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

                          E U R O P E

          Monday, April 24, 2023, Vol. 24, No. 82

                           Headlines



A U S T R I A

SAPPI PAPIER: Fitch Rates Sr. Unsec. Debt 'BB+'


C Z E C H   R E P U B L I C

ALLWYN INTERNATIONAL: Fitch Alters Outlook on 'BB-' IDR to Stable
ALLWYN INTERNATIONAL: Moody's Affirms 'Ba2' CFR, Outlook Now Neg.


F R A N C E

CASINO GUICHARD: Fitch Affirms 'B-' LT IDR, Alters Outlook to Neg.


I R E L A N D

CVC CORDATUS XXV-A: Fitch Puts Final 'B-sf' Rating on Class F Notes


T U R K E Y

TURKIYE KALKINMA: Fitch Affirms 'B' LongTerm IDRs, Outlook Negative
YAPI KREDI: Fitch Affirms B- Foreign Curr. IDR, Outlook Neg


U N I T E D   K I N G D O M

FINANSTRA LIMITED: Fitch Cuts LT Issuer Default Rating to 'CCC+'
LANDMARK MORTGAGE 1: Fitch Affirms 'B+sf' Rating on Class D Notes
SD SAMUELS: Acquired Out of Administration Via Pre-Pack Deal
TAYSIDE AVIATION: Enters Administration, 22 Jobs Affected
TOPSIDE GROUP: Goes Into Administration, 30 Jobs Affected

TORO PRIVATE: S&P Rates $2.085BB Jr Priority-Lien Term Loan 'CCC-'
WATCH HOSPITAL: Enters Liquidation, Timpson Rescues Business
WOODFORD EQUITY: Investors May Receive GBP235MM in Compensation
[*] UK: Administration Figures Across Yorkshire, North East Up 41%


X X X X X X X X

[*] BOND PRICING: For the Week April 17 to April 21, 2023

                           - - - - -


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

SAPPI PAPIER: Fitch Rates Sr. Unsec. Debt 'BB+'
-----------------------------------------------
Fitch Ratings has assigned Sappi Limited a Long-Term Issuer Default
Rating (IDR) of 'BB+' with a Stable Outlook. Fitch has also
assigned Sappi Papier Holding GmbH's (SPH) an unsecured debt rating
of 'BB+'/'RR4'.

The ratings reflect Sappi's improved financial profile underpinned
by the company's conservative leverage targets, specifically the
recently tightened net leverage target to below 1.5x (previously
2.0x) and targeted reduction of net debt to below USD1 billion in
the medium term, both company-defined.

The forecast Fitch-adjusted EBITDA leverage metrics drive a
financial profile that is commensurate with an investment-grade
rating, which is set against the weaker business profile.

The Stable Outlook is supported by the transition towards packaging
and speciality products away from the declining-demand graphic
papers, while maintaining its strong position in dissolving pulp.
Fitch believes Sappi maintains significant leverage headroom and
comfortable liquidity to mitigate the impacts from short-term
decline in volumes in the financial year ending September 2023
(FY23).

Fitch views the company's high exposure to a declining demand for
graphic papers and volatile pulp prices as a long-term constraint
on the rating.

KEY RATING DRIVERS

Financial Profile Turnaround: Fitch forecasts EBITDA gross leverage
at 2.3x-2x and net leverage at 1.6-1.4x over FY23-25 compared with
the peak of 4x-6x in FY20-FY21. This will be driven by debt
repayment from own cash, the management's focus to reduce exposure
to the graphic paper segment, cost-cutting measures and a
structural change in EBITDA generation, all of which are supported
by the new more conservative financial policy. The strong forecast
leverage metrics provide headroom for volatility in EBITDA or
declining demand. Fitch views maintenance of this financial policy
as key for the current rating.

Fitch expects that the positive effect on gross debt of the weak
euro to the US dollar at end-FY23 is likely to reverse, limiting
some benefit of the gross deleveraging. Coupled with lower absolute
EBITDA in FY23, this leads us to expect gross and net leverage to
increase to 2.3x and 1.6x, respectively, compared with 1.5x and
1.0x at end-FY23. However, Fitch expects leverage metrics to remain
within both the company's target and its rating sensitivities over
FY23-FY25.

Improved Profitability, Still Volatile: Following FY22's
exceptional EBITDA margin (Fitch-adjusted) spike to 17.4%, Fitch
forecasts the EBITDA margin at around 12%-14% over FY23-FY26
compared with 8%-12% in the past. EBITDA generation is inherently
sensitive to volatile pulp prices and typically pressured by the
structurally declining demand for graphic papers.

However, Fitch expects tight cost control and growing revenue from
the packaging and speciality papers division to support margin
growth over the forecast period (these deliver higher margins of
15%-18% EBITDA). This will be further supported by new packaging
capacity addition from the Somerset PM2 machine in FY25, and a
diluting contribution from the lower-margin graphic papers (5%-7%)
in the medium term.

Expected Slowdown in FY23: Fitch forecasts absolute EBITDA to
reduce to about USD770 million in FY23 from the exceptionally high
level of USD1.27 billion in FY22, which was driven by strong
volumes and pricing across all product categories, but notably in
graphic papers. Fitch forecasts lower volumes in FY23 on the back
of weaker demand, notably in the graphic papers segment and assume
the planned disposal of the graphic mills. Fitch expects weaker
dissolving pulp and packaging volumes in 1Q23 to rebuild by
year-end, and strong pricing to support these segments' revenue
growth.

Capex, Dividends Pressure Cash Flow: Fitch forecasts higher capex
intensity (largely driven by the conversion of Somerset's PM2
graphic paper machine) together with the resumption of dividend
payments will pressure free cash flow (FCF) generation in the next
two to three years. Fitch believes that in the event of stress, the
company retains its capacity to adjust its dividend policy (as
shown in the past) or revise its investment plans, except for PM2
(as shown during the pandemic) in order to preserve cash and comply
with its net leverage target of 1.5x and deliver its net debt
target of USD1 billion in the medium term.

Liquidity is comfortable over the forecast period, with undrawn
committed revolving credit facilities (RCF), which slightly offsets
the limited FCF generation.

Structural Change in Revenue Mix: Sappi has a proven focus on
increasingly realigning the business towards its more stable and
profitable packaging production offering, highlighted by the
planned disposal of three graphic papers mills and conversion of
the Somerset PM2 graphic paper machine into a packaging and
speciality papers machine by FY25.

With this transition, Fitch expects packaging and speciality papers
to be the largest segment in FY25 followed by graphic papers
(currently the largest). Fitch views this incremental improvement
as credit positive, but Fitch believes Sappi's business profile
will remain more volatile than other similarly sized packaging
peers, with inherent pulp price volatility risk and the
structurally declining demand for graphic papers.

Strong Diversification: Sappi's product portfolio is stronger than
other packaging peers, which usually have a relatively narrow range
of offering. The company's raw material and end-use offerings have
a broad application across many industries including textiles,
consumer goods, foodstuff, pharmaceuticals, packaging, automobile,
dye sublimation paper and magazines. This diversification is
slightly offset by the cyclical nature of the pulp and paper
industries, declining demand for graphic papers and variable
consumer discretionary spending (e.g. textiles).

However, Sappi further benefits from the growing end-consumer focus
on the recyclable nature of purchases, with dissolving pulp,
packaging and speciality papers all strongly benefiting from this
trend given the highly recyclable and eco-friendly nature of
wood-based products/fibres.

Instrument Notching: Fitch equalises SPH's senior unsecured debt
rating with Sappi Limited's rating. SPH issues debt to fund its
international operations (ie non-South African operations) and is
independently funded from Sappi Southern Africa Limited (SSA).
Fitch views that there is no material subordination of SPH's debt
against either unsecured debt issued by SSA or secured debt issued
within the Sappi Group.

In the event of Sappi Limited utilising material levels of prior
ranking debt, it is likely to lower recoveries for unsecured debt
of SPH potentially leading to notching down of the instrument
rating. If the amount of debt issued by either SPH or SSA becomes
materially disproportionate to its revenue or earnings contribution
to the group, there may also be an impact on the instrument
ratings.

DERIVATION SUMMARY

Sappi's closets peers rated by Fitch are the corrugated box
producer Smurfit Kappa Group plc (BBB-/Stable), pulp & paper
packaging producer Stora Enso Oyj (BBB-/Positive), Brazilian paper
packaging producer Klabin S.A. (BB+/Stable) and Italian premium
paper packaging and pressure sensitive label producer Fiber Bidco
S.p.A. (Fedrigoni, B+/Stable). The business profile also features
some similarity to pulp producers such as Suzano S.A. (BBB-/Stable)
and Eldorado Brasil Celulose S.A. (BB/Stable).

Sappi is better geographically diversified than its higher-rated
peers Smurfit and Stora, which are focused largely on Europe (77%
and 68%, respectively). Sappi differentiates in terms of product
offering with a number of end-use applications relative to peers.
However, a high 54% exposure in FY22 to the structurally declining
graphic papers segment and volatile pulp prices, weigh on the
company's profitability compared with peers. Fitch expects Sappi to
further reduce its exposure to graphic papers, though it lags
Stora's 15% share of paper revenue (2022) and Stora's target of
near zero by end-2025.

The company's expected EBITDA margins (12%-14%) are lower than
Smurfit's (15%-16%), Stora's (16%-18%) and similar to lower rated
peers such as Fedrigoni (13%-14%). Pulp producers, Suzano and
Eldorado, have a structurally different profitability profile with
strong double-digit margins.  

Sappi differentiates itself with leverage metrics relative to
peers. The forecast EBITDA gross leverage of 2.3x and below that in
the next two years is broadly in line with Stora's (about 2.0x) and
slightly weaker that of Smurfit's (about 1.7x). It is stronger than
that of packaging peers in the 'BB' rating category, across a broad
Fitch universe, such as Klabin, Silgan Holdings Inc. (BB+/Stable),
Berry Global Group, Inc. (BB+/Stable) all with EBITDA gross
leverage at about 4.0x-4.5x in the next two years.

KEY ASSUMPTIONS

- Revenue decline in FY23-FY24 due to lower volumes and assumed
planned disposal of the graphic mills, followed by an increase in
FY25-FY26 on higher packaging and speciality paper production
capacity

- EBITDA margin normalising to 11.7% in 2023, 12.5% in 2024 and
2025 and increasing to 13.7% in 2026

-Dividend payments to resume from 2023

- Divestment of the three graphic paper mills by FY24

- Capex spiking in 2024 and 2025 due to the conversion of PM2
graphic paper machine

- Repayment of EUR206 million on the 2026 bonds and refinancing of
bonds in 2026

RATING SENSITIVITIES

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

- EBITDA gross leverage below 2x and EBITDA net leverage below 1.5x
on a sustained basis

- EBITDA margin above 14% on a sustained basis

- FCF margin above 2%

- Decreasing share of graphics papers revenue leading to improved
business risk and less volatile profitability

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

- EBITDA gross leverage above 2.5x and EBITDA net leverage above
2.0x

- EBITDA margin below 10%

- Neutral to positive FCF margin

- Shift in capital allocation priorities toward debt-financed M&A
or shareholder returns, instead of deleveraging

- Greater volatility in margins due to unfavourable pulp and paper
prices and/or decline in graphics papers revenue not
counterbalanced with other packaging grades

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: At end-December 2022, Sappi had about USD463
million of cash, adjusted by Fitch for intra-year working capital
changes of 2% of sales. Liquidity is supported by the undrawn
committed RCFs of USD515 million at SPH with maturity in February
2027 and ZAR2 billion at SSA with maturity in August 2027. Fitch
forecasts FCF will be pressured by higher capex and dividend
payments in FY24-FY25. However, liquidity remains comfortable with
flexibility to amend capex, dividends or operating costs, if
required.

Adequate Debt Structure: Sappi's refinancing risk is low due to
strong leverage and coverage ratios, a broad access to capital
markets and the adequate debt maturity profile spread across 2026,
2028 and 2032 for senior unsecured notes. The company recently
renewed the securitisation facilities until January 2026.

ISSUER PROFILE

Sappi is a leading global provider of wood fibre-based raw
materials (eg dissolving pulp, wood pulp) and end-use products (eg
packaging and speciality papers, graphic papers). Sappi's
operations span over 35 countries in Western Europe, North America
and Southern Africa.

ESG CONSIDERATIONS

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

   Entity/Debt             Rating           Recovery   
   -----------             ------           --------   
Sappi Papier
Holding GmbH

   senior
   unsecured        LT B   B+   New Rating    RR4

Sappi Limited       LT IDR BB+  New Rating



===========================
C Z E C H   R E P U B L I C
===========================

ALLWYN INTERNATIONAL: Fitch Alters Outlook on 'BB-' IDR to Stable
-----------------------------------------------------------------
Fitch Ratings has revised the Outlook on Allwyn International
a.s.'s (Allwyn, formerly SAZKA Group) Long-Term Issuer Default
Rating (IDR) to Stable from Positive and affirmed the IDR at 'BB-'.


The revision of the Outlook reflects its updated view of Allwyn's
leverage trajectory following the refinancing announcement. The
company has adopted a more shareholder-friendly policy and
forecasts higher cash outflows outside the restricted group for
2023-2025. This leads to some pressure on the free cash flow (FCF)
margin.

Allwyn's business remains comfortably positioned within its 'BB-'
IDR, which is reflected in its affirmation, due to improved
geographical diversification and simplification of the group
structure in recent years. Sizeable third-party ownership in some
key operating companies of the group continues to put some pressure
on the ratings, due to high dividend payouts at the opco level that
result in cash leakage outside Allwyn.

The rating trajectory will be highly dependent on the application
of financial policy, and prospects of sustainable deleveraging to a
level consistent with Fitch's upgrade sensitivities.

KEY RATING DRIVERS

More Shareholder-Friendly Policy: Based on the terms of the
announced refinancing, its updated forecast incorporates an
additional EUR1.4 billion of payments to ultimate shareholders in
2023-2025, including a EUR675 million repayment of preferred equity
at the level of HoldCo Allwyn AG. This will reduce cash flows
available for debt repayment and other uses such as M&A and capex.
Higher than currently forecast dividend distributions to ultimate
shareholders relative to the rated group's cash flow generation
would put pressure on the rating.

Financial Policy Drives Deleveraging: Contrary to its previous
estimates in March, the introduction of a dividend policy at EUR200
million-EUR300 million per year has a material impact on FCF
generation and reduces Allwyn's ability to deleverage through debt
repayment. The updated Fitch Case now forecasts EBITDAR net
leverage in the range of 4.2x-4.3x in 2023-2025, in line with its
sensitivities for the rating. Application of the financial policy,
including adherence to leverage targets, through a balanced
approach to funding growth and dividend distributions, will drive
Allwyn's rating trajectory.

FCF Still Driven by OPAP: OPAP, Allwyn's Greek subsidiary has been
paying materially lower cash taxes on a major part of its gross
gaming revenue since October 2020, due to a sizeable prepayment of
gaming taxes when it extended one of its licenses until 2030. Fitch
estimates these savings at around EUR200 million a year over the
four-year forecast horizon. Fitch considers the review of the
majority of OPAP's revenue eligibility for tax prepayment to be an
event risk.

Sizeable Minority Interest in OpCos: The rating reflects some group
structure complexity with only businesses in Czech Republic, the UK
and the US being fully owned by Allwyn. Operations in Austria and
Greece/Cyprus have significant minority ownership, and the business
in Italy is an equity investment. As a result of sizeable forecast
cash upstreamed at the opco level, the EBITDA margin of over 30% in
2023 will translate into a low double-digit funds from operations
(FFO) margin under Fitch's base case. Fitch forecasts that Allwyn
will be able to generate positive FCF over the four-year forecast
horizon on a pre-dividend basis.

Improved Business Diversification: The award of the UK National
Lottery's (UKNL) fourth operator license materially strengthened
Allwyn's business profile, given the entry to Europe's largest
gaming market. Fitch presumes that Allwyn's acquisition of Camelot
UK facilitated the transition between license holders and therefore
reduced execution risk. Its forecast assumes that the UK segment
will generate at least 20% of Allwyn's consolidated net gaming
revenue (NGR) by 2025.

US Exposure to Remain Low: The acquisition of Camelot resulted in
some exposure to the gaming market in the US (Illinois lottery in
particular). However, Fitch does not include in its forecasts any
growth within the US market outside of the existing contracts.
Overall, Fitch projects US revenues and EBITDA to contribute a
low-single percentage share to Allwyn's consolidated figures. Fitch
also does not expect the acquired US business to be
capital-intensive and incorporate only a marginal increase in capex
in its forecasts.

Resilient Lottery Business Performance: Allwyn demonstrated
resilience during the pandemic, with NGR recovering to pre-Covid-19
levels throughout 2021 in all markets, followed by healthy
performance in 2022. Fitch forecasts healthy mid-single-digit
organic growth for Allwyn's business in its core markets,
reflecting anticipated lower regulatory pressure on the lottery
business in the EU than on other forms of gaming, and the potential
for further lottery business digitalisation that should help offset
traditional market decline from an ageing core audience.

Expansionary Business Growth to Continue: Given the moderate growth
of lottery markets compared with other gaming segments, Fitch
expects that Allwyn will continue increasing its scale primarily
through M&A. Fitch includes in its forecast bolt-on acquisitions of
EUR150 million per year. Growth of Allwyn's existing business ahead
of the market will come from enlarged online operations.
Considering the ramp-up of UKNL operations in 2024, Fitch forecasts
group consolidated revenues (NGR + non-gaming revenue) to exceed
EUR4 billion in that year.

DERIVATION SUMMARY

Allwyn's EBITDA and EBITDAR margins are strong relative to those of
gaming peers, such as Flutter Entertainment plc (BBB-/Negative),
Entain plc (BB/Stable) and 888 Holdings plc (BB-/Negative), which
are the largest sportsbook operators in Europe.

Allwyn has a high proportion of lottery revenue, which is less
volatile and less exposed to regulatory risks, and displays good
geographical diversification across Europe with businesses in Czech
Republic, Austria, Greece, Cyprus, Italy and the UK, albeit weaker
than the multi-regional revenue base of Flutter and Entain. It lags
both companies in forecast FCF generation and retains a more
complex group structure, with a high share of not fully owned
assets.

KEY ASSUMPTIONS

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

- Low-to-mid single digit revenue growth in 2023-2024 on increased
online volume in core markets (Czech Republic, Greece and Austria),
to varying degrees by country, depending on local platform
strength. Added revenue growth in 2024 from the ramp-up of UKNL
operations;

- Consolidated EBITDA margin of business excluding UK stable at
35%-36% over 2023-2025, resulting in consolidated EBITDA margin of
28%-29% in 2024-2025 from increased contribution of less profitable
UK operations.

- Dividend distribution from all opcos remaining broadly stable
versus historical trend.

- Dividend upstream to ultimate shareholders of EUR250 million a
year and EUR675 million repayment of subordinated debt in 2023.

- Camelot purchase in 2023 for EUR365 million

- Bolt-on acquisitions of EUR150 million per year at an enterprise
value (EV)/EBITDA multiple of 10x

RATING SENSITIVITIES

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

- Further strengthening of operations combined with increased
access to respective cash flows and debt structure simplification

- Sound financial discipline leading to EBITDAR net leverage
trending below 3.5x

- EBITDAR fixed charge cover above 3.0x and gross dividend/gross
interest at holdco above 2.5x on a sustained basis

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

- Deterioration of operating performance leading to consolidated
EBITDA margin below 25% on a sustained basis

- More aggressive financial policy as reflected in EBITDAR net
leverage consistently above 4.5x

- EBITDAR fixed charge cover below 2.5x and gross dividend/interest
at holdco of less than 2.0x on a sustained basis

- Raising considerable, structurally senior debt at intermediate
holdco or at subsidiary levels could lead to notching down the
senior secured debt rating from the IDR

LIQUIDITY AND DEBT STRUCTURE

Solid Pro Forma Liquidity: Allwyn had a sound liquidity position as
of end-2022. Fitch calculates around EUR700 million of cash as
readily available, with opco cash balances at year-end adjusted for
minority stake ownership. However, Fitch acknowledges that opco
debt at both Casinos Austria AG (Allwyn's Austrian subsidiary) and
OPAP is largely or fully offset by unadjusted cash balance as of
end-2022. The debt maturity profile is also appropriate for its
rating, with the majority of debt maturing in 2027 and 2028.

Pro forma for the announced transaction, Fitch expects liquidity
will improve following a planned repayment of a drawn revolving
credit facility of EUR180 million and provision of additional cash
of around EUR127 million. The debt maturity profile will also
improve, as the new debt is expected to mature beyond the bulk of
the current debt facilities due 2027-2028.

ISSUER PROFILE

Allwyn has become the largest European private lottery operator and
is the only provider of lotteries in Austria, Czech Republic, and
Greece, operator of the UKNL and the only provider of fixed-odds
numerical lotteries in Italy.

SUMMARY OF FINANCIAL ADJUSTMENTS

In accordance with Fitch's Corporate Rating Criteria, in addition
to a EUR40 million cash restriction to fund working capital, Fitch
proportionally consolidates readily available cash at opco level by
restricting the amount of potential cash outflow to opco minority
shareholders based on contractually permitted dividend payment
mechanisms.

ESG CONSIDERATIONS

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

   Entity/Debt             Rating          Recovery   Prior
   -----------             ------          --------   -----
Allwyn
International a.s.   LT IDR BB-  Affirmed               BB-

   senior secured    LT     BB-  Affirmed     RR4       BB-

Allwyn
Entertainment
Financing (UK) plc

   senior secured    LT     BB-  Affirmed     RR4       BB-

ALLWYN INTERNATIONAL: Moody's Affirms 'Ba2' CFR, Outlook Now Neg.
-----------------------------------------------------------------
Moody's Investors Service has affirmed Allwyn International a.s.'s
(Allwyn, the company or the holding company) Ba2 corporate family
rating and the Ba2-PD probability of default rating. The outlook
has been changed to negative from stable.

The majority of the proceeds from a new expected EUR1.3 billion
equivalent issuance of senior secured notes will be used to (i)
repay Primrose Holdings Lux sarl's (Apollo) preferred shares, for
an estimated amount marginally above EUR650 million, (ii) repay the
4.125% EUR300 million 2024 senior secured notes, and (iii) repay
the drawings under the EUR180 million committed revolver credit
facility (RCF).

The rating action reflects:

the material increase in outstanding gross debt after the
contemplated senior secured notes offering

a more aggressive financial policy than forecasted, as evidenced
by the expected repayment of the preferred shares and the higher
dividend paid to shareholder in 2022

the solid performance of the underlying business, in line with
expectations, coupled with strong cash flow generation at the
holding company

RATINGS RATIONALE

The negative outlook reflects Allwyn's more aggressive financial
policy than forecasted, as evidenced by the expected repayment of
the preferred shares and the higher dividend paid in 2022, which
Moody's now estimates to be more regular in nature. The negative
outlook also reflects that, following the contemplated notes
issuance, Allwyn's outstanding gross debt will significantly
increase to almost EUR4.5 billion in 2023 (fully consolidated
basis), compared to around EUR3 billion previously expected.

Therefore, financial strategy is a key rating driver and a
governance consideration under Moody's General Principles for
Assessing Environmental, Social and Governance Risks Methodology
for assessing ESG risks. Notwithstanding, Allwyn's overall exposure
to governance risk (Issuer Profile Score or "IPS") is unchanged at
G-3 because it is still consistent with the Ba2 CFR and the
negative outlook. Allwyn's exposure to social risk (Issuer Profile
Score or "IPS") is unchanged as well at S-4.

The company intends to use part of the proceeds of the expected
notes issuance to fund the repayment of Apollo's preferred shares,
which currently sit outside the restricted group, for an estimated
amount marginally above EUR650 million. Moody's views this expected
repayment as credit negative for the company, since it will cause a
material increase in the debt outstanding within the restricted
group, therefore increasing leverage beyond previous forecasts. In
particular, the rating agency expects Moody's proportionally
adjusted gross debt/ EBITDA to increase to 4.5x in 2023 and to
remain around the same level in the next 18-24 months, compared to
previous expectations at 3.5x.

Additionally, the rating agency believes that, in the next few
years, dividends payment made by the holding company will be more
regular in nature and higher in amount than previously anticipated.
Moody's forecasts annual dividend payments between EUR200-300
million, after the EUR200 million already distributed in 2022.
Despite such payments being funded by higher dividends upstreamed
from the operating companies, Moody's believes that such step
change in the dividend policy puts some pressure on the CFR.
Furthermore, the rating agency believes that potential, additional
debt-funded acquisitions will remain a lingering risk, weighting on
the outlook.

However, the Ba2 CFR is supported by the early refinancing of the
2024 maturities and by the strong cash flow generation expected at
the holding company, with dividends received from operating
companies abundantly covering operating and interest expenses in
the next 18-24 months. Similarly, Moody's expects the holding
company to maintain ample cash balances in the same period and
despite the forecasted dividends distribution: this provides a
further cushion to the company to withstand unexpected headwinds.

The Ba2 CFR also incorporates Moody's expectations of unaltered
growth perspectives, coupled with its strong strategy execution.
Moody's positively views the completion of the acquisition of
Camelot UK Lotteries, announced on February 5, since it will lower
execution risks related to the transfer of the UK lottery license.
Additionally, the completion of Camelot Lottery Solutions Group's
acquisition, which operates the Illinois lottery since 2018 and
which was announced on March 6, will enable the company to enter
the attractive US lottery market and progressively establish a
track record in the country, after that the IPO project in the US
was put on hold last year.

LIQUIDITY

Moody's views Allwyn's liquidity as adequate, supported by EUR1.2
billion of cash on balance sheet (on a consolidated basis) as of
2022 end, coupled with a total of around EUR730 million available
under the committed RCF at different entities within the group, of
which EUR300 million are expected at the holding company after the
proposed repayment of current drawings, post bond offering.

Moody's expects cash uses to be addressed to (i) capital
expenditure to finance the start of the UK lottery license, (ii)
dividend payments, including the preferred shares repurchase, and
(iii) some debt repayment at the holding company (EUR95 million)
and at operating companies (EUR47 million related to Casinos
Austria AG's (CASAG) term loan and EUR100 million early repayment
of OPAP AS's bank debt).

Moody's expects the financial covenants attached to the outstanding
bonds and to the banks loans to be complied with ample buffer.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook reflects Allwyn's less conservative financial
policy than forecasted, as a consequence of the expected repayment
of the preferred shares, coupled with more generous and regular
shareholder remuneration. Consequently, Moody's expects that credit
metrics will remain elevated for the rating category, with Moody's
proportionally adjusted gross debt/ EBITDA expected to increase to
4.5x in 2023 and to remain around the same level in the next 18-24
months. This compares to previous expectations of Moody's
proportionally adjusted gross debt/ EBITDA around 3.5x in the same
period.  Furthermore, the rating agency believes that there are
lingering risks of additional debt-funded acquisitions, which might
potentially prevent significant improvements in credit metrics in
the next 18-24 months.

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

Upward rating pressure could materialise in the event that the
company shows a consistent track record of reducing leverage, with
an evidenced commitment to conservative financial policies
including maintaining proportionally adjusted gross debt / EBITDA
well below 3.5x on a sustainable basis. At the same time, upward
rating pressure would also require the holding company to generate
strong cash flow generation on a sustainable basis and maintain
strong levels of liquidity to service upcoming debt maturities such
that it moderates dividend and M&A spending when necessary.
Positive rating pressure would also require the company to maintain
positive organic growth, without adverse changes to the regulatory
environment or to concession renewal conditions, and to show a
continuous track record of successful execution and integration of
acquired businesses.

Downward pressure could arise if proportionally adjusted gross debt
/ EBITDA is sustained above 4.5x, or in the event the level of cash
flow generation weakens. Downward pressure could also arise if
liquidity for the consolidated group weakens or there is evidence
of a less conservative financial policy than expected, with
material debt financed acquisitions and a high level of recurring
dividends. Organic revenue declines, adverse changes to the
regulatory environment or to prospects for license renewals or
execution missteps could, as well, put downward pressure on the
rating.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Gaming
published in June 2021.

COMPANY PROFILE

Allwyn, headquartered in Prague, is a multinational lottery and
gaming operator active principally in Czech Republic, Italy,
Greece, Austria, UK and US. The company reported around EUR2.4
billion of net gaming revenues in 2022 on a fully consolidated
basis. The company is owned by KKCG, an investment group founded by
Mr. Karel Komarek in 1995.



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

CASINO GUICHARD: Fitch Affirms 'B-' LT IDR, Alters Outlook to Neg.
------------------------------------------------------------------
Fitch Ratings has revised the Outlook for Casino,
Guichard-Perrachon S.A.'s Long-Term Issuer Default Rating (IDR) to
Negative from Positive and affirmed the rating at 'B-'. Fitch also
downgraded the senior unsecured notes rating to 'CCC' with a 'RR6'
Recovery Rating from 'CCC+' and 'RR5'.

The Outlook revision reflects Fitch's updated forecasts, which now
assume weaker deleveraging trend and higher pressure on liquidity
in 2024, potentially increasing refinancing risks. The Outlook also
incorporates a high degree of execution risk in turning around
profitability in French retail while divesting assets to address
the upcoming debt maturities.

The IDR continues to balance a business profile commensurate with a
higher rating level against a weak financial profile. Casino has
solid positions in some dynamic geographies of the French food
retail market and in Latin America, supplemented by online
capabilities. These strengths are offset by high legacy leverage
and potential liquidity risks in the coming 18 months, substantial
challenges in executing the company's business plan amid a more
difficult economic environment for consumers and its forecast of
weak free cash flow (FCF) generation until at least 2025.

KEY RATING DRIVERS

Slower Deleveraging Pace: A slower profitability turnaround than
previously expected in Fitch's forecast has been driven by weaker
recent trading performance. Weaker FCF generation than its previous
forecast is only partially offset by higher-than-expected debt
reductions from bond repurchases. Fitch now sees net adjusted
debt/EBITDAR reducing to 6.0x by 2024, compared with 2023 in its
previous forecast.

Successful debt reduction through repayment or repurchases remains
critical for the rating trajectory. Fitch assumes that there will
not be any cash dividend paid to the parent Rallye until at least
2025 as the board is committed to deleveraging the balance sheet.

Disposal Plan in Progress: In 2023, Casino continued to monetise
assets, including a disposal of most of its Assai stake completed
in March 2023 for over EUR700 million. Fitch incorporates a total
of EUR1.8 billion in disposals in 2023-2024 in its forecast, with
all proceeds used to repay upcoming debt maturities. There is some
upside for higher debt quantum reduction from debt repurchases in
the market, but this is not incorporated in its forecast.

Teract Partnership Not in Forecasts: Recently announced plans
related to a joint-venture (JV) with Teract, a smaller French
retailer, presume changes in capital structure and extra equity of
EUR500 million or more. Although Fitch acknowledges potential
business profile benefits from the transaction through synergies
and an enhanced product proposition, Fitch has not included the
transaction in its rating case due to lack of clarity over its
execution. Fitch also anticipates that the recovery expectations
for some of Casino's instruments within existing restricted group
could be affected under Fitch's criteria in case the project raises
additional debt for the JV. However, this has not been factored
into its analysis.

Parent-Subsidiary Linkage: Fitch uses its Parent and Subsidiary
Linkage Rating Criteria to assess Casino's rating perimeter and its
relationship with Rallye, its main shareholder, and with its
consolidated operations in Latin America. Fitch views Rallye as a
'weaker parent', given its leverage and limited other assets, and
assess the legal ring-fencing of Casino as 'Insulated' as defined
in its Parent and Subsidiary Linkage Rating Criteria. Combined with
'Porous' access and control, this results in Casino's rating being
based on its Standalone Credit Profile.

Limited recourse to cash flows from the partially owned Latin
American operations, and its expectations of this business disposal
leads to Fitch's deconsolidation of the business for the rating
analysis as per the Corporate Rating Criteria.

Cost Savings Reinvested in Margin: Fitch believes any cost savings
will have to be reinvested to counteract inflation and sector price
pressures. Fitch assumes like-for-like revenue growth for 2023 at
0.5%, below its forecast of CPI in France at 3.4%, as Fitch expects
Casino's premium offerings to take a bigger volume hit than the
market average.

Fitch's updated rating case now projects EBITDAR margin to improve
by 100bp in 2023 to 9.1% and then to remain broadly stable thanks
to a recent shared purchase procurement agreement and numerous
savings initiatives. These assumptions take into account about
EUR150 million from the EUR250 million savings and synergies
identified by management. However, Fitch sees high execution risks
around the operational turnaround, which is reflected in the
Negative Outlook, while continued trading weakness would also
affect the ratings.

Capex-Light Franchise Expansion: Casino's growth strategy is to
expand its franchise network in proximity and convenience format
stores using its strong local brand. Low capex for franchise
network development and its higher profitability should support
better operating margins and help organic deleveraging. While capex
intensity is likely to be lower, Fitch still expects Casino's FCF
to be pressured by higher interest expenses and its FCF margin to
remain minimal in 2023.

However, once EBITDA strengthens and, if interest charges fall on
more debt being repaid in 2023-2024, Fitch believes FCF margin may
rise towards 1% to 1.5% in 2025-2026.

Robust Business Profile: Casino has a solid position in the French
food retail sector, albeit with regional strengths rather than a
national player, and growing, well-established and structurally
profitable non-food e-commerce activity via CDiscount. The latter
contributes 5% to 10% of group EBITDA and could be a valuable
medium-term asset. However, Casino's focus on the upscale sector
carries risks in an economic downturn.

Corporate Governance Risks: Although debt documentation limits
Casino's potential cash upstream to Rallye, Fitch continues to
believe that the long-term interests of Casino's shareholders are
not aligned with those of debtholders, because dividends from
Casino remain a key source of funds for debt repayment for Rallye.
Casino's chief executive is also chairman and controlling
shareholder of Rallye.

However, Casino's financial policy became less shareholder-friendly
in recent years, with no dividends paid to Rallye in 2020-2022 and
none incorporated in its forecasts.

DERIVATION SUMMARY

Fitch applies its Food-Retail Navigator framework to assess
Casino's rating and position relative to peers'. Casino has a
smaller business scale and more limited geographic diversification
than international retail chains, such as Tesco PLC (BBB-/Stable).

Casino is rated three and two notches lower than Bellis Finco plc
(ASDA, BB-/Negative) and Market Holdco 3 Limited (Morrisons,
B+/Stable), respectively. This is due to its smaller size and
expected financial leverage of 8.2x on a net adjusted debt/EBITDAR
basis in 2022, compared with ASDA's stronger 5.4x. Morrisons
carries a similarly high leverage of 8.4x but this is balanced by a
robust business profile that benefits from vertical integration,
well-invested stores, channel diversification and cash-generation
capabilities. In addition, compared to Morrisons, Fitch sees a
higher refinancing risk affecting Casino's IDR as a result of its
closer debt maturities.

Relative to WD FF Limited (Iceland, B/Negative), Casino is rated
one notch lower given its higher leverage of 8.2x in 2022 than
Iceland's 6.7x, which is only partially offset by its larger size
and stronger profitability.

Casino is also rated one notch below Picard Bondco S.A.
(B/Negative), because Picard's smaller size and similar leverage
are outweighed by its stronger profitability and FCF generation as
well as lower execution risks.

KEY ASSUMPTIONS

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

0.5% like-for-like sales growth in French retail in 2023 and 6%-7%
thereafter as price increases are partially offset by volumes
declining by 6% in 2023, stable in 2024 and then growing by around
1.5%

2% growth in French retail from franchise expansion

EBITDA margin gradually improving to 5.7% by 2025 mainly supported
by cost-saving measures (about half of savings anticipated by the
company)

EUR130 million of one-off restructuring costs in 2023

Working capital inflow of EUR190 million mainly reflecting the
normalisation of hypermarkets and supermarkets' inventory surplus
at end-2022

Capex at 2.3% of sales

EUR0.9 billion assets sales in 2023 (of which EUR0.7 billion are
completed) followed by EUR0.9 billion in 2024

No dividends or M&A-related cash outflows

Fitch's Key Assumptions on Recovery Ratings:

The recovery analysis assumes that Casino would be considered a
going concern in bankruptcy and that it would be reorganised rather
than liquidated in case of default. Fitch has assumed a 10%
administrative claim in the recovery analysis.

Fitch has assumed that Casino's debtholders would get additional
value from Latin American assets of about EUR1.2 billion. This
additional enterprise value (EV) takes into account the reduced
stake in Assai after the disposal made in March 2023.

Fitch has applied a distressed EV/EBITDA of 5.0x, in line with
comparable businesses and reflecting the maturity and
characteristics of Casino's businesses under the restricted group
(i.e. excluding Latin American operations).

In its bespoke going-concern recovery analysis Fitch considers an
estimated post-restructuring EBITDA available to creditors of
EUR650 million. This is sufficient to cover a cash debt service
cost of around EUR320 million, estimated cash taxes under stressed
scenario of about EUR30 million and a sustainable level of capex of
around EUR300 million to maintain the viability of Casino's
business model, representing a 9% discount to 2022 Fitch-adjusted
EBITDA.

Its going-concern assumptions would result in an outstanding
recovery rate for Casino's senior secured debt leading to a
Recovery Rating of 'RR1', indicating a 'BB-' instrument rating. The
waterfall analysis output percentage on current assumptions is 96%
for this debt class. Following the payment waterfall, its
assumptions result in no recoveries for the senior unsecured notes
issued by Casino and the perpetual bonds (hybrids), which are
treated as debt, leading to an 'RR6' and 'CCC' with an output
percentage of 0% for both instruments.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:

- Continued conservative financial policy including no dividend
payments, with asset disposal plan completion in line or ahead of
Fitch's forecasts and proceeds ensuring sufficient liquidity
cushion

- EBITDAR margin consistently above 8%

- Adjusted net debt/EBITDAR consistently below 6.0x

- Operating EBITDAR/net interest paid plus rents above 1.5x

Factors that Could, Individually or Collectively, Lead to a
Revision of the Outlook to Stable:

- Liquidity stabilisation, with available cash, revolving credit
facility (RCF) funds and cash in segregated accounts covering the
debt maturities in the next 18-24 months;

- Operating profitability recovery, with EBITDA margin maintained
above 5.5% and neutral to positive FCF

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

- Liquidity under further pressure, with available cash, RCF funds
and cash in segregated accounts not covering the debt maturities in
the next 12-24 months

- Weaker operating cash flow generation resulting in forecast
negative FCF margin

- Delay in execution of asset disposal plan

- Operating EBITDAR/net interest paid plus rents below 1.2x

- Adjusted net debt/EBITDAR consistently above 7.0x

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: At end-2022, Casino had a EUR2.0 billion
secured RCF, but with availability limited to EUR270 million due to
the 3.5x secured leverage covenant. There was also EUR434 million
cash on the balance sheet. Fitch expects that the main source of
liquidity for debt repayment will be proceeds from planned asset
sales, which should be sufficient to cover upcoming maturities in
2023 and 2024.

The company's debt maturity profile remains concentrated with the
biggest maturities in 2024 and 2025.

ISSUER PROFILE

Casino is a major French food retailer with core operations in
France and Latin America (mainly Brazil and Colombia, but also
Argentina and Uruguay).

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch bases its forecasts on the restricted group of assets in
France and deconsolidate business in Latin America for calculation
of financial ratios.

ESG CONSIDERATIONS

Casino has an ESG relevance Score of '4' for Governance Structure
due to recent debt restructuring at its parent Rallye and related
remaining uncertainties around debt servicing sources, as well as
to key person risks. This 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.

   Entity/Debt              Rating          Recovery   Prior
   -----------              ------          --------   -----
Casino,
Guichard-Perrachon
S.A.                LT IDR  B-   Affirmed                B-

   senior
   unsecured         LT      CCC  Downgrade    RR6      CCC+

   subordinated      LT      CCC  Affirmed     RR6      CCC

   senior secured    LT      BB-  Affirmed     RR1       BB-



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

CVC CORDATUS XXV-A: Fitch Puts Final 'B-sf' Rating on Class F Notes
-------------------------------------------------------------------
Fitch Ratings has assigned CVC Cordatus Loan Fund XXV-A DAC final
ratings, as detailed below.

   Entity/Debt            Rating                   Prior
   -----------            ------                   -----
CVC Cordatus
Loan Fund
XXV-A DAC

   A XS2540117624     LT AAAsf  New Rating    AAA(EXP)sf

   B-1 XS2540119240   LT AAsf   New Rating     AA(EXP)sf

   B-2 XS2540117897   LT AAsf   New Rating     AA(EXP)sf

   C XS2540118192     LT Asf    New Rating      A(EXP)sf

   D XS2540117970     LT BBB-sf New Rating   BBB-(EXP)sf

   E XS2540118275     LT BB-sf  New Rating    BB-(EXP)sf

   F XS2540118432     LT B-sf   New Rating     B-(EXP)sf

   Subordinated
   XS2540119596       LT NRsf   New Rating     NR(EXP)sf

TRANSACTION SUMMARY

CVC Cordatus Loan Fund XXV-A DAC is a securitisation of mainly
senior secured obligations (at least 96%) with a component of
senior unsecured, mezzanine, second-lien loans and high-yield
bonds. Note proceeds were used to purchase a portfolio with a
target par of EUR400 million. The portfolio is actively managed by
CVC Credit Partners Investment Management Limited. The
collateralised loan obligation (CLO) has a reinvestment period of
about 4.6 years and a seven-year weighted average life (WAL) test.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors to be in the 'B'/'B-' category.
The Fitch weighted average rating factor (WARF) of the identified
portfolio is 25.92.

High Recovery Expectations (Positive): At least 96% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate of the identified portfolio is 61.63%.

Diversified Portfolio (Positive): The transaction includes two
Fitch matrices, which will be effective at closing, corresponding
to a top-10 obligor concentration limit at 20%, fixed-rate asset
limit at 5% and 12.5% and a seven-year WAL test.

The transaction also includes various concentration limits,
including the maximum exposure to the three-largest Fitch-defined
industries in the portfolio at 40%. These covenants ensure that the
asset portfolio will not be exposed to excessive concentration.

Portfolio Management (Neutral): The transaction has an
approximately 4.6-year reinvestment period and includes
reinvestment criteria similar to those of other European
transactions.

Fitch's analysis is based on a stressed-case portfolio with the aim
of testing the robustness of the transaction structure against its
covenants and portfolio guidelines. The transaction could extend
the WAL test by one year on the date that is one year from closing
if the aggregate collateral balance (defaulted obligations at Fitch
collateral value) is at least at the target par and all the tests
are passing.

Cash Flow Modelling (Positive): The WAL used for the transaction
stressed portfolio and matrices analysis is 12 months less than the
WAL covenant at the issue date. This reduction to the risk horizon
accounts for the strict reinvestment conditions envisaged by the
transaction after its reinvestment period. These include, among
others, passing the coverage tests, Fitch WARF and Fitch 'CCC'
tests, together with a progressively decreasing WAL covenant. In
the agency's opinion, these conditions reduce the effective risk
horizon of the portfolio during stress periods.

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,
would lead to a two-notch downgrade for the class B notes, one
notch for the class C and D notes, two notches for the class E
notes, and to below 'B-sf' for the class F notes.

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

Should the cushion between the identified portfolio and the stress
portfolio be eroded either due to manager trading or negative
portfolio credit migration, a 25% increase of the mean RDR across
all ratings and a 25% decrease of the RRR across all ratings of the
stressed portfolio would lead to a downgrade of up to four notches
for the class B notes, up to three notches for the class A, C and 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 Fitch's stress portfolio
would lead to upgrades of up to five notches for the notes, except
for the 'AAAsf' rated notes, which are at the highest level on
Fitch's scale and cannot be upgraded.

During the reinvestment period, based on Fitch's stress Portfolio,
upgrades may occur on better-than-expected portfolio credit quality
and a shorter remaining WAL test, leading to the ability of the
notes to withstand larger than expected losses for the remaining
life of the transaction.

After the end of the reinvestment period, upgrades may occur in
case of stable portfolio credit quality and deleveraging, leading
to higher credit enhancement and excess spread available to cover
for losses on the remaining portfolio.

DATA ADEQUACY

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.



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

TURKIYE KALKINMA: Fitch Affirms 'B' LongTerm IDRs, Outlook Negative
-------------------------------------------------------------------
Fitch Ratings has affirmed Turkiye Kalkinma ve Yatirim Bankasi
A.S.'s (TKYB) Long-Term Foreign- (LTFC) and Local-Currency (LTLC)
Issuer Default Ratings (IDRs) at 'B', both with Negative Outlooks.


KEY RATING DRIVERS

TKYB's 'B' Long-Term IDRs are driven by support from the Turkish
authorities as reflected in its 'b' Government Support Rating
(GSR). Its view of support reflects a high propensity by the
government to provide support, given the bank's state ownership,
policy role, significant Treasury-guaranteed funding and the record
of support from the authorities.

As is usual for development banks, Fitch does not assign the bank a
Viability Rating (VR). This is because the bank's business model,
driven by its dedicated policy and development role, is strongly
dependent on support from the state, in Fitch's view.

The bank's 'B' Short-Term IDRs are the only possible option in the
Long-Term 'B' IDR category.

Policy Role, Development Bank: TKYB's policy mandate is to support
economic growth and employment, reduce regional development
disparities and promote domestic renewable energy production. It
provides direct lending and also indirect lending channelled
through financial institutions, largely in foreign currency (FC),
to SMEs and corporates.

TKYB is expanding its investment-banking operations, including
providing advisory services (M&A, IPO, debt restructuring) and
fund-management business. This should provide some revenue
diversification.

Growth Strategy: TKYB provides low-cost, long-term loans to
borrowers in strategically important sectors in Turkiye. It targets
higher loan growth in the medium term with a focus on sustainable
investment lending.

FC loan growth was a low 4% in US dollar terms in 2022, reflecting
limited investment lending opportunities amid macro volatility and
lira weakness. Loan growth in 2022 was focused more on lira
lending, reflecting a Central Bank of Republic of Turkey-funded
investment financing package, but the share of lira loans remains
fairly limited (end-2022: 17% of gross loans).

Asset Quality Risks: TKYB's long-term, gradually amortising FC
lending and sectoral concentration risks amid macro volatility
heighten its credit risks. Non-performing loans (NPLs) remained low
at 1.5% of gross loans (64% specific reserves coverage) at end-2022
(end-2021: 2.3%; end-2020: 1.1%) despite some large insolvencies in
recent years. Stage 2 loans were also moderate at 4.6% (5.2%
average reserves coverage).

Asset-quality metrics in 2022 were flattered by nominal loan growth
(up 61%), though NPL inflows were also limited. Loan growth, after
foreign-exchange (FX) adjustment, was lower at 23%.

Thin Capital Buffer, Ordinary Support: TKYB operates with a
below-sector-average common equity Tier 1 (CET1) ratio of 11.1%
(including forbearance, 8.7% net of forbearance) at end-2022. Its
equity/assets ratio was 7.5% (sector average: 9.8%). TKYB's
capitalisation is supported by regular capital injections and
subordinated debt, including TRY500 million of core capital
announced in December 2022 (end-2022: around 65bp uplift to capital
ratios). Its capitalisation is only moderate given TKYB's
sensitivity to lira depreciation (inflating FC risk-weighted assets
(RWAs)), and to macro, asset-quality and concentration risks.

Largely Treasury-Guaranteed Funding: As a policy bank, TKYB does
not have a deposit license and is largely wholesale-funded in FC.
The majority of its funding is in the form of long-term,
Treasury-guaranteed IFI funding, including 'tied' facilities. TKYB
plans to diversify its funding base in the medium term and to
reduce reliance on Treasury-guaranteed funding as demonstrated by a
rise in its non-guaranteed funding (to 15% of total funding at
end-2022) since 2018.

Government Support: TKYB's GSR is equalised with the Turkish
sovereign rating (B/Negative), reflecting a high propensity by the
state to provide support, given the bank's state ownership,
Treasury-guaranteed funding and policy role. Its view of support
considers TKYB's small size relative to sovereign resources and
limited short-term external funding, given the predominance of
Treasury-guaranteed funding.

RATING SENSITIVITIES

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

The bank's GSR is directly sensitive to a downgrade of Turkiye's
LTFC IDR. Its GSR may also be downgraded if stress in Turkiye's
external finances materially reduces the reliability of support in
FC for the bank from the Turkish authorities; if its proportion of
non-guaranteed funding increases materially (particularly if Fitch
believes this to be indicative of a weakening of TKYB's policy
role); or if its balance-sheet size increases sharply.

The bank's LTLC IDR could be downgraded if Turkiye's LTLC IDR is
downgraded and if Fitch believes the sovereign's propensity to
support the bank has reduced (though not Fitch's base case).

The National Rating is sensitive to changes in the bank's LTLC IDR
and its creditworthiness relative to other Turkish issuers'.

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

- An upgrade of the bank's GSR and IDRs is unlikely given the
Negative Outlook on Turkiye's sovereign ratings

ESG CONSIDERATIONS

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

   Entity/Debt                       Rating        Prior
   -----------                       ------        -----
Turkiye Kalkinma
ve Yatirim
Bankasi A.S.       LT IDR             B       Affirmed         B
                   ST IDR             B       Affirmed         B
                   LC LT IDR          B       Affirmed         B
                   LC ST IDR          B       Affirmed         B
                   Natl LT            AAA(tur)Affirmed   AAA(tur)
                   Government Support b       Affirmed         b

YAPI KREDI: Fitch Affirms B- Foreign Curr. IDR, Outlook Neg
-----------------------------------------------------------
Fitch Ratings has affirmed five Turkish subsidiaries of large
locally owned private banks and two Turkish subsidiaries of a large
foreign-owned bank at their Long-Term Foreign-Currency Issuer
Default Ratings (LTFC IDRs) of 'B-'. The Outlooks on all LTFC IDRs
are Negative, mirroring those on the respective parents.

The subsidiaries are four leasing companies (Ak Finansal Kiralama
A.S., Garanti Finansal Kiralama A.S., Is Finansal Kiralama Anonim
Sirketi and Yapi Kredi Finansal Kiralama A.O.), two factoring
companies (Garanti Faktoring A.S., Yapi Kredi Faktoring A.S.) and
one investment and brokerage firm (Yapi Kredi Yatirim Menkul
Degerler A.S.)

KEY RATING DRIVERS

Support-Driven Ratings: The ratings of Ak Finansal Kiralama A.S.,
Garanti Finansal Kiralama A.S., Is Finansal Kiralama Anonim
Sirketi, Yapi Kredi Finansal Kiralama A.S., Garanti Faktoring A.S.,
Yapi Kredi Faktoring A.S. and Yapi Kredi Yatirim Menkul Degerler
A.S. are equalised with those of their parents, reflecting Fitch's
view that they are core and highly integrated subsidiaries. The
ratings are underpinned by potential shareholder support, but
capped at 'B-' by their respective parents' LTFC IDRs, which are
capped by intervention risk.

Highly Integrated Subsidiaries: All seven subsidiaries share the
same branding as their parents, are highly integrated into their
respective parents in terms of risk policies, and draw most of
their board, senior management and underwriting practices from
their parent banks. The subsidiaries benefit from the franchises of
their parent banks and mostly share the same customer base, with a
high share of referrals from their respective groups.

High Support Propensity: Cost of support would be limited as the
subsidiaries are small compared with their parents and total assets
usually do not exceed 3% of group assets. This, together with other
support factors listed above, means Fitch believes the parents'
propensity support to the subsidiaries remains very high. However,
the ability to support is limited by the respective parents'
creditworthiness as reflected in their respective ratings.

Moderate Leasing Sector Growth: High inflation, lower interest
rates and slower lira depreciation in 2022 supported demand for
leasing (42% nominally in 2022; 14% when FX adjusted). Fitch
believes such growth to be unsustainable and expect a moderate
contraction on FX-adjusted basis in 2023.

Tighter bank regulation has reduced credit supply, particularly of
long-term loans. These trends amplify the sector's already large
maturity mismatch and interest rate risk. There is growing pressure
on lessors to shorten their average receivable maturities, which
would weigh on leasing affordability and demand.

High Factoring Sector Growth: Receivables growth (122% nominally in
2022) will remain supported by the regulatory tightening of banking
credit, which makes factoring more attractive for corporates.
However, factoring companies face uncertainties around the June
2023 presidential election, which could weigh on factoring demand
and growth.

The short-dated, local-currency balance sheets of Turkish factoring
companies mitigate pressure on interest-rate volatility and
refinancing risk as factoring companies can quickly reprice assets
and adjust underwriting. Fitch expects this factor to continue
supporting the creditworthiness of Turkish factoring companies in
2023.

National Ratings Affirmed: National Ratings and their Outlooks are
equalized with their respective parent's National Ratings. The
Stable Outlook on the foreign-owned issuers' National Ratings
reflects its view that their creditworthiness in local currency
relative to other Turkish issuers' will remain unchanged. The
Negative Outlook on the domestically owned issuers' National
Ratings reflects that on the Long-Term Local-Currency IDRs.

RATING SENSITIVITIES

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

The subsidiaries' Long-Term IDRs are sensitive to a downgrade of
their parents' Long-Term IDRs or further deterioration in the
operating environment, which for example could be triggered by a
sovereign downgrade.

A downgrade in the parents' National Ratings would also be likely
to be mirrored in the subsidiaries' ratings.

The ratings could be notched down from their respective parents on
material deterioration in the parents' propensity or ability to
support or if the subsidiaries become materially larger relative to
the respective banks' ability to provide support.

The ratings could be notched down from their respective parents if
the subsidiaries' strategic importance is materially reduced
through, for example, a substantial reduction in business
referrals, reduced operational and management integration or
ownership, or a prolonged period of underperformance.

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

An upgrade of the subsidiaries' Long-Term IDRs is unlikely in the
short term, given the Negative Outlooks. However, an upgrade of the
respective parent's ratings would be reflected in the subsidiary's
ratings.

ESG CONSIDERATIONS

ESG Relevance Score for Management Strategy has been revised to '4'
from '3' for all seven subsidiaries, in line with the parents'
score. The scoring reflects increased regulatory intervention in
the Turkish banking sector, which hinders the operational execution
of the parent bank's management strategy, constrains management's
ability to determine strategy and price risk, and creates an
additional operational burden for the respective parent banks. The
alignment reflects Fitch's view of high integration.

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

   Entity/Debt                      Rating                Prior
   -----------                      ------                -----
Is Finansal
Kiralama Anonim
Sirketi           LT IDR              B-     Affirmed       B-
                  ST IDR              B      Affirmed       B
                  LC LT IDR           B      Affirmed       B
                  LC ST IDR           B      Affirmed       B
                  Natl LT             A+(tur)Affirmed   A+(tur)
                  Shareholder Support b-     Affirmed       b-

Ak Finansal
Kiralama A.S.     LT IDR              B-     Affirmed       B-
                  ST IDR              B      Affirmed       B
                  LC LT IDR           B      Affirmed       B
                  LC ST IDR           B      Affirmed       B
                  Natl LT             A+(tur)Affirmed   A+(tur)
                  Shareholder Support b-     Affirmed       b-

Yapi Kredi
Finansal
Kiralama A.O.     LT IDR              B-     Affirmed       B-
                  ST IDR              B      Affirmed       B
                  LC LT IDR           B      Affirmed       B
                  LC ST IDR           B      Affirmed       B
                  Natl LT             A+(tur)Affirmed   A+(tur)
                  Shareholder Support b-     Affirmed       b-

Garanti
Finansal
Kiralama A.S.     LT IDR              B-     Affirmed       B-
                  ST IDR              B      Affirmed       B
                  LC LT IDR           B      Affirmed       B
                  LC ST IDR           B      Affirmed       B
                  Natl LT             AA(tur)Affirmed   AA(tur)
                  Shareholder Support b-     Affirmed       b-

Yapi Kredi
Faktoring A.S.    LT IDR              B-     Affirmed       B-
                  ST IDR              B      Affirmed       B
                  LC LT IDR           B      Affirmed       B
                  LC ST IDR           B      Affirmed       B
                  Natl LT             A+(tur)Affirmed   A+(tur)
                  Shareholder Support b-     Affirmed       b-

Yapi Kredi
Yatirim Menkul
Degerler A.S.     LT IDR              B-     Affirmed       B-
                  ST IDR              B      Affirmed       B
                  LC LT IDR           B      Affirmed       B
                  LC ST IDR           B      Affirmed       B
                  Natl LT             A+(tur)Affirmed   A+(tur)
                  Shareholder Support b-     Affirmed       b-

Garanti
Faktoring A.S.    LT IDR              B-     Affirmed       B-
                  ST IDR              B      Affirmed       B
                  LC LT IDR           B      Affirmed       B
                  LC ST IDR           B      Affirmed       B
                  Natl LT             AA(tur)Affirmed   AA(tur)
                  Shareholder Support b-     Affirmed       b-



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

FINANSTRA LIMITED: Fitch Cuts LT Issuer Default Rating to 'CCC+'
----------------------------------------------------------------
Fitch Ratings has downgraded the Long-Term Issuer Default Rating
(IDR) for Finastra Limited and related entities to 'CCC+' from
'B-'. Finastra's IDR reflects high gross leverage, execution risk
to improve profitability and challenged end market conditions with
meaningful pressures in the banking industry.

Gross leverage remains elevated and is high for Fitch-rated
technology companies, although its highly recurring, software
revenue base provides some support for high leverage. Further,
interest coverage will be meaningfully pressured in the coming
years with higher interest rates and largely floating rate debt.
Fitch believes Finastra is operating at levels that leave minimal
room to navigate unexpected externalities that could impact its
business over time.

Finastra's ratings also reflect its lack of sustained positive FCF
generation, while incorporating positive attributes including its
solid market position as a fintech software vendor to many leading
banks globally and relatively high EBITDA margins.

KEY RATING DRIVERS

High Leverage, Refinancing Risk: Fitch calculates EBITDA leverage,
or debt/EBITDA, was near 8.6x as of February 2023 and will likely
remain high through FY25. Rising interest rates have also pressured
coverage metrics, with EBITDA Interest Coverage projected to be in
the low-1.0x range in the next few years. While Finastra could
refinance its existing capital structure in the months ahead,
maturity and refinancing risk is elevated given the current
environment. Its existing revolver is now current, with a March
2024 expiration, and its first lien term loans mature in June
2024.

A refinancing could alleviate near-term maturity and liquidity
risks, but Fitch believes Finastra will continue to operate with
extremely high operating leverage and does not have sufficient
financial flexibility for unexpected business shocks. There is
limited buffer if interest rates rise further in the next few
years. This risk is heightened given macro risks and weakness in
the banking industry. Fitch projects leverage could improve to the
7.0x-8.0x range in the next few years helped by cost savings, but
significant execution risk remains.

Inconsistent Fundamentals: Fitch views Finastra's results as
inconsistent in recent years, and the company has not sustainably
grown its revenue and/or profits. It also has not yet achieved
sustained positive FCF on a Fitch-defined basis. Revenue and EBITDA
grew 1% and 4%, respectively, on a constant currency reported basis
for the YTD (nine-month) period ended February 2023 while
revenue/EBITDA was flat and down 5%, respectively, in FY22 and down
3% and up 6% in FY21. In January 2023, management announced cost
saving initiatives meant to bolster EBITDA including layoffs,
shifting roles to low-cost regions, facility subleasing, among
others. However, Fitch is unclear how much of these savings will
flow through to EBITDA and/or if there will be negative revenue
impacts over time.

FCF Constrained by Leverage: Fitch believes Finastra operates a
highly recurring business model, but significant debt and material
capex requirements has led to negative Fitch-defined FCF that may
not become positive in the near term. This could normalize over
time if its private equity owner exits either via an IPO, sale or
recapitalization. Fitch projects EBITDA near $700 million to $800
million over the next few years. However, interest expense, capex
and cash taxes alone will likely consume all of this in the near
term even before considering working capital or other cash costs.

End-Market Concentration: Finastra derives nearly all of its
revenue from financial institutions and will be impacted over time
by fluctuations in banking activity. This risk is heightened due to
macro uncertainty and sector pressures following the collapse of
certain U.S. banks and by pressures experienced by both U.S. and
European banks. Sector concentration also exposes Finastra to
consolidation trends underway in financial institutions. Offsetting
industry concentration risk is product diversification, no customer
concentration and meaningful geographic diversity across North
America, Europe, Asia and the Middle East.

Favorable Outsourcing Trends: Fitch expects banks will continue to
outsource certain functions to third-party software providers to
focus on core competencies and to reduce costs, but there are
near-term risks as banks are pressured from balance sheet
pressures. Finastra's software applications are used in a broad
array of functions in retail and corporate banking, including
treasury/capital markets, internet/mobile banking, and payments.
Key products include Loan IQ (commercial lending), LaserPro
(mortgage lending), Kondor SFX (FX trading), among others. Its
products are open and modular and can fit into a bank's existing
infrastructure, working with either its own systems or with other
third-party software.

M&A Risk: Fitch does not expect Finastra to engage in significant
M&A activity in the near term given limited financial/cash flow
flexibility and macro-related uncertainty. The company made several
small bolt-on acquisitions in FY18-21 (as well as divestitures for
approximately $275 million), following the combination of Misys and
D&H. Over the long term, Fitch expects Finastra could consider
additional M&A as an avenue to expand its geographic footprint and
product offerings.

DERIVATION SUMMARY

Finastra's ratings are supported by a business model driven by a
high mix of recurring revenue, stable/high retention rates, high
EBITDA margins, and underlying secular growth drivers with
financial institution customers outsourcing more of their IT needs.
The company has a stable market position providing software and
solutions to large, mid-sized and small banks and financial
institutions. Offsetting some of these positive attributes is high
financial leverage that limits operating flexibility and will
likely lead to continued negative Fitch-defined FCF in the coming
years.

Finastra competes in parts of its business with Fitch-rated
Fidelity National Information Services, Inc. (FIS) (BBB/Stable).
FIS operates a much larger business, with revenue and EBITDA near
$14.5 billion and $6.5 billion, has a more diversified product and
customer mix, and operates with much lower gross leverage near
3.0x. Materially higher leverage versus other Fitch-rated fintech
and software peers signal a lower IDR is warranted.

Fitch also rates high-yield software companies that share
fundamental characteristics with Finastra (e.g., revenue growth,
industry competitive dynamics, leverage) even though these issuers
are not direct industry peers. Finastra is well positioned relative
to other high-yield software issuers rated by Fitch in terms of
market position, margins, and scale. However, its negative
Fitch-defined FCF, low interest coverage, high debt/EBITDA and
maturity risks position the issuer fairly in the 'CCC+' rating
category relative to other comparable issuers.

KEY ASSUMPTIONS

- Revenue grows in the low-single digit percentage range over the
next few years, with core revenue growth offset by lower non-core
and upfront software sales.

- EBITDA margins improve to the low-40% range through FY26, with
improvement from modest revenue growth and cost reduction
initiatives.

- Capex remains near 9%-10% of revenue or similar to recent years.

- Leverage shows some improvement to mid- to high-7.0x range,
helped by higher EBITDA and modest debt amortization. Fitch assumes
SOFR rates of 4.9% (for FY24) and 4.7% (FY25-26).

- Recovery Analysis: For entities rated 'B+' and below (where
default is closer and recovery prospects are more meaningful to
investors) Fitch undertakes a tailored, or bespoke, analysis of
recovery upon default for each issuance. The resulting debt
instrument rating includes a Recovery Rating or published 'RR'
(graded from 'RR1' to 'RR6'), and is notched from the IDR
accordingly. In this analysis, there are three steps: (i)
estimating the distressed enterprise value (EV); (ii) estimating
creditor claims; and (iii) distribution of value. Fitch assumed
Finastra would emerge from a default scenario under the going
concern approach versus liquidation. Key assumptions used in the
recovery analysis are as follows:

- Fitch estimates a going concern EBITDA of more than $530 million,
or below Fitch's calculated LTM EBITDA of $661 million. This
assumes the company experiences revenue/EBITDA pressures in its
core business and/or greater than expected deterioration in its
non-core businesses. Offsetting some of these potential pressures
are a business that is highly recurring and an extremely
diversified customer base.

- Fitch assumes a 7.0x EV multiple, which is in-line with its
assessment of historical trading multiples, M&A in the sector, and
historic bankruptcy emergence multiples Fitch has observed in the
technology, media and telecom (TMT) sectors.

RATING SENSITIVITIES

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

- Operating fundamentals, including revenue growth, EBITDA margins
and positive FCF, improve;

- EBITDA leverage, or debt/EBITDA, sustained below 9.0x;

- (CFO-capex)/Debt sustained above 0%;

- EBITDA interest coverage, or EBITDA/interest paid, sustained
above 1.5x;

- Sustained EBITDA growth and/or improving FCF generation could
also position the issuer for a higher rating.

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

- Increased revenue, margin and/or liquidity pressures;

- Indication of Finastra's inability to refinance its capital
structure and/or evidence it is working toward a distressed debt
exchange (DDE).

LIQUIDITY AND DEBT STRUCTURE

Limited Liquidity: Finastra's liquidity remains challenged, with
roughly $60 million of cash and its first lien revolver nearly
fully drawn. Liquidity in the coming years may be constrained given
the high debt load and rising interest rates. Refinancing could
help improve its liquidity position, but long-term issues may
remain absent any incremental equity contribution.

Liquidity as of the latest quarter ended February 2023 includes the
following: (i) a USD $375 million senior secured revolving credit
facility, which was nearly fully drawn; and (ii) roughly
approximately $60 million of readily available cash. Fitch projects
the company could burn FCF in FY 2023-2024 given high interest
expense and capital expenditure requirements, although deferred
revenues could be a source of cash as the company continues to
shift to a SaaS model.

Debt Profile: Finastra's debt structure as of Feb-23 consists of
first lien, senior secured debt ($375 million revolver capacity,
$4.1 billion of term loans) as well as second lien senior secured
term loans ($1.25 billion outstanding). Its first lien revolver
expires in March 2024 while its first lien term loans mature in
June 2024. There are no principal repayments due on the second-lien
credit agreement, which matures in June 2025. Fitch expects the
company could refinance the second-lien facility in the next 12-18
months.

ISSUER PROFILE

Finastra is a fintech company that provides mission critical
financial software in areas such as lending (mortgages, consumer,
commercial), retail banking, payments and treasury. The company
serves approximately 8,100 customers, largely consisting of
financial institutions and banks in 123 countries.

ESG CONSIDERATIONS

Finastra has an ESG Relevance Score of '4' for Governance Structure
due to its current ownership structure whereby private equity
holders have meaningful board influence, resulting in management's
choice to pursue high leverage. This has a negative impact on the
credit profile and is relevant to the rating in conjunction with
other factors.

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

   Entity/Debt             Rating          Recovery   Prior
   -----------             ------          --------   -----
DH Corporation/
Societe DH          LT IDR CCC+  Downgrade               B-

   senior secured   LT     B     Downgrade    RR2        B+

   Senior Secured
   2nd Lien         LT     CCC-  Downgrade    RR6       CCC

Finastra Group
Holdings Limited    LT IDR CCC+  Downgrade               B-

   senior secured   LT     B     Downgrade    RR2        B+

Finastra Europe
S.a r.l.            LT IDR CCC+  Downgrade               B-

   senior secured   LT     B     Downgrade    RR2        B+

   Senior Secured
   2nd Lien         LT     CCC-  Downgrade    RR6       CCC

Finastra USA, Inc.  LT IDR CCC+  Downgrade               B-

   senior secured   LT     B     Downgrade    RR2        B+

   Senior Secured
   2nd Lien         LT     CCC-  Downgrade    RR6       CCC

Finastra Limited    LT IDR CCC+  Downgrade               B-

LANDMARK MORTGAGE 1: Fitch Affirms 'B+sf' Rating on Class D Notes
-----------------------------------------------------------------
Fitch Ratings has affirmed the Landmark Mortgage Securities UK RMBS
series.

   Entity/Debt             Rating            Prior
   -----------             ------            -----
Landmark Mortgage
Securities No.3 Plc

   A XS1110731806      LT AA-sf  Affirmed    AA-sf
   B XS1110738132      LT A+sf   Affirmed     A+sf
   C XS1110745004      LT A-sf   Affirmed     A-sf
   D XS1110750699      LT BBBsf  Affirmed    BBBsf

Landmark Mortgage
Securities No.2 Plc

   Class Aa
   XS0287189004        LT AAAsf  Affirmed    AAAsf

   Class Ac
   XS0287192727        LT AAAsf  Affirmed    AAAsf

   Class Ba
   XS0287192131        LT A+sf   Affirmed     A+sf

   Class Bc
   XS0287193451        LT A+sf   Affirmed     A+sf

   Class C
   XS0287192214        LT BBBsf  Affirmed    BBBsf

   Class D
   XS0287192644        LT BB-sf  Affirmed    BB-sf

Landmark Mortgage
Securities No.1 Plc

   Class Aa
   XS0258051191        LT AAAsf  Affirmed    AAAsf

   Class Ac
   XS0260674725        LT AAAsf  Affirmed    AAAsf

   Class B
   XS0260675888        LT AAAsf  Affirmed    AAAsf

   Class Ca
   XS0258052165        LT A+sf   Affirmed     A+sf

   Class Cc
   XS0261199284        LT A+sf   Affirmed     A+sf

   Class D
   XS0258052751        LT B+sf   Affirmed     B+sf

TRANSACTION SUMMARY

The transactions consist of UK non-conforming owner-occupied (OO)
and buy-to-let mortgages, originated by Amber Home Loans, Infinity
Mortgages, and Unity Homeloans for Landmark Mortgage Securities
No.1 Plc (LMS1) and Landmark Mortgage Securities No. 2 Plc (LMS2)
and by GMAC-RFC Limited, Infinity Mortgages, and Unity Homeloans
for Landmark Mortgage Securities No. 3 Plc (LMS3).

KEY RATING DRIVERS

Significant Tail Risks: The transactions are exposed to significant
tail risks in light of pro-rata payments and interest-only (IO)
exposure. LMS 1 and LMS 2 mitigate pro rata amortisation risk for
the outstanding senior notes via the sequential allocation of
principal receipts once the outstanding debt is less than 10% of
the original amount. However, LMS 3 lacks this mitigating feature.

LMS 3's class A notes' rating is constrained by the account bank
provider's rating (HSBC Bank plc (AA-/Stable/F1+), where the
reserve fund is held. This could be the only source of credit
enhancement (CE) in scenarios where the collateral performance
deteriorates but remains within the conditions for pro-rata
payments.

IO Concentrations: LMS1, LMS2 and LMS3 have high IO proportions at
88%, 92% & 95%, respectively, with significant concentration
between 2030 and 2032. These IO concentrations lead to a pronounced
back-loaded default profile. In addition, the proportion of OO
borrowers that have gone past their term maturity is increasing.
Although this is not material at present, it may make performance
more volatile.

LMS1 High Obligor Concentration: LMS1 faces a high obligor
concentration risk due to its small pool size (214 loans). The
transaction will likely reach the 10% switch-back within the next
few interest payment dates (IPD), which along with the decreasing
granularity of the pool exposes the junior tranches to a more
pronounced tail risk. For this reason and the other tail risks,
Fitch has affirmed the class C and D notes' ratings below their
model-implied ratings (MIR).

Performance Risks: Late stage arrears in LMS1 have declined by
about 1% since its last review. In LMS2 (+1.6%) and LMS3 (+0.8%)
three-month plus arrears have increased marginally since its last
review. Transaction performance is at risk from inflationary
pressures and rising mortgage costs for borrowers. All borrowers
pay a floating rate on their mortgages. Increasing costs have
raised the likelihood of the already high arrears levels rising
further in the pools.

The transactions also saw high prepayments in 4Q22, potentially due
to better credit quality borrowers refinancing their mortgages and
moving out of the pool. This could also result in more volatile
performance and contributed to the affirmation of several classes
of notes below their MIR, notably the most junior notes across all
three transactions. These notes have benefited from the
transactions paying pro-rata. However, this is dependent on the
reserve fund being at target. LMS 1 has been paying sequential on
some IPDs due to (limited) draws on the reserve.

Fluctuating Senior Fees: Fitch has observed higher servicing and
other senior costs for all three transactions since 2019. These
movements may be linked to the Libor-SONIA transition attempts.
LMS1 completed its Libor-SONIA transition in May 2022 and LMS2 and
LMS3 in December 2022. In its cash flow analysis, in line with the
level of fees seen in 2018, Fitch applied fixed fees of GBP100,000,
GBP170,000 and GBP130,000 for LMS1, LMS2 and LMS3, respectively.

For floating servicing costs, in line with what was observed in
2018, Fitch floored the levels at 0.60%, 0.37% and 0.33% for LMS1,
LMS2 and LMS3, respectively. Given that the transition is complete,
Fitch assumes that the fees relating to LIBOR transition, which
were driving the changes in senior fees, should gradually begin to
decrease. However, the risk of the fees not reducing persists,
which could have an effect on excess spread.
As a result, Fitch continued constraining the ratings of several
classes of notes below their MIR.

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 asset performance is
strongly correlated with increasing levels of delinquencies and
defaults that could reduce CE available to the notes.

Additionally, 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 the transactions' base-case weighted average foreclosure
frequency (FF) and recovery rate (RR) assumptions, with a 15%
increase and a 15% decrease across the series. This results in a
one-notch downgrade of the class B notes in LMS2 and a three-notch
downgrade of the class D notes in LMS3.

LMS 3's class A notes are constrained by the account bank
provider's rating, where the reserve fund is held. A downgrade of
HSBC's rating could result in a downgrade of LMS 3's class A
notes.

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

Fitch tested an additional rating sensitivity scenario by applying
a decrease in the FF of 15% and an increase in the RR of 15%
separately. The results indicate an up to three-notch downgrade of
LMS2's class B and C notes and a two- and three-notch upgrade for
the class D notes in LMS2 and LMS3, respectively.

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 pool[s] ahead of the transaction's initial
closing. The subsequent performance of the transaction[s] 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

All three transactions have an ESG Relevance Score of '4' for
customer welfare - fair messaging, privacy & data security due to a
material concentration of IO loans, which has a negative impact on
the credit profiles, and is relevant to the ratings in conjunction
with other factors.

All three transactions have an ESG Relevance Score of '4' for human
rights, community relations, access & affordability due to pool
with limited affordability checks and self-certified income, which
has a negative impact on the credit profiles, 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.

SD SAMUELS: Acquired Out of Administration Via Pre-Pack Deal
------------------------------------------------------------
Business Sale reports that Essex-based cladding and roofing
contractor SD Samuels (Special Projects) has been acquired by its
directors in a pre-pack administration.

The company fell into administration in February after seeing its
cashflow impacted by loss-making jobs, customers falling into
liquidation and other external factors, Business Sale recounts.

The firm, which has been acquired by SD Samuels Ltd, was founded in
2004 and targeted jobs valued at GBP750,000 and over.  Among the
company's recent projects, it had been working on the construction
of a new stand at Liverpool FC's Anfield ground.

Despite reporting turnover of around GBP16 million in 2021, the
company was impacted by Brexit, COVID-19 and the war in Ukraine,
Business Sale discloses.  In an update filed at Companies House,
Quantuma Advisory has said it was appointed as the firm's
administrator on February 13, securing a sale to SD Samuels Ltd on
the same day for around GBP159,000, Business Sale relates.

According to Business Sale, Quantuma said that it was initially
called in by the company in October 2022, saying: "The business
suffered losses arising out of customers going into liquidation,
poorly performing projects and legal fees on unpaid works."

The advisory firm added that the company required funding "above
the level available to it by its bank and neither the company nor
its investors were in a position to advance the necessary funding
in order to pay wages or suppliers".

SD Samuels Ltd acquired the firm for GBP159,206, paying an initial
GBP20,000 on the day of the pre-pack, with the remainder of the
consideration to be paid in monthly instalments up until June 2024,
Business Sale discloses.  Quantuma said a pre-pack was necessary as
there was "no prospect of persuading new funding to allow
medium-term trading to continue", Business Sale notes.

The company's bank, HSBC, was owed GBP764,000 at the time of it
entering administration, while HMRC was owed GBP433,000, according
to Business Sale.  Excluding HMRC and HSBC, Quantuma said that 11
companies are owed over GBP100,000 each, with the largest amount
owed being GBP424,000, Business Sale relays.

A total of 285 unsecured creditors, meanwhile, are owed a total of
GBP5.4 million, Business Sale notes.  The company's administrators
have warned that most of its creditors are unlikely to have their
money returned, Business Sale states.



TAYSIDE AVIATION: Enters Administration, 22 Jobs Affected
---------------------------------------------------------
BBC News reports that a Dundee-based flight school has gone into
administration after more than half a century with the loss of 22
jobs.

Tayside Aviation Limited, which was founded in 1968, ceased trading
on April 20, BBC relates.

The firm provided courses for private licences to full commercial
licences and delivered the RAF Air Cadet Pilot Scheme for more than
30 years.

Geoff Jacobs and Blair Nimmo have been appointed as joint
administrators, BBC discloses.

The company was bought in December 2021 by Tony Banks, the founder
of Balhousie Care Group, BBC recounts.

It employed 25 people at its Dundee Airport base.

According to BBC, an RAF spokesman said it was "reviewing available
options" for the future delivery of the scholarship.

The administrators said that at the time of the purchase, the
company had a significant liability for prepaid flying courses
which affected its ability to generate income from new sales,
notes.

"At the same time, further challenges arose through delays in
onboarding senior personnel which adversely impacted business
performance," BBC quotes the administrators as saying. "Despite a
significant investment from the shareholder of GBP1.5 million in
addition to the purchase price, these issues have led to ongoing
working capital requirements that are unable to be funded."

Mr. Jacobs said: "We will be taking all steps to rapidly assess
whether there are any parties who would have an interest in the
business and assets, and would advise those with an interest to
make contact quickly.

We appreciate that there will be many customers who are in receipt
of pre-paid flying hours."


TOPSIDE GROUP: Goes Into Administration, 30 Jobs Affected
---------------------------------------------------------
Greg Pitcher at Construction News reports that Teesside facades
specialist Topside Group has ceased trading, with the loss of 30
jobs.

The firm, which was established in 1992 and operated from Cowpen
Lane Industrial Estate in Billingham, appointed Greg Whitehead of
Northpoint Insolvency Practitioners as administrator, Construction
News relates.


TORO PRIVATE: S&P Rates $2.085BB Jr Priority-Lien Term Loan 'CCC-'
------------------------------------------------------------------
S&P Global Ratings assigned its 'CCC-' issue rating to travel
retail platform provider Toro Private Holdings' (Travelport) $2.085
billion junior priority-lien term loan due 2026. Its 'B-' issue
rating on the $1.63 billion priority-lien term loan due 2025 is
unchanged.

The negative outlook reflects the possibility of a downgrade within
the next 12 months if S&P's saw a material deterioration in
liquidity, due, for example, to unforeseen setbacks in the recovery
in global air travel, or if it believed that an additional
restructuring was imminent.

S&P said, "We continue to view Travelport's capital structure as
unsustainable despite an expected improvement in operating
performance. After the debt exchange, Travelport's capital
structure comprises a $2.042 billion priority term loan and a
$2.085 billion junior priority loan. We forecast adjusted leverage
will decline gradually based on improvement in the company's
operating performance, but will remain high, above 10x over the
next few years (17x-19x in 2023 and 13x-15x in 2024). In our base
case, we forecast that Travelport's global distribution systems
(GDS) booking fees (mostly for air travel) will recover to 75%-85%
of 2019 levels in 2023, from 63% in 2022. We also forecast S&P
Global Ratings-adjusted EBITDA will improve to $240 million-$260
million in 2023 and $330 million-$350 million in 2024 compared with
about $90 million in 2022 based on recovery in air travel together
with the benefits from restructuring and cost-saving measures
undertaken in recent years.

"While the company capitalizes its investment on the development of
its platform (classifying as internal costs), we view Travelport's
platforms as external. Hence, we treat capitalized development
costs ($122.3 million in 2022) as an operating expense, thus
reducing S&P Global Ratings-adjusted EBITDA and capital expenditure
(capex). We make the same adjustment for both comparable peers,
Sabre Corp and Amadeus. In addition, we also treat amortization of
customer loyalty payments ($37.2 million in 2022) as an operating
expense.

"Cash flow generation will weaken in 2024 due to high cash interest
costs. We forecast slightly positive to break-even free-operating
cash flow (FOCF) after lease payments in 2023 and then a decline to
negative $10 million-negative $15 million in 2024. Weaker cash
flows are mainly driven by the switching of $2.0 billion of
priority-lien debt to full cash interest payments at Libor+7.0%
from Sept. 26, 2023 compared with current interest at Libor+7.25%
(1.5% cash and 7.25% payment in kind [PIK]). The cash interest
burden is compounded by Travelport's exposure to unhedged floating
rates. Cash interest payment toward the priority-lien debt is more
than offset in 2023 by the exchange of first-lien debt with
junior-priority-lien debt. Junior priority-lien debt provides
Travelport with an option to pay interest at secured overnight
financing rate (SOFR)+8.5% (SOFR cash and 8.5% PIK) in 2023 and
2024. We forecast EBITDA cash interest coverage of 1.2x in 2023
before a decline to about 1x in 2024.

"We believe that liquidity remains less than adequate despite the
$200 million equity injection. We recognize that Travelport has a
healthy cash balance of about $130 million as of March 31, 2023
(supported by the contribution of $200 million of equity along with
the debt exchange transaction). Over the next 12 months, we
forecast the company will generate modest cash funds from
operations (FFO) of $100 million-$110 million, working capital
inflows of $25 million-$30 million, and invest about $70 million in
annual maintenance capex (including capitalized development costs).
However, our liquidity assessment is constrained by our view of
Travelport's standing with banks and credit markets, with a track
record of distressed debt exchanges in recent years and a capital
structure we still view as unsustainable. We think there is a
significant refinancing risk associated with the $1.63 billion
priority-lien term loan which matures in February 2025. As a
result, we view Travelport's liquidity as less than adequate.

"The negative outlook reflects the possibility of a downgrade
within the next 12 months, if, for example, there are unforeseen
setbacks in the recovery in global air travel, or if we believed
that an additional restructuring was imminent.

"We could lower our ratings on Travelport if we believed there was
an increased risk of default in the next 12 months. This could
stem, for example, from deteriorating liquidity, leading to a
shortfall in the short term. We could also downgrade the company if
it announced an additional debt exchange offer or debt
restructuring, or missed any interest payment or debt repayment.

"We see ratings upside as unlikely over the next 12 months.
However, we could revise the outlook to stable if we saw a
significant recovery in cash flow generation and a sustainable
liquidity position on the back of improving industry conditions and
a successful refinancing of the priority debt due February 2025."

Travelport is one of the world's largest providers of travel retail
platforms, offering distribution, technology, and other solutions
for the global travel and tourism industry. The company provides
travel commerce technology that connects travel providers with
online and offline travel buyers in a business-to-business (B2B)
travel marketplace. Travelport has a leading position in airline
merchandising, hotel content and distribution, car rental, and
mobile commerce. Headquartered in the U.K., Travelport is
represented in more than 165 countries. It reported revenue of
about $2.5 billion in 2019. Travelport has been owned by private
equity firms Siris Capital Group LLC and Elliot Private Equity
since 2019.

S&P said, "We assess Travelport's liquidity as less than adequate.
While we forecast that the company has sufficient liquidity sources
to cover its liquidity needs by more than 1.2x over the next 12
months, our assessment is constrained by our view of Travelport's
standing with banks and credit markets, and our view that there is
a significant refinancing risk associated with the $1.63 billion
priority debt which matures in February 2025."

S&P expects principal liquidity sources over the 12 months from
March 31, 2023 will include:

-- Cash balance of about $130 million,

-- Cash FFO of $100 million-$110 million, and

-- Working capital inflow of $25 million-$30 million.

S&P expects principal liquidity uses over the same period will
include:

-- Maintenance capex of $70 million.

ESG credit indicators: To: E-2, S-4, G-3; From: E-2, S-5, G-3

S&P said, "Social factors are now a negative consideration in our
credit rating analysis of Travelport, revised from very negative
previously, reflecting the recovery in air travel since the
pandemic. Travelport's GDS booking fees recovered to 63% of 2019
levels in 2022 and we forecast that they will be 75%-85% of 2019
levels in 2023. Nonetheless the pandemic underlined the sensitivity
of air travel and hotel bookings to health and safety disruptions,
and the relatively gradual pace of recovery since then has
contributed to Travelport's capital structure remaining highly
leveraged and unsustainable, in our view. Travelport completed
distressed debt exchanges in March 2023 and in September 2020.

"Governance factors are a moderately negative consideration. Our
assessment of the company's financial risk profile as highly
leveraged reflects corporate decision-making that prioritizes the
interests of the controlling owners, in line with our view of the
majority of rated entities owned by private-equity sponsors. Our
assessment also reflects generally finite holding periods and focus
on maximizing shareholder returns.

"Our issue rating on Travelport's new $2.085 billion junior
priority-lien term loan, issued by Travelport Finance (Luxembourg),
is 'CCC-'. The '6' recovery rating on this term loan indicates our
expectation of negligible recovery (0%-10%; rounded estimate: 0%)
in the event of a default. The lower recovery expectations reflect
the subordinated nature of this term loan.
Our issue rating on Travelport's $1.63 billion priority-lien term
loan, also issued by Travelport Finance (Luxembourg), is 'B-'. The
'2' recovery rating on this term loan indicates our expectation of
substantial recovery (70%-90%; rounded estimate: 85%) in the event
of a payment default. The term loan's priority ranking supports our
assessment.

"We withdrew our issue rating on Travelport's $2.03 billion
first-lien term loan due May 2026 as the loan has been exchanged.

"We think Travelport would most likely be reorganized as a going
concern in the event of a default, given its global reach and
market-leading positions.

"Our hypothetical default scenario contemplates
weaker-than-anticipated trading, resulting in falling booking
volumes and average revenue per booking, combined with more severe
competition from other providers of global distribution systems."

-- Year of default: 2025

-- Jurisdiction: U.S.

-- Emergence EBITDA: about $350 million (including minimum capex
at 2% of 2019 revenue and cyclicality adjustment of 5%, standard
for the business services industry)

-- Multiple: 6.0x

-- Gross enterprise value at emergence: About $2,092 million

-- Net enterprise value after administrative expenses (5%): $1,987
million

-- Priority-lien debt claims: $2,219 million

-- Recovery rating: '2'
    --Recovery range: 70%-90% (rounded estimate: 85%)

-- Value available to second-lien debt claims: Nil

-- Junior-priority-lien debt claims: $2,599 million

-- Recovery rating: '6'

    --Recovery range: 0%-10% (rounded estimate: 0%)

All debt includes six months of prepetition interest.


WATCH HOSPITAL: Enters Liquidation, Timpson Rescues Business
------------------------------------------------------------
Lauren Davidson at Grimsby Live reports that a watch repair shop in
Freshney Place has officially gone into liquidation and has closed
under its current name -- but has been rescued by the popular
franchise Timpson.

Situated close to the main entrance of the shopping centre, The
Watch Hospital was taken over by the chain at the end of March, an
employee at the store told Grimsby Live.

Staff at The Watch Hospital were made redundant as part of the
large-scale closure, but the majority have been able to retain
their jobs following the takeover by Timpson, the member of staff
confirmed, Grimsby Live relates.

The shop in Freshney Place remains open to customers, but is still
displaying its original The Watch Hospital sign, Grimsby Live
notes.  The frontage of the store appears to be bare and empty,
with no products on display, Grimsby Live states.



WOODFORD EQUITY: Investors May Receive GBP235MM in Compensation
---------------------------------------------------------------
BBC News reports that investors who lost money when a fund,
Woodford Equity Income Fund, managed by big-name stockpicker Neil
Woodford, collapsed are in line for compensation.

The City regulator, the Financial Conduct Authority (FCA), said
people who had money invested when the fund was suspended could
receive a share of GBP235 million in redress, BBC relates.

That would amount to about 77p in every pound they had invested,
BBC discloses.

For the money to be paid, investors will need to approve the plan,
BBC notes.

Various other conditions will also need to be fulfilled, such as
the sale of some assets, BBC states.

Therese Chambers, from the FCA, said the proposal offered the best
possible outcome for the 300,000 trapped investors who lost money,
BBC relates.

Mr. Woodford was one of the UK's most high profile investment
managers and when he set up his own managed fund, he came with an
impressive reputation. He was as close to a household name as is
possible in the world of investing.

Investors, ranging from ordinary people to pension funds, put money
into the Woodford Equity Income Fund.  At its peak, the fund was
reportedly managing more than GBP10 billion.

But as they became increasingly worried about the investments being
made on their behalf, many withdrew their money.  More than GBP500
million was taken out in four weeks and in June 2019 the fund was
frozen, BBC recounts.  It was later closed and is being wound up,
according to BBC.

The fund administrator which made that decision was Link Fund
Solutions, BBC notes.  As the authorised corporate director of the
fund, it had a responsibility to ensure that the fund was being
managed with appropriate levels of liquidity and risk, and that all
investors were treated fairly.

Investors are receiving a letter now about the proposal, and should
receive further information about the timetable of events in July,
BBC discloses.  They will need to vote to approve the deal for
payments to be made, BBC notes.

The events leading up to the fund's collapse in October 2019 are
still being investigated by the FCA in what it described as a
"complex" inquiry, BBC states.  The saga also prompted separate
lawsuits on behalf of investors, BBC relays.

[*] UK: Administration Figures Across Yorkshire, North East Up 41%
------------------------------------------------------------------
Michael Crossland at The Yorkshire Post reports that the number of
companies filing for administration across Yorkshire and the North
East jumped by 41% on last year as rising inflation, energy bills
and interest rates continue to challenge businesses.

According to The Yorkshire Post, analysis of notices in The Gazette
by Interpathy Advisory revealed that a total of 45 companies based
in Yorkshire and the North East fell into administration in quarter
one of 2023 -- up from 32 companies in the first quarter of 2022
and representing a 41% increase on last year.




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

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




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

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

Copyright 2023.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

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