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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, July 24, 2023, Vol. 24, No. 147

                           Headlines



A U S T R I A

BENTELER INTERNATIONAL: S&P Assigns 'BB-' ICR on Refinancing


F R A N C E

ALTICE FRANCE: EUR1.72B Bank Debt Trades at 16% Discount
NORIA 2023: Moody's Assigns B2 Rating to EUR5MM Class F Notes
PICARD BONDCO: Fitch Affirms 'B' Long Term IDR, Outlook Negative


I R E L A N D

OAK HILL III: Fitch Affirms 'B+sf' Rating on Class F-R Notes
PHOENIX PARK: Moody's Lowers Rating on EUR11.8MM E Notes to B3
SEGOVIA EUROPEAN 5-2018: Moody's Affirms B2 Rating on Cl. F Notes


K A Z A K H S T A N

FORTELEASING JSC: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
LEASING GROUP: Fitch Affirms 'B-' Long Term IDRs, Outlook Stable
TECHNOLEASING LLC: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable


L I T H U A N I A

AKROPOLIS GROUP: Fitch Affirms 'BB+' Long Term IDR, Outlook Stable


L U X E M B O U R G

ARVOS BIDCO: $100M Bank Debt Trades at 68% Discount
MALLINCKRODT INT'L: Moody's Cuts CFR to Ca & 1st Lien Debt to Caa3


N E T H E R L A N D S

E-MAC NL 2004-1: Fitch Affirms 'B-sf' Rating on 3 Tranches
E-MAC NL 2007-III: Fitch Puts B+sf Rating on D Notes on Watch Pos.


P O L A N D

CYFROWY POLSAT: Moody's Withdraws 'Ba3' Corporate Family Rating


T U R K E Y

VAKIF KATILIM: Fitch Affirms 'B-/B' Long Term IDRs, Outlook Neg.


U N I T E D   K I N G D O M

BARINGS EURO 2014-1: Fitch Affirms 'B+sf' Rating on Cl. F-RR Notes
BARINGS EURO 2018-2: Fitch Affirms 'B+sf' Rating on Class F Notes
JULIEN MACDONALD: Enters Liquidation Following Cash Flow Issues
MAKEHAPPEN GROUP: Enters Administration, 165 Jobs Affected
PATAGONIA BIDCO: GBP100M Bank Debt Trades at 18% Discount

SANDSTONE PRESS: Bought Out of Liquidation by Vertebrate
SKILLS TRAINING: May Go Into Liquidation This Week
TRAFFORD CENTRE: Moody's Downgrades Rating on 2 Tranches to B1
WD FF LIMITED: Fitch Affirms 'B' LT IDR, Alters Outlook to Stable
[*] UK: Business Insolvencies Up in 2nd Quarter 2023



X X X X X X X X

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

                           - - - - -


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A U S T R I A
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BENTELER INTERNATIONAL: S&P Assigns 'BB-' ICR on Refinancing
------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' long-term issuer credit
rating to Austria-headquartered global auto supplier Benteler
International AG and its 'BB-' issue rating to the company's senior
secured notes.

The stable outlook incorporates S&P's expectation that Benteler
will maintain adjusted debt to EBITDA of about 3x and FOCF to debt
of 7%-10% in the next few years.

S&P said, "Benteler has completed its refinancing in line with our
expectations. The company successfully refinanced its existing
capital structure through issuance of about EUR975 million senior
secured notes, a EUR810 million term loan, and a revolving credit
facility (RCF) of EUR250 million (undrawn at closing). Overall, the
quantum of notes and term loan is more than EUR150 million lower
than we expected when we assigned the preliminary rating. This
somewhat reduces headroom in our liquidity calculation, but
Benteler's liquidity remains in line with our expectations. In
addition, the coupon on the notes is slightly higher than we
anticipated, but the impact on our cash flow metrics is offset by
the lower amount of gross debt, and a lower margin on the term
loan.

"We assume incrementally weaker EBITDA margins in our base case for
2023 compared with our earlier projections. This reflects the
incipient slowdown in demand for the company's steel and tube
division (BST), and our forecast for a higher share of the less
profitable modules business in the auto components and modules
division (BAT) this year. However, despite the resulting reduction
of our EBITDA projection by EUR30 million-EUR40 million, the credit
metrics for 2023 and subsequent years remain well positioned for
the rating. The company's robust first-quarter 2023 performance,
with revenue growth of about 15%, reported EBITDA of EUR235
million, and our estimate of FOCF--excluding the impact of
factoring--of about EUR60 million, provide additional visibility
for our 2023 forecast, in our view."

Benteler has constantly overachieved its cost cutting targets in
the past three years, boosting its profitability and financial
resilience. As part of the debt restructuring and turnaround plan
implemented in early 2021, the company committed to a comprehensive
set of multiyear cost-saving measures spanning its BAT and BST
divisions. In BAT, in 2020-2022 the company achieved approximately
EUR900 million of gross savings from measures to increase
profitability of existing contracts with auto original equipment
manufacturers (OEMs), and optimize procurement, overheads, and
industrial efficiency. Overall, it overachieved its targets by
30%-40% each year. This has been supplemented by the closure, sale,
and rightsizing of 21 plants, which will complete by 2024. In BST,
footprint adjustments and plant improvements, overhead reduction,
and procurement efficiencies have enabled Benteler to reap
cumulative gross savings of about EUR115 million in the past three
years. Cost actions across BAT and BST have been accompanied by a
downsizing of the group's workforce by about 19% (to about 23,600
full-time-equivalent [FTE] employees, including 2,600 contract
workers). The company is targeting further savings of about EUR200
million annually in BAT over 2023-2024, and is well on track to
achieve estimated total run-rate savings of about EUR150 million in
BST over the five-year period to 2024. In our view, the measures
have lowered the group's break-even point, increasing the ability
to absorb any downturns in its auto, industrial, and onshore oil
and gas drilling end-markets. As of early April 2023, the company
had implemented savings of more than EUR90 million for this year,
or over 40% of its full-year 2023 target of more than EUR200
million.

S&P said, "We project a material improvement in credit metrics,
helped by the booming BST business. Benteler's adjusted debt to
EBITDA spiked at about 15x in 2020, along with negative FOCF of
EUR100 million over 2020-2021, when the company grappled with the
combined crisis of extended shutdowns of auto production and
then-plummeting steel/tube markets. Since then, the phasing in of
cost savings, a recovery in auto production--albeit volatile,
especially over 2021 and parts of 2022--and a surge in demand for
BST products for the U.S. onshore drilling market from 2022 allowed
Benteler to reduce adjusted leverage to 3.2x and generate EUR75
million FOCF last year. This is despite cash effects related to
restructuring of EUR130 million and a working capital-related cash
drain of EUR140 million. BST's U.S. operations benefit strongly
from elevated energy prices in the wake of the Russia-Ukraine war
and a recent increase in the number of active onshore oil and gas
rigs in North America. Although we forecast a normalization of
pricing and demand in BST from second-half 2023 and in 2024, we
expect Benteler will maintain leverage of about 3.0x-3.2x from
2023-2025. This is mainly thanks to EBITDA growth in BAT linked to
higher light vehicle (LV) production and improved margins, as well
as higher FOCF that benefits from lower restructuring cash-outs and
more moderate working capital needs. This counters our expectation
that BST's EBITDA will recede by about 35% in 2025 compared with
2023. Benteler fully offset cost inflation on raw materials,
energy, logistics, and other cost items through agreements with
auto OEMs in BAT and price increases in BST in 2022. Most
agreements in BAT foresee cost compensation through unit price
increases as opposed to one-time payments, which leads us to expect
that the company will also recover the majority of potential
increases on items such as labor costs in 2023."

Benteler is a key component supplier to large global auto OEMs.
BAT's components business is composed mainly of the manufacturing
of auto chassis parts (14% of 2022 sales), structure components and
crash management systems (26%), the assembly of thermal and tubular
components such as exhaust systems (18%), and the assembly of
chassis modules (front-end, suspension, and powertrain; 40%). Most
of these parts are subject to strict quality and safety
requirements, and need to undergo a certification process before
OEMs start production of a given model. This creates certain
barriers to entry in S&P's view, and many of Benteler's parts are
single-sourced, which implies a low probability of the company
being easily replaced during the lifetime of model programs.
Benteler is among the top 3 players for many of its component
segments and is engaged in nine of the 10 largest global platforms
in production, including VW's MQB A/B, Toyota's GA-K and GA-C, GM's
T1XX, and BMW's LK, underscoring the company's entrenched market
position, in S&P's view. In addition, due to the platforms'
lifetime (typically above seven years), well above 90% of revenue
in the next two years relates to booked business.

Benteler's product portfolio is largely unaffected by the
transition to alternative powertrains. Unlike some other auto
suppliers, only 9% of BAT's revenue comes from products for
conventional powertrains. Moreover, the business' profitability is
well below the division average, implying a low risk to Benteler's
earnings from the transition of the auto industry to electric
vehicles (EVs) and other alternative propulsion types. The company
is seeking to capitalize on the shift to EVs with new products such
as battery trays, but this business is still nascent.

Despite a leaner cost structure, it will take time for BAT's
profitability to catch up with that of auto supplier peers. S&P
said, "We forecast BAT's reported EBITDA margin to slowly climb to
6.0%-7.0% by 2025 from about 5% in 2022, fueled by higher auto
production, higher profitability on the company's recent order
intake, and cost savings. However, BAT's margins are set to trail
peers such as Gestamp (10%-12% adjusted EBITDA margin since 2013,
except 2020) or American Axle (above 13%) by a sizable margin for
the foreseeable future. In its order intake, Benteler is
increasingly prioritizing profitability of new projects over
volume. However, given the time lag of 2.0-2.5 years between order
intake and start of production, and because peak profitability is
usually only reached a few years into each program, we believe it
will take time for the impact of these initiatives to be felt in
BAT's overall margin."

The cyclicality of BST's end markets introduces volatility into the
group's credit metrics. The business has a positive impact on the
group's credit metrics and accounted for about half of 2022 group
EBITDA. However, demand, pricing, and profitability in this segment
are prone to wide short-term fluctuations, as is underlined by
BST's negative EBITDA just two years earlier during the COVID-19
pandemic. S&P said, "Despite Benteler's efforts to flex BST's cost
structure, we think earnings and cash flow will remain more
volatile than in BAT. Also, unlike other auto supplier peers such
as Schaeffler or ZF, BAT lacks a meaningful aftermarket business,
which typically exhibits higher and more stable margins than OEM
sales. BAT also displays somewhat higher customer concentration
than the sector average, with VW, BMW, and Mercedes contributing
60% of 2022 sales."

Benteler's financial policy supports the rating. In the next couple
of years, the company intends to maintain net leverage at below
1.5x through the business cycle, down from 2.3x at end-2022 pro
forma the proposed refinancing and adjusted for restructuring
costs. S&P said, "Absent material restructuring costs, which we
expect to remain modest from 2023, the main difference to our
adjusted leverage stems from our debt adjustments for factoring,
pensions, and surplus cash, which equal about 0.7x of difference in
our forecast for 2023. Moreover, we expect moderate dividend
payouts of 20%-30% of net income, and we understand the company is
not contemplating any material acquisitions. Overall, we think this
provides protection against a material deviation of leverage from
our base-case forecast, although Benteler lacks a track record for
this newly adopted post-restructuring financial policy."

The final ratings are in line with the preliminary ratings S&P
assigned on April 24, 2023.

S&P said, "The stable outlook incorporates our expectation that
trimming of costs in both divisions, the pass-through of input cost
inflation, and the currently strong demand in the BST division will
support solid profitability and cash flow in 2023. In subsequent
years, we expect EBITDA growth in BAT will sufficiently offset the
normalization of demand in BST. We believe this will allow the
company to maintain adjusted debt to EBITDA of about 3.0x and FOCF
to debt in the 7%-10% range over the next few years.

"We could lower the rating if losses of important customers or
platforms and deteriorating profitability in BAT, or a severe
market downturn in BST, cause Benteler's adjusted EBITDA margin to
sustainably drop below 7% and its adjusted debt to EBITDA to exceed
3.5x or FOCF to debt to decline toward 5% on a sustainable basis.

"We could raise our rating on the company if profitable order
intake and further trimming of costs in BAT, combined with
resilience of margin and cash flows in BST to market downturns,
results in the adjusted EBITDA margin increasing sustainably toward
10%, supporting adjusted debt to EBITDA approaching 2x and FOCF to
debt converging toward 15% on a sustainable basis."

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

S&P said, "Environmental factors are a moderately negative
consideration in our credit rating analysis for Benteler. This is
mainly because two-thirds of EBITDA in the company's BST division
comes from business with customers in the oil and gas drilling
sector, which faces material environmental transition risks. The
latter exposes Benteler indirectly to potentially tighter
regulation of its oil and gas customers. At the same time, we
expect that energy supply security considerations will support
strong demand for the company's related products in the short term.
Conversely, we see limited risk from the transition to alternative
powertrains for Benteler's key auto product lines such as vehicle
structures, chassis, or front-end and suspension modules. There is
some exposure to internal combustion engine-related products in its
engine and exhaust systems segment, but the earnings contribution
of these activities is small."




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F R A N C E
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ALTICE FRANCE: EUR1.72B Bank Debt Trades at 16% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Altice France SA is
a borrower were trading in the secondary market around 84.1
cents-on-the-dollar during the week ended Friday, July 21, 2023,
according to Bloomberg's Evaluated Pricing service data.

The EUR1.72 billion facility is a Term loan that is scheduled to
mature on August 31, 2028.  The amount is fully drawn and
outstanding.

Altice France provides wireless telecommunication services. The
Company offers fiber optic network solutions for all type of media.
Altice France serves customers in France.


NORIA 2023: Moody's Assigns B2 Rating to EUR5MM Class F Notes
-------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to Notes issued by NORIA 2023 (the "Issuer"):

EUR410M Class A Asset Backed Floating Rate Notes due October 2040,
Definitive Rating Assigned Aaa (sf)

EUR30M Class B Asset Backed Floating Rate Notes due October 2040,
Definitive Rating Assigned Aa2 (sf)

EUR10M Class C Asset Backed Floating Rate Notes due October 2040,
Definitive Rating Assigned A3 (sf)

EUR9M Class D Asset Backed Floating Rate Notes due October 2040,
Definitive Rating Assigned Baa2 (sf)

EUR16M Class E Asset Backed Floating Rate Notes due October 2040,
Definitive Rating Assigned Ba2 (sf)

EUR5M Class F Asset Backed Floating Rate Notes due October 2040,
Definitive Rating Assigned B2 (sf)

Moody's has not assigned a rating to the Class G Asset Backed
Floating Rate Notes due October 2040 amounting to EUR20M.

RATINGS RATIONALE

The transaction is a 14-month revolving cash securitisation of
consumer loan receivables extended by BNP Paribas Personal Finance
("BNPP PF")(Aa3/P-1/Aa3(cr)) to obligors located in France. The
borrowers use the loans for several purposes, such as property
improvement, equipment sales and other undefined or general
purposes. Some of the loans are granted as part of a debt
consolidation offer. The servicer is also BNP Paribas Personal
Finance ("BNPP PF").

The initial portfolio consists of personal loans, equipment sale
loans and debt consolidation loans originated by BNPP PF through
its branches and direct marketing activities as well as through
point of sales of third-party businesses with whom BNPP PF has
commercial arrangements to provide financing for equipment sale
loans (together the consumer loans). The balance of the portfolio
(as of July 5, 2023) corresponds to approximately EUR500 million,
for a total number of 67,390 loans. The tenor of the loans varies
from less than 1 year up to 17 years depending on the purposes of
the loan. The weighted-average seasoning is 18.7 months. The
initial share of debt consolidation loans is 19.12% of the
outstanding loan balance. All loans are standard French amortising
loans.

According to Moody's the transaction benefits from credit strengths
such as the granularity of the portfolio, the financial strength of
the originator and the liquidity support available to the
structure. At closing, an amortising liquidity reserve amounting to
1.25% of the aggregate amount outstanding of the Classes A to F
Notes will be funded. The liquidity reserve will amortise to a
floor of 0.5% of the initial balance of Classes A to F Notes. In
addition to the amortising liquidity reserve, there will also be a
non-amortising general reserve equal to 2.6% of the aggregate
amounts outstanding for Class A to G Notes at closing, which will
be part of the available revenue proceeds. However, Moody's notes
that the transaction features some credit weaknesses such as
limited available excess spread to clear the principal deficiencies
and the link to BNP Paribas Group given the number of roles
performed by entities of that group such as seller, servicer,
issuer account bank, swap counterparty, cash manager and
custodian.

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

MAIN MODEL ASSUMPTIONS

Moody's determined the portfolio lifetime expected defaults of
4.50%, expected recoveries of 30.00% and Aaa portfolio credit
enhancement ("PCE") of 14.50%. The expected defaults and recoveries
capture Moody's expectations of performance considering the current
economic outlook, while the PCE captures the loss Moody's expect
the portfolio to suffer in the event of a severe recession
scenario. Expected defaults and PCE are parameters used by Moody's
to calibrate its lognormal portfolio loss distribution curve and to
associate a probability with each potential future loss scenario in
Moody's ABSCORE cash flow model to rate Auto and Consumer ABS.

Portfolio expected defaults of 4.50% are in line with the French
Consumer ABS average and are based on Moody's assessment of the
lifetime expectation for the pool taking into account: (i) the
historical performance of the book of the originator, (ii)
macroeconomic trends, (iii) other similar transactions used as a
benchmark, and (iv) other qualitative considerations.

Portfolio expected recoveries of 30.00% are in line with the French
Consumer ABS average and are based on Moody's assessment of the
lifetime expectation for the pool taking into account: (i)
historical performance of the book of the originator, (ii)
benchmark transactions, and (iii) other qualitative
considerations.

PCE of 14.50% is lower than the French Consumer ABS average and is
based on Moody's assessment of the pool taking into account: (i)
historical data variability, (ii) the unsecured nature of the
loans, (iii) the relative ranking to the originator's peers in the
French and EMEA consumer ABS market, and (iv) macroeconomic
expectations. The PCE level of 14.50% results in an implied
coefficient of variation ("CoV") of approximately 41.9%.

METHODOLOGY

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

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

Factors that may cause an upgrade of the ratings include a
performance of the pool which is significantly better than
expected.

Factors that may cause a downgrade of the ratings include a
significant decline in the overall performance of the pool and a
significant deterioration of the credit profile of the originator.

PICARD BONDCO: Fitch Affirms 'B' Long Term IDR, Outlook Negative
----------------------------------------------------------------
Fitch Ratings has affirmed Picard Bondco S.A.'s Long-Term Issuer
Default Rating (IDR) at 'B' with a Negative Outlook.

The rating remains constrained by leverage that is above the level
compatible with the current rating. However, it is supported by the
robust business model as a leading company in the frozen food
market in France and premium positioning, as well as the company's
demonstrated capacity to sustainably grow its revenues and customer
base post pandemic while maintaining high profitability in a
challenging environment.

The Negative Outlook reflects the lack of rating headroom, as well
as the company's operational and balance-sheet vulnerability to the
deteriorating economic environment. However, Fitch consider that
the unrestricted EUR256 million cash balance provides the company
with flexibility to refinance at a lower debt amount. A revision of
the Outlook to Stable will depend on the company's capacity to
protect its margins and volumes in the current inflationary
environment, and its ability and commitment to reduce its current
high leverage in the next 12-18 months.

KEY RATING DRIVERS

High Leverage Ahead of Refinancing: Fitch expect EBITDAR leverage
to remain high ahead of 2026 maturities and persistently above 7.0x
until the financial year ending March 2026 (FY26) leaving the
company with no rating headroom. Leverage continues to be affected
by the cash distribution to shareholders completed in 2021 and will
increase temporarily in FY24 as energy prices weigh on
profitability. Fitch expect it to then decrease slowly towards 6.8x
over the forecast horizon, as profitability recovers and revenues
grow in the low to mid-single digits. Despite a healthy level of
cash, Fitch assume no voluntary debt prepayment in Fitch rating
case.

Limited Earnings Volatility Post Pandemic: Picard has had solid
post-pandemic performance despite inflationary pressures. Fitch
expect sales growth to be sustained by prices and a slowdown in
volumes decline in FY24, which should help sustain revenues at
EUR1.8 billion, significantly higher than pre-pandemic levels.
Fitch expect 2%-4% annual sales growth to FY26 with volumes growth
returning to positive as inflation normalises.

Temporary Margin Pressure: Fitch believe the EBITDA margin will be
temporarily affected by higher energy prices in FY24 and then
expand towards 13.5%. Picard's margins remain high for the sector,
as they are underpinned by its business model, with revenue largely
generated by own-brand products and structurally profitable
asset-light expansion. Maintaining solid profitability and cash
generation remains key to a revision of the Outlook to Stable,
alongside a commitment to reduce leverage.

Limited Near-Term Refinancing Needs: Refinancing in 2021 extended
Picard's maturities to FY27, mitigating refinancing risk for
several years. Fitch see increased refinancing risk in the context
of higher interest rates and given the current leverage. However,
this risk is balanced by the company's cash position and free cash
flow (FCF) generation, giving the company the option to refinance
its debt at a lower amount. Picard's shareholders have a history of
favouring high leverage through debt-funded dividend
recapitalisations.

Uncertainty Over Financial Policy: Financial policy remains one of
the key considerations behind the rating trajectory. Based on Fitch
understanding of the company's focus on deleveraging, Fitch have
not factored in any dividend payments in Fitch rating case. This is
despite an unrestricted EUR256 million cash balance as of end-March
2023, which Fitch project will increase to over EUR400 million by
FY26. Fitch treat sizeable shareholder distributions as an event
risk, which would put the ratings under pressure.

FCF Supports Cash Accumulation: Fitch expect Picard to generate
positive FCF of EUR50 million on average over the forecast horizon,
supported by limited working capital swings and capex needs. The
strong cash flow generation differentiates Picard from its peers.
However, Fitch give limited credit to cash accumulation due to the
history of repeat shareholder distributions.

Robust Business Model: Picard's leadership in a niche market and a
highly profitable own brand continue to underpin the company's
business model. The group showed resilience during the coronavirus
pandemic and in the recent inflationary environment as increased
prices were only partially offset by decreased volumes.

DERIVATION SUMMARY

Picard's overall profile remains weaker than that of larger food
retail peers, such as Bellis Finco plc (ASDA; B+/Stable) or Market
Holdco 3 limited (Morrisons; B+/Stable), due to its smaller scale
and weaker diversification. Picard is also smaller than UK frozen
food specialist WD FF Limited (Iceland; B/Stable), albeit
significantly more profitable because of its premium positioning
and robust business model in the niche frozen food segment.

Picard's leverage remains at the higher end of its peers. Fitch
also expect more limited deleveraging prospects for the company,
with EBITDAR leverage expected above 7x in March 2025, while Fitch
anticipate leverage at 6.5x in March 2024 for Iceland, under 6x in
October 2025 for Morrisons and at around 5x by end-2024 for ASDA.

However, Picard enjoys strong brand awareness, which is key for its
positioning as a market leader in the French frozen food retail
sector. Picard also has high profitability, due to its unique
business model mostly based on own-brand products. This makes it
comparable with food manufacturers, rather than with its immediate
food retailing peers. This differentiating factor results in
superior cash flow generation that supports Picard's financial
flexibility and comfortable liquidity.

KEY ASSUMPTIONS

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

-- Revenue growth of 3.8% in FY23, driven equally by like-for-like
growth and store expansion and franchisee growth; like-for-like
growth expected to be mainly driven by some further price
increases

-- Revenue growth in FY24-FY27 near 3% on average, supported by
expected volume increases

-- EBIDTA margin decreasing to 12.4% in FY24 as energy cost
increases, trending back to pre-pandemic level by FY26 at 13.6%

-- Capex averaging 3% of revenue over FY24-FY27

-- Working capital normalisation with an outflow of EUR16 million
expected in FY24, followed by neutral working capital in FY-25-27

Key Recovery Assumptions:

Fitch assume that Picard would be considered a going-concern (GC)
in bankruptcy and that it would be reorganised rather than
liquidated. Fitch have assumed a 10% administrative claim in the
recovery analysis.

In Fitch bespoke GC recovery analysis Fitch estimate
post-restructuring EBITDA available to creditors of about EUR180
million, unchanged from Fitch previous analysis.

Fitch also assumes a fully drawn EUR60 million revolving credit
facility (RCF).

Fitch have maintained the distressed enterprise value/EBITDA
multiple at 6.0x, which reflects Picard's structurally
cash-generative business operations, despite its small scale.

Fitch waterfall analysis generates a ranked recovery for the
super-senior RCF in the 'RR1' category, leading to a 'BB'
instrument rating with a waterfall generated recovery computation
(WGRC) output percentage of 100% based on current metrics and
assumptions. The waterfall analysis generates a ranked recovery for
Picard's senior secured notes in the 'RR3' category, resulting in a
'B+' rating with a WGRC of 65%, and for the company's senior
unsecured notes in the 'RR6' category, with a rating of 'CCC+' and
a WGRC of 0%.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to an
upgrade:

-- Continuation of solid operating performance, for example,
reflected in positive like-for-like revenue growth, and growing
EBITDA with strong FCF margins in mid-single digits

-- EBITDAR leverage below 5.0x on a sustained basis, driven mostly
by debt prepayments, reflecting a commitment to more conservative
capital allocation

-- Operating EBITDAR fixed charge coverage above 2x on a sustained
basis

Factors that could, individually or collectively, lead to a
Revision of the Outlook to Stable:

-- Continuation of solid operating performance, as reflected in
neutral-to-positive LFL revenue growth, alongside high
profitability with low-to-mid-single-digit FCF margins

-- EBITDAR leverage trending towards 7.0x by FY25

-- Less aggressive financial policy, combined with continued FCF
generation resulting in EBITDAR net leverage decreasing below 6.5x
before refinancing

-- Operating EBITDAR fixed charge coverage above 1.5x on a
sustained basis

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

-- Deteriorating competitive position or sustained erosion in
like-for-like sales growth and EBITDA margin, due for instance to
inability to manage costs inflation, leading to inability to
deleverage

-- Operating outperformance or material dividend distributions
leading to EBITDAR leverage remaining above 7.5x (7.0x net of cash)
at least two years before major contractual debt maturities

-- Diminished financial flexibility, due to lost financial
discipline, reduced liquidity headroom or operating EBITDAR
fixed-charge coverage permanently below 1.5x

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: Picard's liquidity is comfortable, with
EUR256 million of Fitch-adjusted available cash as of end-FY23. The
RCF provides an extra EUR60 million of liquidity buffer, further
improving its liquidity profile.

Low capex intensity and manageable working-capital outflows provide
healthy positive FCF generation that reinforces Picard's liquidity.
Fitch forecast Picard to reach available cash levels of above
EUR300 million by FY25. However, its liquidity position could be
threatened by sizeable shareholder distributions.

ISSUER PROFILE

Picard is a French food retailer, with a leading market share
(around 20%) in the highly specialised and niche frozen-food
market.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

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.



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

OAK HILL III: Fitch Affirms 'B+sf' Rating on Class F-R Notes
------------------------------------------------------------
Fitch Ratings has upgraded Oak Hill European Credit Partners III
DAC's class C notes and affirmed the rest.

ENTITY/DEBT     RATING    PRIOR  
----------                      -----                   -----
Oak Hill European Credit
Partners III DAC

A-1-R XS1642509548 LT    AAAsf      Affirmed AAAsf
A-2-R XS1642571423 LT    AAAsf      Affirmed AAAsf
B-1-R XS1642511528 LT    AAAsf   Affirmed AAAsf
B-2-R XS1642511791 LT    AAAsf      Affirmed AAAsf
B-3-R XS1642512252 LT    AAAsf      Affirmed AAAsf
C-R XS1642512682 LT    AAsf       Upgrade AA-sf
D-R XS1642513656 LT    A+sf   Affirmed A+sf
E-R XS1642514035 LT    BB+sf      Affirmed BB+sf
F-R XS1642516592 LT    B+sf   Affirmed B+sf

KEY RATING DRIVERS

Increased Credit Enhancement: The trade date principal cash balance
was EUR10 million as of the June 6, 2023 investor report and the
senior notes A-1-R and A-2-R have been repaid by EUR33.5 million
and EUR2.4 million, respectively, since the last rating action in
August 2022. This is about 70% of the repayment reported at August
2022. Despite the slower repayment, credit enhancement has
increased across the structure.

Resilient Asset Performance: The transaction's metrics indicate
resilient asset performance, which together with increased credit
enhancement, led to today's rating actions. This is despite the
transaction being currently 5% below par and failing the Fitch
'CCC' limit test, weighted average life, weighted average spread,
as well as Moody's and Fitch's WARF tests as of June 6, 2023. The
other tests and the coverage tests were reported as passing.
Exposure to assets with Fitch-derived ratings of 'CCC+' and below
is 11.4% as calculated by the trustee. The portfolio had an
exposure to defaulted assets of EUR5 million as of June 6, 2023 but
no exposure to 'CC' and below obligors.

Reinvestment Unlikely Post-Exit: The transaction exited its
reinvestment period in July 2021. Any subsequent reinvestment of
unscheduled principal proceeds and sale proceeds from
credit-impaired and credit-improved obligations are subject to
Moody's weighted average factor (WARF) and Fitch 'CCC' tests being
satisfied. Given the manager is unlikely to reinvest, Fitch has
assessed the transaction by notching down one level all assets in
the current portfolio with Fitch-derived ratings (FDR) on Negative
Outlook.

Limited Deleveraging Prospect: The Stable Outlooks on all notes
reflect Fitch's expectation that deleveraging of the notes would be
constrained in the next 12-18 months by the small portion of assets
maturing by 2024 and limited prepayment expectation in the current
uncertain macroeconomic environment.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the obligors at 'B'/'B-'. The Fitch-reported WARF of the current
portfolio was 35.7 (against a maximum covenant of 34). Fitch
calculated a WARF of 26.3 based on the current portfolio and 27.4
based on the Outlook Negative-notching stress.

High Recovery Expectations: Senior secured obligations comprise
97.6% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch WARR of the current portfolio as
reported by the trustee was 66.1%.

Diversified Portfolio Despite Amortisation: The portfolio has
repaid EUR35.9 million since August 2022 but remains
well-diversified across obligors, countries and industries. The
top-10 obligor concentration is 23.3%, and no obligor represents
more than 2.7% of the portfolio balance.

Deviation from Model-implied Rating: The class C-R and E-R note
ratings deviate from their model-implied ratings (MIR) by two
notches and one notch, respectively. This reflects the refinancing
risk associated with 7.4% and 22.9% of assets maturing in 2024 and
2025, respectively.

RATING SENSITIVITIES


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

A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings of
the current portfolio would have no impact on the class A-Rs, B-Rs,
C-R and E-R notes and would lead to downgrades of no more than one
notch for class D notes and to below 'B-sf' for the class F-R
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 WARF of the current portfolio than that with the
Fitch stress on obligors with Negative Outlook and to the model
deviation, the class C-R notes display a rating cushion of two
notches and the class E-R notes of one notch while other class
notes have no rating cushion.

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

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

Upgrades, except for the 'AAAsf' notes, may occur on stable
portfolio credit quality and deleveraging, leading to higher credit
enhancement and excess spread available to cover losses in the
remaining portfolio.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

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

DATA ADEQUACY

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

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

Overall, and together with any assumptions, 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.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

PHOENIX PARK: Moody's Lowers Rating on EUR11.8MM E Notes to B3
--------------------------------------------------------------
Moody's Investors Service has taken a variety of rating actions on
the following notes issued by Phoenix Park CLO Designated Activity
Company:

EUR22,000,000 Class A-2A1 Senior Secured Floating Rate Notes due
2031, Upgraded to Aa1 (sf); previously on Sep 8, 2020 Affirmed Aa2
(sf)

EUR10,000,000 Class A-2A2 Senior Secured Floating Rate Notes due
2031, Upgraded to Aa1 (sf); previously on Sep 8, 2020 Affirmed Aa2
(sf)

EUR10,000,000 Class A-2B Senior Secured Fixed Rate Notes due 2031,
Upgraded to Aa1 (sf); previously on Sep 8, 2020 Affirmed Aa2 (sf)

EUR11,800,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Downgraded to B3 (sf); previously on Sep 8, 2020
Confirmed at B2 (sf)

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

EUR240,000,000 Class A-1A Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Sep 8, 2020 Affirmed Aaa
(sf)

EUR7,000,000 Class A-1B Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Sep 8, 2020 Affirmed Aaa
(sf)

EUR9,000,000 Class B-1 Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed A2 (sf); previously on Sep 8, 2020
Affirmed A2 (sf)

EUR15,000,000 Class B-2 Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed A2 (sf); previously on Sep 8, 2020
Affirmed A2 (sf)

EUR26,800,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Baa3 (sf); previously on Sep 8, 2020
Confirmed at Baa3 (sf)

EUR20,200,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Ba3 (sf); previously on Sep 8, 2020
Confirmed at Ba3 (sf)

Phoenix Park CLO Designated Activity Company, issued in July 2014
and subsequently refinanced 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
ended in May 2023.

RATINGS RATIONALE

The upgrades of the ratings on the Class A-2A1, A-2A2 and A-2B
notes are primarily a result of the transaction having reached the
end of the reinvestment period in May 2023; the downgrade of the
rating on the Class E notes is primarily a result of a shorter
weighted average life of the portfolio which leads to reduced time
for excess spread to cover shortfalls caused by future defaults.

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: EUR395.78m

Defaulted Securities: EUR2.06m

Diversity Score: 60

Weighted Average Rating Factor (WARF): 2941

Weighted Average Life (WAL): 4.11 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.65%

Weighted Average Coupon (WAC): 3.19%

Weighted Average Recovery Rate (WARR): 44.3%

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

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

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

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

SEGOVIA EUROPEAN 5-2018: Moody's Affirms B2 Rating on Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service has upgraded the rating on the following
notes issued by Segovia European CLO 5-2018 Designated Activity
Company:

EUR25,250,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2031, Upgraded to Aa3 (sf); previously on Oct 18, 2022
Upgraded to A1 (sf)

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

EUR206,500,000 (Current outstanding amount EUR193.84M) Class A-1
Senior Secured Floating Rate Notes due 2031, Affirmed Aaa (sf);
previously on Oct 18, 2022 Affirmed Aaa (sf)

EUR9,500,000 Class A-2 Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Oct 18, 2022 Affirmed Aaa
(sf)

EUR16,500,000 Class B-1 Senior Secured Floating Rate Notes due
2031, Affirmed Aaa (sf); previously on Oct 18, 2022 Upgraded to Aaa
(sf)

EUR15,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2031,
Affirmed Aaa (sf); previously on Oct 18, 2022 Upgraded to Aaa (sf)

EUR22,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Baa2 (sf); previously on Oct 18, 2022
Upgraded to Baa2 (sf)

EUR20,250,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed Ba2 (sf); previously on Oct 18, 2022
Affirmed Ba2 (sf)

EUR10,500,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2031, Affirmed B2 (sf); previously on Oct 18, 2022
Affirmed B2 (sf)

Segovia European CLO 5-2018 Designated Activity Company, issued in
August 2018, is a collateralised loan obligation (CLO) backed by a
portfolio of mostly high-yield senior secured European loans. The
portfolio is managed by Segovia Loan Advisors (UK) LLP. The
transaction's reinvestment period ended in August 2022.

RATINGS RATIONALE

The rating upgrade on the Class C notes is primarily a result of
the deleveraging of the senior notes following amortisation of the
underlying portfolio since the last rating action in October 2022.

The affirmations on the ratings on the Class A-1, Class A-2, Class
B-1, Class B-2, Class D, Class E and Class F Notes are primarily a
result of the expected losses on the notes remaining consistent
with their current rating levels, after taking into account the
CLO's latest portfolio, its relevant structural features and its
actual over-collateralisation ratios.

The Class A-1 notes have paid down by approximately EUR12.7 million
(6.1%) since the last rating action in October 2022. As a result of
the deleveraging, over-collateralisation (OC) has increased
slightly. According to the trustee report dated June 2023 [1] the
Class A/B and Class C OC ratios are reported at 141.4% and 127.7%
compared to August 2022 [2] levels of 140.6% and 127.6%,
respectively. Moody's notes that the July 2023 principal payments
are not reflected in the reported OC ratios.

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: EUR330.71m

Defaulted Securities: EUR4.56m

Diversity Score: 61

Weighted Average Rating Factor (WARF): 3005

Weighted Average Life (WAL): 4.02 years

Weighted Average Spread (WAS) (before accounting for Euribor
floors): 3.68%

Weighted Average Coupon (WAC): 4.72%

Weighted Average Recovery Rate (WARR): 44.86%

Par haircut in OC tests and interest diversion test: none

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

Methodology Underlying the Rating Action:

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

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank and swap 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 rating:

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

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

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



===================
K A Z A K H S T A N
===================

FORTELEASING JSC: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed JSC ForteLeasing (FL) (LC) Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'BB-'
and National Long Term Rating at 'A-(kaz)'. The Outlooks are
Stable. Fitch has also affirmed FL's Shareholder Support Rating
(SSR) of 'bb-'.

KEY RATING DRIVERS

Strong Likelihood of Support: FL's ratings are based on potential
support and are equalised with the support provider's rating, its
shareholder ForteBank Joint Stock Company (FB; BB-/Stable/bb-), one
of the largest privately-owned banks in Kazakhstan. Fitch view of
FL's potential support from FB is based on its high level of
management and operational integration, strong synergies with the
parent as the only entity providing leasing services to clients of
the banking group, and the high reputational risk to FB in case of
FL's default, given the same branding and full ownership.

High Level of Integration: Fitch's view of support is additionally
underpinned by the close supervision of FL by the bank's
management, sizeable parental funding (66% of FL's borrowings at
end-1Q23) and record of acceptable performance. Fitch believe FL's
small size relative to FB (less than 1% of total assets) would make
any required extraordinary support manageable for the shareholder.

Limited Standalone Viability: In Fitch's view, FL's standalone
credit profile would be materially lower than the support-driven
IDRs. This is due to FL's narrow independent franchise, which is
highly correlated with that of FB, modest absolute size and high
reliance on FB for funding.

Modest Franchise and Business Model: FL has a relatively small
franchise in the Kazakhstani leasing market, which is largely
dominated by state-owned companies. The business model is focused
on leasing of trucks and specialised vehicles. FL's largely
unseasoned portfolio is concentrated by leasing asset types and
single-names. Fitch believe FL's plan to significantly expand its
portfolio by becoming one of the largest leasing companies in
Kazakhstan could help alleviate concentration risks. However, rapid
growth could weaken asset quality in the medium term.

Rapid Portfolio Growth: FL's asset quality has been stable despite
the pandemic and ongoing macroeconomic challenges, with problem
receivables having decreased to 6.7% at end-1Q23 from around 11% at
end-2020. The problem receivables ratio is flattened by fast
portfolio growth, averaging around 57% in the last four financial
years, indicating more aggressive underwriting than peers. Fitch
expect seasoning of the lease portfolio in two to three years to
weigh on FL's asset quality metrics.

Strong Profitability: FL's profitability is sound with pre-tax
return on average assets at around 10% in 1Q23 (annualised; 7% in
2022), supported by a healthy net interest margin of 12.7% in 1Q23
(annualised; 11.4% in 2022). Higher provisioning costs driven by
asset quality deterioration could pressure profitability.

Growth, Concentration Compromise Strong Capitalisation: FL's gross
debt/tangible equity ratio weakened to 1.6x at end-1Q23 from 0.9x
at end-2021, as leasing portfolio growth has outpaced internal
equity generation. Fitch expect this trend to continue in
2023-2024. FL is not subject to regulatory or covenanted capital
requirements. High single-name concentration further weighs on
Fitch assessment of capital adequacy, with the 10 largest leasing
exposures amounting to 83% of FL's equity. In Fitch's view, FB
would provide capital support should it be required by FL.

Secured Funding at Favourable Conditions: FL is mostly funded from
the parent bank and state-owned fund DAMU (34% of total borrowings
as of end-1Q23). State funding is secured and at favourable
conditions with below market interest rates, despite the pressure
from key rate increases. FL's access to parent bank funding
supported recent growth as well as ambitious growth targets. Fitch
also believe FB would provide liquidity support should it become
necessary.

RATING SENSITIVITIES

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

-- A weakening of FB's propensity to support FL, triggered, for
example, by weaker integration, reduced ownership or potential
deviation of FL from the group's objectives could result in
notching FL's IDR down from the parent's.

-- A downgrade of FB's ratings would result in a corresponding
downgrade of FL's ratings.

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

-- An upgrade of FB's IDR would likely result in an upgrade of
FL's ratings.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of four notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

FL's ratings are linked to and will therefore likely move in tandem
with FB's IDRs.

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.

LEASING GROUP: Fitch Affirms 'B-' Long Term IDRs, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Leasing Group JSC's (LG) Long-Term
Issuer Default Ratings (IDRs) at 'B-' National Long-Term Rating at
'BB-(kaz)'. The Outlooks are Stable.

KEY RATING DRIVERS

Modest Franchise: LG's ratings are driven by the company's
standalone creditworthiness, reflecting its modest franchise with
low market share, concentrated portfolio, as well as sizable
related-party exposure that could pressure capital and earnings.
Additional risks could stem from low provisioning of impaired
exposures, as well as high single name concentrations, making LG
vulnerable to sudden asset quality deterioration. The ratings are
supported by LG's record of stable profitability through the
economic cycle, as well as improving funding and acceptable
liquidity profiles.

Related Party Exposure: In Fitch's view, the continued presence of
material related-party exposure in the form of a reverse repurchase
transaction amounting to 46% of LG's capital at end-1Q23, weakens
the company's quality of capital and earnings, although management
intends to wind down the transaction by end-2023. Fitch believe
that despite the sound capital ratios, the presence of the
related-party transaction, which is secured with related party
equity shares, could pressure LG's capitalisation profile. This is
reflected in LG's ESG relevance score for Governance Structure of
'5'.

Standalone Creditworthiness Drives the Rating: LG is controlled by
Kazakh financial group Tengri Capital, which directly owns 68% and
manages the 32% stake of Samruk-Kazyna Invest LLP (SKI;
BB+/Stable). SKI is a 100% subsidiary of Kazakhstan's Sovereign
Wealth Fund Samruk-Kazyna JSC (BBB/Stable/F2). LG's ratings do not
factor in potential government support because Fitch treat SKI's
stake as a financial investment with a probable exit in 2024 via a
sale to Tengri Capital.

Concentrated Portfolio: LG focuses solely on financing leasing. Its
portfolio is concentrated, with the largest 10 lessees accounting
for 32% of the lease book at end-1Q23. LG is growing more slowly
than the market: flat in 1Q23 and 8% in 2022. The company largely
finances standard and fairly liquid equipment, with vehicles
accounting for around 60% at end-1Q23 and agricultural equipment
exposure negligible at 6%, offsetting some of the residual value
risks in case of lessor defaults. About 63% of the portfolio
benefits from government subsidies on interest rates or purchase
prices, which in Fitch's view supports payment discipline on these
contracts.

High Impaired Assets: LG's impaired leases ratio slightly increased
to 13.6% at end-1Q23 from 13% at end-2022 but remained notably
lower than 24% in 2019-2020. According to management, a large
proportion of impaired assets are legacy exposures (around 40% at
end-1Q23). Total provisions were modest, covering only 51% of total
impaired assets at end-1Q23 (54% at end-2022), reflecting reliance
on collateral.

Solid Profitability: LG's profitability was supported by a healthy
net interest margin of 14.2% at end-1Q23 (annualised; 13.9% at
end-2022) and pre-tax return on average assets of 7% in 1Q23
(annualised; 7% in 2022; 2021: 6.4%). This was partly a function of
low leverage leading to minimal interest expenses, which could
increase, if LG attracts more market funding in the medium term. In
Fitch view, higher provisioning costs could weigh on LG's
profitability.

Fitch believe low visibility of funds invested in relation to the
related party reverse repo constitute a material risk to LG, and
could result in significant losses or a capital write-off, should
this risk materialise.

Conservative Leverage: LG's gross debt/tangible equity ratio
increased to 1.0x at end-1Q23 from 0.5x at end-2020. This reflects
that the gradually growth of its portfolio and assets has been
faster than internal capital generation. LG's absolute capital
level is modest (USD15 million-equivalent at end-1Q23). The company
has not paid dividends and management intends to maintain an equity
to asset ratio of around 50%, aiming to support growth planned with
full profit retention.

Despite the relatively conservative leverage position, Fitch views
the material related-party exposure as undermining LG's capital and
leverage position, as does the low provisioning coverage of
impaired assets.

Concentrated Funding Profile: LG relies on funding from state-owned
fund DAMU (69%) and short-term bonds (30%). The borrowings are
predominantly in local currency. State funding is at favourable
terms with below-market interest rates, although these could be
pressured in the currently high interest rate environment. LG could
attract more state and market funding in the medium term, including
drawing on the recently acquired credit line from the Islamic
Corporation for the Development of the Private Sector (A+/Negative)
to provide Shari'ah-compliant financing in Kazakhstan.

ESG Governance Structure: LG has an ESG Relevance Score of '5' for
governance structure due to the high related-party exposure, which
has a significant negative impact on the ratings.

RATING SENSITIVITIES

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

-- A material deterioration in the quality of capital,
compromising business model viability and worsening the solvency of
the company as a whole. Operational events that potentially reduces
funding market access that raises refinancing risks.

-- Material increase in leverage position with debt-to-tangible
equity above 5x.

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

-- Strengthening of corporate governance and a reduction in
related-party activity coupled with other factors could be rating
positive.

-- Sustained growth of LG's franchise and business scale, with
material diversification of the loan portfolio away from
single-name concentrations, while maintaining solid financial
metrics and solid asset quality, could be credit positive.

-- Proven record of material and stable funding from an
international financial institution or its participation in the
company's equity could be rating positive.

ADJUSTMENTS

The sector risk operating environment score of 'b+' is below the
'bb' category implied score due to the following adjustment reason:
regulatory and legal framework (negative).

The business profile score of 'b-' is above the 'ccc' category
implied score due to the following adjustment reason: market
position (positive).

The asset quality score of 'b-' is above the 'ccc' category implied
score due to the following adjustment reason: non-loan exposures
(positive).

The earnings and profitability score of 'b' is below the 'bb'
category implied score due to the following adjustment: revenue
diversification (negative).

The funding, liquidity and coverage score of 'b-' is above the
'ccc' implied score due to the following adjustment: cash
flow-generative business model (positive).

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of four notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

LG has an ESG Relevance Score of '5' for governance structure due
to the material exposure to a related-party, which has a negative
impact on the credit profile, and is relevant to the ratings in
conjunction with other factors.

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

TECHNOLEASING LLC: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed TechnoLeasing LLC's (TL) Long-Term
Issuer Default Ratings (IDRs) at 'B-' and the National Long-Term
Rating at 'BB-(kaz)'. The Outlooks are Stable.

KEY RATING DRIVERS

Modest Franchise: TL is a small leasing company operating in
Kazakhstan focused on leasing of agricultural and road construction
equipment, as well as cargo and city-transport vehicles. The
ratings reflect TL's modest franchise, monoline business model,
substantial concentration by lessee and industry as well as
reliance of its business profile on continued funding access, which
can be volatile.

Stable Outlook: The Stable Outlook on TL's Long-Term IDRs reflects
Fitch's view that TL should be able to withstand macroeconomic
challenges at its current rating, including those stemming from
high interest rate and inflation. It also reflects TL's record of
adequate profitability and asset quality during multiple stressed
periods.

State Dominates Funding Profile: TL's funding profile benefits from
access to subsidised state funding (around 40% of total outstanding
debt at end-1Q23), as well as other funding sources including banks
(31%) and local bond market (29%). TL benefits from substantial
undrawn balances on its credit lines from government development
institutions and local banks, as well as two KZT3 billion bonds
registered on the local stock exchange, which could support the
company's growth in the medium term.

Limited Funding Flexibility: TL's liquidity is acceptable for the
rating, benefiting from well-matched cash outflows against inflows
and solid cash buffers of KZT1.9 billion at end-1Q23 (11% of total
debt). However, TL has only limited access to unsecured funding,
with most debt secured (65% of total debt at end-1Q23), which
constrains its funding flexibility and liquidity. Nevertheless, the
company has a good record of accessing and diversifying funding
under stress.

In Fitch view, the principal repayment on TL's first bond maturing
in 4Q23 totalling KZT2 billion weighs on the company's liquidity
profile, which led us to revise the funding, liquidity and coverage
score to 'b-' from 'b'. Fitch understand TL has been taking steps
to ensure timely repayment of the bond principal, which alleviates
some of the liquidity pressure.

Sizeable Exposure to Agriculture: TL has gradually reduced its
exposure to agricultural equipment to a still high 58% at end-1Q23
from 75% at end-2019, with no reported impaired loans at end-1Q23.
The low reserve coverage of the gross portfolio is partly balanced
by prudent down-payments (averaging around 20% in 2022), and a high
proportion of government-subsidised leases (around 70% at
end-1Q23).

Material Portfolio Risk: Fitch assess TL's credit risk as high,
given its sizable exposure to the agricultural sector, with the
lease book subject to mostly annual payments, which could lead to
sudden increases in impaired lease assets. As a result, TL's asset
quality could be affected by macroeconomic challenges, agricultural
goods prices, the state of harvests and export controls. Overall,
the agricultural sector's performance should be supported by sound
agricultural goods prices, structurally weak local currency, as
well as the absence of significant export controls.

Solid Performance: TL has a record of stable performance despite
economic and other challenges. Its annualised pre-tax return on
average assets was 4.9% in 1Q23 (2022: 3.4%), but would have been
lower had TL provisioned more conservatively. In Fitch view, TL's
profitability could come under pressure from narrowing margins, as
funding costs increase. TL's structurally volatile funding access
could further narrow margins under more adverse conditions.

Acceptable Leverage: TL has a modest level of absolute capital
(USD12.9 million-equivalent at end-1Q23) but an acceptable gross
debt-to-tangible equity ratio of 3.1x (3.2x at end-2022) and
liabilities-to-equity ratio of 3.8x at end-1Q23. TL has resumed
dividend payments, targeted at up to 20% of net income annually,
which has slowed capital generation somewhat. However, management
intends to maintain leverage comfortably below the covenanted
liabilities-to-equity ratio of 7.5x. At end-1Q23, TL's capital base
could sustain impairment charges of around 14% of gross leases
before breaching the covenanted level.

RATING SENSITIVITIES

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

-- Signs of increased refinancing risks, with funding increasingly
reliant on short-term funding sources or an inability to access
liquidity when needed;

-- Changes in strategic direction that contribute to a material
increase in risk appetite or an increase in leverage with a gross
debt-to-tangible equity ratio above 5x, which would significantly
narrow headroom to covenanted leverage metrics;

-- Deterioration in asset quality that affects profitability and
reduces loss absorption buffers, particularly the availability and
quality of equity.

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

-- A materially stronger franchise, improved liquidity and better
funding diversification could lead to an upgrade;

-- In the longer term, a more diversified portfolio and larger
business scale relative to both domestic and international peers
combined with a conservative leverage profile and the maintenance
of above peer financial indicators could be positive for the
rating.

DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS

Average Recovery Prospects: TL's senior unsecured bond rating is
equalised with the Long-Term Local-Currency IDR, reflecting Fitch's
view that the likelihood of default on the senior unsecured
obligation is the same as that of the company, with average
recovery prospects reflected in a 'RR4' Recovery Rating.

DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES

The senior unsecured bond rating is sensitive to changes in TL's
Long-Term IDR. Lower recovery assumptions due to, for instance, a
growing share of secured debt or worse-than-expected asset-quality
trends (which could lead to larger asset haircuts), could lead to
below-average recoveries and lead Fitch to notch the rating down
from TL's Long-Term IDR.

ADJUSTMENTS

The sector risk operating environment score of 'b+' is below the
'bb' category implied score due to the following adjustment reason:
regulatory and legal framework (negative);

The business profile score of 'b-' is above the 'ccc' category
implied score due to the following adjustment reason: market
position (positive).

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of four notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

TL has an ESG Relevance Score of '4' for Governance Structure due
to a significant dependence in decision-making on the sole
shareholder, which has a negative impact on the credit profile, and
is relevant to the ratings in conjunction with other factors.

TL has an ESG Relevance Score of '4' for Exposure to Environmental
Impacts due to its sizable exposure to the agricultural sector,
which has a negative impact on the credit profile, and is relevant
to the ratings in conjunction with other factors.

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



=================
L I T H U A N I A
=================

AKROPOLIS GROUP: Fitch Affirms 'BB+' Long Term IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings has affirmed Akropolis Group, UAB's Long-Term Issuer
Default Rating (IDR) at 'BB+' with a Stable Outlook. Fitch has also
affirmed Akropolis's senior unsecured rating of 'BB+' with a
Recovery Rating of 'RR4'.

Akropolis's concentration on five shopping centres in Lithuania and
Latvia, which limits asset, tenant and geographical
diversification, constrains the ratings. The largest asset
comprises more than 30% of the group's portfolio value.

The ratings also reflect Akropolis's dominant position in its local
retail markets and its strong operating performance.
Fitch-calculated net debt/EBITDA of Akropolis is low at under 4.5x,
while EBITDA interest coverage remains healthy at around 4.0x,
stemming from a high income-yielding profile of Baltic-located
assets and a moderate Fitch-calculated loan-to-value (LTV) of below
35%. This financial profile is strong for the rating, despite the
substantial capex to be incurred on its Vingis mixed-use
development.

KEY RATING DRIVERS

Strong Operating Performance: Akropolis's rental income in 2022
increased over 25% compared with pandemic-affected 2021 on a
like-for-like basis. Despite the rental increase, the tenants'
occupancy cost ratio (OCR) decreased to 10% (2021: 11%) as tenant
sales exceeded 2019 levels, aided by high inflation in 2022 that
averaged 19% and 17% in Lithuania and Latvia, respectively.

Akropolis did not pass on all higher property operating expenses,
which included increased energy costs, to its tenants, resulting in
a lower EBITDA margin of 93% (2021: 96%). Occupancy remained stable
at 98% at end-2022, but the GLA weighted average lease expiry (to
break) decreased to 5.1 years (end-2021: 6.1 years) as a
substantial portion of leases expires in 2024. However, the metric
would be lower if weighted by income.

Rental Indexation Limited: Akropolis decided to forfeit part of its
annual rent indexation, which is included in most of its tenancy
agreements and is based on the previous year's CPI. The average
indexation applied in January 2023 for the portfolio was around 8%,
which tried to balance sustainable rents in a high inflation
environment that is affecting household consumption and tenant
sales. Fitch forecasts inflation in 2023 of 11% and 10% for
Lithuania and Latvia, respectively. Fitch expect Akropolis to again
forfeit part of inflation-linked rent increases in 2024.

Concentrated Portfolio: Akropolis's EUR1 billion portfolio includes
five assets located in Lithuania (around 60% by market value, (MV))
and Latvia (around 40%), countries with populations of 2.86 million
and 1.9 million, respectively. The limited number of assets and the
small size of the retail markets, where some well-known brands are
present via franchisees, mean tenant and asset concentration is
high. The top 10 tenant groups generate 39% of rent, including 11%
from tenants owned by Akropolis's parent company, Vilniaus Prekyba
Group (VP Group).

Strong Market Position: Akropolis's shopping centres, with an
average retail gross lettable area (GLA) of 64,000 square metres
(sqm), have dominant positions in the key cities of Lithuania and
Latvia. They provide comprehensive retail offerings, including food
retailers Rimi and VP-Group owned Maxima, a wide range of fashion
brands, including Zara, H&M, Reserved, and entertainment. This,
combined with good locations and the strong Akropolis brand,
attracted 41 million visitors in 2022.

Low Leverage: Fitch expects Akropolis's net debt/EBITDA to decrease
to 3.6x in 2023 (2022: 4.3x), aided by rent indexation, limited
capex and the absence of dividends. Fitch forecast leverage to rise
moderately to 4.2x in 2026, due to higher capex on the Vingis
project. Its EBITDA interest coverage in 2022 decreased to 6.4x
(2021: 16.8x) as Akropolis upsized its bank loan that is secured on
the Akropolis Vilnius shopping centre. The loan (34% of total debt)
is not hedged against interest rates. Fitch expected interest
coverage to remain between 4.0x and 5.0x during the next four
years.

Vingis Rent Postponed: In the beginning of 2023, Vilnius local
authorities approved plans to improve the transportation
infrastructure around Akropolis's Vingis project, a mixed-use
development including retail, office and residential space.
Akropolis expects to submit the documents necessary to receive
building permits by end-2023. Once the permit is received,
construction is expected to start. The first rental income receipts
are now expected in 2026, a year later than scheduled. Total capex
for the project will be around EUR300 million to be spent until
end-2027, but this is largely uncommitted at this stage.

Akropolis is also refurbishing the common space in its Klaipeda
asset for an expected total cost of around EUR8 million.

No Independent Oversight: Akropolis's concentrated ownership by the
privately-held VP Group means financial disclosure and corporate
governance are not comparable with listed companies'. This,
together with the lack of independent directors on Akropolis's
board, means that the arm's length nature of related-party
transactions (including the Maxima Group and sister tenants) does
not have the independent oversight of listed peers. The
related-party links are also underlined by the rotation of
management within the VP Group when in June 2023, Nerijus
Maknevičius, who worked in the VP Group, replaced Manfredas
Darguzis as CEO of Akropolis, while Darguzis was appointed CEO of
the Maxima Group.

PSL Assessment: Fitch rates Akropolis on a consolidated plus
one-notch basis under its Parent and Subsidiary Linkage (PSL)
Criteria. Fitch view the legal ringfencing as 'porous' based on
self-imposed restrictions in its bond documentation that limit
potential value transfers to the VP Group. The restrictions include
a maximum 60% total indebtedness/total assets ratio (quasi-LTV) and
less onerous limits on transactions with affiliates and dividends.
The criteria's access and control factors are assessed as 'open'
due to full ownership by the VP Group and despite Akropolis being
separately funded with its own treasury functions and independent
cash management.

DERIVATION SUMMARY

Akropolis's EUR1 billion retail portfolio is similar in size and
concentration to Balkans Real Estate B.V.'s (BRE; BB(EXP)/Stable)
EUR0.7 billion (fully consolidated) portfolio of retail (73% of
market value) and office (27%) assets. However, country risk
exposure is materially higher as all its assets are in Serbia
(BB+/Stable). MAS plc's (BB/Positive) core EUR0.9 billion CEE
portfolio is predominantly in Romania (BBB-/Stable), but has
slightly lower asset concentration.

The portfolio of NEPI Rockcastle N.V. (BBB+/Stable), valued at
EUR5.7 billion; Globalworth Real Estate Investments Limited
(BBB-/Negative) at EUR2.8 billion; and Globe Trade Centre S.A.
(BBB-/Negative) at EUR2 billion; are bigger and more diversified.
However, only GTC and BRE are diversified between retail and
offices.

Akropolis has the most conservative financial profile with net
debt/EBITDA expected at below 4.5x until 2026 and an LTV below 35%.
BRE's net debt/EBITDA is expected at 6.0x-7.0x until 2025 and
NEPI's at around 6.0x. NEPI's assets are lower-yielding at a net
initial yield of 6.8%. The financial profiles of Globalworth and
GTC are weaker.

KEY ASSUMPTIONS

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

-- Rent increase of 7% in 2023 including CPI indexation effect.
Average rent increases in 2024-2026 of 4%, reflecting CPI
indexation effect and Vingis's first rent in 2026

-- Stable occupancy of above 97%

-- Around EUR270 million capex until 2026, mostly related to the
Vingis project

-- No dividends paid for the next four years

-- Akropolis's bond to be refinanced at 6.5% in 2026

RATING SENSITIVITIES

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

-- Expansion of the portfolio in less correlated markets while
maintaining portfolio quality

-- Unencumbered assets/unsecured debt cover above 2.0x

-- Net debt/EBITDA below 8.5x

-- Consistent interest-rate hedging policy

-- Improved corporate governance

-- Improvements in the consolidated profile of VP Group and
Akropolis

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

-- Net debt/EBITDA above 9.0x and LTV trending above 55%

-- Unencumbered assets/unsecured debt cover below 1.75x

-- Failure to complete the Vingis development as per schedule
and/or materially outside the assumed budget

-- Liquidity score below 1.0x

-- Transactions with related-parties that are detrimental to
Akropolis's interests

-- A deterioration in the consolidated profile of VP Group and
Akropolis

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: Cash reported by Akropolis at end-2022 amounted
to EUR176 million, including EUR42 million from the Akropolis
Vilnius refinancing in September 2022. At end-2022 this EUR42
million, although available for Akropolis, was held in accounts
pledged to banks as collateral. Out of a total of EUR62 million
cash held in these accounts, Fitch treats EUR20 million as
restricted, leaving Fitch-deemed readily available cash at EUR156
million.

The readily available cash, together with Fitch-forecast free cash
flow (FCF) of EUR33 million, comfortably covers EUR8 million of
loan amortisations in 2023. The next meaningful debt repayment is
in 2026 when Akropolis's EUR300 million unsecured Eurobond matures.
Akropolis does not use committed revolving credit facilities as a
contingent source of liquidity.

Four out of Akropolis's five assets are unencumbered, resulting in
an unencumbered assets/unsecured debt of 2.3x.

ESG CONSIDERATIONS

Akropolis has an ESG Relevance Score of '4' for Governance
Structure, reflecting the lack of corporate governance attributes
that would both mitigate key person risk from the dominant
shareholder Nerijus Numa and ensure independent oversight of
related-party transactions. This has a negative impact on the
credit profile, and is relevant to the ratings in conjunction with
other factors.

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



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

ARVOS BIDCO: $100M Bank Debt Trades at 68% Discount
---------------------------------------------------
Participations in a syndicated loan under which Arvos BidCo Sarl is
a borrower were trading in the secondary market around 32.3
cents-on-the-dollar during the week ended Friday, July 21, 2023,
according to Bloomberg's Evaluated Pricing service data.

The $100 million facility is a Term loan that is scheduled to
mature on August 29, 2023.  The amount is fully drawn and
outstanding.

Arvos BidCo S.a.r.l. is the parent company of the Arvos Group,
which is a global leader in providing heat exchanging and wind
tower solutions.  Arvos Group is a carve-out from Alstom and is
fully owned by Triton funds and by its management. Arvos Midco S.a
r.l. (formerly Alison Midco S.a.r.l.) is the parent company of
Arvos BidCo. The Company's country of domicile is Luxembourg.


MALLINCKRODT INT'L: Moody's Cuts CFR to Ca & 1st Lien Debt to Caa3
------------------------------------------------------------------
Moody's Investors Service downgraded the ratings of Mallinckrodt
International Finance S.A., including the corporate family rating
to Ca from Caa1 and the probability of default rating to Ca-PD from
Caa1-PD. Moody's has appended the limited defaults (/LD)
designation to Mallinckrodt Ca-PD. Moody's also downgraded the
ratings on the company's senior secured first lien debt to Caa3
from Caa1, and the rating on the senior secured second lien debt to
C from Caa3. At the same time, Speculative Grade Liquidity Rating
was downgraded to SGL-4 from SGL-2. The outlook remains negative.

The downgrade of the PDR, along with the appending of limited
default "LD" designation reflects Mallinckrodt's missed debt
service payment due June 15, 2023 and the expiration of the
applicable 30-day grace period. The company entered into a
forbearance agreement with its first lien lenders on its interest
and principal payments. The missed payment constitutes a default
under Moody's default definition, despite the forbearance
agreement.

The ratings downgrade reflect Moody's view of the increased
likelihood of a default as the company has missed its interest
payment and continues to delay the payment of the opioid litigation
settlement.

Governance risk is a consideration in the rating action. The
company operates with aggressive financial policies reflected in
very high debt levels and obligations, resulting in capital
structure and interest expense that is untenable. The company
entered into a forbearance agreement with holders of its debt on
July 16, 2023.

Moody's took the following rating actions:

Downgrades:

Issuer: Mallinckrodt International Finance S.A.

Corporate Family Rating, Downgraded to Ca from Caa1

Probability of Default Rating, Downgraded to Ca-PD /LD from
Caa1-PD

Speculative Grade Liquidity Rating, Downgraded to SGL-4 from
SGL-2

Senior Secured 1st Lien Term Loan B, Downgraded to Caa3 from Caa1

Senior Secured 1st Lien Notes, Downgraded to Caa3 from Caa1

Senior Secured 2nd Lien Notes, Downgraded to C from Caa3

Outlook Actions:

Issuer: Mallinckrodt International Finance S.A.

Outlook, Remains Negative

RATINGS RATIONALE

Mallinckrodt's Ca CFR reflects the high likelihood of a material
debt restructuring as the company continues to discuss strategic
alternatives with its lenders to pursue a sustainable capital
structure, as well as Moody's view of recovery. The company missed
the June 15, 2023 interest payment past the thirty business days
grace period on its first lien senior secured notes due 2028 and
second lien notes due 2029. The rating also reflects Mallinckrodt's
pro forma financial leverage at 7.4x for the twelve months ended
March 31, 2023, including the present value of liabilities related
to the opioid settlement. The rating is constrained by high
earnings concentration in Mallinckrodt's two largest franchises,
Acthar and INOmax, both of which will continue to experience
double-digit declines in earnings due to competitive pressures.
Mallinckrodt's ratings are supported by its moderate scale and its
growing hospital-based business.

The downgrade of the Speculative Grade Liquidity Rating to SGL-4
from SGL-2 reflects the company's entrance into a forbearance
agreement that will result in substantial portion of the company's
debt maturing on August 15th. The company's access under its $200
million ABL facility was also capped at $100 million. That said,
Mallinckrodt's cash balance remains material at roughly $480
million as of March 31, 2023.

Mallinckrodt's CIS-5 indicates that the rating is lower than it
would have been if ESG risk exposures did not exist and that the
negative impact is more pronounced than for issuers scored CIS-4.
Primary drivers of the CIS-5 include governance risks (G-5), driven
by the company's aggressive financial policies vis-à-vis very high
financial leverage and management track record and credibility
risks of successfully operating following the 2020 bankruptcy
filing. The score also reflects exposure to social risks (S-5),
most notably with responsible production and high exposure to
litigation, specifically related to its sales of opioid drugs.
Additionally, because branded business represents a large share of
cash flows, drug pricing risk in the US is a key social risk, for
Mallinckrodt as well.

The senior secured first lien term loans and notes are rated Caa3,
one notch above the Ca Corporate Family Rating. The first lien
instrument ratings reflect one-notch override to the Loss Given
Default model, reflecting Moody's expectation for higher recovery
rates in the event of a default. The second lien notes due 2025 and
second lien notes due 2029 are both rated C, one-notch below the
CFR, which reflects the subordination of these instruments to the
first lien credit facilities and the expectation of loss in value
in a default scenario.

The negative outlook reflects very high risk of debt restructuring
and that recovery could be weaker than Moody's anticipates.

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

Factors that could lead to a downgrade include Moody's lowering its
view on expected recoveries. Factors that could lead to an upgrade
include the company improving earnings or reducing debt
sufficiently to achieve a tenable capital structure with improved
liquidity.

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

Luxembourg-based Mallinckrodt International Finance S.A. is a
subsidiary of Dublin, Ireland-based Mallinckrodt plc (collectively
"Mallinckrodt"). Mallinckrodt International Finance S.A. is a
specialty biopharmaceutical company with reported net revenue for
the twelve months ended March 31, 2023 of approximately $1.85
billion.



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

E-MAC NL 2004-1: Fitch Affirms 'B-sf' Rating on 3 Tranches
----------------------------------------------------------
Fitch Ratings has affirmed all tranches of E-MAC NL 2004-1 B.V.,
E-MAC NL 2005-III B.V., E-MAC NL 2006-II B.V., and E-MAC Program
B.V. Compartment NL 2006-III.

ENTITY/DEBT     RATING    PRIOR
----------                     ------                  -----
E-MAC NL 2004-1 B.V.

Class A XS0188806870 LT   B-sf        Affirmed B-sf
Class B XS0188807506 LT   B-sf        Affirmed B-sf
Class C XS0188807928 LT   B-sf        Affirmed B-sf
Class D XS0188808819 LT   CCCsf       Affirmed CCCsf

E-MAC NL 2006-II B.V.

Class A XS0255992413 LT  B-sf      Affirmed  B-sf
Class B XS0255993577 LT  B-sf      Affirmed  B-sf
Class C XS0255995358 LT  B-sf      Affirmed  B-sf
Class D XS0255996166 LT  CCCsf     Affirmed  CCCsf
Class E XS0256040162 LT  CCCsf     Affirmed  CCCsf

E-MAC Program B.V.
Compartment NL 2006-III

Class A2 XS0274609923 LT  B-sf     Affirmed  B-sf
Class B XS0274610855 LT  B-sf     Affirmed  B-sf
Class C XS0274611317 LT  B-sf     Affirmed  B-sf
Class D XS0274611747 LT  CCCsf    Affirmed  CCCsf
Class E XS0275099322 LT  CCCsf    Affirmed  CCCsf

E-MAC NL 2005-III B.V.

Class A XS0236785431 LT  B-sf     Affirmed  B-sf
Class B XS0236785860 LT  B-sf     Affirmed  B-sf
Class C XS0236786082 LT  B-sf     Affirmed  B-sf
Class D XS0236786595 LT  CCCsf    Affirmed  CCCsf
Class E XS0236787056 LT  CCCsf    Affirmed  CCCsf

TRANSACTION SUMMARY

The transactions are seasoned true-sale securitisations of Dutch
residential mortgage loans originated by GMAC- RFC Nederland B.V.
The servicer is CMIS Nederland B.V.

KEY RATING DRIVERS

Asset Maturity Risk: Fitch identified assets in all transactions
with maturity dates exceeding those of the notes. These amounts can
reach up to 0.5% of the current pool balance. Note amortisation in
these transactions is currently pro-rata given the satisfactory
performance. In a benign environment it is possible for the
transactions to amortise pro-rata until note maturity. This implies
a loss in all collateralised tranches equal to the balance of the
loans that mature after the notes.

High IO Loan Concentration: The majority of the loans in all four
deals are interest-only (IO) and the IO concentration within the
portfolios exceeds the average of Fitch-rated Dutch RMBS. According
to Fitch's criteria, a 50% weighted average foreclosure frequency
(WAFF) is tested for the peak concentration at 'AAA' level and the
'B' WAFF for the remainder of the pool.

Weakening Asset Performance: The affirmations reflect Fitch's
expectation of a mild deterioration of asset performance,
consistent with weaker macroeconomic conditions linked to
inflationary pressures that negatively affect real household wages
and disposable income, especially for more vulnerable borrowers
such as unemployed and self-employed individuals. The transactions
are protected by substantial portfolio seasoning of more than 16
years, and have low portions of loans in three-month plus arrears
(between 0.4% and 0.7% as of April 2023).

Constraints for Excess Spread Notes: Fitch has affirmed the excess
spread notes in the 2005-III, 2006-II and 2006-III transactions at
'CCCsf'. Principal redemption of these notes ranks subordinate to
the payment of extension margins on the collateralised notes in the
revenue waterfall. As the extension margin amounts have been
accruing and remain unpaid, the principal repayment of these notes
via excess spread is unlikely. The class E notes could fully
amortise through the release of the reserve fund if it builds up
after significant performance deterioration, i.e. 90+ day arrears
increase above 2% and then fall below 2% again.

Counterparty Risks Mitigated: A liquidity reserve and adequate
counterparty ratings mitigate counterparty risks for all
transactions as per Fitch's Structured Finance and Covered Bonds
Counterparty Rating Criteria.

RATING SENSITIVITIES

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

Adverse macroeconomic factors may affect asset performance. An
increase in foreclosures and losses beyond Fitch's stresses could
trigger a downgrade.

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

Prepayment of the assets with a maturity after the notes' maturity
could lead to upgrades.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

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

DATA ADEQUACY

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

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

Overall, and together with any assumptions, 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.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

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.

E-MAC NL 2007-III: Fitch Puts B+sf Rating on D Notes on Watch Pos.
------------------------------------------------------------------
Fitch Ratings has placed E-MAC Program B.V. - Compartment NL
2007-III's class D notes rating on Rating Watch Positive (RWP) and
affirmed the other tranches of the transaction. Fitch has also
affirmed E-MAC NL 2004-II B.V., E-MAC NL 2005-I B.V. and E-MAC
Program B.V. Compartment NL 2007-I.

ENTITY/DEBT         RATING           PRIOR  
-----------                  ------                    -----
E-MAC NL 2005-I B.V.

Class A XS0216513118 LT   A+sf    Affirmed  A+sf
Class B XS0216513548 LT   A+sf    Affirmed  A+sf
Class C XS0216513977 LT   A+sf    Affirmed  A+sf
Class D XS0216514199 LT   A+sf    Affirmed  A+sf

E-MAC Program B.V.
Compartment NL 2007-I

Class A2 XS0292255758 LT  Asf     Affirmed  Asf
Class B XS0292256301 LT  BBB+sf  Affirmed         BBB+sf
Class C XS0292258695 LT  BB+sf   Affirmed         BB+sf
Class D XS0292260162 LT  BB-sf   Affirmed         BB-sf
Class E XS0292260675 LT  CCCsf   Affirmed         CCCsf

E-MAC Program B.V. –
Compartment NL 2007-III

Class A2 XS0307677640 LT  A+sf   Affirmed  A+sf
Class B XS0307682210 LT  A-sf   Affirmed  A-sf
Class C XS0307682723 LT  BB+sf  Affirmed  BB+sf
Class D XS0307683291 LT  B+sf   Rating Watch On B+sf
Class E XS0307683531 LT  CCCsf  Affirmed  CCCsf

E-MAC NL 2004-II B.V.

Class A XS0207208165 LT  A+sf  Affirmed  A+sf
Class B XS0207209569 LT  A+sf  Affirmed  A+sf
Class C XS0207210906 LT  A+sf  Affirmed  A+sf
Class D XS0207211037 LT  A+sf  Affirmed  A+sf
Class E XS0207264077 LT  CCCsf Affirmed  CCCsf

TRANSACTION SUMMARY

E-MAC is a special-purpose company incorporated under the laws of
the Netherlands with limited liability and registered on the
Commercial Register of the Chamber of Commerce of Amsterdam. Its
shares are owned by Stichting E-MAC NL Holding, established under
the laws of the Netherlands as a foundation.

At closing, the issuer acquired a portfolio of residential
mortgages from the seller that forms the collateral for the notes.
The portfolio consists of first-ranking or first- and sequentially
lower-ranking fixed- and variable-rate mortgages secured over
residential property located in the Netherlands.

KEY RATING DRIVERS

Post Swap Income Adjustments: The RWP on the 2007-III class D
tranche indicates the upgrade potential due to a higher expected
post swap income available to the SPV once subordinated swap
payments are excluded from the total swap payment amounts. The
current information available to Fitch does not detail these
payments, resulting in a potential overestimation of payments due.
Fitch expects it could upgrade the class D notes if it receives a
detailed breakdown of the swap payments confirming higher post swap
income are available to the issuers.

Fitch also expects the transactions' liquidity positions to improve
as they move into their tail periods. This is because the liquidity
reserve amounts, which are currently at their floor, will increase
as a proportion of the notes' balances.

No Replacement Language Caps Notes: Fitch has capped the 2004-II
and 2005-I notes' ratings due to a lack of replacement language for
the collection account bank. As commingling losses combined with
pro rata payments could lead to losses for all notes, Fitch have
capped the rating of these notes at the deposit rating of ABN Amro
Bank N.V. (A/Stable/F1, deposit ratings: A+/F1) Counterparty risks
are reduced for the other two transactions under Fitch's Structured
Finance and Covered Bonds Counterparty Rating Criteria.

CE Limited by Pro-rata Amortisation: As of the April 2023 payment
date, all transactions were continuing to amortise pro rata. All
transactions have had periods of sequential amortisation, but once
reverted to pro rata, the credit enhancement (CE) build-up for the
senior notes reduced in line with the amortisation mechanism in the
documentation. This feature has been factored into the rating
analysis to the extent that the relevant pro-rata triggers are
captured by Fitch's modelling.

There are no conditions that would result in an irreversible switch
to sequential note amortisation after amortisation has crossed a
certain threshold, which Fitch deem a non-standard structural
feature. Where appropriate, Fitch has assigned ratings that are
different to those derived by its cash flow model. This reflects
that ratings could be lower if performance is better than assumed
in the respective rating scenarios and thereby principal payments
continue to be pro rata. Fitch also considered cash-flow models
with a purely sequential amortisation to take into account
worse-than-expected performance and prolonged periods of high
arrears.

Excess Spread Notes at 'CCCsf': All outstanding excess spread notes
are rated 'CCCsf'. Principal redemption of these notes is
subordinate to the payment of subordinated swap payments and
extension margins on the collateralised notes in the revenue
waterfall. As the extension margin amounts have been accruing and
remain unpaid, the full principal redemption of the excess spread
notes from interest receipts is considered unlikely. Fitch's
ratings do not address the payment of extension margins.

The reserve funds may increase following asset performance
deterioration. Funds collected will be released once arrears fall
again below the pre-defined three-months arrears trigger, at which
point the funds released will be used towards the redemption of the
excess spread notes. As the portfolios continue to amortise, a
small number of loans can lead to greater volatility in arrears
performance, leading to the possibility of continuous
replenishments and releases in the reserve funds, and subsequent
redemptions on the excess spread notes. Given this variability, the
credit risk of these notes is commensurate with the 'CCCsf'
rating.

IO Concentration: As of April 2023, the interest-only (IO)
concentrations in these transactions range between 69% (2005-I) and
about 84% (2004-II) of the outstanding portfolio and are high
compared with other Fitch-rated Dutch RMBS. Under the criteria,
Fitch assumed a 50% weighted average foreclosure frequency (WAFF)
for the peak concentration at 'AAA' level (Fitch apply lower WAFF
assumptions at lower rating stresses), and the 'B' WAFF to the
remainder of the pool.

For 2004-II and 2007-III, the application of the IO concentration
WAFF resulted in model-implied ratings (MIR) more than three
notches below the rating derived by applying a WAFF produced by the
standard criteria assumptions. Consequently, Fitch considered the
IO WAFF in its rating analysis for these transactions. Fitch used
the standard criteria WAFF for the remaining two deals.

The KRDs listed in the applicable sector criteria, are not material
to this rating action.

RATING SENSITIVITIES

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

Adverse macroeconomic factors may affect asset performance. An
increase in foreclosures and losses beyond Fitch's stresses may
erode CE, leading to negative rating action.

Furthermore, a downgrade of the collection account bank could
result in a downgrade of 2004-II's and 2005-I's notes.

The RWP indicates potential for an upgrade assuming an increase in
available funds once subordinated swap payments are excluded from
the total swap payments. However, if available funds were lower
than expected or did not increase the rating would not be
upgraded.

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

Due to the lack of a hard switch-back to sequential amortisation, a
slight and persistent increase in delinquencies and losses could be
beneficial for the senior notes, as this could switch the
transactions to sequential amortisation and lead to an increase in
their CE if amortisation remains sequential until the notes are
repaid.

Furthermore, an upgrade of the collection account bank could result
in an upgrade of 2004-II's and 2005-I's notes.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

CRITERIA VARIATION

Fitch varied from its European RMBS Rating Criteria and affirmed
E-MAC 2004-II's class D notes at 'A+sf' despite the MIR from the
updated analysis was more than three notches lower than the current
rating. This is because the MIR results are sensitive to the post
swap income available to the SPV, Fitch is assuming in its cash
flow analysis. Post swap income could be higher once subordinated
swap payments are excluded from the total swap payment amounts.

The current information available to Fitch does not detail these
payments, resulting in a potential overestimation of payments due.
The impact of applying the criteria variation is five notches,
resulting in a 'BBB-sf' rating for the class D notes if the
criteria variation was not applied.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

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

DATA ADEQUACY

E-MAC NL 2004-II B.V., E-MAC NL 2005-I B.V., E-MAC Program B.V. -
Compartment NL 2007-III, E-MAC Program B.V. Compartment NL 2007-I

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

Fitch did not undertake a review of the information provided about
the underlying asset pool[s] ahead of the transaction's E-MAC NL
2004-II B.V., E-MAC NL 2005-I B.V., E-MAC Program B.V. -
Compartment NL 2007-III, E-MAC Program B.V. Compartment NL 2007-I
initial closing. The subsequent performance of the transactions
over the years is consistent with the agency's expectations given
the operating environment and Fitch is therefore satisfied that the
asset pool information relied upon for its initial rating analysis
was adequately reliable.

Overall, and together with any assumptions, 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.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

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.



===========
P O L A N D
===========

CYFROWY POLSAT: Moody's Withdraws 'Ba3' Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service has withdrawn the Ba3 corporate family
rating and the Ba3-PD probability of default rating of Cyfrowy
Polsat S.A. (Polsat), a leading media and telecom company in
Poland. The outlook prior to the withdrawal was negative.

RATINGS RATIONALE

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

COMPANY PROFILE

Polsat is the largest pay-TV provider in Poland and one of the
leading satellite platforms in Europe, one of Poland's leading
content producers and private broadcasters in terms of both
audience and advertising market shares and one of the four largest
telecommunication operators in Poland offering fixed and mobile
broadband in fiber/LTE/5G. In 2022, Polsat reported consolidated
revenue of PLN12.9 billion and EBITDA of PLN3.4 billion.



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

VAKIF KATILIM: Fitch Affirms 'B-/B' Long Term IDRs, Outlook Neg.
----------------------------------------------------------------
Fitch Ratings has Affirmed Vakif Katilim Bankasi A.S.'s (Vakif
Katilim) Long-Term Foreign-Currency (LTFC) Issuer Default Rating
(IDR) at 'B-' and Long-Term Local-Currency (LTLC) IDR at 'B'. The
Outlooks are Negative. Fitch has also affirmed the bank's Viability
Rating (VR) at 'b-'.

KEY RATING DRIVERS

VR Drives LTFC IDR: Vakif Katilim's LTFC IDR is driven by its 'b-'
VR. The VR reflects its concentrated operation in the challenging
Turkish market, rapid financing growth, fairly short record of
operations and concentration risks on both sides of the balance
sheet. However, it also considers its growing participation banking
franchise, adequate capital buffers and fairly limited FC wholesale
funding. The Negative Outlook on the LTFC IDR reflects that on the
operating environment.

The bank's 'B' Short-Term (ST) IDRs are the only possible option
mapping to LT IDRs in the 'B' category.

Sovereign Support Drives LTLC IDR: The LTLC IDR is driven by state
support, reflecting Fitch view of the sovereign's higher ability to
provide support and a lower risk of government intervention risk in
LC. The Negative Outlook reflects that on the sovereign LTLC IDR.

Rapid Franchise Growth: Vakif Katilim's rapid growth, aimed at
increasing market share (end-1Q23: 1.3% of total banking sector
assets), has been supported by capital injections from the
authorities, its growing branch network and product/service
offering and links with state entities. Its small size results in
limited pricing power, but participation (Islamic) banking in
Turkiye has reasonable prospects, given its strategic importance to
the authorities.

High Risk Appetite: Vakif Katilim's credit underwriting framework
is still developing, given its fairly short record of operations
and rapid growth (16% FX-adjusted growth in 1Q23; 90% in 2022) in
the volatile Turkish market. It targets diversification by growing
short-term, LC, largely SME financing (including export lending), a
segment sensitive to the macro outlook.

Asset Quality Risks: Vakif Katilim's non-performing financing ratio
improved to 0.8% at end-1Q23 (end-2022: 0.9%; end-2021: 1.6%) and
the Stage 2 financing ratio was low at 1.9% (33% restructured;
average reserve coverage: 6.9%), reflecting strong financing
growth, which in turn creates seasoning risks. Asset quality risks
remain given macro volatility, single name concentration, high FC
financings (28%; sector: 30%) as not all borrowers are hedged
against lira depreciation and exposure to troubled sectors.

Reasonable Profitability: Vakif Katilim's operating profits/average
total assets declined slightly to 4.5% in 1Q23 (2022: 4.6%), due to
a decline in its net financing margin (1Q23: 7.4%; 2022: 7.7%)
following the impact of macro-prudential measures and higher
operating expenses, which was largely offset by higher net fees and
trading income. The 1Q23 net profit (return on assets: 1Q23: 1.8%;
2022: 3.3%) was dragged down by a one-off donation to the
earthquake relief fund (TRY927.6 million, adjusted return on
assets:3.1%). Profitability remains sensitive to slower GDP growth,
asset quality risks and economic and regulatory developments.

Capitalisation Underpinned by Support: The common equity Tier 1
(CET1) ratio (end-1Q23:17.0%, including 264bp regulatory
forbearance uplift) outperforms peers and is adequate for its risk
profile and growth appetite, while its leverage is also lower
(equity/assets: 11.7%; sector: 10.1%). The bank's capital ratios
benefit from a favourable risk-weighting on assets financed by
profit share accounts, providing a further uplift of around 450bp
to its CET1 ratio.

Capitalisation is supported by pre-impairment operating profit
(1Q23: equal to 7.3% of average loans, annualised) and full
reserves coverage of impaired loans (161%) but remains sensitive to
the macroeconomic outlook, lira depreciation (via the inflation of
FC risk-weighted assets) and asset quality risks. Additional
capital increases are budgeted until end-2025, which should
mitigate risks to capitalisation from further rapid growth.

Limited FC Debt: The bank is largely customer deposit-funded (86%
of total funding) at end-1Q23; 41% were in FC and 27% were
FX-protected lira deposits. External FC debt is fairly limited (7%
of total funding), while FC liquidity (mainly comprising
unencumbered FC government sukuk, FC placements in foreign banks
and FC cash excluding balances with the Central Bank of the
Republic of Turkiye) broadly covers non-deposit FC liabilities due
within a year.

Nevertheless, FC liquidity could come under pressure in case of
sector-wide FC deposit instability or prolonged wholesale funding
market closure.

RATING SENSITIVITIES

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

Vakif Katilim's LTFC IDR is sensitive to a downgrade of its VR, a
change in Fitch's view of government intervention risk in the
banking sector and potentially to a sovereign downgrade.

The VR could be downgraded due to further marked deterioration in
the operating environment, particularly if it leads to further
erosion of the bank's FC liquidity buffer, for example, due to a
prolonged funding-market closure or deposit instability, or a
material deterioration of asset quality metrics.

Vakif Katilim's LTLC IDR would be downgraded if Turkiye's LTLC IDR
was downgraded, if Fitch believed the sovereign's propensity to
provide support in LC had reduced, or if Fitch view of the
likelihood of intervention risk in the banking sector in LC
increases.

The Short-Term IDRs are sensitive to changes in the bank's
Long-Term IDRs.

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

Upgrades are unlikely given heightened operating environment risks
and market volatility, the Negative Outlook on Turkey's sovereign
ratings, and Fitch view of government intervention risk in the
banking sector.

OTHER DEBT AND ISSUER RATINGS: KEY RATING DRIVERS

Vakif Katilim's National Rating reflects Fitch view that the bank's
creditworthiness in LC relative to other Turkish issuers is
unchanged. The National Rating is underpinned by Fitch view
government support in LC.

Vakif Katilim's 'no support' Government Support Rating reflects the
sovereign's weak financial flexibility to provide support in FC,
given its weak external finances and sovereign FC reserves. This is
despite Fitch believing the government has a high propensity to
provide support, given Vakif Katilim's ownership, the strategic
importance of participation banking to the authorities and the
record of capital support.

OTHER DEBT AND ISSUER RATINGS: RATING SENSITIVITIES

The National Rating is sensitive to a change in the bank's
creditworthiness in LC relative to that of other Turkish issuers.

VR ADJUSTMENTS

The operating environment score of 'b-' has been assigned below the
implied score of 'bb' due to the following adjustment reason(s):
sovereign rating (negative), macroeconomic stability (negative).

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond issuers have a best-case rating upgrade scenario
(defined as the 99th percentile of rating transitions, measured in
a positive direction) of three notches over a three-year rating
horizon; and a worst-case rating downgrade scenario (defined as the
99th percentile of rating transitions, measured in a negative
direction) of four notches over three years. The complete span of
best- and worst-case scenario credit ratings for all rating
categories ranges from 'AAA' to 'D'. Best- and worst-case scenario
credit ratings are based on historical performance.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Vakif Katilim's LTLC IDR is driven by support from the Turkish
authorities.

ESG CONSIDERATIONS

Vakif Katilim's ESG Relevance Scores of '4' for Governance
Structure and Management Strategy (in contrast to a typical
Relevance Score of '3' for comparable banks) reflects potential
government influence over its board's effectiveness and management
strategy in the challenging Turkish operating environment, which
has a moderately negative impact on the bank's credit profile, and
is relevant to the ratings in conjunction with other factors.

The ESG Relevance Management Strategy score of '4' also reflects
increased regulatory intervention in the Turkish banking sector,
which hinders the operational execution of management strategy,
constrains management ability to determine strategy and price risk
and creates an additional operational burden for banks. This has a
moderately negative credit impact on the bank's rating in
combination with other factors.

Vakif Katilim's ESG Relevance Governance Structure Score of '4'
also takes into account its status as an Islamic bank. Its
operations and activities need to comply with sharia principles and
rules, which entails additional costs, processes, disclosures,
regulations, reporting and sharia audit. In addition, Islamic banks
have an exposure to social impacts relevance score of '3' (in
contrast to a typical ESG relevance score of '2' for comparable
conventional banks), which reflects that Islamic banks have certain
sharia limitations embedded in their operations and obligations,
although this only has a minimal credit impact on Islamic banks.

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



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

BARINGS EURO 2014-1: Fitch Affirms 'B+sf' Rating on Cl. F-RR Notes
------------------------------------------------------------------
Fitch Ratings has revised Barings Euro CLO 2014-1 DAC class F-RR
notes' Outlook to Negative from Stable. All notes have been
affirmed.

ENTITY/DEBT     RATING    PRIOR  
-----------                    ------                  -----
Barings Euro CLO 2014-1 DAC

A-RR XS1713462239 LT   AAAsf       Affirmed AAAsf
B-1-RR XS1713461421 LT   AA+sf       Affirmed AA+sf
B-2-RR XS1713460704  LT   AA+sf       Affirmed AA+sf
C-RR XS1713460027 LT   A+sf        Affirmed A+sf
D-RR XS1713459441 LT   BBB+sf      Affirmed BBB+sf
E-RR XS1713458807 LT   BB+sf       Affirmed BB+sf
F-RR XS1713458633 LT   B+sf        Affirmed B+sf

TRANSACTION SUMMARY

Barings Euro CLO 2014-1 DAC is a cash flow collateralised loan
obligation (CLO). The underlying portfolio of assets mainly
consists of leveraged loans and is managed by Barings (U.K.)
Limited. The deal exited its reinvestment period in July 2022.

KEY RATING DRIVERS

Par Erosion and Refinancing Risk: Since Fitch's last rating action
in July 2022, par erosion from discounted sales of holdings in
Genesis Care Pty Limited and Casino, Guichard-Perrachon S.A.in 1H23
has resulted in reduced over-collateralisation (OC) cushions for
the junior notes. The Negative Outlook on the class F-RR notes
reflects the smaller OC cushion and their vulnerability to
medium-term refinancing risk due to their junior ranking.

Approximately 6.9% of the portfolio matures within the next 18
months, and 20.4% of the portfolio before end-2025. About 10.5% of
the portfolio comprises weak 'CCC+' or below credits, of which 4.6%
matures before end-2024.

Sufficient Cushion for Class A-RR to E-RR: The affirmation of and
the Stable Outlook for the class A-RR to E-RR notes reflect
sufficient default rate cushion at the current ratings to absorb
additional losses. The transaction's shorter weighted average life
(WAL) has offset the negative impact from the additional par losses
since the last rating action for these notes.

Post-Reinvestment Criteria: Although the transaction exited its
reinvestment period in July 2022 the manager can reinvest
unscheduled principal proceeds and sale proceeds from credit-risk
obligations after the reinvestment period, subject to compliance
with the reinvestment criteria. Given the manager's ability to
reinvest, Fitch analysis is based on a stressed portfolio testing
Fitch-calculated weighted average life (WAL), Fitch-calculated
weighted average rating factor (WARF), Fitch-calculated weighted
average recovery rate (WARR), weighted average spread (WAS) and
fixed-rate asset share to their covenanted limits.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the obligors at 'B'/'B-'. The reported WARF of the current
portfolio was 25.61 as of June 2023, against a covenanted maximum
of 27.

High Recovery Expectations: Senior secured obligations comprise
95.6% of the portfolio as calculated by the trustee. Fitch views
the recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch WARR
reported by the trustee for the current portfolio was at 64.1% as
of June 2023, well above the covenanted minimum of 47.2%.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top-10 obligor
concentration is 18.8%, as calculated by Fitch, and no single
obligor represents more than 3.1% of the portfolio balance, as
reported by the trustee.

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

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings
would result in downgrades of no more than three notches for the
class E-RR and class F-RR notes. and no impact on the rest.

Downgrades may occur if the loss expectation of the current
portfolio is larger than initially assumed, due to unexpectedly
high levels of defaults and portfolio deterioration. Due to the
better metrics and shorter life of the current portfolio than the
Fitch-stressed portfolio, the class B-1-RR and B-2-RR notes display
a rating cushion of one notch.

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

A 25% reduction of the mean RDR and a 25% increase in the RRR
across all ratings of the Fitch-stressed portfolio would result in
upgrades of no more than two notches across the structure, apart
from the 'AAAsf' notes.

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

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

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

DATA ADEQUACY

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

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

Overall, and together with any assumptions, 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.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

BARINGS EURO 2018-2: Fitch Affirms 'B+sf' Rating on Class F Notes
-----------------------------------------------------------------
Fitch Ratings has revised Barings Euro CLO 2018-2 DAC class E and
class F notes' Outlook to Negative from Stable. The rest of the
notes have been affirmed with a Stable Outlook.

ENTITY/DEBT     RATING   PRIOR
----------                      ------          -----
Barings Euro CLO 2018-2
DAC

A-1 A XS1857759762 LT   AAAsf     Affirmed AAAsf
A-1 B XS1859510221 LT   AAAsf     Affirmed AAAsf
A-2 XS1857760265 LT   AAAsf     Affirmed AAAsf
B-1 A XS1857761073 LT   AA+sf     Affirmed AA+sf
B-1 B XS1860319034 LT   AA+sf     Affirmed AA+sf
B-2 XS1857761586 LT   AA+sf     Affirmed AA+sf
C-1 XS1857762394 LT   A+sf      Affirmed A+sf
C-2 XS1860319620 LT   A+sf      Affirmed A+sf
D XS1857763012   LT   BBB+sf    Affirmed BBB+sf
E XS1857763525  LT   BB+sf     Affirmed BB+sf
F XS1857763871  LT   B+sf      Affirmed B+sf

TRANSACTION SUMMARY

Barings Euro CLO 2018-2 DAC is a cash flow collateralised loan
obligation (CLO). The underlying portfolio of assets mainly
consists of leveraged loans and is managed by Barings (U.K.)
Limited. The deal exited its reinvestment period on October 2022.

KEY RATING DRIVERS

Par Erosion and Refinancing Risk: Since Fitch's last rating action
in August 2022, par erosion from discounted sales of holdings in
Genesis Care Pty Limited and Casino, Guichard-Perrachon S.A. in
1H23 has resulted in reduced over-collateralisation (OC) cushions
for the junior notes. The Negative Outlook of class E and F note
reflects the smaller OC cushions and their vulnerability to
medium-term refinancing risk due to their junior ranking.

Approximately 6.1% of the portfolio matures within the next 18
months, and 18.4% of the portfolio before end-2025. About 9.8% of
the portfolio comprises weak 'CCC+' or below credits, of which
2.97% matures before end-2024.

Sufficient Cushion for Class A-D: The affirmation and the Stable
Outlook for class A to D notes reflect sufficient default rate
cushion at their current ratings to absorb additional losses. The
shortened weighted average life (WAL) has offset the negative
impact from the additional par losses since the last rating action
for these notes.

Post-Reinvestment Criteria: Although the transaction exited its
reinvestment period in October 2022 the manager can reinvest
unscheduled principal proceeds and sale proceeds from credit-risk
obligations after the reinvestment period, subject to compliance
with the reinvestment criteria. Given the manager's ability to
reinvest, Fitch analysis is based on a stressed portfolio testing
Fitch-calculated WAL, Fitch-calculated weighted average rating
factor (WARF), Fitch-calculated weighted average recovery rate
(WARR), weighted average spread (WAS) and fixed-rate asset share to
their covenanted limits.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the obligors at 'B'/'B-'. The reported WARF of the current
portfolio was 25.26 as of June 2023, against a covenanted maximum
of 29.

High Recovery Expectations: Senior secured obligations comprise
95.59% of the portfolio as calculated by the trustee. Fitch views
the recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets. The Fitch WARR
reported by the trustee for the current portfolio was at 63% as of
June 2023, above the covenanted minimum of 57.8%.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top-10 obligor
concentration is 17.18%, as calculated by Fitch, and no single
obligor represents more than 2.47% of the portfolio balance, as
reported by the trustee.

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

Deviation from Model-implied Ratings: The class F note rating at
'B+sf' is a deviation from its model-implied ratings (MIR) of
'Bsf'. The deviation reflects the marginal shortfall on the
modelled portfolio cushion at the current rating, and the credit
quality of the portfolio being more in line with the current
rating.

RATING SENSITIVITIES

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

A 25% increase of the mean default rate (RDR) across all ratings
and a 25% decrease of the recovery rate (RRR) across all ratings
would result in downgrades of no more than one notch for the class
C notes, no more than five notches for the class E and class F
notes, and no impact on the rest.

Downgrades may occur if the loss expectation of the current
portfolio is larger than initially assumed, due to unexpectedly
high levels of defaults and portfolio deterioration. Due to the
better metrics and shorter life of the current portfolio than the
Fitch-stressed portfolio, the class B-1 and B-2 notes display a
rating cushion of one notch and the class D notes of two notches.

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

A 25% reduction of the mean RDR and a 25% increase in the RRR
across all ratings of the Fitch-stressed portfolio would result in
upgrades of no more than three notches across the structure, apart
from the 'AAAsf' notes.

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

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

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

DATA ADEQUACY

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

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

Overall, and together with any assumptions, 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.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

JULIEN MACDONALD: Enters Liquidation Following Cash Flow Issues
---------------------------------------------------------------
Samantha Conti at Women's Wear Daily reports that tough economic
times have claimed another industry victim -- Julien Macdonald,
whose business has gone into liquidation.

On July 23, insolvency practitioners FTS Recovery confirmed that
Alan Coleman and Marco Piacquadio have been appointed joint
liquidators to the fashion brand that was founded by Macdonald in
1997, WWD relates.

According to WWD, in a brief statement, FTS said Macdonald's
business fell into trouble during the COVID-19 pandemic, "which has
affected all aspects of the retail sector."

FTS added that Macdonald's label had lost "a significant proportion
of revenue" following the collapse of Debenhams at the end of 2020,
and that no employees or existing contracts could be saved, WWD
states.

The liquidators said they are selling stock and other assets in
order to seek repayment for creditors, WWD notes.

Mr. Coleman, a director at FTS Recovery, added that cash flow at
Julien Macdonald had been severely impacted due to the "loss and
under performance" of several key contracts, WWD discloses.

"The cash flow issues were compounded by general inflationary
costs, which impacted on all aspects of the business," WWD quotes
Mr. Coleman as saying.

Britain, like many other countries, has been fighting to bring down
inflation and has witnessed a series of punishing interest rate
hikes over the past 12 months, WWD relays.


MAKEHAPPEN GROUP: Enters Administration, 165 Jobs Affected
----------------------------------------------------------
ISPreview reports that several key deployments of gigabit-capable
full fibre (FTTP) broadband networks across the United Kingdom are
likely to be impacted after the Makehappen Group, which is a civil
engineer firm, fell into administration last week and effectively
put 165 staff out of a job.

The Leeds-based company first cropped up in 2019 after the
FibreNation project, which at the time was part of TalkTalk (until
CityFibre acquired it), announced that they were partnering with
Makehappen Group to deploy their own Fibre-to-the-Premises (FTTP)
network across the UK, ISPreview relates.  Since then, Makehappen
has also signed various other full fibre contracts, such as with
operators like Upp and CityFibre (e.g. York and Chester), ISPreview
states.

Despite this, the company appears to have been struggling and the
latest update from The Gazette lists them as having appointed joint
administrators -- Neil Morley and Howard Smith -- from Interpath
Ltd on July 18, 2023, ISPreview discloses.

According to a report on Insider Media, Makehappen recently began
experiencing "significant pressure on cashflow after a number of
contracts were withdrawn by their customers", ISPreview notes.
Sadly, the business ceased to trade just before the appointment of
an administrator, which has left little prospect for the impacted
staff to return, ISPreview recounts.


PATAGONIA BIDCO: GBP100M Bank Debt Trades at 18% Discount
---------------------------------------------------------
Participations in a syndicated loan under which Patagonia Bidco Ltd
is a borrower were trading in the secondary market around 82.4
cents-on-the-dollar during the week ended Friday, July 21, 2023,
according to Bloomberg's Evaluated Pricing service data.

The GBP100 million facility is a Delay-Draw Term loan that is
scheduled to mature on October 28, 2028.  

Patagonia Bidco Limited (Huws Gray) is an independent General
Builders Merchant (GBM) distributor in the U.K. that provides a
broad range of building materials to both trade and retail
customers.

SANDSTONE PRESS: Bought Out of Liquidation by Vertebrate
--------------------------------------------------------
Daily Business reports that a book publisher that collated a
collection of Nicola Sturgeon's speeches has been acquired by a
Yorkshire-based company after being placed into liquidation.

According to Daily Business, all assets and stock of Sandstone
Press, founded 21 years ago, have been snapped up by Vertebrate
Publishing which will keep the business going.

Dingwall-based Sandstone is a former Saltire Society publisher of
the year and Jokha Alharthi, one of its authors, won the Man Booker
International Prize in 2019 for her novel Celestial Bodies.

It had been backed by hundreds of thousands of pounds of support
over the years from agencies such as Creative Scotland and
Highlands and Islands Enterprise but insisted the collection of the
former First Minister's writing had been published and financed
without any state support, Daily Business discloses.

Robert Davidson, one of Sandstone's founders, warned earlier this
year of difficult trading conditions in the sector with growing
costs and overheads putting pressure on finances, Daily Business
relates.


SKILLS TRAINING: May Go Into Liquidation This Week
--------------------------------------------------
Joshua Stein at FEWeek reports that a high-profile independent
training provider, Skills Training UK, is close to collapse.

According to FEWeek, the national provider, which has centres
across the West Midlands, London and the South East, could file for
insolvency and go into liquidation this week with the loss of over
two hundred jobs.

Staff were told on Sunday afternoon that they are not required to
come back to work as bosses hold crunch talks with liquidators,
FEWeek relates.  A final decision on the future of the business is
expected early this week, FEWeek notes.

Earlier this month, Skills Training UK was one of several big name
training providers that missed out on a national adult education
budget (AEB) contract in the Education and Skills Funding Agency's
most recent procurement, FEWeek recounts.  The provider does though
hold devolved contracts in London and South Yorkshire.

The company also had traineeships as part of its portfolio, a
government programme that was scrapped by ministers earlier this
year.

Skills Training UK recorded a loss of GBP3.5 million in its 2022/23
accounts, in comparison to a profit of GBP1.2 million the year
prior, FEWeek discloses.  Turnover also slipped to GBP10.3 million
from GBP18.0 million, which it blamed on the coronavirus pandemic,
the economic troubles and their high fixed costs, FEWeek states.

The provider's cash pot also vanished last year, from GBP2.2
million the year prior.  Skills Training went into its overdraft by
more than GBP6,000, FEWeek relays.


TRAFFORD CENTRE: Moody's Downgrades Rating on 2 Tranches to B1
--------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of seven
classes of Notes issued by The Trafford Centre Finance Limited:

GBP340M (Current outstanding amount GBP224.2M) Class A2 Notes,
Downgraded to A1 (sf); previously on Sep 23, 2022 Downgraded to Aa3
(sf)

GBP188.5M Class A3 Notes, Downgraded to A1 (sf); previously on Sep
23, 2022 Downgraded to Aa3 (sf)

GBP120M (Current outstanding amount GBP43.15M) Class B Notes,
Downgraded to Baa3 (sf); previously on Sep 23, 2022 Downgraded to
Baa1 (sf)

GBP20M Class B2 Notes, Downgraded to Baa3 (sf); previously on Sep
23, 2022 Downgraded to Baa1 (sf)

GBP20M Class B3 Notes, Downgraded to Baa3 (sf); previously on Sep
23, 2022 Downgraded to Baa1 (sf)

GBP69.55M (Current outstanding amount GBP28.2M) Class D1(N) Notes,
Downgraded to B1 (sf); previously on Sep 23, 2022 Downgraded to Ba2
(sf)

GBP70M Class D3 Notes, Downgraded to B1 (sf); previously on Sep
23, 2022 Downgraded to Ba2 (sf)

RATINGS RATIONALE

The downgrade action reflects a re-assessment of the expected loss
of the underlying loan. The ratings on the seven outstanding
classes of Notes were downgraded because of an increase in expected
loss due to a higher risk of default and lower Moody's property
value.

Moody's updated loan to value (LTV) ratio is presently 81.0% based
on Moody's value of GBP733.3 million. This compares with an LTV of
78.1% and a Moody's value of GBP785.7 million when Moody's last
downgraded the transaction in September 2022. Moody's updated value
is based on a projected net cash flow of GBP55.0 million and a cap
rate of 7.50%.

The action has considered the transaction's higher default risk due
to its negative cash flow after debt service, which has required
the borrower to rely upon its sponsor. This action also considers
how discretionary retail properties face continued stress due to
the impact of high inflation on consumer spending, and that
e-commerce penetration of retail sales remains elevated following
the coronavirus pandemic.

Moody's rating action reflects a base expected loss in the range of
0%-10% of the current balance. Moody's derives this loss
expectation from the analysis of the default probability of the
securitised loan (both during the term and at maturity) and its
value assessment of the collateral.

DEAL PERFORMANCE

The transaction is secured by a loan backed by a single trophy
asset, the Trafford Centre, a dominant, super-regional shopping
centre in Greater Manchester. The deal benefits from scheduled
amortization and interest rate swaps such that the borrower pays a
fixed interest rate.

The Trafford Centre has begun to stabilize, though at levels below
that of 2019. Collections have stabilized at around 99%, and
reported occupancy of 85% increases to 94% when accounting for
recently signed leases. As of March 31, property annual cash flows
were at GBP47.8 million, but this was depressed by GBP9.3 million
of capital expenditures for tenant leasing costs. Excluding such
items, the centre generated a net operating income (NOI) of GBP57.1
million.

Moody's expects that The Trafford Centre will continue to
experience positive leasing resulting in higher occupancy, but this
will be largely offset by higher operating expenses, lower market
rents and higher concessions such as free rent. The post-pandemic
recovery from consumers return to in-person shopping and dining out
at the property is still positive. Moody's cash flow of GBP55.0
million is based on recent financial statements adjusted for a
normalized level of capital expenditures. Moody's increased its cap
rate to 7.50% to account for higher market yields for retail
properties. It notes that investors in retail properties are also
being more selective, and this is evident in lower transaction
volumes and in rising property yields.

Based on Moody's cashflow assumption, the average Moody's DSCR is
0.96x based on next year's scheduled debt service excluding GBP90
million of bullet repayments that are due in April 2024 to repay
Classes B3 and D3 Notes. Given Moody's projected cash flow, the
repayment of these notes will depend on the continued support of
Canada Pension Plan Investment Board (CPPIB Aaa stable) which in
2020 acquired the ownership of the centre via enforcement of its
GBP250 million subordinate debt following Intu's administration and
an unsuccessful sale process.

Given the sponsor's support, neither the cash reserve nor the
liquidity facility were used to make note payments to date. The
transaction benefits from a GBP5.0 million cash reserve and a
further GBP80.0 million liquidity facility covering both the
principal and interest payments of the Notes. The amount available
to the Class D Notes is limited to GBP15.0 million to cover a
shortfall of interest on the Class D1(N) Notes and the Class D3
Notes.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating EMEA CMBS Transactions" published in May 2021.

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

Main factors or circumstances that could lead to an upgrade of the
ratings are generally: (i) an increase in the property values
backing the underlying loan; (ii) a decrease in default risk
assessment.

Main factors or circumstances that could lead to a downgrade of the
ratings are: (i) a decline in the property values backing the
underlying loan; or (ii) an increase in default risk assessment.

WD FF LIMITED: Fitch Affirms 'B' LT IDR, Alters Outlook to Stable
-----------------------------------------------------------------
Fitch Ratings has revised WD FF Limited's (Iceland; previously
Lannis Ltd) Outlook to Stable from Negative, while affirming the
food retailer's Long-Term Issuer Default Rating (IDR) at 'B'. Fitch
also affirmed the senior secured instruments issued by Iceland
Bondco plc at 'B+' with a Recovery Rating of 'RR3'.

The revision of the Outlook reflects an uplift in expected earnings
from savings and more clarity on energy costs leading to forecast
6.5x EBITDAR gross leverage in the financial year ending March 2024
(FY24). Iceland is exposed to refinancing risk, which will increase
as the maturity of the GBP550 million notes nears, and this will
weigh on the rating if not addressed 12-15 months ahead of maturity
in March 2025.

The 'B' rating also reflects Iceland's specialist business model
focused on the frozen food and value-seeking consumer segments,
which have been resilient through business cycles. Fitch believes
this segment will continue benefiting from the current
environment.

KEY RATING DRIVERS

Uplift in Forecast: Fitch have revised Fitch forecast for FY24
EBITDA up to around GBP150 million (after Fitch's GBP15 million
deduction for leases). This is due to continued sales growth,
benefiting from Iceland's value positioning, disposal of the
loss-making business in Ireland (GBP9.2 million loss in FY23), and
savings that have more than offset cost inflation. Fitch forecast
of around GBP40 million EBITDA uplift on FY23 prudently builds in
some pressure on margin versus the guided GBP50 million reduction
from locked-in energy cost in FY24.

High But Improved Leverage: Fitch expects FY24 EBITDAR gross
leverage at 6.5x on the back of higher earnings. Leverage remains
high for a food retailer, but it is 0.8x improvement against Fitch
previous forecast, supporting the Stable Outlook. Fitch expect the
company to build headroom under its leverage sensitivities. Fitch
also expect coverage metrics will remain weak amid the debt level
and higher interest rate environment as Iceland faces refinancing
ahead of its March 2025 maturities.

Profit Pressures Managed: Fitch expect Iceland to continue to
benefit from various cost-saving measures to help offset cost
inflation. Iceland outperformed Fitch rating case in FY23 due to
cost savings and disposal of loss-making business in Ireland.
Generally, cost inflation is harder to absorb for smaller-scale
grocers such as Iceland that operate with thinner EBITDA margins
(2.9% in FY23) than large and more diversified mainstream grocers
(around 5%-6%). Energy costs are over 95% locked in for FY24, and
Fitch build in a further GBP15 million reduction in costs on the
back of current market prices, but this is yet to be locked in.

Cash Generative Business: Similar to other food retailers, Iceland
is a cash-generative business. Fitch expect a neutral to positive
free cash flow (FCF) margin, trending towards 1% in FY26, which is
broadly aligned with peers, and is reflected in the Stable Outlook.
This is after GBP40-55 million capex, of which only GBP15 million
is maintenance, and higher interest costs.

Limited Outflows From Restricted Group: Fitch rating case does not
capture any further material outflows to support, or any dividends
from its restaurant business as its trading recovers. The company
has guided about its intentions to reduce its GBP800 million debt
instead. Iceland has invested nearly GBP50 million in its non-core
restaurant business, which remains outside the restricted group.
Iceland initially up-streamed GBP31 million (3Q21), subsequently
funded its trading losses and repaid its GBP15 million bank loan
during FY23-24.

Value Positioning Benefits: Consumer focus on value amid living
cost pressures puts Iceland in a good position to gain market share
or at least hold on to it. Iceland is UK's second-largest frozen
food retailer after Tesco.

Iceland grew its sales during the global financial crisis and
slightly increased its share in the UK grocery market between 2008
and 2023, despite competitive pressures and the rapid growth of
discount stores. This was achieved by greater differentiation in
its product offering, improved pricing, investment in its stores
and formats, and improved brand positioning with regard to the
environment and sustainability. Fitch expect the UK food industry
to continue to have stiff competition.

DERIVATION SUMMARY

Iceland's business risk profile, as a mostly UK-based specialist
food retailer, is constrained by the company's modest size and
lower diversification compared to other Fitch-rated European food
retailers, such as Tesco Plc (BBB-/Stable) and Bellis Finco Plc
(ASDA; B+/Stable) and Market Holdco 3 Ltd (Morrisons; B+/Stable).
All three peers have higher market share, larger scale, and greater
diversification than Iceland.

Fitch expect Iceland's EBITDAR leverage to reduce to 6.5x in FY24
from 7.6x in FY23, which is higher than Fitch-rated UK peers
(Morrisons: from around 7.0x in FYE23 (year-end October) to 6.3x by
FYE24; ASDA: from around 6.0x for 2023 to 5.0x by end-2024, Tesco
around 3.5x), which also benefit from stronger coverage ratios.
Iceland is larger than Picard Bondco S.A. (B/Negative), a French
specialist food retailer also active in frozen foods, but its
profitability is materially weaker (EBITDAR margin of 6% versus
Picard's 17%). Picard operates mostly in the higher-margin premium
segment and benefits from strong brand awareness. Picard's
financial leverage is currently similar to Iceland's on an EBITDAR
gross leverage basis. Fitch expect it to remain above 7.0x in
FY23-FY25, but it has better deleveraging capability and a stronger
business profile.

KEY ASSUMPTIONS

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

Retail revenue (excluding restaurants) growth of 4.0% in FY24
driven by consumer focus on value, Food Warehouse store openings
offset by core Iceland store closures. Growth of about 1.0%-1.6%
thereafter.

Four Food Warehouse openings in FY24, increasing to 20-25 stores
per year in the following years, partly offset by core Iceland
store closures of 10-20 per year.

EBITDA margin to recover to 3.7% in FY24 and 4% thereafter, driven
by cost-saving initiatives helping more than offset wage inflation
and some normalisation in energy cost.

Working capital outflow of GBP16 million in FY24 and neutral
thereafter.

Capex of GBP40 million in FY24 in line with management's guidance,
increasing to GBP55 million to fund Warrington depot in FY25 and
then reverting to GBP40-50 million thereafter.

Refinancing of GBP550 million senior secured notes ahead of
maturity in March 2025

No dividends or other distributions over the rating horizon; FY24
includes the repayment of bank loan (GBP12.5 million) borrowed by
restaurant business.

Fitch's Key Recovery Rating Assumptions:

Fitch's recovery analysis assumes that Iceland would be reorganised
as a going-concern in bankruptcy scenario rather than liquidated.

Fitch have assumed a 10% administrative claim.

Iceland's going-concern EBITDA assumption reflects the scale of the
company's business with new stores openings each year, improved
cost base with visibility on energy cost and disposed loss making
business in Ireland. Fitch have excluded the restaurant business
from Fitch going-concern EBITDA calculation as the lenders under
the rated debt instruments have no recourse to these cash flows.

The going-concern EBITDA estimate of GBP120 million (GBP110 million
previously) reflects Fitch view of a sustainable,
post-reorganisation EBITDA, upon which Fitch base the enterprise
valuation (EV), and excluding the loss-making Irish operations
following their disposal. The assumption also reflects corrective
measures taken in the reorganisation to offset the adverse
conditions that trigger its default, such as cost-cutting efforts
or a material business repositioning.

Fitch apply an EV multiple of 4.5x (unchanged) to the going-concern
EBITDA to calculate a post-reorganisation EV.

Iceland's RCF, which has increased to GBP50 million (from GBP20
million) is assumed to be fully drawn upon default. The RCF is
super-senior to the company's senior notes in the debt waterfall.

The allocation of value in the debt waterfall results in recovery
expectations corresponding to a 'RR3' Recovery Rating for the
existing GBP800 million rated notes, with a recovery percentage of
55% (53% previously).

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to an
upgrade(to B+):

-- Fitch view an upgrade of the IDR as unlikely over the next two
years, unless Iceland adopts and follows a more conservative
financial policy.

-- Evidence of positive and profitable like-for-like sales growth
and the maintenance of stable market shares, leading to resilient
profitability with EBITDA margins increasing towards 5%, could lead
to positive rating action.

-- Total EBITDAR leverage below 5.5x on a sustained basis.

-- EBITDAR fixed-charge coverage above 2.0x on a sustained basis.

Factors that could, individually or collectively, lead to negative
rating action/downgrade(to B-):

-- Absence of advanced refinancing in the 12-15 months before the
major contractual maturity (March 2025)

-- Evidence of negative like-for-like sales growth, with loss of
market shares due to a competitive environment or to permanently
lower capex, or inability to pass on or to mitigate cost inflation,
leading to a prolonged and accelerating EBITDA margin erosion or
neutral FCF.

-- Tightening of liquidity amid unexpected cash outflows.

-- EBITDAR leverage above 6.5x on a sustained basis.

-- EBITDAR fixed-charge coverage below 1.5x on a sustained basis.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: Fitch views Iceland's current liquidity as
comfortable, comprising around GBP139 million at FYE23, which
excludes restricted GBP20 million for working-capital purposes
(Fitch's adjustment) along with an around GBP46 million undrawn RCF
(maturing in February 2025). Iceland has used GBP12.5 million to
repay debt borrowed by the restaurant business after FYE23.

Refinancing risk on the upcoming GBP550 million senior secured
notes maturing in March 2025 has increased and will weigh on the
rating if not addressed 12-15 months ahead of maturities.

ISSUER PROFILE

Iceland is a British food retailer specialising in frozen and
chilled food products at a low price point. It operates around
1,000 stores in the UK.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

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.

[*] UK: Business Insolvencies Up in 2nd Quarter 2023
----------------------------------------------------
Terry Murden at Daily Business reports that the number of companies
filing for administration has jumped significantly year-on-year, as
cost inflation, rising interest rates and sluggish growth continue
to bite Scottish businesses.

According to Daily Business, analysis of notices in The Gazette by
Interpath Advisory reveals that a total of 23 companies based in
Scotland fell into administration in the second quarter from three
companies in the corresponding period last year.

It says this is further evidence that Scottish insolvency activity
is now back to pre-pandemic levels following the record lows seen
during 2020 and 2021, Daily Business discloses.

This mirrors the UK picture which saw a total of 315 companies fall
into administration in the same period, a 48.5% rise from 212 last
year, Daily Business states.

"It's no surprise that a sluggish economy, stubbornly high
inflation and tightening monetary policy are increasing the
pressure on businesses up and down the country," Daily Business
quotes Blair Nimmo, chief executive of Interpath Advisory as
saying.

"Indeed, the interest rate conundrum appears to be the number one
concern for many of the businesses that we are speaking to at the
moment.

"With the expectation that it will take some time before we see
rates start to come back down, the overall cost of borrowing is now
hitting double figures -- something which we've not seen in the UK
for at least 15 years.  This will have an impact on any business
which relies on debt finance, and particularly those which are
highly leveraged.

"At the same time, companies continue to contend with rising input
prices, as well as walking the wage inflation tightrope.  And
consumers are cutting back on discretionary spending as the impact
of those 13 consecutive interest rate rises puts a squeeze on
disposable income."

The rising number of UK insolvencies in Q2 2023 can be seen across
a wide range of sectors, with companies operating in the building
and construction, food and drink and professional services
experiencing a notable number of appointments, Daily Business
notes.

According to Daily Business, Alistair McAlinden, head of Interpath
Advisory in Scotland, said: "Given the recent hikes in interest
rates and resultant increases in the cost of borrowing, one sector
where we expect to see a marked rise in activity over the months
ahead is real estate, from commercial, leisure and retail all the
way through to residential.

"In particular, the long shadow cast by Covid on both the demand
for and valuations of office and retail space will take some time
to dissipate, potentially leaving some investors under water."

While the number of administrations continues to rise, recent data
seems to suggest that the use of restructuring plans is also on the
up, Daily Business says.  Following their introduction in the
Corporate Insolvency and Governance Act 2020, a total of 20
restructuring plans have now been registered, with that of the
Italian restaurant chain Prezzo sanctioned by the High Court on
July 3, 2023, Daily Business states.




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

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

Issuer            Coupon    Maturity Currency Price
------            ------    -------- -------  -----
Casino Guichard P  4.498  03/07/2024   EUR   30.240
Republic of Austr  0.850  6/30/2120    EUR   41.286
Tele Columbus AG   3.875  05/02/2025   EUR   66.953
Atento Luxco 1 SA  8.000  02/10/2026   USD   17.173
Casino Guichard P  3.580  02/07/2025   EUR   26.194
Casino Guichard P  4.103               EUR    5.389
Casino Guichard P  5.250  4/15/2027    EUR   26.689
La Financiere Ata  4.000  5/15/2024    EUR   71.703
Casino Guichard P  4.048  08/05/2026   EUR   24.537
Casino Guichard P  3.992               EUR    4.809
Metalcorp Group S  8.500  6/28/2026    EUR    8.828
Kenbourne Invest   6.875 11/26/2024    USD   70.822
Vedanta Resources  8.950  03/11/2025   USD   71.008
Deutsche Bank AG   4.789               USD   71.579
Casino Guichard P  6.625  1/15/2026    EUR   27.556
Agps Bondco PLC    4.250  7/31/2025    EUR   75.112
Movida Europe SA   5.250  02/08/2031   USD   75.983
DEMIRE Deutsche M  1.875 10/15/2024    EUR   66.531
AT Securities BV   5.250               USD   37.500
Pro-Gest SpA       3.250 12/15/2024    EUR   70.156
Deutsche Bank AG   6.000               USD   73.250
Gol Finance SA     7.000  1/31/2025    USD   46.466
SBB Treasury Oyj   0.750 12/14/2028    EUR   55.297
Citycon Oyj        4.496               EUR   64.056
Credit Suisse Gro  9.750               USD    0.250
Landesbank Baden-  4.000               EUR   68.377
Trinseo Materials  5.375  09/01/2025   USD   74.213
Castellum AB       3.125               EUR   66.753
Mitsubishi UFJ In  7.193 12/15/2050    EUR   44.858
Aggregate Holding  6.875  11/09/2025   EUR   18.162
Deutsche Bank AG   4.500               EUR   65.245
Allianz SE         3.875               USD   69.135
Altice France Hol  8.000  5/15/2027    EUR   67.223
Aroundtown SA      2.125               EUR   24.360
Barclays PLC       4.375               USD   63.750
Schoeller Packagi  6.375  11/01/2024   EUR   70.917
gategroup Finance  3.000  2/28/2027    CHF   64.754
BNP Paribas SA     4.500               USD   68.757
La Financiere Ata  5.125  5/15/2025    EUR   63.666
CECONOMY AG        1.750  6/24/2026    EUR   72.505
SBB Treasury Oyj   1.125 11/26/2029    EUR   53.051
HSBC Holdings PLC  4.600               USD   74.227
Standard Chartere  4.300               USD   70.510
UniCredit SpA      3.875               EUR   70.264
ams-OSRAM AG       2.125  11/03/2027   EUR   63.106
Kenbourne Invest   4.700  1/22/2028    USD   60.577
InterCement Finan  5.750  7/17/2024    USD   61.429
AnaCap Financial   8.250  08/01/2024   EUR   68.303
Credit Suisse Gro  7.500               USD    4.250
Aroundtown SA      1.625               EUR   25.982
Vodafone Group PL  5.125  06/04/2081   USD   74.486
MARB BondCo PLC    3.950  1/29/2031    USD   72.724
Garfunkelux Holdc  6.750  11/01/2025   EUR   71.572
Russian Railways   0.898  10/03/2025   CHF   49.609
Vivion Investment  3.500  11/01/2025   EUR   60.667
CPI Property Grou  4.875               EUR   36.082
ING Groep NV       3.875               USD   68.999
Tullow Oil PLC     7.000  03/01/2025   USD   57.695
Heimstaden AB      4.250  03/09/2026   EUR   65.179
Heimstaden Bostad  3.248               EUR   63.710
Societe Generale   5.375               USD   68.500
Agps Bondco PLC    6.000  08/05/2025   EUR   43.251
Russian Railways   2.100  10/02/2023   CHF   64.490
Agps Bondco PLC    5.000  1/14/2029    EUR   33.702
Standard Profil A  6.250  4/30/2026    EUR   57.318
Signa Development  5.500  7/23/2026    EUR   46.667
Deutsche Bank AG   6.750               EUR   74.957
Samhallsbyggnadsb  1.000  08/12/2027   EUR   61.018
Trinseo Materials  5.125  04/01/2029   USD   50.093
HSE Finance Sarl   5.625 10/15/2026    EUR   53.208
Deutsche Pfandbri  8.474               EUR   67.395
DIC Asset AG       2.250  9/22/2026    EUR   56.888
Standard Chartere  4.750               USD   68.000
UBS Group AG       4.375               USD   66.525
Agps Bondco PLC    4.625  1/14/2026    EUR   39.770
Grupo Antolin-Ira  3.500  4/30/2028    EUR   69.458
Rallye SA          4.000  2/28/2032    EUR    0.750
Grand City Proper  1.500               EUR   35.519
Deutsche Bank AG   4.625               EUR   64.028
Herens Midco Sarl  5.250  5/15/2029    EUR   62.341
Intrum AB          3.000  9/15/2027    EUR   70.879
MHP SE             7.750  05/10/2024   USD   58.157
Aroundtown SA      0.375  4/15/2027    EUR   69.794
Gazprom PJSC via   3.897               EUR   51.004
Aroundtown SA      5.375  3/21/2029    USD   73.125
Altice France Hol 10.500  5/15/2027    USD   68.840
Romanian Governme  4.625  04/03/2049   EUR   75.101
Credit Suisse Gro  6.250               USD    4.500
Ziton A/S         11.952  10/03/2024   EUR   58.441
Simpar Europe SA   5.200  1/26/2031    USD   71.636
Credit Suisse Gro  7.500               USD    7.000
EnfraGen Energia   5.375 12/30/2030    USD   63.409
Samhallsbyggnadsb  1.125  09/04/2026   EUR   63.815
Nobel Bidco BV     3.125  6/15/2028    EUR   76.908
NAK Naftogaz Ukra  7.625  11/08/2026   USD   21.676
EFG International  5.500               USD   69.769
ING Groep NV       4.250               USD   61.466
La Banque Postale  3.000               EUR   62.212
Intermediate Capi  2.500  1/28/2030    EUR   70.198
Teva Pharmaceutic  4.100  10/01/2046   USD   63.734
Icebear Steenwijk 12.349  09/07/2024   EUR   34.480
Samhallsbyggnadsb  2.624               EUR   24.856
CPI Property Grou  1.500  1/27/2031    EUR   52.926
ATF Netherlands B  7.078               EUR   44.250
CPI Property Grou  3.750               EUR   29.080
Market Bidco Finc  5.500  11/04/2027   GBP   75.115
Fastighets AB Bal  2.873  06/02/2081   EUR   66.202
Altice Finco SA    4.750  1/15/2028    EUR   70.576
CPI Property Grou  1.625  4/23/2027    EUR   71.599
VTR Finance NV     6.375  7/15/2028    USD   11.403
Kernel Holding SA  6.500 10/17/2024    USD   64.866
Gazprom PJSC via   1.500  2/17/2027    EUR   66.945
Ocado Group PLC    3.875  10/08/2026   GBP   74.089
CPI Property Grou  4.875               EUR   40.592
Credit Suisse Gro  4.500               USD    3.000
Heimstaden Bostad  2.625               EUR   50.198
Chrome Holdco SAS  5.000  5/31/2029    EUR   70.503
Heimstaden AB      6.750               EUR   46.196
UniCredit SpA      4.450               EUR   73.849
Logicor Financing  2.000  1/17/2034    EUR   63.531
HSBC Holdings PLC  4.700               USD   73.423
Aroundtown SA      1.450  07/09/2028   EUR   65.152
Vonovia SE         1.625  09/01/2051   EUR   47.181
Ukraine Governmen  6.750  6/20/2028    EUR   15.328
Coruripe Netherla 10.000  02/10/2027   USD   70.864
Russian Railways   0.840  03/12/2026   CHF   48.703
Nordea Bank Abp    3.750               USD   74.938
United Kingdom Gi  1.750  09/07/2037   GBP   75.330
Allianz SE         3.200               USD   72.296
Banco Santander S  4.125               EUR   72.894
Aroundtown SA      2.875               EUR   30.000
JSM Global Sarl    4.750 10/20/2030    USD   19.750
BNP Paribas SA     4.625               USD   68.838
Grand City Proper  2.500               EUR   40.428
NAK Naftogaz Ukra  7.125  7/19/2026    EUR   20.010
Citycon Oyj        3.625               EUR   50.790
Credit Suisse Gro  7.250               USD    5.750
Heimstaden Bostad  3.375               EUR   53.284
B2W Digital Lux S  4.375 12/20/2030    USD   18.625
Credit Suisse Gro  0.625  1/18/2033    EUR   67.841
Aragvi Finance In  8.450  4/29/2026    USD   67.904
Russian Railways   3.125               CHF   16.300
Unicaja Banco SA   4.875               EUR   67.111
Gazprom PJSC Via   4.250  04/06/2024   GBP   72.853
SCOR SE            5.250               USD   74.923
Italy Buoni Polie  1.500  4/30/2045    EUR   59.011
Castellum Helsink  0.875  9/17/2029    EUR   67.230
Romanian Governme  3.375  1/28/2050    EUR   60.352
Aroundtown SA      3.375               EUR   42.475
SPP-Distribucia A  1.000  06/09/2031   EUR   69.002
Korian SA          1.875               EUR   29.143
Aareal Bank AG     0.750  4/18/2028    EUR   74.901
Turkey Government  4.875  4/16/2043    USD   68.654
NatWest Group PLC  4.600               USD   69.366
Altice France SA/  5.500 10/15/2029    USD   74.472
Corestate Capital  3.500  7/31/2023    EUR   14.868
Liquid Telecommun  5.500  09/04/2026   USD   61.930
Banco Santander S  3.625               EUR   64.042
Canary Wharf Grou  3.375  4/23/2028    GBP   68.623
Maxeda DIY Holdin  5.875  10/01/2026   EUR   73.520
Solocal Group      9.957  3/15/2025    EUR   67.875
Agps Bondco PLC    5.000  4/27/2027    EUR   37.062
MHP Lux SA         6.950  04/03/2026   USD   51.106
Saxa Gres Spa      7.000  08/04/2027   EUR    7.016
Atrium Finance PL  2.625  09/05/2027   EUR   68.951
Air France-KLM     0.125  3/25/2026    EUR   17.037
Desenio Group AB   8.785 12/16/2024    SEK   60.000
SCF Capital Desig  3.850  4/26/2028    USD   58.876
British American   3.750               EUR   73.903
Samhallsbyggnadsb  2.875               EUR   24.586
EP Infrastructure  1.816  03/02/2031   EUR   70.810
Idorsia Ltd        2.125  08/04/2028   CHF   56.359
HSE Finance Sarl   9.073 10/15/2026    EUR   53.208
Romanian Governme  4.125  03/11/2039   EUR   75.322
Allianz SE         2.625               EUR   68.361
Takko Luxembourg   5.375 11/15/2023    EUR   71.000
Heimstaden Bostad  3.625               EUR   52.554
Korian SA          0.875  03/06/2027   EUR   42.765
Takko Luxembourg   8.698 11/15/2023    EUR   70.150
Abengoa Abenewco   1.500 10/26/2024    EUR    1.328
ESPG AG            6.000  10/01/2023   EUR   75.822
United Kingdom Gi  1.250 10/22/2041    GBP   62.942
Piraeus Financial  8.750               EUR   74.978
Gazprom PJSC via   2.950  1/27/2029    USD   63.375
Rothschild & Co C  5.500               USD   67.656
Compact Bidco BV   5.750  05/01/2026   EUR   67.091
UBS Group AG       3.875               USD   74.250
Erste Group Bank   3.375               EUR   74.226
Altice France Hol  4.000  2/15/2028    EUR   57.525
Ukreximbank Via B  9.750  1/22/2025    USD   75.500
Mutuelle Assuranc  3.500               EUR   72.692
Boparan Finance P  7.625 11/30/2025    GBP   66.111
United Kingdom Gi  1.125  1/31/2039    GBP   65.709
Heimstaden AB      9.316               SEK   63.843
Dignity Finance P  4.696 12/31/2049    GBP   61.421
Raiffeisen Bank I  6.000               EUR   74.064
AI Candelaria Spa  5.750  6/15/2033    USD   70.858
Orpea SA           2.625  03/10/2025   EUR   28.312
Allianz SE         2.600               EUR   66.253
Scandinavian Airl  0.625               CHF    5.887
Agps Bondco PLC    5.500 11/13/2026    EUR   38.105
Metinvest BV       8.500  4/23/2026    USD   65.250
Ageas SA/NV        3.875               EUR   71.421
Kleopatra Holding  6.500  09/01/2026   EUR   56.375
Romanian Governme  2.875  4/13/2042    EUR   59.564
Julius Baer Group  3.625               USD   60.883
Heimstaden AB      4.375  03/06/2027   EUR   64.797
Romanian Governme  4.000  2/14/2051    USD   68.514
Nykredit Realkred  1.000  10/01/2050   DKK   72.995
Republic of Italy  4.000 10/17/2049    USD   75.018
Ukraine Governmen  7.750  09/01/2024   USD   21.192
VEON Holdings BV   3.375 11/25/2027    USD   70.187
Russian Railways   2.200  5/23/2027    EUR   54.612
Gazprom PJSC Via   2.500  3/21/2026    EUR   72.369
Ukraine Governmen  7.750  09/01/2025   USD   18.833
Accor SA           0.700  12/07/2027   EUR   45.664
Samhallsbyggnadsb  2.625               EUR   24.921
IOG Plc           12.146  9/20/2024    EUR   55.000
Romanian Governme  2.000  1/28/2032    EUR   72.302
Tinkoff Bank JSC   6.000               USD   44.499
French Republic G  1.750  5/25/2066    EUR   67.047
Republic of Austr  0.700  4/20/2071    EUR   44.351
Audax Renovables   4.200 12/18/2027    EUR   65.673
VGP NV             2.250  1/17/2030    EUR   69.264
Altice France SA/  5.125  7/15/2029    USD   73.299
Aroundtown SA      4.750               GBP   32.269
United Kingdom Gi  1.500  7/31/2053    GBP   54.347
Credit Suisse Gro  6.375               USD    2.499
Credit Suisse Gro  5.100               USD   26.919
United Kingdom Gi  1.625 10/22/2071    GBP   50.465
Romanian Governme  2.124  7/16/2031    EUR   74.779
Voltalia SA        1.000  1/13/2025    EUR   28.205
Hellenic Republic  1.875  1/24/2052    EUR   60.489
Atos SE            1.000  11/12/2029   EUR   65.337
Endo Luxembourg F  6.125  04/01/2029   USD   71.000
Gol Finance SA     8.000  6/30/2026    USD   49.045
United Kingdom Gi  0.875  1/31/2046    GBP   51.534
Rallye SA          4.371  2/28/2032    EUR    1.036
Ubisoft Entertain  0.878 11/24/2027    EUR   70.909
Electricite de Fr  3.375               EUR   73.565
Russian Railways   1.195  04/03/2028   CHF   45.887
Dtek Renewables F  8.500  11/12/2024   EUR   39.906
Raiffeisen Bank I  4.500               EUR   56.872
ING Groep NV       4.875               USD   74.485
Novolipetsk Steel  1.450  06/02/2026   EUR   67.784
NAK Naftogaz Ukra  7.375  7/19/2022    USD   34.173
Berkeley Group PL  2.500  08/11/2031   GBP   68.345
Altice France Hol  6.000  2/15/2028    USD   57.883
Hungary Governmen  1.750  06/05/2035   EUR   69.881
Bigben Interactiv  1.125  2/19/2026    EUR   69.441
Credit Suisse Gro  7.500               USD    5.250
Swedbank AB        4.000               USD   73.099
Gazprom PJSC Via   4.950  3/23/2027    USD   74.360
Hungary Governmen  0.500 11/18/2030    EUR   72.918
Ukraine Railways   8.250  07/09/2026   USD   20.150
Credit Suisse Gro  0.650  09/10/2029   EUR   76.613
Carnival PLC       1.000 10/28/2029    EUR   51.313
Laboratoire Eimer  5.000  02/01/2029   EUR   70.179
Grand City Proper  0.125  01/11/2028   EUR   72.277
Romanian Governme  2.750  4/14/2041    EUR   59.519
Gazprom PJSC via   1.540  6/30/2027    CHF   62.501
University of Oxf  2.544  12/08/2117   GBP   51.608
Republic of Belar  6.200  2/28/2030    USD   42.055
Credit Suisse Gro  9.750               USD    1.392
Ukraine Governmen  9.750  11/01/2030   USD   17.523
Erste Group Bank   4.250               EUR   72.954
Iceland Bondco PL  4.375  5/15/2028    GBP   73.306
Altice France SA/  4.250 10/15/2029    EUR   72.388
Diebold Nixdorf D  9.000  7/15/2025    EUR   41.531
Gazprom PJSC via   4.599               USD   57.500
Landesbank Hessen  4.375  3/30/2042    USD   62.677
Citycon Treasury   1.625  03/12/2028   EUR   71.985
Borets Finance DA  6.000  9/17/2026    USD   48.601
Ukraine Governmen  7.750  09/01/2026   USD   16.722
Metinvest BV       7.750 10/17/2029    USD   57.500
Turkey Government  6.000  1/14/2041    USD   77.582
Logicor Financing  1.625  1/17/2030    EUR   72.575
Development Bank   6.750  05/02/2024   USD   40.875
Ilija Batljan Inv  6.587 12/15/2024    SEK   29.795
Aroundtown SA      1.625  1/31/2028    EUR   68.786
Korian SA          2.250 10/15/2028    EUR   67.157
Abengoa Abenewco   1.500 10/26/2024    EUR    0.082
Commerzbank AG     4.250               EUR   71.101
Rothesay Life PLC  5.000               GBP   65.911
Wirecard AG        0.500  09/11/2024   EUR   14.340
Nostrum Oil & Gas  5.000  6/30/2026    USD   70.000
Metalloinvest Fin  3.375 10/22/2028    USD   55.226
Serbia Internatio  1.650  03/03/2033   EUR   65.486
VF Ukraine PAT vi  6.200  02/11/2025   USD   60.540
Intesa Sanpaolo S  1.350  2/24/2031    EUR   75.467
Gazprom PJSC via   2.950  4/15/2025    EUR   74.821
Aegon NV           0.496               NLG   64.595
Logicor Financing  0.875  1/14/2031    EUR   64.829
Deutsche Bank AG   1.375  2/17/2032    EUR   73.932
Stellantis NV      1.250  6/20/2033    EUR   74.281
AerCap Ireland Ca  3.850 10/29/2041    USD   74.039
Hungary Governmen  3.000 10/27/2038    HUF   59.404
Phosagro OAO Via   2.600  9/16/2028    USD   64.168
Delivery Hero SE   1.000  1/23/2027    EUR   75.576
Gazprom PJSC via   3.000  6/29/2027    USD   70.773
Russian Railways   4.375  03/01/2024   USD   53.073
Heimstaden Bostad  0.750  09/06/2029   EUR   64.155
Credit Suisse Gro  3.000               CHF    2.906
Banco de Sabadell  5.000               EUR   70.487
GOL Equity Financ  3.750  7/15/2024    USD   60.250
Garfunkelux Holdc  7.750  11/01/2025   GBP   70.646
Romanian Governme  2.625  12/02/2040   EUR   59.289
Metinvest BV       5.625  6/17/2025    EUR   66.003
Spain Government   1.000  7/30/2042    EUR   61.932
Gazprom PJSC Via   4.364  3/21/2025    EUR   74.306
CaixaBank SA       3.625               EUR   64.308
VIC Properties SA  3.000  5/28/2025    EUR   48.000
Deutsche Bank AG/  3.729  1/14/2032    USD   73.912
esure Group PLC    6.000               GBP   68.370
BP Capital Market  1.467  9/21/2041    EUR   63.330
Czech Republic Go  1.500  4/24/2040    CZK   64.520
Arrival SA         3.500  12/01/2026   USD   23.250
Sberbank of Russi  5.125 10/29/2022    USD   32.553
BAWAG Group AG     5.125               EUR   70.053
Balder Finland Oy  1.000  1/20/2029    EUR   65.476
Bellis Finco PLC   4.000  2/16/2027    GBP   68.909
NGD Holdings BV    6.750 12/31/2026    USD   63.824
Gazprom PJSC via   3.250  2/25/2030    USD   68.388
Union Fenosa Pref  4.640               EUR   70.667
BAT International  2.250  09/09/2052   GBP   39.154
UniCredit SpA      0.850  1/19/2031    EUR   75.185
Russian Foreign B  5.625  04/04/2042   USD   63.985
Delivery Hero SE   2.125  03/10/2029   EUR   62.720
DDM Debt AB        9.000  4/19/2026    EUR   60.820
CPI Property Grou  2.750  1/22/2028    GBP   68.416
Kernel Holding SA  6.750 10/27/2027    USD   57.525
Credit Suisse Gro  7.500               USD   25.000
Belfius Bank SA    3.625               EUR   69.748
Romania Governmen  4.250  4/28/2036    RON   75.565
Mobile Telesystem  5.000  5/30/2023    USD   27.342
ERWE Immobilien A  7.500  12/10/2023   EUR   53.106
NatWest Group PLC  4.500               GBP   74.021
Fastighets AB Bal  1.250  1/28/2028    EUR   70.829
Spain Government   0.850  7/30/2037    EUR   68.927
Hungary Governmen  2.250  4/20/2033    HUF   64.165
Samhallsbyggnadsb  7.069               SEK   40.000
Fuerstenberg Capi  5.625               EUR   52.917
Sweden Government  1.375  6/23/2071    SEK   63.225
Stichting Afwikke 11.250               EUR   82.975
Intesa Sanpaolo S  4.125               EUR   67.897
Ukraine Governmen 15.840  2/26/2025    UAH   71.551
Electricite de Fr  4.500  12/04/2069   USD   70.649
Shell Internation  3.000 11/26/2051    USD   69.853
Credit Suisse Gro  5.250               USD    5.750
Zenith Finco PLC   6.500  6/30/2027    GBP   73.850
TotalEnergies SE   2.125               EUR   72.024
Stichting Afwikke  6.250 10/26/2020    EUR   43.625
Raiffeisenbank AS  1.000  06/09/2028   EUR   74.905
CNP Assurances     1.875  10/12/2053   EUR   70.332
Atos SE            2.500  11/07/2028   EUR   73.929
Cardea Europe AG   7.250  12/08/2023   EUR   33.250
Ukraine Governmen  4.375  1/27/2032    EUR   15.761
Ukraine Governmen  7.750  09/01/2028   USD   16.928
Credit Suisse Gro  6.250               USD    7.000
CPI Property Grou  5.800               SGD   43.950
DNB Bank ASA       5.203               USD   72.851
Metro Bank PLC     5.500  6/26/2028    GBP   59.553
Credit Suisse Gro  5.625               SGD    2.906
VGP NV             1.500  04/08/2029   EUR   67.842
Russian Foreign B  7.500  3/31/2030    USD   65.197
Heimstaden Bostad  1.000  4/13/2028    EUR   73.263
Direct Line Insur  4.750               GBP   70.338
Corestate Capital  1.375  7/31/2023    EUR   13.028
MorphoSys AG       0.625 10/16/2025    EUR   62.868
Mime Petroleum AS 13.500  3/21/2083    USD   19.756
Sagax Euro Mtn NL  1.000  5/17/2029    EUR   69.805
Banco Comercial P  4.000  5/17/2032    EUR   72.800
Societe Du Grand   1.000  2/18/2070    EUR   40.191
JT International   3.300  9/14/2051    USD   63.306
Republic of Italy  3.875  05/06/2051   USD   70.844
CPI Property Grou  1.750  1/14/2030    EUR   58.633
Glencore Capital   1.250  03/01/2033   EUR   71.835
Republic of Austr  1.500  11/02/2086   EUR   58.766
Cooperatieve Rabo  3.100               EUR   74.883
Sagax Euro Mtn NL  0.750  1/26/2028    EUR   74.228
Ukraine Governmen  6.876  5/21/2031    USD   15.847
Nexity SA          0.250  03/02/2025   EUR   59.310
Fnac Darty SA      0.250  3/23/2027    EUR   68.221
United Kingdom Gi  1.750  1/22/2049    GBP   61.687
Slovenia Governme  0.488 10/20/2050    EUR   48.571
ALROSA Finance SA  4.650  04/09/2024   USD   10.241
Evraz PLC          5.250  04/02/2024   USD   52.210
R-Logitech Financ 10.250  9/26/2027    EUR   23.986
Chesnara PLC       4.750  08/04/2032   GBP   72.847
NPC Ukrenergo      6.875  11/09/2028   USD   15.383
Engie SA           1.000 10/26/2036    EUR   68.697
Haya Holdco 2 PLC 11.698 11/30/2025    EUR   38.857
Vonovia SE         1.000  6/16/2033    EUR   66.986
La Financiere Ata  6.625  5/15/2025    GBP   62.367
Mithra Pharmaceut  4.250 12/17/2025    EUR   59.205
Nykredit Realkred  1.000  10/01/2053   DKK   72.145
Jyske Bank A/S     3.625               EUR   71.303
Vonovia SE         0.750  09/01/2032   EUR   68.563
Orpea SA           0.375  5/17/2027    EUR   38.930
Foodco Bondco SA   6.250  5/15/2026    EUR   39.494
Koninklijke KPN N  0.875 11/15/2033    EUR   75.134
Ukraine Railways   7.875  7/15/2028    USD   19.611
Italy Buoni Polie  1.450  03/01/2036   EUR   71.813
Heimstaden Bostad  3.000               EUR   53.355
United Kingdom Gi  1.750  7/22/2057    GBP   57.062
Phosagro OAO Via   3.050  1/23/2025    USD   73.545
Acef Holding SCA   1.250  4/26/2030    EUR   72.545
Aroundtown SA      3.000 10/16/2029    GBP   62.778
UNEDIC ASSEO       0.500  5/25/2036    EUR   70.179
Kingdom of Belgiu  0.400  6/22/2040    EUR   62.201
Stichting Afwikke  5.467               EUR   30.000
Gazprom PJSC via   3.500  7/14/2031    USD   62.759
WM Morrison Super  4.750  07/04/2029   GBP   62.517
Financiere Immobi  6.000  1/30/2025    EUR   10.094
Russian Railways   7.487  3/25/2031    GBP   56.985
UNIQA Insurance G  2.375  12/09/2041   EUR   73.899
MMC Norilsk Nicke  2.550  09/11/2025   USD   73.000
Sberbank of Russi  5.250  5/23/2023    USD   32.749
DNB Bank ASA       5.360               USD   72.949
SCF Capital Desig  5.375  6/16/2023    USD   73.258
BPCE SA            2.125 10/13/2046    EUR   70.205
Credit Suisse Gro  6.375               USD   24.000
Home Credit & Fin  8.800               USD    5.344
Heimstaden Bostad  1.625 10/13/2031    EUR   61.326
Credit Suisse Gro  3.875               CHF    2.737
Electricite de Fr  1.875 10/13/2036    EUR   71.779
Ilija Batljan Inv 10.087               SEK    9.324
Deutsche Bank AG/  3.742  01/07/2033   USD   72.024
United Kingdom Gi  1.625 10/22/2054    GBP   55.813
Novolipetsk Steel  4.700  5/30/2026    USD   71.000
Odea Bank AS       8.606  08/01/2027   USD   73.376
Credit Suisse Gro  5.250               USD   26.500
Rothschild & Co C  3.170               EUR   68.477
Triodos Bank NV    2.250  02/05/2032   EUR   72.959
Serbia Internatio  2.050  9/23/2036    EUR   60.143
Merlin Properties  1.875  12/04/2034   EUR   68.566
Atento Luxco 1 SA  8.000  02/10/2026   USD   17.072
PB International   7.625 12/31/2025    USD   40.269
Ideal Standard In  6.375  7/30/2026    EUR   54.438
Vnesheconombank V  6.800 11/22/2025    USD    5.525
Slovenia Governme  0.688  03/03/2081   EUR   46.702
Ukreximbank Via B  9.950 11/14/2029    USD   53.000
Gecina SA          0.875  6/30/2036    EUR   66.993
TotalEnergies SE   3.250               EUR   73.661
MMC Norilsk Nicke  2.800 10/27/2026    USD   73.000
AstraZeneca PLC    3.000  5/28/2051    USD   74.394
Vodafone Group PL  3.000  08/12/2056   GBP   58.124
Metinvest BV       7.650  10/01/2027   USD   60.641
Quant AB           9.323 11/15/2025    EUR   64.640
Orpea SA           2.000  04/01/2028   EUR   28.000
Altice France SA/  4.000  7/15/2029    EUR   71.829
Intesa Sanpaolo S  4.950  06/01/2042   USD   65.160
EQT AB             0.875  5/14/2031    EUR   69.957
Eurochem Finance   5.500  3/13/2024    USD   58.726
Delivery Hero SE   1.500  1/15/2028    EUR   67.326
SAS AB             8.295               SEK    5.000
Aareal Bank AG     0.250 11/23/2027    EUR   74.747
Gazprom PJSC via   1.850 11/17/2028    EUR   60.018
Bulgaria Governme  1.375  9/23/2050    EUR   52.759
Ocado Group PLC    0.750  1/18/2027    GBP   66.741
Altice France SA/  4.125  1/15/2029    EUR   73.450
Romanian Governme  3.375  02/08/2038   EUR   70.639
Nexity SA          0.875  4/19/2028    EUR   42.191
Hacienda Investme  5.350  02/08/2028   USD   52.225
Nykredit Realkred  1.500  10/01/2053   DKK   71.978
Latvia Government  1.375  5/16/2036    EUR   73.812
Russian Foreign B  5.100  3/28/2035    USD   41.311
Credit Suisse Gro  7.250               USD   26.500
Grand City Proper  6.332               EUR   58.016
CTP NV             1.500  9/27/2031    EUR   65.408
Prosus NV          2.778  1/19/2034    EUR   73.014
Enel SpA           1.875               EUR   72.295
Slovakia Governme  1.000 10/13/2051    EUR   50.648
Blackstone Proper  1.625  4/20/2030    EUR   70.274
Neoen SA           2.000  06/02/2025   EUR   44.861
Euroboden GmbH     5.500  10/01/2024   EUR   50.490
Prosus NV          2.031  08/03/2032   EUR   70.416
Kingdom of Belgiu  2.150  6/22/2066    EUR   73.478
Prosus NV          3.832  02/08/2051   USD   59.808
Eurovita Assicura  6.000 12/22/2025    EUR   50.603
Orsted AS          1.500  2/18/3021    EUR   73.299
Aedifica SA        0.750  09/09/2031   EUR   69.048
MRG Finance UK PL  8.750 10/26/2023    EUR   70.233
Greene King Finan  6.154 12/15/2034    GBP   74.567
VTB Bank OJSC Via  6.950 10/17/2022    USD    7.282
Royalty Pharma PL  3.550  09/02/2050   USD   66.966
EWE AG             0.375 10/22/2032    EUR   71.981
Simon Internation  1.125  3/19/2033    EUR   69.178
Kenbourne Invest   6.875 11/26/2024    USD   71.086
Heimstaden Bostad  1.375  7/24/2028    EUR   72.148
Ukraine Governmen  8.994  02/01/2026   USD   16.972
DNB Bank ASA       5.385               USD   73.093
Vonovia Finance B  2.750  3/22/2038    EUR   69.444
Air Berlin PLC     8.250  4/19/2018    EUR    0.419
Rallye SA          4.000  2/28/2032    CHF    4.058
Realkredit Danmar  1.000  10/01/2050   DKK   72.997
Suek Securities D  3.375  9/15/2026    USD   65.645
Ukraine Governmen  7.750  09/01/2029   USD   16.959
Nats En Route PLC  1.750  9/30/2033    GBP   73.302
Vonovia SE         0.625  3/24/2031    EUR   72.107
Utmost Group PLC   4.000 12/15/2031    GBP   73.617
BMW Finance NV     0.200  01/11/2033   EUR   74.910
BAT International  4.000 11/23/2055    GBP   55.050
Raiffeisen Bank I  1.375  6/17/2033    EUR   72.918
E.ON SE            0.875 10/18/2034    EUR   74.013
Muenchener Rueckv  1.000  5/26/2042    EUR   71.295
Enel Finance Inte  0.875  9/28/2034    EUR   70.586
Pension Insurance  3.625 10/21/2032    GBP   75.392
Gazprom PJSC Via   4.950  02/06/2028   USD   72.500
Mallinckrodt Inte 10.000  4/15/2025    USD   57.870
Barclays PLC       3.330 11/24/2042    USD   69.658
VTB Bank PJSC Via  9.500               USD   16.796
Smurfit Kappa Tre  1.000  9/22/2033    EUR   74.487
Vonovia Finance B  1.125  9/14/2034    EUR   63.640
Republic of Austr  0.250 10/20/2036    EUR   69.133
Caisse des Depots  0.398 12/15/2050    EUR   43.417
Thermo Fisher Sci  1.625 10/18/2041    EUR   67.475
Rallye SA          3.250  2/28/2032    CHF    1.086
Bank Gospodarstwa  0.500  07/08/2031   EUR   72.344
Flamingo Lux II S  5.000  3/31/2029    EUR   73.020
Perrigo Finance U  4.900 12/15/2044    USD   73.361
Fresenius SE & Co  1.125  1/28/2033    EUR   73.342
Akelius Residenti  0.750  2/22/2030    EUR   72.391
Ozon Holdings PLC  1.875  2/24/2026    USD   56.377
Ukraine Governmen  9.990  5/22/2024    UAH   70.101
STERIS Irish FinC  3.750  3/15/2051    USD   73.620
Intesa Sanpaolo V  2.375 12/22/2030    EUR   74.927
Mallinckrodt Inte 10.000  6/15/2029    USD   45.980
Credit Suisse Gro  4.500               USD   22.500
Euroboden GmbH     5.500 11/18/2025    EUR   51.845
Verbund AG         0.900  04/01/2041   EUR   68.190
BNP Paribas SA     1.250  7/13/2031    GBP   71.741
Rothesay Life PLC  4.875               USD   74.227
Evraz PLC          5.375  3/20/2023    USD   52.109
Prosus NV          4.987  1/19/2052    USD   70.358
AstraZeneca PLC    2.125  08/06/2050   USD   62.122
Czech Republic Go  0.050 11/29/2029    CZK   74.824
MHP Lux SA         6.250  9/19/2029    USD   48.922
PIK Securities DA  5.625 11/19/2026    USD   44.341
Selina Hospitalit  6.000  11/01/2026   USD   29.669
Hertha BSC GmbH &  6.500  11/08/2023   EUR   79.954
Digital Intrepid   0.625  7/15/2031    EUR   70.022
Altice France SA/  5.125  1/15/2029    USD   74.045
Kenbourne Invest   4.700  1/22/2028    USD   60.572
CTP NV             1.250  6/21/2029    EUR   70.652
Sirius Real Estat  1.750 11/24/2028    EUR   70.061
State Agency of R  6.250  6/24/2030    USD   15.732
Wellcome Trust Lt  2.517  02/07/2118   GBP   52.152
State of North Rh  2.150  3/21/2119    EUR   67.757
Barclays PLC       1.106  05/12/2032   EUR   74.789
Finland Governmen  1.375  4/15/2047    EUR   72.463
Republic of Belar  6.875  2/28/2023    USD   38.158
Barclays PLC       3.811  03/10/2042   USD   71.380
Thomas Cook Group  6.250  6/15/2022    EUR    0.261
Lloyds Banking Gr  4.344  01/09/2048   USD   74.991
Rallye SA          5.250  2/28/2032    EUR    1.106
Banque Federative  1.125 11/19/2031    EUR   73.816
Places For People  2.500  1/26/2036    GBP   71.962
Gecina SA          0.875  1/25/2033    EUR   75.136
NIBC Bank NV       2.850  2/21/2040    EUR   62.010
Offentliga Hus I  10.266               SEK   60.000
Bank Gospodarstwa  2.375 11/27/2040    PLN   59.950
CBRE Global Inves  0.900  10/12/2029   EUR   71.910
Tinkoff Bank JSC  11.002               USD   34.518
GlaxoSmithKline C  1.625  05/12/2035   GBP   71.354
TotalEnergies Cap  3.127  5/29/2050    USD   72.019
Lar Espana Real E  1.843  11/03/2028   EUR   71.041
Lukoil Securities  3.875  05/06/2030   USD   71.750
Air Berlin PLC     6.750  05/09/2019   EUR    0.749
Syngenta Finance   4.375  3/28/2042    USD   75.278
La Poste SA        0.625  1/18/2036    EUR   67.937
NET4GAS sro        3.500  7/28/2026    EUR   67.928
BP Capital Market  0.933  12/04/2040   EUR   59.071
Schlote Holding G  6.750 11/21/2024    EUR   49.241
RWE AG             1.000 11/26/2033    EUR   73.386
Kojamo Oyj         0.875  5/28/2029    EUR   71.361
Mutuelle Assuranc  2.125  6/21/2052    EUR   69.640
Landesbank Baden-  0.375  2/21/2031    EUR   73.534
EYEMAXX Real Esta  5.500  4/26/2023    EUR    2.017
Russian Foreign B  4.250  6/23/2027    USD   42.011
Medtronic Global   1.375 10/15/2040    EUR   65.849
Orsted AS          2.500  2/18/3021    GBP   68.870
Telenor ASA        0.875  2/14/2035    EUR   73.011
Electricite de Fr  2.000  12/09/2049   EUR   57.262
Deutsche Bahn Fin  1.125  5/29/2051    EUR   56.683
Lukoil Capital DA  3.600 10/26/2031    USD   68.750
Ireland Governmen  0.550  4/22/2041    EUR   64.286
Just Eat Takeaway  0.625  02/09/2028   EUR   64.755
Sweden Government  0.500 11/24/2045    SEK   66.085
Wendel SE          1.375  1/18/2034    EUR   72.927
LEG Immobilien SE  0.750  6/30/2031    EUR   73.515
Blend Funding PLC  2.922  04/05/2054   GBP   63.725
Enel Finance Inte  1.250  1/17/2035    EUR   73.059
Electricite de Fr  1.000 11/29/2033    EUR   71.168
Chelyabinsk Pipe   4.500  9/19/2024    USD   44.827
JAB Holdings BV    4.500  04/08/2052   USD   74.061
Severstal OAO Via  3.150  9/16/2024    USD    4.564
Deutsche Bahn Fin  0.625  4/15/2036    EUR   70.064
Alfa Bank AO Via   5.950  4/15/2030    USD    2.116
Altice France SA/  5.125  7/15/2029    USD   73.133
Aroundtown SA      3.625  04/10/2031   GBP   60.068
Moby SpA           7.750  2/15/2023    EUR   59.684
Prosus NV          4.027  08/03/2050   USD   60.924
AXA SA             1.875  07/10/2042   EUR   75.048
Russian Foreign B  2.875  12/04/2025   EUR   38.554
NE Property BV     2.000  1/20/2030    EUR   71.854
Diebold Nixdorf D  9.000  7/15/2025    EUR   41.653
UBS Group AG       0.625  2/24/2033    EUR   69.528
Audax Renovables   2.750 11/30/2025    EUR   75.095
Balder Finland Oy  1.375  5/24/2030    EUR   61.772
Interpipe Holding  8.375  5/13/2026    USD   48.757
Marston's Issuer   7.035  7/16/2035    GBP   74.566
EnBW Energie Bade  2.125  8/31/2081    EUR   70.288
Imerys SA          1.000  7/15/2031    EUR   75.132
BAE Systems PLC    3.000  9/15/2050    USD   68.179
Sanctuary Capital  2.375  4/14/2050    GBP   58.782
Ekosem-Agrar AG    2.500  7/31/2029    EUR   19.355
FIGEAC-AERO        1.750 10/18/2028    EUR   23.817
ABH Financial Ltd  2.700  06/11/2023   EUR   15.618
Kreditanstalt fue  0.875  07/04/2039   EUR   71.510
Thermo Fisher Sci  2.000 10/18/2051    EUR   62.364
Slovakia Governme  0.375  4/21/2036    EUR   63.666
GOL Equity Financ  3.750  7/15/2024    USD   56.500
Balder Finland Oy  2.000  1/18/2031    EUR   62.714
National Gas Tran  1.125  1/14/2033    GBP   66.947
Polyus Finance PL  3.250 10/14/2028    USD   62.919
Deutsche Telekom   1.750  12/09/2049   EUR   66.441
Vodafone Group PL  3.375  08/08/2049   GBP   66.819
GTLK Europe Capit  5.950  4/17/2025    USD   28.891
Tullow Oil PLC     7.000  03/01/2025   USD   58.201
State of North Rh  1.450  1/19/2122    EUR   48.510
CK Hutchison Grou  2.625 10/17/2034    GBP   70.856
PREOS Global Offi  7.500  12/09/2024   EUR   21.500
Polyus Finance PL  4.700  1/29/2024    USD   70.043
Debenhams PLC      5.250  7/15/2021    GBP    0.529
Orange SA          0.625 12/16/2033    EUR   74.724
Cofinimmo SA       0.875  12/02/2030   EUR   72.138
A2A SpA            0.625  7/15/2031    EUR   75.230
Shell Internation  3.250  04/06/2050   USD   74.193
Motability Operat  2.375  07/03/2039   GBP   70.148
Credit Suisse Gro  3.500               CHF    2.782
Deutsche Bahn Fin  0.625  12/08/2050   EUR   49.261
UBS Group AG       4.375               USD   69.125
JAB Holdings BV    2.250 12/19/2039    EUR   70.332
Alfa Bank AO Via   6.950               USD    6.516
Vienna Insurance   1.000  3/26/2036    EUR   70.023
Royalty Pharma PL  3.300  09/02/2040   USD   71.521
Slovenia Governme  1.175  2/13/2062    EUR   56.828
Utmost Group PLC   6.125               GBP   74.461
Anchor Hanover Gr  2.000  7/21/2051    GBP   54.000
Hacienda Investme  5.075  2/15/2023    USD   39.235
State of North Rh  1.375  1/15/2120    EUR   47.142
Home Group Ltd     3.125  3/27/2043    GBP   70.947
Becton Dickinson   1.336  8/13/2041    EUR   61.762
Banco Santander S  3.039               EUR   74.449
Digital Intrepid   1.375  7/18/2032    EUR   71.275
Segro Capital Sar  0.500  9/22/2031    EUR   70.397
UBS Group AG       0.875  11/03/2031   EUR   72.976
Omnicom Capital H  2.250 11/22/2033    GBP   75.489
Credit Bank of Mo  8.875               USD   13.031
Kommunekredit      0.125  9/26/2040    EUR   58.952
HOCHDORF Holding   2.500               CHF   30.962
Samhallsbyggnadsb  7.000  7/24/2023    SEK   31.582
Nostrum Oil & Gas  8.000  7/25/2022    USD   25.984
Greene King Finan  6.434  3/15/2036    GBP   74.255
Prosus NV          1.985  7/13/2033    EUR   68.096
Nordea Kredit Rea  1.000  10/01/2050   DKK   73.191
JAB Holdings BV    3.750  5/28/2051    USD   65.141
Solocal Group      9.957  3/15/2025    EUR   60.547
ALROSA Finance SA  3.100  6/25/2027    USD    6.688
Societe Generale   3.625  03/01/2041   USD   63.225
Virgolino de Oliv 10.500  1/28/2018    USD    0.516
Enexis Holding NV  0.375  4/14/2033    EUR   74.415
Russian Foreign B  4.375  3/21/2029    USD   41.760
Amprion GmbH       0.625  9/23/2033    EUR   73.293
OGX Austria GmbH   8.375  04/01/2022   USD    0.070
Vonovia Finance B  1.000  1/28/2041    EUR   50.800
Republic of Croat  1.000 11/27/2034    EUR   73.110
Credit Bank of Mo  3.100  1/21/2026    EUR   24.944
UNEDIC ASSEO       0.100  5/25/2034    EUR   71.874
Derwent London PL  1.875 11/17/2031    GBP   72.380
Travelex Financin  8.000  5/15/2022    EUR    0.450
Hellenic Republic  2.085  7/25/2057    EUR   33.402
Nykredit Realkred  1.000  10/01/2053   DKK   67.345
alstria office RE  1.500 11/15/2027    EUR   73.762
Societe Generale   4.027  1/21/2043    USD   65.670
Credit Mutuel Ark  0.875  03/11/2033   EUR   73.515
Agri Resources Gr  8.000  3/17/2026    EUR   16.950
Vonovia SE         1.500  6/14/2041    EUR   55.362
Shell Internation  1.750  09/10/2052   GBP   47.195
Ireland Governmen  0.400  5/15/2035    EUR   74.757
BP Capital Market  1.104 11/15/2034    EUR   73.164
Kommunekredit      0.875  11/03/2036   EUR   74.736
Finland Governmen  0.125  4/15/2036    EUR   68.686
Karlou BV          7.750  6/18/2024    USD   11.569
Societe Nationale  1.000  1/19/2061    EUR   41.167
Vnesheconombank V  5.942 11/21/2023    USD    7.576
Storebrand Livsfo  1.875  9/30/2051    EUR   72.201
Cooperatieve Rabo  1.000  1/19/2034    EUR   74.317
Novo Banco SA/Lux  3.500  1/23/2043    EUR   70.749
Blackstone Proper  1.750  03/12/2029   EUR   74.571
Cooperatieve Rabo  0.625  2/25/2033    EUR   73.198
Eurotorg LLC Via   9.000 10/22/2025    USD   70.426
ABN AMRO Bank NV   1.000  06/02/2033   EUR   75.903
Novo Banco SA/Lux  3.500  2/19/2043    EUR   71.140
VTB Bank OJSC Via  4.073 10/24/2024    CHF   16.000
Iren SpA           0.250  1/17/2031    EUR   75.161
Vedanta Resources  8.950  03/11/2025   USD   71.070
VTR Finance NV     6.375  7/15/2028    USD   11.572
Abengoa Abenewco   1.500 10/26/2024    USD    0.973
Jyske Realkredit   1.000  10/01/2050   DKK   73.147
Shell Internation  2.875 11/26/2041    USD   75.207
Proximus SADP      0.750 11/17/2036    EUR   67.319
BNP Paribas SA     0.625  12/03/2032   EUR   72.656
CM.com NV          2.000  09/09/2026   EUR   63.096
Oscar Properties  10.640  07/05/2024   SEK   58.282
BUPA Finance PLC   4.000               GBP   63.415
Prs Finance PLC    1.500  8/24/2034    GBP   73.631
Holcim Finance Lu  0.625  1/19/2033    EUR   72.087
MMK International  4.375  6/13/2024    USD   26.205
RL Finance Bonds   4.875  10/07/2049   GBP   75.032
Engie SA           1.875               EUR   74.431
Russian Foreign B  2.650  5/27/2036    EUR   37.986
ABN AMRO Bank NV   1.250  1/20/2034    EUR   74.607
TotalEnergies Cap  3.386  6/29/2060    USD   73.425
Slovakia Governme  2.000 10/17/2047    EUR   70.433
Abengoa Abenewco   1.500  4/26/2024    EUR    0.498
Ageas SA/NV        1.875 11/24/2051    EUR   72.536
EnBW Internationa  0.500  03/01/2033   EUR   72.956
Russian Foreign B  5.875  9/16/2043    USD   61.760
Market Parent Fin  6.750  10/01/2029   GBP   60.537
Berlin Hyp AG      0.375  4/21/2031    EUR   73.380
Wuestenrot & Wuer  2.125  09/10/2041   EUR   70.502
Russian Foreign B  4.750  5/27/2026    USD   43.279
Annington Funding  3.935  07/12/2047   GBP   68.977
European Financia  0.050  1/18/2052    EUR   39.746
Maisons du Monde   0.125  12/06/2023   EUR   47.025
Bank Gospodarstwa  2.250  7/21/2033    PLN   70.700
Credit Suisse Gro  5.100               USD   23.375
Koninklijke Lucht  0.750               CHF   23.100
Ukraine Governmen 19.600  04/02/2025   UAH   73.321
BAT International  2.000  3/13/2045    EUR   56.651
Medtronic Global   1.625 10/15/2050    EUR   58.039
Thomas Cook Finan  3.875  7/15/2023    EUR    0.500
Societe Nationale  0.875  2/28/2051    EUR   47.946
Credit Bank of Mo  5.150  2/20/2024    EUR   30.645
Saderea DAC       12.500 11/30/2026    USD   40.500
Lendlease Europe   3.500  12/02/2033   GBP   64.980
Lloyds Banking Gr  3.369 12/14/2046    USD   66.537
Beyond Housing Lt  2.125  5/17/2051    GBP   56.220
Vesteda Finance B  0.750 10/18/2031    EUR   74.295
Engie SA           1.250 10/24/2041    EUR   61.651
Hellenic Bank PCL 10.000               EUR   80.220
GTLK Europe Capit  4.349  2/27/2029    USD   20.877
Uralkali OJSC Via  4.000 10/22/2024    USD   17.561
ICADE              0.625  1/18/2031    EUR   74.256
Czech Republic Go  1.950  7/30/2037    CZK   74.439
Offshore Drilling  8.375  9/20/2020    USD    2.450
Imperial Brands F  1.750  3/18/2033    EUR   72.474
BICO Group AB      2.875  3/19/2026    SEK   71.096
BNP Paribas SA     4.625               USD   69.750
Hungary Governmen  2.250  6/22/2034    HUF   61.136
Digital Dutch Fin  1.000  1/15/2032    EUR   71.266
GTLK Europe DAC    5.125  5/31/2024    USD   36.394
Credit Agricole S  2.811  01/11/2041   USD   66.384
GTLK Europe Capit  4.800  2/26/2028    USD   21.344
Nordea Kredit Rea  1.000  10/01/2050   DKK   68.786
Snam SpA           1.250  6/20/2034    EUR   74.750
K2A Knaust & Ande  9.447               SEK   70.000
Investor AB        0.375 10/29/2035    EUR   67.522
Aroundtown SA      2.912  9/20/2030    EUR   63.054
Abengoa Abenewco   1.500 10/26/2024    USD    1.075
Groupe des Assura  1.850  4/21/2042    EUR   73.173
BNP Paribas SA     2.824  1/26/2041    USD   66.379
Enel Finance Inte  0.875  6/17/2036    EUR   65.894
Vonovia Finance B  1.625  10/07/2039   EUR   57.833
Siemens Financier  0.500  09/05/2034   EUR   75.271
Societe Nationale  1.000  5/25/2040    EUR   65.321
Russian Agricultu  8.500 10/16/2023    USD   26.532
Traton Finance Lu  1.250  3/24/2033    EUR   74.088
Fresenius Finance  0.875  10/01/2031   EUR   74.480
Hera SpA           1.000  4/25/2034    EUR   72.789
Region Hauts-de-F  0.691  07/09/2042   EUR   59.293
Credit Bank of Mo  7.625               USD   27.791
Hyde Housing Asso  1.750  8/18/2055    GBP   47.446
Finland Governmen  0.500  4/15/2043    EUR   61.215
Slovakia Governme  2.250  06/12/2068   EUR   70.262
Wellcome Trust Lt  1.500  7/14/2071    GBP   39.686
Nykredit Realkred  1.500  10/01/2050   DKK   74.470
Czech Gas Network  0.875  3/31/2031    EUR   73.248
TMK OAO Via TMK C  4.300  02/12/2027   USD   53.028
TenneT Holding BV  1.125  06/09/2041   EUR   70.689
JDE Peet's NV      1.125  6/16/2033    EUR   74.396
Barclays PLC       3.382  5/20/2032    AUD   76.883
TotalEnergies Cap  1.618  5/18/2040    EUR   71.918
BNP Paribas SA     2.000  9/13/2036    GBP   65.940
Chancellor Master  0.250  6/27/2068    GBP   57.786
Intu Debenture PL  5.562 12/31/2027    GBP   41.037
Kreditanstalt fue  0.050  9/29/2034    EUR   72.097
Rickmers Holding   8.875  06/11/2018   EUR    1.708
UNEDIC ASSEO       0.250  7/16/2035    EUR   70.531
BNP Paribas SA     4.500               USD   73.000
BPCE SFH SA        0.010  1/29/2036    EUR   65.736
Societe Du Grand   0.700 10/15/2060    EUR   38.170
Brit Insurance Ho  3.676  12/09/2030   GBP   74.049
John Lewis PLC     4.250 12/18/2034    GBP   64.178
Enel Finance Inte  1.125 10/17/2034    EUR   72.341
Aggregate Holding  5.500  5/17/2024    EUR   35.000
A2A SpA            1.000  11/02/2033   EUR   71.976
Volkswagen Intern  1.500  1/21/2041    EUR   61.076
VEON Holdings BV   3.375 11/25/2027    USD   70.644
UBS Group AG       3.179  02/11/2043   USD   70.380
Altarea SCA        1.750  1/16/2030    EUR   70.302
National Gas Tran  1.375  02/07/2031   GBP   74.216
Nykredit Realkred  0.500  10/01/2050   DKK   68.953
JSM Global Sarl    4.750 10/20/2030    USD   20.250
BNP Paribas SA     3.861  05/02/2033   EUR    0.010
Allianz SE         3.200               USD   73.000
Royalty Pharma PL  3.350  09/02/2051   USD   64.008
Aroundtown SA      4.750  3/27/2032    USD   62.450
Motability Operat  2.125  1/18/2042    GBP   64.981
Medtronic Global   1.500  07/02/2039   EUR   69.101
Clarion Funding P  1.875  1/22/2035    GBP   70.413
Senvion Holding G  3.875 10/25/2022    EUR    0.128
Tele Columbus AG   3.875  05/02/2025   EUR   67.150
Aberdeen City Cou  0.100  2/28/2054    GBP   74.460
Talanx AG          1.750  12/01/2042   EUR   74.196
BNP Paribas SA     2.824  1/26/2041    USD   66.290
Credit Bank of Mo  3.875  9/21/2026    USD   32.339
Bromford Housing   3.125  05/03/2048   GBP   70.779
GTLK Europe Capit  4.650  03/10/2027   USD   22.363
Realkredit Danmar  1.000  10/01/2050   DKK   68.643
Credit Bank of Mo  7.500  10/05/2027   USD   20.569
DH Europe Finance  1.350  9/18/2039    EUR   68.799
BNG Bank NV        0.805  6/28/2049    EUR   55.308
Vnesheconombank V  6.025  07/05/2022   USD    6.339
Lehman Brothers U  3.875               EUR   18.750
Sovcombank Via So  3.400  1/26/2025    USD    2.186
Idavang A/S       10.520  11/11/2025   EUR   74.166
Nordea Kredit Rea  1.000  10/01/2053   DKK   72.312
Orange SA          1.375  09/04/2049   EUR   66.049
Coruripe Netherla 10.000  02/10/2027   USD   71.320
Banco Santander S  5.348               EUR    0.296
Hungary Governmen  2.000  5/23/2029    HUF   71.974
Unibail-Rodamco-W  1.750  2/27/2034    EUR   75.403
Movida Europe SA   5.250  02/08/2031   USD   75.836
Tresu Investment   8.012  01/02/2025   EUR   44.458
Eni SpA            1.000  10/11/2034   EUR   74.469
Northern Powergri  3.250  04/01/2052   GBP   71.246
SCOR SE            1.375  9/17/2051    EUR   71.651
Finland Governmen  0.250  9/15/2040    EUR   61.793
Ukraine Governmen  9.790  5/26/2027    UAH   50.998
MARB BondCo PLC    3.950  1/29/2031    USD   72.422
Land Berlin        0.625  1/26/2052    EUR   51.987
FF Group Finance   3.250  11/02/2021   CHF    4.826
Mitsubishi UFJ In  7.427 12/30/2099    EUR    4.363
Bayer AG           1.000  01/12/2036   EUR   69.145
Trinseo Materials  5.125  04/01/2029   USD   50.197
Societe Generale   4.027  1/21/2043    USD   65.014
Engie SA           1.375  6/21/2039    EUR   67.128
DSV Finance BV     0.750  07/05/2033   EUR   74.116
Shell Internation  0.875  11/08/2039   EUR   62.947
City of Lausanne   0.050  9/28/2054    CHF   51.818
Becton Dickinson   1.213  02/12/2036   EUR   70.101
Realkredit Danmar  1.500  10/01/2053   DKK   71.977
State of North Rh  1.950  9/26/2078    EUR   66.479
Croatia Governmen  1.250  03/03/2040   EUR   64.375
Orpea SA           2.200 12/15/2024    EUR   28.062
State of North Rh  1.750 10/26/2057    EUR   68.952
Barclays Bank PLC 12.000  9/24/2025    TRY   71.774
Novo Banco SA/Lux  3.500  01/02/2043   EUR   71.094
Cadent Finance PL  2.750  9/22/2046    GBP   60.330
Nordea Kredit Rea  1.500  10/01/2053   DKK   68.290
Cyprus Government  1.250  1/21/2040    EUR   65.497
HOWOGE Wohnungsba  1.125  11/01/2033   EUR   73.020
Elli Finance UK P  8.750  6/15/2019    GBP   53.034
FF Group Finance   1.750  07/03/2019   EUR    5.000
Nordea Bank Abp    3.750               USD   75.179
Just Group PLC     5.000               GBP   65.349
Annington Funding  2.924  10/06/2051   GBP   54.208
Vedanta Resources  6.125  08/09/2024   USD   65.591
adidas AG          0.625  09/10/2035   EUR   71.043
TenneT Holding BV  0.500 11/30/2040    EUR   64.025
Orange SA          0.750  6/29/2034    EUR   73.550
Shell Internation  3.125  11/07/2049   USD   72.685
Cadent Finance PL  2.250  10/10/2035   GBP   70.023
Platform HG Finan  1.926  9/15/2041    GBP   63.553
Andorra Internati  1.700 10/13/2041    EUR   68.098
Russian Foreign B  1.850 11/20/2032    EUR   38.763
Russian Foreign B  1.125 11/20/2027    EUR   38.904
Jyske Realkredit   0.500  10/01/2050   DKK   69.145
Bayerische Landes  0.250  3/21/2036    EUR   69.945
EnfraGen Energia   5.375 12/30/2030    USD   63.266
Samhallsbyggnadsb  3.000  04/03/2040   EUR   35.000
Manchester Airpor  2.875  9/30/2044    GBP   66.097
British Telecommu  4.250  11/08/2049   USD   75.065
Italgas SpA        0.500  2/16/2033    EUR   72.301
Sovcombank Via So  7.600               USD    3.502
JAB Holdings BV    3.750  5/28/2051    USD   64.919
State of Schleswi  0.200  8/15/2039    EUR   62.252
LEG Immobilien SE  1.625 11/28/2034    EUR   66.668
Novo Banco SA/Lux  3.500  3/18/2043    EUR   72.048
Cyprus Government  2.250  4/16/2050    EUR   70.399
Clarion Funding P  3.125  4/19/2048    GBP   67.815
LEG Immobilien SE  1.500  1/17/2034    EUR   70.225
Nostrum Oil & Gas  7.000  2/16/2025    USD   25.375
Nykredit Realkred  0.500  10/01/2053   DKK   66.912
Genfit SA          3.500 10/16/2025    EUR   25.353
Aroundtown SA      2.700 10/31/2028    EUR   66.034
Nykredit Realkred  1.000  10/01/2053   DKK   61.787
Intesa Sanpaolo S  4.700  9/23/2049    USD   74.922
Landwirtschaftlic  0.625 10/31/2036    EUR   73.013
Republic of Polan  2.000  03/08/2049   EUR   67.439
Societe Generale   5.375               USD   68.375
Evan Group PLC     6.000  7/31/2022    EUR   23.000
Wales & West Util  3.000  08/03/2038   GBP   75.451
Credit Bank of Mo  4.700  1/29/2025    USD   26.160
Latvia Government  1.875  2/19/2049    EUR   69.124
Unibail-Rodamco-W  0.875  3/29/2032    EUR   70.726
Medtronic Global   1.750  07/02/2049   EUR   61.304
BNG Bank NV        0.250 11/22/2036    EUR   67.556
Alfa Bank AO Via   5.900               USD    2.577
A2A SpA            0.625 10/28/2032    EUR   71.796
Land Berlin        0.125 11/24/2045    EUR   50.660
Yandex NV          0.750  9/13/2022    USD   69.375
GTLK Europe Capit  4.949  2/18/2026    USD   20.193
Unibail-Rodamco-W  1.750  07/01/2049   EUR   56.305
National Grid Ele  0.872 11/26/2040    EUR   58.895
Cadent Finance PL  2.625  9/22/2038    GBP   68.139
Covivio SA/France  0.875  1/20/2033    EUR   73.024
Immigon Portfolio  8.813               EUR    9.170
Platform HG Finan  1.625  08/10/2055   GBP   46.111
InterCement Finan  5.750  7/17/2024    USD   61.154
European Financia  0.700  1/17/2053    EUR   50.656
Magyar Export-Imp  2.000 10/27/2027    HUF   62.396
Communaute Franca  0.625  06/11/2035   EUR   71.635
Unibail-Rodamco-W  1.375  5/25/2033    EUR   72.727
National Grid Ele  2.000  4/17/2040    GBP   61.638
Eversholt Funding  3.529  08/07/2042   GBP   74.245
Ukreximbank Via B  9.750  1/22/2025    USD   73.395
Social Chain AG /  5.750  04/07/2024   EUR   26.000
Diebold Nixdorf D  9.000  7/15/2025    EUR   45.169
Air Berlin Financ  6.000  03/06/2019   EUR    0.315
Snam SpA           1.000  09/12/2034   EUR   71.530
Unilever PLC       1.500  06/11/2039   EUR   75.462
Credit Agricole S  2.811  01/11/2041   USD   66.260
Korian SA          3.350  6/29/2028    EUR   74.227
National Grid PLC  0.750  09/01/2033   EUR   71.771
Digital Dutch Fin  1.250  02/01/2031   EUR   75.021
Simpar Europe SA   5.200  1/26/2031    USD   71.628
SABIC Capital I B  3.000  9/14/2050    USD   71.368
BPCE SA            3.582 10/19/2042    USD   66.731
Altice France Hol  6.000  2/15/2028    USD   58.022
Land Berlin        0.350  09/09/2050   EUR   48.255
Accent Capital PL  2.625  7/18/2049    GBP   64.227
University of Sou  2.250  04/11/2057   GBP   56.053
Jyske Realkredit   1.500  10/01/2053   DKK   72.017
3i Group PLC       3.750  06/05/2040   GBP   74.097
DXC Capital Fundi  0.950  9/15/2031    EUR   72.931
ABN AMRO Bank NV   1.125  4/23/2039    EUR   73.501
Bulgaria Governme  1.500  6/21/2039    BGN   55.603
Linde PLC          0.375  9/30/2033    EUR   74.465
LEG Immobilien SE  1.000 11/19/2032    EUR   71.125
Sovcombank Via So  7.750               USD    3.072
Tritax Big Box RE  1.500 11/27/2033    GBP   66.587
Credit Bank of Mo  5.550  2/14/2023    USD   22.598
Jigsaw Funding PL  3.375  05/05/2052   GBP   74.272
NIBC Bank NV       3.089               EUR   73.700
Wales & West Util  1.875  5/28/2041    GBP   60.177
BNG Bank NV        0.125  4/19/2033    EUR   75.246
Stichting Afwikke  6.625  5/14/2018    EUR   43.625
publity AG         5.500  6/19/2025    EUR   60.811
Cie de Financemen  0.600 10/25/2041    EUR   62.658
Virgolino de Oliv 11.750  02/09/2022   USD    0.516
Southern Housing   2.375  10/08/2036   GBP   72.278
Motability Operat  1.500  1/20/2041    GBP   59.072
NET4GAS sro        2.745  1/28/2031    CZK   45.880
European Financia  1.800  07/10/2048   EUR   74.107
Gol Finance SA     8.000  6/30/2026    USD   49.061
Anglo American Ca  3.950  09/10/2050   USD   74.011
Hannover Rueck SE  1.375  6/30/2042    EUR   72.569
Lithuania Governm  0.750  7/15/2051    EUR   47.654
Kreditanstalt fue  0.375  5/20/2036    EUR   71.396
Allianz Finance I  0.500 11/22/2033    EUR   74.940
Realkredit Danmar  1.000  10/01/2053   DKK   61.798
Nederlandse Water  0.375  9/28/2046    EUR   53.313
Kelag-Kaerntner E  1.150  4/16/2041    EUR   60.101
Alfa Bank AO Via   5.500 10/26/2031    USD    0.030
Herens Midco Sarl  5.250  5/15/2029    EUR   62.250
NAK Naftogaz Ukra  7.625  11/08/2026   USD   22.255
Euroclear Investm  1.375  6/16/2051    EUR   74.907
Zurich Finance Ir  1.625  6/17/2039    EUR   73.390
Southern Gas Netw  1.250  12/02/2031   GBP   72.549
Deutsche Bahn Fin  0.875  6/23/2039    EUR   67.240
Unibail-Rodamco-W  2.000  5/29/2037    EUR   72.922
European Financia  1.750  7/17/2053    EUR   69.632
BASF SE            1.625 11/15/2037    EUR   74.969
Havila Shipping A  8.190  01/02/2025   NOK   39.917
Sovcombank Via So  8.000  04/07/2030   USD    5.620
Holcim Sterling F  2.250  04/04/2034   GBP   72.388
Gol Finance SA     7.000  1/31/2025    USD   47.146
State of North Rh  0.375  09/02/2050   EUR   48.432
Nederlandse Water  0.500  4/26/2051    EUR   49.442
RTE Reseau de Tra  1.125  09/09/2049   EUR   59.191
OGX Austria GmbH   8.375  04/01/2022   USD    0.070
Nederlandse Water  0.125  09/03/2035   EUR   69.162
Ukraine Governmen  7.253  3/15/2035    USD   15.929
DWR Cymru Financi  2.375  3/31/2034    GBP   73.594
State of North Rh  1.750  07/11/2068   EUR   62.996
Kernel Holding SA  6.500 10/17/2024    USD   64.299
United Utilities   1.750  02/10/2038   GBP   65.052
Sibur Securities   2.950  07/08/2025   USD   65.124
Stichting Afwikke  5.961               EUR   83.000
Canary Wharf Grou  3.375  4/23/2028    GBP   69.137
State of North Rh  0.600  06/04/2041   EUR   63.693
SES SA             5.300  04/04/2043   USD   73.610
Prologis Internat  0.750  3/23/2033    EUR   69.309
Standard Chartere  4.750               USD   68.490
United Utilities   1.875  06/03/2042   GBP   59.343
Societe Du Grand   0.300  09/02/2036   EUR   66.278
Deutsche Bahn Fin  1.375  4/16/2040    EUR   70.844
O1 Properties Fin  0.500  9/27/2028    USD    5.244
OGX Austria GmbH   8.500  06/01/2018   USD    0.002
LEG Immobilien SE  0.875  3/30/2033    EUR   69.171
Nordea Kredit Rea  1.500  10/01/2053   DKK   72.018
Hexagon Housing A  3.625  4/22/2048    GBP   70.252
Caixa Economica M  5.738               EUR   56.100
European Financia  2.000  2/28/2056    EUR   73.873
Paragon Treasury   2.000  05/07/2036   GBP   69.893
Linde PLC          1.000  9/30/2051    EUR   54.537
Intesa Sanpaolo S  4.375  01/12/2048   USD   70.672
Communaute Franca  0.626  8/24/2040    EUR   61.393
BPCE SA            3.582 10/19/2042    USD   66.979
Close Brothers Fi  1.625  12/03/2030   GBP   72.024
Ukraine Governmen  9.790  5/26/2027    UAH   50.998
Region Centre      0.711  11/02/2036   EUR   71.033
Credit Agricole I  0.125  3/15/2033    EUR   71.171
South Eastern Pow  1.750  9/30/2034    GBP   71.403
Nationwide Buildi  0.500  05/05/2041   EUR   61.764
Intesa Sanpaolo S  2.625  03/11/2036   GBP   68.797
Saltaire Finance   1.527 11/23/2051    GBP   50.763
Scottish Hydro El  2.250  9/27/2035    GBP   72.898
Cardiff Universit  3.000  12/07/2055   GBP   69.415
Volkswagen Intern  3.000  07/01/2039   EUR   76.626
BNG Bank NV        0.875 10/24/2036    EUR   75.048
Saleza AS          9.000  07/12/2021   EUR    0.203
La Poste SA        1.000  9/17/2034    EUR   74.820
Nordea Kredit Rea  1.000  10/01/2053   DKK   67.436
Nykredit Realkred  1.500  10/01/2053   DKK   68.270
Norske Skogindust  7.000 12/30/2026    EUR    0.010
Yuksel Insaat AS   9.500  11/10/2015   USD    0.500
Sovereign Housing  2.375  11/04/2048   GBP   60.271
WPP Finance 2013   2.875  9/14/2046    GBP   59.154
Guinness Partners  2.000  4/22/2055    GBP   50.428
DSV Finance BV     0.875  9/17/2036    EUR   68.075
Hellas Telecommun  6.054  1/15/2015    USD    0.056
Peabody Capital N  3.250  9/14/2048    GBP   69.669
EYEMAXX Real Esta  5.500  9/24/2024    EUR    2.358
DH Europe Finance  1.800  9/18/2049    EUR   65.885
Jyske Realkredit   1.000  10/01/2050   DKK   68.770
Bulgaria Governme  0.100  8/17/2031    BGN   69.936
Diageo Finance PL  1.250  3/28/2033    GBP   73.151
Air Liquide Finan  0.375  9/20/2033    EUR   74.700
State of North Rh  0.200  1/27/2051    EUR   44.935
Paradigm Homes Ch  2.250  5/20/2051    GBP   57.777
City of Lausanne   0.600  07/06/2050   CHF   68.460
Parnassia Groep B  1.200  12/01/2051   EUR   64.399
Societe Du Grand   1.700  5/25/2050    EUR   65.705
Bourbon Corp      11.652               EUR    0.920
Russian Federal B  6.100  7/18/2035    RUB   71.065
Deutsche Wohnen S  1.300  04/07/2041   EUR   56.149
Cooperatieve Rabo  0.500 10/29/2027    MXN   64.541
Annington Funding  2.308  10/06/2032   GBP   72.334
Prologis Internat  3.000  2/22/2042    GBP   69.730
City of Lausanne   0.600 11/30/2056    CHF   63.046
Realkredit Danmar  1.000  10/01/2053   DKK   72.153
European Financia  1.375  5/31/2047    EUR   69.104
UniCredit Bank Au  0.050  9/21/2035    EUR   67.265
Hampshire Trust B  7.250  05/10/2028   GBP   68.690
Altice France Hol 10.500  5/15/2027    USD   68.835
Berner Kantonalba  0.100  9/30/2039    CHF   70.310
Mondelez Internat  1.250  09/09/2041   EUR   64.150
UBS Group AG       3.875               USD   77.249
NPC Ukrenergo      6.875  11/09/2028   USD   15.761
ABN AMRO Bank NV   0.625  1/24/2037    EUR   71.432
Jyske Realkredit   1.000  10/01/2053   DKK   67.436
Espirito Santo Fi  6.875 10/21/2019    EUR    0.053
NRW Bank           0.100  07/09/2035   EUR   69.433
Deutsche Bahn Fin  0.750  7/16/2035    EUR   72.894
Vnesheconombank V  6.800 11/22/2025    USD    5.525
Altice Finco SA    4.750  1/15/2028    EUR   70.635
Nederlandse Gasun  0.750 10/13/2036    EUR   68.443
B2W Digital Lux S  4.375 12/20/2030    USD   19.921
Gazprom PJSC via   4.599               USD   59.430
Orpea SA           2.130  07/03/2024   EUR   28.064
British Telecommu  4.250  11/08/2049   USD   74.675
European Financia  1.200  2/17/2045    EUR   68.375
Housing & Care 21  3.288  11/08/2049   GBP   71.057
Kommunekredit      0.625 11/21/2039    EUR   67.329
Claranova SE       5.000  07/01/2023   EUR    0.500
Telefonica Emisio  1.864  7/13/2040    EUR   71.386
Bausparkasse Schw  0.200  4/27/2033    EUR   75.498
Terragon AG        6.500  5/24/2024    EUR    1.493
Metropolitan Hous  1.875  7/28/2036    GBP   67.963
Clarion Funding P  1.875  09/07/2051   GBP   48.718
New World Resourc  4.000  10/07/2020   EUR    0.077
Autonomous Commun  0.700  7/30/2033    EUR   74.869
BAWAG PSK Bank fu  0.375  3/25/2041    EUR   59.891
Eastern Power Net  1.875  06/01/2035   GBP   71.116
National Grid Ele  2.000  9/16/2038    GBP   64.339
Autonomous Region  1.095  9/27/2036    EUR   70.109
BAWAG PSK Bank fu  0.010 11/19/2035    EUR   65.640
London & Quadrant  2.750  7/20/2057    GBP   58.669
Equinor ASA        3.250 11/18/2049    USD   74.913
Jyske Realkredit   1.500  10/01/2050   DKK   74.500
Deutsche Bahn Fin  3.100  5/20/2041    AUD   75.043
Metinvest BV       7.750 10/17/2029    USD   57.250
Junta de Castilla  1.275  04/07/2049   EUR   54.971
City of Lugano Sw  0.150 11/28/2070    CHF   43.501
British Telecommu  3.625 11/21/2047    GBP   69.943
Canton of Ticino   0.400  6/27/2044    CHF   74.597
Richemont Interna  1.625  5/26/2040    EUR   73.134
Unibail-Rodamco-W  2.250  5/14/2038    EUR   71.758
Channel Link Ente  3.848  6/30/2050    GBP   67.852
Northern Powergri  2.250  10/09/2059   GBP   53.434
National Gas Tran  1.625  1/14/2043    GBP   51.926
Realkredit Danmar  1.000  10/01/2053   DKK   67.347
Achmea Bank NV     0.250  9/29/2036    EUR   67.751
Pozavarovalnica S  3.750  11/07/2039   EUR   73.580
Realkredit Danmar  1.500  10/01/2050   DKK   74.479
AI Candelaria Spa  5.750  6/15/2033    USD   71.034
Thames Water Util  2.375  4/22/2040    GBP   63.279
AnaCap Financial   8.250  08/01/2024   EUR   68.225
Free State of Bav  0.010  1/18/2035    EUR   70.616
City of Lausanne   0.680  03/11/2058   CHF   63.577
Region de Bruxell  0.562 12/23/2065    EUR   29.280
Fuerstenberg Capi  2.522               EUR   52.254
University Colleg  1.625  06/04/2061   GBP   48.454
National Grid Ele  1.625  10/07/2035   GBP   66.650
Grand City Proper  2.000 10/25/2032    EUR   60.990
Vedanta Resources  9.250  4/23/2026    USD   67.109
Flagship Finance   1.875  7/14/2061    GBP   48.347
Ukraine Governmen 12.520  5/13/2026    UAH   55.641
Nykredit Realkred  0.500  10/01/2050   DKK   66.845
Evraz PLC          5.250  04/02/2024   USD   52.210
Agence Francaise   1.125  03/02/2037   EUR   74.317
SRV Group Oyj      4.875               EUR   52.500
Metinvest BV       7.650  10/01/2027   USD   60.369
Region de Bruxell  1.121  05/11/2071   EUR   43.128
Sberbank of Russi  5.250  5/23/2023    USD   32.749
RTE Reseau de Tra  1.125  07/08/2040   EUR   67.803
Scottish Hydro El  2.125  3/24/2036    GBP   70.767
Standard Profil A  6.250  4/30/2026    EUR   57.925
Cie Generale des   0.625  11/02/2040   EUR   64.399
Regiao Autonoma M  1.141  12/04/2034   EUR   72.610
Nationale-Nederla  0.375  03/04/2041   EUR   60.582
Magyar Export-Imp  2.500  5/23/2029    HUF   64.684
New World Resourc  8.000  04/07/2020   EUR    0.106
Allied Irish Bank 12.500  6/25/2035    GBP   53.507
Raiffeisen-Landes  0.500  5/27/2041    EUR   60.801
Societe Du Grand   1.625  04/08/2042   EUR   71.844
Norske Skogindust  2.000 12/30/2115    EUR    0.407
European Financia  0.700  1/20/2050    EUR   54.058
Assura Financing   1.625  6/30/2033    GBP   68.853
Banco Espirito Sa  5.998               EUR    2.270
Nordea Kredit Rea  1.500  10/01/2050   DKK   74.508
London & Quadrant  2.000 10/20/2038    GBP   64.478
Community Finance  0.339  12/01/2040   GBP   74.093
Orange SA          1.200  07/11/2034   EUR   74.051
Avangardco Invest 10.000 10/29/2018    USD    0.103
KTG Agrar SE       7.125  06/06/2017   EUR    2.001
Blend Funding PLC  3.459  9/21/2047    GBP   75.360
Bilt Paper BV     10.360               USD    1.217
Manchester Airpor  2.875  3/31/2039    GBP   71.905
Celtic Resources   4.125  10/09/2024   USD   14.420
Orpea SA           2.564 11/30/2027    EUR   27.662
NET4GAS sro        8.160  1/28/2028    CZK   71.190
Deutsche Wohnen S  0.500  04/07/2031   EUR   68.612
East Slope Reside  0.100  2/28/2062    GBP   64.176
UK Municipal Bond  1.625  8/26/2060    GBP   42.917
Segro PLC          2.875  10/11/2037   GBP   74.369
Onward Homes Ltd   2.125  3/25/2053    GBP   52.844
Officine Maccafer  5.750  06/01/2021   EUR   16.625
Nestle Finance In  0.875  6/14/2041    EUR   66.057
de Volksbank NV    0.375  9/16/2041    EUR   58.999
Mallinckrodt Inte 10.000  4/15/2025    USD   57.600
Unibail-Rodamco-W  2.000  4/28/2036    EUR   74.821
Global Ports Fina  6.500  9/22/2023    USD   44.658
Cie de Financemen  0.010 10/29/2035    EUR   66.863
Investor AB        1.500  6/20/2039    EUR   71.527
Swan Housing Capi  3.625  03/05/2048   GBP   74.935
UBS Group AG       3.179  02/11/2043   USD   70.570
Stonewater Fundin  1.625  09/10/2036   GBP   67.011
Northern Powergri  1.875  6/16/2062    GBP   47.559
Ukraine Governmen  9.750  11/01/2030   USD   17.387
EYEMAXX Real Esta  5.500  7/22/2025    EUR   19.371
Privatbank CJSC V 10.250  1/23/2018    USD    3.364
Interpipe Holding  8.375  5/13/2026    USD   49.875
Grounds Real Esta  6.000  2/18/2024    EUR   75.000
Rallye SA          1.000  2/28/2032    EUR    0.391
Libra Longhurst G  3.250  5/15/2043    GBP   73.154
Raiffeisen Bank I  0.430  09/09/2030   EUR   73.254
Phosagro OAO Via   3.050  1/23/2025    USD   62.000
nextbike GmbH      6.000  3/31/2025    EUR   70.000
Incommunities Tre  3.250  3/21/2049    GBP   73.119
Cooperatieve Rabo  0.500 10/30/2043    MXN   13.406
Holcim Finance Lu  1.375  10/08/2036   EUR   63.029
Russian Foreign B  4.250  6/23/2027    USD   42.011
CCEP Finance Irel  1.500  05/06/2041   EUR   67.837
UkrLandFarming PL 10.875  3/26/2018    USD    1.998
Lithuania Governm  0.300  02/12/2032   EUR   70.242
Deutsche Bank AG   1.750  04/09/2035   EUR   69.100
Iberdrola Finanza  1.000  02/02/2037   EUR   70.748
Northern Electric  2.750  5/24/2049    GBP   65.805
Liquid Telecommun  5.500  09/04/2026   USD   61.474
Abengoa Abenewco   1.500 10/26/2024    USD    1.075
Land Thueringen    0.125  1/13/2051    EUR   43.683
Yorkshire Water F  2.750  4/18/2041    GBP   69.916
Region de Bruxell  1.500  6/22/2070    EUR   51.083
FLUVIUS System Op  0.810  04/08/2033   EUR   70.567
Kommunekredit      0.010  05/04/2034   EUR   71.445
La Poste SA        0.625  1/18/2036    EUR   68.206
Saltaire Finance   2.711  05/09/2052   GBP   68.439
Avanti Communicat  9.000  10/01/2022   USD   14.281
La Financiere Ata  4.000  5/15/2024    EUR   71.802
Air Berlin PLC     5.625  05/09/2019   CHF    0.328
London & Quadrant  3.125  2/28/2053    GBP   65.267
MHP Lux SA         6.950  04/03/2026   USD   51.634
Pfandbriefbank sc  0.250  10/06/2042   CHF   72.346
State of North Rh  1.550  6/16/2048    EUR   71.443
Swissgrid AG       0.050  6/30/2050    CHF   51.780
UniCredit Bank AG  0.010  1/21/2036    EUR   67.157
WM Morrison Super  2.500  10/01/2031   GBP   44.704
Espirito Santo Fi  3.125  12/02/2018   EUR    0.622
Altice Financing   5.750  8/15/2029    USD   75.266
Russian Foreign B  7.500  3/31/2030    USD   65.197
Orpea SA           2.750  06/03/2033   EUR   28.250
State of Rhinelan  1.500  4/25/2052    EUR   68.186
Petrobras Global   4.750  04/02/2038   EUR   50.558
Citizen Treasury   3.250 10/20/2048    GBP   72.231
Republic of Belar  5.875  2/24/2026    USD   51.000
Deutsche Lichtmie  5.250  02/01/2027   EUR    2.000
Luzerner Kantonal  0.150  10/07/2044   CHF   66.818
Jyske Realkredit   1.000  10/01/2053   DKK   72.444
Aroundtown SA      3.250  11/12/2032   EUR   56.516
Standard Chartere  3.000  4/30/2036    AUD   69.133
Canton of Geneva   0.500 10/31/2056    CHF   66.750
Aster Treasury Pl  1.405  1/27/2036    GBP   68.076
Hylea Group SA     7.250  12/01/2022   EUR    0.250
Cooperatieve Rabo  0.500  7/30/2043    MXN   15.418
Metalloinvest Fin  3.375 10/22/2028    USD   55.226
ABN AMRO Bank NV   0.400  9/17/2041    EUR   59.982
Pro-Gest SpA       3.250 12/15/2024    EUR   70.364
Aegon Bank NV      0.375  06/09/2036   EUR   69.564
Standard Chartere  4.300               USD   67.960
Nostrum Oil & Gas  5.000  6/30/2026    USD   70.000
Raiffeisenlandesb  0.500  1/22/2035    EUR   72.528
DLR Kredit A/S     1.000  10/01/2050   DKK   74.748
Ministeries Van d  0.875  3/21/2046    EUR   57.323
Chancellor Master  2.350  6/27/2078    GBP   57.304
Banco Espirito Sa  7.125 11/28/2023    EUR    0.621
Nordea Kredit Rea  0.500  10/01/2050   DKK   69.015
Land Securities C  2.750  9/22/2059    GBP   58.752
Credit Bank of Mo  7.121  6/25/2024    USD   23.488
LiveWest Treasury  2.250  10/10/2043   GBP   64.409
Russian Foreign B  5.875  9/16/2043    USD   61.760
Deutsche Lichtmie  5.750  12/01/2023   EUR    2.537
MHP SE             7.750  05/10/2024   USD   58.678
Dexia Credit Loca  4.433               EUR    2.475
Communaute Franca  2.300  4/25/2089    EUR   70.100
Pfandbriefbank sc  0.500  1/25/2044    CHF   75.046
Heineken NV        1.750  05/07/2040   EUR   72.313
Abengoa Abenewco   1.500  4/26/2024    USD    0.988
Notting Hill Gene  3.250  10/12/2048   GBP   68.543
State of North Rh  0.500  1/15/2052    EUR   49.634
Luzerner Kantonal  0.160 12/23/2043    CHF   68.184
Catalyst Housing   3.125 10/31/2047    GBP   68.190
Espirito Santo Fi  9.750 12/19/2025    EUR    0.622
Island Offshore S  8.950  6/30/2024    NOK   29.584
Dexia SA           5.030               EUR    2.809
Canton of Zurich   0.100  6/23/2045    CHF   71.523
Transcapitalbank  10.000               USD   39.094
Italy Buoni Polie  0.150  5/15/2051    EUR   61.194
Altice France Hol  8.000  5/15/2027    EUR   67.067
Severn Trent Util  2.000  06/02/2040   GBP   62.398
Caisse Francaise   0.375  2/13/2040    EUR   61.657
Free and Hanseati  0.200  09/03/2049   EUR   46.966
Tinkoff Bank JSC   6.000               USD   44.499
DWR Cymru Financi  1.375  3/31/2033    GBP   72.716
Market Bidco Finc  5.500  11/04/2027   GBP   74.864
Ville de Paris     1.200  6/25/2039    EUR   71.111
EDOB Abwicklungs   7.500  04/01/2012   EUR    1.537
State of North Rh  1.000 10/16/2046    EUR   63.652
Barclays Bank PLC  3.415 12/28/2040    EUR   72.451
BAE Systems PLC    3.000  9/15/2050    USD   68.106
Alfa Bank AO Via   5.950  4/15/2030    USD    2.116
M Objekt Real Est  6.000  7/22/2024    EUR   62.768
M2 Asset Manageme  7.734  02/04/2026   SEK   74.999
Hellas Telecommun  8.500 10/15/2013    EUR    0.904
Caisse des Depots  1.552  8/16/2038    EUR   74.008
Orbit Capital PLC  3.500  3/24/2045    GBP   74.313
Region de Bruxell  1.220  6/23/2053    EUR   55.365
Wessex Water Serv  1.250  01/12/2036   GBP   61.473
Ukraine Governmen 15.840  2/26/2025    UAH   71.551
Suek Securities D  3.375  9/15/2026    USD   65.645
Societe Du Grand   1.000 11/26/2051    EUR   51.479
Ukraine Governmen  6.750  6/20/2028    EUR   15.470
Free and Hanseati  0.400 11/23/2051    EUR   47.705
SNCF Reseau        2.000  02/05/2048   EUR   70.881
Action Logement S  0.750  7/19/2041    EUR   61.419
Nederlandse Water  0.877  6/24/2054    EUR   51.263
Altice France SA/  5.500 10/15/2029    USD   74.289
Italy Buoni Polie  2.800  03/01/2067   EUR   67.436
WD Invest Sarl     1.900  10/02/2024   EUR   11.812
Privatbank CJSC V 11.000  02/09/2021   USD    1.000
Region Auvergne-R  0.892 10/21/2041    EUR   61.237
Nationale-Nederla  0.050  11/12/2040   EUR   57.182
Holcim US Finance  2.240 10/15/2031    USD   75.157
Cooperatieve Rabo  0.010 11/27/2040    EUR   56.576
Lehman Brothers U  6.900               USD    3.986
Investitionsbank   0.050  03/02/2035   EUR   70.068
Ukraine Governmen 19.700  08/06/2025   UAH   71.231
Lehman Brothers U  5.750               EUR    7.000
State of North Rh  0.500 11/25/2039    EUR   65.159
Senivita Social E  6.500  05/12/2025   EUR    3.430
Russian Federal B  7.100  5/15/2041    RUB   72.737
University of Lee  3.125 12/19/2050    GBP   73.950
Transports Public  0.450 12/29/2056    CHF   62.552
Ukraine Governmen  7.750  09/01/2026   USD   17.008
European Primary   1.732  11/09/2055   GBP   48.675
BNG Bank NV        0.125  07/09/2035   EUR   69.964
Realkredit Danmar  0.500  10/01/2050   DKK   68.953
MMC Norilsk Nicke  6.625 10/14/2022    USD   72.500
Turkiye Is Bankas  8.100  12/03/2029   USD   74.324
ABN AMRO Bank NV   0.375  1/14/2035    EUR   72.782
Ile-de-France Mob  0.675 11/24/2036    EUR   70.120
Ile-de-France Mob  0.950  5/28/2041    EUR   64.966
Societe Generale   3.920  12/09/2036   AUD   69.976
Romanian Governme  4.000  2/14/2051    USD   69.588
Societe Generale   3.625  03/01/2041   USD   63.411
Ukraine Governmen  7.375  9/25/2034    USD   15.782
Cooperatieve Rabo  0.750  6/21/2039    EUR   68.326
Region Wallonne B  0.500  6/22/2037    EUR   66.092
Aragvi Finance In  8.450  4/29/2026    USD   67.655
Spain Government   1.900 10/31/2052    EUR   64.290
Prosus NV          4.027  08/03/2050   USD   60.996
Muenchener Hypoth  1.000  4/18/2039    EUR   72.482
Cirio Finance Lux  7.500  11/03/2002   EUR    3.060
Action Logement S  0.500 10/30/2034    EUR   72.710
GN Store Nord AS   1.970  03/03/2036   EUR   55.650
BAWAG PSK Bank fu  0.625  6/19/2034    EUR   74.986
Stobart Finance P  2.750  05/08/2024   GBP   74.281
Yorkshire Water F  1.750 10/27/2032    GBP   74.095
Kommunekredit      0.375  02/03/2045   DKK   55.422
Vier Gas Transpor  0.500  09/10/2034   EUR   67.493
TotalEnergies Cap  1.535  5/31/2039    EUR   73.789
Kuntarahoitus Oyj  0.050  09/10/2035   EUR   69.164
Republic of Belar  6.378  2/24/2031    USD   42.687
Nykredit Realkred  0.500  10/01/2053   DKK   64.704
NRW Bank           1.250  5/13/2049    EUR   67.166
TechnipFMC PLC     3.750  10/07/2033   EUR   70.736
Ocado Group PLC    3.875  10/08/2026   GBP   74.317
de Volksbank NV    0.125 11/19/2040    EUR   57.712
Blend Funding PLC  3.508  05/04/2057   GBP   70.128
Cirio Holding Lux  6.250  2/16/2004    EUR    2.231
Grand City Proper  2.081  08/08/2034   EUR   65.274
City of Lausanne   0.540  11/06/2062   CHF   56.297
ABN AMRO Bank NV   1.115  03/03/2042   EUR   67.586
Region Wallonne B  0.650  1/16/2051    EUR   46.558
Tennor Finance BV  5.750  6/17/2024    EUR   70.000
Banca Popolare di  9.500  9/29/2025    EUR    0.380
Agence Francaise   0.500  5/31/2035    EUR   72.185
Alitalia-Societa   5.250  7/30/2020    EUR    0.100
Nestle Finance In  0.375  12/03/2040   EUR   60.492
Joh Friedrich Beh  6.250  6/18/2024    EUR    6.550
Jyske Realkredit   0.500  10/01/2053   DKK   66.937
Land Securities C  2.625  9/22/2037    GBP   73.576
Severn Trent Util  0.010 12/16/2055    GBP   47.531
Comunidad Foral d  1.800  3/25/2042    EUR   70.056
ALROSA Finance SA  4.650  04/09/2024   USD   10.241
Societe Du Grand   0.875  05/10/2046   EUR   56.421
Orpea SA           2.770 12/18/2028    EUR   28.518
Euronext NV        1.500  5/17/2041    EUR   68.062
LIB-Landesimmobil  0.620  7/15/2041    EUR   62.302
Borets Finance DA  6.000  9/17/2026    USD   48.601
City of Lausanne   0.230  11/01/2060   CHF   50.177
Basque Government  1.375 10/31/2070    EUR   41.747
Anglo American Ca  3.950  09/10/2050   USD   74.017
Autobahnen- und S  0.100  7/16/2035    EUR   70.257
Ukraine Governmen  7.750  09/01/2025   USD   18.334
Cooperatieve Rabo  0.500  1/31/2033    MXN   39.327
Stichting Afwikke  8.450  8/20/2018    USD   43.625
Gazprom PJSC Via   4.950  02/06/2028   USD   72.119
Realkredit Danmar  0.500  10/01/2053   DKK   64.718
DZ Bank AG Deutsc  0.780  03/05/2030   EUR   73.108
Endo Luxembourg F  6.125  04/01/2029   USD   71.428
British Telecommu  3.883  6/25/2039    GBP   73.558
Lehman Brothers U  5.125               EUR   15.517
Bellis Finco PLC   4.000  2/16/2027    GBP   68.700
ING Bank NV        1.000  2/17/2037    EUR   75.334
Intesa Sanpaolo S  2.500 10/14/2031    USD   73.844
Ile-de-France Mob  1.275  2/14/2042    EUR   68.066
Region of Ile de   0.610  07/02/2040   EUR   61.992
MHP Lux SA         6.250  9/19/2029    USD   48.421
Raiffeisen Bank I  0.370  02/03/2033   EUR   63.710
Banco Santander S  0.100  2/27/2032    EUR   75.326
Rallye SA          3.400  2/28/2032    EUR    1.733
Schoeller Packagi  6.375  11/01/2024   EUR   70.996
Abengoa Abenewco   1.500 10/26/2024    USD    0.973
Norwegian Air Shu  7.500  11/10/2023   USD   73.375
Ukraine Governmen  7.750  09/01/2024   USD   21.081
VTB Bank OJSC Via  6.250  6/30/2035    USD   22.822
Nykredit Realkred  1.000  10/01/2050   DKK   68.637
Ukraine Governmen  7.750  09/01/2028   USD   16.938
Italy Buoni Polie  2.150  09/01/2052   EUR   61.997
State of North Rh  1.450  2/16/2043    EUR   73.343
Novolipetsk Steel  4.700  5/30/2026    USD   73.491
Societe Generale   9.000 12/22/2034    USD   70.750
Credit Suisse AG/  2.100  3/31/2031    USD   74.701
German Pellets Gm  7.250 11/27/2019    EUR    0.547
Deutsche Lichtmie  5.250  09/01/2025   EUR    1.611
SES SA             5.300  04/04/2043   USD   73.610
Gazprom PJSC Via   4.950  3/23/2027    USD   74.360
Prosus NV          3.832  02/08/2051   USD   59.809
Nordea Kredit Rea  0.500  10/01/2050   DKK   67.052
Optivo Finance PL  3.283  3/22/2048    GBP   69.782
ESFIL-Espirito Sa  5.250  06/12/2015   EUR    0.111
Muenchener Hypoth  0.010  11/02/2040   EUR   57.210
Penarian Housing   3.212  06/07/2052   GBP   70.797
Offshore Drilling  8.375  9/20/2020    USD    2.450
Aroundtown SA      2.970  9/26/2033    EUR   52.097
Sovcombank Via So  7.750               USD    3.072
Societe Generale  12.000  9/14/2023    USD   51.100
Agatos SpA         4.750 12/31/2026    EUR   70.000
Veneto Banca SpA   9.878  12/01/2025   EUR    0.741
PJSC Koks via IMH  5.900  9/23/2025    USD    7.513
LSF9 Balta Issuer  3.000 12/31/2030    EUR   59.306
Virgolino de Oliv 10.500  1/28/2018    USD    0.516
Banco Espirito Sa  6.875  7/15/2016    EUR   21.558
Argenta Spaarbank  0.500  10/08/2041   EUR   60.734
MBH Mortgage Bank  3.000 10/22/2031    HUF   63.600
Russian Foreign B  5.100  3/28/2035    USD   41.311
Norske Skogindust  7.125 10/15/2033    USD    0.010
FNG Benelux Holdi  5.000  8/28/2023    EUR    0.918
Landesbank Hessen  0.500  1/19/2037    EUR   70.636
Advanced Soltech   8.750  07/09/2023   SEK   74.500
Zenith Finco PLC   6.500  6/30/2027    GBP   73.167
Muenchener Hypoth  0.250  05/02/2036   EUR   68.964
Realkredit Danmar  0.500  10/01/2050   DKK   66.872
Salerno Pompei Na  2.800  1/19/2045    EUR   74.740
Gazprom PJSC via   3.897               EUR   51.004
Kreditanstalt fue  1.000 10/19/2050    EUR   62.197
Petrobras Global   4.500  02/04/2033   EUR   64.143
EVN AG             0.850 10/15/2035    EUR   69.350
Erste Group Bank   0.500  01/12/2037   EUR   68.552
London & Quadrant  3.750 10/27/2049    GBP   74.751
La Financiere Ata  6.625  5/15/2025    GBP   62.440
Nykredit Realkred  1.000  10/01/2050   DKK   71.827
Diebold Nixdorf D  9.000  7/15/2025    EUR   45.432
LBI ehf            6.100  8/25/2011    USD    9.957
Muenchener Hypoth  0.010 10/19/2039    EUR   59.013
Realkredit Danmar  1.500  10/01/2053   DKK   68.175
Kleopatra Holding  6.500  09/01/2026   EUR   56.607
Swissgrid AG       0.200  6/29/2040    CHF   68.584
Hungary Governmen  3.125  9/21/2051    USD   62.300
Ahtium PLC         4.000 12/16/2015    EUR    0.586
Single Platform I  4.020  07/01/2052   EUR   60.476
Caisse Francaise   0.125  2/15/2036    EUR   66.831
State of Hesse     0.750  08/04/2036   EUR   74.325
Credit Suisse AG/  2.300  9/24/2031    USD   74.908
UniCredit Bank AG  1.120  5/14/2057    EUR   48.303
Raiffeisenlandesb  1.650  8/23/2046    EUR   72.105
Caisse Francaise   0.500  10/01/2046   EUR   54.723
Midland Heart Cap  1.831  08/12/2050   GBP   51.708
Irish Bank Resolu  0.566  6/21/2016    EUR    0.679
Nederlandse Water  1.625  1/29/2048    EUR   72.971
Cirio Del Monte N  7.750  3/14/2005    EUR    0.164
Ramfort GmbH       6.750  3/15/2026    EUR   63.891
Societe Generale   2.000  1/30/2036    USD   58.765
City of Bern Swit  0.040  10/02/2070   CHF   44.700
Autonomous Commun  1.255 10/31/2048    EUR   54.228
A-TEC Industries   8.750 10/27/2014    EUR    0.100
French Republic G  0.750  5/25/2053    EUR   51.919
Land Berlin        0.100  1/18/2041    EUR   58.022
Societe Generale  15.760  8/13/2026    USD   57.800
Banco Espirito Sa  6.178               EUR    0.295
Muenchener Hypoth  0.125  09/05/2035   EUR   69.315
Free and Hanseati  0.250  2/18/2041    EUR   60.076
Republic of Belar  6.378  2/24/2031    USD   42.167
Altice France SA/  5.125  1/15/2029    USD   73.828
Southern Housing   3.500 10/19/2047    GBP   71.999
Kernel Holding SA  6.750 10/27/2027    USD   57.749
Credit Suisse AG/  9.000  4/22/2024    USD   26.500
Metropolitano de   1.229  7/30/2036    EUR   70.663
Aktia Bank Oyj     0.500  3/30/2031    EUR   74.507
Windreich GmbH     6.500  7/15/2016    EUR    2.780
Ukraine Governmen  6.876  5/21/2031    USD   16.168
Ministeries Van d  1.000  1/23/2051    EUR   54.758
SCF Capital Desig  5.375  6/16/2023    USD   73.258
PIK Securities DA  5.625 11/19/2026    USD   44.341
Malta Government   1.500 10/22/2045    EUR   62.660
DLR Kredit A/S     1.000  10/01/2053   DKK   73.677
Cirio Finanziaria  8.000 12/21/2005    EUR    0.479
Malta Government   1.000  8/23/2035    EUR   74.016
Intrum AB          3.000  9/15/2027    EUR   70.875
Metinvest BV       5.625  6/17/2025    EUR   66.116
SNCF Reseau        0.750  5/25/2036    EUR   71.790
Zurich Finance Ir  1.600 12/17/2052    EUR   71.193
Cadent Finance PL  3.125  3/21/2040    GBP   71.055
Region of Pays de  0.877 10/28/2041    EUR   63.815
Metinvest BV       8.500  4/23/2026    USD   65.042
Region de Bruxell  0.556 12/23/2064    EUR   30.445
Pfandbriefbank sc  0.250  1/24/2041    CHF   74.387
Signa Development  5.500  7/23/2026    EUR   47.000
State of Brandenb  0.600 10/13/2051    EUR   51.603
Sidetur Finance B 10.000  4/20/2016    USD    0.394
Orpea SA           2.000  08/09/2029   EUR   28.250
Pfandbriefzentral  0.050  10/06/2043   CHF   67.812
Romanian Governme  2.000  4/14/2033    EUR   70.166
Agrokor dd         9.125  02/01/2020   EUR   15.000
Russian Foreign B  5.250  6/23/2047    USD   40.939
Deutsche Wohnen S  2.000  3/28/2034    EUR   68.487
Celtic Resources   4.125  10/09/2024   USD   14.420
Land Berlin        0.625  8/25/2036    EUR   72.761
Romanian Governme  2.750  4/14/2041    EUR   59.546
Ukraine Governmen 19.750  2/18/2026    UAH   68.729
Communaute Franca  1.040  7/19/2101    EUR   43.574
Telefonica Emisio  1.957  07/01/2039   EUR   74.839
German Pellets Gm  7.250  07/09/2018   EUR    0.547
Bazalgette Financ  0.688  6/27/2050    GBP   64.723
GN Store Nord AS   3.200 11/26/2036    GBP   72.983
Russian Foreign B  5.625  04/04/2042   USD   63.985
Garfunkelux Holdc  6.750  11/01/2025   EUR   71.704
Virgolino de Oliv 10.875  1/13/2020    USD   36.000
Bayerische Landes  1.690  4/23/2037    EUR   73.710
Grenke Finance PL  2.237  1/29/2029    EUR   74.477
Swissgrid AG       0.125  6/30/2036    CHF   74.182
Fuerstenberg Capi  3.905               EUR   52.946
Prosus NV          4.987  1/19/2052    USD   70.379
Caisse Francaise   0.625  1/20/2042    EUR   62.127
Societe Generale   8.000  7/17/2023    USD   60.200
Bank Nadra Via ND  8.250  7/31/2018    USD    0.208
Nostrum Oil & Gas  8.000  7/25/2022    USD   25.984
State of Lower Sa  0.050  03/09/2035   EUR   70.265
Caisse Francaise   0.010 10/19/2035    EUR   66.388
Ministeries Van d  0.125 10/15/2035    EUR   67.073
Ukraine Governmen  8.994  02/01/2026   USD   16.896
Ministeries Van d  1.500  04/11/2044   EUR   68.882
MMK International  4.375  6/13/2024    USD   26.205
Grand City Proper  2.500  6/27/2039    EUR   51.268
Heimstaden Bostad  2.800  05/04/2035   EUR   57.988
La Financiere Ata  5.125  5/15/2025    EUR   63.000
Serbia Internatio  2.050  9/23/2036    EUR   60.286
SNCF Reseau        1.425  8/14/2119    EUR   38.205
Altice France SA/  4.250 10/15/2029    EUR   72.438
Ile-de-France Mob  0.200 11/16/2035    EUR   67.931
Prosus NV          1.985  7/13/2033    EUR   68.089
Autonomous Commun  2.300  5/24/2049    EUR   69.494
Ville de Paris     0.450 10/20/2045    EUR   52.813
Gebr Sanders GmbH  8.750 10/22/2018    EUR    9.375
Centre Hospitalie  0.490  12/01/2036   EUR   68.491
Concessio Estacio  3.520 12/31/2037    EUR   75.310
Privatbank CJSC V 10.875  2/28/2018    USD    6.709
Credit Suisse AG/  1.250  2/22/2029    USD   68.500
Region Wallonne B  1.050  6/22/2040    EUR   66.231
Scottish Hydro El  1.429 10/20/2056    GBP   74.143
Nobel Bidco BV     3.125  6/15/2028    EUR   76.796
AXA Home Loan SFH  0.125  6/25/2035    EUR   68.735
State of Bremen    0.400  8/20/2049    EUR   50.118
DLR Kredit A/S     0.500  10/01/2053   DKK   68.022
ESB Finance DAC    1.875  7/21/2035    GBP   70.965
Alno AG            8.500  5/14/2018    EUR   16.859
Gazprom PJSC via   3.250  2/25/2030    USD   68.388
British Telecommu  1.739  6/25/2039    GBP   75.200
Abengoa Abenewco   6.000  06/10/2022   EUR    0.439
Royal Schiphol Gr  2.890 10/25/2034    AUD   74.356
ING-DiBa AG        1.000  5/23/2039    EUR   71.617
Eurochem Finance   5.500  3/13/2024    USD   58.726
BPCE SA            5.478               EUR   67.617
Banque Internatio  1.000  2/18/2036    EUR   65.840
LiveWest Treasury  1.875  2/18/2056    GBP   49.537
Republic of Irela  1.425  9/18/2119    EUR   50.393
Credit Suisse AG   0.500 12/16/2025    BRL   71.815
Hospices Civils d  0.597 11/24/2031    EUR   74.835
RHP Finance PLC    3.250  02/05/2048   GBP   74.252
Autostrade per l'  3.625  06/09/2038   EUR   73.828
Ukraine Governmen  4.375  1/27/2032    EUR   15.747
BNG Bank NV        0.562  06/07/2051   EUR   57.298
Lithuania Governm  0.500  7/28/2050    EUR   43.697
Jain Internationa  7.125  02/01/2022   USD   22.000
Kreditanstalt fue  1.100  9/16/2051    EUR   63.719
Region de Bruxell  1.400  03/11/2054   EUR   51.306
La Banque Postale  0.250  02/12/2035   EUR   70.684
Blend Funding PLC  2.467  6/16/2061    GBP   51.945
Rhaetische Bahn A  0.050  08/03/2050   CHF   61.316
Deutsche Bank AG/ 13.750  6/20/2026    TRY   17.079
DLR Kredit A/S     1.000  10/01/2050   DKK   70.308
Orpea SA           3.144 12/22/2025    EUR   28.999
Sberbank of Russi  5.125 10/29/2022    USD   32.553
Autonomous Commun  1.850  5/13/2061    EUR   53.866
Ville de Paris     0.650 11/25/2070    EUR   34.689
Autonomous Commun  1.931  04/04/2042   EUR   71.806
NRW Bank           1.150  9/16/2051    EUR   63.474
Havila Shipping A  7.440  01/02/2025   NOK   42.000
Orbit Capital PLC  2.000 11/24/2038    GBP   64.820
Portugal Obrigaco  1.000  04/12/2052   EUR   52.711
Mallinckrodt Inte 10.000  6/15/2029    USD   47.941
Grupo Antolin-Ira  3.500  4/30/2028    EUR   69.883
Societe Generale  24.000  04/03/2025   USD   26.100
Ukraine Governmen  7.750  09/01/2027   USD   17.025
OGX Austria GmbH   8.500  06/01/2018   USD    0.002
German Pellets Gm  7.250  04/01/2016   EUR    0.547
Republic of Belar  6.200  2/28/2030    USD   41.850
HSE Finance Sarl   5.625 10/15/2026    EUR   53.604
Garfunkelux Holdc  7.750  11/01/2025   GBP   70.749
Deutsche Bank AG   1.580 10/23/2031    EUR   73.991
Land Berlin        0.125  06/04/2035   EUR   70.374
Romanian Governme  3.375  1/28/2050    EUR   60.351
DZ HYP AG          0.375  11/10/2034   EUR   73.305
United Utilities   0.010  7/27/2040    GBP   69.302
CB First Investme  8.000               EUR   70.868
Banca Popolare di  2.821 12/20/2017    EUR    0.396
Hemso Fastighets   0.473  2/18/2030    EUR   71.875
Clarion Funding P  1.250 11/13/2032    GBP   71.303
Norddeutsche Land  2.000  1/31/2035    EUR   71.738
Societe Generale  15.000  08/01/2024   USD   30.150
Deutsche Lichtmie  5.750  01/01/2023   EUR    2.760
Canton of Neuchat  0.350  7/14/2050    CHF   64.882
Canton of Neuchat  0.100 10/29/2049    CHF   60.951
Development Bank   6.750  05/02/2024   USD   41.731
Erotik-Abwicklung  7.750  07/09/2019   EUR    0.779
Bayerische Landes  1.550  2/13/2040    EUR   50.938
Region Wallonne B  1.865  05/10/2051   EUR   66.874
AMATHEON AGRI Hol  5.000  1/22/2025    EUR   70.000
Solon SE           1.375  12/06/2012   EUR    0.745
Landeskreditbank   0.610 11/17/2050    EUR   54.707
British Telecommu  3.924  6/25/2042    GBP   70.949
Notting Hill Gene  2.000  06/03/2036   GBP   68.897
State of Brandenb  0.125  1/26/2046    EUR   50.337
Alno AG            8.000  3/21/2019    EUR   16.600
A-TEC Industries   5.750  11/02/2010   EUR    0.100
Jyske Realkredit   1.000  10/01/2053   DKK   61.802
Land Berlin        0.150  2/22/2036    EUR   68.910
State Savings Ban 11.996  1/19/2024    USD   34.250
Raiffeisenbank AS  0.700 11/15/2031    EUR   74.535
Grand City Proper  2.800  2/25/2039    EUR   54.447
Deutsche Bahn Fin  1.850 11/23/2043    EUR   68.211
Orbit Capital PLC  3.375  6/14/2048    GBP   71.170
Kingdom of Belgiu  1.400  6/22/2053    EUR   62.372
EOS Imaging SA     6.000  5/31/2023    EUR    7.250
Malta Government   1.800  8/28/2051    EUR   61.342
Nordea Kredit Rea  1.000  10/01/2053   DKK   61.825
Credit Suisse Int  9.500  3/24/2026    UAH   56.870
Sairgroup Finance  4.375  06/08/2006   EUR    1.964
Veneto Banca SpA   6.411               EUR    0.345
Pfandbriefbank sc  0.250  4/25/2042    CHF   72.843
Single Platform I  0.915  2/15/2043    EUR   62.642
Compact Bidco BV   5.750  05/01/2026   EUR   67.202
Haya Holdco 2 PLC 11.698 11/30/2025    EUR   40.466
ACCIONA Financiac  3.000  12/02/2039   EUR   74.945
Wrekin Housing Gr  2.500 10/22/2048    GBP   60.515
Societe Generale   7.280  05/06/2024   USD   54.000
Romanian Governme  4.625  04/03/2049   EUR   75.092
Nationwide Buildi  0.485  07/11/2044   CHF   70.900
Master & Fellows   3.068  4/28/2065    GBP   57.915
Banco Santander S  1.000  10/01/2033   EUR   74.219
Societe Generale   1.113  7/17/2031    EUR   74.888
Republic of Belar  7.625  6/29/2027    USD   50.818
Fastighets AB Bal  1.293  03/03/2031   EUR   55.815
Raiffeisenlandesb  0.200  06/09/2036   EUR   67.560
Agence Francaise   1.656  04/04/2054   EUR   71.520
Russian Foreign B  4.375  3/21/2029    USD   41.760
Gazprom PJSC via   3.500  7/14/2031    USD   62.759
Aktia Bank Oyj     0.550  3/17/2031    EUR   74.927
VTB Bank PJSC Via  9.500               USD   16.796
Agence Francaise   0.375  5/25/2036    EUR   67.832
Republic of Polan  1.750  4/25/2032    PLN   73.034
Takko Luxembourg   5.375 11/15/2023    EUR   71.626
Serbia Internatio  1.650  03/03/2033   EUR   65.455
VST Building Tech  7.000  6/28/2024    EUR    0.115
Joh Friedrich Beh  7.750  11/11/2020   EUR    6.010
State of Brandenb  0.300  10/04/2049   EUR   48.528
Solarworld AG      9.691  2/24/2019    EUR   14.875
Single Platform I  1.220  8/24/2047    EUR   62.262
Portugal Telecom   6.250  7/26/2016    EUR    0.285
KTG Agrar SE       7.250 10/15/2019    EUR    2.001
AXA Bank Europe S  0.250  06/09/2040   EUR   59.950
Free State of Sax  0.010 12/17/2035    EUR   68.087
JAB Holdings BV    2.000 12/19/2039    EUR   72.535
Ministeries Van d  1.000 10/13/2036    EUR   74.016
Gazprom PJSC via   2.950  1/27/2029    USD   58.000
Niedersachsen Inv  0.250  7/16/2035    EUR   71.583
Land Berlin        0.625  7/15/2039    EUR   67.457
Kommunekredit      0.500  6/19/2039    DKK   64.930
Ukraine Governmen  7.750  09/01/2029   USD   16.782
Elia Transmission  1.560  1/30/2044    EUR   74.834
Rio Forte Investm  4.000  7/22/2014    EUR    2.833
Assistance Publiq  0.683  3/19/2041    EUR   61.483
Thames Water Util  1.771  8/28/2057    GBP   75.409
State of North Rh  0.750  8/16/2041    EUR   65.154
Kantonsspital St   0.300  9/30/2036    CHF   75.552
Ville de Paris     0.750 11/30/2041    EUR   61.769
Credit Suisse AG/  2.600  1/27/2032    USD   76.073
Landwirtschaftlic  0.010 11/26/2040    EUR   58.014
Region of Veneto   2.556  12/07/2046   EUR   72.868
NRW Bank           0.500  6/17/2041    EUR   63.265
Centre Hospitalie  0.800  6/28/2041    EUR   62.507
Assistance Publiq  1.099  04/06/2071   EUR   40.078
Aareal Bank AG     1.741  01/12/2045   EUR   61.732
Prosus NV          2.778  1/19/2034    EUR   72.987
NRW Bank           1.200  3/28/2039    EUR   74.702
Vnesheconombank V  5.942 11/21/2023    USD    7.576
Chrome Holdco SAS  5.000  5/31/2029    EUR   70.526
Hungary Governmen  1.500 11/17/2050    EUR   51.215
Deutsche Bank AG/  3.984  10/10/2042   USD   67.277
Region de Bruxell  1.810  3/22/2053    EUR   63.776
JAB Holdings BV    4.500  04/08/2052   USD   74.306
DLR Kredit A/S     1.000  10/01/2053   DKK   68.166
Banco Espirito Sa  6.900  6/28/2024    EUR   19.170
Muenchener Hypoth  0.250  3/29/2041    CHF   72.678
Assistance Publiq  1.125  4/16/2047    EUR   58.962
Romanian Governme  2.000  1/28/2032    EUR   72.214
Nostrum Oil & Gas  7.000  2/16/2025    USD   26.386
Barclays Bank PLC  1.637  04/12/2039   EUR   74.100
Republic of Austr  2.100  9/20/2117    EUR   72.402
Norwegian Air Shu  7.500  11/10/2023   USD   73.375
Bank of Valletta   3.750  6/15/2031    EUR   66.949
BPCE SFH SA        0.500  1/23/2035    EUR   72.916
Credit Suisse AG/  7.730  6/15/2028    ZAR   72.514
NRW Bank           1.400  3/19/2070    EUR   58.785
Region Wallonne B  1.250  6/22/2071    EUR   48.924
Ministeries Van d  0.634 11/19/2060    EUR   35.345
Barclays Bank PLC  5.000  11/01/2029   BRL   64.631
Communaute Franca  1.581  1/23/2120    EUR   46.335
LFA Foerderbank B  0.050  9/29/2034    EUR   70.992
Thames Water Util  1.760  8/28/2062    GBP   74.514
Sovcombank Via So  8.000  04/07/2030   USD    5.620
Assistance Publiq  1.053  5/25/2052    EUR   52.155
Orpea SA           3.000 11/25/2041    EUR   28.771
Bank Gospodarstwa  2.000  11/03/2036   EUR   72.005
Elli Investments  12.250  6/15/2020    GBP   52.250
VF Ukraine PAT vi  6.200  02/11/2025   USD   62.140
Depfa Funding III  2.056               EUR   56.183
Prosus NV          2.031  08/03/2032   EUR   70.494
St Galler Kantona  0.100  10/10/2041   CHF   69.285
Ideal Standard In  6.375  7/30/2026    EUR   55.303
Gemeente Bergen O  0.440  9/20/2044    EUR   56.697
DZ HYP AG          1.300  7/18/2041    EUR   68.802
Nationale-Nederla  0.050  9/24/2035    EUR   67.594
Martlet Homes Ltd  3.000  05/09/2052   GBP   66.945
Credit Agricole S  4.400  2/24/2042    AUD   63.320
State of Saarland  0.050  11/05/2040   EUR   58.174
La Banque Postale  0.640  1/27/2042    EUR   64.800
Caisse de Refinan  0.250  02/07/2035   EUR   71.032
La Veggia Finance  7.125 11/14/2004    EUR    0.287
Agrokor dd         9.875  05/01/2019   EUR   15.000
City of Zurich Sw  0.400 11/21/2046    CHF   72.421
Free and Hanseati  0.010  11/05/2035   EUR   68.323
Ukraine Governmen  7.375  9/25/2034    USD   15.851
Raiffeisenlandesb  0.375  1/15/2035    EUR   71.194
UBS AG/London      6.500  10/02/2024   USD   58.750
Societe Generale   2.200 12/17/2040    USD   65.429
Canton of Geneva   0.050  8/27/2041    CHF   71.876
Maxeda DIY Holdin  5.875  10/01/2026   EUR   73.583
United Kingdom Gi  1.125 10/22/2073    GBP   39.842
Republic of Belar  7.625  6/29/2027    USD   51.120
Region de Bruxell  1.100  6/22/2066    EUR   47.799
Bayerische Landes  0.870 11/29/2034    EUR   69.445
Vasakronan AB      1.870  06/03/2039   EUR   45.501
Bankinter SA       1.200  06/05/2035   EUR   73.837
UBS AG/London      6.850  7/25/2023    USD    9.910
Del Monte Finance  6.625  5/24/2006    EUR    1.000
Pershing Square H  3.000  7/15/2032    USD   73.159
Novolipetsk Steel  1.450  06/02/2026   EUR   68.138
Boparan Finance P  7.625 11/30/2025    GBP   65.804
Societe Generale   1.137  1/26/2037    EUR   68.991
Aareal Bank AG     1.576  2/23/2032    EUR   63.607
Odea Bank AS       8.606  08/01/2027   USD   73.437
Nederlandse Water  0.501 10/24/2039    EUR   64.617
Pfandbriefzentral  0.020  1/30/2040    CHF   72.258
J&T Banka AS       7.000               EUR   69.028
Kantonsspital Bad  0.350  9/30/2036    CHF   75.643
NRW Bank           0.612 10/21/2050    EUR   54.804
Phosagro OAO Via   2.600  9/16/2028    USD   64.168
Credit Suisse AG/  7.700  08/03/2028   ZAR   70.785
Ukraine Governmen 15.840  2/26/2025    UAH   71.551
Romanian Governme  2.124  7/16/2031    EUR   74.674
HSBC Bank PLC      0.500 12/22/2025    BRL   72.489
Pfandbriefbank sc  0.375  6/15/2046    CHF   70.728
Republic of Irela  1.250  10/08/2121   EUR   45.194
Nomura Bank Inter  1.130  4/23/2036    EUR   66.316
Region de Bruxell  0.444  3/19/2057    EUR   36.844
Corporate Commerc  8.250  08/08/2014   USD    0.308
Thomas Cook Group  6.250  6/15/2022    EUR    0.285
NRW Bank           0.106  8/17/2050    EUR   48.133
Sanctuary Capital  2.481  11/12/2037   GBP   70.817
State of North Rh  1.850  3/18/2089    EUR   62.218
Mobile Telesystem  5.000  5/30/2023    USD   27.342
Windreich GmbH     6.500  03/01/2015   EUR    2.780
Agrokor dd         8.875  02/01/2020   USD   15.000
Land Baden-Wuertt  0.125 11/19/2040    EUR   58.822
Societe Nationale  1.400  5/18/2120    EUR   34.067
Altice France Hol  4.000  2/15/2028    EUR   57.625
Centre Hospitalie  1.500  4/27/2050    EUR   68.449
State of Rhinelan  0.375  7/20/2048    EUR   49.395
CPI Hungary Inves  2.250  08/07/2030   HUF   55.000
National Grid Ele  0.010  3/26/2036    GBP   74.810
Finmek Internatio  7.000  12/03/2004   EUR    2.193
Societe Generale   3.100  4/22/2036    AUD
Region Wallonne B  1.165  6/29/2059    EUR   49.969
ALROSA Finance SA  3.100  6/25/2027    USD    6.688
SCF Capital Desig  3.850  4/26/2028    USD   58.876
UBS AG/London      1.500  02/02/2031   USD   75.163
Societe Generale  15.000  8/30/2024    USD   29.200
Deutsche Bank AG   1.750 10/30/2028    USD   75.420
Richter Gedeon Ny  1.750  06/04/2031   HUF   68.500
NRW Bank           1.250  3/21/2044    EUR   70.872
BNG Bank NV       10.010  6/17/2025    TRY   57.492
Sairgroup Finance  6.625  10/06/2010   EUR    1.964
Ukraine Governmen 19.750  11/05/2025   UAH   70.185
Free and Hanseati  0.300  9/16/2050    EUR   47.357
Minicentrales Dos  0.010  06/06/2047   EUR   66.455
Barclays Bank PLC  2.320  01/11/2041   USD   59.018
Jyske Realkredit   0.500  10/01/2050   DKK   66.894
Cooperatieve Rabo  0.500  8/21/2028    MXN   59.355
Kreditanstalt fue  1.271  5/20/2051    EUR   68.174
DZ Bank AG Deutsc  2.000 12/29/2031    EUR   71.880
Landesbank Baden-  1.000  08/12/2039   EUR   65.540
Free State of Bav  0.010  3/28/2036    EUR   67.138
Espirito Santo Fi  5.050 11/15/2025    EUR    0.622
State of Bremen    0.450  2/24/2051    EUR   49.129
Severstal OAO Via  3.150  9/16/2024    USD    4.564
Rena GmbH          7.000 12/15/2015    EUR    0.054
Landesbank Hessen  1.370  9/22/2031    EUR   70.703
Batigere Grand Es  1.500 12/15/2051    EUR   54.122
Alpine Holding Gm  6.000  5/22/2017    EUR    0.518
UniCredit Bank Au  0.150  4/29/2033    EUR   72.413
Bazalgette Financ  0.074  5/16/2049    GBP   60.024
Heimstaden Bostad  2.800  05/04/2035   EUR   58.266
Alliander NV       1.125  04/08/2035   EUR   71.842
Deutsche Pfandbri  1.000  12/02/2030   EUR   73.807
Hacienda Investme  5.350  02/08/2028   USD   52.225
Dtek Renewables F  8.500  11/12/2024   EUR   40.039
Banco de Sabadell  3.150  3/30/2037    EUR   73.205
Barclays Bank PLC  0.500  10/01/2031   TRY   14.979
Single Platform I  1.610  2/15/2043    EUR   72.951
BNP Paribas SA     1.590  2/23/2051    EUR   65.788
Republic of Belar  5.875  2/24/2026    USD   51.725
Engie SA           2.750 11/20/2045    EUR   75.608
State of Rhinelan  0.375  03/10/2051   EUR   48.194
Slovenska Sporite  4.490               EUR   53.746
Russian Foreign B  2.875  12/04/2025   EUR   38.554
Single Platform I  0.950  7/25/2047    EUR   59.426
Assistance Publiq  1.183  4/16/2050    EUR   56.418
SNCF Reseau        2.777  7/29/2115    EUR   72.172
DZ Bank AG Deutsc  1.055  03/11/2031   EUR   71.195
Land Berlin        0.050  08/06/2040   EUR   58.037
Abengoa Abenewco   1.500  4/26/2024    USD    0.988
State of Lower Au  1.000  9/15/2121    EUR   33.604
Banque Federative  0.376 10/15/2031    EUR   72.133
DZ Bank AG Deutsc  0.530  7/26/2033    EUR   69.265
Russian Foreign B  4.750  5/27/2026    USD   43.279
Commerzbank AG     0.900  10/07/2030   EUR   72.905
City of Zurich Sw  0.250 11/24/2051    CHF   66.273
Nordea Kredit Rea  0.500  10/01/2053   DKK   64.737
Credit Bank of Mo  8.875               USD   13.031
Havenbedrijf Rott  1.100  3/23/2051    EUR   59.462
BPCE SFH SA        0.375  3/18/2041    EUR   60.204
Raiffeisen Landes  0.375 11/13/2034    EUR   72.505
Republic of Irela  0.995  2/24/2121    EUR   37.180
T-Centrum CZ AS   11.710 10/30/2024    CZK   69.000
OR PJSC           12.000 11/14/2024    RUB    2.750
Instabank ASA i   10.850               NOK   67.516
Heta Asset Resolu  3.211 12/31/2023    EUR    1.537
Region Wallonne B  1.000  9/16/2059    EUR   44.391
Kreditanstalt fue  1.201  9/13/2051    EUR   66.009
State of Saxony-A  0.500  3/24/2051    EUR   50.661
Praktiker AG       5.875  02/10/2016   EUR    0.001
Elli Finance UK P  8.750  6/15/2019    GBP   53.034
Polyus Finance PL  4.700  1/29/2024    USD   70.043
BNP Paribas SA     1.000  1/23/2040    MXN   22.521
Spain Government   1.450 10/31/2071    EUR   46.702
Canton of St Gall  0.200 11/28/2041    CHF   74.403
Berlin Hyp AG      0.030  7/22/2030    EUR   73.754
Deutsche Telekom   4.125  7/23/2049    USD   74.892
Hamon & CIE SA     3.300  1/31/2035    EUR   46.339
Department of L'E  0.515  5/25/2040    EUR   60.926
State of Bremen    0.150  9/14/2040    EUR   59.027
Alpine Holding Gm  5.250  07/01/2015   EUR    0.546
Stadt Graz         1.878 10/31/2046    EUR   74.390
Societe Generale   0.690  4/21/2033    EUR   71.698
Kingdom of Belgiu  1.170  05/12/2121   EUR   39.473
Raiffeisen Landes  0.250  03/04/2036   EUR   68.067
Aareal Bank AG     4.603  2/16/2043    EUR   71.560
Dublin Port Co     2.406  9/30/2049    EUR   72.475
Flextronics Inter  3.600  12/06/2031   HUF   66.000
Futureal Developm  4.000  3/23/2031    HUF   64.000
GB Social Housing  3.814  04/09/2047   GBP   70.294
Societe Du Grand   2.062  3/19/2070    EUR   62.588
Gazprom PJSC via   1.500  2/17/2027    EUR   67.011
Realkredit Danmar  0.500  10/01/2053   DKK   66.893
United Kingdom Gi  1.500  7/22/2047    GBP   59.060
Russian Agricultu  8.500 10/16/2023    USD   26.532
Windreich GmbH     6.750  03/01/2015   EUR    2.780
Cooperatieve Rabo  0.500 11/30/2027    MXN   64.391
Free State of Sax  0.400  05/12/2036   EUR   71.125
DLR Kredit A/S     1.500  10/01/2053   DKK   73.506
Junta de Castilla  1.270 10/31/2044    EUR   59.925
Mondelez Internat  1.250  09/09/2041   EUR   64.091
Golfino AG         8.000 11/18/2023    EUR    0.018
Land Thueringen    1.127  04/02/2049   EUR   64.334
Veneto Banca SpA   6.944  5/15/2025    EUR    0.741
DZ Bank AG Deutsc  1.070  10/06/2042   EUR   67.830
Deutsche Pfandbri  0.500  7/23/2029    EUR   75.425
State of Lower Sa  0.250  4/15/2036    EUR   69.706
Muenchener Hypoth  1.543 11/16/2048    EUR   68.199
Romanian Governme  3.375  02/08/2038   EUR   70.607
Ukraine Governmen 12.520  5/13/2026    UAH   55.641
Gazprom PJSC via   1.850 11/17/2028    EUR   60.065
Jyske Realkredit   1.500  10/01/2053   DKK   68.260
Deutsche Bank AG   1.725  1/16/2045    EUR   47.493
Norddeutsche Land  1.552  06/04/2036   EUR   74.398
UBS Group AG       2.370  2/25/2036    USD   68.090
Ukraine Governmen  3.900  10/05/2023   USD   72.365
Kuntarahoitus Oyj  0.940  06/09/2064   EUR   60.952
Assistance Publiq  1.502  05/09/2044   EUR   69.748
Societe Generale  13.000  04/03/2024   USD   69.950
SG Issuer SA       0.263  2/20/2025    EUR   20.260
4iG Nyrt           2.900  3/29/2031    HUF   72.050
Region Wallonne B  1.130  3/28/2036    EUR   74.944
Norddeutsche Land  0.400  03/11/2031   EUR   72.496
DZ Bank AG Deutsc  0.190  1/14/2031    EUR   73.453
SR-Boligkreditt A  1.252  12/02/2041   EUR   69.775
Raiffeisenlandesb  0.998  11/04/2033   EUR   71.571
DZ Bank AG Deutsc  0.850  02/10/2032   EUR   75.516
National Treasury  1.560  2/16/2122    EUR   54.995
Kreditanstalt fue  0.980  02/09/2042   EUR   69.931
CRC Breeze Financ  6.110  05/08/2026   EUR   74.356
Yarlington Treasu  3.410  9/18/2057    GBP   66.510
UBS AG/London      3.327 11/23/2025    EUR   58.500
State of Bremen    1.000  5/27/2039    EUR   72.014
Credit Suisse AG/  4.450  6/28/2023    USD    9.590
Stelius Befekteto  3.100  9/17/2030    HUF   66.500
Bulgaria Steel Fi 12.000  05/04/2013   EUR    0.216
Phosphorus Holdco 10.000  04/01/2019   GBP    1.500
Peine GmbH         2.000  07/05/2023   EUR   44.500
Affinity Water Fi  3.278  8/22/2042    GBP   71.239
Altice France SA/  4.125  1/15/2029    EUR   73.418
Vasakronan AB      2.130  5/27/2041    SEK   70.424
Credit Bank of Mo  7.625               USD   27.791
Autonomous Commun  1.442 10/26/2049    EUR   56.634
Bayerische Landes  1.820  05/12/2031   EUR   72.785
Orpea SA           2.300  03/06/2025   EUR   28.042
Grand Delta Habit  1.500  09/01/2049   EUR   54.883
Vasakronan AB      1.130  5/27/2042    JPY   72.324
Region de Bruxell  0.592  12/10/2061   EUR   35.020
Ministeries Van d  0.875  06/03/2045   EUR   54.576
Land Thueringen    0.375 11/14/2034    EUR   73.766
Societe Generale   0.360  9/14/2033    EUR   74.960
Land Thueringen    0.375  12/01/2051   EUR   47.276
Ville de Paris     2.017  5/25/2052    EUR   65.869
Land Berlin        0.500  6/19/2047    EUR   57.545
Credit Bank of Mo  7.500  10/05/2027   USD   20.569
Nordea Kredit Rea  0.500  10/01/2053   DKK   67.062
Landesbank Hessen  0.750  1/21/2036    EUR   63.740
Nederlandse Water  1.900  1/31/2035    AUD   73.686
DZ Bank AG Deutsc  1.000  2/13/2042    EUR   63.518
State Agency of R  6.250  6/24/2030    USD   15.500
Single Platform I  1.010  3/20/2051    EUR   57.152
Societe Nationale  1.280  3/27/2120    EUR   38.193
Assistance Publiq  0.791  8/27/2051    EUR   48.357
Landesbank Hessen  1.800  07/07/2036   EUR   66.700
Societe Generale  12.000 12/31/2036    USD   68.200
Societe Generale   8.000  5/28/2027    USD   63.000
Credit Bank of Mo  7.121  6/25/2024    USD   23.488
Region Wallonne B  1.220  06/12/2050   EUR   55.861
Vasakronan AB      2.256  04/12/2044   EUR   73.948
Vasakronan AB      2.400  6/20/2044    SEK   69.778
State of North Rh  1.267  9/16/2051    EUR   64.335
State of North Rh  1.641  08/11/2066   EUR   63.951
Natixis SA         0.300  6/25/2048    USD   28.919
Norske Skog Holdi  8.000  2/24/2021    EUR    0.006
Norddeutsche Land  1.050 11/17/2036    EUR   62.529
Norddeutsche Land  0.850  07/07/2031   EUR   74.960
ING Bank NV        0.465  4/21/2041    EUR   63.210
Barclays Bank PLC  0.500  1/28/2033    MXN   39.320
MFB Magyar Fejles  4.200  4/20/2033    HUF   70.860
Sovcombank Via So  7.600               USD    3.502
Rio Forte Investm  4.750  11/10/2015   EUR    2.376
Basque Government  1.000 10/31/2050    EUR   48.795
Aareal Bank AG     0.220  03/10/2028   EUR   73.736
BNG Bank NV        1.873 11/24/2047    EUR   73.833
Credit Suisse AG/  1.660  02/02/2035   EUR   69.392
MBH Mortgage Bank  2.600 10/22/2028    HUF   69.500
Land Thueringen    0.250  03/05/2040   EUR   61.379
Ville de Paris     0.831  2/23/2056    EUR   43.780
Romanian Governme  2.875  4/13/2042    EUR   59.648
State of Saxony-A  1.223  05/04/2046   EUR   70.577
BOA Offshore AS    0.409  7/17/2047    NOK    2.436
Cie de Financemen  0.975  08/11/2046   EUR   64.094
Foodco Bondco SA   6.250  5/15/2026    EUR   41.534
Centrosolar Group  7.000  2/15/2016    EUR    2.505
State of North Rh  1.960  1/24/2079    EUR   71.346
Single Platform I  0.800 12/20/2040    EUR   62.930
Single Platform I  3.000  6/21/2047    USD   71.535
Tonon Luxembourg   9.250  1/24/2020    USD    1.721
Kommunekredit      0.500  7/30/2027    TRY   29.352
Deutsche Apotheke  1.770 12/21/2046    EUR   69.347
Landesbank Baden-  0.260  5/28/2031    EUR   73.700
Kreditanstalt fue  1.115  5/17/2041    EUR   68.857
Thames Water Util  2.442  05/12/2050   GBP   51.897
Kingdom of Belgiu  0.650  6/22/2071    EUR   40.477
Communaute Franca  0.782  02/08/2061   EUR   40.214
Brussels Municipa  0.336 12/15/2035    EUR   68.073
Credit Bank of Mo  4.700  1/29/2025    USD   26.160
Muenchener Hypoth  1.000  6/30/2037    EUR   65.476
Deutsche Wohnen S  2.500  7/21/2034    EUR   73.854
Places For People  2.500  05/03/2039   EUR   72.030
Landesbank Baden-  0.000  5/15/2039    EUR   66.030
Senivita Social E  8.500  6/30/2025    EUR    0.020
GTC Magyarorszag   2.250  12/07/2030   HUF   68.150
Skandinaviska Ens  6.400  1/15/2025    SEK   70.040
Ile-de-France Mob  1.000  12/02/2043   EUR   62.224
MMC Norilsk Nicke  2.550  09/11/2025   USD   73.000
Italy Buoni Polie  0.950  03/01/2037   EUR   65.262
Laboratoire Eimer  5.000  02/01/2029   EUR   70.377
Landesbank Baden-  0.490  12/11/2030   EUR   74.186
SAir Group         5.125  03/01/2003   CHF   10.177
Banque Cantonale   0.100  11/01/2044   CHF   64.479
Intesa Sanpaolo S  4.700  9/23/2049    USD   71.857
BNG Bank NV        0.630  07/11/2067   EUR   38.867
Caisse Francaise   1.110  9/21/2046    EUR   69.608
Nederlandse Water  1.577  12/09/2039   GBP   66.290
Polyus Finance PL  3.250 10/14/2028    USD   62.919
Privatbank CJSC V 10.875  2/28/2018    USD    6.709
State of Brandenb  0.300 11/17/2045    EUR   53.286
Republic of Irela  0.740 11/27/2120    EUR   28.635
SCC Power PLC      6.000 12/31/2028    USD   49.250
Landesbank Baden-  0.510  6/18/2031    EUR   73.003
Kreditanstalt fue  0.980  6/28/2051    EUR   63.175
Heta Asset Resolu  3.248 12/31/2023    EUR    1.504
Uliving@essex3 LL  2.720  8/31/2066    GBP   47.180
Nordea Bank Abp    4.000  1/20/2029    SEK   74.750
UniCredit Bank AG  1.550  7/18/2031    EUR   71.320
BPCE SFH SA        1.586  02/01/2047   EUR   70.733
Citigroup Global   7.200  5/24/2023    SEK
Region Bretagne S  0.815  06/12/2040   EUR   64.594
Deutsche Bank AG   0.687  10/11/2049   EUR   44.507
Bazalgette Financ  0.010  08/05/2036   GBP   75.361
Deutsche Pfandbri  3.100  09/07/2046   USD   69.699
Pfandbriefbank sc  0.250  5/17/2040    CHF   75.146
DZ HYP AG          1.226  8/25/2036    EUR   65.840
Orient Express Ba  2.000               USD   15.267
Kommunekredit      1.375  5/18/2046    SEK   69.012
Caisse des Depots  3.000  11/08/2051   AUD   71.137
Region Wallonne B  1.000  6/22/2045    EUR   56.980
Anglian Water Ser  1.760 11/13/2035    GBP   68.016
Intesa Sanpaolo B  3.102 11/19/2035    AUD   67.519
Arkea Public Sect  1.642  5/18/2043    EUR   75.572
Hemso Fastighets   1.800  05/05/2032   EUR   72.822
Grand Delta Habit  1.500  06/02/2045   EUR   57.449
Standard Chartere  2.140  1/29/2036    USD   71.897
ACCIONA Financiac  1.900  6/28/2034    EUR   71.380
O1 Properties Fin  0.500  9/27/2028    USD    5.244
Sibur Securities   2.950  07/08/2025   USD   65.124
Cie de Saint-Goba  1.875  05/03/2035   EUR   75.125
Comunidad Foral d  0.550 10/22/2035    EUR   68.527
Credit Agricole I  1.000  1/17/2045    EUR   59.445
VTB Bank PJSC     13.000               RUB   53.000
Kardan NV          6.325  2/21/2021    ILS   11.000
Housing & Care 21  3.288  11/08/2049   GBP   71.715
Air Berlin Financ  8.500  03/06/2019   EUR    0.315
Depfa Funding II   6.500               EUR   61.338
National Grid Ele  1.608  8/24/2040    GBP   50.888
Berlin Hyp AG      1.057  2/21/2059    EUR   49.488
State of North Rh  1.491  8/23/2066    EUR   60.806
Espirito Santo Fi  4.512 10/27/2024    EUR    0.559
SAG Solarstrom AG  6.250 12/14/2015    EUR   31.000
Deutsche Bank AG   2.530  10/07/2036   USD   68.524
Rikshem AB         3.250  5/31/2041    AUD   61.808
Single Platform I  1.170  07/08/2034   EUR   75.203
SiC Processing Gm  7.125  03/01/2016   EUR    0.643
Altice France SA/  4.000  7/15/2029    EUR   71.858
Lukoil Capital DA  3.600 10/26/2031    USD   71.232
International Fin  0.500  6/29/2027    ZAR   66.793
BNP Paribas SA     2.670  3/13/2030    AUD   75.208
Steilmann SE       6.750  6/27/2017    EUR    2.184
Unibail-Rodamco-W  2.000  12/05/2033   EUR   73.552
Malta Government   2.400  8/13/2052    EUR   69.910
Landesbank Baden-  0.850  6/15/2035    EUR   66.082
Erste Group Bank   1.170  1/28/2037    EUR   72.474
Bpifrance          1.046  5/25/2050    EUR   53.089
Bazalgette Financ  0.174  5/16/2049    GBP   64.145
Spain Government   1.200 10/31/2040    EUR   67.030
Caisse Francaise   1.640  07/10/2048   EUR   72.241
Societe Nationale  2.457 12/23/2050    USD   66.535
Aareal Bank AG     1.068  2/18/2050    EUR   54.140
DLR Kredit A/S     0.500  10/01/2050   DKK   70.109
Ukraine Governmen 19.750  5/21/2025    UAH   72.794
Region de Bruxell  0.765  7/15/2052    EUR   46.496
Credit Agricole I  0.750  1/20/2042    EUR   59.943
Lloyds Bank PLC    1.920  4/16/2044    EUR   66.670
Kreditanstalt fue  1.000 10/20/2050    EUR   63.638
Eurotorg LLC Via   9.000 10/22/2025    USD   70.426
Nestle Hungaria K  1.750  5/31/2028    HUF   69.500
UBS AG/London      7.510  06/07/2024   USD    9.795
Kommunekredit      1.700  6/26/2045    EUR   75.861
State of Brandenb  0.050  08/10/2040   EUR   58.061
Credit Bank of Mo  3.875  9/21/2026    USD   32.339
BASF SE            1.025  8/13/2048    JPY   72.427
Single Platform I  0.767  2/15/2041    EUR   62.609
Finance and Credi  9.250  1/25/2019    USD    0.001
Decipher Producti 12.500  9/27/2019    USD    1.500
Danske Bank A/S    0.805  08/12/2036   EUR   71.516
Natixis SA         2.700  5/25/2036    USD   74.701
EnBW Internationa  2.080  1/21/2041    EUR   66.702
Banco Santander S  2.280  2/28/2039    EUR   72.844
Virgolino de Oliv 11.750  02/09/2022   USD    0.516
Kreditanstalt fue  1.000  4/27/2041    EUR   70.205
Barclays Bank PLC  4.100  1/29/2048    USD   74.217
Muenchener Hypoth  1.750 12/19/2046    EUR   73.412
HSE Finance Sarl   9.073 10/15/2026    EUR   53.208
UniCredit SpA      1.490 10/23/2035    EUR   67.431
Societe Wallonne   0.883 11/21/2044    EUR   52.879
HSBC Bank PLC      0.500  6/23/2027    MXN   65.978
Turkey Government  5.750  05/11/2047   USD   73.130
Boparan Finance P  7.625 11/30/2025    GBP   66.210
Uralkali OJSC Via  4.000 10/22/2024    USD   17.561
Kingdom of Belgiu  2.750  06/10/2071   USD   68.546
NatWest Markets P  1.250  12/04/2034   EUR   70.597
Assistance Publiq  0.666  3/19/2040    EUR   63.181
Deutsche Bank AG/ 12.780  3/16/2028    TRY   55.463
Credit Suisse AG/ 11.500  9/25/2023    CHF   17.150
MBH Mortgage Bank  3.000  1/28/2036    HUF   55.500
BPCE SFH SA        1.597  2/13/2042    EUR   74.406
Single Platform I  0.419  2/15/2040    EUR   59.281
Iceland Bondco PL  4.375  5/15/2028    GBP   74.275
SNCF Reseau        2.622  9/24/2049    USD   73.021
Deutschsprachige   1.004  07/01/2036   EUR   73.591
Cie de Financemen  0.900  7/18/2058    EUR   51.015
Caisse Francaise   1.555  02/12/2042   EUR   75.660
Hamburg Commercia  4.000  03/06/2034   EUR   74.865
HYPO NOE Landesba  1.605  8/23/2046    EUR   73.416
Single Platform I  2.150  08/05/2036   NOK   74.245
French Republic G  1.500  5/25/2050    EUR   68.357
UniCredit Bank AG  0.610  05/02/2033   EUR   71.902
Caisse Francaise   1.093 10/14/2051    EUR   61.285
Cooperatieve Rabo  0.500 12/29/2027    MXN   63.281
Hamburg Commercia  4.000  3/14/2033    EUR   76.283
Credit Agricole C  2.400  5/17/2048    EUR   54.657
Operateur de Rese  2.850  02/03/2045   EUR   75.123
LSF9 Balta Issuer  3.000 12/31/2030    EUR   59.306
Kreditanstalt fue  0.160  2/16/2036    EUR   68.901
Credit Agricole S  3.750  06/09/2040   AUD   67.987
Erste Group Bank   0.940  5/22/2034    EUR   72.988
Societe Nationale  2.910  1/27/2051    AUD   69.407
Lehman Brothers T  4.500  03/07/2015   EUR    0.100
UBS AG/London      7.100 11/22/2023    USD    9.800
Societe Generale  12.000  1/30/2025    USD   58.500
Societe Generale  15.000  02/01/2024   USD    9.280
Grand City Proper  2.600  2/25/2034    EUR   61.790
City of St Gallen  0.140  9/16/2044    CHF   69.198
DXC Capital Fundi  0.950  9/15/2031    EUR   73.500
Muenchener Hypoth  0.400  08/11/2031   EUR   73.314
BNG Bank NV        2.000  2/19/2038    AUD   69.922
Chelyabinsk Pipe   4.500  9/19/2024    USD   44.827
State of Brandenb  0.750  08/08/2036   EUR   74.165
Aktia Bank Oyj     0.990  1/15/2035    EUR   70.355
DZ Bank AG Deutsc  0.700  4/29/2036    EUR   69.189
Romanian Governme  2.000  4/14/2033    EUR   70.097
Landesbank Hessen  1.650  5/27/2030    EUR   17.227
DZ Bank AG Deutsc  0.700  03/02/2034   EUR   73.752
Pfandbriefbank sc  0.125  8/17/2040    CHF   73.098
Single Platform I  1.416  2/15/2041    EUR   72.029
Credito Padano Ba  3.100               EUR   36.332
Assistance Publiq  1.073  4/16/2045    EUR   60.711
Carmila SA         1.890  11/06/2031   EUR   74.304
Portugal Telecom   5.242  11/06/2017   EUR    0.694
Credit Agricole C  1.550  09/08/2031   AUD   75.145
Natixis SA         2.530  8/30/2036    AUD   64.268
Assistance Publiq  0.634  8/27/2045    EUR   53.675
VTB Bank PJSC      9.571               USD   30.000
Landesbank Baden-  5.318  2/13/2034    EUR   75.600
Credit Suisse AG/London   08/09/2024   USD    8.750
Landesbank Hessen  1.000  4/30/2035    EUR   69.350
Republic of Austr  1.500  2/20/2047    EUR   72.968
Banco Santander S  2.011  04/12/2039   EUR   69.943
Credit Suisse AG/  4.700  07/01/2046   AUD   72.073
Societe Generale   2.670  3/24/2031    AUD   75.420
Deutsche Bank AG   0.610  9/30/2031    EUR   75.491
Single Platform I  3.505  08/06/2046   AUD   60.130
Kreditanstalt fue  1.175  4/14/2051    EUR   67.496
Muenchener Hypoth  0.805  4/16/2036    EUR   65.544
Norddeutsche Land  1.350 10/20/2038    EUR   61.902
Avanti Communicat  9.000  10/01/2022   USD   14.281
Aareal Bank AG     1.880  4/15/2030    EUR   72.256
Credit Suisse AG/  0.875  5/21/2031    EUR   72.419
Pfandbriefzentral  0.200  5/22/2042    CHF   71.945
State of Mecklenb  0.239 11/17/2070    EUR   33.584
Regie Autonome de  0.875  8/18/2080    EUR   37.667
Societe Du Grand   0.576 10/29/2052    EUR   41.703
Kreditanstalt fue  0.816 12/19/2050    EUR   55.370
Region de Bruxell  1.225  6/21/2070    EUR   42.001
Sveriges Sakersta  1.378  7/13/2046    SEK   65.971
Banco Santander S  0.010  10/01/2032   EUR   67.919
Land Thueringen    0.100  07/09/2035   EUR   69.766
Lehman Brothers T  5.318  3/16/2035    EUR    0.100
Deutsche Pfandbri  0.613  9/30/2032    EUR   65.892
Bromford Housing   2.554  3/17/2054    GBP   57.084
UniCredit Bank AG  6.600  7/20/2028    EUR    6.360
Nordea Bank Abp    0.620 10/14/2026    SEK   60.490
Nationwide Buildi  0.750  05/08/2035   EUR   74.222
Credit Suisse AG/  5.250  9/21/2032    USD   77.479
Credit Suisse AG/  3.220  02/08/2032   AUD   74.329
Societe Generale   2.680 10/20/2031    AUD
NTRP Via Interpip 10.250  08/02/2017   USD    2.380
Region Wallonne B  0.808  6/24/2038    EUR   65.666
DZ Bank AG Deutsc  0.500  2/24/2031    EUR   75.165
Argentum Capital   1.377  5/25/2034    EUR   74.108
Land Thueringen    0.200  09/12/2039   EUR   62.035
CNH Industrial Fi  2.200  7/15/2039    EUR   73.470
Vasakronan AB      3.270  6/26/2034    AUD   74.608
Nederlandse Water  1.675  4/26/2046    EUR   74.226
Pfandbriefbank sc  0.375  9/23/2043    CHF   73.288
Assa Abloy AB      0.650  8/28/2034    EUR   72.004
Assistance Publiq  0.490  9/30/2040    EUR   59.910
Communaute Franca  2.350  8/18/2062    EUR   71.887
Morhomes PLC       2.508  2/19/2051    GBP   57.289
Kreditanstalt fue  0.826 10/22/2041    EUR   68.052
National Grid Ele  1.151  2/20/2040    EUR   61.712
Sparekassen Brede  3.750  4/15/2031    DKK   71.194
SNCF Reseau        2.303  07/11/2067   EUR   66.716
United Utilities   0.387  10/05/2057   GBP   53.384
Kreditanstalt fue  0.730  1/21/2050    EUR   60.662
UniCredit SpA      0.725 11/27/2030    EUR   69.024
Commerzbank AG     1.150  6/28/2034    EUR   74.781
Region of Pays de  0.570  03/10/2036   EUR   68.956
Premium Green PLC  1.650  3/28/2031    AUD   73.244
DZ Bank AG Deutsc  2.696  6/24/2026    EUR   70.240
Ministeries Van d  1.874  3/28/2058    EUR   62.053
Agence France Loc  0.550  6/20/2040    EUR   63.061
Societe Generale   2.050  2/18/2031    AUD
Malta Government   1.400  8/20/2046    EUR   60.717
Communaute Franca  0.749  9/16/2080    EUR   47.521
Single Platform I  1.413  3/20/2051    EUR   63.179
Caisse des Depots  1.106  9/30/2049    EUR   55.098
DNB Boligkreditt   0.980  6/20/2044    EUR   65.584
Hamburg Commercia  4.000  9/20/2033    EUR   75.833
BNP Paribas SA     3.950  07/11/2039   AUD   73.337
Kreditanstalt fue  1.110  7/13/2046    EUR   69.061
Aareal Bank AG     1.800  7/21/2036    EUR   71.863
Deutsche Pfandbri  0.640  09/10/2030   EUR   72.757
Pescanova SA       5.125  4/20/2017    EUR    0.319
Kommunalkredit Au  1.183  06/02/2031   EUR   74.104
Single Platform I  1.075  6/26/2052    EUR   57.589
Caisse Francaise   1.718  03/04/2049   EUR   73.475
Windreich GmbH     6.250  03/01/2015   EUR    2.780
getgoods.de AG     7.750  10/02/2017   EUR    0.527
Assistance Publiq  0.800  3/23/2046    EUR   55.361
Commerzbank AG     2.350  2/24/2042    EUR   71.351
Deutsche Bank AG/  4.320  6/15/2037    AUD   75.345
Region Bourgogne-  0.270  12/07/2035   EUR   68.656
Landeskreditbank   1.862  04/06/2062   EUR   71.533
Autonomous Commun  1.655 10/31/2050    EUR   59.704
Cooperatieve Rabo  2.255  9/20/2047    EUR   68.389
DekaBank Deutsche  1.585 12/28/2035    EUR   61.441
Ukraine Governmen  9.790  5/26/2027    UAH   50.998
Hemso Fastighets   3.020  9/14/2048    SEK   69.605
Assistance Publiq  2.000  5/25/2053    EUR   68.055
VTB Bank OJSC Via  6.250  6/30/2035    USD   22.822
Anselma Issuer SA  1.574 12/31/2038    EUR   42.230
BNP Paribas Issua  3.300  07/01/2030   EUR   63.530
Rosbank PJSC       0.020  4/30/2024    RUB   60.050
MBH Mortgage Bank  1.750 12/22/2026    HUF   72.800
Barclays Bank PLC  4.150  04/05/2039   AUD   71.609
State of Lower Au  0.815  9/22/2056    EUR   48.301
Raiffeisenlandesb  0.620  9/29/2031    EUR   75.618
Cooperatieve Rabo  2.481  2/26/2036    AUD   72.649
Muenchener Hypoth  0.550  2/18/2046    CHF   62.548
Landesbank Baden-  0.290  08/06/2031   EUR   71.281
Communaute Franca  0.788  8/30/2049    EUR   50.321
Raiffeisen Bank z 11.597               EUR   69.468
MFB Magyar Fejles  2.900 10/22/2031    HUF   66.411
Single Platform I  1.440  7/18/2042    EUR   69.187
Banco Santander S  0.790  9/30/2031    EUR   75.217
Kreditanstalt fue  0.699 10/20/2036    EUR   74.010
Ahtium PLC         9.750  04/04/2017   EUR    0.726
State of Rhinelan  0.375  04/01/2041   EUR   61.548
Alpine Holding Gm  5.250  06/10/2016   EUR    0.546
Pescanova SA       8.750  2/17/2019    EUR    0.319
DZ Privatbank SA   0.360  4/29/2031    EUR   75.200
Vnesheconombank V  6.025  07/05/2022   USD    6.339
Grupo Isolux Cors  6.000 12/30/2021    EUR    0.270
Deutsche Bank AG   0.700 10/28/2031    EUR   70.336
Single Platform I  0.950  2/15/2044    EUR   61.768
Republic of Irela  1.230  06/01/2120   EUR   44.572
Telia Co AB        3.000  9/25/2064    EUR   73.361
Veneto Banca SpA   6.950  2/25/2025    EUR    0.741
Rio Forte Investm  3.900  07/10/2014   USD    2.886
Landeskreditbank   0.812 12/16/2060    EUR   48.667
Pfandbriefzentral  0.250  06/12/2040   CHF   75.045
State of Brandenb  0.500 11/21/2039    EUR   65.401
State of Bremen    0.550  02/04/2050   EUR   51.828
Caisse Francaise   0.726 10/29/2039    EUR   65.175
Department of Bou  0.810 12/16/2041    EUR   61.839
ABN AMRO Bank NV   0.500  12/12/2039   EUR   64.611
Kreditanstalt fue  1.208  6/17/2051    EUR   68.104
Kuntarahoitus Oyj  1.200  7/21/2061    EUR   62.605
Kreditanstalt fue  1.208  03/10/2051   EUR   68.034
SAir Group         0.125  07/07/2005   CHF   10.375
Leonteq Securitie 23.000  08/02/2023   CHF   69.080
Societe Generale  12.000  7/14/2026    USD   17.000
HPI AG             3.500               EUR    2.000
Russian Post FGUP  2.750  12/06/2023   RUB   60.070
Societe Generale   8.000  8/16/2023    USD   68.590
MOL Hungarian Oil  1.900  04/12/2031   HUF   58.900
Societe Generale  15.000  5/31/2024    USD   41.150
Market Epito Zrt   2.950 10/22/2029    HUF   68.000
Golden Gate GmbH   6.500  10/11/2014   EUR   36.000
DEPFA PLC          3.947  1/26/2034    EUR    0.010
Citigroup Global   2.000  3/25/2039    EUR   72.733
Kommunalkredit Au  0.570  9/15/2037    EUR   64.201
Societe Generale   2.050  2/18/2031    AUD
Kreditanstalt fue  0.683  2/22/2051    EUR   58.322
Takko Luxembourg   8.698 11/15/2023    EUR   70.071
Purple Protected   1.565 12/23/2060    EUR   63.663
Deutsche Pfandbri  1.850  9/20/2032    EUR   74.912
Single Platform I  1.850  2/15/2041    NOK   68.090
Muenchener Hypoth  1.172 10/30/2047    EUR   67.142
Kuntarahoitus Oyj  0.815  2/24/2061    EUR   54.688
Vasakronan AB      1.655  09/05/2039   SEK   64.062
Rena GmbH          8.250  07/11/2018   EUR    0.054
MMC Norilsk Nicke  6.625 10/14/2022    USD   72.500
DZ Bank AG Deutsc  1.550  6/27/2041    EUR   69.125
Muenchener Hypoth  0.375  8/27/2031    EUR   73.154
BPCE SFH SA        1.390  03/11/2039   EUR   74.033
NRW Bank           1.235 12/16/2061    EUR   58.163
Deutsche Pfandbri  1.340 10/16/2051    EUR   61.716
Nordea Hypotek AB  2.250 10/15/2048    SEK   75.590
Eurogrid GmbH      0.875 11/20/2040    EUR   63.980
Caisse des Depots  1.460  1/24/2052    EUR   59.655
Single Platform I  1.233  6/25/2044    EUR   66.619
Vasakronan AB      0.914  5/27/2030    EUR   66.477
Societe Generale   0.831 11/25/2031    EUR   69.226
Bayerische Landes  1.820  03/12/2031   EUR   73.029
ING Bank NV        2.220  1/20/2036    USD   73.325
Region de Bruxell  0.274  12/11/2040   EUR   55.148
Credit Agricole C  1.300  02/02/2061   EUR   49.378
Raiffeisenlandesb  1.973  2/17/2045    EUR   73.371
DekaBank Deutsche  0.400  1/29/2035    EUR   73.625
Landesbank Hessen  0.850  03/12/2035   EUR   66.783
Region de Bruxell  1.144  1/14/2056    EUR   50.798
BNP Paribas SA     3.590  7/20/2040    AUD   68.538
Kuntarahoitus Oyj  0.726  01/08/2060   EUR   47.390
Department of L'E  0.643  8/31/2041    EUR   60.141
MKB-Leasing OOO   10.500  10/12/2026   RUB   70.020
Credit Suisse AG/  5.800  7/26/2023    USD    8.920
Russian Federal B  0.250  7/20/2044    RUB   12.700
COFIDUR SA         0.100 12/31/2024    EUR   30.020
SALVATOR Vermoege  9.500               EUR    7.900
Uliving@Essex Iss  0.100  8/31/2058    GBP   68.415
Purple Protected   1.518  1/25/2061    EUR   65.546
Societe Generale   2.000  2/26/2033    USD   74.307
Credit Agricole C  2.800  2/23/2041    AUD   64.571
Deutsche Pfandbri  4.120  11/03/2031   EUR   57.184
Single Platform I  1.250 10/18/2035    EUR   73.545
Single Platform I  1.250  8/15/2051    EUR   61.464
Malta Government   1.200  5/13/2037    EUR   70.530
BPCE SFH SA        1.210  6/15/2039    EUR   72.219
Region de Bruxell  1.620  4/30/2049    EUR   63.173
Pershing Square H  3.000  7/15/2032    USD   73.159
Single Platform I  1.050  6/25/2044    EUR   62.907
Republic of Irela  1.180  5/25/2087    EUR   48.838
Deutsche Telekom   3.500  4/15/2041    AUD   73.069
BNP Paribas SA     3.580  7/23/2040    AUD   73.407
Landeskreditbank   0.842  05/03/2041   EUR   68.847
ING Bank NV        0.182  4/21/2033    EUR   75.066
Charm Finance PLC  3.509  04/12/2048   GBP   73.230
United Kingdom Gi  0.500 10/22/2061    GBP   32.257
Landesbank Hessen  1.383  3/28/2042    EUR   73.121
City of Hanover G  1.560  05/03/2048   EUR   72.050
Vasakronan AB      2.162  05/04/2040   SEK   68.744
Region Wallonne B  1.246  05/12/2070   EUR   47.546
Autonomous Commun  1.138 11/22/2052    EUR   48.326
International Ban  8.250  10/09/2024   USD   60.375
Ministeries Van d  1.053  06/03/2050   EUR   53.792
Ukraine Governmen  9.990  5/22/2024    UAH   70.101
Kreditanstalt fue  0.945 12/17/2040    EUR   70.450
Banque Internatio  1.010  12/12/2039   EUR   60.118
Kreditanstalt fue  0.890  03/10/2041   EUR   68.905
Credit Agricole S  3.000  1/28/2041    AUD   51.761
Hemso Fastighets   2.680  07/10/2035   AUD   68.054
Landesbank Hessen  0.950  04/09/2036   EUR   65.170
Landesbank Hessen  0.750  8/14/2034    EUR   67.441
Kreditanstalt fue  1.027 10/26/2050    EUR   60.373
Department of Loi  0.478 10/30/2040    EUR   59.593
Greenergy Holding  3.000  9/21/2031    HUF   68.466
SG Issuer SA       2.270  02/04/2032   EUR   61.760
Credit Suisse AG/ 13.700  9/25/2023    USD   19.000
Landesbank Baden-  1.000  6/26/2039    EUR   68.100
VTB Bank PJSC      8.400  5/21/2030    RUB   56.000
RENE LEZARD Mode   7.250 11/25/2017    EUR    0.400
Sberbank of Russi  0.010 11/13/2026    TRY   44.780
Bank Vontobel AG   8.500  11/06/2023   CHF   62.400
Societe Generale  17.000  1/17/2030    USD   43.500
Landesbank Baden-  1.250  06/05/2039   EUR   68.590
Pongs & Zahn AG    8.500  11/01/2014   EUR    0.003
UBS AG/London      0.120  5/25/2040    MXN   15.401
Nationale-Nederla  1.400  3/18/2039    EUR   75.205
Sequa Petroleum N  5.000  4/29/2020    USD   30.250
Oberoesterreichis  0.315  9/14/2035    EUR   66.592
Landesbank Hessen  5.318  1/14/2037    EUR   65.600
Single Platform I  1.000 10/31/2040    EUR   64.870
Deutsche Wohnen S  2.125  8/31/2033    EUR   73.854
Aareal Bank AG     0.660  6/26/2028    EUR   74.194
Region de Bruxell  0.845  9/30/2059    EUR   42.658
DZ Bank AG Deutsc  0.580 10/27/2032    EUR   74.241
Kreditanstalt fue  1.171  7/19/2051    EUR   65.835
State of Lower Au  0.460  10/08/2049   EUR   47.682
BPCE SFH SA        1.344  2/18/2041    EUR   72.780
Cie de Financemen  1.730  5/13/2046    EUR   73.981
State of Hesse     0.227  8/20/2049    EUR   50.134
Deutsche Wohnen S  1.250  7/31/2031    EUR   72.859
Malta Government   2.000  07/10/2051   EUR   65.210
Norske Skog Holdi  8.000  2/24/2021    EUR    0.006
Single Platform I  0.780  04/01/2042   EUR   61.187
Berlin Hyp AG      0.895  7/20/2050    EUR   53.377
DZ Bank AG Deutsc  0.710  4/30/2035    EUR   69.388
Caisse des Depots  1.290  05/05/2051   EUR   57.902
Pfandbriefbank sc  0.375  1/24/2042    CHF   75.096
BPCE SFH SA        1.403  1/13/2039    EUR   74.816
DZ Bank AG Deutsc  1.840 12/21/2048    EUR   65.057
Region Occitanie   0.728 11/16/2037    EUR   67.050
UkrLandFarming PL 10.875  3/26/2018    USD    1.998
Uliving@Essex2 Is  0.100  8/31/2063    GBP   64.497
Muenchener Hypoth  0.125 11/19/2030    EUR   75.096
Ile-de-France Mob  1.586  2/23/2052    EUR   64.644
Senvion Holding G  3.875 10/25/2022    EUR    0.128
Communaute Franca  2.500  07/06/2087   EUR   73.257
United Utilities   0.359  10/05/2048   GBP   58.283
Severn Trent Util  1.399  02/09/2057   GBP   75.380
New World Resourc  4.000  10/07/2020   EUR    0.077
Steilmann SE       7.000  9/23/2018    EUR    1.429
State of Hesse     0.375  04/09/2040   EUR   60.732
Muenchener Hypoth  0.335  02/10/2031   EUR   74.179
Single Platform I  1.375  7/25/2053    EUR   62.769
Erdoel-Lagergesel  1.200  06/04/2043   EUR   63.406
Single Platform I  0.457  2/15/2046    EUR   52.271
Region de Bruxell  1.800  8/17/2048    EUR   68.950
Kreditanstalt fue  1.366  3/17/2042    EUR   75.323
DZ Bank AG Deutsc  1.000  2/18/2032    EUR   66.717
Kreditanstalt fue  0.301 10/15/2034    EUR   74.339
Single Platform I  2.080  4/30/2045    EUR   75.685
Societe Generale   2.700  3/25/2036    USD   63.022
Hypo Vorarlberg B  1.520  07/08/2050   EUR   56.274
Caisse des Depots  1.780  1/15/2048    EUR   68.071
Grand Delta Habit  1.285  11/06/2040   EUR   60.688
Landesbank Hessen  0.950  02/12/2035   EUR   67.911
MVM Energetika Zr  3.250  09/03/2031   HUF   65.000
Societe Generale   9.250  9/22/2026    USD   67.100
VTB Bank PJSC      5.000               USD   48.000
Raiffeisen Schwei  6.000  7/19/2023    CHF   71.590
Credit Suisse AG/  2.500  7/23/2025    SEK   21.160
Credit Suisse AG/  2.500  10/07/2025   SEK   22.000
Skandinaviska Ens 10.150  1/15/2025    SEK   70.080
Credit Bank of Mo  5.150  2/20/2024    EUR   30.645
Banco Santander S  1.000  1/14/2034    EUR   70.992
DNB Boligkreditt   1.557  02/01/2040   EUR   75.304
Region Wallonne B  1.225  09/02/2120   EUR   36.023
Deutsche Pfandbri  0.710  09/10/2031   EUR   70.411
Centre Hospitalie  1.580  02/11/2061   EUR   71.165
Muenchener Hypoth  0.420  12/10/2035   EUR   66.299
Bank Julius Baer  20.900  5/22/2023    CHF   49.700
Region Wallonne B  1.135  10/10/2069   EUR   45.372
Region de Bruxell  1.029  1/14/2048    EUR   53.887
LR Realkredit AS   1.000  10/01/2050   DKK   67.095
Lloyds Bank PLC    0.500  7/26/2028    MXN   59.929
NRW Bank           0.550  7/23/2035    EUR   72.264
DZ HYP AG          1.060  7/28/2036    EUR   74.814
Single Platform I  1.117  5/25/2066    EUR   53.108
Collectivite Euro  0.487  10/09/2045   EUR   51.296
Deutsche Bank AG   0.710  9/24/2031    EUR   69.455
Kuntarahoitus Oyj  1.150  9/24/2051    EUR   66.562
French Republic G  0.500  6/25/2044    EUR   58.877
Landesbank Hessen  1.150  6/23/2036    EUR   66.788
Norske Skog Holdi  8.000  2/24/2023    USD    0.006
Agrokor dd         9.875  05/01/2019   EUR   15.000
Regie Autonome de  0.938  5/25/2050    EUR   52.691
DZ HYP AG          0.300  8/21/2035    EUR   68.670
United Kingdom Gi  1.250  7/31/2051    GBP   51.791
ING Bank NV        0.335  4/21/2036    EUR   68.719
Barclays Bank PLC  1.450  9/24/2038    MXN   27.613
MMC Norilsk Nicke  2.800 10/27/2026    USD   71.665
Credit Agricole C 15.000  6/18/2026    TRY   69.211
State of Brandenb  0.050  2/28/2033    EUR   74.491
Region de Bruxell  0.930  05/03/2051   EUR   49.982
State of Bremen    0.500  05/06/2041   EUR   62.440
BNP Paribas SA     1.450 11/17/2041    EUR   66.606
Single Platform I  0.815  04/01/2042   EUR   60.242
Caisse Francaise   1.670  12/07/2048   EUR   72.915
Kreditanstalt fue  0.955  04/06/2040   EUR   71.315
Credit Mutuel Ark  1.555  5/14/2035    EUR   73.906
Kuntarahoitus Oyj  1.155 11/19/2060    EUR   58.455
Norddeutsche Land  0.600 11/18/2030    EUR   75.282
Kreditanstalt fue  0.902 11/16/2050    EUR   61.928
Republic of Irela  2.000  6/29/2064    EUR   69.337
State of Saarland  0.500  3/15/2051    EUR   50.796
Purple Protected   1.580  5/25/2060    EUR   43.816
BNP Paribas SA     1.395  02/12/2035   EUR   73.381
DNB Boligkreditt   1.550  09/01/2042   EUR   73.088
BPCE SA            2.550  06/09/2035   AUD   61.975
United Kingdom Gi  0.625 10/22/2050    GBP   42.569
Bayerische Landes  0.940  7/16/2032    EUR   75.592
Region de Bruxell  0.808  1/31/2050    EUR   47.209
DZ Bank AG Deutsc  0.900  03/02/2035   EUR   71.800
Kreditanstalt fue  0.788  11/04/2039   EUR   69.577
Commerzbank AG     1.219  12/12/2039   EUR   64.897
Region Wallonne B  1.272  10/03/2040   EUR   68.458
Deutsche Wohnen S  2.125  9/26/2033    EUR   70.028
Oberoesterreichis  0.655  1/25/2036    EUR   66.891
UBS Group AG       2.490  03/04/2036   USD   69.265
Grupo Isolux Cors  0.250 12/30/2018    EUR    0.157
HSBC Bank PLC     10.300 12/20/2024    TRY   71.174
Santander Interna  1.700  12/12/2049   EUR   43.480
TBI Bank EAD       5.250  7/30/2031    EUR   50.137
Lehman Brothers T  5.318  10/05/2035   EUR    0.100
DZ Bank AG Deutsc  4.000  6/23/2023    EUR   70.970
Goldman Sachs Int  0.098  1/13/2025    EUR   20.700
Quintet Private B  3.650 11/13/2023    EUR    5.880
UBS AG/London      7.000  12/12/2023   USD    9.840
Landesbank Baden-  1.250  6/26/2039    EUR   67.010
IEC Optima Ltd Co 15.000 10/29/2024    RUB    3.920
Metal Hungaria Ho  3.000 11/17/2030    HUF   62.500
Landesbank Hessen  5.318  1/26/2037    EUR   68.400
Swissquote Bank S 29.720  12/05/2023   CHF   42.320
Caisse Francaise   1.428  2/19/2049    EUR   70.647
Caisse des Depots  1.617  3/18/2049    EUR   65.028
Landesbank Baden-  0.500  7/24/2030    EUR   75.632
Oberoesterreichis  0.610  1/28/2037    EUR   67.116
Heta Asset Resolu  5.730 12/31/2023    EUR    1.504
Hypo Vorarlberg B  0.570  8/26/2030    EUR   75.396
Nederlandse Water  0.964  06/11/2059   EUR   53.940
Norddeutsche Land  0.600  2/24/2031    EUR   74.452
Muenchener Hypoth  0.568  6/15/2032    EUR   74.383
ESB Finance DAC    2.000  4/17/2044    EUR   69.040
Cie de Financemen  1.630  5/26/2046    EUR   72.287
Hamburg Commercia  4.000  7/18/2033    EUR   75.670
Luzerner Kantonal  0.500  7/26/2041    CHF   75.413
Norske Skogindust  2.000 12/30/2115    EUR    0.407
Communaute Franca  2.000  4/14/2076    EUR   66.014
Kreditanstalt fue  1.027  8/31/2046    EUR   67.626
Free and Hanseati  1.095  6/13/2046    EUR   67.965
Kommunekredit      0.100  9/30/2033    DKK   72.343
National Grid Ele  2.920  9/30/2044    AUD   66.076
SpareBank 1 SR-Ba  1.020  10/08/2036   EUR   66.088
BPCE SA            2.730  10/05/2036   AUD   60.504
Lloyds Bank PLC    2.280  1/29/2044    EUR   70.861
Caisse Francaise   1.699  1/18/2044    EUR   75.602
Muenchener Hypoth  0.886  3/26/2043    EUR   64.373
Landesbank Hessen  0.590  5/21/2031    EUR   75.198
Region Provence-A  0.753  01/05/2037   EUR   70.293
Single Platform I  1.340  05/10/2044   EUR   66.542
Barclays Bank PLC  3.020  3/26/2051    USD   60.658
Hungary Governmen  4.000  4/28/2051    HUF   59.706
Department of Gir  0.846  4/29/2039    EUR   67.143
Portugal Obrigaco  1.150  04/11/2042   EUR   66.895
Muenchener Hypoth  1.185  05/05/2059   EUR   54.302
Single Platform I  0.908  2/15/2041    EUR   64.503
Berlin Hyp AG      0.118  3/18/2030    EUR   75.400
Kreditanstalt fue  0.620  1/14/2050    EUR   53.984
Aareal Bank AG     1.850  3/20/2035    EUR   75.010
State of Lower Au  0.550 11/13/2080    EUR   30.422
Lithuania Governm  2.100  5/26/2047    EUR   75.427
Autonomous Commun  0.810 10/31/2040    EUR   59.682
Communaute Franca  1.787  6/14/2044    EUR   69.612
Kommunekredit      0.869  11/12/2043   SEK   63.745
Region de Bruxell  1.020  4/30/2060    EUR   43.056
Agrokor dd Via Aq  4.921  08/08/2017   EUR   14.625
Gecci Investment   6.000  10/01/2027   EUR   34.404
CDC Habitat SEM    0.853  2/15/2041    EUR   57.347
Espirito Santo Fi  5.050 11/15/2025    EUR    0.622
Hypo Vorarlberg B  0.400 12/22/2031    EUR   70.664
Aargau Verkehr AG  0.270 11/29/2049    CHF   72.986
State of Brandenb  0.375  1/29/2035    EUR   73.669
Norddeutsche Land  0.750  02/04/2031   EUR   74.986
Republic of Irela  1.320 11/28/2119    EUR   40.980
Berlin Hyp AG      1.157  12/09/2039   EUR   55.864
Nomura Bank Inter  1.138 12/19/2039    EUR   58.816
Oberoesterreichis  0.705  1/29/2036    EUR   67.356
Lehman Brothers T  4.680  12/12/2045   EUR    0.100
Republic of Austr  0.100  07/10/2040   EUR   59.748
Saastopankkien Ke  0.860  1/18/2036    EUR   66.804
Premium Green PLC  1.610  9/30/2030    AUD   75.041
Caisse Francaise   1.720  11/06/2047   EUR   74.102
Affinity Water Fi  0.230 11/22/2042    GBP   66.636
Santander Interna  2.770  07/02/2035   USD   71.110
Credit Agricole S  3.450  03/04/2041   AUD   55.849
Premium Green PLC  1.630 12/30/2030    AUD   74.289
Single Platform I  1.600  2/15/2041    EUR   73.353
DZ Bank AG Deutsc  0.550  3/23/2033    EUR   73.183
BNP Paribas SA     1.300  1/28/2037    EUR   70.649
Commerzbank AG     1.046 12/18/2034    EUR   71.323
Hungary Governmen  3.000  4/25/2041    HUF   56.830
UBS AG/London      8.900 11/22/2023    USD    9.780
Societe Generale  24.000 11/14/2024    USD   58.338
Societe Generale  10.000  01/03/2025   USD   47.530
Credit Suisse AG/  1.000 12/20/2027    EUR    0.270
Credit Suisse AG/  4.460  7/26/2023    USD    9.630
Ingrad AO         11.000  2/27/2030    RUB   63.000
Raiffeisen Schwei 20.000  11/07/2023   CHF   30.240
SG Issuer SA       7.600  1/20/2025    SEK   57.040
Danske Bank A/S    9.000  07/09/2026   SEK   72.230
Busy Bee Finance   5.000  6/28/2029    EUR   65.000
MET Hungary Solar  3.800  12/02/2031   HUF   68.250
Credit Suisse AG/ 13.300 11/29/2023    USD   40.520
Metal Hungaria Ho  3.500 11/16/2031    HUF   68.000
Raiffeisen Schwei 12.000  6/21/2023    CHF   47.590
Alteo Nyrt         3.150 10/28/2029    HUF   59.800
Societe Generale  15.000  05/02/2024   USD    7.870
GTC Magyarorszag   2.600  3/17/2031    HUF   69.560
Norddeutsche Land  0.650  01/12/2032   EUR   72.217
NRW Bank           1.245  09/07/2060   EUR   59.383
Societe Generale   1.700  1/19/2031    USD   72.517
Thomas Cook Finan  3.875  7/15/2023    EUR    0.500
Landwirtschaftlic  0.400  7/29/2036    EUR   70.808
Deutsche Pfandbri  0.857  9/18/2037    EUR   54.593
Kommunekredit      2.180  7/16/2040    AUD   65.828
Italy Buoni Polie  2.700  03/01/2047   EUR   74.101
Muenchener Hypoth  1.010  08/06/2044   EUR   56.011
State of Saarland  1.108  5/18/2046    EUR   65.780
Bayerische Landes  3.450  7/15/2036    EUR   73.626
Region Bretagne S  0.620  08/07/2037   EUR   68.278
Bank fuer Kirche   0.660  3/17/2036    EUR   67.756
Single Platform I  1.240  5/25/2052    EUR   60.840
Barclays Bank PLC  3.130  04/09/2051   USD   61.886
Landeskreditbank   2.500  5/21/2036    AUD   73.302
Ville de Paris     0.963  12/06/2051   EUR   51.000
Region de Bruxell  1.620  02/08/2044   EUR   68.057
ING Groep NV       0.975  2/14/2034    EUR   68.816
Volksbank Weinhei  2.600  12/08/2058   EUR   60.522
Bilt Paper BV     10.360               USD    1.217
Landesbank Hessen  1.150 11/24/2036    EUR   66.378
Agrokor dd         8.875  02/01/2020   USD   15.000
DAH Holding GmbH   7.250  9/28/2018    EUR    0.718
NRW Bank           1.000  2/26/2050    EUR   61.881
Credit Agricole C  2.500  2/20/2048    EUR   76.021
Grupo Isolux Cors  1.000 12/30/2021    EUR    0.157
Deutsche Pfandbri  0.906  03/04/2050   EUR   59.257
BNP Paribas SA     0.500 11/16/2032    MXN   37.234
Mox Telecom AG     7.250  11/02/2017   EUR    2.270
Autonomous Commun  1.250 10/31/2040    EUR   64.638
Department of Val  0.929  5/19/2041    EUR   64.376
Deutsche Bank AG   2.330  02/11/2043   EUR   67.379
Caisse des Depots  1.150  02/03/2042   EUR   63.505
DZ Bank AG Deutsc  0.760  9/15/2033    EUR   74.986
Bayerische Landes  0.770  6/18/2032    EUR   73.262
Banque Internatio  0.480 11/13/2030    EUR   72.931
SNCF Reseau        1.100 10/27/2036    EUR   74.794
Jyske Realkredit   0.500  10/01/2053   DKK   64.754
Specialfastighete  1.215  5/14/2035    SEK   72.930
State of North Rh  1.650  5/16/2047    EUR   73.719
Landesbank Baden-  0.500 11/25/2030    EUR   74.848
Caisse Francaise   0.510 11/19/2040    EUR   61.949
Autonomous Commun  1.089 10/31/2049    EUR   51.289
Land Thueringen    1.100  07/03/2047   EUR   65.414
French Republic G  0.500  5/25/2072    EUR   38.386
Banque Internatio  2.120  8/20/2040    EUR   60.489
Region Centre      0.390  12/04/2042   EUR   54.486
LFA Foerderbank B  0.250  9/30/2039    EUR   62.586
Ville de Paris     1.165  06/09/2053   EUR   52.194
Single Platform I  0.835 10/14/2061    EUR   47.555
Commerzbank AG     1.250  6/28/2034    EUR   75.424
Bayerische Landes  3.550 10/14/2036    EUR   74.091
Region de Bruxell  0.640  7/20/2045    EUR   52.427
Citigroup Global   2.900  3/15/2041    USD   70.712
DZ Bank AG Deutsc  0.440  1/21/2036    EUR   62.538
Autonomous Commun  1.950  5/24/2041    EUR   72.656
Single Platform I  1.085  6/20/2050    EUR   58.677
Ferrovie Luganesi  0.280 12/31/2044    CHF   70.893
Anselma Issuer SA  2.174 12/31/2038    EUR   41.080
MKB-Leasing OOO    9.200 12/22/2027    RUB   65.000
Wellis Magyarorsz  3.000  2/26/2031    HUF   63.905
Hell Energy Magya  3.000  7/28/2031    HUF   70.100
Credit Suisse AG/ 17.480  01/08/2024   CHF   77.370
OTP Munkavallalok  4.500  7/14/2031    HUF   72.850
Societe Generale  10.000  6/28/2034    USD   72.000
Landesbank Baden-  0.700  09/05/2039   EUR   64.050
DZ Bank AG Deutsc  1.598  10/11/2050   EUR   56.960
Credit Suisse AG/London   08/09/2024   USD    8.349
Futureal Developm  3.500 11/16/2036    HUF   51.000
Skandinaviska Ens  6.000  7/15/2024    SEK
Landesbank Baden-  1.000  7/17/2039    EUR   66.280
KESZ Holding Busi  2.800  6/17/2031    HUF   71.070
OR PJSC           11.500  7/28/2024    RUB    2.830
Goldman Sachs Int  2.200  3/29/2048    EUR   70.364
Societe Generale   2.650  3/19/2031    AUD
Muenchener Hypoth  0.040  1/17/2031    EUR   73.907
Region Wallonne B  1.222  6/24/2080    EUR   44.124
Landesbank Hessen  2.400  3/22/2052    EUR   75.677
Lloyds Bank PLC    2.545  8/28/2038    SEK   75.107
Petromena ASA     10.850 11/19/2018    USD    0.622
Grand Delta Habit  1.425  2/26/2048    EUR   54.571
Kreditanstalt fue  0.918  10/11/2050   EUR   62.218
Kreditanstalt fue  0.880  12/07/2050   EUR   61.504
Caisse des Depots  1.114  9/20/2049    EUR   56.457
Vilogia SA d'HLM   1.500  08/07/2034   EUR   72.663
Ville de Paris     0.850  08/04/2051   EUR   49.368
DZ HYP AG          1.172  4/25/2039    EUR   71.613
DZ Bank AG Deutsc  2.240  8/22/2034    USD   77.213
Centre Hospitalie  1.160  09/06/2039   EUR   57.453
HSBC Bank PLC      0.500 11/25/2025    BRL   73.109
BNP Paribas SA     3.660  08/09/2039   AUD   70.638
Single Platform I  0.605  9/20/2042    EUR   59.093
Landesbank Hessen  0.900  05/12/2036   EUR   64.501
Kuntarahoitus Oyj  1.300  04/08/2061   EUR   65.075
Region Occitanie   0.766  10/07/2041   EUR   61.583
Rikshem AB         2.137  1/29/2036    EUR   73.645
Aareal Bank AG     1.250  1/30/2029    EUR   73.728
Raiffeisenverband  1.853  02/05/2049   EUR   64.600
Landesbank Hessen  1.050  1/20/2037    EUR   65.279
Italy Buoni Polie  2.150  03/01/2072   EUR   55.332
Landesbank Baden-  0.905  04/01/2041   EUR   58.156
Flamingo Lux II S  5.000  3/31/2029    EUR   72.694
DNB Boligkreditt   1.230 11/18/2039    EUR   71.547
DZ HYP AG          2.023  1/18/2058    EUR   70.144
Region de Bruxell  1.819  1/22/2048    EUR   69.620
NRW Bank           1.182  08/07/2050   EUR   59.665
Nederlandse Water  1.370  3/23/2065    EUR   56.202
Kingdom of Belgiu  0.459  7/23/2079    EUR   28.938
Berlin Hyp AG      0.750  03/04/2050   EUR   51.551
Citigroup Global   1.500  5/13/2051    EUR   56.096
Single Platform I  2.085  1/24/2044    NOK   66.632
Bayerische Landes  0.030 10/22/2035    EUR   67.677
Landshypotek Bank  1.815  2/25/2041    SEK   74.975
Landesbank Saar    0.540 11/18/2033    EUR   70.212
LFA Foerderbank B  0.010 12/15/2033    EUR   72.721
Kreditanstalt fue  0.210 11/18/2037    EUR   64.311
Kreditanstalt fue  0.820  4/15/2050    EUR   62.181
Purple Protected   2.100  4/15/2060    EUR   46.500
Belfius Bank SA    0.125  6/19/2034    EUR   71.315
Muenchener Hypoth  1.230  02/11/2042   EUR   70.847
Slovenska Sporite  4.820               EUR   63.373
DZ Bank AG Deutsc  0.700 11/30/2035    EUR   68.579
Tonon Luxembourg  12.500  5/14/2024    USD    0.001
Virgolino de Oliv 10.875  1/13/2020    USD   36.000
UniCredit Bank AG  2.250 10/14/2039    EUR   70.932
Agence Francaise   1.600  7/27/2043    EUR   74.239
Romanian Governme  2.625  12/02/2040   EUR   59.331
Kreditanstalt fue  0.830  12/09/2050   EUR   61.746
DZ HYP AG          0.205  06/05/2040   EUR   57.365
Astana Finance BV  7.875  06/08/2010   EUR   16.000
Lehman Brothers T  5.103  6/22/2046    EUR    0.100
Kreditanstalt fue  0.943  06/09/2050   EUR   63.182
Barclays Bank PLC  2.070 12/18/2035    USD   64.903
Department of Loi  0.550 12/18/2045    EUR   51.953
Republic of Irela  1.230  6/23/2121    EUR   43.844
Single Platform I  1.840  7/25/2053    EUR   71.923
Societe Generale   2.060  03/12/2031   USD   74.075
Nederlandse Water  1.610  12/04/2052   EUR   69.520
NIBC Bank NV       0.410  1/27/2031    EUR   68.862
Lehman Brothers T  5.550  03/12/2015   EUR    0.100
Barclays Bank PLC  2.230  1/26/2036    USD   67.425
Assistance Publiq  1.750 11/27/2041    EUR   74.393
DNB Boligkreditt   1.569  1/31/2042    EUR   73.624
DNB Boligkreditt   1.533  1/27/2042    EUR   73.234
Grupo Isolux Cors  6.000 12/30/2021    USD    0.268
Standard Chartere  3.040  1/18/2042    USD   72.060
Bayerische Landes  0.280  10/09/2030   EUR   75.286
Kreditanstalt fue  0.935 12/16/2039    EUR   71.049
Kommunekredit      0.342  09/01/2042   EUR   58.463
Eika Boligkreditt  1.112  5/16/2039    EUR   71.102
Credit Agricole C  2.105 10/22/2035    USD   69.342
Bank Vontobel AG  11.600  6/20/2023    CHF   66.000
Landesbank Hessen  2.400  06/09/2036   EUR   62.800
Bank Vontobel AG  15.430  06/06/2023   CHF   62.700
Sberbank of Russi  0.010  02/01/2029   RUB   74.100
DekaBank Deutsche 14.820  06/01/2023   EUR   59.730
Landesbank Hessen  1.500  1/20/2037    EUR   64.450
OR PJSC           16.000 11/26/2025    RUB   14.010
Landesbank Hessen  1.600  06/12/2035   EUR   72.000
Cordia Internatio  3.000  7/27/2030    HUF   87.093
Citigroup Global  12.000  2/13/2024    SEK   72.950
MOL Hungarian Oil  1.100  9/22/2030    HUF   54.500
Landesbank Hessen  1.150  9/22/2036    EUR   64.400
Societe Generale  15.000  9/29/2025    USD   12.600
Banque Cantonale   7.300  9/16/2024    CHF   27.290
Banque et Caisse   1.000  01/04/2042   EUR   68.969
Norddeutsche Land  0.750  2/16/2032    EUR   73.020
Aareal Bank AG     0.380  9/16/2031    EUR   57.323
Heta Asset Resolu  5.920 12/31/2023    EUR    1.500
Deutsche Bank AG   1.050  09/01/2031   EUR   71.899
Lehman Brothers T  4.000  01/04/2011   USD    0.100
BNG Bank NV        2.000  09/05/2058   EUR   68.886
Kreditanstalt fue  0.680  2/23/2051    EUR   59.148
Landesbank Hessen  0.600  3/18/2036    EUR   61.927
Nederlandse Water  1.950  8/29/2058    EUR   70.621
Region Hauts-de-F  0.402  2/18/2043    EUR   54.282
Muenchener Hypoth  0.050  7/15/2030    EUR   75.410
SAir Group         5.500  7/23/2003    CHF   10.209
Landesbank Hessen  0.500  8/20/2031    EUR   74.315
Landesbank Hessen  0.750  8/19/2036    EUR   65.437
Kingdom of Belgiu  1.600  6/22/2047    EUR   70.752
Ukraine Governmen  7.750  09/01/2027   USD   17.108
DekaBank Deutsche  1.340  8/22/2036    EUR   71.103
Societe Publique   1.272  8/23/2036    EUR   72.526
National Grid Ele  1.690  9/16/2041    GBP   54.997
Kreditanstalt fue  1.087  1/21/2050    EUR   66.095
Single Platform I  1.448  7/25/2053    EUR   64.172
DZ Bank AG Deutsc  0.600  5/15/2036    EUR   67.002
Landesbank Hessen  0.530  11/04/2031   EUR   73.950
Landesbank Baden-  0.650  06/01/2034   EUR   66.720
DZ Bank AG Deutsc  1.850  2/19/2049    EUR   66.901
Brussels Municipa  0.892  3/29/2041    EUR   63.172
Heta Asset Resolu  7.500 12/31/2023    ATS    1.537
Banco Espirito Sa 10.000  12/06/2021   EUR    0.622
Raiffeisen Landes  1.385 12/14/2037    EUR   75.642
Deutsche Bahn Fin  0.232  3/17/2032    EUR   74.352
DZ Bank AG Deutsc  1.470  1/20/2042    EUR   65.175
Alfa Bank AO Via   5.500 10/26/2031    USD    0.030
Single Platform I  1.000  07/08/2034   EUR   72.343
Credit Agricole C  3.020  4/22/2036    AUD   74.622
AK BARS Bank Via   8.000  7/13/2022    USD   31.000
Elli Investments  12.250  6/15/2020    GBP   52.250
Specialfastighete  1.120  2/19/2044    SEK   60.953
Grand Delta Habit  1.630  03/06/2045   EUR   59.499
Agrokor dd         9.125  02/01/2020   EUR   15.000
Banque et Caisse   1.270  05/07/2045   EUR   70.611
Credit Agricole C 18.540  3/24/2027    TRY   77.917
Landesbank Saar    0.650 11/19/2035    EUR   68.046
DZ Bank AG Deutsc  0.350  11/10/2042   EUR   57.164
Nederlandse Water  0.190  11/02/2050   EUR   45.652
Ville de Paris     1.165  06/09/2053   EUR   50.917
Caisse des Depots  0.323  06/04/2035   EUR   69.832
Caisse des Depots  1.930  03/06/2048   EUR   70.033
Deutsche Bank AG   2.267  8/25/2034    EUR   74.484
DZ HYP AG          1.430 10/26/2046    EUR   64.097
Tonon Luxembourg  12.500  5/14/2024    USD    0.001
Norddeutsche Land  1.600  4/14/2037    EUR   67.657
Swedbank Hypotek   1.500  7/13/2048    EUR   71.319
Landesbank Hessen  0.550  1/21/2036    EUR   61.828
French Republic G  0.500  5/25/2040    EUR   64.780
Ukraine Governmen  9.990  5/22/2024    UAH   70.101
BNP Paribas SA     1.150 11/20/2034    EUR   73.730
UBS Group AG       3.030 11/18/2034    AUD   75.907
Deutsche Wohnen S  1.700  12/05/2036   EUR   64.025
Deutsche Telekom   3.500  09/06/2039   AUD   74.480
DZ Bank AG Deutsc  0.800  1/21/2041    EUR   60.549
Hypo Tirol Bank A  1.090  1/21/2041    EUR   64.885
Lehman Brothers T  2.000  6/21/2011    EUR    0.100
Caisse des Depots  1.630 12/28/2046    EUR   66.425
Societe Generale   3.820  4/26/2039    AUD   66.539
Muenchener Hypoth  0.580 10/14/2035    EUR   68.204
Landesbank Hessen  1.250  11/10/2036   EUR   66.400
VTB Bank PJSC      3.750               EUR   30.000
MOL Nyrt Kueloenl  4.950  1/26/2032    HUF   74.460
Landesbank Hessen  1.580 12/16/2036    EUR   67.800
Credit Suisse AG/ 11.500  7/26/2023    CHF   45.050
Landesbank Hessen  1.500  12/10/2036   EUR   67.100
Societe Generale  12.264  11/02/2023   USD   15.150
BNP Paribas Emiss  3.000  4/21/2026    EUR   50.600
Landesbank Hessen  1.500 12/16/2036    EUR   67.600
Landesbank Hessen  0.750 11/17/2036    EUR   67.200
niiio finance gro  4.000  5/31/2026    EUR   31.000
Bank Vontobel AG  17.060  06/05/2023   EUR   68.200
Landesbank Hessen  1.500  1/20/2037    EUR   66.700
Landesbank Hessen  1.500 11/17/2036    EUR   66.400
Nordea Bank Abp    4.600  1/20/2029    SEK   71.000
Landesbank Hessen  2.000 11/25/2036    EUR   64.650
Landesbank Hessen  0.750  12/02/2036   EUR   67.000
DZ Bank AG Deutsc  4.050  6/23/2023    EUR   43.190
DZ Bank AG Deutsc  1.598  10/11/2050   EUR   56.960
Abroncs Kereskedo  2.800 12/17/2027    HUF   74.000
Landesbank Hessen  1.000 12/28/2035    EUR   65.250
UBS AG/London      7.000  4/25/2024    USD    9.850
UniCredit Bank AG  1.120  1/20/2031    EUR   70.500
SG Issuer SA       9.180  1/20/2025    SEK   57.920
SG Issuer SA       2.100  8/23/2033    EUR   22.260
Landesbank Baden-  5.318  1/30/2034    EUR   74.070
VTB Bank PJSC      7.600  04/02/2031   RUB   70.000
BNP Paribas Issua  7.200 12/17/2024    SEK   74.030
Alteo Nyrt         2.450  10/08/2031   HUF   57.900
Zurcher Kantonalb 15.400  6/13/2023    CHF   32.520
State of Saxony-A  2.241  07/03/2028   EUR   60.000
Wingholding Zrt    3.000  9/22/2031    HUF   58.150
Russian Railways   3.310 10/15/2040    RUB   50.010
Credit Suisse AG/ 10.250  06/09/2023   USD   58.940
Landesbank Hessen  1.170  12/08/2036   EUR   66.614
Region de Bruxell  1.506  2/21/2039    EUR   73.641
Land Thueringen    1.000  3/29/2039    EUR   73.776
La Banque Postale  1.311  05/09/2040   EUR   72.600
State of North Rh  1.467  06/12/2045   EUR   72.213
BPCE SFH SA        1.229  04/12/2049   EUR   64.007
Natixis SA         4.530  3/16/2048    AUD   72.297
Heta Asset Resolu  2.864 12/31/2023    EUR    1.537
Landesbank Baden-  0.590  9/22/2034    EUR   65.402
Norddeutsche Land  1.570  09/09/2038   EUR   63.916
Landesbank Baden-  0.560  9/22/2033    EUR   67.552
Landesbank Hessen  1.400  1/13/2037    EUR   66.450
Societe Generale   1.900  1/21/2031    USD
Cooperatieve Rabo  2.360  9/25/2047    EUR   69.795
Kreditanstalt fue  0.990  02/12/2051   EUR   63.161
Landeskreditbank   1.443  3/18/2042    EUR   75.142
LBI ehf            7.431               USD    0.001
Aareal Bank AG     1.125  6/28/2030    EUR   66.516
Caisse des Depots  1.000  2/26/2051    EUR   53.004
Landesbank Baden-  0.550  2/19/2031    EUR   74.378
Barclays Bank PLC  2.500 12/29/2032    USD   75.558
Societe Generale   2.120  01/06/2036   USD   58.791
Saechsische Aufba  0.300  2/18/2042    EUR   56.889
Caisse des Depots  1.548  08/09/2038   EUR   74.618
Caisse des Depots  2.160  12/07/2050   AUD   59.136
Santander Interna  1.192  12/07/2045   EUR   57.601
Pfandbriefbank sc  0.250  3/15/2041    CHF   74.122
National Grid Ele  2.710  10/04/2034   AUD   75.267
Societe Du Grand   1.955  4/16/2069    EUR   62.353
Cie de Financemen  1.270  4/26/2039    EUR   73.440
Communaute Franca  0.886  6/22/2057    EUR   44.552
NRW Bank           0.510  9/23/2039    EUR   65.125
Communaute Franca  1.000  10/08/2069   EUR   42.480
Citigroup Global   0.430  8/15/2031    EUR   72.161
Single Platform I  1.500  3/20/2051    EUR   65.262
BNG Bank NV        1.627  4/25/2046    EUR   71.651
Moby SpA           7.750  2/15/2023    EUR   59.684
NRW Bank           0.650  7/20/2037    EUR   73.288
Credit Suisse AG/  5.000  2/18/2046    AUD   75.280
Assistance Publiq  1.665  04/10/2049   EUR   65.386
PA Resources AB   13.500  03/03/2016   SEK    0.124
Single Platform I  1.910  8/15/2036    NOK   72.676
Norddeutsche Land  0.325  9/15/2031    EUR   70.677
Bank fuer Kirche   0.770  10/12/2035   EUR   69.343
Rikshem AB         2.900  1/23/2035    AUD   70.476
DZ Bank AG Deutsc  1.250  9/30/2060    EUR   47.339
Region of Pays de  0.448 12/20/2039    EUR   62.075
Kingdom of Belgiu  0.558  9/24/2077    EUR   32.334
Landesbank Baden-  0.540  10/07/2031   EUR   72.310
Landesbank Baden-  0.690  10/08/2035   EUR   63.936
Landesbank Hessen  0.700  08/08/2034   EUR   67.071
Oberoesterreichis  0.445  3/28/2036    EUR   66.633
Landesbank Hessen  0.700  11/04/2033   EUR   70.839
Landesbank Hessen  0.900  11/10/2036   EUR   63.870
Landesbank Hessen  0.600  11/11/2031   EUR   74.474
Single Platform I  1.023  2/15/2046    EUR   60.630
National Grid Ele  2.037  2/15/2039    EUR   74.187
Cie de Financemen  1.887  1/31/2049    EUR   73.865
Landesbank Hessen  1.000  1/13/2037    EUR   64.766
Landesbank Baden-  0.740  06/02/2036   EUR   63.114
Norddeutsche Land  0.950  6/16/2033    EUR   69.841
Norske Skog Holdi  8.000  2/24/2023    USD    0.006
Landesbank Hessen  0.410 12/17/2030    EUR   75.452
Norddeutsche Land  0.525  1/19/2032    EUR   71.535
Landesbank Hessen  0.400 11/17/2036    EUR   71.488
Landesbank Baden-  0.530  06/01/2032   EUR   70.625
SG Issuer SA       2.700 11/28/2034    ZAR   37.658
NRW Bank           0.750  5/26/2036    EUR   74.074
Landesbank Hessen  0.820 11/15/2034    EUR   67.861
Credit Agricole S  3.270  10/05/2041   AUD   63.430
Credit Agricole S  3.610  4/20/2036    AUD   67.640
Single Platform I  0.950  5/17/2038    EUR   66.878
State of Rhinelan  0.872 10/31/2036    EUR   75.411
NRW Bank           0.591  3/19/2040    EUR   67.418
Region de Bruxell  0.910  1/31/2053    EUR   47.040
CDC Habitat SEM    1.150  4/30/2037    EUR   67.318
Deutsche Apotheke  0.800 12/21/2035    EUR   64.258
Caisse des Depots  1.015  7/22/2050    EUR   53.583
Grenke Finance PL  0.819  2/15/2030    EUR   63.916
Landesbank Hessen  0.500  12/03/2031   EUR   73.711
Hypo Vorarlberg B  0.410  05/06/2031   EUR   72.497
Landesbank Hessen  1.000  12/10/2036   EUR   64.726
Region de Bruxell  1.040  05/03/2061   EUR   41.491
ABN AMRO Bank NV   1.950  12/07/2048   EUR   75.669
Basque Government  2.000  4/30/2059    EUR   60.779
Landesbank Baden-  0.460 10/28/2030    EUR   74.333
Landeskreditbank   0.730  10/04/2050   EUR   55.031
State of Rhinelan  0.600 10/24/2046    EUR   56.583
Single Platform I  0.955  2/15/2041    EUR   64.487
Landesbank Hessen  0.980  11/09/2060   EUR   45.924
Landesbank Saar    0.835  2/19/2035    EUR   70.723
Nederlandse Water  1.830  6/22/2048    EUR   75.573
BPCE SA            2.315 11/19/2035    AUD   58.710
Ministeries Van d  0.400 11/20/2043    EUR   53.452
State of Bremen    0.500  6/14/2034    EUR   75.016
Region Auvergne-R  1.832  05/06/2042   EUR   74.959
Muenchener Hypoth  1.000  05/07/2035   EUR   72.618
Lukoil Securities  3.875  05/06/2030   USD   71.063
BPCE SA            1.850 10/30/2030    AUD   72.114
Muenchener Hypoth  1.285  4/19/2039    EUR   73.759
Republic of Irela  2.000  6/29/2063    EUR   69.686
Lloyds Bank PLC    2.480  07/05/2038   SEK   74.810
Caisse Francaise   1.760  07/10/2047   EUR   74.857
Landesbank Hessen  0.700 12/28/2035    EUR   63.434
Barclays Bank PLC  1.382 11/27/2045    EUR   67.111
Credit Agricole C  0.550  3/17/2033    EUR   71.113
ABN AMRO Bank NV   1.070  03/03/2041   EUR   69.564
Republic of Irela  0.810  07/10/2079   EUR   41.203
La Banque Postale  1.379  04/04/2040   EUR   74.129
Nederlandse Water  0.750  10/04/2041   EUR   64.796
CDC Habitat SEM    0.814  2/15/2040    EUR   58.266
Aktia Bank Oyj     0.850 12/21/2040    EUR   59.223
Single Platform I  2.210  9/27/2038    NOK   74.076
Caisse des Depots  0.982  11/06/2050   EUR   52.860
State of Rhinelan  0.500  7/30/2036    EUR   71.958
Landesbank Hessen  0.490  2/28/2035    EUR   63.604
Communaute Franca  2.177  8/17/2068    EUR   67.496
Metropole de Lyon  0.500 12/28/2049    EUR   45.412
DZ HYP AG          1.965  7/19/2058    EUR   68.570
Land Baden-Wuertt  0.375  7/20/2048    EUR   50.836
DZ HYP AG          0.050  1/31/2031    EUR   75.037
Lehman Brothers T  2.875  3/14/2013    CHF    0.100
Lehman Brothers T  1.750  02/07/2010   EUR    0.100
Landesbank Hessen  0.900  07/08/2036   EUR   67.107
Single Platform I  1.865  2/15/2046    EUR   72.872
DekaBank Deutsche  0.780 10/18/2035    EUR   68.707
Municipality of A  0.605  2/24/2040    EUR   65.982
Vasakronan AB      1.310  12/10/2040   EUR   38.357
ABN AMRO Bank NV   0.450  12/12/2036   EUR   69.574
Single Platform I  2.230  04/04/2040   NOK   72.556
State of Bremen    0.936  9/28/2046    EUR   64.436
Landesbank Hessen  0.240  1/21/2031    EUR   73.657
Landesbank Hessen  0.260  1/21/2031    EUR   74.430
Credit Agricole S  3.000  1/19/2041    AUD   51.931
DZ Bank AG Deutsc  0.210  02/04/2033   EUR   73.275
Lehman Brothers T  5.500  6/22/2010    USD    0.100
Lehman Brothers T  7.750  01/03/2012   AUD    0.100
Malta Government   1.000  8/23/2035    EUR   72.300
Credit Suisse AG/  2.000  9/30/2030    USD   75.632
Region de Bruxell  1.750  1/17/2048    EUR   68.248
Grupo Isolux Cors  1.000 12/30/2021    USD    0.157
National Grid Ele  2.500  7/24/2035    AUD   71.777
Norddeutsche Land  0.500  07/07/2031   EUR   72.310
Norddeutsche Land  0.750  8/26/2031    EUR   73.922
Single Platform I  0.740  04/01/2042   EUR   60.998
Autonomous Commun  1.900  5/24/2039    EUR   74.824
Cie de Financemen  1.101  5/17/2039    EUR   71.312
DZ Bank AG Deutsc  0.550  09/09/2036   EUR   66.801
Cie DU Chemin de   0.280 11/29/2052    CHF   55.491
Hypo Vorarlberg B  0.390 10/21/2030    EUR   74.071
OTP Munkavallalok  4.500  7/14/2031    HUF   72.850
Leonteq Securitie  5.050  06/02/2023   EUR   28.130
Credit Suisse AG/  6.500  7/19/2023    USD    9.830
Leonteq Securitie 25.500  1/19/2024    CHF   72.000
Credit Suisse AG/ 10.000  6/16/2023    CHF   72.100
Hunland Feed Kft   2.880  7/21/2031    HUF   69.110
Goldman Sachs & C  7.000  6/21/2023    EUR   74.320
Swissquote Bank S 27.000  8/15/2023    CHF   56.830
Hypo-Wohnbaubank   2.000  01/12/2037   EUR
Rosbank PJSC       0.010  4/30/2024    RUB   60.050
Skandinaviska Ens  7.450  1/15/2025    SEK   70.420
UBS AG/London      6.000  06/06/2023   USD    9.830
DZ Bank AG Deutsc  1.598  10/11/2050   EUR   56.960
UniCredit Bank AG  4.900  5/22/2023    EUR   48.460
Credit Suisse AG/  3.214  10/06/2023   SEK    2.430
Leonteq Securitie 30.000  8/18/2023    CHF   61.490
Nordea Bank Abp    2.000 12/29/2025    SEK   56.670
UBS AG/London     12.000  5/19/2023    CHF   73.100
Landesbank Baden-  0.750  08/12/2039   EUR   66.220
SG Issuer SA       5.000  04/02/2024   EUR   51.920
Szinorg Universal  3.000  5/15/2030    HUF   64.818
Duna Aszfalt Ut E  2.990 10/17/2029    HUF   61.000
Skandinaviska Ens  6.000  1/15/2025    SEK   69.430
Deutsche Bank AG/ 11.210  6/26/2025    TRY   69.924
DZ Bank AG Deutsc  0.500 10/20/2036    EUR   65.255
Heta Asset Resolu  3.106 12/31/2023    EUR    1.504
Heta Asset Resolu  4.875 12/31/2023    EUR    1.500
Aareal Bank AG     0.625  9/16/2030    EUR   62.960
Hungary Governmen  3.125  9/21/2051    USD   61.608
Barclays Bank PLC  2.000  06/12/2029   TRY   35.720
Region Occitanie   1.339  3/21/2042    EUR   68.495
Raiffeisen Landes  2.000  8/28/2048    EUR   72.168
Credit Agricole C  5.400  1/31/2028    BRL   73.427
Landesbank Baden-  0.820  02/01/2039   EUR   58.808
Wirtschafts- und   0.200 12/14/2045    EUR   48.624
SAir Group         6.250 10/27/2002    CHF   10.415
Autonomous Commun  1.646  7/30/2060    EUR   51.646
Citigroup Global   1.150  9/19/2039    EUR   62.316
Vasakronan AB      3.100  09/09/2039   AUD   62.813
NRW Bank           0.473  6/23/2049    EUR   56.213
DZ Bank AG Deutsc  0.330  8/18/2033    EUR   72.849
Banque Internatio  1.600  07/07/2036   EUR   64.906
Banca Popolare di  9.500  10/02/2025   EUR    0.380
Agence France Loc  0.586  6/20/2034    EUR   73.713
Nationwide Buildi  1.420  4/23/2041    EUR   75.389
Raiffeisenlandesb  1.174  07/11/2034   EUR   75.331
Region de Bruxell  1.528  04/05/2049   EUR   63.364
Nationwide Buildi  1.336  2/26/2041    EUR   73.231
Norddeutsche Land  1.600  08/01/2039   EUR   62.776
Phosphorus Holdco 10.000  04/01/2019   GBP    1.500
Lloyds Bank PLC    2.637  1/16/2040    AUD   66.941
PJSC Koks via IMH  5.900  9/23/2025    USD    7.513
Deutsche Bank AG   0.510  9/16/2031    EUR   74.739
Single Platform I  1.040  6/25/2044    EUR   62.107
Liga Bank eG Rege  0.250  4/30/2031    EUR   71.523
Kingdom of Belgiu  1.700  6/22/2050    EUR   70.125
Region de Bruxell  0.950  05/07/2049   EUR   52.309
Parnassia Groep B  1.470  12/03/2046   EUR   50.926
Credit Agricole C  0.730  06/02/2033   EUR   71.907
Steilmann SE       7.000  03/09/2017   EUR    1.429
Credit Agricole C  1.000  05/10/2036   EUR   68.327
Northland Resourc  4.000 10/15/2020    USD    0.271
Credit Agricole S  1.000  04/06/2035   EUR   71.268
HSBC Bank PLC      2.102  1/30/2047    EUR   71.979
BPCE SA            2.250  3/13/2040    AUD   49.339
BPCE SA            2.250  3/13/2040    AUD   48.869
Banque et Caisse   0.900  08/06/2042   EUR   67.544
BNP Paribas SA     3.310  2/27/2040    AUD   65.563
Citigroup Global   1.300  1/31/2037    EUR   68.782
Citigroup Global   3.200  4/27/2051    AUD   55.972
Municipality of L  0.750 11/17/2036    EUR   71.032
Santander Consume  8.520               NOK   57.578
Raiffeisenverband  1.500  02/01/2038   EUR   72.169
Hemso Fastighets   2.615 11/30/2043    EUR   63.057
BNP Paribas SA     1.000  11/05/2036   EUR   67.807
Purple Protected   1.570  4/30/2061    EUR   52.193
AB Booster Capita  2.000  03/08/2032   USD   70.763
Kreditanstalt fue  1.267  3/22/2051    EUR   69.003
Muenchener Hypoth  0.415 10/28/2030    EUR   75.395
Agence France Loc  0.210 12/20/2035    EUR   67.967
Landesbank Hessen  1.510  04/03/2036   EUR   71.283
Proximus SADP      1.500  5/14/2040    EUR   66.958
Caisse des Depots  1.370  6/28/2037    EUR   75.456
Ville de Paris     1.160 10/27/2036    EUR   75.469
Landesbank Baden-  0.780  5/27/2031    EUR   74.858
Region Wallonne B  2.100  6/26/2048    EUR   69.172
Landesbank Baden-  0.250  5/27/2037    EUR   65.047
Turkiye Ihracat K 12.540  9/14/2028    TRY   49.152
Communaute Franca  2.100  6/30/2067    EUR   65.223
Bibby Offshore Se  7.500  6/15/2021    GBP   11.625
New World Resourc  8.000  04/07/2020   EUR    0.106
Societe Generale   2.650  1/26/2032    USD   75.193
Finland Governmen  0.125  4/15/2052    EUR   45.591
BPCE SA            2.285  12/03/2035   AUD   58.368
LBI ehf            6.100  8/25/2011    USD    9.957
UBS AG/London      2.350 12/17/2048    EUR   72.976
BNP Paribas SA     3.170  01/07/2041   AUD   62.900
Banque Internatio  0.510  02/10/2031   EUR   72.286
Lehman Brothers T  5.100  05/08/2017   HKD    0.100
Commerzbank AG     1.155  3/16/2038    EUR   74.167
BPCE SA            1.920  12/09/2030   AUD   72.038
Communaute Franca  2.105  7/23/2068    EUR   65.479
Kuntarahoitus Oyj  0.040  02/09/2034   EUR   72.353
Lehman Brothers T  0.800 12/30/2016    EUR    0.100
BPCE SA            0.500 10/21/2034    EUR   70.454
Agence Francaise   2.360 10/17/2044    AUD   65.308
Hemso Fastighets   1.130 10/31/2039    EUR   64.092
Sveriges Sakersta  0.928  11/07/2034   SEK   73.296
Societe Generale   1.230  1/30/2035    EUR   72.062
Batigere Grand Es  1.485 10/25/2039    EUR   64.433
Batigere Grand Es  1.600 11/14/2044    EUR   59.093
Single Platform I  0.753  6/25/2039    EUR   64.171
Credit Agricole C  1.150  5/31/2036    EUR   71.114
Agence Francaise   2.360  1/30/2045    AUD   65.165
Specialfastighete  1.180  12/02/2044   SEK   59.721
Kreditanstalt fue  1.270  6/29/2051    EUR   67.761
Wirtschafts- und   0.192  1/28/2042    EUR   55.104
Banque Internatio  1.190  1/18/2041    EUR   60.350
Lehman Brothers T  4.300  06/04/2012   USD    0.100
Single Platform I  0.363  2/15/2041    EUR   57.303
Lehman Brothers T  2.500  8/15/2012    CHF    0.100
Bayerische Landes  1.850  03/05/2031   EUR   73.519
Portugal Obrigaco  0.900  10/12/2035   EUR   75.249
Credit Agricole C 14.280  11/05/2026   TRY   66.444
State of Lower Au  1.886  03/02/2048   EUR   73.453
Spain Government   1.000 10/31/2050    EUR   51.872
UniCredit Bank AG  0.030  2/28/2033    EUR   72.525
ING Bank NV        2.900  6/23/2051    USD   66.710
Cooperatieve Rabo  1.099  6/28/2051    EUR   61.342
United Kingdom Gi  0.875  7/31/2033    GBP   75.413
Raiffeisen-Landes  0.050  9/13/2033    EUR   68.844
Minicentrales Dos  0.010  06/06/2047   EUR   59.261
Ringkjoebing Land  1.875  06/06/2039   EUR   70.525
Muenchener Hypoth  0.270 10/19/2035    EUR   68.611
Region Wallonne B  0.050 10/26/2032    EUR   72.706
Credit Agricole C  1.100 12/16/2034    EUR   70.956
BPCE SA            2.820 12/18/2039    AUD   54.794
Kingdom of Belgiu  0.675  07/07/2080   EUR   34.150
Bank Vontobel AG  13.500  8/21/2023    CHF   58.000
Landesbank Hessen  1.000 10/14/2036    EUR   64.900
Societe Generale  21.000  2/27/2025    USD   25.100
Raiffeisen Switze 17.500 12/27/2023    CHF   39.200
Landesbank Hessen  1.250  04/07/2037   EUR   70.500
OR PJSC           16.000 11/22/2025    RUB   24.900
TMK PJSC           7.350  2/28/2025    RUB   60.150
OR PJSC           12.600  9/28/2025    RUB    3.910
Baromfi-Coop Term  3.000  7/19/2031    HUF   68.400
Sberbank of Russi  0.010  7/24/2028    RUB   66.100
Leonteq Securitie 24.200  09/08/2023   CHF   61.960
UBS AG/London      8.270  12/05/2023   USD    9.990
Credit Suisse AG/ 20.000  10/10/2023   CHF   27.810
Opus Global Nyrt   3.200  4/29/2031    HUF   71.000
SG Issuer SA       8.700  1/20/2025    SEK   57.260
Landesbank Hessen  0.700  01/12/2037   EUR   66.400
Credit Suisse AG/  7.250  5/24/2023    CHF   68.930
MetMax Europe Zrt  3.000  12/11/2030   HUF   67.400
Luzerner Kantonal 12.200  7/17/2023    CHF   73.610
OR PJSC           13.500 10/22/2025    RUB    7.300
Landesbank Hessen  0.500 12/23/2036    EUR   63.800
OR PJSC           11.000 12/29/2024    RUB    2.320
LP Portfolio Vagy  2.640  01/08/2030   HUF   72.440
Axial Javito Kere  2.000  9/23/2030    HUF   61.908
SG Issuer SA       7.740  7/20/2025    SEK   64.290
Swissquote Bank S 17.170  02/06/2024   CHF   34.580
DZ Bank AG Deutsc  0.570 12/30/2030    EUR   72.200
Single Platform I  0.946  5/25/2036    EUR   69.541
Eika Boligkreditt  1.245  3/28/2039    EUR   72.622
Landesbank Hessen  0.500  02/02/2032   EUR   73.505
Norddeutsche Land  0.500 10/14/2031    EUR   71.732
Cerruti Finance S  6.500  7/26/2004    EUR    2.058
Italy Buoni Polie  1.800  03/01/2041   EUR   67.412
Opportunity SA/LU  0.400 11/13/2030    EUR   73.323
Single Platform I  1.600  3/23/2038    EUR   74.086
DZ Bank AG Deutsc  0.750  7/18/2033    EUR   73.565
Societe Generale   2.680  4/13/2031    AUD
Banque Internatio  1.300  1/15/2041    EUR   61.538
Cattles Ltd        8.125  07/05/2017   GBP    0.027
Region de Bruxell  1.532  8/16/2038    EUR   74.856
Kuntarahoitus Oyj  0.858  2/22/2051    EUR   63.356
Landeskreditbank   0.547  2/18/2041    EUR   62.458
Lehman Brothers T  4.600  10/11/2017   ILS    0.100
Akademiska Hus AB  0.850  2/17/2033    SEK   74.288
Agence Francaise   0.368  01/12/2046   EUR   53.489
Norddeutsche Land  0.350  02/11/2031   EUR   72.432
Caisse des Depots  1.815  08/08/2048   EUR   68.500
Department of L'E  0.442 10/25/2045    EUR   50.553
Hellas Telecommun  6.054  1/15/2015    USD    0.056
DZ Bank AG Deutsc  0.460 12/20/2035    EUR   65.411
Aareal Bank AG     0.300  12/11/2030   EUR   59.984
State of Hesse     0.450  9/23/2044    EUR   58.947
Ville de Paris     0.921  5/26/2053    EUR   47.619
Region de Bruxell  1.310 12/15/2069    EUR   44.078
Caisse des Depots  2.630  9/16/2049    AUD   66.504
Specialfastighete  1.280  9/20/2049    SEK   57.984
DZ Bank AG Deutsc  1.598  10/11/2050   EUR   61.542
Land Baden-Wuertt  1.150  04/05/2049   EUR   67.876
Commerzbank AG     1.200  2/25/2036    EUR   66.295
Regie Autonome de  0.640  8/13/2041    EUR   62.171
Credit Agricole C  3.370  6/21/2039    AUD   72.530
Landesbeteiligung  1.450  6/15/2046    EUR   58.341
Department of L'E  0.959 11/25/2037    EUR   71.372
BNP Paribas SA     3.180  7/23/2034    AUD   67.481
DekaBank Deutsche  2.140  5/18/2046    EUR   72.671
State of North Rh  0.800  7/30/2049    EUR   57.084
Nationwide Buildi  1.573  05/07/2041   EUR   75.067
Vivion Investment  3.000  08/08/2024   EUR   73.828
Region Auvergne-R  0.805  7/26/2039    EUR   65.150
Dolphin Drilling   4.490  8/28/2019    NOK    0.644
Aareal Bank AG     0.570  08/07/2029   EUR   67.951
Credit Suisse AG/  4.750  06/07/2046   AUD   72.436
Region de Bruxell  1.472  4/29/2044    EUR   67.331
Hypo Vorarlberg B  1.020  1/17/2035    EUR   67.964
Italy Buoni Polie  2.450  09/01/2050   EUR   67.809
IBP Markets Ltd    5.000               GBP   52.693
Republic of Irela  0.740  9/22/2078    EUR   39.646
Landesbank Hessen  0.700  9/25/2034    EUR   66.709
Oberbank AG        0.230  10/07/2041   EUR   55.179
SpareBank 1 SR-Ba  0.970  10/09/2040   EUR   58.763
Cie Generale de N  0.350 12/29/2056    CHF   64.308
LFA Foerderbank B  0.250  3/19/2037    EUR   68.670
Allgemeine Sparka  0.200  3/22/2033    EUR   72.901
Hypo Vorarlberg B  0.480  3/26/2031    EUR   73.521
Region Occitanie   0.580  10/06/2036   EUR   69.815
Natixis SA         2.700  5/21/2036    USD   74.560
Region de Bruxell  1.500  2/15/2039    EUR   74.579
Nomura Bank Inter  1.450  12/10/2041   EUR   62.519
BNG Bank NV        1.790  1/21/2049    EUR   71.585
Societe Generale   3.310 11/29/2033    AUD   73.420
Natixis SA         2.720  5/27/2036    USD   74.884
Landesbank Hessen  0.700  01/06/2032   EUR   74.998
Wirtschafts- und   0.450  12/01/2038   EUR   65.661
Deutsche Bank AG   0.650  06/03/2031   EUR   75.475
Norddeutsche Land  1.200  1/13/2037    EUR   63.853
Brussels Municipa  0.832  3/29/2041    EUR   62.262
Caisse des Depots  1.270  10/01/2051   EUR   57.215
Norddeutsche Land  0.750  1/15/2032    EUR   72.869
Nederlandse Water  1.795 12/24/2048    EUR   74.636
Credit Agricole C  3.100  4/28/2041    AUD   66.703
Norddeutsche Land  0.450  5/14/2031    EUR   72.300
Norddeutsche Land  0.650  11/11/2031   EUR   72.639
DZ Bank AG Deutsc  0.850 10/15/2036    EUR   69.810
Muenchener Hypoth  1.002  2/21/2050    EUR   58.099
Bayerische Landes  0.430  04/08/2033   EUR   69.996
Caisse des Depots  1.300  4/28/2051    EUR   57.454
Stadt Graz         1.824 10/31/2047    EUR   71.989
Region Centre      0.668  11/02/2035   EUR   72.899
Region de Bruxell  0.256  2/26/2035    EUR   69.102
Muenchener Hypoth  1.300  05/07/2061   EUR   55.114
Department of Loi  0.915 11/23/2043    EUR   60.281
Single Platform I  1.000  7/15/2036    EUR   69.246
Banque et Caisse   1.230  4/26/2046    EUR   68.882
Ukraine Governmen 12.520  5/13/2026    UAH   55.641
Republic of Irela  1.100  11/12/2096   EUR   43.315
CDC Habitat SEM    1.043  05/12/2036   EUR   67.576
CDC Habitat SEM    1.170  05/04/2037   EUR   67.538
Municipality of U  0.950  03/02/2037   EUR   75.056
Single Platform I  0.880  1/15/2040    EUR   65.583
Comunidad Foral d  1.450  05/08/2040   EUR   67.348
Assistance Publiq  1.795  3/30/2048    EUR   68.488
Credit Industriel  1.170  1/28/2037    EUR   70.945
Arkea Home Loans   1.534  3/31/2043    EUR   73.981
DZ Bank AG Deutsc  0.700  8/24/2033    EUR   73.403
Caisse des Depots  1.140  2/25/2037    EUR   72.927
Credit Agricole C  2.480  8/18/2050    USD   55.124
Natixis SA         4.510  04/12/2043   AUD   74.528
Kuntarahoitus Oyj  0.766 10/28/2048    EUR   62.087
DZ Bank AG Deutsc  1.250  2/23/2037    EUR   73.048
Italy Buoni Polie  1.700  09/01/2051   EUR   56.580
CDC Habitat SEM    1.060  5/22/2036    EUR   67.783
Ministeries Van d  0.600 11/19/2055    EUR   38.384
Societe Generale   1.100  2/20/2034    EUR   70.986
NRW Bank           1.070  03/10/2051   EUR   62.095
BNP Paribas SA     0.500  9/29/2029    AUD   74.783
Ville de Paris     0.758  8/20/2060    EUR   39.816
Basque Government  1.750  4/22/2050    EUR   61.159
Caisse des Depots  1.018  2/16/2051    EUR   53.325
Communaute Franca  2.050  7/26/2047    EUR   72.417
Region de Bruxell  0.450 12/22/2056    EUR   35.767
NRW Bank           1.510  03/07/2046   EUR   72.641
Region Bourgogne-  0.300  12/03/2040   EUR   57.131
Single Platform I  0.720  3/20/2051    EUR   52.458
Natixis SA         2.955  5/28/2050    USD   62.819
Lehman Brothers T  2.000 10/28/2010    EUR    0.100
Astana Finance BV  9.000 11/16/2011    USD   15.250
Bulgaria Steel Fi 12.000  05/04/2013   EUR    0.216
Metropole de Lyon  0.540  12/07/2050   EUR   44.899
Department of Bou  0.467  12/08/2044   EUR   52.289
Caisse des Depots  0.642  02/12/2041   EUR   58.442
Kreditanstalt fue  0.680  11/12/2039   EUR   72.366
State of Lower Au  0.585  10/11/2049   EUR   49.775
Hypo Vorarlberg B  0.741 10/16/2036    EUR   62.149
NORD/LB Luxembour  0.542  9/30/2037    EUR   66.491
Region Wallonne B  0.591  02/10/2040   EUR   61.128
DZ Bank AG Deutsc  0.500  3/18/2032    EUR   75.156
Barclays Bank PLC  6.400  6/16/2031    MXN   71.850
Caisse des Depots  2.340 11/27/2049    AUD   62.209
NRW Bank           1.000  6/24/2051    EUR   60.660
ASCE Group OJSC    7.000  06/11/2031   USD   61.043
Single Platform I  1.490  3/20/2051    EUR   63.648
Region de Bruxell  0.658  01/07/2041   EUR   60.667
Norddeutsche Land  0.500  7/28/2031    EUR   72.148
Norddeutsche Land  0.675  2/25/2033    EUR   68.877
Caisse des Depots  2.940  03/02/2051   AUD   70.553
Kuntarahoitus Oyj  1.449  03/01/2061   EUR   68.696
Region of Pays de  0.449  03/09/2035   EUR   72.311
Bayerische Landes  0.380  1/22/2031    EUR   75.368
NRW Bank           1.180  03/03/2051   EUR   65.070
Premium Green PLC  1.050  9/15/2035    EUR   70.667
Tonon Luxembourg   9.250  1/24/2020    USD    1.721
Ministeries Van d  1.564  11/12/2046   EUR   66.035
Ministeries Van d  1.392  11/12/2041   EUR   65.830
Nomura Bank Inter  1.415  1/27/2042    EUR   62.049
Societe Generale   2.750  03/12/2040   AUD   55.036
Landshypotek Bank  1.680  1/20/2042    SEK   72.407
Banque Internatio  1.215  03/05/2040   EUR   62.002
Bayerische Landes  0.360  04/09/2031   EUR   74.598
Bayerische Landes  0.490  04/09/2035   EUR   65.628
EDOB Abwicklungs   7.500  04/01/2012   EUR    1.537
Kuntarahoitus Oyj  0.250  6/28/2040    CAD   41.984
Kuntarahoitus Oyj  0.130  09/02/2033   EUR   74.267
Vasakronan AB      2.050  5/28/2044    EUR   48.020
Single Platform I  0.462  2/15/2040    EUR   60.389
NRW Bank           0.800 10/22/2060    EUR   50.004
Nordea Bank Abp    3.050  7/20/2027    SEK   65.500
VTB Bank PJSC     11.250               RUB   52.010
Bank Julius Baer  10.000  08/07/2023   USD   67.450
SG Issuer SA       8.410  1/20/2027    SEK   54.420
Societe Generale  16.000  07/03/2024   USD   32.010
Raiffeisen Schwei  7.000  07/05/2023   CHF   72.950
Raiffeisen Switze  8.500  07/06/2023   EUR   64.710
Credit Suisse AG/ 10.500  5/25/2023    EUR   71.930
Leonteq Securitie 26.400  8/25/2023    CHF   67.330
Nordea Bank Abp    2.000  4/29/2027    SEK   63.650
Sustainable Capit  5.623  06/09/2024   USD   67.910
Nordea Bank Abp    8.260  7/20/2028    SEK   74.250
UBS AG/London     16.120  5/14/2027    SEK   71.210
Sberbank of Russi  0.010  12/07/2026   RUB   73.900
Landesbank Baden- 13.590  8/25/2023    EUR   63.690
UBS AG/London      8.000  11/08/2023   USD    9.830
MBH Mortgage Bank  3.000  8/21/2030    HUF   66.500
Pongs & Zahn AG    8.500               EUR    0.002
Leonteq Securitie 13.000  6/14/2023    CHF   47.790
MS Deutschland Be  6.875 12/18/2017    EUR    0.162
Barclays Bank PLC  2.730  9/27/2024    EUR   56.830
Societe Generale  21.000 11/30/2023    USD    6.800
Societe Generale   0.705  11/12/2035   EUR   64.980
Societe Generale   1.624  4/19/2035    EUR   75.110
Nordea Bank Abp    4.100  7/20/2023    SEK   51.135
Bank Vontobel AG   8.250  7/26/2023    EUR   60.800
UBS AG/London     19.000  8/17/2023    CHF   61.800
UBS AG/London      8.160  8/16/2023    USD
Leonteq Securitie 24.500  1/26/2024    CHF   63.840
Landesbank Hessen  1.750  5/19/2036    EUR   67.300
Landesbank Hessen  1.850  6/16/2036    EUR   67.200
Luzerner Kantonal  8.260  7/17/2023    CHF   74.420
Credit Suisse AG/  7.750  1/24/2025    USD   73.250
Credit Suisse AG/ 18.500  8/16/2023    USD   57.790
Danske Bank A/S    5.300  7/15/2023    SEK   39.500
Landesbank Baden- 10.000  1/26/2024    EUR   35.790
Bank Vontobel AG   6.502  6/26/2023    CHF   49.700
DZ Bank AG Deutsc  0.540 12/30/2030    EUR   72.360
VTB Bank PJSC      9.700  04/02/2031   RUB   69.000
Societe Generale  18.000  11/02/2023   USD
UBS AG/London     18.500 10/26/2023    CHF   69.250
Skandinaviska Ens  5.050  1/15/2025    SEK
Landesbank Hessen  1.900  05/12/2036   EUR   65.500
Credit Suisse AG/  6.250 10/31/2025    USD    9.680
Pick Szeged Szala  2.000  12/06/2029   HUF   65.800
Landesbank Hessen  1.300  9/25/2035    EUR   68.900
Citigroup Global   1.250  11/02/2036   EUR   67.845
Landesbank Hessen  1.350  5/15/2034    EUR   73.271
HSBC Continental   2.150  3/14/2049    EUR   75.239
Nationale-Nederla  1.432  3/21/2039    EUR   75.483
CDC Habitat SEM    1.700  3/21/2039    EUR   69.732
Banque Internatio  0.600  08/06/2030   EUR   74.348
Heta Asset Resolu  5.270 12/31/2023    EUR    1.500
Kuntarahoitus Oyj  0.854  1/14/2060    EUR   56.785
Aktia Bank Oyj     0.800  2/26/2036    EUR   67.041
Single Platform I  0.870  6/20/2043    EUR   61.233
SAir Group         4.250  02/02/2007   CHF   10.565
Kreditanstalt fue  0.650  2/24/2041    EUR   66.197
ECM Real Estate I  5.000  10/09/2011   EUR   15.375
Region Wallonne B  0.970  6/24/2043    EUR   59.378
Norddeutsche Land  0.825  02/12/2036   EUR   61.573
Standard Chartere  0.520  1/22/2041    JPY   64.470
Kreditanstalt fue  0.080  2/15/2034    EUR   73.698
Landesbank Baden-  1.080  7/16/2035    EUR   68.017
Nederlandse Water  1.551 11/24/2061    EUR   64.708
Wirtschafts- und   0.500  8/28/2046    EUR   52.411
Norddeutsche Land  1.130  02/10/2039   EUR   58.539
Nomura Bank Inter  0.450  12/03/2030   EUR   74.453
HSBC Continental   1.200  9/26/2039    EUR   68.911
Merrill Lynch BV   2.650  08/04/2036   AUD   68.062
UBS AG/London      1.600  4/18/2049    EUR   62.846
Landesbank Hessen  0.350  8/19/2030    EUR   75.614
Municipality of A  0.460  9/20/2049    EUR   50.723
Oberoesterreichis  0.953  9/16/2039    EUR   64.504
Landesbank Hessen  0.650 10/18/2034    EUR   66.061
NIBC Bank NV       0.660  7/14/2031    EUR   69.184
HSBC Continental   2.890  09/11/2039   AUD   62.590
Hypo Tirol Bank A  1.320  7/16/2041    EUR   67.285
Landesbank Hessen  0.450  8/19/2031    EUR   73.748
Raiffeisenlandesb  0.810  9/18/2034    EUR   71.575
BNG Bank NV        0.043  9/17/2033    EUR   70.966
Single Platform I  1.033  2/15/2046    EUR   60.627
Landesbank Hessen  0.780  12/05/2031   EUR   75.239
HSBC Continental   1.500  7/26/2049    EUR   65.899
Credit Suisse AG/  1.299  09/07/2032   EUR   71.218
Deutsche Bank AG   2.480  12/10/2035   EUR   74.393
BNG Bank NV        0.632  07/12/2066   EUR   39.589
Espirito Santo Fi  5.125  5/30/2016    EUR    0.528
United Kingdom Gi  2.500  7/22/2065    GBP   69.013
Deutsche Bank AG/  0.500  8/23/2038    MXN   22.442
Emissionszentrale  0.150  09/09/2041   CHF   74.064
Landesbank Saar    0.130  8/24/2033    EUR   72.756
Region Provence-A  0.394  09/01/2036   EUR   68.083
Single Platform I  1.250  05/10/2044   EUR   64.962
State of Rhinelan  0.100  10/01/2040   EUR   60.257
Single Platform I  0.532  2/15/2044    EUR   55.531
Oberoesterreichis  0.350  10/09/2041   EUR   53.807
Landesbank Hessen  0.664  11/01/2032   EUR   71.757
Wirtschafts- und   0.101  09/08/2033   EUR   73.849
Citigroup Global   2.950  9/29/2041    AUD   60.771
Kommunekredit      2.200  9/27/2041    AUD   65.943
Landesbank Hessen  0.650  10/06/2031   EUR   74.848
Landesbank Hessen  0.500  4/30/2031    EUR   75.092
SG Issuer SA       3.000  10/10/2034   ZAR   39.730
Region Bourgogne-  0.895  5/20/2038    EUR   69.598
Department of Bou  0.906  5/20/2039    EUR   67.751
Region Bretagne S  0.544  12/07/2036   EUR   67.871
Caisse des Depots  0.945  5/19/2051    EUR   52.471
Lloyds Bank PLC    2.450  02/01/2049   EUR   71.541
Nordea Bank Abp    1.305  03/01/2034   EUR   75.140
UBS AG/London      1.860  2/28/2049    EUR   66.930
Berlin Hyp AG      0.349  12/10/2031   EUR   71.238
Region de Bruxell  1.467  03/01/2039   EUR   70.196
ABN AMRO Bank NV   1.425  4/17/2045    EUR   68.761
Single Platform I  0.800  04/07/2042   EUR   61.401
DNB Boligkreditt   1.530 12/21/2043    EUR   71.666
Landeskreditbank   1.236  5/22/2045    EUR   68.809
NRW Bank           0.921 10/20/2041    EUR   68.089
Single Platform I  1.450  9/14/2040    EUR   71.394
Norddeutsche Land  1.560 10/20/2038    EUR   64.171
Kreditanstalt fue  1.143  4/15/2050    EUR   66.255
Lehman Brothers T  4.200  12/03/2008   HKD    0.100
Single Platform I  0.750  8/15/2050    EUR   52.399
Caisse des Depots  1.365  11/02/2051   EUR   58.791
Single Platform I  0.803  3/20/2041    EUR   62.467
Raiffeisenverband  1.740  02/01/2038   EUR   74.892
Credit Agricole C 10.800  3/24/2026    TRY   62.336
Single Platform I  1.060  04/01/2042   EUR   65.726
Muenchener Hypoth  1.003  03/09/2060   EUR   50.314
Landesbank Saar    0.760  05/08/2034   EUR   71.276
Hemso Fastighets   2.418 11/30/2038    EUR   65.412
Cie de Financemen  1.695  12/04/2048   EUR   70.592
Wirtschafts- und   0.421  3/17/2039    EUR   63.971
Banque Internatio  0.675 10/29/2030    EUR   74.135
Landesbank Baden-  0.327  05/07/2038   EUR   64.155
Hypo Tirol Bank A  1.530  04/10/2043   EUR   67.625
Societe Generale   2.300  4/20/2048    EUR   72.383
Bausparkasse Wues  1.830  04/03/2043   EUR   71.787
Republic of Polan  2.000 10/25/2046    EUR   68.007
Muenchener Hypoth  0.867  2/25/2047    EUR   60.612
Department of Gir  0.412 11/26/2037    EUR   65.223
Caisse des Depots  0.930  11/09/2050   EUR   51.968
Nederlandse Water  0.260  11/10/2036   EUR   67.785
Russian Foreign B  5.250  6/23/2047    USD   40.939
Banque Internatio  0.775 11/18/2032    EUR   69.955
BPCE SFH SA        1.512  4/20/2043    EUR   71.720
DZ Bank AG Deutsc  1.000  02/08/2035   EUR   70.628
Region de Bruxell  0.460 12/15/2051    EUR   41.245
Citigroup Global   3.900  2/18/2042    AUD   70.729
Oberoesterreichis  0.285  11/06/2042   EUR   50.612
DLR Kredit A/S     0.500  10/01/2053   DKK   65.809
Commerzbank AG     2.565  5/15/2043    EUR   70.908
Kreditanstalt fue  0.693  02/08/2050   EUR   51.905
Nederlandse Water  0.932  12/02/2060   EUR   49.477
NRW Bank           0.600  1/28/2051    EUR   52.731
Credit Industriel  0.900  02/04/2041   EUR   61.162
BNG Bank NV        1.900  07/11/2058   EUR   69.214
Department of Val  0.390 11/18/2041    EUR   56.403
Region de Bruxell  1.710  05/05/2047   EUR   63.197
LBI ehf            7.431               USD    0.001
Caisse des Depots  0.916  1/20/2051    EUR   52.984
Sovcombank Via So  3.400  1/26/2025    USD    2.186
Goldman Sachs Int  2.520  03/03/2036   USD   70.130
Belfius Bank SA    1.296  2/20/2040    EUR   72.762
Abengoa Abenewco   6.000  06/10/2022   EUR    0.439
Kreditanstalt fue  0.600  2/16/2051    EUR   56.324
Region de Bruxell  0.650  2/15/2061    EUR   35.463
Kommunekredit      1.062  09/09/2041   EUR   70.037
Agence Francaise   1.600  7/25/2043    EUR   74.243
Department of Bou  0.445  12/08/2043   EUR   53.550
Single Platform I  1.180  04/01/2039   EUR   68.817
Credit Agricole C  0.400  12/04/2032   EUR   70.832
Oberoesterreichis  0.763 12/15/2050    EUR   46.807
NRW Bank           0.420  02/08/2039   EUR   65.440
Single Platform I  1.013 12/20/2050    EUR   56.827
Agence Francaise   2.302 10/25/2044    USD   66.725
Raiffeisenlandesb  1.500 10/21/2039    EUR   70.246
BNP Paribas SA     1.125  11/05/2034   EUR   71.654
Vasakronan AB      1.000  6/15/2041    EUR   34.579
HSBC Continental   1.385 11/18/2039    EUR   71.082
Credit Mutuel Ark  0.730 10/14/2036    EUR   63.731
HSBC Continental   1.300 10/23/2039    EUR   69.987
Raiffeisen Landes  1.132  8/16/2049    EUR   58.472
UBS AG/London      2.700  9/16/2044    AUD   57.065
Global Ports Fina  6.500  9/22/2023    USD   44.658
Landeskreditbank   0.700  03/11/2041   EUR   64.357
Single Platform I  1.103  5/25/2052    EUR   57.721
BNG Bank NV        0.772  08/05/2050   EUR   52.711
Assistance Publiq  0.647  7/17/2040    EUR   62.394
Single Platform I  0.940  10/04/2041   EUR   63.337
Norddeutsche Land  1.410  07/07/2037   EUR   64.292
Berlin Hyp AG      0.110  1/20/2031    EUR   72.463
Citigroup Global   1.000  3/19/2041    EUR   57.683
Department of Val  0.735  07/03/2040   EUR   63.481
BNG Bank NV        0.680  03/04/2050   EUR   49.815
DNB Bank ASA       1.185  1/14/2038    EUR   69.033
Single Platform I  0.678  2/15/2041    EUR   60.994
Kuntarahoitus Oyj  0.448  3/19/2040    EUR   60.989
Eika Boligkreditt  0.560 11/29/2039    EUR   63.115
HSBC Bank PLC     10.300  12/10/2024   TRY   71.466
Kreditanstalt fue  0.250  10/06/2036   CAD   52.141
Banque Internatio  0.680  10/09/2030   EUR   74.141
Single Platform I  1.140  3/26/2040    EUR   67.402
Berlin Hyp AG      0.055 10/16/2030    EUR   72.849
Nederlandse Water  0.230 10/22/2035    EUR   69.813
UniCredit Bank AG  0.310 10/15/2035    EUR   68.705
Single Platform I  1.163  5/25/2066    EUR   52.101
Societe Wallonne   0.948 10/23/2051    EUR   48.917
Societe Wallonne   0.904 10/23/2047    EUR   50.874
UBS AG/London     19.000  7/15/2024    CHF   57.850
Landesbank Hessen  2.000  04/09/2035   EUR   65.200
Trans-Sped Logisz  2.500  3/16/2030    HUF   68.740
Landesbank Hessen  2.000  03/10/2037   EUR   70.850
DZ Bank AG Deutsc  1.360  6/25/2031    EUR   71.620
Landesbank Hessen  5.318  02/11/2037   EUR   67.000
Landesbank Hessen  1.500  02/10/2037   EUR   66.650
UBS AG/London      7.000  1/26/2024    USD   74.350
Swissquote Bank S 28.900  1/23/2024    CHF   68.040
UBS AG/London     18.000  04/08/2024   CHF   62.350
Bank Vontobel AG  13.000  8/30/2023    CHF   49.700
SG Issuer SA       2.100 12/27/2033    EUR   53.010
Landesbank Hessen  1.750  2/16/2037    EUR   67.500
Rosbank PJSC       0.040  4/30/2024    RUB   60.050
Rosbank PJSC       0.030  4/30/2024    RUB   60.050
Dr Wiesent Sozial  7.000               EUR    0.002
Pannonia Bio Ltd   2.400  9/18/2029    HUF   68.600
Swissquote Bank S 28.100  11/07/2023   CHF   66.730
Landesbank Baden-  1.500  4/24/2039    EUR   67.370
Leonteq Securitie 20.200 11/14/2023    CHF   28.960
Credit Suisse AG/ 16.300 12/26/2023    USD   45.650
Swissquote Bank S 17.200  2/13/2024    CHF   33.710
Erste Group Bank   0.100  9/30/2032    EUR   71.450
Bank Vontobel AG  23.000  8/14/2023    CHF   63.400
DZ Bank AG Deutsc 20.200  9/22/2023    EUR   70.240
Swissquote Bank S 17.900  1/30/2024    CHF   36.370
Nordea Bank Abp    3.050  7/20/2026    SEK   72.125
Landesbank Hessen  1.000  04/09/2035   EUR   67.200
UBS AG/London      8.250 11/19/2026    EUR   69.310
Sberbank of Russi  0.010  7/24/2025    RUB   93.900
SG Issuer SA       5.000  5/23/2024    EUR   54.870
Nordea Bank Abp    2.000  02/03/2026   SEK   55.600
Citigroup Global   2.930  9/15/2025    EUR   31.010
Nordea Bank Abp    8.500  1/20/2025    SEK   70.090
Raiffeisen Schwei 13.000  07/04/2023   CHF   48.020
Leonteq Securitie 20.000  02/06/2024   CHF   58.440
BNP Paribas Emiss 10.000 12/21/2023    EUR   44.220
DZ Bank AG Deutsc  0.800  02/02/2037   EUR   68.350
Landesbank Hessen  1.000  02/11/2037   EUR   64.772
HSBC Continental   2.040  3/29/2049    EUR   73.442
Region de Bruxell  1.535  04/05/2049   EUR   63.478
Region de Bruxell  1.419  6/22/2045    EUR   64.244
Hamburg Commercia  3.000  7/17/2035    EUR   64.783
Muenchener Hypoth  0.120  8/13/2030    EUR   75.250
Landesbank Hessen  0.700  2/24/2032    EUR   74.747
Aareal Bank AG     0.255  9/17/2029    EUR   66.024
DZ Bank AG Deutsc  0.480  9/22/2036    EUR   65.144
Lehman Brothers T  6.720 12/29/2008    EUR    0.100
Lehman Brothers T  7.060 12/29/2008    EUR    0.100
KPNQwest NV        8.875  02/01/2008   EUR    0.637
Lehman Brothers T  6.600  02/09/2009   EUR    0.100
KPNQwest NV       10.000  3/15/2012    EUR    0.638
LBI ehf            8.650  05/01/2011   ISK   10.000
Lehman Brothers T  2.300  6/27/2013    USD    0.100
Lehman Brothers T  2.370  7/15/2013    USD    0.100
Teksid Aluminum L 12.375  7/15/2011    EUR    0.122
Lehman Brothers T  1.950  11/04/2013   EUR    0.100
Lehman Brothers T  0.500  2/16/2009    EUR    0.100
Lehman Brothers T  8.000  4/20/2009    EUR    0.100
Landesbank Hessen  1.150  07/10/2034   EUR   71.168
Lehman Brothers T  4.100  06/10/2014   SGD    0.100
Cooperatieve Rabo  1.485  09/03/2041   EUR   73.308
Erste Group Bank   1.110  6/17/2035    EUR   73.389
DZ Bank AG Deutsc  0.500  02/04/2036   EUR   65.687
Serbia Treasury B  2.300  3/18/2047    EUR   72.310
Lehman Brothers T  7.000 10/22/2010    EUR    0.100
Landesbank Baden-  0.400  03/05/2031   EUR   72.973
Citigroup Global   0.250  02/09/2031   EUR   73.377
Region Wallonne B  1.300  6/16/2068    EUR   46.002
DZ Bank AG Deutsc  0.700 10/16/2034    EUR   70.566
BNP Paribas SA     3.700  10/04/2039   AUD   66.685
Credit Agricole C  0.900  10/01/2034   EUR   69.680
Communaute Franca  0.948  10/11/2059   EUR   45.283
Hemso Fastighets   2.127  4/18/2039    EUR   61.825
Deutsche Pfandbri  0.765  09/12/2036   EUR   55.689
Region de Bruxell  0.540  9/13/2044    EUR   51.973
Landesbank Baden-  0.150  08/11/2031   EUR   72.585
Muenchener Hypoth  0.620  7/22/2033    EUR   70.100
Credit Mutuel Ark  1.165  9/23/2039    EUR   63.269
DZ Bank AG Deutsc  0.500  8/18/2036    EUR   65.236
Region de Bruxell  1.922  4/24/2059    EUR   62.178
Comunidad Foral d  2.100  4/30/2044    EUR   70.725
BPCE SFH SA        1.420  3/30/2039    EUR   74.949
Communaute Franca  1.520  7/22/2069    EUR   53.952
Caisse des Depots  2.766  08/09/2049   USD   70.982
BNG Bank NV        0.799  7/25/2039    EUR   68.717
State of North Rh  1.293  2/25/2041    EUR   74.412
Norddeutsche Land  1.000  07/10/2031   EUR   75.752
State of North Rh  0.880  07/12/2040   EUR   69.594
Santander Interna  1.320  08/08/2039   EUR   64.845
Bayerische Landes  1.500  7/14/2036    EUR   72.362
Single Platform I  0.830  09/06/2041   EUR   62.434
Erste Group Bank   0.880  02/12/2035   EUR   71.821
Communaute Franca  1.367  1/20/2070    EUR   56.190
Barclays Bank PLC  1.750  9/29/2032    USD   70.105
Landesbank Saar    0.680  3/29/2034    EUR   71.048
Landwirtschaftlic  0.210  9/30/2033    EUR   75.468
DZ Bank AG Deutsc  0.500  05/04/2034   EUR   69.772
Kuntarahoitus Oyj  1.150  04/01/2051   EUR   65.814
Single Platform I  1.548 10/31/2050    EUR   64.897
Erste Group Bank   0.560  9/29/2033    EUR   72.008
Aareal Bank AG     0.520  4/18/2031    EUR   59.678
State of Saxony-A  0.475  9/30/2050    EUR   51.740
Single Platform I  0.930  07/02/2041   EUR   64.203
Hungary Governmen  3.000  8/21/2030    HUF   74.391
Banque et Caisse   1.220  5/26/2041    EUR   72.793
Natixis SA         2.710  5/19/2036    USD   74.656
Natixis SA         2.710  5/26/2036    USD   74.799
BPCE SA            3.000 11/18/2036    AUD   62.740
Natixis SA         2.700  5/18/2036    USD   74.556
Credit Agricole C 17.520  1/27/2027    TRY   73.935
Norddeutsche Land  1.090 11/15/2043    EUR   64.431
ABN AMRO Bank NV   1.355  2/21/2039    EUR   74.137
Landesbank Baden-  0.710  11/09/2035   EUR   64.520
Societe Generale   2.970  4/15/2036    USD   65.040
Region Provence-A  0.623 10/15/2035    EUR   71.886
Erste Group Bank   0.890  11/03/2036   EUR   69.514
DZ Bank AG Deutsc  0.660  04/01/2036   EUR   66.916
DZ Bank AG Deutsc  0.710  12/03/2035   EUR   67.960
Norddeutsche Land  0.650  05/12/2031   EUR   73.469
Denmark Governmen  0.250 11/15/2052    DKK   51.911
DZ Bank AG Deutsc  0.800  8/20/2035    EUR   69.584
Banque et Caisse   0.880  02/10/2037   EUR   75.084
Barclays Bank PLC  2.800 10/28/2036    USD   72.199
NRW Bank           1.085 10/26/2041    EUR   69.838
Santander Consume  8.520               NOK   56.770
Single Platform I  2.070  06/01/2040   NOK   71.337
Region Centre      0.924  11/02/2043   EUR   60.489
Region de Bruxell  1.250  01/10/2060   EUR   48.145
DNB Boligkreditt   1.594  1/29/2043    EUR   74.296
DZ Bank AG Deutsc  0.785  7/31/2034    EUR   71.716
Societe Generale   1.040  3/25/2041    EUR   60.070
Banque et Caisse   1.068  5/18/2041    EUR   71.096
Landesbank Baden-  0.650  12/01/2031   EUR   73.356
Region Occitanie   0.792 11/23/2043    EUR   58.537
Erste Group Bank   1.065  5/17/2041    EUR   65.007
DNB Boligkreditt   1.488 12/14/2038    EUR   75.587
DZ Bank AG Deutsc  0.650 12/22/2036    EUR   66.711
Harp Issuer PLC    1.400  2/14/2032    USD   70.029
Republic of Austr  0.750  3/20/2051    EUR   56.824
Home Invest Belgi  1.850  1/15/2032    EUR   71.967
Erste Group Bank   0.520  11/02/2033   EUR   71.122
SpareBank 1 SMN    0.190  11/06/2030   EUR   73.172
DZ Bank AG Deutsc  1.040  5/15/2034    EUR   74.758
UBS Group AG       2.210 11/24/2035    USD   67.376
DZ Bank AG Deutsc  0.600  1/19/2035    EUR   69.071
Landesbank Hessen  0.750 12/17/2035    EUR   63.970
DZ Bank AG Deutsc  0.500 12/21/2035    EUR   65.966
DZ Bank AG Deutsc  0.520 11/23/2033    EUR   71.306
Region de Bruxell  1.000  4/21/2051    EUR   52.616
Landesbank Hessen  0.600  04/09/2035   EUR   64.302
Societe Du Grand   1.149  04/08/2069   EUR   42.210
DZ Bank AG Deutsc  0.700 10/19/2034    EUR   70.330
Norddeutsche Land  1.000  09/10/2032   EUR   72.328
Landesbank Hessen  0.730  02/11/2032   EUR   75.320
Berlin Hyp AG      0.440 10/29/2035    EUR   59.354
DekaBank Deutsche  0.530 10/22/2035    EUR   66.232
Landesbank Baden-  0.900  5/28/2035    EUR   66.641
Republic of Polan  1.250 10/25/2030    PLN   73.868
Municipality of E  1.785  5/30/2047    EUR   75.310
Landesbank Hessen  1.300  06/04/2035   EUR   70.354
Region de Bruxell  1.065  6/22/2047    EUR   56.190
Norddeutsche Land  1.170 11/24/2038    EUR   59.310
Barclays Bank PLC  1.235 11/27/2040    EUR   68.627
Societe Generale   0.570  3/15/2036    EUR   71.717
Communaute Franca  0.750  02/04/2061   EUR   39.419
DZ Bank AG Deutsc  0.200  10/02/2034   EUR   65.958
Single Platform I  1.082  3/17/2039    EUR   67.440
Landwirtschaftlic  1.365  03/10/2042   EUR   74.600
BNG Bank NV        1.040 11/28/2047    EUR   60.953
Republic of Irela  0.835  07/08/2080   EUR   41.482
DZ Bank AG Deutsc  0.650  9/17/2035    EUR   67.991
State of Lower Au  1.750  05/02/2047   EUR   70.687
DZ Bank AG Deutsc  1.150  4/30/2035    EUR   73.373
Landesbank Hessen  1.750  4/14/2037    EUR   72.743
DekaBank Deutsche  1.100 11/25/2030    EUR   72.679
Region de Bruxell  0.980  01/10/2051   EUR   52.525
Region Wallonne B  2.168  7/26/2047    EUR   72.332
Lehman Brothers T  6.650  8/24/2011    AUD    0.100
Landeskreditbank   0.170  12/10/2035   EUR   69.777
Lehman Brothers T  4.350  08/08/2016   SGD    0.100
Aktia Bank Oyj     0.965  12/11/2040   EUR   60.643
Landesbank Hessen  0.490  1/24/2035    EUR   63.875
Lehman Brothers T  5.000  05/02/2022   EUR    0.100
Barclays Bank PLC  7.830  7/26/2038    MXN   63.228
Lehman Brothers T  3.860  9/21/2011    SGD    0.100
Ministeries Van d  1.095  06/03/2055   EUR   48.825
Lehman Brothers T 15.000  3/30/2011    EUR    0.100
Lehman Brothers T  5.200  3/19/2018    EUR    0.100
Region Bretagne S  0.770  12/01/2039   EUR   65.057
Credit Agricole C  2.100 12/18/2035    USD   68.934
Single Platform I  0.780  03/05/2039   EUR   64.433
Ville de Paris     0.395 12/18/2045    EUR   50.779
Kuntarahoitus Oyj  0.960 10/25/2049    EUR   64.674
DZ Bank AG Deutsc  0.800  11/06/2034   EUR   71.266
Single Platform I  0.695  6/25/2039    EUR   64.113
Citigroup Global   0.700  1/30/2032    EUR   73.727
French Republic G  0.750  5/25/2052    EUR   53.343
Region de Bruxell  0.283 10/24/2033    EUR   69.981
Batigere Grand Es  1.540  11/04/2041   EUR   61.753
Landesbank Hessen  0.750 11/14/2034    EUR   66.738
Erste Group Bank   0.770 11/13/2033    EUR   72.910
Landesbank Hessen  0.560  6/16/2031    EUR   74.823
Berlin Hyp AG      0.625  6/30/2031    EUR   70.793
DZ HYP AG          1.033  12/06/2049   EUR   57.337
National Grid Ele  3.120  12/10/2039   AUD   71.463
DZ Bank AG Deutsc  0.625  7/21/2036    EUR   66.560
Single Platform I  0.885  7/24/2036    EUR   68.369
Single Platform I  0.924  2/18/2049    EUR   54.831
Landesbank Hessen  0.460  7/20/2032    EUR   71.652
DZ Bank AG Deutsc  0.110  8/17/2032    EUR   71.850
DZ Bank AG Deutsc  0.500  03/02/2038   EUR   61.026
Lehman Brothers T  0.500  07/02/2020   EUR    0.100
Belfius Bank SA    0.190  1/28/2031    EUR   72.893
Credit Agricole C  2.280  1/19/2036    USD   70.351
Lehman Brothers T  5.000 11/22/2012    EUR    0.100
Landesbank Hessen  0.350  1/20/2031    EUR   74.801
Agence Metropolit  0.500  07/07/2035   EUR   69.564
Landesbank Hessen  0.750  04/09/2035   EUR   65.666
Cooperatieve Rabo  0.540  08/03/2040   EUR   61.478
Single Platform I  1.165  06/06/2046   EUR   63.076
Kreditanstalt fue  0.953  1/24/2042    EUR   69.590
Credit Agricole C  2.610  7/27/2050    USD   56.919
Autonomous Commun  1.744  07/01/2061   EUR   53.887
Natixis SA         3.800  5/28/2039    AUD   71.037
Lehman Brothers T  0.750  3/29/2012    EUR    0.100
Lehman Brothers T  4.150  8/25/2020    EUR    0.100
Lehman Brothers T  5.318  11/02/2035   EUR    0.100
Lehman Brothers T  4.250  3/13/2021    EUR    0.100
Lehman Brothers T  4.000  2/28/2010    EUR    0.100
BPCE SFH SA        1.186  05/09/2039   EUR   71.795
Oberoesterreichis  0.650 10/15/2035    EUR   67.354
DZ Bank AG Deutsc  0.600 11/16/2035    EUR   67.149
Single Platform I  0.559  2/15/2047    EUR   53.105
AutoWallis Nyrt    3.000  7/27/2031    HUF   60.800
Mercedes-Benz Man  1.500  3/16/2027    HUF   70.000
UBS AG/London      7.000  07/12/2023   CHF   63.850
Vorosko Kereskede  4.750  1/25/2032    HUF   68.000
Alfa-Bank AO      10.200  02/10/2025   RUB   70.000
Landesbank Baden-  4.960  7/28/2023    EUR   60.080
Zurcher Kantonalb 17.000  09/04/2023   EUR   49.470
TransFin-M PAO     9.150  02/04/2027   RUB   61.000
MASTERPLAST Nyrt   2.900  8/25/2031    HUF   62.500
Raiffeisen Schwei 20.000  08/11/2023   CHF   23.810
MASTERPLAST Nyrt   2.100 12/21/2027    HUF   73.000
Eltex Kft          3.500 12/21/2028    HUF   69.400
EFG International  7.500  5/19/2023    CHF   11.270
Zurcher Kantonalb 21.200  5/16/2023    CHF   68.710
ENVIEN Magyarorsz  2.500  5/18/2031    HUF   69.790
Otthon Centrum Ho  3.000  4/19/2031    HUF   70.200
Hell Energy Magya  2.700 12/18/2029    HUF   63.100
SkyGreen Building  3.000 12/29/2030    HUF   59.700
Progress Etteremh  3.000  9/18/2030    HUF   67.900
Credit Suisse AG/ 20.000 11/29/2024    USD   10.360
Luzerner Kantonal  6.000  07/06/2023   EUR   66.130
Raiffeisen Schwei  7.000  9/20/2023    CHF   63.870
Agrar Mezogazdasa  2.900  8/24/2031    HUF   69.050
Cooperatieve Rabo  1.850  3/29/2049    EUR   60.674
Ukraine Governmen  7.253  3/15/2035    USD   16.018
Banque Internatio  1.500  1/20/2037    EUR   62.667
State of North Rh  0.950  01/10/2121   EUR   38.017
Agence France Loc  0.330 12/20/2040    EUR   59.413
Vedanta Resources  9.250  4/23/2026    USD   66.487
Romanian Governme  1.750  7/13/2030    EUR   75.162
Romanian Governme  1.750  7/13/2030    EUR   75.089
Communaute Franca  2.041  04/12/2069   EUR   65.588
Netherlands Gover  0.500  1/15/2040    EUR   69.951
Lithuania Governm  1.625  6/19/2049    EUR   63.082
Norddeutsche Land  1.100  07/05/2032   EUR   73.812
Deutsche Apotheke  1.444  09/01/2036   EUR   68.717
Bayerische Landes  1.600  7/21/2036    EUR   73.911
DNB Boligkreditt   0.846  7/14/2036    EUR   71.990
Ireland Governmen  1.500  5/15/2050    EUR   68.757
Merrill Lynch BV   2.580  8/20/2036    USD   70.209
DLR Kredit A/S     0.500  10/01/2050   DKK   67.637
United Kingdom Gi  0.625  7/31/2035    GBP   68.249
Kommunalkredit Au  1.055  10/06/2031   EUR   72.783
Region de Bruxell  2.410  8/23/2063    EUR   70.616
Hungary Governmen  3.250 10/22/2031    HUF   73.053
Caisse des Depots  1.438  5/24/2051    EUR   60.422
Ville de Paris     0.760  5/25/2066    EUR   36.301
Hemso Fastighets   2.000  2/15/2033    EUR   72.119
Region de Bruxell  0.690  6/22/2050    EUR   44.003
Deutsche Apotheke  1.715  2/13/2037    EUR   71.068
Batigere Grand Es  1.550  08/12/2041   EUR   62.226
Lehman Brothers T 10.000  06/11/2038   JPY    0.100
Single Platform I  1.165  7/30/2035    EUR   72.484
Region Occitanie   0.834 11/18/2044    EUR   57.739
Banque Internatio  3.320  5/24/2042    EUR   74.132
Deutsche Bank AG/ 14.900  5/30/2028    TRY   56.362
Banque Federative  0.125  11/06/2030   EUR   74.457
Region Provence-A  0.709  6/29/2040    EUR   63.718
Luzerner Kantonal  0.250  8/28/2040    CHF   73.037
Kreditanstalt fue  0.613  06/10/2040   EUR   63.362
BNP Paribas SA     3.750  06/12/2040   AUD   75.298
Office Public De   1.700 12/22/2060    EUR   68.596
Vedanta Resources  6.125  08/09/2024   USD   65.210
Deutsche Pfandbri  0.320  12/09/2030   EUR   69.460
Nederlandse Water  1.125  07/08/2050   EUR   61.080
Credit Suisse AG/  2.100  3/15/2037    EUR   71.785
SG Issuer SA       2.910 10/29/2034    AUD   69.389
Batigere Grand Es  1.550 11/14/2039    EUR   65.072
Single Platform I  1.080  7/18/2036    EUR   70.987
Single Platform I  2.230  3/17/2039    NOK   73.720
Natixis SA         2.500  03/04/2036   USD   73.550
Region Provence-A  0.575  07/06/2039   EUR   63.511
Citigroup Global   0.520  3/19/2033    EUR   68.601
Croatia Governmen  1.750  03/04/2041   EUR   68.523
Department of Gir  0.650 12/17/2038    EUR   65.557
State of Lower Au  0.400 10/13/2050    EUR   46.769
DZ Bank AG Deutsc  6.250 12/20/2023    EUR   63.250
Landesbank Baden-  7.200  8/23/2024    EUR   36.000
Vontobel Financia 10.250  9/22/2023    EUR   74.290
Leonteq Securitie 28.800  8/25/2023    CHF   66.020
Raiffeisen Switze 16.800  8/29/2023    CHF   66.610
Swissquote Bank S 20.000  8/29/2023    CHF   67.830
Corner Banca SA   24.000  8/29/2023    CHF   66.660
Bank Julius Baer  13.200 11/30/2023    CHF   22.800
Bank Julius Baer   8.600 11/30/2023    CHF   70.200
UBS AG/London     18.000  2/26/2024    CHF   74.550
DZ Bank AG Deutsc 13.400  8/25/2023    EUR   65.900
DZ Bank AG Deutsc 11.200 12/22/2023    EUR   68.340
Bank Vontobel AG  15.000  02/05/2024   CHF   46.700
Bank Vontobel AG  12.000  02/05/2024   CHF   30.700
Landesbank Baden-  2.200  7/28/2023    EUR   71.210
Landesbank Baden-  3.600  7/28/2023    EUR   65.060
Landesbank Baden-  4.100  7/28/2023    EUR   49.290
Landesbank Baden-  8.200  7/28/2023    EUR   35.900
Landesbank Baden- 11.500  7/28/2023    EUR   31.240
Landesbank Baden-  7.100  7/28/2023    EUR   74.280
Landesbank Baden- 11.000  7/28/2023    EUR   64.760
Vontobel Financia 16.000  9/22/2023    EUR   76.190
Vontobel Financia 21.000  6/23/2023    EUR   67.880
Vontobel Financia 18.000  9/22/2023    EUR   71.860
Vontobel Financia 18.500  6/23/2023    EUR   72.970
Vontobel Financia 20.500  9/22/2023    EUR   68.270
Vontobel Financia 24.000  9/22/2023    EUR   67.680
Vontobel Financia 22.000  9/22/2023    EUR   70.580
Vontobel Financia 20.500  9/22/2023    EUR   73.940
Vontobel Financia 21.000  6/23/2023    EUR   74.280
Vontobel Financia 23.500  6/23/2023    EUR   69.770
Leonteq Securitie 29.000  7/14/2023    CHF   44.860
Leonteq Securitie 18.000  7/18/2023    CHF   73.100
Vontobel Financia 19.500  6/23/2023    EUR
Vontobel Financia 13.000  9/22/2023    EUR   55.300
Vontobel Financia 17.500  6/23/2023    EUR   52.740
Raiffeisen Switze 19.500  7/18/2023    CHF   73.460
Leonteq Securitie 25.000  7/18/2023    CHF   29.020
DZ Bank AG Deutsc  7.250  9/20/2023    EUR   25.920
Bank Julius Baer  12.150  7/19/2023    CHF   16.700
UBS AG/London     19.250  7/13/2023    CHF   47.800
Bank Vontobel AG  14.500  1/16/2024    CHF   67.700
Bank Vontobel AG  16.500  7/17/2023    CHF   50.700
Leonteq Securitie 24.000  7/21/2023    CHF   31.880
Leonteq Securitie 30.000  7/21/2023    CHF   60.150
Bank Julius Baer  12.280  7/21/2023    EUR   66.700
SG Issuer SA       5.000  5/30/2029    EUR   33.160
Vontobel Financia 12.250  9/22/2023    EUR   68.870
Vontobel Financia 16.750  9/22/2023    EUR   60.650
Credit Suisse AG/ 16.750  8/29/2023    CHF   62.340
Leonteq Securitie 30.000  09/01/2023   CHF   34.950
Leonteq Securitie 27.000  09/01/2023   CHF   60.980
Leonteq Securitie 17.000  09/06/2023   CHF   68.700
Luzerner Kantonal  3.500  8/30/2023    USD   45.710
Leonteq Securitie 17.000  12/05/2023   CHF   64.000
DZ Bank AG Deutsc  9.750  9/20/2023    EUR   32.820
UBS AG/London     11.250  8/31/2023    CHF   18.940
UBS AG/London     16.750  8/31/2023    USD   61.200
Raiffeisen Switze 20.000  09/06/2023   CHF   35.490
DZ Bank AG Deutsc 13.600  9/22/2023    EUR   73.600
DZ Bank AG Deutsc 14.400  6/23/2023    EUR   76.640
DZ Bank AG Deutsc 13.700  6/23/2023    EUR   40.290
DZ Bank AG Deutsc 17.600  6/23/2023    EUR   16.540
DZ Bank AG Deutsc 15.300  6/23/2023    EUR   63.670
DZ Bank AG Deutsc 18.200  6/23/2023    EUR   69.740
Bank Vontobel AG   8.250  8/21/2023    CHF   74.300
Bank Vontobel AG  15.000  5/23/2023    CHF   32.400
UniCredit Bank AG  5.800  6/21/2023    EUR   69.560
DZ Bank AG Deutsc 14.500  6/19/2023    EUR   58.300
DZ Bank AG Deutsc 14.250  9/18/2023    EUR   66.440
DZ Bank AG Deutsc  6.250  9/18/2023    EUR   58.960
UBS AG/London     14.750 11/27/2023    CHF   57.300
UBS AG/London     12.000 11/27/2023    CHF   15.980
Landesbank Baden-  8.500 11/24/2023    EUR   76.020
Landesbank Baden-  9.100 11/24/2023    EUR   72.940
Landesbank Baden-  3.200 11/24/2023    EUR   59.420
Landesbank Baden-  5.100 11/24/2023    EUR   54.100
Landesbank Baden-  4.100 11/24/2023    EUR   42.000
Landesbank Baden-  7.500 11/24/2023    EUR   35.040
Landesbank Baden- 10.000 11/24/2023    EUR   32.460
Landesbank Baden- 11.750 11/24/2023    EUR   31.480
Landesbank Baden-  4.000 11/24/2023    EUR   71.020
Landesbank Baden-  6.100 11/24/2023    EUR   64.280
Landesbank Baden-  9.400 11/24/2023    EUR   58.800
Leonteq Securitie 30.000  5/31/2023    CHF   39.160
Leonteq Securitie 24.000  5/31/2023    CHF   34.450
Vontobel Financia 20.000  6/23/2023    EUR   71.750
Vontobel Financia 22.500  6/23/2023    EUR   23.710
Vontobel Financia 10.000  6/23/2023    EUR   68.180
Vontobel Financia 15.850  6/23/2023    EUR   63.890
Raiffeisen Schwei 16.000  5/30/2023    CHF   59.060
Leonteq Securitie 17.000  5/23/2023    CHF   59.720
Credit Suisse AG/  6.750  9/23/2024    USD   61.940
Sberbank of Russi  0.010  8/31/2028    RUB   64.700
Sberbank of Russi  0.010  09/04/2026   RUB   74.400
Leonteq Securitie  9.000  09/06/2023   CHF   58.520
Leonteq Securitie 10.000  09/07/2023   USD   65.660
Zurcher Kantonalb  5.000  09/07/2023   CHF   66.410
Goldman Sachs & C  4.000  6/21/2023    EUR   70.270
Goldman Sachs & C  5.000  6/21/2023    EUR   66.250
Goldman Sachs & C  6.000  6/21/2023    EUR   62.690
Goldman Sachs & C  7.000  6/21/2023    EUR   59.510
Goldman Sachs & C 10.000  6/21/2023    EUR   51.760
Goldman Sachs & C 12.000  6/21/2023    EUR   47.700
Vontobel Financia  4.100  9/26/2023    EUR   73.720
Societe Generale   9.640  09/12/2024   USD   59.800
Bank Julius Baer   7.000  09/11/2023   USD   64.950
EFG International 11.000  09/10/2024   USD   51.120
DekaBank Deutsche  2.350  9/27/2024    EUR   61.340
Bank Julius Baer   7.000  09/12/2023   USD   64.850
Bank Julius Baer   7.000  09/12/2023   USD   64.850
UniCredit Bank AG 10.300  9/27/2024    EUR   46.400
Leonteq Securitie  7.000  9/13/2023    CHF   48.040
Leonteq Securitie  6.000  9/13/2023    CHF   70.110
DekaBank Deutsche  3.000  10/11/2024   EUR   72.690
DekaBank Deutsche  2.850  10/11/2024   EUR   74.570
Raiffeisen Schwei  4.000  09/10/2024   CHF   72.040
Raiffeisen Schwei  7.250  9/13/2023    CHF   67.040
Raiffeisen Schwei  7.000  9/13/2023    CHF   68.790
Erste Group Bank   4.000  10/01/2025   EUR   69.600
Erste Group Bank   4.500  10/01/2025   EUR   44.400
UBS AG/London      4.520  09/07/2023   USD
Landesbank Baden-  3.850 10/24/2025    EUR   64.830
EFG International 10.000  9/20/2023    USD   35.680
EFG International  9.100  9/20/2023    EUR   35.620
Societe Generale  13.010  9/19/2024    USD   58.000
Basler Kantonalba  6.000  9/15/2023    CHF   76.050
Landesbank Hessen  1.200  9/17/2036    EUR   65.050
UniCredit Bank AG  6.150 10/21/2024    EUR   44.220
Landesbank Hessen  1.500 10/20/2036    EUR   64.900
UBS AG/London     15.000  8/31/2023    CHF   56.500
UBS AG/London     20.000  2/29/2024    CHF   69.650
Vontobel Financia 19.000  6/23/2023    EUR   74.600
Vontobel Financia 20.500  6/23/2023    EUR   72.790
Vontobel Financia 22.000  6/23/2023    EUR   71.070
Vontobel Financia 20.500  9/22/2023    EUR   71.280
Vontobel Financia 20.000  6/23/2023    EUR   74.780
Landesbank Hessen  1.500  10/01/2036   EUR   65.700
Raiffeisen Schwei  5.850  10/04/2023   CHF   65.890
Citigroup Global   2.540  9/13/2024    EUR   59.810
Sberbank of Russi  0.010  10/03/2028   RUB   69.700
Leonteq Securitie  7.000  10/04/2023   CHF   49.300
Leonteq Securitie  7.400  10/04/2023   CHF   73.680
Corner Banca SA    7.000  10/04/2023   CHF   76.850
Leonteq Securitie  8.000  10/04/2023   USD   61.320
UniCredit Bank AG  3.650 10/29/2024    EUR   73.870
Leonteq Securitie  8.090  10/04/2023   CHF   52.600
Credit Suisse AG/ 25.000 10/20/2026    USD    5.520
Erste Group Bank   4.500  11/02/2025   EUR   48.200
Sberbank of Russi  0.010  10/05/2028   RUB   66.010
Societe Generale  15.000 10/31/2024    USD
Goldman Sachs & C  5.000  6/21/2023    EUR   73.550
Goldman Sachs & C  6.000  6/21/2023    EUR   69.080
Goldman Sachs & C  7.000  6/21/2023    EUR   65.140
Goldman Sachs & C  8.000  6/21/2023    EUR   62.800
Goldman Sachs & C 10.000  6/21/2023    EUR   59.660
Goldman Sachs & C 13.000  6/21/2023    EUR   52.600
Goldman Sachs & C  5.000  9/20/2023    EUR   74.360
Goldman Sachs & C  6.000  9/20/2023    EUR   70.260
Goldman Sachs & C  7.000  9/20/2023    EUR   66.620
Goldman Sachs & C  8.000  9/20/2023    EUR   64.540
Goldman Sachs & C 10.000  9/20/2023    EUR   58.930
Goldman Sachs & C 12.000  9/20/2023    EUR   55.240
Basler Kantonalba  7.000  10/11/2023   CHF   11.820
DZ Bank AG Deutsc  1.850 12/29/2031    EUR   63.740
DZ Bank AG Deutsc  1.980 12/29/2031    EUR   69.750
VTB Bank PJSC      3.750               EUR
VTB Bank PJSC     10.000               RUB   52.000
Corner Banca SA    8.000  10/11/2023   CHF   12.560
Zurcher Kantonalb 15.260  3/20/2024    CHF   53.420
Credit Suisse AG/ 15.250  3/20/2024    CHF   45.270
Credit Suisse AG/ 16.000  9/20/2023    CHF   38.600
BNP Paribas Issua  7.980  1/20/2025    SEK   71.450
Landesbank Hessen  1.000  03/06/2035   EUR   66.850
UniCredit Bank AG  3.450  04/02/2024   EUR   56.390
Leonteq Securitie  6.000  12/01/2023   CHF   55.760
Landesbank Baden-  4.100  6/27/2025    EUR   70.650
Leonteq Securitie  7.400  12/01/2023   USD   55.340
Bank Julius Baer  18.000  02/09/2024   CHF   65.400
Raiffeisen Bank I  7.500  07/07/2023   EUR   60.160
EFG International  9.800  06/07/2023   USD   66.080
DekaBank Deutsche  3.500  6/28/2024    EUR   69.420
Leonteq Securitie 26.400  08/08/2023   CHF   68.170
DekaBank Deutsche  3.100  6/28/2024    EUR   72.670
Bayer Construct E  3.700 10/21/2031    HUF   67.720
DZ Bank AG Deutsc 12.100  6/19/2023    EUR   75.760
Leonteq Securitie 15.000  6/28/2023    USD   64.620
Credit Suisse AG/  8.000  6/28/2023    USD    9.300
Raiffeisen Schwei  8.700 12/28/2023    CHF   69.540
UBS AG/London     12.750  3/25/2024    CHF   65.950
DZ Bank AG Deutsc 10.500  6/21/2023    EUR   66.550
Leonteq Securitie 19.000  6/29/2023    USD   56.080
DekaBank Deutsche  4.450  4/27/2026    EUR   72.700
Landesbank Baden-  4.500  7/28/2023    EUR   70.170
Erste Group Bank  14.000  6/30/2023    EUR   69.400
Erste Group Bank  12.500  6/30/2023    EUR   72.450
Erste Group Bank  15.500  6/30/2023    EUR   69.550
DZ Bank AG Deutsc 14.000  6/21/2023    EUR   64.490
UBS AG/London     15.250 11/27/2023    CHF   61.100
UBS AG/London      8.900  8/24/2023    USD    9.860
DZ Bank AG Deutsc 17.700  9/22/2023    EUR   55.520
Zurcher Kantonalb 18.000  9/29/2023    CHF   36.560
Credit Suisse AG/ 11.750  9/29/2023    CHF   20.810
Basler Kantonalba 16.000  10/05/2023   CHF   68.080
UBS AG/London     21.800  10/06/2023   USD   72.600
Leonteq Securitie 12.000  10/10/2023   CHF   26.240
Leonteq Securitie 20.200  10/10/2023   CHF   75.150
Leonteq Securitie 23.200  10/10/2023   CHF   74.670
Raiffeisen Switze 18.000  10/11/2023   CHF   73.810
DZ Bank AG Deutsc  1.080 12/30/2030    EUR   72.390
Vontobel Financia  5.000  3/26/2024    EUR   59.390
Landesbank Hessen  1.400  03/05/2036   EUR   64.400
Societe Generale  24.000  04/03/2024   USD   65.400
UniCredit Bank AG  5.300  04/08/2025   EUR   72.670
Sberbank of Russi  0.010  03/06/2028   RUB   71.900
UBS AG/London      9.750  07/01/2024   CHF   22.340
Bank Julius Baer  21.850  10/11/2023   CHF   27.550
Bank Vontobel AG  12.030  6/23/2023    EUR   22.400
Landesbank Baden-  4.000  6/28/2024    EUR   43.240
Landesbank Baden-  5.100  6/28/2024    EUR   38.750
Landesbank Baden-  7.000  6/28/2024    EUR   35.130
Landesbank Baden-  8.000  6/28/2024    EUR   33.610
Landesbank Baden-  5.250  6/28/2024    EUR   73.110
Vontobel Financia 17.500  6/23/2023    EUR   25.090
Raiffeisen Schwei 20.000  07/05/2023   CHF   74.810
Bank Julius Baer   9.050  07/05/2023   CHF   70.950
UBS AG/London     17.750  6/29/2023    CHF   43.100
UBS AG/London     18.000  6/29/2023    USD   73.600
UBS AG/London     16.250  01/04/2024   CHF   47.550
UBS AG/London     17.750  6/29/2023    CHF   70.250
UniCredit Bank AG 14.300 12/22/2023    EUR   82.140
UBS AG/London     11.000  01/08/2024   CHF   18.960
UBS AG/London     16.000  01/08/2024   CHF   73.650
Banque Internatio 21.000  07/12/2023   CHF   77.200
UBS AG/London     18.500  6/15/2023    CHF   59.700
Swissquote Bank S 13.230  2/27/2024    CHF   39.210
Landesbank Hessen  1.000  03/09/2037   EUR   67.200
Leonteq Securitie  6.000  02/07/2024   CHF   66.020
Leonteq Securitie  9.000  08/07/2023   CHF   11.740
Leonteq Securitie  7.000  02/07/2024   CHF   75.320
Leonteq Securitie 10.000  08/04/2023   EUR   64.270
DZ Bank AG Deutsc  2.120 12/29/2031    EUR   72.650
Raiffeisen Schwei  9.000  08/04/2023   CHF   70.020
UBS AG/London      8.250  8/23/2023    CHF   57.850
UBS AG/London      6.750  2/23/2024    CHF   72.900
UBS AG/London     10.000  8/23/2023    CHF   59.350
SG Issuer SA       6.500  1/20/2025    SEK   69.780
UniCredit Bank AG  4.900  03/10/2025   EUR   76.250
Bank Vontobel AG  12.250  08/04/2023   EUR   20.800
Bank Vontobel AG  10.500  08/04/2023   EUR   63.200
Vontobel Financia 17.000  6/23/2023    EUR   59.830
Vontobel Financia 16.000  6/23/2023    EUR   61.040
Vontobel Financia 12.000  6/23/2023    EUR   66.580
Vontobel Financia  8.500  6/23/2023    EUR   73.530
Vontobel Financia  9.500  6/23/2023    EUR   71.660
Vontobel Financia  8.000  6/23/2023    EUR   75.540
Vontobel Financia 12.500  6/23/2023    EUR   74.820
Vontobel Financia 14.000  6/23/2023    EUR   72.440
Vontobel Financia 15.000  6/23/2023    EUR   74.040
Vontobel Financia 16.000  6/23/2023    EUR   65.280
Vontobel Financia 14.500  6/23/2023    EUR   71.560
Vontobel Financia 20.500  6/23/2023    EUR   63.110
Vontobel Financia 19.000  6/23/2023    EUR   65.000
Vontobel Financia 17.500  6/23/2023    EUR   67.030
Vontobel Financia  9.500  6/23/2023    EUR   83.030
Vontobel Financia 25.000  6/23/2023    EUR   55.790
Vontobel Financia 22.000  6/23/2023    EUR   59.170
Vontobel Financia 18.000  6/23/2023    EUR   65.360
Vontobel Financia 15.500  6/23/2023    EUR   70.400
Vontobel Financia 14.000  6/23/2023    EUR   73.240
Vontobel Financia 10.500  6/23/2023    EUR   74.570
Leonteq Securitie 15.500  6/13/2023    CHF   59.310
UniCredit Bank AG 18.200  6/23/2023    EUR   65.340
Leonteq Securitie 21.000  6/13/2023    CHF   37.310
Raiffeisen Schwei 15.000  6/14/2023    CHF   58.860
Raiffeisen Schwei 14.500  6/14/2023    CHF   36.070
Vontobel Financia 20.500  6/23/2023    EUR   12.770
Vontobel Financia 14.000  6/23/2023    EUR   13.820
Vontobel Financia 23.500  6/23/2023    EUR   73.900
Vontobel Financia  8.500  6/23/2023    EUR   15.610
Vontobel Financia 23.000  6/23/2023    EUR   69.700
Vontobel Financia 21.000  6/23/2023    EUR   19.710
DZ Bank AG Deutsc 21.700  6/23/2023    EUR   64.760
DZ Bank AG Deutsc 19.400  6/23/2023    EUR   62.600
Raiffeisen Schwei  5.800  8/25/2023    CHF   69.950
Raiffeisen Bank I  8.000  04/08/2024   EUR   69.420
Landesbank Baden-  5.600  3/22/2024    EUR   71.270
UBS AG/London      4.000  08/03/2026   SEK   70.660
Raiffeisen Schwei  7.300  03/04/2024   CHF   68.210
Raiffeisen Schwei  8.000  12/04/2023   CHF   70.750
Vontobel Financia 16.250  9/22/2023    EUR   59.720
Raiffeisen Switze 17.500  08/02/2023   CHF   57.370
Leonteq Securitie 20.000  08/02/2023   CHF   58.370
Corner Banca SA   23.000  08/08/2023   CHF   63.630
DekaBank Deutsche  2.250  7/14/2026    EUR   75.070
VTB Bank PJSC     10.000               RUB   54.000
Raiffeisen Switze 19.700  08/09/2023   CHF   63.050
VTB Bank PJSC     11.250  05/06/2037   RUB   53.000
EFG International  9.000  06/07/2023   EUR   67.470
Landesbank Baden-  3.200  6/27/2025    EUR   74.840
Raiffeisen Schwei  7.200  06/01/2023   CHF   35.770
SG Issuer SA       1.800  8/14/2034    EUR   69.300
Bank Vontobel AG   8.500  9/18/2023    CHF   68.800
Landesbank Hessen  1.750  08/04/2036   EUR   66.350
Bank Vontobel AG  12.000  1/22/2024    EUR   66.200
Bank Vontobel AG  10.500  7/21/2023    CHF   41.700
BNP Paribas Issua  3.000  1/23/2024    EUR   56.550
Bank Vontobel AG  15.000  7/21/2023    CHF   41.000
EFG International 14.000  7/26/2023    USD   61.020
MOL Nyrt Kueloenl  4.950  1/26/2032    HUF   74.460
Credit Suisse AG/  7.200  7/30/2024    USD   59.470
Landesbank Baden-  8.400  7/28/2023    EUR   67.200
Landesbank Baden-  3.500  7/28/2023    EUR   68.490
Landesbank Baden-  7.250  7/28/2023    EUR   58.260
Landesbank Baden-  2.250  7/28/2023    EUR   44.860
Landesbank Baden-  2.850  7/28/2023    EUR   66.240
Landesbank Baden-  5.750  7/28/2023    EUR   51.030
Landesbank Baden-  3.800  7/28/2023    EUR   47.010
Landesbank Baden-  7.400  7/28/2023    EUR   22.360
Landesbank Baden-  5.000  7/28/2023    EUR   67.120
Landesbank Baden-  4.650  7/28/2023    EUR   71.040
Landesbank Baden-  8.800  7/28/2023    EUR   65.700
Landesbank Baden-  2.000  7/28/2023    EUR   65.130
EFG International  8.400  07/07/2023   CHF   52.610
Landesbank Baden-  4.600  7/28/2023    EUR   72.580
Credit Suisse AG/  5.800  07/12/2023   USD    8.000
Landesbank Baden-  3.300  7/25/2025    EUR   74.870
Leonteq Securitie  8.000  7/28/2023    USD   59.320
Leonteq Securitie 11.000  7/28/2023    CHF   42.060
Leonteq Securitie 10.000  07/12/2023   CHF   33.150
EFG International  8.700  7/13/2023    EUR    7.870
Leonteq Securitie  6.200  07/12/2023   CHF   55.520
Goldman Sachs & C  6.000  6/21/2023    EUR   59.480
Goldman Sachs & C  6.000  6/21/2023    EUR   72.290
Goldman Sachs & C  7.000  6/21/2023    EUR   55.470
UBS AG/London     16.500  8/16/2023    USD   58.050
UBS AG/London     10.500  8/16/2023    USD   70.150
UBS AG/London     13.750  8/16/2023    CHF   46.150
UBS AG/London     13.750  8/16/2023    EUR   61.650
DekaBank Deutsche  2.100  08/11/2023   EUR   65.530
Leonteq Securitie  9.000  5/25/2023    CHF   18.640
Leonteq Securitie 10.000  5/25/2023    EUR   67.480
Landesbank Baden-  3.500 12/22/2023    EUR   69.720
EFG International 10.600  06/01/2023   USD   69.840
Leonteq Securitie  6.000 11/27/2023    CHF   55.750
Leonteq Securitie 12.000  1/29/2024    CHF   24.410
UBS AG/London     10.250  5/30/2023    CHF   39.800
UBS AG/London      9.000  5/30/2023    CHF   57.350
Landesbank Baden-  2.500  7/24/2026    EUR   68.880
EFG International 14.000  6/28/2023    CHF   24.500
Leonteq Securitie  8.000  6/27/2023    USD   40.540
Raiffeisen Bank I 10.000  02/12/2024   EUR   34.920
Leonteq Securitie 10.000  6/29/2023    EUR   74.660
Landesbank Baden-  5.900 12/22/2023    EUR   43.130
Landesbank Baden-  4.600 12/22/2023    EUR   46.640
Landesbank Baden-  2.400 12/22/2023    EUR   56.230
Landesbank Baden-  9.500 12/22/2023    EUR   74.160
Landesbank Baden-  6.000 12/22/2023    EUR   68.140
Landesbank Baden-  4.200 12/22/2023    EUR   73.940
Landesbank Baden-  7.500 12/22/2023    EUR   67.350
Landesbank Baden-  4.900 12/22/2023    EUR   74.390
Landesbank Baden-  8.500 12/22/2023    EUR   70.540
Landesbank Baden-  3.100 12/22/2023    EUR   55.690
Landesbank Baden-  2.300 12/22/2023    EUR   58.180
Landesbank Baden-  8.100 12/22/2023    EUR   53.780
Landesbank Baden-  6.300 12/22/2023    EUR   59.410
Landesbank Baden-  3.000 12/22/2023    EUR   75.370
Landesbank Baden-  4.300 12/22/2023    EUR   72.610
Landesbank Baden-  9.200 12/22/2023    EUR   54.410
Landesbank Baden-  6.100 12/22/2023    EUR   62.600
Landesbank Baden-  7.000 12/22/2023    EUR   22.670
Landesbank Baden-  3.100 12/22/2023    EUR   27.310
Landesbank Baden-  4.150 12/22/2023    EUR   42.190
Landesbank Baden-  2.500 12/22/2023    EUR   45.200
Landesbank Baden-  4.500 12/22/2023    EUR   55.720
Landesbank Baden-  3.000 12/22/2023    EUR   61.340
UBS AG/London      7.250 12/29/2023    CHF   71.400
UBS AG/London      5.750 12/29/2023    CHF   66.550
UBS AG/London      9.500  6/29/2023    CHF    9.400
UBS AG/London      8.500  6/29/2023    CHF   65.650
UBS AG/London      6.500 12/29/2023    USD   72.050
UBS AG/London      6.500 12/29/2023    CHF   67.100
UBS AG/London      6.750  6/29/2023    CHF   66.700
UBS AG/London      6.000  6/29/2023    CHF   66.750
UBS AG/London     16.000 12/29/2023    USD   63.500
UBS AG/London     10.250  6/29/2023    CHF   45.550
Banque Cantonale  12.360  6/27/2023    CHF   69.480
Leonteq Securitie  7.000  01/05/2024   CHF   75.940
Leonteq Securitie  8.000  6/30/2023    CHF   70.280
Leonteq Securitie  9.000  6/30/2023    CHF   61.210
Leonteq Securitie  8.000  6/30/2023    CHF   68.250
Leonteq Securitie  8.000  6/30/2023    USD   66.460
Raiffeisen Switze  6.500  01/03/2024   CHF   70.070
VTB Bank PJSC      0.010 11/25/2026    RUB   68.450
Luzerner Kantonal  5.000  6/28/2023    CHF   66.860
Zurcher Kantonalb  9.000  6/28/2023    CHF   75.460
Bank Vontobel AG  15.000  6/30/2023    CHF   15.900
SG Issuer SA       2.000 12/22/2036    EUR   63.040
UniCredit Bank AG  3.700  1/27/2025    EUR   74.630
Leonteq Securitie 10.000  07/07/2023   CHF   65.630
Leonteq Securitie 14.000  07/07/2023   CHF   71.050
Raiffeisen Switze  9.000  07/06/2023   USD   69.840
UBS AG/London      4.750  7/26/2023    CHF   58.400
UBS AG/London      7.000  7/26/2023    CHF   40.300
UBS AG/London      7.750  7/26/2023    CHF   75.400
UBS AG/London      8.250  7/26/2023    CHF   74.650
UBS AG/London      7.500  7/26/2023    CHF   62.600
UBS AG/London      6.000  1/26/2024    CHF   72.300
UniCredit Bank AG  4.750  2/16/2026    EUR   74.160
DZ Bank AG Deutsc  7.500  9/20/2023    EUR   50.260
Bank Julius Baer   9.750  6/14/2023    CHF   12.800
UniCredit Bank AG 19.500  6/23/2023    EUR   63.120
Zurcher Kantonalb 16.000  6/21/2023    CHF   33.560
Vontobel Financia 25.000  6/23/2023    EUR   65.560
Vontobel Financia 20.500  6/23/2023    EUR   73.870
Bank Vontobel AG  15.000 12/27/2023    CHF   32.000
Bank Vontobel AG  16.000 12/27/2023    CHF   35.000
DZ Bank AG Deutsc 19.500 12/22/2023    EUR   60.570
Bank Julius Baer  14.900  2/28/2024    CHF   40.300
Vontobel Financia 14.000  6/23/2023    EUR   63.670
Vontobel Financia 11.000  6/23/2023    EUR   68.200
Vontobel Financia 10.000  6/23/2023    EUR   69.840
Vontobel Financia 19.500  6/23/2023    EUR   66.550
Vontobel Financia 16.000  6/23/2023    EUR   70.400
Vontobel Financia 15.000  6/23/2023    EUR   62.340
Vontobel Financia 17.500  6/23/2023    EUR   68.410
Vontobel Financia 18.500  6/23/2023    EUR   58.520
Vontobel Financia 12.500  6/23/2023    EUR   66.050
DZ Bank AG Deutsc  4.750  9/18/2023    EUR   54.260
Vontobel Financia 19.500  6/23/2023    EUR   67.230
Vontobel Financia 17.000  6/23/2023    EUR   70.370
Vontobel Financia 20.000  6/23/2023    EUR   65.520
Vontobel Financia 16.000  6/23/2023    EUR   70.480
Vontobel Financia 19.500  6/23/2023    EUR   63.150
Vontobel Financia 16.000  6/23/2023    EUR   69.210
Vontobel Financia 13.000  6/23/2023    EUR   74.100
Vontobel Financia 12.000  6/23/2023    EUR   76.890
Vontobel Financia 10.500  6/23/2023    EUR   79.840
Vontobel Financia 23.500  6/23/2023    EUR   57.420
Vontobel Financia 20.500  6/23/2023    EUR   61.060
Vontobel Financia 16.500  6/23/2023    EUR   67.750
Leonteq Securitie 16.500  6/13/2023    CHF   64.420
Swissquote Bank S 15.200  6/13/2023    CHF   15.880
Swissquote Bank S 25.000  6/13/2023    CHF   38.380
Zurcher Kantonalb 11.500  03/01/2024   CHF   40.760
Raiffeisen Switze 15.000  03/06/2024   CHF   41.860
Credit Suisse AG/ 12.750  03/04/2024   CHF   36.160
Leonteq Securitie  7.000  01/10/2024   CHF   66.580
Raiffeisen Switze  7.700  01/10/2024   CHF   72.710
UBS AG/London      9.000  7/26/2023    CHF    9.720
UBS AG/London     11.250  7/26/2023    EUR   73.350
UBS AG/London      7.000  1/26/2024    CHF   63.600
UBS AG/London      9.750  7/26/2023    CHF    9.810
SG Issuer SA       4.000  6/22/2026    EUR   60.660
Goldman Sachs Int  0.100  1/13/2025    EUR   20.450
Bank Vontobel AG   8.000  6/30/2023    CHF   63.100
Vontobel Financia  4.900  7/13/2023    EUR   75.490
BNP Paribas Emiss  5.000  6/22/2023    EUR   75.860
Landesbank Baden-  5.600 12/22/2023    EUR   71.560
Corner Banca SA   15.000  5/30/2023    CHF   41.670
Leonteq Securitie 12.000  5/30/2023    CHF   41.430
Leonteq Securitie 11.000  8/28/2023    USD   68.360
Bank Vontobel AG  11.000  2/23/2024    CHF   26.100
Credit Suisse AG/ 10.250  5/22/2023    EUR   71.700
Bank Julius Baer  15.000  8/29/2023    CHF   26.800
Raiffeisen Schwei  9.100  8/25/2023    CHF   60.280
Raiffeisen Schwei  9.200  8/25/2023    CHF   70.890
Vontobel Financia  7.700  8/30/2023    EUR   56.950
Zurcher Kantonalb  6.000  5/24/2023    CHF   73.330
Zurcher Kantonalb 19.000  5/24/2023    CHF   25.550
Credit Suisse AG/  8.750  5/25/2023    CHF   73.830
Landesbank Baden-  4.200  3/22/2024    EUR   74.490
Landesbank Baden-  5.100  3/22/2024    EUR   68.930
Landesbank Baden-  5.600  3/22/2024    EUR   73.180
Landesbank Baden-  4.500  3/22/2024    EUR   74.630
UBS AG/London      7.640  4/20/2026    SEK   68.470
DekaBank Deutsche  1.000  3/17/2025    EUR   69.340
Landesbank Baden-  3.200  3/27/2026    EUR   73.200
EFG International  4.500  2/26/2024    USD   39.410
DZ Bank AG Deutsc  0.630 12/30/2030    EUR   72.870
Basler Kantonalba  9.000  6/22/2023    CHF   74.390
UBS AG/London      5.750 12/15/2023    CHF   67.100
UBS AG/London      7.500 12/15/2023    CHF   67.000
UBS AG/London     14.500  6/15/2023    USD   56.200
Raiffeisen Schwei  5.700 12/13/2023    CHF   71.600
Bank Vontobel AG   7.750  12/11/2023   CHF   58.000
SG Issuer SA       1.500  1/24/2034    EUR   74.060
Leonteq Securitie  7.000 12/20/2023    CHF   73.560
Leonteq Securitie  9.000  6/20/2023    CHF   50.800
Raiffeisen Schwei  7.200  9/20/2023    CHF   70.740
Raiffeisen Switze  7.800  6/20/2023    CHF   45.030
Bank Vontobel AG   7.500  6/19/2023    CHF   64.400
Bank Vontobel AG   8.500  6/19/2023    CHF   63.800
Bank Vontobel AG   6.000 12/18/2023    CHF   53.600
Sberbank of Russi  0.010 12/21/2026    RUB   72.600
Vontobel Financia  4.330  6/22/2023    EUR   64.870
UBS AG/London      7.250  07/12/2023   CHF   64.050
UBS AG/London      4.750  07/12/2023   USD   67.200
UBS AG/London     11.500  07/12/2023   CHF   42.850
UBS AG/London      8.250  01/12/2024   CHF   71.100
UBS AG/London      6.500  07/12/2023   EUR   45.800
UBS AG/London     17.500  07/12/2023   USD   48.750
UBS AG/London      8.750  07/12/2023   USD   67.850
UBS AG/London      6.000  07/12/2023   CHF   66.350
UBS AG/London      6.250  07/12/2023   CHF   69.400
Raiffeisen Bank I  6.500  06/09/2023   EUR   46.680
Leonteq Securitie  8.000  5/25/2023    CHF   69.840
Landesbank Baden-  5.250  8/25/2023    EUR   74.830
UBS AG/London     19.750  7/27/2023    USD   71.650
DZ Bank AG Deutsc  9.800  9/22/2023    EUR   65.590
Bank Vontobel AG  18.006  5/24/2023    EUR    9.500
Zurcher Kantonalb 26.000  7/28/2023    CHF   68.310
EFG International  5.700  5/24/2023    USD   39.000
Bank Vontobel AG   6.502  5/23/2023    CHF   47.000
Leonteq Securitie 27.600  07/07/2023   CHF   71.200
Leonteq Securitie  9.200  07/07/2025   CHF   32.480
Raiffeisen Schwei 10.400  11/02/2023   CHF   16.380
Vontobel Financia 19.500  9/22/2023    EUR   74.390
Bank Vontobel AG  20.000  01/05/2024   CHF   63.800
Bank Julius Baer  13.500  08/03/2023   CHF   54.700
UBS AG/London      7.750  4/29/2024    CHF   74.900
Bank Vontobel AG  22.500  07/03/2023   CHF   57.300
Leonteq Securitie  6.000  01/09/2024   CHF   58.960
EFG International 10.000  7/26/2023    CHF   63.720
Societe Generale   9.800  07/10/2025   USD   66.250
SunDell Estate Ny  3.650  07/09/2031   HUF   69.500
Landesbank Baden-  4.400  7/28/2023    EUR   70.350
Landesbank Baden-  5.700  7/28/2023    EUR   60.850
Landesbank Baden-  3.850  7/28/2023    EUR   74.520
Landesbank Baden-  3.850  7/28/2023    EUR   41.550
Landesbank Baden-  4.900  7/28/2023    EUR   58.460
Landesbank Baden-  8.100  7/28/2023    EUR   69.660
Landesbank Baden-  8.600  7/28/2023    EUR   44.320
Landesbank Baden-  3.250  7/28/2023    EUR   61.670
Landesbank Baden-  2.250  7/28/2023    EUR   51.370
Landesbank Baden-  5.200  7/28/2023    EUR   24.570
Landesbank Baden-  2.500  7/28/2023    EUR   29.500
Landesbank Baden-  6.400  7/28/2023    EUR   75.270
Landesbank Baden-  5.000  7/28/2023    EUR   74.820
Landesbank Baden-  6.750  7/28/2023    EUR   65.240
Landesbank Baden-  6.400  7/28/2023    EUR   73.860
Landesbank Baden-  3.200  7/28/2023    EUR   61.510
Landesbank Baden-  6.300  7/28/2023    EUR   73.780
Leonteq Securitie  7.000  1/31/2024    CHF   13.720
Credit Suisse AG/  4.530  07/12/2023   USD    9.540
Leonteq Securitie  7.000  7/28/2023    CHF   72.400
Leonteq Securitie  8.000  7/28/2023    CHF   54.750
UBS AG/London      7.250  11/03/2023   CHF   52.050
Leonteq Securitie 15.000  7/19/2023    CHF   77.580
Sberbank of Russi  0.010 10/23/2026    RUB   72.150
Credit Suisse AG/ 10.820  7/13/2023    CHF   57.880
UBS AG/London     11.000 10/13/2023    CHF   69.150
Leonteq Securitie  6.000  11/08/2023   CHF   73.310
Vontobel Financia 12.500  6/23/2023    EUR   62.730
Vontobel Financia 21.500  6/23/2023    EUR   42.980
Erste Group Bank   6.500  12/01/2026   EUR   70.700
Vontobel Financia 18.500  6/23/2023    EUR   57.490
Vontobel Financia  8.000  6/23/2023    EUR   75.570
Vontobel Financia 12.000  6/23/2023    EUR   66.610
Vontobel Financia 10.500  6/23/2023    EUR   69.900
Vontobel Financia  7.000  6/23/2023    EUR   76.830
Vontobel Financia  8.000  6/23/2023    EUR   74.320
Vontobel Financia 18.000  6/23/2023    EUR   59.420
Vontobel Financia 10.500  6/23/2023    EUR   69.860
Vontobel Financia 11.500  6/23/2023    EUR   68.230
Vontobel Financia  9.500  6/23/2023    EUR   71.670
Bank Vontobel AG  21.000  8/21/2023    EUR   66.000
Bank Vontobel AG  20.000  8/21/2023    CHF   61.700
Raiffeisen Switze 18.000  8/22/2023    CHF   61.420
Credit Suisse AG/ 14.250  1/18/2024    CHF   33.030
DZ Bank AG Deutsc  5.000  9/18/2023    EUR   57.530
Landesbank Baden-  5.500  8/23/2024    EUR   39.230
Landesbank Baden-  9.200  8/23/2024    EUR   34.340
Credit Suisse AG/ 10.000  8/22/2023    CHF   16.470
Leonteq Securitie 23.000  8/29/2023    CHF   34.100
Vontobel Financia 23.500  3/22/2024    EUR   74.800
Raiffeisen Schwei 10.200  08/11/2023   CHF   57.280
UBS AG/London      8.250  09/04/2023   CHF   68.100
Banque Internatio 10.000  08/09/2023   CHF   37.980
Leonteq Securitie 24.000  1/23/2024    CHF   64.580
Raiffeisen Switze 15.000  1/23/2024    CHF   34.160
UBS AG/London     14.500 10/13/2023    USD   64.800
UBS AG/London     18.000  4/15/2024    USD   67.200
UBS AG/London      7.850  11/02/2023   USD   50.950
DekaBank Deutsche  4.000  11/08/2024   EUR   67.200
Sberbank of Russi  0.010  11/02/2028   RUB   69.700
Zurcher Kantonalb  9.400  10/11/2023   EUR   69.850
Societe Generale  24.000  11/08/2024   USD   45.200
Corner Banca SA   11.400  7/19/2023    CHF   13.700
Credit Suisse AG/ 10.000  07/12/2023   CHF   11.520
Vontobel Financia  8.400  12/04/2023   EUR   65.860
Credit Suisse AG/  4.700  7/19/2023    USD    9.690
Leonteq Securitie  8.000  11/08/2023   CHF   69.860
Societe Generale   7.620 11/29/2024    USD   56.975
Bank Vontobel AG   8.500  11/03/2023   CHF   38.200
Raiffeisen Switze  8.000  08/04/2023   EUR   79.870
UBS AG/London      6.500  8/23/2023    CHF   66.100
UBS AG/London     11.750  8/23/2023    CHF   11.720
Bank Vontobel AG   7.500  02/05/2024   CHF   74.900
Vontobel Financia 19.500 12/22/2023    EUR   65.260
Vontobel Financia 22.500 12/22/2023    EUR   66.940
Vontobel Financia 19.000  3/22/2024    EUR   68.630
Vontobel Financia 17.000  3/22/2024    EUR   67.040
Vontobel Financia 21.000 12/22/2023    EUR   66.130
Vontobel Financia 13.500 12/22/2023    EUR
DZ Bank AG Deutsc  4.900  6/19/2023    EUR   72.100
Swissquote Bank S 14.560  3/13/2024    CHF   40.270
Landesbank Baden-  5.250  9/22/2023    EUR   72.310
Bank Vontobel AG  10.000  03/04/2024   EUR   63.100
EFG International  9.500  9/14/2023    CHF   54.450
Landesbank Baden-  3.000  2/27/2026    EUR   69.190
Bank Vontobel AG  12.000  08/11/2023   CHF   18.900
Vontobel Financia 15.500 12/22/2023    EUR   73.740
Vontobel Financia 14.000 12/22/2023    EUR   72.800
UniCredit Bank AG  6.600  9/22/2025    EUR   43.100
Leonteq Securitie 27.000  02/09/2024   CHF   64.590
Vontobel Financia 18.000  3/22/2024    EUR   67.850
Vontobel Financia 15.000 12/22/2023    EUR   72.400
Landesbank Hessen  2.000  3/16/2037    EUR   68.100
UniCredit Bank AG  4.400  3/16/2026    EUR   76.200
Landesbank Baden-  3.000  2/27/2026    EUR   68.040
Bank Vontobel AG  10.750  02/12/2024   CHF   62.400
EFG International 11.000  08/09/2023   CHF   69.990
DZ Bank AG Deutsc  7.700  6/19/2023    EUR   72.000
DZ Bank AG Deutsc  4.750  6/19/2023    EUR   62.960
Leonteq Securitie 11.000  8/16/2023    CHF   14.750
Leonteq Securitie 12.000  8/16/2023    CHF   66.120
Leonteq Securitie 10.000  8/16/2023    CHF   25.480
Leonteq Securitie 19.000  5/16/2023    CHF   50.630
Vontobel Financia  8.000  6/23/2023    EUR   74.230
Vontobel Financia 12.500  6/23/2023    EUR   74.680
Vontobel Financia 17.500  6/23/2023    EUR   73.270
Vontobel Financia 17.500  6/23/2023    EUR   58.590
Vontobel Financia 15.500  6/23/2023    EUR   60.990
Vontobel Financia 13.000  6/23/2023    EUR   65.870
Vontobel Financia  9.500  6/23/2023    EUR   72.040
Vontobel Financia 15.000  6/23/2023    EUR   62.320
Vontobel Financia 14.000  6/23/2023    EUR   63.680
Vontobel Financia  9.000  6/23/2023    EUR   73.550
Vontobel Financia 13.000  6/23/2023    EUR   65.070
UBS AG/London      7.500  11/03/2023   CHF   72.800
ENSI Kft           4.750  1/25/2032    HUF   67.050
Vontobel Financia 18.500  9/22/2023    EUR   75.900
Bank Vontobel AG  15.000  01/05/2024   CHF   70.200
UniCredit Bank AG 16.550  8/18/2025    USD   58.540
UBS AG/London      7.500  8/18/2023    CHF   57.550
Luzerner Kantonal  6.400  10/04/2023   CHF   71.600
UBS AG/London      6.000  07/07/2023   EUR   60.850
UBS AG/London      8.750  08/04/2023   CHF   49.400
UBS AG/London      5.750  08/04/2023   CHF   57.200
UBS AG/London      5.500  09/01/2023   CHF   68.900
Luzerner Kantonal  9.700  10/01/2024   CHF   68.090
UBS AG/London      6.500  9/15/2023    CHF   70.900
Raiffeisen Bank I  9.696  9/20/2023    EUR   68.000
Raiffeisen Bank I 11.082  9/20/2023    EUR   66.720
Raiffeisen Bank I  9.696  9/20/2023    EUR   52.160
Raiffeisen Bank I  8.311  9/20/2023    EUR   73.560
UBS AG/London      7.000 10/27/2023    CHF    9.040
Landesbank Baden-  5.000 10/27/2023    EUR   52.680
Landesbank Baden-  6.200 10/27/2023    EUR   20.660
Landesbank Baden-  8.000 10/27/2023    EUR   42.760
Landesbank Baden-  3.000 10/27/2023    EUR   74.050
Landesbank Baden-  3.100 10/27/2023    EUR   58.910
Landesbank Baden-  4.800 10/27/2023    EUR   66.660
Landesbank Baden-  6.250 10/27/2023    EUR   68.800
Raiffeisen Schwei  6.000  11/01/2023   CHF   69.380
Sberbank of Russi  0.010  11/03/2026   RUB   75.300
Leonteq Securitie 16.000  7/19/2023    CHF   64.860
DZ Bank AG Deutsc  5.250  6/21/2023    EUR   64.200
Landesbank Baden-  3.250 10/27/2023    EUR   54.800
Landesbank Baden-  4.250 10/27/2023    EUR   23.010
Landesbank Baden-  4.700 10/27/2023    EUR   54.730
Landesbank Baden-  4.350 10/27/2023    EUR   74.010
Landesbank Baden-  3.150 10/27/2023    EUR   73.110
Landesbank Baden-  2.250 10/27/2023    EUR   59.610
Bank Vontobel AG  10.250  10/09/2023   CHF   53.200
Bank Vontobel AG   8.750  10/09/2023   CHF   43.300
Leonteq Securitie  9.000  11/01/2023   CHF   69.740
Basler Kantonalba  7.000  11/10/2023   CHF   75.850
Bank Vontobel AG   6.500  10/02/2023   CHF   70.400
Basler Kantonalba 12.000  7/13/2023    CHF   43.240
Societe Generale   7.500  11/03/2026   USD   15.800
Raiffeisen Schwei 10.000  10/11/2023   CHF   73.450
DZ Bank AG Deutsc 22.700  9/22/2023    EUR   70.920
Landesbank Baden- 12.000  8/25/2023    EUR   33.050
Landesbank Baden-  5.800  8/25/2023    EUR   74.200
Corner Banca SA   10.000  10/11/2023   USD   72.050
Leonteq Securitie 13.000  07/11/2023   CHF   60.320
SG Issuer SA       1.600  4/21/2034    EUR   68.260
Textura Kereskede  5.500  2/28/2032    HUF   70.100
UBS AG/London     14.250  04/08/2024   USD   63.850
UBS AG/London      7.750  9/29/2023    CHF   10.920
UBS AG/London      9.500 10/20/2023    EUR   74.250
Bank Vontobel AG   7.000  9/18/2023    CHF   66.900
UBS AG/London      8.000 10/20/2023    CHF   67.100
UBS AG/London      6.250  8/18/2023    CHF   74.050
UBS AG/London      6.500  8/18/2023    CHF   74.900
UBS AG/London      7.000  7/21/2023    CHF   66.050
UBS AG/London      7.250  07/10/2023   USD   52.050
UBS AG/London      5.000  09/08/2023   CHF   63.900
UBS AG/London      7.250 10/13/2023    CHF   68.150
Bank Vontobel AG   7.000  10/02/2023   CHF   63.900
UBS AG/London      6.250  7/28/2023    CHF   69.050
UBS AG/London     13.750  10/06/2023   USD   16.360
UBS AG/London      7.750 10/13/2023    CHF    9.500
UBS AG/London      8.750 10/13/2023    CHF   64.450
UBS AG/London      5.750  9/29/2023    CHF   71.400
UBS AG/London      7.250  08/04/2023   CHF   65.400
Bank Vontobel AG   6.000  09/04/2023   CHF   64.200
Bank Vontobel AG   7.250  10/02/2023   CHF   62.400
UBS AG/London      8.000 10/27/2023    CHF   70.550
Landesbank Baden-  2.500 10/27/2023    EUR   42.600
Landesbank Baden-  7.600 10/27/2023    EUR   19.620
Landesbank Baden-  5.600 10/27/2023    EUR   74.380
Landesbank Baden-  4.250 10/27/2023    EUR   68.920
Landesbank Baden-  7.350 10/27/2023    EUR   72.000
Landesbank Baden-  9.250 10/27/2023    EUR   64.270
Banque Internatio 11.000  07/12/2023   EUR   69.480
EFG International  7.230  7/13/2023    CHF   66.930
Corner Banca SA   10.000  11/01/2023   CHF   74.510
Sberbank of Russi  0.010  11/02/2026   RUB   73.200
UBS AG/London     17.400  4/14/2027    SEK   72.180
Citigroup Global   1.800 11/17/2036    EUR   62.500
UBS AG/London     14.500  10/06/2023   CHF   46.350
UBS AG/London      7.500  9/29/2023    CHF   54.550
UBS AG/London      8.500  9/29/2023    CHF   61.050
UBS AG/London      8.500  9/29/2023    CHF   72.150
UBS AG/London      8.250 10/20/2023    CHF   65.400
UBS AG/London      8.750 10/20/2023    CHF    9.770
UBS AG/London      9.000  7/21/2023    EUR   64.350
Bank Vontobel AG   6.000  9/25/2023    CHF   67.800
UBS AG/London      8.250  6/30/2023    CHF   52.750
Credit Suisse AG/ 10.250  2/28/2024    CHF   35.580
Bank Vontobel AG   9.000  8/28/2023    EUR   74.300
Bank Vontobel AG   6.000  8/28/2023    CHF   66.500
Raiffeisen Bank I 13.060  9/20/2023    EUR   72.280
UBS AG/London     11.000  7/21/2023    USD   18.700
UBS AG/London      5.250  08/04/2023   CHF   70.050
Bank Vontobel AG   7.000  9/25/2023    CHF   76.000
UBS AG/London      7.000  09/01/2023   CHF   30.950
UBS AG/London      9.000  09/08/2023   EUR   70.600
UBS AG/London      7.500  9/22/2023    CHF   67.950
UBS AG/London      7.750  8/18/2023    CHF   69.250
UBS AG/London      7.250  9/22/2023    CHF   64.400
Bank Vontobel AG   6.500  8/28/2023    CHF   66.100
UBS AG/London      5.500  7/28/2023    CHF   67.900
UBS AG/London      8.000  7/28/2023    CHF   51.350
UBS AG/London      8.000  10/06/2023   CHF   37.000
UBS AG/London      6.250  8/18/2023    CHF   68.500
UBS AG/London      7.750  8/18/2023    CHF   66.950
UBS AG/London      8.750 10/13/2023    CHF   57.650
UBS AG/London      7.500  10/06/2023   CHF   74.150
Raiffeisen Bank I  8.311  9/20/2023    EUR   69.730
Raiffeisen Bank I  8.311  9/20/2023    EUR   55.670
Raiffeisen Bank I 11.082  9/20/2023    EUR   49.860
Bank Vontobel AG   7.500 10/30/2023    CHF   71.900
Landesbank Baden-  8.200 10/27/2023    EUR   43.910
Landesbank Baden-  9.000 10/27/2023    EUR   18.860
Landesbank Baden-  5.250 10/27/2023    EUR   51.320
Landesbank Baden-  6.500 10/27/2023    EUR   46.460
Landesbank Baden-  3.500 10/27/2023    EUR   60.290
EFG International  7.800  10/06/2023   USD   63.100
Leonteq Securitie 10.000  10/11/2023   CHF   71.670
Raiffeisen Bank I 10.998  9/20/2023    EUR   75.820
Raiffeisen Bank I 14.435  9/20/2023    EUR   70.470
DZ Bank AG Deutsc  1.710 12/29/2031    EUR   71.210
UBS AG/London     10.750  04/08/2024   CHF   71.000
Vontobel Financia 11.500  9/22/2023    EUR   65.300
Vontobel Financia 13.500  9/22/2023    EUR
Vontobel Financia 11.500  9/22/2023    EUR   69.750
Vontobel Financia 15.500  9/22/2023    EUR   59.750
Vontobel Financia 14.500  9/22/2023    EUR   61.170
Vontobel Financia 11.500  9/22/2023    EUR   66.020
Vontobel Financia  8.500  9/22/2023    EUR   72.180
Vontobel Financia 12.500  9/22/2023    EUR   64.320
Bank Vontobel AG  16.500  5/30/2023    EUR   49.200
UniCredit Bank AG  7.400  12/09/2024   EUR   50.060
UBS AG/London      7.250  11/10/2023   CHF   58.400
UBS AG/London     11.750  11/10/2023   CHF   71.400
Pharmacy Chain 36 10.500  06/04/2030   RUB   60.350
UBS AG/London      6.250  11/10/2023   CHF   61.400
Bank Vontobel AG   6.250  05/07/2024   CHF   71.300
Landesbank Hessen  1.800  06/09/2036   EUR   66.900
UBS AG/London      7.500 11/17/2023    CHF   68.250
UBS AG/London     10.250  5/17/2023    CHF   42.700
DZ Bank AG Deutsc 20.500  3/22/2024    EUR   56.100
Leonteq Securitie 10.000  08/11/2023   CHF   53.500
Basler Kantonalba 15.000  5/24/2023    CHF   22.320
Zurcher Kantonalb 16.500  10/06/2023   USD   71.040
Bank Vontobel AG  25.000  08/07/2023   EUR   62.200
Bank Vontobel AG  19.500  02/05/2024   CHF   61.600
UBS AG/London      6.750  5/18/2023    USD   51.350
UBS AG/London      8.000 11/17/2023    CHF   67.900
UBS AG/London      8.250 11/20/2023    USD   65.350
Vontobel Financia  7.750  06/01/2023   EUR   63.150
DZ Bank AG Deutsc 18.600  3/22/2024    EUR   63.850
UniCredit Bank AG  4.550 12/22/2025    EUR   70.890
Basler Kantonalba  7.000 11/17/2023    CHF   72.410
Basler Kantonalba 12.000  5/17/2023    CHF   46.330
DekaBank Deutsche  5.700  6/22/2023    EUR   62.910
EFG International  9.000  5/17/2023    CHF   53.300
Raiffeisen Schwei  8.000  10/11/2023   CHF   74.630
Raiffeisen Schwei 10.000  07/11/2023   CHF   12.920
UBS AG/London      6.250  9/29/2023    CHF   68.600
UBS AG/London      6.000  6/30/2023    CHF   48.800
Bank Vontobel AG   7.500  8/28/2023    CHF   60.300
UBS AG/London      6.250  8/18/2023    CHF   73.350
UBS AG/London     11.750  08/04/2023   USD   62.100
Credit Suisse AG/ 12.400  9/25/2023    EUR   19.340
UBS AG/London      6.750  09/08/2023   CHF   66.850
UBS AG/London      7.250  09/08/2023   CHF   51.800
UBS AG/London      7.750  9/15/2023    CHF   73.550
UBS AG/London     15.250  9/15/2023    USD   15.700
Raiffeisen Schwei  6.200 11/15/2023    CHF   37.640
Raiffeisen Schwei  8.000  8/15/2023    CHF   44.660
Raiffeisen Schwei  6.200 11/15/2023    CHF   72.190
Bank Vontobel AG  10.000  2/19/2024    CHF   32.600
Sberbank of Russi  0.016  3/15/2032    RUB   73.370
Raiffeisen Schwei  7.500 11/15/2023    CHF   57.050
UBS AG/London     13.000  05/06/2024   USD   31.380
Vontobel Financia 18.000 12/22/2023    EUR   74.190
Vontobel Financia 16.500  3/22/2024    EUR   70.050
Vontobel Financia 15.000  3/22/2024    EUR   68.820
Swissquote Bank S 17.200  2/27/2024    CHF   42.520
Raiffeisen Switze 14.000  2/27/2024    CHF   42.330
UniCredit Bank AG  4.350  6/14/2024    EUR   74.560
Bank Vontobel AG  13.000  09/11/2023   CHF   55.100
BNP Paribas Emiss 10.000 12/21/2023    EUR   72.940
BNP Paribas Emiss 20.000  6/22/2023    EUR   74.620
BNP Paribas Emiss 12.000 12/21/2023    EUR   74.660
BNP Paribas Emiss 14.000  6/22/2023    EUR   69.870
BNP Paribas Emiss 18.000  6/22/2023    EUR   69.690
BNP Paribas Emiss 14.000 12/21/2023    EUR   75.140
BNP Paribas Emiss  9.500 12/21/2023    EUR   71.530
BNP Paribas Emiss  7.000 12/21/2023    EUR   61.560
BNP Paribas Emiss  8.500 12/21/2023    EUR   58.910
BNP Paribas Emiss 13.000 12/21/2023    EUR   53.010
BNP Paribas Emiss  6.000 12/21/2023    EUR   60.180
BNP Paribas Emiss 10.000 12/21/2023    EUR   53.090
BNP Paribas Emiss 12.000 12/21/2023    EUR   51.280
BNP Paribas Emiss 12.000  6/22/2023    EUR   71.460
BNP Paribas Emiss 10.000  6/22/2023    EUR   76.270
Bank Julius Baer   7.700  6/16/2023    USD   70.450
Leonteq Securitie  8.000  5/17/2023    CHF   38.140
Landesbank Baden-  9.850  6/23/2023    EUR   82.850
Landesbank Baden-  3.800  6/23/2023    EUR   67.860
Landesbank Baden-  8.500  6/23/2023    EUR   55.680
Landesbank Baden-  3.000  6/23/2023    EUR   59.300
Landesbank Baden-  4.800  6/23/2023    EUR   54.530
Landesbank Baden-  4.100  7/28/2023    EUR   38.540
Landesbank Baden- 10.000  7/28/2023    EUR   28.870
Vajda-Papir Gyart  3.500  5/17/2031    HUF   72.400
Vontobel Financia 21.250  6/23/2023    EUR   69.310
UBS AG/London      7.000  5/19/2023    CHF   68.700
Leonteq Securitie 25.200  6/16/2023    CHF   36.270
Bank Vontobel AG   5.755  5/15/2023    CHF   46.700
Leonteq Securitie 24.120  01/04/2024   CHF   42.440
Zurcher Kantonalb 12.000 12/28/2023    CHF   38.060
Leonteq Securitie 30.000  01/05/2024   CHF   72.520
Swissquote Bank S 24.170  01/05/2024   CHF   44.080
Raiffeisen Switze 16.000  01/03/2024   CHF   38.080
Credit Suisse AG/  9.500 12/29/2023    CHF   49.290
Vontobel Financia 13.250 12/22/2023    EUR   67.570
UBS AG/London     14.500  06/10/2024   CHF   57.850
Raiffeisen Schwei 17.000  6/20/2023    CHF   68.440
Zurcher Kantonalb 11.000  6/16/2023    CHF   67.860
Bank Vontobel AG  16.250  6/20/2023    CHF   76.200
Bank Vontobel AG  15.000  6/19/2023    CHF   38.900
Bank Vontobel AG  16.000  6/19/2023    CHF   64.600
Bank Vontobel AG  28.500  9/18/2023    CHF   48.700
Bank Julius Baer  12.700  06/06/2023   USD   45.350
Swissquote Bank S 20.800  06/07/2023   CHF   64.000
Leonteq Securitie 11.000  12/07/2023   CHF   20.050
Bank Vontobel AG  16.070  06/05/2023   EUR   50.500
Bank Vontobel AG  13.900  06/06/2023   CHF   32.400
Bank Vontobel AG   9.340  06/05/2023   EUR   23.700
Bank Vontobel AG  22.500  5/31/2023    CHF   35.600
Raiffeisen Schwei 20.000  06/07/2023   CHF   72.470
Raiffeisen Schwei 12.600  06/07/2023   CHF   56.810
Raiffeisen Schwei 19.000  06/07/2023   CHF   54.250
Credit Suisse AG/ 14.250  06/01/2023   CHF   51.270
Leonteq Securitie 25.000  06/08/2023   CHF   74.150
UniCredit Bank AG 12.600  07/05/2023   EUR   24.520
Bank Vontobel AG  10.000  09/05/2023   CHF   56.700
Bank Vontobel AG  11.000  06/06/2023   CHF   12.800
UBS AG/London     13.000  06/02/2023   CHF   55.650
UBS AG/London     14.000  06/02/2023   CHF   50.200
UBS AG/London     29.750  06/09/2023   CHF   31.900
UBS AG/London     13.750  12/11/2023   CHF   17.880
Vontobel Financia 10.000  6/23/2023    EUR   47.970
Vontobel Financia  4.500  6/23/2023    EUR   56.780
Vontobel Financia 19.000  6/23/2023    EUR   57.540
Vontobel Financia 13.000  6/23/2023    EUR   65.090
Vontobel Financia 18.000  6/23/2023    EUR   58.650
Vontobel Financia 16.500  6/23/2023    EUR   41.890
Vontobel Financia 21.500  6/23/2023    EUR   71.010
Vontobel Financia 20.500  6/23/2023    EUR   59.350
Vontobel Financia 24.000  6/23/2023    EUR   35.950
Vontobel Financia 17.500  6/23/2023    EUR   74.150
Vontobel Financia  8.000  6/23/2023    EUR   57.090
Vontobel Financia 17.500  6/23/2023    EUR   45.350
Vontobel Financia 20.000  6/23/2023    EUR   43.450
Vontobel Financia 16.000  6/23/2023    EUR   46.300
Vontobel Financia 18.500  6/23/2023    EUR   44.380
Vontobel Financia 10.000  6/23/2023    EUR   53.870
Vontobel Financia 12.000  6/23/2023    EUR   51.050
Vontobel Financia 15.000  6/23/2023    EUR   47.350
Vontobel Financia  6.500  6/23/2023    EUR   60.750
Vontobel Financia 14.000  6/23/2023    EUR   48.550
Vontobel Financia 19.000  6/23/2023    EUR   72.420
DZ Bank AG Deutsc 22.600  6/23/2023    EUR   71.010
DZ Bank AG Deutsc 18.500  9/22/2023    EUR   74.640
Zurcher Kantonalb 17.000  9/22/2023    USD   73.870
Bank Vontobel AG  20.250  9/25/2023    CHF   65.900
Basler Kantonalba 16.000  9/28/2023    CHF   38.320
Leonteq Securitie 25.800  9/29/2023    CHF   41.490
Landesbank Baden-  7.800  3/22/2024    EUR   50.730
Landesbank Baden-  9.250  3/22/2024    EUR   45.940
Landesbank Baden- 11.000  3/22/2024    EUR   43.510
Landesbank Baden- 12.500  3/22/2024    EUR   41.450
Vontobel Financia 22.500  9/22/2023    EUR   63.840
Vontobel Financia 18.500  9/22/2023    EUR   72.340
Vontobel Financia 23.500  9/22/2023    EUR   67.770
Vontobel Financia 22.500  9/22/2023    EUR   68.870
Vontobel Financia 21.000  9/22/2023    EUR   69.890
Vontobel Financia 24.500  6/23/2023    EUR   67.870
Vontobel Financia 21.500  6/23/2023    EUR   71.030
Vontobel Financia 20.000  9/22/2023    EUR   71.160
Vontobel Financia 20.000  6/23/2023    EUR   72.730
Vontobel Financia 23.000  6/23/2023    EUR   69.400
Vontobel Financia 18.500  6/23/2023    EUR   74.540
Bank Vontobel AG  15.050  9/22/2023    CHF   19.700
SG Issuer SA       0.021  8/15/2033    EUR   68.610
Landesbank Baden-  2.100  8/22/2025    EUR   69.140
Vontobel Financia 15.000  6/23/2023    EUR
Vontobel Financia 14.500  9/22/2023    EUR
Corner Banca SA   22.000  9/19/2023    EUR   39.110
DZ Bank AG Deutsc  8.750  9/20/2023    EUR   74.440
DZ Bank AG Deutsc  7.500 12/20/2023    EUR   74.630
UBS AG/London     16.000  9/14/2023    CHF   68.800
Zurcher Kantonalb 14.000  9/14/2023    CHF   74.190
Bank Vontobel AG  13.000  3/18/2024    CHF   26.500
Bank Vontobel AG  16.500 12/18/2023    CHF   68.300
Landesbank Baden- 11.500 10/25/2024    EUR   73.050
Swissquote Bank S 16.600  10/03/2023   CHF   27.770
Corner Banca SA   13.000  04/03/2024   CHF   32.060
Bank Vontobel AG  12.960  9/22/2023    EUR   73.700
Raiffeisen Switze 16.000  10/03/2023   CHF   70.650
UBS AG/London     13.000  9/30/2024    CHF   64.450
Credit Suisse AG/  8.500  03/11/2024   CHF   44.300
UBS AG/London     25.500  7/13/2023    USD   76.650
Leonteq Securitie 12.000  08/09/2023   CHF   54.080
Vontobel Financia 15.500  9/22/2023    EUR   75.130
Vontobel Financia 19.000  6/23/2023    EUR   70.740
Vontobel Financia 20.000  6/23/2023    EUR   69.610
Vontobel Financia 17.500  6/23/2023    EUR   73.190
Vontobel Financia 12.500  6/23/2023    EUR   81.660
Vontobel Financia 15.000  6/23/2023    EUR   77.190
Vontobel Financia 15.500  6/23/2023    EUR   75.770
Vontobel Financia 18.500  9/22/2023    EUR   70.390
Vontobel Financia 16.500  9/22/2023    EUR   73.070
Vontobel Financia 13.500  9/22/2023    EUR   78.290
Vontobel Financia 11.000  9/22/2023    EUR   82.900
Vontobel Financia 20.500  6/23/2023    EUR   68.480
Vontobel Financia 21.500  6/23/2023    EUR   67.430
Vontobel Financia 19.500  6/23/2023    EUR   68.670
Vontobel Financia 14.000  9/22/2023    EUR   51.630
Vontobel Financia 13.000  6/23/2023    EUR   51.630
Vontobel Financia 16.000  6/23/2023    EUR   61.770
Vontobel Financia 17.500  6/23/2023    EUR   59.910
Vontobel Financia 12.000  6/23/2023    EUR   68.260
Vontobel Financia 19.500  9/22/2023    EUR   57.880
Vontobel Financia 18.500  9/22/2023    EUR   59.030
Vontobel Financia 17.000  9/22/2023    EUR   60.240
Vontobel Financia 16.000  9/22/2023    EUR   61.590
Leonteq Securitie 11.000  08/09/2023   CHF   75.500
Vontobel Financia 16.000  9/22/2023    EUR   73.280
Vontobel Financia 14.000  9/22/2023    EUR   64.810
Leonteq Securitie 15.500  11/06/2023   CHF   60.090
Vontobel Financia  9.560  06/05/2023   CHF   50.530
Leonteq Securitie 11.210  06/06/2023   CHF   12.270
Leonteq Securitie  6.100  12/06/2023   CHF   71.420
Leonteq Securitie  8.500  06/06/2023   AUD   67.040
Bank Vontobel AG   8.000  5/26/2023    CHF    9.400
Bank Vontobel AG   8.250 11/27/2023    EUR   71.700
Bank Vontobel AG   9.000  06/05/2023   CHF   65.600
Leonteq Securitie  8.800  12/07/2023   CHF   70.470
Luzerner Kantonal  9.500  5/30/2023    CHF   71.160
UniCredit Bank AG  4.650 12/30/2024    USD   72.630
DekaBank Deutsche  3.300  01/12/2026   EUR   64.460
Raiffeisen Schwei  6.700  09/06/2023   USD   66.330
Raiffeisen Schwei  7.200  06/06/2023   CHF   63.180
Raiffeisen Schwei  8.200  12/06/2023   CHF   68.790
Landesbank Baden-  4.000  01/02/2026   EUR   71.410
Landesbank Baden-  2.500  01/02/2026   EUR   71.970
Landesbank Baden-  2.300  01/02/2026   EUR   72.920
Sberbank of Russi  0.010 11/27/2026    RUB   71.100
Ebis OOO          14.500 11/25/2025    RUB    0.780
UBS AG/London      9.500  12/08/2023   USD   62.800
UBS AG/London     14.000  06/08/2023   CHF   47.450
UBS AG/London     18.500  06/08/2023   USD   35.250
UBS AG/London      7.750  12/08/2023   CHF   59.350
UBS AG/London      5.250  06/08/2023   CHF   69.550
UBS AG/London     12.500  06/08/2023   CHF   48.300
UBS AG/London      8.500  12/08/2023   EUR   67.400
UBS AG/London      6.750  06/08/2023   CHF   69.650
UBS AG/London      7.500  06/08/2023   CHF   69.750
SG Issuer SA       2.100  12/06/2033   EUR   53.020
Leonteq Securitie  9.590  06/09/2023   CHF   67.750
Vontobel Financia  4.200  6/16/2023    USD   64.390
Vontobel Financia  5.100  6/16/2023    USD   58.790
Banque Cantonale   5.400  12/06/2023   CHF    7.410
Leonteq Securitie 11.000  6/13/2023    CHF   75.280
Leonteq Securitie 15.000  6/13/2023    CHF   41.170
Corner Banca SA    8.000 12/13/2023    CHF   69.060
Leonteq Securitie  7.000 12/13/2023    CHF   61.310
Raiffeisen Schwei  8.000 10/18/2023    CHF   40.250
Raiffeisen Schwei  8.000  7/19/2023    USD   68.090
UniCredit Bank AG  6.600 11/18/2024    EUR   70.330
UniCredit Bank AG  3.500 11/18/2024    EUR   73.900
Sberbank of Russi  0.010 10/21/2026    RUB   73.400
Sberbank of Russi  0.010  10/09/2026   RUB   70.010
Landesbank Baden-  2.250 11/28/2025    EUR   73.810
Raiffeisen Schwei  5.050 10/21/2024    CHF   68.000
Sberbank of Russi  0.010 10/20/2028    RUB   70.900
Sberbank of Russi  0.010 10/21/2026    RUB   75.500
UniCredit Bank AG  5.150 11/24/2025    EUR   68.700
Citigroup Global  13.320 10/30/2023    EUR   66.840
Landesbank Hessen  1.750 10/29/2036    EUR   68.500
DekaBank Deutsche  3.000 11/24/2025    EUR   68.630
DekaBank Deutsche  2.100 11/22/2024    EUR   69.350
Raiffeisen Schwei  8.000  7/25/2023    CHF   54.150
Raiffeisen Schwei  6.500 10/25/2023    CHF   73.320
Raiffeisen Schwei  8.700 10/25/2023    CHF   51.750
Raiffeisen Schwei  5.300  1/22/2024    CHF   73.750
Basler Kantonalba  7.000  7/14/2023    CHF   71.780
Zurcher Kantonalb  4.500  7/14/2023    CHF    9.090
Landesbank Hessen  1.000  8/19/2036    EUR   65.050
Goldman Sachs & C  7.000  6/21/2023    EUR   71.890
Landesbank Baden-  3.050  8/28/2026    EUR   75.270
Leonteq Securitie  5.600  7/19/2023    CHF   69.180
STAVMAT Epitoanya  3.000  7/20/2031    HUF   68.800
Luzerner Kantonal  7.500  08/09/2023   CHF   12.220
Leonteq Securitie  8.690  7/26/2023    CHF   58.370
Raiffeisen Schwei  8.000  7/19/2023    CHF   68.920
Leonteq Securitie  7.000  7/26/2023    CHF   69.690
Corner Banca SA    8.200  7/26/2023    CHF   63.870
Landesbank Baden-  2.000  8/22/2025    EUR   65.210
Landesbank Baden-  4.000  8/22/2025    EUR   58.360
Landesbank Baden-  3.250  8/22/2025    EUR   63.110
Raiffeisen Bank I  7.500  09/01/2023   EUR   64.100
Landesbank Hessen  1.300  09/02/2036   EUR   63.950
Landesbank Baden-  2.600  1/26/2024    EUR   66.070
Leonteq Securitie  6.000  07/05/2023   CHF   47.630
DekaBank Deutsche  3.100  7/21/2023    EUR   55.840
Goldman Sachs & C  7.000  6/21/2023    EUR   72.000
Goldman Sachs & C  8.000  6/21/2023    EUR   52.950
Goldman Sachs & C  5.000  6/21/2023    EUR   62.520
Goldman Sachs & C  3.000  6/21/2023    EUR   70.250
UBS AG/London      9.750  8/16/2023    CHF   63.500
UBS AG/London      8.000  8/16/2023    USD   67.100
UBS AG/London     12.750  8/16/2023    EUR   59.850
UBS AG/London     10.500  8/16/2023    CHF   10.420
UBS AG/London     11.250  8/16/2023    CHF   65.700
Basler Kantonalba 11.000  08/09/2023   CHF   70.160
DekaBank Deutsche  2.300  08/11/2023   EUR   75.320
DekaBank Deutsche  2.300  08/09/2024   EUR   74.160
Raiffeisen Schwei  7.900  7/28/2023    CHF   38.960
Raiffeisen Schwei  6.300  07/12/2023   CHF   73.390
DekaBank Deutsche  3.550  08/11/2025   EUR   73.540
Landesbank Hessen  3.000  03/10/2037   EUR   67.450
Sberbank of Russi  0.010  02/04/2027   RUB   72.400
Societe Generale  10.000  1/31/2024    USD
Zurcher Kantonalb  5.100  1/31/2025    CHF   19.190
Vontobel Financia 19.500  9/22/2023    EUR   72.660
Vontobel Financia 18.000  9/22/2023    EUR   73.940
Vontobel Financia 17.000  9/22/2023    EUR   70.120
Vontobel Financia 21.500  9/22/2023    EUR   65.330
Vontobel Financia 16.000  9/22/2023    EUR   72.180
Vontobel Financia 14.500  9/22/2023    EUR   74.110
Vontobel Financia 20.000  9/22/2023    EUR   66.840
Vontobel Financia 23.000  9/22/2023    EUR   64.050
Vontobel Financia 18.500  9/22/2023    EUR   68.430
Vontobel Financia 22.500  6/23/2023    EUR   64.570
Vontobel Financia 24.500  6/23/2023    EUR   62.590
Vontobel Financia 21.000  6/23/2023    EUR   66.650
Vontobel Financia 17.500  6/23/2023    EUR   71.520
Vontobel Financia 19.000  6/23/2023    EUR   68.970
Vontobel Financia 15.500  6/23/2023    EUR   74.160
Vontobel Financia 24.000  6/23/2023    EUR   69.500
Vontobel Financia 22.000  9/22/2023    EUR   70.210
Vontobel Financia  9.500  9/22/2023    EUR   73.400
Vontobel Financia 10.000  6/23/2023    EUR   71.440
Vontobel Financia 14.500  6/23/2023    EUR   65.510
Vontobel Financia 19.500  6/23/2023    EUR   60.640
Vontobel Financia 22.000  9/22/2023    EUR   70.320
Vontobel Financia 17.000  9/22/2023    EUR   75.440
Basler Kantonalba 18.000  9/14/2023    CHF   70.520
Bank Julius Baer  18.700  9/15/2023    USD   64.850
Landesbank Baden-  7.250  9/22/2023    EUR   74.850
Landesbank Baden-  6.000  9/22/2023    EUR   59.870
Landesbank Baden- 10.000  9/22/2023    EUR   47.570
Landesbank Baden- 13.000  9/22/2023    EUR   41.020
Leonteq Securitie 17.000  9/19/2023    CHF   67.590
Bank Vontobel AG  13.000  03/04/2024   CHF   36.500
UniCredit Bank AG  5.150 11/18/2024    EUR   21.180
UniCredit Bank AG  7.450 11/18/2024    EUR   46.950
UniCredit Bank AG  5.700 11/18/2024    EUR   21.990
Vontobel Financia 15.000  6/23/2023    EUR
Vontobel Financia 16.000  6/23/2023    EUR   73.120
Vontobel Financia 17.000  6/23/2023    EUR   42.540
Vontobel Financia 19.500  6/23/2023    EUR   56.410
Vontobel Financia 11.500  6/23/2023    EUR   67.790
Vontobel Financia 15.500  6/23/2023    EUR   62.460
Vontobel Financia 16.500  6/23/2023    EUR   60.840
Vontobel Financia 14.000  6/23/2023    EUR   64.110
Vontobel Financia 16.500  6/23/2023    EUR   59.750
HSBC Trinkaus & B  5.000  6/22/2023    EUR   72.580
UniCredit Bank AG  8.900  8/31/2023    EUR   30.550
UBS AG/London     16.250  07/07/2023   USD   56.350
Vontobel Financia 12.000  6/23/2023    EUR   83.240
Vontobel Financia 11.000  6/23/2023    EUR   84.890



                           *********


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 * * *