---

       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, April 17, 2023, Vol. 24, No. 77

                           Headlines



A R M E N I A

EXPORT INSURANCE: Moody's Affirms 'Ba3' IFSR, Outlook Negative


F R A N C E

FNAC DARTY: S&P Affirms 'BB+' Credit Rating, Alters Outlook to Neg.
GINKGO AUTO 2022: DBRS Confirms B(high) Rating on Class F Notes
TREVISE HOLDINGS: Moody's Assigns First Time B1 Corp Family Rating


G E R M A N Y

CECONOMY AG: S&P Assigns 'BB-' ICR, Outlook Stable
PROGROUP AG: Moody's Affirms Ba3 CFR & Alters Outlook to Positive
REVOCAR 2023-1: Moody's Assigns (P)Ba2 Rating to EUR6.5MM D Notes


I R E L A N D

AVOCA CLO XXVIII: Fitch Assigns 'B-sf' Final Rating on Cl. F Notes
CAIRN CLO VI: Moody's Ups Rating on EUR24MM Cl. E-R Notes to Ba1
CAIRN CLO X: Moody's Affirms B2 Rating on EUR10.6MM Class F Notes


L U X E M B O U R G

TRAVELPORT FINANCE: $1.96B Bank Debt Trades at 38% Discount


N E T H E R L A N D S

NOBEL BIDCO: EUR1.05B Bank Debt Trades at 17% Discount
PEER HOLDING III: S&P Rates New Revolving Credit Facility 'BB-'
PEER HOLDING: Moody's Affirms Ba3 CFR & Alters Outlook to Positive


P O R T U G A L

BANCO MONTEPIO: DBRS Hikes LongTerm Issuer Rating to B(high)
NOVO BANCO: DBRS Hikes LongTerm Issuer Rating to BB(low)


S P A I N

BBVA RMBS 1: Fitch Corrects Aug. 5, 2022 Ratings Release


S W I T Z E R L A N D

DTEK TRADING: $222.5M Bank Debt Trades at 81% Discount
FTX TRADING: EU Unit Files Petition for Swiss Moratorium Process


U N I T E D   K I N G D O M

ATLAS FUNDING 2023-1: Moody's Assigns (P)Ba3 Rating to Cl. E Notes
ATLAS FUNDING 2023-1: S&P Assigns Prelim B- (sf) Rating to F Notes
AZURE FINANCE 3: DBRS Assigns Prov. BB Rating on Class E Notes
BELLIS FINCO: Moody's Downgrades CFR to B2, Outlook Remains Stable
CONSTELLATION AUTOMOTIVE: EUR400M Bank Debt Trades at 16% Discount

COVENTRY CITY TRUST: Puts Items up for Auction to Cover Debts
CPS DRIVELINK: Goes Into Administration, 25 Jobs Affected
FARMISON & CO: Administrators to Commence Asset Sale
HI QUALITY: Chesterfield Metal Buys Business, 76 Jobs Saved


X X X X X X X X

[*] BOND PRICING: For the Week April 10 to April 14, 2023

                           - - - - -


=============
A R M E N I A
=============

EXPORT INSURANCE: Moody's Affirms 'Ba3' IFSR, Outlook Negative
--------------------------------------------------------------
Moody's Investors Service has affirmed the Ba3 foreign and
local-currency insurance financial strength ratings (IFSRs) and b1
Baseline Credit Assessment (BCA) of Export Insurance Agency of
Armenia ICJSC (EIAA). The outlook remains negative.

RATINGS RATIONALE

The rating action reflects the company's change in business and
financial profiles following the large loss reported in 2022 in
relation to its exposure in Russia, the reversal of this loss in
the first quarter of 2023, the loss of its 90% quota-share
protection on its Russian exposure and the significant reduction of
its exposure to Russia.

In 2022, EIAA reported a loss of AMD42.6 million due to a late
payment from a Russian buyer to the insurers' main policyholder.
The claim was largely ceded to reinsurers, as EIAA benefitted from
a 90% quota-share treaty. As a result, the company's shareholders'
equity declined to AMD2.35 billion at YE2022 from AMD2.46 billion
at YE 2021.

Nonetheless, the affirmation of EIAA's b1 BCA reflects the
insurer's continued strong capital adequacy relative to its net
total exposures. While reinsurers decided not to renew the
reinsurance of EIAA's Russian exposure, the company rapidly
decreased this exposure and all exposures outside of Russia and
Belarus remains reinsured by Swiss Reinsurance Company Ltd (Aa3
IFSR stable). As a result, EIAA's shareholders' equity as a
proportion of total assets (equity-to-assets ratio) remains high at
around 50% at the end of 2022, and the ratio of net exposure as a
percentage of shareholders' equity remains very strong The
affirmation also reflects EIAA's low financial leverage and high
exposure to Armenian government bonds (Ba3) and deposits with
Armenia-based banks which accounted for around 100% of EIAA's
shareholders equity at the end 2022.

The affirmation of Ba3 IFSR reflects moderate probability of
support from the Government of Armenia (Ba3 negative), resulting in
a one-notch uplift from b1 BCA. EIAA is currently the only export
insurance company in Armenia, established by the government to
promote Armenian export within the framework of the export-oriented
industrial policy of the republic of Armenia. Moody's thus
maintains a moderate probability of government support which takes
into account the current full ownership of EIAA by the Armenian
Government as well as the lack of any implicit or explicit
Government guarantees.

The negative outlook reflects Moody's expectation that EIAA's
profitability will deteriorate in the next 12-18 months due to
material weakening of EIAA's business franchise as a result of
substantial contraction of its business volumes following its
decision to reduce its exposure to Russia. Under local GAAP, EIAA's
GWPs decreased by 23% in 2022. The negative outlook also reflects
Moody's concerns about EIAA's ability to restore its business
volumes.

In addition, given that Russia remains the largest export market
for Armenia, EIAA is considering gradually resuming coverage of
exports to Russia and looking for reinsurance options available on
its local and regional markets to cover this specific exposure.
This would imply that the company will use weaker reinsurance
protection, which would deteriorate its risk profile if exposure to
Russia became material.

Finally, the negative outlook also mirrors the negative outlook on
the Government of Armenia Ba3 rating and reflects EIAA's government
ownership and dependence on the Armenian exporters for its revenues
and operating profits and investment portfolio concentration in
Armenian government bonds and deposits with Armenian banks.

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

EIAA's IFRS is currently aligned with the rating on the government
of Armenia, which limits upward potential, particularly given the
negative outlook on the sovereign. The outlook on the EIAA's IFSR
could be changed to stable from negative if the outlook on the
sovereign rating is changed to stable along with stabilization of
the company's credit profile.

Conversely, the rating could be downgraded in case of the downgrade
of the sovereign rating, lower support assumption, or weaker
stand-alone assessment of the company. The BCA could be downgraded
as a result of: (1) a material deterioration in capital, with
shareholders equity as a percentage of net exposures increasing
towards 100%; and/or (2) a material increase of gross insurance
exposures, notably to Russia, covered by weak reinsurance
protection.

LIST OF AFFECTED RATINGS

Issuer: Export Insurance Agency of Armenia ICJSC

Affirmations:

Insurance Financial Strength Ratings, Affirmed at Ba3

Baseline Credit Assessment, Affirmed at b1

Outlook Action:

Outlook, Remains Negative

PRINCIPAL METHODOLOGIES

The methodologies used in these ratings were Trade Credit Insurers
Methodology published in January 2023.



===========
F R A N C E
===========

FNAC DARTY: S&P Affirms 'BB+' Credit Rating, Alters Outlook to Neg.
-------------------------------------------------------------------
S&P Global Ratings affirmed the "BB+" Local Currency LT credit
rating of Fnac Darty on April 13, 2023. At the same time the rating
agency revised outlook to negative from stable.

S&P said, "The negative outlook reflects our view that Fnac's
operating performance will be challenged by difficult trading
conditions and inflationary pressures on the cost base, although we
believe that its premium positioning and proactive cost management
measures should preserve profitability and credit metrics in line
with our expectations."

The rating is under pressure due to a weaker-than-expected
operating performance and the negative impact from the U.K. High
Court's fine in relation to the Comet UK liquidation-related
litigation, reducing Fnac's underperformance absorption capacity.
FNAC reported total revenue of about EUR7.9 billion in 2022, a
decline of about 1.2% compared with EUR8.1 billion in 2021. The
revenue loss is a combination of a relatively high comparison point
for 2021, during which consumers shopped extensively for
work-from-home and stay-at-home electronic equipment, and a
lower-than-expected level of activity over the last quarter of
2022, due to difficult macroeconomic conditions and inflationary
pressures that reduced households' spending capacity. In
particular, consumer electronics and domestic appliances declined
by 2.1% and 6.6%, respectively, in 2022 and drove the contraction
of revenue. The lower level of activity in the last quarter of the
year prevented Fnac from selling the inventory that it had
previously accumulated to face supply chain issues in the first
half of 2022, and caused it to report negative FOCF after leases of
EUR60 million. Additionally, the company's cash balance was
impacted by a EUR132 million fine assessed by the U.K. High Court
in a litigation case related to the liquidation of Comet UK and the
unfaithful refund of a liquidity line during the distressed sales
of that company in 2012. Fnac paid the fine entirely in December
2022. As a result, S&P Global Ratings-adjusted debt to EBITDA
increased to 2.3x, compared with S&P's previous expectations of
below 2.0x. Combined with negative FOCF after leases, this has
depleted the headroom within its rating category and leaves limited
room for underperformance in the next 12 months.

S&P said, "Diversification into different segments and cost-saving
measures preserved Fnac's profitability, which remained in line
with our expectations. Consumer electronics and domestic appliances
are characterized by a significant price elasticity. Hence, the
price increases that the company implemented to cover for
inflationary pressure on its cost base caused a reduction in
volumes of sales. Nevertheless, editorial products and other
products and services reported a growth of 3.0% and 6.0%,
respectively, in 2022, benefitting from consumers' lower
sensitivity to prices and helping the company alleviate the impact
of reduced sales in other categories. The premium positioning, the
expansion in services, and the cost savings measures implemented
over the year helped Fnac preserve its profitability and it
reported an EBITDA margin of 7% in 2022, in line with our previous
expectations. We also note the company's top line is somewhat more
resilient than those of peers in the sector; online pure-player
C-discount has reported a 21.4% decline in earnings, while U.S.
peer Best Buy reported a 10% decline in earnings, in a context of
high inflation and reduced consumer spending.

"Fnac's positioning and business strategy should help the company
face a difficult macroeconomic environment. With persistent
inflationary pressures in France and the reduction of households'
disposable income, we expect Fnac's revenue to continue to decline
in 2023 by about 0.5%-1.0%. This is driven by a further reduction
of volumes of sales in consumer electronics and domestic
appliances. Nevertheless, Fnac's "Everyday" strategy targets
growing its service offerings (repair, aftersales services, and
subscription-based model Darty Max), which we deem supportive to
the company's top line and profitability. During the course of
2023, operating costs will be affected by higher energy costs,
particularly in the first half of the year, and higher personnel
expenses. However, we believe Fnac will be able to implement
cost-saving measures, such as optimizing the number of in-store
employees and replacing the electrical equipment in stores with
energy-efficient tools. That will help reduce the impact from
rising costs and preserve its profitability. Consequently, we
expect the company to report an adjusted EBITDA margin of 7.0% in
2023, in line with 2022. Lastly, we believe Fnac's positioning in
the French market is relatively strong. We see a comparatively
limited overlap with Amazon's product offering, while the very weak
profitability of other pure players should mitigate the price
pressure coming from online players. The group's reputation for
reliable services and advice anchor the brands durably in
consumers' minds.

"Despite the challenging macroeconomic environment, we expect Fnac
to report FOCF after leases of about EUR120 million-EUR130 million
in 2023, restoring its rating headroom.With eased supply chain
issues and a high quality of inventory, we believe that the excess
inventory will be reduced during the course of 2023 and the working
capital position will return to its normal level, contributing to
the restoration of positive FOCF after leases in 2023. Although not
part of our current expectations, difficult trading conditions in
consumer electronics and domestic appliances may hamper Fnac's
ability to normalize its stock position, implying continued
negative working capital dynamics in 2023. It could also affect the
group's capacity to sell at full price and weigh on margin levels.
Finally, the company increased the level of its capital expenditure
(capex) in 2022 to EUR138 million, from EUR116 million in 2021, to
support the digital investments required for its omnichannel
strategy, which so far has proven effective and enabled the group
to maintain a stronger top-line performance than pure online
players. We expect capex to reduce to about EUR120 million in 2023,
in line with the historical norm for the company. As a result, we
expect positive FOCF after leases of about EUR120 million-EUR130
million in 2023, from negative EUR60 million in 2022." This should
help leverage recover to below 2x over the next 24 months on the
back of a growing and sizable year-end cash buffer, typically
exceeding gross financial debt, which helps to mitigate the very
important seasonality of the company's revenue and cash
generation.

Liquidity remains strong and upcoming debt maturities are managed
in advance, reflecting a prudent approach to liquidity and
refinancing risk. The company closed 2022 with a cash position of
EUR932 million, reporting S&P Global Ratings-adjusted net debt to
EBITDA of 2.3x. S&P said, "The fine imposed by the U.K. High Court
has an impact of 0.3x on our adjusted leverage ratio, implying
adjusted debt to EBITDA of 2.0x at the end of 2022, if we were to
exclude this one-off payment from Fnac's credit metrics. We expect
no further impact from the litigation, although we note that Fnac
has appealed the court's decision. Nevertheless, Fnac's liquidity
position remains strong and prudently managed. At the end of 2022,
Fnac's debt obligations included EUR300 million bonds maturing in
2024, EUR350 million bonds maturing in 2026, EUR180 million from
the debt portion of convertible bonds (OCEANE), and a EUR100
million amortizing loan from the European Investment Bank. We note
that the company secured the refinancing of its 2024 upcoming
maturity with a delayed drawn term loan, which can only be drawn to
repay the bonds maturing in 2024. The pool of banks providing this
loan consists of French and international Tier 1 banking groups,
which remain resilient despite the recent banking crisis. As a
result, we anticipate that Fnac will be able to draw on the line to
refund its creditors."

S&P said, "That said, in our base case there is a risk of
underperformance, considering a continuing challenging competitive
landscape and inflationary pressure that may affect consumer
demand.Although our estimates already factor a difficult
macroeconomic environment in 2023, we note that Fnac operates in
mature markets with finite growth prospects and fierce competition.
The group's limited international diversification constrains future
growth opportunities. Hence, the combination of inflationary
pressures weighing on discretionary product demand and of a
continuing competitive market landscape may exert further pressure
on the group's credit metrics. Lastly, Fnac remains highly
dependent on the key trading periods, in particular Black Friday
and the Christmas season, which exposes it to a rapid
underperformance against our base case, if trading levels are not
as expected during the second half of the year, when it generates
around 80% of full-year EBITDA.

"Although Vesa Equity Investment has recently become the group's
largest shareholder, it is not controlling the business and
therefore this has not translated into a change in financial
policy. With a 25% stake in Fnac's capital, Vesa's current stake
remains below the controlling stake threshold (30%) and neither
provides the majority of voting rights, nor the ability to nominate
a member of the board of directors. We do not know if the recent
buildup in participation signals an intention to take control;
neither do we know how it would be financed, which could ultimately
influence Fnac's financial policy.

"The negative outlook reflects our expectation that Fnac's
operating performance will continued to be challenged over the next
12 months by continued inflationary pressures and weaker consumer
demand. It also signals the risk of a downgrade if the company is
not able to restore profitability and cash flow generation,
resulting in a deterioration of credit metrics."

S&P could lower the rating if Fnac's operating performance does not
recover in line with our expectations, thereby resulting in:

-- Reported FOCF after leases below EUR100 million;

-- Adjusted EBITDA margin deteriorating structurally below 7%;

-- Adjusted debt to EBITDA exceeding 2x; or

-- Adjusted funds from operations (FFO) to debt declining below
35%.

This could stem from higher-than-expected operating costs due to
inflationary pressure, continued strains on consumer discretionary
spending amid a very competitive landscape, or any misstep in
executing the current strategy. A downgrade could also arise from a
more aggressive financial policy than we anticipate, resulting in
an erosion of the group's large cash balance and credit metrics.

S&P could revise the outlook to stable if Fnac successfully manages
its performance in a weak macroeconomic environment, such that
reported FOCF after leases recovers to more than EUR100 million per
year, adjusted debt to EBITDA returns sustainably below 2x, and
adjusted EBITDA margin remains above 7%.

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

S&P said, "Environmental, social, and governance (ESG)
considerations remain neutral in our credit risk assessment on
Fnac. We consider that Fnac's exposure to ESG risks is similar to
that of other specialty retailers that we rate.

"We acknowledge that the company is pursuing a strategy addressing
the increasing consciousness around sustainability of its customer
base by providing them with durable products and repair service
options, which could be net cash flow accretive over the long
term.

"Purchases related to the spike in working-from-home trends enabled
by the pandemic have fallen off, although we still perceive the
consumption behavior linked to online shopping as significant for
the company."

FNAC's governance structure reflects its status as a publicly
listed company. With the exceptions of two members representing the
employees of the group and the CEO, the remaining 10 board members
are independent administrators of the company, and S&P deems the
board of directors as capable of providing an effective oversight
on operations. Vesa Equity Investment, investment vehicle of Daniel
Kretinsky, recently became the majority shareholder with a 25%
stake in Fnac's capital. This remains below the controlling stake
threshold (30%) and provides neither majority voting rights, nor
the ability to nominate a member of the board of directors. As a
result, at this stage, there are no significant controlling
shareholders that could negatively influence decision-making to
promote their own interests above those of other stakeholders,
although we will continue to monitor this element.

GINKGO AUTO 2022: DBRS Confirms B(high) Rating on Class F Notes
---------------------------------------------------------------
DBRS Ratings GmbH confirmed its ratings on the notes issued by
Ginkgo Auto Loans 2022 (the Issuer) as follows:

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

The ratings on the Class A, Class B, and Class C notes addresses
the timely payment of interest and the ultimate repayment of
principal by the legal final maturity date. The ratings on the
Class D, Class E, and Class F notes address the ultimate payment of
scheduled interest while the class is subordinated and the timely
payment of scheduled interest while the class is the most senior
class outstanding, and the ultimate repayment of principal by the
legal final maturity date.

The confirmations follow an annual review of the transaction and
are based on the following analytical considerations:

-- Portfolio performance, in terms of delinquencies, defaults, and
losses, as of the February 2023 payment date;

-- Probability of default (PD), loss given default (LGD), and
expected loss assumptions on the receivables;

  -- Current available credit enhancement to the notes to cover the
expected losses at their respective rating levels; and

  -- No revolving termination events.

The transaction is a securitization collateralized by a portfolio
of fixed-rate, unsecured, amortizing auto loans granted to
individuals domiciled in France for the purchase of new and used
vehicles, originated and serviced by Crédit Agricole Consumer
Finance (CACF). The transaction is currently in its revolving
period, which is scheduled to end on the payment date in March
2024. During this period, the Issuer may purchase additional
receivables, provided that the eligibility criteria and
concentration limits set out in the transaction documents are
satisfied. The revolving period may end earlier than scheduled if
certain events occur, such as the breach of performance triggers or
servicer termination. No termination event has occurred to date.

The legal final maturity date of the transaction is in July 2043.

PORTFOLIO PERFORMANCE

As of the February 2023 payment date, loans that were one to two
months and two to three months delinquent represented 1.5% and 0.5%
of the portfolio balance, respectively, while loans more than three
months delinquent represented 0.3%.

As per the transaction definition, the cumulative gross loss
amounts include any loans that have either become a defaulted
receivable, an overindebted borrower, or a late delinquent
receivable. According to this definition, as of the February 2023
payment date, the cumulative gross loss amount represented 0.9% of
the original balance, 10.2% of which has been recovered to date.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar maintained its base case PD and LGD assumption at
7.0% and 54.6%, respectively. The assumptions continue to be based
on the replenishment criteria set forth in the transaction legal
documents.

CREDIT ENHANCEMENT

Credit enhancement (CE) to the notes consists of the subordination
of the respective junior notes. As the transaction is still in its
revolving period, the CEs have remained unchanged since closing. As
of the February 2023 payment date, the CE on the notes stood as
follows:

-- CE to the Class A notes at 28.1%
-- CE to the Class B notes at 20.6%
-- CE to the Class C notes at 15.1%
-- CE to the Class D notes at 10.9%
-- CE to the Class E notes at 7.2%
-- CE to the Class F notes at 5.7%

The transaction includes Class A and Class B liquidity reserves
that are available to the Issuer during the revolving period and
the normal redemption period in restricted scenarios where the
interest and principal collections are not sufficient to cover the
shortfalls in senior expenses, swap payments, and interests on the
Class A notes (available from both the Class A and Class B
liquidity reserves) and the Class B notes (only available from the
Class B liquidity reserve). The Class A and the Class B liquidity
reserve fund were both at their target levels of EUR 6.3 million
and EUR 6.0 million, respectively, as of the February 2023 payment
date.

CACF acts as the account bank for the transaction. Based on DBRS
Morningstar's private rating on CACF, the downgrade provisions
outlined in the transaction documents, and other mitigating factors
inherent in the transaction structure, DBRS Morningstar considers
the risk arising from the exposure to the account bank to be
consistent with the ratings assigned to the notes, as described in
DBRS Morningstar's "Legal Criteria for European Structured Finance
Transactions" methodology.

CACF also acts as the swap counterparty for the transaction. DBRS
Morningstar's private rating on CACF and the downgrade provisions
outlined in the transaction documents are consistent with DBRS
Morningstar's "Derivative Criteria for European Structured Finance
Transactions" methodology.

Notes: All figures are in euros unless otherwise noted.



TREVISE HOLDINGS: Moody's Assigns First Time B1 Corp Family Rating
------------------------------------------------------------------
Moody's Investors Service has assigned a first-time B1 corporate
family rating and a B1-PD probability of default rating to Trevise
Holdings 1 (GSF or the company), a leading provider of cleaning
services in France. Concurrently, Moody's has assigned B1 ratings
to the EUR446 million senior secured term loan B (TLB) and the
EUR90 million senior secured revolving credit facility (RCF),
borrowed by the company. The outlook is stable.

The net proceeds from the senior secured term loan B, alongside new
equity investments from TowerBrook Capital Partners (TowerBrook),
have been used to fund TowerBrook's investment in GSF, alongside
the Noisiez founding family, and to pay associated fees and
expenses.

The rating action reflects:

GSF's strong track record of organic revenue and earnings growth,
without interruption since 1998

Moody's expectations of a continued successful execution of the
strategy, with an ongoing and progressive absorption of inflation
and without execution missteps or significant deteriorations in
profitability, as measured by Moody's adjusted EBITA margin.

GSF's weak financial metrics for the rating category

RATINGS RATIONALE

GSF's B1 CFR reflects its (i) leading position in the French
cleaning services market, with a significant exposure to
value-added sectors such as industry, healthcare and food and
beverage (accounting for 50% of revenue in 2022), (ii) its
diversified customer base and (iii) its consistent track record of
organic revenue growth without interruptions since 1998.  The B1
CFR also incorporates Moody's expectations that the company will
continue to actively pass through price increases to customers, in
order to progressively offset wage inflation, and will therefore be
able to limit the impact on profitability over the next 12-18
months. Such expectations are based on the assumption that, where
possible, GSF will use indexation clauses included in most
contracts to pass through wage inflation to customers (albeit with
some time lag), or otherwise successfully renegotiate price
increases. As a consequence of such expected progressive offset of
inflation and the related time lag, the rating agency forecasts
Moody's adjusted EBITA margin to range between 4.8% - 5.2% in 2023
and 2024, from 5.6% expected in 2022.

Financial strategy and risk management is a governance
consideration under Moody's General Principles for Assessing
Environmental, Social and Governance Risks Methodology for
assessing ESG risks and a key rating driver. GSF's overall exposure
to governance risk (Issuer Profile Score or "IPS") is at G-4,
reflecting a tolerance for relatively high leverage following
TowerBrook's investment.

GSF has weak financial metrics for the rating category. The rating
agency expects Moody's-adjusted debt/EBITDA to be at roughly 5x in
2023 (4.9x expected in 2022), reflecting the time lag to fully pass
through cost inflation, and thereafter to decrease to around 4.5x.
Similarly, the rating agency expects FCF/debt to average 3% per
year in the next 12-18 months and   Moody's adjusted EBITA/
interest expense to remain above 1.5x in the next 12-18 months,
thanks to the interest rate hedging put in place by management in
2022.

The CFR rating is constrained by (1) the high Moody's adjusted
debt/EBITDA around 5x expected in 2022 and 2023; (2) the limited
room for margin expansion given the mature and highly competitive
French cleaning market as well as the current inflationary
environment, including wages; (3) the concentration of revenue in
France, which are expected to account for 92% of 2022 revenues; and
(4) potential for debt-funded bolt-on acquisitions to increase
GSF's presence in associated services (expected to be 9% of 2022
revenues), despite management does not foresees any inorganic
growth in 2023.  

LIQUIDITY

Moody's views GSF's liquidity as adequate, stemming from positive
Moody's adjusted FCF generation of EUR11 million expected in 2023
and increasing to EUR22 million in 2024, an expected cash and
equivalent balance of EUR66 million in 2022 and access to EUR79
million of undrawn senior secured revolving credit facility (RCF),
over a total committed of EUR90 million.

Moody's also expects the company to maintain comfortable headroom
under the springing net leverage covenant attached to the senior
secured RCF and tested if used above 40%. The nearest debt maturity
GSF has is January 2029, when the senior secured RCF matures, while
the senior secured TLB matures in July 2029.

STRUCTURAL CONSIDERATIONS

The B1 ratings assigned to the senior secured TLB and senior
secured RCF, in line with the CFR, reflect their pari passu ranking
in the capital structure and upstream guarantees from material
subsidiaries of the group representing 80% of EBITDA. The B1-PD
PDR, in line with the CFR, reflects Moody's assumption of a 50%
family recovery rate typical for bank debt structures with a loose
set of financial covenants and limited security.

RATING OUTLOOK

The stable outlook factors in Moody's expectations that the company
will continue to execute successfully on its strategy and
progressively absorb higher inflation, without execution missteps
or significant deteriorations in profitability, as measured by
Moody's adjusted EBITA margin. It also reflects Moody's expectation
that GSF will maintain Moody's-adjusted debt/EBITDA at 5.0x over
the next 12-18 months and subsequently deleverage, with
Moody's-adjusted FCF/debt to average 3% per year over the same
period. The stable outlook does not assume large debt-funded
acquisitions or shareholder distributions.

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

Positive pressure on the rating could occur if the company shows
continued evidence of good execution, with a disciplined approach
to contracts management and increases its scale and revenue
diversity, successfully executing its strategy to diversify its
operations outside of cleaning services. Quantitatively, upward
pressure could arise if the company displays sustained growth in
sales and earnings, its Moody's adjusted debt/EBITDA ratio falls
towards 3.5x and Moody's-adjusted FCF/debt increases to high single
digits (in percentage terms) on a sustainable basis.

Conversely, negative pressure on the rating could materialise in
case of organic revenue growth turning negative, failure to sustain
strong contracts execution or prolonged weakness in operating
performance leading to deteriorations in Moody's adjusted EBITA
margin well below Moody's expectations. Negative pressure could
also manifest if Moody's-adjusted debt/EBITDA exceeds 5.0x on a
sustainable basis or if FCF is not sustained in the low to mid
single digits percentages, or if liquidity materially weakens.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Headquartered in France, GSF is a leading provider of cleaning
services in France. The company also provides associated services
(9% of total revenues expected in 2022) and has a small presence in
the US, Canada and the US (8% of total revenues expected in 2022).
Moody's expects the company to generate revenues of around EUR1.2
billion in 2022.



=============
G E R M A N Y
=============

CECONOMY AG: S&P Assigns 'BB-' ICR, Outlook Stable
--------------------------------------------------
S&P Global Ratings assigned its 'BB-' long-term issuer credit
rating to Germany-based electronics retailer Ceconomy AG and our
'BB-' issue rating on the company's EUR500 million senior unsecured
bond due 2026.

S&P said, "The stable outlook indicates that we expect Ceconomy
will continue improving its operating profitability and cash
generation; adhere to a conservative financial policy; and post
EBITDA margins of 3.5%-4.0%, adjusted leverage of about 3.0x, and
positive FOCF after leases over the next 12-24 months.

"Our 'BB-' rating is underpinned by Ceconomy's prudent financial
policy. Reflecting this is S&P Global Ratings-adjusted leverage of
3.0x in fiscal 2022, adequate liquidity, and the absence of regular
dividend payments since the demerger from Metro AG in 2017. We
understand the group will continue its prudent financial policy and
as of today see limited headroom for dividend payments due to
volatile business conditions.

Ceconomy's leading position is underpinned by meaningful scale and
its omnichannel setup. The group is the largest European
electronics retailer, with 1,024 stores and operations in 13
markets (leading positions in eight). It benefits from its large
scale, with revenue of EUR21.8 billion in fiscal 2022, and its
brand equity in key markets like Germany, where it was founded. The
group has a No. 1 or 2 position in its four largest markets:
Germany (45% of revenue), Italy (11%), Spain (11%) and the
Netherlands (7%). The omnichannel model helped mitigate the
pressure other brick-and-mortar retailers felt during the pandemic.
The group quickly increased online sales (including click and
collect) to 32% in fiscal 2021, at the height of the pandemic, from
14% in fiscal 2019, retaining revenue of EUR20.8 billion-EUR21.8
billion in the past three years. S&P understands that the
omnichannel flexibility positions Ceconomy well to react quickly to
changes in consumer habits and behaviors, and online's share of
revenue will not materially change over the forecast period.

S&P said, "We see the group's geographic diversity as credit
supportive, because it reduces earnings volatility. Economic
patterns, COVID-19-related restrictions, and reactions to
geopolitical conflicts have varied across markets in which Ceconomy
operates. While the DACH segment--which consists of Germany,
Austria, Switzerland, and Hungary--saw company-adjusted EBITDA
decline 35% over the past two years to EUR484 million in fiscal
2022 from a peak of EUR744 million in fiscal 2020, adjusted EBITDA
of the group's other segments combined increased 37% to EUR396
million. Mostly mature DACH markets remain the largest contributor
to the group's earnings.

"Ceconomy aims to improve customer retention and margins through
its "experience electronics" strategy. The group had more than 2.2
billion customer contacts in fiscal 2022, and it aims to improve
retention by offering options to repair, trade in, or recycle
electronic products and raise the share of high-margin services and
solutions (6.2% of sales). We think Ceconomy can improve margins
through promoting own-label products, partnering with manufacturers
to leverage advertising, and its "lighthouse" strategy, a
space-as-a-service model that focuses on increasing rental income.

"The execution of Ceconomy's turnaround plan is clouded by
competition and economic uncertainty. We view the consumer
electronics market as value-driven and highly dependent on
discretionary spending. The high price transparency online and in
stores constrains gross margins. We see limited barriers of entry
for the online segment, which results in fierce competition from
pure online retailers like Otto in Germany or Amazon across Europe.
Combined with global supply chain disruptions and rapid increases
in logistics costs, Ceconomy's S&P Global Ratings-adjusted EBITDA
margins decreased to 3.9% in fiscal 2022 from 4.8% in fiscal 2019.
We expect a recovery of margins in its key markets to above 4% in
2024 and about 4.5% in 2025. This is supported by its
cost-efficiency measures to reduce headquarter costs, digitize
processes and align stock-keeping units (SKUs) and marketing
campaigns between Saturn and MediaMarkt in Germany. The
margin-accreditive "experience electronics" strategy complements
the program. Nevertheless, we see execution risk because higher
inflation-driven fixed costs, potentially a slower recovery of
consumer confidence, or worsening economic situation weighing on
discretionary spending could offset cost savings.

"The group leases most of its real estate, resulting in hefty lease
liabilities and cash payments.Given this, we see the company's
efforts in raising the efficiency of operations of utmost
importance in improving its cash generation and credit metrics. The
group's lease liabilities of about EUR2 billion in 2022 constituted
77% of S&P Global Ratings-adjusted debt, while total cash outflows
on leases stood at EUR520 million. We therefore consider FOCF after
leases and the EBITDAR coverage ratio (EBITDAR to cash interest
plus rents) as key factors in our assessment of the group's
financial risk. As part of its initiatives to align and reduce SKUs
across stores and adapt to the higher share of online sales, the
group continuously reduces store space. While large parts of the
rental contracts are linked to inflation, the group's average lease
term is relatively short, and the overall trading space is set to
decline. This should lead to lease outflows decreasing EUR15
million-EUR20 million from fiscal 2024 onward. In our base-case
scenario, we expect the EBITDAR coverage ratio will rise from its
low level of 1.5x in 2023 and approach 2.0x over the next 24
months.

"We expect costs to rise and working capital to stabilize in fiscal
2023, leading to leverage of about 3.0xWe expect like-for-like
growth of 1.5%-2.0% on continuous high inflation and low consumer
sentiment. S&P Global Ratings-adjusted EBITDA should decrease to
EUR800 million-EUR850 million (3.5%-3.7% margin) in fiscal 2023
from EUR851 million (3.9%) in fiscal 2022, because higher wages,
energy costs, and continued restructuring will offset the easing of
supply chain costs. In line with the overall sector, we saw
Ceconomy's first-quarter fiscal 2023 inventory normalize, which
came at the cost of a slightly lower gross profit margin. The
normalization should support the group's operating cash flow by
EUR50 million-EUR75 million. From fiscal 2024, we expect limited
impact on operating cash flow. Combined with higher capital
expenditure (capex), S&P Global Ratings-adjusted debt should only
fall slightly, leading to leverage of about 3.0x in fiscal 2023 and
2.5x in fiscal 2024, when benefits from operating-efficiency
measures should materialize.

"The stable outlook indicates that we expect Ceconomy will retain
adjusted leverage of about 3.0x and S&P Global Ratings-adjusted
EBITDA margins at 3.5%-3.7% in fiscal 2023. We expect that FOCF
after leases will turn positive and reach about EUR100
million-EUR150 million in 2023, mainly with significant improvement
in the group's working capital."

S&P could lower the rating on Ceconomy if the group's operating
performance and earnings weaken, translating into any of the
following metrics:

-- The S&P Global Ratings-adjusted EBITDA margin dropping below 4%
for a prolonged period;

-- An EBITDAR coverage ratio remaining at about 1.5x;

-- FOCF after leases remaining negative for a prolonged time; or

-- Adjusted debt to EBITDA approaching 3.5x.

This could stem from higher-than-expected margin erosion amid
fierce price competition in its end markets, inability to stabilize
working capital, or Ceconomy falling substantially short of
realizing profit accretion from its current strategy. A downgrade
could also arise from a more aggressive financial policy than S&P
anticipates, resulting in erosion of the group's large cash cushion
and credit metrics.

S&P could raise the rating on Ceconomy if the group's operating
performance and cash generation sustainably improve, translating
into:

-- Meaningful and growing FOCF after leases;

-- The S&P Global Ratings-adjusted EBITDA margin approaching 5%;

-- An EBITDAR coverage ratio exceeding 2.0x; and

-- Adjusted debt to EBITDA well below 3.0x.

This could stem from the successful execution of the group's
strategy leading to stronger competitiveness and profitability,
along with more robust consumer discretionary spending than we
anticipate.

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

Environmental factors are a neutral consideration in our credit
rating analysis of Ceconomy. The company publishes an annual
sustainability report. In fiscal 2022, Ceconomy committed to
participate in the Science Based Target initiative (SBTi) and is
formulating and implementing additional climate targets. We see
topics around the circular economy incorporated in the group's
business strategy that can support higher customer retention.

Social factors are also a neutral consideration. Ceconomy is one of
Europe's largest retail employers, with 50,148 employees. In
Germany (20,686 employees), 80.46% of employees have a collective
bargaining agreement. S&P anticipates that record high inflation in
Germany (10.9% in fiscal 2022) will increase personnel costs, and
these will continue to rise due to high inflation and a tight labor
market, in particular in the DACH region.

Governance factors are also a neutral consideration. The company's
corporation and legal bodies (the management board, supervisory
board, and general assembly) are governed by German stock
corporation law. Of the supervisory body, 50% is composed of
elected employee representatives. S&P estimates that the buyout of
minority shareholders at the local store level and the Convergenta
transaction simplified Ceconomy's governance structure and improved
transparency. The company's main shareholder is the Kellerhals
Family, with a 29% share.


PROGROUP AG: Moody's Affirms Ba3 CFR & Alters Outlook to Positive
-----------------------------------------------------------------
Moody's Investors Service has affirmed the Ba3 corporate family
rating of the German paper-based packaging producer Progroup AG and
its Ba3-PD probability of default rating. Concurrently, Moody's has
affirmed the Ba3 instrument ratings on the guaranteed senior
secured bonds maturing in 2026. The rating outlook has been changed
to positive from stable.

RATINGS RATIONALE

The rating action reflects Progroup's strong credit metrics, its
increased size and diversification of its manufacturing footprint
over the last few years. Over the last two years the company
managed to materially increase its revenue and earnings, reflected
in a revenue growth to EUR1.8 billion in 2022 from just EUR880
million in 2020 while Moody's adjusted EBITDA increased to EUR427
million from EUR187 million two years ago. This growth was organic
and strongly supported by the start-up of the company's third paper
mill PM3 in 2020. While volume has started to soften in the second
half of 2022, Progroup has continued to increase selling prices
which was a key driver for the continued strong earnings
development. Executing orders mostly on spot prices, Progroup was
able to quickly recover the cost inflation in 2022.

With Moody's adjust gross leverage of 2.1x and the retained cash
flow / debt ratio of 29% at the end 2022, Progroup's key credit
metrics exceeded Moody's requirements for a higher rating. Moody's
anticipates that the coming 12-18 months will likely be very
challenging for the industry and the strong earnings development of
2022 may moderate and lead to a contraction of credit metrics in
light of a softer macroeconomic environment. While Progroup was
able to quickly recover cost inflation in 2022 into higher prices,
with a decline in recovered paper and energy costs, Progroup's
selling prices will likely have to be adjusted downwards resulting
in lower revenues and earnings in the coming quarters.

At the same time, Progroup continues to follow its ambitious growth
plan with further expansion projects like additional corrugators or
a potential paper mill as well as the construction of the second
refuse-derived fuel (RDF) power plant next to PM3. This will likely
keep capex spending high in coming years with potential additional
debt load contributing to re-leveraging.

However, should credit metrics retain its relative strength for the
rating category in the coming quarters, the rating will likely be
upgraded, supported by a further outperformance in terms of
earnings resilience or more moderate growth investments allowing
free cash flow to remain positive (Moody's adjusted FCF was +
EUR123 million in 2022). At the same time, Moody's views positively
the increase in scale and diversification of Progroup's
manufacturing footprint and believe this strengthens the company's
business profile, creating additional positive pressure on the
rating. The positive outlook reflects Moody's expectation that the
upcoming maturity of Progroup's RCF will be proactively addressed
on a timely basis.

The rating is mainly supported by (1) the company's high
profitability as Moody's-adjusted EBITDA margin was around 24% on
average over the last five years, which is above industry standards
and even ahead of that of market leaders; (2) cost-efficient asset
base that is technically advanced and conveniently located to limit
transport costs; (3) strong credit metrics point-in-time; and (4)
the financial policy that target maintaining long-term net leverage
ratio below 3.0x (1.6x in 2021), which is largely commensurate with
a Ba rating.

The rating is primarily constrained by (1) the company's modest
scale, narrow product range and geographical diversification
compared to its larger peers, such as Smurfit Kappa Group plc (Baa3
stable); (2) some degree of operational risk because its own
containerboard products come from three mills in Germany; (3)
challenging macroeconomic environment with a downwards pressure on
prices for containerboard and corrugated board that may lead to
moderation of Progroup's high profitability margins; and (4) the
risk of a further debt funded expansion over the coming years,
resulting in material balance sheet re-leveraging as was the case
in 2019-20.

RATIONALE FOR POSITIVE OUTLOOK

The positive outlook reflects Progroup's very strong credit metrics
currently. Should the company be able to maintain the relative
strength of its credit metrics and liquidity over the coming
quarters, the rating will likely be upgraded.

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

Positive rating pressure could arise if:

Moody's-adjusted gross debt/ EBITDA below 3x on a sustained
basis;

Moody's-adjusted retained cash flow/ debt above 20% on a sustained
basis;

Moody's-adjusted EBITDA margin above 20% on a sustained basis.

Conversely, negative rating pressure could arise if:

Moody's-adjusted gross debt/ EBITDA above 4x on a sustained
basis;

Moody's-adjusted retained cash flow/ debt below 10% on a sustained
basis;

Moody's-adjusted EBITDA margin below 15% on a sustained basis;

Negative FCF over several years leading to deterioration in
liquidity profile.

LIQUIDITY

Progroup's liquidity profile is adequate. The company reported
EUR163 million of cash on balance sheet at the year-end 2022 and
EUR50 million undrawn revolving credit facility (RCF) maturing in
March 2024. In addition, the group has access to an up to EUR30
million forfaiting program, although Moody's considers it less
reliable than cash or the RCF. Progroup's maintenance capex is
relatively low and can be easily covered with operating cash flow.
However, the company has ambitious growth plans and its growth
capex can be very significant and may require additional financing.
While the group distributed EUR80 million in form of dividends last
year after two years without any dividend payment, Moody's expects
future distributions to be more modest in the range of EUR5-30
million p.a.

STRUCTURAL CONSIDERATION

Senior secured notes issued by Progroup are rated Ba3, in line with
the CFR. This is primarily because senior secured debt constitutes
most of the company's outstanding liabilities, and there is only a
EUR50 million super senior revolving facility that ranks ahead of
the bonds in Moody's loss given default waterfall. The size of the
facility is too small to cause the notching of the bonds below the
CFR. The guarantor pool is strong and consist of all material
subsidiaries representing 90% of revenue, 97% of EBITDA and 97% of
assets as of December 2021. The notes are secured by first-ranking
liens over the shares of the issuer, certain real property, certain
bank accounts, and certain fixed and other assets.

ESG CONSIDERATIONS

Moody's believes that environmental and social risks of Progroup
are broadly similar to those of the paper and forest products
industry's environmental and social risks that Moody's considers to
be moderately negative. They mainly reflect Progroup's
manufacturing process with exposure to waste and pollution risks
and health and safety issues. These risks are mitigated to a degree
by the company's commitment to reduce carbon emissions and the fact
that it has among the most technically advanced and energy
efficient production plants in the industry.

The governance related risks mainly reflect the fact that Progroup
is a family-owned company that targets keeping its long-term net
leverage ratio below 3.0x.

PRINCIPAL METHODOLOGY

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

PROFILE

Headquartered in Landau, Germany, Progroup AG (Progroup) is one of
the leading European paper-based packaging companies focusing on
the production of containerboard and its conversion into corrugated
sheet board. The company owns three containerboard mills in Germany
and 12 corrugated sheet board plants across six European countries,
as well as one combined heat and power plant in Eisenhuttenstadt,
Germany. In 2022, Progroup generated EUR1.8 billion in revenue and
employed around 1,700 people. The company was founded by Juergen
Heindl in 1992 and remains family owned with the son of the
founders Maximilian Heindl acting as its current CEO since the
beginning of 2023.

REVOCAR 2023-1: Moody's Assigns (P)Ba2 Rating to EUR6.5MM D Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to Notes to be issued by RevoCar 2023-1 UG
(haftungsbeschraenkt):

EUR364M Class A Floating Rate Asset Backed Notes due April 2036,
Assigned (P)Aaa (sf)

EUR17.1M Class B Fixed Rate Asset Backed Notes due April 2036,
Assigned (P)Aa3 (sf)

EUR5.3M Class C Fixed Rate Asset Backed Notes due April 2036,
Assigned (P)Baa1 (sf)

EUR6.5M Class D Fixed Rate Asset Backed Notes due April 2036,
Assigned (P)Ba2 (sf)

Moody's has not assigned ratings to the EUR7.1M Class E Fixed Rate
Asset Backed Notes due April 2036.

RATINGS RATIONALE

The Notes are backed by a static pool of German auto loans
originated by Bank11 fuer Privatkunden und Handel GmbH ("Bank11")
(NR). This represents the twelfth issuance out of the RevoCar
program.

The provisional portfolio of assets amounts to approximately EUR400
million as of 28 February 2023 pool cut-off date. The Liquidity
Reserve, for senior fees, swap rate and Class A Notes coupon
payments, will be funded to 1% of the total pool balance at closing
and the total credit enhancement for the Class A Notes will be 9%.

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

According to Moody's, the transaction benefits from various credit
strengths such as a granular portfolio and an experienced
originator and servicer. However, Moody's notes that the
transaction features some credit weaknesses such as an unrated
servicer. Various mitigants have been included in the transaction
structure such as a back-up servicer facilitator which is obliged
to appoint a back-up servicer if certain triggers are breached.

The portfolio of underlying assets was distributed through dealers
and other cooperation partners to private individuals 94.29% and
commercial borrowers 5.71% to finance the purchase of new 18.43%
and used 81.57% cars. As of February 28, 2023 the portfolio
consists of 22,192 auto finance contracts with a weighted average
seasoning of 3.9 months. The contracts have equal instalments
during the life of the contract and may have a larger balloon
payment at maturity. The balloon contracts account for 64.9% of the
portfolio.

Moody's determined the portfolio lifetime expected defaults of
1.5%, expected recoveries of 35% and Aaa portfolio credit
enhancement ("PCE") of 8% related to borrower receivables. The
expected defaults and recoveries capture Moody's expectations of
performance considering the current economic outlook, while the PCE
captures the loss Moody's expect the portfolio to suffer in the
event of a severe recession scenario. Expected defaults and PCE are
parameters used by Moody's to calibrate its lognormal portfolio
loss distribution curve and to associate a probability with each
potential future loss scenario in the cash flow model to rate Auto
ABS.

Portfolio expected defaults of 1.5% is in line with the EMEA Auto
ABS average and is based on Moody's assessment of the lifetime
expectation for the pool taking into account: (i) historic
performance of the book of the originator, (ii) benchmark
transactions, and (iii) other qualitative considerations.

Portfolio expected recoveries of 35% is in line with the EMEA Auto
ABS average and is based on Moody's assessment of the lifetime
expectation for the pool taking into account: (i) historic
performance of the originator's book, (ii) benchmark transactions,
and (iii) other qualitative considerations.

PCE of 8% is in line with the EMEA Auto ABS average and is based on
Moody's assessment of the pool which is mainly driven by: (i) the
relative ranking to originator peers in the EMEA market and (ii)
the weighted average current loan-to-value of 88.08% which is in
line with the sector average. The PCE level of 8% results in an
implied coefficient of variation ("CoV") of 66.20%.

The principal methodology used in these ratings was 'Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS' published in
November 2022.

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

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

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



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

AVOCA CLO XXVIII: Fitch Assigns 'B-sf' Final Rating on Cl. F Notes
------------------------------------------------------------------
Fitch Ratings has assigned Avoca CLO XXVIII DAC final ratings, as
detailed below.

   Entity/Debt            Rating                   Prior
   -----------            ------                   -----
Avoca CLO XXVIII
DAC

   A XS2553950929     LT AAAsf  New Rating    AAA(EXP)sf
   B-1 XS2553951067   LT AAsf   New Rating     AA(EXP)sf
   B-2 XS2553951141   LT AAsf   New Rating     AA(EXP)sf
   C XS2553951224     LT Asf    New Rating      A(EXP)sf
   D XS2553951497     LT BBB-sf New Rating   BBB-(EXP)sf
   E XS2553951570     LT BB-sf  New Rating    BB-(EXP)sf
   F XS2553951653     LT B-sf   New Rating     B-(EXP)sf
   Sub XS2553951810   LT NRsf   New Rating     NR(EXP)sf

TRANSACTION SUMMARY

Avoca CLO XXVIII DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of corporate-rescue
loans, senior unsecured, mezzanine, second-lien loans and
high-yield bonds. Net proceeds from the note issuance will be used
to fund a portfolio with a target par of EUR400 million. The
portfolio is actively managed by KKR Credit Advisors (Ireland)
Unlimited Company (KKR). The collateralised loan obligation (CLO)
has a 4.5-year reinvestment period and a 7.5-year weighted average
life (WAL) test.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'/'B-'. The Fitch weighted
average rating factor (WARF) of the identified portfolio is 25.1.

High Recovery Expectations (Positive): At least 90% of the
portfolio comprises senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is 62%.

Diversified Portfolio (Positive): The transaction includes two
Fitch matrices effective at closing corresponding to a top 10
obligor concentration limit at 20%, fixed-rate asset limits at 5%
or 12.5%, and a 7.5-year WAL. The transaction also includes various
concentration limits, including a 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 a 4.5-year
reinvestment period and includes reinvestment criteria similar to
those of other European transactions. Fitch's analysis is based on
a stressed portfolio with the aim of testing the robustness of the
transaction structure against its covenants and portfolio
guidelines. The transaction can extend the WAL test by one year to
7.5 years after one year from the closing date of April 2023, if
the aggregate collateral balance (defaulted obligations at
Fitch-calculated collateral value) is at least at the target par
and the transaction is passing all its tests.

Cash Flow Modelling (Positive): The WAL used for the transaction's
Fitch-stressed portfolio analysis is 12 months less than the WAL
covenant, to account for structural and reinvestment conditions
after the reinvestment period, including passing the
over-collateralisation and Fitch 'CCC' limitation tests, among
other things. Combined with Fitch's loan pre-payment expectations,
this ultimately reduces the maximum possible risk horizon of the
portfolio.

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the identified portfolio would have no impact on the class A notes,
and would lead to downgrades of no more than two notches for the
class B to E notes and to below 'B-sf' for the class F notes.

Based on the identified portfolio, downgrades 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 against a
downgrade of up to two notches.

Should the cushion between the identified portfolio and the
Fitch-stressed portfolio erode due to the manager trading period or
negative portfolio credit migration, a 25% increase of the mean RDR
across all ratings and a 25% decrease of the RRR across all ratings
of the Fitch-stressed portfolio would result in downgrades of up to
four notches for the class A to D notes and to below 'B-sf' 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 Fitch-stressed
portfolio would lead to upgrades of no more than two notches for
the class B to E notes and five notches for the class F notes.

During the reinvestment period, based on the Fitch-stressed
portfolio, upgrades may occur on better-than-expected portfolio
credit quality and a shorter remaining WAL test, allowing 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 on 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
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.

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.

CAIRN CLO VI: Moody's Ups Rating on EUR24MM Cl. E-R Notes to Ba1
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Cairn CLO VI DAC:

EUR19,600,000 Class C-R Senior Secured Deferrable Floating Rate
Notes due 2029, Upgraded to Aaa (sf); previously on Nov 2, 2022
Upgraded to Aa1 (sf)

EUR17,150,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2029, Upgraded to Aa3 (sf); previously on Nov 2, 2022
Upgraded to A2 (sf)

EUR24,000,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2029, Upgraded to Ba1 (sf); previously on Nov 2, 2022
Affirmed Ba2 (sf)

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

EUR212,000,000 (Current outstanding amount EUR57,273,472) Class
A-R Senior Secured Floating Rate Notes due 2029, Affirmed Aaa (sf);
previously on Nov 2, 2022 Affirmed Aaa (sf)

EUR42,100,000 Class B-R Senior Secured Floating Rate Notes due
2029, Affirmed Aaa (sf); previously on Nov 2, 2022 Affirmed Aaa
(sf)

EUR8,700,000 Class F-R Senior Secured Deferrable Floating Rate
Notes due 2029, Affirmed B2 (sf); previously on Nov 2, 2022
Affirmed B2 (sf)

Cairn CLO VI DAC, issued in July 2016 and refinanced in July 2018,
is a collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans. The portfolio is
managed by Cairn Loan Investments LLP. The transaction's
reinvestment period ended in July 2020.

RATINGS RATIONALE

The rating upgrades on the Class C-R, Class D-R and Class E-R notes
are primarily a result of the deleveraging of the Class A-R notes
following amortisation of the underlying portfolio since the last
rating action in November 2022.

The Class A-R notes have paid down by approximately EUR13.5 million
(6.4%) since the last rating action in November 2022 and EUR154.7
million (73.0%) since closing. According to the trustee report
dated March 2023 [1] the Class A/B, Class C, Class D, Class E and
Class F OC ratios are reported at 188.8%, 157.7%, 137.8%, 117.2%
and 111.1% compared to September 2022 [2] levels of 181.0%, 153.8%,
136.2%, 117.4% and 111.8%, respectively.

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

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

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

Performing par and principal proceeds balance: EUR167.9m

Defaulted Securities: EUR1.25m

Diversity Score: 29

Weighted Average Rating Factor (WARF): 3298

Weighted Average Life (WAL): 3.39 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.75%

Weighted Average Coupon (WAC): 3.64%

Weighted Average Recovery Rate (WARR): 45.22%

Par haircut in OC tests and interest diversion test: 2.71%

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

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

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

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

CAIRN CLO X: Moody's Affirms B2 Rating on EUR10.6MM Class F Notes
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Cairn CLO X Designated Activity Company:

EUR28,000,000 Class B-1-R Senior Secured Floating Rate Notes due
2031, Upgraded to Aa1 (sf); previously on Jun 28, 2021 Definitive
Rating Assigned Aa2 (sf)

EUR10,000,000 Class B-2-R Senior Secured Fixed Rate Notes due
2031, Upgraded to Aa1 (sf); previously on Jun 28, 2021 Definitive
Rating Assigned Aa2 (sf)

EUR15,700,000 Class C-1-R Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to A1 (sf); previously on Jun 28, 2021
Definitive Rating Assigned A2 (sf)

EUR10,000,000 Class C-2-R Senior Secured Deferrable Fixed Rate
Notes due 2031, Upgraded to A1 (sf); previously on Jun 28, 2021
Definitive Rating Assigned A2 (sf)

EUR17,100,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Baa1 (sf); previously on Jun 28, 2021
Definitive Rating Assigned Baa2 (sf)

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

EUR223,000,000 Class A-R Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Jun 28, 2021 Definitive
Rating Assigned Aaa (sf)

EUR25,050,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Ba2 (sf); previously on Jun 28, 2021
Affirmed Ba2 (sf)

EUR10,600,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed B2 (sf); previously on Jun 28, 2021
Affirmed B2 (sf)

Cairn CLO X Designated Activity Company, issued in October 2018 and
refinanced in June 2021, is a collateralised loan obligation (CLO)
backed by a portfolio of mostly high-yield senior secured European
loans. The portfolio is managed by Cairn Loan Investments LLP. The
transaction's reinvestment period will end in April 2023.

RATINGS RATIONALE

The rating affirmations on the Class A-R, E and F notes are
primarily a result of the expected losses on the notes remaining
consistent with their current rating levels, after taking into
account the CLO's latest portfolio, its relevant structural
features and its actual over-collateralisation ratios.

The upgrades on the ratings on the Class B-1-R, B-2-R, C-1-R, C-2-R
and D-R notes are primarily a result of the benefit of the shorter
period of time remaining before the end of the reinvestment period
in April 2023. In light of reinvestment restrictions during the
amortisation period starting in April 2023, and therefore the
limited ability to effect significant changes to the current
collateral pool, Moody's analysed the deal assuming a higher
likelihood that the collateral pool characteristics would maintain
an adequate buffer relative to certain covenant requirements. In
particular, Moody's assumed that the deal will benefit from a
shorter amortisation profile and higher weighted average recovery
rate than it had assumed at closing.

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

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

Performing par and principal proceeds balance: EUR367.87m

Defaulted Securities: None

Diversity Score: 51

Weighted Average Rating Factor (WARF): 2949

Weighted Average Life (WAL): 4.35 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.88%

Weighted Average Coupon (WAC): 4.23%

Weighted Average Recovery Rate (WARR): 44.93%

Par haircut in OC tests and interest diversion test: None

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

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

Portfolio amortisation: Once reaching the end of the reinvestment
period in April 2023, the main source of uncertainty in this
transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager or
be delayed by an increase in loan amend-and-extend restructurings.
Fast amortisation would usually benefit the ratings of the notes
beginning with the notes having the highest prepayment priority.

Weighted average life: The notes' ratings are sensitive to the
weighted average life assumption of the portfolio, which could
lengthen as a result of the manager's decision to reinvest in new
issue loans or other loans with longer maturities, or participate
in amend-to-extend offerings.

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



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

TRAVELPORT FINANCE: $1.96B Bank Debt Trades at 38% Discount
-----------------------------------------------------------
Participations in a syndicated loan under which Travelport Finance
Luxembourg Sarl is a borrower were trading in the secondary market
around 61.7 cents-on-the-dollar during the week ended Friday, April
14, 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
=====================

NOBEL BIDCO: EUR1.05B Bank Debt Trades at 17% Discount
------------------------------------------------------
Participations in a syndicated loan under which Nobel Bidco BV is a
borrower were trading in the secondary market around 83.4
cents-on-the-dollar during the week ended Friday, April 14, 2023,
according to Bloomberg's Evaluated Pricing service data.

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

Nobel Bidco BV is an electronic appliances wholesaler. The
Company's country of domicile is the Netherlands.

PEER HOLDING III: S&P Rates New Revolving Credit Facility 'BB-'
---------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue-level and '3' recovery
ratings to Peer Holding III B.V.'s proposed EUR500 million
revolving credit facility (RCF) due June 2028. The instrument will
replace the company's existing EUR125 million RCF.

Peer Holding III B.V., a parent to value retailer Action, is
seeking to proactively manage its debt maturities and increase its
RCF to a size commensurate with the much larger business as of
today.

In addition to the new RCF, the group has proposed amending its
term loan B (TLB), which has EUR2.285 billion outstanding and is
due to mature in March 2025, by extending the maturity of at least
EUR1.5 billion to September 2028. The new tranche is also rated
'BB-' with a '3' recovery rating, in line with the existing debt.
The final amounts and terms of the proposed financing are subject
to successful execution of the transaction.

S&P said, "If it is completed as suggested, we consider the
proposed refinancing plan to be leverage neutral and anticipate
that liquidity will remain adequate. Our forecast indicates that
sources (cash reserves and the undrawn RCF) would cover uses by
close to 2.0x over the next 12 months. Liquidity is supported by
the company's proposed EUR500 million RCF (which we expect to be
undrawn at closing), strong cash position, and positive cash funds
from operations (FFO). Constraints for our liquidity assessment
include Peer Holding III B.V.'s limited presence in capital
markets, without direct access to bond or equity markets, and its
financial risk management.

"In addition, we acknowledge the group delivered strong operating
performance again in 2022, beating our base-case expectations.
Revenue was up 30% to EUR8,859 million and operating margin EBITDA
(post-International Financial Reporting Standards, as per
management's definition) increased 38.5% to EUR1,465 million,
versus EUR6,834 million and EUR1,058 million respectively in 2021.
We estimate adjusted leverage of about 2.9x and free operating cash
flow (FOCF) after leases of EUR674 million in 2022, compared with
3.9x and EUR470 million, respectively in 2021. In our view, further
deleveraging would be supported by our expectation of continued
strong operating performance, as the group successfully rolls out
its organic growth strategy, while the financial policy is likely
to remain consistent with regard to leverage and dividend
payments."

Issue Ratings--Recovery Analysis

Key analytical factors

-- All of Peer Holding III B.V.'s rated debt instruments have an
issue credit rating of 'BB-' and a recovery rating of '3'. The
recovery rating indicates meaningful recovery prospects (50%-70%;
rounded estimate: 60%).

-- Following the proposed refinancing, the rated debt instruments
will include the proposed EUR1.5 billion TLB-3 tranche maturing in
September 2028; a tranche of approximately EUR785 million under the
TLB-1 maturing March 2025; a tranche of EUR625 million TLB-2
maturing in January 2027; and the new EUR500 million RCF maturing
in June 2028.

-- The recovery rating is supported by a robust valuation at
default and a lack of priority debt, but constrained by the sizable
overall debt amount.

-- S&P perceives the guarantee and security package as weak.
Security consists mostly of shares in the group's operating
companies, rather than direct claims over operating assets.

-- S&P values Peer Holding III B.V. as a going concern given its
strong store footprint; established market positions in Belgium,
the Netherlands, Luxembourg, Germany, France, and Poland; and
strong growth prospects.

-- In S&P's hypothetical default scenario, it assumes that
business fundamentals deteriorate because of increased competition
and macroeconomic obstacles in Peer Holding III B.V.'s main markets
(the Netherlands, France, Belgium, and Germany).

Simulated default assumptions

-- Year of default: 2027
-- Jurisdiction: The Netherlands

Simplified waterfall

-- EBITDA at emergence: EUR423.5 million

-- Implied enterprise value multiple: 5.5x (compared with the
standard 5.0x multiple we use for the industry, reflecting Peer
Holding III B.V.'s strong growth prospects)

-- Gross enterprise value: EUR2.329 billion

-- Net enterprise value after administrative costs (5%): EUR2.213
billion

-- Estimated senior secured debt claims: EUR3.440 billion

    --Recovery expectations: 50%-70% (rounded estimate 60%)

All debt amounts include six months' prepetition interest. Debt
claims include the EUR500 million RCF and are assumed 85% drawn at
default.


PEER HOLDING: Moody's Affirms Ba3 CFR & Alters Outlook to Positive
------------------------------------------------------------------
Moody's Investors Service has changed the outlook to positive from
stable on the ratings of Peer Holding III B.V. (Action or the
company), a holding company of Dutch retailer Action. Moody's has
also affirmed the company's Ba3 corporate family rating, the Ba3-PD
probability of default rating, the Ba3 instrument ratings on the
company's EUR2,285 million senior secured term loan B-1 (TLB-1) and
EUR625 million senior secured term loan B-2 (TLB-2). Concurrently,
Moody's has assigned a Ba3 rating to the proposed new senior
secured term loan B-3 (TLB-3), for an amount of at least EUR1.5
billion due in September 2028, and a Ba3 rating to the upsized
EUR500 million revolving credit facility (RCF) due in June 2028.

Action is in the process of amending and extending (A&E) its
existing senior secured credit facilities. The contemplated
transaction is leverage neutral and aims at extending the company's
debt maturity profile: the company's senior secured RCF will be
upsized to EUR500 million (from EUR125 million) and its maturity
will be extended to June 2028 (from March 2024); the EUR2,285
million senior secured TLB-1 maturing in March 2025 will be partly
rolled over (for at least EUR1.5 billion) into a new TLB-3 due
September 2028.

"Moody's decision to change Action's outlook to positive reflects
the company's improved liquidity profile with the proposed
transaction, as well as the company's very strong operating
performance in the last two years, well above initial expectations"
says Guillaume Leglise, a Moody's Vice President-Senior Analyst and
lead analyst for Action. "The positive outlook assumes that the
company will continue to focus on business growth,  maintain good
liquidity and a balanced financial policy in the next 18 months"
adds Mr Leglise.

RATINGS RATIONALE

The rating action is driven by Moody's view that the proposed
transaction will have a positive impact on Action's liquidity as it
will extend maturity by at least three years on a large portion of
its debt, reducing liquidity pressure in the medium term. The
upsizing of the RCF to EUR500 million and its extension to June
2028 is also positive, as it brings the size of RCF more in line
with the company's turnover size.

The change of outlook to positive recognises Action's very strong
performance in 2022 and its solid credit metrics for the rating
category. As at January 01, 2023, Moody's estimates the company's
leverage (Moody's-adjusted gross debt/EBITDA) reduced to around
2.7x, compared to 3.6x in 2021, and 4.7x in 2020. This deleveraging
reflects the company's strong operating performance, with sales and
EBITDA growing by 30% and 46% respectively during fiscal 2022 (year
ended January 01, 2023). Moody's expects that Action's key credit
metrics will continue to strengthen over the next 18 months, driven
by solid customer demand for the company's value proposition across
all geographies and continued store expansion.

While Action's credit metrics are well within Moody's guidance for
an upgrade to Ba2, the rating has been constrained by the
shareholder-friendly financial policies of the controlling private
equity owner, 3i Group plc (3i, Baa1 stable), which has a track
record of raising debt to pay dividends, and does not have a
clearly articulated financial policy in respect to leverage
tolerance. With this background, Moody's believes that there is
still a degree of uncertainty regarding further evolution of the
company's leverage and credit metrics. Given the track record,
Moody's believes it is likely that 3i will pursue further
dividend-recapitalisations, which will weaken the currently strong
leverage profile of Action.

That being said, Action has a very consistent track record of
deleveraging supported by steady growth in earnings in the last
decade. Moody's acknowledges that 3i has not re-levered Action
since January 2020, and instead has paid dividends from excess cash
flows, behaving rationally and prudently in the period of
covid-induced macro uncertainty.

In addition, given the increased scale of the business, with the
company's EBITDA reaching EUR1.2 billion in 2022
(company's-adjusted, before IFRS16), a re-leveraging to
Moody's-adjusted gross debt to EBITDA of 5x or above, as seen
historically, appears more challenging and unlikely, as it would
imply an additional debt of at least EUR4 billion (more than
doubling the current size of debt), which would translate into a
material deterioration in Free Cash Flow (FCF), and much weaker
interest coverage, given the higher interest rate environment.
Therefore, the rating agency's base case does not envisage
transformational dividend re-capitalisation transactions in the
next 12-18 months. Moody's expects Action to continue paying cash
dividends, via excess cash flows, as seen in 2021 and 2022.

Action's Ba3 CFR reflects (i) the company's solid track record of
sales and earnings growth in the last decade, supported by a
well-executed store roll-out strategy; (ii) its established scale
in the Benelux, French and German markets; (iii) its increasing
geographical diversification, with a growing presence in Italy,
Spain and Poland; (iv) its successful business model, which
supports strong like-for-like (LFL) sales and earnings growth, and
the high returns on investments associated with new store openings;
(v) the positive market momentum experienced by discount retailers,
whose simple low-cost approach resonates well with customers,
especially at a time of high inflation; and (vi) its strong credit
metrics for the rating category, strong cash flow generation and
good liquidity.

LIQUIDITY PROFILE

Action's liquidity is good. Pro forma the proposed transaction,
Action's liquidity profile will improve, thanks to an increased RCF
of EUR500 million which is now more commensurate with the size of
the company's business, as well as longer maturities (2028) on more
than half of its debt. Liquidity is also supported by a cash
balance of around EUR697 million as of January 01, 2023, which
Moody's expects to be more than sufficient to cover working capital
and investment needs in the next 12-18 months. Moody's expects the
RCF to remain largely undrawn, with only EUR35 million used for
bank guarantees.

Action has a long track record of solid FCF generation, with EUR660
million of FCF (before dividends) in FY2022, and expectations of
EUR600 - EUR700 million (before dividends) for fiscal 2023.

Pro forma the A&E transaction, the company's next debt maturity is
in March 2025, when the remaining portion of the TLB-1 tranche will
be due. The company's RCF facility will now be due in June 2028,
while the company's TLB-2 tranche of EUR625 million is due in
January 2027 and the proposed new TLB-3 of EUR1.5 billion is due in
September 2028.

The RCF is subject to a springing senior net leverage covenant,
with a limit of 8.21x, tested on a quarterly basis, only when the
RCF is drawn more than 40%, with ample capacity (pro forma net
leverage of 1.7x as of January 01, 2023).

RATIONALE FOR POSITIVE OUTLOOK

The positive outlook reflects Moody's expectations that Action's
product offering and value proposition will continue to appeal to
consumers, helping sustain the company's long track record of
strong financial performance. It also assumes that the company will
maintain good FCF generation, good liquidity, and will display a
more balanced and predictable financial policy.  

STRUCTURAL CONSIDERATIONS

Pro forma the proposed A&E transaction, Action's debt capital
structure will comprise several senior secured term loans (TLBs)
for a total of EUR2.9 billion and a EUR500 million senior secured
RCF. The senior secured TLBs and the RCF facility benefit from the
same maintenance guarantor package, including upstream guarantees
from guarantor subsidiaries, representing more than 85% of the
company's consolidated EBITDA. However there is a cap at EUR905
million on the value of guarantees provided by Action Holding B.V.
and its subsidiaries. Both instruments benefit from security
assignments over share pledges, intercompany receivables, material
bank accounts and insurance claims. Action's Ba3 senior secured
instrument ratings are in line with the CFR. The probability of
default rating (PDR) of Ba3-PD reflects the use of a 50% family
recovery rate resulting from a lightly covenanted debt package.

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

An upgrade to Ba2 will require some evidence of a balanced
financial policy going forward, now that the company is much larger
and the interest rate environment is less favorable. An upgrade
will also be contingent on a continued good execution of the
company's store roll out strategy, notably in countries where
Action has limited presence, such as in Italy, Spain and Slovakia.

Moody's would also expect the company to continue its strong
organic growth performance in a post-covid environment, pressured
by higher inflation and cost of funding. Quantitatively, Moody's
could upgrade the rating if the company's Moody's-adjusted
debt/EBITDA were to be sustained below 4.5x and EBIT/interest
expense were to exceed 3.5x.

Moody's could downgrade the rating if Action is unable to maintain
an adequate liquidity buffer or if its operating performance
deteriorates materially (because of negative LFL sales growth or a
material decrease in profit margins). Moody's could also downgrade
the rating if Action's financial policy becomes more aggressive,
such that its Moody's-adjusted (gross) debt/EBITDA remains above
5.5x or adjusted EBIT/interest expense falls below 2.5x, both on a
sustained basis.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Peer Holding III B.V. (Action), established in the Netherlands in
1993, is a nonfood discount retailer with revenue of around EUR8.8
billion and operating EBITDA of EUR1.2 billion (excluding unusual
items, before IFRS 16) in fiscal 2022. In the same year, Action
operated 2,263 stores. The company's wide product range includes
branded and private-label everyday items such as housekeeping and
cleaning products; personal care products and groceries; and more
infrequently purchased items such as office supplies, toys,
clothing, multimedia and raw materials for DIY, among others. The
company facilitates a treasure-hunt type of shopping experience by
offering 150-200 new products per week.

The company has been owned by 3i Group plc and funds advised by 3i
since 2011. 3i managed and advised vehicles are currently the
majority shareholders of Action.



===============
P O R T U G A L
===============

BANCO MONTEPIO: DBRS Hikes LongTerm Issuer Rating to B(high)
------------------------------------------------------------
DBRS Ratings GmbH upgraded the ratings of Caixa Economica Montepio
Geral, S.A. (Banco Montepio, or the Bank), including the Long-Term
Issuer Rating and Long-Term Senior Debt to B (high) from B, and the
Long-Term Deposits to BB (low) from B (high). The Short-Term Issuer
Rating remained unchanged at R-4. The Trend on all ratings is
Stable. The Bank's Intrinsic Assessment (IA) was also raised to B
(high) and the Support Assessment was maintained at SA3.

The Bank's BB (low) Long-Term Deposits rating is one notch above
the IA, reflecting the legal framework in place in Portugal which
has full depositor preference in bank insolvency and resolution
proceedings. The Bank's Short-Term Deposits rating is R-4 with a
Stable trend.

KEY RATING CONSIDERATIONS

The rating upgrade takes into account the progress that Banco
Montepio has made in 2022 in de-risking its balance sheet, and in
strengthening its profitability and regulatory capital ratios. The
Bank continued to reduce its stock of non-performing loans (NPLs)
and non-core assets. Currently, the management is taking measures
to strengthen the Bank's operational structure and commercial
banking franchise in Portugal. The combination of restructuring
measures and a more benign operating environment supported the
Bank's results in 2022. However, profitability levels remain weak
relative to peers. Moreover, the ratings continue to reflect the
still large stock of non-performing loans (NPLs) and the limited
capital flexibility. The Stable Trend reflects the expectations
that risks are broadly balanced and that the Bank will cope with
the headwinds from increased market volatility as well as the risks
to asset quality posed by high inflation and rising interest
rates.

RATING DRIVERS

An upgrade would require further improvement in profitability and
reduction in NPLs.

A downgrade would occur in the event of a material deterioration in
the Bank's capital position or liquidity position.

RATING RATIONALE

Franchise Combined Building Block (BB) Assessment: Moderate/Weak

Banco Montepio is a small Portuguese retail and commercial bank
with total assets of around EUR 19 billion at end-2022 and is
majority owned by the Montepio Geral Associacao Mutualista (MGAM).
As part of its turnround, the Bank continued to streamline its
branch footprint, with the closure of 15 branches in Portugal in
2022, whilst the number of employees for the Group declined to
3,406 at December 2022 from 3,478 at December 2021. In addition, as
part of the Bank's strategic re-focus on its core Portuguese
market, Banco Montepio reduced its exposure to the African market
with the signing of the sale and purchase agreement of Finibanco
Angola, and the liquidation and dissolution of Banco MG Cabo
Verde.
We expect the new Board of Directors, appointed in 2022, to keep
its strategic focus on strengthening the balance sheet, as well as
revamping the Bank's competitive position.

Earnings Combined Building Block (BB) Assessment: Weak/Very Weak

In our view, the Bank's profitability metrics and returns remain
modest compared to its peers, and they are constrained by modest
revenue diversification, a high cost to income ratio and high
provisioning costs. Results, however, improved in 2022. Banco
Montepio posted a net profit of around EUR 34 million, up from 7
million in 2021, on the back of higher revenues, as well as lower
impairments and provisions, and lower operating costs. In 2022, the
Bank's net interest income (NII) grew by 8% to EUR 251.5 million,
and was supported by loan growth and repricing, on the back of
rising interest rates, as well as higher revenues on the security
portfolio, and lower funding costs. Commissions also increased,
while provisioning costs and impairment charges fell by 46% YoY in
2022 reflecting an improvement in the Bank's asset quality profile.
The results for 2022 also incorporated the negative extraordinary
effect from the signing of the sale and purchase agreement of
Finibanco Angola.

Risk Combined Building Block (BB) Assessment: Weak/Very Weak

The Bank's loan portfolio is manly exposed to mortgages to
households and loans to corporates, mainly in the manufacturing
sector. Most of these loans are at floating rates, and therefore
sensitive to repricing in the current interest rate environment.

During 2022, Banco Montepio continued to reduce its stock of
problem loans and non-core assets, mainly by means of disposals.
Moreover, total cures and recoveries for the period outpaced the
new defaults. In 2022, the Bank's stock of gross NPEs fell by
around 34% YoY and the gross NPE ratio declined to 5.3% in 2022
from 8% at YE 2021. Nonetheless, the Bank's asset quality metrics
continue to compare unfavorably with the European average. During
and after the pandemic, the Bank's asset quality has proved to be
more resilient than previously anticipated. The vast majority of
the loans that had a moratoria resumed payment and the share of
Stage 2 loans (where credit risk has increased significantly since
initial recognition) has decreased compared to the level registered
in 2020, although remains high. For the medium term, we expect some
asset quality deterioration from the current environment with high
inflation and higher interest rates potentially putting pressure on
borrowers.

The Bank maintains a large exposure to Sovereign bonds. This
security portfolio increased to roughly EUR 4.4 billion in 2022,
corresponding to approximately 23% of the total assets. Most of
this portfolio is classified at amortized cost. However, the
increase in interest rates has led to the formation of unrealized
losses on this portfolio, although we expect this to be manageable
given the Bank's adequate liquidity profile and access to central
bank funding.

Funding and Liquidity Combined Building Block (BB) Assessment:
Moderate

Banco Montepio's funding profile is underpinned by its customer
deposits, which represent the main source of funding. The bulk of
deposits are with retail customers, and are evenly split between
sight and terms deposits. After a period of stress in 2017, the
Bank's deposit base has stabilized. This has also helped to reduce
funding costs. In FY 2022, customer deposits increased YoY to
around EUR 13.1 billion mainly due to higher stock of corporate
customers. At the same time, the Loan to Deposit (LtD) ratio
declined marginally, to 89% from 91.5% in FY 2021. On the wholesale
market, the Bank has mainly secured exposures, subordinated debt
and repos. Accessing the unsecured market remains more challenging
and costly. In our view, the increase in interest rates and recent
increase in market volatility will likely contribute to higher
funding costs in the near term.

The Bank maintains an adequate liquidity profile with a buffer of
around EUR 3.9 billion, including unencumbered assets, net of
haircuts, and cash and deposits at Central banks. LCR ratio and
NSFR ratio were reported 249.6% and 125% respectively at YE 2022.

Capitalization Combined Building Block (BB) Assessment: Weak/Very
Weak

The Bank's regulatory capital ratios were restored in 2021,
following a period of stress in 2020. In 2022, the Bank's phased-in
CET1 stood at 13.7% (13.2% fully loaded), up from 12.7% (11.8%) at
end-2021. Total capital ratio was reported at 16.2%, up from 15.1%
in 2021, which compares with a total regulatory requirement of
14.01%. The improvement was mainly due to the reduction in RWAs, on
the back of the Bank's strategy of reducing non-strategic assets,
real estate exposures and NPL disposals, as well as net income for
the period and securitization. Despite this, the capital position
remains vulnerable given the limited ability to generate capital
organically as well as the reliance on the main shareholder.

Notes: All figures are in EUR unless otherwise noted.






NOVO BANCO: DBRS Hikes LongTerm Issuer Rating to BB(low)
--------------------------------------------------------
DBRS Ratings GmbH has upgraded the ratings of Novo Banco, S.A.
(novobanco or the Bank), including the Long-Term Issuer ratings to
BB (low) from B (high). The Short-Term Issuer Rating has been
confirmed at R-4. The Trend on all ratings remains at Stable. The
Bank's Intrinsic Assessment (IA) has also been upgraded to BB (low)
while the Support Assessment has been maintained at SA3.

The Bank's Long-Term Deposit rating was upgraded to BB from BB
(low), which is one notch above the IA, reflecting the legal
framework in place in Portugal which provides full depositor
preference in bank insolvency and resolution proceedings.

At the same time, novobanco's Long-Term Critical Obligations Rating
was confirmed at BB (high), which is two notches above the IA, in
line with the standard notching approach outlined in our banking
methodology. The Critical Obligations Ratings reflect DBRS
Morningstar's expectation that, in the event of a resolution of the
Bank, certain liabilities (such as payment and collection services,
obligations under a covered bond program, payment and collection
services, etc.) have a greater probability of avoiding being
bailed-in and are likely to be included in a going-concern entity.

A full list of rating actions is included at the end of this press
release.

KEY RATING CONSIDERATIONS

The upgrade reflects novobanco's progress in implementing its
restructuring plan, including the improvement in the Bank's
profitability, capital, and asset quality. In 2022, the Bank
completed its restructuring programme started in 2017, throughout
which novobanco has significantly reduced its stock of legacy
assets. Whilst improving, however, novobanco's asset quality
metrics continue to compare unfavorably to the EU average.

Net attributable income more than doubled compared to 2021 mainly
on the back of higher revenues, lower provisions and impairments,
as well as one-off gains from the sale of some real-estate assets.
The Bank also saw an increase in its regulatory capital levels,
supported by organic capital generation, and RWA reduction.

The Stable trend reflects our view that risks are broadly balanced.
The improvements achieved to date put the Bank in a stronger
position to cope with a more demanding operating environment due to
rising interest rates and economic slowdown.

The Bank's IA is positioned below the Intrinsic Assessment Range
(IAR). This in part reflects the incorporation of some one-off
items, including profits from asset sales and some impairment
reversals within the bank's financial statements that are
incorporated within the scorecard results. The ratings also take
into account one-off items within the scorecard. However, the
ratings consider a more challenging economic environment for the
Bank.

RATING DRIVERS

Positive rating pressure would require novobanco to demonstrate a
further improvement in asset quality and capitalization.

A downgrade could result from a material weakening of the Bank's
capital levels and liquidity position, or a significant worsening
in asset quality.

RATING RATIONALE

Franchise Combined Building Block (BB) Assessment: Moderate

The Bank has a relatively stable franchise as the fourth largest
bank in Portugal, and a leading franchise in SME and Corporate
banking with a market share of around 14.5% for corporate loans at
end-2022. In February 2023, novobanco received notification from
the Directorate General for Competition (DG Comp) that the
restructuring plan is now considered concluded. In line with this
plan, in 2022, the Bank continued to make progress in de-risking
its balance sheet and simplifying its operational structure .

At end-2022, novobanco had 4,090 employees versus 4,193 at end-2021
while the number of branches fell to 292, down by 19 units YoY. At
the same time, the Bank has continued to invest in digitalization
and branding. As part of its strategic refocus on the core business
in Portugal, novobanco completed the sale of its Spanish operations
in H2 2021

Earnings Combined Building Block (BB) Assessment: Weak/Very Weak

In 2022 novobanco recorded positive results for a second
consecutive year. Net profit increased to EUR 560.8 million, up EUR
376.3 million in 2021 on the back of higher revenues and lower cost
of risk. Net interest income grew by 9.1% YOY to EUR 625.5 million,
benefitting from higher interest rates and asset repricing,
especially in Q4. Credit provisions fell 77% YOY in 2022 to EUR
34.5 million, reflecting a more benign operating environment in
2022. As a result, the Bank reported a cost of risk of 45 bps, down
from 70 bps in 2021, and below the medium-term target of under 50
bps announced in October 2021. The Bank's profitability was also
supported by one-off gains from the sale of some real-estate
assets, including its headquarters.

DBRS Morningstar expects the Bank to remain profitable going
forward, supported by the repricing of its loan book. However, we
expect an increase in cost of funding and a slight deterioration in
asset quality as a result of the persistent inflationary pressures,
as well as renewed market volatility and uncertainty.

Risk Combined Building Block (BB) Assessment: Moderate/Weak

Since 2017, novobanco has made significant progress in de-risking
its balance sheet, with the provision of capital support through
the Contingent Capital Agreement (CCA) from the Portuguese
Resolution Fund playing a key role in this process. novobanco's
gross NPL stock decreased by 21% YOY in 2022 to EUR 1.4 billion.
This was mainly supported by cures and recoveries and write-offs.
The Bank's gross NPL ratio fell to 4.3% from 5.7% at FY 2021.
Nonetheless, this ratio remains higher than the European average.

Credit quality risks from both the pandemic and market stress
resulting from the Russia/Ukraine conflict have been managed, and
thus far we have not noted significant asset quality deterioration.
In the medium term, however, DBRS Morningstar expects potential
asset quality risks arising from higher interest rates and economic
slowdown. As the Bank's loan book gradually reprices to reflect
increased rates, some stress is anticipated on the Bank's customer
loan asset quality as debt affordability reduces.

The Bank's asset base also shows a large exposure to debt
securities, of which the majority is held at amortized cost. The
increase in interest rates has led to the formation of unrealized
losses. The potential capital impact however appears contained.

Funding and Liquidity Combined Building Block (BB) Assessment:
Good/Moderate

The Bank's current funding structure depends largely on deposits
and ECB funding. Total deposits amounted to EUR 28.4 billion, up 4%
YOY, and accounted for 61% of total assets at end-2022. Around 73%
of the Bank's deposit base is made of retail deposits. The increase
in rates has not yet affected the pricing of novobanco's customer
deposits, whose average rate decreased marginally YOY to 17 bps in
2022 from 19 bps in 2021, although this was up from 15 basis points
at end-June 2022. The Bank also has exposure to the ECB, with EUR
6.3 billion in total funds at end-2022. This has reduced
significantly YOY, following the phase out of TLTRO and a
prepayment made in December 2022.

The Bank has a liquidity buffer of around EUR 13.7billion,
corresponding to around 48% of its deposit base, and a significant
portion is cash held at the ECB. The Bank's regulatory liquidity
ratios remain adequate, with the liquidity coverage ratio (LCR)
reported at 210% at end-2022, up from 182% in 2021, whilst the net
stable funding ratio (NSFR) declined slightly to 113% from 117%,
and is lower compared to peers. The decline in the NSFR in part
relates to the roll-off of TLTRO funds.

Capitalization Combined Building Block (BB) Assessment: Weak/Very
Weak

At end-2022 the Bank reported phased-in CET1 and total capital
ratios of 13.7% and 16.0%, respectively, against the SREP
regulatory minima of 8.7%, and 13.5%, including a Pillar 2
Requirement of 3%. This represents a significant improvement in
capital ratios against those reported at end-2021 (11.1% and 13.1%
respectively). The increase results from both strong profitability
benefitting organic capital generation, alongside a reduction in
RWAs, also as a result of improved PDs following the exit of loan
moratoria. In 2021, the Bank had been operating below its 13.5%
total capital required under SREP, on the back of the extraordinary
measures granted by the ECB to counter the COVID-19 emergency.

DBRS Morningstar notes that novobanco's capital ratios at FY 2022
do not include the potential capital payment under the CCA scheme.
Up until 2020, the support from the CCA had been timely and aligned
to novobanco's requests. However, the capital paid to novobanco in
2021 was lower than the amount initially requested. This led to an
arbitration process with the Resolution Fund, and the outcome of
this still remains unclear. Against this backdrop, similar disputes
could occur in the future, notwithstanding the EUR 485 million of
capital support potentially still available for novobanco.
novobanco did not make an additional call in 2022.

Notes: All figures are in EUR unless otherwise noted.




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

BBVA RMBS 1: Fitch Corrects Aug. 5, 2022 Ratings Release
--------------------------------------------------------
This is a correction of a release published 5 August 2022. It
corrects the reference to two BBVA 1 tranches' CE on the first Key
Rating Driver to the class A and B notes.

Fitch Ratings has upgraded four tranches of BBVA RMBS 1 and BBVA
RMBS 3, and five tranches of Santander Hipotecario 3 Spanish RMBS.
The remaining tranches have been affirmed. The Outlooks are Stable.


   Entity/Debt           Rating        
   -----------           ------        
BBVA RMBS 1, FTA

   Class A3
   ES0314147028       LT A+sf   Affirmed

   Class B
   ES0314147036       LT A+sf   Upgrade

   Class C
   ES0314147044       LT BBsf   Upgrade

BBVA RMBS 2, FTA

   Class A3
   ES0314148026       LT A+sf   Affirmed

   Class A4
   ES0314148034       LT A+sf   Affirmed

   Class B
   ES0314148042       LT A-sf   Affirmed

   Class C
   ES0314148059       LT BBB-sf Affirmed   

FTA, Santander Hipotecario 3

   Class A1
   ES0338093000       LT BBBsf  Upgrade

   Class A2
   ES0338093018       LT BBBsf  Upgrade

   Class A3
   ES0338093026       LT BBBsf  Upgrade

   Class B
   ES0338093034       LT CCCsf  Upgrade

   Class C
   ES0338093042       LT CCsf   Upgrade

   Class D
   ES0338093059       LT Csf    Affirmed

   Class E
   ES0338093067       LT Csf    Affirmed

   Class F (RF)
   ES0338093075       LT Csf    Affirmed

BBVA RMBS 3, FTA

   A2 ES0314149016    LT BBBsf  Upgrade
   B ES0314149032     LT CCCsf  Upgrade
   C ES0314149040     LT Csf    Affirmed

KEY RATING DRIVERS

Credit Enhancement to Increase: The rating actions reflect Fitch's
view that the notes are sufficiently protected by credit
enhancement (CE) to absorb the projected losses commensurate with
prevailing and higher rating scenarios, despite CE for BBVA 1 and 2
dropping due to the switch to pro-rata amortisation and reserve
fund (RF) amortisation.

Both transactions feature a reverse sequential mechanism that
envisages tranche thickness targets for the class B notes (9.6% for
BBVA 1, currently 16.1%, and 4.5% for BBVA 2, met) and class C
notes (6.8% for BBVA 1, currently 11.4%, and 4.0% for BBVA 2, met).
Fitch expects CE for BBVA 1 to decrease to around 20.3% for the
class A notes and 10.7% for the class B notes (currently 30.9% and
14.8%, respectively), when the thickness targets are met. Once the
targets are met, Fitch expects CE levels to start increasing. For
BBVA 3 and Santander 3, Fitch expects CE to continue increasing
given the prevailing sequential amortisation of the notes.

Switch to Pro-Rata Amortisation: BBVA 1 and 2 notes' amortisation
switched to pro-rata with reverse sequential mechanism that
envisions tranche thickness targets since last review (Jun-22 and
Sep-21, respectively). Combined with RF amortisation, the switch
led to a short-term decrease in CE levels.

Weaker Than Expected Recoveries: Fitch has applied a 25% haircut to
the asset model estimated recovery rates (RR) for the BBVA RMBS
transactions, considering the record of cumulative recoveries on
defaults of about 34% as per the latest reporting date, which
compares with an average of about 65% for the rest of Fitch-rated
Spanish RMBS transactions. This is a variation from the European
RMBS Criteria and has a maximum model-implied rating impact of
minus four notches (BBVA 2's class B and C notes).

Payment Interruption Risk Caps Ratings: The transactions remain
exposed to unmitigated payment interruption risk in the event of a
servicer disruption, as Fitch deems the available structural
mitigants insufficient to cover stressed senior fees, net swap
payments and senior note interest due amounts while an alternative
servicer arrangement is implemented. As a result, the maximum
achievable rating remains 'A+sf', as per Fitch's Structured Finance
and Covered Bonds Counterparty Rating Criteria.

BBVA 1 and BBVA 2 have an Environmental, Social and Governance
(ESG) Relevance Score of '5' for Transaction & Collateral Structure
due to unmitigated payment interruption risk, which has a negative
impact on the credit profile, and is highly relevant to the rating,
resulting in a downward adjustment to the ratings of at least one
notch.

BBVA 3 has an ESG Relevance Score of '4' for Transaction &
Collateral Structure due to exposure to payment interruption risk,
which could have a negative impact on the credit profile and is
relevant to the ratings in conjunction with other factors. In
addition, it has an ESG Relevance Score of '4' for Transaction
Parties & Operational Risk due to the breach of account bank
replacement triggers, which has a negative impact on the credit
profile, and is relevant to the ratings in conjunction with other
factors.

RATING SENSITIVITIES

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

The transactions' performance may be affected by changes in market
conditions and economic environment. Weakening economic performance
is strongly correlated to increasing levels of delinquencies and
defaults that could reduce CE available to the notes. Unanticipated
declines in recoveries could also result in lower net proceeds,
which may make certain notes susceptible to negative rating action,
depending on the extent of the decline in recoveries.

Fitch conducts sensitivity analyses by stressing both a
transaction's base-case foreclosure frequency (FF) and RR
assumptions, and examining the rating implications on all classes
of issued notes. A 15% increase in WAFF and a 15% decrease in WARR
indicate downgrades of up to five notches on the notes.

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

Stable to improved asset performance driven by stable delinquencies
and defaults would lead to increasing CE levels and, potentially,
upgrades. A decrease in WAFF of 15% and an increase in WARR of 15%
indicate upgrades of no more than three notches on the notes.

For the senior notes, improved liquidity protection against a
servicer disruption event. This because the ratings are currently
capped at 'A+sf' due to unmitigated payment interruption risk.

CRITERIA VARIATION

Fitch has applied a 25% haircut to the asset model estimated RR for
the BBVA RMBS transactions, considering the record of cumulative
recoveries on defaults of about 30 to 40% as per the latest
reporting date. This compares with an average of about 65% for the
rest of Spanish RMBS transactions rated by Fitch. This is a
variation from the European RMBS Criteria and has a maximum
model-implied rating impact of minus four notches (BBVA 2's class B
and C notes).

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions. 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.

Fitch did not undertake a review of the information provided about
the underlying asset pools ahead of the transactions' initial
closing. The subsequent performance of the transactions over the
years is consistent with the agency's expectations given the
operating environment and Fitch is therefore satisfied that the
asset pool information relied upon for its initial rating analysis
was adequately reliable.

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

BBVA RMBS 1, FTA has an ESG Relevance Score of '5' for Transaction
& Collateral Structure due to unmitigated payment interruption
risk, which has a negative impact on the credit profile, and is
highly relevant to the rating, resulting in a downward adjustment
to the ratings of at least one notch.

BBVA RMBS 2, FTA has an ESG Relevance Score of '5' for Transaction
& Collateral Structure due to unmitigated payment interruption
risk, which has a negative impact on the credit profile, and is
highly relevant to the rating, resulting in a downward adjustment
to the ratings of at least one notch.

BBVA RMBS 3, FTA has an ESG Relevance Score of '4' for Transaction
& Collateral Structure due to exposure to payment interruption
risk, which could have a negative impact on the credit profile and
is relevant to the ratings in conjunction with other factors. In
addition, it has an ESG Relevance Score of '4' for Transaction
Parties & Operational Risk due to the breach of account bank
replacement triggers, which has a negative impact on the credit
profile, and is relevant to the ratings 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.



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

DTEK TRADING: $222.5M Bank Debt Trades at 81% Discount
------------------------------------------------------
Participations in a syndicated loan under which DTEK Trading SA is
a borrower were trading in the secondary market around 19.3
cents-on-the-dollar during the week ended Friday, April 14, 2023,
according to Bloomberg's Evaluated Pricing service data.

The $222.5 million facility is a Pik Term loan that is scheduled to
mature on June 30, 2023.  The amount is fully drawn and
outstanding.

DTEK Trading SA provides brokerage services.  The Company's country
of domicile is Switzerland.

FTX TRADING: EU Unit Files Petition for Swiss Moratorium Process
----------------------------------------------------------------
FTX Trading Ltd. (d.b.a. FTX.com) and its affiliated debtors
(together, the "FTX Debtors") on April 12 disclosed that the Board
of Directors of debtor FTX Europe AG, the holding company of the
FTX European business, has filed a petition for a Swiss moratorium
proceeding (the "Moratorium"). A Swiss court granted the Moratorium
on April 11, 2023.

FTX Europe AG notes the Moratorium process will facilitate the
exploration of strategic alternatives, including the previously
disclosed potential sale of its business pursuant to U.S.
Bankruptcy Court-approved bidding procedures. Importantly, the
previously announced process for confirming customer balances in
preparation for allowing the withdrawal of funds from FTX EU Ltd.
is unchanged by the Moratorium.

In its order granting the Moratorium, the Swiss court appointed an
administrator for FTX Europe AG. FTX Europe AG is also a debtor in
the Chapter 11 proceedings in Delaware.

Advisors

The FTX Debtors are represented by Sullivan & Cromwell LLP as legal
counsel and are assisted by Alvarez &Marsal North America, LLC as
financial advisor, Perella Weinberg Partners LP as investment
banker,Quinn Emanuel Urquhart& Sullivan, LLP as special counsel and
Landis Rath& Cobb LLP asDelawarecounsel.

                        About FTX Trading

FTX is the world's second-largest cryptocurrency firm. FTX is a
cryptocurrency exchange built by traders, for traders. FTX offers
innovative products including industry-first derivatives, options,
volatility products and leveraged tokens.

Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that
FTX paused customer withdrawals after it was hit with roughly $5
billion worth of withdrawal requests.

Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell
itself to its giant rival Binance, but Binance walked away from the
deal amid reports on FTX regarding mishandled customer funds and
alleged US agency investigations.

At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step
aside, and restructuring vet John J. Ray III was quickly named new
CEO.

FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc.
(d/b/a FTX US), Alameda Research Ltd. and certain affiliated
companies then commenced Chapter 11 proceedings (Bankr. D. Del.
Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022.
Additional entities sought Chapter 11 protection on Nov. 14, 2022.

FTX Trading and its affiliates each listed $10 billion to $50
million in assets and liabilities, making FTX the biggest
bankruptcy filer in the US this year. According to Reuters, SBF
shared a document with investors on Nov. 10, 2022, showing FTX had
$13.86 billion in liabilities and $14.6 billion in assets. However,
only $900 million of those assets were liquid, leading to the cash
crunch that ended with the company filing for bankruptcy.

The Hon. John T. Dorsey is the case judge.

The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel;
Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal
North America, LLC as financial advisor. Kroll is the claims
agent.

The official committee of unsecured creditors tapped Paul Hastings
as counsel, FTI Consulting, Inc., as financial advisor, and
Jefferies LLC as the investment banker. Young Conaway Stargatt &
Taylor LLP is the committee's Delaware and conflicts counsel.

Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory
T. Donilon, Edward L. Schnitzer, and David M. Banker, is
representing Sam Bankman-Fried in the Chapter 11 cases.
White-collar crime specialist Mark S. Cohen has reportedly been
hired to represent SBF in litigation. Lawyers at Paul Weiss
previously represented SBF but later renounced representing the
entrepreneur due to a conflict of interest.

Katherine Stadler, the court-appointed fee examiner, is represented
by Godfrey & Kahn, SC.




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

ATLAS FUNDING 2023-1: Moody's Assigns (P)Ba3 Rating to Cl. E Notes
------------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to Notes
to be issued by Atlas Funding 2023-1 PLC:

GBP []M Class A Mortgage Backed Floating Rate Notes due January
2061, Assigned (P)Aaa (sf)

GBP []M Class B Mortgage Backed Floating Rate Notes due January
2061, Assigned (P)Aa3 (sf)

GBP []M Class C Mortgage Backed Floating Rate Notes due January
2061, Assigned (P)A2 (sf)

GBP []M Class D Mortgage Backed Floating Rate Notes due January
2061, Assigned (P)Baa2 (sf)

GBP []M Class E Mortgage Backed Floating Rate Notes due January
2061, Assigned (P)Ba3 (sf)

GBP []M Class F Mortgage Backed Floating Rate Notes due January
2061, Assigned (P)Caa3 (sf)

Moody's has not assigned a rating to the subordinated GBP []M Class
R Mortgage Backed Floating Rate Notes due January 2061 and the GBP
[]M Class X Mortgage Backed Floating Rate Notes due January 2061.

RATINGS RATIONALE

The Notes are backed by a pool of Buy-to-Let (BTL) mortgage loans
originated by Lendco Limited. This represents the third issuance
under the Atlas label for Lendco Limited.

The portfolio of assets amount to approximately GBP305 million as
of February 28, 2023 pool cutoff date. The deal will benefit at
closing from a reserve fund comprised of a liquidity reserve fund
and a general reserve fund and will be equal to 1.5% of Classes A-F
balance. At closing the total credit enhancement for the Class A
Notes will be 15.75%.

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

According to Moody's, the transaction benefits from various credit
strengths such as a granular portfolio, an amortising liquidity
reserve sized at 1.5% of the Class A-F Note balances and a
fixed-floating swap. However, Moody's notes that the transaction
features some credit weaknesses such as an unrated servicer. This
weakness is mitigated by the inclusion of BCMGlobal Mortgage
Services Limited ("BCMGlobal") as a back-up servicer, who can
continue to service the mortgages given a 60 days notice period.
BCMGlobal also has prior experience in servicing Lendco Limited's
mortgage book.

Moody's determined the portfolio lifetime expected loss of 1.7% and
Aaa MILAN credit enhancement ("MILAN CE") of 17.0% related to
borrower receivables. The expected loss captures Moody's
expectations of performance considering the current economic
outlook, while the MILAN CE captures the loss Moody's expect the
portfolio to suffer in the event of a severe recession scenario.
Expected defaults and MILAN CE are parameters used by Moody's to
calibrate its lognormal portfolio loss distribution curve and to
associate a probability with each potential future loss scenario in
the ABSROM cash flow model to rate RMBS.

Portfolio expected loss of 1.7%: This is higher than the UK BTL
RMBS sector and is based on Moody's assessment of the lifetime loss
expectation for the pool taking into account: (i) the collateral
performance of Lendco Limited's originated loans to date, as
provided by the originator and observed in previously securitised
portfolios; (ii) the borrower and regional concentration, which is
higher than the average BTL UK RMBS transaction and (iii) the
current macroeconomic environment in the United Kingdom and the
impact of future interest rate rises on the performance of the
mortgage loans.

MILAN CE of 17.0%: This is higher than the United Kingdom BTL RMBS
sector average and follows Moody's assessment of the loan-by-loan
information taking into account the following key drivers: (i) the
borrower and regional concentration, which is higher than the
average BTL UK RMBS transaction; (ii) limited seasoning of the
loans; and (iii) the weighted average current loan to value of
69.61% which is slightly higher than in comparable transactions.

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

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

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

Factors that would lead to an upgrade of the ratings include:
significantly better than expected performance of the pool together
with an increase in credit enhancement of Notes.

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

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

ATLAS FUNDING 2023-1: S&P Assigns Prelim B- (sf) Rating to F Notes
------------------------------------------------------------------
S&P Global Ratings assigned preliminary ratings to Atlas Funding
2023-1 PLC's class A, B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, F-Dfrd notes.
At closing, Atlas Funding 2023-1 also issued unrated class X and R
notes and RC1 and RC2 residual certificates.

Atlas Funding 2023-1 is an RMBS transaction that securitizes a
preliminary portfolio of GBP305 million (the final pool size may
differ) buy-to-let mortgage loans secured on properties in England
and Wales. The loans in the pool were originated between 2018 and
2022 by Lendco Ltd., a non-bank specialist lender. The collateral
comprises loans granted to experienced portfolio landlords and
private property investors, none of whom have had a county court
judgement in the two years before origination.

The transaction benefits from liquidity support provided by a
reserve fund (broken down into a fully funded class A liquidity
reserve fund used to mitigate any senior expenses and interest
payment shortfalls on the class A notes) and an unfunded general
reserve fund on the closing date (used to mitigate any senior
expenses shortfalls and interest on the class B-Dfrd to F-Dfrd
notes). The general reserve fund will be topped up during the
transaction's life from the available revenue receipts. In addition
to the reserves, the issuer can also use principal to pay senior
fees and interest on the notes, subject to certain conditions.

Product switches and further advances are permitted under the
transaction documentation until the step-up date, subject to
certain conditions. Product switches are permitted up to a limit of
7.0% of the aggregate amount of the current balance of the
portfolio as of the closing date. Further advances are permitted up
to a limit of 3.0% of the aggregate amount of the current balance
of the portfolio as of the closing date. Both product switches and
further advances are only permitted subject to compliance with the
respective eligibility criteria.

Credit enhancement for the rated notes will comprise subordination
and excess spread from the closing date.

The transaction incorporates a swap to hedge the mismatch between
the notes, which pay a coupon based on the compounded daily
Sterling Overnight Index Average (SONIA), and the loans, of which
most pay a fixed rate of interest until they revert to the
SONIA-based floating rate.

At closing, Atlas Funding 2023-1 will use the notes' proceeds to
purchase and accept the assignment of Lendco's rights against the
borrowers in the closing portfolio. The noteholders will benefit
from the security granted in the security trustee's favor.

Counterparty, operational risk, or sovereign risk do not constrain
our preliminary ratings. We expect the issuer to meet our
bankruptcy remoteness in accordance with our legal criteria at the
time of assigning final ratings.

  Preliminary Ratings

  CLASS    PRELIM. RATING*    CLASS SIZE (%)

  A          AAA (sf)           85.75
    
  B-Dfrd     AA (sf)             6.50

  C-Dfrd     A (sf)              3.50

  D-Dfrd     BBB (sf)            2.00

  E-Dfrd     BB (sf)             1.50

  F-Dfrd     B- (sf)             0.75

  X          NR                  0.75

  R          NR                  1.50

  RC1 residual certs  NR          N/A

  RC2 residual certs  NR          N/A

*S&P's preliminary ratings address timely receipt of interest and
ultimate repayment of principal on the class A notes, and the
ultimate payment of interest and principal on all the other rated
notes. Its preliminary ratings also address timely receipt of
interest on all the rated notes other than class A notes when they
become the most senior outstanding note.
NR--Not rated.


AZURE FINANCE 3: DBRS Assigns Prov. BB Rating on Class E Notes
--------------------------------------------------------------
DBRS Ratings Limited assigned provisional ratings to the following
classes of Notes (the Notes) to be issued by Azure Finance No. 3
plc (the Issuer):

-- Class A Notes at AAA (sf)
-- Class B Notes at AA (sf)
-- Class C Notes at A (sf)
-- Class D Notes at BBB (sf)
-- Class E Notes at BB (sf)
-- Class F Notes at CCC (sf)
-- Class X Notes at B (low) (sf)

DBRS Morningstar did not assign a provisional rating to the
residual certificates also expected to be issued in this
transaction.

The provisional ratings are based on information provided to DBRS
Morningstar by the Issuer and its agents as of the date of this
press release. These ratings will be finalized upon review of the
final version of the transaction documents and of the relevant
opinions. If the information therein were substantially different,
DBRS Morningstar may assign different final ratings to the Notes.

The ratings on the Class A Notes and Class B Notes address the
timely payment of scheduled interest and the ultimate repayment of
principal by the legal maturity date. The ratings on the Class C
Notes, Class D Notes, Class E Notes, and Class F Notes address the
ultimate repayment of interest (timely when most senior) and the
ultimate repayment of principal by the legal maturity date. The
rating on the Class X Notes addresses the ultimate payment of
interest and principal by the legal maturity date.

The transaction represents the issuance of Notes backed by assets
selected from a static provisional portfolio of approximately GBP
242 million in receivables related to hire-purchase (HP) auto loans
granted by Blue Motor Finance Limited (Blue; the Originator or the
Seller) to borrowers in England, Wales, and Scotland. The
underlying motor vehicles related to the finance contracts consist
of new and used passenger and light-commercial vehicles and
motorcycles. Blue also services the receivables.

DBRS Morningstar based its ratings on a review of the following
analytical considerations:

-- The transaction capital structure, including form and
sufficiency of available credit enhancement;

-- Relevant credit enhancement in the form of subordination, the
senior or junior reserve fund (as applicable), and excess spread;

-- Credit enhancement levels that are sufficient to support DBRS
Morningstar's projected cumulative net loss assumptions under
various stressed cash flow assumptions for the Class A Notes to
Class X Notes;

-- The ability of the transaction to withstand stressed cash flow
assumptions and repay investors according to the terms under which
they have invested;

-- Blue's capabilities with regard to originations, underwriting,
servicing, and financial strength;

-- The transaction parties' financial strength with regard to
their respective roles;

-- The credit quality of the collateral and historical and
projected performance of the Seller's portfolio;

-- DBRS Morningstar's sovereign rating on the United Kingdom of
Great Britain and Northern Ireland, currently at AA with a Stable
trend; and

-- The expected consistency of the transaction's legal structure
with DBRS Morningstar's "Legal Criteria for European Structured
Finance Transactions" methodology and the presence of legal
opinions that are expected to address the true sale of the assets
to the Issuer.

TRANSACTION STRUCTURE

The transaction incorporates separate interest and principal
waterfalls that allow for the fully sequential payment of both
interest and principal on the Notes. Available interest collections
are available to cover principal deficiencies in relation to each
of the Notes after interest has been paid in relation to the same
class of Notes.

The structure benefits from a fully funded senior reserve fund. The
target size of the senior reserve fund is 2.2% of the Class A
Notes' and Class B Notes' principal amount outstanding. The senior
reserve fund required amount is subject to a floor of 0.5% of the
aggregate outstanding principal balance of the purchased
receivables as at the closing date. The senior reserve fund forms
part of the available revenue receipts, but its use is restricted
to the payment of senior fee shortfalls and to the payment of
interest on the Class A Notes and the Class B Notes only. On the
redemption of the Class B Notes, part of the released funds are
applied to create the junior reserve fund. The junior reserve fund
also forms part of the available revenue receipts, but its use is
also restricted to the payment of senior fee shortfalls and to the
payment of interest on the Class C Notes, Class D Notes, Class E
Notes, and Class F Notes only.

All underlying contracts are fixed rate while the Notes are
floating rate. Interest rate risk is mitigated through an interest
rate swap provided by BNP Paribas SA (BNPP).

COUNTERPARTIES

Citibank N.A./London Branch (Citibank London) has been appointed as
the Issuer's account bank for the transaction. DBRS Morningstar
privately rates Citibank London and publicly rates its parent,
Citibank, N.A., at AA (low) with a Stable trend. The transaction
documents are expected to contain downgrade provisions relating to
the account bank that are consistent with DBRS Morningstar's
criteria.

BNPP has been appointed as the swap counterparty. DBRS Morningstar
publicly rates BNPP at AA (low) with a Stable trend. The hedging
documents are expected to contain downgrade provisions that are
consistent with DBRS Morningstar's criteria.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

Environmental (E) Factors

The initial portfolio has a relatively high exposure to older
diesel engine vehicles that are unlikely to be classified as Euro 6
(DBRS Morningstar estimates that up to 26.7% of receivables relate
to diesel vehicles first registered prior to 2016). DBRS
Morningstar considers that risks related to greenhouse gas
emissions may be associated with future restrictions on these
vehicle types, including bans and additional taxes. These risks may
lead to changes in expected vehicle valuations and borrower
behaviors that could subsequently influence future default,
recovery, and prepayment activity. DBRS Morningstar considers that
this exposure, combined with the longer-than-typical contract
tenors, is a relevant environmental factor within its credit
analysis.

Notes: All figures are in British pound sterling unless otherwise
noted.


BELLIS FINCO: Moody's Downgrades CFR to B2, Outlook Remains Stable
------------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating to B2 from B1 and the probability of default rating to B2-PD
from B1-PD of Bellis Finco PLC (Bellis or ASDA).

At the same time, Moody's has downgraded to B2 from B1 the ratings
of the following existing debt instruments issued by Bellis
Acquisition Company PLC: 1) the GBP195 million senior secured first
lien term loan A due August 2025, 2) the EUR845 million senior
secured first lien term loan B due February 2026, 3) the GBP2.25
billion backed senior secured notes due February 2026, 4) the
GBP500 million backed senior secured notes due February 2026 and 5)
the GBP500 million senior secured first lien revolving credit
facility due August 2025. Moody's has also downgraded to Caa1 from
B3 the rating of the GBP500 million backed senior unsecured notes
due February 2027 issued by Bellis Finco PLC. The outlook on both
entities remains stable.

The rating action reflects:

The company's decline in operating performance in 2022, as ASDA
limited the pass through of supply-side inflation to customers,
with Moody's-adjusted EBITDA excluding separation costs declining
by 20% year on year to GBP1.12 billion and by 31% to GBP933 million
including separation costs.

Increased leverage to 8.1x (Moody's-adjusted) at the end of
December 2022, or 6.7x excluding exceptional costs related to the
separation from Walmart Inc. (Walmart, Aa2, stable), compared to
Moody's expectation of leverage well below 6.5x for the B1 rating.

Moody's anticipation that leverage will remain around current
levels over the next 12 months despite some expected improvements
in operating performance driven by ongoing cost reduction measures
and expansion into the convenience segment.

Continued uncertainty around ASDA's ability to improve the
performance of its business given macro-economic challenges,
slowing but continued market share gains by the discounters, and
the limited track record under the new ownership to effect a
turnaround.

RATINGS RATIONALE

The B2 CFR reflects the company's 1) established market position
and significant scale in the UK grocery sector; 2) stable demand
for its grocery products; 3) ongoing focus on efficiency and cost
reductions; 4) established and further expanding product ranges,
and 5) a strong online offering, holding the number two market
share position in UK grocery home shopping according to Kantar
Worldpanel.

Less positively, the rating also reflects 1) the very competitive
nature of the UK grocery sector; 2) an underweight presence in the
convenience channel compared to peers, which the company has
started to address; 3) execution risks on the strategic responses
of traditional grocers to the continued growth of discounters; 4)
high leverage; and 5) substantial separation costs that Moody's
expects will continue to be incurred over the next two years.

The company's share of the grocery market in Great Britain has
recovered to 14.3% as at mid-March 2023, from a low of 13.7% as at
mid-June 2022, which is broadly ASDA's level before the onset of
the cost-of-living crisis, based on publicly available information
from Kantar Worldpanel. According to Kantar Worldpanel, ASDA has
successfully gained market share from its traditional grocery
competitors (Tesco Plc (Baa3 stable), J Sainsbury plc, and Wm
Morrison Supermarkets Limited (B2 negative)), leading to
like-for-like growth in sales excluding fuel turned positive in the
second half of 2022 (in an inflationary environment).

ASDA has historically been a minor player in the more profitable
convenience format compared with its competitors but has recently
started to address this with the acquisition [1] of 132 convenience
grocery retail sites from retailer The Co-operative Group for
GBP438 million. In addition, ASDA has launched the ASDA Express
convenience format with two stores opening in 2022. As of March
2023, ASDA had 173 own and operated convenience stores and has
continued to work with EG Group Limited (B3 stable) on the roll-out
of the ASDA on the Move convenience format, with over 120 sites
operating under this banner at the end of March 2023.

Nevertheless, ASDA has performed below Moody's expectations since
closing its leveraged buy-out in February 2021. Moody's adjusted
EBITDA excluding separation costs declined by 20% to GBP1.21
billion in 2022 driven by rising input costs ASDA did not fully
pass through to retail prices, with revenue excluding fuel broadly
unchanged at GBP20.5 billion. Although this performance also needs
to be placed in the context of a strong 2021's first half and
supply chain disruptions during the pandemic affecting non-food
products in early 2022, profits remained significantly below last
year levels even excluding separation and restructuring costs. More
positively, free cash flow was positive at GBP436 million in 2022,
reflecting GBP253 million of working capital inflows and a
year-on-year GBP117 million reduction, or 17%, in reported capital
spending.

ASDA's leverage, measured in terms of Moody's-adjusted gross debt
to EBITDA, stood at 6.8x excluding separation costs at December 31,
2022. Separation costs are incurred on top of the transition
service agreement with Walmart, pertain entirely to the
establishment of a standalone IT platform, and will remain
significant at least until the end of 2024, thus negatively
weighing on the rating given the risk that they could increase or
be sustained for longer than currently expected (GBP189 million in
2022. These levels compare with 5.4x as of December 2021 and with
Moody's expectations of well below 6.5x for the previous B1
rating.

Moody's currently expects leverage will reduce but remain around
6.5x over the next 12-18 months due to a still challenging
competitive environment, which will continue to constrain the
company's ability to pass on input cost inflation through price
increases. Despite lower cost headwinds than previously anticipated
as inflationary pressure reduce, expected sizeable buying
improvements and planned synergies related to recent acquisitions,
the company still needs to establish a track record of successful
execution.

Also, at the time of the acquisition of ASDA from Walmart in
February 2021, the latter injected a contribution of GBP500 million
in the form of pay-in-kind notes with a seven-year maturity.
Although these notes are not included in Moody's-adjusted debt, the
use of PIK debt outside the restricted group creates a degree of
structural complexity, negatively weighing on the rating.

Moody's-adjusted EBIT to interest expense coverage was 0.9x in
2022, or 1.5x excluding separation costs, compared to 2.3x in 2021
and Moody's previous expectation of a 1.4x-1.8x range. Although
Moody's does not currently expect a significant improvement of this
ratio over the next 12-18 months, over 90% of debt costs are either
based on a fixed coupons or fixed via an interest rate swap, and
the company has limited refinancing needs until February 2026.

ASDA's ESG Credit Impact Score is very highly negative (CIS-5).
This reflects Moody's assessment that ESG attributes are overall
considered to have a high impact on the current rating, primarily
driven by high governance risk exposures. These include an
aggressive financial strategy, high leverage, a negative track
record in terms of strategy execution, and a concentrated ownership
structure due to its private equity ownership. As a grocer, ASDA
has moderate environmental and social risk exposures mainly owing
to carbon transition and customer relations risks.

ASDA has also been without a Chief Executive Officer since August
2021, although some significant top management appointments have
been made.

LIQUIDITY

Moody's considers ASDA's liquidity profile to be adequate,
supported by expected positive, albeit limited considering the size
of the company's operations, free cash flow of at least GBP100
million in 2023, GBP663 million of cash on balance sheet as at
December 31, 2022 and an undrawn GBP500 million senior secured
first lien revolving credit facility (RCF) maturing in August 2025.
The company also has a GBP195 million term loan A maturing in
August 2025 and funded debt maturities of around GBP3.5 billion
(equivalent) in aggregate maturing in February 2026.

STRUCTURAL CONSIDERATIONS

The first lien senior secured instrument ratings are in line with
the CFR reflecting the limited cushion provided by the backed
senior unsecured notes.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook balances ASDA's planned cost reduction measures,
which provide an opportunity for strengthening in its credit
metrics, with the competitive challenges of the UK grocery
industry. The rating agency expects Moody's adjusted leverage will
reduce to around 6.5x over the next 12-18 months, with EBIT to
interest expenses around 1.5x.

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

The ratings could be upgraded if Moody's-adjusted leverage reduces
sustainably below 6.25x; and the EBIT to interest expense ratio
improves to at least 2x; and free cash flow to debt is sustained in
mid-single-digits in percentage terms. An upgrade would also
require the absence of major execution challenges and a
strengthening of the liquidity position.

The ratings could be downgraded if leverage increases towards 7x on
a Moody's-adjusted basis before separation costs, or if EBIT to
interest expense ratio fails to improve sustainably above 1.5x, or
if separation costs materially increase above expected levels, or
if the company generates negative free cash flow. Significant
market share losses, material execution issues or failure to
maintain at least adequate liquidity could also exert negative
pressure on the rating.

LIST OF AFFECTED RATINGS

Downgrades:

Issuer: Bellis Acquisition Company PLC

Senior Secured Bank Credit Facility, Downgraded to B2 from B1

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

Issuer: Bellis Finco PLC

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

LT Corporate Family Rating, Downgraded to B2 from B1

BACKED Senior Unsecured Regular Bond/Debenture, Downgraded to Caa1
from B3

Outlook Actions:

Issuer: Bellis Acquisition Company PLC

Outlook, Remains Stable

Issuer: Bellis Finco PLC

Outlook, Remains Stable

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Headquartered in Leeds, West Yorkshire, ASDA is the third largest
grocery retailer in the UK with total revenue of GBP24.5 billion in
2022 including fuel. Food sales are generally equally split between
fresh & produce and ambient.

CONSTELLATION AUTOMOTIVE: EUR400M Bank Debt Trades at 16% Discount
------------------------------------------------------------------
Participations in a syndicated loan under which Constellation
Automotive Ltd is a borrower were trading in the secondary market
around 83.9 cents-on-the-dollar during the week ended Friday, April
14, 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.


COVENTRY CITY TRUST: Puts Items up for Auction to Cover Debts
-------------------------------------------------------------
BBC News reports that packs of jumbo toilet rolls are among items
to be auctioned after the Coventry City of Culture Trust went into
administration.

According to BBC, they are among nearly 400 items being sold to try
and cover debts.

Coventry held the title of City of Culture in 2021.  It entered
administration in February meaning a three-year legacy programme
could not go ahead, BBC recounts.

Creditors include Coventry City Council which is owed GBP1.6
million, BBC discloses.

The Assembly Festival group, which ran the popular Assembly
Festival Gardens attraction, is owed nearly GBP1.5 million, BBC
states.

Other items up for sale on an online auction website include an
electric fly killer machine, a defibrillator and two signed rugby
shirts, BBC notes.

Laptops, computer monitors, microwaves and fridges have also been
listed along with merchandise from the Reel Store and the City of
Culture year, according to BBC.

The city's 12 months reign was delayed by the Covid pandemic but
saw aerial displays, musical performances and theatre before it
concluded with the Radio 1's Big Weekend.

Calls for a public inquiry into the trust's collapse have been made
by leaders at the council in a formal letter to the government, BBC
relates.

The National Audit Office and Charity Commission have launched
investigations into the trust's finances, and administrators are
conducting their own inquiry, BBC relays.


CPS DRIVELINK: Goes Into Administration, 25 Jobs Affected
---------------------------------------------------------
Tom Keighley at ChronicleLive reports that a supplier and maker of
car parts on Tyneside has collapsed into administration with the
loss of 25 jobs.

Trading has stopped at CPS Drivelink, which operated from premises
on the Team Valley Industrial Estate, ChronicleLive relates.  The
company had specialised in a range of new and remanufactured
driveline, steering and breaking products and was result of a
merger between Commercial Propshaft Services Ltd -- which started
in 1989 -- and the more recent Drivelink Ltd.

Administrators from insolvency specialists Begbies Traynor in
Newcastle were appointed to the firm after it failed, citing
changing dynamics in its market and competition from larger buying
groups, ChronicleLive discloses.  Efforts to find a buyer for the
firm also failed, ChronicleLive notes.

According to ChronicleLive, Begbies Traynor's Andrew Little and
Gillian Sayburn were appointed joint administrators of the business
on April 4.  A statement from Begbies Traynor said: "The business
failed primarily due to a fundamental change in its core market of
motor factors which have increasingly become part of buying groups
which are importing their own product into the country rather than
purchasing through intermediaries.

"Unfortunately, despite marketing the business prior to the
appointment, a purchaser for CPS Drivelink as a going concern was
unable to be found.  The company has ceased trading with the loss
of all 25 jobs."

In the UK automotive aftermarket -- which includes component makers
and suppliers -- many distributors have become part of much large
buying groups which can offer them favourable terms and prices.


FARMISON & CO: Administrators to Commence Asset Sale
----------------------------------------------------
Darren Greenwood at The Press reports that Farmison & Co's
administrators said they had been seeking investors but this did
not attract enough interest and directors placed the company in
administration.

The administrators also explained that after a period of
"significant operational investment", the business did not make
enough money to "sustain its high cost base."

When the administrators were appointed on April 6, trade ceased
immediately and most of the 75 staff were made redundant with a
skeleton staff kept on to "to support the Joint Administrators in
fulfilling their duties as they move towards an asset sale, notably
the brand, goodwill and intellectual property."

The affairs, business and property of the Company are being managed
by Arvindar Jit Singh and Benjamin Neil Jones of FRP who were
appointed Joint Administrators.  The Joint Administrators act as
agents of the Company and without personal liability."

Mr. Singh, Partner at FRP and Joint Administrator of Farmison
Limited, said: "Farmison had made significant investment in recent
years in its operations as it aimed to carve out a differentiated
brand and offering in the online retail space.

"However, it proved too heavy a burden to sustain without the
uplift in sales that it had expected.  Without a major capital
injection, the business could not continue trading and we must now
commence an asset sale.

"We encourage any interested parties to come forward.  In the
meantime, we have a specialist team working with impacted staff to
access support through the Redundancy Payments Service."

Enquiries for customers, creditors and interested parties can be
directed to: farmison@frpadvisory.com


HI QUALITY: Chesterfield Metal Buys Business, 76 Jobs Saved
-----------------------------------------------------------
Business Sale reports that part of an East Midlands-based
manufacturing group, which fell into administration as a result of
factors including COVID-19, inflation and rising energy costs, has
been acquired by Chesterfield Metal Technologies, a William Cook
Holdings subsidiary.

Concord Limited, BAS Castings Limited and HI Quality Steel Castings
Limited entered administration after a period of underperformance
in the wake of COVID-19, which meant the group was no longer able
to support a legacy-defined benefit pension scheme, Business Sale
relates.  The group was also subsequently hit by inflation and
rising energy costs, Business Sale notes.

According to Business Sale, Ross Connock and Edward Williams of PwC
were appointed as joint administrators to the group and began an
accelerated process during which the group undertook limited
trading and completion of work in progress where possible while
interest was gauged in a sale of the businesses and their assets.

Following this process, a sale of all the business and assets of
HIQ to Chesterfield Metal Technologies was secured, saving 76 jobs,
Business Sale states.  However, there was limited interest in BAS,
resulting in 59 redundancies among the company's staff, with 18
retained to assist in the administration process, according to
Business Sale.

The group operates two casting foundries in Nottinghamshire and
Chesterfield, manufacturing and supplying iron and steel casting
worldwide.




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

[*] BOND PRICING: For the Week April 10 to April 14, 2023
---------------------------------------------------------
Issuer            Coupon  Maturity Currency Price
------            ------  -------- -------  -----
Credit Suisse Grou  7.500             USD    4.250
Credit Suisse Grou  3.000             CHF    3.480
Credit Suisse Grou  6.375             USD    1.917
Credit Suisse Grou  7.250             USD    3.575
Casino Guichard Pe  4.498  03/07/2024 EUR   50.657
Credit Suisse Grou  5.250             USD    3.600
Deutsche Bank AG    4.789             USD   72.450
Credit Suisse Grou  5.625             SGD    3.777
Deutsche Bank AG    4.500             EUR   68.168
Credit Suisse Grou  3.875             CHF    3.356
Credit Suisse Grou  0.625  1/18/2033  EUR   64.624
Deutsche Bank AG    4.625             EUR   66.844
Credit Suisse Grou  7.500             USD    5.250
Deutsche Pfandbrie  5.750             EUR   70.598
Credit Suisse Grou  9.750             USD    3.700
Credit Suisse Grou  0.650  09/10/2029 EUR   73.821
Deutsche Bank AG    7.125             GBP   74.403
Credit Suisse Grou  6.250             USD    4.500
Credit Suisse Grou  7.500             USD   25.000
UniCredit SpA       3.875             EUR   70.733
UBS Group AG        4.375             USD   71.946
Casino Guichard Pe  5.250  4/15/2027  EUR   30.198
Credit Suisse Grou  3.500             CHF    3.207
HSBC Holdings PLC   4.600             USD   75.101
BNP Paribas SA      4.500             USD   73.703
Casino Guichard Pe  6.625  1/15/2026  EUR   31.454
Credit Agricole SA  4.750             USD   74.374
Nordea Bank Abp     3.750             USD   77.893
Vivion Investments  3.000  08/08/2024 EUR   71.264
Standard Chartered  4.300             USD   72.553
Casino Guichard Pe  3.992             EUR    6.767
Credit Suisse Grou  5.250             USD   26.500
Credit Suisse Grou  7.250             USD   26.500
Casino Guichard Pe  3.637             EUR    6.758
EFG International   5.500             USD   71.412
AT Securities BV    5.250             USD   29.000
Casino Guichard Pe  3.580  02/07/2025 EUR   29.518
Credit Suisse Grou  6.375             USD   24.000
Casino Guichard Pe  4.048  08/05/2026 EUR   24.293
ING Groep NV        3.875             USD   71.974
Banco Santander SA  3.625             EUR   65.508
Vedanta Resources   6.125  08/09/2024 USD   60.379
BNP Paribas SA      4.625             USD   73.759
Vedanta Resources   8.950  03/11/2025 USD   66.692
Standard Chartered  4.750             USD   73.645
Credit Suisse Grou  4.500             USD   22.500
ING Groep NV        4.250             USD   64.798
Barclays PLC        4.375             USD   69.265
Atento Luxco 1 SA   8.000  02/10/2026 USD   31.498
Fuerstenberg Capit  5.625             EUR   53.030
Aroundtown SA       0.375  4/15/2027  EUR   66.742
Allianz SE          3.875             USD   66.289
Metalcorp Group SA  8.500  6/28/2026  EUR   15.333
UniCredit SpA       4.450             EUR   73.545
CaixaBank SA        3.625             EUR   65.219
NatWest Group PLC   4.600             USD   69.850
Deutsche Bank AG    1.375  2/17/2032  EUR   73.706
La Banque Postale   3.000             EUR   64.348
Altice France Hold  8.000  5/15/2027  EUR   72.939
Movida Europe SA    5.250  02/08/2031 USD   73.549
Aroundtown SA       1.625             EUR   27.000
SBB Treasury Oyj    0.750 12/14/2028  EUR   56.330
Deutsche Bank AG/N  3.742  01/07/2033 USD   71.879
La Financiere Atal  4.000  5/15/2024  EUR   69.957
Swedbank AB         4.000             USD   73.704
Allianz SE          2.625             EUR   69.220
Intermediate Capit  2.500  1/28/2030  EUR   63.343
Unicaja Banco SA    4.875             EUR   67.658
Aroundtown SA       2.125             EUR   31.867
Raiffeisen Bank In  6.000             EUR   74.965
Credit Suisse Grou  5.100             USD   23.375
Grand City Propert  1.500             EUR   34.388
Tullow Oil PLC      7.000  03/01/2025 USD   61.686
Intesa Sanpaolo Sp  4.125             EUR   70.116
Vedanta Resources   9.250  4/23/2026  USD   60.314
Allianz SE          2.600             EUR   67.398
ING Groep NV        4.875             USD   74.853
Raiffeisen Bank In  4.500             EUR   56.647
Boparan Finance PL  7.625 11/30/2025  GBP   65.242
Coruripe Netherlan 10.000  02/10/2027 USD   70.794
CPI Property Group  1.500  1/27/2031  EUR   51.116
Aroundtown SA       1.450  07/09/2028 EUR   61.818
DEMIRE Deutsche Mi  1.875 10/15/2024  EUR   61.732
Gazprom PJSC Via G  2.250 11/22/2024  EUR   74.787
Kernel Holding SA   6.500 10/17/2024  USD   63.197
Hidrovias Internat  4.950  02/08/2031 USD   71.030
InterCement Financ  5.750  7/17/2024  USD   67.861
Russian Railways V  2.100  10/02/2023 CHF   62.739
Allianz SE          3.200             USD   70.224
Julius Baer Group   3.625             USD   63.973
Commerzbank AG      4.250             EUR   72.532
Tele Columbus AG    3.875  05/02/2025 EUR   70.662
EnfraGen Energia S  5.375 12/30/2030  USD   61.870
CECONOMY AG         1.750  6/24/2026  EUR   68.770
MorphoSys AG        0.625 10/16/2025  EUR   61.298
Simpar Europe SA    5.200  1/26/2031  USD   73.813
Deutsche Bank AG/N  3.729  1/14/2032  USD   73.906
Heimstaden Bostad   3.248             EUR   60.472
Landesbank Baden-W  0.375  2/21/2031  EUR   72.956
Aareal Bank AG      0.750  4/18/2028  EUR   74.592
Intesa Sanpaolo Sp  4.198  06/01/2032 USD   73.473
B2W Digital Lux Sa  4.375 12/20/2030  USD   20.250
Aroundtown SA       3.375             EUR   43.998
Heimstaden AB       4.250  03/09/2026 EUR   69.594
Diebold Nixdorf Du  9.000  7/15/2025  EUR   49.948
Aragvi Finance Int  8.450  4/29/2026  USD   68.014
Fastighets AB Bald  1.250  1/28/2028  EUR   71.234
Erste Group Bank A  4.250             EUR   74.279
Kleopatra Holdings  6.500  09/01/2026 EUR   56.898
CPI Property Group  3.750             EUR   32.887
Banco de Sabadell   5.000             EUR   69.701
SCOR SE             5.250             USD   72.686
Fastighets AB Bald  2.873  06/02/2081 EUR   65.923
Financiere Immobil  6.000  1/30/2025  EUR   11.293
Audax Renovables S  4.200 12/18/2027  EUR   65.567
Teva Pharmaceutica  4.100  10/01/2046 USD   66.456
Vonovia SE          1.625  09/01/2051 EUR   47.466
LEG Immobilien SE   0.400  6/30/2028  EUR   73.835
Market Bidco Finco  5.500  11/04/2027 GBP   74.842
Vodafone Group PLC  5.125  06/04/2081 USD   71.514
Schoeller Packagin  6.375  11/01/2024 EUR   70.987
ATF Netherlands BV  7.078             EUR   45.997
Metro Bank PLC      5.500  6/26/2028  GBP   65.045
Belfius Bank SA     3.625             EUR   70.279
Gazprom PJSC Via G  4.364  3/21/2025  EUR   72.504
Ocado Group PLC     3.875  10/08/2026 GBP   73.555
Kenbourne Invest S  4.700  1/22/2028  USD   57.872
Aroundtown SA       2.875             EUR   32.478
Bellis Finco PLC    4.000  2/16/2027  GBP   69.282
VEON Holdings BV    3.375 11/25/2027  USD   69.250
Carnival PLC        1.000 10/28/2029  EUR   50.458
JSM Global Sarl     4.750 10/20/2030  USD   20.500
Banco Santander SA  4.125             EUR   74.774
DIC Asset AG        2.250  9/22/2026  EUR   63.074
gategroup Finance   3.000  2/28/2027  CHF   69.091
Russian Railways V  0.898  10/03/2025 CHF   49.239
Air France-KLM      0.125  3/25/2026  EUR   16.960
Aggregate Holdings  6.875  11/09/2025 EUR   35.650
Gazprom PJSC via G  3.897             EUR   52.551
Kernel Holding SA   6.750 10/27/2027  USD   56.879
CPI Property Group  1.625  4/23/2027  EUR   70.108
Atos SE             1.000  11/12/2029 EUR   65.997
Romanian Governmen  4.625  04/03/2049 EUR   75.174
Atrium Finance PLC  2.625  09/05/2027 EUR   72.720
UBS Group AG        4.375             USD   65.750
United Kingdom Gil  1.250 10/22/2041  GBP   66.748
Samhallsbyggnadsbo  2.624             EUR   35.863
SBB Treasury Oyj    1.125 11/26/2029  EUR   53.748
CNP Assurances      4.875             USD   72.682
Aroundtown SA       4.750             GBP   33.998
British American T  3.750             EUR   74.127
Erste Group Bank A  3.375             EUR   71.947
Heimstaden Bostad   2.625             EUR   48.511
Romanian Governmen  4.125  03/11/2039 EUR   74.297
AI Candelaria Spai  5.750  6/15/2033  USD   70.695
Constellation Auto  4.875  7/15/2027  GBP   74.686
Russian Railways V  3.125             CHF   11.000
UBS Group AG        0.875  11/03/2031 EUR   73.573
French Republic Go  0.750  5/25/2052  EUR   55.467
CPI Property Group  4.875             EUR   39.427
United Kingdom Gil  1.125  1/31/2039  GBP   68.989
Aroundtown SA       5.375  3/21/2029  USD   75.015
Frigoglass Finance  6.875  02/12/2025 EUR   27.000
Citycon Oyj         4.496             EUR   56.567
Italy Buoni Polien  1.500  4/30/2045  EUR   61.052
Gazprom PJSC via G  1.500  2/17/2027  EUR   66.891
Altice France Hold  6.000  2/15/2028  USD   62.742
ams-OSRAM AG        2.125  11/03/2027 EUR   67.813
Heimstaden Bostad   3.625             EUR   49.287
Grand City Propert  0.125  01/11/2028 EUR   71.223
Castellum Helsinki  0.875  9/17/2029  EUR   65.812
UBS Group AG        0.625  2/24/2033  EUR   70.402
Vivion Investments  3.500  11/01/2025 EUR   66.750
Gazprom PJSC via G  2.950  1/27/2029  USD   63.375
NAK Naftogaz Ukrai  7.375  7/19/2022  USD   26.870
Rallye SA           4.000  2/28/2032  EUR    1.877
Korian SA           1.875             EUR   28.746
Samhallsbyggnadsbo  1.000  08/12/2027 EUR   66.445
Trinseo Materials   5.125  04/01/2029 USD   62.011
NatWest Group PLC   4.500             GBP   73.577
Gazprom PJSC Via G  4.250  04/06/2024 GBP   71.816
Balder Finland Oyj  1.000  1/20/2029  EUR   66.485
Altice France SA/F  5.500 10/15/2029  USD   74.308
Heimstaden AB       6.750             EUR   47.014
Hungary Government  3.125  9/21/2051  USD   62.850
Gazprom PJSC via G  3.250  2/25/2030  USD   72.000
Ubisoft Entertainm  0.878 11/24/2027  EUR   71.573
VTR Finance NV      6.375  7/15/2028  USD   38.860
Russian Railways V  2.200  5/23/2027  EUR   54.614
Maxeda DIY Holding  5.875  10/01/2026 EUR   75.227
Wintershall Dea Fi  3.000             EUR   74.994
Grand City Propert  2.500             EUR   40.288
Mime Petroleum AS  10.250  11/10/2026 USD   50.000
Nostrum Oil & Gas   5.000  6/30/2026  USD   70.792
Gazprom PJSC via G  4.599             USD   57.500
VF Ukraine PAT via  6.200  02/11/2025 USD   60.201
CPI Property Group  1.750  1/14/2030  EUR   57.470
La Financiere Atal  5.125  5/15/2025  EUR   66.945
Orpea SA            2.625  03/10/2025 EUR   27.315
VIC Properties SA   3.000  5/28/2025  EUR   60.000
United Kingdom Gil  1.625 10/22/2071  GBP   57.594
Ukraine Government  6.750  6/20/2028  EUR   16.250
IOG Plc            12.146  9/20/2024  EUR   50.000
Rothesay Life PLC   5.000             GBP   66.027
Gazprom PJSC via G  3.000  6/29/2027  USD   69.893
Romanian Governmen  2.875  4/13/2042  EUR   59.299
Intesa Sanpaolo Sp  4.950  06/01/2042 USD   65.300
MHP SE              7.750  05/10/2024 USD   54.889
BAWAG Group AG      5.125             EUR   70.990
Pro-Gest SpA        3.250 12/15/2024  EUR   74.150
MRG Finance UK PLC  8.750 10/26/2023  EUR   61.925
Korian SA           0.875  03/06/2027 EUR   42.726
Metinvest BV        8.500  4/23/2026  USD   63.040
Russian Railways V  0.840  03/12/2026 CHF   48.165
Gazprom PJSC via G  1.850 11/17/2028  EUR   59.713
Gol Finance SA      8.000  6/30/2026  USD   50.268
Grupo Antolin-Irau  3.500  4/30/2028  EUR   71.884
Aroundtown SA       1.625  1/31/2028  EUR   65.794
Voltalia SA         1.000  1/13/2025  EUR   27.827
HSBC Bank PLC       5.401             USD   98.586
Wirecard AG         0.500  09/11/2024 EUR   14.157
Republic of Italy   3.875  05/06/2051 USD   72.049
Accor SA            0.700  12/07/2027 EUR   45.579
Altice France SA/F  5.125  7/15/2029  USD   73.754
Ukraine Government  7.253  3/15/2035  USD   16.822
Heimstaden Bostad   3.375             EUR   50.254
Rothschild & Co Co  5.500             USD   66.872
Vonovia SE          0.750  09/01/2032 EUR   66.531
Vonovia SE          1.000  6/16/2033  EUR   65.170
Diebold Nixdorf Du  9.000  7/15/2025  EUR   49.948
Heimstaden AB       9.316             SEK   66.667
Dignity Finance PL  4.696 12/31/2049  GBP   61.313
Development Bank o  6.750  05/02/2024 USD   39.667
Endo Luxembourg Fi  6.125  04/01/2029 USD   75.500
GOL Equity Finance  3.750  7/15/2024  USD   56.000
Signa Development   5.500  7/23/2026  EUR   59.000
Ageas SA/NV         3.875             EUR   70.934
Agps Bondco PLC     1.500  7/26/2024  EUR   69.451
Heimstaden Bostad   0.750  09/06/2029 EUR   65.706
UBS Group AG        3.179  02/11/2043 USD   71.942
Samhallsbyggnadsbo  1.125  09/04/2026 EUR   71.877
Heimstaden AB       4.375  03/06/2027 EUR   69.189
Romanian Governmen  4.000  2/14/2051  USD   63.097
Altice Finco SA     4.750  1/15/2028  EUR   73.629
Electricite de Fra  3.375             EUR   74.782
Nobel Bidco BV      3.125  6/15/2028  EUR   70.413
EP Infrastructure   1.816  03/02/2031 EUR   67.701
Rothesay Life PLC   4.875             USD   74.146
BPCE SA             2.125 10/13/2046  EUR   71.438
State of North Rhi  0.950  01/10/2121 EUR   41.166
Jyske Bank A/S      3.625             EUR   71.335
VGP NV              2.250  1/17/2030  EUR   68.529
Romanian Governmen  2.000  1/28/2032  EUR   71.200
CPI Property Group  2.750  1/22/2028  GBP   68.430
Heimstaden Bostad   3.000             EUR   53.336
Agps Bondco PLC     2.250  1/14/2029  EUR   35.485
Ukraine Government 15.840  2/26/2025  UAH   69.861
Ukraine Government  7.750  09/01/2024 USD   21.634
NAK Naftogaz Ukrai  7.625  11/08/2026 USD   19.797
Herens Midco Sarl   5.250  5/15/2029  EUR   66.375
VGP NV              1.500  04/08/2029 EUR   67.817
Romanian Governmen  2.625  12/02/2040 EUR   58.440
SATO Oyj            1.375  2/24/2028  EUR   75.355
Russian Foreign Bo  7.500  3/31/2030  USD   64.653
Credit Agricole SA  4.750             USD   76.875
Gazprom PJSC Via G  4.950  02/06/2028 USD   72.500
Heimstaden Bostad   1.000  4/13/2028  EUR   74.398
Abengoa Abenewco 2  1.500 10/26/2024  EUR    0.099
Nykredit Realkredi  1.000  10/01/2050 DKK   74.377
Hungary Government  1.750  06/05/2035 EUR   68.831
Samhallsbyggnadsbo  2.625             EUR   36.468
Hungary Government  0.500 11/18/2030  EUR   71.043
Rallye SA           4.371  2/28/2032  EUR    2.206
SPP-Distribucia AS  1.000  06/09/2031 EUR   64.368
CPI Property Group  4.875             EUR   41.545
TotalEnergies SE    2.125             EUR   72.323
University of Oxfo  2.544  12/08/2117 GBP   55.804
Romanian Governmen  2.750  4/14/2041  EUR   59.442
Zenith Finco PLC    6.500  6/30/2027  GBP   74.859
Enel SpA            1.875             EUR   71.908
Republic of Italy   4.000 10/17/2049  USD   76.121
TenneT Holding BV   0.500 11/30/2040  EUR   66.027
Eurovita Assicuraz  6.000 12/22/2025  EUR   73.433
BAT International   2.250  09/09/2052 GBP   40.752
SCF Capital Design  5.375  6/16/2023  USD   18.904
Russian Railways V  4.375  03/01/2024 USD   54.818
WM Morrison Superm  4.750  07/04/2029 GBP   63.088
Aegon NV            0.496             NLG   68.715
Liquid Telecommuni  5.500  09/04/2026 USD   67.161
Banco Comercial Po  4.000  5/17/2032  EUR   70.459
Fnac Darty SA       0.250  3/23/2027  EUR   67.858
Korian SA           2.250 10/15/2028  EUR   68.159
Evraz PLC           5.375  3/20/2023  USD   50.222
Russian Railways V  7.487  3/25/2031  GBP   54.503
Spain Government B  0.850  7/30/2037  EUR   70.200
Italy Buoni Polien  1.800  03/01/2041 EUR   69.472
NAK Naftogaz Ukrai  7.125  7/19/2024  EUR   18.294
Gazprom PJSC via G  1.540  6/30/2027  CHF   62.504
Chrome Holdco SASU  5.000  5/31/2029  EUR   73.295
Citycon Treasury B  1.625  03/12/2028 EUR   71.354
United Group BV     3.625  2/15/2028  EUR   71.340
Serbia Internation  1.650  03/03/2033 EUR   66.189
EDP - Energias de   1.875  3/14/2082  EUR   74.705
Mutuelle Assurance  3.500             EUR   72.988
United Kingdom Gil  1.750  7/22/2057  GBP   63.400
Altice France SA/F  4.250 10/15/2029  EUR   73.792
Metinvest BV        5.625  6/17/2025  EUR   63.515
Delivery Hero SE    1.000  1/23/2027  EUR   71.096
HSE Finance Sarl    5.625 10/15/2026  EUR   49.367
Flamingo Lux II SC  5.000  3/31/2029  EUR   73.125
Credit Mutuel Arke  0.875  03/11/2033 EUR   74.615
United Kingdom Gil  0.875  1/31/2046  GBP   55.771
BNP Paribas SA      5.285             USD   84.310
Citycon Oyj         3.625             EUR   47.945
Canary Wharf Group  3.375  4/23/2028  GBP   69.775
Balder Finland Oyj  2.000  1/18/2031  EUR   64.166
Heimstaden Bostad   1.375  7/24/2028  EUR   73.594
Ukraine Government  4.375  1/27/2032  EUR   16.694
Vonovia Finance BV  2.750  3/22/2038  EUR   69.101
Mallinckrodt Inter 10.000  6/15/2029  USD   53.910
Vonovia SE          0.625  3/24/2031  EUR   70.565
Lloyds Banking Gro  3.369 12/14/2046  USD   67.096
Raiffeisenbank AS   1.000  06/09/2028 EUR   74.202
Idorsia Ltd         2.125  08/04/2028 CHF   63.329
Raiffeisen Bank In  1.375  6/17/2033  EUR   69.933
Direct Line Insura  4.750             GBP   71.823
Union Fenosa Prefe  4.640             EUR   71.695
Rothschild & Co Co  3.110             EUR   67.167
Digital Intrepid H  0.625  7/15/2031  EUR   69.884
BUPA Finance PLC    4.000             GBP   64.119
Nykredit Realkredi  1.000  10/01/2053 DKK   73.560
Serbia Internation  2.050  9/23/2036  EUR   60.805
Vonovia SE          0.625 12/14/2029  EUR   74.503
Romanian Governmen  1.750  7/13/2030  EUR   73.897
Mime Petroleum AS  13.500  3/21/2083  USD   10.000
Neoen SA            2.000  06/02/2025 EUR   44.989
MHP Lux SA          6.950  04/03/2026 USD   50.460
Phosagro OAO Via P  3.050  1/23/2025  USD   62.319
Orpea SA            0.375  5/17/2027  EUR   39.355
R-Logitech Finance 10.250  9/26/2027  EUR   25.000
Glencore Capital F  1.250  03/01/2033 EUR   73.347
TotalEnergies Capi  3.127  5/29/2050  USD   74.610
Muenchener Rueckve  1.000  5/26/2042  EUR   70.986
Prosus NV           3.832  02/08/2051 USD   62.912
Royalty Pharma PLC  3.550  09/02/2050 USD   68.204
BNP Paribas SA      4.500             USD   74.625
United Kingdom Gil  1.750  1/22/2049  GBP   66.887
BNP Paribas SA      4.625             USD   74.750
Altice France Hold  4.000  2/15/2028  EUR   63.122
CBRE Global Invest  0.900  10/12/2029 EUR   67.830
BNP Paribas SA      0.625  12/03/2032 EUR   72.945
Ukraine Railways V  8.250  07/09/2026 USD   20.375
Gazprom PJSC via G  3.500  7/14/2031  USD   59.649
SCF Capital Design  3.850  4/26/2028  USD   18.961
CBRE Global Invest  0.500  1/27/2028  EUR   72.906
HSBC Bank PLC       5.460             USD   98.369
United Group BV     4.000 11/15/2027  EUR   73.333
Prosus NV           4.987  1/19/2052  USD   74.049
Corestate Capital   3.500  4/15/2023  EUR   14.958
Orpea SA            2.000  04/01/2028 EUR   27.810
Abengoa Abenewco 2  1.500 10/26/2024  EUR    1.363
Ukraine Government  7.750  09/01/2028 USD   18.156
Romanian Governmen  3.375  02/08/2038 EUR   70.084
Vonovia SE          1.500  6/14/2041  EUR   55.029
Grand City Propert  6.332             EUR   58.001
ADLER Real Estate   3.000  4/27/2026  EUR   71.760
Republic of Austri  1.500  2/20/2047  EUR   75.625
Tinkoff Bank JSC V  6.000             USD   44.429
Hungary Government  2.250  4/20/2033  HUF   60.591
Nexity SA           0.250  03/02/2025 EUR   58.115
United Utilities W  1.750  02/10/2038 GBP   66.484
Kojamo Oyj          0.875  5/28/2029  EUR   71.066
Logicor Financing   2.000  1/17/2034  EUR   60.621
Standard Profil Au  6.250  4/30/2026  EUR   60.373
United Kingdom Gil  1.625 10/22/2054  GBP   61.465
Laboratoire Eimer   5.000  02/01/2029 EUR   73.574
Aroundtown SA       3.000 10/16/2029  GBP   62.765
Foodco Bondco SA    6.250  5/15/2026  EUR   43.785
UNIQA Insurance Gr  2.375  12/09/2041 EUR   73.239
Eustream AS         1.625  6/25/2027  EUR   74.699
Novolipetsk Steel   1.450  06/02/2026 EUR   68.000
VTB Bank OJSC Via   6.950 10/17/2022  USD    7.552
Mithra Pharmaceuti  4.250 12/17/2025  EUR   59.729
Lar Espana Real Es  1.843  11/03/2028 EUR   71.144
United Group BV     5.250  02/01/2030 EUR   70.809
Republic of Belaru  6.378  2/24/2031  USD   33.333
Haya Holdco 2 PLC  11.698 11/30/2025  EUR   39.985
Slovenia Governmen  0.488 10/20/2050  EUR   49.516
DDM Debt AB         9.000  4/19/2026  EUR   60.000
Hexagon Housing As  3.625  4/22/2048  GBP   73.080
Sweden Government   1.375  6/23/2071  SEK   61.221
EP Infrastructure   2.045  10/09/2028 EUR   77.683
Berkeley Group PLC  2.500  08/11/2031 GBP   69.794
Triodos Bank NV     2.250  02/05/2032 EUR   74.052
Blackstone Propert  1.625  4/20/2030  EUR   70.195
National Gas Trans  1.125  1/14/2033  GBP   67.598
Assicurazioni Gene  1.713  6/30/2032  EUR   74.717
Slovenia Governmen  0.688  03/03/2081 EUR   47.850
Sagax Euro Mtn NL   0.750  1/26/2028  EUR   73.444
Phosagro OAO Via P  2.600  9/16/2028  USD   61.421
Delivery Hero SE    1.500  1/15/2028  EUR   63.728
Iceland Bondco PLC  4.375  5/15/2028  GBP   72.983
Metalloinvest Fina  3.375 10/22/2028  USD   55.283
Societe Generale S  5.375             USD   72.460
Ideal Standard Int  6.375  7/30/2026  EUR   54.813
CTP NV              1.500  9/27/2031  EUR   65.196
Digital Intrepid H  1.375  7/18/2032  EUR   71.264
Agri Resources Gro  8.000  3/17/2026  EUR   14.477
HSBC Bank PLC       5.251             USD   98.594
Sagax Euro Mtn NL   1.000  5/17/2029  EUR   69.005
Corestate Capital   1.375  4/15/2023  EUR   13.450
Logicor Financing   0.875  1/14/2031  EUR   63.074
Gecina SA           0.875  1/25/2033  EUR   74.626
Credit Agricole SA  2.811  01/11/2041 USD   67.149
Akelius Residentia  0.750  2/22/2030  EUR   72.360
TotalEnergies SE    3.250             EUR   73.403
Ukraine Government  9.750  11/01/2030 USD   18.522
Shell Internationa  3.000 11/26/2051  USD   72.938
Czech Republic Gov  0.050 11/29/2029  CZK   73.954
Medtronic Global H  1.625 10/15/2050  EUR   61.205
Russian Foreign Bo  5.625  04/04/2042 USD   63.127
Balder Finland Oyj  1.375  5/24/2030  EUR   62.955
Compact Bidco BV    5.750  05/01/2026 EUR   71.765
Ocado Group PLC     0.750  1/18/2027  GBP   67.153
Nordea Bank Abp     3.750             USD   71.050
Odea Bank AS        8.606  08/01/2027 USD   72.612
State of North Rhi  2.150  3/21/2119  EUR   71.732
Republic of Belaru  6.200  2/28/2030  USD   34.500
Agps Bondco PLC     3.250  08/05/2025 EUR   39.770
Vnesheconombank Vi  6.800 11/22/2025  USD    5.437
Ukraine Government  8.994  02/01/2026 USD    0.186
Vonovia Finance BV  1.000  1/28/2041  EUR   50.714
Republic of Belaru  7.625  6/29/2027  USD   43.052
Republic of Belaru  6.875  2/28/2023  USD   38.024
NPC Ukrenergo       6.875  11/09/2028 USD   16.928
Just Eat Takeaway.  0.625  02/09/2028 EUR   64.860
Credit Agricole SA  2.811  01/11/2041 USD   67.453
National Gas Trans  1.375  02/07/2031 GBP   74.864
Heimstaden Bostad   1.625 10/13/2031  EUR   63.448
Thermo Fisher Scie  1.625 10/18/2041  EUR   70.937
Barclays PLC        3.330 11/24/2042  USD   71.688
Electricite de Fra  1.000 11/29/2033  EUR   72.648
CPI Property Group  5.800             SGD   44.114
Perrigo Finance Un  4.900 12/15/2044  USD   70.570
VTB Bank PJSC Via   9.500             USD   17.000
Agps Bondco PLC     2.250  4/27/2027  EUR   37.703
Verbund AG          0.900  04/01/2041 EUR   69.052
Realkredit Danmark  1.000  10/01/2050 DKK   74.378
Merlin Properties   1.875  12/04/2034 EUR   67.936
Prosus NV           4.027  08/03/2050 USD   64.734
Sberbank of Russia  5.125 10/29/2022  USD   32.467
NE Property BV      2.000  1/20/2030  EUR   71.379
Republic of Poland  2.000  03/08/2049 EUR   67.888
Acef Holding SCA    1.250  4/26/2030  EUR   69.363
Tinkoff Bank JSC V 11.002             USD   38.000
ICADE               0.625  1/18/2031  EUR   73.712
Prosus NV           2.031  08/03/2032 EUR   71.187
CTP NV              1.250  6/21/2029  EUR   68.973
Dtek Renewables Fi  8.500  11/12/2024 EUR   38.495
Muenchener Rueckve  1.250  5/26/2041  EUR   75.508
John Lewis PLC      4.250 12/18/2034  GBP   64.713
Arrival SA          3.500  12/01/2026 USD   31.250
Barclays Bank PLC   5.359             USD   88.633
Societe Generale S  3.625  03/01/2041 USD   64.802
Russian Railways V  1.195  04/03/2028 CHF   48.125
Russian Foreign Bo  5.250  6/23/2047  USD   40.000
HOCHDORF Holding A  2.500             CHF   31.004
Romanian Governmen  1.375  12/02/2029 EUR   75.372
Czech Republic Gov  1.950  7/30/2037  CZK   73.353
Ukraine Government  6.876  5/21/2031  USD   16.611
Metinvest BV        7.750 10/17/2029  USD   50.500
E.ON SE             0.875 10/18/2034  EUR   74.177
Societe Du Grand P  1.000 11/26/2051  EUR   53.313
Altarea SCA         1.750  1/16/2030  EUR   69.799
Wellcome Trust Ltd  2.517  02/07/2118 GBP   56.359
National Gas Trans  1.625  1/14/2043  GBP   53.235
Delivery Hero SE    2.125  03/10/2029 EUR   61.373
Deutsche Bahn Fina  0.625  12/08/2050 EUR   51.929
Aedifica SA         0.750  09/09/2031 EUR   68.723
La Poste SA         0.625  1/18/2036  EUR   68.284
Ozon Holdings PLC   1.875  2/24/2026  USD   57.987
ALROSA Finance SA   3.100  6/25/2027  USD    6.440
Solocal Group       9.957  3/15/2025  EUR   67.750
Gazprom PJSC via G  2.950  4/15/2025  EUR   72.196
Mobile Telesystems  5.000  5/30/2023  USD   28.000
Digital Dutch Finc  1.000  1/15/2032  EUR   71.076
Moby SpA            7.750  2/15/2023  EUR   58.346
Vonovia Finance BV  1.125  9/14/2034  EUR   62.368
Allianz SE          3.200             USD   71.781
Lendlease Europe F  3.500  12/02/2033 GBP   66.051
Intesa Sanpaolo Vi  2.375 12/22/2030  EUR   74.378
Orsted AS           1.500  2/18/3021  EUR   73.180
MMC Norilsk Nickel  2.800 10/27/2026  USD   73.000
Delivery Hero SE    1.000  4/30/2026  EUR   74.797
BPCE SA             3.582 10/19/2042  USD   68.001
NGD Holdings BV     6.750 12/31/2026  USD   61.315
Nexity SA           0.875  4/19/2028  EUR   42.145
Novolipetsk Steel   4.700  5/30/2026  USD   71.000
STERIS Irish FinCo  3.750  3/15/2051  USD   73.606
Fuerstenberg Capit  2.522             EUR   53.857
Aroundtown SA       3.625  04/10/2031 GBP   60.276
SAS AB              6.900             SEK    5.000
Aroundtown SA       2.912  9/20/2030  EUR   58.390
Credit Suisse AG/L  3.800  9/29/2023  USD    1.011
Logicor Financing   1.625  1/17/2030  EUR   70.500
Agps Bondco PLC     2.750 11/13/2026  EUR   38.229
Agps Bondco PLC     1.875  1/14/2026  EUR   39.265
Bank Gospodarstwa   2.250  7/21/2033  PLN   66.386
State Agency of Ro  6.250  6/24/2030  USD   17.322
Diebold Nixdorf Du  9.000  7/15/2025  EUR   45.250
Ukreximbank Via Bi  9.950 11/14/2029  USD   30.876
Severstal OAO Via   3.150  9/16/2024  USD    4.561
Russian Agricultur  8.500 10/16/2023  USD   26.571
Metinvest BV        7.650  10/01/2027 USD   58.727
Rallye SA           4.000  2/28/2032  CHF    2.801
Segro Capital Sarl  0.500  9/22/2031  EUR   68.840
PB International B  7.625 12/31/2025  USD   41.100
Ireland Government  0.400  5/15/2035  EUR   74.838
MHP Lux SA          6.250  9/19/2029  USD   48.059
Cofinimmo SA        0.875  12/02/2030 EUR   69.933
Hacienda Investmen  5.350  02/08/2028 USD   53.530
Sirius Real Estate  1.750 11/24/2028  EUR   68.306
ALROSA Finance SA   4.650  04/09/2024 USD   10.302
Thermo Fisher Scie  2.000 10/18/2051  EUR   66.055
LEG Immobilien SE   1.000 11/19/2032  EUR   69.976
Polyus Finance PLC  3.250 10/14/2028  USD   59.879
United Group BV     4.625  8/15/2028  EUR   73.545
Evraz PLC           5.250  04/02/2024 USD   52.226
Sibur Securities D  3.450  9/23/2024  USD   65.617
Utmost Group PLC    6.125             GBP   74.869
Vonovia Finance BV  0.500  9/14/2029  EUR   74.486
LEG Immobilien SE   0.875  3/30/2033  EUR   67.719
Credit Suisse AG/L  1.250  2/22/2029  USD   74.328
Berlin Hyp AG       0.375  4/21/2031  EUR   74.102
Alfa Bank AO Via A  5.950  4/15/2030  USD    2.076
Abengoa Abenewco 2  1.500  4/26/2024  EUR    0.973
Sberbank of Russia  5.250  5/23/2023  USD   32.963
Credit Suisse AG/L  1.500  3/19/2029  USD   67.745
Holcim Finance Lux  0.500  4/23/2031  EUR   75.580
Mutuelle Assurance  2.125  6/21/2052  EUR   69.901
Electricite de Fra  2.000  12/09/2049 EUR   61.326
Hungary Government  3.250 10/22/2031  HUF   69.498
Royalty Pharma PLC  3.300  09/02/2040 USD   72.813
Russian Foreign Bo  4.250  6/23/2027  USD   38.750
Vodafone Group PLC  3.000  08/12/2056 GBP   62.166
Maisons du Monde S  0.125  12/06/2023 EUR   46.896
Russian Foreign Bo  4.750  5/27/2026  USD   38.750
EQT AB              0.875  5/14/2031  EUR   68.108
Bigben Interactive  1.125  2/19/2026  EUR   69.178
Credit Bank of Mos  3.100  1/21/2026  EUR   25.056
LEG Immobilien SE   1.500  1/17/2034  EUR   68.016
Sweden Government   0.500 11/24/2045  SEK   67.710
Vonovia Finance BV  1.000  07/09/2030 EUR   75.366
NIBC Bank NV        3.715             USD   76.487
BNP Paribas SA      2.824  1/26/2041  USD   67.710
Iren SpA            0.250  1/17/2031  EUR   75.447
Electricite de Fra  4.500  12/04/2069 USD   74.126
Finland Government  0.125  4/15/2036  EUR   69.504
Channel Link Enter  3.848  6/30/2050  GBP   71.586
Banque Federative   1.125 11/19/2031  EUR   74.676
Amprion GmbH        0.625  9/23/2033  EUR   74.866
BP Capital Markets  1.467  9/21/2041  EUR   66.586
Imperial Brands Fi  1.750  3/18/2033  EUR   73.174
Just Group PLC      5.000             GBP   65.257
Klepierre SA        0.875  2/17/2031  EUR   75.235
Prosus NV           2.778  1/19/2034  EUR   73.611
Fresenius SE & Co   1.125  1/28/2033  EUR   73.634
Barclays PLC        3.811  03/10/2042 USD   71.927
Market Parent Finc  6.750  10/01/2029 GBP   60.178
Euroboden GmbH      5.500  10/01/2024 EUR   51.794
Nykredit Realkredi  1.500  10/01/2053 DKK   73.377
Standard Chartered  4.750             USD   73.625
Intesa Sanpaolo Sp  4.700  9/23/2049  USD   77.078
Borets Finance DAC  6.000  9/17/2026  USD   48.071
Quant AB            8.654 11/15/2025  EUR   68.080
Unibail-Rodamco-We  0.875  3/29/2032  EUR   70.125
Deutsche Telekom A  1.750  12/09/2049 EUR   66.912
BMW Finance NV      0.200  01/11/2033 EUR   74.966
Simon Internationa  1.125  3/19/2033  EUR   67.099
DXC Capital Fundin  0.950  9/15/2031  EUR   72.241
Audax Renovables S  2.750 11/30/2025  EUR   71.380
Russian Foreign Bo  4.375  3/21/2029  USD   38.750
Enel Finance Inter  0.875  9/28/2034  EUR   70.849
Ageas SA/NV         1.875 11/24/2051  EUR   71.978
UBS Group AG        3.179  02/11/2043 USD   71.135
Republic of Austri  0.250 10/20/2036  EUR   69.997
Hellenic Bank PCL  10.000             EUR   70.620
MMC Norilsk Nickel  2.550  09/11/2025 USD   73.495
Ireland Government  0.550  4/22/2041  EUR   65.281
Berner Kantonalban  0.100  9/30/2039  CHF   70.621
Republic of Croati  1.000 11/27/2034  EUR   72.876
Bank Gospodarstwa   2.125  06/05/2030 PLN   74.643
Deutsche Bahn Fina  1.125  5/29/2051  EUR   58.605
Medtronic Global H  1.500  07/02/2039 EUR   72.389
Eurochem Finance D  5.500  3/13/2024  USD   58.707
Jyske Realkredit A  1.000  10/01/2050 DKK   74.528
Bank Gospodarstwa   2.375 11/27/2040  PLN   56.905
La Financiere Atal  6.625  5/15/2025  GBP   66.500
Ukraine Railways V  7.875  7/15/2028  USD   19.654
Groupe des Assuran  1.850  4/21/2042  EUR   72.945
Nostrum Oil & Gas   8.000  7/25/2022  USD   25.513
Credit Suisse AG/N  3.658  02/10/2026 USD   70.000
OGX Austria GmbH    8.500  06/01/2018 USD    0.108
GOL Equity Finance  3.750  7/15/2024  USD   56.500
Chesnara PLC        4.750  08/04/2032 GBP   72.435
Hera SpA            0.250  12/03/2030 EUR   75.742
JT International F  3.300  9/14/2051  USD   63.627
United Utilities W  1.875  06/03/2042 GBP   61.164
VTB Bank OJSC Via   4.073 10/24/2024  CHF   16.000
Northern Powergrid  3.250  04/01/2052 GBP   74.685
Slovakia Governmen  0.375  4/21/2036  EUR   63.768
Royalty Pharma PLC  3.350  09/02/2051 USD   65.451
National Grid Elec  0.872 11/26/2040  EUR   59.937
State of North Rhi  1.375  1/15/2120  EUR   50.106
Vedanta Resources   8.950  03/11/2025 USD   66.957
Vnesheconombank Vi  5.942 11/21/2023  USD    7.784
Sibur Securities D  2.950  07/08/2025 USD   67.136
Societe Generale S  4.027  1/21/2043  USD   67.179
BICO Group AB       2.875  3/19/2026  SEK   69.862
BAT International   4.000 11/23/2055  GBP   57.929
NIBC Bank NV        3.089             EUR   74.057
EnBW Energie Baden  2.125  8/31/2081  EUR   70.187
Unibail-Rodamco-We  1.375  12/04/2031 EUR   75.130
Kreditanstalt fuer  0.875  07/04/2039 EUR   72.733
JSM Global Sarl     4.750 10/20/2030  USD   20.250
Blackstone Propert  1.750  03/12/2029 EUR   74.635
Hungary Government  2.000  5/23/2029  HUF   69.194
Altice France SA/F  4.000  7/15/2029  EUR   73.539
Cellnex Finance Co  3.875  07/07/2041 USD   74.485
Rallye SA           5.250  2/28/2032  EUR    2.315
Thomas Cook Group   6.250  6/15/2022  EUR    0.691
Barclays Bank PLC   5.235             USD   88.710
Smurfit Kappa Trea  1.000  9/22/2033  EUR   74.467
Close Brothers Fin  1.625  12/03/2030 GBP   73.042
Credit Bank of Mos  3.875  9/21/2026  USD   30.698
Wellcome Trust Ltd  1.500  7/14/2071  GBP   43.696
BP Capital Markets  1.104 11/15/2034  EUR   74.100
NIBC Bank NV        2.850  2/21/2040  EUR   68.500
Orange SA           1.375  09/04/2049 EUR   66.840
Koninklijke Luchtv  0.750             CHF   23.100
Vonovia Finance BV  1.625  10/07/2039 EUR   57.459
Alfa Bank AO Via A  6.950             USD    2.608
Hacienda Investmen  5.075  2/15/2023  USD   45.107
Republic of Poland  4.000  4/25/2047  PLN   78.629
Republic of Poland  2.000 10/25/2046  EUR   69.725
Severn Trent Utili  2.000  06/02/2040 GBP   63.651
Lukoil Capital DAC  2.800  4/26/2027  USD   79.500
State of North Rhi  1.450  1/19/2122  EUR   51.701
NET4GAS sro         3.500  7/28/2026  EUR   69.324
Orsted AS           2.500  2/18/3021  GBP   68.836
CK Hutchison Group  2.625 10/17/2034  GBP   72.382
Credit Bank of Mos  5.150  2/20/2024  EUR   28.552
Bulgaria Governmen  1.500  6/21/2039  BGN   55.951
Unibail-Rodamco-We  1.750  2/27/2034  EUR   75.385
Brit Insurance Hol  3.676  12/09/2030 GBP   74.677
Becton Dickinson E  1.336  8/13/2041  EUR   63.457
Rickmers Holding A  8.875  06/11/2018 EUR    1.845
Intelsat Jackson H  9.750  7/15/2025  USD    0.497
Societe Generale S  4.027  1/21/2043  USD   66.879
Ziton A/S          11.952  10/03/2024 EUR   57.157
Nats En Route PLC   1.750  9/30/2033  GBP   74.727
DNB Bank ASA        5.203             USD   74.138
Bank Gospodarstwa   0.500  07/08/2031 EUR   71.793
Nats En Route PLC   1.750  9/30/2033  GBP   74.659
CNP Assurances      1.875  10/12/2053 EUR   71.978
Sovcombank Via Sov  7.600             USD    2.743
Oscar Properties H 10.640  07/05/2024 SEK   52.644
Russian Foreign Bo  5.875  9/16/2043  USD   61.135
FIGEAC-AERO         1.750 10/18/2028  EUR   23.968
DH Europe Finance   1.350  9/18/2039  EUR   70.210
UNEDIC ASSEO        0.500  5/25/2036  EUR   70.769
Standard Chartered  4.300             USD   69.000
Credit Bank of Mos  7.500  10/05/2027 USD   20.535
Tullow Oil PLC      7.000  03/01/2025 USD   62.150
Cooperatieve Rabob  0.625  2/25/2033  EUR   74.557
Banco Santander SA  5.348             EUR    0.287
Prosus NV           1.985  7/13/2033  EUR   68.866
Samhallsbyggnadsbo  6.419             SEK   60.000
Ekosem-Agrar AG     2.500  7/31/2029  EUR   18.445
BNP Paribas SA      1.250  7/13/2031  GBP   72.000
Nordea Kredit Real  1.000  10/01/2050 DKK   74.547
Engie SA            1.875             EUR   73.844
Grand City Propert  2.081  08/08/2034 EUR   63.030
publity AG          5.500  6/19/2025  EUR   57.936
Utmost Group PLC    4.000 12/15/2031  GBP   74.047
CM.com NV           2.000  09/09/2026 EUR   63.866
Marston's Issuer P  6.532  7/16/2035  GBP   74.333
Enel Finance Inter  1.125 10/17/2034  EUR   73.078
esure Group PLC     6.000             GBP   67.918
Mitsubishi UFJ Inv  6.538 12/30/2099  EUR    4.750
DNB Bank ASA        5.385             USD   74.532
Interpipe Holdings  8.375  5/13/2026  USD   48.757
EYEMAXX Real Estat  5.500  4/26/2023  EUR    1.306
Air Berlin PLC      6.750  05/09/2019 EUR    0.510
Wales & West Utili  1.875  5/28/2041  GBP   62.093
Atento Luxco 1 SA   8.000  02/10/2026 USD   29.689
TenneT Holding BV   1.125  06/09/2041 EUR   73.070
TotalEnergies Capi  1.535  5/31/2039  EUR   74.330
Medtronic Global H  1.750  07/02/2049 EUR   64.130
Czech Gas Networks  0.875  3/31/2031  EUR   72.852
DSV Finance BV      0.875  9/17/2036  EUR   68.603
Storebrand Livsfor  1.875  9/30/2051  EUR   71.755
Slovenia Governmen  1.175  2/13/2062  EUR   58.500
Mallinckrodt Inter 10.000  4/15/2025  USD   69.128
WPC Eurobond BV     0.950  06/01/2030 EUR   74.554
Nostrum Oil & Gas   7.000  2/16/2025  USD   25.219
Holcim Finance Lux  0.625  1/19/2033  EUR   71.214
Slovakia Governmen  2.250  06/12/2068 EUR   72.383
BNP Paribas SA      2.824  1/26/2041  USD   66.992
Vienna Insurance G  1.000  3/26/2036  EUR   69.056
Societe Du Grand P  0.700 10/15/2060  EUR   39.830
Air Berlin PLC      8.250  4/19/2018  EUR    0.466
Nykredit Realkredi  0.500  10/01/2053 DKK   68.252
Wuestenrot & Wuert  2.125  09/10/2041 EUR   70.773
alstria office REI  1.500 11/15/2027  EUR   72.428
Suek Securities DA  3.375  9/15/2026  USD   30.000
Rallye SA           3.400  2/28/2032  EUR    2.337
Home Credit & Fina  8.800             USD    5.349
Imerys SA           1.000  7/15/2031  EUR   74.250
Euroboden GmbH      5.500 11/18/2025  EUR   47.524
Offentliga Hus I N 10.266             SEK   71.491
Barclays Bank PLC   3.415 12/28/2040  EUR   72.115
Credit Suisse AG/L  2.300  9/24/2031  USD   74.123
Wessex Water Servi  1.250  01/12/2036 GBP   62.076
Altice France SA/F  5.125  7/15/2029  USD   73.806
Junta de Castilla   1.270 10/31/2044  EUR   62.116
Hellenic Republic   2.085  7/25/2057  EUR   33.957
K2A Knaust & Ander  8.808             SEK   67.758
AXA Logistics Euro  0.875 11/15/2029  EUR   74.236
Greene King Financ  6.077 12/15/2034  GBP   74.765
Southern Housing    2.375  10/08/2036 GBP   74.290
RWE AG              1.000 11/26/2033  EUR   74.072
Credit Suisse AG/N  3.750 10/20/2036  USD   66.446
Lukoil Securities   3.875  05/06/2030 USD   68.750
Derwent London PLC  1.875 11/17/2031  GBP   73.055
Orange SA           0.625 12/16/2033  EUR   74.870
Annington Funding   2.924  10/06/2051 GBP   55.941
GTLK Europe Capita  4.650  03/10/2027 USD   21.894
Saxa Gres Spa       7.000  08/04/2026 EUR   48.352
Cadent Finance PLC  2.750  9/22/2046  GBP   62.345
Intelsat Jackson H  5.500  08/01/2023 USD    0.497
JAB Holdings BV     2.250 12/19/2039  EUR   70.680
Cooperatieve Rabob  0.750  6/21/2039  EUR   69.372
Altice France Hold  6.000  2/15/2028  USD   62.901
LEG Immobilien SE   0.750  6/30/2031  EUR   72.548
OMV AG              1.000  07/03/2034 EUR   76.561
Ilija Batljan Inve 10.087             SEK   45.144
Credit Bank of Mos  8.875             USD   24.875
Gol Finance SA      8.000  6/30/2026  USD   50.206
BPCE SFH SA         0.010  1/29/2036  EUR   66.409
Shell Internationa  1.750  09/10/2052 GBP   49.794
Desenio Group AB    8.785 12/16/2024  SEK   49.950
Abengoa Abenewco 2  1.500 10/26/2024  USD    1.327
Talanx AG           1.750  12/01/2042 EUR   74.081
Ilija Batljan Inve  6.587 12/15/2024  SEK   65.044
Polyus Finance PLC  4.700  1/29/2024  USD   65.000
Credit Bank of Mos  7.625             USD   24.894
TotalEnergies Capi  1.618  5/18/2040  EUR   72.044
Hera SpA            1.000  4/25/2034  EUR   73.456
Annington Funding   3.935  07/12/2047 GBP   70.916
PIK Securities DAC  5.625 11/19/2026  USD   44.038
Debenhams PLC       5.250  7/15/2021  GBP    0.166
Thomas Cook Financ  3.875  7/15/2023  EUR    0.578
Sovereign Housing   2.375  11/04/2048 GBP   63.481
Nestle Finance Int  0.875  6/14/2041  EUR   67.519
Rallye SA           3.250  2/28/2032  CHF    3.051
BASF SE             1.625 11/15/2037  EUR   76.021
A2A SpA             0.625 10/28/2032  EUR   72.480
Novo Banco SA/Luxe  3.500  2/19/2043  EUR   71.577
FF Group Finance L  1.750  07/03/2019 EUR    5.000
Russian Foreign Bo  2.650  5/27/2036  EUR   37.832
Credit Suisse Grou  2.455  07/04/2034 EUR   75.658
Chelyabinsk Pipe P  4.500  9/19/2024  USD   22.601
Orange SA           0.750  6/29/2034  EUR   73.247
EWE AG              0.375 10/22/2032  EUR   73.755
Prologis Internati  3.000  2/22/2042  GBP   72.469
Saderea DAC        12.500 11/30/2026  USD   41.886
Societe Du Grand P  1.625  04/08/2042 EUR   73.013
Travelex Financing  8.000  5/15/2022  EUR    0.482
Lukoil Capital DAC  3.600 10/26/2031  USD   68.750
JDE Peet's NV       1.125  6/16/2033  EUR   73.769
Orpea SA            2.564 11/30/2027  EUR   26.891
State of North Rhi  1.950  9/26/2078  EUR   70.638
Finland Government  1.375  4/15/2047  EUR   75.622
BP Capital Markets  0.933  12/04/2040 EUR   61.415
Chancellor Masters  0.250  6/27/2068  GBP   62.578
BNP Paribas SA      2.000  9/13/2036  GBP   67.140
DH Europe Finance   1.800  9/18/2049  EUR   68.316
Societe Generale S  3.625  03/01/2041 USD   64.977
Unibail-Rodamco-We  1.375  5/25/2033  EUR   72.349
Credit Bank of Mos  4.700  1/29/2025  USD   25.766
GTLK Europe Capita  4.800  2/26/2028  USD   22.235
Vodafone Group PLC  3.375  08/08/2049 GBP   70.380
Ukraine Government  9.790  5/26/2027  UAH   52.887
Covivio SA/France   1.125  9/17/2031  EUR   75.734
Eurotorg LLC Via B  9.000 10/22/2025  USD   69.009
Medtronic Global H  1.375 10/15/2040  EUR   69.614
Alfa Bank AO Via A  5.900             USD    2.608
Allied Irish Banks 12.500  6/25/2035  GBP   55.690
Schlote Holding Gm  6.750 11/21/2024  EUR   24.139
GTLK Europe Capita  5.950  4/17/2025  USD   26.750
Credit Bank of Mos  5.550  2/14/2023  USD   22.532
Credit Suisse AG/L  5.250  9/21/2032  USD   72.773
Immigon Portfolioa  8.813             EUR    9.750
Proximus SADP       0.750 11/17/2036  EUR   67.731
Investor AB         0.375 10/29/2035  EUR   67.519
Jyske Realkredit A  1.000  10/01/2050 DKK   70.142
Novo Banco SA/Luxe  3.500  1/23/2043  EUR   73.756
Gol Finance SA      7.000  1/31/2025  USD   49.075
Realkredit Danmark  1.000  10/01/2050 DKK   70.015
Nykredit Realkredi  0.500  10/01/2050 DKK   70.318
Banque Federative   2.975             EUR   77.155
EnfraGen Energia S  5.375 12/30/2030  USD   61.782
Abengoa Abenewco 2  1.500 10/26/2024  USD    1.018
Siemens Financieri  0.500  09/05/2034 EUR   74.921
Deutsche Bahn Fina  0.875  6/23/2039  EUR   68.875
Euroclear Investme  1.375  6/16/2051  EUR   74.524
Prologis Internati  1.625  6/17/2032  EUR   76.579
Stichting Afwikkel 11.250             EUR   46.427
Nederlandse Waters  0.125  09/03/2035 EUR   69.806
PREOS Global Offic  7.500  12/09/2024 EUR   25.100
NRW Bank            0.100  07/09/2035 EUR   70.091
Cardea Europe AG    7.250  12/08/2023 EUR   33.250
Aroundtown SA       4.750  3/27/2032  USD   62.000
DNB Bank ASA        5.360             USD   74.649
Coruripe Netherlan 10.000  02/10/2027 USD   70.218
GTLK Europe Capita  4.349  2/27/2029  USD   20.385
Vesteda Finance BV  0.750 10/18/2031  EUR   73.689
Caisse des Depots   1.552  8/16/2038  EUR   74.588
State of North Rhi  1.550  6/16/2048  EUR   73.662
Selina Hospitality  6.000  11/01/2026 USD   47.338
BAT International   2.000  3/13/2045  EUR   55.152
Flagship Finance P  1.875  7/14/2061  GBP   51.488
LEG Immobilien SE   1.625 11/28/2034  EUR   63.689
Deutsche Bahn Fina  0.625  4/15/2036  EUR   71.532
UNEDIC ASSEO        0.250  7/16/2035  EUR   70.836
Intu Debenture PLC  5.562 12/31/2027  GBP   40.418
RTE Reseau de Tran  1.125  07/08/2040 EUR   69.570
Sovcombank Via Sov  3.400  1/26/2025  USD    2.204
State of North Rhi  1.750 10/26/2057  EUR   71.861
Sovcombank Via Sov  8.000  04/07/2030 USD    5.506
Places For People   2.500  1/26/2036  GBP   73.442
Senvion Holding Gm  3.875 10/25/2022  EUR    0.200
Engie SA            1.250 10/24/2041  EUR   63.614
National Grid PLC   0.750  09/01/2033 EUR   72.783
Tritax Big Box REI  1.500 11/27/2033  GBP   67.477
Cyprus Government   2.250  4/16/2050  EUR   71.249
La Poste SA         0.625  1/18/2036  EUR   68.558
Orpea SA            2.200 12/15/2024  EUR   27.391
GTLK Europe DAC     5.125  5/31/2024  USD   29.672
Russian Foreign Bo  1.125 11/20/2027  EUR   37.344
ABN AMRO Bank NV    1.115  03/03/2042 EUR   69.031
Enel Finance Inter  0.875  6/17/2036  EUR   67.102
Shell Internationa  0.875  11/08/2039 EUR   63.799
Societe Du Grand P  1.000  2/18/2070  EUR   41.957
Cardiff University  3.000  12/07/2055 GBP   73.789
Hungary Government  2.250  6/22/2034  HUF   57.927
Blend Funding PLC   2.922  04/05/2054 GBP   67.517
Enel Finance Inter  1.250  1/17/2035  EUR   73.591
Prologis Internati  0.750  3/23/2033  EUR   68.132
Societe Du Grand P  1.700  5/25/2050  EUR   67.731
Rusal Capital DAC   5.300  05/03/2023 USD   41.885
Samhallsbyggnadsbo  7.000  7/24/2023  SEK   57.940
City of Lugano Swi  0.150 11/28/2070  CHF   44.850
Clarion Funding PL  3.125  4/19/2048  GBP   70.935
State of North Rhi  1.750  07/11/2068 EUR   66.094
Kreditanstalt fuer  0.050  9/29/2034  EUR   72.714
Nordea Kredit Real  1.000  10/01/2053 DKK   73.727
Thames Water Utili  2.375  4/22/2040  GBP   64.605
Kenbourne Invest S  4.700  1/22/2028  USD   57.985
Unibail-Rodamco-We  1.750  07/01/2049 EUR   56.862
Societe Nationale   1.000  5/25/2040  EUR   66.245
Novo Banco SA/Luxe  3.500  01/02/2043 EUR   71.753
EYEMAXX Real Estat  5.500  9/24/2024  EUR    3.087
Hannover Rueck SE   1.375  6/30/2042  EUR   72.164
Mondelez Internati  1.250  09/09/2041 EUR   65.251
GTLK Europe Capita  4.949  2/18/2026  USD   20.103
Volkswagen Interna  1.500  1/21/2041  EUR   66.370
Fresenius Finance   0.875  10/01/2031 EUR   74.415
Linde PLC           1.000  9/30/2051  EUR   55.870
Karlou BV           7.750  6/18/2024  USD   11.526
Engie SA            1.375  6/21/2039  EUR   68.791
Aragvi Finance Int  8.450  4/29/2026  USD   68.169
Yorkshire Water Fi  2.750  4/18/2041  GBP   71.832
Idavang A/S         9.857  11/11/2025 EUR   66.568
Societe Nationale   0.875  2/28/2051  EUR   49.423
Wendel SE           1.375  1/18/2034  EUR   72.527
Societa di Progett  3.375 12/31/2038  EUR   75.746
Regiao Autonoma Ma  1.141  12/04/2034 EUR   73.152
Unibail-Rodamco-We  2.250  5/14/2038  EUR   71.984
Canton of Geneva S  0.050  8/27/2041  CHF   72.526
SRV Group Oyj       4.875             EUR   52.500
Nordea Kredit Real  1.000  10/01/2053 DKK   68.851
Cyprus Government   1.250  1/21/2040  EUR   63.847
Aggregate Holdings  5.500  5/17/2024  EUR   37.255
Tinkoff Bank JSC V  6.000             USD   44.429
Vnesheconombank Vi  6.025  07/05/2022 USD    6.267
Sanctuary Capital   2.375  4/14/2050  GBP   61.676
BNG Bank NV         0.875 10/24/2036  EUR   75.960
Deutsche Bahn Fina  1.375  4/16/2040  EUR   71.971
Simpar Europe SA    5.200  1/26/2031  USD   73.481
ABN AMRO Bank NV    1.125  4/23/2039  EUR   74.436
Nordea Kredit Real  1.000  10/01/2050 DKK   70.158
Electricite de Fra  1.875 10/13/2036  EUR   75.148
Herens Midco Sarl   5.250  5/15/2029  EUR   66.292
Vedanta Resources   9.250  4/23/2026  USD   61.021
Heineken NV         1.750  05/07/2040 EUR   73.782
Movida Europe SA    5.250  02/08/2031 USD   73.576
Greene King Financ  6.357  3/15/2036  GBP   75.743
Jyske Realkredit A  1.500  10/01/2053 DKK   73.415
Intelsat Jackson H  8.500 10/15/2024  USD    0.497
Digital Dutch Finc  1.250  02/01/2031 EUR   75.175
Realkredit Danmark  1.000  10/01/2053 DKK   68.762
OGX Austria GmbH    8.375  04/01/2022 USD    0.108
SABIC Capital I BV  3.000  9/14/2050  USD   71.058
Ukraine Government  9.990  5/22/2024  UAH   70.787
Tresu Investment H  8.012  01/02/2025 EUR   44.590
Allianz Finance II  0.500 11/22/2033  EUR   74.543
Offshore Drilling   8.375  9/20/2020  USD    2.038
Zurich Finance Ire  1.625  6/17/2039  EUR   73.582
Platform HG Financ  1.625  08/10/2055 GBP   49.507
Blend Funding PLC   2.467  6/16/2061  GBP   55.623
Erste Group Bank A  0.500  01/12/2037 EUR   69.392
National Grid Elec  2.000  4/17/2040  GBP   63.478
A2A SpA             1.000  11/02/2033 EUR   73.374
HOWOGE Wohnungsbau  1.125  11/01/2033 EUR   73.042
Russian Federal Bo  6.100  7/18/2035  RUB   70.371
Covivio SA/France   0.875  1/20/2033  EUR   69.549
European Financial  0.700  1/20/2050  EUR   56.003
BNG Bank NV         0.805  6/28/2049  EUR   57.015
Deutsche Bahn Fina  0.750  7/16/2035  EUR   73.620
Raiffeisen-Landesb  0.500  5/27/2041  EUR   62.079
GlaxoSmithKline Ca  1.625  05/12/2035 GBP   72.326
National Grid Elec  2.000  9/16/2038  GBP   65.411
Cadent Finance PLC  2.250  10/10/2035 GBP   70.892
Bulgaria Governmen  0.100  8/17/2031  BGN   69.643
Credit Suisse AG/L  2.000  9/30/2030  USD   74.717
Societe Nationale   1.000  1/19/2061  EUR   42.762
Gecina SA           0.875  6/30/2036  EUR   66.297
TechnipFMC PLC      3.750  10/07/2033 EUR   70.926
Credit Agricole It  0.750  1/20/2042  EUR   61.248
Pozavarovalnica Sa  3.750  11/07/2039 EUR   73.560
InterCement Financ  5.750  7/17/2024  USD   67.531
Shell Internationa  3.125  11/07/2049 USD   74.796
Scandinavian Airli  0.625             CHF   13.281
MMK International   4.375  6/13/2024  USD   25.921
Cie de Financement  0.600 10/25/2041  EUR   63.915
ABH Financial Ltd   2.700  06/11/2023 EUR   15.116
Kernel Holding SA   6.750 10/27/2027  USD   57.036
Solocal Group       9.957  3/15/2025  EUR   68.013
Diageo Finance PLC  1.250  3/28/2033  GBP   73.981
Latvia Government   1.375  5/16/2036  EUR   73.724
Tennor Finance BV   5.750  6/17/2024  EUR   70.000
M2 Asset Managemen  7.110  02/04/2026 SEK   73.135
AI Candelaria Spai  5.750  6/15/2033  USD   70.807
Yorkshire Water Fi  1.750 10/27/2032  GBP   74.967
Andorra Internatio  1.700 10/13/2041  EUR   69.429
AstraZeneca PLC     2.125  08/06/2050 USD   63.516
Housing & Care 21   3.288  11/08/2049 GBP   74.322
EnBW International  0.500  03/01/2033 EUR   73.506
Becton Dickinson E  1.213  02/12/2036 EUR   71.930
Syngenta Finance N  4.375  3/28/2042  USD   77.201
TMK OAO Via TMK Ca  4.300  02/12/2027 USD   53.620
Nostrum Oil & Gas   5.000  6/30/2026  USD   70.792
Saleza AS           9.000  07/12/2021 EUR    0.203
Telefonica Emision  1.957  07/01/2039 EUR   74.944
Russian Foreign Bo  1.850 11/20/2032  EUR   38.355
Unibail-Rodamco-We  2.000  5/29/2037  EUR   73.219
VTR Finance NV      6.375  7/15/2028  USD   38.722
Credit Suisse AG/L 20.000 11/29/2024  USD   10.360
Swissgrid AG        0.050  6/30/2050  CHF   53.550
BAWAG PSK Bank fue  0.375  3/25/2041  EUR   61.150
Alpine Holding Gmb  5.250  07/01/2015 EUR    0.504
Aroundtown SA       2.700 10/31/2028  EUR   63.668
Snam SpA            1.000  09/12/2034 EUR   71.818
Lehman Brothers UK  3.875             EUR   18.750
KTG Agrar SE        7.125  06/06/2017 EUR    2.001
WD Invest Sarl      1.900  10/02/2024 EUR   11.750
ABN AMRO Bank NV    0.375  1/14/2035  EUR   73.360
Hidrovias Internat  4.950  02/08/2031 USD   71.139
Deutsche Lichtmiet  5.250  09/01/2025 EUR    2.110
Saltaire Finance P  2.711  05/09/2052 GBP   73.194
British Telecommun  3.625 11/21/2047  GBP   72.385
Claranova SE        5.000  07/01/2023 EUR    0.500
Ukraine Government 19.600  04/02/2025 UAH   72.474
Ukraine Government  7.253  3/15/2035  USD   16.750
Orpea SA            2.130  07/03/2024 EUR   28.376
Jyske Realkredit A  1.000  10/01/2053 DKK   73.859
VEON Holdings BV    3.375 11/25/2027  USD   68.269
BPCE SA             5.205             EUR   68.529
Joh Friedrich Behr  6.250  6/18/2024  EUR    7.000
Bayer AG            1.000  01/12/2036 EUR   69.551
Societe Du Grand P  0.300  09/02/2036 EUR   66.782
UkrLandFarming PLC 10.875  3/26/2018  USD    1.808
European Financial  0.050  1/18/2052  EUR   41.526
Holcim Sterling Fi  2.250  04/04/2034 GBP   73.872
Latvia Government   1.875  2/19/2049  EUR   69.373
Hyde Housing Assoc  1.750  8/18/2055  GBP   50.586
Credit Suisse AG/L  7.730  6/15/2028  ZAR   74.712
Stichting Afwikkel  6.250 10/26/2020  EUR   43.625
BPCE SA             3.582 10/19/2042  USD   67.895
Celtic Resources H  4.125  10/09/2024 USD   11.753
RTE Reseau de Tran  1.125  09/09/2049 EUR   61.689
BAE Systems PLC     3.000  9/15/2050  USD   70.053
Trinseo Materials   5.125  04/01/2029 USD   61.020
Credit Suisse AG/L  4.200  1/29/2024  USD    9.816
Bourbon Corp       11.652             EUR    0.880
Scottish Hydro Ele  2.250  9/27/2035  GBP   73.934
Northern Powergrid  1.875  6/16/2062  GBP   51.288
Cie Generale des E  0.625  11/02/2040 EUR   65.067
Aeroports de Paris  1.125  6/18/2034  EUR   74.552
Genfit SA           3.500 10/16/2025  EUR   25.130
Kernel Holding SA   6.500 10/17/2024  USD   63.251
Scottish Hydro Ele  2.125  3/24/2036  GBP   71.986
Bromford Housing G  3.125  05/03/2048 GBP   74.003
SCOR SE             1.375  9/17/2051  EUR   71.035
Avangardco Investm 10.000 10/29/2018  USD    0.103
O1 Properties Fina  0.500  9/27/2028  USD    5.318
GN Store Nord AS    1.970  03/03/2036 EUR   60.422
Vedanta Resources   6.125  08/09/2024 USD   61.039
UNEDIC ASSEO        0.100  5/25/2034  EUR   72.082
Novo Banco SA/Luxe  3.500  3/18/2043  EUR   71.793
Home Group Ltd      3.125  3/27/2043  GBP   73.765
Virgolino de Olive 11.750  02/09/2022 USD    2.760
Intesa Sanpaolo Sp  4.375  01/12/2048 USD   70.240
Motability Operati  2.375  07/03/2039 GBP   72.637
National Grid Elec  1.625  10/07/2035 GBP   67.793
Sovcombank Via Sov  7.750             USD    3.323
Realkredit Danmark  1.000  10/01/2053 DKK   73.560
Aroundtown SA       2.970  9/26/2033  EUR   48.780
Aster Treasury Plc  1.405  1/27/2036  GBP   69.471
Lithuania Governme  0.750  7/15/2051  EUR   48.386
Northern Powergrid  2.250  10/09/2059 GBP   57.396
Nordea Kredit Real  1.500  10/01/2053 DKK   73.417
UK Municipal Bonds  1.625  8/26/2060  GBP   47.715
Credit Suisse AG/L 20.000  10/10/2023 CHF   30.170
Avanti Communicati  9.000  10/01/2022 USD   14.364
Credit Suisse AG/L  0.875  5/21/2031  EUR   70.939
SNCF Reseau         0.750  5/25/2036  EUR   72.499
Investor AB         1.500  6/20/2039  EUR   72.302
Ukraine Government  7.375  9/25/2034  USD   16.750
Jyske Realkredit A  0.500  10/01/2050 DKK   70.468
Terragon AG         6.500  5/24/2024  EUR    5.000
Privatbank CJSC Vi 10.250  1/23/2018  USD    3.498
DSV Finance BV      0.750  07/05/2033 EUR   74.127
Finland Government  0.500  4/15/2043  EUR   63.450
JAB Holdings BV     3.750  5/28/2051  USD   68.110
Perrigo Co PLC      5.300 11/15/2043  USD   72.212
Realkredit Danmark  1.500  10/01/2053 DKK   73.375
B2W Digital Lux Sa  4.375 12/20/2030  USD   19.250
Hellas Telecommuni  6.054  1/15/2015  USD    0.014
Altice France Hold  8.000  5/15/2027  EUR   72.955
TF Bank AB          9.437             SEK   57.235
City of Lausanne S  0.600 11/30/2056  CHF   62.788
Diebold Nixdorf Du  9.000  7/15/2025  EUR   45.250
Deutsche Bank AG    0.687  10/11/2049 EUR   42.902
EYEMAXX Real Estat  5.500  7/22/2025  EUR   19.389
Orpea SA            2.750  06/03/2033 EUR   27.437
Uralkali OJSC Via   4.000 10/22/2024  USD   18.205
Assura Financing P  1.625  6/30/2033  GBP   69.980
Cadent Finance PLC  3.125  3/21/2040  GBP   72.742
Banco Espirito San  7.125 11/28/2023  EUR    0.555
Beyond Housing Ltd  2.125  5/17/2051  GBP   59.316
Abengoa Abenewco 2  1.500 10/26/2024  USD    1.327
Nestle Finance Int  0.375  12/03/2040 EUR   61.346
Italgas SpA         0.500  2/16/2033  EUR   73.065
Bayerische Landesb  1.550  2/13/2040  EUR   52.926
Fuerstenberg Capit  3.905             EUR   52.462
Vnesheconombank Vi  6.800 11/22/2025  USD    5.437
Chancellor Masters  2.350  6/27/2078  GBP   62.181
Paragon Treasury P  2.000  05/07/2036 GBP   72.110
Engie SA            1.000 10/26/2036  EUR   69.910
University of Sout  2.250  04/11/2057 GBP   60.196
Gazprom PJSC Via G  4.950  02/06/2028 USD   72.005
GN Store Nord AS    3.200 11/26/2036  GBP   74.425
City of Lausanne S  0.680  03/11/2058 CHF   61.523
Peabody Capital No  3.250  9/14/2048  GBP   72.602
State of Bremen     1.000  5/27/2039  EUR   73.188
Ile-de-France Mobi  1.275  2/14/2042  EUR   69.385
Bilt Paper BV      10.360             USD    1.253
Orange SA           1.200  07/11/2034 EUR   75.150
Croatia Government  1.250  03/03/2040 EUR   64.365
Barclays Bank PLC   5.460             USD   88.754
Banco Santander SA  0.100  2/27/2032  EUR   75.667
Social Chain AG /T  5.750  04/07/2024 EUR   56.000
Alpine Holding Gmb  6.000  5/22/2017  EUR    0.504
OGX Austria GmbH    8.375  04/01/2022 USD    0.108
Canton of Geneva S  0.500 10/31/2056  CHF   68.668
Penarian Housing F  3.212  06/07/2052 GBP   74.290
Market Bidco Finco  5.500  11/04/2027 GBP   74.583
Korian SA           3.350  6/29/2028  EUR   74.744
La Banque Postale   0.250  02/12/2035 EUR   71.319
Global Ports Finan  6.500  9/22/2023  USD   44.948
Southern Housing    3.500 10/19/2047  GBP   75.528
Credit Suisse AG/L 15.250  3/20/2024  CHF   47.530
Hellas Telecommuni  8.500 10/15/2013  EUR    0.173
Intesa Sanpaolo Sp  2.625  03/11/2036 GBP   69.905
DWR Cymru Financin  2.375  3/31/2034  GBP   75.002
NET4GAS sro         2.745  1/28/2031  CZK   45.261
La Financiere Atal  4.000  5/15/2024  EUR   70.437
Boparan Finance PL  7.625 11/30/2025  GBP   65.092
East Slope Residen  0.100  2/28/2062  GBP   68.648
Aroundtown SA       3.250  11/12/2032 EUR   53.170
European Financial  1.200  2/17/2045  EUR   70.244
Russian Foreign Bo  4.250  6/23/2027  USD   38.750
NPC Ukrenergo       6.875  11/09/2028 USD   16.432
Landesbank Hessen-  0.500  1/19/2037  EUR   71.492
Nykredit Realkredi  0.500  10/01/2050 DKK   68.260
Deutsche Lichtmiet  5.750  12/01/2023 EUR   11.267
Cie de Financement  0.010 10/29/2035  EUR   67.441
ABN AMRO Bank NV    0.625  1/24/2037  EUR   72.094
Eurotorg LLC Via B  9.000 10/22/2025  USD   69.009
Region Hauts-de-Fr  0.691  07/09/2042 EUR   60.428
Deutsche Lichtmiet  5.250  02/01/2027 EUR    2.840
Linde PLC           0.375  9/30/2033  EUR   74.200
Accent Capital PLC  2.625  7/18/2049  GBP   67.520
Lithuania Governme  1.625  6/19/2049  EUR   63.996
Kuntarahoitus Oyj   0.050  09/10/2035 EUR   69.822
Malta Government B  1.500 10/22/2045  EUR   62.740
Motability Operati  1.500  1/20/2041  GBP   60.879
City of Zurich Swi  0.400 11/21/2046  CHF   73.743
Telefonica Emision  1.864  7/13/2040  EUR   71.443
Jyske Realkredit A  1.000  10/01/2053 DKK   68.850
Banco Espirito San  5.725             EUR    2.270
Credit Suisse AG/L  9.750  4/27/2023  USD   61.750
European Financial  0.700  1/17/2053  EUR   52.696
ESFIL-Espirito San  5.250  06/12/2015 EUR    0.111
Eni SpA             1.000  10/11/2034 EUR   74.952
Southern Gas Netwo  1.250  12/02/2031 GBP   73.437
SNCF Reseau         2.000  02/05/2048 EUR   72.742
Caisse Francaise d  0.625  1/20/2042  EUR   63.405
WPP Finance 2013    2.875  9/14/2046  GBP   61.489
Dexia Credit Local  4.433             EUR    2.498
Region de Bruxelle  1.220  6/23/2053  EUR   57.604
Petrobras Global F  4.500  02/04/2033 EUR   65.091
ABN AMRO Bank NV    0.400  9/17/2041  EUR   61.126
City of Lausanne S  0.600  07/06/2050 CHF   69.235
State of Saxony-An  0.500  3/24/2051  EUR   52.651
Metropolitan Housi  1.875  7/28/2036  GBP   69.619
Nordea Kredit Real  1.500  10/01/2053 DKK   69.722
Hampshire Trust Ba  7.250  05/10/2028 GBP   72.099
BNG Bank NV         0.250 11/22/2036  EUR   68.360
State of Bremen     0.400  8/20/2049  EUR   51.972
Espirito Santo Fin  6.875 10/21/2019  EUR    0.010
Unibail-Rodamco-We  2.000  4/28/2036  EUR   74.603
Region de Bruxelle  1.121  05/11/2071 EUR   43.705
Nykredit Realkredi  0.500  10/01/2053 DKK   66.177
Catalyst Housing L  3.125 10/31/2047  GBP   71.146
Societe Du Grand P  0.576 10/29/2052  EUR   43.474
Air Berlin PLC      5.625  05/09/2019 CHF    0.400
Turkiye Is Bankasi  8.100  12/03/2029 USD   73.505
Boparan Finance PL  7.625 11/30/2025  GBP   65.503
European Financial  1.375  5/31/2047  EUR   71.189
Grand City Propert  2.000 10/25/2032  EUR   62.724
Mallinckrodt Inter 10.000  6/15/2029  USD   54.000
PJSC Koks via IMH   5.900  9/23/2025  USD    7.501
Land Securities Ca  2.750  9/22/2059  GBP   62.728
University College  1.625  06/04/2061 GBP   52.783
Cellnex Finance Co  3.875  07/07/2041 USD   74.474
adidas AG           0.625  09/10/2035 EUR   71.555
Banco Espirito San  5.905             EUR    0.295
Stonewater Funding  1.625  09/10/2036 GBP   68.831
Alno AG             8.500  5/14/2018  EUR   17.060
Realkredit Danmark  0.500  10/01/2050 DKK   70.318
Northern Electric   2.750  5/24/2049  GBP   69.043
Credit Bank of Mos  7.121  6/25/2024  USD   23.480
Yandex NV           0.750  9/13/2022  USD   69.375
Holcim Finance Lux  1.375  10/08/2036 EUR   64.163
Nykredit Realkredi  1.500  10/01/2053 DKK   69.702
Junta de Castilla   1.275  04/07/2049 EUR   57.400
City of Lausanne S  0.050  9/28/2054  CHF   53.278
Rallye SA           1.000  2/28/2032  EUR    1.483
Optivo Finance PLC  3.283  3/22/2048  GBP   73.108
Landwirtschaftlich  0.625 10/31/2036  EUR   73.869
State of North Rhi  0.500  1/15/2052  EUR   51.642
Kreditanstalt fuer  1.000 10/19/2050  EUR   63.914
Clarion Funding PL  1.875  09/07/2051 GBP   51.664
ABN AMRO Bank NV    1.125  4/23/2039  EUR   74.441
Luzerner Kantonalb  0.160 12/23/2043  CHF   69.191
Nationwide Buildin  0.500  05/05/2041 EUR   63.057
Cirio Holding Luxe  6.250  2/16/2004  EUR    1.458
Phosagro OAO Via P  3.050  1/23/2025  USD   62.000
State of North Rhi  1.450  2/16/2043  EUR   74.972
Kreditanstalt fuer  0.375  5/20/2036  EUR   72.212
South Eastern Powe  1.750  9/30/2034  GBP   72.628
Canton of Zurich    0.100  6/23/2045  CHF   71.383
Societe Generale S  9.000 12/22/2034  USD   70.000
Steilmann SE        6.750  6/27/2017  EUR    2.184
Nationale-Nederlan  0.050  11/12/2040 EUR   58.267
European Primary P  1.732  11/09/2055 GBP   52.235
Abengoa Abenewco 2  1.500 10/26/2024  USD    1.018
Prosus NV           4.027  08/03/2050 USD   65.042
Liquid Telecommuni  5.500  09/04/2026 USD   66.872
Banca Popolare di   9.500  9/29/2025  EUR    0.380
Cadent Finance PLC  2.625  9/22/2038  GBP   69.525
Autonomous Communi  1.255 10/31/2048  EUR   56.564
Italy Buoni Polien  2.800  03/01/2067 EUR   70.546
Citizen Treasury P  3.250 10/20/2048  GBP   75.402
Bellis Finco PLC    4.000  2/16/2027  GBP   69.958
Prosus NV           4.987  1/19/2052  USD   73.941
Elli Finance UK PL  8.750  6/15/2019  GBP   56.562
Pfandbriefbank sch  0.250  10/06/2042 CHF   72.659
Ministeries Van de  0.125 10/15/2035  EUR   67.551
Espirito Santo Fin  9.750 12/19/2025  EUR    0.622
Ukraine Government 12.520  5/13/2026  UAH   56.539
ING-DiBa AG         1.000  5/23/2039  EUR   72.813
MHP SE              7.750  05/10/2024 USD   55.152
Joh Friedrich Behr  7.750  11/11/2020 EUR    5.000
Alitalia-Societa A  5.250  7/30/2020  EUR    0.333
Muenchener Hypothe  0.010  11/02/2040 EUR   58.318
Guinness Partnersh  2.000  4/22/2055  GBP   53.712
Deutsche Wohnen SE  1.300  04/07/2041 EUR   56.017
Richemont Internat  1.625  5/26/2040  EUR   74.581
Ocado Group PLC     3.875  10/08/2026 GBP   73.863
Gazprom PJSC via G  2.950  1/27/2029  USD   58.000
Realkredit Danmark  1.000  10/01/2053 DKK   63.221
Yuksel Insaat AS    9.500  11/10/2015 USD    0.764
New World Resource  4.000  10/07/2020 EUR    0.254
Ukraine Government 15.840  2/26/2025  UAH   69.861
European Financial  1.750  7/17/2053  EUR   72.061
Espirito Santo Fin  5.050 11/15/2025  EUR    0.622
Parnassia Groep BV  1.210  12/01/2033 EUR   75.644
DWR Cymru Financin  1.375  3/31/2033  GBP   73.879
Credit Agricole It  0.125  3/15/2033  EUR   71.595
M Objekt Real Esta  6.000  7/22/2024  EUR   56.823
Region de Bruxelle  0.444  3/19/2057  EUR   34.947
Ville de Paris      1.200  6/25/2039  EUR   72.413
Banco Espirito San  6.875  7/15/2016  EUR   19.250
Ministeries Van de  0.875  3/21/2046  EUR   58.878
Raiffeisenbank AS   0.700 11/15/2031  EUR   74.816
EDOB Abwicklungs A  7.500  04/01/2012 EUR    1.537
City of St Gallen   0.140  9/16/2044  CHF   70.333
Grupo Antolin-Irau  3.500  4/30/2028  EUR   72.523
Zurich Finance Ire  1.600 12/17/2052  EUR   70.611
Transports Publics  0.450 12/29/2056  CHF   64.437
Kairos Global Solu  1.900  07/03/2035 USD   72.834
Realkredit Danmark  0.500  10/01/2053 DKK   68.233
Swissgrid AG        0.125  6/30/2036  CHF   74.365
Agence Francaise d  0.500  5/31/2035  EUR   72.554
Caisse Francaise d  0.010 10/19/2035  EUR   66.989
La Poste SA         1.000  9/17/2034  EUR   74.937
Ukreximbank Via Bi  9.750  1/22/2025  USD   70.175
Concessio Estacion  3.520 12/31/2037  EUR   72.685
Aareal Bank AG      0.625  9/16/2030  EUR   63.224
Credit Suisse AG    0.500 12/16/2025  BRL   68.801
Annington Funding   2.308  10/06/2032 GBP   73.411
Ile-de-France Mobi  0.200 11/16/2035  EUR   68.350
Credit Agricole SA  1.400  7/28/2031  EUR   76.014
Malta Government B  1.000  8/23/2035  EUR   74.599
London & Quadrant   2.750  7/20/2057  GBP   61.709
Canary Wharf Group  3.375  4/23/2028  GBP   69.198
Nykredit Realkredi  1.000  10/01/2053 DKK   63.210
Nordea Kredit Real  0.500  10/01/2050 DKK   70.380
Region de Bruxelle  0.562 12/23/2065  EUR   30.652
Clarion Funding PL  1.250 11/13/2032  GBP   72.465
Nederlandse Waters  0.375  9/28/2046  EUR   54.999
German Pellets Gmb  7.250 11/27/2019  EUR    1.345
Credit Suisse AG/L  3.220  02/08/2032 AUD   73.496
Platform HG Financ  1.926  9/15/2041  GBP   65.990
Deutsche Bank AG    1.580 10/23/2031  EUR   70.568
Prosus NV           3.832  02/08/2051 USD   62.796
SCC Power PLC       6.000 12/31/2028  USD   48.719
Hungary Government  3.125  9/21/2051  USD   62.750
Cooperatieve Rabob  0.010 11/27/2040  EUR   57.644
Cooperatieve Rabob  0.500  7/30/2043  MXN   15.807
BNG Bank NV         0.125  07/09/2035 EUR   70.607
Nederlandse Waters  0.500  4/26/2051  EUR   51.381
Muenchener Hypothe  1.000  4/18/2039  EUR   73.626
Cooperatieve Rabob  0.500 10/30/2043  MXN   14.605
LiveWest Treasury   2.250  10/10/2043 GBP   67.282
Notting Hill Genes  3.250  10/12/2048 GBP   71.900
Alfa Bank AO Via A  5.500 10/26/2031  USD    0.014
Saltaire Finance P  1.527 11/23/2051  GBP   54.195
Dexia SA            4.292             EUR    2.753
Fastighets AB Bald  1.293  03/03/2031 EUR   56.684
Action Logement Se  0.500 10/30/2034  EUR   73.120
Salerno Pompei Nap  2.800  1/19/2045  EUR   71.663
Credit Suisse AG/L  5.200 11/27/2023  USD    9.010
Petrobras Global F  4.750  04/02/2038 EUR   51.677
London & Quadrant   2.000 10/20/2038  GBP   66.033
Region de Bruxelle  1.400  03/11/2054 EUR   53.798
Vier Gas Transport  0.500  09/10/2034 EUR   68.529
Jain International  7.125  02/01/2022 USD   21.952
Pfandbriefzentrale  0.200  5/22/2042  CHF   72.361
Caisse Francaise d  0.375  2/13/2040  EUR   62.698
Telenor ASA         0.875  2/14/2035  EUR   73.106
Virgolino de Olive 10.500  1/28/2018  USD    2.757
Cooperatieve Rabob  0.500 10/29/2027  MXN   64.504
Veneto Banca SpA    9.878  12/01/2025 EUR    0.478
Havila Shipping AS  8.190  01/02/2025 NOK   40.000
Deutsche Wohnen SE  0.500  04/07/2031 EUR   68.733
Bankinter SA        1.200  06/05/2035 EUR   74.870
Veneto Banca SpA    6.411             EUR    0.345
Anchor Hanover Gro  2.000  7/21/2051  GBP   56.582
Russian Federal Bo  7.100  5/15/2041  RUB   72.690
State of North Rhi  0.500 11/25/2039  EUR   66.317
WM Morrison Superm  2.500  10/01/2031 GBP   45.901
Severn Trent Utili  0.010 12/16/2055  GBP   52.393
City of Lausanne S  0.540  11/06/2062 CHF   54.214
Caisse Francaise d  0.500  10/01/2046 EUR   56.281
Lehman Brothers UK  5.750             EUR    7.000
State of North Rhi  0.375  09/02/2050 EUR   50.356
Region Wallonne Be  0.650  1/16/2051  EUR   48.277
Ile-de-France Mobi  0.950  5/28/2041  EUR   66.173
State of North Rhi  0.600  06/04/2041 EUR   64.967
Stobart Finance PL  2.750  05/08/2024 GBP   73.504
Russian Federal Bo  7.000  7/30/2036  RUB   74.830
Zenith Finco PLC    6.500  6/30/2027  GBP   74.250
LSF9 Balta Issuer   3.000 12/31/2030  EUR   61.699
Transcapitalbank J 10.000             USD   51.984
Ville de Paris      0.450 10/20/2045  EUR   54.203
MMC Norilsk Nickel  6.625 10/14/2022  USD   72.250
Free State of Saxo  0.400  05/12/2036 EUR   71.907
Aktia Bank Oyj      0.500  3/30/2031  EUR   74.587
Action Logement Se  0.750  7/19/2041  EUR   62.534
Abengoa Abenewco 2  1.500  4/26/2024  USD    0.228
Autobahnen- und Sc  0.100  7/16/2035  EUR   70.907
CRC Breeze Finance  6.110  05/08/2026 EUR   74.378
Credit Suisse AG/L  9.000  4/22/2024  USD   27.550
FF Group Finance L  3.250  11/02/2021 CHF    5.150
VF Ukraine PAT via  6.200  02/11/2025 USD   60.226
CCEP Finance Irela  1.500  05/06/2041 EUR   68.231
Metinvest BV        8.500  4/23/2026  USD   62.824
Credit Suisse Inte  9.500  3/24/2026  UAH   55.220
Nordea Kredit Real  0.500  10/01/2050 DKK   68.480
State of North Rhi  0.750  8/16/2041  EUR   66.499
Credit Suisse AG/L  2.100  3/31/2031  USD   73.873
Privatbank CJSC Vi 10.875  2/28/2018  USD    6.586
SCF Capital Design  5.375  6/16/2023  USD   18.904
Manchester Airport  2.875  9/30/2044  GBP   67.612
Windreich GmbH      6.500  03/01/2015 EUR    2.780
Mallinckrodt Inter 10.000  4/15/2025  USD   68.730
Ministeries Van de  1.000  1/23/2051  EUR   56.749
Free State of Saxo  0.010 12/17/2035  EUR   68.789
Jyske Realkredit A  0.500  10/01/2050 DKK   68.309
State of Schleswig  0.200  8/15/2039  EUR   63.321
Realkredit Danmark  0.500  10/01/2050 DKK   68.287
Free State of Bava  0.010  1/18/2035  EUR   71.227
Raiffeisenlandesba  0.500  1/22/2035  EUR   73.192
State of North Rhi  1.000 10/16/2046  EUR   65.543
Schoeller Packagin  6.375  11/01/2024 EUR   70.992
Realkredit Danmark  1.500  10/01/2053 DKK   69.606
Rhaetische Bahn AG  0.050  08/03/2050 CHF   60.677
City of Bern Switz  0.040  10/02/2070 CHF   45.000
UBS AG/London       6.500  10/02/2024 USD   58.750
Autonomous Region   1.095  9/27/2036  EUR   70.814
Canton of St Galle  0.200 11/28/2041  CHF   75.295
Orpea SA            2.000  08/09/2029 EUR   27.375
Onward Homes Ltd    2.125  3/25/2053  GBP   56.288
Single Platform In  0.950  02/05/2033 EUR   76.153
MHP Lux SA          6.950  04/03/2026 USD   50.718
Solarworld AG       9.691  2/24/2019  EUR   14.875
Blend Funding PLC   3.508  05/04/2057 GBP   74.304
Metinvest BV        7.750 10/17/2029  USD   50.000
MVM Energetika Zrt  3.250  09/03/2031 HUF   65.000
Altice Finco SA     4.750  1/15/2028  EUR   73.686
Solon SE            1.375  12/06/2012 EUR    0.745
Deutsche Pfandbrie  0.906  03/04/2050 EUR   65.019
Region Auvergne-Rh  0.892 10/21/2041  EUR   62.309
Banca Popolare di   2.821 12/20/2017  EUR    0.396
Land Berlin         0.350  09/09/2050 EUR   49.906
Russian Foreign Bo  7.500  3/31/2030  USD   64.653
Havila Shipping AS  7.440  01/02/2025 NOK   42.167
Communaute Francai  0.625  06/11/2035 EUR   72.178
New World Resource  8.000  04/07/2020 EUR    0.088
Kommunekredit       0.500  6/19/2039  DKK   66.425
Uliving@essex3 LLP  2.720  8/31/2066  GBP   50.771
City of Lausanne S  0.230  11/01/2060 CHF   48.689
Raiffeisenlandesba  1.650  8/23/2046  EUR   74.164
Kommunekredit       0.875  11/03/2036 EUR   75.600
Raiffeisenlandesba  0.375  1/15/2035  EUR   71.870
Kommunekredit       0.125  9/26/2040  EUR   60.104
Aegon Bank NV       0.375  06/09/2036 EUR   70.301
Kommunekredit       0.625 11/21/2039  EUR   68.531
Credit Suisse AG/L  3.880 10/31/2036  USD   75.625
Espirito Santo Fin  3.125  12/02/2018 EUR    0.622
Kommunekredit       0.010  05/04/2034 EUR   72.025
FNG Benelux Holdin  5.000  8/28/2023  EUR    1.000
Metalloinvest Fina  3.375 10/22/2028  USD   53.000
Offshore Drilling   8.375  9/20/2020  USD    2.038
Endo Luxembourg Fi  6.125  04/01/2029 USD   74.500
Deutsche Bank AG    2.400  2/26/2028  USD   76.750
Jyske Realkredit A  1.500  10/01/2053 DKK   69.692
Clarion Funding PL  1.875  1/22/2035  GBP   71.547
Ukraine Government  4.375  1/27/2032  EUR   16.863
Romanian Governmen  2.875  4/13/2042  EUR   59.468
Depfa Funding II L  6.500             EUR   60.327
Windreich GmbH      6.500  7/15/2016  EUR    2.780
Heimstaden Bostad   2.800  05/04/2035 EUR   62.330
LBI ehf             6.100  8/25/2011  USD   10.250
Lehman Brothers UK  5.125             EUR   18.750
Orpea SA            3.144 12/22/2025  EUR   27.757
MHP Lux SA          6.250  9/19/2029  USD   49.039
Basque Government   1.375 10/31/2070  EUR   44.313
Assistance Publiqu  1.750 11/27/2041  EUR   75.667
BAWAG PSK Bank fue  0.625  6/19/2034  EUR   75.599
Gazprom PJSC via G  3.897             EUR   52.551
Hylea Group SA      7.250  12/01/2022 EUR    0.310
DLR Kredit A/S      0.500  10/01/2050 DKK   71.433
Gemeente Bergen OP  0.440  9/20/2044  EUR   58.306
Ministeries Van de  1.500  04/11/2044 EUR   70.484
Evraz PLC           5.250  04/02/2024 USD   52.226
Motability Operati  2.125  1/18/2042  GBP   66.953
Nederlandse Waters  1.625  1/29/2048  EUR   75.127
Tele Columbus AG    3.875  05/02/2025 EUR   70.655
Ukraine Government  7.750  09/01/2027 USD   18.036
Gazprom PJSC via G  4.599             USD   53.000
Nationale-Nederlan  0.050  9/24/2035  EUR   68.210
Norwegian Air Shut  7.137  02/07/2023 SEK   86.439
Region Wallonne Be  1.050  6/22/2040  EUR   67.487
Cirio Finanziaria   8.000 12/21/2005  EUR    0.478
Italy Buoni Polien  2.150  09/01/2052 EUR   65.063
Landesbank Hessen-  0.550 11/27/2030  EUR   75.003
Muenchener Hypothe  0.125 11/19/2030  EUR   75.455
Region Wallonne Be  0.500  6/22/2037  EUR   67.004
Pfandbriefzentrale  0.050  10/06/2043 CHF   68.309
National Grid Elec  1.608  8/24/2040  GBP   49.787
VST Building Techn  7.000  6/28/2024  EUR    0.120
Deutsche Bank AG    1.725  1/16/2045  EUR   43.712
Republic of Irelan  1.425  9/18/2119  EUR   53.394
Metinvest BV        5.625  6/17/2025  EUR   64.347
Chrome Holdco SASU  5.000  5/31/2029  EUR   73.433
J&T Banka AS        7.000             EUR   65.045
Standard Chartered  3.000  4/30/2036  AUD   69.028
Banco Espirito San  6.900  6/28/2024  EUR   19.251
State of Rhineland  0.375  7/20/2048  EUR   52.016
French Republic Go  0.750  5/25/2053  EUR   53.986
Credit Suisse AG/L  8.000  4/18/2023  CHF    8.600
VIA A11 NV          4.490  9/30/2045  EUR   75.456
Caisse Francaise d  0.125  2/15/2036  EUR   67.492
BAWAG PSK Bank fue  0.010 11/19/2035  EUR   66.331
Barclays Bank PLC   2.700  06/01/2032 USD   73.441
Sovcombank Via Sov  7.600             USD    2.743
Societe Generale S  3.920  12/09/2036 AUD   71.015
Land Thueringen     0.100  07/09/2035 EUR   70.448
Cirio Del Monte NV  7.750  3/14/2005  EUR    0.175
UniCredit Bank AG   0.010  1/21/2036  EUR   67.861
Eastern Power Netw  1.875  06/01/2035 GBP   72.338
Nykredit Realkredi  1.000  10/01/2050 DKK   70.010
Deutsche Wohnen SE  2.000  3/28/2034  EUR   67.970
Republic of Irelan  0.740 11/27/2120  EUR   30.584
NRW Bank            1.250  5/13/2049  EUR   69.236
UniCredit Bank Aus  0.050  9/21/2035  EUR   67.930
Department of L'Eu  0.515  5/25/2040  EUR   61.843
Credit Suisse AG/L  4.550  5/24/2023  USD    9.605
London & Quadrant   3.125  2/28/2053  GBP   68.037
Ukraine Government  9.750  11/01/2030 USD   18.333
Island Offshore Sh  8.950  6/30/2024  NOK   30.000
Raiffeisen Bank In  0.700  12/06/2029 EUR   75.960
Single Platform In  4.020  07/01/2052 EUR   56.825
Orpea SA            2.300  03/06/2025 EUR   26.913
Republic of Belaru  5.875  2/24/2026  USD   44.200
Yarlington Treasur  3.410  9/18/2057  GBP   70.157
Credit Suisse AG/L 16.000  9/20/2023  CHF   41.340
Kingdom of Belgium  1.400  6/22/2053  EUR   64.769
Investitionsbank B  0.050  03/02/2035 EUR   70.614
BAE Systems PLC     3.000  9/15/2050  USD   69.647
State of Lower Sax  0.050  03/09/2035 EUR   70.913
Raiffeisenbank AS   6.989             EUR   68.021
CB First Investmen  8.000             EUR   73.906
Niedersachsen Inve  0.250  7/16/2035  EUR   72.275
Manchester Airport  2.875  3/31/2039  GBP   73.237
LIB-Landesimmobili  0.620  7/15/2041  EUR   63.853
Land Berlin         0.625  1/26/2052  EUR   54.039
Hamon & CIE SA      3.300  1/31/2035  EUR   46.109
United Kingdom Gil  1.125 10/22/2073  GBP   46.103
Agence Francaise d  0.375  5/25/2036  EUR   68.477
TBI Bank EAD        5.250  7/30/2031  EUR   49.938
Credit Suisse AG/L  1.000 12/20/2027  EUR    0.270
Region de Bruxelle  0.274  12/11/2040 EUR   56.189
State of Bremen     0.450  2/24/2051  EUR   51.100
Del Monte Finance   6.625  5/24/2006  EUR    1.000
Free and Hanseatic  0.250  2/18/2041  EUR   61.271
Iberdrola Finanzas  1.000  02/02/2037 EUR   71.089
Credit Suisse AG/L  9.000  05/02/2023 CHF   10.000
de Volksbank NV     0.125 11/19/2040  EUR   58.811
Stichting Afwikkel  6.625  5/14/2018  EUR   43.625
Privatbank CJSC Vi 11.000  02/09/2021 USD    1.000
Credit Suisse AG/L  7.700  08/03/2028 ZAR   72.752
Muenchener Hypothe  0.250  3/29/2041  CHF   73.703
Canton of Neuchate  0.350  7/14/2050  CHF   66.172
Orbit Capital PLC   2.000 11/24/2038  GBP   66.745
Martlet Homes Ltd   3.000  05/09/2052 GBP   70.583
Wrekin Housing Gro  2.500 10/22/2048  GBP   63.664
Grand City Propert  2.500  6/27/2039  EUR   50.431
Ukraine Government 19.700  08/06/2025 UAH   70.869
Argenta Spaarbank   0.500  10/08/2041 EUR   61.981
DAH Holding GmbH    7.250  9/28/2018  EUR    0.718
City of Zurich Swi  0.250 11/24/2051  CHF   67.265
UBS AG/London       3.327 11/23/2025  EUR   58.500
Futureal Developme  4.000  3/23/2031  HUF   64.000
Societe Generale S  8.000  5/28/2027  USD   63.000
AXA Home Loan SFH   0.125  6/25/2035  EUR   69.370
Celtic Resources H  4.125  10/09/2024 USD   11.753
Pfandbriefzentrale  0.250  06/12/2040 CHF   75.230
Kleopatra Holdings  6.500  09/01/2026 EUR   58.500
Regie Autonome des  0.938  5/25/2050  EUR   54.609
Constellation Auto  4.875  7/15/2027  GBP   74.630
Achmea Bank NV      0.250  9/29/2036  EUR   68.528
DLR Kredit A/S      1.000  10/01/2050 DKK   71.476
ALROSA Finance SA   4.650  04/09/2024 USD   10.302
Ville de Paris      0.650 11/25/2070  EUR   34.536
Intelsat Jackson H  9.750  7/15/2025  USD    0.497
Affinity Water Fin  3.278  8/22/2042  GBP   74.766
Altice France Hold  4.000  2/15/2028  EUR   63.291
Stadt Graz          1.878 10/31/2046  EUR   76.531
State of Hesse      0.750  08/04/2036 EUR   75.172
Finmek Internation  7.000  12/03/2004 EUR    2.193
Sairgroup Finance   4.375  06/08/2006 EUR    1.964
Land Thueringen     0.125  1/13/2051  EUR   45.570
NAK Naftogaz Ukrai  7.625  11/08/2026 USD   19.773
Kommunekredit       0.375  02/03/2045 DKK   57.062
Canton of Neuchate  0.100 10/29/2049  CHF   62.132
Region Wallonne Be  1.805  1/24/2040  EUR   74.605
MFB Magyar Fejlesz  4.600 10/24/2029  HUF   75.072
Russian Foreign Bo  4.375  3/21/2029  USD   38.750
Ahtium PLC          4.000 12/16/2015  EUR    0.586
Spain Government B  1.900 10/31/2052  EUR   67.153
Caisse Francaise d  1.110  9/21/2046  EUR   71.610
Agrokor dd          9.875  05/01/2019 EUR   15.000
Nordea Kredit Real  0.500  10/01/2053 DKK   68.402
Emissionszentrale   0.150  09/09/2041 CHF   74.300
Eurohold Bulgaria   8.000 12/29/2026  EUR   72.960
Bayerische Landesb  0.250  3/21/2036  EUR   70.672
State of Bremen     0.150  9/14/2040  EUR   60.146
Development Bank o  6.750  05/02/2024 USD   40.371
Banque Federative   0.376 10/15/2031  EUR   74.028
La Financiere Atal  5.125  5/15/2025  EUR   66.916
Suek Securities DA  3.375  9/15/2026  USD   30.000
Nordea Kredit Real  1.000  10/01/2053 DKK   63.248
Sovcombank Via Sov  7.750             USD    3.323
Raiffeisen Landesb  0.375 11/13/2034  EUR   72.917
State of North Rhi  0.800  7/30/2049  EUR   59.151
Canton of Ticino    0.400  6/27/2044  CHF   74.636
Romanian Governmen  1.750  7/13/2030  EUR   73.980
Single Platform In  1.117  5/25/2066  EUR   55.144
Credit Suisse AG/L  4.530  07/12/2023 USD    9.540
Cirio Finance Luxe  7.500  11/03/2002 EUR    2.530
Societe Generale S  3.100  4/22/2036  AUD   66.158
Evan Group PLC      6.000  7/31/2022  EUR   29.000
Frigoglass Finance  6.875  02/12/2025 EUR   27.000
Metropolitano de T  1.229  7/30/2036  EUR   71.742
Abengoa Abenewco 1  6.000  06/10/2022 EUR    0.432
Region de Bruxelle  1.500  6/22/2070  EUR   51.335
Ukraine Government  7.750  09/01/2028 USD   17.917
Bromford Housing G  2.554  3/17/2054  GBP   61.345
Depfa Funding III   2.056             EUR   59.247
Paradigm Homes Cha  2.250  5/20/2051  GBP   61.151
Notting Hill Genes  2.000  06/03/2036 GBP   70.593
MFB Magyar Fejlesz  4.200  4/20/2033  HUF   68.751
de Volksbank NV     0.375  9/16/2041  EUR   60.144
Senivita Social Es  6.500  05/12/2025 EUR    3.610
KTG Agrar SE        7.250 10/15/2019  EUR    2.001
Sberbank of Russia  5.125 10/29/2022  USD   32.467
Land Baden-Wuertte  0.125 11/19/2040  EUR   59.996
Midland Heart Capi  1.831  08/12/2050 GBP   54.543
Credit Suisse AG/L  7.200  7/30/2024  USD   59.470
niiio finance grou  4.000  5/31/2026  EUR   35.500
United Kingdom Gil  1.500  7/22/2047  GBP   63.909
OGX Austria GmbH    8.500  06/01/2018 USD    0.108
Land Thueringen     0.200  09/12/2039 EUR   63.125
State of Lower Sax  0.250  4/15/2036  EUR   70.464
Romanian Governmen  4.000  2/14/2051  USD   71.142
Lehman Brothers UK  6.900             USD    3.986
Credit Suisse AG/L  4.450  6/28/2023  USD    9.590
LiveWest Treasury   1.875  2/18/2056  GBP   52.935
SAir Group          0.125  07/07/2005 CHF   10.750
Intelsat Jackson H  9.750  7/15/2025  USD    0.497
Alpine Holding Gmb  5.250  06/10/2016 EUR    0.504
Muenchener Hypothe  0.010 10/19/2039  EUR   60.044
Credit Suisse AG/L  1.000  9/24/2035  EUR   61.150
Single Platform In  1.220  8/24/2047  EUR   63.756
Credit Suisse AG/L  6.400  8/25/2023  USD    8.930
Malta Government B  1.800  8/28/2051  EUR   63.346
Interpipe Holdings  8.375  5/13/2026  USD   48.500
Bank Nadra Via NDR  8.250  7/31/2018  USD    0.208
Iceland Bondco PLC  4.375  5/15/2028  GBP   73.625
Barclays Bank PLC   0.500  1/28/2033  MXN   39.175
German Pellets Gmb  7.250  07/09/2018 EUR    1.345
Sidetur Finance BV 10.000  4/20/2016  USD    0.394
Muenchener Hypothe  0.400  08/11/2031 EUR   74.378
Region of Pays de   0.877 10/28/2041  EUR   65.261
DZ HYP AG           0.375  11/10/2034 EUR   73.938
Intelsat Jackson H  8.500 10/15/2024  USD    0.497
Luzerner Kantonalb  0.250  8/28/2040  CHF   73.656
La Financiere Atal  6.625  5/15/2025  GBP   66.372
Land Berlin         0.125 11/24/2045  EUR   52.139
Abengoa Abenewco 1  6.000  06/10/2022 EUR    0.432
Prosus NV           2.778  1/19/2034  EUR   73.308
Irish Bank Resolut  0.566  6/21/2016  EUR    0.679
Landesbank Hessen- 10.396 11/16/2033  EUR   75.900
Serbia Internation  1.650  03/03/2033 EUR   66.220
Vacse AB            2.067  4/20/2034  SEK   73.760
BPCE SFH SA         0.375  3/18/2041  EUR   61.323
Ukraine Government  9.790  5/26/2027  UAH   52.887
Cooperatieve Rabob  0.500 11/30/2027  MXN   64.335
Nationale-Nederlan  0.375  03/04/2041 EUR   61.762
State of Saarland   1.108  5/18/2046  EUR   68.084
Republic of Poland  1.750  4/25/2032  PLN   70.839
Metinvest BV        7.650  10/01/2027 USD   58.386
Virgolino de Olive 10.500  1/28/2018  USD    2.757
State of Bremen     0.550  02/04/2050 EUR   53.720
Hungary Government  1.500 11/17/2050  EUR   51.473
NRW Bank            0.500  6/17/2041  EUR   64.523
Autonomous Communi  2.300  5/24/2049  EUR   72.167
Romanian Governmen  2.000  1/28/2032  EUR   71.179
Intesa Sanpaolo Sp  4.700  9/23/2049  USD   73.778
UBS AG/London       2.350 12/17/2048  EUR   75.648
BNP Paribas SA      1.590  2/23/2051  EUR   68.041
Ville de Paris      0.831  2/23/2056  EUR   45.292
State of Mecklenbu  0.239 11/17/2070  EUR   36.468
Single Platform In  0.960  7/22/2038  EUR   67.498
Ramfort GmbH        6.750  3/15/2026  EUR   60.843
Ukraine Government  6.876  5/21/2031  USD   17.072
Vnesheconombank Vi  5.942 11/21/2023  USD    7.784
Credit Suisse AG/L 11.500  9/25/2023  CHF   18.970
Thames Water Utili  2.442  05/12/2050 GBP   53.751
Sairgroup Finance   6.625  10/06/2010 EUR    1.964
Parnassia Groep BV  1.200  12/01/2051 EUR   65.753
Russian Foreign Bo  5.250  6/23/2047  USD   40.000
Land Thueringen     0.250  03/05/2040 EUR   62.515
Unibail-Rodamco-We  2.000  12/05/2033 EUR   73.158
Russian Foreign Bo  5.100  3/28/2035  USD   41.025
Societe Generale S  8.000  8/16/2023  USD   60.200
Cooperatieve Rabob  0.500 12/29/2027  MXN   63.137
Ministeries Van de  1.000 10/13/2036  EUR   74.899
DZ Bank AG Deutsch  1.576  7/22/2030  EUR   75.707
CPI Property Group  2.696  3/21/2027  EUR   74.412
Signa Development   5.500  7/23/2026  EUR   58.219
Havenbedrijf Rotte  1.100  3/23/2051  EUR   61.634
Laboratoire Eimer   5.000  02/01/2029 EUR   74.039
Single Platform In  1.050  6/25/2044  EUR   64.202
State of Brandenbu  0.300  10/04/2049 EUR   50.372
Pfandbriefbank sch  0.500  1/25/2044  CHF   75.619
Kingdom of Belgium  0.459  7/23/2079  EUR   31.127
Region Wallonne Be  1.246  05/12/2070 EUR   49.124
Credit Suisse AG/L  1.660  02/02/2035 EUR   69.086
Pfandbriefbank sch  0.375  6/15/2046  CHF   71.538
Russian Foreign Bo  5.875  9/16/2043  USD   61.135
Abengoa Abenewco 2  1.500  4/26/2024  USD    0.228
Credit Suisse AG/L  8.000 11/20/2023  USD   61.000
UBS AG/London       6.850  7/25/2023  USD    9.810
T-Centrum CZ AS    11.890 10/30/2024  CZK   69.000
Region Hauts-de-Fr  0.402  2/18/2043  EUR   55.411
UBS AG/London      16.500 10/26/2023  CHF   27.180
Flamingo Lux II SC  5.000  3/31/2029  EUR   73.050
Raiffeisen Bank zr 11.597             EUR   67.058
Lehman Brothers Tr 13.500 11/28/2008  USD    0.100
United Group BV     3.625  2/15/2028  EUR   71.464
Nestle Hungaria Kf  1.750  5/31/2028  HUF   69.500
Bank Gospodarstwa   2.000  11/03/2036 EUR   72.720
Bpifrance           1.046  5/25/2050  EUR   54.851
CDC Habitat SEM     0.853  2/15/2041  EUR   57.617
Muenchener Hypothe  0.125  09/05/2035 EUR   69.992
Landesbank Baden-W  0.500  02/03/2032 EUR   72.233
Ukraine Government  7.750  09/01/2025 USD   19.783
Luzerner Kantonalb  0.150  10/07/2044 CHF   67.872
Credit Suisse AG/L  1.600 11/27/2030  USD   73.419
Orbit Capital PLC   3.375  6/14/2048  GBP   74.534
Jyske Realkredit A  0.500  10/01/2053 DKK   66.227
Pfandbriefbank sch  0.250  1/24/2041  CHF   74.589
National Grid Elec  1.151  2/20/2040  EUR   62.578
Single Platform In  0.915  2/15/2043  EUR   63.736
Jyske Realkredit A  1.000  10/01/2053 DKK   63.225
Ukraine Government  7.750  09/01/2026 USD   17.750
Romanian Governmen  3.375  1/28/2050  EUR   61.089
Ideal Standard Int  6.375  7/30/2026  EUR   54.437
Societe Wallonne d  0.883 11/21/2044  EUR   54.405
Gecci Investment K  6.000  10/01/2027 EUR   29.787
Sibur Securities D  2.950  07/08/2025 USD   67.136
Kingdom of Belgium  1.170  05/12/2121 EUR   42.108
Credit Suisse AG/L  1.400  2/21/2032  EUR   73.207
EVN AG              0.850 10/15/2035  EUR   70.342
Credit Suisse AG/L  0.500  01/08/2026 BRL   68.315
Societe Generale S  1.900  1/15/2031  AUD   71.664
Muenchener Hypothe  0.250  05/02/2036 EUR   69.704
Credit Suisse AG/L  6.250 10/31/2025  USD    9.680
State of Rhineland  1.500  4/25/2052  EUR   70.654
Tonon Luxembourg S  9.250  1/24/2020  USD    1.721
Region de Bruxelle  0.556 12/23/2064  EUR   32.660
Land Baden-Wuertte  0.375  7/20/2048  EUR   52.953
UBS AG/London      13.000  9/30/2024  CHF   73.100
Region Wallonne Be  1.865  05/10/2051 EUR   70.628
Deutsche Bank AG    2.270  3/28/2030  EUR   76.880
Ukraine Government  7.750  09/01/2029 USD   17.877
Barclays Bank PLC   1.750  9/29/2032  USD   70.621
Deutsche Telekom A  3.500  4/15/2041  AUD   74.906
Pfandbriefbank sch  0.250  5/17/2040  CHF   75.142
Swissgrid AG        0.200  6/29/2040  CHF   68.600
Altice France SA/F  4.250 10/15/2029  EUR   73.980
Caisse de Refinanc  0.250  02/07/2035 EUR   71.665
Samhallsbyggnadsbo  2.750  04/03/2040 EUR   77.984
AXA Bank Europe SC  0.250  06/09/2040 EUR   61.078
Lukoil Capital DAC  2.800  4/26/2027  USD   74.942
Ukraine Government 12.520  5/13/2026  UAH   56.539
Euronext NV         1.500  5/17/2041  EUR   69.179
Gazprom PJSC via G  3.500  7/14/2031  USD   59.649
Ahtium PLC          9.750  04/04/2017 EUR    0.726
Alfa Bank AO Via A  5.950  4/15/2030  USD    2.076
Master & Fellows o  3.068  4/28/2065  GBP   62.585
Region de Bruxelle  1.813  1/22/2048  EUR   72.091
NRW Bank            1.250  3/21/2044  EUR   72.401
UniCredit SpA       0.725 11/27/2030  EUR   69.137
NRW Bank            1.150  9/16/2051  EUR   65.616
Parnassia Groep BV  1.260  12/03/2046 EUR   70.972
Societe Generale S  9.640  09/12/2024 USD   59.800
Officine Maccaferr  5.750  06/01/2021 EUR   16.625
Deutsche Bank AG    2.530  10/07/2036 USD   66.232
Republic of Belaru  6.378  2/24/2031  USD   33.375
Orpea SA            2.770 12/18/2028  EUR   27.000
Societe Generale S 15.760  8/13/2026  USD   54.227
Deutsche Bank AG    1.750 10/30/2028  USD   74.790
National Grid Elec  1.690  9/16/2041  GBP   56.291
Spain Government B  1.200 10/31/2040  EUR   68.737
Societe Generale S  1.113  7/17/2031  EUR   75.080
Ile-de-France Mobi  1.000  12/02/2043 EUR   63.609
Deutsche Bahn Fina  1.850 11/23/2043  EUR   71.885
Portugal Obrigacoe  1.150  04/11/2042 EUR   67.747
Kuntarahoitus Oyj   0.940  06/09/2064 EUR   64.423
Intesa Sanpaolo Sp  1.400  02/08/2031 GBP   74.176
Kommunekredit       2.200  9/27/2041  AUD   65.477
State of Rhineland  0.375  03/10/2051 EUR   50.138
Single Platform In  1.610  2/15/2043  EUR   74.380
Land Berlin         0.625  8/25/2036  EUR   73.580
Muenchener Hypothe  0.250 10/31/2044  CHF   69.651
Autonomous Communi  1.850  5/13/2061  EUR   56.725
Bank of Valletta P  3.750  6/15/2031  EUR   70.775
United Group BV     5.250  02/01/2030 EUR   70.786
Grenke Finance PLC  0.819  2/15/2030  EUR   67.488
Bulgaria Steel Fin 12.000  05/04/2013 EUR    0.216
State of Bremen     0.936  9/28/2046  EUR   64.415
St Galler Kantonal  0.100  10/10/2041 CHF   70.206
SNCF Reseau         2.029  1/22/2048  EUR   73.812
Free and Hanseatic  0.010  11/05/2035 EUR   69.002
Societe Generale S 14.300  12/06/2023 USD   58.400
Societe Generale S  1.137  1/26/2037  EUR   71.138
Parnassia Groep BV  1.470  12/03/2046 EUR   54.082
Ministeries Van de  0.634 11/19/2060  EUR   37.027
Kreditanstalt fuer  0.816 12/19/2050  EUR   56.505
Bulgaria Governmen  1.375  9/23/2050  EUR   55.865
State of Bremen     0.500  05/06/2041 EUR   63.734
Romanian Governmen  3.375  1/28/2050  EUR   61.015
Landesbank Hessen-  0.650 10/18/2034  EUR   64.395
Sberbank of Russia  5.250  5/23/2023  USD   32.963
Region Bretagne SC  0.815  06/12/2040 EUR   63.558
Republic of Irelan  1.200  4/15/2120  EUR   44.253
Nostrum Oil & Gas   8.000  7/25/2022  USD   25.513
Credit Agricole SA  3.750  06/09/2040 AUD   70.446
Caisse Francaise d  1.640  07/10/2048 EUR   74.356
Norske Skogindustr  2.000 12/30/2115  EUR    0.113
Alno AG             8.000  3/21/2019  EUR   14.500
State of Hesse      0.227  8/20/2049  EUR   51.689
VTB Bank PJSC Via   9.500             USD   17.000
Deutsche Pfandbrie  4.120  11/03/2031 EUR   58.742
Land Thueringen     1.100  07/03/2047 EUR   68.875
Ukraine Government  7.375  9/25/2034  USD   16.809
Single Platform In  0.950  7/25/2047  EUR   60.790
Banco Santander SA  2.280  2/28/2039  EUR   74.098
Bayerische Landesb  1.820  05/12/2031 EUR   73.708
Nederlandse Gasuni  0.750 10/13/2036  EUR   69.619
Credit Suisse AG/L 12.500  02/01/2024 CHF   34.420
SAir Group          5.500  7/23/2003  CHF   10.637
Cooperatieve Rabob  1.460  06/01/2040 EUR   76.502
Nordea Kredit Real  0.500  10/01/2053 DKK   66.211
Ville de Paris      0.963  06/08/2050 EUR   54.581
Ukraine Government  3.900  10/05/2023 USD   68.449
Ville de Paris      0.750 11/30/2041  EUR   63.000
Single Platform In  1.233  6/25/2044  EUR   68.102
Gazprom PJSC via G  3.250  2/25/2030  USD   68.376
Batigere Grand Est  1.400  8/31/2050  EUR   52.401
Prosus NV           2.031  08/03/2032 EUR   71.101
Ukraine Government  7.750  09/01/2025 USD   19.583
PIK Securities DAC  5.625 11/19/2026  USD   44.038
Dtek Renewables Fi  8.500  11/12/2024 EUR   38.499
State of Lower Aus  1.886  03/02/2048 EUR   75.908
Serbia Internation  2.050  9/23/2036  EUR   60.753
Places For People   2.500  05/03/2039 EUR   70.218
Deutsche Lichtmiet  5.750  01/01/2023 EUR    2.760
Norske Skogindustr  7.000 12/30/2026  EUR    0.010
J&T Banka AS        9.000             EUR   75.593
Regie Autonome des  0.640  8/13/2041  EUR   65.700
Societe Generale S 10.000  6/28/2034  USD   72.000
Air Berlin Finance  6.000  03/06/2019 EUR    0.319
State of Lower Aus  0.460  10/08/2049 EUR   49.552
Compact Bidco BV    5.750  05/01/2026 EUR   72.201
BASF SE             1.025  8/13/2048  JPY   73.213
Nederlandse Waters  0.877  6/24/2054  EUR   53.400
DLR Kredit A/S      1.500  10/01/2053 DKK   74.531
Ukraine Government 15.840  2/26/2025  UAH   69.861
Region of Centre-V  0.711  11/02/2036 EUR   71.685
Harp Issuer PLC     1.400  2/14/2032  USD   70.211
Kingdom of Belgium  0.650  6/22/2071  EUR   43.061
Single Platform In  1.023  2/15/2046  EUR   61.950
Polyus Finance PLC  3.250 10/14/2028  USD   59.879
Single Platform In  0.811  6/28/2039  EUR   65.513
Communaute Francai  2.300  4/25/2089  EUR   73.772
Aareal Bank AG      1.880  4/15/2030  EUR   72.685
Pfandbriefbank sch  0.250  3/15/2041  CHF   74.269
Batigere Grand Est  2.030  5/29/2070  EUR   66.891
Nationwide Buildin  0.485  07/11/2044 CHF   72.238
Affinity Water Fin  0.230 11/22/2042  GBP   71.237
DLR Kredit A/S      1.000  10/01/2053 DKK   74.948
Ile-de-France Mobi  0.675 11/24/2036  EUR   70.836
Credit Suisse AG/L 10.250  2/28/2024  CHF   37.370
Republic of Belaru  7.625  6/29/2027  USD   42.819
Single Platform In  0.559  2/15/2047  EUR   54.343
Commerzbank AG      1.046 12/18/2034  EUR   70.694
State of Brandenbu  0.600 10/13/2051  EUR   53.605
State of Lower Aus  0.815  9/22/2056  EUR   48.972
Deutsche Pfandbrie  1.340 10/16/2051  EUR   70.230
Mobile Telesystems  5.000  5/30/2023  USD   28.000
Portugal Telecom I  6.250  7/26/2016  EUR    0.285
Romanian Governmen  2.000  4/14/2033  EUR   68.827
Region Wallonne Be  1.600  3/29/2039  EUR   75.932
Alfa Bank AO Via A  5.900             USD    2.608
Finance and Credit  9.250  1/25/2019  USD    0.001
Wingholding Zrt     3.500  5/20/2030  HUF   72.920
Praktiker AG        5.875  02/10/2016 EUR    0.001
Phosagro OAO Via P  2.600  9/16/2028  USD   61.421
State of Brandenbu  0.750  08/08/2036 EUR   75.007
Barclays Bank PLC   5.000  11/01/2029 BRL   61.099
Free and Hanseatic  0.200  09/03/2049 EUR   48.761
Region Wallonne Be  1.250  6/22/2071  EUR   51.476
Barclays Bank PLC   1.382 11/27/2045  EUR   68.684
DLR Kredit A/S      0.500  10/01/2053 DKK   67.125
State of Saarland   0.050  11/05/2040 EUR   59.357
A-TEC Industries A  8.750 10/27/2014  EUR    0.100
VTB Bank OJSC Via   6.250  6/30/2035  USD   22.845
ESB Finance DAC     1.875  7/21/2035  GBP   72.334
Gazprom PJSC via G  1.850 11/17/2028  EUR   59.713
Orpea SA            3.000 11/25/2041  EUR   27.175
Caixa Economica Mo  5.738             EUR   51.030
Aareal Bank AG      1.741  01/12/2045 EUR   66.279
Norddeutsche Lande  1.600  08/01/2039 EUR   65.016
Ukraine Government  7.750  09/01/2024 USD   21.862
HSBC Bank PLC       0.500 11/25/2025  BRL   70.567
Solarwatt GmbH      7.000  11/01/2015 EUR   15.500
Single Platform In  3.000  6/21/2047  USD   72.641
Russian Foreign Bo  5.625  04/04/2042 USD   63.127
Region Occitanie    0.766  10/07/2041 EUR   62.664
Grand City Propert  2.800  2/25/2039  EUR   53.571
British Telecommun  3.924  6/25/2042  GBP   75.097
Deutsche Pfandbrie  2.490  2/21/2033  EUR   74.390
Ile-de-France Mobi  1.586  2/23/2052  EUR   66.750
Ukraine Government  9.790  5/26/2027  UAH   52.887
BOA Offshore AS     0.409  7/17/2047  NOK    2.479
Italy Buoni Polien  0.950  03/01/2037 EUR   66.664
Magyar Export-Impo  2.500  5/23/2029  HUF   68.280
Ville de Paris      0.850  08/04/2051 EUR   51.261
Eurochem Finance D  5.500  3/13/2024  USD   58.707
BNP Paribas Issuan  0.700  6/25/2039  EUR   64.381
Single Platform In  1.413  3/20/2051  EUR   64.857
UniCredit Bank AG   6.600  7/20/2028  EUR    5.970
Phosphorus Holdco  10.000  04/01/2019 GBP    1.451
Ministeries Van de  1.564  11/12/2046 EUR   67.846
CNH Industrial Fin  2.200  7/15/2039  EUR   74.308
State of North Rhi  1.960  1/24/2079  EUR   71.025
Region Bourgogne-F  0.270  12/07/2035 EUR   69.207
Alliander NV        1.125  04/08/2035 EUR   72.595
Erdoel-Lagergesell  1.200  06/04/2043 EUR   65.111
Nobel Bidco BV      3.125  6/15/2028  EUR   70.397
Jyske Realkredit A  0.500  10/01/2053 DKK   68.277
Credit Bank of Mos  7.500  10/05/2027 USD   20.535
Credit Suisse AG/L  4.460  7/26/2023  USD    9.466
Deutsche Pfandbrie  0.640  09/10/2030 EUR   69.246
Region de Bruxelle  1.100  6/22/2066  EUR   49.817
UBS Group AG        2.210 11/24/2035  USD   67.916
Land Berlin         0.125  06/04/2035 EUR   71.033
Barclays Bank PLC   2.070 12/18/2035  USD   66.577
DNB Boligkreditt A  0.980  6/20/2044  EUR   66.590
Region de Bruxelle  1.620  4/30/2049  EUR   64.906
Gazprom PJSC via G  1.500  2/17/2027  EUR   66.891
Grand Delta Habita  1.285  11/06/2040 EUR   60.858
Stichting Afwikkel  5.143             EUR   46.375
Societe Generale S 11.000  6/15/2035  USD   70.430
WEB Windenergie AG  4.500             EUR    0.010
State Savings Bank 11.996  1/19/2024  USD   34.250
Erotik-Abwicklungs  7.750  07/09/2019 EUR    0.779
Corporate Commerci  8.250  08/08/2014 USD    0.308
Aareal Bank AG      1.125  6/28/2030  EUR   66.843
MMK International   4.375  6/13/2024  USD   25.921
Societe Du Grand P  2.062  3/19/2070  EUR   65.110
Anglian Water Serv  1.760 11/13/2035  GBP   69.127
Premium Green PLC   1.650  3/28/2031  AUD   73.318
Land Berlin         0.500  6/19/2047  EUR   59.569
Tonon Luxembourg S 12.500  5/14/2024  USD    0.001
Landesbank Baden-W  5.198  3/14/2034  EUR   75.010
SiC Processing Gmb  7.125  03/01/2016 EUR    0.650
BPCE SFH SA         0.500  1/23/2035  EUR   73.549
BNG Bank NV         2.000  2/19/2038  AUD   71.368
Altice France SA/F  4.000  7/15/2029  EUR   73.620
Hamburgische Inves  0.380  2/24/2042  EUR   62.503
Credit Suisse AG/L  2.100  3/15/2037  EUR   70.208
State of Saarland   0.500  3/15/2051  EUR   52.816
Landesbank Baden-W  1.000  08/12/2039 EUR   65.990
Erdoel-Lagergesell  1.281  9/30/2036  EUR   74.382
State of Brandenbu  0.375  1/29/2035  EUR   74.333
Deutsche Bank AG/L  0.500 10/18/2038  MXN   18.526
Norwegian Air Shut  6.510             NOK   71.875
Bazalgette Finance  0.688  6/27/2050  GBP   71.141
Polski Fundusz Roz  2.000  03/05/2030 PLN   74.090
Haya Holdco 2 PLC  11.698 11/30/2025  EUR   39.985
Realkredit Danmark  0.500  10/01/2053 DKK   66.191
NRW Bank            1.200  3/28/2039  EUR   75.836
UBS AG/London       7.000  1/26/2024  USD   68.050
Cie de Saint-Gobai  1.875  05/03/2035 EUR   75.609
Russian Foreign Bo  2.875  12/04/2025 EUR   39.464
DXC Capital Fundin  0.950  9/15/2031  EUR   72.743
State Agency of Ro  6.250  6/24/2030  USD   16.297
Hypo Vorarlberg Ba  6.125             EUR   75.050
New World Resource  4.000  10/07/2020 EUR    0.254
Banco de Sabadell   3.150  3/30/2037  EUR   72.052
Hamburg Commercial  4.000  7/18/2033  EUR   67.671
EOS Imaging SA      6.000  5/31/2023  EUR    7.250
Societe Generale S  1.100  2/20/2034  EUR   71.902
Landwirtschaftlich  0.010 11/26/2040  EUR   59.128
Batigere Grand Est  1.500 12/15/2051  EUR   54.669
German Real Estate  3.000             EUR   75.010
Lehman Brothers Tr  4.050  9/16/2008  EUR    0.100
Societe Nationale   1.280  3/27/2120  EUR   40.936
Romanian Governmen  2.750  4/14/2041  EUR   59.487
UniCredit Bank Aus  0.150  4/29/2033  EUR   73.277
Assistance Publiqu  1.099  04/06/2071 EUR   41.826
Credit Suisse AG/L  0.900 12/20/2031  EUR   70.258
Vasakronan AB       1.130  5/27/2042  JPY   72.341
Stelius Befektetoe  3.100  9/17/2030  HUF   66.500
COFIDUR SA          0.100 12/31/2024  EUR   32.150
Rio Forte Investme  4.000  7/22/2014  EUR    3.328
Aareal Bank AG      0.660  6/26/2028  EUR   74.491
Region de Bruxelle  1.472  4/29/2044  EUR   68.917
Muenchener Hypothe  1.010  08/06/2044 EUR   58.826
Natixis SA          0.300  6/25/2048  USD   30.146
Odea Bank AS        8.606  08/01/2027 USD   70.948
Assistance Publiqu  1.125  4/16/2047  EUR   60.534
Region de Bruxelle  1.620  02/08/2044 EUR   69.296
Raiffeisen Schweiz 13.000  07/04/2023 CHF   65.620
Foodco Bondco SA    6.250  5/15/2026  EUR   43.785
Lukoil Securities   3.875  05/06/2030 USD   71.195
Heimstaden Bostad   2.800  05/04/2035 EUR   62.737
Espirito Santo Fin  5.050 11/15/2025  EUR    0.622
BNP Paribas SA      1.180  8/17/2023  USD   40.320
Agence Francaise d  0.368  01/12/2046 EUR   54.879
Credit Suisse AG/L  5.800  7/26/2023  USD    8.920
Republic of Irelan  0.995  2/24/2121  EUR   39.661
Credit Suisse AG/L  8.250  04/11/2023 USD   71.110
Deutsche Telekom A  3.500  09/06/2039 AUD   76.147
Deutsche Telekom A  4.125  7/23/2049  USD   75.850
Nederlandse Waters  1.900  1/31/2035  AUD   74.097
Bayerische Landesb  1.690  4/23/2037  EUR   74.297
DZ Bank AG Deutsch  1.070  10/06/2042 EUR   69.176
Pfandbriefbank sch  0.125  8/17/2040  CHF   73.175
CDC Habitat SEM     1.060  5/22/2036  EUR   67.610
Region de Bruxelle  0.592  12/10/2061 EUR   37.608
Republic of Austri  2.100  9/20/2117  EUR   76.319
Aareal Bank AG      1.850  3/20/2035  EUR   77.156
Pershing Square Ho  3.000  7/15/2032  USD   74.747
DLR Kredit A/S      0.500  10/01/2053 DKK   69.334
Region of Veneto I  2.556  12/07/2046 EUR   73.383
United Group BV     4.625  8/15/2028  EUR   73.289
Centre Hospitalier  1.580  02/11/2061 EUR   72.492
MMC Norilsk Nickel  2.800 10/27/2026  USD   72.789
Italy Buoni Polien  2.450  09/01/2050 EUR   70.897
Pfandbriefbank sch  0.375  9/23/2043  CHF   73.812
ALROSA Finance SA   3.100  6/25/2027  USD    6.440
Region of Ile de F  0.610  07/02/2040 EUR   63.275
Republic of Belaru  6.200  2/28/2030  USD   33.910
Communaute Francai  1.120  7/19/2038  EUR   68.829
Nykredit Realkredi  1.000  10/01/2050 DKK   73.182
SCC Power PLC       6.000 12/31/2028  USD   48.719
Assistance Publiqu  1.502  05/09/2044 EUR   71.520
Banca Popolare di   9.500  10/02/2025 EUR    0.380
Caisse Francaise d  0.726 10/29/2039  EUR   67.370
Single Platform In  0.745  2/15/2047  EUR   57.290
Kreditanstalt fuer  1.000 10/20/2050  EUR   65.581
Societe Generale S 12.000  09/05/2024 USD   51.700
Communaute Francai  0.749  9/16/2080  EUR   49.370
Kreditanstalt fuer  0.980  6/28/2051  EUR   65.255
Landesbank Hessen-  0.450  09/05/2031 EUR   72.224
BNG Bank NV        10.010  6/17/2025  TRY   52.383
Deutsche Bank AG    1.750  04/09/2035 EUR   65.755
EnBW International  2.080  1/21/2041  EUR   67.548
Single Platform In  0.800 12/20/2040  EUR   63.920
United Group BV     4.000 11/15/2027  EUR   73.231
NRW Bank            0.765  12/10/2036 EUR   73.915
Natixis SA          3.630  6/14/2039  AUD   68.903
State of Brandenbu  0.050  2/28/2033  EUR   74.943
Muenchener Hypothe  0.550  2/18/2046  CHF   63.746
Kreditanstalt fuer  1.100  9/16/2051  EUR   65.502
Societe Generale S  2.000  1/30/2036  USD   59.469
Credit Suisse AG/L  9.500  1/26/2024  CHF   50.140
Credit Suisse AG/L 11.750  9/29/2023  CHF   22.530
Skandinaviska Ensk 10.150  1/15/2025  SEK   66.330
Republic of Belaru  5.875  2/24/2026  USD   43.475
Free and Hanseatic  0.400 11/23/2051  EUR   49.706
Air Berlin Finance  8.500  03/06/2019 EUR    0.259
Region Wallonne Be  1.220  06/12/2050 EUR   58.046
Deutsche Pfandbrie  1.000  12/02/2030 EUR   70.135
Credito Padano Ban  3.100             EUR   35.968
Deutsche Bank AG    2.330  02/11/2043 EUR   64.017
Region de Bruxelle  1.800  8/17/2048  EUR   71.067
Pfandbriefbank sch  0.250  4/25/2042  CHF   73.029
Basque Government   1.000 10/31/2050  EUR   51.116
Kingdom of Belgium  1.600  6/22/2047  EUR   72.657
Sustainable Capita  5.623  06/09/2024 USD   67.910
Aves Transport 1 G  5.250 11/20/2024  EUR   10.000
Assistance Publiqu  0.634  8/27/2045  EUR   55.028
Turkey Government   5.750  05/11/2047 USD   69.217
Single Platform In  0.776  1/23/2051  EUR   54.263
Free State of Bava  0.010  3/28/2036  EUR   67.871
GTC Magyarorszag Z  2.600  3/17/2031  HUF   66.600
Region de Bruxelle  1.144  1/14/2056  EUR   52.858
Rena GmbH           7.000 12/15/2015  EUR    0.054
Raiffeisen Schweiz 20.000  08/11/2023 CHF   29.690
Luzerner Kantonalb  2.900 10/27/2025  EUR   65.120
Golden Gate GmbH    6.500  10/11/2014 EUR   36.000
Steilmann SE        7.000  9/23/2018  EUR    1.429
Single Platform In  0.887  9/20/2039  EUR   66.363
Landesbank Baden-W  1.080  7/16/2035  EUR   67.740
Region de Bruxelle  1.710  05/05/2047 EUR   64.906
State of Brandenbu  0.050  08/10/2040 EUR   59.181
Nomura Bank Intern  1.130  4/23/2036  EUR   68.330
Caisse des Depots   1.548  08/09/2038 EUR   75.707
Caisse des Depots   0.398 12/15/2050  EUR   45.445
Land Thueringen     1.127  04/02/2049 EUR   66.484
Societe Generale S  5.400 11/17/2037  USD   42.980
BPCE SA             2.730  10/05/2036 AUD   59.806
Region Occitanie    1.282  5/25/2040  EUR   71.577
Belfius Bank SA     0.125  6/19/2034  EUR   71.940
Comunidad Foral de  1.800  3/25/2042  EUR   72.441
Quintet Private Ba  3.650 11/13/2023  EUR    9.410
Cooperatieve Rabob  0.500  8/21/2028  MXN   59.572
Dublin Port Co      2.406  9/30/2049  EUR   73.945
Standard Profil Au  6.250  4/30/2026  EUR   61.000
Credit Suisse AG/L  6.750  9/23/2024  USD   61.940
Credit Agricole SA  1.000  04/06/2035 EUR   72.343
Kardan NV           6.325  2/21/2021  ILS    3.100
Batigere Grand Est  1.709  11/04/2042 EUR   62.870
Region de Bruxelle  1.819  1/22/2048  EUR   71.594
Ukraine Government  8.994  02/01/2026 USD   18.166
Communaute Francai  1.340  07/01/2054 EUR   56.968
Land Berlin         0.150  2/22/2036  EUR   69.641
Romanian Governmen  2.625  12/02/2040 EUR   58.564
DZ Bank AG Deutsch  1.055  03/11/2031 EUR   71.929
Single Platform In  1.680 10/22/2036  EUR   76.708
Ukraine Government 19.750  11/05/2025 UAH   70.249
Swissquote Bank SA 29.720  12/05/2023 CHF   43.900
Region de Bruxelle  1.310 12/15/2069  EUR   47.088
SG Issuer SA        0.900  04/07/2036 EUR   69.900
Purple Protected A  2.100  4/15/2060  EUR   45.087
Banco Santander SA  1.000  1/14/2034  EUR   72.765
Comunidad Foral de  0.550 10/22/2035  EUR   69.476
VTB Bank PJSC      13.000             RUB   54.000
Norwegian Air Shut  7.500  11/10/2023 USD   73.375
Credit Bank of Mos  7.625             USD   24.894
Societe Generale S 12.000  9/14/2023  USD   45.862
Societe Generale S 12.264  11/02/2023 USD   16.400
Raiffeisen Schweiz  6.000  7/19/2023  CHF   68.690
Banco Santander SA  0.010  10/01/2032 EUR   69.175
Deutsche Bank AG    0.710  9/24/2031  EUR   66.705
Commerzbank AG      1.219  12/12/2039 EUR   63.452
Credit Bank of Mos  4.700  1/29/2025  USD   25.766
Deutsche Pfandbrie  0.857  9/18/2037  EUR   49.722
UBS AG/London       1.600  4/18/2049  EUR   66.027
Banque Cantonale d  0.100  11/01/2044 CHF   65.886
NRW Bank            1.000  2/26/2050  EUR   63.952
Barclays Bank PLC   2.320  01/11/2041 USD   58.255
Deutsche Wohnen SE  2.125  8/31/2033  EUR   73.784
Deutsche Pfandbrie  2.000  07/09/2032 EUR   72.250
Commerzbank AG      2.565  5/15/2043  EUR   69.595
BPCE SFH SA         1.210  6/15/2039  EUR   74.688
Banque Federative   1.590  02/05/2031 USD   74.784
Aareal Bank AG      1.576  2/23/2032  EUR   63.846
State of Lower Aus  1.000  9/15/2121  EUR   35.593
Assistance Publiqu  0.791  8/27/2051  EUR   49.941
Novolipetsk Steel   4.700  5/30/2026  USD   71.085
United Utilities W  0.387  10/05/2057 GBP   60.070
Assistance Publiqu  1.053  5/25/2052  EUR   53.851
Single Platform In  1.163  5/25/2066  EUR   54.052
Kelag-Kaerntner El  1.150  4/16/2041  EUR   61.413
ING Bank NV         0.465  4/21/2041  EUR   64.497
Societe Generale S  0.690  4/21/2033  EUR   74.025
Credit Suisse AG/L  8.000  6/28/2023  USD    9.300
UkrLandFarming PLC 10.875  3/26/2018  USD    1.808
HSBC Continental E  1.140  8/26/2049  EUR   62.495
Norske Skog Holdin  8.000  2/24/2021  EUR    0.006
Morhomes PLC        2.508  2/19/2051  GBP   59.979
Sovcombank Via Sov  8.000  04/07/2030 USD    5.506
Romanian Governmen  3.375  02/08/2038 EUR   70.067
Single Platform In  1.013 12/20/2050  EUR   58.378
Norwegian Air Shut  6.510             NOK   71.875
Hemso Fastighets A  1.800  05/05/2032 EUR   72.582
Region Auvergne-Rh  0.493 10/23/2037  EUR   65.593
Maxeda DIY Holding  5.875  10/01/2026 EUR   75.022
German Pellets Gmb  7.250  04/01/2016 EUR    1.345
Societe Generale S  3.110 10/28/2041  AUD   57.440
Ukraine Government 19.590  12/04/2024 UAH   74.126
Single Platform In  0.780  04/01/2042 EUR   62.200
Credit Suisse AG/L  2.711  5/18/2036  EUR   74.193
MS Deutschland Bet  6.875 12/18/2017  EUR    0.161
Landesbank Hessen-  0.600  1/17/2035  EUR   72.500
Communaute Francai  0.788  8/30/2049  EUR   51.905
Lloyds Bank PLC     0.500  7/26/2028  MXN   60.089
Tonon Luxembourg S  9.250  1/24/2020  USD    1.721
UBS AG/London       1.860  2/28/2049  EUR   70.192
Landeskreditbank B  0.610 11/17/2050  EUR   56.915
Grand Delta Habita  1.500  06/02/2045 EUR   57.843
Grand City Propert  2.600  2/25/2034  EUR   60.741
Region Auvergne-Rh  1.150  04/08/2039 EUR   71.012
Kreditanstalt fuer  1.267  3/22/2051  EUR   71.172
State of Lower Aus  0.550 11/13/2080  EUR   32.518
Natixis SA          2.420  9/29/2035  AUD   65.381
Societa di Progett  3.375 12/31/2038  EUR   75.746
Credit Agricole It  1.000  1/17/2045  EUR   60.930
Pershing Square Ho  3.000  7/15/2032  USD   74.747
Raiffeisen Switzer  3.000 11/28/2023  USD   71.090
Erste Group Bank A  1.200  02/11/2040 EUR   68.428
Municipality of Le  0.750 11/17/2036  EUR   71.983
Zurcher Kantonalba  6.000  4/14/2023  CHF   26.920
Berlin Hyp AG       0.030  7/22/2030  EUR   74.423
BNP Paribas SA      1.000  11/05/2036 EUR   68.501
Nederlandse Waters  0.750  10/04/2041 EUR   66.098
Sanctuary Capital   2.481  11/12/2037 GBP   73.709
Single Platform In  1.870 11/21/2044  EUR   73.429
Comunidad Foral de  2.100  4/30/2044  EUR   73.094
Nostrum Oil & Gas   7.000  2/16/2025  USD   26.035
Credit Agricole SA  3.000  1/28/2041  AUD   54.031
Region Auvergne-Rh  0.805  7/26/2039  EUR   66.406
Muenchener Hypothe  0.568  6/15/2032  EUR   74.883
Hemso Fastighets A  3.020  9/14/2048  SEK   71.329
Romanian Governmen  2.000  4/14/2033  EUR   68.765
Single Platform In  1.082  3/17/2039  EUR   68.378
Lukoil Capital DAC  3.600 10/26/2031  USD   70.632
Credit Suisse AG/L  4.700  7/19/2023  USD    9.690
Single Platform In  0.835 10/14/2061  EUR   49.485
Single Platform In  1.085  6/20/2050  EUR   60.224
Single Platform In  0.532  2/15/2044  EUR   56.564
Free and Hanseatic  0.300  9/16/2050  EUR   49.110
Single Platform In  0.605  9/20/2042  EUR   59.996
Credit Suisse Grou  5.100             USD   26.919
Portugal Obrigacoe  1.000  04/12/2052 EUR   53.914
Credit Suisse AG/L  5.880  6/28/2023  USD    9.000
Single Platform In  0.950  2/15/2044  EUR   62.983
Landesbank Hessen-  1.500  8/14/2035  EUR   67.200
Banque Federative   2.687 10/23/2023  EUR    9.040
Societe Generale S 10.000  4/28/2034  USD   65.550
Batigere Grand Est  1.550 11/14/2039  EUR   65.275
State of Brandenbu  0.500 11/21/2039  EUR   66.526
Deutsche Wohnen SE  1.700  12/05/2036 EUR   64.587
Single Platform In  1.600  2/15/2041  EUR   74.415
Severstal OAO Via   3.150  9/16/2024  USD    4.561
Republic of Irelan  1.320 11/28/2119  EUR   43.575
Avanti Communicati  9.000  10/01/2022 USD   14.364
Bayerische Landesb  1.850  03/05/2031 EUR   74.342
Single Platform In  1.150  5/25/2066  EUR   55.860
HSBC Continental E  2.040  3/29/2049  EUR   76.104
Region de Bruxelle  1.528  04/05/2049 EUR   65.403
UBS AG/London      24.500  4/18/2023  USD   34.150
Land Thueringen     0.375  12/01/2051 EUR   49.250
Credit Suisse AG/L 10.000  07/12/2023 CHF   12.980
Single Platform In  3.770  03/03/2046 AUD   65.965
GTC Magyarorszag Z  2.250  12/07/2030 HUF   65.480
Single Platform In  0.754  9/20/2039  EUR   64.519
BPCE SA             2.250  3/13/2040  AUD   48.027
Uralkali OJSC Via   4.000 10/22/2024  USD   18.205
Portugal Telecom I  5.242  11/06/2017 EUR    0.694
Kingdom of Belgium  0.558  9/24/2077  EUR   34.640
Takarek Mortgage B  3.000 10/22/2031  HUF   63.600
Credit Suisse AG/L  7.250  5/24/2023  CHF   63.700
United Kingdom Gil  0.625  7/31/2035  GBP   70.792
Centrosolar Group   7.000  2/15/2016  EUR    2.505
BNG Bank NV         1.627  4/25/2046  EUR   73.374
Spain Government B  1.450 10/31/2071  EUR   49.296
NRW Bank            1.000  6/24/2051  EUR   62.758
Landesbank Baden-W  0.500 10/18/2039  EUR   64.960
Landesbank Baden-W  1.250  6/26/2039  EUR   66.800
Single Platform In  0.785  3/20/2039  EUR   65.507
Intesa Sanpaolo Sp  2.500 10/14/2031  USD   76.830
Vasakronan AB       1.655  09/05/2039 SEK   65.639
NRW Bank            1.020  08/01/2049 EUR   56.708
Banque Internation  2.160  6/27/2039  EUR   61.418
JAB Holdings BV     3.750  5/28/2051  USD   68.569
Credit Bank of Mos  7.121  6/25/2024  USD   23.480
Credit Agricole SA  4.400  2/24/2042  AUD   66.184
DekaBank Deutsche  14.820  06/01/2023 EUR   59.420
Instabank ASA i    10.100  06/09/2033 NOK   72.675
Prosus NV           1.985  7/13/2033  EUR   68.630
MOL Hungarian Oil   1.900  04/12/2031 HUF   56.400
Landesbank Hessen-  1.383  3/28/2042  EUR   74.600
Single Platform In  1.220  04/01/2039 EUR   70.192
NRW Bank            0.106  8/17/2050  EUR   50.539
Saechsische Aufbau  0.300  2/18/2042  EUR   55.735
Pescanova SA        5.125  4/20/2017  EUR    0.319
French Republic Go  1.750  5/25/2066  EUR   69.780
Credit Agricole SA  3.270  10/05/2041 AUD   67.329
Rosbank PJSC        0.030  4/30/2024  RUB   60.050
Virgolino de Olive 11.750  02/09/2022 USD    2.760
State of North Rhi  1.491  8/23/2066  EUR   63.672
Hypo-Bank Burgenla  1.010 10/29/2049  EUR   63.810
DekaBank Deutsche   0.400  1/29/2035  EUR   74.289
Societe Du Grand P  1.923  5/25/2066  EUR   60.860
Turkiye Ihracat Kr 12.540  9/14/2028  TRY   45.204
Premium Green PLC   1.610  9/30/2030  AUD   74.829
Region de Bruxelle  0.765  7/15/2052  EUR   48.386
Region Bretagne SC  0.815  06/12/2040 EUR   65.563
Societe Generale S  2.300  4/20/2048  EUR   75.315
Regie Autonome des  0.875  8/18/2080  EUR   39.577
Autonomous Communi  1.138 11/22/2052  EUR   50.612
Region Wallonne Be  2.168  7/26/2047  EUR   74.315
Ukraine Government  6.750  6/20/2028  EUR   16.553
Russian Foreign Bo  4.750  5/27/2026  USD   38.750
State of Rhineland  0.375  04/01/2041 EUR   62.768
Slovenska Sporitel  4.820             EUR   67.982
Proximus SADP       1.500  5/14/2040  EUR   66.715
DekaBank Deutsche   1.100 11/25/2030  EUR   73.340
Credit Suisse AG/L 11.000  09/05/2023 CHF   19.920
Bank Vontobel AG   12.300  4/26/2023  CHF   13.200
Deutsche Pfandbrie  1.850  9/20/2032  EUR   70.563
Credit Industriel   0.900  02/04/2041 EUR   63.817
DZ Bank AG Deutsch  1.000  2/13/2042  EUR   67.269
State of Lower Aus  0.585  10/11/2049 EUR   51.718
Danske Bank A/S     0.805  08/12/2036 EUR   72.305
Deutsche Pfandbrie  0.613  9/30/2032  EUR   61.632
Borets Finance DAC  6.000  9/17/2026  USD   48.071
Alfa-Bank AO       11.750             RUB   60.000
Norske Skogindustr  7.000 12/30/2026  EUR    0.010
BNP Paribas Issuan  3.300  07/01/2030 EUR   64.580
Credit Suisse AG/L 16.300 12/26/2023  USD   53.980
SCF Capital Design  3.850  4/26/2028  USD   18.961
Italy Buoni Polien  0.150  5/15/2051  EUR   64.776
Banque Cantonale V  7.300  9/16/2024  CHF   27.290
Mifa Mitteldeutsch  7.500  08/12/2018 EUR    2.000
Banco Espirito San 10.000  12/06/2021 EUR    0.555
Global Ports Finan  6.500  9/22/2023  USD   44.948
Region Auvergne-Rh  0.250 10/23/2034  EUR   69.928
JAB Holdings BV     2.000 12/19/2039  EUR   73.595
Telia Co AB         3.000  9/25/2064  EUR   76.073
Peine GmbH          2.000  07/05/2023 EUR   44.500
Premium Green PLC   1.650  3/28/2031  AUD   72.913
DekaBank Deutsche   1.585 12/28/2035  EUR   63.110
Saastopankkien Kes  1.445  6/23/2035  EUR   73.538
Senvion Holding Gm  3.875 10/25/2022  EUR    0.200
Banque Internation  1.020  3/25/2040  EUR   60.664
Raiffeisen Landesb  0.250  03/04/2036 EUR   68.852
UniCredit SpA       1.490 10/23/2035  EUR   68.889
Banque Internation  1.215  03/05/2040 EUR   62.739
Ile-de-France Mobi  1.200  04/08/2050 EUR   59.919
Landesbank Baden-W  0.500 11/25/2030  EUR   74.451
Region Wallonne Be  2.100  6/26/2048  EUR   72.311
Caisse des Depots   0.678  7/23/2040  EUR   60.975
Credit Bank of Mos  8.875             USD   24.875
BNP Paribas SA      3.310  2/27/2040  AUD   66.109
NRW Bank            1.400  3/19/2070  EUR   61.687
Land Berlin         0.050  08/06/2040 EUR   59.129
Single Platform In  0.462  2/15/2040  EUR   61.271
Communaute Francai  0.626  8/24/2040  EUR   62.416
VON Der Heydt Secu  1.000  4/30/2031  EUR #N/A N/A
Golfino AG          8.000 11/18/2023  EUR    0.016
Metal Hungaria Hol  3.000 11/17/2030  HUF   62.500
Communaute Francai  1.040  7/19/2101  EUR   45.603
Ukraine Government 12.520  5/13/2026  UAH   56.539
Kreditanstalt fuer  0.890  03/10/2041 EUR   70.146
Pick Szeged Szalam  2.000  12/06/2029 HUF   63.130
Land Thueringen     0.375 11/14/2034  EUR   74.444
Virgolino de Olive 10.875  1/13/2020  USD   36.000
Batigere Grand Est  1.600 11/14/2044  EUR   59.512
Vilogia SA d'HLM    1.500  08/07/2034 EUR   72.192
Agrokor dd          8.875  02/01/2020 USD   15.000
Steilmann SE        7.000  03/09/2017 EUR    1.429
NRW Bank            0.473  6/23/2049  EUR   58.783
Orient Express Ban  2.000             USD   16.406
Gebr Sanders GmbH   8.750 10/22/2018  EUR    9.375
Kommunekredit       0.500  7/30/2027  TRY   27.141
Raiffeisen-Landesb  0.180  10/10/2034 EUR   69.041
Bayerische Landesb  3.180  2/16/2038  EUR   66.786
Commerzbank AG      1.250  6/28/2034  EUR   72.277
Landesbank Hessen-  0.400  1/21/2031  EUR   73.547
Credit Agricole SA  1.150 12/24/2030  EUR   75.887
ABN AMRO Bank NV    1.575  1/25/2040  EUR   76.587
Department of L'Eu  1.110  6/18/2039  EUR   70.981
Ukraine Government  9.990  5/22/2024  UAH   70.787
Vasakronan AB       2.400  6/20/2044  SEK   66.950
Credit Suisse AG/L  9.000  05/03/2023 CHF   72.890
Malta Government B  2.000  07/10/2051 EUR   66.820
Credit Suisse AG/L  8.000  4/14/2023  CHF   63.360
Ville de Paris      2.017  5/25/2052  EUR   72.081
Citigroup Global M  2.000  3/25/2039  EUR   75.001
Magyar Export-Impo  2.000 10/27/2027  HUF   66.080
Muenchener Hypothe  1.285  4/19/2039  EUR   75.036
Societe Du Grand P  2.145 11/26/2068  EUR   65.990
NRW Bank            1.155  9/21/2050  EUR   65.753
Deutsche Bank AG    0.650  06/03/2031 EUR   72.551
Italy Buoni Polien  2.150  03/01/2072 EUR   58.815
Societe Generale S  2.970  4/15/2036  USD   65.973
BNP Paribas SA      1.450 11/17/2041  EUR   67.906
Caisse des Depots   1.290  05/05/2051 EUR   60.598
Landesbank Baden-W  0.550  2/19/2031  EUR   73.992
DZ Bank AG Deutsch  2.000 12/29/2031  EUR   74.240
Slovenska Sporitel  4.490             EUR   57.501
Norddeutsche Lande  1.100 10/13/2034  EUR   69.463
National Treasury   1.560  2/16/2122  EUR   58.341
Pannonia Bio Ltd    2.400  9/18/2029  HUF   65.760
Societe Generale S 10.000  6/28/2034  USD #N/A N/A
Swedbank AB         0.350  9/22/2031  EUR   71.999
Veneto Banca SpA    6.950  2/25/2025  EUR    0.466
getgoods.de AG      7.750  10/02/2017 EUR    0.527
Rena GmbH           8.250  07/11/2018 EUR    0.054
Norske Skog Holdin  8.000  2/24/2023  USD    0.006
Premium Green PLC   1.630 12/30/2030  AUD   74.057
GB Social Housing   3.814  04/09/2047 GBP   74.559
Land Berlin         0.625  7/15/2039  EUR   68.581
Single Platform In  1.000 10/31/2040  EUR   65.792
DZ Bank AG Deutsch  1.840 12/21/2048  EUR   71.081
Single Platform In  0.363  2/15/2041  EUR   58.147
Single Platform In  0.955  2/15/2041  EUR   65.422
Eurogrid GmbH       0.875 11/20/2040  EUR   66.167
Single Platform In  1.050  3/17/2039  EUR   68.008
Argentum Capital S  0.500 11/30/2033  EUR   67.780
Region de Bruxelle  1.419  6/22/2045  EUR   64.296
BPCE SFH SA         1.229  04/12/2049 EUR   66.015
Banque Internation  3.320  5/24/2042  EUR   73.187
Norddeutsche Lande  1.280  09/02/2039 EUR   62.041
Landeskreditbank B  1.862  04/06/2062 EUR   74.339
Bank Vontobel AG   12.000  02/05/2024 CHF   32.800
Credit Suisse AG/L 10.250  5/22/2023  EUR   69.340
Region Wallonne Be  1.000  6/22/2045  EUR   58.369
Caisse des Depots   0.606  9/30/2039  EUR   65.137
Single Platform In  0.465  2/27/2035  EUR   67.484
Nationale-Nederlan  1.400  3/18/2039  EUR   76.349
Batigere Grand Est  1.550  08/12/2041 EUR   62.566
Kingdom of Belgium  0.675  07/07/2080 EUR   36.546
Pfandbriefzentrale  0.020  1/30/2040  CHF   72.227
Instabank ASA i    11.810             NOK   67.897
Nederlandse Waters  0.230 10/22/2035  EUR   70.514
Assistance Publiqu  0.490  9/30/2040  EUR   60.851
Raiffeisenlandesba  0.200  06/09/2036 EUR   63.930
Greenergy Holding   3.000  9/21/2031  HUF   65.725
Caisse Francaise d  1.093 10/14/2051  EUR   63.450
Wirtschafts- und I  0.208  1/28/2043  EUR   54.807
CPI Hungary Invest  2.250  08/07/2030 HUF   55.000
Bilt Paper BV      10.360             USD    1.253
SAir Group          2.750  7/30/2004  CHF   10.750
Department of Bouc  0.810 12/16/2041  EUR   62.944
International Fina  0.500  6/29/2027  ZAR   68.593
Muenchener Hypothe  0.886  3/26/2043  EUR   65.849
Single Platform In  0.815  04/01/2042 EUR   61.176
SAir Group          6.250 10/27/2002  CHF   11.135
Santander Consumer  8.090             NOK   56.321
Credit Agricole SA  3.450  03/04/2041 AUD   58.270
Bayerische Landesb  3.450  7/15/2036  EUR   75.600
Landesbank Baden-W  0.460 12/30/2030  EUR   73.454
Lithuania Governme  0.500  7/28/2050  EUR   44.206
Deutsche Bahn Fina  0.232  3/17/2032  EUR   76.058
DNB Bank ASA        1.185  1/14/2038  EUR   70.602
Single Platform In  0.720  3/20/2051  EUR   53.966
UniCredit SpA       1.050  1/23/2031  EUR   76.011
Credito Padano Ban  3.100             EUR   36.208
French Republic Go  1.500  5/25/2050  EUR   70.662
Single Platform In  0.656  9/20/2050  EUR   52.210
Communaute Francai  2.177  8/17/2068  EUR   70.590
Brussels Municipal  0.384  6/15/2035  EUR   70.485
French Republic Go  0.500  5/25/2040  EUR   65.933
DZ Bank AG Deutsch  0.530  7/26/2033  EUR   69.216
Credit Suisse AG/L  6.500  7/19/2023  USD    9.230
Landesbank Hessen-  2.000  3/16/2037  EUR   68.200
Landesbank Baden-W  3.330  4/28/2023  EUR   61.980
UBS AG/London       7.000  4/21/2023  USD   41.350
Natixis SA          3.800  5/28/2039  AUD   70.916
Parnassia Groep BV  1.470  12/01/2045 EUR   55.426
Single Platform In  0.780  2/15/2040  EUR   64.391
Communaute Francai  1.600  6/22/2047  EUR   67.571
Landesbank Baden-W  0.500  7/24/2030  EUR   75.221
NRW Bank            0.420  02/08/2039 EUR   66.577
Uliving@Essex2 Iss  0.100  8/31/2063  GBP   68.880
Single Platform In  1.140  3/26/2040  EUR   68.243
A-TEC Industries A  2.750  05/10/2014 EUR    0.100
Hellas Telecommuni  8.500 10/15/2013  EUR    0.173
Societe Generale S  2.050  2/18/2031  AUD   72.155
Single Platform In  1.010  3/20/2051  EUR   58.826
Hacienda Investmen  5.350  02/08/2028 USD   53.530
Department of Giro  0.846  4/29/2039  EUR   68.014
Single Platform In  1.865  2/15/2046  EUR   74.272
Norddeutsche Lande  1.350 10/20/2038  EUR   64.095
Kreditanstalt fuer  1.201  9/13/2051  EUR   67.915
Batigere Grand Est  1.485 10/25/2039  EUR   64.627
Landesbank Hessen-  1.370  9/22/2031  EUR   71.981
Agence Francaise d  2.360 10/17/2044  AUD   67.275
Windreich GmbH      6.750  03/01/2015 EUR    2.780
BNP Paribas SA      0.500  9/29/2029  AUD   75.935
Berlin Hyp AG       1.157  12/09/2039 EUR   55.225
Cooperatieve Rabob  0.500  1/31/2033  MXN   40.196
Norske Skog Holdin  8.000  2/24/2021  EUR    0.006
Societe Du Grand P  1.955  4/16/2069  EUR   65.294
SNCF Reseau         1.425  8/14/2119  EUR   39.875
Nederlandse Waters  0.260  11/10/2036 EUR   68.609
Landesbank Saar     0.540 11/18/2033  EUR   70.046
Elia Transmission   1.560  1/30/2044  EUR   73.643
Single Platform In  1.030  03/11/2039 EUR   68.024
United Kingdom Gil  0.625 10/22/2050  GBP   46.899
Wirtschafts- und I  0.500  8/28/2046  EUR   54.349
Kreditanstalt fuer  1.171  7/19/2051  EUR   67.760
Agence Francaise d  1.656  04/04/2054 EUR   73.998
Region Auvergne-Rh  1.090  04/08/2037 EUR   73.154
Kreditanstalt fuer  1.115  5/17/2041  EUR   69.712
HSBC Bank PLC       2.230  09/06/2047 EUR   73.341
Cooperatieve Rabob  2.360  9/25/2047  EUR   71.009
CDC Habitat SEM     0.814  2/15/2040  EUR   58.421
Landesbank Hessen-  1.340  06/04/2042 EUR   64.578
Santander Consumer  8.090             NOK   57.275
HSBC Bank PLC       0.500  6/23/2027  MXN   66.025
LBI ehf             7.431             USD    0.001
Kommunekredit       0.100  9/30/2033  DKK   71.202
LFA Foerderbank Ba  0.050  9/29/2034  EUR   71.560
Cie de Financement  0.975  08/11/2046 EUR   65.780
Norske Skogindustr  7.125 10/15/2033  USD    0.010
Norske Skogindustr  7.125 10/15/2033  USD    0.010
Credit Suisse AG/L 13.300 11/29/2023  USD   40.520
WEB Windenergie AG  2.250  9/25/2028  EUR    0.010
Societe Generale S 16.000  07/03/2024 USD   32.010
Region de Bruxelle  1.029  1/14/2048  EUR   55.260
UBS Group AG        2.490  03/04/2036 USD   69.844
Kreditanstalt fuer  0.980  02/09/2042 EUR   71.520
Raiffeisen Schweiz  7.000  9/20/2023  CHF   58.680
Societe Generale S  2.060  03/12/2031 USD   74.290
Single Platform In  2.230  3/17/2039  NOK   74.820
Landesbank Hessen-  1.000  4/28/2036  EUR   64.037
Deutsche Bank AG    2.480  12/10/2035 EUR   70.885
Bayerische Landesb  1.820  03/12/2031 EUR   73.853
Citigroup Global M  7.200  5/24/2023  SEK   74.000
State of Saxony-An  2.173  07/03/2028 EUR   60.000
Single Platform In  1.200 11/15/2037  EUR   71.028
BNP Paribas SA      1.395  02/12/2035 EUR   72.996
Credit Mutuel Arke  1.165  9/23/2039  EUR   65.203
Region de Bruxelle  1.922  4/24/2059  EUR   62.590
Veneto Banca SpA    6.944  5/15/2025  EUR    0.466
SAir Group          5.125  03/01/2003 CHF   10.637
Norddeutsche Lande  0.900  07/05/2032 EUR   73.339
BPCE SFH SA         0.843  7/19/2044  EUR   62.431
Single Platform In  0.457  2/15/2046  EUR   53.372
Single Platform In  1.180  04/01/2039 EUR   69.786
Malta Government B  1.400  8/20/2046  EUR   62.347
Deutsche Bank AG/L  0.500  04/05/2038 MXN   24.615
Autonomous Communi  1.515  6/21/2051  EUR   58.224
Single Platform In  0.428  2/15/2040  EUR   60.327
Caisse Francaise d  0.510 11/19/2040  EUR   63.230
Societe Du Grand P  1.149  04/08/2069 EUR   44.139
Single Platform In  0.523  05/07/2041 EUR   59.532
Landesbank Hessen-  0.250 11/26/2029  EUR   76.627
Basque Government   2.350  04/11/2049 EUR   74.531
Deutsche Bank AG    0.500  9/16/2031  EUR   74.097
Norddeutsche Lande  1.090 11/15/2043  EUR   66.156
Deutsche Bank AG    2.825  2/25/2043  EUR   69.833
Barclays Bank PLC   1.340  02/01/2051 EUR   63.460
Societe Generale S 24.000  11/08/2024 USD   45.200
Ville de Paris      0.963  12/06/2051 EUR   52.392
Agence Metropolita  0.500  07/07/2035 EUR   69.721
Single Platform In  1.200  11/01/2040 EUR   68.468
Single Platform In  1.105  1/18/2040  EUR   67.940
VTB Bank PJSC       5.000             USD   49.000
Banque et Caisse d  1.230  4/26/2046  EUR   70.594
Vorosko Kereskedel  4.750  1/25/2032  HUF   68.000
UniCredit Bank AG   0.900  3/24/2036  EUR   67.030
MOL Nyrt Kueloenle  4.950  1/26/2032  HUF   71.780
Single Platform In  0.940  10/04/2041 EUR   64.281
Single Platform In  1.850  2/15/2041  NOK   69.258
Malta Government B  2.400  8/13/2052  EUR   71.620
ING Bank NV         2.830  9/28/2051  USD   67.124
Sparekassen Bredeb  3.750  4/15/2031  DKK   71.197
Purple Protected A  2.060  3/30/2061  EUR   50.095
Deutsche Wohnen SE  1.250  7/31/2031  EUR   72.692
Credit Suisse AG/L  1.400  11/04/2025 CHF   42.070
SALVATOR Vermoegen  9.500             EUR    7.900
Raiffeisen Switzer 17.000  1/16/2024  CHF   42.750
Landesbank Baden-W  0.500  09/05/2039 EUR   65.720
DeltaCredit Bank J  1.000 10/30/2025  RUB   95.000
Virgolino de Olive 10.875  1/13/2020  USD   36.000
Kreditanstalt fuer  0.680  11/12/2039 EUR   74.417
Communaute Francai  0.584  9/17/2039  EUR   60.921
Elli Investments L 12.250  6/15/2020  GBP   52.250
Ministeries Van de  1.392  11/12/2041 EUR   66.952
Polyus Finance PLC  4.700  1/29/2024  USD   65.000
Region Wallonne Be  2.057 10/19/2043  EUR   74.462
Premium Green PLC   1.630 12/30/2030  AUD   74.057
Nordea Bank Abp     1.305  03/01/2034 EUR   75.788
BPCE SA             2.315 11/19/2035  AUD   57.811
Single Platform In  0.751  11/06/2047 EUR   55.703
ACCIONA Financiaci  3.000  12/02/2039 EUR   76.108
LFA Foerderbank Ba  0.125  9/30/2038  EUR   63.727
DLR Kredit A/S      1.000  10/01/2053 DKK   69.964
Single Platform In  1.013 12/20/2050  EUR   57.350
Societe Generale S  0.831 11/25/2031  EUR   71.057
French Republic Go  0.500  6/25/2044  EUR   60.548
Region de Bruxelle  1.810  3/22/2053  EUR   66.149
Nykredit Realkredi  1.182  1/17/2034  EUR   73.247
Single Platform In  0.946  5/25/2036  EUR   70.555
Regie Autonome des  0.953  5/24/2052  EUR   63.250
DZ Bank AG Deutsch  9.250  4/28/2023  EUR   32.310
Societe Generale S  3.310 11/29/2033  AUD   73.785
Landesbank Baden-W  4.700 10/27/2023  EUR   59.770
UBS AG/London       8.250  4/21/2023  CHF   50.350
Landesbank Baden-W  0.327  05/07/2038 EUR   65.060
Landesbank Baden-W  0.650  2/25/2031  EUR   75.958
Caisse des Depots   1.617  3/18/2049  EUR   67.377
Standard Chartered  3.040  1/18/2042  USD   72.754
Department of Loir  0.478 10/30/2040  EUR   60.539
Lehman Brothers Tr  2.875  3/14/2013  CHF    0.100
Akademiska Hus AB   1.252  2/13/2043  SEK   63.295
Mondelez Internati  1.250  09/09/2041 EUR   65.351
Single Platform In  1.156  02/12/2041 EUR   67.972
PJSC Koks via IMH   5.900  9/23/2025  USD    7.501
Minicentrales Dos   0.010  06/06/2047 EUR   66.500
NRW Bank            1.245  09/07/2060 EUR   61.933
Heta Asset Resolut  3.635 12/31/2023  EUR    1.506
SAir Group          4.250  02/02/2007 CHF   10.637
Vasakronan AB       1.870  06/03/2039 EUR   49.640
Single Platform In  1.108  2/15/2041  EUR   67.691
HSE Finance Sarl    5.625 10/15/2026  EUR   49.701
Landesbank Hessen-  0.350  3/18/2031  EUR   72.707
Anselma Issuer SA   1.574 12/31/2038  EUR   46.230
DZ Bank AG Deutsch  0.250  1/21/2033  EUR   74.935
Autonomous Communi  1.931  04/04/2042 EUR   73.699
Region Auvergne-Rh  0.543  9/28/2036  EUR   68.367
Kreditanstalt fuer  1.000  4/27/2041  EUR   71.457
Kuntarahoitus Oyj   1.150  04/01/2051 EUR   67.729
Espirito Santo Fin  4.213 10/27/2024  EUR    0.925
Norddeutsche Lande  1.600  4/14/2037  EUR   69.541
ING Bank NV         2.900  6/23/2051  USD   68.065
SG Issuer SA        3.100  5/18/2028  EUR   67.880
Duna Aszfalt Ut Es  2.990 10/17/2029  HUF   61.000
Pescanova SA        8.750  2/17/2019  EUR    0.319
Turkey Government   4.875  4/16/2043  USD   65.048
Mox Telecom AG      7.250  11/02/2017 EUR    2.270
SNCF Reseau         1.100 10/27/2036  EUR   75.593
Region de Bruxelle  0.944  6/22/2057  EUR   43.273
Region de Bruxelle  1.375  4/29/2039  EUR   69.993
Thomas Cook Financ  3.875  7/15/2023  EUR    0.578
Stadt Graz          1.824 10/31/2047  EUR   73.859
Premium Green PLC   1.610  9/30/2030  AUD   74.829
Commerzbank AG      1.400  7/21/2031  EUR   73.029
Nederlandse Waters  1.900  3/15/2052  EUR   76.321
Kreditanstalt fuer  0.830  12/09/2050 EUR   64.112
Single Platform In  1.593 10/31/2050  EUR   67.018
ING Bank NV         0.335  4/21/2036  EUR   69.416
Romanian Governmen  4.625  04/03/2049 EUR   75.067
Batigere Grand Est  1.345  4/18/2032  EUR   75.817
Land Thueringen     1.000  3/29/2039  EUR   74.940
Region Bretagne SC  0.544  12/07/2036 EUR   68.142
Commerzbank AG      2.350  2/24/2042  EUR   70.247
State of Brandenbu  0.125  1/26/2046  EUR   51.945
Norddeutsche Lande  0.750  8/26/2031  EUR   74.707
Landeskreditbank B  0.605  6/16/2036  EUR   74.908
Credit Suisse AG/L 10.500  5/25/2023  EUR   67.170
Raiffeisen Schweiz 20.000  11/07/2023 CHF   36.500
Landesbank Hessen-  2.000  04/09/2035 EUR   66.200
Parnassia Groep BV  1.430  12/01/2043 EUR   57.723
Hamburg Commercial  4.000  03/06/2034 EUR   66.661
Deutsche Pfandbrie  0.500 11/18/2030  EUR   67.266
Comunidad Foral de  1.450  05/08/2040 EUR   68.725
Landesbank Hessen-  0.500  3/25/2032  EUR   70.524
Lehman Brothers Tr  4.680  12/12/2045 EUR    0.100
Deutsche Bahn Fina  2.005  06/07/2039 SEK   75.565
Landesbank Baden-W  0.210  2/26/2031  EUR   69.867
Landesbank Baden-W  0.905  04/01/2041 EUR   58.250
Saastopankkien Kes  0.860  1/18/2036  EUR   67.243
Assistance Publiqu  0.683  3/19/2041  EUR   62.496
Credit Agricole CI  0.440  09/06/2033 EUR   71.523
Societe Generale S  1.700  1/19/2031  USD   72.685
Standard Chartered  2.140  1/29/2036  USD   72.188
Zurcher Kantonalba 14.400  6/13/2023  CHF   34.150
Daniella Kereskede  3.000  7/30/2030  HUF   66.180
Societe Generale S  8.000 10/31/2034  USD   73.000
Landesbank Baden-W  0.750  08/12/2039 EUR   66.610
Hemso Fastighets A  1.130 10/31/2039  EUR   65.347
Batigere Grand Est  1.610 10/23/2040  EUR   64.498
AK BARS Bank Via A  8.000  7/13/2022  USD   31.000
Department of Giro  0.650 12/17/2038  EUR   66.368
Agrokor dd          9.125  02/01/2020 EUR   15.000
Grupo Isolux Corsa  6.000 12/30/2021  EUR    0.253
Municipality of Ar  0.460  9/20/2049  EUR   52.486
Region Wallonne Be  1.135  10/10/2069 EUR   48.553
Thomas Cook Group   6.250  6/15/2022  EUR    0.691
Communaute Francai  1.760  1/26/2043  EUR   71.565
Region Wallonne Be  2.160  2/23/2044  EUR   75.579
Uliving@Essex Issu  0.100  8/31/2058  GBP   72.953
Landesbank Hessen-  0.900  06/10/2036 EUR   62.948
Aareal Bank AG      0.300  12/11/2030 EUR   60.190
State of North Rhi  1.513  7/27/2065  EUR   64.962
State of North Rhi  1.650  5/16/2047  EUR   75.878
Bayerische Landesb  0.700  06/12/2037 EUR   70.919
Caisse des Depots   0.323  06/04/2035 EUR   70.537
Region Auvergne-Rh  0.800  5/22/2040  EUR   63.763
National Grid Elec  2.037  2/15/2039  EUR   75.286
DZ Bank AG Deutsch  1.200 11/25/2050  EUR   58.723
Societe Nationale   1.400  5/18/2120  EUR   35.603
UBS AG/London      14.500  10/06/2023 CHF   55.350
Credit Industriel   0.805  9/21/2033  EUR   74.796
UBS Group AG        2.370  2/25/2036  USD   68.662
Luzerner Kantonalb  6.000  07/06/2023 EUR   59.290
Flextronics Intern  3.600  12/06/2031 HUF   66.000
Republic of Irelan  1.250  10/08/2121 EUR   48.063
Credit Suisse AG/L  7.000  5/19/2023  CHF   64.590
Credit Suisse AG/L  8.250  4/13/2023  CHF   72.700
Leonteq Securities  5.000  4/20/2023  EUR   37.600
UniCredit Bank AG   1.120  5/14/2057  EUR   56.546
UBS AG/London       7.000  7/21/2023  CHF   66.050
Citigroup Global M  1.240  2/18/2040  EUR   65.392
Berlin Hyp AG       1.057  2/21/2059  EUR   61.047
BNP Paribas SA      3.580  7/23/2040  AUD   74.077
Credit Agricole Co  1.190  2/26/2040  EUR   67.181
Caisse des Depots   1.270  10/01/2051 EUR   59.909
Lehman Brothers Tr  0.500 12/20/2017  AUD    0.100
Municipality of Ar  0.605  2/24/2040  EUR   67.168
Deutsche Bank AG    1.050  09/01/2031 EUR   69.132
Heta Asset Resolut  4.350 12/31/2023  EUR    2.094
Lehman Brothers Tr  1.750  02/07/2010 EUR    0.100
Lehman Brothers Tr  6.000 10/24/2008  EUR    0.100
Norwegian Air Shut  7.500  11/10/2023 USD   73.375
Lehman Brothers Tr  5.198  3/16/2035  EUR    0.100
MMC Norilsk Nickel  2.550  09/11/2025 USD   73.495
La Veggia Finance   7.125 11/14/2004  EUR    0.287
Moby SpA            7.750  2/15/2023  EUR   58.346
State of Saxony-An  1.223  05/04/2046 EUR   68.525
Single Platform In  0.780  03/05/2039 EUR   65.369
Single Platform In  0.870  6/20/2043  EUR   62.398
UBS AG/London       8.250  05/10/2023 CHF   52.350
Assistance Publiqu  2.000  5/25/2053  EUR   70.127
Single Platform In  1.490  3/20/2051  EUR   65.190
Norddeutsche Lande  1.560 10/20/2038  EUR   66.406
Norddeutsche Lande  1.050 11/17/2036  EUR   64.252
Landesbank Saar     0.130  8/24/2033  EUR   74.005
Rosbank PJSC        0.010  4/30/2024  RUB   60.050
BNP Paribas SA      1.150 11/20/2034  EUR   73.738
Department of Loir  0.790 11/22/2039  EUR   66.263
DZ HYP AG           1.226  8/25/2036  EUR   68.445
Bibby Offshore Ser  7.500  6/15/2021  GBP   11.625
Region of Centre-V  0.712  12/03/2039 EUR   65.235
SAir Group          6.250  04/12/2005 CHF   10.637
Grupo Isolux Corsa  1.000 12/30/2021  EUR    0.157
MMC Norilsk Nickel  6.625 10/14/2022  USD   72.250
Caisse des Depots   1.382  3/16/2045  EUR   65.145
NRW Bank            0.510  9/23/2039  EUR   66.266
Deutsche Bank AG    3.500  4/14/2048  EUR   75.758
Decipher Productio 12.500  9/27/2019  USD    1.500
Russian Agricultur  8.500 10/16/2023  USD   26.571
Region de Bruxelle  0.845  9/30/2059  EUR   43.906
Region Hauts-de-Fr  0.643  07/09/2040 EUR   63.239
Republic of Irelan  0.810  07/10/2079 EUR   43.764
DZ Bank AG Deutsch  0.190  1/14/2031  EUR   73.648
Purple Protected A  1.598  02/05/2061 EUR   67.933
Single Platform In  0.725  03/07/2039 EUR   64.377
Communaute Francai  1.115  07/11/2039 EUR   67.578
Department of Bouc  1.100  07/08/2039 EUR   70.751
Kreditanstalt fuer  0.680  2/23/2051  EUR   61.589
Bayerische Landesb  0.030 10/22/2035  EUR   68.072
Batigere Grand Est  1.800  08/12/2050 EUR   58.855
Single Platform In  0.873  5/25/2052  EUR   54.642
Department of L'Eu  0.959 11/25/2037  EUR   72.122
United Kingdom Gil  0.500 10/22/2061  GBP   37.175
Credit Suisse AG/L  9.500 12/29/2023  CHF   51.550
DZ Bank AG Deutsch  6.000  7/28/2023  EUR   74.160
OTP Munkavallalok   4.500  7/14/2031  HUF   70.010
Landesbank Baden-W  5.370  5/26/2023  EUR   70.070
Credit Suisse AG/L  7.250  4/20/2023  CHF   72.780
Muenchener Hypothe  1.495  10/05/2050 EUR   64.940
Leonteq Securities 20.200 11/14/2023  CHF   33.780
Kreditanstalt fuer  0.693  02/08/2050 EUR   52.747
Landesbank Hessen-  0.750  04/09/2035 EUR   64.016
BNP Paribas SA      1.660  2/26/2031  USD   74.736
Nederlandse Waters  0.436 10/22/2040  EUR   63.374
Landesbank Hessen-  0.850 11/19/2035  EUR   63.518
ECM Real Estate In  5.000  10/09/2011 EUR   15.375
A-TEC Industries A  5.750  11/02/2010 EUR    0.100
Erste Jelzalogbank  2.500 10/22/2028  HUF   69.110
UBS AG/London       6.000  06/06/2023 USD    9.830
Heta Asset Resolut  3.248 12/31/2023  EUR    1.506
Kuntarahoitus Oyj   1.400  03/05/2061 EUR   69.633
Assistance Publiqu  0.666  3/19/2040  EUR   64.101
Credit Suisse AG/L 12.400  9/25/2023  EUR   23.520
Single Platform In  1.000  07/08/2034 EUR   73.314
Kreditanstalt fuer  0.650  2/24/2041  EUR   67.595
Agence France Loca  2.550  3/20/2036  AUD   73.772
Barclays Bank PLC   3.130  04/09/2051 USD   65.191
Single Platform In  1.120  7/25/2045  JPY   70.655
Sovcombank Via Sov  3.400  1/26/2025  USD    2.204
Santander Internat  1.365  1/28/2061  EUR   52.138
Axial Javito Keres  2.000  9/23/2030  HUF   59.308
VTB Bank PJSC       7.600  04/02/2031 RUB   70.080
Landesbank Baden-W  1.750  5/15/2039  EUR   67.910
Credit Agricole Co  2.930  8/20/2039  AUD   69.510
Cie de Saint-Gobai  3.000 12/23/2049  EUR   74.760
Ringkjoebing Landb  1.100 10/30/2035  EUR   68.834
International Bank  8.250  10/09/2024 USD   60.375
UniCredit Bank AG   2.250 10/14/2039  EUR   74.650
Cooperatieve Rabob  2.090 12/27/2047  EUR   66.763
Region de Bruxelle  0.540  9/13/2044  EUR   53.014
Communaute Francai  1.363  4/16/2040  EUR   69.616
CDC Habitat SEM     1.700  3/21/2039  EUR   69.834
Bayerische Landesb  3.500  7/28/2036  EUR   72.084
DZ HYP AG           1.300  7/18/2041  EUR   70.106
LR Realkredit AS    1.000  10/01/2050 DKK   68.482
City of Amsterdam   1.515  2/26/2044  EUR   75.313
Nederlandse Waters  0.190  11/02/2050 EUR   47.508
Landeskreditbank B  1.025  04/01/2061 EUR   57.506
Aareal Bank AG      0.520  4/18/2031  EUR   59.869
Landesbank Hessen-  2.000  03/10/2037 EUR   71.350
Landesbank Hessen-  1.650  5/27/2030  EUR   13.492
Landesbank Hessen-  0.850  09/02/2036 EUR   62.143
Deutsche Bank AG/L  0.500  8/23/2038  MXN   23.431
Autonomous Communi  1.950  5/24/2041  EUR   74.508
Region de Bruxelle  1.020  4/30/2060  EUR   44.776
Single Platform In  1.500  3/20/2051  EUR   66.966
Republic of Poland  1.250 10/25/2030  PLN   72.018
Region de Bruxelle  0.650  2/15/2061  EUR   37.370
Banque et Caisse d  1.000  01/04/2042 EUR   70.111
State of Bremen     0.500  6/14/2034  EUR   75.634
Communaute Francai  1.787  6/14/2044  EUR   71.132
State of Bremen     0.102  02/07/2033 EUR   76.333
Stichting Afwikkel  8.450  8/20/2018  USD   43.625
Region of Pays de   0.448  9/25/2040  EUR   61.537
Republic of Irelan  0.740  9/22/2078  EUR   42.144
Hypo Vorarlberg Ba  1.590  8/25/2050  EUR   58.659
Hypo Vorarlberg Ba  0.570  8/26/2030  EUR   75.627
Aktia Bank Oyj      0.800  2/26/2036  EUR   67.487
Caisse des Depots   0.696  9/14/2040  EUR   60.960
Takarek Mortgage B  2.600 10/22/2028  HUF   69.500
SG Issuer SA        7.740  7/20/2025  SEK   60.400
Region Wallonne Be  1.225  09/02/2120 EUR   37.963
HSE Finance Sarl    8.404 10/15/2026  EUR   50.896
Autonomous Communi  1.550  05/11/2051 EUR   58.673
Societe Generale S  2.050  2/18/2031  AUD   72.225
Societe Nationale   2.503  1/14/2041  AUD   67.114
Region Auvergne-Rh  0.530  9/29/2036  EUR   68.283
Single Platform In  2.050  09/01/2044 NOK   69.874
Kommunalkredit Aus  0.570  9/15/2037  EUR   67.110
Credit Bank of Mos  3.875  9/21/2026  USD   30.698
Region de Bruxelle  1.225  6/21/2070  EUR   44.891
Societe Generale S  0.650  6/23/2035  EUR   74.380
Standard Chartered  0.520  1/22/2041  JPY   65.078
Region of Centre-V  0.924  11/02/2043 EUR   61.790
Commerzbank AG      1.430  1/23/2040  EUR   63.725
Single Platform In  0.880  1/15/2040  EUR   66.614
Single Platform In  1.840  7/25/2053  EUR   74.037
Single Platform In  0.740  04/01/2042 EUR   62.061
Credit Suisse AG/L 25.000 10/20/2026  USD    5.520
Harp Issuer PLC     1.400  2/14/2032  USD   70.739
Raiffeisen Bank In  0.370  02/03/2033 EUR   63.057
Wirtschafts- und I  0.192  1/28/2042  EUR   56.605
Landesbank Baden-W  4.960  7/28/2023  EUR   56.220
Pongs & Zahn AG     8.500  11/01/2014 EUR    0.003
UniCredit Bank AG  15.050  4/28/2023  EUR   34.350
State of North Rhi  1.641  08/11/2066 EUR   66.827
Deutsche Bank AG    0.510  9/16/2031  EUR   71.809
Norddeutsche Lande  2.000  1/31/2035  EUR   70.993
Single Platform In  1.110  1/22/2040  EUR   68.263
Communaute Francai  1.500  2/13/2045  EUR   66.340
Autonomous Communi  1.442 10/26/2049  EUR   56.360
Santander Internat  1.700  12/12/2049 EUR   45.058
ABN AMRO Bank NV    0.450  12/12/2036 EUR   70.302
Chelyabinsk Pipe P  4.500  9/19/2024  USD   22.601
Landesbank Hessen-  1.050 10/24/2031  EUR   75.694
Sequa Petroleum NV  5.000  4/29/2020  USD   30.250
Single Platform In  0.932  2/15/2041  EUR   64.603
Republic of Irelan  0.835  07/08/2080 EUR   44.065
Landesbank Hessen-  0.750  1/21/2036  EUR   62.180
DZ Bank AG Deutsch  1.550  6/27/2041  EUR   76.039
Norddeutsche Lande  1.100  07/05/2032 EUR   74.658
Commerzbank AG      1.150  6/28/2034  EUR   71.578
Landesbank Saar     0.835  2/19/2035  EUR   70.278
Republic of Irelan  1.230  5/29/2120  EUR   46.743
Santander Internat  1.100  12/07/2040 EUR   63.324
DZ Bank AG Deutsch  1.850  2/19/2049  EUR   74.960
Kreditanstalt fuer  0.820  4/15/2050  EUR   64.597
Region de Bruxelle  1.500  2/15/2039  EUR   75.851
Vasakronan AB       1.770 10/26/2033  NOK   73.438
Societe Nationale   2.457 12/23/2050  USD   67.631
Natixis SA          2.955  5/28/2050  USD   64.538
Ministeries Van de  1.095  06/03/2055 EUR   50.107
UBS Group AG        2.300  12/03/2035 AUD   69.270
Luzerner Kantonalb 16.900  4/19/2023  CHF   54.450
Bank Vontobel AG   16.000 12/27/2023  CHF   36.200
Zurcher Kantonalba  7.100  10/06/2023 CHF   45.240
Aareal Bank AG      0.380  9/16/2031  EUR   57.524
Aareal Bank AG      0.255  9/17/2029  EUR   66.358
UBS AG/London       0.120  5/25/2040  MXN   16.262
Caisse des Depots   0.950  2/17/2051  EUR   54.748
Credit Suisse AG/L 11.250  7/19/2023  CHF   17.550
Credit Suisse AG/L  8.500  03/11/2024 CHF   48.800
OTP Munkavallalok   4.500  7/14/2031  HUF   70.010
Wirtschafts- und I  0.450  12/01/2038 EUR   66.950
CDC Habitat SEM     1.170  05/04/2037 EUR   67.413
Cooperatieve Rabob  2.250  9/15/2047  EUR   69.535
United Utilities W  0.359  10/05/2048 GBP   63.634
BNG Bank NV         0.680  03/04/2050 EUR   51.290
Norddeutsche Lande  0.850  07/07/2031 EUR   75.728
City of Hanover Ge  1.560  05/03/2048 EUR   75.552
Natixis SA          2.500  03/04/2036 USD   73.909
Denmark Government  0.250 11/15/2052  DKK   54.081
Hypo Vorarlberg Ba  0.741 10/16/2036  EUR   62.930
Region de Bruxelle  0.283 10/24/2033  EUR   71.408
DZ Bank AG Deutsch  4.050  6/23/2023  EUR   39.140
Landesbank Baden-W  5.198  1/30/2034  EUR   74.820
Appeninn Holding    3.500 11/22/2029  HUF   61.700
IT Holding Finance  9.875 11/15/2012  EUR    0.015
Kreditanstalt fuer  1.087  1/21/2050  EUR   68.199
Landesbank Hessen-  2.400  06/09/2036 EUR   63.250
NRW Bank            1.180  03/03/2051 EUR   67.540
Landesbank Baden-W  0.570  6/22/2032  EUR   70.553
LFA Foerderbank Ba  0.160  01/02/2040 EUR   61.908
Banque Internation  1.190  1/18/2041  EUR   61.170
United Kingdom Gil  1.250  7/31/2051  GBP   56.817
Deutsche Bank AG    0.600  10/08/2030 EUR   74.845
Bank Vontobel AG   15.000  6/30/2023  CHF   18.300
Luzerner Kantonalb  6.720  05/12/2023 USD   70.150
Landeskreditbank B  1.017  3/15/2061  EUR   56.934
NIBC Bank NV        0.660  7/14/2031  EUR   70.318
Danske Bank A/S     5.300  7/15/2023  SEK   39.340
Lehman Brothers Tr  3.600  3/19/2018  JPY    0.100
Russian Railways J 12.940  2/28/2040  RUB   99.300
DeltaCredit Bank J  1.000  5/18/2026  RUB   79.030
Rosbank PJSC        0.020  4/30/2024  RUB   60.050
Raiffeisen Switzer 16.000  01/03/2024 CHF   39.700
Richter Gedeon Nyr  1.750  06/04/2031 HUF   68.500
Landesbank Baden-W  0.700  09/05/2039 EUR   64.490
Landesbank Baden-W  0.150  09/11/2039 EUR   63.780
WEB Windenergie AG  4.000 12/17/2025  EUR    0.010
UBS AG/London       2.630  09/03/2044 AUD   58.761
Kreditanstalt fuer  0.885 11/14/2039  EUR   71.702
Raiffeisenlandesba  1.500 10/21/2039  EUR   69.684
Region Wallonne Be  1.000  9/16/2059  EUR   45.623
Centre Hospitalier  0.800  6/28/2041  EUR   63.570
Nomura Bank Intern  1.138 12/19/2039  EUR   60.733
Agrokor dd          8.875  02/01/2020 USD   15.000
NatWest Markets PL  1.250  12/04/2034 EUR   71.990
SAir Group          2.125  11/04/2004 CHF   11.135
HSBC Bank PLC       2.102  1/30/2047  EUR   73.789
Bayerische Landesb  1.716  01/08/2037 EUR   74.784
Ukraine Government  7.750  09/01/2027 USD   17.558
Natixis SA          2.900  1/29/2040  AUD   60.956
DZ Bank AG Deutsch  1.000  2/18/2032  EUR   67.725
Hemso Fastighets A  2.127  4/18/2039  EUR   62.014
BPCE SA             3.000 11/18/2036  AUD   62.069
Elli Finance UK PL  8.750  6/15/2019  GBP   56.562
Phosphorus Holdco  10.000  04/01/2019 GBP    1.451
SNCF Reseau         1.475  3/30/2065  EUR   52.385
Communaute Francai  1.380  11/07/2046 EUR   63.502
Santander Consumer  8.090             NOK   56.321
Agence Metropolita  0.800  07/01/2040 EUR   65.280
BNG Bank NV         0.772  08/05/2050 EUR   54.526
Caisse des Depots   1.438  5/24/2051  EUR   63.155
Landesbank Hessen-  2.435  02/06/2048 EUR   75.319
Deutsche Wohnen SE  2.500  7/21/2034  EUR   73.758
Deutsche Wohnen SE  2.125  9/26/2033  EUR   69.453
Wirtschafts- und I  0.200 12/14/2045  EUR   50.586
Bayerische Landesb  1.600  7/21/2036  EUR   74.379
Region de Bruxelle  0.930  05/03/2051 EUR   51.785
Barclays Bank PLC   2.000  05/07/2036 MXN   22.418
Kreditanstalt fuer  0.613  06/10/2040 EUR   63.833
Kreditanstalt fuer  0.730  1/21/2050  EUR   63.031
BNG Bank NV         0.630  07/11/2067 EUR   40.749
Republic of Austri  0.750  3/20/2051  EUR   59.233
Kreditanstalt fuer  1.208  6/17/2051  EUR   70.452
Credit Agricole Co  2.400  5/17/2048  EUR   58.482
Aareal Bank AG      1.250  1/30/2029  EUR   74.094
Autonomous Communi  1.655 10/31/2050  EUR   62.209
Kuntarahoitus Oyj   1.155 11/19/2060  EUR   60.307
Kreditanstalt fuer  0.620  1/14/2050  EUR   55.351
Societe Generale S  2.650  1/26/2032  USD   75.559
Kuntarahoitus Oyj   1.078  05/06/2039 EUR   75.853
Societe Du Grand P  2.100  2/14/2069  EUR   64.650
Single Platform In  1.850  11/05/2040 EUR   77.090
Oberoesterreichisc  0.285  11/06/2042 EUR   57.667
Assistance Publiqu  1.073  4/16/2045  EUR   62.152
Aktia Bank Oyj      0.430  12/02/2030 EUR   74.808
Ministeries Van de  0.875  06/03/2045 EUR   56.269
FLUVIUS System Ope  0.810  04/08/2033 EUR   71.210
Swissquote Bank SA 28.000 10/31/2023  CHF   37.410
Ukraine Government  4.000  1/25/2024  USD   59.757
Ukraine Government 19.750  5/21/2025  UAH   71.830
UBS AG/London       7.000  4/13/2023  CHF   68.050
Republic of Irelan  1.020  09/10/2086 EUR   47.246
Hunland Feed Kft    2.880  7/21/2031  HUF   66.740
Credit Suisse AG/L  8.750  5/25/2023  CHF   71.520
DekaBank Deutsche   7.050  4/28/2023  EUR   44.540
Erste Group Bank A  1.065  5/17/2041  EUR   64.611
Single Platform In  1.000  7/15/2036  EUR   70.276
Dolphin Drilling A  4.490  8/28/2019  NOK    0.644
Vasakronan AB       2.050  5/28/2044  EUR   53.887
Banque Internation  0.480 11/13/2030  EUR   73.017
Landesbank Hessen-  0.750 12/17/2035  EUR   62.400
Landesbank Hessen-  1.300  06/04/2035 EUR   68.681
SpareBank 1 SR-Ban  1.650  2/24/2042  EUR   69.925
State of Brandenbu  0.300 11/17/2045  EUR   54.681
Landesbank Hessen-  1.300  3/25/2032  EUR   77.142
State of North Rhi  1.850  3/18/2089  EUR   65.915
Vasakronan AB       3.300  1/14/2042  AUD   62.528
Single Platform In  1.083  2/15/2041  EUR   67.359
Mitsubishi UFJ Inv  7.193 12/15/2050  EUR   44.561
Erste Group Bank A  0.880  02/12/2035 EUR   71.211
Landesbank Hessen-  0.450 11/18/2030  EUR   74.483
VTB Bank OJSC Via   6.250  6/30/2035  USD   22.845
Baromfi-Coop Terme  3.000  7/19/2031  HUF   65.800
Banque Cantonale V  5.400  12/06/2023 CHF    7.410
Landesbank Baden-W 13.590  8/25/2023  EUR   60.450
Nederlandse Waters  1.675  4/26/2046  EUR   76.386
Kreditanstalt fuer  0.600  2/16/2051  EUR   58.443
Banque Internation  0.510  02/10/2031 EUR   72.386
Landesbank Hessen-  0.750  3/18/2036  EUR   61.823
ACCIONA Financiaci  1.900  6/28/2034  EUR   72.088
Premium Green PLC   1.050  9/15/2035  EUR   71.429
Kreditanstalt fuer  0.990  02/12/2051 EUR   65.093
VTB Bank PJSC       3.750             EUR   48.000
Landesbank Baden-W  0.290  08/06/2031 EUR   70.978
Novolipetsk Steel   1.450  06/02/2026 EUR   68.000
Kreditanstalt fuer  1.270  6/29/2051  EUR   69.678
Region de Bruxelle  0.900  6/28/2046  EUR   54.379
Housing & Care 21   3.288  11/08/2049 GBP   72.624
Nordea Bank Abp     0.620 10/14/2026  SEK   57.730
Landesbank Hessen-  0.250  6/24/2030  EUR   74.571
VTB Bank PJSC       9.369             USD   33.000
Banque Internation  1.300  1/15/2041  EUR   62.324
Autonomous Communi  1.744  07/01/2061 EUR   55.153
Societe Generale S  0.570  3/15/2036  EUR   72.453
OPUS TIGAZ Gazhalo  2.800  3/24/2031  HUF   64.000
Societe Generale S 10.000  1/31/2024  USD   59.350
Societe Generale S  2.680 10/20/2031  AUD   74.647
DZ Bank AG Deutsch  0.440  1/21/2036  EUR   62.459
Hell Energy Magyar  3.000  7/28/2031  HUF   67.400
Swissquote Bank SA 18.400  9/26/2023  CHF   69.670
Basler Kantonalban 11.000 10/31/2023  CHF   54.320
Baromfi-Coop Terme  2.700 11/20/2026  HUF   69.900
Szinorg Universal   3.000  5/15/2030  HUF   62.313
HPI AG              3.500             EUR    0.500
DEPFA PLC           3.620  1/26/2034  EUR    0.010
Alteo Nyrt          3.150 10/28/2029  HUF   61.300
Gold-Zack AG        7.000 12/14/2005  EUR    4.286
Landesbank Hessen-  1.500  8/23/2034  EUR   70.700
Spain Government B  1.000  7/30/2042  EUR   63.775
Caisse des Depots   0.750  11/06/2048 EUR   53.188
Societe Generale S  2.900 10/24/2039  AUD   57.570
Erste Group Bank A  0.770 11/13/2033  EUR   72.290
Landesbank Hessen-  0.450 12/18/2029  EUR   77.578
Batigere Grand Est  1.540  11/04/2041 EUR   62.104
Kreditanstalt fuer  0.788  11/04/2039 EUR   70.846
Carmila SA          1.890  11/06/2031 EUR   73.506
Batigere Grand Est  1.600 11/14/2039  EUR   66.197
Region Provence-Al  0.753  01/05/2037 EUR   71.126
UBS AG/London       2.700  9/16/2044  AUD   59.605
CaixaBank SA        0.150 11/22/2027  EUR   73.882
DZ HYP AG           1.430 10/26/2046  EUR   68.067
Landesbank Hessen-  0.450  1/16/2030  EUR   77.277
Landesbank Hessen-  0.800  1/16/2035  EUR   65.057
Agence France Loca  0.586  6/20/2034  EUR   74.625
Region Auvergne-Rh  0.697  08/02/2036 EUR   70.288
State of Hesse      0.450  9/23/2044  EUR   60.226
Norske Skog Holdin  8.000  2/24/2023  USD    0.006
Specialfastigheter  1.280  9/20/2049  SEK   56.740
Hamburg Commercial  3.000  7/17/2035  EUR   56.682
Vasakronan AB       2.256  04/12/2044 EUR   75.730
DekaBank Deutsche   1.300  4/23/2035  EUR   73.654
Nationwide Buildin  0.750  05/08/2035 EUR   75.107
Credit Agricole Co  1.300  02/02/2061 EUR   53.311
BPCE SFH SA         1.586  02/01/2047 EUR   72.634
French Republic Go  0.500  5/25/2072  EUR   40.456
Hemso Fastighets A  2.615 11/30/2043  EUR   63.534
DZ Bank AG Deutsch  0.550  3/23/2033  EUR   74.520
Assistance Publiqu  0.630  7/30/2042  EUR   59.497
Kreditanstalt fuer  0.955  04/06/2040 EUR   72.671
Natixis SA          2.930  7/29/2051  AUD   50.879
Single Platform In  1.051  04/01/2042 EUR   65.949
Assistance Publiqu  1.810 11/17/2043  EUR   74.488
BPCE SA             2.550  06/09/2035 AUD   61.072
Region Auvergne-Rh  0.650  5/18/2038  EUR   66.296
Landesbank Hessen-  1.350  5/15/2034  EUR   71.529
Assistance Publiqu  1.665  04/10/2049 EUR   67.187
Landesbank Baden-W  0.220  08/09/2029 EUR   76.429
Credit Suisse AG/L  1.200 12/20/2030  EUR   74.384
Credit Suisse AG/L 14.250  1/18/2024  CHF   35.220
Single Platform In  1.448  7/25/2053  EUR   66.036
MFB Magyar Fejlesz  2.900 10/22/2031  HUF   60.493
Zurcher Kantonalba 11.500  03/01/2024 CHF   43.580
Deutsche Bank AG    2.010  12/10/2052 EUR   54.042
Merrill Lynch BV    2.510  8/25/2036  USD   70.505
Landesbank Hessen-  1.000  04/03/2035 EUR   66.000
Landesbeteiligunge  1.450  6/15/2046  EUR   65.136
Sibur Securities D  3.450  9/23/2024  USD   65.617
Hypo Vorarlberg Ba  0.920  07/08/2036 EUR   64.985
BNP Paribas SA      1.050  3/29/2036  EUR   68.961
Nederlandse Waters  0.781  2/28/2050  EUR   57.841
Regie Autonome des  1.070  4/28/2050  EUR   56.638
Cooperatieve Rabob  1.850  3/29/2049  EUR   61.908
Ministeries Van de  0.400 11/20/2043  EUR   54.722
Ville de Paris      1.165  06/09/2053 EUR   54.100
National Grid Elec  2.500  7/24/2035  AUD   73.046
Muenchener Hypothe  1.543 11/16/2048  EUR   73.405
Places For People   2.320  05/03/2034 EUR   75.543
Nederlandse Waters  1.370  3/23/2065  EUR   58.479
Caisse des Depots   1.900  5/17/2047  EUR   72.414
Societe Generale S  3.040  1/19/2032  AUD   76.735
AB Booster Capital  2.000  03/08/2032 USD   71.120
CDC Habitat SEM     1.150  4/30/2037  EUR   67.195
Lehman Brothers Tr  0.500 12/20/2017  USD    0.100
Lehman Brothers Tr  4.600  10/11/2017 ILS    0.100
Tonon Luxembourg S 12.500  5/14/2024  USD    0.001
AlphaNotes ETP Dac  0.050 12/22/2029  USD   70.559
National Grid Elec  2.226 12/19/2039  GBP   64.866
Region de Bruxelle  0.731  8/25/2060  EUR   39.206
Societe Generale S  9.800  07/10/2025 USD   66.250
Credit Suisse AG/L 10.250  06/09/2023 USD   67.070
Erste Group Bank A  9.500  3/29/2024  EUR   63.000
Landesbank Hessen-  0.700  01/12/2037 EUR   65.900
Landesbank Hessen-  1.000 10/14/2036  EUR   65.300
Sberbank of Russia  0.016  3/15/2032  RUB   73.730
Caisse des Depots   1.075  9/15/2050  EUR   57.109
Heta Asset Resolut  3.106 12/31/2023  EUR    1.506
Credit Agricole Co 10.500  2/16/2027  TRY   59.836
Aktia Bank Oyj      0.690  02/04/2036 EUR   65.858
Credit Agricole Co 11.190  03/12/2027 TRY   61.303
Landeskreditbank B  2.500  5/21/2036  AUD   72.665
Credit Agricole Co 11.640  3/24/2027  TRY   62.318
Raiffeisen Switzer 10.000  4/16/2024  USD   60.930
VTB Bank PJSC      10.000             RUB   55.000
Hypo Tirol Bank AG  1.090  1/21/2041  EUR   65.791
Credit Suisse AG/L  4.000  12/04/2025 EUR   70.750
National Grid Elec  2.920  9/30/2044  AUD   68.315
State of Saxony-An  0.475  9/30/2050  EUR   53.966
Single Platform In  1.100  6/25/2044  EUR   64.429
Wellis Magyarorsza  3.000  2/26/2031  HUF   61.470
Wirtschafts- und I  0.245  2/25/2036  EUR   69.445
Hungary Government  4.000  4/28/2051  HUF   58.116
Region de Bruxelle  1.040  05/03/2061 EUR   44.861
Societe Generale S 20.000  2/29/2024  USD    8.080
Single Platform In  1.155  5/25/2052  EUR   59.663
Landesbank Baden-W  0.430  6/18/2030  EUR   74.924
Credit Agricole SA  3.000  1/19/2041  AUD   54.206
UBS AG/London      10.250  08/04/2023 CHF   74.350
Societe Generale S  2.700  3/25/2036  USD   63.934
Single Platform In  0.840  6/20/2043  EUR   61.635
United Kingdom Gil  1.500  7/31/2053  GBP   59.712
Wirtschafts- und I  0.500  12/01/2038 EUR   67.469
Kreditanstalt fuer  1.143  4/15/2050  EUR   68.157
Assistance Publiqu  0.800  3/23/2046  EUR   56.792
UBS AG/London      12.250  03/11/2024 CHF   56.300
Landesbank Hessen-  0.730  02/11/2032 EUR   73.659
Single Platform In  1.370  7/25/2053  EUR   64.432
Barclays Bank PLC   2.300  8/31/2036  USD   69.606
Single Platform In  1.910  8/15/2036  NOK   73.811
KESZ Holding Busin  2.800  6/17/2031  HUF   68.440
Russian Railways J 12.940  2/28/2040  RUB   99.300
Rosbank PJSC        0.040  4/30/2024  RUB   60.050
Deutsche Bank AG/L 13.750  6/20/2026  TRY   16.452
MOL Hungarian Oil   1.100  9/22/2030  HUF   54.500
Zurcher Kantonalba 20.000  1/23/2024  CHF   44.340
Raiffeisen Schweiz 18.000  12/05/2023 CHF   38.030
Nederlandse Waters  0.996  11/04/2049 EUR   62.414
Agence Francaise d  2.302 10/25/2044  USD   67.964
BNP Paribas SA      0.500 11/16/2032  MXN   37.592
ABN AMRO Bank NV    0.500  12/12/2039 EUR   65.583
Commerzbank AG      0.850  8/15/2029  EUR   75.352
DekaBank Deutsche   1.080  12/09/2039 EUR   68.895
Single Platform In  0.924  2/18/2049  EUR   56.168
Grupo Isolux Corsa  0.250 12/30/2018  EUR    0.157
Region de Bruxelle  1.750  1/17/2048  EUR   70.321
Agence Francaise d  2.360  1/30/2045  AUD   67.149
Communaute Francai  1.520  7/22/2069  EUR   57.957
Deutsche Bank AG    0.700 10/28/2031  EUR   67.554
Societe Generale S  4.740  3/24/2030  USD   74.119
Landesbank Hessen-  1.150 12/22/2036  EUR   64.717
SG Issuer SA        2.910  10/08/2034 AUD   69.816
Elli Investments L 12.250  6/15/2020  GBP   52.250
Republic of Austri  0.100  07/10/2040 EUR   61.356
Hemso Fastighets A  0.473  2/18/2030  EUR   71.275
Kreditanstalt fuer  1.271  5/20/2051  EUR   70.162
DNB Boligkreditt A  1.594  1/29/2043  EUR   76.860
Landesbank Hessen-  1.050  1/20/2037  EUR   63.835
BPCE SA             2.320  03/04/2036 USD   64.428
Bayerische Landesb  0.350 12/23/2030  EUR   75.145
Aareal Bank AG      1.800  7/21/2036  EUR   74.391
Societe Generale S  2.200 12/17/2040  USD   65.754
Municipality of Gr  1.404  07/01/2041 EUR   76.094
Rusal Capital DAC   5.300  05/03/2023 USD   41.885
Republic of Irelan  2.000  6/29/2063  EUR   71.571
Landesbank Hessen-  0.900  03/04/2032 EUR   74.362
Berlin Hyp AG       0.625  6/30/2031  EUR   69.961
Region Auvergne-Rh  0.645  04/09/2040 EUR   62.123
Hungary Government  1.625  4/28/2032  EUR   74.337
Autonomous Communi  1.089 10/31/2049  EUR   53.550
Single Platform In  1.650  06/03/2038 EUR   75.676
City of Amsterdam   1.359  2/26/2044  EUR   72.961
Specialfastigheter  2.375  6/25/2048  SEK   76.059
Wirtschafts- und I  0.170  12/09/2041 EUR   60.067
Landesbank Baden-W  0.410 12/28/2029  EUR   76.026
Brussels Municipal  0.336 12/15/2035  EUR   68.769
Raiffeisenlandesba  2.070  6/18/2049  EUR   72.107
Ukraine Government  9.990  5/22/2024  UAH   70.787
Ministeries Van de  0.600 11/19/2055  EUR   39.656
Swedbank Hypotek A  1.500  7/13/2048  EUR   71.246
Autonomous Communi  0.810 10/31/2040  EUR   61.155
Landwirtschaftlich  1.365  03/10/2042 EUR   76.227
Landesbank Hessen-  1.000  02/11/2037 EUR   63.346
Region Occitanie    1.339  3/21/2042  EUR   69.724
Austrian Anadi Ban  6.000  7/19/2032  EUR   72.344
Single Platform In  1.762  5/25/2066  EUR   64.358
SG Issuer SA        8.410  1/20/2027  SEK   48.870
Norddeutsche Lande  1.310  3/23/2039  EUR   62.480
Credit Suisse AG/L 12.750  03/04/2024 CHF   38.170
Landesbank Baden-W 10.000  1/26/2024  EUR   40.550
Kommunekredit       2.180  7/16/2040  AUD   65.213
NIBC Bank NV        0.410  1/27/2031  EUR   69.835
Credit Suisse AG/L  0.800 10/15/2031  EUR   70.159
UBS AG/London      21.000  09/07/2023 CHF   39.350
Societe Nationale   2.910  1/27/2051  AUD   65.936
Landesbank Hessen-  1.600  3/22/2034  EUR   74.639
Landesbank Hessen-  1.510  04/03/2036 EUR   69.708
AlphaNotes ETP Dac  1.000  9/15/2032  USD   68.695
BNP Paribas Issuan  6.000  1/23/2024  EUR   52.300
Erste Group Bank A  1.230  5/29/2033  EUR   76.195
Banque et Caisse d  1.270  05/07/2045 EUR   72.337
Caisse des Depots   1.930  03/06/2048 EUR   71.574
Communaute Francai  1.815  3/26/2049  EUR   69.104
Caisse des Depots   1.760  3/18/2049  EUR   69.220
Intesa Sanpaolo Ba  3.102 11/19/2035  AUD   67.287
Norddeutsche Lande  0.950  07/01/2036 EUR   63.613
Russian Foreign Bo  2.875  12/04/2025 EUR   39.464
Kreditanstalt fuer  0.400  08/12/2040 EUR   65.286
Caisse des Depots   0.571  2/18/2041  EUR   63.157
Deutsche Bank Luxe  1.560  10/06/2028 EUR   70.616
Lithuania Governme  2.100  5/26/2047  EUR   75.143
Region de Bruxelle  0.500  6/22/2040  EUR   59.957
Region de Bruxelle  0.256  2/26/2035  EUR   69.507
Lehman Brothers Tr  5.500  6/22/2010  USD    0.100
UniCredit Bank AG   0.310 10/15/2035  EUR   69.911
Kommunekredit       1.336  10/01/2032 AUD   74.913
Banque Internation  0.680  10/09/2030 EUR   74.262
Region of Pays de   0.448 12/20/2039  EUR   63.130
HSBC Bank PLC       0.500 12/22/2025  BRL   69.896
Single Platform In  0.853  3/20/2040  EUR   65.186
Credit Mutuel Arke  0.730 10/14/2036  EUR   63.751
Region Wallonne Be  0.050 10/26/2032  EUR   73.031
NRW Bank            0.800 10/22/2060  EUR   52.544
Landesbank Hessen-  0.750  3/25/2031  EUR   75.322
KPNQwest NV        10.000  3/15/2012  EUR    0.635
Region Wallonne Be  1.150  09/02/2120 EUR   36.692
UBS AG/London      10.000  3/23/2026  USD   34.410
Rosselkhozbank JSC 10.100             RUB   75.000
VTB Bank PJSC      11.250             RUB   53.000
EFG International   6.120  07/11/2024 EUR   47.950
Russian Federal Bo  0.250  7/20/2044  RUB   11.257
SunDell Estate Nyr  3.250  11/12/2030 HUF   68.000
SAG Solarstrom AG   6.250 12/14/2015  EUR   31.000
Pescanova SA        6.750  03/05/2015 EUR    0.319
Communaute Francai  0.782  02/08/2061 EUR   42.062
Banque Cantonale V  5.000  5/17/2023  CHF   40.290
Single Platform In  1.535  5/25/2052  EUR   67.996
DZ Bank AG Deutsch  0.500  05/04/2034 EUR   71.322
Bank Julius Baer & 10.000  08/07/2023 USD   72.850
Landesbank Hessen-  0.500 12/23/2036  EUR   64.250
Grand Delta Habita  1.750 10/28/2061  EUR   67.058
Landesbank Baden-W  0.660  11/09/2034 EUR   66.044
Region Occitanie    0.776  10/06/2041 EUR   62.802
Akademiska Hus AB   0.850  2/17/2033  SEK   74.150
Credit Agricole CI  0.500  2/23/2033  EUR   74.058
Eltex Kft           3.500 12/21/2028  HUF   69.400
Norddeutsche Lande  0.625  04/08/2031 EUR   74.289
Single Platform In  0.419  2/15/2040  EUR   60.132
GSP-Finance LLC/Ru  9.430  3/27/2028  RUB   70.000
NRW Bank            1.244  04/06/2051 EUR   68.082
Republic of Irelan  1.230  6/23/2121  EUR   46.477
La Banque Postale   0.640  1/27/2042  EUR   66.260
Credit Suisse AG/L  5.800  07/12/2023 USD    8.000
Region de Bruxelle  1.065  6/22/2047  EUR   57.534
Credit Suisse AG/L 13.750  4/13/2023  USD   68.070
Single Platform In  0.830  09/06/2041 EUR   63.494
Single Platform In  0.810  04/01/2042 EUR   62.560
Credit Agricole CI  1.160 10/25/2036  EUR   71.987
Credit Industriel   2.250  1/28/2036  USD   70.512
Single Platform In  1.340  04/04/2042 EUR   72.438
Barclays Bank PLC #N/A N/  04/12/2039 EUR   71.850
SG Issuer SA        2.250 10/28/2029  EUR   70.030
Skandinaviska Ensk  5.050  1/15/2025  SEK #N/A N/A
OOO SPV Structural  0.010  09/01/2023 RUB   66.740
VTB Bank PJSC       8.400  5/21/2030  RUB   72.000
DZ Bank AG Deutsch  1.598  10/11/2050 EUR   64.550
Erste Group Bank A  0.940  5/22/2034  EUR   72.392
BPCE SA             0.500 10/21/2034  EUR   71.952
SAir Group          2.750  7/30/2004  CHF   11.135
Rio Forte Investme  3.900  07/10/2014 USD    3.328
Rio Forte Investme  4.750  11/10/2015 EUR    3.328
LSF9 Balta Issuer   3.000 12/31/2030  EUR   61.699
Caisse des Depots   1.630 12/28/2046  EUR   68.254
Credit Agricole Co 11.340  02/12/2026 TRY   68.049
Luminis SA          1.800  09/02/2059 EUR   45.020
NRW Bank            1.245  11/04/2051 EUR   66.535
Credit Agricole CI  0.850 11/19/2033  EUR   74.602
Landesbank Baden-W  0.350  12/07/2029 EUR   76.583
Kreditanstalt fuer  0.935 12/16/2039  EUR   72.229
BNP Paribas SA      3.180  7/23/2034  AUD   68.676
Akademiska Hus AB   2.080  4/17/2045  SEK   73.079
National Grid Elec  2.710  10/04/2034 AUD   76.514
Societe Generale S  3.330  7/26/2034  AUD   71.719
Caisse des Depots   0.916  1/20/2051  EUR   55.863
Berlin Hyp AG       0.349  12/10/2031 EUR   72.380
Assistance Publiqu  0.647  7/17/2040  EUR   63.361
Landesbank Hessen-  0.700  3/27/2035  EUR   63.672
DNB Boligkreditt A  1.634  2/13/2043  EUR   75.241
Centre Hospitalier  1.160  09/06/2039 EUR   58.742
Cooperatieve Rabob  1.485  09/03/2041 EUR   75.781
Finland Government  0.250  9/15/2040  EUR   63.470
Nederlandse Waters  1.125  07/08/2050 EUR   62.968
Kreditanstalt fuer  0.689  6/18/2040  EUR   68.963
Natixis SA          3.220  07/05/2034 AUD   74.699
Single Platform In  1.510  2/13/2043  EUR   71.303
Communaute Francai  2.100  6/30/2067  EUR   67.923
Republic of Irelan  2.000  6/29/2064  EUR   71.210
Barclays Bank PLC   0.940  08/02/2049 JPY   69.065
HSBC Continental E  0.900  03/02/2035 EUR   74.335
Vasakronan AB       2.162  05/04/2040 SEK   70.365
Landesbank Hessen-  0.360  12/02/2030 EUR   73.781
Muenchener Hypothe  0.867  2/25/2047  EUR   65.086
Vasakronan AB       0.914  5/27/2030  EUR   65.720
Nomura Bank Intern  0.400  12/03/2030 EUR   74.428
Agence France Loca  0.330 12/20/2040  EUR   60.734
Credit Agricole Co  3.200  3/19/2041  AUD   69.742
Region de Bruxelle  1.506  2/21/2039  EUR   74.846
Department of Giro  0.412 11/26/2037  EUR   65.902
Italy Buoni Polien  1.700  09/01/2051 EUR   59.450
Hungary Government  3.000  8/21/2030  HUF   71.085
Landesbank Baden-W  1.300  6/21/2049  EUR   56.037
Vasakronan AB       3.270  6/26/2034  AUD   74.380
Aktia Bank Oyj      0.965  12/11/2040 EUR   61.429
Ville de Paris      0.395 12/18/2045  EUR   51.659
Nederlandse Waters  0.781 10/18/2050  EUR   57.074
Region Occitanie    1.238  03/02/2039 EUR   73.039
MKB-Leasing OOO     9.200 12/22/2027  RUB   65.000
IBP Markets Ltd     5.000             GBP   52.409
Kingdom of Belgium  2.750  06/10/2071 USD   72.435
UBS AG/London       7.750  06/09/2023 EUR   66.950
UBS AG/London       8.900  8/24/2023  USD    9.860
Deutsche Bank AG    0.700  02/06/2032 EUR   72.687
Single Platform In  0.930  07/02/2041 EUR   65.300
NRW Bank            1.085 10/26/2041  EUR   71.179
Natixis SA          3.000 10/18/2051  USD   64.453
Credit Suisse AG/L 11.500  7/26/2023  CHF   62.820
BNP Paribas SA      1.660  03/04/2031 USD   74.876
Kuntarahoitus Oyj   0.815  2/24/2061  EUR   57.279
Swissquote Bank SA 27.000  8/15/2023  CHF   69.420
Raiffeisen Schweiz 11.800  4/19/2023  CHF   53.970
Agrar Mezogazdasag  2.900  8/24/2031  HUF   66.480
Single Platform In  1.060  04/01/2042 EUR   66.900
UBS AG/London       7.310  5/13/2024  USD    9.720
UBS AG/London       6.000  07/07/2023 EUR   56.550
UBS AG/London       7.000  09/01/2023 CHF   30.950
Mercedes-Benz Manu  1.500  3/16/2027  HUF   70.000
OR PJSC            16.000 11/22/2025  RUB   28.200
Assistance Publiqu  1.183  4/16/2050  EUR   58.096
Basque Government   2.000  4/30/2059  EUR   64.154
ABN AMRO Bank NV    1.597  6/26/2043  EUR   74.685
Communaute Francai  1.820  3/27/2049  EUR   69.107
Kuntarahoitus Oyj   0.870  10/11/2050 EUR   66.357
CDC Habitat SEM     1.043  05/12/2036 EUR   67.374
Region Wallonne Be  1.250  4/30/2055  EUR   53.343
DZ HYP AG           0.050  1/31/2031  EUR   75.693
Region de Bruxelle  0.910  1/31/2053  EUR   48.846
Caisse des Depots   1.018  2/16/2051  EUR   55.938
AB Financial Produ  2.468  7/30/2040  EUR   61.161
Hypo Vorarlberg Ba  1.520  07/08/2050 EUR   58.255
State of Lower Aus  1.750  05/02/2047 EUR   73.042
Nomura Bank Intern  1.415  1/27/2042  EUR   64.989
DNB Boligkreditt A  1.488 12/14/2038  EUR   76.851
Societe Generale S  2.650  2/25/2030  USD   75.541
Grand Delta Habita  1.820  3/18/2050  EUR   59.976
Department of Loir  0.500 10/30/2042  EUR   57.287
Lehman Brothers Tr 16.000  11/09/2008 USD    0.100
Bulgaria Steel Fin 12.000  05/04/2013 EUR    0.216
NTRP Via Interpipe 10.250  08/02/2017 USD    5.356
Irish Bank Resolut  6.750 11/30/2013  BGN   33.374
Lithuania Governme  0.300  02/12/2032 EUR   70.428
Societe Wallonne d  0.948 10/23/2051  EUR   50.921
Lehman Brothers Tr  7.250  07/08/2014 EUR    0.100
Hellas Telecommuni  6.054  1/15/2015  USD    0.014
Lehman Brothers Tr  7.375  9/20/2008  EUR    0.100
Wirtschafts- und I  0.250  09/08/2037 EUR   66.029
Luminis SA          2.120  05/03/2029 EUR   72.026
Cie Generale de Na  0.350 12/29/2056  CHF   64.390
Metal Hungaria Hol  3.500 11/16/2031  HUF   68.000
UBS AG/London       5.250 12/15/2023  CHF   74.100
Senivita Social Es  8.500  6/30/2025  EUR    0.020
Anselma Issuer SA   2.174 12/31/2038  EUR   45.080
Societe Generale S  9.000  6/15/2023  USD   35.800
Nationwide Buildin  1.573  05/07/2041 EUR   76.489
Nationwide Buildin  1.420  4/23/2041  EUR   76.839
Hungary Government  3.000  4/25/2041  HUF   54.685
Communaute Francai  2.000  4/14/2076  EUR   69.193
Norddeutsche Lande  1.450  05/10/2039 EUR   63.954
Autonomous Communi  1.250 10/31/2040  EUR   66.251
Agence Francaise d  2.330  02/10/2041 AUD   70.000
Kommunekredit       1.375  5/18/2046  SEK   70.899
Department of Bouc  0.558  3/15/2035  EUR   73.866
Republic of Austri  0.700  4/20/2071  EUR   47.157
Credit Agricole Co  0.700  4/15/2033  EUR   73.294
Vasakronan AB       1.000  6/15/2041  EUR   38.651
Banque Cantonale V 12.360  6/27/2023  CHF   63.940
Nomura Bank Intern  1.450  12/10/2041 EUR   65.363
AutoWallis Nyrt     3.000  7/27/2031  HUF   60.800
Caisse des Depots   3.000  11/08/2051 AUD   67.563
Societe Generale S 13.320  8/16/2024  USD   65.200
Landesbank Hessen-  0.750  02/04/2032 EUR   73.522
UBS AG/London       7.000  7/26/2023  CHF   42.050
Credit Agricole SA  3.610  4/20/2036  AUD   69.172
Grand Delta Habita  1.425  2/26/2048  EUR   54.915
HSE Finance Sarl    8.404 10/15/2026  EUR   50.896
Landeskreditbank B  0.842  05/03/2041 EUR   69.688
Raiffeisen-Landesb  1.470  05/03/2069 EUR   59.999
Region of Chelyabi  6.000 12/17/2027  RUB   62.060
UBS AG/London      16.300  01/08/2024 EUR   20.240
Landesbank Baden-W  9.250 10/27/2023  EUR   47.790
OR PJSC            13.500 10/22/2025  RUB   10.120
Kuntarahoitus Oyj   1.300  04/08/2061 EUR   67.617
Republic of Irelan  1.210 10/27/2111  EUR   46.631
Brussels Municipal  0.832  3/29/2041  EUR   63.531
Norddeutsche Lande  0.825  8/30/2033  EUR   69.432
Single Platform In  1.785  7/30/2042  EUR   74.917
Malta Government B  1.200  5/13/2037  EUR   70.860
Ville de Paris      0.921  5/26/2053  EUR   50.533
Landesbank Hessen-  1.400  1/13/2037  EUR   66.950
OR PJSC            16.000 11/26/2025  RUB   18.110
Leonteq Securities 30.000  4/25/2023  CHF   38.870
UBS AG/London       8.530  04/03/2024 USD    6.587
Skandinaviska Ensk  6.000  1/15/2025  SEK   66.040
DeloPorts LLC       0.010 11/14/2025  RUB   69.020
WEB Windenergie AG  3.750  9/26/2026  EUR    0.010
OR PJSC            12.000 11/14/2024  RUB    5.220
Rosseti Kuban PJSC 10.440 11/21/2025  RUB   75.000
RENE LEZARD Mode G  7.250 11/25/2017  EUR    0.400
OR PJSC            11.500  7/28/2024  RUB    3.920
Ebis OOO           13.000  08/11/2023 RUB    1.910
Russian Railways J 11.990 10/15/2040  RUB   50.000
Landesbank Baden-W  0.400  11/08/2039 EUR   64.270
Deutsche Bank AG/L  0.750 11/14/2029  EUR   76.460
Landesbank Baden-W  0.500  12/02/2039 EUR   65.460
Single Platform In  1.260  1/22/2049  EUR   63.018
Assa Abloy AB       0.650  8/28/2034  EUR   72.666
Agrokor dd Via Aqu  4.921  08/08/2017 EUR   14.625
State of North Rhi  1.267  9/16/2051  EUR   66.610
Region de Bruxelle  0.808  1/31/2050  EUR   48.879
Societe Generale S  1.230  1/30/2035  EUR   73.832
Specialfastigheter  1.180  12/02/2044 SEK   59.246
Landwirtschaftlich  0.210  9/30/2033  EUR   76.031
Region de Bruxelle  1.036  01/07/2060 EUR   46.488
Getin Noble Bank S 12.800  11/09/2023 PLN   50.620
Kreditanstalt fuer  1.030  12/06/2049 EUR   67.104
Erste Group Bank A  1.010  10/07/2041 EUR   63.771
National Grid Elec  3.120  12/10/2039 AUD   73.272
Bayerische Landesb  1.680 12/18/2037  EUR   73.384
Getin Noble Bank S 11.990  1/31/2024  PLN   55.558
Deutsche Bank AG    3.050  02/02/2037 EUR   74.624
Landesbank Baden-W  0.520  03/07/2031 EUR   74.079
SNCF Reseau         2.622  9/24/2049  USD   74.176
La Banque Postale   1.202  4/29/2039  EUR   74.069
ESB Finance DAC     2.000  4/17/2044  EUR   71.353
Penarian Housing F  3.212  06/07/2052 GBP   74.595
Region Occitanie    0.792 11/23/2043  EUR   59.814
HSBC Bank PLC      10.300  12/10/2024 TRY   75.916
Communaute Francai  1.000  10/08/2069 EUR   45.665
State of Rhineland  0.872 10/31/2036  EUR   76.316
Getin Noble Bank S 12.500 11/30/2023  PLN   35.253
Credit Bank of Mos  3.100  1/21/2026  EUR   25.056
Deutsche Bahn Fina  1.520  07/03/2035 SEK   76.220
Landesbank Baden-W  0.460  01/07/2031 EUR   74.183
BPCE SA             2.450  2/24/2035  AUD   61.003
Deutsche Apotheker  1.715  2/13/2037  EUR   73.935
Municipality of Ut  0.950  03/02/2037 EUR   75.954
Erste Group Bank A  0.950  05/05/2035 EUR   71.464
Communaute Francai  1.397  7/18/2059  EUR   54.611
Caisse des Depots   2.700  4/28/2041  AUD   69.668
Landesbank Hessen-  2.400  3/22/2052  EUR   77.953
BNP Paribas SA      3.950  07/11/2039 AUD   73.975
BNP Paribas SA      3.750  06/12/2040 AUD   75.988
BNG Bank NV         2.000  09/05/2058 EUR   70.971
Region Bretagne SC  0.642  6/16/2037  EUR   69.534
BPCE SA             2.250  3/13/2040  AUD   48.539
Landesbank Baden-W  1.000 12/15/2031  EUR   75.052
Kuntarahoitus Oyj   0.858  2/22/2051  EUR   65.771
Muenchener Hypothe  0.120  8/13/2030  EUR   75.568
DNB Boligkreditt A  1.530 12/21/2043  EUR   74.437
Bazalgette Finance  0.074  5/16/2049  GBP   64.401
Ville de Paris      0.760  5/25/2066  EUR   38.043
Credit Mutuel Arke  1.555  5/14/2035  EUR   73.910
Banco Santander SA  2.011  04/12/2039 EUR   72.281
Single Platform In  1.375  7/25/2053  EUR   64.643
Kreditanstalt fuer  0.880  12/07/2050 EUR   63.468
Autonomous Communi  1.646  7/30/2060  EUR   54.323
Lloyds Bank PLC     2.280  1/29/2044  EUR   73.325
Samhallsbyggnadsbo  2.875             EUR   34.292
State of Hesse      0.375  04/09/2040 EUR   61.817
Landesbank Hessen-  1.350  3/16/2037  EUR   66.527
Kingdom of Belgium  1.700  6/22/2050  EUR   72.380
Hypo Vorarlberg Ba  0.400 12/22/2031  EUR   70.992
Landesbank Baden-W  0.490  12/11/2030 EUR   73.787
Vasakronan AB       1.700  6/28/2044  EUR   49.443
Muenchener Hypothe  1.172 10/30/2047  EUR   69.087
Kuntarahoitus Oyj   1.200  7/21/2061  EUR   65.142
Agence Francaise d  1.634  7/31/2043  EUR   76.224
DZ HYP AG           1.965  7/19/2058  EUR   76.728
Regie Autonome des  1.820  7/18/2048  EUR   80.476
Landesbank Hessen-  1.150  03/09/2037 EUR   64.554
Ebis OOO           14.500 11/25/2025  RUB    2.480
Landesbank Baden-W  0.820  02/01/2039 EUR   58.766
Oberoesterreichisc  0.445  3/28/2036  EUR   70.145
Zurcher Kantonalba 15.400  6/13/2023  CHF   34.650
Muenchener Hypothe  0.375  8/27/2031  EUR   74.303
Leonteq Securities  9.000  6/20/2023  CHF   71.010
Bayerische Landesb  0.020  1/28/2031  EUR   73.667
Single Platform In  3.505  08/06/2046 AUD   59.884
Landesbank Hessen-  1.000  03/09/2037 EUR   66.800
Landesbank Hessen-  3.000  03/10/2037 EUR   67.900
OR PJSC            12.600  9/28/2025  RUB    5.700
Sberbank of Russia  0.010  02/01/2029 RUB   72.000
Landesbank Hessen-  0.500  2/24/2031  EUR   74.684
Credit Suisse AG/L  1.299  09/07/2032 EUR   69.807
Zurcher Kantonalba 12.750  01/12/2024 CHF   39.320
Centre Hospitalier  0.490  12/01/2036 EUR   69.119
OR PJSC            11.000 12/29/2024  RUB    3.680
Citigroup Global M  1.000  9/30/2036  EUR   68.034
Brussels Municipal  0.892  3/29/2041  EUR   64.478
Leonteq Securities 11.000  5/13/2024  CHF   37.560
Leonteq Securities 23.200  10/10/2023 CHF   73.710
UBS AG/London      10.000  6/22/2023  CHF   63.350
Ireland Government  1.500  5/15/2050  EUR   71.039
Caisse des Depots   1.410  5/21/2049  EUR   63.833
Norddeutsche Lande  0.850  12/07/2035 EUR   63.607
Bank fuer Kirche u  0.450  07/01/2031 EUR   75.419
DZ Bank AG Deutsch  0.780  03/05/2030 EUR   73.534
Landesbank Baden-W  1.000 12/15/2031  EUR   75.052
DZ Bank AG Deutsch  0.800  3/20/2035  EUR   72.245
Banque et Caisse d  0.900  08/06/2042 EUR   68.861
State of North Rhi  0.200  7/17/2034  EUR   73.953
Landesbank Baden-W  1.000 12/15/2031  EUR   75.052
Region de Bruxelle  0.640  7/20/2045  EUR   53.986
Spain Government B  1.000 10/31/2050  EUR   54.245
Credit Agricole Co 10.800  3/24/2026  TRY   66.092
Landesbank Hessen-  0.400  04/01/2030 EUR   76.259
Landesbank Baden-W  0.395  1/29/2031  EUR   73.141
DZ Bank AG Deutsch  1.470  1/20/2042  EUR   65.759
BNP Paribas SA      2.670  3/13/2030  AUD   75.886
Saastopankkien Kes  0.975  8/18/2034  EUR   71.224
Landesbank Hessen-  0.350  04/08/2030 EUR   75.896
Bayerische Landesb  0.590  5/27/2031  EUR   75.383
Societe Generale S  2.710  07/08/2035 AUD   64.705
Credit Agricole Co  2.105 10/22/2035  USD   68.217
Cattles Ltd         8.125  07/05/2017 GBP    0.027
LBI ehf             7.431             USD    0.001
Department of Bouc  0.450 10/15/2041  EUR   58.397
Credit Agricole Co  9.450  03/08/2027 TRY   57.079
Department of L'Eu  0.643  8/31/2041  EUR   61.191
Kreditanstalt fuer  1.075 12/20/2049  EUR   67.843
Marseille Provence  1.000  1/15/2038  EUR   72.647
Berlin Hyp AG       0.130  9/29/2032  EUR   75.594
Landesbank Hessen-  0.700  9/25/2034  EUR   65.028
Lehman Brothers Tr  6.650  8/24/2011  AUD    0.100
Lehman Brothers Tr  4.350  08/08/2016 SGD    0.100
Lehman Brothers Tr  5.103  6/22/2046  EUR    0.100
Communaute Francai  0.818  8/28/2050  EUR   51.532
Natixis SA          2.180  8/24/2035  USD   71.811
Lehman Brothers Tr  5.198  10/05/2035 EUR    0.100
Wirtschafts- und I  0.101  09/08/2033 EUR   74.282
Landesbank Hessen-  2.000  4/16/2036  EUR   62.750
Futureal Developme  3.500 11/16/2036  HUF   51.000
Bank Julius Baer & 14.000  05/05/2023 USD   73.350
Erste Group Bank A  4.500  10/01/2025 EUR   42.800
Ringkjoebing Landb  1.875  06/06/2039 EUR   71.041
Lloyds Bank PLC     2.637  1/16/2040  AUD   68.247
Single Platform In  0.750  8/15/2050  EUR   53.951
UBS AG/London       5.520  4/29/2041  USD   50.260
Societe Du Grand P  0.875  05/10/2046 EUR   58.038
Landesbank Baden-W  0.400  07/02/2031 EUR   72.027
Finland Government  0.125  4/15/2052  EUR   48.529
Kreditanstalt fuer  0.160  2/16/2036  EUR   69.672
NRW Bank            0.642  02/09/2051 EUR   57.616
Nederlandse Waters  0.955  2/13/2051  EUR   59.230
Communaute Francai  0.392  1/22/2041  EUR   60.987
Vajda-Papir Gyarto  3.500  5/17/2031  HUF   70.700
Republic of Irelan  1.180  5/25/2087  EUR   51.764
Reneszansz Kofarag  3.200  04/09/2031 HUF   73.000
Landesbank Hessen-  0.550  04/09/2031 EUR   73.836
Kreditanstalt fuer  0.683  2/22/2051  EUR   60.556
Kreditanstalt fuer  0.080  2/15/2034  EUR   74.334
Banque Cantonale V  7.500  4/14/2023  CHF   35.290
Vasakronan AB       2.130  5/27/2041  SEK   68.236
SG Issuer SA        0.600  03/07/2033 EUR   73.046
VTB Bank PJSC       0.010  04/08/2026 RUB   72.500
Single Platform In  0.833  2/15/2041  EUR   64.245
Societe Generale S  0.570  6/30/2031  EUR   73.686
Department of Loir  0.915 11/23/2043  EUR   61.585
Single Platform In  1.340  05/10/2044 EUR   67.811
UBS AG/London      11.000  7/21/2023  USD   21.800
Leonteq Securities 19.000  6/29/2023  USD   59.770
Oberoesterreichisc  0.610  1/28/2037  EUR   71.349
NRW Bank            1.100 11/26/2041  EUR   71.895
Sberbank of Russia  0.010  10/05/2028 RUB   64.400
Deutsche Pfandbrie  0.710  09/10/2031 EUR   66.463
UBS AG/London       9.000  09/08/2023 EUR   69.550
UBS AG/London      11.750  11/10/2023 CHF   69.400
Kuntarahoitus Oyj   1.150  9/24/2051  EUR   68.497
Luzerner Kantonalb  6.780  07/06/2023 USD   59.080
Caisse des Depots   0.642  02/12/2041 EUR   59.543
Slovakia Governmen  1.000 10/13/2051  EUR   51.739
Landesbank Hessen-  1.350  4/16/2036  EUR   66.350
Norddeutsche Lande  1.000  05/12/2036 EUR   64.237
Gazprombank JSC     6.400 12/28/2030  RUB   70.000
Landesbank Hessen-  0.520  3/31/2031  EUR   73.710
BLT Finance BV     12.000  02/10/2015 USD   10.500
Goldman Sachs Inte  0.098  1/13/2025  EUR   16.950
BPCE SA             2.160  10/06/2031 USD   74.689
ING Groep NV        0.975  2/14/2034  EUR   70.210
Caisse des Depots   1.150  02/03/2042 EUR   64.778
Raiffeisen Schweiz 14.400  05/02/2023 CHF   74.010
Berlin Hyp AG       0.110  1/20/2031  EUR   73.210
Kreditanstalt fuer  0.826 10/22/2041  EUR   69.577
Kreditanstalt fuer  0.699 10/20/2036  EUR   74.929
Deutsche Bank AG    0.610  9/30/2031  EUR   72.535
Sveriges Sakerstal  1.378  7/13/2046  SEK   67.127
Takarek Mortgage B  3.000  8/21/2030  HUF   66.500
Swissquote Bank SA 17.200  2/13/2024  CHF   39.250
Pharmacy Chain 36. 10.000 11/30/2029  RUB   60.350
Bayerische Landesb  2.350  2/23/2024  EUR   62.680
SG Issuer SA        6.940  1/20/2025  SEK   68.200
Bayerische Landesb  1.100  1/26/2024  EUR   61.860
Dr Wiesent Sozial   7.000             EUR    0.002
DVM Construction F  3.000  7/29/2030  HUF   62.100
HYPO NOE Landesban  1.605  8/23/2046  EUR   73.874
DLR Kredit A/S      0.500  10/01/2050 DKK   69.538
Natixis SA          3.000  8/28/2049  AUD   52.608
Municipality of Ti  0.470 11/14/2034  EUR   75.247
Bayerische Landesb  1.020  11/12/2035 EUR   69.553
Deutsche Pfandbrie  3.100  09/07/2046 USD   67.089
Bank fuer Kirche u  0.600  06/09/2036 EUR   66.855
Deutsche Bank AG    2.267  8/25/2034  EUR   71.096
Vnesheconombank Vi  6.025  07/05/2022 USD    6.267
Region de Bruxelle  0.658  01/07/2041 EUR   61.800
DNB Boligkreditt A  1.230 11/18/2039  EUR   72.727
Gol Finance SA      7.000  1/31/2025  USD   49.115
Banque et Caisse d  1.068  5/18/2041  EUR   72.258
Landesbank Baden-W  0.610  11/03/2031 EUR   73.014
HSBC Continental E  1.200  9/26/2039  EUR   70.746
OP Corporate Bank   1.400  3/16/2035  EUR   74.347
Wirtschafts- und I  0.400 11/23/2039  EUR   64.539
Bayerische Landesb  0.900 11/29/2035  EUR   68.011
Muenchener Hypothe  0.030  1/14/2031  EUR   74.174
Region Occitanie    0.728 11/16/2037  EUR   68.185
Raiffeisen-Landesb  0.060  10/03/2031 EUR   75.704
Societe Generale S  5.050 11/25/2036  USD   44.374
BPCE SFH SA         1.597  2/13/2042  EUR   75.885
Santander Internat  1.320  08/08/2039 EUR   67.326
Muenchener Hypothe  0.300  1/27/2031  EUR   75.081
LFA Foerderbank Ba  0.010 12/15/2033  EUR   73.270
BNG Bank NV         0.632  07/12/2066 EUR   41.482
Caisse des Depots   2.160  12/07/2050 AUD   56.028
Department of Bouc  0.530  7/30/2035  EUR   72.703
Bayerische Landesb  1.500  7/14/2036  EUR   72.813
Bank of Ireland Mo  1.574  3/31/2043  EUR   76.353
Landesbank Hessen-  0.950  04/09/2036 EUR   63.619
Bayerische Landesb  0.280  10/09/2030 EUR   74.948
BNG Bank NV         1.790  1/21/2049  EUR   73.720
Credit Industriel   1.170  1/28/2037  EUR   73.111
Banque Internation  2.120  8/20/2040  EUR   59.484
Deutsche Apotheker  0.800 12/21/2035  EUR   66.507
Rikshem AB          2.137  1/29/2036  EUR   75.119
Nederlandse Waters  1.208  1/23/2042  EUR   72.299
Kommunekredit       0.869  11/12/2043 SEK   65.187
Caisse des Depots   1.980  08/08/2048 EUR   71.687
Santander Internat  1.192  12/07/2045 EUR   60.754
Region Provence-Al  1.547 11/29/2038  EUR   75.838
Kuntarahoitus Oyj   1.005  12/07/2060 EUR   60.965
Banque Internation  0.675 10/29/2030  EUR   74.266
Landesbank Hessen-  0.600  04/09/2035 EUR   62.667
Landesbank Hessen-  0.800  4/15/2036  EUR   62.177
Goldman Sachs Inte  3.200  3/16/2041  AUD   65.942
Region de Bruxelle  1.036  6/29/2049  EUR   52.159
Office Public De L  1.700 12/22/2060  EUR   72.470
Metropole de Lyon   0.500 12/28/2048  EUR   48.202
Renovables Atlasol  2.200 12/31/2038  EUR   70.636
Muenchener Hypothe  0.050  7/15/2030  EUR   75.720
BNG Bank NV         1.935  11/02/2048 EUR   76.326
Landesbank Hessen-  1.350  04/06/2034 EUR   72.891
NRW Bank            1.048  10/11/2041 EUR   70.728
Single Platform In  0.950  5/17/2038  EUR   68.197
Societe Generale S  1.040  3/25/2041  EUR   62.430
Norddeutsche Lande  0.750  1/15/2032  EUR   73.677
Landshypotek Bank   1.680  1/20/2042  SEK   73.635
Credit Agricole Co  8.520 12/15/2023  USD   65.650
Bank Vontobel AG   12.000  4/26/2023  CHF   55.500
Single Platform In  0.700  9/20/2041  EUR   62.103
EFG International   7.200  10/06/2023 USD   61.000
NRW Bank            0.600  1/28/2051  EUR   54.681
Single Platform In  0.860  6/15/2039  EUR   65.975
Leonteq Securities 16.000  04/12/2023 CHF   57.500
EFG International   7.800  10/06/2023 USD   61.400
NRW Bank            1.235 12/16/2061  EUR   60.790
Zurcher Kantonalba 10.500  5/16/2023  CHF   68.320
Banque Internation  0.530  09/02/2030 EUR   74.224
Zurcher Kantonalba 17.000  09/04/2023 EUR   59.570
Zurcher Kantonalba 13.500  11/10/2023 CHF   39.100
Kommunalkredit Aus  1.055  10/06/2031 EUR   72.955
Single Platform In  1.690  7/25/2053  EUR   71.276
Landesbank Hessen-  1.750  4/14/2037  EUR   71.263
Brussels Municipal  0.892  9/29/2041  EUR   63.673
Leonteq Securities 20.000 11/28/2023  CHF   34.230
Deutsche Pfandbrie  0.312  4/16/2029  EUR   72.546
Single Platform In  2.085  1/24/2044  NOK   67.951
UBS AG/London       8.000  5/17/2023  CHF    8.850
Region de Bruxelle  0.796  07/02/2042 EUR   60.027
Landesbank Hessen-  0.750 11/17/2036  EUR   66.600
Norddeutsche Lande  0.900  07/05/2033 EUR   70.307
Leonteq Securities 12.000  10/10/2023 CHF   26.260
GVC George's Ventu  2.500 12/18/2030  HUF   70.360
Dyadya Doner OOO   13.500  4/25/2023  RUB   25.010
Landesbank Hessen-  1.000  1/13/2037  EUR   63.326
Banque Federative   0.125  11/06/2030 EUR   75.400
SpareBank 1 SMN     0.190  11/06/2030 EUR   73.172
Caisse Francaise d  0.865  2/17/2042  EUR   66.891
Single Platform In  0.901  2/15/2041  EUR   65.680
Single Platform In  0.767  2/15/2041  EUR   63.474
Hypo Vorarlberg Ba  0.480  3/26/2031  EUR   73.797
Cooperatieve Rabob  1.315  2/28/2039  EUR   74.831
Societe Wallonne d  0.913  7/31/2040  EUR   58.601
Caisse des Depots   0.820  03/10/2050 EUR   52.960
Saastopankkien Kes  0.870  7/28/2031  EUR   75.765
Kingdom of Belgium  0.400  6/22/2040  EUR   63.349
Hungary Government  3.000 10/27/2038  HUF   56.478
BNG Bank NV         1.897 10/30/2048  EUR   75.674
Belfius Bank SA     1.561  4/27/2043  EUR   75.018
Erste Group Bank A  0.570  8/14/2032  EUR   73.565
Kuntarahoitus Oyj   0.726  01/08/2060 EUR   48.726
Landesbank Baden-W  0.550  2/21/2031  EUR   73.978
Credit Agricole Co  1.920 10/16/2032  USD   74.578
State of Lower Aus  0.400 10/13/2050  EUR   48.677
Astana Finance BV   7.875  06/08/2010 EUR   16.000
Lehman Brothers Tr 14.900  9/15/2008  EUR    0.100
State of Rhineland  0.100  10/01/2040 EUR   61.411
Oberbank AG         0.230  10/07/2041 EUR   59.588
SpareBank 1 SR-Ban  0.970  10/09/2040 EUR   60.859
Collectivite Europ  0.487  10/09/2045 EUR   52.620
Ukraine Government  7.750  09/01/2026 USD   18.114
Aareal Bank AG      1.068  2/18/2050  EUR   64.132
Credit Agricole Co  2.650  1/29/2035  AUD   75.622
BPCE SA             2.820 12/18/2039  AUD   53.946
Landesbank Hessen-  0.450  02/05/2030 EUR   77.111
Saastopankkien Kes  0.840 10/22/2035  EUR   67.323
Lehman Brothers Tr 23.300  9/16/2008  USD    0.100
Credit Agricole Co  0.100 10/21/2030  EUR   76.038
Hypo Vorarlberg Ba  1.020  1/17/2035  EUR   68.609
Hypo Vorarlberg Ba  0.390 10/21/2030  EUR   74.295
BPCE SA             1.980  10/06/2030 AUD   72.413
Lehman Brothers Tr  2.500 12/15/2011  GBP    0.100
Landesbank Baden-W  0.540  10/07/2031 EUR   71.934
Teksid Aluminum Lu 12.375  7/15/2011  EUR    0.122
DZ Bank AG Deutsch  0.750  9/21/2035  EUR   70.705
LBI ehf             2.250  2/14/2011  CHF   10.250
Lehman Brothers Tr  5.198  11/02/2035 EUR    0.100
BNP Paribas Issuan  7.980  1/20/2025  SEK   70.370
Leonteq Securities 11.000  4/28/2023  CHF   48.950
UBS AG/London       8.250 11/19/2026  EUR   69.890
UBS AG/London       9.250  08/09/2023 CHF   69.400
Landesbank Baden-W  3.850 10/24/2025  EUR   55.290
Heta Asset Resolut  2.864 12/31/2023  EUR    1.558
Lehman Brothers Tr  6.720 12/29/2008  EUR    0.100
Norske Skogindustr  2.000 12/30/2115  EUR    0.113
Deutsche Pfandbrie  0.480  5/19/2031  EUR   65.468
Norddeutsche Lande  0.950  6/16/2033  EUR   70.799
Region de Bruxelle  1.100  5/25/2051  EUR   56.233
Region Nouvelle-Aq  0.630 11/22/2039  EUR   64.274
Bank fuer Kirche u  0.800  11/12/2035 EUR   69.709
Bank fuer Kirche u  0.770  10/12/2035 EUR   69.557
Single Platform In  1.450  9/14/2040  EUR   72.260
Muenchener Hypothe  0.805  4/16/2036  EUR   67.387
Landeskreditbank B  0.547  2/18/2041  EUR   63.324
Credit Agricole Co  3.100  4/28/2041  AUD   68.521
Citigroup Global M  1.000  3/19/2041  EUR   60.086
Landesbank Baden-W  0.350  04/08/2037 EUR   72.898
NRW Bank            0.200  03/01/2034 EUR   74.433
Nordea Bank Abp     4.600  1/20/2029  SEK   71.625
Wirtschafts- und I  0.250  08/11/2039 EUR   62.770
Nordea Bank Abp     4.000  1/20/2029  SEK   74.375
Muenchener Hypothe  1.692  11/06/2051 EUR   67.740
National Treasury   1.190  10/07/2101 EUR   47.611
Castellum AB        3.125             EUR   64.944
Credit Suisse AG/L 13.700  9/25/2023  USD   23.040
Kommunekredit       0.342  09/01/2042 EUR   60.181
Credit Agricole Co 14.280  11/05/2026 TRY   70.686
Single Platform In  1.440  7/18/2042  EUR   70.328
DZ Bank AG Deutsch  0.710  4/30/2035  EUR   70.991
Kuntarahoitus Oyj   0.040  02/09/2034 EUR   72.887
Region Provence-Al  0.623 10/15/2035  EUR   72.547
Landwirtschaftlich  0.400  7/29/2036  EUR   71.690
Kreditanstalt fuer  1.208  03/10/2051 EUR   70.224
Landesbank Baden-W  0.760  3/31/2036  EUR   63.340
BNP Paribas SA      1.400  06/04/2041 EUR   67.246
Region of Chelyabi  6.000 12/17/2027  RUB   62.070
Basler Kantonalban  8.000  8/18/2023  CHF   46.830
UBS AG/London      16.000 12/29/2023  USD   68.500
Landesbank Baden-W  0.590  12/07/2035 EUR   63.528
Landesbank Hessen-  0.350  1/20/2031  EUR   74.795
Wirtschafts- und I  0.421  3/17/2039  EUR   65.166
Region de Bruxelle  1.286 12/17/2046  EUR   58.881
Citigroup Global M  0.660  8/25/2033  EUR   70.856
Aktia Bank Oyj      1.050  09/09/2041 EUR   62.099
DZ Bank AG Deutsch  0.210  02/04/2033 EUR   74.356
SG Issuer SA        1.600  9/21/2033  EUR   75.410
Swissquote Bank SA 13.230  2/27/2024  CHF   41.030
Landesbank Baden-W  0.500 12/23/2039  EUR   65.000
Landesbank Baden-W  0.500  1/17/2040  EUR   64.790
Aranynektar Termek  3.500  04/03/2030 HUF   58.102
Landesbank Baden-W  1.500  4/16/2039  EUR   70.980
MARSO Ltd           2.300 12/17/2029  HUF   68.380
Meta Wolf AG        6.750  03/10/2005 DEM    0.120
Landesbank Baden-W  1.000  6/26/2039  EUR   68.030
BNP Paribas Issuan  1.560  02/02/2039 EUR   52.820
UBS AG/London       7.320  8/23/2023  USD #N/A N/A
Credit Agricole Co  0.650  11/05/2034 EUR   69.924
Northland Resource  4.000 10/15/2020  USD    0.271
Agrokor dd          9.875  05/01/2019 EUR   15.000
Deutsche Pfandbrie  0.903 11/19/2029  EUR   73.000
Kreditanstalt fuer  0.660  11/12/2039 EUR   69.765
Bibby Offshore Ser  7.500  6/15/2021  GBP   11.625
Hypo Vorarlberg Ba  0.860 10/24/2034  EUR   67.885
DekaBank Deutsche   1.340  8/22/2036  EUR   72.366
Willhem AB          1.824 10/18/2038  SEK   67.980
Vasakronan AB       3.100  09/09/2039 AUD   62.599
Transports Publics  0.320 10/28/2037  CHF   72.529
NRW Bank            0.300  9/29/2033  EUR   76.327
HSBC Continental E  0.800 12/13/2034  EUR   74.442
Barclays Bank PLC   3.100 12/13/2044  AUD   54.769
Lehman Brothers Tr  4.200  12/03/2008 HKD    0.100
Single Platform In  1.548 10/31/2050  EUR   66.245
Laurel GmbH         7.125 11/16/2017  EUR    7.750
New World Resource  8.000  04/07/2020 EUR    0.088
Agrokor dd          9.125  02/01/2020 EUR   15.000
Nederlandse Waters  1.610  12/04/2052 EUR   71.805
Grupo Isolux Corsa  1.000 12/30/2021  USD    0.157
Grupo Isolux Corsa  6.000 12/30/2021  USD    0.253
Hypo Vorarlberg Ba  1.022  7/31/2034  EUR   69.811
Caisse des Depots   1.780  1/15/2048  EUR   70.076
Ukraine Government  7.750  09/01/2029 USD   18.074
DNB Boligkreditt A  1.640  9/28/2043  EUR   75.532
LR Realkredit AS    0.500  10/01/2050 DKK   67.267
Landesbank Hessen-  1.070  05/05/2031 EUR   76.658
Land Baden-Wuertte  1.150  04/05/2049 EUR   69.975
Netherlands Govern  0.500  1/15/2040  EUR   71.711
Communaute Francai  0.948  10/11/2059 EUR   47.525
Municipality of Ei  1.134 10/18/2066  EUR   67.798
Single Platform In  1.150  8/17/2033  EUR   76.386
Landesbank Hessen-  1.100  7/31/2034  EUR   68.872
BNP Paribas SA      3.700  10/04/2039 AUD   67.774
ABN AMRO Bank NV    1.425  4/17/2045  EUR   70.359
State of Hesse      0.100  10/01/2037 EUR   64.989
Norddeutsche Lande  1.910  11/10/2036 EUR   71.974
Caisse des Depots   0.945  5/19/2051  EUR   54.776
Societe Generale S  2.920  2/21/2035  USD   68.863
Hemso Fastighets A  2.680  07/10/2035 AUD   67.832
Caisse des Depots   2.766  08/09/2049 USD   72.658
Erste Group Bank A  1.110  6/17/2035  EUR   72.774
Landesbank Hessen-  1.000  08/07/2034 EUR   67.957
Transports publics  0.500  6/27/2041  CHF   74.032
Region Wallonne Be  1.300  6/16/2068  EUR   48.890
Cooperatieve Rabob  1.520  09/07/2043 EUR   73.997
Hypo Vorarlberg Ba  0.410  05/06/2031 EUR   72.850
Region Wallonne Be  1.165  6/29/2059  EUR   51.059
ABN AMRO Bank NV    1.565  09/07/2043 EUR   73.327
Saastopankkien Kes  1.500  06/12/2035 EUR   73.986
Arkea Home Loans S  1.534  3/31/2043  EUR   75.618
Assistance Publiqu  1.800  04/10/2048 EUR   70.353
Credit Agricole Co  2.610  7/27/2050  USD   56.627
Hamburgische Inves  0.372  2/22/2041  EUR   63.822
Berlin Hyp AG       0.500  03/04/2030 EUR   73.629
BPCE SA             2.614  03/04/2036 AUD   60.020
Banque Internation  1.250  2/18/2041  EUR   62.109
Grand Delta Habita  1.500  09/01/2049 EUR   55.237
Landesbank Baden-W  0.580  03/02/2033 EUR   68.717
Ville de Paris      0.758  8/20/2060  EUR   41.960
Swedbank Hypotek A  1.595 11/20/2043  EUR   75.167
Caisse Francaise d  1.718  03/04/2049 EUR   75.752
Region de Bruxelle  1.467  03/01/2039 EUR   71.284
Kreditanstalt fuer  0.480 11/19/2040  EUR   65.532
LFA Foerderbank Ba  0.250  9/30/2039  EUR   63.456
Kommunekredit       1.062  09/09/2041 EUR   71.790
BPCE SA             1.920  12/09/2030 AUD   71.307
DZ Bank AG Deutsch  0.700  4/29/2036  EUR   71.720
DekaBank Deutsche   2.140  5/18/2046  EUR   74.727
Bayerische Landesb  0.770  6/18/2032  EUR   73.022
BPCE SA             2.285  12/03/2035 AUD   57.469
DZ Bank AG Deutsch  0.740  11/02/2035 EUR   70.365
Berlin Hyp AG       0.118  3/18/2030  EUR   75.882
Region de Bruxelle  1.000  4/21/2051  EUR   54.542
Landesbank Hessen-  1.620  2/13/2034  EUR   74.456
Ville de Paris      1.165  06/09/2053 EUR   54.818
Erste Group Bank A  0.520  11/02/2033 EUR   70.572
Lloyds Bank PLC     1.765  8/17/2037  EUR   72.218
Free and Hanseatic  1.095  6/13/2046  EUR   69.373
Oberoesterreichisc  0.763 12/15/2050  EUR   58.081
BNG Bank NV         1.880  8/16/2048  EUR   75.500
Alfa Bank AO Via A  5.500 10/26/2031  USD    0.014
Landesbank Baden-W  0.350  1/20/2031  EUR   72.589
Ministeries Van de  1.053  06/03/2050 EUR   55.691
Landesbank Hessen-  0.650  9/16/2036  EUR   60.141
Saastopankkien Kes  1.652  5/14/2035  EUR   75.805
Communaute Francai  2.105  7/23/2068  EUR   68.119
Caisse Francaise d  1.720  11/06/2047 EUR   76.248
Citigroup Global M  3.330  5/18/2050  USD   72.761
Kreditanstalt fuer  1.175  4/14/2051  EUR   69.706
Region de Bruxelle  1.535  04/05/2049 EUR   65.529
State of North Rhi  1.293  2/25/2041  EUR   75.865
UBS AG/London      16.250  07/07/2023 USD   64.450
UBS AG/London       9.500  4/13/2023  EUR   63.600
Single Platform In  1.080  7/18/2036  EUR   71.927
Department of Bouc  0.668  04/01/2042 EUR   60.547
LFA Foerderbank Ba  0.250  3/19/2037  EUR   69.185
Raiffeisen Switzer 14.000  2/13/2024  CHF   37.280
UBS AG/London       8.440  5/26/2027  SEK   72.650
UBS AG/London       7.500  4/13/2023  CHF   73.650
UBS AG/London      13.750  4/17/2023  CHF   50.600
Bank fuer Kirche u  0.660  3/17/2036  EUR   67.889
Barclays Bank PLC   3.020  3/26/2051  USD   63.917
Zurcher Kantonalba 15.030  6/13/2024  USD   65.910
Deutsche Pfandbrie  0.500  7/23/2029  EUR   72.459
DZ Bank AG Deutsch  4.000  6/23/2023  EUR   69.750
Hypo Vorarlberg Ba  1.020  7/15/2041  EUR   58.900
Swissquote Bank SA 24.170  01/05/2024 CHF   44.930
Credit Suisse AG/L  8.500  05/10/2023 USD   73.600
Citigroup Global M  1.370  7/27/2051  EUR   58.568
Commerzbank AG      0.900  10/07/2030 EUR   72.201
Single Platform In  1.250 10/18/2035  EUR   74.469
Morgan Stanley & C  1.105  6/18/2041  EUR   63.051
BNP Paribas SA      1.130  5/26/2036  EUR   69.370
Single Platform In  1.250  8/15/2051  EUR   63.158
Bank Vontobel AG   12.000  06/10/2024 CHF   36.500
BPCE SFH SA         1.344  2/18/2041  EUR   74.184
Lehman Brothers Tr  8.280  3/26/2009  USD    0.100
UniCredit Bank AG   0.010  11/02/2033 EUR   71.117
Slovakia Governmen  2.000 10/17/2047  EUR   71.564
UniCredit Bank AG   0.030  2/28/2033  EUR   73.266
Bank of Ireland Mo  1.548  4/17/2043  EUR   75.944
Landesbank Baden-W  0.800  2/19/2031  EUR   75.619
BPCE SFH SA         1.512  4/20/2043  EUR   73.216
Getin Noble Bank S 11.170  6/28/2024  PLN   33.891
Deutsche Bank Luxe  2.386  4/27/2029  EUR   71.694
Societe Generale S  1.510 12/20/2044  EUR   65.084
Societe Generale S  1.290 12/19/2034  EUR   74.356
LBI ehf             6.100  8/25/2011  USD   10.250
Kreditanstalt fuer  0.250  10/06/2036 CAD   52.048
Zurcher Kantonalba  7.000  07/12/2023 CHF   64.690
Takarek Mortgage B  3.000  1/28/2036  HUF   55.500
Busy Bee Finance P  5.000  6/28/2029  EUR   65.000
IEC Optima Ltd Co  15.000 10/29/2024  RUB    3.800
Standard Chartered  0.500  09/11/2040 JPY   65.572
Romania Government  4.250  4/28/2036  RON   73.826
Landesbank Baden-W  8.800  7/28/2023  EUR   72.670
BNG Bank NV         0.562  06/07/2051 EUR   59.563
Croatia Government  1.750  03/04/2041 EUR   69.774
Single Platform In  1.250  05/10/2044 EUR   66.220
STAVMAT Epitoanyag  3.000  7/20/2031  HUF   66.200
Muenchener Hypothe  0.105  2/17/2031  EUR   74.473
SkyGreen Buildings  3.000 12/29/2030  HUF   59.700
Societe Generale S  1.900  1/21/2031  USD   73.393
Societe Generale S 12.500  09/12/2024 USD   54.870
Nederlandse Waters  0.130  09/06/2033 EUR   74.578
Kometa 99 Elelmisz  5.000  2/21/2032  HUF   73.100
Otthon Centrum Hol  3.000  4/19/2031  HUF   69.500
Single Platform In  1.270  5/15/2035  EUR   74.386
Nederlandse Waters  1.650  5/27/2061  EUR   67.207
Natixis SA          2.300 12/24/2035  AUD   63.722
Landesbank Baden-W  0.520  12/09/2031 EUR   71.824
Single Platform In  1.235 12/20/2050  EUR   62.579
Raiffeisenlandesba  0.835 10/20/2036  EUR   72.438
Zurcher Kantonalba  7.500  4/13/2023  CHF   70.240
Landesbank Hessen-  0.650  10/06/2031 EUR   74.956
State of North Rhi  0.200  1/27/2051  EUR   46.743
Bank Julius Baer &  5.000  4/25/2023  CHF   71.600
Zurcher Kantonalba 11.229  4/18/2023  CHF   23.020
Zurcher Kantonalba 18.000  4/14/2023  USD   64.890
Gazprom PJSC       14.680 10/21/2043  RUB   70.000
Gazprom PJSC       14.680 10/21/2043  RUB   70.000
Bank Vontobel AG   29.500  1/22/2024  CHF   50.500
Citigroup Global M  8.200  3/21/2024  SEK   55.590
Credit Agricole Co  1.500  05/10/2034 EUR   73.660
Progress Etteremha  3.000  9/18/2030  HUF   65.300
Landesbank Baden-W  5.198  2/13/2034  EUR   75.160
Credit Suisse Grou  6.250             USD    4.500
State of Rhineland  0.600 10/24/2046  EUR   58.087
Credit Agricole Co 15.700  10/07/2026 TRY   69.760
DZ HYP AG           1.033  12/06/2049 EUR   63.531
Republic of Austri  1.500  11/02/2086 EUR   62.226
Land Berlin         0.100  1/18/2041  EUR   59.157
BNG Bank NV         0.043  9/17/2033  EUR   73.251
Deutsche Pfandbrie  0.765  09/12/2036 EUR   50.847
Credit Suisse Grou  7.500             USD    6.000
NRW Bank            0.550  7/23/2035  EUR   73.309
Bayerische Landesb  0.400  7/15/2031  EUR   74.091
Republic of Austri  0.850  6/30/2120  EUR   44.008
Aareal Bank AG      0.570  08/07/2029 EUR   68.254
Italy Buoni Polien  1.450  03/01/2036 EUR   73.502
de Volksbank NV     0.831  7/19/2038  EUR   70.131
Landesbank Baden-W  0.400  05/06/2030 EUR   74.983
Romanian Governmen  2.124  7/16/2031  EUR   72.942
Region of Centre-V  0.725  12/12/2039 EUR   65.350
UniCredit Bank AG   0.610  05/02/2033 EUR   72.500
Romanian Governmen  2.124  7/16/2031  EUR   72.938
Credit Agricole Co  5.400  1/31/2028  BRL   69.614
Raiffeisenlandesba  1.174  07/11/2034 EUR   74.689
DZ Privatbank SA    0.360  4/29/2031  EUR   75.292
Nykredit Realkredi  1.000  10/01/2053 DKK   68.760
Norddeutsche Lande  1.200  8/20/2035  EUR   66.790
Agence France Loca  0.550  6/20/2040  EUR   64.381
Czech Republic Gov  1.500  4/24/2040  CZK   63.372
Bazalgette Finance  0.174  5/16/2049  GBP   69.257
DZ Bank AG Deutsch  0.500  03/12/2032 EUR   76.109
Landesbank Hessen-  0.560  03/12/2031 EUR   75.398
Region de Bruxelle  0.750  6/24/2042  EUR   59.405
Societe Generale S  1.290  2/27/2040  EUR   66.964
Nomura Bank Intern  0.400  11/05/2030 EUR   75.285
Societe Generale S  5.375             USD   72.210
Credit Agricole Co  2.750  12/12/2034 AUD   76.450
Landeskreditbank B  0.170  12/10/2035 EUR   70.317
Landesbank Baden-W  0.250  5/27/2037  EUR   65.861
Societe Generale S  2.050  12/02/2035 USD   59.314
Credit Bank of Mos  5.150  2/20/2024  EUR   28.552
Landesbank Baden-W  0.460 10/28/2030  EUR   73.928
Landeskreditbank B  0.700  03/11/2041 EUR   65.239
Swedbank Hypotek A  1.565  8/17/2043  EUR   76.047
Norddeutsche Lande  0.600  1/14/2031  EUR   74.849
Commerzbank AG      1.200  2/25/2036  EUR   64.706
Credit Suisse Grou  4.500             USD    3.138
Barclays Bank PLC   4.150  04/05/2039 AUD   71.550
Agence Francaise d  1.600  7/25/2043  EUR   75.732
Agence Francaise d  1.600  7/27/2043  EUR   75.730
Russian Foreign Bo  5.100  3/28/2035  USD   41.025
Landesbank Baden-W  0.430  12/09/2030 EUR   73.421
Region de Bruxelle  1.500  08/02/2038 EUR   72.492
Cie de Financement  1.101  5/17/2039  EUR   72.438
Leonteq Securities 12.000  05/11/2023 CHF   22.310
Leonteq Securities 10.000  7/21/2023  CHF   63.430
UBS AG/London       0.010  8/20/2024  EUR   69.350
Hellenic Republic   1.875  1/24/2052  EUR   60.717
Credit Suisse Grou  9.750             USD    0.250
NRW Bank            0.835  9/24/2041  EUR   68.279
SG Issuer SA        0.300  2/16/2032  EUR   48.620
Credit Suisse AG/L  7.750  1/24/2025  USD   73.250
HSBC Trinkaus & Bu 11.900  4/28/2023  EUR   36.580
Zurcher Kantonalba  7.500  07/10/2023 USD   66.490
MASTERPLAST Nyrt    2.900  8/25/2031  HUF   62.500
Credit Suisse AG/L 14.750  8/18/2023  USD   67.790
MET Hungary Solar   3.800  12/02/2031 HUF   68.250
UniCredit Bank AG   3.000  08/03/2023 EUR   69.510
SG Issuer SA        4.000  6/22/2026  EUR   59.440
UBS AG/London       6.500  8/18/2023  CHF   70.000
UBS AG/London       8.750  08/04/2023 CHF   44.200
UBS AG/London      11.750  08/04/2023 USD   58.550
UBS AG/London       6.750  09/08/2023 CHF   66.850
UBS AG/London       7.750  8/18/2023  CHF   68.050
UBS AG/London      12.250  4/13/2023  CHF    9.750
UBS AG/London       7.250 10/13/2023  CHF   68.150
UBS AG/London       7.750  9/15/2023  CHF   69.900
UBS AG/London       7.250  9/22/2023  CHF   59.550
Leonteq Securities 12.000  05/02/2023 USD   21.390
UBS AG/London      14.750  4/14/2023  USD   50.700
UBS AG/London       7.750  8/18/2023  CHF   66.950
Bank Vontobel AG    7.500  4/24/2023  CHF   68.400
UBS AG/London       7.250  4/27/2023  CHF   70.700
UBS AG/London       8.000 10/27/2023  CHF   67.250
Landesbank Baden-W  3.250 10/27/2023  EUR   61.630
Landesbank Baden-W  6.200 10/27/2023  EUR   23.460
Landesbank Baden-W  9.000 10/27/2023  EUR   21.540
Landesbank Baden-W  3.150 10/27/2023  EUR   72.780
Landesbank Baden-W  7.350 10/27/2023  EUR   53.890
Sberbank of Russia  0.010  11/02/2026 RUB   70.500
Raiffeisen Schweiz 12.250  05/02/2023 CHF   21.180
Basler Kantonalban 10.000  05/10/2023 CHF   72.010
Basler Kantonalban  7.000  11/10/2023 CHF   73.490
Bank Vontobel AG    6.500  10/02/2023 CHF   66.200
UBS AG/London       7.250  05/03/2023 EUR   64.200
UBS AG/London       7.250  11/03/2023 CHF   52.200
Sberbank of Russia  0.010 10/23/2026  RUB   72.300
Leonteq Securities  9.000  05/08/2023 CHF   67.130
Bank Vontobel AG    8.500  11/03/2023 CHF   46.400
Leonteq Securities  9.000  05/09/2023 CHF   54.070
Leonteq Securities  6.000  11/08/2023 CHF   70.780
Landesbank Baden-W  4.200  6/27/2025  EUR   72.440
UBS AG/London      12.750  4/14/2023  CHF   31.400
UBS AG/London       9.000  4/14/2023  CHF   37.650
LP Portfolio Vagyo  2.800 11/30/2030  HUF   60.200
DekaBank Deutsche   2.400  5/17/2024  EUR   53.430
DZ Bank AG Deutsch  0.810 12/30/2030  EUR   74.080
SG Issuer SA        1.050 11/20/2025  EUR   20.040
DZ Bank AG Deutsch  1.140 12/30/2030  EUR   73.600
DZ Bank AG Deutsch  0.880 12/30/2030  EUR   72.280
Nordea Bank Abp     2.000 12/29/2025  SEK   61.000
UniCredit Bank AG   5.800  01/12/2024 EUR   42.320
MetMax Europe Zrt   3.000  12/11/2030 HUF   64.900
UniCredit Bank AG   4.000  1/26/2024  EUR   66.970
DekaBank Deutsche   2.000  01/12/2024 EUR   72.130
EFG International   4.900 12/15/2023  USD   51.910
EFG International   6.200 12/18/2023  USD   12.270
MASTERPLAST Nyrt    2.100 12/21/2027  HUF   73.000
Landesbank Hessen-  1.000  1/21/2036  EUR   63.900
Landesbank Baden-W  2.000 10/24/2025  EUR   74.530
EFG International   6.000 12/22/2023  USD   25.740
DZ Bank AG Deutsch  2.340 12/30/2030  EUR   71.980
DekaBank Deutsche   1.000  1/20/2025  EUR   37.700
DekaBank Deutsche   2.500  02/02/2024 EUR   48.400
TMK PJSC            7.350  2/28/2025  RUB   61.000
Landesbank Hessen-  1.800  06/09/2036 EUR   67.250
UBS AG/London      13.000  05/06/2024 USD   35.830
UBS AG/London       5.250  05/05/2023 CHF   66.550
Sberbank of Russia  0.010  05/10/2028 RUB   76.500
Corner Banca SA     8.000  05/10/2023 CHF   69.360
Landesbank Hessen-  1.850  6/16/2036  EUR   67.200
UniCredit Bank AG   4.350  6/14/2024  EUR   69.910
DekaBank Deutsche   4.000  06/09/2023 EUR   56.640
Landesbank Hessen-  1.000  9/13/2034  EUR   69.500
TransFin-M PAO      9.150  02/04/2027 RUB   61.000
Bayerische Landesb  1.000  3/22/2024  EUR   76.310
Landesbank Hessen-  1.000  3/20/2035  EUR   65.550
UniCredit Bank AG   3.450  04/02/2024 EUR   48.610
Ingrad AO          11.000  2/27/2030  RUB   63.000
Landesbank Baden-W  2.500  8/25/2023  EUR   55.140
SG Issuer SA        8.300  7/21/2025  SEK   62.200
DekaBank Deutsche   3.100  8/30/2024  EUR   69.890
DekaBank Deutsche   3.650  8/30/2024  EUR   25.750
UniCredit Bank AG   3.600  09/02/2024 EUR   32.790
BrokerCreditServic  3.500  4/30/2024  USD   53.000
BrokerCreditServic  8.000  1/30/2024  USD   62.170
Landesbank Baden-W  2.300  4/28/2023  EUR   40.560
Landesbank Baden-W  6.250  4/28/2023  EUR   61.780
Bank Vontobel AG    6.750  7/14/2023  CHF   63.700
Landesbank Baden-W  4.850  9/22/2023  EUR   68.000
BNP Paribas Issuan  3.400  1/23/2024  EUR   30.200
Bank Vontobel AG    7.000  6/15/2023  CHF   73.300
Raiffeisen Schweiz  6.400  08/09/2023 CHF   65.820
Leonteq Securities  8.000  08/02/2023 CHF   50.290
Societe Generale S  1.624  4/19/2035  EUR   75.480
Bank Vontobel AG    7.750  12/11/2023 CHF   55.100
Leonteq Securities  7.000 12/20/2023  CHF   69.590
Raiffeisen Schweiz  8.250  6/16/2023  CHF   71.430
Sberbank of Russia  0.010 12/21/2026  RUB   69.400
UBS AG/London       5.000  07/12/2023 CHF   73.400
UBS AG/London       6.000  07/12/2023 CHF   63.700
UBS AG/London       6.250  07/12/2023 CHF   69.300
Luzerner Kantonalb  7.000 12/16/2024  USD   71.190
Erste Group Bank A  5.250  1/31/2026  EUR   51.700
UBS AG/London       6.250 12/22/2023  CHF   64.250
UBS AG/London       5.250 12/22/2023  CHF   74.400
Leonteq Securities  6.000 12/27/2023  CHF   77.240
Sberbank of Russia  0.010  12/11/2026 RUB   70.800
UBS AG/London       6.250  01/12/2024 CHF   65.200
UBS AG/London       9.000  07/12/2023 EUR   56.350
SG Issuer SA        2.270  02/04/2032 EUR   60.760
DNB Boligkreditt A  1.080  5/16/2039  EUR   71.829
Landesbank Hessen-  0.730  12/06/2030 EUR   76.566
Lehman Brothers Tr  7.600  3/26/2009  EUR    0.100
Lehman Brothers Tr  7.550 12/29/2008  USD    0.100
Eika Boligkreditt   1.112  5/16/2039  EUR   72.216
Landesbank Hessen-  1.000 11/20/2030  EUR   77.426
Department of Bouc  1.368  05/06/2044 EUR   67.619
Single Platform In  1.075  6/26/2052  EUR   59.345
City of Amsterdam   0.490 12/16/2036  EUR   70.964
Deutsche Bank AG    2.784  04/03/2034 EUR   75.855
Lehman Brothers Tr  6.850 12/22/2008  EUR    0.100
BPCE SFH SA         1.186  05/09/2039 EUR   72.915
Assistance Publiqu  0.750  12/03/2041 EUR   63.636
Landesbank Hessen-  0.610  9/27/2032  EUR   69.847
Nationwide Buildin  1.336  2/26/2041  EUR   74.951
Barclays Bank PLC   2.000  06/12/2029 TRY   27.685
Region of Pays de   0.729  05/12/2036 EUR   71.067
Landesbank Hessen-  0.620  1/16/2035  EUR   63.468
Kreditanstalt fuer  0.210 11/18/2037  EUR   65.040
BPCE SFH SA         0.430  05/07/2040 EUR   62.133
DZ Bank AG Deutsch  0.660 11/23/2035  EUR   69.462
Landesbank Hessen-  0.400 12/17/2030  EUR   73.866
Landesbank Saar     0.720  6/29/2035  EUR   68.558
Kreditanstalt fuer  0.902 11/16/2050  EUR   63.889
Norddeutsche Lande  0.350  12/11/2030 EUR   73.660
DZ Bank AG Deutsch  0.500 12/21/2035  EUR   67.405
Purple Protected A  1.480 11/30/2060  EUR   42.244
Caisse des Depots   1.620  3/19/2049  EUR   67.426
Landesbank Baden-W  0.880  5/29/2034  EUR   68.298
Landesbank Baden-W  0.900  5/28/2035  EUR   66.348
Landesbank Hessen-  1.020  5/14/2032  EUR   73.914
Landesbank Hessen-  1.200  02/09/2052 EUR   70.119
Norddeutsche Lande  1.150  7/23/2036  EUR   65.520
Hypo Vorarlberg Ba  0.375  11/04/2030 EUR   73.817
HYPO NOE Landesban  1.790  8/18/2037  EUR   72.532
Agence Francaise d  1.722  2/27/2047  EUR   76.039
Kuntarahoitus Oyj   1.005  11/04/2060 EUR   60.659
Agence Francaise d  1.833  2/26/2052  EUR   76.224
DNB Boligkreditt A  1.557  09/11/2042 EUR   74.995
Caisse des Depots   0.930  11/09/2050 EUR   54.525
BNG Bank NV         1.840  6/26/2048  EUR   74.896
Landesbank Hessen-  0.680  4/30/2030  EUR   77.693
BPCE SFH SA         1.390  03/11/2039 EUR   75.168
Landesbank Hessen-  1.485  03/07/2034 EUR   73.198
Region Wallonne Be  0.150  05/10/2035 EUR   67.933
Landesbank Hessen-  0.980  11/09/2060 EUR   56.911
Norddeutsche Lande  0.720  3/17/2031  EUR   75.230
Agence France Loca  0.210 12/20/2035  EUR   68.777
Landesbank Hessen-  0.250  12/09/2030 EUR   73.011
Landesbank Hessen-  0.700  2/19/2035  EUR   63.939
Kreditanstalt fuer  0.220 11/19/2035  EUR   71.338
Single Platform In  2.230  04/04/2040 NOK   73.760
HSBC Continental E  2.025  3/19/2049  EUR   75.893
BPCE SFH SA         1.385  3/18/2039  EUR   75.713
Region de Bruxelle  1.510  3/15/2039  EUR   74.630
Cooperatieve Rabob  2.255  9/20/2047  EUR   69.598
Landesbank Hessen-  0.550  05/07/2031 EUR   75.015
Region de Bruxelle  1.643 11/16/2043  EUR   69.885
Landesbank Hessen-  1.050 11/17/2060  EUR   58.398
Banque Internation  0.775 11/18/2032  EUR   70.226
DNB Boligkreditt A  1.550  09/01/2042 EUR   75.418
Landesbank Hessen-  0.670  4/24/2030  EUR   77.686
Landeskreditbank B  0.730  10/04/2050 EUR   56.878
Region Wallonne Be  1.550  4/28/2120  EUR   48.954
Sparebank 1 Oestla  1.575  2/28/2034  EUR   76.233
DZ Bank AG Deutsch  1.250  2/23/2037  EUR   74.712
Landesbank Hessen-  0.700 12/28/2035  EUR   61.876
Societe Generale S  3.700 10/23/2037  USD   68.456
DZ Bank AG Deutsch  0.660  04/01/2036 EUR   68.378
Landesbank Saar     0.710  12/06/2035 EUR   67.905
Landesbank Hessen-  0.400  03/04/2030 EUR   76.560
Muenchener Hypothe  1.003  03/09/2060 EUR   56.851
Landesbank Baden-W  0.640  2/26/2036  EUR   62.378
BNG Bank NV         1.603  3/19/2048  EUR   71.832
Berlin Hyp AG       0.750  03/04/2050 EUR   61.095
Landesbank Baden-W  0.340  03/04/2030 EUR   73.813
Landesbank Hessen-  0.400  02/04/2031 EUR   75.281
Communaute Francai  1.917 12/14/2045  EUR   72.652
Bayerische Landesb  0.450  02/12/2031 EUR   74.831
BPCE SA             2.255  03/12/2040 AUD   47.794
Cooperatieve Rabob  0.540  08/03/2040 EUR   62.590
Landesbank Hessen-  0.510  03/10/2032 EUR   70.720
BNG Bank NV         1.801 12/13/2048  EUR   73.953
Natixis SA          2.810  7/24/2050  AUD   49.804
BNG Bank NV         1.870 11/26/2048  EUR   75.437
Goldman Sachs Inte  2.200  3/29/2048  EUR   74.235
Nederlandse Waters  1.486  4/24/2052  EUR   69.608
BNG Bank NV         1.885 11/26/2048  EUR   75.427
Landesbank Hessen-  0.900  07/08/2036 EUR   67.706
DZ Bank AG Deutsch  0.600  2/19/2036  EUR   68.349
Caisse des Depots   1.820 11/26/2048  EUR   70.847
Muenchener Hypothe  0.190  7/23/2030  EUR   75.575
Landesbank Baden-W  0.770  6/23/2036  EUR   63.232
Berlin Hyp AG       0.895  7/20/2050  EUR   62.774
Grand Delta Habita  1.630  03/06/2045 EUR   59.861
Goldman Sachs Inte  2.050  3/19/2036  EUR   77.152
Caisse des Depots   1.790  3/13/2048  EUR   70.548
Landesbank Baden-W  0.300  05/07/2030 EUR   75.272
Caisse des Depots   1.015  7/22/2050  EUR   56.136
Caisse Francaise d  1.670  12/07/2048 EUR   75.135
Landesbank Hessen-  1.806  05/11/2037 EUR   75.319
Agence France Loca  0.570  9/20/2040  EUR   64.272
Getin Noble Bank S 12.650  4/29/2024  PLN   29.921
Norddeutsche Lande  0.700  03/12/2036 EUR   61.588
Landesbank Hessen-  0.750  8/14/2034  EUR   65.759
Landesbank Hessen-  0.510  03/10/2032 EUR   70.720
Region de Bruxelle  0.690  6/22/2050  EUR   45.460
Caisse des Depots   1.815 11/27/2048  EUR   70.764
Department of Bouc  0.872 12/18/2037  EUR   70.999
Landesbank Hessen-  0.810  9/28/2034  EUR   65.960
Single Platform In  0.678  2/15/2041  EUR   61.884
Norddeutsche Lande  0.940  1/13/2032  EUR   75.291
Landesbank Baden-W  0.680  6/22/2034  EUR   66.665
Getin Noble Bank S 11.950  04/04/2024 PLN   43.561
Specialfastigheter  1.120  2/19/2044  SEK   60.408
Bayerische Landesb  0.630  3/19/2032  EUR   73.817
Communaute Francai  1.976  02/05/2048 EUR   72.480
Nederlandse Waters  0.810  07/08/2050 EUR   57.940
Muenchener Hypothe  1.002  2/21/2050  EUR   63.066
Kommunalkredit Aus  1.183  06/02/2031 EUR   74.232
DZ HYP AG           1.528  03/12/2040 EUR   76.572
Deutsche Bank AG/L 12.780  3/16/2028  TRY   51.940
BNG Bank NV         1.890 11/14/2048  EUR   75.531
Agence Francaise d  0.537  7/16/2040  EUR   64.713
Norddeutsche Lande  1.050  8/13/2032  EUR   73.546
Landesbank Hessen-  0.400  2/26/2030  EUR   76.618
Norddeutsche Lande  1.130  02/10/2039 EUR   60.610
Credit Agricole CI  0.730  06/02/2033 EUR   73.953
Credit Agricole Co  2.480  03/04/2036 USD   70.775
Banque Internation  0.600  08/06/2030 EUR   74.428
Landesbank Hessen-  0.560  6/16/2031  EUR   74.909
BNG Bank NV         1.880  4/24/2048  EUR   75.687
Frankfurter Volksb  0.050  08/04/2030 EUR   74.496
Kuntarahoitus Oyj   1.220  3/27/2060  EUR   65.537
Landesbank Hessen-  0.650  09/03/2031 EUR   73.271
Societe Generale S  3.020  01/11/2032 AUD   76.486
Landesbank Hessen-  0.250  04/08/2030 EUR   75.310
Hypo Tirol Bank AG  1.530  04/10/2043 EUR   74.412
Landesbank Saar     0.425  2/14/2031  EUR   75.650
Landesbank Baden-W  0.380  02/12/2031 EUR   72.607
Single Platform In  1.860  2/15/2041  NOK   69.430
Credit Agricole Co  2.800  2/23/2041  AUD   66.355
Getin Noble Bank S 12.000  5/31/2024  PLN   47.012
SG Issuer SA        3.300  9/26/2034  ZAR   45.014
SG Issuer SA        2.700 11/28/2034  ZAR   40.951
SG Issuer SA        3.000  10/10/2034 ZAR   43.111
Region de Bruxelle  0.758  3/27/2037  EUR   69.803
Landesbank Hessen-  0.750  9/17/2035  EUR   62.999
Norddeutsche Lande  1.400  8/17/2037  EUR   65.767
NRW Bank            1.033  1/27/2042  EUR   70.325
Landesbank Hessen-  0.700  2/24/2032  EUR   74.916
Norddeutsche Lande  1.000  09/10/2032 EUR   73.163
Norddeutsche Lande  0.675  2/25/2033  EUR   69.699
Landesbank Hessen-  0.730  8/13/2032  EUR   71.082
NRW Bank            0.591  3/19/2040  EUR   68.815
Citigroup Global M  2.650  3/17/2040  USD   70.199
Caisse des Depots   1.730 12/21/2048  EUR   69.334
Natixis SA          2.720  5/27/2036  USD   75.229
Region de Bruxelle  1.250  01/10/2060 EUR   50.723
Region de Bruxelle  0.730  2/25/2050  EUR   49.371
DZ Bank AG Deutsch  0.800  8/20/2035  EUR   71.054
Landesbank Hessen-  0.200  02/05/2031 EUR   72.139
DZ Bank AG Deutsch  0.300  02/12/2032 EUR   75.437
Deutsche Bank AG    2.315  3/31/2031  EUR   75.819
Single Platform In  0.803  3/20/2041  EUR   63.379
Lehman Brothers Tr  6.000  9/20/2011  EUR    0.100
Lehman Brothers Tr  3.400  9/21/2009  HKD    0.100
Lehman Brothers Tr  4.000  10/12/2010 USD    0.100
ECM Real Estate In  5.000  10/09/2011 EUR   15.375
Lehman Brothers Tr  7.000 10/22/2010  EUR    0.100
Lehman Brothers Tr  8.000 10/23/2008  USD    0.100
Lehman Brothers Tr  4.800 11/16/2012  HKD    0.100
Lehman Brothers Tr  3.500 12/20/2027  USD    0.100
Cie DU Chemin de F  0.280 11/29/2052  CHF   58.277
NRW Bank            0.360 10/15/2035  EUR   72.531
Lehman Brothers Tr 11.000 12/20/2017  AUD    0.100
Lehman Brothers Tr 11.000 12/20/2017  AUD    0.100
Lehman Brothers Tr  0.500 12/20/2017  AUD    0.100
Lehman Brothers Tr  0.500 12/20/2017  AUD    0.100
Lehman Brothers Tr  9.300 12/21/2010  EUR    0.100
Lehman Brothers Tr  0.500 12/20/2017  USD    0.100
Kreditanstalt fuer  1.027 10/26/2050  EUR   61.713
Lehman Brothers Tr  6.000  03/04/2015 USD    0.100
Lehman Brothers Tr  3.500  6/20/2011  EUR    0.100
Nederlandse Waters  1.080 10/26/2050  EUR   61.751
Lehman Brothers Tr  6.450  2/20/2010  AUD    0.100
Berlin Hyp AG       0.055 10/16/2030  EUR   73.502
Lehman Brothers Tr  6.600  5/23/2012  AUD    0.100
NRW Bank            0.612 10/21/2050  EUR   57.082
Lehman Brothers Tr 16.000 10/28/2008  USD    0.100
Lehman Brothers Tr  7.000  4/24/2009  USD    0.100
Lehman Brothers Tr 16.200  5/14/2009  USD    0.100
Muenchener Hypothe  0.270 10/19/2035  EUR   69.430
Norddeutsche Lande  0.650 11/18/2030  EUR   75.666
Lehman Brothers Tr 10.600  4/22/2014  MXN    0.100
Lehman Brothers Tr 10.000  5/22/2009  USD    0.100
Lehman Brothers Tr  7.600  03/04/2010 NZD    0.100
Lehman Brothers Tr 13.500  06/02/2009 USD    0.100
Lehman Brothers Tr  5.550  03/12/2015 EUR    0.100
Lehman Brothers Tr 12.400  06/12/2009 USD    0.100
Lehman Brothers Tr 10.000  6/17/2009  USD    0.100
Lehman Brothers Tr 11.000  07/04/2011 USD    0.100
Lehman Brothers Tr  5.500  07/08/2013 EUR    0.100
Lehman Brothers Tr  0.500  07/02/2020 EUR    0.100
Lehman Brothers Tr  3.100  06/04/2010 USD    0.100
Lehman Brothers Tr  5.375  02/04/2014 USD    0.100
Lehman Brothers Tr 11.000  2/16/2009  CHF    0.100
Lehman Brothers Tr 10.000  2/16/2009  CHF    0.100
Lehman Brothers Tr  1.000  2/26/2010  USD    0.100
Lehman Brothers Tr  8.000  3/21/2018  USD    0.100
Muenchener Hypothe  0.580 10/14/2035  EUR   68.359
Lehman Brothers Tr  8.000  3/19/2012  USD    0.100
Lehman Brothers Tr  7.600  1/31/2013  AUD    0.100
Lehman Brothers Tr 10.000 10/23/2008  USD    0.100
Lehman Brothers Tr 10.000 10/22/2008  USD    0.100
DZ Bank AG Deutsch  0.700  11/02/2035 EUR   69.976
Department of Bouc  0.482 10/20/2045  EUR   52.499
Lehman Brothers Tr  4.600  08/01/2013 EUR    0.100
Lehman Brothers Tr 10.442 11/22/2008  CHF    0.100
Landesbank Hessen-  0.318  10/02/2029 EUR   77.578
Kaupthing ehf       4.350 10/20/2008  EUR    0.250
Lehman Brothers Tr  5.100  05/08/2017 HKD    0.100
Lehman Brothers Tr  3.350 10/13/2016  EUR    0.100
Lehman Brothers Tr  4.000  5/30/2010  USD    0.100
Lehman Brothers Tr  2.250  05/12/2009 USD    0.100
Lehman Brothers Tr  2.500  8/23/2012  GBP    0.100
Lehman Brothers Tr  3.000  8/13/2011  EUR    0.100
Lehman Brothers Tr  5.200  3/19/2018  EUR    0.100
Lehman Brothers Tr  1.680  03/05/2015 EUR    0.100
Lehman Brothers Tr  5.000  4/24/2017  EUR    0.100
Landesbank Hessen-  0.700  11/02/2034 EUR   64.734
Landesbank Hessen-  0.700  9/29/2034  EUR   64.983
Landesbank Hessen-  0.900 10/22/2035  EUR   64.159
Lehman Brothers Tr  4.100  06/10/2014 SGD    0.100
Ferrovie Luganesi   0.280 12/31/2044  CHF   72.417
Landesbank Hessen-  0.250  11/12/2030 EUR   73.266
Lehman Brothers Tr  4.000  01/04/2011 USD    0.100
DZ Bank AG Deutsch  0.500 10/21/2032  EUR   75.216
Lehman Brothers Tr  0.500 12/20/2017  AUD    0.100
Lehman Brothers Tr  0.500 12/20/2017  AUD    0.100
Lehman Brothers Tr  8.000 12/31/2010  USD    0.100
Lehman Brothers Tr  0.500 12/20/2017  USD    0.100
Lehman Brothers Tr  0.500 12/20/2017  USD    0.100
Oberoesterreichisc  0.650 10/15/2035  EUR   67.215
Lehman Brothers Tr  6.300 12/21/2018  USD    0.100
Lehman Brothers Tr  4.000  03/10/2011 EUR    0.100
DZ Bank AG Deutsch  0.600 11/16/2035  EUR   68.600
Lehman Brothers Tr  7.500  2/14/2010  AUD    0.100
Aktia Bank Oyj      0.635 10/16/2035  EUR   65.913
Bayerische Landesb  0.800 10/16/2036  EUR   65.846
Lehman Brothers Tr  3.450  5/23/2013  USD    0.100
Lehman Brothers Tr  5.500  4/23/2014  EUR    0.100
Lehman Brothers Tr  9.000  05/06/2011 CHF    0.100
Lehman Brothers Tr  6.000  5/23/2018  CZK    0.100
Lehman Brothers Tr  4.000  5/17/2010  USD    0.100
Lehman Brothers Tr  2.480  05/12/2009 USD    0.100
Department of Bouc  0.500  10/05/2043 EUR   55.812
Nederlandse Waters  0.448  10/08/2040 EUR   63.542
Petromena ASA      10.850 11/19/2018  USD    0.622
Lehman Brothers Tr 14.900 11/16/2010  EUR    0.100
Lehman Brothers Tr  8.800 12/27/2009  EUR    0.100
Lehman Brothers Tr 11.000 12/20/2017  AUD    0.100
Banque Internation  0.750 10/13/2030  EUR   74.440
Societe Generale S  2.190 10/14/2035  USD   60.881
Lehman Brothers Tr 13.000  2/16/2009  CHF    0.100
Lehman Brothers Tr  7.000  2/15/2010  CHF    0.100
Banque Internation  0.550 10/13/2030  EUR   73.258
Lehman Brothers Tr  6.000  3/18/2015  USD    0.100
Lehman Brothers Tr 11.750  03/01/2010 EUR    0.100
Lehman Brothers Tr  7.150  3/21/2013  USD    0.100
Lehman Brothers Tr 13.000  7/25/2012  EUR    0.100
Lehman Brothers Tr 18.250  10/02/2008 USD    0.100
Lehman Brothers Tr  1.500  10/12/2010 EUR    0.100
Oberoesterreichisc  0.350  10/09/2041 EUR   60.371
Landesbank Hessen-  0.610  04/12/2034 EUR   65.474
Lehman Brothers Tr  5.200  11/09/2011 EUR    0.100
Department of Bouc  0.457  10/08/2040 EUR   60.384
Lehman Brothers Tr 16.000  10/08/2008 CHF    0.100
Oberoesterreichisc  0.641 10/13/2035  EUR   67.138
Landesbank Hessen-  0.120  2/19/2030  EUR   75.050
Kuntarahoitus Oyj   0.130  09/02/2033 EUR   74.781
Norddeutsche Lande  1.520  02/11/2038 EUR   66.244
Landesbank Hessen-  0.850  03/12/2035 EUR   65.119
Region Wallonne Be  0.591  02/10/2040 EUR   62.226
Landesbank Hessen-  0.750  2/17/2034  EUR   67.071
Barclays Bank PLC   1.645  06/03/2041 USD   69.473
Landesbank Hessen-  0.750 10/14/2036  EUR   61.033
Bayerische Landesb  0.970  2/14/2033  EUR   74.566
Region de Bruxelle  0.875  6/22/2057  EUR   41.980
DZ Bank AG Deutsch  0.900  03/02/2035 EUR   73.279
Kreditanstalt fuer  0.301 10/15/2034  EUR   75.012
Landesbank Baden-W  0.150  9/20/2030  EUR   72.675
Landesbank Hessen-  0.350 10/13/2031  EUR   72.908
DekaBank Deutsche   0.780 10/18/2035  EUR   71.136
Landesbank Hessen-  0.750 11/14/2034  EUR   65.065
Norddeutsche Lande  1.000 10/13/2036  EUR   63.600
HYPO NOE Landesban  2.520  08/05/2041 EUR   76.954
SAG Solarstrom AG   7.500  07/10/2017 EUR   31.000
DZ Bank AG Deutsch  0.800  11/06/2034 EUR   72.732
NORD/LB Luxembourg  0.542  9/30/2037  EUR   67.496
Natixis SA          2.530  8/30/2036  AUD   64.123
Ville de Rennes     0.505 10/22/2034  EUR   73.889
HSBC Continental E  1.300 10/23/2039  EUR   71.829
Cooperatieve Rabob  1.650  8/24/2036  EUR   75.028
Banque Internation  0.520 10/25/2029  EUR   76.367
Lehman Brothers Tr  6.700  4/21/2011  USD    0.100
Lehman Brothers Tr  3.000  09/12/2036 JPY    0.100
Lehman Brothers Tr  5.250  04/01/2023 EUR    0.100
Landesbank Hessen-  0.950  02/12/2035 EUR   66.236
Norddeutsche Lande  1.440  1/15/2038  EUR   65.269
Deutsche Apotheker  0.620 12/19/2030  EUR   76.354
Lehman Brothers Tr  5.120  4/30/2027  EUR    0.100
Lehman Brothers Tr  7.750  2/21/2016  EUR    0.100
Aktia Bank Oyj      0.990  1/15/2035  EUR   70.741
Lehman Brothers Tr  0.500  06/02/2020 EUR    0.100
Lehman Brothers Tr 16.000 12/26/2008  USD    0.100
Lehman Brothers Tr 13.432  01/08/2009 ILS    0.100
Societe Wallonne d  0.904 10/23/2047  EUR   52.613
Lehman Brothers Tr  4.300  06/04/2012 USD    0.100
Lehman Brothers Tr  1.460  2/19/2012  JPY    0.100
Norddeutsche Lande  1.470 12/23/2037  EUR   65.688
Lehman Brothers Tr 11.250 12/31/2008  USD    0.100
Lehman Brothers Tr 13.000 12/14/2012  USD    0.100
Lehman Brothers Tr  4.820 12/18/2036  EUR    0.100
Lehman Brothers Tr  1.000  05/09/2012 EUR    0.100
Oberoesterreichisc  0.420 10/22/2030  EUR   75.018
Lehman Brothers Tr 15.000  06/04/2009 CHF    0.100
Lehman Brothers Tr 17.000  06/02/2009 USD    0.100
Lehman Brothers Tr  5.000 11/22/2012  EUR    0.100
Lehman Brothers Tr  3.000  06/03/2010 EUR    0.100
Lehman Brothers Tr  2.000  6/28/2011  EUR    0.100
Lehman Brothers Tr  7.600  5/21/2013  USD    0.100
Lehman Brothers Tr 11.000  07/04/2011 CHF    0.100
Lehman Brothers Tr  2.500  8/15/2012  CHF    0.100
Lehman Brothers Tr  7.500  5/30/2010  AUD    0.100
Lehman Brothers Tr  4.100  8/23/2010  USD    0.100
Lehman Brothers Tr  8.000 12/27/2032  JPY    0.100
Lehman Brothers Tr  0.010  9/20/2011  USD    0.100
Lehman Brothers Tr 10.000  06/11/2038 JPY    0.100
Societe Wallonne d  0.894 10/23/2045  EUR   53.877
Lehman Brothers Tr  0.500  08/01/2020 EUR    0.100
Lehman Brothers Tr 16.800  8/21/2009  USD    0.100
Lehman Brothers Tr 14.100  11/12/2008 USD    0.100
Lehman Brothers Tr  2.300  06/06/2013 USD    0.100
Lehman Brothers Tr  4.000  06/05/2011 USD    0.100
Credit Agricole Co 10.150  02/05/2025 TRY   73.847
Credit Agricole Co  1.100 12/16/2034  EUR   73.012
BNP Paribas SA      1.000  1/23/2040  MXN   23.584
Lehman Brothers Tr  8.000  5/22/2009  USD    0.100
Lehman Brothers Tr 12.000  07/04/2011 EUR    0.100
Landesbank Baden-W  0.440 10/19/2035  EUR   71.909
Lehman Brothers Tr  7.750  01/03/2012 AUD    0.100
Lehman Brothers Tr 13.150 10/30/2008  USD    0.100
Lehman Brothers Tr  6.000  08/07/2013 EUR    0.100
Lehman Brothers Tr  6.250  09/05/2011 EUR    0.100
Lehman Brothers Tr  4.500  03/06/2013 CHF    0.100
Lehman Brothers Tr  3.850  4/24/2009  USD    0.100
Lehman Brothers Tr  5.750  6/15/2009  CHF    0.100
Lehman Brothers Tr  4.000  4/13/2011  CHF    0.100
Lehman Brothers Tr 10.000  3/27/2009  USD    0.100
Lehman Brothers Tr  0.250  7/21/2014  EUR    0.100
Lehman Brothers Tr  2.000 10/28/2010  EUR    0.100
Lehman Brothers Tr  8.000  08/03/2009 USD    0.100
Lehman Brothers Tr  5.500  6/15/2009  CHF    0.100
Astana Finance BV   9.000 11/16/2011  USD   15.250
Credit Agricole Co 11.400 10/28/2025  TRY   70.294
Lehman Brothers Tr 11.000 12/19/2011  USD    0.100
Landesbank Hessen-  0.600 10/28/2032  EUR   69.505
Landesbank Hessen-  0.700  07/07/2034 EUR   65.619
Heta Asset Resolut  3.177 12/31/2023  EUR    1.558
Lehman Brothers Tr 15.000  3/30/2011  EUR    0.100
Norddeutsche Lande  1.000 10/26/2035  EUR   65.273
DZ Bank AG Deutsch  1.250  9/30/2060  EUR   58.271
Lehman Brothers Tr  0.250 10/19/2012  CHF    0.100
Bayerische Landesb  0.420  11/05/2030 EUR   75.877
DZ Bank AG Deutsch  0.600  9/30/2033  EUR   73.774
Lehman Brothers Tr  3.700  06/06/2009 EUR    0.100
Lehman Brothers Tr  4.500  08/02/2009 USD    0.100
Lehman Brothers Tr  7.500 10/24/2008  USD    0.100
Lehman Brothers Tr  5.000 10/24/2008  CHF    0.100
Lehman Brothers Tr  4.000 11/24/2016  EUR    0.100
Lehman Brothers Tr  7.585 11/22/2009  MXN    0.100
Landesbank Hessen-  0.700  08/08/2034 EUR   65.382
Lehman Brothers Tr  6.000  2/14/2012  EUR    0.100
Lehman Brothers Tr  7.000  2/15/2012  EUR    0.100
Lehman Brothers Tr  6.600  2/22/2012  EUR    0.100
Lehman Brothers Tr  3.500 10/31/2011  USD    0.100
Lehman Brothers Tr  3.500 10/24/2011  USD    0.100
Norddeutsche Lande  0.800 10/26/2032  EUR   71.140
Lehman Brothers Tr  6.750  04/05/2012 EUR    0.100
Lehman Brothers Tr  5.000  05/02/2022 EUR    0.100
Landesbank Hessen-  0.700 10/29/2035  EUR   62.259
Lehman Brothers Tr  0.800 12/30/2016  EUR    0.100
Banca di Cividale   2.440  6/30/2036  EUR   73.123
Purple Protected A  2.085 10/27/2060  EUR   47.018
Landesbank Baden-W  0.590  10/07/2032 EUR   69.766
Landesbank Baden-W  0.690  10/08/2035 EUR   63.654
Muenchener Hypothe  0.790 12/21/2035  EUR   68.310
Lehman Brothers Tr  4.690  2/19/2017  EUR    0.100
Lehman Brothers Tr  3.860  9/21/2011  SGD    0.100
Lehman Brothers Tr  9.000  6/13/2009  USD    0.100
Lehman Brothers Tr  7.250  10/06/2008 EUR    0.100
Lehman Brothers Tr  8.000  5/22/2009  USD    0.100
Lehman Brothers Tr  7.000  4/14/2009  EUR    0.100
Lehman Brothers Tr  7.750  1/30/2009  EUR    0.100
Lehman Brothers Tr 11.000  6/29/2009  EUR    0.100
Lehman Brothers Tr  1.500 10/25/2011  EUR    0.100
Lehman Brothers Tr  7.500  9/13/2009  CHF    0.100
Societe Generale S  2.370  9/17/2035  AUD   61.373
Lehman Brothers Tr  4.000  4/24/2009  USD    0.100
Lehman Brothers Tr  9.000  3/17/2009  GBP    0.100
Lehman Brothers Tr  7.000 11/28/2008  CHF    0.100
Lehman Brothers Tr 10.500  08/09/2010 EUR    0.100
Norddeutsche Lande  0.700 10/21/2030  EUR   76.225
Sidetur Finance BV 10.000  4/20/2016  USD    0.394
Landesbank Hessen-  0.500 10/23/2030  EUR   74.999
Landesbank Hessen-  0.750 10/21/2033  EUR   67.935
Muenchener Hypothe  0.490  9/17/2032  EUR   73.284
Societe Wallonne d  1.066  9/18/2046  EUR   55.812
Lehman Brothers Tr  8.500  07/06/2009 CHF    0.100
Lehman Brothers Tr  8.000  4/20/2009  EUR    0.100
Region Wallonne Be  0.828  8/28/2048  EUR   53.121
Lehman Brothers Tr  2.300  6/27/2013  USD    0.100
Heta Asset Resolut  5.730 12/31/2023  EUR    1.506
Heta Asset Resolut  5.920 12/31/2023  EUR    1.500
KPNQwest NV         8.875  02/01/2008 EUR    0.636
Communaute Francai  0.771  8/25/2050  EUR   50.986
Barclays Bank PLC   1.000  8/31/2034  EUR   74.627
LBI ehf             8.650  05/01/2011 ISK   10.250
LBI ehf             5.080  03/01/2013 ISK   10.250
Single Platform In  1.842  2/15/2044  EUR   75.979
DZ Bank AG Deutsch  0.350  2/28/2035  EUR   70.837
Lehman Brothers Tr  2.000  5/17/2010  EUR    0.100
Landesbank Hessen-  0.650  10/01/2031 EUR   73.041
Lehman Brothers Tr  1.950  11/04/2013 EUR    0.100
Heta Asset Resolut  5.030 12/31/2023  EUR    1.506
Lehman Brothers Tr  5.220  03/01/2024 EUR    0.100
Region de Bruxelle  0.557  08/07/2048 EUR   48.243
Communaute Francai  0.785  8/24/2050  EUR   51.012
Heta Asset Resolut  5.270 12/31/2023  EUR    1.500
Landesbank Hessen-  0.850  9/23/2033  EUR   68.964
Communaute Francai  0.800  8/24/2049  EUR   53.274
Lehman Brothers Tr  2.370  7/15/2013  USD    0.100
Lehman Brothers Tr  6.000  12/06/2016 USD    0.100
Kaupthing ehf       5.082  12/01/2008 EUR    0.250
Lehman Brothers Tr  3.025  1/31/2015  EUR    0.100
Municipality of Al  0.210  9/14/2035  EUR   70.889
Lehman Brothers Tr  4.500  03/07/2015 EUR    0.100
Lehman Brothers Tr  4.250  3/13/2021  EUR    0.100
Lehman Brothers Tr  6.000  3/17/2011  EUR    0.100
Lehman Brothers Tr  0.500  2/16/2009  EUR    0.100
Lehman Brothers Tr  0.750  3/29/2012  EUR    0.100
Kuntarahoitus Oyj   0.250  6/28/2040  CAD   41.852
Lehman Brothers Tr  7.000  07/11/2010 EUR    0.100
Lehman Brothers Tr  6.000  7/28/2010  EUR    0.100
Landesbank Hessen-  0.750 10/15/2035  EUR   62.821
Lehman Brothers Tr  4.150  8/25/2020  EUR    0.100
Raiffeisen-Landesb  0.766  9/17/2031  EUR   75.676
Petromena ASA       9.750  5/24/2016  NOK    0.607
Natixis SA          2.350  9/17/2035  AUD   64.808
Lehman Brothers Tr  3.000  08/08/2017 EUR    0.100
Landesbank Hessen-  0.320 10/15/2029  EUR   77.462
Commerzbank AG      0.660  9/16/2030  EUR   76.905
Norddeutsche Lande  1.000  10/12/2032 EUR   72.939
Landesbank Hessen-  0.570  9/14/2032  EUR   69.630
Lehman Brothers Tr  4.500 12/30/2010  USD    0.100
Lehman Brothers Tr  6.000  7/28/2010  EUR    0.100
Lehman Brothers Tr  4.870  10/08/2013 USD    0.100
Heta Asset Resolut  4.875 12/31/2023  EUR    1.505
DZ Bank AG Deutsch  0.570 12/30/2030  EUR   74.480
Vontobel Financial  5.150  3/19/2025  EUR   37.840
DZ Bank AG Deutsch  0.440  6/25/2031  EUR   73.850
Sberbank of Russia  0.010  1/15/2027  RUB   70.200
Raiffeisen Schweiz  6.300  07/12/2023 CHF   70.260
Goldman Sachs & Co  7.000  6/21/2023  EUR   70.370
Leonteq Securities  5.600  7/19/2023  CHF   70.750
Luzerner Kantonalb  7.500  08/09/2023 CHF   15.650
Kalita OOO         15.000  09/12/2023 RUB    3.090
Landesbank Hessen-  1.000  4/30/2035  EUR   70.700
Landesbank Hessen-  1.000  04/09/2035 EUR   67.900
Landesbank Baden-W  5.600 12/22/2023  EUR   71.040
Landesbank Hessen-  1.750  2/16/2037  EUR   67.500
Landesbank Baden-W  3.750  2/27/2026  EUR   69.350
Societe Generale S 14.000  01/10/2025 USD   72.800
Leonteq Securities  8.200  1/17/2024  CHF   54.740
Leonteq Securities  5.000  1/17/2024  CHF   78.250
Raiffeisen Switzer  6.000  1/17/2024  CHF   66.230
UBS AG/London      10.750  02/02/2024 EUR   49.200
Luzerner Kantonalb  8.260  7/17/2023  CHF   69.520
SG Issuer SA        1.500 10/19/2033  EUR   73.610
Landesbank Baden-W  2.600  9/22/2023  EUR   61.230
SG Issuer SA        1.750  11/09/2033 EUR   75.200
Landesbank Baden-W  2.650  9/22/2023  EUR   59.050
Vontobel Financial  3.000  09/05/2023 EUR   71.180
Landesbank Hessen-  1.000  03/06/2035 EUR   67.100
AKB Peresvet ZAO    0.510  2/14/2032  RUB   15.100
UBS AG/London       8.000  05/03/2023 CHF   65.150
UBS AG/London       6.750  05/10/2023 CHF   70.650
Bank Vontobel AG   12.000  05/09/2023 EUR   46.300
Zurcher Kantonalba  5.000  05/08/2023 CHF   76.420
Leonteq Securities  8.000  05/12/2023 CHF   67.370
Corner Banca SA    10.000  5/15/2023  USD   54.040
Corner Banca SA    10.000  05/12/2023 CHF   68.240
Bank Vontobel AG    9.000  05/12/2023 CHF   66.800
Banque Internation 10.000  5/16/2023  EUR   43.590
Raiffeisen Schweiz  6.200 11/15/2023  CHF   68.900
Raiffeisen Schweiz  7.500 11/15/2023  CHF   57.520
Raiffeisen Schweiz  6.500 11/15/2023  CHF   69.720
UniCredit Bank AG   7.400  12/09/2024 EUR   61.700
UBS AG/London       6.750  5/18/2023  USD   51.700
UBS AG/London       7.500 11/17/2023  CHF   73.800
UBS AG/London      10.250  5/17/2023  CHF   53.550
UniCredit Bank AG   4.550 12/22/2025  EUR   72.760
Landesbank Baden-W  2.600  4/28/2023  EUR   54.920
SG Issuer SA        9.180  1/20/2025  SEK   53.310
SG Issuer SA        8.700  1/20/2025  SEK   52.560
Landesbank Hessen-  1.750  08/04/2036 EUR   66.700
Societe Generale S 12.000  7/14/2026  USD   22.880
Leonteq Securities 10.000  07/12/2023 CHF   39.340
EFG International   8.700  7/13/2023  EUR   11.430
DekaBank Deutsche   3.100  7/21/2023  EUR   56.080
Goldman Sachs & Co  6.000  6/21/2023  EUR   58.390
Goldman Sachs & Co  7.000  6/21/2023  EUR   55.770
Goldman Sachs & Co  5.000  6/21/2023  EUR   62.590
Goldman Sachs & Co  3.000  6/21/2023  EUR   74.710
UBS AG/London       6.250  6/15/2023  CHF   61.700
UBS AG/London       6.000 12/15/2023  CHF   59.800
Raiffeisen Schweiz  5.700 12/13/2023  CHF   66.480
Raiffeisen Schweiz  9.000  6/13/2023  USD   69.770
UBS AG/London      15.250 10/20/2023  USD   59.850
Zurcher Kantonalba  9.000  4/21/2023  CHF   70.680
UBS AG/London      11.000  4/29/2024  CHF   68.700
UBS AG/London       8.750  06/08/2023 CHF   73.700
Landesbank Hessen-  1.500  1/20/2037  EUR   66.700
UBS AG/London      16.250  05/03/2023 USD   42.800
UBS AG/London      12.500  06/08/2023 CHF   59.650
Vontobel Financial  5.100  6/16/2023  USD   67.310
Bank Vontobel AG    5.000  12/11/2023 CHF   68.400
Basler Kantonalban  9.000  6/22/2023  CHF   66.260
Danske Bank A/S     3.725  01/09/2027 SEK   73.770
Kalita OOO         13.000  9/21/2025  RUB    3.650
UniCredit Bank AG  10.700  02/03/2025 EUR   60.820
UBS AG/London       7.250  11/10/2023 CHF   51.950
UBS AG/London       9.750  05/10/2023 USD   63.100
Leonteq Securities  9.000  05/11/2023 CHF   54.070
Deutsche Bank AG    4.210 10/29/2031  EUR   73.880
Bank Vontobel AG    7.500  6/19/2023  CHF   68.300
UBS AG/London       9.250  6/23/2023  USD   57.500
Vontobel Financial  4.150  7/18/2023  EUR   52.960
Vontobel Financial  4.000  7/18/2023  EUR   58.130
Bank Vontobel AG    6.500  6/26/2023  CHF   45.400
Landesbank Baden-W  4.200  6/23/2023  EUR   63.650
Landesbank Baden-W  2.000  6/23/2023  EUR   74.510
Landesbank Baden-W  3.350  6/23/2023  EUR   42.090
Landesbank Baden-W  5.300  6/23/2023  EUR   66.060
Landesbank Baden-W  3.500  6/23/2023  EUR   69.510
Landesbank Baden-W  2.700  6/23/2023  EUR   46.810
Landesbank Baden-W  2.550  6/23/2023  EUR   39.700
Landesbank Baden-W  4.250  7/28/2023  EUR   63.870
Landesbank Baden-W  4.100  6/23/2023  EUR   61.060
Landesbank Baden-W  3.500  6/23/2023  EUR   63.230
Landesbank Baden-W  2.250  6/23/2023  EUR   68.630
UBS AG/London       9.900  07/01/2024 EUR   58.780
Landesbank Baden-W  2.600  1/26/2024  EUR   65.830
SunDell Estate Nyr  3.650  07/09/2031 HUF   69.500
DekaBank Deutsche   2.300  08/09/2024 EUR   72.670
Landesbank Baden-W  3.260  4/28/2023  EUR   72.510
TransKomplektHoldi  9.500  11/02/2028 RUB   60.100
Citigroup Global M 13.200 12/18/2023  SEK   50.700
SG Issuer SA        0.263  2/20/2025  EUR   21.300
Leonteq Securities  6.000  02/07/2024 CHF   64.460
Opus Global Nyrt    3.200  4/29/2031  HUF   71.000
Landesbank Baden-W  3.100  4/28/2023  EUR   56.490
Landesbank Baden-W  3.350  4/28/2023  EUR   35.790
Landesbank Baden-W  5.200  4/28/2023  EUR   49.280
Landesbank Baden-W  4.500  4/28/2023  EUR   74.650
Landesbank Baden-W  3.000  4/28/2023  EUR   67.700
Landesbank Baden-W  2.400 11/24/2023  EUR   74.220
Raiffeisen Bank In  8.250  05/11/2023 EUR   52.880
Corner Banca SA     6.000  05/03/2023 CHF   60.910
UBS AG/London      13.750  8/16/2023  CHF   56.150
UBS AG/London      10.500  8/16/2023  CHF   11.900
Landesbank Baden-W  3.000  5/26/2023  EUR   52.760
Vontobel Financial  5.000  3/26/2024  EUR   68.150
Landesbank Hessen-  1.400  03/05/2036 EUR   64.750
UniCredit Bank AG   5.300  04/08/2025 EUR   71.120
Erste Group Bank A  7.250  03/03/2026 EUR   30.500
Takarek Mortgage B  1.750 12/22/2026  HUF   72.800
Landesbank Baden-W  4.000  01/02/2026 EUR   63.090
Sberbank of Russia  0.010  12/07/2026 RUB   71.110
Bank Julius Baer & 10.200  5/30/2023  EUR    0.850
Raiffeisen Schweiz  8.000 10/18/2023  CHF   50.350
Bank Vontobel AG    5.000  7/28/2023  CHF   76.500
Raiffeisen Schweiz  7.900  7/28/2023  CHF   49.450
Leonteq Securities 11.000  4/28/2023  CHF   43.550
UBS AG/London       9.750  8/16/2023  CHF   65.550
UBS AG/London       8.000  8/16/2023  USD   67.900
UBS AG/London       9.500  8/16/2023  CHF   71.100
Zurcher Kantonalba  5.100  1/31/2025  CHF   19.940
EFG International   4.500  2/26/2024  USD   45.220
Landesbank Hessen-  1.000  06/12/2035 EUR   70.300
Leonteq Securities 10.000  04/12/2023 CHF   62.470
Landesbank Baden-W  3.200  3/27/2026  EUR   70.990
VTB Bank PJSC      11.250  05/06/2037 RUB   53.000
EFG International   9.000  06/07/2023 EUR   59.300
Landesbank Hessen-  1.800  07/07/2036 EUR   67.050
Landesbank Baden-W  3.200  6/27/2025  EUR   73.290
DekaBank Deutsche   3.100  6/28/2024  EUR   71.300
Bank Vontobel AG    7.756  06/06/2023 EUR   35.200
EFG International   7.000  06/09/2023 CHF   69.540
UBS AG/London       8.250  06/09/2023 CHF   63.350
Leonteq Securities 14.000  7/25/2023  CHF   59.790
Societe Generale S 25.260 10/30/2025  USD   14.540
Societe Generale S 26.640 10/30/2025  USD    8.000
Federal Grid Co Un  6.600  10/02/2035 RUB   73.300
Landesbank Hessen-  0.800 11/26/2035  EUR   65.250
EFG International   4.900  11/10/2023 USD   57.330
Societe Generale S 16.000 11/30/2023  USD   13.700
Landesbank Baden-W  1.600  4/28/2023  EUR   49.200
Landesbank Baden-W  3.600  4/28/2023  EUR   41.510
Landesbank Baden-W  6.500  4/28/2023  EUR   35.440
Leonteq Securities 22.800  4/19/2023  CHF   48.280
Leonteq Securities 22.800  4/19/2023  CHF   50.910
Corner Banca SA    11.400  7/19/2023  CHF   16.960
Zurcher Kantonalba  7.500  04/12/2023 CHF   69.940
Leonteq Securities 17.000  4/19/2023  CHF   57.790
EFG International  10.600  06/01/2023 USD   61.300
Bank Vontobel AG    8.500  6/26/2023  EUR   75.400
Russian Railways J 11.990  5/30/2040  RUB   50.000
Kraus-M ZAO        10.000  12/10/2026 RUB   60.050
Raiffeisen Schweiz  8.400  8/23/2023  CHF   54.870
Sberbank of Russia  0.010  8/21/2028  RUB   62.900
Raiffeisen Bank In  8.000  04/08/2024 EUR   61.110
DekaBank Deutsche   3.300  4/28/2023  EUR   75.700
Landesbank Baden-W  4.300  3/22/2024  EUR   74.820
Landesbank Baden-W  3.000  3/22/2024  EUR   74.070
Landesbank Baden-W  4.200  3/22/2024  EUR   68.910
Landesbank Baden-W  5.600  3/22/2024  EUR   71.200
Citigroup Global M  2.500  5/16/2031  EUR   69.920
Societe Generale S 12.000  1/20/2037  USD   62.650
UBS AG/London      11.250  7/26/2023  EUR   72.300
UBS AG/London       7.000  1/26/2024  CHF   62.150
UBS AG/London       7.500  7/26/2023  CHF   62.650
UniCredit Bank AG   4.750  2/16/2026  EUR   73.880
Goldman Sachs Inte  0.070  1/13/2025  EUR   60.050
Bank Vontobel AG   20.000  05/02/2023 CHF   58.300
UBS AG/London      11.250  05/04/2023 CHF   13.040
Leonteq Securities 12.000  08/09/2023 CHF   58.550
TKK OOO            17.171 12/31/2033  RUB   60.100
Citigroup Global M 12.000  2/13/2024  SEK   60.740
Landesbank Baden-W  5.198  2/20/2034  EUR   73.750
Landesbank Baden-W  5.198  2/20/2034  EUR   74.730
EFG International   4.500  02/12/2024 USD   46.560
Landesbank Baden-W  3.100  7/24/2026  EUR   70.930
Basler Kantonalban 15.000  7/27/2023  EUR   59.580
Landesbank Baden-W  9.850  4/26/2024  EUR   67.820
Landesbank Baden-W  4.000  4/26/2024  EUR   43.110
Landesbank Baden-W  2.900  4/26/2024  EUR   60.790
Landesbank Baden-W  8.600  4/26/2024  EUR   75.010
Erste Group Bank A  9.000  1/31/2024  EUR   65.900
Landesbank Baden-W  5.198  1/30/2034  EUR   73.870
Landesbank Baden-W  5.198  1/30/2034  EUR   76.730
Landesbank Baden-W  3.000  4/28/2023  EUR   68.630
Landesbank Baden-W  6.500  4/26/2024  EUR   68.940
Landesbank Baden-W  3.000  4/26/2024  EUR   66.190
Landesbank Baden-W  6.750  4/26/2024  EUR   37.140
Landesbank Baden-W  5.100  4/26/2024  EUR   75.620
Bank Vontobel AG    8.250  7/26/2023  EUR   68.100
Societe Generale S 15.000 11/30/2023  USD   30.200
DekaBank Deutsche   2.800 10/20/2023  EUR   44.420
Landesbank Hessen-  1.000 12/28/2035  EUR   65.600
Landesbank Baden-W  3.400  8/23/2024  EUR   17.020
Bank Severnyy Mors  8.500             RUB   75.000
EFG International   4.900 11/24/2023  USD   52.630
EFG International   4.900  12/04/2023 USD   49.860
BNP Paribas SA      1.259  10/02/2023 USD   23.660
Goldman Sachs & Co  5.000  6/21/2023  EUR   73.460
Goldman Sachs & Co  7.000  6/21/2023  EUR   65.370
Goldman Sachs & Co 13.000  6/21/2023  EUR   53.450
Goldman Sachs & Co  6.000  9/20/2023  EUR   70.100
Luzerner Kantonalb  9.050  10/12/2023 CHF   74.740
DZ Bank AG Deutsch  1.980 12/29/2031  EUR   71.500
Landesbank Baden-W  6.000 12/22/2023  EUR   59.750
Landesbank Baden-W  3.100 12/22/2023  EUR   58.060
Landesbank Baden-W  8.100 12/22/2023  EUR   42.890
Landesbank Baden-W  6.100 12/22/2023  EUR   65.890
Landesbank Baden-W  7.000 12/22/2023  EUR   25.660
Landesbank Baden-W  4.500 12/22/2023  EUR   62.120
UBS AG/London       9.500  6/29/2023  CHF   10.780
UBS AG/London       8.500  6/29/2023  CHF   61.700
UBS AG/London      10.250  6/29/2023  CHF   56.700
Leonteq Securities  7.000  01/05/2024 CHF   72.910
Leonteq Securities  8.000  6/30/2023  CHF   63.190
Raiffeisen Switzer  6.500  01/03/2024 CHF   64.900
Biznes Nedvizhimos 10.800 12/18/2026  RUB   62.010
Luzerner Kantonalb  5.000  6/28/2023  CHF   65.370
Landesbank Hessen-  5.198  02/11/2037 EUR   66.600
Landesbank Hessen-  1.500  02/10/2037 EUR   67.100
Zurcher Kantonalba  5.700  6/30/2023  CHF   77.840
Raiffeisen Schweiz 10.400  11/02/2023 CHF   19.480
Zurcher Kantonalba  7.000 10/26/2023  CHF   77.350
Raiffeisen Switzer  6.000  01/10/2024 CHF   76.460
Corner Banca SA    20.000  05/02/2023 CHF   54.940
Leonteq Securities 18.000  05/02/2023 CHF   43.640
Leonteq Securities 20.000  05/02/2023 CHF   31.090
UBS AG/London       9.000  7/26/2023  CHF   11.040
UBS AG/London       7.750  4/29/2024  CHF   74.950
Basler Kantonalban  4.400  8/16/2023  CHF   64.580
EFG International  10.600  8/23/2023  EUR   29.630
Landesbank Hessen-  1.150  9/22/2036  EUR   64.500
Landesbank Baden-W  2.500 12/22/2023  EUR   74.910
Sberbank of Russia  0.010  5/23/2028  RUB   74.800
UniCredit Bank AG   5.250  12/01/2023 EUR   41.880
Epito-Es Epuletkar  3.000  11/11/2030 HUF   65.500
Societe Generale S  0.705  11/12/2035 EUR   65.120
Vajda-Papir Gyarto  3.500 11/16/2030  HUF   66.900
Mostotrest PJSC     0.010  7/29/2026  RUB   66.130
EFG International   7.500  5/19/2023  CHF   11.660
DekaBank Deutsche   3.250  08/11/2023 EUR   68.550
Erste Group Bank A  0.100  9/30/2032  EUR   69.150
Raiffeisen Switzer  7.050  5/23/2023  CHF   14.050
UBS AG/London      16.000  03/11/2024 CHF   59.350
UBS AG/London      12.250  03/11/2024 EUR   69.450
Bank Vontobel AG    5.507  9/25/2023  CHF    8.400
DekaBank Deutsche   4.300  4/26/2024  EUR   65.260
Landesbank Baden-W  4.000  4/23/2027  EUR   68.520
Raiffeisen Bank In  9.696  9/20/2023  EUR   67.710
Raiffeisen Bank In  9.696  9/20/2023  EUR   52.690
Raiffeisen Bank In  8.311  9/20/2023  EUR   65.430
DZ Bank AG Deutsch 21.500  4/28/2023  EUR   43.290
UBS AG/London      18.000  4/15/2024  USD   72.200
Landesbank Baden-W 10.000  4/28/2023  EUR   74.200
Landesbank Baden-W  2.000  4/28/2023  EUR   53.940
Leonteq Securities 13.600  08/09/2023 CHF   71.110
Leonteq Securities 15.500  11/06/2023 CHF   70.140
UBS AG/London      17.250  05/04/2023 CHF   36.300
Raiffeisen Bank In  5.541  9/20/2023  EUR   68.640
Bank Vontobel AG   10.250  10/09/2023 CHF   55.500
Bank Vontobel AG   15.000  04/12/2023 CHF   56.200
Bank Vontobel AG   10.000  8/16/2023  CHF   65.900
BNP Paribas Emissi  4.000  02/11/2026 EUR   75.250
UBS AG/London       8.750  03/11/2024 USD   68.300
UBS AG/London      14.000  03/11/2024 USD   73.000
Landesbank Hessen-  5.198  03/08/2034 EUR   75.100
Leonteq Securities 11.000  08/09/2023 CHF   69.090
Landesbank Baden-W  5.198  3/14/2034  EUR   73.790
ENVIEN Magyarorsza  2.500  5/18/2031  HUF   67.370
Bank Vontobel AG    5.755  5/15/2023  CHF   46.300
Quintet Private Ba  6.050  5/26/2026  USD   72.090
Bank Julius Baer & 10.000  6/15/2023  CHF   14.400
Leonteq Securities  8.500  06/06/2023 AUD   69.250
Leonteq Securities  8.800  12/07/2023 CHF   68.460
DZ Bank AG Deutsch  1.030 12/30/2030  EUR   74.180
SG Issuer SA        1.500 12/30/2032  EUR   46.100
DekaBank Deutsche   1.000 12/23/2024  EUR   67.180
Pannon Work Szemel  3.000 10/30/2030  HUF   64.800
Rosselkhozbank JSC  0.010 12/24/2023  RUB   65.000
Societe Generale S  1.580  9/16/2024  USD    3.690
Landesbank Baden-W  5.198  2/20/2034  EUR   75.500
Raiffeisen Switzer 10.500  07/11/2024 USD   15.030
UBS AG/London      15.000  8/31/2023  CHF   73.550
Vontobel Financial 22.000  6/23/2023  EUR   73.040
Vontobel Financial 16.750  9/22/2023  EUR   66.110
Luzerner Kantonalb  3.500  8/30/2023  USD   55.140
Raiffeisen Schweiz  7.000  9/20/2023  CHF   74.690
Basler Kantonalban  7.000  9/22/2023  CHF   65.700
Leonteq Securities  9.000  8/24/2023  CHF   60.400
BNP Paribas Emissi  5.300  09/01/2023 EUR   65.450
Landesbank Baden-W  8.400  7/28/2023  EUR   52.510
Landesbank Baden-W  5.700  7/28/2023  EUR   68.540
Landesbank Baden-W  3.500  7/28/2023  EUR   76.790
Landesbank Baden-W  4.750  7/28/2023  EUR   71.880
Landesbank Baden-W  5.000  7/28/2023  EUR   69.650
Landesbank Baden-W  7.600  7/28/2023  EUR   73.360
Landesbank Baden-W  4.650  7/28/2023  EUR   70.980
Leonteq Securities  7.000  1/31/2024  CHF   14.870
Leonteq Securities 15.000  4/28/2023  CHF   58.710
Basler Kantonalban 12.000  5/17/2023  CHF   55.810
EFG International  12.000  5/17/2023  CHF   26.320
Bank Vontobel AG    5.750  11/06/2023 CHF   54.600
Bank Vontobel AG    8.500  11/06/2023 CHF   70.000
Bank Vontobel AG    6.000 11/17/2023  CHF   75.900
Leonteq Securities  8.000 11/22/2023  CHF   67.830
Corner Banca SA     7.000 11/22/2023  CHF   67.430
Raiffeisen Schweiz  7.500 11/22/2023  CHF   65.380
Bank Vontobel AG   10.750  5/22/2023  CHF   36.600
Bank Vontobel AG   14.000  5/22/2023  CHF   55.300
UBS AG/London       8.000 11/24/2023  CHF   65.200
Sberbank of Russia  0.010 11/24/2026  RUB   74.000
UBS AG/London       5.250 11/24/2023  CHF   74.300
UBS AG/London       6.500 11/24/2023  CHF   65.150
UBS AG/London       6.750 11/24/2023  CHF   51.600
Landesbank Baden-W  5.250  5/26/2023  EUR   25.960
Landesbank Baden-W  2.850  5/26/2023  EUR   61.660
Landesbank Baden-W  4.000  5/26/2023  EUR   67.390
Landesbank Baden-W  8.450  5/26/2023  EUR   52.200
Landesbank Baden-W 11.050  5/26/2023  EUR   44.950
Landesbank Baden-W  8.250  5/26/2023  EUR   64.990
Landesbank Baden-W  4.600  6/23/2023  EUR   70.520
Landesbank Baden-W  4.350  6/23/2023  EUR   73.480
Landesbank Baden-W  2.150  5/26/2023  EUR   69.450
Landesbank Baden-W  6.000  5/26/2023  EUR   54.930
Landesbank Baden-W  6.200  5/26/2023  EUR   34.120
Landesbank Baden-W  4.850  6/23/2023  EUR   72.570
Zurcher Kantonalba  6.000  5/17/2023  CHF   75.340
TransFin-M PAO      9.400  02/04/2027 RUB   61.000
Landesbank Hessen-  1.000  07/10/2035 EUR   70.400
Landesbank Hessen-  1.600  06/12/2035 EUR   71.900
Landesbank Hessen-  0.850  7/17/2035  EUR   73.600
TKK OOO            10.900 12/31/2033  RUB   60.100
Societe Generale S  8.000 11/30/2032  USD   71.000
DZ Bank AG Deutsch  7.200  6/23/2023  EUR   59.450
DZ Bank AG Deutsch  5.100  6/23/2023  EUR   42.090
Bank Vontobel AG    8.250 11/27/2023  EUR   66.200
EFG International  20.000  05/11/2023 USD   67.460
Landesbank Baden-W 10.500  5/26/2023  EUR   75.540
Landesbank Baden-W  3.600  6/23/2023  EUR   55.870
Landesbank Baden-W  6.300  6/23/2023  EUR   73.160
Landesbank Baden-W  3.800  5/26/2023  EUR   41.990
Landesbank Baden-W 12.000  5/26/2023  EUR   29.930
Leonteq Securities 22.000  05/12/2023 CHF   61.500
Leonteq Securities 10.000  8/16/2023  CHF   32.900
Goldman Sachs & Co  6.000  6/21/2023  EUR   61.540
Bank Julius Baer &  7.000  09/11/2023 USD   65.600
Vontobel Financial 18.000  9/22/2023  EUR   63.140
Landesbank Baden-W  3.200  1/22/2027  EUR   71.850
UBS AG/London       9.750  08/09/2023 CHF   75.050
Vontobel Financial 24.500  9/22/2023  EUR   63.730
Vontobel Financial 21.000  9/22/2023  EUR   67.550
Vontobel Financial 20.500  9/22/2023  EUR   55.740
Vontobel Financial 14.500  9/22/2023  EUR   60.630
Vontobel Financial 10.500  9/22/2023  EUR   66.600
Vontobel Financial  9.500  9/22/2023  EUR   68.410
HSBC Trinkaus & Bu 16.500  6/23/2023  EUR   74.950
HSBC Trinkaus & Bu  6.000 12/22/2023  EUR   42.920
HSBC Trinkaus & Bu  8.800  4/28/2023  EUR   40.290
DZ Bank AG Deutsch 11.100  9/22/2023  EUR   37.200
UBS AG/London       4.520  09/07/2023 USD    9.546
Vontobel Financial 20.500  9/22/2023  EUR   67.290
Vontobel Financial 17.500  9/22/2023  EUR   70.360
EFG International   9.100  9/20/2023  EUR   34.310
Bank Vontobel AG   10.500  7/21/2023  CHF   49.800
Landesbank Baden-W  2.250  7/28/2023  EUR   53.510
Landesbank Baden-W  7.400  7/28/2023  EUR   26.080
Landesbank Baden-W  5.000  7/28/2023  EUR   64.810
Landesbank Baden-W  6.750  7/28/2023  EUR   65.440
Leonteq Securities  8.000  7/28/2023  USD   62.750
Leonteq Securities 11.000  7/28/2023  CHF   46.720
Citigroup Global M 12.379 11/13/2023  SEK   47.950
DZ Bank AG Deutsch 23.400  6/23/2023  EUR   67.460
Basler Kantonalban  6.000  9/15/2023  CHF   73.890
Landesbank Baden-W  2.650 10/27/2023  EUR   66.310
DekaBank Deutsche   2.350  9/27/2024  EUR   63.550
HSBC Trinkaus & Bu 11.200  6/23/2023  EUR   65.040
HSBC Trinkaus & Bu  7.300  9/22/2023  EUR   71.900
UniCredit Bank AG  10.300  9/27/2024  EUR   56.600
HSBC Trinkaus & Bu 10.200 12/22/2023  EUR   64.370
HSBC Trinkaus & Bu 20.100  6/23/2023  EUR   31.570
HSBC Trinkaus & Bu 14.000 12/22/2023  EUR   35.440
DZ Bank AG Deutsch 21.900  9/22/2023  EUR   13.820
Vontobel Financial 15.500  6/23/2023  EUR   73.640
EFG International  10.000  9/20/2023  USD   34.050
Vontobel Financial 15.000  9/22/2023  EUR   23.850
SG Issuer SA        6.500  1/20/2025  SEK   69.270
Bank Vontobel AG   14.000  02/05/2024 CHF   27.200
Landesbank Baden-W  7.250  9/22/2023  EUR   66.460
Landesbank Baden-W  2.500  8/25/2023  EUR   56.280
Corner Banca SA     8.200  8/30/2023  CHF   48.910
Landesbank Baden-W  3.200 11/24/2023  EUR   61.850
Landesbank Baden-W  4.100 11/24/2023  EUR   46.590
Landesbank Baden-W  1.250  8/25/2023  EUR   37.200
Landesbank Baden-W  4.600  8/25/2023  EUR   55.910
Landesbank Baden-W  2.800  8/25/2023  EUR   62.700
Landesbank Baden-W  2.700  8/25/2023  EUR   66.190
Leonteq Securities 30.000  5/31/2023  CHF   52.900
Landesbank Baden-W  6.100 11/24/2023  EUR   61.260
Landesbank Baden-W  9.400 11/24/2023  EUR   60.360
Landesbank Baden-W  5.200  8/25/2023  EUR   34.120
Landesbank Baden-W  6.000  8/25/2023  EUR   66.400
Landesbank Baden-W  6.200  8/25/2023  EUR   65.030
Landesbank Baden-W  4.800  8/25/2023  EUR   70.880
Leonteq Securities 10.000  08/11/2023 CHF   51.330
Basler Kantonalban  5.500  8/25/2023  CHF   76.030
UniCredit Bank AG   5.800  6/21/2023  EUR   67.380
Vontobel Financial 18.500  6/23/2023  EUR   44.790
Vontobel Financial 16.000  6/23/2023  EUR   62.440
UBS AG/London       6.500  8/23/2023  CHF   66.150
UBS AG/London       8.250  8/23/2023  CHF   60.700
Bank Vontobel AG   12.250  08/04/2023 EUR   26.000
Leonteq Securities 24.000  08/11/2023 CHF   63.620
DZ Bank AG Deutsch 14.400  6/23/2023  EUR   67.330
Landesbank Hessen- 10.396  8/24/2033  EUR   76.300
Landesbank Baden-W 11.750 11/24/2023  EUR   35.720
Bank Julius Baer & 12.000  08/11/2023 CHF   19.250
Landesbank Baden-W  3.000  2/27/2026  EUR   74.020
UBS AG/London      17.750  6/29/2023  CHF   50.600
UBS AG/London      16.250  01/04/2024 CHF   53.150
Vontobel Financial 24.000  6/23/2023  EUR   49.940
Vontobel Financial 15.000  6/23/2023  EUR   47.390
Vontobel Financial 10.000  6/23/2023  EUR   70.930
Vontobel Financial 10.000  6/23/2023  EUR   75.320
Leonteq Securities  8.000  03/11/2024 CHF   20.050
UBS AG/London      11.250  06/01/2023 CHF   58.650
Landesbank Baden-W  8.500  9/22/2023  EUR   29.420
Landesbank Baden-W  4.500  9/22/2023  EUR   45.530
Landesbank Baden-W  7.100  9/22/2023  EUR   72.610
Pharmacy Chain 36. 10.500  06/04/2030 RUB   60.350
Leonteq Securities 25.000  09/12/2023 CHF   49.500
Bank Vontobel AG    5.250  5/28/2024  CHF   66.100
Banque Internation  6.000 11/30/2023  CHF   71.230
UBS AG/London       9.000  06/01/2023 CHF   64.000
Zurcher Kantonalba  8.500  2/23/2024  CHF   74.590
Banque Internation 14.000  09/01/2023 EUR   75.500
Raiffeisen Schweiz  5.800  8/25/2023  CHF   69.390
Vontobel Financial  7.700  8/30/2023  EUR   52.410
Leonteq Securities  7.800 11/29/2023  CHF   69.080
Leonteq Securities 10.800  5/26/2023  EUR   62.950
Leonteq Securities  7.800 11/29/2023  CHF   65.140
Sberbank of Russia  0.010  10/05/2026 RUB   73.000
Leonteq Securities  7.000  10/04/2023 CHF   50.140
Sberbank of Russia  0.010  10/03/2028 RUB   70.600
Landesbank Hessen-  1.500  10/01/2036 EUR   65.700
VTB Bank PJSC      10.000             RUB   53.000
Zurcher Kantonalba 12.000  6/20/2023  CHF   16.830
Vontobel Financial 17.000  9/22/2023  EUR   73.340
Vontobel Financial 17.500  9/22/2023  EUR   72.490
Vontobel Financial 23.000  6/23/2023  EUR   67.380
Vontobel Financial 17.000  6/23/2023  EUR   73.940
Vontobel Financial 20.500  6/23/2023  EUR   70.030
Vontobel Financial 18.000  6/23/2023  EUR   72.960
Vontobel Financial 15.500  9/22/2023  EUR   74.810
Landesbank Baden-W  0.590  9/22/2034  EUR   65.061
NRW Bank            0.610  09/07/2040 EUR   66.451
Lehman Brothers Tr  4.000  2/28/2010  EUR    0.100
Raiffeisen Bank In  0.430  09/09/2030 EUR   72.782
Lehman Brothers Tr  3.820 10/20/2009  USD    0.100
Landesbank Baden-W  0.560  9/22/2033  EUR   67.189
IT Holding Finance  9.875 11/15/2012  EUR    0.015
Minicentrales Dos   0.010  06/06/2047 EUR   59.375
Lehman Brothers Tr  3.630  03/02/2012 EUR    0.100
Oberoesterreichisc  0.315  9/14/2035  EUR   69.773
Norddeutsche Lande  1.570  09/09/2038 EUR   65.974
Lehman Brothers Tr  4.100  5/20/2009  USD    0.100
EDOB Abwicklungs A  7.500  04/01/2012 EUR    1.537
Landesbank Hessen-  0.664  11/01/2032 EUR   70.005
DZ Bank AG Deutsch  0.300  8/31/2035  EUR   69.223



                           *********


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
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

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

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


                * * * End of Transmission * * *