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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 31, 2023, Vol. 24, No. 152

                           Headlines



A R M E N I A

ASCE GROUP: S&P Alters Outlook to Stable, Affirms 'B-' LT ICR


B E L G I U M

TITAN CEMENT: Fitch Assigns 'BB+' Long Term IDR, Outlook Stable


C Z E C H   R E P U B L I C

AI SIRONA: Moody's Affirms B3 CFR, Cuts Sec. First Lien Debt to B3


F R A N C E

ALTICE FRANCE: $4.26B Bank Debt Trades at 16% Discount
EUTELSAT COMMUNICATIONS: Fitch Cuts Sr. Unsec. Debt Rating to BB+
IQERA GROUP: S&P Lowers Long Term ICR to 'B', Outlook Stable


I R E L A N D

ARMADA EURO II: Fitch Affirms 'B+sf' Rating on Class F Notes
BARINGS EURO 2014-2: Fitch Cuts Rating on Class F-R Notes to 'Bsf'
BLACK DIAMOND 2017-2: S&P Affirms 'B-(sf)' Rating on Class F Notes
HARVEST CLO XXX: S&P Assigns Prelim B-(sf) Rating to Class F Notes


I T A L Y

GOLDEN BAR 2021-1: Fitch Ups Rating on Class E Notes From 'BB+sf'


L U X E M B O U R G

ALTISOURCE SARL: $412M Bank Debt Trades at 19% Discount
ARVOS BIDCO SARL: 97% Markdown on $100M Bank Debt


N E T H E R L A N D S

FLAMINGO GROUP: EUR280M Bank Debt Trades at 22% Discount


R O M A N I A

BONJOUR INTERNATIONAL: Files for Insolvency, Owes RON1.6 Million


U N I T E D   K I N G D O M

CHADDERTON TOTAL: Bought Out of Administration by Oldham Council
CINEWORLD GROUP: S&P Withdraws 'D' Long-Term Issuer Credit Rating
CONSORT HEALTHCARE: S&P Affirms 'CCC' Rating on Senior Debt
CONSTELLATION AUTOMOTIVE: GBP325M Bank Debt Trades at 33% Discount
FAB UK 2004-1: S&P Affirms Class BE Notes Rating to 'CC (sf)'

INEOS ENTERPRISES: Fitch Rates New Sr. Sec. Term Loan Final 'BB+'
LE CHARDON: Enters Administration; 21 Jobs Affected
LECTA LTD: Moody's Lowers CFR to Caa2 & Alters Outlook to Negative
ROSEBERRY VIEW: Enters Administration, Put Up for Sale for GBP4MM
S4 CAPITAL: S&P Affirms 'BB-' Long-Term ICR, Outlook Stable

[*] UK: England and Wales Insolvencies Hit Record High in 2Q 2023


X X X X X X X X

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

                           - - - - -


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A R M E N I A
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ASCE GROUP: S&P Alters Outlook to Stable, Affirms 'B-' LT ICR
-------------------------------------------------------------
S&P Global Ratings revised its outlook on its rating on Armenian
steel producer ASCE Group to stable from positive. At the same
time, S&P affirmed its 'B-' long-term issuer credit rating on
ASCE.

The stable outlook indicates S&P's expectation that operating
performance will stabilize in the second half of 2023, supported by
the gradual depreciation of the dram, and ramp up of new equipment,
offsetting first-half 2023 domestic price pressure and leading to
FFO to debt of 26%-30% at year-end 2023.

S&P said, "Domestic currency appreciation and scrap cost growth
will constrain ASCE's EBITDA generation in 2023, resulting in FFO
to debt of 26%-30% in 2023, a level we view as commensurate with
the 'B-' rating. Since the outbreak of the war in Ukraine in
February 2022, Armenia has experienced large labor and capital
inflows from Russia. This resulted in the appreciation of the
Armenian dram (AMD) against the U.S. dollar by almost 18% over
2022, to the average AMD-to-U.S. dollar exchange rate of AMD436 to
$1, from an average of AMD502 to $1 in 2021. In 2023, the dram
further appreciated to about AMD390 to $1. As a result of the
stronger dram, ASCE's steel products, which have prices linked to
foreign exchange nominated benchmarks, sell for less in AMD. On the
other hand, the company's costs are increasing in AMD, not least
because ASCE is accumulating scrap for its expansion and has to pay
a premium as scrap demand is rising. As a result, we forecast
ASCE's 2023 S&P Global Ratings-adjusted EBITDA will be AMD11.0
billion–AMD12.5 billion, compared with our original expectation
of AMD14.2 billion–AMD15 billion when we first assigned the 'B-'
rating. We forecast EBITDA should improve to AMD16.3
billion–AMD17.6 billion next year, on the back of expected
currency depreciation to AMD485 to $1 by the end of 2024. We expect
debt will amount to AMD27.3 billion–AMD28.6 billion in 2023-2024,
with some debt repayment offset by currency depreciation--as
currently about 40% of debt is issued in dollars. Combined with
EBITDA fluctuations, we forecast FFO to debt will reduce to 26%-30%
in 2023 from 31% in 2022, and compared with the 33%-37% we
expected. We anticipate FFO to debt should improve to 40%-45% in
2024 if the dram depreciates as we expect. At the same time if the
dram does not depreciate in line with our base case, remaining at
AMD390 to $1, FFO to debt could remain below 30% in 2023-2024, a
level we see as commensurate with a higher rating.

"Related-party transactions remain a negative consideration in our
analysis on ASCE, even if not impairing credit metrics. Despite our
expectation of stable transaction terms with related parties, ASCE
allowed a related-party trading company, which realizes all of its
rebars and is owned by the same shareholder, to--in our
view--materially delay a payment for goods sold. This resulted in
an AMD6 billion working capital outflow. We understand the trader
used these funds to accumulate inventory, as well as partially
repay an outstanding shareholder loan. At the same time, ASCE paid
lower dividends by the same amount of AMD6 billion, which resulted
in the transaction being neutral to its financial position. Still,
we regard such transactions as indicating that the company's
governance is still evolving, with shareholders ready to move funds
freely between the companies owned, and limiting our visibility
over ASCE's future financial position. About AMD4.2 billion of the
shareholder loan is still outstanding at the trading company, which
could require further support from ASCE in the future. We believe
these transactions highlight the weaknesses in ASCE's governance,
including the lack of visibility on related-party transactions. A
stronger predictability of financial decisions would be an
important consideration for a higher rating.

"Successful attraction of long-term subsidized financing
strengthened ASCE's capital structure, with timely equipment
delivery and installation supporting production growth by 25%-30%
by 2025. ASCE raised AMD8.2 billion from banks in 2022 to finance
its production capacity expansion to 250,000 tonnes from the
current 175,000 tonnes, with the government subsidizing the
interest rate for three years. The 2029-2031 bank loan maturity
provides ASCE with a liquidity cushion, while domestic currency
appreciation in 2022 allowed for an almost 20% capital expenditure
(capex) reduction. We further understand equipment delivery and
installation is on track, with about 80% of equipment delivered to
the company's site. We expect stable production at 120,000
tonnes–130,000 tonnes in 2023-2024, compared with 113,000 tonnes
in 2022. The gradual installation of new equipment should
ultimately boost production by 25%-30% by 2025. Moreover,
investment program realization should allow for higher product
diversity and reduce reliance on the domestic construction
industry, increasing the contribution of grinding balls and wire
rods to 30%-40% of revenue by 2025 and supporting business risk
profile enhancement.

ASCE's new investment project to install solar panels by 2025 will
have a limited effect on leverage, even if fully funded by debt.
Upon the ramp-up of capacity expansion by 2025, management is
considering another investment project, solar panel installation to
supply electricity to nonproducing units. This project realization
should allow for some costs savings and power grid load reduction,
especially during peak hours. The final project cost and source of
financing is yet to be determined. However, if S&P assumes the
project will be fully financed by a new loan, EBITDA growth on the
back of production expansion in 2025 should comfortably offset any
new debt accumulation.

S&P said, "The stable outlook indicates our expectation of a
gradual stabilization of operating performance on the back of
gradual price growth due to local currency devaluation and
equipment installation. We forecast EBITDA generation of AMD11
billion–AMD12.5 billion in 2023, from AMD13.3 billion at
end-2022, before improving to AMD16.3 billion–AMD17.6 billion in
2024. Combined with stable debt, we expect FFO to debt to reduce to
26%-30% in 2023 from 31% in 2022, before improving to 40%-45% in
2024. Moreover, we further expect positive free operating cash flow
(FOCF) generation in 2023-2024, on the back of solid cash
generation and limited capex. Importantly, we also expect any
shareholder distributions from ASCE to be financed with operating
cash flow, in line with its financial policy.

"We could lower the rating if we believe the group's capital
structure becomes unsustainable. This could be the case if
operating performance deteriorates further so that the company is
unable to cover debt amortization with discretionary cash flow.
This could be caused by operational disruptions on the production
site or an aggressive financial policy with debt financed
distributions, none of which is part of our base case."

S&P could raise the rating if:

-- FFO to debt improves to sustainably above 30%;

-- Macroeconomic conditions remain supportive for ASCE, allowing
the company to generate predictable margins with a lower impact
from volatile exchange rate dynamics; and

-- ASCE follows its financial policy, limiting dividends to the
amount of FOCF, while demonstrating improving governance
practices.

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

S&P said, "Governance factors are a negative consideration in our
credit analysis of ASCE, like many other corporates we rate in the
Commonwealth of Independent States region where we see governance
risks as elevated. Additionally, there is lower transparency over
the wider group owned by the holding family as the relationships
with related parties are not formally regulated. Although ASCE is a
public company and controlled by a two-tier board, compared with
larger public peers in emerging markets, such as Russian steel
producers Severstal and NLMK, corporate practices are still
assessed as developing and allow shareholders full control over the
company's strategy and financial policy."

Environmental factors are a moderately negative consideration,
similar to steel from scrap producing peers.

Although S&P positively note the reutilization of scrap as a source
for production, steel production itself is characterized by high
energy intensity generated by nonrenewable sources.





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B E L G I U M
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TITAN CEMENT: Fitch Assigns 'BB+' Long Term IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has assigned Titan Cement International S.A. (TCI) a
Long-Term Issuer Default Rating (IDR) of 'BB+'. The Outlook is
Stable. The agency has also assigned TITAN GLOBAL FINANCE PLC's
(TGF) outstanding bonds a senior unsecured rating of 'BB+' with a
Recovery Rating of 'RR4'. TGF is a direct subsidiary of TCI, which
guarantees the notes on a senior unsecured basis.

The rating is underpinned by the group's leading market position in
the regions it operates, a long-term record of good operating
performance, an established production network and diversified
customer base, moderate fluctuation of profitability through the
cycle, balanced geographical diversification and a moderate ability
to pass on costs to customers. Rating weaknesses are weaker
diversification and market position as well as smaller scale versus
peers'.

The Stable Outlook reflects expected solid operating performance,
supported by stable demand for building materials and expected
improvement of EBITDA and free cash flow (FCF) generation, which
will provide the group with deleveraging capacity, in turn
underpinning the rating.

KEY RATING DRIVERS

Moderate Profitability Versus Peers: Fitch expects TCI's
profitability to rise to about 18% by 2025-2026, a level which is
closer to that of higher-rated peers. TCI's Fitch-defined EBITDA
margin of 14%-17% for 2019-2022 is lower than some Fitch-rated
peers', but is commensurate with the 'bb' mid-point of 14% as per
Fitch Rating Navigator for Building Materials. Fitch believe that
this is driven by differences in the product mix among the peers as
well as TCI's weaker market position and smaller scale.

Recovering EBITDA Margin: Fitch expects TCI's EBITDA margin to
rebound from 2023, primarily supported by easing electricity prices
and the implementation of cost-efficiency projects. Fitch expect
EBITDA margin to improve to about 16% in 2023, and towards about
18% in 2025-2026, from 13.8% in 2022 when cost increases
outstripped price rises. In 2022 the main pressure came from a jump
in energy costs, which are the main cost in cement production.
Nevertheless, absolute EBITDA generation rose in 2022, following a
double-digit rise in revenue underpinned by solid demand in the
US.

FCF to Improve: Fitch expects the likely EBITDA margin improvement
to lift FCF margin to an average 1.6% for 2023-2025 from negative
level in in 2022. High continued capex and dividends payments are
expected to limit FCF generation over the rating horizon. Fitch
expects capex to remain over EUR200 million p.a. during 2023-2026.
Nevertheless, the group has flexibility to scale back capex in
downturns to preserve cash.

Supportive Exposure to North America: TCI generated about 58% of
its revenue from North America, primarily from the US, with a
favourable market environment and strong underlying demand for
building materials. The group has established a production network
in the US, with two cement plants and three import terminals
supplying the growing demand for cement in the US states it
operates in. Sales volumes in the US are partly supported via
cement imports from the group's plants in other regions, mainly in
Greece. Exposure to transportation costs may weigh on the group's
profitability but this is mitigated by higher margins in the US
versus Greece and other regions.

Lower Leverage: Despite the fluctuation of profit margins over the
last two years, the group's leverage has improved. Fitch forecasts
EBITDA gross leverage to fall below 2.0x from 2024, which is the
key driver of the current rating. TCI's deleveraging capacity is
strongly linked to the expected improvement in profitability.
Fitch-defined EBITDA gross leverage was 2.8x at end-2022 versus
3.1x at end-2021.

Constrained Business Profile: TCI's business profile is
sustainable, albeit weaker than that of some peers rated by Fitch.
The group has leading market positions in the regions where it
operates, but is less geographically diversified than larger peers
and has a weaker market position globally. The group is a
medium-sized producer with moderate pricing power but with good
positions in strongly growing markets.

Moderate Diversification Beneficial: Despite TCI's revenue
generation being concentrated in North America, its geographical
diversification is moderate as it is spread across several regions
with differing economic cycles. This helps to mitigate a potential
squeeze in revenue generation and profitability margins through the
cycle. The product portfolio is moderately diversified, with cement
being the main product at about 60% of the group's revenue, while
the rest is generated by heavy building materials like ready mix
concrete, aggregates and building blocks.

DERIVATION SUMMARY

TCI is smaller than higher-rated peers like Holcim Ltd
(BBB/Positive) and CRH plc (BBB+/Stable), which have stronger
market positions and wider production networks. TCI's product
concentration on cement is similar to that of peers like CEMEX
S.A.B. de C.V. (BB+/Stable), FORTALEZA MATERIALES, S.A.P.I. DE C.V.
(BB/Stable) and Holcim. In contrast to CRH plc, Martin Marietta
Materials Inc (BBB/Stable) and Vulcan Materials Company
(BBB/Stable), which are exposed largely to the US market, TCI also
derives its revenue from Greece, Turkey, Egypt and several south
eastern European countries.

Fitch's expectations of TCI's EBITDA margin of 16%-17% are
comparable with CEMEX's and CRH's operating profitability, but
lower than those of Holcim, Martin Marietta, Vulcan Materials and
FORTALEZA of over 20% on average. Fitch expect TCI's FCF margin to
improve to about 1.5% in 2023, which is lower than the majority of
peers' and reflects its capex intensity.

TCI's rating is underpinned by its improved and solid leverage
profile, which Fitch expect to be sustainable. Fitch forecast
EBITDA gross leverage at 2.2x by end-2023, comparable with that of
higher-rated peers like Holcim (2.2x at end-2022) and Vulcan
Materials (2.5x), and better than that of FORTALEZA (3.4x) and
CEMEX (3.6x).

KEY ASSUMPTIONS

-- Revenue to rise by low mid-teens in 2023, low single digits in
2024-2026

-- Increasing EBITDA margin to about 16% in 2023 and on average at
17.6% during 2024-2026

-- Capex at about 9.5% of revenue in 2023 with a gradual reduction
towards 8% in 2026

-- Dividends payment of about EUR44 million in 2023, EUR59 million
in 2024, and above EUR70 million per year in 2025-2026

-- M&A spending of EUR15 million in 2023; no M&As in 2024-2026

-- Share buybacks of EUR13 million in 2023 and EUR20 million per
year in 2024-2025

-- Refinancing of its 2024 bond

RATING SENSITIVITIES

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

-- EBITDA gross leverage below 1.5x on a sustained basis

-- EBITDA margin of 18% on a sustained basis

-- FCF margin consistently above 3%

-- Increase geographical and operational diversification

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

-- EBITDA gross leverage above 2.5x on a sustained basis

-- EBITDA margin below 15%

-- FCF margin below 1% 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

Adequate Liquidity: At end-June 2023 TCI reported about EUR107
million of cash before Fitch's adjustment of EUR55 million of not
readily available cash. Expected positive FCF generation from 2023
will support the group's liquidity position. In addition, TCI has a
committed undrawn facility of about EUR199 million with a maturity
of over one year to cover short-term bank debt repayments of about
EUR85 million in 2H23 and 2024. The first major bond maturity of
EUR350 million is in November 2024. Fitch expects TCI to have
adequate access to capital markets and banks to support a
successful refinancing.

TCI's debt structure as at end-June 2023 was mainly represented by
bonds of EUR600 million or 70% of Fitch-defined total debt.

ISSUER PROFILE

TCI is a medium-sized building materials producer focused on
cement. The group is incorporated in Belgium, while its production
facilities which includes 13 cement plants are mainly located in
Greece, the US, Turkey, Egypt and several south-eastern European
countries. It also has a joint venture in Brazil where it operates
one cement plant.

DATE OF RELEVANT COMMITTEE

July 25, 2023

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

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.



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C Z E C H   R E P U B L I C
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AI SIRONA: Moody's Affirms B3 CFR, Cuts Sec. First Lien Debt to B3
------------------------------------------------------------------
Moody's Investors Service has affirmed the B3 corporate family
rating and B3-PD probability of default rating of AI Sirona
(Luxembourg) Acquisition S.a.r.l. (Zentiva or the company). At the
same time, given the now all-senior capital structure, the rating
agency has downgraded the instrument ratings of the proposed
amended EUR1,275 million senior secured first-lien term loan B
(TLB) (which has been upsized to EUR1,825 million) and EUR145
million senior secured first-lien revolving credit facility (RCF),
both due in 2028, to B3 from B2.

Moody's has also downgraded the instrument rating of the current
first lien facilities, to B3 from B2, including the EUR1,275
million senior secured first lien TLB, the GBP174.5 million senior
secured first lien TLB, both due in September 2025, and the EUR145
million senior secured first lien RCF, due in March 2025. The
downgrade of the current instruments reflects the capital structure
pro forma of the redemption of the EUR345 million senior secured
second lien term loan.

Moody's is withdrawing the B2 instrument rating on the proposed
amended GBP174.5 million senior secured first-lien TLB due in 2028,
as this proposed instrument will not be executed.

The outlook remains positive.

On July 13, the company launched an amend and extend transaction
(A&E) to refinance the maturities of its current senior secured
debt facilities, including first-lien TLBs and RCF, and second-lien
term loan. Once the A&E transaction is closed, Moody's will
withdraw the instruments ratings of the existing facilities, due in
2025 and 2026.

RATINGS RATIONALE

The downgrade of the instrument ratings of the proposed upsized
senior secured TLB and senior secured RCF is driven by the
refinancing of the EUR345 million senior secured second-lien term
loan, due in September 2026, using proceeds of the proposed
EUR1,825 million first-lien senior secured debt. Because all
facilities will rank pari passu in the pro forma capital structure,
the ratings of the TLB and RCF are now aligned with Zentiva's CFR.

The positive outlook primarily reflects Moody's expectation that
Zentiva will continue to have strong operating performance that
will lead to a continued improvement in key credit metrics, over
the next 12-18 months. Over this period of time, Moody's forecasts
that the company's Moody's-adjusted gross leverage will trend
towards 6x, with positive Moody's-adjusted free cash flow (FCF)
generation of around EUR50 million, and interest coverage ratio,
defined as Moody's-adjusted EBITA to interest expense, trending
towards around 2x. Moody's positively views the proactive
management of Zentiva's debt facilities well ahead of maturity.

The B3 rating affirmation considers the company's good business
profile in the European pharmaceuticals market, with number one
positions in the generics market in Czech Republic, Slovakia and
Romania, and strong positions in Germany, France, Italy and other
Central and Eastern Europe (CEE) markets, with an increasing share
of consumer healthcare and specialty products. Moody's expects the
company's top-line growth in the high single-digit range in
percentage terms over the next 12-18 months, mainly driven by the
company's pipeline of new product launches.

On the other hand, it considers the company's highly-leveraged
capital structure with a Moody's-adjusted gross leverage of 6.5x
for the last twelve months to March 2023, and an historic appetite
for debt-funded acquisitions which could delay deleveraging.
Further improvement of Zentiva's credit metrics has a level of
execution risk as it will depend on the company executing the
rolling of new product launches as planned, for which it has a good
track record.

RATING OUTLOOK

The positive outlook reflects Moody's expectation that Zentiva will
continue to have a strong operating performance, over the next
12-18 months. The outlook also reflects the rating agency's
expectations of a continued conservative M&A policy mostly focused
on organic initiatives that will support the deleveraging towards
6x (Moody's adjusted gross leverage) and increasing
Moody's-adjusted FCF generation.

LIQUIDITY PROFILE

Zentiva has an adequate liquidity through cash balances of EUR89
million as of March 31, 2023, which include EUR25 million drawn
from its EUR145 million senior secured RCF. Moody's forecasts
positive Moody's-adjusted FCF of around EUR50 million, over the
next 12-18 months.

The RCF is subject to a senior secured net leverage covenant of
10.0x, tested quarterly if more than 40% of the facility is drawn.
Moody's expects the company to continue to have significant
capacity under this threshold as it stood at 3.97x as of March 31,
2023.

STRUCTURAL CONSIDERATIONS

The B3-PD PDR is in line with the CFR and reflects a 50% family
recovery rate. The B3 ratings of the upsized EUR1,825 million
senior secured first-lien TLB and the EUR145 million senior secured
first-lien RCF reflect the creditors' first-lien claim over a
security package consisting of shares from operating subsidiaries
accounting for at least 80% of the group's EBITDA.

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

Upward pressure could arise if Zentiva continues to deliver a solid
operating performance and maintains conservative and predictable
financial policies, including visibility on M&A strategy and
potential shareholder distributions. Numerically, this would
translate into the company's Moody's-adjusted gross debt/EBITDA
reducing towards 6x and a Moody's-adjusted EBITA to interest
expense of around 2x, both on a sustained basis.

Conversely, downward pressure could develop if Zentiva's operating
performance deteriorates or its financial policy becomes more
aggressive than in the recent past, leading to its Moody's-adjusted
gross debt/EBITDA increasing above 7x on a sustained basis or its
Moody's-adjusted FCF turning negative. Downward pressure could also
develop if liquidity deteriorates, or if there are large
debt-funded acquisitions or shareholder distributions.

LIST OF AFFECTED RATINGS

Affirmations:

Issuer: AI Sirona (Luxembourg) Acquisition S.a.r.l.

Probability of Default Rating, Affirmed B3-PD

LT Corporate Family Rating, Affirmed B3

Downgrades:

Issuer: AI Sirona (Luxembourg) Acquisition S.a.r.l.

Senior Secured Bank Credit Facility, Downgraded to B3 from B2

Withdrawal:

Issuer: AI Sirona (Luxembourg) Acquisition S.a.r.l.

Senior Secured Bank Credit Facility, Withdrawn, previously rated
B2

Outlook Action:

Issuer: AI Sirona (Luxembourg) Acquisition S.a.r.l.

Outlook, Remains Positive

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

AI Sirona (Luxembourg) Acquisition S.a.r.l. (Zentiva) is a leading
European generics business headquartered in the Czech Republic. It
holds the number one market position in the Czech Republic,
Slovakia and Romania, and a strong market position across Central
and Eastern Europe (CEE), Germany and France. The company generated
net sales of EUR1.35 billion and company-adjusted EBITDA of EUR324
million for the 12 months that ended March 2023. Zentiva was
previously Sanofi's European generics franchise and was acquired by
Advent International (Advent) in October 2018.



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F R A N C E
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ALTICE FRANCE: $4.26B Bank Debt Trades at 16% Discount
------------------------------------------------------
Participations in a syndicated loan under which Altice France
SA/France is a borrower were trading in the secondary market around
84 cents-on-the-dollar during the week ended Friday, July 28, 2023,
according to Bloomberg's Evaluated Pricing service data.

The $4.26 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.


EUTELSAT COMMUNICATIONS: Fitch Cuts Sr. Unsec. Debt Rating to BB+
-----------------------------------------------------------------
Fitch Ratings has downgraded Eutelsat Communications S.A.'s
Long-Term Issuer Default Rating (IDR) to 'BBB-' from 'BBB' and its
senior unsecured rating to 'BB+' from 'BBB-'. Eutelsat S.A.'s
senior unsecured debt has also been downgraded to 'BBB-' from
'BBB'. All ratings remain on Rating Watch Negative (RWN).

The rating action follows the company's announcement of its
intended merger with OneWeb, a low-earth-orbit (LEO) satellite
constellation operator.

The downgrade reflects Eutelsat's lower revenue visibility with key
segments remaining under pressure, which leads to lower
deleveraging flexibility while EBITDA net leverage has increased
above Fitch downgrade threshold of 3x.

The RWN reflects prospective higher leverage on merger completion,
significantly increased execution and free cash flow (FCF) risks
and reduced financial flexibility to manage unforeseen operational
weakness. All this could result in a tightening of the company's
leverage thresholds per rating band by 0.3x to 0.5x and result in a
downgrade of up to two notches. The RWN will be resolved once the
deal is closed, likely in 2H23.

KEY RATING DRIVERS

Video Under Pressure: Eutelsat's largest segment of broadcast (59%
of revenues for nine months to March 2023) has been, and is likely
to remain, under at least moderate pressure. This reflects a
longer-term trend of declining popularity of traditional linear TV
aggravated by a wider availability of alternative TV distribution
via broadband internet networks. Eutelsat's traditional
direct-to-home (DTH) geographical markets in Africa, Middle East,
Latin America and Europe have been more resilient than in the US
but attrition is likely to persist.

Declining Revenue Visibility: TV pressures and acute revenue
shrinkage in the more volatile government services segment has
eroded overall revenue visibility. Eutelsat's revenue backlog at
end-March 2023 was equal to 3.1x years of last-12 months revenues
(of which broadcast share was 58%), compared with 4.4x (with 67%
broadcast share) at end-2020. Fitch believe potential growth in
other segments is unlikely to significantly mend this metric.

Moderate Contribution of Growing Segments: Fitch expect strong
annual growth, of up to double digits, in the fixed broadband and
mobile connectivity segments, supported by higher broadband
capacity from new high-throughput satellites (HTS) and robust
demand for mobility services in both maritime and airplane
applications. However, the contribution of these segments is low
(16% of 9MFY23 revenues) and may be insufficient to fully offset
pressures in other segments, at least in the short-to-medium term.

Merger Long-Term Strategic Logic: Fitch recognises the strategic
nature of OneWeb's spectrum holding, the scope for synergies and
the potential for strong longer-term growth for the combined
businesses. However, the pace and extent of this growth over the
next three to five years is highly uncertain while the cash burn
for OneWeb's upfront investments remains high.

OneWeb Key Growth Driver: OneWeb will be a key growth driver for
Eutelsat in capitalising on a number of unique opportunities.
Eutelsat's merger with OneWeb will provide a combination of GEO
(geostationary) and LEO (low orbital) services by a single operator
which is likely to open new markets for Eutelsat, particularly in
quality-sensitive B2B segments of corporate and government
communications.

Merger Cost, Operating Synergies: Eutelsat's satellite experience
and its existing ground infrastructure, coupled with OneWeb's
comfortable spectrum position, should lead to operating efficiency
and significant cost savings including on deploying the LEO
generation two-satellite constellation.

OneWeb Lends Competitive Edge: OneWeb has a first-mover advantage
in a LEO segment where only three to four operators can co-exist in
the long run, with only one competitor, Starlink, having launched
commercial operations while other potential competitors may only be
able to launch service in two-to-three years at the earliest.

OneWeb benefits from the number one priority position in Ku-Band
spectrum used for customer download connections, and has high
priority position in the Ka-Band that is used for upload gateway
links allowing reliable-quality service level agreements. The
burden of coordination to avoid interference, particularly in the
Ku-Band, lies with other operators, which, coupled with a higher
orbital position, allows Eutelsat to operate on fewer satellites.

High Execution Risks: Fitch view execution risks around the OneWeb
strategy as high, with OneWeb's committed revenue backlog of EUR900
million as of May 2023 corresponding to just a fraction of the
revenue level that would allow EBITDA generation. With some
substitution between LEO and non-LEO satellite network services, a
wider deployment of LEO constellations may trigger aggressive
competitor moves from non-LEO operators that are building up
capacity on new generation of HTS satellites including in the
middle-earth orbital positions.

Demand for LEO (and in combination with GEO) B2B services,
Eutelsat's targeted market niche, remains largely untested while
competition may be intense if other LEO operators that are
currently focusing on the consumer segment decide to more actively
explore their options in the B2B segment as suggested by Starlink's
move to offer satellite network services to government entities.

Negative FCF: Fitch project negative free cash flow (FCF) for
Eutelsat in the medium term, with all cash generated at Eutelsat
pre-merger applied to finance a deployment of generation two OneWeb
constellation. It estimates an increase in capex to an average
level of EUR725 million-EUR875 million per annum until 2030
compared with the previous guidance of below EUR400 million for
Eutelsat pre-merger. Achieving positive FCF would require a
realisation of targeted revenue growth and operating synergies at
OneWeb. Cash flow will be helped by its announced dividend
suspension.

High Leverage: Fitch expect EBITDA net leverage to increase to
above 4x post merger, largely driven by negative EBITDA at OneWeb.
Deleveraging will be driven primarily by increasing revenue and
EBITDA contribution at OneWeb, helped by significant synergies.
Fitch project leverage to stabilise at comfortably below 4x in FY26
(year end June). Eutelsat targets to reduce its net leverage
(company definition) to 3x in the medium term.

DERIVATION SUMMARY

Eutelsat's rating prior to its acquisition of OneWeb reflects its
capital-intensive business model with some infrastructure
qualities, supported by significant barriers to entry due to
substantial required investments into satellite launches and the
limited availability of regulated orbital positions and spectrum.
However, the industry also faces risks related to technology-driven
increases in industry capacity, obsolescence and substitution.

Eutelsat has higher profitability than its principal peer SES S.A.
(BBB/Stable), due to its higher exposure to the highly profitable,
non-US DTH broadcasting segment and its focus on wholesale
satellite capacity. Eutelsat's strategy of combining its services
with OneWeb's LEO capabilities contrasts with SES's focus on
building a high capacity medium-earth orbit constellation with
reasonably low latency to allow for time delay-sensitive
applications such as video conferencing.

Eutelsat's leverage thresholds for the rating are on a par with
single-country integrated European telecoms operators, such as
Royal KPN N.V. (BBB/Stable). The company's operating profile is,
however, weaker than those of other infrastructure-focussed peers,
such as mobile towers operators Cellnex Telecom S.A. (BBB-/Stable)
and Tivana France Holdings SAS (BBB-/Stable), and wholesale
telecoms infrastructure operator CETIN a.s. (BBB/Stable), due to
Eutelsat's higher risk of technological obsolescence and
substitution, and weaker cash flow visibility resulting from its
lower share of long-contracted revenue and more intense
competition.

KEY ASSUMPTIONS

(for Eutelsat pre-merger)

-- Mid-single digit revenue declines in broadcast and professional
video to FY27

-- Mid-single digit revenue decline in government services in
FY24-FY25 and easing from FY26 onwards

-- Double-digit revenue growth in fixed broadband and mobile
connectivity to FY27

-- Fitch-defined stable EBITDA margin at approximately 66% to
FY26

-- Capex at below EUR400 million per annum to FY27

-- Receipt of C-band spectrum proceeds in FY24

RATING SENSITIVITIES

For Eutelsat pre-merger

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

-- EBITDA net leverage sustained at below 3x

-- Visibility that revenue and cash flow will not be adversely
affected by changes in sector trends and market structure

Factors That Could, Individually or Collectively, Lead to a
Downgrade:

-- EBITDA net leverage remaining above 3.5x on a sustained basis

-- Significant pressure on FCF driven by EBITDA erosion as a
result of pricing pressure, protracted contraction of segments,
increasing global overcapacity or new competitive entrants, and
higher-than-expected capital intensity and shareholder
remunerations

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: Eutelsat (pre-merger) had a comfortable
liquidity position with EUR307 million of cash on its balance
sheet, supported by EUR1 billion available credit lines as of
end-December 2022. This will be sufficient to cover EUR978 million
debt maturing in 2023-2025.

ISSUER PROFILE

Eutelsat is a global satellite operator with most of its revenues
generated in the non-US DTH segment.

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

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.

IQERA GROUP: S&P Lowers Long Term ICR to 'B', Outlook Stable
------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
iQera Group SAS and its issue rating on its debt to 'B' from 'B+'.

The stable outlook reflects that S&P expects iQera to continue
acquiring portfolios at a level close to its ERC replenishment
level to sustain its collection revenues, while maintaining
cash-adjusted debt to EBITDA not materially and sustainably above
5x and prudent liquidity management.

Rating Action Rationale

iQera's core French NPL sale market is deep but not yet mature;
DDPs are still waiting for the market to open up. The French NPL
sale market is one of the deepest markets in Europe, alongside the
Italian one, although the big French banks only sell a few secured
debt portfolios every year. The change in regulation that
stipulates that banks need to hold additional capital is not moving
the needle for now, and banks seem comfortable keeping their
current NPL ratios without further portfolio sales. Additionally,
secured NPL sales are lumpy, with a only a few big NPL portfolios
every year. This creates a potential obstacle for iQera to maintain
its ERCs, when competition increases and iQera is outbid, given its
pricing discipline. iQera has also acquired smaller portfolios in
France and Italy since 2022, but this has not been enough to
replenish its ERCs over time, putting pressure on its collection
revenues and business profile. For instance, iQera only acquired
EUR23 million worth of debt portfolios over the five consecutive
quarters spanning end-September 2021 to end-September 2022, leading
to a decline in its ERCs to EUR563 million at year-end 2022 from
EUR699 million at year-end 2020. This started to hit its collection
revenues, with a decrease of EUR23 million at year-end 2022 despite
robust backbook collection performance and significant positive ERC
revaluation. S&P expects iQera to continue concluding new deals
when conditions are favorable, but it could go through a long
period without significant acquisitions, leading to stagnant scale
or declining ERCs, threatening the company's ability to sustain
stable revenues or increase its revenues over time.

iQera's competitive edge in its local market does not offset its
lower diversification compared with peers. The company's size is
comparatively limited in the DDP sector in Europe, being the
smallest from an ERC perspective alongside AnaCap (B-/Watch
Neg/--). iQera's gross 120-month ERC stands at EUR553 million
(EUR473 million if S&P looks at iQera on a stand-alone basis
without co-investors' contribution) at the end of first quarter
(Q1) 2023. This is much smaller than Axactor (B/Stable/--) at
EUR2.5 billion, Sherwood Parentco Ltd. (Arrow Global)
(B+/Stable/--) at EUR2 billion, Garfunkelux HOLDCO 2 S.A. (
B+/Stable/B) at EUR4.7 billion and B2 Holding (B+/Stable/--) at
EUR2 billon, but more comparable to the 84-month ERC of AnaCap at
EUR539 million. iQera also has limited geographical reach because
it operates mainly in France and is just ramping up its collection
activity in Italy. iQera has developed its servicing activity in
France and Italy through external acquisitions, in France with DSO
in 2018, and in Italy with the acquisition of Serfin in 2018 and
Sistemia in 2019, and recently MF Law in 2022 amid stagnant
servicing volumes. iQera is using its relationship developed
through its servicing business to penetrate the Italian NPL sale
market, acquiring its first debt portfolio for EUR1 million at
year-end 2021 followed by EUR3 million at year-end 2022. At
end-March 2023, 59% of its cash revenues came from debt purchasing
and 41% from debt servicing, and 80% from France and 20% from
Italy. Comparatively, most rated peers operate in multiple mature
markets and focus on unsecured NPLs, which result in a less lumpy
portfolio compared with the secured ones that iQera targets, and
are overall more predictable in volumes acquired. The high share of
revenue from France and the relative uncertainty in portfolio
purchasing creates a downside to collection revenues and makes the
company more vulnerable to headwinds in its core market.

iQera has partially refinanced its speculative-grade bonds,
extending its maturity to 2027, but its interest coverage
decreases. iQera completed an exchange offer in January 2023 for
its speculative-grade debt maturing in September 2024, which
extended the maturity of most of its debt by three years from 2024
to 2027. This partly removed the uncertainty associated with a
refinancing in a volatile market. However, market conditions
significantly changed since the previous notes were issued, leading
to an increase in the notes' interest rate (6.5% from 5.2%) and
with significant transaction fees and expenses, which will decrease
its EBITDA interest coverage at year-end 2023. The interest rate
coverage is expected to fall to 1.2x at year-end 2023, when
including one-off expenses, and should be close to 2.3x at year-end
2024, which remains below our threshold of 3x. Moreover, these
metrics are based on stable market rates, while most of iQera's
gross debt--about 77%--is now floating rate compared with about 17%
at year-end 2022 before the refinancing, which makes iQera more
vulnerable to further interest rate increases in the future.

S&P said, "We expect iQera to reach a leverage ratio below 5x, but
anticipate the company will have a low cash position by
end-2024.iQera's cash-adjusted debt to EBITDA ratio stood at 6.5x
at year-end 2022 and we expect it to decrease 4.7x at year-end 2023
thanks to a higher share of gross collection attributable to iQera
and higher servicing revenues from the 2022 Italian bolt-on
acquisition, despite slightly higher gross debt from the partial
refinancing. Following the successful repurchase of EUR35 million
of its outstanding debt in June 2023, the remaining bonds maturing
in September 2024 represent EUR96 million as of end-June 2023,
which iQera intends to repay in anticipation through open market
transactions or at maturity. We consider iQera to have a prudent
and active liquidity management to repay the remaining 2024
outstanding debt, with the company keeping available cash for it.
Therefore, we net EUR96 million of cash on balance sheet from
current gross debt. While the company has a comfortable cash
position at EUR124 million at year-end 2022, we expect this to
reduce to a minimum in 2024 when it will repay the maturing debt
and use further cash to acquire portfolios over 2023 and 2024.
Furthermore, we estimate that if iQera finds more investment
opportunities than we currently project, the company will need to
find further financing sources, increasing its gross debts and cash
adjusted debt to EBITDA at about 5x or above."

Outlook

S&P said, "Our stable outlook reflects our expectation that, in the
next 12 months, iQera will defend its competitive position in
France and continue its diversification in Italy while maintaining
a good underwriting approach and cash-adjusted debt to EBITDA below
5x. We factor in that the company will manage its liquidity
prudently following the repayment of its outstanding bonds maturing
in September 2024."

Downside scenario

S&P said, "We could lower our ratings if iQera's cash adjusted
debt-to-EBITDA ratio increases materially and sustainably above 5x,
or if it does not maintain its current prudent liquidly management.
We could also lower our ratings if iQera's investment remains
subdued with a low ERC replacement rate, widening the gap with
peers in the DDP sector and calling into question the company's
cash generation ability from its collection activity."

Upside scenario

S&P said, "Although remote at this stage, we would raise our
ratings by one notch if iQera significantly increases its scale and
diversification, closing the gap with higher rated peers, while
sustainably maintaining a cash adjusted debt to EBITDA ratio below
5x and adjusted EBITDA interest coverage above 3x."

Company Description

iQera is a France-based nonoperating holding company comprising a
group of companies specialized in receivables management. iQera
acts as the consolidating and issuing entity for the group.

The group has historical roots in France, with more than 30 years
of experience. It is an established one-stop-shop debt purchaser
and debt servicer that covers the entire range of claims. This
includes small unsecured and large secured claims, from individuals
and SMEs, performing and nonperforming, for a broad range of
companies and financial institutions. Banks account for about half
of servicing revenue, some of which, including the largest ones
(Credit Agricole, BPCE, BNP Paribas, Société Générale), have
been group clients for more than 20 years.

iQera recently entered the Italian market with the acquisition of
two established debt servicers, which have more than 15 years of
experience, in 2018 and 2019. Those acquisitions brought expertise
in handling secured claims (residential and commercial real estate)
and iQera entered the Italian distressed debt market with the
acquisition of its first Italian debt portfolio at the end of
2021.

Total cash revenue was EUR316 million in 2022, of which EUR200
million (63%) was gross collection and EUR116 million (37%) debt
servicing. Activity in France represents 86% of total revenue, and
Italy 14%. The group's 120-month ERCs stood at EUR563 million at
end-2022.

iQera was created as part of BC Partners' (BCP) leveraged buyout of
the group in September 2017, when it acquired 100% of the shares
from private equity firm Cerberus and some members of the group's
management. BCP is the group's majority and controlling shareholder
(71.5%). Private equity investor Montefiore Investment (13.1%) and
the group's managers (15.4%) own the remaining shares.

S&P's Base-Case Scenario

Assumptions

-- Portfolio acquisitions of about 100 million in 2023 and EUR70
million-EUR100 million in 2024, financed with available cash and
some co-financing.

-- ERCs declining slightly in 2023 and 2024.

-- Solid collection rates in 2023-2024, in line with previous
years.

-- Portfolio revaluation of EUR25 million in 2023-2024.

-- Total cash revenue (attributable and nonattributable) to remain
stable in 2023-2024, driven by decreasing gross collections
compensated by increasing servicing revenue.

-- Total operational costs decreasing by EUR10 million over
2023-2024, leaving the cash EBITDA margin close to 52% by 2024.

-- Attributable cash EBITDA reaching about EUR120 million-EUR130
million in 2023-2024.

-- Gross debt increasing in 2023 with the partial refinancing but
declining in 2024 with repayment of the outstanding bonds maturing
in September 2024.

Key metrics

-- S&P regards the group's liquidity as adequate, based on its
assessment that sources of liquidity will exceed uses by more than
1.2x in the coming 12 months.

S&P expects principal liquidity sources over the next 12 months
(starting July 203) will include:

-- EUR124 million of cash (nonrestricted);

-- EUR50 million from available revolving credit facility; and

-- Funds from operations (FFO) of about EUR73 million.

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

-- Portfolio acquisitions and capital expenditures at EUR85
million-120 million; and

-- No dividend payment.

Debt maturities

Senior secured debt issued as of July 24, 2023:

-- September 2024: EUR96 million

-- September 2027: EUR500 million

  -- S&P rates the senior secured notes at 'B', with a recovery
rating of '4', based on our expectation of average recovery
prospects (30%-50%; rounded estimate: 40%).

-- In S&P's hypothetical default scenario, it assumes a default in
2026. In its view, a default on the group's debt obligations would
most likely occur because of adverse operational issues, lost
clients, difficult collection conditions, or greater competitive
pressures leading to mispricing of portfolio purchases.

-- In such a scenario, S&P assumes the group's debt portfolio
would be liquidated and debt servicing activities sold, given the
group's long-term contracts and established relationship with
customers.

Simulated default assumptions

-- Year of default: 2026

-- Jurisdiction: France

Estimates as of April 1, 2023:

-- Net portfolio value on liquidation: EUR278.5 million

-- Servicing business enterprise value at default: EUR52.5
million

-- Bankruptcy costs: EUR16.6 million

-- Priority claims: EUR43.8 million

-- Collateral value available to senior secured creditors:
EUR270.6 million

-- Total senior secured debt at default: EUR620.9 million

-- Recovery expectation on the senior secured notes: 30%-50%
(rounded estimate: 40%)

Note: All debt amounts include six months of prepetition interest.




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

ARMADA EURO II: Fitch Affirms 'B+sf' Rating on Class F Notes
------------------------------------------------------------
Fitch Ratings has revised Armada Euro CLO II DAC class B-1 and B-2
notes' Outlook to Positive from Stable. All notes have been
affirmed.

ENTITY/DEBT     RATING    PRIOR  
----------                      ------                  -----
Armada Euro CLO II DAC

A-1 XS1780607245  LT   AAAsf     Affirmed AAAsf
A-2 XS1791775957  LT   AAAsf     Affirmed AAAsf
A-3 XS1791777144  LT   AAAsf     Affirmed AAAsf
B-1 XS1780607591  LT   AA+sf     Affirmed AA+sf
B-2 XS1780607757  LT   AA+sf     Affirmed AA+sf
C-1 XS1780607914  LT   A+sf      Affirmed A+sf
C-2 XS1791780288  LT   A+sf      Affirmed A+sf
D XS1780608136          LT   BBB+sf    Affirmed BBB+sf
E XS1780609456          LT   BB+sf     Affirmed BB+sf
F XS1780608482          LT   B+sf      Affirmed B+sf

TRANSACTION SUMMARY

Armada Euro CLO II DAC is a cash flow collateralised loan
obligation (CLO) mostly comprising senior secured obligations. The
transaction is actively managed by Brigade Capital Europe
Management LLP and exited its reinvestment period in May 2022. The
transaction closed in April 2018.

KEY RATING DRIVERS

Stable Asset Performance: While the transaction is slightly below
par by 0.4%, it is passing all collateral quality, portfolio
profile and coverage tests except the weighted average life (WAL)
test. Exposure to assets with a Fitch-Derived Rating (FDR) of
'CCC+' and below is 4.2%, according to the latest trustee report,
versus a limit of 7.5%.

The Positive Outlook for the class B-1 and B-2 notes reflects the
stable performance of the transaction since the last rating action
in August 2022. Further deleveraging of the transaction with a
stable portfolio performance could lead to an upgrade of class B
notes.

Transaction Outside Reinvestment Period: Following the CLO's exit
from its reinvestment period the manager can still reinvest
unscheduled principal proceeds and sale proceeds from credit-risk
and credit-improved obligations. The WAL test, which the CLO is
failing, can be maintained and improved after reinvestment period.
The class A-1, A-2 and A-3 notes have amortised by EUR20 million
although the manager has reinvested since the end of the
reinvestment period. As a result, the analysis is based on a
portfolio Fitch has stressed to the transaction's covenants. For
the matrices analysis, Fitch has applied a haircut the break-even
weighted average recovery rate (WARR) by 1.5% to account for the
recovery rate definition in the documents, which is based on an
outdated criteria.

'B/B-' Portfolio: Fitch assesses the average credit quality of the
transaction's underlying obligors at 'B'/'B-'. The weighted average
rating factor (WARF), as calculated by Fitch under its updated
criteria, was 24.4.

High Recovery Expectations: Senior secured obligations comprise
97.4% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The WARR, as calculated by Fitch, was 66.4% based
on the current criteria. The WARR reported by the trustee was 69.1%
and is based on an outdated criteria.

Diversified Portfolio: The portfolio is well-diversified across
obligors, countries and industries. The top 10 obligor
concentration is 20.2%, and no obligor represents more than 2.7% of
the portfolio balance.

Deviation from Model-implied Ratings: The class B-1, B-2 and D
notes ratings of 'AA+sf', 'AA+sf' and 'BBB+sf' are a deviation from
their model-implied ratings (MIR) of 'AAAsf', 'AAAsf' and 'A-sf'.
The deviation reflects limited cushion on the stressed portfolio at
the MIRs.

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 all notes, except for
the class F notes, which would be downgraded by no more than one
notch.

Based on the current portfolio, downgrades may occur if the loss
expectation is larger than initially assumed, due to unexpectedly
high levels of default and portfolio deterioration. Due to the
better metrics and shorter life of the current portfolio than the
Fitch-stressed portfolio, the class D, E and F notes display a
rating cushion of three notches and for the class B notes of one
notch.

Should the cushion between the current portfolio and the
Fitch-stressed portfolio be eroded either due to manager trading or
negative portfolio credit migration, a 25% increase of the mean RDR
across all ratings and a 25% decrease of the RRR across all ratings
of the stressed portfolio would lead to downgrades of up to two
notches for the rated notes.

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

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

After the end of the reinvestment period, 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

BARINGS EURO 2014-2: Fitch Cuts Rating on Class F-R Notes to 'Bsf'
------------------------------------------------------------------
Fitch Ratings has downgraded Barings Euro CLO 2014-2 Class F-R
notes and affirmed the others.

ENTITY/DEBT    RATING    PRIOR  
----------              ------                  -----
Barings Euro CLO 2014-2
DAC

A-1-R XS1613068789 LT   AAAsf    Affirmed AAAsf
A-2-R XS1613069241 LT   AAAsf    Affirmed AAAsf
B-1-R XS1613069670 LT   AAAsf    Affirmed AAAsf
B-2-R XS1613071221 LT   AAAsf    Affirmed AAAsf
C-R XS1613070926 LT   AA+sf    Affirmed AA+sf
D-R XS1613072112 LT   A+sf     Affirmed A+sf
E-R XS1613072971 LT   BB+sf    Affirmed BB+sf
F-R XS1613073862 LT   Bsf      Downgrade BB-sf

TRANSACTION SUMMARY

Barings Euro CLO 2014-2 DAC is a cash flow collateralised loan
obligation. 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 May 2021.

KEY RATING DRIVERS

Portfolio Deterioration: Since Fitch's last rating action in
September 2022, the transaction trustee has reported EUR6.2 million
of new defaults, which brought current defaults to EUR14.4 million
as of the June investor report. The portfolio is 3.9% below par as
of the June investor report. The reported Fitch 'CCC' exposure has
increased to 11.6% from 7.8% since the last rating action. This led
to the downgrade of the class F notes.

Refinancing Risk: The Negative Outlook on the class F notes
reflects their vulnerability to near term and medium-term
refinancing risk, with approximately 10% of the portfolio maturing
within the next 18 months, and 16% of the portfolio maturing in
2025. In Fitch's opinion, this could lead to further deterioration
of the portfolio with an increase in defaults.

Deleveraging of Senior Notes: Since Fitch's last review, the class
A-1-R notes and A-2-R notes have been paid down by approximately
EUR87.7 million and EUR9.3 million, respectively. The deleveraging
has increased credit enhancement for the class A-R and B-R notes by
13.6% and 8.3%, respectively, and the class C-R and D-R notes by
only 5.1% and 2.6%, respectively. The junior class E-R and F-R
notes credit enhancement has decreased by 0.9% and 2.3%,
respectively.

The senior notes are highly unlikely to be affected by any
near-term defaults due to the sizeable build-up of credit
enhancement benefiting these notes, as reflected in their Stable
Outlooks. The class C-R, D-R and E-R notes have sufficient default
rate cushions to absorb potential losses.

Transaction Failing Reinvestment Criteria: The transaction is
failing the post-reinvestment period reinvestment criteria after it
exited the reinvestment period. For any reinvestment to occur, the
weighted average life test must be satisfied, among others,
immediately after the reinvestment, which Fitch deems highly
unlikely.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the obligors at 'B'/'B-'. The Fitch-calculated weighted average
rating factor of the current portfolio was 27.1 and based on the
notching stress for portfolio entities with Negative Outlook was
27.8.

High Recovery Expectations: Senior secured obligations comprise
96.4% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch-calculated weighted average recovery
rate of the current portfolio as reported by the trustee was
62.7%.

Increased Portfolio Concentrations: The top 10 obligor
concentration as calculated by the trustee is 27.9%, which is above
the limit of 20%, and no obligor represents more than 4.7% of the
portfolio balance, which also is above the limit of 3%.

Deviation from MIR: The 'Bsf' class F-R notes' rating is a
deviation from the model-implied-rating (MIR) of 'B+sf'. The
deviation reflects the limited cushion on portfolio at the MIR. It
also reflects Fitch expectation of further defaults associated with
the near-term refinancing risk in 2024, including the exposure of
7% of the performing portfolio balance to obligors rated 'CCC+' or
below.

RATING SENSITIVITIES

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

An increase of the default rate (RDR) at all rating levels by 25%
of the mean RDR and a decrease of the recovery rate (RRR) by 25% at
all rating levels would result in downgrades of up to two notches
for the class D-R and E-R notes, to below 'B-sf' for the class F-R
notes and would have no impact on the other notes.

While not Fitch's base case, downgrades may occur if build-up of
credit enhancement following amortisation does not compensate for a
larger loss expectation than initially assumed, due to unexpectedly
high levels of defaults and portfolio deterioration.

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

A reduction of the RDR at all rating levels by 25% of the mean RDR
and an increase in the RRR by 25% at all rating levels would result
in upgrades of up to three notches for the class E-R notes, up to
two notches for the class F-R notes, one notch for the class C-R
notes, and would have no impact on the class D notes.

The class A-R and B-R notes are already at the highest rating on
Fitch's scale and cannot be upgraded.

Further upgrades may occur if the portfolio's quality remains
stable and the notes start to amortise, leading to higher credit
enhancement across the structure.

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

Barings Euro CLO 2014-2 DAC

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

The majority of the underlying assets or risk presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognized Statistical Rating Organizations and/or European
Securities and Markets Authority registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information or information on the risk presenting entities.

Overall, and together with any assumptions, 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.

BLACK DIAMOND 2017-2: S&P Affirms 'B-(sf)' Rating on Class F Notes
------------------------------------------------------------------
S&P Global Ratings raised its credit ratings on Black Diamond CLO
2017-2 DAC's class B, C, and D notes. At the same time, S&P
affirmed its ratings on the class A-1, A-2, A-3, A-4, E, and F
notes.

Specifically, S&P:

-- Raised to 'AA+ (sf)' from 'AA (sf)' S&P's rating on the class B
notes;

-- Raised to 'A+ (sf)' from 'A (sf)' S&P's rating on the class C
notes;

-- Raised to 'BBB+ (sf)' from 'BBB (sf)' S&P's rating on the class
D notes;

-- Affirmed S&P's 'AAA (sf)' ratings on the class A-1, A-2, A-3,
and A-4 notes;

-- Affirmed S&P's 'BB (sf)' rating on the class E notes; and

-- Affirmed S&P's 'B- (sf)' rating on the class F notes.

The rating actions follow the application of its global corporate
CLO criteria, and its credit and cash flow analysis of the
transaction, based on the May 2023 trustee report.

S&P's ratings address timely payment of interest and ultimate
payment of principal on the class A-1, A-2, A-3, A-4, and B notes
and the ultimate payment of interest and principal on the class C,
D, E, and F notes.

Since S&P's previous review in August 2020:

-- The class A-1, A-2, A-3, and A-4 notes are deleveraging, with a
current note factor of 84%.

-- The portfolio's weighted-average rating remains at 'B'.

-- The portfolio has become less diversified, as the obligors
decreased to 128 from 170.

-- The portfolio's weighted-average life decreased to 3.56 years
from 4.68 years.

-- The percentage of assets rated 'CCC' has increased to 7.20%
from 7.00%.

-- The scenario default rate has decreased for all rating
scenarios, primarily due to the portfolio's decreasing
weighted-average life.

  Portfolio benchmarks

                                       CURRENT   PREVIOUS REVIEW

  SPWARF                              2,916.31   3,009.54

  Default rate dispersion (%)           619.20     628.32

  Weighted-average life (years)           3.56       4.68

  Obligor diversity measure              91.44     132.13

  Industry diversity measure             22.04      19.88

  Regional diversity measure              1.67       1.72

  SPWARF--S&P Global Ratings weighted-average rating factor.


On the cash flow side:

-- The reinvestment period ended in January 2022. The class A
notes have since deleveraged by EUR33.50 million.

-- Credit enhancement has increased due to deleveraging. No class
of notes is deferring interest.

-- All coverage tests were passed as of the May 2023 trustee
report.

-- The weighted-average recovery rate has improved at all rating
levels.

  Transaction key metrics

                                       CURRENT   PREVIOUS REVIEW

  Total collateral amount (mil. EUR)*   357.02       392.80

  Defaulted assets (mil. EUR)             4.77        10.40

  Number of performing obligors            128          170

  Portfolio weighted-average rating          B            B

  'CCC' assets (%)                        7.20         7.00

  Weighted-average spread (%)             3.96         4.14

  'AAA' WARR (%)                         38.59        38.07

  U.S. dollar-denominated assets (%)     14.33        18.20

*Performing assets plus cash and expected recoveries on defaulted
assets.
WARR--Weighted-average recovery rate.


S&P said, "Following these developments, our model results show
that the class B, C, and D notes' available credit enhancement is
commensurate with higher rating levels. We therefore raised our
ratings on these classes of notes.

"Our cash flow analysis indicates a higher rating for the class C
notes than currently assigned. Although the transaction has
amortized since the end of the reinvestment period in January 2022,
we capped today's upgrade at 'A+ (sf)', considering potential
reinvestments by the manager from unscheduled redemption proceeds
and sale proceeds from credit-impaired and credit-improved assets.
Such reinvestments, rather than repayment of the liabilities, may
prolong the repayment profile for the most senior notes. We also
considered the considerable portion of senior notes outstanding and
current macroeconomic conditions.

"For the class F notes, our cash flow analysis indicated a lower
rating than currently assigned. Their current break-even default
ratio (BDR) cushion at the 'B-' rating level is negative. Based on
the portfolio's actual characteristics and additional overlaying
factors, including our long-term corporate default rates and the
notes' credit enhancement, this class is able to sustain a
steady-state scenario, in accordance with our 'CCC' rating
criteria." S&P's analysis also considers:

-- The notes' available credit enhancement is in the same range as
other recently issued European CLOs S&P rates.

-- S&P's model-generated portfolio default risk is at the 'B-'
rating level at 19.23% (for a portfolio with a weighted-average
life of 3.56 years), versus 11.04% if it was to consider a
long-term sustainable default rate of 3.1% for 3.56 years.

-- Whether the tranche is vulnerable to nonpayment risk in the
near term.

-- If there is a one-in-two chance of this tranche defaulting.

-- If S&P envisions this tranche defaulting in the next 12-18
months.

Following this analysis, S&P considers the available credit
enhancement for this class of notes to be commensurate with a 'B-
(sf)' rating.

The affirmations of our ratings on the class A-1, A-2, A-3, A-4, E,
and F notes reflect that the available credit enhancement is
commensurate with the current ratings.

Counterparty, operational, and legal risks are adequately mitigated
in line with S&P's criteria.

S&P considers the transaction's exposure to country risk to be
limited at the assigned ratings, as the exposure to individual
sovereigns is under the diversification thresholds outlined in
S&P's criteria.


HARVEST CLO XXX: S&P Assigns Prelim B-(sf) Rating to Class F Notes
------------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to Harvest
CLO XXX DAC's class A to F European cash flow CLO notes. At
closing, the issuer will issue unrated class Z and subordinated
notes.

Under the transaction documents, the rated notes will pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will permanently switch to semiannual payments.

The portfolio's reinvestment period will end approximately 4.6
years after closing, while the non-call period will end 2.0 years
after closing.

The preliminary ratings reflect S&P' assessment of:

-- The diversified collateral pool, which primarily comprises
broadly syndicated speculative-grade senior secured term loans and
bonds that are governed by collateral quality tests.

-- The credit enhancement provided through the subordination of
cash flows, excess spread, and overcollateralization.

-- The collateral manager's experienced team, which can affect the
performance of the rated notes through collateral selection,
ongoing portfolio management, and trading.

-- The transaction's legal structure, which S&P expects to be
bankruptcy remote.

-- The transaction's counterparty risks, which S&P expects to be
in line with our counterparty rating framework.

  Portfolio benchmarks

                                                         CURRENT

  S&P weighted-average rating factor                    2,837.10

  Default rate dispersion                                 387.03

  Weighted-average life including reinvestment (years)      4.60

  Obligor diversity measure                               119.78

  Industry diversity measure                               20.75

  Regional diversity measure                                1.35



  Portfolio benchmarks

                                                         CURRENT

  Portfolio weighted-average rating
  derived from S&P's CDO evaluator                            B

  'CCC' category rated assets (%)                          0.50

  'AAA' weighted-average recovery (%)                     35.67

  Floating-rate assets (%)                                90.00

  Covenanted weighted-average spread (net of floors; %)    4.15


"The current portfolio contains a larger proportion of assets that
have yet to be ramped up compared to what we would typically see in
other European CLO transactions at pricing. By closing, we expect
ramped up assets to be more in line with what is commonly seen in
European CLO transactions. We understand that at closing the
portfolio will be well-diversified, primarily comprising broadly
syndicated speculative-grade senior secured term loans and senior
secured bonds. Therefore, we have conducted our credit and cash
flow analysis by applying our criteria for corporate cash flow
CDOs.

"In our cash flow analysis, we used the EUR400 million target par
amount, the covenanted weighted-average spread (4.15%), and the
covenanted weighted-average coupon (4.50%) as indicated by the
collateral manager. We have assumed the actual weighted-average
recovery rates at all rating levels. We applied various cash flow
stress scenarios, using four different default patterns, in
conjunction with different interest rate stress scenarios for each
liability rating category.

"Our credit and cash flow analysis show that the class B-1, B-2, C,
D, and E notes benefit from break-even default rate (BDR) and
scenario default rate cushions that we would typically consider to
be in line with higher ratings than those assigned. However, as the
CLO is still in its reinvestment phase, during which the
transaction's credit risk profile could deteriorate, we have capped
our preliminary ratings on the notes. The class A notes can
withstand stresses commensurate with the assigned preliminary
rating.

"The class F notes' current BDR cushion is negative at the current
rating level. Nevertheless, based on the portfolio's actual
characteristics and additional overlaying factors, including our
long-term corporate default rates and recent economic outlook, we
believe this class is able to sustain a steady-state scenario, in
accordance with our criteria." S&P's analysis further reflects
several factors, including:

-- The class F notes' available credit enhancement, which is in
the same range as that of other CLOs we have rated and that have
recently been issued in Europe.

-- S&P's model-generated portfolio default risk, which is at the
'B-' rating level at 25.04% (for a portfolio with a
weighted-average life of 4.60 years) versus 14.26% if it was to
consider a long-term sustainable default rate of 3.1% for 4.60
years.

-- Whether the tranche is vulnerable to nonpayment soon.

-- If there is a one-in-two chance for this note to default.

-- If S&P envisions this tranche to default in the next 12-18
months.

-- Following this analysis, S&P considers that the available
credit enhancement for the class F notes is commensurate with the
assigned preliminary 'B- (sf)' rating.

S&P said, "Until the end of the reinvestment period on April 27,
2028, the collateral manager may substitute assets in the portfolio
for so long as our CDO Monitor test is maintained or improved in
relation to the initial ratings on the notes. This test looks at
the total amount of losses that the transaction can sustain as
established by the initial cash flows for each rating, and compares
that with the current portfolio's default potential plus par losses
to date. As a result, until the end of the reinvestment period, the
collateral manager may through trading deteriorate the
transaction's current risk profile, if the initial ratings are
maintained.

"Under our structured finance sovereign risk criteria, we consider
that the transaction's exposure to country risk is sufficiently
mitigated at the assigned preliminary ratings.

"At closing, we expect that the transaction's documented
counterparty replacement and remedy mechanisms will adequately
mitigate its exposure to counterparty risk under our current
counterparty criteria.

"We expect the transaction's legal structure and framework to be
bankruptcy remote, in line with our legal criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our preliminary ratings
are commensurate with the available credit enhancement for the
class A to F notes.

"In addition to our standard analysis, to indicate how rising
pressures among speculative-grade corporates could affect our
ratings on European CLO transactions, we also included the
sensitivity of the ratings on the class A to E notes based on four
hypothetical scenarios. The results are shown in the chart below.

"As our ratings analysis makes additional considerations before
assigning ratings in the 'CCC' category--and we would assign a 'B-'
rating if the criteria for assigning a 'CCC' category rating are
not met--we have not included the above scenario analysis results
for the class F notes."

Environmental, social, and governance (ESG) factors

S&P regards the exposure to ESG credit factors in the transaction
as being broadly in line with our benchmark for the sector.
Primarily due to the diversity of the assets within CLOs, the
exposure to environmental credit factors is viewed as below
average, social credit factors are below average, and governance
credit factors are average. For this transaction, the documents
prohibit assets from being related to the following industries:
controversial weapons; nuclear weapon programs; illegal drugs or
narcotics; thermal coal; pornography; prostitution; and gambling
and gaming companies. Specifically, the documents prohibit assets
that:

-- Draw primary revenue from the extraction of oil and gas from
unconventional sources;

-- Draw revenues of greater than 10% from weapons or tailormade
components for weapons;

-- Are an electrical utility with a disclosed carbon intensity of
greater than 100gCO2/kWh or otherwise generates over 1% from
thermal coal, 10% from liquid fuels, 50% from natural gas, and 0%
from nuclear generation;

-- Are an electrical utility with plans to increase its negative
environmental impact;

-- Draw more than 40% of revenue from natural gas or renewables or
has reserves of more than 20% deriving from natural gas;

-- Draw more than 10% of revenue from non-sustainable palm oil
production;

-- Draw more than 25% of revenue from mining;

-- Draw more than 10% of revenue from pipelines;

-- Draw more than 25% from soft commodities;

-- Draw more than 25% of revenue from tobacco and tobacco
products; or

-- Deliberately violate the United Nations Global Compact (UN
GC).

Accordingly, since the exclusion of assets from these industries
and areas does not result in material differences between the
transaction and our ESG benchmark for the sector, no specific
adjustments have been made in S&P's rating analysis to account for
any ESG-related risks or opportunities.

Environmental, social, and governance (ESG) corporate credit
indicators

S&P said, "The influence of ESG factors in our credit rating
analysis of European CLOs primarily depends on the influence of ESG
factors in our analysis of the underlying corporate obligors. To
provide additional disclosure and transparency of the influence of
ESG factors for the CLO asset portfolio in aggregate, we've
calculated the weighted-average and distributions of our ESG credit
indicators for the underlying obligors. We regard this
transaction's exposure as broadly in line with our benchmark for
the sector (see "ESG Credit Indicator Report Card: Global CLOs,"
published on May 23, 2023), with the environmental and social
credit indicators concentrated primarily in category 2 (neutral)
and the governance credit indicators concentrated in category 3
(moderately negative)."

  Corporate ESG credit indicators

                                 ENVIRONMENTAL  SOCIAL  GOVERNANCE

  Weighted-average credit indicator*     2.11    2.13    2.93

  E-1/S-1/G-1 distribution (%)           0.00    0.50    0.00

  E-2/S-2/G-2 distribution (%)          80.34   79.42   10.43

  E-3/S-3/G-3 distribution (%)           9.50    7.30   76.17

  E-4/S-4/G-4 distribution (%)           0.00    2.63    2.00

  E-5/S-5/G-5 distribution (%)           0.00    0.00    1.25

  Unmatched obligor (%)                  7.19    7.19    7.19

  Unidentified asset (%)                 2.97    2.97    2.97

  *Only includes matched obligor.

  Ratings list

  CLASS     PRELIM.     BALANCE     SUB (%)     INTEREST RATE§
            RATING*    (MIL. EUR)

  A         AAA (sf)    244.00    39.00    Three/six-month EURIBOR

                                           plus 1.85%

  B-1       AA (sf)      37.50    27.75    Three/six-month EURIBOR

                                           plus 3.00%

  B-2       AA (sf)       7.50    27.75    7.00%

  C         A (sf)       22.00    22.25    Three/six-month EURIBOR

                                           plus 3.90%

  D         BBB- (sf)    27.00    15.50    Three/six-month EURIBOR

                                           plus 5.50%

  E         BB- (sf)     18.00    11.00    Three/six-month EURIBOR

                                           plus 7.85%

  F         B- (sf)      12.00     8.00    Three/six-month EURIBOR

                                           plus 9.45%

  Z         NR            0.25      N/A    N/A

  Sub. notes    NR       31.00      N/A    N/A

*The preliminary ratings assigned to the class A and B notes
address timely interest and ultimate principal payments. The
preliminary ratings assigned to the class C, D, E, and F notes
address ultimate interest and principal payments.
§The payment frequency switches to semiannual and the index
switches to six-month EURIBOR when a frequency switch event occurs.

EURIBOR--Euro Interbank Offered Rate.
NR--Not rated.
N/A—-Not applicable.




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

GOLDEN BAR 2021-1: Fitch Ups Rating on Class E Notes From 'BB+sf'
-----------------------------------------------------------------
Fitch Ratings has upgraded all Golden Bar (Securitisation) S.r.l. -
Series 2021-1 (GB 2021-1) tranches except its class A notes, which
have been affirmed. The Outlook is Stable.

ENTITY/DEBT     RATING   PRIOR  
----------                      ------          -----
Golden Bar (Securitisation)
S.r.l. - Series 2021-1

Class A IT0005459224 LT   AAsf   Affirmed AAsf
Class B IT0005459232 LT   AA-sf  Upgrade A+sf
Class C IT0005459240 LT   A+sf   Upgrade Asf
Class D IT0005459257 LT   Asf    Upgrade BBB+sf
Class E IT0005459265 LT   BBB+sf Upgrade BB+sf

TRANSACTION SUMMARY

GB 2021-1 is a securitisation of auto loans granted to individuals
and individual entrepreneur borrowers, by Santander Consumer Bank
S.p.A. (SCB). SCB is wholly owned by Santander Consumer Finance,
S.A. (A-/Stable/F2), the consumer credit arm of Banco Santander,
S.A. (A-/Stable/F2). The transaction was issued in September 2021
and had an initial 15-month revolving period that ended in December
2022.

KEY RATING DRIVERS

Reduced Revolving Period Risk: The current portfolio composition
(as of June 2023) contained a slightly higher share of new vehicles
(around 73%) than the Fitch-stressed portfolio (70%) and a lower
share of used vehicles (27% versus 30%). To factor in the reduced
risk of portfolio deterioration following the end of the revolving
period, Fitch has lowered the 'AAsf' multiple to 5.0x (from 5.5x)
for new vehicles and to 4.5x (from 5.0x) for used vehicles,
resulting in a blended 'AAsf' default multiple of 4.7x compared
with 5.3x previously.

Higher Excess Spread: The transaction amortises pro-rata and, since
closing in September 2021, benefited from overall increasing credit
enhancement (CE). The current portfolio yield is about 6%, higher
than the Fitch-assumed 4.5% based on the covenant that applied
during the revolving period. In addition, CE provided by
subordination has also slightly increased due to a non-amortising
cash reserve. The build-up of CE, combined with the revised default
multiples and the improved portfolio characteristics compared with
Fitch's modelled stressed portfolio drive the upgrades of the rated
notes.

Pro-Rata Amortisation: Class A to E notes can repay pro rata until
a sequential redemption event occurs. In its base case Fitch sees a
switch to sequential amortisation unlikely given the portfolio loss
expectations compared with performance triggers. The mandatory
switch to sequential pay-down when the outstanding collateral
balance falls below a certain threshold successfully mitigates tail
risk.

Deteriorating Asset Performance Outlook: Fitch expects some
moderate asset performance deterioration stemming from inflationary
pressures and rising rates, which may squeeze borrowers'
affordability. Asset assumptions reflect Fitch's forward-looking
view and are supported by the performance of the transaction to
date and by that of other outstanding Golden Bar transactions.

'AAsf' Sovereign Cap: Italian structured finance transactions are
capped at six notches above the rating of Italy (BBB/Stable/F2),
which is the case for the class A and class B notes. The Stable
Outlook reflects that of the sovereign Long-Term Issuer Default
Rating.

RATING SENSITIVITIES

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

A downgrade of Italy's IDR and the related rating cap for Italian
structured finance transactions, currently 'AAsf', could trigger a
downgrade of the class A and class B notes' rating.

Unexpected increases in the frequency of defaults or decreases in
recovery rates could produce larger losses than Fitch base case and
result in negative rating action on the notes. For example, a
simultaneous increase of the default rates by 25% and a decrease of
the recovery rate by 25% may lead to downgrades of up to two
notches on class B, C, D and E notes.

Defaults and losses being more back-loaded than assumed, leading to
a longer pro rata period, could also be negative for the ratings.

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

The class A and class B notes' ratings are sensitive to changes in
Italy's Long-Term IDR. An upgrade of Italy's IDR and the related
rating cap for Italian structured-finance transactions, currently
'AAsf', could trigger an upgrade of the class A and class B notes'
rating if available CE is sufficient to mitigate higher rating
stresses. For example, a simultaneous decrease of the default rates
by 25% and an increase of the recovery rate by 25% may lead to
upgrades of up to three notches on the class B, C, D and E notes.

Unexpected decrease in the frequency of defaults or increase in
recovery rates that would produce smaller losses than the base case
could result in positive rating action.

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.

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

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

Overall, and together with any assumptions, 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

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' 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. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.



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

ALTISOURCE SARL: $412M Bank Debt Trades at 19% Discount
-------------------------------------------------------
Participations in a syndicated loan under which Altisource Sarl is
a borrower were trading in the secondary market around 81.1
cents-on-the-dollar during the week ended Friday, July 28, 2023,
according to Bloomberg's Evaluated Pricing service data.

The $412 million facility is a payment-in-kind Term loan that is
scheduled to mature on April 2, 2025.  About $227.2 million of the
loan is withdrawn and outstanding.

Altisource Solutions S.a.r.l. specializes in developing and
providing services and technology solutions for real estate,
mortgage, and asset recovery and customer relationship management.
The Company's country of domicile is Luxembourg.

ARVOS BIDCO SARL: 97% Markdown on $100M Bank Debt
-------------------------------------------------
Participations in a syndicated loan under which Arvos BidCo Sarl is
a borrower were trading in the secondary market around 2.9
cents-on-the-dollar during the week ended Friday, July 28, 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.
Arvos is an auxiliary power equipment provider operating in new
equipment and offering aftermarket services through two business
divisions: Ljungstrom for Air Preheaters (APH), including air
preheaters and gas-gas heaters for thermal power generation
facilities; and Schmidt'sche Schack for Heat Transfer Solutions
(HTS) for a wide range of industrial processes mainly in the
petrochemical industry (Transfer Line Exchangers, Waste Heat Steam
Generators and High-Temperature Products). 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.




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

FLAMINGO GROUP: EUR280M Bank Debt Trades at 22% Discount
--------------------------------------------------------
Participations in a syndicated loan under which Flamingo Group
International Ltd is a borrower were trading in the secondary
market around 77.9 cents-on-the-dollar during the week ended
Friday, July 28, 2023, according to Bloomberg's Evaluated Pricing
service data.

The EUR280 million facility is a Term loan that is scheduled to
mature on February 7, 2025.  The amount is fully drawn and
outstanding.

Flamingo Group International Limited is a business combination
created in February 2018 between Flamingo Horticulture Ltd
(Flamingo UK), a supplier of cut flowers and premium vegetables to
the UK premium and value retailers, and Afriflora, the world leader
in sweetheart roses (according to third-party due diligence)
supplying to major European retailers such as Lidl, Aldi and Edeka.
The company runs farming operations primarily in Kenya and
Ethiopia. In 2021 the combined entity generated revenues of GBP699
million and reported EBITDA of GBP72 million. Flamingo is owned by
private equity funds managed and advised by Sun Capital Partners,
Inc. and its affiliates. The Company's country of domicile is the
Netherlands.




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

BONJOUR INTERNATIONAL: Files for Insolvency, Owes RON1.6 Million
----------------------------------------------------------------
Bogdan Todasca at SeeNews reports that Romanian travel agency
Bonjour International Tour said that its owner and CEO has filed
for insolvency after four years of operation.

Bonjour International Tour assured its customers that their
situation will be dealt with on an individual basis by the
insolvency administrator, it said in a press release on July 27,
SeeNews relates.

In October, Romania's consumer protection authority, ANPC,
suspended the activity of the travel agency for a period of six
months, Bucharest-based daily Bursa reported at the time, SeeNews
recounts.

The decision came on the back of four previous inspections that
resulted in a RON51,000 (US$11,347/EUR10,340) fine and Bonjour
Tour's obligation to reimburse the value of cancelled vacation
packages to its customers, SeeNews notes.  As the company failed to
do so while continuing to sell other packages, ANPC shut down the
travel agency for six months, SeeNews discloses.

In 2022, Bonjour International Tour's total debt surged to RON1.6
million from RON341,748 a year earlier, SeeNews relays, citing
latest data published on the finance ministry's website.




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

CHADDERTON TOTAL: Bought Out of Administration by Oldham Council
----------------------------------------------------------------
Charlotte Green at Manchester Evening News reports that bosses in
Oldham have stepped in to save a specialist care home looking after
a hundred vulnerable residents after it went into administration.

Oldham council has confirmed it has purchased the Chadderton Total
Care nursing home, on Middleton Road, after it faced a "significant
risk of closure", Manchester Evening News relates.

According to Manchester Evening News, the authority says this would
have put the jobs of 200 staff at risk, and also meant that around
100 residents -- many with complex needs requiring specialist
nursing care -- would have to be relocated, likely outside of the
borough.

The owner of Chadderton Total Care, which had been facing financial
difficulties reflective of "challenging times" across the entire
health and care sector, has now gone into administration,
Manchester Evening News discloses.

Oldham's cabinet met in private earlier this month to discuss an
item on "adult health care/nursing care provision", where the
decision to purchase the home was made, Manchester Evening News
recounts.

It will now be run by a new registered company, Oldham Total Care,
which is wholly owned by the council, Manchester Evening News
states.


CINEWORLD GROUP: S&P Withdraws 'D' Long-Term Issuer Credit Rating
-----------------------------------------------------------------
S&P Global Ratings withdrew its 'D' long-term issuer credit rating
on Cineworld Group PLC, as well as the 'D' issue ratings on the
company's pre-bankruptcy first- and second-lien debt instruments,
at the company's request.


CONSORT HEALTHCARE: S&P Affirms 'CCC' Rating on Senior Debt
-----------------------------------------------------------
S&P Global Ratings affirmed its 'CCC' ratings on U.K.-based Consort
Healthcare (Tameside) PLC's (ProjectCo) senior debt, reflecting the
risk of nonpayment over the next 12 months. The recovery rating
remains '4'.

The negative outlook reflects the possibility of S&P further
lowering the rating upon visibility of the outcome of the
adjudication process.

Consort Healthcare (Tameside) PLC (ProjectCo), a limited-purpose
vehicle, used bond proceeds to finance the design, construction,
and operation of the project for the Tameside and Glossop
Integrated Care NHS Foundation Trust (the Trust) under a 34-year
project agreement, as part of the U.K. government's private finance
initiative program. The project comprises an 86-bed acute
diagnostic and treatment center, a mental health facility, and a
surface car park.

S&P said, "We anticipate Tameside could face a liquidity shortfall
to meet its debt service payments over the next 12 months if the
adjudication outcome is in the Trust's favor. The adjudication
process could uphold the Trust's allegations of defects at the
hospital, and its right to levy the deferred unavailability-based
deductions from the unitary payment. In our experience, similar
adverse outcomes from adjudication processes on peers have resulted
in an immediate withholding of the alleged deductions from peer
projects' revenues. In ProjectCo's case, since the defects are
sizable and have been outstanding and disputed since January 2021,
the deductions could be material compared with its revenues. We
forecast that, subject to the adjudication outcome, ProjectCo is
exposed to the risk of unitary charge withholding, resulting in an
operational cash flow shortfall and hence, its dependence on
reserves to service the next debt installment. There is
considerable uncertainty on the timing of the adjudication outcome.
In the case of an adjudication outcome before September 2023, we
expect the six-month forward looking and currently fully funded
debt service reserve account (DSRA) to support the debt service in
September 2023. Thereafter, reserve depletion and continued
withholding of ProjectCo's revenues exposes it to risk of
nonpayment on the next debt installments, most likely in March
2024. Notably, ProjectCo believes it is likely that the
adjudication outcome could be delayed to fourth-quarter 2023, in
which case, it is exposed to the use of reserves for the March 2024
debt service, and risk of nonpayment on debt installments
thereafter."

ProjectCo continues to be exposed to the risk of the Trust
terminating the project agreement or controlling creditors
accelerating the debt. In addition to the sizable, deferred
deductions in relation to the defects, the Trust has deferred
Service Failure Points (SFPs), which breach the contract
termination threshold under the project agreement. If the
adjudication upholds the Trust's rights to levy the SFPs, the Trust
could exercise its contractual right to terminate ProjectCo. The
deductions and SFPs levied by the Trust in the past continue to
breach the thresholds under the collateral deed. S&P understands
neither the Trust nor the controlling creditors have provided any
intention to exercise their rights.

S&P said, "The negative outlook reflects our view that Tameside
faces heightened pressures to repay its March 2024 debt service,
given potential liquidity constraints in case of an unfavorable
outcome to the ProjectCo from the adjudication process, including
reimposed deductions and/or adverse adjudication terms.

"We could lower the ratings if following the adjudication result,
the Trust levies significant deductions that Tameside is unable to
pass through to Equans, leading to Tameside depleting its liquidity
and making it vulnerable to the risk of not paying its debt
installment from March 2024.

"We could also lower the ratings if Tameside's financials are
eroded due to adverse terms arising from the adjudication process.

"We could revise the outlook to stable if following the
adjudication outcome, Tameside's financial risk is reduced and the
Trust and Tameside reach a settlement on favorable terms, providing
protection from future deductions and if Tameside's financial
position becomes sustainable after the agreement."



CONSTELLATION AUTOMOTIVE: GBP325M Bank Debt Trades at 33% Discount
------------------------------------------------------------------
Participations in a syndicated loan under which Constellation
Automotive Ltd is a borrower were trading in the secondary market
around 67 cents-on-the-dollar during the week ended Friday, July
28, 2023, according to Bloomberg's Evaluated Pricing service data.


The GBP325 million facility is a Term loan that is scheduled to
mature on July 16, 2029.  The amount is fully drawn and
outstanding.

Constellation Automotive Group Limited offers digital used car
marketplace. The Company offers used passenger cars, utility
vehicles, and trucks, as well as provides parts and accessories,
repairs and maintenance, finance, and insurance services. The
Company's country of domicile is the United Kingdom.

FAB UK 2004-1: S&P Affirms Class BE Notes Rating to 'CC (sf)'
-------------------------------------------------------------
S&P Global Ratings raised its credit ratings on FAB UK 2004-1
Ltd.'s class A-2E notes to 'A+ (sf)' from 'BBB- (sf)', and class
A-3E and A-3F notes to 'B- (sf)' from 'D (sf)'. At the same time,
S&P affirmed its 'CC (sf)' rating on the class BE notes.

S&P's rating actions follow its analysis of the transaction's
performance and the application of its relevant criteria with its
credit and cash flow analysis of the transaction based on the May
2023 trustee report reporting the June 2023 interest payment date
(IPD).

S&P's ratings address the timely payment of interest and the
ultimate payment of principal on the class A-2E, A-3E, and A-3F
notes and the ultimate payment of interest and principal on the
class BE notes.

From IPD falling after June 6, 2023, the rate of interest on the
class of A-2E, A-3E, and BE notes will be determined by compounded
daily Sterling Overnight Index Average (SONIA), after a delay in
the LIBOR transition caused by an initial lack of quorum in the
vote of the resolution. The assets in the pool have also completed
LIBOR transitions to SONIA or synthetic LIBOR.

S&P said, "On Jan. 26, 2021, we lowered to 'D (sf)' our ratings on
the class A-3E and A-3F notes following an interest shortfall at
the December 2020 IPD (see "Related Research"). Since then, at the
June 2021 IPD, the class A-3E and A-3F notes resumed timely payment
of interest and the deferred interest component was paid. Over the
following four IPDs, the class A-3E and A-3F notes have continued
to pay timely interest.

"Since our previous review, the number of obligors has stayed the
same at 13, with one obligor being 18.3% of the portfolio due to
the deleveraging. We therefore believe that this assets pool is not
granular and diversified. Consequently, in our analysis, we
considered additional features such as the credit quality, the
concentration of the portfolio, our supplemental test results, and
other qualitative factors unique to the transaction, rather than
the cash flow outputs."

The class A-1E and A-1F notes have now fully redeemed as of the
June 2021 IPD.

The class A-2E notes have started to amortize, with 29.3% of their
initial balance now outstanding. The credit enhancement for this
class of notes has consequently increased to 89.3% %, and
supplemental test results continue to pass. S&P said, "In this
instance, the credit and cash flow analysis indicate that the class
A-2E notes benefit from break-even default rate (BDR) and scenario
default rate (SDR) cushions that we would typically consider to be
in line with higher ratings than that assigned. Nevertheless,
considering the concentration, lack of diversification, and the
current macroeconomic conditions, we have raised to 'A+ (sf)' from
'BBB- (sf)' our rating on the class A-2E notes."

Since 2021, class A-3E and A-3F notes have continued to be timely
on interest payments, and the credit enhancement has increased to
39.8%. The class A-3E and A-3F notes will benefit from becoming the
controlling classes where they will amortize before shortfalls in
the junior notes are covered. In this instance, the credit and cash
flow analysis indicate that the class A-3E and A-3F notes benefit
from BDR and SDR cushions that S&P would typically consider to be
in line with higher ratings than those assigned.

S&P said. "Under our definitions and principles of credit ratings
criteria, we consider the issuer's stable performance and that the
class A-3E and A-3F notes' payments resumed in accordance with the
original terms to be commensurate with ratings above 'D (sf)'.
Considering the concentration, lack of diversification, the
historic missed interest payment, and the current macroeconomic
conditions, we have raised to 'B- (sf)' from 'D (sf)' our ratings
on the class A-3E and A-3F notes.

"For the class BE notes, we believe that this class of notes is
highly vulnerable to a payment default at maturity given the
current level of undercollateralization and the amount of deferred
interest to be cured. Therefore, we have affirmed our 'CC (sf)'
rating on this class of notes in line with our criteria for
assigning 'CCC' category ratings."

FAB UK 2004-1 is a cash flow mezzanine structured finance CDO of a
portfolio that predominantly consists of U.K. mortgage-backed
securities. The transaction closed in April 2004.


INEOS ENTERPRISES: Fitch Rates New Sr. Sec. Term Loan Final 'BB+'
-----------------------------------------------------------------
Fitch Ratings has assigned INEOS Enterprises Holdings II Limited's
and INEOS Enterprises Holdings US Finco LLC's seven-years term
loans B (TLB) final senior secured ratings of 'BB+'. The Recovery
Ratings are 'RR2'. The facilities are guaranteed by the same
guarantors as existing senior secured term loans, which includes
the parent INEOS Enterprises Holdings Limited (IE, BB-/Stable).

Following strong demand the TLBs were upsized with two tranches of
EUR650 million and USD550 million. The proceeds were mainly used to
refinance its existing US dollar-denominated TLB due in August
2026, to pay fees related to the transactions, and to fund working
capital and other general corporate purposes, including
acquisitions, repayment of the drawn portion of the securitisation
facility and existing indebtedness.

Fitch expect IE's EBITDA net leverage to remain between 2x and 3x
in 2023-2026 based on resilient earnings due to its
diversification, despite a challenging macro environment and
exposure to volatile energy prices in Europe. However, Fitch
believe that the expected increase in liquidity provided by the
TLBs may lead to acquisitions that may affect the group's business
and credit profiles.

KEY RATING DRIVERS

Diversification Supports Resilient Earnings: Strong performance in
pigments and composites continue to support IE's earnings in 2023
amid broad-based destocking in the chemical sector. This mitigates
weakness in solvents and chemical intermediates, which face
volatile energy costs in Europe and increased competition from
lower-cost regions. Fitch expect EBITDA to fall to EUR410 million
in 2023 from EUR435 million in 2022, despite the consolidation of
INEOS KOH, due to declining earnings per ton from peak levels in
2022. The 17% like-for-like EBITDA decline is smaller than Fitch
expectation for most commodity chemical producers.

Leverage Peak in 2023: Fitch expect EBITDA net leverage to rise
slightly to 2.9x in 2023 due to softening EBITDA and steady net
debt given Fitch expectation of slightly positive free cash flow
(FCF). While Fitch expect leverage to progressively decline to 2.3x
in 2026 on EBITDA growth, Fitch believe that IE may seize external
growth opportunities that may affect its leverage metrics but may
also benefit the group's business profile. The new TLBs will
provide extra liquidity but will also reduce EBITDA interest
coverage, which Fitch forecast at about 3.8x on average in
2023-2026.

Margin Disparity Across Portfolio: Fitch forecast IE's pigments and
composites EBITDA margin to remain at the high levels of the past
three years, at about 28% and 19%, respectively. This contrasts
with lower and more volatile EBITDA margins in solvents, which have
fluctuated between 6% and 20% over the past four years, and
chemical intermediates in low teens. INEOS KOH will reinforce the
contribution of higher-margin business of the pigments value
chain.

Moderate Scale, Niche Segments: IE's operations are dispersed
across small- to medium-scale plants with limited integration or
intra-group operational overlaps. With a moderate, albeit
expanding, scale due to M&A-driven growth, the group holds leading
positions in certain niche markets, including among the top-two
titanium dioxide (TiO2) producers in the US and top-three global
niche positions in its composites business. It also has strong
regional leadership in most products.

Cyclical Exposure: Pigments, composites, solvents and intermediates
offer diversification across regions and markets. Diversification
provides earnings stability as medical and personal hygiene or
solvents offset pressures in the construction and automotive
markets of pigments and composites. While the group's markets are
diverse, Fitch see concentration, particularly in pigments and
composites, which jointly contribute roughly two-thirds of
consolidated EBITDA and are exposed to the construction market.

DERIVATION SUMMARY

IE, Ineos Group Holdings S.A. (IGH, BB+/Negative) and Ineos Quattro
Holdings Limited (BB/Stable) are independently managed subsidiaries
of INEOS Limited. All three companies have good operational,
regional and product diversification. Unlike IGH and Ineos Quattro,
IE has smaller scale and is only a regional leader in niche
chemical markets, but with modestly higher margins.

IE's direct pigments peer is US-based Kronos Worldwide, Inc.
(B+/Stable), which is twice as large in pigment capacity but with
weaker margins and product concentration. Closest peers in
specialty chemicals are W. R. Grace Holdings LLC (B+/Negative),
H.B. Fuller Company (BB/Stable), and Ingevity Corporation
(BB/Stable), all medium-sized specialty producers with market
leadership in niche segments.

In the remaining two commoditised segments, IE's peers either
include much larger OCI N.V. (BBB-/Stable) with good regional and
product diversification, or similar-scale but single-site
petrochemical manufacturer, Petkim Petrokimya Holdings A.S.
(B/Negative).

IE's profitability during normal economic conditions combines an
EBITDA margin of 25% in TiO2, high teens in composites and low
teens in other areas, leading to an overall 14%-16% margin. This is
above that of H.B. Fuller, Petkim and Kronos, but lags other
chemical peers'.

KEY ASSUMPTIONS

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

-- Revenues declining by 11% in 2023, before recovering to about
EUR3 billion by 2026

-- EBITDA in 2023 decreasing to slightly below 2021 levels, and
rebounding towards EUR500 million by 2025

-- Capex averaging EUR123 million per year over 2023-2026

-- Stable shareholder distributions to 2026, in line with previous
years'

RATING SENSITIVITIES

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

-- Significant improvement in scale or a record of more
conservative financial policy underpinning EBITDA net leverage at
below 2.0x on a sustained basis

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

-- Aggressive M&A or shareholder distributions leading to EBITDA
net leverage above 3.0x on a sustained basis

-- Protracted market pressure translating into EBITDA margins at
below 14% 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: As of March 31, 2023, IE's cash balance
stood at EUR313 million. It has no revolving credit facilities but
consistently maintains cash balances in excess of EUR250 million.
The recent TLBs provide additional liquidity to swiftly seize
external growth opportunities and spreads out debt maturities,
which were previously concentrated in 2026.

ISSUER PROFILE

IE is a chemicals company producing pigments, composites, solvents
as well as chemical intermediates. The company is an independently
managed subsidiary of INEOS Limited.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch exclude EUR81.5 million lease liabilities from financial debt
and reclassify EUR21.3 million amortisation of right-of-use assets
and EUR2.8 million lease-related interest expense as cash operating
costs.

Fitch exclude EUR276.8 million shareholder loan from financial debt
and reclassified the EUR100 million repayment of shareholder loan
to common dividend payment.

Fitch exclude EUR9.4 million non-recurring costs for the
calculation of EBIT and EBITDA.

DATE OF RELEVANT COMMITTEE

April 03, 2023

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

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' 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.

Fitch's ESG Relevance Scores are not inputs in the rating process;
they are an observation on the relevance and materiality of ESG
factors in the rating decision.

LE CHARDON: Enters Administration; 21 Jobs Affected
---------------------------------------------------
Brian Donnelly at The Herald reports that administrators have been
appointed to the company that ran a famous Scottish fine dining
restaurant.

Blair Nimmo and Alistair McAlinden from Interpath Advisory were
appointed joint administrators to Le Chardon d'Or Limited on July
27, The Herald relates.

The company operated the "Brian Maule at Chardon d'Or" fine dining
restaurant on West Regent Street in Glasgow, led by the
award-winning chef Brian Maule.

The administrators said the restaurant has 80 covers, as well as a
private dining and function offering on the lower ground floor, The
Herald notes.

The administrators, as cited by The Herald, said that "like many
other hospitality businesses, in recent times Chardon d'Or had
battled hard in the face of relentless economic and trading
headwinds".

"Soaring food and energy costs, the suspension of business rates
relief, declining city centre footfall and consumer confidence
dented by the cost of living crisis had a detrimental impact on
cashflow and trading performance," The Herald quotes Interpath
Advisory as saying.

The company operated its final restaurant service on Saturday, July
22 and subsequently ceased to trade, after which the directors
sought the appointment of the joint administrators, The Herald
discloses.

"With no prospect of trade resuming, it is with regret that the
joint administrators have made all 21 employees redundant," the
administrators said.

According to The Herald, Interpath Advisory said: Mr. Nimmo, chief
executive of Interpath Advisory, said: "These are tough times for
the hospitality industry, which was first left reeling by the
impact of lockdown measures during the pandemic, and which has
since had to contend with hyperinflation and the impact of the cost
of living crisis on its customer base.

"Our immediate priority will be to provide assistance to employees,
including providing them with the information necessary to make
claims for redundancy pay from the Redundancy Payments Office.

"We will also seek to realise the Company's assets for the benefit
of its creditors, which will include bringing the property at West
Regent Street to market in due course."


LECTA LTD: Moody's Lowers CFR to Caa2 & Alters Outlook to Negative
------------------------------------------------------------------
Moody's Investors Service has downgraded to Caa2 from Caa1 the long
term corporate family rating and to Caa2-PD from Caa1-PD the
probability of default rating of Lecta Ltd. Concurrently Moody's
downgraded to B3 from B2 the rating of the backed senior secured
bank credit facilities borrowed by Paper Industries Holding S.a r.l
and to Caa3 from Caa2 the rating of the EUR256 million backed
senior secured notes issued by Paper Industries Intermediate Fin.
S.a r.l. The outlook on all three entities has been changed to
negative from stable.

"Moody's decision to downgrade the ratings of Lecta by one notch
and to change the outlook on its ratings to negative reflects a
material weakening in Lecta's operating performance since Q4 2022
due to a substantial revenue decline driven by destocking affecting
not only Lecta but the whole paper industry," explained Oliver
Giani, a Moody's VP-Senior Analyst and lead analyst for Lecta.
"Management responded swiftly to the change in demand and aligned
production accordingly. However, the 41% volume decline seen in Q1
2023 resulted in a net loss for the quarter, key credit metrics
weakened materially from their peak in Q3 2022 making it
increasingly difficult for Lecta to refinance its upcoming debt
maturities. The rating committee considered the increased
likelihood of a debt restructuring as a governance risk and changed
the Financial Policy score under Moody's Paper and Forest Products
rating methodology to Caa from B", Mr. Giani added.

RATINGS RATIONALE

The ramp-up of Condat PM8 following its conversion from paper to
specialties and a benign market environment were main contributors
for a strong performance Lecta has shown until September 2022,
leverage fell to 4.7x debt/EBITDA, EBITDA Margin for the twelve
months to September 2022 reached 6.7%, Moody's calculated
EBIT/Interest expense at 2.2x (all metrics include Moody's
adjustments).

The situation changed in Q4 2022 when the market saw a decline in
demand primarily driven by destocking along the value chain. Coming
from a high price level reflecting the surge in energy prices
during 2022 and with reduced concerns regarding potential supply
chain disruptions, market participants started to reduce the
security stock they had built since the escalation of the
Russia-Ukraine conflict to a more normal level. In Q1 2023 the
situation worsened, destocking reached a magnitude not seen at
least for the last 15 years. Leverage increased to 9.1x, EBITDA
margin turned negative in Q4 2022 and Q1 2023 resulting at 3.6% for
the twelve months to March 2023, interest cover fell to 0.2x.

In response to that, Lecta's management took action in order not to
produce on stock and cut cost by implementing commercial plant
downtime. It also cut down its coated wood free (CWF) production
capacity and introduced a furlough unemployment scheme for its
employees in Spain.

The Caa2 CFR is primarily constrained by the company's upcoming
debt maturities and the elevated risk of a debt restructuring, its
still-sizeable exposure to CWF paper, which is structurally
declining in mature markets and requires continuous restructuring
and proactive capacity management. The CFR is also constrained by
Lecta's limited vertical integration into pulp, with internal
production currently covering just about one-third of its needs,
exposing the company to the volatility in pulp prices; continued
negative free cash flow and still high leverage of 9.1x Moody's
adjusted debt/EBITDA for the 12 months that ended March 2023.

At the same time the CFR of Lecta is primarily supported by the
company's market-leading position in coated woodfree (CWF) paper in
Southern Europe, where its assets are located close to
end-customers and require limited maintenance capital spending;
solid and growing market positions in specialty papers, which offer
higher average operating profitability than CWF paper, and
underlying demand growth for the majority of grades; good vertical
integration into energy and base paper for specialty papers, with
the latter covering around 90% of its needs; and own distribution
network, which is a source of additional EBITDA and provides access
to a wider portfolio of customers.

OUTLOOK

The negative outlook reflects Moody's concern that in case of an
extended market weakness Lecta may not be able to materially
improve its operating performance and to stop the negative free
cash flow. In such a situation, Lecta may be challenged to
refinance its upcoming debt maturities without any equity
contribution from its sponsors.

LIQUIDITY

Lecta's liquidity is weak. Liquidity sources include EUR161 million
of reported cash and cash equivalents on balance sheet as of March
2023, further supplemented by EUR15 million availability under the
EUR35 million backed senior secured revolving credit facility
issued under Paper Industries Holding S.a r.l. that matures in
January 2024 and can be extended upon Lecta's request without
requiring lender's consent by one year to January 2025.
Nevertheless, continued negative FCF, along with volatile working
capital, adds to the company's relatively sizeable exposure to
various supply-chain financing and factoring arrangements, some of
which are short term in nature and uncommitted.

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

Lecta's ratings could be downgraded if the company is unable to
resolve its capital structure challenges and thus the likelihood of
a default increases.

The ratings could be upgraded if Lecta's operating performance
materially improves and the company refinances its upcoming debt
maturities enabling it to execute its commercial strategy and
transformation plan.

LIST OF AFFECTED RATINGS

Issuer: Lecta Ltd

Downgrades:

LT Corporate Family Rating, Downgraded to Caa2 from Caa1

Probability of Default Rating, Downgraded to Caa2-PD from Caa1-PD

Outlook Actions:

Outlook, Changed To Negative From Stable

Issuer: Paper Industries Holding S.a r.l.

Downgrades:

BACKED Senior Secured Bank Credit Facility, Downgraded to B3 from
B2

Outlook Actions:

Outlook, Changed To Negative From Stable

Issuer: Paper Industries Intermediate Fin. S.a r.l.

Downgrades:

BACKED Senior Secured Regular Bond/Debenture, Downgraded to Caa3
from Caa2

Outlook Actions:

Outlook, Changed To Negative From Stable

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

With its legal headquarters in London, Lecta Ltd (Lecta) is a
leading coated fine paper manufacturer in Italy, France and Spain.
The company also has a growing specialty paper offering and a
distribution business in Italy, Spain, Portugal and France. Lecta
generated around EUR1.8 billion in sales for the 12 months that
ended in March 2023 and has around 2,850 employees.

ROSEBERRY VIEW: Enters Administration, Put Up for Sale for GBP4MM
-----------------------------------------------------------------
Alex O'Leary at TeesideLive reports that a luxury holiday lodge
park has gone on the market weeks after the business fell into
administration.

According to TeesideLive, Roseberry View Lodge Retreat, on
Pannierman Lane near Great Ayton and Stokesley, has gone up on the
market with a price tag of GBP4 million.  The former
strawberry-picking farm -- which has often been praised for its
"stunning location" in with views of Roseberry Topping -- was
launched by Teesside businessman Andrew Platts in 2019.

The 10.57-acre site -- which features ten three-bedroom lodges with
hot tubs, as well as an executive four-bedroom detached house and
two holiday cottages -- fell into administration last month, but
continues to remain in operation, TeesideLive discloses.

Steve Kenny and Richard Cole, of KBL Advisory Limited, were
appointed as joint administrators in June and the business has
continued to trade "under the supervision of the joint
administrators" as the hunt for a new buyer continues, TeesideLive
relates.


S4 CAPITAL: S&P Affirms 'BB-' Long-Term ICR, Outlook Stable
-----------------------------------------------------------
S&P Global Ratings affirmed its 'BB-' long-term issuer credit
rating on S4 Capital PLC and the 'BB-' issue ratings on its debt.

The stable outlook reflects S&P's expectation that S4 Capital will
continue to grow organically over the next 12 months, despite the
tough macroeconomic outlook, and that adjusted EBITDA margin will
improve toward 13%.

S&P said, "We affirmed the rating because we think S4 Capital will
continue to reduce leverage and post substantial free operating
cash flows (FOCF) despite pressures on organic growth and
profitability due to a tough macroeconomic outlook. In particular,
we anticipate debt to EBITDA will fall below 3x and FOCF to debt
will increase above 20% in the next 12 months, driven by organic
earnings growth and the repayment of contingent liabilities. The
affirmation also reflects our view that S4 Capital's financial
policy remains unchanged despite the temporary halt in
acquisitions, such that we expect adjusted leverage will return to
the 3x-4x range in the medium term.

"We anticipate S4 Capital's revenue and EBITDA growth profile will
moderate significantly in 2023 and 2024. We forecast group revenue
will increase by 3%-5% in 2023 and 5%-10% in 2024, broadly in line
with our expectations for the digital advertising industry. Over
the course of 2023 and potentially most of 2024, we also anticipate
a pause on S4 Capital's inorganic growth, which contributed to its
very rapid expansion in 2019-2022. The group has a policy of
funding its acquisitions 50% in cash and 50% in S4 Capital shares,
and we expect S4 Capital's currently low share price will limit the
company's ability to fund substantial acquisitions.

"Weak macroeconomic conditions will weigh on S4 Capital's organic
growth. The downward revision to our growth forecast is driven by
the expectation that low real GDP growth and falling consumer
spending in the second half of 2023 will impact advertising budgets
among key clients, potentially decreasing the size and frequency of
new campaigns. The company's focus on growing its "whopper" client
base (those that generate over $20 million of revenue in a given
year) will remain its primary driver of organic growth, similar to
"land and expand" strategies seen in tech-oriented professional
services groups. We believe that the group's ability to close
substantial new client wins or materially expand existing
relationships will be hindered during a time where client marketing
budgets are growing at a slower pace or in some cases shrinking.
That said, we consider that S4 Capital's product and service
offering remains highly relevant in the current shift from
traditional mediums into on-line marketing channels such as social
media, e-commerce, and experiential. We therefore continue to
expect S4 Capital to grow in line or ahead of the broader
advertising industry over the medium term.

"2023 will be a year of focus on profitability, but we still
forecast EBITDA margins of under 15% until 2025. We understand S4
Capital is focusing on profitable growth over the near term, given
the difficult outlook for fast-paced organic growth and
acquisitions. Similar to other media groups, we believe S4 Capital
will maintain its discipline in controlling staff costs through
headcount controls and lower use of higher-cost freelance
professionals, such that it will be able to contain the impact of
weaker organic growth prospects on its profitability and cash flow
generation. We therefore forecast an improvement in adjusted EBITDA
margins toward 13% in 2023 and 14% in 2024, from 12% in 2022. That
said, these levels are below those of larger advertising groups
such as WPP (15.0%-15.5%) and Publicis (about 20%), and below our
previous expectations of about 16%.

"Leverage will reduce in 2023-2024 due to a halt in acquisitions,
but could increase again once mergers and acquisitions (M&A) pick
up. We consider that S4 Capital can reduce leverage through organic
growth and has ample sources of liquidity to redeem contingent cash
considerations due in 2023. We forecast S&P Global Ratings-adjusted
debt to EBITDA will decline toward 3x in 2023 and further in 2024,
reflecting our assumption that S4 Capital will not complete
material new acquisitions over the same period, and translating to
a company-adjusted net leverage of about 1.0x-1.5x. That said, we
consider that this lower leverage will not be sustained over the
medium term, as we believe that the group is likely to resume its
M&A activity once its share price recovers and allows it to fund
acquisitions partly through new share issuance. S4 Capital's
financial policy allows leverage to temporarily increase to a
maximum of 1.5x-2.0x net debt to EBITDA to accommodate
acquisitions, which could translate into S&P Global
Ratings-adjusted leverage of over 4x.

"Governance factors remain a key consideration for our ratings on
S4 Capital. Executive chairman Sir Martin Sorrell has influence
over the group's decision-making at the executive and board levels.
Sir Martin holds a special class B share that provides him with
enhanced voting rights and control over the executive team,
shareholder resolutions, and key strategic decisions. We believe
there is also key man risk, and consider that the success of S4
Capital's medium-term growth plan hinges on Sir Martin's experience
and relationships in the media industry.

"Since facing troubles with the accounts audit process in 2021, the
group has strengthened its finance function. The audit process went
smoothly in 2022 with no delays or findings from the auditors. That
said, we believe S4's standing in the capital markets is still
weaker relative to other publicly listed issuers. In July 2022, S4
issued a profit warning after rapid growth in staff costs outpaced
revenue growth expectations. The company recently issued another
profit warning, this time driven by a tougher industry outlook.

"The stable outlook reflects our expectation that S4 Capital will
continue to grow organically over the next 12 months, despite the
tough macroeconomic forecast, and that adjusted EBITDA margin will
improve toward 13%. The combination of increasing EBITDA and lack
of debt-funded acquisitions should lead debt to EBITDA to decline
toward 3x. The stable outlook also reflects our expectation that
the group will continue to build a track record of stronger
internal controls, risk management, and financial reporting."

S&P could lower the rating on S4 Capital if:

-- Operating performance falls materially below S&P's base case
due to a sharper slowdown in advertising revenue, translating into
weaker profitability and credit metrics, with S&P Global
Ratings-adjusted leverage increasing to and remaining above 4x for
a prolonged period; or

-- Its financial policy becomes significantly more aggressive than
we currently expect, with sizable debt-funded acquisitions or
shareholder remuneration.

In S&P's view, an upgrade is unlikely. Over the longer term S&P
could raise the rating if:

-- S4 Capital continues to gain scale, business diversity, and a
track record within the digital advertising space, and wins large
contracts, while expanding organically and smoothly integrating
acquisitions; or

-- S&P Global Ratings-adjusted debt to EBITDA declines well below
3x and the company's financial policy supports such improved credit
metrics, with limited risk of re-leveraging through debt-funded
acquisitions or material shareholder distributions.

ESG credit indicators: E-2, S-2, G-4

S&P said, "Governance factors are a negative consideration in our
credit rating analysis of S4 Capital. In our view, the group is
still building a track record after a delay in the audit process
for its 2021 results. We also believe Sir Martin, the executive
chairman and founder, has a significant degree of control over
decision-making at the group. Sir Martin owns about 1% of the
group's listed shares and has a special class B share that provides
him with enhanced rights. There is also key-man risk. Sir Martin's
experience and relationships in the media industry are a vital
contributor to S4 Capital's ability to attract and retain new
business, and his departure from the group without a viable
succession plan in place could pose a risk to the group's current
rapid growth."


[*] UK: England and Wales Insolvencies Hit Record High in 2Q 2023
-----------------------------------------------------------------
Business Sale reports that insolvencies in England and Wales hit
their highest level since the financial crisis in the second
quarter of this year, according to official figures, as companies
were impacted by factors including rising interest rates, high
inflation, cost increases and the end of COVID-era financial
support measures.

There were 6,342 company insolvencies in England and Wales in the
three months to the end of June 2023, Business Sale relays, citing
figures from the UK's government's Insolvency Service.  This
represented a 13% increase from the second quarter of 2022 and was
the highest quarterly figure seen since Q2 2009, when the UK was
suffering from the fallout of the financial crisis, Business Sale
notes.

The Insolvency Service said that the increase in insolvencies was
led by rising creditors' voluntary liquidations, with 5,240
companies being dissolved by their owners during the quarter,
Business Sale discloses.  Meanwhile, there were 509
administrations, 637 compulsory liquidations and 56 company
voluntary arrangements (CVAs), Business Sale states.

According to Business Sale, the new data means that over 12,000
companies in England and Wales entered insolvency during the first
half of the year, with companies coming under severe pressure from
rising energy bills, soaring borrowing costs amid rising interest
rates and higher costs for labour.




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

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