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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, February 20, 2023, Vol. 24, No. 37

                           Headlines



A R M E N I A

ARMENIA: Fitch Alters Outlook on 'B+' Foreign Currency IDR to Pos.


F R A N C E

FINANCIERE LABEYRIE: EUR455M Bank Debt Trades at 30% Discount


G E R M A N Y

ADAPA GMBH: EUR475M Bank Debt Trades at 60% Discount


I R E L A N D

BARINGS EURO 2023-1: Fitch Gives 'B-(EXP)sf' Rating on Cl. F Notes
BLACKLOUGH CONSTRUCTION: In Liquidation After Rescue Efforts Fail
SILVER PAIL: Have Potential Buyers Following Examinership


I T A L Y

EMERALD ITALY 2019: Fitch Alters Outlook on 'B' Debt Rating to Neg
PIETRA NERA: Fitch Cuts Rating on Class D Debt to CCCsf
SAN MARINO: Fitch Affirms 'BB' Foreign Currency IDR, Outlook Stable


L U X E M B O U R G

TRAVELPORT FINANCE: $1.96B Bank Debt Trades at 37% Discount


N E T H E R L A N D S

LAST MILE - PE 2021: Fitch Hikes Rating on Class F Notes to 'B+sf'
MEDIAN BV: EUR505.4M Bank Debt Trades at 17% Discount


R U S S I A

TURKMENISTAN: Fitch Alters Outlook on B+ Foreign Curr. IDR to Pos.


S P A I N

AUTONORIA SPAIN 2021: Fitch Affirms 'B+sf' Rating on Class F Notes


S W E D E N

QUIMPER AB: Fitch Alters Outlook on 'B' LongTerm IDR to Positive


U K R A I N E

UKRAINIAN RAILWAYS: Fitch Hikes IDRs to 'CC'


U N I T E D   K I N G D O M

BRYMOR CONSTRUCTION: Most Creditors Unlikely to Receive Payout
CIEP EPOCH: GBP200M Bank Debt Trades at 42% Discount
CONSTELLATION AUTOMOTIVE: EUR400M Bank Debt Trades at 18% Discount
LEICESTER TIGER: Seeks Up to GBP13MM Emergency Cash Injection
RL DAVIES: Goes Into Administration Following Financial Woes

THG OPERATIONS: EUR600M Bank Debt Trades at 21% Discount
VIVARAIL: GWR Concludes Acquisition of Multiple Assets
ZAYO GROUP: $4.96B Bank Debt Trades at 17% Discount


X X X X X X X X

[*] BOND PRICING: For the Week February 13 to February 17, 2023

                           - - - - -


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A R M E N I A
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ARMENIA: Fitch Alters Outlook on 'B+' Foreign Currency IDR to Pos.
------------------------------------------------------------------
Fitch Ratings has revised the Outlook on Armenia's Long-Term
Foreign-Currency Issuer Default Rating (IDR) to Positive from
Stable and affirmed the IDR at 'B+'.

KEY RATING DRIVERS

The revision of the Outlook reflects the following key rating
drivers and their relative weights:

High

Large Immigration Drives Improvements: An influx of immigrants
(estimated by the authorities at about 65,000) from Russia, Ukraine
and Belarus, representing a 2.2% annual increase in the population,
has boosted external as well as macroeconomic and fiscal
performance. The exact scale of the immigration is hard to
quantify, given the open migration regime for Russians in Armenia
and the durability of this positive shock is still uncertain.
However, it led to a 140% increase in remittances/money transfers
and Fitch anticipates that a substantial proportion of new
immigrants will stay in Armenia for at least two to three years and
sees a substantial chance that some of the positive effects will
endure.

Strengthening of External Finances: The external inflows led to a
marked improvement in the external balance sheet for Armenia. Fitch
estimates the current account to have registered a small surplus in
2022 (current 'B' median: -3.8%; 'BB' median: -4.1%), based on
1Q-3Q outturns, the first annual surplus on record, which
contributed to an increase in FX reserves by USD880 million to
USD4.1 billion in 2022. Fitch expects a return to moderate deficits
in 2023 and 2024.

In addition, net external debt fell by around 12pp to an estimated
44.5% of GDP in 2022 (current 'B' median: 26.6%; 'BB' median:
15.4%). Separately, in December 2022, the IMF approved a USD171
million three-year Stand-By Arrangement (SBA), which is being
treated as precautionary by the Armenian authorities, and will
provide a policy anchor and limited buffer in case of any negative
external shocks, such as a reversal of the recent inflows.

Medium

Strong Growth: The Armenian economy is estimated to have grown by
11.6% in 2022, a 15-year high, boosted by the large influx of
migrants, which also provides an upside to potential growth
(currently estimated at 4.5%). Fitch estimates growth will slow to
6.1% in 2023 and 4.7% in 2024. Growth will be driven by personal
consumption, relatively stable exports (notably to Russia as
Armenia replaces import sources that have become disrupted by
sanctions) and an expected increase in public investment.

Fiscal Outperformance and Debt Reduction: The fiscal deficit fell
from 4.6% in 2021 to 2.2% of GDP in 2022, below the government's
target of 2.5% (current 'B' median: 2.7%; 'BB' median 3.3%) amid
tax revenue growth of 18% and a decline in capex of 10%. Public
debt fell by nearly 13pp to 47.6% in 2022, driven in large part by
the exchange rate appreciation (about 18% vs the US dollar in 2022)
and robust real GDP growth. Fitch expects debt to stabilise around
47.4% of GDP in the medium term. A sharp depreciation of the
exchange rate is the primary risk to debt dynamics, given that
62.1% of public debt is FX-denominated as of 2022 (end-2021:
71.2%).

Armenia's ratings also reflect the following rating drivers:

Policy Framework and Governance: Armenia boasts strong governance
indicators relative to 'B' rating peers, as well as a robust
macroeconomic and fiscal policy framework, and credible commitment
to reform.

Overheating Risks: Inflation averaged 8.6% in 2022, well above the
Central Bank of Armenia's (CBA) target of 4% (with a tolerance band
of +/-1.5pp), driven by high global food prices and surging
domestic demand, triggered by the migrant arrivals. Core inflation
averaged 8.9% in 2022 as demand for housing and other services
increased sharply. Domestic wage growth rose to 20.7% yoy in 4Q22,
adding to inflationary pressures. Armenia is less exposed to global
energy price fluctuations given the long-term fixed nature of its
gas purchase contract with Gazprom.

The strengthening of the currency in 2022, lower global oil prices
and the lagged impact of the policy rate hikes by the CBA
(cumulative hikes of 300bp to 10.75% in 2022) will reduce inflation
to 6.5% on average in 2023 and 4.2% in 2024. However, the
substantial pressures on domestic supply from the surge in the
population could mean more persistent inflationary pressures and
overheating.

Solid External Creditor Support: Armenia benefits from strong
support and technical assistance from a range of multilateral and
bilateral creditors. As of 2022, an estimated 44.5% of general
government debt was owed to official lenders, including the World
Bank, Asian Development Bank, OPEC Fund and the French Development
Agency, offering favourable financing conditions.

Geopolitical Risks: Tensions with Azerbaijan escalated in 2H22,
with renewed military hostilities in the disputed Nagorno-Karabakh
region as well as Azerbaijani territorial incursions into Armenian
border regions, which it continues to hold. Azeri protestors have
blockaded Armenia's access to Nagorno-Karabakh since December, and
negotiations on a peace agreement have stalled. While a full-scale
conflict is not its base case, the potential for renewed fighting
remains, although any broader macroeconomic impact will probably be
limited. Russia's peacekeeping role in the region has complicated
Armenia's ties with it, given the former's perceived lack of
support for the Armenian position in the territorial dispute.

Armenia is exceptionally dependent on Russia for its energy
supplies, and there are few credible signs of diversification.
Russia is also Armenia's largest export market and source of
imports, as well as an important source of remittances. Armenia is
cautiously navigating the tension between its close relations with
Russia and its relations with the EU and the US with regards to
sanctions on Russia.

Stable Banking Sector, Relatively High Dollarisation: Armenian
banks reported a profitable 2022 (return on equity of 28%), with
solid asset quality (non-performing loan ratio of 2.8%) and
capitalisation (Tier 1 capital ratio of 19%). Deposit dollarisation
rose by 1.8pp to 43.6% (57.2% when non-resident deposits are
included), indicating the strong influx of remittances/money
transfers. Loan dollarisation has fallen from 45.5% in 2021 to
36.6% by end-2022, reflecting dram appreciation. Banks have
adequate dram and US dollar liquidity, and a destabilising outflow
of deposits is not seen as likely.

ESG - Governance: Armenia has an ESG Relevance Score (RS) of '5'
and '5[+]' respectively for Political Stability and Rights, and for
the Rule of Law, Institutional and Regulatory Quality and Control
of Corruption. Theses scores reflect the high weight that the World
Bank Governance Indicators (WBGI) have in its proprietary Sovereign
Rating Model. Armenia has a medium WBGI ranking at the 47th
percentile, reflecting a recent track record of peaceful political
transitions, a moderate level of rights for participation in the
political process, moderate institutional capacity, established
rule of law and a moderate level of corruption.

RATING SENSITIVITIES

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

- External Finances: A marked increase in external vulnerability,
  for example from sharp reversal of capital inflows, sizeable
  decline in international reserves, or current account
  deficits that are larger than expected.

- Macro/Structural: Increased signs that the surge in the
  population is leading to overheating or that geopolitical
  shocks could undermine growth and financial stability.

- Public Finances: General government debt/GDP returning to
  an upward trajectory over the medium term.

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

- Public Finances: Improved confidence that general government
  debt/GDP will continue to decline over the medium term.

- External Finances: Increased confidence that the recent
  improvement in external finances resulting from substantial
  capital inflows will prove durable over the medium term.

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Armenia a score equivalent to a
rating of 'BB-' on the Long-Term Foreign-Currency (LT FC) IDR
scale.

Fitch's sovereign rating committee adjusted the output from the SRM
to arrive at the final LT FC IDR by applying its QO, relative to
SRM data and output, as follows:

Macro: -1 notch to reflect the fact that the substantial capital
inflows associated with migration may not prove durable, and could
contribute to overheating in the economy.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within our
criteria that are not fully quantifiable and/or not fully reflected
in the SRM.

ESG CONSIDERATIONS

Armenia has an ESG Relevance Score of '5' for Political Stability
and Rights as World Bank Governance Indicators have the highest
weight in Fitch's SRM and are therefore highly relevant to the
rating and a key rating driver with a high weight. As Armenia has a
percentile rank below 50 for the respective Governance Indicators,
this has a negative impact on the credit profile.

Armenia has an ESG Relevance Score of '5[+]' for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption as
World Bank Governance Indicators have the highest weight in Fitch's
SRM and are therefore highly relevant to the rating and a key
rating driver with a high weight. As Armenia has a percentile rank
below 50 for the respective Governance Indicators, this has a
negative impact on the credit profile.

Armenia has an ESG Relevance Score of '4' for Human Rights and
Political Freedoms as the Voice and Accountability pillar of the
World Bank Governance Indicators is relevant to the rating and a
rating driver. As Armenia has a percentile rank below 50 for the
respective Governance Indicator, this has a negative impact on the
credit profile.

Armenia has an ESG Relevance Score of '4[+]' for Creditor Rights as
willingness to service and repay debt is relevant to the rating and
is a rating driver for Armenia, as for all sovereigns. As Armenia
has a track record of 20+ years without a restructuring of public
debt and captured in its SRM variable, this has a positive impact
on the credit profile.

Except for the matters discussed above, the highest level of ESG
credit relevance, if present, 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 to the way in which they
are being managed by the entity.

   Entity/Debt                Rating           Prior
   -----------                ------           -----
Armenia         LT IDR          B+  Affirmed     B+

                ST IDR          B   Affirmed     B

                LC LT IDR       B+  Affirmed     B+

                LC ST IDR       B   Affirmed     B

                Country Ceiling BB- Affirmed    BB-

   senior
   unsecured    LT              B+  Affirmed     B+




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F R A N C E
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FINANCIERE LABEYRIE: EUR455M Bank Debt Trades at 30% Discount
-------------------------------------------------------------
Participations in a syndicated loan under which Financiere Labeyrie
Fine Foods SASU is a borrower were trading in the secondary market
around 70.3 cents-on-the-dollar during the week ended Friday,
February 17, 2023, according to Bloomberg's Evaluated Pricing
service data.

The EUR455 million facility is a Term loan that is scheduled to
mature on July 30, 2026.  The amount is fully drawn and
outstanding.

FINANCIERE Labeyrie Fine Foods provides seafood products. The
Company prepares shrimp, duck items, salmon, sushi, trout, and foie
gras. Labeyrie Fine Foods serves customers worldwide.  The
Company's country of domicile is France.




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G E R M A N Y
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ADAPA GMBH: EUR475M Bank Debt Trades at 60% Discount
----------------------------------------------------
Participations in a syndicated loan under which adapa GmbH is a
borrower were trading in the secondary market around 39.5
cents-on-the-dollar during the week ended Friday, February 17,
2023, according to Bloomberg's Evaluated Pricing service data.

The EUR475 million facility is a Term loan that is scheduled to
mature on September 24, 2028.  The amount is fully drawn and
outstanding.

Adapa GmbH provides packaging products. The Company offers shrink
films, laminates, wicket bags, tobacco pouches, and bread bags. The
Company's country of domicile is Germany.




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I R E L A N D
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BARINGS EURO 2023-1: Fitch Gives 'B-(EXP)sf' Rating on Cl. F Notes
------------------------------------------------------------------
Fitch Ratings has assigned Barings Euro CLO 2023-1 DAC expected
ratings.

The assignment of final ratings is contingent on the receipt of
final documents conforming to information already reviewed.

   Entity/Debt              Rating        
   -----------              ------        
Barings Euro CLO
2023-1 DAC

   Class A-1            LT  AAA(EXP)sf  Expected Rating
   Class A-2            LT  AAA(EXP)sf  Expected Rating
   Class B-1            LT  AA(EXP)sf   Expected Rating
   Class B-2            LT  AA(EXP)sf   Expected Rating
   Class C              LT  A(EXP)sf    Expected Rating
   Class D              LT  BBB-(EXP)sf Expected Rating
   Class E              LT  BB-(EXP)sf  Expected Rating
   Class F              LT  B-(EXP)sf   Expected Rating
   Subordinated Notes   LT  NR(EXP)sf   Expected Rating

TRANSACTION SUMMARY

Barings Euro CLO 2023-1 DAC is a securitisation of mainly senior
secured loans (at least 90%) with a component of senior unsecured,
mezzanine, and second-lien loans. The note proceeds will be used to
fund an identified portfolio with a target par of EUR400 million.
The portfolio is managed by Barings (U.K.) Limited. The CLO
envisages a four-year reinvestment period and an eight-year
weighted average life (WAL).

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors in the 'B' category. The Fitch
weighted average rating factor (WARF) of the identified portfolio
is 23.19.

Strong Recovery Expectation (Positive): At least 90% of the
portfolio will comprise 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 63.64%

Diversified Portfolio (Positive): At closing, the matrix will be
based on a top-10 obligor limit of 20% and a maximum fixed-rate
asset limit of 15%. 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 that the asset portfolio will not be exposed to
excessive concentration.

Portfolio Management (Neutral): The transaction has 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 (Neutral): The WAL used for the stressed-case
portfolio and matrices analysis is 12 months less than the WAL
covenant to account for structural and reinvestment conditions
after the reinvestment period, including the satisfaction of the
over-collateralisation (OC) test and Fitch 'CCC' limit, together
with a consistently decreasing WAL covenant. These conditions would
in Fitch's opinion reduce the effective risk horizon of the
portfolio during 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
would result in downgrades of one notch for the class E and F
notes.

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

Should the cushion between the identified portfolio and the
Fitch-stressed portfolio erode due to manager trading or negative
portfolio credit migration, a 25% increase of the mean RDR across
all ratings would lead to downgrades of three notches for the class
A, B and D notes, four notches for the class C notes, and more than
three notches for the class E and F notes.

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

A 25% reduction of the mean RDR across all ratings and a 25%
increase in the RRR across all ratings of the stress portfolio
would result in upgrades of one notch for the class C notes, and
two notches for the class B, D, E and F notes.

During the reinvestment period, upgrades, which are based on the
Fitch-stressed portfolio, 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 losses in the
remaining portfolio.

DATA ADEQUACY

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

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


BLACKLOUGH CONSTRUCTION: In Liquidation After Rescue Efforts Fail
-----------------------------------------------------------------
Ellen O'Riordan at The Irish Times reports that a social housing
construction firm hit by the rise in raw material costs has entered
liquidation after a rescue package fell through on Feb. 16.

Court protection afforded to Blacklough Construction Limited since
it entered examinership last November was due to expire this week,
the High Court heard, The Irish Times relates.

Blacklough, which has debts of more than EUR3 million, said it got
into difficulties due to the unprecedented rise in the cost of
building materials, Covid-19, Brexit and the war in Ukraine, among
other factors, The Irish Times notes.

According to The Irish Times, solicitor Graham Kenny, representing
examiner Joseph Walsh, of JW Accountants, told the court on Feb. 17
that an investment deal had been near completion but, to the
surprise of Mr. Walsh, the proposed lender pulled out at about 5:00
p.m. on Feb. 16.

The planned funder was a subcontractor involved in the development
of some of the social housing projects Blacklough was also
contracted for, the court heard, The Irish Times recounts.  Mr.
Kenny added that the lender stated it had a preference for directly
taking over Blacklough's works rather than funding Blacklough, The
Irish Times notes.

Mr. Kenny, as cited by The Irish Times, said the lender's
withdrawal made it clear to the examiner he would be unable to
secure a scheme of arrangement for the firm within the statutory
time frame governing the examinership process.

The examiner believed it was now appropriate for the court to
remove its protection and to make orders winding up the company,
which had 48 employees and also engaged subcontractors, according
to The Irish Times.


SILVER PAIL: Have Potential Buyers Following Examinership
---------------------------------------------------------
John Mulligan at Independent.ie reports that a number of potential
Irish and international buyers are understood to be circling the
Silver Pail Dairy ice-cream business in Cork after an examiner was
appointed to the firm before Christmas.

The ice-cream business -- the largest in the country -- generates
turnover of about EUR23 million a year and counts major supermarket
multiples among its customers, Independent.ie discloses.  It is
continuing to operate as a new owner is sought, Independent.ie
states.

According to Independent.ie, an extension to the examinership
process was secured recently by examiner Shane McCarthy of KPMG.
That will allow the process to run until the end of this month.
Examinership can be extended to 100 days if a scheme of arrangement
cannot be formulated within the initial timeframe, Independent.ie
notes.

It is believed there has been significant interest in the Irish
business and there is thought to be a strong likelihood that a deal
will be struck in the coming weeks, Independent.ie discloses.

It is understood the parties interested in the Silver Pail business
are also eyeing a continuing presence at its manufacturing facility
in Fermoy, Independent.ie relates.

Staff were informed of its difficulties just days before Christmas,
Independent.ie recounts.  It employs about 90 people.

It was hit by soaring input costs, including higher prices for
milk, cream and energy. That created a cash crunch for the firm,
Independent.ie relays.

However, it is understood that AIB has been helping the company to
navigate its current difficulties, Independent.ie notes.

The company has about EUR4 million of bank debt, while other
creditors were owed about EUR7 million at the time it got into
difficulty, according to Independent.ie.

While the business made a loss last year and in 2021, it is
believed to have been in the black on an earnings before interest,
tax, depreciation and amortisation, Independent.ie discloses.

Silver Pail's customers include Tesco, Dunnes Stores and Musgrave,
the company that controls SuperValu.




=========
I T A L Y
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EMERALD ITALY 2019: Fitch Alters Outlook on 'B' Debt Rating to Neg
------------------------------------------------------------------
Fitch Ratings has revised the Outlook on Emerald Italy 2019 S.R.L.
to Negative from Stable and affirmed all ratings. The notes have
been removed from Under Criteria Observation.

   Entity/Debt         Rating           Prior
   -----------         ------           -----
Emerald Italy
2019 S.R.L.

   A IT0005387896   LT A-sf  Affirmed   A-sf
   B IT0005387953   LT BBBsf Affirmed   BBBsf
   C IT0005387961   LT BB-sf Affirmed   BB-sf
   D IT0005387979   LT Bsf   Affirme    Bsf

TRANSACTION SUMMARY

The transaction is a securitisation of a EUR105.8 million loan
(comprising a EUR100.4 million term loan and a EUR5.4 million capex
loan) to an Italian borrower sponsored by Kildare Partners. The
loan is variable-rate (unhedged) and secured on three average
quality northern Italian shopping centres. The transaction benefits
from a EUR4.8 million liquidity facility available to cover
interest on the class A and B notes, which amortise pro rata with
the liquidity facility.

The loan defaulted in June 2020 due to very low rental collections
during the 2Q20 payment period, as a result of tenants not paying
rent during periods when stores were forced to close. The borrower
put forward a standstill agreement that was approved by noteholder
vote in October 2021 and remained in place until the original loan
maturity. The borrower intended to use this period to perform
works, using rental income as well as funds from the capex
facility. The loan matured without meeting the required conditions
for an extension in September 2022 and a new standstill on
enforcement was put in place until September 2023.

The whole loan balance is now due and unhedged as the previous
interest rate cap expired and was not renewed. Excess cash flow and
sale amounts (including proceeds over the release price) have been
used to repay outstanding amounts and cover capital and operating
expenses. The loan has amortised by EUR4.4 million since the last
rating action in February 2022, thanks to a combination of soft and
hard amortisation funds paid over the first standstill period,
although more recently it has fallen into interest arrears as a
result of capex funded by income and higher financing and operating
costs.

Total loan repayments since closing are EUR11 million, bringing the
loan balance down to EUR94.8million. However, any deleveraging is
counteracted by a 17% value reduction since closing, causing the
loan-to-value ratio (LTV) to be above that at closing (70.8% vs
65.6%). The capex facility is now fully drawn and therefore ranks
alongside the loan, secured over the collateral.

KEY RATING DRIVERS

Lease Expiries Threaten Performance Stability: The properties have
generally maintained rental levels. Some individual units with
material rent reductions were offset by rents increasing across the
majority of the tenants. Settimo, which is by far the smallest
asset, stands out as the property with the highest rental growth
year on year (around 20% - albeit resulting from a single new
lease). Valuations conducted in August 2022 saw aggregate market
value remain broadly flat, with higher estimated rental values
(ERVs) broadly offset by increased assumed operating costs and
discounting factors. Fitch's B LTV stands at 88.1%.

Despite the overall improved occupancy, there have been few new (ie
non-renewal) lettings. This is acute in Rondinelle, for which most
of the vacant units have been idle for over a year, indicating
signs of long-term vacancy. The anchor tenant has been secured
until 2030, but new signings are at significant reductions from
previous passing rent. Fitch attributes some of this to the
continued struggle competing with a nearby mall (Elnos). With
around one-third (by area) of leases rolling off in 2023 in
Metropoli, and a lower but still meaningful rollover rate in
Rondinelle, the weakening of macroeconomic conditions in Italy is
expected to test collateral income.

Market Conditions Affecting Retail: Elevated inflation, interest
rate hikes and the prospect of recession are challenges for the
loan's performance. The retail sector is exposed to falling real
wages, and we cannot rule out stagnation in income, which could
aggravate interest shortfalls on junior tranches. The revision of
the Outlooks on the class C and D notes reflects the downside risk
for collateral value as yields rise on the back of higher interest
rates and growing risk premiums, as well as some idiosyncratic
property risk.

RATING SENSITIVITIES

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

Reductions in occupational demand, which leads to lower rents or
higher vacancy in the portfolio.

The change in model output that would apply with 1pp cap rate
increase is as follows:

A-sf' / 'BB+sf' / 'Bsf' / 'CCCsf

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

Sustainable improvement in portfolio performance led by rent
increases and decline in vacancy, coupled with stable market
conditions.

A+sf' / 'Asf' / 'BBB-sf' / 'BBsf'

Key Property Assumptions (weighted by market value)

'Bsf' weighted average (WA) cap rate: 6.7%

'Bsf' WA structural vacancy: 32.2%

'Bsf' WA rental value decline: 5.3%

'BBsf' WA cap rate: 6.8%

'BBsf' WA structural vacancy: 36.5%

'BBsf' WA rental value decline: 8.2% (stable) / 5.3% (high)

'BBBsf' WA cap rate: 7.0%

'BBBsf' WA structural vacancy: 41.2%

'BBBsf' WA rental value decline: 11.2% (stable) / 5.3% (high)

'Asf' WA cap rate: 7.1%

'Asf' WA structural vacancy: 45.8%

'Asf' WA rental value decline: 14.1% (stable) / 5.3% (high)

Applied estimate rental value: EUR13.6 million

DATA ADEQUACY

Emerald Italy 2019 S.R.L.

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.

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

Prior to the transaction closing, Fitch reviewed the results of a
third party assessment conducted on the asset portfolio information
and concluded that there were no findings that affected the rating
analysis.

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.

ESG CONSIDERATIONS

Emerald Italy 2019 S.R.L. has an ESG Relevance Score of '4' for
Rule of Law, Institutional and Regulatory Quality due to
uncertainty of the enforcement process in Italy, which has a
negative impact on the credit profile, and is relevant to the
rating[s] in conjunction with other factors.

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


PIETRA NERA: Fitch Cuts Rating on Class D Debt to CCCsf
-------------------------------------------------------
Fitch downgrades classes A, B, C & D and affirms class E of of
Pietra Nera Uno S.R.L., revises Classes A, B & C from Stable to
Negative Outlook; and removes  Classes A & C from UCO,

   Entity/Debt          Rating           Prior
   -----------          ------           -----
PIETRA NERA UNO S.R.L.

   A IT0005324402   LT BBBsf  Downgrade   Asf
   B IT0005324410   LT BB-sf  Downgrade   BBB-sf
   C IT0005324428   LT Bsf    Downgrade   BBsf
   D IT0005324436   LT CCCsf  Downgrade   Bsf
   E IT0005324444   LT CCCsf  Affirmed    CCCsf

TRANSACTION SUMMARY

The transaction is a securitisation of three commercial mortgage
loans originally totaling EUR403.8 million to Italian borrowers
sponsored by Blackstone funds. The loans are all variable-rate
(with variable margins) and secured on four Italian retail
properties - a Sicilian shopping centre (Palermo loan) and three
fashion retail outlet villages (two for the Fashion District loan
and another for the Valdichiana loan). The transaction has a
liquidity facility of EUR14.7 million available to cover interest
on the class A and B notes and amortises in line with their
aggregate balance.

The loan was due to mature in May 2023. However, Fitch received
notice in December 2022 that an additional loan extension was
granted by the servicer, in its discretion, until May 2024. No
amortisation or is scheduled over this additional year, nor are
there additional borrower covenants.

KEY RATING DRIVERS

KRD #1, from EMEA CMBS and CRE Loan Rating Criteria (Real Estate
Risks)

Mixed Performance, Operating Risk: The collateral has generally
maintained its rental level, although vacancy has risen to 18%
(from 14% last year), mainly on account of vacancy in the
(non-fashion outlet) Palermo mall recently jumping up approximately
10% (to 12%) after a handback of around half its hypermarket anchor
tenant's space. In the three fashion outlets, the share of
turnover-only leases is rising, at the expense of the more
conventional base plus turnover arrangement. The nature of these
lease types favours a unit-by-unit comparision; Fitch finds pockets
of sharply-reduced renegotiated rent, as well as unchanged rents
from existing tenants - suggesting they are stuck at the base rent
on account of weak turnover. However, these are typically
counteracted by higher rent earned for the majority of existing
tenants, reflecting either successful renegotiation or improved
turnover. Overall, the WA Debt Yield is up 1% to 10% yoy.

The latest valuation (conducted in March 2022) saw market values
rise around 3% alongside broadly flat estimated rental values
(ERV). Fitch expects valuation metrics will have generally
deteriorated since then. The Puglia asset continues to be the
underperforming outlier, with its occupancy dropping 3% to 67% -
this chronic vacancy a sign of oversupply reflected in its score of
5 and Base SV of 9%. The other assets each have idiosyncratic
operating risks but are performing within normal bounds, in its
view. The continued challenge to generate income will be
exacerbated by a large proportion of leases for all properties
rolling off in 2023 and 2024, and tested further by the expected
weakening in macroeconomic conditions in Italy.

KRD #1, from EMEA CMBS and CRE Loan Rating Criteria (Real Estate
Risks)

Market Conditions Affecting Retail: Elevated inflation, interest
rate hikes and the prospect of recession are headwinds for loan
performance. The retail sector is exposed to falling real wages,
and Fitch cannot rule out stagnation in income alongside rising
refinancing costs, with ongoing negative implications for
collateral values. With all 3 loans maturing in August 2024, the
risk of one or both defaulting is material, acting as a drag on
ratings. This is reflected in the negative rating actions.

KRD #1, from EMEA CMBS and CRE Loan Rating Criteria (Real Estate
Risks)

Prepayment Constraints: With pro rata principal pay in operation, a
refinancing of Valdichiana (66.83 LTV, 11% DY) could leave all
noteholders exposed to the more leveraged loans, Fashion District
(73.27%, 10.06%) and Palermo loan (82.48%, 10.28%). This could lead
to further downward pressure on the notes, consistent with all the
notes being placed on Negative Outlook.

UCO

Updated EMEA CMBS Criteria: The criteria incorporated a number of
updates, including an overhaul of how guidance assumptions are
derived. All classes have been removed from Under Criteria
Observation.

N/A

RATING SENSITIVITIES

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

Reductions in occupational demand, which leads to lower rents or
higher vacancy in the portfolio

The change in model output that would apply with 1pp cap rate
increase is as follows:

'BB+sf' / 'Bsf' / 'CCCsf' / 'CCCsf' / 'CCCsf'

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

Sustainable improvement in portfolio performance led by rent
increases and decline in vacancy, coupled with stable market
conditions

'Asf' / 'BBB-sf' / 'BBsf' / 'Bsf' / 'CCCsf'

Key Property Assumptions (weighted by market value)

'Bsf' WA cap rate: 7.8%

'Bsf' WA structural vacancy: 19.1%

'Bsf' WA rental value decline: 5.9%

'BBsf' WA cap rate: 8.1%

'BBsf' WA structural vacancy: 21.0%

'BBsf' WA rental value decline: 8.7% (stable) / 5.9% (high)

'BBBsf' WA cap rate: 8.3%

'BBBsf' WA structural vacancy: 23.8%

'BBBsf' WA rental value decline: 11.5% (stable) / 5.9% (high)

Depreciation: 9%

Applied ERV: EUR 43.6m

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.

Prior to the transaction closing, Fitch reviewed the results of a
third-party assessment conducted on the asset portfolio information
and concluded that there were no findings that affected the rating
analysis.

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.

ESG CONSIDERATIONS

PIETRA NERA UNO S.R.L. has an ESG Relevance Score of '4' for Rule
of Law, Institutional and Regulatory Quality due to uncertainty of
the enforcement process in Italy , which has a negative impact on
the credit profile, and is relevant to the rating[s] in conjunction
with other factors.

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


SAN MARINO: Fitch Affirms 'BB' Foreign Currency IDR, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings has affirmed San Marino's Long-Term Foreign-Currency
Issuer Default Rating (IDR) at 'BB' with a Stable Outlook.

KEY RATING DRIVERS

Structural Strengths; Financial Vulnerabilities: San Marino's 'BB'
rating is supported by high income levels, with GDP per capita
closer to the 'AAA' than the 'BB' median, a resilient export sector
and large net external creditor position, and a stable political
system. The rating is weighed down by a high debt burden and weak
asset quality in the large banking sector. The very small size of
the economy, limited administrative capacity reflected in data
quality issues, and low growth potential are also key weaknesses.

Large Refinancing Needs in 2024: San Marino will need to refinance
its sole Eurobond (EUR340 million, or 21.6% of GDP) in 2024, given
limited cash buffers and the low development of the domestic bond
market. Fitch expects this to be achieved, though there is some
uncertainty around the terms given global monetary tightening and
short record of market access (and only with a three-year
maturity). However, the market situation has improved for
non-investment grade issuers since its last review in September
2022 and San Marino's interest expenses/revenue ratio is much lower
than the peer median (3.7% vs. 9.2% in 2022). This leaves it some
fiscal space to accept a higher coupon rate for a longer maturity.

Fiscal Reform Progress: At the end of last year, parliament passed
a pension reform that should help alleviate fiscal pressures from
an ageing population. Deficits in the social security system have
been rising amid high replacement rates, an ageing population and
low barriers for early retirement. The reform foresees a gradual
rise in contribution rates and retirement quotas, which will help
preserve pension fund assets (at EUR418 million at end-2022 (27% of
GDP) are an important source of bank deposits), but remains
insufficient to prevent the depletion of the fund in the long
term.

The authorities also aim to pass an income tax reform during the
1H23, focusing on the elimination of income tax deductions, which
could result in an additional EUR20 million per year. In the medium
term, the authorities also target the implementation of a more
efficient VAT system to replace the complex single stage import tax
framework.

Limited Implications from Energy Crisis: Energy hedging agreements
and some pass-through of higher energy costs to households and
companies have limited the negative fiscal impact from the energy
crisis. While the loss of the public utility company is higher than
previously expected, Fitch estimates this will be manageable at
around EUR7.5 million (0.5% of GDP) in 2022, and its projections
assume that the public utility company will become profitable again
this year. Unlike in other European countries, the government
currently does not foresee any large-scale fiscal support to
compensate households and corporations for higher inflation rates.

Improved Debt Trajectory: San Marino's debt trajectory has improved
compared with its last review and Fitch projects that public debt
will fall below 70% of GDP by end-2024 (down from 82.1% at the end
of 2021). This reflects an improved fiscal balance and higher
nominal GDP, but also the authorities' retroactive corrections to
official debt figures from 2014-20 by around 6%, due to the
reclassification of liabilities that were previously
double-counted.

While San Marino's public debt ratio significantly exceeds the 'BB'
forecast median of 55.1% of GDP, two perpetual bonds account for
almost 40% of total government debt, both carrying very favourable
interest rates (1.75% and 0.1%) and creating no additional
refinancing risks for the government. The completion of an
asset-liability exercise has helped strengthen central-government
deposits to 5.5% of GDP in 2022 from 3.1% in 2020.

Economic Growth Surprises on Upside: Fitch has revised upward its
growth estimates to 8.3% (from 5.0%) for 2021 and to 4.0% (from
3.0%) for 2022 compared with its last review. The export-oriented
manufacturing sector has been a key source of growth while tourist
arrivals surpassed their 2019 levels in 2022. At 5.1% in 2022, the
unemployment rate is at its lowest level in more than 12 years
while labour force participation has been very high, driven by
strong increases in cross-border employment.

Fitch forecasts that growth will slow to 0.8% in 2023, accounting
for a projected mild recession in neighbouring Italy. In the medium
term, growth will benefit from further integration within the EU's
internal market. San Marino is currently negotiating an Association
Agreement with the EU, and the agreement could be ratified and
implemented as soon as 2024.

Lower Inflation Than Peers: At 5.9% on average in 2022, inflation
was well below the eurozone average and 'BB' median of 9.2% and
7.4%, respectively, due to smaller energy price increases and more
moderate wage growth. The public utility company has hedged natural
gas prices through a six-year financial swap agreement, allowing
for a limited pass-through of higher energy prices to consumers and
the authorities recently decided to revert the latest price
increase from January (resulting in a cumulative tariff increase of
69% compared with 2021).

Second-round effects and risks from a wage-price spiral appear
contained at present, as suggested by collective wage agreements in
the private sector. Under its baseline scenario, inflationary
pressures will gradually ease to 4.8% in 2023 and 3.0% in 2024.

Banking Sector Improvements and Challenges: San Marino's large and
overbanked financial sector has made progress in improving
profitability and liquidity levels, but continues to suffer from
relatively weak capitalisation, fragile profitability and
exceptionally high non-performing loans (NPL). The sector reported
a small profit of EUR10 million as of November 2022, supported by
higher interest rate margins. However, the central bank has allowed
banks to move financial securities to their investment portfolio,
creating uncertainty about revaluation losses which could further
drive up capital needs in the future.

Despite recent improvements, NPLs remain exceptionally high, at
56.7% of gross loans by November 2022 (31.5% net of provisions).
The government has passed legislation to reduce NPLs through
securitisation, but implementation has been delayed at least until
2H23. Similar schemes in Italy and Greece have proven successful,
but uncertainty remains about the market value of the underlying
assets and share of NPLs that can be offloaded. Calendar
provisioning is expected to be introduced by July 2023,
incentivising banks to quickly offload NPLs by imposing higher
capital charges on delayed NPL transfers.

ESG - Governance: San Marino has an ESG Relevance Score (RS) of
'5[+]' for both Political Stability and Rights and for the Rule of
Law, Institutional and Regulatory Quality and Control of
Corruption. Theses scores reflect the high weight that the World
Bank Governance Indicators (WBGI) have in its proprietary Sovereign
Rating Model. San Marino has a high WBGI ranking at 71.3,
reflecting its long track record of stable and peaceful political
transitions, well established rights for participation in the
political process, strong institutional capacity, effective rule of
law and a low level of corruption.

RATING SENSITIVITIES

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

- External/Public Finances: Signs that refinancing the 2024
Eurobond will be difficult; for example, due to heightened global
market volatility; or failure to place debt on a downward path over
the medium term, for example due to the crystallisation of
additional contingent liabilities, a sustained period of low
growth, or inability to consolidate fiscal accounts.

- Structural: Failure to address banking sector vulnerabilities in
weak asset quality and low liquidity that create risks for
financial stability.

- Macro: A large adverse macroeconomic shock, for example,
triggered by a sharp economic contraction among neighbouring
countries.

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

- External/Public Finances: Strengthening of external and/or
domestic financing sources or faster reduction of public debt over
the medium term, for example, through stronger economic growth or
fiscal consolidation.

- Structural Features: Continued progress in reducing
banking-sector vulnerabilities, via a sustained improvement in
asset quality, liquidity, capitalisation and profitability.

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns San Marino a score equivalent to a
rating of 'BBB-' on the Long-Term Foreign-Currency (LT FC) IDR
scale.

Fitch's sovereign rating committee adjusted the output from the SRM
to arrive at the final LT FC IDR by applying its QO, relative to
SRM data and output, as follows:

- Structural: -1 notch, to reflect that banking sector risks remain
high due to very weak asset quality from legacy NPLs (57% of total
gross loans), the risk that further state recapitalisations of the
sector will be required given large NPLs adjusted for write-downs
(25% of GDP) and liquidity levels, weak profitability and the
absence of an effective 'lender of last resort'.

- External: -1 notch, to reflect an adverse external debt maturity
profile given a large Eurobond maturity in 2024 (above 20% of GDP),
and uncertainty about the terms under which this could be
refinanced. The notch adjustment also reflects the short track
record of accessing global financial markets and limited domestic
refinancing capacities.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within our
criteria that are not fully quantifiable and/or not fully reflected
in the SRM.

SUMMARY OF DATA ADJUSTMENTS

The World Bank governance indicators are only available for two of
the six input factors for San Marino. For the remaining four input
factors, Fitch has used Italy's score as a proxy. The data used was
deemed sufficient for Fitch's rating purposes because it expects
that the margin of error related to the estimates would not be
material to the rating analysis.

ESG CONSIDERATIONS

San Marino has an ESG Relevance Score of '5[+]' for Political
Stability and Rights as World Bank Governance Indicators have the
highest weight in Fitch's SRM and are therefore highly relevant to
the rating and a key rating driver with a high weight. As San
Marino has a percentile rank above 50 for the respective Governance
Indicator, this has a positive impact on the credit profile.

San Marino has an ESG Relevance Score of '5[+]' for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption as
World Bank Governance Indicators have the highest weight in Fitch's
SRM and are therefore highly relevant to the rating and are a key
rating driver with a high weight. As San Marino has a percentile
rank above 50 for the respective Governance Indicators, this has a
positive impact on the credit profile.

San Marino has an ESG Relevance Score of '4[+]'for Human Rights and
Political Freedoms as the Voice and Accountability pillar of the
World Bank Governance Indicators is relevant to the rating and a
rating driver. As San Marino has a percentile rank above 50 for the
respective Governance Indicator, this has a positive impact on the
credit profile.

San Marino has an ESG Relevance Score of '4[+]' for Creditor Rights
as willingness to service and repay debt is relevant to the rating
and is a rating driver for San Marino, as for all sovereigns. As
San Marino has track record of 20+ years without a restructuring of
public debt and captured in its SRM variable, this has a positive
impact on the credit profile.

Except for the matters discussed above, the highest level of ESG
credit relevance, if present, 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 to the way in which they
are being managed by the entity.

   Entity/Debt                    Rating          Prior
   -----------                    ------          -----
San Marino          LT IDR          BB  Affirmed    BB

                    ST IDR          B   Affirmed     B

                    Country Ceiling BBB Affirmed   BBB

   senior
   unsecured        LT              BB  Affirmed    BB




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

TRAVELPORT FINANCE: $1.96B Bank Debt Trades at 37% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which Travelport Finance
Luxembourg Sarl is a borrower were trading in the secondary market
around 63.5 cents-on-the-dollar during the week ended Friday,
February 17, 2023, according to Bloomberg's Evaluated Pricing
service data.

The $1.96 billion facility is a Term loan that is scheduled to
mature on May 29, 2026.  The amount is fully drawn and
outstanding.

Travelport Finance Luxembourg Sarl operates as a subsidiary of
Travelport Holdings Ltd.  The Company's country of domicile is
Luxembourg.




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

LAST MILE - PE 2021: Fitch Hikes Rating on Class F Notes to 'B+sf'
------------------------------------------------------------------
Fitch Ratings has upgraded Last Mile Securities - PE 2021 DAC's
class E and F notes and affirmed the class A1, A2, B, C and D
notes.

   Entity/Debt            Rating            Prior
   -----------            ------            -----
Last Mile
Securities -
PE 2021 DAC

   A1 XS2320421097    LT AAAsf  Affirmed    AAAsf
   A2 XS2320421840    LT AA+sf  Affirmed    AA+sf
   B XS2320421170     LT AA-sf  Affirmed    AA-sf
   C XS2320421253     LT A-sf   Affirmed    A-sf
   D XS2320421923     LT BBB-sf Affirmed    BBB-sf
   E XS2320421337     LT BBsf   Upgrade     BB-sf
   F XS2320420958     LT B+sf   Upgrade     Bsf

The class A2, B, C, D, E and F notes' ratings have been removed
from Under Criteria Observation (UCO), where they were placed on 23
December 2022 following the publication of Fitch's EMEA CMBS and
CRE Loan Rating Criteria on 16 December 2022.

TRANSACTION SUMMARY

The transaction is a securitisation of 100% of a EUR383.5million
commercial real estate loan, originated by Morgan Stanley Principal
Funding Inc. to entities related to The Blackstone Group Inc in
2021. The transaction is backed by a single non-amortising loan
mortgaged on a portfolio of 49 light industrial and office
properties in Germany (22) and The Netherlands (27). The originator
retained 5% of the liabilities transferred to the issuer in the
form of an issuer loan ranking pari-passu with the notes.

KEY RATING DRIVERS

Updated EMEA CMBS Criteria: The criteria incorporated a number of
updates, including an overhaul of how guidance assumptions are
derived, and supporting lower cap rates, particularly in lower
rating stresses. This is reflected in the upgrades. The class A2,
B, C, D, E and F notes have been removed from Under Criteria
Observation (the class A1 notes' rating was unaffected by the
update).

Improving Operating and Market Performance: Passing rent increased
8.5% (to EUR37.1 million from EUR34.2 million) since its last
review, supported by a 1% drop in vacancy (to 6.4% from 7.3% by
surface area) and bringing the loan debt yield above 9%. According
to broker research, while demand for German and Dutch industrial
space is robust, the driver of pure e-commerce appears to have
tapered off in 2H22. Some of the slack appears to have been taken
up to service supply chain (inventory management and real-time
distribution) needs in physical retail.

Challenges confronting developers imply expectations of tight
future supply, and the submarkets in which the assets are located
have posted exceptional rental growth (in the region of 20% since
our last review). However, with inflation likely to drag down
consumption, Fitch expects rents to cool off, consistent with its
average 'B' rental value decline being in excess of 20%.

Granular, Diverse, Secondary Portfolio: The portfolio comprises
well-located secondary-quality light industrial properties close to
major German and Dutch cities. There is no particular concentration
in properties, with none accounting for more than 5.5% of market
value. The tenancy schedule is diversified, with the majority of
occupiers SMEs. The top five tenants account for 9.15% of total
annual contracted rent. Based on contractual rent achieved on new
lettings, Fitch applied conservative adjustments to indexed
estimated rental value.

Liquidity Reserve: The transaction benefits from a liquidity
reserve of EUR9.47 million funded by the issuance of the class A1
notes to cover shortfalls on the class A1, A2 and B notes upon a
loan event of default. No drawings have been made and Fitch
believes the risk of this contingency has fallen since the last
review.

RATING SENSITIVITIES

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

Increasing vacancy or worsening performance could lead to negative
rating action.

The change in model output that would apply with 1pp cap rate
increase is as follows:

'AA+sf'/ 'AAsf'/ 'Asf'/ 'BBBsf'/ 'BB+sf'/ 'B+sf'/ 'Bsf'

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

Letting vacant space or increasing rental income could lead to
positive rating action.

The change in model output that would apply with 1pp cap rate
decrease is as follows:

'AAAsf'/ 'AAAsf'/ 'AA+sf'/ 'A+sf'/ 'BBB+sf'/ 'BBBsf'/ 'BB+sf'

Key property assumptions (weighted by market value)

ERV net of irrecoverable cost: EUR 43.2million

'Bsf' weighted average (WA) cap rate: 5.32%

'Bsf' WA structural vacancy: 20.81%

'Bsf' WA rental value decline: 21.74%

'BBsf' WA cap rate: 6.15%

'BBsf' WA structural vacancy: 23.14%

'BBsf' WA rental value decline: 24.33%

'BBBsf' WA cap rate: 7.11%

'BBBsf' WA structural vacancy: 26.07%

'BBBsf' WA rental value decline: 26.95%

'Asf' WA cap rate: 8.24%

'Asf' WA structural vacancy: 28.86%

'Asf' WA rental value decline: 29.57%

'AAsf' WA cap rate: 8.64%

'AAsf' WA structural vacancy: 31.25%

'AAsf' WA rental value decline: 32.20%

'AAAsf' WA cap rate: 9.06%

'AAAsf' WA structural vacancy: 37.06%

'AAAsf' WA rental value decline: 34.87%

DATA ADEQUACY

Last Mile Securities - PE 2021 DAC

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

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

Prior to the transaction closing, Fitch reviewed the results of a
third party assessment conducted on the asset portfolio information
and concluded that there were no findings that affected the rating
analysis.

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.

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.


MEDIAN BV: EUR505.4M Bank Debt Trades at 17% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Median BV is a
borrower were trading in the secondary market around 83
cents-on-the-dollar during the week ended Friday, February 17,
2023, according to Bloomberg's Evaluated Pricing service data.

The EUR505.4 million facility is a Term loan that is scheduled to
mature on November 16, 2027.  The amount is fully drawn and
outstanding.

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




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

TURKMENISTAN: Fitch Alters Outlook on B+ Foreign Curr. IDR to Pos.
------------------------------------------------------------------
Fitch Ratings has revised the Outlook on Turkmenistan's Long-Term
Foreign-Currency Issuer Default Rating (IDR) to Positive from
Stable and affirmed the IDR at 'B+'.

KEY RATING DRIVERS

The revision of the Outlook on Turkmenistan's IDRs reflects the
following key rating drivers and their relative weights:

High

Strengthening Balance Sheets: The external and sovereign balance
sheets are benefiting from higher energy prices. Data for 9M22 show
a current account surplus of USD4.7 billion (6.9% of
Fitch-projected full year GDP) and exports for the full year on a
customs basis were up 43% yoy. Fitch expects continued surpluses in
2023 and 2024, albeit narrowing due to a fall in energy prices and
a pick-up in imports related to capital spending.

External debt fell to 6.1% of GDP at end-2022 and is forecast to
remain stable to end-2024 due to the absence of significant new
foreign-financed projects. Sovereign net foreign assets increased
by USD4.9 billion in 2022 to USD35.1 billion and are projected to
rise by a further USD5.4 billion to end-2024, equivalent to 54% of
GDP ('B' median -25.3%).

Robust External Liquidity Metrics: The completion of large
repayments related to a specific project combined with the jump in
external assets has significantly improved already strong external
liquidity indicators. External debt service to current external
receipts fell to 7.8% in 2022 ('B' median 17.3%) from 26.8% in
2020, while reserves to current external payments were equivalent
to 47.5 months in 2022 ('B' median 3.4 months). Balance of payments
data has improved, although gaps remain.

Budget Surplus: Preliminary data put the state budget surplus for
2022 at 1% of GDP based on Fitch's presentation, the first surplus
since 2014, with oil and gas revenues jumping by 80%. The lagged
pass-through embedded in energy contracts and still high prices
will ensure revenues remain strong over its forecast period and
while Fitch expects capital spending to rise in response, the
surplus is forecast to widen to 1.4% of GDP in 2023 before
returning to a small deficit in 2024.

Very Low Debt: Public debt fell to 6.1% of GDP at end-2022 ('B'
median 57%) reflecting the repayment of all domestic debt in
January, and is forecast to fall further with the government
indicating it does not intend to borrow domestically. Liquid assets
of the fiscal reserve fund, Turkmenistan Stabilisation Fund (TSF),
were 4.7% of GDP at end-2022. Off-budget transfers to and from the
TSF and the role of off-budget entities and funds, particularly in
capital spending, lack transparency and complicate the assessment
of the fiscal position, but Fitch does not see evidence of
additional public debt.

Turkmenistan's IDRs also reflect the following key rating drivers:

Unconventional Economic Policies: The parallel market exchange rate
(around TMT19/USD) trades at a large discount to the official rate
(TMT3.5/USD) and does not appear to have moved in the past six
months and is around the same level as early 2020, despite the
significant improvement in external liquidity. It is unclear
whether additional foreign exchange revenues will be used to tackle
the parallel market exchange rate and associated economic
distortions.

Monetary policy is underdeveloped relative to peers, with credit
targeting the main policy tool. The use of price controls to manage
inflation and state banks to support the private sector creates
risks for public finances. Economic diversification and increasing
the role of the private sector have been re-emphasised as key
economic policy goals.

Benign Macroeconomic Outlook: Fitch estimates growth at 2.4% in
2022 (2016-2021 average 0.8%; IMF data); the official estimate was
6.2%. A fall in gas production and low single digit increases in
the output of key export products underpin its numbers, with the
post-pandemic reopening and a revival in capital spending also
supportive factors. Inflation eased to mid-single digits at
end-2022, reflecting price controls, more restrictive credit policy
and base effects.

Fitch expects this relatively benign macroeconomic environment to
continue. Higher capital spending, continued reopening effects and
ongoing government support for the private sector, combined with a
slight increase in gas production and still strong demand for
downstream products should support growth of around 3% in 2023 and
2024. Average inflation is projected to remain in the 8-10% range.

Vast Gas Resources: Turkmenistan's rating is underpinned by its
possession of the world's fourth-largest gas reserves, but Fitch
does not anticipate a significant increase in gas production over
its forecast period. Turkmen gas is sold at the border and major
new supply would require new infrastructure, which would be
financed by the buyer, and long-term contracts, in addition to
investment to expand production. Gas production declined by 1.8% in
2022 to 82.3bcm, reflecting a near halving of exports to Russia,
after a one-off special request for exports above the contracted
level in 2021. Around 70% of gas exports are to China, where
exports rose by 3.5% in 2022.

Governance Challenges: Turkmenistan has a low governance ranking
(as measured by the World Bank), in the 11th percentile, which
compares with the 'B' median of 35.1, The business environment
remains challenging for non-energy foreign investors. Turkmenistan
has not been unduly affected by spillover from the conflict in
Ukraine, but a desire for independence in a volatile environment
underpins key policies. The term of President Serdar
Berdimuhamedov, elected in March 2022, has so far been
characterised by continuity.

ESG - Governance: Turkmenistan has an ESG Relevance Score (RS) of
'5' for both Political Stability and Rights and for the Rule of
Law, Institutional and Regulatory Quality and Control of
Corruption. Theses scores reflect the high weight that the World
Bank Governance Indicators (WBGI) have in its proprietary Sovereign
Rating Model. Turkmenistan has a low WBGI ranking at the 11th
percentile, reflecting the reflecting the centralisation of power,
and a low World Bank assessment of voice and accountability,
regulatory quality, rule of law and control of corruption.

RATING SENSITIVITIES

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

- Public/External Finances: A deterioration in the public and
external balance sheets driven, for example, by lower energy
prices, disruption to key export contracts, a very large and
sustained increase in government spending or crystallisation of
contingent liabilities.

- Structural: Destabilising political or geopolitical developments
that have an adverse impact on the economy and sovereign balance
sheet.

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

- Public/External Finances: Confidence that the strengthening of
the public and external balance sheet will be sustained, for
example reflecting persistently higher prices of key hydrocarbon
exports or greater export capacity, and potentially accompanied by
greater transparency on the public sector balance sheet.

- Macro: An improvement in the credibility and consistency of
economic policy that reduces macroeconomic distortions and enhances
the capacity of the economy to absorb shocks.

- Structural: An improvement in governance standards, the business
environment and the availability and reliability of key official
economic data, likely underpinned by policies to open the economy.

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Turkmenistan a score equivalent to
a rating of 'BB+' on the Long-Term Foreign-Currency (LT FC) IDR
scale.

Fitch's sovereign rating committee adjusted the output from the SRM
to arrive at the final LT FC IDR by applying its QO, relative to
SRM data and output, as follows:

- Macro: Fitch has added a -1 notch to reflect a boost to SRM
indicators from higher energy prices and post-pandemic recovery
that may be temporary in the context of an opaque and inconsistent
economic policy framework.

- Public Finances: -1 notch, to reflect the distortion of key
public debt ratios by the official exchange rate, the large and
highly interconnected public sector, revenue and expenditure
rigidities, and uncertainty over the size and remit of off-budget
funds.

- External Finances: -1 notch, to reflect the inconsistency between
large FX reserves and FX rationing in the domestic economy and the
heavy reliance on exports of a single commodity to a single
customer.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within its
criteria that are not fully quantifiable and/or not fully reflected
in the SRM.

ESG CONSIDERATIONS

Turkmenistan has an ESG Relevance Score of '5' for Political
Stability and Rights as World Bank Governance Indicators have the
highest weight in Fitch's SRM and are therefore highly relevant to
the rating and a key rating driver with a high weight. As
Turkmenistan has a percentile rank below 50 for the respective
Governance Indicator, this has a negative impact on the credit
profile.

Turkmenistan has an ESG Relevance Score of '5' for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption as
World Bank Governance Indicators have the highest weight in Fitch's
SRM and are therefore highly relevant to the rating and are a key
rating driver with a high weight. As Turkmenistan has a percentile
rank below 50 for the respective Governance Indicators, this has a
negative impact on the credit profile.

Turkmenistan has an ESG Relevance Score of '4' for Human Rights and
Political Freedoms as the Voice and Accountability pillar of the
World Bank Governance Indicators is relevant to the rating and a
rating driver. As Turkmenistan has a percentile rank below 50 for
the respective Governance Indicator, this has a negative impact on
the credit profile.

Turkmenistan has an ESG Relevance Score of '4[+]' for Creditor
Rights as willingness to service and repay debt is relevant to the
rating and is a rating driver for Turkmenistan, as for all
sovereigns. As Turkmenistan has track record of 20+ years without a
restructuring of public debt and captured in our SRM variable, this
has a positive impact on the credit profile.

Turkmenistan has an ESG Relevance Score of '4' for International
Relations and Trade, reflecting its heavy reliance on sales of a
single commodity to a single customer, which has a negative impact
on the credit profile, is relevant to the rating and a rating
driver.

Except for the matters discussed above, the highest level of ESG
credit relevance, if present, 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 to the way in which they
are being managed by the entity.

   Entity/Debt                 Rating          Prior
   -----------                 ------          -----
Turkmenistan     LT IDR          B+ Affirmed     B+
                 ST IDR          B  Affirmed     B
                 LC LT IDR       B+ Affirmed     B+
                 LC ST IDR       B  Affirmed     B
                 Country Ceiling B+ Affirmed     B+




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

AUTONORIA SPAIN 2021: Fitch Affirms 'B+sf' Rating on Class F Notes
------------------------------------------------------------------
Fitch Ratings has upgraded Autonoria Spain 2021, FT's class C, D
and E notes and affirmed the others.

   Entity/Debt               Rating           Prior
   -----------               ------           -----
Autonoria Spain 2021, FT
  
   Class A ES0305565006   LT AAAsf Affirmed   AAAsf
   Class B ES0305565014   LT AA+sf Affirmed   AA+sf
   Class C ES0305565022   LT A+sf  Upgrade    Asf
   Class D ES0305565030   LT Asf   Upgrade    BBB+sf
   Class E ES0305565048   LT BBBsf Upgrade    BB+sf
   Class F ES0305565055   LT B+sf  Affirmed   B+sf

TRANSACTION SUMMARY

The transaction is a securitisation of a portfolio of fully
amortising auto loans originated in Spain by Banco Cetelem S.A.U.
(Cetelem, the seller and originator, unrated). Cetelem is a
specialist lender fully owned by BNP Paribas S.A. (A+/Stable/F1).

KEY RATING DRIVERS

Broadly Stable Asset Performance: The securitised portfolio
includes loans for the acquisition of passenger cars (new and
used), motorcycles and recreational vehicles (RecV). At closing,
Fitch calibrated asset assumptions for each product separately,
reflecting different performance expectations and product features
such as the much longer initial tenor of RecV loans of about 11
years versus a six-year average for the other products.

Fitch has reviewed down its base-case default rates for all
sub-products resulting in a weighted average (WA) base-case default
rate of 3.4% compared with 4.6% at closing. This recalibration
reflects the robust performance since closing with gross cumulative
defaults (GCD) and early stage arrears both at 0.3%, and the
current portfolio composition rather than the assumed stressed
composition, as the revolving period ended in June 2022. Downside
performance risk has increased, driven by the recent increase in
inflation, which may put pressure on household financing,
especially for weaker borrowers. However, in its view the
transaction is sufficiently protected by credit enhancement to
withstand the most immediate consequences, as reflected in the
rating actions.

Pro-Rata Amortisation: Fitch's ratings reflect that the class A to
G notes will amortise pro rata until a sequential amortisation
event if GCD (of initial portfolio balance excluding revolving
period purchases) on the portfolio exceed specified thresholds or
the class G principal deficiency ledger exceeds 0.5% of the
performing portfolio balance at end of the prior month. Fitch does
not expect the trigger to be breached in the medium term due to the
observed performance. Fitch views the tail risk posed by the pro
rata paydown as mitigated by the mandatory switch to sequential
amortisation when the note balance falls below 10% of its initial
balance.

Fitch has also recalibrated the multiples for the 'AAAsf' highest
achievable rating to 5.5x from 4.9x. This is due to the decrease in
the default rate base case for the portfolio and end of the
revolving period.

Servicing Disruption Risk Mitigated: Fitch views servicing
disruption risk as mitigated by the liquidity provided through a
cash reserve equal to 1% of the class A to E notes' outstanding
balance, currently funded at target (EUR8.0 million). This would
cover senior costs and interest on these notes for more than three
months, which Fitch views as sufficient to implement alternative
arrangements and maintain payment continuity on the notes. The
class F notes are excluded from this liquidity arrangement and
their interest payments are non-deferrable when the class is the
most senior tranche. Consequently, its maximum achievable rating is
'B+sf', consistent with Fitch's rating criteria.

Mezzanine, Junior Notes' Ratings Capped: The maximum achievable
rating for the class B notes is 'AA+sf' and for the class C to F
notes 'A+sf', as per Fitch's counterparty criteria, due to the
minimum eligibility rating thresholds defined for the hedge
provider and guarantor of 'A-' or 'F1' and 'BBB' or 'F2'
respectively, which are insufficient to support 'AAAsf' and 'AAsf'
ratings. These rating caps do not apply to the senior class A
notes, which have minimum counterparty ratings of 'A' or 'F1'
commensurate with the highest rating category.

RATING SENSITIVITIES

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

For the class A notes, a downgrade of Spain's Long-Term Issuer
Default Rating (IDR) that could decrease the maximum achievable
rating for Spanish structured finance transactions. This is because
these notes are rated at the maximum achievable rating, six notches
above the sovereign IDR.

Long-term asset performance deterioration such as increased
delinquencies or reduced portfolio yield, which could be driven by
changes in portfolio characteristics, macroeconomic conditions,
business practices or the legislative landscape.

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

The class A notes are rated at the highest level on Fitch's scale
and cannot be upgraded.

For the class D and E notes, credit enhancement ratios increasing
as the transaction deleverages, able to fully compensate the credit
losses and cash flow stresses commensurate with higher rating
scenarios. For the class B to E notes, updated swap counterparty
eligibility triggers that would allow the notes' ratings to be
higher than the established rating caps

DATA ADEQUACY

Autonoria Spain 2021, FT

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.

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

Prior to the transaction closing, Fitch reviewed the results of a
third party assessment conducted on the asset portfolio information
and concluded that there were no findings that affected the rating
analysis.

Prior to the transaction closing, Fitch conducted a review of a
small targeted sample of the originator's origination files and
found the information contained in the reviewed files to be
adequately consistent with the originator's policies and practices
and the other information provided to the agency about the asset
portfolio.

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.




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

QUIMPER AB: Fitch Alters Outlook on 'B' LongTerm IDR to Positive
----------------------------------------------------------------
Fitch Ratings has revised Nordic building products distributor
Quimper AB's (Ahlsell AB) Outlook to Positive from Stable while
affirming its Long-Term Issuer Default Rating (IDR) at 'B'.  Fitch
has also upgraded its EUR1.81 billion first-lien term loan and
SEK2,250 million revolving credit facility (RCF) to 'B+' from 'B'
and revised their Recovery Ratings to 'RR3/63%' from 'RR4/45%'.

The rating actions follow Ahlsell's history of
higher-than-industry's operating margins in a period of soaring
inflation leading to strong deleveraging to within the
sensitivities for a higher rating.  However, given a deteriorating
outlook for the building products and construction sectors Fitch
has opted to revise the Outlook to Positive over an immediate
rating upgrade.  Fitch expects Ahlsell to manage well with strong
free cash flow (FCF) in the near term despite adverse construction
markets across the Nordic region.

The higher instrument rating mainly reflects structural
improvements in Quimper's profitability and business profile
leading to improved recoveries.

KEY RATING DRIVERS

Continued Resilient Performance: Fitch expects strong organic
growth across Ahlsell's end-markets through 2022 to lead to revenue
and EBITDA outperforming its earlier expectations.  Its EBITDA
margin improved marginally in 9M22 as Ahlsell passed on cost
increases, while its late-cycle demand meant it did not bear the
brunt of an imminent construction slowdown.  While residential
construction will be weaker in 2023, Fitch expects Ahlsell's high
exposure to infrastructure projects to shield it from slower new
construction activity.  Fitch also expects DIY and renovation
activities to weaken after a long period of very strong demand.

Fitch therefore expects slight contraction in organic growth in
2023 while the acquisition of Danish steel distributor Sanistaal
will add roughly SEK5.5 billion to revenue.

Lower Margins Likely: Slower construction activity together with
limited additional inflationary pressure will, in its view, will
constrain margins to around 9%, down from the highs of 10%-11% in
2021 and 2022.  Ahlsell's strategy to increase the share of private
label - both as a more affordable offering and one that will
strengthen Ahlsell's margins, should be beneficial to
profitability.

Strong Deleveraging: Fitch forecasts Ahlsell will reduce gross debt
to around 5x funds from operations (FFO) over 2023-2025, from
5.1x-5.2x in 2021-2022 and above 8x in 2020.  This corresponds to
gross debt at 4.7x and 4.2x EBITDA in 2021 and 2022 and around 4x
over 2023-2025, from above 6x in 2020.  This follows full repayment
of its second-lien term loans of near SEK4 billion in 2021, partly
from refinancing and from stable and strong EBITDA generation.
This deleveraging has led to leverage ratios well within the
sensitivities for an upgrade and in line with the higher range of
'B' category ratings.

Solid Cash Flow Generation: Ahlsell has a good record of converting
EBITDA into cash flow due to the asset-light nature of the business
and its focus on working-capital management.  This is reflected in
its historically strong FCF margin that is supported by modest
capex.  Fitch forecasts weaker FCF margins at around 3% in 2022 and
2023 due to new warehouse investments, before they recover to
earlier levels of 4%-5%.  Its strong cash flow has further allowed
Ahlsell to fund bolt-on and, recently larger acquisitions, with
internal cash.

Strong Liquidity: Ahlsell's strong cash flow generation has led to
a growing cash position, which Fitch estimates at SEK3 billion
end-2022 after its larger acquisition of Sanistaal and a one-time
shareholder distribution. Fitch expects continued strong cash flow
to 2025 and liquidity is further supported by a SEK2.5 billion RCF
that has remained largely undrawn.

Cyclicality Partly Mitigated: Ahlsell is exposed to cyclical
end-markets, because its main customers are construction,
industrial and infrastructure companies. Fitch views its limited
exposure (15% of sales) to new residential construction, the
company's scale, and its broad product offering as partly
mitigating cyclical effects.  Further, Fitch expects performance to
be supported by resilient demand in the Nordic distribution market,
driven by larger infrastructure and water & sewage projects in the
medium- to-long term.

Strong Business Profile: Fitch views Ahlsell's business profile as
solid, based on its position as the leading Nordic distributor of
installation products, tools and supplies to professional customers
as well as its market-leading position in Sweden.  Ahlsell's
products, customers and suppliers are well-diversified although
there is significant geographic concentration to Sweden.  The
company's products are available through branches, online and
unmanned solution channels. Fitch views Ahlsell's efficient
logistics system as a competitive advantage with short delivery
lead-times in the Nordic region.

DERIVATION SUMMARY

Ahlsell has a solid business profile, with market-leading positions
and strong products and customer diversification, albeit with
geographical concentration to Sweden.  It compares well with
building materials distributor Winterfell Financing Sarl (Stark
Group, B/Stable), which however has a broader geographical reach in
the Nordics and Germany.  Stark Group's broader geographic
footprint is partly offset by Ahlsell's stronger end-market
diversification given its higher exposure to infrastructure and
industry end-markets.

Both companies' ratings are constrained by leverage which have,
however, improved since their respective refinancing in 2021.
Ahlsell's financial profile is stronger than that of Stark Group
based on slightly lower leverage and higher EBITDA and FCF margins.
Ahlsell's EBITDA margins of around 10% also compare favourably
with higher-rated Travis Perkins Plc's (BBB-/Stable) 7%-9%. Travis
Perkins also has much lower FCF margins.

KEY ASSUMPTIONS

- Revenue of SEK42.9 billion in 2022, followed by near 14% growth
in 2023 mostly due to addition of Sanistaal and other acquisitions
while organic growth is expected to remain flat. Continued stagnant
organic growth in 2024 before picking up in 2025.  Smaller bolt-on
acquisitions to add to overall growth

- EBITDA margin of 10.4% in 2022, followed by 9% in 2023 and around
9.5% in 2024-2025.

- Capex to increase to 2.3% of sales in 2023, due to investments in
new warehouses in Sweden and Finland, 1.7% in 2024 and below 1% to
2025

- Acquisitions of around SEK200 million p.a.. Restricted cash at
SEK300 million, mainly to factor in intra-year net working-capital
swings

- One-time shareholder distribution of SEK400 million in 2022. No
further dividends or distributions to 2025

RATING SENSITIVITIES

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

- Gross debt below 5.0x EBITDA on a sustained basis

- EBITDA margin consistently above 10%

- EBITDA interest coverage above 3.0x on a sustained basis

- Increased geographical diversification outside of Sweden

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

- Gross debt above 7.0x EBITDA on a sustained basis

- FCF margin below 1% on a sustained basis

- EBITDA interest coverage below 2.0x on a sustained basis

- Aggressive acquisitions leading to EBITDA margin below 8% on a
sustained basis

LIQUIDITY AND DEBT STRUCTURE

Solid Liquidity: Fitch estimates Ahlsell's readily available cash
at SEK3.3 billion at end-2022 after the acquisition of Sanistaal
and a one-time shareholder distribution.  This is also after Fitch
adjustments of SEK300 million related to intra-year working-capital
movements. Liquidity is supported by a fully undrawn RCF of SEK2.25
billion, with maturity in August 2025, and forecast FCF of around
SEK1.2 billion- SEK1.7 billion p.a. in 2023 and 2024.

Following the refinancing in February 2021, Ahlsell's debt of
SEK18.8 billion is concentrated in its first-lien term loan with a
maturity in February 2026.' Fitch views refinancing risk as
manageable considering the long-dated maturity and the company´s
stable performance through the cycle.

ISSUER PROFILE

Ahlsell is a leading Nordic distributor of installation products
for the professional sector with product assortments across the
three sectors heating & plumbing, electrical and tools & supplies.
Its revenue is estimated at around SEK43 billion (EUR4.2 billion)
and concentrated in the Swedish market (67% of sales), with the
remainder across Norway, Finland and Denmark.

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
   -----------             ------        --------   -----
Quimper AB          LT IDR B  Affirmed                B

   senior secured   LT     B+ Upgrade       RR3       B




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

UKRAINIAN RAILWAYS: Fitch Hikes IDRs to 'CC'
--------------------------------------------
Fitch Ratings has downgraded JSC Ukrainian Railways (UR) Long-Term
Foreign-Currency Issuer Default Rating (IDR) to 'Restricted
Default' (RD) from 'C' following the execution of the consent
solicitation to defer its debt servicing of its US dollar loan
participation notes (LPN) maturing in 2024 and 2026.

Fitch has also downgraded the Long-Term Local-Currency IDR to 'RD'
from 'C' and lowered the Standalone Credit Profile (SCP) to 'rd'
from 'c'. Fitch views the consent solicitation as a distressed debt
exchange (DDE).

Fitch has simultaneously upgraded the IDRs to 'CC' from 'RD' and
revised the SCP up to 'cc' from 'rd', reflecting UR's
post-restructuring profile, which still has a high level of credit
risk.

UR has passed the consent solicitation on its notes. Following the
consent payment made on 27 January 2023, the maturity of the notes
was extended by two years to 9 July 2026 for the USD594.9 million
8.250% (now: 2026-LPN, ISIN: XS1843433472) and 15 July 2028 for the
USD300 million 7.875% (now: 2028-LPN, ISIN: XS2365120885) notes.
The coupon payment has been deferred by 24 months, until 9 January
2025 for 2026-LPN and 15 January 2025 for 2028-LPN.

In Fitch's view, the execution of the principal and coupon payment
deferral completes the DDE process, driving the downgrade of UR's
IDRs to 'RD' and the debt rating to 'D', as per Fitch's rating
definitions.

Fitch is subsequently linking UR's ratings with the ratings of
Ukraine (CC) and applying a top-down approach under its
Government-Related Entities (GRE) Rating Criteria. Combined with
UR's 'cc' SCP, this leads to rating equalisation with the Ukraine
sovereign. The upgrade of the IDRs to 'CC' reflects still high
credit risk for the company, given the unstable and unpredictable
operating conditions and forecast negative cash flows in 2023.

KEY RATING DRIVERS

Status, Ownership and Control: 'Very Strong'

UR is a national integrated railway group, 100% owned by Ukraine.
It consists of six regional railways along with other units linked
to servicing the national rail system. UR operates under strict
control from the Ukrainian state. The national government approves
the company's strategic objectives, including tariff setting, debt
and investment planning and appoints members of the company's
management and supervisory boards. Its supervisory board includes
top-ranking government officials and independent directors.

Support Track Record: 'Moderate'

UR receives modest annual transfers from national and local
budgets, which do not fully cover costs of transporting passengers.
Losses incurred in this segment are cross-subsidised with profits
from freight transportation. In 1H22, UR received UAH10 billion
from the Ukrainian state budget to ensure continuous operation of
railway transport during martial law (extended until 20 May 2023).

UR expects that the state will provide about UAH27 billion to fund
54% of its total planned investment in 2023. The sovereign is
supportive of UR, but its ability to provide extraordinary support
to the company is limited by the ongoing invasion from Russia.

Socio-Political Implications of Default: 'Moderate'

As a strategically important transportation company for Ukraine, UR
will continue to manage national railway infrastructure, and
provide dispatching, passenger transportation and dominant freight
services. Nonetheless, its potential default could lead to some
service disruptions, but not of an irreparable nature, and not
necessarily leading to significant political and economic
repercussions for the national government.

Financial Implications of Default: 'Strong'

Fitch considers a default of UR on external obligations as
potentially harmful to Ukraine, as it could lead to reputational
risk for the state. Both UR and the national treasury tap
international capital markets for debt funding, as well as using
loans and financial aid from international financial institutions
(IFIs). Therefore, a default of UR could to some extent influence
the cost of external funds for debt financing of other GREs or the
state itself. As a result, the government is working closely with
the company to prevent a default.

Standalone Credit Profile

The 'rd' SCP reflects the completion of the DDE process.
Subsequently, we have reassessed the SCP at 'cc', as Fitch views
the credit risk as still very high. This is mostly driven by a
'Weaker' financial profile, which result from expected losses from
operations and negative cash flow. Fitch expects the latter to be
mitigated by liquidity lines from European Bank for Reconstruction
and Development (EBRD; AAA, Stable) and European Investment Bank
(EIB; AAA, Stable).

Revenue Defensibility 'Weaker'

Fitch assesses Revenue Defensibility at 'Weaker', reflecting a
combination of 'Midrange' demand and 'Weaker' pricing
characteristics.

UR is a natural monopoly in Ukraine, responsible for managing
national railway infrastructure, and provide dispatching, passenger
transportation, and freight services. The company is strongly
involved in the civil protection system during the war and supports
national security and the country's defence capabilities. Since the
outbreak of the war, transit options have been cut, leaving UR
dependent on internal transit and slowly developing export
possibilities. The freight turnover correlates significantly with
the macro-environment, and its growth rate follows national GDP
growth rate.

Demand has drastically dropped since the outbreak of the war, but
has been slowly recovering since April 2022. However, the revenues
from freight decreased by about 52% (to 150.6 million tons of
cargo) and passenger number by about one-third in 2022 compared
with 2021. The company expects that its tariff freight turnover and
passenger turnover will grow in 2023 compared with 2022 volumes,
but recovery is expected to be marginal and below 2021 numbers. In
2023, Fitch expects a 4.4% increase in freight in terms of daily
average cargo onloading, and for passenger traffic to increase by
4.7% compared with 2022.

Historically UR's tariffs were approved by Ukraine's Ministry of
Communities, Territories and Infrastructure of Ukraine with some
tariff deregulation taking place from 2018. Although UR's tariffs
are being gradually deregulated, the main ones (cargo and passenger
tariff) are still approved by the Ministry, as agreed with other
ministries. From 1 January 2022, tariffs for domestic cargo
transportation first and second tariff tiers were increased by
31.2% and 6.5%, respectively. In June 2022, the Ministry indexed
the tariffs for cargo transportation within Ukraine by 70%. Fitch
does not expect any changes in tariffs for cargo or passenger
transportation in 2023.

Operating Risk 'Weaker'

The assessment of Operating Risk as 'Weaker' is based on the
combination of 'Weaker' Operating Cost and 'Weaker' Resource
Management

Fitch assesses UR's operating costs and resource management as
'Midrange'. The company's cost structure is fairly stable
(excluding non-cash items, such as currency risk) and dominated by
staff costs, averaging about 65% of opex (excluding non-cash items)
in 1H22 and 61% in 2017-2021, followed by maintenance costs and
goods and services at 32%. Most costs are well-identified with
moderate volatility. The main drivers for the growing costs in 2023
will be fuel and electricity (increasing prices of diesel fuel,
natural gas, and electricity), repairs and maintenance of fixed
assets, as well as FX losses.

For 2023, UR has the largest investment plan in its history,
amounting to UAH50 billion. The majority is for restoration,
repairs and maintenance activities, related to the removal of war
effects and ensuring ongoing operations. Over 50% of the funds will
be provided by the state. The execution of the plan is dependent on
the availability of the funds from the state.

Financial Profile 'Weaker'

The 'Weaker' assessment results from the expected losses on the
operating activities and negative cash flow in 2023. The latter
will be supported by liquidity lines from EBRD (EUR99 million) and
EIB (EUR100 million) with longer maturities than working lines in
local banks. UR recorded an operating profit in 2022, but this
includes grants from government of UAH9.7 billion, without which
the company would be unable to maintain profitable operations. We
expect revenues to slowly recover in 2023 but will not reach the
2021 values.

ESG - Governance Structure: The score of '5' reflects UR's close
links to the Ukrainian government and the latter's launch of its
consent solicitation to defer external debt payment. The
sovereign's weakened finances may weigh on UR's debt policy and
willingness and ability to service and repay debt, especially its
US dollar LPN, which makes up a large portion of UR's debt stock.

Derivation Summary

Fitch has relied on its Rating Definitions to downgrade UR to 'RD'
and lower its SCP to 'rd', reflecting the company's executed
consent solicitation, viewed as a DDE.

Subsequently, Fitch classifies UR as an entity linked to Ukraine
sovereign under its GRE Rating Criteria and has linked its ratings
to the sovereign ratings. Fitch assesses the GRE support score at
27.5 (out of 60), reflecting a combination of a 'Very Strong'
assessment for status, ownership and control, a 'Moderate'
assessment for support track record and socio-political
implications of default, and a 'Strong' assessment for financial
implications of default.

Fitch assesses UR's SCP at 'cc' under its Public Sector,
Revenue-Supported Entities Rating Criteria and Rating Definitions,
which factors in the Weaker assessments of revenue defensibility,
operating risk and financial profile.

Based on this assessment Fitch applies a top-down approach under
its GRE Rating Criteria, which combined with UR's 'cc' SCP leads to
rating equalisation with the Ukraine sovereign. Given the debt
servicing restrictions under the LPN agreements, which secure the
interest of the bond holders, Fitch assesses the Long-Term Foreign-
and Local-Currency IDRs equally.

DEBT RATING DERIVATION

The ratings of senior debt instruments are aligned with UR's
Long-Term Foreign-Currency IDR, including the senior unsecured debt
of the UK-based financial special purpose vehicle (SPV) Rail
Capital Markets plc. Payments under the LPN totalling USD894.9
million are backed by the payments by UR under the underlying loan
from SPV. This underpins its view that the SPVs' debt is a direct,
unconditional senior unsecured obligation of the GRE, ranking pari
passu with all of its other present and future unsecured and
unsubordinated obligations. The notes constituted 82.8% of UR's
debt stock at end-2022. As the consent solicitation relates to the
notes, their rating has been downgraded to 'D' from 'C' and
subsequently upgraded to 'CC' following the restructuring of the
debt and its extended maturity.

National Ratings

According to Fitch's National Ratings Correspondence Tables, UR's
National Long-Term Rating was downgraded to 'RD(ukr)' from
'C(ukr)'and subsequently upgraded to 'CC(ukr)'.

KEY ASSUMPTIONS

- Tariff volume and passenger transportation revenues to grow
around 4.5% annually

- Expenditure primary focus on the maintenance of rail
infrastructure

- Net losses in 2023

- No dividends to be paid

Liquidity and Debt Structure

UR's liquidity is weak. Deferral of the coupon payment on the LPNs
gave the company some space for undisturbed operations. However,
increasing opex and capex needs will pressure the company's cash
levels in 2023. UR expects negative cash flow throughout most of
2023. The company is prioritising expenditure that is vital for the
continuity of its operations and critical infrastructure. Expected
net losses will further pressure liquidity, with the company
relying on support from the state and availability of funds from
IFIs. Almost EUR400 million should be available to the company,
with EUR199 million under existing financing facilities with EBRD
and EIB, and EUR200 million under the process of acceptance.

UR's outstanding debt at end-2022 was UAH39.5 billion (2021:
UAH33.5 billion). The LPNs constituted 82.8% of the debt, and 94.3%
was foreign currency (2021: 90.6%). UR's exposure to
foreign-exchange risk is material, as its revenue stream is mostly
in domestic currency. The hryvnia/US dollar remains fixed by the
National Bank of Ukraine at 36.5686. After the extension of the
notes' maturity, the maximum annual repayment of the debt in
2023-2025 accounts for around 4% of total debt. Major repayments
are in 2026 - 58% of current total debt (mainly of the USD595
million 2026-LPN) and after 2027 - 32% (mainly of the USD300
million 2028-LPN).

Issuer Profile

UR is the national integrated railway company and the largest
employer in the country and plays a vital role in Ukrainian's
economy and labour market. Since the outbreak of the war, it is
also the major means of humanitarian transportation for civilians
and the main transportation option for goods export as sea
transport routes are still not fully viable.

RATING SENSITIVITIES

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

- A downgrade of Ukraine's sovereign rating.

- Heightened default probability or default-like processes in
place, including any proposals that entail a material further
reduction of the LPN terms, or if there is failure to make a
payment on a note in line with the original terms and within the
applicable grace period.

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

- An upgrade of Ukraine's sovereign rating, provided the company's
SCP improves to 'ccc-' or higher and there is no deterioration in
the scoring under Fitch's GRE criteria.

ESG Considerations

UR has an ESG Relevance Score of '5' for governance structure due
to reflect the close links between the issuer and the Ukrainian
government and the latter's launch of consent solicitation to defer
external debt payments, which has a negative impact on the credit
profile, and is highly relevant to the rating. This resulted in its
downgrade on 29 July 2022.

UR has an ESG Relevance Score of '4' for employee wellbeing due to
employees' heightened safety risks in the performance of railway
services, especially in areas of protracted war operations, as well
as increased spending for personal protection equipment, which has
a negative impact on the credit profile, and is relevant to the
rating[s] in conjunction with other factors.

UR has an ESG Relevance Score of '4' for customer welfare - fair
messaging, privacy & data security due to increasing data
protection needs related to its strategies, investments and
policies, including critical logistic and infrastructure data, IT
infrastructure and financial information, which result from
intensified cyberattacks in the Russian-Ukrainian war. This has a
negative impact on the credit profile, and is relevant to the
rating[s] in conjunction with other factors.

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

   Entity/Debt             Rating               Prior
   -----------             ------               -----
Rail Capital
Markets Plc
  
   senior
   unsecured     LT        D       Downgrade       C

   senior
   unsecured     LT        CC      Upgrade         D

JSC Ukrainian
Railways         LT IDR    RD      Downgrade       C

                 LT IDR    CC      Upgrade        RD

                 ST IDR    RD      Downgrade       C

                 ST IDR    C       Upgrade        RD

                 LC LT IDR RD      Downgrade       C

                 LC LT IDR CC      Upgrade        RD

                 Natl LT   RD(ukr) Downgrade   C(ukr)

                 Natl LT   CC(ukr) Upgrade    RD(ukr)




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

BRYMOR CONSTRUCTION: Most Creditors Unlikely to Receive Payout
--------------------------------------------------------------
Darren Slade at Daily Echo reports that most creditors of a
Hampshire builder whose collapse sent shockwaves through the local
industry last year are unlikely to see any money.

All 107 jobs at Brymor Construction Ltd were rescued last summer
when its business and assets were sold by administrators to
Winchester-based Portchester Equity, Daily Echo recounts.

According to Daily Echo, a report by administrators later revealed
that Brymor Construction and Brymor Group owed around GbP16 million
to unsecured creditors, who were unlikely to see any of their
money.  The creditors included a number of local companies, some of
which were owed tens of thousands of pounds, Daily Echo discloses.

Brymor, based at Denmead in Hampshire, built Southampton's Horizon
Cruise terminal and had the contract for Southampton FC's new gym
at its Marchwood training ground.

In their latest report, joint administrator Michael Magnay of
Alvarez & Marsal said Brymor Construction Ltd and parent company
Brymor Group owed GBP2.85 million between them to Santander, whose
lending was secured against the companies' assets, Daily Echo
relays.

The administrators have so far distributed GBP1.7 million to
Santander, according to the report, which covers the period from
July last year to January 2023, Daily Echo notes.

Mr. Magnay reported that it was "highly unlikely" there would be
any money for unsecured creditors of either business, according to
Daily Echo.

Brymor was working on around 13 sites at the time it went into
administration, Daily Echo discloses.

The property assets of Brymor Group were sold for GBP1.75 million,
while the business and assets of Brymor Construction Ltd were sold
for an initial GBP400,000, Daily Echo recounts.

According to Daily Echo, in previous reports, the administrators
said Brymor had traded profitably in the past but "experienced
difficult trading conditions due to the impact of Brexit, Covid-19
and cost inflation in the construction centre".

"These recent difficult trading conditions resulted in net losses
being generated by the group since 2020," they reported last year.

Project delays in the second half of 2021 left the group with more
cash going out than coming in, Daily Echo relays.  Santander
refused to allow it more borrowing and it was unable to pay
subcontractors and suppliers, Daily Echo notes.  No staff were paid
between June 1, 2022, and administrators being appointed on July 8,
according to Daily Echo.


CIEP EPOCH: GBP200M Bank Debt Trades at 42% Discount
----------------------------------------------------
Participations in a syndicated loan under which CIEP Epoch Bidco
Ltd is a borrower were trading in the secondary market around 57.8
cents-on-the-dollar during the week ended Friday, February 17,
2023, according to Bloomberg's Evaluated Pricing service data.

The GBP200 million facility is a Term loan that is scheduled to
mature on December 18, 2024.  The amount is fully drawn and
outstanding.

CIEP Epoch Bidco Limited operates as a mechanical system
contractor. The Company's country of domicile is the United
Kingdom.


CONSTELLATION AUTOMOTIVE: EUR400M Bank Debt Trades at 18% Discount
------------------------------------------------------------------
Participations in a syndicated loan under which Constellation
Automotive Ltd is a borrower were trading in the secondary market
around 82.5 cents-on-the-dollar during the week ended Friday,
February 17, 2023, according to Bloomberg's Evaluated Pricing
service data.

The EUR400 million facility is a Term loan that is scheduled to
mature on July 28, 2028.  The amount is fully drawn 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.

LEICESTER TIGER: Seeks Up to GBP13MM Emergency Cash Injection
-------------------------------------------------------------
Hugh Godwin at inews reports that Premiership champions Leicester
Tigers have warned they may need to call in the administrators at
the risk of being thrown out of the Premiership unless shareholders
agree an emergency injection of up to GBP13 million from
non-executive director Tom Scott and executive chairman Peter Tom.

The two long-time backers of Leicester have offered an initial
GBP8.3 million between them as part of a new and increased issue of
shares, with another GBP4.7 million to follow, to be voted on at a
general meeting on March 3, inews relates.  It would increase the
pair's stakes in the club -- in Mr. Scott's case, eventually to a
possible majority shareholding, inews discloses.

Leicester are England's biggest club, with a turnover in the
financial year 2021-22 of GBP22 million, and an operating loss of
GBP1.9 million.  They have won European Cup twice and the league 11
times, most recently under then head coach Steve Borthwick in
2022.

But the club have admitted to concerns over the amounts of their
borrowing and working capital, including a forecast they will
breach their overdraft limit in the current first quarter of 2023,
inews states.

According to inews, a notice of the general meeting sent to
shareholders explained why the board of the club are recommending
the injection of funds for new shares: "The Club is facing a
deteriorating financial position which is expected to lead to a
cash squeeze in the latter part of the first quarter of 2023 and
therefore is urgently seeking further funding."

Tigers' chief executive Andrea Pinchen wrote: "If the Resolutions
are not passed . . . the Board would have to find urgent
alternative funding. Given the Company's current and anticipated
working capital requirements, the Directors believe that if the
Resolutions are not passed they may have no choice but to appoint
administrators to the Company."

Elsewhere in the notice, there was a warning the appointment of
administrators would "not only negatively impact Shareholders but
the Directors believe that Leicester Tigers could, as a
consequence, be expelled from all competitions, including the
Premiership."

The notice details a parlous financial position likely to be
familiar to every club in the Premiership, inews relays.

These include a drop in central revenues, pre-Covid, from around
GBP6 million (at which time they were expected to rise) to around
GBP4 million, inews notes.  It is said PRL overdistributed revenues
related to the 2020-21 season to aid Premiership clubs' survival
during the pandemic, inews relays.

The position worsened this season when Leicester lost two home
fixtures as a result of the expulsion of Wasps and Worcester
Warriors, inews recounts.  The Tigers are also dealing with an
overhaul in coaches, and they warned most of the financial
settlement for Borthwick and Kevin Sinfield being released to join
England may be needed to find replacements, inews discloses.  

According to inews, the note said: "Whilst the Board has every
confidence in the interim coaching team, there may be financial
implications should on field performance suffer."


RL DAVIES: Goes Into Administration Following Financial Woes
------------------------------------------------------------
Owen Hughes at North Wales Live reports that a well-known developer
has gone into administration after more than 70 years of trading.

RL Davies (Construction), based in Llysfaen, near Old Colwyn, was
started back in 1947.

It has been involved in an array of high profile builds and
redevelopments in North Wales.  These included the Nant Gwrtheyrn
Welsh language centre in Gwynedd, Oriel Mostyn in Llandudno and the
Scala site in Prestatyn.

But its accounts for 2020 show it had been badly impacted by the
fall-out from the Covid-19 pandemic and a completion delay on its
largest contract that year, North Wales Live discloses.  This saw
the business post a loss for that year although bosses said their
balance sheet remained in a "healthy position", North Wales Live
states.

However its accounts up to December 2021 are currently overdue and
reports circulated that the company was suffering financial
difficulties, North Wales Live notes.  North Wales Live has been
told that workers were called into a meeting yesterday and told the
company would be entering administration. It has not been possible
to contact the firm.

According to North Wales Live, housing group Adra says that they
were informed on Feb. 16 that RL Davies had gone into
administration.  They have two ongoing developments with the
company and said urgent action has been taken to protect those
sites, North Wales Live recounts.


THG OPERATIONS: EUR600M Bank Debt Trades at 21% Discount
--------------------------------------------------------
Participations in a syndicated loan under which THG Operations
Holdings Ltd is a borrower were trading in the secondary market
around 78.9 cents-on-the-dollar during the week ended Friday,
February 17, 2023, according to Bloomberg's Evaluated Pricing
service data.

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

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


VIVARAIL: GWR Concludes Acquisition of Multiple Assets
------------------------------------------------------
Railway Technology reports that British train operating company
Great Western Railway (GWR) has concluded the acquisition of
multiple assets from battery and hybrid trains manufacturer
Vivarail.

According to Railway Technology, GWR reached contracts to purchase
intellectual property, rolling stock and equipment, which support
the development of battery and FastCharge technology.

These components are expected to help the launch of battery-driven
trains on the rail network in the UK, Railway Technology states.

Furthermore, the deal will enable planned trials of the technology
in a real-world environment, Railway Technology notes.

Supported by GWR, the trials are being conducted between West
Ealing and Greenford, Railway Technology relates.

To support the trials and project development, the company has also
recruited nine former Vivarail employees, according to Railway
Technology.

Vivarail went into administration in December last year after
failing to secure new investors, Railway Technology recounts.  


ZAYO GROUP: $4.96B Bank Debt Trades at 17% Discount
---------------------------------------------------
Participations in a syndicated loan under which Zayo Group Holdings
Inc is a borrower were trading in the secondary market around 83.3
cents-on-the-dollar during the week ended Friday, February 17,
2023, according to Bloomberg's Evaluated Pricing service data.

The $4.96 billion facility is a Term loan that is scheduled to
mature on March 9, 2027. The amount is fully drawn and
outstanding.

Zayo Group Holdings, Inc., or Zayo Group, is a privately held
company headquartered in Boulder, Colorado, with European
headquarters in London, England. The company provides
communications infrastructure services.




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

[*] BOND PRICING: For the Week February 13 to February 17, 2023
---------------------------------------------------------------
Issuer                Coupon  Maturity Currency Price
------                ------  -------- -------  -----
B2W Digital Lux Sarl   4.3750  12/20/2030 USD   15.030
Atento Luxco 1 SA      8.0000   2/10/2026 USD   27.067
JSM Global Sarl        4.7500  10/20/2030 USD   16.365
Republic of Austria    0.8500   6/30/2120 EUR   41.637
Vedanta Resources Lt   6.1250    8/9/2024 USD   72.239
Mitsubishi UFJ Inves   6.3980  12/15/2050 EUR   49.002
Gol Finance SA         7.0000   1/31/2025 USD   48.300
Cimpress PLC           7.0000   6/15/2026 USD   70.708
Tullow Oil PLC         7.0000    3/1/2025 USD   71.653
United Kingdom Gilt    0.5000  10/22/2061 GBP   36.040
Orpea SA               2.6250   3/10/2025 EUR   27.523
Movida Europe SA       5.2500    2/8/2031 USD   68.252
Grand City Propertie   1.5000             EUR   51.725
Casino Guichard Perr   3.9920             EUR   22.334
Heimstaden AB          6.7500             EUR   53.465
Simpar Europe SA       5.2000   1/26/2031 USD   68.890
Aroundtown SA          1.6250             EUR   39.623
DIC Asset AG           2.2500   9/22/2026 EUR   71.894
Orpea SA               2.0000    4/1/2028 EUR   26.985
ATF Netherlands BV     7.0780             EUR   60.504
Russian Railways Via   2.1000   10/2/2023 CHF   64.330
Casino Guichard Perr   3.6370             EUR   18.875
Citycon Oyj            4.4960             EUR   60.801
Castellum AB           3.1250             EUR   71.835
Gol Finance SA         8.0000   6/30/2026 USD   57.304
AT Securities BV       5.2500             USD   56.000
French Republic Gove   0.5000   5/25/2072 EUR   39.015
Korian SA              1.8750             EUR   28.971
Aroundtown SA          2.1250             EUR   41.999
ADLER Group SA         2.2500   1/14/2029 EUR   42.537
Republic of Belarus    6.8750   2/28/2023 USD   37.653
Orpea SA               0.3750   5/17/2027 EUR   39.650
CECONOMY AG            1.7500   6/24/2026 EUR   68.824
Credit Suisse Group    4.5000             USD   66.350
Heimstaden AB          4.3750    3/6/2027 EUR   72.013
EnfraGen Energia Sur   5.3750  12/30/2030 USD   70.926
Gazprom PJSC via Gaz   3.8970             EUR   56.086
Trinseo Materials Op   5.1250    4/1/2029 USD   70.993
Heimstaden Bostad AB   3.6250             EUR   61.344
United Kingdom Gilt    0.6250   7/31/2035 GBP   69.922
Heimstaden Bostad AB   2.6250             EUR   61.726
Audax Renovables SA    4.2000  12/18/2027 EUR   59.394
VEON Holdings BV       3.3750  11/25/2027 USD   72.250
Foodco Bondco SA       6.2500   5/15/2026 EUR   40.300
Schoeller Packaging    6.3750   11/1/2024 EUR   67.294
Casino Guichard Perr   6.6250   1/15/2026 EUR   65.421
Korian SA              0.8750    3/6/2027 EUR   43.650
Carnival PLC           1.0000  10/28/2029 EUR   51.823
Russian Railways Via   2.2000   5/23/2027 EUR   55.671
B2W Digital Lux Sarl   4.3750  12/20/2030 USD   15.000
Banco Santander SA     3.6250             EUR   73.946
Gazprom PJSC Via Gaz   2.5000   3/21/2026 EUR   73.837
Ubisoft Entertainmen   0.8780  11/24/2027 EUR   74.604
Teva Pharmaceutical    4.1000   10/1/2046 USD   66.109
Casino Guichard Perr   5.2500   4/15/2027 EUR   63.125
Romanian Government    1.7500   7/13/2030 EUR   73.878
Metro Bank PLC         5.5000   6/26/2028 GBP   69.269
Credit Suisse Group    5.1000             USD   69.311
Rothschild & Co Cont   4.4375             USD   68.113
Gazprom PJSC Via Gaz   2.9490   1/24/2024 EUR   74.467
CTP NV                 1.5000   9/27/2031 EUR   71.670
Air Baltic Corp AS     6.7500   7/30/2024 EUR   72.537
Idorsia Ltd            2.1250    8/4/2028 CHF   66.003
CPI Property Group S   1.7500   1/14/2030 EUR   64.790
Metalcorp Group SA     8.5000   6/28/2026 EUR   37.470
Samhallsbyggnadsbola   2.6240             EUR   41.266
Aroundtown SA          2.8750             EUR   47.629
Grand City Propertie   2.5000             EUR   57.455
Aroundtown SA          4.7500             GBP   53.074
MorphoSys AG           0.6250  10/16/2025 EUR   57.941
Kenbourne Invest SA    4.7000   1/22/2028 USD   71.684
Romanian Government    2.0000   1/28/2032 EUR   71.142
Gazprom PJSC via Gaz   3.0000   6/29/2027 USD   69.554
Hidrovias Internatio   4.9500    2/8/2031 USD   74.402
Serbia International   1.6500    3/3/2033 EUR   64.795
Credit Suisse Group    0.6250   1/18/2033 EUR   61.380
Citycon Oyj            3.6250             EUR   53.249
VTR Finance NV         6.3750   7/15/2028 USD   39.632
Gazprom PJSC Via Gaz   2.2500  11/22/2024 EUR   73.661
NAK Naftogaz Ukraine   7.1250   7/19/2024 EUR   20.347
Altice France Holdin   6.0000   2/15/2028 USD   69.754
Constellation Automo   4.8750   7/15/2027 GBP   71.688
Gazprom PJSC via Gaz   1.5000   2/17/2027 EUR   67.798
Aroundtown SA          3.3750             EUR   54.994
DNB Bank ASA           4.9849             USD   70.695
GOL Equity Finance S   3.7500   7/15/2024 USD   49.750
Signa Development Fi   5.5000   7/23/2026 EUR   74.775
Gazprom PJSC Via Gaz   4.3640   3/21/2025 EUR   74.937
Air France-KLM         0.1250   3/25/2026 EUR   16.731
Ukraine Government I   7.2530   3/15/2035 USD   18.467
Heimstaden AB          4.2500    3/9/2026 EUR   74.514
Aroundtown SA          0.3750   4/15/2027 EUR   74.519
Nobel Bidco BV         3.1250   6/15/2028 EUR   71.822
NAK Naftogaz Ukraine   7.6250   11/8/2026 USD   19.182
Accor SA               0.7000   12/7/2027 EUR   45.033
Heimstaden AB          8.7180             SEK   70.833
ams-OSRAM AG           2.1250   11/3/2027 EUR   73.058
Dignity Finance PLC    4.6956  12/31/2049 GBP   66.500
Rallye SA              4.3710   2/28/2032 EUR    4.020
Romanian Government    2.7500   4/14/2041 EUR   59.666
Union Fenosa Prefere   3.8520             EUR   68.875
Oscar Properties Hol   9.9990    7/5/2024 SEK   48.067
Serbia International   2.0500   9/23/2036 EUR   59.876
Rothschild & Co Cont   3.1100             EUR   68.012
Ukreximbank Via Biz    9.7500   1/22/2025 USD   39.075
Italy Buoni Polienna   1.5000   4/30/2045 EUR   60.958
Imperial Brands Fina   1.7500   3/18/2033 EUR   72.380
Balder Finland Oyj     2.0000   1/18/2031 EUR   70.078
Gazprom PJSC via Gaz   2.9500   1/27/2029 USD   67.905
Fuerstenberg Capital   5.6250             EUR   81.397
Casino Guichard Perr   4.0480    8/5/2026 EUR   63.353
EP Infrastructure AS   2.0450   10/9/2028 EUR   74.348
Hungary Government I   3.1250   9/21/2051 USD   62.115
Pro-Gest SpA           3.2500  12/15/2024 EUR   73.563
Hungary Government I   1.7500    6/5/2035 EUR   70.103
Castle UK Finco PLC    7.0000   5/15/2029 GBP   75.696
Canary Wharf Group I   3.3750   4/23/2028 GBP   74.218
Ukraine Government I   4.3750   1/27/2032 EUR   17.359
French Republic Gove   1.7500   5/25/2066 EUR   70.164
Aragvi Finance Inter   8.4500   4/29/2026 USD   72.984
Atos SE                1.0000  11/12/2029 EUR   68.273
Balder Finland Oyj     1.0000   1/20/2029 EUR   71.357
Gazprom PJSC Via Gaz   5.1500   2/11/2026 USD   74.452
Russian Railways Via   0.8980   10/3/2025 CHF   51.502
Ideal Standard Inter   6.3750   7/30/2026 EUR   50.053
Russian Railways Via   3.1250             CHF   14.300
La Banque Postale SA   3.0000             EUR   73.530
Korian SA              2.2500  10/15/2028 EUR   68.853
Kleopatra Holdings 2   6.5000    9/1/2026 EUR   55.750
Frigoglass Finance B   6.8750   2/12/2025 EUR   28.260
Rallye SA              4.0000   2/28/2032 EUR    2.922
Ukraine Railways Via   8.2500    7/9/2026 USD   21.340
CPI Property Group S   4.8750             EUR   47.776
Castellum Helsinki F   0.8750   9/17/2029 EUR   70.367
Romanian Government    4.0000   2/14/2051 USD   69.798
DNB Bank ASA           3.7164             USD   71.040
Eustream AS            1.6250   6/25/2027 EUR   71.790
JSM Global Sarl        4.7500  10/20/2030 USD   16.105
Ukraine Government I   6.7500   6/20/2028 EUR   17.818
NE Property BV         2.0000   1/20/2030 EUR   72.567
Grupo Antolin-Irausa   3.5000   4/30/2028 EUR   73.649
Liquid Telecommunica   5.5000    9/4/2026 USD   74.073
A2A SpA                1.0000   11/2/2033 EUR   73.114
Gazprom PJSC Via Gaz   4.9500   3/23/2027 USD   71.000
La Financiere Atalia   5.1250   5/15/2025 EUR   67.298
Romanian Government    2.0000   4/14/2033 EUR   68.572
DEMIRE Deutsche Mitt   1.8750  10/15/2024 EUR   74.230
Aroundtown SA          1.4500    7/9/2028 EUR   70.818
Development Bank of    6.7500    5/2/2024 USD   39.667
United Kingdom Gilt    1.1250  10/22/2073 GBP   44.180
SBB Treasury Oyj       0.7500  12/14/2028 EUR   67.533
Rothesay Life PLC      5.0000             GBP   73.478
Republic of Italy Go   3.8750    5/6/2051 USD   70.756
Croatia Government I   1.7500    3/4/2041 EUR   70.333
TotalEnergies SE       2.1250             EUR   74.453
Ukraine Government I   7.7500    9/1/2024 USD   23.923
Bellis Finco PLC       4.0000   2/16/2027 GBP   72.970
Romanian Government    2.6250   12/2/2040 EUR   59.235
DDM Debt AB            9.0000   4/19/2026 EUR   61.840
Electricite de Franc   2.0000   12/9/2049 EUR   61.811
Russian Railways Via   0.8400   3/12/2026 CHF   52.194
Gazprom PJSC via Gaz   4.5985             USD   55.000
Hacienda Investments   5.3500    2/8/2028 USD   43.854
Prosus NV              3.8320    2/8/2051 USD   63.023
VIC Properties SA      3.0000   5/28/2025 EUR   60.000
MHP Lux SA             6.9500    4/3/2026 USD   48.471
Grand City Propertie   6.3320             EUR   69.489
Abengoa Abenewco 2 S   1.5000  10/26/2024 EUR    0.311
Atento Luxco 1 SA      8.0000   2/10/2026 USD   27.038
Intermediate Capital   2.5000   1/28/2030 EUR   71.270
Enel SpA               1.8750             EUR   73.806
Allianz SE             2.6000             EUR   71.981
Diebold Nixdorf Dutc   9.0000   7/15/2025 EUR   65.066
Gazprom PJSC via Gaz   3.5000   7/14/2031 USD   65.076
Gazprom PJSC via Gaz   2.9500   4/15/2025 EUR   71.593
Romanian Government    2.1240   7/16/2031 EUR   72.946
Gazprom PJSC via Gaz   3.2500   2/25/2030 USD   72.000
Gazprom PJSC Via Gaz   4.2500    4/6/2024 GBP   70.415
Mime Petroleum AS     10.2500  11/10/2026 USD   71.455
gategroup Finance Lu   3.0000   2/28/2027 CHF   66.334
Hacienda Investments   5.0750   2/15/2023 USD   49.262
United Kingdom Gilt    0.8750   1/31/2046 GBP   54.738
DNB Bank ASA           3.6914             USD   71.052
Russian Foreign Bond   5.6250    4/4/2042 USD   63.500
Vonovia SE             1.6250    9/1/2051 EUR   54.454
Samhallsbyggnadsbola   2.8750             EUR   40.743
RWE AG                 1.0000  11/26/2033 EUR   73.845
Samhallsbyggnadsbola   1.0000   8/12/2027 EUR   73.651
Kernel Holding SA      6.5000  10/17/2024 USD   46.910
Standard Profil Auto   6.2500   4/30/2026 EUR   63.259
Hungary Government I   0.5000  11/18/2030 EUR   72.288
ADLER Group SA         1.8750   1/14/2026 EUR   46.000
Russian Foreign Bond   7.5000   3/31/2030 USD   65.167
Samhallsbyggnadsbola   2.6250             EUR   41.794
Atrium Finance PLC     2.6250    9/5/2027 EUR   73.942
PB International BV    7.6250  12/31/2025 USD   39.572
Netherlands Governme   0.5000   1/15/2040 EUR   71.093
Fnac Darty SA          0.2500   3/23/2027 EUR   65.848
Altarea SCA            1.7500   1/16/2030 EUR   74.913
ADLER Group SA         3.2500    8/5/2025 EUR   47.000
Intesa Sanpaolo SpA    4.9500    6/1/2042 USD   71.948
Solocal Group          9.0460   3/15/2025 EUR   67.300
Hungary Government B   2.2500   4/20/2033 HUF   61.347
Abengoa Abenewco 2 S   1.5000  10/26/2024 EUR    1.490
Electricite de Franc   1.0000  11/29/2033 EUR   72.622
Ukraine Government B  15.8400   2/26/2025 UAH   66.586
Nykredit Realkredit    1.0000   10/1/2050 DKK   74.350
CPI Property Group S   3.7500             EUR   48.498
Aryzta AG              5.1602             CHF   72.291
HSE Finance Sarl       5.6250  10/15/2026 EUR   51.917
DH Europe Finance II   1.3500   9/18/2039 EUR   69.755
NGD Holdings BV        6.7500  12/31/2026 USD   55.407
Voltalia SA            1.0000   1/13/2025 EUR   28.813
Casino Guichard Perr   3.5800    2/7/2025 EUR   73.375
MHP SE                 7.7500   5/10/2024 USD   50.783
Metinvest BV           8.5000   4/23/2026 USD   54.750
HOCHTIEF AG            1.2500    9/3/2031 EUR   72.846
Delivery Hero SE       1.5000   1/15/2028 EUR   71.660
ADLER Group SA         2.2500   4/27/2027 EUR   43.833
Odea Bank AS           8.6060    8/1/2027 USD   74.208
Republic of Austria    0.7500   3/20/2051 EUR   58.698
Heimstaden Bostad AB   3.3750             EUR   63.583
ADLER Group SA         1.5000   7/26/2024 EUR   70.833
EP Infrastructure AS   1.8160    3/2/2031 EUR   66.361
Heimstaden Bostad Tr   1.6250  10/13/2031 EUR   67.906
Glencore Capital Fin   1.2500    3/1/2033 EUR   71.328
Republic of Poland G   2.0000  10/25/2046 EUR   70.588
Stellantis NV          1.2500   6/20/2033 EUR   73.799
Shell International    0.8750   11/8/2039 EUR   62.612
Aegon NV               0.4960             NLG   64.944
Aroundtown SA          1.6250   1/31/2028 EUR   73.731
CPI Property Group S   5.8000             SGD   46.980
FIGEAC-AERO            1.7500  10/18/2028 EUR   23.566
Digital Intrepid Hol   0.6250   7/15/2031 EUR   72.797
Czech Republic Gover   1.5000   4/24/2040 CZK   62.615
BNP Paribas SA         2.8240   1/26/2041 USD   67.189
Berkeley Group PLC/T   2.5000   8/11/2031 GBP   73.032
Just Eat Takeaway.co   0.6250    2/9/2028 EUR   69.450
Blackstone Property    1.6250   4/20/2030 EUR   72.341
BUPA Finance PLC       4.0000             GBP   71.757
Heimstaden Bostad Tr   0.7500    9/6/2029 EUR   69.132
Ireland Government B   1.5000   5/15/2050 EUR   70.994
Credit Bank of Mosco   3.1000   1/21/2026 EUR   21.990
Finland Government B   0.1250   4/15/2036 EUR   68.831
Prosus NV              2.0310    8/3/2032 EUR   73.719
JT International Fin   3.3000   9/14/2051 USD   60.903
Novolipetsk Steel Vi   1.4500    6/2/2026 EUR   70.832
Corestate Capital Ho   1.3750  11/28/2022 EUR   12.879
Moby SpA               7.7500   2/15/2023 EUR   58.311
Gazprom PJSC via Gaz   1.5400   6/30/2027 CHF   63.044
Triodos Bank NV        2.2500    2/5/2032 EUR   74.022
Russian Railways Via   7.4870   3/25/2031 GBP   54.998
MRG Finance UK PLC     8.7500  10/26/2023 EUR   45.616
CPI Property Group S   4.8750             EUR   50.388
Fresenius SE & Co KG   1.1250   1/28/2033 EUR   72.212
Polyus Finance PLC     3.2500  10/14/2028 USD   60.684
Royalty Pharma PLC     3.5500    9/2/2050 USD   67.211
United Kingdom Gilt    1.7500   7/22/2057 GBP   61.957
Altice France Holdin   4.0000   2/15/2028 EUR   69.847
VGP NV                 2.2500   1/17/2030 EUR   71.235
Turkey Government In   6.0000   1/14/2041 USD   70.720
United Kingdom Gilt    1.6250  10/22/2054 GBP   60.355
Phosagro OAO Via Pho   2.6000   9/16/2028 USD   61.420
Atos SE                2.5000   11/7/2028 EUR   73.519
Gazprom PJSC Via Gaz   4.9500    2/6/2028 USD   75.250
Prosus NV              4.0270    8/3/2050 USD   65.608
Wirecard AG            0.5000   9/11/2024 EUR   12.550
Ocado Group PLC        0.7500   1/18/2027 GBP   68.643
Ukraine Government I   9.7500   11/1/2030 USD   20.254
Becton Dickinson Eur   1.3360   8/13/2041 EUR   63.405
Shell International    3.0000  11/26/2051 USD   71.357
Nostrum Oil & Gas Fi   7.0000   2/16/2025 USD   25.125
Dtek Renewables Fina   8.5000  11/12/2024 EUR   38.575
Herens Midco Sarl      5.2500   5/15/2029 EUR   68.558
Italy Buoni Polienna   1.4500    3/1/2036 EUR   72.731
Republic of Belarus    6.3780   2/24/2031 USD   31.500
Ukraine Railways Via   7.8750   7/15/2028 USD   19.603
Societe Generale SA    4.0270   1/21/2043 USD   72.256
SBB Treasury Oyj       1.1250  11/26/2029 EUR   66.496
Tinkoff Bank JSC Via   6.0000             USD   41.107
Mallinckrodt Interna  10.0000   6/15/2029 USD   57.929
Samhallsbyggnadsbola   6.4190             SEK   61.956
Delivery Hero SE       2.1250   3/10/2029 EUR   67.406
UNIQA Insurance Grou   2.3750   12/9/2041 EUR   72.630
Societe Generale SA    3.6250    3/1/2041 USD   69.300
Nexity SA              0.2500    3/2/2025 EUR   59.452
Russian Foreign Bond   5.2500   6/23/2047 USD   40.858
Fresenius Finance Ir   0.8750   10/1/2031 EUR   73.517
State of North Rhine   0.5000   1/15/2052 EUR   52.438
Gazprom PJSC via Gaz   1.8500  11/17/2028 EUR   64.371
Ukraine Government I   6.8760   5/21/2031 USD   18.627
NAK Naftogaz Ukraine   7.3750   7/19/2022 USD   15.500
Lukoil Securities BV   3.8750    5/6/2030 USD   68.750
Sberbank of Russia V   5.1250  10/29/2022 USD   32.467
Credit Suisse Group    0.6500   9/10/2029 EUR   70.717
Credit Bank of Mosco   5.5500   2/14/2023 USD   21.807
Aggregate Holdings S   6.8750   11/9/2025 EUR   36.625
NET4GAS sro            3.5000   7/28/2026 EUR   67.500
Slovenia Government    0.6875    3/3/2081 EUR   37.926
State of North Rhine   2.1500   3/21/2119 EUR   71.317
Interpipe Holdings P   8.3750   5/13/2026 USD   47.504
Societe Generale SA    4.0270   1/21/2043 USD   72.250
Republic of Belarus    7.6250   6/29/2027 USD   39.128
Sberbank of Russia V   5.2500   5/23/2023 USD   32.633
SPP-Distribucia AS     1.0000    6/9/2031 EUR   65.776
Societe Generale SA    1.1130   7/17/2031 EUR   73.856
Proximus SADP          0.7500  11/17/2036 EUR   68.958
Republic of Austria    0.2500  10/20/2036 EUR   69.240
Aroundtown SA          3.0000  10/16/2029 GBP   70.884
Diebold Nixdorf Dutc   9.0000   7/15/2025 EUR   65.066
Kingdom of Belgium G   0.4000   6/22/2040 EUR   62.796
EnBW Energie Baden-W   2.1250   8/31/2081 EUR   72.890
Haya Holdco 2 PLC     10.9540  11/30/2025 EUR   42.794
University of Oxford   2.5440   12/8/2117 GBP   56.591
VGP NV                 1.5000    4/8/2029 EUR   70.538
State of North Rhine   1.7500   7/11/2068 EUR   68.035
BP Capital Markets B   1.4670   9/21/2041 EUR   64.581
Aedifica SA            0.7500    9/9/2031 EUR   68.180
Republic of Poland G   2.0000    3/8/2049 EUR   69.885
Lukoil International   4.7500   11/2/2026 USD   72.000
MHP Lux SA             6.2500   9/19/2029 USD   47.435
Diebold Nixdorf Dutc   9.0000   7/15/2025 EUR   65.306
Corestate Capital Ho   3.5000   4/15/2023 EUR   16.056
Heimstaden Bostad AB   3.0000             EUR   63.027
United Utilities Wat   1.7500   2/10/2038 GBP   68.699
Ukraine Government I   7.7500    9/1/2028 USD   20.201
Enel Finance Interna   0.8750   6/17/2036 EUR   65.737
Kernel Holding SA      6.7500  10/27/2027 USD   41.500
Maisons du Monde SA    0.1250   12/6/2023 EUR   46.269
Enel Finance Interna   0.8750   9/28/2034 EUR   69.196
Hungary Government B   3.2500  10/22/2031 HUF   71.355
Borets Finance DAC     6.0000   9/17/2026 USD   43.000
Akelius Residential    0.7500   2/22/2030 EUR   73.484
Republic of Belarus    6.2000   2/28/2030 USD   30.984
Vnesheconombank Via    6.8000  11/22/2025 USD    5.360
Ukraine Government I   7.7500    9/1/2026 USD   20.650
Hungary Government B   3.0000  10/27/2038 HUF   58.013
Republic of Belarus    5.8750   2/24/2026 USD   40.532
John Lewis PLC         4.2500  12/18/2034 GBP   64.328
CPI Property Group S   2.7500   1/22/2028 GBP   70.640
Slovakia Government    0.3750   4/21/2036 EUR   66.065
Vonovia Finance BV     1.1250   9/14/2034 EUR   69.759
VTB Bank OJSC Via VT   6.9500  10/17/2022 USD    7.535
Orpea SA               2.2000  12/15/2024 EUR   26.955
Acef Holding SCA       1.2500   4/26/2030 EUR   74.496
Medtronic Global Hol   1.3750  10/15/2040 EUR   68.037
Logicor Financing Sa   0.8750   1/14/2031 EUR   69.647
Polyus Finance PLC     4.7000   1/29/2024 USD   60.000
Snam SpA               1.2500   6/20/2034 EUR   74.913
Perrigo Finance Unli   4.9000  12/15/2044 USD   72.551
Bank Gospodarstwa Kr   2.3750  11/27/2040 PLN   53.621
Saderea DAC           12.5000  11/30/2026 USD   43.872
Hungary Government B   2.0000   5/23/2029 HUF   71.059
ADLER Group SA         2.7500  11/13/2026 EUR   45.293
Just Group PLC         5.0000             GBP   74.300
Muenchener Rueckvers   1.0000   5/26/2042 EUR   73.425
Arrival SA             3.5000   12/1/2026 USD   26.500
Brit Insurance Holdi   3.6757   12/9/2030 GBP   75.123
Nykredit Realkredit    1.0000   10/1/2053 DKK   73.562
Finland Government B   0.2500   9/15/2040 EUR   62.679
VF Ukraine PAT via V   6.2000   2/11/2025 USD   58.112
MMC Norilsk Nickel O   2.5500   9/11/2025 USD   71.504
United Utilities Wat   1.7500   2/10/2038 GBP   68.955
Slovenia Government    0.4875  10/20/2050 EUR   47.685
Ukraine Government I   8.9940    2/1/2026 USD   20.463
Czech Republic Gover   1.9500   7/30/2037 CZK   72.778
Orpea SA               2.5640  11/30/2027 EUR   27.784
E.ON SE                0.8750  10/18/2034 EUR   73.049
Audax Renovables SA    2.7500  11/30/2025 EUR   73.532
Nostrum Oil & Gas Fi   8.0000   7/25/2022 USD   25.959
Hellenic Bank PCL     10.0000             EUR   69.281
Romanian Government    3.3750    2/8/2038 EUR   71.374
Russian Railways Via   4.3750    3/1/2024 USD   53.107
British Telecommunic   3.6250  11/21/2047 GBP   73.065
Eurotorg LLC Via Bon   9.0000  10/22/2025 USD   67.000
BPCE SA                2.1250  10/13/2046 EUR   73.994
Siemens Financiering   0.5000    9/5/2034 EUR   74.419
HSE Finance Sarl       7.5120  10/15/2026 EUR   55.214
Credit Bank of Mosco   3.8750   9/21/2026 USD   30.756
Orpea SA               2.1300    7/3/2024 EUR   29.279
EnfraGen Energia Sur   5.3750  12/30/2030 USD   70.903
Cie de Financement F   0.0100  10/29/2035 EUR   66.775
VTB Bank PJSC Via VT   9.5000             USD   16.719
LEG Immobilien SE      0.8750   3/30/2033 EUR   70.455
BAT International Fi   2.2500    9/9/2052 GBP   41.644
Novolipetsk Steel Vi   4.0000   9/21/2024 USD   63.444
Verbund AG             0.9000    4/1/2041 EUR   67.238
Thermo Fisher Scient   2.0000  10/18/2051 EUR   65.761
Metinvest BV           5.6250   6/17/2025 EUR   55.239
Ziton A/S             11.0320   10/3/2024 EUR   59.331
Momox Holding AG       8.5040   7/10/2025 EUR   69.128
Mutuelle Assurance D   2.1250   6/21/2052 EUR   71.375
Gol Finance SA         8.0000   6/30/2026 USD   57.922
National Grid PLC      0.7500    9/1/2033 EUR   71.894
Republic of Poland G   4.0000   4/25/2047 PLN   72.303
Evraz PLC              5.3750   3/20/2023 USD   49.442
Koninklijke KPN NV     0.8750  11/15/2033 EUR   74.487
Royalty Pharma PLC     3.3500    9/2/2051 USD   64.614
Alfa Bank AO Via Alf   5.9500   4/15/2030 USD    3.710
Realkredit Danmark A   1.0000   10/1/2050 DKK   74.352
Gecina SA              0.8750   6/30/2036 EUR   70.314
Bank Gospodarstwa Kr   2.1250    6/5/2030 PLN   73.847
Vonovia SE             1.0000   6/16/2033 EUR   71.593
Metalloinvest Financ   3.3750  10/22/2028 USD   54.496
Andorra Internationa   1.7000  10/13/2041 EUR   65.119
Nexity SA              0.8750   4/19/2028 EUR   44.361
Nykredit Realkredit    1.0000   10/1/2053 DKK   68.948
Societe Nationale SN   1.0000   1/19/2061 EUR   43.039
Nederlandse Watersch   0.1250    9/3/2035 EUR   69.179
Cardea Europe AG       7.2500   12/8/2023 EUR   26.000
BP Capital Markets B   0.9330   12/4/2040 EUR   60.073
State of North Rhine   1.7500  10/26/2057 EUR   72.745
State Agency of Road   6.2500   6/24/2030 USD   17.853
Balder Finland Oyj     1.3750   5/24/2030 EUR   69.287
Becton Dickinson Eur   1.2130   2/12/2036 EUR   71.944
Orpea SA               2.7500    6/3/2033 EUR   27.407
Idavang A/S            9.8570  11/11/2025 EUR   69.628
Czech Republic Gover   0.0500  11/29/2029 CZK   73.546
Deutsche Bahn Financ   0.6250   4/15/2036 EUR   70.478
Neoen SA               2.0000    6/2/2025 EUR   47.910
Thermo Fisher Scient   1.6250  10/18/2041 EUR   70.269
Vonovia SE             0.7500    9/1/2032 EUR   71.730
MMC Norilsk Nickel O   2.8000  10/27/2026 USD   70.324
EQT AB                 0.8750   5/14/2031 EUR   72.193
BAT International Fi   4.0000  11/23/2055 GBP   59.837
GOL Equity Finance S   3.7500   7/15/2024 USD   50.000
Norddeutsche Landesb   8.9160             EUR   72.816
Merlin Properties So   1.8750   12/4/2034 EUR   74.330
ALROSA Finance SA      3.1000   6/25/2027 USD   10.200
SCF Capital Designat   3.8500   4/26/2028 USD   21.824
Tullow Oil PLC         7.0000    3/1/2025 USD   71.471
Russian Foreign Bond   4.3750   3/21/2029 USD   40.646
Imerys SA              1.0000   7/15/2031 EUR   72.974
Offentliga Hus I Nor   9.6550             SEK   65.068
NPC Ukrenergo          6.8750   11/9/2028 USD   17.507
Russian Foreign Bond   4.7500   5/27/2026 USD   42.706
Metinvest BV           7.7500  10/17/2029 USD   49.707
Deutsche Bahn Financ   0.6250   12/8/2050 EUR   51.722
Market Parent Finco    6.7500   10/1/2029 GBP   61.264
Ukreximbank Via Biz    9.9500  11/14/2029 USD   31.090
Desenio Group AB       8.0340  12/16/2024 SEK   51.411
Ireland Government B   0.5500   4/22/2041 EUR   64.534
Electricite de Franc   1.8750  10/13/2036 EUR   73.826
Severstal OAO Via St   3.1500   9/16/2024 USD    4.480
Saxa Gres Spa          7.0000    8/4/2026 EUR   43.305
CBRE Global Investor   0.9000  10/12/2029 EUR   73.689
Vodafone Group PLC     3.3750    8/8/2049 GBP   69.799
Credit Bank of Mosco   7.6250             USD   19.522
UBS Group AG           0.6250   2/24/2033 EUR   74.444
Prosus NV              1.9850   7/13/2033 EUR   70.969
Vodafone Group PLC     3.0000   8/12/2056 GBP   61.263
Nykredit Realkredit    1.5000   10/1/2053 DKK   73.533
CCC SA                11.6700   6/29/2026 PLN   68.875
UNEDIC ASSEO           0.5000   5/25/2036 EUR   69.877
Eurochem Finance DAC   5.5000   3/13/2024 USD   56.839
Mobile Telesystems O   5.0000   5/30/2023 USD   25.390
Ile-de-France Mobili   1.2750   2/14/2042 EUR   68.747
Russian Foreign Bond   4.2500   6/23/2027 USD   41.836
Holcim Finance Luxem   1.3750   10/8/2036 EUR   63.252
Logicor Financing Sa   2.0000   1/17/2034 EUR   69.085
Hera SpA               1.0000   4/25/2034 EUR   73.718
DSV Finance BV         0.7500    7/5/2033 EUR   72.771
British Telecommunic   3.9240   6/25/2042 GBP   73.778
Czech Gas Networks I   0.8750   3/31/2031 EUR   73.129
Aroundtown SA          2.9120   9/20/2030 EUR   69.452
Novolipetsk Steel Vi   4.7000   5/30/2026 USD   71.503
Derwent London PLC     1.8750  11/17/2031 GBP   73.700
Kommunekredit          0.1250   9/26/2040 EUR   59.992
BMW Finance NV         0.2000   1/11/2033 EUR   74.159
BAT International Fi   2.0000   3/13/2045 EUR   56.450
Credit Bank of Mosco   5.1500   2/20/2024 EUR   26.153
Orpea SA               3.1440  12/22/2025 EUR   27.407
Orsted AS              2.5000   2/18/3021 GBP   70.620
Places For People Tr   2.5000   1/26/2036 GBP   73.100
BNG Bank NV            0.1250   4/19/2033 EUR   74.854
Gol Finance SA         7.0000   1/31/2025 USD   51.134
Amprion GmbH           0.6250   9/23/2033 EUR   71.740
R-Logitech Finance S  10.2500   9/26/2027 EUR   68.734
Simon International    1.1250   3/19/2033 EUR   74.034
La Financiere Atalia   6.6250   5/15/2025 GBP   65.920
SAS AB                 6.9000             SEK    7.333
Home Group Ltd         3.1250   3/27/2043 GBP   73.707
Evraz PLC              5.2500    4/2/2024 USD   52.615
O1 Properties Financ   0.5000   9/27/2028 USD    5.251
Holcim Finance Luxem   0.6250   1/19/2033 EUR   72.424
Lukoil Capital DAC     3.6000  10/26/2031 USD   68.750
Wellcome Trust Ltd/T   1.5000   7/14/2071 GBP   43.518
Agri Resources Group   8.0000   3/17/2026 EUR   60.815
Metropolitano de Ten   1.2290   7/30/2036 EUR   70.533
Sibur Securities DAC   3.4500   9/23/2024 USD   60.775
Russian Railways Via   1.1950    4/3/2028 CHF   46.426
MMK International Ca   4.3750   6/13/2024 USD   26.505
Metinvest BV           7.6500   10/1/2027 USD   53.257
Russian Foreign Bond   2.8750   12/4/2025 EUR   39.464
Bigben Interactive     1.1250   2/19/2026 EUR   70.385
Deutsche Telekom AG    1.7500   12/9/2049 EUR   68.231
Linde PLC              1.0000   9/30/2051 EUR   56.903
Shell International    1.7500   9/10/2052 GBP   50.933
Abengoa Abenewco 2 B   1.5000   4/26/2024 EUR    0.498
Rallye SA              4.0000   2/28/2032 CHF   10.096
ALROSA Finance SA      4.6500    4/9/2024 USD   11.457
Econocom Group SA/NV   0.5000    3/6/2023 EUR    8.171
Russian Foreign Bond   2.6500   5/27/2036 EUR   38.565
Societe Generale SA    3.6250    3/1/2041 USD   69.322
VEON Holdings BV       3.3750  11/25/2027 USD   71.132
Credit Bank of Mosco   7.5000   10/5/2027 USD   21.238
Manchester Airport G   2.8750   9/30/2044 GBP   68.565
Aroundtown SA          3.6250   4/10/2031 GBP   69.337
State of North Rhine   1.4500   1/19/2122 EUR   52.846
Lloyds Banking Group   3.3690  12/14/2046 USD   70.115
BNP Paribas SA         0.6250   12/3/2032 EUR   73.045
Tritax Big Box REIT    1.5000  11/27/2033 GBP   69.871
Segro Capital Sarl     0.5000   9/22/2031 EUR   74.080
Investor AB            0.3750  10/29/2035 EUR   68.476
Enel Finance Interna   1.2500   1/17/2035 EUR   71.807
Movida Europe SA       5.2500    2/8/2031 USD   68.106
Mithra Pharmaceutica   4.2500  12/17/2025 EUR   59.633
JDE Peet's NV          1.1250   6/16/2033 EUR   74.787
State of North Rhine   0.2000   1/27/2051 EUR   47.365
esure Group PLC        6.0000             GBP   69.984
Medtronic Global Hol   1.7500    7/2/2049 EUR   63.902
Genova Property Grou   9.2450             SEK   74.500
HOCHDORF Holding AG    2.5000             CHF   30.489
Ukraine Government B   9.7900   5/26/2027 UAH   52.531
Finland Government B   0.5000   4/15/2043 EUR   63.127
Jyske Realkredit A/S   1.0000   10/1/2050 DKK   74.465
Credit Bank of Mosco   4.7000   1/29/2025 USD   25.796
Russian Foreign Bond   5.8750   9/16/2043 USD   59.599
Smurfit Kappa Treasu   1.0000   9/22/2033 EUR   74.034
EnBW International F   0.5000    3/1/2033 EUR   72.238
Deutsche Bahn Financ   1.1250   5/29/2051 EUR   58.035
United Utilities Wat   1.8750    6/3/2042 GBP   63.913
Ekosem-Agrar AG        2.5000   7/31/2029 EUR   19.441
Vonovia SE             1.5000   6/14/2041 EUR   61.660
Tinkoff Bank JSC Via  11.0020             USD   39.012
Ageas SA/NV            1.8750  11/24/2051 EUR   74.959
Bank Gospodarstwa Kr   0.5000    7/8/2031 EUR   70.543
Republic of Croatia    1.0000  11/27/2034 EUR   72.203
Snam SpA               1.0000   9/12/2034 EUR   71.848
Sibur Securities DAC   2.9500    7/8/2025 USD   68.354
Investor AB            1.5000   6/20/2039 EUR   73.454
Home Credit & Financ   8.8000             USD    5.340
Portugal Obrigacoes    1.1500   4/11/2042 EUR   66.687
Fuerstenberg Capital   2.5220             EUR   78.517
Vnesheconombank Via    5.9420  11/21/2023 USD    7.755
Euroboden GmbH         5.5000  11/18/2025 EUR   60.475
Medtronic Global Hol   1.5000    7/2/2039 EUR   71.112
Euroboden GmbH         5.5000   10/1/2024 EUR   69.762
GTLK Europe Capital    4.8000   2/26/2028 USD   22.225
Kreditanstalt fuer W   0.0500   9/29/2034 EUR   71.912
Bank Gospodarstwa Kr   2.2500   7/21/2033 PLN   65.971
CM.com NV              2.0000    9/9/2026 EUR   66.606
Unibail-Rodamco-West   1.7500    7/1/2049 EUR   66.201
Annington Funding PL   2.9240   10/6/2051 GBP   59.421
Sovereign Housing Ca   2.3750   11/4/2048 GBP   63.385
Sovcombank Via SovCo   7.6000             USD    4.521
DH Europe Finance II   1.8000   9/18/2049 EUR   67.261
Russian Foreign Bond   1.8500  11/20/2032 EUR   38.355
Caisse Francaise de    0.3750   2/13/2040 EUR   62.484
State of North Rhine   1.3750   1/15/2120 EUR   50.898
A2A SpA                0.6250  10/28/2032 EUR   72.958
NIBC Bank NV           1.3150             EUR   73.844
Optivo Finance PLC     3.2830   3/22/2048 GBP   72.773
BNP Paribas SA         2.0000   9/13/2036 GBP   70.237
Slovakia Government    1.0000  10/13/2051 EUR   52.841
TenneT Holding BV      1.5000    6/3/2039 EUR   73.338
Digital Dutch Finco    1.0000   1/15/2032 EUR   74.329
VTR Finance NV         6.3750   7/15/2028 USD   39.561
Vienna Insurance Gro   1.0000   3/26/2036 EUR   68.347
Sovcombank Via SovCo   3.4000   1/26/2025 USD    3.014
Rallye SA              3.4000   2/28/2032 EUR    4.298
Ukraine Government B  11.6700  11/22/2023 UAH   72.564
Wellcome Trust Ltd/T   2.5170    2/7/2118 GBP   57.357
BNP Paribas SA         2.8240   1/26/2041 USD   67.879
Koninklijke Luchtvaa   0.7500             CHF   19.000
European Financial S   0.7000   1/17/2053 EUR   53.257
Ilija Batljan Invest   9.2640             SEK   46.998
Vnesheconombank Via    6.0250    7/5/2022 USD    6.251
TenneT Holding BV      0.8750   6/16/2035 EUR   71.752
Intesa Sanpaolo SpA    2.6250   3/11/2036 GBP   70.574
publity AG             5.5000   6/19/2025 EUR   67.500
Ilija Batljan Invest   5.7640  12/15/2024 SEK   64.567
Sirius Real Estate L   1.7500  11/24/2028 EUR   73.765
Rickmers Holding AG    8.8750   6/11/2018 EUR    1.221
OGX Austria GmbH       8.5000    6/1/2018 USD    0.012
Stichting Afwikkelin  11.2500             EUR   44.423
Volkswagen Internati   1.5000   1/21/2041 EUR   64.776
BAE Systems PLC        3.0000   9/15/2050 USD   68.210
Engie SA               1.2500  10/24/2041 EUR   63.305
Mondelez Internation   1.2500    9/9/2041 EUR   65.729
Alfa Bank AO Via Alf   6.9500             USD    2.466
NIBC Bank NV           2.8500   2/21/2040 EUR   70.100
CNP Assurances         1.8750  10/12/2053 EUR   74.064
Realkredit Danmark A   1.0000   10/1/2050 DKK   70.223
SCF Capital Designat   5.3750   6/16/2023 USD   20.166
Chancellor Masters &   0.2500   6/27/2068 GBP   62.344
Societe Du Grand Par   0.3000    9/2/2036 EUR   65.983
Rallye SA              3.2500   2/28/2032 CHF    4.656
Credit Bank of Mosco   8.8750             USD   19.698
UNEDIC ASSEO           0.2500   7/16/2035 EUR   69.622
alstria office REIT-   1.5000  11/15/2027 EUR   73.056
Travelex Financing P   8.0000   5/15/2022 EUR    0.339
Credit Agricole SA     2.8110   1/11/2041 USD   67.413
TMK OAO Via TMK Capi   4.3000   2/12/2027 USD   52.171
Rallye SA              5.2500   2/28/2032 EUR    3.435
Wuestenrot & Wuertte   2.1250   9/10/2041 EUR   72.749
Northern Powergrid N   1.8750   6/16/2062 GBP   52.263
Offshore Drilling Ho   8.3750   9/20/2020 USD    3.000
Immigon Portfolioabb   8.8130             EUR   12.433
BNG Bank NV            0.8050   6/28/2049 EUR   57.557
Air Berlin PLC         8.2500   4/19/2018 EUR    0.415
Ukraine Government B  12.5200   5/13/2026 UAH   56.408
EYEMAXX Real Estate    5.5000   4/26/2023 EUR    1.938
Russian Foreign Bond   1.1250  11/20/2027 EUR   37.919
Senvion Holding GmbH   3.8750  10/25/2022 EUR    0.203
Mitsubishi UFJ Inves   6.5380  12/30/2099 EUR    4.916
Sanctuary Capital PL   2.3750   4/14/2050 GBP   61.520
Intelsat Jackson Hol   9.7500   7/15/2025 USD    0.494
Prologis Internation   0.7500   3/23/2033 EUR   69.872
Ireland Government B   0.4000   5/15/2035 EUR   73.630
NIBC Bank NV           2.5700             USD   74.355
Storebrand Livsforsi   1.8750   9/30/2051 EUR   73.060
Agence Francaise de    1.1250    3/2/2037 EUR   74.098
Cooperatieve Raboban   0.7500   6/21/2039 EUR   69.074
Stichting Afwikkelin   6.2500  10/26/2020 EUR   43.641
Bulgaria Government    0.1000   8/17/2031 BGN   62.864
Telefonica Emisiones   1.8640   7/13/2040 EUR   72.416
Russian Federal Bond   6.1000   7/18/2035 RUB   71.641
Agence Francaise de    0.5000   5/31/2035 EUR   71.364
Orange SA              1.3750    9/4/2049 EUR   67.862
GTLK Europe Capital    4.6500   3/10/2027 USD   21.854
Credit Agricole SA     2.8110   1/11/2041 USD   67.651
GTLK Europe Capital    4.3490   2/27/2029 USD   20.363
Slovenia Government    1.1750   2/13/2062 EUR   53.402
Bromford Housing Gro   3.1250    5/3/2048 GBP   73.861
Abengoa Abenewco 2 S   1.5000  10/26/2024 USD    0.827
Yorkshire Water Fina   2.7500   4/18/2041 GBP   73.429
Cadent Finance PLC     2.7500   9/22/2046 GBP   64.492
Orpea SA               2.7700  12/18/2028 EUR   24.259
Lithuania Government   0.5000   7/28/2050 EUR   46.277
Cellnex Finance Co S   3.8750    7/7/2041 USD   73.787
VTB Bank OJSC Via VT   4.0725  10/24/2024 CHF   16.000
K2A Knaust & Anderss   8.8080             SEK   69.818
Societe Du Grand Par   1.0000   2/18/2070 EUR   42.381
Greene King Finance    5.5121  12/15/2034 GBP   74.797
Clarion Funding PLC    1.8750   1/22/2035 GBP   71.421
Biocartis Group NV     4.0000   11/9/2027 EUR   59.994
TotalEnergies Capita   1.5350   5/31/2039 EUR   74.128
LEG Immobilien SE      1.6250  11/28/2034 EUR   72.142
Blend Funding PLC      2.9220    4/5/2054 GBP   66.688
Guinness Partnership   2.0000   4/22/2055 GBP   53.493
Hyde Housing Associa   1.7500   8/18/2055 GBP   50.460
Officine Maccaferri-   5.7500    6/1/2021 EUR   17.000
DSV Finance BV         0.8750   9/17/2036 EUR   68.058
Russian Agricultural   8.5000  10/16/2023 USD   13.880
Medtronic Global Hol   1.6250  10/15/2050 EUR   61.132
BICO Group AB          2.8750   3/19/2026 SEK   70.793
Vonovia Finance BV     1.0000   1/28/2041 EUR   56.292
Unibail-Rodamco-West   0.8750   3/29/2032 EUR   74.665
Hampshire Trust Bank   7.2500   5/10/2028 GBP   69.978
AstraZeneca PLC        2.1250    8/6/2050 USD   61.435
GlaxoSmithKline Capi   1.6250   5/12/2035 GBP   72.733
OMV AG                 1.0000    7/3/2034 EUR   74.037
Mallinckrodt Interna  10.0000   4/15/2025 USD   68.500
Nestle Finance Inter   0.3750   12/3/2040 EUR   60.656
Societe Du Grand Par   0.7000  10/15/2060 EUR   39.886
Sovcombank Via SovCo   8.0000    4/7/2030 USD    5.516
Deutsche Bahn Financ   1.3750   4/16/2040 EUR   72.864
Scandinavian Airline   0.6250             CHF   13.792
Air Berlin PLC         6.7500    5/9/2019 EUR    0.230
Intu Debenture PLC     5.5620  12/31/2027 GBP   43.055
Lendlease Europe Fin   3.5000   12/2/2033 GBP   68.264
BPCE SFH SA            0.0100   1/29/2036 EUR   65.842
State of Saxony-Anha   0.5000   3/24/2051 EUR   53.547
EYEMAXX Real Estate    5.5000   7/22/2025 EUR   16.000
Hannover Rueck SE      1.3750   6/30/2042 EUR   74.942
Lithuania Government   0.3000   2/12/2032 EUR   73.749
Repsol Europe Financ   0.8750    7/6/2033 EUR   74.426
ESB Finance DAC        2.0000   4/17/2044 EUR   71.375
Ozon Holdings PLC      1.8750   2/24/2026 USD   58.501
Chancellor Masters &   2.3500   6/27/2078 GBP   60.768
Vedanta Resources Lt   6.1250    8/9/2024 USD   72.764
Latvia Government In   1.8750   2/19/2049 EUR   71.456
Intelsat Jackson Hol   5.5000    8/1/2023 USD    0.494
Flagship Finance PLC   1.8750   7/14/2061 GBP   50.849
Finland Government B   1.3750   4/15/2047 EUR   74.878
GTLK Europe Capital    5.9500   4/17/2025 USD   26.608
Cooperatieve Raboban   0.6250   2/25/2033 EUR   74.303
JAB Holdings BV        2.2500  12/19/2039 EUR   71.312
Alfa Bank AO Via Alf   5.9000             USD    2.466
Clarion Funding PLC    3.1250   4/19/2048 GBP   70.686
Iren SpA               0.2500   1/17/2031 EUR   73.850
SCOR SE                1.3750   9/17/2051 EUR   72.925
Aeroports de Paris     1.1250   6/18/2034 EUR   73.570
Abengoa Abenewco 2 S   1.5000  10/26/2024 USD    1.153
Orpea SA               2.0000    8/9/2029 EUR   27.426
Global Ports Finance   6.5000   9/22/2023 USD   25.000
PIK Securities DAC     5.6250  11/19/2026 USD   41.750
Southern Housing Gro   2.3750   10/8/2036 GBP   74.195
Cie de Financement F   0.6000  10/25/2041 EUR   63.827
Beyond Housing Ltd     2.1250   5/17/2051 GBP   58.735
Nordea Kredit Realkr   1.0000   10/1/2050 DKK   74.473
TenneT Holding BV      0.5000  11/30/2040 EUR   58.499
Deutsche Wohnen SE     1.3000    4/7/2041 EUR   56.901
National Gas Transmi   1.6250   1/14/2043 GBP   54.491
Kreditanstalt fuer W   0.8750    7/4/2039 EUR   72.583
Allied Irish Banks P  12.5000   6/25/2035 GBP   55.023
Debenhams PLC          5.2500   7/15/2021 GBP    0.180
TotalEnergies Capita   1.6180   5/18/2040 EUR   71.675
Clarion Funding PLC    1.8750    9/7/2051 GBP   51.625
GTLK Europe DAC        5.1250   5/31/2024 USD   30.013
Cadent Finance PLC     2.6250   9/22/2038 GBP   71.176
Land Berlin            0.6250   1/26/2052 EUR   54.788
Quant AB               7.7620  11/15/2025 EUR   74.350
Berner Kantonalbank    0.1000   9/30/2039 CHF   69.361
Societe Du Grand Par   1.6250    4/8/2042 EUR   72.588
Slovakia Government    2.2500   6/12/2068 EUR   72.769
Euronext NV            1.5000   5/17/2041 EUR   67.490
Credit Suisse Group    5.1000             USD   70.290
Pozavarovalnica Sava   3.7500   11/7/2039 EUR   72.959
Ukraine Government I   9.7900   5/26/2027 UAH   52.531
National Grid Electr   2.0000   4/17/2040 GBP   64.528
European Financial S   0.0500   1/18/2052 EUR   42.032
Intelsat Jackson Hol   8.5000  10/15/2024 USD    0.494
Schlote Holding GmbH   6.7500  11/21/2024 EUR   65.271
BP Capital Markets P   1.1040  11/15/2034 EUR   73.425
La Poste SA            1.0000   9/17/2034 EUR   73.429
Engie SA               1.0000  10/26/2036 EUR   68.881
Credit Suisse Group    4.5000             USD   65.500
DZ HYP AG              0.3750  11/10/2034 EUR   73.411
Avangardco Investmen  10.0000  10/29/2018 USD    0.133
RTE Reseau de Transp   1.1250    9/9/2049 EUR   57.443
LEG Immobilien SE      1.5000   1/17/2034 EUR   73.678
Accent Capital PLC     2.6250   7/18/2049 GBP   66.866
Affinity Water Finan   3.2780   8/22/2042 GBP   75.057
Nestle Finance Inter   0.8750   6/14/2041 EUR   66.658
Realkredit Danmark A   1.0000   10/1/2053 DKK   68.951
LEG Immobilien SE      1.0000  11/19/2032 EUR   73.044
Eni SpA                1.0000  10/11/2034 EUR   72.693
Kenbourne Invest SA    4.7000   1/22/2028 USD   71.782
Aroundtown SA          4.7500   3/27/2032 USD   67.732
Chelyabinsk Pipe Pla   4.5000   9/19/2024 USD   21.099
Societe Du Grand Par   0.8750   5/10/2046 EUR   57.664
ABH Financial Ltd Vi   2.7000   6/11/2023 EUR   15.100
Societe Du Grand Par   1.0000  11/26/2051 EUR   53.418
Action Logement Serv   0.7500   7/19/2041 EUR   61.866
Metropolitan Housing   1.8750   7/28/2036 GBP   69.276
Altice France Holdin   6.0000   2/15/2028 USD   70.451
Petrobras Global Fin   4.5000    2/4/2033 EUR   70.174
JAB Holdings BV        3.7500   5/28/2051 USD   66.082
Solocal Group          9.0460   3/15/2025 EUR   68.999
Royal Schiphol Group   0.7500   4/22/2033 EUR   74.520
Enel Finance Interna   1.1250  10/17/2034 EUR   71.685
Hellenic Republic Go   2.0850   7/25/2057 EUR   32.515
University College L   1.6250    6/4/2061 GBP   52.215
ESB Finance DAC        1.8750   7/21/2035 GBP   73.810
Petrobras Global Fin   4.7500    4/2/2038 EUR   57.199
Deutsche Bahn Financ   0.8750   6/23/2039 EUR   68.402
Phosagro OAO Via Pho   2.6000   9/16/2028 USD   55.500
NRW Bank               0.1000    7/9/2035 EUR   69.402
GTLK Europe Capital    4.9490   2/18/2026 USD   20.425
CK Hutchison Group T   2.6250  10/17/2034 GBP   73.055
Jyske Realkredit A/S   1.0000   10/1/2053 DKK   69.010
Catalyst Housing Ltd   3.1250  10/31/2047 GBP   70.940
State of North Rhine   0.6000    6/4/2041 EUR   65.041
Covivio                0.8750   1/20/2033 EUR   74.272
Deutsche Wohnen SE     0.5000    4/7/2031 EUR   72.087
Thomas Cook Finance    3.8750   7/15/2023 EUR    0.686
LiveWest Treasury PL   2.2500  10/10/2043 GBP   66.959
Nykredit Realkredit    0.5000   10/1/2050 DKK   70.294
Grand City Propertie   2.0000  10/25/2032 EUR   71.173
Paragon Treasury Plc   2.0000    5/7/2036 GBP   71.735
M Objekt Real Estate   6.0000   7/22/2024 EUR   47.480
Nordea Kredit Realkr   1.0000   10/1/2050 DKK   70.319
Engie SA               1.3750   6/21/2039 EUR   68.201
Erste Group Bank AG    0.5000   1/12/2037 EUR   68.963
Societe Nationale SN   1.0000   5/25/2040 EUR   65.691
TenneT Holding BV      0.1250  11/30/2032 EUR   71.115
Platform HG Financin   1.9260   9/15/2041 GBP   65.434
State of North Rhine   1.5500   6/16/2048 EUR   74.270
UkrLandFarming PLC    10.8750   3/26/2018 USD    1.784
Rusal Capital DAC      5.3000    5/3/2023 USD   41.135
RTE Reseau de Transp   1.1250    7/8/2040 EUR   67.375
National Gas Transmi   1.1250   1/14/2033 GBP   68.421
BNG Bank NV            0.1250    7/9/2035 EUR   70.017
Bayer AG               1.0000   1/12/2036 EUR   69.389
Vedanta Resources Fi   9.2500   4/23/2026 USD   73.003
National Grid Electr   0.8720  11/26/2040 EUR   58.935
RTE Reseau de Transp   0.7500   1/12/2034 EUR   74.841
Avanti Communication   9.0000   10/1/2022 USD   14.217
SABIC Capital I BV     3.0000   9/14/2050 USD   72.942
Nordea Kredit Realkr   1.0000   10/1/2053 DKK   69.006
Uralkali OJSC Via Ur   4.0000  10/22/2024 USD   19.366
Sovcombank Via SovCo   7.7500             USD    3.379
European Financial S   1.7500   7/17/2053 EUR   73.098
Wales & West Utiliti   1.8750   5/28/2041 GBP   63.467
Suek Securities DAC    3.3750   9/15/2026 USD   30.002
Niedersachsen Invest   0.2500   7/16/2035 EUR   71.692
Cardiff University     3.0000   12/7/2055 GBP   73.505
Karlou BV              7.7500   6/18/2024 USD   11.451
Notting Hill Genesis   3.2500  10/12/2048 GBP   71.685
WPP Finance 2013       2.8750   9/14/2046 GBP   63.389
Societe Du Grand Par   1.7000   5/25/2050 EUR   67.861
Cirio Finance Luxemb   7.5000   11/3/2002 EUR    2.000
Assura Financing PLC   1.6250   6/30/2033 GBP   70.785
Agence Francaise de    0.3750   5/25/2036 EUR   67.227
Orange SA              0.7500   6/29/2034 EUR   73.166
ABN AMRO Bank NV       0.4000   9/17/2041 EUR   61.170
ABN AMRO Bank NV       0.6250   1/24/2037 EUR   71.634
Wendel SE              1.3750   1/18/2034 EUR   73.000
Gazprom PJSC Via Gaz   5.1500   2/11/2026 USD   74.452
Severn Trent Utiliti   2.0000    6/2/2040 GBP   66.213
Gazprom PJSC via Gaz   3.2500   2/25/2030 USD   69.975
Societe Nationale SN   0.8750   2/28/2051 EUR   49.418
Uliving@essex3 LLP     2.7200   8/31/2066 GBP   62.550
FF Group Finance Lux   1.7500    7/3/2019 EUR    4.548
EWE AG                 0.3750  10/22/2032 EUR   71.124
Orange SA              0.6250  12/16/2033 EUR   73.505
Aggregate Holdings S   5.5000   5/17/2024 EUR   39.420
Claranova SE           5.0000    7/1/2023 EUR    1.090
Prosus NV              3.8320    2/8/2051 USD   62.890
WD Invest Sarl         1.9000   10/2/2024 EUR   10.833
Societa di Progetto    3.3750  12/31/2038 EUR   71.996
Italgas SpA            0.5000   2/16/2033 EUR   71.746
Yandex NV              0.7500   9/13/2022 USD   69.360
Ile-de-France Mobili   0.6750  11/24/2036 EUR   69.893
Lithuania Government   0.7500   7/15/2051 EUR   49.957
Northern Powergrid Y   2.2500   10/9/2059 GBP   58.402
Simpar Europe SA       5.2000   1/26/2031 USD   68.871
Nykredit Realkredit    0.5000   10/1/2053 DKK   68.297
Ville de Paris         1.2000   6/25/2039 EUR   71.804
Peabody Capital No 2   3.2500   9/14/2048 GBP   72.669
OGX Austria GmbH       8.3750    4/1/2022 USD    0.263
City of Lugano Switz   0.1500  11/28/2070 CHF   44.832
Thames Water Utiliti   2.3750   4/22/2040 GBP   66.337
Caisse Francaise de    0.6250   1/20/2042 EUR   63.492
BPCE SA                3.5820  10/19/2042 USD   69.810
Saleza AS              9.0000   7/12/2021 EUR    0.203
Gazprom PJSC Via Gaz   4.9500    2/6/2028 USD   73.875
Cie Generale des Eta   0.6250   11/2/2040 EUR   63.510
Free and Hanseatic C   0.2500   2/18/2041 EUR   61.070
Serbia International   1.6500    3/3/2033 EUR   64.790
Zurich Finance Irela   1.6250   6/17/2039 EUR   73.977
Onward Homes Ltd       2.1250   3/25/2053 GBP   56.348
Nationale-Nederlande   0.0500  11/12/2040 EUR   58.166
Realkredit Danmark A   1.0000   10/1/2053 DKK   63.450
Genfit SA              3.5000  10/16/2025 EUR   26.994
PJSC Koks via IMH Ca   5.9000   9/23/2025 USD    7.483
Argenta Spaarbank NV   0.5000   10/8/2041 EUR   61.900
Cadent Finance PLC     2.2500  10/10/2035 GBP   72.386
Hellas Telecommunica   6.0540   1/15/2015 USD    0.014
Trinseo Materials Op   5.1250    4/1/2029 USD   70.981
La Poste SA            0.6250   1/18/2036 EUR   67.371
Single Platform Inve   4.0200    7/1/2052 EUR   64.902
Orpea SA               2.3000    3/6/2025 EUR   27.553
Achmea Bank NV         0.2500   9/29/2036 EUR   68.147
Region Wallonne Belg   0.6500   1/16/2051 EUR   48.327
Deutsche Bahn Financ   0.7500   7/16/2035 EUR   72.536
State of North Rhine   0.7500   8/16/2041 EUR   66.548
Jyske Realkredit A/S   1.0000   10/1/2050 DKK   70.331
Saltaire Finance PLC   1.5270  11/23/2051 GBP   54.477
City of Lausanne Swi   0.6000    7/6/2050 CHF   66.024
PREOS Global Office    7.5000   12/9/2024 EUR   40.250
University of Southa   2.2500   4/11/2057 GBP   59.504
Motability Operation   2.1250   1/18/2042 GBP   68.018
UK Municipal Bonds A   1.6250   8/26/2060 GBP   46.914
City of Lausanne Swi   0.6800   3/11/2058 CHF   60.686
Communaute Francaise   0.6250   6/11/2035 EUR   71.311
Landwirtschaftliche    0.6250  10/31/2036 EUR   73.384
Ukreximbank Via Biz    9.7500   1/22/2025 USD   32.594
Linde PLC              0.3750   9/30/2033 EUR   73.174
Manchester Airport G   2.8750   3/31/2039 GBP   73.983
TechnipFMC PLC         3.7500   10/7/2033 EUR   69.543
City of Lausanne Swi   0.5400   11/6/2062 CHF   53.437
Deutsche Lichtmiete    5.7500    1/1/2023 EUR    2.000
CRC Breeze Finance S   6.1100    5/8/2026 EUR   74.352
Bulgaria Government    1.5000   6/21/2039 BGN   47.997
Havila Shipping ASA    7.7600    1/2/2025 NOK   39.917
National Grid Electr   1.6250   10/7/2035 GBP   68.423
Banco Santander SA     0.1000   2/27/2032 EUR   74.846
Cyprus Government In   1.2500   1/21/2040 EUR   66.191
Land Securities Capi   2.7500   9/22/2059 GBP   65.061
WM Morrison Supermar   2.5000   10/1/2031 GBP   65.517
Nykredit Realkredit    0.5000   10/1/2053 DKK   66.467
Enexis Holding NV      0.3750   4/14/2033 EUR   73.792
Parnassia Groep BV     1.2000   12/1/2051 EUR   64.277
London & Quadrant Ho   2.7500   7/20/2057 GBP   61.471
Lithuania Government   1.6250   6/19/2049 EUR   66.887
Nationwide Building    0.5000    5/5/2041 EUR   63.029
London & Quadrant Ho   2.0000  10/20/2038 GBP   65.764
Terragon AG            6.5000   5/24/2024 EUR    5.000
Bayerische Landesbod   0.2500   3/21/2036 EUR   70.409
London & Quadrant Ho   3.1250   2/28/2053 GBP   68.030
Russian Foreign Bond   4.2500   6/23/2027 USD   41.836
Communaute Francaise   2.3000   4/25/2089 EUR   73.278
Lehman Brothers UK C   3.8750             EUR   18.750
Social Chain AG /The   5.7500    4/7/2024 EUR   73.000
Nostrum Oil & Gas Fi   8.0000   7/25/2022 USD   25.959
European Financial S   1.2000   2/17/2045 EUR   70.477
City of Lausanne Swi   0.0500   9/28/2054 CHF   50.286
Region de Bruxelles-   1.1210   5/11/2071 EUR   47.822
Orpea SA               3.0000  11/25/2041 EUR   27.560
European Financial S   1.3750   5/31/2047 EUR   71.667
Ministeries Van de V   0.8750   3/21/2046 EUR   58.908
Celtic Resources Hol   4.1250   10/9/2024 USD   12.302
Canary Wharf Group I   3.3750   4/23/2028 GBP   74.263
State of Bremen        0.5000    5/6/2041 EUR   63.750
Lukoil Capital DAC     3.6000  10/26/2031 USD   69.109
Stonewater Funding P   1.6250   9/10/2036 GBP   68.412
National Grid Electr   2.0000   9/16/2038 GBP   66.232
Nordea Kredit Realkr   1.0000   10/1/2053 DKK   73.716
Barclays Bank PLC     12.0000   9/24/2025 TRY   62.215
European Financial S   0.7000   1/20/2050 EUR   56.651
EYEMAXX Real Estate    5.5000   9/24/2024 EUR    2.163
NPC Ukrenergo          6.8750   11/9/2028 USD   17.722
Platform HG Financin   1.6250   8/10/2055 GBP   48.993
MMC Norilsk Nickel O   6.6250  10/14/2022 USD   72.056
BAWAG PSK Bank fuer    0.6250   6/19/2034 EUR   75.024
Croatia Government B   1.2500    3/3/2040 EUR   65.590
Cooperatieve Raboban   0.0100  11/27/2040 EUR   57.477
Royalty Pharma PLC     3.3000    9/2/2040 USD   71.857
Liquid Telecommunica   5.5000    9/4/2026 USD   74.107
Ile-de-France Mobili   0.9500   5/28/2041 EUR   65.607
Jyske Realkredit A/S   0.5000   10/1/2050 DKK   70.496
ING-DiBa AG            1.0000   5/23/2039 EUR   72.588
SNCF Reseau            0.7500   5/25/2036 EUR   71.658
Ukraine Government I   7.2530   3/15/2035 USD   18.083
Telenor ASA            0.8750   2/14/2035 EUR   72.869
Credit Agricole Ital   0.1250   3/15/2033 EUR   70.812
FF Group Finance Lux   3.2500   11/2/2021 CHF    5.533
Thomas Cook Group PL   6.2500   6/15/2022 EUR    0.305
MHP SE                 7.7500   5/10/2024 USD   51.337
Cooperatieve Raboban   0.5000  10/29/2027 MXN   62.030
Salerno Pompei Napol   2.8000   1/19/2045 EUR   71.221
Alitalia-Societa Aer   5.2500   7/30/2020 EUR    0.100
State of Rhineland-P   0.3750    4/1/2041 EUR   62.724
NAK Naftogaz Ukraine   7.6250   11/8/2026 USD   18.940
Espirito Santo Finan   9.7500  12/19/2025 EUR    0.622
BAWAG PSK Bank fuer    0.3750   3/25/2041 EUR   61.076
Kommunekredit          0.0100    5/4/2034 EUR   71.418
Nordea Kredit Realkr   0.5000   10/1/2050 DKK   70.405
Regiao Autonoma Made   1.1410   12/4/2034 EUR   71.879
Alfa Bank AO Via Alf   5.5000  10/26/2031 USD    3.455
Realkredit Danmark A   1.0000   10/1/2053 DKK   73.578
Deutsche Lichtmiete    5.2500    9/1/2025 EUR    3.660
Aster Treasury Plc     1.4050   1/27/2036 GBP   69.033
EDOB Abwicklungs AG    7.5000    4/1/2012 EUR    1.537
Espirito Santo Finan   6.8750  10/21/2019 EUR    0.001
Privatbank CJSC Via   10.2500   1/23/2018 USD    3.100
Housing & Care 21      3.2880   11/8/2049 GBP   73.783
City of Lausanne Swi   0.6000  11/30/2056 CHF   61.065
Gazprom PJSC via Gaz   3.5000   7/14/2031 USD   65.076
Deutsche Lichtmiete    5.7500   12/1/2023 EUR   11.074
Scottish Hydro Elect   2.1250   3/24/2036 GBP   72.962
Land Berlin            0.1000   1/18/2041 EUR   59.001
Ile-de-France Mobili   0.2000  11/16/2035 EUR   67.304
Vnesheconombank Via    6.8000  11/22/2025 USD    5.360
Credit Bank of Mosco   7.1210   6/25/2024 USD   23.470
State of Lower Saxon   0.0500    3/9/2035 EUR   70.263
NRW Bank               0.5000   6/17/2041 EUR   64.468
ABN AMRO Bank NV       1.1250   4/23/2039 EUR   74.272
Gazprom PJSC via Gaz   4.5985             USD   53.000
Stobart Finance PLC    2.7500    5/8/2024 GBP   71.023
Constellation Automo   4.8750   7/15/2027 GBP   71.688
ESFIL-Espirito Santo   5.2500   6/12/2015 EUR    0.111
Pierre Et Vacances S   2.0000    4/1/2023 EUR   27.289
MHP Lux SA             6.2500   9/19/2029 USD   47.628
Bilt Paper BV         10.3600             USD    1.245
Autonomous Community   0.7000   7/30/2033 EUR   74.267
Turkiye Ihracat Kred  12.5400   9/14/2028 TRY   54.013
State of North Rhine   1.0000  10/16/2046 EUR   65.965
Grand City Propertie   2.0810    8/8/2034 EUR   73.773
BAWAG PSK Bank fuer    0.0100  11/19/2035 EUR   65.730
Russian Foreign Bond   7.5000   3/31/2030 USD   65.167
Autonomous Community   1.5150   6/21/2051 EUR   64.933
Kingdom of Belgium G   0.4586   7/23/2079 EUR   30.158
Kuntarahoitus Oyj      0.0500   9/10/2035 EUR   69.277
Hamon & CIE SA         3.3000   1/31/2035 EUR   46.000
Air Berlin PLC         5.6250    5/9/2019 CHF    0.233
M2 Asset Management    7.1100    2/4/2026 SEK   71.333
Fastighets AB Balder   1.2930    3/3/2031 EUR   62.861
Anchor Hanover Group   2.0000   7/21/2051 GBP   56.163
Ukraine Government I  11.6700  11/22/2023 UAH   72.564
Lehman Brothers UK C   5.1250             EUR   18.765
Ministeries Van de V   1.8630   2/28/2048 EUR   69.938
Virgolino de Oliveir  11.7500    2/9/2022 USD    0.499
Action Logement Serv   0.5000  10/30/2034 EUR   72.095
Bulgaria Government    0.5000  12/21/2029 BGN   74.695
South Eastern Power    1.7500   9/30/2034 GBP   73.845
Investitionsbank Ber   0.0500    3/2/2035 EUR   70.090
TenneT Holding BV      1.1250    6/9/2041 EUR   65.326
Motability Operation   1.5000   1/20/2041 GBP   61.592
Metinvest BV           8.5000   4/23/2026 USD   54.506
Bourbon Corp          11.6520             EUR    0.887
Junta de Castilla y    1.2750    4/7/2049 EUR   57.088
Ukraine Government B  10.9500   11/1/2023 UAH   73.744
Banco Espirito Santo   7.1250  11/28/2023 EUR    0.110
Rallye SA              1.0000   2/28/2032 EUR    3.623
Yuksel Insaat AS       9.5000  11/10/2015 USD    0.500
Jyske Realkredit A/S   1.0000   10/1/2053 DKK   73.811
Saltaire Finance PLC   2.7110    5/9/2052 GBP   71.003
de Volksbank NV        0.3750   9/16/2041 EUR   60.174
United Kingdom Gilt    1.2500   7/31/2051 GBP   55.723
Cyprus Government In   2.2500   4/16/2050 EUR   73.661
BPCE SA                3.5820  10/19/2042 USD   69.802
Raiffeisenlandesbank   0.5000   1/22/2035 EUR   72.545
Autonomous Community   2.9650    9/8/2039 JPY   64.597
Nykredit Realkredit    1.5000   10/1/2053 DKK   69.859
Russian Foreign Bond   5.8750   9/16/2043 USD   59.599
Ministeries Van de V   0.1250  10/15/2035 EUR   66.909
Nordea Kredit Realkr   1.5000   10/1/2053 DKK   69.926
CCEP Finance Ireland   1.5000    5/6/2041 EUR   69.647
Air Liquide Finance    0.3750   9/20/2033 EUR   74.740
Republic of Belarus    6.8750   2/28/2023 USD   37.653
Russian Federal Bond   7.1000   5/15/2041 RUB   74.065
Pfandbriefbank schwe   0.2500   10/6/2042 CHF   72.017
Banca Popolare di Vi   9.5000   9/29/2025 EUR    0.380
Republic of Poland G   1.7500   4/25/2032 PLN   70.204
European Primary Pla   1.7320   11/9/2055 GBP   53.346
Orbit Capital PLC      3.3750   6/14/2048 GBP   74.002
Gazprom PJSC via Gaz   2.9500   1/27/2029 USD   67.905
VST Building Technol   7.0000   6/28/2024 EUR    0.231
Iberdrola Finanzas S   1.0000    2/2/2037 EUR   70.568
Hidrovias Internatio   4.9500    2/8/2031 USD   74.374
Deutsche Lichtmiete    5.2500    2/1/2027 EUR    3.910
Region de Bruxelles-   1.2200   6/23/2053 EUR   59.363
Paradigm Homes Chari   2.2500   5/20/2051 GBP   60.656
Serbia International   2.0500   9/23/2036 EUR   59.980
Severn Trent Utiliti   0.0100  12/16/2055 GBP   52.637
Sibur Securities DAC   4.1250   10/5/2023 USD   62.554
Land Berlin            0.3500    9/9/2050 EUR   50.568
Nordea Kredit Realkr   1.5000   10/1/2053 DKK   73.583
Bellis Finco PLC       4.0000   2/16/2027 GBP   73.425
Holcim US Finance Lu   2.2400  10/15/2031 USD   73.685
Polski Fundusz Rozwo   2.0000    3/5/2030 PLN   73.308
NRW Bank               1.2500   3/21/2044 EUR   72.981
adidas AG              0.6250   9/10/2035 EUR   72.094
Nationale-Nederlande   0.3750    3/4/2041 EUR   61.722
Norske Skogindustrie   2.0000  12/30/2115 EUR    0.113
State of Bremen        0.1500   9/14/2040 EUR   60.028
Nykredit Realkredit    0.5000   10/1/2050 DKK   68.735
Zurich Finance Irela   1.6000  12/17/2052 EUR   73.043
Notting Hill Genesis   2.0000    6/3/2036 GBP   70.165
Abengoa Abenewco 2 B   1.5000   4/26/2024 USD    0.568
Caisse Francaise de    0.1250   2/15/2036 EUR   67.030
Gazprom PJSC via Gaz   1.5000   2/17/2027 EUR   67.798
blueplanet Investmen   5.5000   2/26/2026 EUR   24.106
New World Resources    8.0000    4/7/2020 EUR    0.114
Region of Ile de Fra   0.6100    7/2/2040 EUR   62.676
Norwegian Air Shuttl   7.1370    2/7/2023 SEK   40.676
Holcim Sterling Fina   2.2500    4/4/2034 GBP   74.177
City of Lausanne Swi   0.2300   11/1/2060 CHF   47.922
Deutsche Wohnen SE     2.0000   3/28/2034 EUR   72.039
Vonovia Finance BV     1.6250   10/7/2039 EUR   65.722
Landeskreditbank Bad   0.6100  11/17/2050 EUR   57.260
Prosus NV              4.0270    8/3/2050 USD   65.571
Agence France Locale   2.5500   3/20/2036 AUD   72.537
State of North Rhine   0.3750    9/2/2050 EUR   51.011
Nederlandse Watersch   0.3750   9/28/2046 EUR   55.318
State of North Rhine   0.5000  11/25/2039 EUR   66.057
Kernel Holding SA      6.5000  10/17/2024 USD   47.250
Cooperatieve Raboban   0.5000   7/30/2043 MXN   13.624
Elli Finance UK PLC    8.7500   6/15/2019 GBP   60.435
Norske Skogindustrie   7.0000  12/30/2026 EUR    0.010
Ukraine Government I  15.8400   2/26/2025 UAH   66.586
Tresu Investment Hol   7.1280    1/2/2025 EUR   44.436
Abengoa Abenewco 2 B   1.5000   4/26/2024 USD    0.568
Vier Gas Transport G   0.5000   9/10/2034 EUR   69.146
Kreditanstalt fuer W   1.1000   9/16/2051 EUR   65.708
BNG Bank NV            0.2500  11/22/2036 EUR   68.005
Clarion Funding PLC    1.2500  11/13/2032 GBP   72.112
Hylea Group SA         7.2500   12/1/2022 EUR    0.400
UniCredit Bank Austr   0.0500   9/21/2035 EUR   67.440
Martlet Homes Ltd      3.0000    5/9/2052 GBP   70.664
Ministeries Van de V   1.5000   4/11/2044 EUR   70.644
Basque Government      1.3750  10/31/2070 EUR   43.671
Raiffeisen-Landesban   0.5000   5/27/2041 EUR   62.114
Gazprom PJSC Via Gaz   4.9500   3/23/2027 USD   71.400
Southern Gas Network   1.2500   12/2/2031 GBP   74.142
Motability Operation   2.3750    7/3/2039 GBP   73.963
Region Wallonne Belg   1.0500   6/22/2040 EUR   66.892
Ukraine Government I   4.3750   1/27/2032 EUR   17.218
Muenchener Hypotheke   0.4000   8/11/2031 EUR   73.671
East Slope Residenci   0.1000   2/28/2062 GBP   68.416
Free State of Bavari   0.0100   1/18/2035 EUR   70.603
Autobahnen- und Schn   0.1000   7/16/2035 EUR   70.469
Severstal OAO Via St   3.1500   9/16/2024 USD    4.480
La Banque Postale Ho   0.2500   2/12/2035 EUR   70.736
State of North Rhine   0.8000   7/30/2049 EUR   59.744
Hacienda Investments   5.3500    2/8/2028 USD   43.854
Lehman Brothers UK C   5.7500             EUR    7.000
AXA Home Loan SFH SA   0.1250   6/25/2035 EUR   68.829
New World Resources    4.0000   10/7/2020 EUR    0.018
Ukraine Government B  19.5900   12/4/2024 UAH   65.787
Emissionszentrale fu   0.1500    9/9/2041 CHF   73.293
Jyske Realkredit A/S   1.5000   10/1/2053 DKK   73.583
Banco Espirito Santo   5.4510             EUR    0.295
Nykredit Realkredit    1.0000   10/1/2053 DKK   63.497
Muenchener Hypotheke   0.2500    5/2/2036 EUR   69.177
State of Bremen        0.4500   2/24/2051 EUR   51.800
Ukraine Government B  19.7500   5/21/2025 UAH   65.610
Land Berlin            0.1250    6/4/2035 EUR   70.412
Sairgroup Finance BV   4.3750    6/8/2006 EUR    1.964
Nederlandse Watersch   0.5000   4/26/2051 EUR   51.990
de Volksbank NV        0.1250  11/19/2040 EUR   58.764
Kreditanstalt fuer W   0.3750   5/20/2036 EUR   71.690
SNCF Reseau            0.3500   7/25/2047 EUR   73.961
Alno AG                8.5000   5/14/2018 EUR   16.917
Penarian Housing Fin   3.2120    6/7/2052 GBP   74.052
BPCE SFH SA            0.5000   1/23/2035 EUR   72.968
Mallinckrodt Interna  10.0000   4/15/2025 USD   68.024
Aroundtown SA          3.2500  11/12/2032 EUR   65.940
Air Berlin Finance B   8.5000    3/6/2019 EUR    0.330
Credit Suisse AG/Lon   9.0000   4/22/2024 USD   31.750
Veneto Banca SpA       9.8776   12/1/2025 EUR    0.711
National Grid Electr   1.6080   8/24/2040 GBP   48.874
Landesbank Hessen-Th   0.5000   1/19/2037 EUR   71.039
Sberbank of Russia V   5.1250  10/29/2022 USD   32.467
Barclays Bank PLC      2.6000   1/31/2028 EUR   66.540
Canton of St Gallen    0.2000  11/28/2041 CHF   74.417
Muenchener Hypotheke   1.0000   4/18/2039 EUR   73.265
SRV Group Oyj          4.8750             EUR   56.000
GN Store Nord AS       1.9700    3/3/2036 EUR   74.935
Banco Espirito Santo   5.2710             EUR    2.270
Nederlandse Gasunie    0.7500  10/13/2036 EUR   67.207
Midland Heart Capita   1.8310   8/12/2050 GBP   54.258
Kommunekredit          0.3750    2/3/2045 DKK   57.748
Bromford Housing Gro   2.5540   3/17/2054 GBP   60.430
Blend Funding PLC      2.4670   6/16/2061 GBP   55.039
Russian Foreign Bond   5.6250    4/4/2042 USD   63.500
Virgolino de Oliveir  10.5000   1/28/2018 USD    0.499
Aeroports de la Cote   2.5000    7/9/2036 EUR   74.847
State of Saarland      0.0500   11/5/2040 EUR   59.272
Ukraine Government I   7.7500    9/1/2029 USD   19.984
Tinkoff Bank JSC Via   6.0000             USD   41.107
Realkredit Danmark A   1.5000   10/1/2053 DKK   73.531
Gemeente Bergen OP Z   0.4400   9/20/2044 EUR   58.521
Barclays Bank PLC      0.5000   1/28/2033 MXN   34.253
Dexia SA               4.2920             EUR    3.120
Abengoa Abenewco 2 S   1.5000  10/26/2024 USD    0.827
Pfandbriefzentrale d   0.2000   5/22/2042 CHF   71.564
LiveWest Treasury PL   1.8750   2/18/2056 GBP   52.736
Russian Foreign Bond   4.3750   3/21/2029 USD   40.646
State of Brandenburg   0.0500   8/10/2040 EUR   59.046
Magyar Export-Import   2.0000  10/27/2027 HUF   66.752
Evraz PLC              5.2500    4/2/2024 USD   52.615
MHP Lux SA             6.9500    4/3/2026 USD   48.898
Irish Bank Resolutio   0.5660   6/21/2016 EUR    0.679
Muenchener Hypotheke   0.2500   3/29/2041 CHF   73.262
Realkredit Danmark A   0.5000   10/1/2050 DKK   70.311
Abengoa Abenewco 1 S   6.0000   6/10/2022 EUR    0.435
Ukraine Government I   7.7500    9/1/2026 USD   20.488
Muenchener Hypotheke   0.1250    9/5/2035 EUR   69.403
Caisse Francaise de    0.5000   10/1/2046 EUR   56.651
Intesa Sanpaolo SpA    1.4000    2/8/2031 GBP   71.466
Flextronics Internat   3.6000   12/6/2031 HUF   66.000
Nordea Kredit Realkr   0.5000   10/1/2050 DKK   68.880
Eastern Power Networ   1.8750    6/1/2035 GBP   73.366
Northern Electric Fi   2.7500   5/24/2049 GBP   69.669
Autonomous Community   2.3000   5/24/2049 EUR   72.260
Pfandbriefbank schwe   0.2500   3/15/2041 CHF   73.533
Schoeller Packaging    6.3750   11/1/2024 EUR   67.698
Land Thueringen        0.1250   1/13/2051 EUR   46.207
Agrokor dd             9.8750    5/1/2019 EUR   15.000
Muenchener Hypotheke   0.0100   11/2/2040 EUR   58.082
Master & Fellows of    3.0680   4/28/2065 GBP   72.126
Mobile Telesystems O   5.0000   5/30/2023 USD   25.390
Cooperatieve Raboban   0.5000  10/30/2043 MXN   13.225
Diebold Nixdorf Dutc   9.0000   7/15/2025 EUR   66.164
Romanian Government    2.8750   4/13/2042 EUR   59.654
Channel Link Enterpr   3.8480   6/30/2050 GBP   71.577
Ile-de-France Mobili   1.0000   12/2/2043 EUR   62.834
Aragvi Finance Inter   8.4500   4/29/2026 USD   73.508
Single Platform Inve   0.7000   9/20/2041 EUR   60.620
Land Thueringen        0.1000    7/9/2035 EUR   69.958
ALROSA Finance SA      3.1000   6/25/2027 USD   10.200
AXA Bank Europe SCF    0.2500    6/9/2040 EUR   60.921
State of Lower Saxon   0.2500   4/15/2036 EUR   69.938
Metalloinvest Financ   3.3750  10/22/2028 USD   53.000
Russian Foreign Bond   5.1000   3/28/2035 USD   41.063
BPCE SFH SA            0.3750   3/18/2041 EUR   61.168
Ideal Standard Inter   6.3750   7/30/2026 EUR   50.666
Ukraine Government I   6.8760   5/21/2031 USD   18.519
Nordea Kredit Realkr   0.5000   10/1/2053 DKK   66.498
Cirio Holding Luxemb   6.2500   2/16/2004 EUR    0.750
Espirito Santo Finan   3.1250   12/2/2018 EUR    0.622
NRW Bank               1.2500   5/13/2049 EUR   70.039
Heimstaden Bostad AB   2.8000    5/4/2035 EUR   66.182
LBI ehf                6.1000   8/25/2011 USD   10.162
Pfandbriefbank schwe   0.3750   1/24/2042 CHF   74.732
Metinvest BV           7.7500  10/17/2029 USD   50.000
Free and Hanseatic C   0.2000    9/3/2049 EUR   49.290
Kreditanstalt fuer W   1.0000  10/19/2050 EUR   64.017
KTG Agrar SE           7.1250    6/6/2017 EUR    2.001
Hospices Civils de L   0.5970  11/24/2031 EUR   74.667
Romanian Government    3.3750   1/28/2050 EUR   61.369
Blend Funding PLC      3.5080    5/4/2057 GBP   73.771
Lukoil International   4.7500   11/2/2026 USD   74.399
DekaBank Deutsche Gi   1.1000  11/25/2030 EUR   73.033
Sidetur Finance BV    10.0000   4/20/2016 USD    0.770
Muenchener Hypotheke   0.0100  10/19/2039 EUR   59.777
Development Bank of    6.7500    5/2/2024 USD   40.333
Abengoa Abenewco 2 S   1.5000  10/26/2024 USD    1.153
Steilmann SE           7.0000   9/23/2018 EUR    1.429
Orbit Capital PLC      2.0000  11/24/2038 GBP   66.501
Norddeutsche Landesb   0.9000    7/5/2032 EUR   74.189
DLR Kredit A/S         1.5000   10/1/2053 DKK   74.457
Herens Midco Sarl      5.2500   5/15/2029 EUR   68.167
Banca Popolare di Vi   2.8210  12/20/2017 EUR    0.396
State Savings Bank o  11.9957   1/19/2024 USD   32.488
Romanian Government    1.7500   7/13/2030 EUR   73.936
Credit Bank of Mosco   5.5500   2/14/2023 USD   21.807
Sberbank of Russia V   5.2500   5/23/2023 USD   32.633
Raiffeisenlandesbank   0.3750   1/15/2035 EUR   71.260
Mallinckrodt Interna  10.0000   6/15/2029 USD   54.000
Region de Bruxelles-   1.4000   3/11/2054 EUR   59.649
Gazprom PJSC via Gaz   3.8970             EUR   56.086
Landwirtschaftliche    0.0100  11/26/2040 EUR   58.938
OGX Austria GmbH       8.3750    4/1/2022 USD    0.263
INVEST-DEVELOPMENT P   9.0000    4/2/2026 RUB   24.010
MMK International Ca   4.3750   6/13/2024 USD   26.505
State of Brandenburg   0.6000  10/13/2051 EUR   54.349
Wirtschafts- und Inf   0.5000   8/28/2046 EUR   54.000
DZ Bank AG Deutsche    1.0550   3/11/2031 EUR   72.286
Odea Bank AS           8.6060    8/1/2027 USD   74.978
Island Offshore Ship   5.6800   6/30/2024 NOK   30.000
Ukraine Government I   7.7500    9/1/2025 USD   21.710
Stichting Afwikkelin   5.1430             EUR   44.375
Ukraine Government I   7.3750   9/25/2034 USD   17.934
Romanian Government    4.0000   2/14/2051 USD   69.597
DLR Kredit A/S         1.0000   10/1/2053 DKK   74.669
State of Brandenburg   0.5000  11/21/2039 EUR   66.258
Malta Government Bon   1.8000   8/28/2051 EUR   64.130
Ukraine Government I   8.9940    2/1/2026 USD   20.846
Ville de Paris         0.6500  11/25/2070 EUR   35.024
Societe Generale SA   14.0000   1/10/2025 USD   72.800
Privatbank CJSC Via   11.0000    2/9/2021 USD    1.000
Intesa Sanpaolo SpA    2.5000  10/14/2031 USD   73.866
Sovcombank Via SovCo   7.6000             USD    4.521
Pfandbriefbank schwe   0.1250   8/17/2040 CHF   72.506
Canton of Geneva Swi   0.5000  10/31/2056 CHF   66.444
Dexia Credit Local S   3.5330             EUR    2.688
Alfa Bank AO Via Alf   5.9500   4/15/2030 USD    3.710
Department of L'Eure   0.5150   5/25/2040 EUR   61.210
Luzerner Kantonalban   0.1600  12/23/2043 CHF   68.827
Nykredit Realkredit    1.0000   10/1/2050 DKK   70.212
Evraz PLC              5.3750   3/20/2023 USD   49.442
Transports Publics D   0.4500  12/29/2056 CHF   62.314
Russian Foreign Bond   5.2500   6/23/2047 USD   40.858
PIK Securities DAC     5.6250  11/19/2026 USD   41.750
Ministeries Van de V   1.0000   1/23/2051 EUR   56.723
Barclays Bank PLC      5.0000   11/1/2029 BRL   61.912
State of Schleswig-H   0.2000   8/15/2039 EUR   63.152
Cirio Finanziaria Sp   8.0000  12/21/2005 EUR    0.125
Standard Chartered B   3.0000   4/30/2036 AUD   71.184
Single Platform Inve   1.2200   8/24/2047 EUR   62.562
Signa Development Fi   5.5000   7/23/2026 EUR   74.137
Canton of Zurich       0.1000   6/23/2045 CHF   69.542
SAir Group             0.1250    7/7/2005 CHF   11.500
Transcapitalbank JSC  10.0000             USD   63.932
Rhaetische Bahn AG R   0.0500    8/3/2050 CHF   61.251
Land Baden-Wuerttemb   0.1250  11/19/2040 EUR   59.957
Aktia Bank Oyj         0.8000   2/26/2036 EUR   70.014
Sovcombank Via SovCo   7.7500             USD    3.379
Hungary Government I   3.1250   9/21/2051 USD   61.833
Region Wallonne Belg   1.8050   1/24/2040 EUR   74.064
UniCredit Bank AG      0.0100   1/21/2036 EUR   67.383
LSF9 Balta Issuer SA   3.0000  12/31/2030 EUR   61.983
Credit Agricole SA     4.4000   2/24/2042 AUD   66.072
Aroundtown SA          2.9700   9/26/2033 EUR   61.762
Novolipetsk Steel Vi   4.0000   9/21/2024 USD   63.444
SNCF Reseau            2.0000    2/5/2048 EUR   72.788
Realkredit Danmark A   0.5000   10/1/2053 DKK   68.296
Banco Espirito Santo   6.8750   7/15/2016 EUR   25.375
Agence France Locale   0.2100  12/20/2035 EUR   67.623
Waste Italia SpA      10.5000  11/15/2019 EUR    0.550
Credit Suisse Intern   9.5000   3/24/2026 UAH   65.080
Region Wallonne Belg   1.2500   6/22/2071 EUR   51.439
Republic of Belarus    6.2000   2/28/2030 USD   32.000
Realkredit Danmark A   0.5000   10/1/2053 DKK   66.481
Pfandbriefbank schwe   0.5000   1/25/2044 CHF   74.906
Nostrum Oil & Gas Fi   7.0000   2/16/2025 USD   25.941
Credit Suisse AG/Lon   2.3000   9/24/2031 USD   68.929
Tennor Finance BV      5.7500   6/17/2024 EUR   70.000
Republic of Belarus    7.6250   6/29/2027 USD   41.810
Dublin Port Co         2.4060   9/30/2049 EUR   72.429
Solarworld AG          9.6910   2/24/2019 EUR   14.875
CBo Territoria         3.7500    7/1/2024 EUR    4.740
City of Bern Switzer   0.0400   10/2/2070 CHF   44.928
BPCE SA                0.5000  10/21/2034 EUR   72.803
Region de Bruxelles-   0.2740  12/11/2040 EUR   55.685
Alpine Holding GmbH    5.2500    7/1/2015 EUR    0.534
Metinvest BV           5.6250   6/17/2025 EUR   55.552
Kuntarahoitus Oyj      0.9400    6/9/2064 EUR   64.746
Norwegian Air Shuttl   7.5000  11/10/2023 USD   73.395
Canton of Ticino       0.4000   6/27/2044 CHF   73.412
Wingholding Zrt        3.5000   5/20/2030 HUF   74.430
MVM Energetika Zrt     3.2500    9/3/2031 HUF   65.000
Grand City Propertie   2.5000   6/27/2039 EUR   63.396
Bayerische Landesban   1.5500   2/13/2040 EUR   56.381
Havenbedrijf Rotterd   1.1000   3/23/2051 EUR   62.309
La Financiere Atalia   6.6250   5/15/2025 GBP   66.207
DLR Kredit A/S         1.0000   10/1/2050 DKK   71.684
Bank of Valletta PLC   3.7500   6/15/2031 EUR   73.617
UniCredit Bank Austr   0.1500   4/29/2033 EUR   72.852
Bank Nadra Via NDR F   8.2500   7/31/2018 USD    0.208
Ile-de-France Mobili   1.5860   2/23/2052 EUR   65.905
Pershing Square Hold   3.0000   7/15/2032 USD   74.366
Wessex Water Service   1.2500   1/12/2036 GBP   63.591
Jain International T   7.1250    2/1/2022 USD   22.000
Land Berlin            0.1250  11/24/2045 EUR   52.409
Senivita Social Esta   6.5000   5/12/2025 EUR    3.610
Kommunekredit          0.5000   6/19/2039 DKK   66.778
Autonomous Community   1.9310    4/4/2042 EUR   73.383
Metinvest BV           7.6500   10/1/2027 USD   53.113
TBI Bank EAD           5.2500   7/30/2031 EUR   49.300
Deutsche Wohnen SE     2.1250   9/26/2033 EUR   72.980
Republic of Belarus    5.8750   2/24/2026 USD   42.013
Offshore Drilling Ho   8.3750   9/20/2020 USD    3.000
Nationale-Nederlande   0.0500   9/24/2035 EUR   67.714
Credit Suisse AG/Lon   2.6000   1/27/2032 USD   69.810
Polyus Finance PLC     3.2500  10/14/2028 USD   60.684
Ville de Paris         0.8500    8/4/2051 EUR   51.833
ABN AMRO Bank NV       1.1150    3/3/2042 EUR   71.054
Societe Generale SA   10.0000   6/28/2034 USD   58.250
Ukraine Government I   7.7500    9/1/2024 USD   24.014
Aegon Bank NV          0.3750    6/9/2036 EUR   69.832
DZ Bank AG Deutsche    0.7800    3/5/2030 EUR   73.455
Societe Generale SA    9.0000  10/31/2034 USD   65.000
Wrekin Housing Group   2.5000  10/22/2048 GBP   63.606
Italy Buoni Polienna   2.1500    9/1/2052 EUR   65.001
Autonomous Region of   1.0950   9/27/2036 EUR   69.149
Rio Forte Investment   4.0000   7/22/2014 EUR    3.311
Sovcombank Via SovCo   8.0000    4/7/2030 USD    5.516
SCF Capital Designat   5.3750   6/16/2023 USD   20.166
ALROSA Finance SA      4.6500    4/9/2024 USD   11.457
Region Provence-Alpe   0.7530    1/5/2037 EUR   70.279
State Agency of Road   6.2500   6/24/2030 USD   17.850
Societe Generale SA    9.0000  12/22/2034 USD   70.000
Banque Cantonale de    0.1000   11/1/2044 CHF   65.067
Nederlandse Watersch   0.8770   6/24/2054 EUR   63.332
Deutsche Bahn Financ   3.1000   5/20/2041 AUD   72.704
Finmek International   7.0000   12/3/2004 EUR    2.193
Barclays Bank PLC      3.0000   1/31/2028 EUR   62.673
Lehman Brothers UK C   6.9000             USD    3.986
State of Rhineland-P   1.5000   4/25/2052 EUR   71.774
Kingdom of Belgium G   1.4000   6/22/2053 EUR   65.189
Realkredit Danmark A   0.5000   10/1/2050 DKK   68.769
Privatbank CJSC Via   10.8750   2/28/2018 USD    6.534
Altice France Holdin   4.0000   2/15/2028 EUR   69.721
Bank Gospodarstwa Kr   2.0000   11/3/2036 EUR   71.310
Romanian Government    2.0000   1/28/2032 EUR   71.212
Evan Group PLC         6.0000   7/31/2022 EUR   18.500
City of Zurich Switz   0.2500  11/24/2051 CHF   65.558
Hellas Telecommunica   8.5000  10/15/2013 EUR    0.834
Elecnor SA             3.0250   9/30/2035 EUR   72.927
Free State of Saxony   0.0100  12/17/2035 EUR   68.270
Ville de Paris         0.7500  11/30/2041 EUR   62.530
Free and Hanseatic C   0.4000  11/23/2051 EUR   50.386
Havila Shipping ASA    7.0100    1/2/2025 NOK   40.000
Erotik-Abwicklungsge   7.7500    7/9/2019 EUR    0.779
Celtic Resources Hol   4.1250   10/9/2024 USD   12.302
Grand Delta Habitat    1.2850   11/6/2040 EUR   67.390
Republic of Ireland    1.4250   9/18/2119 EUR   54.158
IBP Markets Ltd        5.0000             GBP   68.581
Novolipetsk Steel Vi   4.7000   5/30/2026 USD   71.503
Credit Suisse AG/Lon  11.5000   9/25/2023 CHF   57.660
Deutsche Telekom AG    3.5000   4/15/2041 AUD   71.451
CDC Habitat SEM        0.8530   2/15/2041 EUR   64.281
Stichting Afwikkelin   6.6250   5/14/2018 EUR   43.625
Free and Hanseatic C   0.0100   11/5/2035 EUR   68.424
Societe Generale SA   12.2500   2/23/2023 USD   71.200
Windreich GmbH         6.5000    3/1/2015 EUR    2.842
Region Wallonne Belg   1.8650   5/10/2051 EUR   69.262
Region de Bruxelles-   0.7650   7/15/2052 EUR   49.115
Region Hauts-de-Fran   0.6910    7/9/2042 EUR   59.942
Societe Du Grand Par   0.5755  10/29/2052 EUR   45.129
Pershing Square Hold   3.0000   7/15/2032 USD   74.366
Deutsche Pfandbriefb   1.0000   12/2/2030 EUR   74.256
Landesbank Baden-Wue   0.9050    4/1/2041 EUR   63.772
VF Ukraine PAT via V   6.2000   2/11/2025 USD   58.810
Kommunekredit          0.6250  11/21/2039 EUR   68.387
Interpipe Holdings P   8.3750   5/13/2026 USD   47.375
Ukraine Government I   7.7500    9/1/2028 USD   19.908
AK BARS Bank Via AK    8.0000   7/13/2022 USD   31.000
LIB-Landesimmobilien   0.6200   7/15/2041 EUR   64.351
Ukraine Government I   6.7500   6/20/2028 EUR   17.669
Eurochem Finance DAC   5.5000   3/13/2024 USD   56.839
Abengoa Abenewco 1 S   6.0000   6/10/2022 EUR    0.435
Purple Protected Ass   1.5984    2/5/2061 EUR   66.785
Alpine Holding GmbH    5.2500   6/10/2016 EUR    0.534
Free State of Bavari   0.0100   3/28/2036 EUR   67.691
Erdoel-Lagergesellsc   1.2000    6/4/2043 EUR   68.825
Region of Veneto Ita   2.5560   12/7/2046 EUR   72.592
Communaute Francaise   1.0400   7/19/2101 EUR   45.921
Raiffeisen Landesban   0.2500    3/4/2036 EUR   68.321
Land Berlin            0.6250   8/25/2036 EUR   73.108
St Galler Kantonalba   0.1000  10/10/2041 CHF   69.668
ABN AMRO Bank NV       0.3750   1/14/2035 EUR   72.736
Kernel Holding SA      6.7500  10/27/2027 USD   41.333
Bulgaria Steel Finan  12.0000    5/4/2013 EUR    0.216
Lukoil Securities BV   3.8750    5/6/2030 USD   70.001
Suek Securities DAC    3.3750   9/15/2026 USD   30.002
Communaute Francaise   2.0500   7/26/2047 EUR   74.652
Caisse Francaise de    0.0100  10/19/2035 EUR   66.495
Ukraine Government B  16.0000   3/13/2024 UAH   69.117
Virgolino de Oliveir  10.8750   1/13/2020 USD   36.000
Ukraine Government I   7.7500    9/1/2027 USD   20.146
Eurohold Bulgaria AD   8.0000  12/29/2026 EUR   70.638
Uralkali OJSC Via Ur   4.0000  10/22/2024 USD   19.366
Republic of Ireland    0.8350    7/8/2080 EUR   44.788
Alpine Holding GmbH    6.0000   5/22/2017 EUR    0.534
Futureal Development   4.0000   3/23/2031 HUF   64.000
Spain Government Bon   1.9000  10/31/2052 EUR   66.750
Foodco Bondco SA       6.2500   5/15/2026 EUR   39.511
Region de Bruxelles-   1.5000   6/22/2070 EUR   56.222
OGX Austria GmbH       8.5000    6/1/2018 USD    0.012
Eurogrid GmbH          0.8750  11/20/2040 EUR   64.412
Ukraine Government I  11.6700  11/22/2023 UAH   72.564
CDC Habitat SEM        1.1700    5/4/2037 EUR   72.450
Bpifrance SACA         1.0460   5/25/2050 EUR   54.765
French Republic Gove   0.5000   6/25/2044 EUR   60.001
Wirtschafts- und Inf   0.0600   8/31/2034 EUR   70.454
Kleopatra Holdings 2   6.5000    9/1/2026 EUR   55.850
DZ Bank AG Deutsche    0.1900   1/14/2031 EUR   73.210
United Kingdom Gilt    1.5000   7/22/2047 GBP   62.729
Portugal Telecom Int   6.2500   7/26/2016 EUR    0.285
Land Berlin            0.1500   2/22/2036 EUR   69.074
Free State of Saxony   0.4000   5/12/2036 EUR   71.434
Region de Bruxelles-   0.4440   3/19/2057 EUR   38.498
Wirtschafts- und Inf   0.2080   1/28/2043 EUR   55.842
Phosphorus Holdco PL  10.0000    4/1/2019 GBP    1.430
Credit Agricole Ital   1.0000   1/17/2045 EUR   61.157
Del Monte Finance Lu   6.6250   5/24/2006 EUR    1.000
State of Rhineland-P   0.3750   3/10/2051 EUR   50.797
Russian Foreign Bond   2.8750   12/4/2025 EUR   39.464
Ukraine Government B  19.2500    8/7/2024 UAH   67.431
Praktiker AG           5.8750   2/10/2016 EUR    0.001
Grupo Antolin-Irausa   3.5000   4/30/2028 EUR   73.935
DNB Boligkreditt AS    0.9800   6/20/2044 EUR   66.988
FNG Benelux Holding    5.0000   8/28/2023 EUR    1.000
Ukraine Government I  12.5200   5/13/2026 UAH   56.408
Ville de Paris         0.4500  10/20/2045 EUR   53.655
DLR Kredit A/S         0.5000   10/1/2053 DKK   69.206
Ministeries Van de V   1.0000  10/13/2036 EUR   74.358
Specialfastigheter S   1.2150   5/14/2035 SEK   72.791
Sibur Securities DAC   4.1250   10/5/2023 USD   62.554
Credit Suisse AG/Lon   1.2500   2/22/2029 USD   71.307
State of Brandenburg   0.7500    8/8/2036 EUR   74.525
German Pellets GmbH    7.2500    7/9/2018 EUR    1.495
Barclays Bank PLC      1.5804   4/12/2039 EUR   70.900
Landesbank Hessen-Th   0.7000   1/12/2037 EUR   64.700
Kuntarahoitus Oyj      1.1500    4/1/2051 EUR   66.552
Yarlington Treasury    3.4100   9/18/2057 GBP   72.552
NRW Bank               1.0000   2/26/2050 EUR   65.023
Norwegian Air Shuttl   7.5000  11/10/2023 USD   73.395
Stelius Befektetoe Z   3.1000   9/17/2030 HUF   66.500
Joh Friedrich Behren   6.2500   6/18/2024 EUR   30.111
Communaute Francaise   0.6260   8/24/2040 EUR   62.169
BNP Paribas SA         1.5900   2/23/2051 EUR   65.819
United Kingdom Gilt    1.7500   1/22/2049 GBP   65.768
Region Wallonne Belg   1.0000   9/16/2059 EUR   46.841
Canton of Neuchatel    0.1000  10/29/2049 CHF   61.132
Russian Foreign Bond   4.7500   5/27/2026 USD   42.706
Credit Bank of Mosco   3.8750   9/21/2026 USD   30.756
Banco Santander SA     4.3900             EUR    0.233
Raiffeisen Landesban   0.3750  11/13/2034 EUR   72.592
State of Bremen        0.4000   8/20/2049 EUR   52.509
State of Lower Austr   0.4600   10/8/2049 EUR   49.624
Deutsche Pfandbriefb   0.8570   9/18/2037 EUR   54.904
Ahtium PLC             4.0000  12/16/2015 EUR    0.586
GTC Magyarorszag Zrt   2.2500   12/7/2030 HUF   67.330
Region Auvergne-Rhon   0.8920  10/21/2041 EUR   63.535
Romanian Government    2.6250   12/2/2040 EUR   59.394
HOCHTIEF AG            2.3000   4/26/2034 EUR   73.124
Ahtium PLC             9.7500    4/4/2017 EUR    0.726
BPCE SFH SA            1.2100   6/15/2039 EUR   74.866
MS Deutschland Betei   6.8750  12/18/2017 EUR    0.198
Batigere Grand Est S   1.4850  10/25/2039 EUR   70.998
State of Hesse         0.7500    8/4/2036 EUR   74.749
Heimstaden Bostad AB   2.8000    5/4/2035 EUR   66.767
Ukraine Government I   9.7500   11/1/2030 USD   19.584
Premium Green PLC      1.6100   9/30/2030 AUD   72.524
EVN AG                 0.8500  10/15/2035 EUR   69.408
UniCredit SpA          0.7250  11/27/2030 EUR   69.213
ACCIONA Financiacion   1.9000   6/28/2034 EUR   71.181
National Grid Electr   1.6900   9/16/2041 GBP   57.329
NRW Bank               1.1500   9/16/2051 EUR   66.767
BASF SE                1.0250   8/13/2048 JPY   66.341
Dtek Renewables Fina   8.5000  11/12/2024 EUR   38.575
Land Thueringen        0.2500    3/5/2040 EUR   62.502
Solon SE               1.3750   12/6/2012 EUR    0.745
DZ Bank AG Deutsche    1.0000   2/18/2032 EUR   68.075
State of Brandenburg   0.3750   1/29/2035 EUR   73.740
Magyar Telekom Telec   1.4500  11/26/2027 HUF #N/A N/A
Borets Finance DAC     6.0000   9/17/2026 USD   43.000
State of Hesse         0.2270   8/20/2049 EUR   52.475
French Republic Gove   0.7500   5/25/2053 EUR   54.417
Societe Du Grand Par   2.0620   3/19/2070 EUR   71.425
State of Bremen        1.0000   5/27/2039 EUR   73.020
Societe Generale SA    1.1370   1/26/2037 EUR   70.427
Region Bretagne SCI    0.8150   6/12/2040 EUR   66.257
Cirio Del Monte NV     7.7500   3/14/2005 EUR    0.273
State of Brandenburg   0.1250   1/26/2046 EUR   52.263
Vasakronan AB          1.1300   5/27/2042 JPY   67.351
Bayerische Landesban   0.3800   1/22/2031 EUR   74.008
State of Saarland      1.1080   5/18/2046 EUR   68.298
Cooperatieve Raboban   0.5000  11/30/2027 MXN   61.851
Ukraine Government I   7.3750   9/25/2034 USD   18.640
GB Social Housing PL   3.8140    4/9/2047 GBP   74.272
Kingdom of Belgium G   2.7500   6/10/2071 USD   68.792
Aargau Verkehr AG      0.2700  11/29/2049 CHF   71.618
Anglian Water Servic   0.8500  12/23/2040 JPY   72.666
Pro-Gest SpA           3.2500  12/15/2024 EUR   73.861
Norske Skog Holding    8.0000   2/24/2021 EUR    0.006
O1 Properties Financ   0.5000   9/27/2028 USD    5.251
Banco Espirito Santo   6.9000   6/28/2024 EUR   25.321
Virgolino de Oliveir  10.5000   1/28/2018 USD    0.499
Malta Government Bon   2.4000   8/13/2052 EUR   72.190
Caixa Economica Mont   5.7380             EUR   51.580
VTB Bank PJSC Via VT   9.5000             USD   16.719
BPCE SA                4.7510             EUR   66.400
Sairgroup Finance BV   6.6250   10/6/2010 EUR    1.964
Land Thueringen        0.3750   12/1/2051 EUR   49.999
Magyar Export-Import   2.5000   5/23/2029 HUF   69.274
Nobel Bidco BV         3.1250   6/15/2028 EUR   71.958
Landesbank Baden-Wue   1.3000   6/21/2049 EUR   63.608
Swissgrid AG           0.0500   6/30/2050 CHF   54.050
Basque Government      1.0000  10/31/2050 EUR   50.963
Landesbank Baden-Wue   4.8694   1/30/2034 EUR   74.760
FLUVIUS System Opera   0.8100    4/8/2033 EUR   70.607
Grand City Propertie   2.8000   2/25/2039 EUR   66.861
Saastopankkien Kesku   0.8600   1/18/2036 EUR   69.741
Region de Bruxelles-   1.7100    5/5/2047 EUR   68.570
Credit Suisse AG/Lon   3.2000   3/24/2032 USD   72.357
State of Brandenburg   0.3000   10/4/2049 EUR   50.933
Batigere Grand Est S   1.6000  11/14/2044 EUR   67.698
Raiffeisenlandesbank   0.9980   11/4/2033 EUR   69.969
Kelag-Kaerntner Elek   1.1500   4/16/2041 EUR   62.464
Avanti Communication   9.0000   10/1/2022 USD   14.217
State of Rhineland-P   0.3750   7/20/2048 EUR   51.428
Depfa Funding II LP    6.5000             EUR   58.500
Europejskie Centrum   12.9500   4/14/2023 PLN   62.657
EOS Imaging SA         6.0000   5/31/2023 EUR    7.250
Frigoglass Finance B   6.8750   2/12/2025 EUR   28.260
UBS AG/London         14.7500   3/29/2023 CHF   29.700
Alno AG                8.0000   3/21/2019 EUR   14.500
Region Hauts-de-Fran   0.4020   2/18/2043 EUR   54.950
Nederlandse Watersch   1.9000   1/31/2035 AUD   69.847
Romanian Government    3.3750   1/28/2050 EUR   61.305
Agrokor dd             8.8750    2/1/2020 USD   15.000
Credit Agricole Ital   0.7500   1/20/2042 EUR   61.167
Elia Transmission Be   1.5600   1/30/2044 EUR   72.489
Region Wallonne Belg   0.5000   6/22/2037 EUR   66.297
Purple Protected Ass   2.1000   4/15/2060 EUR   49.564
Gazprom PJSC via Gaz   1.8500  11/17/2028 EUR   64.371
Communaute Francaise   0.7820    2/8/2061 EUR   42.810
State of Bremen        0.5500    2/4/2050 EUR   54.299
Credit Bank of Mosco   7.6250             USD   19.522
Grand City Propertie   2.6000   2/25/2034 EUR   71.935
Carmila SA             1.8900   11/6/2031 EUR   70.593
Romanian Government    2.0000   4/14/2033 EUR   68.718
Barclays Bank PLC      2.0000    5/7/2036 MXN   17.990
United Kingdom Gilt    1.6250  10/22/2071 GBP   55.636
Malta Government Bon   1.4000   8/20/2046 EUR   63.880
Standard Profil Auto   6.2500   4/30/2026 EUR   63.740
Single Platform Inve   0.8150    4/1/2042 EUR   60.061
Comunidad Foral de N   1.8000   3/25/2042 EUR   72.643
Credit Agricole Corp   2.6100   7/27/2050 USD   61.476
Global Ports Finance   6.5000   9/22/2023 USD   25.000
Nordea Kredit Realkr   1.0000   10/1/2053 DKK   63.482
Eurotorg LLC Via Bon   9.0000  10/22/2025 USD   56.035
Rena GmbH              7.0000  12/15/2015 EUR    0.054
Caisse de Refinancem   0.2500    2/7/2035 EUR   71.111
Societe Generale SA    2.8800   9/10/2034 AUD   67.855
Autonomous Community   0.8100  10/31/2040 EUR   60.819
Richter Gedeon Nyrt    1.7500    6/4/2031 HUF   68.500
Kingdom of Belgium G   0.6500   6/22/2071 EUR   42.777
City of St Gallen      0.1400   9/16/2044 CHF   69.728
LFA Foerderbank Baye   0.1250   9/30/2038 EUR   63.479
MFB Magyar Fejleszte   4.2000   4/20/2033 HUF   70.004
Italy Buoni Polienna   2.8000    3/1/2067 EUR   71.166
Takarek Mortgage Ban   3.0000  10/22/2031 HUF   63.600
BNP Paribas SA         2.8400   8/26/2039 AUD   59.333
Assa Abloy AB          0.6500   8/28/2034 EUR   72.879
State of North Rhine   0.2000   7/17/2034 EUR   73.296
Deutsche Pfandbriefb   1.3400  10/16/2051 EUR   70.911
Barclays Bank PLC      6.4000   6/16/2031 MXN   69.399
Region de Bruxelles-   1.1000   6/22/2066 EUR   48.820
Morhomes PLC           2.5080   2/19/2051 GBP   61.059
Sibur Securities DAC   2.9500    7/8/2025 USD   70.500
Batigere Grand Est S   1.4000   8/31/2050 EUR   61.376
NRW Bank               0.1055   8/17/2050 EUR   51.199
Takarek Mortgage Ban   3.0000   8/21/2030 HUF   66.500
Pfandbriefzentrale d   0.2500   6/12/2040 CHF   74.434
Deutsche Wohnen SE     1.7000   12/5/2036 EUR   69.930
Jyske Realkredit A/S   1.5000   10/1/2053 DKK   69.883
Bayerische Landesban   1.8500    3/5/2031 EUR   74.066
Gecci Investment KG    6.0000   10/1/2027 EUR   23.632
Agence Francaise de    2.1140    9/8/2034 AUD   72.108
Basque Government      2.0000   4/30/2059 EUR   63.068
Single Platform Inve   0.9460   5/25/2036 EUR   69.844
Barclays Bank PLC      2.3200   1/11/2041 USD   58.063
Russian Agricultural   8.5000  10/16/2023 USD   13.880
Republic of Ireland    0.7400  11/27/2120 EUR   31.035
Finance and Credit B   9.2500   1/25/2019 USD    0.001
MMC Norilsk Nickel O   2.8000  10/27/2026 USD   70.324
Ukraine Government I   9.7900   5/26/2027 UAH   52.531
Realkredit Danmark A   1.5000   10/1/2053 DKK   69.763
Caisse des Depots et   0.3980  12/15/2050 EUR   46.167
Polyus Finance PLC     4.7000   1/29/2024 USD   60.000
Sovcombank Via SovCo   3.4000   1/26/2025 USD    3.014
Nordea Kredit Realkr   0.5000   10/1/2053 DKK   68.415
Banco Santander SA     0.0100   10/1/2032 EUR   67.272
Norske Skogindustrie   7.1250  10/15/2033 USD    0.010
MMC Norilsk Nickel O   6.6250  10/14/2022 USD   72.056
Haya Holdco 2 PLC     10.9540  11/30/2025 EUR   42.794
V-Bank AG              4.0000             EUR   70.053
Rusal Capital DAC      5.3000    5/3/2023 USD   41.135
Land Thueringen        0.2000   9/12/2039 EUR   62.922
Land Baden-Wuerttemb   1.1500    4/5/2049 EUR   71.643
LFA Foerderbank Baye   0.0100  12/15/2033 EUR   72.470
Free and Hanseatic C   1.0950   6/13/2046 EUR   69.719
COFIDUR SA             0.1000  12/31/2024 EUR   32.100
Novolipetsk Steel Vi   1.4500    6/2/2026 EUR   70.832
Land Baden-Wuerttemb   0.3750   7/20/2048 EUR   52.911
Republic of Austria    2.1000   9/20/2117 EUR   74.451
Malta Government Bon   1.5000  10/22/2045 EUR   64.350
Societe Generale SA    2.4800   7/17/2040 USD   55.943
Pfandbriefbank schwe   0.3750   6/15/2046 CHF   70.640
Ministeries Van de V   0.6340  11/19/2060 EUR   38.421
Societe Centrale des   2.5000   5/15/2023 EUR    6.880
Malta Government Bon   2.0000   7/10/2051 EUR   67.880
Barclays Bank PLC      1.2400  11/14/2034 EUR   75.256
Credit Agricole Corp   1.5500    9/8/2031 AUD   71.895
Windreich GmbH         6.5000   7/15/2016 EUR    2.842
Slovenska Sporitelna   4.8200             EUR   73.267
Bank Julius Baer & C   7.0000   9/12/2023 USD   71.650
Landesbank Baden-Wue   4.8694   1/30/2034 EUR   72.270
Pfandbriefbank schwe   0.2500   1/24/2041 CHF   73.904
Pfandbriefzentrale d   0.0200   1/30/2040 CHF   71.680
Deutsche Bahn Financ   1.8500  11/23/2043 EUR   73.555
Societe Nationale SN   1.2800   3/27/2120 EUR   35.794
State of Lower Austr   1.0000   9/15/2121 EUR   33.653
Societe Generale SA    3.9200   12/9/2036 AUD   70.356
Italy Buoni Polienna   0.9500    3/1/2037 EUR   66.116
LSF9 Balta Issuer SA   3.0000  12/31/2030 EUR   61.983
BOA Offshore AS        0.4087   7/17/2047 NOK    3.264
A-TEC Industries AG    8.7500  10/27/2014 EUR    0.100
Heta Asset Resolutio   3.1770  12/31/2023 EUR    1.580
La Banque Postale Ho   0.6400   1/27/2042 EUR   66.635
Corporate Commercial   8.2500    8/8/2014 USD    0.308
National Grid Electr   2.9200   9/30/2044 AUD   66.677
Batigere Grand Est S   1.5000  12/15/2051 EUR   64.499
Belfius Bank SA        0.1250   6/19/2034 EUR   71.529
Barclays Bank PLC      4.1000   1/29/2048 USD   76.942
VTB Bank OJSC Via VT   6.2500   6/30/2035 USD   22.826
Vnesheconombank Via    5.9420  11/21/2023 USD    7.755
Land Berlin            0.0500    8/6/2040 EUR   58.954
Skandinaviska Enskil   5.0500   1/15/2025 SEK #N/A N/A
Leonteq Securities A  18.0000   2/22/2023 CHF   72.740
ABN AMRO Bank NV       0.5000  12/12/2039 EUR   65.477
Ukraine Government B   4.0000   1/25/2024 USD   54.168
Caisse Francaise de    1.0925  10/14/2051 EUR   64.355
Communaute Francaise   1.3800   11/7/2046 EUR   63.508
ING Bank NV            0.4650   4/21/2041 EUR   64.387
Bayerische Landesban   1.8200   5/12/2031 EUR   73.458
Steilmann SE           7.0000    3/9/2017 EUR    1.429
Region de Bruxelles-   1.6200   4/30/2049 EUR   66.546
Orient Express Bank    2.0000             USD   18.160
DZ HYP AG              1.4300  10/26/2046 EUR   69.250
Region Wallonne Belg   1.1350  10/10/2069 EUR   47.192
Deutsche Bank AG       1.7250   1/16/2045 EUR   50.953
Anglian Water Servic   1.7600  11/13/2035 GBP   69.766
Raiffeisen Schweiz G   8.5000   2/20/2023 CHF   51.530
Golden Gate GmbH       6.5000  10/11/2014 EUR   36.000
CPI Hungary Investme   2.2500    8/7/2030 HUF   55.000
Region Wallonne Belg   1.2200   6/12/2050 EUR   57.826
Ministeries Van de V   0.8750    6/3/2045 EUR   55.874
BAE Systems PLC        3.0000   9/15/2050 USD   67.802
Thames Water Utiliti   2.4420   5/12/2050 GBP   55.312
Region Wallonne Belg   1.2460   5/12/2070 EUR   51.240
Single Platform Inve   0.8000  12/20/2040 EUR   62.666
ING Bank NV            2.2200   1/20/2036 USD   73.501
Region of Centre-Val   0.7110   11/2/2036 EUR   70.750
Nationwide Building    0.4850   7/11/2044 CHF   71.621
JAB Holdings BV        3.7500   5/28/2051 USD   64.340
Credit Industriel Et   2.2500   1/28/2036 USD   69.708
Chelyabinsk Pipe Pla   4.5000   9/19/2024 USD   21.099
Vnesheconombank Via    6.0250    7/5/2022 USD    6.251
International Financ   0.5000   6/29/2027 ZAR   68.357
Single Platform Inve   1.0500   3/17/2039 EUR   66.915
State of Lower Austr   0.5500  11/13/2080 EUR   32.073
Landesbank Hessen-Th   1.6500   5/27/2030 EUR    9.351
UBS AG/London         15.7500   2/27/2023 CHF   41.350
Jain International T   7.1250   3/31/2026 USD   27.547
Communaute Francaise   0.7882   8/30/2049 EUR   51.856
DNB Bank ASA           1.1850   1/14/2038 EUR   71.039
CDC Habitat SEM        1.0600   5/22/2036 EUR   72.251
Barclays Bank PLC      2.0700  12/18/2035 USD   63.341
Autonomous Community   1.8500   5/13/2061 EUR   56.488
Landeskreditbank Bad   2.5000   5/21/2036 AUD   70.423
Caisse des Depots et   1.0050   11/5/2050 EUR   56.533
Jyske Realkredit A/S   0.5000   10/1/2053 DKK   68.314
Sparekassen Bredebro   3.7500   4/15/2031 DKK   70.510
Affinity Water Finan   0.2300  11/22/2042 GBP   70.982
Grupo Isolux Corsan    6.0000  12/30/2021 EUR    0.253
Stichting Afwikkelin   8.4500   8/20/2018 USD   43.625
Single Platform Inve   1.0510    4/1/2042 EUR   64.617
State of Brandenburg   0.3000  11/17/2045 EUR   55.101
Raiffeisen Bank Inte   0.2900  11/11/2030 EUR   72.929
Bankinter SA           1.2000    6/5/2035 EUR   75.082
Landesbank Baden-Wue  10.0000   1/26/2024 EUR   48.220
Joh Friedrich Behren   7.7500  11/11/2020 EUR   32.050
getgoods.de AG         7.7500   10/2/2017 EUR    0.527
Purple Protected Ass   2.0600   3/30/2061 EUR   58.224
State of North Rhine   1.8500   3/18/2089 EUR   61.102
Single Platform Inve   1.5348   5/25/2052 EUR   66.661
Heta Asset Resolutio   2.2900  12/31/2023 EUR    1.563
Grand Delta Habitat    1.4250   2/26/2048 EUR   63.667
Republic of Ireland    0.9950   2/24/2121 EUR   40.406
Bazalgette Finance P   0.0740   5/16/2049 GBP   63.013
DZ Bank AG Deutsche    1.0700   10/6/2042 EUR   70.504
Malta Government Bon   1.0000   8/23/2035 EUR   73.541
Luzerner Kantonalban   0.2500   8/28/2040 CHF   73.272
Kreditanstalt fuer W   0.7878   11/4/2039 EUR   70.783
Kingdom of Belgium G   0.5580   9/24/2077 EUR   33.619
Single Platform Inve   0.9400   10/4/2041 EUR   62.513
Kreditanstalt fuer W   0.9800    2/9/2042 EUR   71.623
Romanian Government    2.7500   4/14/2041 EUR   59.728
SAir Group             6.2500  10/27/2002 CHF   11.343
National Grid Electr   1.1510   2/20/2040 EUR   61.165
SG Issuer SA           2.2500  10/28/2029 EUR   71.440
Societe Generale SA   12.1000   2/16/2023 USD   73.000
Raiffeisen Bank Inte  10.0000   2/12/2024 EUR   47.500
Mifa Mitteldeutsche    7.5000   8/12/2018 EUR    2.200
Caisse des Depots et   1.4600   1/24/2052 EUR   62.991
Ministeries Van de V   1.0530    6/3/2050 EUR   55.683
Wirtschafts- und Inf   0.1380   8/23/2044 EUR   53.225
DLR Kredit A/S         1.0000   10/1/2053 DKK   69.792
Region de Bruxelles-   1.5280    4/5/2049 EUR   65.063
Autonomous Community   1.4420  10/26/2049 EUR   59.089
DZ Bank AG Deutsche    0.5300   7/26/2033 EUR   69.730
BNG Bank NV            1.7900   1/21/2049 EUR   74.639
Land Berlin            0.5000   6/19/2047 EUR   60.196
Canton of Neuchatel    0.3500   7/14/2050 CHF   65.313
Region de Bruxelles-   0.6400   7/20/2045 EUR   54.448
CDC Habitat SEM        1.1500   4/30/2037 EUR   72.214
Republic of Belarus    6.3780   2/24/2031 USD   32.833
Jyske Realkredit A/S   0.5000   10/1/2053 DKK   66.524
Societe Generale SA    0.8310  11/25/2031 EUR   71.563
Danske Bank A/S        0.9100  10/17/2039 JPY   70.747
German Pellets GmbH    7.2500  11/27/2019 EUR    1.495
Quintet Private Bank   3.6500  11/13/2023 EUR    7.500
UBS AG/London          9.2500   2/28/2024 USD    9.820
Municipality of Tilb   0.4700  11/14/2034 EUR   74.640
Muenchener Hypotheke   0.5500   2/18/2046 CHF   63.638
LFA Foerderbank Baye   0.2500   3/19/2037 EUR   68.238
Region of Pays de la   0.8770  10/28/2041 EUR   65.335
Proximus SADP          1.5000   5/14/2040 EUR   66.575
Banco Santander SA     1.0000   1/14/2034 EUR   71.173
Single Platform Inve   1.0500   6/25/2044 EUR   62.976
Ministeries Van de V   1.5640  11/12/2046 EUR   67.670
Region de Bruxelles-   1.8190   1/22/2048 EUR   72.532
Purple Protected Ass   1.5650  12/23/2060 EUR   64.170
Pfandbriefbank schwe   0.3750   9/23/2043 CHF   73.091
Luzerner Kantonalban   0.1500   10/7/2044 CHF   67.248
German Pellets GmbH    7.2500    4/1/2016 EUR    1.495
UBS AG                 9.0000   3/31/2023 USD   50.100
Erste Jelzalogbank z   2.5000  10/22/2028 HUF   70.870
Free and Hanseatic C   0.3000   9/16/2050 EUR   49.749
Region de Bruxelles-   1.3100  12/15/2069 EUR   49.710
State of Lower Austr   0.8150   9/22/2056 EUR   49.870
Erste Group Bank AG    0.7700  11/13/2033 EUR   72.511
Societe Du Grand Par   1.1490    4/8/2069 EUR   49.690
Swissgrid AG           0.2000   6/29/2040 CHF   68.719
Erste Group Bank AG    0.8800   2/12/2035 EUR   71.842
Rena GmbH              8.2500   7/11/2018 EUR    0.054
Premium Green PLC      1.6300  12/30/2030 AUD   71.889
Portugal Telecom Int   5.2420   11/6/2017 EUR    0.694
Moby SpA               7.7500   2/15/2023 EUR   58.311
DZ HYP AG              1.3000   7/18/2041 EUR   70.782
Landesbank Hessen-Th   1.5000   7/26/2034 EUR   69.500
Wingholding Zrt        3.0000   9/22/2031 HUF   61.900
Banque Federative du   2.6871  10/23/2023 EUR   72.150
Region de Bruxelles-   1.0650   6/22/2047 EUR   59.020
Single Platform Inve   0.5230    5/7/2041 EUR   58.023
Banco Santander SA     2.2800   2/28/2039 EUR   73.280
Junta de Castilla y    1.2700  10/31/2044 EUR   62.014
Malta Government Bon   1.2000   5/13/2037 EUR   71.130
Tonon Luxembourg SA    9.2500   1/24/2020 USD    0.500
State of North Rhine   1.9600   1/24/2079 EUR   73.981
Intelsat Jackson Hol   8.5000  10/15/2024 USD    0.494
Grupo Isolux Corsan    1.0000  12/30/2021 EUR    0.157
Regie Autonome des T   0.8750   8/18/2080 EUR   38.199
Harp Issuer PLC        1.3997   2/14/2032 USD   70.574
Communaute Francaise   0.5840   9/17/2039 EUR   60.455
SALVATOR Vermoegensv   9.5000             EUR    7.900
HPI AG                 3.5000             EUR    0.501
BNP Paribas SA         0.5000  11/16/2032 MXN   34.228
Jyske Realkredit A/S   0.5000   10/1/2050 DKK   68.801
Sveriges Sakerstalld   1.3775   7/13/2046 SEK   66.833
ING Bank NV            2.9000   6/23/2051 USD   68.337
State of Saxony-Anha   0.4750   9/30/2050 EUR   54.751
Ile-de-France Mobili   1.2000    4/8/2050 EUR   59.384
Muenchener Hypotheke   1.3000    5/7/2061 EUR   62.942
EnBW International F   2.0800   1/21/2041 EUR   67.253
Region de Bruxelles-   1.7500   1/17/2048 EUR   69.840
ING Bank NV            0.1820   4/21/2033 EUR   74.787
Region Nouvelle-Aqui   0.4390  11/22/2033 EUR   74.725
BNP Paribas SA         1.3950   2/12/2035 EUR   73.686
Republic of Austria    0.1000   7/10/2040 EUR   60.516
Getin Noble Bank SA   11.9900   7/28/2023 PLN   32.685
Deutsche Bank AG       0.6870  10/11/2049 EUR   44.930
HYPO NOE Landesbank    1.6050   8/23/2046 EUR   74.297
Region de Bruxelles-   0.5620  12/23/2065 EUR   35.011
New World Resources    4.0000   10/7/2020 EUR    0.018
National Treasury Ma   1.5600   2/16/2122 EUR   59.352
Single Platform Inve   0.8350  10/14/2061 EUR   48.661
BNP Paribas Issuance   3.3000    7/1/2030 EUR   66.890
NRW Bank               1.2450   11/4/2051 EUR   67.528
Province of Brescia    1.2120   6/30/2036 EUR   74.463
Cooperatieve Raboban   0.5000   1/31/2033 MXN   37.867
PJSC Koks via IMH Ca   5.9000   9/23/2025 USD    7.483
Single Platform Inve   0.9150   2/15/2043 EUR   63.295
United Kingdom Gilt    1.1250   1/31/2039 GBP   68.042
SNCF Reseau            1.4250   8/14/2119 EUR   40.646
Single Platform Inve   1.6000   3/23/2038 EUR   74.532
Department of Girond   0.8460   4/29/2039 EUR   67.320
Raiffeisen Bank Inte   0.3700    2/3/2033 EUR   64.500
Single Platform Inve   1.0000    7/8/2034 EUR   72.702
State of North Rhine   1.4670   6/12/2045 EUR   74.452
Agrokor dd Via Aquar   4.9210    8/8/2017 EUR   14.625
Premium Green PLC      1.6300  12/30/2030 AUD   71.889
Credit Bank of Mosco   4.7000   1/29/2025 USD   25.796
Vajda-Papir Gyarto K   3.5000  11/16/2030 HUF   68.900
DZ Bank AG Deutsche    2.0000  12/29/2031 EUR   74.200
MOL Nyrt Kueloenlege   4.9500   1/26/2032 HUF   73.960
Kreditanstalt fuer W   1.2700   6/29/2051 EUR   70.047
DZ Bank AG Deutsche    1.0000   2/13/2042 EUR   68.423
Societa di Progetto    3.3750  12/31/2038 EUR   71.996
Depfa Funding III LP   2.0560             EUR   55.559
Kommunekredit          2.1800   7/16/2040 AUD   61.717
Credit Bank of Mosco   8.8750             USD   19.698
Vasakronan AB          1.7000   6/28/2044 EUR   59.144
Communaute Francaise   1.7600   1/26/2043 EUR   71.257
Stadt Graz             1.8238  10/31/2047 EUR   72.900
Unibail-Rodamco-West   2.0000   12/5/2033 EUR   73.369
MMC Norilsk Nickel O   2.5500   9/11/2025 USD   71.504
Grand Delta Habitat    1.5000    9/1/2049 EUR   64.308
Societe Wallonne de    0.8940  10/23/2045 EUR   51.634
Aareal Bank AG         1.7410   1/12/2045 EUR   71.346
Nederlandse Watersch   0.1900   11/2/2050 EUR   48.562
Communaute Francaise   1.5810   1/23/2120 EUR   48.745
Italy Buoni Polienna   1.7000    9/1/2051 EUR   59.461
Barclays Bank PLC     10.2000   2/16/2023 USD   48.900
VTB Bank PJSC          3.7500             EUR   30.000
Futureal Development   3.5000  11/16/2036 HUF   51.000
Anselma Issuer SA      2.1740  12/31/2038 EUR   51.580
Credit Suisse AG/Lon  20.0000  11/29/2024 USD   12.110
Caisse Francaise de    0.7260  10/29/2039 EUR   66.734
CDC Habitat SEM        0.8140   2/15/2040 EUR   64.555
Pfandbriefbank schwe   0.2500   4/25/2042 CHF   72.595
Prosus NV              1.9850   7/13/2033 EUR   71.130
Region de Bruxelles-   1.1440   1/14/2056 EUR   53.015
Agence Francaise de    1.6560    4/4/2054 EUR   73.971
Norddeutsche Landesb   1.6000    8/1/2039 EUR   67.266
Region Bretagne SCI    0.5440   12/7/2036 EUR   68.732
Regie Autonome des T   0.6400   8/13/2041 EUR   62.598
ING Bank NV            0.3350   4/21/2036 EUR   68.894
Nykredit Realkredit    1.0000   10/1/2050 DKK   73.140
Gebr Sanders GmbH &    8.7500  10/22/2018 EUR    9.375
Barclays Bank PLC      1.3820  11/27/2045 EUR   66.945
DekaBank Deutsche Gi   7.6500   3/10/2023 EUR   35.030
UniCredit Bank AG     15.0500   4/28/2023 EUR   40.590
Societe Generale SA   15.6000   8/25/2026 USD   41.500
MOL Hungarian Oil &    1.1000   9/22/2030 HUF   54.500
Hemso Fastighets AB    1.1300  10/31/2039 EUR   67.893
Agrokor dd             8.8750    2/1/2020 USD   15.000
A-TEC Industries AG    5.7500   11/2/2010 EUR    0.100
Centre Hospitalier U   0.4900   12/1/2036 EUR   68.183
BNG Bank NV            2.3000    3/3/2036 AUD   70.702
NRW Bank               1.1800    3/3/2051 EUR   68.763
Region Wallonne Belg   1.2250    9/2/2120 EUR   37.878
BPCE SA                2.2500   3/13/2040 AUD   51.721
Mondelez Internation   1.2500    9/9/2041 EUR   65.496
Lloyds Bank PLC        2.2800   1/29/2044 EUR   74.347
Assistance Publique    1.1830   4/16/2050 EUR   58.116
MFB Magyar Fejleszte   2.9000  10/22/2031 HUF   67.449
Intelsat Jackson Hol   9.7500   7/15/2025 USD    0.494
Kingdom of Belgium G   0.6750    7/7/2080 EUR   35.503
BNG Bank NV           10.0100   6/17/2025 TRY   60.501
Alfa-Bank AO          11.7500             RUB   89.950
Raiffeisen Schweiz G   8.3400    3/7/2023 EUR   64.300
niiio finance group    4.0000   5/31/2026 EUR   48.000
STAVMAT Epitoanyag K   3.0000   7/20/2031 HUF   68.200
Societe Nationale SN   1.4000   5/18/2120 EUR   38.029
Ukraine Government I  15.8400   2/26/2025 UAH   66.586
Bulgaria Government    1.3750   9/23/2050 EUR   56.659
DZ Bank AG Deutsche    2.2400   8/22/2034 USD   73.885
Region Provence-Alpe   0.6230  10/15/2035 EUR   71.631
NORD/LB Luxembourg S   0.5420   9/30/2037 EUR   67.175
Heta Asset Resolutio   7.5000  12/31/2023 ATS    1.580
Kingdom of Belgium G   1.1700   5/12/2121 EUR   41.023
Ukraine Government B   3.9000   10/5/2023 USD   65.476
Credit Bank of Mosco   7.5000   10/5/2027 USD   21.238
Nomura Bank Internat   1.1300   4/23/2036 EUR   65.977
Commerzbank AG         1.2000   2/25/2036 EUR   71.143
NRW Bank               0.5910   3/19/2040 EUR   68.997
Region de Bruxelles-   1.0400    5/3/2061 EUR   47.215
Premium Green PLC      1.6500   3/28/2031 AUD   71.008
Sibur Securities DAC   3.4500   9/23/2024 USD   60.775
Virgolino de Oliveir  10.8750   1/13/2020 USD   36.000
Banque International   1.0850  10/22/2040 EUR   63.939
Deutsche Telekom AG    3.5000    9/6/2039 AUD   72.738
SkyGreen Buildings K   3.0000  12/29/2030 HUF   63.700
Landesbank Hessen-Th   1.8000    7/7/2036 EUR   66.300
Ringkjoebing Landbob   1.1000  10/30/2035 EUR   68.812
Wirtschafts- und Inf   0.6500    2/8/2039 EUR   70.189
BPCE SFH SA            1.2285   4/12/2049 EUR   66.616
Muenchener Hypotheke   0.6200   7/22/2033 EUR   70.680
Wirtschafts- und Inf   0.1010    9/8/2033 EUR   73.600
NRW Bank               1.2350  12/16/2061 EUR   61.936
Vasakronan AB          1.0000   6/15/2041 EUR   44.022
Caisse des Depots et   2.9400    3/2/2051 AUD   67.065
ING Groep NV           0.9750   2/14/2034 EUR   72.476
Turkey Government In   5.7500   5/11/2047 USD   65.311
Autonomous Community   1.6460   7/30/2060 EUR   53.976
Societe Nationale SN   2.4570  12/23/2050 USD   63.738
Hemso Fastighets AB    2.6150  11/30/2043 EUR   74.343
Ville de Paris         0.8310   2/23/2056 EUR   45.821
Uliving@Essex Issuer   0.1000   8/31/2058 GBP   73.006
Region de Bruxelles-   1.8100   3/22/2053 EUR   67.946
Alfa Bank AO Via Alf   5.5000  10/26/2031 USD    3.455
Single Platform Inve   0.9500   7/25/2047 EUR   59.501
Regie Autonome des T   0.9380   5/25/2050 EUR   54.524
Norske Skog Holding    8.0000   2/24/2021 EUR    0.006
KTG Agrar SE           7.2500  10/15/2019 EUR    2.001
Communaute Francaise   1.3670   1/20/2070 EUR   59.555
Vasakronan AB          2.0500   5/28/2044 EUR   64.102
Batigere Grand Est S   1.8000   8/12/2050 EUR   68.420
Societe Du Grand Par   1.9550   4/16/2069 EUR   65.942
State of North Rhine   1.6410   8/11/2066 EUR   67.968
Swissgrid AG           0.1250   6/30/2036 CHF   74.003
Russian Federal Bond   0.2500   7/20/2044 RUB   10.000
Barclays Bank PLC      1.7500   9/29/2032 USD   71.087
Kreditanstalt fuer W   0.6130   6/10/2040 EUR   63.380
Region Wallonne Belg   1.1650   6/29/2059 EUR   52.795
State of Lower Austr   0.5850  10/11/2049 EUR   51.816
Minicentrales Dos SA   0.0100    6/6/2047 EUR   66.105
Landesbank Hessen-Th   1.3700   9/22/2031 EUR   73.071
Kreditanstalt fuer W   1.2080   6/17/2051 EUR   70.943
Kommunekredit          2.2000   9/27/2041 AUD   63.600
CDC Habitat SEM        1.0430   5/12/2036 EUR   71.936
NRW Bank               0.4200    2/8/2039 EUR   66.507
Norddeutsche Landesb   1.2800    9/2/2039 EUR   64.452
AB Financial Product   2.4680   7/30/2040 EUR   62.269
Spain Government Bon   1.0000   7/30/2042 EUR   63.512
Kreditanstalt fuer W   1.2010   9/13/2051 EUR   68.334
Caisse des Depots et   0.8200   3/10/2050 EUR   53.585
Communaute Francaise   1.7870   6/14/2044 EUR   71.147
Ministeries Van de V   1.8740   3/28/2058 EUR   65.149
Single Platform Inve   1.6100   2/15/2043 EUR   73.227
Premium Green PLC      1.6100   9/30/2030 AUD   72.524
BNP Paribas SA         3.7000   10/4/2039 AUD   63.857
Prosus NV              2.0310    8/3/2032 EUR   73.778
Pescanova SA           8.7500   2/17/2019 EUR    0.319
State of Saxony-Anha   1.2230    5/4/2046 EUR   68.651
DekaBank Deutsche Gi   0.4000   1/29/2035 EUR   73.748
Bank Vontobel AG      18.0056   5/24/2023 EUR   15.900
GTC Magyarorszag Zrt   2.6000   3/17/2031 HUF   68.490
Batigere Grand Est S   1.6100  10/23/2040 EUR   71.384
Region Wallonne Belg   1.1500    9/2/2120 EUR   35.776
Nomura Bank Internat   1.1380  12/19/2039 EUR   57.947
Spain Government Bon   1.2000  10/31/2040 EUR   68.177
ING Bank NV            2.2500   2/26/2036 USD   73.657
Region Occitanie       0.7660   10/7/2041 EUR   62.130
Kommunalkredit Austr   0.5700   9/15/2037 EUR   67.525
Caisse des Depots et   1.0000   2/26/2051 EUR   56.307
Region of Pays de la   0.5700   3/10/2036 EUR   68.745
Communaute Francaise   0.7490   9/16/2080 EUR   49.639
Serbia Treasury Bond   2.3000   3/18/2047 EUR   62.772
Kreditanstalt fuer W   1.0870   1/21/2050 EUR   68.868
Landesbank Hessen-Th   0.6500  10/18/2034 EUR   68.704
Pfandbriefzentrale d   0.0500   10/6/2043 CHF   67.527
Veneto Banca SpA       6.9500   2/25/2025 EUR    0.711
Ville de Paris         2.0170   5/25/2052 EUR   70.696
BNG Bank NV            1.6270   4/25/2046 EUR   70.320
Societe Generale SA   25.2600  10/30/2025 USD   15.370
Duna House Holding N   3.0000    9/2/2030 HUF   74.810
Veragold Mining Co G   5.0000  12/31/2025 EUR   90.000
OTP Munkavallalok I    4.5000   7/14/2031 HUF   72.120
Wellis Magyarorszag    3.0000   2/26/2031 HUF   68.667
Landesbank Hessen-Th   1.8500   6/16/2036 EUR   66.000
Hypo Vorarlberg Bank   0.5700   8/26/2030 EUR   73.713
Santander Internatio   1.7000  12/12/2049 EUR   44.598
Republic of Ireland    0.7400   9/22/2078 EUR   42.837
Kommunalkredit Austr   1.0550   10/6/2031 EUR   69.743
Morgan Stanley & Co    1.1050   6/18/2041 EUR   60.989
Caisse des Depots et   1.8150    8/8/2048 EUR   71.745
Region de Bruxelles-   1.8000   8/17/2048 EUR   71.051
Heta Asset Resolutio   5.9200  12/31/2023 EUR    1.563
Region de Bruxelles-   0.5920  12/10/2061 EUR   40.004
Region Wallonne Belg   2.0570  10/19/2043 EUR   74.512
SAir Group             5.1250    3/1/2003 CHF   12.294
Region Provence-Alpe   0.3940    9/1/2036 EUR   67.722
Slovakia Government    2.0000  10/17/2047 EUR   73.599
Parnassia Groep BV     1.2600   12/3/2046 EUR   69.873
Autonomous Community   1.6550  10/31/2050 EUR   62.131
Landesbank Hessen-Th   1.3830   3/28/2042 EUR   74.674
Romanian Government    2.1240   7/16/2031 EUR   73.079
Jyske Realkredit A/S   1.0000   10/1/2053 DKK   63.438
Department of Loiret   0.9150  11/23/2043 EUR   61.192
Communaute Francaise   0.7500    2/4/2061 EUR   41.962
Region Wallonne Belg   1.0000   6/22/2045 EUR   58.305
Single Platform Inve   0.8300    9/6/2041 EUR   62.201
Caisse des Depots et   1.3820   3/16/2045 EUR   65.992
Ville de Paris         0.7600   5/25/2066 EUR   38.239
Municipality of Arnh   0.4600   9/20/2049 EUR   53.096
Societe Wallonne de    0.9040  10/23/2047 EUR   50.473
Credit Suisse AG/Nas   3.7500  10/20/2036 USD   73.356
Officine Maccaferri-   5.7500    6/1/2021 EUR   17.000
Deutsche Bank AG/Lon   0.5000  10/18/2038 MXN   17.159
Takarek Mortgage Ban   3.0000   1/28/2036 HUF   55.500
Leonteq Securities A  11.0000   4/28/2023 CHF   68.830
Nestle Hungaria Kft    1.7500   5/31/2028 HUF   69.500
Landesbank Hessen-Th   1.0000   6/12/2035 EUR   72.900
Royal Schiphol Group   2.8900  10/25/2034 AUD   71.095
Single Platform Inve   1.1555   2/12/2041 EUR   66.573
Espirito Santo Finan   5.0500  11/15/2025 EUR    0.622
Vasakronan AB          1.3100  12/10/2040 EUR   47.906
Kreditanstalt fuer W   0.9900   2/12/2051 EUR   65.598
Muenchener Hypotheke   0.2500  10/31/2044 CHF   68.201
Municipality of Arnh   0.6050   2/24/2040 EUR   66.979
Danske Bank A/S        1.0700   8/23/2038 JPY   75.727
Aareal Bank AG         0.3800   9/16/2031 EUR   71.057
Single Platform Inve   0.8850   7/24/2036 EUR   68.808
Land Thueringen        0.3750  11/14/2034 EUR   73.932
Kreditanstalt fuer W   1.1151   5/17/2041 EUR   68.810
Wirtschafts- und Inf   0.4000  11/23/2039 EUR   65.533
DekaBank Deutsche Gi   1.5850  12/28/2035 EUR   64.977
Barclays Bank PLC      7.8300   7/26/2038 MXN   67.029
Societe Du Grand Par   2.1450  11/26/2068 EUR   70.209
Standard Chartered B   2.1400   1/29/2036 USD   72.746
NRW Bank               0.6000   1/28/2051 EUR   53.657
Kingdom of Belgium G   1.6000   6/22/2047 EUR   72.707
Communaute Francaise   1.9250   4/18/2059 EUR   67.620
Caisse des Depots et   1.0150   7/22/2050 EUR   56.826
Societe Wallonne de    0.9480  10/23/2051 EUR   48.982
State of Hesse         0.4500   9/23/2044 EUR   59.885
Region de Bruxelles-   1.2500   1/10/2060 EUR   52.751
Elli Investments Ltd  12.2500   6/15/2020 GBP   52.250
Region Wallonne Belg   0.1500   5/10/2035 EUR   67.053
SiC Processing GmbH    7.1250    3/1/2016 EUR    0.659
State of Mecklenburg   0.2390  11/17/2070 EUR   37.698
WEB Windenergie AG     2.2500   9/25/2028 EUR    0.010
Nordea Bank Abp        0.6200  10/14/2026 SEK   56.370
Leonteq Securities A  20.0000   2/14/2023 USD   49.980
Credit Suisse AG/Lon  17.2500   2/21/2023 USD   69.000
Nederlandse Watersch   0.9960   11/4/2049 EUR   63.159
United Kingdom Gilt    0.6250  10/22/2050 GBP   45.986
Republic of Ireland    1.2500   10/8/2121 EUR   48.925
SAir Group             4.2500    2/2/2007 CHF   11.343
Banco Santander SA     0.7900   9/30/2031 EUR   74.774
Caisse des Depots et   1.9000   5/17/2047 EUR   73.156
Landeskreditbank Bad   1.2360   5/22/2045 EUR   70.478
Single Platform Inve   1.8500   2/15/2041 NOK   67.841
Kommunekredit          1.3750   5/18/2046 SEK   68.990
Nomura Bank Internat   1.4500  12/10/2041 EUR   63.229
Single Platform Inve   2.0850   1/24/2044 NOK   73.678
Hypo Vorarlberg Bank   1.0220   7/31/2034 EUR   67.610
Deutsche Bank AG/Lon  12.7800   3/16/2028 TRY   52.720
Assistance Publique    1.0730   4/16/2045 EUR   61.831
Alliander NV           1.1250    4/8/2035 EUR   74.597
DZ Bank AG Deutsche    1.8400  12/21/2048 EUR   71.818
Kuntarahoitus Oyj      0.4475   3/19/2040 EUR   59.596
Single Platform Inve   0.8030   3/20/2041 EUR   61.921
Hungary Government B   3.0000   4/25/2041 HUF   55.434
Region de Bruxelles-   0.5400   9/13/2044 EUR   54.214
NTRP Via Interpipe L  10.2500    8/2/2017 USD   25.476
Landesbank Hessen-Th   0.8500  10/17/2034 EUR   70.517
Deutsche Pfandbriefb   3.1000    9/7/2046 USD   68.369
Region de Bruxelles-   0.5560  12/23/2064 EUR   35.368
Nederlandse Watersch   0.9640   6/11/2059 EUR   57.643
Landeskreditbank Bad   1.8620    4/6/2062 EUR   74.489
Hungary Government I   1.5000  11/17/2050 EUR   53.304
SpareBank 1 SMN        0.1900   11/6/2030 EUR   72.512
Elli Finance UK PLC    8.7500   6/15/2019 GBP   60.435
Norske Skogindustrie   7.0000  12/30/2026 EUR    0.010
Rosbank PJSC           0.0400   4/30/2024 RUB   60.050
Raiffeisen Bank Inte   7.5000    9/1/2023 EUR   44.440
Banque Cantonale Vau  12.3600   6/27/2023 CHF   71.020
Raiffeisenlandesbank   0.2000    6/9/2036 EUR   66.360
Credit Suisse AG/Lon  19.0000   3/15/2023 USD   72.700
Pongs & Zahn AG        8.5000   11/1/2014 EUR    0.003
Barclays Bank PLC      2.7300   9/27/2024 EUR   56.530
Norske Skogindustrie   7.1250  10/15/2033 USD    0.010
Batigere Grand Est S   1.7090   11/4/2042 EUR   70.591
Lehman Brothers Trea   4.8694   10/5/2035 EUR    0.100
Espirito Santo Finan   5.0500  11/15/2025 EUR    0.622
Cooperatieve Raboban   0.5000  12/29/2027 MXN   61.110
Region of Centre-Val   0.7120   12/3/2039 EUR   64.573
Norddeutsche Landesb   0.7000   3/12/2036 EUR   63.275
Hypo Vorarlberg Bank   1.0200   7/15/2041 EUR   57.151
Norddeutsche Landesb   1.3500  10/20/2038 EUR   66.415
Landesbank Hessen-Th   1.0000   4/28/2036 EUR   69.112
Bayerische Landesban   0.7700   6/18/2032 EUR   72.219
Kreditanstalt fuer W   0.9800   6/28/2051 EUR   65.983
Kreditanstalt fuer W   1.2670   3/22/2051 EUR   71.652
Comunidad Foral de N   1.4500    5/8/2040 EUR   69.783
Kuntarahoitus Oyj      1.2000   7/21/2061 EUR   64.790
Kreditanstalt fuer W   0.8155  12/19/2050 EUR   55.671
Natixis SA             0.3000   6/25/2048 USD   30.863
La Financiere Atalia   5.1250   5/15/2025 EUR   67.258
Citigroup Global Mar   0.3000   2/12/2031 EUR   73.322
United Utilities Wat   0.3590   10/5/2048 GBP   65.961
Romanian Government    3.3750    2/8/2038 EUR   71.368
Kreditanstalt fuer W   0.8300   12/9/2050 EUR   64.769
State of Brandenburg   0.0500   2/28/2033 EUR   74.133
Ukraine Government I  12.5200   5/13/2026 UAH   56.408
Uliving@Essex2 Issue   0.1000   8/31/2063 GBP   68.618
Caisse des Depots et   3.0000   11/8/2051 AUD   67.573
Credit Agricole SA     3.7500    6/9/2040 AUD   68.082
Kreditanstalt fuer W   1.0000  10/20/2050 EUR   66.097
Veneto Banca SpA       6.4110             EUR    0.345
Credit Agricole Corp   2.1050  10/22/2035 USD   68.351
Societe Du Grand Par   1.9230   5/25/2066 EUR   60.984
Caisse Francaise de    0.5100  11/19/2040 EUR   63.260
Vasakronan AB          1.7700  10/26/2033 NOK   73.017
Natixis SA             3.2100   1/29/2050 AUD   63.890
UkrLandFarming PLC    10.8750   3/26/2018 USD    1.784
Kuntarahoitus Oyj      1.1550  11/19/2060 EUR   57.701
Dr Wiesent Sozial gG   7.0000             EUR    0.002
Landesbank Hessen-Th   1.5000   1/20/2037 EUR   64.100
SG Issuer SA           0.2625   2/20/2025 EUR   21.360
T-Centrum CZ AS       11.8900  10/30/2024 CZK   69.000
Takarek Mortgage Ban   1.7500  12/22/2026 HUF   72.800
Societe Generale SA   16.0000    1/3/2024 USD   53.750
Credit Suisse AG/Lon   4.4500   6/28/2023 USD    9.350
Credit Suisse AG/Lon   4.5300   7/12/2023 USD    8.620
Assistance Publique    1.6650   4/10/2049 EUR   67.188
Agrokor dd             9.1250    2/1/2020 EUR   15.000
DAH Holding GmbH       7.2500   9/28/2018 EUR    0.718
Commerzbank AG         1.2190  12/12/2039 EUR   64.947
Autonomous Community   1.2550  10/31/2048 EUR   56.620
BNP Paribas SA         3.7500   6/12/2040 AUD   71.896
Grand Delta Habitat    1.5000    6/2/2045 EUR   66.119
Hypo Vorarlberg Bank   0.7410  10/16/2036 EUR   60.782
NRW Bank               1.2110  10/18/2045 EUR   69.962
Single Platform Inve   3.0000   6/21/2047 USD   72.202
Morgan Stanley & Co    3.4700   1/27/2042 AUD   72.351
KPNQwest NV           10.0000   3/15/2012 EUR    0.680
Ville de Paris         1.1650    6/9/2053 EUR   54.256
Deutsche Pfandbriefb   0.7100   9/10/2031 EUR   70.653
Landesbank Baden-Wue   0.9000  11/22/2034 EUR   71.527
Senvion Holding GmbH   3.8750  10/25/2022 EUR    0.203
Aktia Bank Oyj         0.8500  12/21/2040 EUR   63.450
Kuntarahoitus Oyj      0.8580   2/22/2051 EUR   65.434
Banque International   1.0000   2/18/2036 EUR   68.918
Caisse des Depots et   0.9450   5/19/2051 EUR   55.628
BPCE SFH SA            1.5860    2/1/2047 EUR   73.121
Region de Bruxelles-   1.8130   1/22/2048 EUR   71.948
Denmark Government B   0.2500  11/15/2052 DKK   55.122
Autonomous Community   1.9500   5/24/2041 EUR   73.551
Societe Generale SA    1.2900  12/19/2034 EUR   73.319
Region de Bruxelles-   0.9100   1/31/2053 EUR   50.376
Peine GmbH             2.0000    7/5/2023 EUR   44.500
Pescanova SA           5.1250   4/20/2017 EUR    0.319
Oberoesterreichische   0.2850   11/6/2042 EUR   57.953
Sequa Petroleum NV     5.0000   4/29/2020 USD   30.250
Bayerische Landesban   1.5000   7/14/2036 EUR   71.127
Credit Suisse AG/Lon  18.0000    5/4/2023 USD   71.210
Vontobel Financial P   6.0000   3/24/2023 EUR   70.290
Landesbank Hessen-Th   1.5000   8/23/2034 EUR   69.300
Sberbank of Russia P   0.0100  11/13/2026 TRY   67.710
MOL Nyrt Kueloenlege   4.9500   1/26/2032 HUF   73.960
Duna Aszfalt Ut Es M   2.9900  10/17/2029 HUF   61.000
UniCredit Bank AG      3.5000   2/13/2023 EUR   52.270
Single Platform Inve   1.1650    6/6/2046 EUR   63.498
Natixis SA             2.9500  10/28/2034 AUD   72.503
Municipality of Leva   0.7500  11/17/2036 EUR   70.193
Republic of Ireland    1.3200  11/28/2119 EUR   42.174
Region de Bruxelles-   0.6500   2/15/2061 EUR   39.711
Landesbank Baden-Wue   0.3270    5/7/2038 EUR   64.683
Region Auvergne-Rhon   0.2500  10/23/2034 EUR   70.723
NRW Bank               1.0850  10/26/2041 EUR   71.280
Cerruti Finance SA     6.5000   7/26/2004 EUR    2.058
Vasakronan AB          2.4000   6/20/2044 SEK   69.446
Regie Autonome des T   1.0700   4/28/2050 EUR   56.550
Kreditanstalt fuer W   0.8900   3/10/2041 EUR   70.129
Vasakronan AB          0.9500   3/22/2039 JPY   70.772
Cooperatieve Raboban   1.4850    9/3/2041 EUR   74.649
Muenchener Hypotheke   1.0000    5/7/2035 EUR   74.323
Norddeutsche Landesb   0.6750   2/25/2033 EUR   70.596
State of Hesse         0.3750    4/9/2040 EUR   61.590
Kuntarahoitus Oyj      1.4490    3/1/2061 EUR   71.134
ING Bank NV            2.8300   9/28/2051 USD   67.075
Sanctuary Capital PL   2.4812  11/12/2037 GBP   73.250
Batigere Grand Est S   1.6000  11/14/2039 EUR   72.712
La Veggia Finance SA   7.1250  11/14/2004 EUR    0.287
Single Platform Inve   1.1800    4/1/2039 EUR   68.715
Caisse des Depots et   0.9155   1/20/2051 EUR   56.983
Credit Agricole Corp   0.7200   5/10/2033 EUR   72.046
Italy Buoni Polienna   0.1500   5/15/2051 EUR   64.249
Caisse des Depots et   1.9300   1/22/2048 EUR   72.859
BNG Bank NV            0.6300   7/11/2067 EUR   44.164
Communaute Francaise   1.9720   9/25/2050 EUR   71.293
Agence France Locale   0.3300  12/20/2040 EUR   59.856
Lloyds Banking Group   0.9950   2/15/2038 JPY   73.863
Specialfastigheter S   1.1200   2/19/2044 SEK   59.516
Assistance Publique    1.1250   4/16/2047 EUR   60.354
Muenchener Hypotheke   0.1000   8/14/2034 EUR   70.628
Region de Bruxelles-   0.2560   2/26/2035 EUR   68.856
Commerzbank AG         1.0460  12/18/2034 EUR   71.056
City of Zurich Switz   0.4000  11/21/2046 CHF   72.631
Communaute Francaise   1.3630   4/16/2040 EUR   69.195
BNP Paribas SA         1.0000   1/23/2040 MXN   20.491
Hypo Vorarlberg Bank   1.0200   1/17/2035 EUR   66.407
DZ Bank AG Deutsche    0.7000   11/2/2035 EUR   69.085
DZ Bank AG Deutsche    0.7000  10/16/2034 EUR   70.871
LFA Foerderbank Baye   0.0500   9/29/2034 EUR   70.828
State of North Rhine   1.2670   9/16/2051 EUR   67.423
SpareBank 1 SR-Bank    0.9700   10/9/2040 EUR   59.747
ABN AMRO Bank NV       1.0700    3/3/2041 EUR   71.080
Bilt Paper BV         10.3600             USD    1.245
Kommunekredit          0.8690  11/12/2043 SEK   63.414
SNCF Reseau            2.6220   9/24/2049 USD   69.990
Assistance Publique    2.0000   5/25/2053 EUR   70.299
Senivita Social Esta   8.5000   6/30/2025 EUR    0.020
Societe Generale SA   21.0000   10/3/2023 USD    7.150
SunDell Estate Nyrt    3.2500  11/12/2030 HUF   68.000
Credit Suisse AG/Lon   2.5000   7/23/2025 SEK   23.070
Credit Suisse AG/Lon   6.9000   3/20/2023 USD    2.190
Landesbank Baden-Wue   7.0000   4/28/2023 EUR   70.600
Landesbank Hessen-Th   0.5000    8/9/2034 EUR   75.000
Anselma Issuer SA      1.5740  12/31/2038 EUR   52.730
Batigere Grand Est S   1.5500  11/14/2039 EUR   71.714
Single Platform Inve   0.8800   1/15/2040 EUR   65.399
Assistance Publique    1.0990    4/6/2071 EUR   42.192
Minicentrales Dos SA   0.0100    6/6/2047 EUR   59.467
Ukraine Government B   3.7000   6/22/2023 USD   74.219
Kreditanstalt fuer W   0.6985  10/20/2036 EUR   74.422
Kreditanstalt fuer W   0.8260  10/22/2041 EUR   69.648
Single Platform Inve   0.9300    7/2/2041 EUR   64.045
National Grid Electr   2.0370   2/15/2039 EUR   74.108
Region Wallonne Belg   1.5500   4/28/2120 EUR   48.694
Department of Bouche   0.5430  12/15/2034 EUR   73.187
Societe Generale SFH   0.5700   3/15/2036 EUR   71.980
State of Saarland      0.5000   3/15/2051 EUR   54.182
Single Platform Inve   1.2325   6/25/2044 EUR   67.335
BNP Paribas SA         1.1500  11/20/2034 EUR   73.923
HSBC Bank PLC         10.3000  12/20/2024 TRY   69.180
Republic of Austria    0.7000   4/20/2071 EUR   45.938
Thomas Cook Group PL   6.2500   6/15/2022 EUR    0.305
Meta Wolf AG           6.7500   3/10/2005 DEM    0.114
Land Thueringen        1.1000    7/3/2047 EUR   67.816
Credit Suisse AG/Lon   0.8750   5/21/2031 EUR   68.246
Credit Agricole Corp  11.1900   3/12/2027 TRY   60.274
Caisse des Depots et   1.0180   2/16/2051 EUR   56.645
Credit Agricole Corp   2.4000   5/17/2048 EUR   57.118
BNG Bank NV            0.7993   7/25/2039 EUR   69.843
Bayerische Landesban   3.1800   2/16/2038 EUR   68.650
French Republic Gove   1.5000   5/25/2050 EUR   70.731
Region Provence-Alpe   0.3930   8/26/2036 EUR   68.074
Landesbank Hessen-Th   0.6000   2/18/2036 EUR   65.304
Credit Agricole Corp  10.8000   3/24/2026 TRY   65.809
Wirtschafts- und Inf   0.1920   1/28/2042 EUR   57.615
Belfius Bank SA        0.1900   1/28/2031 EUR   74.815
Hungary Government B   4.0000   4/28/2051 HUF   58.901
Caisse des Depots et   1.5400  10/25/2046 EUR   67.623
PA Resources AB       13.5000    3/3/2016 SEK    0.124
United Utilities Wat   1.4740   8/24/2031 USD   71.477
Italy Buoni Polienna   2.4500    9/1/2050 EUR   71.304
BNP Paribas SA         3.5800   7/23/2040 AUD   70.298
Single Platform Inve   1.1100   1/22/2040 EUR   66.936
Communaute Francaise   1.1400   9/20/2059 EUR   50.232
Bulgaria Steel Finan  12.0000    5/4/2013 EUR    0.216
ECM Real Estate Inve   5.0000   10/9/2011 EUR   15.375
State of North Rhine   1.4910   8/23/2066 EUR   64.903
Steilmann SE           6.7500   6/27/2017 EUR    2.184
Dolphin Drilling ASA   4.4900   8/28/2019 NOK    0.644
Banco Espirito Santo  10.0000   12/6/2021 EUR    0.110
SAG Solarstrom AG      7.5000   7/10/2017 EUR   31.000
Vajda-Papir Gyarto K   3.5000   5/17/2031 HUF   71.200
Credit Suisse AG/Lon   1.0000  12/20/2027 EUR #N/A N/A
MOL Hungarian Oil &    1.9000   4/12/2031 HUF   58.200
UniCredit Bank AG      6.6000   7/20/2028 EUR   34.480
Credit Suisse AG/Lon   1.5200  12/20/2030 EUR   74.149
Republic of Ireland    1.2100  10/27/2111 EUR   47.145
Landesbank Baden-Wue   0.1500   8/11/2031 EUR   74.154
Ville de Paris         0.9630    6/8/2050 EUR   54.730
Barclays Bank PLC      3.1000  12/13/2044 AUD   61.495
Landesbank Hessen-Th   0.9500   6/11/2035 EUR   70.294
Deutsche Bank AG       0.7000   10/7/2031 EUR   73.441
Sidetur Finance BV    10.0000   4/20/2016 USD    0.770
Region de Bruxelles-   0.6580    1/7/2041 EUR   61.134
UBS AG/London          3.3270  11/23/2025 EUR   58.500
Norddeutsche Landesb   1.5700    9/9/2038 EUR   68.106
NatWest Markets PLC    1.2500   12/4/2034 EUR   70.182
Natixis SA             2.9200    9/5/2039 AUD   65.843
HSBC Bank PLC         10.3000  12/10/2024 TRY   69.441
Aktia Bank Oyj         1.0500    9/9/2041 EUR   65.851
Cooperatieve Raboban   1.8500   3/29/2049 EUR   62.925
Intelsat Jackson Hol   9.7500   7/15/2025 USD    0.494
Aareal Bank AG         1.0680   2/18/2050 EUR   64.730
Oberoesterreichische   0.6000   5/26/2031 EUR   74.807
Region Wallonne Belg   1.2500   4/30/2055 EUR   53.863
Kreditanstalt fuer W   1.2080   3/10/2051 EUR   70.718
Santander Internatio   1.3200    8/8/2039 EUR   66.926
Single Platform Inve   1.4500   9/14/2040 EUR   70.912
LFA Foerderbank Baye   0.1600    1/2/2040 EUR   61.687
Kuntarahoitus Oyj      0.8150   2/24/2061 EUR   56.924
Department of L'Eure   0.6430   8/31/2041 EUR   60.646
Alfa Bank AO Via Alf   5.9000             USD    2.466
Kreditanstalt fuer W   0.9550    4/6/2040 EUR   72.612
Single Platform Inve   1.0000   7/15/2036 EUR   70.030
Republic of Ireland    1.1800   5/25/2087 EUR   52.608
Region de Bruxelles-   1.1000   5/25/2051 EUR   57.245
Single Platform Inve   1.8600   2/15/2041 NOK   68.022
Region Auvergne-Rhon   0.8050   7/26/2039 EUR   66.380
Santander Internatio   1.1000   12/7/2040 EUR   62.988
Region de Bruxelles-   0.5000   6/22/2040 EUR   60.299
Landesbank Baden-Wue   0.2900    8/6/2031 EUR   74.136
Credito Padano Banca   3.1000             EUR   34.893
Norddeutsche Landesb   0.6500   12/3/2031 EUR   74.366
Societe Nationale SN   2.5030   1/14/2041 AUD   65.909
BNP Paribas SA         1.4500  11/17/2041 EUR   69.366
Landesbank Hessen-Th   0.9500   2/12/2035 EUR   70.812
Credit Agricole Corp  10.2000    8/6/2026 TRY   61.885
Bayerische Landesban   0.8000  10/16/2036 EUR   64.173
Hypo Vorarlberg Bank   1.5200    7/8/2050 EUR   56.510
LBI ehf                7.4310             USD    0.001
Natixis SA             3.6300   6/14/2039 AUD   72.821
Single Platform Inve   1.6000   2/15/2041 EUR   72.966
Single Platform Inve   1.8650   2/15/2046 EUR   72.841
SAG Solarstrom AG      6.2500  12/14/2015 EUR   31.000
State of Bremen        0.9360   9/28/2046 EUR   66.586
Tonon Luxembourg SA   12.5000   5/14/2024 USD    2.680
Cie de Financement F   1.6300   5/26/2046 EUR   73.835
Communaute Francaise   1.1200   7/19/2038 EUR   68.795
Ukraine Government I   7.7500    9/1/2025 USD   21.769
Golfino AG             8.0000  11/18/2023 EUR    0.010
UBS AG/London          9.2500   5/24/2023 USD   73.350
Landesbank Hessen-Th   2.0000   3/16/2037 EUR   68.900
Vorosko Kereskedelmi   4.7500   1/25/2032 HUF   68.000
Hell Energy Magyaror   3.0000   7/28/2031 HUF   69.500
Landesbank Hessen-Th   1.3000    9/2/2036 EUR   63.550
Mercedes-Benz Manufa   1.5000   3/16/2027 HUF   70.000
Landesbank Hessen-Th   1.0000   4/30/2035 EUR   69.750
Kardan NV              6.3250   2/21/2021 ILS    3.000
Pannon Work Szemelyz   3.0000  10/30/2030 HUF   67.900
Cordia International   3.0000   7/27/2030 HUF   62.000
Pannonia Bio Ltd       2.4000   9/18/2029 HUF   67.590
Danske Bank A/S        5.3000   7/15/2023 SEK   40.380
Landwirtschaftliche    0.9840    2/4/2042 EUR   70.973
Deutschsprachige Gem   1.0040    7/1/2036 EUR   73.911
DZ HYP AG              0.2050    6/5/2040 EUR   58.720
Hellas Telecommunica   8.5000  10/15/2013 EUR    0.834
HSBC Bank PLC          0.5000  11/25/2025 BRL   70.361
Caisse des Depots et   0.6960   9/14/2040 EUR   63.279
Kuntarahoitus Oyj      1.1500   9/24/2051 EUR   68.256
DZ Bank AG Deutsche    0.6250   7/24/2031 EUR   74.624
Agence Francaise de    2.3020  10/25/2044 USD   64.883
Nomura Bank Internat   1.3800   1/19/2037 EUR   68.061
Region Auvergne-Rhon   1.0900    4/8/2037 EUR   74.015
Region Auvergne-Rhon   0.5430   9/28/2036 EUR   69.032
Centre Hospitalier R   0.8000   6/28/2041 EUR   63.022
Serbia Treasury Bond   2.2500   2/26/2041 EUR   68.136
DZ Bank AG Deutsche    0.5400  10/23/2031 EUR   73.774
Caisse des Depots et   1.9300    3/6/2048 EUR   73.686
Caisse des Depots et   1.6170   3/18/2049 EUR   68.330
Landesbank Hessen-Th   1.3000    6/4/2035 EUR   73.483
Credit Agricole Corp   9.4500    3/8/2027 TRY   56.059
State of North Rhine   1.9500   9/26/2078 EUR   71.899
Wirtschafts- und Inf   0.2000  12/14/2045 EUR   51.344
Credit Agricole Corp  15.0000   6/18/2026 TRY   73.335
Muenchener Hypotheke   1.5430  11/16/2048 EUR   74.021
Communaute Francaise   1.9170  12/14/2045 EUR   71.886
UniCredit Bank AG      1.1200   5/14/2057 EUR   63.735
HSBC Bank PLC          2.2300    9/6/2047 EUR   74.398
Kommunekredit          0.3420    9/1/2042 EUR   60.580
Department of Bouche   1.0680   5/21/2048 EUR   58.205
Landesbank Hessen-Th   1.1500   6/23/2036 EUR   70.496
Kreditanstalt fuer W   1.2710   5/20/2051 EUR   70.630
Saechsische Aufbauba   0.3000   2/18/2042 EUR   56.729
Communaute Francaise   1.3400    7/1/2054 EUR   57.806
Caisse des Depots et   1.9600    2/1/2048 EUR   73.362
NRW Bank               0.6500   7/20/2037 EUR   73.863
Region de Bruxelles-   1.5406   6/22/2057 EUR   59.801
HSBC Bank PLC          0.5000   6/23/2027 MXN   63.164
Kreditanstalt fuer W   1.0000   4/27/2041 EUR   71.454
Region Occitanie       0.7280  11/16/2037 EUR   67.800
Ville de Marseille     1.0790  11/19/2046 EUR   61.303
UniCredit Bank AG      0.0300   2/28/2033 EUR   72.548
Societe Nationale SN   2.9100   1/27/2051 AUD   65.865
Region Wallonne Belg   2.1675   7/26/2047 EUR   74.326
Landesbank Hessen-Th   1.0500   5/28/2036 EUR   69.542
DZ Bank AG Deutsche    0.8000   1/21/2041 EUR   66.364
Communaute Francaise   0.8860   6/22/2057 EUR   47.398
Marseille Provence M   1.0000   1/15/2038 EUR   71.845
Rio Forte Investment   4.7500  11/10/2015 EUR    3.311
Deutsche Apotheker-u   0.8000  12/21/2035 EUR   68.516
Grand Delta Habitat    1.5000    9/1/2047 EUR   56.310
Landesbank Hessen-Th   1.0500   7/30/2035 EUR   70.813
SAir Group             2.1250   11/4/2004 CHF   11.343
Department of Loiret   0.4780  10/30/2040 EUR   59.929
Kommunekredit          0.1000   9/30/2033 DKK   72.724
Kommunekredit          0.5000   7/30/2027 TRY   25.599
DZ Bank AG Deutsche    0.3500  11/10/2042 EUR   59.300
Caisse des Depots et   2.3450   1/29/2050 AUD   58.940
Bibby Offshore Servi   7.5000   6/15/2021 GBP   11.625
Credit Suisse AG/Lon   0.5000    1/8/2026 BRL   69.107
Federal Grid Co Unif   6.6000   10/2/2035 RUB   73.310
BNP Paribas Issuance   7.2000  12/17/2024 SEK   73.210
Skandinaviska Enskil   7.4500   1/15/2025 SEK   71.830
Skandinaviska Enskil   6.4000   1/15/2025 SEK   71.770
Pick Szeged Szalamig   2.0000   12/6/2029 HUF   64.910
Deutsche Bank AG/Lon  13.7500   6/20/2026 TRY   38.454
Skandinaviska Enskil   6.0000   1/15/2025 SEK   71.070
VTB Bank PJSC          7.6000    4/2/2031 RUB   67.150
Erste Group Bank AG   12.7500    2/4/2027 EUR   72.000
EFG International Fi   5.7000   2/24/2023 EUR   69.290
Citigroup Global Mar   1.8000  11/17/2036 EUR   63.670
BNP Paribas SA         1.2590   10/2/2023 USD   24.040
KESZ Holding Busines   2.8000   6/17/2031 HUF   70.000
Credit Suisse AG/Lon   8.7500    3/3/2023 USD   74.120
SG Issuer SA           2.1000   12/6/2033 EUR   46.180
Banque Cantonale Vau   5.0000   5/17/2023 CHF   31.520
Raiffeisen Switzerla   7.0500   5/22/2023 EUR   48.160
Nordea Bank Abp        4.6000   1/20/2029 SEK   69.875
Bayer Construct Epit   3.7000  10/21/2031 HUF   67.020
VTB Bank PJSC         10.0000             RUB   46.010
Baromfi-Coop Termelo   3.0000   7/19/2031 HUF   67.800
Gold-Zack AG           7.0000  12/14/2005 EUR    4.133
County of Bihor Roma   2.3200  12/15/2027 RON   60.010
Leonteq Securities A   0.0100  10/16/2023 EUR   69.190
Citigroup Global Mar   2.9300   9/15/2025 EUR   49.500
DZ Bank AG Deutsche    1.5983  10/11/2050 EUR   67.900
Assistance Publique    0.7500  11/30/2039 EUR   64.842
Region de Bruxelles-   1.4190   6/22/2045 EUR   68.202
Ville de Rennes        0.5050  10/22/2034 EUR   72.766
Landwirtschaftliche    0.4000   7/29/2036 EUR   71.195
Agrokor dd             9.1250    2/1/2020 EUR   15.000
Bayerische Landesban   0.9400   7/16/2032 EUR   74.598
Air Berlin Finance B   6.0000    3/6/2019 EUR    0.347
UBS AG/London          2.6300    9/3/2044 AUD   61.601
Wirtschafts- und Inf   0.2670   8/29/2044 EUR   55.845
Assistance Publique    0.4900   9/30/2040 EUR   60.236
Bayerische Landesban   1.8200   3/12/2031 EUR   73.605
Landeskreditbank Bad   1.0250    4/1/2061 EUR   57.992
ABN AMRO Bank NV       1.1710    4/4/2044 EUR   67.742
Communaute Francaise   1.0100   7/19/2051 EUR   53.785
Akademiska Hus AB      1.2520   2/13/2043 SEK   62.481
Swedbank AB            0.3500   9/22/2031 EUR   73.617
BPCE SFH SA            1.3900   3/11/2039 EUR   74.999
Vasakronan AB          2.2770   3/11/2039 EUR   60.117
Single Platform Inve   2.2300   3/17/2039 NOK   73.680
Assistance Publique    0.8000   3/23/2046 EUR   56.517
Region de Bruxelles-   0.7500   6/24/2042 EUR   60.177
Single Platform Inve   0.9320   6/15/2039 EUR   66.308
Norddeutsche Landesb   1.0000  10/13/2036 EUR   65.438
Landesbank Baden-Wue   0.5800    3/2/2033 EUR   72.049
Landesbank Baden-Wue   0.5800    3/2/2033 EUR   72.049
Societe Generale SA    1.0400   3/25/2041 EUR   62.325
Rikshem AB             3.2500   5/31/2041 AUD   67.115
Norddeutsche Landesb   0.7500   1/15/2032 EUR   74.484
Societe Generale SFH   0.3600   9/14/2033 EUR   74.850
Kreditanstalt fuer W   0.6930    2/8/2050 EUR   51.588
Norddeutsche Landesb   0.4000   4/15/2031 EUR   73.688
Landesbank Baden-Wue   0.1400  10/20/2031 EUR   73.713
Kreditanstalt fuer W   0.8800   12/7/2050 EUR   63.986
Deutsche Pfandbriefb   0.3200   12/9/2030 EUR   69.707
Barclays Bank PLC      1.4500   9/24/2038 MXN   25.047
SR-Boligkreditt AS     1.2520   12/2/2041 EUR   72.063
Nederlandse Watersch   1.6100   12/4/2052 EUR   72.959
Thomas Cook Finance    3.8750   7/15/2023 EUR    0.686
HSE Finance Sarl       7.5120  10/15/2026 EUR   55.214
Republic of Ireland    2.0000   6/29/2064 EUR   69.826
NRW Bank               0.6420    2/9/2051 EUR   58.849
Cooperatieve Raboban   2.2550   9/20/2047 EUR   70.527
Deutsche Pfandbriefb   1.8500   9/20/2032 EUR   75.055
Deutsche Bank AG/Lon  14.9000   5/30/2028 TRY   51.671
Caisse des Depots et   0.5705   2/18/2041 EUR   64.765
Deutsche Bank AG       0.6500    6/3/2031 EUR   73.841
Hemso Fastighets AB    3.0200   9/14/2048 SEK   70.215
Bayerische Landesban   0.3500  12/23/2030 EUR   74.597
Single Platform Inve   0.8400   6/20/2043 EUR   60.278
Santander Internatio   1.3650   1/28/2061 EUR   52.385
Single Platform Inve   1.0800   5/25/2066 EUR   51.228
Belfius Bank SA        1.2960   2/20/2040 EUR   73.527
Nederlandse Watersch   0.4360  10/22/2040 EUR   63.351
Batigere Grand Est S   1.5500   8/12/2041 EUR   69.729
Petromena ASA         10.8500  11/19/2018 USD    0.622
Assistance Publique    0.6470   7/17/2040 EUR   65.783
Caisse Francaise de    1.1100   9/21/2046 EUR   66.909
Banque Federative du   0.3760  10/15/2031 EUR   72.321
Astana Finance BV      7.8750    6/8/2010 EUR   16.000
Landesbank Hessen-Th   0.6100   4/12/2034 EUR   69.543
A-TEC Industries AG    2.7500   5/10/2014 EUR    0.100
Norddeutsche Landesb   0.8500   12/7/2035 EUR   65.186
BNP Paribas SA         0.5000   9/29/2029 AUD   70.208
Irish Bank Resolutio   4.0000   4/23/2018 EUR   33.250
Batigere Grand Est S   2.0300   5/29/2070 EUR   74.826
Communaute Francaise   1.1870   9/16/2069 EUR   55.186
Raiffeisenlandesbank   0.8100   9/18/2034 EUR   71.417
Caisse des Depots et   0.9300   11/9/2050 EUR   55.200
Hell Energy Magyaror   2.7000  12/18/2029 HUF   62.700
UBS AG/London         16.3000    1/8/2024 EUR   21.640
Credit Suisse AG/Lon   3.2143   10/6/2023 SEK    5.580
UBS AG/London          5.5200   4/29/2041 USD   48.720
DZ Bank AG Deutsche    0.7000   6/25/2031 EUR   74.340
Societe Generale SA    8.0000   5/28/2027 USD   40.860
Bank Julius Baer & C  13.5000    8/3/2023 CHF   66.100
UniCredit Bank AG      8.9000   8/31/2023 EUR   42.580
VTB Bank PJSC          0.0100    4/8/2026 RUB   72.010
UniCredit Bank AG      8.2000   3/30/2023 EUR   75.500
Bank Vontobel AG      10.5000   4/24/2023 EUR   45.100
Sibur Holding PAO      1.5000   10/2/2030 USD   63.752
Zurcher Kantonalbank  24.8000   4/12/2023 USD   40.320
4iG Nyrt               2.9000   3/29/2031 HUF   71.220
Leonteq Securities A   8.0000    3/1/2023 CHF   25.500
Landesbank Hessen-Th   4.8694   2/11/2037 EUR   66.300
Citigroup Global Mar  12.0000   2/13/2024 SEK   59.160
DZ Bank AG Deutsche    1.5983  10/11/2050 EUR   67.900
OOO SPV Structural I   0.0100    9/1/2023 RUB   66.740
BNP Paribas SA         1.1250   11/5/2034 EUR   72.477
Nederlandse Watersch   0.5010  10/24/2039 EUR   65.723
Credit Agricole Corp   2.8100  10/29/2034 AUD   73.283
Credit Agricole Corp   1.2800   12/5/2039 EUR   68.933
Kreditanstalt fuer W   0.9350  12/16/2039 EUR   72.151
Credit Bank of Mosco   7.1210   6/25/2024 USD   23.470
Single Platform Inve   1.0600    4/1/2042 EUR   65.677
BNG Bank NV            2.0000    9/5/2058 EUR   72.277
KPNQwest NV            8.8750    2/1/2008 EUR    0.680
Credit Suisse AG/Lon   3.2200    2/8/2032 AUD   71.117
Single Platform Inve   0.7800    4/1/2042 EUR   60.816
Deutsche Bank AG       0.7000    2/6/2032 EUR   74.579
Credit Suisse AG/Lon   2.0000   9/30/2030 USD   70.812
Land Thueringen        1.1270    4/2/2049 EUR   67.064
Liga Bank eG Regensb   0.6800   3/17/2036 EUR   69.718
Kommunalkredit Austr   1.1830    6/2/2031 EUR   71.054
Kreditanstalt fuer W   0.6500   2/24/2041 EUR   67.569
Single Platform Inve   0.7800   2/15/2040 EUR   63.079
Deutsche Pfandbriefb   0.6400   9/10/2030 EUR   73.360
Single Platform Inve   0.8700   6/20/2043 EUR   61.160
Assistance Publique    1.8100  11/17/2043 EUR   74.140
Landeskreditbank Bad   1.0170   3/15/2061 EUR   57.315
NRW Bank               1.0220  12/23/2041 EUR   70.999
DZ Bank AG Deutsche    1.2500   2/23/2037 EUR   74.500
Aareal Bank AG         0.3000  12/11/2030 EUR   72.412
Caisse des Depots et   1.7670   9/28/2048 EUR   70.928
Agence France Locale   0.5855   6/20/2034 EUR   73.513
Hypo Vorarlberg Bank   0.4000  12/22/2031 EUR   68.917
Caisse des Depots et   1.6300  12/28/2046 EUR   68.455
Berlin Hyp AG          0.1100   1/20/2031 EUR   74.772
Credit Agricole Corp   2.8000   2/23/2041 AUD   65.394
Raiffeisen-Landesban   1.5000   2/10/2061 EUR   58.976
Kreditanstalt fuer W   0.6800   2/23/2051 EUR   62.348
SG Issuer SA           2.7000  11/28/2034 ZAR   42.484
SG Issuer SA           3.3000   9/26/2034 ZAR   46.687
Wirtschafts- und Inf   0.2450   2/25/2036 EUR   68.978
Banque International   0.5300    9/2/2030 EUR   74.490
BNG Bank NV            0.6320   7/12/2066 EUR   44.847
Royal Schiphol Group   3.0900    7/1/2034 AUD   72.901
Caisse des Depots et   1.9450   9/27/2048 EUR   73.905
Region Wallonne Belg   0.8500   1/26/2071 EUR   39.067
Region de Bruxelles-   1.2860  12/17/2046 EUR   62.266
Opportunity SA/LU      0.4000  11/13/2030 EUR   73.474
HYPO NOE Landesbank    2.5000   3/10/2045 EUR   72.896
Credit Suisse AG/Lon   3.8800  10/31/2036 USD   69.408
Vasakronan AB          1.8700    6/3/2039 EUR   55.342
Agence France Locale   0.5500   6/20/2040 EUR   63.483
LR Realkredit AS       0.5000   10/1/2050 DKK   67.889
Caisse Francaise de    1.1410   9/21/2046 EUR   67.535
State of Hesse         0.1000   10/1/2037 EUR   64.619
Espirito Santo Finan   5.1250   5/30/2016 EUR    0.528
Hemso Fastighets AB    2.6800   7/10/2035 AUD   69.484
State of Rhineland-P   0.6000  10/24/2046 EUR   58.599
Caisse des Depots et   0.6780   7/23/2040 EUR   63.326
Citigroup Global Mar   1.1500   9/19/2039 EUR   62.394
Virgolino de Oliveir  11.7500    2/9/2022 USD    0.499
BLT Finance BV        12.0000   2/10/2015 USD   10.500
Caisse des Depots et   1.4740    6/5/2049 EUR   65.163
Lloyds Bank PLC        1.9200   4/16/2044 EUR   69.991
Autonomous Community   1.1380  11/22/2052 EUR   50.314
Societe Publique de    1.2720   8/23/2036 EUR   73.652
State of North Rhine   1.5125   7/27/2065 EUR   66.276
UniCredit Bank AG      6.6000   9/13/2023 EUR   43.140
Credit Suisse AG/Lon   2.5000   10/7/2025 SEK   23.600
SUN Group Kereskedel   5.5000   1/17/2032 HUF   74.000
OR PJSC               16.0000  11/26/2025 RUB   24.000
Credit Suisse AG/Lon   7.5000   2/15/2023 CHF   63.150
SG Issuer SA           2.2700    2/4/2032 EUR   62.820
Landesbank Baden-Wue   3.4800   2/24/2023 EUR   67.670
Credit Suisse AG/Lon   8.0000   2/24/2023 USD   61.260
MetMax Europe Zrt      3.0000  12/11/2030 HUF   66.900
Raiffeisen Schweiz G   8.8000   7/21/2023 CHF   68.190
Agrar Mezogazdasagi    2.9000   8/24/2031 HUF   67.970
Societe Generale SA   11.7500   9/18/2024 USD   49.000
UBS AG/London          7.2500   3/29/2023 USD   57.500
Zurcher Kantonalbank  16.7500    4/4/2023 USD   39.000
Raiffeisen Bank Inte   7.5000    7/7/2023 EUR   52.550
VON Der Heydt Securi   1.0000   4/30/2031 EUR   67.676
Landesbank Baden-Wue   1.0000   3/14/2034 EUR   74.080
Dyadya Doner OOO      13.5000   4/25/2023 RUB   11.690
Societe Generale SA   21.6000   7/19/2023 USD   58.000
Skandinaviska Enskil   6.0000   7/15/2024 SEK #N/A N/A
WEB Windenergie AG     5.2500    4/8/2023 EUR    0.010
Norddeutsche Landesb   2.1800   9/20/2034 EUR   70.340
Batigere Grand Est S   1.5400   11/4/2041 EUR   69.345
Landesbank Hessen-Th   1.2000    2/9/2052 EUR   71.544
Region Auvergne-Rhon   0.8000   5/22/2040 EUR   64.176
Caisse des Depots et   1.3650   11/2/2051 EUR   62.260
Region of Centre-Val   0.9240   11/2/2043 EUR   61.395
Hypo Vorarlberg Bank   0.8600  10/24/2034 EUR   65.685
Landesbank Hessen-Th   0.8000   1/16/2035 EUR   69.515
Muenchener Hypotheke   1.4950   10/5/2050 EUR   69.754
French Republic Gove   0.5000   5/25/2040 EUR   65.452
Specialfastigheter S   1.1800   12/2/2044 SEK   59.743
Kreditanstalt fuer W   0.9450  12/17/2040 EUR   71.884
Lehman Brothers Trea   4.8694   11/2/2035 EUR    0.100
Eika Boligkreditt AS   0.5600  11/29/2039 EUR   64.737
State of Rhineland-P   0.5000   7/30/2036 EUR   72.238
Bayerische Landesbod   0.7000   6/12/2037 EUR   70.511
Landesbank Hessen-Th   0.7000   11/4/2033 EUR   71.292
Region Auvergne-Rhon   1.1500    4/8/2039 EUR   71.119
Department of L'Eure   1.1100   6/18/2039 EUR   70.307
Region Auvergne-Rhon   0.4930  10/23/2037 EUR   66.184
Santander Internatio   1.1500    4/8/2041 EUR   62.619
Region de Bruxelles-   0.7960    7/2/2042 EUR   60.751
National Treasury Ma   1.1900   10/7/2101 EUR   48.137
Barclays Bank PLC      3.1300    4/9/2051 USD   72.956
DZ Bank AG Deutsche    0.5200   6/23/2031 EUR   74.168
ASCE Group OJSC        7.0000   6/11/2031 USD   60.888
Hypo Vorarlberg Bank   0.4050   3/18/2030 EUR   74.317
Russian Foreign Bond   5.1000   3/28/2035 USD   41.063
Cooperatieve Raboban   1.0990   6/28/2051 EUR   64.568
Landesbank Hessen-Th   1.2000   4/30/2035 EUR   72.710
Credit Agricole Corp   2.4800    3/4/2036 USD   71.079
Autonomous Community   1.7440    7/1/2061 EUR   55.970
Ville de Paris         1.7200   8/23/2047 EUR   72.319
UBS AG/London          1.8600   2/28/2049 EUR   72.791
Single Platform Inve   0.8600   6/15/2039 EUR   64.785
Department of Loiret   0.7900  11/22/2039 EUR   65.602
Vasakronan AB          0.9140   5/27/2030 EUR   70.814
Heta Asset Resolutio   5.7300  12/31/2023 EUR    1.563
HSBC Continental Eur   1.5000   7/26/2049 EUR   67.553
Kreditanstalt fuer W   1.1430   4/15/2050 EUR   68.617
SAir Group             5.5000   7/23/2003 CHF   11.345
Berlin Hyp AG          0.7500    3/4/2050 EUR   61.720
HSE Finance Sarl       5.6250  10/15/2026 EUR   52.293
Muenchener Hypotheke   0.3350   2/10/2031 EUR   74.372
Landeskreditbank Bad   0.5470   2/18/2041 EUR   63.217
Department of Bouche   0.9060   5/20/2039 EUR   67.949
BNG Bank NV            2.0000   2/19/2038 AUD   66.235
Region de Bruxelles-   1.6200    2/8/2044 EUR   70.696
Cooperatieve Raboban   2.4805   2/26/2036 AUD   72.534
City of Amsterdam Ne   1.3590   2/26/2044 EUR   73.252
Region Auvergne-Rhon   0.6450    4/9/2040 EUR   63.093
Wirtschafts- und Inf   0.3210   2/18/2041 EUR   61.104
United Utilities Wat   0.3870   10/5/2057 GBP   63.117
Land Berlin            0.6250   7/15/2039 EUR   68.416
Department of Bouche   0.4320    2/1/2046 EUR   51.011
Landeskreditbank Bad   0.1700  12/10/2035 EUR   69.841
Raiffeisen-Landesban   1.3800   7/24/2059 EUR   63.550
Oberoesterreichische   0.7630  12/15/2050 EUR   59.027
Kuntarahoitus Oyj      1.0050   12/7/2060 EUR   60.763
Swedbank Hypotek AB    1.5000   7/13/2048 EUR   73.995
Lloyds Bank PLC        2.4500   7/23/2048 EUR   75.116
DZ Bank AG Deutsche    0.5000    2/4/2036 EUR   66.285
DZ Bank AG Deutsche    0.6500  12/22/2036 EUR   68.064
Republic of Ireland    1.1000  11/12/2096 EUR   46.401
Agence Francaise de    0.3680   1/12/2046 EUR   55.266
Landesbank Saar        0.7600    5/8/2034 EUR   72.338
Deutsche Bank AG/Lon   0.5000    4/5/2038 MXN   21.345
DZ Bank AG Deutsche    0.2000   10/2/2034 EUR   66.141
SCF Capital Designat   3.8500   4/26/2028 USD   21.824
BNP Paribas SA         3.9500   7/11/2039 AUD   70.563
Norske Skog Holding    8.0000   2/24/2023 USD    0.006
Opportunity SA/LU      0.4000  11/13/2030 EUR   73.474
Region Occitanie       1.3390   3/21/2042 EUR   69.248
Region de Bruxelles-   1.4720   4/29/2044 EUR   68.403
Pescanova SA           6.7500    3/5/2015 EUR    0.319
Landesbank Saar        0.8420   1/24/2033 EUR   74.865
UniCredit SpA          1.4900  10/23/2035 EUR   69.773
Hypo Vorarlberg Bank   0.3900  10/21/2030 EUR   72.321
Nederlandse Watersch   0.7500   10/4/2041 EUR   66.045
Lloyds Bank PLC        0.5000   7/26/2028 MXN   57.834
Agence Metropolitain   0.5000    7/7/2035 EUR   71.483
Phosphorus Holdco PL  10.0000    4/1/2019 GBP    1.430
Communaute Francaise   1.0000   10/8/2069 EUR   45.307
Agence Metropolitain   0.8000    7/1/2040 EUR   64.665
UniCredit Bank AG      0.3100  10/15/2035 EUR   69.458
NRW Bank               0.8000  10/22/2060 EUR   53.829
Region Provence-Alpe   0.5750    7/6/2039 EUR   64.364
Lehman Brothers Trea   2.8750   3/14/2013 CHF    0.100
Single Platform Inve   1.3400   6/20/2041 EUR   70.776
Centrosolar Group AG   7.0000   2/15/2016 EUR    2.505
Banque Federative du   0.1250   11/6/2030 EUR   74.620
Single Platform Inve   1.7850   7/30/2042 EUR   74.097
Credit Industriel Et   2.1600  10/29/2035 USD   69.368
Landesbank Baden-Wue   0.5400   1/29/2032 EUR   74.336
Turkey Government In   6.6250   2/17/2045 USD   73.706
Espirito Santo Finan   3.9540  10/27/2024 EUR    0.982
Vasakronan AB          1.6550    9/5/2039 SEK   64.314
HSBC Continental Eur   2.8900   9/11/2039 AUD   65.658
Department of Bouche   0.4570   10/8/2040 EUR   59.769
Deutsche Pfandbriefb   0.5000  11/18/2030 EUR   71.208
Transports publics f   0.5000   6/27/2041 CHF   72.612
OR PJSC               12.0000  11/14/2024 RUB    5.800
DZ Bank AG Deutsche    2.6960   6/24/2026 EUR   71.990
Credit Agricole Corp   1.5000   5/10/2034 EUR   71.550
Bayerische Landesban   2.3000   2/24/2023 EUR   58.860
Credit Suisse AG/Lon  13.7500   4/13/2023 USD   59.870
ENVIEN Magyarorszag    2.5000   5/18/2031 HUF   68.870
UBS AG/London         10.0000   3/23/2026 USD   38.230
Credit Suisse AG/Lon   5.8800   6/28/2023 USD    9.160
Credit Suisse AG/Lon  18.0000   3/31/2023 USD   51.780
Hunland Feed Kft       2.8800   7/21/2031 HUF   68.220
Luzerner Kantonalban  14.4800   2/14/2023 CHF   74.620
Credit Suisse AG/Lon   5.8000   7/12/2023 USD    8.730
Uniservice Capital L   8.8000   1/21/2029 RUB   75.010
UniCredit Bank AG      4.5500  12/22/2025 EUR   72.960
Nordea Bank Abp        4.1000   7/20/2023 SEK   50.785
Liga Bank eG Regensb   0.8500    5/4/2034 EUR   74.711
Heta Asset Resolutio   4.8750  12/31/2023 EUR    1.563
NRW Bank               1.1550   9/21/2050 EUR   66.763
Kreditanstalt fuer W   0.9530   1/24/2042 EUR   71.266
Societe Generale SA    2.3700   9/17/2035 AUD   62.066
ABN AMRO Bank NV       0.4500  12/12/2036 EUR   69.862
Region Bretagne SCI    0.8150   6/12/2040 EUR   64.946
National Grid Electr   3.1200  12/10/2039 AUD   71.436
Communaute Francaise   2.1770   8/17/2068 EUR   71.533
Nederlandse Watersch   0.9550   2/13/2051 EUR   60.183
Communaute Francaise   0.3920   1/22/2041 EUR   56.635
Aareal Bank AG         0.5200   4/18/2031 EUR   72.839
Single Platform Inve   0.7510   11/6/2047 EUR   53.952
Wirtschafts- und Inf   0.3500   3/31/2036 EUR   69.153
Region Wallonne Belg   1.2400   5/28/2069 EUR   47.074
Region de Bruxelles-   1.0290   1/14/2048 EUR   56.593
Berlin Hyp AG          0.3750   9/29/2031 EUR   74.562
Landesbank Baden-Wue   0.6000    3/5/2036 EUR   65.885
DZ Bank AG Deutsche    0.8000    2/2/2037 EUR   69.783
ABN AMRO Bank NV       1.5970   6/26/2043 EUR   74.999
Goldman Sachs Intern   2.2000    2/1/2036 USD   69.382
HSBC Continental Eur   1.3850  11/18/2039 EUR   71.642
Caisse Francaise de    0.8650   2/17/2042 EUR   66.972
NRW Bank               1.2450    9/7/2060 EUR   63.259
Societe Generale SA    2.9700   4/15/2036 USD   70.195
Romanian Government    2.8750   4/13/2042 EUR   59.560
Wirtschafts- und Inf   0.2000   12/2/2043 EUR   55.332
NRW Bank               1.0200    8/1/2049 EUR   56.481
DZ Bank AG Deutsche    0.7000   4/29/2036 EUR   72.243
Ville de Paris         0.9210   5/26/2053 EUR   50.699
BPCE SA                2.2500   3/13/2040 AUD   51.242
Natixis SA             2.3000    2/2/2036 USD   73.153
Liga Bank eG Regensb   0.0100   1/29/2036 EUR   64.133
DNB Boligkreditt AS    1.5570   9/11/2042 EUR   74.168
Wirtschafts- und Inf   0.4500   12/1/2038 EUR   67.735
Bazalgette Finance P   0.1740   5/16/2049 GBP   68.617
Communaute Francaise   1.6000   6/22/2047 EUR   67.550
Banque International   0.5100   2/10/2031 EUR   72.646
Slovenska Sporitelna   4.4900             EUR   61.811
Nederlandse Watersch   1.5770   12/9/2039 GBP   68.387
Centre Hospitalier R   1.5000   4/27/2050 EUR   69.255
Caisse des Depots et   1.7800   1/15/2048 EUR   71.047
Single Platform Inve   1.2500   8/15/2051 EUR   61.946
Wirtschafts- und Inf   0.2500   8/11/2039 EUR   63.699
Canton of Geneva Swi   0.0500   8/27/2041 CHF   71.075
Agence France Locale   0.5700   9/20/2040 EUR   63.386
Rikshem AB             2.9000   1/23/2035 AUD   71.573
Aktia Bank Oyj         0.9900   1/15/2035 EUR   72.904
UBS AG/London          1.6000   4/18/2049 EUR   68.549
Single Platform Inve   0.5590   2/15/2047 EUR   53.016
Irish Bank Resolutio   6.7500  11/30/2013 BGN   33.294
Cie de Financement F   0.9750   8/11/2046 EUR   65.928
Deutsche Pfandbriefb   0.6130   9/30/2032 EUR   65.695
Landesbank Baden-Wue   1.0800   7/16/2035 EUR   71.671
Caisse des Depots et   1.1140   9/20/2049 EUR   59.516
Pfandbriefbank schwe   0.2500   5/17/2040 CHF   74.519
Societe Generale SA    1.1000   2/20/2034 EUR   73.361
Intesa Sanpaolo Bank   3.1020  11/19/2035 AUD   69.303
International Bank o   8.2500   10/9/2024 USD   60.375
Natixis SA             1.1500   1/23/2035 EUR   72.466
Norske Skogindustrie   2.0000  12/30/2115 EUR    0.113
Deutsche Bank AG/Lon  11.2100   6/26/2025 TRY   68.807
Communaute Francaise   2.0000   4/14/2076 EUR   68.909
DLR Kredit A/S         0.5000   10/1/2053 DKK   67.649
Communaute Francaise   0.5000   6/27/2046 EUR   51.014
Landesbank Hessen-Th   0.8500   7/17/2035 EUR   71.900
VTB Bank PJSC          8.4000   5/21/2030 RUB   55.000
Landesbank Hessen-Th   0.8500   2/18/2036 EUR   63.150
DVM Construction Fov   3.0000   7/29/2030 HUF   63.700
Rosseti Kuban PJSC    10.4400  11/21/2025 RUB   75.000
Epito-Es Epuletkarba   3.0000  11/11/2030 HUF   65.500
IEC Optima Ltd Co     15.0000  10/29/2024 RUB    4.180
Bank Vontobel AG      11.6000   6/20/2023 CHF   63.800
Leonteq Securities A  14.0000   2/13/2023 CHF   33.160
Landesbank Hessen-Th   1.5000   2/10/2037 EUR   66.450
Bank Vontobel AG       8.0000  11/27/2023 EUR   45.100
Zurcher Kantonalbank   7.5000   7/10/2023 USD   69.370
Zurcher Kantonalbank   6.0000   4/14/2023 CHF   32.680
Glavtorg LLC          14.5000  12/12/2024 RUB    5.540
Citigroup Global Mar  12.3787  11/13/2023 SEK   46.950
Leonteq Securities A  13.0000   2/22/2023 CHF   35.530
DZ Bank AG Deutsche    9.2500   4/28/2023 EUR   38.950
Greenergy Holding Va   3.0000   9/21/2031 HUF   67.346
Leonteq Securities A  18.0000   2/14/2023 CHF   37.090
AutoWallis Nyrt        3.0000   7/27/2031 HUF   64.750
Sintekom TH OOO       13.0000   1/23/2025 RUB   65.390
Raiffeisen Schweiz G   7.0000   3/17/2023 CHF   69.160
Basler Kantonalbank    9.0000   6/22/2023 CHF   72.040
DZ Bank AG Deutsche    5.0000   3/24/2023 EUR   72.990
Credit Suisse AG/Lon  25.7500    6/8/2027 USD   74.300
Bank Vontobel AG       7.5000   3/31/2023 CHF   65.000
Leonteq Securities A  15.0000   4/21/2023 CHF   44.720
Societe Generale SA   12.2640   11/2/2023 USD   20.350
VTB Bank PJSC         10.0000             RUB   37.930
Landesbank Hessen-Th   1.7500   2/16/2037 EUR   68.000
UBS AG/London         11.7500    8/2/2023 EUR   74.600
Opus Global Nyrt       3.2000   4/29/2031 HUF   71.000
Landesbank Baden-Wue   5.6900   2/24/2023 EUR   68.110
DZ Bank AG Deutsche    4.0500   6/23/2023 EUR   60.470
Busy Bee Finance PLC   5.0000   6/28/2029 EUR   65.000
Bank Vontobel AG       7.2524   4/24/2023 CHF   50.200
SG Issuer SA           1.8000   8/14/2034 EUR   70.780
LP Portfolio Vagyonk   2.8000  11/30/2030 HUF   64.400
Landesbank Hessen-Th   1.5000  10/20/2036 EUR   63.900
Reneszansz Kofarago    3.2000    4/9/2031 HUF   73.000
Infogroup Holding Kf   3.0000   5/20/2031 HUF   65.050
Raiffeisen Bank Inte   6.5000    6/9/2023 EUR   38.250
Quintet Private Bank   6.0500   5/26/2026 USD   70.990
Trans-Sped Logisztik   2.5000   3/16/2030 HUF   67.630
Vontobel Financial P  19.0000   3/24/2023 EUR   60.570
SunDell Estate Nyrt    3.6500    7/9/2031 HUF   69.500
SG Issuer SA           7.6000   1/20/2025 SEK   55.750
SG Issuer SA          11.1700   7/20/2025 SEK   39.280
Landesbank Baden-Wue   4.8694   2/20/2034 EUR   72.310
Resursosberezhenie H   9.0000   6/17/2031 RUB   60.050
Kraus-M ZAO           10.0000  12/10/2026 RUB   60.050
Market Epito Zrt       2.9500  10/22/2029 HUF   68.000
Opus Global Nyrt       2.8000  10/29/2029 HUF   69.500
BNP Paribas Issuance   1.5600    2/2/2039 EUR   54.610
Russian Railways JSC  12.7700  10/15/2040 RUB   50.000
Forras Vagyonkezeles   3.2500   10/1/2030 HUF   68.990
Hypo Vorarlberg Bank   1.5900   8/25/2050 EUR   56.971
Region of Pays de la   0.9240   11/4/2044 EUR   60.133
Single Platform Inve   0.9500   2/15/2044 EUR   61.741
Region de Bruxelles-   0.8080   1/31/2050 EUR   52.200
Nederlandse Watersch   1.2000  11/26/2049 EUR   66.556
Morgan Stanley & Co    3.1000  10/28/2041 AUD   68.765
DZ Bank AG Deutsche    1.0000    2/8/2035 EUR   71.696
Kuntarahoitus Oyj      1.0000  10/25/2049 EUR   66.930
Erste Group Bank AG    1.1700   1/28/2037 EUR   73.194
BNP Paribas SA         2.7200  12/12/2034 AUD   65.843
DZ Bank AG Deutsche    0.6000   9/30/2033 EUR   72.323
Laurel GmbH            7.1250  11/16/2017 EUR    7.750
Petromena ASA          9.7500   5/24/2016 NOK    0.607
Kaupthing ehf          5.0820   12/1/2008 EUR    0.250
Raiffeisen Landesban   1.1320   8/16/2049 EUR   66.131
Santander Internatio   1.1800   12/5/2034 EUR   72.723
LBI ehf                6.1000   8/25/2011 USD   10.162
Single Platform Inve   1.2600   1/22/2049 EUR   61.751
Ministeries Van de V   1.0950    6/3/2055 EUR   51.416
Portugal Obrigacoes    1.0000   4/12/2052 EUR   52.959
Citigroup Global Mar   1.2000  12/23/2036 EUR   67.398
Norddeutsche Landesb   0.4000   3/11/2031 EUR   73.805
Basque Government      2.3500   4/11/2049 EUR   75.061
Natixis SA             3.0000  10/18/2051 USD   67.944
Erste Group Bank AG    1.0100   10/7/2041 EUR   65.393
Landesbank Saar        0.6800   3/29/2034 EUR   71.932
Willhem AB             1.8240  10/18/2038 SEK   66.956
Agence Francaise de    2.3600  10/17/2044 AUD   61.756
Kuntarahoitus Oyj      0.9600  10/25/2049 EUR   66.222
Credit Mutuel Arkea    0.7300  10/14/2036 EUR   65.411
Grand Delta Habitat    1.7500  10/28/2061 EUR   74.169
Hypo Vorarlberg Bank   0.9200    7/8/2036 EUR   63.081
Norddeutsche Landesb   0.5000   7/28/2031 EUR   73.756
Landesbank Saar        0.7100   12/6/2035 EUR   69.666
Single Platform Inve   0.8525   3/20/2040 EUR   63.816
Norddeutsche Landesb   0.6500  11/11/2031 EUR   74.396
SpareBank 1 SR-Bank    1.0200   10/8/2036 EUR   66.883
Republic of Ireland    1.2300   5/29/2120 EUR   47.381
Norddeutsche Landesb   0.5250   1/19/2032 EUR   73.380
Landesbank Baden-Wue   0.6800   6/22/2034 EUR   70.276
HSBC Continental Eur   2.0250   3/19/2049 EUR   74.892
Caisse des Depots et   1.2700   10/1/2051 EUR   60.618
Vasakronan AB          2.1620    5/4/2040 SEK   69.670
Single Platform Inve   1.5475  10/31/2050 EUR   65.289
Wirtschafts- und Inf   0.4210   3/17/2039 EUR   65.971
Landesbank Baden-Wue   1.1000    5/7/2040 EUR   67.988
Region Provence-Alpe   0.5690   10/1/2038 EUR   65.088
Ville de Paris         0.9630   12/6/2051 EUR   53.010
Deutsche Bank AG       2.0100  12/10/2052 EUR   69.614
Caisse Francaise de    1.4280   2/19/2049 EUR   74.962
Single Platform Inve   3.5050    8/6/2046 AUD   68.666
Caisse des Depots et   2.2050   9/28/2041 AUD   62.444
UBS AG/London          0.1200   5/25/2040 MXN   13.636
Landesbank Baden-Wue   0.7700   6/23/2036 EUR   67.483
Credit Suisse AG/Lon   1.0000   9/24/2035 EUR   58.297
Norddeutsche Landesb   0.5000    7/7/2031 EUR   73.921
Societe Generale SA    2.7000   3/25/2036 USD   67.924
Landesbank Baden-Wue   0.2500   5/27/2037 EUR   65.401
Caisse des Depots et   2.6150  11/15/2049 AUD   62.850
Norddeutsche Landesb   1.3000   3/16/2037 EUR   68.502
Aktia Bank Oyj         0.9650  12/11/2040 EUR   64.905
Municipality of Alme   0.2100   9/14/2035 EUR   70.322
Landesbank Hessen-Th   1.0000   8/18/2036 EUR   68.840
Northland Resources   12.2500   3/26/2016 USD    2.621
Citigroup Global Mar   1.2300   8/20/2039 EUR   63.722
Brussels Municipalit   0.3840   6/15/2035 EUR   69.793
Norddeutsche Landesb   0.4500   5/14/2031 EUR   73.853
Bayerische Landesban   1.6820    5/2/2036 EUR   73.420
Italy Buoni Polienna   2.1500    3/1/2072 EUR   60.059
Renovables Atlasol S   2.2000  12/31/2038 EUR   73.711
Metropole de Lyon      0.5000  12/28/2048 EUR   48.093
Natixis SA             3.6000  11/16/2041 AUD   71.765
Norddeutsche Landesb   0.3250   9/15/2031 EUR   72.285
Single Platform Inve   2.0700    6/1/2040 NOK   71.175
Credit Bank of Mosco   3.1000   1/21/2026 EUR   21.990
Bayerische Landesban   0.1500    4/9/2031 EUR   72.707
BPCE SA                3.0000  11/18/2036 AUD   63.598
Bayerische Landesban   0.2800   10/9/2030 EUR   74.395
Barclays Bank PLC      0.9400    8/2/2049 JPY   64.121
NRW Bank               1.4000   3/19/2070 EUR   63.130
Norddeutsche Landesb   0.5000   6/16/2031 EUR   74.069
Kreditanstalt fuer W   0.6000   2/16/2051 EUR   58.797
Raiffeisen-Landesban   0.0500   9/13/2033 EUR   70.663
Region de Bruxelles-   1.5000   2/15/2039 EUR   74.923
Aktia Bank Oyj         0.6900    2/4/2036 EUR   68.351
Caisse des Depots et   1.4380   5/24/2051 EUR   63.906
Banque et Caisse d'E   1.2300   4/26/2046 EUR   74.167
Nederlandse Watersch   0.1300    9/6/2033 EUR   73.895
Single Platform Inve   1.1000   4/19/2039 JPY  108.855
DZ Bank AG Deutsche    0.6000   2/25/2036 EUR   67.479
Norddeutsche Landesb   0.6500   1/12/2032 EUR   73.973
Landesbank Hessen-Th   0.5000   3/10/2034 EUR   68.718
SpareBank 1 SMN        1.0000    7/3/2034 EUR   69.707
Caisse des Depots et   0.9820   11/6/2050 EUR   56.126
Santander Internatio   1.1920   12/7/2045 EUR   60.667
BPCE SA                2.4500   2/24/2035 AUD   61.537
Spain Government Bon   0.8500   7/30/2037 EUR   69.065
Norddeutsche Landesb   0.5000  10/14/2031 EUR   73.417
HYPO NOE Landesbank    1.6550   2/21/2034 EUR   74.169
Citigroup Global Mar   0.5200   3/19/2033 EUR   67.411
Single Platform Inve   0.4190   2/15/2040 EUR   58.878
DZ Bank AG Deutsche    0.4400   1/21/2036 EUR   63.341
Landesbank Hessen-Th   0.5000   2/18/2036 EUR   64.330
Norddeutsche Landesb   0.3500   2/11/2031 EUR   73.639
Standard Chartered B   0.5200   1/22/2041 JPY   87.427
Natixis SA             3.5500  11/12/2041 AUD   70.931
Grand Delta Habitat    1.6300    3/6/2045 EUR   68.146
Barclays Bank PLC      1.0110    2/1/2041 EUR   64.745
Societe Generale SA    2.3000   1/28/2036 USD   64.737
Single Platform Inve   1.9100   8/15/2036 NOK   72.938
Oberoesterreichische   0.6550   1/25/2036 EUR   67.115
Credito Padano Banca   3.1000             EUR   34.660
Societe Generale SA    2.7500   3/12/2040 AUD   58.338
Muenchener Hypotheke   1.6920   11/6/2051 EUR   72.579
Oberoesterreichische   0.7050   1/29/2036 EUR   67.591
Getin Noble Bank SA   11.3000   8/30/2024 PLN   50.706
NIBC Bank NV           0.4100   1/27/2031 EUR   71.846
Caisse des Depots et   1.2900    5/5/2051 EUR   61.305
Region Nouvelle-Aqui   0.6300  11/22/2039 EUR   63.606
Single Platform Inve   0.9075   2/15/2041 EUR   64.023
Region de Bruxelles-   0.9300    5/3/2051 EUR   53.235
Single Platform Inve   1.0225   2/15/2046 EUR   60.430
Natixis SA             1.3500   6/26/2039 EUR   69.129
LR Realkredit AS       1.0000   10/1/2050 DKK   68.603
Single Platform Inve   0.5320   2/15/2044 EUR   54.955
ABN AMRO Bank NV       1.4250   4/17/2045 EUR   70.805
SNCF Reseau            1.4750   3/30/2065 EUR   53.219
Muenchener Hypotheke   0.8860   3/26/2043 EUR   65.925
Norske Skog Holding    8.0000   2/24/2023 USD    0.006
Kreditanstalt fuer W   1.0750  12/20/2049 EUR   68.450
La Banque Postale Ho   1.2020   4/29/2039 EUR   73.919
BPCE SA                2.8200  12/18/2039 AUD   57.102
Credit Agricole Corp   2.4800   8/18/2050 USD   59.718
SAir Group             2.7500   7/30/2004 CHF   11.299
Hypo Tirol Bank AG     1.0100   1/20/2040 EUR   70.097
Bayerische Landesbod   0.0300  10/22/2035 EUR   67.561
DZ Bank AG Deutsche    0.7500   6/28/2033 EUR   74.209
Commerzbank AG         1.4300   1/23/2040 EUR   68.474
Saastopankkien Kesku   0.9750   8/18/2034 EUR   73.258
Communaute Francaise   1.7000   4/15/2049 EUR   67.588
Lehman Brothers Trea  23.3000   9/16/2008 USD    0.100
Lehman Brothers Trea   4.0500   9/16/2008 EUR    0.100
Single Platform Inve   0.6780   2/15/2041 EUR   60.437
Comunidad Foral de N   2.1000   4/30/2044 EUR   73.879
Department of Val d'   0.7350    7/3/2040 EUR   63.824
Societe Generale SA    1.5100  12/20/2044 EUR   65.117
DZ Bank AG Deutsche    1.5983  10/11/2050 EUR   62.766
Aktia Bank Oyj         0.6350  10/16/2035 EUR   68.251
Caisse des Depots et   0.6060   9/30/2039 EUR   67.172
NRW Bank               1.1820    8/7/2050 EUR   60.583
Oberoesterreichische   1.0140   9/16/2049 EUR   58.176
Comunidad Foral de N   0.5500  10/22/2035 EUR   68.382
Agence Francaise de    0.5370   7/16/2040 EUR   65.764
Oberoesterreichische   0.9530   9/16/2039 EUR   65.402
Credit Mutuel Arkea    1.1650   9/23/2039 EUR   66.552
Norddeutsche Landesb   1.4100    7/7/2037 EUR   67.998
Region Wallonne Belg   0.8080   6/24/2038 EUR   66.093
Caisse des Depots et   0.8100    9/6/2049 EUR   53.661
State of Rhineland-P   0.1000   10/1/2040 EUR   61.341
Agence Francaise de    2.3600   1/30/2045 AUD   61.622
Barclays Bank PLC      1.9877   12/1/2040 USD   70.509
Single Platform Inve   1.3750   7/25/2053 EUR   63.542
Agrokor dd             9.8750    5/1/2019 EUR   15.000
Region Occitanie       1.2380    3/2/2039 EUR   72.352
Perrigo Co PLC         5.3000  11/15/2043 USD   72.500
Kreditanstalt fuer W   0.2100  11/18/2037 EUR   64.884
Kreditanstalt fuer W   0.9020  11/16/2050 EUR   64.408
Landesbank Hessen-Th   0.9800   11/9/2060 EUR   57.801
Single Platform Inve   0.8730   5/25/2052 EUR   53.386
Kuntarahoitus Oyj      1.0050   11/4/2060 EUR   60.266
Barclays Bank PLC      1.6448    6/3/2041 USD   67.762
Barclays Bank PLC      2.3254    1/2/2041 USD   72.573
BNG Bank NV            0.0430   9/17/2033 EUR   73.236
Solarwatt GmbH         7.0000   11/1/2015 EUR   15.500
Raiffeisen Landesban   1.6220   5/28/2054 EUR   72.600
NRW Bank               0.5100   9/23/2039 EUR   66.172
Danske Bank A/S        0.8050   8/12/2036 EUR   71.812
Lehman Brothers Trea   0.8000  12/30/2016 EUR    0.100
Landesbank Hessen-Th   1.0500  11/17/2060 EUR   59.305
Ukraine Government I   7.7500    9/1/2027 USD   19.820
LP Portfolio Vagyonk   2.6400    1/8/2030 HUF   71.390
Vontobel Financial P  22.0000   6/23/2023 EUR   56.760
Corner Banca SA        8.4000   2/20/2023 CHF   54.930
UBS AG/London          6.3800    6/7/2023 USD    9.690
Raiffeisen Schweiz G   8.0000   3/24/2023 CHF   50.250
UBS AG/London         16.1500   2/15/2024 USD   67.180
Societe Generale SA   10.2600   4/14/2025 USD   71.100
Raiffeisen Schweiz G   9.5000    5/2/2023 CHF   44.420
Bank Julius Baer & C  10.0000    8/7/2023 USD   59.000
GVC George's Venture   2.5000  12/18/2030 HUF   71.780
VTB Bank PJSC         13.0000             RUB   40.000
Metal Hungaria Holdi   3.5000  11/16/2031 HUF   68.000
Societe Generale SA   20.0000   6/28/2024 USD   49.990
Bank Julius Baer & C  15.0000    5/3/2023 CHF   31.700
Ebis OOO              12.0000    4/9/2024 RUB    2.660
Leonteq Securities A  22.0000   5/12/2023 CHF   71.070
Luzerner Kantonalban   9.7000   3/23/2023 CHF   61.120
Societe Generale SA   16.0000    7/3/2024 USD   19.130
Bank Vontobel AG       7.5000   12/4/2023 CHF   74.100
Banque Cantonale Vau   7.3000   9/16/2024 CHF   20.360
Societe Generale SA   16.0000    8/1/2024 USD   17.500
AutoWallis Nyrt        3.0000   4/15/2030 HUF   66.870
TransKomplektHolding   9.5000   11/2/2028 RUB   60.100
TKK OOO               12.0000   9/20/2046 RUB   60.100
State of Saxony-Anha   2.2238    7/3/2028 EUR   60.000
Communaute Francaise   0.8175   8/28/2050 EUR   51.555
Landesbank Berlin AG   2.0580   11/4/2031 EUR   74.387
Single Platform Inve   1.4420   7/25/2053 EUR   65.049
Kreditanstalt fuer W   0.6600  11/12/2039 EUR   69.544
Heta Asset Resolutio   5.2700  12/31/2023 EUR    1.563
Region of Centre-Val   0.7550   11/2/2037 EUR   69.101
Region de Bruxelles-   0.2830  10/24/2033 EUR   72.075
Department of Bouche   0.8100  12/16/2041 EUR   62.423
Single Platform Inve   0.9240   2/18/2049 EUR   55.262
BNP Paribas SA         1.3000   1/28/2037 EUR   72.437
Region Wallonne Belg   1.3000   6/16/2068 EUR   48.838
Region de Bruxelles-   1.0650   6/12/2058 EUR   49.897
Oberoesterreichische   0.3150   9/14/2035 EUR   69.347
Caisse des Depots et   1.0750   9/15/2050 EUR   57.822
HSBC Continental Eur   1.1400   8/26/2049 EUR   61.352
Landesbank Hessen-Th   0.7500   9/18/2034 EUR   69.775
Nederlandse Watersch   1.1250    7/8/2050 EUR   63.910
Norddeutsche Landesb   1.0000  10/26/2035 EUR   66.858
Lehman Brothers Trea   4.8694   3/16/2035 EUR    0.100
Single Platform Inve   1.1025   5/25/2052 EUR   57.647
NRW Bank               1.0000   6/24/2051 EUR   63.859
Region Auvergne-Rhon   0.6500   5/18/2038 EUR   66.784
Raiffeisenlandesbank   1.5000  10/21/2039 EUR   70.889
Region de Bruxelles-   0.7200  10/17/2051 EUR   48.384
Raiffeisenlandesbank   0.8350  10/20/2036 EUR   72.186
Brussels Municipalit   0.8320   3/29/2041 EUR   63.598
Deutsche Bank AG       2.5300   10/7/2036 USD   70.084
Single Platform Inve   1.2400   5/25/2052 EUR   61.002
Ministeries Van de V   0.9400   5/12/2050 EUR   50.158
Region Auvergne-Rhon   0.5300   9/29/2036 EUR   68.996
Republic of Poland G   1.2500  10/25/2030 PLN   71.205
Single Platform Inve   1.4900   3/20/2051 EUR   64.400
UBS Group AG           2.3700   2/25/2036 USD   71.298
Liga Bank eG Regensb   0.7600   12/8/2036 EUR   69.748
Communaute Francaise   1.8400    3/1/2049 EUR   73.277
Caisse des Depots et   0.3225    6/4/2035 EUR   71.309
Kreditanstalt fuer W   0.9430    6/9/2050 EUR   65.749
Credit Agricole Corp   2.6500   1/29/2035 AUD   71.763
NIBC Bank NV           0.6600   7/14/2031 EUR   72.628
BNP Paribas SA         3.6600    8/9/2039 AUD   67.855
Nederlandse Watersch   1.4860   4/24/2052 EUR   70.682
Caisse des Depots et   1.0380   7/31/2049 EUR   57.629
BNG Bank NV            1.4375  11/10/2046 EUR   69.723
Nederlandse Watersch   1.4275  11/14/2046 EUR   72.626
Romania Government B   4.2500   4/28/2036 RON   72.251
Single Platform Inve   1.1650   7/30/2035 EUR   73.294
Region Provence-Alpe   0.3580   8/31/2035 EUR   69.706
DZ Bank AG Deutsche    0.5500    9/9/2036 EUR   70.213
Finland Government B   0.1250   4/15/2052 EUR   47.662
SG Issuer SA           3.0000  10/10/2034 ZAR   44.717
Societe Generale SA    2.0500   2/18/2031 AUD   70.786
Caisse des Depots et   0.6420   2/12/2041 EUR   61.739
Kreditanstalt fuer W   0.8200   4/15/2050 EUR   65.306
Region de Bruxelles-   0.9000   4/14/2050 EUR   53.476
Parnassia Groep BV     1.4300   12/1/2043 EUR   55.384
SNCF Reseau            2.0290   1/22/2048 EUR   73.805
Region Auvergne-Rhon   0.6970    8/2/2036 EUR   71.142
Metropole de Lyon      0.5400   12/7/2050 EUR   46.374
Landesbank Hessen-Th   0.9000   5/12/2036 EUR   68.124
Norddeutsche Landesb   1.0500    1/6/2039 EUR   61.906
Single Platform Inve   0.9320   2/15/2041 EUR   63.167
Basque Government      1.7500   4/22/2050 EUR   63.574
State of North Rhine   0.9500   1/10/2121 EUR   39.883
Credit Agricole Corp   2.2800   1/19/2036 USD   69.466
DZ Bank AG Deutsche    0.5500   1/21/2036 EUR   67.178
Landesbank Saar        0.1300   8/24/2033 EUR   73.539
Autonomous Community   1.2500  10/31/2040 EUR   65.727
Region of Centre-Val   0.7250  12/12/2039 EUR   64.690
Muenchener Hypotheke   0.4200  11/16/2033 EUR   71.848
Region Nouvelle-Aqui   0.8140  11/22/2044 EUR   58.433
Opportunity SA/LU      0.4000  11/13/2030 EUR   73.796
Norddeutsche Landesb   1.6000   4/14/2037 EUR   71.506
Norddeutsche Landesb   1.7500   4/14/2037 EUR   73.068
Getin Noble Bank SA   12.3200   3/31/2023 PLN   55.163
Hemso Fastighets AB    2.1270   4/18/2039 EUR   71.193
Region de Bruxelles-   1.9220   4/24/2059 EUR   66.724
DZ HYP AG              0.3000   8/21/2035 EUR   69.099
Single Platform Inve   1.1500   5/25/2066 EUR   53.353
Ville de Paris         0.4640   8/20/2040 EUR   60.977
Republic of Austria    1.5000   11/2/2086 EUR   61.438
SAir Group             6.2500   4/12/2005 CHF   11.343
Cooperatieve Raboban   0.5000   8/21/2028 MXN   57.438
Portugal Obrigacoes    0.9000  10/12/2035 EUR   74.559
Agence Francaise de    0.7140   7/10/2045 EUR   60.459
BNP Paribas SA         3.5900   7/20/2040 AUD   66.274
SNCF Reseau            1.1000  10/27/2036 EUR   74.696
Communaute Francaise   2.0410   4/12/2069 EUR   68.137
Natixis SA             2.4200   9/29/2035 AUD   67.110
Santander Internatio   2.7700    7/2/2035 USD   73.312
BPCE SA                1.9800   10/6/2030 AUD   70.677
Landesbank Hessen-Th   0.7000   11/2/2034 EUR   69.091
Lehman Brothers Trea   5.2500    4/1/2023 EUR    0.100
Cooperatieve Raboban   1.4300    9/1/2036 EUR   71.819
Deutsche Bank AG/Lon   0.5000   8/23/2038 MXN   20.213
Banque International   0.4800  11/13/2030 EUR   73.202
Natixis SA             2.9000   1/29/2040 AUD   65.204
Ferrovie Luganesi SA   0.2800  12/31/2044 CHF   70.135
Nederlandse Watersch   1.5510  11/24/2061 EUR   68.539
Republic of Austria    1.5000   2/20/2047 EUR   74.601
NRW Bank               0.3600  10/15/2035 EUR   71.855
Barclays Bank PLC      1.2350  11/27/2040 EUR   67.962
Kreditanstalt fuer W   1.1100   7/13/2046 EUR   71.637
State of North Rhine   0.8800   7/12/2040 EUR   70.479
Ukraine Government I   7.7500    9/1/2029 USD   20.559
MARSO Ltd              2.3000  12/17/2029 HUF   69.810
GSP-Finance LLC/Russ   9.4300   3/27/2028 RUB   70.000
SG Issuer SA           7.5000   1/20/2025 SEK   54.310
Societe Generale SA    0.7050  11/12/2035 EUR   65.390
Rosbank PJSC           0.0100   4/30/2024 RUB   60.050
Rosbank PJSC           0.0300   4/30/2024 RUB   60.050
Rosbank PJSC           0.0200   4/30/2024 RUB   60.050
Credit Suisse AG/Lon   7.0000  12/17/2026 EUR   60.590
Leonteq Securities A  18.0000    5/2/2023 CHF   40.740
OTP Munkavallalok Ii   4.5000   7/14/2031 HUF   72.120
Bank Severnyy Morsko   8.5000             RUB   75.000
Credit Suisse AG/Lon   7.6500    3/3/2023 USD   41.500
Raiffeisen Schweiz G  11.0000   2/13/2023 CHF   52.470
DekaBank Deutsche Gi   3.5100   4/28/2023 EUR   65.490
VTB Bank PJSC          5.0000             USD   33.500
Leonteq Securities A  30.0000    9/1/2023 CHF   61.900
Raiffeisen Schweiz G   7.7000   11/8/2023 CHF   42.600
Global Refuse Holdin   5.1000   1/28/2032 HUF #N/A N/A
Corner Banca SA        8.0000   6/21/2023 CHF   54.930
Credit Suisse AG/Lon  13.7000   9/25/2023 USD   23.320
UBS AG/London          7.2500    8/4/2023 CHF   65.400
Landesbank Hessen-Th   1.5000  12/16/2036 EUR   66.000
Raiffeisen Schweiz G  10.0000   2/20/2023 CHF   43.960
UniCredit Bank AG      0.9000   3/24/2036 EUR   67.240
Raiffeisen Schweiz G   8.0000   7/19/2023 CHF   54.850
Erste Group Bank AG    4.5000   10/1/2025 EUR   42.450
Leonteq Securities A  14.0000   8/23/2023 CHF   67.860
Landesbank Baden-Wue   4.8694   1/30/2034 EUR   73.030
SG Issuer SA           8.7000   1/20/2025 SEK   56.140
RENE LEZARD Mode Gmb   7.2500  11/25/2017 EUR    0.400
Aranynektar Termekgy   3.5000    4/3/2030 HUF   58.915
Lehman Brothers Trea   5.2200    3/1/2024 EUR    0.100
Kreditanstalt fuer W   0.8850  11/14/2039 EUR   71.620
BNP Paribas SA         1.0100   10/5/2035 EUR   70.740
DZ Bank AG Deutsche    0.7000    3/2/2034 EUR   74.323
Single Platform Inve   2.1500  10/21/2041 NOK   71.321
Region of Centre-Val   0.6680   11/2/2035 EUR   72.461
Deutsche Apotheker-u   1.0900  12/16/2039 EUR   66.191
Societe Wallonne de    1.0660   9/18/2046 EUR   53.568
DLR Kredit A/S         0.5000   10/1/2050 DKK   71.072
Kreditanstalt fuer W   1.0300   12/6/2049 EUR   67.710
Landesbank Hessen-Th   1.2350  12/10/2049 EUR   67.810
Hypo Tirol Bank AG     0.7400   5/29/2040 EUR   66.097
Single Platform Inve   0.8870   9/20/2039 EUR   65.233
Lehman Brothers Trea   4.2000   12/3/2008 HKD    0.100
DLR Kredit A/S         0.5000   10/1/2050 DKK   68.559
Lehman Brothers Trea   5.1025   6/22/2046 EUR    0.100
Privatbank CJSC Via   10.8750   2/28/2018 USD    6.534
Cooperatieve Raboban   2.2500   9/15/2047 EUR   70.462
Brussels Municipalit   0.8920   9/29/2041 EUR   63.864
Kingdom of Belgium G   1.7000   6/22/2050 EUR   72.420
Deutsche Bank AG       0.6100   9/30/2031 EUR   74.502
Landesbank Hessen-Th   1.2000   2/16/2037 EUR   70.533
Single Platform Inve   1.5100   2/13/2043 EUR   69.949
Progressio Infrastru   1.2500   4/25/2033 EUR   74.364
Kreditanstalt fuer W   1.1710   7/19/2051 EUR   68.221
Norddeutsche Landesb   1.5200   2/11/2038 EUR   68.253
Kuntarahoitus Oyj      1.3000    4/8/2061 EUR   67.043
Kreditanstalt fuer W   0.3010  10/15/2034 EUR   74.186
Region de Bruxelles-   0.8290    7/2/2043 EUR   59.896
DZ Bank AG Deutsche    1.4700   1/20/2042 EUR   67.745
Raiffeisenlandesbank   2.0700   6/18/2049 EUR   74.152
Malta Government Bon   1.0000   8/23/2035 EUR   72.950
DZ Bank AG Deutsche    0.8000   6/24/2036 EUR   73.151
SG Issuer SA           0.6000    3/7/2033 EUR   74.004
Kuntarahoitus Oyj      1.1700   9/22/2056 EUR   67.114
Sweden Government Bo   1.3750   6/23/2071 SEK   61.618
Republic of Ireland    1.2300   6/23/2121 EUR   47.073
DZ Bank AG Deutsche    0.5000   3/24/2031 EUR   74.592
Landesbank Baden-Wue   0.5200    3/6/2034 EUR   69.103
Muenchener Hypotheke   1.1720  10/30/2047 EUR   69.697
Assistance Publique    0.7500   12/3/2041 EUR   63.118
Landesbank Baden-Wue   0.4200    3/5/2032 EUR   73.270
Landesbank Baden-Wue   0.8500   5/27/2033 EUR   73.694
Credit Agricole Corp   3.2000   3/19/2041 AUD   68.625
Landesbank Hessen-Th   1.0000   2/11/2037 EUR   68.742
Credit Bank of Mosco   5.1500   2/20/2024 EUR   26.153
BNG Bank NV            0.5620    6/7/2051 EUR   60.464
Berlin Hyp AG          0.3490  12/10/2031 EUR   73.926
Single Platform Inve   1.0800   7/18/2036 EUR   71.149
Landesbank Hessen-Th   0.9500    4/9/2036 EUR   68.658
Region de Bruxelles-   1.0200   4/30/2060 EUR   48.362
Societe Generale SA    2.6300    3/2/2036 USD   67.451
Lloyds Bank PLC        2.4500   7/20/2048 EUR   75.031
Cooperatieve Raboban   1.3150   2/28/2039 EUR   74.611
Caisse des Depots et   1.9800    8/8/2048 EUR   72.771
NRW Bank               1.2760   2/15/2042 EUR   74.552
Erste Group Bank AG    0.9400   5/22/2034 EUR   72.864
SG Issuer SA           2.9100  10/29/2034 AUD   69.938
Norddeutsche Landesb   1.2500    3/8/2034 EUR   73.489
Muenchener Hypotheke   1.2850   4/19/2039 EUR   74.823
Kreditanstalt fuer W   0.9510    9/9/2050 EUR   59.670
Brussels Municipalit   0.3360  12/15/2035 EUR   68.133
BNP Paribas SA         3.1800   7/23/2034 AUD   70.387
Credit Industriel Et   2.0700   12/4/2035 USD   68.354
Single Platform Inve   0.6555   9/20/2050 EUR   50.269
Single Platform Inve   0.4568   2/15/2046 EUR   52.037
Kreditanstalt fuer W   1.1750   4/14/2051 EUR   70.210
Muenchener Hypotheke   1.0100    8/6/2044 EUR   58.712
Caisse des Depots et   1.0980   7/31/2049 EUR   58.660
Single Platform Inve   1.2500  10/18/2035 EUR   73.713
Muenchener Hypotheke   0.8050   4/16/2036 EUR   66.609
Tonon Luxembourg SA    9.2500   1/24/2020 USD    0.500
Caisse des Depots et   1.8150  11/27/2048 EUR   71.722
Hypo Tirol Bank AG     1.0900   1/21/2041 EUR   64.276
AlphaNotes ETP Dac     1.0000   9/15/2032 USD   67.457
Credit Industriel Et   0.9000    2/4/2041 EUR   62.734
Bayerische Landesban   0.0200   1/28/2031 EUR   72.628
Banque et Caisse d'E   1.0675   5/18/2041 EUR   74.105
Muenchener Hypotheke   0.3750   8/27/2031 EUR   73.692
Landesbank Hessen-Th   0.6000    4/9/2035 EUR   67.169
Wirtschafts- und Inf   0.5000   12/1/2038 EUR   67.963
Citigroup Global Mar   0.2500    2/9/2031 EUR   72.449
Landesbank Baden-Wue   0.7400    6/2/2036 EUR   67.195
Landesbank Baden-Wue   0.6500    6/1/2034 EUR   70.052
Deutsche Pfandbriefb   0.4800   5/19/2031 EUR   69.608
Norddeutsche Landesb   0.9500   6/16/2033 EUR   71.892
Cooperatieve Raboban   2.3600   9/25/2047 EUR   71.944
Landesbank Baden-Wue   0.5300    6/1/2032 EUR   73.749
Societe Generale SA    3.3100  11/29/2033 AUD   73.820
Hamburgische Investi   0.3720   2/22/2041 EUR   63.537
Cooperatieve Raboban   2.0900  12/27/2047 EUR   67.693
DZ Bank AG Deutsche    0.6000   12/4/2035 EUR   68.045
Credit Agricole SA     3.6100   4/20/2036 AUD   67.323
BNP Paribas SA         3.1700    1/7/2041 AUD   61.307
Landesbank Baden-Wue   0.5400   4/21/2033 EUR   71.543
Brussels Municipalit   0.8920   3/29/2041 EUR   64.593
Credit Industriel Et   0.8050   9/21/2033 EUR   73.453
Barclays Bank PLC      0.5000   10/1/2031 TRY   11.904
Republic of Ireland    1.0200   9/10/2086 EUR   48.036
Ringkjoebing Landbob   1.2300   5/28/2036 EUR   69.493
BNG Bank NV            1.6025   3/19/2048 EUR   72.505
Communaute Francaise   2.1000   6/30/2067 EUR   68.874
Getin Noble Bank SA   12.0000   5/31/2024 PLN   40.789
State of Bremen        0.5000   6/14/2034 EUR   75.004
Caisse des Depots et   1.7300  12/21/2048 EUR   70.287
Norddeutsche Landesb   0.7250   9/22/2036 EUR   63.013
Lloyds Bank PLC        1.7650   8/17/2037 EUR   72.456
DZ Bank AG Deutsche    0.5100   1/25/2036 EUR   66.773
Bayerische Landesban   0.3900    4/9/2032 EUR   71.130
CPI Property Group S   1.5000   1/27/2031 EUR   58.871
Merrill Lynch BV       2.6500    8/4/2036 AUD   69.831
Landesbank Baden-Wue   0.5900   12/7/2035 EUR   67.721
Hungary Government B   2.2500   6/22/2034 HUF   58.775
Landesbank Baden-Wue   0.0800   2/12/2031 EUR   74.667
Region Provence-Alpe   1.5470  11/29/2038 EUR   74.842
Grupo Isolux Corsan    0.2500  12/30/2018 EUR    0.157
DekaBank Deutsche Gi   1.8500   3/20/2045 EUR   71.188
Communaute Francaise   1.7280   4/11/2049 EUR   71.292
Single Platform Inve   0.7445   2/15/2047 EUR   55.948
Societe Wallonne de    0.9130   7/31/2040 EUR   56.588
Ville de Paris         0.7580   8/20/2060 EUR   41.207
Landesbank Hessen-Th   0.6000  11/26/2035 EUR   65.802
Lloyds Bank PLC        2.6370   1/16/2040 AUD   65.150
National Grid Electr   2.5000   7/24/2035 AUD   70.997
Lehman Brothers Trea  16.0000  12/26/2008 USD    0.100
Banque International   0.6800   10/9/2030 EUR   74.431
Deutsche Pfandbriefb   0.7650   9/12/2036 EUR   55.835
Republic of Ireland    0.8100   7/10/2079 EUR   44.479
Region Wallonne Belg   1.1270   10/3/2036 EUR   74.967
Landesbank Hessen-Th   1.0000   7/15/2060 EUR   58.646
Kreditanstalt fuer W   1.0270  10/26/2050 EUR   61.203
Hellas Telecommunica   6.0540   1/15/2015 USD    0.014
Credit Agricole Corp  10.3200   7/22/2026 TRY   62.379
DZ Bank AG Deutsche    1.2500   9/30/2060 EUR   60.640
Specialfastigheter S   1.2800   9/20/2049 SEK   56.783
Kuntarahoitus Oyj      0.7260    1/8/2060 EUR   46.783
Oberoesterreichische   0.6410  10/13/2035 EUR   67.437
NRW Bank               0.6120  10/21/2050 EUR   58.249
Region Wallonne Belg   1.1070   10/3/2036 EUR   73.923
Wirtschafts- und Inf   0.3950   9/23/2038 EUR   66.268
Nederlandse Watersch   0.2300  10/22/2035 EUR   69.960
Tonon Luxembourg SA   12.5000   5/14/2024 USD    2.680
Banque International   0.7750  11/18/2032 EUR   71.358
UBS Group AG           2.2100  11/24/2035 USD   70.336
Nederlandse Watersch   0.2600  11/10/2036 EUR   68.167
Landesbank Saar        0.5400  11/18/2033 EUR   70.910
SpareBank 1 SR-Bank    1.6500   2/24/2042 EUR   69.330
Berlin Hyp AG          0.4400  10/29/2035 EUR   63.823
Barclays Bank PLC     10.2000   2/14/2025 TRY   66.770
UniCredit Bank AG      0.0100   11/2/2033 EUR   70.466
Banque International   0.6750  10/29/2030 EUR   74.461
Ringkjoebing Landbob   1.8750    6/6/2039 EUR   71.350
Banca Popolare di Vi   9.5000   10/2/2025 EUR    0.380
Kaupthing ehf          4.3500  10/20/2008 EUR    0.250
Societe Wallonne de    0.8830  11/21/2044 EUR   61.775
Autonomous Community   1.0890  10/31/2049 EUR   53.528
Kreditanstalt fuer W   0.2200  11/19/2035 EUR   70.819
Bibby Offshore Servi   7.5000   6/15/2021 GBP   11.625
DeltaCredit Bank JSC   1.0000   5/18/2026 RUB   74.030
Axial Javito Kereske   2.0000   9/23/2030 HUF   61.007
Luzerner Kantonalban   5.3500  12/16/2024 CHF   69.060
Credit Suisse AG/Lon   7.5000   3/29/2023 CHF   70.360
B+N Referencia Ipari   3.5000   6/24/2031 HUF   71.600
Metal Hungaria Holdi   3.0000  11/17/2030 HUF   62.500
Bank Vontobel AG       8.2500  11/27/2023 EUR   71.400
MET Hungary Solar Pa   3.8000   12/2/2031 HUF   72.050
VTB Bank PJSC          0.0100   4/22/2026 RUB   70.010
Landesbank Hessen-Th   0.7500  11/17/2036 EUR   65.500
Sberbank of Russia P   0.0100   9/21/2028 RUB   63.300
Sibur Holding PAO      1.5000   10/1/2032 USD   47.000
MASTERPLAST Nyrt       2.1000  12/21/2027 HUF   73.000
Eltex Kft              3.5000  12/21/2028 HUF   71.200
MASTERPLAST Nyrt       2.9000   8/25/2031 HUF   62.500
Otthon Centrum Holdi   3.0000   4/19/2031 HUF   69.900
VTB Bank PJSC         11.2500    5/6/2037 RUB   40.100
Zurcher Kantonalbank   4.5000   7/14/2023 CHF   34.390
Takarek Mortgage Ban   2.6000  10/22/2028 HUF   69.500
DeloPorts LLC          0.0100  11/14/2025 RUB   70.010
Progress Etteremhalo   3.0000   9/18/2030 HUF   67.400
Region de Bruxelles-   0.7310   8/25/2060 EUR   41.624
Hellenic Republic Go   1.8750   1/24/2052 EUR   60.264
Communaute Francaise   0.9610    1/7/2047 EUR   60.444
VTB Bank OJSC Via VT   6.2500   6/30/2035 USD   22.826
Region de Bruxelles-   0.9800   1/10/2051 EUR   54.164
Department of Girond   0.6500  12/17/2038 EUR   65.637
Italy Buoni Polienna   1.8000    3/1/2041 EUR   69.057
Bayerische Landesban   3.5000   7/28/2036 EUR   73.469
Nederlandse Watersch   1.8500   2/11/2059 EUR   74.001
Norddeutsche Landesb   1.3100   3/23/2039 EUR   64.764
Credit Suisse AG/Lon   1.4000  12/20/2030 EUR   73.067
KPNQwest NV            7.1250    6/1/2009 EUR    0.680
Norddeutsche Landesb   1.1750  11/10/2036 EUR   67.502
Single Platform Inve   0.9010   2/15/2041 EUR   65.054
Norddeutsche Landesb   1.0000   11/8/2033 EUR   71.784
Norddeutsche Landesb   1.0500  11/17/2036 EUR   66.210
Societe Generale SA    2.6800  10/20/2031 AUD   73.714
Landesbank Baden-Wue   0.6600   11/9/2034 EUR   69.782
Credit Agricole SA     1.0000    4/6/2035 EUR   72.455
United Kingdom Gilt    1.5000   7/31/2053 GBP   58.652
Deutsche Bank AG       0.5100   9/16/2031 EUR   73.760
Nederlandse Watersch   1.9500   8/29/2058 EUR   73.892
Hungary Government B   3.0000   8/21/2030 HUF   72.265
Societe Du Grand Par   2.1000   2/14/2069 EUR   64.991
Region de Bruxelles-   0.7600   9/15/2038 EUR   66.661
Single Platform Inve   0.9500   5/17/2038 EUR   67.133
BPCE SA                2.3200    3/4/2036 USD   64.797
Credit Agricole SA     3.4500    3/4/2041 AUD   56.759
Kreditanstalt fuer W   0.7300   1/21/2050 EUR   63.717
Ministeries Van de V   1.3920  11/12/2041 EUR   66.626
Spain Government Bon   1.0000  10/31/2050 EUR   54.130
Credit Agricole Corp   1.3000    2/2/2061 EUR   52.826
Agence Francaise de    2.3300   2/10/2041 AUD   64.634
Spain Government Bon   1.4500  10/31/2071 EUR   48.567
UNEDIC ASSEO           0.1000   5/25/2034 EUR   70.857
Nederlandse Watersch   1.6500   5/27/2061 EUR   68.679
Single Platform Inve   0.7400    4/1/2042 EUR   60.769
Cooperatieve Raboban   1.5200    9/7/2043 EUR   74.228
Purple Protected Ass   1.5176   1/25/2061 EUR   65.694
Natixis SA             2.3000  12/24/2035 AUD   65.618
NRW Bank               1.0700   3/10/2051 EUR   65.137
Societe Generale SA    5.4000  11/17/2037 USD   51.094
Grand Delta Habitat    1.8200   3/18/2050 EUR   69.651
Credit Agricole Corp  10.8000   3/24/2026 TRY   63.174
Republic of Ireland    2.0000   6/29/2063 EUR   70.210
Caisse des Depots et   1.3000   4/28/2051 EUR   60.567
Citigroup Global Mar   0.2000   1/19/2031 EUR   72.714
UniCredit Bank AG      0.6100    5/2/2033 EUR   73.289
State of Lower Austr   1.7500    5/2/2047 EUR   73.609
Societe Nationale SN   2.9310   1/14/2051 AUD   66.426
Norddeutsche Landesb   1.2500   12/3/2036 EUR   68.235
Veneto Banca SpA       6.9440   5/15/2025 EUR    0.711
National Grid Electr   2.2260  12/19/2039 GBP   65.839
United Kingdom Gilt    1.2500  10/22/2041 GBP   65.606
Vedanta Resources Fi   9.2500   4/23/2026 USD   72.208
Region de Bruxelles-   0.6900   6/22/2050 EUR   49.075
Lehman Brothers Trea   3.0000   8/13/2011 EUR    0.100
Kuntarahoitus Oyj      0.5140   10/7/2039 EUR   67.597
Raiffeisen-Landesban   0.0600   10/3/2031 EUR   74.926
Region Provence-Alpe   0.7090   6/29/2040 EUR   64.810
Turkey Government In   4.8750   4/16/2043 USD   61.984
LBI ehf                7.4310             USD    0.001
State of Lower Austr   0.4000  10/13/2050 EUR   48.402
Communaute Francaise   1.5000   2/13/2045 EUR   66.333
Harp Issuer PLC        1.3997   2/14/2032 USD   69.762
French Republic Gove   0.7500   5/25/2052 EUR   55.688
Bausparkasse Wuesten   0.4850   6/25/2040 EUR   62.702
Sweden Government Bo   0.5000  11/24/2045 SEK   66.380
New World Resources    8.0000    4/7/2020 EUR    0.114
Bayerische Landesban   1.6000   7/21/2036 EUR   72.693
Bazalgette Finance P   0.6880   6/27/2050 GBP   71.160
Communaute Francaise   1.1150   7/11/2039 EUR   67.143
Department of Bouche   1.1000    7/8/2039 EUR   70.080
Skandinaviska Enskil   5.5200   7/15/2024 SEK #N/A N/A
Landesbank Hessen-Th   1.1500   6/13/2034 EUR   74.900
SG Issuer SA           1.5000  12/30/2032 EUR   46.270
Aragon OOO            13.5000   7/10/2029 RUB   62.000
Landesbank Baden-Wue   0.5000    9/5/2039 EUR   64.030
DZ Bank AG Deutsche    0.9100   6/25/2029 EUR   73.290
Landesbank Hessen-Th   1.5000   8/14/2035 EUR   65.900
Landesbank Hessen-Th   1.4500   7/10/2035 EUR   69.100
UniCredit Bank AG      4.7500   7/22/2024 EUR   60.520
Societe Generale Eff   5.0000   5/10/2023 EUR   60.900
AKB Peresvet ZAO       0.5100   2/14/2032 RUB   15.910
Ebis OOO              13.0000   8/11/2023 RUB    4.770
Landesbank Hessen-Th   1.3000   9/25/2035 EUR   67.700
Russian Railways JSC  12.7700   5/30/2040 RUB   50.000
Bank Julius Baer & C  10.2000   5/30/2023 EUR    2.450
Landesbank Hessen-Th   1.0000    9/3/2035 EUR   66.900
Koks PAO               9.2000   8/16/2023 RUB   60.050
Leonteq Securities A   4.2900   1/21/2025 EUR   53.560
Societe Generale SA   17.0000   1/17/2030 USD   48.300
UniCredit Bank AG     10.7000    2/3/2025 EUR   72.870
UniCredit Bank AG     10.7000   2/17/2025 EUR   73.560
Landesbank Baden-Wue   0.7000    9/5/2039 EUR   63.060
Ingrad AO             10.5000   12/6/2029 RUB   62.000
Baromfi-Coop Termelo   2.7000  11/20/2026 HUF   71.400
Bayerische Landesban   1.1000   1/26/2024 EUR   62.890
VTB Bank PJSC          0.0100  11/11/2025 RUB   74.040
VTB Bank PJSC          0.0100   12/9/2025 RUB   72.230
VTB Bank PJSC          0.0100  11/25/2025 RUB   74.520
UniCredit Bank AG      4.5500   9/28/2023 EUR   58.270
Landesbank Hessen-Th   9.7389   9/21/2033 EUR   73.600
Sberbank of Russia P   0.0100   1/19/2026 RUB   74.800
Nordea Bank Abp        2.0000    2/3/2026 SEK   64.550
DZ Bank AG Deutsche    0.5400  12/30/2030 EUR   74.840
UniCredit Bank AG      4.4500   9/11/2023 EUR   19.050
Daniella Kereskedelm   3.0000   7/30/2030 HUF   67.990
SG Issuer SA           1.6000   9/21/2033 EUR   74.700
Societe Generale Eff   5.6000    9/4/2023 EUR   65.730
Landesbank Baden-Wue   0.5000  12/23/2039 EUR   63.430
Bayerische Landesban   0.6500  12/22/2023 EUR   68.230
Gazprombank JSC        6.4000  12/28/2030 RUB   70.000
VTB Bank PJSC          0.0100  11/18/2025 RUB   73.260
VTB Bank PJSC          0.0100   12/2/2025 RUB   69.020
Pharmacy Chain 36.6   10.0000  11/30/2029 RUB   60.350
B+N Referencia Ipari   2.9000  12/20/2029 HUF   68.100
Appeninn Holding       3.5000  11/22/2029 HUF   65.500
Landesbank Hessen-Th   0.8000  11/26/2035 EUR   64.550
Vontobel Financial P   2.8580    1/4/2024 EUR   66.180
Landesbank Hessen-Th   0.6000   1/17/2035 EUR   70.800
Landesbank Baden-Wue   2.7000   9/22/2023 EUR   68.820
Region of Chelyabins   6.0000  12/17/2027 RUB   62.060
Baromfi-Coop Termelo   3.0000   5/19/2028 HUF   65.800
Rosselkhozbank JSC     0.0100  12/24/2023 RUB   65.020
Region of Chelyabins   6.0000  12/17/2027 RUB   62.060
SG Issuer SA           7.7400   7/20/2025 SEK   61.430
EFG International Fi  11.1200  12/27/2024 EUR   55.330
Societe Generale SA   21.0000  12/26/2025 USD   61.700
Landesbank Baden-Wue   0.5000   1/17/2040 EUR   63.320
Landesbank Hessen-Th   1.1000  12/27/2034 EUR   67.800
Landesbank Baden-Wue   1.0000    6/5/2039 EUR   66.970
Societe Generale SA   20.0000   8/31/2023 USD    9.250
Landesbank Hessen-Th   1.1500   7/19/2034 EUR   73.900
Landesbank Baden-Wue   1.0000   6/26/2039 EUR   66.220
Landesbank Baden-Wue   1.2500   6/26/2039 EUR   65.220
Morgan Stanley BV      0.0280   8/26/2025 EUR   58.000
Landesbank Baden-Wue   3.1500   3/24/2023 EUR   57.130
TransFin-M PAO        10.5000   6/28/2027 RUB   50.000
OR PJSC               11.5000   7/28/2024 RUB    4.910
Landesbank Hessen-Th   0.5000   2/14/2035 EUR   70.800
UniCredit Bank AG      4.9000   5/22/2023 EUR   64.680
Landesbank Hessen-Th   1.0000   7/10/2035 EUR   69.550
EFG International Fi   4.9000    9/4/2023 USD   54.040
KVS OOO               11.0000   12/8/2033 RUB   70.000
Landesbank Hessen-Th   1.6000   6/12/2035 EUR   70.400
Pervyi Konteinernyi    0.0100    2/6/2026 RUB   72.930
TKK OOO               10.9000  12/31/2033 RUB   60.100
Societe Generale SA    1.5800   9/16/2024 USD    3.700
Landesbank Baden-Wue   2.6500   9/22/2023 EUR   69.120
Landesbank Baden-Wue   0.7500   4/24/2034 EUR   73.300
Landesbank Baden-Wue   1.0000   4/24/2034 EUR   73.540
Aragon OOO            24.0000   3/16/2029 RUB   62.000
Landesbank Baden-Wue   1.6000    4/3/2039 EUR   68.810
Landesbank Baden-Wue   1.3000    4/3/2034 EUR   74.230
Landesbank Hessen-Th   4.8694   4/18/2034 EUR   73.700
Landesbank Baden-Wue   1.5000   4/16/2039 EUR   68.880
Citigroup Global Mar   8.2000   3/21/2024 SEK   65.020
Landesbank Baden-Wue   2.5500   6/23/2023 EUR   64.400
Landesbank Baden-Wue   1.2500   4/24/2039 EUR   67.150
Landesbank Hessen-Th   0.9000   7/12/2034 EUR   73.800
BNP Paribas Emission  11.0000  12/21/2023 EUR   67.420
BNP Paribas Emission  12.0000  12/21/2023 EUR   63.440
BNP Paribas Emission   6.5000   3/23/2023 EUR   69.870
BNP Paribas Emission   8.0000   3/23/2023 EUR   65.430
BNP Paribas Emission   9.0000   3/23/2023 EUR   65.520
BNP Paribas Emission  11.0000   3/23/2023 EUR   61.690
BNP Paribas Emission  16.0000   3/23/2023 EUR   56.990
BNP Paribas Emission  18.0000   3/23/2023 EUR   57.180
BNP Paribas Emission   8.0000  12/21/2023 EUR   68.640
BNP Paribas Emission   9.0000   3/23/2023 EUR   73.740
BNP Paribas Emission  12.0000   3/23/2023 EUR   67.410
BNP Paribas Emission  12.0000   6/22/2023 EUR   68.910
BNP Paribas Emission  13.0000   3/23/2023 EUR   67.150
BNP Paribas Emission  18.0000   3/23/2023 EUR   63.520
BNP Paribas Emission  20.0000   3/23/2023 EUR   68.270
Landesbank Hessen-Th   1.0000    8/6/2035 EUR   67.600
Raiffeisen Switzerla   3.8500   7/31/2023 CHF   52.840
BNP Paribas Emission   9.5000  12/21/2023 EUR   66.220
BNP Paribas Emission  18.0000   6/22/2023 EUR   72.140
BNP Paribas Emission  15.0000   3/23/2023 EUR   70.200
BNP Paribas Emission  17.0000   3/23/2023 EUR   70.390
BNP Paribas Emission  14.0000   3/23/2023 EUR   67.600
BNP Paribas Emission  10.0000  12/21/2023 EUR   72.590
BNP Paribas Emission  16.0000   3/23/2023 EUR   71.170
Bank Julius Baer & C   7.4000   9/18/2023 EUR   73.450
Landesbank Baden-Wue   6.2000   6/23/2023 EUR   70.380
Landesbank Baden-Wue   4.1000   7/28/2023 EUR   52.360
Landesbank Baden-Wue  10.0000   7/28/2023 EUR   40.760
Landesbank Hessen-Th   1.3000   2/27/2035 EUR   69.000
Landesbank Baden-Wue   1.7500   5/15/2039 EUR   66.200
Landesbank Baden-Wue   1.2500   5/15/2039 EUR   67.220
AKB Peresvet ZAO       0.5100    8/4/2034 RUB   28.190
Landesbank Hessen-Th   1.0000   10/1/2035 EUR   66.700
Raiffeisen Switzerla  10.5000   7/11/2024 USD   14.120
TransFin-M PAO         8.7900    2/4/2027 RUB   61.000
TKK OOO               17.1710  12/31/2033 RUB   60.100
EFG International Fi   5.5000   7/17/2023 USD   53.540
Russian Post FGUP      2.7500   12/6/2023 RUB   60.070
Landesbank Baden-Wue   2.6000   7/28/2023 EUR   68.950
SFO Social Developme  10.2100    1/8/2027 RUB   60.050
Vontobel Financial P  21.2500   6/23/2023 EUR   72.840
Leonteq Securities A  25.2000   6/16/2023 CHF   56.830
Landesbank Baden-Wue   7.6000   6/23/2023 EUR   70.370
Landesbank Baden-Wue   9.5000   6/23/2023 EUR   71.160
Landesbank Baden-Wue   6.8000   7/28/2023 EUR   45.360
DZ Bank AG Deutsche    0.3900  12/30/2030 EUR   74.920
UniCredit Bank AG      6.0000   7/28/2023 EUR   34.730
Sberbank of Russia P   0.0160   3/15/2032 RUB   73.500
Pharmacy Chain 36.6   10.5000    6/4/2030 RUB   60.350
EFG International Fi   4.9000  11/10/2023 USD   60.690
EFG International Fi   6.0000   6/26/2023 USD   69.640
UniCredit Bank AG      5.2500   12/1/2023 EUR   40.630
EFG International Fi   5.5000    7/7/2023 USD   69.620
Landesbank Hessen-Th   1.3500   7/30/2035 EUR   68.300
DekaBank Deutsche Gi   2.8000    9/1/2023 EUR   66.290
SG Issuer SA           0.3500  11/15/2023 EUR   28.810
Szinorg Universal zr   3.0000   5/15/2030 HUF   63.373
Alteo Nyrt             2.4500   10/8/2031 HUF   57.300
TransFin-M PAO         9.5000   8/11/2025 RUB   61.500
UniCredit Bank AG      6.3000  10/27/2023 EUR   34.130
Landesbank Baden-Wue   0.4000   11/8/2039 EUR   62.580
Bank Vontobel AG       4.0000  10/26/2023 CHF   73.200
UBS AG/London         19.2500   7/13/2023 CHF   67.100
Leonteq Securities A  22.6000   4/28/2023 CHF   64.770
Landesbank Baden-Wue   4.0000   4/26/2024 EUR   48.930
Landesbank Baden-Wue   8.8000   4/26/2024 EUR   40.540
UBS AG/London          8.7500   7/12/2023 USD   61.800
UBS AG/London          6.2500   7/12/2023 CHF   66.100
DekaBank Deutsche Gi   6.0000   7/19/2023 EUR   67.650
DZ Bank AG Deutsche    6.8000   3/24/2023 EUR   73.040
DZ Bank AG Deutsche    9.4000   3/24/2023 EUR   56.150
Bank Julius Baer & C  12.2800   7/21/2023 EUR   55.300
Vontobel Financial P  17.5000   6/23/2023 EUR   38.330
Zurcher Kantonalbank  12.0000   3/17/2023 CHF   53.580
Landesbank Baden-Wue   6.7500   4/26/2024 EUR   42.630
DZ Bank AG Deutsche    7.2500   9/20/2023 EUR   36.450
UBS AG/London         19.0000   7/15/2024 CHF   69.450
Sberbank of Russia P   0.0100  12/22/2026 RUB   73.500
Leonteq Securities A  24.0000   7/21/2023 CHF   47.990
Vontobel Financial P  14.7500   6/23/2023 EUR   39.090
Erste Group Bank AG    5.2500   1/31/2026 EUR   55.750
UBS AG/London          8.2500   6/22/2023 CHF   67.800
UBS AG/London          7.2500   6/22/2023 CHF   65.850
UBS AG/London          6.2500  12/22/2023 CHF   60.200
UBS AG/London         10.0000   6/22/2023 CHF   59.050
UBS AG/London          8.0000  12/22/2023 USD   60.000
UBS AG/London         10.2500   6/22/2023 CHF   55.600
UBS AG/London          7.5000   6/22/2023 CHF   58.150
UBS AG/London          7.5000   6/22/2023 USD   71.700
Corner Banca SA       14.0000   3/27/2023 CHF   53.200
Leonteq Securities A   7.0000   6/27/2023 CHF   68.640
Bank Julius Baer & C   7.6000   3/21/2023 CHF   70.300
Bank Julius Baer & C   7.6000   3/21/2023 CHF   35.900
Banque International  11.0000   3/21/2023 CHF   59.080
DekaBank Deutsche Gi   6.6000   1/17/2025 EUR   51.120
DZ Bank AG Deutsche   16.3000   3/24/2023 EUR   39.940
DZ Bank AG Deutsche    4.6000   3/24/2023 EUR   57.120
DZ Bank AG Deutsche    7.7000   3/24/2023 EUR   51.620
DZ Bank AG Deutsche   11.4000   3/24/2023 EUR   47.230
Credit Suisse AG/Lon   8.0000   3/16/2023 USD   64.280
Luzerner Kantonalban   7.0000  12/16/2024 USD   67.420
UBS AG/London          6.5000   7/12/2023 EUR   56.400
Raiffeisen Schweiz G   7.0000   3/10/2023 CHF   59.050
UBS AG/London         15.2500  10/20/2023 USD   64.450
Credit Suisse AG/Lon   7.2500   4/20/2023 CHF   61.050
Vontobel Financial P  13.0000   6/23/2023 EUR   71.540
DZ Bank AG Deutsche   12.0000   3/24/2023 EUR   55.940
Vontobel Financial P  16.5000   6/23/2023 EUR   66.830
Vontobel Financial P  14.0000   6/23/2023 EUR   70.300
Vontobel Financial P  18.0000   6/23/2023 EUR   74.610
Vontobel Financial P  15.0000   6/23/2023 EUR   69.140
DZ Bank AG Deutsche   18.7000   3/24/2023 EUR   71.610
DZ Bank AG Deutsche   21.4000   3/24/2023 EUR   66.420
Zurcher Kantonalbank  11.2285   4/18/2023 CHF   54.930
Zurcher Kantonalbank  10.0000   4/14/2023 CHF   70.710
Bank Vontobel AG       6.0000   4/17/2023 CHF   61.700
Bank Vontobel AG       7.1400   4/17/2023 CHF   70.000
Bank Vontobel AG       9.7500   4/18/2023 CHF   60.800
DekaBank Deutsche Gi   2.6000   4/26/2024 EUR   74.230
Leonteq Securities A   5.0000   4/20/2023 EUR   43.410
Vontobel Financial P  24.0000   3/24/2023 EUR   58.770
Vontobel Financial P  23.5000   3/24/2023 EUR   59.440
Vontobel Financial P  20.0000   3/24/2023 EUR   65.810
Vontobel Financial P  18.5000   3/24/2023 EUR   67.920
Vontobel Financial P  14.5000   6/23/2023 EUR   73.130
Vontobel Financial P  16.5000   6/23/2023 EUR   70.360
Vontobel Financial P  12.0000   3/24/2023 EUR   70.070
Vontobel Financial P  16.0000   3/24/2023 EUR   65.500
Vontobel Financial P   8.0000   3/24/2023 EUR   62.910
DZ Bank AG Deutsche   24.2000   3/24/2023 EUR   62.000
Landesbank Baden-Wue   2.9000   8/22/2025 EUR   74.240
Bank Vontobel AG       8.5000   4/15/2024 CHF   49.300
Bank Vontobel AG      22.0000   4/18/2023 CHF   61.600
Credit Suisse AG/Lon   5.2500   7/14/2023 CHF   70.010
Vontobel Financial P  14.5000   3/24/2023 EUR   55.260
Vontobel Financial P   8.5000   6/23/2023 EUR   61.930
Vontobel Financial P  19.5000   3/24/2023 EUR   64.910
Vontobel Financial P  19.0000   3/24/2023 EUR   66.790
Vontobel Financial P  17.5000   6/23/2023 EUR   68.600
Vontobel Financial P  18.5000   6/23/2023 EUR   67.930
Vontobel Financial P  13.5000   6/23/2023 EUR   68.450
Vontobel Financial P  10.0000   6/23/2023 EUR   71.550
Vontobel Financial P  11.5000   3/24/2023 EUR   72.210
Vontobel Financial P  14.5000   3/24/2023 EUR   69.160
Sberbank of Russia P   0.0100    9/4/2026 RUB   70.300
Leonteq Securities A  10.0000   2/13/2023 USD   30.690
Basler Kantonalbank    4.4000   8/16/2023 CHF   67.980
Bank Vontobel AG       7.5000   2/13/2023 EUR   50.300
Zurcher Kantonalbank   7.2000   2/16/2023 EUR   68.060
Corner Banca SA        7.0000  11/22/2023 CHF   72.590
Bank Vontobel AG      15.0000   6/19/2023 CHF   56.400
Raiffeisen Schweiz G   7.0000   3/10/2023 CHF   67.810
Raiffeisen Schweiz G   7.2500   9/13/2023 CHF   65.810
Raiffeisen Schweiz G   7.0000   9/13/2023 CHF   70.090
DZ Bank AG Deutsche    6.7500   6/21/2023 EUR   63.530
UBS AG/London         11.0000   4/29/2024 CHF   72.500
Corner Banca SA       13.0000   3/17/2023 CHF   44.960
Bank Vontobel AG       7.5000   3/17/2023 CHF   67.100
UBS AG/London         11.5000   7/12/2023 CHF   60.950
UBS AG/London         17.5000   7/12/2023 USD   52.650
Credit Suisse AG/Lon   9.0000   3/15/2023 CHF   33.550
ENSI Kft               4.7500   1/25/2032 HUF   71.800
Bank Julius Baer & C  13.5000   3/16/2023 USD   70.700
Leonteq Securities A  14.0000   3/17/2023 CHF   45.880
Leonteq Securities A  14.0000   3/17/2023 USD   27.580
Leonteq Securities A  13.0000   3/17/2023 USD   61.580
Raiffeisen Schweiz G   8.0000  12/20/2023 CHF   64.170
UBS AG/London          7.2500   7/12/2023 CHF   57.550
UBS AG/London          7.0000   7/12/2023 CHF   56.950
Bank Vontobel AG       8.0000   3/17/2023 EUR   24.500
Bank Vontobel AG       5.0000   3/17/2023 CHF   69.500
Bank Vontobel AG       8.5000   6/19/2023 CHF   60.000
Sberbank of Russia P   0.0100  12/21/2026 RUB   70.200
UBS AG/London          4.7500   7/12/2023 USD   60.150
UBS AG/London          8.2500   1/12/2024 CHF   68.300
UBS AG/London          6.0000   7/12/2023 CHF   66.100
Raiffeisen Schweiz G  10.0000   6/20/2023 CHF   48.210
Raiffeisen Schweiz G   7.2000   9/20/2023 CHF   62.930
Raiffeisen Switzerla   7.8000   6/20/2023 CHF   53.180
Raiffeisen Switzerla   8.6000   6/20/2023 USD   67.900
Bank Vontobel AG       7.5000   6/19/2023 CHF   56.300
Raiffeisen Schweiz G  10.4000   11/2/2023 CHF   50.820
Raiffeisen Schweiz G  16.8000    5/2/2023 CHF   64.600
Zurcher Kantonalbank  18.1000   4/26/2023 CHF   63.270
OR PJSC               16.0000  11/22/2025 RUB   20.510
Leonteq Securities A  10.0000   3/17/2023 CHF   65.270
SG Issuer SA           1.5000   1/24/2034 EUR   66.120
Bank Vontobel AG      16.5000   7/17/2023 CHF   69.900
Leonteq Securities A   7.0000  12/20/2023 CHF   64.740
Bank Vontobel AG       6.0000  12/18/2023 CHF   59.600
Vontobel Financial P   9.0000   3/24/2023 EUR   61.430
Vontobel Financial P  17.5000   6/23/2023 EUR   53.240
Vontobel Financial P  12.5000   3/24/2023 EUR   60.450
Vontobel Financial P  11.5000   3/24/2023 EUR   62.020
Vontobel Financial P  17.0000   6/23/2023 EUR   68.840
Vontobel Financial P  15.5000   3/24/2023 EUR   59.480
Vontobel Financial P   9.0000   6/23/2023 EUR   67.770
Vontobel Financial P   6.5000   3/24/2023 EUR   66.190
Vontobel Financial P  23.0000   3/24/2023 EUR   60.190
Vontobel Financial P  15.5000   3/24/2023 EUR   71.650
Vontobel Financial P  18.0000   3/24/2023 EUR   67.640
Vontobel Financial P  16.5000   3/24/2023 EUR   69.470
Vontobel Financial P  24.0000   6/23/2023 EUR   58.870
Vontobel Financial P  22.0000   6/23/2023 EUR   60.870
Vontobel Financial P  15.0000   6/23/2023 EUR   72.130
Vontobel Financial P  16.5000   3/24/2023 EUR   70.150
Vontobel Financial P  20.5000   6/23/2023 EUR   63.230
Vontobel Financial P  22.5000   6/23/2023 EUR   60.370
Vontobel Financial P  19.5000   6/23/2023 EUR   64.470
Vontobel Financial P  18.5000   6/23/2023 EUR   66.640
Vontobel Financial P  15.0000   6/23/2023 EUR   73.170
Vontobel Financial P  17.5000   6/23/2023 EUR   68.050
Zurcher Kantonalbank   5.0000    9/7/2023 CHF   67.220
Luzerner Kantonalban   7.0000  10/19/2023 CHF   72.170
Goldman Sachs & Co W   5.0000   3/22/2023 EUR   61.390
Goldman Sachs & Co W   7.0000   3/22/2023 EUR   55.160
Goldman Sachs & Co W   5.0000   6/21/2023 EUR   62.040
Goldman Sachs & Co W   7.0000   6/21/2023 EUR   56.380
Goldman Sachs & Co W  12.0000   6/21/2023 EUR   46.810
Vontobel Financial P  22.5000   3/24/2023 EUR   55.910
Vontobel Financial P  24.5000   3/24/2023 EUR   53.840
Vontobel Financial P  15.0000   3/24/2023 EUR   66.650
Vontobel Financial P  13.5000   6/23/2023 EUR   68.570
Vontobel Financial P  16.5000   6/23/2023 EUR   64.100
Vontobel Financial P  15.5000   6/23/2023 EUR   72.220
Vontobel Financial P  19.0000   3/24/2023 EUR   51.270
Vontobel Financial P  15.0000   6/23/2023 EUR   60.630
Vontobel Financial P  16.0000   3/24/2023 EUR   70.510
Vontobel Financial P  18.5000   3/24/2023 EUR   66.700
Vontobel Financial P  21.0000   6/23/2023 EUR   62.590
Vontobel Financial P  15.5000   6/23/2023 EUR   71.120
Vontobel Financial P  15.0000   6/23/2023 EUR   66.800
Vontobel Financial P  21.0000   3/24/2023 EUR   64.810
Vontobel Financial P  20.0000   6/23/2023 EUR   63.830
Vontobel Financial P  19.0000   6/23/2023 EUR   65.090
Vontobel Financial P  18.0000   3/24/2023 EUR   63.350
Luzerner Kantonalban  16.9000   4/19/2023 CHF   59.050
Goldman Sachs & Co W   6.0000   3/22/2023 EUR   58.090
Goldman Sachs & Co W   6.0000   6/21/2023 EUR   59.040
Leonteq Securities A  30.0000   4/25/2023 CHF   50.740
Vontobel Financial P  14.0000   6/23/2023 EUR   66.910
Vontobel Financial P  18.5000   3/24/2023 EUR   60.600
Vontobel Financial P  14.0000   3/24/2023 EUR   67.320
Vontobel Financial P  12.0000   3/24/2023 EUR   69.500
Vontobel Financial P  10.5000   3/24/2023 EUR   71.850
Vontobel Financial P  15.5000   3/24/2023 EUR   57.260
Vontobel Financial P  16.5000   6/23/2023 EUR   69.630
Vontobel Financial P  20.0000   3/24/2023 EUR   61.720
Vontobel Financial P  11.0000   3/24/2023 EUR   58.800
Vontobel Financial P   9.5000   3/24/2023 EUR   66.480
Vontobel Financial P  18.0000   3/24/2023 EUR   52.210
Vontobel Financial P  13.5000   3/24/2023 EUR   56.260
Vontobel Financial P  15.5000   6/23/2023 EUR   71.180
Vontobel Financial P  22.5000   3/24/2023 EUR   60.900
Vontobel Financial P  22.0000   3/24/2023 EUR   61.600
Vontobel Financial P  19.0000   3/24/2023 EUR   65.760
Vontobel Financial P  23.5000   6/23/2023 EUR   59.380
Vontobel Financial P  23.0000   6/23/2023 EUR   59.850
Vontobel Financial P  24.5000   6/23/2023 EUR   58.430
Vontobel Financial P  22.0000   3/24/2023 EUR   63.870
Raiffeisen Schweiz G   8.7000    3/3/2023 CHF   65.650
Raiffeisen Schweiz G   8.5000    3/3/2023 USD   59.600
Leonteq Securities A   8.0000    3/6/2023 CHF   67.470
Vontobel Financial P  10.0000   6/23/2023 EUR   73.120
Vontobel Financial P   7.5000   3/24/2023 EUR   68.000
Vontobel Financial P  15.0000   6/23/2023 EUR   58.360
Vontobel Financial P  10.5000   6/23/2023 EUR   63.230
Vontobel Financial P   8.5000   6/23/2023 EUR   66.320
Vontobel Financial P  13.0000   3/24/2023 EUR   63.240
Vontobel Financial P  14.0000   6/23/2023 EUR   63.800
Vontobel Financial P  10.5000   3/24/2023 EUR   65.930
Vontobel Financial P  13.0000   6/23/2023 EUR   64.770
Vontobel Financial P   5.5000   3/24/2023 EUR   72.200
Vontobel Financial P  10.5000   6/23/2023 EUR   66.710
Vontobel Financial P   7.0000   6/23/2023 EUR   70.250
Vontobel Financial P   9.5000   6/23/2023 EUR   67.880
Vontobel Financial P  15.0000   6/23/2023 EUR   54.810
Vontobel Financial P   7.0000   6/23/2023 EUR   65.190
Vontobel Financial P   7.0000   3/24/2023 EUR   64.600
Vontobel Financial P  16.5000   6/23/2023 EUR   43.000
Vontobel Financial P  13.0000   6/23/2023 EUR   68.680
Vontobel Financial P  14.0000   3/24/2023 EUR   58.830
Vontobel Financial P  22.0000   6/23/2023 EUR   61.540
Vontobel Financial P  16.0000   6/23/2023 EUR   70.440
Vontobel Financial P  12.5000   3/24/2023 EUR   62.770
Vontobel Financial P  21.5000   6/23/2023 EUR   62.030
Goldman Sachs & Co W   4.0000   3/22/2023 EUR   65.090
Goldman Sachs & Co W   4.0000   6/21/2023 EUR   65.430
Goldman Sachs & Co W  10.0000   6/21/2023 EUR   50.040
UBS AG/London         15.2500   4/24/2023 CHF   62.600
Raiffeisen Schweiz G   6.0000   4/19/2024 CHF   73.080
Vontobel Financial P  24.5000   3/24/2023 EUR   58.070
Vontobel Financial P  15.0000   3/24/2023 EUR   72.620
Vontobel Financial P  12.0000   6/23/2023 EUR   70.350
Vontobel Financial P   5.0000   6/23/2023 EUR   68.970
Vontobel Financial P  17.5000   3/24/2023 EUR   66.400
Vontobel Financial P  14.5000   6/23/2023 EUR   66.900
Leonteq Securities A   9.0000    9/6/2023 CHF   60.040
Raiffeisen Schweiz G   4.0000    3/3/2023 CHF   19.530
Vontobel Financial P   8.5000   3/24/2023 EUR   49.740
Vontobel Financial P  11.5000   6/23/2023 EUR   70.310
Vontobel Financial P  19.5000   6/23/2023 EUR   60.090
Vontobel Financial P  18.0000   6/23/2023 EUR   67.260
Vontobel Financial P  18.5000   6/23/2023 EUR   65.690
Vontobel Financial P  21.0000   3/24/2023 EUR   62.330
Vontobel Financial P  20.0000   3/24/2023 EUR   64.020
Vontobel Financial P  14.5000   3/24/2023 EUR   73.930
Vontobel Financial P  17.5000   3/24/2023 EUR   68.620
Vontobel Financial P  15.0000   3/24/2023 EUR   72.750
Vontobel Financial P  15.5000   3/24/2023 EUR   54.060
Vontobel Financial P  16.5000   3/24/2023 EUR   53.130
Vontobel Financial P  16.0000   3/24/2023 EUR   71.350
Vontobel Financial P  17.0000   6/23/2023 EUR   69.450
Vontobel Financial P  14.0000   3/24/2023 EUR   67.520
Vontobel Financial P  10.5000   3/24/2023 EUR   72.320
Vontobel Financial P  16.5000   6/23/2023 EUR   65.130
Vontobel Financial P  10.5000   6/23/2023 EUR   72.180
Leonteq Securities A  10.0000    3/6/2023 CHF   41.080
Leonteq Securities A   9.0000    3/7/2023 USD   40.980
Leonteq Securities A  10.0000    9/7/2023 USD   53.700
Vontobel Financial P  22.0000   6/23/2023 EUR   33.260
Vontobel Financial P  11.5000   3/24/2023 EUR   74.090
Vontobel Financial P   9.0000   3/24/2023 EUR   65.840
Vontobel Financial P  10.0000   3/24/2023 EUR   63.840
Vontobel Financial P   6.5000   3/24/2023 EUR   70.180
Vontobel Financial P   5.5000   3/24/2023 EUR   72.750
Vontobel Financial P  11.5000   6/23/2023 EUR   61.830
Vontobel Financial P  14.0000   6/23/2023 EUR   59.360
Vontobel Financial P  13.0000   6/23/2023 EUR   60.640
Vontobel Financial P   9.5000   6/23/2023 EUR   64.560
Vontobel Financial P   7.5000   6/23/2023 EUR   67.960
Vontobel Financial P   7.0000   6/23/2023 EUR   69.860
Vontobel Financial P   6.0000   6/23/2023 EUR   72.000
Vontobel Financial P  11.5000   3/24/2023 EUR   64.530
Vontobel Financial P   7.5000   3/24/2023 EUR   68.840
Vontobel Financial P   9.0000   3/24/2023 EUR   67.330
Vontobel Financial P   6.5000   3/24/2023 EUR   70.470
Vontobel Financial P   6.0000   6/23/2023 EUR   71.630
Vontobel Financial P  11.5000   6/23/2023 EUR   65.620
Vontobel Financial P   8.0000   6/23/2023 EUR   68.940
Vontobel Financial P  10.0000   3/24/2023 EUR   60.120
Vontobel Financial P  13.0000   6/23/2023 EUR   56.940
Vontobel Financial P  11.0000   6/23/2023 EUR   59.340
Zurcher Kantonalbank  18.0000   4/14/2023 USD   69.150
Bank Vontobel AG      11.0000   4/18/2023 CHF   61.000
Bank Vontobel AG       8.2500   4/17/2023 CHF   62.100
Bank Vontobel AG       5.0700   4/17/2023 CHF   69.600
Bank Vontobel AG       8.0000   4/18/2023 CHF   60.500
Bank Vontobel AG       7.5000   4/18/2023 CHF   40.900
Vontobel Financial P  12.0000   3/24/2023 EUR   57.530
Vontobel Financial P  20.5000   3/24/2023 EUR   63.190
Vontobel Financial P  17.5000   3/24/2023 EUR   68.980
Leonteq Securities A   8.0000    3/7/2023 USD   30.070
Vontobel Financial P  20.5000   6/23/2023 EUR   71.640
Raiffeisen Schweiz G   8.2000    3/3/2023 CHF   67.920
Raiffeisen Schweiz G   7.5000    3/3/2023 CHF   56.550
Raiffeisen Switzerla  17.2000   4/19/2023 USD   61.880
UBS AG/London         12.3400    9/7/2023 USD    4.120
Raiffeisen Schweiz G   8.2000    3/3/2023 CHF   67.920
UBS AG/London         14.5000   6/10/2024 CHF   70.300
Leonteq Securities A   8.0000   4/25/2023 CHF   32.220
Leonteq Securities A  10.0000   4/25/2023 CHF   55.590
Raiffeisen Switzerla   7.0000    5/3/2023 CHF   50.700
Societe Generale SA   10.0000  10/18/2024 USD   44.600
Landesbank Hessen-Th   0.6000   7/24/2034 EUR   74.900
Landesbank Baden-Wue   0.7500   8/12/2039 EUR   64.850
UniCredit Bank AG      7.4500  11/18/2024 EUR   52.820
Leonteq Securities A   9.0000   3/29/2023 CHF   53.250
TMK PJSC               7.3500   2/28/2025 RUB   69.960
Vontobel Financial P  15.8000   3/30/2023 EUR   48.190
Luzerner Kantonalban   6.7800    7/6/2023 USD   52.890
Leonteq Securities A   7.0000   3/29/2023 CHF   54.670
Leonteq Securities A  10.0000    3/9/2023 CHF   33.460
Swissquote Bank SA    15.0000   4/25/2023 CHF   45.200
Raiffeisen Schweiz G  17.0000   4/21/2023 CHF   64.750
Raiffeisen Schweiz G  16.0000   4/21/2023 CHF   65.600
UniCredit Bank AG     10.3000   9/27/2024 EUR   64.040
Raiffeisen Schweiz G  19.0000   4/21/2023 CHF   64.100
Bank Julius Baer & C   7.0000   9/12/2023 USD   71.650
EFG International Fi  11.0000   9/10/2024 USD   67.970
Landesbank Hessen-Th   1.0000  10/14/2036 EUR   64.650
Raiffeisen Switzerla   9.4000  10/19/2023 USD   64.420
DZ Bank AG Deutsche   15.2500   6/19/2023 EUR   68.220
Bank Julius Baer & C   7.0000   9/11/2023 USD   71.750
EFG International Fi  12.0000    3/8/2023 CHF   32.850
Bank Julius Baer & C   8.4000    4/4/2023 CHF   60.850
Bank Vontobel AG      15.0000   6/30/2023 CHF   25.000
Landesbank Baden-Wue  10.5000   9/22/2023 EUR   76.090
DZ Bank AG Deutsche    6.2500   3/20/2023 EUR   49.930
VTB Bank PJSC          0.0100  11/25/2026 RUB   69.000
Vontobel Financial P  14.5000   3/24/2023 EUR   61.340
Bank Julius Baer & C   9.6000   3/30/2023 USD   71.100
Landesbank Baden-Wue   6.1000   9/22/2023 EUR   39.210
Landesbank Baden-Wue   4.5000   9/22/2023 EUR   67.260
Landesbank Baden-Wue   4.2000   9/22/2023 EUR   73.080
Landesbank Baden-Wue   6.0000   9/22/2023 EUR   68.130
Raiffeisen Switzerla   6.5000    1/3/2024 CHF   70.320
Landesbank Baden-Wue   4.9000   9/22/2023 EUR   68.950
Communication Techno   5.2500   1/27/2032 HUF   65.000
MKB-Leasing OOO        9.2000  12/22/2027 RUB   65.000
DZ Bank AG Deutsche    5.0000   3/20/2023 EUR   57.600
Landesbank Baden-Wue   7.2500   9/22/2023 EUR   62.870
Bank Julius Baer & C   4.6000    4/4/2023 CHF   69.050
LP Portfolio Vagyonk   3.4000   9/23/2031 HUF   59.900
SG Issuer SA           2.0000  12/22/2036 EUR   62.070
Landesbank Baden-Wue   3.3000   9/22/2023 EUR   45.470
Landesbank Baden-Wue   8.5000   9/22/2023 EUR   36.090
Landesbank Baden-Wue   2.7000   9/22/2023 EUR   73.900
Raiffeisen Switzerla   9.0000   6/30/2023 USD   68.600
Biznes Nedvizhimost   10.8000  12/18/2026 RUB   62.000
Luzerner Kantonalban   5.0000   6/28/2023 CHF   60.160
Zurcher Kantonalbank   9.0000   6/28/2023 CHF   71.730
Raiffeisen Schweiz G  11.5000   2/28/2023 CHF   49.090
Raiffeisen Schweiz G  11.6000    3/1/2023 CHF   66.650
DZ Bank AG Deutsche    3.9000   3/24/2023 EUR   72.520
DZ Bank AG Deutsche   10.5000   3/24/2023 EUR   53.120
Goldman Sachs Intern   0.1000   1/13/2025 EUR   27.000
Vontobel Financial P   5.1000   6/16/2023 USD   57.040
Banque Cantonale Vau   5.4000   12/6/2023 CHF   37.900
UBS AG/London          9.2500   6/23/2023 USD   52.700
Corner Banca SA        6.0000    5/3/2023 CHF   64.640
Luzerner Kantonalban   6.0000    7/6/2023 EUR   53.160
Sberbank of Russia P   0.0100   6/22/2028 RUB   64.100
Luzerner Kantonalban   5.8800    7/6/2023 CHF   53.530
UBS AG/London          8.0000   6/23/2023 CHF   50.000
UBS AG/London          7.7500   6/23/2023 CHF   35.100
UBS AG/London          7.2500   6/23/2023 CHF   65.000
Leonteq Securities A   7.0000    5/3/2023 CHF   52.530
Leonteq Securities A   9.0000    3/9/2023 CHF   69.020
Leonteq Securities A   9.5900    6/9/2023 CHF   63.080
Bank Vontobel AG       8.0000   6/30/2023 CHF   65.400
UBS AG/London         10.5000   4/28/2023 CHF   67.700
UBS AG/London          8.7500   4/28/2023 CHF   51.750
Vontobel Financial P  17.7500   3/29/2023 EUR   34.600
UniCredit Bank AG      4.0000   4/21/2025 USD   69.860
Leonteq Securities A  14.0000   7/25/2023 CHF   68.270
DZ Bank AG Deutsche   17.7000   3/20/2023 EUR   66.990
DZ Bank AG Deutsche    6.2500   6/19/2023 EUR   58.500
Leonteq Securities A   9.0000   3/10/2023 CHF   58.000
Leonteq Securities A   9.0000   3/10/2023 CHF   52.110
Leonteq Securities A   7.0000   9/13/2023 CHF   56.760
Leonteq Securities A  10.0000   3/10/2023 CHF   14.540
Leonteq Securities A   6.0000   9/13/2023 CHF   61.210
Leonteq Securities A  11.0000   3/13/2023 USD   58.210
Leonteq Securities A  22.0000   4/25/2023 CHF   49.120
Raiffeisen Schweiz G  10.0000   3/10/2023 CHF   41.320
Raiffeisen Schweiz G   4.0000   9/10/2024 CHF   65.570
Erste Group Bank AG    4.0000   10/1/2025 EUR   75.150
DZ Bank AG Deutsche   23.3000   3/24/2023 EUR   70.350
Raiffeisen Schweiz G   9.0000   3/10/2023 USD   48.800
Raiffeisen Switzerla  10.0000   3/10/2023 EUR   37.710
Raiffeisen Schweiz G   8.0000   3/10/2023 CHF   53.020
Leonteq Securities A  15.0000   4/26/2024 CHF   65.830
Leonteq Securities A  10.0000  10/25/2023 CHF   68.630
Leonteq Securities A   7.0000   3/10/2023 CHF   68.550
DekaBank Deutsche Gi   2.8000  10/20/2023 EUR   49.480
Landesbank Hessen-Th   1.0000  12/28/2035 EUR   64.900
Landesbank Baden-Wue   3.4000   8/23/2024 EUR   22.480
EFG International Fi   4.9000  11/24/2023 USD   56.590
DekaBank Deutsche Gi   1.0000  12/23/2024 EUR   72.590
Societe Generale SA   13.5000   8/23/2024 USD   47.500
Bank Julius Baer & C   9.4000   2/28/2023 USD   52.900
Landesbank Baden-Wue   5.5000   5/26/2023 EUR   60.330
Basler Kantonalbank    7.0000   8/23/2023 CHF   57.120
Landesbank Baden-Wue   2.5000   5/26/2023 EUR   67.550
Zurcher Kantonalbank   7.5000   2/24/2023 EUR   56.340
Landesbank Baden-Wue   2.1000   5/26/2023 EUR   63.700
Landesbank Baden-Wue   3.6000   6/23/2023 EUR   71.320
Bank Julius Baer & C   7.4000   5/26/2023 CHF   55.500
Sovcombank Leasing O   9.2500   5/19/2025 RUB   65.000
Leonteq Securities A   7.8000  11/29/2023 CHF   74.270
Leonteq Securities A  10.8000   5/26/2023 EUR   68.480
Leonteq Securities A   7.8000  11/29/2023 CHF   66.290
Leonteq Securities A  11.0000   5/30/2023 USD   72.090
Leonteq Securities A   8.0000    3/1/2023 CHF   64.600
Raiffeisen Schweiz G   9.0000   5/26/2023 USD   55.230
Raiffeisen Schweiz G   9.0000   2/28/2023 CHF   43.590
Bank Vontobel AG      12.5000   2/27/2023 CHF   15.300
Raiffeisen Schweiz G   6.0000  11/29/2023 CHF   69.510
DZ Bank AG Deutsche   23.7000   9/22/2023 EUR   69.630
DZ Bank AG Deutsche   20.9000  12/22/2023 EUR   72.590
Leonteq Securities A   3.9100    3/3/2023 CHF   57.860
Landesbank Baden-Wue   3.6000   4/28/2023 EUR   48.110
Landesbank Baden-Wue   6.5000   4/28/2023 EUR   41.590
Raiffeisen Schweiz G  10.0000  10/11/2023 CHF   66.790
Leonteq Securities A   7.6000    3/9/2023 EUR   29.840
Landesbank Baden-Wue   3.7500   2/27/2026 EUR   72.920
Leonteq Securities A   9.0000   7/14/2023 CHF   70.000
Leonteq Securities A  10.0000   4/18/2023 USD   43.660
Raiffeisen Switzerla   7.4000   7/14/2023 CHF   73.010
Raiffeisen Switzerla   6.0000   1/17/2024 CHF   69.450
UBS AG/London          7.7500    8/2/2023 CHF   69.250
UBS AG/London         10.2500    8/2/2023 CHF   75.100
DZ Bank AG Deutsche    6.5000   3/22/2023 EUR   55.990
DZ Bank AG Deutsche    7.2500   3/22/2023 EUR   25.550
DZ Bank AG Deutsche    6.5000   3/22/2023 EUR   72.480
DZ Bank AG Deutsche    8.2500   3/22/2023 EUR   67.120
EFG International Fi   6.0000  12/22/2023 USD   32.590
Luzerner Kantonalban   8.2600   7/17/2023 CHF   71.510
DekaBank Deutsche Gi   1.0000   1/20/2025 EUR   42.120
DekaBank Deutsche Gi   2.5000    2/2/2024 EUR   52.690
EFG International Fi   4.9000  12/28/2023 USD   53.390
Credit Suisse AG/Lon   8.2500   4/13/2023 CHF   64.880
Bank Vontobel AG      20.0000   4/17/2023 CHF   70.000
Landesbank Hessen-Th   4.8694   1/26/2037 EUR   66.900
Credit Suisse AG/Lon   8.0000   4/14/2023 CHF   70.260
Bank Vontobel AG       7.2000   1/19/2027 EUR   44.300
BNP Paribas Issuance   4.6000   1/23/2024 EUR   20.950
UBS AG/London          7.5000   3/17/2023 CHF   23.280
UBS AG/London         12.2500   3/17/2023 CHF   58.350
Vontobel Financial P   5.1500   3/19/2025 EUR   49.180
Bank Vontobel AG      10.0000   3/24/2023 EUR   52.300
Bank Vontobel AG       5.5000  12/27/2023 CHF   59.700
Raiffeisen Switzerla   9.0000   6/27/2023 USD   56.800
Raiffeisen Schweiz G   6.0000  12/27/2023 CHF   72.110
UBS AG/London          9.5000   1/12/2024 CHF   66.300
UBS AG/London          7.5000   7/12/2023 CHF   58.900
Landesbank Baden-Wue   2.5000   7/24/2026 EUR   71.360
Bank Vontobel AG      11.2500   3/24/2023 CHF   45.300
Sberbank of Russia P   0.0100  12/11/2026 RUB   67.020
Raiffeisen Schweiz G   6.0000  12/27/2023 CHF   68.680
UBS AG/London          5.5000   1/12/2024 CHF   58.800
Credit Suisse AG/Lon   8.0000   3/22/2023 CHF   67.470
Leonteq Securities A   8.0000   3/22/2023 CHF   65.280
Raiffeisen Switzerla   8.0000   3/22/2023 CHF   58.960
Landesbank Baden-Wue   4.0000   6/27/2025 EUR   73.910
Raiffeisen Switzerla   6.2500   9/25/2023 CHF   67.050
Bank Vontobel AG      11.0000   6/27/2023 CHF   74.200
UBS AG/London          5.2500   1/12/2024 USD   71.800
UBS AG/London          6.2500   1/12/2024 CHF   69.900
UBS AG/London          6.5000   1/12/2024 CHF   66.350
Bank Vontobel AG      12.3000   4/26/2023 CHF   42.300
Bank Julius Baer & C  12.1500   7/19/2023 CHF   58.850
Leonteq Securities A  20.0000   6/27/2023 CHF   53.390
Nordea Bank Abp        7.1000   7/20/2024 SEK #N/A N/A
Societe Generale SA    7.2800    5/6/2024 USD   52.840
Landesbank Hessen-Th   9.7389   8/24/2033 EUR   73.800
Landesbank Baden-Wue   2.5000   8/25/2023 EUR   65.700
Leonteq Securities A   5.2000  11/29/2023 CHF   69.890
Basler Kantonalbank   10.0000   2/13/2023 CHF   48.160
EFG International Fi  15.0000   2/13/2023 EUR   36.260
EFG International Fi   8.0000   2/13/2023 CHF   72.830
EFG International Fi  10.0000   2/13/2023 USD   60.530
Leonteq Securities A   8.0000   2/13/2023 CHF   74.360
Bank Vontobel AG       6.5000   2/13/2023 CHF   58.200
Leonteq Securities A  13.0000   2/22/2023 USD   68.270
Leonteq Securities A  18.0000   2/22/2023 CHF   28.500
DZ Bank AG Deutsche   19.0000   3/24/2023 EUR   63.980
Goldman Sachs & Co W   5.0000   3/22/2023 EUR   51.550
Goldman Sachs & Co W   5.0000   6/21/2023 EUR   52.600
Goldman Sachs & Co W   4.0000   3/22/2023 EUR   54.560
Goldman Sachs & Co W   4.0000   6/21/2023 EUR   55.290
Corner Banca SA       10.0000   2/13/2023 EUR   31.790
UBS AG/London          7.0000  11/24/2023 CHF   62.100
Bank Vontobel AG      15.0000   2/20/2023 CHF   40.400
Bank Julius Baer & C   9.2000   2/27/2023 EUR   48.950
Landesbank Baden-Wue   3.5000   5/26/2023 EUR   34.130
Landesbank Baden-Wue   7.3000   5/26/2023 EUR   28.190
Landesbank Baden-Wue   2.1000   6/23/2023 EUR   69.490
Landesbank Baden-Wue   4.2000   6/23/2023 EUR   62.260
Landesbank Baden-Wue  11.0500   5/26/2023 EUR   58.660
Landesbank Baden-Wue   3.0000   5/26/2023 EUR   60.850
Landesbank Baden-Wue   3.0000   6/23/2023 EUR   73.260
Landesbank Baden-Wue   4.0000   5/26/2023 EUR   71.400
Landesbank Baden-Wue   6.2000   5/26/2023 EUR   60.870
Landesbank Baden-Wue   3.6000   6/23/2023 EUR   45.860
Societe Generale SA   21.0000   12/1/2023 USD   28.880
Societe Generale SA   15.8000   12/5/2024 USD   49.700
Leonteq Securities A  10.8000   5/26/2023 CHF   45.730
Leonteq Securities A  10.0000  11/29/2023 EUR   59.510
Raiffeisen Schweiz G   7.0000  11/29/2023 CHF   61.810
Raiffeisen Schweiz G   6.6000  11/29/2023 CHF   63.880
Bank Vontobel AG       7.5000   5/26/2023 CHF   60.900
Bank Vontobel AG       5.2500   5/28/2024 CHF   70.500
DZ Bank AG Deutsche   23.6000   3/24/2023 EUR   62.780
DZ Bank AG Deutsche   15.2000   6/23/2023 EUR   18.850
UBS AG/London         20.0000  10/23/2023 CHF   49.700
Societe Generale SA   23.0000    5/1/2023 USD   43.000
Basler Kantonalbank   15.0000   7/27/2023 EUR   67.500
Landesbank Baden-Wue   5.5000   4/26/2024 EUR   70.660
Landesbank Baden-Wue   3.9000   4/26/2024 EUR   73.390
Landesbank Baden-Wue   5.1000   4/26/2024 EUR   69.400
UBS AG/London          6.7500  11/24/2023 CHF   62.250
Leonteq Securities A   8.0000   2/20/2023 CHF   54.740
Leonteq Securities A   7.4000   2/20/2023 CHF   69.380
Landesbank Baden-Wue   5.2500   5/26/2023 EUR   30.570
Landesbank Baden-Wue   2.8500   5/26/2023 EUR   69.060
Landesbank Baden-Wue   3.1000   6/23/2023 EUR   65.630
Landesbank Baden-Wue   8.4500   5/26/2023 EUR   67.090
Landesbank Baden-Wue   8.2500   5/26/2023 EUR   71.810
Landesbank Baden-Wue   4.6000   6/23/2023 EUR   73.020
Landesbank Baden-Wue   4.0000   6/23/2023 EUR   69.540
Landesbank Baden-Wue   2.1500   5/26/2023 EUR   64.050
Landesbank Baden-Wue   4.1500   5/26/2023 EUR   56.100
Landesbank Baden-Wue   6.0000   5/26/2023 EUR   51.410
Landesbank Baden-Wue   7.8500   5/26/2023 EUR   55.490
Landesbank Baden-Wue   2.1500   6/23/2023 EUR   49.760
Landesbank Baden-Wue   2.0000   6/23/2023 EUR   59.200
Landesbank Baden-Wue   3.2000   6/23/2023 EUR   55.980
Zurcher Kantonalbank   6.0000   5/17/2023 CHF   68.490
Zurcher Kantonalbank  10.0000   4/20/2023 CHF   70.980
Zurcher Kantonalbank  10.0000   4/21/2023 CHF   71.540
Zurcher Kantonalbank   9.0000   4/21/2023 CHF   71.710
Bank Julius Baer & C  13.1500   6/28/2023 CHF   41.350
Bank Julius Baer & C  18.5500   6/28/2023 CHF   60.700
Raiffeisen Switzerla  15.2000   6/27/2023 EUR   38.090
Bank Vontobel AG      18.5000   6/26/2023 CHF   62.500
Landesbank Baden-Wue   1.0000   7/17/2039 EUR   64.990
Landesbank Hessen-Th   0.7000    8/2/2034 EUR   73.000
DZ Bank AG Deutsche   13.5000   3/24/2023 EUR   38.820
Basler Kantonalbank    9.0000   2/20/2023 CHF   33.560
EFG International Fi  10.0000   2/20/2023 CHF   54.790
Landesbank Baden-Wue   2.4000   9/26/2025 EUR   71.220
UniCredit Bank AG      6.4500   6/21/2023 EUR   48.750
Bank Vontobel AG       7.7500   2/20/2023 CHF   41.600
Credit Suisse AG/Lon   5.2000  11/27/2023 USD    8.820
Sberbank of Russia P   0.0100   8/21/2028 RUB   61.800
UBS AG/London          6.5000  11/24/2023 CHF   69.150
Raiffeisen Schweiz G  14.0000   2/20/2023 CHF   45.870
Leonteq Securities A  11.0000   2/23/2023 CHF   23.460
Bank Vontobel AG      28.5000   9/18/2023 CHF   64.700
Bank Vontobel AG       9.5000   2/13/2023 CHF   62.100
Leonteq Securities A   8.0000  11/22/2023 CHF   72.080
Leonteq Securities A  11.0000   5/22/2023 CHF   57.660
Leonteq Securities A  11.0000   2/22/2023 USD   47.440
Sberbank of Russia P   0.0100  11/23/2026 RUB   69.000
Leonteq Securities A  14.0000   2/22/2023 EUR   46.350
Societe Generale SA   13.6000   8/16/2024 USD   63.000
Zurcher Kantonalbank   5.1500   8/18/2023 CHF   64.130
Credit Suisse AG/Lon   8.5000   2/16/2023 USD   63.110
EFG International Fi  10.6000   8/23/2023 EUR   35.510
Zurcher Kantonalbank  10.5000   5/16/2023 CHF   65.240
Basler Kantonalbank    8.0000   8/18/2023 CHF   55.530
DZ Bank AG Deutsche   16.3000   3/24/2023 EUR   63.480
DZ Bank AG Deutsche   10.0000   3/24/2023 EUR   68.460
DZ Bank AG Deutsche   13.7000   3/24/2023 EUR   74.450
DZ Bank AG Deutsche    6.0000   3/24/2023 EUR   53.660
Mostotrest PJSC        0.0100   7/29/2026 RUB   63.550
EFG International Fi   7.5000   5/19/2023 CHF   31.410
DZ Bank AG Deutsche    8.4000   3/24/2023 EUR   75.490
DZ Bank AG Deutsche   10.6000   3/24/2023 EUR   71.040
DZ Bank AG Deutsche   12.5000   3/24/2023 EUR   46.880
DZ Bank AG Deutsche   10.1000   3/24/2023 EUR   70.360
DZ Bank AG Deutsche   13.4000   3/24/2023 EUR   69.510
EFG International Fi   8.0000   8/18/2023 CHF   67.530
Bank Vontobel AG      10.7500   5/22/2023 CHF   44.900
Bank Vontobel AG      14.0000   5/22/2023 CHF   64.600
Credit Suisse AG/Lon   4.5500   2/23/2023 USD    9.576
EFG International Fi   4.9600   2/24/2023 EUR   69.290
UBS AG/London          7.5000  11/24/2023 CHF   71.650
UBS AG/London          8.0000  11/24/2023 CHF   59.850
UBS AG/London         10.7500   5/24/2023 USD   56.000
UBS AG/London          6.7500  11/24/2023 CHF   58.800
UBS AG/London         11.2500   5/24/2023 EUR   70.750
UBS AG/London          8.0000   5/24/2023 CHF   31.700
Sberbank of Russia P   0.0100  11/24/2026 RUB   69.900
Raiffeisen Schweiz G   8.4000   8/23/2023 CHF   56.700
Raiffeisen Switzerla   8.8000   2/22/2023 CHF   46.810
Raiffeisen Schweiz G   4.4000  11/22/2023 CHF   71.150
Raiffeisen Schweiz G   8.8000   5/19/2023 USD   68.030
Raiffeisen Schweiz G   7.5000  11/22/2023 CHF   64.890
DZ Bank AG Deutsche    5.0000   3/20/2023 EUR   65.980
DZ Bank AG Deutsche    8.7500   3/20/2023 EUR   68.230
Leonteq Securities A   8.8000   2/22/2023 EUR   49.620
Bank Julius Baer & C   6.5000   2/23/2023 CHF   58.950
Landesbank Hessen-Th   1.1500   9/22/2036 EUR   63.500
Societe Generale SA   10.0000   8/17/2023 USD   41.520
Raiffeisen Schweiz G   7.2500   2/13/2023 EUR   74.490
Raiffeisen Schweiz G  10.0000   2/13/2023 CHF   57.280
Raiffeisen Schweiz G   6.0000   8/16/2023 CHF   66.880
Zurcher Kantonalbank   8.1000   2/20/2023 CHF   68.130
Zurcher Kantonalbank   7.8000   2/20/2023 CHF   69.810
Bank Vontobel AG       8.2508   2/13/2023 CHF   56.300
Leonteq Securities A  14.0000   2/23/2023 CHF   35.620
DZ Bank AG Deutsche   10.9000   3/24/2023 EUR   49.810
DZ Bank AG Deutsche   17.7000   3/24/2023 EUR   33.780
DZ Bank AG Deutsche   12.0000   3/24/2023 EUR   58.190
Credit Suisse AG/Lon   4.5500   5/24/2023 USD    9.270
Leonteq Securities A   8.0000   8/23/2023 CHF   67.680
UBS AG/London          6.7500  11/24/2023 CHF   56.950
UBS AG/London          8.0000  11/24/2023 CHF   72.000
Leonteq Securities A   7.0000   8/23/2023 CHF   70.520
Leonteq Securities A   8.0000   2/23/2023 USD   57.170
Leonteq Securities A  10.0000   2/23/2023 USD   51.410
Leonteq Securities A   8.0000   8/23/2023 CHF   19.530
Bank Vontobel AG      10.0000   2/20/2023 CHF   53.900
Bank Vontobel AG       6.5000   2/20/2023 CHF   66.400
Landesbank Hessen-Th   1.7500    8/4/2036 EUR   66.000
Bank Vontobel AG      15.0000   9/25/2023 CHF   62.500
UBS AG/London          9.7500    7/1/2024 CHF   62.050
Landesbank Hessen-Th   2.0000    4/9/2035 EUR   65.400
Credit Suisse AG/Lon   8.0000   3/21/2023 CHF   72.880
Bank Vontobel AG      10.2500   3/24/2023 CHF   44.600
Raiffeisen Schweiz G  10.0000   3/23/2023 CHF   37.680
UBS AG/London          9.0000   7/12/2023 EUR   59.000
Raiffeisen Schweiz G   6.3000   7/12/2023 CHF   74.010
Landesbank Hessen-Th   9.7389  11/16/2033 EUR   73.400
Landesbank Baden-Wue   2.5000   8/25/2023 EUR   64.460
DZ Bank AG Deutsche    9.7500   9/20/2023 EUR   45.060
UBS AG/London         16.7500   8/31/2023 USD   70.750
Raiffeisen Switzerla  20.0000    9/6/2023 CHF   49.990
Banque International  11.0000   7/12/2023 EUR   58.650
BNP Paribas Emission   3.0000   3/23/2023 EUR   73.670
BNP Paribas Emission   4.0000   3/23/2023 EUR   67.910
BNP Paribas Emission   4.0000   3/23/2023 EUR   65.410
Corner Banca SA       20.0000    5/2/2023 CHF   62.920
Swissquote Bank SA    16.0000    5/2/2023 CHF   46.720
Leonteq Securities A  18.0000    5/2/2023 CHF   50.700
Leonteq Securities A  20.0000    5/2/2023 CHF   34.820
Credit Suisse AG/Lon   9.7500   4/27/2023 USD   57.840
UBS AG/London          7.7500   4/29/2024 CHF   65.850
DZ Bank AG Deutsche    6.0000   3/24/2023 EUR   73.810
Bank Vontobel AG      20.0000    5/2/2023 CHF   62.200
UBS AG/London          6.8500   7/25/2023 USD    9.450
Bank Julius Baer & C  14.0000    5/5/2023 USD   64.250
EFG International Fi  15.0000    5/9/2023 CHF   38.320
UBS AG/London         11.2500    5/4/2023 CHF   48.250
Banque International  16.0000    5/4/2023 CHF   65.760
Leonteq Securities A  12.0000    8/9/2023 CHF   65.590
Sberbank of Russia P   0.0100  11/30/2028 RUB   65.400
Landesbank Hessen-Th   1.4000   1/13/2037 EUR   66.250
Sberbank of Russia P   0.0100  11/27/2026 RUB   68.900
Leonteq Securities A  11.2100    6/6/2023 CHF   18.990
Leonteq Securities A   6.1000   12/6/2023 CHF   66.960
Bank Vontobel AG       8.0000   5/26/2023 CHF   34.800
Bank Vontobel AG       8.5000    6/5/2023 CHF   70.700
Leonteq Securities A   8.8000   12/7/2023 CHF   62.470
Bank Vontobel AG       9.5000   2/20/2023 EUR   25.500
Bank Vontobel AG       6.0000   2/20/2023 CHF   70.800
Luzerner Kantonalban   9.5000   5/30/2023 CHF   67.170
UniCredit Bank AG      5.0000   1/21/2025 USD   70.340
DekaBank Deutsche Gi   3.3000   1/12/2026 EUR   69.090
Raiffeisen Schweiz G   6.7000    9/6/2023 USD   60.290
Raiffeisen Schweiz G   7.2000    6/6/2023 CHF   59.360
Raiffeisen Schweiz G   8.2000   12/6/2023 CHF   64.390
Landesbank Baden-Wue   4.0000    1/2/2026 EUR   68.290
Landesbank Baden-Wue   2.5000    1/2/2026 EUR   60.080
Vontobel Financial P   6.2000   12/8/2023 EUR   62.170
Sberbank of Russia P   0.0100  11/27/2026 RUB   65.880
Sberbank of Russia P   0.0100   12/7/2026 RUB   71.700
Vontobel Financial P  11.5000   3/24/2023 EUR   71.570
DZ Bank AG Deutsche   22.8000  12/22/2023 EUR   70.300
HSBC Trinkaus & Burk  14.9000   6/23/2023 EUR   73.120
HSBC Trinkaus & Burk  23.1000   3/24/2023 EUR   36.370
HSBC Trinkaus & Burk  15.3000   6/23/2023 EUR   40.560
HSBC Trinkaus & Burk   7.7000   6/23/2023 EUR   48.610
HSBC Trinkaus & Burk  19.4000   9/22/2023 EUR   40.550
HSBC Trinkaus & Burk   8.8000   2/24/2023 EUR   47.300
HSBC Trinkaus & Burk  16.8000   7/28/2023 EUR   40.330
DZ Bank AG Deutsche   24.0000   9/22/2023 EUR   48.960
Bank Julius Baer & C  16.1500   3/15/2023 CHF   39.850
Bank Julius Baer & C  22.5000   6/15/2023 CHF   45.800
Bank Julius Baer & C  10.0000   6/15/2023 CHF   48.000
Credit Suisse AG/Lon  10.2500    6/9/2023 USD   58.430
Leonteq Securities A  19.0000   6/29/2023 USD   67.770
Leonteq Securities A  24.0000    3/3/2023 CHF   53.090
Landesbank Baden-Wue   3.0000   3/22/2024 EUR   69.030
Landesbank Baden-Wue   4.2000   3/22/2024 EUR   64.530
Landesbank Baden-Wue   5.0000   3/22/2024 EUR   71.400
UBS AG/London          4.0000   5/26/2026 SEK   72.190
Leonteq Securities A  12.0000    3/7/2023 CHF   68.620
Leonteq Securities A  17.0000    3/7/2023 CHF   34.880
UBS AG/London          4.0000    8/3/2026 SEK   61.330
Landesbank Hessen-Th   2.0000   3/10/2037 EUR   72.750
Credit Suisse AG/Lon   8.5000    3/1/2023 CHF   61.640
DZ Bank AG Deutsche    4.8000   3/20/2023 EUR   58.080
Leonteq Securities A   8.0000   10/4/2023 USD   69.500
UniCredit Bank AG      3.6500  10/29/2024 EUR   74.800
BNP Paribas SA         1.2750   10/2/2023 USD   22.900
Credit Suisse AG/Lon  12.0000    3/8/2023 USD   68.930
Raiffeisen Schweiz G   8.5000   3/24/2023 CHF   69.620
Raiffeisen Schweiz G   7.0000   3/24/2023 CHF   69.670
Raiffeisen Schweiz G   8.5000   3/24/2023 USD   30.420
Zurcher Kantonalbank  16.0000    3/3/2023 USD   70.640
EFG International Fi   9.5000   9/14/2023 CHF   69.370
Raiffeisen Bank Inte   8.0515   3/22/2023 EUR   64.780
Raiffeisen Bank Inte   8.0515   3/22/2023 EUR   74.280
Raiffeisen Bank Inte  10.7353   3/22/2023 EUR   57.090
Raiffeisen Bank Inte   9.3934   3/22/2023 EUR   73.390
Raiffeisen Bank Inte  10.7353   3/22/2023 EUR   69.970
Raiffeisen Bank Inte  10.0643   3/22/2023 EUR   74.670
Vontobel Financial P   7.0000   3/24/2023 EUR   66.540
Credit Suisse AG/Lon   8.5000    3/6/2023 CHF   65.580
Landesbank Baden-Wue   3.6500   3/24/2023 EUR   65.500
Landesbank Baden-Wue   6.2000   3/24/2023 EUR   60.080
Landesbank Baden-Wue   3.0000   3/24/2023 EUR   72.010
Landesbank Baden-Wue   6.2000   3/24/2023 EUR   67.610
Landesbank Baden-Wue   5.5000   3/24/2023 EUR   74.350
Landesbank Baden-Wue   4.1500   3/24/2023 EUR   66.280
Landesbank Baden-Wue   3.3500   3/24/2023 EUR   58.140
Leonteq Securities A  10.0000    4/4/2023 USD   56.460
Leonteq Securities A  26.0000   3/14/2023 CHF   20.130
Vontobel Financial P  10.7500   4/13/2023 EUR   59.740
Societe Generale SA   14.7600   10/7/2024 USD   72.700
Banque International   6.0000  11/30/2023 CHF   67.890
Landesbank Baden-Wue   3.2500    1/2/2026 EUR   69.450
EFG International Fi   8.0000    6/1/2023 CHF   67.320
Bank Vontobel AG       9.0000    6/5/2023 CHF   62.500
Societe Generale SA   14.4000  12/14/2023 USD   27.500
EFG International Fi   8.0000   3/22/2023 USD   59.830
Leonteq Securities A   8.0000   9/27/2023 CHF   65.050
Leonteq Securities A  12.0000   3/24/2023 CHF   63.010
Leonteq Securities A   8.0000   3/24/2023 CHF   64.750
Corner Banca SA        8.0000   9/27/2023 CHF   37.420
Corner Banca SA       11.4000   3/24/2023 CHF   45.850
Leonteq Securities A   7.0000   9/27/2023 CHF   68.500
Bank Julius Baer & C   9.2000    3/8/2023 CHF   64.050
Raiffeisen Schweiz G   7.0000   6/27/2023 CHF   69.760
Bank Julius Baer & C  15.4000    3/8/2023 USD   60.050
Raiffeisen Schweiz G  15.2000    3/7/2023 CHF   53.710
Banque International  10.0000   3/28/2023 CHF   37.410
Bank Vontobel AG       8.2500    3/4/2024 CHF   72.500
Credit Suisse AG/Lon  16.0000    3/3/2023 USD   27.150
Raiffeisen Schweiz G   4.0000   9/27/2024 CHF   56.750
Raiffeisen Schweiz G   7.0000   3/24/2023 CHF   61.310
Zurcher Kantonalbank  20.0000    3/3/2023 USD   67.460
Bank Vontobel AG      10.0000    3/4/2024 EUR   67.600
Bank Vontobel AG       9.5000    6/2/2023 CHF   68.200
Basler Kantonalbank   10.0000   3/29/2023 CHF   36.550
EFG International Fi  12.0000   3/29/2023 USD   43.380
Raiffeisen Bank Inte   5.3677   3/22/2023 EUR   68.930
Raiffeisen Bank Inte   9.3934   3/22/2023 EUR   60.250
Raiffeisen Bank Inte  12.0772   3/22/2023 EUR   54.960
Raiffeisen Bank Inte  12.0772   3/22/2023 EUR   67.460
Vontobel Financial P  10.0000   3/24/2023 EUR   54.170
Landesbank Hessen-Th   1.5000   10/1/2036 EUR   64.600
Raiffeisen Schweiz G   5.8500   10/4/2023 CHF   62.840
Landesbank Baden-Wue   2.2500   3/24/2023 EUR   71.250
Landesbank Baden-Wue   4.9000   3/24/2023 EUR   61.800
Landesbank Baden-Wue   8.6500   3/24/2023 EUR   51.870
Landesbank Baden-Wue   4.2000   3/24/2023 EUR   67.840
Landesbank Baden-Wue   8.9000   3/24/2023 EUR   56.930
Landesbank Baden-Wue   6.2500   3/24/2023 EUR   73.010
Landesbank Baden-Wue   3.6500   3/24/2023 EUR   74.520
Landesbank Baden-Wue   6.2000   3/24/2023 EUR   64.650
Landesbank Baden-Wue   3.0000   3/24/2023 EUR   69.960
Landesbank Baden-Wue   4.9000   3/24/2023 EUR   73.620
Leonteq Securities A   8.0000   3/11/2024 CHF   51.390
Sberbank of Russia P   0.0100   10/3/2028 RUB   70.700
Landesbank Baden-Wue   2.0000   3/24/2023 EUR   62.110
Credit Suisse AG/Lon   9.5000    3/7/2023 CHF   39.020
Credit Suisse AG/Lon  11.8500   3/18/2024 USD   71.550
Leonteq Securities A  11.0000    4/4/2023 CHF   68.320
Leonteq Securities A   7.0000   10/4/2023 CHF   57.950
Leonteq Securities A  10.0000    4/4/2023 CHF   59.380
Leonteq Securities A   7.4000   10/4/2023 CHF   67.890
Corner Banca SA        8.0000    4/4/2023 CHF   71.420
Corner Banca SA        7.0000   10/4/2023 CHF   68.730
Sberbank of Russia P   0.0100  10/23/2026 RUB   67.810
Landesbank Hessen-Th   1.5000  12/10/2036 EUR   66.900
Vontobel Financial P   8.4000   12/4/2023 EUR   68.630
Raiffeisen Schweiz G   8.2000    2/6/2024 CHF   70.760
Leonteq Securities A   9.0000    5/8/2023 CHF   65.510
Bank Julius Baer & C   7.5000   5/10/2023 CHF   66.300
Credit Suisse AG/Lon   8.0000  11/10/2023 USD   44.890
UBS AG/London         17.2500    5/4/2023 CHF   46.650
Bank Vontobel AG       8.5000   11/3/2023 CHF   49.600
Leonteq Securities A   9.0000    5/9/2023 CHF   62.710
Banque International   8.0000   11/8/2023 USD   69.580
Zurcher Kantonalbank   7.0000   4/27/2023 CHF   66.340
Credit Suisse AG/Lon   8.0000  11/15/2023 USD   62.410
HSBC Trinkaus & Burk   5.0000   6/22/2023 EUR   75.190
DZ Bank AG Deutsche    6.2500   3/20/2023 EUR   73.980
DZ Bank AG Deutsche    4.7500   3/20/2023 EUR   62.010
UBS AG/London          8.0000    5/3/2023 CHF   69.000
Zurcher Kantonalbank   9.0000    5/4/2023 CHF   71.040
DZ Bank AG Deutsche   12.4000   6/23/2023 EUR   68.730
SG Issuer SA           5.0000   5/30/2029 EUR   53.540
Vontobel Financial P  16.7500   9/22/2023 EUR   69.800
Leonteq Securities A  11.0000    8/9/2023 CHF   72.760
UBS AG/London         18.0000    4/8/2024 CHF   68.850
Zurcher Kantonalbank  11.0000    4/6/2023 CHF   61.760
Zurcher Kantonalbank  19.0000    4/6/2023 CHF   62.250
Credit Suisse AG/Lon   7.0000    4/6/2023 CHF   59.560
Credit Suisse AG/Lon   4.2000   4/21/2023 EUR   46.040
Raiffeisen Bank Inte  11.0816   9/20/2023 EUR   70.220
Raiffeisen Bank Inte  11.0816   9/20/2023 EUR   56.260
Raiffeisen Bank Inte   8.3112   9/20/2023 EUR   58.810
DZ Bank AG Deutsche    5.2500   6/21/2023 EUR   55.120
Bank Vontobel AG      15.0000   4/12/2023 CHF   57.100
Bank Vontobel AG       8.7500   10/9/2023 CHF   61.300
UniCredit Bank AG     10.8000   5/10/2023 EUR   34.170
EFG International Fi   4.5000   2/12/2024 USD   50.120
Raiffeisen Switzerla   7.2000   2/15/2023 CHF   55.290
Landesbank Baden-Wue   3.8000   2/24/2023 EUR   72.380
UBS AG/London          8.7500   2/17/2023 CHF   58.550
UBS AG/London         14.7500   2/17/2023 CHF   16.400
DekaBank Deutsche Gi   1.0000   3/17/2025 EUR   70.970
Landesbank Hessen-Th   1.0000   3/17/2036 EUR   63.800
Raiffeisen Schweiz G  14.8000   4/11/2023 CHF   39.790
Raiffeisen Bank Inte   8.3112   9/20/2023 EUR   73.730
Raiffeisen Bank Inte   9.6964   9/20/2023 EUR   71.740
Raiffeisen Bank Inte   8.3112   9/20/2023 EUR   63.810
Raiffeisen Bank Inte   9.6964   9/20/2023 EUR   59.360
Raiffeisen Bank Inte   5.5408   9/20/2023 EUR   61.450
Raiffeisen Bank Inte   6.9260   9/20/2023 EUR   59.910
DZ Bank AG Deutsche   21.5000   4/28/2023 EUR   69.670
Bank Vontobel AG      10.2500   10/9/2023 CHF   68.700
DZ Bank AG Deutsche    8.2500   3/20/2023 EUR   55.220
Leonteq Securities A  22.0000   4/12/2023 CHF   55.700
Leonteq Securities A  13.0000   7/11/2023 CHF   66.670
Corner Banca SA       20.0000   4/12/2023 CHF   60.800
UBS AG/London         11.2500   8/31/2023 CHF   63.500
Basler Kantonalbank    7.0000   9/22/2023 CHF   71.130
Basler Kantonalbank    8.0000   3/22/2023 CHF   60.550
EFG International Fi  16.0000   3/22/2023 CHF   32.410
Leonteq Securities A  10.0000   3/24/2023 USD   52.400
Bank Julius Baer & C   9.4000    3/8/2023 CHF   42.050
Luzerner Kantonalban   3.5000   8/30/2023 USD   61.430
Leonteq Securities A  21.0000   2/14/2023 CHF   31.720
Leonteq Securities A  10.0000   8/11/2023 CHF   45.260
Leonteq Securities A   4.0000   8/11/2023 EUR   70.730
Raiffeisen Schweiz G   3.5500  11/29/2023 CHF   62.180
Zurcher Kantonalbank   5.0000   5/23/2023 CHF   64.140
EFG International Fi   5.4800   2/24/2023 EUR   65.470
DZ Bank AG Deutsche    9.2500   3/22/2023 EUR   32.480
Leonteq Securities A  13.0000   2/14/2023 USD   62.050
Corner Banca SA       15.0000   2/14/2023 CHF   71.870
Corner Banca SA       21.0000   2/14/2023 CHF   35.150
Landesbank Baden-Wue   3.0000   2/27/2026 EUR   71.910
DZ Bank AG Deutsche   10.0000   3/22/2023 EUR   24.110
UBS AG/London          9.0000    6/1/2023 CHF   68.750
UBS AG/London          6.7500   12/1/2023 CHF   64.400
UBS AG/London         10.5000    6/1/2023 CHF   65.700
UBS AG/London          7.7500    6/1/2023 CHF   62.150
UBS AG/London          7.7500   12/1/2023 CHF   71.200
UBS AG/London          6.5000   12/1/2023 CHF   62.550
UBS AG/London          7.2500   12/1/2023 CHF   68.700
UBS AG/London          5.7500   12/1/2023 CHF   69.650
SG Issuer SA           2.1000   8/23/2033 EUR   20.260
Credit Suisse AG/Lon   7.0000   5/19/2023 CHF   71.220
Credit Suisse AG/Lon   7.2500   5/24/2023 CHF   69.600
Credit Suisse AG/Lon   8.5000   2/24/2023 CHF   61.260
DZ Bank AG Deutsche    7.7000   6/19/2023 EUR   74.650
Societe Generale SA    8.1000    4/3/2023 USD   61.980
UBS AG/London         14.0000   3/23/2023 USD   71.750
UBS AG/London         14.2500   3/23/2023 CHF   73.100
Bank Vontobel AG       7.0000   7/28/2023 CHF   72.100
UBS AG/London          9.2500  11/10/2023 CHF   58.450
Leonteq Securities A   6.0000   2/13/2023 EUR   48.610
Raiffeisen Schweiz G   7.0000   11/8/2023 CHF   68.210
UBS AG/London         10.7500  11/13/2023 CHF   64.700
Raiffeisen Schweiz G   8.0000    5/5/2023 CHF   56.200
UBS AG/London          8.5000  11/10/2023 CHF   34.450
UBS AG/London          8.2500   5/10/2023 CHF   70.400
Vontobel Financial P   4.0000  11/30/2023 EUR   53.060
Vontobel Financial P  10.0000   3/24/2023 EUR   60.420
Vontobel Financial P  13.5000   3/24/2023 EUR   69.010
UniCredit Bank AG      4.4000   3/16/2026 EUR   63.310
Leonteq Securities A  17.0600   2/13/2023 USD   61.060
DZ Bank AG Deutsche    8.5000   3/22/2023 EUR   28.440
Leonteq Securities A  12.0000   5/11/2023 CHF   26.700
Corner Banca SA       14.0000   2/14/2023 CHF   64.200
DZ Bank AG Deutsche    7.4000   3/20/2023 EUR   71.710
DZ Bank AG Deutsche    4.9000   3/20/2023 EUR   52.120
DZ Bank AG Deutsche    4.7500   6/19/2023 EUR   69.850
EFG International Fi  11.0000    8/9/2023 CHF   59.050
Vontobel Financial P  14.0000   3/24/2023 EUR   24.800
Vontobel Financial P  19.0000   3/24/2023 EUR   62.280
Vontobel Financial P  16.0000   3/24/2023 EUR   66.810
Vontobel Financial P  15.0000   3/24/2023 EUR   72.940
Vontobel Financial P  20.0000   3/24/2023 EUR   64.300
Vontobel Financial P  16.0000   3/24/2023 EUR   70.510
Vontobel Financial P  18.5000   3/24/2023 EUR   66.200
Vontobel Financial P  17.0000   3/24/2023 EUR   68.260
Vontobel Financial P  21.0000   3/24/2023 EUR   62.460
Vontobel Financial P  22.5000   3/24/2023 EUR   60.800
Vontobel Financial P  15.0000   3/24/2023 EUR   69.620
Vontobel Financial P  17.5000   3/24/2023 EUR   64.550
Vontobel Financial P   5.0000   3/24/2023 EUR   72.560
Vontobel Financial P   7.0000   3/24/2023 EUR   68.020
Vontobel Financial P   8.0000   3/24/2023 EUR   65.840
Vontobel Financial P  11.5000   3/24/2023 EUR   60.270
Vontobel Financial P  13.0000   3/24/2023 EUR   58.620
UniCredit Bank AG     12.5500    6/1/2023 EUR   34.490
DZ Bank AG Deutsche    4.9000   6/19/2023 EUR   72.100
Vontobel Financial P  14.2500   3/24/2023 EUR   71.550
Nordea Bank Abp        2.0000   4/29/2027 SEK   62.820
Zurcher Kantonalbank   9.0000    4/5/2023 USD   61.850
Raiffeisen Schweiz G  15.0000   4/11/2023 CHF   58.910
UBS AG/London         17.4000   4/14/2027 SEK   70.250
DZ Bank AG Deutsche    8.2500   6/19/2023 EUR   54.190
Zurcher Kantonalbank  10.7000    4/4/2023 USD   58.980
Leonteq Securities A  16.0000   4/12/2023 CHF   59.190
EFG International Fi   7.8000   10/6/2023 USD   66.720
Corner Banca SA       10.0000  10/11/2023 USD   64.940
Leonteq Securities A  11.0000  10/11/2023 USD   69.880
SG Issuer SA           1.6000   4/21/2034 EUR   67.880
Zurcher Kantonalbank  14.0000    4/5/2023 CHF   68.220
Raiffeisen Schweiz G   8.0000  10/11/2023 CHF   64.520
Raiffeisen Schweiz G  13.5000   4/11/2023 CHF   55.000
Raiffeisen Schweiz G  10.0000   7/11/2023 CHF   45.540
Corner Banca SA       18.8000   3/28/2023 CHF   58.890
Landesbank Hessen-Th   1.5000   3/10/2037 EUR   68.800
Raiffeisen Schweiz G   7.9000   7/28/2023 CHF   61.820
Bank Vontobel AG      11.0000   1/29/2024 CHF   65.600
UBS AG/London         16.7500    3/2/2023 USD   68.500
UBS AG/London          9.2500    9/4/2023 EUR   65.400
Leonteq Securities A  15.0000   6/28/2023 USD   64.430
Raiffeisen Schweiz G   8.7000  12/28/2023 CHF   69.720
Zurcher Kantonalbank  18.0000   3/23/2023 CHF   67.580
DZ Bank AG Deutsche   10.5000   6/21/2023 EUR   58.620
Raiffeisen Schweiz G  16.5000   3/28/2023 CHF   70.050
Bank Julius Baer & C  15.2500   3/29/2023 CHF   36.300
UBS AG/London         12.7500   3/25/2024 CHF   68.300
UBS AG/London         14.0000    3/2/2023 CHF   57.500
Basler Kantonalbank   15.0000   5/24/2023 CHF   32.700
Leonteq Securities A  22.8000   2/15/2023 CHF   46.030
Leonteq Securities A  26.4000   2/14/2023 CHF   13.500
Credit Suisse AG/Lon  10.5000   3/21/2023 USD   68.780
Bank Julius Baer & C  12.4000   5/15/2023 CHF   47.050
Bank Vontobel AG      10.7500   2/12/2024 CHF   63.400
Banque International  10.0000    8/9/2023 CHF   55.890
Vontobel Financial P   3.5000   3/24/2023 EUR   65.890
Vontobel Financial P   7.5000   3/24/2023 EUR   56.890
Leonteq Securities A  20.0000   3/28/2023 USD   70.360
Raiffeisen Schweiz G  10.2000   8/11/2023 CHF   67.260
Vontobel Financial P  13.0000   3/24/2023 EUR   50.440
Vontobel Financial P   3.5000    7/3/2023 EUR   54.790
Leonteq Securities A   8.0000   5/17/2023 CHF   53.850
Leonteq Securities A  16.0000   9/26/2023 CHF   51.120
Landesbank Baden-Wue   4.0000   7/25/2025 EUR   38.020
Zurcher Kantonalbank   7.5000   4/13/2023 CHF   68.580
UBS AG/London         13.7500   4/17/2023 CHF   62.800
UBS AG/London         11.0000  10/13/2023 CHF   59.400
EFG International Fi  19.0000   4/19/2023 USD   69.060
Credit Suisse AG/Lon  10.8200   7/13/2023 CHF   62.670
Bank Vontobel AG       8.7500   4/17/2023 EUR   70.000
UBS AG/London         12.7500   4/13/2023 CHF   43.300
Vontobel Financial P  18.5000   9/22/2023 EUR   73.090
Vontobel Financial P  22.5000   6/23/2023 EUR   70.390
UBS AG/London          8.5000   9/29/2023 CHF   61.050
UBS AG/London          8.5000   9/29/2023 CHF   64.950
UBS AG/London         10.0000   3/29/2023 CHF   51.750
UBS AG/London          7.7500   9/29/2023 CHF   36.300
UBS AG/London          8.2500  10/20/2023 CHF   63.350
UBS AG/London          9.0000   7/21/2023 EUR   65.600
UBS AG/London          7.5000    3/1/2023 CHF   61.150
UBS AG/London          9.5000   2/27/2023 CHF   54.050
UBS AG/London          9.7500   2/20/2023 CHF   62.800
UBS AG/London          6.2500   8/18/2023 CHF   72.350
UBS AG/London          6.2500   8/18/2023 CHF   70.550
UBS AG/London          7.0000   7/21/2023 CHF   66.050
Zurcher Kantonalbank   8.2500   3/15/2023 EUR   55.900
UBS AG/London          6.7500   3/22/2023 CHF   62.500
UBS AG/London         10.5000   3/22/2023 USD   28.020
UBS AG/London         11.2500    3/1/2023 CHF   12.240
UBS AG/London          9.0000    3/1/2023 EUR   73.650
UBS AG/London          7.2500    9/8/2023 CHF   56.000
UBS AG/London         15.7500    3/9/2023 USD   43.350
UBS AG/London          8.0000   2/13/2023 CHF   65.750
UBS AG/London          9.5000   2/13/2023 CHF   68.200
UBS AG/London          8.0000   8/18/2023 USD   68.750
UBS AG/London          6.5000    3/8/2023 CHF   61.350
Zurcher Kantonalbank   9.7500   3/16/2023 CHF   58.460
UBS AG/London          7.2500  10/13/2023 CHF   68.150
UBS AG/London          7.0000   3/15/2023 CHF   56.650
UBS AG/London         15.2500   9/15/2023 USD   22.020
UBS AG/London          8.0000   3/22/2023 CHF   62.350
Bank Vontobel AG      13.5000   3/31/2023 CHF   44.800
UBS AG/London         10.5000    4/6/2023 CHF   32.950
UBS AG/London          7.5000   4/13/2023 CHF   57.700
UBS AG/London          7.0000   4/13/2023 CHF   63.700
UBS AG/London         13.2500   4/14/2023 USD   50.300
UBS AG/London          6.7500    4/6/2023 CHF   64.250
UBS AG/London          8.0000   10/6/2023 CHF   53.350
UBS AG/London          9.7500    4/6/2023 CHF   32.900
UBS AG/London          6.2500   8/18/2023 CHF   61.000
UBS AG/London          9.2500   2/27/2023 CHF   13.480
UBS AG/London         11.0000   2/27/2023 CHF   41.000
UBS AG/London          9.5000   2/27/2023 CHF   62.150
Bank Vontobel AG       7.2500   10/2/2023 CHF   59.500
UBS AG/London          8.7500   4/27/2023 CHF   72.200
UBS AG/London          8.0000  10/27/2023 CHF   72.200
UBS AG/London          9.7500   4/27/2023 USD   56.300
Landesbank Baden-Wue   2.0000  10/27/2023 EUR   75.190
EFG International Fi   9.8000   6/21/2023 EUR   19.080
Landesbank Hessen-Th   1.1000   7/23/2036 EUR   65.050
UBS AG/London         13.5000   4/13/2023 CHF   59.950
Landesbank Baden-Wue   3.2600   4/28/2023 EUR   69.480
Leonteq Securities A   9.9300    5/4/2023 USD   70.290
EFG International Fi  14.0000   7/26/2023 USD   57.930
Credit Agricole Corp   8.0400   5/18/2023 USD   32.850
DZ Bank AG Deutsche    8.5000   9/20/2023 EUR   39.640
Raiffeisen Switzerla  14.0000   7/25/2023 CHF   42.680
Bank Julius Baer & C  16.4000   7/26/2023 CHF   60.250
Bank Vontobel AG      11.0000   7/24/2023 CHF   61.000
UniCredit Bank AG     12.6000   8/25/2023 EUR   51.370
UniCredit Bank AG     14.3000  11/24/2023 EUR   48.550
Vontobel Financial P   7.0000   6/23/2023 EUR   71.320
UniCredit Bank AG     14.1000   2/24/2023 EUR   50.470
Landesbank Baden-Wue   5.1000   6/28/2024 EUR   50.490
Leonteq Securities A   9.0000   8/24/2023 CHF   69.280
Luzerner Kantonalban  15.7500   2/21/2023 CHF   65.320
Leonteq Securities A  12.0000   5/30/2023 CHF   69.100
Landesbank Baden-Wue   4.0000   6/28/2024 EUR   55.080
Landesbank Baden-Wue   7.0000   6/28/2024 EUR   46.280
Landesbank Baden-Wue   6.0000   1/26/2024 EUR   56.160
DZ Bank AG Deutsche   13.7000   6/23/2023 EUR   60.790
Bank Vontobel AG       8.2500   8/21/2023 CHF   71.900
Landesbank Baden-Wue   7.8000   1/26/2024 EUR   51.290
DZ Bank AG Deutsche   17.3000   3/24/2023 EUR   68.980
Raiffeisen Schweiz G   8.2500   10/4/2023 CHF   71.580
Raiffeisen Schweiz G   8.5000    7/5/2023 USD   70.610
Leonteq Securities A   8.0900   10/4/2023 CHF   44.770
Vontobel Financial P  17.0000   9/22/2023 EUR   73.460
Credit Suisse AG/Lon  14.7500   8/18/2023 USD   64.900
Bank Vontobel AG       7.5000   6/19/2023 CHF   70.400
Vontobel Financial P  18.5000   6/23/2023 EUR   72.400
Bank Vontobel AG      18.2500    1/5/2024 CHF   68.000
VTB Bank PJSC          0.0100   3/25/2026 RUB   70.520
DekaBank Deutsche Gi   3.2000   7/21/2025 EUR   70.180
Raiffeisen Schweiz G   9.5000    4/4/2023 CHF   66.060
Erste Group Bank AG    4.5000   11/2/2025 EUR #N/A N/A
Sberbank of Russia P   0.0100   10/5/2026 RUB   73.600
Sberbank of Russia P   0.0100   2/26/2027 RUB   69.600
EFG International Fi  10.0000    4/6/2023 CHF   69.080
Barclays Bank PLC      2.5500   6/19/2024 USD   71.777
Leonteq Securities A  26.4000   2/24/2023 CHF   13.120
BNP Paribas Emission   5.3000    9/1/2023 EUR   69.700
Sberbank of Russia P   0.0100   10/5/2028 RUB   62.900
Landesbank Hessen-Th   1.2500  11/10/2036 EUR   66.200
UBS AG/London          6.8000   6/15/2026 USD   61.740
DekaBank Deutsche Gi   4.0000    9/1/2025 EUR   30.920
Societe Generale SA   16.0000   8/30/2024 USD   20.135
Societe Generale SA    8.0000   8/16/2023 USD   35.900
UniCredit Bank AG      3.6000    9/2/2024 EUR   35.450
DekaBank Deutsche Gi   3.1000   8/30/2024 EUR   73.360
DekaBank Deutsche Gi   3.6500   8/30/2024 EUR   29.130
Sberbank of Russia P   0.0100    8/3/2028 RUB   62.000
Bank Vontobel AG       7.0000    2/5/2024 CHF   56.600
Sberbank of Russia P   0.0100    8/6/2026 RUB   74.600
BrokerCreditService    3.5000   4/30/2024 USD   53.000
BrokerCreditService    8.0000   1/30/2024 USD   62.170
DekaBank Deutsche Gi   4.5000    9/1/2023 EUR   23.330
UBS AG/London          8.0000   11/8/2023 USD    9.570
Landesbank Hessen-Th   1.5000  10/27/2036 EUR   61.100
Landesbank Baden-Wue   2.0000   8/22/2025 EUR   66.700
Landesbank Baden-Wue   4.0000   8/22/2025 EUR   53.100
Leonteq Securities A   8.0000    8/2/2023 CHF   56.220
Landesbank Baden-Wue   3.2500   8/22/2025 EUR   67.180
Raiffeisen Schweiz G   7.0000   9/20/2023 CHF   72.360
Corner Banca SA       15.0000   3/10/2023 CHF   43.130
Corner Banca SA        8.0000  12/13/2023 CHF   71.800
Bank Vontobel AG       5.0000  12/11/2023 CHF   73.000
Bank Vontobel AG       7.0000  12/11/2023 CHF   71.100
Bank Vontobel AG       9.0000   5/12/2023 CHF   61.300
Zurcher Kantonalbank   6.6000   11/8/2023 CHF   72.950
Zurcher Kantonalbank   7.0000    5/9/2023 CHF   56.540
Swissquote Bank SA    15.2000   6/13/2023 CHF   52.590
Banque Cantonale Vau   6.8500    6/7/2023 CHF   65.510
Leonteq Securities A  10.0000   3/10/2023 CHF   61.520
Bank Vontobel AG      10.0000   6/12/2023 CHF   17.300
Banque International  10.0000   5/16/2023 EUR   42.960
Raiffeisen Schweiz G   6.2000  11/15/2023 CHF   46.880
Raiffeisen Schweiz G   9.0000   5/12/2023 CHF   51.750
Raiffeisen Schweiz G   6.2000  11/15/2023 CHF   74.070
Raiffeisen Schweiz G   7.5000  11/15/2023 CHF   61.670
Raiffeisen Schweiz G   6.5000  11/15/2023 CHF   73.740
UniCredit Bank AG     11.0000   3/24/2023 EUR   42.870
Leonteq Securities A  15.0000   6/13/2023 CHF   52.680
Leonteq Securities A   7.0000  12/13/2023 CHF   67.390
Goldman Sachs Intern   0.0600   1/13/2025 EUR   59.050
Bank Vontobel AG      10.5000   6/30/2023 CHF   23.100
Leonteq Securities A  15.5000   6/13/2023 CHF   71.830
Swissquote Bank SA    25.0000   6/13/2023 CHF   56.510
UBS AG/London          8.7500    6/8/2023 CHF   71.350
UBS AG/London         18.5000    6/8/2023 USD   46.000
Landesbank Hessen-Th   1.5000   1/20/2037 EUR   65.300
Goldman Sachs Intern   0.0980   1/13/2025 EUR   24.610
Vontobel Financial P   4.2000   6/16/2023 USD   57.910
UBS AG/London          7.5000    5/3/2023 CHF   66.050
UBS AG/London         12.5000    6/8/2023 CHF   60.400
UBS AG/London          6.7500    6/8/2023 CHF   62.100
Credit Suisse AG/Lon   8.0000    3/2/2023 CHF   64.280
UBS AG/London          7.5000    6/8/2023 CHF   62.350
UBS AG/London          7.0000   1/26/2024 USD   59.450
ITK Holding zrt        2.9000   6/23/2031 HUF   62.800
UBS AG/London          7.0000   7/26/2023 CHF   49.750
UBS AG/London          6.0000   1/26/2024 CHF   71.150
UBS AG/London          9.5000   12/8/2023 USD   60.150
UBS AG/London         16.2500    5/3/2023 USD   47.800
UBS AG/London          8.5000   12/8/2023 EUR   72.150
UBS AG/London          9.0000   7/26/2023 CHF   35.150
UBS AG/London          7.7500   7/26/2023 CHF   67.350
UBS AG/London          9.7500   7/26/2023 CHF   35.500
UBS AG/London          7.5000   7/26/2023 CHF   67.300
UBS AG/London          5.2500    6/8/2023 CHF   61.600
DZ Bank AG Deutsche    6.5000   3/22/2023 EUR   67.150
SG Issuer SA           2.1000  12/27/2033 EUR   45.500
UBS AG/London          4.7500   7/26/2023 CHF   68.500
UBS AG/London          7.0000   1/26/2024 CHF   67.900
UBS AG/London          8.2500   7/26/2023 CHF   72.800
UBS AG/London          7.7500   12/8/2023 CHF   59.550
Bank Vontobel AG      15.0500   9/22/2023 CHF   66.000
Vontobel Financial P  17.5000   6/23/2023 EUR   38.580
DZ Bank AG Deutsche   21.5000   6/23/2023 EUR   55.060
DZ Bank AG Deutsche   17.6000   6/23/2023 EUR   16.780
DZ Bank AG Deutsche   15.3000   6/23/2023 EUR   71.920
Bank Vontobel AG      15.0000   5/23/2023 CHF   46.900
UniCredit Bank AG      7.4000   12/9/2024 EUR   66.740
Landesbank Baden-Wue  11.7500  11/24/2023 EUR   43.410
UBS AG/London         19.4000   3/28/2024 USD    5.456
UBS AG/London          8.5000   5/17/2023 CHF   71.900
UBS AG/London          8.0000   5/17/2023 CHF   32.150
UBS AG/London          8.2500  11/20/2023 USD   72.400
Credit Suisse AG/Lon   9.0000  11/27/2023 USD   55.800
UBS AG/London         12.0000  11/27/2023 CHF   53.100
UBS AG/London         17.7500   6/29/2023 CHF   61.900
UBS AG/London         16.2500    1/4/2024 CHF   62.150
Landesbank Baden-Wue   6.0000  11/24/2023 EUR   72.340
DZ Bank AG Deutsche   14.4000   6/23/2023 EUR   64.480
UBS AG/London         14.7500  11/27/2023 CHF   69.350
Raiffeisen Schweiz G   7.5000   3/17/2023 CHF   51.370
OR PJSC               11.0000  12/29/2024 RUB    4.980
EFG International Fi   4.7500   1/29/2024 USD   52.230
SG Issuer SA           1.2500   2/28/2033 EUR   60.520
UBS AG/London         14.0000   1/18/2024 USD    9.420
Raiffeisen Schweiz G   7.5000   3/17/2023 USD   48.150
Raiffeisen Schweiz G   9.0000   3/17/2023 CHF   64.790
Raiffeisen Schweiz G   7.0000   9/20/2023 CHF   60.870
UBS AG/London         10.2500   2/20/2023 EUR   71.550
UBS AG/London         10.0000   2/20/2023 EUR   28.060
UBS AG/London          7.5000   8/18/2023 CHF   54.100
Vontobel Financial P  13.0000   6/23/2023 EUR   63.980
UBS AG/London          6.5000   8/18/2023 CHF   71.550
Luzerner Kantonalban   6.4000   10/4/2023 CHF   72.830
UBS AG/London          6.0000    7/7/2023 EUR   61.950
UBS AG/London          9.7500   3/22/2023 CHF   32.200
UBS AG/London          9.2500   3/22/2023 CHF   53.600
UBS AG/London         14.7500   3/22/2023 USD   14.960
UBS AG/London          5.7500    8/4/2023 CHF   52.400
Vontobel Financial P  19.5000   9/22/2023 EUR   57.850
UBS AG/London         20.2500    3/1/2023 CHF   37.950
UBS AG/London          5.5000    9/1/2023 CHF   61.300
UBS AG/London         11.5000    3/1/2023 USD   57.950
UBS AG/London          9.0000    3/1/2023 CHF   67.800
UBS AG/London          9.7500    3/1/2023 CHF   12.160
UBS AG/London         10.2500    3/1/2023 CHF   56.800
UBS AG/London          7.0000    9/1/2023 CHF   32.350
UBS AG/London          5.0000    9/8/2023 CHF   59.100
Bank Vontobel AG       7.0000   3/24/2023 EUR   65.500
Bank Vontobel AG      16.2500   4/12/2023 CHF   50.700
UBS AG/London          9.2500    3/9/2023 USD   65.050
UBS AG/London          6.7500    9/8/2023 CHF   65.700
UBS AG/London         10.2500    3/9/2023 USD   27.260
UBS AG/London          7.5000   9/22/2023 CHF   69.700
UBS AG/London          9.2500   2/13/2023 CHF   15.320
UBS AG/London          7.7500   8/18/2023 CHF   62.200
Luzerner Kantonalban   9.7000   10/1/2024 CHF   64.900
UBS AG/London         10.7500   3/15/2023 CHF   13.200
UBS AG/London          4.0000   3/15/2023 CHF   64.650
UBS AG/London         10.7500   3/15/2023 USD   56.200
UBS AG/London         18.2500   3/15/2023 CHF   13.580
UBS AG/London          7.2500   9/22/2023 CHF   60.050
UBS AG/London         10.0000   3/22/2023 CHF   50.800
UBS AG/London          8.7500   3/15/2023 USD   51.750
Bank Vontobel AG       8.0000    3/6/2023 USD   58.600
Bank Vontobel AG       6.5000   2/27/2023 CHF   68.000
UBS AG/London          5.5000   7/28/2023 CHF   65.650
UBS AG/London          8.0000   7/28/2023 CHF   48.550
Zurcher Kantonalbank  11.0000   4/21/2023 CHF   68.210
UBS AG/London          7.7500  10/13/2023 CHF   35.750
UBS AG/London          8.7500  10/13/2023 CHF   64.450
UBS AG/London          9.5000   4/13/2023 EUR   66.450
UBS AG/London          7.5000   10/6/2023 CHF   66.700
Bank Vontobel AG       7.5000  10/30/2023 CHF   72.500
Bank Vontobel AG      15.0000    5/2/2023 CHF   50.100
UBS AG/London          8.7500   4/27/2023 CHF   62.650
Landesbank Baden-Wue   4.2500  10/27/2023 EUR   31.730
Landesbank Baden-Wue   3.0000  10/27/2023 EUR   70.120
Landesbank Baden-Wue   3.1000  10/27/2023 EUR   69.900
Landesbank Baden-Wue   2.2500  10/27/2023 EUR   70.640
Landesbank Baden-Wue   4.1000   7/28/2023 EUR   63.620
UBS AG/London          6.2500   4/14/2023 CHF   46.650
Bank Vontobel AG       8.0000   3/10/2023 CHF   55.600
Zurcher Kantonalbank  10.6000    3/9/2023 CHF   58.540
Zurcher Kantonalbank   8.0000   3/16/2023 CHF   64.110
UBS AG/London          5.5000   3/15/2023 EUR   40.150
UBS AG/London          7.7500   9/15/2023 CHF   69.850
UBS AG/London         12.0000   3/22/2023 CHF   12.140
Zurcher Kantonalbank   8.0000    4/5/2023 EUR   54.600
Leonteq Securities A   9.0000    5/2/2023 CHF   33.620
Bank Vontobel AG       6.5000   8/28/2023 CHF   63.900
Bank Vontobel AG      18.0000   2/28/2023 CHF   43.800
UBS AG/London          6.2500   7/28/2023 CHF   68.900
UBS AG/London         13.2500    4/6/2023 USD   59.700
UBS AG/London         14.7500   4/14/2023 USD   52.200
UBS AG/London         15.0000   4/14/2023 USD   73.300
UBS AG/London         13.2500   4/14/2023 USD   30.350
UBS AG/London          9.7500    4/6/2023 USD   13.580
UBS AG/London         13.7500   10/6/2023 USD   22.440
UBS AG/London         13.2500    4/6/2023 USD   65.850
UBS AG/London          5.5000    4/6/2023 CHF   65.700
UBS AG/London         21.2500   2/20/2023 CHF    3.440
UBS AG/London          7.7500   8/18/2023 CHF   65.950
UBS AG/London          8.2500   2/27/2023 CHF   65.800
UBS AG/London          9.0000   8/25/2023 USD   71.550
UBS AG/London          6.2500   2/27/2023 CHF   60.500
UBS AG/London          7.2500   2/27/2023 CHF   31.100
UBS AG/London          8.7500   2/27/2023 USD   48.850
UBS AG/London          8.7500  10/13/2023 CHF   57.650
UBS AG/London         10.2500    4/6/2023 USD   52.500
UBS AG/London         13.0000    4/6/2023 USD   44.800
UBS AG/London          9.2500   3/29/2023 USD   58.550
UBS AG/London          5.7500   9/29/2023 CHF   63.750
UBS AG/London          8.5000   3/29/2023 CHF   34.050
Bank Vontobel AG       7.5000   4/24/2023 CHF   60.900
Bank Vontobel AG      10.0000    3/6/2023 CHF   57.400
Bank Vontobel AG       9.0000    3/6/2023 CHF   49.300
Bank Vontobel AG       6.0000    9/4/2023 CHF   59.000
Bank Vontobel AG      13.7500    3/6/2023 EUR   25.700
UBS AG/London          7.2500   4/27/2023 CHF   64.400
Landesbank Baden-Wue   2.5000  10/27/2023 EUR   59.990
Landesbank Baden-Wue   5.2500  10/27/2023 EUR   66.830
Landesbank Baden-Wue   8.0000  10/27/2023 EUR   57.780
Bank Vontobel AG       6.0080   4/11/2023 EUR   67.900
Landesbank Baden-Wue   3.1000  10/27/2023 EUR   60.990
Landesbank Baden-Wue   4.3500  10/27/2023 EUR   75.080
Landesbank Baden-Wue   7.3500  10/27/2023 EUR   65.740
Landesbank Baden-Wue   8.2000   7/28/2023 EUR   49.730
Bank Vontobel AG       7.5000    5/2/2023 CHF   69.200
UBS AG/London          7.0000  10/27/2023 CHF   34.000
UBS AG/London          9.2500   4/27/2023 CHF   55.200
UBS AG/London          9.5000   4/27/2023 USD   50.850
Bank Julius Baer & C   8.1000   4/20/2023 USD   68.150
Landesbank Baden-Wue   3.2500  10/27/2023 EUR   68.150
Landesbank Baden-Wue   6.2000  10/27/2023 EUR   28.660
Landesbank Baden-Wue   4.2500  10/27/2023 EUR   65.780
Leonteq Securities A   9.0000   4/21/2023 USD   52.810
Landesbank Baden-Wue   4.3000  10/27/2023 EUR   66.110
Landesbank Baden-Wue   4.8000  10/27/2023 EUR   70.970
UBS AG/London          5.0000   4/14/2023 CHF   66.550
UBS AG/London         11.2500   4/14/2023 CHF   50.300
Corner Banca SA       10.0000    5/2/2023 EUR   40.490
Leonteq Securities A  12.0000    5/2/2023 CHF   59.810
Sberbank of Russia P   0.0100   11/2/2026 RUB   69.000
Raiffeisen Schweiz G  10.0000    5/1/2023 USD   55.310
Landesbank Baden-Wue   8.2000  10/27/2023 EUR   69.650
Landesbank Baden-Wue   7.6000  10/27/2023 EUR   27.380
Landesbank Baden-Wue   9.0000  10/27/2023 EUR   26.470
Landesbank Baden-Wue   6.5000  10/27/2023 EUR   61.880
Raiffeisen Switzerla   6.5000   4/12/2023 CHF   47.620
Basler Kantonalbank    7.6000   4/13/2023 CHF   53.940
Bank Vontobel AG       5.0048   10/9/2023 CHF   53.500
UBS AG/London         12.7500   4/14/2023 CHF   37.400
Raiffeisen Schweiz G  12.2500    5/2/2023 CHF   26.340
Raiffeisen Schweiz G   6.0000   11/1/2023 CHF   65.640
Bank Vontobel AG       6.5000   10/2/2023 CHF   71.300
Leonteq Securities A  12.0000   4/24/2023 USD   59.770
Landesbank Baden-Wue   4.7000  10/27/2023 EUR   55.630
Landesbank Baden-Wue   3.5000  10/27/2023 EUR   49.080
Landesbank Baden-Wue   9.2500  10/27/2023 EUR   59.670
Landesbank Baden-Wue  11.5000   7/28/2023 EUR   44.090
Sberbank of Russia P   0.0100   1/15/2027 RUB   67.100
UBS AG/London          9.0000   4/14/2023 CHF   47.100
Leonteq Securities A   9.0000   11/1/2023 CHF   65.030
Basler Kantonalbank    7.0000  11/10/2023 CHF   73.130
Basler Kantonalbank   10.0000   5/10/2023 CHF   71.070
Leonteq Securities A  14.0000   4/21/2023 CHF   49.990
Leonteq Securities A  13.0000   4/21/2023 CHF   63.310
Societe Generale SA   15.0000   5/31/2024 USD   44.400
Vontobel Financial P  15.0000   3/24/2023 EUR   68.710
Raiffeisen Schweiz G   9.0000    8/4/2023 CHF   68.230
Vontobel Financial P  14.5000   3/24/2023 EUR   53.110
Vontobel Financial P  12.5000   3/24/2023 EUR   56.360
Vontobel Financial P   6.5000   3/24/2023 EUR   68.380
Vontobel Financial P   8.5000   3/24/2023 EUR   63.800
Vontobel Financial P  10.0000   3/24/2023 EUR   59.570
Vontobel Financial P  16.5000   3/24/2023 EUR   50.640
UBS AG/London          6.5000   8/23/2023 CHF   72.250
UBS AG/London         18.0000   2/23/2023 CHF   64.300
UBS AG/London          8.2500   8/23/2023 CHF   59.900
UBS AG/London         14.5000   2/24/2023 USD   73.300
UBS AG/London         13.7500   2/23/2023 CHF   57.250
UBS AG/London         11.7500   8/23/2023 CHF   39.550
UBS AG/London         10.0000   8/23/2023 CHF   58.300
UBS AG/London         12.5000   2/23/2023 CHF   58.600
UBS AG/London         13.5000   2/23/2023 CHF   70.500
Basler Kantonalbank   19.0000   2/16/2023 CHF   49.160
Vontobel Financial P  14.5000   3/24/2023 EUR   72.810
Vontobel Financial P  16.0000   3/24/2023 EUR   70.370
SG Issuer SA           6.0200   1/20/2024 SEK   73.010
SG Issuer SA           6.5000   1/20/2025 SEK   73.920
SG Issuer SA           8.4100   1/20/2027 SEK   61.390
Bank Vontobel AG       7.5000    2/5/2024 CHF   71.200
Bank Vontobel AG      10.7500    5/8/2023 CHF   62.400
Vontobel Financial P  10.5000   3/24/2023 EUR   61.920
Vontobel Financial P   9.0000   3/24/2023 EUR   63.760
Vontobel Financial P  14.0000   3/24/2023 EUR   57.230
Vontobel Financial P  11.0000   3/24/2023 EUR   64.800
Vontobel Financial P  10.0000   3/24/2023 EUR   66.870
Vontobel Financial P  14.0000   3/24/2023 EUR   61.130
Vontobel Financial P  12.5000   3/24/2023 EUR   62.910
Vontobel Financial P  17.5000   3/24/2023 EUR   66.920
Vontobel Financial P  23.5000   3/24/2023 EUR   56.020
Vontobel Financial P  20.5000   3/24/2023 EUR   60.920
Vontobel Financial P   7.5000   3/24/2023 EUR   71.560
Vontobel Financial P   8.5000   3/24/2023 EUR   68.970
Vontobel Financial P  16.0000   3/24/2023 EUR   64.160
Vontobel Financial P  10.0000   3/24/2023 EUR   46.970
Vontobel Financial P  10.5000   3/24/2023 EUR   75.120
Vontobel Financial P  12.5000   3/24/2023 EUR   71.660
Vontobel Financial P  16.0000   3/24/2023 EUR   67.120
Vontobel Financial P  13.5000   3/24/2023 EUR   70.060
Vontobel Financial P  11.5000   3/24/2023 EUR   73.350
Sberbank of Russia P   0.0100    2/4/2027 RUB   69.100
Bank Julius Baer & C   7.2500    5/5/2023 EUR   43.000
Zurcher Kantonalbank   5.1000   1/31/2025 CHF   51.110
Landesbank Hessen-Th   1.0000    3/9/2037 EUR   66.700
Credit Suisse AG/Lon   9.0000    5/2/2023 CHF   37.580
Vontobel Financial P   7.5000   3/24/2023 EUR   63.950
Vontobel Financial P  10.0000   3/24/2023 EUR   55.140
Vontobel Financial P   6.0000   3/24/2023 EUR   54.690
Raiffeisen Bank Inte   7.5000    2/7/2024 EUR   72.460
Raiffeisen Switzerla   9.3000    8/4/2023 USD   62.380
Bank Vontobel AG      12.2500    8/4/2023 EUR   31.000
Sberbank of Russia P   0.0100    2/1/2029 RUB   69.700
Vontobel Financial P  13.0000   2/13/2023 EUR   74.370
Leonteq Securities A   9.0000    8/7/2023 CHF   40.060
Vontobel Financial P   9.0000   3/24/2023 EUR   55.030
Raiffeisen Schweiz G  14.5000    5/9/2023 CHF   62.960
Leonteq Securities A   8.0000   11/8/2023 CHF   64.830
DZ Bank AG Deutsche    6.2500   3/22/2023 EUR   73.320
Luzerner Kantonalban  10.0500    5/4/2023 CHF   71.190
Leonteq Securities A   7.0000    5/9/2023 CHF   72.640
Landesbank Baden-Wue   4.1000   3/22/2024 EUR   71.340
UBS AG/London          7.6400   4/20/2026 SEK   65.680
Leonteq Securities A   6.0000   11/8/2023 CHF   74.450
Erste Group Bank AG    6.5000   12/1/2026 EUR   61.850
UBS AG/London          5.7500   5/10/2023 EUR   62.050
UBS AG/London          7.2500  11/10/2023 CHF   54.600
UBS AG/London          6.7500   5/10/2023 CHF   69.150
DZ Bank AG Deutsche   14.4000   3/24/2023 EUR   72.870
UBS AG/London         10.7500   5/10/2023 USD   58.950
DZ Bank AG Deutsche    6.6000   6/19/2023 EUR   71.900
Raiffeisen Schweiz G   9.0000   11/8/2023 USD   69.870
UBS AG/London          7.5000   11/3/2023 CHF   69.350
Leonteq Securities A   9.2600    5/9/2023 CHF   68.300
UBS AG/London          9.5000   11/8/2023 USD    4.328
UBS AG/London          6.2500  11/10/2023 CHF   63.850
UBS AG/London          9.7500   5/10/2023 USD   54.200
UBS AG/London          9.5000   5/10/2023 CHF   45.350
UBS AG/London          6.5000   5/10/2023 CHF   69.100
UBS AG/London          7.8500   11/2/2023 USD   57.600
UBS AG/London          4.6500  10/31/2023 USD    8.920
Sberbank of Russia P   0.0100   11/2/2028 RUB   70.100
UBS AG/London          6.5000    5/3/2023 CHF   71.100
UBS AG/London          5.7500    5/3/2023 CHF   30.000
Raiffeisen Schweiz G  15.0000    5/9/2023 CHF   70.090
Societe Generale SA   24.0000   11/8/2024 USD   53.400
Societe Generale SA    7.5000   11/3/2026 USD    8.160
DekaBank Deutsche Gi   4.0000   11/8/2024 EUR   71.650
UBS AG/London          7.2500    5/3/2023 EUR   66.800
Sberbank of Russia P   0.0100   11/3/2026 RUB   69.500
UBS AG/London          7.2500   11/3/2023 CHF   56.000
Raiffeisen Bank Inte   8.0000    4/8/2024 EUR   66.580
Credit Suisse AG/Lon  10.5000   5/25/2023 EUR   75.250
Bank Julius Baer & C   8.5000    3/3/2023 USD   64.800
Landesbank Baden-Wue   5.6000   3/22/2024 EUR   60.920
Landesbank Baden-Wue   5.0000   4/28/2023 EUR   73.440
Bank Julius Baer & C  13.0000    3/3/2023 USD   74.850
Credit Suisse AG/Lon  12.0000   2/27/2023 CHF   68.430
DekaBank Deutsche Gi   3.3000   4/28/2023 EUR   67.920
Credit Suisse AG/Lon   8.7500   5/25/2023 CHF   71.460
Bank Julius Baer & C  12.8600   4/21/2023 CHF   59.550
Bank Julius Baer & C  14.6000   4/19/2023 USD   66.950
EFG International Fi  15.0000   4/21/2023 CHF   68.690
Vontobel Financial P  17.0000   6/23/2023 EUR   56.640
Vontobel Financial P  17.0000   6/23/2023 EUR   67.180
Vontobel Financial P  17.0000   3/24/2023 EUR   66.550
Vontobel Financial P  21.5000   3/24/2023 EUR   72.770
Vontobel Financial P  13.0000   3/24/2023 EUR   71.950
UniCredit Bank AG      1.5500   7/18/2031 EUR   73.090
Bank Vontobel AG      15.0000   7/21/2023 CHF   61.400



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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 2023.  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
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Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

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delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000.


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