24/2024    EUR    1.577
Pfandbriefbank schwe    0.125   8/17/2040    CHF   73.737
Jyske Realkredit A/S    0.500   10/1/2050    DKK   71.276
Polski Fundusz Rozwo    1.375   8/30/2027    PLN   74.909
Region Wallonne Belg    1.250   6/22/2071    EUR   57.451
Nederlandse Watersch    0.375   9/28/2046    EUR   60.798
Banco Espirito Santo    6.900   6/28/2024    EUR   20.654
Deutsche Bahn Financ    0.750   7/16/2035    EUR   74.011
Blend Funding PLC       2.467   6/16/2061    GBP   59.579
Wirtschafts- und Inf    0.101    9/8/2033    EUR   73.590
MHP Lux SA              6.250   9/19/2029    USD   47.961
European Financial S    0.050   1/18/2052    EUR   46.680
Russian Foreign Bond    5.100   3/28/2035    USD   40.087
Avianca Midco 2 PLC     9.000   12/1/2028    USD   73.486
Societe Nationale SN    0.875   2/28/2051    EUR   54.786
Ukraine Government I    6.876   5/21/2031    USD   21.753
Ukraine Government I    9.790   5/26/2027    UAH   55.201
Ukraine Government I    7.375   9/25/2034    USD   21.726
Russian Foreign Bond    4.250   6/23/2027    USD   44.236
Yandex NV               0.750   9/13/2022    USD   69.345
Ukraine Government I   15.840   2/26/2025    UAH   59.297
NA SA                   5.000                EUR   20.000
BAWAG PSK Bank fuer     0.375   3/25/2041    EUR   64.465
Agence France Locale    1.950   6/20/2030    AUD   74.853
Alfa Bank AO Via Alf    5.500  10/26/2031    USD    3.670
Barclays Bank PLC       5.000   11/1/2029    BRL   60.205
Latvia Government In    1.875   2/19/2049    EUR   71.403
PJSC Koks via IMH Ca    5.900   9/23/2025    USD    7.242
KTG Agrar SE            7.125    6/6/2017    EUR    2.007
Prosus NV               4.987   1/19/2052    USD   70.339
BPCE SFH SA             0.375   3/18/2041    EUR   64.114
Land Berlin             0.625   1/26/2052    EUR   60.513
Credit Suisse Group     4.875   5/15/2045    USD   71.730
Autonomous Community    2.965    9/8/2039    JPY   66.281
Privatbank CJSC Via    10.250   1/23/2018    USD    3.400
Bank of Valletta PLC    3.750   6/15/2031    EUR   73.688
BPCE SA                 3.582  10/19/2042    USD   65.834
Region Wallonne Belg    0.650   1/16/2051    EUR   54.021
Barclays Bank PLC       2.000    8/2/2030    USD   72.383
Ukraine Government B   12.520   5/13/2026    UAH   58.384
Bilt Paper BV          10.360                USD    1.399
Grand City Propertie    2.000  10/25/2032    EUR   71.272
RTE Reseau de Transp    1.125    9/9/2049    EUR   59.616
Caisse Francaise de     0.375   2/13/2040    EUR   65.610
Telenor ASA             0.875   2/14/2035    EUR   74.013
National Grid Gas PL    1.125   1/14/2033    GBP   67.605
National Grid Gas PL    1.625   1/14/2043    GBP   54.906
Nykredit Realkredit     0.500   10/1/2050    DKK   69.859
Hellas Telecommunica    6.054   1/15/2015    USD    0.014
Peach Property Finan    4.375  11/15/2025    EUR   70.750
Metinvest BV            8.500   4/23/2026    USD   44.000
TechnipFMC PLC          3.750   10/7/2033    EUR   69.883
Electricite de Franc    4.990  10/21/2056    USD   74.148
Ukraine Government I   10.000   8/23/2023    UAH   59.375
Ukraine Government I    9.750   11/1/2030    USD   24.784
Nobel Bidco BV          3.125   6/15/2028    EUR   68.141
Vedanta Resources Lt    6.125    8/9/2024    USD   61.798
Virgolino de Oliveir   11.750    2/9/2022    USD    0.499
NRW Bank                0.100    7/9/2035    EUR   71.488
DLR Kredit A/S          0.500   10/1/2050    DKK   71.714
Bourbon Corp           11.652                EUR    0.917
blueplanet Investmen    5.500   2/26/2026    EUR   31.401
State of Bremen         0.450   2/24/2051    EUR   57.756
Banca Popolare di Vi    9.500   9/29/2025    EUR    0.207
Yuksel Insaat AS        9.500  11/10/2015    USD    0.721
TenneT Holding BV       1.125    6/9/2041    EUR   67.237
Societe Du Grand Par    1.700   5/25/2050    EUR   74.209
ABN AMRO Bank NV        1.115    3/3/2042    EUR   74.734
Eversholt Funding PL    3.529    8/7/2042    GBP   74.949
Cooperatieve Raboban    0.500  10/29/2027    MXN   60.595
Credit Suisse AG/Lon    2.600   1/27/2032    USD   68.146
DZ Bank AG Deutsche     0.550   4/29/2024    EUR   72.527
Nordea Kredit Realkr    1.000   10/1/2053    DKK   64.419
Jyske Realkredit A/S    1.000   10/1/2053    DKK   70.142
Free and Hanseatic C    0.400  11/23/2051    EUR   56.554
HSBC Continental Eur    0.546                EUR   75.000
Agence Francaise de     0.375   5/25/2036    EUR   69.704
Republic of Belarus     6.378   2/24/2031    USD   23.000
Standard Chartered P    4.300                USD   64.655
Berner Kantonalbank     0.100   9/30/2039    CHF   70.895
Sigma Holdco BV         5.750   5/15/2026    EUR   71.175
Home Group Ltd          3.125   3/27/2043    GBP   74.877
Linde PLC               0.375   9/30/2033    EUR   74.405
Espirito Santo Finan    3.125   12/2/2018    EUR    0.610
Deutsche Lichtmiete     5.250    2/1/2027    EUR    3.000
London & Quadrant Ho    2.000  10/20/2038    GBP   65.584
St Galler Kantonalba    0.100  10/10/2041    CHF   70.811
Southern Housing Gro    2.375   10/8/2036    GBP   73.619
Nordea Kredit Realkr    1.500   10/1/2053    DKK   71.045
Region de Bruxelles-    1.121   5/11/2071    EUR   56.465
Salerno Pompei Napol    2.800   1/19/2045    EUR   72.829
Societe Du Grand Par    0.300    9/2/2036    EUR   68.668
Jyske Realkredit A/S    0.500   10/1/2053    DKK   69.260
DekaBank Deutsche Gi    3.625                EUR   65.406
State of Saxony-Anha    0.500   3/24/2051    EUR   59.523
Realkredit Danmark A    0.500   10/1/2050    DKK   71.126
Covivio                 0.875   1/20/2033    EUR   74.296
Ferrovie dello Stato    0.641   12/4/2030    EUR   73.754
Nykredit Realkredit     1.500   10/1/2053    DKK   70.977
Ministeries Van de V    1.000   1/23/2051    EUR   63.210
Solarworld AG           9.691   2/24/2019    EUR   14.883
Land Baden-Wuerttemb    0.125  11/19/2040    EUR   63.576
Muenchener Hypotheke    0.250   3/29/2041    CHF   73.690
Petrobras Global Fin    4.500    2/4/2033    EUR   70.044
Cirio Holding Luxemb    6.250   2/16/2004    EUR    1.822
Investitionsbank Ber    0.050    3/2/2035    EUR   72.087
Single Platform Inve    4.020    7/1/2052    EUR   72.809
Notting Hill Genesis    3.250  10/12/2048    GBP   73.565
Castle UK Finco PLC     7.000   5/15/2029    GBP   70.479
BNG Bank NV             0.125    7/9/2035    EUR   72.190
Realkredit Danmark A    0.500   10/1/2050    DKK   69.892
Gazprom PJSC via Gaz    2.950   1/27/2029    USD   53.000
Rallye SA               1.000   2/28/2032    EUR    7.743
Norwegian Air Shuttl    7.137    2/7/2023    SEK   40.467
Nordea Kredit Realkr    0.500   10/1/2050    DKK   70.002
Ile-de-France Mobili    0.950   5/28/2041    EUR   70.076
Canton of Geneva Swi    0.050   8/27/2041    CHF   72.101
Northern Electric Fi    2.750   5/24/2049    GBP   72.795
Yorkshire Water Fina    2.750   4/18/2041    GBP   74.433
State of North Rhine    0.500  11/25/2039    EUR   69.390
TenneT Holding BV       1.500    6/3/2039    EUR   74.947
Platform HG Financin    1.926   9/15/2041    GBP   65.981
University of Southa    2.250   4/11/2057    GBP   65.364
Very Group Funding P    6.500    8/1/2026    GBP   74.295
Basque Government       1.000  10/31/2050    EUR   56.058
City of Kyiv Via PBR    7.500  12/15/2022    USD   34.479
South Eastern Power     1.750   9/30/2034    GBP   73.136
Takarek Mortgage Ban    3.750   4/14/2026    HUF   75.000
Liquid Telecommunica    5.500    9/4/2026    USD   69.100
Land Thueringen         0.375   12/1/2051    EUR   55.717
Borets Finance DAC      6.000   9/17/2026    USD   34.153
Praktiker AG            5.875   2/10/2016    EUR    2.232
Phosagro OAO Via Pho    3.050   1/23/2025    USD   52.532
European Primary Pla    1.732   11/9/2055    GBP   56.918
Credit Suisse AG/Lon    3.220    2/8/2032    AUD   66.325
Free and Hanseatic C    0.250   2/18/2041    EUR   64.710
Alitalia-Societa Aer    5.250   7/30/2020    EUR    0.100
Nationale-Nederlande    0.050   9/24/2035    EUR   69.604
Romanian Government     4.000   2/14/2051    USD   65.325
Midland Heart Capita    1.831   8/12/2050    GBP   55.803
Credit Suisse AG        0.500  12/16/2025    BRL   65.890
Pfandbriefbank schwe    0.375   6/15/2046    CHF   72.808
Stonewater Funding P    1.625   9/10/2036    GBP   68.121
Sovcombank Via SovCo    7.750                USD    3.468
ESB Finance DAC         1.875   7/21/2035    GBP   73.652
DLR Kredit A/S          1.000   10/1/2053    DKK   70.935
Bayerische Landesban    1.820   3/12/2031    EUR   73.112
Nykredit Realkredit     0.500   10/1/2053    DKK   67.663
Dexia SA                3.484                EUR    3.554
Bayerische Landesban    1.820   5/12/2031    EUR   72.873
Privatbank CJSC Via    10.875   2/28/2018    USD    3.217
Banco Espirito Santo    4.752                EUR    0.301
Prosus NV               2.778   1/19/2034    EUR   68.933
EYEMAXX Real Estate     5.500   7/22/2025    EUR   16.000
City of Zurich Switz    0.250  11/24/2051    CHF   69.030
Wessex Water Service    1.250   1/12/2036    GBP   62.937
Evraz PLC               5.375   3/20/2023    USD   49.263
Free and Hanseatic C    0.200    9/3/2049    EUR   54.723
Canton of Neuchatel     0.100  10/29/2049    CHF   63.235
Ukraine Government I    7.750    9/1/2028    USD   24.188
Intesa Sanpaolo SpA     2.500  10/14/2031    USD   71.861
Metinvest BV            7.650   10/1/2027    USD   51.031
Societe Generale SA     2.000   2/26/2033    USD   70.611
NRW Bank                0.500   6/17/2041    EUR   67.898
MMC Norilsk Nickel O    6.625  10/14/2022    USD   53.098
VON Der Heydt Securi    1.000   4/30/2031    EUR   69.858
BNG Bank NV             1.550   2/19/2032    AUD   74.786
Uliving@essex3 LLP      2.720   8/31/2066    GBP   66.832
Lehman Brothers UK C    5.125                EUR   13.474
Onward Homes Ltd        2.125   3/25/2053    GBP   58.845
State of Lower Saxon    0.250   4/15/2036    EUR   72.294
National Grid Electr    1.625   10/7/2035    GBP   67.541
Deutsche Telekom AG     3.625   1/21/2050    USD   69.762
Romanian Government     3.875  10/29/2035    EUR   74.751
Haya Holdco 2 PLC       9.542  11/30/2025    EUR   57.640
Action Logement Serv    0.750   7/19/2041    EUR   66.043
Martlet Homes Ltd       3.000    5/9/2052    GBP   72.590
Signa Development Fi    5.500   7/23/2026    EUR   54.750
Iberdrola Finanzas S    1.000    2/2/2037    EUR   68.572
Russian Foreign Bond   12.750   6/24/2028    USD   72.435
State of North Rhine    0.750   8/16/2041    EUR   70.719
SRV Group Oyj           4.875                EUR   56.000
Eurochem Finance DAC    5.500   3/13/2024    USD   48.500
Ukreximbank Via Biz    10.426    2/9/2023    USD   30.735
JAB Holdings BV         3.750   5/28/2051    USD   57.078
Windreich GmbH          6.500   7/15/2016    EUR    2.847
KBC Group NV            3.125   7/24/2029    EUR   20.000
Santhera Pharmaceuti    7.500   8/17/2024    CHF   71.388
Finmek International    7.000   12/3/2004    EUR    2.193
Romanian Government     2.875   4/13/2042    EUR   58.367
FNG Benelux Holding     5.000   8/28/2023    EUR    1.000
Muenchener Hypotheke    0.010   11/2/2040    EUR   60.843
VST Building Technol    7.000   6/28/2024    EUR    0.230
State of Saarland       0.050   11/5/2040    EUR   62.524
ESFIL-Espirito Santo    5.250   6/12/2015    EUR    0.111
Ukraine Government I    4.375   1/27/2032    EUR   19.622
State of Bremen         0.150   9/14/2040    EUR   63.469
Privatbank CJSC Via    11.000    2/9/2021    USD    1.000
Caisse Francaise de     0.500   10/1/2046    EUR   60.949
SCF Capital Designat    5.375   6/16/2023    USD   20.000
Bayerische Landesbod    0.250   3/21/2036    EUR   72.650
Achmea Bank NV          0.250   9/29/2036    EUR   70.292
Russian Foreign Bond    5.250   6/23/2047    USD   41.480
EDOB Abwicklungs AG     7.500    4/1/2012    EUR    0.521
EOS Imaging SA          6.000   5/31/2023    EUR    7.250
Air Berlin PLC          5.625    5/9/2019    CHF    0.508
Elli Finance UK PLC     8.750   6/15/2019    GBP   62.279
Cie de Financement F    0.600  10/25/2041    EUR   67.088
Action Logement Serv    0.500  10/30/2034    EUR   74.526
Mallinckrodt Interna    4.750   4/15/2023    USD   38.500
Kommunekredit           0.125   9/26/2040    EUR   63.469
State of North Rhine    1.000  10/16/2046    EUR   71.371
Cadent Finance PLC      2.250  10/10/2035    GBP   72.030
Scottish Hydro Elect    2.125   3/24/2036    GBP   71.714
Ministeries Van de V    0.875   3/21/2046    EUR   64.599
Deutsche Lichtmiete     5.250    9/1/2025    EUR    3.250
JAB Holdings BV         4.500    4/8/2052    USD   68.383
Gazprom PJSC Via Gaz    3.125  11/17/2023    EUR   70.933
Niedersachsen Invest    0.250   7/16/2035    EUR   73.223
Lehman Brothers UK C    6.900                USD    3.986
Tinkoff Bank JSC Via    6.000                USD   37.186
Rallye SA               3.400   2/28/2032    EUR    8.008
Romania Government B    3.650   9/24/2031    RON   73.902
Fuerstenberg Capital    3.905                EUR   64.860
Region de Bruxelles-    1.220   6/23/2053    EUR   66.287
Deutsche Bahn Financ    3.100   5/20/2041    AUD   70.801
Republic of Belarus     7.625   6/29/2027    USD   22.400
Veneto Banca SpA        9.878   12/1/2025    EUR    0.541
Quintet Private Bank    3.650  11/13/2023    EUR   15.050
LiveWest Treasury PL    2.250  10/10/2043    GBP   67.529
Ukraine Government I   12.520   5/13/2026    UAH   58.384
Aroundtown SA           3.250  11/12/2032    EUR   71.126
Zurich Finance Irela    1.600  12/17/2052    EUR   71.214
BAWAG PSK Bank fuer     0.010  11/19/2035    EUR   67.842
nextbike GmbH           6.000   3/31/2025    EUR   65.000
Kommunekredit           0.500   6/19/2039    DKK   69.166
Senivita Social Esta    6.500   5/12/2025    EUR    5.110
Lukoil Securities BV    3.875    5/6/2030    USD   70.500
Serbia International    2.125   12/1/2030    USD   73.872
Cirio Del Monte NV      7.750   3/14/2005    EUR    0.368
Bank Julius Baer & C   13.250    1/5/2023    USD   46.500
Bayerische Landesban    1.550   2/13/2040    EUR   52.176
State of North Rhine    0.375    9/2/2050    EUR   56.081
Cooperatieve Raboban    0.500   1/31/2033    MXN   35.608
Nationale-Nederlande    0.050  11/12/2040    EUR   61.102
Transports Publics D    0.450  12/29/2056    CHF   61.199
BPCE SA                 3.648   1/14/2037    USD   74.087
Swissgrid AG            0.050   6/30/2050    CHF   55.815
Havila Shipping ASA     6.660    1/2/2025    NOK   31.101
Castellum AB            2.840    6/5/2029    SEK   73.932
de Volksbank NV         0.125  11/19/2040    EUR   61.704
Iceland Bondco PLC      4.375   5/15/2028    GBP   69.833
Novafives SAS           5.000   6/15/2025    EUR   73.708
Nordea Kredit Realkr    0.500   10/1/2053    DKK   69.330
Romanian Government     2.000   1/28/2032    EUR   69.405
City of Lugano Switz    0.150  11/28/2070    CHF   53.515
Ile-de-France Mobili    0.675  11/24/2036    EUR   72.833
State of Bremen         0.400   8/20/2049    EUR   57.656
Metropolitan Housing    1.875   7/28/2036    GBP   68.798
Ukraine Government I    9.990   5/22/2024    UAH   51.591
Gazprom PJSC via Gaz    1.850  11/17/2028    EUR   62.472
Realkredit Danmark A    0.500   10/1/2053    DKK   69.246
Region Wallonne Belg    1.050   6/22/2040    EUR   71.536
Credit Suisse AG/Lon    2.300   9/24/2031    USD   67.168
Kairos Global Soluti    1.900    7/3/2035    USD   70.284
Russian Foreign Bond    7.500   3/31/2030    USD   64.385
CBo Territoria          3.750    7/1/2024    EUR    4.230
WD Invest Sarl          1.900   10/2/2024    EUR   11.833
State Agency of Road    6.250   6/24/2030    USD   18.167
Cirio Finance Luxemb    7.500   11/3/2002    EUR    3.199
Bellis Finco PLC        4.000   2/16/2027    GBP   70.313
Nova Kreditna Banka     1.625   5/25/2027    EUR   73.170
Prosus NV               2.031    8/3/2032    EUR   68.353
BNG Bank NV             0.250  11/22/2036    EUR   70.564
Maxeda DIY Holding B    5.875   10/1/2026    EUR   66.792
Dtek Renewables Fina    8.500  11/12/2024    EUR   29.978
Raiffeisen-Landesban    0.500   5/27/2041    EUR   65.599
Autonomous Region of    1.095   9/27/2036    EUR   72.285
Lloyds Bank PLC         2.637   1/16/2040    AUD   64.489
New World Resources     4.000   10/7/2020    EUR    0.312
Offshore Drilling Ho    8.375   9/20/2020    USD    3.876
Societe Du Grand Par    0.875   5/10/2046    EUR   62.755
LiveWest Treasury PL    1.875   2/18/2056    GBP   55.227
Schoeller Packaging     6.375   11/1/2024    EUR   73.000
Andrade Gutierrez In    9.500  12/30/2024    USD   54.543
ALROSA Finance SA       4.650    4/9/2024    USD   11.281
Jyske Realkredit A/S    0.500   10/1/2053    DKK   67.711
Jyske Realkredit A/S    0.500   10/1/2050    DKK   69.928
BPCE SFH SA             0.010   1/29/2036    EUR   67.800
ABN AMRO Bank NV        0.375   1/14/2035    EUR   74.573
Grand City Propertie    2.081    8/8/2034    EUR   69.464
Norske Skogindustrie    2.000  12/30/2115    EUR    0.113
United Kingdom Gilt     1.500   7/22/2047    GBP   68.161
Luzerner Kantonalban    0.160  12/23/2043    CHF   70.617
Kommunekredit           0.010    5/4/2034    EUR   73.267
City of Lausanne Swi    0.600    7/6/2050    CHF   70.416
Sidetur Finance BV     10.000   4/20/2016    USD    0.770
Ukraine Government I   12.520   5/13/2026    UAH   58.384
Manchester Airport G    2.875   3/31/2039    GBP   72.805
Standard Profil Auto    6.250   4/30/2026    EUR   60.071
Interpipe Holdings P    8.375   5/13/2026    USD   38.395
Ukraine Government I   11.670  11/22/2023    UAH   59.375
Ukraine Government I    6.750   6/20/2028    EUR   19.322
Credit Suisse Group     4.875   5/15/2045    USD   71.705
Romanian Government     3.375   1/28/2050    EUR   60.204
Land Berlin             0.125  11/24/2045    EUR   56.812
Zorlu Yenilenebilir     9.000    6/1/2026    USD   74.926
Del Monte Finance Lu    6.625   5/24/2006    EUR    1.402
Metinvest BV            5.625   6/17/2025    EUR   51.864
Siemens Financiering    2.875   3/11/2041    USD   74.494
OGX Austria GmbH        8.500    6/1/2018    USD    0.002
Romanian Government     1.750   7/13/2030    EUR   72.257
Credit Suisse AG/Lon   13.300  11/29/2023    USD   51.550
Abengoa Abenewco 1 S    6.000   6/10/2022    EUR    0.352
Vilogia SA d'HLM        1.500    8/7/2034    EUR   71.369
Paradigm Homes Chari    2.250   5/20/2051    GBP   62.798
Wrekin Housing Group    2.500  10/22/2048    GBP   65.103
DLR Kredit A/S          0.500   10/1/2053    DKK   69.859
LSF9 Balta Issuer SA    3.000  12/31/2030    EUR   61.370
Wingholding Zrt         3.500   5/20/2030    HUF   73.770
KTG Agrar SE            7.250  10/15/2019    EUR    2.007
Andrade Gutierrez In   11.000   8/20/2021    USD   51.735
Credit Suisse AG/Lon   11.500   9/25/2023    CHF   66.370
Land Thueringen         0.100    7/9/2035    EUR   71.892
Endo Luxembourg Fina    6.125    4/1/2029    USD   74.388
Ville de Paris          0.450  10/20/2045    EUR   58.172
CRC Breeze Finance S    6.110    5/8/2026    EUR   31.300
Standard Chartered B    3.000   4/30/2036    AUD   67.548
Care Property Invest    2.050    7/8/2031    EUR   74.735
Deutsche Telekom AG     4.125   7/23/2049    USD   71.425
La Banque Postale Ho    0.250   2/12/2035    EUR   72.651
Realkredit Danmark A    1.500   10/1/2053    DKK   70.881
Veragold Mining Co G    5.000  12/31/2025    EUR   30.000
Vnesheconombank Via     5.942  11/21/2023    USD    4.574
Department of L'Eure    0.515   5/25/2040    EUR   64.919
Hospices Civils de L    0.597  11/24/2031    EUR   73.709
Hell Energy Magyaror    2.700  12/18/2029    HUF   59.100
BPCE SA                 3.582  10/19/2042    USD   65.337
Cooperatieve Raboban    0.010  11/27/2040    EUR   60.365
Italy Buoni Polienna    2.150    9/1/2052    EUR   71.005
Boparan Finance PLC     7.625  11/30/2025    GBP   66.784
Magyar Export-Import    2.000  10/27/2027    HUF   65.655
DLR Kredit A/S          0.500   10/1/2050    DKK   70.865
Virgolino de Oliveir   10.500   1/28/2018    USD    0.499
Russian Foreign Bond    4.375   3/21/2029    USD   41.196
Hellas Telecommunica    8.500  10/15/2013    EUR    0.834
Bayerische Landesban    1.500   7/14/2036    EUR   69.934
Norske Skogindustrie    7.000  12/30/2026    EUR    0.010
Cyprus Government In    1.250   1/21/2040    EUR   66.324
Master & Fellows of     3.068   4/28/2065    GBP   66.921
Herens Midco Sarl       5.250   5/15/2029    EUR   68.333
State of Rhineland-P    0.375    4/1/2041    EUR   66.700
Bayerische Landesban    1.860   3/13/2036    EUR   74.582
State of Brandenburg    0.125   1/26/2046    EUR   57.133
Nykredit Realkredit     1.000   10/1/2050    DKK   71.282
Ukraine Government I    7.750    9/1/2024    USD   27.502
Autobahnen- und Schn    0.100   7/16/2035    EUR   72.396
Region de Bruxelles-    1.400   3/11/2054    EUR   66.103
State of Bremen         0.550    2/4/2050    EUR   60.010
Anglo American Capit    3.950   9/10/2050    USD   74.394
Agence Francaise de     2.302  10/25/2044    USD   65.826
Kommunekredit           0.625  11/21/2039    EUR   71.680
Aragvi Finance Inter    8.450   4/29/2026    USD   70.630
Compact Bidco BV        5.750    5/1/2026    EUR   69.667
Gemeente Bergen OP Z    0.440   9/20/2044    EUR   63.281
LIB-Landesimmobilien    0.620   7/15/2041    EUR   68.353
Wirtschafts- und Inf    0.245   2/25/2036    EUR   70.175
Serbia International    1.650    3/3/2033    EUR   64.875
State of Brandenburg    0.600  10/13/2051    EUR   60.843
State of Brandenburg    0.500  11/21/2039    EUR   69.824
Aktia Bank Oyj          0.800   2/26/2036    EUR   71.693
Realkredit Danmark A    0.500   10/1/2053    DKK   67.677
Caisse Francaise de     0.125   2/15/2036    EUR   69.204
Muenchener Hypotheke    0.400   8/11/2031    EUR   74.459
Region Wallonne Belg    1.246   5/12/2070    EUR   56.726
Sovcombank Via SovCo    3.400   1/26/2025    USD    4.879
State of Brandenburg    0.050   8/10/2040    EUR   62.684
Sovcombank Via SovCo    8.000    4/7/2030    USD    3.506
Avianca Midco 2 PLC     9.000   12/1/2028    USD   73.486
Ukraine Government B    3.700   4/27/2023    USD   70.696
Phosagro OAO Via Pho    3.949   4/24/2023    USD   61.988
V-Bank AG               4.000                EUR   70.866
Anadolu Efes Biracil    3.375   6/29/2028    USD   72.432
Caisse de Refinancem    0.250    2/7/2035    EUR   72.923
Land Thueringen         0.200   9/12/2039    EUR   65.920
Agence Francaise de     2.360   1/30/2045    AUD   61.739
Prosus NV               1.288   7/13/2029    EUR   73.453
ISP Group AG            5.250                CHF   73.219
Region Wallonne Belg    0.500   6/22/2037    EUR   69.485
Nationale-Nederlande    0.375    3/4/2041    EUR   64.741
Hema Bondco II BV       8.500   1/15/2023    EUR    1.194
Hamon & CIE SA          3.300   1/31/2035    EUR   46.000
Cooperatieve Raboban    0.500  10/30/2043    MXN   11.327
Credit Suisse AG/Lon    1.250   2/22/2029    USD   72.869
Ukraine Government I    7.375   9/25/2034    USD   21.357
LBI ehf                 6.100   8/25/2011    USD   10.666
MVM Energetika Zrt      3.250    9/3/2031    HUF   59.000
Eastern Power Networ    1.875    6/1/2035    GBP   73.047
Banco Santander SA      3.236                EUR    1.547
Rhaetische Bahn AG R    0.050    8/3/2050    CHF   62.418
Havenbedrijf Rotterd    1.100   3/23/2051    EUR   66.056
State of North Rhine    0.800   7/30/2049    EUR   64.896
VF Ukraine PAT via V    6.200   2/11/2025    USD   53.624
Joh Friedrich Behren    7.750  11/11/2020    EUR   31.000
Cirio Finanziaria Sp    8.000  12/21/2005    EUR    0.415
Credit Agricole Corp   15.000   6/18/2026    TRY   65.214
Free State of Saxony    0.010  12/17/2035    EUR   70.308
Nordea Kredit Realkr    0.500   10/1/2053    DKK   67.712
BNP Paribas SA          1.590   2/23/2051    EUR   63.573
Banco Santander SA      1.000   10/1/2033    EUR   71.323
Caisse des Depots et    2.615  11/15/2049    AUD   63.308
State of Bremen         0.500    5/6/2041    EUR   67.437
Societe Generale SA     1.137   1/26/2037    EUR   70.432
Bayerische Landesban    0.630   3/19/2032    EUR   72.929
Norwegian Air Shuttl    7.500  11/10/2023    USD   74.304
Kingdom of Belgium G    1.400   6/22/2053    EUR   72.581
Magyar Export-Import    2.500   5/23/2029    HUF   63.445
Mallinckrodt Interna   10.000   4/15/2025    USD   65.843
Takarek Mortgage Ban    3.500  10/27/2027    HUF   66.800
Ukreximbank Via Biz     9.750   1/22/2025    USD   33.243
AlphaNotes ETP Dac      1.000   9/15/2032    USD   65.263
City of Bern Switzer    0.040   10/2/2070    CHF   54.322
Windreich GmbH          6.500    3/1/2015    EUR    2.846
Jyske Realkredit A/S    1.500   10/1/2053    DKK   71.002
BNP Paribas SA          1.019   5/25/2028    EUR   40.010
Windreich GmbH          6.750    3/1/2015    EUR    2.847
Romania Government B    4.750  10/11/2034    RON   73.768
Romanian Government     2.625   12/2/2040    EUR   57.675
Nederlandse Gasunie     0.750  10/13/2036    EUR   68.840
Zurcher Kantonalbank   24.800   4/12/2023    USD   40.000
Societe Generale SA     2.000   1/30/2036    USD   56.368
City of Lausanne Swi    0.600  11/30/2056    CHF   67.624
Intesa Sanpaolo SpA     4.700   9/23/2049    USD   71.092
Deutsche Telekom AG     3.500   4/15/2041    AUD   69.540
Norwegian Air Shuttl    6.375  11/15/2024    USD   47.629
Nostrum Oil & Gas Fi    8.000   7/25/2022    USD   26.269
Ukraine Government I    7.750    9/1/2029    USD   24.269
Credit Suisse AG/Lon    3.200   3/24/2032    USD   70.749
Intesa Sanpaolo SpA     2.000   6/15/2028    USD   73.960
Agrokor dd              9.875    5/1/2019    EUR   15.000
Societe Nationale SN    1.280   3/27/2120    EUR   42.208
DNB Bank ASA            1.185   1/14/2038    EUR   69.290
Junta de Castilla y     1.275    4/7/2049    EUR   62.544
Aroundtown SA           2.970   9/26/2033    EUR   67.462
Holcim US Finance Lu    2.240  10/15/2031    USD   73.953
Pro-Gest SpA            3.250  12/15/2024    EUR   62.708
Credit Suisse AG/Lon    1.500   3/19/2029    USD   69.545
Ville de Paris          0.750  11/30/2041    EUR   67.288
Serbia International    2.050   9/23/2036    EUR   60.093
Sovcombank Via SovCo    7.600                USD    4.609
Credit Agricole Ital    0.750   1/20/2042    EUR   64.053
Abengoa Abenewco 1 S    6.000   6/10/2022    EUR    0.352
Deutsche Bank AG        1.580  10/23/2031    EUR   72.426
Landwirtschaftliche     0.010  11/26/2040    EUR   62.251
Thames Water Utiliti    2.442   5/12/2050    GBP   56.909
Raiffeisenlandesbank    0.375   1/15/2035    EUR   73.266
CDC Habitat SEM         1.700   3/21/2039    EUR   72.052
Region of Pays de la    0.877  10/28/2041    EUR   70.359
Spain Government Bon    1.900  10/31/2052    EUR   73.273
Deutsche Wohnen SE      2.000   3/28/2034    EUR   73.681
United Group BV         5.250    2/1/2030    EUR   74.525
Europejskie Centrum    13.200   4/14/2023    PLN   49.489
Deutsche Pfandbriefb    1.020   7/29/2030    EUR   70.549
Serbia International    1.500   6/26/2029    EUR   74.938
Credit Bank of Mosco    8.875                USD   10.945
Nestle Hungaria Kft     1.750   5/31/2028    HUF   59.000
ING Groep NV            0.975   2/14/2034    EUR   67.209
Swissgrid AG            0.200   6/29/2040    CHF   69.659
Parnassia Groep BV      1.200   12/1/2051    EUR   69.229
Uralkali OJSC Via Ur    4.000  10/22/2024    USD   19.327
Credit Agricole Ital    1.000   1/17/2045    EUR   65.070
BPCE SA                 2.255   3/12/2040    AUD   48.055
Ahtium PLC              4.000  12/16/2015    EUR    0.586
Land Berlin             0.050    8/6/2040    EUR   62.264
Single Platform Inve    4.020    7/1/2052    EUR   72.809
SNCF Reseau             1.425   8/14/2119    EUR   45.890
Altice France Holdin    4.000   2/15/2028    EUR   68.438
Malta Government Bon    1.800   8/28/2051    EUR   65.340
ABN AMRO Bank NV        0.500  12/12/2039    EUR   68.175
VTB Bank OJSC Via VT    6.250   6/30/2035    USD   21.403
German Pellets GmbH     7.250  11/27/2019    EUR    1.515
Novolipetsk Steel Vi    4.700   5/30/2026    USD   59.443
Single Platform Inve    1.220   8/24/2047    EUR   61.667
Region de Bruxelles-    0.562  12/23/2065    EUR   42.690
Banca Popolare di Vi    2.821  12/20/2017    EUR    0.396
Region of Veneto Ita    0.112   12/7/2046    EUR   73.217
Rena GmbH               7.000  12/15/2015    EUR    0.059
Waste Italia SpA       10.500  11/15/2019    EUR    0.550
LSEGA Financing PLC     3.200    4/6/2041    USD   74.794
Credit Suisse AG/Lon   20.100    3/3/2023    USD   13.000
United Utilities Wat    1.474   8/24/2031    USD   70.502
Takko Luxembourg 2 S    7.137  11/15/2023    EUR   73.500
Akbank TAS              4.000   9/17/2029    EUR   74.200
Muenchener Hypotheke    0.125    9/5/2035    EUR   71.211
Region de Bruxelles-    0.274  12/11/2040    EUR   61.586
Novafives SAS           5.500   6/15/2025    EUR   73.455
Ukraine Government I   10.000   8/23/2023    UAH   59.375
Polski Fundusz Rozwo    2.000    3/5/2030    PLN   68.767
Espirito Santo Finan    5.050  11/15/2025    EUR    0.622
Muenchener Hypotheke    0.250    5/2/2036    EUR   71.094
niiio finance group     4.000   5/31/2026    EUR   41.000
AXA Bank Europe SCF     0.250    6/9/2040    EUR   63.927
Credit Bank of Mosco    3.875   9/21/2026    USD   20.746
Republic of Ireland     0.740  11/27/2120    EUR   38.107
Canton of Neuchatel     0.350   7/14/2050    CHF   67.729
Caisse Francaise de     0.726  10/29/2039    EUR   67.437
Transcapitalbank JSC   10.000                USD   65.000
BOA Offshore AS         0.409   7/17/2047    NOK   15.267
Credit Suisse AG/Lon    2.000   5/17/2029    USD   73.912
Caisse des Depots et    1.270   10/1/2051    EUR   73.214
Golfino AG              8.000  11/18/2023    EUR    0.010
Land Berlin             0.125    6/4/2035    EUR   72.422
Foodco Bondco SA        6.250   5/15/2026    EUR   65.398
Caisse des Depots et    2.345   1/29/2050    AUD   59.345
Republic of Ireland     1.320  11/28/2119    EUR   46.996
Wingholding Zrt         3.000   9/22/2031    HUF   66.250
Landesbank Baden-Wue    0.905    4/1/2041    EUR   57.579
EVN AG                  0.850  10/15/2035    EUR   70.069
Alpine Holding GmbH     5.250    7/1/2015    EUR    3.159
Portugal Telecom Int    6.250   7/26/2016    EUR    0.285
Russian Foreign Bond    4.750   5/27/2026    USD   44.992
Agrokor dd              8.875    2/1/2020    USD   15.000
Deutsche Bahn Financ    3.350   1/20/2042    AUD   70.951
OTP Munkavallalok I     4.500   7/14/2031    HUF   71.760
Turkey Government In    5.750   5/11/2047    USD   67.033
Deutsche Bank AG        1.500   2/26/2028    USD   72.530
MMC Norilsk Nickel O    3.375  10/28/2024    USD   64.422
Irish Bank Resolutio    0.566   6/21/2016    EUR    0.679
Ukraine Government I   15.840   2/26/2025    UAH   59.297
Serbia International    1.000   9/23/2028    EUR   74.847
DZ Bank AG Deutsche     1.070   10/6/2042    EUR   73.886
Ministeries Van de V    1.564  11/12/2046    EUR   73.641
Anglian Water Servic    1.760  11/13/2035    GBP   70.257
Heimstaden Bostad AB    2.800    5/4/2035    EUR   66.298
LSF9 Balta Issuer SA    3.000  12/31/2030    EUR   61.370
Spain Government Bon    1.200  10/31/2040    EUR   72.150
Ceske Drahy AS          3.000    6/4/2035    EUR   72.600
Mobile Telesystems O    5.000   5/30/2023    USD   27.649
Barclays Bank PLC       0.500   1/28/2033    MXN   30.350
Norske Skog Holding     8.000   2/24/2021    EUR    0.006
La Veggia Finance SA    7.125  11/14/2004    EUR    0.287
State of Brandenburg    0.300   10/4/2049    EUR   56.022
Ile-de-France Mobili    0.200  11/16/2035    EUR   69.901
Aegon Bank NV           0.375    6/9/2036    EUR   71.732
Standard Chartered B    0.520   1/22/2041    JPY   61.719
City of Lausanne Swi    0.540   11/6/2062    CHF   61.975
Raiffeisen Landesban    0.250    3/4/2036    EUR   70.693
Cooperatieve Raboban    0.500  12/29/2027    MXN   59.574
Free State of Bavari    0.010   3/28/2036    EUR   69.460
Land Berlin             0.150   2/22/2036    EUR   71.267
Jyske Realkredit A/S    1.000   10/1/2053    DKK   64.375
Sibur Securities DAC    2.950    7/8/2025    USD   42.843
Evan Group PLC          6.000   7/31/2022    EUR   17.011
State of Lower Austr    1.000   9/15/2121    EUR   39.732
MMC Norilsk Nickel O    2.550   9/11/2025    USD   53.312
HSE Finance Sarl        5.625  10/15/2026    EUR   55.940
DZ Bank AG Deutsche     1.055   3/11/2031    EUR   71.338
Erste Group Bank AG     1.230   5/29/2033    EUR   73.628
Windreich GmbH          6.250    3/1/2015    EUR    2.847
Celtic Resources Hol    4.125   10/9/2024    USD   13.417
Housing & Care 21       3.288   11/8/2049    GBP   74.853
City of Lausanne Swi    0.680   3/11/2058    CHF   68.017
Malta Government Bon    1.400   8/20/2046    EUR   67.324
Polski Fundusz Rozwo    1.375   9/30/2027    PLN   74.549
Deutsche Pfandbriefb    0.312   4/16/2029    EUR   71.936
State of Rhineland-P    0.375   3/10/2051    EUR   56.652
Futureal Development    4.000   3/23/2031    HUF   58.000
French Republic Gove    0.750   5/25/2053    EUR   61.172
Maison Finco PLC        6.000  10/31/2027    GBP   72.705
Richter Gedeon Nyrt     1.750    6/4/2031    HUF   60.000
Italy Buoni Polienna    0.950    3/1/2037    EUR   68.961
Credit Suisse AG/Lon    9.000   4/22/2024    USD   23.625
Muenchener Hypotheke    0.250  10/31/2044    CHF   69.913
Carmila SA              1.890   11/6/2031    EUR   65.622
Kreditanstalt fuer W    1.000  10/19/2050    EUR   66.264
Nomura Bank Internat    1.130   4/23/2036    EUR   66.619
Ville de Paris          0.650  11/25/2070    EUR   42.462
German Pellets GmbH     7.250    4/1/2016    EUR    1.515
Phosphorus Holdco PL   10.000    4/1/2019    GBP    1.386
Landesbank Baden-Wue    7.070   1/27/2023    EUR   35.860
Credit Suisse AG/Lon    5.800   7/26/2023    USD    9.250
Wellis Magyarorszag     3.000   2/26/2031    HUF   66.722
Russian Foreign Bond    2.875   12/4/2025    EUR   42.746
Stelius Befektetoe Z    3.100   9/17/2030    HUF   66.500
Bromford Housing Gro    2.554   3/17/2054    GBP   63.952
Malta Government Bon    2.000   7/10/2051    EUR   69.330
Severstal OAO Via St    3.150   9/16/2024    USD    5.560
Autostrade per l'Ita    3.240   6/10/2034    EUR   74.666
Single Platform Inve    4.020    7/1/2052    EUR   72.809
Getin Noble Bank SA    12.800   11/9/2023    PLN   33.865
Landesbank Baden-Wue    1.100    5/7/2040    EUR   65.764
MMK International Ca    4.375   6/13/2024    USD   29.904
Nykredit Realkredit     1.000   10/1/2050    DKK   74.314
Cooperatieve Raboban    0.500  11/30/2027    MXN   60.593
Cooperatieve Raboban    0.500   8/21/2028    MXN   55.647
Governo Portugues Co    2.750                EUR   74.510
HSBC Holdings PLC       0.950   12/9/2032    EUR   71.462
State of Lower Saxon    0.050    3/9/2035    EUR   72.283
Societa di Progetto     3.375  12/31/2038    EUR   72.097
NRW Bank                1.150   9/16/2051    EUR   70.853
TechnipFMC PLC          4.000   6/14/2032    EUR   73.795
Kuntarahoitus Oyj       0.940    6/9/2064    EUR   74.227
Autonomous Community    1.850   5/13/2061    EUR   62.868
MFB Magyar Fejleszte    4.200   4/20/2033    HUF   69.043
ABN AMRO Bank NV        1.070    3/3/2041    EUR   74.329
Communaute Francaise    0.626   8/24/2040    EUR   66.238
Hemso Fastighets AB     3.020   9/14/2048    SEK   70.904
Frigoglass Finance B    6.875   2/12/2025    EUR   37.564
Kreditanstalt fuer W    1.100   9/16/2051    EUR   67.987
Assa Abloy AB           0.650   8/28/2034    EUR   73.263
Landesbank Baden-Wue    0.327    5/7/2038    EUR   66.431
Vnesheconombank Via     6.025    7/5/2022    USD    5.125
Moby SpA                7.750   2/15/2023    EUR   65.867
Single Platform Inve    1.165    6/6/2046    EUR   62.624
Kleopatra Holdings 2    6.500    9/1/2026    EUR   64.370
Autonomous Community    1.655  10/31/2050    EUR   68.017
Republic of Ireland     0.835    7/8/2080    EUR   53.674
GTC Magyarorszag Zrt    2.600   3/17/2031    HUF   67.850
Free and Hanseatic C    0.300   9/16/2050    EUR   56.151
Kreditanstalt fuer W    1.000  10/20/2050    EUR   68.949
Vasakronan AB           1.655    9/5/2039    SEK   63.169
Joh Friedrich Behren    6.250   6/18/2024    EUR   30.261
Societe Generale SA     3.920   12/9/2036    AUD   70.870
OTP Munkavallalok Ii    4.500   7/14/2031    HUF   71.760
Russian Federal Bond    0.250   7/20/2044    RUB   13.000
Vasakronan AB           1.130   5/27/2042    JPY   71.583
Ukraine Government I   15.970   4/19/2023    UAH   60.775
Caisse des Depots et    0.945   5/19/2051    EUR   67.076
State of Lower Austr    0.815   9/22/2056    EUR   55.144
Single Platform Inve    0.780   2/15/2040    EUR   62.531
Novolipetsk Steel Vi    1.450    6/2/2026    EUR   59.634
Credit Bank of Mosco    7.500   10/5/2027    USD   18.000
Caisse des Depots et    1.460   1/24/2052    EUR   73.280
BASF SE                 1.025   8/13/2048    JPY   69.751
Credit Bank of Mosco    5.550   2/14/2023    USD   21.202
Romanian Government     2.000   4/14/2033    EUR   67.048
Bayerische Landesban    1.637    3/8/2035    EUR   73.819
Deutsche Telekom AG     3.500    9/6/2039    AUD   70.796
Credit Suisse AG/Lon    1.400   11/4/2025    CHF   30.390
Veneto Banca SpA        6.411                EUR    0.345
Kommunekredit           0.500   7/30/2027    TRY   25.179
Rosbank PJSC            0.040   4/30/2024    RUB   60.050
HSBC Bank PLC           0.500  11/25/2025    BRL   67.044
Societe Generale SA    10.000   6/28/2034    USD   60.847
DZ Bank AG Deutsche     1.000    2/8/2035    EUR   71.933
Landesbank Hessen-Th    0.750  11/17/2036    EUR   65.700
Raiffeisenlandesbank    1.500  10/21/2039    EUR   67.459
Stichting Afwikkelin    6.625   5/14/2018    EUR   45.375
Landesbank Baden-Wue    0.821   8/24/2032    EUR   73.202
Ahtium PLC              9.750    4/4/2017    EUR    0.726
Stichting Afwikkelin    4.252                EUR   45.000
Sairgroup Finance BV    4.375    6/8/2006    EUR    1.964
NIBC Bank NV            0.460   7/19/2029    EUR   73.967
Norddeutsche Landesb    0.750   1/15/2032    EUR   73.695
Societe Nationale SN    2.457  12/23/2050    USD   63.340
German Pellets GmbH     7.250    7/9/2018    EUR    1.515
Erste Group Bank AG     1.010   10/7/2041    EUR   62.560
DZ Bank AG Deutsche     2.000  12/29/2031    EUR   71.700
Sonnedix Energy Tau     2.200  12/31/2038    EUR    8.000
Landesbank Baden-Wue    0.250   5/27/2037    EUR   66.986
BAE Systems PLC         3.000   9/15/2050    USD   68.574
Landesbank Hessen-Th    0.950   2/12/2035    EUR   70.070
Boparan Finance PLC     7.625  11/30/2025    GBP   68.083
Grand Delta Habitat     1.285   11/6/2040    EUR   64.306
Single Platform Inve    1.108   2/15/2041    EUR   65.610
Bayerische Landesban    0.770  11/29/2032    EUR   71.917
MOL Hungarian Oil &     1.900   4/12/2031    HUF   54.600
Banque Federative du    0.376  10/15/2031    EUR   74.318
Ukraine Government I    9.840   2/15/2023    UAH   59.375
OGX Austria GmbH        8.375    4/1/2022    USD    0.002
Aareal Bank AG          0.300  12/11/2030    EUR   64.101
Anselma Issuer SA       2.174  12/31/2038    EUR   64.580
Batigere Grand Est S    1.345   4/18/2032    EUR   74.676
Landesbank Baden-Wue    0.395   1/29/2031    EUR   73.715
Zurcher Kantonalbank   16.750    4/4/2023    USD   37.990
Banque International    2.120   8/20/2040    EUR   70.073
Raiffeisen Landesban    0.375  11/13/2034    EUR   74.586
AXA Home Loan SFH SA    0.125   6/25/2035    EUR   70.702
Bank Nadra Via NDR F    8.250   7/31/2018    USD    0.208
Luzerner Kantonalban    0.150   10/7/2044    CHF   68.775
Norwegian Air Shuttl    7.500  11/10/2023    USD   74.304
State of Saarland       1.108   5/18/2046    EUR   73.857
HSBC Bank PLC           0.500  12/22/2025    BRL   66.402
Aeroports de la Cote    2.500    7/9/2036    EUR   67.415
BNP Paribas SA          0.857   2/22/2036    EUR   66.278
Region of Centre-Val    0.711   11/2/2036    EUR   73.798
Frigate Luxembourg S    2.000    8/1/2032    EUR   53.635
Raiffeisenlandesbank    0.200    6/9/2036    EUR   66.720
Mondelez Internation    1.250    9/9/2041    EUR   66.921
Free and Hanseatic C    0.010   11/5/2035    EUR   70.539
Landeskreditbank Bad    0.610  11/17/2050    EUR   62.374
MFB Magyar Fejleszte    2.900  10/22/2031    HUF   65.045
Alno AG                 8.000   3/21/2019    EUR   14.000
Alfa Bank AO Via Alf    5.950   4/15/2030    USD    4.503
Land Baden-Wuerttemb    0.375   7/20/2048    EUR   58.114
Kuntarahoitus Oyj       1.150   9/24/2051    EUR   72.291
Alpine Holding GmbH     6.000   5/22/2017    EUR    3.159
Global Ports Finance    6.500   9/22/2023    USD   35.000
Takarek Mortgage Ban    3.000  10/22/2031    HUF   52.140
Societe Generale SA    13.500   8/23/2024    USD   50.900
Wirtschafts- und Inf    0.500   8/28/2046    EUR   60.638
Commerzbank AG          2.565   5/15/2043    EUR   65.371
Land Thueringen         0.250    3/5/2040    EUR   65.628
Ukraine Government I   16.000   5/24/2023    UAH   59.375
Portugal Telecom Int    5.242   11/6/2017    EUR    0.694
Credit Suisse AG/Lon    4.430   9/25/2035    USD   72.632
Bayerische Landesban    0.710   12/1/2031    EUR   74.017
ING Bank NV             0.335   4/21/2036    EUR   70.466
Societe Generale SA     0.831  11/25/2031    EUR   73.833
Region of Ile de Fra    0.610    7/2/2040    EUR   67.233
Steilmann SE            6.750   6/27/2017    EUR    2.184
UBS AG/London           3.327  11/23/2025    EUR   58.500
Corporate Commercial    8.250    8/8/2014    USD    0.308
National Treasury Ma    1.560   2/16/2122    EUR   71.451
Republic of Belarus     6.200   2/28/2030    USD   24.000
Land Berlin             0.625   7/15/2039    EUR   71.585
Comunidad Foral de N    1.450    5/8/2040    EUR   73.991
Golden Gate AG          6.500  10/11/2014    EUR   36.230
Ministeries Van de V    1.874   3/28/2058    EUR   72.275
Tennor Finance BV       5.750   6/17/2024    EUR   75.000
State of Saxony-Anha    2.030    7/3/2028    EUR   60.000
Rio Forte Investment    4.000   7/22/2014    EUR    3.846
Prosus NV               1.985   7/13/2033    EUR   65.153
DZ Bank AG Deutsche     5.500   6/23/2023    EUR   71.660
TBI Bank EAD            5.250   7/30/2031    EUR   51.224
Grenke Finance PLC      0.819   2/15/2030    EUR   65.962
Region Auvergne-Rhon    0.892  10/21/2041    EUR   67.304
Region Hauts-de-Fran    0.691    7/9/2042    EUR   64.124
Kingdom of Belgium G    1.170   5/12/2121    EUR   45.909
UBS AG/London           1.600   4/18/2049    EUR   70.438
Single Platform Inve    0.840   6/20/2043    EUR   59.714
Societe Nationale SN    1.400   5/18/2120    EUR   44.201
Kardan NV               6.325   2/21/2021    ILS #N/A N/A
Grand City Propertie    2.500   6/27/2039    EUR   60.776
Malta Government Bon    1.000   8/23/2035    EUR   74.970
Eurohold Bulgaria AD    8.000  12/29/2026    EUR   65.706
Pfandbriefzentrale d    0.020   1/30/2040    CHF   73.092
MMC Norilsk Nickel O    4.100   4/11/2023    USD   60.184
Single Platform Inve    0.754   9/20/2039    EUR   62.816
Caisse Francaise de     0.010  10/19/2035    EUR   68.620
Department of Girond    0.846   4/29/2039    EUR   70.970
Credit Suisse Group     2.455    7/4/2034    EUR   67.204
Virgolino de Oliveir   10.500   1/28/2018    USD    0.499
Barclays Bank PLC       1.580   4/12/2039    EUR   67.500
Romanian Government     4.625    4/3/2049    EUR   74.605
Nederlandse Watersch    0.877   6/24/2054    EUR   63.654
Region de Bruxelles-    0.592  12/10/2061    EUR   47.728
Bayerische Landesban    3.180   2/16/2038    EUR   70.264
Kreditanstalt fuer W    1.270   6/29/2051    EUR   72.759
Ukraine Government I    9.790   5/26/2027    UAH   55.201
DZ Bank AG Deutsche     1.000   2/13/2042    EUR   70.272
Ukraine Government I   16.000   5/24/2023    UAH   59.375
Nomura Bank Internat    1.138  12/19/2039    EUR   57.524
Pescanova SA            5.125   4/20/2017    EUR    0.319
Pongs & Zahn AG         8.500   11/1/2014    EUR    0.152
Ile-de-France Mobili    1.586   2/23/2052    EUR   74.263
Mercedes-Benz Manufa    1.500   3/16/2027    HUF   63.000
Morhomes PLC            2.508   2/19/2051    GBP   63.141
Bayerische Landesban    2.250  10/17/2033    EUR   69.145
Societe Centrale des    2.500   5/15/2023    EUR    6.780
State of Bremen         0.936   9/28/2046    EUR   68.451
BPCE SA                 0.500  10/21/2034    EUR   74.284
ING Bank NV             0.465   4/21/2041    EUR   66.688
Single Platform Inve    0.835  10/14/2061    EUR   48.390
Ile-de-France Mobili    1.200    4/8/2050    EUR   66.715
Agrokor dd              9.875    5/1/2019    EUR   15.000
BCP V Modular Servic    6.750  11/30/2029    EUR   72.450
EnBW International F    2.080   1/21/2041    EUR   74.414
Bank Gospodarstwa Kr    2.000   11/3/2036    EUR   70.544
Kommunekredit           0.869  11/12/2043    SEK   65.383
Romanian Government     1.375   12/2/2029    EUR   73.447
Centre Hospitalier R    0.800   6/28/2041    EUR   67.096
Banco Espirito Santo   10.000   12/6/2021    EUR    0.110
VTB Bank PJSC Via VT    9.500                USD    6.000
Single Platform Inve    1.610   2/15/2043    EUR   72.829
Kingdom of Belgium G    0.459   7/23/2079    EUR   34.106
Credit Agricole Corp    1.550    9/8/2031    AUD   72.015
State of Saarland       0.500   3/15/2051    EUR   59.005
Credit Bank of Mosco    4.700   1/29/2025    USD   19.142
Nederlandse Watersch    1.900   1/31/2035    AUD   69.532
Autonomous Community    1.255  10/31/2048    EUR   61.745
Deutsche Bank AG        1.750  10/30/2028    USD   72.900
SunDell Estate Nyrt     3.250  11/12/2030    HUF   68.000
Kelag-Kaerntner Elek    1.150   4/16/2041    EUR   68.745
Premium Green PLC       1.050   9/15/2035    EUR   73.023
Banco Santander SA      2.210   3/12/2031    USD   73.196
Flamingo Lux II SCA     5.000   3/31/2029    EUR   74.379
Pfandbriefbank schwe    0.250   10/6/2042    CHF   73.792
Virgolino de Oliveir   10.875   1/13/2020    USD   36.000
BPCE SA                 2.250   3/13/2040    AUD   48.290
Single Platform Inve    0.930    7/2/2041    EUR   63.427
Muenchener Hypotheke    0.420  12/10/2035    EUR   66.065
Republic of Ireland     1.250   10/8/2121    EUR   59.392
MMC Norilsk Nickel O    2.800  10/27/2026    USD   51.356
Credit Bank of Mosco    7.121   6/25/2024    USD   22.717
Intelsat Jackson Hol    8.500  10/15/2024    USD    0.486
Single Platform Inve    0.833   2/15/2041    EUR   61.950
Erdoel-Lagergesellsc    1.200    6/4/2043    EUR   73.521
Barclays Bank PLC      13.810   4/16/2024    TRY   74.894
Junta de Castilla y     1.270  10/31/2044    EUR   66.769
Societe Generale SA    21.000    2/2/2023    USD   56.760
Single Platform Inve    0.363   2/15/2041    EUR   55.972
DekaBank Deutsche Gi    7.650   3/10/2023    EUR   33.470
Bulgaria Steel Finan   12.000    5/4/2013    EUR    0.216
Rena GmbH               8.250   7/11/2018    EUR    0.059
Lloyds Bank PLC         0.500   7/26/2028    MXN   56.060
Erotik-Abwicklungsge    7.750    7/9/2019    EUR    0.779
Steilmann SE            7.000   9/23/2018    EUR    1.429
Vontobel Financial P    7.500  12/23/2022    USD   53.470
Credit Agricole Corp    1.120  11/21/2034    EUR   72.023
CDC Habitat SEM         0.814   2/15/2040    EUR   61.237
Romanian Government     3.375    2/8/2038    EUR   68.908
Nostrum Oil & Gas Fi    7.000   2/16/2025    USD   25.383
Air Berlin Finance B    8.500    3/6/2019    EUR    0.381
SAir Group              2.125   11/4/2004    CHF   12.350
Spain Government Bon    0.850   7/30/2037    EUR   72.292
Agence France Locale    2.550   3/20/2036    AUD   72.705
Virgolino de Oliveir   10.875   1/13/2020    USD   36.000
Turkey Government In    4.875   4/16/2043    USD   63.986
Societe Generale SA     9.250   9/16/2024    USD   31.200
Communaute Francaise    1.040   7/19/2101    EUR   52.129
Banque Federative du    1.590    2/5/2031    USD   72.184
Caisse des Depots et    1.015   7/22/2050    EUR   69.083
Kreditanstalt fuer W    0.890   3/10/2041    EUR   72.466
Credito Padano Banca    3.100                EUR   34.598
Cimpress PLC            7.000   6/15/2026    USD   68.235
Credit Suisse AG/Lon    5.100    6/8/2041    USD   72.389
Transmission Finance    2.701  10/16/2037    EUR   73.487
Slovenska Sporitelna    4.820                EUR   71.997
CPI Hungary Investme    2.250    8/7/2030    HUF   51.000
Phones4u Finance PLC    9.500    4/1/2018    GBP   74.938
DNB Boligkreditt AS     0.980   6/20/2044    EUR   69.846
Getin Noble Bank SA    12.320   3/31/2023    PLN   39.955
MS Deutschland Betei    6.875  12/18/2017    EUR    0.211
Raiffeisenlandesbank    0.500   1/22/2035    EUR   74.737
SAir Group              0.125    7/7/2005    CHF   12.375
National Grid Electr    1.608   8/24/2040    GBP   58.594
Region Bretagne SCI     0.544   12/7/2036    EUR   71.728
National Grid Electr    2.020   3/12/2032    AUD   72.857
National Grid Electr    1.151   2/20/2040    EUR   63.058
Single Platform Inve    0.700   9/20/2041    EUR   58.829
BNP Paribas SA          1.271    1/2/2024    USD   43.500
Single Platform Inve    0.915   2/15/2043    EUR   62.371
SAir Group              5.500   7/23/2003    CHF   12.345
Centre Hospitalier R    1.500   4/27/2050    EUR   72.169
Odea Bank AS            8.606    8/1/2027    USD   59.538
Credit Suisse AG/Lon    0.875   5/21/2031    EUR   71.692
A-TEC Industries AG     8.750  10/27/2014    EUR    0.100
NET4GAS sro             2.750   7/17/2025    CZK   74.599
OGX Austria GmbH        8.500    6/1/2018    USD    0.002
Elli Investments Ltd   12.250   6/15/2020    GBP   52.250
BPCE SFH SA             1.229   4/12/2049    EUR   71.362
Grenke Finance PLC      2.040   4/16/2029    EUR   65.640
Novolipetsk Steel Vi    4.500   6/15/2023    USD   61.652
Finance and Credit B    9.250   1/25/2019    USD    0.001
Communaute Francaise    1.581   1/23/2120    EUR   55.009
Region Wallonne Belg    1.225    9/2/2120    EUR   42.848
United Kingdom Gilt     1.625  10/22/2071    GBP   67.364
Single Platform Inve    1.080   5/25/2066    EUR   50.571
PIK Securities DAC      5.625  11/19/2026    USD   33.200
Communaute Francaise    1.380   11/7/2046    EUR   68.840
SG Issuer SA            0.263   2/20/2025    EUR   19.990
Italy Buoni Polienna    1.700    9/1/2051    EUR   65.134
Vajda-Papir Gyarto K    3.500   5/17/2031    HUF   70.900
Societe Generale SA     2.420   5/27/2031    USD   73.570
State of Mecklenburg    0.239  11/17/2070    EUR   41.653
GTC Magyarorszag Zrt    2.250   12/7/2030    HUF   66.590
Alpine Holding GmbH     5.250   6/10/2016    EUR    3.159
Credit Suisse AG/Lon    4.450   6/28/2023    USD    8.980
Bpifrance SACA          1.046   5/25/2050    EUR   62.793
Elli Finance UK PLC     8.750   6/15/2019    GBP   62.279
Landesbank Baden-Wue    1.300   6/21/2049    EUR   56.556
VTB Bank OJSC Via VT    6.250   6/30/2035    USD   21.403
Getin Noble Bank SA    12.650   4/28/2023    PLN   35.965
Banco Santander SA      3.764   12/7/2033    AUD   74.496
Ukraine Government I    9.990   5/22/2024    UAH   51.591
Caisse des Depots et    0.398  12/15/2050    EUR   56.461
Bayerische Landesban    0.400   7/15/2031    EUR   73.466
Region Hauts-de-Fran    0.402   2/18/2043    EUR   59.045
UBS AG/London           5.000    1/9/2023    USD   52.100
Getin Noble Bank SA    11.720  11/30/2023    PLN   23.875
Romanian Government     2.750   4/14/2041    EUR   58.329
Single Platform Inve    1.220    4/1/2039    EUR   68.771
Banco Santander SA      0.010   10/1/2032    EUR   66.461
Landesbank Hessen-Th    0.700   11/2/2034    EUR   68.429
Landesbank Hessen-Th    0.500   12/6/2034    EUR   71.100
Caixa Economica Mont    5.000                EUR   52.250
Alfa Bank AO Via Alf    5.500  10/26/2031    USD    3.670
UniCredit Bank Austr    0.150   4/29/2033    EUR   74.810
Ukraine Government I   15.970   4/19/2023    UAH   60.775
Depfa Funding III LP    2.056                EUR   52.830
BNP Paribas SA          0.500   9/29/2029    AUD   68.791
Malta Government Bon    2.400   8/13/2052    EUR   72.880
Raiffeisen Switzerla    7.050   5/22/2023    EUR   53.570
Aareal Bank AG          1.576   2/23/2032    EUR   69.457
HSE Finance Sarl        7.512  10/15/2026    EUR   61.266
Ville de Paris          0.963   12/6/2051    EUR   58.319
Bayerische Landesban    0.450   2/12/2031    EUR   74.420
Raiffeisen Schweiz G    8.340    3/7/2023    EUR   59.900
Landesbank Baden-Wue    4.734   2/20/2034    EUR   73.740
UBS AG/London          17.040   5/26/2027    SEK   66.750
Rusal Capital DAC       4.850    2/1/2023    USD   43.189
Credit Agricole SA      3.750    6/9/2040    AUD   64.301
Hemso Fastighets AB     2.615  11/30/2043    EUR   62.585
Unibail-Rodamco-West    2.000   12/5/2033    EUR   74.326
Kommunekredit           0.375    2/3/2045    DKK   61.263
Getin Noble Bank SA    12.290   7/28/2023    PLN   29.965
Landesbank Hessen-Th    1.150  11/24/2036    EUR   69.596
Ministeries Van de V    0.400  11/20/2043    EUR   59.162
Willhem AB              1.824  10/18/2038    SEK   65.786
Eurotorg LLC Via Bon    9.000  10/22/2025    USD   54.897
Deutsche Pfandbriefb    0.857   9/18/2037    EUR   50.332
Turkey Government In    6.000   1/14/2041    USD   71.665
SG Issuer SA            0.600    3/7/2033    EUR   72.433
Credit Bank of Mosco    7.625                USD   15.433
Agence France Locale    0.570   9/20/2040    EUR   67.737
Hungary Government B    3.000   4/25/2041    HUF   53.263
Deutsche Bank AG        1.725   1/16/2045    EUR   44.789
Sveriges Sakerstalld    1.378   7/13/2046    SEK   67.855
Takarek Mortgage Ban    5.750   5/27/2032    HUF   65.360
Landesbank Baden-Wue    3.480   2/24/2023    EUR   50.050
Republic of Ireland     0.995   2/24/2121    EUR   49.533
Ville de Paris          0.850    8/4/2051    EUR   59.513
Nykredit Realkredit     1.182   1/17/2034    EUR   68.745
BNG Bank NV             0.630   7/11/2067    EUR   50.745
Bulgaria Government     1.375   9/23/2050    EUR   57.134
Grand Delta Habitat     1.500    9/1/2049    EUR   63.343
Societe Generale SA    21.000  12/23/2022    USD   29.200
State of Lower Austr    0.550  11/13/2080    EUR   36.130
Vajda-Papir Gyarto K    3.500  11/16/2030    HUF   65.500
Eurogrid GmbH           0.875  11/20/2040    EUR   66.268
Ukraine Government I    9.840   2/15/2023    UAH   59.375
Region of Centre-Val    0.712   12/3/2039    EUR   68.289
Intelsat Jackson Hol    9.750   7/15/2025    USD    0.486
HSBC Continental Eur    1.140   8/26/2049    EUR   61.787
Agence France Locale    0.330  12/20/2040    EUR   64.118
DekaBank Deutsche Gi    1.100  11/25/2030    EUR   72.402
Raiffeisen Bank Inte    0.370    2/3/2033    EUR   63.058
Solon SE                1.375   12/6/2012    EUR    0.745
Societe Generale SA    18.000   11/2/2023    USD    9.900
Caisse des Depots et    1.050   9/27/2049    EUR   69.802
Credit Suisse AG/Lon    1.352    4/8/2034    EUR   72.536
Depfa Funding II LP     6.500                EUR   57.625
Mox Telecom AG          7.250   11/2/2017    EUR    2.270
Leonteq Securities A    3.500   1/10/2023    EUR   15.660
DZ Bank AG Deutsche     0.530   7/26/2033    EUR   69.916
Landesbank Hessen-Th    4.734   2/11/2037    EUR   66.600
Landesbank Baden-Wue    1.600    4/3/2039    EUR   71.390
Landesbank Hessen-Th    1.500  11/17/2036    EUR   66.900
Single Platform Inve    0.800  12/20/2040    EUR   62.294
Centre Hospitalier U    1.160    9/6/2039    EUR   59.955
Societe Generale SA    10.000    8/3/2023    USD   66.000
Assistance Publique     0.490   9/30/2040    EUR   63.994
Jain International T    7.125    2/1/2022    USD   21.799
Getin Noble Bank SA    12.300   8/31/2023    PLN   45.520
Landesbank Hessen-Th    2.000  11/25/2036    EUR   66.000
Agence France Locale    0.210  12/20/2035    EUR   70.666
Intesa Sanpaolo Bank    3.102  11/19/2035    AUD   65.342
Societe Wallonne de     0.883  11/21/2044    EUR   61.019
Erste Group Bank AG     0.770  11/13/2033    EUR   70.033
Gecci Investment KG     6.000   10/1/2027    EUR   37.552
SiC Processing GmbH     7.125    3/1/2016    EUR    0.784
Bilt Paper BV          10.360                USD    1.399
Single Platform Inve    0.656   9/20/2050    EUR   49.534
Heimstaden Bostad AB    2.800    5/4/2035    EUR   67.113
Takarek Mortgage Ban    1.750  12/22/2026    HUF   65.140
Virgolino de Oliveir   11.750    2/9/2022    USD    0.499
Orient Express Bank     2.000                USD   19.402
UBS AG/London           7.500   6/22/2023    USD   70.050
Ville de Paris          1.165    6/9/2053    EUR   61.820
Single Platform Inve    0.901   2/15/2041    EUR   64.047
Societe Generale SA    15.140   7/16/2024    USD   27.000
Credit Suisse AG/Lon    4.530   7/12/2023    USD    8.520
Barclays Bank PLC       2.070  12/18/2035    USD   63.648
Landesbank Hessen-Th    9.468   9/21/2033    EUR   74.600
Futureal Development    3.500  11/16/2036    HUF   47.000
Credit Agricole Corp    2.400   5/17/2048    EUR   57.925
Credit Suisse AG/Lon    1.000  12/20/2027    EUR    2.910
Region de Bruxelles-    0.765   7/15/2052    EUR   55.285
Deutsche Wohnen SE      2.125   9/26/2033    EUR   72.573
Nationwide Building     0.485   7/11/2044    CHF   73.495
Purple Protected Ass    2.085  10/27/2060    EUR   59.832
Polyus Finance PLC      5.250    2/7/2023    USD   48.191
Societe Du Grand Par    0.576  10/29/2052    EUR   50.585
Hemso Fastighets AB     1.130  10/31/2039    EUR   67.178
HSBC Continental Eur    1.410  12/12/2039    EUR   71.402
Comunidad Foral de N    0.550  10/22/2035    EUR   72.321
Credit Suisse AG/Lon    6.250  10/31/2025    USD    9.010
Communaute Francaise    0.788   8/30/2049    EUR   57.339
Purple Protected Ass    1.580   5/25/2060    EUR   53.203
Societe Generale SA    15.760   8/13/2026    USD   53.800
DekaBank Deutsche Gi    3.970    2/9/2023    EUR   40.330
HPI AG                  3.500                EUR    0.400
Ukraine Government I    7.750    9/1/2025    USD   24.912
Ukraine Government I    7.750    9/1/2027    USD   22.565
Sairgroup Finance BV    6.625   10/6/2010    EUR    1.964
Single Platform Inve    3.505    8/6/2046    AUD   65.071
Elecnor SA              3.025   9/30/2035    EUR   70.552
BNP Paribas SA          1.275   10/2/2023    USD   23.540
Department of Loiret    0.915  11/23/2043    EUR   65.744
Erste Group Bank AG     7.000   12/1/2022    EUR   62.500
Barclays Bank PLC       2.000  12/21/2029    USD   73.423
Kingdom of Belgium G    2.750   6/10/2071    USD   69.213
Ukraine Government B    3.900   10/5/2023    USD   56.543
Credit Suisse AG/Lon    2.302    4/8/2037    EUR   71.935
Credit Suisse AG/Lon    2.100   3/31/2031    USD   67.878
Getin Noble Bank SA    12.650   4/29/2024    PLN   22.775
Credit Agricole Corp   14.280   11/5/2026    TRY   62.883
Royal Schiphol Group    2.890  10/25/2034    AUD   70.311
UBS AG/London           4.520    9/7/2023    USD    9.204
BNP Paribas Issuance    4.360  12/14/2022    EUR   69.710
Landesbank Baden-Wue    0.500  11/25/2030    EUR   74.983
CDC Habitat SEM         1.170    5/4/2037    EUR   68.185
Wirtschafts- und Inf    0.200   12/2/2043    EUR   58.126
DekaBank Deutsche Gi    5.970    2/9/2023    EUR   40.410
Region Bretagne SCI     0.815   6/12/2040    EUR   68.828
Kreditanstalt fuer W    0.689   6/18/2040    EUR   72.428
Kommunekredit           1.336   10/1/2032    AUD   71.520
City of Lausanne Swi    0.230   11/1/2060    CHF   55.169
Sberbank of Russia V    5.250   5/23/2023    USD    6.524
RENE LEZARD Mode Gmb    7.250  11/25/2017    EUR    0.500
ABN AMRO Bank NV        2.295   9/21/2026    EUR   20.000
La Banque Postale Ho    0.640   1/27/2042    EUR   69.033
Landesbank Hessen-Th    1.650   5/27/2030    EUR    4.938
Single Platform Inve    1.370   7/25/2053    EUR   62.514
Hamburgische Investi    0.380   2/24/2042    EUR   65.286
Saechsische Aufbauba    0.300   2/18/2042    EUR   61.441
Societe Generale SA    11.000   8/16/2024    USD   17.650
Polyus Finance PLC      3.250  10/14/2028    USD   48.616
Hemso Fastighets AB     0.473   2/18/2030    EUR   69.831
Societe Generale SA    16.000   10/3/2024    USD    8.550
Luzerner Kantonalban    0.250   8/28/2040    CHF   74.740
Ville de Paris          0.758   8/20/2060    EUR   46.739
Vasakronan AB           1.770  10/26/2033    NOK   69.518
Free State of Saxony    0.400   5/12/2036    EUR   73.787
Department of Loiret    0.478  10/30/2040    EUR   63.694
BNP Paribas SA          2.840   8/26/2039    AUD   56.936
State of Hesse          0.227   8/20/2049    EUR   55.945
United Kingdom Gilt     0.500  10/22/2061    GBP   43.786
Batigere Grand Est S    1.400   8/31/2050    EUR   59.852
Bibby Offshore Servi    7.500   6/15/2021    GBP   11.625
Heta Asset Resolutio    1.136  12/31/2023    EUR    0.017
Russian Railways JSC   13.630   4/29/2043    RUB   55.010
DAH Holding GmbH        7.250   9/28/2018    EUR    0.718
Cie de Financement F    0.975   8/11/2046    EUR   69.574
Raiffeisen Switzerla    7.050   5/23/2023    CHF   53.120
Barclays Bank PLC       2.975   2/21/2025    USD    8.978
Single Platform Inve    1.060    4/1/2042    EUR   64.983
VTB Bank PJSC           5.000                USD   54.500
UBS Group AG            2.370   2/25/2036    USD   66.181
Nitrogenmuvek Vegyip    7.000   5/14/2025    EUR   70.022
Caisse Francaise de     1.093  10/14/2051    EUR   69.085
Societe Generale SA     2.480   7/17/2040    USD   51.237
BNG Bank NV             0.632   7/12/2066    EUR   51.412
Societe Generale SA     3.300    7/8/2034    AUD   70.774
Landesbank Hessen-Th    0.800   2/26/2035    EUR   68.580
Region Wallonne Belg    1.135  10/10/2069    EUR   53.986
Getin Noble Bank SA    11.290   7/26/2024    PLN   34.875
Ministeries Van de V    0.634  11/19/2060    EUR   44.651
Batigere Grand Est S    1.600  11/14/2039    EUR   68.980
HOCHTIEF AG             2.300   4/26/2034    EUR   66.823
Societe Nationale SN    3.190   4/19/2041    AUD   73.337
Kommunekredit           2.200   9/27/2041    AUD   64.675
Basque Government       1.750   4/22/2050    EUR   69.564
Cattles Ltd             8.125    7/5/2017    GBP    0.027
Single Platform Inve    1.085   6/20/2050    EUR   57.561
State of Lower Austr    0.460   10/8/2049    EUR   54.675
Rosbank PJSC            0.030   4/30/2024    RUB   60.050
UkrLandFarming PLC     10.875   3/26/2018    USD    1.442
Agrokor dd              9.125    2/1/2020    EUR   15.000
New World Resources     4.000   10/7/2020    EUR    0.312
Region Wallonne Belg    1.150    9/2/2120    EUR   40.538
Zurcher Kantonalbank   12.000   2/16/2023    USD   62.150
Ukraine Government I    8.994    2/1/2026    USD   23.775
Region Provence-Alpe    0.753    1/5/2037    EUR   74.061
Kuntarahoitus Oyj       0.815   2/24/2061    EUR   63.715
Muenchener Hypotheke    0.550   2/18/2046    CHF   61.135
Hemso Fastighets AB     2.680   7/10/2035    AUD   65.709
CDC Habitat SEM         1.150   4/30/2037    EUR   67.954
United Kingdom Gilt     0.625  10/22/2050    GBP   51.418
Credit Suisse AG/Lon    9.000   3/23/2023    USD   59.070
City of Zurich Switz    0.400  11/21/2046    CHF   74.583
Single Platform Inve    0.785   3/20/2039    EUR   64.035
Sibur Securities DAC    3.450   9/23/2024    USD   57.671
Erste Group Bank AG     7.500  11/29/2024    EUR   59.950
Wirtschafts- und Inf    0.170   12/9/2041    EUR   63.534
Region Auvergne-Rhon    0.543   9/28/2036    EUR   71.371
Assistance Publique     1.665   4/10/2049    EUR   73.281
Free and Hanseatic C    1.095   6/13/2046    EUR   71.326
Credit Suisse AG/Lon    4.700    7/1/2046    AUD   74.694
A-TEC Industries AG     2.750   5/10/2014    EUR    0.100
City of St Gallen       0.140   9/16/2044    CHF   71.471
Deutsche Bank AG        2.825   2/25/2043    EUR   71.664
Caisse des Depots et    2.700   4/28/2041    AUD   68.353
Credit Suisse AG/Lon    4.460   7/26/2023    USD    9.190
Kommunalkredit Austr    1.055   10/6/2031    EUR   73.494
Landesbank Hessen-Th    0.650   10/6/2031    EUR   74.401
UBS AG                  9.000   3/31/2023    USD   50.100
Bayer Construct Epit    3.700  10/21/2031    HUF   66.340
Alfa Bank AO Via Alf    5.900                USD    4.396
Societe Du Grand Par    1.149    4/8/2069    EUR   57.682
BNP Paribas SA          3.580   7/23/2040    AUD   74.910
Grand City Propertie    2.800   2/25/2039    EUR   64.072
Kingdom of Belgium G    0.558   9/24/2077    EUR   37.759
Region Wallonne Belg    0.150   5/10/2035    EUR   69.834
Swissgrid AG            0.125   6/30/2036    CHF   74.869
Autonomous Community    0.810  10/31/2040    EUR   64.548
ABN AMRO Bank NV        0.450  12/12/2036    EUR   71.697
Bayerische Landesban    0.900  11/29/2035    EUR   65.040
CDC Habitat SEM         1.060   5/22/2036    EUR   67.951
Region de Bruxelles-    1.500   6/22/2070    EUR   66.575
SG Issuer SA            1.050  11/20/2025    EUR   18.350
Landesbank Hessen-Th    1.000  11/29/2034    EUR   70.900
Agrokor dd Via Aquar    4.921    8/8/2017    EUR   14.625
Russian Railways JSC   14.680  10/11/2038    RUB   55.010
Deutsche Pfandbriefb    0.500   7/23/2029    EUR   71.930
Erste Group Bank AG     5.250  11/30/2022    EUR   52.400
Societe Generale SA     7.010    8/1/2023    USD   73.740
Ideal Standard Inter    6.375   7/30/2026    EUR   48.731
Single Platform Inve    1.442   7/25/2053    EUR   64.244
Barclays Bank PLC       3.130    4/9/2051    USD   69.404
Societe Generale SA    16.000    8/1/2024    USD   16.150
Region de Bruxelles-    1.144   1/14/2056    EUR   59.753
Polyus Finance PLC      4.700   1/29/2024    USD   47.725
Sibur Holding PAO       1.500   10/1/2032    USD   46.000
Thomas Cook Group PL    6.250   6/15/2022    EUR    0.188
Grupo Isolux Corsan     1.000  12/30/2021    EUR    0.157
Region Provence-Alpe    0.394    9/1/2036    EUR   70.610
DekaBank Deutsche Gi    4.630  12/16/2022    EUR   72.700
Romanian Government     3.500    4/3/2034    EUR   73.471
Kreditanstalt fuer W    0.826  10/22/2041    EUR   73.413
UBS AG                  9.000   4/20/2023    USD   25.000
Hypo Vorarlberg Bank    1.520    7/8/2050    EUR   63.021
LP Portfolio Vagyonk    3.400   9/23/2031    HUF   56.200
Luzerner Kantonalban   10.120  12/23/2022    CHF    9.000
Nordea Bank Abp         3.050   7/20/2027    SEK   70.900
Ukraine Government I    4.375   1/27/2032    EUR   19.475
Rusal Capital DAC       5.300    5/3/2023    USD   40.465
Landesbank Hessen-Th    0.800  11/26/2035    EUR   66.850
Hungary Government I    3.125   9/21/2051    USD   59.682
Autonomous Community    1.138  11/22/2052    EUR   55.663
Caisse Francaise de     0.510  11/19/2040    EUR   66.526
State of Lower Austr    0.585  10/11/2049    EUR   56.968
Landesbank Baden-Wue    0.900  11/22/2034    EUR   66.279
Sibur Securities DAC    4.125   10/5/2023    USD   59.728
LP Portfolio Vagyonk    2.800  11/30/2030    HUF   60.950
UBS AG                  7.000    5/1/2024    USD   67.000
State of Rhineland-P    0.375   7/20/2048    EUR   58.903
Skandinaviska Enskil   10.150   1/15/2025    SEK   62.730
Rosbank PJSC            0.010   4/30/2024    RUB   60.050
Officine Maccaferri-    5.750    6/1/2021    EUR   17.672
Gold-Zack AG            7.000  12/14/2005    EUR    1.650
Wirtschafts- und Inf    0.060   8/31/2034    EUR   71.052
Ville de Paris          1.293   2/22/2049    EUR   69.630
Jain International T    7.125   3/31/2026    USD   27.543
Landesbank Saar         0.760    5/8/2034    EUR   71.663
Ile-de-France Mobili    1.000   12/2/2043    EUR   68.388
Societe Generale SA    14.400  12/14/2023    USD   28.600
Caisse des Depots et    0.859    3/2/2041    EUR   70.482
Single Platform Inve    1.235  12/20/2050    EUR   60.148
Single Platform Inve    1.013  12/20/2050    EUR   54.851
Communaute Francaise    0.782    2/8/2061    EUR   48.993
Raiffeisen Centroban   11.819   3/22/2023    EUR   73.800
Caisse des Depots et    2.766    8/9/2049    USD   69.084
Santander Internatio    1.150    4/8/2041    EUR   64.397
Ministeries Van de V    1.095    6/3/2055    EUR   59.267
TransFin-M PAO          9.400    2/4/2027    RUB   61.000
MOL Hungarian Oil &     1.100   9/22/2030    HUF   47.000
Bulgaria Government     0.375   9/23/2030    EUR   73.974
State of Rhineland-P    0.600  10/24/2046    EUR   62.747
Department of Girond    0.412  11/26/2037    EUR   68.144
Chelyabinsk Pipe Pla    4.500   9/19/2024    USD   16.665
Getin Noble Bank SA    11.300   8/30/2024    PLN   37.876
Ministeries Van de V    0.600  11/19/2055    EUR   45.922
Caisse des Depots et    0.913  11/20/2050    EUR   66.365
Deutsche Wohnen SE      1.700   12/5/2036    EUR   69.342
LR Realkredit AS        0.500   10/1/2050    DKK   68.883
Pescanova SA            6.750    3/5/2015    EUR    0.319
Land Berlin             0.500   6/19/2047    EUR   63.167
BPCE SA                 1.920   12/9/2030    AUD   66.707
Novolipetsk Steel Vi    4.000   9/21/2024    USD   60.481
Hungary Government B    4.000   4/28/2051    HUF   55.963
Region of Pays de la    0.570   3/10/2036    EUR   73.549
Societe Generale SA     2.630    3/2/2036    USD   62.292
Region Auvergne-Rhon    0.650   5/18/2038    EUR   70.125
Societe Nationale SN    2.910   1/27/2051    AUD   66.217
Centre Hospitalier B    0.950    2/5/2041    EUR   56.171
Single Platform Inve    0.830    9/6/2041    EUR   61.462
Region Occitanie        0.766   10/7/2041    EUR   66.230
Region Wallonne Belg    1.220   6/12/2050    EUR   64.040
InterCement Financia    5.750   7/17/2024    USD   69.297
International Financ    0.500   6/29/2027    ZAR   66.549
ABN AMRO Bank NV        1.171    4/4/2044    EUR   71.725
Region de Bruxelles-    1.528    4/5/2049    EUR   71.216
Department of L'Eure    1.110   6/18/2039    EUR   74.121
getgoods.de AG          7.750   10/2/2017    EUR    0.527
Deutsche Wohnen SE      1.250   7/31/2031    EUR   74.259
Norske Skogindustrie    7.125  10/15/2033    USD    0.010
Single Platform Inve    1.340   6/20/2041    EUR   70.419
Pfandbriefbank schwe    0.250   4/25/2042    CHF   74.083
BNP Paribas SA          1.300   1/28/2037    EUR   70.443
Vasakronan AB           3.300   1/14/2042    AUD   64.853
Banco Santander SA      3.600   11/5/2033    AUD   73.369
Caisse des Depots et    3.000   11/8/2051    AUD   67.950
Credit Suisse AG/Lon    9.000  11/28/2022    USD   38.790
Batigere Grand Est S    1.500  12/15/2051    EUR   63.083
Societe Generale SA    20.000  12/18/2025    USD   32.500
State of North Rhine    0.950   1/10/2121    EUR   47.319
Ukraine Government B    4.000   1/25/2024    USD   47.088
Turkiye Ihracat Kred   12.540   9/14/2028    TRY   49.899
Autonomous Community    1.515   6/21/2051    EUR   64.665
Single Platform Inve    1.200   11/1/2040    EUR   66.487
Agence Francaise de     0.537   7/16/2040    EUR   69.850
Cordia International    3.000   7/27/2030    HUF   57.000
Leonteq Securities A   13.000  11/30/2022    EUR   38.596
Single Platform Inve    0.740    4/1/2042    EUR   59.957
Landesbank Hessen-Th    1.000  10/14/2036    EUR   66.200
Batigere Grand Est S    1.550  11/14/2039    EUR   68.022
Single Platform Inve    0.559   2/15/2047    EUR   51.788
SG Issuer SA            2.910  10/29/2034    AUD   67.134
Zurcher Kantonalbank   20.000   1/18/2023    USD   68.050
LFA Foerderbank Baye    0.050   9/29/2034    EUR   72.519
Forras Vagyonkezeles    3.250   10/1/2030    HUF   68.580
Single Platform Inve    0.720   3/20/2051    EUR   51.149
Region de Bruxelles-    1.100   6/22/2066    EUR   56.757
Santander Internatio    1.365   1/28/2061    EUR   54.851
NRW Bank                0.106   8/17/2050    EUR   56.173
Landesbank Baden-Wue    1.080   7/16/2035    EUR   66.274
National Grid Electr    2.920   9/30/2044    AUD   66.084
Region Bretagne SCI     0.815   6/12/2040    EUR   68.828
Minicentrales Dos SA    0.010    6/6/2047    EUR   59.376
Steilmann SE            7.000    3/9/2017    EUR    1.429
Muenchener Hypotheke    0.886   3/26/2043    EUR   68.686
Polski Bank Spoldzie   10.850   9/14/2027    PLN   42.925
Russian Agricultural    8.500  10/16/2023    USD   13.414
Credit Suisse AG/Lon    3.110    3/3/2032    USD   71.014
Credit Suisse AG/Lon   10.500  12/27/2022    CHF    8.400
Hell Energy Magyaror    3.000   7/28/2031    HUF   65.900
Landesbank Saar         0.890    9/4/2034    EUR   72.131
Region of Centre-Val    0.822   5/12/2041    EUR   67.583
Banco Santander SA      1.000   1/14/2034    EUR   70.792
Muenchener Hypotheke    0.620   7/22/2033    EUR   69.751
Credit Suisse AG/Lon    8.000   6/28/2023    USD    9.620
Region Occitanie        0.728  11/16/2037    EUR   70.480
Corner Banca SA        14.000   3/27/2023    CHF   60.080
VTB Bank PJSC           3.750                EUR   50.000
SunDell Estate Nyrt     3.650    7/9/2031    HUF   69.500
4iG Nyrt                2.900   3/29/2031    HUF   68.510
BNP Paribas Emission    8.500   2/21/2023    USD   60.510
BNG Bank NV             0.562    6/7/2051    EUR   65.889
Norddeutsche Landesb    1.150    7/1/2036    EUR   67.930
Barclays Bank PLC       4.150    4/5/2039    AUD   71.818
Societe Generale SA     1.700   1/19/2031    USD   70.087
Eltex Kft               3.500  12/21/2028    HUF   69.600
Credit Agricole Corp    1.300    2/2/2061    EUR   53.353
Kingdom of Belgium G    0.650   6/22/2071    EUR   48.741
Portugal Obrigacoes     1.000   4/12/2052    EUR   57.919
Purple Protected Ass    1.598    2/5/2061    EUR   66.555
Credit Suisse AG/Lon    7.750  12/15/2022    CHF   34.170
Deutsche Pfandbriefb    4.120   11/3/2031    EUR   65.230
Landesbank Baden-Wue    0.750   8/12/2039    EUR   67.450
Cie de Financement F    0.900   7/18/2058    EUR   60.070
Landesbank Baden-Wue    1.000   8/12/2039    EUR   66.910
Region de Bruxelles-    1.225   6/21/2070    EUR   56.598
DZ Bank AG Deutsche     0.540  10/23/2031    EUR   74.289
Malta Government Bon    1.500  10/22/2045    EUR   65.690
Berlin Hyp AG           0.750    3/4/2050    EUR   64.878
Thomas Cook Finance     3.875   7/15/2023    EUR    1.474
Single Platform Inve    0.605   9/20/2042    EUR   57.403
Pfandbriefzentrale d    0.050   10/6/2043    CHF   69.392
Landesbank Hessen-Th    0.650  10/18/2034    EUR   67.955
Societe Generale SA     9.000  10/31/2034    USD   54.000
UniCredit Bank AG       1.120   5/14/2057    EUR   68.587
Deutsche Pfandbriefb    0.480   5/19/2031    EUR   64.889
Credit Suisse AG/Lon    2.000   9/30/2030    USD   68.946
Single Platform Inve    1.156   2/12/2041    EUR   65.909
Societe Generale SA     8.880   9/16/2024    USD   37.250
NatWest Markets PLC     1.250   12/4/2034    EUR   70.477
Societe Du Grand Par    1.923   5/25/2066    EUR   72.705
Slovenia Government     0.488  10/20/2050    EUR   49.667
SNCF Reseau             2.622   9/24/2049    USD   73.075
SAir Group              2.750   7/30/2004    CHF   12.350
Single Platform Inve    1.870  11/21/2044    EUR   71.160
SG Issuer SA            0.350  11/15/2023    EUR   26.890
Rosbank PJSC            0.020   4/30/2024    RUB   60.050
Pfandbriefzentrale d    0.200   5/22/2042    CHF   73.355
Assistance Publique     1.125   4/16/2047    EUR   65.614
Takarek Mortgage Ban    3.000   1/28/2036    HUF   43.330
Duna Aszfalt Ut Es M    2.990  10/17/2029    HUF   68.000
Lehman Brothers Trea    2.875   3/14/2013    CHF    0.100
Deutsche Bank AG        0.687  10/11/2049    EUR   50.960
Sequa Petroleum NV      5.000   4/29/2020    USD   30.250
Deutsche Bank AG        2.348   8/15/2034    EUR   71.764
Corner Banca SA        13.000   1/19/2023    USD   32.910
Kommunekredit           2.180   7/16/2040    AUD   64.756
Kuntarahoitus Oyj       1.220   3/27/2060    EUR   69.470
DZ Bank AG Deutsche     9.250   4/28/2023    EUR   42.760
Norddeutsche Landesb    0.900   12/8/2031    EUR   74.861
BNP Paribas SA          1.450  11/17/2041    EUR   67.688
MET Hungary Solar Pa    3.800   12/2/2031    HUF   68.100
Communaute Francaise    0.392   1/22/2041    EUR   60.441
Flextronics Internat    3.600   12/6/2031    HUF   58.000
Vontobel Financial P    6.000   3/24/2023    EUR   69.040
Caisse Francaise de     0.865   2/17/2042    EUR   70.554
Getin Noble Bank SA    12.110  12/21/2023    PLN   19.875
Landesbank Hessen-Th    0.800   9/29/2036    EUR   66.107
Deutsche Bank AG/Lon    2.200   4/14/2023    EUR   74.910
State of North Rhine    1.850   3/18/2089    EUR   69.503
Natixis SA              0.300   6/25/2048    USD   27.264
DZ Bank AG Deutsche     3.780  12/23/2022    EUR   72.720
Wirtschafts- und Inf    0.200  12/14/2045    EUR   56.560
VTB Bank PJSC          10.000                RUB   70.000
Landesbank Hessen-Th    0.350   5/27/2031    EUR   74.519
BNG Bank NV             0.772    8/5/2050    EUR   58.202
Republic of Austria     0.100   7/10/2040    EUR   64.419
Societe Generale SA     2.650   2/25/2030    USD   73.438
Hypo Tirol Bank AG      0.740   5/29/2040    EUR   69.038
DekaBank Deutsche Gi    2.200   3/24/2023    EUR   72.890
Kreditanstalt fuer W    1.267   3/22/2051    EUR   74.867
Getin Noble Bank SA    11.260   6/28/2024    PLN   24.876
Credit Suisse AG/Lon    2.500   7/23/2025    SEK   25.160
Banque Cantonale de     0.100   11/1/2044    CHF   66.344
DLR Kredit A/S          0.500   10/1/2053    DKK   69.094
Kreditanstalt fuer W    0.885  11/14/2039    EUR   73.959
State of Hesse          0.450   9/23/2044    EUR   62.758
Norddeutsche Landesb    0.850   12/7/2035    EUR   65.331
Landesbank Saar         0.650  11/19/2035    EUR   67.196
DekaBank Deutsche Gi    0.780  10/18/2035    EUR   68.665
Home Invest Belgium     1.850   1/15/2032    EUR   73.342
Region Wallonne Belg    1.000   9/16/2059    EUR   54.973
HSBC Bank PLC           0.500   6/23/2027    MXN   61.834
LFA Foerderbank Baye    0.250   9/30/2039    EUR   65.644
Takarek Mortgage Ban    2.600  10/22/2028    HUF   59.820
SCF Capital Designat    3.850   4/26/2028    USD   19.428
BPCE SA                 2.614    3/4/2036    AUD   57.988
UniCredit Bank AG       5.300    4/8/2025    EUR   68.160
Italy Buoni Polienna    1.500   4/30/2045    EUR   65.454
Republic of Poland G    1.250  10/25/2030    PLN   66.484
Wirtschafts- und Inf    0.192   1/28/2042    EUR   60.635
NTRP Via Interpipe L   10.250    8/2/2017    USD   26.500
Ferrovie Luganesi SA    0.280  12/31/2044    CHF   68.626
Zurcher Kantonalbank   30.000   1/18/2023    USD   26.490
Region Auvergne-Rhon    1.150    4/8/2039    EUR   74.905
Hypo Vorarlberg Bank    1.590   8/25/2050    EUR   61.965
Harp Issuer PLC         1.400   2/14/2032    USD   66.975
Landesbank Baden-Wue    3.120  12/23/2022    EUR   66.230
JP Morgan Structured   11.000  12/30/2026    ZMW #N/A N/A
Ukraine Government B   16.000   3/13/2024    UAH   60.286
Landesbank Baden-Wue    4.000   8/22/2025    EUR   45.890
Malta Government Bon    1.200   5/13/2037    EUR   72.070
Landesbank Hessen-Th    0.530   11/4/2031    EUR   73.449
Region de Bruxelles-    0.444   3/19/2057    EUR   44.530
Landesbank Baden-Wue    4.100  12/23/2022    EUR   62.060
Hamburgische Investi    0.372   2/22/2041    EUR   66.329
Single Platform Inve    1.000  10/31/2040    EUR   64.116
Muenchener Hypotheke    1.692   11/6/2051    EUR   69.720
Single Platform Inve    0.815    4/1/2042    EUR   59.096
Slovenska Sporitelna    4.490                EUR   61.351
Nederlandse Watersch    0.955   2/13/2051    EUR   65.142
Wirtschafts- und Inf    0.450   12/1/2038    EUR   69.666
Banco Santander SA      0.790   9/30/2031    EUR   74.211
Alfa-Bank AO           10.200   2/10/2025    RUB   65.000
Banque International    0.800  12/22/2032    EUR   73.865
Barclays Bank PLC       2.700   3/26/2031    AUD   74.502
CB First Investment     8.000                EUR   70.614
Assistance Publique     1.099    4/6/2071    EUR   48.330
Single Platform Inve    1.051    4/1/2042    EUR   63.540
Bayerische Landesban    1.800   1/25/2036    EUR   74.154
Natixis SA              3.600  11/11/2041    AUD   66.828
Skandinaviska Enskil    8.520   1/15/2024    SEK   74.220
Societe Generale SA     2.050   2/18/2031    AUD   68.348
Credit Agricole Corp    1.900   1/15/2031    AUD   74.766
Caisse des Depots et    1.365   11/2/2051    EUR   74.592
TransFin-M PAO          9.150    2/4/2027    RUB   61.000
Kreditanstalt fuer W    0.980   6/28/2051    EUR   69.504
Region de Bruxelles-    0.750   6/24/2042    EUR   65.379
Bayerische Landesban    1.100   3/24/2023    EUR   73.380
Ministeries Van de V    0.875    6/3/2045    EUR   60.064
Grand City Propertie    2.600   2/25/2034    EUR   68.923
Single Platform Inve    1.650    6/3/2038    EUR   74.907
Assistance Publique     0.800   3/23/2046    EUR   61.326
Single Platform Inve    1.083   2/15/2041    EUR   64.967
Deutsche Bank AG/Lon    4.320   6/15/2037    AUD   72.977
Deutsche Pfandbriefb    0.613   9/30/2032    EUR   60.665
Getin Noble Bank SA    12.320    4/4/2024    PLN   32.635
Ville de Paris          0.760   5/25/2066    EUR   45.137
Credit Agricole Corp    0.650   11/5/2034    EUR   67.852
SBAB Bank AB            0.928   11/7/2034    SEK   74.278
Credit Suisse AG/Lon   20.000  11/29/2024    USD   11.229
National Grid Electr    2.226  12/19/2039    GBP   66.143
Kreditanstalt fuer W    1.115   5/17/2041    EUR   70.138
Landesbank Hessen-Th    1.370   9/22/2031    EUR   71.198
Societe Generale SA     1.100   2/20/2034    EUR   70.371
Erste Group Bank AG     0.100   9/30/2032    EUR   69.350
Municipality of Arnh    0.605   2/24/2040    EUR   70.435
EFG International Fi    4.900  11/24/2023    USD   50.120
Deutsche Apotheker-u    1.090  12/16/2039    EUR   63.700
Region de Bruxelles-    0.556  12/23/2064    EUR   43.172
Communaute Francaise    1.600   6/22/2047    EUR   73.405
BNG Bank NV             2.300    3/3/2036    AUD   71.550
Single Platform Inve    1.082   3/17/2039    EUR   66.940
Zurcher Kantonalbank    7.100   12/2/2022    USD   61.070
Assistance Publique     1.073   4/16/2045    EUR   66.706
Basque Government       2.000   4/30/2059    EUR   69.831
Hospices Civils de L    0.380   8/28/2030    EUR   74.733
BNP Paribas SA          1.125   11/5/2034    EUR   70.478
Lehman Brothers Trea   11.750    3/1/2010    EUR    0.100
Danske Bank A/S         0.910  10/17/2039    JPY   72.328
Landesbeteiligungen     1.450   6/15/2046    EUR   65.900
Landesbank Saar         0.842   1/24/2033    EUR   74.975
WEB Windenergie AG      4.000  12/17/2025    EUR    0.010
Dr Wiesent Sozial gG    7.000                EUR    0.002
Commerzbank AG          1.400   7/21/2031    EUR   73.043
Phosphorus Holdco PL   10.000    4/1/2019    GBP    1.386
Russian Railways JSC   13.630  10/15/2040    RUB   50.010
Deutsche Pfandbriefb    3.100    9/7/2046    USD   72.926
Caisse des Depots et    1.075   9/15/2050    EUR   70.178
Skandinaviska Enskil    7.520   7/15/2024    SEK   70.990
DZ Bank AG Deutsche     4.000  12/23/2022    EUR   65.120
Communaute Francaise    1.010   7/19/2051    EUR   59.542
STAVMAT Epitoanyag K    3.000   7/20/2031    HUF   64.600
VTB Bank PJSC          13.000                RUB   74.900
Single Platform Inve    0.810    4/1/2042    EUR   60.177
UniCredit Bank AG       0.610    5/2/2033    EUR   73.448
Sberbank of Russia P    0.010    2/4/2027    RUB   68.900
Single Platform Inve    1.120   7/25/2045    JPY   67.458
Landesbank Hessen-Th    1.750   2/16/2037    EUR   70.100
Landesbank Hessen-Th    9.468  11/16/2033    EUR   74.300
Santander Consumer B    8.100                NOK   56.499
Landesbank Hessen-Th    1.500  12/16/2036    EUR   69.900
Ville de Paris          0.831   2/23/2056    EUR   52.062
Wirtschafts- und Inf    0.650    2/8/2039    EUR   72.057
Zurcher Kantonalbank   22.500  12/20/2022    USD   66.780
Bayerische Landesban    1.716    1/8/2037    EUR   71.971
French Republic Gove    0.500   6/25/2044    EUR   65.363
Barclays Bank PLC       2.600   3/30/2031    AUD   73.844
Grenke Finance PLC      2.237   1/29/2029    EUR   72.710
Ukraine Government B    3.700   5/25/2023    USD   67.297
Bazalgette Finance P    0.074   5/16/2049    GBP   65.145
Vasakronan AB           0.950   3/22/2039    JPY   74.837
Vontobel Financial P    3.900   1/19/2023    EUR   58.060
BNP Paribas SA          1.660    3/4/2031    USD   71.277
CDC Habitat SEM         0.853   2/15/2041    EUR   61.189
Bayerische Landesban    0.350  12/23/2030    EUR   74.653
Wirtschafts- und Inf    0.400  11/23/2039    EUR   67.861
Raiffeisenlandesbank    0.998   11/4/2033    EUR   73.065
Santander Internatio    1.320    8/8/2039    EUR   68.095
Credit Suisse AG/Lon   18.300    8/1/2023    USD   18.500
NRW Bank                1.400   3/19/2070    EUR   68.919
FLUVIUS System Opera    0.810    4/8/2033    EUR   72.362
Assistance Publique     0.647   7/17/2040    EUR   66.438
ASCE Group OJSC         7.000   6/11/2031    USD   71.786
Assistance Publique     0.750  11/30/2039    EUR   68.614
Kommunalkredit Austr    0.570   9/15/2037    EUR   69.073
Agence Francaise de     2.114    9/8/2034    AUD   72.247
Landesbank Hessen-Th    1.600   6/12/2035    EUR   72.300
Kreditanstalt fuer W    0.613   6/10/2040    EUR   67.251
Kreditanstalt fuer W    1.208   6/17/2051    EUR   74.969
NORD/LB Luxembourg S    0.542   9/30/2037    EUR   69.343
Getin Noble Bank SA    11.250   5/31/2024    PLN   36.016
Getin Noble Bank SA    12.300   1/31/2024    PLN   37.875
Regie Autonome des T    0.875   8/18/2080    EUR   44.426
Landesbank Hessen-Th    1.300   9/25/2035    EUR   69.400
Region Wallonne Belg    0.050  10/26/2032    EUR   73.681
Societe Generale SA     9.200   5/22/2025    USD   63.560
Raiffeisen Bank Inte    0.290  11/11/2030    EUR   73.002
LFA Foerderbank Baye    0.010  12/15/2033    EUR   73.875
Metal Hungaria Holdi    3.000  11/17/2030    HUF   62.000
Communaute Francaise    1.363   4/16/2040    EUR   73.375
Landesbank Hessen-Th    0.750  11/14/2034    EUR   68.606
National Grid Electr    1.690   9/16/2041    GBP   58.488
MASTERPLAST Nyrt        2.000   12/6/2026    HUF   74.000
Santander Internatio    1.700  12/12/2049    EUR   43.755
s Wohnbaubank AG        0.750   1/27/2035    EUR   65.500
Vontobel Financial P    7.150   12/9/2022    CHF   28.550
Kuntarahoitus Oyj       1.400    3/5/2061    EUR   74.562
Assistance Publique     0.683   3/19/2041    EUR   65.884
Batigere Grand Est S    1.550   8/12/2041    EUR   66.416
Senivita Social Esta    8.500   6/30/2025    EUR    0.020
NIBC Bank NV            0.410   1/27/2031    EUR   68.319
Landesbank Hessen-Th    1.300    6/4/2035    EUR   72.641
ALROSA Finance SA       3.100   6/25/2027    USD    9.979
Wirtschafts- und Inf    0.250   8/11/2039    EUR   65.886
Phones4u Finance PLC    9.500    4/1/2018    GBP   74.938
Pongs & Zahn AG         8.500                EUR    0.003
Landesbank Hessen-Th    1.500   7/26/2034    EUR   71.200
BNG Bank NV            10.010   6/17/2025    TRY   57.138
Deutsche Bank AG/Lon   13.750   6/20/2026    TRY   25.153
Getin Noble Bank SA    11.750   5/31/2023    PLN   36.965
Privatbank CJSC Via    10.875   2/28/2018    USD    3.217
Resa SA/Belgium         1.950   7/22/2036    EUR   20.000
International Bank o    8.250   10/9/2024    USD   60.375
KPNQwest NV             8.875    2/1/2008    EUR    0.453
Credit Agricole SA      4.400   2/24/2042    AUD   63.417
Deutsche Bank AG        0.700   10/7/2031    EUR   66.808
DekaBank Deutsche Gi    4.810  12/23/2022    EUR   54.770
Infogroup Holding Kf    3.000   5/20/2031    HUF   61.050
UBS AG/London           7.000   3/31/2023    USD   57.950
Single Platform Inve    1.050   6/25/2044    EUR   62.294
Landeskreditbank Bad    0.547   2/18/2041    EUR   67.855
SG Issuer SA            8.800   7/20/2023    SEK   68.130
MOL Nyrt Kueloenlege    4.950   1/26/2032    HUF   73.430
Societe Generale SA     2.650   1/26/2032    USD   73.199
Bank J Safra Sarasin    7.750  12/22/2022    CHF   67.690
Landesbank Saar         0.710   12/6/2035    EUR   68.039
Deutsche Bank AG        2.000   3/31/2032    USD   73.950
Ville de Paris          1.165    6/9/2053    EUR   61.944
VTB Bank PJSC          11.250    5/6/2037    RUB   74.000
Anselma Issuer SA       1.574  12/31/2038    EUR   64.230
Single Platform Inve    0.950   7/25/2047    EUR   58.446
Region Nouvelle-Aqui    0.630  11/22/2039    EUR   67.272
Cooperatieve Raboban    1.850   3/29/2049    EUR   73.182
Landesbank Baden-Wue    0.310   12/9/2039    EUR   51.557
Credit Suisse AG/Lon   19.500  12/12/2022    USD   45.420
NRW Bank                1.235  12/16/2061    EUR   68.203
Ville de Paris          0.395  12/18/2045    EUR   57.431
Credit Industriel Et    0.900    2/4/2041    EUR   62.621
Agence Francaise de     2.330   2/10/2041    AUD   64.454
Societe Nationale SN    2.931   1/14/2051    AUD   66.962
Bank Vontobel AG       11.500  12/12/2022    EUR   59.300
UBS AG/London           6.750    1/9/2023    CHF   66.850
UBS AG/London           7.850   11/2/2023    USD   47.500
KESZ Holding Busines    4.100  11/17/2031    HUF   74.850
UniCredit Bank AG       0.900   3/24/2036    EUR   68.020
Republic of Austria     0.750   3/20/2051    EUR   64.468
Republic of Ireland     1.200   4/15/2120    EUR   52.336
Kreditanstalt fuer W    0.820   4/15/2050    EUR   70.695
Berlin Hyp AG           0.895   7/20/2050    EUR   66.055
KESZ Holding Busines    2.800   6/17/2031    HUF   69.430
Kingdom of Belgium G    0.400   6/22/2040    EUR   67.218
VTB Bank PJSC           0.010   5/13/2025    RUB   72.010
Landesbank Baden-Wue    1.585   2/22/2034    EUR   74.834
DZ Bank AG Deutsche     0.780    3/5/2030    EUR   72.209
Wirtschafts- und Inf    0.421   3/17/2039    EUR   68.054
Landesbank Hessen-Th    1.806   5/11/2037    EUR   70.392
Kommunekredit           0.100   9/30/2033    DKK   74.363
Credit Suisse AG/Lon    3.214   10/6/2023    SEK    8.690
Daniella Kereskedelm    3.000   7/30/2030    HUF   67.450
Communaute Francaise    1.000   10/8/2069    EUR   51.889
Single Platform Inve    0.780    4/1/2042    EUR   59.795
Rikshem AB              1.910  11/16/2032    NOK   73.485
Kreditanstalt fuer W    0.220  11/19/2035    EUR   72.727
Agence Francaise de     2.360  10/17/2044    AUD   61.861
Alteo Nyrt              3.150  10/28/2029    HUF   59.800
EFG International Fi    9.100   9/20/2023    EUR   36.130
EFG International Fi   10.000   9/20/2023    USD   35.420
National Grid Electr    3.120  12/10/2039    AUD   70.508
Vorosko Kereskedelmi    4.750   1/25/2032    HUF   65.000
State of Rhineland-P    0.100   10/1/2040    EUR   63.553
Deutsche Pfandbriefb    0.765   9/12/2036    EUR   51.206
Wirtschafts- und Inf    0.138   8/23/2044    EUR   56.403
MetMax Europe Zrt       3.000  12/11/2030    HUF   63.400
Ville de Marseille      0.498  12/17/2040    EUR   65.358
Landeskreditbank Bad    1.017   3/15/2061    EUR   62.881
BPCE SFH SA             0.430    5/7/2040    EUR   64.600
Landesbank Hessen-Th    1.035   5/21/2035    EUR   69.500
Department of Val d'    0.390  11/18/2041    EUR   60.771
Landeskreditbank Bad    2.500   5/21/2036    AUD   70.913
Hungary Government I    1.625   4/28/2032    EUR   72.314
Kuntarahoitus Oyj       0.870  10/11/2050    EUR   72.583
UBS AG/London           1.500    2/2/2031    USD   74.666
Wirtschafts- und Inf    0.208   1/28/2043    EUR   59.431
Communaute Francaise    0.750    2/4/2061    EUR   48.057
Skandinaviska Enskil    8.300   7/17/2023    SEK   66.530
Landesbank Baden-Wue    1.050   7/17/2034    EUR   68.380
Landesbank Hessen-Th    1.000    9/3/2035    EUR   69.000
Assistance Publique     0.630   7/30/2042    EUR   63.164
Agence France Locale    0.550   6/20/2040    EUR   67.758
SG Issuer SA            6.130   1/20/2024    SEK   71.120
LBI ehf                 6.100   8/25/2011    USD   10.666
Heta Asset Resolutio    4.350  12/31/2023    EUR    0.776
Veneto Banca SpA        6.950   2/25/2025    EUR    0.579
Landesbank Hessen-Th    0.500   2/14/2035    EUR   70.400
Agrokor dd              8.875    2/1/2020    USD   15.000
Astana Finance BV       7.875    6/8/2010    EUR   16.000
Minicentrales Dos SA    0.010    6/6/2047    EUR   66.743
Deutsche Apotheker-u    1.444    9/1/2036    EUR   71.026
Kuntarahoitus Oyj       0.854   1/14/2060    EUR   66.920
United Kingdom Gilt     0.625   7/31/2035    GBP   71.909
Ringkjoebing Landbob    1.875    6/6/2039    EUR   70.744
Single Platform Inve    1.785   7/30/2042    EUR   73.196
Caisse des Depots et    1.150    2/3/2042    EUR   73.625
Vontobel Financial P    8.000  12/23/2022    EUR   65.090
Bayerische Landesban    2.200   4/26/2024    EUR   69.890
Norddeutsche Landesb    1.450   5/10/2039    EUR   67.247
Nomura Bank Internat    1.415   1/27/2042    EUR   63.977
Societe Generale SA    12.264   11/2/2023    USD   20.000
Credit Agricole Corp   17.520   1/27/2027    TRY   72.133
Assistance Publique     0.750   12/3/2041    EUR   66.061
Single Platform Inve    1.416   2/15/2041    EUR   71.976
MOL Nyrt Kueloenlege    4.950   1/26/2032    HUF   73.430
Bank Vontobel AG        9.250    1/4/2023    CHF   20.700
Landesbank Saar         0.680   3/29/2034    EUR   71.270
Landesbank Hessen-Th    1.000   4/28/2036    EUR   68.520
DZ Bank AG Deutsche     1.850  12/29/2031    EUR   69.880
Credit Suisse AG/Lon    8.000   6/16/2023    USD   32.250
Department of L'Eure    0.643   8/31/2041    EUR   64.656
Sintekom TH OOO        13.000   1/23/2025    RUB   50.500
Credit Suisse AG/Lon    0.900  12/20/2031    EUR   71.830
Liga Bank eG Regensb    0.010   1/29/2036    EUR   66.684
Region de Bruxelles-    0.650   2/15/2061    EUR   47.616
Deutsche Pfandbriefb    1.340  10/16/2051    EUR   73.274
Landesbank Hessen-Th    0.850   2/18/2036    EUR   64.550
Communaute Francaise    0.749   9/16/2080    EUR   55.238
Grupo Isolux Corsan     0.250  12/30/2018    EUR    0.157
Credit Suisse AG/Lon    9.750   4/27/2023    USD   56.530
Reneszansz Kofarago     3.200    4/9/2031    HUF   73.000
Aareal Bank AG          0.570    8/7/2029    EUR   70.979
Raiffeisen-Landesban    1.380   7/24/2059    EUR   70.979
Hypo Vorarlberg Bank    1.022   7/31/2034    EUR   70.863
Department of Val d'    0.735    7/3/2040    EUR   67.673
Agence Metropolitain    0.500    7/7/2035    EUR   74.201
Norddeutsche Landesb    0.900    7/5/2032    EUR   73.509
Skandinaviska Enskil    8.200   1/15/2024    SEK   73.820
Autonomous Community    1.744    7/1/2061    EUR   61.470
HSBC Continental Eur    0.900    3/2/2035    EUR   72.498
Kreditanstalt fuer W    1.201   9/13/2051    EUR   71.101
Deutsche Pfandbriefb    0.710   9/10/2031    EUR   65.726
Leonteq Securities A   10.000  12/13/2022    USD   27.840
Hungary Government B    3.000   8/21/2030    HUF   71.253
Frigoglass Finance B    6.875   2/12/2025    EUR   37.504
Bayerische Landesban    3.100   2/24/2023    EUR   65.470
Barclays Bank PLC       1.750   9/29/2032    USD   65.204
Municipality of Eind    1.134  10/18/2066    EUR   72.854
UniCredit SpA           1.490  10/23/2035    EUR   66.362
SG Issuer SA            2.200   1/10/2025    EUR   71.230
OR PJSC                12.000  11/14/2024    RUB   62.660
Communaute Francaise    0.948  10/11/2059    EUR   58.399
DZ Bank AG Deutsche     0.520  11/23/2033    EUR   73.006
DZ Bank AG Deutsche     0.660  11/23/2035    EUR   70.058
UBS Group AG            2.210  11/24/2035    USD   65.286
Barclays Bank PLC       1.235  11/27/2040    EUR   72.813
Hypo Vorarlberg Bank    0.741  10/16/2036    EUR   64.178
Natixis SA              2.719  10/25/2032    AUD   72.615
Batigere Grand Est S    1.485  10/25/2039    EUR   67.312
Kreditanstalt fuer W    1.027  10/26/2050    EUR   69.378
Ukreximbank Via Biz    10.426    2/9/2023    USD   30.735
Single Platform Inve    1.130    5/1/2030    EUR   73.702
Deutsche Pfandbriefb    1.850   9/20/2032    EUR   69.903
Caisse des Depots et    2.940    3/2/2051    AUD   67.511
Single Platform Inve    1.103   5/25/2052    EUR   57.097
Republic of Ireland     1.230   5/29/2120    EUR   56.901
Societe Generale SA     8.000   5/31/2023    USD   65.775
AutoWallis Nyrt         3.000   4/15/2030    HUF   66.470
UniCredit Bank AG      10.700   2/17/2025    EUR   68.750
Assistance Publique     1.183   4/16/2050    EUR   63.878
Landesbank Baden-Wue    0.980   7/15/2032    EUR   73.673
Region Wallonne Belg    1.222   6/24/2080    EUR   53.481
Oberoesterreichische    0.350   10/9/2041    EUR   63.232
Standard Chartered P    5.925                USD   73.435
SALVATOR Vermoegensv    9.500                EUR    7.900
A-TEC Industries AG     5.750   11/2/2010    EUR    0.100
Bazalgette Finance P    0.688   6/27/2050    GBP   74.523
Premium Green PLC       1.000   7/25/2040    EUR   65.353
Communaute Francaise    1.367   1/20/2070    EUR   66.642
Akademiska Hus AB       2.080   4/17/2045    SEK   72.923
Veneto Banca SpA        6.944   5/15/2025    EUR    0.579
Tonon Luxembourg SA    12.500   5/14/2024    USD    0.399
Pescanova SA            8.750   2/17/2019    EUR    0.319
Bank Otkritie Financ    0.010   9/24/2025    RUB   71.030
Vasakronan AB           2.084   8/26/2030    AUD   73.138
Duna House Holding N    3.000    9/2/2030    HUF   74.050
Wirtschafts- und Inf    0.250    9/8/2037    EUR   66.418
Credit Suisse AG/Lon    7.000   2/10/2023    EUR   68.840
Leonteq Securities A   10.000   7/21/2023    CHF   60.330
Hunland Feed Kft        2.880   7/21/2031    HUF   67.540
Kuntarahoitus Oyj       1.200   7/21/2061    EUR   70.462
Commerzbank AG          2.350   2/24/2042    EUR   66.153
DZ Bank AG Deutsche     4.850  12/23/2022    EUR   57.330
Credit Agricole SA      1.000    4/6/2035    EUR   71.000
Regie Autonome des T    0.938   5/25/2050    EUR   60.200
Autonomous Community    1.550   5/11/2051    EUR   64.234
Nomura Bank Internat    1.380   1/19/2037    EUR   68.592
Credit Suisse AG/Lon   18.250   3/14/2023    CHF   22.470
Single Platform Inve    1.413   3/20/2051    EUR   62.971
Italy Buoni Polienna    0.150   5/15/2051    EUR   71.258
Nederlandse Watersch    1.577   12/9/2039    GBP   71.768
Landesbank Baden-Wue    6.820  12/23/2022    EUR   60.340
Societe Generale SA     2.050   2/22/2031    AUD   68.679
BNG Bank NV             2.000   2/19/2038    AUD   66.767
DZ Bank AG Deutsche     2.150  12/23/2022    EUR   65.760
EFG International Fi   18.000  12/22/2022    CHF   56.380
Single Platform Inve    0.800    4/7/2042    EUR   60.110
Barclays Bank PLC       3.900   2/15/2042    AUD   68.756
Banco Santander SA      1.020    1/4/2034    EUR   70.952
Bank Julius Baer & C    5.700    1/5/2023    CHF   70.000
Credit Suisse AG/Lon    5.800   7/12/2023    USD    7.980
Raiffeisen Schweiz G   18.800  12/27/2022    CHF   63.570
Societe Generale SA     2.670   3/24/2031    AUD   71.971
Caisse des Depots et    2.160   12/7/2050    AUD   56.419
MASTERPLAST Nyrt        2.100  12/21/2027    HUF   68.000
Ville de Paris          0.373  12/21/2044    EUR   58.751
Aktia Bank Oyj          0.850  12/21/2040    EUR   65.746
Kreditanstalt fuer W    0.816  12/19/2050    EUR   66.268
Assistance Publique     1.053   5/25/2052    EUR   59.770
Landesbank Saar         0.720   6/29/2035    EUR   68.773
Wirtschafts- und Inf    0.350   3/31/2036    EUR   71.149
Corner Banca SA        12.800   12/7/2022    CHF   47.220
Basler Kantonalbank    10.000   12/8/2022    CHF   62.940
Barclays Bank PLC       6.400   6/16/2031    MXN   65.805
Ville de Marseille      1.079  11/19/2046    EUR   67.090
Belfius Bank SA         0.125   6/19/2034    EUR   73.068
Corner Banca SA        10.000  11/30/2022    CHF   59.520
Bazalgette Finance P    0.174   5/16/2049    GBP   72.554
Landesbank Baden-Wue    1.500   4/16/2039    EUR   71.470
Bank Vontobel AG       11.000    2/6/2023    CHF   32.400
DekaBank Deutsche Gi    1.585  12/28/2035    EUR   60.801
Standard Chartered B    3.040   1/18/2042    USD   71.560
Bank J Safra Sarasin   12.400  12/28/2022    CHF   58.130
SR-Boligkreditt AS      1.252   12/2/2041    EUR   74.913
Landesbank Hessen-Th    0.500   12/3/2031    EUR   73.217
Zurcher Kantonalbank    7.500   1/10/2023    CHF   63.770
Region de Bruxelles-    0.900   4/14/2050    EUR   59.567
Kuntarahoitus Oyj       1.300    4/8/2061    EUR   71.889
Region Auvergne-Rhon    0.805   7/26/2039    EUR   70.064
Region Auvergne-Rhon    0.697    8/2/2036    EUR   74.137
Raiffeisen Switzerla    5.300   6/14/2023    CHF   69.070
Kingdom of Belgium G    0.675    7/7/2080    EUR   39.824
Credit Suisse AG/Lon    5.880   6/28/2023    USD    8.510
UniCredit Bank AG      15.050   4/28/2023    EUR   44.700
DZ Bank AG Deutsche     4.000   6/23/2023    EUR   62.390
Credit Suisse AG/Lon    2.100   3/15/2037    EUR   72.696
Single Platform Inve    0.803   3/20/2041    EUR   60.921
Single Platform Inve    0.885   7/24/2036    EUR   69.074
Kreditanstalt fuer W    1.208   3/10/2051    EUR   73.996
Barclays Bank PLC       2.550   3/18/2031    AUD   73.712
DZ Bank AG Deutsche     1.000   2/18/2032    EUR   67.209
Republic of Ireland     0.740   9/22/2078    EUR   51.414
Landesbank Baden-Wue    0.690   10/8/2035    EUR   62.089
Norddeutsche Landesb    1.000  10/26/2035    EUR   66.944
Region Wallonne Belg    1.272   10/3/2040    EUR   73.541
Nederlandse Watersch    0.750   10/4/2041    EUR   70.376
SG Issuer SA            2.910   10/8/2034    AUD   67.198
Credit Industriel Et    2.160  10/29/2035    USD   67.736
Oberoesterreichische    0.285   11/6/2042    EUR   60.777
Nederlandse Watersch    0.190   11/2/2050    EUR   56.279
Single Platform Inve    1.200  11/15/2037    EUR   70.245
Bayerische Landesban    2.150   1/27/2023    EUR   43.300
Landesbank Baden-Wue    0.500   1/17/2040    EUR   66.210
Skandinaviska Enskil    5.750   1/15/2025    SEK   67.550
Wirtschafts- und Inf    0.395   9/23/2038    EUR   67.881
Landesbank Baden-Wue    0.500  10/18/2039    EUR   65.740
State of Hesse          0.100   10/1/2037    EUR   65.949
Kuntarahoitus Oyj       0.514   10/7/2039    EUR   71.564
Erste Group Bank AG     1.065   5/17/2041    EUR   63.308
Societe Generale SA     2.360   5/25/2031    USD   73.199
Kommunekredit           1.375   5/18/2046    SEK   71.376
Kreditanstalt fuer W    1.271   5/20/2051    EUR   73.749
Landesbank Hessen-Th    1.050  11/17/2060    EUR   63.578
State of Brandenburg    0.300  11/17/2045    EUR   60.484
Hungary Government I    1.500  11/17/2050    EUR   49.684
Credit Agricole Corp    9.450    3/8/2027    TRY   50.014
Region Auvergne-Rhon    0.493  10/23/2037    EUR   69.298
Landesbank Hessen-Th    1.100  12/27/2034    EUR   70.900
Single Platform Inve    0.887   9/20/2039    EUR   64.923
DZ Bank AG Deutsche     2.000  12/23/2022    EUR   63.010
Bayerische Landesban    0.800  10/16/2036    EUR   62.880
Wirtschafts- und Inf    0.250   9/16/2037    EUR   66.389
Societe Generale SA     2.880   9/10/2034    AUD   65.006
Wirtschafts- und Inf    0.267   8/29/2044    EUR   57.876
Kreditanstalt fuer W    0.880   12/7/2050    EUR   66.934
UniCredit SpA           0.725  11/27/2030    EUR   71.318
Serbia International    2.125   12/1/2030    USD   72.970
Credit Agricole Corp    3.020   4/22/2036    AUD   73.458
Kreditanstalt fuer W    1.000   4/27/2041    EUR   73.743
Landesbank Baden-Wue    0.210   2/26/2031    EUR   70.501
NRW Bank                1.070   3/10/2051    EUR   68.742
Societe Generale SFH    0.570   3/15/2036    EUR   73.488
Landesbank Baden-Wue    0.850   5/27/2033    EUR   70.244
Single Platform Inve    1.425   5/25/2052    EUR   63.399
Region Wallonne Belg    1.550   4/28/2120    EUR   55.268
CDC Habitat SEM         1.043   5/12/2036    EUR   67.553
Deutsche Bank AG        0.510   9/16/2031    EUR   73.853
State of Saxony-Anha    0.475   9/30/2050    EUR   60.843
OR PJSC                11.000  12/29/2024    RUB    4.980
Ukraine Government B    3.700   6/22/2023    USD   68.029
Region Auvergne-Rhon    0.530   9/29/2036    EUR   71.949
Emissionszentrale fu    0.150    9/9/2041    CHF   74.504
BNG Bank NV             0.680    3/4/2050    EUR   56.760
NRW Bank                1.021   8/11/2051    EUR   68.435
Oberbank AG             0.230   10/7/2041    EUR   61.891
Bibby Offshore Servi    7.500   6/15/2021    GBP   11.625
Vasakronan AB           2.400   6/20/2044    SEK   68.392
Peine GmbH              2.000    7/5/2023    EUR   44.500
Mifa Mitteldeutsche     7.500   8/12/2018    EUR    2.120
Hypo Tirol Bank AG      1.010   1/20/2040    EUR   73.010
Norske Skog Holding     8.000   2/24/2021    EUR    0.006
United Kingdom Gilt     1.250  10/22/2041    GBP   69.852
DekaBank Deutsche Gi    1.300   4/23/2035    EUR   72.331
Deutsche Bank AG        2.480  12/10/2035    EUR   71.151
Aareal Bank AG          1.800   7/21/2036    EUR   74.646
State Savings Bank o   10.186   1/19/2024    USD   32.523
OR PJSC                11.500   7/28/2024    RUB    5.800
KPNQwest NV            10.000   3/15/2012    EUR    0.453
Landesbank Baden-Wue    1.000    6/5/2039    EUR   69.850
Nederlandse Watersch    0.964   6/11/2059    EUR   66.017
Baromfi-Coop Termelo    3.000   7/19/2031    HUF   64.200
Societe Generale SA     8.760   7/31/2024    USD   37.800
Credit Suisse AG/Lon   10.920   2/16/2023    GBP   63.390
Corner Banca SA        14.000   2/14/2023    CHF   58.180
BPCE SA                 2.250   3/13/2040    AUD   48.760
Kuntarahoitus Oyj       0.448   3/19/2040    EUR   63.296
Landesbank Hessen-Th    0.900   6/10/2036    EUR   67.549
Landwirtschaftliche     0.400   7/29/2036    EUR   73.536
Ukraine Government B    3.900   3/30/2023    USD   74.583
Societe Generale SA    12.500  12/14/2023    USD   33.500
Single Platform Inve    1.233   6/25/2044    EUR   67.100
Sberbank of Russia P    0.010   3/27/2028    RUB   61.800
Leonteq Securities A    6.000   2/20/2023    CHF   49.390
Vasakronan AB           2.533   1/28/2044    EUR   57.289
Bank Julius Baer & C   10.500   2/16/2023    USD   72.250
Purple Protected Ass    1.518   1/25/2061    EUR   65.466
DZ Bank AG Deutsche     3.900   3/24/2023    EUR   67.390
Finland Government B    0.125   4/15/2052    EUR   53.632
DZ Bank AG Deutsche    10.900   3/24/2023    EUR   48.230
Purple Protected Ass    1.565  12/23/2060    EUR   63.330
Norddeutsche Landesb    1.600    8/1/2039    EUR   68.056
HSBC Continental Eur    1.500   7/26/2049    EUR   68.183
Batigere Grand Est S    1.800   8/12/2050    EUR   66.669
UBS AG/London           8.000    3/9/2027    USD    9.300
Region de Bruxelles-    0.500   6/22/2040    EUR   64.794
Bayerische Landesban    1.000   3/22/2024    EUR   54.950
Spain Government Bon    1.000   7/30/2042    EUR   68.219
SG Issuer SA            5.000    4/2/2024    EUR   53.690
Single Platform Inve    0.950   5/17/2038    EUR   66.914
Luminis SA              1.800    9/2/2059    EUR   52.425
Uliving@Essex2 Issue    0.100   8/31/2063    GBP   72.543
Cie Generale de Navi    0.350  12/29/2056    CHF   63.314
Landesbank Baden-Wue    0.540   10/7/2031    EUR   72.390
Transports Publics N    0.320  10/28/2037    CHF   68.324
Bayerische Landesbod    0.030  10/22/2035    EUR   70.787
Caisse des Depots et    0.750   11/6/2048    EUR   64.627
Caisse des Depots et    1.114   9/20/2049    EUR   71.030
Single Platform Inve    1.000   7/15/2036    EUR   70.239
Republic of Ireland     1.180   5/25/2087    EUR   62.749
Credit Suisse AG/Lon    1.600  11/27/2030    USD   65.884
Landesbank Hessen-Th    1.000  12/28/2035    EUR   67.400
Credit Agricole Corp    2.650   1/29/2035    AUD   72.097
Nederlandse Watersch    0.996   11/4/2049    EUR   69.751
Single Platform Inve    0.462   2/15/2040    EUR   59.408
Department of Bouche    0.482  10/20/2045    EUR   56.682
Land Thueringen         1.100    7/3/2047    EUR   74.660
HSBC Continental Eur    1.385  11/18/2039    EUR   71.335
Caisse des Depots et    0.982   11/6/2050    EUR   68.349
TKK OOO                10.900  12/31/2033    RUB   60.100
Credit Suisse AG/Lon    5.000   3/29/2023    USD    9.500
Corestate Capital Ho    3.500   4/15/2023    EUR    5.522
Otthon Centrum Holdi    3.000   4/19/2031    HUF   69.700
UBS Group AG            2.490    3/4/2036    USD   67.201
NRW Bank                1.180    3/3/2051    EUR   74.294
Batigere Grand Est S    2.030   5/29/2070    EUR   72.001
Landesbank Baden-Wue    0.850   6/15/2035    EUR   64.240
Assistance Publique     0.666   3/19/2040    EUR   67.219
Kommunalkredit Austr    1.183    6/2/2031    EUR   74.619
ING Bank NV             2.220   1/20/2036    USD   70.350
French Republic Gove    0.500   5/25/2072    EUR   45.734
Deutsche Bank AG/Lon   14.900   5/30/2028    TRY   59.521
Metropole de Lyon       0.466   12/7/2046    EUR   54.988
Department of Bouche    0.467   12/8/2044    EUR   57.569
Landesbank Hessen-Th    0.900  10/22/2035    EUR   68.118
SpareBank 1 SR-Bank     0.970   10/9/2040    EUR   65.884
Department of Bouche    0.500   10/5/2043    EUR   59.637
Department of Bouche    0.457   10/8/2040    EUR   63.513
Department of Bouche    0.450  10/15/2041    EUR   61.763
Centrosolar Group AG    7.000   2/15/2016    EUR    2.505
Tonon Luxembourg SA    12.500   5/14/2024    USD    0.399
Fuerstenberg Capital    5.625                EUR   66.731
Societe Generale SA     4.740   3/24/2030    USD   72.140
BNP Paribas SA          1.000   1/23/2040    MXN   19.539
AK BARS Bank Via AK     8.000   7/13/2022    USD   31.081
Bayerische Landesban    2.300   2/24/2023    EUR   46.780
COFIDUR SA              0.100  12/31/2024    EUR   25.300
SAir Group              4.250    2/2/2007    CHF   12.345
Barclays Bank PLC       2.000   6/12/2029    TRY   21.078
Zurcher Kantonalbank    7.500   7/26/2023    EUR   55.780
Region de Bruxelles-    1.310  12/15/2069    EUR   59.227
Bank Julius Baer & C   14.500   1/13/2023    USD   31.000
Societe Generale SA    21.000    5/1/2025    USD   42.300
Credit Suisse AG/Lon   19.250   12/8/2022    CHF   46.720
Raiffeisen Centroban    7.500    9/1/2023    EUR   38.020
Illes Holding Zrt       5.000   2/22/2032    HUF   71.700
Credit Suisse AG/Lon    9.000    5/3/2023    CHF   74.720
Zurcher Kantonalbank   12.500   2/16/2023    USD   66.510
Deutsche Bank AG        0.610   9/30/2031    EUR   74.620
AutoWallis Nyrt         3.000   7/27/2031    HUF   61.500
National Treasury Ma    1.190   10/7/2101    EUR   57.204
Citigroup Global Mar    2.650   3/17/2040    USD   69.307
Bayerische Landesban    0.490    4/9/2035    EUR   62.632
Barclays Bank PLC       2.000    5/7/2036    MXN   19.208
Region de Bruxelles-    1.040    5/3/2061    EUR   58.687
UBS AG/London           5.520   4/29/2041    USD   43.610
Landesbank Hessen-Th    2.400    6/9/2036    EUR   64.350
Landshypotek Bank AB    1.680   1/20/2042    SEK   74.746
Credit Suisse AG/Lon   12.000   1/31/2023    USD   65.940
UBS AG/London          19.250   1/26/2023    USD   57.150
Santander Consumer B    8.100                NOK   56.499
DekaBank Deutsche Gi    3.350  11/28/2022    EUR   48.510
Region Occitanie        1.339   3/21/2042    EUR   73.784
Landesbank Baden-Wue    0.150   8/11/2031    EUR   74.618
Single Platform Inve    1.690   7/25/2053    EUR   69.621
Danske Bank A/S         6.600    1/9/2027    SEK   72.280
Befimmo SA              1.269   2/24/2031    EUR   70.886
Kreditanstalt fuer W    0.680   2/23/2051    EUR   67.681
Norddeutsche Landesb    0.600   2/24/2031    EUR   74.777
Leonteq Securities A   14.000    2/8/2023    USD   28.300
Swissquote Bank SA     27.000   8/15/2023    CHF   55.210
OR PJSC                16.000  11/26/2025    RUB   23.030
Wirtschafts- und Inf    0.321   2/18/2041    EUR   63.859
SG Issuer SA            5.500   1/20/2025    SEK   70.750
SG Issuer SA            8.410   1/20/2027    SEK   49.590
Parnassia Groep BV      1.470   12/3/2046    EUR   61.565
Credit Suisse AG/Lon   13.500  11/28/2022    CHF    8.370
Credit Suisse AG/Lon   15.000  11/29/2022    USD    8.110
Norddeutsche Landesb    1.500   3/16/2037    EUR   70.904
Greenergy Holding Va    3.000   9/21/2031    HUF   65.596
Single Platform Inve    1.010   3/20/2051    EUR   57.143
Societe Generale SA    12.000   7/14/2026    USD   24.980
Zurcher Kantonalbank   11.500   2/23/2023    USD   73.270
Single Platform Inve    0.767   2/15/2041    EUR   61.652
Landesbank Baden-Wue    0.350   1/20/2031    EUR   73.170
Office Public De L'H    1.700  12/22/2060    EUR   72.037
DZ Bank AG Deutsche     0.500    5/4/2034    EUR   72.032
Credit Agricole Corp    2.750  12/12/2034    AUD   72.883
Societe Generale SA    15.800   12/5/2024    USD   50.300
Bayerische Landesban    1.680  12/18/2037    EUR   70.619
Bank Vontobel AG       15.000  11/28/2022    CHF   47.600
Ville de Paris          0.921   5/26/2053    EUR   58.333
Landesbank Baden-Wue    4.734   1/30/2034    EUR   73.920
Societe Generale SA    17.000    7/3/2024    USD   20.590
Banque Federative du    2.460    6/7/2032    AUD   72.105
Merrill Lynch BV        2.510   8/25/2036    USD   73.142
Norddeutsche Landesb    0.400   8/23/2030    EUR   74.992
Kommunekredit           0.342    9/1/2042    EUR   65.091
Single Platform Inve    0.908   2/15/2041    EUR   63.081
UniCredit Bank AG       6.600   7/20/2028    EUR   16.820
Region Nouvelle-Aqui    0.814  11/22/2044    EUR   63.058
Credit Suisse AG/Lon    7.500   3/29/2023    CHF   67.900
Merrill Lynch BV        2.580   8/11/2036    AUD   66.000
OR PJSC                16.000  11/22/2025    RUB   20.030
Credit Suisse AG/Lon    8.500  12/15/2022    EUR   36.930
Metropole de Lyon       0.500  12/28/2048    EUR   53.028
BNP Paribas SA          1.660   2/26/2031    USD   71.144
Aktia Bank Oyj          0.690    2/4/2036    EUR   70.191
Societe Generale SA    20.000   2/29/2024    USD    4.430
Kreditanstalt fuer W    0.160   2/16/2036    EUR   71.076
NRW Bank                0.642    2/9/2051    EUR   65.193
Grand Delta Habitat     1.750  10/28/2061    EUR   72.003
UBS AG/London          16.300    1/8/2024    EUR   12.360
Barclays Bank PLC       2.320   1/11/2041    USD   58.587
DZ Bank AG Deutsche    15.200   6/23/2023    EUR   33.010
Credit Suisse AG/Lon    7.500    1/5/2023    CHF   67.060
Credit Suisse AG/Lon    8.250  12/14/2022    USD   67.370
Muenchener Hypotheke    0.420  11/16/2033    EUR   71.514
OR PJSC                13.500  10/22/2025    RUB   12.210
Societe Generale SA    11.000  11/22/2024    USD   33.800
UBS AG/London          12.000   11/6/2023    USD   73.300
SAir Group              5.125    3/1/2003    CHF   12.750
Tonon Luxembourg SA     9.250   1/24/2020    USD    0.500
UBS AG/London          23.250   8/15/2025    USD    8.400
Landesbank Hessen-Th    1.300   4/30/2035    EUR   72.810
Single Platform Inve    0.955   2/15/2041    EUR   63.304
State of Rhineland-P    0.500   7/30/2036    EUR   74.694
OPUS TIGAZ Gazhaloza    2.800   3/24/2031    HUF   70.000
SG Issuer SA            1.750   11/9/2033    EUR   74.960
Corner Banca SA        15.000  12/14/2022    USD   71.780
Santander Internatio    2.770    7/2/2035    USD   67.351
Agence Francaise de     0.714   7/10/2045    EUR   64.617
BNP Paribas SA          3.590   7/20/2040    AUD   70.799
Region de Bruxelles-    1.250   1/10/2060    EUR   61.062
Lloyds Bank PLC         2.560    9/4/2038    SEK   74.977
SG Issuer SA            8.120   7/20/2023    SEK   66.840
DZ Bank AG Deutsche     0.520   6/23/2031    EUR   74.895
Deutsche Bank AG        4.210  10/29/2031    EUR   73.640
Credit Suisse AG/Lon   17.316   6/21/2024    USD   28.900
Credit Agricole Corp    1.190   2/26/2040    EUR   65.607
Spain Government Bon    1.000  10/31/2050    EUR   59.677
Republic of Ireland     1.020   9/10/2086    EUR   57.594
Landeskreditbank Bad    0.812  12/16/2060    EUR   55.801
Ville de Paris          0.963    6/8/2050    EUR   62.626
Department of Girond    0.900  12/15/2039    EUR   70.687
Republic of Ireland     1.230    6/1/2120    EUR   58.391
UBS AG/London           8.500  12/16/2022    EUR   53.550
Landesbank Baden-Wue    0.510  10/14/2030    EUR   74.864
Societe Generale SA     8.000  11/30/2032    USD   66.230
Landesbank Baden-Wue    4.734   3/14/2034    EUR   75.000
Bayerische Landesban    2.350   2/23/2024    EUR   46.730
Single Platform Inve    0.853   3/20/2040    EUR   63.035
Aareal Bank AG          0.625   9/16/2030    EUR   67.143
Region Wallonne Belg    1.305   9/29/2041    EUR   72.708
Credit Suisse AG/Nas    3.750  10/20/2036    USD   68.131
Credit Suisse AG/Lon    2.500   10/7/2025    SEK   25.690
Deutsche Bank AG/Lon    0.500  10/18/2038    MXN   16.594
Landesbank Baden-Wue    1.500   4/24/2039    EUR   70.060
Ville de Paris          0.464   8/20/2040    EUR   65.021
Collectivite Europee    0.200   11/5/2035    EUR   70.336
Landesbank Hessen-Th    0.600  11/26/2035    EUR   65.095
Bayerische Landesban    1.020  11/12/2035    EUR   66.542
Landesbank Baden-Wue    0.500   12/2/2039    EUR   66.840
Societe Generale SA     1.290  12/19/2034    EUR   73.044
Skandinaviska Enskil    6.400   1/15/2025    SEK   60.790
Credit Mutuel Arkea     1.165   9/23/2039    EUR   63.740
Credit Suisse AG/Lon    2.449   5/18/2036    EUR   74.230
Region de Bruxelles-    0.845   9/30/2059    EUR   52.329
Norddeutsche Landesb    1.350  10/20/2038    EUR   67.358
Landesbank Baden-Wue    0.550   11/9/2032    EUR   70.451
ENVIEN Magyarorszag     2.500   5/18/2031    HUF   68.130
Caisse des Depots et    0.930   11/9/2050    EUR   66.687
Kreditanstalt fuer W    0.210  11/18/2037    EUR   67.584
Purple Protected Ass    1.480  11/30/2060    EUR   54.735
Landesbank Saar         0.540  11/18/2033    EUR   70.344
Kuntarahoitus Oyj       1.155  11/19/2060    EUR   63.836
Landesbank Baden-Wue    0.430   12/9/2030    EUR   73.933
Bayerische Landesban    1.690   4/23/2037    EUR   71.463
Societe Generale SA     3.820   4/26/2039    AUD   66.667
OR PJSC                12.600   9/28/2025    RUB    5.620
Market Epito Zrt        2.950  10/22/2029    HUF   68.000
Credit Agricole Corp    2.810  10/29/2034    AUD   73.639
Landesbank Baden-Wue    0.400   11/8/2039    EUR   65.130
Ringkjoebing Landbob    1.100  10/30/2035    EUR   67.000
Kreditanstalt fuer W    0.788   11/4/2039    EUR   73.868
DZ HYP AG               1.033   12/6/2049    EUR   67.806
Landesbank Baden-Wue    0.500  12/23/2039    EUR   66.360
HSBC Continental Eur    0.800  12/13/2034    EUR   72.927
Skandinaviska Enskil    7.450   1/15/2025    SEK   63.160
Pick Szeged Szalamig    2.000   12/6/2029    HUF   64.250
Landesbank Baden-Wue    0.500    9/5/2039    EUR   66.610
Credit Agricole Corp    2.950   8/22/2039    AUD   68.389
Landesbank Baden-Wue    1.750   5/15/2039    EUR   68.940
Landesbank Baden-Wue    1.250   5/15/2039    EUR   69.840
DZ Bank AG Deutsche     0.700   11/2/2035    EUR   70.562
Single Platform Inve    1.163   5/25/2066    EUR   53.055
Nederlandse Watersch    0.230  10/22/2035    EUR   72.336
Zurcher Kantonalbank   19.000   1/18/2023    USD   60.580
Citigroup Global Mar    2.930   9/15/2025    EUR   40.900
NRW Bank                0.510   9/23/2039    EUR   69.028
Deutsche Pfandbriefb    0.903  11/19/2029    EUR   72.210
Bayerische Landesban    0.820  11/29/2033    EUR   69.397
Bayerische Landesban    0.870  11/29/2034    EUR   66.487
UBS AG/London           2.700   9/16/2044    AUD   61.192
Single Platform Inve    1.260   1/22/2049    EUR   60.677
UBS AG/London           2.630    9/3/2044    AUD   60.347
Nomura Bank Internat    0.400   12/3/2030    EUR   72.721
DZ Bank AG Deutsche     0.640   12/7/2035    EUR   69.832
Ville de Marseille      0.509  12/17/2041    EUR   64.134
Muenchener Hypotheke    0.805   4/16/2036    EUR   65.457
Republic of Austria     0.700   4/20/2071    EUR   51.126
Credit Agricole SA      3.610   4/20/2036    AUD   64.470
Societe Generale SA     3.100   4/22/2036    AUD   64.640
Opus Global Nyrt        3.200   4/29/2031    HUF   71.000
Stichting Afwikkelin    8.450   8/20/2018    USD   45.375
Muenchener Hypotheke    1.000   6/30/2037    EUR   65.462
Barclays Bank PLC       7.830   7/26/2038    MXN   54.687
Luzerner Kantonalban    6.000    7/6/2023    EUR   47.620
Purple Protected Ass    1.570   4/30/2061    EUR   66.874
Barclays Bank PLC       3.020   3/26/2051    USD   67.962
Credit Agricole Corp    2.610   7/27/2050    USD   61.433
Proximus SADP           1.500   5/14/2040    EUR   70.018
Region Bourgogne-Fra    0.270   12/7/2035    EUR   70.882
Region Bourgogne-Fra    0.397   12/3/2045    EUR   55.156
UBS AG/London           7.000  11/28/2022    CHF   43.600
Hypo Tirol Bank AG      1.090   1/21/2041    EUR   63.685
Goldman Sachs & Co W    5.000  12/21/2022    EUR   73.200
AB Booster Capital L    2.000    3/8/2032    USD   66.368
SG Issuer SA            1.250   2/28/2033    EUR   55.340
Oberoesterreichische    0.705   1/29/2036    EUR   64.478
Hypo Vorarlberg Bank    6.125                EUR   74.900
Nomura Bank Internat    1.150   10/6/2036    EUR   66.090
Region Wallonne Belg    0.970   6/24/2043    EUR   64.940
Societe Generale SA    20.000   8/31/2023    USD   12.780
Societe Generale SA     3.700  10/23/2037    USD   68.216
Pannon Work Szemelyz    3.000  10/30/2030    HUF   64.150
DVM Construction Fov    3.000   7/29/2030    HUF   60.200
Landesbank Hessen-Th    0.750   8/14/2034    EUR   69.396
Oberoesterreichische    0.763  12/15/2050    EUR   62.715
LBI ehf                 7.431                USD    0.001
Lloyds Bank PLC         2.480    7/5/2038    SEK   74.287
SG Issuer SA            8.300   7/21/2025    SEK   46.680
EFG International Fi   10.000   2/13/2023    USD   59.550
Bayerische Landesban    0.940   7/16/2032    EUR   74.455
Lehman Brothers Trea   10.442  11/22/2008    CHF    0.100
Opus Global Nyrt        2.800  10/29/2029    HUF   69.500
Single Platform Inve    1.117   5/25/2066    EUR   51.691
Zurcher Kantonalbank   18.200   1/18/2023    USD   74.330
Hema Bondco II BV       8.500   1/15/2023    EUR    1.194
Russian Post FGUP       2.750   12/6/2023    RUB   60.080
SAG Solarstrom AG       6.250  12/14/2015    EUR   31.000
SAG Solarstrom AG       7.500   7/10/2017    EUR   31.000
Sidetur Finance BV     10.000   4/20/2016    USD    0.770
Landesbank Baden-Wue    0.750   4/24/2034    EUR   74.830
Landesbank Baden-Wue    1.000   4/24/2034    EUR   74.740
Landesbank Baden-Wue    1.250   4/24/2039    EUR   69.660
Vasakronan AB           1.700   6/28/2044    EUR   61.817
Royal Schiphol Group    3.090    7/1/2034    AUD   72.060
Hamburg Commercial B    3.000   7/17/2035    EUR   71.159
Banca Popolare di Vi    9.500   10/2/2025    EUR    0.207
DZ Bank AG Deutsche     2.200   6/24/2026    EUR   71.200
Lehman Brothers Trea    4.734   3/16/2035    EUR    0.100
Meta Wolf AG            6.750   3/10/2005    DEM    0.121
Lehman Brothers Trea   14.900   9/15/2008    EUR    0.100
Bulgaria Steel Finan   12.000    5/4/2013    EUR    0.216
Espirito Santo Finan    5.125   5/30/2016    EUR    0.528
Russian Railways JSC   18.830  11/29/2028    RUB   55.010
Elli Investments Ltd   12.250   6/15/2020    GBP   52.250
Hypo Vorarlberg Bank    1.020   1/17/2035    EUR   69.684
Aareal Bank AG          1.741   1/12/2045    EUR   69.206
State of North Rhine    0.880   7/12/2040    EUR   73.645
Decipher Production    12.500   9/27/2019    USD    1.500
Gebr Sanders GmbH &     8.750  10/22/2018    EUR    9.375
WEB Windenergie AG      6.500                EUR    0.010
WEB Windenergie AG      6.250                EUR    0.010
LBI ehf                 8.650    5/1/2011    ISK   10.625
Standard Chartered B    0.500   9/11/2040    JPY   62.089
Cie de Financement F    1.101   5/17/2039    EUR   74.376
Landesbank Baden-Wue    1.250    6/5/2039    EUR   69.250
Landesbank Baden-Wue    1.000   6/26/2039    EUR   68.990
Landesbank Baden-Wue    1.250   6/26/2039    EUR   68.140
Vontobel Financial P   18.500  12/23/2022    EUR   70.080
Harp Issuer PLC         1.400   2/14/2032    USD   68.365
Luzerner Kantonalban   11.000   12/8/2022    CHF   70.770
Romanian Government     2.875   4/13/2042    EUR   58.334
Kometa 99 Elelmiszer    5.000   2/21/2032    HUF   71.700
UBS AG/London           0.120   5/25/2040    MXN   12.737
Caisse des Depots et    1.290    5/5/2051    EUR   73.148
Raiffeisen Switzerla   20.000    1/6/2023    CHF   65.790
Single Platform Inve    1.510   2/13/2043    EUR   68.916
Landesbank Baden-Wue    2.720   6/23/2023    EUR   69.860
Barclays Bank PLC       1.450   9/24/2038    MXN   23.085
DZ Bank AG Deutsche     1.370  12/30/2030    EUR   74.420
Landesbank Baden-Wue    5.690   2/24/2023    EUR   59.510
Vontobel Financial P    3.650   12/6/2022    EUR   58.380
Spain Government Bon    1.450  10/31/2071    EUR   55.458
Single Platform Inve    0.946   5/25/2036    EUR   70.027
DZ Bank AG Deutsche    10.500  12/23/2022    EUR   47.670
Single Platform Inve    1.390   6/25/2044    EUR   66.280
Deutsche Bank AG        2.530   10/7/2036    USD   67.343
Corner Banca SA        20.000  12/13/2022    CHF   61.070
Credit Suisse AG/Lon    9.500   12/7/2022    USD   49.390
Leonteq Securities A   17.000    3/7/2023    CHF   24.270
Landesbank Hessen-Th    2.000   3/10/2037    EUR   74.000
Credit Suisse AG/Lon    8.500    3/1/2023    CHF   54.450
Raiffeisenlandesbank    0.725   8/27/2041    EUR   68.597
Agrar Mezogazdasagi     2.900   8/24/2031    HUF   67.390
Bank Vontobel AG        6.250    5/7/2024    CHF   66.800
Vasakronan AB           2.390   1/17/2039    EUR   59.734
Landesbank Baden-Wue    0.150   9/20/2030    EUR   73.411
UBS AG/London           8.250  11/19/2026    EUR   68.490
Citigroup Global Mar    7.200   5/24/2023    SEK   69.220
Bank Vontobel AG       11.000    2/6/2023    EUR   32.800
Muenchener Hypotheke    0.100   8/14/2034    EUR   72.261
Leonteq Securities A   14.000  12/20/2022    EUR   49.800
Landesbank Baden-Wue    0.490  12/23/2030    EUR   74.259
Single Platform Inve    1.180    4/1/2039    EUR   68.366
Landesbank Hessen-Th    2.400   3/22/2052    EUR   73.041
Leonteq Securities A   23.400   1/18/2023    CHF   30.060
Vontobel Financial P    3.000  12/23/2022    EUR   64.940
Region Provence-Alpe    0.623  10/15/2035    EUR   74.509
Landesbank Baden-Wue    0.360  12/30/2030    EUR   73.350
Agence Francaise de     0.368   1/12/2046    EUR   58.506
Municipality of Leva    0.750  11/17/2036    EUR   74.001
Societe Generale SA     3.310  11/29/2033    AUD   71.165
Grupo Isolux Corsan     6.000  12/30/2021    EUR    0.253
UBS AG/London          13.250    4/6/2023    USD   52.900
Landesbank Baden-Wue    2.900  12/23/2022    EUR   60.420
SAir Group              6.250  10/27/2002    CHF   12.345
Italy Buoni Polienna    2.150    3/1/2072    EUR   65.168
Basler Kantonalbank     7.600   4/13/2023    CHF   53.600
Specialized Financia   15.342   2/15/2031    RUB   70.000
Kalita OOO             15.000   9/12/2023    RUB    3.070
Region Auvergne-Rhon    0.645    4/9/2040    EUR   66.849
State of Hesse          0.375    4/9/2040    EUR   66.180
Alfa-Bank AO           11.750                RUB   75.000
UBS AG/London          12.500  12/16/2022    CHF   40.500
Credit Agricole Corp   10.200    8/6/2026    TRY   54.358
Landesbank Baden-Wue    0.660   10/9/2034    EUR   64.059
Credit Suisse AG/Lon    3.500   3/28/2032    USD   73.757
Single Platform Inve    1.490   3/20/2051    EUR   63.311
Region de Bruxelles-    0.256   2/26/2035    EUR   71.535
Ministeries Van de V    1.053    6/3/2050    EUR   61.517
BNG Bank NV             1.040  11/28/2047    EUR   68.277
Landesbank Hessen-Th    0.750    4/9/2035    EUR   67.765
DZ Bank AG Deutsche     0.570  12/30/2030    EUR   75.000
Credit Agricole Corp    3.200   3/19/2041    AUD   69.749
Senvion Holding GmbH    3.875  10/25/2022    EUR    0.310
AKB Peresvet ZAO        0.510   2/14/2032    RUB   15.010
Credit Suisse AG/Lon    3.880  10/31/2036    USD   66.340
Hemso Fastighets AB     1.800    5/5/2032    EUR   71.051
Landesbank Baden-Wue    0.380  11/18/2030    EUR   73.727
Landesbank Baden-Wue    0.460  10/28/2030    EUR   74.424
Bayerische Landesban    1.400   1/26/2024    EUR   66.300
Single Platform Inve    0.745   2/15/2047    EUR   54.743
Raiffeisen Schweiz G    8.000   7/19/2023    USD   39.340
Region de Bruxelles-    1.100   5/25/2051    EUR   63.692
Landesbank Saar         0.835   2/19/2035    EUR   70.183
Barclays Bank PLC       1.382  11/27/2045    EUR   72.983
DZ Bank AG Deutsche     0.700  11/30/2035    EUR   70.677
Barclays Bank PLC       0.500   10/1/2031    TRY    9.696
Bayerische Landesban    0.650  12/22/2023    EUR   52.260
Commerzbank AG          1.219  12/12/2039    EUR   66.787
Norddeutsche Landesb    0.650  11/18/2030    EUR   74.992
Caisse des Depots et    1.022   9/13/2049    EUR   67.830
Natixis SA              3.000   8/28/2049    AUD   58.332
Department of Bouche    0.432    2/1/2046    EUR   55.506
United Utilities Wat    0.387   10/5/2057    GBP   69.602
Department of Bouche    0.490   12/8/2045    EUR   56.641
BPCE SA                 2.285   12/3/2035    AUD   54.991
Raiffeisen Switzerla    3.000  11/28/2023    USD   68.000
Communication Techno    5.250   1/27/2032    HUF   65.000
Caisse des Depots et    1.300   4/28/2051    EUR   70.163
Kreditanstalt fuer W    0.935  12/16/2039    EUR   74.489
Lehman Brothers Trea    7.500   5/30/2010    AUD    0.100
UBS AG/London          10.250   5/30/2023    CHF   39.850
Single Platform Inve    1.270   5/15/2035    EUR   74.097
Leonteq Securities A   10.000   12/1/2022    USD   34.880
Credit Bank of Mosco    3.100   1/21/2026    EUR   18.583
Landesbank Baden-Wue    0.430   1/22/2031    EUR   73.703
NRW Bank                0.600   1/28/2051    EUR   58.497
Region Wallonne Belg    0.250  12/29/2036    EUR   68.092
Landesbank Hessen-Th    0.300   9/15/2031    EUR   72.098
Basler Kantonalbank    10.000   2/13/2023    CHF   43.070
Landesbank Hessen-Th    0.850   7/17/2035    EUR   71.500
Vasakronan AB           1.668  10/16/2030    USD   74.972
Corner Banca SA         7.350   1/16/2023    CHF   74.390
Bank Otkritie Financ    0.010   7/16/2025    RUB   74.110
Intelsat Jackson Hol    9.750   7/15/2025    USD    0.486
Bayerische Landesbod    0.700   6/12/2037    EUR   74.288
Hellas Telecommunica    8.500  10/15/2013    EUR    0.834
Transports publics f    0.500   6/27/2041    CHF   71.557
Norske Skog Holding     8.000   2/24/2023    USD    0.006
SNCF Reseau             1.475   3/30/2065    EUR   58.953
Credit Agricole Corp   10.500   2/16/2027    TRY   52.619
Belfius Bank SA         0.780   7/22/2036    EUR   74.560
Russian Railways JSC   15.300   9/20/2039    RUB   55.010
Landesbank Baden-Wue    0.590   9/22/2034    EUR   63.586
UBS AG/London          16.000  12/29/2022    CHF   42.050
Hypo Vorarlberg Bank    1.020   7/15/2041    EUR   61.792
NIBC Bank NV            0.660   7/14/2031    EUR   68.842
DZ Bank AG Deutsche     5.000   3/24/2023    EUR   66.970
Raiffeisen Schweiz G   10.000   2/21/2023    CHF   55.750
DZ Bank AG Deutsche     4.050   6/23/2023    EUR   56.910
Single Platform Inve    1.240   5/25/2052    EUR   59.217
Dyadya Doner OOO       13.500   4/25/2023    RUB   19.060
Single Platform Inve    0.750   8/15/2050    EUR   52.583
DZ Bank AG Deutsche     5.000  12/23/2022    EUR   73.570
Oberoesterreichische    0.610   1/28/2037    EUR   73.191
DZ Bank AG Deutsche     5.000  12/23/2022    EUR   57.290
Norddeutsche Landesb    1.300   2/11/2037    EUR   68.969
Autonomous Community    1.646   7/30/2060    EUR   60.191
Purple Protected Ass    1.600    9/8/2056    EUR   64.556
Single Platform Inve    1.340    4/4/2042    EUR   71.567
Grand Delta Habitat     1.425   2/26/2048    EUR   62.855
Berlin Hyp AG           1.057   2/21/2059    EUR   66.341
NRW Bank                0.675   2/25/2041    EUR   70.602
Landesbank Baden-Wue    0.600    3/5/2036    EUR   60.717
Zurcher Kantonalbank   18.000   4/14/2023    USD   63.980
Landesbank Hessen-Th    1.170   12/8/2036    EUR   69.888
UBS AG/London          18.000   2/23/2023    CHF   62.350
Deutsche Bank AG        2.330   2/11/2043    EUR   65.831
Region de Bruxelles-    1.065   6/22/2047    EUR   64.869
Wirtschafts- und Inf    0.500   12/1/2038    EUR   67.869
Parnassia Groep BV      1.470   12/1/2045    EUR   61.956
Raiffeisen Switzerla   15.000   12/6/2022    CHF   54.430
Leonteq Securities A    9.000    3/9/2023    CHF   73.590
BPCE SA                 2.730   10/5/2036    AUD   58.179
Single Platform Inve    1.548  10/31/2050    EUR   63.627
Muenchener Hypotheke    1.495   10/5/2050    EUR   67.071
Commerzbank AG          0.900   10/7/2030    EUR   72.538
Luzerner Kantonalban    8.400  12/27/2022    USD   64.570
Deutsche Apotheker-u    1.616   1/15/2038    EUR   72.196
Single Platform Inve    1.040   6/25/2044    EUR   61.199
Single Platform Inve    1.250   5/10/2044    EUR   64.033
DZ Bank AG Deutsche     5.250   6/21/2023    EUR   69.300
Szabo Fogaskerekgyar    5.500   2/23/2032    HUF   74.200
Societe Generale SA     3.060  11/24/2031    AUD   73.521
DZ Bank AG Deutsche     1.980  12/29/2031    EUR   74.400
Luzerner Kantonalban    1.750  10/27/2025    CHF   57.620
Leonteq Securities A   10.000   12/7/2022    USD   60.670
Landesbank Baden-Wue    0.770   6/23/2036    EUR   62.200
BNP Paribas SA          1.130   5/26/2036    EUR   68.525
Leonteq Securities A    7.400   12/1/2023    USD   60.940
Credit Agricole Corp   15.000   7/14/2026    TRY   64.952
Raiffeisen Schweiz G    8.000    5/5/2023    CHF   57.490
Zurcher Kantonalbank   10.000    5/9/2023    USD   54.780
Norddeutsche Landesb    0.725   9/22/2036    EUR   63.500
Natixis SA              2.520   8/24/2036    AUD   62.688
Bank fuer Kirche und    0.660   3/17/2036    EUR   67.985
Credit Suisse AG/Lon    8.000   8/30/2024    USD    8.180
DZ Bank AG Deutsche     0.550    9/9/2036    EUR   71.772
Natixis SA              2.530   8/30/2036    AUD   62.828
Deutsche Bank AG/Lon    0.500    4/5/2038    MXN   20.188
Landeskreditbank Bad    1.236   5/22/2045    EUR   73.210
MASTERPLAST Nyrt        2.900   8/25/2031    HUF   59.000
Region Provence-Alpe    0.358   8/31/2035    EUR   72.401
Credit Agricole CIB     0.440   8/30/2033    EUR   70.909
Landesbank Baden-Wue    0.200   9/22/2031    EUR   70.819
Raiffeisen Schweiz G    7.000   2/27/2023    CHF   67.390
Bayerische Landesban    1.730    4/1/2036    EUR   73.296
Russian Foreign Bond    5.100   3/28/2035    USD   40.087
Region de Bruxelles-    1.419   6/22/2045    EUR   73.045
Landesbank Hessen-Th    0.850    9/2/2036    EUR   66.688
Landesbank Baden-Wue    0.260   7/29/2030    EUR   74.437
Landesbank Hessen-Th    0.340    8/6/2031    EUR   74.251
Landesbank Baden-Wue    0.510    8/2/2033    EUR   67.532
Single Platform Inve    1.250   8/15/2051    EUR   61.016
Natixis SA              2.530    8/5/2036    AUD   62.920
Banque International    0.950    8/6/2031    EUR   73.854
Landesbank Baden-Wue    0.270    3/7/2031    EUR   72.782
Landesbank Baden-Wue    0.290    6/9/2031    EUR   72.190
Landesbank Baden-Wue    0.320   12/9/2031    EUR   71.008
Citigroup Global Mar    0.430   8/15/2031    EUR   72.962
Landesbank Baden-Wue    0.060    9/1/2031    EUR   73.838
Zurcher Kantonalbank    7.750   2/10/2023    EUR   60.180
Region Provence-Alpe    0.393   8/26/2036    EUR   72.499
Landesbank Hessen-Th    0.400   9/17/2031    EUR   74.444
Landesbank Hessen-Th    0.650   9/16/2036    EUR   64.720
Landesbank Baden-Wue    0.290    8/6/2031    EUR   71.717
Credit Suisse AG/Lon   16.000  12/16/2022    USD   54.780
Barclays Bank PLC       1.011    2/1/2041    EUR   69.926
Credit Agricole Corp   11.190   3/12/2027    TRY   54.046
Landesbank Baden-Wue    0.640   2/26/2036    EUR   61.136
Kreditanstalt fuer W    0.600   2/16/2051    EUR   62.939
Landesbank Baden-Wue    0.620   2/18/2036    EUR   60.949
UBS AG/London           9.750   2/10/2023    USD   52.050
Credit Agricole Corp   11.190   1/15/2026    TRY   59.197
VTB Bank PJSC           3.750                EUR   45.000
Credit Suisse AG/Lon   16.300  12/26/2023    USD   38.950
DZ Bank AG Deutsche     0.500    2/4/2036    EUR   68.023
Societe Nationale SN    2.503   1/14/2041    AUD   65.745
Credit Agricole Corp   11.340   2/12/2026    TRY   59.127
Societe Generale SA     1.900   1/15/2031    AUD   67.748
Zurcher Kantonalbank   17.500   12/9/2022    USD   48.160
Deutsche Bank AG        0.700  10/28/2031    EUR   67.876
Morgan Stanley & Co     3.100  10/28/2041    AUD   65.593
BPCE SA                 3.000  11/18/2036    AUD   60.511
Region of Centre-Val    0.924   11/2/2043    EUR   65.944
Republic of Ireland     1.210  10/27/2111    EUR   56.175
BNP Paribas Emission    3.000   4/21/2026    EUR   62.250
Societe Generale SA     5.050  11/25/2036    USD   43.904
DNB Boligkreditt AS     1.230  11/18/2039    EUR   74.814
UBS AG/London           5.000   4/14/2023    CHF   70.050
Muenchener Hypotheke    1.010    8/6/2044    EUR   57.561
BNP Paribas SA          3.310   2/27/2040    AUD   66.658
Landesbank Baden-Wue    1.000   7/17/2039    EUR   67.530
Romanian Government     2.124   7/16/2031    EUR   71.992
BNG Bank NV             0.799   7/25/2039    EUR   73.412
Communaute Francaise    1.397   7/18/2059    EUR   68.339
Communaute Francaise    1.520   7/22/2069    EUR   65.162
Morgan Stanley & Co     1.105   6/18/2041    EUR   61.975
Landesbank Hessen-Th    1.000   7/15/2060    EUR   63.414
City of Kyiv Via PBR    7.500  12/15/2022    USD   34.479
Republic of Ireland     1.230   6/23/2121    EUR   56.420
Landesbank Baden-Wue    0.720   6/22/2035    EUR   63.633
Credit Agricole Corp   10.800   3/24/2026    TRY   54.034
DZ HYP AG               0.205    6/5/2040    EUR   60.636
Region de Bruxelles-    1.286  12/17/2046    EUR   69.007
UBS AG/London           1.860   2/28/2049    EUR   74.612
Landesbank Baden-Wue    0.340    3/4/2030    EUR   74.327
Landesbank Baden-Wue    0.700   3/30/2034    EUR   66.661
Landesbank Baden-Wue    0.760   3/31/2036    EUR   62.253
UBS AG/London           9.750   3/17/2023    CHF   34.150
Natixis SA              2.900   1/29/2040    AUD   61.346
Bayerische Landesban    1.682    5/2/2036    EUR   72.687
Bayerische Landesban    1.770   5/15/2036    EUR   73.204
Landesbank Hessen-Th    1.000  10/23/2035    EUR   68.000
Credit Agricole Corp   11.400  10/28/2025    TRY   60.973
DZ Bank AG Deutsche     1.250   9/30/2060    EUR   63.671
Landesbank Hessen-Th    1.000  10/29/2035    EUR   66.800
Landesbank Hessen-Th    0.700  10/29/2035    EUR   66.254
Landesbank Hessen-Th    1.590   1/18/2034    EUR   73.663
AB Financial Product    1.605   7/30/2040    EUR   57.988
Bayerische Landesban    1.480    4/8/2036    EUR   70.763
Credit Agricole Corp    2.480   8/18/2050    USD   59.669
Ebis OOO               13.000   8/11/2023    RUB    5.740
Berlin Hyp AG           0.440  10/29/2035    EUR   62.713
Societe Generale SA     2.900  10/24/2039    AUD   57.595
Region de Bruxelles-    1.053  11/14/2059    EUR   56.670
SG Issuer SA            6.940   1/20/2025    SEK   63.340
Landesbank Hessen-Th    0.850  10/17/2034    EUR   69.700
Specialfastigheter S    1.280   9/20/2049    SEK   58.824
Caisse des Depots et    1.065   9/20/2049    EUR   70.096
Norddeutsche Landesb    1.560  10/20/2038    EUR   69.730
Single Platform Inve    1.340   5/10/2044    EUR   65.574
Landesbank Baden-Wue    0.490   5/28/2031    EUR   73.488
Credit Agricole Corp   15.000   6/18/2026    TRY   65.497
Citigroup Global Mar    1.500   5/13/2051    EUR   60.282
Landesbank Baden-Wue    0.740    6/2/2036    EUR   61.934
Landesbank Hessen-Th    0.750  12/17/2035    EUR   66.416
Kreditanstalt fuer W    0.480  11/19/2040    EUR   68.373
Russian Foreign Bond    1.850  11/20/2032    EUR   41.226
BPCE SA                 2.315  11/19/2035    AUD   55.303
Autonomous Community    1.089  10/31/2049    EUR   58.641
Landesbank Hessen-Th    0.700  12/28/2035    EUR   66.000
Norddeutsche Landesb    1.170  11/24/2038    EUR   64.084
Skandinaviska Enskil    5.520   7/15/2024    SEK   66.370
Region de Bruxelles-    0.875   6/22/2057    EUR   53.849
Leonteq Securities A    7.200   2/14/2023    CHF   28.040
Republic of Italy Go    4.000  10/17/2049    USD   71.497
Societe Generale SA     3.110  10/28/2041    AUD   59.383
Credit Agricole Corp   12.000  11/17/2025    TRY   61.670
Kreditanstalt fuer W    0.660  11/12/2039    EUR   72.811
Credit Suisse AG/Lon    1.000   9/24/2035    EUR   62.980
Kreditanstalt fuer W    1.030   12/6/2049    EUR   71.186
Department of Girond    0.650  12/17/2038    EUR   69.108
Barclays Bank PLC       3.100  12/13/2044    AUD   57.914
Vasakronan AB           1.310  12/10/2040    EUR   47.160
Region de Bruxelles-    0.658    1/7/2041    EUR   65.177
Berlin Hyp AG           1.157   12/9/2039    EUR   66.927
Landesbank Baden-Wue    0.700    9/5/2039    EUR   65.720
Skandinaviska Enskil    9.020   7/17/2023    SEK   66.150
Landesbank Hessen-Th    0.900  11/20/2035    EUR   67.000
Landesbank Baden-Wue    0.440  10/19/2035    EUR   71.632
Morgan Stanley & Co     3.470   1/27/2042    AUD   69.068
Landesbank Hessen-Th    0.850  11/19/2035    EUR   67.482
Caisse des Depots et    2.630   9/16/2049    AUD   63.527
Communaute Francaise    1.187   9/16/2069    EUR   61.943
Caisse des Depots et    2.670   9/17/2049    AUD   64.054
Communaute Francaise    0.584   9/17/2039    EUR   64.136
SAir Group              2.750   7/30/2004    CHF   12.375
Credit Agricole Corp   10.200  12/13/2027    TRY   49.118
Caisse des Depots et    2.340  11/27/2049    AUD   59.336
Landesbank Hessen-Th    0.600   9/27/2034    EUR   68.700
Landesbank Baden-Wue    0.150   9/11/2039    EUR   64.800
Single Platform Inve    1.050   3/17/2039    EUR   66.568
Metropole de Lyon       0.540   12/7/2050    EUR   51.534
Vontobel Financial P    0.080   12/5/2022    EUR   59.400
Single Platform Inve    1.600   2/15/2041    EUR   72.106
Ebis OOO               12.000    4/9/2024    RUB    4.490
Landesbank Baden-Wue    0.780   4/21/2036    EUR   62.413
Caisse des Depots et    1.275    5/5/2051    EUR   73.664
Caisse des Depots et    2.730    3/2/2041    AUD   68.874
Landesbank Hessen-Th    1.400    3/5/2036    EUR   67.000
Credit Agricole Corp   11.640   3/24/2027    TRY   55.108
Landesbank Hessen-Th    0.820  12/17/2035    EUR   67.598
Landesbank Hessen-Th    0.800   4/15/2036    EUR   66.683
Basler Kantonalbank     8.000  11/28/2022    CHF   65.540
Quintet Private Bank    6.050   5/26/2026    USD   64.280
Single Platform Inve    1.440   7/18/2042    EUR   68.055
DZ Bank AG Deutsche     0.510   1/25/2036    EUR   68.480
Region Wallonne Belg    0.850   1/26/2071    EUR   46.400
Region Wallonne Belg    1.250   4/30/2055    EUR   60.148
Societe Generale SA     2.060   3/12/2031    USD   71.899
Landesbank Hessen-Th    0.620    2/6/2036    EUR   65.699
Merrill Lynch BV        2.580   8/20/2036    USD   73.832
Norddeutsche Landesb    0.325   9/15/2031    EUR   71.543
Credit Agricole Corp   10.320   7/22/2026    TRY   54.748
Republic of Austria     0.850   6/30/2120    EUR   48.810
Landesbank Hessen-Th    0.620   1/11/2036    EUR   65.847
Norddeutsche Landesb    0.725   9/14/2033    EUR   69.482
Norddeutsche Landesb    0.550   9/10/2031    EUR   72.772
Erste Group Bank AG     0.570   8/14/2032    EUR   71.765
Landesbank Hessen-Th    1.000   8/27/2035    EUR   69.378
Kreditanstalt fuer W    0.400   8/12/2040    EUR   68.284
Landeskreditbank Bad    0.170  12/10/2035    EUR   72.038
Caisse des Depots et    1.005   11/5/2050    EUR   68.793
Norddeutsche Landesb    2.180   9/20/2034    EUR   74.870
Nomura Bank Internat    0.450   12/3/2030    EUR   73.430
Kuntarahoitus Oyj       1.005   12/7/2060    EUR   65.422
Ukraine Government I    7.253   3/15/2035    USD   21.143
Societe Wallonne de     0.913   7/31/2040    EUR   55.715
Cooperatieve Raboban    0.540    8/3/2040    EUR   65.429
Banque et Caisse d'E    0.900    8/6/2042    EUR   73.676
Takarek Mortgage Ban    3.000   8/21/2030    HUF   54.840
Regie Autonome des T    0.640   8/13/2041    EUR   67.354
Norddeutsche Landesb    0.925   9/10/2036    EUR   65.560
Landesbank Hessen-Th    0.620   4/18/2036    EUR   65.296
Landesbank Hessen-Th    0.550   8/18/2033    EUR   70.465
Nordea Bank Abp         0.620  10/14/2026    SEK   46.680
Landesbank Hessen-Th    0.450   9/15/2033    EUR   65.535
LBI ehf                 7.431                USD    0.001
Lehman Brothers Trea   16.000  12/26/2008    USD    0.100
Axial Javito Kereske    2.000   9/23/2030    HUF   59.094
NRW Bank                0.360  10/15/2035    EUR   74.063
Collectivite Europee    0.487   10/9/2045    EUR   56.801
BNP Paribas Issuance    1.560    2/2/2039    EUR   51.050
Lehman Brothers Trea    8.280   7/31/2013    GBP    0.100
Lehman Brothers Trea    6.650   8/24/2011    AUD    0.100
Communaute Francaise    1.340    7/1/2054    EUR   69.793
IT Holding Finance S    9.875  11/15/2012    EUR    0.015
Kreditanstalt fuer W    0.250   10/6/2036    CAD   51.120
Bayerische Landesban    1.600   7/21/2036    EUR   71.507
United Confectioners    7.000    4/3/2023    RUB   70.000
Russian Railways JSC   15.300   9/19/2033    RUB   55.010
Turkey Government In    6.625   2/17/2045    USD   74.557
BPCE SFH SA             0.500   1/23/2035    EUR   74.903
DekaBank Deutsche Gi    1.850   3/20/2045    EUR   68.638
Deutsche Bank AG        1.750    4/9/2035    EUR   65.597
DekaBank Deutsche Gi    1.340   8/22/2036    EUR   70.908
State of North Rhine    1.491   8/23/2066    EUR   72.357
Bayerische Landesban    1.320   9/16/2033    EUR   74.273
Raiffeisen Bank Inte    0.430    9/9/2030    EUR   74.478
Norddeutsche Landesb    1.570    9/9/2038    EUR   68.651
Landesbank Hessen-Th    0.750  10/15/2035    EUR   66.848
Bayerische Landesban    1.620   5/21/2036    EUR   71.926
Lloyds Bank PLC         1.920   4/16/2044    EUR   73.810
Kreditanstalt fuer W    1.171   7/19/2051    EUR   71.056
Romanian Government     1.750   7/13/2030    EUR   72.222
SG Issuer SA            2.270    2/4/2032    EUR   59.190
Denmark Government B    0.250  11/15/2052    DKK   62.705
Corner Banca SA        10.000   1/23/2023    CHF   39.150
Centre Hospitalier U    0.490   12/1/2036    EUR   71.154
UBS AG/London           7.500   7/12/2023    CHF   61.650
UBS AG/London          10.000   8/23/2023    CHF   49.050
Credit Suisse AG/Lon    8.500   1/23/2023    USD   58.470
Norddeutsche Landesb    1.090  11/15/2043    EUR   68.400
Leonteq Securities A    9.000  12/14/2022    CHF   58.650
Landesbank Hessen-Th    0.500    2/2/2032    EUR   72.784
Landesbank Hessen-Th    0.450    1/7/2032    EUR   74.117
SpareBank 1 SR-Bank     1.020   10/8/2036    EUR   72.332
UBS AG/London           9.500  11/30/2022    CHF   40.700
Metal Hungaria Holdi    3.500  11/16/2031    HUF   65.000
Rikshem AB              2.137   1/29/2036    EUR   72.057
Landesbank Hessen-Th    0.750  10/27/2031    EUR   74.919
ENEL RUSSIA PJSC        8.600  12/15/2022    RUB   61.010
Sberbank of Russia P    0.010    8/6/2026    RUB   73.500
Credit Suisse AG/Lon   10.000  12/12/2022    CHF    6.960
State of North Rhine    1.450   1/19/2122    EUR   61.008
Credit Suisse AG/Lon   10.000    2/2/2023    USD    7.590
Caisse des Depots et    1.018   2/16/2051    EUR   67.867
Landesbank Hessen-Th    2.435    2/6/2048    EUR   69.964
Hungary Government B    3.000  10/27/2038    HUF   56.364
SkyGreen Buildings K    3.000  12/29/2030    HUF   63.500
Credit Suisse AG/Lon    7.000   12/8/2022    CHF   61.520
Raiffeisen Schweiz G    9.500    5/2/2023    CHF   45.970
VTB Bank PJSC           8.191                USD   37.800
Region of Centre-Val    0.755   11/2/2037    EUR   72.334
Zurcher Kantonalbank   19.000    4/6/2023    CHF   71.000
Russian Railways JSC   13.630   5/30/2040    RUB   50.010
Barclays Bank PLC       2.680   4/14/2031    AUD   74.065
NRW Bank                1.000   2/26/2050    EUR   69.002
Romanian Government     2.124   7/16/2031    EUR   72.119
Landesbank Hessen-Th    1.000    3/6/2035    EUR   68.850
Nykredit Realkredit     1.000   10/1/2053    DKK   74.660
French Republic Gove    0.500   5/25/2040    EUR   69.902
Region Provence-Alpe    0.785   6/18/2040    EUR   68.947
Region Wallonne Belg    1.300   6/16/2068    EUR   54.907
CTP NV                  1.250   6/21/2029    EUR   66.944
DekaBank Deutsche Gi    3.000  12/29/2022    EUR   53.170
BNP Paribas Emission   19.000   6/22/2023    EUR   63.690
Credit Bank of Mosco    5.150   2/20/2024    EUR   18.453
Landesbank Saar         0.670   3/10/2034    EUR   71.267
Banque Cantonale Vau    7.300   9/16/2024    CHF   27.990
Italy Buoni Polienna    1.800    3/1/2041    EUR   72.876
Landesbank Baden-Wue    0.590   10/7/2032    EUR   70.014
Republic of Austria     1.500   11/2/2086    EUR   69.260
Kreditanstalt fuer W    0.620   1/14/2050    EUR   60.012
Bayerische Landesban    1.100   1/26/2024    EUR   68.460
Landesbank Baden-Wue    2.200   1/27/2023    EUR   65.950
Deutsche Pfandbriefb    2.000    7/9/2032    EUR   71.652
Barclays Bank PLC       2.730   9/27/2024    EUR   48.480
Landesbank Baden-Wue    0.710   11/9/2035    EUR   63.246
Single Platform Inve    1.301   6/25/2044    EUR   63.733
Nederlandse Watersch    0.260  11/10/2036    EUR   70.788
Basque Government       1.375  10/31/2070    EUR   49.897
Oberbank AG             1.850   4/18/2039    EUR   72.419
Skandinaviska Enskil    6.500   1/15/2024    SEK   72.050
Batigere Grand Est S    1.540   11/4/2041    EUR   66.093
Batigere Grand Est S    1.610  10/23/2040    EUR   67.867
Erste Group Bank AG     4.500   10/1/2025    EUR   44.500
Department of Bouche    0.810  12/16/2041    EUR   66.584
State of Lower Austr    0.400  10/13/2050    EUR   52.940
Credit Industriel Et    1.170   1/28/2037    EUR   71.453
Russian Foreign Bond   12.750   6/24/2028    USD   72.435
Solarwatt GmbH          7.000   11/1/2015    EUR   15.500
Republic of Belarus     7.625   6/29/2027    USD   34.688
Bayerische Landesban    1.350  12/23/2022    EUR   57.810
DZ Bank AG Deutsche     2.240   8/22/2034    USD   73.639
Sparekassen Bredebro    3.750   4/15/2031    DKK   68.418
Raiffeisen Schweiz G    7.000   9/20/2023    CHF   65.910
UBS AG/London           7.000   1/23/2023    USD   67.600
United Kingdom Gilt     0.875   1/31/2046    GBP   59.391
Bank Vontobel AG       15.000   6/26/2023    EUR   70.200
BNP Paribas Emission    6.000  12/22/2022    EUR   35.090
Skandinaviska Enskil    9.500   7/17/2023    SEK   67.330
Skandinaviska Enskil   10.360   7/17/2023    SEK   70.595
Hungary Government B    2.000   5/23/2029    HUF   69.945
Nederlandse Watersch    1.125    7/8/2050    EUR   68.773
Lehman Brothers Trea   13.432    1/8/2009    ILS    0.100
Batigere Grand Est S    1.600  11/14/2044    EUR   65.147
Progress Etteremhalo    3.000   9/18/2030    HUF   63.800
Nederlandse Watersch    1.080  10/26/2050    EUR   67.381
Astana Finance BV       9.000  11/16/2011    USD   15.250
Northland Resources    12.250   3/26/2016    USD    2.621
Credit Suisse AG/Lon    0.500    1/8/2026    BRL   65.378
Norske Skogindustrie    7.125  10/15/2033    USD    0.010
Region de Bruxelles-    1.015   1/23/2051    EUR   61.075
State of North Rhine    1.513   7/27/2065    EUR   73.901
New World Resources     8.000    4/7/2020    EUR    0.103
Waste Italia SpA       10.500  11/15/2019    EUR    0.550
Bank Julius Baer & C    9.600   3/30/2023    USD   67.600
DZ Bank AG Deutsche     4.800  12/19/2022    EUR   72.660
DZ Bank AG Deutsche     5.800  12/19/2022    EUR   71.170
DZ Bank AG Deutsche     4.900   3/20/2023    EUR   73.940
DZ Bank AG Deutsche     6.100  12/19/2022    EUR   50.970
DZ Bank AG Deutsche     5.600   3/20/2023    EUR   52.370
Leonteq Securities A   15.000    1/3/2023    CHF   71.830
Leonteq Securities A    8.000   6/30/2023    USD   59.880
DZ Bank AG Deutsche     8.250  12/19/2022    EUR   49.150
DZ Bank AG Deutsche     6.250   3/20/2023    EUR   48.100
VTB Bank PJSC           0.010  11/25/2026    RUB   65.000
Biznes Nedvizhimost    10.800  12/18/2026    RUB   62.000
Bank Vontobel AG       10.000   8/16/2023    CHF   73.200
Vontobel Financial P   18.750  12/23/2022    EUR   45.200
Vontobel Financial P   15.000  12/23/2022    EUR   69.670
Vontobel Financial P   24.000  12/23/2022    EUR   55.580
Vontobel Financial P    9.000  12/23/2022    EUR   49.890
Vontobel Financial P   12.000  12/23/2022    EUR   46.160
Vontobel Financial P   11.000  12/23/2022    EUR   46.830
Vontobel Financial P    7.500  12/23/2022    EUR   51.560
Vontobel Financial P   10.000  12/23/2022    EUR   48.310
Vontobel Financial P   13.500  12/23/2022    EUR   30.990
Vontobel Financial P    6.500  12/23/2022    EUR   53.390
Vontobel Financial P    8.000  12/23/2022    EUR   71.120
Vontobel Financial P    7.500  12/23/2022    EUR   64.870
Landesbank Hessen-Th    1.000   2/11/2037    EUR   68.119
Bank Vontobel AG       20.000    1/3/2023    CHF   64.500
Bank Vontobel AG        7.000   3/30/2023    CHF   50.500
Credit Suisse AG/Lon   16.000  12/29/2022    CHF   60.810
Credit Suisse AG/Lon   12.000  12/29/2022    CHF   54.750
Vontobel Financial P   14.500  12/23/2022    EUR   69.630
Vontobel Financial P    8.500  12/23/2022    EUR   73.870
Vontobel Financial P    9.500  12/23/2022    EUR   71.890
Vontobel Financial P   17.000  12/23/2022    EUR   63.680
Vontobel Financial P   16.500  12/23/2022    EUR   71.250
Vontobel Financial P   20.000  12/23/2022    EUR   67.110
Vontobel Financial P   18.000  12/23/2022    EUR   69.820
Vontobel Financial P   15.500  12/23/2022    EUR   72.800
Vontobel Financial P   19.000  12/23/2022    EUR   68.420
Vontobel Financial P   18.500  12/23/2022    EUR   62.290
Vontobel Financial P   17.000  12/23/2022    EUR   63.030
Zurcher Kantonalbank   16.500   2/14/2023    USD   52.050
Vontobel Financial P    7.000  12/23/2022    EUR   64.450
Vontobel Financial P   15.000  12/23/2022    EUR   64.980
Vontobel Financial P   14.500  12/23/2022    EUR   43.860
Vontobel Financial P   11.000  12/23/2022    EUR   66.370
Vontobel Financial P    5.000  12/23/2022    EUR   65.980
Vontobel Financial P    8.350   2/20/2023    EUR   74.410
DZ Bank AG Deutsche    12.300  12/23/2022    EUR   29.640
DZ Bank AG Deutsche    11.600  12/23/2022    EUR   73.250
Landesbank Baden-Wue    3.500   2/24/2023    EUR   62.970
DZ Bank AG Deutsche    18.900  12/23/2022    EUR   47.180
Landesbank Baden-Wue    2.000   2/24/2023    EUR   69.400
Landesbank Baden-Wue    3.350   2/24/2023    EUR   63.210
SG Issuer SA            2.000  12/22/2036    EUR   66.260
Zurcher Kantonalbank    9.000  12/30/2022    CHF   55.290
Zurcher Kantonalbank    7.000  12/30/2022    CHF   38.960
MKB-Leasing OOO         9.200  12/22/2027    RUB   65.000
Landesbank Baden-Wue    7.500   2/24/2023    EUR   39.220
Landesbank Baden-Wue    2.500   2/24/2023    EUR   61.160
Landesbank Baden-Wue    4.000   2/24/2023    EUR   59.230
Landesbank Baden-Wue   10.000   2/24/2023    EUR   70.470
UniCredit Bank AG       3.700   1/27/2025    EUR   58.420
Landesbank Baden-Wue    3.300   2/24/2023    EUR   47.580
Landesbank Baden-Wue    2.700   3/24/2023    EUR   68.130
Landesbank Baden-Wue    4.200   3/24/2023    EUR   64.330
Landesbank Baden-Wue    2.200   2/24/2023    EUR   62.740
Landesbank Baden-Wue    4.700   2/24/2023    EUR   56.420
Erste Group Bank AG     1.360   2/23/2036    EUR   74.482
Vontobel Financial P   13.500  12/23/2022    EUR   42.990
Vontobel Financial P   15.500   2/20/2023    EUR   70.910
Vontobel Financial P   12.250  12/23/2022    EUR   67.990
Leonteq Securities A   24.000    1/6/2023    CHF   13.720
Vontobel Financial P   21.000  12/23/2022    EUR   59.740
Vontobel Financial P   15.000  12/23/2022    EUR   73.910
Vontobel Financial P   14.500  12/23/2022    EUR   62.700
Vontobel Financial P   16.500  12/23/2022    EUR   60.900
Vontobel Financial P   18.500  12/23/2022    EUR   59.200
Vontobel Financial P   10.500  12/23/2022    EUR   66.700
Vontobel Financial P   20.000  12/23/2022    EUR   74.850
Vontobel Financial P    7.500  12/23/2022    EUR   71.400
Vontobel Financial P    6.000  12/23/2022    EUR   74.000
Vontobel Financial P   10.500  12/23/2022    EUR   74.370
Vontobel Financial P   12.500  12/23/2022    EUR   64.630
Vontobel Financial P    9.000  12/23/2022    EUR   68.960
Vontobel Financial P   12.000  12/23/2022    EUR   72.410
Vontobel Financial P   15.500  12/23/2022    EUR   68.870
Vontobel Financial P   17.000  12/23/2022    EUR   67.220
Vontobel Financial P    7.000  12/23/2022    EUR   55.760
Vontobel Financial P   14.000  12/23/2022    EUR   70.610
Vontobel Financial P    4.500  12/23/2022    EUR   60.030
Vontobel Financial P    8.500  12/23/2022    EUR   53.880
Vontobel Financial P   17.000  12/23/2022    EUR   46.340
Vontobel Financial P   15.000  12/23/2022    EUR   47.630
Vontobel Financial P   10.000  12/23/2022    EUR   52.140
Vontobel Financial P    5.500  12/23/2022    EUR   57.790
Vontobel Financial P   19.000  12/23/2022    EUR   45.140
Vontobel Financial P   11.500  12/23/2022    EUR   50.510
Vontobel Financial P   13.500  12/23/2022    EUR   49.040
Vontobel Financial P   13.500  12/23/2022    EUR   69.040
Vontobel Financial P   11.000  12/23/2022    EUR   72.200
Vontobel Financial P   10.000  12/23/2022    EUR   73.940
Vontobel Financial P   10.000  12/23/2022    EUR   72.510
Vontobel Financial P   15.500  12/23/2022    EUR   65.420
Vontobel Financial P   11.500  12/23/2022    EUR   69.940
Vontobel Financial P   19.000  12/23/2022    EUR   61.490
Vontobel Financial P   13.500  12/23/2022    EUR   67.600
Vontobel Financial P   14.500  12/23/2022    EUR   67.570
Vontobel Financial P   12.500  12/23/2022    EUR   70.600
Vontobel Financial P   22.500  12/23/2022    EUR   60.080
Vontobel Financial P   18.500  12/23/2022    EUR   63.560
Vontobel Financial P   16.000  12/23/2022    EUR   66.170
Vontobel Financial P   20.000  12/23/2022    EUR   62.360
Vontobel Financial P   16.500  12/23/2022    EUR   71.920
Vontobel Financial P   21.000  12/23/2022    EUR   61.180
Vontobel Financial P   17.000  12/23/2022    EUR   64.830
Vontobel Financial P    4.500  12/23/2022    EUR   66.660
Vontobel Financial P    9.500  12/23/2022    EUR   57.490
Vontobel Financial P   16.000  12/23/2022    EUR   50.790
Vontobel Financial P    7.500  12/23/2022    EUR   73.630
Vontobel Financial P   14.500  12/23/2022    EUR   70.690
Vontobel Financial P    9.500  12/23/2022    EUR   69.440
Vontobel Financial P   11.500  12/23/2022    EUR   65.750
Vontobel Financial P   15.500  12/23/2022    EUR   59.500
Vontobel Financial P   13.500  12/23/2022    EUR   62.500
Vontobel Financial P   18.000  12/23/2022    EUR   56.880
Vontobel Financial P   20.500  12/23/2022    EUR   54.510
Vontobel Financial P   18.500  12/23/2022    EUR   65.970
Vontobel Financial P   11.500  12/23/2022    EUR   42.390
Vontobel Financial P   11.000  12/23/2022    EUR   44.150
Vontobel Financial P   15.500  12/23/2022    EUR   40.970
Vontobel Financial P   13.500  12/23/2022    EUR   42.510
Vontobel Financial P    3.500  12/23/2022    EUR   52.840
Vontobel Financial P    5.000  12/23/2022    EUR   50.290
Vontobel Financial P    9.000  12/23/2022    EUR   46.000
Vontobel Financial P    7.000  12/23/2022    EUR   48.050
Vontobel Financial P   17.000  12/23/2022    EUR   74.450
Vontobel Financial P   17.000  12/23/2022    EUR   72.630
Vontobel Financial P   14.000  12/23/2022    EUR   74.710
Vontobel Financial P   10.500  12/23/2022    EUR   74.060
Vontobel Financial P   15.000  12/23/2022    EUR   68.730
Vontobel Financial P   12.500  12/23/2022    EUR   71.280
Vontobel Financial P   17.000  12/23/2022    EUR   66.340
Vontobel Financial P    5.000  12/23/2022    EUR   56.570
Vontobel Financial P    8.500  12/23/2022    EUR   51.030
Vontobel Financial P    9.000  12/23/2022    EUR   50.070
Vontobel Financial P   11.000  12/23/2022    EUR   48.280
Vontobel Financial P   13.000  12/23/2022    EUR   46.660
Vontobel Financial P    7.000  12/23/2022    EUR   53.110
Vontobel Financial P    7.500  12/23/2022    EUR   52.040
Vontobel Financial P    6.000  12/23/2022    EUR   54.180
Vontobel Financial P   10.000  12/23/2022    EUR   49.170
Vontobel Financial P   13.500  12/23/2022    EUR   45.890
Vontobel Financial P   14.500  12/23/2022    EUR   45.100
Vontobel Financial P   16.500  12/23/2022    EUR   43.710
Vontobel Financial P   17.500  12/23/2022    EUR   37.570
Vontobel Financial P    6.500  12/23/2022    EUR   49.020
Vontobel Financial P   14.500  12/23/2022    EUR   39.800
Vontobel Financial P   24.500  12/23/2022    EUR   36.820
Vontobel Financial P    9.000  12/23/2022    EUR   45.470
Vontobel Financial P   13.000  12/23/2022    EUR   59.360
Vontobel Financial P    9.000  12/23/2022    EUR   66.410
Vontobel Financial P   11.000  12/23/2022    EUR   62.670
Vontobel Financial P   19.000  12/23/2022    EUR   51.380
Vontobel Financial P   15.000  12/23/2022    EUR   56.400
Vontobel Financial P   17.000  12/23/2022    EUR   53.760
Vontobel Financial P   21.500  12/23/2022    EUR   49.260
Vontobel Financial P   17.000  12/23/2022    EUR   71.120
Vontobel Financial P   18.500  12/23/2022    EUR   69.460
Vontobel Financial P   15.500  12/23/2022    EUR   72.860
Vontobel Financial P   20.000  12/23/2022    EUR   67.900
Vontobel Financial P   14.000  12/23/2022    EUR   69.970
Vontobel Financial P   16.000  12/23/2022    EUR   67.490
Vontobel Financial P   11.500  12/23/2022    EUR   72.650
Vontobel Financial P    7.000  12/23/2022    EUR   46.560
Vontobel Financial P   19.500  12/23/2022    EUR   73.600
Vontobel Financial P    5.500  12/23/2022    EUR   49.100
Vontobel Financial P    6.000  12/23/2022    EUR   47.780
Vontobel Financial P    8.000  12/23/2022    EUR   45.410
Vontobel Financial P    8.500  12/23/2022    EUR   44.290
Vontobel Financial P    5.000  12/23/2022    EUR   50.510
Vontobel Financial P    9.500  12/23/2022    EUR   43.260
Vontobel Financial P   15.500  12/23/2022    EUR   38.080
Vontobel Financial P   14.500  12/23/2022    EUR   38.840
Vontobel Financial P   16.500  12/23/2022    EUR   37.350
Vontobel Financial P   17.500  12/23/2022    EUR   36.660
Vontobel Financial P   19.500  12/23/2022    EUR   35.370
Vontobel Financial P   18.500  12/23/2022    EUR   36.000
Vontobel Financial P   10.500  12/23/2022    EUR   42.280
Vontobel Financial P   13.500  12/23/2022    EUR   39.640
Vontobel Financial P   11.500  12/23/2022    EUR   41.360
Vontobel Financial P   12.500  12/23/2022    EUR   40.470
Vontobel Financial P   15.500  12/23/2022    EUR   65.230
Vontobel Financial P   12.500  12/23/2022    EUR   72.320
Vontobel Financial P   16.000  12/23/2022    EUR   68.780
Vontobel Financial P   18.000  12/23/2022    EUR   70.530
Vontobel Financial P   15.000  12/23/2022    EUR   73.890
Vontobel Financial P   16.500  12/23/2022    EUR   72.170
Vontobel Financial P   11.500  12/23/2022    EUR   70.830
Vontobel Financial P   10.500  12/23/2022    EUR   52.460
Vontobel Financial P   12.000  12/23/2022    EUR   67.760
Vontobel Financial P   13.500  12/23/2022    EUR   66.090
Vontobel Financial P   16.000  12/23/2022    EUR   62.990
Vontobel Financial P   14.500  12/23/2022    EUR   64.510
Vontobel Financial P   12.000  12/23/2022    EUR   74.890
Vontobel Financial P   15.000  12/23/2022    EUR   71.720
Vontobel Financial P   16.500  12/23/2022    EUR   70.240
Vontobel Financial P   13.500  12/23/2022    EUR   73.260
Vontobel Financial P   19.000  12/23/2022    EUR   21.780
Vontobel Financial P   24.000  12/23/2022    EUR   19.160
Vontobel Financial P    3.000  12/23/2022    EUR   60.560
Vontobel Financial P    4.000  12/23/2022    EUR   57.790
Vontobel Financial P    3.500  12/23/2022    EUR   59.140
Vontobel Financial P    5.500  12/23/2022    EUR   55.350
Vontobel Financial P   17.500  12/23/2022    EUR   43.070
Vontobel Financial P   15.500  12/23/2022    EUR   44.410
Vontobel Financial P   12.000  12/23/2022    EUR   47.460
Vontobel Financial P   18.500  12/23/2022    EUR   42.430
Vontobel Financial P   17.000  12/23/2022    EUR   71.730
Vontobel Financial P    8.500  12/23/2022    EUR   73.470
Vontobel Financial P    9.500  12/23/2022    EUR   71.450
Vontobel Financial P   10.500  12/23/2022    EUR   69.520
Raiffeisen Schweiz G   12.000  12/30/2022    CHF   58.040
Basler Kantonalbank    11.000    8/9/2023    CHF   74.740
Zurcher Kantonalbank    8.800   7/26/2023    CHF   74.980
Zurcher Kantonalbank   10.000   1/26/2023    CHF   65.210
EFG International Fi    4.660   1/26/2023    EUR   69.560
UBS AG/London           9.170   1/30/2024    USD    8.469
EFG International Fi    3.120   1/31/2023    EUR   68.230
Leonteq Securities A   20.000    2/1/2023    CHF   64.620
Erste Group Bank AG     1.170   1/28/2037    EUR   70.136
Raiffeisen Schweiz G   13.000   1/31/2023    CHF   53.130
Raiffeisen Schweiz G   19.000   1/31/2023    CHF   34.240
Citigroup Global Mar    1.000   1/21/2036    EUR   67.457
Zurcher Kantonalbank   10.500   1/27/2023    EUR   52.500
Bank Vontobel AG       12.000   1/30/2023    CHF   13.800
Credit Suisse AG/Lon    8.750   1/27/2023    CHF   69.340
Bank Vontobel AG       18.250   1/30/2023    CHF   15.300
Bank Vontobel AG        7.000   7/28/2023    CHF   70.400
Credit Suisse AG/Lon    9.250   1/27/2023    USD   55.990
UBS AG/London          16.350   1/31/2024    USD    7.433
UBS AG/London          15.800   1/31/2024    USD    7.463
DZ Bank AG Deutsche    10.700   6/23/2023    EUR   50.750
DZ Bank AG Deutsche     7.900   6/23/2023    EUR   70.930
DZ Bank AG Deutsche    10.000   6/23/2023    EUR   68.070
DZ Bank AG Deutsche     6.400   6/23/2023    EUR   59.150
DZ Bank AG Deutsche    10.800   3/24/2023    EUR   69.150
DZ Bank AG Deutsche     9.300   6/23/2023    EUR   67.390
DZ Bank AG Deutsche     7.300   6/23/2023    EUR   68.500
DZ Bank AG Deutsche    10.400   6/23/2023    EUR   63.830
DZ Bank AG Deutsche    20.100   3/24/2023    EUR   71.630
DZ Bank AG Deutsche    14.400  12/23/2022    EUR   74.780
Leonteq Securities A   14.000    1/3/2023    CHF   30.100
Leonteq Securities A    9.000   6/30/2023    CHF   50.170
EFG International Fi   18.000   2/16/2023    CHF   26.290
DZ Bank AG Deutsche     5.100  12/19/2022    EUR   52.130
DZ Bank AG Deutsche     4.800   3/20/2023    EUR   53.320
UBS AG/London           8.400   9/11/2023    EUR   72.290
Corner Banca SA        18.000    1/3/2023    USD   62.840
DZ Bank AG Deutsche     6.250  12/19/2022    EUR   68.960
DZ Bank AG Deutsche     5.000   3/20/2023    EUR   55.020
Raiffeisen Switzerla    9.000   6/30/2023    USD   71.290
VTB Bank PJSC           0.010  12/13/2024    RUB   74.040
Luzerner Kantonalban    5.000   6/28/2023    CHF   69.560
Zurcher Kantonalbank    6.800  12/28/2022    CHF   74.080
Societe Generale Eff    4.930   2/17/2023    USD   74.110
Vontobel Financial P   16.000  12/23/2022    EUR   72.450
Vontobel Financial P   15.000  12/23/2022    EUR   74.170
Vontobel Financial P   19.000  12/23/2022    EUR   67.770
EFG International Fi   19.000  12/29/2022    USD   67.660
Vontobel Financial P    6.000  12/23/2022    EUR   37.550
Vontobel Financial P   21.000  12/23/2022    EUR   59.550
Vontobel Financial P   12.500  12/23/2022    EUR   45.490
Vontobel Financial P    9.500  12/23/2022    EUR   49.090
Vontobel Financial P   10.500  12/23/2022    EUR   47.560
Vontobel Financial P   18.000  12/23/2022    EUR   40.870
Vontobel Financial P    7.500  12/23/2022    EUR   35.320
Vontobel Financial P   12.000  12/23/2022    EUR   31.730
Vontobel Financial P   18.000  12/23/2022    EUR   64.180
Vontobel Financial P    7.000  12/23/2022    EUR   52.450
Vontobel Financial P    7.500  12/23/2022    EUR   62.820
Vontobel Financial P    8.000  12/23/2022    EUR   59.330
Vontobel Financial P    5.500  12/23/2022    EUR   57.370
Leonteq Securities A   25.200   2/17/2023    CHF   19.140
Banque International   10.000    8/9/2023    CHF   67.200
Leonteq Securities A   22.800   2/15/2023    CHF   51.440
Credit Suisse AG/Lon   11.500  12/23/2022    USD   37.620
Leonteq Securities A   24.120  12/30/2022    CHF   61.500
Landesbank Baden-Wue    2.300  12/22/2023    EUR   69.770
Landesbank Baden-Wue    5.900  12/22/2023    EUR   46.070
Landesbank Baden-Wue    9.500  12/22/2023    EUR   57.510
Landesbank Baden-Wue    4.800  12/22/2023    EUR   72.630
Landesbank Baden-Wue    2.600  12/22/2023    EUR   60.680
Landesbank Baden-Wue    4.300  12/22/2023    EUR   74.220
Landesbank Baden-Wue    7.000  12/22/2023    EUR   35.110
Landesbank Baden-Wue    4.150  12/22/2023    EUR   56.260
UniCredit Bank AG       7.000   3/15/2023    EUR   70.750
UniCredit Bank AG       7.600   3/15/2023    EUR   40.620
Credit Suisse AG/Lon    8.500   5/10/2023    USD   69.770
Vontobel Financial P    8.000  12/23/2022    EUR   73.090
UBS AG/London           7.250  12/29/2023    CHF   68.900
UBS AG/London           8.500   6/29/2023    CHF   64.600
UBS AG/London           6.500  12/29/2023    CHF   63.650
UBS AG/London          17.500  12/29/2022    USD   54.950
Societe Generale Eff    8.000   1/27/2023    EUR   56.880
Vontobel Financial P    5.000   3/24/2023    EUR   61.180
Vontobel Financial P   21.500  12/23/2022    EUR   65.020
Vontobel Financial P   15.000   3/24/2023    EUR   68.120
Vontobel Financial P   11.500  12/23/2022    EUR   71.670
Vontobel Financial P   14.000  12/23/2022    EUR   69.280
Vontobel Financial P   11.000   3/24/2023    EUR   72.440
Credit Suisse AG/Lon    4.600   3/31/2023    USD    8.810
Credit Suisse AG/Lon    6.200   3/31/2023    USD    8.890
Vontobel Financial P   13.000  12/23/2022    EUR   71.690
Vontobel Financial P   18.500   3/24/2023    EUR   65.980
Vontobel Financial P    7.500  12/23/2022    EUR   55.790
Vontobel Financial P   12.000  12/23/2022    EUR   50.550
Vontobel Financial P   17.500  12/23/2022    EUR   46.380
Vontobel Financial P   17.000   3/24/2023    EUR   70.700
Vontobel Financial P   15.000   3/24/2023    EUR   73.790
Vontobel Financial P   16.500   3/24/2023    EUR   70.140
Vontobel Financial P   13.500   3/24/2023    EUR   73.790
Vontobel Financial P   16.000  12/23/2022    EUR   67.710
Vontobel Financial P   19.500  12/23/2022    EUR   64.230
Vontobel Financial P   18.000  12/23/2022    EUR   65.940
Vontobel Financial P   13.500  12/23/2022    EUR   74.160
Vontobel Financial P   16.500  12/23/2022    EUR   70.880
Vontobel Financial P   18.000  12/23/2022    EUR   69.350
Vontobel Financial P   19.500  12/23/2022    EUR   67.890
Vontobel Financial P   20.500  12/23/2022    EUR   66.470
Banque Cantonale Vau   12.360   6/27/2023    CHF   73.020
Vontobel Financial P   13.500   3/24/2023    EUR   69.320
Vontobel Financial P   11.500  12/23/2022    EUR   71.590
Vontobel Financial P   13.000  12/23/2022    EUR   69.720
Vontobel Financial P   18.000  12/23/2022    EUR   72.730
Vontobel Financial P   16.000  12/23/2022    EUR   74.590
Vontobel Financial P   15.500   3/24/2023    EUR   71.290
Vontobel Financial P   14.500   3/24/2023    EUR   68.230
Vontobel Financial P   13.000   3/24/2023    EUR   50.600
Vontobel Financial P   10.000   3/24/2023    EUR   52.780
Vontobel Financial P    8.000   3/24/2023    EUR   55.720
Vontobel Financial P   14.000   3/24/2023    EUR   49.490
Vontobel Financial P   11.500   3/24/2023    EUR   51.640
Vontobel Financial P   19.000  12/23/2022    EUR   45.140
Vontobel Financial P   17.000   3/24/2023    EUR   47.830
Vontobel Financial P   15.500   3/24/2023    EUR   48.620
Vontobel Financial P   10.500  12/23/2022    EUR   52.170
Vontobel Financial P   10.000  12/23/2022    EUR   74.300
Vontobel Financial P   12.500   3/24/2023    EUR   70.470
Vontobel Financial P   14.500   3/24/2023    EUR   68.810
Vontobel Financial P    9.500   3/24/2023    EUR   74.550
Vontobel Financial P   17.500   3/24/2023    EUR   65.600
Vontobel Financial P   19.000   3/24/2023    EUR   64.180
Vontobel Financial P   13.000  12/23/2022    EUR   70.040
Vontobel Financial P   15.000  12/23/2022    EUR   67.700
Vontobel Financial P   16.000   3/24/2023    EUR   67.140
Vontobel Financial P   11.000  12/23/2022    EUR   72.570
Vontobel Financial P   21.500  12/23/2022    EUR   61.660
Vontobel Financial P   17.500  12/23/2022    EUR   65.560
Vontobel Financial P   19.500  12/23/2022    EUR   63.540
Vontobel Financial P   16.000   3/24/2023    EUR   74.520
Vontobel Financial P   17.000   3/24/2023    EUR   73.050
DZ Bank AG Deutsche    15.400   6/23/2023    EUR   60.970
DZ Bank AG Deutsche    17.000   6/23/2023    EUR   58.520
DZ Bank AG Deutsche    13.900   6/23/2023    EUR   63.790
DZ Bank AG Deutsche    18.600   6/23/2023    EUR   56.400
DZ Bank AG Deutsche     7.400   2/24/2023    EUR   52.200
DZ Bank AG Deutsche     9.600   2/24/2023    EUR   50.140
DZ Bank AG Deutsche     3.800   6/23/2023    EUR   55.500
DZ Bank AG Deutsche     5.000   6/23/2023    EUR   53.190
DZ Bank AG Deutsche     6.400   6/23/2023    EUR   51.290
DZ Bank AG Deutsche     8.000   6/23/2023    EUR   49.750
DZ Bank AG Deutsche     9.400   2/24/2023    EUR   71.620
DZ Bank AG Deutsche     8.200   6/23/2023    EUR   70.850
DZ Bank AG Deutsche     6.100   6/23/2023    EUR   56.410
DZ Bank AG Deutsche    12.500   6/23/2023    EUR   67.690
Sberbank of Russia P    0.010  12/30/2026    RUB   73.800
Leonteq Securities A    7.000    1/5/2024    CHF   72.160
DZ Bank AG Deutsche     4.700   6/23/2023    EUR   74.310
DZ Bank AG Deutsche     6.800   6/23/2023    EUR   70.320
DZ Bank AG Deutsche    12.400   2/24/2023    EUR   62.840
DZ Bank AG Deutsche     8.800   6/23/2023    EUR   66.010
DZ Bank AG Deutsche     7.900   6/23/2023    EUR   70.380
DZ Bank AG Deutsche    22.800   2/24/2023    EUR   66.800
DZ Bank AG Deutsche    24.900   2/24/2023    EUR   63.120
DZ Bank AG Deutsche    18.100   6/23/2023    EUR   72.740
DZ Bank AG Deutsche    19.500   6/23/2023    EUR   69.770
DZ Bank AG Deutsche    20.900   6/23/2023    EUR   67.060
DZ Bank AG Deutsche    22.400   6/23/2023    EUR   64.430
DZ Bank AG Deutsche    13.600   6/23/2023    EUR   74.340
Leonteq Securities A    9.000    1/3/2023    USD   57.440
Leonteq Securities A    8.000   6/30/2023    CHF   66.000
VTB Bank PJSC           0.010  12/20/2024    RUB   74.850
Raiffeisen Schweiz G   14.200   2/14/2023    CHF   54.080
Raiffeisen Schweiz G   15.000   2/14/2023    CHF   71.500
Raiffeisen Switzerla    8.600   8/11/2023    USD   67.530
DZ Bank AG Deutsche     5.600   3/20/2023    EUR   72.620
Leonteq Securities A    7.000   2/13/2023    EUR   56.110
Leonteq Securities A   24.120  12/28/2022    CHF    8.990
UBS AG/London           5.250   9/11/2023    EUR   70.740
Leonteq Securities A    8.000   6/30/2023    CHF   66.020
Leonteq Securities A   12.000   3/30/2023    CHF   16.180
DZ Bank AG Deutsche     4.750  12/19/2022    EUR   48.960
Raiffeisen Switzerla   15.000  12/30/2022    CHF   57.060
Raiffeisen Switzerla   20.000  12/30/2022    CHF   66.230
Raiffeisen Switzerla    6.500    1/3/2024    CHF   67.140
Raiffeisen Switzerla   12.000  12/30/2022    CHF   36.200
BNP Paribas Emission    3.000   2/11/2026    EUR   64.200
Credit Suisse AG/Lon   12.000   2/13/2023    CHF   14.350
Credit Suisse AG/Lon    8.000   2/13/2023    CHF   74.160
Zurcher Kantonalbank    9.000   6/28/2023    CHF   71.180
Vontobel Financial P    7.500  12/23/2022    EUR   59.030
Vontobel Financial P    3.500   3/24/2023    EUR   67.360
Vontobel Financial P    7.500   3/24/2023    EUR   59.120
Bank Julius Baer & C   13.500   2/15/2023    CHF   57.650
Basler Kantonalbank    15.000   5/24/2023    CHF   20.000
UBS AG/London          16.750    3/2/2023    USD   63.300
UBS AG/London          11.500    3/2/2023    USD   73.750
UBS AG/London          14.000    3/2/2023    CHF   63.650
Vontobel Financial P   13.500  12/23/2022    EUR   57.710
Vontobel Financial P   19.500  12/23/2022    EUR   56.160
Landesbank Baden-Wue    2.400  12/22/2023    EUR   56.230
Landesbank Baden-Wue    5.000  12/22/2023    EUR   63.110
Landesbank Baden-Wue    4.200  12/22/2023    EUR   56.260
Landesbank Baden-Wue    2.300  12/22/2023    EUR   56.950
Landesbank Baden-Wue    6.300  12/22/2023    EUR   59.460
Landesbank Baden-Wue    3.000  12/22/2023    EUR   68.230
Landesbank Baden-Wue    9.200  12/22/2023    EUR   72.560
Landesbank Baden-Wue    2.500  12/22/2023    EUR   59.260
Landesbank Baden-Wue    3.000  12/22/2023    EUR   56.340
Landesbank Baden-Wue    5.600  12/22/2023    EUR   71.120
Societe Generale Eff   15.750  12/23/2022    EUR   62.770
Societe Generale Eff    4.750  12/23/2022    EUR   62.810
Vontobel Financial P    6.500  12/23/2022    EUR   74.990
Vontobel Financial P    8.250  12/23/2022    EUR   66.480
Vontobel Financial P   13.250  12/23/2022    EUR   59.970
Vontobel Financial P   11.000  12/23/2022    EUR   52.260
Vontobel Financial P   21.750  12/23/2022    EUR   68.160
Vontobel Financial P   22.000  12/23/2022    EUR   44.890
UBS AG/London           9.500   6/29/2023    CHF   41.100
UBS AG/London           6.500  12/29/2023    USD   39.200
UBS AG/London           6.000   6/29/2023    CHF   69.100
UBS AG/London          13.750  12/29/2022    CHF   62.650
Societe Generale Eff    6.000   1/27/2023    EUR   60.980
Vontobel Financial P    7.710   3/30/2023    EUR   74.860
Vontobel Financial P    7.000   3/24/2023    EUR   57.380
Vontobel Financial P   10.000  12/23/2022    EUR   73.580
Vontobel Financial P   16.500   3/24/2023    EUR   66.800
Vontobel Financial P   11.500   3/24/2023    EUR   71.840
Vontobel Financial P   15.000  12/23/2022    EUR   67.990
Vontobel Financial P   10.000   3/24/2023    EUR   73.770
Vontobel Financial P   12.000   3/24/2023    EUR   73.030
Vontobel Financial P    6.500  12/23/2022    EUR   57.860
Vontobel Financial P   15.500  12/23/2022    EUR   47.660
Vontobel Financial P   13.500  12/23/2022    EUR   49.040
Vontobel Financial P    9.000  12/23/2022    EUR   53.910
Vontobel Financial P   19.000   3/24/2023    EUR   67.960
Vontobel Financial P   14.500   3/24/2023    EUR   72.510
Vontobel Financial P   19.000   3/24/2023    EUR   68.160
Vontobel Financial P   17.500   3/24/2023    EUR   69.040
Vontobel Financial P   15.000   3/24/2023    EUR   69.170
Vontobel Financial P   11.500  12/23/2022    EUR   73.870
Credit Suisse AG/Lon    9.250  12/27/2022    CHF    8.320
Credit Suisse AG/Lon    8.500   3/24/2023    USD   56.550
Zurcher Kantonalbank    9.000  12/27/2022    CHF   70.660
Vontobel Financial P   15.000  12/23/2022    EUR   72.470
DZ Bank AG Deutsche     7.700   6/23/2023    EUR   71.240
Leonteq Securities A   19.000    1/3/2023    CHF   31.830
DZ Bank AG Deutsche    13.100  12/23/2022    EUR   66.630
DZ Bank AG Deutsche    10.200   2/24/2023    EUR   65.650
DZ Bank AG Deutsche    12.100   6/23/2023    EUR   61.950
DZ Bank AG Deutsche    10.900   6/23/2023    EUR   66.630
DZ Bank AG Deutsche    23.000  12/23/2022    EUR   68.790
DZ Bank AG Deutsche    21.900   3/24/2023    EUR   67.580
DZ Bank AG Deutsche    23.800   3/24/2023    EUR   64.190
DZ Bank AG Deutsche    17.800  12/23/2022    EUR   70.050
DZ Bank AG Deutsche    15.300   3/24/2023    EUR   73.440
DZ Bank AG Deutsche     9.700   2/24/2023    EUR   71.310
Leonteq Securities A   11.000   3/30/2023    CHF   39.000
Raiffeisen Schweiz G   11.300   2/14/2023    CHF   49.980
EFG International Fi   16.000   2/16/2023    USD   61.660
Landesbank Hessen-Th    1.510    4/3/2036    EUR   74.348
Corner Banca SA        10.000   8/25/2023    CHF   69.890
Leonteq Securities A   14.000   2/28/2023    EUR   51.400
Bank Vontobel AG       11.000   2/23/2024    CHF   25.100
Credit Suisse AG/Lon   10.250   5/22/2023    EUR   55.160
DZ Bank AG Deutsche     4.250   3/22/2023    EUR   50.590
DZ Bank AG Deutsche     7.750   3/22/2023    EUR   74.160
Bank Julius Baer & C   15.000   8/29/2023    CHF   27.650
UBS AG/London          15.000   3/16/2023    EUR   61.750
Credit Suisse AG/Lon    6.000   1/13/2023    CHF   70.620
Bank Vontobel AG        8.250   7/14/2023    EUR   73.100
Bank Vontobel AG        6.750   7/14/2023    CHF   62.100
Landesbank Baden-Wue    4.850   9/22/2023    EUR   56.560
NRW Bank                1.033   1/27/2042    EUR   74.060
Erste Group Bank AG     6.750   2/15/2023    EUR   71.000
Erste Group Bank AG     4.750   2/15/2023    EUR   73.500
Banque International   11.000   7/12/2023    EUR   56.180
BNP Paribas Emission    3.000   3/23/2023    EUR   69.230
BNP Paribas Emission    4.000   3/23/2023    EUR   59.540
BNP Paribas Emission    4.000   3/23/2023    EUR   57.380
Bank Julius Baer & C   11.750   4/18/2023    USD   73.050
Landesbank Baden-Wue    1.600   4/28/2023    EUR   57.510
Landesbank Baden-Wue    3.600   4/28/2023    EUR   49.840
Landesbank Baden-Wue    5.250   4/28/2023    EUR   46.010
Landesbank Baden-Wue    5.750   4/28/2023    EUR   70.950
Landesbank Baden-Wue    1.750   4/28/2023    EUR   67.610
Landesbank Baden-Wue    3.000   4/28/2023    EUR   62.700
Landesbank Baden-Wue    3.300   4/28/2023    EUR   68.340
Landesbank Baden-Wue    6.500   4/28/2023    EUR   43.930
Landesbank Baden-Wue    2.000   4/28/2023    EUR   74.950
Landesbank Baden-Wue    3.000   4/28/2023    EUR   71.560
Landesbank Baden-Wue    4.750   4/28/2023    EUR   65.790
Raiffeisen Schweiz G   10.000  10/11/2023    CHF   57.840
Zurcher Kantonalbank    9.400  10/11/2023    EUR   71.210
Sberbank of Russia P    0.010   1/15/2027    RUB   66.000
Vontobel Financial P   12.000  12/23/2022    EUR   51.420
Vontobel Financial P    6.000  12/23/2022    EUR   73.370
Vontobel Financial P    7.250  12/23/2022    EUR   59.820
Credit Suisse AG/Lon    8.000   1/17/2023    CHF   49.580
Zurcher Kantonalbank    7.250   7/17/2023    CHF   73.560
Zurcher Kantonalbank    7.500   1/17/2023    CHF   73.530
Zurcher Kantonalbank    8.000   1/17/2023    CHF   69.850
Zurcher Kantonalbank   29.000   1/17/2023    CHF   40.840
Zurcher Kantonalbank   15.500   1/17/2023    CHF   65.710
Zurcher Kantonalbank   21.500   1/17/2023    CHF   71.700
Zurcher Kantonalbank   12.000   1/17/2023    EUR   32.060
Zurcher Kantonalbank   17.700   1/17/2023    CHF   60.560
Raiffeisen Centroban   10.234   3/22/2023    EUR   65.320
Landesbank Baden-Wue   10.750   1/27/2023    EUR   67.000
Landesbank Baden-Wue    5.030   1/27/2023    EUR   73.670
Single Platform Inve    1.762   5/25/2066    EUR   61.636
Leonteq Securities A   12.000   4/24/2023    USD   56.320
Leonteq Securities A   14.000   1/24/2023    EUR   30.580
Corner Banca SA        10.000   7/24/2023    USD   63.990
Leonteq Securities A   17.000   1/24/2023    CHF   54.340
Leonteq Securities A   15.000   4/21/2023    CHF   39.950
Corner Banca SA        16.000   1/24/2023    CHF   14.920
Leonteq Securities A   14.000   4/21/2023    CHF   52.410
Leonteq Securities A   13.000   4/21/2023    CHF   59.060
Leonteq Securities A   15.000   1/24/2023    CHF   57.500
Leonteq Securities A    8.000   7/21/2023    CHF   70.800
Societe Generale Eff    9.500  12/23/2022    EUR   74.540
Societe Generale Eff   10.500  12/23/2022    EUR   73.080
Societe Generale Eff   10.250  12/23/2022    EUR   72.600
Societe Generale Eff   16.750  12/23/2022    EUR   56.510
Societe Generale Eff    9.750  12/23/2022    EUR   49.820
Societe Generale Eff    6.250  12/23/2022    EUR   60.550
Societe Generale Eff    8.250  12/23/2022    EUR   57.050
Societe Generale Eff   10.250  12/23/2022    EUR   54.410
BNP Paribas Emission    5.300    9/1/2023    EUR   74.200
UniCredit Bank AG       8.200   3/30/2023    EUR   73.070
Sberbank of Russia P    0.010   2/26/2027    RUB   69.500
Vontobel Financial P    3.450   2/27/2023    EUR   70.050
Credit Suisse AG/Lon   14.750   8/18/2023    USD   62.510
UBS AG/London          18.000   4/15/2024    USD   64.300
Bank Julius Baer & C    9.000   5/25/2023    USD   57.250
Leonteq Securities A   26.400   2/24/2023    CHF   19.410
Leonteq Securities A    9.000   8/24/2023    CHF   72.150
Luzerner Kantonalban   15.750   2/21/2023    CHF   51.580
Corner Banca SA        15.000   5/30/2023    CHF   53.920
Leonteq Securities A   12.000   5/30/2023    CHF   54.010
Basler Kantonalbank     7.000   7/14/2023    CHF   68.770
Norddeutsche Landesb    0.400   8/13/2031    EUR   72.221
Norddeutsche Landesb    1.000   8/13/2036    EUR   66.361
Landesbank Hessen-Th    1.000   8/19/2036    EUR   66.500
EFG International Fi    9.000   1/16/2023    CHF   11.550
Corner Banca SA         8.000   1/12/2023    CHF   65.020
Progressio Infrastru    1.250   4/25/2033    EUR   74.900
Goldman Sachs & Co W    7.000   6/21/2023    EUR   74.510
Leonteq Securities A    5.600   7/19/2023    CHF   73.110
Leonteq Securities A   10.000   1/19/2023    CHF   47.110
Leonteq Securities A   10.400   1/19/2023    CHF   34.000
Leonteq Securities A   10.000   1/16/2023    CHF   45.720
Bank Vontobel AG       10.500   1/16/2023    CHF   42.200
Landesbank Hessen-Th    0.450   8/19/2031    EUR   73.382
Leonteq Securities A   10.000   1/19/2023    USD    9.290
Leonteq Securities A   11.000   1/19/2023    CHF   68.960
Corner Banca SA        22.000   9/19/2023    EUR   58.940
DZ Bank AG Deutsche     7.250   9/20/2023    EUR   40.210
DZ Bank AG Deutsche     8.500  12/21/2022    EUR   74.500
Vontobel Financial P   16.500   6/23/2023    EUR   69.030
Vontobel Financial P    7.500   9/22/2023    EUR   58.360
Vontobel Financial P   13.000   9/22/2023    EUR   73.760
BNP Paribas Emission    3.000   3/23/2023    EUR   72.930
Leonteq Securities A   25.000   7/18/2023    CHF   51.210
Corner Banca SA        27.000   7/18/2023    USD   64.260
DZ Bank AG Deutsche    11.000  12/21/2022    EUR   60.120
Bank Julius Baer & C   12.150   7/19/2023    CHF   67.550
UBS AG/London          19.000   7/15/2024    CHF   59.600
Bank Vontobel AG        6.000  10/16/2023    CHF   69.300
Bank Vontobel AG       16.500   7/17/2023    CHF   45.000
Vontobel Financial P   10.750   3/21/2023    EUR   36.460
DZ Bank AG Deutsche     4.000  12/23/2022    EUR   59.870
Societe Generale Eff   10.500   1/27/2023    EUR   73.770
Societe Generale Eff   12.500   1/27/2023    EUR   70.080
DekaBank Deutsche Gi    3.000   1/27/2023    EUR   74.360
Leonteq Securities A   14.000   5/22/2023    CHF   49.430
Leonteq Securities A   22.000   2/22/2023    CHF   47.150
Leonteq Securities A   12.000   5/22/2023    CHF   69.990
Leonteq Securities A   12.000   8/18/2023    CHF   64.850
Leonteq Securities A   10.000   8/18/2023    CHF   58.590
Leonteq Securities A   18.000   2/22/2023    CHF   51.310
Corner Banca SA        20.000   2/22/2023    CHF   35.810
Credit Suisse AG/Lon   10.250   2/15/2023    USD   69.780
Zurcher Kantonalbank    6.500   2/15/2023    CHF   43.120
Zurcher Kantonalbank   12.000   2/15/2023    CHF   24.680
Zurcher Kantonalbank   21.800   2/15/2023    CHF   57.520
Norddeutsche Landesb    1.390    7/9/2038    EUR   67.621
Landesbank Hessen-Th    0.520   7/14/2031    EUR   74.135
Leonteq Securities A   10.000   7/12/2023    CHF   52.280
Leonteq Securities A    8.000   1/12/2023    CHF   68.830
Leonteq Securities A    9.000   1/12/2023    USD   55.890
EFG International Fi   13.000    1/5/2023    CHF   49.400
EFG International Fi    8.700   7/13/2023    EUR   20.120
DekaBank Deutsche Gi    3.100   7/21/2023    EUR   67.670
EFG International Fi   13.000    1/6/2023    USD   40.540
Goldman Sachs & Co W    6.000   3/22/2023    EUR   45.820
Goldman Sachs & Co W    6.000   6/21/2023    EUR   62.770
Goldman Sachs & Co W    6.000  12/21/2022    EUR   71.180
Goldman Sachs & Co W    6.000   3/22/2023    EUR   72.670
Goldman Sachs & Co W    6.000   6/21/2023    EUR   71.290
Goldman Sachs & Co W    7.000  12/21/2022    EUR   41.610
Goldman Sachs & Co W    7.000  12/21/2022    EUR   61.040
Goldman Sachs & Co W    7.000   3/22/2023    EUR   68.110
Bank Vontobel AG        8.000   1/10/2023    CHF   51.700
Bank Vontobel AG       11.000   1/10/2023    CHF   66.800
Goldman Sachs & Co W    5.000   3/22/2023    EUR   48.190
Goldman Sachs & Co W    3.000   3/22/2023    EUR   53.530
Goldman Sachs & Co W    3.000   6/21/2023    EUR   57.310
SG Issuer SA            0.021   6/14/2033    EUR   74.760
DekaBank Deutsche Gi    2.300   8/11/2023    EUR   57.240
Landesbank Baden-Wue    0.500   7/30/2031    EUR   73.260
Zurcher Kantonalbank   22.100   9/10/2024    USD   72.200
Zurcher Kantonalbank    6.800   1/16/2023    CHF   65.140
SG Issuer SA            0.015   11/7/2033    EUR   64.330
SG Issuer SA            0.021   8/15/2033    EUR   55.140
Landesbank Baden-Wue    2.100   8/22/2025    EUR   73.450
Landesbank Baden-Wue    3.000   8/22/2025    EUR   74.860
Raiffeisen Schweiz G    6.300   7/12/2023    CHF   69.190
Landesbank Hessen-Th    0.460   7/20/2032    EUR   70.040
Landesbank Baden-Wue    6.000   9/22/2023    EUR   74.360
Landesbank Baden-Wue   13.000   9/22/2023    EUR   61.880
DekaBank Deutsche Gi    3.550   8/11/2025    EUR   71.670
Zurcher Kantonalbank    4.500   7/14/2023    CHF   39.190
EFG International Fi    8.000   1/19/2023    CHF   35.960
Hypo Tirol Bank AG      1.320   7/16/2041    EUR   66.563
Leonteq Securities A    8.400   1/16/2023    CHF   38.740
Corner Banca SA         8.000   1/16/2023    CHF   50.070
Landesbank Hessen-Th    0.550   8/19/2032    EUR   70.388
Bank Vontobel AG       10.500   1/16/2023    CHF   42.200
Bank Vontobel AG       10.000   1/16/2023    EUR   21.700
Landesbank Hessen-Th    0.750   8/19/2036    EUR   61.289
Luzerner Kantonalban    7.500    8/9/2023    CHF   13.370
Vontobel Financial P    6.250   1/20/2023    EUR   58.790
DZ Bank AG Deutsche     6.000   3/24/2023    EUR   65.450
Raiffeisen Schweiz G    8.000   10/4/2023    CHF   74.820
Vontobel Financial P   12.050    5/3/2023    EUR   69.360
Corner Banca SA        10.000   10/4/2023    EUR   58.870
Raiffeisen Schweiz G   15.000    7/5/2023    CHF   59.940
Raiffeisen Schweiz G   15.300    4/4/2023    CHF   52.260
Leonteq Securities A   14.400    7/4/2023    CHF   54.370
Leonteq Securities A    9.400    4/4/2023    USD   61.490
Leonteq Securities A   15.000   10/4/2023    CHF   66.410
Zurcher Kantonalbank   22.800   3/31/2023    USD   67.580
Zurcher Kantonalbank   15.500   3/30/2023    USD   65.380
Zurcher Kantonalbank   10.000   3/31/2023    EUR   63.600
Zurcher Kantonalbank   10.500   3/31/2023    CHF   65.230
Bank Vontobel AG       10.000    4/3/2023    CHF   52.700
Bank Vontobel AG        7.500   10/2/2023    CHF   62.300
Bank Vontobel AG       18.000    4/3/2023    CHF   60.700
Bank Vontobel AG        9.000   10/2/2023    EUR   60.900
Bank Vontobel AG       14.000   10/2/2023    CHF   33.900
UBS AG/London          16.000    4/1/2024    USD   69.100
UBS AG/London          14.750    4/1/2024    USD   64.950
UBS AG/London          16.000   10/2/2023    CHF   59.900
UBS AG/London          12.250    4/1/2024    USD   66.650
Credit Suisse AG/Lon   10.000   3/28/2023    CHF   20.060
Credit Suisse AG/Lon   12.000   3/29/2023    CHF   54.370
Credit Suisse AG/Lon    8.250   3/29/2023    CHF   68.430
Credit Suisse AG/Lon   18.000   3/31/2023    USD   53.940
UniCredit Bank AG      10.850   1/18/2023    EUR   65.290
DZ Bank AG Deutsche    16.000  12/23/2022    EUR   41.260
Landesbank Hessen-Th    1.050   1/20/2037    EUR   68.488
Raiffeisen Schweiz G   19.710  12/14/2022    CHF   58.450
UniCredit Bank AG      10.850   1/18/2023    EUR   53.250
DZ Bank AG Deutsche     8.250  12/19/2022    EUR   69.060
DZ Bank AG Deutsche     6.250   3/20/2023    EUR   74.220
Vontobel Financial P   12.000  12/23/2022    EUR   67.870
Vontobel Financial P   16.500  12/23/2022    EUR   65.210
Vontobel Financial P   15.500  12/23/2022    EUR   62.930
Vontobel Financial P   17.500  12/23/2022    EUR   60.770
Vontobel Financial P    9.000  12/23/2022    EUR   73.780
Vontobel Financial P   13.500  12/23/2022    EUR   68.400
Vontobel Financial P   14.000  12/23/2022    EUR   65.320
Vontobel Financial P   16.000  12/23/2022    EUR   69.680
Vontobel Financial P   14.000  12/23/2022    EUR   72.680
UniCredit Bank AG       8.550   1/18/2023    EUR   54.520
EFG International Fi    6.530  12/13/2022    USD   43.490
DekaBank Deutsche Gi    7.050   4/28/2023    EUR   60.470
UniCredit Bank AG      20.000    1/9/2023    EUR   65.200
Bank Vontobel AG        7.500   12/8/2023    CHF   71.100
Bank Vontobel AG       10.000   6/12/2023    CHF   13.400
Bank Vontobel AG        5.000  12/11/2023    CHF   68.000
Bank Vontobel AG        7.000  12/11/2023    CHF   67.000
DZ Bank AG Deutsche    10.250  12/21/2022    EUR   28.710
Basler Kantonalbank    11.000  12/22/2022    CHF   63.080
Bank Julius Baer & C    8.450  12/14/2022    CHF   45.850
Vontobel Financial P   10.500   3/24/2023    EUR   40.460
Vontobel Financial P   10.500   3/24/2023    EUR   62.280
Vontobel Financial P    9.000   3/24/2023    EUR   63.700
Vontobel Financial P    4.500  12/23/2022    EUR   72.310
Vontobel Financial P    5.500  12/23/2022    EUR   69.720
Vontobel Financial P    9.500  12/23/2022    EUR   63.030
Vontobel Financial P   11.000   3/24/2023    EUR   69.120
Vontobel Financial P   10.000   3/24/2023    EUR   71.030
Vontobel Financial P   14.000   3/24/2023    EUR   65.970
Vontobel Financial P   12.000  12/23/2022    EUR   68.200
Vontobel Financial P   13.500  12/23/2022    EUR   66.080
Vontobel Financial P   23.500   3/24/2023    EUR   57.630
Vontobel Financial P   14.000   3/24/2023    EUR   72.340
Vontobel Financial P    7.000   3/24/2023    EUR   71.950
Vontobel Financial P   16.000   3/24/2023    EUR   51.730
Vontobel Financial P   18.000  12/23/2022    EUR   48.090
Vontobel Financial P   19.500  12/23/2022    EUR   74.480
Vontobel Financial P    8.000   3/24/2023    EUR   73.400
Vontobel Financial P    9.000   3/24/2023    EUR   71.790
Vontobel Financial P    7.000   3/24/2023    EUR   74.930
Vontobel Financial P   12.500   3/24/2023    EUR   67.840
Vontobel Financial P   16.000   3/24/2023    EUR   64.490
Vontobel Financial P   10.500  12/23/2022    EUR   70.030
Vontobel Financial P   13.500  12/23/2022    EUR   66.670
Vontobel Financial P   15.000  12/23/2022    EUR   65.140
Vontobel Financial P   23.000  12/23/2022    EUR   73.270
Vontobel Financial P   19.500   9/22/2023    EUR   71.860
Vontobel Financial P   18.000   9/22/2023    EUR   73.320
Vontobel Financial P   20.500   9/22/2023    EUR   70.260
Vontobel Financial P   14.000   6/23/2023    EUR   70.770
Vontobel Financial P    8.000   9/22/2023    EUR   65.850
Vontobel Financial P   17.500   6/23/2023    EUR   74.740
BNP Paribas Emission    5.000   9/21/2023    EUR   73.690
DekaBank Deutsche Gi    3.200   7/21/2023    EUR   70.570
DekaBank Deutsche Gi    3.000   7/21/2023    EUR   74.340
Leonteq Securities A    8.000   1/12/2023    CHF   36.190
Leonteq Securities A   10.000   1/12/2023    CHF   24.940
Leonteq Securities A    9.000   1/12/2023    CHF   56.280
Leonteq Securities A    6.200   7/12/2023    CHF   66.190
Leonteq Securities A   10.000    1/9/2023    EUR   67.300
Goldman Sachs & Co W    6.000  12/21/2022    EUR   43.720
Goldman Sachs & Co W    6.000   6/21/2023    EUR   46.950
Leonteq Securities A   12.000   1/12/2023    CHF   29.930
Goldman Sachs & Co W    7.000   3/22/2023    EUR   43.920
Goldman Sachs & Co W    7.000   6/21/2023    EUR   44.670
Goldman Sachs & Co W    7.000   6/21/2023    EUR   67.160
Goldman Sachs & Co W    8.000   6/21/2023    EUR   43.260
Bank Vontobel AG        8.000   1/10/2023    CHF   51.700
Bank Vontobel AG        7.000   1/10/2023    CHF   66.900
Goldman Sachs & Co W    5.000  12/21/2022    EUR   47.000
Goldman Sachs & Co W    5.000   6/21/2023    EUR   49.000
Goldman Sachs & Co W    5.000  12/21/2022    EUR   73.950
Goldman Sachs & Co W    5.000   6/21/2023    EUR   73.310
Goldman Sachs & Co W    3.000  12/21/2022    EUR   52.970
Goldman Sachs & Co W    3.000   6/21/2023    EUR   53.800
Landesbank Hessen-Th    1.000   8/18/2036    EUR   68.250
DekaBank Deutsche Gi    2.100   8/11/2023    EUR   73.690
DekaBank Deutsche Gi    2.300    8/9/2024    EUR   70.710
SG Issuer SA            0.021    7/7/2033    EUR   65.470
Raiffeisen Schweiz G    6.500   1/12/2023    CHF   53.070
Landesbank Hessen-Th    0.750   8/18/2036    EUR   65.834
DZ Bank AG Deutsche     0.500   8/18/2036    EUR   68.268
DZ Bank AG Deutsche     0.110   8/17/2032    EUR   74.185
Landesbank Baden-Wue   10.000   9/22/2023    EUR   66.070
EFG International Fi   11.000    8/9/2023    CHF   59.100
EFG International Fi   20.000    2/9/2023    USD   29.540
Vontobel Financial P   19.000   3/24/2023    EUR   62.300
Vontobel Financial P   15.500  12/23/2022    EUR   66.530
Vontobel Financial P   14.000  12/23/2022    EUR   69.440
Vontobel Financial P   19.500  12/23/2022    EUR   61.530
Vontobel Financial P   16.000   3/24/2023    EUR   65.740
Vontobel Financial P   17.500  12/23/2022    EUR   63.930
Norddeutsche Landesb    1.300   3/16/2037    EUR   68.829
Vontobel Financial P   20.000   3/24/2023    EUR   63.200
Vontobel Financial P   18.500   3/24/2023    EUR   64.630
Vontobel Financial P   17.000   3/24/2023    EUR   66.160
Vontobel Financial P   18.500  12/23/2022    EUR   64.460
Vontobel Financial P   15.500  12/23/2022    EUR   69.130
Vontobel Financial P   12.500  12/23/2022    EUR   74.620
Vontobel Financial P   17.000  12/23/2022    EUR   66.710
Vontobel Financial P   13.000   3/24/2023    EUR   73.600
Vontobel Financial P   14.500   3/24/2023    EUR   72.200
Vontobel Financial P   14.500  12/23/2022    EUR   72.630
Vontobel Financial P   12.000   3/24/2023    EUR   72.280
Vontobel Financial P   13.000  12/23/2022    EUR   74.650
Vontobel Financial P   17.500   3/24/2023    EUR   63.960
DZ Bank AG Deutsche     5.000   3/22/2023    EUR   74.650
DZ Bank AG Deutsche    10.750  12/21/2022    EUR   33.920
DZ Bank AG Deutsche     8.500   3/22/2023    EUR   30.940
DZ Bank AG Deutsche     6.250  12/21/2022    EUR   50.480
Natixis SA              2.780   10/5/2036    AUD   65.135
Landesbank Baden-Wue    2.250   3/24/2023    EUR   57.140
Landesbank Baden-Wue    4.900   3/24/2023    EUR   50.200
Landesbank Baden-Wue    6.150   3/24/2023    EUR   68.090
Leonteq Securities A   21.000   2/14/2023    CHF   18.560
Landesbank Baden-Wue    3.500   3/24/2023    EUR   58.220
Landesbank Baden-Wue    8.650   3/24/2023    EUR   41.180
Landesbank Baden-Wue    3.000   3/24/2023    EUR   65.030
Landesbank Baden-Wue    8.900   3/24/2023    EUR   46.490
Landesbank Baden-Wue    3.650   3/24/2023    EUR   62.650
Landesbank Baden-Wue    5.500   3/24/2023    EUR   69.010
Landesbank Baden-Wue    3.000   3/24/2023    EUR   58.300
UBS AG/London           7.000   9/25/2023    CHF   68.350
Natixis SA              2.930   7/29/2051    AUD   56.791
Landesbank Baden-Wue    2.000   8/22/2025    EUR   62.390
EFG International Fi    6.370    3/6/2023    USD   48.270
Banque Cantonale Vau    5.400   12/6/2023    CHF   49.400
UniCredit Bank AG       4.500    9/1/2025    EUR   69.480
Basler Kantonalbank     8.400   1/30/2023    CHF   70.980
Norddeutsche Landesb    0.550   8/30/2033    EUR   68.044
Norddeutsche Landesb    0.825   8/30/2033    EUR   70.382
DZ Bank AG Deutsche     6.500  12/21/2022    EUR   58.010
Bank Julius Baer & C   12.900    4/5/2023    EUR   60.700
BNP Paribas Emission   12.000   3/23/2023    EUR   72.240
BNP Paribas Emission   11.000   3/23/2023    EUR   72.450
BNP Paribas Emission   14.000   3/23/2023    EUR   66.640
BNP Paribas Emission   15.000   3/23/2023    EUR   65.450
BNP Paribas Emission   10.000   6/22/2023    EUR   70.830
BNP Paribas Emission   11.000   6/22/2023    EUR   69.020
BNP Paribas Emission   19.000   6/22/2023    EUR   73.210
BNP Paribas Emission   18.000  12/21/2023    EUR   73.300
BNP Paribas Emission   18.000  12/21/2023    EUR   71.690
BNP Paribas Emission   12.000   3/23/2023    EUR   70.280
BNP Paribas Emission   10.000  12/21/2023    EUR   74.690
BNP Paribas Emission   10.000  12/21/2023    EUR   72.290
BNP Paribas Emission   12.000  12/21/2023    EUR   72.010
BNP Paribas Emission   18.000   3/23/2023    EUR   66.080
BNP Paribas Emission   13.000   6/22/2023    EUR   70.520
BNP Paribas Emission   15.000   6/22/2023    EUR   68.090
BNP Paribas Emission   18.000   6/22/2023    EUR   65.470
BNP Paribas Emission   15.000  12/21/2023    EUR   69.330
BNP Paribas Emission   10.000  12/21/2023    EUR   70.790
BNP Paribas Emission   11.000  12/21/2023    EUR   70.470
BNP Paribas Emission   14.000  12/22/2022    EUR   74.110
BNP Paribas Emission   13.000  12/22/2022    EUR   73.910
BNP Paribas Emission   15.000  12/22/2022    EUR   70.590
BNP Paribas Emission   16.000  12/22/2022    EUR   66.040
BNP Paribas Emission    7.000   3/23/2023    EUR   73.570
BNP Paribas Emission   10.000   3/23/2023    EUR   69.760
BNP Paribas Emission   12.000   3/23/2023    EUR   66.230
BNP Paribas Emission    7.000  12/21/2023    EUR   73.450
BNP Paribas Emission    8.000  12/21/2023    EUR   71.460
BNP Paribas Emission    9.000  12/22/2022    EUR   65.730
BNP Paribas Emission   10.000  12/22/2022    EUR   62.530
BNP Paribas Emission    7.000   3/23/2023    EUR   70.600
EFG International Fi   11.000   1/30/2023    USD   46.790
Vontobel Financial P    9.250  12/23/2022    EUR   71.860
UniCredit Bank AG       4.100    9/1/2025    EUR   74.670
Landesbank Baden-Wue    7.700   2/24/2023    EUR   73.450
Leonteq Securities A   17.000  12/13/2022    USD   40.010
Leonteq Securities A    7.000  12/13/2023    CHF   70.690
Credit Suisse AG/Lon   19.250   12/6/2022    USD   42.900
BNP Paribas Emission    9.000  12/22/2022    EUR   69.350
BNP Paribas Emission   11.000  12/22/2022    EUR   64.170
BNP Paribas Emission    9.000   3/23/2023    EUR   67.710
BNP Paribas Emission    8.000   6/22/2023    EUR   71.960
BNP Paribas Emission   19.000   3/23/2023    EUR   70.740
BNP Paribas Emission   16.000  12/22/2022    EUR   65.970
BNP Paribas Emission   11.000   3/23/2023    EUR   61.340
BNP Paribas Emission   12.000   3/23/2023    EUR   57.830
BNP Paribas Emission    5.000  12/21/2023    EUR   68.500
BNP Paribas Emission    7.000  12/21/2023    EUR   63.570
BNP Paribas Emission   10.000  12/21/2023    EUR   60.740
BNP Paribas Emission   16.000  12/22/2022    EUR   55.280
BNP Paribas Emission    9.000   3/23/2023    EUR   63.590
BNP Paribas Emission    7.000  12/21/2023    EUR   60.070
BNP Paribas Emission    9.000  12/21/2023    EUR   57.820
BNP Paribas Emission   13.000  12/22/2022    EUR   70.230
BNP Paribas Emission   14.000  12/22/2022    EUR   67.520
BNP Paribas Emission   17.000  12/22/2022    EUR   65.140
BNP Paribas Emission   18.000  12/22/2022    EUR   63.600
BNP Paribas Emission   19.000  12/22/2022    EUR   62.140
BNP Paribas Emission   11.000  12/22/2022    EUR   74.580
BNP Paribas Emission   17.000  12/22/2022    EUR   69.260
BNP Paribas Emission   19.000  12/22/2022    EUR   69.180
BNP Paribas Emission   15.000   6/22/2023    EUR   73.090
BNP Paribas Emission    7.000  12/22/2022    EUR   60.250
BNP Paribas Emission    8.000   3/23/2023    EUR   56.820
BNP Paribas Emission   12.000   3/23/2023    EUR   53.500
BNP Paribas Emission    5.000   6/22/2023    EUR   61.250
BNP Paribas Emission    7.000   6/22/2023    EUR   57.080
BNP Paribas Emission   10.000   6/22/2023    EUR   54.300
BNP Paribas Emission   11.000   6/22/2023    EUR   53.270
BNP Paribas Emission   12.000   6/22/2023    EUR   51.640
BNP Paribas Emission    6.000  12/21/2023    EUR   64.020
BNP Paribas Emission   12.000   6/22/2023    EUR   71.890
BNP Paribas Emission   19.000   3/23/2023    EUR   69.780
BNP Paribas Emission   14.000  12/22/2022    EUR   74.420
BNP Paribas Emission   15.000  12/22/2022    EUR   72.700
BNP Paribas Emission   19.000  12/22/2022    EUR   68.050
BNP Paribas Emission   20.000  12/22/2022    EUR   66.630
BNP Paribas Emission   16.000  12/22/2022    EUR   67.320
BNP Paribas Emission   18.000  12/22/2022    EUR   62.730
BNP Paribas Emission   12.000   3/23/2023    EUR   74.910
BNP Paribas Emission   14.000   3/23/2023    EUR   70.310
BNP Paribas Emission   16.000   3/23/2023    EUR   66.340
BNP Paribas Emission   19.000   3/23/2023    EUR   65.820
NIBC Bank NV            2.105  10/10/2033    EUR   73.224
Skandinaviska Enskil    7.600   1/15/2024    SEK   73.150
EFG International Fi   12.000   1/30/2023    CHF   45.210
DZ Bank AG Deutsche    10.500   6/21/2023    EUR   54.580
Landesbank Baden-Wue    0.460    1/7/2031    EUR   74.967
Landesbank Baden-Wue    0.520    1/7/2032    EUR   72.742
Berlin Hyp AG           0.349  12/10/2031    EUR   74.389
UBS AG/London          14.000   3/23/2023    USD   72.750
UBS AG/London          14.250   3/23/2023    CHF   64.850
Citigroup Global Mar    1.040    8/4/2036    EUR   66.383
Landesbank Baden-Wue    3.250   8/22/2025    EUR   70.420
Vontobel Financial P    4.200   6/16/2023    USD   56.320
Vontobel Financial P    5.100   6/16/2023    USD   60.480
Vontobel Financial P   16.520   1/30/2023    EUR   60.820
Zurcher Kantonalbank   11.400   1/30/2023    CHF   71.120
Vontobel Financial P    9.750  12/23/2022    EUR   67.680
DZ Bank AG Deutsche     7.500  12/21/2022    EUR   73.510
DZ Bank AG Deutsche     6.000   3/22/2023    EUR   74.960
Bank Vontobel AG       10.250   5/19/2023    CHF   72.500
DZ Bank AG Deutsche     4.800   3/20/2023    EUR   72.640
DZ Bank AG Deutsche     7.500   6/19/2023    EUR   73.220
Leonteq Securities A   24.000   2/22/2023    CHF   63.970
Vontobel Financial P   18.700   2/24/2023    USD   60.990
DZ Bank AG Deutsche    14.300   3/24/2023    EUR   65.760
DZ Bank AG Deutsche     7.700   3/24/2023    EUR   64.420
DZ Bank AG Deutsche    13.400   3/24/2023    EUR   56.380
DZ Bank AG Deutsche    19.600   3/24/2023    EUR   56.560
DZ Bank AG Deutsche    23.800   3/24/2023    EUR   50.940
DZ Bank AG Deutsche    14.900   3/24/2023    EUR   68.170
DZ Bank AG Deutsche    11.700   3/24/2023    EUR   73.090
DZ Bank AG Deutsche    16.000   3/22/2023    EUR   54.180
DZ Bank AG Deutsche     5.250   6/21/2023    EUR   73.410
DZ Bank AG Deutsche    10.600   3/24/2023    EUR   65.500
DZ Bank AG Deutsche    14.100   3/24/2023    EUR   60.280
DZ Bank AG Deutsche    19.600   3/24/2023    EUR   47.130
DZ Bank AG Deutsche    22.400  12/23/2022    EUR   74.750
DZ Bank AG Deutsche     5.000   6/21/2023    EUR   72.950
Bank Vontobel AG       17.000   2/20/2023    EUR   50.100
Credit Suisse AG/Lon    7.000   2/17/2023    CHF   74.830
Bank Julius Baer & C    6.000   2/22/2023    CHF   54.600
Zurcher Kantonalbank    8.800   2/16/2023    CHF   38.260
Citigroup Global Mar    1.180  12/23/2036    EUR   67.699
Bank Julius Baer & C   13.900   2/22/2023    USD   74.050
DZ Bank AG Deutsche     6.800   3/20/2023    EUR   70.130
DZ Bank AG Deutsche     8.400   3/20/2023    EUR   74.510
DZ Bank AG Deutsche     5.800   3/20/2023    EUR   52.630
DZ Bank AG Deutsche     5.300   6/19/2023    EUR   51.050
DZ Bank AG Deutsche     6.900   6/19/2023    EUR   49.670
Vontobel Financial P   20.700   2/24/2023    USD   29.630
DZ Bank AG Deutsche    11.900   3/24/2023    EUR   68.430
DZ Bank AG Deutsche    15.300   3/24/2023    EUR   61.750
DZ Bank AG Deutsche     5.500  12/21/2022    EUR   49.660
DZ Bank AG Deutsche    22.800  12/23/2022    EUR   52.000
DZ Bank AG Deutsche    21.000   3/24/2023    EUR   54.470
DZ Bank AG Deutsche    11.200   3/24/2023    EUR   66.620
DZ Bank AG Deutsche    23.000   3/24/2023    EUR   45.620
DZ Bank AG Deutsche    22.700  12/23/2022    EUR   66.910
Credit Suisse AG/Lon   10.750    2/3/2023    USD   73.610
Bank Vontobel AG       18.500    2/6/2023    CHF   14.800
Bank Vontobel AG        7.500    2/5/2024    CHF   70.500
Bank Vontobel AG       10.750    5/8/2023    CHF   66.100
Bank Vontobel AG       12.250    8/4/2023    EUR   34.900
Bank Vontobel AG       12.000    8/4/2023    EUR   72.800
Bank Vontobel AG       10.500    8/4/2023    EUR   70.300
Bank Vontobel AG       17.000    2/6/2023    CHF   66.700
Zurcher Kantonalbank    7.000    2/3/2023    CHF   45.360
Zurcher Kantonalbank   26.000    2/3/2023    CHF   39.580
Vontobel Financial P    8.500   3/24/2023    EUR   42.020
Vontobel Financial P   14.500   3/24/2023    EUR   37.970
Vontobel Financial P   14.000   3/24/2023    EUR   58.340
Vontobel Financial P   12.500  12/23/2022    EUR   59.340
Vontobel Financial P   11.000  12/23/2022    EUR   61.120
Vontobel Financial P   14.000  12/23/2022    EUR   57.640
Vontobel Financial P   16.000  12/23/2022    EUR   56.100
Vontobel Financial P    8.500  12/23/2022    EUR   72.970
Vontobel Financial P   12.500   3/24/2023    EUR   67.450
Vontobel Financial P   10.000  12/23/2022    EUR   70.480
Vontobel Financial P   17.500   3/24/2023    EUR   66.530
Vontobel Financial P   15.500  12/23/2022    EUR   64.100
Vontobel Financial P   19.500  12/23/2022    EUR   62.320
Vontobel Financial P   24.000  12/23/2022    EUR   56.500
Vontobel Financial P   15.500  12/23/2022    EUR   69.660
Vontobel Financial P   20.500   3/24/2023    EUR   61.620
Vontobel Financial P    8.500   3/24/2023    EUR   72.950
Vontobel Financial P   15.000   3/24/2023    EUR   74.460
Vontobel Financial P   10.000   3/24/2023    EUR   72.880
Vontobel Financial P    6.000  12/23/2022    EUR   71.710
Vontobel Financial P   14.000  12/23/2022    EUR   72.220
Vontobel Financial P   10.000   3/24/2023    EUR   43.780
Vontobel Financial P   22.500  12/23/2022    EUR   71.490
Vontobel Financial P   10.500   3/24/2023    EUR   70.460
Vontobel Financial P   15.000   3/24/2023    EUR   65.580
Vontobel Financial P   13.500   3/24/2023    EUR   66.590
Vontobel Financial P    8.000  12/23/2022    EUR   73.840
Vontobel Financial P   11.500   3/24/2023    EUR   69.190
Vontobel Financial P    9.500  12/23/2022    EUR   71.890
Vontobel Financial P   12.000  12/23/2022    EUR   68.300
Vontobel Financial P   20.000  12/23/2022    EUR   60.970
Vontobel Financial P   18.500  12/23/2022    EUR   62.290
Vontobel Financial P   17.000  12/23/2022    EUR   63.710
Vontobel Financial P   21.500  12/23/2022    EUR   74.870
Landesbank Hessen-Th    1.580  12/16/2036    EUR   70.100
Barclays Bank PLC       3.070   12/3/2032    AUD   73.153
DZ Bank AG Deutsche     9.000   3/20/2023    EUR   71.250
Leonteq Securities A   21.600  12/14/2022    CHF   65.140
Leonteq Securities A   25.800  12/14/2022    CHF   23.760
Danske Bank A/S         3.725    1/9/2027    SEK   70.420
Raiffeisen Schweiz G   10.810  12/14/2022    CHF   47.560
Credit Suisse AG/Lon    8.500  12/15/2023    USD   69.800
Raiffeisen Switzerla   14.500   2/22/2023    CHF   34.560
Raiffeisen Schweiz G   13.000   2/21/2023    CHF   16.320
Raiffeisen Schweiz G    7.500   8/18/2023    CHF   72.920
Raiffeisen Schweiz G   18.000   2/22/2023    CHF   49.050
Credit Suisse AG/Lon    1.400   2/21/2032    EUR   74.966
Landesbank Baden-Wue    3.100   2/26/2027    EUR   72.980
Leonteq Securities A   22.200   2/22/2023    CHF   49.030
Single Platform Inve    1.480   7/25/2053    EUR   65.819
UBS AG/London          14.750   3/11/2024    CHF   70.000
UBS AG/London          12.250   3/11/2024    EUR   61.000
UBS AG/London          16.250   3/11/2024    CHF   72.000
Vontobel Financial P    7.550   2/23/2023    EUR   61.210
Bank Julius Baer & C    5.250   2/22/2023    CHF   73.750
Bank Julius Baer & C    6.650   2/22/2023    CHF   69.650
UBS AG/London           8.750   3/11/2024    USD   63.150
UBS AG/London          15.500    3/9/2023    USD   65.000
Societe Generale Eff   10.750   1/27/2023    EUR   74.750
Vontobel Financial P    8.350   2/22/2023    EUR   65.550
Leonteq Securities A   14.000   2/22/2023    USD   51.390
Basler Kantonalbank    12.000    3/2/2023    CHF   67.590
UBS AG/London          14.000   3/11/2024    USD   62.700
DZ Bank AG Deutsche     7.700   3/20/2023    EUR   50.800
Raiffeisen Switzerla   10.000   8/18/2023    USD   57.250
Leonteq Securities A   16.000  12/13/2022    CHF   65.890
Zurcher Kantonalbank   25.500   12/6/2022    CHF   57.610
Leonteq Securities A   11.000   3/10/2023    CHF   31.820
Leonteq Securities A   20.400  12/13/2022    CHF    9.100
Vontobel Financial P   12.540  12/14/2022    EUR   74.930
Leonteq Securities A    7.000  12/13/2023    CHF   69.430
Leonteq Securities A   24.000  12/13/2022    CHF   13.060
DZ Bank AG Deutsche    14.750  12/21/2022    EUR   44.150
DZ Bank AG Deutsche    13.000   3/22/2023    EUR   47.090
Basler Kantonalbank     9.000   6/22/2023    CHF   64.620
Credit Suisse AG/Lon    9.500    3/8/2023    USD   69.890
Vontobel Financial P    8.000  12/23/2022    EUR   65.540
Vontobel Financial P    8.500  12/23/2022    EUR   42.220
Leonteq Securities A   20.400   12/9/2022    CHF   11.350
Citigroup Global Mar    0.660   8/25/2033    EUR   69.316
Leonteq Securities A   15.000   6/13/2023    CHF   55.040
Corner Banca SA        15.000   3/10/2023    CHF   50.860
EFG International Fi    4.250   12/8/2022    EUR   71.120
Landesbank Baden-Wue    6.850   3/24/2023    EUR   72.920
Landesbank Baden-Wue    2.000   3/24/2023    EUR   58.230
Leonteq Securities A   12.000   5/11/2023    CHF   18.170
Leonteq Securities A   20.000   2/14/2023    USD   48.300
Zurcher Kantonalbank   25.500    2/8/2023    CHF   74.520
Credit Suisse AG/Lon    9.000    2/8/2023    CHF   63.310
Credit Agricole Corp   15.700   10/7/2026    TRY   62.008
Credit Agricole SA      3.270   10/5/2041    AUD   54.243
Leonteq Securities A    7.000   10/4/2023    CHF   62.390
Leonteq Securities A   10.000    1/4/2023    CHF    8.800
Leonteq Securities A    7.400   10/4/2023    CHF   70.150
Leonteq Securities A   15.000    1/4/2023    CHF   28.870
Landesbank Baden-Wue    3.000   2/27/2026    EUR   73.660
DZ Bank AG Deutsche     0.850  10/15/2036    EUR   74.733
Citigroup Global Mar    1.010  10/28/2035    EUR   67.988
Societe Generale Eff   11.250  12/23/2022    EUR   72.560
UniCredit Bank AG       3.650  10/29/2024    EUR   69.930
Natixis SA              3.000  10/18/2051    USD   62.626
VTB Bank PJSC           0.010   9/16/2026    RUB   72.130
Raiffeisen Schweiz G   12.000    1/4/2023    CHF    9.690
Raiffeisen Schweiz G    8.250   10/4/2023    CHF   69.240
Sberbank of Russia P    0.010   10/5/2026    RUB   73.100
Banque International   16.000    2/8/2023    EUR   33.510
Leonteq Securities A   26.400   2/14/2023    CHF   23.900
Raiffeisen Schweiz G   10.200   8/11/2023    CHF   72.410
Leonteq Securities A   21.600   2/14/2023    CHF   65.370
Landesbank Hessen-Th    0.700   11/4/2033    EUR   67.274
DZ Bank AG Deutsche    10.750  12/21/2022    EUR   68.600
DZ Bank AG Deutsche     5.500  12/21/2022    EUR   61.320
DZ Bank AG Deutsche    11.750  12/21/2022    EUR   57.010
BNP Paribas SA          1.010   10/5/2035    EUR   69.316
DZ Bank AG Deutsche    10.250  12/21/2022    EUR   57.500
DZ Bank AG Deutsche     9.000  12/21/2022    EUR   63.690
Bank Julius Baer & C    5.200    1/5/2023    CHF   71.200
Banque International   15.000    1/5/2023    EUR   39.030
Erste Group Bank AG     4.500   11/2/2025    EUR   61.150
Landesbank Hessen-Th    0.900  11/10/2036    EUR   67.180
Citigroup Global Mar    1.150   10/6/2036    EUR   67.537
Citigroup Global Mar    1.080   10/1/2036    EUR   66.826
Sberbank of Russia P    0.010   10/5/2028    RUB   58.700
Landesbank Hessen-Th    1.250  11/10/2036    EUR   67.800
EFG International Fi   10.000    4/6/2023    CHF   63.180
Goldman Sachs & Co W    7.000  12/21/2022    EUR   74.070
Goldman Sachs & Co W    9.000  12/21/2022    EUR   71.460
Goldman Sachs & Co W   15.000  12/21/2022    EUR   62.660
Goldman Sachs & Co W   18.000  12/21/2022    EUR   59.000
Goldman Sachs & Co W    8.000   3/22/2023    EUR   73.290
Goldman Sachs & Co W   10.000   3/22/2023    EUR   69.020
Goldman Sachs & Co W   15.000   3/22/2023    EUR   62.530
Goldman Sachs & Co W    3.000   6/21/2023    EUR   67.510
Goldman Sachs & Co W    4.000   6/21/2023    EUR   59.140
Goldman Sachs & Co W    5.000   6/21/2023    EUR   57.180
Goldman Sachs & Co W    6.000   6/21/2023    EUR   54.340
Goldman Sachs & Co W    7.000   6/21/2023    EUR   51.890
Goldman Sachs & Co W    8.000   6/21/2023    EUR   50.620
Goldman Sachs & Co W   10.000   6/21/2023    EUR   49.220
Goldman Sachs & Co W   13.000   6/21/2023    EUR   45.360
Goldman Sachs & Co W    2.000   9/20/2023    EUR   70.230
Goldman Sachs & Co W    3.000   9/20/2023    EUR   63.180
Goldman Sachs & Co W    3.000   9/20/2023    EUR   67.720
Goldman Sachs & Co W    4.000   9/20/2023    EUR   59.890
Goldman Sachs & Co W    5.000   9/20/2023    EUR   58.210
Goldman Sachs & Co W    6.000   9/20/2023    EUR   55.650
Goldman Sachs & Co W    7.000   9/20/2023    EUR   53.470
Goldman Sachs & Co W    8.000   9/20/2023    EUR   52.440
Goldman Sachs & Co W   10.000   9/20/2023    EUR   49.310
Goldman Sachs & Co W   12.000   9/20/2023    EUR   47.610
Bank Julius Baer & C    9.100    1/9/2023    USD   61.850
Bank Julius Baer & C    9.300    1/9/2023    USD   47.400
Landesbank Baden-Wue    0.530    3/3/2031    EUR   74.992
Caisse des Depots et    0.820   3/10/2050    EUR   65.517
DZ Bank AG Deutsche     0.800   3/20/2035    EUR   72.674
UniCredit Bank AG       3.450    4/2/2024    EUR   52.680
Landesbank Hessen-Th    0.510   3/10/2032    EUR   73.394
Landesbank Hessen-Th    0.510   3/10/2032    EUR   73.394
NRW Bank                0.591   3/19/2040    EUR   73.213
Landesbank Hessen-Th    2.000    4/9/2035    EUR   66.950
Bayerische Landesban    0.360    4/9/2031    EUR   73.521
DZ Bank AG Deutsche     1.370  12/28/2029    EUR   71.010
Bayerische Landesban    0.150    4/9/2031    EUR   74.787
Bayerische Landesban    0.390    4/9/2032    EUR   70.962
Bayerische Landesban    0.430    4/8/2033    EUR   68.391
Societe Generale SA     2.750   3/12/2040    AUD   55.770
Barclays Bank PLC       0.940    8/2/2049    JPY   66.725
Bayerische Landesban    0.280   10/9/2030    EUR   74.233
Banque International    1.020   3/25/2040    EUR   65.973
Landesbank Hessen-Th    1.000   3/20/2035    EUR   67.200
Nederlandse Watersch    1.370   3/23/2065    EUR   66.277
Landesbank Baden-Wue    7.850   4/28/2023    EUR   59.000
Landesbank Baden-Wue    5.000   4/28/2023    EUR   70.510
Landesbank Baden-Wue    7.000   4/28/2023    EUR   67.990
Landesbank Baden-Wue    5.700   4/28/2023    EUR   72.270
Landesbank Baden-Wue    3.350   4/28/2023    EUR   51.480
Landesbank Baden-Wue    2.150   4/28/2023    EUR   55.160
Landesbank Baden-Wue    5.200   4/28/2023    EUR   40.910
Landesbank Baden-Wue    3.350   4/28/2023    EUR   46.120
Landesbank Baden-Wue    5.650   4/28/2023    EUR   65.420
Landesbank Baden-Wue    4.200   4/28/2023    EUR   70.880
Landesbank Baden-Wue    7.000   4/28/2023    EUR   43.180
Landesbank Baden-Wue    3.800   4/28/2023    EUR   54.610
Landesbank Baden-Wue    4.200   4/28/2023    EUR   53.450
Landesbank Baden-Wue    3.000   4/28/2023    EUR   57.630
Landesbank Baden-Wue    2.000   4/28/2023    EUR   62.750
Landesbank Baden-Wue    6.100   4/28/2023    EUR   72.950
Landesbank Baden-Wue    4.000   4/28/2023    EUR   74.620
Landesbank Baden-Wue    5.300   5/26/2023    EUR   73.610
Landesbank Baden-Wue    4.200   4/28/2023    EUR   74.280
Landesbank Baden-Wue    5.000   4/28/2023    EUR   52.170
Landesbank Baden-Wue    4.000   4/28/2023    EUR   54.880
Landesbank Baden-Wue    3.000   4/28/2023    EUR   58.020
Landesbank Baden-Wue    2.000   4/28/2023    EUR   62.890
Landesbank Baden-Wue    3.000   4/28/2023    EUR   69.630
Landesbank Baden-Wue    4.650   4/28/2023    EUR   71.050
Landesbank Baden-Wue    5.250   4/28/2023    EUR   24.700
Landesbank Baden-Wue    3.150   4/28/2023    EUR   27.570
Landesbank Baden-Wue    2.300   4/28/2023    EUR   34.560
Landesbank Baden-Wue    6.250   4/28/2023    EUR   71.140
Landesbank Baden-Wue    6.000   4/28/2023    EUR   61.150
Landesbank Baden-Wue    4.000   4/28/2023    EUR   71.030
Landesbank Baden-Wue    5.700   4/28/2023    EUR   37.560
Landesbank Baden-Wue    4.350   4/28/2023    EUR   40.310
Landesbank Baden-Wue    3.000   4/28/2023    EUR   43.970
Bank Vontobel AG        6.503   4/24/2023    EUR   42.900
Bank Vontobel AG        7.252   4/24/2023    CHF   55.400
Bank Vontobel AG        7.504   4/24/2023    CHF   74.600
Bank Vontobel AG        7.504   4/24/2023    CHF   74.600
Landeskreditbank Bad    0.842    5/3/2041    EUR   73.385
UBS AG/London          13.500   4/29/2024    USD   35.410
UBS AG/London          10.500   4/28/2023    CHF   65.850
UBS AG/London           8.750   4/28/2023    CHF   53.550
Region Nouvelle-Aqui    0.777   5/12/2041    EUR   66.962
Landesbank Hessen-Th    0.500    6/4/2031    EUR   74.323
UniCredit Bank AG       4.850   5/23/2025    EUR   75.000
Raiffeisen Centroban    8.250   5/11/2023    EUR   60.420
Leonteq Securities A    7.000    5/3/2023    CHF   52.180
Corner Banca SA         6.000    5/3/2023    CHF   57.200
Raiffeisen-Landesban    1.470    5/3/2069    EUR   69.170
Erste Group Bank AG    14.500   5/31/2026    EUR   61.950
Nordea Bank Abp         4.250   7/20/2027    SEK   72.400
Region de Bruxelles-    0.930    5/3/2051    EUR   59.675
Landesbank Hessen-Th    0.680  10/12/2033    EUR   71.173
Landesbank Hessen-Th    0.800   7/30/2035    EUR   68.309
Landesbank Hessen-Th    0.710   5/12/2034    EUR   65.672
TMK PJSC                7.350   2/28/2025    RUB   60.150
Standard Chartered B    2.500    5/7/2031    AUD   74.589
Credit Agricole Corp    1.000   5/10/2036    EUR   69.205
Credit Agricole Corp    0.720   5/10/2033    EUR   73.167
Raiffeisen Switzerla    7.000    5/3/2023    CHF   56.130
Region Bourgogne-Fra    0.799    5/6/2041    EUR   67.289
Landesbank Hessen-Th    1.800    6/9/2036    EUR   68.100
Muenchener Hypotheke    1.300    5/7/2061    EUR   67.219
UBS AG/London          13.000    5/6/2024    USD   34.210
Region of Centre-Val    0.725  12/12/2039    EUR   68.419
UBS AG/London          11.000    5/5/2023    CHF   46.150
UBS AG/London           5.250    5/5/2023    CHF   63.150
Region of Centre-Val    0.807   5/12/2040    EUR   68.851
Region of Centre-Val    0.834   5/12/2042    EUR   66.393
Autonomous Community    1.250  10/31/2040    EUR   69.497
Hypo Vorarlberg Bank    0.410    5/6/2031    EUR   74.181
Luzerner Kantonalban    6.000   5/10/2023    CHF   52.120
Vontobel Financial P    7.750    6/1/2023    EUR   74.440
Landesbank Baden-Wue    4.100   6/27/2025    EUR   73.100
Sberbank of Russia P    0.010   5/10/2028    RUB   73.900
Region Bourgogne-Fra    0.841   5/12/2037    EUR   74.256
Muenchener Hypotheke    1.185    5/5/2059    EUR   67.376
DekaBank Deutsche Gi    5.100    6/4/2024    EUR   73.380
Corner Banca SA         8.000   5/10/2023    CHF   71.530
SG Issuer SA            0.900    4/7/2036    EUR   69.951
EFG International Fi   20.000   5/11/2023    USD   74.810
Landesbank Baden-Wue    6.300   6/23/2023    EUR   70.380
Landesbank Baden-Wue    2.400   6/23/2023    EUR   65.480
Landesbank Baden-Wue    4.000   6/23/2023    EUR   60.780
Landesbank Baden-Wue    6.300   6/23/2023    EUR   56.780
Landesbank Baden-Wue   12.000   5/26/2023    EUR   40.470
Leonteq Securities A    7.030   6/28/2023    CHF   59.110
Bank Vontobel AG        6.000  12/27/2022    CHF   68.600
Bank Vontobel AG        7.000  12/27/2022    CHF   39.800
Landesbank Baden-Wue    4.150   6/23/2023    EUR   47.570
Landesbank Baden-Wue    2.800   6/23/2023    EUR   51.160
Landesbank Baden-Wue    5.150   6/23/2023    EUR   47.660
Landesbank Baden-Wue    4.200   6/23/2023    EUR   49.720
Landesbank Baden-Wue    3.000   6/23/2023    EUR   53.010
Landesbank Baden-Wue    2.000   6/23/2023    EUR   57.010
Landesbank Baden-Wue    3.800   6/23/2023    EUR   31.020
Landesbank Baden-Wue    2.600   6/23/2023    EUR   34.080
Landesbank Baden-Wue    4.500   6/23/2023    EUR   35.270
Landesbank Baden-Wue    2.250   6/23/2023    EUR   39.050
Landesbank Baden-Wue    7.300   6/23/2023    EUR   57.370
Landesbank Baden-Wue    3.500   6/23/2023    EUR   72.550
Landesbank Baden-Wue    4.650   6/23/2023    EUR   61.500
Landesbank Baden-Wue    3.500   6/23/2023    EUR   73.700
Landesbank Baden-Wue    5.000   6/23/2023    EUR   29.060
Landesbank Baden-Wue    7.250   6/23/2023    EUR   46.160
Landesbank Baden-Wue    5.600   6/23/2023    EUR   49.860
Landesbank Baden-Wue    2.700   6/23/2023    EUR   60.420
Landesbank Baden-Wue    4.500   6/23/2023    EUR   72.210
Landesbank Baden-Wue    4.750   6/23/2023    EUR   72.380
Landesbank Baden-Wue    3.500   6/23/2023    EUR   53.730
Landesbank Baden-Wue    2.550   6/23/2023    EUR   56.010
Landesbank Baden-Wue    5.350   7/28/2023    EUR   69.830
Landesbank Baden-Wue    4.250   7/28/2023    EUR   72.950
Landesbank Baden-Wue    4.100   6/23/2023    EUR   63.100
Landesbank Baden-Wue    3.500   6/23/2023    EUR   65.020
Landesbank Baden-Wue    2.750   6/23/2023    EUR   67.800
Landesbank Baden-Wue    2.000   6/23/2023    EUR   70.840
Landesbank Baden-Wue    4.250   6/23/2023    EUR   46.700
Landesbank Baden-Wue    3.000   6/23/2023    EUR   49.250
Landesbank Baden-Wue    2.250   6/23/2023    EUR   51.700
Raiffeisen Centroban   11.750    8/4/2023    EUR   46.990
Norddeutsche Landesb    0.925   7/23/2036    EUR   65.638



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

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

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

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

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

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


                * * * End of Transmission * * *