/raid1/www/Hosts/bankrupt/TCREUR_Public/180702.mbx         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 2, 2018, Vol. 19, No. 129


                            Headlines


B E L A R U S

BPS-SBERBANK: Fitch Affirms 'B' Long-Term Issuer Default Rating


F I N L A N D

TERVEYS- JA: Fitch Assigns 'B(EXP)' IDR, Outlook Stable


F R A N C E

NOVARTEX SAS: Fitch Lowers LT Issuer Default Rating to CCC-


I R E L A N D

ACCUNIA EUROPEAN III: Moody's Assigns (P)B2 Rating to Cl. F Notes
BAMS CMBS 2018-1: Fitch Rates Class E Notes 'BB-(EXP)sf'


K A Z A K H S T A N

EURASIAN RESOURCES: S&P Raises ICR to 'B', Outlook Positive
EURASIAN RESOURCES: S&P Hikes ICR to 'B', Outlook Positive


N O R W A Y

AKER BP: S&P Revises Outlook to Positive & Affirms 'BB+' ICR


R O M A N I A

ELECTROCENTRALE BUCURESTI: Bucharest City Hall to Pay EUR447MM
TERRA TOURISM: Files for Insolvency, Directs Clients to Insurers


R U S S I A

ER-TELECOM: S&P Affirms 'B' Long-Term ICR, Outlook Stable


S P A I N

AYT GENOVA HIPOTECARIO VIII: S&P Affirms B (sf) Rating on D Notes


S W E D E N

RADISSON HOSPITALITY: Moody's Assigns B1 CFR, Outlook Stable


U N I T E D   K I N G D O M

COMET: Deloitte Kahn Partner Steps Down Amid Probe Into Collapse
ESCUBED LTD: Halts Operations, Appoints Administrators
ITACONIX: Shares Suspended, At Risk of Insolvency on Funding Woes
LHC3 PLC: Fitch Affirms LT IDR at 'BB-', Outlook Stable
ORIGINAL FACTORY: Set to Close Stores Under CVA

SYNTHOMER PLC: Moody's Assigns 'Ba2' CFR, Outlook Stable
TWIN BRIDGES 2017-1: Fitch Hikes Class X1 Notes Rating to BB+sf
VTB CAPITAL: Moody's Reviews Ba3 Deposit Ratings for Downgrade
WHYTE CHEMICALS: OQEMA Acquires Business Out of Administration

* UK: More Than 100 Colleges 'At Risk' of Insolvency


X X X X X X X X

* Gordon Brothers Appoints Jaffe as UK, EU Managing Director
* BOND PRICING: For the Week June 25 to June 29, 2018


                            *********



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B E L A R U S
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BPS-SBERBANK: Fitch Affirms 'B' Long-Term Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings
(IDRs) of BPS-Sberbank (BPS), Belgazprombank (BGPB) and BelVEB
OJSC (BVEB) at 'B'. The Outlooks on the IDRs are Stable.

Fitch has also upgraded BGPB's Viability Rating (VR) to 'b' from
'b-' and affirmed the VRs of BPS and BVEB at 'b-'.

The affirmation of the IDRs reflects limited changes in Fitch's
view of institutional support to these banks from their
respective parents, which are some of Russia's largest state-
owned financial institutions. BPS is 98.4%-owned by Sberbank of
Russia (SBR; BBB-/Positive), BVEB is 97.5%-owned by
Vnesheconombank, (BBB-/Positive), and BGPB is jointly owned by
PJSC Gazprom (BBB-/Positive) and JSC Gazprombank (GPB;
BB+/Positive), each with a 49.66% stake.

KEY RATING DRIVERS

LONG-TERM IDRS, SUPPORT RATINGS (SR)

The 'B' Long-Term IDRs of BPS, BGPB and BVEB are aligned with
Belarus's 'B' Country Ceiling. The latter captures the high
transfer and convertibility risks in Belarus and limits the
extent to which support from the banks' higher-rated Russian
parents can be factored into the subsidiaries' ratings.

At the same time, Fitch believes the banks' respective parents
would likely have a high propensity to support their
subsidiaries, if needed, due to the strategic importance of the
Belarusian market and the tight political and economic ties
between the two countries. Majority ownership, significant
parent-subsidiary integration (including board representation and
operational links), a track record of support provided to date
(including assistance with business origination), the small cost
of potential support, and high reputational risks from a
subsidiary default also positively impact Fitch's assessment of
parental support.

BGPB expects a new equity contribution in the near term. There
are no plans for such injections for the other two banks, but
Fitch believes parental capital support will be available for all
three banks, if needed. BPS, BGPB and BVEB from time to time have
received equity and subordinated debt from their parents.
Transfers of credit risk on some bulky loans from BPS to SBR
provided further capital relief in 2013-2016.

Although the subsidiary banks have reduced their reliance on
parent funding in recent years, Fitch also expects funding
support to be provided, if required, and believes that this would
not be constrained by national regulators. Non-subordinated
borrowings from parent banks contributed 5% of total liabilities
at BGPB and 12% at BVEB at end-2017 (9% and 22%, respectively, at
end-2016). BGPB additionally had a significant 29% share of
deposits from Gazprom-related companies. Borrowings from SBR were
a negligible 2% of BPS's total liabilities at end-2017 (3% at
end-2016).

VRS

The upgrade of BGPB's VR reflects Fitch's reassessment of the
bank's credit profile in line with a reassessment of the
operating environment, which, in turn, reflects the recent
upgrade of the sovereign rating and improved near-term economic
prospects. The upgrade also reflects BGPB's track record of more
stable asset quality performance and profitability compared with
Belarusian peers. The affirmation of the VRs of BPS and BVEB
reflects these banks' weaker asset quality and less stable
performance.

More generally, all three banks' VRs continue to capture
Belarus's challenging operating environment, with a state-
controlled economy and potential macroeconomic volatility. The
banks' direct exposure to the sovereign through government debt
holdings at end-2017 stood at 20% of total assets at BPS (end-
2016: 25%), 14% at BGPB (20%) and 13% at BVEB (21%). Other public
sector exposures were relatively limited at BPS and BGPB, but
were a further 35% of total assets at BVEB (end-2016: 32%).

Fitch's view of BGPB's stronger loan quality is driven by the
bank's consistently low non-performing loans (NPLs; overdue by
more than 90 days) and limited restructured loans. In addition,
impairment charges and write-offs have been low, as is the
reported post-devaluation debt leverage of most of the bank's
largest borrowers.

BPS's and BVEB's weaker loan quality is reflected in these banks'
higher NPLs and restructured exposures, although Fitch recognises
that the differences in these metrics are partly due to the
differences in their reporting frameworks, recognition policies
and workout strategies.

At end-2017, BGPB's NPLs were equal to a small 1.2% of gross
loans (1.6% at end-2016) and restructured loans stood at 3.6%
(4.8% at end-2016). BPS's NPL ratio was a higher 16% at end-2017
(18% at end-2016) and restructured loans added a further 5% (7%
at end-2016). BVEB's impaired loans were mostly captured by the
bank's restructured loans at 14% at end-2017 (19.7% at end-2016)
as reported NPLs were immaterial.

Although new loan impairment origination has reduced from peak
levels, impairment risks remain high, in particular due to loans
in foreign currencies (FCs) to potentially unhedged borrowers. FC
loans made up a high 76% of gross loans at BVEB, 69% at BGPB and
48% at BPS at end-2017 (84%, 75% and 61%, respectively, at end-
2016) with only a small part of these loans reported as
problematic exposures at end-2017.

Loan impairment allowances (LIAs), at 17% at BPS and 10% at BVEB
at end-2017, viewed in conjunction with the ongoing gradual
recovery of the Belarusian economy from a recent recession,
partly mitigated higher loan-quality risks at these banks. The 4%
LIAs at BGPB covered substantially all of the bank's NPLs and
restructured loans, but left limited space for potential loss
absorption should loan quality deteriorate.

Fitch views capitalisation as slightly stronger at BGPB,
primarily reflecting the bank's lower unreserved problem loans
relative to core capital. Shareholders' plans to further improve
BGPB's core capitalisation, by converting subordinated debt into
equity, are also viewed as credit-positive.

At end-2017, Fitch Core Capital (FCC) stood at 17% of Basel I
risk-weighted assets (RWAs) at BPS, 11% at BGPB and 10% at BVEB
(15%, 13% and 10%, respectively, at end-2016). At the same time,
the combined amount of NPLs and restructured loans less loan
impairment reserves equaled 0.04x FCC at BGPB, 0.3x FCC at BPS
and 0.3x FCC at BVEB.

BGPB's stronger profitability is captured by the bank's higher
and more stable operating results through the recent credit
cycle. The bank's operating profit equaled 2.5% of RWAs in 2017
after 3.3% in 2016. The ratio improved to 2% in 2017 at BPS (0.8%
in 2016) due to reduced loan impairment charges (LICs), and
weakened to 0.7% at BVEB (1.4% in 2016) due to growth in
operating costs in 2017.

Fitch continues to view all three banks' standalone funding and
liquidity profiles as vulnerable, given their limited FC
placements with highly-rated counterparties and high funding
dollarisation. However, potential access to parents' FC resources
and all three banks' currently solid domestically-held liquidity
buffers are mitigating factors.

FC cash and foreign bank placements were a small 3% of FC-
denominated third-party liabilities at BGPB, 6% at BPS and 4% at
BVEB at end-1Q18. Total liquid assets equaled a stronger 41%, 35%
and 40% of total third-party liabilities, respectively, although
these mainly comprised sovereign bonds, which may cease to be
repo-able in a systemic stress scenario.

RATING SENSITIVITIES

IDRs AND SRs

The IDRs and SRs could be upgraded or downgraded if a change in
Belarus's sovereign ratings results in a change in the Country
Ceiling, although this is currently unlikely given the Stable
Outlook on the sovereign rating. A downgrade is also possible
upon a sharp weakening of the ability or propensity of any of the
three parent banks to provide support but this is not Fitch's
base case.

VRs

Downgrades of VRs could result from capital erosion due to a
further marked deterioration in asset quality without sufficient
and timely support being made available by parents. Upgrades of
VRs above the sovereign rating are very unlikely given the high
sovereign exposures and many borrowers' high vulnerability to
adverse changes in the Belarusian state-controlled economy.

The rating actions are as follows:

Belgazprombank

Long-Term IDRs affirmed at 'B'; Outlook Stable

Short-Term IDRs affirmed at 'B'

Support Rating affirmed at '4'

Viability Rating: upgraded to 'b' from 'b-'

BPS-Sberbank and BelVEB OJSC

Long-Term IDRs affirmed at 'B'; Outlook Stable

Short-Term IDRs affirmed at 'B'

Support Ratings affirmed at '4'

Viability Ratings: affirmed at 'b-'


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F I N L A N D
=============


TERVEYS- JA: Fitch Assigns 'B(EXP)' IDR, Outlook Stable
-------------------------------------------------------
Fitch has assigned a first-time expected Issuer Default Rating
(IDR) of 'B(EXP)' to Terveys- ja Hoivapalvelut Suomi Yhtyma Oy
(the top holding company within the restricted group), which will
indirectly own the Finnish private provider of healthcare
services Mehilainen, following the completion of its acquisition
by a group of investors led by CVC. The Outlook is Stable. Fitch
has also assigned a first lien senior secured loan rating of
'B+(EXP)'/'RR3'/59% to the EUR760 million Term Loan B borrowed by
Terveys- ja Hoivapalvelut Suomi Oy, a direct subsidiary of the
top holding company, as well as a second lien loan rating of
'CCC+(EXP)'/RR6/0% to the EUR200 million second lien facility
borrowed by Terveys- ja Hoivapalvelut Suomi Oy.

The assignment of the final ratings is contingent on the receipt
of final documents conforming to information already received.

The ratings are supported by Mehilainen's strong market positions
as an integrated service provider with a significant presence in
the fragmented Finnish private health- and social-care sectors.
Scalable operations with supportive long-term demand fundamentals
and an accommodating regulatory regime for private-service
providers contribute to defensive and cash-generative operations.
The importance of private health-care service providers to the
publicly funded national health-care system in combination with a
stable national regulation with a low degree of intervention
mitigates Mehilainen's single-country exposure to Finland.

The ratings are, however, constrained by Mehilainen's
comparatively weak financial metrics with Funds from Operations
(FFO) adjusted leverage expected at 7.8x in 2019 ending December
trending to below 7x by 2021, and FFO fixed charge cover
relatively low but stable at 1.6x. These credit metrics are
considered to be at the low end of the 'B' rating category.

KEY RATING DRIVERS

Defensive Diversified Operations: Mehilainen's national presence
across the private health- and social-care markets in combination
with strong involvement of private service providers in the
Finnish public health-care sector translate into defensive
operations with diversified revenue streams. Fitch regards this
multi-sector exposure as credit-positive, which also favourably
compares with other European private providers of health- and
social-care services with more concentrated product portfolios.
Strong market positions with scalable operations allow Mehilainen
to increase the number of patients and product offering by cross-
selling additional services.

Moderate Execution Risks: Given the array of strategic and
operating initiatives planned by CVC, Fitch sees moderate
execution risks embedded in the business plan. Multiple business
development avenues are considered by the sponsor with a
combination of organic growth supported by national regulations,
greenfield projects and add-on acquisitions mainly in social
care, as well as productivity improvements across the business
platform. While these plans are aimed at doubling the earnings by
2022, they add considerable managerial and operational complexity
to a business which has recently been through a number of smaller
and larger acquisitions.

The management team has a record of successful execution and has
facilitated Mehilainen's transformational development over the
past few years. The management recognises the potential the buy-
and-build strategy offered by the local fragmented market.
However, Fitch remains cautious on management's ability to handle
rapidly growing operations without dilution of margins and loss
of productivity.

Geographic Concentration, Favourable Operating Environment: The
company's focus on Finland with comparatively small addressable
health- and social-care markets estimated at EUR5.5 billion is
balanced by the stable national health-care system with
favourable regulation of private healthcare providers. This
supportive regulatory framework in combination with positive
long-term demand fundamentals from demographics, the need for
access to high-quality services, the focus on productivity and
the growth of outpatient care create a benevolent operating
environment for Mehilainen, allowing it to capitalise on these
market trends, even if only within the Finnish markets.

Health-Care Reform Neutral: The new health-care reform SOTE aimed
at further liberalisation of the health- and social-care markets
and increasing the public-pay market for private providers does
not have a significant impact on Fitch's expectations on business
volumes and profitability within the rating case. This is due to
the uncertainty around the timing and content of the political
decision, and the long time-frame for implementation with unclear
structural effects, which Fitch anticipates would only become
visible beyond its rating case starting 2022.

Sustainably Strong Cash Flows: The 'B(EXP)' IDR is supported by
Mehilainen's strong free cash flow (FCF) generation with an FCF
margin of between 4%-5% given the structurally negative trade
working capital and comparatively low capital intensity of 2%-3%.
This compares favourably with most of Fitch-rated private
operators of clinics and care homes, where slow reimbursement
schemes from municipalities and central governments, and pricing
pressure from national regulators or local governments compress
earnings and operating cash flows.

Greater Variable Costs:

The company's focus on occupational and outpatient healthcare
services leads to a higher cost variability and lower maintenance
capex, leading to sustainably stronger cash conversion rates than
is the case for traditional operators of private hospitals.

High Indebtedness, Moderate Deleveraging Potential: The rating is
constrained at 'B' level due to Mehilainen's aggressive opening
FFO adjusted leverage in excess of 8.0x. With the increase in
earnings driven by organic and acquisitive steps, as well medium-
term productivity improvements due to increased scale Fitch
projects moderate deleveraging towards 7.0x in 2021. Inability to
bring the leverage down below 8.0x in 2019 may put pressure on
the ratings over the short to medium term.

Modest Financial Flexibility: Following the aggressively funded
buyout, Fitch projects FFO fixed charge cover will stay on
average at 1.6x from 2019 onwards, after the full year impact of
the acquisition debt service has become visible. The current
Fitch case is based on a steady level of operating leases at
around 9% of sales with some contingency for medium-term risk-
free rate increases. Disproportionately growing rental
obligations could lead to a reduction of the FFO fixed charge
cover to below 1.5x and burden the leverage metrics, which may
negatively impact the ratings.

DERIVATION SUMMARY

Based on the peer analysis performed against other European
providers of private health- and social-care services, Fitch
views Mehilainen as being well positioned at the 'B' rating level
given its well-established operations as an integrated private
health-care service provider with strong market positions in each
of its business segments benefiting from attractive underlying
market fundamentals and a stable regulatory environment in the
Finnish private health-care market.

Unlike most of Fitch-rated private health-care service providers
with a focus on either health- or social-care services,
Mehilainen has diversified operations across both market segments
with a significant national presence in each sub-market, making
its business model more resilient against weaknesses in
individual service lines. Mehilainen's regulatory framework is
positive from a credit perspective. It contrasts with the UK,
where private operators such as Voyage Bidco ('B-'/Stable,
withdrawn in December 2017) have been exposed to margin pressure
due to a reduction in local authorities' fees.

With EBITDAR margins estimated by Fitch at around 23%, Mehilanen
is in line with other 'B' rated private health- and social-care
providers with asset-light business models. Low capital intensity
in combination with structurally negative trade working capital
contribute to comparatively high cash flow conversion with FCF
margins estimated at 4%-5% over the rating horizon. Opening
leverage in excess of 8.0x on FFO adjusted basis, projected to
improve towards 7.0x by the of 2021 is more in line with 'B-'
rated peers. However, this is mitigated by the strong cash-
generative properties of the business.

KEY ASSUMPTIONS

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

  - Revenue growth CAGR of 12.3% driven by a combination of
internal and external growth

  - Gradual EBITDA margin improvement towards 14.5% by 2021
supported by operating leverage and productivity initiatives

  - Maintenance/sustainability capex at 2.5%-3.5% of sales

  - Bolt-on acquisition spending of around EUR160 million
cumulatively between 2018-2021

  - No dividends.

Recovery Assumptions

In its recovery analysis, Fitch follows a going-concern approach
instead of a balance-sheet liquidation. This reflects
Mehilainen's asset-light business model and brand quality
supporting higher realisable values in a hypothetical distressed
situation. In line with other 'B' rated private health-care
operators, Fitch has applied a 25% discount to the Fitch-expected
2018 EBITDA of around EUR120 million, leading to a post-
restructuring EBITDA of EUR90 million. At this level of EBITDA,
the company would generate neutral FCF, while FFO adjusted
leverage would approach 10.0x, a level which Fitch would view as
being outside the performing range, with FFO fixed charge cover
tightening to 1.2x, implying materially reduced financial
headroom.

Fitch has chosen the higher end of the distressed EV/EBITDA
multiple of 6.0x, to which it has applied a 0.5x premium
reflecting Mehilainen's favourable and stable regulatory regime
for private service providers in Finland and the company's strong
market position.

Fitch has also assumed the EUR125 million revolving credit
facility (RCF) will be drawn in full (in case of distress) and
that it will rank pari passu with the senior secured first lien
term loan of EUR760 million. The EUR200 million of senior second
lien term loan ranks second in priority.

After deduction of 10% for customary administrative claims, Fitch
expects the senior secured first lien loan would be able to
recover approximately 59% of its face value, leading to the
senior secured rating of 'B+(EXP)'/'RR3'/59%. Fitch does not
expect any recoverable value for the second lien facilities which
have a rating of 'CCC+(EXP'/'R6'/0%.

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action

  - Successful execution of the medium-term strategy leading to
further increase in scale with EBITDA margins sustainably at/or
above 15%

  - Continued supportive regulatory environment and Finnish
macro-economic factors

  - Free cash flow margins remaining at mid-single-digit levels

  - FFO adjusted leverage improving towards 6.5x and FFO fixed
charge cover trending towards 2.0x

Developments that May, Individually or Collectively, Lead to
Negative Rating Action

  - Pressure on profitability with EBITDA weakening towards 10%
on a sustained basis as a result of productivity losses with
declining customer visits and occupancy rates, or pressure on
costs

  - Risk to the business model resulting from adverse regulatory
changes to public and private funding in the Finnish health-care
system

  - As a result of the adverse trends, declining FCF margins to
low single-digit levels

  - FFO adjusted gross leverage remaining above 8.0x beyond 2018
and FFO fixed charge cover persistently below 1.5x.

LIQUIDITY

Comfortable Liquidity: Fitch projects Mehilainen will generate
EUR40 million of FCF in 2018/19, growing towards EUR60 million by
2021, as its earnings expand gradually on the back of organic and
acquisitive growth in combination with productivity improvements.
This sustainably positive internal liquidity profile will
comfortably accommodate bolt-on acquisitions of EUR30-60 million
a year, and still lead to a year-end cash balance of EUR90
million in 2021. In addition to the strong internal liquidity
generation, Mehilainen has access to a committed RCF of EUR125
million, which Fitch projects will remain undrawn throughout.

For the purposes of assessment of the liquidity, which would be
freely available for debt service, Fitch has put aside EUR10
million as restricted cash, which it estimates will be required
for operations, including reserves held at certain subsidiaries,
as well as to fund annual peaks of trade working capital in
September to October of each year estimated at EUR5 million. From
2019 onward, Fitch has increased the restricted cash to EUR15
million, as the business scales up with revenues projected to
exceed EUR1 billion.



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F R A N C E
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NOVARTEX SAS: Fitch Lowers LT Issuer Default Rating to CCC-
-----------------------------------------------------------
Fitch Ratings has downgraded Novartex SAS's (Vivarte) Long-Term
Issuer Default Rating (IDR) to 'CCC-' from 'CCC' and Vivarte
SAS's senior secured "new money" debt rating to 'CCC- from 'CCC'
and placed these ratings on Rating Watch Negative (RWN). The
Recovery Rating remains 'RR4', while expected recoveries have
been revised up to 43% from 33%.

The downgrade reflects high execution risk inherent in Vivarte's
transformation plan, continuing cash outflows, rising leverage,
tightening liquidity and a competitive French womenswear market.
While the group operates a number of well-known French banners,
many of these are dated and will benefit from further spending on
brand development and marketing to maintain their relevance and
reputation. This additional spending comes at a time when Vivarte
also has to financially support the development of its growing
online sales (4% of sales) as well as improving its IT and web
platforms.

With a large store portfolio (3,000 shops and concessions) the
group retains a large fixed cost base in an industry reinventing
itself through lower cost asset-light pure online retailers. The
group's high operational risk compounds a significant refinancing
risk as it has to repay EUR300 million by 19 October 2019 under
the Fiducie agreement, given negative free cash flows (FCF) and
only modestly sized non-core business disposals to date (EUR32
million in March YTD FY18 and a further EUR52 million to be
received by end June 2018). Fitch has therefore placed the
ratings on RWN, as there is some uncertainty as to whether the
group will have raised sufficient funds by October 2019 to repay
the EUR300 million tranche of debt. The agency will review
progress towards achieving this debt reduction in 4Q18 and
resolve the RWN accordingly.

Failure to repay the EUR300 million by 19 October 2019 would be
an event of default under the "new money" debt documentation. Any
material reduction in terms would be a restricted default under
Fitch's criteria.

KEY RATING DRIVERS

Uncertain Turnaround Strategy: Management has announced a
strategy focused on transforming the core brands by making
investments on store openings and remodelling, logistic
optimisation and IT system upgrades. Fitch has doubts regarding
management's ability to generate positive like-for-like sales
growth in a difficult market that is experiencing a deep
restructuring with an uncertain outcome. The re-positioning of
brands is tricky in order for efforts to attract new customers
not to alienate the existing customer base.

Highly Challenging Retail Environment: The French women's
clothing market is highly fragmented, competition remains fierce
and 'bricks and mortar' groups such as Vivarte are finding it
difficult to increase prices above inflation, as discounting has
been rife, and to maintain volumes. Further to challenges from
store based groups such as H&M and Zara, Vivarte is now also
facing new entrants (pure online retailers, Primark) which are
much more aggressive in terms of prices, have lower costs and
more flexibility with deliveries and challenge traditional fast-
fashion retailers.

Insufficient Funding for Capex: Vivarte has identified around
EUR80 million of capex for brands transformation to be split over
FY18 and FY19. However, it remains uncertain as to how Vivarte
will finance this spending, as FCF and disposals are unlikely to
be sufficient to meet the full capex plan in the next two to
three years. In addition the group must retain a minimum EUR80
million-EUR100 million of liquidity under the "new money"
documentation.

Disposals Continuing: Under its restructuring plan Vivarte has
been disposing of non-core brands such as Naf Naf, Andre and
Merkal, and the group is negotiating a number of other sales.
These disposals not only allow management to concentrate on core
businesses such as La Halle, Caroll, San Marina, Cosmoparis and
Minelli, but also help Vivarte accumulate funds to help repay
EUR300 million of "new money" debt by October 19 2019.

Unsustainable Cost Cutting: Fitch views Vivarte's cost-cutting
measures, such as combining La Halle and La Halle Chaussures
stores, better store staff-hour planning and closure of loss-
making stores, as credit-positive. However, the key element
remains maintaining sustainable profitability that can fund
sufficient maintenance and development capex, particularly in
relation to IT and online, where competition is intensifying.

Improved but Negative FCF: The closure of non-performing stores
and the disposal plan have helped management focus on fewer, more
promising, banners, and also limited cash outflows. The new
financial structure also supports the group's turnaround plan by
creating minimal cash drain. Despite the improvements, Fitch
forecasts continuing cash outflows in FY18 and FY19, resulting in
lower cash available for capex and debt repayment. Under Fitch's
projections, it does not expect FCF to become broadly neutral
until 2021 at the earliest.

Significant Refinancing Risk: Given current trading and cash
outflows the group has a major refinancing risk profile with a
key date on October 19, 2019 when it has to repay EUR300 million
under the Fiducie agreement. Should it not do so, "new money"
lenders have the right to take control of the group and dispose
of it. Fitch projects FFO adjusted net leverage to stand at 8.8x
in FY19, which represents excessive refinancing risk. Investors
are unlikely to commit additional funds due to Vivarte's track
record of credit issues.

Tightening Liquidity: Vivarte's liquidity remains tight in the
short term given significant cash outflows and declining cash
deposits, ahead of its EUR300 million debt maturity by 19 October
2019. While the group has had some success in selling business
and assets, it remains uncertain over whether cash from disposals
and operations will be sufficient to repay the full amount. Fitch
would therefore expect the group to renegotiate with lenders the
repayment to a lower figure and extend the remaining maturities.
Fitch would view such an event as a restricted default under its
criteria.

DERIVATION SUMMARY

Vivarte has a lower EBITDAR margin than most non-food retailers
such as Financiere IKKS SAS (CC) and New Look Retail Group Plc
(CC), due to its uncompetitive position in the fast-changing mass
market clothing market. The traditional store-based business
model, large debt burden and significant capex needs, combined
with heavy restructuring costs also weaken its cash conversion
capability compared with asset-light competitors. While leverage
is lower than Financiere IKKS, it is nevertheless high, with
liquidity tight and a critical repayment due by October 19, 2019.
While Vivarte's cash flow remains negative, Fitch nevertheless
expects the group to have enough cash and credit facilities,
including letters of credit facilities, to continue trading to
around October 2019. This informs Fitch's 'CCC-' long-term IDR
rather than 'CC'.

KEY ASSUMPTIONS

Fitch's Key Assumptions within its Rating Case for the Issuer

  - Decreasing like-for-like revenue until FY20 and low single-
digit growth thereafter.

  - Around EUR65 million of restructuring costs in FY18 and EUR30
million in FY19.

  - EUR50 million of capex in FY18.

  - Proceeds from Naf Naf disposal to be received in FY18, Besson
disposal to be completed in FY19.

  - With lower trade payables, Fitch projects a small release
(EUR5 million) in cash collateral in FY18.

  - Fitch reduces available cash by EUR100 million to take into
account seasonal working capital requirements and cash collateral
needs for lenders.

  - No dividends in the next four years.

Key Recovery Assumptions

  - The recovery analysis assumes that Vivarte would be
considered a going concern in bankruptcy and that the company
would be reorganised rather than liquidated. Fitch has assumed a
10% administrative claim in the recovery analysis.

  - The recovery analysis assumes a post-restructuring EBITDA of
EUR90 million. This is the EBITDA level which allows the company
to continue to operate normally, and leads to a breakeven FCF.

  - Fitch has maintained the distressed multiple at 4.0x in light
of the weakened business model. The distressed multiple is at the
low end of the sector due to the likely loss of attractiveness
among potential buyers following several previous failed
restructurings in an adverse market environment. Fitch has
assumed existing drawn commitments, including drawn letters of
credit, ranking ahead of the New Money debt in the payment
waterfall. The lower amount of letters of credit is a key driver
behind the improvement in expected recovery rates for new money
debt creditors to 43% from 33%. This is still within the RR4 band
and represents average recovery prospects in the event of
default. Any meaningful variance in the amount of drawn letters
of credits, as an uncommitted source of financing, could alter
recovery expectations up or down.

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action

  - Mitigated refinancing risk, with greater visibility regarding
the successful repayment of at least EUR300m of debt through
asset sales by the end of the 4th quarter of 2018.

  - Evidence of return to positive like-for-like sales growth,
with some improvement in profitability

  - Improved financial flexibility including neutral FCF, FFO
fixed charge cover sustained at above 1.2x and confirmed access
to committed facilities to fund working capital

Developments that May, Individually or Collectively, Lead to
Negative Rating Action

- Fitch's increased perception that the group will fail to repay
at least EUR300 million of the 'new money' debt by October 2019,
probably driven by lack of sales and EBITDA improvement in FY18
and insufficient asset disposals.

- Sharp deterioration in short-term liquidity buffer

- Initiating a debt restructuring

LIQUIDITY

Unfunded Liquidity: Fitch estimates that Vivarte currently has
around EUR90 million-EUR110 million in readily available cash and
undrawn debt facilities (which can rise to EUR170 million
depending on time of year), excluding around EUR117 million
letters of credit facilities (EUR54.8 million outstanding at end-
May 2018), some of which are backed by cash collateral.

Should the operating performance of the group remain under
pressure, banks could refuse to renew the existing letters of
credit, which could therefore compromise Vivarte's already tight
liquidity position. This is despite the additional cash headroom
provided by lower debt and the toggle option on the "new money"
debt. Fitch expects liquidity stress to arise on October 19, 2019
when the EUR300 million debt repayment is due, given the weak
current operating trends and the lack of alternative liquidity
sources.


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


ACCUNIA EUROPEAN III: Moody's Assigns (P)B2 Rating to Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service, announced that it has assigned the
following provisional ratings to notes to be issued by Accunia
European CLO III DAC:

EUR 216,000,000 Class A Senior Secured Floating Rate Notes due
2031, Assigned (P)Aaa (sf)

EUR 20,000,000 Class B-1 Senior Secured Floating Rate Notes due
2031, Assigned (P)Aa2 (sf)

EUR 12,000,000 Class B-2 Senior Secured Fixed Rate Notes due
2031, Assigned (P)Aa2 (sf)

EUR 25,000,000 Class C Senior Secured Deferrable Floating Rate
Notes due 2031, Assigned (P)A2 (sf)

EUR 19,500,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2031, Assigned (P)Baa2 (sf)

EUR 21,750,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Assigned (P)Ba2 (sf)

EUR 10,200,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2031, Assigned (P)B2 (sf)

Moody's issues provisional ratings in advance of the final sale
of financial instruments, but these ratings only represent
Moody's preliminary credit opinions. Upon a conclusive review of
a transaction and associated documentation, Moody's will
endeavour to assign definitive ratings. A definitive rating (if
any) may differ from a provisional rating.

RATINGS RATIONALE

Moody's provisional ratings of the rated notes address the
expected loss posed to noteholders by the legal final maturity of
the notes in 2031. The provisional ratings reflect the risks due
to defaults on the underlying portfolio of loans given the
characteristics and eligibility criteria of the constituent
assets, the relevant portfolio tests and covenants as well as the
transaction's capital and legal structure. Furthermore, Moody's
is of the opinion that the collateral manager, Accunia
Fondsmaeglerselskab A/S ("Accunia Credit Management"), has a team
with sufficient experience and operational capacity and is
capable of managing this CLO.

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured loans and senior secured
bonds and up to 10% of the portfolio may consist of unsecured
loans, second-lien loans, mezzanine obligations and high yield
bonds. The portfolio is expected to be approximately 75% ramped
up as of the closing date and to be comprised predominantly of
corporate loans to obligors domiciled in Western Europe. The
remaining of the portfolio will be acquired during the six months
expected ramp-up period.

Accunia Credit Management will manage the CLO. It will direct the
selection, acquisition and disposition of collateral on behalf of
the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's four-year
reinvestment period. Thereafter, purchases are permitted using
principal proceeds from unscheduled principal payments and
proceeds from sales of credit risk and credit improved
obligations, and are subject to certain restrictions.

In addition to the seven classes of notes rated by Moody's, the
Issuer will issue EUR 37,300,000 of subordinated notes, which
will not be rated.

The transaction incorporates interest and par coverage tests
which, if triggered, divert interest and principal proceeds to
pay down the notes in order of seniority.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Global Approach to Rating Collateralized Loan Obligations"
published in August 2017.

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

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

Loss and Cash Flow Analysis:

Moody's modelled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in
Section 2.3 of the "Moody's Global Approach to Rating
Collateralized Loan Obligations" rating methodology published in
August 2017. The cash flow model evaluates all default scenarios
that are then weighted considering the probabilities of the
binomial distribution assumed for the portfolio default rate. In
each default scenario, the corresponding loss for each class of
notes is calculated given the incoming cash flows from the assets
and the outgoing payments to third parties and noteholders.
Therefore, the expected loss or EL for each tranche is the sum
product of (i) the probability of occurrence of each default
scenario and (ii) the loss derived from the cash flow model in
each default scenario for each tranche. As such, Moody's
encompasses the assessment of stressed scenarios.

Moody's used the following base-case modeling assumptions:

Par amount: EUR 350,000,000

Diversity Score: 45

Weighted Average Rating Factor (WARF): 2760

Weighted Average Spread (WAS): 3.40%

Weighted Average Recovery Rate (WARR): 42.75%

Weighted Average Life (WAL): 8.5 years

As part of the base case, Moody's has addressed the potential
exposure to obligors domiciled in countries with local a currency
country risk ceiling (LCC) of A1 or below. As per the portfolio
constraints, exposures to countries with a LCC of A1 or below
cannot exceed 10%, with exposures to countries with LCCs of Baa1
to Baa3 further limited to 5%. Following the effective date, and
given these portfolio constraints and the current sovereign
ratings of eligible countries, the total exposure to countries
with a LCC of A1 or below may not exceed 10% of the total
portfolio. As a worst case scenario, a maximum 5% of the pool
would be domiciled in countries with LCCs of Baa1 to Baa3 while
an additional 5% would be domiciled in countries with LCCs of A1
to A3. The remainder of the pool will be domiciled in countries
which currently have a LCC of Aa3 and above. Given this portfolio
composition, the model was run with different target par amounts
depending on the target rating of each class of notes as further
described in the methodology. The portfolio haircuts are a
function of the exposure size to countries with a LCC of A1 or
below and the target ratings of the rated notes, and amount to
0.75% for the Class A Notes, 0.50% for the Class B Notes, 0.375%
for the Class C Notes and 0% for Classes D, E and F.

Stress Scenarios:

Together with the set of modelling assumption, Moody's conducted
additional sensitivity analysis, which was an important component
in determining the provisional ratings assigned to the rated
notes. This sensitivity analysis includes increased default
probability relative to the base case. Here is a summary of the
impact of an increase in default probability (expressed in terms
of WARF level) on each of the rated notes (shown in terms of the
number of notch difference versus the current model output,
whereby a negative difference corresponds to higher expected
losses), holding all other factors equal:

Percentage Change in WARF: WARF + 15% (to 3174 from 2760)

Ratings Impact in Rating Notches:

Class A Senior Secured Floating Rate Notes: 0

Class B-1 Senior Secured Floating Rate Notes: -1

Class B-2 Senior Secured Fixed Rate Notes: -1

Class C Senior Secured Deferrable Floating Rate Notes: -2

Class D Senior Secured Deferrable Floating Rate Notes: -2

Class E Senior Secured Deferrable Floating Rate Notes: -1

Class F Senior Secured Deferrable Floating Rate Notes: -1

Percentage Change in WARF: WARF +30% (to 3588 from 2760)

Ratings Impact in Rating Notches:

Class A Senior Secured Floating Rate Notes: -1

Class B-1 Senior Secured Floating Rate Notes: -3

Class B-2 Senior Secured Fixed Rate Notes: -3

Class C Senior Secured Deferrable Floating Rate Notes: -4

Class D Senior Secured Deferrable Floating Rate Notes: -3

Class E Senior Secured Deferrable Floating Rate Notes: -2

Class F Senior Secured Deferrable Floating Rate Notes: -3


BAMS CMBS 2018-1: Fitch Rates Class E Notes 'BB-(EXP)sf'
--------------------------------------------------------
Fitch Ratings has assigned BAMS CMBS 2018-1 DAC's notes expected
ratings as follows:

EUR150.9 million class A: 'AAA(EXP)sf'; Outlook Stable

EUR200,000 class X: not rated

EUR31.9 million class B: 'AA(EXP)sf'; Outlook Stable

EUR26.2 million class C: 'A+(EXP)sf'; Outlook Stable

EUR41.3 million class D: 'BBB+(EXP)sf'; Outlook Stable

EUR49.2 million class E: 'BB-(EXP)sf'; Outlook Stable

The transaction is a securitisation of 95% of a GBP315.3 million
commercial real estate loan backed by a portfolio of 59 light
industrial/logistics assets in the UK. The originators, Bank of
America Merrill Lynch International Limited and Morgan Stanley
Bank, N.A., advanced the loan to entities related to Blackstone
Real Estate Partners.

The final ratings are contingent upon the receipt of final
documents conforming to the information already received.

KEY RATING DRIVERS

Granular Portfolio

The portfolio benefits from a diverse array of tenants and no
significant geographic concentration. Portfolio income is
generated by about 300 tenants in various industries even though
many properties are fully or almost fully occupied by a single
tenant. Therefore, exposure to idiosyncratic factors affecting a
particular industry, tenant or region is limited, and reflected
favourably in Fitch's property scoring. The top five properties
account for over 30% of portfolio value, reinforcing the
importance of individual asset assessment.

Secondary Property Quality

Secondary property is scored down by Fitch, but there is little
that Fitch considers at risk of obsolescence. A few outliers more
than 30 years old are generally fit for purpose. Properties in or
near dense population have higher barriers to entry due to high
reinstatement costs, on average 16% higher than the market value.

Pro Rata Principal Pay

Principal (including property release amounts) is repaid to all
noteholders pro rata prior to loan default. If the borrower sells
stronger assets more quickly, notes would be exposed to a poorer-
quality, and more concentrated subset of properties. This risk is
mitigated by the initial portfolio's granularity and homogeneity,
while its impact is cushioned by a 10% release premium.

Last Mile Distribution Demand

Demand for logistics facilities near consumers for same-day
delivery is growing, driving up interest in "last mile" logistics
properties. Well-located light industrial stock in this portfolio
can be used as a final step in supply chain networks.

KEY PROPERTY ASSUMPTIONS (all by market value)

'BBsf' weighted average (WA) cap rate: 7.4%

'BBsf' WA structural vacancy: 15.6%

'BBsf' WA rental value decline: 4.7%

'BBBsf' WA cap rate: 8%

'BBBsf' WA structural vacancy: 17.4%

'BBBsf' WA rental value decline: 7.4%

'Asf' WA cap rate: 8.6%

'Asf' WA structural vacancy: 19.2%

'Asf' WA rental value decline: 11.1%

'AAsf' WA cap rate: 9.4%

'AAsf' WA structural vacancy: 21%

'AAsf' WA rental value decline: 16.2%

'AAAsf' WA cap rate: 10.2%

'AAAsf' WA structural vacancy: 25.2%

'AAAsf' WA rental value decline: 21.3%

RATING SENSITIVITIES

The change in model output that would apply if the capitalisation
rate assumption for each property is increased by a relative
amount is as follows:

Current ratings: 'AAAsf'/'AAsf'/'A+sf'/'BBB+sf'/'BB-sf'

Increase capitalisation rates by 10%: 'AA+sf'/'AA-sf'/'Asf'/'BBB-
sf'/'B+sf'

Increase capitalisation rates by 20%:
'AAsf'/'A+sf'/'BBB+sf'/'BBsf'/'CCCsf'

The change in model output that would apply if the rental value
decline (RVD) and vacancy assumption for each property is
increased by a relative amount is as follows:

Increase RVD and vacancy by 10%: 'AA+sf'/'AA-
sf'/'Asf'/'BBBsf'/'BB-sf'

Increase RVD and vacancy by 20%: 'AA+sf'/'AA-
sf'/'Asf'/'BBBsf'/'BB-sf'

The change in model output that would apply if the capitalisation
rate, RVD and vacancy assumptions for each property is increased
by a relative amount is as follows:

Increase in all factors by 10%: 'AA+sf'/'A+sf'/'A-sf'/'BBB-
sf'/'Bsf'

Increase in all factors by 20%: 'AA-sf'/'A-sf'/'BBBsf'/'BB-
sf'/'CCCsf'

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO 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 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.

Overall, Fitch's assessment of the asset pool information relied
upon for the agency's rating analysis according to its applicable
rating methodologies indicates that it is adequately reliable.


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


EURASIAN RESOURCES: S&P Raises ICR to 'B', Outlook Positive
-----------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Kazakh miner Eurasian Resources Group (ERG) S.a.r.l. to 'B' from
'B-'. The outlook is positive. S&P also affirmed its 'B' short-
term issuer credit rating.

S&P said, "The rating action reflects our view that ERG is well
positioned to benefit from relatively supportive prices for metal
commodities, notably ferrochrome (and ferroalloys in general),
aluminum, copper, iron ore, and, after the ramp-up of the Roan
Tailings Reclamation (RTR) project, cobalt. Prices for
ferrochrome, which contributed about 60% of ERG's EBITDA in 2017,
recovered significantly last year, up 22% from average 2016
levels. This, combined with moderate capital expenditures (capex;
$605 million in 2017), resulted in ERG outperforming our previous
forecasts in 2017, with $2.0 billion in EBITDA, positive $476
million in free operating cash flow (FOCF), and fund from
operations (FFO) to debt climbing to 14%.

"We also think ERG will be able to increase ferroalloys
production by about 5%-10% per year in 2018 and 2019, after
resolving bottlenecks and asset upgrades. In addition, we
anticipate the company's cash flow generation and earnings in the
coming years will be supported by elevated prices for aluminum
and copper. For aluminum, we forecast prices of $2,100 per ton
(/t) in 2018-2020, and for copper $6,400/t in 2018, $6,600/t in
2019, and $6,800/t in 2020. That said, in our base case, we
expect the company will be able to post credit metrics
commensurate with a 'B' rating, notably FFO to debt exceeding 12%
on a sustainable basis, and positive FOCF. We are mindful,
however, of ferrochrome prices' strong volatility: for instance,
the 2017 high was $1.23 per pound (/lb) while the low was
$0.69/lb (58%-60% Cr, CIF China). In our base case, we currently
anticipate ferrochrome prices will experience a moderate 3%-5%
downward correction in 2018 (from a $0.96/lb average in 2017) and
then remain relatively flat, which is still higher than 2016
levels."

Another challenging factor for the company's credit profile is
very sizeable capex program, with our anticipation of $1.0
billion-$1.1 billion of spending per year in 2018 and 2019
(compared with $605 million in 2017). That is largely aimed at
expansion and production growth, which should boost cash flow
generation in the medium term. Notably, ERG has been investing in
its RTR project in the Democratic Republic of Congo (DRC), which
assumes reprocessing of old tailings of copper and cobalt. In
accordance with ERG's plan, first volumes should arrive in the
fourth quarter of this year, and after the full ramp-up might add
a meaningful EBITDA and cash flow contribution, supporting
further improvement in credit metrics in the next two to three
years. However, S&P highlights the high regulatory and country
risks in DRC, which might translate into higher operational
risks, delays, or cost overruns.

S&P said, "The company has demonstrated certain flexibility in
capex and a proactive approach to maturity management to achieve
a streamlined debt maturity profile and reduced interest
payments. We also think that the new management is inclined to
more conservative financial policies. As such, we have revised
our assessment of ERG's management and governance to fair from
weak. At the same time, we note the investigation that the U.K.'s
Serious Fraud Office has been conducting on ENRC (now a part of
ERG) since 2013. As of now, no official charges have been placed,
and we will continue monitoring developments related to this case
to assess the potential impact on ERG's credit quality.

"We currently assess the likelihood of ERG receiving timely and
sufficient extraordinary state support as low, since we believe
the government is more interested in ERG's continued operations
rather than timeliness of its debt repayments. This view is based
on the track record during 2015-2016 when there were sizable
liquidity shortfalls and covenant breaches, but no extraordinary
support (such as capital injections) from the state. We continue
to factor ongoing state support into our ratings on ERG, since we
have seen examples of tangible ongoing support provided by the
state of Kazakhstan to ERG in various forms. We think these
actions were encouraged by ERG's role as a sizable mining company
in the country and a relatively big employer (with a large
workforce in remote regions).

"The ratings continue to reflect our assessment of ERG's business
risk profile as weak. The company continues to be highly exposed
to volatile commodity prices (notably on ferrochrome, aluminum,
and iron ore), and exchange rates of the tenge to major hard
currencies. Other constraints include the capital intensity of
ERG's business and project risks related to its sizable
investment plan. Furthermore, the group faces high country risks
because most of its assets are in Kazakhstan and, to a lesser
extent, in DRC. ERG's business risk profile is, however,
supported by the low cost position of its mining operations,
especially in ferrochrome, where the group has a sizable global
market share of 13%. Additional supports include the group's
elevated and resilient profitability throughout the cycle and
substantial growth potential in 2019-2020, when the ongoing RTR
project will start to contribute to earnings and cash flows.

"The positive outlook reflects our view that we may raise the
rating on ERG in the next 12-18 months if the company is able to
maintain positive cash flow (after capex and debt service) and
continues to demonstrate improvements in credit metrics, with FFO
to debt increasing above 20% sustainably. We think this might
stem from supportive metals prices in 2018 and 2019, and will
require financial discipline in cost-cutting initiatives,
controllable investment spending, at least adequate liquidity,
and management's commitment to deleveraging.

"In our base case, we assume gradual improvement in the credit
metrics, with FFO to debt of about 16% this year rising to 24% by
end-2019. This incorporates growth of ferrochrome production by
5%-10% annually in 2018 and 2019, and first copper and cobalt
volumes mined at RTR in the fourth quarter of 2018 with further
ramp-up the following year. At the same time, deleveraging is
highly exposed to commodity prices, which showed very strong
volatility in recent years for such metals as ferrochrome and
aluminum. That said, given ERG's ambitious stance on organic
growth and increasing production, we think that deleveraging will
be very much dependent on management's ability and willingness to
moderate capex, if needed. An upgrade would also require no
significant shortfalls in ERG's liquidity position in the next 24
months.

"We might also raise the ratings by one notch if we considered
there was a higher likelihood of ERG receiving timely and
sufficient extraordinary state support. Currently we have
incorporated all the state's ongoing support into our stand-alone
assessment of ERG, while giving no uplift into the rating on top
of this."

S&P could revise the outlook to stable if it no longer think
credit metrics will strengthen further, with FFO to debt
stabilizing in the 12%-20% range. This could happen if:

-- There is a drop in commodity prices, notably ferrochrome, or
    lower-than-expected production volumes, which would lead to a
    material cash flow deficit; or

-- Increased investment cash outflows (for example, due to
    project cost overruns) or acquisitions resulted in rapid debt
    accumulation.


EURASIAN RESOURCES: S&P Hikes ICR to 'B', Outlook Positive
----------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Kazakh miner Eurasian Resources Group (ERG) S.a.r.l. to 'B' from
'B-'. The outlook is positive. S&P also affirmed its 'B' short-
term issuer credit rating.

S&P said, "The rating action reflects our view that ERG is well
positioned to benefit from relatively supportive prices for metal
commodities, notably ferrochrome (and ferroalloys in general),
aluminum, copper, iron ore, and, after the ramp-up of the Roan
Tailings Reclamation (RTR) project, cobalt. Prices for
ferrochrome, which contributed about 60% of ERG's EBITDA in 2017,
recovered significantly last year, up 22% from average 2016
levels. This, combined with moderate capital expenditures (capex;
$605 million in 2017), resulted in ERG outperforming our previous
forecasts in 2017, with $2.0 billion in EBITDA, positive $476
million in free operating cash flow (FOCF), and fund from
operations (FFO) to debt climbing to 14%.

"We also think ERG will be able to increase ferroalloys
production by about 5%-10% per year in 2018 and 2019, after
resolving bottlenecks and asset upgrades. In addition, we
anticipate the company's cash flow generation and earnings in the
coming years will be supported by elevated prices for aluminum
and copper. For aluminum, we forecast prices of $2,100 per ton
(/t) in 2018-2020, and for copper $6,400/t in 2018, $6,600/t in
2019, and $6,800/t in 2020. That said, in our base case, we
expect the company will be able to post credit metrics
commensurate with a 'B' rating, notably FFO to debt exceeding 12%
on a sustainable basis, and positive FOCF. We are mindful,
however, of ferrochrome prices' strong volatility: for instance,
the 2017 high was $1.23 per pound (/lb) while the low was
$0.69/lb (58%-60% Cr, CIF China). In our base case, we currently
anticipate ferrochrome prices will experience a moderate 3%-5%
downward correction in 2018 (from a $0.96/lb average in 2017) and
then remain relatively flat, which is still higher than 2016
levels."

Another challenging factor for the company's credit profile is
very sizeable capex program, with our anticipation of $1.0
billion-$1.1 billion of spending per year in 2018 and 2019
(compared with $605 million in 2017). That is largely aimed at
expansion and production growth, which should boost cash flow
generation in the medium term. Notably, ERG has been investing in
its RTR project in the Democratic Republic of Congo (DRC), which
assumes reprocessing of old tailings of copper and cobalt. In
accordance with ERG's plan, first volumes should arrive in the
fourth quarter of this year, and after the full ramp-up might add
a meaningful EBITDA and cash flow contribution, supporting
further improvement in credit metrics in the next two to three
years. However, S&P highlights the high regulatory and country
risks in DRC, which might translate into higher operational
risks, delays, or cost overruns.

S&P said, "The company has demonstrated certain flexibility in
capex and a proactive approach to maturity management to achieve
a streamlined debt maturity profile and reduced interest
payments. We also think that the new management is inclined to
more conservative financial policies. As such, we have revised
our assessment of ERG's management and governance to fair from
weak. At the same time, we note the investigation that the U.K.'s
Serious Fraud Office has been conducting on ENRC (now a part of
ERG) since 2013. As of now, no official charges have been placed,
and we will continue monitoring developments related to this case
to assess the potential impact on ERG's credit quality.

"We currently assess the likelihood of ERG receiving timely and
sufficient extraordinary state support as low, since we believe
the government is more interested in ERG's continued operations
rather than timeliness of its debt repayments. This view is based
on the track record during 2015-2016 when there were sizable
liquidity shortfalls and covenant breaches, but no extraordinary
support (such as capital injections) from the state. We continue
to factor ongoing state support into our ratings on ERG, since we
have seen examples of tangible ongoing support provided by the
state of Kazakhstan to ERG in various forms. We think these
actions were encouraged by ERG's role as a sizable mining company
in the country and a relatively big employer (with a large
workforce in remote regions).

"The ratings continue to reflect our assessment of ERG's business
risk profile as weak. The company continues to be highly exposed
to volatile commodity prices (notably on ferrochrome, aluminum,
and iron ore), and exchange rates of the tenge to major hard
currencies. Other constraints include the capital intensity of
ERG's business and project risks related to its sizable
investment plan. Furthermore, the group faces high country risks
because most of its assets are in Kazakhstan and, to a lesser
extent, in DRC. ERG's business risk profile is, however,
supported by the low cost position of its mining operations,
especially in ferrochrome, where the group has a sizable global
market share of 13%. Additional supports include the group's
elevated and resilient profitability throughout the cycle and
substantial growth potential in 2019-2020, when the ongoing RTR
project will start to contribute to earnings and cash flows.

"The positive outlook reflects our view that we may raise the
rating on ERG in the next 12-18 months if the company is able to
maintain positive cash flow (after capex and debt service) and
continues to demonstrate improvements in credit metrics, with FFO
to debt increasing above 20% sustainably. We think this might
stem from supportive metals prices in 2018 and 2019, and will
require financial discipline in cost-cutting initiatives,
controllable investment spending, at least adequate liquidity,
and management's commitment to deleveraging.

"In our base case, we assume gradual improvement in the credit
metrics, with FFO to debt of about 16% this year rising to 24% by
end-2019. This incorporates growth of ferrochrome production by
5%-10% annually in 2018 and 2019, and first copper and cobalt
volumes mined at RTR in the fourth quarter of 2018 with further
ramp-up the following year. At the same time, deleveraging is
highly exposed to commodity prices, which showed very strong
volatility in recent years for such metals as ferrochrome and
aluminum. That said, given ERG's ambitious stance on organic
growth and increasing production, we think that deleveraging will
be very much dependent on management's ability and willingness to
moderate capex, if needed. An upgrade would also require no
significant shortfalls in ERG's liquidity position in the next 24
months.

"We might also raise the ratings by one notch if we considered
there was a higher likelihood of ERG receiving timely and
sufficient extraordinary state support. Currently we have
incorporated all the state's ongoing support into our stand-alone
assessment of ERG, while giving no uplift into the rating on top
of this."

S&P could revise the outlook to stable if it no longer think
credit metrics will strengthen further, with FFO to debt
stabilizing in the 12%-20% range. This could happen if:

-- There is a drop in commodity prices, notably ferrochrome, or
    lower-than-expected production volumes, which would lead to a
    material cash flow deficit; or

-- Increased investment cash outflows (for example, due to
    project cost overruns) or acquisitions resulted in rapid debt
    accumulation.


===========
N O R W A Y
===========


AKER BP: S&P Revises Outlook to Positive & Affirms 'BB+' ICR
------------------------------------------------------------
S&P Global Ratings revised its outlook on Norway-based oil and
gas exploration and production company Aker BP to positive from
stable. S&P also affirmed its 'BB+' long-term issuer credit
rating on the company.

S&P said, "At the same time, we affirmed our 'BB+' issue rating
on the company's senior unsecured notes due 2022 and 2025. The
'3' recovery rating remains unchanged, reflecting our expectation
of meaningful recovery (50%-70%; rounded estimate 55%) in a
default scenario."

The outlook revision recognizes Aker BP's achieved and
anticipated growth in production and reserves, which could
approach levels more in line with investment-grade peers, such as
Hess Corp. (BBB-/Stable/--) or Concho Resources Inc. (BBB-
/Stable/--). S&P said, "Importantly, we believe that, if
supportive oil prices prevail for longer than we anticipate,
credit metrics could improve more quickly than we previously
expected following the capital expenditure (capex)-heavy 2019,
resulting in fund from operations (FFO) to debt well above 45% in
some scenarios. These two factors combined could support an
upgrade to 'BBB-' in the next 12 to 24 months. We note that the
company's financial policy and dividend distribution policy are
not yet precisely defined, and we have no clarity as to whether
the company will commit to maintain this ratio going forward."

Aker BP's improved business position is a result of past
inorganic growth, but also increased reserves through
exploration. Overall, probable and proved (2P) reserves have
increased to 913 million barrels of oil equivalent (mmboe)
compared with 711mmboe one year ago, and we expect production
will reach 200 thousand barrels of oil equivalent per day
(kboepd) by 2020 compared with 139kboepd in 2017 (prior to the
Hess Norge acquisition), or a 44% increase. This increase stems
mainly from our expectation of production additions from the
giant Johan Sverdrup field, one of the most important industrial
projects in Norway in the next 50 years. With phase one set to be
completed in late 2019 and an estimated plateau production of
440kboepd, Johan Sverdrup could add up to 50kboepd to the group's
production in 2020. Additionally, there is potential for further
organic growth with 785mmboe of 2C resources, including the NOAKA
(North of Alvheim Krafla Askja) project, which could become the
first energy-positive, zero-emissions field development on the
Norwegian Continental Shelf. With potential for further
acquisitions, certain relative weaknesses, notably
diversification and scale, could be materially diminished versus
peers. This is important as by 2020, in our current base case,
25% of production will stem from the Johan Sverdrup field.

S&P said, "With a full cycle break-even target of $35 per barrel
(/bbl) and an active hedging strategy (with about 22% of 2018
production hedged, representing 78% after tax exposure), we also
believe the company can withstand stressed market conditions and
still maintain a strong liquidity profile and cash flow
generation. In a more positive scenario, with oil prices above
what we currently assume, the company's financial policy
decisions, notably regarding risk appetite, leverage, mergers and
acquisitions, and shareholder distributions, will play an
important role in our assessment of the group's long-term credit
worthiness.

"The positive outlook reflects our view that Aker BP could
improve its business position more quickly than we currently
assume, while maintaining conservative credit metrics. We
currently assume that in 2019 FFO to debt could decline to about
30%-35%, because of the need to finance its investment program,
and that the company would require more time to improve the ratio
consistently above 45%--a level we see as commensurate with a
'BBB-' rating. In our base case, we assume that oil prices will
decline from the current inflated level of about $75/bbl to about
$55/bbl in 2020. However, if supportive prices stay for longer
than we assume, and the company achieves higher production
growth, EBITDA and free cash flow growth would be more material.
This could support more rapid deleveraging and result in us
raising the rating on Aker BP to 'BBB-' in the next 12 to 24
months. An upgrade would also be dependent on conservative and
clear financial policies in line with an investment-grade rating.

"We could raise the rating based on further improvements in the
company's business risk profile, notably through added scale and
diversification within Norway. This could be the case if the
company achieved over 200kboepd in production, with an increasing
trend and growing reserves, rather than a peak in 2020, as we
assume in our base case. This could be achieved by major
exploration successes and acquisitions and lead Aker BP to reach
levels more in line with investment-grade peers. The timely
startup of Johan Sverdrup would also be a pre-requisite for an
upgrade, since it would significantly increase production and
support improvement of credit metrics in 2020, including a ratio
of FFO to debt of above 45% on a sustainable basis.

"We could revise the outlook to stable if the company performs
closer to our base-case scenario, due to either more moderate
growth of production and reserves, or due to lower oil prices
than we currently assume.

"We could also revise the outlook to stable if the company's
financial policy turns out to be more aggressive than we assume,
including higher dividend distribution or leveraged acquisitions,
resulting in FFO to debt of below 45%."


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


ELECTROCENTRALE BUCURESTI: Bucharest City Hall to Pay EUR447MM
--------------------------------------------------------------
Romania-Insider.com reports that the Bucharest City Hall will pay
over RON2 billion (EUR447 million) to take over electricity and
heat producer Electrocentrale Bucuresti (ELCEN), which is
currently in insolvency.

The amount covers the price of ELCEN's assets, the company's
debts and the investments made since the start of the insolvency
procedure, according to ELCEN's judicial administrator Seirra
Quadrant, Romania-Insider.com relates citing Profit.ro.

According to Romania-Insider.com, the municipality will take over
ELCEN through one of its newly established companies, Energetica
SA.

Romania-Insider.com says the municipality's company will also
take over the assets of insolvent heat distributor RADET to
integrate the heating production and distribution in the capital.
The company also aims to draw non-reimbursable funds to invest in
environmentally-friendly technologies the estimated investments
amount to EUR513 million between 2018 and 2030.

As reported in the Troubled Company Reporter-Europe on Oct. 11,
2016, Romania-Insider.com said the Bucharest Court approved on
Oct. 6, 2016, the insolvency request of ELCEN. KPMG was appointed
the company's judicial administrator.

Electrocentrale Bucharest S.A. (ELCEN) is a Romanian state-owned
company, which operates several thermal power plants in Bucharest
that produce electricity and hot water.


TERRA TOURISM: Files for Insolvency, Directs Clients to Insurers
----------------------------------------------------------------
Romania-Insider.com reports that travel agency Terra Tourism has
told its partners and clients that it was no longer able to
fulfil commitments and recommended them to address City Insurance
for recovering due amounts.

Terra Tourism will file for insolvency, the agency also said,
Romania-Insider.com relates citing local Profit.ro.

The number of tourists affected by Terra Tourism insolvency is
limited though, Romania-Insider.com says citing the National
Association of Tourism Agencies (ANAT). All will receive
compensations totaling up to US$50,000, which is the insurance
policy's value. ANAT will also grant counselling to Terra Tourism
clients.

According to Romania-Insider.com, ANAT submitted several
proposals to the Tourism Ministry for making legislative changes
aimed at guaranteeing tourist payments after tourism agencies
enter insolvency. However, no agreement was reached.

Terra Tourism is a Romania-based travel agency.


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


ER-TELECOM: S&P Affirms 'B' Long-Term ICR, Outlook Stable
---------------------------------------------------------
S&P Global Ratings affirmed its long-term issuer credit rating on
Russia-based cable operator Er-Telecom at 'B'. The outlook is
stable.

S&P's revised assessment of Er-Telecom's liquidity to adequate,
from less than adequate, reflects its view that Er-Telecom will
continue to benefit from access to a RUB45 billion long-term
committed term loan from Russia-based VTB Bank. The revised
assessment does not affect the issuer rating.

Er-Telecom continues to have access to a RUB45 billion term loan
from VTB Bank (secured with a pledge of shares of Er-Telecom and
its holding company) with the final maturity in February 2025 and
amortization starting from May 2021. This facility, put in place
in February 2018, has been partly used to refinance existing bank
debt. As a result, Er-Telecom's debt maturity profile has
materially improved.

The rating on Er-Telecom reflects its position as the second-
largest Russian broadband operator, with a market share
management assesses at 12%. Er-Telecom is demonstrating robust
growth driven by M&A activity and supported by organic expansion.
M&A activity is largely debt-financed, which has seen the company
build up significant debt. Its S&P Global Ratings-adjusted
leverage ratio is expected to remain about 4.0x in 2018 (4.1x at
end-2017) with subsequent deleveraging anticipated in 2019-2020.

S&P said, "We have revised our assessment of Er-Telecom's
liquidity to adequate, from less than adequate. This reflects our
view that Er-Telecom's ratio of sources to uses will be above
1.5x in the next 12 months. Er-Telecom's liquidity position is
supported by its access to the VTB Bank loan, which mitigates
near-term liquidity and refinancing risks. We also take into
account that Er-Telecom has a track record of accessing public
capital markets, with three domestic bond issuances previously
(RUB3 billion due in 2019; RUB3 billion due in 2020; and RUB5
billion due in 2021).

"That said, we do not assess Er-Telecom's liquidity as strong
because we assume it will not be able to meet high-impact low-
probability events without refinancing. We also believe that, as
a private company, Er-Telecom has somewhat more modest access to
funding sources, which is currently limited to debt financing."
At the end of 2017, Er-Telecom had access to the following
sources of liquidity:

-- Cash and equivalents of around RUB1.4 billion.
-- Availability under VTB facility of RUB22.6 billion.
-- S&P's anticipation of FFO at close to RUB7.5-8.0 billion.

Principal liquidity uses as of the same date were as follows:

-- Minimal debt maturities in the next 12 months. That said, S&P
    factors in that, in July 2019, Er-Telecom will need to repay
    its RUB3 billion bond. S&P expects that this bond will be
    refinanced with the VTB Bank loan.

-- Annual capex of about RUB9 billion.

-- Sizable acquisitions.

-- Moderate negative working capital requirement.

-- Repayment of a liability to the shareholder.

Compliance Expectations

S&P said, "We assess that Er-Telecom has headroom of over 15%
under its maintenance financial covenant in 2018 in its major
debt facility. That said, we are mindful that in 2019 and 2020
the covenants of Er-Telecom will be tightening. In our base-case
forecast we expect Er-Telecom's debt leverage to decrease,
supporting its ability to sustain adequate headroom under its
covenants.

"Our stable outlook on Russia-based cable operator Er-Telecom
reflects our expectation that its revenues will grow by around
15%-20% in 2018-2019 supported by organic growth and previous
acquisitions, and that its EBITDA margin will slightly improve on
the back of efficiency gains. This should balance higher capex
(including related to the Yarovaya law) and M&A-related spending,
translating into adjusted debt to EBITDA close to or below 4.0x.
We also expect liquidity will remain adequate.

"We would downgrade Er-Telecom if its average adjusted leverage
exceeds 4.5x, combined with continued materially negative FOCF.
This might happen if Er-Telecom's ratios are materially affected
by higher-than-expected capex required for implementation of the
Yarovaya data storage law, resulting in higher debt and tighter
headroom under Er-Telecom's covenants.

"We may take a positive rating action if Er-Telecom sustains its
adjusted leverage ratio below 3.5x, supported by organic revenue
growth and higher margins, coupled with positive FOCF generation
and a solid liquidity position."


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


AYT GENOVA HIPOTECARIO VIII: S&P Affirms B (sf) Rating on D Notes
-----------------------------------------------------------------
S&P Global Ratings raised and removed from CreditWatch positive
its credit ratings on AyT Genova Hipotecario VIII Fondo de
Titulizacion Hipotecaria's class A2, B, and C notes. At the same
time, S&P affirmed and removed from CreditWatch positive its
rating on the class D notes.

S&P said, "The rating actions follow the application of our
relevant criteria and our full analysis of the most recent
transaction information that we have received, and reflect the
transaction's current structural features. We have also
considered our updated outlook assumptions for the Spanish
residential mortgage market.

"Our structured finance ratings above the sovereign (RAS)
criteria classify the sensitivity of this transaction as
moderate. Therefore, after our March 23, 2018 upgrade of Spain to
'A-' from 'BBB+', the highest rating that we can assign to the
senior-most tranche in this transaction is six notches above the
Spanish sovereign rating, or 'AAA (sf)', if certain conditions
are met. For all the other tranches, the highest rating that we
can assign is four notches above the sovereign rating.

"Following the sovereign upgrade, on April 6, 2018, we raised to
'A' from 'A-' our long-term issuer credit rating (ICR) on Banco
Santander S.A., which is the swap provider in this."

Considering the remedial actions defined in the swap agreement,
and the current long-term ICR on Banco Santander, the maximum
rating on the notes is not constrained according to our
counterparty criteria.

S&P said, "Our European residential loans criteria, as applicable
to Spanish residential loans, establish how our loan-level
analysis incorporates our current opinion of the local market
outlook. Our current outlook for the Spanish housing and mortgage
markets, as well as for the overall economy in Spain, is benign.
Therefore, we revised our expected level of losses for an
archetypal Spanish residential pool at the 'B' rating level to
0.9% from 1.6%, in line with table 87 of our European residential
loans criteria, by lowering our foreclosure frequency assumption
to 2.00% from 3.33% for the archetypal pool at the 'B' rating
level.

"After applying our European residential loans criteria to this
transaction, the overall effect in our credit analysis results is
a decrease in the weighted-average foreclosure frequency (WAFF)
at all rating levels and an increase weighted-average loss
severity (WALS) at all rating levels.

"The decrease of the WAFF was mainly driven by our revised
foreclosure frequency assumptions. The WALS increased due to the
updated assumptions for market value decline. As the pool's
attributes indicate better credit quality than the archetype, we
increased the projected loss that we modeled to meet the minimum
floor under our European residential loans criteria."

  Rating level     WAFF (%)    WALS (%)
  AAA                 7.49       45.67
  AA                  5.09       40.63
  A                   3.86       29.05
  BBB                 2.87       22.78
  BB                  1.89        9.34
  B                   1.14        3.30

S&P said, "The class A2, B, C, and D notes' credit enhancement at
the May 2018 payment date had remained stable since our previous
review due to the pro rata amortization of the notes at that
payment date. However, the notes amortized sequentially between
May 2017 and February 2018.

"The transaction has performed in line with our expectations and
arrears have always been lower than our Spanish residential
mortgage-backed securities (RMBS) index. Cumulative defaults,
which stand at 0.4% of the original pool balance, are also lower
than other Spanish RMBS transactions that we rate. The
collateral's strong quality is due to the strong underwriting
procedures for granted mortgage loans with a weighted-average
original LTV ratio that is lower than that of other Spanish
mortgage lenders.

"Following the application of our criteria, we have determined
that our assigned ratings on the classes of notes in this
transaction should be the lower of (i) the rating as capped by
our RAS criteria, (ii) the rating as capped by our counterparty
criteria, or (iii) the rating that the class of notes can attain
under our European residential loans criteria.

"The application of our RAS criteria allows our rating on the
class A2 notes to be six notches above our unsolicited 'A-' long-
term sovereign rating on Spain. We have therefore raised to 'AAA
(sf)' from 'AA+ (sf)' and removed from CreditWatch positive our
rating on this class of notes.

"The application of these criteria caps our rating on the class B
notes at four notches above our unsolicited 'A-' long-term
sovereign rating on Spain as it is not the most senior class of
notes. We have therefore raised to 'AA (sf)' from 'AA- (sf)' and
removed from CreditWatch positive our rating on this class of
notes.

"Our rating on the class C notes is not capped by our RAS
analysis as the application of our European residential loans
criteria, including our updated credit figures, determines our
rating on the notes at 'BBB (sf)'. We have therefore raised to
'BBB (sf)' from 'BB+ (sf)' and removed from CreditWatch positive
our rating on this class of notes.

"Credit enhancement has remained stable for the class D notes
because of the reserve fund's amortization at the May 2018
payment date even if at the previous payments dates it was not at
its required level. However, following the application of our
criteria and guidance for assigning 'CCC' category ratings, we
believe that payments on this class of notes depend on favorable
financial and economic conditions. We have therefore affirmed and
removed from CreditWatch positive our 'B (sf)' rating on the
class D notes."

AyT Genova Hipotecario VIII is a Spanish RMBS transaction, which
closed in June 2006.

  RATINGS LIST

  Class             Rating
              To               From

  AyT Genova Hipotecario VIII, Fondo de Titulizacion Hipotecaria
  EUR2.1 Billion Mortgage-Backed Floating-Rate Bonds

  Ratings Raised And Removed From CreditWatch Positive

  A2          AAA (sf)          AA+ (sf)/Watch Pos
  B           AA (sf)           AA- (sf)/Watch Pos
  C           BBB (sf)          BB+ (sf)/Watch Pos

  Ratings Affirmed And Removed From CreditWatch Positive

  D           B (sf)            B (sf)/Watch Pos


===========
S W E D E N
===========


RADISSON HOSPITALITY: Moody's Assigns B1 CFR, Outlook Stable
------------------------------------------------------------
Moody's Investors Service assigned B1 corporate family rating and
B1-PD probability of default rating to Radisson Hospitality AB.
Moody's further assigned B1 senior secured bond ratings to its
proposed EUR250 million note due 2023 issued by Radisson Hotel
Holdings AB. The outlook is stable. This is the first time
Moody's has rated the company.

"Moody's rating action balances Radisson Hospitality's strong
brand, diverse pan-European portfolio, asset light strategy and
moderate credit profile with execution risks of its repositioning
programme and relatively complex corporate structure and
governance," said Maria Maslovsky, Moody's Vice President -
Senior Analyst and the lead analyst for Radisson Hospitality AB.

The instrument rating for Radisson's proposed senior secured
notes is the same as the corporate family rating reflecting its
position as the dominant class of debt in the capital structure.

RATINGS RATIONALE

The B1 corporate family rating reflects Radisson Hospitality's
well-established and diversified European platform with a strong
global brand, its asset-light business model with a mix of
leased, managed and franchised properties and moderate financial
profile. Radisson Hospitality AB operates hotels flagged under a
range of globally recognized Radisson and related brands owned by
Radisson Hospitality Inc. It also benefits from good geographic
diversification of its portfolio across Europe with some presence
in the Middle East and Africa. Radisson Hospitality AB targets an
asset-light model with a portfolio of 57 leased, 206 managed and
111 franchised hotels across its brands which contribute 46%, 44%
and 10% of EBITDA, respectively. Positively, 90% of leases are
either variable or have a cap mechanism limiting RH AB's
liability in a downturn.

Radisson Hospitality AB's credit profile is expected to be
moderate with adjusted leverage of 5.9x in 2018 which is expected
to decline to below 5x in 2019 primarily as a result of the
introduction of IFRS 16 and its favourable treatment of RH AB's
lease cap mechanism. Similarly, Radisson's EBITA/interest
coverage of 1.3x in 2018 is anticipated to almost double in 2019
to above 2x largely also as a result of IFRS 16. On a comparable
basis, leverage is expected to reduce to 5.6x in 2019 from 5.9x
in 2018 under the current accounting regime.

Counterbalancing these positives are the execution risks
associated with Radisson Hospitality's extensive repositioning
program designed to broaden the brand value proposition, support
it with marketing, revenue management, refurbished physical
facilities and back office systems. While the management team has
experience in such transformational projects, the execution risks
typical of a large restructuring remain.

In addition, Radisson Hospitality's corporate structure and
governance are relatively complex with two large shareholders
comprising almost 70% of the shares. These majority shareholders
are private firms wholly owned by HNA, a Chinese conglomerate. As
a result of their private status, the financial position of these
companies is unknown, however Moody's expects dividend upstream
to remain limited due to stated financial policy which has been
in places since the IPO in 2006 and limitations in the notes
documentation.

Radisson Hospitality relies on a Master Franchise Agreement (MFA)
with its largest shareholder, Radisson Hospitality Inc., for its
access to Radisson brands, distribution and reservation systems
and loyalty program. While the MFA is in effect until 2052, its
operation in case of Radisson Hospitality Inc.'s non-performance
(for example, as a result of bankruptcy or a change of control)
is untested. Although Radisson Hospitality AB incorporated
certain protective features into the MFA and participates in the
Global Steering Committee, the ability of Radisson Hospitality AB
to effect changes at Radisson Hospitality Inc., if needed, is
uncertain.

Radisson Hospitality's liquidity is expected to be solid
following the proposed bond issuance including over EUR200
million of cash and equivalents, no debt maturities and positive
operating cash flow. However, RH AB will be free cash flow
negative (inclusive of capex and dividends) in 2018 and 2019
owing to approximately EUR100 million of capex in each of those
years.

Positive rating movement would occur if leverage reduced to 4.0x,
coverage increased to above 2.5x and RCF/net debt increased to
over 20% on a sustained basis including Moody's standard
adjustments. Good liquidity would also be needed at all times.

Negative rating pressure would be precipitated by leverage
sustainably over 5.5x, decline in coverage to below 1.5x and
RCF/net debt below 12%. Any liquidity challenges or more
aggressive financial policy could also create negative rating
pressure.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

COMPANY PROFILE

Radisson Hospitality AB is the 5th largest European hotel chain
with 374 hotels and over 105,000 rooms in operation and
development across EMEA focussing on midscale and upscale urban
business hotels. In 2017, the company reported revenues of EUR967
million.


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


COMET: Deloitte Kahn Partner Steps Down Amid Probe Into Collapse
----------------------------------------------------------------
Tabby Kinder at The Times reports that Neville Kahn, one of the
UK's leading insolvency practitioners, who generated more than
GBP25 million in fees from the collapses of Woolworths, HMV and
Comet, has resigned from Deloitte amid an investigation into his
conduct.

Mr. Kahn is one of three Deloitte partners under investigation by
the Institute of Chartered Accountants in England and Wales
(ICAEW) over the administration of Comet, the electrical retailer
which collapsed in 2012 at a cost to the taxpayer of GBP45
million, The Times discloses.

According to The Times, the institute's investigation is
understood to be nearing a conclusion after a second liquidator,
FRP Advisory, was appointed to Comet during a secret court
hearing in June.

Mr. Kahn, 55, joined Deloitte in 2001 after a 20-year career at
PWC, The Times relates.


ESCUBED LTD: Halts Operations, Appoints Administrators
------------------------------------------------------
Business Sale reports that Escubed Limited, a research and
development company based in North Yorkshire, stopped its
operations and has appointed administrators following tough
financial times.

Insolvency practitioners Armstrong Watson LLP have been called
in, with partners Rob Adamson --
Rob.Adamson@armstrongwatson.co.uk -- and Mark Ranson --

mark.ranson@armstrongwatson.co.uk -- assigned as joint
administrators, Business Sale relates.  Pinder Asset Solutions
have been appointed to assist with the sale and marketing of the
company's assets, Business Sale discloses.

"Immediately prior to our appointment, but in conjunction with
ourselves, the directors made the difficult decision that the
company should cease trading due to its inability to meet its
ongoing financial obligations," Business Sale quotes Mr. Adamson,
Escubed Limited's lead administrator, as saying.   "We have
engaged Pinder Asset Solutions to assist with the marketing and
sale of the tangible assets however we have not ruled out a
potential sale of the business in some form given its bespoke
nature.  Any expressions of interest should be directed to the
joint administrators in the first instance."

Escubed Limited was founded in 2008 as a spin-out company from
the University of Leeds, acting as a particle characterization
analysis laboratory that also carries out research and
development.


ITACONIX: Shares Suspended, At Risk of Insolvency on Funding Woes
-----------------------------------------------------------------
Julia Bradshaw at The Telegraph reports that Itaconix, an
Aim-listed chemicals company, has had its shares suspended while
it looks for more money.

Itaconix, which makes biopolymers for the home care, personal
care and industrial markets, said it needed more funding, but
there was no guarantee that it could find it, The Telegraph
relates.

"In the event that the company is unable to raise such funding,
the company will enter into some form of insolvency procedure,"
The Telegraph quotes the company as saying.

However, Kevin Matthews, the company's chief executive, said the
shares had not stopped trading because it was about to run out of
cash, but because its fundraising round had been delayed, The
Telegraph notes.


LHC3 PLC: Fitch Affirms LT IDR at 'BB-', Outlook Stable
-------------------------------------------------------
Fitch Ratings has upgraded Allfunds Bank S.A.'s (AFB) Long-Term
Issuer Default Rating (IDR) and Viability Rating (VR) to 'BBB+'
and 'bbb+' from 'BBB' and 'bbb', respectively. At the same time,
the agency affirmed LHC3 plc's Long-Term IDR and its senior
secured payment in kind (PIK) toggle notes at 'BB-'. The Outlooks
on both entities' Long-Term IDRs are Stable.

KEY RATING DRIVERS

AFB

IDRS AND VR

The upgrade of AFB's ratings reflects solid progress in
developing its leading European business-to-business open
architecture fund distribution franchise while maintaining its
low risk appetite and sound capital ratios. Assets under
administration (AuA) that exceeded Fitch's expectations in 2017
make AFB less vulnerable to downturns in the valuations of
financial markets. The ratings also factor in AFB's improved,
sound earnings but concentrated business model and relatively
small equity base in absolute terms.

AFB's robust technological platform is its main competitive
advantage because it connects asset management houses with
distributor clients in a reliable and efficient manner, offering
a one-stop solution fund intermediation and order routing
service. The continuous development of the platform gives AFB a
tool to escalate its business at a low marginal cost, supporting
the stability and predictability of its earnings. The bank's AuA
rose by about 42% in 2017 to about EUR359 billion at year-end and
Fitch expects further growth in 2018-2019 as AFB focuses on the
Benelux, Nordics and Asian markets.

AuA volume growth is underpinning AFB's earnings growth by
offsetting the continued pressure on margins due to a stricter
regulatory landscape. AFB's earnings profile benefits from the
sound efficiency provided by its highly automated technological
platform. However, the bank's revenues remain highly concentrated
in the fund distribution and intermediation segment as 89% of
total revenue in 2017 was related to these activities. This makes
earnings sensitive to margin pressure from regulatory changes and
increased competition.

Operational and litigation risks are the main risks to which AFB
is exposed to as they are an inherent part of its business. High
automation of processes, sound controls, IT investments, various
insurance policies and a highly regulated environment minimise
these risks. Operational losses to date have been minimal.

AFB maintains comfortable buffers over regulatory capital
requirements, with a common equity Tier 1 (CET1) ratio of 18.1%
at end-2017 (or 27.5% including the audited net profit for 2017).
AFB is committed to maintaining a minimum CET1 ratio of 17.5% at
all times despite the pressure to upstream dividends to repay the
EUR575 million debt at the holding company level, which in its
view is adequate. In its assessment of capitalization, Fitch also
takes into account the bank's small total equity base against the
bank's high exposure to operational risk.

Fitch expects AFB to consider developing and diversifying its
business through small acquisitions like that of Finametrix, a
leading company in fintech solutions for asset management,
announced in January 2018. However, Fitch expects limited impact
on capital from potential acquisition as this will either be
small or funded with earnings retention.

SUPPORT RATING AND SUPPORT RATING FLOOR

AFB's Support Rating of '5' and Support Rating Floor of 'No
Floor' reflect Fitch's belief that senior creditors of the bank
can no longer rely on receiving full extraordinary support from
the sovereign if the bank becomes non-viable. The EU's Bank
Recovery and Resolution Directive (BRRD) and the Single
Resolution Mechanism (SRM) for eurozone banks provide a framework
for resolving banks that is likely to require senior creditors to
participate in losses, instead of or ahead of a bank receiving
sovereign support.

LHC3

IDRS AND DEBT RATING

LHC3 is the holding company set up by Hellman & Friedman (H&F, a
private equity firm) and GIC, Singapore's sovereign wealth fund
(together, the acquirers) to buy AFB, which is its only
significant asset. LHC3 funds the shares in AFB partly through a
EUR575 million senior bond, which is its main reference liability
for rating purposes.

Fitch has affirmed LHC3's rating despite the upgrade of AFB's
ratings because the latter is based on the strengthening of the
bank's company profile, which has translated into growing
business volume (measured by AuA) exceeding Fitch's expectations,
making it less vulnerable to downturns in market valuations,
rather than on an improvement in its earnings outlook.

LHC3's Long-Term IDR is primarily driven by the structural
subordination of LHC3's creditors, its reliance on dividends
being upstreamed from AFB to service its debt and high but
improving gross cash flow leverage. The rating also takes into
account LHC3's adequate standalone liquidity management, adequate
up-stream dividend predictability and commitments made to the
regulator on reducing net cash flow leverage over the life of the
bond.

There are no cross-guarantees of debt between LHC3 and AFB, and
the ratings reflect the structural subordination of LHC3's
creditors to those of AFB. In Fitch's view, debt issued by LHC3
is sufficiently isolated from AFB so that failure to service it,
all else being equal, may have limited implications for AFB's
creditworthiness.

LHC3's gross leverage (defined as gross debt/received dividends)
is high, although Fitch expects it to improve to more manageable
levels within the next two years. Fitch also believes that net
cash flow leverage should reduce materially in the medium term,
supported by the entity's ability to retain a proportion of
upstreamed dividends.

Standalone liquidity is supported by LHC3's interest reserve
account and an adequately sized revolving credit facility (RCF).
In Fitch's view, weaker liquidity metrics in the short term are
adequately mitigated by the availability of the RCF and its
assessment that dividends upstreamed from AFB are reasonably
predictable.

The instrument rating is aligned with LHC3's Long-Term IDR as
Fitch expect the senior PIK notes to have average recovery
prospects.

RATING SENSITIVITIES

AFB

IDRS AND VR

Upside rating potential for AFB is constrained by its company
profile and would require sustained business growth and more
balanced geographical and business mix diversification,
supporting an improvement in the quality of its earnings. This is
provided that sound capital ratios are maintained and the risk
appetite remains unchanged.

Downward rating pressure could arise from a material erosion in
AFB's franchise leading to a substantial decrease in AuA and
therefore earnings. Increases in its risk appetite, current
capitalisation being negatively affected by operational or
litigation losses or significant inorganic growth could also
adversely affect the ratings.

SUPPORT RATING AND SUPPORT RATING FLOOR

An upgrade of the SR and upward revision of the SRF would be
contingent on a positive change in the sovereign's propensity to
support AFB. Although not impossible, this is highly unlikely, in
Fitch's view.

LHC3

IDRS AND DEBT RATING

Downward pressure on LHC3's IDR and the rating of the notes would
arise from a significant depletion of liquidity within LHC3
affecting its ability to service its debt obligations. This would
most likely be prompted by a material fall in earnings at AFB
restricting its capacity to pay dividends. LHC3's ratings are
highly sensitive to the stability and predictability of dividends
being upstreamed from AFB but a change in AFB's ratings would not
necessarily translate into changes in LHC3's ratings.

Given the regulatory ring-fence around AFB, the structural
subordination of LHC3's creditors to AFB creditors and LHC3's
reliance on dividends being upstreamed from AFB to service the
notes, rating upside is limited in the medium term.

Fitch views the senior PIK notes as LHC3's reference liabilities.
Consequently, any payment in kind (instead of cash payments)
would be viewed as non-performance of the notes and would
constitute a default of the issuer under Fitch's "Bank Rating
Criteria".

The rating actions are as follows:

AFB

Allfunds Bank, S.A.

Long-Term IDR: upgraded to 'BBB+' from 'BBB', Outlook Stable

Short Term IDR: upgraded to 'F2' from 'F3'

Viability Rating: upgraded to 'bbb+' from 'bbb'

Support Rating: affirmed at '5'

Support Rating Floor: affirmed at 'No Floor'

LHC3 Limited

Long-Term IDR: affirmed at 'BB-', Outlook Stable

Senior secured PIK toggle notes' long-term rating: affirmed at
'BB-'


ORIGINAL FACTORY: Set to Close Stores Under CVA
-----------------------------------------------
Tim Clark at Drapers Online reports that The Original Factory
Shop (TOFS) is set to close stores in York, Brighton, Aylesbury
and Dumfries, blaming poor trading conditions for its Company
Voluntary Arrangement.


SYNTHOMER PLC: Moody's Assigns 'Ba2' CFR, Outlook Stable
--------------------------------------------------------
Moody's Investors Service assigned new ratings for Synthomer plc
(Synthomer), including a Ba2 Corporate Family Rating (CFR) and a
Ba2-PD Probability of Default Rating. Concurrently, Moody's
assigned a Ba2 rating to the company's proposed EUR300 million
senior notes due 2025 and a Ba2 rating to its proposed EUR300
million revolving credit facility. Both debt instruments are to
be issued by Synthomer plc, rank pari passu and are unsecured but
guaranteed by the same guarantor group. The ratings outlook is
stable.

"Synthomer's strong credit metrics including low Moody's adjusted
leverage of 2.3x expected for the end of 2018 post proposed
refinancing, coupled with a conservative financial policy support
the assigned Ba2 ratings," said Hubert Allemani a Senior Analyst,
Vice President and lead analyst on Synthomer.

RATINGS RATIONALE

The Ba2 CFR reflects Synthomer's (1) solid credit metrics
underpinned by the company's leading European position in the
styrene butadiene (SBR) latex and dispersions chemical markets,
and leading global position in nitrile butadiene rubber (NBR);
(2) global manufacturing footprint with strategic presence in key
geographies like Malaysia for NBR and long term relationship with
blue chip customers; (3) well diversified end markets with
expectation of growing underlying demand, particularly for NBR;
(4) stable to improving Moody's adjusted EBITDA margins with
margin in the mid teen supported by raw material pass through
clauses and fixed costs reduction program; and (5) conservative
financial policy with a low Moody's adjusted leverage of 2.3x
post refinancing reducing towards 2x over the next two years.

However, the Ba2 rating also factors in (1) modest size with
about GBP1.5 billion of revenue in 2017; (2) some geographical
concentration in Europe which represented about 60% of revenue in
2017; (3) revenue growth in the past three years mostly driven by
acquisitions, albeit all well integrated; (4) expected modest
Moody's adjusted free cash flow over the next 12-24 months
because of high capital expenditures to increase capacity and
expected higher taxes in Malaysia from 2019 if their local
incentive program is not renewed.

Moody's expects Synthomer to achieve top line growth in the high-
single digit range over the next 12-24 months, driven by (1)
integration of the acquired businesses and strategic plan to
increase capacity to support demand growth; (2) stable market
share in markets with limited new entrants or additional
capacity; (3) high research and development capabilities and
technical expertise to support its leading market share.

Moody's also believes that the market environment could be less
positive than the one seen over the last 18 months. While the NBR
market is expected to show high single digit growth rate over the
next two to three years, the three other Synthomer's markets of
SBR latex, dispersions and specialties should display lower
growth rate in the low single digit (akin to GDP growth).

Moody's remains confident that the company will maintain its
solid profitability over the next 18-24 months to improve its
Moody's adjusted EBITDA to close to GBP200 million. Synthomer's
Moody's adjusted EBITDA margin is expected to improve towards 13%
in 2018 from 12% in 2017 supported by a combination of fixed
costs management, higher efficiencies and improved product mix
following the acquisitions made over the last two years. Moody's
also expects that the company's Moody's adjusted retained cash
flow (RCF) to debt will remain in the mid-twenties and that with
an improving Moody's adjusted EBITDA and no additional debt
financed acquisition, Synthomer's Moody's adjusted leverage will
improve towards 2x. Moody's expects the company to continue to
follow its conservative financial policy of not exceeding net
leverage of 2x for a sustained period should it consider to
pursue its bolt-on acquisitions strategy.

Synthomer's liquidity is good and supported by pro forma cash on
balance sheet post debt refinancing expected of GBP59.1 million
and large committed and undrawn revolving credit facility (RCF)
of EUR300 million. Moody's expects the company to remain free
cash flow positive this year and under Moody's base case
assumptions cash in hands should increase to close to GBP100
million. With this refinancing, the company will not have any
maturities before 2022 when the RCF matures.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectations that Synthomer
can achieve revenue and EBITDA growth in line with its publicly
stated guidance and that leverage, as adjusted by Moody's, will
fall towards 2x by 2019. It also reflects the rating agency's
expectation that the company will improve its free cash flow and
maintain strong liquidity.

WHAT COULD CHANGE THE RATING UP/DOWN

Although unlikely in the near term, Synthomer's ratings could be
upgraded if the company were to grow its size, improve its
business profile in terms of greater geographical diversification
of revenue and profitability; higher share of specialty chemicals
that would lead to an improvement in its Moody's adjusted EBITDA
margin in the mid to high teens level. The company would also
have to maintain its high RCF to debt and continue to be
sustainably free cash flow positive.

Conversely, downward ratings pressure could develop if the
company's (1) Moody's adjusted leverage increases sustainably
above 3x; (2) RCF / debt is below 20% on sustainable basis and
(3) deterioration of the liquidity profile.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Chemical
Industry published in January 2018.

COMPANY PROFILE

Synthomer plc is a specialty chemical company, one of the world's
leading suppliers of Acrylic and Vinyl emulsions polymers,
specialty polymers and Styrene-Butadiene and Acrylonitrile-
Butadiene latex. The company's business profile is supported by
its broad range of end markets with a positive demand outlook in
many market segments including coatings, construction, technical
textiles, paper and synthetic latex gloves. Synthomer has 25
operational sites in 14 countries with a significant presence in
Europe, the Middle East and Asia. It employs more than 2800
employees.

Synthomer is headquartered and listed in the UK (market
capitalisation of GBP1.8 billion on 15 June). In 2017, the
company generated GBP1.5 billion of sales and underlying EBITDA
of GBP176 million (11.9% margin).


LIST OF AFFECTED RATINGS:

Assignments:

Issuer: Synthomer plc

Corporate Family Rating, Assigned Ba2

Probability of Default Rating, Assigned Ba2-PD

Backed Senior Unsecured Bank Credit Facility, Assigned Ba2

Backed Senior Unsecured Regular Bond/Debenture, Assigned Ba2


Outlook Actions:

Issuer: Synthomer plc

Outlook, Assigned Stable


TWIN BRIDGES 2017-1: Fitch Hikes Class X1 Notes Rating to BB+sf
---------------------------------------------------------------
Fitch Ratings has taken multiple rating actions on Twin Bridges
2017-1's notes, including upgrading the class X1 notes and
maintaining Rating Watch on the class B to D notes.

The transaction is secured by residential mortgages originated
and serviced by Paratus AMC Limited (Paratus), an experienced
mortgage servicer that started originating buy-to-let (BTL)
mortgages in 2015. The loans are exclusively BTL and secured
against properties located in England and Wales.

KEY RATING DRIVERS

Consistent Performance

Performance since close in July 2017 has been consistent with
Fitch's expectations. One month plus arrears have reached only
0.07% of the pool. The have been no repossessions and thus no
associated losses for the transaction.

Prefunding Completed

At close the transaction featured a prefunding mechanism to
purchase additional mortgage loans during the first payment date.
These mortgages were added shortly after transaction closing,
resulting in less uncertainty around the mortgage pool. As a
result, Fitch's assumptions to capture potential risk migration
of the mortgage pool are no longer in place.

Excess Spread Notes Paid Down

Available excess spread is used to pay pro-rata interest and
sequential principal on the class X1 and X2 notes. There has been
a significant pay-down in the outstanding principal balance of
the X1 notes since closing leading to an upgrade of its rating.
The rating of the class X2 notes reflects its subordinated
position in the revenue waterfall and the higher reliance on
medium-term excess spread than the class X1 notes. Excess spread
could be reduced at or around the reversion dates of the asset
pool, when higher prepayments are expected.

Rating Watch Maintained

The transaction was placed on Rating Watch Positive following the
publication of the Exposure Draft: Structured Finance and Covered
Bonds Counterparty Rating Criteria on May 31, 2018. This rating
watch is to be maintained pending publication of the final
criteria. The class X1 and X2 notes will not be impacted by the
change of criteria and have therefore been removed from rating
watch.

RATING SENSITIVITIES

Adverse macroeconomic conditions could result in high
unemployment which in turn may affect residential letting terms.
This would impact buy-to-let transactions through reduced excess
spread and potential losses, leading to negative rating actions.

The transaction features a significant proportion of interest-
only loans, with a concentration in a three-year period between
2040 and 2042. In the event that borrowers are unable to
refinance these loans at maturity, increased foreclosures may
result, with potential losses for the transaction.

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO 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. There were no findings that affected
the rating analysis. 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 its 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.

Fitch has taken the following rating actions:

Class A (ISIN: XS1622306972) affirmed at 'AAAsf'; Outlook Stable

Class B (ISIN: XS1622307947): 'AA+sf' remains on Rating Watch
Positive

Class C (ISIN: XS1622308242): 'A+sf' remains on Rating Watch
Positive

Class D (ISIN: XS1622308671): Asf' remains on Rating Watch
Positive

Class X1 (ISIN: XS1622308838) upgraded to 'BB+sf' from 'BBsf';
removed from Rating Watch Positive; Outlook Stable

Class X2 (ISIN: XS1629372357) affirmed at 'BB-sf'; removed from
Rating Watch Positive; Outlook Stable


VTB CAPITAL: Moody's Reviews Ba3 Deposit Ratings for Downgrade
--------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade the
local- and foreign currency long-term bank deposit ratings and
counterparty risk assessments (CRAs) of VTB Capital plc (VTBC).
Moody's rating action reflects the changed structure of the
bank's liabilities following the partial repayment of its
subordinated debt.

Concurrently, Moody's affirmed VTBC's short-term deposit ratings
of Not Prime and the short-term CRA of Not Prime(cr).

RATINGS RATIONALE

The rating action reflects the likelihood of higher loss-given-
failure for the bank's depositors and senior operating
obligations as a result of reduced subordination protecting these
instruments from loss.

VTBC's Ba3 deposit ratings are based on the bank's b2 baseline
credit assessment (BCA) and a high probability of support from
Bank VTB, PJSC (VTB; Ba1 positive Long-term local currency Bank
Deposits/Ba2 stable Long-term foreign currency Bank Deposits, b1
BCA) which provides an adjusted BCA of b1. In addition, VTBC's
deposit ratings benefit from one notch of uplift under Moody's
Advanced Loss Given Failure (LGF) approach, considering the risks
faced by the different debt and deposit classes across the
liability structure, should the bank enter resolution. The CRA
benefits from three notches of uplift, reflecting the agency's
view that operating obligations also benefit from loss absorption
provided by junior deposits.

However, the bank's most recent financial statements indicate a
reduction in the subordination available to protect the bank's
deposits and operating obligations from loss in a resolution,
following the partial redemption of the bank's subordinated debt
and other changes in the balance sheet. As a result, Moody's will
review the long-term deposit ratings and CRA pending further
analysis of likely changes in the bank's liability structure and
loss rate in failure.

WHAT COULD CHANGE THE RATING UP / DOWN

An upgrade in the long-term deposit rating is unlikely given that
it is on review for downgrade.

Moody's may downgrade the long-term deposit rating should it
conclude that loss-given-failure for deposits has increased
following changes to the capital structure.

LIST OF AFFECTED RATINGS

Issuer: VTB Capital plc

On Review for Downgrade:

Long-term Counterparty Risk Assessment, Placed on Review for
Downgrade, currently Ba1(cr)

Long-term Bank Deposits (Local and Foreign Currency), Placed on
Review for Downgrade, currently Ba3 STA

Affirmations:

Short-term Deposit Rating (Local and Foreign Currency), Affirmed
NP

Short-term Counterparty Risk Assessment, Affirmed NP(cr)

Outlook Actions:

Outlook, Changed To Rating Under Review From Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
published in June 2018.


WHYTE CHEMICALS: OQEMA Acquires Business Out of Administration
--------------------------------------------------------------
Business Sale reports that Whyte Chemicals, a chemicals
distribution business based in north London and Denaby, South
Yorkshire, has been acquired out of administration by the
Oxfordshire-based UK division of Germany's OQEMA.

All employees will transfer over to the new company OQEMA Whyte
Ltd, and operations will be conducted under the Whyte name,
Business Sale discloses.

The company was forced to restructure its credit facilities
earlier this year and Andrew Andronikou --
andrew.andronikou@quantuma.com -- and Paul Zalkin --
paul.zalkin@quantuma.com -- were appointed as joint
administrators, Business Sale relates.

Mr. Andronikou, as cited by Business Sale, said: "The last few
months have been a testing time for the suppliers, customers and
loyal staff of Whyte Chemicals Ltd. Without their forbearance and
understanding the job of rescuing this leading name in the
chemical distribution industry would not have been possible."

The chemical distribution business is considered to be one of the
largest privately owned distributors of chemicals in the UK, with
an annual turnover of around GBP70 million, Business Sale states.
It is said that more than 40 jobs have been saved from the
acquisition, Business Sale notes.

"Despite unexpected difficulties and significant external
challenges [this] hopefully delivered a fantastic result.  We
wish all concerned the very best for a bright future," Business
Sale quotes Mr. Zalkin as saying.

Founded in 1976, Whyte Chemicals is based in North London with a
flagship distribution centre on a nine-acre site in Denaby, South
Yorkshire.


* UK: More Than 100 Colleges 'At Risk' of Insolvency
----------------------------------------------------
Stephen Exley at TES reports that more than 100 colleges "need to
familiarise themselves" with the new FE insolvency regime, a
government document has suggested.

According to TES, the government's response to the consultation
on the new regime for colleges, published on June 15, estimates
that over the next 10 years, 63 colleges could be given a notice
to improve for their financial health, in addition to the 37
current subject to a notice.

While the document stated "we would expect instances of college
insolvency to be exceptional and uncommon", it continues: "As a
central estimate, we believe that 100 colleges will need to fully
familiarise themselves with the insolvency procedures," TES
relays.

This could vary between a best case number of 80 colleges and a
"worst case scenario" under which 150 colleges would be at risk,
added TES.

However, the report also stated: "It is important not to
overstate the risk of college insolvency. The government believes
that the risk of a college becoming insolvent is very low,
particularly given the robust financial monitoring by [Education
and Skills Funding Agency] and strengthened intervention regime
which will be part of the new landscape. We envisage that formal
insolvency procedures (including education administration) will
be tools of last resort."

TES notes that the government's response also addressed concerns
raised in the consultation that the new rules could deter many
people from becoming college governors, due to concerns about
their liability, should a college become insolvent.

"We recognise the concern raised by a number of respondents", it
stated adding "Our aim is for clear guidance to dispel those
apprehensions and minimise the risk of good governors leaving
their posts . . . Insolvency proceedings do not automatically
result in disqualification proceedings or wrongful trading
claims. So long as governors have adequately discharged their
duties, then disqualification proceedings and wrongful trading
claims would be very unlikely," TES reports.


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


* Gordon Brothers Appoints Jaffe as UK, EU Managing Director
------------------------------------------------------------
Gordon Brothers Finance Company (GBFC) disclosed that it has
appointed Peter Jaffe as Managing Director to lead GBFC's
financing platform in the U.K. and Europe.

GBFC is a commercial finance company focused on middle market
lending worldwide.  The Company originates asset-based loans
across a wide spectrum of industries and since its foundation in
2014 has deployed approximately US$700 million of financing for
40 companies across a range of industry sectors.  GBFC maintains
an ongoing relationship with the Gordon Brothers Group, which
enhances GBFC's deep understanding of assets.

Mr. Jaffe brings significant experience to GBFC's European
proposition as it seeks to add to its portfolio of assets from
its London base.  He has over 20 years' experience across the
European financing markets.  From 1997 to 2013, Mr. Jaffe held
various roles at JPMorgan across leverage finance and credit,
including as a Managing Director and Head of the Restructuring
Group.  From 2013 to 2017, Mr. Jaffe was a founding partner of
Grovepoint Credit, an alternative debt provider.

Gene Martin (CEO of GBFC) commented "We have financed a number of
U.K. and European based middle market companies over the past
several years and felt we needed to have a senior, well respected
finance professional on the ground to ensure we are strategically
well placed for this significant market opportunity.  We are
delighted to welcome Peter to the GBFC family."

Larry Klaff (Senior Managing Director of GBFC) added "I have
covered the U.K. and European market for the past six years and
strongly believe that middle market companies need more financing
options and choices.  By having Peter in London, we will be able
to provide innovative solutions in a proactive manner."

Peter Jaffe stated "Banks and other capital providers have
neglected the many middle market companies across Europe that
need innovative capital solutions to grow and contribute towards
the economy.  GBFC is ideally placed to provide these types of
capital solutions to meet these requirements.  I am looking
forward to working with this market leading team to continue
building their European presence"


* BOND PRICING: For the Week June 25 to June 29, 2018
-----------------------------------------------------

Issuer                        Coupon   Maturity  Currency  Price
------                        ------   --------  --------  -----
FF Group Finance Luxembour    1.750   7/3/2019    EUR    43.850
FF Group Finance Luxembour    3.250  11/2/2021    CHF    43.322
Casino Guichard Perrachon     1.941               EUR    58.719
Andrade Gutierrez Internat    4.000  4/30/2018    USD    70.000
Aryzta AG                     5.314               CHF    67.275
Steinhoff Europe AG           1.875  1/24/2025    EUR    69.394
VIEO BV                       6.750   9/7/2022    EUR    69.110
Mitsubishi UFJ Investor Se    4.177 12/15/2050    EUR    53.279
Aryzta AG                     3.500               CHF    63.371
Rallye SA                     3.250   2/8/2024    CHF    73.066
Astaldi SpA                   4.875  6/21/2024    EUR    68.258
New Look Secured Issuer PL    6.500   7/1/2022    GBP    50.500
Holdikks SAS                  6.750  7/15/2021    EUR    46.728
O1 Properties Finance PLC     8.250  9/27/2021    USD    64.553
Galapagos Holding SA          7.000  6/15/2022    EUR    61.100
QGOG Constellation SA         6.250  11/9/2019    USD    28.856
Steinhoff Finance Holding     1.250 10/21/2023    EUR    46.803
Ageasfinlux SA                1.022               EUR    60.344
House of Fraser Funding PL    6.377  9/15/2020    GBP    73.090
Credit Bank of Moscow Via     8.875               USD    76.950
Agrokor dd                    9.875   5/1/2019    EUR    24.243
QGOG Constellation SA         9.500  11/9/2024    USD    38.844
Teva Pharmaceutical Financ    4.100  10/1/2046    USD    73.454
Ensco PLC                     5.750  10/1/2044    USD    71.620
Offshore Drilling Holding     8.375  9/20/2020    USD    51.058
Oi Brasil Holdings Coopera    5.750  2/10/2022    USD     7.050
EA Partners I BV              6.875  9/28/2020    USD    73.030
BNP Paribas SA                2.528               USD    71.990
Turkey Government Bond        7.100   3/8/2023    TRY    69.650
Portugal Telecom Internati    5.000  11/4/2019    EUR     5.193
Rothschilds Continuation F    2.750               USD    71.414
Agrokor dd                    9.125   2/1/2020    EUR    23.883
EA Partners II BV             6.750   6/1/2021    USD    69.134
Portugal Telecom Internati    4.625   5/8/2020    EUR     5.852
Vallourec SA                  4.125  10/4/2022    EUR     7.289
Bank Otkritie Financial Co   10.000  4/26/2019    USD    16.667
Agrokor dd                    8.875   2/1/2020    USD    24.347
Bourbon Corp                  6.446               EUR    47.000
Neopost SA                    3.375               EUR    56.590
OAS Investments GmbH          8.250 10/19/2019    USD     6.100
New Look Senior Issuer PLC    8.000   7/1/2023    GBP    26.125
Immigon Portfolioabbau AG     5.982               EUR    15.750
BIM SAS                       2.500 11/13/2020    EUR    23.221
Econocom Group SA/NV          0.500   3/6/2023    EUR     7.988
Societe Generale SA           2.545               USD    74.575
Rickmers Holding AG           8.875  6/11/2018    EUR     2.255
New Look Secured Issuer PL    4.500   7/1/2022    EUR    49.343
Maisons du Monde SA           0.125  12/6/2023    EUR    48.680
Nexans SA                     2.500   1/1/2019    EUR    74.029
Promsvyazbank OJSC Via PSB   10.200  11/6/2019    USD    14.442
EOS Imaging SA                6.000  5/31/2023    EUR     6.790
America Movil BV              5.500  9/17/2018    EUR    73.027
Air Berlin PLC                8.250  4/19/2018    EUR     0.455
Portugal Telecom Internati    5.875  4/17/2018    EUR     4.732
Grupo Isolux Corsan SA        3.000 12/30/2021    EUR     0.628
Portugal Telecom Internati    4.375  3/24/2017    EUR     5.025
Genfit                        3.500 10/16/2022    EUR    30.846
Nexity SA                     0.125   1/1/2023    EUR    71.170
ADLER Real Estate AG          2.500  7/19/2021    EUR    16.151
Pacific Drilling SA           5.375   6/1/2020    USD    37.250
Mriya Agro Holding PLC        9.450  4/19/2018    USD     7.750
Transcapitalbank JSC Via T   10.000  9/18/2020    USD    55.000
DNB Bank ASA                  2.375               USD    71.692
Korian SA                     2.500               EUR    41.310
Grupo Isolux Corsan SA        0.250 12/30/2021    EUR     0.622
Portugal Telecom Internati    4.500  6/16/2025    EUR     6.637
DNB Bank ASA                  2.563               USD    71.692
Nexity SA                     0.250   3/2/2025    EUR    70.268
Banco Espirito Santo SA       4.750  1/15/2018    EUR    28.656
Banco Espirito Santo SA       2.625   5/8/2017    EUR    28.777
Turkey Government Bond        8.800  9/27/2023    TRY    74.100
Oi Brasil Holdings Coopera    5.625  6/22/2021    EUR     6.984
OGX Austria GmbH              8.500   6/1/2018    USD     0.366
Johnston Press Bond Plc       8.625   6/1/2019    GBP    68.718
Air Berlin PLC                6.750   5/9/2019    EUR     1.076
Privatbank CJSC Via UK SPV   10.250  1/23/2018    USD    25.000
FIGEAC-AERO                   1.125 10/18/2022    EUR    24.770
Mitsubishi UFJ Investor Se    3.921 12/30/2099    EUR     5.365
Avangardco Investments Pub   10.000 10/29/2018    USD    19.667
EFG International AG          1.262               EUR    56.234
Scandinavian Airlines Syst    0.625               CHF    26.167
Capital Raising GmbH          7.500               EUR    54.268
Scholz Holding Gmbh           8.500 12/31/2019    EUR     2.210
Portugal Telecom Internati    6.250  7/26/2016    EUR     5.000
Yuksel Insaat AS              9.500 11/10/2015    USD    18.932
Lambay Capital Securities     6.250               GBP     0.898
Banco Espirito Santo SA       4.000  1/21/2019    EUR    29.266
DNB Bank ASA                  2.375               USD    71.692
Pierre & Vacances SA          2.000   4/1/2023    EUR    56.634
Afren PLC                     6.625  12/9/2020    USD     0.058
Tonon Luxembourg SA          10.500  5/14/2024    USD     4.000
WPE International Cooperat   10.375  9/30/2020    USD    17.750
Alitalia-Societa Aerea Ita    5.250  7/30/2020    EUR     5.230
Privatbank CJSC Via UK SPV   11.000   2/9/2021    USD    10.840
Fred Olsen Energy ASA         4.030  2/28/2019    NOK    58.845
Orient Express Bank PJSC V   10.000               USD    56.004
Claranova SADIR               5.000   7/1/2023    EUR     1.120
UkrLandFarming PLC           10.875  3/26/2018    USD    20.000
Bilt Paper BV                 9.640               USD    22.348
Frey                          6.000 11/15/2022    EUR #N/A N/A
Intelsat Luxembourg SA       12.500 11/15/2024    USD    95.000
New World Resources NV        8.000   4/7/2020    EUR     1.477
Virgolino de Oliveira Fina   10.500  1/28/2018    USD     5.288
QGOG Constellation SA         9.500  11/9/2024    USD    38.934
Hamon & CIE SA                5.500  1/30/2020    EUR    62.531
Banco Espirito Santo SA       7.125 11/28/2023    EUR     0.222
OSX 3 Leasing BV             13.000  3/20/2015    USD    25.003
Mriya Agro Holding PLC       10.950  3/30/2016    USD     7.340
Cattles Ltd                   7.125   7/5/2017    GBP     0.238
3W Power SA                  10.000  8/29/2019    EUR     2.559
Veneto Banca SpA              9.500  12/1/2025    EUR     0.307
Santhera Pharmaceuticals H    5.000  2/17/2022    CHF    72.345
Credit Lyonnais SACA          0.765               EUR    70.000
Stichting Afwikkeling Onde    6.250 10/26/2020    EUR     4.577
Lloyds Bank PLC               0.755 12/27/2028    USD    63.918
Deutsche Bank AG/London       0.279 10/31/2034    USD    56.366
Waste Italia SpA             10.500 11/15/2019    EUR     2.204
Norske Skog Holding AS        8.000  2/24/2021    EUR     1.173
Hellenic Republic Governme    2.085  7/25/2057    EUR    39.875
Alno AG                       8.500  5/14/2018    EUR     2.189
Manchester Building Societ    6.750               GBP    15.701
Virgolino de Oliveira Fina   11.750   2/9/2022    USD     5.097
NTRP Via Interpipe Ltd       10.250   8/2/2017    USD    29.512
Dexia Credit Local SA         1.404               EUR     6.611
Pescanova SA                  8.750  2/17/2019    EUR     1.616
SeniVita Sozial gemeinnuet    7.000               EUR    63.500
Credit Suisse AG              2.328  2/27/2030    USD    69.000
Lloyds Bank PLC               0.116 10/25/2033    USD    59.485
Aralco Finance SA            10.125   5/7/2020    USD     2.983
Lehman Brothers UK Capital    6.900               USD     2.744
International Industrial B    9.000   7/6/2011    EUR     0.363
Air Berlin PLC                5.625   5/9/2019    CHF     1.011
German Pellets GmbH           7.250   7/9/2018    EUR     0.940
Sairgroup Finance BV          4.375   6/8/2006    EUR    11.125
Espirito Santo Financial G    3.125  12/2/2018    EUR     0.271
Barclays Bank PLC             0.995  9/13/2028    USD    63.528
Allied Irish Banks PLC       12.500  6/25/2035    GBP    74.509
Andrade Gutierrez Internat    4.000  4/30/2018    USD    69.431
New World Resources NV        4.000  10/7/2020    EUR     0.151
Norske Skogindustrier ASA     7.000 12/30/2026    EUR     1.000
Natwest Markets PLC           0.072 11/16/2030    USD    60.894
Elli Investments Ltd         12.250  6/15/2020    GBP    50.000
Beate Uhse AG                 7.750   7/9/2019    EUR     1.785
Sidetur Finance BV           10.000  4/20/2016    USD     5.251
Credit Suisse AG              3.744  4/29/2031    USD    73.750
BBVA International Preferr    1.665               GBP    55.774
Kaupthing ehf                 7.625  2/28/2015    USD     0.250
QGOG Constellation SA         6.250  11/9/2019    USD    29.023
Barclays Bank PLC             0.875  3/27/2029    USD    59.098
Afren PLC                    10.250   4/8/2019    USD     0.366
Havila Shipping ASA           5.650  11/7/2020    NOK    62.432
Azubu Investments SA          5.000  8/25/2018    EUR    10.000
Stichting Afwikkeling Onde   11.250               EUR     1.073
Lehman Brothers UK Capital    5.125               EUR     7.379
OGX Austria GmbH              8.500   6/1/2018    USD     0.366
Touax SCA-SGTR-CITE-SGT-CM    6.000  7/10/2020    EUR    17.788
Offshore Drilling Holding     8.375  9/20/2020    USD    51.565
KTG Agrar SE                  7.125   6/6/2017    EUR     3.823
Cirio Holding Luxembourg S    6.250  2/16/2004    EUR     0.975
Inside Secure SA              6.000  6/29/2022    EUR     3.781
Hybrid Raising GmbH           6.625               EUR    54.096
Praktiker AG                  5.875  2/10/2016    EUR     1.085
Kommunekredit                 0.500  7/30/2027    TRY    28.198
Pescanova SA                  5.125  4/20/2017    EUR     1.276
Rem Offshore ASA              5.000  12/8/2024    NOK    49.990
OGX Austria GmbH              8.375   4/1/2022    USD     0.421
O1 Group Finance              9.750  4/22/2027    RUB     2.550
Breeze Finance SA             6.708  4/19/2027    EUR    29.050
Depfa Funding IV LP           1.547               EUR    57.167
Depfa Funding III LP          1.064               EUR    56.472
Espirito Santo Financial G    9.750 12/19/2025    EUR     0.542
LBI HF                        6.100  8/25/2011    USD     5.000
Eniro AB                      6.000  4/14/2020    SEK     5.184
GEWA 5 to 1 GmbH & Co KG      6.500  3/24/2018    EUR    23.050
Bank Nadra Via NDR Finance    8.250  7/31/2018    USD     0.884
Privatbank CJSC Via UK SPV   10.875  2/28/2018    USD    24.848
GNB - Cia de Seguros de Vi    3.179               EUR    73.626
Afren PLC                    11.500   2/1/2016    USD     0.082
Lehman Brothers UK Capital    3.875               EUR     8.246
Kaupthing ehf                 5.750  10/4/2011    USD     0.250
Sazka AS                      9.000  7/12/2021    EUR     0.304
German Pellets GmbH           7.250 11/27/2019    EUR     1.101
Vseukrainsky Aktsinerny Ba   10.900  6/14/2019    USD     0.546
Eurobank Ergasias SA          6.410  1/17/2028    EUR    66.790
Home Money LLC               18.000  4/19/2022    RUB    25.700
Havila Shipping ASA           4.940  11/7/2020    NOK    50.592
House of Fraser Funding PL    6.377  9/15/2020    GBP    73.108
Tonon Luxembourg SA           9.250  1/24/2020    USD     4.882
Agrokor dd                    8.875   2/1/2020    USD    24.691
Espirito Santo Financial G    6.875 10/21/2019    EUR     0.094
Norske Skogindustrier ASA     7.125 10/15/2033    USD     4.226
JZ Capital Partners Ltd       6.000  7/30/2021    GBP    10.300
Banco Pastor SAU              2.079               EUR     6.712
Cirio Finance Luxembourg S    7.500  11/3/2002    EUR     4.587
Dexia SA                      1.451               EUR     8.665
Republic of Italy Governme    0.077  7/31/2045    EUR    74.439
Volkswagen Bank Rus OOO       9.950  7/16/2021    RUB    81.780
Vneshprombank Ltd Via VPB     9.000 11/14/2016    USD     0.087
KPNQwest NV                   7.125   6/1/2009    EUR     0.090
Banca Popolare di Vicenza     9.500  9/29/2025    EUR     0.463
Banco Pinto & Sotto Mayor     1.127               EUR    47.560
Portigon AG                   7.460 12/31/2019    EUR    30.300
Del Monte Finance Luxembou    6.625  5/24/2006    EUR     4.777
Northland Resources AB        4.000 10/15/2020    USD     0.138
AgroGeneration                8.000   4/1/2019    EUR    65.000
Bibby Offshore Services PL    7.500  6/15/2021    GBP    14.766
Barclays Bank PLC             0.116  5/30/2034    USD    61.500
INVEST-DEVELOPMENT PJSC      15.000   4/2/2026    RUB    65.000
Petrol AD                     6.000  1/26/2022    EUR    31.653
Tatfondbank OAO Via TFB Fi    8.500 11/12/2019    USD     8.470
SeaBird Exploration Financ    6.000  6/30/2020    USD    20.000
Sequa Petroleum NV            5.000  4/29/2020    USD    69.761
World Wide Supply AS          7.750  5/26/2017    USD    15.259
Russian Railways JSC          7.250   4/4/2033    RUB    61.250
Teksid Aluminum Luxembourg   11.375  7/15/2011    EUR     0.139
Turkey Government Internat    7.100   3/8/2023    TRY    69.659
Societe Generale SA           8.250  5/26/2020    EUR    72.760
CRC Breeze Finance SA         6.110   5/8/2026    EUR    46.101
Pierre & Vacances SA          3.500  10/1/2019    EUR    37.724
Barclays Bank PLC             1.352  9/30/2031    USD    55.483
New Look Senior Issuer PLC    8.000   7/1/2023    GBP    26.125
Deutsche Bank AG/London       3.000  2/23/2035    EUR    75.000
Cirio Finanziaria SpA         8.000 12/21/2005    EUR     0.880
Lehman Brothers Treasury C    6.000  2/15/2035    EUR     6.000
SAG Solarstrom AG             7.500  7/10/2017    EUR    33.625
Banco Espirito Santo SA       6.875  7/15/2016    EUR    27.574
Lehman Brothers UK Capital    5.750               EUR     3.000
Cooperatieve Rabobank UA      0.500 10/30/2043    MXN    11.629
Lloyds Bank PLC               0.496   7/5/2033    USD    55.676
Windreich GmbH                6.500  7/15/2016    EUR    13.125
Air Berlin Finance BV         6.000   3/6/2019    EUR     1.220
Ideal Standard Internation   11.750   5/1/2018    EUR     0.740
Finmek International SA       7.000  12/3/2004    EUR     5.158
Deutsche Bank AG/London       0.164 11/26/2034    USD    54.832
Rena GmbH                     8.250  7/11/2018    EUR     2.000
Alpine Holding GmbH           5.250  6/10/2016    EUR     0.151
Koninklijke Luchtvaart Maa    0.750               CHF    36.500
International Industrial B   11.000  2/19/2013    USD     0.209
Cooperatieve Rabobank UA      0.500  2/26/2029    HUF    60.500
Mobylife Holding A/S          7.250  5/23/2020    SEK     8.263
PNE AG                        3.750 10/10/2019    EUR     3.400
Corporate Commercial Bank     8.250   8/8/2014    USD     1.854
Lehman Brothers Treasury C    7.250  10/5/2035    EUR     6.000
Barclays Bank PLC             0.060 11/29/2030    USD    60.649
OT Logistics SA               6.810  2/23/2020    PLN    65.100
O1 Properties Finance PLC     8.250  9/27/2021    USD    67.281
Manchester Building Societ    8.000               GBP    21.697
Bank Nederlandse Gemeenten    0.500  9/20/2022    MXN    70.077
Oi Brasil Holdings Coopera    5.750  2/10/2022    USD     5.317
Phosphorus Holdco PLC        10.000   4/1/2019    GBP     3.224
UniCredit Bank Austria AG     0.171 12/31/2031    EUR    74.463
Alpine Holding GmbH           6.000  5/22/2017    EUR     0.196
Barclays Bank PLC             0.630  4/30/2029    USD    71.039
Portugal Telecom Internati    5.242  11/6/2017    EUR     5.458
Lloyds Bank PLC               1.540  9/26/2033    USD    61.800
Artea                         6.000   8/4/2019    EUR    14.120
ESFIL-Espirito Santo Finan    5.250  6/12/2015    EUR     0.034
Lehman Brothers Treasury C    6.000  11/2/2035    EUR     6.000
Decipher Production Ltd      12.500  9/27/2018    USD     1.873
A-TEC Industries AG           2.750  5/10/2014    EUR     0.357
Hellas Telecommunications     8.500 10/15/2013    EUR     0.424
Holdikks SAS                  6.750  7/15/2021    EUR    47.333
Bank Nederlandse Gemeenten    0.500  8/15/2022    ZAR    70.887
O1 Properties Finance PLC     7.000  1/29/2021    USD    69.923
Intelsat Luxembourg SA       12.500 11/15/2024    USD    75.000
New Look Secured Issuer PL    6.500   7/1/2022    GBP    50.300
Deutsche Bank AG/London       0.144  9/30/2029    USD    62.136
KPNQwest NV                  10.000  3/15/2012    EUR     0.090
Steilmann SE                  7.000   3/9/2017    EUR     1.588
HSBC France SA                0.635               EUR    61.550
Alpine Holding GmbH           5.250   7/1/2015    EUR     0.191
getgoods.de AG                7.750  10/2/2017    EUR     0.206
Sairgroup Finance BV          6.625  10/6/2010    EUR    11.125
Depfa Funding II LP           6.500               EUR    59.411
Windreich GmbH                6.500   3/1/2015    EUR    13.125
mybet Holding SE              6.250 12/12/2020    EUR    60.000
Alno AG                       8.000  3/21/2019    EUR     4.000
Agroton Public Ltd            6.000  7/14/2019    USD    16.000
PA Resources AB              13.500   3/3/2016    SEK     0.124
Galapagos Holding SA          7.000  6/15/2022    EUR    61.260
Norske Skogindustrier ASA     2.000 12/30/2115    EUR     1.113
Tonon Luxembourg SA          10.500  5/14/2024    USD     3.479
A-TEC Industries AG           5.750  11/2/2010    EUR     0.357
Turkey Government Internat    7.100   3/8/2023    TRY    69.659
SpareBank 1 SR-Bank ASA       1.457 12/21/2030    EUR    73.405
Republic of Italy Governme    0.082  7/31/2045    EUR    72.647
SAG Solarstrom AG             6.250 12/14/2015    EUR    33.625
getBACK SA                    6.100  5/10/2020    PLN    27.100
Afren PLC                    10.250   4/8/2019    USD     0.001
Steilmann SE                  7.000  9/23/2018    EUR     1.586
Pacific Drilling SA           5.375   6/1/2020    USD    34.938
Turkey Government Bond       10.600  2/11/2026    TRY    76.350
Lloyds Bank PLC               1.140  4/26/2027    USD    69.334
DEMIRE Deutsche Mittelstan    6.000 12/30/2018    EUR     4.151
Banco Espirito Santo SA       6.900  6/28/2024    EUR    27.191
Burovoya Kompaniya Eurasia   10.250  6/21/2019    RUB    76.180
Finance and Credit Bank JS    9.250  1/25/2019    USD     0.727
APP International Finance    11.750  10/1/2005    USD     0.189
KPNQwest NV                   8.875   2/1/2008    EUR     0.090
IT Holding Finance SA         9.875 11/15/2012    EUR     0.103
Bank Julius Baer & Co Ltd/   10.000  1/10/2019    EUR    73.100
Societe Generale SA           1.600   1/9/2020    GBP     1.120
Ahtium PLC                    9.750   4/4/2017    EUR     3.288
Virgolino de Oliveira Fina   10.875  1/13/2020    USD    26.032
Stichting Afwikkeling Onde    2.422               EUR     1.073
Region of Molise Italy        0.132 12/15/2033    EUR    57.850
Barclays Bank PLC             1.084 10/10/2029    USD    57.296
HSBC Bank PLC                 0.500  7/11/2023    BRL    60.334
BLT Finance BV               12.000  2/10/2015    USD    10.500
Barclays Bank PLC             1.248  1/31/2029    USD    56.144
Hamburgische Landesbank-Gi    0.052  1/22/2041    EUR    63.679
Svensk Exportkredit AB        0.500  4/24/2029    AUD    64.509
Landesbank Hessen-Thuering    0.061   5/3/2041    EUR    67.328
Waste Italia SpA             10.500 11/15/2019    EUR     2.204
Cooperatieve Rabobank UA      0.500  7/30/2043    MXN    11.600
IKS 5 Finance OOO             8.450   5/7/2032    RUB    81.260
MS Deutschland Beteiligung    6.875 12/18/2017    EUR     3.510
Steilmann SE                  6.750  6/27/2017    EUR     2.214
KTG Agrar SE                  7.250 10/15/2019    EUR     3.823
Norske Skog Holding AS        8.000  2/24/2021    EUR     1.173
Afren PLC                     6.625  12/9/2020    USD     0.001
Banco Santander SA            2.000               USD    65.981
Cirio Del Monte NV            7.750  3/14/2005    EUR     0.973
O1 Properties Finance PLC     6.000  5/18/2021    USD    65.017
EDOB Abwicklungs AG           7.500   4/1/2012    EUR     0.380
Barclays Bank PLC             0.025  3/21/2031    USD    62.850
Aralco Finance SA            10.125   5/7/2020    USD     4.900
Barclays Bank PLC             0.980  4/16/2029    USD    58.518
Region of Abruzzo Italy       0.111  11/7/2036    EUR    60.073
Turkey Government Bond       10.500  8/11/2027    TRY    74.700
Veneto Banca SpA              6.411               EUR     1.196
Otkritie Holding JSC         11.560  7/27/2028    RUB     7.770
Stichting Afwikkeling Onde    6.625  5/14/2018    EUR     4.354
KPNQwest NV                   8.125   6/1/2009    USD     0.090
Golden Gate AG                6.500 10/11/2014    EUR    39.100
Stichting Afwikkeling Onde    8.450  8/20/2018    USD     4.151
Deutsche Bank AG              1.725  1/16/2045    EUR    71.491
Pescanova SA                  6.750   3/5/2015    EUR     1.446
Rostelecom PJSC               8.650  4/14/2027    RUB    80.000
Norske Skog Holding AS        8.000  2/24/2023    USD     2.423
Ahtium PLC                    4.000 12/16/2015    EUR     1.500
Heta Asset Resolution AG      0.139 12/31/2023    EUR    34.625
Svensk Exportkredit AB        0.500  6/29/2029    AUD    64.002
Mriya Agro Holding PLC        9.450  4/19/2018    USD     8.074
OAS Investments GmbH          8.250 10/19/2019    USD     5.557
Svensk Exportkredit AB        0.500  8/29/2029    AUD    63.478
United Aircraft Corp PJSC     8.000  3/17/2020    RUB    61.900
Lehman Brothers Treasury C    7.000  5/17/2035    EUR     6.000
Lehman Brothers Treasury C    5.000  9/22/2014    EUR     6.000
Agrokor dd Via Aquarius +     4.921   8/8/2017    EUR    14.480
Barclays Bank PLC             0.248 10/30/2034    USD    58.207
New Look Secured Issuer PL    4.500   7/1/2022    EUR    49.500
Hamburgische Landesbank-Gi    0.052 10/30/2040    EUR    66.377
Municipality Finance PLC      0.500  6/19/2024    ZAR    58.512
New World Resources NV        8.000   4/7/2020    EUR     1.477
Stroika Finance Ltd Via Em    9.900  6/25/2019    RUB    11.600
Lehman Brothers Treasury C    5.100   5/8/2017    HKD     6.000
Wild Bunch AG                 8.000  3/23/2019    EUR    45.000
Societe Generale SA           8.000   8/9/2022    USD    58.130
SUEK Finance OOO             10.500 10/23/2019    RUB    64.310
Rosbank PJSC                  9.800 12/20/2026    RUB    81.410
Mox Telecom AG                7.250  11/2/2017    EUR     2.849
Finans-Avia OOO               9.000  7/31/2022    RUB    67.970
RENE LEZARD Mode GmbH         7.250 11/25/2017    EUR     1.191
Barclays Bank PLC             0.500  2/28/2034    USD    63.451
International Finance Faci    0.500  6/24/2024    ZAR    57.488
IDGC of Centre PJSC           6.950  3/28/2028    RUB    63.660
Agrokor dd                    9.125   2/1/2020    EUR    24.080
Gebr Sanders GmbH & Co KG     8.750 10/22/2018    EUR    20.216
Svensk Exportkredit AB        0.500  3/15/2022    ZAR    72.325
Landesbank Hessen-Thuering    0.068  4/23/2041    EUR    68.074
Solon SE                      1.375  12/6/2012    EUR     0.100
SiC Processing GmbH           7.125   3/1/2016    EUR     2.740
Petromena ASA                10.850 11/19/2018    USD     0.607
BNP Paribas SA                0.500  9/29/2029    AUD    66.129
Rio Forte Investments SA      4.000  7/22/2014    EUR     6.282
Deutsche Bank AG/London       0.500   4/5/2038    MXN    15.405
Kardan NV                     6.325  7/24/2018    ILS    40.150
Kommunalbanken AS             0.500  5/27/2022    ZAR    72.175
A-TEC Industries AG           8.750 10/27/2014    EUR     0.357
Deutsche Agrar Holding Gmb    7.250  9/28/2018    EUR     1.415
3W Power SA                   5.500 11/11/2020    EUR     1.000
ML 33 Invest AS               7.500               NOK    68.712
Kaupthing ehf                 5.750  10/4/2011    USD     0.250
Banca del Monte di Lucca-S    2.429  6/29/2020    EUR    58.963
Lloyds Bank PLC               0.459  7/26/2033    USD    59.555
Barclays Bank PLC             1.601  3/27/2029    USD    57.500
Virgolino de Oliveira Fina   10.500  1/28/2018    USD     5.288
WPE International Cooperat   10.375  9/30/2020    USD    17.500
Minicentrales Dos SA          6.450  4/14/2028    EUR    65.750
Rosselkhozbank JSC            8.500 10/11/2022    RUB    72.020
Lehman Brothers Treasury C    5.000  2/16/2015    EUR     6.000
BOA Offshore AS               0.398  7/17/2047    NOK    10.000
Agrokor dd                    9.875   5/1/2019    EUR    24.252
Cherkizovo Group PJSC        12.500  10/6/2020    RUB    81.260
Rosneft Oil Co PJSC           8.650  12/3/2020    RUB    62.010
OGX Austria GmbH              8.375   4/1/2022    USD     0.421
German Pellets GmbH           7.250   4/1/2016    EUR     1.018
Mifa Mitteldeutsche Fahrra    7.500  8/12/2018    EUR     2.260
Air Berlin Finance BV         8.500   3/6/2019    EUR     0.946
Gazprom PJSC                  3.400 10/21/2043    RUB    65.020
Kamaz PJSC                   11.240  7/18/2030    RUB    70.000
Delamare Finance PLC          1.952  2/19/2029    GBP    73.471
Bank Nederlandse Gemeenten   10.010  6/17/2025    TRY    73.791
Lehman Brothers Treasury C    1.600  6/21/2010    JPY     2.571
Afren PLC                    11.500   2/1/2016    USD     0.082
Bank Nederlandse Gemeenten    0.500   6/7/2022    ZAR    70.798
Minicentrales Dos SA          4.810 11/29/2034    EUR    65.750
IKS 5 Finance OOO            10.900   3/9/2023    RUB    66.230
SAir Group                    0.125   7/7/2005    CHF    13.150
getBACK SA                    6.100  9/14/2021    PLN     5.500
AKB Peresvet ZAO              0.510  2/14/2032    RUB    22.750
Turkey Government Internat    4.875  4/16/2043    USD    74.960
Rosneft Oil Co PJSC           7.350  1/18/2021    RUB    60.010
Espirito Santo Financial G    5.050 11/15/2025    EUR     0.598
Societe Generale SA           0.146  9/30/2034    USD    60.375
Muehl Product & Service AG    6.750  3/10/2005    DEM     0.051
Otkritie Holding JSC         12.500 12/10/2026    RUB     7.560
Delta Credit Bank JSC        11.000  5/18/2026    RUB    64.110
Home Money LLC               20.000 10/23/2018    RUB    19.000
La Veggia Finance SPA         7.125 11/14/2004    EUR     0.285
RN Bank JSC                  10.400   7/9/2021    RUB    62.120
Johnston Press Bond Plc       8.625   6/1/2019    GBP    69.979
Lehman Brothers Treasury C    8.250  12/3/2015    EUR     6.000
ECM Real Estate Investment    5.000  10/9/2011    EUR    15.375
Promsvyazbank OJSC Via PSB   10.200  11/6/2019    USD    14.442
Rena GmbH                     7.000 12/15/2015    EUR     2.000
Vnesheconombank               8.240 12/15/2022    RUB    63.200
Northland Resources AB        4.000 10/15/2020    NOK     0.138
SUEK Finance OOO             12.500  8/19/2025    RUB    66.010
Lehman Brothers Treasury C    2.400  6/20/2011    JPY     2.571
Bank Otkritie Financial Co   10.000  4/26/2019    USD    18.531
Gazprombank OJSC Via GPB E    8.750  6/29/2024    RUB    51.365
Lehman Brothers Treasury C    8.250  3/16/2035    EUR     6.000
Bank Julius Baer & Co Ltd/   12.100 12/27/2018    EUR    62.600
ADLER Real Estate AG          6.000 12/27/2018    EUR    14.001
Credit Agricole Corporate     2.400  5/17/2048    EUR    49.487
Grupo Isolux Corsan SA        3.000 12/30/2021    USD     1.822
Sberbank of Russia PJSC       0.010  5/16/2021    RUB    69.000
Veneto Banca SpA              6.944  5/15/2025    EUR     0.273
Barclays Bank PLC             0.500  4/24/2023    MXN    64.509
Lenta LLC                     8.700  5/26/2020    RUB   100.520
Neftegazholding AO            0.010  7/21/2020    RUB    65.000
O1 Properties Finance ZAO    13.000  10/2/2020    RUB    85.000
Bulgaria Steel Finance BV    12.000   5/4/2013    EUR     0.169
VEB-Leasing OAO               8.710   9/1/2025    RUB    62.000
Minaya Capital AG             7.000   8/1/2018    EUR    38.400
Lehman Brothers Treasury C   10.000  5/22/2009    USD     2.571
Russian Railways JSC          3.400  4/29/2043    RUB    62.020
Lehman Brothers Treasury C    7.000 11/26/2013    EUR     6.000
Lloyds Bank PLC               0.116  4/25/2034    USD    54.000
Russian Railways JSC          3.500  2/28/2040    RUB    62.020
Fast Finance SA              10.500  1/15/2021    PLN    65.100
Marine Subsea AS              9.000 12/16/2019    USD     0.688
Activa Resources AG           0.500 11/15/2021    EUR    20.500
Svensk Exportkredit AB        0.500  1/31/2022    ZAR    73.384
Severo-Zapadnaya Koncessio    5.180  9/26/2031    RUB    60.110
AKB Peresvet ZAO             13.500 10/16/2020    RUB    20.000
Credit Bank of Moscow Via     8.875               USD    75.400
Barclays Bank PLC             0.220 12/23/2033    USD    63.250
Espirito Santo Financial P    5.125  5/30/2016    EUR     4.181
Federal Grid Co Unified En    3.400  3/23/2050    RUB    63.200
Rosneft Oil Co PJSC           8.350 11/24/2027    RUB    63.010
HSBC Trinkaus & Burkhardt     6.500  6/22/2018    EUR    64.390
Rosneft Oil Co PJSC           9.400 11/28/2024    RUB   100.400
OGK-2 PJSC                    6.950  3/31/2023    RUB    62.020
Turkey Government Bond        9.000  7/24/2024    TRY    73.650
SUEK Finance OOO             12.500  8/19/2025    RUB    66.010
LBI HF                        6.100  8/25/2011    USD     5.000
Municipality Finance PLC      0.500  7/30/2029    AUD    73.313
Societe Generale SA          10.000  7/30/2032    USD    74.420
Rosneft Oil Co PJSC           8.350 11/24/2027    RUB    63.010
Ideal Standard Internation   11.750   5/1/2018    EUR     0.740
Orient Express Bank PJSC     11.700  7/17/2018    RUB    95.000
SG Issuer SA                  0.780  6/15/2020    SEK    48.480
Severo-Zapadnaya Koncessio    5.180  9/26/2031    RUB    65.010
Rossiysky Capital OJSC        7.750  1/20/2020    RUB    71.010
Oi Brasil Holdings Coopera    5.625  6/22/2021    EUR     6.984
Norske Skogindustrier ASA     7.125 10/15/2033    USD     4.226
Espirito Santo Financial G    5.050 11/15/2025    EUR     0.880
Vnesheconombank               9.760 12/17/2021    RUB    65.400
Tonon Luxembourg SA           9.250  1/24/2020    USD     4.882
Vimpel-Communications PJSC    1.000  10/3/2025    RUB    73.010
Deutsche Bank AG/London       0.500  10/5/2021    IDR    72.672
UmweltBank AG                 2.850               EUR    72.642
Norske Skog Holding AS        8.000  2/24/2023    USD     2.423
Cooperatieve Rabobank UA      0.500  1/31/2033    MXN    25.901
Bank Nederlandse Gemeenten    0.500   8/9/2022    MXN    70.610
Societe Generale SA           0.018 12/31/2034    USD    60.375
Otkritie Holding JSC         12.700  9/30/2027    RUB    16.160
Lehman Brothers Treasury C    5.000  2/27/2014    EUR     6.000
Heta Asset Resolution AG      0.219 12/31/2023    EUR    34.625
Veneto Banca SpA              6.950  2/25/2025    EUR     0.228
getBACK SA                    5.700  2/16/2021    PLN    36.000
New World Resources NV        4.000  10/7/2020    EUR     0.151
Mriya Agro Holding PLC       10.950  3/30/2016    USD     7.340
Oberbank Hybrid 1 GmbH        0.872               EUR    43.509
Bibby Offshore Services PL    7.500  6/15/2021    GBP    14.766
Grupo Isolux Corsan SA        0.250 12/30/2018    EUR     0.450
O1 Group Finance              9.750  5/13/2027    RUB     1.110
UkrLandFarming PLC           10.875  3/26/2018    USD    20.185
Lloyds Bank PLC               0.500  7/26/2028    MXN    37.283
Bilt Paper BV                 9.640               USD    22.348
International Bank of Azer    8.250  10/9/2024    USD    64.706
BNP Paribas SA               13.000  8/24/2027    USD    74.500
Rosneft Oil Co PJSC           7.350  1/18/2021    RUB    60.010
Atari SA                      0.100   4/1/2020    EUR     6.050
RESO-Garantia Insurance PJ   11.750  3/24/2023    RUB    75.000
Societe Generale SA           0.459 10/31/2033    USD    69.200
Lehman Brothers Treasury C    6.000  3/14/2011    EUR     6.000
Rosneft Oil Co PJSC           7.850  12/3/2020    RUB    62.010
Russian Railways JSC          3.500  2/28/2040    RUB    62.030
Royalbeach Spielwaren Und     7.375 11/10/2020    EUR     1.100
Norske Skogindustrier ASA     7.000 12/30/2026    EUR     1.000
HSBC Trinkaus & Burkhardt    10.070  6/22/2018    EUR    64.170
Plaza Centers NV              6.000   7/1/2020    ILS    65.000
Lehman Brothers Treasury C    5.000   5/2/2022    EUR     2.571
Gazprombank JSC               7.380  2/19/2021    RUB    70.010
Rosneft Oil Co PJSC          11.900 11/28/2024    RUB   100.400
Rosselkhozbank JSC            8.600 12/13/2024    RUB    64.490
Banco Santander SA            2.000               USD    64.345
Northland Resources AB       15.000  7/15/2019    USD     2.621
Virgolino de Oliveira Fina   10.875  1/13/2020    USD    26.032
Sistema PJSFC                10.900 10/31/2025    RUB    64.430
getBACK SA                    5.700  4/30/2021    PLN    28.000
Bank Julius Baer & Co Ltd/   10.500 11/30/2018    USD    62.650
Lehman Brothers Treasury C    6.000  9/20/2011    EUR     2.571
Russian Post FGUP             9.350 10/18/2019    RUB    73.010
Leonteq Securities AG        16.500 10/16/2018    CHF    47.230
Russian Regional Developme    7.800  7/30/2021    RUB   100.700
Societe Generale SA          10.000  6/30/2032    USD    67.625
Gazprom PJSC                  3.400 10/21/2043    RUB    65.020
Barclays Bank PLC             1.415  9/27/2028    USD    63.500
Solarwatt GmbH                7.000  11/1/2015    EUR    15.500
OOO SPV Structural Investm    0.010   9/1/2023    RUB    72.973
KPNQwest NV                   7.125   6/1/2009    EUR     0.090
Barclays Bank PLC             1.164 11/28/2029    USD    56.980
Lehman Brothers Treasury C    5.000   9/1/2011    EUR     2.571
Lehman Brothers Treasury C    7.600  5/21/2013    USD     2.571
Federal Grid Co Unified En    3.400   9/7/2048    RUB    63.200
ING Bank Eurasia JSC          7.150  3/30/2021    RUB    75.730
Sparebank 1 Ostfold Akersh    2.590  4/25/2028    NOK    73.762
Sberbank of Russia PJSC      12.270   1/2/2026    RUB    62.020
Salvator Grundbesitz-AG       9.500 12/31/2021    EUR     7.800
Rosneft Oil Co PJSC           7.350  1/18/2021    RUB    60.010
Lehman Brothers Treasury C    5.000  3/18/2015    EUR     6.000
Laurel GmbH                   7.125 11/16/2017    EUR     5.250
Svensk Exportkredit AB        0.500  2/22/2022    ZAR    72.688
Bank Nederlandse Gemeenten    0.500  7/12/2022    ZAR    71.317
Otkritie Holding JSC         12.620  4/25/2028    RUB     8.880
HPI AG                        3.500               EUR     1.150
Bayerische Landesbank         2.900  6/22/2018    EUR    46.330
Russian Railways JSC          3.200  9/20/2039    RUB    62.020
Investpro OOO                13.000 12/31/2018    RUB     0.700
Russian Railways JSC          8.650   2/4/2032    RUB    65.070
Lehman Brothers Treasury C    8.000  4/20/2009    EUR     2.571
Banca Popolare di Vicenza     9.500  10/2/2025    EUR     0.463
Lehman Brothers Treasury C    1.000   5/9/2012    EUR     2.571
Kaupthing ehf                 7.625  2/28/2015    USD     0.250
Rosneft Oil Co PJSC           7.350  1/18/2021    RUB    60.010
Deutsche Bank AG/London      13.750  6/20/2026    TRY    66.993
getBACK SA                    6.000  9/16/2018    PLN     5.500
Russian Railways JSC          3.200  8/18/2033    RUB    65.020
SAir Group                    5.500  7/23/2003    CHF    13.092
Astana Finance BV             7.875   6/8/2010    EUR    16.000
Atomenergoprom JSC           11.100 12/12/2025    RUB    71.010
BKS Hybrid alpha GmbH         7.350               EUR    58.157
Societe Generale SA           0.212  3/31/2034    USD    65.137
Autonomous Region of Yamal    7.000 12/25/2024    RUB    80.740
UBS AG/London                 7.000  9/26/2019    EUR    70.740
Rosneft Oil Co PJSC           8.500  7/14/2027    RUB    63.010
getBACK SA                    5.550  9/21/2018    PLN    15.000
DekaBank Deutsche Girozent    0.010  6/29/2046    EUR    55.670
Federal Grid Co Unified En    3.400  6/30/2048    RUB    63.220
Svensk Exportkredit AB        0.500  6/28/2022    ZAR    70.317
Municipality Finance PLC      0.500  4/26/2022    ZAR    71.525
Lenta LLC                    12.400  8/28/2025    RUB    81.260
Bank ZENIT PJSC               8.000  3/27/2025    RUB    80.430
Centrosolar Group AG          7.000  2/15/2016    EUR     0.805
Cooperatieve Rabobank UA      0.500 10/29/2027    MXN    44.115
Sidetur Finance BV           10.000  4/20/2016    USD     5.251
DOM RF Russia Housing and     7.600 12/13/2027    RUB   100.400
Elli Investments Ltd         12.250  6/15/2020    GBP    50.000
UniCredit Bank AO            12.000 11/20/2019    RUB    60.220
State Transport Leasing Co    9.000 11/24/2031    RUB    79.920
Credit Europe Bank Ltd       10.000  9/14/2018    RUB   103.000
German Pellets GmbH           8.000               EUR     0.010
Rosneft Oil Co PJSC           7.350  1/18/2021    RUB    60.010
Siberian Gostinecs PAO       16.500  6/26/2019    RUB    33.010
Federal Grid Co Unified En    0.100 10/16/2020    RUB    70.070
DOM RF Russia Housing and     6.750  3/24/2028    RUB    63.300
Svensk Exportkredit AB        0.500  8/28/2020    TRY    68.143
Avangard-Agro OOO             9.250 11/16/2027    RUB    67.050
Grupo Isolux Corsan SA        0.250 12/30/2021    USD     0.191
Phosphorus Holdco PLC        10.000   4/1/2019    GBP     3.224
Rio Forte Investments SA      4.750 11/10/2015    EUR     6.250
International Finance Faci    0.500  6/29/2027    ZAR    40.679
UBS AG/London                 8.500   1/6/2020    EUR    68.750
Araratbank OJSC               7.250  6/27/2018    USD    25.443
Lehman Brothers Treasury C    4.600 10/11/2017    ILS     6.000
AKB Peresvet ZAO             13.250  4/25/2018    RUB    22.750
Cerruti Finance SA            6.500  7/26/2004    EUR     1.130
Virgolino de Oliveira Fina   11.750   2/9/2022    USD     5.097
Rusfinans Bank OOO            9.900  7/18/2018    RUB    70.000
RusHydro PJSC                 0.100   2/2/2023    RUB    60.810
Baltic Leasing OOO            9.800  6/19/2020    RUB    62.370
LBI HF                        7.431               USD     0.001
Rosneft Oil Co PJSC           7.350  1/18/2021    RUB    60.010
Plaza Centers NV              6.900   7/1/2020    ILS    70.500
VTB Bank PJSC                 9.000  9/18/2046    RUB    62.010
getBACK SA                    5.780  3/17/2019    PLN    20.000
Federal Grid Co Unified En    3.400 10/30/2048    RUB    63.220
Lehman Brothers Treasury C   11.000 12/19/2011    USD     2.571
Lehman Brothers Treasury C    5.500  4/23/2014    EUR     2.571
Volga Capital PAO            12.000  6/27/2022    RUB    61.020
Leonteq Securities AG/Guer   10.650   9/6/2018    EUR    74.570
VEB-Leasing OAO               8.710  2/18/2025    RUB    97.010
Russian Railways JSC          3.400   6/8/2028    RUB    90.010
Otkritie Holding JSC         11.500  5/26/2032    RUB    30.580
Societe Generale SA           0.909  6/30/2035    USD    60.375
HSBC Bank PLC                 0.500 12/29/2026    AUD    71.954
Lehman Brothers Treasury C    6.000  2/14/2012    EUR     2.571
UBS AG/London                11.250   7/1/2019    EUR    69.050
Rosneft Oil Co PJSC           7.350  1/18/2021    RUB    60.010
getBACK SA                    5.770 11/27/2019    PLN    12.500
Kardan NV                     6.775   2/2/2020    ILS    55.890
Russian Railways JSC          3.500 10/15/2040    RUB    62.050
Otkritie Holding JSC         11.500  7/22/2030    RUB    12.125
Russian Railways JSC          9.700  5/22/2046    RUB    62.030
KB MIA AO                     8.250   3/7/2025    RUB   100.330
Lehman Brothers Treasury C   10.000  6/11/2038    JPY     2.571
Bank Nederlandse Gemeenten    0.500  9/20/2022    ZAR    70.224
Cooperatieve Rabobank UA      0.500 12/29/2027    MXN    42.016
Avangard-Agro OOO             9.500  9/23/2027    RUB    63.160
Credit Agricole Corporate     0.500   3/6/2023    RUB    72.278
Landesbank Baden-Wuerttemb    5.400 10/26/2018    EUR    55.840
Societe Generale SA           1.424  3/17/2032    USD    63.600
Federal Grid Co Unified En    3.400  3/23/2050    RUB    63.200
UniCredit Bank AG             4.300 10/17/2018    EUR    35.710
Russian Railways JSC          3.400 11/29/2028    RUB    65.020
Krakowski Bank Spoldzielcz    5.080  9/20/2023    PLN    57.010
Metalloinvest Holding Co O   11.900  2/12/2026    RUB    72.010
Heta Asset Resolution AG      0.432 12/31/2023    EUR    34.625
HSBC Bank PLC                 0.500 12/22/2025    BRL    44.663
Zurcher Kantonalbank Finan    8.212  8/23/2018    EUR    55.360
DekaBank Deutsche Girozent    6.230   8/1/2018    EUR    68.330
SPORTTOTAL AG                 6.000  3/17/2019    EUR     4.000
Rosneft Oil Co PJSC           9.400 11/28/2024    RUB   100.400
Cooperatieve Rabobank UA      0.500  8/21/2028    MXN    39.500
Freight One JSC              12.000 10/15/2025    RUB   106.850
Municipality Finance PLC      0.500   5/8/2029    AUD    68.975
Commerzbank AG                7.000  6/22/2018    EUR    58.660
Russian Railways JSC          6.400  5/30/2040    RUB    62.030
Sberbank of Russia PJSC       0.010  6/27/2021    RUB    62.470
Lehman Brothers Treasury C    4.000  7/20/2012    EUR     2.571
Metalloinvest Holding Co O    0.010   3/7/2022    RUB    65.000
Barclays Bank PLC             0.644 12/27/2028    USD    64.530
Bank Intesa AO                9.750 10/10/2019    RUB    67.010
Vimpel-Communications PJSC    1.000  10/3/2025    RUB    62.010
Lehman Brothers Treasury C    5.250   4/1/2023    EUR     2.571
Lehman Brothers Treasury C   11.000  6/29/2009    EUR     2.571
Kaupthing ehf                 5.000   1/4/2027    SKK     0.250
Turkey Government Bond        8.500  9/14/2022    TRY    75.200
Banco Espirito Santo SA      10.000  12/6/2021    EUR     0.213
Lehman Brothers Treasury C    2.875  3/14/2013    CHF     6.000
Lehman Brothers Treasury C   14.900  9/15/2008    EUR     2.571
Miratorg-Finans OOO          11.000  8/24/2021    RUB   100.000
Vnesheconombank              11.600  2/17/2025    RUB   100.000
Natwest Markets PLC           6.200   9/7/2018    GBP     1.010
Federal Grid Co Unified En    0.100 10/16/2020    RUB    63.030
Otkritie Holding JSC         12.140  10/3/2036    RUB    12.125
Otkritie Holding JSC         11.500   8/5/2025    RUB     8.600
Barclays Bank PLC             0.980  7/22/2024    USD    75.000
Cooperatieve Rabobank UA      0.500 11/30/2027    MXN    42.663
Rio Forte Investments SA      3.900  7/10/2014    USD     6.250
Lehman Brothers Treasury C    5.220   3/1/2024    EUR     2.571
4FINANS MFK OOO              15.000  3/24/2023    RUB    62.310
PSN Pm OOO                   12.000  8/31/2027    RUB     1.800
United Engine Corp JSC        8.800  4/17/2023    RUB    75.010
GPB Aerofinans OOO            9.670  3/15/2030    RUB    80.110
Lehman Brothers Treasury C    6.300 12/21/2018    USD     2.571
Societe Generale SA           0.500  5/30/2023    MXN    65.006
Lehman Brothers Treasury C    8.250   2/3/2016    EUR     2.571
Reso-Leasing OOO              9.250  9/21/2023    RUB    63.010
Heta Asset Resolution AG      4.350 12/31/2023    EUR    34.625
Astana Finance BV             9.000 11/16/2011    USD    16.000
Svensk Exportkredit AB        0.500  3/28/2029    AUD    73.207
Lehman Brothers Treasury C    5.550  3/12/2015    EUR     2.571
Raiffeisen Switzerland BV    10.000  2/11/2019    CHF    69.340
Leonteq Securities AG/Guer   11.000 12/12/2018    CHF    62.920
Deutsche Bank AG              5.200 12/27/2018    EUR    70.000
Leonteq Securities AG/Guer   10.000   9/5/2018    EUR    74.750
VTB Bank PJSC                 9.000  12/6/2044    RUB    62.010
Federal Grid Co Unified En    3.400  4/27/2048    RUB    65.000
Podkarpacki Bank Spoldziel    5.780 10/24/2024    PLN    50.000
Federal Grid Co Unified En    3.400  6/30/2048    RUB    63.220
Leonteq Securities AG         3.000  9/19/2019    CHF    61.720
KPNQwest NV                   8.875   2/1/2008    EUR     0.090
RusHydro PJSC                 9.500  4/12/2021    RUB    65.210
Reso-Leasing OOO              8.900  10/3/2025    RUB    65.010
Escher Marwick PLC            3.500 10/14/2031    USD    57.882
Northland Resources AB       12.250  3/26/2016    USD     2.621
Delta Credit Bank JSC         5.000 10/30/2025    RUB    71.000
Russian Railways JSC         11.200 10/16/2025    RUB    67.010
Natwest Markets PLC           0.296  8/18/2031    USD    60.246
Privatbank CJSC Via UK SPV   10.875  2/28/2018    USD    24.848
Kaupthing ehf                 9.000               USD     0.122
Svensk Exportkredit AB        0.500  6/20/2029    AUD    72.785
Lehman Brothers Treasury C    1.280  11/6/2010    JPY     6.000
Bayerische Landesbank         5.000  8/17/2018    EUR    71.970
getBACK SA                    5.900 12/30/2020    PLN    35.000
Credit Suisse AG/Nassau      10.000 10/29/2018    CHF    62.680
Russian Railways JSC          3.400  5/20/2044    RUB    90.010
Podkarpacki Bank Spoldziel    5.780  3/31/2025    PLN    40.000
SAir Group                    5.125   3/1/2003    CHF    13.000
Main Road JSC                 4.000 10/30/2029    RUB    60.860
Volga Sport ZAO               6.400  2/29/2024    RUB    65.000
Lehman Brothers Treasury C    7.600  1/31/2013    AUD     2.571
UniCredit Bank AO             9.000   8/6/2019    RUB    91.010
IT Holding Finance SA         9.875 11/15/2012    EUR     0.103
Western High-Speed Diamete   10.440  5/13/2031    RUB   101.000
Lehman Brothers Treasury C    0.500   8/1/2020    EUR     2.571
EDOB Abwicklungs AG           7.500   4/1/2012    EUR     0.380
Finconsult OOO                8.000   2/1/2028    RUB    63.000
Anglian Water Services Fin    0.929  1/26/2057    GBP    74.948
Lehman Brothers Treasury C    6.000  3/18/2015    USD     6.000
Transneft PJSC                8.750  4/14/2027    RUB    60.320
Credit Suisse AG/London       9.000  3/19/2021    USD     9.650
Societe Generale SA           8.000  5/28/2027    USD    49.600
Driver & Bengsch AG           8.500 12/31/2027    EUR     0.001
Finans-Avia OOO               0.010  7/31/2027    RUB    16.020
VTB Bank PJSC                 3.000  12/6/2044    RUB    62.010
Federal Grid Co Unified En    3.400  4/27/2048    RUB    63.250
Podkarpacki Bank Spoldziel    5.080  5/28/2023    PLN    45.100
VEB-Leasing OAO               8.650  1/16/2024    RUB    65.010
Russian Railways JSC          2.400 10/11/2038    RUB    62.020
Societe Generale SA           0.284 11/26/2034    USD    60.375
Windreich GmbH                6.750   3/1/2015    EUR    13.125
Region Invest OOO             9.530  1/12/2021    RUB     0.280
Reso-Leasing OOO             12.600  10/2/2026    RUB    85.000
Petromena ASA                 9.750  5/24/2016    NOK     0.607
Rusfinans Bank OOO            9.950  8/22/2019    RUB    63.990
Turkey Government Bond        8.000  3/12/2025    TRY    65.700
Norske Skogindustrier ASA     2.000 12/30/2115    EUR     1.113
HSBC Bank PLC                 0.500 11/25/2025    BRL    45.047
LBI HF                        5.080   3/1/2013    ISK     8.375
AKB Metallinvestbank PAO      8.500  5/21/2020    RUB    80.430
Lehman Brothers Treasury C    8.000  3/19/2012    USD     2.571
getBACK SA                    6.000  10/2/2018    PLN    50.000
Vontobel Financial Product   10.000  7/10/2018    EUR    63.420
National Developing Co PAO   12.000  7/19/2018    RUB     1.500
Federal Grid Co Unified En    3.400 10/30/2048    RUB    63.220
getBACK SA                    5.840  2/28/2019    PLN    15.000
Salvator Grundbesitz-AG       9.500               EUR    18.500
Russian Railways JSC          3.200  9/19/2033    RUB    62.020
Bayerische Landesbank         2.400  7/20/2018    EUR    47.300
Lehman Brothers Treasury C    3.500 12/20/2027    USD     2.571
Heta Asset Resolution AG      5.920 12/31/2023    EUR    34.625
Communaute Francaise de Be    0.500  6/27/2046    EUR    67.346
IDGC of Centre PJSC          11.580 11/11/2025    RUB    70.020
Rusfinans Bank OOO            8.050  6/30/2020    RUB    61.930
LBI HF                        2.250  2/14/2011    CHF     8.375
Societe Generale SA           1.139  1/31/2034    USD    60.375
Region Invest OOO            10.360  7/19/2022    RUB     0.170
Barclays Bank PLC             1.044  5/14/2029    USD    57.500
Bashneft PJSC                12.000   5/9/2025    RUB    62.040
Lehman Brothers Treasury C    8.000 10/17/2014    EUR     2.571
Zurcher Kantonalbank Finan    8.400  9/28/2018    CHF    63.150
Credit Suisse AG/London       9.100  6/23/2020    USD     9.996
UBS AG/London                 5.500  9/13/2018    CHF    55.100
Two Capitals Highway OOO     13.250  6/19/2030    RUB    64.630
SG Issuer SA                  6.800   1/6/2020    USD    70.510
getBACK SA                    5.750  9/18/2019    PLN    15.000
Russian Railways JSC          3.400  5/29/2035    RUB    62.020
Norddeutsche Landesbank Gi    3.000 10/30/2018    EUR    35.570
City of Predeal Romania       3.500  5/15/2026    RON    60.000
Bayerische Landesbank         3.000 12/21/2018    EUR    72.840
Leonteq Securities AG         8.200 10/17/2018    USD    48.150
Gold-Zack AG                  7.000 12/14/2005    EUR    12.700
Nutritek International Cor    8.750 12/11/2008    USD     2.000
SAir Group                    4.250   2/2/2007    CHF    13.125
Lehman Brothers Treasury C   11.000 12/20/2017    AUD     2.571
PIK Group PJSC                7.750  3/24/2028    RUB    62.010
Lehman Brothers Treasury C   10.000 10/23/2008    USD     2.571
BELLAGIO Holding GmbH         1.914               EUR    50.320
Lehman Brothers Treasury C    6.650  8/24/2011    AUD     6.000
SAir Group                    2.125  11/4/2004    CHF    13.125
Hellas Telecommunications     8.500 10/15/2013    EUR     1.048
Lehman Brothers Treasury C    4.000  2/28/2010    EUR     2.571
Malahit AO                   15.000  7/14/2025    RUB     0.010
Avangard Bank PJSC            7.250  2/20/2026    RUB    62.030
Credit Suisse AG              0.500 12/16/2025    BRL    47.277
Whale Finance LLC             8.750  3/13/2019    RUB    54.010
Lehman Brothers Treasury C   15.000  3/30/2011    EUR     2.571
TransFin-M PAO               10.500  9/17/2019    RUB    63.000
Lehman Brothers Treasury C    0.500   7/2/2020    EUR     2.571
Credit Suisse AG/London       9.000 10/30/2020    USD     9.842
Credit Suisse AG/Nassau       9.500  8/17/2018    CHF    55.100
Leonteq Securities AG        16.000   4/9/2019    CHF    57.850
IDGC of the South PJSC        9.240   7/1/2022    RUB    65.010
Finca Uco Cjsc                7.500  2/22/2019    USD    25.844
VTB Bank PJSC                 9.000  9/15/2044    RUB    62.010
UniCredit Bank AG             5.400 11/29/2019    USD    48.270
Leonteq Securities AG         7.000 10/23/2018    CHF    66.450
Podkarpacki Bank Spoldziel    4.980  10/6/2021    PLN    50.000
VTB Bank PJSC                 3.000 11/26/2043    RUB    65.000
UniCredit Bank AG            15.000  6/22/2018    EUR    69.140
Credit Suisse AG/London       8.000 11/29/2019    USD     7.550
Stroytemp CJSC                9.000 11/13/2019    RUB     1.000
Promnefteservis OOO          10.500 11/21/2019    RUB     1.550
Landesbank Baden-Wuerttemb    3.850  6/22/2018    EUR    72.780
Region Kapital OOO            9.250  7/10/2018    RUB    65.000
Lehman Brothers Treasury C    6.000 10/30/2012    EUR     2.571
Russian Railways JSC         10.300   4/3/2026    RUB    65.020
AKB Peresvet ZAO              0.510  6/23/2021    RUB    20.010
RGS Nedvizhimost OOO         12.500  1/19/2021    RUB     0.335
Transports publics fribour    0.471  7/29/2051    CHF    73.063
Rossiysky Capital OJSC       13.000 11/22/2019    RUB    61.310
MIK OAO                      15.000  2/19/2020    RUB     1.250
Turkey Government Bond       11.000  2/24/2027    TRY    76.650
RGS Nedvizhimost OOO         12.500  7/22/2021    RUB     0.335
Upravlenie Otkhodami ZAO     10.500  10/9/2030    RUB   100.000
Lehman Brothers Treasury C    2.500 12/15/2011    GBP     2.571
Archer Finance OOO            9.250  3/29/2022    RUB    60.100
Heta Asset Resolution AG      5.270 12/31/2023    EUR    34.625
Commerzbank AG                4.500 12/29/2022    USD #N/A N/A
Baltic Leasing OOO            9.800  6/19/2020    RUB    62.150
Province of Brescia Italy     0.032  6/30/2036    EUR    61.820
Kommunalbanken AS             4.800  12/1/2022    TRY    60.869
LBI HF                        7.431               USD     0.001
Hypo Vorarlberg Bank AG       5.870               EUR    40.688
Societe Generale SA          15.720  1/27/2020    USD    54.419
Credit Suisse AG/Nassau      11.050  2/11/2019    CHF    68.700
UBS AG/London                 8.250   7/4/2019    EUR    69.950
Commerzbank AG               10.250  8/24/2018    EUR    72.630
UBS AG/London                 8.000  7/26/2018    CHF    59.150
Vontobel Financial Product    9.500  9/28/2018    EUR    54.890
getBACK SA                    6.200  9/16/2019    PLN    70.000
Beluga Group PJSC            12.900  4/29/2020    RUB    67.260
Rosselkhozbank JSC            8.850  7/15/2025    RUB    62.540
Credit Suisse AG/London       7.550  11/9/2018    USD    69.100
Rosselkhozbank JSC           12.870 12/22/2021    RUB    68.120
VTB Bank PJSC                 3.000   9/1/2044    RUB    65.000
VTB Bank PJSC                 3.000  9/18/2046    RUB    65.000
Raiffeisen Centrobank AG      5.656  3/19/2019    EUR    66.590
Municipality Finance PLC      0.500  5/31/2022    ZAR    70.790
Lehman Brothers Treasury C    6.250 11/30/2012    EUR     2.571
Heta Asset Resolution AG      5.730 12/31/2023    EUR    34.625
AKB Peresvet ZAO             12.750  7/24/2018    RUB    21.010
VEB-Leasing OAO               7.270   4/2/2021    RUB    97.550
Lehman Brothers Treasury C   11.000 12/20/2017    AUD     2.571
RusHydro PJSC                 0.100   2/2/2023    RUB    70.000
Bulgaria Steel Finance BV    12.000   5/4/2013    EUR     0.169
Lehman Brothers Treasury C    7.250  6/20/2010    USD     2.571
Lehman Brothers Treasury C    3.025  1/31/2015    EUR     2.571
Kreditanstalt fuer Wiedera    0.250  10/6/2036    CAD    42.663
Kommunalbanken AS             5.000   9/8/2022    TRY    66.063
Baltic Leasing OOO           12.950  2/12/2021    RUB    65.730
Societe Generale SA           1.664  8/29/2034    USD    60.375
Rosbank PJSC                  7.850  12/2/2022    RUB    61.700
Center-Invest Commercial B   10.500  7/20/2018    RUB    63.000
Societe Generale SA           0.500   4/4/2024    MXN    60.107
Kaupthing ehf                 6.125  10/4/2016    USD     0.250
AKB Peresvet ZAO              0.510   8/4/2034    RUB    22.110
Lehman Brothers Treasury C    5.000  5/12/2011    CHF     2.571
Municipality Finance PLC      4.300 10/31/2022    TRY    73.282
Center-Invest Commercial B    8.400  8/17/2018    RUB    61.010
Vnesheconombank               8.350 11/24/2020    RUB    66.220
Lehman Brothers Treasury C    8.000  2/16/2016    EUR     2.571
getBACK SA                    6.000 12/14/2018    PLN    15.000
getBACK SA                    5.970 12/19/2018    PLN    15.000
EFG International Finance    10.400 11/15/2018    EUR    69.130
Leonteq Securities AG/Guer   15.200 11/28/2018    USD    72.180
Leonteq Securities AG        10.000  7/27/2018    EUR    64.320
Federal Grid Co Unified En    9.350 10/17/2051    RUB    65.000
UBS AG/London                 8.000  7/19/2018    EUR    72.400
Rosneft Oil Co PJSC           7.350  1/18/2021    RUB    60.010
EFG International Finance     6.210  7/22/2019    EUR    48.740
getBACK SA                    5.600  6/24/2019    PLN    10.000
Credit Suisse AG              7.000 11/30/2018    USD    10.010
EFG International Finance     9.600 10/15/2019    EUR    15.850
Kontsessii Vodosnabzheniya   10.250  3/17/2031    RUB    65.000
Bayerische Landesbank         2.700   7/6/2018    EUR    42.150
Podkarpacki Bank Spoldziel    5.810   7/2/2020    PLN    50.000
Agrokompleks OOO              0.100  7/29/2019    RUB     2.550
Lehman Brothers Treasury C    6.000   3/4/2015    USD     2.571
Lehman Brothers Treasury C    7.000  2/15/2010    CHF     2.571
Lehman Brothers Treasury C   13.000  2/16/2009    CHF     2.571
PSN Pm OOO                   13.000  9/10/2026    RUB    24.000
Lehman Brothers Holdings P    3.030  3/24/2009    JPY     2.756
Barclays Bank PLC             0.500  3/13/2023    RUB    72.026
HSBC Bank PLC                 0.500   6/9/2023    MXN    64.861
Lehman Brothers Treasury C    4.050  9/16/2008    EUR     2.571
Northland Resources AB       15.000  7/15/2019    USD     2.621
Region Invest OOO             7.350   5/4/2021    RUB     0.180
Barclays Bank PLC             0.500  1/28/2033    MXN    25.572
TransFin-M PAO               10.500  4/11/2019    RUB    65.000
Lehman Brothers Treasury C   10.442 11/22/2008    CHF     2.571
Otkritie Holding JSC         10.000  4/20/2028    RUB     7.300
SAir Group                    2.750  7/30/2004    CHF    13.125
Credit Suisse AG/Nassau       8.000  8/24/2018    CHF    63.850
HSBC Trinkaus & Burkhardt    12.000  6/22/2018    EUR    64.810
UBS AG/London                 5.500  11/1/2018    USD    60.500
Deutsche Bank AG/London       7.000 10/15/2018    USD     9.270
UBS AG/London                 6.250  11/5/2018    CHF    70.900
Landesbank Baden-Wuerttemb    6.500  8/24/2018    EUR    67.770
Credit Suisse AG/London      10.500   4/9/2021    USD    10.320
HSBC Trinkaus & Burkhardt     7.000  6/22/2018    EUR    72.560
EFG International Finance    12.200   8/2/2018    EUR    62.720
Araratbank OJSC               6.500 10/29/2019    USD    25.721
Samolet Group                12.000  5/17/2022    RUB    62.950
Commerzbank AG               30.000  6/30/2020    USD     0.580
Leonteq Securities AG         8.400   9/6/2018    USD    43.060
getBACK SA                    5.710 10/22/2019    PLN    15.000
Bank Julius Baer & Co Ltd/    8.350  9/24/2018    USD    55.050
National Developing Co PAO   16.000  4/15/2021    RUB     1.000
Penell GmbH Elektrogrossha    7.750  6/10/2019    EUR     3.550
TGC-1 PJSC                    4.000  2/14/2022    RUB   100.000
UniCredit Bank AG             4.000  6/26/2018    EUR    32.420
UniCredit Bank AG             4.400  9/19/2018    EUR    35.850
Agrokompleks OOO              0.100  12/8/2022    RUB     2.950
Praim Finans OOO              9.340  7/13/2021    RUB     5.000
Volga Sport ZAO               5.150   4/4/2022    RUB    60.220
Noyabrskaya Pge OOO           8.500 11/10/2020    RUB    60.000
Deutsche Bank AG              4.200 12/24/2018    EUR    73.180
Societe Generale SA           0.795 12/28/2029    USD    69.100
EFG International Finance     5.300  6/24/2019    EUR    49.330
RGS Nedvizhimost OOO         12.000 10/18/2017    RUB     0.335
KPNQwest NV                   8.875   2/1/2008    EUR     0.090
Lehman Brothers Treasury C    6.000 10/30/2012    USD     2.571
Bashneft PJSC                12.000  5/19/2025    RUB    62.050
Lehman Brothers Treasury C   13.500 11/28/2008    USD     2.571
Region Invest OOO            10.500  9/12/2019    RUB     0.240
National Capital JSC          9.250  4/22/2019    RUB   100.000
Pioneer Group CJSC            0.010   6/3/2021    RUB    70.010
Metalloinvest Holding Co O    0.010  3/10/2022    RUB    53.510
Metalloinvest Holding Co O    0.010   3/7/2022    RUB    63.000
Upravlenie Otkhodami ZAO      4.000  4/29/2027    RUB    68.250
KPNQwest NV                   7.125   6/1/2009    EUR     0.090
Municipality Finance PLC      0.250  6/28/2040    CAD    33.255
National Capital JSC          9.500  7/25/2018    RUB   100.000
Banca Adriatica Spa           7.200  6/30/2018    EUR     1.237
KIT Finance Capital OOO      12.000 12/21/2020    RUB    99.800
HSBC Bank PLC                 0.500  6/23/2027    MXN    43.929
RESO-Garantia Insurance PJ    0.020  9/13/2022    RUB    65.010
Oberbank AG                   7.400               EUR    68.738
SAir Group                    6.250  4/12/2005    CHF    13.125
Lehman Brothers Treasury C    3.860  9/21/2011    SGD     6.000
Bashneft PJSC                10.900  4/29/2026    RUB    93.010
RGS Nedvizhimost OOO         12.500  2/25/2021    RUB     0.335
Credito Padano Banca di Cr    3.100               EUR    36.477
Investpro OOO                12.750   9/6/2018    RUB     1.100
Horus Finance ZAO            13.000   3/6/2019    RUB    65.000
BNP Paribas SA                0.500 11/16/2032    MXN    25.287
Credit Suisse AG/London       0.500   1/8/2026    BRL    46.093
Heta Asset Resolution AG      7.500 12/31/2023    ATS    34.625
Bashneft PJSC                10.500  5/12/2026    RUB    62.020
Bashneft PJSC                12.100   6/3/2025    RUB    98.000
Heta Asset Resolution AG      4.875 12/31/2023    EUR    34.625
Espirito Santo Financial P    5.625  7/28/2017    EUR     3.947
Kaupthing ehf                 9.750  9/10/2015    USD     0.250
Lehman Brothers Treasury C   10.000   1/3/2012    BRL     2.571
ECM Real Estate Investment    5.000  10/9/2011    EUR    15.375
Bashneft PJSC                10.700  5/13/2024    RUB    98.010
Region Invest OOO             7.350  4/15/2021    RUB     0.400
Lehman Brothers Treasury C   23.300  9/16/2008    USD     2.571
Lehman Brothers Treasury C   11.000   7/4/2011    CHF     2.571
Region Invest OOO             7.350  4/19/2021    RUB     0.140
SG Issuer SA                  0.100  6/11/2029    NZD    61.918
Digital Invest OOO            7.350   4/8/2021    RUB     0.140
Region Invest OOO             7.350  4/20/2021    RUB     0.400
Lehman Brothers Treasury C    8.000  5/22/2009    USD     2.571
RGS Nedvizhimost OOO         12.000  6/21/2021    RUB     0.335
TransFin-M PAO               10.500 11/11/2024    RUB    63.000
EFG International Finance    11.800 10/18/2018    EUR    71.290
HSBC Trinkaus & Burkhardt     9.900  6/22/2018    EUR    74.960
getBACK SA                    5.730  9/22/2018    PLN    20.000
Kontsessii Vodosnabzheniya   11.250 11/30/2030    RUB    65.000
VTB Bank PJSC                 3.000  8/14/2043    RUB    65.000
EFG International Finance    11.000  7/19/2018    EUR    62.820
VTB Bank PJSC                 3.000  9/15/2044    RUB    65.000
Bayerische Landesbank         2.600 11/16/2018    EUR    53.200
Bayerische Landesbank         3.000  10/5/2018    EUR    50.480
Kontsessii Vodosnabzheniya   10.250   6/7/2031    RUB    63.000
Expobank LLC                 12.500  7/12/2019    RUB    80.000
EFG International Finance     7.190   5/6/2019    EUR     5.990
Bayerische Landesbank         3.200  7/27/2018    EUR    43.310
Kontsessii Vodosnabzheniya   11.000  8/10/2031    RUB    62.180
HSBC Bank PLC                 0.500  4/27/2027    NZD    73.502
HSBC Bank PLC                 0.500  4/11/2023    MXN    65.800
Lehman Brothers Treasury C    3.000  9/12/2036    JPY     6.000
Otkritie Holding JSC         11.500  7/23/2029    RUB    12.125
Otkritie Holding JSC         11.500  7/23/2029    RUB    12.125
Lehman Brothers Treasury C    0.500 12/20/2017    AUD     2.571
Lehman Brothers Treasury C    3.600  3/19/2018    JPY     2.571
Windreich GmbH                6.250   3/1/2015    EUR    13.125
Lehman Brothers Treasury C    8.600  7/31/2013    GBP     2.571
Lehman Brothers Treasury C    4.500 12/30/2010    USD     2.571
HSBC Bank PLC                 0.500  2/24/2027    NZD    74.057
Lehman Brothers Treasury C    9.000  5/15/2022    USD     2.571
Otkritie Holding JSC         11.500  7/20/2028    RUB     9.500
AKB Peresvet ZAO             13.000  10/7/2017    RUB    22.750
Lehman Brothers Treasury C    8.000 10/23/2008    USD     2.571
AKB Peresvet ZAO              3.589   9/2/2020    RUB    18.030
Kaupthing ehf                 7.000  7/24/2009    ISK     0.250
UniCredit Bank AG            12.400   1/3/2020    EUR    73.220
Vontobel Financial Product   13.000  6/28/2019    EUR    69.240
BNP Paribas Emissions- und   13.000  3/21/2019    EUR    68.570
UniCredit Bank AG            14.500  6/28/2019    EUR    69.360
UniCredit Bank AG            10.400   1/3/2020    EUR    72.180
Raiffeisen Schweiz Genosse   10.500 10/16/2018    CHF    61.970
Zurcher Kantonalbank Finan    5.000  8/12/2019    CHF    54.180
HSBC Trinkaus & Burkhardt     2.500  6/22/2018    EUR    59.240
Vontobel Financial Product    8.000   1/2/2019    EUR    73.930
DZ Bank AG Deutsche Zentra    6.000  6/22/2018    EUR    71.420
Vontobel Financial Product    8.250  7/27/2018    EUR    60.930
Goldman Sachs & Co Wertpap   16.000  6/26/2019    EUR    70.510
UBS AG/London                 8.000  4/29/2021    USD     9.780
getBACK SA                    5.800  10/1/2019    PLN    15.000
getBACK SA                    5.900  1/29/2019    PLN    12.500
Leonteq Securities AG/Guer    6.400   6/4/2020    CHF    60.790
Podkarpacki Bank Spoldziel    5.810  2/23/2025    PLN    50.000
Rosselkhozbank JSC            8.850  7/11/2025    RUB    62.030
BNP Paribas Emissions- und    3.000 10/12/2018    EUR    44.430
Rosselkhozbank JSC            8.850  7/14/2025    RUB    62.020
Landesbank Baden-Wuerttemb    3.050  6/22/2018    EUR    46.220
Landesbank Baden-Wuerttemb    8.000  9/28/2018    EUR    70.550
DZ Bank AG Deutsche Zentra    5.500  9/28/2018    EUR    73.060
DZ Bank AG Deutsche Zentra    9.250  6/22/2018    EUR    74.630
Otkritie Holding JSC          8.750  12/8/2027    RUB    16.010
getBACK SA                    5.700  2/28/2019    PLN    20.000
UniCredit Bank AG             4.400  7/13/2018    EUR    36.880
Leonteq Securities AG/Guer   13.000  3/15/2019    EUR    69.130
Landesbank Baden-Wuerttemb    7.000  6/28/2019    EUR    67.240
Region Kapital OOO            9.250  7/10/2018    RUB   100.000
Heta Asset Resolution AG      5.030 12/31/2023    EUR    34.625
Lehman Brothers Treasury C    2.000  6/21/2011    EUR     2.571
Eiendomskreditt AS            5.370               NOK    67.239
Digital Invest OOO            9.080   3/8/2021    RUB     0.140
Lehman Brothers Treasury C    4.050  9/16/2008    EUR     2.571
Lehman Brothers Treasury C   13.500   6/2/2009    USD     2.571
DZ Bank AG Deutsche Zentra    6.400  6/22/2018    EUR    67.970
HSBC Trinkaus & Burkhardt     4.000  7/27/2018    EUR    73.360
Landesbank Baden-Wuerttemb    5.000  1/24/2020    EUR    73.110
HSBC Trinkaus & Burkhardt     5.500  6/22/2018    EUR    53.160
Commerzbank AG               13.750  7/27/2018    EUR    71.500
Commerzbank AG               11.000  8/24/2018    EUR    73.800
DZ Bank AG Deutsche Zentra    5.000  9/24/2018    EUR    66.660
Vontobel Financial Product    6.500   1/2/2019    EUR    70.530
Vontobel Financial Product   10.500  6/22/2018    EUR    69.180
HSBC Trinkaus & Burkhardt     2.600  6/22/2018    EUR    73.970
Raiffeisen Schweiz Genosse    6.000  11/5/2018    CHF    55.990
Deutsche Bank AG              4.200 12/27/2018    EUR    60.700
Deutsche Bank AG              4.200  9/25/2018    EUR    56.900
Deutsche Bank AG              4.200 12/27/2018    EUR    57.900
Leonteq Securities AG/Guer   11.000   4/8/2019    EUR    68.540
Landesbank Baden-Wuerttemb    3.500  6/22/2018    EUR    74.050
Landesbank Baden-Wuerttemb    2.500  6/22/2018    EUR    71.200
Landesbank Baden-Wuerttemb    4.000  6/22/2018    EUR    67.270
Landesbank Baden-Wuerttemb    4.000  6/22/2018    EUR    68.690
Landesbank Baden-Wuerttemb    5.500  6/22/2018    EUR    64.140
BNP Paribas Emissions- und   10.000 12/31/2018    EUR    68.240
DZ Bank AG Deutsche Zentra   10.500  6/22/2018    EUR    55.120
Commerzbank AG               17.500   1/2/2019    EUR    61.830
Commerzbank AG                6.250 11/23/2018    EUR    68.490
UBS AG/London                 9.400  3/28/2019    EUR    62.960
UBS AG/London                10.400  9/27/2018    EUR    62.090
UBS AG/London                10.600   1/3/2019    EUR    71.600
UBS AG/London                 8.700   1/3/2019    EUR    73.060
Deutsche Bank AG              2.700  9/25/2018    EUR    74.000
UBS AG/London                13.200   1/3/2019    EUR    59.870
UBS AG/London                 7.600  9/27/2018    EUR    65.260
UBS AG/London                 5.900  3/28/2019    EUR    67.630
UBS AG/London                 7.000  6/27/2019    EUR    69.280
UBS AG/London                12.200   1/3/2019    EUR    67.920
Vontobel Financial Product   11.000  6/22/2018    EUR    57.910
Commerzbank AG                9.500 11/23/2018    EUR    64.840
Vontobel Financial Product    6.000  9/28/2018    EUR    67.050
Vontobel Financial Product    7.500  9/28/2018    EUR    64.020
Vontobel Financial Product    8.550  9/28/2018    EUR    71.570
UniCredit Bank AG            13.900  6/22/2018    EUR    55.000
UniCredit Bank AG            11.500  6/22/2018    EUR    72.520
UniCredit Bank AG            12.500  6/22/2018    EUR    48.750
UniCredit Bank AG             7.600  6/22/2018    EUR    57.130
UniCredit Bank AG            14.100  6/22/2018    EUR    73.990
UBS AG/London                19.300  6/28/2018    EUR    61.570
Commerzbank AG               10.500  7/27/2018    EUR    70.600
HSBC Trinkaus & Burkhardt     8.800  9/28/2018    EUR    42.180
HSBC Trinkaus & Burkhardt     6.700  9/28/2018    EUR    46.550
UBS AG/London                18.000  6/28/2018    EUR    74.040
UBS AG/London                 6.100  9/27/2018    EUR    69.380
HSBC Trinkaus & Burkhardt     7.600  6/22/2018    EUR    61.100
HSBC Trinkaus & Burkhardt     8.000  9/28/2018    EUR    61.250
HSBC Trinkaus & Burkhardt     3.600  9/28/2018    EUR    70.510
HSBC Trinkaus & Burkhardt     9.200  6/22/2018    EUR    43.890
HSBC Trinkaus & Burkhardt     6.700  6/22/2018    EUR    49.750
UBS AG/London                 8.250   8/3/2018    CHF    57.000
Leonteq Securities AG         7.200   5/2/2019    CHF    51.260
Deutsche Bank AG              4.200  9/25/2018    EUR    59.700
Deutsche Bank AG              5.500  9/25/2018    EUR    62.500
Deutsche Bank AG              5.500 12/27/2018    EUR    64.800
Deutsche Bank AG              5.500 12/27/2018    EUR    62.900
DZ Bank AG Deutsche Zentra    6.500  6/22/2018    EUR    71.900
Deutsche Bank AG              6.200  7/25/2018    EUR    65.900
Deutsche Bank AG              6.200 10/24/2018    EUR    65.200
DekaBank Deutsche Girozent    6.700  1/31/2019    EUR    64.250
DZ Bank AG Deutsche Zentra    6.500  6/22/2018    EUR    67.580
UBS AG/London                11.900   1/3/2019    EUR    71.510
HSBC Trinkaus & Burkhardt     5.000  7/27/2018    EUR    70.400
Raiffeisen Switzerland BV     5.000  8/14/2020    EUR    59.690
Deutsche Bank AG              2.700  9/25/2018    EUR    59.900
Deutsche Bank AG              2.700 12/27/2018    EUR    64.400
UBS AG/London                 9.700   1/3/2019    EUR    73.360
Deutsche Bank AG             10.000  9/25/2018    EUR    55.200
UBS AG/London                15.200  9/27/2018    EUR    65.520
UBS AG/London                12.500  9/27/2018    EUR    69.470
Deutsche Bank AG             10.000  9/25/2018    EUR    64.300
UniCredit Bank AG            10.900  6/22/2018    EUR    60.000
UniCredit Bank AG            11.800  6/22/2018    EUR    58.230
UniCredit Bank AG             7.200  6/22/2018    EUR    65.100
UniCredit Bank AG            12.900  6/22/2018    EUR    56.570
UniCredit Bank AG             6.700  6/22/2018    EUR    70.810
DZ Bank AG Deutsche Zentra    4.500  9/28/2018    EUR    73.150
UniCredit Bank AG             7.500  6/22/2018    EUR    49.650
UniCredit Bank AG            10.700  6/22/2018    EUR    73.390
HSBC Trinkaus & Burkhardt     8.800  9/28/2018    EUR    61.620
HSBC Trinkaus & Burkhardt    12.100  6/22/2018    EUR    39.440
DekaBank Deutsche Girozent    4.050  5/17/2019    EUR    65.700
Vontobel Financial Product    6.750   1/2/2019    EUR    58.990
Leonteq Securities AG        14.000   8/2/2018    USD    39.830
Deutsche Bank AG              4.200  9/25/2018    EUR    59.700
Vontobel Financial Product   13.450 12/14/2018    EUR    63.140
Vontobel Financial Product    5.200 12/14/2018    EUR    67.490
Leonteq Securities AG/Guer   11.000  4/12/2019    EUR    64.500
DZ Bank AG Deutsche Zentra    4.750  9/24/2018    EUR    53.940
DZ Bank AG Deutsche Zentra    5.500 12/24/2018    EUR    58.310
DZ Bank AG Deutsche Zentra    5.250  3/18/2019    EUR    59.340
DZ Bank AG Deutsche Zentra    5.500  9/24/2018    EUR    70.020
DZ Bank AG Deutsche Zentra    6.500 12/24/2018    EUR    70.240
DZ Bank AG Deutsche Zentra    5.500 12/24/2018    EUR    72.650
DZ Bank AG Deutsche Zentra    6.250  3/18/2019    EUR    71.540
HSBC Trinkaus & Burkhardt     4.600  6/22/2018    EUR    72.150
HSBC Trinkaus & Burkhardt     4.100  8/24/2018    EUR    73.580
HSBC Trinkaus & Burkhardt    10.300  9/28/2018    EUR    41.460
HSBC Trinkaus & Burkhardt     7.500  9/28/2018    EUR    45.570
HSBC Trinkaus & Burkhardt     7.300  9/28/2018    EUR    73.580
Commerzbank AG               13.000  8/24/2018    EUR    72.240
Commerzbank AG               13.250  9/28/2018    EUR    71.430
Vontobel Financial Product    7.500  6/22/2018    EUR    57.990
Vontobel Financial Product   10.500  6/22/2018    EUR    57.840
Vontobel Financial Product   12.550  6/22/2018    EUR    65.780
Vontobel Financial Product    8.500   1/2/2019    EUR    63.480
Vontobel Financial Product    2.500  9/28/2018    EUR    50.200
Vontobel Financial Product   10.500  9/28/2018    EUR    39.240
Vontobel Financial Product   12.500  9/28/2018    EUR    37.920
HSBC Trinkaus & Burkhardt     7.600  6/22/2018    EUR    62.650
Commerzbank AG               11.500 10/26/2018    EUR    73.710
Commerzbank AG               16.000  7/27/2018    EUR    60.280
Vontobel Financial Product    9.500  8/24/2018    EUR    65.160
Vontobel Financial Product    7.000  8/24/2018    EUR    65.620
Commerzbank AG               15.250  8/24/2018    EUR    61.760
DZ Bank AG Deutsche Zentra    4.000   8/2/2018    EUR    66.540
Deutsche Bank AG              5.500  9/25/2018    EUR    66.700
Vontobel Financial Product    6.000  6/22/2018    EUR    51.790
Deutsche Bank AG              5.500  9/25/2018    EUR    60.600
Deutsche Bank AG              5.500 12/27/2018    EUR    71.200
Deutsche Bank AG              5.500 12/27/2018    EUR    67.900
Deutsche Bank AG              5.500 12/27/2018    EUR    66.800
DZ Bank AG Deutsche Zentra    8.000  6/22/2018    EUR    54.970
DZ Bank AG Deutsche Zentra    8.250  6/22/2018    EUR    71.920
Vontobel Financial Product   11.500  9/28/2018    EUR    74.070
Deutsche Bank AG              6.200  8/22/2018    EUR    68.100
Commerzbank AG               12.500 11/23/2018    EUR    66.830
Deutsche Bank AG              5.500  9/25/2018    EUR    68.400
Deutsche Bank AG              6.200  7/25/2018    EUR    67.700
Deutsche Bank AG              6.200  8/22/2018    EUR    68.600
Deutsche Bank AG              6.200  8/22/2018    EUR    64.100
Deutsche Bank AG              6.200  8/22/2018    EUR    60.200
Deutsche Bank AG              6.200 10/24/2018    EUR    67.300
UBS AG/London                 8.600  6/22/2018    EUR    57.170
UBS AG/London                10.700   1/3/2019    EUR    61.590
Deutsche Bank AG              2.700  9/25/2018    EUR    63.800
DZ Bank AG Deutsche Zentra    5.000  1/25/2019    EUR    65.350
Vontobel Financial Product   10.500  6/22/2018    EUR    54.290
HSBC Trinkaus & Burkhardt     8.470  1/25/2019    EUR    72.170
Vontobel Financial Product   13.000  6/22/2018    EUR    51.670
Vontobel Financial Product    5.000  9/28/2018    EUR    68.880
Vontobel Financial Product    7.550  9/28/2018    EUR    61.050
Vontobel Financial Product   10.550  9/28/2018    EUR    55.300
Vontobel Financial Product   14.000  9/28/2018    EUR    50.930
Vontobel Financial Product    5.000   1/2/2019    EUR    69.970
Vontobel Financial Product    8.500   1/2/2019    EUR    60.010
Vontobel Financial Product   12.550   1/2/2019    EUR    53.750
Commerzbank AG               14.750  8/24/2018    EUR    71.260
Deutsche Bank AG              6.200  7/25/2018    EUR    74.000
Deutsche Bank AG              6.200  7/25/2018    EUR    68.200
Deutsche Bank AG              6.200  7/25/2018    EUR    61.600
Deutsche Bank AG              6.200  7/25/2018    EUR    59.700
UniCredit Bank AG            11.900  6/22/2018    EUR    74.230
UniCredit Bank AG             9.100  6/28/2019    EUR    73.300
UniCredit Bank AG            13.300  6/28/2019    EUR    68.540
BNP Paribas Emissions- und   15.000  9/27/2018    EUR    72.160
BNP Paribas Emissions- und   12.000 12/31/2018    EUR    73.270
UniCredit Bank AG            10.500  9/28/2018    EUR    67.140
BNP Paribas Emissions- und    9.500  6/27/2019    EUR    71.600
Deutsche Bank AG              5.200 12/27/2018    EUR    72.400
Deutsche Bank AG              6.200  9/25/2018    EUR    69.200
UniCredit Bank AG            14.700   1/3/2020    EUR    69.380
Deutsche Bank AG              6.200  9/25/2018    EUR    73.300
UniCredit Bank AG            14.700   1/4/2019    EUR    41.000
UniCredit Bank AG            14.900   1/4/2019    EUR    64.830
UniCredit Bank AG            14.500   1/4/2019    EUR     9.590
BNP Paribas Emissions- und   19.000  9/27/2018    EUR    62.440
BNP Paribas Emissions- und    6.000  6/27/2019    EUR    66.850
BNP Paribas Emissions- und    8.500  6/27/2019    EUR    64.800
BNP Paribas Emissions- und   19.000 12/31/2018    EUR    62.710
BNP Paribas Emissions- und   16.000  6/27/2019    EUR    68.870
UniCredit Bank AG             9.300  3/22/2019    EUR    71.990
BNP Paribas Emissions- und   11.000  9/27/2018    EUR    60.800
Commerzbank AG               11.250   1/2/2019    EUR    71.890
Vontobel Financial Product    7.100 12/14/2018    EUR    73.130
Vontobel Financial Product   12.650 12/14/2018    EUR    71.510
Commerzbank AG               10.750  7/27/2018    EUR    70.660
Raiffeisen Centrobank AG     10.237  3/19/2019    EUR    69.080
BNP Paribas Emissions- und    9.000  9/27/2018    EUR    66.220
BNP Paribas Emissions- und   11.000 12/31/2018    EUR    64.660
Bank Julius Baer & Co Ltd/    8.000  11/2/2018    USD    62.300
Vontobel Financial Product    8.500  9/28/2018    EUR    66.580
BNP Paribas Emissions- und    9.000  3/21/2019    EUR    72.100
BNP Paribas Emissions- und    8.000  6/27/2019    EUR    72.290
UniCredit Bank AG             9.400  3/22/2019    EUR    72.470
BNP Paribas Emissions- und    9.000  3/21/2019    EUR    70.200
UniCredit Bank AG            13.600  3/22/2019    EUR    69.170
Commerzbank AG               12.250   1/2/2019    EUR    70.520
BNP Paribas Emissions- und    6.500 12/31/2018    EUR    72.660
BNP Paribas Emissions- und    9.000 12/31/2018    EUR    68.420
Zurcher Kantonalbank Finan    6.600   4/3/2019    CHF    63.060
UBS AG/London                11.750  11/1/2018    USD    62.700
Leonteq Securities AG/Guer   10.400  2/13/2019    CHF    70.700
Vontobel Financial Product   13.400  9/14/2018    EUR    69.900
Vontobel Financial Product   15.750  9/14/2018    EUR    64.510
Vontobel Financial Product    5.050  9/14/2018    EUR    66.840
Vontobel Financial Product    6.400  9/14/2018    EUR    66.180
Vontobel Financial Product    7.800  9/14/2018    EUR    67.520
Vontobel Financial Product   10.800  9/14/2018    EUR    67.130
DZ Bank AG Deutsche Zentra   15.000  6/22/2018    EUR    73.720
DZ Bank AG Deutsche Zentra    6.750  6/22/2018    EUR    72.640
Commerzbank AG                7.500  8/24/2018    EUR    73.920
Vontobel Financial Product   10.050  9/14/2018    EUR    73.420
Commerzbank AG                5.500  8/24/2018    EUR    70.760
UBS AG/London                12.800  9/27/2018    EUR    72.160
Commerzbank AG               10.500  8/24/2018    EUR    74.030
UBS AG/London                17.100  9/27/2018    EUR    74.040
BNP Paribas Emissions- und   16.000  9/27/2018    EUR    61.700
BNP Paribas Emissions- und   12.000 10/25/2018    EUR    66.350
Vontobel Financial Product    7.550  1/25/2019    EUR    67.700
Vontobel Financial Product    9.250  9/14/2018    EUR    63.100
Commerzbank AG               22.000 11/23/2018    EUR    65.000
Commerzbank AG                8.500  8/24/2018    EUR    72.520
DZ Bank AG Deutsche Zentra   11.000  2/20/2019    EUR    62.730
BNP Paribas Emissions- und   16.000 12/31/2018    EUR    63.180
Commerzbank AG               11.750  8/24/2018    EUR    38.710
Commerzbank AG               10.000  9/28/2018    EUR    71.600
Commerzbank AG                4.500 12/29/2022    USD #N/A N/A
Vontobel Financial Product    8.550   1/2/2019    EUR    65.250
Raiffeisen Centrobank AG     12.706 12/28/2018    EUR    63.160
Raiffeisen Centrobank AG      6.026 12/27/2019    EUR    70.940
Bank Julius Baer & Co Ltd/    8.000 11/14/2018    EUR    66.800
Vontobel Financial Product   14.000   1/2/2019    EUR    73.160
Credit Suisse AG/Nassau       7.500  7/29/2019    CHF    49.770
UniCredit Bank AG            10.600  6/22/2018    EUR    75.000
UniCredit Bank AG            13.900  9/28/2018    EUR    71.580
UniCredit Bank AG            13.700  6/28/2019    EUR    72.370
UniCredit Bank AG            13.600  9/28/2018    EUR    68.970
DZ Bank AG Deutsche Zentra    7.750  9/26/2018    EUR #N/A N/A
UniCredit Bank AG            14.300   1/4/2019    EUR    71.680
HSBC Trinkaus & Burkhardt     1.000 12/28/2018    EUR    68.830
BNP Paribas Emissions- und    6.000 12/31/2018    EUR    65.600
Commerzbank AG               13.000  9/28/2018    EUR    68.260
Commerzbank AG               10.250   1/2/2019    EUR    73.310
Vontobel Financial Product   12.250 12/14/2018    EUR    66.690
Commerzbank AG                9.750  7/27/2018    EUR    72.640
Commerzbank AG               12.750  7/27/2018    EUR    67.170
Commerzbank AG               23.250 10/26/2018    EUR    63.620
Commerzbank AG               20.000 11/23/2018    EUR    66.700
Commerzbank AG                9.500  8/24/2018    EUR    71.120
BNP Paribas Emissions- und   12.000 12/31/2018    EUR    68.080
BNP Paribas Emissions- und   13.000  6/27/2019    EUR    65.860
Commerzbank AG                6.500  8/24/2018    EUR    69.040
Commerzbank AG               12.500  8/24/2018    EUR    70.310
UBS AG/London                20.200  9/27/2018    EUR    71.020
Commerzbank AG                9.750  8/24/2018    EUR    40.940
BNP Paribas Emissions- und   20.000  9/27/2018    EUR    70.980
Landesbank Baden-Wuerttemb    5.000 11/23/2018    EUR    60.450
Commerzbank AG               10.500  6/22/2018    EUR    71.090
Commerzbank AG                9.500  8/24/2018    EUR    70.680
Vontobel Financial Product   10.050  6/22/2018    EUR    63.550
Vontobel Financial Product    8.000  9/28/2018    EUR    71.200
Vontobel Financial Product   13.500   1/2/2019    EUR    67.970
DZ Bank AG Deutsche Zentra    7.750  9/24/2018    EUR    71.850
HSBC Trinkaus & Burkhardt     9.000 12/28/2018    EUR    72.090
Commerzbank AG               21.750  9/28/2018    EUR    64.050
Vontobel Financial Product    9.800   3/8/2019    EUR    65.880
Vontobel Financial Product    7.000  6/28/2019    EUR    72.080
Vontobel Financial Product    7.000  6/28/2019    EUR    72.080
Raiffeisen Centrobank AG     12.395  6/25/2019    EUR    71.520
EFG International Finance     7.660  10/5/2018    USD    53.270
BNP Paribas Emissions- und   19.000 12/31/2018    EUR    69.980
Vontobel Financial Product    8.000 11/23/2018    EUR    64.630
Vontobel Financial Product   11.550  9/28/2018    EUR    68.830
Vontobel Financial Product    8.500   1/2/2019    EUR    72.470
Vontobel Financial Product   17.000   1/2/2019    EUR    65.760
Vontobel Financial Product    8.550  6/28/2019    EUR    72.820
Vontobel Financial Product   10.550  6/28/2019    EUR    70.560
Commerzbank AG                9.500  1/25/2019    EUR    69.970
HSBC Trinkaus & Burkhardt     7.600 10/26/2018    EUR    72.720
HSBC Trinkaus & Burkhardt     7.800 11/23/2018    EUR    73.300
HSBC Trinkaus & Burkhardt     3.500 10/26/2018    EUR    66.920
HSBC Trinkaus & Burkhardt    11.300  9/28/2018    EUR    72.510
HSBC Trinkaus & Burkhardt     5.400  9/28/2018    EUR    66.360
HSBC Trinkaus & Burkhardt     7.500  3/22/2019    EUR    65.540
Vontobel Financial Product   10.700  9/14/2018    EUR    65.810
Vontobel Financial Product   13.200  9/14/2018    EUR    64.110
Vontobel Financial Product   12.950 12/14/2018    EUR    65.000
Vontobel Financial Product   10.500  9/21/2018    EUR    63.560
Vontobel Financial Product   13.000   1/2/2019    EUR    65.800
Vontobel Financial Product   13.000  6/28/2019    EUR    67.880
Commerzbank AG                8.000  11/6/2020    USD     3.160
DZ Bank AG Deutsche Zentra    9.250  9/26/2018    EUR #N/A N/A
Bank Julius Baer & Co Ltd/    9.500  8/23/2018    USD    62.400
Commerzbank AG               15.000  7/27/2018    EUR    65.670
Commerzbank AG               14.000  8/24/2018    EUR    66.890
Raiffeisen Centrobank AG     11.943  3/19/2019    EUR    69.340
BNP Paribas Emissions- und    7.500  9/27/2018    EUR    71.600
Credit Suisse AG/London       8.000  10/9/2018    USD    53.450
Commerzbank AG                5.000  7/27/2018    EUR    45.820
BNP Paribas Emissions- und   19.000 10/25/2018    EUR    61.520
Vontobel Financial Product   11.650  9/14/2018    EUR    63.620
BNP Paribas Emissions- und   16.000 10/25/2018    EUR    62.740
Commerzbank AG               11.750  7/27/2018    EUR    68.850
Leonteq Securities AG/Guer   12.000  4/30/2019    EUR    72.270
Vontobel Financial Product    9.000 10/30/2018    EUR    70.540
Commerzbank AG               12.000  9/28/2018    EUR    71.880
BNP Paribas Emissions- und   13.000  6/27/2019    EUR    67.760
BNP Paribas Emissions- und    6.000 12/31/2018    EUR    73.030
Commerzbank AG               11.500  8/24/2018    EUR    72.000
Commerzbank AG                3.750  8/24/2018    EUR    58.520
BNP Paribas Emissions- und   19.000  9/27/2018    EUR    60.220
Commerzbank AG                9.000  7/27/2018    EUR    69.880
DZ Bank AG Deutsche Zentra    6.500 11/21/2018    EUR    72.220
Commerzbank AG                4.500 12/30/2024    USD #N/A N/A
Raiffeisen Centrobank AG     10.166  6/25/2019    EUR    71.510
Vontobel Financial Product   11.550  9/28/2018    EUR    74.610
DZ Bank AG Deutsche Zentra    8.500   1/2/2019    EUR    69.330
Commerzbank AG                7.500  8/24/2018    EUR    67.800
UBS AG/London                16.600  9/27/2018    EUR    63.800
Commerzbank AG               12.000  6/22/2018    EUR    73.190
Commerzbank AG                5.750  8/24/2018    EUR    48.920
BNP Paribas Emissions- und   12.000  9/27/2018    EUR    65.680
Vontobel Financial Product   12.350 12/14/2018    EUR    68.750
Vontobel Financial Product    9.800 12/14/2018    EUR    71.980
BNP Paribas Emissions- und   18.000 10/25/2018    EUR    71.790
Commerzbank AG               10.000  9/28/2018    EUR    40.110
Raiffeisen Centrobank AG      8.008  6/25/2019    EUR    71.970
Leonteq Securities AG/Guer   13.400   1/3/2019    EUR    64.120
Raiffeisen Centrobank AG     10.588 12/28/2018    EUR    69.680
Raiffeisen Centrobank AG      6.850 12/27/2019    EUR    73.080
Vontobel Financial Product    9.550  9/28/2018    EUR    70.910
Vontobel Financial Product    8.500   1/2/2019    EUR    63.320
Vontobel Financial Product    8.500  9/28/2018    EUR    72.260
UniCredit Bank AG            13.000   1/4/2019    EUR    61.850
UBS AG/London                 8.750  8/16/2018    CHF    64.000
DZ Bank AG Deutsche Zentra    6.000  9/28/2018    EUR    61.400
DZ Bank AG Deutsche Zentra    5.200  3/28/2019    EUR    61.600
DZ Bank AG Deutsche Zentra    5.000 12/28/2018    EUR    69.810
Raiffeisen Schweiz Genosse    5.400   8/2/2019    CHF    71.450
DZ Bank AG Deutsche Zentra    5.000  3/28/2019    EUR    61.810
DZ Bank AG Deutsche Zentra    7.250 12/24/2018    EUR    64.310
DZ Bank AG Deutsche Zentra    5.000  3/18/2019    EUR    67.720
DZ Bank AG Deutsche Zentra    8.250   1/2/2019    EUR    72.790
DZ Bank AG Deutsche Zentra    8.600 12/24/2018    EUR    69.730
DZ Bank AG Deutsche Zentra    7.600  3/18/2019    EUR    70.850
Commerzbank AG               25.250  8/24/2018    EUR    58.440
Commerzbank AG               14.500  9/28/2018    EUR    73.510
Commerzbank AG               17.250  7/27/2018    EUR    63.290
Commerzbank AG               16.250  8/24/2018    EUR    64.310
Commerzbank AG               12.500 10/26/2018    EUR    68.630
Commerzbank AG               14.500 10/26/2018    EUR    66.640
DZ Bank AG Deutsche Zentra    5.000  8/24/2018    EUR    67.290
Leonteq Securities AG/Guer   12.800  1/10/2019    CHF    62.150
UniCredit Bank AG            12.500  9/28/2018    EUR    67.260
UniCredit Bank AG            13.800  9/28/2018    EUR    65.050
BNP Paribas Emissions- und    8.500  9/27/2018    EUR    70.690
BNP Paribas Emissions- und   13.000  9/27/2018    EUR    66.810
BNP Paribas Emissions- und   11.000 12/31/2018    EUR    68.980
UniCredit Bank AG            14.200  9/28/2018    EUR    63.970
UniCredit Bank AG            14.200  6/28/2019    EUR    73.130
UniCredit Bank AG            13.600  9/28/2018    EUR    70.160
Deutsche Bank AG              6.200 12/27/2018    EUR    70.500
UniCredit Bank AG            11.400  3/22/2019    EUR    67.240
Deutsche Bank AG              6.200  9/25/2018    EUR    71.700
BNP Paribas Emissions- und   10.000 12/31/2018    EUR    72.570
BNP Paribas Emissions- und    9.000  3/21/2019    EUR    73.920
UniCredit Bank AG            13.400   1/3/2020    EUR    71.870
Deutsche Bank AG              5.200  9/25/2018    EUR    73.000
Credit Suisse AG/London       8.250  8/29/2018    USD    54.060
BNP Paribas Emissions- und   13.000  9/27/2018    EUR    61.910
Deutsche Bank AG              6.200  2/20/2019    EUR    71.300
Commerzbank AG               10.500 10/26/2018    EUR    70.400
Commerzbank AG               11.500 10/26/2018    EUR    69.060
Commerzbank AG                5.250 10/26/2018    EUR    47.490
Commerzbank AG                7.250 10/26/2018    EUR    43.090
Commerzbank AG                9.250 10/26/2018    EUR    40.570
DZ Bank AG Deutsche Zentra   12.250  7/25/2018    EUR #N/A N/A
Commerzbank AG                8.750   1/2/2019    EUR    71.130
Deutsche Bank AG              6.200  2/20/2019    EUR    73.700
Deutsche Bank AG              6.200  2/20/2019    EUR    67.000
Commerzbank AG               19.750   1/2/2019    EUR    64.670
DZ Bank AG Deutsche Zentra    5.000  8/24/2018    EUR    67.160
UniCredit Bank AG            14.800  6/28/2019    EUR    69.770
UniCredit Bank AG            13.900  9/28/2018    EUR    67.280
Landesbank Hessen-Thuering    6.500  2/16/2023    EUR    73.530
UniCredit Bank AG             7.600  9/28/2018    EUR    69.670
BNP Paribas Emissions- und    7.500  3/21/2019    EUR    74.430
UniCredit Bank AG            14.900  9/28/2018    EUR    73.600
UniCredit Bank AG            11.800  9/28/2018    EUR    74.090
UniCredit Bank AG            13.800  6/28/2019    EUR    72.650
BNP Paribas Emissions- und   13.000  3/21/2019    EUR    73.650
UniCredit Bank AG            12.200  6/28/2019    EUR    67.530
Deutsche Bank AG              6.200 12/27/2018    EUR    72.900
Deutsche Bank AG              6.200 12/27/2018    EUR    68.300
Deutsche Bank AG              5.200 12/27/2018    EUR    67.800
Deutsche Bank AG              6.200  9/25/2018    EUR    66.900
UniCredit Bank AG            14.900  9/28/2018    EUR    59.310
UniCredit Bank AG             8.800  9/28/2018    EUR    68.940
UniCredit Bank AG            11.400  9/28/2018    EUR    70.490
UniCredit Bank AG            12.000   1/4/2019    EUR    43.030
UniCredit Bank AG             4.000   1/4/2019    EUR    59.440
UniCredit Bank AG            11.500   1/4/2019    EUR    67.250
DZ Bank AG Deutsche Zentra    7.200  3/28/2019    EUR    72.840
Commerzbank AG               10.500 10/26/2018    EUR    69.720
DZ Bank AG Deutsche Zentra    8.000  9/24/2018    EUR    63.160
Vontobel Financial Product   15.000  9/28/2018    EUR    69.770
DZ Bank AG Deutsche Zentra    5.000 12/24/2018    EUR    66.580
Commerzbank AG               22.250  9/28/2018    EUR    58.900
Commerzbank AG               21.000 10/26/2018    EUR    60.100
Commerzbank AG               17.750  7/27/2018    EUR    71.480
DZ Bank AG Deutsche Zentra    6.300  3/18/2019    EUR    73.980
Vontobel Financial Product    9.750  7/27/2018    EUR    62.070
DZ Bank AG Deutsche Zentra    9.200  9/24/2018    EUR    67.830
DZ Bank AG Deutsche Zentra    4.750  9/24/2018    EUR    61.890
DZ Bank AG Deutsche Zentra    6.500  3/18/2019    EUR    68.350
Vontobel Financial Product   13.500  6/22/2018    EUR    73.530
DZ Bank AG Deutsche Zentra    7.250  3/18/2019    EUR    73.730
DZ Bank AG Deutsche Zentra    6.600 12/24/2018    EUR    73.040
DZ Bank AG Deutsche Zentra    6.000  3/18/2019    EUR    73.850
Commerzbank AG                0.100 12/27/2018    RUB     2.160
DZ Bank AG Deutsche Zentra    8.250 12/24/2018    EUR    59.600
DZ Bank AG Deutsche Zentra    5.500  9/24/2018    EUR    66.850
DZ Bank AG Deutsche Zentra    6.250 12/24/2018    EUR    70.110
DZ Bank AG Deutsche Zentra    6.250 11/23/2018    EUR    41.410
Raiffeisen Centrobank AG      8.862  9/25/2018    EUR    68.080
DZ Bank AG Deutsche Zentra    5.500  3/20/2019    EUR    73.180
Commerzbank AG                9.500 10/26/2018    EUR    71.880
Commerzbank AG               14.750   1/2/2019    EUR    64.050
Commerzbank AG               10.000 11/23/2018    EUR    72.540
Commerzbank AG               11.000 11/23/2018    EUR    71.020
Leonteq Securities AG/Guer   12.800 10/30/2018    USD    72.260
DZ Bank AG Deutsche Zentra    6.500 12/24/2018    EUR    65.850
DZ Bank AG Deutsche Zentra    8.500  3/18/2019    EUR #N/A N/A
DZ Bank AG Deutsche Zentra    7.000  3/18/2019    EUR    69.170
DZ Bank AG Deutsche Zentra    5.500 12/24/2018    EUR    72.180
DZ Bank AG Deutsche Zentra    6.500 12/24/2018    EUR    73.810
DZ Bank AG Deutsche Zentra   15.000  7/25/2018    EUR #N/A N/A
Commerzbank AG               10.750   1/2/2019    EUR    67.940
Commerzbank AG               12.750   1/2/2019    EUR    65.740
Deutsche Bank AG              6.200  2/20/2019    EUR    72.400
Deutsche Bank AG              6.200  2/20/2019    EUR    71.300
Commerzbank AG               14.000 11/23/2018    EUR    67.460
Commerzbank AG               13.500   1/2/2019    EUR    68.640
Commerzbank AG               15.250  9/28/2018    EUR    65.610
UBS AG/London                 7.000  2/22/2019    EUR    73.140
Deutsche Bank AG              6.200  2/20/2019    EUR    72.400
Deutsche Bank AG              6.200  1/23/2019    EUR    73.300
DZ Bank AG Deutsche Zentra   11.250  7/25/2018    EUR    70.820
Commerzbank AG               14.250  9/28/2018    EUR    63.300
Deutsche Bank AG              6.200  2/20/2019    EUR    69.900
DZ Bank AG Deutsche Zentra   10.750  8/24/2018    EUR    61.330
DZ Bank AG Deutsche Zentra    6.500  9/28/2018    EUR    73.560
Deutsche Bank AG              8.500 10/15/2018    USD     8.080
DZ Bank AG Deutsche Zentra    8.250  3/18/2019    EUR    63.870
DZ Bank AG Deutsche Zentra    6.250  9/24/2018    EUR    70.020
DZ Bank AG Deutsche Zentra    7.250  9/24/2018    EUR    67.310
DZ Bank AG Deutsche Zentra    6.700  3/18/2019    EUR    72.240
Vontobel Financial Product   10.500 10/26/2018    EUR    68.390
Raiffeisen Centrobank AG      7.374  3/19/2019    EUR    65.960
DZ Bank AG Deutsche Zentra    5.000  9/24/2018    EUR    59.170
DZ Bank AG Deutsche Zentra    6.250  3/18/2019    EUR    67.270
DZ Bank AG Deutsche Zentra    7.200 12/24/2018    EUR    71.980
Deutsche Bank AG              6.200  1/23/2019    EUR    66.600
Deutsche Bank AG              6.200  2/20/2019    EUR    73.700
UniCredit Bank AG            12.800  9/28/2018    EUR    39.990
UniCredit Bank AG             6.600  6/28/2019    EUR    70.920
BNP Paribas Emissions- und    9.500  3/21/2019    EUR    72.060
UniCredit Bank AG            10.900   1/3/2020    EUR    72.820
Commerzbank AG                6.500 10/26/2018    EUR    72.980
BNP Paribas Emissions- und   18.000  9/27/2018    EUR    73.480
UniCredit Bank AG            12.300  3/22/2019    EUR    68.310
DZ Bank AG Deutsche Zentra    5.500  9/24/2018    EUR    59.300
Commerzbank AG               20.000 11/23/2018    EUR    61.210
DZ Bank AG Deutsche Zentra    6.700  9/24/2018    EUR    71.620
DZ Bank AG Deutsche Zentra    7.800  9/24/2018    EUR    69.640
DZ Bank AG Deutsche Zentra    7.600 12/24/2018    EUR    71.330
DZ Bank AG Deutsche Zentra    5.750  9/24/2018    EUR #N/A N/A
DZ Bank AG Deutsche Zentra    7.250  9/24/2018    EUR #N/A N/A
DZ Bank AG Deutsche Zentra    5.000 12/24/2018    EUR    73.740
DZ Bank AG Deutsche Zentra    5.000  3/18/2019    EUR    72.420
DZ Bank AG Deutsche Zentra    4.750  9/24/2018    EUR    68.190
DZ Bank AG Deutsche Zentra    5.250 12/24/2018    EUR    74.010
DZ Bank AG Deutsche Zentra    5.000  3/18/2019    EUR    74.990
Vontobel Financial Product   10.000  8/24/2018    EUR    69.670
Deutsche Bank AG              6.200  1/23/2019    EUR    72.000
Deutsche Bank AG              6.200  1/23/2019    EUR    69.500
Deutsche Bank AG              6.200  2/20/2019    EUR    69.900
Deutsche Bank AG              6.200  1/23/2019    EUR    70.900
Deutsche Bank AG              6.200  2/20/2019    EUR    67.000
Raiffeisen Centrobank AG     13.292  9/25/2018    EUR    66.820
Raiffeisen Centrobank AG      4.431  9/25/2018    EUR    70.450
Commerzbank AG               12.250  7/27/2018    EUR    73.790
DZ Bank AG Deutsche Zentra   13.750  7/25/2018    EUR #N/A N/A
Commerzbank AG                8.500 10/26/2018    EUR    73.560
Commerzbank AG                3.250 10/26/2018    EUR    57.160
Commerzbank AG               11.250 10/26/2018    EUR    38.860
Vontobel Financial Product    3.600   2/1/2019    EUR    69.910
Commerzbank AG               13.000 10/26/2018    EUR    64.660
Commerzbank AG               12.000 11/23/2018    EUR    69.680
Commerzbank AG               26.750  7/27/2018    EUR    56.760
Leonteq Securities AG/Guer   10.000  1/10/2019    USD    65.010
Commerzbank AG               12.750 10/26/2018    EUR    72.290
BNP Paribas Emissions- und    6.800 10/25/2018    EUR    69.180
UniCredit Bank AG             6.300  9/28/2018    EUR    47.890
Vontobel Financial Product   14.000   1/2/2019    EUR    66.860
Vontobel Financial Product   10.500  9/28/2018    EUR    71.000
Commerzbank AG               14.500  9/28/2018    EUR    66.560
Vontobel Financial Product    4.300 12/14/2018    EUR    58.870
HSBC Trinkaus & Burkhardt     4.500  9/28/2018    EUR    39.750
HSBC Trinkaus & Burkhardt     6.500  9/28/2018    EUR    69.160
HSBC Trinkaus & Burkhardt     5.800 12/28/2018    EUR    72.330
Commerzbank AG                6.500  6/22/2018    EUR    63.750
Commerzbank AG                3.000  9/28/2018    EUR    48.280
Vontobel Financial Product   13.550  6/22/2018    EUR    65.910
Vontobel Financial Product    7.000  8/24/2018    EUR    69.790
Vontobel Financial Product    8.500   1/2/2019    EUR    71.780
Leonteq Securities AG/Guer   13.200  1/16/2019    CHF    66.490
BNP Paribas Emissions- und    6.000  3/21/2019    EUR    74.280
BNP Paribas Emissions- und    5.000  6/27/2019    EUR    66.910
Commerzbank AG                5.750  8/24/2018    EUR    38.580
Commerzbank AG                8.750  9/28/2018    EUR    35.610
Commerzbank AG                4.500  7/27/2018    EUR    41.050
Commerzbank AG                6.500  7/27/2018    EUR    37.570
Commerzbank AG               10.250 10/26/2018    EUR    69.620
DZ Bank AG Deutsche Zentra    6.400  9/24/2018    EUR    72.310
Commerzbank AG               14.000  9/28/2018    EUR    73.970
Commerzbank AG               14.500  7/27/2018    EUR    71.360
DZ Bank AG Deutsche Zentra   11.000  2/20/2019    EUR    67.340
HSBC Trinkaus & Burkhardt     6.700  9/28/2018    EUR    62.300
HSBC Trinkaus & Burkhardt     4.000  6/28/2019    EUR    67.010
Vontobel Financial Product   10.500   1/2/2019    EUR    68.410
Vontobel Financial Product   12.000   1/2/2019    EUR    67.180
Vontobel Financial Product   15.000   1/2/2019    EUR    65.050
Vontobel Financial Product    8.500   1/2/2019    EUR    71.780
Commerzbank AG               11.500  9/28/2018    EUR    66.200
Commerzbank AG               12.750  8/24/2018    EUR    66.850
Commerzbank AG                8.500 11/23/2018    EUR    72.050
Raiffeisen Schweiz Genosse   10.000 10/16/2018    CHF    57.330
Vontobel Financial Product    8.000  9/28/2018    EUR    41.740
DZ Bank AG Deutsche Zentra    4.500 12/28/2018    EUR    70.910
Bank Julius Baer & Co Ltd/   12.750  4/23/2019    USD    69.650
Bank Julius Baer & Co Ltd/   14.100  1/24/2019    USD    68.300
Vontobel Financial Product   14.500   1/2/2019    EUR    72.360
Commerzbank AG               15.000  8/24/2018    EUR    67.790
BNP Paribas Emissions- und    7.000  3/21/2019    EUR    72.440
Commerzbank AG                3.750  8/24/2018    EUR    43.010
Commerzbank AG               11.750  8/24/2018    EUR    33.460
Commerzbank AG                4.750  9/28/2018    EUR    40.180
Vontobel Financial Product    7.750   3/8/2019    EUR    68.300
HSBC Trinkaus & Burkhardt     8.500  9/28/2018    EUR    70.950
HSBC Trinkaus & Burkhardt     9.000  3/22/2019    EUR    72.240
HSBC Trinkaus & Burkhardt    11.900 12/28/2018    EUR    68.480
Vontobel Financial Product    8.550  9/28/2018    EUR    69.790
Vontobel Financial Product   14.000  9/28/2018    EUR    64.620
Vontobel Financial Product   11.000  9/28/2018    EUR    68.080
Vontobel Financial Product    7.500  6/28/2019    EUR    73.560
Vontobel Financial Product    7.550   1/2/2019    EUR    73.700
Vontobel Financial Product   11.000  6/28/2019    EUR    69.210
Vontobel Financial Product    4.000  9/28/2018    EUR    47.310
BNP Paribas Emissions- und    3.000  6/27/2019    EUR    70.190
Commerzbank AG                8.000  2/22/2019    EUR    72.170
Commerzbank AG               10.500  7/27/2018    EUR    33.870
Commerzbank AG                8.500 10/26/2018    EUR    36.210
Commerzbank AG                7.750  8/24/2018    EUR    44.010
BNP Paribas Emissions- und   19.000  8/23/2018    EUR    61.100
Raiffeisen Centrobank AG      9.940 12/27/2019    EUR    72.550
Raiffeisen Centrobank AG      8.395 12/27/2019    EUR    72.650
Vontobel Financial Product    7.000  9/28/2018    EUR    62.540
Vontobel Financial Product   12.000  6/22/2018    EUR    63.560
Vontobel Financial Product    7.550   1/2/2019    EUR    69.390
Vontobel Financial Product    9.500   1/2/2019    EUR    63.840
Vontobel Financial Product   16.550  9/28/2018    EUR    65.470
BNP Paribas Emissions- und   13.000 10/25/2018    EUR    72.700
HSBC Trinkaus & Burkhardt    10.500  3/22/2019    EUR    70.790
HSBC Trinkaus & Burkhardt     6.400  3/22/2019    EUR    63.110
HSBC Trinkaus & Burkhardt     2.000 11/23/2018    EUR    72.320
HSBC Trinkaus & Burkhardt     3.500  2/23/2019    EUR    67.540
HSBC Trinkaus & Burkhardt     9.700 12/28/2018    EUR    73.890
HSBC Trinkaus & Burkhardt     5.600  3/22/2019    EUR    67.280
HSBC Trinkaus & Burkhardt     4.000  6/28/2019    EUR    70.010
HSBC Trinkaus & Burkhardt     3.300 10/26/2018    EUR    69.630
HSBC Trinkaus & Burkhardt     3.300 11/23/2018    EUR    69.680
Vontobel Financial Product   12.100   3/8/2019    EUR    64.020
Vontobel Financial Product    5.800   3/8/2019    EUR    71.250
Vontobel Financial Product    6.550   1/2/2019    EUR    70.990
Vontobel Financial Product    8.750  9/28/2018    EUR    65.170
Vontobel Financial Product    8.500  6/22/2018    EUR    73.470
Vontobel Financial Product   10.000  6/22/2018    EUR    70.710
Vontobel Financial Product    9.500   1/2/2019    EUR    70.030
Vontobel Financial Product   13.500   1/2/2019    EUR    66.060
Commerzbank AG                9.750   1/2/2019    EUR    67.880
Commerzbank AG               13.750  8/24/2018    EUR    66.110
BNP Paribas Emissions- und    5.000  3/21/2019    EUR    76.460
BNP Paribas Emissions- und    7.000  3/21/2019    EUR    72.240
BNP Paribas Emissions- und    8.500  3/21/2019    EUR    70.750
Commerzbank AG                7.750  8/24/2018    EUR    36.190
Commerzbank AG                9.750  8/24/2018    EUR    34.660
Commerzbank AG                6.750  9/28/2018    EUR    37.250
DZ Bank AG Deutsche Zentra    9.750  2/20/2019    EUR    67.510
Commerzbank AG               10.750 11/23/2018    EUR    69.420
Commerzbank AG               11.250 10/26/2018    EUR    68.680
Commerzbank AG               15.000  8/24/2018    EUR    73.400
Vontobel Financial Product    6.850   3/8/2019    EUR    70.520
HSBC Trinkaus & Burkhardt     5.800  9/28/2018    EUR    68.060
HSBC Trinkaus & Burkhardt     5.500 12/28/2018    EUR    68.770
HSBC Trinkaus & Burkhardt     8.000 12/28/2018    EUR    38.760
Vontobel Financial Product    8.050  9/21/2018    EUR    54.370
Vontobel Financial Product    5.750   3/8/2019    EUR    63.880
HSBC Trinkaus & Burkhardt     6.800  6/22/2018    EUR    69.480
HSBC Trinkaus & Burkhardt     6.800  6/22/2018    EUR    69.410
BNP Paribas Emissions- und   17.000  8/23/2018    EUR    71.210
BNP Paribas Emissions- und   15.000  9/27/2018    EUR    72.320
Vontobel Financial Product   14.000  9/28/2018    EUR    67.060
Vontobel Financial Product   10.500  9/28/2018    EUR    61.650
Vontobel Financial Product   10.000   1/2/2019    EUR    70.740
Vontobel Financial Product   11.500   1/2/2019    EUR    69.150
Vontobel Financial Product   15.550   1/2/2019    EUR    66.960
HSBC Trinkaus & Burkhardt     7.800  3/22/2019    EUR    61.950
HSBC Trinkaus & Burkhardt     2.400  6/28/2019    EUR    70.790
HSBC Trinkaus & Burkhardt     3.400 11/23/2018    EUR    67.010
HSBC Trinkaus & Burkhardt     2.000  1/25/2019    EUR    72.440
HSBC Trinkaus & Burkhardt     2.000  2/23/2019    EUR    72.390
HSBC Trinkaus & Burkhardt     5.400 12/28/2018    EUR    67.280
HSBC Trinkaus & Burkhardt     3.600  2/23/2019    EUR    70.190
Vontobel Financial Product   11.050 12/14/2018    EUR    66.190
Vontobel Financial Product    4.750 12/21/2018    EUR    72.110
Vontobel Financial Product    8.500  3/22/2019    EUR    66.920
Vontobel Financial Product    7.000  9/28/2018    EUR    71.880
Vontobel Financial Product   10.050  9/28/2018    EUR    67.840
Vontobel Financial Product   12.000  9/28/2018    EUR    66.160
Vontobel Financial Product   16.000  9/28/2018    EUR    63.210
Vontobel Financial Product   12.500  9/28/2018    EUR    66.290
Vontobel Financial Product   11.500   1/2/2019    EUR    73.160
Vontobel Financial Product   10.000  3/22/2019    EUR    73.220
Vontobel Financial Product   10.000  6/28/2019    EUR    73.450
Vontobel Financial Product    8.500  9/28/2018    EUR    72.270
Vontobel Financial Product   10.000  9/28/2018    EUR    70.160
Vontobel Financial Product   11.550  6/22/2018    EUR    68.250
Vontobel Financial Product    9.000  6/28/2019    EUR    70.930
Vontobel Financial Product   11.000   1/2/2019    EUR    68.670
Leonteq Securities AG/Guer    7.000  4/16/2020    CHF    68.800
Commerzbank AG               11.000 10/26/2018    EUR    66.700
Commerzbank AG               12.500 11/23/2018    EUR    67.960
DZ Bank AG Deutsche Zentra    8.250  6/22/2018    EUR    70.500
DZ Bank AG Deutsche Zentra   10.500  6/22/2018    EUR    63.780
HSBC Trinkaus & Burkhardt     9.800  9/28/2018    EUR    69.980
Commerzbank AG               12.500  7/27/2018    EUR    32.640
Commerzbank AG               10.750  9/28/2018    EUR    34.460
Commerzbank AG                4.500 10/26/2018    EUR    41.250
Commerzbank AG                6.500 10/26/2018    EUR    37.920
Commerzbank AG               10.500 10/26/2018    EUR    35.040
Commerzbank AG                8.750 10/26/2018    EUR    72.950
Commerzbank AG               15.750  7/27/2018    EUR    66.030
Vontobel Financial Product    9.000  1/25/2019    EUR    66.060
DZ Bank AG Deutsche Zentra    8.500  9/24/2018    EUR    60.450
EFG International Finance    10.400   2/7/2019    EUR    73.880
Vontobel Financial Product   17.000   1/2/2019    EUR    63.960
Vontobel Financial Product   14.550  9/28/2018    EUR    66.250
Vontobel Financial Product   11.000   1/2/2019    EUR    70.340
UBS AG/London                16.000  8/30/2018    CHF    21.950
UBS AG/London                 6.000  8/30/2019    CHF    56.550
Zurcher Kantonalbank Finan   11.000   2/1/2019    EUR    71.400
Vontobel Financial Product   10.350   3/8/2019    EUR    60.510
Commerzbank AG               12.500   1/2/2019    EUR    69.140
Bank Julius Baer & Co Ltd/   14.400  1/24/2019    USD    68.700
Commerzbank AG                5.500  9/28/2018    EUR    62.920
HSBC Trinkaus & Burkhardt    12.300  6/22/2018    EUR    41.770
HSBC Trinkaus & Burkhardt    11.100  9/28/2018    EUR    40.630
HSBC Trinkaus & Burkhardt     3.900  9/28/2018    EUR    52.660
HSBC Trinkaus & Burkhardt    10.100 12/28/2018    EUR    42.850
Raiffeisen Schweiz Genosse    9.100   3/8/2019    CHF    59.380
Leonteq Securities AG/Guer   10.600  1/16/2019    EUR    72.010
Commerzbank AG               12.750  8/24/2018    EUR    65.020
Commerzbank AG                9.500 11/23/2018    EUR    70.800
Vontobel Financial Product    5.500  9/28/2018    EUR    44.820
BNP Paribas Emissions- und    3.500  9/26/2019    EUR    68.430
Commerzbank AG                7.000 11/23/2018    EUR    73.010
Commerzbank AG                8.500  7/27/2018    EUR    35.370
Commerzbank AG               12.000  9/28/2018    EUR    67.680
Commerzbank AG               15.750  7/27/2018    EUR    72.860
Vontobel Financial Product    9.200 12/14/2018    EUR    71.040
Vontobel Financial Product   11.600 12/14/2018    EUR    71.900
Vontobel Financial Product   15.550   1/2/2019    EUR    65.360
Vontobel Financial Product   12.550  9/28/2018    EUR    68.530
Vontobel Financial Product   12.500   1/2/2019    EUR    68.520
Vontobel Financial Product    3.950   3/8/2019    EUR    63.940
DZ Bank AG Deutsche Zentra    6.250  6/22/2018    EUR    53.150
DZ Bank AG Deutsche Zentra    6.250  6/22/2018    EUR    74.210
Vontobel Financial Product    5.500  6/22/2018    EUR    48.160
Commerzbank AG                7.000  8/24/2018    EUR    61.420
Commerzbank AG                8.000  9/28/2018    EUR    67.850
Commerzbank AG                6.500   1/2/2019    EUR    69.140
Commerzbank AG                4.000  7/27/2018    EUR    68.160
Commerzbank AG                3.750 10/26/2018    EUR    69.600
Commerzbank AG               12.250  7/27/2018    EUR    65.400
Leonteq Securities AG/Guer   11.000  9/12/2018    USD    48.580
DZ Bank AG Deutsche Zentra    8.500  6/22/2018    EUR    44.420
Vontobel Financial Product    9.000  8/24/2018    EUR    61.850
EFG International Finance    10.400  1/24/2019    EUR    72.550
Vontobel Financial Product    7.550   1/2/2019    EUR    73.190
Vontobel Financial Product    9.500  6/22/2018    EUR    61.940
Vontobel Financial Product   10.000  6/22/2018    EUR    59.710
Vontobel Financial Product    7.500  6/22/2018    EUR    73.200
UniCredit Bank AG            10.400  6/22/2018    EUR    50.590
UniCredit Bank AG             8.100  6/22/2018    EUR    54.760
UniCredit Bank AG             6.500  6/22/2018    EUR    51.280
UniCredit Bank AG             7.700  6/22/2018    EUR    48.100
UniCredit Bank AG            12.000  6/22/2018    EUR    40.590
HSBC Trinkaus & Burkhardt     8.900  1/25/2019    EUR    65.650
Vontobel Financial Product   10.550  6/22/2018    EUR    64.670
HSBC Trinkaus & Burkhardt    13.100  1/25/2019    EUR    71.140
DZ Bank AG Deutsche Zentra    5.000  9/24/2018    EUR    57.800
HSBC Trinkaus & Burkhardt     5.400  6/22/2018    EUR    74.740
HSBC Trinkaus & Burkhardt    11.900  1/25/2019    EUR    63.880
Commerzbank AG                7.500 11/23/2018    EUR    65.680
Vontobel Financial Product    2.500  1/29/2019    EUR    66.950
Commerzbank AG               13.000  7/27/2018    EUR    73.980
Commerzbank AG               15.500   1/2/2019    EUR    59.330
Commerzbank AG               12.500  7/27/2018    EUR    60.730
Commerzbank AG               10.500   1/2/2019    EUR    65.020
Vontobel Financial Product   11.000  6/22/2018    EUR    54.380
UBS AG/London                 9.300  9/27/2018    EUR    71.210
Deutsche Bank AG             10.000  9/25/2018    EUR    74.900
Deutsche Bank AG             10.000 12/27/2018    EUR    66.700
Landesbank Baden-Wuerttemb    4.500   1/4/2019    EUR    73.870
UniCredit Bank AG            10.800  6/22/2018    EUR    74.320
Vontobel Financial Product    8.500  6/22/2018    EUR    62.330
UniCredit Bank AG            13.900  6/22/2018    EUR    72.990
UniCredit Bank AG            13.600  6/22/2018    EUR    38.600
UniCredit Bank AG             9.100  6/22/2018    EUR    45.300
HSBC Trinkaus & Burkhardt     4.300  8/24/2018    EUR    69.510
HSBC Trinkaus & Burkhardt    12.600  1/25/2019    EUR    63.410
DZ Bank AG Deutsche Zentra    6.100  9/24/2018    EUR    63.590
DZ Bank AG Deutsche Zentra    7.900  9/24/2018    EUR    60.260
Vontobel Financial Product    8.500  6/22/2018    EUR    67.470
HSBC Trinkaus & Burkhardt    10.500  9/28/2018    EUR    74.220
Vontobel Financial Product    6.500  6/22/2018    EUR    70.470
HSBC Trinkaus & Burkhardt    14.700  1/25/2019    EUR    62.830
HSBC Trinkaus & Burkhardt     7.100  1/25/2019    EUR    71.650
HSBC Trinkaus & Burkhardt    17.800  6/22/2018    EUR    61.750
Vontobel Financial Product    9.000  9/28/2018    EUR    74.970
Vontobel Financial Product   13.000  6/22/2018    EUR    73.530
Leonteq Securities AG/Guer   11.200   5/8/2019    CHF    69.090
HSBC Trinkaus & Burkhardt     6.200  6/22/2018    EUR    72.000
HSBC Trinkaus & Burkhardt     4.600  3/22/2019    EUR    69.170
HSBC Trinkaus & Burkhardt     4.200  1/25/2019    EUR    70.770
DZ Bank AG Deutsche Zentra    5.000  9/24/2018    EUR    67.070
Commerzbank AG               11.500  7/27/2018    EUR    37.080
HSBC Trinkaus & Burkhardt    12.900  1/25/2019    EUR    73.010
HSBC Trinkaus & Burkhardt    11.100  1/25/2019    EUR    65.750
HSBC Trinkaus & Burkhardt    13.100  9/28/2018    EUR    61.410
Commerzbank AG                6.000  7/27/2018    EUR    63.210
Vontobel Financial Product   10.000  9/28/2018    EUR    73.400
DZ Bank AG Deutsche Zentra    5.750  6/22/2018    EUR    64.850
Vontobel Financial Product    7.000  6/22/2018    EUR    66.120
Commerzbank AG                5.000   1/2/2019    EUR    62.850
Commerzbank AG               10.500  8/24/2018    EUR    68.290
Commerzbank AG               10.750  9/28/2018    EUR    67.440
DZ Bank AG Deutsche Zentra    7.500   1/2/2019    EUR    65.080
Bank Julius Baer & Co Ltd/   10.200 11/15/2018    CHF    57.850
UniCredit Bank AG             9.400  6/22/2018    EUR    66.040
UniCredit Bank AG            11.400  6/22/2018    EUR    62.940
HSBC Trinkaus & Burkhardt     6.200  9/28/2018    EUR    67.400
HSBC Trinkaus & Burkhardt     4.800  9/28/2018    EUR    68.020
Commerzbank AG                5.750 10/26/2018    EUR    67.520
Commerzbank AG               10.000  7/27/2018    EUR    73.470
Commerzbank AG               12.750 10/26/2018    EUR    71.360
Leonteq Securities AG/Guer   11.000  2/18/2019    CHF    73.820
Vontobel Financial Product    7.000  6/22/2018    EUR    54.210
Vontobel Financial Product   10.500  6/22/2018    EUR    62.650
Vontobel Financial Product    9.500  6/22/2018    EUR    54.090
DZ Bank AG Deutsche Zentra    5.000  6/22/2018    EUR     1.630
UBS AG/London                 3.200  9/27/2018    EUR    73.740
UBS AG/London                 5.600   1/3/2019    EUR    70.600
Vontobel Financial Product    6.000  6/22/2018    EUR    70.740
UBS AG/London                 7.100  3/28/2019    EUR    64.690
UBS AG/London                 7.300   1/3/2019    EUR    67.190
UBS AG/London                 5.000  3/28/2019    EUR    71.140
Vontobel Financial Product   12.000  6/22/2018    EUR    56.220
BNP Paribas Emissions- und   12.000  9/27/2018    EUR    69.710
Vontobel Financial Product    5.000  9/28/2018    EUR    68.660
Vontobel Financial Product    6.000  6/22/2018    EUR    65.680
Vontobel Financial Product    4.000  9/28/2018    EUR    70.370
Vontobel Financial Product    6.500  6/22/2018    EUR    75.000
UniCredit Bank AG             4.400  6/22/2018    EUR    65.650
UniCredit Bank AG            13.600  6/22/2018    EUR    60.120
UniCredit Bank AG            10.500  6/22/2018    EUR    42.810
UniCredit Bank AG             7.500  6/22/2018    EUR    69.480
HSBC Trinkaus & Burkhardt     9.300 12/28/2018    EUR    65.210
Vontobel Financial Product    4.500  6/22/2018    EUR    73.810
HSBC Trinkaus & Burkhardt     7.300 12/28/2018    EUR    66.600
HSBC Trinkaus & Burkhardt     5.100 12/28/2018    EUR    68.850
Vontobel Financial Product   11.000  6/22/2018    EUR    62.250
Vontobel Financial Product    2.000  6/22/2018    EUR    53.830
Vontobel Financial Product    5.500  6/22/2018    EUR    68.580
BNP Paribas Emissions- und    7.000  1/24/2019    EUR    67.040
Vontobel Financial Product    7.500  9/28/2018    EUR    68.560
Landesbank Baden-Wuerttemb    4.500 11/23/2018    EUR    69.430
Deutsche Bank AG             10.000 12/27/2018    EUR    57.700
Raiffeisen Centrobank AG      9.304  9/25/2018    EUR    70.960
Vontobel Financial Product    8.500  9/28/2018    EUR    62.680
Commerzbank AG               12.750  9/28/2018    EUR    72.400
Vontobel Financial Product    7.000  9/28/2018    EUR    74.200
Vontobel Financial Product    4.000  6/22/2018    EUR    69.420
Vontobel Financial Product    5.000  6/22/2018    EUR    67.500
UniCredit Bank AG             3.200  6/22/2018    EUR    72.920
BNP Paribas Emissions- und   11.000 12/31/2018    EUR    74.970
UniCredit Bank AG             4.200  6/22/2018    EUR    59.130
UniCredit Bank AG             5.800  6/22/2018    EUR    73.300
UniCredit Bank AG             5.300  6/22/2018    EUR    54.930
HSBC Trinkaus & Burkhardt     3.200  9/28/2018    EUR    72.740
HSBC Trinkaus & Burkhardt     4.300 10/26/2018    EUR    70.090
DZ Bank AG Deutsche Zentra    8.250  9/24/2018    EUR    58.570
DZ Bank AG Deutsche Zentra    6.750  9/24/2018    EUR    58.220
HSBC Trinkaus & Burkhardt     7.000  1/25/2019    EUR    66.900
Deutsche Bank AG              6.200  7/25/2018    EUR    63.700
Deutsche Bank AG              6.200  8/22/2018    EUR    66.300
Deutsche Bank AG              6.200 10/24/2018    EUR    69.600
Deutsche Bank AG              6.200 10/24/2018    EUR    63.100
Deutsche Bank AG              2.700  9/25/2018    EUR    68.300
Deutsche Bank AG              2.700 12/27/2018    EUR    68.700
Deutsche Bank AG              2.700 12/27/2018    EUR    60.500
UBS AG/London                 9.300   1/3/2019    EUR    64.300
Vontobel Financial Product    5.000  6/22/2018    EUR    73.450
Vontobel Financial Product    6.500  6/22/2018    EUR    68.220
EFG International Finance     8.400  8/23/2018    USD    55.130
Vontobel Financial Product    7.500  6/22/2018    EUR    65.870
Vontobel Financial Product    8.500  6/22/2018    EUR    64.000
Commerzbank AG               23.500  8/24/2018    EUR    57.060
Vontobel Financial Product    6.550  9/28/2018    EUR    65.420
UniCredit Bank AG             6.100  6/22/2018    EUR    59.700
UniCredit Bank AG            14.200  6/22/2018    EUR    70.310
UniCredit Bank AG            13.100  6/22/2018    EUR    47.030
Vontobel Financial Product    7.500  8/24/2018    EUR    68.260
HSBC Trinkaus & Burkhardt    11.800  6/22/2018    EUR    40.670
HSBC Trinkaus & Burkhardt     6.300  6/22/2018    EUR    51.400
HSBC Trinkaus & Burkhardt     9.800  6/22/2018    EUR    69.610
Raiffeisen Schweiz Genosse    6.000   5/9/2019    CHF    74.720
Commerzbank AG               25.000  7/27/2018    EUR    56.290
Deutsche Bank AG              5.500  9/25/2018    EUR    69.000
Deutsche Bank AG              5.500  9/25/2018    EUR    64.500
DZ Bank AG Deutsche Zentra    6.900  9/24/2018    EUR    67.640
UniCredit Bank AG            14.300  6/22/2018    EUR    55.780
Vontobel Financial Product   12.000  6/22/2018    EUR    74.930
Deutsche Bank AG              6.200 10/24/2018    EUR    69.100
Commerzbank AG               16.000  7/27/2018    EUR    70.060
Commerzbank AG               13.750  9/28/2018    EUR    72.400
Commerzbank AG                5.250 11/23/2018    EUR    69.890
Deutsche Bank AG              5.500 12/27/2018    EUR    70.700
Deutsche Bank AG              6.200  8/22/2018    EUR    62.100
Deutsche Bank AG              6.200 10/24/2018    EUR    61.200
Vontobel Financial Product   14.000  6/22/2018    EUR    56.360
Vontobel Financial Product   11.000  6/22/2018    EUR    63.300
Commerzbank AG                8.750  7/27/2018    EUR    68.630
Commerzbank AG               10.750  7/27/2018    EUR    63.050
Commerzbank AG               11.750  7/27/2018    EUR    61.460
Commerzbank AG                3.750  7/27/2018    EUR    60.570
Commerzbank AG                5.750  7/27/2018    EUR    50.920
Vontobel Financial Product   10.500  7/27/2018    EUR    60.130
BNP Paribas Emissions- und    7.000 12/31/2018    EUR    62.570
Goldman Sachs & Co Wertpap   21.000  7/25/2018    EUR    65.290
Goldman Sachs & Co Wertpap   16.000 12/28/2018    EUR    71.500
Goldman Sachs & Co Wertpap   19.000  7/25/2018    EUR    70.060
Goldman Sachs & Co Wertpap   25.000  7/25/2018    EUR    64.730
Goldman Sachs & Co Wertpap   18.000  8/22/2018    EUR    71.250
Goldman Sachs & Co Wertpap   24.000  8/22/2018    EUR    66.430
Goldman Sachs & Co Wertpap   20.000  7/25/2018    EUR    70.710
Goldman Sachs & Co Wertpap   19.000  8/22/2018    EUR    72.210
Leonteq Securities AG/Guer   11.000 11/26/2018    EUR    60.890
Vontobel Financial Product   12.700  9/14/2018    EUR    60.160
DZ Bank AG Deutsche Zentra    5.600  6/22/2018    EUR    65.960
Commerzbank AG               11.250 10/26/2018    EUR    70.340
Bank Julius Baer & Co Ltd/    7.000   8/3/2018    CHF    50.350
Deutsche Bank AG              4.200  9/25/2018    EUR    56.800
Deutsche Bank AG              4.200  9/25/2018    EUR    53.700
Vontobel Financial Product   12.950  9/21/2018    EUR    68.940
DZ Bank AG Deutsche Zentra    7.500  6/22/2018    EUR    71.140
DZ Bank AG Deutsche Zentra    6.700  6/22/2018    EUR    62.910
Vontobel Financial Product   12.000 12/14/2018    EUR    70.450
DZ Bank AG Deutsche Zentra    4.600  6/22/2018    EUR    65.330
Vontobel Financial Product    9.500   1/2/2019    EUR    62.140
Bank Julius Baer & Co Ltd/   10.200  2/19/2019    USD    66.350
Commerzbank AG               10.000 11/23/2018    EUR    71.950
Vontobel Financial Product    8.500  6/22/2018    EUR    73.050
UniCredit Bank AG            12.600  6/22/2018    EUR    70.820
UniCredit Bank AG            13.700  6/22/2018    EUR    69.190
UniCredit Bank AG            14.900  6/22/2018    EUR    70.910
UniCredit Bank AG            14.100  6/22/2018    EUR    72.250
UniCredit Bank AG             4.900  6/22/2018    EUR    70.720
UniCredit Bank AG            11.000  6/22/2018    EUR    58.900
UniCredit Bank AG            14.400  6/22/2018    EUR    68.880
UniCredit Bank AG            14.500  6/22/2018    EUR    54.250
UniCredit Bank AG             4.800  6/22/2018    EUR    56.950
UniCredit Bank AG            12.200  6/22/2018    EUR    41.700
UniCredit Bank AG             7.600  6/22/2018    EUR    67.700
UniCredit Bank AG             5.600  6/22/2018    EUR    62.540
UniCredit Bank AG            13.000  6/22/2018    EUR    70.380
UniCredit Bank AG            11.800  6/22/2018    EUR    71.850
UniCredit Bank AG            14.900  6/22/2018    EUR    69.360
UniCredit Bank AG             9.900  6/22/2018    EUR    52.600
Vontobel Financial Product    9.500  6/22/2018    EUR    73.830
HSBC Trinkaus & Burkhardt    12.300  9/28/2018    EUR    37.270
HSBC Trinkaus & Burkhardt    11.100  9/28/2018    EUR    38.700
UBS AG/London                17.000  6/28/2018    EUR    53.700
HSBC Trinkaus & Burkhardt     8.800  9/28/2018    EUR    71.860
Vontobel Financial Product    9.250  9/14/2018    EUR    74.520
HSBC Trinkaus & Burkhardt     9.600  9/28/2018    EUR    60.040
DZ Bank AG Deutsche Zentra   10.750  6/22/2018    EUR    64.700
First Mortgage Co Universa    6.500 12/12/2019    USD    25.044
Deutsche Bank AG              6.200  9/25/2018    EUR    60.800
Deutsche Bank AG              6.200  9/25/2018    EUR    57.300
Deutsche Bank AG              4.200 12/27/2018    EUR    61.300
Vontobel Financial Product   14.700  9/14/2018    EUR    74.380
Landesbank Baden-Wuerttemb    6.000  1/24/2020    EUR    70.890
HSBC Trinkaus & Burkhardt     7.600  6/22/2018    EUR    48.210
Deutsche Bank AG              4.200 12/27/2018    EUR    54.700
Deutsche Bank AG              6.200  9/25/2018    EUR    54.200
Leonteq Securities AG/Guer   10.000   1/3/2020    CHF    71.920
Vontobel Financial Product   13.600 12/14/2018    EUR    60.380
DZ Bank AG Deutsche Zentra    7.700  6/22/2018    EUR    60.000
DZ Bank AG Deutsche Zentra    4.800  6/22/2018    EUR    71.900
HSBC Trinkaus & Burkhardt     6.200 12/28/2018    EUR    68.460
HSBC Trinkaus & Burkhardt     6.400  8/24/2018    EUR    66.520
HSBC Trinkaus & Burkhardt     5.800  9/28/2018    EUR    49.620
HSBC Trinkaus & Burkhardt     9.000  8/24/2018    EUR    42.540
HSBC Trinkaus & Burkhardt     8.800  9/28/2018    EUR    70.540
UBS AG/London                11.300  6/28/2018    EUR    60.240
HSBC Trinkaus & Burkhardt     2.800  6/22/2018    EUR    71.800
HSBC Trinkaus & Burkhardt     7.000 12/28/2018    EUR    66.730
Deutsche Bank AG              4.200  9/25/2018    EUR    62.800
Deutsche Bank AG              4.200 12/27/2018    EUR    60.700
Vontobel Financial Product    4.350  9/14/2018    EUR    61.280
HSBC Trinkaus & Burkhardt     6.400  9/28/2018    EUR    63.940
Vontobel Financial Product   13.300  9/14/2018    EUR    68.810
HSBC Trinkaus & Burkhardt     5.300 12/28/2018    EUR    72.660
HSBC Trinkaus & Burkhardt     9.500  6/22/2018    EUR    60.720
EFG International Finance    10.000  8/16/2018    EUR    68.120
Landesbank Baden-Wuerttemb    7.000  6/22/2018    EUR    60.150
EFG International Finance     8.000  5/26/2020    USD    60.510
BNP Paribas Emissions- und    5.500 12/31/2018    EUR    64.890
Deutsche Bank AG              6.200 12/27/2018    EUR    58.800
Deutsche Bank AG              6.200 12/27/2018    EUR    62.300
Vontobel Financial Product   10.700  9/14/2018    EUR    67.110
DZ Bank AG Deutsche Zentra    8.600  6/22/2018    EUR    58.070
Vontobel Financial Product   10.750 12/14/2018    EUR    69.860
UniCredit Bank AG            13.300  6/22/2018    EUR    73.650
UniCredit Bank AG             6.000  6/22/2018    EUR    73.460
UniCredit Bank AG             8.200  6/22/2018    EUR    66.040
UniCredit Bank AG            13.400  6/22/2018    EUR    74.670
UniCredit Bank AG            14.300  6/22/2018    EUR    54.990
UniCredit Bank AG             9.900  6/22/2018    EUR    61.880
UniCredit Bank AG             7.400  6/22/2018    EUR    68.340
DZ Bank AG Deutsche Zentra    4.500  6/22/2018    EUR    74.600
UniCredit Bank AG            14.600  6/22/2018    EUR    74.970
UniCredit Bank AG             9.600  6/22/2018    EUR    75.000
UBS AG/London                 6.300  3/28/2019    EUR    72.150
HSBC Trinkaus & Burkhardt    10.850  6/22/2018    EUR    57.370
HSBC Trinkaus & Burkhardt     4.200 12/28/2018    EUR    73.420
HSBC Trinkaus & Burkhardt     7.800  9/28/2018    EUR    75.030
Commerzbank AG               19.250  1/25/2019    EUR    71.490
DZ Bank AG Deutsche Zentra    9.500  9/26/2018    EUR    65.530
DZ Bank AG Deutsche Zentra    8.750 12/28/2018    EUR    69.850
UniCredit Bank AG             8.500   1/4/2019    EUR    72.630
UniCredit Bank AG            11.100   1/4/2019    EUR    74.530
UniCredit Bank AG            10.500   1/3/2020    EUR    71.450
UniCredit Bank AG            10.700  3/22/2019    EUR    69.170
UniCredit Bank AG             9.700  3/22/2019    EUR    75.690
UniCredit Bank AG            13.400  9/28/2018    EUR    72.210
UniCredit Bank AG             9.500  9/28/2018    EUR    70.890
UniCredit Bank AG             7.400  6/28/2019    EUR    73.140
UniCredit Bank AG            11.300  6/28/2019    EUR    69.920
BNP Paribas Emissions- und   18.000 12/31/2018    EUR    71.150
BNP Paribas Emissions- und   22.000 12/31/2018    EUR    68.410
BNP Paribas Emissions- und   16.000 12/31/2018    EUR    70.710
BNP Paribas Emissions- und   16.000  9/27/2018    EUR    70.910
BNP Paribas Emissions- und   19.000  9/27/2018    EUR    69.840
BNP Paribas Emissions- und   23.000  9/27/2018    EUR    75.470
BNP Paribas Emissions- und   24.000  9/27/2018    EUR    68.670
BNP Paribas Emissions- und   28.000  9/27/2018    EUR    64.700
BNP Paribas Emissions- und   17.000 12/31/2018    EUR    72.050
Citigroup Global Markets F   13.600  1/25/2023    SEK    71.880
Commerzbank AG               15.750  2/22/2019    EUR    70.810
Commerzbank AG               17.750  2/22/2019    EUR    69.040
SG Issuer SA                 11.350  3/26/2019    EUR    66.090
Commerzbank AG               11.000  2/22/2019    EUR    72.660
Vontobel Financial Product    4.500  3/22/2019    EUR    49.820
BNP Paribas Emissions- und    9.000  9/27/2018    EUR    70.600
Vontobel Financial Product   10.000  3/22/2019    EUR    72.690
Vontobel Financial Product   11.000   1/2/2019    EUR    71.250
Vontobel Financial Product   13.000   1/2/2019    EUR    69.930
Vontobel Financial Product   15.050   1/2/2019    EUR    68.770
Vontobel Financial Product   13.000  3/22/2019    EUR    70.460
Vontobel Financial Product   11.550  6/28/2019    EUR    71.570
DZ Bank AG Deutsche Zentra   10.750  3/20/2019    EUR    70.530
DZ Bank AG Deutsche Zentra    7.750  9/26/2018    EUR    72.930
DZ Bank AG Deutsche Zentra    9.250  9/26/2018    EUR    69.640
HSBC Trinkaus & Burkhardt     9.300  6/22/2018    EUR    70.440
Vontobel Financial Product    8.000  6/22/2018    EUR    71.510
Vontobel Financial Product    9.000  6/22/2018    EUR    66.900
Vontobel Financial Product   10.500  6/22/2018    EUR    62.990
Vontobel Financial Product   12.000  6/22/2018    EUR    59.470
Raiffeisen Centrobank AG     11.137 12/25/2018    EUR    22.410
Raiffeisen Centrobank AG      6.216 12/25/2018    EUR    69.260
Raiffeisen Centrobank AG      7.252 12/25/2018    EUR    15.120
Raiffeisen Centrobank AG      8.029 12/25/2018    EUR    69.520
Raiffeisen Centrobank AG      2.321 12/28/2018    EUR    60.550
Raiffeisen Centrobank AG      4.126 12/28/2018    EUR     8.770
Raiffeisen Centrobank AG      9.324 12/25/2018    EUR    19.010
Raiffeisen Centrobank AG      3.868 12/28/2018    EUR    59.940
HSBC Trinkaus & Burkhardt     4.020  7/27/2018    EUR    69.930
HSBC Trinkaus & Burkhardt     5.000  8/24/2018    EUR    71.980
Landesbank Hessen-Thuering    4.350  2/24/2023    EUR    63.010
BNP Paribas Emissions- und    8.000 12/31/2018    EUR    63.090
BNP Paribas Emissions- und    9.500 12/31/2018    EUR    61.060
BNP Paribas Emissions- und    4.500 12/31/2018    EUR    71.580
BNP Paribas Emissions- und    5.000 12/31/2018    EUR    69.890
Vontobel Financial Product    8.000  12/7/2018    EUR    69.700
HSBC Trinkaus & Burkhardt     9.100  6/22/2018    EUR    68.240
DekaBank Deutsche Girozent    3.000 11/30/2018    EUR    74.440
Landesbank Baden-Wuerttemb    9.000  7/27/2018    EUR    67.030
Landesbank Baden-Wuerttemb    4.000  7/27/2018    EUR    73.380
Landesbank Baden-Wuerttemb    4.000  7/27/2018    EUR    72.960
Landesbank Baden-Wuerttemb    5.000  7/27/2018    EUR    70.410
Vontobel Financial Product   14.500  6/22/2018    EUR    72.970
BNP Paribas Emissions- und    8.000 12/31/2018    EUR    70.370
BNP Paribas Emissions- und   10.000 12/31/2018    EUR    62.240
Vontobel Financial Product   10.500  6/22/2018    EUR    73.070
BNP Paribas Emissions- und    4.000 12/31/2018    EUR    60.930
BNP Paribas Emissions- und    6.000 12/31/2018    EUR    61.960
EFG International Finance     8.500  2/27/2019    USD    50.210
Bank Julius Baer & Co Ltd/    9.400 10/11/2018    USD    54.500
EFG International Finance     7.200 10/26/2020    USD    72.850
EFG International Finance    11.000 10/25/2018    CHF    40.960
Raiffeisen Centrobank AG      8.571 12/27/2019    EUR    20.570
Raiffeisen Centrobank AG      6.429 12/27/2019    EUR    16.020
UBS AG/London                12.500 10/11/2018    CHF    57.900
UBS AG/London                 7.000 10/12/2018    USD    53.300
Raiffeisen Switzerland BV    11.400  4/12/2019    CHF    66.880
Leonteq Securities AG/Guer   12.000  1/23/2019    CHF    70.860
HSBC Trinkaus & Burkhardt     4.300 12/28/2018    EUR    44.830
HSBC Trinkaus & Burkhardt     3.100 12/28/2018    EUR    51.810
HSBC Trinkaus & Burkhardt     6.200  6/28/2019    EUR    43.140
HSBC Trinkaus & Burkhardt     4.400  6/28/2019    EUR    49.290
HSBC Trinkaus & Burkhardt     3.700  6/28/2019    EUR    55.090
HSBC Trinkaus & Burkhardt     9.300  6/22/2018    EUR    71.310
HSBC Trinkaus & Burkhardt     6.900  6/22/2018    EUR    71.310
HSBC Trinkaus & Burkhardt     9.200  9/28/2018    EUR    38.940
Raiffeisen Schweiz Genosse   10.000 10/23/2018    CHF    73.060
Credit Suisse AG/London       8.000 10/22/2018    USD    57.240
Bank Julius Baer & Co Ltd/    9.250 10/12/2018    USD    54.900
BNP Paribas Emissions- und    7.000  9/27/2018    EUR    45.390
BNP Paribas Emissions- und   13.000  9/27/2018    EUR    38.290
BNP Paribas Emissions- und   15.000  9/27/2018    EUR    37.140
BNP Paribas Emissions- und    8.000 12/31/2018    EUR    44.010
BNP Paribas Emissions- und   10.000  9/27/2018    EUR    65.890
BNP Paribas Emissions- und   11.000  9/27/2018    EUR    64.910
BNP Paribas Emissions- und   12.000  9/27/2018    EUR    63.390
BNP Paribas Emissions- und   10.000  9/27/2018    EUR    70.160
BNP Paribas Emissions- und   16.000  9/27/2018    EUR    63.250
BNP Paribas Emissions- und    9.000 12/31/2018    EUR    72.150
BNP Paribas Emissions- und    4.500  9/27/2018    EUR    73.100
BNP Paribas Emissions- und    8.000  9/27/2018    EUR    68.710
BNP Paribas Emissions- und    9.500  9/27/2018    EUR    67.050
BNP Paribas Emissions- und   13.000  9/27/2018    EUR    71.810
BNP Paribas Emissions- und   10.000  9/27/2018    EUR    66.470
BNP Paribas Emissions- und   13.000  9/27/2018    EUR    62.320
BNP Paribas Emissions- und   16.000  9/27/2018    EUR    58.860
BNP Paribas Emissions- und    7.500 12/31/2018    EUR    73.170
BNP Paribas Emissions- und   14.000 12/31/2018    EUR    62.040
BNP Paribas Emissions- und    5.000 12/31/2018    EUR    73.360
BNP Paribas Emissions- und    5.500 12/31/2018    EUR    72.110
BNP Paribas Emissions- und    9.000 12/31/2018    EUR    68.420
BNP Paribas Emissions- und    9.500 12/31/2018    EUR    67.440
BNP Paribas Emissions- und   15.000  9/27/2018    EUR    73.400
BNP Paribas Emissions- und   12.000  9/27/2018    EUR    73.410
Commerzbank AG                3.000  7/27/2018    EUR    54.220
Commerzbank AG               17.750  7/27/2018    EUR    73.780
Commerzbank AG               16.750  8/24/2018    EUR    74.640
Zurcher Kantonalbank Finan    5.250 10/24/2018    CHF    60.490
DZ Bank AG Deutsche Zentra    8.250  6/22/2018    EUR    60.850
DZ Bank AG Deutsche Zentra    6.500  6/22/2018    EUR    60.830
DZ Bank AG Deutsche Zentra    6.500  9/28/2018    EUR    63.370
DZ Bank AG Deutsche Zentra    6.750   1/2/2019    EUR    69.230
DZ Bank AG Deutsche Zentra    7.300 10/24/2018    EUR    72.970
DZ Bank AG Deutsche Zentra   10.500   1/2/2019    EUR    72.490
DZ Bank AG Deutsche Zentra    5.500 10/26/2018    EUR     3.870
Credit Suisse AG/Nassau       8.000 10/25/2018    USD    66.260
UniCredit Bank AG            13.000   1/4/2019    EUR    73.960
UniCredit Bank AG            14.000   1/4/2019    EUR    73.170
UniCredit Bank AG            14.500  9/28/2018    EUR    62.910
UniCredit Bank AG            14.900   1/4/2019    EUR    65.490
UniCredit Bank AG            10.300  9/28/2018    EUR    69.450
UniCredit Bank AG            12.600  9/28/2018    EUR    66.560
UniCredit Bank AG            14.900  6/22/2018    EUR    74.240
UniCredit Bank AG            13.300   1/4/2019    EUR    72.280
UniCredit Bank AG            14.900   1/4/2019    EUR    72.350
UniCredit Bank AG            13.200  9/28/2018    EUR    71.950
UniCredit Bank AG            10.600   1/3/2020    EUR    72.230
UniCredit Bank AG            14.500  6/28/2019    EUR    65.860
UniCredit Bank AG            10.400  6/28/2019    EUR    71.500
UniCredit Bank AG            11.000   1/3/2020    EUR    75.340
UniCredit Bank AG            12.400   1/3/2020    EUR    74.580
UniCredit Bank AG            11.800   1/3/2020    EUR    67.540
UniCredit Bank AG             5.000   1/3/2020    EUR    10.550
UniCredit Bank AG             8.900  6/28/2019    EUR    74.850
UniCredit Bank AG            13.700   1/3/2020    EUR    68.670
UniCredit Bank AG            12.200   1/3/2020    EUR    71.900
UniCredit Bank AG            11.600   1/3/2020    EUR    48.070
UniCredit Bank AG             5.800   1/3/2020    EUR    51.760
UniCredit Bank AG             9.600   1/3/2020    EUR    72.240
UniCredit Bank AG             4.300   1/3/2020    EUR    55.010
UniCredit Bank AG            10.800  6/28/2019    EUR    73.010
UniCredit Bank AG             8.900  6/28/2019    EUR    72.230
UniCredit Bank AG            13.300  6/28/2019    EUR    70.160
UniCredit Bank AG            14.200  6/28/2019    EUR    63.480
UniCredit Bank AG             9.900   1/3/2020    EUR    48.250
UniCredit Bank AG            11.600   1/3/2020    EUR    70.560
UniCredit Bank AG             3.100   1/3/2020    EUR    59.960
UniCredit Bank AG            10.200   1/3/2020    EUR    69.430
UniCredit Bank AG             3.400  6/28/2019    EUR    59.770
UniCredit Bank AG             6.300  6/28/2019    EUR    49.670
UniCredit Bank AG            11.300  6/28/2019    EUR    44.620
UniCredit Bank AG             9.200  6/28/2019    EUR    45.930
UniCredit Bank AG             8.700  6/28/2019    EUR    75.060
UniCredit Bank AG            13.100  6/28/2019    EUR    71.760
UniCredit Bank AG            15.000  6/28/2019    EUR    70.560
UniCredit Bank AG            11.900  6/28/2019    EUR    65.560
UniCredit Bank AG             8.700  6/28/2019    EUR    70.530
UniCredit Bank AG            13.200  6/28/2019    EUR    15.390
Landesbank Baden-Wuerttemb    7.000 10/26/2018    EUR    72.430
Vontobel Financial Product    9.000  9/28/2018    EUR    38.860
Vontobel Financial Product   11.000  9/28/2018    EUR    37.540
Vontobel Financial Product   14.550   1/2/2019    EUR    72.390
Vontobel Financial Product   10.000   1/2/2019    EUR    70.290
Vontobel Financial Product   12.500   1/2/2019    EUR    67.440
Vontobel Financial Product    2.500   1/2/2019    EUR    50.750
Vontobel Financial Product    3.000   1/2/2019    EUR    47.940
Vontobel Financial Product    4.000   1/2/2019    EUR    45.440
Vontobel Financial Product    6.000   1/2/2019    EUR    42.770
Vontobel Financial Product    8.000   1/2/2019    EUR    40.680
Vontobel Financial Product    9.550   1/2/2019    EUR    39.650
Bank Julius Baer & Co Ltd/    5.950  1/24/2019    CHF    71.450
Leonteq Securities AG/Guer   10.000  1/30/2019    CHF    58.920
Raiffeisen Schweiz Genosse   10.250 10/30/2018    CHF    57.080
Vontobel Financial Product   14.000  9/28/2018    EUR    71.090
Vontobel Financial Product   10.550 10/26/2018    EUR    70.090
Vontobel Financial Product    8.000 10/26/2018    EUR    70.290
Zurcher Kantonalbank Finan    8.000 10/31/2019    CHF    60.640
Bank Julius Baer & Co Ltd/   10.000 10/24/2018    USD    57.900
BNP Paribas Emissions- und   15.000  9/27/2018    EUR    62.820
BNP Paribas Emissions- und   18.000  9/27/2018    EUR    59.360
BNP Paribas Emissions- und   13.000 12/31/2018    EUR    65.680
Zurcher Kantonalbank Finan    4.500  11/2/2018    CHF    55.040
Credit Suisse AG/London       5.150  12/7/2018    EUR    73.520
Commerzbank AG                1.000  11/2/2020    USD #N/A N/A
UBS AG/London                 7.300  6/22/2018    EUR    70.910
Leonteq Securities AG         9.000  3/27/2020    USD    56.900
HSBC Trinkaus & Burkhardt     8.000  6/22/2018    EUR    67.640
HSBC Trinkaus & Burkhardt     4.800  9/28/2018    EUR    72.570
HSBC Trinkaus & Burkhardt     8.000  6/22/2018    EUR    37.650
HSBC Trinkaus & Burkhardt     5.700  6/22/2018    EUR    42.850
HSBC Trinkaus & Burkhardt    12.000  6/22/2018    EUR    62.240
HSBC Trinkaus & Burkhardt     8.300  9/28/2018    EUR    70.650
HSBC Trinkaus & Burkhardt     7.700  6/22/2018    EUR    64.290
HSBC Trinkaus & Burkhardt     5.800  6/22/2018    EUR    67.860
HSBC Trinkaus & Burkhardt     5.200  6/22/2018    EUR    67.520
HSBC Trinkaus & Burkhardt     3.000  6/22/2018    EUR    74.220
HSBC Trinkaus & Burkhardt    11.700  6/22/2018    EUR    32.220
HSBC Trinkaus & Burkhardt    10.500  6/22/2018    EUR    33.600
Koncessii Teplosnabzheniya    9.250   4/6/2032    RUB    63.000
Vontobel Financial Product   11.500  6/22/2018    EUR    73.080
UniCredit Bank AG             5.200   5/4/2020    USD    54.020
Commerzbank AG               12.500  3/22/2019    EUR    69.640
Commerzbank AG               14.500  3/22/2019    EUR    67.530
Leonteq Securities AG/Guer   18.000   4/9/2019    USD    60.610
HSBC Trinkaus & Burkhardt     9.200  1/25/2019    EUR    70.280
Credit Suisse AG/London      11.900  3/31/2020    USD    10.130
Goldman Sachs & Co Wertpap   12.000 12/28/2018    EUR    72.990
Landesbank Hessen-Thuering    4.000  2/17/2021    EUR    67.340
DekaBank Deutsche Girozent    3.100  1/10/2020    EUR    65.530
Commerzbank AG               13.750 10/26/2018    EUR    67.380
Vontobel Financial Product    9.050   3/8/2019    EUR    71.040
Vontobel Financial Product   10.200   3/8/2019    EUR    59.480
EFG International Finance     7.400  9/13/2019    USD    60.910
Raiffeisen Schweiz Genosse    7.780  8/31/2018    USD    54.340
HSBC Trinkaus & Burkhardt     3.400  6/22/2018    EUR    57.060
HSBC Trinkaus & Burkhardt     8.700 12/28/2018    EUR    44.280
HSBC Trinkaus & Burkhardt     7.600 10/26/2018    EUR    44.850
Bank Julius Baer & Co Ltd/   11.500 10/10/2018    USD    54.400
HSBC Trinkaus & Burkhardt     6.300  3/22/2019    EUR    65.390
HSBC Trinkaus & Burkhardt     2.400  6/28/2019    EUR    73.270
UBS AG/London                 5.600  3/21/2019    EUR    71.610
UBS AG/London                 5.900   1/3/2019    EUR    70.850
BNP Paribas Emissions- und    8.000 12/31/2018    EUR    35.420
Leonteq Securities AG/Guer   10.200 10/24/2018    USD    52.660
Deutsche Bank AG              6.200  9/25/2018    EUR    74.100
UBS AG/London                 6.300  9/26/2019    EUR    73.900
Commerzbank AG               14.000  6/22/2018    EUR    38.450
Deutsche Bank AG              4.200  9/25/2018    EUR    71.100
Deutsche Bank AG              3.200  9/25/2018    EUR    66.100
Deutsche Bank AG              3.200 12/27/2018    EUR    71.400
BNP Paribas Emissions- und    3.500  9/27/2018    EUR    73.760
BNP Paribas Emissions- und    6.000 12/31/2018    EUR    34.390
Deutsche Bank AG              4.200 12/27/2018    EUR    67.300
UBS AG/London                 7.800  3/28/2019    EUR    69.110
Goldman Sachs & Co Wertpap   19.000  7/25/2018    EUR    70.750
Vontobel Financial Product   14.550  6/22/2018    EUR    72.880
Deutsche Bank AG              3.200 12/27/2018    EUR    64.600
UBS AG/London                12.900   1/3/2019    EUR    66.230
UBS AG/London                 5.900  3/28/2019    EUR    71.830
Deutsche Bank AG              4.200  9/25/2018    EUR    64.200
Commerzbank AG                5.000 12/21/2018    EUR    67.190
HSBC Trinkaus & Burkhardt     5.800  9/28/2018    EUR    48.020
BNP Paribas Emissions- und    7.400  7/26/2018    EUR    58.640
UBS AG/London                 6.400  6/27/2019    EUR    72.780
UBS AG/London                 9.200   1/3/2019    EUR    68.490
Zurcher Kantonalbank Finan    7.500   7/6/2018    CHF    54.640
Commerzbank AG               11.250 11/23/2018    EUR    70.500
HSBC Trinkaus & Burkhardt     3.000  6/22/2018    EUR    66.500
HSBC Trinkaus & Burkhardt    12.200  9/28/2018    EUR    38.090
HSBC Trinkaus & Burkhardt     7.400 12/28/2018    EUR    71.280
HSBC Trinkaus & Burkhardt     5.600  9/28/2018    EUR    67.180
DekaBank Deutsche Girozent    3.000  6/27/2018    EUR    32.760
Raiffeisen Centrobank AG      7.930 12/27/2019    EUR    73.250
Goldman Sachs & Co Wertpap   17.000  9/26/2018    EUR    71.220
Deutsche Bank AG              4.200 12/27/2018    EUR    65.100
Deutsche Bank AG              4.200 12/27/2018    EUR    71.900
BNP Paribas Emissions- und    9.500 12/31/2018    EUR    67.400
UBS AG/London                 8.000  6/22/2018    EUR    64.210
Landesbank Baden-Wuerttemb    4.000   1/4/2019    EUR    74.500
Landesbank Baden-Wuerttemb    5.000   1/4/2019    EUR    71.260
UniCredit Bank AG             6.900   1/4/2019    EUR    74.000
Landesbank Baden-Wuerttemb    3.000  2/22/2019    EUR    73.220
Landesbank Baden-Wuerttemb    4.000  2/22/2019    EUR    69.990
Deutsche Bank AG              5.200  7/25/2018    EUR    68.100
Vontobel Financial Product   10.000  3/27/2019    EUR    71.010
Deutsche Bank AG              5.200  7/25/2018    EUR    73.900
Deutsche Bank AG              5.200  7/25/2018    EUR    67.600
UBS AG/London                 7.700  6/22/2018    EUR    67.700
UniCredit Bank AG             8.400   1/4/2019    EUR    67.610
UniCredit Bank AG             7.700   1/4/2019    EUR    69.370
Vontobel Financial Product    6.000  9/28/2018    EUR    56.230
UBS AG/London                 8.300  6/22/2018    EUR    32.270
HSBC Trinkaus & Burkhardt     5.000  6/22/2018    EUR    60.340
Bank J Safra Sarasin AG/Gu   12.100   7/6/2018    CHF    52.010
BNP Paribas Emissions- und   10.000 12/31/2018    EUR    64.110
BNP Paribas Emissions- und    7.000 12/31/2018    EUR    74.040
Raiffeisen Schweiz Genosse    8.800   7/3/2018    CHF    60.900
BNP Paribas Emissions- und   12.000 12/31/2018    EUR    59.300
DZ Bank AG Deutsche Zentra    5.600  6/22/2018    EUR    68.410
HSBC Trinkaus & Burkhardt     6.500 12/28/2018    EUR    73.710
Raiffeisen Schweiz Genosse   10.000  10/3/2018    CHF    68.540
Vontobel Financial Product    5.500  6/22/2018    EUR    72.730
UBS AG/London                 6.900  6/22/2018    EUR    59.040
UBS AG/London                10.100  6/22/2018    EUR    64.140
Vontobel Financial Product    8.000  6/22/2018    EUR    71.330
Vontobel Financial Product    9.500  6/22/2018    EUR    67.230
Vontobel Financial Product   12.500  6/22/2018    EUR    59.460
UniCredit Bank AG            10.800  6/22/2018    EUR    63.240
Vontobel Financial Product    8.000  8/24/2018    EUR    62.410
Vontobel Financial Product    6.500  9/28/2018    EUR    69.260
Vontobel Financial Product   10.500  6/22/2018    EUR    61.650
Vontobel Financial Product    5.500  7/27/2018    EUR    73.420
UniCredit Bank AG             7.300   1/4/2019    EUR    70.500
Vontobel Financial Product    9.550   1/2/2019    EUR    64.020
UniCredit Bank AG             8.400   1/4/2019    EUR    47.920
UniCredit Bank AG            10.500   1/4/2019    EUR    68.950
UniCredit Bank AG            11.800   1/4/2019    EUR    66.590
Goldman Sachs & Co Wertpap   10.000  3/20/2019    EUR    63.130
UniCredit Bank AG             9.400  6/22/2018    EUR    66.080
Landesbank Hessen-Thuering    3.300  7/13/2018    EUR    67.700
UniCredit Bank AG             8.100  6/22/2018    EUR    69.200
BNP Paribas Emissions- und    7.000  9/27/2018    EUR    69.520
BNP Paribas Emissions- und    8.000  9/27/2018    EUR    65.280
BNP Paribas Emissions- und    7.000 12/31/2018    EUR    70.720
BNP Paribas Emissions- und    6.000  9/27/2018    EUR    71.990
BNP Paribas Emissions- und    6.500  9/27/2018    EUR    70.600
Vontobel Financial Product    6.000  9/28/2018    EUR    71.630
Vontobel Financial Product    7.500  9/28/2018    EUR    67.190
Vontobel Financial Product    7.000  7/27/2018    EUR    68.340
Vontobel Financial Product    9.000  7/27/2018    EUR    63.990
UniCredit Bank AG             6.800   1/4/2019    EUR    71.060
UniCredit Bank AG            10.100   1/4/2019    EUR    69.250
DZ Bank AG Deutsche Zentra    7.750  7/27/2018    EUR    42.390
Goldman Sachs & Co Wertpap   16.000  9/26/2018    EUR    70.910
Vontobel Financial Product    5.500  6/22/2018    EUR    73.470
UniCredit Bank AG            12.200   1/4/2019    EUR    60.720
UniCredit Bank AG            11.400   1/4/2019    EUR    61.860
UniCredit Bank AG            12.200   1/4/2019    EUR    65.550
DZ Bank AG Deutsche Zentra    8.250  9/28/2018    EUR    56.740
Vontobel Financial Product   14.500  6/22/2018    EUR    66.700
Vontobel Financial Product   10.500  9/28/2018    EUR    61.800
Vontobel Financial Product   11.500  7/27/2018    EUR    60.250
Vontobel Financial Product    6.500  6/22/2018    EUR    70.750
UniCredit Bank AG             9.000   1/4/2019    EUR    66.020
Goldman Sachs & Co Wertpap    6.000 12/28/2018    EUR    73.200
Goldman Sachs & Co Wertpap    7.000  3/20/2019    EUR    71.160
Bank Julius Baer & Co Ltd/    9.400  7/27/2018    EUR    69.900
Landesbank Baden-Wuerttemb    7.000  6/28/2019    EUR    73.250
UniCredit Bank AG             8.200   1/4/2019    EUR    73.810
Vontobel Financial Product    8.500  9/28/2018    EUR    65.260
Vontobel Financial Product   11.500  9/28/2018    EUR    60.280
Vontobel Financial Product   12.500  9/28/2018    EUR    58.870
Vontobel Financial Product    9.500  6/22/2018    EUR    63.700
Vontobel Financial Product   13.500  6/22/2018    EUR    57.940
UniCredit Bank AG             8.600   1/4/2019    EUR    68.310
Vontobel Financial Product    8.000   1/2/2019    EUR    67.120
UniCredit Bank AG             6.000   1/4/2019    EUR    52.680
UniCredit Bank AG             8.400   1/4/2019    EUR    71.110
DZ Bank AG Deutsche Zentra    5.250  9/28/2018    EUR    68.320
UniCredit Bank AG             9.200   1/4/2019    EUR    71.420
UniCredit Bank AG            12.400  6/22/2018    EUR    60.640
UniCredit Bank AG            14.000  6/22/2018    EUR    58.250
Landesbank Baden-Wuerttemb    2.000  6/28/2019    EUR    72.840
Landesbank Baden-Wuerttemb    4.000  6/28/2019    EUR    66.250
UBS AG/London                 9.400  6/22/2018    EUR    53.300
DZ Bank AG Deutsche Zentra    8.250  9/28/2018    EUR    54.900
Zurcher Kantonalbank Finan    3.000  7/22/2019    CHF    54.920
Deutsche Bank AG              7.200 12/27/2018    EUR    65.300
Deutsche Bank AG              5.200  9/25/2018    EUR    64.400
Deutsche Bank AG              5.200  7/25/2018    EUR    73.900
DZ Bank AG Deutsche Zentra    8.500  6/22/2018    EUR    61.830
Commerzbank AG               17.250  8/24/2018    EUR    70.930
Deutsche Bank AG              5.200  9/25/2018    EUR    67.700
Deutsche Bank AG              5.200 12/27/2018    EUR    68.500
Commerzbank AG               14.250  8/24/2018    EUR    69.020
Commerzbank AG               10.750  9/28/2018    EUR    72.290
Commerzbank AG               13.000 11/23/2018    EUR    70.630
DZ Bank AG Deutsche Zentra    4.750  9/24/2018    EUR    54.820
Commerzbank AG               16.250  8/24/2018    EUR    67.740
Commerzbank AG               14.750  9/28/2018    EUR    68.990
Vontobel Financial Product    9.000  6/22/2018    EUR    67.470
Vontobel Financial Product    3.000   1/2/2019    EUR    56.690
Vontobel Financial Product    4.000  6/22/2018    EUR    55.010
Vontobel Financial Product    9.500  6/22/2018    EUR    44.040
Vontobel Financial Product   14.500  6/22/2018    EUR    38.520
Zurcher Kantonalbank Finan    6.000  1/17/2019    USD    54.290
DZ Bank AG Deutsche Zentra    6.100  9/24/2018    EUR    61.590
Vontobel Financial Product    7.500  9/28/2018    EUR    68.380
Vontobel Financial Product    7.000  6/22/2018    EUR    70.520
DZ Bank AG Deutsche Zentra    5.750  6/22/2018    EUR    70.540
DZ Bank AG Deutsche Zentra    8.500  6/22/2018    EUR    70.700
DZ Bank AG Deutsche Zentra    9.500  6/22/2018    EUR    41.360
DZ Bank AG Deutsche Zentra    6.250  9/24/2018    EUR    71.850
Vontobel Financial Product   10.500  9/28/2018    EUR    63.600
Zurcher Kantonalbank Finan    6.750  8/20/2018    USD    45.350
Leonteq Securities AG/Guer    7.000  6/19/2019    USD    52.170
Commerzbank AG               14.750  8/24/2018    EUR    69.910
Vontobel Financial Product    7.000  7/27/2018    EUR    59.680
Vontobel Financial Product    5.500  9/28/2018    EUR    47.700
Vontobel Financial Product    8.500   1/2/2019    EUR    44.070
Vontobel Financial Product    6.500  6/22/2018    EUR    48.140
Vontobel Financial Product   12.500  6/22/2018    EUR    40.530
Vontobel Financial Product   11.000  2/22/2019    EUR    74.020
DZ Bank AG Deutsche Zentra   10.250  6/22/2018    EUR    55.100
Commerzbank AG               12.750  9/28/2018    EUR    70.470
Commerzbank AG               11.750 10/26/2018    EUR    71.520
Commerzbank AG               11.000 11/23/2018    EUR    72.370
Commerzbank AG               12.250  8/24/2018    EUR    70.790
Commerzbank AG               13.750 10/26/2018    EUR    69.910
Vontobel Financial Product    9.000  6/22/2018    EUR    61.970
Vontobel Financial Product   13.500  6/22/2018    EUR    59.200
DZ Bank AG Deutsche Zentra    8.750  6/22/2018    EUR    62.780
Vontobel Financial Product    5.500   1/2/2019    EUR    49.040
Vontobel Financial Product   15.500   1/2/2019    EUR    38.860
Vontobel Financial Product    2.500  6/22/2018    EUR    61.600
DZ Bank AG Deutsche Zentra    8.500  9/28/2018    EUR    58.750
DZ Bank AG Deutsche Zentra   11.000  6/22/2018    EUR    63.730
Vontobel Financial Product   11.000  7/27/2018    EUR    58.130
Vontobel Financial Product    5.000  6/22/2018    EUR    51.340
Vontobel Financial Product    2.550  9/28/2018    EUR    56.000
DZ Bank AG Deutsche Zentra    6.750  7/27/2018    EUR    71.420
Vontobel Financial Product    9.000  9/28/2018    EUR    42.000
DZ Bank AG Deutsche Zentra   11.750  6/22/2018    EUR    73.530
DZ Bank AG Deutsche Zentra   11.000  7/27/2018    EUR    64.690
Commerzbank AG                7.500  6/22/2018    EUR    63.310
EFG International Finance     7.400  6/28/2019    USD    52.720
DZ Bank AG Deutsche Zentra    5.900  9/24/2018    EUR    68.980
Bank J Safra Sarasin AG/Gu   11.000  7/10/2018    CHF    72.010
UniCredit Bank AG             7.100   1/4/2019    EUR    50.050
HSBC Trinkaus & Burkhardt    13.100 12/28/2018    EUR    71.760
UniCredit Bank AG            10.000   1/4/2019    EUR    65.900
Vontobel Financial Product   10.000  6/22/2018    EUR    61.430
UniCredit Bank AG             8.400   1/4/2019    EUR    68.320
UniCredit Bank AG             5.300   1/4/2019    EUR    74.260
BNP Paribas Emissions- und    7.500 12/31/2018    EUR    68.950
Vontobel Financial Product    8.000   8/7/2019    EUR    72.870
Landesbank Baden-Wuerttemb    4.500   1/4/2019    EUR    71.740
UniCredit Bank AG            10.900   1/4/2019    EUR    64.890
BNP Paribas Emissions- und    5.500  9/27/2018    EUR    73.460
UBS AG/London                 9.500  7/26/2018    EUR    59.350
UniCredit Bank AG             6.400   1/4/2019    EUR    73.350
UniCredit Bank AG             9.800   1/4/2019    EUR    64.480
UniCredit Bank AG            10.900   1/4/2019    EUR    64.050
UniCredit Bank AG            12.100   1/4/2019    EUR    73.720
UniCredit Bank AG            10.000   1/4/2019    EUR    63.280
BNP Paribas Emissions- und    9.000  9/27/2018    EUR    65.740
BNP Paribas Emissions- und   10.000  9/27/2018    EUR    61.860
Raiffeisen Centrobank AG      5.470  6/25/2019    EUR    71.010
HSBC Trinkaus & Burkhardt    16.800  9/28/2018    EUR    67.470
UniCredit Bank AG            10.800   1/4/2019    EUR    75.260
UniCredit Bank AG             9.200   1/4/2019    EUR    67.060
Vontobel Financial Product   11.000  6/22/2018    EUR    56.400
UniCredit Bank AG             7.200   1/4/2019    EUR    68.300
BNP Paribas Emissions- und   13.000 12/31/2018    EUR    41.710
UniCredit Bank AG            11.200   1/4/2019    EUR    67.340
Raiffeisen Centrobank AG      8.329  6/25/2019    EUR    18.310
BNP Paribas Emissions- und    8.500  9/27/2018    EUR    66.910
UniCredit Bank AG             7.300   1/4/2019    EUR    76.380
Vontobel Financial Product    9.500  9/28/2018    EUR    63.470
Vontobel Financial Product    8.500  6/22/2018    EUR    65.890
Vontobel Financial Product   13.000   1/2/2019    EUR    59.250
Vontobel Financial Product    6.500   1/2/2019    EUR    70.750
UniCredit Bank AG            11.500   1/4/2019    EUR    64.770
UniCredit Bank AG            10.600   1/4/2019    EUR    63.110
UniCredit Bank AG            11.600   1/4/2019    EUR    66.460
UniCredit Bank AG             6.000   1/4/2019    EUR    72.580
UniCredit Bank AG            11.800   1/4/2019    EUR    63.930
DZ Bank AG Deutsche Zentra    5.000  7/27/2018    EUR    64.630
DZ Bank AG Deutsche Zentra    5.250  7/27/2018    EUR     2.010
UniCredit Bank AG            10.000   1/4/2019    EUR    68.630
UniCredit Bank AG             4.900   1/4/2019    EUR    55.750
UniCredit Bank AG             9.800   1/4/2019    EUR    46.150
UniCredit Bank AG             7.500   1/4/2019    EUR    69.590
BNP Paribas Emissions- und    9.000 12/31/2018    EUR    71.940
BNP Paribas Emissions- und    8.000 12/31/2018    EUR    67.250
Raiffeisen Centrobank AG      6.837  6/25/2019    EUR    14.960
Raiffeisen Centrobank AG      8.826  6/25/2019    EUR    18.830
BNP Paribas Emissions- und    9.500  9/27/2018    EUR    71.590
Commerzbank AG               18.250  9/28/2018    EUR    70.230
UniCredit Bank AG             7.000   1/4/2019    EUR    71.260
Landesbank Baden-Wuerttemb    7.500   1/4/2019    EUR    73.990
DZ Bank AG Deutsche Zentra    8.500  7/27/2018    EUR    67.890
UniCredit Bank AG             5.500   1/4/2019    EUR    70.980
BNP Paribas Emissions- und   10.000 12/31/2018    EUR    65.930
Vontobel Financial Product   15.000  6/22/2018    EUR    66.970
Vontobel Financial Product   12.000  6/22/2018    EUR    59.680
Vontobel Financial Product   15.050  6/22/2018    EUR    56.250
Vontobel Financial Product    7.500  6/22/2018    EUR    68.230
Vontobel Financial Product   14.000  7/27/2018    EUR    56.970
UniCredit Bank AG             6.000   1/4/2019    EUR    72.950
UniCredit Bank AG            10.100   1/4/2019    EUR    66.460
Vontobel Financial Product   11.000   1/2/2019    EUR    61.300
DZ Bank AG Deutsche Zentra    6.000  9/28/2018    EUR    71.730
DZ Bank AG Deutsche Zentra    8.750  6/22/2018    EUR    56.040
DZ Bank AG Deutsche Zentra    6.250  9/28/2018    EUR    64.170
UniCredit Bank AG            11.200   1/4/2019    EUR    44.620
Vontobel Financial Product    7.550  6/22/2018    EUR    57.720
DZ Bank AG Deutsche Zentra    5.000  7/27/2018    EUR     1.960
HSBC Trinkaus & Burkhardt     4.500 12/28/2018    EUR    59.910
HSBC Trinkaus & Burkhardt     4.500 12/28/2018    EUR    59.700
BNP Paribas Emissions- und   12.000  9/27/2018    EUR    70.910
BNP Paribas Emissions- und   12.000  9/27/2018    EUR    62.370
BNP Paribas Emissions- und    8.000 12/31/2018    EUR    71.620
BNP Paribas Emissions- und    9.000 12/31/2018    EUR    67.770
UBS AG/London                 6.500  7/19/2018    EUR    72.300
BNP Paribas Emissions- und    7.000  9/27/2018    EUR    65.240
BNP Paribas Emissions- und    8.000  9/27/2018    EUR    42.070
Raiffeisen Centrobank AG     10.573 12/28/2018    EUR    68.860
BNP Paribas Emissions- und   10.000  9/27/2018    EUR    65.790
BNP Paribas Emissions- und    6.000  9/27/2018    EUR    68.750
BNP Paribas Emissions- und   12.000  9/27/2018    EUR    36.500
Raiffeisen Centrobank AG     12.454 12/28/2018    EUR    66.600
BNP Paribas Emissions- und    5.000 12/31/2018    EUR    70.970
HSBC Trinkaus & Burkhardt     7.300  6/22/2018    EUR    64.780
HSBC Trinkaus & Burkhardt    11.000  6/22/2018    EUR    60.770
HSBC Trinkaus & Burkhardt     7.900 12/28/2018    EUR    63.000
Vontobel Financial Product    6.500   1/2/2019    EUR    72.480
Bank Julius Baer & Co Ltd/    6.450  7/13/2018    USD    59.500
Landesbank Baden-Wuerttemb    4.550 11/23/2018    EUR    63.660
BNP Paribas Emissions- und    8.500 12/31/2018    EUR    69.840
BNP Paribas Emissions- und    7.000  9/27/2018    EUR    65.030
BNP Paribas Emissions- und    6.000  9/27/2018    EUR    68.530
BNP Paribas Emissions- und    6.000 12/31/2018    EUR    69.660
DZ Bank AG Deutsche Zentra    5.200  9/28/2018    EUR    71.980
Vontobel Financial Product    9.500  9/28/2018    EUR    57.130
Vontobel Financial Product    4.500  6/22/2018    EUR    57.700
BNP Paribas Emissions- und   11.000  9/27/2018    EUR    58.630
BNP Paribas Emissions- und    9.000 12/31/2018    EUR    71.210
DZ Bank AG Deutsche Zentra    6.500  9/24/2018    EUR    58.090
HSBC Trinkaus & Burkhardt     6.200 12/28/2018    EUR    69.840
Leonteq Securities AG/Guer   18.000   2/4/2019    CHF    61.870
BNP Paribas Emissions- und    7.500 12/31/2018    EUR    66.020
BNP Paribas Emissions- und   10.000  9/27/2018    EUR    42.560
Landesbank Hessen-Thuering    5.000  2/11/2019    EUR    72.700
UBS AG/London                16.400  6/28/2018    EUR    56.820
Bank Julius Baer & Co Ltd/    9.100   8/6/2018    USD    47.350
BNP Paribas Emissions- und    8.000 12/31/2018    EUR    71.430
BNP Paribas Emissions- und    6.000 12/31/2018    EUR    70.510
BNP Paribas Emissions- und   12.000  9/27/2018    EUR    39.960
UBS AG/London                 4.300  9/27/2018    EUR    70.550
BNP Paribas Emissions- und    6.500 12/31/2018    EUR    68.610
HSBC Trinkaus & Burkhardt     8.900  6/22/2018    EUR    66.200
BNP Paribas Emissions- und    5.000  9/27/2018    EUR    70.190
Commerzbank AG                4.000   7/6/2018    EUR    29.980
BNP Paribas Emissions- und    9.000  9/27/2018    EUR    69.510
BNP Paribas Emissions- und    5.500  9/27/2018    EUR    71.620
BNP Paribas Emissions- und    8.000 12/31/2018    EUR    66.460
BNP Paribas Emissions- und    8.500 12/31/2018    EUR    66.430
BNP Paribas Emissions- und   11.000 12/31/2018    EUR    61.580
HSBC Trinkaus & Burkhardt     8.300  6/22/2018    EUR    60.810
BNP Paribas Emissions- und    9.000  9/27/2018    EUR    61.600
BNP Paribas Emissions- und    6.000 12/31/2018    EUR    70.630
BNP Paribas Emissions- und    7.000 12/31/2018    EUR    66.750
BNP Paribas Emissions- und    7.500 12/31/2018    EUR    69.330
DZ Bank AG Deutsche Zentra    8.750  6/22/2018    EUR    58.070
DZ Bank AG Deutsche Zentra    6.400  9/24/2018    EUR    70.800
Landesbank Baden-Wuerttemb    6.000  7/27/2018    EUR    68.100
Landesbank Baden-Wuerttemb    4.000  7/27/2018    EUR    65.970
DZ Bank AG Deutsche Zentra    7.500  9/24/2018    EUR    71.780
Vontobel Financial Product   10.500  7/27/2018    EUR    57.270
Vontobel Financial Product    9.750  9/14/2018    EUR    71.510
Landesbank Hessen-Thuering    2.250  7/13/2020    EUR    66.600
Vontobel Financial Product   10.350  9/14/2018    EUR    74.920
Vontobel Financial Product    6.750  9/14/2018    EUR    53.950
Credit Suisse AG/Nassau       7.000  9/24/2018    EUR    66.200
Vontobel Financial Product    7.050   1/2/2019    EUR    70.940
Vontobel Financial Product    8.000  9/28/2018    EUR    69.460
Vontobel Financial Product    9.000  9/28/2018    EUR    69.720
BNP Paribas Emissions- und    7.000  9/27/2018    EUR    68.450
BNP Paribas Emissions- und   13.000  9/27/2018    EUR    61.970
BNP Paribas Emissions- und   10.000  9/27/2018    EUR    60.260
Vontobel Financial Product    4.850  9/14/2018    EUR    70.690
BNP Paribas Emissions- und    9.000 12/31/2018    EUR    63.590
BNP Paribas Emissions- und    6.500  9/27/2018    EUR    66.400
BNP Paribas Emissions- und    9.000  9/27/2018    EUR    39.200
Deutsche Bank AG              5.200  9/25/2018    EUR    64.500
Deutsche Bank AG              5.200  9/25/2018    EUR    69.600
Landesbank Baden-Wuerttemb    6.000  7/27/2018    EUR    63.610
BNP Paribas Emissions- und    8.500  9/27/2018    EUR    64.110
Deutsche Bank AG              5.200  9/25/2018    EUR    74.000
BNP Paribas Emissions- und   12.000  9/27/2018    EUR    71.480
UBS AG/London                 8.500  7/19/2018    CHF    57.250
Raiffeisen Centrobank AG     11.676 12/28/2018    EUR    67.880
Vontobel Financial Product   10.000  6/22/2018    EUR    72.530
Vontobel Financial Product    5.500  9/28/2018    EUR    68.820
Vontobel Financial Product    6.550  9/28/2018    EUR    69.090
BNP Paribas Emissions- und   10.000  9/27/2018    EUR    63.660
Vontobel Financial Product    9.000  8/24/2018    EUR    69.920
BNP Paribas Emissions- und   10.000  9/27/2018    EUR    65.130
Commerzbank AG               14.250  8/24/2018    EUR    73.660
Commerzbank AG               15.750  9/28/2018    EUR    72.510
Commerzbank AG               20.000  9/28/2018    EUR    67.100
Landesbank Baden-Wuerttemb    6.000  7/27/2018    EUR    66.930
Landesbank Baden-Wuerttemb    2.000  7/27/2018    EUR    71.600
DZ Bank AG Deutsche Zentra    9.000  6/22/2018    EUR    71.460
Vontobel Financial Product    6.450  9/14/2018    EUR    67.880
Commerzbank AG               15.000 10/26/2018    EUR    73.490
Credit Suisse AG/London       8.540   1/7/2020    USD     9.982
Deutsche Bank AG              7.200  9/25/2018    EUR    63.600
Deutsche Bank AG              5.200  9/25/2018    EUR    68.900
Vontobel Financial Product    6.550  9/28/2018    EUR    73.930
Commerzbank AG               10.000   3/2/2020    EUR    71.690
BNP Paribas Emissions- und    6.500  9/27/2018    EUR    67.030
EFG International Finance     8.000   3/9/2020    USD    56.840
Vontobel Financial Product    7.500  6/22/2018    EUR    56.680
Vontobel Financial Product    9.500  6/22/2018    EUR    56.730
Vontobel Financial Product    6.000  7/27/2018    EUR    66.840
MultiBotSystems Investment   10.250  7/14/2023    RUB   100.050
Vontobel Financial Product    3.550  9/28/2018    EUR    73.140
Vontobel Financial Product    6.000  1/18/2019    EUR    60.370
Vontobel Financial Product    4.000  9/28/2018    EUR    55.720
Vontobel Financial Product   10.550  7/27/2018    EUR    62.920
Vontobel Financial Product    5.550  6/22/2018    EUR    56.670
Vontobel Financial Product   10.550  7/27/2018    EUR    40.570
UBS AG/London                 6.000  9/27/2018    EUR    69.310
DekaBank Deutsche Girozent    3.000  6/21/2021    EUR    66.480
UBS AG/London                14.400   1/3/2019    EUR    65.100
Deutsche Bank AG              3.200  9/25/2018    EUR    68.400
Deutsche Bank AG              4.200 12/27/2018    EUR    69.500
Credit Suisse AG/London       7.000  10/9/2018    USD    74.050
Vontobel Financial Product   13.000  6/22/2018    EUR    56.350
Deutsche Bank AG              6.200 12/27/2018    EUR    69.000
Deutsche Bank AG              6.200  9/25/2018    EUR    73.000
Deutsche Bank AG              4.200  9/25/2018    EUR    66.300
Deutsche Bank AG              3.200 12/27/2018    EUR    69.000
HSBC Trinkaus & Burkhardt    10.700  9/28/2018    EUR    39.530
HSBC Trinkaus & Burkhardt     9.700  7/27/2018    EUR    39.640
HSBC Trinkaus & Burkhardt     6.700  9/28/2018    EUR    66.700
HSBC Trinkaus & Burkhardt     4.800  9/28/2018    EUR    69.940
Citigroup Global Markets F    7.000  6/16/2022    SEK    51.330
Bank Julius Baer & Co Ltd/    5.600   7/6/2018    EUR    66.250
HSBC Trinkaus & Burkhardt     8.100  9/28/2018    EUR    43.170
HSBC Trinkaus & Burkhardt    10.300  9/28/2018    EUR    63.920
Deutsche Bank AG              5.200  9/25/2018    EUR    72.700
Goldman Sachs & Co Wertpap   18.000  7/25/2018    EUR    67.500
Deutsche Bank AG              6.200 12/27/2018    EUR    74.300
Commerzbank AG               12.250   1/2/2019    EUR    71.570
Commerzbank AG               16.250  8/24/2018    EUR    71.140
HSBC Trinkaus & Burkhardt     8.300  9/28/2018    EUR    73.350
Vontobel Financial Product   10.000  6/22/2018    EUR    62.990
Deutsche Bank AG              6.200  9/25/2018    EUR    68.000
Deutsche Bank AG              3.200  9/25/2018    EUR    70.900
Deutsche Bank AG              4.200  9/25/2018    EUR    68.700
Deutsche Bank AG              3.200  9/25/2018    EUR    63.900
Deutsche Bank AG              3.200 12/27/2018    EUR    66.700
Vontobel Financial Product   11.500  6/22/2018    EUR    59.460
Goldman Sachs & Co Wertpap   14.000  7/25/2018    EUR    72.560
Goldman Sachs & Co Wertpap   17.000  8/22/2018    EUR    68.630
Goldman Sachs & Co Wertpap   20.000  7/25/2018    EUR    70.880
Commerzbank AG               11.750  1/25/2019    EUR    71.880
Deutsche Bank AG              6.200  9/25/2018    EUR    53.000
HSBC Trinkaus & Burkhardt     8.500  9/28/2018    EUR    67.660
BNP Paribas Emissions- und    6.000 12/31/2018    EUR    65.010
Deutsche Bank AG              5.200 12/27/2018    EUR    73.800
Deutsche Bank AG              5.200  9/25/2018    EUR    52.700
BNP Paribas Emissions- und    5.000 12/31/2018    EUR    64.680
Goldman Sachs & Co Wertpap   16.000  9/26/2018    EUR    69.890
Goldman Sachs & Co Wertpap   15.000 12/28/2018    EUR    74.610
Goldman Sachs & Co Wertpap   14.000 12/28/2018    EUR    72.930
Vontobel Financial Product    1.650  9/14/2018    EUR    74.040
DZ Bank AG Deutsche Zentra   13.750  8/22/2018    EUR    68.820
Vontobel Financial Product   11.800  9/14/2018    EUR    74.240
UBS AG/London                 6.500   1/7/2019    CHF    50.700
Commerzbank AG               18.750   1/2/2019    EUR    71.140
DZ Bank AG Deutsche Zentra   11.000  6/22/2018    EUR    60.040
Raiffeisen Centrobank AG      7.536 12/28/2018    EUR    54.720
Deutsche Bank AG              5.200 12/27/2018    EUR    70.300
Zurcher Kantonalbank Finan    5.750  7/27/2018    CHF    61.570
Credit Suisse AG/London       8.250  7/26/2018    USD    50.060
Bank Julius Baer & Co Ltd/    6.600  7/27/2018    USD    63.600
UniCredit Bank AG             5.800  6/22/2018    EUR    69.130
Vontobel Financial Product    6.200  9/14/2018    EUR    75.850
Vontobel Financial Product    8.000  6/22/2018    EUR    71.000
Commerzbank AG               24.250  8/24/2018    EUR    64.870
Deutsche Bank AG              5.200  9/25/2018    EUR    71.400
Deutsche Bank AG              5.200  7/25/2018    EUR    68.100
Deutsche Bank AG              5.200  7/25/2018    EUR    63.600
Deutsche Bank AG              5.200  9/25/2018    EUR    68.900
Deutsche Bank AG              5.200 12/27/2018    EUR    65.700
Raiffeisen Schweiz Genosse    9.200  2/12/2019    CHF    69.510
DZ Bank AG Deutsche Zentra    5.000  9/24/2018    EUR    69.270
Vontobel Financial Product   10.500  6/22/2018    EUR    59.910
EFG International Finance     6.000   8/3/2020    USD    61.800
Commerzbank AG               15.250  8/24/2018    EUR    71.930
Commerzbank AG               17.250  8/24/2018    EUR    70.370
Commerzbank AG               14.750  9/28/2018    EUR    72.710
Commerzbank AG               14.000 10/26/2018    EUR    73.630
Vontobel Financial Product   13.000  6/22/2018    EUR    74.410
Deutsche Bank AG              5.200  7/25/2018    EUR    70.600
Commerzbank AG               17.000  8/24/2018    EUR    71.320
Commerzbank AG               15.500  9/28/2018    EUR    72.530
Deutsche Bank AG              5.200  9/25/2018    EUR    68.400
Vontobel Financial Product    9.000  7/27/2018    EUR    69.650
Landesbank Baden-Wuerttemb    8.000  7/27/2018    EUR    63.760
Landesbank Baden-Wuerttemb    4.500  7/27/2018    EUR    68.000
Vontobel Financial Product    5.500   1/2/2019    EUR    70.130
DZ Bank AG Deutsche Zentra    7.750  9/28/2018    EUR    68.300
DZ Bank AG Deutsche Zentra    7.400  9/24/2018    EUR    65.800
Vontobel Financial Product    7.800  9/14/2018    EUR    74.100
Vontobel Financial Product    9.500  6/22/2018    EUR    69.110
Vontobel Financial Product    6.000  6/22/2018    EUR    74.020
UniCredit Bank AG             4.000  6/22/2018    EUR    61.490
UniCredit Bank AG             3.500  6/22/2018    EUR    64.060
Vontobel Financial Product    5.800  9/14/2018    EUR    68.520
Vontobel Financial Product   10.300  9/14/2018    EUR    54.720
Vontobel Financial Product    8.600  9/14/2018    EUR    54.350
UniCredit Bank AG            12.900  6/22/2018    EUR    70.610
UniCredit Bank AG            14.400  6/22/2018    EUR    68.780
Zurcher Kantonalbank Finan    9.500  7/13/2018    CHF    65.910
Landesbank Baden-Wuerttemb    3.000 10/26/2018    EUR    72.520
Commerzbank AG               11.250  1/25/2019    EUR    67.880
Commerzbank AG               14.750  2/22/2019    EUR    64.470
Commerzbank AG               16.750  2/22/2019    EUR    62.850
Leonteq Securities AG/Guer   11.800 12/21/2018    USD    66.950
Vontobel Financial Product   10.500  9/28/2018    EUR    70.540
Deutsche Bank AG              6.200  9/24/2019    EUR    73.000
Deutsche Bank AG              6.200 12/27/2018    EUR    72.700
Deutsche Bank AG              6.200 12/27/2018    EUR    70.200
Deutsche Bank AG              4.200  3/19/2019    EUR    72.200
Bank Julius Baer & Co Ltd/    5.500  9/26/2018    CHF    57.150
DZ Bank AG Deutsche Zentra   10.750  9/28/2018    EUR    49.920
Commerzbank AG                9.250  1/25/2019    EUR    71.310
Commerzbank AG               13.250  1/25/2019    EUR    65.380
Deutsche Bank AG              4.200  9/24/2019    EUR    72.700
Deutsche Bank AG              4.200  3/19/2019    EUR    69.800
Deutsche Bank AG              4.200  6/25/2019    EUR    72.200
HSBC Trinkaus & Burkhardt     7.600  8/24/2018    EUR    40.030
BNP Paribas Emissions- und    8.000  9/27/2018    EUR    69.030
BNP Paribas Emissions- und   10.000 12/31/2018    EUR    67.480
BNP Paribas Emissions- und   16.000  9/27/2018    EUR    67.290
BNP Paribas Emissions- und    9.000  9/27/2018    EUR    72.770
BNP Paribas Emissions- und   10.000  9/27/2018    EUR    37.640
BNP Paribas Emissions- und    6.000 12/31/2018    EUR    42.990
BNP Paribas Emissions- und   12.000  9/27/2018    EUR    69.810
Commerzbank AG                7.750  7/27/2018    EUR    45.640
Commerzbank AG                9.750  7/27/2018    EUR    42.170
DZ Bank AG Deutsche Zentra    7.000  6/22/2018    EUR    73.090
Vontobel Financial Product   13.900  9/14/2018    EUR    74.850
Credit Suisse AG/London       7.000  11/8/2018    USD    51.890
Vontobel Financial Product    6.000  6/22/2018    EUR    60.750
Goldman Sachs & Co Wertpap   19.000  1/23/2019    EUR    68.210
Goldman Sachs & Co Wertpap   23.000 12/28/2018    EUR    67.020
EFG International Finance     5.500  9/21/2020    USD    67.800
UBS AG/London                22.700  9/27/2018    EUR    58.850
UBS AG/London                16.100  9/27/2018    EUR    63.620
DZ Bank AG Deutsche Zentra    9.750  9/28/2018    EUR    73.050
Vontobel Financial Product   10.650   3/8/2019    EUR    66.290
Commerzbank AG               11.250  6/22/2018    EUR    40.310
DZ Bank AG Deutsche Zentra    8.000  9/26/2018    EUR    73.170
Zurcher Kantonalbank Finan    6.250  9/21/2018    CHF    58.610
Leonteq Securities AG/Guer    7.600  9/18/2019    USD    64.100
Raiffeisen Schweiz Genosse    6.750  3/15/2019    CHF    62.670
Vontobel Financial Product    9.750   3/8/2019    EUR    72.170
Raiffeisen Schweiz Genosse    4.000  7/24/2019    CHF    71.550
Vontobel Financial Product    6.700   3/8/2019    EUR    61.420
Commerzbank AG               13.250  6/22/2018    EUR    38.480
Raiffeisen Schweiz Genosse    8.990  7/22/2019    EUR    21.670
DZ Bank AG Deutsche Zentra    6.750 12/28/2018    EUR    74.120
Deutsche Bank AG              4.200 12/24/2019    EUR    73.200
Citigroup Global Markets F    5.600  9/15/2022    SEK    63.290
Commerzbank AG               10.250  7/27/2018    EUR    70.500
Commerzbank AG               12.250  7/27/2018    EUR    67.830
Commerzbank AG               11.750  8/24/2018    EUR    68.720
Vontobel Financial Product   13.050   3/8/2019    EUR    70.010
Vontobel Financial Product    8.750  9/28/2018    EUR    70.390
Goldman Sachs & Co Wertpap    7.000  6/26/2019    EUR    74.130
Goldman Sachs & Co Wertpap    7.000 10/24/2018    EUR    71.310
Landesbank Baden-Wuerttemb    2.900  7/27/2018    EUR    43.010
Raiffeisen Schweiz Genosse    4.200  7/17/2019    CHF    71.780
UniCredit Bank AG            14.400   1/4/2019    EUR    60.240
UniCredit Bank AG            12.000  9/28/2018    EUR    65.400
UniCredit Bank AG             3.400   1/4/2019    EUR    63.860
UniCredit Bank AG            13.500   1/4/2019    EUR    42.010
HSBC Trinkaus & Burkhardt     5.800  6/22/2018    EUR    69.470
Commerzbank AG               10.500 10/26/2018    EUR    39.640
Commerzbank AG               12.750 11/23/2018    EUR    73.770
DZ Bank AG Deutsche Zentra    9.500  9/24/2018    EUR    67.800
Bank Julius Baer & Co Ltd/    6.250  2/13/2019    CHF    69.450
Commerzbank AG                7.750  7/27/2018    EUR    69.600
DZ Bank AG Deutsche Zentra    6.750 10/26/2018    EUR    67.570
DZ Bank AG Deutsche Zentra    5.500  2/20/2019    EUR    71.430
HSBC Trinkaus & Burkhardt     5.500  3/22/2019    EUR    68.890
HSBC Trinkaus & Burkhardt     5.900 12/28/2018    EUR    65.950
Vontobel Financial Product   10.500  9/21/2018    EUR    70.090
Deutsche Bank AG              5.200 10/24/2018    EUR    73.300
Deutsche Bank AG              5.200 12/27/2018    EUR    72.200
Vontobel Financial Product    9.250  9/14/2018    EUR    72.110
Vontobel Financial Product   12.000  9/14/2018    EUR    67.900
Deutsche Bank AG              5.200 10/24/2018    EUR    64.800
Deutsche Bank AG              5.200 11/21/2018    EUR    69.700
Deutsche Bank AG              5.200 11/21/2018    EUR    65.300
Deutsche Bank AG              5.200  6/25/2019    EUR    72.400
Commerzbank AG               10.500  1/25/2019    EUR    71.180
Commerzbank AG                4.500  1/25/2019    EUR    70.020
Commerzbank AG                8.500  1/25/2019    EUR    65.790
Commerzbank AG               15.250  1/25/2019    EUR    69.340
Commerzbank AG                3.750 12/21/2018    EUR    73.140
Vontobel Financial Product    9.500  9/28/2018    EUR    69.080
Vontobel Financial Product    7.500   1/2/2019    EUR    70.060
HSBC Trinkaus & Burkhardt     7.400  3/22/2019    EUR    67.010
Commerzbank AG               13.500 11/23/2018    EUR    72.850
Deutsche Bank AG              5.200 10/24/2018    EUR    70.500
Deutsche Bank AG              5.200 11/21/2018    EUR    70.900
Deutsche Bank AG              5.200  3/19/2019    EUR    72.000
Deutsche Bank AG              5.200  3/19/2019    EUR    67.700
Deutsche Bank AG              5.200  6/25/2019    EUR    68.200
Deutsche Bank AG              5.200 10/24/2018    EUR    71.100
Deutsche Bank AG              5.200 11/21/2018    EUR    71.600
Deutsche Bank AG              5.200  6/25/2019    EUR    72.900
DZ Bank AG Deutsche Zentra    7.500  9/24/2018    EUR    69.140
DZ Bank AG Deutsche Zentra    5.000 12/28/2018    EUR #N/A N/A
Vontobel Financial Product    9.050   1/2/2019    EUR    69.130
Vontobel Financial Product   11.000   1/2/2019    EUR    67.680
Commerzbank AG                9.000  2/22/2019    EUR    72.070
Credit Suisse AG/London       7.000  7/19/2018    USD    73.380
Commerzbank AG                5.000 12/21/2018    EUR    74.550
DZ Bank AG Deutsche Zentra    7.250  9/24/2018    EUR    73.230
Commerzbank AG               12.500  1/25/2019    EUR    68.730
Commerzbank AG                6.500  1/25/2019    EUR    67.480
Commerzbank AG               13.250  1/25/2019    EUR    71.890
Commerzbank AG               19.250  1/25/2019    EUR    65.170
Commerzbank AG               10.500  1/25/2019    EUR    71.740
Commerzbank AG               11.750  1/25/2019    EUR    73.530
Commerzbank AG               16.000  8/24/2018    EUR    66.620
Vontobel Financial Product    8.800  9/14/2018    EUR    64.890
BNP Paribas Emissions- und   19.000  9/27/2018    EUR    69.730
UniCredit Bank AG             6.000  9/28/2018    EUR     4.180
UniCredit Bank AG             3.100  9/28/2018    EUR    58.320
Deutsche Bank AG              5.200  9/25/2018    EUR    66.600
UniCredit Bank AG            11.000  9/28/2018    EUR    63.810
UniCredit Bank AG            12.900  9/28/2018    EUR    61.420
Commerzbank AG                6.000 10/26/2018    EUR    66.830
UniCredit Bank AG            11.400   1/3/2020    EUR    69.510
UniCredit Bank AG            13.800   1/3/2020    EUR    69.280
BNP Paribas Emissions- und   18.000  9/27/2018    EUR    59.760
BNP Paribas Emissions- und    7.000 12/31/2018    EUR    65.790
BNP Paribas Emissions- und   10.000 12/31/2018    EUR    63.590
UniCredit Bank AG            11.500   1/4/2019    EUR    63.630
Vontobel Financial Product   16.100 12/14/2018    EUR    74.860
BNP Paribas Emissions- und   15.000  9/27/2018    EUR    66.420
BNP Paribas Emissions- und   16.000 12/31/2018    EUR    65.330
BNP Paribas Emissions- und   18.000  6/27/2019    EUR    67.400
BNP Paribas Emissions- und    7.000  9/27/2018    EUR    64.630
BNP Paribas Emissions- und    9.500 12/31/2018    EUR    62.630
BNP Paribas Emissions- und   14.000  3/21/2019    EUR    65.070
UniCredit Bank AG            14.800  3/22/2019    EUR    70.740
UniCredit Bank AG            14.400  3/22/2019    EUR    73.040
UBS AG/London                12.250  8/23/2018    USD    61.250
Vontobel Financial Product    9.550 12/14/2018    EUR    69.580
EFG International Finance    12.000 11/15/2018    CHF    71.220
Vontobel Financial Product   12.500  9/14/2018    EUR    71.190
Commerzbank AG               11.500  2/22/2019    EUR    69.320
HSBC Trinkaus & Burkhardt     6.100 12/28/2018    EUR    48.030
HSBC Trinkaus & Burkhardt     4.100 12/28/2018    EUR    53.520
HSBC Trinkaus & Burkhardt     7.800  7/27/2018    EUR    42.990
Raiffeisen Schweiz Genosse   12.000  9/11/2018    CHF    61.430
HSBC Trinkaus & Burkhardt     6.000  9/28/2018    EUR    64.620
Commerzbank AG               13.250  8/24/2018    EUR    73.830
Deutsche Bank AG              5.200 10/24/2018    EUR    69.300
Deutsche Bank AG              5.200 12/27/2018    EUR    73.000
Commerzbank AG                5.500  1/25/2019    EUR    68.640
Commerzbank AG                7.500  1/25/2019    EUR    66.480
Commerzbank AG               24.000  9/28/2018    EUR    60.200
Bank Julius Baer & Co Ltd/    6.800  9/12/2018    CHF    54.950
DZ Bank AG Deutsche Zentra    5.500 12/28/2018    EUR    74.180
Vontobel Financial Product    8.050  9/28/2018    EUR    70.630
Vontobel Financial Product   12.000  9/28/2018    EUR    75.420
UBS AG/London                 6.000  11/8/2018    EUR    65.750
Landesbank Baden-Wuerttemb    4.500  9/28/2018    EUR    70.590
Raiffeisen Centrobank AG      6.037  6/25/2019    EUR    12.950
HSBC Trinkaus & Burkhardt    16.200  9/28/2018    EUR    64.670
Vontobel Financial Product   10.000  9/28/2018    EUR    70.540
Commerzbank AG               16.500  8/24/2018    EUR    70.190
Vontobel Financial Product   15.050  9/14/2018    EUR    64.370
Deutsche Bank AG              5.200  3/19/2019    EUR    73.000
Deutsche Bank AG              5.200  6/25/2019    EUR    73.200
Commerzbank AG                9.500  1/25/2019    EUR    72.500
Commerzbank AG               11.500  1/25/2019    EUR    69.940
Bank Julius Baer & Co Ltd/    7.200  2/13/2019    CHF    70.400
Commerzbank AG               17.250  1/25/2019    EUR    67.160
Commerzbank AG                9.500  1/25/2019    EUR    72.850
Commerzbank AG               11.500  1/25/2019    EUR    70.750
Zurcher Kantonalbank Finan    5.000  7/11/2018    CHF    63.660
Vontobel Financial Product   10.500  6/22/2018    EUR    56.180
Vontobel Financial Product    7.000  6/22/2018    EUR    56.040
Vontobel Financial Product   10.050   1/2/2019    EUR    57.580
Vontobel Financial Product    6.550  9/28/2018    EUR    67.160
Vontobel Financial Product   13.000  9/28/2018    EUR    38.050
Vontobel Financial Product   12.000   1/2/2019    EUR    40.920
DZ Bank AG Deutsche Zentra    6.750  6/22/2018    EUR    70.650
DZ Bank AG Deutsche Zentra   10.750  7/27/2018    EUR    56.460
Landesbank Baden-Wuerttemb    4.000  7/27/2018    EUR    72.960
Landesbank Baden-Wuerttemb    4.000  7/27/2018    EUR    73.420
Landesbank Baden-Wuerttemb    3.000  7/27/2018    EUR    67.590
DZ Bank AG Deutsche Zentra    7.500  6/22/2018    EUR    63.770
Vontobel Financial Product   11.500  6/22/2018    EUR    56.070
Vontobel Financial Product    8.500  6/22/2018    EUR    56.050
Vontobel Financial Product    9.500   1/2/2019    EUR    57.290
Commerzbank AG               13.500 11/23/2018    EUR    70.940
Vontobel Financial Product    8.000  6/22/2018    EUR    56.040
Vontobel Financial Product   11.550  9/28/2018    EUR    55.410
Vontobel Financial Product    8.000   1/2/2019    EUR    56.520
Vontobel Financial Product   10.000  9/28/2018    EUR    55.020
Vontobel Financial Product    6.550   1/2/2019    EUR    63.960
Leonteq Securities AG/Guer    7.000  6/26/2019    CHF    51.860
DZ Bank AG Deutsche Zentra    9.500  9/28/2018    EUR    41.380
DZ Bank AG Deutsche Zentra   10.300   1/2/2019    EUR    61.850
Landesbank Baden-Wuerttemb    6.000 11/23/2018    EUR    65.590
Landesbank Baden-Wuerttemb    4.000 11/23/2018    EUR    71.590
Commerzbank AG               16.750  7/27/2018    EUR    70.000
Commerzbank AG               13.250 10/26/2018    EUR    72.690
BNP Paribas Emissions- und    4.500  9/27/2018    EUR    71.370
BNP Paribas Emissions- und    5.000 12/31/2018    EUR    68.730
HSBC Trinkaus & Burkhardt    11.900  6/22/2018    EUR    62.920
HSBC Trinkaus & Burkhardt    10.100  6/22/2018    EUR    67.220
Deutsche Bank AG              6.200  6/25/2019    EUR    71.900
BNP Paribas Emissions- und    7.000 12/31/2018    EUR    59.110
Landesbank Baden-Wuerttemb    5.500  8/24/2018    EUR    68.530
Bank Julius Baer & Co Ltd/    7.300  8/16/2019    USD    68.850
DZ Bank AG Deutsche Zentra    5.500  9/28/2018    EUR    66.380
DZ Bank AG Deutsche Zentra    8.250  6/22/2018    EUR    70.420
DZ Bank AG Deutsche Zentra    5.500  6/22/2018    EUR    59.860
UniCredit Bank AG            14.700   1/4/2019    EUR    71.720
UniCredit Bank AG             3.400  6/22/2018    EUR    69.860
UniCredit Bank AG            14.600   1/4/2019    EUR    64.300
UniCredit Bank AG            13.500   1/4/2019    EUR    74.260
UniCredit Bank AG             9.600  9/28/2018    EUR    70.210
UniCredit Bank AG            11.500  9/28/2018    EUR    72.820
UniCredit Bank AG             9.700  9/28/2018    EUR    66.670
Landesbank Baden-Wuerttemb    4.600  3/22/2019    EUR    74.770
UniCredit Bank AG            10.100  9/28/2018    EUR    72.140
UniCredit Bank AG            10.500  9/28/2018    EUR    75.770
UniCredit Bank AG             5.700  9/28/2018    EUR    50.960
UniCredit Bank AG            11.800  9/28/2018    EUR    66.340
Landesbank Baden-Wuerttemb    3.000  6/28/2019    EUR    68.820
Landesbank Baden-Wuerttemb    5.000  3/22/2019    EUR    64.770
Vontobel Financial Product    4.000  6/22/2018    EUR    63.940
Vontobel Financial Product    8.000  6/22/2018    EUR    57.880
Vontobel Financial Product   11.000  6/22/2018    EUR    54.040
Commerzbank AG                8.750  7/27/2018    EUR    66.940
Commerzbank AG                9.750  7/27/2018    EUR    64.850
Commerzbank AG               11.750  7/27/2018    EUR    39.650
Commerzbank AG               13.750  7/27/2018    EUR    37.640
Vontobel Financial Product    9.500  7/27/2018    EUR    59.290
Commerzbank AG                6.000  7/27/2018    EUR    68.700
UniCredit Bank AG            14.800  6/22/2018    EUR    72.620
UniCredit Bank AG             9.100  6/22/2018    EUR    63.890
UniCredit Bank AG             4.200  6/22/2018    EUR    72.840
UniCredit Bank AG            12.100  6/22/2018    EUR    57.530
UniCredit Bank AG             9.000  6/22/2018    EUR    46.680
Commerzbank AG                7.750  7/27/2018    EUR    69.300
UniCredit Bank AG             5.000  6/29/2018    EUR    67.150
Leonteq Securities AG         7.400  4/24/2020    USD    56.430
BNP Paribas Emissions- und    7.500 12/31/2018    EUR    72.150
UniCredit Bank AG            13.900  6/22/2018    EUR    74.250
UniCredit Bank AG             5.600  6/22/2018    EUR    68.740
Landesbank Baden-Wuerttemb    4.000 11/23/2018    EUR    69.090
Commerzbank AG                8.500 11/23/2018    EUR    63.610
Deutsche Bank AG              5.500  9/25/2018    EUR    67.800
Deutsche Bank AG              5.500 12/27/2018    EUR    67.000
HSBC Trinkaus & Burkhardt     8.700  9/28/2018    EUR    69.960
Leonteq Securities AG        10.400 11/22/2019    EUR    68.690
Deutsche Bank AG              4.200 12/27/2018    EUR    71.900
DZ Bank AG Deutsche Zentra    9.000  6/22/2018    EUR    71.280
DZ Bank AG Deutsche Zentra   13.500  8/24/2018    EUR    63.510
UniCredit Bank AG            14.900  6/22/2018    EUR    67.650
Landesbank Hessen-Thuering    4.000 10/10/2018    EUR    69.100
UniCredit Bank AG             6.100  6/22/2018    EUR    53.050
UniCredit Bank AG            13.900  6/22/2018    EUR    39.590
UniCredit Bank AG            13.800  6/22/2018    EUR    58.790
UniCredit Bank AG            11.600  6/22/2018    EUR    61.480
Vontobel Financial Product   14.500  6/22/2018    EUR    62.660
HSBC Trinkaus & Burkhardt    13.400  6/22/2018    EUR    38.650
Vontobel Financial Product   11.500  6/22/2018    EUR    40.520
HSBC Trinkaus & Burkhardt     8.900  6/22/2018    EUR    45.400
Vontobel Financial Product    5.000  9/28/2018    EUR    44.690
Vontobel Financial Product   11.000   1/2/2019    EUR    40.400
HSBC Trinkaus & Burkhardt     8.300  9/28/2018    EUR    72.070
HSBC Trinkaus & Burkhardt     5.700  6/22/2018    EUR    66.030
Vontobel Financial Product    8.550   1/2/2019    EUR    65.830
DZ Bank AG Deutsche Zentra    5.000  1/25/2019    EUR    71.340
Vontobel Financial Product   12.000  6/22/2018    EUR    53.100
Vontobel Financial Product   14.000  6/22/2018    EUR    50.320
Vontobel Financial Product    4.000  9/28/2018    EUR    73.780
Vontobel Financial Product    6.050  9/28/2018    EUR    64.640
Vontobel Financial Product    9.000  9/28/2018    EUR    57.980
Vontobel Financial Product   12.500  9/28/2018    EUR    53.040
Vontobel Financial Product    6.000   1/2/2019    EUR    66.080
Vontobel Financial Product   10.000   1/2/2019    EUR    57.700
Vontobel Financial Product    7.000   1/2/2019    EUR    62.700
Vontobel Financial Product   11.500   1/2/2019    EUR    55.700
DZ Bank AG Deutsche Zentra    7.000  8/24/2018    EUR    64.610
Vontobel Financial Product    6.600  9/14/2018    EUR    64.560
Vontobel Financial Product   11.650  9/14/2018    EUR    55.160
Vontobel Financial Product    3.450  9/14/2018    EUR    68.150
Vontobel Financial Product   13.100  9/14/2018    EUR    55.270
UniCredit Bank AG             6.400  6/22/2018    EUR    66.870
Deutsche Bank AG              4.200 12/27/2018    EUR    74.600
Deutsche Bank AG              6.200 12/27/2018    EUR    72.900
UniCredit Bank AG            14.100  6/22/2018    EUR    68.970
DZ Bank AG Deutsche Zentra    8.500   1/2/2019    EUR    59.290
UniCredit Bank AG             5.900  6/22/2018    EUR    71.330
UniCredit Bank AG            11.600  6/22/2018    EUR    74.920
Landesbank Baden-Wuerttemb    4.000  8/24/2018    EUR    73.440
Landesbank Baden-Wuerttemb    7.000  8/24/2018    EUR    64.340
DZ Bank AG Deutsche Zentra    5.500  6/22/2018    EUR    66.790
DZ Bank AG Deutsche Zentra    6.500  6/22/2018    EUR    59.870
UniCredit Bank AG            11.700  9/28/2018    EUR    72.830
UniCredit Bank AG             4.600   1/4/2019    EUR     4.870
UniCredit Bank AG             8.600  9/28/2018    EUR    72.420
UniCredit Bank AG            10.100  6/22/2018    EUR     2.200
UniCredit Bank AG             3.100  6/22/2018    EUR     2.750
UniCredit Bank AG             7.700  6/22/2018    EUR     2.290
UniCredit Bank AG            10.800  9/28/2018    EUR    73.120
UniCredit Bank AG             8.200  9/28/2018    EUR    45.580
UniCredit Bank AG             4.700  9/28/2018    EUR    54.400
UBS AG/London                 6.000  9/27/2018    EUR    69.330
Leonteq Securities AG/Guer   11.000 11/21/2018    CHF    71.840
Vontobel Financial Product   10.500  8/24/2018    EUR    69.530
DZ Bank AG Deutsche Zentra    5.100   1/2/2019    EUR    73.040
Vontobel Financial Product   10.500   1/2/2019    EUR    63.870
Vontobel Financial Product    6.000  9/28/2018    EUR    70.070
Landesbank Baden-Wuerttemb    3.000 11/23/2018    EUR    72.710
Commerzbank AG               15.500  8/24/2018    EUR    70.940
Deutsche Bank AG              5.500  9/25/2018    EUR    66.000
Deutsche Bank AG              5.500 12/27/2018    EUR    68.700
BNP Paribas Emissions- und    5.000  3/21/2019    EUR    70.520
Bank Julius Baer & Co Ltd/    5.500  8/27/2018    CHF    65.700
Vontobel Financial Product    8.500  9/28/2018    EUR    67.010
Vontobel Financial Product   10.500  9/28/2018    EUR    64.950
BNP Paribas Emissions- und    7.000  9/27/2018    EUR    63.010
Commerzbank AG                4.750 10/26/2018    EUR    67.280
BNP Paribas Emissions- und    5.500  9/27/2018    EUR    66.840
Deutsche Bank AG              5.500  9/25/2018    EUR    69.700
Deutsche Bank AG              5.500 12/27/2018    EUR    70.500
Vontobel Financial Product    7.000   1/2/2019    EUR    70.910
Vontobel Financial Product   10.500  6/22/2018    EUR    69.470
HSBC Trinkaus & Burkhardt     7.500  6/22/2018    EUR    74.730
Vontobel Financial Product    5.250  9/14/2018    EUR    68.750
Deutsche Bank AG              6.200  3/19/2019    EUR    72.700
UniCredit Bank AG            12.200  6/22/2018    EUR    71.770
Deutsche Bank AG              4.200 12/27/2018    EUR    63.700
Landesbank Baden-Wuerttemb    4.600 11/23/2018    EUR    73.920
Deutsche Bank AG              4.200 12/27/2018    EUR    57.800
Deutsche Bank AG              6.200 12/27/2018    EUR    55.700
Deutsche Bank AG              4.200  9/25/2018    EUR    60.200
Goldman Sachs & Co Wertpap   20.000  7/25/2018    EUR    73.900
HSBC Trinkaus & Burkhardt     8.700  8/24/2018    EUR    43.730
Goldman Sachs & Co Wertpap   13.000  1/23/2019    EUR    70.910
Goldman Sachs & Co Wertpap   20.000  2/20/2019    EUR    68.520
Goldman Sachs & Co Wertpap   19.000  3/20/2019    EUR    69.330
Goldman Sachs & Co Wertpap   24.000  9/26/2018    EUR    65.240
Goldman Sachs & Co Wertpap   13.000 10/24/2018    EUR    70.170
Goldman Sachs & Co Wertpap   25.000 10/24/2018    EUR    65.450
Goldman Sachs & Co Wertpap   20.000 11/21/2018    EUR    67.270
Goldman Sachs & Co Wertpap    7.000  3/20/2019    EUR    73.560
Goldman Sachs & Co Wertpap    7.000  9/26/2018    EUR    70.820
UBS AG/London                 8.750  8/28/2019    CHF    72.400
Landesbank Baden-Wuerttemb    3.100 10/25/2019    EUR    58.210
VTB Bank PJSC                 9.000  8/14/2043    RUB    62.010
SG Issuer SA                  0.800 11/30/2020    SEK    51.000
Landesbank Baden-Wuerttemb    2.800 11/23/2018    EUR    61.230
T-Generation CJSC            12.000  6/14/2019    RUB     0.500
DekaBank Deutsche Girozent    3.500 10/28/2019    EUR    42.610
Beluga Group PJSC             9.750  5/28/2020    RUB    65.000
Pongs & Zahn AG               8.500               EUR     0.002
getBACK SA                    5.720  10/5/2019    PLN    15.000
Landesbank Hessen-Thuering    7.770  7/15/2021    EUR    59.970
Landesbank Hessen-Thuering    3.250 12/27/2018    EUR    73.700
SG Issuer SA                  5.500  4/10/2021    EUR    65.970
Raiffeisen Schweiz Genosse    5.000   8/6/2018    CHF    69.970
Deutsche Bank AG              5.200  9/25/2018    EUR    74.000
Deutsche Bank AG              5.200  7/25/2018    EUR    67.600
Deutsche Bank AG              5.200  7/25/2018    EUR    70.600
DZ Bank AG Deutsche Zentra    9.000  9/28/2018    EUR    62.600
Bank Julius Baer & Co Ltd/    5.800  7/13/2018    USD    67.550
HSBC Trinkaus & Burkhardt     5.600  7/27/2018    EUR    68.230
HSBC Trinkaus & Burkhardt     5.800 10/26/2018    EUR    69.660
Vontobel Financial Product   12.000  2/22/2019    EUR    70.860
Vontobel Financial Product    9.000  6/22/2018    EUR    70.280
Vontobel Financial Product    6.500  6/22/2018    EUR    72.980
HSBC Trinkaus & Burkhardt     5.400  6/28/2019    EUR    69.450
HSBC Trinkaus & Burkhardt     4.500  6/28/2019    EUR    72.410
Commerzbank AG               21.000 10/26/2018    EUR    68.290
HSBC Trinkaus & Burkhardt     3.200  6/22/2018    EUR    67.070
HSBC Trinkaus & Burkhardt     6.500  9/28/2018    EUR    64.760
Commerzbank AG               14.000  6/22/2018    EUR    60.900
Vontobel Financial Product    7.000   1/2/2019    EUR    62.040
HSBC Trinkaus & Burkhardt     4.700  9/28/2018    EUR    71.390
HSBC Trinkaus & Burkhardt     9.800  6/22/2018    EUR    45.410
HSBC Trinkaus & Burkhardt     5.400  6/22/2018    EUR    51.390
HSBC Trinkaus & Burkhardt     8.200  9/28/2018    EUR    65.410
HSBC Trinkaus & Burkhardt     4.100  6/22/2018    EUR    41.430
HSBC Trinkaus & Burkhardt     5.200  6/22/2018    EUR    67.070
HSBC Trinkaus & Burkhardt     8.700  6/22/2018    EUR    64.990
Vontobel Financial Product    6.500   1/2/2019    EUR    52.970
Vontobel Financial Product    4.050  9/28/2018    EUR    53.490
Polski Bank Spoldzielczy w    5.300  9/14/2027    PLN    55.010
Commerzbank AG               20.250  8/24/2018    EUR    68.500
Commerzbank AG               22.250  8/24/2018    EUR    66.580
BNP Paribas Emissions- und    6.000 12/31/2018    EUR    39.280
BNP Paribas Emissions- und   16.000 12/31/2018    EUR    44.400
Commerzbank AG               14.000  7/27/2018    EUR    63.320
Commerzbank AG               15.250  8/24/2018    EUR    40.100
Commerzbank AG               12.250  9/28/2018    EUR    42.930
BNP Paribas Emissions- und   19.000 12/31/2018    EUR    64.840
BNP Paribas Emissions- und   13.000  9/27/2018    EUR    72.930
BNP Paribas Emissions- und    4.500 12/31/2018    EUR    70.490
BNP Paribas Emissions- und    5.500 12/31/2018    EUR    70.990
BNP Paribas Emissions- und    8.000 12/31/2018    EUR    66.740
BNP Paribas Emissions- und   18.000  9/27/2018    EUR    67.170
BNP Paribas Emissions- und   25.000  9/27/2018    EUR    61.730
BNP Paribas Emissions- und   15.000  9/27/2018    EUR    63.910
BNP Paribas Emissions- und   12.000 12/31/2018    EUR    66.190
BNP Paribas Emissions- und   20.000  9/27/2018    EUR    59.860
BNP Paribas Emissions- und   16.000 12/31/2018    EUR    63.060
BNP Paribas Emissions- und   17.000  9/27/2018    EUR    70.770
BNP Paribas Emissions- und    9.000  9/27/2018    EUR    65.450
BNP Paribas Emissions- und   18.000  9/27/2018    EUR    57.180
BNP Paribas Emissions- und    5.500 12/31/2018    EUR    72.770
BNP Paribas Emissions- und   10.000 12/31/2018    EUR    64.400
BNP Paribas Emissions- und   17.000  9/27/2018    EUR    67.820
BNP Paribas Emissions- und   12.000 12/31/2018    EUR    71.950
UniCredit Bank AG             3.600   1/5/2020    EUR    75.140
Commerzbank AG               10.000  8/24/2018    EUR    63.900
Vontobel Financial Product    8.550  9/28/2018    EUR    74.600
Vontobel Financial Product    7.000   1/2/2019    EUR    75.710
Vontobel Financial Product    8.000   1/2/2019    EUR    74.480
BNP Paribas Emissions- und    3.000 12/31/2018    EUR    71.480
BNP Paribas Emissions- und    6.500 12/31/2018    EUR    64.500
Commerzbank AG               14.750  7/27/2018    EUR    72.510
Commerzbank AG               12.500 11/23/2018    EUR    41.200
Commerzbank AG               12.000  8/24/2018    EUR    61.660
Commerzbank AG                9.250  9/28/2018    EUR    65.200
Commerzbank AG               10.250  9/28/2018    EUR    63.950
Commerzbank AG               11.750 10/26/2018    EUR    62.500
Commerzbank AG                5.250 11/23/2018    EUR    73.340
Commerzbank AG                7.250 11/23/2018    EUR    68.920
Commerzbank AG                8.250 11/23/2018    EUR    67.180
Commerzbank AG                9.250 11/23/2018    EUR    65.750
Commerzbank AG               11.250 11/23/2018    EUR    63.360
Commerzbank AG                6.500 11/23/2018    EUR    47.980
DZ Bank AG Deutsche Zentra    6.250  3/20/2019    EUR    69.610
HSBC Trinkaus & Burkhardt    10.900  6/28/2019    EUR    67.850
DZ Bank AG Deutsche Zentra    7.750  9/26/2018    EUR #N/A N/A
DZ Bank AG Deutsche Zentra    4.250 12/28/2018    EUR    69.540
Goldman Sachs & Co Wertpap   15.000 11/21/2018    EUR    69.540
Commerzbank AG               14.250  7/27/2018    EUR    67.650
Commerzbank AG               13.750  8/24/2018    EUR    68.470
Commerzbank AG               15.250  6/22/2018    EUR    72.510
Commerzbank AG               11.000  9/28/2018    EUR    72.590
Commerzbank AG               12.000  9/28/2018    EUR    71.020
Commerzbank AG                3.750  9/28/2018    EUR    55.730
Commerzbank AG                5.750  9/28/2018    EUR    47.590
Commerzbank AG                7.750  9/28/2018    EUR    43.250
Commerzbank AG                9.750  9/28/2018    EUR    40.560
Commerzbank AG               11.750  9/28/2018    EUR    38.590
Commerzbank AG                6.000  9/28/2018    EUR    69.490
Commerzbank AG                7.000  9/28/2018    EUR    68.120
Commerzbank AG                8.000  9/28/2018    EUR    67.010
Vontobel Financial Product    8.500  9/28/2018    EUR    67.340
Deutsche Bank AG              4.200 12/27/2018    EUR    63.900
Credit Suisse AG/London       8.250  9/27/2018    USD    53.170
Leonteq Securities AG/Guer   10.200 12/20/2018    CHF    57.500
Leonteq Securities AG/Guer   12.200 12/20/2018    USD    57.680
Commerzbank AG                4.000  8/24/2018    EUR    52.150
DZ Bank AG Deutsche Zentra    5.000  3/20/2019    EUR    73.880
Commerzbank AG               15.250  1/25/2019    EUR    63.480
Deutsche Bank AG              4.200 12/27/2018    EUR    71.700
Deutsche Bank AG              4.200 12/27/2018    EUR    69.200
Deutsche Bank AG              4.200  6/25/2019    EUR    72.900
Deutsche Bank AG              4.200  9/24/2019    EUR    73.500
Samolet Group                13.500 10/30/2026    RUB   100.000
DZ Bank AG Deutsche Zentra    5.000  9/28/2018    EUR    68.950
Leonteq Securities AG         8.200 11/23/2018    USD    45.530
BNP Paribas Emissions- und   13.000  9/27/2018    EUR    69.120
BNP Paribas Emissions- und   10.000 12/31/2018    EUR    70.900
BNP Paribas Emissions- und   10.000 12/31/2018    EUR    40.180
BNP Paribas Emissions- und    8.500  9/27/2018    EUR    74.210
Deutsche Bank AG              6.200  9/25/2018    EUR    69.800
Deutsche Bank AG              4.200 12/27/2018    EUR    69.800
Vontobel Financial Product    7.500  9/28/2018    EUR    69.580
Deutsche Bank AG              4.200  9/24/2019    EUR    70.500
Deutsche Bank AG              4.200 12/24/2019    EUR    71.000
Deutsche Bank AG              4.200  6/25/2019    EUR    69.900
Commerzbank AG                6.000  8/24/2018    EUR    44.070
Leonteq Securities AG/Guer   10.000 12/19/2018    CHF    38.630
BNP Paribas Emissions- und    9.000  9/27/2018    EUR    67.450
BNP Paribas Emissions- und    7.000 12/31/2018    EUR    73.900
BNP Paribas Emissions- und    6.000  9/27/2018    EUR    41.560
BNP Paribas Emissions- und   11.000  9/27/2018    EUR    71.730
BNP Paribas Emissions- und   10.000 12/31/2018    EUR    72.260
BNP Paribas Emissions- und    8.500  9/27/2018    EUR    71.950
Vontobel Financial Product   13.000  9/28/2018    EUR    66.420
Deutsche Bank AG              6.200  9/25/2018    EUR    63.600
Deutsche Bank AG              6.200 12/27/2018    EUR    70.800
Polski Bank Spoldzielczy w    4.780 11/26/2024    PLN    60.000
Landesbank Baden-Wuerttemb    2.500  8/24/2018    EUR    69.780
Zurcher Kantonalbank Finan    7.820   8/6/2018    EUR    50.800
Intertekhelektro-Novaya Ge    8.500  4/21/2020    RUB    65.000
Landesbank Baden-Wuerttemb    3.400  9/28/2018    EUR    41.610
DekaBank Deutsche Girozent    3.000  8/16/2019    EUR    59.410
Landesbank Baden-Wuerttemb    3.000 11/23/2018    EUR    63.170
Landesbank Baden-Wuerttemb    3.000  8/24/2018    EUR    67.490
getBACK SA                    5.680 10/30/2019    PLN    20.000
DekaBank Deutsche Girozent    2.600 10/12/2018    EUR    52.080
Leonteq Securities AG         7.000  8/22/2018    CHF    42.890
Landesbank Baden-Wuerttemb    3.000  9/27/2019    EUR    55.360
Landesbank Baden-Wuerttemb    3.350 11/23/2018    EUR    53.530
UniCredit Bank AG             4.100  10/1/2020    EUR    55.130
Leonteq Securities AG         5.000   9/4/2018    CHF    64.140
AKB Derzhava OJSC            15.000  9/12/2025    RUB   100.000
Rossiysky Capital OJSC        7.750  1/16/2020    RUB    61.900
Landesbank Hessen-Thuering    8.000 11/17/2020    EUR    73.480
UniCredit Bank AG             4.400 12/17/2019    EUR    70.910
Landesbank Baden-Wuerttemb    2.600  8/23/2019    EUR    46.150
EFG International Finance     7.200  7/29/2020    EUR    18.580
Leonteq Securities AG         5.200  8/14/2018    CHF    73.060
Rosbank PJSC                  0.030  4/30/2024    RUB   100.000
UBS AG/London                 5.000   8/6/2018    CHF    73.950
UniCredit Bank AG             6.800  6/22/2018    EUR    72.630
Raiffeisen Centrobank AG     10.954  6/25/2019    EUR    73.730
DZ Bank AG Deutsche Zentra    8.250  6/22/2018    EUR    67.200
UniCredit Bank AG             4.300  6/29/2018    EUR    57.020
Vontobel Financial Product    8.150  9/14/2018    EUR    60.960
Vontobel Financial Product    7.800  9/14/2018    EUR    60.660
Leonteq Securities AG        15.000  8/22/2018    CHF    71.820
Deutsche Bank AG              4.200  9/25/2018    EUR    73.600
Deutsche Bank AG              6.200  9/25/2018    EUR    71.300
Deutsche Bank AG              4.200 12/27/2018    EUR    75.000
UniCredit Bank AG            13.300  6/22/2018    EUR    74.860
DZ Bank AG Deutsche Zentra    7.600   1/2/2019    EUR    61.900
Landesbank Baden-Wuerttemb    7.000  1/25/2019    EUR    71.520
Credit Suisse AG/London       8.000  8/22/2018    CHF    68.100
Landesbank Baden-Wuerttemb    5.000  6/28/2019    EUR    71.240
Deutsche Bank AG              6.200  6/24/2019    EUR    72.990
DZ Bank AG Deutsche Zentra   11.750   1/2/2019    EUR    73.130
Raiffeisen Schweiz Genosse    4.200  5/22/2019    CHF    70.270
VTB Bank PJSC                 9.000 11/26/2043    RUB    62.010
SG Issuer SA                  0.800 10/21/2020    SEK    57.890
Leonteq Securities AG/Guer    5.000 12/27/2019    EUR    65.340
Landesbank Baden-Wuerttemb    3.150  6/22/2018    EUR    41.160
Landesbank Baden-Wuerttemb    3.300  6/22/2018    EUR    42.180
Raiffeisen Centrobank AG     10.627  9/25/2018    EUR    74.160
Raiffeisen Centrobank AG      8.635  9/25/2018    EUR    59.840
Raiffeisen Centrobank AG     10.627  9/25/2018    EUR    60.220
Raiffeisen Centrobank AG      7.970  9/25/2018    EUR    74.470
Landesbank Baden-Wuerttemb    3.000  9/28/2018    EUR    72.320
Landesbank Baden-Wuerttemb    4.000  9/28/2018    EUR    68.490
HSBC Trinkaus & Burkhardt     9.000  7/27/2018    EUR    68.600
DZ Bank AG Deutsche Zentra    6.000  6/22/2018    EUR    61.790
DZ Bank AG Deutsche Zentra    8.000  6/22/2018    EUR    58.920
Vontobel Financial Product   11.500  6/22/2018    EUR    52.970
Credit Suisse AG/Nassau       8.250  7/10/2018    EUR    65.960
UniCredit Bank AG            13.000  6/22/2018    EUR    72.040
UniCredit Bank AG             9.000  6/22/2018    EUR    72.160
UniCredit Bank AG            14.600  6/22/2018    EUR    59.160
Leonteq Securities AG         8.400  7/10/2018    CHF    45.140
Leonteq Securities AG        10.000  7/10/2018    USD    45.450
UniCredit Bank AG            14.000  6/22/2018    EUR    70.560
UniCredit Bank AG             3.500  6/22/2018    EUR    74.420
UniCredit Bank AG             4.700  6/22/2018    EUR    69.730
UniCredit Bank AG             4.000  6/22/2018    EUR    71.750
UniCredit Bank AG             5.400  6/22/2018    EUR    67.780
UniCredit Bank AG            10.800  6/22/2018    EUR    58.690
UniCredit Bank AG             7.000  6/22/2018    EUR    64.240
UniCredit Bank AG             8.800  6/22/2018    EUR    61.080
UniCredit Bank AG             7.900  6/22/2018    EUR    62.630
UniCredit Bank AG             9.800  6/22/2018    EUR    59.590
UniCredit Bank AG            11.800  6/22/2018    EUR    56.880
UniCredit Bank AG            10.700  6/22/2018    EUR    67.220
UniCredit Bank AG            11.700  6/22/2018    EUR    65.000
UniCredit Bank AG             9.800  6/22/2018    EUR    69.600
UniCredit Bank AG            12.600  6/22/2018    EUR    62.920
UniCredit Bank AG             8.100  6/22/2018    EUR    74.910
UniCredit Bank AG            15.000  6/22/2018    EUR    53.210
UniCredit Bank AG             6.200  6/22/2018    EUR    65.960
UniCredit Bank AG            13.900  6/22/2018    EUR    54.370
UniCredit Bank AG            12.800  6/22/2018    EUR    55.610
UniCredit Bank AG            12.000  6/22/2018    EUR    73.580
UniCredit Bank AG            13.600  6/22/2018    EUR    60.980
UniCredit Bank AG            14.900  6/22/2018    EUR    73.370
UniCredit Bank AG            13.800  6/22/2018    EUR    74.980
DZ Bank AG Deutsche Zentra    7.200  6/22/2018    EUR    74.240
DZ Bank AG Deutsche Zentra    9.900  6/22/2018    EUR    69.610
BNP Paribas Emissions- und    4.500  9/27/2018    EUR    74.030
BNP Paribas Emissions- und    5.000  9/27/2018    EUR    68.970
BNP Paribas Emissions- und    3.500  9/27/2018    EUR    62.860
DZ Bank AG Deutsche Zentra    5.250  6/22/2018    EUR    64.470
DZ Bank AG Deutsche Zentra    5.200  6/22/2018    EUR    71.910
DZ Bank AG Deutsche Zentra    5.300  6/22/2018    EUR    65.840
DZ Bank AG Deutsche Zentra    8.000  6/22/2018    EUR    61.420
DZ Bank AG Deutsche Zentra    9.500  6/22/2018    EUR    58.460
EFG International Finance     8.000  4/21/2020    USD    57.100
DZ Bank AG Deutsche Zentra    7.000  6/22/2018    EUR    70.700
DZ Bank AG Deutsche Zentra    6.500  6/22/2018    EUR    70.240
DZ Bank AG Deutsche Zentra    5.250  6/22/2018    EUR    65.030
Vontobel Financial Product   11.250  6/22/2018    EUR    63.710
Vontobel Financial Product    8.000  6/22/2018    EUR    63.840
BNP Paribas Emissions- und   12.000 12/31/2018    EUR    68.780
BNP Paribas Emissions- und   10.000  9/27/2018    EUR    57.970
BNP Paribas Emissions- und   10.000  9/27/2018    EUR    55.910
BNP Paribas Emissions- und   16.000  9/27/2018    EUR    50.480
BNP Paribas Emissions- und   18.000  9/27/2018    EUR    48.130
BNP Paribas Emissions- und    8.000 12/31/2018    EUR    59.220
BNP Paribas Emissions- und   10.000 12/31/2018    EUR    58.230
BNP Paribas Emissions- und    7.000 12/31/2018    EUR    71.130
BNP Paribas Emissions- und    6.500  9/27/2018    EUR    71.760
BNP Paribas Emissions- und    8.000  9/27/2018    EUR    69.660
BNP Paribas Emissions- und   17.000  9/27/2018    EUR    60.030
BNP Paribas Emissions- und    6.500 12/31/2018    EUR    73.270
BNP Paribas Emissions- und    8.000 12/31/2018    EUR    70.680
BNP Paribas Emissions- und   16.000  9/27/2018    EUR    67.970
BNP Paribas Emissions- und   14.000 12/31/2018    EUR    70.980
Deutsche Bank AG              4.200 10/24/2018    EUR    74.000
Deutsche Bank AG              4.200  6/25/2019    EUR    71.300
DZ Bank AG Deutsche Zentra    6.750  3/18/2019    EUR    66.880
DZ Bank AG Deutsche Zentra    7.500  9/24/2018    EUR    68.870
DZ Bank AG Deutsche Zentra    5.250   1/2/2019    EUR    71.430
Commerzbank AG                3.250 10/26/2018    EUR    49.930
Commerzbank AG               17.000  6/22/2018    EUR    72.350
Commerzbank AG               21.000  6/22/2018    EUR    66.840
Commerzbank AG               19.000  7/27/2018    EUR    62.800
Commerzbank AG               13.500  8/24/2018    EUR    71.640
Commerzbank AG               17.500  8/24/2018    EUR    64.700
Commerzbank AG               19.500  8/24/2018    EUR    62.240
Commerzbank AG               14.000  9/28/2018    EUR    70.230
Commerzbank AG               18.000  9/28/2018    EUR    63.960
Commerzbank AG               13.000 10/26/2018    EUR    72.020
Commerzbank AG               16.250 11/23/2018    EUR    66.320
Vontobel Financial Product    8.000 11/23/2018    EUR    60.410
Commerzbank AG                7.750  8/24/2018    EUR    70.720
Commerzbank AG                8.000  9/28/2018    EUR    70.660
Commerzbank AG               15.500  7/27/2018    EUR    37.870
Commerzbank AG                7.250 10/26/2018    EUR    47.630
Commerzbank AG                9.250 10/26/2018    EUR    44.650
Landesbank Hessen-Thuering    4.000  6/21/2019    EUR    64.200
Deutsche Bank AG              6.200  9/25/2018    EUR    70.100
Deutsche Bank AG              6.200  9/25/2018    EUR    64.400
Deutsche Bank AG              6.200 12/27/2018    EUR    71.500
Deutsche Bank AG              6.200 12/27/2018    EUR    65.900
Deutsche Bank AG              8.200  9/25/2018    EUR    70.600
Commerzbank AG               11.500  7/27/2018    EUR    65.960
Commerzbank AG               12.750  7/27/2018    EUR    70.810
Vontobel Financial Product    5.500   1/2/2019    EUR    72.620
Vontobel Financial Product    7.500   1/2/2019    EUR    69.000
Vontobel Financial Product    9.500   1/2/2019    EUR    65.880
Vontobel Financial Product   10.550   1/2/2019    EUR    64.530
Vontobel Financial Product   11.500   1/2/2019    EUR    63.240
Vontobel Financial Product    7.500  9/28/2018    EUR    67.190
Vontobel Financial Product   10.550  9/28/2018    EUR    63.730
DZ Bank AG Deutsche Zentra    6.500 12/24/2018    EUR    58.760
DZ Bank AG Deutsche Zentra    5.600  3/18/2019    EUR    68.660
DZ Bank AG Deutsche Zentra    5.400  9/24/2018    EUR    70.530
DZ Bank AG Deutsche Zentra    7.200  9/24/2018    EUR    66.560
DZ Bank AG Deutsche Zentra    6.800 12/24/2018    EUR    68.080
DZ Bank AG Deutsche Zentra    5.250  9/28/2018    EUR    69.170
DZ Bank AG Deutsche Zentra    5.250  3/22/2019    EUR    71.310
DZ Bank AG Deutsche Zentra    8.250   1/2/2019    EUR    65.470
DZ Bank AG Deutsche Zentra    8.500  9/28/2018    EUR    69.210
Commerzbank AG                9.500 10/26/2018    EUR    65.080
DZ Bank AG Deutsche Zentra    6.500  3/18/2019    EUR    60.180
Vontobel Financial Product    6.000  9/28/2018    EUR    44.950
Vontobel Financial Product    8.500  9/28/2018    EUR    41.870
Vontobel Financial Product   12.000  9/28/2018    EUR    39.630
Vontobel Financial Product    9.500   1/2/2019    EUR    41.460
Vontobel Financial Product   11.500   1/2/2019    EUR    40.610
Vontobel Financial Product    5.550  9/28/2018    EUR    71.510
Commerzbank AG                7.000   1/2/2019    EUR    72.030
Commerzbank AG                8.000   1/2/2019    EUR    69.850
Commerzbank AG                9.000   1/2/2019    EUR    68.410
Commerzbank AG               10.000   1/2/2019    EUR    66.970
Commerzbank AG               11.000   1/2/2019    EUR    65.560
Commerzbank AG               12.000   1/2/2019    EUR    64.610
Commerzbank AG               14.750   1/2/2019    EUR    70.410
Commerzbank AG               16.750   1/2/2019    EUR    68.170
Commerzbank AG                6.750   1/2/2019    EUR    70.720
Commerzbank AG                7.750   1/2/2019    EUR    69.710
Commerzbank AG                8.750   1/2/2019    EUR    68.830
Commerzbank AG               15.000  7/27/2018    EUR    59.790
Commerzbank AG               14.250  8/24/2018    EUR    60.790
Commerzbank AG               13.500  9/28/2018    EUR    61.900
Commerzbank AG               13.000 10/26/2018    EUR    62.710
Commerzbank AG               12.500 11/23/2018    EUR    63.500
Commerzbank AG               15.000  6/22/2018    EUR    63.990
Commerzbank AG               10.250  9/28/2018    EUR    44.790
Landesbank Baden-Wuerttemb    4.600  1/25/2019    EUR    59.910
BNP Paribas Emissions- und   15.000 12/31/2018    EUR    69.750
BNP Paribas Emissions- und   10.000  9/27/2018    EUR    65.380
EFG International Finance    13.000  12/6/2018    EUR    71.770
Zurcher Kantonalbank Finan    4.750 11/30/2018    CHF    55.370
BNP Paribas Emissions- und   13.000  9/27/2018    EUR    71.740
BNP Paribas Emissions- und   22.000  9/27/2018    EUR    63.200
BNP Paribas Emissions- und   13.000 12/31/2018    EUR    73.240
Bank Julius Baer & Co Ltd/    7.800 11/30/2018    USD    73.350
BNP Paribas Emissions- und    7.500  9/27/2018    EUR    67.230
BNP Paribas Emissions- und   15.000  9/27/2018    EUR    59.540
BNP Paribas Emissions- und    7.500 12/31/2018    EUR    69.120
Commerzbank AG                5.750  6/22/2018    EUR    71.720
Vontobel Financial Product   10.550  9/28/2018    EUR    73.230
BNP Paribas Emissions- und   11.000 12/31/2018    EUR    70.360
Commerzbank AG               10.500 11/23/2018    EUR    42.700
Commerzbank AG               11.000  8/24/2018    EUR    62.740
Commerzbank AG               13.000  8/24/2018    EUR    60.740
Commerzbank AG               11.250  9/28/2018    EUR    62.800
Commerzbank AG               12.250  9/28/2018    EUR    61.790
Commerzbank AG                6.250 11/23/2018    EUR    70.880
Commerzbank AG               10.250 11/23/2018    EUR    64.430
Commerzbank AG                4.500 11/23/2018    EUR    53.450
Commerzbank AG                8.500 11/23/2018    EUR    44.780
Vontobel Financial Product    8.500   1/2/2019    EUR    70.560
Vontobel Financial Product    9.550  9/28/2018    EUR    63.530
Vontobel Financial Product   10.500   1/2/2019    EUR    64.190
Vontobel Financial Product   15.000   1/2/2019    EUR    66.520
DekaBank Deutsche Girozent    3.500 12/20/2018    EUR    58.610
DZ Bank AG Deutsche Zentra    8.250  3/20/2019    EUR    65.480
DZ Bank AG Deutsche Zentra    8.500 12/28/2018    EUR #N/A N/A
Rosselkhozbank JSC           12.870 12/21/2021    RUB    71.010
Vontobel Financial Product    8.500   1/2/2019    EUR    54.000
Vontobel Financial Product    7.500   1/2/2019    EUR    53.490
Vontobel Financial Product    4.050  9/14/2018    EUR    73.660
Vontobel Financial Product    9.800  9/14/2018    EUR    57.850
Deutsche Bank AG              6.200  3/19/2019    EUR    71.300
Deutsche Bank AG              6.200  6/25/2019    EUR    73.400
Goldman Sachs & Co Wertpap    7.000  9/26/2018    EUR    66.790
UniCredit Bank AG            14.600  6/22/2018    EUR    73.000
Deutsche Bank AG              5.200 12/24/2019    EUR    74.200
UniCredit Bank AG             8.100  6/22/2018    EUR    63.430
UniCredit Bank AG            10.000  6/22/2018    EUR    60.350
UniCredit Bank AG            13.100  6/22/2018    EUR    56.230
UniCredit Bank AG             9.000  6/22/2018    EUR    61.860
DZ Bank AG Deutsche Zentra   10.250  6/22/2018    EUR    62.750
DZ Bank AG Deutsche Zentra   10.750  8/24/2018    EUR    61.920
Raiffeisen Schweiz Genosse    7.600  8/22/2018    CHF    55.660
Deutsche Bank AG              4.200  9/25/2018    EUR    70.800
DZ Bank AG Deutsche Zentra    7.250  6/22/2018    EUR    70.650
DZ Bank AG Deutsche Zentra    8.250 12/24/2018    EUR    65.300
DZ Bank AG Deutsche Zentra    5.000 12/24/2018    EUR    66.990
DZ Bank AG Deutsche Zentra    6.250 12/24/2018    EUR    58.680
DZ Bank AG Deutsche Zentra   13.500  6/22/2018    EUR    58.590
UniCredit Bank AG            14.900  6/22/2018    EUR    57.540
UniCredit Bank AG            10.500  6/22/2018    EUR    44.040
UniCredit Bank AG             9.500  6/22/2018    EUR    64.440
UniCredit Bank AG            13.800  6/22/2018    EUR    71.120
DZ Bank AG Deutsche Zentra    6.800 12/24/2018    EUR    64.560
DZ Bank AG Deutsche Zentra    5.000  3/18/2019    EUR    64.750
DZ Bank AG Deutsche Zentra    9.750  6/22/2018    EUR    69.050
DZ Bank AG Deutsche Zentra    8.250   1/2/2019    EUR    67.260
DZ Bank AG Deutsche Zentra    7.250  6/22/2018    EUR    58.920
DZ Bank AG Deutsche Zentra    6.250  9/28/2018    EUR    54.400
Leonteq Securities AG/Guer   10.000  6/20/2019    CHF    74.490
DZ Bank AG Deutsche Zentra    6.400  9/24/2018    EUR    64.790
DZ Bank AG Deutsche Zentra    6.000 12/24/2018    EUR    66.110
DZ Bank AG Deutsche Zentra    4.600  3/18/2019    EUR    66.390
DZ Bank AG Deutsche Zentra   10.250  9/28/2018    EUR    71.670
DZ Bank AG Deutsche Zentra   10.500  6/22/2018    EUR    54.130
DZ Bank AG Deutsche Zentra    8.750   1/2/2019    EUR    44.850
DZ Bank AG Deutsche Zentra   12.250   1/2/2019    EUR    72.180
Vontobel Financial Product    5.050  9/28/2018    EUR    53.750
Vontobel Financial Product   11.550   1/2/2019    EUR    55.580
Vontobel Financial Product   13.500  9/28/2018    EUR    55.910
Vontobel Financial Product   12.550   1/2/2019    EUR    56.100
DZ Bank AG Deutsche Zentra    8.500  9/28/2018    EUR    60.630
BNP Paribas Emissions- und   13.000  9/27/2018    EUR    34.440
BNP Paribas Emissions- und    9.000 12/31/2018    EUR    38.030
BNP Paribas Emissions- und   12.000  9/27/2018    EUR    65.880
BNP Paribas Emissions- und   15.000  9/27/2018    EUR    70.270
BNP Paribas Emissions- und   10.000 12/31/2018    EUR    67.770
BNP Paribas Emissions- und   12.000  9/27/2018    EUR    66.970
BNP Paribas Emissions- und   16.000  9/27/2018    EUR    71.990
BNP Paribas Emissions- und    9.500  9/27/2018    EUR    72.510
BNP Paribas Emissions- und   12.000 12/31/2018    EUR    69.300
BNP Paribas Emissions- und    6.500  9/27/2018    EUR    73.600
BNP Paribas Emissions- und    7.000  9/27/2018    EUR    72.140
BNP Paribas Emissions- und    8.000  9/27/2018    EUR    72.390
BNP Paribas Emissions- und    8.500  9/27/2018    EUR    71.000
BNP Paribas Emissions- und    7.000 12/31/2018    EUR    74.380
BNP Paribas Emissions- und    7.500 12/31/2018    EUR    73.130
BNP Paribas Emissions- und    9.500 12/31/2018    EUR    69.970
Commerzbank AG               13.500  8/24/2018    EUR    36.380
Landesbank Baden-Wuerttemb    7.000 11/23/2018    EUR    71.410
Commerzbank AG                6.500  8/24/2018    EUR    68.190
Commerzbank AG                5.000 10/26/2018    EUR    72.590
Commerzbank AG                7.000 10/26/2018    EUR    68.070
HSBC Trinkaus & Burkhardt     5.900  9/28/2018    EUR    70.230
HSBC Trinkaus & Burkhardt     7.300 12/28/2018    EUR    69.320
HSBC Trinkaus & Burkhardt     5.600 12/28/2018    EUR    71.160
HSBC Trinkaus & Burkhardt     4.000  6/22/2018    EUR    74.910
HSBC Trinkaus & Burkhardt     9.600 12/28/2018    EUR    66.050
HSBC Trinkaus & Burkhardt    11.100  9/28/2018    EUR    68.830
Vontobel Financial Product   17.000  9/28/2018    EUR    69.280
Vontobel Financial Product   13.500  9/28/2018    EUR    68.390
DZ Bank AG Deutsche Zentra    8.250  3/18/2019    EUR    63.390
DZ Bank AG Deutsche Zentra    7.750  9/24/2018    EUR    66.010
Commerzbank AG               13.500  9/28/2018    EUR    39.050
Leonteq Securities AG/Guer   13.400  2/27/2019    EUR    67.900
DZ Bank AG Deutsche Zentra    8.500   1/2/2019    EUR    73.130
DZ Bank AG Deutsche Zentra    5.750  6/22/2018    EUR #N/A N/A
DZ Bank AG Deutsche Zentra   12.250  6/22/2018    EUR    73.640
DZ Bank AG Deutsche Zentra    4.250  9/28/2018    EUR    73.190
Commerzbank AG               13.250 10/26/2018    EUR    41.050
Commerzbank AG                7.000  9/28/2018    EUR    72.530
Commerzbank AG                5.250 10/26/2018    EUR    52.340
Commerzbank AG               11.250 10/26/2018    EUR    42.590
Deutsche Bank AG              4.200  9/25/2018    EUR    69.600
Deutsche Bank AG              4.200  9/25/2018    EUR    63.900
Deutsche Bank AG              4.200 12/27/2018    EUR    70.500
Deutsche Bank AG              4.200 12/27/2018    EUR    64.900
Commerzbank AG                8.750  8/24/2018    EUR    68.540
Commerzbank AG               17.000  6/22/2018    EUR    40.960
Deutsche Bank AG              8.200 12/27/2018    EUR    72.500
Deutsche Bank AG              8.200  9/25/2018    EUR    68.400
Deutsche Bank AG              8.200 12/27/2018    EUR    70.000
Vontobel Financial Product    7.500   1/2/2019    EUR    71.550
Vontobel Financial Product   10.000 11/23/2018    EUR    64.300
Vontobel Financial Product   14.000  9/28/2018    EUR    60.920
Vontobel Financial Product    6.500   1/2/2019    EUR    70.750
Vontobel Financial Product    8.550   1/2/2019    EUR    67.400
Vontobel Financial Product   13.000   1/2/2019    EUR    62.340
Vontobel Financial Product    6.500  9/28/2018    EUR    69.260
Vontobel Financial Product    9.050  9/28/2018    EUR    65.400
Vontobel Financial Product   12.000  9/28/2018    EUR    62.180
DZ Bank AG Deutsche Zentra    6.300  9/24/2018    EUR    68.400
DZ Bank AG Deutsche Zentra    6.100 12/24/2018    EUR    69.730
DZ Bank AG Deutsche Zentra    5.100  3/18/2019    EUR    70.290
DZ Bank AG Deutsche Zentra    5.000   1/2/2019    EUR    68.430
DZ Bank AG Deutsche Zentra    7.750  6/22/2018    EUR    69.660
Commerzbank AG                6.750  6/22/2018    EUR    68.700
Commerzbank AG               26.750  6/22/2018    EUR    66.560
DZ Bank AG Deutsche Zentra    5.000  3/18/2019    EUR    61.870
Vontobel Financial Product   14.550  9/28/2018    EUR    38.450
Vontobel Financial Product    4.500  9/28/2018    EUR    73.910
Zurcher Kantonalbank Finan    6.509  10/5/2018    CHF    44.630
Kontsessii Vodosnabzheniya   12.000   4/7/2031    RUB    62.430
Araratbank OJSC               7.000  6/18/2019    USD    25.545
Leonteq Securities AG        10.200 10/24/2018    EUR    63.820
Raiffeisen Schweiz Genosse    6.500   7/2/2018    USD    69.940
Leonteq Securities AG         8.400  9/27/2018    USD    45.140
Landesbank Hessen-Thuering    4.000 10/14/2020    EUR    67.790
DZ Bank AG Deutsche Zentra   15.000  8/22/2018    EUR    70.590
Vontobel Financial Product    7.550  6/22/2018    EUR    71.980
Commerzbank AG               19.000 10/26/2018    EUR    70.130
Commerzbank AG               18.000 11/23/2018    EUR    71.300
HSBC Trinkaus & Burkhardt     4.200 12/28/2018    EUR    71.170
Deutsche Bank AG              5.200  7/25/2018    EUR    73.300
Deutsche Bank AG              5.200  7/25/2018    EUR    63.600
Deutsche Bank AG              5.200 12/27/2018    EUR    69.500
HSBC Trinkaus & Burkhardt     5.600 12/28/2018    EUR    68.760
Commerzbank AG                3.000 11/23/2018    EUR    63.580
BNP Paribas Emissions- und    9.500  9/27/2018    EUR    70.930
BNP Paribas Emissions- und    8.500 12/31/2018    EUR    72.530
Deutsche Bank AG              4.200 10/24/2018    EUR    68.900
Deutsche Bank AG              4.200 11/21/2018    EUR    69.300
Deutsche Bank AG              4.200  3/19/2019    EUR    71.200
DZ Bank AG Deutsche Zentra    4.750  3/18/2019    EUR    72.430
DZ Bank AG Deutsche Zentra    6.200  3/18/2019    EUR    73.850
DZ Bank AG Deutsche Zentra    5.250 12/24/2018    EUR    69.640
DZ Bank AG Deutsche Zentra    5.000  3/18/2019    EUR    70.640
Commerzbank AG               19.000  6/22/2018    EUR    69.380
Commerzbank AG               15.000  7/27/2018    EUR    68.850
Commerzbank AG               17.000  7/27/2018    EUR    65.460
Commerzbank AG               21.000  7/27/2018    EUR    60.390
Commerzbank AG               23.000  7/27/2018    EUR    58.380
Commerzbank AG               15.500  8/24/2018    EUR    67.850
Commerzbank AG               21.500  8/24/2018    EUR    59.900
Commerzbank AG               16.000  9/28/2018    EUR    66.770
Commerzbank AG               20.000  9/28/2018    EUR    61.520
Commerzbank AG               15.000 10/26/2018    EUR    68.270
Commerzbank AG               17.000 10/26/2018    EUR    65.250
Commerzbank AG               19.000 10/26/2018    EUR    62.710
Commerzbank AG               14.250 11/23/2018    EUR    69.440
Commerzbank AG               18.250 11/23/2018    EUR    63.580
Vontobel Financial Product    7.500 11/23/2018    EUR    71.830
DZ Bank AG Deutsche Zentra    5.250   1/2/2019    EUR    66.840
BNP Paribas Emissions- und    7.000  9/27/2018    EUR    38.600
BNP Paribas Emissions- und    7.000 12/31/2018    EUR    40.430
BNP Paribas Emissions- und    8.000 12/31/2018    EUR    39.150
BNP Paribas Emissions- und    7.500  9/27/2018    EUR    70.430
BNP Paribas Emissions- und    6.500 12/31/2018    EUR    71.520
BNP Paribas Emissions- und   15.000  9/27/2018    EUR    68.840
Vontobel Financial Product    7.000  1/25/2019    EUR    66.760
BNP Paribas Emissions- und   14.000  9/27/2018    EUR    66.690
BNP Paribas Emissions- und   11.000 12/31/2018    EUR    70.920
BNP Paribas Emissions- und    9.500  6/27/2019    EUR    73.770
BNP Paribas Emissions- und   10.000  9/27/2018    EUR    69.210
BNP Paribas Emissions- und    9.000 12/31/2018    EUR    71.740
BNP Paribas Emissions- und   11.000 12/31/2018    EUR    68.210
Leonteq Securities AG/Guer    8.000 12/27/2019    EUR    66.640
EFG International Finance    10.000 12/28/2018    EUR    69.640
Landesbank Hessen-Thuering    7.250  3/15/2023    EUR    69.490
Raiffeisen Schweiz Genosse    8.750 12/27/2018    CHF    48.910
Commerzbank AG                4.500  6/22/2018    EUR    73.370
Commerzbank AG                5.500  8/24/2018    EUR    70.370
Commerzbank AG                5.750  9/28/2018    EUR    70.130
Commerzbank AG                6.000 10/26/2018    EUR    70.180
Commerzbank AG                8.000 10/26/2018    EUR    66.380
HSBC Trinkaus & Burkhardt    16.000  6/22/2018    EUR    70.140
Vontobel Financial Product   15.550  9/28/2018    EUR    68.910
DZ Bank AG Deutsche Zentra    8.250 12/24/2018    EUR    61.570
DZ Bank AG Deutsche Zentra    8.750 12/24/2018    EUR    68.430
EFG International Finance    12.600 11/29/2018    EUR    65.020
DZ Bank AG Deutsche Zentra    5.250  3/22/2019    EUR    64.900
DZ Bank AG Deutsche Zentra   13.000  6/22/2018    EUR    71.590
DZ Bank AG Deutsche Zentra   12.250  6/22/2018    EUR    70.040
DZ Bank AG Deutsche Zentra    8.000  6/22/2018    EUR    70.000
DZ Bank AG Deutsche Zentra    9.250  6/22/2018    EUR    67.210
Commerzbank AG               13.000  3/13/2023    USD     9.250
Raiffeisen Schweiz Genosse    5.000  8/29/2018    CHF    73.230
BNP Paribas Emissions- und    8.000 12/31/2018    EUR    40.310
BNP Paribas Emissions- und   10.000 12/31/2018    EUR    41.330
DZ Bank AG Deutsche Zentra    4.750  9/24/2018    EUR    56.710
Bank Julius Baer & Co Ltd/    5.600  12/5/2018    CHF    75.050
BNP Paribas Emissions- und   19.000 12/31/2018    EUR    45.940
DZ Bank AG Deutsche Zentra    8.250 12/24/2018    EUR    62.410
HSBC Trinkaus & Burkhardt     7.000 12/28/2018    EUR    60.900
BNP Paribas Emissions- und   13.000 12/31/2018    EUR    42.870
DekaBank Deutsche Girozent    3.000   1/7/2019    EUR    67.110
Credit Suisse AG/London       9.000  1/23/2020    USD     7.920
Vontobel Financial Product    6.500   1/2/2019    EUR    70.470
Raiffeisen Schweiz Genosse   10.000 12/31/2024    CHF    71.940
Vontobel Financial Product    7.000 12/27/2019    EUR    68.260
Vontobel Financial Product    9.500  9/28/2018    EUR    68.300
Polski Bank Spoldzielczy w    4.780  6/18/2020    PLN    50.000
BNP Paribas Emissions- und    3.000 12/31/2018    EUR    71.480
Vontobel Financial Product    6.000   1/2/2019    EUR    65.040
UniCredit Bank AG             3.500  1/29/2020    EUR    47.810
Vontobel Financial Product    7.500   1/2/2019    EUR    65.820
Vontobel Financial Product    8.000  9/28/2018    EUR    67.870
Vontobel Financial Product    8.500   1/2/2019    EUR    67.380
Vontobel Financial Product   10.000   1/2/2019    EUR    68.200
UniCredit Bank AG             3.500 12/19/2019    EUR    51.250
EFG International Finance     7.000 11/27/2019    EUR    10.020
Commerzbank AG                8.250 10/26/2018    EUR    69.540
Commerzbank AG                9.500  9/28/2018    EUR    67.940
Landesbank Hessen-Thuering    4.250   7/9/2019    EUR    62.800
Vontobel Financial Product    6.550  9/28/2018    EUR    67.450
Vontobel Financial Product   10.500   1/2/2019    EUR    55.040
Vontobel Financial Product    5.500   1/2/2019    EUR    52.450
Vontobel Financial Product   10.500  9/28/2018    EUR    55.140
Raiffeisen Schweiz Genosse    3.000  9/22/2020    CHF    73.580
DekaBank Deutsche Girozent    2.750  7/17/2019    EUR    48.050
HSBC Trinkaus & Burkhardt     9.900 12/28/2018    EUR    63.960
Vontobel Financial Product    2.850  9/21/2018    EUR    73.440
Vontobel Financial Product   12.000 12/14/2018    EUR    61.220
Vontobel Financial Product   14.900 12/14/2018    EUR    70.200
HSBC Trinkaus & Burkhardt     5.600  8/24/2018    EUR    68.720
Vontobel Financial Product    9.400 12/14/2018    EUR    63.460
Vontobel Financial Product   10.700 12/14/2018    EUR    62.280
Vontobel Financial Product   12.000  9/14/2018    EUR    72.190
HSBC Trinkaus & Burkhardt     7.700 12/28/2018    EUR    67.090
HSBC Trinkaus & Burkhardt     5.800  3/22/2019    EUR    71.600
HSBC Trinkaus & Burkhardt     5.800 11/23/2018    EUR    70.050
Vontobel Financial Product   15.450  9/14/2018    EUR    69.240
HSBC Trinkaus & Burkhardt     5.000 12/28/2018    EUR    72.020
Vontobel Financial Product   12.800  9/21/2018    EUR    71.490
Vontobel Financial Product   13.800 12/14/2018    EUR    71.310
HSBC Trinkaus & Burkhardt    10.600  6/22/2018    EUR    42.910
UniCredit Bank AG             3.750   9/7/2020    EUR    44.710
HSBC Trinkaus & Burkhardt     5.400  9/28/2018    EUR    46.420
Vontobel Financial Product    7.000 11/23/2018    EUR    66.160
DZ Bank AG Deutsche Zentra    8.250   1/2/2019    EUR    64.530
UniCredit Bank AG             4.600   7/2/2018    EUR    33.350
Landesbank Hessen-Thuering    4.000   4/8/2019    EUR    67.340
Vontobel Financial Product    3.050 12/14/2018    EUR    69.910
Vontobel Financial Product    4.100 12/14/2018    EUR    62.750
Deutsche Bank AG              6.200  9/24/2018    EUR    70.370
UniCredit Bank AG             3.750  10/2/2020    EUR    42.640
DZ Bank AG Deutsche Zentra   11.250   1/2/2019    EUR    61.390
Vontobel Financial Product    4.400 12/14/2018    EUR    66.770
Vontobel Financial Product    5.450 12/14/2018    EUR    68.230
Landesbank Baden-Wuerttemb    8.000  6/22/2018    EUR    64.420
Landesbank Baden-Wuerttemb    2.000  6/22/2018    EUR    74.200
Landesbank Baden-Wuerttemb    3.000  6/28/2019    EUR    43.750
Commerzbank AG               11.250  6/22/2018    EUR    71.390
UBS AG/London                 5.200   1/3/2019    EUR    70.330
Deutsche Bank AG              6.200  9/24/2018    EUR    73.170
Deutsche Bank AG              6.200  9/24/2018    EUR    70.370
Deutsche Bank AG              6.200  3/18/2019    EUR    72.550
Deutsche Bank AG              6.200 12/24/2018    EUR    71.540
Deutsche Bank AG              6.200  9/24/2018    EUR    73.170
Deutsche Bank AG              6.200 12/24/2018    EUR    71.540
UniCredit Bank AG             5.000  6/25/2019    EUR    36.840
Vontobel Financial Product    9.500 11/23/2018    EUR    39.900
Deutsche Bank AG              4.200  9/24/2018    EUR    69.860
DekaBank Deutsche Girozent    2.750  9/18/2018    EUR    65.810
Landesbank Hessen-Thuering    4.000  4/30/2019    EUR    38.240
Vontobel Financial Product    6.400 12/14/2018    EUR    55.380
Vontobel Financial Product    7.600 12/14/2018    EUR    55.940
UniCredit Bank AG             4.100  11/7/2018    EUR    72.470
UniCredit Bank AG             5.000  11/5/2018    EUR    59.490
Vontobel Financial Product    8.800 12/14/2018    EUR    56.500
Vontobel Financial Product    6.600 12/14/2018    EUR    67.800
Vontobel Financial Product    8.450 12/14/2018    EUR    64.830
Deutsche Bank AG              6.200  3/18/2019    EUR    72.550
Deutsche Bank AG              6.200  6/24/2019    EUR    72.990
EFG International Finance     7.200  2/25/2019    EUR     4.460
Vontobel Financial Product    7.750 12/14/2018    EUR    69.380
Landesbank Baden-Wuerttemb    3.350  6/22/2018    EUR    66.490
Leonteq Securities AG         5.000   5/7/2019    CHF    70.230
UBS AG/London                 6.000  3/28/2019    EUR    67.670
Deutsche Bank AG              4.200  6/24/2019    EUR    73.360
Deutsche Bank AG              4.200  6/24/2019    EUR    70.970
Deutsche Bank AG              4.200  9/24/2018    EUR    69.860
Deutsche Bank AG              4.200 12/24/2018    EUR    73.180
Deutsche Bank AG              4.200 12/24/2018    EUR    70.530
Deutsche Bank AG              4.200  3/18/2019    EUR    71.070
Bank Julius Baer & Co Ltd/    8.550 12/12/2018    CHF    50.550
Deutsche Bank AG              4.200  9/24/2018    EUR    72.660
Deutsche Bank AG              4.200  9/24/2018    EUR    72.660
Deutsche Bank AG              4.200 12/24/2018    EUR    70.530
Deutsche Bank AG              4.200  6/24/2019    EUR    73.360
Koncessii Teplosnabzheniya   11.000 11/11/2032    RUB    62.120
Deutsche Bank AG              4.200  3/18/2019    EUR    71.070
Deutsche Bank AG              4.200  6/24/2019    EUR    70.970
Zurcher Kantonalbank Finan    3.000 12/12/2018    CHF    48.120
EFG International Finance     6.400   4/9/2020    EUR    73.600
Landesbank Hessen-Thuering    8.000  5/15/2020    EUR    66.110
Vontobel Financial Product    8.250  9/28/2018    EUR    69.010
VTB Bank PJSC                 9.000   9/1/2044    RUB    62.010
Raiffeisen Switzerland BV     9.000   4/1/2019    EUR     9.570
SG Issuer SA                  0.820   8/2/2021    SEK    56.210
Commerzbank AG                7.250 10/26/2018    EUR    70.720
Commerzbank AG                9.250 10/26/2018    EUR    68.430
Commerzbank AG               10.250  8/24/2018    EUR    66.820
Vontobel Financial Product    8.000   1/2/2019    EUR    59.280
Vontobel Financial Product   10.000   1/2/2019    EUR    59.120
BNP Paribas Emissions- und   17.000 12/31/2018    EUR    67.720
BNP Paribas Emissions- und   13.000 12/31/2018    EUR    52.990
BNP Paribas Emissions- und   15.000 12/31/2018    EUR    51.210
Deutsche Bank AG              3.200  3/19/2019    EUR    69.500
UBS AG/London                 8.400   1/3/2019    EUR    63.820
EFG International Finance    11.000 12/20/2018    EUR    62.480
UniCredit Bank AG             5.500   1/4/2019    EUR    70.250
UniCredit Bank AG            15.000   1/4/2019    EUR    72.580
UBS AG/London                12.900   1/3/2019    EUR    72.850
UBS AG/London                 7.000   1/3/2019    EUR    67.030
UBS AG/London                19.000   1/3/2019    EUR    57.780
DekaBank Deutsche Girozent    2.750 10/29/2018    EUR    34.260
UBS AG/London                 5.600  6/27/2019    EUR    71.980
UBS AG/London                 5.600  9/26/2019    EUR    72.900
UniCredit Bank AG             5.000  7/30/2018    EUR    38.760
UBS AG/London                13.100   1/3/2019    EUR    59.880
UBS AG/London                14.700   1/3/2019    EUR    71.490
Landesbank Baden-Wuerttemb    4.000  6/22/2018    EUR    37.990
UBS AG/London                 4.800  3/28/2019    EUR    71.010
Landesbank Baden-Wuerttemb    3.000  7/26/2019    EUR    49.620
UBS AG/London                 8.750   6/6/2019    EUR    64.150
UBS AG/London                 5.000  9/27/2018    EUR    69.090
DekaBank Deutsche Girozent    2.800  5/13/2019    EUR    73.120
Raiffeisen Schweiz Genosse    4.300   6/5/2019    CHF    70.450
UniCredit Bank AG            12.700  9/28/2018    EUR    68.860
UniCredit Bank AG            14.900  9/28/2018    EUR    61.420
UniCredit Bank AG            13.300  9/28/2018    EUR    62.790
Deutsche Bank AG              3.200  6/25/2019    EUR    69.300
UniCredit Bank AG             7.600  9/28/2018    EUR    64.520
UniCredit Bank AG             3.800  7/23/2020    EUR    43.580
UniCredit Bank AG            14.400  9/28/2018    EUR    72.430
UniCredit Bank AG             6.300  9/28/2018    EUR    70.000
UniCredit Bank AG            12.800   1/4/2019    EUR    69.370
Landesbank Baden-Wuerttemb    3.000  6/22/2018    EUR    64.270
Landesbank Baden-Wuerttemb    3.500  7/27/2018    EUR    38.160
Leonteq Securities AG/Guer   10.600  3/15/2019    CHF    51.150
Vontobel Financial Product    5.400   1/6/2020    EUR    73.250
UniCredit Bank AG            11.800  9/28/2018    EUR    64.320
Landesbank Baden-Wuerttemb    3.000  8/24/2018    EUR    53.880
Landesbank Baden-Wuerttemb    3.200  7/27/2018    EUR    53.070
Landesbank Baden-Wuerttemb   12.400 11/23/2018    EUR    40.740
Landesbank Baden-Wuerttemb    5.000  6/22/2018    EUR    68.740
BNP Paribas Emissions- und    7.000  9/27/2018    EUR    70.700
BNP Paribas Emissions- und   10.000  9/27/2018    EUR    73.000
BNP Paribas Emissions- und    9.500 12/31/2018    EUR    74.150
BNP Paribas Emissions- und    9.500  9/27/2018    EUR    72.200
BNP Paribas Emissions- und    8.500 12/31/2018    EUR    73.680
BNP Paribas Emissions- und   10.000 12/31/2018    EUR    68.940
Deutsche Bank AG              4.200  9/25/2018    EUR    69.300
Deutsche Bank AG              4.200  9/25/2018    EUR    67.400
Deutsche Bank AG              4.200  9/25/2018    EUR    63.100
Deutsche Bank AG              4.200 12/27/2018    EUR    68.000
Deutsche Bank AG              6.200 12/27/2018    EUR    64.900
EFG International Finance     7.200  10/5/2020    USD    68.420
Raiffeisen Centrobank AG      7.653  3/19/2019    EUR    69.220
UBS AG/London                13.250   9/6/2018    CHF    51.000
Goldman Sachs & Co Wertpap   21.000  1/23/2019    EUR    67.560
Goldman Sachs & Co Wertpap   13.000  2/20/2019    EUR    71.870
Goldman Sachs & Co Wertpap   16.000 10/24/2018    EUR    68.760
Goldman Sachs & Co Wertpap   23.000 11/21/2018    EUR    66.540
Goldman Sachs & Co Wertpap    7.000  1/23/2019    EUR    72.770
Goldman Sachs & Co Wertpap    7.000  2/20/2019    EUR    73.170
Goldman Sachs & Co Wertpap    6.000  6/26/2019    EUR    72.250
Goldman Sachs & Co Wertpap    7.000 11/21/2018    EUR    71.750
Goldman Sachs & Co Wertpap    7.000 12/28/2018    EUR    72.330
UBS AG/London                17.500  9/27/2018    EUR    65.270
UBS AG/London                10.400  9/27/2018    EUR    70.520
Lehman Brothers Treasury C    7.500  7/31/2013    GBP     2.571
Lehman Brothers Treasury C    7.320  7/31/2013    GBP     2.571
Lehman Brothers Treasury C    3.500  6/20/2011    EUR     2.571
Lehman Brothers Treasury C    5.500  6/22/2010    USD     6.000
Lehman Brothers Treasury C   10.000 10/22/2008    USD     2.571
Lehman Brothers Treasury C    3.450  5/23/2013    USD     2.571
Lehman Brothers Treasury C    7.500  2/14/2010    AUD     2.571
TransFin-M PAO               10.000  10/3/2024    RUB    63.000
Business-Consulting OAO       9.000  3/26/2020    RUB    62.380
Center-Invest Commercial B    8.500 11/13/2018    RUB    61.310
TransFin-M PAO               10.500  2/26/2025    RUB    63.000
Lehman Brothers Treasury C    4.600  11/9/2011    EUR     6.000
Lehman Brothers Treasury C    4.800 11/16/2012    HKD     2.571
Lehman Brothers Treasury C   12.220 11/21/2017    USD     2.571
Digital Invest OOO            7.350  4/21/2020    RUB     0.140
Lehman Brothers Treasury C   10.000  2/16/2009    CHF     2.571
Lehman Brothers Treasury C    5.375   2/4/2014    USD     2.571
Ladya-Finans LLC             12.000 10/29/2021    RUB    62.010
Societe Generale SA           0.500  5/22/2024    MXN    59.358
Lehman Brothers Treasury C    1.000  2/26/2010    USD     2.571
Oberoesterreichische Lande    0.300  4/25/2042    EUR    70.965
Lehman Brothers Treasury C   11.000  2/16/2009    CHF     2.571
Societe Generale SA           0.500  4/30/2023    RUB    71.171
Lehman Brothers Treasury C    5.500 11/30/2012    CZK     2.571
Aragon OOO                   10.250   5/4/2022    RUB    65.000
Lehman Brothers Treasury C    7.800  3/31/2018    USD     2.571
Lehman Brothers Treasury C    7.150  3/21/2013    USD     2.571
Lehman Brothers Treasury C    7.050   4/8/2015    USD     2.571
Lehman Brothers Treasury C    4.000  3/10/2011    EUR     2.571
Lehman Brothers Treasury C   11.750   3/1/2010    EUR     2.571
Digital Invest OOO            7.350   4/9/2021    RUB     0.170
Digital Invest OOO            7.350   4/7/2021    RUB     0.140
Lehman Brothers Treasury C    6.000  2/19/2023    USD     2.571
SAir Group                    6.250 10/27/2002    CHF    13.125
Lenenergo PJSC                7.850   7/9/2025    RUB    99.950
Lehman Brothers Treasury C    4.200  12/3/2008    HKD     6.000
Risland OOO                   9.250  1/10/2019    RUB     1.000
Finstone OOO                  9.250  1/10/2019    RUB   100.000
Lehman Brothers Treasury C    1.950  11/4/2013    EUR     2.571
Lehman Brothers Treasury C    4.870  10/8/2013    USD     2.571
Lehman Brothers Treasury C    4.680 12/12/2045    EUR     2.571
Lehman Brothers Treasury C    6.700  4/21/2011    USD     2.571
Lehman Brothers Treasury C    7.500  6/15/2017    USD     2.571
Kaupthing ehf                 5.250  7/18/2017    BGN     0.250
Lehman Brothers Treasury C    4.100  6/10/2014    SGD     6.000
Lehman Brothers Treasury C    2.480  5/12/2009    USD     2.571
Lehman Brothers Treasury C    4.000  5/30/2010    USD     2.571
TransFin-M PAO               12.500  8/11/2025    RUB    63.000
Lehman Brothers Treasury C    6.000 12/30/2017    EUR     2.571
Lehman Brothers Treasury C   10.000   8/2/2037    JPY     2.571
Lehman Brothers Treasury C   13.000  7/25/2012    EUR     2.571
Lehman Brothers Treasury C    8.050 12/20/2010    HKD     2.571
Lehman Brothers Treasury C    3.000  12/3/2012    EUR     2.571
Lehman Brothers Treasury C    7.060 12/29/2008    EUR     2.571
Lehman Brothers Treasury C    0.500 12/20/2017    USD     2.571
Lehman Brothers Treasury C    0.500 12/20/2017    AUD     2.571
Lehman Brothers Treasury C    9.300 12/21/2010    EUR     2.571
Lehman Brothers Treasury C    0.500 12/20/2017    USD     2.571
Lehman Brothers Treasury C   16.000  10/8/2008    CHF     2.571
Lehman Brothers Treasury C   14.900 11/16/2010    EUR     2.571
Lehman Brothers Treasury C    2.500  11/9/2011    CHF     2.571
Kaupthing ehf                 3.750  2/15/2024    ISK     0.250
Rosbank PJSC                  0.040  4/30/2024    RUB   100.000
National Capital JSC          9.250  4/22/2019    RUB   100.000
Nota-Bank OJSC               13.500   4/1/2016    RUB    31.500
Lehman Brothers Treasury C    3.000  8/13/2011    EUR     2.571
Lehman Brothers Treasury C    0.500 12/20/2017    AUD     6.000
Lehman Brothers Treasury C   11.000 12/20/2017    AUD     2.571
Lehman Brothers Treasury C    4.000   1/4/2011    USD     2.571
Lehman Brothers Treasury C    0.500 12/20/2017    AUD     2.571
Lehman Brothers Treasury C    8.800 12/27/2009    EUR     2.571
Lehman Brothers Treasury C    7.625  7/22/2011    HKD     2.571
Lehman Brothers Treasury C    6.720 12/29/2008    EUR     2.571
Lehman Brothers Treasury C    2.500  8/23/2012    GBP     2.571
Lehman Brothers Treasury C    4.000  7/27/2011    EUR     2.571
Lehman Brothers Treasury C    5.000  8/16/2017    EUR     6.000
United Confectioners Finan    8.000   4/3/2023    RUB    65.000
Lehman Brothers Treasury C    2.250  5/12/2009    USD     2.571
Lehman Brothers Treasury C    2.750 10/28/2009    EUR     2.571
Barclays Bank PLC             1.645   6/3/2041    USD    70.900
Lehman Brothers Treasury C    7.000  9/20/2011    USD     2.571
Lehman Brothers Treasury C   16.800  8/21/2009    USD     2.571
Lehman Brothers Treasury C    6.450  2/20/2010    AUD     2.571
Lehman Brothers Treasury C    6.600  5/23/2012    AUD     2.571
Lehman Brothers Treasury C   16.000 10/28/2008    USD     2.571
Lehman Brothers Treasury C    5.250   7/8/2014    EUR     2.571
Lehman Brothers Treasury C    4.000  8/11/2010    USD     6.000
Lehman Brothers Treasury C    4.300   6/4/2012    USD     2.571
Lehman Brothers Treasury C    6.250   9/5/2011    EUR     2.571
Lehman Brothers Treasury C    4.600   8/1/2013    EUR     2.571
Lehman Brothers Treasury C   14.100 11/12/2008    USD     2.571
Lehman Brothers Treasury C    6.000   8/7/2013    EUR     2.571
Lehman Brothers Treasury C    8.280  7/31/2013    GBP     2.571
Lehman Brothers Treasury C   12.000   7/4/2011    EUR     2.571
Lehman Brothers Treasury C    4.000   6/5/2011    USD     2.571
Barclays Bank PLC             1.988  12/1/2040    USD    72.885
Lehman Brothers Treasury C    7.500  5/30/2010    AUD     2.571
Lehman Brothers Treasury C   11.000   5/9/2020    USD     2.571
IDGC of Centre PJSC           9.320  8/14/2026    RUB    70.020
Lehman Brothers Treasury C   13.150 10/30/2008    USD     2.571
Center-Invest Commercial B    8.250  5/22/2019    RUB    61.910
Metalenergmontazh OOO        10.000   5/7/2020    RUB    63.070
Lehman Brothers Treasury C    4.500   3/7/2015    EUR     2.571
Kommunekredit                 0.500  5/11/2029    CAD    75.236
Lehman Brothers Treasury C    0.750  3/29/2012    EUR     2.571
Lehman Brothers Treasury C    7.000   6/6/2017    EUR     2.571
Banca Adriatica Spa           7.750  6/30/2018    EUR     1.237
Banca Adriatica Spa           8.000  6/30/2018    EUR     1.237
Lehman Brothers Treasury C    8.280  3/26/2009    USD     2.571
Lehman Brothers Treasury C    7.600  3/26/2009    EUR     2.571
Lehman Brothers Treasury C    2.000  5/17/2010    EUR     2.571
Invektor                      7.000  7/30/2019    RUB    63.000
Profit Garant Ltd             7.000  7/30/2019    RUB    94.300
Otkritie Holding JSC         10.000  9/17/2027    RUB     7.500
Lehman Brothers Treasury C    5.120  4/30/2027    EUR     2.571
Lehman Brothers Treasury C    4.100  8/23/2010    USD     2.571
Lehman Brothers Treasury C    4.150  8/25/2020    EUR     2.571
Lehman Brothers Treasury C    6.000  12/6/2016    USD     2.571
Lehman Brothers Treasury C    7.750  2/21/2016    EUR     2.571
Lehman Brothers Treasury C    4.900  7/28/2020    EUR     2.571
Lehman Brothers Treasury C    6.000  7/28/2010    EUR     2.571
Lehman Brothers Treasury C    6.000  7/28/2010    EUR     2.571
Lehman Brothers Treasury C    7.500   8/1/2035    EUR     2.571
Lehman Brothers Treasury C    7.000  7/11/2010    EUR     2.571
Lehman Brothers Treasury C    3.000   8/8/2017    EUR     2.571
Lehman Brothers Treasury C    6.500  5/16/2015    EUR     2.571
Lehman Brothers Treasury C    3.500  9/29/2017    EUR     2.571
Lehman Brothers Treasury C   10.000   1/4/2010    USD     2.571
Lehman Brothers Treasury C    0.010  9/20/2011    USD     2.571
Lehman Brothers Treasury C    1.500   2/8/2012    CHF     2.571
Lehman Brothers Treasury C    3.000  8/15/2017    EUR     2.571
Soyuz AKB OAO                13.000 11/22/2019    RUB    65.010
Lehman Brothers Treasury C    9.250  6/20/2012    USD     2.571
Societe Generale SA           0.000  6/26/2034    USD    57.334
Lehman Brothers Treasury C    3.000  9/13/2010    JPY     6.000
Lehman Brothers Treasury C   11.250 12/31/2008    USD     2.571
Lehman Brothers Treasury C   12.000  7/13/2037    JPY     2.571
Lehman Brothers Treasury C    8.500   7/6/2009    CHF     2.571
Lehman Brothers Treasury C    4.600   7/6/2016    EUR     2.571
Lehman Brothers Treasury C    7.500  9/13/2009    CHF     2.571
Lehman Brothers Treasury C    5.103  6/22/2046    EUR     2.571
Lehman Brothers Treasury C    4.500   8/2/2009    USD     2.571
Solomenskij Lesozavod ZAO    10.000  9/29/2021    RUB #N/A N/A
Lehman Brothers Treasury C    8.000  5/22/2009    USD     2.571
Lehman Brothers Treasury C    7.250  10/6/2008    EUR     2.571
Digital Invest OOO            7.350 10/22/2020    RUB     0.120
Lehman Brothers Treasury C    7.000 11/28/2008    CHF     2.571
Lehman Brothers Treasury C    4.500   3/6/2013    CHF     2.571
Lehman Brothers Treasury C    9.000  3/17/2009    GBP     2.571
Lehman Brothers Treasury C    4.000  4/24/2009    USD     2.571
Lehman Brothers Treasury C    9.000  6/13/2009    USD     2.571
Kaupthing ehf                 6.125  10/4/2016    USD     0.250
Lehman Brothers Treasury C    7.375  9/20/2008    EUR     2.571
Lehman Brothers Treasury C   10.500   8/9/2010    EUR     2.571
Lehman Brothers Treasury C    4.350   8/8/2016    SGD     6.000
Lehman Brothers Treasury C    8.000 12/27/2032    JPY     2.571
Lehman Brothers Treasury C    3.500  9/19/2017    EUR     2.571
KIT Finance Capital OOO       8.000  9/16/2026    RUB   100.000
Lehman Brothers Treasury C    4.820 12/18/2036    EUR     2.571
Lehman Brothers Treasury C    2.300  4/28/2014    JPY     2.571
Lehman Brothers Treasury C    3.000  6/23/2009    EUR     6.000
Lehman Brothers Treasury C    6.850 12/22/2008    EUR     2.571
Lehman Brothers Treasury C    3.630   3/2/2012    EUR     2.571
Lehman Brothers Treasury C    5.250 11/21/2009    USD     2.571
BTV Hybrid I GmbH             6.500               EUR    29.475
Kaupthing ehf                 7.500   2/1/2045    USD     0.259
Lehman Brothers Treasury C    5.000   8/1/2025    EUR     2.571
Lehman Brothers Treasury C    7.000  4/14/2009    EUR     2.571
Lehman Brothers Treasury C    6.000 10/24/2008    EUR     2.571
Lehman Brothers Treasury C    5.500  6/15/2009    CHF     2.571
Lehman Brothers Treasury C    8.000   8/3/2009    USD     2.571
Lehman Brothers Treasury C    1.500 10/25/2011    EUR     2.571
Lehman Brothers Treasury C    4.500  7/24/2014    EUR     2.571
Lehman Brothers Treasury C    5.750  6/15/2009    CHF     2.571
Lehman Brothers Treasury C    3.850  4/24/2009    USD     2.571
Lehman Brothers Treasury C   10.000  3/27/2009    USD     2.571
Lehman Brothers Treasury C    0.250  7/21/2014    EUR     2.571
Lehman Brothers Treasury C    7.500 10/24/2008    USD     2.571
Lehman Brothers Treasury C    4.950 10/25/2036    EUR     2.571
Lehman Brothers Treasury C    7.750  1/30/2009    EUR     2.571
Lehman Brothers Treasury C    5.000 10/24/2008    CHF     2.571
Lehman Brothers Treasury C    4.000 10/24/2012    EUR     2.571
Lehman Brothers Treasury C    4.000 11/24/2016    EUR     2.571
Lehman Brothers Treasury C    7.585 11/22/2009    MXN     6.000
Lehman Brothers Treasury C    4.000  4/13/2011    CHF     2.571
HSBC Bank PLC                 0.500  12/8/2026    AUD    73.456
Lehman Brothers Treasury C    4.700  3/23/2016    EUR     2.571
Lehman Brothers Treasury C    3.700   6/6/2009    EUR     2.571
Univer Capital LLC           12.000   3/6/2019    RUB    59.000
Lehman Brothers Treasury C    4.250  3/13/2021    EUR     2.571
Lehman Brothers Treasury C    0.500  2/16/2009    EUR     2.571
KIT Finance Capital OOO      10.900 10/13/2026    RUB   100.500
Lehman Brothers Treasury C    5.250  5/26/2026    EUR     2.571
KIT Finance Capital OOO       9.800  3/21/2022    RUB   100.500
Lehman Brothers Treasury C    2.000 11/16/2009    EUR     2.571
Lehman Brothers Treasury C    6.000  3/17/2011    EUR     2.571
Lehman Brothers Treasury C    4.700  3/23/2016    EUR     2.571
KIT Finance Capital OOO      10.530   9/4/2019    RUB    66.670
HSBC Bank PLC                 0.500  1/29/2027    NZD    74.134
Priam JSC                    11.000  12/3/2026    RUB    98.500
Digital Invest OOO            7.350  11/3/2020    RUB     0.140
Kommunalbanken AS             0.500 12/16/2020    TRY    65.854
TransFin-M PAO               10.500  6/17/2024    RUB    63.000
Lehman Brothers Treasury C    7.550 12/29/2008    USD     2.571
Lehman Brothers Treasury C    3.820 10/20/2009    USD     2.571
Lehman Brothers Treasury C    5.000  12/6/2011    EUR     2.571
KIT Finance Capital OOO      11.500  12/9/2026    RUB    98.900
Lehman Brothers Treasury C   13.000 12/14/2012    USD     2.571
Lehman Brothers Treasury C    4.100  5/20/2009    USD     2.571
Eiendomskreditt AS            4.420               NOK    56.982
Lehman Brothers Treasury C    2.370  7/15/2013    USD     2.571
Kaupthing ehf                 7.500  12/5/2014    ISK     0.250
Kaupthing ehf                 6.500  10/8/2010    ISK     0.250
Lehman Brothers Treasury C    2.300  6/27/2013    USD     2.571
Landes-Hypothekenbank Stei    0.023   3/7/2043    EUR    70.065
Lehman Brothers Treasury C    5.000  3/13/2009    EUR     2.571
Commerzbank AG                6.000  1/25/2019    EUR    72.460
Lehman Brothers Treasury C    6.500  7/24/2026    EUR     2.571
Lehman Brothers Treasury C    5.000  4/24/2017    EUR     2.571
Lehman Brothers Treasury C    7.390   5/4/2017    USD     2.571
Societe Generale SA           0.500   4/3/2023    RUB    71.753
Lehman Brothers Treasury C    4.500   5/2/2017    EUR     6.000
Lehman Brothers Treasury C    6.000  5/23/2018    CZK     2.571
Lehman Brothers Treasury C    4.000  5/17/2010    USD     2.571
Credit Suisse AG/London       3.000 11/15/2025    ZAR    66.093
Lehman Brothers Treasury C    5.000  2/28/2032    EUR     2.571
Lehman Brothers Treasury C    0.250 10/19/2012    CHF     2.571
Lehman Brothers Treasury C    3.500 10/24/2011    USD     2.571
Lehman Brothers Treasury C    1.680   3/5/2015    EUR     2.571
Lehman Brothers Treasury C    6.750   4/5/2012    EUR     2.571
Lehman Brothers Treasury C    0.800 12/30/2016    EUR     2.571
Lehman Brothers Treasury C    3.350 10/13/2016    EUR     2.571
Lehman Brothers Treasury C    4.250  5/15/2010    EUR     2.571
Lehman Brothers Treasury C    1.750   2/7/2010    EUR     2.571
Lehman Brothers Treasury C    6.000  6/21/2011    EUR     2.571
Lehman Brothers Treasury C    7.000  2/15/2012    EUR     2.571
Lehman Brothers Treasury C    4.100  2/19/2010    EUR     2.571
Lehman Brothers Treasury C    6.600  2/22/2012    EUR     2.571
Lehman Brothers Treasury C    4.690  2/19/2017    EUR     2.571
Lehman Brothers Treasury C    5.200  3/19/2018    EUR     2.571
Lehman Brothers Treasury C    6.000  5/12/2017    EUR     2.571
Lehman Brothers Treasury C    7.500   5/2/2017    EUR     2.571
Lehman Brothers Treasury C    3.500 10/31/2011    USD     2.571
Lehman Brothers Treasury C   18.250  10/2/2008    USD     2.571
Lehman Brothers Treasury C    3.400  9/21/2009    HKD     2.571
Lehman Brothers Treasury C    4.000 10/12/2010    USD     2.571
Lehman Brothers Treasury C    1.500 10/12/2010    EUR     2.571
Lehman Brothers Treasury C    7.000 10/22/2010    EUR     2.571
Rosbank PJSC                  0.020  4/30/2024    RUB    61.900
Rosbank PJSC                  0.010  4/30/2024    RUB    61.900
Lehman Brothers Treasury C    6.600   2/9/2009    EUR     2.571
Lehman Brothers Treasury C    0.500 12/20/2017    AUD     2.571
Lehman Brothers Treasury C    8.000 12/31/2010    USD     2.571
Lehman Brothers Treasury C    0.500 12/20/2017    USD     2.571
Lehman Brothers Treasury C    0.500 12/20/2017    USD     2.571
Lehman Brothers Treasury C   16.000 12/26/2008    USD     2.571
Lehman Brothers Treasury C    7.750   1/3/2012    AUD     2.571
Lehman Brothers Treasury C    3.100   6/4/2010    USD     2.571
Lehman Brothers Treasury C    2.500  8/15/2012    CHF     2.571
Lehman Brothers Treasury C    5.000 11/22/2012    EUR     2.571
Lehman Brothers Treasury C   16.000  11/9/2008    USD     2.571
Lehman Brothers Treasury C    7.600   3/4/2010    NZD     2.571
Lehman Brothers Treasury C   10.000  6/17/2009    USD     2.571
Lehman Brothers Treasury C   17.000   6/2/2009    USD     2.571
Lehman Brothers Treasury C   13.432   1/8/2009    ILS     2.571
Lehman Brothers Treasury C    3.000   6/3/2010    EUR     2.571
Societe Generale SA           0.500  6/12/2023    RUB    70.535
Lehman Brothers Treasury C    0.500   6/2/2020    EUR     2.571
Lehman Brothers Treasury C   11.000   7/4/2011    USD     2.571
Lehman Brothers Treasury C    5.500   7/8/2013    EUR     2.571
National Capital JSC          9.800  9/15/2020    RUB   100.000
Lehman Brothers Treasury C   10.600  4/22/2014    MXN     2.571
Lehman Brothers Treasury C   16.200  5/14/2009    USD     2.571
Lehman Brothers Treasury C    9.000   5/6/2011    CHF     2.571
Lehman Brothers Treasury C    5.000  2/15/2018    EUR     2.571
LBI HF                        8.650   5/1/2011    ISK     8.375
Heta Asset Resolution AG      0.378 12/31/2023    EUR    34.625
Lehman Brothers Treasury C    8.000  3/21/2018    USD     2.571
Lehman Brothers Treasury C    8.875  1/28/2011    HKD     6.000
TransFin-M PAO               11.000  6/23/2021    RUB    65.000
Lehman Brothers Treasury C   12.400  6/12/2009    USD     2.571
Lehman Brothers Treasury C    9.750  6/22/2018    USD     2.571
Lehman Brothers Treasury C   15.000   6/4/2009    CHF     2.571
Lehman Brothers Treasury C    2.000  6/28/2011    EUR     2.571
Lehman Brothers Treasury C    4.000  12/2/2012    EUR     2.571
Lehman Brothers Treasury C    9.500   4/1/2018    USD     2.571
SAir Group                    2.750  7/30/2004    CHF    13.125
Lehman Brothers Treasury C    2.300   6/6/2013    USD     2.571
Lehman Brothers Treasury C    1.460  2/19/2012    JPY     6.000



                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets.  At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short.  Don't be fooled.  Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets.  A company may establish reserves on its
balance sheet for liabilities that may never materialize.  The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.


                            *********


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 2018.  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 * * *