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

                          E U R O P E

          Monday, June 3, 2019, Vol. 20, No. 110

                           Headlines



A R M E N I A

ARMENIA: Fitch Affirms 'B+' LongTerm IDR, Outlook Positive
YEREVAN CITY: Fitch Affirms B+ LongTerm IDRs, Outlook Positive


A Z E R B A I J A N

EXPRESSBANK: Fitch Affirms Long-Term IDR at 'B', Outlook Stable
INTERNATIONAL BANK: Fitch Alters Outlook on 'B-' IDR to Positive


D E N M A R K

LSF10 WOLVERINE: Moody's Puts B2 CFR on Review for Downgrade


F I N L A N D

OUTOKUMPU OYJ: Moody's Alters Outlook on B1 CFR to Negative


G E R M A N Y

REVOCAR 2018 UG: DBRS Confirms BB Rating on Class D Notes


I R E L A N D

ADAGIO IV: Moody's Affirms B1 Rating on EUR11.7MM Class F Notes
AQUEDUCT EUROPEAN 4-2019: Fitch Gives B-(EXP) Rating on Cl. F Debt
DONAL MACNALLY: High Court Approves Rescue Deal, 24 Jobs Saved


I T A L Y

DECO 2019: DBRS Confirms BB(low) Rating on Class D Notes
REKEEP SPA: Moody's Alters Outlook on B2 CFR to Negative
SAIPEM SPA: S&P Alters Outlook to Stable & Affirms 'BB+' ICR


N E T H E R L A N D S

BRIGHT BIDCO: Moody's Cuts CFR & Secured Term Loan B to 'B3'


N O R W A Y

SECTOR ALARM: Moody's Gives B1 CFR & Rates EUR590MM Term Loan B1


R U S S I A

PAO KOKS: Fitch Corrects May 23 Ratings Release
SMOLENSK REGION: Fitch Affirms B+ LT IDRs, Outlook Stable


S E R B I A

SERBIA: Fitch Corrects May 3 Ratings Release


S P A I N

CAIXABANK CONSUMO 4: DBRS Confirms BB(high) Rating on Class B Notes


S W E D E N

SSAB AB: S&P Raises ICR to 'BB+' on Improved Business Performance


T U R K E Y

TURKEY: Fitch Corrects May 3 Ratings Release


U K R A I N E

ALFA-BANK JSC: Fitch Affirms B- LongTerm IDRs, Outlook Stable


U N I T E D   K I N G D O M

ARCADIA GROUP: Green Says GBP100MM Pension Injection Best Outcome
ARCADIA GROUP: Philip Green to Sell Properties to Fund Turnaround
MONSOON ACCESSORIZE: Landlords Want Equity Stake for CVA Support
ROCOCO: Negative Trading Conditions Prompt Administration
[*] UK: Shopping Centers Breach Loan Terms After Retail Failures



X X X X X X X X

[*] BOND PRICING: For the Week May 27 to May 31, 2019
[*] EUROPE: Economic Risks to Hit Debt-Laden Cos., Governments

                           - - - - -


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A R M E N I A
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ARMENIA: Fitch Affirms 'B+' LongTerm IDR, Outlook Positive
----------------------------------------------------------
Fitch Ratings has affirmed Armenia's Long-Term Foreign-Currency
Issuer Default Rating at 'B+' with a Positive Outlook.

KEY RATING DRIVERS

Armenia's ratings balance a credible macro policy mix and stronger
income per capita and governance indicators relative to peers
against high public and external debt and tense relations with some
neighbouring countries. The Positive Outlook reflects institutions
that have underpinned macroeconomic and financial stability through
a period of significant political change, a stronger growth outlook
relative to peers, and a commitment to a medium-term programme of
government debt reduction. External vulnerabilities have re-emerged
following a sharp widening of the current account deficit in 2018,
although this may partly reflect statistical issues.

Fitch forecasts the general government deficit to widen to 2.3% of
GDP in 2019, much lower than the current 'B' median of 4.3%, as
expenditure execution accelerates. A planned tax reform package
will cause revenue losses, which might be offset by strong tax
administration measures. The government over-performed its 2018
deficit target of 2.7% of GDP, recording a deficit of 1.6%, as
spending reviews by the new government led to an under-execution of
capex, while robust economic growth and improved tax administration
boosted revenues.

The medium-term expenditure framework targets a decrease in current
expenditure and re-allocation of these savings towards capex. The
government is also planning a broad tax reform program for
implementation in 2020, including a cut in corporate taxes, the
introduction of a flat income tax rate and an increase in excise
duty rates. Fiscal rules were altered in 2018 and expenditure rules
replaced a deficit ceiling. The rules aim at providing enhanced
spending flexibility, preserving capital expenditure and smoothing
fiscal consolidation, while bringing central government debt below
50% of GDP in the medium term (51.3% at end-2018).

Tighter fiscal policy, strong medium-term growth, and contained
effective interest rates are consistent with a gradual downward
trajectory of gross general government debt (GGGD)/GDP. Fitch
forecasts it to decrease to 55.5% of GDP in 2019 and 54.5% in 2020,
from 55.8% at end-2018 and compared with a current 'B' median of
59.4%. Central government maturities are half of the current 'B'
median at a forecast 2.7% of fiscal revenues in 2019, but will
surge in 2020 to 5.5% due to a maturing Eurobond. 82% of GGGD is
FX-denominated, versus 67% for the 'B' median, exposing it to
exchange rate fluctuations.

The current account deficit widened sharply to 9.1% of GDP in 2018
(2.4% in 2017). This was partly due to a larger trade deficit,
which may reflect statistical discrepancies and re-exports
currently captured in net errors and omissions of 3% of GDP. Fitch
expects the deficit to narrow to 5% of GDP in 2019, due to good
export performance from tourism, agriculture and manufacturing
industry, although rouble depreciation will weigh on remittance
inflows, and the ramp-up in public spending will put pressure on
imports. Foreign direct investment will not be sufficient to
finance the deficit, leading to a further increase in net external
debt to 48.8% of GDP in 2019, almost twice that of the current 'B'
median. Non-resident deposits, which rose notably in 2018, are high
at 20% of total deposits and could be volatile in case of an
external shock, creating external financing pressures.

External liquidity indicators are weaker than peers, with external
liquid assets 132% of short-term liquid external liabilities,
versus 172% for the 'B' median. Gross external financing needs are
set to rise to 95.2% of international reserves in 2020, from a
forecast 71.9% in 2019 as a USD500 million Eurobond comes to
maturity in September 2020. Foreign reserves decreased to 3.5
months of CXP cover in 2018 (4.2 months in 2017), due to the surge
in the current account deficit, but remain in line with the current
'B' median. However, the precautionary Stand-by Agreement of USD248
million signed with the IMF in May 2019 provides an external buffer
to a potential shock, while exchange rate flexibility, access to
external financing and official international support reduce the
risk of near-term balance-of-payment pressures.

High investment activity and private consumption, supported by
robust credit growth, led to a 5.2% economic expansion in 2018,
despite a contraction in the agriculture and mining sectors. Fitch
forecasts real GDP growth to decelerate in 2019 to 4.6% and 4.5% in
2020, still higher than the five-year average of 3.9% and the
forecast current 'B' median of 3.3%. Lower remittances will likely
lead to lower private consumption, although contractionary effects
of fiscal policy gradually fade. Potential resumption of the
construction of the foreign-owned Almusar gold mine provides upside
risks to its economic forecast.

The economy has shown resilience to domestic political developments
and external volatility stemming from Russia in 2018, reflecting an
improved macroeconomic framework including inflation targeting,
tighter fiscal policy and the Central Bank of Armenia's commitment
to a floating exchange rate. Inflation remained below the CBA
medium-term target of 4% at 2.5% at end-2018, due to a fall in
agricultural prices, and 2.2% at end-April 2019, lower than the
current 'B' median of 4.9%. The CBA lowered its refinancing rate by
25 bp on 29 January, 2019 and has left it unchanged since then.
Fitch expects inflation to pick-up to 2.9% in 2019 and 3.2% in
2020, supported by a steady expansionary monetary policy and
closing negative output gap.

The political transition initiated in April 2018 with the peaceful
"velvet revolution", which led to the resignation of former prime
minister Serzh Sargsyan following large scale protests, was
completed in December 2018, when the party of the incumbent prime
minister, Nikol Pashinyan, won a parliamentary majority and
subsequently formed a new government. The new administration
appears committed to implementing structural reform, including
fighting corruption, improving governance and public finance
management and tackling monopolies. The recent release of former
president Kocharyan has led to tensions between the prime minister
and the judiciary, and may lead the government to prioritise reform
of the judicial system. The long-standing conflict with Azerbaijan
over Nagorno-Karabakh has the potential to escalate and borders are
closed with two of Armenia's neighbours.

Armenia's banking sector remains stable with capitalisation at 18%
in 1Q19 and non-performing loans (from one day past due, as per the
CBA classification) at 5% of total loans. However, profitability is
low and credit growth is high at 16.5% in 2018, raising concerns
over potential risk-taking behaviour by banks. The CBA has adopted
various macro-prudential measures to limit FX-lending and improve
FX liquidity but dollarisation remains high, albeit declining, at
52% of total deposits and 51% of total loans in 1Q19, exposing the
sector to credit and liquidity risks.

SOVEREIGN RATING MODEL (SRM) and QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Armenia a score equivalent to a
rating of 'B+' on the Long-Term Foreign-Currency (LT FC) IDR scale.


Fitch's sovereign rating committee did not adjust the output from
the SRM to arrive at the final LT FC IDR

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within its
criteria that are not fully quantifiable and/or not fully reflected
in the SRM.

RATING SENSITIVITIES

The main factors that could, individually or collectively, lead to
an upgrade are:

  - Confidence that improvements in the economic policy framework
    and governance and institutional effectiveness are being
    entrenched;

  - Greater confidence that the government debt-to-GDP ratio
    is on a downward trajectory; and

  - A sustained improvement in the external balance sheet.

The main factors that could, individually or collectively, lead to
the Outlook being revised to Stable are:

  - Increased external vulnerabilities, potentially stemming
    from a high current account deficit.

  - Fiscal slippage leading to a failure to put government
debt/GDP
    on a downward trajectory over the medium term.

KEY ASSUMPTIONS

Fitch assumes that Armenia will continue to experience broad social
and political stability and that there will be no prolonged
escalation in the conflict with Azerbaijan over Nagorno-Karabakh to
a level that would affect economic and financial stability.

Fitch assumes that the Russian economy will grow 1.5% in 2019 and
1.9% in 2020.

The full list of rating actions is as follows:

  Long-Term Foreign-Currency IDR affirmed at 'B+'; Outlook
  Positive

  Long-Term Local-Currency IDR affirmed at 'B+'; Outlook Positive

  Short-Term Foreign-Currency IDR affirmed at 'B'

  Short-Term Local-Currency IDR affirmed at 'B'

  Country Ceiling affirmed at 'BB-'

  Issue ratings on long-term senior-unsecured foreign-currency
  bonds affirmed at 'B+'

  Issue ratings on long-term senior-unsecured local-currency
  bonds affirmed at 'B+'


YEREVAN CITY: Fitch Affirms B+ LongTerm IDRs, Outlook Positive
--------------------------------------------------------------
Fitch Ratings has affirmed the Armenian City of Yerevan's Long-Term
Foreign- and Local-Currency Issuer Default Ratings at 'B+' with
Positive Outlooks and Short-Term Foreign-Currency IDR at 'B'.

Yerevan's IDRs are constrained by Armenia's sovereign IDRs
(B+/Positive) as the city's standalone credit profile is assessed
at 'bb+'. The city's SCP reflects a combination of a 'Vulnerable'
risk profile assessment and strong debt metrics leading to a 'aaa'
debt sustainability assessment.

Yerevan is Armenia's capital and its largest metropolitan area. It
is the country's largest market with a developed services sector
and most populous community, with 1.1 million people. Yerevan's
wealth metrics remain relatively modest in the international
context affecting the city's overall financial profile. Yerevan
remains debt free, although it can borrow on the domestic debt
capital market, subject to certain restrictions. The city's
accounts are cash-based, while budget framework covers single
year.

KEY RATING DRIVERS

Revenue Robustness (Weaker)

The city's tax base is moderate in size and has limited prospects
to grow, in Fitch's view, due to the relatively weak local economy.
In 2018 Armenia's GDP increased by 5% yoy and Fitch expects
economic growth at about 4% yoy in 2019-2020. However, due to
institutional arrangement taxes represent minor portion of the
city's revenue sources, 15% of total revenue in 2018.

Yerevan's budget revenue is mainly composed of central government
transfers (2018: 66% of total revenue), followed by non-tax revenue
(13%) and asset sales (6%). The intergovernmental transfers enhance
the city's fiscal capacity to a level sufficient to cover
expenditure, which is evident from the track record of balanced
budgets in 2014-2018. Nonetheless, as the transfers stem from a 'b'
rated counterparty, Fitch assesses the city's overall revenue
robustness as weak.

Revenue Adjustability (Weaker)

Yerevan's ability to generate additional revenue in response to
possible economic downturns is very limited, therefore Fitch
assesses the city's revenue adjustability as weak. The central
government holds overwhelming fiscal authority, which significantly
limits the city's fiscal autonomy. The city's autonomy to set rates
or introduce new taxes is limited by the country's legal framework.
Yerevan collects taxes on property and vehicles, which taken
together represented 15% of the city's total revenue. The city also
collects various fees, fines and payments (non-tax revenue), which
accounted for 13% of its total revenue 2018.

Expenditure Sustainability (Midrange)

The city exerts prudent control of its expenditure. This is evident
from the track record of a spending decrease greater than that of
declining revenue in 2016-2018 (4.6% and 3.9% respectively). Fitch
expects these practices to be continued in the medium term. Yerevan
is vested with responsibilities in education, healthcare, some
types of social benefits, general public administration,
environmental protection, culture and recreation, and housing,
utilities and construction. Education and healthcare spending,
which is of counter- or non-cyclical nature, accounted for 32% of
the city's expenditure in 2018. Yerevan is not required to adopt
anti-cyclical measures, which would inflate expenditure related to
social benefits in a period of downturn. At the same time, the
city's budgetary policy is dependent on the decisions of the
central government, which could negatively affect the dynamic of
expenditure.

Expenditure Adjustability (Weaker)

Fitch assesses Yerevan's expenditure adjustability as low. Most
spending responsibilities are mandatory for the city, with
inflexible items dominating expenditure structure. Therefore the
bulk of expenditure could be difficult to cut in response to
potential revenue shrinking. Although the city retains certain
flexibility to cut or postpone capex in case of stress, capital
outlays were already reduced to an average of 7.7% of total
spending in 2015-2018 from the higher level of 24.7% in 2014,
following a prolonged economic slow-down in Armenia. The city's
ability to materially cut expenditure is also limited by relatively
low per capita expenditure (2018: USD130) compared with
international peers.

Liabilities and Liquidity Robustness (Midrange)

According to national budgetary regulation Armenian LRGs are
subject to strict debt limitations. Therefore the city has been
free of any debt or guarantees since forming a community in 2008.
Statutory provisions of the national legal framework guiding debt
or guarantees issuance restrict the city from incurring significant
debts and new borrowing restrictions as well as limits on annual
interest payments.

Liabilities and Liquidity Flexibility (Weaker)

Yerevan's liquidity position improved in 2018 to AMD7.8 billion
from AMD1.9 billion in 2017, as the city posted surplus budget with
access cash being retained in reserves. Yerevan holds its cash in
treasury accounts as deposits with commercial banks are prohibited
under the national legal framework for LRGs. For extra liquidity
the city could borrow from the national treasury. As the liquidity
profile remains exposed to volatility, while counterparty risk
associated with the liquidity providers is 'B+', which limits the
assessment of this risk factor at Weaker.

Debt Sustainability Assessment: 'aaa'

According to its rating case, Yerevan's debt payback ratio (net
direct risk-to-operating balance) - the primary metric of debt
sustainability assessment - will remain strong over the next five
years due to a sufficient cash and expected very low debt, stemming
from the city's public sector. Secondary metric - fiscal debt
burden measured as net adjusted debt-to-operating revenue and
actual debt-servicing coverage ratio (ADCSR) - are assessed at
'aaa'. This leads to the city's overall debt sustainability
assessment at 'aaa'.

Fitch's rating case expects close to balanced budgets in 2019-2023
with occasional minor deficits to be funded by cash reserves and
minimal new debt (2022-2023). However, as the city will virtually
remain free of debt, it expects a strong payback ratio and fiscal
debt burden metrics in 2019-2023.

RATING DERIVATION

Fitch classifies Yerevan as a type B LRG, which has to cover debt
service from cash flow on an annual basis. The city's SCP is
assessed at 'bb+', which reflects a combination of 'Vulnetrable'
risk profile and strong debt metrics leading to a 'aaa' debt
sustainability assessment. Yerevan's notch-specific SCP also
factors in peer comparison, while the IDR is not affected by
asymmetric risk or extraordinary support from the central
government.

KEY ASSUMPTIONS

Fitch's key assumptions within its base case for the issuer
include:

  - 2019 outturn close to administration's budget for both revenue
    and expenditure;

  - Tax, non-tax and transfers growth in line with expected
inflation
    for 2020-2023;

  - Growth of operating expenditure close to expected inflation
    for 2020-2023;

  - Stable capex for 2020-2023 after projected increase in 2019.

Fitch's key assumptions within its rating case for the issuer
include:

  - Stress of property and transport tax by 1.5pp annually to
    reflect historical volatility compared with base case;

  - Stress of additional 1pp annually on opex to reflect higher
    opex growth in the rating case compared with base case;

  - All other assumptions remain the same as in base case.

RATING SENSITIVITIES

Yerevan's IDRs are constrained by the sovereign ratings. Therefore,
a rating action on Armenia's IDRs would lead to corresponding
rating action on the city.

For SCP:

The reassessment of the city's risk profile to "Low Midrange" from
"Weak' would lead to an upgrade of SCP.

Material borrowing leading to a debt payback ratio above five years
under Fitch's rating case would lead to a downgrade of SCP.




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A Z E R B A I J A N
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EXPRESSBANK: Fitch Affirms Long-Term IDR at 'B', Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed Azerbaijan-based Expressbank Open Joint
Stock Company's Long-Term Issuer Default Rating at 'B' with a
Stable Outlook.

KEY RATING DRIVERS

The affirmation of Expressbank's ratings reflects its reasonable
asset quality, weak profitability, solid capital buffers, limited
exposure to foreign-exchange risks and comfortable liquidity. The
ratings also take into account the bank's very high level of
related-party lending and a limited franchise in Azerbaijan's
challenging operating environment.

IFRS 9 Stage 3 loans stood at a moderate 4.5% of gross loans at
end-2018 and at 63% were adequately provisioned by specific
reserves, based on management disclosures. The bulk of these loans
were concentrated in the SME portfolio. Although SME loans amounted
to only 8% of total loans, almost half were impaired.

Expressbank's very high exposure to related parties (40% of gross
loans, or 72% of Fitch Core Capital (FCC)) at end-2018 is one of
the main negatives for asset quality and consequently, the bank's
ratings. These loans were granted to only a few corporates,
including a large company engaged in infrastructure construction as
well as to a government-backed start-up diversified production
plant. Off-balance-sheet exposure to these companies made up a
further 10% of FCC. Related-party loans were classified as Stage 2
and were provisioned by 25% at end-2018.

Earnings and profitability are relative weaknesses. Expressbank is
hampered by weak revenue generation, high operational costs and
high loan impairment charges. Pre-impairment profit weakened to
0.3% of average assets in 2018. Loan impairment charges rose
sharply in 2018 due to the provisioning of related-party loans
causing negative operating profit to risk-weighted assets ratio of
8.5% and negative ROAE of 18%.

Expressbank is well capitalised. Its FCC ratio decreased to 41% at
end-2018 from 59% at end-2017 due to negative net income and
loan-driven growth of risk-weighted assets. The regulatory Tier 1
ratio was a lower 21% at end-1Q19 due to a partial deduction of the
related-party exposures, while the total capital ratio was 23%,
both comfortably above the respective minimums of 5% and 10%. Fitch
estimates the ratios would be still above the regulatory minimums
at end-1Q19 even if the exposure to related parties were fully
deducted from the regulatory capital.

Expressbank is funded by customer accounts (83% of liabilities at
end-1Q19) with the majority of funds raised from individuals (63%
of liabilities). Corporate accounts decreased by 67% in 1Q19 due to
repayment of funds to a large depositor. The buffer of highly
liquid assets (cash and equivalents, net short-term interbank
placements and placements with the Central Bank of Azerbaijan,
including short-term bonds) decreased significantly but remained
comfortable, equal to 26% of customer funding at end-1Q19.

The Support Rating Floor of 'No Floor' and Support Rating of '5'
reflect the bank's limited scale of operations and market share.
Therefore, Fitch's views sovereign support for the bank as
uncertain. This view is supported by the default of Open Joint
Stock Company International Bank of Azerbaijan (B-) in 2017, which
is the largest bank in the country and is owned by the government.
As a result, state support for less systemically important,
privately owned banks cannot be relied upon. The potential for
support from the bank's private shareholders is not factored into
the ratings.

RATING SENSITIVITIES

Rating upside for Expressbank would require substantial franchise
and financial profile strengthening, and a material reduction of
related-party transactions. The bank would also need to improve
capitalisation and liquidity for an upgrade. Conversely, an erosion
of capital caused by asset-quality deterioration could lead to a
negative rating action, while diminishing franchise also could be
rating negative.


INTERNATIONAL BANK: Fitch Alters Outlook on 'B-' IDR to Positive
----------------------------------------------------------------
Fitch Ratings has revised the Outlook on Open Joint-Stock Company
International Bank of Azerbaijan's Long-Term Issuer Default Rating
to Positive from Stable and affirmed the rating at 'B-'.

KEY RATING DRIVERS

KEY RATING DRIVERS - IDRs, VR and SENIOR DEBT RATING

The revision of the Outlook reflects Fitch's base expectation that
IBA's credit profile is likely to improve over the next 12 months
as the bank continues to gradually close its large, short
open-currency position via FX purchases on the market.

The affirmation of IBA's Long- and Short-Term IDRs and Viability
Rating reflects the bank's stabilised profile after its debt
restructuring in 2017, its low-risk asset structure, sound
liquidity and improved profitability. The ratings also reflect the
bank's still considerable exposure to FX risk, limited history of
post-restructuring operations and uncertainty about future
ownership (due to privatisation plans), business model and
strategy.

The loan book represented only 20% of total assets at end-1Q19
(regulatory GAAP data), and in 2018 lending growth was a moderate
9%. Growth may accelerate once IBA finalises its new strategy.
Fitch believes outstanding problem loans are reasonably
provisioned, while other assets (interbank placements and
securities) are predominantly lower risk.

IBA reported sound regulatory Tier 1 and Total Capital ratios at
end-1Q19 of 32% and 33.9% respectively. Fitch estimates the Fitch
Core Capital ratio at 37% at end-2018 due to an AZN0.3 billion fair
value gain on a USD1 billion low interest bond issued as part of
IBA's restructuring. However, capitalisation remains vulnerable to
a large unhedged open foreign-currency position, which at end-1Q19
stood at USD1 billion, equal to 1.5x total regulatory capital or 1x
FCC. Risks from this position have reduced since 2017 because the
absolute size of the position decreased from USD1.9 billion due to
FX purchases by the bank, and from an increase in the capital base
due to profit retention.

Fitch estimates that in case of a deep stress scenario involving a
50% depreciation of the manat against the dollar, the FCC ratio
would fall to a still comfortable 16%, while a 43% depreciation
would lead to the regulatory total CAR falling below 11% (the
regulatory minimum requirement since June 1, 2019). Fitch estimates
that if IBA continues FX purchases at same pace as in 2018 and
early 2019, its open currency position could be closed by mid-2020.


Following the restructuring, IBA is funded mainly by
sovereign-related customer deposits. Due to high proportion of
current accounts, IBA's cost of funding is low 2%. The bank's only
outstanding debt is the USD1 billion Eurobond issued as part of the
restructuring and is held mostly by the State Oil Fund of
Azerbaijan. The senior issue is rated 'B-', in line with the bank's
Long-Term IDR, reflecting Fitch's view of average recovery
prospects, in case of default.

IBA's liquidity position is comfortable with liquid assets (mainly,
cash and cash equivalents and placements with the CBA and foreign
banks) more than fully covering customer accounts.

In Fitch's view, IBA has become structurally profitable again post
restructuring, supported by the low cost of funding, reduced
operating expenses and low-risk asset exposures, which should
result in limited impairment charges. In 2018, IBA's net interest
margin was 4.5%, the cost-income ratio was 25% and return on equity
20%. Profitability could come under pressure in case of FX losses,
reduced access to cheap funding or an increase in higher-risk asset
exposures.

SUPPORT RATING AND SUPPORT RATING FLOOR

The affirmation of the Support Rating of '5' and Support Rating
Floor of 'No Floor' reflects Fitch's view that support from the
shareholder, the Azerbaijan sovereign (BB+/Stable), cannot be
relied upon following the bank's default in 2017. However, in
Fitch's view, some form of regulatory forbearance or state-support
could be made available to the bank to avoid a repeat default on
third-party senior obligations, should its capital be depleted by
losses resulting from its FX position.

RATING SENSITIVITIES

IBA's VR and Long-Term IDR could be upgraded if the bank can
materially reduce, or effectively hedge, its open foreign-currency
position. The VR may be downgraded if the bank fails to close this
position and incur large losses as a result of the manat losing
value against the US dollar.

Positive rating action on the bank's Support Rating and Support
Rating Floor is unlikely in the near term given the record of state
support in Azerbaijan. However, closure of the short open-currency
position, a demonstrated record of state support for banks in
Azerbaijan and greater clarity with regard to the future
relationship between the bank and the Azerbaijan state, could
result in a revision of the Support Rating Floor.




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D E N M A R K
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LSF10 WOLVERINE: Moody's Puts B2 CFR on Review for Downgrade
------------------------------------------------------------
Moody's Investors Service has placed the B2 corporate family rating
of LSF10 Wolverine Investment S.C.A. (Stark Group A/S) on review
for downgrade. The review also includes the B2-PD probability of
default rating and the B2 instrument ratings on the senior secured
fixed and floating rate notes maturing in 2024. Concurrently, the
outlook has been change to rating under review from stable.

The rating action follows Stark Group's announcement on May 20 2019
that it had signed an agreement with Compagnie de Saint-Gobain SA
(Baa2 Stable) to acquire 100% of the shares in Saint Gobain
Building Distribution Deutschland GmbH (SGBDD). For the twelve
months ending April 2019, the company reported revenues of EUR2
billion and a company adjusted EBITDA of EUR48 million. The company
is known for its German building materials distribution business
Raab Karcher.

RATINGS RATIONALE

The review for downgrade reflects (1) the transforming and mostly
debt financed acquisition of SGBDD; (2) already elevated leverage
of Stark Group; (3) potential negative impact on Stark Group's
ambitious turnaround plan for the existing business and (4) current
uncertainty around the details of the transaction as well as the
acquired entity.

The review will focus on (1) leverage development, in particular
the impact of the incremental on-balance and off-balance sheet debt
relative to the current and expected profit and cash contribution
of the acquisition target; (2) liquidity needs as a consequence of
the enlarged business and the rising working capital requirements;
(3) financing structure of the acquisition and (4) business risk
implications, balancing scale and diversification benefits and
potential turnaround challenges linked to the acquisition.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Distribution &
Supply Chain Services Industry published in June 2018.

COMPANY PROFILE

Headquartered in Frederiksberg, Denmark, Stark Group is one of the
leading distributors of building materials in the Nordic region.
With 186 branches, the company reported revenue of EUR2.2 billion
and Moody's-adjusted EBITDA of EUR116 million for the 12 months
ended January 2019. In November 2017, the US-based private equity
company Lone Star announced its intention to acquire the company
from the UK-based Ferguson plc (Baa2 Stable), one of the world's
largest heating and plumbing distributors. The deal was closed in
March 2018.




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

OUTOKUMPU OYJ: Moody's Alters Outlook on B1 CFR to Negative
-----------------------------------------------------------
Moody's Investors Service has affirmed the B1 corporate family
rating and the B1-PD probability of default rating of Finland-based
stainless steel producer Outokumpu Oyj. Concurrently, Moody's
affirmed the Ba3 instrument rating on the group's senior secured
notes. The outlook has been changed to negative from stable.

RATINGS RATIONALE

The outlook change to negative was prompted by Outokumpu's weaker
than expected results during the last 12 months through March 31,
2019, primarily reflecting a materially deteriorated market
environment in the European stainless steel industry. Slowing end
market demand, combined with a coincident surge of steel imports
into Europe, which pressured base prices in the region, as well as
increased raw material costs weighed on Outokumpu's profitability
and cash flow generation. In addition, unexpected operational
challenges in the Americas segment did not allow the group to
benefit from overall healthy conditions in the US steel industry,
particularly since the implementation of US Section 232 tariffs in
mid-2018.

As a result, group EBITDA on a Moody's-adjusted basis plummeted to
EUR386 million as of LTM ended March 31, 2019, whereas Moody's had
expected the measure to exceed the EUR612 million achieved in 2017.
The substantial earnings decline further impacted leverage, which
increased to 5.7x gross debt/EBITDA (Moody's-adjusted) from 3.2x in
2017, while free cash flow turned to EUR116 million negative
(EUR137 million positive) during the same period. Leverage
therefore currently clearly exceeds Moody's 4.5x maximum guidance
for the B1 rating, although the agency expects the ratio to
gradually decline over the next 12-18 months. This should be
supported by projected earnings growth with operational
improvements achieved in the Americas, at least stable base prices
in Europe, aided by a normalization of imports in response to new
safeguard measures in place since early 2019, as well as several
commercial and efficiency improvement actions currently undertaken
by management. Moody's also forecasts free cash flow to turn
positive again this year, due to a substantial release in working
capital, which the group already managed to (counter seasonally)
reduce during Q1-19.

The rating action also reflects Moody's expectation of Outokumpu to
maintain an adequate liquidity profile by addressing its upcoming
debt maturities in a timely manner, including EUR513 million of
utilized commercial paper and the outstanding EUR241 million
convertible bond due February 2020. Moody's expects the group to
proactively execute its refinancing in the coming weeks, thereby
reducing its reliance on uncommitted short-term debt, including the
EUR800 million commercial paper program.

The affirmed B1 rating further recognizes Outokumpu's market
leadership positions as the largest and product-wise most
diversified stainless steel producer in Europe and second largest
in the US, as well as its integration into ferrochrome production
through its fully owned chrome mine in Finland. Moody's also
acknowledges Outokumpu's solid ownership structure with state-owned
Finish investment company Solidium Oy currently holding a 21.7%
share and which participated in its rights issues in 2012 and
2014.

OUTLOOK

The negative outlook reflects the risk of a downgrade, if Outokumpu
was unable to turn around its operating performance from the second
half of 2019 as it currently expects, helping to strengthen
profitability and reduce leverage to an adequate level for the B1
rating. The outlook also indicates downgrade risk should the
group's free cash flow remain negative during 2019 and liquidity
deteriorate, such as through a delay in the refinancing of nearing
debt maturities.

WHAT COULD CHANGE THE RATING UP/DOWN

Downward pressure on the ratings would build, if Outokumpu's (1)
Moody's-adjusted leverage sustainably exceeded 4.5x gross
debt/EBITDA over the next 12-18 month, and (2) liquidity
deteriorated such as through the inability to refinance its
near-term debt maturities in a timely manner or to turn free cash
flow to positive during 2019.

Upward pressure on the ratings would develop, if Outokumpu's (1)
Moody's-adjusted leverage decreased sustainably below 3.5x gross
debt/EBITDA, and (2) liquidity strengthened with consistent
positive FCF generation.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Steel Industry
published in September 2017.

COMPANY PROFILE

Headquartered in Helsinki, Finland, Outokumpu is a leading global
manufacturer of flat-rolled stainless steel. It holds a #1 market
position in Europe with a market share of 28% and a #2 position in
NAFTA with a market share of 23% in 2018. With total revenue of
EUR6.9 billion in 2018 and around 10,500 employees, Outokumpu is
one of the largest Finnish companies. The group operates 18
production sites, including integrated stainless steel mills in
Europe and North America, as well as a fully owned chrome mine
close to its Tornio/Finland based steel plant.




=============
G E R M A N Y
=============

REVOCAR 2018 UG: DBRS Confirms BB Rating on Class D Notes
---------------------------------------------------------
DBRS Ratings GmbH took the following rating actions on the bonds
issued by RevoCar 2018 UG (haftungsbeschrankt) (the Issuer):

  Class A Notes confirmed at AAA (sf)

  Class B Notes upgraded to A (high) (sf) from A (sf)

  Class C Notes upgraded to A (low) (sf) from
  BBB (high) (sf)

  Class D Notes confirmed at BB (sf)

The ratings on the Class A Notes, B, C, and D Notes (the Rated
Notes) address the timely payment of interest and ultimate payment
of principal on or before the legal final maturity date.

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

-- Portfolio performance, in terms of delinquencies, defaults
    and losses as of the April 2019 payment date.

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

-- Currently available credit enhancement (CE) to the Rated
    Notes to cover the expected losses at their respective
    rating levels.

The Issuer is a securitization of German auto loan receivables
originated and serviced by Bank11 für Privatkunden und Handel GmbH
(Bank11). The initial portfolio included loans granted to private
and corporate clients for the purchase of new and used vehicles.
Most of the receivables have equal monthly installments; however,
12.67% of the loans included a final balloon payment. The
transaction closed on May 22, 2018.

PORTFOLIO PERFORMANCE

As of the April 2019 payment date, one- to two months and two- to
three-month delinquencies were 0.01% and 0.02% of the portfolio
balance, respectively, while delinquencies greater than three
months were zero. Gross cumulative defaults, as a percentage of the
original portfolio, were 0.2%, with cumulative recoveries of
17.6%.

CREDIT ENHANCEMENT

As of the April 2019 payment date, CE to the Class A Notes was
12.6%, up from 9.0% at the DBRS initial rating. CE to the Class B
Notes was 5.5%, up from 3.9% at the DBRS initial rating. CE to the
Class C Notes was 4.5%, up from 3.2% at the DBRS initial rating. CE
to the Class D Notes was 1.37%, up from 1.0% at the DBRS initial
rating. CE is provided by the subordination of junior classes.

The transaction benefits from a liquidity reserve of EUR 1.9
million, as of April 2019. The reserve target is 0.65% of the
outstanding principal amount of all purchased receivables and is
able to cover senior expenses, servicing fees, swap payments and
interest on Class A Notes only after a servicer termination event.

The commingling reserve in the transaction was funded by Bank11 at
closing to EUR 10.4 million. The reserve is adjusted according to
the scheduled collections for the next period plus 0.5% of the
Aggregated Principal Balance at the beginning of such collection
period and stood at EUR 8.5 million as of the April 2019 payment
date.

Borrowers in Germany have the right to set off claims against the
Issuer that they had at the time of the assignment of receivables
or at the time they become aware of the assignment from the Seller
to the Issuer. The set-off risk is mitigated by the loan
eligibility criterion at closing that borrowers do not hold
deposits with Bank11 and the undertaking of Bank11 to fund the
Set-Off Risk Reserve upon the occurrence of certain events. As of
the April 2019 payment date, the set-off risk reserve account is
equal to EUR 5,844.21.

The Bank of New York Mellon Corporation, Frankfurt Branch
(BNY-Frankfurt) acts as the Account Bank for the transaction. Based
on DBRS's private rating of BNY-Frankfurt, the downgrade provisions
outlined in the transaction documents, and structural mitigants,
DBRS considers the risk arising from the exposure to BNY-Frankfurt
to be consistent with the ratings assigned to the Notes, as
described in DBRS's "Legal Criteria for European Structured Finance
Transactions" methodology.

There is a swap agreement in place for the Class A Notes. Under the
swap agreement, the Issuer pays a fixed annualized rate and
receives one-month Euribor, based on the notional amount equal to
the outstanding Class A Notes subject to a lower and upper bound
given an expected amortization profile for the Class A Notes
assuming, inter alia, certain prepayment rates.

UniCredit Bank AG acts as the swap counterparty for the
transaction. DBRS private rating of UniCredit Bank AG, as well as
the downgrade provisions included in the swap documentation, are
consistent with DBRS's "Derivative Criteria for European Structured
Finance Transactions" methodology to act in such capacity.

Notes: All figures are in Euros unless otherwise noted.




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

ADAGIO IV: Moody's Affirms B1 Rating on EUR11.7MM Class F Notes
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Adagio IV CLO Designated Activity Company:

  EUR39,200,000 Class B-1R Senior Secured Floating Rate Notes due
  2029, Upgraded to Aa1 (sf); previously on Oct 16, 2017
  Definitive Rating Assigned Aa2 (sf)

  EUR7,000,000 Class B-2R Senior Secured Fixed Rate Notes due
  2029, Upgraded to Aa1 (sf); previously on Oct 16, 2017
  Definitive Rating Assigned Aa2 (sf)

  EUR18,000,000 Class C-R Deferrable Mezzanine Floating Rate Notes
  due 2029, Upgraded to A1 (sf); previously on Oct 16, 2017
  Definitive Rating Assigned A2 (sf)

  EUR18,600,000 Class D-R Deferrable Mezzanine Floating Rate Notes
  due 2029, Upgraded to Baa1 (sf); previously on Oct 16, 2017
  Definitive Rating Assigned Baa2 (sf)

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

  EUR200,500,000 Class A-1R Senior Secured Floating Rate Notes due
  2029, Affirmed Aaa (sf); previously on Oct 16, 2017 Definitive
  Rating Assigned Aaa (sf)

  EUR5,000,000 Class A-2R Senior Secured Fixed Rate Notes due
  2029, Affirmed Aaa (sf); previously on Oct 16, 2017 Definitive
  Rating Assigned Aaa (sf)

  EUR25,200,000 Class E-R Deferrable Junior Floating Rate Notes
  due 2029, Affirmed Ba2 (sf); previously on Oct 16, 2017
  Definitive Rating Assigned Ba2 (sf)

  EUR11,700,000 Class F Deferrable Junior Floating Rate Notes
  due 2029, Affirmed B1 (sf); previously on Oct 16, 2017
  Upgraded to B1 (sf)

Adagio IV CLO Designated Activity Company, originally issued in
September 2015 and refinanced in October 2017, is a collateralized
loan obligation (CLO) backed by a portfolio of mostly European
broadly syndicated first lien senior secured corporate loans. The
portfolio is managed by AXA Investment Managers, Inc. The
transaction's reinvestment period ends in October 2019.

RATINGS RATIONALE

The rating actions on the notes are primarily a result of the
benefit of the shorter period of time remaining before the end of
the reinvestment period.

In light of reinvestment restrictions during the amortization
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analysed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements. In particular, Moody's has used the
portfolio covenants.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base case,
Moody's analysed the underlying collateral pool as having a
performing par of EUR 350.1 million, a weighted average default
probability of 23.59% (consistent with a WARF of 3028 over a
weighted average life of 5.2 years), a weighted average recovery
rate upon default of 45.8% for a Aaa liability target rating, a
diversity score of 32 and a weighted average spread of 3.95%.

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

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
March 2019.

Counterparty Exposure:

The rating action took into consideration the notes' exposure to
relevant counterparties, such as account bank, using the
methodology "Moody's Approach to Assessing Counterparty Risks in
Structured Finance" published in January 2019. Moody's concluded
the ratings of the notes are not constrained by these risks.

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

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
notes, in light of uncertainty about credit conditions in the
general economy. CLO notes' performance may also be impacted either
positively or negatively by 1) the manager's investment strategy
and behavior and 2) divergence in the legal interpretation of CDO
documentation by different transactional parties because of
embedded ambiguities.

Additional uncertainty about performance is due to the following:

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

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


AQUEDUCT EUROPEAN 4-2019: Fitch Gives B-(EXP) Rating on Cl. F Debt
------------------------------------------------------------------
Fitch Ratings has assigned Aqueduct European 4 - 2019 DAC expected
ratings.

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

Aqueduct European CLO 4 -2019 DAC is a cash flow collateralised
loan obligation. It comprises primarily European senior secured
obligations (at least 90%) with a component of corporate rescue
loans, senior unsecured, second-lien loans, mezzanine and high
yield bonds. Net proceeds from the issuance of the notes will be
used to purchase a portfolio with a target par of EUR400 million.
The portfolio will be managed by HPS Investment Partners CLO LLP.
The CLO envisages a 4.5-year reinvestment period and an 8.5-year
weighted average life.

KEY RATING DRIVERS

'B+'/'B' Portfolio Credit Quality

Fitch places the average credit quality of obligors in the 'B+'/'B'
range. The Fitch-weighted average rating factor of the identified
portfolio is 32.3.

High Recovery Expectations

At least 90% of the portfolio comprises senior secured obligations.
Fitch views the recovery prospects for these assets as more
favourable than for second-lien, unsecured and mezzanine assets.
The Fitch-weighted average recovery rate of the identified
portfolio is 65.7%

Limit on Concentration Risk

The covenanted maximum exposure to the top 10 obligors is 20% of
the portfolio balance. The transaction also includes limits on
maximum industry exposure based on Fitch's industry definitions
with the maximum exposure to the three largest industries in the
portfolio is covenanted at 40%. These covenants ensure that the
asset portfolio will not be exposed to excessive concentration.

Adverse Selection and Portfolio Management

The transaction features a 4.5-year reinvestment period and
includes reinvestment criteria similar to other European
transactions. Fitch's analysis is based on a stressed-case
portfolio with the aim of testing the robustness of the transaction
structure against its covenants and portfolio guidelines.

Cash Flow Analysis

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

Limited Interest Rate Risk: Up to 10% of the portfolio can be
invested in fixed-rate assets, while fixed-rate liabilities
represent 3.75% of the target par. Fitch modelled both 0% and 10%
fixed-rate buckets and found that the rated notes can withstand the
interest rate mismatch associated with each scenario.

RATING SENSITIVITIES

A 25% default multiplier applied to the portfolio's mean default
rate, and with this increase added to all rating default levels,
would lead to a downgrade of up to three notches for the rated
notes. A 25% reduction in recovery rates would lead to a downgrade
of up to four notches for the rated notes.

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

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

DATA ADEQUACY

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

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.

Aqueduct European CLO 4-2019 DAC
   
Class A; LT AAA(EXP)sf Expected Rating

Class B-1; LT AA(EXP)sf Expected Rating
  
Class B-2; LT AA(EXP)sf Expected Rating

Class C; LT A(EXP)sf Expected Rating
  
Class D; LT BBB-(EXP)sf Expected Rating

Class E; LT BB(EXP)sf Expected Rating

Class F; LT B-(EXP)sf Expected Rating
  
Class M-1; LT NR(EXP)sf Expected Rating
  
Class M-2; LT NR(EXP)sf Expected Rating
  
Class M-3; LT NR(EXP)sf Expected Rating
  
Class X; LT AAA(EXP)sf Expected Rating


DONAL MACNALLY: High Court Approves Rescue Deal, 24 Jobs Saved
--------------------------------------------------------------
Ray Managh and Donal O'Donovan at Independent.ie report that
preferred creditors of Dublin's largest eye care chain will get a
dividend of 75 cents in the euro and unsecured creditors will
receive 10pc of what they are owed, under a rescue deal approved at
the High Court.

According to Independent.ie, the exit from examinership of Donal
MacNally Opticians and Von Opticians, an associated company, saved
24 jobs.

As reported by the Troubled Company Reporter-Europe on May 1, 2019,
The Irish Times related that the Circuit Civil Court was told last
month that Donal MacNally Opticians and an associated company, Von
Opticians, were insolvent and unable to meet their debts.  The
companies had sought the protection of the court after racking up
losses of EUR4 million, The Irish Times disclosed.  Judge Linnane
appointed chartered accountant Myles Kirby as the examiner tasked
with attempting to rescue the companies, according to The Irish
Times.  The court had heard that the companies which employ 24
staff and have stores in Clondalkin, Swords, Malahide, Sutton and
Navan, ran into trouble due to increased competition and changes to
the running of the business, The Irish Times recounted.




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

DECO 2019: DBRS Confirms BB(low) Rating on Class D Notes
--------------------------------------------------------
DBRS Ratings GmbH confirmed its provisional ratings of the
Commercial Mortgage-Backed Floating-Rate Notes due August 2031
(collectively, the Notes) to be issued by Deco 2019 - Vivaldi
S.R.L. (the Issuer):

  Class A Notes confirmed at AA (low) (sf)
  Class B Notes confirmed at A (low) (sf)
  Class C Notes confirmed at BBB (low) (sf)
  Class D Notes confirmed at BB (low) (sf)

All trends remain Stable.

In addition, DBRS has withdrawn its rating on the Class E Notes.

The rating actions followed the downsizing of the senior facility
agreements on both the Franciacorta and Palmanova loans to EUR167.2
million and EUR66.7 million, respectively, or 65.0% loan to value
(LTV) from their previous loan amounts of EUR180.1 million and
EUR71.8 million, respectively, or 70.0% LTV. Because of the
downsizing of the two loans, Class E has been removed and DBRS has
withdrawn its ratings on Class E, while Class D has seen a
reduction in its principal balance by EUR 11.3 million.

The ratings will be finalized upon receipt of execution version of
the governing transaction documents. To the extent that the
documents and information provided to DBRS as of this date differ
from the executed version of the governing transaction documents,
DBRS may assign different final ratings to the Notes.

Notes: All figures are in Euros unless otherwise noted.


REKEEP SPA: Moody's Alters Outlook on B2 CFR to Negative
--------------------------------------------------------
Moody's Investors Service has changed the outlook on Italian
facility management provider Rekeep S.p.A. to negative from stable.
At the same time, Moody's has affirmed the company's B2 corporate
family rating, the B2-PD probability of default rating and the B2
rating on the senior secured notes due 2022 issued by Rekeep.

"The change in the outlook to negative follows the announcement of
the Italian Competition Authority (ICA) to levy a EUR91.6 million
fine against Rekeep, which combined with potential negative
outcomes of other pending litigations could weaken its liquidity
profile, despite the uncertainty of the timing and the terms of
such payment," says Donatella Maso, a Moody's VP -- Senior Analyst
and lead analyst for Rekeep.

RATINGS RATIONALE

On May 9, 2019, the ICA announced that it had found seven
companies, including Rekeep, guilty of the infringement of
competition rules in relation to the participation in the tenders
arranged in 2014 by Consip for the awarding of facility management
services in the premises mainly used as offices by Italian public
entities (the FM4 Consip Tender). The fine attributable to Rekeep
amounts to EUR91.6 million, which is roughly equivalent to the
company's reported EBITDA.

Rekeep intends to appeal the decision in first degree at the
Regional Administrative Tribunal of Lazio and to seek the
suspension of the obligation to pay this fine. The company expects
the appeal process, after all possible levels of appeal, to take up
to 18 months. Additionally, the FM4 tender has not been awarded yet
and is not included in Rekeep's backlog.

Despite the uncertainty regarding the final amount, timing and
terms of the payment of this fine, its magnitude relatively to the
company's size poses a risk to its liquidity profile, while it may
also impact the company's ability to secure future contracts.
Moody's also notes that the company has other ongoing pending
litigations, the most relevant being the Santobono Pausilippon
case, currently waiting for the Supreme Court hearing and which
could result in Rekeep being prevented to participate in any public
tenders for a period of six months with potential material revenue
and EBITDA losses as well as reputational damages.

Over the period 2009-2017, Rekeep's revenue and EBITDA have
continued to slowly decline due to a deceleration of the tendering
activity and lower prices for new or renewed contracts. Revenue
started to increase again since Q2 2018 mainly driven by the
healthcare sector but the change in mix did not result in any
EBITDA uplift. New contracts signed under framework agreement
"Mies2" will support a degree of revenue growth in 2019 and beyond,
while pressure on EBITDA margins will continue because of the
exposure to the public sector, public budget constraints,
competition in a highly fragmented industry and the difficult
Italian economic environment, albeit the company will seek to
maintain its profitability through cost savings. As result, Moody's
expects leverage to remain around 5.4x-5.5x over the next 12-18
months, compared to 5.2x as at December 2018 prior to the
implementation of IFRS16. The company's high leverage and Moody's
expectations for limited free cash flow combined with intra year
fluctuations due to working capital needs do not allow much
flexibility to accommodate the impact of potential fines.

Rekeep's liquidity remains adequate provided no negative outcome of
the pending litigations over the next 12-18 months. However,
liquidity may deteriorate quickly should the company have to pay
immediately the potential fine of EUR91.6 million. Rekeep's
liquidity comprises (1) EUR55 million of cash on balance sheet as
at 31 March 2019; (2) full availability under its EUR50 million
super senior revolving credit facility (RCF) due 2021; and (3) a
three-year EUR200 million committed revolving non-recourse
factoring facility (EUR50 million utilised) and a EUR45 million
uncommitted factoring facility (EUR10 million utilised). The RCF
has a maximum net leverage covenant of 5.7x to be tested if the RCF
is drawn by more than 35%. Moody's expects the company to maintain
comfortable covenant headroom. Moody's also notes that the company
faces a debt maturity wall in 2022, when its EUR350 million
outstanding senior secured notes mature, and that clarity with
regards to the outcome of pending litigation will be needed to
facilitate the refinancing of this debt.

Rekeep's B2 rating is supported by (1) its leading position in the
fragmented Italian public sector facility management (FM) industry;
(2) the expected stability of the FM market because of its
non-discretionary and non-cyclical nature; and (3) a degree of
revenue visibility given its order book with around 65% of 2019
revenue already contracted (or 90% if renewals and technical
extensions of existing contracts are included.

The rating also reflects (1) the lack of geographical diversity as
the company primarily operates in Italy, with a large exposure to
public sector (representing 76% of revenue as of December 2018);
(2) the underlying competitive trading environment with ongoing
price pressures, particularly in FM; (3) the risk of delays in
awarding of public-sector contracts and reliance on Italian public
authorities' payment terms; and (4) concerns around corporate
governance in light of the recurrence of litigation and potential
fines.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook reflects the risk and the uncertainty around
the pending litigations which could result in significant cash
outflows and reputational damages, weakening Reekep's business and
liquidity profiles. The outlook could be stabilized in case of
positive outcomes of the ongoing legal proceedings including the
cancellation or a significant reduction of the FM4 fine.

WHAT COULD CHANGE THE RATING UP/DOWN

Positive pressure is unlikely in the near term, in light of the
negative outlook. Upward pressure on the rating could develop if
the ongoing litigations are resolved favourably with no impact on
the company's credit metrics or liquidity, and the company
demonstrates a track record of reducing exposure to litigation and
potential fines. Quantitatively, positive pressure could
materialise if the company (1) improves its operating performance
and generates sustained EBITDA growth and positive free cash flow;
and (2) maintains a leverage profile such that its Moody's-adjusted
debt/EBITDA ratio stays below 4.0x.

Conversely, negative pressure could be exerted on the ratings if
Rekeep's liquidity profile and credit metrics deteriorate as a
result of (1) weakening operational performance or loss of material
contracts; (2) penalty payments or significant legal costs; or (3)
an aggressive change in its financial policy. Quantitatively,
Moody's would also consider downgrading Rekeep's ratings if its
adjusted debt/EBITDA sustainably increases above 6x; or if the
company reports negative free cash flow on a sustained basis.

Furthermore, any negative consequences resulting from the
investigations ranging from management distraction to reputational
risk or even financial damage would create negative pressure on the
company's rating position.

LIST OF AFFECTED RATINGS

Affirmations:

Issuer: Rekeep S.p.A.

Corporate Family Rating, Affirmed B2

Probability of Default Rating, Affirmed B2-PD

Backed Senior Secured Regular Bond/Debenture, Affirmed B2

Outlook Actions:

Issuer: Rekeep S.p.A.

Outlook, Changed To Negative From Stable

COMPANY PROFILE

Founded in 1938 and headquartered in Bologna (Italy), Rekeep S.p.A.
is a leading provider of facility management and laundry and
sterilisation services in Italy.

For the last twelve months ending March 2019, Rekeep reported
revenue of EUR963 million and EBITDA of EUR94 million. The company
is fully owned by Manutencoop Società Cooperativa, a cooperative
of around 500 member shareholders, all of whom are employees of the
firm. In 2018, the company went through a rebranding process and
changed its name to Rekeep from Manutencoop Facility Management.


SAIPEM SPA: S&P Alters Outlook to Stable & Affirms 'BB+' ICR
------------------------------------------------------------
S&P Global Ratings revised its outlook on Saipem S.p.A. to stable
from negative and affirmed its 'BB+' ratings on Saipem and its debt
instruments.

The outlook revision reflects Saipem's progress over the last three
years reducing its absolute debt level and improving its credit
metrics, even while industry conditions remained weak. In S&P's
view, the early signs of recovery in the market, and the company's
disciplined spending, could support building of further headroom
under the rating. Under its base-case scenario, S&P expects the
company to have adjusted funds from operations (FFO) to debt of
more than 25% by year-end 2019.

In the first quarter (Q1) of 2019, the company reported EUR230
million EBITDA before the impact of International Financial
Reporting Standard (IFRS) 16, versus EUR201 million in Q1 2018. In
addition, Saipem has guided more than EUR900 million EBITDA for
2019, before IFRS 16 impact of about EUR150 million. The company's
2019 forecast is supported by some new contracts signed in Q1 of
this year, mostly in relation to its Engineering and Construction
(E&C) offshore segment and in the Middle East. S&P said, "We view
positively that EBITDA margins are staying close to 10%. As a
result, we have revised our projection of adjusted EBITDA for 2019
and 2020, to EUR900 million-EUR1 billion and about EUR1 billion,
respectively, from our previous assumption for 2019 of EUR700
million-EUR800 million."

As of March 31, 2019, Saipem's backlog stood at EUR13.0 billion,
improved from EUR12.6 billion at year-end 2018. In Q1 2019, the
company was awarded in excess of EUR2.5 billion worth of contracts,
including with Saudi Aramco and BP. S&P said, "We understand that
about 90% of the company's revenue in 2019 has already been
secured, along with about 50% of 2020 revenue. We continue to view
the company's backlog as a key rating strength, providing some
predictability for medium-term revenue. We note that about 90% of
the backlog in comes from E&C activities, while drilling activities
have not shown material signs of recovery, yet, and continue to
suffer from low demand and weak profitability."

A vessel operated by Saipem in the Caspian Sea suffered an
explosion on May 8, which injured fourteen people. While this
negatively affects S&P's perception of the company's ability to
protect its employees' health and safety, ite doesn't believe this
event will materially impact its overall rating on Saipem.

S&P said, "At this stage we do not assume any major sale of
activities, divestments, or acquisitions in the next few years.
However any change in the company's portfolio of activities could
change our view on its business risk profile and might cap
potential upside for the rating.

"The stable outlook reflects our view of Saipem's ability to
further build headroom under the rating on the back of early signs
of recovery in the industry, including some increase in its backlog
over the coming years, and maintain at least the current EBIDTA
margins.

"We project an adjusted FFO to debt of 25%-30% in 2019 and 2020,
versus the 20%-30% that we view as commensurate with the current
'BB+' rating. This projection is based on adjusted EBITDA of EUR900
million-EUR1 billion in 2019, increasing to about EUR1 billion in
2020. In addition, we expect the company to generate positive
discretionary cash flow (cash flow before changes in working
capital) in 2019-2020.

"Our rating doesn't assume any potential changes in the company's
portfolio of activities.

"We would see rating pressure if Saipem's FFO to debt declined
below 25% without prospects for near-term improvement. This could
happen if we see a pronounced deterioration of the order backlog's
size or quality or if we become more pessimistic on Saipem's
ability to maintain its competitive position and roll over key
contracts."

Rating pressure could also come from a decline in financial support
from Saipem's main shareholders, including if they express
intentions to reduce their stakes in the company.

S&P sees the possibility of an upgrade as remote over the next 12
months, given the relatively weak market conditions for Saipem.

A potential positive rating action would hinge on the following:

-- Further improvement in the market, supported by higher capex
spending by the oil majors and an increasing backlog.

-- Supportive credit metrics, including adjusted FFO to debt of
more than 30% through the cycle, together with positive free
operating cash flow.

-- Some clarity about Saipem's future portfolio.

-- No change in the ownership, including the level of commitment
to support the group, if needed.




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BRIGHT BIDCO: Moody's Cuts CFR & Secured Term Loan B to 'B3'
------------------------------------------------------------
Moody's Investors Service downgraded the corporate family rating of
Bright Bidco B.V. (BBBV, Lumileds) to B3 from B1 and the
probability of default rating to B3-PD from B1-PD. Moody's also
downgraded the ratings of the senior secured term loan B and the
$200 million senior secured revolving credit facility, both with
BBBV as the borrower, to B3 from B1. The outlook remains stable.

RATINGS RATIONALE

Moody's downgraded the ratings following weak financial 2018
figures, resulting from headwinds in BBBV's core markets automotive
and consumer LED. As a consequence, BBBV's 2018 credit metrics are
materially below Moody's expectations and do not meet requirements
for a B1 rating anymore. Furthermore, the B3 ratings reflect BBBV's
shareholder oriented financial policy evinced by material, debt
funded dividend payments totaling to $523 million since July 2017,
when the company was spun off from Philips.

In 2018 BBBV's revenues declined in both main reporting divisions.
Revenues in the LED segment declined by 11% to $989 million,
hampered by low demand from key customers and price pressure in the
Chinese smartphone market. Only BBBV's Auto LED business benefited
from a topline increase, reflecting the structural switch from
conventional to LED lighting. The Conventional segment reported
revenues of $779 million, a decrease of 7%, predominantly resulting
from lower demand in China.

BBBV's has initiated several efficiency programs to tackle these
market related headwinds. With efficiency improvements in LED
operations and the reduction of SG&A and R&D costs in Lamps and
Accessories, BBBV aims to offset the expected decline in its 2019
topline. However, in 2018 efficiency improvements were not
sufficient to arrive at the expected profitability level. Moody's
adjusted 2018 EBITA margin amounted to 4.4%, which compares to a
12-18 months forward estimate of 13-14% as of May 2018.

The rating positively reflects Lumileds' well-established brand,
broad product portfolio, technological leadership in its market and
high R&D efforts, which could be an appropriate measure to
differentiate itself on innovations against low-cost competitors.

With $119 million of cash on hands BBBV's liquidity remains
adequate and is bolstered by an undrawn $200 million revolving
credit facility (as of December 31 2018). Moody's notes that $140
million, which are earmarked for acquisitions and would also be
available to shareholders if no appropriate M&A target occurs,
could constrain free cash flow generation and burden the liquidity
profile going forward, in absence of a material recovery of the
company's operating performance.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects BBBV's continued adequate liquidity
combined with Moody's expectations that the company will generate
at least break-even free cash flows going forward. Furthermore, the
stable outlook assumes a gradual recovery of the operating
performance, based on a continuation of the structural shift from
conventional to LED automotive lighting applications, ongoing
restructuring of BBBV's operational footprint and cost savings
measures.

WHAT COULD CHANGE THE RATING UP / DOWN

Moody's could change the rating up if (1) Debt/EBITDA moves
sustainably below 5.75x; (2) EBITA margins were sustainably in the
high single digits in percentage terms; and (3) RCF/Net debt
sustainably above 8% and free cash flow generation is positive.

Moody's could change the rating down if (1) the company fails to
reduce Debt/EBITDA below 6.5x over the next quarters; (2) EBITA
margins remain materially below 5%; (3) RCF/Net debt sustainably
below 6.5%; or (4) if the liquidity profile erodes as a consequence
of continued negative free cash flow generation.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Global
Manufacturing Companies published in June 2017.

COMPANY PROFILE

Bright Bidco B.V. (BBBV) is the parent company of Lumileds Holding
B.V., a manufacturer of LED components and automotive lighting
activities that Royal Philips N.V. (Baa1 stable) wholly owned until
June 2017, when it sold an 80.1% stake to funds owned by Apollo
Global Management. Lumileds in 2018 had $1.77 billion in revenue.




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SECTOR ALARM: Moody's Gives B1 CFR & Rates EUR590MM Term Loan B1
----------------------------------------------------------------
Moody's Investors Service has assigned a B1 corporate family rating
and B1-PD probability default rating to Sector Alarm Holding AS, an
alarm monitoring company incorporated in Norway. Concurrently,
Moody's has assigned a B1 rating to the 7-year EUR590 million Term
Loan B and EUR100 million 6-year revolving credit facility to be
borrowed by Sector Alarm. The outlook is stable.

The rating action is driven by the following considerations:

  - Sector Alarm's leading market positions in its key countries
    of operations

  - Relatively high financial leverage and limited scale
    partially offset by strong profitability and cash
    generation

The proceeds from the proposed debt facilities will be used to
repay the existing debt and pay a distribution to shareholders.

RATINGS RATIONALE

The B1 CFR reflects Sector Alarm's (i) relatively small scale
combined with a limited focus on the residential alarm monitoring
sector in Europe; (ii) relatively high financial leverage at 6.0x
for 2018 pro forma for the transaction, and debt/recurring monthly
revenue (RMR) on a Moody's adjusted basis of c. 33x as of December
2018; (iii) revenue concentration in Norway and Sweden, each
accounting for c. 37% of total sales; (iv) competitive pressures
from existing players and potential long-term competitive threat
from new entrants.

The CFR also positively reflects the company's (i) leading position
and significant market shares in its key countries of operation --
Ireland, Norway and Sweden; (ii) positive fundamentals of the
residential home and small business (RHSB) alarm monitoring market
in Europe which remains underpenetrated compared to the US,
offering continued high growth potential, although requiring a
continuous sales effort; (iii) stable and resilient business model,
with low cancellation rates at 6.4% for LTM December 2018,
continuous growth in the customer portfolio and average revenue per
user (ARPU) and improving payback period; (iv) positive free cash
flow generation despite an active M&A strategy, supported by
Moody's expectation of a continuing prudent financial policy.

The company's liquidity position is good with an expected cash
balance at around EUR21 million pro forma for the transaction and a
EUR100 million RCF expected to be undrawn at closing. Free cash
flow generation is expected to remain positive, despite active M&A
and the organic customer acquisition strategy, supported by a
maturing customer portfolio, low churn rate and cost saving
measures. The company is expected to maintain a good headroom under
its single springing covenant under the RCF, only applicable when
the RCF is drawn above 40%.

STRUCTURAL CONSIDERATIONS

The B1 rating on senior facilities, in line with the CFR, reflects
the absence of junior financial debt in the structure.

RATING OUTLOOK

The stable outlook reflects Moody's expectation of a balanced
financial policy in growing the subscriber base whilst keeping free
cash flow (including customer acquisition costs) positive. Moody's
also anticipates no further material debt-financed dividends or
material debt-financed acquisitions.

FACTORS THAT COULD LEAD TO AN UPGRADE

Positive pressure on the ratings would require the company to
significantly increase its scale and improve geographic
diversification, in addition to substantially improving its
leverage and cash flow metrics.

FACTORS THAT COULD LEAD TO A DOWNGRADE

Downward rating pressure could develop if, as a result of an
increase in customer churn or customer acquisition cost, or
debt-financed dividend or large debt-funded acquisitions,
Moody's-adjusted gross debt to RMR increases towards 35x. A
downgrade could also occur if there is a decline in the company's
operating performance or free cash flow (after customer acquisition
costs) turns negative on a sustained basis. Any change in financial
policy that increases expected leverage, including using debt to
finance growth in subscribers, could also lead to downward rating
pressure.

PRINCIPAL METHODOLOGY

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

Headquartered in Oslo, Norway, Sector Alarm Holding AB is a leading
provider of monitored alarm solutions operating in six countries
across Europe under the Sector Alarm brand name (as well as Phone
Watch in Ireland). The company sells and installs alarms and
provides ongoing monitoring services to primarily the residential
market with a customer base of more than 530 thousand subscribers.
In 2018 Sector Alarm reported NOK2,282 million revenue and NOK
1,045 million pro forma adjusted EBITDA. The company is majority
owned by its current CEO and founder, Jorgen Dahl.




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PAO KOKS: Fitch Corrects May 23 Ratings Release
-----------------------------------------------
Fitch Ratings corrects the ratings release of PAO KOKS published on
May 23 to correct KOKS' temporary ownership in Tula-Steel to
one-third from 33%, update KOKS' market share in the global
merchant pig iron export market to 18% from 16-17% and clarifies
that the factoring programme is non-recourse to KOKS.

The revised release is as follows:

Fitch Ratings has affirmed Russian pig iron company PAO Koks
Group's Long-Term Foreign- and Local-Currency Issuer Default
Ratings at 'B' with Stable Outlooks. Koks Finance DAC's senior
unsecured bond rating has been affirmed at 'B'/RR4/45%.

The affirmation and Stable Outlook reflect its view that despite
higher leverage than it previously expected (4.7x in 2018 remaining
above 4.0x over the rating horizon, vs. previous estimate of 3.5x),
the company's main projects are on track, as demonstrated by the
recent completion of the Tula-Steel facility and by the continued
efforts toward increased vertical integration.

KEY RATING DRIVERS

Leverage Expected to Rebase Above 4x: FFO adjusted leverage
increased to 4.7x in 2018 from 4x in 2017, largely due to a
combination of unfavourable FX effects on US dollar-denominated
debt and additional financing of the Tula-Steel project. Fitch
expects leverage to remain in the range of 4.3x to 4.5x over the
rating horizon. Fitch conservatively assumes the Tula-Steel Project
to still require additional funding from Koks over the next three
years to ensure coverage of Gazprom Bank maturities during the
ramp-up period. In addition, Fitch assumes that an increase in the
company's capex will be required in 2020-2022 (RUB10 to RUB12
billion compared to RUb8.6 billion in 2018 and RUB9.0 billion in
2017), to continue the efforts toward vertical integration,
particularly in iron ore and the pig iron segment.

Tula-Steel Project Completed: The plant is running commissioning
tests and will be commissioned in July 2019. Koks's subsidiary PJSC
Tulachermet, Sipco B.V. and OOO Stal, which are ultimately
controlled by the Zubitskiy family, all have or had various level
of equity interests in the project over the last few years. At
present the group temporarily holds one-third of the project, but
this ownership is expected to be transferred to another entity
under a common shareholder control. The group has been the sole
project investor (around RUB20 billion lent to date) excluding
Gazprombank's committed RUB30 billion project financing (end-2018:
RUB27 billion drawn).

Tula-Steel will produce specialty steel for the machinery and
automotive sectors, sourcing hot pig iron from the Tulachermet
plant. Koks may consider consolidating Tula-Steel, when the project
generates enough cash to ensure deleveraging to the level
comparable with that of the group. Fitch currently does not
consolidate the project due to the lack of other risks than
construction and moderate strategic importance to the group.

Vertical Integration to be Achieved by 2025: At present, the
company's self-sufficiency stands at 63% in coal and 76% in iron
ore concentrate. The coal production increase is driven by the
expansion of the Tikhova and Butovskaya mines launched in 2017.
Output from these mines is expected to ramp up in stages, with the
second stage on the Tikhova mine in 2024 to allow the company to be
fully self-sufficient in coal by 2025.

Ramp up in iron ore production is dependent on the development of a
second mining level at KMAruda. The mining is expected to start in
2H19, increasing self-sufficiency to 85%-90% by 2025. Other
significant investment projects include the reconstruction of the
blast furnace at Tulachermet, and the new type coke battery at
Kemerovo cocking plant in 2024. The maintenance capex represents
around RUB2 billion and management has publicly affirmed that the
capex programme is flexible and can be postponed, prioritising the
deleveraging. However, in its forecasts, Fitch incorporates the
capital intensity ratio to average 12% over the next four years and
to remain between RUB10 billion and RUB12 billion (Fitch
assumption) to enable the group to proceed with the volume increase
and productivity improvements.

Strong Pig Iron and Coke Position: The group is Russia's largest
merchant coke producer and the world's largest exporter of merchant
pig iron with a 18% market share, with North America and Europe the
key destinations. The group specialises in commercial pig iron and
focuses on increasing its presence in premium pig iron used in
automotive, machinery and tools industries, requiring high-purity
pig iron with low sulphur and phosphorus content.

Material Related-Party Transactions: Koks' significant
related-party transactions include the loan funding of the
Tula-Steel. The entity equity holders are jointly and severally
liable to any Tula-Steel project funding shortfall.

Koks' pig iron exports, totalling RUB50 billion, or 55% of the
group's RUB90 billion revenues in 2018, were routed through a
trader that the company's auditors qualify as a related party under
common control. Given the arms-length basis of trading operations,
with limited difference between realised and market-based pig iron
dynamics, and taking into account the relatively small pig iron
merchant market with a limited number of traders, Fitch does not
currently view this as a significant risk to the company's profile.
The company intends to change its trader to another related party
this year. This does not change its risk assessment.

DERIVATION SUMMARY

Koks ranks behind CIS metals and mining closest peers Evraz (BB+),
Metalloinvest (BB+) and METINVEST B.V. (B+ capped by the sovereign)
in terms of scale of operations, operational diversification and
share of value-added products. Koks' scale is more comparable with
Ukrainian pellet producer Ferrexpo (B+/Stable) while its margins
fall behind.

Koks' financial profile, including its financial leverage and
operational margins, ranks behind that of Evraz, Metalloinvest and
METINVEST's. No Country Ceiling, parent/subsidiary or operating
environment aspects impacts the rating.

KEY ASSUMPTIONS

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

  - Tikhova and Butovskaya mines ramp up by 2025, starting to
    contribute to EBITDA margin improvement of 21%-23% in
    2020-2021;

  - USD/RUB rate of 67.5 in 2019-2022 ;

  - average capex/sales of 12%;

  - no dividends during 2019-2022;

  - Tula-Steel is not consolidated;

  - RUB4 billion-RUB5 billion loan to non-consolidated Tula-Steel
    in 2019;

  - Fitch does not assume any recovery of the amounts invested in
    Tula-Steel in the next four years.

Fitch's Key Recovery Rating Assumptions

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

Koks' recovery analysis assumes a post-reorganisation EBITDA at
RUB13 billion, or 25% below its last 12 months EBITDA of RUB17
billion, to incorporate the potential price moderation and
volatility across Koks' product portfolio. A distressed EV/EBITDA
multiple of 4.5x has been used to calculate post-reorganisation
valuation and reflects a mid-cycle multiple. This is in line with
other natural resources 'B' rating category issuers reflecting
substantial market position in global merchant pig iron market and
adequate growth prospects.

Its assumptions result in a 45% recovery corresponding to a 'RR4'
recovery for the senior unsecured loan participation notes which
rank pari passu with other senior unsecured drawn and undrawn
committed debt across the group, and subordinated to the secured
drawn and undrawn committed debt. Hence the 'B' senior unsecured
rating is in line with Koks' IDR.

Fitch will update its recovery analysis in case of a consolidation
of Tula-Steel (the entity under common shareholder control) into
the group's perimeter.

RATING SENSITIVITIES

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

  - FFO adjusted leverage at or below 3x

  - Enhanced business profile through larger scale and/or product
    diversification

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

  - FFO adjusted gross leverage above 4.5x driven by market
    deterioration or underperformance of new capacities or by
    more significant than expected support to Tula-Steel

  - Increasing reliance on short-term debt financing or
    tightening of liquidity with liquidity ratio falling below 1x

  - FFO fixed charge falling to below 2.0x

LIQUIDITY AND DEBT STRUCTURE

Liquidity After Eurobond Placement: Koks's successful placement of
USD500 million (USD399 million outstanding as of end-2018) 7.5%
loan participation notes in May 2017 positively transformed the
company's liquidity profile as it no longer needs to rely on
short-term debt financings. Moreover, it has allowed Koks to
strengthen its negotiating position with banks for refinancing its
existing debt.

End-2018 debt maturities due in 2019 are a manageable RUB4.3
billion (vs. RUB11.5 billion cash balance at end-18), rising to
RUB9.3 billion in 2020 and RUB12.3 billion in 2021, peaking at
RUB31 billion in 2022 as USD399 million LPNs mature. Fitch
forecasts neutral free cash flow for the rating period, but Koks
has some flexibility to reduce capex should liquidity ever become a
stretch. As of end-2018 Koks had RUB39 billion long-term undrawn
committed facilities.

SUMMARY OF FINANCIAL ADJUSTMENTS

  - Fitch adjusted the total amount of debt by adding back on
    the balance sheet RUB200 million drawn under the non-recourse
    factoring programme

  - Total debt of the company according to IFRS is adjusted by
    RUB88 million of guarantees for loans issued to Tula-Steel

  - Fitch reclassified RUB679 million interest paid to operating
    cash flows from other capex

  - EBITDA has been adjusted for 1) RUB129 million Impairments
    2) RUB66 million gain on disposal of investment in
    subsidiary 3) RUB38 million of loss on disposal of other
    financial assets 4) RUB15 million loss on disposal of
    property, plant and equipment


SMOLENSK REGION: Fitch Affirms B+ LT IDRs, Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed the Russian Smolensk Region's Long-Term
Foreign- and Local-Currency Issuer Default Ratings at 'B+' with
Stable Outlooks and Short-Term Foreign-Currency IDR at 'B'.

The affirmation is based on a 'Weaker' assessment of the region's
risk profile and debt sustainability assessment of 'b' according to
Fitch's rating case. This reflects volatile historical performance,
including pressurised debt metrics and weak operating margin in the
past as well as the modest profile of the region's economy,
translating into lower fiscal capacity.

Smolensk Region is located in the west of European Russia,
bordering with Belorussia. The region's capital, the city of
Smolensk, is about 400km from Moscow. According to budgetary
regulation, Smolensk can borrow on the domestic market. The budget
accounts are presented on a cash basis while the law on a budget is
approved for three years.

KEY RATING DRIVERS

Revenue Robustness Assessed as Weaker

Smolensk's socio-economic profile has historically been weak, with
GRP per capita at about USD4,843 (2018 preliminary), which
restricts the region's tax base. Together with the overall sluggish
national economic environment, this leads to limited prospects for
growth of the region's tax base. In 2018, the region's GRP
increased by 0.5% yoy (issuer estimation) after a decline of 2.3%
in 2016 and 1.8% growth in 2017. The region's government expects
economic growth of about 1% yoy in 2019-2020.

The region's revenue sources are composed of taxes (75.1% of total
revenue in 2018), most of which are income-based taxes and exposed
to economy fluctuations. Another important revenue source is
transfers from the federal budget, which contributed 22.9% of total
revenue in 2018. The latter is almost equally split between
formula-based general purpose transfers and other intergovernmental
grants, which are exposed to some volatility. In general,
intergovernmental grants do not sufficiently enhance the region's
fiscal capacity to cover expenditure, which is evident from the
track record of high deficits in 2012-2016 that averaged 13% of
total revenue annually.

Revenue Adjustability Assessed as Weaker

Fitch assesses Smolensk's ability to generate additional revenue in
response to possible economic downturns as limited. The federal
government holds significant tax-setting authority, which limits
Russian LRGs' fiscal autonomy and revenue adjustability. The
regional governments have limited rate-setting power over three
regional taxes: corporate property tax, gambling tax and transport
tax. The proportion of these taxes in the region's budget revenues
was about 17% in 2018. Russian regions formally have rate-setting
power over those taxes, although the limits are set in the National
Tax Code.

Expenditure Sustainability Assessed as Midrange

Smolensk has responsibilities in education, healthcare, some types
of social benefits, public transportation and road construction.
Education and healthcare spending, which is of counter- or
non-cyclical nature accounted for 31% of total expenditure in 2018.
In line with other Russian regions, Smolensk is not required to
adopt anti-cyclical measures, which would inflate expenditure
related to social benefits in a downturn. At the same time, the
region's budgetary policy is dependent on the decisions of the
federal authorities, which could negatively affect the expenditure
dynamic. The region has improved control of expenditure over the
last several years, as evidenced by the track record of the
spending dynamic being close to that of revenue during 2016-2018
and it expects this policy to be continued in the medium term.

Expenditure Adjustability Assessed as Weaker

Like most Russian regions, Fitch assesses Smolensk's expenditure
adjustability as low. The vast majority of spending
responsibilities are mandatory for Russian subnationals, which
leads to inflexible items dominating the expenditure structure.
Consequently, the bulk of expenditure could be difficult to cut in
response to potential revenue shrinking. Fitch notes that the
region retains limited flexibility to cut or postpone capital
expenditure in case of stress, as capex has already reduced to 6%
in 2018 from the relatively high level of 16% in 2015 following the
intention of the region to narrow the deficit and curb debt growth.
The ability to cut expenditure is also constrained by the low level
of per capita expenditure compared with national and international
peers.

Liabilities and Liquidity Robustness Assessed as Weaker

Smolensk recorded continuous high deficits in the past which lead
to rapid debt growth that peaked at 98% of current revenue in 2015.
Despite a gradual decrease in debt, in 2016-2018, it still one of
the most indebted Russian region. The debt structure is balanced
between market borrowings in the form of up to three years bank
loans (in total 41%) and long term low-cost loans from the federal
budget (59%). Due to the latter, Smolensk's debt maturity structure
is stretched until 2034, but the bulk of debt (57%) matures between
2020 and 2021, exposing the region to refinancing risk.

Liabilities and Liquidity Flexibility Assessed as Midrange

Smolensk's liquidity flexibility is supported by the liquidity
instruments in the form of a federal treasury line to cover
intra-year cash gaps. This treasury facility amounted to
one-twelfth of annual budgeted revenue (excluding intergovernmental
transfers) and can be rolled over during the financial year. The
counterparty risk associated with the liquidity providers is
'BBB-', which limits the assessment of this risk factor to
Midrange.

Debt Sustainability Assessment: 'b'

Under the new Rating Criteria for International Local and Regional
Governments, Fitch classifies Smolensk like other Russian LRGs as a
Type B LRGs, which are required to cover debt service from cash
flow on an annual basis. The assessment of debt sustainability is
driven by a weak operating balance, which becomes negative
according to Fitch's rating case, so the payback ratio (net
adjusted debt/operating balance) is deteriorating to negative range
from an average of 10 years in 2016-2018.

RATING DERIVATION

Fitch assesses Smolensk's standalone credit profile at 'b+', which
reflects a combination of a Weaker assessment of the region's Risk
Profile (due to majority of Weaker assessment of Key Risk Factors)
and a 'b' assessment of debt sustainability. The notch-specific SCP
is supported by region's moderate leverage compared to
international peers, with fiscal debt burden (net adjusted debt to
operating revenue) remaining below 80% in 2020-2023 according to
Fitch rating case. No asymmetric risk or extraordinary support from
upper-tier government were identified, which results in the 'B+'
IDR.

KEY ASSUMPTIONS

Fitch's key assumptions within its base case for the issuer
include:

  - Tax revenue growth in line with local economy nominal growth

  - Operating expenditure growth of in line with inflation

  - Capital expenditure growth in line with local economy growth

  - Deficit is covered by new debt and interest expenditure
    increasing respectively

Fitch's rating case envisage the following stress compared with the
base case:

  - Stress on corporate income tax (CIT) by about -4pp annually to

    reflect weaker taxpayers' performance in case of weaker
economic
    environment based on historical CIT volatility

  - Stress on operating expenditure by about +0.4pp annually
reflecting
    higher opex growth based on historical opex volatility.

RATING SENSITIVITIES

Maintenance of sustainable debt payback close to nine years
according to Fitch's rating case could lead to an upgrade.

The deterioration of the region's fiscal debt burden (2018:65%)
consistently above 100% according to Fitch's rating case could lead
to a downgrade.




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SERBIA: Fitch Corrects May 3 Ratings Release
--------------------------------------------
Fitch Ratings corrects the ratings release on Serbia, originally
published on May 3, 2019, to add "Short-Term Ratings Criteria" to
the list of relevant criteria. All other content is unchanged.

The revised release is as follows:

Fitch Ratings has affirmed Serbia's Long-Term Foreign- and
Local-Currency Issuer Default Ratings at 'BB'. The Outlook is
Stable.

KEY RATING DRIVERS

Serbia's 'BB' rating reflects governance and human development
indicators that compare favourably with the peer group medians, and
the IMF Policy-Coordination Instrument provides a near-term policy
anchor for further strengthening of macroeconomic fundamentals and
reduction in public debt. Set against these factors are Serbia's
lower GDP growth potential, higher public debt, greater share of
foreign-currency denominated debt, and higher net external debt
relative to the peer medians. The current account deficit, at 5.2%
of GDP, is also wider than the 'BB' median of 2.3% (partly
reflecting a low savings rate of 13.2% of GDP) although it has been
fully covered by strong FDI flows in recent years.

Fitch forecasts a moderation in GDP growth this year to 3.1%, from
4.3% in 2018 due to a slowdown in key trading partners, and the
absence of one-off factors that contributed to last year's rebound
in activity. Domestic demand, including strong investment growth,
remains the driver, supported by employment growth (up 2.4% yoy in
March), higher wage growth (partly due to this year's 8.6% minimum
wage hike), strong FDI flows, more favourable credit conditions,
and a slight fiscal loosening. Weaker external demand will weigh on
growth, notably from Germany and Italy, Serbia's two largest export
markets. Fitch forecasts GDP growth of 3.0% in 2020, as softer
employment growth is compensated by some recovery in external
demand. GDP growth has averaged 2.0% over the last five years,
compared with the 'BB' median of 4.2%, and unfavourable
demographics and weak total factor productivity growth contribute
to Serbia's lower growth potential.

There has been a consolidation of the improved macroeconomic
performance of recent years, underpinned by the IMF PCI (in place
since July 2018 and which followed the 2015-2018 IMF Standby
Arrangement). Inflation expectations remain well anchored and the
main policy rate has been unchanged at 3.0% since April last year.
HICP inflation edged up to an average 2.4% in 1Q19, from 2.0% in
4Q18, and it forecasts a moderate rise to the National Bank of
Serbia (NBS) central inflation target of 3.0% towards end-2020. The
RSD/EUR exchange rate has largely been flat this year, as it was in
2018. Net FX purchase by the NBS have been around EUR0.1 billion
this year, compared with the EUR1.6 billion last year that helped
stem appreciation pressures (from higher portfolio inflows and the
improved macroeconomic environment).

Fitch forecasts a 0.4pp worsening of the general government balance
in each of the next two years, to 0.2% of GDP in 2019 and -0.2% in
2020. This is within the government's fiscal target of -0.5% of GDP
for both years, and compares favourably with the 'BB' current
median of a 2.7% deficit. The moderate fiscal loosening is driven
by somewhat greater expenditure on capital investment, wage and
pensions, and a reduction in employer social security
contributions. It follows a large fiscal consolidation effort since
2014, when the general government deficit was 6.2% of GDP
(including a reduction in spending on wages and pensions of 3.5% of
GDP and in debt interest costs of 0.7%). There is less certainty
about fiscal policy beyond 2020 when the IMF PCI expires, but it
consider the risk of a more marked loosening is mitigated by the
relatively high political priority the government continues to
attach to fiscal discipline.

General government debt is on a downward path, which Fitch
forecasts at 48.8% in 2020 from 54.5% in 2018 (and a peak of 71.2%
in 2015) but this still compares unfavourably with the projected
'BB' median of 43.7%. Fitch does not incorporate any stock-flow
adjustments, for example proceeds from the privatisations planned
under the IMF programme. Under its longer-term debt projections,
which assume average GDP growth of 2.8% from 2019-2028 and a
slightly reduced primary surplus averaging 1.1% of GDP, general
government debt declines steadily to 40.0% in 2028. Serbia's debt
structure is more exposed to foreign-currency risk than peers; the
FX-denominated share in total debt fell to 73.8% last year from
77.0% at end-2017, but remains above the current 'BB' median of
60.0%.

Fitch expects the current account deficit to widen by 0.3pp in 2019
to 5.5% of GDP due to lower export volume growth, consumption
recovery and robust investment growth lifting imports, and a higher
net primary income deficit. Fitch forecasts the deficit to narrow
to 5.0% in 2020 as external demand recovers. Net FDI reached 7.5%
of GDP in 2018 (having increased by around 1pp in each of the
previous two years), and it expects it to reduce to an average 5.2%
of GDP in 2019-2020, still covering the current account deficit.
Risks are also mitigated by the high capital and export-orientated
content of imports. Fitch forecasts a small reduction in
international reserves to 4.3 months of current external payments,
from 4.5 in 2018 (similar to the current 'BB' median of 4.2) and
for net external debt/GDP to increase by 3.9pp in 2018-2020 to
26.4% (above the current peer median of 19.1% of GDP).

Serbia's structural reform has been much slower than the
macroeconomic adjustment of recent years. The IMF PCI provides some
momentum, with its focus on structural measures particularly in
areas of governance. Earlier progress had been made in lowering
contingent liabilities from state-owned enterprises, including last
year's privatisation of the RTB Bor Copper Mine, and annual budget
subsidies to SOEs fell to 1.1% of GDP in 2018 from 2.2% in 2016.
Reforms to reduce inefficiencies in the public sector wage system
have been postponed to next year, while other areas targeted
include improving weak corporate governance in public entities and
furthering tax administration efforts. Substantial structural
reform progress represents an upside risk to Serbia's medium-term
GDP growth potential.

Fitch anticipates broad continuity in policy and governance. There
have been widespread political protests against the government
since last December centred on issues of rule of law and media
freedom, but in its view, opposition parties remain fragmented and
President Vucic is well placed to continue in power. On the issue
of EU membership, the government continues to work towards the
target accession date of 2025 but progress has slowed, with the
chapters on rule of law and Kosovo the most problematic. Relations
with Kosovo are severely strained, with 100% tariffs on Serbian
exports still in place and little sign of a compromise on a
potential land swap agreement.

Serbia's banking sector remains well-capitalised (Tier 1 capital
ratio of 22.3%) and there was some further reduction in the NPL
ratio to 5.7% in 4Q18, from 7.8% six months earlier (and 21.6% in
2015). Lending growth is strong, at 12.2% yoy in December,
particularly consumer lending. Progress in addressing weaknesses in
state-owned banks (which account for 16% of total banking sector
assets) remains mixed, and includes the planned privatisation of
Komercijalna Banka, Serbia's third-largest bank, targeted for later
this year.

SOVEREIGN RATING MODEL (SRM) and QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Serbia a score equivalent to a
rating of 'BB+' on the Long-Term FC IDR scale.

Fitch's sovereign rating committee adjusted the output from the SRM
to arrive at the final LT FC IDR by applying its QO, relative to
rated peers, as follows:

  - Macroeconomics: -1 notch, to reflect relatively weak
medium-term growth potential due to structural rigidities,
including adverse demographics, the large and inefficient public
sector, relatively high unemployment, a large informal economy, low
savings rate, and aspects of the business environment and
administrative capacity that hinder productivity.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three year centred
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within its
criteria that are not fully quantifiable and/or not fully reflected
in the SRM.

RATING SENSITIVITIES

The following factors may, individually or collectively, result in
positive rating action:

  - An improvement in medium-term growth prospects without creating
macro-economic imbalances, for example due to structural reform
progress.

  - Further reduction in the government debt-to-GDP ratio.

  - Greater confidence that recent improvements in macroeconomic
stability, including reduced external vulnerabilities, will be
sustained.

The following factors may, individually or collectively, result in
negative rating action:

  - Rising government debt/GDP, for example due to a significant
fiscal loosening and/or weaker GDP growth.

  - A recurrence of exchange rate pressures leading to a fall in
reserves and a sharp rise in debt levels and interest burden.

  - Worsening of external imbalances leading to increased external
liabilities.

KEY ASSUMPTIONS

  - Global macroeconomic developments are in line with Fitch's
Global Economic Outlook (March 2019).

  - Fitch assumes that EU accession talks will remain an important
policy anchor.

The full list of rating actions is as follows:

  Long-Term Foreign-Currency IDR affirmed at 'BB'; Outlook Stable

  Long-Term Local-Currency IDR affirmed at 'BB'; Outlook Stable

  Short-Term Foreign-Currency IDR affirmed at 'B'

  Short-Term Local-Currency IDR affirmed at 'B'

  Country Ceiling affirmed at 'BB+'

  Issue ratings on long-term senior unsecured debt affirmed at
'BB'




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S P A I N
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CAIXABANK CONSUMO 4: DBRS Confirms BB(high) Rating on Class B Notes
-------------------------------------------------------------------
DBRS Ratings GmbH confirmed its ratings on the Class A Notes and
Class B Notes (the Notes) at AA (low) (sf) and BB (high) (sf),
respectively, issued by CaixaBank Consumo 4, Fondo de Titulizacion
(the Issuer).

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

-- Portfolio performance, in terms of delinquencies,
    defaults, and losses;

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

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

The rating on the Class A Notes addresses the timely payment of
interest and ultimate payment of principal on or before the legal
final maturity date in July 2056. The rating on the Class B Notes
addresses the ultimate payment of interest and principal on or
before the legal final maturity date.

The Issuer is a securitization of unsecured consumer loans granted
to individuals residing in Spain by CaixaBank, S.A. (CaixaBank),
which is also the Servicer of the portfolio and acts as the Issuer
Account Bank. At closing, the static EUR 1.7 billion collateral
portfolio consisted of loans granted primarily to borrowers in
Catalonia (33.4% of the initial portfolio balance), Andalusia
(17.3%), and Madrid (10.7%). The transaction closed in May 2018.

PORTFOLIO PERFORMANCE

As of the April 2019 payment date, loans that were 0 to 30 days, 30
to 60 days and 60 to 90 days delinquent represented 1.1%, 0.5% and
0.2% of the outstanding principal balance, respectively, while
loans more than 90 days delinquent amounted to 2.4%. Gross
cumulative defaults amounted to 0.3% of the original principal
balance.

PORTFOLIO ASSUMPTIONS

DBRS conducted a loan-by-loan analysis of the remaining pool of
receivables and has updated its base case PD and LGD assumptions on
the outstanding portfolio to 6.7% and 65.7%, respectively.

CREDIT ENHANCEMENT

CE to the Class A Notes is provided by the subordination of the
Class B Notes and the cash reserve. As of the April 2019 payment
date, CE to the Class A Notes increased to 17.0% from 12.0% at
closing. CE to the Class B Notes is provided by the cash reserve,
following the full repayment of the Class A Notes. CE to the Class
B Notes increased to 5.7% from 4.0% at closing.

The transaction benefits from an amortizing reserve fund available
to cover senior expenses and all payments due on the senior-most
class of notes outstanding at the time. This reserve was funded to
EUR 68.0 million at closing through a subordinated loan granted by
CaixaBank and, from the July 2019 payment date onwards, as long as
the reserve has been replenished to its target level on the
previous payment date, it will amortize to its target level, which
is 4% of the outstanding principal balance of the Notes. Since
closing, the reserve has remained at EUR 68.0 million.

CaixaBank acts as the issuer account bank provider for the
transaction. Based on the account bank reference rating of
CaixaBank at A (high), which is one notch below the DBRS public
Long-Term Critical Obligations Rating of AA (low), the downgrade
provisions outlined in the transaction documents, and other
mitigating factors inherent in the transaction structure, DBRS
considers the risk arising from the exposure to the account bank to
be consistent with the rating assigned to the Class A Notes.



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S W E D E N
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SSAB AB: S&P Raises ICR to 'BB+' on Improved Business Performance
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S&P Global Ratings raised its long-term issuer credit rating on
SSAB AB to 'BB+' from 'BB'.

The upgrade is mainly driven by the company's progress on its
business model, namely improving its product mix toward specialty
steel and reducing its operating costs. S&P believes that further
yields will be harvested over the medium term. This positive
trajectory led S&P to reassess the business risk profile of the
company as fair. The upgrade was also supported by SSAB's further
reduction in its absolute debt and very supportive credit metrics.

S&P said, "We understand the company will continue to focus on
strengthening its balance sheet and the majority of the free cash
flow will be allocated to reducing its reported debt. We now expect
SSAB to have adjusted EBITDA of Swedish krona (SEK)9 billion-SEK10
billion (EUR830 million-EUR930 million) in 2019, translating into
S&P Global Ratings-adjusted funds from operations (FFO) to debt of
about 65% and adjusted debt falling below SEK12 billion by
end-2019.

"Our decision to reassess SSAB's business risk profile as fair
(lower part of the range), compared with weak previously, stems
from the company's average or above-average profitability compared
with industry peers'. After a history of weak probability (about
5%-7% during the last downturn in 2013 and 2015), the company
posted EBITDA margins of 12% and above in 2018 and in the first
quarter of 2019." S&P attributes this improvement to the
following:

-- Improved market conditions. The prevailing market conditions in
2018, propelled by strong demand for steel especially in the U.S.,
together with short-term windfalls from the implementation of
Section 232, led to improved results for most of the steel
industry. For example, in 2018 SSAB Americas strengthened its
margins to 15% from 6% in 2017 (compared with an improvement to 12%
from 9% in ArcelorMittal's division), and in Europe it saw a
decline to 13% from 14% (compared with EBITDA margins of about 9.5%
in ArcelorMittal's corresponding division).

-- Internal measures. SSAB has reduced fixed costs by over SEK3
billion in the past four years, including reducing its workforce by
2,500 (initial target 900) and closing some capacity, leading also
to much better utilization rates of the remaining blast furnaces
(about 90%).

-- Enhanced product mix. Premium products have reached 37% of
total sales, close to the company's target of 40%, and up from 32%
in 2016. These products are characterized by lower volatility and
higher margins through the cycle (12%-15%). S&P understands that
SSAB is investing in order to allocate more capacity to its
quenched and tempered (Q&T) steel product line in the Americas,
which will further support value-added product growth in its mix.

-- Maintenance of a strong market position in special-grade steel
products (40% market share in Q&T steel), as well as in heavy
plates in North America (about 28%; target of 30% by 2020) and 40%
share of the flat carbon and tube market in the Nordic region.

S&P said, "The stable outlook reflects our expectations of
continued deleveraging in 2019 and 2020, supported by still healthy
steel industry conditions. In our view, deleveraging, alongside
further improvements in the business model, will better position
the company ahead of a future downturn of the industry.

"Under our base case, with an adjusted EBITDA of SEK9.0
billion-SEK10.5 billion in 2019 and in 2020, we assume adjusted FFO
to debt to be about 60%-70% in 2019 and over 100% in 2020, well
above the adjusted FFO to debt of 60% that we consider to be
commensurate with the current rating in the current favorable
market conditions (or an adjusted FFO to debt of more than 45% in a
downturn).

"We view pressure on the rating to be remote in the coming 12-18
months. Nevertheless, we could lower the rating if the company's
performance showed less resilience than expected to a potential
downturn or operational challenges, such that EBITDA dropped
materially, translating into adjusted FFO to debt falling well
below 45%, without signs of an obvious recovery."

Other scenarios leading to a lower rating would include a deviation
from the current financial policy, including embarking on an
aggressive growth strategy or very sizable dividends, prompting
much higher debt.

S&P would consider raising the rating to 'BBB-' subject to the
following:

-- A reduction of adjusted debt to about SEK8 billion (equivalent
to reported net debt of about SEK4 billion) or below. In S&P's
view, this would allow the company to maintain a robust balance
sheet through the cycle, notably during severe downturns.

-- A track record of a prudent financial policy, including low
debt (which is well below the company's official public gearing
objective of maximum 35% at most times), no changes in shareholder
returns, and disciplined capital expenditure (capex).

-- Further enhancement of the business model, including a better
product offering and a reduction in operating costs. This should be
supported by consistently high or improving EBITDA margins (12% or
above) through the cycle.

-- Other conditions include the company's ability to maintain
adjusted FFO to debt above 60% in the current favorable market
conditions with positive discretionary cash flow.




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T U R K E Y
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TURKEY: Fitch Corrects May 3 Ratings Release
--------------------------------------------
Fitch corrects the ratings on Turkey, originally published on May
3, 2019, to add "Short-Term Ratings Criteria" to the list of
relevant criteria. All other content is unchanged.

The revised release is as follows:

Fitch Ratings has affirmed Turkey's Long-Term Foreign-Currency
Issuer Default Rating at 'BB' with a Negative Outlook.

KEY RATING DRIVERS

Turkey's rating and Negative Outlook reflect weak external
finances, manifest in a large external financing requirement, low
foreign reserves and high net external debt, high inflation, a
track record of economic volatility, and political and geopolitical
risks. The rating is supported by strong public finances, a large
and diversified economy with a vibrant private sector, and GNI per
capita and human development indicators above the peer group
medians.

The economy is adjusting to a sharp depreciation of the lira in
2018, which stemmed from the materialisation of external financing
vulnerabilities, aggravated by political and geopolitical
developments. The rapid correction in the current account deficit
is a necessary step on the path towards rebalancing and
stabilisation. However, significant uncertainties remain around the
outlook for economic recovery and inflation, economic policy
implementation, and the impact on the public finances and banking
sector.

The external sector remains a major credit weakness. There has been
a significant adjustment of the current account, driven by import
compression and supported by services exports and underpinned by
the floating exchange rate. On a rolling six-month basis, the
current account posted a surplus of USD2.7 billion at end-February,
compared with a deficit of USD32 billion a year earlier. Gross
foreign exchange reserves (including gold) rose by USD7 billion in
the first two months of 2019, but fell to USD96.3 billion in March
ahead of elections, with the decline particularly sharp in net
terms (to around USD28 billion), possibly reflecting efforts to
keep the exchange rate stable ahead of the polls. Market concerns
about the reserves position appear to have contributed to a renewed
fall in the lira, which could add to dollarisation pressures.

Weak domestic demand and a further improvement in services exports
are forecast to underpin a current account deficit of 0.7% of GDP
in 2019 (the smallest since 2002), less than projected net FDI
inflows (1.2% of GDP). Gradual private sector deleveraging should
also continue; at end-February, external debt rollover by banks was
80% and 93% for the non-bank private sector on a rolling six-month
basis, reflecting reduced demand for FX as well as higher borrowing
costs.

Nonetheless, the external financing requirement will remain large
due to private sector debt repayments. Fitch estimates the total
external financial requirement (including short-term debt) at
USD173 billion in 2019, down from USD212 billion in 2018. The
financing requirement means Turkey will remain vulnerable to global
investor sentiment and financial conditions, domestic political and
economic policy uncertainty and a pronounced deterioration in
relations with the US.

Fiscal performance has been hit by the weak economy. In 1Q19 the
central government deficit was TRY36.2 billion (0.8% of projected
full-year GDP) up from TRY20.4 billion in 1Q18, despite a TRY42.9
billion jump in non-tax revenues due to the early payment of the
central bank dividend. Pre-election stimulus measures affected both
tax revenues (up only 5.8%) and primary expenditure (up 33.5%). The
government did not revise its fiscal targets (notably a 2019
deficit of 1.8% of GDP) or include new measures in its updated
economic reform plan, despite the tough first quarter and an
optimistic growth assumption of 2.3%. Fitch assumes policy will be
tightened as election-related stimulus rolls off and other
consolidation measures are implemented, but forecasts the targets
are missed with a central government deficit of 2.4% of GDP in 2019
(general government deficit of 3.1%). A rebound in the economy will
lift revenues in 2020, narrowing the general government deficit to
a forecast 2.7% of GDP.

The moderate level of gross general government debt (GGGD) is
forecast to remain a key rating strength. Fitch expects GGGD/GDP to
rise to 31% at end-2019 from 30.4% at end-2018 owing to the
widening of the fiscal deficit and assuming 0.5% of GDP support for
state banks. This is well below the forecast median for 'BB' peers
of 45.1%. GGGD/GDP is expected to decline to 30.2% in 2020. Fitch's
projections do not include further sovereign support for the banks.
Exchange rate volatility poses a risk to debt dynamics; 47% of
central government debt was FX-denominated at end-February.

Various discretionary policy measures were implemented ahead of
local elections in March. While the government has fiscal space for
counter-cyclical policies, the nature of some measures, notably
interventions in the food retail market and ramped-up lending by
state banks and reported pressure on private sector pricing policy
risk creating distortions if maintained and raise questions over
the broader policy stance. The new economic reform plan published
shortly after the elections did not refer to these policy measures
and lacked detail, but did provide approximate timelines for
individual initiatives. Some of the structural measures in the plan
have been welcomed by the private sector, particularly reforms to
the insolvency process and politically difficult pension and
severance pay reform. The post-election period could be more
conducive to economic reform that would begin to tackle
long-standing structural weaknesses, although Fitch remains
cautious about the prospect of meaningful progress.

Tough operating conditions continue to put pressure on the banking
sector. NPLs (loans overdue by 90+ days, solo basis) were 4.1% in
April, up from 3% at end-2017; Stage 2 loans - which could migrate
to NPLs as the loans season - rose to 11.7% in February from 4.4%
at end-2017, albeit partly reflecting IFRS9 implementation.
Downside risks to asset quality remain significant given operating
environment pressures.

Capital adequacy remains above the regulatory requirement, at 16.4%
at end-March and Fitch's stress tests show that pre-impairment
profit and capital buffers provide a significant cushion against a
potential marked deterioration in asset quality, a weakening in
profitability and potential Turkish lira depreciation. In April,
the government injected TRY24 billion of euro-denominated
additional Tier 1 capital (equal to around 0.5% of GDP) into the
state banks. This followed fairly rapid growth at these banks - in
contrast to the rest of the sector - in 1Q19. Some private banks
have also raised new capital.

Refinancing risks for Turkish banks remain high following recent
heightened market volatility and given the large stock of
short-term external debt on banks' balance sheets (end-2018: USD90
billion on a remaining maturity basis). However, Fitch estimates
banks' total external FC debt due within 12 months, net of more
stable sources of funding, to be USD40 billion-USD45 billion
compared with available foreign currency liquidity of USD75
billion-USD80 billion.

Turkey is undergoing a deep economic recession, but the economy
seems to have bottomed after contracting 4% (non-annualised) in
2H18, with net trade the main source of sequential growth.
Election-related temporary stimulus and rapid credit growth from
state-owned banks have also contributed to the nascent 1Q19
recovery, pointing to a likely easing of momentum in 2Q,
particularly if accompanied by tighter fiscal policy. Base effects
mean that yoy growth rates will remain negative until 4Q and the
economy is forecast to contract by 1.1% this year. The unemployment
rate has risen rapidly. Growth should revive in 2020, but at a
forecast 3.1% will be below Fitch's estimate of trend growth (4.3%,
recently revised down from 4.8%). Average growth for 2018-2020 of
1.5% compares with an average for 2010-2017 of 6.8%.

Inflation has dipped from its peak, but remained elevated at 19.7%
in March. Weak domestic demand and base effects should put
inflation on a downward path, but the PPI remains high (29.6%) and
the impact of unwinding temporary tax and other price control
measures is unclear. Fitch forecasts inflation to average 14.2% in
2019, the highest of any sovereign rated above the 'B' category.
The policy rate was kept at 24% in April and is rising in real
terms. High dollarisation and the increased role of state bank
lending and informal pressure on bank interest rates may be
undermining transmission channels. In Fitch's view, monetary policy
credibility is weak and potential mis-steps are a downside risk to
the economic adjustment path.

Political and geopolitical risks weigh on Turkey's ratings, and
World Bank governance indicators are below the 'BB' median.
Tolerance of dissenting political views has reduced in the opinion
of independent observers. The opposition alliance won several key
cities in local elections in March (the ruling AKP is contesting a
narrow defeat in Istanbul), benefiting from the weak economy and a
disciplined approach to the campaign. The elections completed a
prolonged electoral cycle and the next polls are not scheduled for
more than four years. Domestic security conditions have improved
recently.

In Fitch's view, geopolitical risks arise from Turkey's complex and
at times volatile international relations. There are a number of
pressure points in relations with the US, most prominently the
government's planned purchase of S400 missiles from Russia;
sanctions would be triggered by the arrival of missile components
in the country.

SOVEREIGN RATING MODEL (SRM) and QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Turkey a score equivalent to a
rating of 'BBB-' on the Long-Term Foreign-Currency IDR scale.

Fitch's sovereign rating committee adjusted the output from the SRM
to arrive at the final LT FC IDR by applying its QO, relative to
rated peers, as follows:

  - External finances: -1 notch, to reflect a very high gross
external financing requirement and low international liquidity
ratio.

  - Structural features: -1 notch, to reflect an erosion of checks
and balances, a weakening banking sector and the risk of
developments in foreign relations that could impact financial
stability.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within its
criteria that are not fully quantifiable and/or not fully reflected
in the SRM.

RATING SENSITIVITIES

The main factors that, individually, or collectively, could lead to
a downgrade are:

  - Failure to rebalance and stabilise the economy consistent with
lower inflation and external vulnerabilities.

  - Heightened stresses in the corporate or banking sectors
potentially stemming from a sudden stop to capital inflows or a
more severe recession.

  - A marked increase in the government debt/GDP ratio to a level
closer to the peer median.

  - A serious deterioration in the domestic political or security
situation or international relations.

The main factors that, individually, or collectively, could lead to
a stabilisation of the Outlook are:

  - A sustainable rebalancing of the economy evidenced by a
reduction in the current account deficit and inflation that reduces
external vulnerabilities.

  - A political and security environment that supports a pronounced
improvement in key macroeconomic data

KEY ASSUMPTIONS

Fitch forecasts Brent Crude to average USD65/b in 2019 and
USD62.5/b in 2020.

The full list of rating actions is as follows:

  Long-Term Foreign-Currency IDR affirmed at 'BB'; Outlook Negative


  Long-Term Local-Currency IDR affirmed at 'BB+'; Outlook Negative

  Short-Term Foreign-Currency IDR affirmed at 'B'

  Short-Term Local-Currency IDR affirmed at 'B'

  Country Ceiling affirmed at 'BB+'

  Issue ratings on long-term senior unsecured foreign-currency
bonds affirmed at 'BB

  Issue ratings on long-term senior unsecured local-currency bonds
affirmed at 'BB+'

  Issue ratings on Hazine Mustesarligi Varlik Kiralama Anonim
Sirketi's foreign-currency global certificates (sukuk) affirmed at
'BB

  Issue ratings on Hazine Mustesarligi Varlik Kiralama Anonim
Sirketi's local-currency global certificates affirmed at 'BB+'




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U K R A I N E
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ALFA-BANK JSC: Fitch Affirms B- LongTerm IDRs, Outlook Stable
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Fitch Ratings has affirmed the Long-Term Foreign- and
Local-Currency Currency Issuer Default Ratings at 'B-', with Stable
Outlooks, of JSC Alfa-Bank.

The affirmation of the Long-Term IDRs reflects Fitch's unchanged
view of support prospects for the bank. Fitch has further affirmed
AB's VR at 'ccc' due to limited changes in the bank's credit
profile since the last review.

KEY RATINGS DRIVERS - IDRS, NATIONAL RATINGS, DEBT RATINGS, SUPPORT
RATINGS

AB's 'B-' Long-Term Foreign and Local Currency IDRs and 'AA(ukr)'
National Long-Term Ratings reflect Fitch's view that some support
may be forthcoming to the bank from its controlling shareholder,
Alfa Group. However, in Fitch's view the probability of such
support is lower than that for AB's foreign-owned Ukrainian peers
due to a mixed record of support from shareholders, when it was
needed, and AB's only indirect relationship with other group assets
(from which support might be forthcoming). AB's ratings are not
constrained by the Ukrainian 'B-' Country Ceiling.

AB is controlled by ABH Holdings S.A., which is part of Alfa
Group's financial business and is the owner of several other
banking subsidiaries, mostly in the CIS, including Russia-based
Joint Stock Company Alfa-Bank (BB+/Stable).

AB's senior unsecured debt ratings of 'B-' are aligned with its
Long-Term Local-Currency IDR and the 'AA(ukr)' National Ratings of
debt are equalised with the bank's National Long-Term Rating. The
Recovery Rating of 'RR4' reflects Fitch's view of average recovery
prospects on these instruments in the event of the issuer's
default.

KEY RATINGS DRIVERS – VR

AB's 'ccc' VR continues to reflect its weak loan quality and
capitalisation, and vulnerable, though improved, performance while
ordinary benefits of support from the broader Alfa Group appear
limited. Fitch also factors in a moderate negative impact on AB's
credit profile from a planned merger with a deeply distressed but a
smaller sister bank, Ukrsotsbank (USB; unrated).

AB's boost to profits and capital thanks to retail earnings has
lifted its FCC/RWA ratio to a moderate 11% at end-2018 from 5% at
end-2017. Retained earnings and higher demand for retail credit
have helped AB double unsecured consumer loan portfolio over two
years to end-2018. At the same time, AB continued disposals of its
problem assets through a mixture of loan write-offs, non-core asset
and loan sales, together with some loan repayments.

While impaired (IFRS 9 aggregate Stage 3 and POCI) loans are high
but relatively stable at 27% of gross loans at end-1Q19,
restructured (stressed) Stage 2 loans decreased to 10% from 22% at
end-2018 and 32% at end-2017. The combined Stage 2, Stage 3 and
POCI loan portfolio, net of loan loss allowances, has also shrunk
considerably over these years, to 1.3x FCC from 2.1x and 6.4x,
respectively.

Although reported loan-quality improvements are considerable, AB's
asset quality and capitalisation remain weak, in Fitch's view, and
a greater clean-up is required before Fitch can see AB's standalone
credit profile as commensurate with a higher VR.

Fitch also expects AB to suffer moderately as a result of a merger
with or loan transfers from USB, potentially lifting AB's impaired
loan ratio again given USB's distressed loan portfolio. Fitch
estimates that the combined Stage 3 and POCI loans/gross loans
ratio could go up to 56% of gross loans (based on a line-by-line
consolidation method) and the combined unreserved Stage 2, Stage 3
and POCI loans could also go up, though moderately, to 1.7x FCC.

Thanks to retail revenue growth AB has recovered its operating
performance metrics with operating profit/ RWA ratio rising to a
strong 5% in 2018 from 2% in 2017, while interest accrued on loans
was almost fully recovered with cash receipts. Net income was up to
30% of average equity in 2018 after 17% in 2017 and large losses in
three preceding years. Fitch believes high risks to profitability
and solvency exist due to large unreserved problem loans.

AB's liquidity position is satisfactory, in Fitch's view, with
highly liquid assets (cash placements with investment-grade banks)
amounting to a moderate 16% of deposits, NBU certificates at 4% and
repoable sovereign bonds making up a further 11% at end-1Q19.

Fitch assigns ESG Relevance Score at '4' to AB's Group Structure in
view of the risks the bank is facing in the process of a planned
merging with the sister bank.

RATING SENSITIVITIES

An upgrade of AB's IDRs would require a strengthening of the
support track record for the bank (not currently its base case). A
significant weakening of the ability and/or propensity of
shareholders to provide support could also result in the downgrade
of AB's IDRs.

The bank's VR could come under downward pressure if additional loan
impairment recognition undermines capital positions without
sufficient support being made available. Upside potential for VR is
currently limited.

The rating actions are as follows:

JSC Alfa-Bank

  Long-Term Foreign- and Local-Currency IDRs: affirmed at 'B-';
  Outlook Stable

  Short-Term IDR: affirmed at 'B'

  National Long-Term Rating: affirmed at 'AA(ukr)'; Outlook Stable

  Viability Rating: affirmed at 'ccc';

  Support Rating: affirmed at '5'

  Senior unsecured debt ratings: affirmed at 'B-'/ Recovery Rating
  at 'RR4'; 'AA(ukr)'




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

ARCADIA GROUP: Green Says GBP100MM Pension Injection Best Outcome
-----------------------------------------------------------------
Jonathan Eley and Judith Evans at The Financial Times report that
Philip Green has insisted that the GBP100 million he has promised
to Arcadia Group's pension fund represents the "best outcome", as
his retail empire faces a make-or-break vote on its future this
week.

The creditors of Arcadia, whose chains include Topshop and Dorothy
Perkins, have to decide on Wednesday, June 5, whether to accept a
restructuring that will see more than 20 stores closed, rents cut
on almost 200 more and a reduction in contributions to the
retailer's pension scheme, the FT discloses.

According to the FT, after weeks of negotiations with landlords and
creditors, Sir Philip's wife Tina, the ultimate owner of Arcadia,
proposed injecting GBP100 million into the group's defined benefit
pension scheme over the next three years to help offset the
reductions planned through the restructuring.

"I believe my wife's voluntary offer of GBP100 million to support
the scheme and the security the company has offered will be the
best outcome for the pension fund, staff and creditors," the retail
tycoon told the FT on May 31.

The support of Arcadia's pension trustees, whose vote will be cast
by the Pension Protection Fund because the scheme is in deficit, is
essential for the approval of a restructuring of a retail business
disrupted by e-commerce and beset by a lack of investment, the FT
notes.

However, the Pension Regulator, whose views the PPF considers
before voting, said the proposals were insufficient, the FT
relates.  It declined to comment on a Sky News report that the
regulator was demanding another GBP50 million.

Talks between Arcadia, the regulator, the trustees and the Green
family continue, citing people briefed on the process, and a
last-minute agreement before the crunch vote remains a possibility,
the FT relays.

A 75% majority is required for approval of the restructuring which
is being done via a company voluntary arrangement, the FT states.

Arcadia Group Ltd. is the UK's largest privately owned fashion
retailer with seven major high street brands: Burton, Dorothy
Perkins, Evans, Miss Selfridge, Topshop, Topman and Wallis, along
with its out-of-town fashion destination Outfit.  


ARCADIA GROUP: Philip Green to Sell Properties to Fund Turnaround
-----------------------------------------------------------------
Ashley Armstrong at The Telegraph reports that Sir Philip Green has
put one of his prized central London properties on the market for
GBP90 million to help fund a turnaround of his Arcadia retail
empire and secure the support of creditors.

According to The Telegraph, Corinthian House on Tottenham Court
Road, formerly Dorothy Perkins' flagship store and now offices, has
been put up for sale by BNP Paribas, targeting cash-rich buyers in
Hong Kong, the US and Singapore.

It comes as the tycoon pledges to invest GBP135 million in an
overhaul of Topshop, Dorothy Perkins and Wallis, The Telegraph
notes.  The promised cash injection is the spearhead of Sir
Philip's campaign to win rent reductions and approval for store
closures in a vote of landlords this week, The Telegraph states.

Arcadia Group Ltd. is the UK's largest privately owned fashion
retailer with seven major high street brands: Burton, Dorothy
Perkins, Evans, Miss Selfridge, Topshop, Topman and Wallis, along
with its out-of-town fashion destination Outfit.  


MONSOON ACCESSORIZE: Landlords Want Equity Stake for CVA Support
----------------------------------------------------------------
Alys Key at Press Association reports that landlords of Monsoon
Accessorize have asked the retailer to hand over an equity stake in
the business in exchange for their support of a restructuring
process.

British Land, Hammerson, M&G Investments and Roubaix Group, which
are thought to own many of the chain's stores, have written to
Monsoon's owner Peter Simon in a bid to secure more favorable
terms, Press Association relates.

It comes ahead of an expected company voluntary arrangement (CVA)
which will ask landlords to stomach rent cuts in order to support
the high street stalwart in a recovery process, Press Association
notes.

A source at one of the landlords involved in the discussions told
Press Association: "If Monsoon carry out a CVA, which looks highly
likely, landlords want to make sure they will be able to benefit
from the turnaround the company says a CVA will help it achieve."

If the four Monsoon landlords are similarly successful, it is
thought they will share any stake between all store-owners, not
just those involved in the negotiation, Press Association states.

Monsoon, Press Association says, is expected to launch a CVA
imminently after it emerged that the company had brought in
advisers at Deloitte in April.

Over the weekend, the Sunday Times reported that Mr. Simon would
inject as much as GBP34 million of his own money into the business
as part of the turnaround effort, Press Association discloses.

Monsoon Accessorize is a fashion chain based in the United
Kingdom.


ROCOCO: Negative Trading Conditions Prompt Administration
---------------------------------------------------------
Business Sale reports that a Rococo, a high-end chocolate maker,
has collapsed into administration after being hit by "negative
trading conditions".

The company has been forced to appoint insolvency practitioners BDO
LLP to handle the administration process, with partners Kerry
Bailey -- kerry.bailey@bdo.co.uk -- and
Danny Dartnaill -- danny.dartnaill@bdo.co.uk -- appointed as joint
administrators, Business Sale relates.

According to Business Sale, Mr. Dartnaill said: "Difficult trading
conditions negatively impacted the company's working capital
position and an administration was required to provide a stable
financial platform to rescue the company.

"The joint administrators are continuing to trade Rococo Chocolates
and are hopeful that a purchaser for the company or the business
will be found."

Rococo has five stores in central London, including its flagship
retailer on King's Road in Chelsea, as well as an online portal,
Business Sale discloses.

The administrators will continue to trade the business while they
search for a new owner, Business Sale says.  Expressions of
interest from potential buyers are invited immediately,
Business Sale notes.


[*] UK: Shopping Centers Breach Loan Terms After Retail Failures
----------------------------------------------------------------
Judith Evans at The Financial Times reports that UK shopping
centers owned by private equity groups including Lone Star and
Oaktree have breached the terms of their loans, after retail
failures triggered steep falls in property values.

According to the FT, market players say the breaches will probably
trigger a series of asset sales that will crystallize price falls
in secondary retail properties.

Two shopping centers owned by the Florida-based private equity
group HIG Capital are among the latest to exceed agreed ceilings on
loan-to-value ratios thanks to the falling values of the
properties, the FT relays, citing people briefed on the assets.

That follows a similar breach this month by three shopping centers
owned by Howard Marks' Oaktree Capital, after their value shed
17.9% in 18 months, the FT notes.

Earlier this year, a portfolio of five shopping centers owned by
the US-based buyout group Lone Star was surrendered to the Austrian
lender BAWAG after a similar breach, the FT recounts.

The centers are the legacy of a buying spree in 2014 and 2015 by
mainly US-based private equity groups, which aimed to take
advantage of price drops from pre-financial crisis highs, the FT
says.

But a series of retailer insolvencies have helped to push values
down much further in the past year, leaving some second-tier UK
shopping centers struggling for survival and lacking the resources
to attempt a turnround, the FT relates.




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

[*] BOND PRICING: For the Week May 27 to May 31, 2019
-----------------------------------------------------
Issuer                     Coupon    Maturity  Currency  Price
------                     ------    --------  --------  -----
Thomas Cook Group PLC        6.250   6/15/2022    EUR     46.657
Thomas Cook Finance 2 P      3.875   7/15/2023    EUR     44.164
Officine Maccaferri-SpA      5.750    6/1/2021    EUR     50.202
La Financiere Atalian S      4.000   5/15/2024    EUR     72.653
Sudzucker International      2.791                EUR     73.690
Distribuidora Internaci      0.875    4/6/2023    EUR     56.766
Banca Monte dei Paschi       5.375   1/18/2028    EUR     58.854
Distribuidora Internaci      1.000   4/28/2021    EUR     63.836
Senvion Holding GmbH         3.875  10/25/2022    EUR     37.005
Aegon NV                     0.232                EUR     70.733
Mallinckrodt Internatio      4.750   4/15/2023    USD     73.175
Casino Guichard Perrach      3.992                EUR     59.666
Moby SpA                     7.750   2/15/2023    EUR     31.682
Casino Guichard Perrach      1.583                EUR     37.709
Intralot Capital Luxemb      5.250   9/15/2024    EUR     47.800
Teva Pharmaceutical Fin      4.100   10/1/2046    USD     68.643
La Financiere Atalian S      5.125   5/15/2025    EUR     72.449
Astaldi SpA                  7.125   12/1/2020    EUR     24.493
Nostrum Oil & Gas Finan      8.000   7/25/2022    USD     69.862
Nyrstar Netherlands Hol      6.875   3/15/2024    EUR     42.052
Intralot Capital Luxemb      6.750   9/15/2021    EUR     69.100
Aldesa Financial Servic      7.250    4/1/2021    EUR     70.341
Rothschild & Co Continu      0.670                EUR     70.127
Fuerstenberg Capital II      5.625                EUR     67.600
Debenhams PLC                5.250   7/15/2021    GBP     42.072
Mallinckrodt Internatio      5.500   4/15/2025    USD     73.955
Ensco Rowan plc              5.750   10/1/2044    USD     63.605
Air France-KLM               0.125   3/25/2026    EUR     17.293
Vallourec SA                 2.250   9/30/2024    EUR     72.770
Nyrstar Netherlands Hol      8.500   9/15/2019    EUR     43.273
Aegon NV                     2.582                USD     72.389
Cooperativa Muratori &       6.000   2/15/2023    EUR      5.000
Obrascon Huarte Lain SA      4.750   3/15/2022    EUR     68.070
Rallye SA                    4.371   1/23/2023    EUR     64.173
ING Groep NV                 0.230                EUR     73.634
Constellation Oil Servi      9.500   11/9/2024    USD     41.615
Bayer Capital Corp BV        5.625  11/22/2019    EUR     72.865
Galapagos Holding SA         7.000   6/15/2022    EUR     18.591
Astaldi SpA                  4.875   6/21/2024    EUR     10.097
Nostrum Oil & Gas Finan      7.000   2/16/2025    USD     66.605
AXA SA                       0.548                EUR     72.114
Kirk Beauty One GmbH         8.750   7/15/2023    EUR     67.590
Banque Federative du Cr      0.979                EUR     68.309
Yasar Holding AS             8.875    5/6/2020    USD     61.665
Turkiye Is Bankasi AS        7.000   6/29/2028    USD     72.600
Rallye SA                    5.250    2/1/2022    EUR     68.117
Hema Bondco II BV            8.500   1/15/2023    EUR     68.989
Aegon NV                     1.425                NLG     67.906
New Look Secured Issuer      6.500    7/1/2022    GBP     29.400
Steinhoff Europe AG          1.875   1/24/2025    EUR     73.504
EA Partners I BV             6.875   9/28/2020    USD     43.418
Obrascon Huarte Lain SA      5.500   3/15/2023    EUR     67.853
Korian SA                    2.500                EUR     44.521
Vallourec SA                 4.125   10/4/2022    EUR      5.462
EA Partners II BV            6.750    6/1/2021    USD     43.333
Privatbank CJSC Via UK      10.250   1/23/2018    USD     30.267
Offshore Drilling Holdi      8.375   9/20/2020    USD     43.865
Ageasfinlux SA               1.041                EUR     53.057
OAS Investments GmbH         8.250  10/19/2019    USD      0.980
Boparan Finance PLC          4.375   7/15/2021    EUR     69.333
Steinhoff Finance Holdi      1.250  10/21/2023    EUR     46.419
Cooperativa Muratori &       6.875    8/1/2022    EUR      4.945
Fortenova Grupa d.d.         9.875    5/1/2019    EUR     18.950
O1 Properties Finance P      8.250   9/27/2021    USD     75.000
Pizzaexpress Financing       8.625    8/1/2022    GBP     48.837
FF Group Finance Luxemb      1.750    7/3/2019    EUR      5.809
Mitsubishi UFJ Investor      4.190  12/15/2050    EUR     54.863
Rothschild & Co Continu      2.938                USD     57.689
Credit Agricole SA           0.711                EUR     73.283
AXA SA                       2.760                USD     73.899
La Financiere Atalian S      6.625   5/15/2025    GBP     71.911
Rallye SA                    3.250    2/8/2024    CHF     56.225
BNP Paribas Fortis SA        1.691                EUR     74.448
Banco Santander SA           0.502                EUR     68.860
AXA SA                       2.804                USD     72.932
Credit Mutuel Arkea SA       0.857                EUR     66.052
BNP Paribas SA               0.975                EUR     61.300
Odea Bank AS                 7.625    8/1/2027    USD     68.921
Genfit                       3.500  10/16/2022    EUR     28.963
CNP Assurances               0.480                EUR     70.092
Neopost SA                   3.375                EUR     53.682
Immigon Portfolioabbau       6.082                EUR     16.153
Avangardco Investments      10.000  10/29/2018    USD     17.898
VIEO BV                      6.750    9/7/2020    EUR     64.100
Boparan Finance PLC          5.500   7/15/2021    GBP     69.183
Societe Generale SA          2.962                USD     65.000
Bank Otkritie Financial     10.000   4/26/2019    USD      8.000
Air Berlin PLC               6.750    5/9/2019    EUR      2.873
Caisse Federale du Cred      0.590                EUR     68.407
Fibabanka AS                 7.750  11/24/2027    USD     72.399
Bourbon Corp                 6.446                EUR      4.000
Capital Raising GmbH         7.500                EUR     55.742
Maisons du Monde SA          0.125   12/6/2023    EUR     44.442
HSBC Bank PLC                3.126                USD     73.268
Banco Espirito Santo SA      2.625    5/8/2017    EUR     25.754
Econocom Group SA/NV         0.500    3/6/2023    EUR      7.003
New Look Senior Issuer       8.000    7/1/2023    GBP      1.500
Mitsubishi UFJ Investor      3.940  12/30/2099    EUR      4.844
ADLER Real Estate AG         2.500   7/19/2021    EUR     15.433
Hellenic Bank PCL           10.000                EUR     46.303
Greenyard Fresh NV           3.750  12/22/2021    EUR     66.114
Constellation Oil Servi      6.250   11/9/2019    USD      3.000
Nova Ljubljanska Banka       4.200    5/6/2029    EUR     62.415
Fortenova Grupa d.d.         9.125    2/1/2020    EUR     18.728
Air Berlin PLC               8.250   4/19/2018    EUR      3.909
FF Group Finance Luxemb      3.250   11/2/2021    CHF      6.903
HSBC Bank PLC                2.938                USD     73.541
Caixa Terrassa Societat      1.025                EUR     70.431
Grupo Isolux Corsan SA       6.000  12/30/2021    EUR      0.153
Societe Generale SA          0.744                EUR     59.180
Nyrstar NV                   5.000   7/11/2022    EUR     41.757
Banco Espirito Santo SA      4.000   1/21/2019    EUR     27.918
syncreon Group BV / syn      8.625   11/1/2021    USD     36.736
HSBC Bank PLC                3.038                USD     73.541
Turkiye Sinai Kalkinma       7.625   3/29/2027    USD     74.612
Scholz Holding Gmbh          8.500  12/31/2019    EUR      0.927
Union Fenosa Preferente      1.341                EUR     74.000
GEWA 5 to 1 GmbH & Co K      6.500   3/24/2018    EUR     13.650
Portugal Telecom Intern      4.625    5/8/2020    EUR      1.207
Banco Espirito Santo SA      4.750   1/15/2018    EUR     27.135
Jyske Bank A/S               0.907                EUR     74.229
Grupo Isolux Corsan SA       0.250  12/30/2021    EUR      0.112
EOS Imaging SA               6.000   5/31/2023    EUR      6.105
Privatbank CJSC Via UK      10.875   2/28/2018    USD     31.087
Fortenova Grupa d.d.         8.875    2/1/2020    USD     19.250
New Look Secured Issuer      4.500    7/1/2022    EUR     27.540
Nexity SA                    0.250    3/2/2025    EUR     64.340
Nexity SA                    0.125    1/1/2023    EUR     63.809
Banco BPM SpA                1.570                EUR     72.083
Cooperatieve Rabobank U      9.250   7/15/2021    TRY     74.330
Rickmers Holding AG          8.875   6/11/2018    EUR      1.608
Jyske Bank A/S               0.735                EUR     74.010
Air Berlin PLC               5.625    5/9/2019    CHF      2.304
Pierre & Vacances SA         2.000    4/1/2023    EUR     51.529
FIGEAC-AERO                  1.125  10/18/2022    EUR     23.441
Bayer Capital Corp BV        5.625  11/22/2019    EUR     73.229
Privatbank CJSC Via UK      11.000    2/9/2021    USD      6.876
Lambay Capital Securiti      6.250                GBP      1.455
BNP Paribas SA               2.726                USD     63.232
Hamon & CIE SA               5.500   1/30/2020    EUR     59.000
Portugal Telecom Intern      5.000   11/4/2019    EUR      1.504
NIBC Bank NV                 2.627                USD     65.750
Banco Santander SA           0.623                EUR     68.617
Allied Irish Banks PLC      12.500   6/25/2035    GBP     72.210
Bilt Paper BV                9.640                USD      7.782
House of Fraser Funding      6.554   9/15/2020    GBP      2.437
Zaklady Miesne Henryk K      6.720   6/24/2019    PLN     56.120
Fuerstenberg Capital Er      1.319                EUR     59.579
Alno AG                      8.500   5/14/2018    EUR      5.471
UkrLandFarming PLC          10.875   3/26/2018    USD     12.887
EDOB Abwicklungs AG          7.500    4/1/2012    EUR      1.493
Turkiye Garanti Bankasi     11.500  11/12/2021    TRY     71.809
Afren PLC                    6.625   12/9/2020    USD      0.029
Thomas Cook Group PLC        6.250   6/15/2022    EUR     46.610
Klarna Bank AB               5.678                SEK     66.180
Portugal Telecom Intern      5.875   4/17/2018    EUR      1.283
Cattles Ltd                  8.125    7/5/2017    GBP      0.253
Barclays Bank PLC            2.938                USD     73.500
Virgolino de Oliveira F     10.500   1/28/2018    USD      4.544
Mitchells & Butlers Fin      2.970   6/15/2036    GBP     70.638
Eramet                       4.000                EUR     58.884
Lloyds Bank PLC              1.705  12/27/2028    USD     70.088
Norske Skog AS              11.750  12/15/2019    EUR     65.050
Banco Espirito Santo SA      7.125  11/28/2023    EUR      0.196
Landwirtschaftliche Ren      9.500   5/23/2022    TRY     69.359
Dolphin Drilling ASA         4.280   8/28/2019    NOK     12.220
WPE International Coope     10.375   9/30/2020    USD     14.872
OGX Austria GmbH             8.500    6/1/2018    USD      0.071
Credit Lyonnais SACA         0.680                EUR     59.000
Tresu Investment Holdin      5.000   9/29/2022    EUR     37.093
Alitalia-Societa Aerea       5.250   7/30/2020    EUR      4.315
Thomas Cook Finance 2 P      3.875   7/15/2023    EUR     44.068
Portugal Telecom Intern      4.375   3/24/2017    EUR      1.460
Santhera Pharmaceutical      5.000   2/17/2022    CHF     72.274
Johnston Press Bond Plc      8.625    6/1/2019    GBP     42.841
CNP Assurances               2.000                EUR     69.000
Dexia Credit Local SA        1.417                EUR      7.435
Claranova SADIR              5.000    7/1/2023    EUR      1.180
Hybrid Raising GmbH          6.625                EUR     58.426
SSM Holding AB               8.000    5/9/2020    SEK     65.534
Scandinavian Airlines S      0.625                CHF     28.375
Lauritz.com Group A/S        7.500  12/17/2024    SEK     49.281
Nostrum Oil & Gas Finan      8.000   7/25/2022    USD     69.885
Intralot Capital Luxemb      5.250   9/15/2024    EUR     47.731
HOCHDORF Holding AG          3.500   3/30/2020    CHF     55.000
Yuksel Insaat AS             9.500  11/10/2015    USD      2.545
Barclays Bank PLC            1.813                GBP     73.819
Portugal Telecom Intern      4.500   6/16/2025    EUR      1.332
Tonon Luxembourg SA         12.500   5/14/2024    USD      2.843
OSX 3 Leasing BV            13.000   3/20/2015    USD     24.948
DNB Bank ASA                 2.813                USD     65.395
Barclays Bank PLC            3.125                USD     74.250
Tonon Luxembourg SA          9.250   1/24/2020    USD      2.127
DNB Bank ASA                 2.879                USD     65.476
Espirito Santo Financia      6.875  10/21/2019    EUR      0.562
Norske Skog Holding AS       8.000   2/24/2021    EUR      0.389
Lehman Brothers UK Capi      6.900                USD      3.750
Hellenic Republic Gover      2.085   7/25/2057    EUR     48.500
Breeze Finance SA            6.708   4/19/2027    EUR     28.950
Constellation Oil Servi      9.500   11/9/2024    USD     41.686
Dexia SA                     1.469                EUR      8.067
Elli Investments Ltd        12.250   6/15/2020    GBP     54.654
Orient Express Bank PJS     10.000                USD     50.000
Zaklady Miesne Henryk K      6.970   3/29/2021    PLN     60.000
Norske Skogindustrier A      7.000  12/30/2026    EUR      0.115
Deutsche Bank AG/London      0.216  10/31/2034    USD     61.500
Cirio Holding Luxembour      6.250   2/16/2004    EUR      1.206
Veneto Banca SpA             9.500   12/1/2025    EUR      0.337
Lloyds Bank PLC              0.172   4/25/2034    USD     61.417
NIBC Bank NV                 0.552                EUR     66.167
Stichting Afwikkeling O     11.250                EUR      0.850
Barclays Bank PLC            1.975   3/27/2029    USD     67.250
Natixis SA                   0.300   6/25/2048    USD     31.841
Kommunekredit                0.500   7/30/2027    TRY     23.289
Mallinckrodt Internatio      5.500   4/15/2025    USD     73.695
New World Resources NV       4.000   10/7/2020    EUR      0.395
BAT International Finan      2.250    9/9/2052    GBP     69.956
Tonon Luxembourg SA         12.500   5/14/2024    USD      2.843
BIM SAS                      2.500  11/13/2020    EUR     22.280
Tonon Luxembourg SA          9.250   1/24/2020    USD      2.127
Lehman Brothers UK Capi      3.875                EUR      8.500
Idea Bank SA                 5.090   8/14/2020    PLN     65.000
DNB Bank ASA                 2.837                USD     65.666
Praktiker AG                 5.875   2/10/2016    EUR      0.089
Stichting Afwikkeling O      6.250  10/26/2020    EUR      4.594
KTG Agrar SE                 7.250  10/15/2019    EUR      1.395
Oi Brasil Holdings Coop      5.625   6/22/2021    EUR      1.258
Lloyds Bank PLC              0.172  10/25/2033    USD     60.027
Waste Italia SpA            10.500  11/15/2019    EUR      0.587
Lehman Brothers UK Capi      5.125                EUR      8.500
International Industria      9.000    7/6/2011    EUR      0.102
Barclays Bank PLC            0.912   7/31/2034    USD     69.744
New World Resources NV       8.000    4/7/2020    EUR      1.506
Nostrum Oil & Gas Finan      7.000   2/16/2025    USD     66.464
NTRP Via Interpipe Ltd      10.250    8/2/2017    USD     28.570
GNB - Cia de Seguros de      3.191                EUR     72.269
KTG Agrar SE                 7.125    6/6/2017    EUR      1.000
Virgolino de Oliveira F     11.750    2/9/2022    USD      3.000
Havila Shipping ASA          5.000   11/7/2020    NOK     48.000
Windreich GmbH               6.500   7/15/2016    EUR      8.875
Kaupthing ehf                7.625   2/28/2015    USD      0.250
Hellas Telecommunicatio      8.500  10/15/2013    EUR      0.602
Corporate Commercial Ba      8.250    8/8/2014    USD      1.837
Enertronica SpA              7.000  12/31/2022    EUR     49.890
OGX Austria GmbH             8.375    4/1/2022    USD      0.012
Intralot Capital Luxemb      6.750   9/15/2021    EUR     69.000
Afren PLC                   10.250    4/8/2019    USD      0.011
Kaupthing ehf                5.750   10/4/2011    USD      0.250
Eiendomskreditt AS           5.100                NOK     60.498
Portugal Telecom Intern      6.250   7/26/2016    EUR      1.817
ESFIL-Espirito Santo Fi      5.250   6/12/2015    EUR      0.109
Nyrstar Netherlands Hol      8.500   9/15/2019    EUR     43.273
Vseukrainsky Aktsinerny     10.900   6/14/2019    USD      1.056
Afren PLC                   11.500    2/1/2016    USD      0.012
Barclays Bank PLC            3.125                USD     73.708
CBo Territoria               6.000    1/1/2020    EUR      3.690
Officine Maccaferri-SpA      5.750    6/1/2021    EUR     50.234
German Pellets GmbH          7.250    7/9/2018    EUR      0.478
Erotik-Abwicklungsgesel      7.750    7/9/2019    EUR      0.771
Cooperatieve Rabobank U      0.500   7/30/2043    MXN     11.004
Transcapitalbank JSC Vi     10.000   9/18/2020    USD     56.666
Virgolino de Oliveira F     10.500   1/28/2018    USD      4.700
Banco Espirito Santo SA      2.337                EUR      0.054
Nyrstar Netherlands Hol      6.875   3/15/2024    EUR     43.768
Touax SCA-SGTR-CITE-SGT      6.000   7/10/2020    EUR     18.147
JZ Capital Partners Ltd      6.000   7/30/2021    GBP     10.000
APP International Finan     11.750   10/1/2005    USD      0.217
OGX Austria GmbH             8.500    6/1/2018    USD      0.071
Barclays Bank PLC            1.048   5/14/2029    USD     66.076
Aralco Finance SA           10.125    5/7/2020    USD      2.770
Kaupthing ehf                5.750   10/4/2011    USD      0.250
Societe Generale SA          1.600    1/9/2020    GBP      1.100
Credit Suisse AG             2.522   4/29/2031    USD     73.875
Turkey Government Bond      12.400    3/8/2028    TRY     74.750
Cirio Finanziaria SpA        8.000  12/21/2005    EUR      0.186
Windreich GmbH               6.500    3/1/2015    EUR      8.875
Hellas Telecommunicatio      6.054   1/15/2015    USD      0.304
Banca Popolare di Vicen      9.500   9/29/2025    EUR      0.277
Turkiye Garanti Bankasi      5.100    4/7/2027    EUR     65.901
Stroika Finance Ltd Via      9.900   6/25/2019    RUB      2.500
Solship Invest 1 AS          5.000   12/8/2024    NOK     10.530
Koninklijke Luchtvaart       0.750                CHF     36.500
CBo Territoria               3.750    7/1/2024    EUR      4.610
Havila Shipping ASA          5.000   11/7/2020    NOK     60.000
SeniVita Sozial gGmbH        7.000                EUR     65.000
Cooperatieve Rabobank U      0.500   2/26/2029    HUF     63.420
La Financiere Atalian S      5.125   5/15/2025    EUR     72.451
Lehman Brothers UK Capi      5.750                EUR      1.486
Offshore Drilling Holdi      8.375   9/20/2020    USD     44.023
LBI ehf                      6.100   8/25/2011    USD      7.000
Lloyds Bank PLC              1.611   7/26/2033    USD     60.844
Vneshprombank Ltd Via V      9.000  11/14/2016    USD      0.001
IT Holding Finance SA        9.875  11/15/2012    EUR      0.009
Senvion Holding GmbH         3.875  10/25/2022    EUR     37.000
BBVA International Pref      1.698                GBP     63.500
Cirio Del Monte NV           7.750   3/14/2005    EUR      1.104
EFG International AG         0.791                EUR     38.000
La Financiere Atalian S      4.000   5/15/2024    EUR     72.383
Norske Skogindustrier A      2.000  12/30/2115    EUR      0.027
Zurcher Kantonalbank Fi     11.880   12/5/2019    USD     74.540
Inside Secure SA             6.000   6/29/2022    EUR      3.682
Zaklady Miesne Henryk K      6.970   3/29/2021    PLN     60.000
Lehman Brothers Treasur      2.522   10/5/2035    EUR      3.400
PNE AG                       3.750  10/10/2019    EUR      3.320
Finmek International SA      7.000   12/3/2004    EUR      2.290
Yasar Holding AS             8.875    5/6/2020    USD     62.329
Societe Centrale des Bo      2.500   5/15/2023    EUR      6.780
Frey                         6.000  11/15/2022    EUR     25.510
Depfa Funding II LP          6.500                EUR     55.071
Moby SpA                     7.750   2/15/2023    EUR     32.141
Barclays Bank PLC            0.276   6/17/2033    USD     64.530
Banca Popolare di Vicen      2.821  12/20/2017    EUR      0.058
OAS Investments GmbH         8.250  10/19/2019    USD      0.980
Cirio Finance Luxembour      7.500   11/3/2002    EUR      3.608
Espirito Santo Financia      3.125   12/2/2018    EUR      0.089
Bulgaria Steel Finance      12.000    5/4/2013    EUR      0.381
Depfa Funding III LP         1.064                EUR     57.004
Irish Bank Resolution C      5.454   6/13/2017    HKD     48.366
Banco Pinto & Sotto May      1.146                EUR     56.000
syncreon Group BV / syn      8.625   11/1/2021    USD     36.736
Turkey Government Bond      10.600   2/11/2026    TRY     69.200
Afren PLC                   10.250    4/8/2019    USD      0.011
KPNQwest NV                  8.125    6/1/2009    USD      0.170
Lloyds Bank PLC              1.260    7/5/2033    USD     58.987
Banco Espirito Santo SA      2.517                EUR      1.621
HSBC France SA               0.635                EUR     45.000
Alno AG                      8.000   3/21/2019    EUR      4.000
Espirito Santo Financia      9.750  12/19/2025    EUR      0.218
KPNQwest NV                 10.000   3/15/2012    EUR      0.184
Barclays Bank PLC            0.995   9/13/2028    USD     69.059
German Pellets GmbH          7.250  11/27/2019    EUR      0.478
Waste Italia SpA            10.500  11/15/2019    EUR      0.587
Pescanova SA                 5.125   4/20/2017    EUR      0.500
Agrokor dd Via Aquarius      4.921    8/8/2017    EUR     15.250
Del Monte Finance Luxem      6.625   5/24/2006    EUR      3.618
Republic of Italy Gover      0.051   7/31/2045    EUR     66.383
Phosphorus Holdco PLC       10.000    4/1/2019    GBP      4.305
Steilmann SE                 7.000   9/23/2018    EUR      1.429
Lehman Brothers Treasur      2.522   3/16/2035    EUR      3.400
International Industria     11.000   2/19/2013    USD      0.102
Alpine Holding GmbH          6.000   5/22/2017    EUR      0.102
Robyg SA                     4.490   3/29/2023    PLN    100.200
Municipality Finance PL      0.500   6/19/2024    ZAR     65.386
Norske Skog Holding AS       8.000   2/24/2023    USD      2.761
New Look Senior Issuer       8.000    7/1/2023    GBP      1.500
Saleza AS                    9.000   7/12/2021    EUR      0.500
Artea                        6.000    8/4/2019    EUR     14.200
Boparan Finance PLC          5.500   7/15/2021    GBP     69.572
Akbank T.A.S.                6.797   4/27/2028    USD     75.458
Pescanova SA                 8.750   2/17/2019    EUR      0.500
AKB Peresvet ZAO             0.510   2/14/2032    RUB     18.010
Elli Investments Ltd        12.250   6/15/2020    GBP     54.654
Mriya Agro Holding PLC       9.450   4/19/2018    USD      7.420
Manchester Building Soc      6.750                GBP     10.742
A-TEC Industries AG          8.750  10/27/2014    EUR      0.357
CRC Breeze Finance SA        6.110    5/8/2026    EUR     45.625
Lehman Brothers Treasur      2.522   11/2/2035    EUR      3.400
Turkey Government Bond      10.500   8/11/2027    TRY     67.300
KPNQwest NV                  8.875    2/1/2008    EUR      0.170
Cooperatieve Rabobank U      0.500   1/31/2033    MXN     26.947
Barclays Bank PLC            0.990   9/29/2034    USD     67.639
Portigon AG                  7.460  12/31/2019    EUR     28.400
Cooperatieve Rabobank U      0.500  10/30/2043    MXN     10.816
Lehman Brothers Treasur      5.100    5/8/2017    HKD      3.400
MS Deutschland Beteilig      6.875  12/18/2017    EUR      1.810
PA Resources AB             13.500    3/3/2016    SEK      0.124
Region of Abruzzo Italy      0.150   11/7/2036    EUR     64.170
Russian Railways JSC         8.800    4/7/2027    RUB     85.000
Pierre & Vacances SA         3.500   10/1/2019    EUR     36.188
Barclays Bank PLC            1.650   3/27/2029    USD     67.250
Privatbank CJSC Via UK      10.875   2/28/2018    USD     31.087
Fortenova Grupa d.d.         8.875    2/1/2020    USD     18.820
BNP Paribas SA               0.500   9/29/2029    AUD     74.838
Turkey Government Bond      11.000   2/24/2027    TRY     67.800
Republic of Italy Gover      0.056   7/31/2045    EUR     63.793
Sberbank of Russia PJSC     12.270    1/2/2026    RUB     70.470
Astaldi SpA                  7.125   12/1/2020    EUR     25.899
KPNQwest NV                  7.125    6/1/2009    EUR      0.170
Sairgroup Finance BV         4.375    6/8/2006    EUR     10.250
Decipher Production Ltd     12.500   9/27/2019    USD      1.500
SAG Solarstrom AG            7.500   7/10/2017    EUR     31.000
Svensk Exportkredit AB       0.500   4/24/2029    AUD     73.044
Rio Forte Investments S      4.000   7/22/2014    EUR      5.751
Sequa Petroleum NV           5.000   4/29/2020    USD     68.928
Solon SE                     1.375   12/6/2012    EUR      0.488
Societe Generale SA         12.000   5/29/2020    USD     58.550
Hema Bondco II BV            8.500   1/15/2023    EUR     69.904
Steilmann SE                 7.000    3/9/2017    EUR      1.429
Chr Bygga Bostader Hold      9.023    7/5/2021    SEK     50.000
Finans-Avia OOO              9.000   7/31/2022    RUB     23.500
Boparan Finance PLC          4.375   7/15/2021    EUR     69.616
Deutsche Bank AG/London      9.170    6/4/2020    TRY
Norske Skog AS              11.750  12/15/2019    EUR     64.490
Banco Espirito Santo SA      6.875   7/15/2016    EUR     26.375
Banco Espirito Santo SA      6.900   6/28/2024    EUR     25.500
International Finance F      0.500   6/24/2024    ZAR     65.556
Eiendomskreditt AS           4.670                NOK     55.868
SAir Group                   0.125    7/7/2005    CHF      7.250
Afren PLC                    6.625   12/9/2020    USD      0.029
Lehman Brothers Treasur      6.000   3/18/2015    USD      3.400
Barclays Bank PLC            1.235   2/28/2034    USD     71.096
O1 Properties Finance P      8.250   9/27/2021    USD     73.983
Steilmann SE                 6.750   6/27/2017    EUR      2.184
Mox Telecom AG               7.250   11/2/2017    EUR      2.245
Bank Julius Baer & Co L      7.300    6/3/2019    EUR     60.100
Rosneft Oil Co PJSC          8.700   3/23/2029    RUB     66.770
Turkiye Is Bankasi AS        7.000   6/29/2028    USD     72.857
Svensk Exportkredit AB       0.500   8/29/2029    AUD     72.032
Barclays Bank PLC            0.192  10/30/2034    USD     59.387
OGX Austria GmbH             8.375    4/1/2022    USD      0.012
Activa Resources AG          0.500  11/15/2021    EUR     21.500
Mriya Agro Holding PLC      10.950   3/30/2016    USD      7.375
Hamburgische Landesbank      0.069   1/22/2041    EUR     64.863
Manchester Building Soc      8.000                GBP      9.640
Alpine Holding GmbH          5.250   6/10/2016    EUR      0.068
Aldesa Financial Servic      7.250    4/1/2021    EUR     70.734
La Financiere Atalian S      6.625   5/15/2025    GBP     72.058
Svensk Exportkredit AB       0.500   6/29/2029    AUD     72.570
Fortenova Grupa d.d.         9.125    2/1/2020    EUR     19.388
Kirk Beauty One GmbH         8.750   7/15/2023    EUR     69.257
Turkey Government Inter      4.875   4/16/2043    USD     73.880
New Look Secured Issuer      6.500    7/1/2022    GBP     29.769
Bank Nadra Via NDR Fina      8.250   7/31/2018    USD      0.770
Cooperativa Muratori &       6.000   2/15/2023    EUR      5.012
Rena GmbH                    7.000  12/15/2015    EUR      2.096
Landesbank Schleswig-Ho      3.012    1/5/2040    USD     47.359
New Look Secured Issuer      4.500    7/1/2022    EUR     27.540
Galapagos Holding SA         7.000   6/15/2022    EUR     18.591
Alpine Holding GmbH          5.250    7/1/2015    EUR      0.068
Barclays Bank PLC            1.192   1/31/2029    USD     65.259
Deutsche Agrar Holding       7.250   9/28/2018    EUR      1.254
Salvator Grundbesitz-AG      9.500  12/31/2021    EUR      5.600
Cooperatieve Rabobank U      0.500  12/29/2027    MXN     46.690
Afren PLC                   11.500    2/1/2016    USD      0.012
getgoods.de AG               7.750   10/2/2017    EUR      0.126
Metalloinvest Holding C      8.850   4/16/2029    RUB     75.000
Sairgroup Finance BV         6.625   10/6/2010    EUR     10.250
Cooperatieve Rabobank U      0.500  11/30/2027    MXN     46.075
Finans-Avia OOO              0.010   7/31/2027    RUB      6.780
Societe Generale SA         10.000   8/25/2022    USD     71.500
Veneto Banca SpA             6.411                EUR      1.000
Finance and Credit Bank      9.250   1/25/2019    USD      0.817
Virgolino de Oliveira F     10.875   1/13/2020    USD     23.785
Espirito Santo Financia      5.050  11/15/2025    EUR      0.794
Commerzbank AG               5.700    7/4/2019    GBP     64.500
Norske Skogindustrier A      7.125  10/15/2033    USD      1.416
SAG Solarstrom AG            6.250  12/14/2015    EUR     30.957
Turkey Government Bond      11.000    3/2/2022    TRY     74.900
Odea Bank AS                 7.625    8/1/2027    USD     68.717
Sberbank of Russia PJSC      1.350   3/15/2022    RUB     63.260
Marine Subsea AS             9.000  12/16/2019    USD      0.688
Lehman Brothers Treasur      2.875   3/14/2013    CHF      3.750
Air Berlin Finance BV        6.000    3/6/2019    EUR      2.689
Sberbank of Russia PJSC      1.350   4/28/2022    RUB     66.820
SAir Group                   6.250   4/12/2005    CHF      7.250
Otkritie Holding JSC        10.770   9/17/2027    RUB      0.990
Banco Santander SA           2.092                EUR      3.983
Stichting Afwikkeling O      6.625   5/14/2018    EUR      3.904
Mifa Mitteldeutsche Fah      7.500   8/12/2018    EUR      2.200
Ahtium PLC                   9.750    4/4/2017    EUR      0.864
IT Holding Finance SA        9.875  11/15/2012    EUR      0.009
BOA Offshore AS              0.409   7/17/2047    NOK      9.520
Hamburgische Landesbank      0.070  10/30/2040    EUR     66.602
German Pellets GmbH          7.250    4/1/2016    EUR      0.478
Bank Julius Baer & Co L      8.450   8/28/2019    CHF     64.800
Mercantile Investment T      4.250                GBP     72.000
SiC Processing GmbH          7.125    3/1/2016    EUR      3.530
Fortenova Grupa d.d.         9.875    5/1/2019    EUR     20.241
Sberbank of Russia PJSC      1.350   4/18/2022    RUB     68.010
SAir Group                   5.500   7/23/2003    CHF      7.250
La Veggia Finance SA         7.125  11/14/2004    EUR      0.287
Gebr Sanders GmbH & Co       8.750  10/22/2018    EUR     16.147
Barclays Bank PLC            0.912  11/28/2029    USD     67.250
Sberbank of Russia PJSC      1.350   5/18/2022    RUB     66.820
Stichting Afwikkeling O      8.450   8/20/2018    USD      3.042
Turkey Government Bond       8.000   3/12/2025    TRY     60.200
Danske Bank A/S              1.070   8/23/2038    JPY     72.762
Gazprombank OJSC Via GP      8.750   6/29/2024    RUB     53.663
Credito Padano Banca di      3.100                EUR     34.532
Bank Julius Baer & Co L      7.400    8/6/2019    CHF     60.000
BTV Hybrid I GmbH            6.500                EUR     30.277
Virgolino de Oliveira F     11.750    2/9/2022    USD      4.500
Norske Skog Holding AS       8.000   2/24/2021    EUR      0.609
New World Resources NV       8.000    4/7/2020    EUR      1.506
Societe Generale SA          8.600   7/29/2022    USD     44.000
Lloyds Bank PLC              0.396   8/28/2034    USD     67.625
Rena GmbH                    8.250   7/11/2018    EUR      2.096
International Finance F      0.500   6/29/2027    ZAR     46.944
Russian Post FGUP            8.450   3/27/2029    RUB     70.000
LBI ehf                      2.250   2/14/2011    CHF      7.000
Astana Finance BV            7.875    6/8/2010    EUR     16.000
Republic of Italy Gover      0.847   5/31/2035    EUR     70.893
Reso-Leasing OOO             9.600   9/21/2023    RUB     99.910
Cooperatieve Rabobank U      0.500  10/29/2027    MXN     47.912
Mobylife Holding A/S         7.250   5/23/2020    SEK      8.125
Bibby Offshore Services      7.500   6/15/2021    GBP     11.128
MMC Norilsk Nickel PJSC     11.600    2/6/2026    RUB    108.010
SG Issuer SA                 7.350   9/30/2019    CHF     67.250
OT Logistics SA              6.790   2/23/2020    PLN     74.000
COFIDUR SA                   0.100  12/31/2024    EUR     24.500
Deutsche Bank AG             1.725   1/16/2045    EUR     68.396
Eiendomskreditt AS           5.000                NOK     58.675
Republic of Italy Gover      0.918   7/31/2035    EUR     68.608
Ahtium PLC                   4.000  12/16/2015    EUR      0.405
Agroton Public Ltd           6.000   7/14/2019    USD     16.000
Eniro AB                     6.000   4/14/2020    SEK     19.823
ML 33 Invest AS              7.500                NOK     68.678
WEB Windenergie AG           6.500                EUR     70.010
mybet Holding SE             6.250  12/11/2020    EUR      5.000
Societe Generale SA         12.000    7/8/2021    USD     72.700
A-TEC Industries AG          2.750   5/10/2014    EUR      0.357
Renewable Power Interna      0.010    6/6/2047    EUR     65.750
Banca del Monte di Lucc      2.463   6/29/2020    EUR     42.375
Norske Skogindustrier A      7.125  10/15/2033    USD      1.416
Province of Milan Italy      0.013  12/22/2033    EUR     72.147
Muehl Product & Service      6.750   3/10/2005    DEM      0.010
London County Of             3.000                GBP     66.000
HPI AG                       3.500                EUR      2.502
Region of Molise Italy       0.161  12/15/2033    EUR     53.848
Export Credit Bank of T     12.511   9/14/2028    TRY     67.613
Kardan NV                    6.325    6/3/2019    ILS     20.250
Sberbank of Russia PJSC      1.350   9/12/2022    RUB     66.770
Teksid Aluminum Luxembo     12.375   7/15/2011    EUR      0.226
Northland Resources AB       4.000  10/15/2020    USD      0.138
Northland Resources AB       4.000  10/15/2020    NOK      0.138
Petromena ASA               10.850  11/19/2018    USD      0.607
Phosphorus Holdco PLC       10.000    4/1/2019    GBP      4.305
Air Berlin Finance BV        8.500    3/6/2019    EUR      2.507
Opus-Chartered Issuance      5.500  10/26/2024    EUR      0.010
Stichting Afwikkeling O      2.439                EUR      0.849
Braster SA                   7.490   5/29/2019    PLN     40.020
Podkarpacki Bank Spoldz      4.990   10/6/2021    PLN     51.000
Atari SA                     0.100    4/1/2020    EUR      6.350
DZ Bank AG Deutsche Zen      5.000   9/27/2019    EUR     59.170
Russian Railways JSC         9.100   3/19/2029    RUB     85.000
Turkey Government Bond       9.000   7/24/2024    TRY     63.500
Credit Agricole Corpora      2.400   5/17/2048    EUR     69.150
Credito Padano Banca di      3.100                EUR     34.756
Vontobel Financial Prod      6.000   8/29/2019    EUR     72.044
Portugal Telecom Intern      5.242   11/6/2017    EUR      1.587
Turkey Government Bond      10.400   3/20/2024    TRY     67.250
Hellas Telecommunicatio      6.054   1/15/2015    USD      0.304
Golden Gate AG               6.500  10/11/2014    EUR     44.100
UAHM-Finance OOO             3.000   3/30/2021    RUB
Cooperativa Muratori &       6.875    8/1/2022    EUR      4.945
Citigroup Global Market      8.174   6/28/2019    EUR     65.830
Credit Suisse AG/London      9.000   1/23/2020    USD      9.700
Northland Resources AB      15.000   7/15/2019    USD      2.621
Liverpool City Council       3.500                GBP     70.500
BNG Bank NV                 10.010   6/17/2025    TRY     60.792
Home Money LLC              17.000   4/19/2022    RUB      0.800
DZ Bank AG Deutsche Zen      7.000   6/28/2019    EUR     53.530
BOA Offshore AS              0.404   7/17/2047    NOK
Veneto Banca SpA             6.950   2/25/2025    EUR      0.316
A-TEC Industries AG          5.750   11/2/2010    EUR      0.357
Constellation Oil Servi      6.250   11/9/2019    USD      5.752
International Bank of A      8.250   10/9/2024    USD     61.250
UniCredit Bank AG            4.600   10/8/2022    EUR     63.230
Transneft PJSC               8.750   4/14/2027    RUB     61.100
Barclays Bank PLC            0.888  10/10/2029    USD     62.599
Kaupthing ehf                6.125   10/4/2016    USD      0.250
Mriya Agro Holding PLC      10.950   3/30/2016    USD      7.375
Raiffeisen Centrobank A      6.250  11/25/2019    EUR     55.520
SG Issuer SA                 6.800    1/6/2020    USD     56.070
Sberbank of Russia PJSC      1.350    6/1/2022    RUB     66.820
Credit Suisse AG/Nassau      8.250    6/6/2019    CHF     53.230
Kreditanstalt fuer Wied      0.250   10/6/2036    CAD     44.563
J&T Banka AS                 9.000                EUR     71.897
Lehman Brothers Treasur      6.300  12/21/2018    USD      2.571
Centrosolar Group AG         7.000   2/15/2016    EUR      2.387
PIK Group PJSC              13.000    9/3/2026    RUB     70.000
Barclays Bank PLC            0.908   4/16/2029    USD     67.250
Vontobel Financial Prod      7.000   5/24/2019    EUR     56.910
Landesbank Hessen-Thuer      4.750   5/11/2023    EUR     62.660
Union Technologies Info      0.100    1/1/2020    EUR      5.300
Lehman Brothers Treasur      6.650   8/24/2011    AUD      3.400
Pescanova SA                 6.750    3/5/2015    EUR      0.500
Heta Asset Resolution A      5.920  12/31/2023    EUR      1.000
UBS AG/London                8.500  11/15/2019    CHF     47.950
UBS AG/London               10.000    3/9/2020    CHF     62.650
Vontobel Financial Prod      8.700    8/6/2019    EUR     64.790
UBS AG/London               11.250  12/13/2019    USD     71.400
Leonteq Securities AG/G      2.750   9/15/2022    CHF     60.330
AKB Peresvet ZAO             0.510    8/4/2034    RUB
Lehman Brothers Treasur      5.000    5/2/2022    EUR      2.571
Svensk Exportkredit AB       0.500   8/28/2020    TRY     73.213
Credit Suisse AG/London      3.000  11/15/2025    ZAR     68.807
WPE International Coope     10.375   9/30/2020    USD     14.872
Leonteq Securities AG/G      1.910   9/20/2019    EUR     39.880
UniCredit Bank AG            6.900    1/3/2020    EUR     56.880
UniCredit Bank AG            3.500   9/22/2020    EUR     56.030
Espirito Santo Financia      5.125   5/30/2016    EUR      1.252
SpareBank 1 SR-Bank ASA      1.487  12/21/2030    EUR     70.557
Podkarpacki Bank Spoldz      5.790    7/2/2020    PLN     66.090
Ideal Standard Internat     11.750    5/1/2018    EUR      0.072
Virgolino de Oliveira F     10.875   1/13/2020    USD     23.785
Leonteq Securities AG/G     12.000  10/23/2019    CHF     47.220
UkrLandFarming PLC          10.875   3/26/2018    USD     12.887
Otkritie Holding JSC        11.500   7/14/2027    RUB      3.010
OT Logistics SA              5.690  11/20/2020    PLN
Landesbank Hessen-Thuer      6.700   5/17/2022    EUR     62.230
Vontobel Financial Prod      5.100   6/13/2019    EUR     56.322
Zapsibcombank PAO            7.300   6/15/2021    RUB     70.000
Gold-Zack AG                 7.000  12/14/2005    EUR     11.000
Province of Brescia Ita      0.069  12/22/2036    EUR     56.962
BLT Finance BV              12.000   2/10/2015    USD     10.500
AKB Peresvet ZAO            13.000   10/7/2017    RUB     20.750
Region Invest OOO            7.850    5/4/2021    RUB      0.170
Deutsche Bank AG/London      2.000  10/25/2023    TRY
Landesbank Baden-Wuertt      2.850   6/28/2019    EUR     71.540
EFG International Finan      5.700   7/16/2019    CHF     59.170
Barclays Bank PLC            8.500   4/27/2020    USD     10.190
Finconsult OOO               8.560    2/1/2028    RUB      4.910
Aralco Finance SA           10.125    5/7/2020    USD      2.770
Banco Espirito Santo SA     10.000   12/6/2021    EUR      0.198
Lehman Brothers Treasur      1.280   11/6/2010    JPY      3.750
LBI ehf                      7.431                USD      0.001
SG Issuer SA                 0.100   6/11/2029    NZD     73.212
Landesbank Baden-Wuertt      4.000   4/24/2020    EUR     73.620
EFG International Finan     11.400   6/28/2021    USD     67.010
Leonteq Securities AG/G      6.400  10/16/2019    CHF     51.830
UBS AG/London                4.000    1/2/2020    EUR     66.970
Leonteq Securities AG/G      1.820   9/23/2019    EUR     39.890
Deutsche Bank AG/London     13.750   6/20/2026    TRY     58.982
Grupo Isolux Corsan SA       0.250  12/30/2018    EUR      0.112
Lehman Brothers Treasur      4.820  12/18/2036    EUR      2.571
Deutsche ETP GmbH & Co       3.000  11/30/2028    EUR      7.840
Rosselkhozbank JSC          15.000   1/29/2025    RUB     69.030
RENE LEZARD Mode GmbH        7.250  11/25/2017    EUR      1.011
Russian Railways JSC         8.750   5/10/2022    RUB     66.770
NatWest Markets PLC          0.160   8/18/2031    USD     68.904
Commerzbank AG               5.130   11/7/2019    USD     60.500
BNP Paribas Emissions-       6.000   6/27/2019    EUR     66.860
Norddeutsche Landesbank      3.200   9/27/2019    EUR     72.180
Tjiwi Kimia Internation     13.250    8/1/2001    USD      0.250
Plaza Centers NV             6.900    7/1/2020    ILS     33.800
Salvator Grundbesitz-AG      9.500                EUR     16.600
Norske Skog Holding AS       8.000   2/24/2023    USD      2.761
Lehman Brothers Treasur     11.250  12/31/2008    USD      2.571
Rosneft Oil Co PJSC          9.400  11/28/2024    RUB     66.030
Barclays Bank PLC            7.830   7/26/2038    MXN     71.648
Pioneer Group CJSC           0.010    6/3/2021    RUB     70.050
AKB Peresvet ZAO             0.510   6/23/2021    RUB     19.020
UAHM-Finance OOO             4.000   3/28/2023    RUB     36.000
Norddeutsche Landesbank      6.350   9/27/2019    EUR     58.050
Sberbank of Russia PJSC      0.010  10/27/2022    RUB    101.000
Getin Noble Bank SA          6.790   4/28/2023    PLN     73.000
Turkey Government Bond       8.500   9/14/2022    TRY     69.900
AKB Peresvet ZAO            13.250   4/25/2018    RUB     20.750
Lehman Brothers Treasur      8.000   4/20/2009    EUR      2.571
getBACK SA                   5.720   4/30/2021    PLN
Sberbank of Russia PJSC      0.010    6/9/2019    RUB     71.800
Sberbank of Russia PJSC      1.350   9/12/2022    RUB     66.820
Sberbank of Russia PJSC      1.350   7/27/2022    RUB     66.820
Vontobel Financial Prod      6.100   1/30/2020    EUR     69.110
VEB-Leasing OAO              8.340    9/1/2025    RUB
KPNQwest NV                  8.875    2/1/2008    EUR      0.170
Irish Bank Resolution C      6.750  11/30/2013    BGN     48.250
Bank Otkritie Financial     10.000   4/26/2019    USD      8.000
Irish Bank Resolution C      4.000   4/23/2018    EUR     48.250
Sberbank of Russia PJSC      0.010   5/18/2022    RUB     66.820
UBS AG/London                8.500    1/6/2020    EUR     46.250
SAir Group                   6.250  10/27/2002    CHF      7.250
Barclays Bank PLC            1.454  12/27/2028    USD     72.449
Sibur Holding PAO            9.650   9/16/2026    RUB    101.400
House of Fraser Funding      6.554   9/15/2020    GBP      2.846
Heta Asset Resolution A      0.234  12/31/2023    EUR      1.000
Penell GmbH Elektrogros      7.750   6/10/2019    EUR      0.501
Northland Resources AB      15.000   7/15/2019    USD      2.621
SAir Group                   4.250    2/2/2007    CHF      7.250
Russian Highways             5.300   1/22/2046    RUB     11.509
Russian Highways             5.300   4/30/2046    RUB     57.056
Otkritie Holding JSC        12.700   9/30/2027    RUB      9.410
Pongs & Zahn AG              8.500                EUR      0.002
Raiffeisen Centrobank A     10.000   5/11/2020    EUR     73.930
Credit Suisse AG/London      9.000  10/30/2020    USD      9.928
Credit Suisse AG/Nassau      7.000   12/4/2019    EUR     70.550
Sberbank of Russia PJSC      1.350   6/30/2022    RUB     66.820
Credit Suisse AG/London      7.000  12/23/2019    EUR     63.290
Sberbank of Russia PJSC      0.010   3/15/2022    RUB     67.960
Bank Julius Baer & Co L      8.000   10/7/2019    EUR     57.050
Credit Suisse AG/London      8.000  11/29/2019    USD      3.660
Grupo Isolux Corsan SA       6.000  12/30/2021    USD      0.142
Rio Forte Investments S      3.900   7/10/2014    USD      5.750
Delta Credit Bank JSC        7.820  12/28/2022    RUB     70.000
DOM.RF JSC                   7.750   11/1/2022    RUB     70.010
Turkey Government Bond       8.800   9/27/2023    TRY     63.500
Veneto Banca SpA             6.944   5/15/2025    EUR      0.316
getBACK SA                   6.120   9/14/2021    PLN
Sberbank of Russia PJSC      1.350   9/28/2022    RUB     66.820
Sberbank of Russia PJSC      0.010   4/18/2022    RUB     67.430
SAir Group                   5.125    3/1/2003    CHF     13.500
UBS AG/London                9.700    8/6/2019    CHF     63.650
DekaBank Deutsche Giroz      2.500   7/29/2020    EUR     59.180
O1 Group Finance OOO        11.250   4/22/2027    RUB      0.640
Lehman Brothers Treasur      3.600   3/19/2018    JPY      2.571
Kaupthing ehf                9.000                USD      0.122
Lehman Brothers Treasur      1.750    2/7/2010    EUR      2.571
Lehman Brothers Treasur      9.250   6/20/2012    USD      2.571
Easybank ASA                 8.400                NOK     70.062
Espirito Santo Financia      0.634  10/27/2024    EUR      1.850
Raiffeisen Centrobank A      6.250  11/12/2019    EUR     54.760
Banca Popolare di Vicen      9.500   10/2/2025    EUR      0.252
Leonteq Securities AG/G      1.800    8/1/2019    EUR     39.910
Leonteq Securities AG/G     12.030   9/26/2019    USD     67.580
Societe Generale SA         17.600   1/27/2020    USD     51.300
SG Issuer SA                 4.000   6/22/2026    EUR     54.690
United Engine Corp JSC      10.750   6/10/2026    RUB     71.030
Leonteq Securities AG       10.000   9/18/2019    CHF     61.810
EFG International Finan      7.200   7/29/2020    EUR     10.510
Royalbeach Spielwaren U      7.375  11/10/2020    EUR      1.100
Credit Suisse AG/London     10.000   2/22/2021    USD      9.894
Heta Asset Resolution A      0.449  12/31/2023    EUR      1.000
PSN Pm OOO                   9.500   9/10/2026    RUB     18.020
BELLAGIO Holding GmbH        1.981                EUR     54.559
LBI ehf                      7.431                USD      0.001
Otkritie Holding JSC        11.500   5/26/2032    RUB     21.330
Windreich GmbH               6.750    3/1/2015    EUR      8.875
Rio Forte Investments S      4.750  11/10/2015    EUR      5.750
HSBC Trinkaus & Burkhar      8.200  12/27/2019    EUR     69.570
getBACK SA                   5.720   2/16/2021    PLN
mybet Holding SE             6.250  12/12/2020    EUR      2.000
Sberbank of Russia PJSC      0.740   7/27/2022    RUB     70.830
Deutsche Bank AG             6.200   6/24/2019    EUR     58.770
Gazprombank JSC              8.200  12/28/2020    RUB     66.770
Natixis SA                   1.125    8/9/2021    USD     70.124
Landesbank Baden-Wuertt      4.970   5/24/2019    EUR     73.000
SG Issuer SA                 3.200   7/12/2027    EUR     75.080
UniCredit Bank AG            5.000   6/25/2019    EUR     23.710
UniCredit Bank AG           14.500   6/28/2019    EUR     49.720
Kardan NV                    6.775    2/2/2020    ILS     47.030
Landesbank Baden-Wuertt      2.700   7/26/2019    EUR     72.270
Landesbank Baden-Wuertt      3.650   7/26/2019    EUR     62.610
Spektr OOO                   8.750   3/12/2026    RUB      1.010
Fonciere Volta SA            4.500   7/30/2020    EUR      2.260
Turkey Government Bond       7.100    3/8/2023    TRY     63.000
ENEL RUSSIA PJSC             8.500   10/3/2021    RUB     66.770
SAir Group                   2.125   11/4/2004    CHF      7.250
Rosneft Oil Co PJSC          9.400  11/28/2024    RUB     68.010
Podkarpacki Bank Spoldz      5.090   5/28/2023    PLN     42.000
BNG Bank NV                 10.800    9/2/2021    TRY     74.045
Lehman Brothers Treasur      0.500  12/20/2017    AUD      2.571
Bibby Offshore Services      7.500   6/15/2021    GBP     11.128
Lehman Brothers Treasur      4.600  10/11/2017    ILS      3.750
PIK Group PJSC              13.000    9/3/2026    RUB     72.000
RusHydro PJSC                0.100    2/2/2023    RUB     71.760
HSBC Bank PLC                0.500   7/11/2023    BRL     70.889
Heta Asset Resolution A      7.500  12/31/2023    ATS      1.000
Bank Julius Baer & Co L     14.100   5/22/2019    CHF     47.250
Leonteq Securities AG/G     10.000   7/26/2019    CHF     23.210
Zurcher Kantonalbank Fi      7.150   3/19/2020    CHF     28.470
Commerzbank AG               3.000   6/14/2021    USD     68.660
UBS AG/London               12.000   10/7/2019    CHF     46.600
UBS AG/London               11.000   10/3/2019    EUR     75.450
Natixis Structured Issu      2.430   7/25/2019    EUR     74.454
Natixis SA                   3.100   7/26/2021    USD     72.789
Sberbank of Russia PJSC      0.010   1/26/2022    RUB     97.000
DekaBank Deutsche Giroz      4.300    8/8/2019    EUR     68.570
BNP Paribas Issuance BV      6.400    6/1/2020    EUR     58.550
Leonteq Securities AG/G      5.000  12/27/2019    EUR     59.380
Barclays Bank PLC            1.344  12/23/2033    USD     72.145
Banque Federative du Cr      0.746                EUR     68.427
Commerzbank AG              16.250   5/24/2019    EUR     49.840
Lehman Brothers Treasur     15.000   3/30/2011    EUR      2.571
Lehman Brothers Treasur     11.000    7/4/2011    CHF      2.571
Lehman Brothers Treasur      0.500  12/20/2017    USD      2.571
Societe Generale SA          1.611  10/31/2033    USD     71.500
Natixis SA                   3.500   3/23/2020    USD     66.502
Sberbank of Russia PJSC      1.350   6/16/2022    RUB     66.820
Sberbank of Russia PJSC      0.740   6/16/2022    RUB     66.820
Getin Noble Bank SA          6.790   4/29/2024    PLN     72.500
Goldman Sachs Internati     17.000   6/28/2019    USD     47.250
Natixis SA                   3.150    6/8/2021    USD     68.253
Leonteq Securities AG/G      6.800    8/5/2019    CHF     73.090
DekaBank Deutsche Giroz      2.900  10/29/2019    EUR     71.780
Leonteq Securities AG/G      6.000   6/23/2020    CHF     53.270
VEB.RF GK                    8.930    2/9/2024    RUB     70.010
UBS AG/London               11.250    7/1/2019    EUR     41.050
Natixis SA                   3.150    6/9/2021    USD     68.716
Leonteq Securities AG/G      1.680   6/21/2019    EUR     40.020
Landesbank Baden-Wuertt      3.000   9/27/2019    EUR     38.110
Bank Otkritie Financial      0.010   7/16/2025    RUB     54.760
Lehman Brothers Treasur     12.000   7/13/2037    JPY      2.571
Resursosberezhenie HMAO     10.000   6/17/2031    RUB     66.770
Landesbank Hessen-Thuer      3.140   5/24/2019    EUR     69.100
Lehman Brothers Treasur     23.300   9/16/2008    USD      2.571
Lehman Brothers Treasur      2.000   6/28/2011    EUR      2.571
Lehman Brothers Treasur      5.550   3/12/2015    EUR      2.571
Praim Finans OOO            10.000  11/10/2025    RUB      1.000
Lehman Brothers Treasur      0.500  12/20/2017    AUD      2.571
KPNQwest NV                  7.125    6/1/2009    EUR      0.170
Upravlenie Otkhodami ZA      4.000   4/29/2027    RUB     57.869
Heta Asset Resolution A      4.350  12/31/2023    EUR      1.000
DekaBank Deutsche Giroz     10.150   11/1/2019    EUR     74.310
Bank Julius Baer & Co L     10.100   8/22/2019    EUR     72.600
Leonteq Securities AG/G      9.000   9/11/2019    EUR     57.450
Credit Suisse AG/Nassau      8.000    9/2/2019    CHF     67.150
Federal Grid Co Unified      9.350  10/17/2051    RUB     66.010
Raiffeisen Switzerland      12.000  10/16/2019    EUR     71.020
Bank Julius Baer & Co L      9.000   7/29/2019    CHF     70.250
Sberbank of Russia PJSC      0.010   12/6/2021    RUB     66.820
UBS AG/London               10.500   2/28/2020    CHF     46.450
Corner Banca SA             14.000   10/3/2019    CHF     45.040
UBS AG/London                9.000   7/12/2019    EUR     41.750
EFG International Finan      7.000  11/27/2019    EUR      4.480
EFG International Finan     15.200  12/10/2019    USD     74.380
Landesbank Baden-Wuertt      3.000   6/28/2019    EUR     70.680
EFG International Finan      9.600  10/15/2019    EUR     17.940
Landesbank Baden-Wuertt      2.570   5/24/2019    EUR     72.190
Raiffeisen Schweiz Geno      5.750  10/16/2019    USD     43.560
UBS AG/London                5.750    9/6/2019    EUR     54.400
VEB-Leasing OAO              8.340   8/18/2025    RUB
Main Road JSC                4.000  10/30/2028    RUB     61.350
TGC-1 PJSC                   5.800   2/14/2022    RUB     66.000
United Engine Corp JSC       8.800   4/17/2023    RUB     70.000
Grupo Isolux Corsan SA       0.250  12/30/2021    USD      0.112
Barclays Bank PLC            1.450   9/24/2038    MXN     22.568
Lehman Brothers Treasur     15.000    6/4/2009    CHF      2.571
Podkarpacki Bank Spoldz      5.790   3/31/2025    PLN     41.000
Barclays Bank PLC            0.500   4/24/2023    MXN     71.061
Barclays Bank PLC            0.500   1/28/2033    MXN     26.475
Samaratransneft-Termina     10.000   3/30/2022    RUB     19.000
Norske Skogindustrier A      2.000  12/30/2115    EUR      0.027
UBS AG/London                8.000  12/24/2019    USD     24.576
Bank Julius Baer & Co L     10.000    6/4/2019    USD
BNP Paribas Emissions-      11.000  12/30/2019    EUR     73.330
Vontobel Financial Prod     16.000    1/3/2020    EUR     69.970
Getin Noble Bank SA          5.790   8/30/2024    PLN     74.000
Polyplast OAO/Moscow        14.500   4/18/2023    RUB     60.060
Erste Group Bank AG          6.250   3/29/2023    EUR     70.600
Commerzbank AG               3.250  12/10/2019    USD     64.170
TransFin-M PAO               9.000  11/24/2026    RUB
UBS AG/London                9.700   6/27/2019    EUR     53.260
Zurcher Kantonalbank Fi      3.000   9/26/2019    USD     51.510
Corner Banca SA             16.200   7/18/2019    CHF     61.430
Natixis SA                   3.450   7/26/2021    RUB     73.747
Landesbank Hessen-Thuer      8.000   5/15/2020    EUR     49.940
Landesbank Baden-Wuertt      2.800   6/28/2019    EUR     52.920
Leonteq Securities AG       11.600   8/22/2019    CHF     46.810
Bank Julius Baer & Co L     10.500   9/30/2019    USD     62.200
BNP Paribas Emissions-      11.000   6/27/2019    EUR     64.630
BNP Paribas Issuance BV      5.800    6/1/2020    EUR     71.450
Leonteq Securities AG/G      7.600   9/18/2019    USD     70.990
DekaBank Deutsche Giroz      2.700   7/15/2019    EUR     43.530
TGC-1 PJSC                   4.000  12/14/2021    RUB     66.010
WEB Windenergie AG           6.500                EUR     55.010
Getin Noble Bank SA          4.790   11/9/2020    PLN     73.100
Lehman Brothers Treasur      4.870   10/8/2013    USD      2.571
Bilt Paper BV                9.640                USD      7.782
Heta Asset Resolution A      5.730  12/31/2023    EUR      1.000
Mriya Agro Holding PLC       9.450   4/19/2018    USD      7.420
Hellas Telecommunicatio      8.500  10/15/2013    EUR      0.602
Cerruti Finance SA           6.500   7/26/2004    EUR      1.091
Credit Suisse AG             0.500  12/16/2025    BRL     55.310
IFK Soyuz OAO                0.100   12/9/2027    RUB      0.310
Samaratransneft-Termina     17.000   6/20/2021    RUB     13.600
Lehman Brothers Treasur     14.900   9/15/2008    EUR      2.571
Norske Skogindustrier A      7.000  12/30/2026    EUR      0.115
New World Resources NV       4.000   10/7/2020    EUR      0.395
Cooperatieve Rabobank U      0.500   8/21/2028    MXN     42.691
HSBC Trinkaus & Burkhar     29.100   1/24/2020    EUR     69.660
UBS AG/London               12.000   4/13/2020    USD     70.720
Bank Julius Baer & Co L      9.000   6/11/2019    EUR     55.950
Raiffeisen Schweiz Geno      6.250  12/18/2019    CHF     29.980
EFG International Finan      9.400   6/20/2019    EUR     61.980
EFG International Finan      6.400   6/22/2020    CHF     61.610
Leonteq Securities AG/G      7.000   6/15/2020    CHF     64.250
Natixis SA                   2.100    6/8/2021    EUR     68.009
Raiffeisen Centrobank A      5.333  10/25/2019    EUR     66.580
Zurcher Kantonalbank Fi     10.000   10/9/2019    EUR     63.260
Zurcher Kantonalbank Fi      5.500   6/28/2019    EUR     68.590
Erste Group Bank AG         10.600   6/18/2019    RON     70.850
Getin Noble Bank SA          6.790   1/31/2024    PLN     75.000
First Mortgage Co Unive      6.500  12/12/2019    USD     25.603
Bank Julius Baer & Co L     10.500    7/1/2019    EUR     70.400
Landesbank Baden-Wuertt      3.150  11/22/2019    EUR     60.320
UBS AG/London               13.250   10/4/2019    CHF     58.800
Rosselkhozbank JSC           9.350   7/14/2025    RUB     65.050
VEB-Leasing OAO              8.180   1/16/2024    RUB     65.000
Lehman Brothers Treasur     16.000  12/26/2008    USD      2.571
Societe Generale SA          0.500   5/22/2024    MXN     64.531
Lehman Brothers Treasur     10.000   6/17/2009    USD      2.571
IFK Soyuz OAO                0.100   7/18/2028    RUB      2.000
Premium Green PLC            0.508  10/25/2038    EUR     74.496
Kaupthing ehf                5.000    1/4/2027    SKK      0.250
Lehman Brothers Treasur     11.750    3/1/2010    EUR      2.571
Hypo Vorarlberg Bank AG      5.870                EUR     36.932
Turkey Government Bond      10.700   8/17/2022    TRY     72.800
Metalloinvest Holding C      0.010    3/7/2022    RUB     67.000
Kaupthing ehf                3.922                ISK      0.250
Bank Julius Baer & Co L     11.000   5/22/2019    CHF     46.800
Leonteq Securities AG        9.000   3/27/2020    USD     43.500
Norddeutsche Landesbank      4.750   5/28/2019    EUR     69.830
Credit Suisse AG/London      6.000    9/3/2019    CHF     63.700
Vontobel Financial Prod      9.000   9/27/2019    EUR     68.110
EFG International Finan      9.800   9/21/2021    EUR     73.330
Hazine Mustesarligi Var     10.760   8/10/2022    TRY     73.000
Sberbank of Russia PJSC      1.350   8/10/2022    RUB     66.820
Leonteq Securities AG/G      7.400   8/28/2019    CHF     63.870
SG Issuer SA                16.100  11/21/2019    EUR     73.320
Leonteq Securities AG/G      6.400   11/3/2020    EUR     54.270
BNP Paribas Emissions-      12.000   9/26/2019    EUR     68.270
BNP Paribas Emissions-      11.000  12/30/2019    EUR     60.610
Leonteq Securities AG       13.500    8/5/2019    CHF     57.400
Leonteq Securities AG       13.000   6/19/2019    CHF     24.870
Leonteq Securities AG/G     10.000   3/16/2020    USD     64.440
Natixis SA                   2.750    3/1/2021    USD     70.127
Credit Suisse AG/Nassau      8.000   9/13/2019    CHF     69.430
Credit Suisse AG/Nassau      9.000   6/24/2019    CHF     68.390
Corner Banca SA             10.000   11/6/2019    CHF     68.980
UBS AG/London                8.300   5/24/2019    EUR     57.850
Raiffeisen Schweiz Geno      8.600   6/11/2019    EUR     58.150
Natixis SA                   1.838    8/9/2021    RUB     72.318
Leonteq Securities AG       10.000  11/13/2019    CHF     64.710
Raiffeisen Centrobank A     10.500   7/31/2019    EUR     65.620
Credit Suisse AG/Nassau      8.250   6/21/2019    CHF     72.910
UBS AG/London                7.500   2/21/2020    EUR     50.950
Commerzbank AG               5.350    3/2/2020    USD     51.570
Leonteq Securities AG/G      9.000   11/4/2019    USD     59.470
Societe Generale SA          3.000    7/9/2019    USD     74.310
Credit Suisse AG/Nassau      8.250    8/5/2019    USD     52.400
Corner Banca SA             14.200   11/6/2019    CHF     71.420
Landesbank Hessen-Thuer      8.750    2/6/2020    EUR     57.400
Landesbank Baden-Wuertt      5.000   4/24/2020    EUR     64.190
UBS AG/London                8.750   11/4/2019    CHF     53.650
UBS AG/London               11.000   5/23/2019    USD     64.470
Landesbank Hessen-Thuer      8.400    5/8/2020    EUR     73.060
Credit Suisse AG/London      7.000    7/4/2019    CHF     58.280
Bank Julius Baer & Co L      8.000    9/2/2019    CHF     62.800
Bank Julius Baer & Co L     13.600    1/3/2020    CHF     59.900
Credit Suisse AG/London      7.500   7/17/2019    CHF     60.310
BNP Paribas Emissions-       5.000   6/27/2019    EUR     58.980
Credit Suisse AG/London      7.250   6/18/2019    CHF     68.210
Leonteq Securities AG/G     12.000   6/27/2019    CHF     51.120
Credit Suisse AG             7.000    6/7/2019    USD      9.960
Siberian Gostinecs PAO      17.000   6/26/2019    RUB     14.450
Leonteq Securities AG/G      2.060   8/19/2019    EUR     39.800
Landesbank Baden-Wuertt      3.500   6/26/2020    EUR     56.280
Getin Noble Bank SA          6.790   3/31/2023    PLN     74.900
Getin Noble Bank SA          5.790  12/12/2022    PLN     70.000
Lehman Brothers Treasur      5.250    4/1/2023    EUR      2.571
Escher Marwick PLC           3.500  10/17/2031    USD     72.761
Lehman Brothers Treasur      4.680  12/12/2045    EUR      2.571
Turkey Government Bond       9.200   9/22/2021    TRY     74.900
Pizzaexpress Financing       8.625    8/1/2022    GBP     48.964
Societe Generale SA          0.500   5/30/2023    MXN     70.440
Lehman Brothers Treasur      4.500  12/30/2010    USD      2.571
Lehman Brothers Treasur      3.025   1/31/2015    EUR      2.571
Turkey Government Bond       9.500   1/12/2022    TRY     72.550
SG Issuer SA                 6.650  10/10/2021    EUR     74.950
Solarwatt GmbH               7.000   11/1/2015    EUR     15.500
Lehman Brothers Treasur      7.375   9/20/2008    EUR      2.571
Lehman Brothers Treasur      3.860   9/21/2011    SGD      3.750
Bank ZENIT PJSC              8.000  11/11/2019    RUB    100.280
Lehman Brothers Treasur      0.500  12/20/2017    AUD      2.571
Communaute Francaise de      0.500   6/27/2046    EUR     73.860
Lehman Brothers Treasur      7.600   1/31/2013    AUD      2.571
Lehman Brothers Treasur      5.250  11/21/2009    USD      2.571
Heta Asset Resolution A      0.151  12/31/2023    EUR      1.000
Barclays Bank PLC            1.988   12/1/2040    USD     73.859
SAir Group                   2.750   7/30/2004    CHF      7.250
Otkritie Holding JSC        12.140   10/3/2036    RUB      0.010
TransFin-M PAO              10.500    9/3/2025    RUB     71.010
Lehman Brothers Treasur      7.500   7/31/2013    GBP      2.571
Lehman Brothers Treasur      6.000   9/20/2011    EUR      2.571
Digital Invest OOO           7.850    3/8/2021    RUB      0.180
Nutritek International       8.750  12/11/2008    USD      2.089
Lehman Brothers Treasur     10.000    1/3/2012    BRL      2.571
Bashneft PJSC               12.000    5/9/2025    RUB     90.000
Metalloinvest Holding C      0.010    3/7/2022    RUB     62.010
Metalloinvest Holding C      0.010   3/10/2022    RUB     67.000
Province of Rovigo Ital      0.012  12/28/2035    EUR     57.837
Lehman Brothers Treasur      5.500   6/15/2009    CHF      2.571
Erste Group Bank AG          4.000  10/19/2019    EUR     47.550
Vonetize Plc                 6.000    8/1/2022    ILS     50.000
UBS AG/London               11.750  10/25/2019    CHF     57.600
Leonteq Securities AG/G      7.000   1/29/2020    CHF     69.000
Commerzbank AG               6.000    5/9/2022    USD      0.740
UBS AG/London                8.500    3/9/2020    USD     58.050
Deutsche Bank AG             4.200   6/25/2019    EUR     72.500
SecurAsset SA                5.250   6/30/2022    EUR     54.100
BNP Paribas Emissions-       5.000   6/27/2019    EUR     68.370
Bank Julius Baer & Co L      5.800   1/27/2020    CHF     69.750
Leonteq Securities AG/G      5.500   5/25/2021    CHF     67.870
HSBC Trinkaus & Burkhar      6.300   6/28/2019    EUR     65.020
Bayerische Landesbank        6.100  10/11/2019    EUR     73.340
DekaBank Deutsche Giroz      3.180   8/16/2019    EUR     70.540
Bank Julius Baer & Co L      8.000   9/12/2019    USD     63.800
Leonteq Securities AG/G      6.000   1/20/2021    CHF     73.850
Bank Julius Baer & Co L     10.100   7/12/2019    CHF     64.000
Getin Noble Bank SA          5.790   6/28/2024    PLN     71.000
Citigroup Global Market      7.200   5/24/2023    SEK     42.100
UniCredit Bank AG            6.600   7/20/2028    EUR     67.250
UniCredit Bank AG            5.100   6/14/2019    EUR     65.410
Landesbank Baden-Wuertt      5.000   6/28/2019    EUR     62.170
Bank Julius Baer & Co L     10.300   6/21/2019    GBP     53.550
Leonteq Securities AG/G     10.400   6/21/2019    USD     60.900
Natixis SA                   2.970    6/8/2021    USD     68.418
Bayerische Landesbank        4.000   7/12/2019    EUR     53.680
UniCredit Bank AG            4.750  10/24/2021    EUR     12.140
SG Issuer SA                 6.700   7/10/2024    EUR     76.650
EFG International Finan      6.210   7/22/2019    EUR     31.830
Landesbank Hessen-Thuer      7.770   7/15/2021    EUR     29.040
Podkarpacki Bank Spoldz      5.790   2/23/2025    PLN     30.000
Fast Finance SA             10.500   1/15/2021    PLN     22.000
Leonteq Securities AG/G      5.000   1/20/2020    CHF     70.710
Getin Noble Bank SA          6.790   7/28/2023    PLN     74.000
Heta Asset Resolution A      4.875  12/31/2023    EUR      1.000
Pravourmiiskoe OOO           9.500   3/31/2028    RUB    100.000
Lehman Brothers Treasur      0.500    7/2/2020    EUR      2.571
Digital Invest OOO           7.850    4/9/2021    RUB      0.150
SG Issuer SA                 2.700  11/28/2034    ZAR     39.840
SG Issuer SA                 3.000  10/10/2034    ZAR     42.250
SG Issuer SA                 3.300   9/26/2034    ZAR     44.530
Lehman Brothers Treasur      7.600    3/4/2010    NZD      2.571
Lehman Brothers Treasur     10.442  11/22/2008    CHF      2.571
Podkarpacki Bank Spoldz      5.790  10/24/2024    PLN     40.000
ECM Real Estate Investm      5.000   10/9/2011    EUR     15.375
Lehman Brothers Treasur      8.280   7/31/2013    GBP      2.571
Bank Otkritie Financial      0.010   9/24/2025    RUB     53.760
Otkritie Holding JSC        12.420    8/5/2025    RUB
Otkritie Holding JSC        12.150   4/20/2028    RUB
Kommunekredit                9.250   8/22/2022    TRY     68.165
Lloyds Bank PLC              0.500   7/26/2028    MXN     42.877
Sistema PJSFC               10.900  10/31/2025    RUB     71.000
Bayerische Landesbank        3.300  10/30/2020    EUR     59.410
Bayerische Landesbank        3.000    9/4/2020    EUR     65.070
BNP Paribas Emissions-       8.500   6/27/2019    EUR     62.130
Zurcher Kantonalbank Fi     10.750   8/29/2019    CHF     63.800
Zurcher Kantonalbank Fi      7.000   5/22/2019    USD     62.680
UBS AG/London               10.250  12/27/2019    EUR     52.950
Corner Banca SA             10.000    4/8/2020    CHF     71.170
Credit Suisse AG/Nassau      7.000   6/22/2021    CHF     65.940
Raiffeisen Schweiz Geno      7.600   6/11/2019    CHF     48.140
Bank Julius Baer & Co L      7.200   5/31/2019    USD     67.000
Credit Suisse AG/London      8.750   5/21/2020    USD     71.890
UBS AG/London                8.500   9/26/2019    EUR     64.600
Vontobel Financial Prod      4.000  11/25/2019    EUR     70.950
Bank Julius Baer & Co L     10.500   7/16/2019    USD     50.700
Landesbank Hessen-Thuer      3.500  10/23/2020    EUR     77.100
EFG International Finan     10.600   7/25/2019    CHF     62.830
Raiffeisen Centrobank A      6.250   7/12/2019    EUR     57.500
RusHydro PJSC                0.100    2/2/2023    RUB     73.560
Johnston Press Bond Plc      8.625    6/1/2019    GBP     42.841
OOO SPV Structural Inve      0.010    9/1/2023    RUB     66.740
Raiffeisen Centrobank A      5.200  12/30/2019    EUR     58.990
Vontobel Financial Prod     16.000    1/3/2020    EUR     74.683
Vontobel Financial Prod      8.000    1/3/2020    EUR     67.370
Vontobel Financial Prod      6.000   3/27/2020    EUR     71.190
Vontobel Financial Prod      8.000   3/27/2020    EUR     68.070
Deutsche Bank AG             6.200  12/24/2019    EUR     66.100
Deutsche Bank AG             6.200   9/24/2019    EUR     54.500
Deutsche Bank AG             6.200   6/25/2019    EUR     73.600
Deutsche Bank AG             6.200   6/25/2019    EUR     62.100
Deutsche Bank AG             6.200   9/24/2019    EUR     63.600
Deutsche Bank AG             6.200  12/24/2019    EUR     70.300
Deutsche Bank AG             6.200  12/24/2019    EUR     65.100
HSBC Trinkaus & Burkhar      7.300   9/27/2019    EUR     66.820
HSBC Trinkaus & Burkhar      4.100   9/27/2019    EUR     73.660
HSBC Trinkaus & Burkhar      7.100  12/27/2019    EUR     68.880
HSBC Trinkaus & Burkhar      5.200   8/23/2019    EUR     71.130
HSBC Trinkaus & Burkhar      6.500   9/27/2019    EUR     73.840
HSBC Trinkaus & Burkhar      7.300   6/28/2019    EUR     65.960
HSBC Trinkaus & Burkhar     10.500  12/27/2019    EUR     71.510
Raiffeisen Schweiz Geno      7.750   10/3/2019    CHF     42.940
HSBC Trinkaus & Burkhar      6.600  12/27/2019    EUR     73.460
Leonteq Securities AG       13.000    7/3/2019    CHF     42.620
HSBC Trinkaus & Burkhar      8.800  12/27/2019    EUR     69.960
HSBC Trinkaus & Burkhar      3.900   6/28/2019    EUR     72.950
HSBC Trinkaus & Burkhar      6.700   9/27/2019    EUR     66.930
HSBC Trinkaus & Burkhar      5.700   9/27/2019    EUR     67.650
HSBC Trinkaus & Burkhar     14.700   6/28/2019    EUR     43.950
HSBC Trinkaus & Burkhar      3.300   6/28/2019    EUR     57.390
HSBC Trinkaus & Burkhar      6.200   9/27/2019    EUR     52.980
HSBC Trinkaus & Burkhar      3.600   9/27/2019    EUR     57.860
HSBC Trinkaus & Burkhar      9.700  12/27/2019    EUR     50.710
HSBC Trinkaus & Burkhar      6.200  12/27/2019    EUR     54.490
HSBC Trinkaus & Burkhar      8.400   8/23/2019    EUR     49.770
HSBC Trinkaus & Burkhar      8.000  11/22/2019    EUR     51.640
Commerzbank AG               5.000   8/23/2019    EUR     72.310
Commerzbank AG               9.000   8/23/2019    EUR     65.150
Commerzbank AG               3.500   8/23/2019    EUR     71.580
UniCredit Bank AG            4.650   4/16/2021    EUR     63.320
Zurcher Kantonalbank Fi      8.750   10/4/2019    CHF     72.270
Leonteq Securities AG       13.000   6/26/2019    CHF     67.250
Corner Banca SA             14.500   6/26/2019    CHF     67.940
EFG International Finan     10.850   3/30/2020    USD     73.310
Leonteq Securities AG/G     12.000    1/3/2020    CHF     70.630
Credit Suisse AG/Nassau     10.000    7/8/2019    EUR     54.480
DZ Bank AG Deutsche Zen      6.250   6/26/2019    EUR     70.010
DZ Bank AG Deutsche Zen      6.000   6/26/2019    EUR     62.260
DZ Bank AG Deutsche Zen      8.500   6/26/2019    EUR     63.300
DZ Bank AG Deutsche Zen      6.000   6/26/2019    EUR     51.730
DZ Bank AG Deutsche Zen      5.250   6/26/2019    EUR     49.200
Bayerische Landesbank        4.000  10/25/2019    EUR     72.860
DZ Bank AG Deutsche Zen      6.250   6/26/2019    EUR     53.420
DZ Bank AG Deutsche Zen      8.250   6/26/2019    EUR     67.980
DZ Bank AG Deutsche Zen      6.750   6/26/2019    EUR     60.160
DekaBank Deutsche Giroz      2.700   4/17/2020    EUR     63.330
Commerzbank AG               8.500   9/27/2019    EUR     66.900
Commerzbank AG              13.000   7/26/2019    EUR     61.400
Commerzbank AG               9.000   8/23/2019    EUR     60.520
Commerzbank AG              11.000   8/23/2019    EUR     58.020
Landesbank Baden-Wuertt      7.000   9/27/2019    EUR     64.950
Landesbank Baden-Wuertt      5.000   9/27/2019    EUR     31.890
Landesbank Baden-Wuertt      2.500   9/27/2019    EUR     72.520
Landesbank Baden-Wuertt      2.500   9/27/2019    EUR     68.790
Landesbank Baden-Wuertt      4.000   9/27/2019    EUR     68.670
Landesbank Baden-Wuertt      5.500   9/27/2019    EUR     63.210
Landesbank Baden-Wuertt      7.000   9/27/2019    EUR     58.610
Landesbank Baden-Wuertt      6.000   9/27/2019    EUR     61.010
Landesbank Baden-Wuertt      3.500   9/27/2019    EUR     69.640
Landesbank Baden-Wuertt      5.000   9/27/2019    EUR     67.330
Landesbank Baden-Wuertt      7.000   9/27/2019    EUR     63.680
Landesbank Baden-Wuertt      5.600   1/24/2020    EUR     52.040
Landesbank Baden-Wuertt      4.000   9/27/2019    EUR     70.030
Landesbank Baden-Wuertt      7.000   9/27/2019    EUR     75.290
Landesbank Baden-Wuertt      3.500   9/27/2019    EUR     64.850
Vontobel Financial Prod      6.150   6/28/2019    EUR     73.470
Natixis SA                   4.975   3/23/2020    USD     57.229
Vontobel Financial Prod      9.250  10/25/2019    EUR     74.080
Vontobel Financial Prod      6.500  10/25/2019    EUR     73.340
UBS AG/London                8.000   9/30/2019    EUR     58.100
Commerzbank AG               5.500   9/27/2019    EUR     69.420
Commerzbank AG               9.500   9/27/2019    EUR     61.940
Commerzbank AG              10.500   9/27/2019    EUR     70.340
Commerzbank AG              10.750   9/27/2019    EUR     68.410
Commerzbank AG               7.750   9/27/2019    EUR     67.950
Commerzbank AG              11.750   9/27/2019    EUR     63.100
Commerzbank AG               4.500   9/27/2019    EUR     72.660
Commerzbank AG               8.500   9/27/2019    EUR     67.370
Leonteq Securities AG       10.400    7/9/2019    CHF     67.060
Commerzbank AG               6.250   9/27/2019    EUR     67.160
Commerzbank AG              10.250   9/27/2019    EUR     60.540
Commerzbank AG               6.750   9/27/2019    EUR     64.080
Commerzbank AG               3.750   9/27/2019    EUR     70.060
Commerzbank AG               8.750   9/27/2019    EUR     71.340
Commerzbank AG               7.750   9/27/2019    EUR     63.040
Commerzbank AG               8.500   9/27/2019    EUR     67.400
Raiffeisen Centrobank A      7.000  10/25/2019    EUR     64.430
Raiffeisen Schweiz Geno      6.250   10/9/2019    CHF     46.000
HSBC Trinkaus & Burkhar      8.500   6/28/2019    EUR     71.360
HSBC Trinkaus & Burkhar      4.000   6/28/2019    EUR     68.110
HSBC Trinkaus & Burkhar      5.200   9/27/2019    EUR     65.610
HSBC Trinkaus & Burkhar      5.300   7/26/2019    EUR     65.090
HSBC Trinkaus & Burkhar      6.500   7/26/2019    EUR     62.790
HSBC Trinkaus & Burkhar      3.600   6/28/2019    EUR     62.350
HSBC Trinkaus & Burkhar      8.700   6/28/2019    EUR     27.460
HSBC Trinkaus & Burkhar      7.500   6/28/2019    EUR     28.310
HSBC Trinkaus & Burkhar      4.200   6/28/2019    EUR     31.400
HSBC Trinkaus & Burkhar      5.200   7/26/2019    EUR     30.580
HSBC Trinkaus & Burkhar      4.500   9/27/2019    EUR     66.180
HSBC Trinkaus & Burkhar      5.900   7/26/2019    EUR     60.880
HSBC Trinkaus & Burkhar      6.800   6/28/2019    EUR     62.980
HSBC Trinkaus & Burkhar      6.800   6/28/2019    EUR     63.000
HSBC Trinkaus & Burkhar      5.100   7/26/2019    EUR     67.350
Landesbank Baden-Wuertt      4.500   9/27/2019    EUR     63.640
DZ Bank AG Deutsche Zen      8.300   6/24/2019    EUR     65.900
DZ Bank AG Deutsche Zen      8.500   6/24/2019    EUR     69.780
DZ Bank AG Deutsche Zen      5.500  12/27/2019    EUR     63.290
Credit Suisse AG/Nassau      8.000   7/12/2019    EUR     61.810
Credit Suisse AG/Nassau      8.000   7/12/2019    CHF     72.260
DZ Bank AG Deutsche Zen      6.750  10/23/2019    EUR     74.660
DZ Bank AG Deutsche Zen      4.500  12/27/2019    EUR     68.030
Commerzbank AG               7.500   6/28/2019    EUR     60.470
Bank Julius Baer & Co L     10.000   10/2/2019    USD     73.900
Leonteq Securities AG/G     14.200  10/10/2019    USD     55.570
Vontobel Financial Prod      5.700   6/14/2019    EUR     68.610
Vontobel Financial Prod     12.250   6/14/2019    EUR     58.780
Vontobel Financial Prod     12.700   6/14/2019    EUR     70.400
Vontobel Financial Prod     12.300   6/14/2019    EUR     71.270
Vontobel Financial Prod     11.800   6/14/2019    EUR     63.040
Vontobel Financial Prod      3.350   6/14/2019    EUR     68.080
Vontobel Financial Prod      6.050   6/14/2019    EUR     61.780
Vontobel Financial Prod      7.650   6/14/2019    EUR     59.090
Vontobel Financial Prod      9.400   6/14/2019    EUR     56.650
Vontobel Financial Prod     14.950   6/14/2019    EUR     68.680
DZ Bank AG Deutsche Zen      6.250   6/26/2019    EUR     56.630
Vontobel Financial Prod      9.050   6/14/2019    EUR     61.960
Vontobel Financial Prod      9.150   6/14/2019    EUR     74.580
Vontobel Financial Prod      9.250   6/14/2019    EUR     73.810
DZ Bank AG Deutsche Zen      4.750   6/24/2019    EUR     65.210
UBS AG/London                5.500  11/18/2019    CHF     69.700
UBS AG/London                9.500  11/16/2020    USD     65.200
Raiffeisen Schweiz Geno      4.600   5/25/2020    CHF     61.540
Raiffeisen Schweiz Geno      7.500   5/25/2020    CHF     32.720
Credit Suisse AG/Nassau      9.000    9/3/2019    USD     67.130
BNP Paribas Emissions-       6.000   6/27/2019    EUR     57.360
BNP Paribas Emissions-       7.000  12/30/2019    EUR     60.450
BNP Paribas Emissions-       8.000  12/30/2019    EUR     58.360
BNP Paribas Emissions-       8.000   6/27/2019    EUR     68.610
BNP Paribas Emissions-       4.000  12/30/2019    EUR     72.280
BNP Paribas Emissions-       5.000   6/27/2019    EUR     71.620
BNP Paribas Emissions-      10.000   6/27/2019    EUR     72.100
Landesbank Baden-Wuertt      3.000  12/29/2020    EUR     58.400
Landesbank Baden-Wuertt      4.250  12/29/2020    EUR     60.840
Leonteq Securities AG/G     12.000  11/29/2019    CHF     55.370
Landesbank Hessen-Thuer      3.150   6/14/2019    EUR     70.200
Leonteq Securities AG/G      6.400  11/20/2019    CHF     62.890
Leonteq Securities AG/G      7.400  11/20/2019    USD     54.320
Deutsche Bank AG             5.200   6/25/2019    EUR     45.200
Deutsche Bank AG             5.200   6/25/2019    EUR     67.100
Deutsche Bank AG             5.200   6/25/2019    EUR     71.100
Deutsche Bank AG             5.200   6/25/2019    EUR     67.200
Deutsche Bank AG             5.200   6/25/2019    EUR     71.700
Deutsche Bank AG             5.200   6/25/2019    EUR     68.800
Deutsche Bank AG             5.200   6/25/2019    EUR     72.100
Deutsche Bank AG             5.200   6/25/2019    EUR     70.600
Deutsche Bank AG             5.200   6/25/2019    EUR     68.000
Deutsche Bank AG             5.200   6/25/2019    EUR     65.600
Deutsche Bank AG             5.200   6/25/2019    EUR     57.900
Deutsche Bank AG             5.200   6/25/2019    EUR     48.300
Deutsche Bank AG             5.200   6/25/2019    EUR     63.000
Deutsche Bank AG             5.200   6/25/2019    EUR     60.000
Deutsche Bank AG             5.200   6/25/2019    EUR     52.600
Deutsche Bank AG             4.200   6/25/2019    EUR     58.300
Deutsche Bank AG             4.200   6/25/2019    EUR     53.100
Deutsche Bank AG             4.200   6/25/2019    EUR     68.400
Deutsche Bank AG             4.200   6/25/2019    EUR     64.800
Deutsche Bank AG             4.200   6/25/2019    EUR     70.600
Deutsche Bank AG             4.200   6/25/2019    EUR     48.300
Deutsche Bank AG             4.200   6/25/2019    EUR     71.000
Deutsche Bank AG             4.200   6/25/2019    EUR     71.600
Deutsche Bank AG             4.200   6/25/2019    EUR     73.300
Deutsche Bank AG             4.200   6/25/2019    EUR     70.500
Deutsche Bank AG             4.200   6/25/2019    EUR     67.900
Deutsche Bank AG             4.200   6/25/2019    EUR     55.600
Deutsche Bank AG             4.200   6/25/2019    EUR     51.600
DZ Bank AG Deutsche Zen     11.700   6/26/2019    EUR     42.880
DZ Bank AG Deutsche Zen     11.300   6/26/2019    EUR     55.500
DZ Bank AG Deutsche Zen      6.100   6/26/2019    EUR     61.700
DZ Bank AG Deutsche Zen      5.400   6/26/2019    EUR     69.130
DZ Bank AG Deutsche Zen     11.300   6/26/2019    EUR     48.410
Vontobel Financial Prod      7.750   6/28/2019    EUR     73.260
Vontobel Financial Prod      4.750   6/28/2019    EUR     73.560
Leonteq Securities AG/G      7.000   12/1/2020    CHF     66.450
BNP Paribas Emissions-       8.000   6/27/2019    EUR     49.100
Leonteq Securities AG/G      7.000   12/6/2019    CHF     65.530
BNP Paribas Emissions-       9.000   6/27/2019    EUR     72.480
BNP Paribas Emissions-       3.500   6/27/2019    EUR     66.300
BNP Paribas Emissions-       7.500   6/27/2019    EUR     55.280
BNP Paribas Emissions-       6.500   6/27/2019    EUR     71.930
BNP Paribas Emissions-      11.000   6/27/2019    EUR     61.030
BNP Paribas Emissions-       9.500   6/27/2019    EUR     71.240
BNP Paribas Emissions-      11.000   6/27/2019    EUR     68.520
BNP Paribas Emissions-       7.000   6/27/2019    EUR     73.210
BNP Paribas Emissions-       9.500   6/27/2019    EUR     67.740
BNP Paribas Emissions-       9.000   6/27/2019    EUR     65.910
BNP Paribas Emissions-       6.500   6/27/2019    EUR     68.270
BNP Paribas Emissions-       7.000   6/27/2019    EUR     67.610
BNP Paribas Emissions-       7.500   6/27/2019    EUR     66.960
BNP Paribas Emissions-       9.000   6/27/2019    EUR     48.810
BNP Paribas Emissions-       9.500   6/27/2019    EUR     47.210
BNP Paribas Emissions-       4.000   6/27/2019    EUR     58.360
BNP Paribas Emissions-       5.500   6/27/2019    EUR     54.220
BNP Paribas Emissions-       7.000   6/27/2019    EUR     51.100
BNP Paribas Emissions-       5.000   6/27/2019    EUR     71.740
BNP Paribas Emissions-       6.000   6/27/2019    EUR     68.990
BNP Paribas Emissions-       6.500   6/27/2019    EUR     67.440
BNP Paribas Emissions-       7.000   6/27/2019    EUR     66.470
BNP Paribas Emissions-       7.500   6/27/2019    EUR     65.520
DZ Bank AG Deutsche Zen      5.000   6/26/2019    EUR     65.890
DZ Bank AG Deutsche Zen      5.000   6/26/2019    EUR     73.130
DZ Bank AG Deutsche Zen      8.250   6/26/2019    EUR     73.660
DZ Bank AG Deutsche Zen     11.000   6/26/2019    EUR     63.500
Landesbank Hessen-Thuer      7.800  12/15/2022    EUR     72.110
DZ Bank AG Deutsche Zen      8.100   6/26/2019    EUR     73.290
Landesbank Hessen-Thuer      7.250   3/15/2023    EUR     46.900
Landesbank Baden-Wuertt      3.350   8/28/2020    EUR     58.770
DZ Bank AG Deutsche Zen      6.250   6/26/2019    EUR     59.120
Landesbank Hessen-Thuer      5.350   9/22/2023    EUR     47.620
Vontobel Financial Prod      6.000   3/27/2020    EUR     72.780
Landesbank Baden-Wuertt      2.800   6/25/2021    EUR     70.040
Bayerische Landesbank        2.700   2/21/2020    EUR     63.550
Commerzbank AG               1.500   3/22/2024    USD      2.800
Barclays Bank PLC            7.500   2/28/2020    USD     10.260
Landesbank Hessen-Thuer      2.750   5/30/2019    EUR     62.500
Leonteq Securities AG        7.800   5/14/2021    CHF     38.410
Leonteq Securities AG       14.000   8/14/2019    CHF     51.150
Leonteq Securities AG       11.400   8/14/2019    CHF     60.420
Vontobel Financial Prod      4.700    6/7/2019    EUR     48.620
Vontobel Financial Prod      7.500   6/28/2019    EUR     73.150
Vontobel Financial Prod      9.500   6/28/2019    EUR     56.110
Vontobel Financial Prod      7.000   6/28/2019    EUR     53.010
DekaBank Deutsche Giroz      2.800  11/22/2019    EUR     72.410
UniCredit Bank AG            8.300  12/29/2020    EUR     71.160
UniCredit Bank AG            7.700  12/29/2020    EUR     59.710
UniCredit Bank AG            8.100  12/29/2020    EUR     63.040
UniCredit Bank AG            5.300    1/3/2020    EUR     62.240
UniCredit Bank AG            6.800    1/3/2020    EUR     63.490
UniCredit Bank AG            6.200    1/3/2020    EUR     65.300
UniCredit Bank AG           10.000    1/3/2020    EUR     71.560
UniCredit Bank AG            5.900    1/3/2020    EUR     67.600
UniCredit Bank AG           10.500    1/3/2020    EUR     57.340
UniCredit Bank AG            8.200  12/29/2020    EUR     59.150
UniCredit Bank AG            6.200  12/29/2020    EUR     65.530
Bank Julius Baer & Co L      8.000  10/31/2019    CHF     65.050
UniCredit Bank AG            9.000    1/3/2020    EUR     75.460
UniCredit Bank AG            8.600    1/3/2020    EUR     72.010
UniCredit Bank AG            8.400    1/3/2020    EUR     61.540
UniCredit Bank AG           11.700    1/3/2020    EUR     69.670
UniCredit Bank AG            9.600    1/3/2020    EUR     64.190
UniCredit Bank AG            5.200    1/3/2020    EUR     75.230
UniCredit Bank AG            5.400    1/3/2020    EUR     67.140
UniCredit Bank AG            9.200  12/29/2020    EUR     72.210
UniCredit Bank AG            7.500  12/29/2020    EUR     69.270
UniCredit Bank AG            6.100  12/29/2020    EUR     64.260
UniCredit Bank AG            7.200  12/29/2020    EUR     70.210
UniCredit Bank AG            6.800  12/29/2020    EUR     63.220
UniCredit Bank AG            6.300  12/29/2020    EUR     69.590
UniCredit Bank AG            7.300  12/29/2020    EUR     67.690
UniCredit Bank AG            6.900  12/29/2020    EUR     56.710
UniCredit Bank AG           11.800  12/29/2020    EUR     51.930
UniCredit Bank AG            9.500  12/29/2020    EUR     57.490
UniCredit Bank AG            8.100  12/29/2020    EUR     70.470
UniCredit Bank AG            6.600  12/29/2020    EUR     72.890
UniCredit Bank AG            8.400  12/29/2020    EUR     38.780
UniCredit Bank AG            6.600  12/29/2020    EUR     63.250
UniCredit Bank AG            9.300  12/29/2020    EUR     63.420
UniCredit Bank AG           10.500  12/29/2020    EUR     72.970
UniCredit Bank AG            9.400  12/29/2020    EUR     50.950
UniCredit Bank AG            7.600  12/29/2020    EUR     64.450
UniCredit Bank AG            8.000  12/29/2020    EUR     70.180
UniCredit Bank AG            6.400  12/29/2020    EUR     67.440
UniCredit Bank AG            7.800  12/29/2020    EUR     61.770
UniCredit Bank AG            8.700  12/29/2020    EUR     62.390
UniCredit Bank AG           10.600  12/29/2020    EUR     50.300
UniCredit Bank AG           10.800  12/29/2020    EUR     59.680
UniCredit Bank AG            8.000  12/29/2020    EUR     73.950
UniCredit Bank AG            9.200  12/29/2020    EUR     62.000
UniCredit Bank AG            8.900  12/29/2020    EUR     55.140
Erste Group Bank AG          3.900  10/19/2019    EUR     48.800
Landesbank Baden-Wuertt      3.000  10/25/2019    EUR     72.070
Landesbank Baden-Wuertt      4.000  10/25/2019    EUR     68.200
Landesbank Baden-Wuertt      2.500  10/25/2019    EUR     68.180
Landesbank Baden-Wuertt      4.500  10/25/2019    EUR     58.020
Landesbank Baden-Wuertt      5.000  10/25/2019    EUR     72.930
Landesbank Baden-Wuertt      2.000  10/25/2019    EUR     36.870
Landesbank Baden-Wuertt      5.000  10/25/2019    EUR     31.110
Landesbank Baden-Wuertt      1.500  10/25/2019    EUR     63.100
Landesbank Baden-Wuertt      3.500  10/25/2019    EUR     54.770
Landesbank Baden-Wuertt      4.500  10/25/2019    EUR     53.300
UniCredit Bank AG            3.350   6/14/2022    EUR     64.500
Landesbank Baden-Wuertt      1.500  10/25/2019    EUR     65.410
Landesbank Baden-Wuertt      2.500  10/25/2019    EUR     59.950
UniCredit Bank AG            3.550    6/7/2021    EUR     64.220
Landesbank Baden-Wuertt      4.500  10/25/2019    EUR     53.950
Bank Julius Baer & Co L      4.850   8/22/2019    CHF     61.800
Landesbank Baden-Wuertt      3.000  10/25/2019    EUR     69.730
Landesbank Baden-Wuertt      3.000  10/25/2019    EUR     70.180
Landesbank Baden-Wuertt      2.500  10/25/2019    EUR     70.210
BNP Paribas Emissions-      10.000   6/27/2019    EUR     71.930
BNP Paribas Emissions-       7.500   6/27/2019    EUR     60.450
BNP Paribas Emissions-      11.000   6/27/2019    EUR     55.620
BNP Paribas Emissions-       6.500  12/30/2019    EUR     62.500
BNP Paribas Emissions-      10.000  12/30/2019    EUR     57.710
BNP Paribas Emissions-       8.500  12/30/2019    EUR     64.830
BNP Paribas Emissions-      11.000  12/30/2019    EUR     60.620
BNP Paribas Emissions-       5.500   6/27/2019    EUR     62.210
BNP Paribas Emissions-       9.000  12/30/2019    EUR     73.920
BNP Paribas Emissions-       5.000   6/27/2019    EUR     70.610
BNP Paribas Emissions-      12.000   6/27/2019    EUR     65.580
BNP Paribas Emissions-       8.000   6/27/2019    EUR     63.820
BNP Paribas Emissions-       9.500   6/27/2019    EUR     60.570
BNP Paribas Emissions-      11.000   6/27/2019    EUR     59.150
BNP Paribas Emissions-       5.000  12/30/2019    EUR     70.630
BNP Paribas Emissions-       6.500  12/30/2019    EUR     68.710
BNP Paribas Emissions-       8.500   6/27/2019    EUR     73.070
BNP Paribas Emissions-      10.000   6/27/2019    EUR     71.610
BNP Paribas Emissions-      13.000   6/27/2019    EUR     66.870
BNP Paribas Emissions-       7.000  12/30/2019    EUR     67.230
BNP Paribas Emissions-      10.000  12/30/2019    EUR     73.340
BNP Paribas Emissions-       7.000   6/27/2019    EUR     56.150
BNP Paribas Emissions-       9.000   6/27/2019    EUR     52.390
BNP Paribas Emissions-      15.000   6/27/2019    EUR     46.550
BNP Paribas Emissions-       5.500  12/30/2019    EUR     72.970
BNP Paribas Emissions-       6.000  12/30/2019    EUR     70.050
BNP Paribas Emissions-       9.500  12/30/2019    EUR     63.830
BNP Paribas Emissions-       5.500   6/27/2019    EUR     61.470
BNP Paribas Emissions-       7.000   6/27/2019    EUR     59.210
BNP Paribas Emissions-       8.500   6/27/2019    EUR     57.130
BNP Paribas Emissions-       4.000   6/27/2019    EUR     61.580
BNP Paribas Emissions-       6.000   6/27/2019    EUR     57.410
BNP Paribas Emissions-       9.500   6/27/2019    EUR     51.940
BNP Paribas Emissions-      12.000   6/27/2019    EUR     52.630
BNP Paribas Emissions-       4.000  12/30/2019    EUR     66.700
BNP Paribas Emissions-      13.000   6/27/2019    EUR     63.580
BNP Paribas Emissions-      11.000   6/27/2019    EUR     73.020
BNP Paribas Emissions-       6.500   6/27/2019    EUR     31.720
BNP Paribas Emissions-       8.000   6/27/2019    EUR     30.640
BNP Paribas Emissions-       9.500   6/27/2019    EUR     29.650
BNP Paribas Emissions-      12.000   6/27/2019    EUR     28.350
BNP Paribas Emissions-       6.000   6/27/2019    EUR     60.140
BNP Paribas Emissions-       5.000   6/27/2019    EUR     56.040
BNP Paribas Emissions-       6.000   6/27/2019    EUR     53.080
BNP Paribas Emissions-      10.000   6/27/2019    EUR     48.260
DZ Bank AG Deutsche Zen      9.500   6/26/2019    EUR     52.080
DZ Bank AG Deutsche Zen     11.000   5/22/2019    EUR     64.120
Vontobel Financial Prod      9.000    6/5/2020    EUR     59.010
UniCredit Bank AG            3.000   6/28/2019    EUR     50.680
Leonteq Securities AG/G      5.000  11/27/2019    CHF     57.140
Leonteq Securities AG/G      5.600   5/25/2021    CHF     62.730
Leonteq Securities AG/G      6.000  11/13/2019    CHF     52.260
UBS AG/London                4.900   9/26/2019    EUR     58.520
UBS AG/London                5.000   9/26/2019    EUR     61.150
Credit Suisse AG/Nassau      8.000   8/26/2019    USD     71.050
Natixis SA                   2.475  10/21/2019    EUR     65.958
EFG International Finan     14.000   5/31/2019    CHF     53.750
DZ Bank AG Deutsche Zen     10.750   6/26/2019    EUR     68.720
DZ Bank AG Deutsche Zen      5.250   6/26/2019    EUR     72.840
UniCredit Bank AG            4.400  12/10/2022    EUR     69.970
EFG International Finan      7.000  11/16/2020    EUR     55.560
Leonteq Securities AG/G      5.000  11/27/2019    CHF     57.630
Vontobel Financial Prod      3.250   6/28/2019    EUR     56.490
Raiffeisen Schweiz Geno      6.150  11/13/2019    CHF     73.670
Leonteq Securities AG/G      5.000  11/13/2019    CHF     70.660
Vontobel Financial Prod      9.000   7/26/2019    EUR     72.010
UniCredit Bank AG            4.000   6/11/2020    EUR     55.250
Vontobel Financial Prod     19.000   9/27/2019    EUR     73.880
UniCredit Bank AG            4.400  11/27/2019    EUR     68.420
Vontobel Financial Prod      7.500    1/3/2020    EUR     73.060
Vontobel Financial Prod     10.000    1/3/2020    EUR     68.150
Vontobel Financial Prod     14.000   9/27/2019    EUR     63.750
Commerzbank AG              10.750   9/27/2019    EUR     71.530
Commerzbank AG              17.250   6/28/2019    EUR     68.550
BNP Paribas Emissions-      15.000   9/26/2019    EUR     74.580
BNP Paribas Emissions-      19.000   6/27/2019    EUR     72.390
Landesbank Baden-Wuertt      5.000  10/23/2020    EUR     62.470
Commerzbank AG              15.250   6/28/2019    EUR     70.570
HSBC Trinkaus & Burkhar      2.250   4/22/2020    EUR     68.110
Vontobel Financial Prod     12.000    1/3/2020    EUR     71.790
Commerzbank AG              14.000  10/25/2019    EUR     72.310
Commerzbank AG              13.500   9/27/2019    EUR     72.690
BNP Paribas Emissions-      18.000   6/27/2019    EUR     74.680
Landesbank Baden-Wuertt      2.500  10/23/2020    EUR     68.940
HSBC Trinkaus & Burkhar      2.250   4/22/2020    EUR     68.110
HSBC Trinkaus & Burkhar      1.000   4/22/2020    EUR     70.940
Vontobel Financial Prod      6.000    1/3/2020    EUR     75.590
Commerzbank AG              12.750   9/27/2019    EUR     69.540
Commerzbank AG               8.750   9/27/2019    EUR     74.030
BNP Paribas Emissions-      16.000   6/27/2019    EUR     53.940
BNP Paribas Emissions-      13.000   9/26/2019    EUR     56.950
BNP Paribas Emissions-       9.500   6/27/2019    EUR     70.470
Commerzbank AG               8.500   6/28/2019    EUR     65.940
BNP Paribas Emissions-      13.000   6/27/2019    EUR     73.480
BNP Paribas Emissions-       9.500   9/26/2019    EUR     69.700
BNP Paribas Emissions-       9.500  12/30/2019    EUR     72.080
BNP Paribas Emissions-      12.000  12/30/2019    EUR     39.910
BNP Paribas Emissions-       4.000   9/26/2019    EUR     73.030
BNP Paribas Emissions-       8.000   9/26/2019    EUR     61.590
BNP Paribas Emissions-      13.000   9/26/2019    EUR     57.060
BNP Paribas Emissions-       5.000  12/30/2019    EUR     66.010
BNP Paribas Emissions-       9.500   9/26/2019    EUR     73.560
BNP Paribas Emissions-      13.000   9/26/2019    EUR     68.250
BNP Paribas Emissions-       5.000  12/30/2019    EUR     65.660
BNP Paribas Emissions-       7.500   9/26/2019    EUR     62.200
BNP Paribas Emissions-       9.000   9/26/2019    EUR     72.790
BNP Paribas Emissions-      12.000  12/30/2019    EUR     71.150
BNP Paribas Emissions-       9.500   6/27/2019    EUR     66.780
BNP Paribas Emissions-      12.000   6/27/2019    EUR     63.760
BNP Paribas Emissions-       7.000   9/26/2019    EUR     70.670
BNP Paribas Emissions-       8.500   9/26/2019    EUR     67.950
Commerzbank AG               7.750   7/26/2019    EUR     66.700
Commerzbank AG               8.750   7/26/2019    EUR     65.470
DZ Bank AG Deutsche Zen      8.750   9/25/2019    EUR     65.820
DZ Bank AG Deutsche Zen      6.500   9/25/2019    EUR     71.020
DZ Bank AG Deutsche Zen      9.500   6/26/2019    EUR     73.210
DZ Bank AG Deutsche Zen      5.500   9/25/2019    EUR     55.950
Landesbank Baden-Wuertt      3.500   8/23/2019    EUR     72.980
Landesbank Baden-Wuertt      5.000   8/23/2019    EUR     72.580
Landesbank Baden-Wuertt      4.500   8/23/2019    EUR     57.950
Landesbank Baden-Wuertt      7.000   8/23/2019    EUR     52.780
Commerzbank AG              16.750   6/28/2019    EUR     74.050
HSBC Trinkaus & Burkhar      8.530   2/21/2020    EUR     70.310
Commerzbank AG              14.500   9/27/2019    EUR     71.680
Landesbank Baden-Wuertt      3.000  10/23/2020    EUR     76.610
Commerzbank AG              15.000   6/28/2019    EUR     71.620
BNP Paribas Emissions-      15.000   6/27/2019    EUR     68.250
HSBC Trinkaus & Burkhar      3.000   8/10/2020    EUR     69.600
HSBC Trinkaus & Burkhar      6.000   2/28/2020    EUR     72.520
Vontobel Financial Prod     14.000    1/3/2020    EUR     69.730
Vontobel Financial Prod     12.000    1/3/2020    EUR     70.200
Vontobel Financial Prod     14.000    1/3/2020    EUR     71.961
Vontobel Financial Prod     18.500    1/3/2020    EUR     72.210
DZ Bank AG Deutsche Zen     14.000   9/25/2019    EUR     68.410
UBS AG/London                9.000  10/19/2020    USD     66.850
Commerzbank AG              20.500   6/28/2019    EUR     73.710
Commerzbank AG              16.250   7/26/2019    EUR     73.500
BNP Paribas Emissions-       8.000   9/26/2019    EUR     61.690
Leonteq Securities AG/G      5.000    5/5/2020    EUR     51.350
BNP Paribas Emissions-      11.000   6/27/2019    EUR     68.970
BNP Paribas Emissions-       8.500   9/26/2019    EUR     73.450
BNP Paribas Emissions-      16.000   6/27/2019    EUR     70.890
BNP Paribas Emissions-      12.000  12/30/2019    EUR     63.190
BNP Paribas Emissions-       5.500  12/30/2019    EUR     64.620
BNP Paribas Emissions-       9.000  12/30/2019    EUR     60.930
BNP Paribas Emissions-       5.000   9/26/2019    EUR     64.700
Vontobel Financial Prod     14.000   9/13/2019    EUR     71.820
BNP Paribas Emissions-       7.500   9/26/2019    EUR     74.290
BNP Paribas Emissions-      14.000   9/26/2019    EUR     68.520
BNP Paribas Emissions-      12.000   6/27/2019    EUR     59.880
BNP Paribas Emissions-       7.000   6/27/2019    EUR     70.130
BNP Paribas Emissions-      14.000   9/26/2019    EUR     61.480
Commerzbank AG               5.750   7/26/2019    EUR     70.150
DZ Bank AG Deutsche Zen      5.250   9/25/2019    EUR     65.750
DZ Bank AG Deutsche Zen      6.000   9/25/2019    EUR     66.000
HSBC Trinkaus & Burkhar      9.600   6/28/2019    EUR     68.180
HSBC Trinkaus & Burkhar      4.300   6/26/2020    EUR     66.680
HSBC Trinkaus & Burkhar      3.500   6/26/2020    EUR     65.870
Vontobel Financial Prod      7.650   9/19/2019    EUR     56.390
Vontobel Financial Prod     15.500   6/28/2019    EUR     62.100
Vontobel Financial Prod      9.800   9/19/2019    USD     63.620
Vontobel Financial Prod     16.500   9/27/2019    EUR     62.670
Vontobel Financial Prod     19.000   6/28/2019    EUR     59.190
Vontobel Financial Prod      2.500   6/28/2019    EUR     75.580
Vontobel Financial Prod     15.000   6/28/2019    EUR     56.570
Vontobel Financial Prod     13.000   9/27/2019    EUR     74.620
Vontobel Financial Prod      7.000   9/27/2019    EUR     73.430
Vontobel Financial Prod     13.500   9/27/2019    EUR     66.720
Vontobel Financial Prod      7.000   6/28/2019    EUR     73.900
Vontobel Financial Prod     10.000   6/28/2019    EUR     70.030
Vontobel Financial Prod     13.000   6/28/2019    EUR     66.670
HSBC Trinkaus & Burkhar      5.900  12/27/2019    EUR     71.140
HSBC Trinkaus & Burkhar      7.300  12/27/2019    EUR     53.430
HSBC Trinkaus & Burkhar     10.400  12/27/2019    EUR     72.640
Vontobel Financial Prod      7.000   9/27/2019    EUR     71.390
Vontobel Financial Prod     18.500   9/27/2019    EUR     70.880
Vontobel Financial Prod      9.000   9/27/2019    EUR     74.700
Vontobel Financial Prod     14.000   9/27/2019    EUR     69.390
Vontobel Financial Prod      9.500   6/28/2019    EUR     74.260
Vontobel Financial Prod     11.500   9/11/2019    EUR     73.730
BNP Paribas Emissions-      12.000   9/26/2019    EUR     74.350
HSBC Trinkaus & Burkhar     13.310   9/27/2019    EUR     49.360
BNP Paribas Emissions-       7.000   9/26/2019    EUR     75.530
BNP Paribas Emissions-       8.000  12/30/2019    EUR     74.730
BNP Paribas Emissions-       9.500  12/30/2019    EUR     73.730
BNP Paribas Emissions-      10.000  12/30/2019    EUR     72.810
BNP Paribas Emissions-      11.000  12/30/2019    EUR     72.240
BNP Paribas Emissions-      10.000   9/26/2019    EUR     65.450
BNP Paribas Emissions-       6.000  12/30/2019    EUR     70.860
BNP Paribas Emissions-       7.500  12/30/2019    EUR     68.680
Commerzbank AG               4.750   7/26/2019    EUR     72.510
Commerzbank AG               6.750   7/26/2019    EUR     68.240
Landesbank Baden-Wuertt      6.000   8/23/2019    EUR     69.800
SG Issuer SA                 3.000    9/2/2021    EUR     43.970
Landesbank Baden-Wuertt      3.500   8/23/2019    EUR     75.370
Commerzbank AG              17.500   5/24/2019    EUR     66.980
Landesbank Baden-Wuertt      2.780   8/23/2019    EUR     49.600
Vontobel Financial Prod      8.500   6/28/2019    EUR     71.980
Vontobel Financial Prod      5.500   9/27/2019    EUR     61.820
Vontobel Financial Prod     19.000   9/27/2019    EUR     60.120
Vontobel Financial Prod      7.000   6/28/2019    EUR     65.760
Vontobel Financial Prod      9.500   9/27/2019    EUR     62.940
HSBC Trinkaus & Burkhar      7.200   6/26/2020    EUR     56.300
Vontobel Financial Prod     18.500   6/28/2019    EUR     71.250
Vontobel Financial Prod     17.500   9/27/2019    EUR     66.370
Vontobel Financial Prod     15.000   9/27/2019    EUR     74.660
Vontobel Financial Prod     12.500   9/11/2019    EUR     59.740
Vontobel Financial Prod      9.500   8/23/2019    EUR     71.930
Vontobel Financial Prod      8.000   8/23/2019    EUR     73.650
Vontobel Financial Prod      6.000   8/23/2019    EUR     62.850
Vontobel Financial Prod      7.500   8/23/2019    EUR     60.780
Vontobel Financial Prod     11.500   8/23/2019    EUR     73.610
Vontobel Financial Prod      8.500   8/23/2019    EUR     70.690
Vontobel Financial Prod     10.500   8/23/2019    EUR     67.900
Vontobel Financial Prod     13.000   8/23/2019    EUR     65.480
HSBC Trinkaus & Burkhar      2.620  12/30/2019    EUR     72.090
DZ Bank AG Deutsche Zen      6.000   7/24/2019    EUR     52.850
DZ Bank AG Deutsche Zen      8.000   9/25/2019    EUR     62.910
UniCredit Bank AG            5.100  11/22/2019    EUR     70.140
Commerzbank AG               8.250   6/28/2019    EUR     72.180
Commerzbank AG              13.000   6/28/2019    EUR     60.350
Commerzbank AG               6.750   6/28/2019    EUR     67.290
Vontobel Financial Prod     12.000   6/28/2019    EUR     72.320
DZ Bank AG Deutsche Zen      4.800   6/24/2019    EUR     60.270
DZ Bank AG Deutsche Zen      6.250   9/23/2019    EUR     65.230
DZ Bank AG Deutsche Zen      5.250   9/23/2019    EUR     68.780
Vontobel Financial Prod     10.500   7/16/2019    EUR     50.250
Credit Suisse AG/Nassau      7.200    7/5/2021    CHF     69.830
Commerzbank AG               3.000   6/28/2019    EUR     59.600
Commerzbank AG               4.500   6/28/2019    EUR     52.890
Commerzbank AG               6.500   6/28/2019    EUR     50.120
Commerzbank AG               6.000   6/28/2019    EUR     55.570
Commerzbank AG              10.000   6/28/2019    EUR     65.430
Commerzbank AG               4.250   6/28/2019    EUR     64.270
Commerzbank AG               9.750   6/28/2019    EUR     73.540
Commerzbank AG               8.750   6/28/2019    EUR     60.240
Vontobel Financial Prod     16.500   6/28/2019    EUR     74.180
Commerzbank AG               8.250   6/28/2019    EUR     73.160
Commerzbank AG               8.750   6/28/2019    EUR     72.470
Commerzbank AG               6.750   6/28/2019    EUR     59.340
Commerzbank AG               4.250   6/28/2019    EUR     67.070
Commerzbank AG               5.250   6/28/2019    EUR     64.710
Commerzbank AG               6.250   6/28/2019    EUR     62.720
Commerzbank AG               8.250   6/28/2019    EUR     59.610
Commerzbank AG               9.250   6/28/2019    EUR     58.310
Commerzbank AG               4.750   6/28/2019    EUR     63.830
Commerzbank AG               6.750   6/28/2019    EUR     56.540
Commerzbank AG               8.750   6/28/2019    EUR     52.400
Commerzbank AG              10.750   6/28/2019    EUR     49.760
Commerzbank AG              10.750   6/28/2019    EUR     59.790
Commerzbank AG              12.750   6/28/2019    EUR     57.150
Commerzbank AG               9.500   6/28/2019    EUR     61.230
Commerzbank AG              11.500   6/28/2019    EUR     58.160
Commerzbank AG               3.750   6/28/2019    EUR     64.890
Commerzbank AG               4.750   6/28/2019    EUR     62.530
Commerzbank AG               7.250   6/28/2019    EUR     73.780
Commerzbank AG               8.750   6/28/2019    EUR     63.160
Vontobel Financial Prod     11.000   6/28/2019    EUR     74.030
Vontobel Financial Prod     12.000   9/27/2019    EUR     71.530
Vontobel Financial Prod     13.550   9/27/2019    EUR     68.920
Vontobel Financial Prod     13.000   6/28/2019    EUR     70.600
Vontobel Financial Prod     14.000   6/28/2019    EUR     68.870
DZ Bank AG Deutsche Zen      5.200   9/23/2019    EUR     60.460
DZ Bank AG Deutsche Zen      6.300   9/23/2019    EUR     58.560
DZ Bank AG Deutsche Zen      6.000   6/24/2019    EUR     69.260
DZ Bank AG Deutsche Zen      5.000   9/23/2019    EUR     64.810
DZ Bank AG Deutsche Zen      8.500   9/23/2019    EUR     70.000
Vontobel Financial Prod     10.000   6/28/2019    EUR     48.850
Vontobel Financial Prod      8.550   6/28/2019    EUR     66.610
Vontobel Financial Prod      7.550   6/28/2019    EUR     66.500
Vontobel Financial Prod      7.000   6/28/2019    EUR     71.960
Bank Julius Baer & Co L      8.150    7/3/2019    CHF     45.200
DZ Bank AG Deutsche Zen      6.000   9/25/2019    EUR     62.340
DZ Bank AG Deutsche Zen      7.750   9/25/2019    EUR     56.200
DZ Bank AG Deutsche Zen      5.250   9/25/2019    EUR     46.550
DZ Bank AG Deutsche Zen      8.750   9/25/2019    EUR     72.220
DZ Bank AG Deutsche Zen      4.500   9/25/2019    EUR     52.600
DZ Bank AG Deutsche Zen      6.500   9/25/2019    EUR     53.300
Vontobel Financial Prod     10.000   7/16/2019    EUR     73.340
Commerzbank AG               8.000   5/24/2019    EUR     72.630
Commerzbank AG              10.000   6/28/2019    EUR     58.090
Commerzbank AG               8.750   6/28/2019    EUR     58.230
Vontobel Financial Prod      4.100  12/20/2019    EUR     74.860
DZ Bank AG Deutsche Zen      5.000   6/24/2019    EUR     63.520
DZ Bank AG Deutsche Zen      8.250   6/24/2019    EUR     67.260
DZ Bank AG Deutsche Zen      5.000   9/23/2019    EUR     67.830
DZ Bank AG Deutsche Zen      6.750   6/24/2019    EUR     72.220
UniCredit Bank AG            3.600  11/22/2019    EUR     70.530
UniCredit Bank AG            3.800  11/22/2019    EUR     69.550
UniCredit Bank AG            4.200   7/26/2022    EUR     57.560
UniCredit Bank AG            4.450   7/23/2022    EUR     65.850
DZ Bank AG Deutsche Zen      6.000   7/24/2019    EUR     60.890
DZ Bank AG Deutsche Zen      4.000   6/26/2019    EUR     62.820
DZ Bank AG Deutsche Zen      7.250   9/25/2019    EUR     56.650
Commerzbank AG              10.000   5/24/2019    EUR     68.710
Commerzbank AG              12.000   5/24/2019    EUR     65.410
Commerzbank AG              10.750   6/28/2019    EUR     68.290
Commerzbank AG               6.750   6/28/2019    EUR     65.770
Commerzbank AG              10.750   6/28/2019    EUR     59.620
Commerzbank AG               8.000   6/28/2019    EUR     52.770
Commerzbank AG              12.000   6/28/2019    EUR     62.440
Commerzbank AG              10.250   6/28/2019    EUR     71.010
Commerzbank AG               6.750   6/28/2019    EUR     63.760
Commerzbank AG               5.750   6/28/2019    EUR     60.690
Commerzbank AG               4.750   6/28/2019    EUR     54.390
Commerzbank AG              10.250   6/28/2019    EUR     72.930
Commerzbank AG               3.250   6/28/2019    EUR     70.040
Commerzbank AG              12.750   6/28/2019    EUR     44.020
Vontobel Financial Prod     10.500   9/27/2019    EUR     74.440
DZ Bank AG Deutsche Zen      5.300   6/24/2019    EUR     59.180
DZ Bank AG Deutsche Zen      4.800   9/23/2019    EUR     70.330
DZ Bank AG Deutsche Zen      4.750   6/24/2019    EUR     57.160
DZ Bank AG Deutsche Zen      5.750   6/24/2019    EUR     72.810
DZ Bank AG Deutsche Zen      6.750   6/24/2019    EUR     62.870
DZ Bank AG Deutsche Zen      5.600   9/23/2019    EUR     59.460
DZ Bank AG Deutsche Zen      5.200   9/23/2019    EUR     69.040
DZ Bank AG Deutsche Zen      8.250   6/24/2019    EUR     70.320
DZ Bank AG Deutsche Zen      5.000   6/24/2019    EUR     62.710
DZ Bank AG Deutsche Zen      6.250   6/24/2019    EUR     62.740
Vontobel Financial Prod      6.500   6/28/2019    EUR     74.650
Vontobel Financial Prod      8.000   6/28/2019    EUR     71.540
Vontobel Financial Prod      9.000   6/28/2019    EUR     69.620
DZ Bank AG Deutsche Zen      5.000   7/24/2019    EUR     58.710
DZ Bank AG Deutsche Zen      4.000   6/26/2019    EUR     46.980
DZ Bank AG Deutsche Zen      5.250   9/25/2019    EUR     52.970
Leonteq Securities AG       13.200  10/30/2019    USD     57.320
Leonteq Securities AG        7.800   1/30/2020    CHF     56.500
Leonteq Securities AG       11.200  10/30/2019    CHF     57.140
Leonteq Securities AG       10.000  10/30/2019    CHF     56.570
Araratbank OJSC              5.250   9/11/2022    USD     24.998
HSBC Trinkaus & Burkhar      9.400   6/28/2019    EUR     36.830
HSBC Trinkaus & Burkhar      3.000   6/28/2019    EUR     46.700
HSBC Trinkaus & Burkhar      8.800   9/27/2019    EUR     39.070
HSBC Trinkaus & Burkhar      5.900   9/27/2019    EUR     41.430
HSBC Trinkaus & Burkhar      3.000   9/27/2019    EUR     46.690
HSBC Trinkaus & Burkhar      7.400   8/23/2019    EUR     39.540
HSBC Trinkaus & Burkhar      7.100  11/22/2019    EUR     41.460
HSBC Trinkaus & Burkhar      4.900   8/23/2019    EUR     62.720
HSBC Trinkaus & Burkhar      4.800  11/22/2019    EUR     63.710
HSBC Trinkaus & Burkhar      7.400   9/27/2019    EUR     73.950
HSBC Trinkaus & Burkhar      7.800   6/28/2019    EUR     60.060
HSBC Trinkaus & Burkhar      4.600   6/28/2019    EUR     66.240
HSBC Trinkaus & Burkhar      2.500   6/28/2019    EUR     74.210
HSBC Trinkaus & Burkhar      7.100   9/27/2019    EUR     64.590
HSBC Trinkaus & Burkhar      4.800   9/27/2019    EUR     67.850
HSBC Trinkaus & Burkhar      2.500   9/27/2019    EUR     73.850
HSBC Trinkaus & Burkhar      3.600  12/27/2019    EUR     71.370
HSBC Trinkaus & Burkhar      3.500   7/26/2019    EUR     70.300
HSBC Trinkaus & Burkhar      3.600   8/23/2019    EUR     70.540
HSBC Trinkaus & Burkhar      3.600  11/22/2019    EUR     71.140
HSBC Trinkaus & Burkhar      3.500   9/27/2019    EUR     66.580
HSBC Trinkaus & Burkhar      2.700  12/27/2019    EUR     69.460
HSBC Trinkaus & Burkhar      4.700  11/22/2019    EUR     64.280
HSBC Trinkaus & Burkhar      2.600  11/22/2019    EUR     69.420
HSBC Trinkaus & Burkhar      2.000   6/28/2019    EUR     67.590
HSBC Trinkaus & Burkhar      7.100   9/27/2019    EUR     56.420
HSBC Trinkaus & Burkhar      3.800   9/27/2019    EUR     62.170
HSBC Trinkaus & Burkhar      2.100   9/27/2019    EUR     67.910
HSBC Trinkaus & Burkhar      5.000   8/23/2019    EUR     69.990
HSBC Trinkaus & Burkhar      5.100  11/22/2019    EUR     71.140
HSBC Trinkaus & Burkhar      9.500   6/28/2019    EUR     56.340
HSBC Trinkaus & Burkhar      3.200   6/28/2019    EUR     65.420
HSBC Trinkaus & Burkhar      8.500   9/27/2019    EUR     58.320
HSBC Trinkaus & Burkhar      6.600   9/27/2019    EUR     60.540
HSBC Trinkaus & Burkhar      3.400   9/27/2019    EUR     66.180
HSBC Trinkaus & Burkhar      5.300  11/22/2019    EUR     59.770
HSBC Trinkaus & Burkhar      6.700   6/28/2019    EUR     69.700
HSBC Trinkaus & Burkhar      5.800   6/28/2019    EUR     70.760
HSBC Trinkaus & Burkhar      7.400   6/28/2019    EUR     65.160
HSBC Trinkaus & Burkhar      5.000   6/28/2019    EUR     67.000
HSBC Trinkaus & Burkhar      2.600   6/28/2019    EUR     73.540
HSBC Trinkaus & Burkhar      9.800   9/27/2019    EUR     71.730
HSBC Trinkaus & Burkhar      8.600   8/23/2019    EUR     73.730
Commerzbank AG              11.250   7/26/2019    EUR     54.300
Commerzbank AG               9.750   7/26/2019    EUR     62.890
Commerzbank AG               7.500   7/26/2019    EUR     57.610
Commerzbank AG               9.500   7/26/2019    EUR     55.110
Vontobel Financial Prod      7.000   9/27/2019    EUR     69.870
Vontobel Financial Prod     10.500   9/27/2019    EUR     65.780
Credit Suisse AG/Nassau      8.250   11/7/2019    EUR     62.890
Credit Suisse AG/Nassau      7.000   11/8/2019    CHF     72.000
Landesbank Hessen-Thuer      1.950    9/3/2021    EUR     59.670
Goldman Sachs & Co Wert     10.000   6/26/2019    EUR     71.720
Goldman Sachs & Co Wert     15.000   6/26/2019    EUR     65.970
Goldman Sachs & Co Wert     18.000   6/26/2019    EUR     63.690
Goldman Sachs & Co Wert     21.000   6/26/2019    EUR     55.640
Goldman Sachs & Co Wert     10.000   7/24/2019    EUR     72.940
Goldman Sachs & Co Wert     15.000   7/24/2019    EUR     67.560
Goldman Sachs & Co Wert     20.000   7/24/2019    EUR     57.100
Goldman Sachs & Co Wert      6.000   8/21/2019    EUR     72.950
Goldman Sachs & Co Wert     12.000   6/24/2020    EUR     65.610
Goldman Sachs & Co Wert      3.000   5/22/2019    EUR     70.350
Goldman Sachs & Co Wert      5.000   5/22/2019    EUR     61.680
Goldman Sachs & Co Wert      7.000   5/22/2019    EUR     58.180
Goldman Sachs & Co Wert      9.000   5/22/2019    EUR     55.070
Goldman Sachs & Co Wert     13.000   6/24/2020    EUR     54.130
Goldman Sachs & Co Wert     15.000   5/22/2019    EUR     49.920
Goldman Sachs & Co Wert     17.000   5/22/2019    EUR     50.030
Goldman Sachs & Co Wert      3.000   9/25/2019    EUR     67.830
Goldman Sachs & Co Wert      5.000   9/25/2019    EUR     60.290
Goldman Sachs & Co Wert      6.000   9/25/2019    EUR     57.220
Goldman Sachs & Co Wert      8.000   9/25/2019    EUR     54.870
Goldman Sachs & Co Wert     10.000   9/25/2019    EUR     52.840
Goldman Sachs & Co Wert     13.000   9/25/2019    EUR     51.420
Goldman Sachs & Co Wert     18.000   9/25/2019    EUR     48.920
Goldman Sachs & Co Wert      2.000  12/27/2019    EUR     72.270
Goldman Sachs & Co Wert      3.000  12/27/2019    EUR     68.230
Goldman Sachs & Co Wert      4.000  12/27/2019    EUR     68.840
Goldman Sachs & Co Wert      5.000  12/27/2019    EUR     61.460
Goldman Sachs & Co Wert      6.000  12/27/2019    EUR     58.700
Goldman Sachs & Co Wert      7.000  12/27/2019    EUR     56.290
Goldman Sachs & Co Wert      9.000  12/27/2019    EUR     54.780
Goldman Sachs & Co Wert     14.000  12/27/2019    EUR     53.140
Goldman Sachs & Co Wert     16.000  12/27/2019    EUR     52.330
Goldman Sachs & Co Wert     10.000  12/27/2019    EUR     67.330
Goldman Sachs & Co Wert     15.000  12/27/2019    EUR     62.740
Goldman Sachs & Co Wert      6.000   3/25/2020    EUR     72.480
Goldman Sachs & Co Wert      7.000   3/25/2020    EUR     70.120
Goldman Sachs & Co Wert     10.000   3/25/2020    EUR     66.990
Goldman Sachs & Co Wert     13.000   3/25/2020    EUR     64.730
Goldman Sachs & Co Wert      5.000   6/24/2020    EUR     74.460
Goldman Sachs & Co Wert      6.000   6/24/2020    EUR     72.240
Goldman Sachs & Co Wert      7.000   6/24/2020    EUR     70.260
Goldman Sachs & Co Wert     10.000   6/24/2020    EUR     68.070
Goldman Sachs & Co Wert      2.000   3/25/2020    EUR     72.760
Goldman Sachs & Co Wert      3.000   3/25/2020    EUR     68.950
Goldman Sachs & Co Wert      4.000   3/25/2020    EUR     65.530
Goldman Sachs & Co Wert      5.000   3/25/2020    EUR     59.040
Goldman Sachs & Co Wert      6.000   3/25/2020    EUR     56.770
Goldman Sachs & Co Wert      8.000   3/25/2020    EUR     55.670
Goldman Sachs & Co Wert      9.000   3/25/2020    EUR     54.000
Goldman Sachs & Co Wert     15.000   3/25/2020    EUR     52.850
Goldman Sachs & Co Wert      2.000   6/24/2020    EUR     71.570
Goldman Sachs & Co Wert      3.000   6/24/2020    EUR     68.370
Goldman Sachs & Co Wert      4.000   6/24/2020    EUR     65.490
Goldman Sachs & Co Wert      5.000   6/24/2020    EUR     59.640
Goldman Sachs & Co Wert      6.000   6/24/2020    EUR     57.740
Goldman Sachs & Co Wert      7.000   6/24/2020    EUR     56.130
Goldman Sachs & Co Wert      8.000   6/24/2020    EUR     54.770
Goldman Sachs & Co Wert     10.000   6/24/2020    EUR     54.730
Goldman Sachs & Co Wert     22.000   6/26/2019    EUR     44.750
Goldman Sachs & Co Wert      2.000   7/24/2019    EUR     74.720
Goldman Sachs & Co Wert      3.000   7/24/2019    EUR     69.710
Goldman Sachs & Co Wert      5.000   7/24/2019    EUR     61.550
Goldman Sachs & Co Wert      6.000   7/24/2019    EUR     58.210
Goldman Sachs & Co Wert      8.000   7/24/2019    EUR     55.460
Goldman Sachs & Co Wert     15.000   7/24/2019    EUR     49.500
Goldman Sachs & Co Wert     18.000   7/24/2019    EUR     49.850
Goldman Sachs & Co Wert     21.000   7/24/2019    EUR     46.300
Goldman Sachs & Co Wert      2.000   8/21/2019    EUR     72.420
Goldman Sachs & Co Wert      3.000   8/21/2019    EUR     67.620
Goldman Sachs & Co Wert      5.000   8/21/2019    EUR     59.820
Goldman Sachs & Co Wert      6.000   8/21/2019    EUR     56.640
Goldman Sachs & Co Wert      8.000   8/21/2019    EUR     54.090
Goldman Sachs & Co Wert     10.000   8/21/2019    EUR     51.860
Goldman Sachs & Co Wert     14.000   8/21/2019    EUR     50.410
Goldman Sachs & Co Wert     19.000   8/21/2019    EUR     47.420
Goldman Sachs & Co Wert      2.000   9/25/2019    EUR     72.440
Goldman Sachs & Co Wert     24.000   5/22/2019    EUR     44.250
Goldman Sachs & Co Wert      2.000   6/26/2019    EUR     73.800
Goldman Sachs & Co Wert      3.000   6/26/2019    EUR     68.700
Goldman Sachs & Co Wert      5.000   6/26/2019    EUR     60.430
Goldman Sachs & Co Wert      6.000   6/26/2019    EUR     57.050
Goldman Sachs & Co Wert      9.000   6/26/2019    EUR     54.310
Goldman Sachs & Co Wert     14.000   6/26/2019    EUR     49.640
Goldman Sachs & Co Wert     19.000   6/26/2019    EUR     48.010
Goldman Sachs & Co Wert      7.000   8/21/2019    EUR     69.460
Goldman Sachs & Co Wert      9.000   8/21/2019    EUR     66.590
Goldman Sachs & Co Wert     14.000   8/21/2019    EUR     62.020
Goldman Sachs & Co Wert     19.000   8/21/2019    EUR     58.410
Goldman Sachs & Co Wert      6.000   9/25/2019    EUR     73.510
Goldman Sachs & Co Wert      7.000   9/25/2019    EUR     70.140
Goldman Sachs & Co Wert      9.000   9/25/2019    EUR     67.480
Goldman Sachs & Co Wert     15.000   9/25/2019    EUR     61.200
Goldman Sachs & Co Wert     17.000   9/25/2019    EUR     59.570
Goldman Sachs & Co Wert      5.000  12/27/2019    EUR     74.210
Goldman Sachs & Co Wert      7.000  12/27/2019    EUR     71.830
Goldman Sachs & Co Wert      8.000  12/27/2019    EUR     69.140
Leonteq Securities AG       14.800  10/30/2019    USD     58.080
Leonteq Securities AG/G     11.000   1/30/2020    USD     58.570
Vontobel Financial Prod      9.650   7/26/2019    USD     63.740
UBS AG/London                5.250   7/26/2019    CHF     58.650
UBS AG/London               10.000   7/26/2019    CHF     64.500
Commerzbank AG               7.750   6/28/2019    EUR     58.110
Commerzbank AG               9.750   6/28/2019    EUR     55.560
Vontobel Financial Prod     13.000   3/13/2020    EUR     71.340
HSBC Trinkaus & Burkhar     10.100   6/26/2020    EUR     75.650
UBS AG/London                6.000   8/30/2019    CHF     21.780
UniCredit Bank AG            5.000   9/26/2021    EUR     47.340
EFG International Finan      7.400   9/13/2019    USD     45.580
Landesbank Baden-Wuertt      4.250   2/28/2020    EUR     62.100
Leonteq Securities AG/G      5.200   9/11/2019    CHF     55.920
Raiffeisen Centrobank A      6.037   6/25/2019    EUR     13.340
Landesbank Hessen-Thuer      3.000    7/6/2021    EUR     52.000
HSBC Trinkaus & Burkhar     15.000  12/27/2019    EUR     52.600
HSBC Trinkaus & Burkhar     10.200  11/22/2019    EUR     54.310
DZ Bank AG Deutsche Zen     10.750  12/27/2019    EUR     64.710
HSBC Trinkaus & Burkhar      2.000   3/27/2020    EUR     62.490
DZ Bank AG Deutsche Zen      8.000   6/26/2019    EUR     72.020
DZ Bank AG Deutsche Zen     10.000   6/26/2019    EUR     63.980
UBS AG/London                9.000  11/10/2022    USD      5.220
Leonteq Securities AG/G     15.000    9/4/2019    USD     71.110
Bank Julius Baer & Co L      8.700   8/26/2019    CHF     67.150
BNP Paribas Emissions-       4.000   6/27/2019    EUR     62.140
BNP Paribas Emissions-       3.500   9/26/2019    EUR     62.900
BNP Paribas Emissions-       5.000   9/26/2019    EUR     69.770
BNP Paribas Emissions-       6.000   9/26/2019    EUR     66.950
BNP Paribas Emissions-       4.000   6/27/2019    EUR     57.990
BNP Paribas Emissions-       3.000   6/27/2019    EUR     61.180
BNP Paribas Emissions-       4.500   6/27/2019    EUR     56.660
BNP Paribas Emissions-       5.500   6/27/2019    EUR     54.680
BNP Paribas Emissions-       7.000   6/27/2019    EUR     52.900
BNP Paribas Emissions-       3.000   9/26/2019    EUR     61.000
BNP Paribas Emissions-       4.500   9/26/2019    EUR     57.940
BNP Paribas Emissions-       6.500   9/26/2019    EUR     54.660
EFG International Finan      7.200  11/30/2020    EUR     62.770
Corner Banca SA              9.600  11/27/2019    CHF     71.240
BNP Paribas Emissions-       3.000   9/26/2019    EUR     66.040
BNP Paribas Emissions-       8.500   6/27/2019    EUR     71.890
BNP Paribas Emissions-       9.500   6/27/2019    EUR     69.760
BNP Paribas Emissions-      10.000   6/27/2019    EUR     68.750
Commerzbank AG              12.500   9/27/2019    EUR     73.640
BNP Paribas Emissions-      18.000   6/27/2019    EUR     73.030
EFG International Finan      5.550   7/12/2021    USD     53.430
BNP Paribas Emissions-      13.000   6/27/2019    EUR     71.830
BNP Paribas Emissions-      16.000   6/27/2019    EUR     68.600
BNP Paribas Emissions-      16.000   9/26/2019    EUR     72.400
BNP Paribas Emissions-      17.000   9/26/2019    EUR     69.630
BNP Paribas Emissions-      12.000  12/30/2019    EUR     73.790
DZ Bank AG Deutsche Zen      4.500   6/26/2019    EUR     59.750
BNP Paribas Emissions-       8.500   6/27/2019    EUR     66.680
BNP Paribas Emissions-      11.000   6/27/2019    EUR     66.920
BNP Paribas Emissions-      15.000   6/27/2019    EUR     61.080
BNP Paribas Emissions-      18.000   6/27/2019    EUR     58.670
BNP Paribas Emissions-       6.000   9/26/2019    EUR     70.220
UBS AG/London               13.000  11/25/2019    CHF     53.650
BNP Paribas Emissions-       8.500  12/30/2019    EUR     73.750
BNP Paribas Emissions-       8.000  12/30/2019    EUR     72.450
BNP Paribas Emissions-      11.000   6/27/2019    EUR     67.820
BNP Paribas Emissions-      15.000   6/27/2019    EUR     66.250
UBS AG/London                6.500  11/25/2019    CHF     70.800
BNP Paribas Emissions-      17.000   6/27/2019    EUR     62.850
UBS AG/London                6.750  11/25/2019    EUR     65.950
UBS AG/London                5.000   5/24/2019    CHF     70.700
UBS AG/London                9.500   5/23/2019    EUR     39.100
BNP Paribas Emissions-       9.500   9/26/2019    EUR     71.930
BNP Paribas Emissions-      10.000   9/26/2019    EUR     71.070
BNP Paribas Emissions-      14.000   9/26/2019    EUR     67.710
BNP Paribas Emissions-      15.000   9/26/2019    EUR     66.330
Bayerische Landesbank        2.400  12/20/2019    EUR     66.710
UBS AG/London               13.000   5/23/2019    USD     63.720
Commerzbank AG              13.000   9/27/2019    EUR     70.670
Credit Suisse AG/Nassau      7.500   8/26/2019    CHF     70.020
Leonteq Securities AG        9.400    9/4/2019    CHF     59.780
Zurcher Kantonalbank Fi      8.774   5/31/2019    CHF     32.920
BNP Paribas Emissions-      10.000  12/30/2019    EUR     73.670
BNP Paribas Emissions-       9.500  12/30/2019    EUR     72.400
BNP Paribas Emissions-      11.000  12/30/2019    EUR     71.440
BNP Paribas Emissions-      13.000  12/30/2019    EUR     69.180
BNP Paribas Emissions-      12.000   9/26/2019    EUR     66.050
BNP Paribas Emissions-      16.000   9/26/2019    EUR     62.070
BNP Paribas Emissions-      14.000  12/30/2019    EUR     64.580
Zurcher Kantonalbank Fi      8.900   12/6/2019    CHF     49.840
Vontobel Financial Prod      7.550   6/28/2019    EUR     69.770
UniCredit Bank AG            7.700  11/22/2019    EUR     62.850
UniCredit Bank AG            9.000  11/22/2019    EUR     61.010
Landesbank Baden-Wuertt      3.500  10/25/2019    EUR     71.620
Landesbank Baden-Wuertt      5.000  10/25/2019    EUR     68.690
Landesbank Baden-Wuertt      2.500  10/25/2019    EUR     72.620
Landesbank Baden-Wuertt      4.000  10/25/2019    EUR     69.720
Landesbank Baden-Wuertt      2.000  10/25/2019    EUR     61.940
Landesbank Baden-Wuertt      3.500  10/25/2019    EUR     58.110
Landesbank Baden-Wuertt      5.000  10/25/2019    EUR     54.810
Credit Suisse AG/London      9.250  10/15/2019    USD     74.310
Commerzbank AG              13.500   6/28/2019    EUR     70.320
Commerzbank AG              12.750   7/26/2019    EUR     71.230
Commerzbank AG              11.250   9/27/2019    EUR     73.040
Commerzbank AG               9.750   8/23/2019    EUR     72.380
DekaBank Deutsche Giroz      3.000   10/4/2019    EUR     64.340
Commerzbank AG               7.500   8/23/2019    EUR     55.590
Commerzbank AG              11.500   8/23/2019    EUR     50.530
Commerzbank AG              13.500   8/23/2019    EUR     48.870
Commerzbank AG              16.250   6/28/2019    EUR     72.210
Commerzbank AG              17.250   7/26/2019    EUR     71.460
Bayerische Landesbank        5.500  10/11/2019    EUR     71.870
Commerzbank AG              15.250   5/24/2019    EUR     74.290
Commerzbank AG              15.500   6/28/2019    EUR     73.650
BNP Paribas Emissions-      10.000   9/26/2019    EUR     70.620
BNP Paribas Emissions-      14.000   6/27/2019    EUR     74.210
BNP Paribas Emissions-      13.000   6/27/2019    EUR     60.160
BNP Paribas Emissions-      17.000   6/27/2019    EUR     73.790
BNP Paribas Emissions-       9.000   6/27/2019    EUR     63.820
BNP Paribas Emissions-       6.500   9/26/2019    EUR     67.040
BNP Paribas Emissions-       8.500   9/26/2019    EUR     64.180
BNP Paribas Emissions-       9.000  12/30/2019    EUR     64.350
BNP Paribas Emissions-      12.000  12/30/2019    EUR     62.550
BNP Paribas Emissions-       9.500  12/30/2019    EUR     73.370
Vontobel Financial Prod      8.500   9/27/2019    EUR     52.130
Vontobel Financial Prod      6.500  12/31/2019    EUR     53.020
Vontobel Financial Prod      9.550  12/31/2019    EUR     54.870
BNP Paribas Emissions-       7.000  12/30/2019    EUR     66.870
BNP Paribas Emissions-      12.000  12/30/2019    EUR     62.760
BNP Paribas Emissions-      13.000   9/26/2019    EUR     69.240
BNP Paribas Emissions-      12.000   6/27/2019    EUR     62.250
BNP Paribas Emissions-       4.000   9/26/2019    EUR     73.660
BNP Paribas Emissions-      14.000   9/26/2019    EUR     61.780
BNP Paribas Emissions-       9.000  12/30/2019    EUR     75.330
BNP Paribas Emissions-      11.000   6/27/2019    EUR     63.280
BNP Paribas Emissions-       9.500   9/26/2019    EUR     65.260
BNP Paribas Emissions-      12.000   9/26/2019    EUR     62.050
BNP Paribas Emissions-       7.000  12/30/2019    EUR     68.660
BNP Paribas Emissions-       8.500  12/30/2019    EUR     66.640
BNP Paribas Emissions-       7.500   6/27/2019    EUR     47.030
BNP Paribas Emissions-      11.000   9/26/2019    EUR     71.130
BNP Paribas Emissions-      11.000  12/30/2019    EUR     72.280
BNP Paribas Emissions-      15.000   9/26/2019    EUR     59.480
BNP Paribas Emissions-      16.000   9/26/2019    EUR     74.830
BNP Paribas Emissions-       8.000   9/26/2019    EUR     74.320
BNP Paribas Emissions-       9.500   9/26/2019    EUR     71.580
BNP Paribas Emissions-      13.000   9/26/2019    EUR     67.090
BNP Paribas Emissions-       7.000  12/30/2019    EUR     73.600
BNP Paribas Emissions-       8.500   9/26/2019    EUR     74.640
BNP Paribas Emissions-      14.000   6/27/2019    EUR     72.510
BNP Paribas Emissions-      13.000   9/26/2019    EUR     71.260
BNP Paribas Emissions-       8.500   6/27/2019    EUR     47.130
BNP Paribas Emissions-       6.000   9/26/2019    EUR     50.970
BNP Paribas Emissions-      12.000  12/30/2019    EUR     63.900
BNP Paribas Emissions-      11.000   9/26/2019    EUR     74.080
BNP Paribas Emissions-       8.000   6/27/2019    EUR     70.220
BNP Paribas Emissions-       9.500   9/26/2019    EUR     68.290
BNP Paribas Emissions-      13.000   9/26/2019    EUR     63.710
BNP Paribas Emissions-       7.000  12/30/2019    EUR     71.470
BNP Paribas Emissions-      10.000  12/30/2019    EUR     47.840
Societe Generale Effekt     23.148   6/21/2019    EUR     72.370
Societe Generale Effekt      4.668   6/21/2019    EUR     71.260
Societe Generale Effekt      7.962   9/20/2019    EUR     68.950
Societe Generale Effekt     17.209   9/20/2019    EUR     61.100
Societe Generale Effekt      4.668   6/21/2019    EUR     72.540
Societe Generale Effekt      5.447   6/21/2019    EUR     70.860
Societe Generale Effekt      5.908   9/20/2019    EUR     73.880
Societe Generale Effekt      6.678   9/20/2019    EUR     72.370
Vontobel Financial Prod     14.500    1/3/2020    EUR     69.010
Vontobel Financial Prod     15.000   9/27/2019    EUR     68.630
Societe Generale Effekt     17.723   9/20/2019    EUR     67.040
Vontobel Financial Prod     17.000    1/3/2020    EUR     70.020
Vontobel Financial Prod     16.000    1/3/2020    EUR     71.010
Vontobel Financial Prod     14.500    1/3/2020    EUR     71.770
Vontobel Financial Prod     13.500    1/3/2020    EUR     73.020
Vontobel Financial Prod     12.500    1/3/2020    EUR     73.870
Vontobel Financial Prod     15.000   9/27/2019    EUR     71.630
Vontobel Financial Prod     16.500   9/27/2019    EUR     70.670
Commerzbank AG              16.000   6/28/2019    EUR     49.370
Societe Generale Effekt      4.085   6/21/2019    EUR     52.410
Commerzbank AG               5.000   7/26/2019    EUR     65.120
Societe Generale Effekt      5.641   6/21/2019    EUR     49.320
Commerzbank AG               9.000   7/26/2019    EUR     56.930
Societe Generale Effekt      7.197   6/21/2019    EUR     46.620
Commerzbank AG              13.000   7/26/2019    EUR     52.200
Societe Generale Effekt      9.142   6/21/2019    EUR     44.300
Societe Generale Effekt     13.811   6/21/2019    EUR     40.510
Societe Generale Effekt      5.394   9/20/2019    EUR     53.560
Societe Generale Effekt      6.164   9/20/2019    EUR     51.850
Societe Generale Effekt      6.935   9/20/2019    EUR     50.840
Societe Generale Effekt      7.962   9/20/2019    EUR     49.710
Societe Generale Effekt      8.733   9/20/2019    EUR     48.580
Societe Generale Effekt     10.788   9/20/2019    EUR     46.720
Societe Generale Effekt      9.256  12/20/2019    EUR     51.240
Commerzbank AG              10.000   6/28/2019    EUR     55.190
Commerzbank AG              14.000   6/28/2019    EUR     50.950
DZ Bank AG Deutsche Zen      4.750   9/23/2019    EUR     71.030
DZ Bank AG Deutsche Zen      6.500  12/23/2019    EUR     66.070
Commerzbank AG              16.500   8/23/2019    EUR     74.430
DZ Bank AG Deutsche Zen      5.000  12/23/2019    EUR     69.760
Commerzbank AG               6.000   6/28/2019    EUR     61.980
Commerzbank AG              10.000   9/27/2019    EUR     71.310
Commerzbank AG              12.000   9/27/2019    EUR     68.760
Commerzbank AG              12.250   5/24/2019    EUR     73.830
Commerzbank AG              13.000   6/28/2019    EUR     68.210
Commerzbank AG               9.750   9/27/2019    EUR     70.530
Commerzbank AG              13.750   9/27/2019    EUR     65.200
Vontobel Financial Prod     16.000   6/28/2019    EUR     65.900
Commerzbank AG              15.250   6/28/2019    EUR     58.700
Bank Julius Baer & Co L      9.150   9/18/2019    CHF     55.800
Commerzbank AG              11.750   7/26/2019    EUR     69.290
Commerzbank AG              13.750   7/26/2019    EUR     67.090
Commerzbank AG              11.000   8/23/2019    EUR     69.970
Commerzbank AG              13.000   8/23/2019    EUR     67.620
Leonteq Securities AG       10.000   3/17/2020    CHF     68.040
DZ Bank AG Deutsche Zen     10.250  12/27/2019    EUR     68.970
DZ Bank AG Deutsche Zen      5.250  12/27/2019    EUR     74.480
DZ Bank AG Deutsche Zen      8.500   9/25/2019    EUR     66.050
DZ Bank AG Deutsche Zen      5.250   9/25/2019    EUR     67.250
Vontobel Financial Prod      6.000   9/27/2019    EUR     70.160
Commerzbank AG              10.000   6/28/2019    EUR     63.530
Bank Julius Baer & Co L      8.150  10/18/2019    USD     62.700
Vontobel Financial Prod     16.000    1/3/2020    EUR     63.910
Vontobel Financial Prod     14.000   9/27/2019    EUR     64.170
Luzerner Kantonalbank A     10.000    4/8/2020    CHF     59.150
Vontobel Financial Prod     15.000   9/27/2019    EUR     60.800
HSBC Trinkaus & Burkhar      4.000   9/27/2019    EUR     69.740
HSBC Trinkaus & Burkhar      4.170   3/27/2020    EUR     60.090
Landesbank Baden-Wuertt      2.500   8/28/2020    EUR     70.260
Deutsche Bank AG             4.200   9/24/2019    EUR     43.700
Deutsche Bank AG             4.200  12/24/2019    EUR     48.600
Deutsche Bank AG             4.200   6/25/2019    EUR     72.900
Deutsche Bank AG             4.200  12/24/2019    EUR     73.700
Deutsche Bank AG             4.200   6/25/2019    EUR     69.200
Deutsche Bank AG             4.200   9/24/2019    EUR     64.800
Vontobel Financial Prod      7.500   9/27/2019    EUR     70.880
Vontobel Financial Prod     10.500   6/28/2019    EUR     66.890
Vontobel Financial Prod      8.000   6/28/2019    EUR     70.150
DZ Bank AG Deutsche Zen      7.100   6/24/2019    EUR     73.790
DZ Bank AG Deutsche Zen      7.700   9/23/2019    EUR     73.910
HSBC Trinkaus & Burkhar      7.600  12/27/2019    EUR     65.710
HSBC Trinkaus & Burkhar      7.300   3/27/2020    EUR     66.810
Raiffeisen Centrobank A      5.621   6/25/2019    EUR     70.980
Deutsche Bank AG             4.200  12/24/2019    EUR     60.400
Deutsche Bank AG             4.200   6/25/2019    EUR     73.300
Deutsche Bank AG             4.200   6/25/2019    EUR     63.100
Deutsche Bank AG             4.200   9/24/2019    EUR     68.500
Deutsche Bank AG             4.200   6/25/2019    EUR     72.400
Deutsche Bank AG             4.200   6/25/2019    EUR     46.800
Deutsche Bank AG             4.200   6/25/2019    EUR     42.800
Deutsche Bank AG             4.200   9/24/2019    EUR     58.800
Deutsche Bank AG             4.200   6/25/2019    EUR     55.500
Deutsche Bank AG             4.200   9/24/2019    EUR     59.500
Vontobel Financial Prod      8.180   8/28/2019    EUR     55.140
Vontobel Financial Prod      8.000   9/27/2019    EUR     69.370
UBS AG/London                7.000   8/29/2019    CHF     74.050
UBS AG/London               10.000   8/31/2020    CHF     72.100
DZ Bank AG Deutsche Zen      4.000   9/25/2019    EUR     54.820
DZ Bank AG Deutsche Zen      8.000   6/26/2019    EUR     72.610
Norddeutsche Landesbank      4.000   9/26/2019    EUR     73.240
Vontobel Financial Prod      7.250   9/13/2019    EUR     51.340
Vontobel Financial Prod      2.750   6/14/2019    EUR     63.450
Vontobel Financial Prod      7.800   6/14/2019    EUR     63.770
UBS AG/London               11.000   9/26/2019    CHF     66.600
Vontobel Financial Prod     16.000   6/28/2019    EUR     59.800
Vontobel Financial Prod     16.500   9/27/2019    EUR     60.970
Deutsche Bank AG             6.200  12/24/2019    EUR     45.900
Deutsche Bank AG             6.200   6/25/2019    EUR     63.300
Deutsche Bank AG             6.200   9/24/2019    EUR     69.200
Deutsche Bank AG             6.200   9/24/2019    EUR     60.900
Deutsche Bank AG             6.200  12/24/2019    EUR     70.400
Deutsche Bank AG             6.200  12/24/2019    EUR     66.100
Vontobel Financial Prod     14.000   6/28/2019    EUR     74.660
Vontobel Financial Prod     14.500   9/27/2019    EUR     74.520
Deutsche Bank AG             6.200   6/25/2019    EUR     72.700
Deutsche Bank AG             6.200   9/24/2019    EUR     74.100
Deutsche Bank AG             6.200   6/25/2019    EUR     74.400
Deutsche Bank AG             6.200   9/24/2019    EUR     75.000
Deutsche Bank AG             6.200  12/24/2019    EUR     75.000
Vontobel Financial Prod     15.000    1/3/2020    EUR     72.880
Vontobel Financial Prod     15.000   9/27/2019    EUR     70.260
EFG International Finan      2.000   7/31/2019    EUR     39.990
Leonteq Securities AG/G      2.200    7/1/2019    EUR     39.960
Commerzbank AG               9.000  10/25/2019    EUR     72.910
Commerzbank AG              15.000  10/25/2019    EUR     64.640
Leonteq Securities AG/G      2.080    8/1/2019    EUR     39.940
Commerzbank AG              23.750   6/28/2019    EUR     60.540
Commerzbank AG              21.750   7/26/2019    EUR     62.020
UBS AG/London                7.000  11/18/2019    CHF     60.100
Raiffeisen Schweiz Geno      6.000   5/25/2020    EUR     59.470
EFG International Finan      8.000  11/23/2020    EUR     52.720
EFG International Finan      7.800  11/24/2020    USD     64.620
UBS AG/London                9.000  11/18/2019    CHF     72.600
Raiffeisen Schweiz Geno      8.600   5/28/2020    CHF     65.750
UBS AG/London                6.000   5/18/2020    CHF     63.800
UBS AG/London               10.000   5/18/2020    CHF     55.100
UBS AG/London                7.000   11/8/2019    EUR     66.400
BNP Paribas Emissions-       5.000  12/30/2019    EUR     58.820
BNP Paribas Emissions-       7.000   6/27/2019    EUR     57.800
BNP Paribas Emissions-       5.000  12/30/2019    EUR     72.890
BNP Paribas Emissions-       7.000  12/30/2019    EUR     74.200
BNP Paribas Emissions-       8.000   6/27/2019    EUR     71.810
BNP Paribas Emissions-       4.000   6/27/2019    EUR     68.220
BNP Paribas Emissions-       5.000  12/30/2019    EUR     70.000
BNP Paribas Emissions-       7.000  12/30/2019    EUR     71.650
Landesbank Baden-Wuertt      3.800   8/23/2019    EUR     53.450
Landesbank Baden-Wuertt      2.750  12/29/2020    EUR     71.250
Leonteq Securities AG        5.600   5/16/2022    CHF     73.600
Raiffeisen Schweiz Geno      7.000  11/20/2019    CHF     73.470
EFG International Finan     12.700  11/18/2019    EUR     70.080
Leonteq Securities AG/G      5.400  11/20/2019    EUR     54.420
Credit Suisse AG/Nassau      9.000  11/11/2019    EUR     60.180
Deutsche Bank AG             5.200   6/25/2019    EUR     71.000
Deutsche Bank AG             5.200   6/25/2019    EUR     67.300
Deutsche Bank AG             5.200   6/25/2019    EUR     64.000
Deutsche Bank AG             5.200   6/25/2019    EUR     58.400
Deutsche Bank AG             5.200   6/25/2019    EUR     55.700
Deutsche Bank AG             5.200   6/25/2019    EUR     48.800
Deutsche Bank AG             5.200   6/25/2019    EUR     73.900
Deutsche Bank AG             5.200   6/25/2019    EUR     71.700
Deutsche Bank AG             5.200   6/25/2019    EUR     68.500
Deutsche Bank AG             5.200   6/25/2019    EUR     65.500
Deutsche Bank AG             5.200   6/25/2019    EUR     62.800
Deutsche Bank AG             5.200   6/25/2019    EUR     60.300
Deutsche Bank AG             5.200   6/25/2019    EUR     64.900
Deutsche Bank AG             5.200   6/25/2019    EUR     61.800
Deutsche Bank AG             5.200   6/25/2019    EUR     59.000
Deutsche Bank AG             5.200   6/25/2019    EUR     56.500
Deutsche Bank AG             5.200   6/25/2019    EUR     72.700
Deutsche Bank AG             5.200   6/25/2019    EUR     70.600
Deutsche Bank AG             5.200   6/25/2019    EUR     67.900
Deutsche Bank AG             5.200   6/25/2019    EUR     54.200
Deutsche Bank AG             5.200   6/25/2019    EUR     52.100
Deutsche Bank AG             5.200   6/25/2019    EUR     48.400
Deutsche Bank AG             5.200   6/25/2019    EUR     70.400
Commerzbank AG              13.000   3/13/2023    USD      1.400
Deutsche Bank AG             5.200   6/25/2019    EUR     74.400
Deutsche Bank AG             5.200   6/25/2019    EUR     69.100
Deutsche Bank AG             5.200   6/25/2019    EUR     73.400
Deutsche Bank AG             5.200   6/25/2019    EUR     63.300
Credit Suisse AG/Nassau      6.000   5/21/2019    CHF     62.210
Deutsche Bank AG             5.200   6/25/2019    EUR     55.700
Deutsche Bank AG             5.200   6/25/2019    EUR     53.600
Deutsche Bank AG             5.200   6/25/2019    EUR     51.700
Deutsche Bank AG             5.200   6/25/2019    EUR     50.000
Deutsche Bank AG             5.200   6/25/2019    EUR     54.900
Deutsche Bank AG             5.200   6/25/2019    EUR     57.300
Deutsche Bank AG             4.200   6/25/2019    EUR     70.900
Deutsche Bank AG             4.200   6/25/2019    EUR     55.600
Deutsche Bank AG             4.200   6/25/2019    EUR     71.600
Deutsche Bank AG             4.200   6/25/2019    EUR     65.400
Deutsche Bank AG             4.200   6/25/2019    EUR     61.700
Deutsche Bank AG             4.200   6/25/2019    EUR     72.500
Deutsche Bank AG             4.200   6/25/2019    EUR     54.100
Deutsche Bank AG             4.200   6/25/2019    EUR     52.000
Deutsche Bank AG             4.200   6/25/2019    EUR     74.300
Vontobel Financial Prod      5.500   6/28/2019    EUR     73.730
Deutsche Bank AG             4.200   6/25/2019    EUR     62.900
Deutsche Bank AG             4.200   6/25/2019    EUR     59.900
Deutsche Bank AG             4.200   6/25/2019    EUR     57.200
Deutsche Bank AG             4.200   6/25/2019    EUR     57.800
Deutsche Bank AG             4.200   6/25/2019    EUR     53.500
Landesbank Baden-Wuertt      2.100   8/27/2021    EUR     61.310
DZ Bank AG Deutsche Zen     15.500   6/26/2019    EUR     74.440
DZ Bank AG Deutsche Zen      3.900   6/26/2019    EUR     65.890
DZ Bank AG Deutsche Zen      8.200   6/26/2019    EUR     57.730
DZ Bank AG Deutsche Zen      2.400   6/26/2019    EUR     72.800
DZ Bank AG Deutsche Zen      4.800   6/26/2019    EUR     56.090
DZ Bank AG Deutsche Zen      9.000   6/26/2019    EUR     71.390
Vontobel Financial Prod      5.500   6/28/2019    EUR     72.120
Vontobel Financial Prod      9.750   6/28/2019    EUR     65.920
BNP Paribas Emissions-       9.000   6/27/2019    EUR     47.260
BNP Paribas Emissions-      10.000   6/27/2019    EUR     69.830
BNP Paribas Emissions-       5.500   6/27/2019    EUR     60.260
BNP Paribas Emissions-       9.000   6/27/2019    EUR     53.170
BNP Paribas Emissions-      10.000   6/27/2019    EUR     51.180
BNP Paribas Emissions-       8.500   6/27/2019    EUR     65.970
BNP Paribas Emissions-      10.000   6/27/2019    EUR     70.550
BNP Paribas Emissions-       8.500   6/27/2019    EUR     68.270
BNP Paribas Emissions-      10.000   6/27/2019    EUR     61.540
BNP Paribas Emissions-       6.500   6/27/2019    EUR     54.310
BNP Paribas Emissions-       7.000   6/27/2019    EUR     52.300
BNP Paribas Emissions-       5.000   6/27/2019    EUR     55.700
BNP Paribas Emissions-       6.000   6/27/2019    EUR     53.290
BNP Paribas Emissions-       7.500   6/27/2019    EUR     49.870
BNP Paribas Emissions-       4.500   6/27/2019    EUR     72.900
BNP Paribas Emissions-       5.500   6/27/2019    EUR     70.620
Bank Julius Baer & Co L      5.350   5/29/2019    CHF     66.150
Landesbank Baden-Wuertt      2.800   8/23/2019    EUR     63.730
DZ Bank AG Deutsche Zen      6.500   6/26/2019    EUR     72.670
DZ Bank AG Deutsche Zen     10.500   6/26/2019    EUR     58.600
DZ Bank AG Deutsche Zen      8.750   6/26/2019    EUR     52.730
Landesbank Baden-Wuertt      2.450   8/28/2020    EUR     66.720
Credit Suisse AG/Nassau      8.000    9/2/2019    EUR     58.400
UniCredit Bank AG            4.000   6/28/2019    EUR     53.560
Landesbank Baden-Wuertt      2.200   6/25/2021    EUR     69.440
Bank Julius Baer & Co L      9.000    9/2/2019    EUR     68.200
Credit Suisse AG/Nassau      8.500    9/2/2019    EUR     58.330
Credit Suisse AG/Nassau      8.250    9/2/2019    CHF     57.840
Bank Julius Baer & Co L      6.100   5/23/2019    CHF     60.450
DZ Bank AG Deutsche Zen      8.500   6/26/2019    EUR     60.350
UBS AG/London                9.000  11/15/2019    EUR     49.150
DZ Bank AG Deutsche Zen     11.000   6/26/2019    EUR     64.800
Zurcher Kantonalbank Fi      6.600  11/22/2019    CHF     61.450
BNP Paribas Emissions-       3.000   6/27/2019    EUR     64.680
BNP Paribas Emissions-       3.000   9/26/2019    EUR     64.210
BNP Paribas Emissions-       7.500   9/26/2019    EUR     52.330
BNP Paribas Emissions-       6.000   9/26/2019    EUR     62.380
BNP Paribas Emissions-       3.500   9/26/2019    EUR     72.710
BNP Paribas Emissions-       3.500   6/27/2019    EUR     58.800
BNP Paribas Emissions-       8.000   6/27/2019    EUR     51.200
BNP Paribas Emissions-       3.500   9/26/2019    EUR     59.810
BNP Paribas Emissions-       5.500   9/26/2019    EUR     55.290
BNP Paribas Emissions-       4.000   9/26/2019    EUR     59.310
BNP Paribas Emissions-       3.000   6/27/2019    EUR     66.250
Commerzbank AG               6.750   8/23/2019    EUR     72.580
Commerzbank AG               7.750   8/23/2019    EUR     71.210
Commerzbank AG               8.750   8/23/2019    EUR     69.990
Commerzbank AG              11.250   8/23/2019    EUR     64.560
Vontobel Financial Prod     19.000   9/27/2019    EUR     67.030
Vontobel Financial Prod     14.000  12/31/2019    EUR     62.490
Commerzbank AG               7.750   8/23/2019    EUR     50.780
Vontobel Financial Prod     12.500   9/27/2019    EUR     66.260
Landesbank Hessen-Thuer      3.500   9/28/2022    EUR     71.320
DZ Bank AG Deutsche Zen      6.250   9/23/2019    EUR     72.570
DZ Bank AG Deutsche Zen      8.250  12/23/2019    EUR     66.750
Leonteq Securities AG       10.000  11/27/2019    CHF     69.160
Deutsche Bank AG             6.200   9/24/2019    EUR     70.000
DZ Bank AG Deutsche Zen      5.250  12/23/2019    EUR     73.850
Landesbank Baden-Wuertt      4.870   8/23/2019    EUR     73.940
Vontobel Financial Prod     16.500   9/27/2019    EUR     67.060
DZ Bank AG Deutsche Zen      6.000   9/25/2019    EUR     64.990
DZ Bank AG Deutsche Zen      5.000  12/27/2019    EUR     46.140
Commerzbank AG               9.750   6/28/2019    EUR     73.830
DZ Bank AG Deutsche Zen      8.750   6/26/2019    EUR     69.780
DZ Bank AG Deutsche Zen     10.000   9/25/2019    EUR     74.590
DZ Bank AG Deutsche Zen      6.000   9/25/2019    EUR     59.210
HSBC Trinkaus & Burkhar      7.000    7/5/2019    EUR     46.870
Landesbank Baden-Wuertt      5.000   8/28/2020    EUR     49.650
Landesbank Baden-Wuertt      4.500   8/28/2020    EUR     65.190
Deutsche Bank AG             4.200   6/25/2019    EUR     63.800
Deutsche Bank AG             4.200   9/24/2019    EUR     70.200
Deutsche Bank AG             4.200  12/24/2019    EUR     65.800
Deutsche Bank AG             4.200   6/25/2019    EUR     74.100
Credit Suisse AG/London      4.590   2/28/2020    EUR     67.210
DZ Bank AG Deutsche Zen      7.900   6/24/2019    EUR     72.230
Landesbank Hessen-Thuer      4.650   9/28/2023    EUR     64.240
HSBC Trinkaus & Burkhar      8.200   9/27/2019    EUR     64.100
HSBC Trinkaus & Burkhar     11.600  12/27/2019    EUR     61.630
HSBC Trinkaus & Burkhar     10.600   3/27/2020    EUR     63.310
Raiffeisen Centrobank A      4.664   6/25/2019    EUR     71.750
Commerzbank AG              10.000   8/22/2019    EUR     71.890
Commerzbank AG               7.500   8/23/2019    EUR     73.590
Commerzbank AG               8.500   8/23/2019    EUR     71.900
Deutsche Bank AG             4.200   9/24/2019    EUR     56.500
Deutsche Bank AG             4.200   9/24/2019    EUR     73.700
Deutsche Bank AG             4.200  12/24/2019    EUR     74.300
Deutsche Bank AG             4.200   6/25/2019    EUR     67.600
Deutsche Bank AG             4.200  12/24/2019    EUR     69.200
Deutsche Bank AG             4.200   6/25/2019    EUR     63.100
Deutsche Bank AG             4.200   9/24/2019    EUR     50.800
Deutsche Bank AG             4.200  12/24/2019    EUR     74.200
Deutsche Bank AG             4.200   6/25/2019    EUR     58.100
Credit Suisse AG/London     10.000    9/5/2019    USD     65.890
Vontobel Financial Prod     16.000   9/27/2019    EUR     62.210
Vontobel Financial Prod     13.000   6/28/2019    EUR     63.960
Vontobel Financial Prod     13.500   9/27/2019    EUR     63.880
Vontobel Financial Prod     11.500   9/27/2019    EUR     65.940
Vontobel Financial Prod     10.000   6/28/2019    EUR     66.870
Vontobel Financial Prod     16.000   6/28/2019    EUR     61.330
UBS AG/London               10.000   8/29/2019    CHF     63.550
UBS AG/London                6.000   8/29/2019    CHF     68.550
DZ Bank AG Deutsche Zen      4.900   6/26/2019    EUR     70.390
DZ Bank AG Deutsche Zen      4.800   9/25/2019    EUR     71.370
Leonteq Securities AG/G      9.000  12/10/2019    CHF     71.630
Vontobel Financial Prod      3.900   9/13/2019    EUR     61.220
DZ Bank AG Deutsche Zen      7.000   9/25/2019    EUR     52.950
HSBC Trinkaus & Burkhar      1.620   3/27/2020    EUR     61.770
UBS AG/London               12.000   3/26/2020    EUR     55.600
UBS AG/London                8.000   3/26/2020    CHF     74.150
Commerzbank AG               6.000   8/23/2019    EUR     74.340
Commerzbank AG               8.000   8/23/2019    EUR     71.150
Commerzbank AG               5.750   8/23/2019    EUR     54.620
Deutsche Bank AG             4.200   6/25/2019    EUR     69.700
Deutsche Bank AG             4.200   6/25/2019    EUR     65.700
Deutsche Bank AG             4.200   6/25/2019    EUR     62.900
Deutsche Bank AG             4.200   9/24/2019    EUR     66.300
Deutsche Bank AG             4.200   9/24/2019    EUR     63.500
Deutsche Bank AG             4.200  12/24/2019    EUR     66.900
Deutsche Bank AG             4.200  12/24/2019    EUR     64.300
Deutsche Bank AG             4.200   6/25/2019    EUR     66.100
Commerzbank AG               9.000   8/23/2019    EUR     72.500
Commerzbank AG              11.000   8/23/2019    EUR     68.570
Commerzbank AG              13.000   8/23/2019    EUR     65.440
Deutsche Bank AG             4.200  12/24/2019    EUR     69.000
Deutsche Bank AG             4.200   6/25/2019    EUR     71.400
Deutsche Bank AG             4.200   6/25/2019    EUR     68.100
Deutsche Bank AG             4.200   9/24/2019    EUR     72.100
Deutsche Bank AG             4.200   9/24/2019    EUR     68.900
Deutsche Bank AG             4.200  12/24/2019    EUR     69.500
Deutsche Bank AG             4.200   6/25/2019    EUR     67.500
Deutsche Bank AG             4.200   9/24/2019    EUR     68.400
Commerzbank AG               7.750   8/23/2019    EUR     65.080
Commerzbank AG              11.750   8/23/2019    EUR     60.080
Commerzbank AG               9.000   8/23/2019    EUR     71.150
Commerzbank AG              11.000   8/23/2019    EUR     68.210
Commerzbank AG               9.500   8/23/2019    EUR     65.320
Commerzbank AG              10.250   8/23/2019    EUR     66.430
Commerzbank AG              11.500   8/23/2019    EUR     69.170
Commerzbank AG              10.250   8/23/2019    EUR     64.530
Commerzbank AG              12.250   8/23/2019    EUR     62.090
Commerzbank AG              10.750   8/23/2019    EUR     72.880
Commerzbank AG              12.750   8/23/2019    EUR     69.800
Commerzbank AG              14.750   8/23/2019    EUR     67.400
Commerzbank AG              13.500   8/23/2019    EUR     73.880
Commerzbank AG              19.500   8/23/2019    EUR     64.270
Commerzbank AG              11.750   8/23/2019    EUR     68.640
Commerzbank AG               5.750   8/23/2019    EUR     74.130
Commerzbank AG               7.250   8/23/2019    EUR     71.970
UniCredit Bank AG            5.750   9/18/2019    EUR     68.390
UniCredit Bank AG            6.200   9/18/2019    EUR     72.780
DZ Bank AG Deutsche Zen      8.250   6/26/2019    EUR     68.350
Vontobel Financial Prod     11.000   9/27/2019    EUR     69.050
Credit Suisse AG             8.000  11/29/2019    USD      9.750
DZ Bank AG Deutsche Zen      8.250   9/23/2019    EUR     64.960
Deutsche Bank AG             6.200   6/25/2019    EUR     67.700
Deutsche Bank AG             6.200  12/24/2019    EUR     70.200
Deutsche Bank AG             6.200  12/24/2019    EUR     65.500
DZ Bank AG Deutsche Zen      6.750  12/23/2019    EUR     73.410
DZ Bank AG Deutsche Zen      5.500   9/23/2019    EUR     72.910
DZ Bank AG Deutsche Zen      6.750   9/23/2019    EUR     67.430
Bank Julius Baer & Co L      6.150   12/5/2019    CHF     64.400
Bank Julius Baer & Co L      4.950    9/4/2019    CHF     71.700
DZ Bank AG Deutsche Zen      9.000   9/25/2019    EUR     71.350
DZ Bank AG Deutsche Zen     12.500   9/25/2019    EUR     72.570
DZ Bank AG Deutsche Zen      5.500   6/26/2019    EUR     57.680
DZ Bank AG Deutsche Zen      4.000   9/25/2019    EUR     64.280
DZ Bank AG Deutsche Zen      8.500   9/25/2019    EUR     59.780
DZ Bank AG Deutsche Zen      4.500   6/26/2019    EUR     72.220
DZ Bank AG Deutsche Zen      4.500   9/25/2019    EUR     69.530
DZ Bank AG Deutsche Zen      5.000   9/25/2019    EUR     44.890
DZ Bank AG Deutsche Zen     13.000   6/26/2019    EUR     70.770
DZ Bank AG Deutsche Zen      4.800   6/26/2019    EUR     66.430
DZ Bank AG Deutsche Zen      4.000   9/25/2019    EUR     67.850
DZ Bank AG Deutsche Zen      7.500   9/25/2019    EUR     71.340
Commerzbank AG               8.000   8/23/2019    EUR     73.470
Commerzbank AG               9.000   8/23/2019    EUR     71.900
Raiffeisen Centrobank A      6.620   3/24/2020    EUR     71.850
Landesbank Baden-Wuertt      7.000   8/28/2020    EUR     72.850
Landesbank Baden-Wuertt      3.000   8/28/2020    EUR     54.620
Landesbank Baden-Wuertt      3.500   8/28/2020    EUR     66.340
Danske Bank A/S             10.300    7/9/2023    SEK     69.800
Landesbank Baden-Wuertt      6.000   8/28/2020    EUR     71.690
Deutsche Bank AG             4.200  12/24/2019    EUR     51.700
Deutsche Bank AG             4.200   9/24/2019    EUR     73.300
Landesbank Baden-Wuertt      5.000   8/28/2020    EUR     71.250
Deutsche Bank AG             4.200  12/24/2019    EUR     71.100
Deutsche Bank AG             4.200   9/24/2019    EUR     74.300
Deutsche Bank AG             4.200  12/24/2019    EUR     73.800
Vontobel Financial Prod      8.500    1/3/2020    EUR     70.220
BNP Paribas Emissions-       4.000   6/27/2019    EUR     67.650
BNP Paribas Emissions-      10.000   6/27/2019    EUR     59.870
BNP Paribas Emissions-      12.000   6/27/2019    EUR     56.620
BNP Paribas Emissions-       4.000   9/26/2019    EUR     68.540
BNP Paribas Emissions-       7.500   6/27/2019    EUR     73.840
Raiffeisen Switzerland       5.600   11/2/2020    CHF     69.050
BNP Paribas Emissions-       7.000   6/27/2019    EUR     73.880
BNP Paribas Emissions-       9.500   6/27/2019    EUR     71.320
BNP Paribas Emissions-       7.500  12/30/2019    EUR     74.620
BNP Paribas Emissions-      12.000   9/26/2019    EUR     67.290
BNP Paribas Emissions-       9.000   9/26/2019    EUR     70.590
BNP Paribas Emissions-      10.000   9/26/2019    EUR     68.280
BNP Paribas Emissions-      10.000  12/30/2019    EUR     71.100
BNP Paribas Emissions-       4.000   6/27/2019    EUR     71.680
BNP Paribas Emissions-      10.000   9/26/2019    EUR     63.290
BNP Paribas Emissions-       8.500   9/26/2019    EUR     60.990
BNP Paribas Emissions-       9.500   9/26/2019    EUR     59.860
BNP Paribas Emissions-      10.000   9/26/2019    EUR     58.630
BNP Paribas Emissions-       8.000  12/30/2019    EUR     63.700
BNP Paribas Emissions-       6.500   9/26/2019    EUR     63.490
Raiffeisen Schweiz Geno      6.000    3/5/2020    CHF     68.330
Raiffeisen Schweiz Geno      9.500   9/11/2019    CHF     64.780
Landesbank Hessen-Thuer      3.250   9/27/2019    EUR     75.500
Commerzbank AG               8.500   8/23/2019    EUR     73.890
Commerzbank AG               9.500   8/23/2019    EUR     72.480
Commerzbank AG               6.750   8/23/2019    EUR     72.730
Commerzbank AG               8.250   8/23/2019    EUR     63.660
Commerzbank AG               8.000   8/23/2019    EUR     66.700
Commerzbank AG              10.000   8/23/2019    EUR     63.810
Commerzbank AG              11.500   8/23/2019    EUR     67.810
Commerzbank AG               7.500   8/23/2019    EUR     69.420
Commerzbank AG               7.000   8/23/2019    EUR     72.620
Commerzbank AG               3.750   8/23/2019    EUR     60.380
Deutsche Bank AG             4.200   9/24/2019    EUR     69.600
Deutsche Bank AG             4.200   9/24/2019    EUR     66.400
Deutsche Bank AG             4.200  12/24/2019    EUR     69.900
Deutsche Bank AG             4.200  12/24/2019    EUR     66.800
Commerzbank AG              15.000   8/23/2019    EUR     62.720
Deutsche Bank AG             4.200  12/24/2019    EUR     72.500
Commerzbank AG               9.500   8/23/2019    EUR     70.080
Commerzbank AG              11.500   8/23/2019    EUR     67.410
Commerzbank AG               3.750   8/23/2019    EUR     73.890
Commerzbank AG               5.750   8/23/2019    EUR     68.770
Commerzbank AG               9.750   8/23/2019    EUR     62.300
Commerzbank AG               5.500   8/23/2019    EUR     72.270
Commerzbank AG               7.500   8/23/2019    EUR     68.250
Commerzbank AG              11.500   8/23/2019    EUR     62.930
Commerzbank AG              10.750   8/23/2019    EUR     74.130
Commerzbank AG              12.750   8/23/2019    EUR     71.010
Commerzbank AG               6.250   8/23/2019    EUR     71.560
Commerzbank AG               8.250   8/23/2019    EUR     67.560
Commerzbank AG               8.250   8/23/2019    EUR     69.190
Commerzbank AG              17.500   8/23/2019    EUR     66.960
Commerzbank AG               9.750   8/23/2019    EUR     71.160
Commerzbank AG               9.250   8/23/2019    EUR     67.790
Commerzbank AG              13.250   8/23/2019    EUR     61.950
Vontobel Financial Prod     20.000    1/3/2020    EUR     65.330
Vontobel Financial Prod     12.700   9/24/2019    EUR     69.650
Commerzbank AG              11.750   8/23/2019    EUR     45.980
HSBC Trinkaus & Burkhar      4.300   8/23/2019    EUR     74.370
Vontobel Financial Prod     12.000    1/3/2020    EUR     66.320
Vontobel Financial Prod      5.000   11/8/2019    EUR     68.450
DZ Bank AG Deutsche Zen      6.500  12/23/2019    EUR     71.360
DZ Bank AG Deutsche Zen      7.500  12/23/2019    EUR     71.240
Deutsche Bank AG             6.200   9/24/2019    EUR     69.100
Deutsche Bank AG             6.200   6/25/2019    EUR     63.100
Deutsche Bank AG             6.200   9/24/2019    EUR     67.000
Deutsche Bank AG             6.200   9/24/2019    EUR     64.200
DZ Bank AG Deutsche Zen      4.750   9/23/2019    EUR     73.190
DZ Bank AG Deutsche Zen      7.000   9/23/2019    EUR     73.960
DZ Bank AG Deutsche Zen      4.750  12/23/2019    EUR     74.040
Bank Julius Baer & Co L     19.000   12/5/2019    CHF     74.450
Credit Suisse AG/London      5.000   6/23/2020    EUR     61.360
Vontobel Financial Prod     19.500   6/28/2019    EUR     63.290
Vontobel Financial Prod      9.450   8/23/2019    EUR     68.780
Raiffeisen Schweiz Geno      7.200   2/24/2020    CHF     74.660
Vontobel Financial Prod     11.000   6/28/2019    EUR     74.310
Bank Julius Baer & Co L      8.350   8/23/2019    USD     71.150
Commerzbank AG              12.250   7/26/2019    EUR     67.670
Commerzbank AG              14.500   6/28/2019    EUR     59.800
Commerzbank AG              10.750   7/26/2019    EUR     47.090
Commerzbank AG              14.750   7/26/2019    EUR     43.600
Commerzbank AG              11.250   5/24/2019    EUR     72.780
Vontobel Financial Prod      8.000  12/31/2019    EUR     68.640
Vontobel Financial Prod      7.000  12/31/2019    EUR     73.020
Leonteq Securities AG/G     12.600   12/4/2019    USD     75.260
EFG International Finan     12.000    9/5/2019    CHF     57.130
Vontobel Financial Prod      4.600   4/15/2020    EUR     64.350
Raiffeisen Schweiz Geno      7.300    3/5/2020    CHF     73.190
Raiffeisen Schweiz Geno      7.000   12/6/2019    CHF     63.900
Commerzbank AG               5.500   9/27/2019    EUR     68.010
Commerzbank AG               4.500   8/23/2019    EUR     67.400
Commerzbank AG               6.500   8/23/2019    EUR     63.900
Commerzbank AG               8.500   8/23/2019    EUR     61.360
Commerzbank AG              10.500   8/23/2019    EUR     59.350
Commerzbank AG              14.750   8/23/2019    EUR     61.270
Commerzbank AG               6.250   8/23/2019    EUR     68.070
Commerzbank AG               6.000   8/23/2019    EUR     70.400
Commerzbank AG              12.000   8/23/2019    EUR     61.520
Commerzbank AG               9.500   8/23/2019    EUR     70.720
Commerzbank AG               8.500   8/23/2019    EUR     68.140
Commerzbank AG               9.500   8/23/2019    EUR     66.990
Commerzbank AG              11.750   8/23/2019    EUR     72.490
Commerzbank AG               9.500   8/23/2019    EUR     72.330
Commerzbank AG               6.250   8/23/2019    EUR     72.930
UBS AG/London               10.000   11/7/2019    CHF     70.800
Commerzbank AG              15.500   8/23/2019    EUR     70.140
UniCredit Bank AG            4.750   9/18/2020    EUR     68.060
Commerzbank AG               9.750   8/23/2019    EUR     48.050
Landesbank Baden-Wuertt      5.500   8/23/2019    EUR     71.620
Vontobel Financial Prod     17.500   9/27/2019    EUR     59.140
Vontobel Financial Prod     13.000   9/27/2019    EUR     65.090
Vontobel Financial Prod     21.500   6/28/2019    EUR     55.150
Vontobel Financial Prod      8.500   9/27/2019    EUR     62.870
Vontobel Financial Prod     15.500   6/28/2019    EUR     62.910
Bank Julius Baer & Co L     10.750   9/19/2019    EUR     74.150
Vontobel Financial Prod     13.000   6/28/2019    EUR     58.570
Vontobel Financial Prod      4.000   9/27/2019    EUR     72.720
Vontobel Financial Prod      5.000   9/27/2019    EUR     69.780
Vontobel Financial Prod      6.500   9/27/2019    EUR     67.270
Vontobel Financial Prod      8.000   9/27/2019    EUR     64.990
Vontobel Financial Prod     14.500   9/27/2019    EUR     58.070
Vontobel Financial Prod     12.500   9/27/2019    EUR     59.410
Vontobel Financial Prod     11.000   9/27/2019    EUR     61.090
Vontobel Financial Prod     15.000   6/28/2019    EUR     73.360
Vontobel Financial Prod     14.500   9/27/2019    EUR     65.460
Vontobel Financial Prod      5.000   6/28/2019    EUR     68.660
Vontobel Financial Prod      3.500   6/28/2019    EUR     71.920
Vontobel Financial Prod     15.000  12/31/2019    EUR     56.830
Vontobel Financial Prod     13.500   9/27/2019    EUR     65.450
HSBC Trinkaus & Burkhar      3.900  12/27/2019    EUR     53.370
Vontobel Financial Prod     12.000   6/28/2019    EUR     71.330
Vontobel Financial Prod     11.000   9/27/2019    EUR     73.250
Vontobel Financial Prod     14.500   9/27/2019    EUR     74.480
Vontobel Financial Prod     14.000   9/27/2019    EUR     74.300
Vontobel Financial Prod     11.500   8/23/2019    EUR     73.810
Vontobel Financial Prod     13.000   8/23/2019    EUR     70.700
Vontobel Financial Prod     15.500   8/23/2019    EUR     68.060
Vontobel Financial Prod     11.500   8/23/2019    EUR     70.000
Vontobel Financial Prod      9.500   8/23/2019    EUR     59.030
Vontobel Financial Prod     11.000   8/23/2019    EUR     58.000
UBS AG/London                7.500   9/21/2020    USD     61.060
UBS AG/London               10.000   9/19/2019    EUR     65.500
DZ Bank AG Deutsche Zen      9.500   6/26/2019    EUR     74.200
Vontobel Financial Prod     10.500   9/27/2019    EUR     66.710
Vontobel Financial Prod      9.000   9/27/2019    EUR     68.020
Landesbank Baden-Wuertt      7.300   8/23/2019    EUR     67.280
Raiffeisen Switzerland       8.000   9/25/2019    USD     72.750
Commerzbank AG               8.500   7/26/2019    EUR     49.800
Commerzbank AG              10.500   7/26/2019    EUR     47.560
Commerzbank AG               7.750   7/26/2019    EUR     62.520
Commerzbank AG              11.750   7/26/2019    EUR     72.960
Commerzbank AG              10.500   7/26/2019    EUR     65.250
Commerzbank AG               7.000   7/26/2019    EUR     62.830
Commerzbank AG               9.000   7/26/2019    EUR     59.970
Commerzbank AG               7.500   7/26/2019    EUR     59.950
Commerzbank AG               9.500   7/26/2019    EUR     56.170
Commerzbank AG               7.500   7/26/2019    EUR     70.320
Commerzbank AG               9.500   7/26/2019    EUR     66.410
Commerzbank AG              11.500   7/26/2019    EUR     63.350
Commerzbank AG               6.250   7/26/2019    EUR     70.170
Commerzbank AG               7.250   7/26/2019    EUR     67.860
Commerzbank AG               5.500   7/26/2019    EUR     69.590
Commerzbank AG              11.500   7/26/2019    EUR     59.370
Commerzbank AG               8.750   7/26/2019    EUR     58.780
Commerzbank AG               3.000   7/26/2019    EUR     72.500
Commerzbank AG               3.500   7/26/2019    EUR     62.280
Commerzbank AG               4.500   7/26/2019    EUR     59.820
Commerzbank AG               5.500   7/26/2019    EUR     57.870
Commerzbank AG               6.500   7/26/2019    EUR     56.200
Commerzbank AG               7.500   7/26/2019    EUR     54.800
Commerzbank AG               8.500   7/26/2019    EUR     53.600
Commerzbank AG               9.500   7/26/2019    EUR     52.510
Commerzbank AG              10.000   7/26/2019    EUR     57.830
Commerzbank AG              12.000   7/26/2019    EUR     55.060
Commerzbank AG               6.250   7/26/2019    EUR     67.190
Commerzbank AG               6.750   7/26/2019    EUR     73.360
Commerzbank AG               4.000   7/26/2019    EUR     68.110
Commerzbank AG               6.000   7/26/2019    EUR     63.000
Commerzbank AG               4.000   7/26/2019    EUR     67.890
Commerzbank AG               6.000   7/26/2019    EUR     63.390
Commerzbank AG               9.250   7/26/2019    EUR     48.800
Commerzbank AG               7.000   7/26/2019    EUR     72.420
Commerzbank AG               8.250   7/26/2019    EUR     74.070
Commerzbank AG              12.000   7/26/2019    EUR     70.920
Commerzbank AG               2.100   8/28/2020    EUR     74.140
Landesbank Baden-Wuertt      2.000   8/23/2019    EUR     66.320
Landesbank Baden-Wuertt      2.000   8/23/2019    EUR     51.860
Landesbank Baden-Wuertt      4.000   8/23/2019    EUR     47.390
Landesbank Baden-Wuertt      5.000   8/23/2019    EUR     56.410
Landesbank Baden-Wuertt      3.500   8/23/2019    EUR     34.450
Landesbank Baden-Wuertt      4.000   8/23/2019    EUR     59.920
Landesbank Baden-Wuertt      5.000   8/23/2019    EUR     57.440
Landesbank Baden-Wuertt      5.000   7/24/2020    EUR     59.570
Landesbank Baden-Wuertt      2.650   2/28/2020    EUR     64.290
Leonteq Securities AG/G      5.000    9/8/2020    CHF     47.870
Landesbank Hessen-Thuer      3.000   10/9/2019    EUR     59.500
Leonteq Securities AG/G      6.200   3/11/2020    CHF     59.040
UniCredit Bank AG            3.500   9/19/2021    EUR     57.790
Landesbank Baden-Wuertt      2.500   8/23/2019    EUR     71.940
Landesbank Baden-Wuertt      5.000   8/23/2019    EUR     60.130
Landesbank Baden-Wuertt      3.500   8/23/2019    EUR     60.940
Landesbank Baden-Wuertt      3.000   8/23/2019    EUR     48.680
Landesbank Baden-Wuertt      2.000   8/23/2019    EUR     38.400
Landesbank Baden-Wuertt      2.000   8/23/2019    EUR     68.380
Landesbank Baden-Wuertt      3.000   8/23/2019    EUR     63.490
Landesbank Baden-Wuertt      5.000   8/23/2019    EUR     57.320
Landesbank Baden-Wuertt      3.500   8/23/2019    EUR     68.240
Landesbank Baden-Wuertt      6.500   8/23/2019    EUR     53.500
Landesbank Baden-Wuertt      3.000   7/24/2020    EUR     63.420
EFG International Finan      5.800   8/31/2020    EUR     66.200
DekaBank Deutsche Giroz      2.000   9/18/2020    EUR     60.450
Societe Generale Effekt      4.060   9/20/2019    EUR     63.990
Societe Generale Effekt      8.684   3/20/2020    EUR     63.240
Societe Generale Effekt     11.986   6/19/2020    EUR     66.050
Societe Generale Effekt     14.041   6/19/2020    EUR     63.910
Leonteq Securities AG/G      5.000   8/25/2020    CHF     64.960
Societe Generale Effekt     11.799  12/20/2019    EUR     75.750
DekaBank Deutsche Giroz      2.000   9/18/2020    EUR     61.220
HSBC Trinkaus & Burkhar      1.250   4/22/2020    EUR     74.060
Vontobel Financial Prod     14.500   3/27/2020    EUR     71.964
Deutsche Bank AG             8.200   9/24/2019    EUR     69.800
Deutsche Bank AG             8.200  12/24/2019    EUR     71.200
Deutsche Bank AG             8.200   3/24/2020    EUR     72.700
Deutsche Bank AG             8.200   9/22/2020    EUR     72.600
Vontobel Financial Prod     14.500  12/13/2019    EUR     69.270
Leonteq Securities AG/G      9.200   9/11/2019    CHF     54.490
Natixis SA                   2.310   8/23/2019    EUR     68.540
HSBC Trinkaus & Burkhar     13.100   3/27/2020    EUR     54.520
HSBC Trinkaus & Burkhar      7.900   3/27/2020    EUR     57.410
HSBC Trinkaus & Burkhar     12.600   6/26/2020    EUR     57.030
HSBC Trinkaus & Burkhar      9.100   2/28/2020    EUR     56.180
DekaBank Deutsche Giroz      3.650   3/27/2020    EUR     55.430
DZ Bank AG Deutsche Zen      8.750  10/23/2019    EUR     50.700
Vontobel Financial Prod     12.500   3/27/2020    EUR     71.350
Vontobel Financial Prod     16.500    1/3/2020    EUR     70.201
Deutsche Bank AG             8.200   6/25/2019    EUR     68.200
Deutsche Bank AG             8.200   6/23/2020    EUR     71.000
Deutsche Bank AG             8.200  12/22/2020    EUR     74.400
Vontobel Financial Prod      7.500   3/27/2020    EUR     71.090
Commerzbank AG               3.900   3/23/2022    USD      5.450
DekaBank Deutsche Giroz      2.600   3/13/2020    EUR     65.170
EFG International Finan      8.000   10/7/2019    EUR     70.310
DZ Bank AG Deutsche Zen      8.400   6/28/2019    EUR     28.280
UniCredit Bank AG            5.200    5/4/2020    USD     36.670
DekaBank Deutsche Giroz      2.800   3/13/2020    EUR     58.330
Raiffeisen Schweiz Geno      5.000    4/3/2020    CHF     40.170
Landesbank Hessen-Thuer      3.000   8/22/2019    EUR     66.500
Landesbank Hessen-Thuer      3.150   5/11/2022    EUR     69.060
Credit Suisse AG/Nassau      8.250   7/19/2019    CHF     61.990
DekaBank Deutsche Giroz      4.250    5/3/2022    EUR     65.260
DZ Bank AG Deutsche Zen      7.200   6/24/2019    EUR     68.750
DZ Bank AG Deutsche Zen      6.300   6/24/2019    EUR     63.310
Vontobel Financial Prod     13.000   3/27/2020    EUR     75.008
EFG International Finan      6.000   8/24/2020    CHF     59.720
Landesbank Baden-Wuertt      3.500   2/28/2020    EUR     69.260
Leonteq Securities AG/G      6.000   8/18/2020    CHF     59.420
Zurcher Kantonalbank Fi      5.000   8/12/2019    CHF     20.580
Leonteq Securities AG/G     13.000    8/4/2020    CHF     67.840
DekaBank Deutsche Giroz      4.400   2/21/2020    EUR     56.710
Societe Generale Effekt      3.190   6/21/2019    EUR     58.280
Societe Generale Effekt      7.647  12/20/2019    EUR     62.120
Societe Generale Effekt      9.832  12/20/2019    EUR     59.720
Societe Generale Effekt     10.925   3/20/2020    EUR     61.100
Societe Generale Effekt     18.584   9/20/2019    EUR     74.230
UniCredit Bank AG            4.300   8/24/2021    EUR     60.070
Bank Julius Baer & Co L      7.300   8/16/2019    USD     56.600
UniCredit Bank AG            5.250   9/19/2020    EUR     60.740
Bayerische Landesbank        2.700   9/18/2020    EUR     60.160
Societe Generale Effekt      5.778   9/20/2019    EUR     60.380
Societe Generale Effekt      5.899  12/20/2019    EUR     65.340
Societe Generale Effekt     12.017  12/20/2019    EUR     57.790
Societe Generale Effekt      4.879   6/21/2019    EUR     74.300
Societe Generale Effekt     15.295  12/20/2019    EUR     73.740
Getin Noble Bank SA          5.790   7/26/2024    PLN     75.000
Vontobel Financial Prod      7.000   8/28/2019    EUR     52.220
Landesbank Hessen-Thuer      3.500    9/8/2022    EUR     66.640
Landesbank Hessen-Thuer      4.000    3/8/2021    EUR     56.200
Raiffeisen Switzerland       5.000   8/14/2020    EUR     46.560
Landesbank Hessen-Thuer      4.500    9/8/2021    EUR     67.110
UBS AG/London               11.500    8/9/2019    CHF     67.750
Vontobel Financial Prod      9.500   2/28/2020    EUR     69.960
Landesbank Hessen-Thuer      4.400  12/22/2022    EUR     60.280
Commerzbank AG              12.000   6/28/2019    EUR     55.050
Commerzbank AG               9.000   5/24/2019    EUR     73.480
UniCredit Bank AG            3.500  11/22/2019    EUR     69.420
UniCredit Bank AG            4.200  11/22/2019    EUR     68.890
Commerzbank AG               8.000   7/26/2019    EUR     74.900
Commerzbank AG               9.000   7/26/2019    EUR     73.330
Commerzbank AG               4.500   7/26/2019    EUR     56.540
Commerzbank AG               6.500   7/26/2019    EUR     52.630
Commerzbank AG              12.500   7/26/2019    EUR     45.610
Commerzbank AG               3.750   7/26/2019    EUR     70.280
Commerzbank AG               4.750   7/26/2019    EUR     67.790
Commerzbank AG               5.750   7/26/2019    EUR     65.760
Commerzbank AG               6.750   7/26/2019    EUR     64.020
Commerzbank AG               8.750   7/26/2019    EUR     61.180
Commerzbank AG               9.750   7/26/2019    EUR     59.980
Commerzbank AG               6.500   7/26/2019    EUR     71.960
Commerzbank AG               8.500   7/26/2019    EUR     68.150
Commerzbank AG               4.000   7/26/2019    EUR     69.250
Commerzbank AG               5.000   7/26/2019    EUR     66.670
Commerzbank AG               6.000   7/26/2019    EUR     64.560
Commerzbank AG               8.000   7/26/2019    EUR     61.310
Commerzbank AG               5.500   7/26/2019    EUR     64.920
Commerzbank AG              11.500   7/26/2019    EUR     53.560
Commerzbank AG               4.250   7/26/2019    EUR     74.480
Commerzbank AG               5.250   7/26/2019    EUR     72.110
Commerzbank AG               7.250   7/26/2019    EUR     68.520
Commerzbank AG              10.000   7/26/2019    EUR     56.960
Commerzbank AG               7.500   7/26/2019    EUR     65.160
Commerzbank AG               9.500   7/26/2019    EUR     61.910
Commerzbank AG               8.250   7/26/2019    EUR     63.210
Commerzbank AG              10.250   7/26/2019    EUR     60.360
Commerzbank AG               3.750   7/26/2019    EUR     68.490
Commerzbank AG               4.750   7/26/2019    EUR     65.530
Commerzbank AG               5.750   7/26/2019    EUR     63.200
Commerzbank AG               6.750   7/26/2019    EUR     61.370
Commerzbank AG               7.750   7/26/2019    EUR     59.990
Commerzbank AG               6.000   7/26/2019    EUR     65.990
Commerzbank AG               8.000   7/26/2019    EUR     61.240
Commerzbank AG               4.250   7/26/2019    EUR     72.690
Commerzbank AG               9.250   7/26/2019    EUR     63.910
Commerzbank AG              11.250   7/26/2019    EUR     60.720
Commerzbank AG               8.000   7/26/2019    EUR     59.570
Commerzbank AG               8.000   7/26/2019    EUR     60.110
Commerzbank AG              10.000   7/26/2019    EUR     57.430
Commerzbank AG               3.250   7/26/2019    EUR     57.730
Commerzbank AG               4.250   7/26/2019    EUR     55.440
Commerzbank AG               5.250   7/26/2019    EUR     53.640
Commerzbank AG               6.250   7/26/2019    EUR     52.150
Commerzbank AG               7.250   7/26/2019    EUR     50.870
Commerzbank AG               8.250   7/26/2019    EUR     49.770
Commerzbank AG               9.000   7/26/2019    EUR     67.870
Commerzbank AG              11.000   7/26/2019    EUR     64.180
Commerzbank AG              13.000   7/26/2019    EUR     61.240
Commerzbank AG              11.000   7/26/2019    EUR     72.770
Landesbank Hessen-Thuer      3.000   9/11/2019    EUR     63.400
Societe Generale SA          8.000    8/9/2022    USD     39.550
Leonteq Securities AG/G      6.200   8/11/2020    CHF     65.490
Leonteq Securities AG/G      9.400   8/14/2019    CHF     45.440
UniCredit Bank AG            3.200   9/10/2022    EUR     64.710
Landesbank Baden-Wuertt      2.600   9/24/2021    EUR     67.210
Vontobel Financial Prod     13.000    1/3/2020    EUR     63.572
Vontobel Financial Prod     10.000   3/27/2020    EUR     64.790
Vontobel Financial Prod     10.500    1/3/2020    EUR     62.990
DekaBank Deutsche Giroz      2.800   4/24/2020    EUR     58.240
Leonteq Securities AG        8.000  10/10/2019    USD     38.830
Landesbank Hessen-Thuer      4.700   2/24/2023    EUR     59.710
Leonteq Securities AG/G      6.400   11/3/2021    CHF     61.980
Commerzbank AG               1.000   11/2/2020    USD     10.050
Commerzbank AG               2.850  10/26/2020    EUR     69.870
Landesbank Hessen-Thuer      3.000    6/4/2021    EUR     70.200
Banque Cantonale Vaudoi      8.900   11/8/2019    CHF     61.200
Landesbank Hessen-Thuer      4.000    6/4/2021    EUR     49.000
Raiffeisen Schweiz Geno      5.000   11/6/2019    CHF     54.040
HSBC Trinkaus & Burkhar      5.000   6/28/2019    EUR     63.860
HSBC Trinkaus & Burkhar      4.700   6/28/2019    EUR     59.280
HSBC Trinkaus & Burkhar      4.100   6/28/2019    EUR     59.660
HSBC Trinkaus & Burkhar      3.400   6/28/2019    EUR     60.610
HSBC Trinkaus & Burkhar      5.100   6/28/2019    EUR     65.630
HSBC Trinkaus & Burkhar      3.100   6/28/2019    EUR     70.470
HSBC Trinkaus & Burkhar      4.500   6/28/2019    EUR     63.630
Landesbank Baden-Wuertt      2.450   7/24/2020    EUR     63.430
Landesbank Baden-Wuertt      2.500   1/28/2022    EUR     66.390
Leonteq Securities AG        6.800   5/11/2021    EUR     63.850
Leonteq Securities AG       10.000   8/14/2019    CHF     73.780
Vontobel Financial Prod      8.500   6/28/2019    EUR     71.720
UniCredit Bank AG            7.300    1/3/2020    EUR     63.290
UniCredit Bank AG            4.900    1/3/2020    EUR     67.120
UniCredit Bank AG           12.100    1/3/2020    EUR     42.410
UniCredit Bank AG           11.200    1/3/2020    EUR     74.300
UniCredit Bank AG            6.200  12/29/2020    EUR     67.150
UniCredit Bank AG            7.400  12/29/2020    EUR     72.290
UniCredit Bank AG            8.800  12/29/2020    EUR     62.780
UniCredit Bank AG           11.000    1/3/2020    EUR     68.890
UniCredit Bank AG           11.800    1/3/2020    EUR     61.010
UniCredit Bank AG            5.700    1/3/2020    EUR     56.360
UniCredit Bank AG            5.400    1/3/2020    EUR      9.670
UniCredit Bank AG           11.000    1/3/2020    EUR     72.680
UniCredit Bank AG            5.100    1/3/2020    EUR     65.300
UniCredit Bank AG           12.900    1/3/2020    EUR     56.170
UniCredit Bank AG           11.400    1/3/2020    EUR     70.120
UniCredit Bank AG            5.900    1/3/2020    EUR     63.960
UniCredit Bank AG            6.500    1/3/2020    EUR     70.650
UniCredit Bank AG            7.600    1/3/2020    EUR     62.440
UniCredit Bank AG            7.500  12/29/2020    EUR     73.720
UniCredit Bank AG            8.400  12/29/2020    EUR     68.450
UniCredit Bank AG            9.800  12/29/2020    EUR     72.850
DekaBank Deutsche Giroz      6.000   5/29/2020    EUR     70.700
UniCredit Bank AG            9.800  12/29/2020    EUR     66.210
UniCredit Bank AG            7.600  12/29/2020    EUR     53.150
UniCredit Bank AG            6.700  12/29/2020    EUR     54.340
Credit Suisse AG/London      2.900  10/28/2019    USD     66.200
UniCredit Bank AG            8.700  12/29/2020    EUR     18.690
UniCredit Bank AG            8.800  12/29/2020    EUR     58.130
UniCredit Bank AG           11.000  12/29/2020    EUR     69.890
UniCredit Bank AG           11.500  12/29/2020    EUR     69.330
UniCredit Bank AG           10.000  12/29/2020    EUR     73.650
UniCredit Bank AG            8.900  12/29/2020    EUR     38.760
UniCredit Bank AG            7.300  12/29/2020    EUR     62.540
UniCredit Bank AG            9.100  12/29/2020    EUR     61.420
UniCredit Bank AG            6.600  12/29/2020    EUR     63.230
UniCredit Bank AG            6.800  12/29/2020    EUR     63.890
UniCredit Bank AG            8.300  12/29/2020    EUR     60.810
UniCredit Bank AG            7.000  12/29/2020    EUR     71.790
UniCredit Bank AG            8.400  12/29/2020    EUR     64.580
UniCredit Bank AG            8.500  12/29/2020    EUR     62.600
UniCredit Bank AG            7.500  12/29/2020    EUR     63.880
UniCredit Bank AG           12.000  12/29/2020    EUR     48.880
UniCredit Bank AG            8.300  12/29/2020    EUR     63.080
UniCredit Bank AG           13.900  12/29/2020    EUR     47.190
UniCredit Bank AG            8.400  12/29/2020    EUR     64.220
UniCredit Bank AG            8.100  12/29/2020    EUR     55.710
Landesbank Baden-Wuertt      6.000  10/25/2019    EUR     70.330
Landesbank Baden-Wuertt      3.500  10/25/2019    EUR     62.690
Landesbank Baden-Wuertt      6.000  10/25/2019    EUR     54.400
Landesbank Baden-Wuertt      3.500  10/25/2019    EUR     32.910
Landesbank Baden-Wuertt      4.500  10/25/2019    EUR     71.570
Landesbank Baden-Wuertt      2.500  10/25/2019    EUR     58.580
Landesbank Baden-Wuertt      3.500  10/25/2019    EUR     56.460
Bank Julius Baer & Co L      5.850   5/22/2019    CHF     74.400
Landesbank Baden-Wuertt      4.500  10/25/2019    EUR     64.390
Landesbank Baden-Wuertt      5.000  10/25/2019    EUR     72.740
Landesbank Baden-Wuertt      5.000  10/25/2019    EUR     68.730
Landesbank Baden-Wuertt      5.000  10/25/2019    EUR     59.540
UniCredit Bank AG            5.700  11/27/2019    EUR     48.290
BNP Paribas Emissions-      12.000   6/27/2019    EUR     41.250
BNP Paribas Emissions-      12.000   6/27/2019    EUR     70.740
BNP Paribas Emissions-      13.000   6/27/2019    EUR     70.110
BNP Paribas Emissions-       9.000   6/27/2019    EUR     57.900
BNP Paribas Emissions-       4.500  12/30/2019    EUR     66.850
BNP Paribas Emissions-       8.500  12/30/2019    EUR     58.930
BNP Paribas Emissions-       9.500  12/30/2019    EUR     62.440
BNP Paribas Emissions-       8.500   6/27/2019    EUR     63.200
BNP Paribas Emissions-       9.500   6/27/2019    EUR     68.010
BNP Paribas Emissions-       4.500   6/27/2019    EUR     71.600
BNP Paribas Emissions-      10.000   6/27/2019    EUR     59.820
BNP Paribas Emissions-       4.500  12/30/2019    EUR     73.360
BNP Paribas Emissions-       5.500  12/30/2019    EUR     69.970
BNP Paribas Emissions-      11.000  12/30/2019    EUR     73.970
BNP Paribas Emissions-       7.500  12/30/2019    EUR     65.840
BNP Paribas Emissions-      11.000  12/30/2019    EUR     71.230
BNP Paribas Emissions-       7.500   6/27/2019    EUR     54.150
BNP Paribas Emissions-       8.000  12/30/2019    EUR     65.490
BNP Paribas Emissions-       4.000   6/27/2019    EUR     65.300
BNP Paribas Emissions-      11.000   6/27/2019    EUR     73.310
BNP Paribas Emissions-       5.500   6/27/2019    EUR     59.030
BNP Paribas Emissions-       8.000   6/27/2019    EUR     53.830
BNP Paribas Emissions-       4.000   6/27/2019    EUR     64.700
BNP Paribas Emissions-       8.500   6/27/2019    EUR     69.650
Commerzbank AG               8.000   11/6/2020    USD      2.390
BNP Paribas Emissions-       5.000   6/27/2019    EUR     33.620
BNP Paribas Emissions-       3.000   6/27/2019    EUR     65.220
BNP Paribas Emissions-       9.000   6/27/2019    EUR     55.890
BNP Paribas Emissions-      13.000   6/27/2019    EUR     71.130
BNP Paribas Emissions-       7.000   6/27/2019    EUR     50.440
BNP Paribas Emissions-       9.500  12/30/2019    EUR     73.410
HSBC Trinkaus & Burkhar      7.800   6/28/2019    EUR     56.080
HSBC Trinkaus & Burkhar      4.700   6/28/2019    EUR     55.760
HSBC Trinkaus & Burkhar      3.800  12/27/2019    EUR     57.320
HSBC Trinkaus & Burkhar      5.300   6/26/2020    EUR     58.230
HSBC Trinkaus & Burkhar      7.000  12/27/2019    EUR     74.220
HSBC Trinkaus & Burkhar      5.800   6/28/2019    EUR     50.080
Raiffeisen Schweiz Geno      5.200    1/6/2021    CHF     69.100
Raiffeisen Schweiz Geno      5.000    7/6/2020    CHF     64.150
Bank Julius Baer & Co L     10.000   10/7/2019    USD     57.050
Leonteq Securities AG/G     11.600  10/16/2019    CHF     66.800
Commerzbank AG              12.750   7/26/2019    EUR     59.150
Commerzbank AG              12.250   6/28/2019    EUR     68.910
Vontobel Financial Prod      8.500   6/28/2019    EUR     72.690
Vontobel Financial Prod     10.000   6/28/2019    EUR     71.040
Vontobel Financial Prod      6.500   6/28/2019    EUR     75.370
Vontobel Financial Prod      8.500   6/28/2019    EUR     71.900
Vontobel Financial Prod     10.000   6/28/2019    EUR     70.030
Vontobel Financial Prod     11.500   6/28/2019    EUR     68.330
Vontobel Financial Prod     13.500   6/28/2019    EUR     65.780
Vontobel Financial Prod      4.500   6/28/2019    EUR     37.630
Vontobel Financial Prod      6.000   6/28/2019    EUR     36.010
Vontobel Financial Prod      8.500   6/28/2019    EUR     33.900
Vontobel Financial Prod     11.000   6/28/2019    EUR     32.090
Vontobel Financial Prod     13.000   6/28/2019    EUR     31.050
Commerzbank AG              11.500   7/26/2019    EUR     69.960
Commerzbank AG               6.250   8/23/2019    EUR     62.700
Zurcher Kantonalbank Fi      6.000   7/16/2019    EUR     69.080
Deutsche Bank AG             6.200   6/25/2019    EUR     69.500
Deutsche Bank AG             6.200   6/25/2019    EUR     63.400
Deutsche Bank AG             5.200  12/24/2019    EUR     57.800
Deutsche Bank AG             5.200  12/24/2019    EUR     55.800
DZ Bank AG Deutsche Zen      4.200   9/23/2019    EUR     69.380
Vontobel Financial Prod      2.900   6/14/2019    EUR     55.550
Societe Generale SA          7.280    5/6/2024    USD
DZ Bank AG Deutsche Zen      4.700   9/23/2019    EUR     68.810
Commerzbank AG               4.500    7/5/2019    EUR     74.470
Commerzbank AG               8.500    7/5/2019    EUR     69.260
Commerzbank AG              30.000   6/30/2020    USD      0.030
Commerzbank AG               4.750   6/28/2019    EUR     73.850
Commerzbank AG               8.500   7/26/2019    EUR     66.330
Commerzbank AG              12.500   7/26/2019    EUR     65.670
HSBC Trinkaus & Burkhar      5.300   6/28/2019    EUR     62.530
HSBC Trinkaus & Burkhar      6.100  11/22/2019    EUR     66.460
HSBC Trinkaus & Burkhar      4.600   6/28/2019    EUR     66.920
Bank Julius Baer & Co L      6.200   7/10/2019    CHF     63.800
Vontobel Financial Prod      9.200   9/13/2019    EUR     68.160
Norddeutsche Landesbank      4.000   9/26/2019    EUR     70.490
EFG International Finan      6.200   1/11/2021    EUR     71.740
UBS AG/London                6.900   6/27/2019    EUR     72.910
UBS AG/London                7.000   9/26/2019    EUR     46.930
UBS AG/London                7.000   6/27/2019    EUR     45.720
UBS AG/London                4.900   6/27/2019    EUR     57.430
EFG International Finan      7.200   1/25/2021    EUR     64.300
EFG International Finan      8.000   1/29/2020    USD     55.140
Vontobel Financial Prod      8.500   9/27/2019    EUR     61.890
Vontobel Financial Prod      5.500    1/3/2020    EUR     68.470
Vontobel Financial Prod      9.500    1/3/2020    EUR     67.710
UBS AG/London                7.000   6/29/2020    CHF     74.850
UBS AG/London               13.600   6/27/2019    EUR     72.420
UBS AG/London                7.100   6/27/2019    EUR     70.450
BNP Paribas Emissions-       8.500   6/27/2019    EUR     65.970
UBS AG/London               16.000   6/27/2019    EUR     71.460
UBS AG/London               16.400   6/27/2019    EUR     70.310
BNP Paribas Emissions-       9.500   6/27/2019    EUR     68.340
BNP Paribas Emissions-      11.000   6/27/2019    EUR     66.680
BNP Paribas Emissions-       9.000   6/27/2019    EUR     49.090
BNP Paribas Emissions-       6.000   6/27/2019    EUR     58.260
UBS AG/London               16.900   6/27/2019    EUR     50.080
UBS AG/London                6.300   6/27/2019    EUR     60.610
UBS AG/London               20.800   6/27/2019    EUR     53.620
UBS AG/London               19.000   6/27/2019    EUR     55.310
BNP Paribas Emissions-       6.500   6/27/2019    EUR     55.190
BNP Paribas Emissions-      11.000   6/27/2019    EUR     47.570
UBS AG/London               13.300   6/27/2019    EUR     57.520
BNP Paribas Emissions-       8.500   6/27/2019    EUR     44.050
BNP Paribas Emissions-       8.500   6/27/2019    EUR     49.360
BNP Paribas Emissions-       9.000   6/27/2019    EUR     47.700
BNP Paribas Emissions-      11.000   6/27/2019    EUR     46.310
BNP Paribas Emissions-      10.000   6/27/2019    EUR     74.670
BNP Paribas Emissions-       6.500   6/27/2019    EUR     69.460
BNP Paribas Emissions-       9.500   6/27/2019    EUR     60.350
BNP Paribas Emissions-      12.000   6/27/2019    EUR     57.300
BNP Paribas Emissions-       8.500   6/27/2019    EUR     72.610
BNP Paribas Emissions-      12.000   6/27/2019    EUR     64.640
Vontobel Financial Prod      7.500  12/13/2019    EUR     59.330
BNP Paribas Emissions-       7.000   6/27/2019    EUR     56.240
UBS AG/London               23.200   6/27/2019    EUR     70.620
UBS AG/London                2.700   6/27/2019    EUR     69.560
Vontobel Financial Prod      7.000   6/28/2019    EUR     55.950
Landesbank Hessen-Thuer      2.750    6/9/2020    EUR     69.200
Leonteq Securities AG/G     13.600    7/9/2019    USD     58.320
Deutsche Bank AG             6.200   6/25/2019    EUR     72.200
Deutsche Bank AG             6.200   6/25/2019    EUR     61.400
Deutsche Bank AG             6.200  12/24/2019    EUR     69.800
Deutsche Bank AG             6.200  12/24/2019    EUR     67.600
Deutsche Bank AG             6.200  12/24/2019    EUR     56.400
Vontobel Financial Prod     11.300   6/14/2019    EUR     64.980
DZ Bank AG Deutsche Zen      6.300   6/24/2019    EUR     64.660
DZ Bank AG Deutsche Zen      4.700   9/23/2019    EUR     68.270
Commerzbank AG               4.250    7/5/2019    EUR     69.870
Commerzbank AG               6.750   6/28/2019    EUR     69.360
Commerzbank AG               7.250   6/28/2019    EUR     70.270
Commerzbank AG               6.500   7/26/2019    EUR     69.840
Commerzbank AG              10.000   6/28/2019    EUR     70.430
Commerzbank AG              12.000   6/28/2019    EUR     67.240
Commerzbank AG              10.500   7/26/2019    EUR     68.690
Vontobel Financial Prod      5.350   6/14/2019    EUR     49.450
HSBC Trinkaus & Burkhar      8.700   9/27/2019    EUR     71.750
Landesbank Hessen-Thuer      6.000   9/21/2023    EUR     69.020
DZ Bank AG Deutsche Zen      8.250  12/27/2019    EUR     64.760
HSBC Trinkaus & Burkhar      8.100   6/28/2019    EUR     70.460
UBS AG/London                6.750   1/17/2020    CHF     57.700
HSBC Trinkaus & Burkhar      5.800   8/23/2019    EUR     73.240
Landesbank Baden-Wuertt      3.250   6/26/2020    EUR     53.880
HSBC Trinkaus & Burkhar      2.600   6/28/2019    EUR     70.500
HSBC Trinkaus & Burkhar      6.800   9/27/2019    EUR     51.510
DZ Bank AG Deutsche Zen      7.500  12/27/2019    EUR     64.750
Bank Julius Baer & Co L      9.100    9/9/2019    CHF     58.350
UBS AG/London                9.750   9/27/2019    CHF     55.900
EFG International Finan     11.000   7/18/2019    EUR     70.250
BNP Paribas Emissions-       7.000   6/27/2019    EUR     69.060
BNP Paribas Emissions-       9.500   6/27/2019    EUR     71.650
BNP Paribas Emissions-       8.500   6/27/2019    EUR     67.410
UBS AG/London                4.500   6/27/2019    EUR     63.730
BNP Paribas Emissions-       9.000   6/27/2019    EUR     69.860
UBS AG/London                4.000   6/27/2019    EUR     70.460
BNP Paribas Emissions-       7.500   6/27/2019    EUR     24.900
BNP Paribas Emissions-       9.000   6/27/2019    EUR     60.100
UBS AG/London                8.700   6/27/2019    EUR     57.890
BNP Paribas Emissions-       6.000   6/27/2019    EUR     25.540
UBS AG/London                3.100    1/2/2020    EUR     68.720
BNP Paribas Emissions-       8.500   6/27/2019    EUR     54.250
UBS AG/London                3.500   9/26/2019    EUR     69.180
BNP Paribas Emissions-       6.000   6/27/2019    EUR     47.400
BNP Paribas Emissions-      10.000   6/27/2019    EUR     66.100
BNP Paribas Emissions-      10.000   6/27/2019    EUR     72.580
BNP Paribas Emissions-      12.000   6/27/2019    EUR     71.020
BNP Paribas Emissions-      11.000   6/27/2019    EUR     71.380
BNP Paribas Emissions-       9.000   6/27/2019    EUR     48.610
UBS AG/London               16.200   6/27/2019    EUR     51.920
BNP Paribas Emissions-       9.000   6/27/2019    EUR     73.830
Vontobel Financial Prod      3.500  12/13/2019    EUR     64.790
BNP Paribas Emissions-       7.000   6/27/2019    EUR     36.100
UBS AG/London                7.800   6/27/2019    EUR     63.890
BNP Paribas Emissions-       7.000   6/27/2019    EUR     66.090
BNP Paribas Emissions-       9.500   6/27/2019    EUR     61.090
UBS AG/London               11.600   6/27/2019    EUR     55.510
UBS AG/London               17.800   6/27/2019    EUR     63.290
BNP Paribas Emissions-      12.000   6/27/2019    EUR     49.260
BNP Paribas Emissions-       5.500   6/27/2019    EUR     67.860
UBS AG/London                2.800   6/27/2019    EUR     67.250
UBS AG/London                3.800   6/27/2019    EUR     73.650
BNP Paribas Emissions-       4.500   6/27/2019    EUR     55.690
BNP Paribas Emissions-       9.500   6/27/2019    EUR     67.710
BNP Paribas Emissions-       6.500   6/27/2019    EUR     51.650
BNP Paribas Emissions-       6.000   6/27/2019    EUR     63.030
BNP Paribas Emissions-       8.000   6/27/2019    EUR     58.450
UBS AG/London               21.200   6/27/2019    EUR     65.790
UBS AG/London               24.500   6/27/2019    EUR     65.800
Credit Suisse AG/Nassau      7.000   1/13/2021    CHF     67.190
Vontobel Financial Prod      8.000   6/28/2019    EUR     67.590
Vontobel Financial Prod      5.500   6/28/2019    EUR     58.560
Bank Julius Baer & Co L     11.000  10/10/2019    EUR     67.350
EFG International Finan     14.000   7/18/2019    USD     62.450
UBS AG/London                5.500   1/17/2020    CHF     67.350
UBS AG/London               11.000   6/29/2020    CHF     64.900
UBS AG/London                6.500   6/29/2020    CHF     69.700
UBS AG/London                4.700   6/27/2019    EUR     71.540
UBS AG/London               20.600   6/27/2019    EUR     73.550
UBS AG/London                3.300   9/26/2019    EUR     68.080
UBS AG/London                2.400   9/26/2019    EUR     72.500
UBS AG/London                3.500   6/27/2019    EUR     72.400
BNP Paribas Emissions-       7.000   6/27/2019    EUR     64.820
BNP Paribas Emissions-       8.000   6/27/2019    EUR     34.250
BNP Paribas Emissions-       7.000   6/27/2019    EUR     74.080
UBS AG/London                5.300   9/26/2019    EUR     72.970
UBS AG/London                3.000   9/26/2019    EUR     70.810
BNP Paribas Emissions-       8.000   6/27/2019    EUR     66.840
BNP Paribas Emissions-       9.000   6/27/2019    EUR     63.060
BNP Paribas Emissions-       6.000   6/27/2019    EUR     59.580
Raiffeisen Schweiz Geno      6.250   1/29/2020    CHF     68.480
Raiffeisen Schweiz Geno      5.900   7/26/2019    EUR     56.800
Leonteq Securities AG/G      8.200   1/29/2020    EUR     56.980
Leonteq Securities AG/G      7.200   7/29/2020    CHF     62.020
Credit Suisse AG/Nassau      9.000  10/14/2019    CHF     66.160
Leonteq Securities AG        9.400  10/16/2019    CHF     64.540
Commerzbank AG               1.000    7/5/2019    EUR     16.880
Vontobel Financial Prod      4.000    8/9/2019    EUR     71.340
Raiffeisen Schweiz Geno      6.900   7/26/2019    CHF     72.540
UBS AG/London                4.800   9/26/2019    EUR     66.270
UBS AG/London               20.300   6/27/2019    EUR     68.470
BNP Paribas Emissions-       5.500   6/27/2019    EUR     72.490
Leonteq Securities AG/G     14.000   1/15/2020    USD     55.220
BNP Paribas Emissions-       7.000   6/27/2019    EUR     70.590
BNP Paribas Emissions-       5.500   6/27/2019    EUR     26.340
UBS AG/London                7.100   6/27/2019    EUR     65.430
BNP Paribas Emissions-       8.500   6/27/2019    EUR     71.830
UBS AG/London                5.000   6/27/2019    EUR     68.680
BNP Paribas Emissions-       9.000   6/27/2019    EUR     70.210
BNP Paribas Emissions-       6.000   6/27/2019    EUR     53.570
UBS AG/London                3.800    1/2/2020    EUR     68.540
BNP Paribas Emissions-       7.500   6/27/2019    EUR     73.050
UBS AG/London                2.200   9/26/2019    EUR     74.430
BNP Paribas Emissions-      11.000   6/27/2019    EUR     50.820
BNP Paribas Emissions-       8.000   6/27/2019    EUR     49.290
BNP Paribas Emissions-      10.000   6/27/2019    EUR     49.250
BNP Paribas Emissions-       6.000   6/27/2019    EUR     53.640
BNP Paribas Emissions-      11.000   6/27/2019    EUR     64.620
BNP Paribas Emissions-      11.000   6/27/2019    EUR     66.100
BNP Paribas Emissions-      13.000   6/27/2019    EUR     68.040
BNP Paribas Emissions-       9.000   6/27/2019    EUR     71.230
BNP Paribas Emissions-       5.500   6/27/2019    EUR     65.680
BNP Paribas Emissions-       7.500   6/27/2019    EUR     60.690
BNP Paribas Emissions-      12.000   6/27/2019    EUR     73.200
Vontobel Financial Prod      6.500  12/13/2019    EUR     74.540
UBS AG/London               24.500   6/27/2019    EUR     63.900
BNP Paribas Emissions-       5.000   6/27/2019    EUR     55.500
Zurcher Kantonalbank Fi      5.750   7/12/2019    CHF     65.440
Raiffeisen Schweiz Geno      8.000   7/19/2019    CHF     64.740
Leonteq Securities AG       10.000  10/16/2019    CHF     64.790
UBS AG/London               12.250   9/27/2019    CHF     56.550
UBS AG/London                8.500   9/27/2019    CHF     57.900
Landesbank Hessen-Thuer      4.000   8/26/2020    EUR     70.600
Vontobel Financial Prod      6.000   6/28/2019    EUR     71.080
Commerzbank AG              11.500   6/28/2019    EUR     60.450
Commerzbank AG               5.000   7/26/2019    EUR     72.270
Vontobel Financial Prod      3.750   6/14/2019    EUR     56.140
Leonteq Securities AG/G      5.500   1/30/2020    CHF     65.720
HSBC Trinkaus & Burkhar      4.400   6/28/2019    EUR     68.150
HSBC Trinkaus & Burkhar      6.400   7/26/2019    EUR     65.290
HSBC Trinkaus & Burkhar      7.700   6/28/2019    EUR     63.490
UBS AG/London                5.750   1/17/2020    EUR     73.650
UniCredit Bank AG            4.130   2/13/2022    EUR     64.910
Credit Suisse AG/London      6.000   7/24/2019    CHF     74.340
UBS AG/London                7.500   6/27/2019    USD     58.510
UBS AG/London                5.750   6/29/2020    CHF     63.700
Commerzbank AG              13.000   7/26/2019    EUR     75.720
Commerzbank AG              14.500   9/27/2019    EUR     73.980
Commerzbank AG               5.750   9/27/2019    EUR     62.690
Commerzbank AG              10.250   7/26/2019    EUR     72.450
Vontobel Financial Prod      7.550  12/31/2019    EUR     72.220
DZ Bank AG Deutsche Zen     11.000  12/27/2019    EUR     73.980
DZ Bank AG Deutsche Zen      8.250   6/26/2019    EUR     71.800
Commerzbank AG              12.500   9/27/2019    EUR     75.940
Raiffeisen Switzerland       5.000   5/29/2019    EUR     50.260
Raiffeisen Centrobank A      3.729   6/25/2019    EUR     72.530
Raiffeisen Centrobank A      6.837   6/25/2019    EUR     15.300
Vontobel Financial Prod     10.500    1/3/2020    EUR     62.850
Bayerische Landesbank        3.200   7/26/2019    EUR     53.630
Vontobel Financial Prod     10.000    1/3/2020    EUR     74.180
Vontobel Financial Prod      9.000   9/27/2019    EUR     68.110
Landesbank Baden-Wuertt      4.000   6/28/2019    EUR     72.010
Landesbank Baden-Wuertt      2.500   6/28/2019    EUR     72.590
Commerzbank AG              18.750   6/28/2019    EUR     74.660
Landesbank Baden-Wuertt      3.000   6/28/2019    EUR     55.730
Landesbank Baden-Wuertt      5.000   6/28/2019    EUR     49.340
Commerzbank AG              13.250   8/23/2019    EUR     53.760
Commerzbank AG              17.250   8/23/2019    EUR     50.710
Commerzbank AG               5.500  10/25/2019    EUR     66.890
Goldman Sachs & Co Wert      3.000   6/26/2019    EUR     63.320
Goldman Sachs & Co Wert      5.000   6/26/2019    EUR     53.210
Goldman Sachs & Co Wert     12.000   6/26/2019    EUR     67.150
Goldman Sachs & Co Wert     13.000   6/26/2019    EUR     64.150
Landesbank Baden-Wuertt      3.650  11/22/2019    EUR     60.610
Commerzbank AG              14.000   6/28/2019    EUR     74.240
Vontobel Financial Prod      9.500  12/31/2019    EUR     73.400
Commerzbank AG              13.750  10/25/2019    EUR     74.820
Raiffeisen Centrobank A      1.241   6/25/2019    EUR     67.720
Raiffeisen Centrobank A      4.966   6/25/2019    EUR     68.650
Raiffeisen Centrobank A      3.972   6/25/2019    EUR     59.980
Raiffeisen Centrobank A      5.967   6/25/2019    EUR     72.350
Vontobel Financial Prod     12.500   9/27/2019    EUR     60.460
UniCredit Bank AG            5.750    7/4/2020    EUR     52.260
Raiffeisen Centrobank A      9.261   6/25/2019    EUR     61.800
HSBC Trinkaus & Burkhar     11.550  10/25/2019    EUR     54.070
Raiffeisen Centrobank A      8.193   6/25/2019    EUR     61.030
Raiffeisen Centrobank A      3.476   6/25/2019    EUR     65.490
Bank Julius Baer & Co L     13.150   12/4/2019    CHF     71.950
HSBC Trinkaus & Burkhar     11.710   6/28/2019    EUR     53.340
Raiffeisen Centrobank A      6.455   6/25/2019    EUR     64.930
Raiffeisen Centrobank A      8.441   6/25/2019    EUR     64.920
Raiffeisen Centrobank A      6.455   6/25/2019    EUR     74.640
Societe Generale SA          3.550   6/24/2019    USD     56.990
Landesbank Hessen-Thuer      5.200   9/30/2022    EUR     51.100
Vontobel Financial Prod     15.000   9/27/2019    EUR     73.890
Raiffeisen Centrobank A      8.826   6/25/2019    EUR     19.140
Raiffeisen Centrobank A      8.329   6/25/2019    EUR     18.630
Vontobel Financial Prod     13.500    1/3/2020    EUR     59.920
Vontobel Financial Prod      7.000   9/27/2019    EUR     70.700
Societe Generale SA          8.000   5/28/2027    USD     33.200
Raiffeisen Centrobank A     10.954   6/25/2019    EUR     55.850
Landesbank Baden-Wuertt      2.500   6/28/2019    EUR     40.040
Landesbank Baden-Wuertt      4.000   6/28/2019    EUR     40.690
Commerzbank AG              11.000  10/25/2019    EUR     66.960
Landesbank Baden-Wuertt      5.000   6/28/2019    EUR     59.280
Landesbank Baden-Wuertt      4.000   6/28/2019    EUR     62.930
Commerzbank AG               7.750   9/27/2019    EUR     58.660
Commerzbank AG               9.750   9/27/2019    EUR     55.580
UniCredit Bank AG            4.350  10/26/2021    EUR     60.530
Vontobel Financial Prod      4.500   6/28/2019    EUR     61.510
Vontobel Financial Prod      7.500   9/27/2019    EUR     69.490
Vontobel Financial Prod     11.500   9/27/2019    EUR     65.420
Vontobel Financial Prod      9.000    1/3/2020    EUR     68.360
Vontobel Financial Prod      7.000    1/3/2020    EUR     68.690
Vontobel Financial Prod      9.500    1/3/2020    EUR     70.790
Vontobel Financial Prod      8.500    1/3/2020    EUR     71.930
Vontobel Financial Prod      9.500   9/27/2019    EUR     70.150
Vontobel Financial Prod      7.000   9/27/2019    EUR     73.130
Vontobel Financial Prod      6.000    1/3/2020    EUR     74.170
Vontobel Financial Prod      7.000   6/28/2019    EUR     74.170
Vontobel Financial Prod      9.000   6/28/2019    EUR     70.510
Vontobel Financial Prod     11.000   6/28/2019    EUR     67.230
Vontobel Financial Prod     13.000   6/28/2019    EUR     64.290
Bank Julius Baer & Co L      8.000    7/8/2019    EUR     59.100
Vontobel Financial Prod      4.500   6/28/2019    EUR     68.260
BNP Paribas Emissions-       7.000   9/26/2019    EUR     68.420
BNP Paribas Emissions-      12.000   9/26/2019    EUR     58.440
Vontobel Financial Prod     10.550   6/28/2019    EUR     54.450
Vontobel Financial Prod     13.000   6/28/2019    EUR     51.150
HSBC Trinkaus & Burkhar      3.500   6/28/2019    EUR     61.890
HSBC Trinkaus & Burkhar      7.600   6/28/2019    EUR     50.940
HSBC Trinkaus & Burkhar      6.500   6/28/2019    EUR     68.340
HSBC Trinkaus & Burkhar      4.000   6/28/2019    EUR     49.500
BNP Paribas Emissions-       4.500   6/27/2019    EUR     69.160
BNP Paribas Emissions-       4.500   9/26/2019    EUR     69.890
BNP Paribas Emissions-       7.500   9/26/2019    EUR     64.570
BNP Paribas Emissions-       6.500  12/30/2019    EUR     65.420
BNP Paribas Emissions-       5.000   9/26/2019    EUR     68.720
BNP Paribas Emissions-       5.500   9/26/2019    EUR     68.120
BNP Paribas Emissions-       8.500   9/26/2019    EUR     63.590
BNP Paribas Emissions-       9.000   9/26/2019    EUR     63.130
HSBC Trinkaus & Burkhar      5.800   6/28/2019    EUR     74.040
HSBC Trinkaus & Burkhar      4.000   6/28/2019    EUR     43.340
Vontobel Financial Prod      8.000   6/28/2019    EUR     52.380
BNP Paribas Emissions-       8.500   6/27/2019    EUR     64.870
BNP Paribas Emissions-      11.000   9/26/2019    EUR     62.410
BNP Paribas Emissions-       7.500  12/30/2019    EUR     68.320
Vontobel Financial Prod      6.000   6/28/2019    EUR     73.100
BNP Paribas Emissions-      10.000   9/26/2019    EUR     73.950
Commerzbank AG               9.500   7/26/2019    EUR     66.650
Vontobel Financial Prod     11.000   6/28/2019    EUR     43.300
Vontobel Financial Prod     11.000   9/27/2019    EUR     74.700
BNP Paribas Emissions-      14.000   9/26/2019    EUR     52.410
BNP Paribas Emissions-       5.500   9/26/2019    EUR     67.260
BNP Paribas Emissions-       5.000  12/30/2019    EUR     69.770
BNP Paribas Emissions-      13.000   9/26/2019    EUR     57.430
DekaBank Deutsche Giroz      2.200    6/7/2019    EUR     62.540
Commerzbank AG               9.000   8/23/2019    EUR     63.500
Commerzbank AG              13.000   8/23/2019    EUR     57.910
Commerzbank AG               4.250   6/28/2019    EUR     70.900
Commerzbank AG               3.750   7/26/2019    EUR     72.980
UniCredit Bank AG            3.250   2/27/2022    EUR     62.700
EFG International Finan     12.000  10/10/2019    CHF     57.360
Bank Julius Baer & Co L     11.600    8/2/2019    USD     51.450
Bank Julius Baer & Co L      5.300   7/24/2019    CHF     61.000
Bank Julius Baer & Co L      5.800   7/24/2019    EUR     61.100
Vontobel Financial Prod     11.000   6/28/2019    EUR     63.300
Bank Julius Baer & Co L     10.000   7/24/2019    EUR     52.800
Vontobel Financial Prod      6.500  12/31/2019    EUR     69.220
Vontobel Financial Prod      2.150   6/14/2019    EUR     71.500
Deutsche Bank AG             6.200   6/25/2019    EUR     67.400
Deutsche Bank AG             6.200  12/24/2019    EUR     71.500
Deutsche Bank AG             6.200   6/25/2019    EUR     74.000
Deutsche Bank AG             6.200   6/25/2019    EUR     60.400
Deutsche Bank AG             6.200  12/24/2019    EUR     66.600
Deutsche Bank AG             6.200   6/25/2019    EUR     50.100
Deutsche Bank AG             6.200  12/24/2019    EUR     56.200
Deutsche Bank AG             6.200  12/24/2019    EUR     72.000
Deutsche Bank AG             6.200  12/24/2019    EUR     71.300
Deutsche Bank AG             6.200   6/25/2019    EUR     71.200
Deutsche Bank AG             6.200  12/24/2019    EUR     73.100
Vontobel Financial Prod      7.350   6/14/2019    EUR     71.190
Vontobel Financial Prod      6.550   6/14/2019    EUR     74.810
Deutsche Bank AG             6.200  12/24/2019    EUR     53.800
Deutsche Bank AG             5.200   6/25/2019    EUR     54.100
Deutsche Bank AG             5.200  12/24/2019    EUR     69.200
DZ Bank AG Deutsche Zen      5.400   9/23/2019    EUR     63.380
Commerzbank AG               7.000   7/26/2019    EUR     67.530
Commerzbank AG              11.000   7/26/2019    EUR     61.330
Commerzbank AG               7.750   7/26/2019    EUR     65.950
Commerzbank AG              11.750   7/26/2019    EUR     58.960
Landesbank Baden-Wuertt      2.650   1/27/2023    EUR     72.010
Commerzbank AG               5.500   6/28/2019    EUR     70.550
Commerzbank AG              10.500   7/26/2019    EUR     63.460
HSBC Trinkaus & Burkhar      7.800   6/28/2019    EUR     71.980
HSBC Trinkaus & Burkhar      6.300   8/23/2019    EUR     65.570
DekaBank Deutsche Giroz      2.900   2/14/2020    EUR     68.430
Vontobel Financial Prod      9.610    7/5/2019    EUR     61.180
Landesbank Hessen-Thuer      4.000   8/26/2020    EUR     56.600
UBS AG/London                5.000   9/27/2019    CHF     72.650
EFG International Finan     10.000   7/29/2019    CHF     51.360
UBS AG/London               11.000   1/10/2020    EUR     53.800
Landesbank Hessen-Thuer      5.200   2/23/2022    EUR     73.570
Raiffeisen Centrobank A     12.395   6/25/2019    EUR     56.150
Vontobel Financial Prod      8.500    1/3/2020    EUR     66.670
Vontobel Financial Prod      7.000    1/3/2020    EUR     72.850
Vontobel Financial Prod      9.000   6/28/2019    EUR     50.490
BNP Paribas Emissions-      10.000   9/26/2019    EUR     64.760
BNP Paribas Emissions-       7.000  12/30/2019    EUR     70.060
BNP Paribas Emissions-      13.000   6/27/2019    EUR     69.910
BNP Paribas Emissions-       8.500   9/26/2019    EUR     75.220
Vontobel Financial Prod     13.000   6/28/2019    EUR     41.020
BNP Paribas Emissions-       4.500   9/26/2019    EUR     69.310
BNP Paribas Emissions-       7.000   9/26/2019    EUR     66.090
BNP Paribas Emissions-       5.500  12/30/2019    EUR     68.890
BNP Paribas Emissions-       6.000   6/27/2019    EUR     66.570
BNP Paribas Emissions-       9.000   9/26/2019    EUR     71.750
EFG International Finan      7.200    2/8/2021    EUR     65.050
Vontobel Financial Prod     11.500   6/28/2019    EUR     65.300
Vontobel Financial Prod      9.550   9/27/2019    EUR     74.500
Vontobel Financial Prod      8.500   6/28/2019    EUR     73.710
Bank Julius Baer & Co L      5.000    8/5/2019    CHF     64.200
Leonteq Securities AG/G     10.000    2/5/2020    EUR     78.430
Vontobel Financial Prod     12.500  12/13/2019    EUR     68.160
Vontobel Financial Prod      6.500   9/13/2019    EUR     71.010
DZ Bank AG Deutsche Zen      4.250   6/26/2019    EUR     66.220
Credit Suisse AG/Nassau      8.000   9/12/2019    USD     64.330
Commerzbank AG               9.750   7/26/2019    EUR     59.960
HSBC Trinkaus & Burkhar      4.200   6/28/2019    EUR     59.180
HSBC Trinkaus & Burkhar      5.200   6/28/2019    EUR     57.570
Leonteq Securities AG/G      7.000    2/5/2020    CHF     27.340
Corner Banca SA              9.000    8/5/2019    CHF     66.390
Leonteq Securities AG       12.000  10/16/2019    CHF     56.660
Vontobel Financial Prod      9.500   6/28/2019    EUR     64.400
Vontobel Financial Prod     11.500   6/28/2019    EUR     61.590
UniCredit Bank AG            3.850   8/12/2019    EUR     63.210
Vontobel Financial Prod      5.500    1/3/2020    EUR     70.930
Bank Julius Baer & Co L      8.250   7/12/2019    USD     53.100
Vontobel Financial Prod      8.500   9/27/2019    EUR     71.680
BNP Paribas Emissions-      10.000   6/27/2019    EUR     60.760
BNP Paribas Emissions-      10.000   9/26/2019    EUR     63.060
BNP Paribas Emissions-      16.000   9/26/2019    EUR     55.370
Vontobel Financial Prod      6.500   6/28/2019    EUR     62.830
Vontobel Financial Prod      8.550   6/28/2019    EUR     58.330
HSBC Trinkaus & Burkhar      5.300   6/28/2019    EUR     54.540
HSBC Trinkaus & Burkhar      2.600   6/28/2019    EUR     61.740
HSBC Trinkaus & Burkhar      5.600   6/28/2019    EUR     57.070
HSBC Trinkaus & Burkhar      2.400   6/28/2019    EUR     54.000
BNP Paribas Emissions-       6.000   6/27/2019    EUR     65.890
BNP Paribas Emissions-       7.500   6/27/2019    EUR     62.940
BNP Paribas Emissions-       6.000   9/26/2019    EUR     67.080
BNP Paribas Emissions-      10.000   9/26/2019    EUR     61.360
BNP Paribas Emissions-       9.000  12/30/2019    EUR     62.960
BNP Paribas Emissions-       4.500   9/26/2019    EUR     69.320
BNP Paribas Emissions-       7.000   9/26/2019    EUR     65.740
BNP Paribas Emissions-       7.500   9/26/2019    EUR     64.550
Vontobel Financial Prod      3.500   6/28/2019    EUR     61.750
Vontobel Financial Prod      5.500   6/28/2019    EUR     56.610
BNP Paribas Emissions-       9.000  12/30/2019    EUR     66.360
Vontobel Financial Prod     13.550   6/28/2019    EUR     61.090
BNP Paribas Emissions-       8.000  12/30/2019    EUR     73.310
Vontobel Financial Prod      9.000   6/28/2019    EUR     45.910
BNP Paribas Emissions-      15.000   6/27/2019    EUR     71.810
BNP Paribas Emissions-       7.000  12/30/2019    EUR     71.910
BNP Paribas Emissions-       7.500   6/27/2019    EUR     39.780
BNP Paribas Emissions-       8.500  12/30/2019    EUR     40.070
Bank Julius Baer & Co L      6.150   1/10/2020    CHF     69.200
HSBC Trinkaus & Burkhar      7.000   6/28/2019    EUR     50.190
HSBC Trinkaus & Burkhar      4.700   6/28/2019    EUR     67.350
HSBC Trinkaus & Burkhar      6.100  12/27/2019    EUR     66.830
UBS AG/London                6.250   1/17/2020    CHF     45.550
Landesbank Baden-Wuertt      2.550   9/27/2019    EUR     62.200
UBS AG/London                7.250   6/27/2019    EUR     59.150
Macquarie International     11.550   8/28/2023    ZAR     19.566
DekaBank Deutsche Giroz      7.000    2/1/2021    EUR     69.150
Leonteq Securities AG        8.000   1/16/2020    CHF     73.550
Vontobel Financial Prod     11.500   9/13/2019    EUR     55.520
Leonteq Securities AG/G     10.600   1/15/2020    CHF     54.000
BNP Paribas Emissions-       4.500   6/27/2019    EUR     69.130
BNP Paribas Emissions-       9.500   6/27/2019    EUR     56.460
UBS AG/London               18.600   6/27/2019    EUR     65.730
BNP Paribas Emissions-       8.000   6/27/2019    EUR     62.940
HSBC Trinkaus & Burkhar      5.300   6/28/2019    EUR     55.110
Vontobel Financial Prod      4.050   6/28/2019    EUR     59.010
Vontobel Financial Prod      6.550   6/28/2019    EUR     54.380
BNP Paribas Emissions-       6.500   9/26/2019    EUR     70.870
BNP Paribas Emissions-       7.000   9/26/2019    EUR     68.780
Vontobel Financial Prod      7.000   6/28/2019    EUR     71.180
Vontobel Financial Prod      6.000   6/28/2019    EUR     52.540
BNP Paribas Emissions-      11.000   9/26/2019    EUR     56.420
Commerzbank AG               7.500   7/26/2019    EUR     69.780
Vontobel Financial Prod     13.000   9/27/2019    EUR     71.890
BNP Paribas Emissions-      11.000   9/26/2019    EUR     72.590
BNP Paribas Emissions-       9.500   9/26/2019    EUR     63.330
BNP Paribas Emissions-       9.000   9/26/2019    EUR     61.810
BNP Paribas Emissions-       8.000  12/30/2019    EUR     69.890
BNP Paribas Emissions-       9.000  12/30/2019    EUR     68.050
Commerzbank AG               6.750   6/28/2019    EUR     70.750
BNP Paribas Emissions-       8.000   9/26/2019    EUR     39.590
BNP Paribas Emissions-       7.000  12/30/2019    EUR     40.870
Commerzbank AG               6.250   6/28/2019    EUR     66.070
BNP Paribas Emissions-       5.500   6/27/2019    EUR     68.440
Commerzbank AG               9.250   8/23/2019    EUR     75.150
Commerzbank AG              12.250   8/23/2019    EUR     55.650
Commerzbank AG               8.000   9/27/2019    EUR     71.930
Vontobel Financial Prod      6.500   6/28/2019    EUR     70.630
EFG International Finan      9.770   5/20/2019    EUR     52.890
Credit Suisse AG/Nassau      8.500    8/2/2019    CHF     63.420
Vontobel Financial Prod     12.000    1/3/2020    EUR     63.730
Zurcher Kantonalbank Fi      5.750   1/30/2020    CHF     26.650
BNP Paribas Emissions-       6.500   6/27/2019    EUR     69.090
BNP Paribas Emissions-       8.000   6/27/2019    EUR     66.950
BNP Paribas Emissions-      13.000   6/27/2019    EUR     59.660
BNP Paribas Emissions-       5.000   9/26/2019    EUR     74.010
BNP Paribas Emissions-       5.500  12/30/2019    EUR     71.320
Landesbank Baden-Wuertt      4.350   7/24/2020    EUR     62.860
Zurcher Kantonalbank Fi      7.000   7/23/2019    EUR     55.950
BNP Paribas Emissions-       8.500  12/30/2019    EUR     71.780
Vontobel Financial Prod      5.000   6/28/2019    EUR     56.770
Vontobel Financial Prod      7.500   6/28/2019    EUR     48.900
Commerzbank AG               6.500   7/26/2019    EUR     71.710
BNP Paribas Emissions-       5.000   9/26/2019    EUR     68.260
BNP Paribas Emissions-       9.000   9/26/2019    EUR     64.150
BNP Paribas Emissions-       6.000   6/27/2019    EUR     42.950
BNP Paribas Emissions-      10.000   6/27/2019    EUR     38.080
BNP Paribas Emissions-       6.500   9/26/2019    EUR     40.980
BNP Paribas Emissions-       6.500  12/30/2019    EUR     42.470
Commerzbank AG              11.000   8/23/2019    EUR     60.580
Commerzbank AG              11.250   8/23/2019    EUR     72.130
Commerzbank AG               7.000   9/27/2019    EUR     73.260
Vontobel Financial Prod      6.000    1/3/2020    EUR     72.080
Vontobel Financial Prod     11.000    1/3/2020    EUR     66.300
Vontobel Financial Prod     10.000    1/3/2020    EUR     64.950
HSBC Trinkaus & Burkhar      5.300   6/28/2019    EUR     65.770
Norddeutsche Landesbank      5.000    5/6/2020    EUR     70.790
BNP Paribas Emissions-       5.000   6/27/2019    EUR     72.670
Vontobel Financial Prod      8.500   6/28/2019    EUR     68.520
Vontobel Financial Prod     11.000   6/28/2019    EUR     64.560
Vontobel Financial Prod      5.000   6/28/2019    EUR     56.770
Commerzbank AG               8.500   7/26/2019    EUR     68.130
BNP Paribas Emissions-       7.500   9/26/2019    EUR     64.660
Vontobel Financial Prod     11.500    1/3/2020    EUR     74.090
BNP Paribas Emissions-       8.000   9/26/2019    EUR     67.590
BNP Paribas Emissions-       5.000   9/26/2019    EUR     43.740
Commerzbank AG               5.750   7/26/2019    EUR     67.450
BNP Paribas Emissions-       4.500   6/27/2019    EUR     70.000
DekaBank Deutsche Giroz      4.900   8/21/2019    EUR     66.220
BNP Paribas Emissions-       5.000   6/27/2019    EUR     42.850
Commerzbank AG               7.000   8/23/2019    EUR     67.940
Commerzbank AG               6.000   8/23/2019    EUR     70.730
Bank Julius Baer & Co L     10.000   7/24/2019    USD     52.450
HSBC Trinkaus & Burkhar      7.500   7/26/2019    EUR     65.370
Credit Suisse AG/London      8.000   7/25/2019    USD     41.890
Zurcher Kantonalbank Fi      3.500   1/23/2020    CHF     24.810
Vontobel Financial Prod      7.500   9/27/2019    EUR     72.090
Vontobel Financial Prod      5.500   9/27/2019    EUR     71.370
Vontobel Financial Prod      7.500  12/31/2019    EUR     69.830
Vontobel Financial Prod     11.000  12/31/2019    EUR     71.960
Vontobel Financial Prod      2.100   6/14/2019    EUR     71.390
Vontobel Financial Prod     13.550   6/14/2019    EUR     72.940
Vontobel Financial Prod      3.650   6/14/2019    EUR     67.390
Vontobel Financial Prod      5.550   6/14/2019    EUR     63.780
Vontobel Financial Prod      6.450   6/14/2019    EUR     62.450
Erste Group Bank AG          6.500   7/29/2019    EUR     57.040
Deutsche Bank AG             6.200   6/25/2019    EUR     71.800
Vontobel Financial Prod     10.050   6/14/2019    EUR     67.430
Deutsche Bank AG             6.200   6/25/2019    EUR     65.700
Deutsche Bank AG             6.200   6/25/2019    EUR     50.100
Deutsche Bank AG             6.200   6/25/2019    EUR     48.700
Vontobel Financial Prod      5.450   6/14/2019    EUR     73.800
Vontobel Financial Prod      3.900   6/14/2019    EUR     74.040
Deutsche Bank AG             5.200  12/24/2019    EUR     52.000
DZ Bank AG Deutsche Zen      4.600   9/23/2019    EUR     64.230
DZ Bank AG Deutsche Zen      7.200   6/24/2019    EUR     63.460
Commerzbank AG               9.000   7/26/2019    EUR     64.090
Commerzbank AG               5.750   7/26/2019    EUR     72.170
DekaBank Deutsche Giroz      2.200   4/20/2020    EUR     69.580
Bayerische Landesbank        2.300    2/7/2020    EUR     73.330
DekaBank Deutsche Giroz      2.000   1/22/2021    EUR     74.430
DekaBank Deutsche Giroz      3.400   1/24/2020    EUR     65.720
UBS AG/London                4.000   6/27/2019    EUR     61.310
UBS AG/London                6.300   6/27/2019    EUR     65.740
UBS AG/London                7.400   6/27/2019    EUR     71.760
UBS AG/London                8.300   6/27/2019    EUR     60.770
Corner Banca SA              7.400   7/22/2020    CHF     65.800
Vontobel Financial Prod      6.900   9/13/2019    EUR     63.560
Vontobel Financial Prod     13.000   9/27/2019    EUR     67.200
Vontobel Financial Prod     12.500    1/3/2020    EUR     67.610
Vontobel Financial Prod     10.500    1/3/2020    EUR     68.880
Zurcher Kantonalbank Fi      4.500   7/11/2019    EUR     70.960
Vontobel Financial Prod     12.000   9/27/2019    EUR     57.860
Corner Banca SA              9.000  12/10/2019    CHF     73.590
Leonteq Securities AG       14.200  12/10/2019    CHF     68.450
DZ Bank AG Deutsche Zen      5.000   6/26/2019    EUR     72.070
DZ Bank AG Deutsche Zen      5.250   9/25/2019    EUR     65.740
DZ Bank AG Deutsche Zen      5.000   9/25/2019    EUR     62.410
Vontobel Financial Prod      9.000   9/27/2019    EUR     68.770
DZ Bank AG Deutsche Zen      5.700   6/26/2019    EUR     69.480
Credit Suisse AG/Nassau      8.250   7/23/2019    CHF     64.430
Leonteq Securities AG/G     10.000   1/13/2020    CHF     62.680
Vontobel Financial Prod     14.500   6/28/2019    EUR     66.950
Bank Julius Baer & Co L      6.000  10/10/2019    CHF     30.400
Leonteq Securities AG       10.200    1/8/2020    CHF     73.790
Commerzbank AG              13.250   6/28/2019    EUR     58.870
EFG International Finan      7.400   1/11/2021    USD     67.670
Credit Suisse AG/London      7.000    1/6/2020    CHF     73.370
Bank Julius Baer & Co L      8.300   7/19/2019    USD     50.850
Vontobel Financial Prod      7.500    1/3/2020    EUR     72.630
Vontobel Financial Prod      9.000    1/3/2020    EUR     70.620
Leonteq Securities AG/G      6.600   1/22/2020    EUR     59.760
Vontobel Financial Prod      8.050   9/13/2019    EUR     74.060
Vontobel Financial Prod     11.500   9/27/2019    EUR     66.220
Vontobel Financial Prod      7.000   9/27/2019    EUR     64.040
Vontobel Financial Prod      7.500    1/3/2020    EUR     63.650
DZ Bank AG Deutsche Zen      7.800   6/26/2019    EUR     68.570
Commerzbank AG               8.750   6/28/2019    EUR     63.420
Commerzbank AG              12.750   6/28/2019    EUR     57.220
Commerzbank AG              11.750   7/26/2019    EUR     67.950
Commerzbank AG               8.500   6/28/2019    EUR     62.820
Commerzbank AG               5.250   5/24/2019    EUR     59.640
Commerzbank AG               9.250   5/24/2019    EUR     53.900
Commerzbank AG               4.000   6/28/2019    EUR     68.890
Commerzbank AG              12.000   6/28/2019    EUR     53.900
Commerzbank AG              14.000   6/28/2019    EUR     51.610
Commerzbank AG               5.500   7/26/2019    EUR     64.970
Commerzbank AG               7.500   7/26/2019    EUR     60.660
Commerzbank AG              11.500   7/26/2019    EUR     54.730
Commerzbank AG              13.500   7/26/2019    EUR     52.420
Commerzbank AG               5.500   7/26/2019    EUR     40.630
Commerzbank AG               7.000   6/28/2019    EUR     72.020
Commerzbank AG               6.000   6/28/2019    EUR     39.520
Vontobel Financial Prod     13.500   9/27/2019    EUR     73.820
Bank Julius Baer & Co L      8.800   1/24/2020    EUR     56.300
Landesbank Baden-Wuertt      3.000   7/24/2020    EUR     68.000
Landesbank Baden-Wuertt      3.500   7/24/2020    EUR     65.190
Landesbank Baden-Wuertt      5.000   7/24/2020    EUR     72.440
Landesbank Baden-Wuertt      4.000   7/24/2020    EUR     69.570
Landesbank Baden-Wuertt      5.000   7/24/2020    EUR     66.680
Landesbank Baden-Wuertt      3.000   7/24/2020    EUR     65.230
Landesbank Baden-Wuertt      5.000   7/24/2020    EUR     73.680
Landesbank Baden-Wuertt      4.350   8/23/2019    EUR     68.170
Landesbank Baden-Wuertt      4.900   8/23/2019    EUR     69.340
DekaBank Deutsche Giroz     10.050   7/11/2019    EUR     42.880
Landesbank Baden-Wuertt      2.500   7/24/2020    EUR     37.730
Landesbank Baden-Wuertt      4.000   7/24/2020    EUR     75.000
Landesbank Baden-Wuertt      3.000   3/26/2021    EUR     59.840
Credit Suisse AG/London      7.000   7/25/2019    EUR     66.450
Vontobel Financial Prod      9.000  12/31/2019    EUR     70.740
Vontobel Financial Prod      4.750   6/14/2019    EUR     65.170
Vontobel Financial Prod      7.900   6/14/2019    EUR     60.580
Vontobel Financial Prod     12.300   6/14/2019    EUR     64.900
Deutsche Bank AG             6.200  12/24/2019    EUR     65.500
Vontobel Financial Prod     10.000   6/14/2019    EUR     69.640
Vontobel Financial Prod     13.900   6/14/2019    EUR     65.280
Deutsche Bank AG             6.200   6/25/2019    EUR     48.400
Deutsche Bank AG             6.200  12/24/2019    EUR     55.500
Deutsche Bank AG             6.200  12/24/2019    EUR     52.200
Deutsche Bank AG             6.200   6/25/2019    EUR     50.600
Vontobel Financial Prod      9.200   6/14/2019    EUR     67.650
Deutsche Bank AG             6.200  12/24/2019    EUR     52.500
Deutsche Bank AG             5.200  12/24/2019    EUR     66.000
Deutsche Bank AG             5.200  12/24/2019    EUR     67.000
EFG International Finan      8.400   1/10/2020    USD     56.560
UBS AG/London                5.400    1/2/2020    EUR     59.840
Vontobel Financial Prod     10.000   9/27/2019    EUR     59.510
Vontobel Financial Prod      7.000   9/27/2019    EUR     64.340
Vontobel Financial Prod     10.500    1/3/2020    EUR     60.360
Vontobel Financial Prod      6.500    1/3/2020    EUR     65.990
Leonteq Securities AG/G     13.000  12/10/2019    USD     66.160
Leonteq Securities AG       12.600  12/10/2019    CHF     60.640
Vontobel Financial Prod     11.500    1/3/2020    EUR     59.890
Raiffeisen Schweiz Geno      8.000   7/19/2019    CHF     48.010
Commerzbank AG              14.500   7/26/2019    EUR     72.740
Commerzbank AG               8.750   6/28/2019    EUR     63.410
Commerzbank AG              10.000   6/28/2019    EUR     70.900
Credit Suisse AG/London      7.000   7/10/2019    CHF     66.590
UniCredit Bank AG            4.400   2/12/2021    EUR     60.770
Landesbank Baden-Wuertt      2.000   7/24/2020    EUR     72.030
Landesbank Baden-Wuertt      5.500   7/24/2020    EUR     66.660
Zurcher Kantonalbank Fi      6.400   7/18/2019    CHF     73.020
Landesbank Baden-Wuertt      2.000   7/24/2020    EUR     70.590
Vontobel Financial Prod     12.000    1/3/2020    EUR     66.170
Vontobel Financial Prod     10.000   9/27/2019    EUR     60.410
Vontobel Financial Prod      8.500   9/27/2019    EUR     62.140
Vontobel Financial Prod     14.000    1/3/2020    EUR     57.940
Raiffeisen Schweiz Geno      5.500   1/22/2020    CHF     67.540
Commerzbank AG              12.000   6/28/2019    EUR     67.410
Commerzbank AG               8.500   6/28/2019    EUR     65.520
Commerzbank AG              10.750   6/28/2019    EUR     60.660
Commerzbank AG               3.250   5/24/2019    EUR     64.200
Commerzbank AG               7.250   5/24/2019    EUR     56.440
Commerzbank AG              10.250   5/24/2019    EUR     67.390
Commerzbank AG              10.000   6/28/2019    EUR     56.400
Commerzbank AG               3.500   7/26/2019    EUR     71.240
Commerzbank AG               9.500   7/26/2019    EUR     57.390
Commerzbank AG               8.000   6/28/2019    EUR     37.090
Commerzbank AG              12.000   6/28/2019    EUR     33.840
Commerzbank AG               9.500   7/26/2019    EUR     36.060
Commerzbank AG               6.000   6/28/2019    EUR     73.930
Commerzbank AG               8.250   6/28/2019    EUR     62.420
Commerzbank AG               4.000   6/28/2019    EUR     42.990
Vontobel Financial Prod      7.300   6/27/2019    EUR     43.520
Leonteq Securities AG/G      8.000   1/17/2020    CHF     53.880
Landesbank Baden-Wuertt      4.000   7/24/2020    EUR     68.820
UniCredit Bank AG            5.000   2/12/2021    EUR     66.780
Landesbank Baden-Wuertt      4.000   7/24/2020    EUR     65.820
Landesbank Baden-Wuertt      3.500   7/24/2020    EUR     72.440
Landesbank Baden-Wuertt      5.000   7/24/2020    EUR     72.500
UniCredit Bank AG            4.550   2/12/2021    EUR     69.380
Landesbank Baden-Wuertt      3.000   3/26/2021    EUR     73.830
Landesbank Baden-Wuertt      3.600  10/25/2019    EUR     58.760
Raiffeisen Schweiz Geno      7.200   3/10/2020    CHF     71.570
Vontobel Financial Prod      5.100   9/13/2019    EUR     70.540
Vontobel Financial Prod      9.000    1/3/2020    EUR     61.920
Vontobel Financial Prod      7.500    1/3/2020    EUR     63.690
Vontobel Financial Prod      7.000    1/3/2020    EUR     71.430
Bank Julius Baer & Co L      7.200    9/6/2019    EUR     68.650
DZ Bank AG Deutsche Zen      5.250   6/26/2019    EUR     64.460
DZ Bank AG Deutsche Zen      6.800   6/26/2019    EUR     65.310
Vontobel Financial Prod      4.500    1/3/2020    EUR     69.500
Vontobel Financial Prod     11.500   9/27/2019    EUR     58.860
DZ Bank AG Deutsche Zen      8.000   6/26/2019    EUR     60.660
Raiffeisen Schweiz Geno      6.450   1/22/2020    CHF     65.240
Commerzbank AG              15.500   5/24/2019    EUR     63.360
Landesbank Baden-Wuertt      3.000   7/24/2020    EUR     71.940
Landesbank Baden-Wuertt      3.000   7/24/2020    EUR     71.780
UniCredit Bank AG            5.900   2/12/2021    EUR     68.050
Landesbank Baden-Wuertt      5.000   7/24/2020    EUR     63.860
Landesbank Baden-Wuertt      2.000   7/24/2020    EUR     68.220
Landesbank Baden-Wuertt      6.500   7/24/2020    EUR     69.980
Landesbank Baden-Wuertt      3.500   7/24/2020    EUR     71.590
Landesbank Baden-Wuertt      4.000   7/24/2020    EUR     35.670
Landesbank Baden-Wuertt      2.700   6/25/2021    EUR     65.550
Vontobel Financial Prod     15.050   9/13/2019    EUR     63.260
Natixis SA                   2.500   7/12/2021    EUR     70.218
UBS AG/London                7.300   6/27/2019    EUR     63.150
Vontobel Financial Prod     10.500   9/27/2019    EUR     69.070
Corner Banca SA             11.000   3/10/2020    CHF     68.440
DZ Bank AG Deutsche Zen      7.100   6/26/2019    EUR     63.490
Raiffeisen Schweiz Geno      7.450   7/19/2019    CHF     66.930
Commerzbank AG              12.500   5/24/2019    EUR     72.350
Commerzbank AG               8.000   6/28/2019    EUR     70.380
Commerzbank AG              10.750   6/28/2019    EUR     60.010
Commerzbank AG               4.750   6/28/2019    EUR     71.100
Commerzbank AG               9.750   7/26/2019    EUR     71.510
Commerzbank AG               9.500   6/28/2019    EUR     64.180
Commerzbank AG              10.500   6/28/2019    EUR     60.110
Commerzbank AG              11.250   5/24/2019    EUR     51.840
Commerzbank AG               8.250   5/24/2019    EUR     70.900
Commerzbank AG              15.250   6/28/2019    EUR     71.850
Commerzbank AG               6.000   6/28/2019    EUR     63.440
Commerzbank AG               8.000   6/28/2019    EUR     59.480
Commerzbank AG              10.000   6/28/2019    EUR     35.240
Commerzbank AG               3.500   7/26/2019    EUR     44.560
Commerzbank AG               7.500   7/26/2019    EUR     37.970
Commerzbank AG              11.500   7/26/2019    EUR     34.660
Raiffeisen Schweiz Geno     10.020   1/15/2020    EUR     58.750
Credit Suisse AG/Nassau      6.000   7/12/2019    CHF     51.660
Commerzbank AG              10.250   8/23/2019    EUR     57.570
Zurcher Kantonalbank Fi      8.500   6/12/2019    EUR     62.150
Vontobel Financial Prod      7.300   6/14/2019    EUR     47.520
Vontobel Financial Prod     12.400   6/14/2019    EUR     43.560
Vontobel Financial Prod      6.200   6/14/2019    EUR     67.850
Vontobel Financial Prod     11.550   6/14/2019    EUR     52.940
DZ Bank AG Deutsche Zen      6.000   6/26/2019    EUR     69.450
Vontobel Financial Prod      5.950   6/14/2019    EUR     46.410
Bank Julius Baer & Co L     10.000    6/5/2019    USD     74.150
Vontobel Financial Prod      4.250   6/14/2019    EUR     73.770
Vontobel Financial Prod      8.350   6/14/2019    EUR     64.440
Vontobel Financial Prod      6.850   6/14/2019    EUR     73.120
Vontobel Financial Prod      4.200   6/14/2019    EUR     51.510
UBS AG/London                5.000  11/22/2019    EUR     60.950
UBS AG/London                5.750  11/23/2020    CHF     65.450
UBS AG/London                6.500   12/7/2020    EUR     68.300
Deutsche Bank AG             7.200   6/25/2019    EUR     74.600
Deutsche Bank AG             7.200   6/25/2019    EUR     71.300
Deutsche Bank AG             7.200  12/24/2019    EUR     74.700
Samaratransneft-Termina     10.000   3/20/2023    RUB      3.010
Credit Suisse AG/Nassau      9.250   6/14/2019    EUR     51.420
UniCredit Bank AG            6.300   3/26/2021    EUR     62.920
Bank Julius Baer & Co L     10.500    9/3/2019    EUR     50.950
Deutsche Bank AG             7.200   6/25/2019    EUR     72.800
Deutsche Bank AG             7.200   6/25/2019    EUR     66.600
Deutsche Bank AG             7.200   6/25/2019    EUR     59.800
UniCredit Bank AG            4.750   3/26/2021    EUR     72.410
UniCredit Bank AG            5.550   3/26/2021    EUR     65.490
UniCredit Bank AG            4.600   3/26/2021    EUR     61.110
Deutsche Bank AG             7.200   6/25/2019    EUR     65.700
Deutsche Bank AG             7.200   6/25/2019    EUR     63.000
Deutsche Bank AG             7.200  12/24/2019    EUR     68.700
Deutsche Bank AG             7.200  12/24/2019    EUR     66.200
Deutsche Bank AG             7.200   6/25/2019    EUR     63.500
Deutsche Bank AG             7.200   6/25/2019    EUR     62.000
Deutsche Bank AG             7.200   6/25/2019    EUR     60.600
Deutsche Bank AG             7.200   6/25/2019    EUR     59.200
Deutsche Bank AG             7.200   6/25/2019    EUR     57.900
Deutsche Bank AG             7.200   6/25/2019    EUR     56.700
Deutsche Bank AG             7.200  12/24/2019    EUR     67.100
Deutsche Bank AG             7.200  12/24/2019    EUR     65.600
Deutsche Bank AG             7.200  12/24/2019    EUR     64.200
Deutsche Bank AG             7.200  12/24/2019    EUR     62.900
Deutsche Bank AG             7.200  12/24/2019    EUR     61.600
Deutsche Bank AG             7.200  12/24/2019    EUR     60.300
Vontobel Financial Prod      6.700    3/7/2022    EUR     63.740
Deutsche Bank AG             7.200   6/25/2019    EUR     72.900
Deutsche Bank AG             7.200   6/25/2019    EUR     56.600
Deutsche Bank AG             7.200  12/24/2019    EUR     60.100
Deutsche Bank AG             7.200   6/25/2019    EUR     73.600
Deutsche Bank AG             7.200   6/25/2019    EUR     70.800
Deutsche Bank AG             7.200   6/25/2019    EUR     68.200
Deutsche Bank AG             7.200  12/24/2019    EUR     74.300
Deutsche Bank AG             7.200  12/24/2019    EUR     71.700
Deutsche Bank AG             7.200   6/25/2019    EUR     63.200
Deutsche Bank AG             7.200   6/25/2019    EUR     60.200
Deutsche Bank AG             7.200   6/25/2019    EUR     57.500
Deutsche Bank AG             7.200  12/24/2019    EUR     65.700
Deutsche Bank AG             7.200  12/24/2019    EUR     63.000
Deutsche Bank AG             7.200  12/24/2019    EUR     60.500
Deutsche Bank AG             7.200   6/25/2019    EUR     50.300
Deutsche Bank AG             7.200   6/25/2019    EUR     48.600
Deutsche Bank AG             7.200   6/25/2019    EUR     45.600
Deutsche Bank AG             7.200  12/24/2019    EUR     53.500
Deutsche Bank AG             7.200  12/24/2019    EUR     51.900
Deutsche Bank AG             7.200  12/24/2019    EUR     48.900
UniCredit Bank AG            4.250   3/29/2021    EUR     65.180
UniCredit Bank AG            3.250   3/29/2022    EUR     35.490
UniCredit Bank AG            3.750   3/26/2022    EUR     70.720
Bank Julius Baer & Co L      9.500    6/7/2019    CHF     73.600
UniCredit Bank AG            3.630   3/12/2020    EUR     65.950
UBS AG/London               12.000    3/9/2020    CHF     47.700
UBS AG/London                9.750    3/9/2020    EUR     57.450
UBS AG/London                7.500    9/9/2019    CHF     59.750
UBS AG/London                7.250    9/9/2019    CHF     69.600
UBS AG/London                5.750    9/9/2019    CHF     72.500
EFG International Finan      6.800   3/22/2021    EUR     70.870
Deutsche Bank AG             6.200   6/25/2019    EUR     72.700
Deutsche Bank AG             4.200   9/24/2019    EUR     63.600
Deutsche Bank AG             6.200   9/24/2019    EUR     64.300
Deutsche Bank AG             6.200   9/24/2019    EUR     61.900
Deutsche Bank AG             4.200   9/24/2019    EUR     61.100
Deutsche Bank AG             4.200   9/24/2019    EUR     58.900
Deutsche Bank AG             6.200   9/24/2019    EUR     59.600
Deutsche Bank AG             4.200  12/24/2019    EUR     67.900
Deutsche Bank AG             6.200  12/24/2019    EUR     69.100
Deutsche Bank AG             4.200  12/24/2019    EUR     65.400
Deutsche Bank AG             4.200  12/24/2019    EUR     63.000
Deutsche Bank AG             4.200  12/24/2019    EUR     60.800
Deutsche Bank AG             6.200   6/25/2019    EUR     65.600
Deutsche Bank AG             4.200   6/25/2019    EUR     62.700
Deutsche Bank AG             4.200   6/25/2019    EUR     60.200
Deutsche Bank AG             4.200   6/25/2019    EUR     57.900
Deutsche Bank AG             6.200   9/24/2019    EUR     66.900
Deutsche Bank AG             4.200   9/24/2019    EUR     66.200
Deutsche Bank AG             6.200   6/25/2019    EUR     56.400
Deutsche Bank AG             6.200   6/25/2019    EUR     52.900
Deutsche Bank AG             6.200   6/25/2019    EUR     71.500
Deutsche Bank AG             6.200   6/25/2019    EUR     65.900
Deutsche Bank AG             6.200   6/25/2019    EUR     75.100
Deutsche Bank AG             6.200   6/25/2019    EUR     55.700
Deutsche Bank AG             6.200   6/25/2019    EUR     65.000
Deutsche Bank AG             6.200   6/25/2019    EUR     61.900
Deutsche Bank AG             6.200   6/25/2019    EUR     59.100
Deutsche Bank AG             4.200   6/25/2019    EUR     58.900
Deutsche Bank AG             6.200   6/25/2019    EUR     56.600
Deutsche Bank AG             4.200   6/25/2019    EUR     56.400
Deutsche Bank AG             4.200   9/24/2019    EUR     65.800
Deutsche Bank AG             6.200   9/24/2019    EUR     66.500
Deutsche Bank AG             6.200   9/24/2019    EUR     63.500
Deutsche Bank AG             4.200   9/24/2019    EUR     62.800
Deutsche Bank AG             6.200   9/24/2019    EUR     60.700
Deutsche Bank AG             4.200   9/24/2019    EUR     60.000
Deutsche Bank AG             4.200   9/24/2019    EUR     57.400
Deutsche Bank AG             6.200   9/24/2019    EUR     58.100
Deutsche Bank AG             4.200  12/24/2019    EUR     67.800
Deutsche Bank AG             6.200  12/24/2019    EUR     69.000
Deutsche Bank AG             6.200  12/24/2019    EUR     66.000
Deutsche Bank AG             4.200  12/24/2019    EUR     64.800
Deutsche Bank AG             6.200  12/24/2019    EUR     63.200
Deutsche Bank AG             4.200  12/24/2019    EUR     62.000
Deutsche Bank AG             6.200  12/24/2019    EUR     60.700
Deutsche Bank AG             4.200  12/24/2019    EUR     59.500
Deutsche Bank AG             4.200   9/24/2019    EUR     73.600
Deutsche Bank AG             4.200   6/25/2019    EUR     48.300
Deutsche Bank AG             6.200   6/25/2019    EUR     45.500
Deutsche Bank AG             4.200   6/25/2019    EUR     45.300
Deutsche Bank AG             6.200   9/24/2019    EUR     49.800
Deutsche Bank AG             4.200   9/24/2019    EUR     49.100
Deutsche Bank AG             6.200   9/24/2019    EUR     46.800
Deutsche Bank AG             4.200   9/24/2019    EUR     46.100
Deutsche Bank AG             4.200  12/24/2019    EUR     51.100
Deutsche Bank AG             4.200  12/24/2019    EUR     48.100
Deutsche Bank AG             6.200  12/24/2019    EUR     49.300
Deutsche Bank AG             6.200   6/25/2019    EUR     60.100
Deutsche Bank AG             4.200   9/24/2019    EUR     63.300
Deutsche Bank AG             6.200   9/24/2019    EUR     64.100
Deutsche Bank AG             6.200   9/24/2019    EUR     61.300
Deutsche Bank AG             4.200   9/24/2019    EUR     60.500
Deutsche Bank AG             4.200   9/24/2019    EUR     58.000
Deutsche Bank AG             4.200  12/24/2019    EUR     64.900
Deutsche Bank AG             6.200  12/24/2019    EUR     66.100
Deutsche Bank AG             4.200  12/24/2019    EUR     62.200
Deutsche Bank AG             6.200  12/24/2019    EUR     63.400
Deutsche Bank AG             4.200  12/24/2019    EUR     59.700
Deutsche Bank AG             6.200   6/25/2019    EUR     30.300
Deutsche Bank AG             6.200   6/25/2019    EUR     27.600
Deutsche Bank AG             6.200   6/25/2019    EUR     49.100
Deutsche Bank AG             6.200   6/25/2019    EUR     45.400
Deutsche Bank AG             6.200   9/24/2019    EUR     75.000
Deutsche Bank AG             4.200   6/25/2019    EUR     66.200
Deutsche Bank AG             4.200   6/25/2019    EUR     61.400
Deutsche Bank AG             4.200   9/24/2019    EUR     67.200
Deutsche Bank AG             6.200   6/25/2019    EUR     61.600
Deutsche Bank AG             4.200   9/24/2019    EUR     73.500
Deutsche Bank AG             6.200   6/25/2019    EUR     56.800
Deutsche Bank AG             4.200   9/24/2019    EUR     72.000
Deutsche Bank AG             4.200  12/24/2019    EUR     73.800
Deutsche Bank AG             4.200   9/24/2019    EUR     62.400
Deutsche Bank AG             6.200   6/25/2019    EUR     73.500
Deutsche Bank AG             4.200   9/24/2019    EUR     74.300
Vontobel Financial Prod     11.000   6/28/2019    EUR     64.410
Vontobel Financial Prod      8.550   6/28/2019    EUR     64.150
Vontobel Financial Prod      6.000   6/28/2019    EUR     63.890
Vontobel Financial Prod      3.000   6/28/2019    EUR     52.880
Vontobel Financial Prod      7.000   6/28/2019    EUR     53.290
Vontobel Financial Prod      9.000   6/28/2019    EUR     53.500
Vontobel Financial Prod     10.550   6/28/2019    EUR     53.660
Leonteq Securities AG/G     20.000   6/19/2019    USD     40.100
EFG International Finan     11.000   3/16/2020    USD     73.350
Corner Banca SA             15.000   9/16/2019    CHF     43.340
Leonteq Securities AG/G     10.000   6/19/2019    EUR     53.530
HSBC Trinkaus & Burkhar      5.100   6/28/2019    EUR     59.930
HSBC Trinkaus & Burkhar      2.100   6/28/2019    EUR     70.740
HSBC Trinkaus & Burkhar      4.300   6/28/2019    EUR     50.730
Vontobel Financial Prod     12.000   6/28/2019    EUR     58.120
Leonteq Securities AG/G      7.400    9/9/2020    CHF     71.810
Leonteq Securities AG/G     11.000    9/9/2019    CHF     58.930
Leonteq Securities AG/G      9.000    9/9/2019    CHF     28.210
Landesbank Hessen-Thuer      4.000   7/12/2019    EUR     65.800
Raiffeisen Schweiz Geno      7.500   9/16/2019    CHF     39.500
Credit Suisse AG/London      5.750   9/19/2019    EUR     73.640
Commerzbank AG               2.450    3/9/2020    EUR     65.890
Raiffeisen Schweiz Geno     11.420   9/12/2019    CHF     44.970
Credit Suisse AG/Nassau      8.250   9/23/2019    EUR     62.340
Bank Julius Baer & Co L      7.850   6/20/2019    CHF     29.250
DZ Bank AG Deutsche Zen      5.000   6/26/2019    EUR     62.180
Leonteq Securities AG       11.000   6/27/2019    CHF     39.550
Leonteq Securities AG/G     10.000   9/12/2019    CHF     43.810
Credit Suisse AG/London      9.000   3/19/2021    USD      9.157
UBS AG/London                9.750   9/16/2019    CHF     70.750
UBS AG/London               12.500   3/16/2020    CHF     46.450
UBS AG/London               10.250   3/16/2020    USD     74.100
UBS AG/London               12.250   9/16/2019    CHF     70.500
UBS AG/London                9.000   9/16/2019    CHF     72.900
UBS AG/London                7.500   3/16/2020    EUR     64.850
EFG International Finan      7.400   3/29/2021    EUR     68.870
Leonteq Securities AG/G      9.000   3/16/2020    CHF     56.040
Landesbank Hessen-Thuer      4.000   7/19/2019    EUR     63.300
Credit Suisse AG/Nassau     10.250   6/24/2019    EUR     52.670
BNP Paribas Emissions-      10.000   6/27/2019    EUR     69.350
BNP Paribas Emissions-      12.000   6/27/2019    EUR     70.980
BNP Paribas Emissions-      19.000   6/27/2019    EUR     64.240
BNP Paribas Emissions-      13.000   6/27/2019    EUR     60.000
BNP Paribas Emissions-       5.500   6/27/2019    EUR     60.180
BNP Paribas Emissions-       6.000   6/27/2019    EUR     59.440
BNP Paribas Emissions-       6.500   6/27/2019    EUR     58.710
BNP Paribas Emissions-       7.500   6/27/2019    EUR     57.330
BNP Paribas Emissions-       8.000   6/27/2019    EUR     55.960
BNP Paribas Emissions-       8.500   6/27/2019    EUR     54.670
BNP Paribas Emissions-       9.500   6/27/2019    EUR     53.490
BNP Paribas Emissions-      10.000   6/27/2019    EUR     52.920
BNP Paribas Emissions-      11.000   6/27/2019    EUR     51.250
BNP Paribas Emissions-      12.000   6/27/2019    EUR     50.240
BNP Paribas Emissions-       5.500   6/27/2019    EUR     72.850
BNP Paribas Emissions-       6.000   6/27/2019    EUR     70.030
BNP Paribas Emissions-       7.500   6/27/2019    EUR     67.520
BNP Paribas Emissions-       8.000   6/27/2019    EUR     65.910
BNP Paribas Emissions-       8.500   6/27/2019    EUR     64.380
BNP Paribas Emissions-       8.500   6/27/2019    EUR     74.330
BNP Paribas Emissions-       9.500   6/27/2019    EUR     72.280
BNP Paribas Emissions-       7.000   6/27/2019    EUR     69.670
BNP Paribas Emissions-      10.000   6/27/2019    EUR     65.390
BNP Paribas Emissions-       7.000   6/27/2019    EUR     63.580
BNP Paribas Emissions-       8.000   6/27/2019    EUR     59.780
BNP Paribas Emissions-      11.000   6/27/2019    EUR     69.890
BNP Paribas Emissions-       7.000   6/27/2019    EUR     46.860
BNP Paribas Emissions-       8.000   6/27/2019    EUR     43.690
BNP Paribas Emissions-      13.000   6/27/2019    EUR     38.870
BNP Paribas Emissions-      13.000   6/27/2019    EUR     49.270
BNP Paribas Emissions-      14.000   6/27/2019    EUR     47.850
BNP Paribas Emissions-       7.000   6/27/2019    EUR     30.540
BNP Paribas Emissions-       8.500   6/27/2019    EUR     29.560
BNP Paribas Emissions-      10.000   6/27/2019    EUR     28.160
BNP Paribas Emissions-      14.000   6/27/2019    EUR     69.840
BNP Paribas Emissions-      13.000   6/27/2019    EUR     70.150
BNP Paribas Emissions-      16.000   6/27/2019    EUR     50.060
BNP Paribas Emissions-       9.000   6/27/2019    EUR     73.000
BNP Paribas Emissions-      11.000   6/27/2019    EUR     68.400
BNP Paribas Emissions-       4.500   6/27/2019    EUR     68.990
BNP Paribas Emissions-       6.500   6/27/2019    EUR     64.780
BNP Paribas Emissions-       8.000   6/27/2019    EUR     61.970
BNP Paribas Emissions-       9.500   6/27/2019    EUR     59.420
BNP Paribas Emissions-       9.000   6/27/2019    EUR     62.200
BNP Paribas Emissions-      11.000   6/27/2019    EUR     60.320
BNP Paribas Emissions-      11.000   6/27/2019    EUR     73.310
BNP Paribas Emissions-      12.000   6/27/2019    EUR     71.800
BNP Paribas Emissions-      13.000   6/27/2019    EUR     70.370
BNP Paribas Emissions-      10.000   6/27/2019    EUR     58.000
BNP Paribas Emissions-       5.000   6/27/2019    EUR     65.420
BNP Paribas Emissions-       9.000   6/27/2019    EUR     61.340
BNP Paribas Emissions-      13.000   6/27/2019    EUR     55.100
BNP Paribas Emissions-       7.000   6/27/2019    EUR     49.560
BNP Paribas Emissions-       8.000   6/27/2019    EUR     74.070
BNP Paribas Emissions-       9.000   6/27/2019    EUR     60.950
BNP Paribas Emissions-      10.000   6/27/2019    EUR     58.650
BNP Paribas Emissions-      15.000   6/27/2019    EUR     51.200
BNP Paribas Emissions-      16.000   6/27/2019    EUR     49.650
BNP Paribas Emissions-      12.000   6/27/2019    EUR     73.610
BNP Paribas Emissions-      13.000   6/27/2019    EUR     71.780
BNP Paribas Emissions-       5.500   6/27/2019    EUR     66.490
BNP Paribas Emissions-       7.000   6/27/2019    EUR     63.370
BNP Paribas Emissions-       8.500   6/27/2019    EUR     60.550
BNP Paribas Emissions-       6.000   6/27/2019    EUR     71.550
Vontobel Financial Prod      9.500   6/28/2019    EUR     52.390
Vontobel Financial Prod      8.000   6/28/2019    EUR     52.240
Vontobel Financial Prod      6.550   6/28/2019    EUR     52.090
Vontobel Financial Prod      5.000   6/28/2019    EUR     51.930
Vontobel Financial Prod      7.000   6/28/2019    EUR     63.850
Vontobel Financial Prod      9.500   6/28/2019    EUR     45.960
Vontobel Financial Prod      7.000   6/28/2019    EUR     45.700
Vontobel Financial Prod      4.050   6/28/2019    EUR     45.390
Raiffeisen Schweiz Geno      5.250   9/23/2019    CHF     62.870
Vontobel Financial Prod      7.550   6/28/2019    EUR     62.810
Vontobel Financial Prod      4.500   6/28/2019    EUR     62.500
Raiffeisen Schweiz Geno     10.000   9/23/2019    CHF     41.720
Leonteq Securities AG       14.200   6/26/2019    CHF     39.630
Leonteq Securities AG       10.000   6/26/2019    CHF     38.180
Leonteq Securities AG       10.000   6/26/2019    CHF     69.920
UniCredit Bank AG            4.850   11/1/2020    EUR     60.010
Vontobel Financial Prod     10.000   8/23/2019    EUR     69.890
UniCredit Bank AG           10.600    1/3/2020    EUR     68.110
UniCredit Bank AG           10.400   6/28/2019    EUR     67.910
UniCredit Bank AG           11.900    1/3/2020    EUR     73.490
UniCredit Bank AG            8.700    1/3/2020    EUR     72.660
UniCredit Bank AG            7.500    1/3/2020    EUR     55.810
UniCredit Bank AG            6.300    1/3/2020    EUR     66.810
UniCredit Bank AG            7.300    1/3/2020    EUR     52.420
Bayerische Landesbank        4.800   9/13/2019    EUR     67.700
UniCredit Bank AG            6.000    1/3/2020    EUR     55.000
UniCredit Bank AG            6.800    1/3/2020    EUR     48.780
UniCredit Bank AG            5.900    1/3/2020    EUR     62.440
UniCredit Bank AG            5.000    1/3/2020    EUR      6.681
UniCredit Bank AG            8.600    1/3/2020    EUR     55.640
UniCredit Bank AG           13.700    1/3/2020    EUR     60.650
UniCredit Bank AG            5.100    1/3/2020    EUR     72.110
UniCredit Bank AG            3.200    1/3/2020    EUR     63.380
Vontobel Financial Prod      6.500   9/27/2019    EUR     66.550
UniCredit Bank AG           11.600    1/3/2020    EUR     69.580
UniCredit Bank AG            9.800    1/3/2020    EUR     73.770
UniCredit Bank AG            5.200    1/3/2020    EUR     73.570
UniCredit Bank AG            7.200    1/3/2020    EUR     64.360
Commerzbank AG               8.500   6/28/2019    EUR     71.860
Commerzbank AG               9.000   5/24/2019    EUR     70.420
Commerzbank AG              17.000   5/24/2019    EUR     59.420
Commerzbank AG              16.750   6/28/2019    EUR     65.410
UniCredit Bank AG            6.800    1/3/2020    EUR     58.650
UniCredit Bank AG           15.000   6/28/2019    EUR     51.430
Commerzbank AG               8.250   6/28/2019    EUR     67.360
Commerzbank AG              12.250   6/28/2019    EUR     60.580
Commerzbank AG              16.250   6/28/2019    EUR     56.170
Commerzbank AG               7.500   7/26/2019    EUR     69.090
Commerzbank AG               9.500   7/26/2019    EUR     64.970
Commerzbank AG              13.500   7/26/2019    EUR     59.380
Commerzbank AG              13.000   7/26/2019    EUR     69.030
UniCredit Bank AG            5.600   6/28/2019    EUR     54.230
UniCredit Bank AG            9.800   6/28/2019    EUR     74.110
UniCredit Bank AG           11.200   6/28/2019    EUR     50.070
UniCredit Bank AG            7.800   6/28/2019    EUR     70.230
UniCredit Bank AG            4.200   6/28/2019    EUR     71.880
Commerzbank AG              10.000   7/26/2019    EUR     69.960
UniCredit Bank AG           14.800   6/28/2019    EUR     49.250
UniCredit Bank AG           11.600   6/28/2019    EUR     71.310
UniCredit Bank AG           12.600   6/28/2019    EUR     71.390
UniCredit Bank AG            3.900   6/28/2019    EUR     35.410
UniCredit Bank AG            6.200   6/28/2019    EUR     66.410
UniCredit Bank AG            5.700   6/28/2019    EUR     72.700
UniCredit Bank AG            8.700    1/3/2020    EUR     68.800
UniCredit Bank AG            8.400    1/3/2020    EUR     68.190
UniCredit Bank AG           12.900    1/3/2020    EUR     68.790
UniCredit Bank AG           13.000    1/3/2020    EUR     39.590
UniCredit Bank AG            4.000    1/3/2020    EUR     57.790
UniCredit Bank AG            8.800    1/3/2020    EUR     44.260
UniCredit Bank AG            9.900    1/3/2020    EUR     66.930
UniCredit Bank AG            8.100    1/3/2020    EUR     70.040
UniCredit Bank AG            8.600    1/3/2020    EUR     42.060
UniCredit Bank AG            3.500    1/3/2020    EUR     69.140
UniCredit Bank AG            5.300    1/3/2020    EUR     61.390
UniCredit Bank AG            4.700    1/3/2020    EUR     71.660
UniCredit Bank AG            3.200    1/3/2020    EUR     56.960
UniCredit Bank AG            6.700    1/3/2020    EUR     68.710
UniCredit Bank AG            6.600    1/3/2020    EUR     60.360
UniCredit Bank AG            5.700    1/3/2020    EUR     72.560
UniCredit Bank AG           12.900    1/3/2020    EUR     55.630
UniCredit Bank AG           10.900    1/3/2020    EUR     59.440
UniCredit Bank AG           12.500    1/3/2020    EUR     48.620
UniCredit Bank AG           10.600    1/3/2020    EUR     75.630
UniCredit Bank AG            5.300    1/3/2020    EUR     74.380
UniCredit Bank AG           11.600    1/3/2020    EUR     60.800
UniCredit Bank AG            7.500    1/3/2020    EUR     58.670
UniCredit Bank AG            4.400    1/3/2020    EUR     67.040
UniCredit Bank AG           10.200    1/3/2020    EUR     63.130
UniCredit Bank AG            8.100   6/28/2019    EUR     69.760
UniCredit Bank AG            8.500   6/28/2019    EUR     70.980
UniCredit Bank AG            3.200   6/28/2019    EUR     61.950
UniCredit Bank AG            9.400   6/28/2019    EUR     67.030
UniCredit Bank AG            3.500   6/28/2019    EUR     59.600
UniCredit Bank AG            7.900   6/28/2019    EUR     44.740
UniCredit Bank AG            4.400   6/28/2019    EUR     64.340
UniCredit Bank AG            6.300   6/28/2019    EUR     73.580
UniCredit Bank AG            8.300   6/28/2019    EUR     67.170
UniCredit Bank AG            4.800   6/28/2019    EUR     47.820
UniCredit Bank AG            6.600   6/28/2019    EUR     43.450
UniCredit Bank AG           12.300   6/28/2019    EUR     60.290
UniCredit Bank AG           13.500   6/28/2019    EUR     41.340
UniCredit Bank AG            5.000   6/28/2019    EUR     64.470
UniCredit Bank AG           13.200   6/28/2019    EUR      3.790
Landesbank Baden-Wuertt      3.000  12/29/2020    EUR     54.000
Landesbank Baden-Wuertt      3.600  12/29/2020    EUR     73.810
Landesbank Baden-Wuertt      4.400  12/29/2020    EUR     57.690
Vontobel Financial Prod     14.500   6/28/2019    EUR     65.800
Vontobel Financial Prod     22.500   6/28/2019    EUR     58.570
Vontobel Financial Prod     12.000   6/28/2019    EUR     68.660
Vontobel Financial Prod     10.000   6/28/2019    EUR     65.190
Vontobel Financial Prod      5.500   6/28/2019    EUR     71.760
Vontobel Financial Prod     13.500   6/28/2019    EUR     61.030
Vontobel Financial Prod     19.000   6/28/2019    EUR     56.430
Vontobel Financial Prod     16.500   6/28/2019    EUR     58.640
Vontobel Financial Prod     11.000   6/28/2019    EUR     63.720
Vontobel Financial Prod      7.000   9/27/2019    EUR     69.020
Vontobel Financial Prod     16.000   9/27/2019    EUR     59.840
Vontobel Financial Prod      7.000   9/27/2019    EUR     74.020
Vontobel Financial Prod      8.000   9/27/2019    EUR     72.450
Vontobel Financial Prod     12.500   9/27/2019    EUR     67.270
Vontobel Financial Prod     14.000   6/28/2019    EUR     72.610
Vontobel Financial Prod      8.000   6/28/2019    EUR     70.430
Vontobel Financial Prod      7.000   6/28/2019    EUR     72.070
Vontobel Financial Prod      5.000   9/27/2019    EUR     74.660
Vontobel Financial Prod      7.000   9/27/2019    EUR     71.890
Vontobel Financial Prod      9.000   9/27/2019    EUR     69.400
Vontobel Financial Prod     10.000   9/27/2019    EUR     68.250
Vontobel Financial Prod     11.000   9/27/2019    EUR     67.170
Landesbank Baden-Wuertt      2.750   7/26/2019    EUR     58.960
Vontobel Financial Prod      9.000   6/28/2019    EUR     68.880
Vontobel Financial Prod     13.000   9/27/2019    EUR     65.190
DekaBank Deutsche Giroz      2.300  11/13/2020    EUR     71.240
Vontobel Financial Prod     12.500   9/27/2019    EUR     71.120
Vontobel Financial Prod     11.000   9/27/2019    EUR     72.490
Vontobel Financial Prod     15.500   9/27/2019    EUR     68.680
Zurcher Kantonalbank Fi     12.000   8/29/2019    EUR     45.990
UBS AG/London                6.250  10/18/2019    EUR     52.400
Vontobel Financial Prod      2.500   9/27/2019    EUR     67.670
Vontobel Financial Prod     12.000   6/28/2019    EUR     71.950
UBS AG/London               10.000  10/18/2019    CHF     57.250
Vontobel Financial Prod     10.500   6/28/2019    EUR     67.450
Vontobel Financial Prod     13.500   6/28/2019    EUR     64.810
Vontobel Financial Prod     16.500   6/28/2019    EUR     62.420
Vontobel Financial Prod      7.000   9/27/2019    EUR     60.530
Vontobel Financial Prod     12.500   9/27/2019    EUR     55.720
Vontobel Financial Prod     15.000   9/27/2019    EUR     54.310
Vontobel Financial Prod      4.500   6/28/2019    EUR     63.530
Vontobel Financial Prod      2.500   6/28/2019    EUR     67.110
Vontobel Financial Prod      8.000   6/28/2019    EUR     58.930
Vontobel Financial Prod      9.000   6/28/2019    EUR     57.540
Vontobel Financial Prod     13.500   6/28/2019    EUR     53.960
Vontobel Financial Prod     12.000   6/28/2019    EUR     55.090
Vontobel Financial Prod     15.500   6/28/2019    EUR     52.940
Vontobel Financial Prod     10.000   9/27/2019    EUR     57.350
Vontobel Financial Prod      8.000   9/27/2019    EUR     64.340
Vontobel Financial Prod     11.000   9/27/2019    EUR     60.680
Vontobel Financial Prod     13.500   9/27/2019    EUR     57.510
Vontobel Financial Prod     12.000   9/27/2019    EUR     58.940
Vontobel Financial Prod     16.500   9/27/2019    EUR     55.050
Vontobel Financial Prod      9.000   6/28/2019    EUR     62.480
Vontobel Financial Prod      7.500   6/28/2019    EUR     65.010
Vontobel Financial Prod     14.500   6/28/2019    EUR     56.200
Vontobel Financial Prod     10.000   9/27/2019    EUR     65.410
Vontobel Financial Prod     18.000   9/27/2019    EUR     58.340
Vontobel Financial Prod     14.500   6/28/2019    EUR     63.610
Vontobel Financial Prod     16.000   6/28/2019    EUR     62.170
Vontobel Financial Prod     18.000   6/28/2019    EUR     60.860
Vontobel Financial Prod     12.500   6/28/2019    EUR     74.300
Vontobel Financial Prod     14.000   6/28/2019    EUR     72.310
Vontobel Financial Prod      9.500   6/28/2019    EUR     68.430
Vontobel Financial Prod     11.000   6/28/2019    EUR     66.710
Vontobel Financial Prod      6.000   9/27/2019    EUR     73.570
Vontobel Financial Prod      9.000   9/27/2019    EUR     68.700
Vontobel Financial Prod     14.500   9/27/2019    EUR     64.060
Vontobel Financial Prod     13.000   9/27/2019    EUR     73.220
Vontobel Financial Prod     16.000   9/27/2019    EUR     63.200
Vontobel Financial Prod      9.500   6/28/2019    EUR     69.600
Vontobel Financial Prod     14.500   6/28/2019    EUR     64.150
Vontobel Financial Prod     12.000   6/28/2019    EUR     66.740
Vontobel Financial Prod     20.000   6/28/2019    EUR     69.500
Vontobel Financial Prod      8.500   9/27/2019    EUR     71.280
Vontobel Financial Prod     10.000   9/27/2019    EUR     68.800
Vontobel Financial Prod      7.000   9/27/2019    EUR     64.280
Vontobel Financial Prod      9.500   9/27/2019    EUR     59.360
Vontobel Financial Prod      8.000   9/27/2019    EUR     61.480
Vontobel Financial Prod     10.500   9/27/2019    EUR     57.080
Vontobel Financial Prod     14.000   9/27/2019    EUR     54.030
Vontobel Financial Prod      8.500   6/28/2019    EUR     59.320
Vontobel Financial Prod      9.950   8/21/2020    EUR     69.410
Vontobel Financial Prod      9.000   6/28/2019    EUR     70.630
Vontobel Financial Prod     12.000   6/28/2019    EUR     67.360
Societe Generale Effekt     11.036   6/21/2019    EUR     65.760
Societe Generale Effekt     17.699   6/21/2019    EUR     60.120
Societe Generale Effekt      9.321  12/20/2019    EUR     72.190
Societe Generale Effekt     18.948   6/21/2019    EUR     69.330
Societe Generale Effekt      6.247   6/21/2019    EUR     71.440
Societe Generale Effekt     16.033   6/21/2019    EUR     61.400
Societe Generale Effekt      8.658   9/20/2019    EUR     71.660
Societe Generale Effekt     16.503   9/20/2019    EUR     64.880
Societe Generale Effekt      1.666   6/21/2019    EUR     69.220
Societe Generale Effekt      9.578   6/21/2019    EUR     69.610
Societe Generale Effekt     13.742   6/21/2019    EUR     63.920
Societe Generale Effekt     27.693   6/21/2019    EUR     51.700
Societe Generale Effekt     15.151   9/20/2019    EUR     67.160
Societe Generale Effekt      8.953   6/21/2019    EUR     72.720
Societe Generale Effekt      6.247   6/21/2019    EUR     67.790
Societe Generale Effekt     10.411   6/21/2019    EUR     62.000
Societe Generale Effekt     15.200   6/21/2019    EUR     57.380
Societe Generale Effekt     17.699   6/21/2019    EUR     55.370
Societe Generale Effekt     22.696   6/21/2019    EUR     51.870
Societe Generale Effekt      6.455   6/21/2019    EUR     73.500
BNP Paribas Emissions-      11.000   9/26/2019    EUR     74.420
BNP Paribas Emissions-       8.500   9/26/2019    EUR     72.420
BNP Paribas Emissions-      11.000  12/30/2019    EUR     65.240
BNP Paribas Emissions-       6.000   9/26/2019    EUR     67.880
BNP Paribas Emissions-       9.000  12/30/2019    EUR     64.900
BNP Paribas Emissions-      17.000   6/27/2019    EUR     73.380
BNP Paribas Emissions-       5.000   9/26/2019    EUR     73.930
BNP Paribas Emissions-       9.000  12/30/2019    EUR     70.860
BNP Paribas Emissions-       9.000   9/26/2019    EUR     72.330
BNP Paribas Emissions-      12.000   9/26/2019    EUR     68.820
BNP Paribas Emissions-       8.000  12/30/2019    EUR     74.080
BNP Paribas Emissions-       9.500  12/30/2019    EUR     73.140
BNP Paribas Emissions-       8.500   6/27/2019    EUR     39.870
BNP Paribas Emissions-      16.000   6/27/2019    EUR     34.580
BNP Paribas Emissions-       7.500   9/26/2019    EUR     41.330
BNP Paribas Emissions-      11.000   9/26/2019    EUR     38.900
BNP Paribas Emissions-       5.000  12/30/2019    EUR     44.800
BNP Paribas Emissions-       9.500  12/30/2019    EUR     40.680
BNP Paribas Emissions-      14.000   6/27/2019    EUR     66.760
BNP Paribas Emissions-       9.000   9/26/2019    EUR     74.670
BNP Paribas Emissions-       7.500  12/30/2019    EUR     66.030
BNP Paribas Emissions-      10.000  12/30/2019    EUR     63.570
BNP Paribas Emissions-       8.500  12/30/2019    EUR     61.820
BNP Paribas Emissions-       9.000  12/30/2019    EUR     60.730
BNP Paribas Issuance BV      6.800  10/21/2019    EUR     59.600
BNP Paribas Emissions-       8.000   6/27/2019    EUR     72.230
BNP Paribas Emissions-       9.500   6/27/2019    EUR     70.450
BNP Paribas Emissions-       7.000   6/27/2019    EUR     66.860
BNP Paribas Emissions-      16.000   6/27/2019    EUR     58.280
BNP Paribas Emissions-       7.500   9/26/2019    EUR     66.830
BNP Paribas Emissions-       9.000   9/26/2019    EUR     64.410
BNP Paribas Emissions-       6.000  12/30/2019    EUR     69.450
BNP Paribas Emissions-       9.000   9/26/2019    EUR     70.280
BNP Paribas Emissions-       8.000  12/30/2019    EUR     72.160
BNP Paribas Emissions-       5.500   6/27/2019    EUR     69.260
BNP Paribas Emissions-       7.000   6/27/2019    EUR     65.990
BNP Paribas Emissions-       8.000   6/27/2019    EUR     66.080
BNP Paribas Emissions-       9.500   6/27/2019    EUR     63.140
BNP Paribas Emissions-      14.000   6/27/2019    EUR     59.450
BNP Paribas Emissions-       5.500   9/26/2019    EUR     70.230
BNP Paribas Emissions-       7.000   9/26/2019    EUR     67.430
BNP Paribas Emissions-       8.500   9/26/2019    EUR     64.910
BNP Paribas Emissions-       6.500   6/27/2019    EUR     61.830
BNP Paribas Emissions-      16.000   6/27/2019    EUR     53.400
BNP Paribas Emissions-       7.500  12/30/2019    EUR     73.880
BNP Paribas Emissions-       8.000  12/30/2019    EUR     72.430
BNP Paribas Emissions-      10.000  12/30/2019    EUR     70.350
BNP Paribas Emissions-       7.000   6/27/2019    EUR     67.060
BNP Paribas Emissions-      13.000   6/27/2019    EUR     73.620
BNP Paribas Emissions-      12.000   6/27/2019    EUR     68.260
BNP Paribas Emissions-      11.000  12/30/2019    EUR     70.070
BNP Paribas Emissions-       7.000   9/26/2019    EUR     73.490
BNP Paribas Emissions-       8.500   9/26/2019    EUR     72.320
BNP Paribas Emissions-       9.500   9/26/2019    EUR     71.050
BNP Paribas Emissions-      10.000   9/26/2019    EUR     70.450
BNP Paribas Emissions-      11.000   9/26/2019    EUR     68.540
BNP Paribas Emissions-      12.000   9/26/2019    EUR     67.470
BNP Paribas Emissions-       7.500  12/30/2019    EUR     73.720
BNP Paribas Emissions-       9.500  12/30/2019    EUR     70.400
BNP Paribas Emissions-       8.500   9/26/2019    EUR     74.530
BNP Paribas Emissions-       9.000   9/26/2019    EUR     72.730
BNP Paribas Emissions-      11.000   9/26/2019    EUR     71.510
BNP Paribas Emissions-      12.000   9/26/2019    EUR     69.210
BNP Paribas Emissions-       9.500  12/30/2019    EUR     73.280
BNP Paribas Emissions-       8.000   9/26/2019    EUR     64.060
BNP Paribas Emissions-      12.000  12/30/2019    EUR     59.860
Zurcher Kantonalbank Fi      5.500   11/3/2020    CHF     67.120
Landesbank Hessen-Thuer      2.200  11/24/2020    EUR     63.620
BNP Paribas Issuance BV      6.800  10/21/2019    EUR     63.150
Raiffeisen Switzerland      10.000  10/25/2019    CHF     51.830
UBS AG/London               14.500    1/2/2020    EUR     61.910
Commerzbank AG              10.000   9/27/2019    EUR     61.610
Commerzbank AG              12.000   9/27/2019    EUR     58.890
Commerzbank AG              10.750   9/27/2019    EUR     67.800
Commerzbank AG              18.750   7/26/2019    EUR     73.980
UBS AG/London                4.400   6/25/2020    EUR     69.360
HSBC Trinkaus & Burkhar      7.000  10/25/2019    EUR     66.900
Raiffeisen Schweiz Geno      5.700   6/19/2019    CHF     49.750
DekaBank Deutsche Giroz      3.000   6/21/2021    EUR     40.290
Landesbank Baden-Wuertt      5.000   7/24/2020    EUR     67.960
Commerzbank AG               6.750   9/27/2019    EUR     73.060
UBS AG/London                7.000   6/11/2019    CHF     67.400
Commerzbank AG              13.000   6/28/2019    EUR     65.410
Commerzbank AG              11.500   6/28/2019    EUR     66.620
Commerzbank AG              13.500   6/28/2019    EUR     64.680
Vontobel Financial Prod     16.000    1/3/2020    EUR     68.640
Vontobel Financial Prod      9.000   9/27/2019    EUR     70.180
Vontobel Financial Prod     14.500   9/27/2019    EUR     64.180
Citigroup Global Market      7.000   6/16/2022    SEK     54.490
Commerzbank AG              17.000   6/28/2019    EUR     75.720
Commerzbank AG              20.750   6/28/2019    EUR     73.750
Leonteq Securities AG/G      7.000   6/19/2019    USD     39.270
HSBC Trinkaus & Burkhar      4.800  12/27/2019    EUR     71.840
HSBC Trinkaus & Burkhar      5.000   3/27/2020    EUR     72.340
HSBC Trinkaus & Burkhar      9.200   2/28/2020    EUR     65.640
Vontobel Financial Prod     17.650   1/22/2020    EUR     57.420
Landesbank Baden-Wuertt      3.050   7/24/2020    EUR     54.980
Landesbank Baden-Wuertt      7.000   7/24/2020    EUR     65.780
Commerzbank AG               8.750   9/27/2019    EUR     70.160
UBS AG/London                4.200    1/2/2020    EUR     74.070
UBS AG/London                8.700    1/2/2020    EUR     66.410
UBS AG/London               16.800   9/26/2019    EUR     59.090
Landesbank Hessen-Thuer      4.000   1/13/2021    EUR     46.600
Commerzbank AG              15.250   6/28/2019    EUR     71.150
Vontobel Financial Prod     11.500   9/27/2019    EUR     71.440
Vontobel Financial Prod     12.000    1/3/2020    EUR     66.440
Leonteq Securities AG/G      7.000  10/29/2020    CHF     72.070
UBS AG/London                6.500   6/27/2019    EUR     68.030
DZ Bank AG Deutsche Zen      5.250   9/23/2019    EUR     73.360
HSBC Trinkaus & Burkhar     16.100   9/27/2019    EUR     58.270
HSBC Trinkaus & Burkhar     13.900  12/27/2019    EUR     61.120
HSBC Trinkaus & Burkhar     10.000  11/22/2019    EUR     63.820
BNP Paribas Emissions-       4.500  12/30/2019    EUR     63.330
BNP Paribas Emissions-       6.500  12/30/2019    EUR     64.550
BNP Paribas Emissions-      11.000  12/30/2019    EUR     67.290
BNP Paribas Emissions-       9.000  12/30/2019    EUR     65.440
BNP Paribas Emissions-      16.000  12/30/2019    EUR     69.710
BNP Paribas Emissions-       9.500  12/30/2019    EUR     65.130
BNP Paribas Emissions-      17.000  12/30/2019    EUR     69.700
BNP Paribas Emissions-      20.000  12/30/2019    EUR     69.180
BNP Paribas Emissions-       6.500  12/30/2019    EUR     59.850
BNP Paribas Emissions-      19.000  12/30/2019    EUR     67.460
BNP Paribas Emissions-       7.000  12/30/2019    EUR     58.570
BNP Paribas Emissions-      19.000  12/30/2019    EUR     64.380
Vontobel Financial Prod     13.500   6/28/2019    EUR     49.070
Vontobel Financial Prod      9.500   6/28/2019    EUR     54.630
Vontobel Financial Prod      5.550   6/28/2019    EUR     62.130
Vontobel Financial Prod      7.500   6/28/2019    EUR     57.580
Vontobel Financial Prod      9.000   6/28/2019    EUR     55.630
Vontobel Financial Prod     10.500   6/28/2019    EUR     53.830
Landesbank Hessen-Thuer      4.000   2/17/2021    EUR     72.330
Landesbank Hessen-Thuer      4.000   2/17/2021    EUR     40.610
Bank Julius Baer & Co L     12.000   6/24/2019    USD     59.150
Vontobel Financial Prod      6.000   6/28/2019    EUR     62.010
Vontobel Financial Prod     11.000   6/28/2019    EUR     56.150
Vontobel Financial Prod     10.500   6/28/2019    EUR     53.030
Vontobel Financial Prod      6.500   6/28/2019    EUR     64.970
Vontobel Financial Prod     11.000   6/28/2019    EUR     57.300
Vontobel Financial Prod     12.550   6/28/2019    EUR     55.210
Bank Julius Baer & Co L      4.350   9/20/2019    EUR     73.500
Landesbank Baden-Wuertt      3.000   2/26/2021    EUR     72.580
Leonteq Securities AG/G     10.200    8/7/2019    CHF     25.600
Raiffeisen Schweiz Geno      5.300    5/4/2020    EUR     62.720
Raiffeisen Schweiz Geno      4.700   11/4/2020    CHF     67.320
Leonteq Securities AG       11.350  12/27/2019    CHF     56.230
Leonteq Securities AG       14.400    8/7/2019    CHF     67.340
Vontobel Financial Prod     11.500   6/28/2019    EUR     71.120
Raiffeisen Switzerland       7.800   4/27/2020    EUR     64.560
Bank Julius Baer & Co L      8.100    8/6/2019    CHF     61.450
UniCredit Bank AG            3.700   5/18/2022    CHF     65.660
Leonteq Securities AG        5.200  12/22/2020    CHF     62.430
Leonteq Securities AG       14.000   9/25/2019    CHF     54.280
Leonteq Securities AG        8.000   9/25/2019    CHF     74.200
Raiffeisen Schweiz Geno      6.100   6/22/2020    CHF     74.060
Raiffeisen Schweiz Geno     10.900    1/6/2020    USD     67.260
Raiffeisen Schweiz Geno      6.300    1/6/2020    CHF     59.680
BNP Paribas Emissions-       4.000   6/27/2019    EUR     54.730
BNP Paribas Emissions-       4.000   6/27/2019    EUR     60.440
BNP Paribas Emissions-      10.000   6/27/2019    EUR     61.020
BNP Paribas Emissions-      14.000   6/27/2019    EUR     61.410
BNP Paribas Emissions-       7.500   6/27/2019    EUR     60.150
BNP Paribas Emissions-      13.000   6/27/2019    EUR     60.690
BNP Paribas Emissions-       4.500   6/27/2019    EUR     58.650
BNP Paribas Emissions-       6.500   6/27/2019    EUR     58.850
BNP Paribas Emissions-       3.000   6/27/2019    EUR     63.670
Credit Suisse AG/London      7.250    8/7/2019    CHF     57.690
Credit Suisse AG/Nassau      9.000    8/9/2019    CHF     73.290
BNP Paribas Emissions-       8.500   6/27/2019    EUR     59.040
BNP Paribas Emissions-      15.000   6/27/2019    EUR     59.670
BNP Paribas Emissions-       6.000   6/27/2019    EUR     57.630
BNP Paribas Emissions-      14.000   6/27/2019    EUR     58.410
BNP Paribas Emissions-      18.000   6/27/2019    EUR     58.790
BNP Paribas Emissions-       5.500   6/27/2019    EUR     56.470
BNP Paribas Emissions-       8.500  12/30/2019    EUR     63.330
BNP Paribas Emissions-      15.000  12/30/2019    EUR     67.290
BNP Paribas Emissions-      12.000  12/30/2019    EUR     64.310
BNP Paribas Emissions-       5.500  12/30/2019    EUR     66.740
BNP Paribas Emissions-       7.500  12/30/2019    EUR     67.960
BNP Paribas Emissions-      13.000  12/30/2019    EUR     71.310
BNP Paribas Emissions-       4.000   6/27/2019    EUR     63.770
BNP Paribas Emissions-      10.000   6/27/2019    EUR     64.350
BNP Paribas Emissions-      14.000   6/27/2019    EUR     64.740
BNP Paribas Emissions-       6.500   6/27/2019    EUR     62.640
BNP Paribas Emissions-      11.000   6/27/2019    EUR     63.070
BNP Paribas Emissions-      15.000   6/27/2019    EUR     63.460
BNP Paribas Emissions-       5.500   6/27/2019    EUR     61.220
BNP Paribas Emissions-       9.500   6/27/2019    EUR     61.610
BNP Paribas Emissions-      17.000   6/27/2019    EUR     62.340
Vontobel Financial Prod      3.900   6/28/2019    EUR     58.250
BNP Paribas Emissions-       3.000   6/27/2019    EUR     66.640
BNP Paribas Emissions-       4.500   6/27/2019    EUR     61.370
BNP Paribas Emissions-       4.000   9/26/2019    EUR     63.080
BNP Paribas Emissions-      16.000  12/30/2019    EUR     66.740
BNP Paribas Emissions-       9.500   6/27/2019    EUR     53.750
BNP Paribas Emissions-      17.000   6/27/2019    EUR     54.480
BNP Paribas Emissions-       5.500  12/30/2019    EUR     65.230
BNP Paribas Emissions-       9.500  12/30/2019    EUR     67.670
BNP Paribas Emissions-       8.500  12/30/2019    EUR     65.770
BNP Paribas Emissions-      15.000  12/30/2019    EUR     69.720
BNP Paribas Emissions-       7.000  12/30/2019    EUR     64.220
BNP Paribas Emissions-      20.000  12/30/2019    EUR     72.140
BNP Paribas Emissions-       5.500  12/30/2019    EUR     62.690
BNP Paribas Emissions-       4.500  12/30/2019    EUR     60.890
BNP Paribas Emissions-      11.000  12/30/2019    EUR     62.590
BNP Paribas Emissions-       5.000  12/30/2019    EUR     69.440
BNP Paribas Emissions-      10.000  12/30/2019    EUR     72.480
BNP Paribas Emissions-       4.500   9/26/2019    EUR     70.670
BNP Paribas Emissions-       3.500   9/26/2019    EUR     53.660
BNP Paribas Emissions-       5.000  12/30/2019    EUR     57.350
BNP Paribas Emissions-       9.000  12/30/2019    EUR     59.790
BNP Paribas Emissions-      12.000  12/30/2019    EUR     61.610
BNP Paribas Emissions-      20.000  12/30/2019    EUR     66.490
BNP Paribas Emissions-       6.500  12/30/2019    EUR     56.770
BNP Paribas Emissions-      15.000  12/30/2019    EUR     61.940
BNP Paribas Emissions-       3.000   9/26/2019    EUR     64.350
BNP Paribas Emissions-       3.500   9/26/2019    EUR     61.850
BNP Paribas Emissions-       3.000  12/30/2019    EUR     65.050
Vontobel Financial Prod      7.500   6/28/2019    EUR     58.000
Vontobel Financial Prod     11.500   6/28/2019    EUR     51.670
Vontobel Financial Prod      4.500   6/28/2019    EUR     64.700
Landesbank Baden-Wuertt      2.750   3/25/2022    EUR     67.130
Raiffeisen Schweiz Geno      5.800   5/24/2019    CHF     72.950
Landesbank Hessen-Thuer      4.000   6/21/2019    EUR     39.200
Vontobel Financial Prod     12.000   3/27/2020    EUR     71.940
Vontobel Financial Prod      9.000    1/3/2020    EUR     74.040
Landesbank Hessen-Thuer      4.000  12/22/2021    EUR     60.070
Leonteq Securities AG       10.000   5/28/2019    CHF     74.060
Raiffeisen Centrobank A      5.389   9/24/2019    EUR     58.660
Vontobel Financial Prod      4.000   6/10/2019    EUR     54.810
UniCredit Bank AG            4.450  12/29/2022    EUR     73.860
UniCredit Bank AG            5.100  12/19/2020    EUR     58.940
UniCredit Bank AG            4.300  12/19/2021    EUR     69.720
UniCredit Bank AG            4.700  12/19/2021    EUR     73.130
UniCredit Bank AG            5.900  12/19/2020    EUR     66.840
UBS AG/London                5.250  11/22/2019    EUR     55.150
Landesbank Hessen-Thuer      4.400    1/5/2023    EUR     63.900
EFG International Finan      7.000   5/23/2022    EUR     59.480
Vontobel Financial Prod      6.270   5/27/2019    EUR     68.590
HSBC Trinkaus & Burkhar      6.400   6/28/2019    EUR     61.800
HSBC Trinkaus & Burkhar      5.700   6/28/2019    EUR     72.900
HSBC Trinkaus & Burkhar      5.400   6/28/2019    EUR     45.540
HSBC Trinkaus & Burkhar      6.400   6/28/2019    EUR     64.730
UniCredit Bank AG            5.500    1/4/2020    EUR     66.160
UniCredit Bank AG            5.200   1/14/2021    USD     68.730
Landesbank Baden-Wuertt      8.000   6/28/2019    EUR     67.640
Landesbank Baden-Wuertt      3.500   6/28/2019    EUR     69.830
Landesbank Baden-Wuertt      4.500   6/28/2019    EUR     66.730
Landesbank Baden-Wuertt      5.500   6/28/2019    EUR     57.080
Landesbank Baden-Wuertt      3.000   5/24/2019    EUR     67.580
Landesbank Baden-Wuertt      7.000   6/28/2019    EUR     74.230
Landesbank Baden-Wuertt      4.000   6/28/2019    EUR     68.600
Landesbank Baden-Wuertt      5.500   6/28/2019    EUR     64.500
Landesbank Baden-Wuertt      7.000   6/28/2019    EUR     44.090
Landesbank Baden-Wuertt      7.000   6/28/2019    EUR     70.740
Landesbank Baden-Wuertt      4.500   6/28/2019    EUR     67.020
Landesbank Baden-Wuertt      4.000   6/28/2019    EUR     71.770
Landesbank Baden-Wuertt      4.500   5/24/2019    EUR     67.340
Landesbank Baden-Wuertt      3.000   5/24/2019    EUR     66.660
Landesbank Baden-Wuertt      3.500   6/28/2019    EUR     30.480
Vontobel Financial Prod      7.240   5/29/2019    EUR     61.980
UBS AG/London                5.250    6/1/2020    USD     55.150
UniCredit Bank AG            5.700   6/26/2019    EUR     64.790
Leonteq Securities AG/G     10.000  12/11/2019    CHF     32.080
Landesbank Baden-Wuertt      3.200  12/29/2020    EUR     73.090
Leonteq Securities AG/G      7.200   12/8/2020    USD     64.830
Landesbank Hessen-Thuer      3.500    1/5/2022    EUR     66.600
Landesbank Hessen-Thuer      4.000    1/5/2022    EUR     75.060
HSBC Trinkaus & Burkhar      6.900   9/27/2019    EUR     72.620
HSBC Trinkaus & Burkhar      6.300  10/25/2019    EUR     72.210
HSBC Trinkaus & Burkhar      6.200   1/24/2020    EUR     73.010
HSBC Trinkaus & Burkhar      4.200   6/28/2019    EUR     64.890
HSBC Trinkaus & Burkhar      4.500   9/27/2019    EUR     65.370
HSBC Trinkaus & Burkhar     11.800  12/27/2019    EUR     56.410
HSBC Trinkaus & Burkhar      4.300  12/27/2019    EUR     66.190
HSBC Trinkaus & Burkhar      9.000  10/25/2019    EUR     58.370
HSBC Trinkaus & Burkhar      8.100   1/24/2020    EUR     60.040
HSBC Trinkaus & Burkhar      7.600  12/27/2019    EUR     70.790
HSBC Trinkaus & Burkhar     13.000   6/28/2019    EUR     64.250
HSBC Trinkaus & Burkhar      3.700   6/28/2019    EUR     75.810
HSBC Trinkaus & Burkhar      3.900   9/27/2019    EUR     76.280
HSBC Trinkaus & Burkhar     10.000  12/27/2019    EUR     68.580
HSBC Trinkaus & Burkhar      7.500  12/27/2019    EUR     71.290
HSBC Trinkaus & Burkhar      4.200  12/27/2019    EUR     76.470
Commerzbank AG              13.000   8/23/2019    EUR     70.260
Commerzbank AG               7.250   6/28/2019    EUR     74.300
Commerzbank AG               6.250   7/26/2019    EUR     76.420
Commerzbank AG              14.750   6/28/2019    EUR     73.300
Commerzbank AG              16.750   6/28/2019    EUR     71.460
Commerzbank AG              10.000   8/23/2019    EUR     72.250
Commerzbank AG              14.000   8/23/2019    EUR     68.010
Commerzbank AG              10.500  10/25/2019    EUR     71.860
Commerzbank AG              12.500  10/25/2019    EUR     69.730
Commerzbank AG               8.250   7/26/2019    EUR     66.670
Commerzbank AG              14.250   7/26/2019    EUR     58.030
Commerzbank AG              16.250   7/26/2019    EUR     56.140
Commerzbank AG              18.250   7/26/2019    EUR     54.650
Commerzbank AG              13.000   8/23/2019    EUR     59.390
Commerzbank AG              12.750   5/24/2019    EUR     70.110
Commerzbank AG              12.750   6/28/2019    EUR     70.310
Commerzbank AG              11.750   7/26/2019    EUR     71.760
Commerzbank AG               9.250  10/25/2019    EUR     64.900
Commerzbank AG              15.250  10/25/2019    EUR     57.490
Commerzbank AG              11.500   6/28/2019    EUR     61.210
DZ Bank AG Deutsche Zen     10.500  12/27/2019    EUR     71.340
DZ Bank AG Deutsche Zen      8.000  11/20/2019    EUR     60.280
Vontobel Financial Prod     13.500   9/27/2019    EUR     71.310
Vontobel Financial Prod     14.500   9/27/2019    EUR     70.040
Landesbank Baden-Wuertt      6.000   6/28/2019    EUR     72.930
Landesbank Baden-Wuertt      2.500   6/28/2019    EUR     66.520
Landesbank Baden-Wuertt      6.000   5/24/2019    EUR     57.190
Landesbank Baden-Wuertt      7.000   5/24/2019    EUR     71.150
Landesbank Baden-Wuertt      4.500   5/24/2019    EUR     62.500
Landesbank Baden-Wuertt      6.500   5/24/2019    EUR     72.220
Landesbank Baden-Wuertt      3.000   5/24/2019    EUR     73.780
Landesbank Baden-Wuertt      2.500   6/28/2019    EUR     74.330
Landesbank Baden-Wuertt      3.000   6/28/2019    EUR     56.370
Landesbank Baden-Wuertt      5.000   6/28/2019    EUR     48.540
Landesbank Baden-Wuertt      6.500   6/28/2019    EUR     62.540
Landesbank Baden-Wuertt      6.000   5/24/2019    EUR     64.710
Landesbank Baden-Wuertt      4.500   5/24/2019    EUR     63.190
Landesbank Baden-Wuertt      2.000   6/28/2019    EUR     33.620
Landesbank Baden-Wuertt      5.000   6/28/2019    EUR     28.360
Landesbank Baden-Wuertt      7.000   5/24/2019    EUR     69.510
Norddeutsche Landesbank      3.300   6/21/2019    EUR     65.100
Leonteq Securities AG/G      9.000   6/27/2019    CHF     63.200
UBS AG/London                6.750  11/29/2019    CHF     74.300
Vontobel Financial Prod      7.000  12/27/2019    EUR     46.110
Commerzbank AG               3.100  11/25/2019    USD     68.970
Leonteq Securities AG/G     10.800   6/11/2019    EUR     63.040
Leonteq Securities AG/G     13.850    6/7/2019    USD     51.480
Landesbank Baden-Wuertt      3.300  12/29/2020    EUR     60.450
Landesbank Baden-Wuertt      3.150   9/27/2019    EUR     65.670
UniCredit Bank AG            3.800  12/29/2022    EUR     63.310
DekaBank Deutsche Giroz      6.300    7/3/2020    EUR     64.900
Raiffeisen Schweiz Geno      9.250   6/11/2019    CHF     26.930
Raiffeisen Schweiz Geno      6.250   6/11/2019    CHF     72.520
Landesbank Hessen-Thuer      4.250    7/9/2019    EUR     45.300
Landesbank Hessen-Thuer      3.500    1/5/2022    EUR     63.590
Raiffeisen Centrobank A      5.200  12/30/2019    EUR     51.860
Deutsche Bank AG             4.200   6/24/2019    EUR     66.830
Deutsche Bank AG             4.200   6/24/2019    EUR     73.400
Deutsche Bank AG             4.200   6/24/2019    EUR     62.360
Deutsche Bank AG             4.200   6/24/2019    EUR     59.870
Deutsche Bank AG             4.200   6/24/2019    EUR     58.560
Deutsche Bank AG             4.200   6/24/2019    EUR     72.160
Deutsche Bank AG             4.200   6/24/2019    EUR     69.960
Deutsche Bank AG             4.200   6/24/2019    EUR     71.670
Deutsche Bank AG             4.200   6/24/2019    EUR     62.880
Deutsche Bank AG             4.200   6/24/2019    EUR     60.790
Deutsche Bank AG             4.200   6/24/2019    EUR     55.310
Deutsche Bank AG             4.200   6/24/2019    EUR     53.270
Deutsche Bank AG             4.200   6/24/2019    EUR     54.400
Deutsche Bank AG             4.200   6/24/2019    EUR     52.140
Leonteq Securities AG/G      9.800   6/12/2020    CHF     52.120
Deutsche Bank AG             6.200   6/24/2019    EUR     67.040
Deutsche Bank AG             6.200   6/24/2019    EUR     53.120
Deutsche Bank AG             6.200   6/24/2019    EUR     62.570
Deutsche Bank AG             6.200   6/24/2019    EUR     60.080
Deutsche Bank AG             6.200   6/24/2019    EUR     60.080
Deutsche Bank AG             6.200   6/24/2019    EUR     72.370
Deutsche Bank AG             6.200   6/24/2019    EUR     70.170
Deutsche Bank AG             6.200   6/24/2019    EUR     55.520
Deutsche Bank AG             6.200   6/24/2019    EUR     53.470
Deutsche Bank AG             6.200   6/24/2019    EUR     63.090
Deutsche Bank AG             6.200   6/24/2019    EUR     60.990
Deutsche Bank AG             6.200   6/24/2019    EUR     71.870
Deutsche Bank AG             6.200   6/24/2019    EUR     54.610
Deutsche Bank AG             6.200   6/24/2019    EUR     52.350
DekaBank Deutsche Giroz      3.000  12/29/2022    EUR     72.510
DekaBank Deutsche Giroz      4.050    7/3/2020    EUR     58.360
UBS AG/London                5.100   6/27/2019    EUR     63.080
UBS AG/London                6.500   6/27/2019    EUR     72.860
UBS AG/London                4.200   6/27/2019    EUR     66.200
UBS AG/London                8.750    6/6/2019    EUR     41.400
UBS AG/London               10.000    6/6/2019    EUR     61.700
Corner Banca SA             12.000   6/14/2019    CHF     51.340
Leonteq Securities AG/G      7.000  12/15/2020    CHF     64.430
Raiffeisen Schweiz Geno      9.000  12/18/2019    CHF     51.200
Raiffeisen Schweiz Geno      5.500   6/18/2019    EUR     54.610
Leonteq Securities AG/G      7.000  12/15/2020    EUR     68.050
Leonteq Securities AG/G      8.400  12/18/2019    CHF     31.300
Deutsche Bank AG             4.200   3/24/2020    EUR     74.700
Deutsche Bank AG             4.200   6/23/2020    EUR     71.700
Deutsche Bank AG             4.200   9/22/2020    EUR     72.200
Deutsche Bank AG             4.200  12/22/2020    EUR     72.800
Deutsche Bank AG             3.200   6/25/2019    EUR     68.000
Deutsche Bank AG             3.200   6/25/2019    EUR     70.400
Deutsche Bank AG             3.200   6/25/2019    EUR     67.800
Deutsche Bank AG             3.200   6/25/2019    EUR     57.700
Deutsche Bank AG             3.200   6/25/2019    EUR     59.800
DZ Bank AG Deutsche Zen      4.700   9/23/2019    EUR     67.100
Bank Julius Baer & Co L      7.300   11/7/2019    CHF     69.100
Landesbank Baden-Wuertt      3.000  12/29/2020    EUR     72.070
Landesbank Baden-Wuertt      5.000  12/29/2020    EUR     67.340
Zurcher Kantonalbank Fi      6.500    8/8/2019    CHF     67.230
Vontobel Financial Prod     10.000   9/27/2019    EUR     58.040
DZ Bank AG Deutsche Zen      6.500   6/26/2019    EUR     55.870
DZ Bank AG Deutsche Zen      7.500   6/26/2019    EUR     71.070
DZ Bank AG Deutsche Zen      7.750   9/25/2019    EUR     72.830
Commerzbank AG               9.000   7/26/2019    EUR     72.180
Commerzbank AG               7.250   7/26/2019    EUR     67.430
Commerzbank AG               9.250   7/26/2019    EUR     63.840
Commerzbank AG              11.250   7/26/2019    EUR     60.980
Commerzbank AG              13.250   7/26/2019    EUR     58.600
Commerzbank AG              15.250   7/26/2019    EUR     56.410
Commerzbank AG               5.750   6/28/2019    EUR     71.580
Vontobel Financial Prod      6.500   6/28/2019    EUR     72.160
Vontobel Financial Prod      9.000   6/28/2019    EUR     66.950
Vontobel Financial Prod     14.550   6/28/2019    EUR     58.730
Vontobel Financial Prod      8.500   9/27/2019    EUR     68.000
Vontobel Financial Prod     11.000   9/27/2019    EUR     64.570
Vontobel Financial Prod     15.500   9/27/2019    EUR     58.890
Vontobel Financial Prod     18.000   9/27/2019    EUR     56.690
Landesbank Baden-Wuertt      4.000   1/24/2020    EUR     68.490
Landesbank Baden-Wuertt      4.000   1/24/2020    EUR     67.110
Landesbank Baden-Wuertt      2.500   1/24/2020    EUR     71.170
Landesbank Baden-Wuertt      5.500   1/24/2020    EUR     63.450
Landesbank Baden-Wuertt      6.000   1/24/2020    EUR     70.130
Landesbank Baden-Wuertt      4.500   1/24/2020    EUR     69.280
Landesbank Baden-Wuertt      2.500   1/24/2020    EUR     70.960
Landesbank Baden-Wuertt      5.500   2/28/2020    EUR     64.930
Commerzbank AG              10.750   7/26/2019    EUR     68.850
Commerzbank AG               5.500   7/26/2019    EUR     61.160
Commerzbank AG              10.000   7/26/2019    EUR     66.540
Commerzbank AG               7.000   6/28/2019    EUR     71.650
Commerzbank AG               7.500   7/26/2019    EUR     65.540
Commerzbank AG               8.000   6/28/2019    EUR     67.850
DekaBank Deutsche Giroz      5.000   8/29/2019    EUR     63.030
DekaBank Deutsche Giroz      5.000   2/28/2020    EUR     59.890
Leonteq Securities AG        8.000    8/2/2019    CHF     34.670
Bank Julius Baer & Co L      6.000    8/6/2019    CHF     59.750
EFG International Finan     13.600   2/20/2020    USD     64.230
Commerzbank AG              12.250   6/28/2019    EUR     62.620
Commerzbank AG               8.250   6/28/2019    EUR     71.300
Commerzbank AG               6.000   6/28/2019    EUR     73.130
UBS AG/London                9.500    2/3/2020    CHF     64.650
UBS AG/London                5.000    2/2/2021    CHF     73.400
Zurcher Kantonalbank Fi      7.500    8/2/2019    CHF     73.070
Vontobel Financial Prod      1.750   9/13/2019    EUR     71.710
Vontobel Financial Prod      6.800   9/13/2019    EUR     62.100
Vontobel Financial Prod      9.150   9/13/2019    EUR     59.850
Vontobel Financial Prod     14.850   9/13/2019    EUR     74.200
Commerzbank AG               5.000   6/21/2019    EUR     73.020
Commerzbank AG               5.000   6/21/2019    EUR     72.020
Raiffeisen Schweiz Geno      5.200   8/10/2020    CHF     74.980
Raiffeisen Schweiz Geno      8.700  11/13/2019    USD     67.630
Vontobel Financial Prod     15.000   9/13/2019    EUR     60.780
Vontobel Financial Prod      4.300   9/13/2019    EUR     72.920
Vontobel Financial Prod      7.900   9/13/2019    EUR     66.910
Vontobel Financial Prod     10.050   9/13/2019    EUR     64.510
Vontobel Financial Prod      4.350   9/13/2019    EUR     60.200
Vontobel Financial Prod      6.600   9/13/2019    EUR     57.240
Vontobel Financial Prod     12.000   9/13/2019    EUR     52.790
Vontobel Financial Prod     10.400   6/21/2019    EUR     65.170
Vontobel Financial Prod     15.300   6/14/2019    EUR     59.680
Vontobel Financial Prod      7.300   9/13/2019    EUR     70.920
Vontobel Financial Prod     10.250   9/13/2019    EUR     67.280
Commerzbank AG               7.500  12/31/2019    EUR     68.080
Commerzbank AG              11.500  12/31/2019    EUR     60.060
Commerzbank AG              15.500  12/31/2019    EUR     56.760
Vontobel Financial Prod      1.950   9/13/2019    EUR     68.930
Vontobel Financial Prod      4.000   9/13/2019    EUR     63.230
Commerzbank AG               7.000   6/28/2019    EUR     72.930
Commerzbank AG               9.250   6/28/2019    EUR     68.350
Commerzbank AG               6.750   7/26/2019    EUR     73.760
Commerzbank AG               8.750   7/26/2019    EUR     69.490
Commerzbank AG               5.500    7/5/2019    EUR     74.320
Vontobel Financial Prod      4.600   9/13/2019    EUR     68.030
Raiffeisen Schweiz Geno     10.200   5/24/2019    CHF     46.080
Raiffeisen Schweiz Geno      7.000   5/24/2019    CHF     61.770
Leonteq Securities AG/G      7.400  11/27/2019    USD     62.600
Landesbank Hessen-Thuer      4.350   6/21/2019    EUR     53.400
Leonteq Securities AG/G      4.200    6/1/2021    CHF     48.640
Vontobel Financial Prod      8.500   3/27/2020    EUR     75.070
Vontobel Financial Prod     10.000   3/27/2020    EUR     73.230
Landesbank Baden-Wuertt      3.100   2/25/2022    EUR     70.070
Raiffeisen Centrobank A      4.311   9/24/2019    EUR     56.750
Landesbank Hessen-Thuer      6.250  12/22/2022    EUR     70.660
EFG International Finan      8.000   12/6/2019    EUR     60.530
UBS AG/London                7.750  11/22/2019    CHF     61.550
Leonteq Securities AG/G     10.400   12/4/2019    EUR     59.680
Landesbank Hessen-Thuer      3.250    7/8/2020    EUR     75.300
UBS AG/London                8.000   5/23/2019    CHF     46.500
Raiffeisen Schweiz Geno      6.500    6/4/2019    EUR     54.940
Leonteq Securities AG/G      6.400    6/4/2020    CHF     28.350
Leonteq Securities AG/G      9.000    6/4/2020    USD     65.910
UBS AG/London                8.380   5/23/2019    EUR     46.550
Landesbank Hessen-Thuer      3.800    7/8/2019    EUR     52.700
HSBC Trinkaus & Burkhar      5.500   6/28/2019    EUR     71.320
HSBC Trinkaus & Burkhar      3.000   6/28/2019    EUR     58.230
UBS AG/London               10.250   5/24/2019    USD     59.500
Vontobel Financial Prod      4.500  12/30/2020    EUR     72.970
DekaBank Deutsche Giroz      3.800  12/18/2020    EUR     65.150
HSBC Trinkaus & Burkhar      5.100   6/26/2020    EUR     72.900
HSBC Trinkaus & Burkhar      8.800   9/25/2020    EUR     67.460
HSBC Trinkaus & Burkhar      6.500   9/25/2020    EUR     70.660
HSBC Trinkaus & Burkhar     10.700  10/25/2019    EUR     61.140
HSBC Trinkaus & Burkhar     10.400  11/22/2019    EUR     61.830
HSBC Trinkaus & Burkhar      3.300  11/22/2019    EUR     73.730
HSBC Trinkaus & Burkhar      3.400   1/24/2020    EUR     73.790
HSBC Trinkaus & Burkhar      3.600   2/28/2020    EUR     73.890
HSBC Trinkaus & Burkhar     10.400   6/26/2020    EUR     65.320
Landesbank Baden-Wuertt      4.500   6/28/2019    EUR     46.010
EFG International Finan      7.200   10/5/2020    USD     51.840
Leonteq Securities AG/G      7.000   9/29/2020    CHF     60.230
Commerzbank AG              18.000   9/27/2019    EUR     53.120
Landesbank Baden-Wuertt      2.050   6/28/2019    EUR     61.910
EFG International Finan      7.000  10/12/2020    EUR     55.890
UBS AG/London                6.500   6/25/2020    EUR     62.420
Zurcher Kantonalbank Fi      8.500   8/16/2019    CHF     73.070
UBS AG/London               21.000   6/27/2019    EUR     68.200
UBS AG/London                4.200   9/26/2019    EUR     72.930
UBS AG/London               19.500   6/27/2019    EUR     59.660
UBS AG/London               23.600   6/27/2019    EUR     68.710
UBS AG/London               24.500   6/27/2019    EUR     54.330
UBS AG/London               13.900   6/27/2019    EUR     62.480
UBS AG/London               22.100   6/27/2019    EUR     57.750
Leonteq Securities AG       10.000  11/20/2019    CHF     46.890
Commerzbank AG               3.000   5/24/2019    EUR     70.810
Leonteq Securities AG        5.000   2/17/2021    CHF     60.610
Commerzbank AG              10.250   6/28/2019    EUR     70.680
UBS AG/London                9.000    8/9/2019    CHF     61.400
UBS AG/London                5.000    8/8/2019    CHF     69.650
UBS AG/London               10.000    8/8/2019    CHF     62.600
UBS AG/London                6.000   2/10/2020    EUR     66.200
UBS AG/London                7.750    8/8/2019    EUR     56.100
UBS AG/London                5.250    8/8/2019    EUR     60.050
UBS AG/London                6.500   8/10/2020    CHF     72.200
UBS AG/London               10.000   8/10/2020    CHF     68.950
UBS AG/London                6.000   8/10/2020    EUR     73.750
UBS AG/London                6.500    2/8/2021    EUR     69.000
Raiffeisen Schweiz Geno      6.000   2/17/2020    CHF     61.380
EFG International Finan     10.000   8/22/2019    CHF     67.280
Commerzbank AG              10.500   6/28/2019    EUR     67.230
Commerzbank AG               7.000   5/24/2019    EUR     62.410
Commerzbank AG               9.000   5/24/2019    EUR     59.600
Commerzbank AG               3.000   7/26/2019    EUR     51.660
Commerzbank AG               7.750   9/27/2019    EUR     73.520
Landesbank Baden-Wuertt      2.900  10/23/2020    EUR     56.420
UniCredit Bank AG            3.120   9/25/2020    EUR     56.720
UniCredit Bank AG            4.920   9/25/2020    EUR     58.970
UBS AG/London                7.250   9/27/2019    EUR     70.650
UBS AG/London               12.000   9/27/2019    EUR     64.350
UBS AG/London               12.000   9/27/2019    EUR     56.350
UBS AG/London                7.000   3/27/2020    CHF     58.800
EFG International Finan      8.000  10/11/2019    USD     57.480
UniCredit Bank AG            4.000  10/24/2021    EUR     69.620
Leonteq Securities AG/G      8.100    4/6/2020    CHF     64.300
Landesbank Hessen-Thuer      3.100    8/6/2019    EUR     61.000
Finca Uco Cjsc               6.000   2/25/2022    USD     25.275
Leonteq Securities AG/G      1.960   7/22/2019    EUR     40.000
Landesbank Baden-Wuertt      4.000   1/24/2020    EUR     67.990
Landesbank Baden-Wuertt      6.500   1/24/2020    EUR     64.950
HSBC Trinkaus & Burkhar      7.700   6/26/2020    EUR     66.320
HSBC Trinkaus & Burkhar      5.200   6/26/2020    EUR     70.480
HSBC Trinkaus & Burkhar      9.700   2/28/2020    EUR     61.920
HSBC Trinkaus & Burkhar     10.500   6/26/2020    EUR     63.620
UBS AG/London               11.000   11/7/2019    EUR     55.000
Commerzbank AG              17.750   6/28/2019    EUR     67.760
Commerzbank AG              16.750   6/28/2019    EUR     70.750
Landesbank Hessen-Thuer      3.000  10/20/2022    EUR     66.200
HSBC Trinkaus & Burkhar      6.500  10/25/2019    EUR     66.470
HSBC Trinkaus & Burkhar      6.400  11/22/2019    EUR     66.850
HSBC Trinkaus & Burkhar      6.300   1/24/2020    EUR     67.680
HSBC Trinkaus & Burkhar      9.500   2/28/2020    EUR     63.750
HSBC Trinkaus & Burkhar      6.300   2/28/2020    EUR     68.040
HSBC Trinkaus & Burkhar     12.300   6/26/2020    EUR     63.900
HSBC Trinkaus & Burkhar      7.600   6/26/2020    EUR     68.380
Landesbank Baden-Wuertt      2.350   6/26/2020    EUR     64.350
Landesbank Baden-Wuertt      3.700   6/26/2020    EUR     66.290
Landesbank Baden-Wuertt      2.750   6/28/2019    EUR     58.170
DekaBank Deutsche Giroz      2.000  10/16/2020    EUR     57.930
Samaratransneft-Termina     12.000   9/20/2022    RUB      0.300
UniCredit Bank AG            5.350  10/18/2020    EUR     59.770
Commerzbank AG              21.500   6/28/2019    EUR     50.300
Commerzbank AG              23.500   6/28/2019    EUR     49.410
Landesbank Hessen-Thuer      5.700  10/27/2022    EUR     66.420
UniCredit Bank AG            4.500  11/12/2022    EUR     63.580
Landesbank Baden-Wuertt      3.000  10/23/2020    EUR     52.780
DekaBank Deutsche Giroz      2.250   11/8/2022    EUR     73.890
Vontobel Financial Prod      8.000   6/28/2019    EUR     72.990
Vontobel Financial Prod      6.500   6/28/2019    EUR     64.990
Vontobel Financial Prod     14.000    1/3/2020    EUR     73.730
Vontobel Financial Prod     12.000    1/3/2020    EUR     75.850
Vontobel Financial Prod      8.000   8/23/2019    EUR     70.660
Vontobel Financial Prod      5.000   8/23/2019    EUR     69.250
Corner Banca SA             11.800  11/13/2019    CHF     61.030
Leonteq Securities AG       14.000   11/6/2019    CHF     56.890
Credit Suisse AG/Nassau      7.250  11/15/2019    CHF     63.780
Raiffeisen Centrobank A     11.000    8/7/2019    EUR     68.650
Leonteq Securities AG/G     10.000    2/7/2020    CHF     71.630
Vontobel Financial Prod      7.950    6/7/2019    EUR     54.930
Commerzbank AG               5.500   7/26/2019    EUR     72.530
Commerzbank AG              11.500   7/26/2019    EUR     61.480
Commerzbank AG               9.250   7/26/2019    EUR     39.620
Commerzbank AG              12.000   6/28/2019    EUR     60.540
DZ Bank AG Deutsche Zen      6.750   8/21/2019    EUR     62.230
DZ Bank AG Deutsche Zen      8.000   9/25/2019    EUR     58.520
Credit Suisse AG/Nassau      7.000  11/15/2019    EUR     61.510
Bank Julius Baer & Co L      9.650   8/14/2019    CHF     42.550
Credit Suisse AG/Nassau      9.500  11/18/2019    CHF     60.090
DekaBank Deutsche Giroz      4.820    8/7/2019    EUR     64.270
Landesbank Baden-Wuertt      3.260   8/23/2019    EUR     67.900
Commerzbank AG              11.250   7/26/2019    EUR     39.410
Commerzbank AG               7.750   6/28/2019    EUR     65.770
Commerzbank AG               9.750   6/28/2019    EUR     62.810
UBS AG/London               10.100   9/26/2019    EUR     60.600
UBS AG/London                7.600   6/27/2019    EUR     62.600
UBS AG/London               11.200   6/27/2019    EUR     58.300
UBS AG/London                7.200   3/26/2020    EUR     66.410
UBS AG/London                9.100   3/26/2020    EUR     63.880
Leonteq Securities AG/G      5.000   8/17/2020    CHF     73.030
UBS AG/London               15.300   6/27/2019    EUR     55.800
UBS AG/London               20.200   6/27/2019    EUR     65.910
UBS AG/London                2.800    1/2/2020    EUR     72.330
UBS AG/London                8.500   6/27/2019    EUR     68.520
UBS AG/London                6.000   6/27/2019    EUR     72.260
Commerzbank AG               9.500   5/24/2019    EUR     73.770
Leonteq Securities AG/G     10.000  11/20/2019    EUR     69.760
UBS AG/London                8.400   6/27/2019    EUR     74.080
UBS AG/London               25.400   9/26/2019    EUR     63.660
UBS AG/London               22.000   9/26/2019    EUR     69.340
Vontobel Financial Prod     14.000  12/31/2019    EUR     70.560
Vontobel Financial Prod     16.000    1/3/2020    EUR     71.740
Landesbank Baden-Wuertt      2.500  11/22/2019    EUR     59.920
Vontobel Financial Prod     12.500   9/27/2019    EUR     67.780
DZ Bank AG Deutsche Zen      6.500   9/23/2019    EUR     72.690
UBS AG/London                9.000   5/14/2020    CHF     70.500
Commerzbank AG              15.750   7/26/2019    EUR     71.810
DZ Bank AG Deutsche Zen      5.500   8/21/2019    EUR     62.780
DekaBank Deutsche Giroz      3.450   7/31/2020    EUR     63.060
Vontobel Financial Prod      9.500    8/8/2019    EUR     57.450
UBS AG/London                9.100   6/25/2020    EUR     61.500
UBS AG/London                9.700    1/2/2020    EUR     62.670
Zurcher Kantonalbank Fi      7.250   8/16/2019    EUR     62.390
UBS AG/London               23.000   9/26/2019    EUR     60.020
UBS AG/London                2.200   6/27/2019    EUR     71.190
UBS AG/London                3.600   6/27/2019    EUR     73.840
UBS AG/London               12.900   9/26/2019    EUR     61.900
UBS AG/London                2.600   9/26/2019    EUR     71.760
UBS AG/London                4.000    1/2/2020    EUR     73.730
Credit Suisse AG/Nassau      8.250  11/18/2019    EUR     64.060
Leonteq Securities AG/G     10.600   2/17/2020    CHF     56.740
Commerzbank AG              11.500   5/24/2019    EUR     70.810
Commerzbank AG              13.500   5/24/2019    EUR     68.270
Commerzbank AG              13.000   5/24/2019    EUR     54.910
Commerzbank AG               9.000   7/26/2019    EUR     62.030
Leonteq Securities AG/G     16.000  11/20/2019    USD     69.640
Corner Banca SA             10.000   2/20/2020    CHF     74.240
Commerzbank AG              11.000   5/24/2019    EUR     57.310
Vontobel Financial Prod     10.000   8/23/2019    EUR     65.830
Vontobel Financial Prod     12.000   8/23/2019    EUR     71.320
Landesbank Baden-Wuertt      5.000   1/24/2020    EUR     73.830
Landesbank Baden-Wuertt      7.000   1/24/2020    EUR     70.680
HSBC Trinkaus & Burkhar     10.300   6/26/2020    EUR     70.670
HSBC Trinkaus & Burkhar      1.880   3/27/2020    EUR     71.290
Commerzbank AG               1.580   9/16/2024    USD      4.030
Commerzbank AG              20.750   6/28/2019    EUR     75.130
Leonteq Securities AG/G      5.400   9/25/2019    CHF     55.190
Landesbank Hessen-Thuer      7.700   1/20/2023    EUR     61.070
Landesbank Hessen-Thuer      7.000  10/20/2022    EUR     65.150
Landesbank Baden-Wuertt      4.500  11/22/2019    EUR     55.840
Vontobel Financial Prod     11.000    1/3/2020    EUR     69.670
Commerzbank AG              14.750   8/23/2019    EUR     72.720
Commerzbank AG              16.500   7/26/2019    EUR     69.000
Commerzbank AG              14.750   6/28/2019    EUR     72.760
Bank Julius Baer & Co L      8.650  11/15/2019    EUR     68.600
Zurcher Kantonalbank Fi      7.500  11/15/2019    USD     63.460
Commerzbank AG               3.750  10/25/2019    EUR     64.490
Commerzbank AG               7.750  10/25/2019    EUR     55.210
UBS AG/London               19.300   9/26/2019    EUR     72.230
UBS AG/London               21.900   9/26/2019    EUR     70.400
UBS AG/London               16.200   9/26/2019    EUR     73.230
Vontobel Financial Prod     12.000    1/3/2020    EUR     68.840
DZ Bank AG Deutsche Zen      6.250  12/23/2019    EUR     73.030
DZ Bank AG Deutsche Zen      7.750   9/23/2019    EUR     74.320
HSBC Trinkaus & Burkhar     11.400  12/27/2019    EUR     67.550
HSBC Trinkaus & Burkhar      8.900   6/26/2020    EUR     71.130
HSBC Trinkaus & Burkhar      7.900  12/28/2020    EUR     73.960
UBS AG/London                9.500   9/13/2019    CHF     55.200
Zurcher Kantonalbank Fi      7.750   9/26/2019    EUR     55.640
EFG International Finan      6.600   9/28/2020    EUR     59.390
UniCredit Bank AG            5.400  10/30/2020    EUR     58.540
Commerzbank AG              16.250   8/23/2019    EUR     76.020
Raiffeisen Schweiz Geno      5.700   6/19/2019    CHF     70.120
UniCredit Bank AG            7.000  10/25/2019    EUR     66.320
Commerzbank AG              10.250   7/26/2019    EUR     70.410
Commerzbank AG              12.250   7/26/2019    EUR     68.260
Commerzbank AG              14.250   7/26/2019    EUR     66.500
Commerzbank AG               7.500   8/23/2019    EUR     74.360
Commerzbank AG              17.500   6/28/2019    EUR     54.910
Commerzbank AG              12.250   7/26/2019    EUR     60.340
Commerzbank AG               7.000   8/23/2019    EUR     69.360
Commerzbank AG              11.000   8/23/2019    EUR     61.970
Commerzbank AG              15.000   8/23/2019    EUR     57.320
Commerzbank AG              13.750   9/27/2019    EUR     58.540
Commerzbank AG               7.250  10/25/2019    EUR     69.000
Commerzbank AG              13.000   6/28/2019    EUR     70.840
Commerzbank AG              11.250  10/25/2019    EUR     61.720
DZ Bank AG Deutsche Zen      5.000  11/20/2019    EUR     67.190
Commerzbank AG              17.750   7/26/2019    EUR     75.400
UBS AG/London                8.750   4/27/2020    EUR     72.550
UBS AG/London                8.500   6/15/2020    USD     72.900
UBS AG/London                6.500  12/14/2020    EUR     63.950
UBS AG/London                5.000   6/13/2019    CHF     67.500
UBS AG/London                5.500  12/13/2019    CHF     74.350
Natixis SA                   2.075   6/22/2020    EUR     68.476
Vontobel Financial Prod      7.000   6/28/2019    EUR     60.680
Vontobel Financial Prod      8.000   6/28/2019    EUR     59.420
Vontobel Financial Prod      8.550   6/28/2019    EUR     58.170
Vontobel Financial Prod      5.000   6/28/2019    EUR     65.560
Leonteq Securities AG       13.750   11/7/2019    CHF     56.400
Vontobel Financial Prod      8.000   6/28/2019    EUR     62.110
Bank Julius Baer & Co L      8.500  10/28/2019    EUR     60.400
Leonteq Securities AG       14.000    8/7/2019    CHF     46.920
Credit Suisse AG/Nassau      8.000    8/8/2019    EUR     58.550
DekaBank Deutsche Giroz      2.450   1/11/2021    EUR     66.440
Raiffeisen Schweiz Geno      5.000  12/22/2020    CHF     63.370
BNP Paribas Emissions-       9.000   6/27/2019    EUR     55.210
BNP Paribas Emissions-      12.000   6/27/2019    EUR     55.500
BNP Paribas Emissions-       4.500   6/27/2019    EUR     53.270
BNP Paribas Emissions-       6.000   6/27/2019    EUR     60.630
BNP Paribas Emissions-      18.000   6/27/2019    EUR     61.790
BNP Paribas Emissions-       5.500   6/27/2019    EUR     59.960
BNP Paribas Emissions-       9.500   6/27/2019    EUR     60.350
BNP Paribas Emissions-      17.000   6/27/2019    EUR     61.070
BNP Paribas Emissions-      11.000   6/27/2019    EUR     59.280
BNP Paribas Emissions-      19.000   6/27/2019    EUR     60.050
BNP Paribas Emissions-       8.000   6/27/2019    EUR     57.830
BNP Paribas Emissions-      10.000   6/27/2019    EUR     58.020
BNP Paribas Emissions-       7.500   6/27/2019    EUR     56.660
BNP Paribas Emissions-       6.500  12/30/2019    EUR     62.110
BNP Paribas Emissions-      11.000  12/30/2019    EUR     64.850
BNP Paribas Emissions-      19.000  12/30/2019    EUR     69.720
BNP Paribas Emissions-       5.000  12/30/2019    EUR     60.040
BNP Paribas Emissions-       7.000  12/30/2019    EUR     61.260
BNP Paribas Emissions-       9.000  12/30/2019    EUR     62.480
BNP Paribas Emissions-       9.500  12/30/2019    EUR     69.180
BNP Paribas Emissions-      17.000  12/30/2019    EUR     73.740
BNP Paribas Emissions-       6.000   6/27/2019    EUR     63.970
BNP Paribas Emissions-       8.000   6/27/2019    EUR     64.160
BNP Paribas Emissions-       9.500   6/27/2019    EUR     56.850
BNP Paribas Emissions-      13.000   6/27/2019    EUR     57.190
BNP Paribas Emissions-      17.000   6/27/2019    EUR     57.580
BNP Paribas Emissions-       8.500   6/27/2019    EUR     62.830
BNP Paribas Emissions-      19.000   6/27/2019    EUR     63.850
BNP Paribas Emissions-       7.500   6/27/2019    EUR     61.420
BNP Paribas Emissions-      13.000   6/27/2019    EUR     61.950
BNP Paribas Emissions-       3.000  12/30/2019    EUR     63.190
BNP Paribas Emissions-       3.000   9/26/2019    EUR     66.250
BNP Paribas Emissions-       3.500   6/27/2019    EUR     64.730
BNP Paribas Emissions-       3.000   9/26/2019    EUR     65.290
BNP Paribas Emissions-       6.000   6/27/2019    EUR     63.260
BNP Paribas Emissions-       7.500   6/27/2019    EUR     53.560
BNP Paribas Emissions-      13.000   6/27/2019    EUR     54.090
BNP Paribas Emissions-       7.500  12/30/2019    EUR     66.450
BNP Paribas Emissions-       5.000  12/30/2019    EUR     63.010
BNP Paribas Emissions-      12.000  12/30/2019    EUR     67.270
BNP Paribas Emissions-       7.500  12/30/2019    EUR     63.910
BNP Paribas Emissions-      13.000  12/30/2019    EUR     67.260
BNP Paribas Emissions-       4.500  12/30/2019    EUR     58.630
BNP Paribas Emissions-       8.500  12/30/2019    EUR     61.070
BNP Paribas Emissions-       6.500  12/30/2019    EUR     73.580
BNP Paribas Emissions-       8.000  12/30/2019    EUR     71.260
BNP Paribas Emissions-       3.500  12/30/2019    EUR     73.400
BNP Paribas Emissions-      15.000  12/30/2019    EUR     65.030
BNP Paribas Emissions-      16.000  12/30/2019    EUR     64.050
BNP Paribas Emissions-       4.500  12/30/2019    EUR     55.550
BNP Paribas Emissions-       8.500  12/30/2019    EUR     57.980
BNP Paribas Emissions-      11.000  12/30/2019    EUR     59.510
Vontobel Financial Prod      5.550   6/28/2019    EUR     61.880
Vontobel Financial Prod      3.500   6/28/2019    EUR     67.520
Vontobel Financial Prod      6.550   6/28/2019    EUR     59.760
Vontobel Financial Prod     12.000   6/28/2019    EUR     52.160
Vontobel Financial Prod     13.500   6/28/2019    EUR     50.620
UniCredit Bank AG            3.850   2/14/2021    EUR     67.600
Bayerische Landesbank        2.800   2/21/2020    EUR     67.430
Vontobel Financial Prod      4.300   11/4/2019    EUR     60.770
UBS AG/London                9.000   4/14/2020    CHF     69.900
UBS AG/London               11.000  10/11/2019    CHF     49.850
Credit Suisse AG/Nassau      8.000  10/23/2019    EUR     61.610
Deutsche Bank AG             4.200   6/25/2019    EUR     61.500
Deutsche Bank AG             6.200   6/25/2019    EUR     54.300
Deutsche Bank AG             4.200   9/24/2019    EUR     60.000
Deutsche Bank AG             4.200   9/24/2019    EUR     56.400
Deutsche Bank AG             6.200   9/24/2019    EUR     55.800
Deutsche Bank AG             4.200  12/24/2019    EUR     64.900
Deutsche Bank AG             4.200  12/24/2019    EUR     63.300
Deutsche Bank AG             4.200  12/24/2019    EUR     57.300
Deutsche Bank AG             6.200  12/24/2019    EUR     57.200
Deutsche Bank AG             8.200   6/25/2019    EUR     57.300
Deutsche Bank AG             8.200   6/25/2019    EUR     55.800
Deutsche Bank AG             8.200   9/24/2019    EUR     61.400
Deutsche Bank AG             8.200   9/24/2019    EUR     59.200
Deutsche Bank AG             8.200   9/24/2019    EUR     57.800
Deutsche Bank AG             8.200  12/24/2019    EUR     63.300
UniCredit Bank AG            5.700   5/14/2021    EUR     59.850
Landesbank Hessen-Thuer      5.500   5/25/2023    EUR     46.160
Corner Banca SA             11.000  12/18/2019    CHF     55.800
DZ Bank AG Deutsche Zen      5.700   6/26/2019    EUR     55.800
DZ Bank AG Deutsche Zen      8.000   6/26/2019    EUR     72.690
DZ Bank AG Deutsche Zen     11.300   6/26/2019    EUR     57.940
DZ Bank AG Deutsche Zen     13.500   6/26/2019    EUR     54.830
DZ Bank AG Deutsche Zen      5.400   6/26/2019    EUR     73.130
DZ Bank AG Deutsche Zen      7.900   6/26/2019    EUR     55.110
DZ Bank AG Deutsche Zen      7.600   6/26/2019    EUR     68.450
Vontobel Financial Prod     14.000   6/28/2019    EUR     63.600
HSBC Trinkaus & Burkhar      4.200   6/28/2019    EUR     69.580
HSBC Trinkaus & Burkhar      6.200   8/23/2019    EUR     69.310
HSBC Trinkaus & Burkhar      5.400   6/28/2019    EUR     35.110
HSBC Trinkaus & Burkhar      3.100   6/28/2019    EUR     58.420
HSBC Trinkaus & Burkhar     12.300   6/28/2019    EUR     52.850
HSBC Trinkaus & Burkhar     10.900   6/28/2019    EUR     54.610
HSBC Trinkaus & Burkhar      7.900   8/23/2019    EUR     59.720
HSBC Trinkaus & Burkhar      5.200   9/27/2019    EUR     64.100
HSBC Trinkaus & Burkhar      2.600   9/27/2019    EUR     71.340
HSBC Trinkaus & Burkhar      2.400   7/26/2019    EUR     71.550
HSBC Trinkaus & Burkhar      9.400   6/28/2019    EUR     53.350
HSBC Trinkaus & Burkhar      7.500   6/28/2019    EUR     56.290
HSBC Trinkaus & Burkhar      4.400   8/23/2019    EUR     67.080
Societe Generale SA          7.000  10/20/2020    USD      0.250
UBS AG/London                7.500  10/25/2019    CHF     61.100
UBS AG/London                7.000  12/14/2020    CHF     61.850
UBS AG/London                8.750   6/15/2020    EUR     69.200
UBS AG/London                7.400   6/13/2019    CHF     54.500
Landesbank Hessen-Thuer      3.100   8/13/2020    EUR     67.400
Vontobel Financial Prod      6.500   6/28/2019    EUR     62.880
Vontobel Financial Prod      9.500   6/28/2019    EUR     58.200
Vontobel Financial Prod      6.000   6/28/2019    EUR     59.500
Vontobel Financial Prod      8.000   6/28/2019    EUR     56.030
Bank Julius Baer & Co L      8.500  12/23/2019    EUR     73.200
Vontobel Financial Prod      4.200   9/27/2019    EUR     69.780
Leonteq Securities AG       16.000   11/4/2019    USD     56.790
Vontobel Financial Prod      5.500   6/28/2019    EUR     67.990
Vontobel Financial Prod     14.000   6/28/2019    EUR     53.290
Bank Julius Baer & Co L      7.700   9/20/2019    USD     50.900
Raiffeisen Schweiz Geno      8.200    8/7/2019    CHF     52.910
Raiffeisen Schweiz Geno      5.500    5/4/2020    CHF     62.810
Leonteq Securities AG/G     17.000    8/7/2019    USD     66.950
Raiffeisen Schweiz Geno      6.000    1/6/2020    CHF     52.660
BNP Paribas Emissions-       7.000   6/27/2019    EUR     55.020
BNP Paribas Emissions-      16.000   6/27/2019    EUR     55.890
BNP Paribas Emissions-      20.000   6/27/2019    EUR     56.270
BNP Paribas Emissions-       8.000   6/27/2019    EUR     60.830
UBS AG/London                6.750  10/11/2019    EUR     69.250
DekaBank Deutsche Giroz      4.250   11/9/2020    EUR     60.460
Bank Julius Baer & Co L      6.900   6/20/2019    CHF     60.250
Leonteq Securities AG       12.000   7/23/2019    CHF     44.360
Leonteq Securities AG       10.600   7/23/2019    CHF     62.390
Deutsche Bank AG             4.200   6/25/2019    EUR     63.300
Deutsche Bank AG             4.200   6/25/2019    EUR     56.800
Deutsche Bank AG             6.200   6/25/2019    EUR     57.000
Deutsche Bank AG             4.200   6/25/2019    EUR     55.400
Deutsche Bank AG             4.200   6/25/2019    EUR     54.100
Deutsche Bank AG             3.200  12/24/2019    EUR     63.600
Deutsche Bank AG             3.200  12/24/2019    EUR     61.100
Deutsche Bank AG             3.200   6/25/2019    EUR     60.200
Deutsche Bank AG             3.200   6/25/2019    EUR     69.600
Deutsche Bank AG             3.200   9/24/2019    EUR     73.900
Deutsche Bank AG             3.200  12/24/2019    EUR     60.600
Leonteq Securities AG       10.500    8/9/2019    CHF     25.400
Vontobel Financial Prod      7.500   6/28/2019    EUR     71.810
Vontobel Financial Prod     11.500   6/28/2019    EUR     66.750
Leonteq Securities AG       10.000  12/27/2019    EUR     62.170
Landesbank Baden-Wuertt      5.000   1/24/2020    EUR     66.810
Landesbank Baden-Wuertt      2.300   7/23/2021    EUR     71.790
DZ Bank AG Deutsche Zen      8.750   6/24/2019    EUR     72.420
DZ Bank AG Deutsche Zen      5.300   6/26/2019    EUR     50.160
DZ Bank AG Deutsche Zen     10.900   6/26/2019    EUR     52.560
Vontobel Financial Prod     10.550   6/28/2019    EUR     68.880
HSBC Trinkaus & Burkhar      6.400   8/23/2019    EUR     64.860
HSBC Trinkaus & Burkhar      9.000   6/28/2019    EUR     62.550
HSBC Trinkaus & Burkhar      5.000   8/23/2019    EUR     56.740
HSBC Trinkaus & Burkhar      6.500   8/23/2019    EUR     34.520
HSBC Trinkaus & Burkhar      4.200   8/23/2019    EUR     56.800
HSBC Trinkaus & Burkhar      5.200   8/23/2019    EUR     67.760
HSBC Trinkaus & Burkhar      5.200   8/23/2019    EUR     63.750
HSBC Trinkaus & Burkhar      2.500   8/23/2019    EUR     71.400
HSBC Trinkaus & Burkhar      2.300   6/28/2019    EUR     70.110
HSBC Trinkaus & Burkhar      5.700   8/23/2019    EUR     60.230
HSBC Trinkaus & Burkhar      9.700   6/28/2019    EUR     67.820
HSBC Trinkaus & Burkhar      8.000   6/28/2019    EUR     60.120
HSBC Trinkaus & Burkhar      4.300   9/27/2019    EUR     67.420
HSBC Trinkaus & Burkhar      3.500   6/28/2019    EUR     68.360
Vontobel Financial Prod      4.000   6/28/2019    EUR     68.280
Vontobel Financial Prod      4.550   6/28/2019    EUR     66.590
Vontobel Financial Prod      5.500   6/28/2019    EUR     65.030
Deutsche Bank AG             5.500   6/25/2019    EUR     57.100
Deutsche Bank AG             5.500  12/24/2019    EUR     59.900
Deutsche Bank AG             5.500   9/24/2019    EUR     69.700
Deutsche Bank AG             5.500   6/25/2019    EUR     70.800
Deutsche Bank AG             5.500  12/24/2019    EUR     72.600
Deutsche Bank AG             5.500   6/25/2019    EUR     55.600
Deutsche Bank AG             5.500   6/25/2019    EUR     73.400
Deutsche Bank AG             5.500   6/25/2019    EUR     66.800
Deutsche Bank AG             5.500   9/24/2019    EUR     74.200
Deutsche Bank AG             5.500  12/24/2019    EUR     75.100
Deutsche Bank AG             5.500  12/24/2019    EUR     68.700
Deutsche Bank AG             3.200   9/24/2019    EUR     68.800
Deutsche Bank AG             3.200  12/24/2019    EUR     69.500
Deutsche Bank AG             3.200  12/24/2019    EUR     66.200
Deutsche Bank AG             5.500  12/24/2019    EUR     55.500
Deutsche Bank AG             5.500  12/24/2019    EUR     50.300
Deutsche Bank AG             3.200   9/24/2019    EUR     65.600
Deutsche Bank AG             3.200  12/24/2019    EUR     68.900
Deutsche Bank AG             3.200  12/24/2019    EUR     62.700
Deutsche Bank AG             3.200  12/24/2019    EUR     60.300
Deutsche Bank AG             5.500   6/25/2019    EUR     60.300
Deutsche Bank AG             5.500   6/25/2019    EUR     56.300
Deutsche Bank AG             5.500   6/25/2019    EUR     31.400
Deutsche Bank AG             3.200   6/25/2019    EUR     64.200
Deutsche Bank AG             3.200   9/24/2019    EUR     69.300
Deutsche Bank AG             3.200   9/24/2019    EUR     68.000
Deutsche Bank AG             3.200   9/24/2019    EUR     64.900
Deutsche Bank AG             3.200  12/24/2019    EUR     71.600
Deutsche Bank AG             5.500   9/24/2019    EUR     62.300
Deutsche Bank AG             5.500   9/24/2019    EUR     59.900
Deutsche Bank AG             5.500  12/24/2019    EUR     67.300
Deutsche Bank AG             5.500  12/24/2019    EUR     63.500
Deutsche Bank AG             5.500  12/24/2019    EUR     61.200
Bank Julius Baer & Co L      5.350   6/19/2019    CHF     26.250
Deutsche Bank AG             3.200   9/24/2019    EUR     54.000
Deutsche Bank AG             3.200  12/24/2019    EUR     54.700
Deutsche Bank AG             3.200   6/25/2019    EUR     53.500
DZ Bank AG Deutsche Zen      5.000   6/26/2019    EUR     28.490
Bank Julius Baer & Co L      5.200   9/19/2019    CHF     74.550
Deutsche Bank AG             3.200   9/24/2019    EUR     63.000
Deutsche Bank AG             3.200  12/24/2019    EUR     69.300
Deutsche Bank AG             3.200  12/24/2019    EUR     66.200
Deutsche Bank AG             3.200  12/24/2019    EUR     63.300
Vontobel Financial Prod      6.000   6/28/2019    EUR     74.120
DZ Bank AG Deutsche Zen      9.500   6/26/2019    EUR     55.430
Vontobel Financial Prod      9.000   6/28/2019    EUR     60.260
DZ Bank AG Deutsche Zen     10.600   6/26/2019    EUR     69.410
Deutsche Bank AG             8.000    7/5/2019    EUR     71.460


[*] EUROPE: Economic Risks to Hit Debt-Laden Cos., Governments
--------------------------------------------------------------
Paul Gordon at Bloomberg News reports that risks to the euro zone's
public and private finances have risen in the past six months, with
indebted companies especially exposed, according to the European
Central Bank.

In its semi-annual Financial Stability Review, the ECB said
downside economic risks remain "prominent" and market volatility at
the start of the year highlighted how a sudden rise in funding
costs could hurt debt-laden companies and governments, Bloomberg
relates.

There was also a gloomy prognosis for the banking industry with a
warning that profitability, already weaker than that of
international peers, will remain below levels demanded by
investors, Bloomberg discloses.

Still, the ECB didn't follow the argument of many lenders that its
negative interest rates are to blame, Bloomberg notes.  Instead it
said fault lies with banks themselves, saying the main issues are
high cost structures, limited revenue diversification and "legacy
assets" -- essentially non-performing loans, Bloomberg relays.

According to Bloomberg, the Frankfurt-based central bank said it's
concerned over debt sustainability for some governments, which
could face difficulty refinancing if investors reassess the risk of
sovereign bonds.

A number of euro-zone countries have struggled to get their
borrowing under control, while six years of economic expansion
buoyed by ultra-low interest rates have seen some companies pile up
debts, Bloomberg states.  Now the region is struggling with slower
growth and subdued confidence amid potential shocks such as trade
tariffs and a no-deal Brexit -- events which would probably cause
funding costs in the market to rise, according to Bloomberg.



                           *********


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 2019.  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 * * *