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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, May 1, 2023, Vol. 24, No. 87

                           Headlines



F I N L A N D

FROSN-2018: DBRS Confirms B(high) Rating on Class E Notes


F R A N C E

CASINO GUICHARD: EUR1.43B Bank Debt Trades at 31% Discount
ERAMET SA: Moody's Assigns First Time Ba2 Corporate Family Rating
GINKGO PERSONAL 2020-1: DBRS Confirms B Rating on Class F Notes
PAPREC HOLDING: Moody's Withdraws 'Ba3' Corporate Family Rating


G E R M A N Y

REVOCAR 2019: DBRS Hikes Class D Notes Rating to BB(high)
REVOCAR 2023-1: DBRS Gives Prov. BB(high) Rating to Class D Notes
TUI AG: S&P Upgrades ICR to 'B', Outlook Positive


I R E L A N D

CVC CORDATUS XXVII: Fitch Assigns 'B-(EXP)sf' Rating to Cl. F Notes
DILOSK RMBS 6: DBRS Assigns Prov. BB(high) Rating to Class E Notes
SUTTON PARK: Moody's Affirms B2 Rating on EUR12MM Class E Notes


I T A L Y

IGD SIIQ: S&P Places 'BB+' ICR on CreditWatch Negative


L U X E M B O U R G

ALTICE INTERNATIONAL: S&P Alters Outlook to Stable, Affirms 'B' ICR
CURIUM BIDCO: Fitch Affirms LongTerm IDR at 'B', Outlook Stable
ENDO LUXEMBOURG: $2B Bank Debt Trades at 26% Discount


N E T H E R L A N D S

BRIGHT BIDCO: $300M Bank Debt Trades at 34% Discount
NOBEL BIDCO: EUR1.05B Bank Debt Trades at 13% Discount


R O M A N I A

BANCA TRANSILVANIA: Fitch Gives BB Rating to Sr. Non-Preferred Bond


S P A I N

CAIXABANK CONSUMO 5: DBRS Confirms B(high) Rating on Class B Notes
EDREAMS ODIGEO: S&P Upgrades ICR to 'B-', Outlook Stable
NEINOR HOMES: S&P Withdraws 'B+' Long-Term Issuer Credit Rating
RETIRO MORTGAGE: DBRS Confirms BB(low) Rating on Class C Notes


S W I T Z E R L A N D

DUFRY AG: Moody's Upgrades CFR to Ba3 & Alters Outlook to Positive


U N I T E D   K I N G D O M

AI MISTRAL: Moody's Upgrades CFR to B3, Outlook Remains Stable
BIDVEST GROUP UK: Fitch Affirms USD800M Sr. Notes Rating at 'BB'
FRANK'S ICE CREAM: Enters Administration, Seeks Buyer
INCE GROUP: Bought Out of Administration by Axiom DWFM
LANE END: Aticus Law Tapped to Investigate Redundancy Process

LITTLE GEM: Soaring Costs Prompt Administration
TAPAS REVOLUTION: Acquired in Pre-pack Administration
YORK GIN: Part of Business Out of Administration


X X X X X X X X

[*] BOND PRICING: For the Week April 24 to April 28, 2023

                           - - - - -


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FROSN-2018: DBRS Confirms B(high) Rating on Class E Notes
---------------------------------------------------------
DBRS Ratings GmbH confirmed its AAA (sf) ratings on both the Class
RFN and the Class A1 of the commercial mortgage-backed
floating-rate notes due May 2028 issued by FROSN-2018 DAC (the
Issuer). The trend on the Class RFN notes remains Stable, while the
trend on the Class A1 notes remains Negative.

DBRS Morningstar also placed its ratings on the following classes
of notes Under Review with Negative Implications (UR-Neg.):

-- Class A2 rated AA (low) (sf)
-- Class B rated A (sf)
-- Class C rated BBB (high) (sf)
-- Class D rated BB (high) (sf)
-- Class E rated B (high) (sf)

DBRS Morningstar placed its ratings on Class A2 through Class E
UR-Neg. following the loan's failure to repay at maturity on the
February 2023 interest payment date (IPD), and the loan's
subsequent transfer to special servicing.

The confirmations of ratings on Class RFN and Class A1 reflect the
structural protection to the notes offered by, among others, the
shift to sequential principal proceeds distribution following the
occurrence of a loan event of default.

RATING RATIONALE

FROSN-2018 DAC is a securitization of one floating-rate senior
commercial real estate loan advanced by Morgan Stanley and
Citibank, N.A., London Branch. The loan refinanced the existing
indebtedness of the borrowers in addition to providing capex to the
underlying collateral. At issuance, the collateral consisted of 63
predominantly secondary office and retail properties located across
Finland. The assets are part of Sponda's portfolio, previously one
of the largest listed real estate firms in Finland, which was
acquired and delisted by the Blackstone Group L.P. (Blackstone or
the sponsor). As of the February 2023 IPD, 45 assets remain in the
portfolio following the sale of 16 properties before the onset of
the Coronavirus Disease (COVID-19) pandemic and the release of two
properties from the security pool in Q1 2022 against an EUR 10.7
million voluntary repayment of the senior loan. As a result, the
aggregate outstanding balance of the senior loan and senior capex
loan has reduced almost by half to EUR 310.0 million (EUR 281.4
million for the securitized part) from EUR 590.9 million (EUR 533.9
million for the securitized part) at issuance, with all prepayment
proceeds applied pro rata to the notes. In addition, there was also
an EUR 103.8 million mezzanine facility at issuance, which was
repaid on 30 November 2022.

The interest-only senior loan bears interest at a floating rate
equal to three-month Euribor (subject to a zero floor) plus a 2.45%
per annum margin.

Jones Lang LaSalle Limited (JLL) revalued the portfolio on 31
December 2021 and appraised the aggregate market value of the 45
properties at EUR 513.5 million, a 1.7% increase from the 2020
valuation, which was driven by tightening yields in the Finnish
office market. This translates into a loan-to-value (LTV) ratio of
57.7% as of the February 2023 IPD, a slight decline from 58.2% LTV
reported at last review, and in line with the transaction's cash
trap covenant of 60.0%.

The portfolio's performance deteriorated following the onset of the
pandemic, as occupiers began to reassess their office space needs,
which hindered the demand for properties in secondary locations or
without flexible amenities and strong environmental credentials.
Indicative of the structural shifts in occupational demand, the
portfolio's vacancy has been persistently high, increasing to 46.2%
in February 2023 from 44.2% a year prior. Gross rental income
continued its downward trend, declining to EUR 41.5 million in Q1
2023 from EUR 42.4 million in Q1 2022.

The portfolio's deteriorating performance caused the loan to breach
its debt yield (DY) cash trap covenant of 10.0% in Q3 2020. The DY
cash trap covenant stepped up to 11.0% from the fifth year onward
and the loan remains in cash trap as of February 2023, with EUR
13.5 million trapped in the cash trap account, according to the
February 2023 investor report.

The loan matured on 15 February 2023 after the sponsor had
exercised the third and final extension option. Ongoing
macroeconomic instability and market disruptions prompted
Blackstone to put forward a restructuring proposal, which included
a one year extension beyond the loan's final maturity in return for
the 125bps increase in loan/note margins and the use of all
disposal proceeds to pay down the loan. However, the extraordinary
resolution of noteholders to implement the proposal failed to pass.
Mount Street Mortgage Servicing Limited (the servicer and special
servicer) granted two one-week extensions while it explored other
options, but no agreement was reached on the terms of any further
loan maturity extension. As a result, the servicer has determined
that a loan event of default has occurred on 1 March 2023 as the
borrower failed to repay the loan, and the loan was consequently
transferred to special servicing on 2 March 2023. The loan now
accrues default interest of 1.0% p.a. on all overdue amounts.

The loan's hedging agreement expired on 15 February 2023, however,
the note Euribor cap is set at 4.25% following the loan final
maturity date, which limits the potential of interest shortfalls on
the notes to a certain extent.

Additionally, the loan failure priority of payments waterfall will
be applied going forward, shifting to the sequential application of
principal receipts. On the February 2023 IPD, EUR 608,403 of the
Euribor excess amount have been applied towards repayment of the
Class RFN (EUR 30,484) and the Class A1 (EUR 577,919) notes.

According to the special servicer, they would prefer a consensual
workout strategy with an agreed business plan. The special servicer
has meanwhile instructed JLL to conduct a new valuation. The
special servicer is also putting in place a short-term standstill
arrangement with the borrower whilst the business plan and cash
flow are reviewed, and the updated valuation is awaited.

DBRS Morningstar notes that rising interest rates and increased
financing costs have caused office valuation yields to widen.
Together with the slowdown in the investment activity observed in
the Finish market in the second half of 2022, this exposes the
portfolio to a potential market value decline compared with the
December 2021 valuation, especially as the portfolio's rental
growth prospective might be limited by occupier flight to quality.

In DBRS Morningstar's view, the note Euribor cap, the shift to
sequential-pay, the EUR 9.1 million liquidity facility, and a
five-year tail period offer structural protection to the senior
notes. Hence, DBRS Morningstar confirmed its ratings on Class RFN
and Class A1 notes, and placed its ratings on Class A2 through
Class E notes UR-Neg. until the new valuation is available and DBRS
Morningstar receives more information regarding the disposal
strategy. Currently, DBRS Morningstar's value of the portfolio
stands at EUR 322.0 million. This translates into a haircut of
37.3% to the 2021 valuation and a DBRS Morningstar LTV of 92.3%.

The reserve fund notes (RFN) included in the transaction fund the
note share part (95%) of the liquidity reserve. At issuance, the
EUR 16.7 million RFN proceeds and the EUR 878,947.37 VRR Loan
Interest contribution were deposited into the transaction's
liquidity reserve account, which can be used to pay property
protection advances, senior costs, and interest shortfalls (if any)
in relation to the corresponding VRR Loan Interest, RFN, Class A1,
Class A2, and Class B notes. The liquidity reserve currently
amounts to EUR 9.1 million and, according to DBRS Morningstar's
analysis, is equivalent to approximately 12 months' coverage on the
covered notes, based on the 4.25% Euribor cap after loan maturity.

The senior loan is structured with tightening cash trap covenants,
which are set at 11.0% for DY and 60% for LTV from the fifth year
onwards. Financial default covenants are set at 8.89% for DY and
80% for LTV and are applicable only after a permitted change of
control.

Notes: All figures are in euros unless otherwise noted.




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CASINO GUICHARD: EUR1.43B Bank Debt Trades at 31% Discount
----------------------------------------------------------
Participations in a syndicated loan under which Casino Guichard
Perrachon SA is a borrower were trading in the secondary market
around 69.4 cents-on-the-dollar during the week ended Friday, April
28, 2023, according to Bloomberg's Evaluated Pricing service data.


The EUR1.43 billion facility is a Term loan that is scheduled to
mature on August 31, 2025.  The amount is fully drawn and
outstanding.

Casino Guichard-Perrachon SA operates a wide range of hypermarkets,
supermarkets, and convenience stores. The Company's country of
domicile is France.


ERAMET SA: Moody's Assigns First Time Ba2 Corporate Family Rating
-----------------------------------------------------------------
Moody's Investors Service assigned a first-time Ba2 corporate
family rating and Ba2-PD probability of default rating to the
French mining and metallurgical company ERAMET S.A. Concurrently,
Moody's assigned Ba2 instrument ratings to the group's EUR500
million (EUR442.1 million outstanding) and EUR300 million senior
unsecured notes due in 2024 and 2025, respectively. The outlook is
stable.

RATINGS RATIONALE

The assigned Ba2 CFR is supported by Eramet's (1) strong market
positions in high-grade manganese ore (#2 globally), refined
manganese alloys (#1) and ferronickel (#1) production; (2) best in
class cost position in all mining activities and large reserve
base; (3) strategy of increasing diversification through growth
projects in mines and metals with positive long-term demand
fundamentals, such as lithium and nickel; (4) currently solid
credit metrics for its rating category, such as high
Moody's-adjusted EBIT margin of 30.7% and a modest Moody's-adjusted
debt/EBITDA of 1.2x in 2022, reflecting the group's record-high
earnings in a favourable price and currency environment; (5)
prudent financial policy, as shown by historically measured
dividend payments and a targeted reported net leverage below 1.0x
through the cycle; and (6) strategic importance for and partial
ownership by the Government of France (Aa2 stable), which holds an
indirect 27% stake in the group's share capital, implying expected
government support in case of need.

Eramet's Ba2 CFR further balances Moody's benign long-term demand
forecast for manganese and particularly nickel and lithium against
an anticipated significant increase in Eramet's capital spending on
the expansion of its production capacity for these commodities over
the next three years.

Credit challenges incorporated in the Ba2 CFR stem from (1)
Eramet's high revenue concentration on manganese and nickel; (2)
its limited size and scale compared with that of global peers rated
by Moody's; (3) a material exposure to mining jurisdictions with
high geopolitical risks, such as New Caledonia, Gabon, Senegal,
Argentina and Cameroon, although mitigated by the fact that a
French holding company invoices and collects the cash proceeds for
the majority of group companies; (4) the group's exposure to
volatile commodity cycles, prices and demand which can lead to wide
swings in revenue and earnings, evidenced by its historical
earnings volatility; (5) Moody's expectation of weakening credit
metrics over the next 12-18 months on likely lower commodity
prices, persistent high (e.g., energy costs) inflation, increasing
debt and negative free cash flow (FCF) generation due to the
anticipated increasing capital spending needs. However, the rising
investments should support medium term profitability and cash flow
improvements.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectation that Eramet's
currently strong credit metrics will weaken, but at least partly
remain within the defined ranges for a Ba2 rating over the next two
years. While expected considerable growth investments in existing
and new metals (e.g., nickel and lithium) will likely prompt
negative FCF in 2023 and 2024, Moody's recognizes the group's
strengthening position in these materials that face expected
growing demand over the next two to three years, and its good
liquidity profile.

LIQUIDITY

Eramet's liquidity for the next 12-18 months is good. The group's
major cash sources consist of cash and cash equivalents on the
balance sheet of EUR1.1 billion (excluding roughly EUR0.6 billion
of short term financial assets) and a fully undrawn EUR935 million
committed revolving credit facility (RCF, maturing in 2027 plus two
one-year extension options) as of December 31, 2022, as well as
Moody's forecast of about EUR500 million cash flow from operations
in 2023.

These cash sources more than sufficiently cover Moody's projected
short-term cash needs of the group, including mainly capital
spending of more than EUR850 million (some EUR300 million of which
expected to be paid by the group's partner Tsingshan Holdings Group
in the lithium project), additional significant investments in a
planned nickel and cobalt refining project and a High Pressure Acid
Leach plant in Indonesia by a newly created joint-venture with BASF
(SE) (A3 stable).

Additional near-term cash needs of Eramet comprise of up to EUR200
million dividend payments, working cash to run the business of
around EUR150 million (representing Moody's standard assumption of
3% of group sales) and short-term debt maturities (excluding
leases) of EUR520 million reported at the year-end 2022. While
there are currently substantial debt maturities in 2024 and 2025
(average maturity was 1.7 years at December-end 2022), Moody's
expects the group to address its maturing debt in 2024 in the
coming months and to raise additional debt for its strategic growth
investments. Following a loan refinancing with a new around EUR0.5
billion term loan in January 2023 (EUR270 million of which drawn
initially), Eramet's average debt maturity was extended to 2.2
years.

STRUCTURAL CONSIDERATIONS

In its Loss-Given-Default (LGD) assessment, Moody's ranks Eramet's
debt instruments regarding their priority of claims in a default
scenario as follows. Two smaller secured loans raised by the
group's Gabonese subsidiary Setrag rank first, followed by
unsecured bank loans, trade payables, pensions and short-term lease
commitments of operating subsidiaries. At the last rank, Moody's
models the group's various non-guaranteed and unsecured bank loans
and bonds, issued by ERAMET S.A., including notes with the original
nominal value of EUR500 million and EUR300 million due 2024 and
2025, respectively, for which Moody's assigned a Ba2 rating. The
instrument ratings as well as PDR are aligned with the Ba2 CFR
reflecting the vast majority of Eramet's unsecured debt being
non-guaranteed and issued at the holding company level, as well as
Moody's standard assumption of a 50% recovery rate for capital
structures comprising bank and bond debt instruments.

ESG CONSIDERATIONS

Environmental, social and governance considerations are all
relevant for this rating action. Eramet's ESG credit impact score
is highly negative (CIS-4). This is because the group faces very
high environmental and high social risks, in line with the global
mining sector, primarily reflecting the impact of mining operations
on land resources and high health and safety, human capital and
responsible production related risks. Eramet producing metals
critical for the energy transition, such as nickel, cobalt and
lithium, helps mitigate these risk exposures.

Eramet's exposure to governance risks is moderately negative,
reflecting its conservative financial policy; good compliance and
reporting practices; its balanced board structure and the
commitment and assumed support of its long-time invested key
shareholders - the French State (27%) and the Duval family (37%) -
somewhat offsetting the risk coming from this ownership
concentration and from the group's exposure to countries with high
geopolitical risks.

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

Positive rating pressure would build, if Eramet successfully
executed its transformation strategy as well as demonstrated a
consistent track record of strong operating performance and
continued traction towards increasing production and expansion into
other metals (e.g., lithium). A reduction of cash flow exposure to
high-risk jurisdictions might also support an upgrade.

In terms of financial ratios, for an upgrade Moody's would require
Eramet's (1) leverage, measured as total debt/EBITDA, to reduce
below 2.0x; (2) interest coverage, expressed by EBIT/interest
expenses, remaining above 4x; and (3) cash flow from operations
less dividends / debt ratio to exceed 30%; all on Moody's-adjusted
basis and sustained through-the-cycle. An upgrade would also
require further strengthening of liquidity via reduction of
refinancing risk.

Eramet's ratings could be downgraded if its profitability and cash
generation capacity sustainably deteriorated as a result of
declining commodity prices or significantly lower production
volumes. Quantitatively, negative pressure on the rating would
emerge if Eramet's (1) EBIT margin dropped below 12.5%, with
production costs increasing significantly and falling into the
third or fourth quartile of the industry cost curve; (2) leverage,
measured as total debt/EBITDA exceeded 3.5x; and (3) interest
coverage, measured as EBIT/interest expense, fell below 3.5x; all
on Moody's-adjusted basis and sustained through-the-cycle. Negative
rating pressure could further evolve from increasing dividend
payments, leading to cash flow from operations less dividends /
debt falling sustainably below 25%; or from weakening of liquidity,
for instance because of the inability of the group to address
future refinancing risk in a timely manner.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Mining
published in October 2021.

COMPANY PROFILE

Headquartered in Paris, France, Eramet is one of the world's
leading producers of manganese and nickel, used to improve the
properties of steels, mineral sands (titanium dioxide and zircon),
parts and semi-finished products made of high-performance alloys
and special steels used by industries such as aeronautics, power
generation and tooling. Following the disposal of Aubert & Duval,
the ERAMET Group is divided into Business Units grouped into four
Divisions corresponding to the Group's activities (Manganese,
Nickel, Mineral Sands and Lithium). In 2022, Eramet generated
around EUR5 billion in sales and reported EBITDA of EUR1.6 billion
(31% EBITDA margin).

GINKGO PERSONAL 2020-1: DBRS Confirms B Rating on Class F Notes
---------------------------------------------------------------
DBRS Ratings GmbH confirmed its ratings on the notes issued by
Ginkgo Personal Loans 2020-1 (the Issuer) as follows:

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

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

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

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

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

-- The current available credit enhancement to the rated notes to
cover the expected losses at their respective rating level.

The transaction is a securitization collateralized by a portfolio
of consumer loans granted by Credit Agricole Consumer Finance
(CACF) to individuals in France. The portfolio comprises fixed-rate
amortizing unsecured loans. The transaction closed in April 2020
and included a 27-month revolving period that ended in July 2022.
The legal final maturity date is in June 2038.

PORTFOLIO PERFORMANCE

As of the 28 February 2023 portfolio cut-off date, delinquencies
were low, with 60- to 90-day and 90+-day arrears representing 0.8%
and 1.2% of the outstanding portfolio balance, respectively, up
from 0.5% and 0.7% one year prior.

As per the transaction definition, defaulted loans are those that
the servicer has declared as such before reaching the late
delinquency stage (more than eight months in arrears) or that
relate to an overindebted borrower (i.e., the borrower filed a
restructuring petition with an over indebtedness committee, and the
loan restructuring has been finalized). According to this
definition, as of the March 2023 payment date, cumulative defaulted
receivables were low and represented 1.5% of the total purchased
receivables since closing.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar maintained its base-case PD and LGD assumptions of
7.9% and 55.0% at the B (sf) rating level, respectively.

CREDIT ENHANCEMENT

Credit enhancement (CE) to the rated notes consists of the
subordination of the respective junior notes. As of the March 2023
payment date, the CE levels were as follows compared with the CE
levels at closing:

-- CE to the Class A Notes: 53.6% up from 35.4%
-- CE to the Class B Notes: 40.3% up from 26.6%
-- CE to the Class C Notes: 28.3% up from 18.7%
-- CE to the Class D Notes: 19.1% up from 12.6%
-- CE to the Class E Notes: 13.0% up from 8.6%
-- CE to the Class F Notes: 6.9% up from 4.6%

The transaction benefits from two liquidity reserves funded by the
liquidity reserve provider (CACF) at closing, which provide
liquidity support to the Class A and Class B Notes. The Class A
liquidity reserve fund and the Class B liquidity reserve fund were
both at their target levels of EUR 6.4 million and EUR 6.1 million,
respectively, as of the March 2023 payment date. All principal
deficiency ledgers were clear as of the March 2023 payment date
except for the Class G principal deficiency ledger, which was equal
to EUR 0.6 million.

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

Credit Agricole Corporate & Investment Bank (CACIB) acts as the
swap counterparty for the transaction. DBRS Morningstar's private
rating on CACIB is consistent with the first rating threshold as
described in DBRS Morningstar's "Derivative Criteria for European
Structured Finance Transactions" methodology.

Notes: All figures are in euros unless otherwise noted.


PAPREC HOLDING: Moody's Withdraws 'Ba3' Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service has withdrawn all ratings of Paprec
Holding, including the Ba3 long-term Corporate Family Rating, the
Ba3-PD probability of default rating and the Ba3 backed senior
secured debt ratings.

Prior to the withdrawal, the issuer outlook was stable.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings for its own business
reasons.

Headquartered in Paris, France, Paprec Holding is a pure-play
integrated waste management company, which is mainly focused on the
collection, landfilling, incineration and recycling of nonhazardous
and hazardous waste from private and municipal entities, mostly in
France. In 2022, the group reported revenue of EUR2,330.5 million
and EBITDA of EUR388.6 million.



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REVOCAR 2019: DBRS Hikes Class D Notes Rating to BB(high)
---------------------------------------------------------
DBRS Ratings GmbH took the following rating actions on the notes
issued by RevoCar 2019 UG (haftungsbeschrankt) (RevoCar 2019) and
RevoCar 2021-1 UG (haftungsbeschrankt) (RevoCar 2021-1):

RevoCar 2019:

-- Class A Notes confirmed at AAA (sf)
-- Class B Notes confirmed at AA (high) (sf)
-- Class C Notes upgraded to AA (high) (sf) from AA (sf)
-- Class D Notes upgraded to BB (high) (sf) from BB (sf)

The rating on the Class A Notes addresses the timely payment of
interest and the ultimate payment of principal on or before the
legal final maturity date in April 2033. The ratings on the Class B
and Class C Notes address the timely payment of interest while the
senior-most class outstanding otherwise the ultimate payment of
interest and principal on or before the legal final maturity date,
while the rating on the Class D Notes addresses the ultimate
payment of interest and principal on or before the legal final
maturity date.

RevoCar 2021-1:

-- Class A Notes confirmed at AAA (sf)
-- Class B Notes confirmed at A (sf)
-- Class C Notes confirmed at BBB (sf)
-- Class D Notes confirmed at BB (sf)

The rating on the Class A Notes addresses the timely payment of
interest and the ultimate payment of principal on or before the
legal final maturity date in May 2038. The rating on the Class B
Notes addresses the timely payment of interest while the
senior-most class outstanding otherwise the ultimate payment of
interest and principal on or before the legal final maturity date,
while the ratings on the Class C and Class D Notes address the
ultimate payment of interest and principal on or before the legal
final maturity date.

The rating actions follow an annual review of the transactions and
are based on the following analytical considerations:

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

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

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

The transactions are securitizations of German auto loan
receivables originated and serviced by Bank11 fur Privatkunden und
Handel GmbH (Bank11), granted primarily to private clients for the
purchase of both new and used vehicles. RevoCar 2019 closed in
April 2019 with an initial portfolio balance of EUR 400.0 million
and included a 12-month revolving period, which ended on the April
2020 payment date. RevoCar 2021-1 closed in May 2021 with an
initial portfolio of EUR 700.0 million and includes a 48-month
revolving period.

PORTFOLIO PERFORMANCE

RevoCar 2019:

As of the March 2023 payment date, loans that were one to two
months in arrears represented 0.9% and 0.3% of the outstanding
portfolio balance, respectively, while loans that were three months
in arrears represented 0.1%. Gross cumulative defaults amounted to
0.9% of the aggregate initial collateral balance, with cumulative
recoveries of 47.8% to date.

RevoCar 2021-1:

As of the March 2023 payment date, loans that were one to two
months in arrears represented 0.5% and 0.3% of the outstanding
portfolio balance, respectively, while loans that were three months
in arrears represented 0.1%. Gross cumulative defaults amounted to
0.3% of the aggregate initial collateral balance, with cumulative
recoveries of 44.2% to date.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar received updated historical vintage data from the
originator and conducted a loan-by-loan analysis of the remaining
pools of receivables. For RevoCar 2019, DBRS Morningstar updated
its base case PD and LGD assumptions to 1.3% and 53.6%,
respectively. For RevoCar 2021-1, DBRS Morningstar updated its base
case PD and LGD assumptions to 1.5% and 50.8%, respectively. Due to
the revolving period in RevoCar 2021-1, DBRS Morningstar's
assumptions continue to be based on the potential portfolio
migration and the replenishment criteria set forth in the
transaction legal documents.

CREDIT ENHANCEMENT

The subordination of the respective junior obligations provides
credit enhancement to the rated notes in the transactions.

As of the March 2023 payment date, credit enhancement to the Class
A, Class B, Class C, and Class D Notes in RevoCar 2019 increased to
38.2%, 17.2%, 12.6%, and 4.6%, respectively, from 20.1%, 9.1%,
6.6%, and 2.4%, respectively, at the time of the last annual review
12 months ago.

Credit enhancement to the rated notes in RevoCar 2021-1 remained
unchanged at 8.2% for the Class A Notes, 3.5% for the Class B
Notes, 2.3% for the Class C Notes, and 1.3% for the Class D Notes
since closing due to the revolving period.

The transactions benefit from an amortizing liquidity reserve,
which will only become available upon a servicer termination event,
with a target balance equal to 0.70% of the outstanding collateral
balance for RevoCar 2019 and 0.25% for RevoCar 2021-1. The reserve
would be available to cover senior fees and expenses, swap payments
(for RevoCar 2019), and interest payments on the respective Class A
Notes. As of the March 2023 payment date, both reserves were at
their target balance of EUR 0.62 million for RevoCar 2019 and EUR
1.75 million for RevoCar 2021-1.

The transactions additionally benefit from a commingling reserve
funded by Bank11 at closing to EUR 10.00 million for RevoCar 2019
and EUR 1.65 million for RevoCar 2021-1. For RevoCar 2019, this
reserve is maintained at a balance equal to the scheduled
collections amount for the next collection period plus 0.5% of the
outstanding performing collateral balance. For RevoCar 2021-1, the
reserve is maintained at a balance equal to 15.0% of the scheduled
collections amount for the next collection period minus the
commingling reserve reduction amount. As of the March 2023 payment
date, the reserves were at their target balance of EUR 5.0 million
for RevoCar 2019 and EUR 2.1 million for RevoCar 2021-1,
respectively.

The Bank of New York Mellon - Frankfurt Branch (BNYM-Frankfurt)
acts as the account bank for the transactions. Based on DBRS
Morningstar's private rating on BNYM-Frankfurt, the downgrade
provisions outlined in the transaction documents, and other
mitigating factors inherent in the transaction structures, DBRS
Morningstar considers the risk arising from the exposure to the
account bank to be consistent with the ratings assigned to the
notes, as described in DBRS Morningstar's "Legal Criteria for
European Structured Finance Transactions" methodology.

UniCredit Bank AG acts as the swap counterparty for RevoCar 2019.
DBRS Morningstar's private rating on UniCredit Bank AG is
consistent with the first rating threshold as described in DBRS
Morningstar's "Derivative Criteria for European Structured Finance
Transactions" methodology.

Notes: All figures are in euros unless otherwise noted.


REVOCAR 2023-1: DBRS Gives Prov. BB(high) Rating to Class D Notes
-----------------------------------------------------------------
DBRS Ratings GmbH assigned provisional ratings to the following
classes of notes to be issued by RevoCar 2023-1 UG
(haftungsbeschrankt) (the Issuer):

-- Class A Notes at AAA (sf)
-- Class B Notes at A (high) (sf)
-- Class C Notes at BBB (high) (sf)
-- Class D Notes at BB (high) (sf)

DBRS Morningstar did not assign a rating to the Class E Notes also
to be issued in this transaction.

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

The rating on the Class A Notes addresses the timely payment of
interest and the ultimate repayment of principal by the legal final
maturity date. The ratings on the Class B Notes, Class C Notes, and
Class D Notes address the ultimate payment of interest and the
ultimate repayment of principal by the legal final maturity date.

The transaction represents the issuance of notes backed by a
portfolio of approximately EUR 400 million in receivables related
to amortizing loans and amortizing loans with a final, mandatory
balloon payment granted by the seller and the servicer, Bank11 für
Privatkunden und Handel GmbH (Bank11).

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

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

-- Relevant credit enhancement in the form of subordination, the
liquidity reserve, and excess spread;

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

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

-- Bank11's capabilities with regard to originations,
underwriting, and servicing;

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

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

-- DBRS Morningstar's sovereign rating on the Federal Republic of
Germany, currently at AAA with a Stable trend; and

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

TRANSACTION STRUCTURE

The transaction is static and begins to amortize from the first
interest payment date.

The transaction allocates payments on a combined interest and
principal priority of payments basis and benefits from an
amortizing EUR 4.0 million liquidity reserve that Bank11 will fund
at closing. The liquidity reserve can be applied to cover senior
costs, payments under the interest rate swap agreement, and
interest on the Class A Notes only.

COUNTERPARTIES

BNP Paribas, Germany Branch (BNPSA-GB) is the Issuer's account bank
for the transaction. DBRS Morningstar privately rates BNPSA-GB, but
publicly rates its ultimate parent, BNP Paribas SA, at AA (low)
with a Stable trend. The transaction documents contain downgrade
provisions relating to the account bank consistent with DBRS
Morningstar's legal criteria where a replacement must be sought if
the long-term rating on the account bank falls below a specific
threshold ('A' by DBRS Morningstar). DBRS Morningstar considered
this threshold and the current rating on BNPSA-GB in its analysis.
The Issuer's accounts include the operating, the liquidity reserve,
the commingling reserve, the servicing fee reserve, and the swap
collateral accounts.

UniCredit Bank AG (UniCredit) is the swap counterparty for the
transaction. DBRS Morningstar privately rates UniCredit and
concluded that it meets the minimum criteria to act in this
capacity. The hedging documents contain downgrade provisions
consistent with DBRS Morningstar's criteria.

Notes: All figures are in euros unless otherwise noted.


TUI AG: S&P Upgrades ICR to 'B', Outlook Positive
-------------------------------------------------
S&P Global Ratings raised its long-term rating on TUI AG to 'B'
from 'B-'. At the same time, S&P removed the rating from
CreditWatch positive, where it had placed it on Feb. 22, 2023.

The positive outlook reflects S&P's expectation that TUI will
reduce S&P Global Ratings-adjusted leverage to below 3.0x, extend
its bank and related RCFs beyond July 2024, and generate positive
FOCF after leases in fiscal 2023.

S&P said, "TUI has concluded its rights issue, exceeding our
expectations, with proceeds of approximately EUR1.8 billion. The
group will use the proceeds to repay government-related obligations
in the form of the nominal EUR420 million Silent Participation I
and nominal EUR59 million of WSF warrant bonds in an agreed
aggregate amount of EUR750 million (including accrued interest),
and reduce drawings under the credit facilities, which stood at
EUR562 million at fiscal year-end 2022. In addition, TUI has
reduced the capacity under the RCF to EUR1.1 billion from EUR2.1
billion. Overall pro forma fiscal 2022 leverage has decreased to
4.4x from 5.3x. For 2023, we expect leverage will fall to about
3.1x and, based on the excess liquidity, we expect higher headroom
under TUI's covenant-defined net leverage: We estimate more than
30% headroom in fiscal 2023 from about 20% anticipated in February
2023.

"Current trading indications and passenger flight numbers in Europe
support our recovery expectation. As per first-quarter reporting on
Feb. 10, bookings for summer 2023 are 20% above 2022 levels (albeit
still 11% below 2019 levels) and prices are increasing further,
with the average selling price in first-quarter fiscal 2023 2% (6%
like for like) above 2022 levels and 24% above 2019 levels.
Notably, bookings are occurring closer to the actual vacation;
last-four-week numbers presented in first-quarter results show a
significant step-up in volumes and pricing and are reflected in the
exceptionally high working capital buildup in the first quarter
compared with pre-pandemic years. We note a continued pick-up in
air travel demand--so far largely inelastic to cost-of-living
inflation and rising interest rates. According to the International
Air Travel Association, in February this year, total global air
passenger traffic (measured in revenue passenger kilometers)
reached 84.9% of February 2019 levels and rose 55.5% compared with
February 2022. We think that this positive momentum will likely
continue with increased contribution from the resilient demand for
leisure destinations, which is also supported by TUIs expected load
factor during the Easter period of about 95%.

"Despite our expectation of a continuous recovery in credit
metrics, macroeconomic uncertainties remain high. This is because
the knock-on effects of the Russia-Ukraine conflict are affecting
markets. We expect that cost-of-living inflation and rising
interest rates will continue to weigh on consumer confidence and
lead to a reduction in discretionary spending. As a result, airport
disruptions from strikes or wage inflation could pressure margins
beyond our current estimates. The high volatility in fuel costs and
foreign exchange rates increase uncertainty.

"While leverage should reduce below 3.0x from 2024, TUI's credit
profile is constrained by low FOCF after leases, seasonality, and
negative working capital. While we anticipate the EBITDA recovery
will continue, we expect no further deleveraging in at least fiscal
2023 since working capital changes (including customer prepayments)
should normalize (inflow of EUR1.1 billion in 2022) and TUI's
investments of about EUR600 million-EUR650 million per year lead to
only slightly positive FOCF after leases.

"The business is highly dependent on the summer season (fourth
fiscal quarter, June to September) with 90% of fiscal 2019 and 100%
of fiscal 2022 underlying EBITDA being generated here, which
exposes the group to external events, for example airport
disruption, aircraft groundings, or unfavorable weather conditions
affecting customer demand. We see a trend of customers booking
closer to their expected vacation, which further reduces
visibility, although it has a positive impact on pricing.

"TUI is exposed to highly negative working capital, as it receives
customer prepayments prior to their vacation date but pays hotels
only after the stay. This leads to an approximate EUR1
billion-EUR1.5 billion swing in working capital, with leverage in
the first quarter of the following year being approximately 0.5x
higher than at fiscal year-end in September.

"TUI is reliant on sizable RCFs to support its liquidity. We view
TUI's liquidity as adequate. Pro forma, the capital increase has a
neutral impact on TUI's overall liquidity since in parallel to the
additional gained liquidity of EUR1 billion, the company is
cancelling approximately EUR1 billion of its KfW credit facilities.
We expect that TUI will use proceeds to lower the use of the credit
facilities (currently EUR1 billion drawn) and bank RCF (currently
EUR1.4 billion drawn) in fiscal 2023. We note that both RCFs are
maturing in July 2024 and we view the extension of the facilities
necessary to support TUI's adequate liquidity profile. The need for
sizable backup facilities became evident again in first-quarter
2023, when we saw an exceptionally high build up of working capital
of negative EUR1.8 billion compared with negative EUR0.9 billion in
first-quarter 2022. Our understanding is that, based on the latest
customer bookings, this should normalize in second-quarter 2023.

"We no longer factor government support into the rating, as the
rationale for it has diminished. TUI's credit quality is improving
and a potential pandemic-related disruption to its operations are
remote. Therefore, we now view government support as unlikely. We
also understand that state aid provided was solely pandemic-related
and targeted at preventing a potential liquidity crunch, therefore
we do not expect it to be repeated in the foreseeable future.
Moreover, in our opinion, the provision of government support is
subject to strict EU competition regulations under normal trading
conditions.

"TUI has set out clear medium-term guidance, while its capital
allocation policy is yet to be defined post government engagement.
TUI has a medium-term target to achieve company-defined gross
leverage of well below 3.0x (which is similar to our adjusted
leverage definition) and underlying EBIT to significantly exceed
EUR1.2 billion by fiscal 2025. TUI has received three stabilization
packages from the federal German government. Conditions attached to
the support include a de facto dividend holiday. TUI is yet to set
up a new capital allocation strategy and our current forecast does
not incorporate dividend payments or acquisitions.

"The positive outlook reflects our expectation that TUI will
benefit from the current positive demand for leisure travel with
higher bookings expected in fiscal 2023, translating into sales
growth to about EUR19.25 billion-EUR19.5 billion and a meaningful
increase in S&P Global Ratings-adjusted EBITDA margins to
8.3%-8.7%. It also incorporates our expectations that TUI will be
able to generate positive FOCF after leases despite an expected
increase in capital expenditure."

S&P could raise the rating if TUI achieves the following metrics:

-- FOCF after leases turns meaningfully positive;

-- Funds from operations (FFO) to debt remains sustainably in
excess of 20%;

-- Debt to EBITDA remains sustainably below 3.5x; and

-- Liquidity remains at least adequate.

This could result from an improved operating environment with
volumes recovering close to pre-pandemic levels and TUI able to
pass on higher operating costs to end customers. It could be
supported by TUI's cost-cutting measures initiated during the
pandemic and, in the medium term, financial contributions from its
joint venture TUI Cruises.

S&P could lower the rating if:

-- FOCF after leases turns negative; or

-- TUI's liquidity weakens; or

-- Debt to EBITDA approaches 4.0x; or

-- FFO to debt declines below 15%.

This could result from weaker earnings as a result of a lower
recovery in passenger traffic, higher-than-anticipated cost
inflation or unexpected external factors. It could also stem from a
more aggressive financial policy post government involvement or
inability of TUI to extend its RCFs in a timely manner.

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

S&P said, "Environmental factors are a moderately negative
consideration, reflecting that TUI operates 133 aircrafts and 16
ships and that TUI will be increasingly under scrutiny to reduce
greenhouse gas emissions, in line with the broader airline and
cruises industry. We understand TUI plans to continue upgrading its
fleet with more fuel-efficient aircraft and ships. In its recently
published sustainability agenda "People, Planet, Progress," TUI
targets reducing carbon emissions for its hotels by 46.2%, TUI
Airline by 24%, and cruises by 27.5% by 2030 compared with base
year 2019. These targets were validated by SBTi in January 2023.
The aviation and maritime transport (cruise) industry are covered
by the European Trading Schemes (ETS) and need to align with ETS
reporting requirements and greenhouse gas reduction targets, which
could result in higher costs if carbon emissions exceed free
credits.

"Social factors are a moderately negative consideration in our
credit rating analysis of TUI, reflecting the group's recovery from
the pandemic's unprecedented impact in 2020 and 2021. TUI has shown
its ability to rebound once restrictions were lifted completely in
2022. We expect that the group can achieve 2019 levels by latest
2024, with cruises recovering last. This was an extreme disruption
and even though it is unlikely to recur in the same magnitude, we
believe the sector remains sensitive to health and safety issues,
which could result in future business disruption. Moreover,
uncertainty regarding mobility restrictions could continue to drive
late bookings, thereby heightening TUI's working capital needs.

"Governance factors are a moderately negative consideration. We
believe TUI has a high tolerance toward risk. We saw this in a
group funding that relied partly on customer holiday prepayments
that became due to be repaid when holidays were cancelled during
the pandemic, alongside its reliance on extraordinary government
support to enhance its liquidity during the pandemic. Following the
rights issue, the voting rights of the company's previously largest
shareholder, Alexey Mordashov, have been reduced to 10.90%. Mr.
Mordashov is sanctioned by the EU related to the war in Ukraine and
can't exercise any shareholder rights."




=============
I R E L A N D
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CVC CORDATUS XXVII: Fitch Assigns 'B-(EXP)sf' Rating to Cl. F Notes
-------------------------------------------------------------------
Fitch Ratings has assigned expected ratings to CVC Cordatus Loan
Fund XXVII DAC, as detailed below. The assignment of final ratings
is contingent on the receipt of final documents conforming to
information already reviewed.

   Entity/Debt     Rating        
   -----------     ------        
CVC Cordatus
Loan Fund
XXVII DAC

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

TRANSACTION SUMMARY

The CVC Cordatus Loan Fund XXVII Designated Activity Company (DAC)
is a securitisation of mainly (at least 90%) senior secured
obligations with a component of senior unsecured, mezzanine, second
lien loans and high-yield bonds. Proceeds will be used to purchase
a portfolio with a target par of EUR450 million.

The portfolio is actively managed by CVC Credit Partners Investment
Management Limited (CVC) and the collateralised loan obligation
(CLO) has an about four-year reinvestment period and a seven-year
weighted average life (WAL) test.

KEY RATING DRIVERS

Average Portfolio Credit Quality (Neutral): Fitch assesses the
average credit quality of obligors at 'B'/'B-'. The Fitch weighted
average rating factor (WARF) of the identified portfolio is 25.2.

High Recovery Expectations (Positive): At least 90% of the
portfolio will comprise senior secured obligations. Fitch views the
recovery prospects for these assets as more favourable than for
second lien, unsecured and mezzanine assets. The Fitch weighted
average recovery rate (WARR) of the identified portfolio is 60.7%.

Diversified Portfolio (Positive): The transaction has a
concentration limit for the 10 largest obligors of 20% and includes
various concentration limits, such as a maximum exposure to the
three largest (Fitch-defined) industries in the portfolio at 40%.
These covenants ensure the asset portfolio will not be exposed to
excessive concentration.

Portfolio Management (Neutral): The expected ratings are analysed
based on a maximum, fixed-rate exposure of 15%. The transaction has
an about four-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 can extend the WAL test by one year to seven years
on 25 May 2024, if the aggregate collateral balance (defaulted
obligations at the lower of the market value and Fitch recovery
rate) is at least at the target par and if the transaction is
passing all the tests.

Cash Flow Modelling (Positive): The WAL for the transaction's
stress portfolio analysis is 12 months less than the WAL covenant.
This is to account for the strict reinvestment conditions envisaged
by the transaction after its reinvestment period, which include
passing the coverage tests, the Fitch WARF test and the Fitch 'CCC'
bucket limitation test after reinvestment as well as a WAL covenant
that progressively steps down, before and after the end of the
reinvestment period. Fitch believes these conditions would reduce
the effective risk horizon of the portfolio during the stress
period.

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) and a 25% decrease of
the recovery rate (RRR) across all ratings of the identified
portfolio would have no impact on class A notes and lead to: a
downgrade of no more than one notch on the class B, D-1 and D-2
notes; no more than two notches on the class C notes; no more than
three notches on the class E notes; and a downgrade below ´B-sf'
for the class F notes.

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

Should the cushion between the current and the Fitch-stressed
portfolio erode due to manager trading post-reinvestment period or
negative portfolio credit migration, a 25% increase of the mean RDR
and a 25% decrease of the RRR across all ratings of the
Fitch-stressed portfolio would result in downgrades of up to three
notches for the class A to D notes and to below 'B-sf' for the
class E and F notes.

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

A 25% reduction of the mean RDR and a 25% increase in the RRR
across all ratings of the Fitch-stressed portfolios would lead to
upgrades of up to three notches for the rated notes, except for the
'AAAsf' rated notes.

During the reinvestment period, based on Fitch-stressed portfolio,
upgrades may occur on better-than-expected portfolio credit quality
and a shorter remaining WAL test, allowing the notes to withstand
larger-than-expected losses for the remaining life of the
transaction. After the end of the reinvestment period, upgrades may
occur in case of stable portfolio credit quality and deleveraging,
leading to higher credit enhancement and excess spread available to
cover 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
recognised statistical rating organisations and/or European
securities and markets authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk-presenting entities.

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

DILOSK RMBS 6: DBRS Assigns Prov. BB(high) Rating to Class E Notes
------------------------------------------------------------------
DBRS Ratings GmbH (DBRS Morningstar) assigned provisional ratings
to the residential mortgage-backed notes to be issued by Dilosk
RMBS No. 6 (STS) DAC (the Issuer) as follows:

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

The rating on the Class A notes addresses the timely payment of
interest and the ultimate repayment of principal. The rating on the
Class B notes addresses the timely payment of interest once most
senior and the ultimate repayment of principal on or before the
final maturity date. The ratings on the Class C, Class D, and Class
E address the ultimate repayment of interest and principal.

DBRS Morningstar does not rate the Class X, Class Z1, and Class Z2
notes also expected to be issued in this transaction.

RATING RATIONALE

The Issuer is a bankruptcy-remote special-purpose vehicle
incorporated in the Republic of Ireland. The Issuer will use the
proceeds of the notes to fund the purchase of prime and performing
Irish owner-occupied (OO) mortgage loans secured over properties
located in Ireland.

A liquidity reserve fund (LRF) will provide liquidity support to
the Class A notes and the senior fee payments. The LRF's initial
balance will be 1.0% of the Class A notes' outstanding balance at
closing. On each interest payment date (IPD), the target level of
the LRF will be 1.0% of the Class A notes' outstanding balance as
at the end of the collection period until the Class A notes are
redeemed.

A non-amortizing general reserve fund (GRF) will provide liquidity
and credit support to the rated notes. On the closing date and on
each IPD thereafter, the GRF will have a target balance equal to
1.40% of the portfolio's outstanding balance at closing, minus the
LRF required amount. The GRF will be funded by the proceeds
obtained from the issuance of the Class Z2 notes.

DBRS Morningstar calculated the credit enhancement to the Class A
notes at 11.76%, provided by the subordination of the Class B to
Class E notes, plus the Class Z1 notes and the GRF's initial
balance. Credit enhancement to the Class B notes will be 7.01%,
provided by the subordination of the Class C to Class E notes, plus
the Class Z1 notes and the GRF's initial balance. Credit
enhancement to the Class C notes will be 4.26%, provided by the
subordination of the Class D and Class E notes, plus the Class Z1
notes and the GRF's initial balance. Credit enhancement to the
Class D notes will be 2.76%, provided by the subordination of the
Class E notes, plus the Class Z1 notes and the GRF's initial
balance. Credit enhancement to the Class E notes will be 2.26%,
provided by the Class Z1 notes and the GRF's initial balance.

As of January 31, 2023, the mortgage portfolio consisted of 2,750
loans with an aggregate principal balance of EUR 540 million. The
majority of the mortgage loans included in the portfolio have been
originated by Dilosk DAC (Dilosk; the originator, seller, and
servicer) in the past two years. However, a small subset of the
portfolio corresponds with more seasoned loans derived from a
portfolio acquired from the Governor and Company of the Bank of
Ireland in 2014.

A key structural feature of the transaction is the presence of
provisioning mechanism linked to the arrears status of a loan, in
addition to the usual provisioning based on losses. The degree of
provisioning increases with the increase in the
number-of-months-in-arrears status of a loan. This is positive for
the transaction, as provisioning based on the arrears status traps
any excess spread much earlier for a loan that may ultimately end
up in foreclosure.

The Issuer entered into a fixed-to-floating interest rate swap
agreement with Natixis to hedge against any interest mismatch
between the floating rate paid by the notes and the fixed rate paid
by a part of the portfolio. Moreover, to mitigate the basis risk on
the variable interest portion of the portfolio, the servicer is
contractually obliged to maintain the standard variable rate on the
loans at a minimum of three-month Euribor plus 2.0% for OO loans,
subject to such variable interest not being less than zero.
Furthermore, due to the possibility of the occurrence of product
switches and further advances, the Issuer shall amend the hedging
agreement and increase the swap notional in case of increased
exposure to fixed-rate loans in the portfolio. The transaction
documents also state that any swap adjustment charges would be
incorporated in the product switch and further advance definitions
to ensure a minimum post-swap margin of 2.0%.

The borrowers will make payments via direct debit, standing order,
or cheque, unless otherwise agreed, into a collection account held
at the BNP Paribas, Dublin Branch. The amounts in the collection
account will be transferred to the Issuer account at least twice
every week. DBRS Morningstar's private rating on BNP Paribas,
Dublin branch in its role as Account Bank is consistent with the
threshold for the account bank as outlined in DBRS Morningstar's
“Legal Criteria for European Structured Finance Transactions”
methodology, given the ratings assigned to the notes.

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

-- The transaction's capital structure and form and sufficiency of
available credit enhancement.

-- The credit quality of the mortgage portfolio and the ability of
the servicer to perform collection and resolution activities. DBRS
Morningstar calculated the probability of default (PD), loss given
default (LGD), and expected loss (EL) outputs on the mortgage
portfolio. DBRS Morningstar uses the PD, LGD, and ELs as inputs
into the cash flow tool. DBRS Morningstar analyzed the mortgage
portfolio in accordance with its "Master European Residential
Mortgage-Backed Securities Rating Methodology and Jurisdictional
Addenda".

-- The ability of the transaction to withstand stressed cash flow
assumptions and repay the Class A, Class B, Class C, Class D, and
Class E notes according to the terms of the transaction documents.
DBRS Morningstar analyzed the transaction structure using Intex
DealMaker.

-- The sovereign rating of AA (low) with a Stable trend (as of the
date of this press release) on the Republic of Ireland.

-- The consistency of the legal structure with DBRS Morningstar's
"Legal Criteria for European Structured Finance Transactions"
methodology and the presence of legal opinions addressing the
assignment of the assets to the Issuer.

Notes: All figures are in euros unless otherwise noted.


SUTTON PARK: Moody's Affirms B2 Rating on EUR12MM Class E Notes
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Sutton Park CLO DAC ("Issuer"):

EUR23,000,000 Class A-2A Senior Secured Floating Rate Notes due
2031, Upgraded to Aa1 (sf); previously on Oct 19, 2018 Definitive
Rating Assigned Aa2 (sf)

EUR20,000,000 Class A-2B Senior Secured Fixed Rate Notes due 2031,
Upgraded to Aa1 (sf); previously on Oct 19, 2018 Definitive Rating
Assigned Aa2 (sf)

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

EUR242,000,000 Class A-1A Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Oct 19, 2018 Definitive
Rating Assigned Aaa (sf)

EUR4,000,000 Class A-1B Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Oct 19, 2018 Definitive
Rating Assigned Aaa (sf)

EUR25,000,000 Class B Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed A2 (sf); previously on Oct 19, 2018
Definitive Rating Assigned A2 (sf)

EUR24,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Baa3 (sf); previously on Oct 19, 2018
Definitive Rating Assigned Baa3 (sf)

EUR22,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Ba2 (sf); previously on Oct 19, 2018
Definitive Rating Assigned Ba2 (sf)

EUR12,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed B2 (sf); previously on Oct 19, 2018
Definitive Rating Assigned B2 (sf)

Sutton Park CLO DAC, issued in October 2018, is a collateralised
loan obligation (CLO) backed by a portfolio of mostly high-yield
senior secured European loans. The portfolio is managed by
Blackstone Ireland Limited. The transaction's reinvestment period
will end in May 2023.

RATINGS RATIONALE

The rating upgrades on the Classes A-2A and A-2B notes are
primarily a result the benefit of the shorter period of time
remaining before the end of the reinvestment period in May 2023.

In light of reinvestment restrictions during the amortisation
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements. In particular, Moody's assumed that
the deal will benefit from a shorter amortisation profile, higher
weighted average recovery rate and higher spread levels than it had
assumed at the last rating action in October 2018.

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

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

Performing par and principal proceeds balance: EUR403.4m

Defaulted Securities: EUR0

Diversity Score: 63

Weighted Average Rating Factor (WARF): 2988

Weighted Average Life (WAL): 4.3 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.71%

Weighted Average Coupon (WAC): 3.67%

Weighted Average Recovery Rate (WARR): 44.23%

Par haircut in OC tests and interest diversion test: 0%

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

Moody's notes that the April 2023 [1] trustee report was published
at the time it was completing its analysis of the March 2023 [2]
data. Key portfolio metrics such as WARF, diversity score, weighted
average spread and life, and OC ratios exhibit little or no change
between these dates.

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

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

Additional uncertainty about performance is due to the following:

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

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

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



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

IGD SIIQ: S&P Places 'BB+' ICR on CreditWatch Negative
------------------------------------------------------
S&P Global Ratings placed its 'BB+' ratings on retail property co.
IGD Siiq SpA on CreditWatch with negative implications.

The CreditWatch negative indicates that S&P could lower the ratings
on IGD over the coming weeks if its refinancing plans are not
completed as per our current expectations.

IGD's refinancing of its next 12 months' debt maturities is not
completed yet. S&P said, "We understand that the company's
negotiations with banks are well advanced. Over the next few weeks,
we expect IGD to complete a refinancing transaction that would
cover its liquidity needs for the 12 months started March 31, 2023.
Still, the transaction is not signed yet, and our rating action
reflects the risk that it is not finalized as per our expectations,
which would result in a deterioration of the company's liquidity
profile, leading to a downgrade of at least one notch."

IGD's liquidity would likely remain adequate if the refinancing was
completed over the coming weeks. If the refinancing is secured
shortly, IGD's liquidity sources over the next 12 months started
March 31, 2023, would comprise about EUR200 million-EUR250 million
of new secured debt facilities, EUR18.2 million of available cash,
EUR60 million of undrawn bank lines maturing beyond the next 12
months (in July 2025), and S&P's forecast of positive cash funds
from operations of EUR60 million-EUR65 million. These liquidity
sources should be sufficient to comfortably cover its EUR205.6
million of debt maturities over the next 12 months, EUR15 million
of committed capital expenditure, and EUR33.1 million of announced
cash dividends. Following transaction close, the company's
weighted-average debt maturity profile would increase to at least
3.5 years from currently slightly below 3.0 years. S&P also expect
IGD to maintain adequate headroom (more than 10%) under its bond
and bank covenants.

Pro-forma the refinancing, IGD's capital structure would likely
remain constrained by large debt maturities in late 2024.The
maturity profile still contains bulk debt maturities, such as the
EUR400 million bond due in November 2024, which represents about
41% of total debt. S&P said, "Given rising interest rates and
currently limited access to debt and capital markets, we believe
the company's creditworthiness could be further constrained if the
bond maturity is not addressed in a timely manner. That said, we
understand IGD would contemplate EUR180 million-EUR200 million of
noncore asset disposals, which we currently do not include in our
base case given investment market uncertainty. Higher debt
repayments than we currently anticipate as a result of material
disposals, limited investments, or potential dividend cuts, could
help preserve cash and support the company's liquidity position."

S&P said, "We expect operating fundamentals to remain solid for IGD
over the coming 12 months. During 2022, IGD reported 7.1%
like-for-like growth in net rental income, mostly due to indexation
of leases, as well as improved occupancy in Italy of 95.7% from
95.2% in 2021. We expect the company to continue benefitting from
positive like-for-like growth in rental income, due to the indexed
nature of its leases, while occupancy levels should remain stable.

"The CreditWatch negative reflects the possibility of a downgrade
by at least one notch if, against our current expectations, IGD's
ongoing refinancing negotiations are not finalized over the next
few weeks, which could substantially deteriorate the company's
liquidity position.

"We could resolve the CreditWatch in the event of a successful
refinancing that would fully cover its short-term maturities."

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




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

ALTICE INTERNATIONAL: S&P Alters Outlook to Stable, Affirms 'B' ICR
-------------------------------------------------------------------
S&P Global Ratings revised its outlook on telecommunications
operator Altice International S.a.r.l. to stable from negative and
affirmed its 'B' issuer credit rating on the company. S&P also
affirmed its 'B' issue rating on Altice Financing S.A.'s senior
secured debt and its 'CCC+' rating on Altice Finco S.A.'s senior
unsecured debt.

S&P said, "The stable outlook reflects our forecast for mid- to
high-single-digit revenue and EBITDA growth from 2023, combined
with progressively declining capex intensity from 2024, which
supports our view of the company's satisfactory business
positioning in its respective markets, and the maintenance of
credit metrics commensurate with the current rating.

"Altice International reported strong performance in 2022, and we
forecast continued revenue and EBITDA growth from 2023. The company
recorded sound operating performance across all geographies and
segments in 2022. During the year, revenue increased 15%
year-on-year spurred by subscriber growth and higher equipment
sales in all markets, stronger adoption of high-value convergent
packages, continued migration from very high-speed digital
subscriber lines (VDSL) to fiber-to-the-home (FTTH) in Portugal,
and positive currency effects in Israel and the Dominican Republic.
This was partly offset by ongoing competition in Israel's fixed
residential market and signs of negative effects, at the beginning
of the year (then improving and reversing), from macroeconomic
headwinds on advertising budgets for some customers of Teads, the
company's digital advertising platform. Reported EBITDA expanded
more slowly--at about 9% year-on-year--because purchasing and
subcontracting costs, as well as rental expenses, increased faster
than revenue. We believe sound momentum will continue from 2023 and
we forecast mid- to high-single-digit revenue and EBITDA growth.
These forecasts are supported by Altice International's solid
position in its markets, broad geographic diversity, good network
quality, and convergent offerings.

"We forecast positive reported FOCF after leases from 2023. Despite
sharp operational improvements in 2022, Altice International
reported slightly negative FOCF after leases of about EUR4 million
because of high capex requirements (excluding spectrum payments),
increasing lease principal payments, and EUR46.8 million of
refinancing fees related to the December 2022 amend and extend
transaction, which offset solid EBITDA growth recorded over the
year. That said, we now forecast positive reported FOCF after
leases from 2023, supported by expanding EBITDA combined with
gradually declining capex intensity (especially from 2024), which
we believe will offset the rising interest burden and leave room
for additional refinancing fees as the company approaches material
debt maturities.

"Leverage remains high but is improving and lies within the
company's financial target. At the end of 2022, Altice
International had S&P Global Ratings-adjusted debt to EBITDA of
7.5x, a decline from 8.2x in 2021, and we forecast further
improvement in 2023 toward 7.0x, supported by EBITDA growth (our
pension adjustment increases reported leverage by 0.7x and we
calculate our credit metrics on a gross debt basis). Although
reported gross and net debt have kept increasing since 2020, the
company continues to operate within its leverage target of reported
net debt to EBITDA of 4.0x-4.5x. We therefore believe any excess
EBITDA growth and FOCF strengthening beyond the company's target
will likely be used to benefit the shareholder or fund projects
within or outside Altice International's perimeter.

"Altice International continues proactively monitoring its debt
stock and we forecast it will sustain S&P Global Ratings-adjusted
EBITDA cash interest cover of more than 3.5x. The December 2022
debt management transaction helped lengthen maturities and sustain
liquidity, although it increases the group's gross debt and its
interest burden. On Dec. 19, 2022, Altice International, through
its subsidiary Altice Financing S.A., borrowed $1.6 billion ($172
million incremental and a $1,426 million refinancing loan) and
EUR400 million (EUR159 million and EUR241 million refinancing
loans) through senior secured term loans, maturing in October 2027.
This allowed it to pro-actively address the next maturities by
refinancing a large part of the outstanding senior secured term
loans maturing in July 2025 and January 2026 (approximately EUR350
million remain outstanding post-transaction) with the new
instruments maturing one to two years later. That said, the
transaction increases Altice International's gross debt by about
EUR365 million and its interest burden by EUR45 million-EUR50
million per year, although we forecast still-solid adjusted EBITDA
cash interest coverage of more than 3.5x. Over the medium term,
Altice International will likely refinance additional debt at a
higher margin, which could weigh on its EBITDA cash interest cover
ratio, but we currently see significant headroom under this credit
metric versus our downside trigger.

"We still have longer-term concerns regarding Altice's governance
and its prioritization of shareholder interests, although the
company complies with its leverage target. We continue to classify
management and governance as weak, based on the track record, and
our focus on governance as a long-term credit risk remains. In our
view, events like the decision to grant a EUR581.4 million loan to
Altice U.K. to finance the acquisition of a stake in British
Telecom demonstrate an ability and willingness to prioritize
shareholder interests over those of creditors and debt reduction.
We acknowledge though that this loan was granted under the 4.5x
reported net leverage limit set by the company and is pledged to
debtholders. Altice International reports net leverage commensurate
with its 4.0x-4.5x target, mainly supported by EBITDA growth. At
the same time, we do not forecast a material reduction in gross
debt and we expect the company will start paying large dividends
from 2023 although staying within its leverage guidance.

"The stable outlook reflects our forecast for mid- to
high-single-digit revenue and EBITDA growth from 2023, combined
with progressively declining capex intensity from 2024, which
supports our view of the company's satisfactory business
positioning in its markets, and the maintenance of credit metrics
commensurate with the current rating."

S&P could lower the ratings if:

-- Adjusted debt to EBITDA remained above 7.0x and reported FOCF
after leases turned materially and sustainably negative; or

-- Adjusted EBITDA cash interest cover sustainably declined to
less than 3.5x.

This may happen if current momentum reversed, with revenue and
EBITDA growth materially slowing versus S&P's forecasts because of
increasing competitive pressure or unforeseen cost inflation, or
the company spending more cash than currently forecast on
distributions, investment in infrastructure, or streamlining its
operations.

S&P could also lower its ratings if Altice International adopted a
more aggressive financial policy, translating into the company
operating outside its 4.0x-4.5x reported net leverage target.

S&P sees limited rating upside over the foreseeable future, given
both its forecasts of positive but still limited reported FOCF
after leases, moderate adjusted leverage reduction, and the group's
current leverage target and financial policy. However, S&P could
raise the ratings if:

-- Adjusted debt to EBITDA strengthened to less than 6.0x;

-- Adjusted EBITDA cash interest cover sustainably improved to
more than 4.5x; and

-- FOCF to debt approached or exceeded 5%.

This could happen if Altice International cuts its gross debt
burden, while overperforming its current revenue and EBITDA
forecasts, and adjusting its leverage target.

Environmental, Social, And Governance

ESG credit indicators: E-2; S-4; G-5

S&P said, "Governance factors are a very negative consideration in
our credit rating analysis of Altice International. This reflects
our concern over governance and limited checks and balances to
protect the interests of creditors. Social factors are, on a net
basis, a negative consideration, reflecting the company's track
record for aggressive redundancy programs with potential
operational consequences, including for service quality, in our
view."


CURIUM BIDCO: Fitch Affirms LongTerm IDR at 'B', Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed Curium BidCo S.a r.l.'s Long-Term Issuer
Default Rating (IDR) at 'B' with Stable Outlook. Fitch has also
affirmed Curium's senior secured instrument rating at
'B+'/RR3/56%.

Curium's ratings remain underpinned by its solid positioning in the
protected niche market for nuclear medicine, which offers organic
growth opportunities, and demonstrates high revenue defensibility
and profitability. Rating constraints are a significant financial
leverage, albeit gradually declining, and the still small size of
the business compared to wider healthcare peers.

The Stable Outlook reflects steady profitable growth in its rating
case to which Fitch attaches moderate execution risks as Curium
prioritises in-house product development in the near term over
inorganic growth.

KEY RATING DRIVERS

Protected Niche Market Positions: The ratings reflect Curium's
strong market position in the nuclear medicine market, where it
enjoys an industry-leading geographical footprint and product
range. Its vertical integration allows it to have control from the
sourcing of radioactive substances to the distribution of products
to end-users, underpinning a robust business model. However, the
ratings are affected by low product diversification and scale
relative to broader healthcare peers.

Defensive Organic Growth: Its rating case assumes revenue growth of
between 5% and 8% to 2025, driven by stable growth in Curium's
underlying portfolio alongside a contribution from in-house product
launches. Curium's top line has rebounded strongly from
COVID-disrupted 2020, with sales in 2021 and 2022 up by 15%-16%
each year, with radiotherapy in oncology treatments particularly
strong and a modest but growing contribution from product
development. Sales growth in 2022 was also helped by currency
movements (as the US dollar strengthened against the euro as
Curium's reporting currency).

Fitch views EBITDA margins of above 27% as strong for the rating
and reflecting the specialist and protected business model.

Deleveraging Capacity: Its rating case assumes gradually improving
headroom under the rating with total debt/EBITDA trending towards
4.5x by 2026 from around 5.7x assumed from 2022 (not yet audited).
This is driven by its assumption of continued profitable organic
growth, supported by strong fundamentals, such as an ageing
population and increasing access to specialist care. Debt coverage
is also aligned with the rating with EBITDA/net interest at around
2.5-3.0x in its rating case, reflecting the benefit of the group's
interest rate hedges.

Temporarily Depressed Cash Flows: Its rating case considers
Curium's decision to prioritise in-house product development over
inorganic growth in the near term, with a focus on four diagnostic
and therapeutic drugs. This will lead to an increased capex of
9-10% of sales over the rating horizon including drug development
costs, depressing Fitch-calculated free cash flow (FCF) to low
single digits.

In-house Product Development Prioritised: Curium's pivot towards
in-house development, with greater uncertainty around timing and
success of product launches, increases its business risk profile
but also reduces financial risks associated with M&A. Overall,
Fitch sees moderate execution risks as the company strategically
evolves and its in-house development centres around product
development and approvals, not research into new science.

High Barriers to Entry: The nuclear medicine industry exhibits very
high barriers to entry as strict regulatory approvals are required
from nuclear and medical agencies, as well as clearance at various
customs for transportation. Barriers of entry are also reinforced
by Curium's vertical integration.

Hazardous Materials Management Risks: Curium is exposed to the
production and transportation of radioactive materials, which are
central to its operations, and has led Fitch to assign an ESG
Relevance Score of '4'. Production of radioactive material leads to
contamination of the production sites, so Curium is obliged to
fully decommission and decontaminate sites when they are no longer
in use.

DERIVATION SUMMARY

Fitch applies its rating navigator framework for producers of
medical products and devices in assessing Curium's rating, also
against peers. Larger medical devices focused peers such as Boston
Scientific Corporation (BBB+/Stable) and Fresenius SE & Co. KGaA
(BBB-/Negative) do not necessarily relate to Curium's line of
business. Nevertheless, both issuers clearly illustrate the
benefits of size upon ratings (revenue of more than EUR10 billion)
and diversified product offering, which in the case of Fresenius
offsets about 3.8x EBITDAR net leverage for an investment-grade
rating.

Fitch considers Curium's 'B' rating against other niche
pharmaceutical companies such as Financiere Top Mendel SAS (Ceva
Sante; B+/Stable). Ceva Sante's high profitability but niche focus
and small scale versus global pharma peers is similar to Curium,
but financial leverage of around 4.5x-5.5x is around 1x lower than
Curium, and consequently Ceva Sante has a one-notch higher IDR.

Compared with Nidda BondCo GmbH (Stada; B/Negative), Curium's
business risk profile benefits from its more protected niche
market, although this is offset by lower scale and diversification.
Stada's rating is constrained by high leverage and continued
refinancing risks, with upcoming debt maturities in 2024-2025 while
EBITDA leverage remains above 7x, hence the Negative Outlook.

Higher-rated pharmaceutical peers CHEPLAPHARM Arzneimittel GmbH
(B+/Stable) and Pharmanovia Bidco Limited (B+/Stable) differ from
Curium in their business models, with very asset-light businesses
that focus on lifecycle management of the intellectual property
rights of niche pharmaceutical drugs. Their one-notch higher IDRs
are justified by their very high operating profitability and
double-digit FCF margins, alongside lower financial leverage of
around 4x-5x.

KEY ASSUMPTIONS

- Mid-single digit revenue growth in 2023-2024 driven by organic
growth and bolt-on M&A; high-single digit growth in 2025-2026 as
new products are launched;

- EBITDA margins steady around 28.5%;

- Annual working capital outflows of EUR5 million-EUR15 million;

- Capex intensity at around 10% of sales

- Bolt-on M&A of EUR10 million-EUR15 million per year;

- No dividend distributions.

KEY RECOVERY ASSUMPTIONS

Fitch´s recovery analysis assumes that Curium would be considered
a going concern operation in bankruptcy rather than liquidated.
Curium's post-reorganisation, going-concern EBITDA reflects Fitch's
view of a sustainable EBITDA of EUR158 million (+EUR8 million
versus previous update given the group´s expanded earnings base
following new product launches). In such a scenario, the stress on
EBITDA would most likely result from severe operational or/and
regulatory issues.

A distressed EV/EBITDA multiple of 6.0x has been applied to
calculate a going-concern enterprise value. This multiple reflects
the group's strong infrastructure capabilities, leading market
positions and FCF capabilities.

Based on the payment waterfall the revolving credit facility (RCF)
of EUR210 million ranks pari passu with the senior secured term
loans, EUR1.3 billion equivalent.

After deducting 10% for administrative claims, its waterfall
analysis generates a ranked recovery for the senior secured loans
in the Recovery Rating 'RR3' band, indicating a 'B+' instrument
rating, maintaining the one notch uplift from the IDR. The
waterfall analysis output percentage on current metrics and
assumptions is 56%.

RATING SENSITIVITIES

Factors That Could, Individually Or Collectively, Lead To Positive
Rating Action/Upgrade

- Maintenance of a financial policy driving total debt/EBITDA below
5.5x on a sustained basis

- Better product and geographical diversification indicative of
successful operational integration and execution of acquisitions

- Enhanced profitability evident in improved scale and pricing
power reflected in the FCF margin staying well above 5%

Factors That Could, Individually Or Collectively, Lead To Negative
Rating Action/Downgrade

- Operational challenges or loss of contracts that would lead to a
stable decline in revenues eroding the EBITDA margin towards 25%;

- Total debt/EBITDA sustained above 7.5x

- Neutral to mildly positive FCF margin reflecting limited organic
deleveraging capabilities

- Loss of regulatory approval relating to the handling/processing
of nuclear substances and/or key products in core markets (the US
and the EU)

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity Projected: Fitch's rating case assumes
satisfactory liquidity over the rating horizon to 2026, based on
Fitch-defined readily available cash of EUR70 million to EUR90
million, which together with its assumption of an undrawn EUR210
million RCF, supports the investment plan of the company.

ISSUER PROFILE

Curium is a specialist healthcare provider of nuclear medicine.

ESG CONSIDERATIONS

Curium is exposed to the production and transportation of
radioactive materials, which are central to its operations, and has
led Fitch to assign an ESG Relevance Score of '4'. Production of
radioactive material leads to contamination of the production
sites, so Curium is obliged to fully decommission and decontaminate
sites when they are no longer in use. In addition, Curium is
dependent on nuclear energy generation, as it uses by-products
whose price and availability are correlated with nuclear activity.

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
   -----------             ------        --------   -----
Curium BidCo
S.a r.l.            LT IDR B  Affirmed                B

   senior secured   LT     B+ Affirmed      RR3       B+

ENDO LUXEMBOURG: $2B Bank Debt Trades at 26% Discount
-----------------------------------------------------
Participations in a syndicated loan under which Endo Luxembourg
Finance Co I Sarl is a borrower were trading in the secondary
market around 73.8 cents-on-the-dollar during the week ended
Friday, April 28, 2023, according to Bloomberg's Evaluated Pricing
service data.

The $2 billion facility is a Term loan that is scheduled to mature
on March 25, 2028.  About $1.98 billion of the loan is withdrawn
and outstanding.

Endo Luxembourg Finance Company I S.a r.l is in the pharmaceutical
industry. The Company's country of domicile is Luxembourg.





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

BRIGHT BIDCO: $300M Bank Debt Trades at 34% Discount
----------------------------------------------------
Participations in a syndicated loan under which Bright Bidco BV is
a borrower were trading in the secondary market around 65.7
cents-on-the-dollar during the week ended Friday, April 28, 2023,
according to Bloomberg's Evaluated Pricing service data.

The $300 million facility is a Pik Term loan that is scheduled to
mature on October 31, 2027.  The amount is fully drawn and
outstanding.

Amsterdam, The Netherlands-based Bright Bidco B.V. designs and
manufactures discrete semiconductor devices and circuits for light
emitting diodes (LEDs).


NOBEL BIDCO: EUR1.05B Bank Debt Trades at 13% Discount
------------------------------------------------------
Participations in a syndicated loan under which Nobel Bidco BV is a
borrower were trading in the secondary market around 86.7
cents-on-the-dollar during the week ended Friday, April 28, 2023,
according to Bloomberg's Evaluated Pricing service data.

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

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



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

BANCA TRANSILVANIA: Fitch Gives BB Rating to Sr. Non-Preferred Bond
-------------------------------------------------------------------
Fitch Ratings has assigned Banca Transilvania S.A.'s (Transilvania;
BB+/Stable/bb+) EUR500 million senior non-preferred (SNP) bond
(ISIN: XS2616733981) a final 'BB' long-term rating. The rating is
in line with the expected rating assigned on 19 April 2023 (see
Fitch Rates Banca Transilvania's Inaugural Senior Non-Preferred
Notes 'BB(EXP)').

The bonds mature on 27 April 2027 with an optional redemption date
on 27 April 2026. The issuance carries a coupon of 8.875% per year
up to (but excluding) the first reset date and is expected to be
traded on the Irish Stock Exchange.

KEY RATING DRIVERS

Transilvania's SNP debt is rated one notch below the bank's
Long-Term Issuer Default Rating (IDR). This is in line with the
baseline notching as per Fitch's Bank Rating Criteria and reflects:
i) no full depositor preference in Romania; ii) its expectation
that the bank's resolution buffer may include senior preferred debt
along SNP and more junior instruments; and iii) its view that that
SNP and more junior instruments will not sustainably exceed 10% of
Transilvania's resolution group risk-weighted assets (RWAs). The
SNP debt rating is one notch below the bank's Long-Term IDR to
reflect the risk of below-average recoveries in a resolution.

Transilvania's fully loaded resolution requirements under minimum
requirement for eligible liabilities (MREL), binding from 1 January
2024, are set at 24.71% of its RWAs (excluding the combined buffer
requirement (CBR), currently at 5% of RWA), with a subordination
requirement set at 21.21% of RWAs. In its view, the bank's
allowance to use senior preferred debt and its high levels of CET1
capital mean it is unlikely that it will build up a combined buffer
of SNP and more junior debt that sustainably exceeds 10% of RWAs.

Transilvania's ratings reflect its strong and well-established
domestic franchise, solid capital position supported by resilient
internal capital generation and healthy funding profile. It also
factors in the bank's reasonable asset quality, underpinned by
conservative underwriting (see 'Fitch Affirms Banca Transilvania at
'BB+'; Outlook Stable' published on 16 December 2022).

At end-2022, Transilvania's common equity Tier 1 (CET1) ratio stood
at 18.4% and total capital ratio at 20.8%, on a consolidated basis.
The bank met its end-2022 interim MREL target (of 18.8% excluding
CBR) with regulatory capital, subordinated debt (no longer Tier 2
eligible) and senior debt. The bank's liability structure is
dominated by customer deposits (around 94% of total funding at
end-2022), of which two-thirds comprised household deposits.

RATING SENSITIVITIES

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

- Downgrade of Transilvania's Long-Term IDR.

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

- Upgrade of Transilvania's Long-Term IDR.

- A change in Transilvania's MREL requirements or funding plans,
particularly if it becomes clear that the bank will not use senior
preferred debt to meet its resolution buffer or if Fitch expected
the bank to build-up and maintain a buffer of SNP and more junior
debt that sustainably exceeded 10% of RWAs.

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
   -----------             ------            -----
Banca
Transilvania S.A.

   Senior
   non-preferred       LT BB  New Rating   BB(EXP)



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

CAIXABANK CONSUMO 5: DBRS Confirms B(high) Rating on Class B Notes
------------------------------------------------------------------
DBRS Ratings GmbH took the following rating actions on the Series A
Notes and Series B Notes (together, the Notes) issued by Caixabank
Consumo 5 F.T. (the Issuer):

-- Series A Notes upgraded to AA (high) (sf) from AA (sf)
-- Series B Notes confirmed at B (high) (sf)

The rating on the Series A Notes addresses the timely payment of
interest and the ultimate payment of principal on or before the
legal final maturity date in October 2054. The rating on the Series
B Notes addresses the ultimate payment of interest and principal on
or before the legal final maturity date.

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

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

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

-- Current available credit enhancement to the Notes to cover the
expected losses at their respective rating levels.

The transaction is a securitization of unsecured consumer loans
granted to individuals residing in Spain by CaixaBank, S.A.
(CaixaBank), which also services the portfolio and acts as the
Issuer account bank. The transaction closed in June 2020. At
closing, the static EUR 3.6 billion collateral portfolio consisted
of loans granted primarily to borrowers in Catalonia (31.5% of the
initial portfolio balance), Andalusia (17.6%), and Madrid (10.5%).

PORTFOLIO PERFORMANCE

As of the January 2023 payment date, loans that were 0 to 30 days,
30 to 60 days, and 60 to 90 days delinquent represented 0.4%, 0.3%,
and 0.03% of the outstanding portfolio balance, respectively, while
loans more than 90 days delinquent represented 3.6%. Gross
cumulative defaults amounted to 3.7% of the aggregate original
portfolio balance, with cumulative recoveries of 13.1% to date.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and updated its base case PD and LGD
assumptions to 6.1% and 72.5%, respectively.

CREDIT ENHANCEMENT

The subordination of the Series B Notes and the cash reserve
provides credit enhancement to the Series A Notes, while only the
cash reserve provides credit enhancement to the Series B Notes
following the full repayment of the Series A Notes. As of the
January 2023 payment date, credit enhancement to the Series A Notes
increased to 38.3% from 23.4% at the time of the last annual review
while credit enhancement to the Series B Notes increased to 5.9%
from 5.7%.

The transaction benefits from an amortizing cash reserve available
to cover senior expenses and all payments due on the senior-most
class of notes outstanding at the time. The reserve was funded to
EUR 177.5 million at closing through a subordinated loan granted by
CaixaBank and, as long as the reserve has been replenished to its
target level on the previous payment date, it will amortize to its
target level of 5.0% of the outstanding principal balance of the
Notes. As of the January 2023 payment date, the reserve was at its
target amount of EUR 57.7 million.

CaixaBank acts as the account bank for the transaction. Based on
the account bank reference rating of A (high) on CaixaBank (which
is one notch below the DBRS Morningstar Long Term Critical
Obligations Rating of AA (low)), the downgrade provisions outlined
in the transaction documents, and other mitigating factors inherent
in the transaction structure, DBRS Morningstar considers the risk
arising from the exposure to the account bank to be consistent with
the ratings assigned to the Notes, as described in DBRS
Morningstar's "Legal Criteria for European Structured Finance
Transactions" methodology.

Notes: All figures are in euros unless otherwise noted.


EDREAMS ODIGEO: S&P Upgrades ICR to 'B-', Outlook Stable
--------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Spanish
online travel agent eDreams Odigeo S.A. (eDreams) to 'B-' from
'CCC+', its issue rating on the company's revolving credit facility
(RCF) to 'B+' from 'B-' and its rating on the senior secured notes
to 'B-' from 'CCC+'.

The stable outlook reflects S&P's expectation that, although
adjusted leverage is likely to remain high in fiscal years 2023 and
2024, eDreams will continue to generate positive FOCF to debt
approaching 10% over the next 12-24 months.

S&P said, "The upgrade to 'B-' reflects eDreams' improved financial
performance, with revenue surpassing pre-pandemic levels and
increased FOCF. eDreams reported solid performance in the quarter
ended Dec. 31, 2022, which in our view, demonstrates the company is
on a sustainable path toward recovery of its credit metrics, in
line with expectations for the travel sector. eDreams' bookings
increased to 3.5 million, up 10% versus fiscal year 2022, staying
well above the International Air Transport Association's average
for the European market and low-cost airlines' figures. The
company's bookings are about 45% higher than before the pandemic in
the nine months to Dec. 31, 2022. We also note that, although the
average period for advance bookings is lengthening, it is still
shorter than before the pandemic. In addition, the average booking
size continues to lag 2019 levels. For the third quarter, ended
Dec. 31, 2022, eDreams' average booking was EUR364, which compares
favorably to EUR306 last year, but is still well below the EUR451
recorded before the pandemic.

"We expect solid performance for fiscal year 2023 to be driven by
the ongoing rebound in leisure travel demand. We also expect the
average amount spent on travel (basket size) to continue to improve
and exceed EUR400 throughout the fiscal year ending Mar. 31, 2024.
We assume for our forecast that working capital will remain fairly
flat. Moreover, we note there could be additional inflow as the
average basket size continues to increase toward pre-pandemic
levels and hotel bookings ramp up as expected. We expect FOCF to
debt will gradually improve toward 10% in fiscal years 2023 and
2024.

"eDreams' "Prime" subscription program continues to gain momentum,
fueling cash EBITDA margin growth, albeit customer turnover rates
will determine the sustainability of the business model.Thanks to
its Prime subscription program, eDreams' profitability is rising
alongside its customer base (4.2 million subscribers as of Feb. 15,
2023), so we expect to see ongoing improvement of the reported cash
EBITDA margin. This stood at 14.6% for the third quarter, markedly
higher than the 13.0% for the previous quarter ended, Sept. 30,
2022, and 8.8% for the quarter ended June 30, 2022. We note that
the company's profitability materially improves from the second
year of customers' Prime membership, since customer acquisition
costs reduce significantly. At the same time, we expect that
eDreams will continue to expand its Prime model, since it is
currently deployed in only nine of the 44 countries where the
company operates. While customer turnover remains stable, as the
company expects, and Prime members stay in the program and become
loyal customers, cash EBITDA margins should continue to improve,
assuming fixed costs will be contained. However, any unexpected
changes to the Prime membership base or transaction volumes could
hurt profitability and the viability of eDreams' business model.

"eDreams benefits from a leading market position in the European
flight segment, though margins are lower than peers'.  Our view of
the company's business reflects its leading market share in the
flight segment in Europe, notable scale, and good brand awareness.
eDreams also has a leadership position in the subscription-based
model in the travel space. We expect the leisure travel sector will
continue to expand over the next two years. However, the sector is
sensitive to global economic conditions and eDreams, like other
travel focused companies, is exposed to the impact of economic
cycles on travel volumes and revenue per booking. Although we
expect eDreams will continue to improve its cash-adjusted margins,
principally because we assume stable turnover in its Prime
membership base, we note its margins are lower than those of its
largest rated peer, Expedia. This is partly explained by the strong
growth in Prime members, which increases profitability in the
second year, and Expedia's higher exposure to hotels, which
inherently generate higher margins. We anticipate that increases of
eDreams' fixed costs will be driven by higher personnel costs as
the company continues to recruit new employees. eDreams announced a
plan to hire 500 new employees by fiscal year 2025, of which 60%
was completed as of Dec. 31, 2022. Overall, we expect reported cash
EBITDA margins to improve toward 15%-20% by fiscal year 2024.

"We no longer view the eDreams as owned by a financial sponsor,
following Ardian's exit from the company in late 2022. On Dec. 9,
2022, Ardian sold its 15.6% stake in eDreams to a group of
institutional investors in a private placement. Ardian became a
shareholder of the company in 2010. We understand that Permira, who
owns 25.1% of eDreams, will continue holding its stake in the short
to medium term. As a result, we no longer view eDreams as a
financial-sponsor-owned company and believe its current financial
policy framework focused on deleveraging supports the current
ratings. We also note that, following Ardian's exit, the two
members of the board of directors appointed by Ardian resigned. As
a result, eDreams' current board is composed of seven members, of
which three are independent, two are management executives, and the
remaining two are representatives from Permira.

"Risks to a recovery include prospects for the sustainability of
demand and the Prime membership base amid high macroeconomic
uncertainties. Although not our base case, inflation and recent
interest rate hikes could weigh on consumer confidence and lead to
a reduction in discretionary spending, which could pressure
eDreams' operating performance. Still, we acknowledge that leisure
demand has historically been resilient during economic downturns.
We believe customers are prioritizing leisure spending over retail
and we expect households will continue to spend on leisure travel
well into 2023. However, average basket sizes could come under
pressure if people decide to reduce their travel budgets.

"Although we expect leverage will fall toward 10x in fiscal year
2024 and liquidity to remain adequate, eDreams remains highly
leveraged.We expect the improvement in EBITDA during fiscal year
2024 will lead to adjusted debt to EBITDA falling toward 10x, and
FOCF to debt of about 10%. FOCF to debt is above historical levels,
but we continue to view the capital structure as highly leveraged,
given our adjusted leverage metrics, which also consider
capitalized development costs depressing EBITDA. In addition, our
FOCF figure relies mainly on the annual Prime fees paid by
customers. eDreams' liquidity of approximately EUR155 million is
sufficient to support the company's operations to the extent that
no disruptions or higher working capital needs would likely
constrain our cash flows expectations over the next 12 months.

"The stable outlook reflects our expectation that eDreams will
maintain adequate liquidity and positive S&P Global
Ratings-adjusted FOCF to debt of about 10% over the next 12 months.
We also expect that eDreams will generate sufficient EBITDA to
sustain its capital structure in the medium term."

S&P could lower the rating if:

-- eDreams' liquidity deteriorates;

-- S&P Global Ratings-adjusted FOCF to debt declines below 5%; or

-- S&P believes eDreams' capital structure becomes unsustainable.
This could occur if positive demand, revenue, and EBITDA trends
were to reverse due to a recessionary environment or unanticipated
technological disruption materially hinders performance.

An upgrade is unlikely over the next 12 months, given our
expectations for adjusted leverage to remain high. Nevertheless, we
could raise the rating on eDreams if we believe the company could:

-- Maintain adjusted leverage below 6x on a sustained basis; and

-- Generate meaningful FOCF such that S&P Global Ratings-adjusted
ratio of FOCF to debt exceeds 15% on a sustainable basis.

This could occur if revenue and EBITDA growth materially outpaces
our base-case scenario, such as via higher-than-expected growth of
Prime members or the average basket size of bookings.

Environmental, Social, And Governance

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

S&P said, "Social factors are a moderately negative consideration
in our credit rating analysis of eDreams. During the pandemic,
travel restrictions and subsequent lockdowns prompted a decline in
eDreams revenue of about 80% compared with fiscal year 2020. We now
see these risks as having been alleviated by revenue that's
expected to be above pre-pandemic levels by fiscal year ended Mar.
31, 2023. Although this extreme disruption is most likely a one-off
situation, we think that some disruption could reoccur, given the
social risks inherent to the sector, such as health and safety
concerns, terrorism, and geopolitical unrest, which can hurt travel
demand and financial performance temporarily but significantly. We
also note that eDreams, as a pure online travel agency, is exposed
to rapid technological changes, such as risks associated with
changes in search engine algorithms and relationships, and requires
an agile strategy. We note its Prime subscription program makes it
less reliant on search and meta search engines.

"Governance factors are now a neutral consideration since we no
longer consider eDreams to be owned by a financial sponsor,
following Ardian's sale of its stake. As such, we anticipate
corporate decision-making will be less focused on prioritizing the
interests of the controlling owners."

Environmental, social, and governance (ESG) credit factors for this
change in credit rating/outlook and/or CreditWatch status:

-- Health and safety


NEINOR HOMES: S&P Withdraws 'B+' Long-Term Issuer Credit Rating
---------------------------------------------------------------
S&P Global Ratings has withdrawn its 'B+' long-term issuer credit
rating on Neinor Homes S.A. and its 'BB-' issue rating on the
senior secured notes. The withdrawal is at the issuer's request,
following the redemption of its outstanding senior secured notes.
The outlook was stable at the time of the withdrawal.


RETIRO MORTGAGE: DBRS Confirms BB(low) Rating on Class C Notes
--------------------------------------------------------------
DBRS Ratings GmbH took rating actions on the Class A1, Class A2,
Class B and Class C notes (the rated notes) issued by Retiro
Mortgage Securities DAC (the Issuer) as follows:

-- Class A1 notes confirmed at A (sf)
-- Class A2 notes upgraded to BBB (high) (sf) from BBB (sf)
-- Class B notes upgraded to BB (high) (sf) from BB (sf)
-- Class C confirmed at BB (low) (sf)

All trends are Stable.

The ratings on the Class A1 and Class A2 notes (together, the Class
A notes) address the timely payment of interest and the ultimate
repayment of principal by the final maturity date. The ratings on
the Class B and Class C notes address the ultimate payment of
interest and principal. DBRS Morningstar does not rate the Class D
or Class E notes (together with the rated notes, the notes) also
issued in this transaction.

The notes are collateralized by a portfolio of nonperforming loans
(NPLs) and real estate owned (REO) assets. As of November 2020, the
balance of the loans was EUR 678.4 million. NPLs represented the
vast majority of the portfolio by balance (91.9%) while REOs
represented more than half of the portfolio by property valuation.
The portfolio resulted from the aggregation of four subportfolios
(Wind, Tag, Normandia, and Tambo) acquired over time by OCM
Luxembourg OPPS X S.a r.l., which operates as the sponsor and
retention holder in this transaction. Redwood MS Limited (Redwood)
and VicAsset Holdings, LLC (VicAsset) act as the master servicers
in this transaction.

RATING RATIONALE

The rating actions follow a review of the transaction and are based
on the following analytical considerations:

-- Transaction performance: An assessment of portfolio recoveries
as of 31 December 2022, focusing on: (1) a comparison between
actual collections and the master servicers' initial business plan
forecast; (2) the collection performance observed over recent
months; (3) a comparison between the current performance and DBRS
Morningstar's expectations; and (4) the amortization of the rated
notes.

-- Portfolio characteristics: Portfolio composition as of December
2022 and the evolution of its core features since issuance.

-- Transaction liquidating structure: The order of priority
entails a fully sequential amortization of the notes (i.e., the
Class A2 notes will begin to amortize following the full repayment
of the Class A1 notes unless an enforcement notice has been
delivered; the Class B notes will begin to amortize following the
full repayment of the Class A2 notes; and the Class C notes will
begin to amortize following the full repayment of the Class B
notes). Moreover, interest on the Class B notes is fully
subordinated to the repayment of both interest (including Class A
additional note payments) and principal on the Class A notes, and
interest payments on the Class C notes are subordinated to the
repayment of both interest (including Class B additional note
payments) and principal on the Class B notes.

-- Liquidity support: The transaction benefits from an amortizing
liquidity reserve fund available to mitigate temporary collection
shortfalls on the payment of senior costs and interest on the Class
A notes, and from separate nonamortizing Class B and Class C
reserve funds providing liquidity support to the respective classes
of notes. The liquidity reserve fund target amount is equal to 5.0%
of the Class A notes' principal outstanding balance and was fully
funded as of the January 2023 payment date.

-- The exposure to the transaction account bank and the downgrade
provisions outlined in the transaction documents.

TRANSACTION AND PERFORMANCE

According to the latest investor report from January 2023, the
outstanding principal amounts of the Class A1, Class A2, Class B,
Class C, Class D, and Class E notes were EUR 84.6 million, EUR 77.0
million, EUR 34.0 million, EUR 15.0 million, EUR 30.0 million, and
EUR 54.0 million, respectively. As of the January 2023 payment
date, the balance of the Class A1 notes had amortized by
approximately 67.4% since issuance and the current aggregated
transaction balance was EUR 294.6 million.

As of December 2022, the transaction was performing below the
master servicers' business plan expectations. The actual cumulative
collections (before servicing fees and corporate costs) equalled
EUR 200.5 million whereas the master servicers' initial business
plan estimated cumulative collections (before servicing fees and
corporate costs) of EUR 326.7 million for the same period.
Therefore, as of December 2022, the transaction was underperforming
by EUR 126.1 million (-38.6%) compared with the initial business
plan expectations. The underperformance relates to the Normandia
and Tambo subportfolios.

At issuance, DBRS Morningstar estimated cumulative collections
(before servicing fees and corporate costs) for the same period of
EUR 126.7 million at the A (sf) stressed scenario, EUR 136.4
million at the BBB (high) (sf) stressed scenario, EUR 154.1 million
at the BB (high) (sf) stressed scenario, and EUR 163.8 million at
the BB (low) (sf) stressed scenario. Therefore, as of December
2022, the transaction was overperforming compared with DBRS
Morningstar's initial stressed expectations.

Without including actual collections, the master servicers'
expected collections (before servicing fees and corporate costs)
from January 2023 are EUR 317.8 million. The updated DBRS
Morningstar A (sf), BBB (high) (sf), BB (high) (sf), and BB (low)
(sf) rating stresses assume haircuts of 29.7%, 25.5%, 15.9%, and
12.1% to the master servicers' executed business plans,
respectively, considering future expected collections (before
servicing fees and corporate costs).

The final maturity date of the transaction is in July 2075.

Notes: All figures are in euros unless otherwise noted.





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

DUFRY AG: Moody's Upgrades CFR to Ba3 & Alters Outlook to Positive
------------------------------------------------------------------
Moody's Investors Service has upgraded global travel experience
leader Dufry AG's (Dufry or the company) corporate family rating to
Ba3 from B1 and its probability of default rating to Ba3-PD from
B1-PD. Concurrently, Moody's has upgraded to Ba3 from B1 financing
subsidiary Dufry One B.V.'s backed senior unsecured ratings. The
rating agency has also changed the outlook to positive from
stable.

The rating actions reflect:

Strong trading in 2022 and solid recovery in credit ratios
following the pandemic hit

The completion of the first step of the credit-enhancing
combination with Autogrill

Prospects for sustainable revenue and earnings growth, with
expectations of deleveraging

RATINGS RATIONALE

In 2022, Dufry delivered results ahead of both Moody's forecasts
and global air passenger volumes. Revenue of CHF6.9 billion
represented 78% of 2019 versus 68.5% for global air travel. The
company's overperformance reflected the combination of (i) Dufry's
overproportionate exposure to regions where the recovery was faster
such as North America and Europe, (ii) consumers' higher propensity
to spend in the wake of the pandemic, and (iii) Dufry's success in
passing on rising inflation to consumers. The latter, as well as
overhead savings during the pandemic and discipline in bringing
costs back in as activity recovered, has led EBITDA to closely
track the revenue recovery. As a result, the company's
Moody's-adjusted EBITDA margin for 2022 was 23.2%, only modestly
lower than the 24.5% in 2019.

Moody's-adjusted gross debt/EBITDA for Dufry has improved to 4.0x
in 2022 from 5.4x in 2021. Thanks to multiple equity raises during
the pandemic, Dufry's bank and bond debt balance at December 31,
2022 was not higher than at December 31, 2019. At the same time,
2022 lease liabilities were well below pre-pandemic levels, such
that Moody's-adjusted gross debt in 2022 was around CHF1.5 billion
lower than in 2019.

The rating actions also reflect the conservative funding structure
for the Autogrill acquisition, including (i) the all-share purchase
of Edizione's 50.3% stake in February 2023, and (ii) Moody's
expectation that the remaining portion will be funded with a mix of
equity and debt (the rating agency assumes CHF600 million
additional borrowings). In addition, Autogrill had very low net
debt at the end of December 2022. In light of these assumptions,
the rating agency estimates that Moody's adjusted pro forma gross
leverage was around 4.0x, in line with Dufry's standalone leverage
in 2022.

The combined group's revenue will grow by over 10% in 2023,
according to Moody's forecasts, reflecting further recovery in
passenger volumes and pent up demand. The rating agency expects
organic growth rates to slow in 2024-2025 as pandemic recovery
tailwinds ebb.

Despite solid revenue growth, Moody's expects that Dufry's cash
generation will likely worsen in 2023 because (i) pro forma EBITDA
margin will reduce as costs catch up, (ii) capex will increase
materially from 2022's low level, and (iii) transaction and
integration expenses will burden free cash flow (FCF). However,
Moody's expects deleveraging beyond 2023 back to below 4.0x thanks
to solid organic revenue growth and Autogrill cost synergies, which
management has guided to CHF85 million by 2025. Phased benefits
will flow through in 2023 and 2024 already.

Moody's expects that Autogrill will be modestly dilutive to Dufry's
growth, margins and cash conversion because (i) Autogrill's organic
growth has been slower historically, (ii) Autogrill's higher fixed
cost base, combined with higher variable lease expenses, will
reduce Moody's-adjusted EBITDA margin by up to 400 basis points,
and (iii) Autogrill has greater capex requirements because fitting
costs for food and beverage are higher. Nevertheless, the rating
agency considers the combination to be credit-enhancing overall:

it increases the company's scale in terms of number of outlets,
revenue and EBITDA by over half,

it provides Dufry with greater clout vis-a-vis concession
partners, suppliers and brands, and

it improves diversification by product offering and channel.

Autogrill brings in food & beverage activities, which have greater
penetration with passengers than travel retail. It also has higher
revenue stability given it is less discretionary. Autogrill also
has a greater degree of diversification outside of airports than
Dufry currently does.

More broadly, Dufry's credit quality benefits from long-term growth
in air passenger traffic which is conducive to organic growth, as
its track record, with stable profitability shows. However,
macroeconomic downturns, geopolitical tensions and health concerns
can lead to a drop in sales. In addition, the Autogrill combination
presents integration risks and Dufry has exposure to the risk of
non-renewal on its concession contracts and to emerging market
currency volatility. Moody's also expects that the company's cash
generation and interest coverage will remain relatively low for its
rating category.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Governance considerations in particular were relevant to the rating
actions. They include the conservative funding of Autogrill's
acquisition, the accession to the board of three members from
Edizione and a management reorganisation to foster an integrated
approach to Dufry's regional markets.

LIQUIDITY

Moody's views Dufry's liquidity as good. It reflects the company's
unrestricted cash balance of CHF745 million at the end of 2022 and
current commitments under its senior unsecured revolving credit
facility (RCF) of EUR2.5 billion. Dufry refinanced its RCF in
December 2022. It increased its size by EUR800 million, in part
reflecting CHF409 million drawings under a US-dollar term loan
converted into a revolving loan. Dufry also extended the RCF
maturity by three years to December 2027. Following a covenant
holiday negotiated during the pandemic, Dufry's covenants will be
tested again from September 30, 2023 and Moody's expects good
headroom. Although it has sufficient liquidity for it, Dufry will
need to address the maturity of its EUR800 million bond maturity in
October 2024.

STRUCTURAL CONSIDERATIONS

Dufry's capital structure consists of a mix of bonds and bank debt.
All the facilities are unsecured, rank pari passu and benefit from
guarantees from the material holding companies within the group. As
a result, all Ba3 instrument ratings are in line with the Ba3 CFR.

RATIONALE FOR POSITIVE OUTLOOK

The positive outlook reflects the material opportunity from the
ongoing recovery in air passenger traffic and Moody's expectation
that Dufry's credit ratios have the potential to further improve as
a result.

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

Moody's could upgrade Dufry's ratings if (i) Dufry (including
Autogrill) successfully renews its concession contracts on an
ongoing basis, maintains organic revenue growth and at least a
stable Moody's-EBITDA margin, (ii) Moody's-adjusted gross
debt/EBITDA does not sustainably exceed 4.0x, and (iii) Dufry
generates meaningful free cash flow (FCF, after interest and
dividends) while maintaining good liquidity and addressing its debt
maturities in a timely manner.

Conversely, downward pressure on Dufry's ratings could materialise
if (i) Dufry fails to integrate Autogrill successfully, or (ii)
revenue and EBITDA reduce on an organic basis, or (iii)
Moody's-adjusted leverage moves back above 5x on a sustainable
basis, or (iv) FCF becomes negative, liquidity weakens, or
refinancing risk increases.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Headquartered in Basel, Switzerland, Dufry is a global leader in
travel retail and food and beverage. Including Autogrill, the
company will have presence in 75 countries, operating about 5,500
outlets, in 1,200 locations (thereof 350 airports, around 80% of
sales). The company reported revenues of CHF6.9 billion in 2022
(CHF11 billion including Autogrill) and had a market capitalisation
of about CHF5.0 billion at the date of this publication



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

AI MISTRAL: Moody's Upgrades CFR to B3, Outlook Remains Stable
--------------------------------------------------------------
Moody's Investors Service has upgraded the corporate family rating
of AI Mistral Holdco Ltd (V.Group or the company) to B3 from Caa1
and the probability of default rating to B3-PD from Caa1-PD.
Concurrently, Moody's also upgraded the senior secured bank credit
facilities issued by AI Mistral (Luxembourg) Subco S.ar.l. to B3
from Caa1. The outlook on both entities remains stable.

RATINGS RATIONALE

The rating upgrade reflects Moody's expectation of modest but
continued improvement in V.Group's key credit metrics going
forward, along with the company's strengthened liquidity following
the debt maturity extension executed in November 2022. Given the
reduced refinancing risk, V.Group has time to build a longer track
record of improving results ahead of future refinancing needs. In
this respect, Moody's notes V.Group's strong progress on increasing
revenue and profitability in 2022, as a reflection of the company's
strategy focused on providing a wide range of services to existing
customers as opposed to increasing the number of vessels under
management. As a result, V.Group's topline and EBITDA
(Moody's-adjusted) increased to $658 million and $90 million in
2022 from $602 million and $66 million in 2021, while the number of
vessels under management remained flat at around 580 units.
Accordingly, the company's gross leverage declined to 6.8x at
year-end 2022 from 9.2x in 2021, while Free Cash Flow (FCF, as
defined by Moody's) of $20 million for the year was substantially
stronger than 2021 levels ($1 million) owing to higher operating
cash flows. Looking ahead, the rating agency projects V.Group's
leverage to moderately decline towards 6.0x-6.5x in 2023-24, which
remains relatively high for the current rating but compares
favourably to 2018-19 levels. Moody's expectation factors in EBITDA
rising gradually towards $100 million by 2024, partially offset by
a progressive increase in the company's debt burden in relation to
the PIK interest on the senior secured term loans C1 and C2.
Finally, Moody's expects higher profitability to support positive
FCF generation over the projected period, despite higher outflows
for cash interest given the current rising interest rate
environment and the increased margin borne by the company's
extended senior secured bank credit facilities. Nevertheless,
Moody's expects V.Group to comfortably meet all of its debt service
requirements in 2023-24.

LIQUIDITY

V.Group's liquidity is adequate. Moody's expect positive FCF
generation in 2023-24 to be sufficient to cover annual amortisation
of debt while supporting cash balances (net of amounts held on
behalf of clients) in excess of the minimum level of $25 million
required for covenant testing purposes. At year-end 2022, V.Group
had $40 million of cash on balance sheet. V.Group has access to a
$57.5 million senior secured revolving credit facility (RCF; $50
million cash and $7.5 million guarantee sub-facility for non-cash
guarantees); this RCF was undrawn as of December 31, 2022 and
Moody's expect it to remain unused under Moody's base case.
Finally, Moody's assessment also reflects V.Group's recent and
comprehensive extension of its debt maturities; as a result, the
first significant maturity event is on June 30, 2025 when the $24.7
million senior secured acquisition loan facility comes due. Still,
V.Group's debt profile indicates a maturity wall around Q3 2025,
meaning that the company will have to start addressing its
refinancing needs in the next 12-18 months to maintain the current
credit quality.

ESG CONSIDERATIONS

Governance considerations are among the drivers of this rating
action. The debt maturity extension executed in late 2022 improves
V.Group's liquidity profile. That said, Moody's continues to
consider the company's ownership by a private equity sponsor
suggests potential for a more aggressive financial policy.

OUTLOOK

The stable rating outlook reflects Moody's expectation of continued
positive developments in V.Group's revenue and profitability
leading to a decline in leverage commensurate with the requirements
for the current rating. The stable outlook also reflects the
expectation of a timely refinancing the company's debt maturities.

STRUCTURAL CONSIDERATIONS

V.Group's capital structure includes a $485 million (outstanding
amount as of December 31, 2022) senior secured first lien term loan
B; a $57.5 million senior secured RCF, of which $7.5 million is
reserved for non-cash guarantees; and a $24.7 million senior
secured acquisition loan facility. The company also has a $50
million (outstanding amount) senior secured term loan C1 and a $25
million (outstanding amount) senior secured term loan C2 with PIK
option at V.Group's discretion. All debt instruments are pari passu
and, therefore, rated in line with V.Group's CFR of B3.

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

Positive rating pressure would materialise if V.Group's performance
continues to improve, such that Moody's-adjusted debt/EBITDA
declines below 5.5x and EBITA/interest expense rises above 2.0x,
both on a sustained basis. Continued and strengthening positive
Free Cash Flow (FCF) generation would also support positive rating
pressure.

Negative rating pressure would arise if V.Group's performance
deteriorates, leading to  gross leverage remaining above 6.5x or
EBITA/Interest expense falling below 1.0x for a sustained period of
time. Failure to address the refinancing of 2025 debt maturities at
least 12 months in advance would also exert negative pressure on
V.Group's ratings.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

V.Group provides outsourced ship management and marine support
services to vessel owners and operators. The company operates on a
global scale, mainly serving the commercial shipping industry.
V.Group generated $658 million of revenue and $90 million of EBITDA
(Moody's-adjusted) in 2022. Headquartered in London, the company is
majority owned by funds managed by Advent International since 2017.

BIDVEST GROUP UK: Fitch Affirms USD800M Sr. Notes Rating at 'BB'
----------------------------------------------------------------
Fitch Ratings has affirmed Bidvest Group Limited (The)'s Long-Term
Issuer Default Rating (IDR) at 'BB' with a Stable Outlook. Fitch
has also affirmed The Bidvest Group (UK) Plc's USD800 million
senior guaranteed notes at 'BB'/'RR4'.

Bidvest's ratings reflect the company's leading market position in
a range of diverse business segments, including a strong portfolio
with business-to-business assets with a sizeable portion of
recurring revenues. Additionally, Fitch notes the company's
conservative financial profile and robust liquidity. With around
80% of revenues and EBITDA generated in South Africa (BB-/Stable),
the rating is constrained by South Africa's operating environment.

The Stable Outlook reflects its expectation that Bidvest will
continue to deliver resilient operating performance and free cash
flow (FCF), and manage its financial profile and liquidity
conservatively.

KEY RATING DRIVERS

Strong Performance Across Segments: In the financial year ending
June 2022 (FY22) Bidvest had strong reported revenue and EBITDA
growth of 13.2% and 18.5%, respectively, boosted by operating
performance and the Noonan bolt-on acquisitions (reported within
the services international segment). In the six months ending
December 2022 growth continued, by operating performance mainly
across services South Africa, freight, but also in branded and
commercial products.

The services international segment experienced some margin pressure
owing to cost inflation (including wages) and some rebasing from
pandemic-related higher margin sales. Group revenue grew 14.0% to
ZAR57.2 billion (1HFY22: ZAR50.2 billion), with acquisitions
boosting growth by 2.5%.

Diversified Business Profile: Bidvest's cash flow benefits from
strong domestic brands with a leading market position in key
segments. While barriers to entry in the business services division
are fairly low, Bidvest benefits from its extensive product
offering, strong brand recognition, and national footprint in South
Africa. This allows the company to lead price initiatives in many
of its South African segments and provides resilience during
economic downturns.

Expected Slower Growth in South Africa: Fitch expects South
Africa's GDP growth to slow to 1.1% in 2023 from 1.6% in 2022, due
to weakening global growth, monetary policy tightening and fading
support from post-pandemic re-opening, with only a mild recovery to
1.7% in 2024. Fitch's forecasts assume that power shortages, which
according to the South African Reserve Bank held back growth in
2022 by 1pp, will not significantly improve in 2023 and will ease
only gradually in 2024.

Economies-of-Scale Advantages: Bidvest is able to leverage
economies-of-scale advantages with its established footprint in
South Africa, along with its growing presence in the UK and
Ireland. These advantages come via integration, cross-selling and
optimisation through a decentralised management, allowing Bidvest
to protect attractive margins and support cash flow generation.

The growing international service footprint in UK and Ireland,
along with the newly-entered Australian market, will provide
additional scale advantages and cross-selling opportunities to
customers in the international services division.

Weak Operating Environment: Fitch's assessment of the operating
environment is constrained by Bidvest's significant exposure to
South Africa, as reflected in its 'BB' Long-Term Local-Currency
IDR. Around 80% of the group's EBITDA correlates to some extent
with South Africa's GDP and operating environment, including
foreign exchange risk, power shortages and inflation.

Material FX Exposure: Bidvest faces a material FX mismatch, with
about 50% of gross debt in foreign currencies at FY22, against
around 20% of EBITDA generated offshore. While the US
dollar-denominated debt has been swapped into sterling to
part-match the sterling-denominated earnings, the overall foreign
and local currency mismatch can affect the company's debt service
metrics, should the rand deteriorate in relation to sterling.

Improving Geographical Diversification: Approximately 20% of group
revenues and EBITDA were generated from operations outside
company-defined Southern Africa during FY22 and 1H23. Past M&A in
Europe (UK, Ireland and Spain) and Australia provide access to
hard-currency revenue and EBITDA generation, but overall operations
remains concentrated on South Africa. Recent acquisitions and the
enlarged international footprint have improved geographical
diversification from around 11% in FY20 (including two months of
PHS trading).

Fitch expects the bulk of M&A capital to be deployed offshore in
hygiene services, regional facilities management and plumbing
product distribution. This should further improve geographic
diversification.

Recurring Contractual Revenue: Bidvest's ratings reflect a
resilient business model with moderate cash flow visibility backed
by one-to-five-year contracts with diversified counterparties. Its
contractual revenue is mostly concentrated in the business services
portfolio. Bidvest has a three-year average contract tenure in its
services division. Within the freight division Bidvest has a few
take-or-pay contracts, one of which is a 10-year contract for the
company's liquefied petroleum gas facility (22,600 tonne capacity),
which also contributes to improving earnings visibility.

Deconsolidated Profile Non-Material: Bidvest holds a 100% stake in
Bidvest Bank and other financial- services assets. The
deconsolidation of these financial services operations is
immaterial to the rating, in its view. Fitch focuses on the
consolidated profile unless the risk profile or capital
requirements of these financial-services operations materially
change.

DERIVATION SUMMARY

Bidvest benefits from a well-diversified portfolio of services and
products in a diverse set of sectors predominantly in South Africa.
This differentiates Bidvest's rating from service, industrial or
consumer product peers and limits the universe of comparable
publicly rated peers.

In the services segment (44% of 1H23 EBITDA) Bidvest's
profitability is generally higher than peers, i.e. EBITDA margin
around 12% in services international compared with peers like Serco
(NR), ISS (NR) or Compass (NR) and Sodexo (NR) with Fitch-defined
EBITDA margins of around 5-10%. Fitch expects the difference to be
due to Bidvest's portfolio of more diversified, smaller ticket
contracts compared with larger global service peers typically
targeting larger, global contracts.

Fitch also compares Bidvest with European technical installation
service company SPIE SA (BB/Stable) with a strong presence in
France, Germany and central Europe, where the group generates
nearly two-thirds of its revenue. SPIE has higher leverage and
weaker business diversification, but operates in a stronger and
more diversified operating environment.

KEY ASSUMPTIONS

- Revenue to grow around 9% in FY23 and around 3% thereafter,
following a strong 13% in FY22 and 14% in 1HFY23, due to
acquisitions and organic sector opportunities;

- Stable trading margins to FY25 (but some delayed pass through of
cost inflation in services international in FY23-FY24);

- Capex to average about 3.5% of revenue per year for FY23-FY25;
and

- No further acquisitions incorporated in its rating case over
FY24-FY25 due to limited visibility.

RATING SENSITIVITIES

Factors That Could, Individually Or Collectively, Lead To Positive
Rating Action/Upgrade

- Positive rating action on South Africa's sovereign rating;

- Improved geographical diversification into developed markets,
with lower reliance on South Africa's operating environment,
coupled with lower FX mismatch and consolidated EBITDA net leverage
below 2.5x; and

- EBITDA interest cover above 4.0x, both on a sustained basis.

Factors That Could, Individually Or Collectively, Lead To Negative
Rating Action/Downgrade

- Significant market-share erosion and operating pressures leading
to weaker profitability, and cash flow generation;

- Negative rating action on South Africa's sovereign rating;

- Evidence of a more aggressive financial policy such as large
debt-funded investments, leading to consolidated EBITDA net
leverage above 3.5x on a sustained basis; and

- Consolidated EBITDA interest cover below 3.5x on a sustained
basis.

LIQUIDITY AND DEBT STRUCTURE

Robust Liquidity: Bidvest had comfortable liquidity at end-December
2022, supported by a consolidated cash balance of ZAR6.7 billion
(excluding around ZAR0.5 billion of restricted cash). The company
also has access to a GBP240 million committed undrawn revolving
credit facility (RCF, due in July 2024) as well as short-term
overdrafts through South African banks.

The RCF and term loan (TL; GBP160 million) both mature in
July-2024. While there is cash available to repay the drawn TL at
maturity, Fitch expects Bidvest to explore refinancing options
which could extend the maturities of both the RCF and TL.

Debt Structure: Bidvest has staggered maturity under its ZAR12
million domestic medium-term notes programme and the fixed rate
USD800 million notes mature in September 2026. Fitch expects debt
service costs to increase on floating rate debt and on any
refinancing of debt, in line with the higher interest rate
environment.

ISSUER PROFILE

Bidvest is a South African diversified business-to-business
services, trading and distribution group, operating through seven
divisions: services international, services South Africa, freight,
branded products, commercial products, financial services and
automotive. The group also owns a property portfolio largely
occupied by Bidvest.

Bidvest has a 58% stake in Adcock Ingram (South Africa-based
pharmaceutical company) and in 2020 acquired PHS, a leading hygiene
service provider in the UK, Ireland and Spain.

Bidvest was founded in 1988 and is listed on the JSE Limited in
Johannesburg SA.

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
   -----------             ------        --------   -----
The Bidvest
Group (UK) Plc

   senior
   unsecured        LT     BB  Affirmed     RR4       BB

Bidvest Group
Limited (The)       LT IDR BB  Affirmed               BB

   senior
   unsecured        LT     BB  Affirmed     RR4       BB

FRANK'S ICE CREAM: Enters Administration, Seeks Buyer
-----------------------------------------------------
Ruth Davies at Western Telegraph reports that an ice-cream
business, established over a century ago, has gone into
administration.

Only last year, Frank's Ice Cream opened a new gelateria and
innovation centre alongside their existing manufacturing site in
Capel Hendre, Carmarthenshire, with a GBP500,000 loan from the
Development Bank of Wales.

However, a new buyer is now being sought for the business and 14
members of staff were made redundant at the end of last month,
Western Telegraph relates.

The family-run company has cited rising energy and raw material
costs as amongst the reasons it has been forced to enter
administration, Western Telegraph discloses.

Richard Lewis and Alistair Wardell, both of Grant Thornton UK LLP,
were appointed joint administrators of Frank's Ice Cream Ltd on
March 17, Western Telegraph recounts.

According to Western Telegraph, a spokesman for Grant Thornton UK
LLP told the South Wales Guardian: "The company, based in
Ammanford, operated an ice cream manufacturing business and an ice
cream parlour on the same site, employing 38 people.

"The manufacturing business had been loss-making for some time,
having been severely impacted by the surge in energy costs over the
past year and also a significant increase in raw material costs.

"This, combined with an investment in the ice cream parlour put
working capital under pressure and left the company unable to
fulfil orders.

"Following their appointment, the joint administrators have been
working to secure a buyer for the business and are continuing to
liaise with a number of interested parties in acquiring the
business.

"Unfortunately, due to a lack of funding, the administrators were
unable to recommence manufacturing in the factory and 14 of the
members of staff who worked there were made redundant in late
March.  The remaining employees, who predominantly worked in the
ice cream parlour, have been retained whilst that part of the
business continues to trade.

"Further information will be made available in due course."


INCE GROUP: Bought Out of Administration by Axiom DWFM
------------------------------------------------------
Neil Rose at Legal Futures reports that listed law firm the Ince
Group has been sold out of administration to Axiom DWFM, a
fast-growing national firm, in what is described as a
"partner-driven transaction".

More than two weeks after Ince announced it was going into
administration, it announced on April 28 that Quantuma had been
appointed as administrator and sold the group's business and
certain of its assets to AxiomDWFM, Legal Futures relates.  The
details of the deal have not yet been released, Legal Futures
notes.

AxiomDWFM was created in 2021 through the merger of Axiom Stone and
DWFM Beckman.  It has 43 partners and offices in central London,
three in Greater London, Birmingham, Bristol and Swindon.

Ince & Co will be a separate operating entity of AxiomDWFM and
managed independently as a separately branded firm, Legal Futures
discloses.

"The transaction enables the partner group of Ince & Co to refocus
the firm's growth strategy on its core legal services, whilst also
improving operations and support structures," Legal Futures quotes
a statement as saying on April 28.

All employees will be transferred into Ince & Co under their
previous terms of employment.  

"Existing remuneration structures will be honoured and other
material liabilities of the business will be funded," the report
adds.


LANE END: Aticus Law Tapped to Investigate Redundancy Process
-------------------------------------------------------------
Nathan Okell at Warrington Guardian reports that a law firm has
been instructed to investigate the way that the redundancy process
was managed when a Warrington-based company ceased trading.

Lane End Developments Construction was reportedly working on more
than a dozen different sites when it collapsed into administration
earlier this month, Warrington Guardian recounts.

Based on Stockport Road in Thelwall, the firm ceased trading on
April 4, with a notice on its website stating Jeremy Woodside and
Frank Ofonagoro, of Quantuma Advisory Ltd, have been appointed as
joint administrators, Warrington Guardian relates.

Weaver Vale MP Mike Amesbury has voiced concerns over projects
involving the firm at sites in his constituency, namely Sandymoor
and Helsby, Warrington Guardian discloses.

Now, specialist employment law experts at Aticus Law say they have
since been contacted by a handful of affected staff, Warrington
Guardian notes.

The law firm says it is now in the early stages of investigating
the circumstances of the company's collapse and concerns around how
the redundancy process was managed, Warrington Guardian relays.

It is also looking into whether ex-employees are eligible to claim
for a protective award claim against the company, according to
Warrington Guardian.

Aticus says that if its clients are able to pursue a claim and are
successful, those involved in the legal challenge will receive up
to eight weeks' worth of pay in compensation, with a cap of GBP571
per week, Warrington Guardian relates.

According to Warrington Guardian, Edward Judge, from Aticus Law,
said: "We have now been contacted by a number of individuals who
say that they have been affected by job losses following the recent
collapse of Lane End Developments Construction.

"Ffrom what we understand, they were initially told to stay at home
by the administrators on
April 4, before being made aware on April 17 that they had lost
their jobs.

"We are in the early stages of investigating those claims and
advising our clients on their options.

"As is always the case with protective award claims, the
individuals who have reached out to us for advice regarding their
rights are understandably very anxious and concerned about what the
future has in store for them."


LITTLE GEM: Soaring Costs Prompt Administration
-----------------------------------------------
Damon Wilkinson and Paul Britton at Manchester Evening News report
that the boss of a bus company which suddenly stopped running
services has confirmed the firm has gone into administration.

Wesley Goodwin, owner of Little Gem Buses, blamed soaring costs and
the rise in working from home for the firm's demise.

According to Manchester Evening News, Mr. Goodwin said 23 Little
Gem staff had been found new jobs with Diamond Bus.  

On April 21, Little Gem announced several services, including a
number of school buses, in south Manchester, Trafford, Tameside and
Stockport were being axed with just 24 hours notice, Manchester
Evening News recounts.

New operators have since been found for most of the affected
routes, Transport for Greater Manchester said on April 28,
Manchester Evening News notes.

TfGM said an operator had yet to be found for the 375 service, but
was "working to limit the impact on residents" in Upper Hazel
Grove, Hawk Green and Mellor in particular, "as they are most
affected due to a lack of alternative bus or other public transport
services", Manchester Evening News relates.  And no immediate
replacements have been found for the 44, 84 or 217 services,
Manchester Evening News states.



TAPAS REVOLUTION: Acquired in Pre-pack Administration
-----------------------------------------------------
Business Sale reports that restaurant chain Tapas Revolution has
been sold in a pre-pack deal after falling into administration
earlier this month.

The business and its assets have been acquired by Tapas Bidco, a
new firm led by James Picton, who was formerly a managing director
at Tapas Revolution's parent company, Spanish Restaurant Group,
Business Sale relates.

The chain was one of many restaurant operators to see its cashflow
seriously impacted by the COVID-19 pandemic, with restaurants
forced to close for much of 2020 and then subject to social
distancing rules that limited their capacity, Business Sale
discloses.

More recently, the company has been hit by a drop in consumer
confidence amid the ongoing cost of living crisis and has also seen
its energy bills rise by around 300%, Business Sale states.  As a
result, RG Insolvency's Avner Radomsky and Simon Renshaw were
appointed as joint administrators to Spanish Restaurant Group on
April 5, 2023, Business Sale notes.

According to Business Sale, in a statement on Companies House, the
administrators said: "Initial pandemic exhausted the reserves,
leaving the business weak in terms of cashflow and balance sheets
and has more recently been impacted by the costs of living crisis,
which has seen turnover fall significantly, costs increase due to
the inflation levels and the significant rise in energy pricing
which has risen over 300%."

The joint administrators subsequently secured a sale of the
business and its assets to Tapas Bidco for GBP235,000, Business
Sale relays.  The restaurants are not operated by Spanish
Restaurant Group, with the parent company only owning the equity in
its subsidiaries, meaning that the sale should not impact
restaurant operations, Business Sale notes.

In Spanish Restaurant Group's accounts to the year ending October
31 2021, its fixed assets were valued at GBP300,971 and current
assets at GBP2.4 million, Business Sale discloses.  At the time,
the group's net liabilities amounted to GBP1.75 million, according
to Business Sale.


YORK GIN: Part of Business Out of Administration
------------------------------------------------
YorkMix reports that York Gin is back on the up after surviving a
"perfect storm" which put one of its businesses into
administration.

Having suffered a "series of challenges", the brand has been saved,
although two jobs have been lost, YorkMix relates.

Plans to create a distillery in the Coppergate Centre are now on
hold, YorkMix discloses.

According to YorkMix, a York Gin spokesperson said: "While the
Pavement and railway station shops have continued to trade as
normal, the distillery arm of the business was beset by a 'perfect
storm' of issues including Covid, cost of living and inflation
added to a distillery break-in last summer, which saw the entire
stock stolen, along with a promised significant investment failing
to materialise."

No one has been caught for the break-in, YorkMix notes.

This combination saw York Gin Company Ltd go into administration,
while other parts of the business continued as normal, YorkMix
states.

"The company has worked to ensure no suppliers were left out of
pocket and managers went without pay for several months," YorkMix
quotes the spokesperson as saying.

"The business has worked with excellent local business advisers
Azets to make sure it is now set up for success. That part of the
business is now out of administration -- funded entirely by friends
and family of management. And both shops are being supplied as
normal."

Seven full-time jobs have been saved -- while two jobs have
unfortunately been lost, YorkMix states.




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

[*] BOND PRICING: For the Week April 24 to April 28, 2023
---------------------------------------------------------
Issuer            Coupon  Maturity Currency Price
------            ------  -------- -------  -----

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



                           *********


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

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

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

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

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

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


                * * * End of Transmission * * *