---

       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, December 9, 2019, Vol. 20, No. 245

                           Headlines



F R A N C E

KAPLA HOLDING: Moody's Affirms B1 CFR, Outlook Stable


G E O R G I A

BASISBANK: Fitch Affirms B+ LT IDR, Outlook Stable


I R E L A N D

CAPITAL FOUR I: Moody's Assigns B3 Rating to EUR8.6MM Cl. F Notes
CAPITAL FOUR I: S&P Assigns B- (sf) Rating to Class F Notes
GRAND CANAL 2: DBRS Confirms BB (low) Rating on Class C Notes
OCP EURO 2017-1: Moody's Gives (P)B3 Rating to EUR8MM Cl. F Notes
ROCKFORD TOWER 2019-1: Fitch Assigns B-sf Rating to Class F Debt

ROCKFORD TOWER 2019-1: Moody's Rates EUR9.75MM Cl. F Notes B3(sf)


I T A L Y

A-BEST 17: DBRS Finalizes B (High) Rating on Class E Notes
LEONARDO SPA: S&P Alters Outlook to Positive & Affirms 'BB+/B' ICR
SALINI IMPREGILO: S&P Alters Outlook to Pos. & Affirms BB- Rating
SISAL GROUP: Moody's Affirms B1 CFR; Alters Outlook to Positive
SISAL GROUP: S&P Affirms 'B+' Issuer Credit Rating, Outlook Neg.



K A Z A K H S T A N

BANK RBK: S&P Alters Outlook to Positive & Affirms 'B-/B' ICRs
HALYK BANK: Fitch Upgrades LT IDR to BB+, Outlook Positive


N E T H E R L A N D S

MAGOI BV: DBRS Assigns Provisional B Rating to Class F Notes


S P A I N

CAIXABANK PYMES 11: DBRS Finalizes B Rating on Series B Notes
PYMES SANTANDER 15: Moody's Rates EUR150MM Series C Notes


T U R K E Y

BANKPOZITIF KREDI: Fitch Places B+ LT IDR on Rating Watch Neg.
TURKIYE HALK: Moody's Confirms B3 Sr. Unsec. Debt Rating
YAPI VE KREDI: Moody's Affirms B2 Sr. Unsec. Debt Rating


U N I T E D   K I N G D O M

ALPHA TOPCO: Moody's Affirms B2 CFR; Alters Outlook to Positive
COMPASS III: Moody's Affirms B3 CFR, Outlook Stable
EDDIE STOBART: Shareholders Vote in Favor of DBAY's Rescue Deal
HOLLAND & BARRETT: S&P Cuts Long-Term ICR to 'B-', Outlook Stable
OCADO GROUP: Moody's Reviews Ba3 CFR for Possible Downgrade

RESIDENTIAL MORTGAGE 31: DBRS Confirms C Rating on Class X1 Notes
SOUTHERN WATER: S&P Withdraws 'B' Long-Term Issuer Credit Rating
TALKTALK TELECOM: Fitch Affirms BB- LT IDR, Outlook Negative


X X X X X X X X

[*] BOND PRICING: For the Week December 2 to December 6, 2019

                           - - - - -


===========
F R A N C E
===========

KAPLA HOLDING: Moody's Affirms B1 CFR, Outlook Stable
-----------------------------------------------------
Moody's Investors Service affirmed the B1 Corporate Family rating
and B1-PD Probability of Default Rating for KAPLA HOLDING S.A.S.
Concurrently, Moody's has assigned a B1 instrument rating to the
new EUR320 million fixed rate notes due 2026 and EUR500 million
floating rate notes due 2026 to be raised by KAPLA HOLDING S.A.S.
The outlook remains stable.

Proceeds from the aggregate EUR820 million senior secured notes
will be used to repay the existing EUR820 million term loan B. The
company will also enter into a new Revolving Credit Agreement that
will be super senior to the senior secured notes, in contrast with
the existing one which is pari passu with the term loan B. Moody's
will withdraw the instrument ratings on the EUR820 million term
loan B upon repayment and the EUR120 million existing revolving
credit facility upon its cancellation.

The rating action reflects the leverage neutral loan-to-bond
refinancing with no impact on credit metrics. Pro forma for the
transaction, Moody's expects the company to benefit from a lower
interest cost that will marginally improve free cash flow
generation and an extended maturity profile.

RATINGS RATIONALE

Kiloutou's B1 CFR with a stable outlook is supported by (1) its #2
market position in France with 15% market share and strong barriers
to entry due to its dense branch network and broad selection of
equipment; (2) its good growth prospects due to industry growth
driven by continued increase in rental penetration in France as
well as in its other countries of operation; (3) the company's
continued international expansion plan as it will diversify the
business away from France which represents approximately 84% of
revenues based as of September 2019, and; (4) Kiloutou's mix of
end-markets and customers which favour a high proportion of smaller
tool rental (c. 37% vs market 19%) which is more resilient in a
downturn.

Conversely, the rating remains constrained by (1) the company's
exposure to cyclical and seasonal construction and civil
engineering end markets and resulting revenue volatility; (2) the
capital intensive nature of the business and its impact on cash
flow generation, although Moody's expects the company to be able to
offset this risk by turning off capex during shorter downturns,
and; (3) Kiloutou's ambitious expansion plan involving capex and
acquisitions which involves execution risk; and (4) the leverage of
4.2x as of June 2019 which is moderately high for this industry and
rating category.

ESG CONSIDERATIONS

Moody's would like to draw attention to certain governance
considerations with respect to shareholders. Kiloutou's majority
shareholder is HLD Group (69%) along with management and employees
(17%) and the Mulliez family (14%). As is often the case in levered
private equity sponsored deals, owners have a higher tolerance for
leverage/risk and governance is comparatively less transparent. In
particular, the documentation of the notes allows for a large
flexibility for re-leveraging.

LIQUIDITY PROFILE

Moody's considers Kiloutou's liquidity to be adequate and supported
by: (1) a certain level of capex flexibility and a history of
maintaining positive EBITDA-capex through the cycle; (2) an undrawn
EUR120 million RCF pro-forma the transaction; (3) no meaningful
debt amortization before 2026. As part of the documentation, the
super senior RCF contains a springing financial covenant based on
net leverage set at 7.2x and tested only when the RCF is drawn by
more than 40%. Moody's expects that Kiloutou will maintain a good
headroom under this covenant if it is tested.

STRUCTURAL CONSIDERATIONS

Using Moody's Loss Given Default for Speculative-Grade Companies
Methodology, the PDR is B1-PD, in line with the CFR, reflecting its
assumption of a 50% recovery rate as is customary for capital
structures including notes and bank debt. The senior secured notes
are rated B1 in line with the CFR due to a limited amount of super
senior RCF ranking ahead in the structure.

OUTLOOK RATIONAL

The stable outlook includes its expectation that Moody's adjusted
leverage will remain close to 4x in the next 12-18 months. It also
includes its expectation for continued moderate growth and
increased rental penetration in the company's countries of
operation. Moody's considers that the company will not execute any
major debt-funded acquisitions or shareholder distributions.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Positive pressure on the rating is unlikely in the near term but
could occur if the company achieved a reduction in Moody's adjusted
leverage towards 3.0x on a sustainable basis and successfully
achieved further international diversification whilst maintaining
an adequate liquidity profile.

Negative pressure on the rating could occur if (1) the company's
operational performance deteriorates, (2) Moody's adjusted leverage
was maintained at or above 4.5x on a sustained basis, or if (3)
liquidity deteriorated.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Equipment and
Transportation Rental Industry published in April 2017.

CORPORATE PROFILE

Kiloutou is the number two player in the French equipment rental
market with a focus on tools and light equipment, construction
equipment, access equipment and services. Clients include large
construction groups as well as small building firms and sole
traders. In the last twelve months ending September 2019, Kiloutou
generated EUR729 million of revenue and EUR240 million of reported
EBITDA.



=============
G E O R G I A
=============

BASISBANK: Fitch Affirms B+ LT IDR, Outlook Stable
--------------------------------------------------
Fitch Ratings affirmed JSC Basisbank's Long-Term Issuer Default
Rating at 'B+' with Stable Outlook.

KEY RATING DRIVERS

Basisbank's IDR is driven by its standalone creditworthiness, as
expressed by its Viability Rating (VR) of 'b+'. The VR reflects the
bank's reasonable asset quality and profitability metrics, as well
as solid capitalisation. At the same time, the ratings factor in
the bank's only moderate franchise in the concentrated Georgian
banking sector and heightened risk appetite due to declining but
still significant lending in foreign currencies (57% of gross loans
at end-3Q19).

The Support Rating of '5' and Support Rating Floor of 'No Floor'
reflect the bank's limited systemic importance, and consequently
Fitch's view that state support cannot be relied upon. Potential
support from the private shareholders is also not factored into the
ratings.

At end-3Q19, Basisbank's impaired loans (Stage 3 loans under IFRS
9, based on management accounts) stood at a reasonable 5.8% of
total loans. These were only modestly covered by loan loss
allowances (LLAs) at 31%, reflecting the bank's reliance on
collateral. Regulatory impaired loans (overdue loans and loans to
borrowers with weak or deteriorating financial performance) equaled
5.6%, in line with IFRS and were better covered by regulatory LLAs
at 78%. The bank's asset quality is undermined by significant
borrower concentrations. At end-3Q19, the 25 largest groups of
borrowers amounted to 1.3x of Fitch Core Capital (FCC).

Performance remains good, as reflected by operating profit-to-risk
weighted assets ratio of 2.6% in 9M19 (annualised), albeit down
from 3.2% in 2018 due to grown operational expenses. The
cost-to-income ratio deteriorated to 45% in 9M19 from 39% in 2018.
Loan impairment charges remained low (0.2% of average gross loans
in 9M19) underpinning a reasonable return on average equity of 13%
(annualised).

Basisbank's capitalisation is adequate with a FCC ratio of 19%
(based on management's accounts) and the regulatory Tier 1 and
Total capital ratios at 16.3% and 18.5%, respectively, at end-3Q19.
Fitch estimates the bank could additionally reserve up to 4% of
gross loans before breaching the minimum required levels, including
buffers.

The bank is primarily funded by customer accounts (59% of total
liabilities at end-3Q19), with the majority sourced from corporate
clients. Related-party funds were a limited 5% of liabilities.
Non-deposit funding was significant and included loans from
international financial institutions (29%) and interbank
borrowings, mostly repo from the central bank (9%). Refinancing
risks are manageable, in Fitch's view. At end-3Q19, the liquidity
buffer (cash, interbank, assets eligible for repo and committed
credit lines net of potential repayments of wholesale debt in the
upcoming 12 months) was equal to 24% of customer accounts.

RATING SENSITIVITIES

Basisbank's ratings are mainly sensitive to a material weakening of
asset quality, and the resulting negative impact on the bank's
profitability and capitalisation. A decrease of the capital buffer,
with the regulatory total capital ratio approaching 16% could
result in a downgrade. Upside for the ratings is currently limited
and would require notable improvements in the bank's franchise,
risk appetite and financial profile metrics.

ESG CONSIDERATIONS

Basisbank's highest ESG credit relevance score is '3'. This means
that ESG issues are credit-neutral or have only a minimal credit
impact on the bank, either due to their nature or to the way in
which the issues are being managed by the bank.



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

CAPITAL FOUR I: Moody's Assigns B3 Rating to EUR8.6MM Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Capital Four CLO I
DAC:

EUR233,300,000 Class A Senior Secured Floating Rate Notes due 2033,
Definitive Rating Assigned Aaa (sf)

EUR22,500,000 Class B-1 Senior Secured Floating Rate Notes due
2033, Definitive Rating Assigned Aa2 (sf)

EUR15,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2033,
Definitive Rating Assigned Aa2 (sf)

EUR25,500,000 Class C Senior Secured Deferrable Floating Rate Notes
due 2033, Definitive Rating Assigned A2 (sf)

EUR23,600,000 Class D Senior Secured Deferrable Floating Rate Notes
due 2033, Definitive Rating Assigned Baa3 (sf)

EUR19,500,000 Class E Senior Secured Deferrable Floating Rate Notes
due 2033, Definitive Rating Assigned Ba3 (sf)

EUR8,600,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2033, Definitive Rating Assigned B3 (sf)

RATINGS RATIONALE

The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in its methodology.

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be 90 % ramped as of the closing date and
to comprise of predominantly corporate loans to obligors domiciled
in Western Europe. The remainder of the portfolio will be acquired
during the 6 month ramp-up period in compliance with the portfolio
guidelines.

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

In addition to the 7 classes of notes rated by Moody's, the Issuer
has issued EUR 37M of Subordinated Notes which are not rated.

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

Methodology underlying the rating action:

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

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

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

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in March 2019.

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

Par Amount: EUR 375,000,000

Diversity Score: 47

Weighted Average Rating Factor (WARF): 3100

Weighted Average Spread (WAS): 3.8%

Weighted Average Coupon (WAC): 4.5%

Weighted Average Recovery Rate (WARR): 45%

Weighted Average Life (WAL): 8.5 years

Moody's has addressed the potential exposure to obligors domiciled
in countries with local currency ceiling (LCC) of A1 or below. As
per the portfolio constraints and eligibility criteria, exposures
to countries with LCC of A1 to A3 cannot exceed 10% and obligors
cannot be domiciled in countries with LCC below A3.

CAPITAL FOUR I: S&P Assigns B- (sf) Rating to Class F Notes
-----------------------------------------------------------
S&P Global Ratings assigned credit ratings to the class A to F
European cash flow CLO notes issued by Capital Four CLO I DAC. At
closing, the issuer also issued unrated subordinated notes.

The ratings reflect S&P's assessment of:

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

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

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

-- The transaction's legal structure, which is bankruptcy remote.

-- The transaction's counterparty risks, which are in line with
S&P's counterparty rating framework.

Under the transaction documents, the rated notes pay quarterly
interest unless there is a frequency switch event. Following this,
the notes will permanently switch to semiannual payment. Upon full
redemption of the class A notes and only following a frequency
switch event, any nonpayment of the next senior-most classes of
notes will lead to an event of default.

S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average 'B'
rating, with an S&P Global Ratings' weighted-average rating factor
of 2,531. In our view, the portfolio is granular in nature, and
well-diversified across obligors, industries, and asset
characteristics when compared to other CLO transactions we have
rated recently. Therefore, we have conducted our credit and cash
flow analysis by applying our criteria for corporate cash flow
CDOs. As such, we have not applied any additional scenario and
sensitivity analysis when assigning ratings to any classes of notes
in this transaction.

"In our cash flow analysis, we used the EUR375 million target par
amount, the covenanted weighted-average spread (3.80%), the
weighted-average coupon (4.50%), and the covenanted
weighted-average recovery rates for all rating levels. As the
portfolio is being ramped, we have relied on indicative spreads and
the portfolio's recovery rates. Our credit and cash flow analysis
indicates that the available credit enhancement for the class B-1
to F notes could withstand stresses commensurate with higher rating
levels than those we have assigned. However, as the CLO is in its
reinvestment phase starting from closing, during which the
transaction's credit risk profile could deteriorate, we have capped
our ratings assigned to the notes."

Additionally, under the collateral management agreement, a test
request may occur after the proposed acquisition, sale, or other
action of any collateral obligation, which otherwise typically
would comprise the issuer or collateral manager notifying the
collateral administrator in advance of any proposed action with
regards to each collateral obligation.

Under S&P's structured finance sovereign risk criteria, the
transaction's exposure to country risk is sufficiently mitigated at
the assigned rating levels.

The Bank of New York Mellon, London Branch is the bank account
provider and custodian. The documented downgrade remedies are in
line with its current counterparty criteria.

The issuer is bankruptcy remote, in accordance with S&P's legal
criteria.

Following S&P's analysis of the credit, cash flow, counterparty,
operational, and legal risks, it believes its ratings are
commensurate with the available credit enhancement for each class
of notes.

  Ratings List

  Class  Rating    Amount    Subordination   Interest rate
                  (mil. EUR) (%)
  A      AAA (sf)  233.30    37.79      Three/six-month EURIBOR
                                           plus 0.93%
  B-1    AA (sf)   22.50     27.79      Three/six-month EURIBOR
                                           plus 1.75%
  B-2    AA (sf)   15.00     27.79      2.25%
                                           plus 2.55%
  D      BBB (sf)  23.60     14.69      Three/six-month EURIBOR
                                           plus 4.00%
  E      BB- (sf)  19.50      9.49      Three/six-month EURIBOR
                                           plus 6.47%
  F      B- (sf)    8.60      7.20      Three/six-month EURIBOR
                                           plus 9.25%
  Sub notes  NR     37.00      N/A       N/A

  NR--Not rated.

  N/A--Not applicable.

  EURIBOR--Euro Interbank Offered Rate.


GRAND CANAL 2: DBRS Confirms BB (low) Rating on Class C Notes
-------------------------------------------------------------
DBRS Ratings Limited confirmed its A (sf), BBB (low) (sf), BB (low)
(sf) and B (low) (sf) ratings of the Class A, Class B, Class C and
Class D notes issued by Grand Canal Securities 2 DAC (the Issuer).

The rating of the Class A notes addresses timely payment of
interest and ultimate payment of principal. The ratings of the
Class B, Class C and Class D notes address ultimate payment of
interest and ultimate payment of principal. DBRS Morningstar does
not rate the Class E1, Class E2, Class E3, Class P and Class F
notes.

Proceeds from the issuance of the notes were used to purchase the
beneficial title and trust (from trust loans) of first charge
(including subsequent charges) performing and non-performing Irish
residential mortgage loans from Mars Capital Ireland Holdings DAC
(the Seller). As of October 31, 2017 cut-off date, the mortgage
loans had a total outstanding balance of EUR 517.7 million and were
originated by Irish Nationwide Building Society and Springboard
Mortgages Limited. Primary servicing of the portfolio is undertaken
by Mars Capital Finance Ireland DAC (the servicer).

According to the most recent investor report issued in October
2019, the principal amounts outstanding of the Class A, Class B,
Class C and Class D notes were equal to EUR 168.9 million, EUR 9.3
million, EUR 10.1 million, and EUR 11.9 million, respectively. The
balance of the Class A notes amortized by approximately 27% since
issuance. The current aggregated transaction balance is equal to
EUR 455.6 million.

As of October 2019, the actual cumulative gross collections after
closing are equal to EUR 66.6 million. The initial business plan
provided by the servicer assumed total gross collections for EUR
92.2 million during the same period, which is 25.7% higher than the
amount collected so far.

At issuance, DBRS Morningstar estimated cumulative gross
collections as of October 2019 of EUR 43.6 million in the "A"
scenario, EUR 49.2 million in the BBB (low) scenario, EUR 56.6
million in the BB (low) scenario and EUR 63.0 million in the B
(low) stressed scenario in a flat interest rate environment; and of
EUR 45.0 million in the "A" scenario, EUR 50.1 million in the BBB
(low) scenario, EUR 57.2 million in the BB (low) scenario and EUR
63.5 million in the B (low) stressed scenario in a rising interest
rate environment, all of which are lower than the actual cumulative
gross collections to date.

The transaction benefits from four reserve funds which provide
liquidity support to the rated notes: the Class A reserve fund,
which was funded to an initial balance equal to 3.0% of the Class A
notes and can amortize to 3.0% of the outstanding balance of the
Class A notes; the Class B reserve fund, whose initial amount was
equal to 7% of the initial Class B notes balance and does not have
a target amount; the Class C reserve fund, whose initial amount was
equal to 12% of the initial Class C notes balance and does not have
a target amount; and the Class D reserve fund, whose initial amount
was equal to 15% of the initial Class D notes balance and does not
have a target amount. Credits to the Class B, C and D reserves are
made outside of the waterfall based on the proceeds of the interest
rate cap allocated proportionately to the respective size of the
Class B, C and D notes relative to the cap notional. According to
the latest investor report dated October 2019, the Class A reserve
fund amounted to EUR 5.1 million, which is in line with the target
balance, and the Class B, Class C and Class D notes reserve fund
balance amounted to EUR 0.4 million, EUR 0.7 million and EUR 1.0
million, respectively.

Since closing, the total outstanding balance of the mortgage
portfolio has been reduced by EUR 74.9 million. The most recent
reported current outstanding balance as of October 2019 was EUR
442.7 million compared with EUR 517.6 million at cut-off date. The
portfolio continues to be mainly concentrated in the same areas as
at issuance, with Dublin representing the largest concentration of
assets in the pool with 19.6% by current outstanding balance (20.4%
at issuance).

The ratings are based on DBRS Morningstar's analysis of the
projected recoveries of the underlying collateral, the historical
performance and expertise of the servicer, the availability of
liquidity to fund interest shortfalls and special-purpose vehicle
expenses, the cap agreement with HSBC Bank Plc and the
transaction's legal and structural features.

The transaction's final maturity date is in December 2058.

Notes: All figures are in Euros unless otherwise noted.

OCP EURO 2017-1: Moody's Gives (P)B3 Rating to EUR8MM Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to refinancing notes to be issued by
OCP Euro CLO 2017-1 Designated Activity Company:

EUR1,500,000 Class X Senior Secured Floating Rate Notes due 2033,
Assigned (P)Aaa (sf)

EUR218,700,000 Class A Senior Secured Floating Rate Notes due 2033,
Assigned (P)Aaa (sf)

EUR34,700,000 Class B Senior Secured Floating Rate Notes due 2033,
Assigned (P)Aa2 (sf)

EUR20,500,000 Class C Senior Secured Deferrable Floating Rate Notes
due 2033, Assigned (P)A2 (sf)

EUR22,600,000 Class D Senior Secured Deferrable Floating Rate Notes
due 2033, Assigned (P)Baa3 (sf)

EUR19,200,000 Class E Senior Secured Deferrable Floating Rate Notes
due 2033, Assigned (P)Ba3 (sf)

EUR8,000,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2033, Assigned (P)B3 (sf)

RATINGS RATIONALE

The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in its methodology.

The Issuer will issue the refinancing notes in connection with the
refinancing of the following classes of notes: Class A Notes, Class
B Notes, Class C Notes, Class D Notes, Class E Notes and Class F
Notes due 2030, previously issued on May 11, 2017. On the
refinancing date, the Issuer will use the proceeds from the
issuance of the refinancing notes to redeem in full the Original
Notes.

In addition, the Issuer will issue EUR 38.25 million of additional
subordinated notes on the refinancing date. The terms and
conditions of the subordinated notes will be amended in accordance
with the refinancing notes' conditions.

Interest and principal amortisation amounts due to the Class X
Notes are paid pro rata with payments to the Class A Notes. The
class X Notes amortise by 16.67% or EUR 250,000 over the first six
payment dates.

As part of this refinancing, the Issuer has set the reinvestment
period to c.a. 4.5 years and the weighted average life to 8.5
years. In addition, the Issuer will amend the base matrix and
modifiers that Moody's will take into account for the assignment of
the definitive ratings.

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of secured senior loans or senior secured
bonds and up to 10% of the portfolio may consist of unsecured
senior loans, second-lien loans, high yield bonds and mezzanine
loans. The underlying portfolio is expected to be fully ramped as
of the closing date.

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

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

Methodology Underlying the Rating Action:

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

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

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

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in March 2019.

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

Target Par Amount: EUR 350,000,000

Diversity Score: 46

Weighted Average Rating Factor (WARF): 2925

Weighted Average Spread (WAS): 3.42%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 45%

Weighted Average Life (WAL): 8.5 years

Moody's has addressed the potential exposure to obligors domiciled
in countries with local currency ceiling (LCC) of A1 or below. As
per the portfolio constraints and eligibility criteria, exposures
to countries with LCC of A1 to A3 cannot exceed 10% and obligors
cannot be domiciled in countries with LCC below A3.

ROCKFORD TOWER 2019-1: Fitch Assigns B-sf Rating to Class F Debt
----------------------------------------------------------------
Fitch Ratings assigned Rockford Tower Europe CLO 2019-1 DAC final
ratings as detailed.

RATING ACTIONS

Rockford Tower Europe CLO 2019-1 DAC

Class A;    LT AAAsf New Rating;  previously at AAA(EXP)sf

Class B-1;  LT AAsf New Rating;   previously at AA(EXP)sf

Class B-2;  LT AAsf New Rating;   previously at AA(EXP)sf

Class C;    LT Asf New Rating;    previously at A(EXP)sf

Class D;    LT BBB-sf New Rating; previously at BBB-(EXP)sf

Class E;    LT BB-sf New Rating;  previously at BB-(EXP)sf

Class F;    LT B-sf New Rating;   previously at B-(EXP)sf

Sub. Notes; LT NRsf New Rating;   previously at NR(EXP)sf

TRANSACTION SUMMARY

Rockford Tower Europe CLO 2019-1 DAC is a securitisation of mainly
senior secured obligations (at least 90%) with a component of
senior unsecured, mezzanine, and second-lien loans. Net proceeds
from the notes are being used to purchase a EUR400 million
portfolio of mainly euro-denominated leveraged loans and bonds. The
transaction has a 4.5-year reinvestment period and a weighted
average life of 8.5 years. The portfolio of assets is managed by
Rockford Tower Capital Management, L.L.C.

KEY RATING DRIVERS

'B+'/'B' Portfolio Credit Quality

Fitch assesses the average credit quality of obligors at the 'B'
category. The Fitch-calculated weighted average rating factor
(WARF) of the underlying portfolio is 31.5.

High Recovery Expectations

At least 90% of the portfolio comprises senior secured obligations.
Recovery prospects for these assets are typically more favourable
than for second-lien, unsecured and mezzanine assets. The
Fitch-calculated weighted average recovery rate (WARR) of the
identified portfolio is 69.6%.

Diversified Asset Portfolio

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

Portfolio Management

The transaction features six Fitch test matrices, each having a
different maximum fixed rate allowance of 0%, 5%, or 10% for each
of the two different top 10 obligor concentration limitations at
17% and 24%, respectively, while the manager will be allowed to
interpolate between these matrices. 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, as well as to assess their
effectiveness, including the structural protection provided by
excess spread diverted through the par value and interest coverage
tests.

RATING SENSITIVITIES

A 125% 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 two notches for the rated
notes.

A 25% reduction in recovery rates would lead to a downgrade of up
to four notches for the class E notes and a downgrade of up to two
notches for the other 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.

ROCKFORD TOWER 2019-1: Moody's Rates EUR9.75MM Cl. F Notes B3(sf)
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Rockford Tower
Europe CLO 2019-1 DAC:

EUR248,000,000 Class A Senior Secured Floating Rate Notes due 2033,
Definitive Rating Assigned Aaa (sf)

EUR31,000,000 Class B-1 Senior Secured Floating Rate Notes due
2033, Definitive Rating Assigned Aa2 (sf)

EUR5,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2033,
Definitive Rating Assigned Aa2 (sf)

EUR25,500,000 Class C Senior Secured Deferrable Floating Rate Notes
due 2033, Definitive Rating Assigned A2 (sf)

EUR27,000,000 Class D Senior Secured Deferrable Floating Rate Notes
due 2033, Definitive Rating Assigned Baa3 (sf)

EUR23,500,000 Class E Senior Secured Deferrable Floating Rate Notes
due 2033, Definitive Rating Assigned Ba3 (sf)

EUR9,750,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2033, Definitive Rating Assigned B3 (sf)

RATINGS RATIONALE

The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in its methodology.

Rockford Tower Europe CLO 2019-1 DAC is a managed cash flow CLO. At
least 90% of the portfolio must consist of senior secured
obligations and up to 10% of the portfolio may consist of unsecured
senior obligations, second-lien loans, mezzanine obligations and
high yield bonds. The portfolio is expected to be approximately 73%
ramped as of the closing date and to comprise of predominantly
corporate loans to obligors domiciled in Western Europe. The
remainder of the portfolio will be acquired during the six month
ramp-up period in compliance with the portfolio guidelines.

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

In addition to the seven Classes of Notes rated by Moody's, the
Issuer has issued EUR 38.725 million of Subordinated Notes due 2033
which are not rated.

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

Methodology underlying the rating action:

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

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

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

Moody's modeled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in Section
2.3 of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in March 2019.

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

Par Amount: EUR 400,000,000

Diversity Score: 44*

Weighted Average Rating Factor (WARF): 2953

Weighted Average Spread (WAS): 3.50%

Weighted Average Coupon (WAC): 5.00%

Weighted Average Recovery Rate (WARR): 44.0%

Weighted Average Life (WAL): 8.5 years

* The covenanted base case diversity score is 45, however Moody's
has assumed a diversity score of 44 as the deal documentation
allows for the diversity score to be rounded up to the nearest
whole number whereas usual convention is to round down to the
nearest whole number

Moody's has addressed the potential exposure to obligors domiciled
in countries with local currency ceiling (LCC) of A1 or below. As
per the portfolio constraints and the eligibility criteria,
exposures to countries with LCC of A1 or below cannot exceed 10%,
with exposures to LCC of Baa1 to Baa3 further limited to 5% and
with exposures of LCC below Baa3 not greater than 0%.



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

A-BEST 17: DBRS Finalizes B (High) Rating on Class E Notes
----------------------------------------------------------
DBRS Ratings GmbH finalized its provisional ratings assigned to the
following classes of notes issued by Asset-Backed European
Securitization Transaction Seventeen S.r.l. (the Issuer or A-BEST
17).

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

The transaction represents the issuance of Class A, Class B, Class
C, Class D, Class E and Class M Notes (together, the Notes) backed
by EUR 900 million pool of receivables related to loans for new and
used motor vehicles granted and serviced by FCA Bank S.p.A (FCAB),
which is owned by FCA Italy S.p.A. and Credit Agricole Consumer
Finance. The loans were granted to individuals residing in Italy
and enterprises with registered office in Italy. DBRS Morningstar
does not rate the Class M Notes.

The margins on the final structure's notes are lower than the ones
on the provisional structure (except on the Class A Notes). Also,
the final floating and fixed rate paid under the swap agreements
have changed to the benefit of the Issuer. These had a positive
impact on the final ratings assigned to the Class B, Class C, Class
D and Class E Notes, which differ from the respective provisional
ratings of AA (sf), A (sf), BB (sf) and B (low) (sf),
respectively.

The transaction has a scheduled 14-month revolving period, during
which the time Issuer will use principal collections to purchase
new receivables that FCAB may offer, subject to certain conditions
set out in the transaction documents, including certain
concentration limits that stipulate thresholds for used vehicles,
VAT borrowers, weighted-average yield and tenor and receivables
relating to the financing of insurance premiums. During the
revolving period, no principal is repaid on the Notes, but the
revolving period may end earlier than scheduled if certain events
occur as set out in the transaction documents.

For six payment dates after the revolving period ends, the
principal repayment of the Notes will be sequential. On the payment
date falling seven months from the end of the revolving period
(July 2021), principal available funds will be allocated on a
pro-rata basis to pay down the Notes until the occurrence of
certain events such as breach of performance triggers, insolvency
of the originator and termination of the servicer. Under these
circumstances, the principal repayment of the Notes becomes
sequential and the switch is non-reversible.

The rating of the Class A Notes addresses the timely payment of
interest and ultimate repayment of principal by the legal final
maturity date. The ratings on the Class B, Class C, Class D and
Class E Notes address the ultimate payment of interest and ultimate
repayment of principal by the legal maturity date while junior to
other outstanding classes of notes, but the timely payment of
interest when they are the senior-most tranche.

The ratings are based on DBRS Morningstar's review of the following
analytical considerations:

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

-- Credit enhancement levels are sufficient to support DBRS
Morningstar-projected expected cumulative net losses under various
stress scenarios.

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

-- FCAB's (the Seller) capabilities with regard to originations,
underwriting and servicing and its financial strength.

-- DBRS Morningstar's operational risk review of the Seller, which
deemed it to be an acceptable servicer.

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

-- The credit quality, diversification of the collateral and
historical and projected performance of the Seller's portfolio.

-- The sovereign rating of the Republic of Italy, currently rated
BBB (high) with a Stable trend by DBRS Morningstar.

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

Notes: All figures are in Euros unless otherwise noted.

LEONARDO SPA: S&P Alters Outlook to Positive & Affirms 'BB+/B' ICR
------------------------------------------------------------------
S&P Global Ratings revised its outlook to positive and affirmed its
'BB+/B' long- and short-term issuer credit ratings on Italy-Based
Leonardo SpA.

Leonardo's credit metrics are improving due to higher FOCF
generation and further debt reduction. The positive outlook
primarily reflects our expectations of higher FOCF generation. S&P
said, "We think this will stem from solid topline growth of about
6%-7% per year and at least stable profit margins, as well as
further debt reduction, in line with Leonardo's commitment to apply
a conservative financial policy. In our base case, we expect
positive adjusted FOCF of about EUR150 million-EUR160 million for
2019 and more than EUR300 million per year in 2020-2021, up from
negative EUR150 million in 2018. We also expect stable dividend
payments to result in adjusted FFO to debt increasing to more than
35% in 2020 from about 30% in 2019. We expect adjusted debt to
EBITDA will decrease to 2.3x by year-end 2020 from about 2.7x we
expect at year-end 2019."

S&P said, "We view positively management's commitment to reducing
leverage and limited dividend distributions to shareholders, which
totaled EUR81 million in 2019. We assume that the company's new
board, due to be finalized in 2020, will continue with the current
financial policy and business strategies.

"Profit margins should stay in the 12%-13% range in 2019 and 2020,
reflecting management's focus on sustained profitable growth. We
expect Leonardo to be able to maintain or slightly improve profit
margins in 2019 and 2020 thanks to its tight cost control. Leonardo
benefits from good revenue visibility, where a firm backlog
typically covers 80% of its annual revenue. We expect positive
growth in all Leonardo's business divisions will support the
company's topline in 2019 and 2020. That said, aeronautics will be
likely the primary contributor to topline growth. We expect revenue
to increase in this division by about 10% per year, from EUR2.9
billion in 2018. Furthermore, 2020 revenue will benefit from the
first deliveries of 28 Eurofighters to Kuwait. We therefore expect
consolidated revenue to reach about EUR13 billion in 2019, up from
EUR12.2 billion in 2018. The company took various measures in 2018,
including: cost control initiatives (EUR220 million savings), the
early retirement plan signed thanks to the Fornero Act in Italy
(EUR170 million), and supply chain rationalization. We therefore
expect Leonardo's adjusted EBITDA margin to remain between 12% and
13% in 2019 versus 12.7% in 2018. We think tight cost control could
enable Leonardo's adjusted EBITDA margin to gradually improve in
2020, in the absence of unforeseen one-off restructuring costs."

Leonardo's 2018-2020 business plan is primarily focused on cash
generation and we expect FOCF to turn positive from 2019.

Management has guided that Leonardo should generate about EUR200
million of FOCF for 2019. Given the nature of the business and the
volatility of working capital that is directly linked to the
deliveries of typically large projects, Leonardo has historically
exhibited volatile adjusted FOCF, which was negative EUR150 million
in 2018. S&P said, "For 2019, we expect our adjusted FOCF to be
positive by about EUR150 million-EUR160 million. Under our base
case, we assume no further increases in trade receivables sold,
bringing them in line with 2018."

Moreover, in November this year, the company repaid about $130
million of U.S. dollar-denominated notes--bearing an annual
interest between 6.250% and 7.365--which will result in a slightly
lower overall interest burden. S&P said, "We also note that
Leonardo recently renegotiated its (currently undrawn) revolving
credit facility (RCF) with a lower coupon. Under our base case, we
have included a one-off interest expense of EUR25 million, which
has a one-off negative effect on the company's adjusted FFO for
2019. We therefore expect FFO to debt to reach about 30% in 2019,
in line with 2018. We think the company is on track to reduce the
cost of funding through the business plan horizon by 30% thanks to
its proactive liability management. At year-end 2018, the pure cost
of financial indebtedness reached an average of 4.1% from 5.4% at
the end of 2016."

A diverse product offering and good backlog developments should
support Leonardo's activities. Management launched its new
five-year business plan at the beginning of 2018, and the company
has refocused on key contributors to growth. Furthermore,
Leonardo's backlog has increased to EUR35.8 billion as of Sept. 30,
2019, representing about 3.0x its revenue. S&P thinks this compares
favorably with Thales (pre-Gemalto acquisition), which had a
backlog-to-revenue ratio of about 2.0x and a book-to-bill ratio of
about 1.0x at end-2018. Leonardo also benefits from diverse market
positions in the European and U.S. aerospace and defense industry
and from emerging markets whose increasing need for aerospace and
defense products is seen as supportive for Leonardo's business.
Over the first nine months of 2019, new orders reached EUR8.6
billion, representing an 8.6% contraction compared with the same
period in 2018. However, we note that the first nine months of 2018
included a EUR3 billion NH90 helicopter contract with the Qatari
government. That said, we still consider Leonardo to be less
favorably positioned, from a business risk perspective, than peers
in the same category, such as Thales S.A., Embraer, and Textron
Inc. This takes into account some weaknesses in the civil
helicopters and satellite business, coupled with Leonardo's lack of
scale in some of its operations along the value chain.

The positive outlook reflects S&P's view that it could upgrade
Leonardo if, over the next 12 to 18 months, the company's solid
topline growth and at least stable margins translate into higher
FOCF generation of about EUR300 million per year and FFO to debt of
35% or more.


SALINI IMPREGILO: S&P Alters Outlook to Pos. & Affirms BB- Rating
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on Italian construction
group Salini Impregilo to positive from negative and affirmed its
'BB-' ratings on the company and its two bonds.

The positive outlook indicates that S&P could upgrade the company
during the next 12 months if debt reduces as it anticipates, with
funds from operations (FFO) to debt rising beyond 20%, alongside
consistently positive free operating cash flow (FOCF) and
refinancing of the bond due 2021.

The capital increase and Astaldi acquisition are in line with the
company's consolidation strategy.

Salini Impregilo's completion of the EUR600 million capital
increase, announced on Nov. 12, 2019, is a major step in the
company's program Progetto Italia to consolidate the Italian
construction market. Of the EUR600 million, EUR225 million will
fund Salini Impregilo's acquisition of a 65% stake in Astaldi
S.p.A., the second largest engineering and construction group in
Italy. The company also announced the acquisition of Cossi
Costruzioni and an offer for some assets of Condotte. Although S&P
anticipates further acquisitions as part of Progetto Italia, it
does not expect any to be as large as Astaldi, given limited
players of that size in the Italian market.

The capital increase should enhance Salini Impregilo's credit
metrics.

S&P said, "We understand the remainder of the capital increase will
go toward strengthening the balance sheet by reducing financial
debt. We also understand that financial debt inherited from Astaldi
will be limited. We now forecast our FFO-to-debt ratio will exceed
20% in 2019-2020, versus our previous expectation of 15% before the
capital increase.

"We believe refinancing risks have reduced as a result of the
capital increase

"We believe Salini Impregilo is now in a good position to refinance
its EUR600 million unsecured bond due 2021. We believe the capital
increase and its expected positive impact on Salini Impregilo's
leverage implies a favorable environment for refinancing. Salini
Impregilo's bond yield in the secondary market has materially
improved over the past few quarters compared with levels in
fourth-quarter 2018 and first-quarter 2019. In our view, this
reduces the refinancing risks on the EUR600 million bond due in
2021, which are now trading above par.

"Although the details of an eventual refinancing are unknown, we
believe such a transaction will improve the company's liquidity and
debt maturity profile. Moreover, we note that Salini Impregilo has
extended the maturity dates of up to EUR283 million of credit
lines, which should also reduce the need for liquidity over coming
quarters."

A poor track-record of free operating cash flows over the past two
years still constrain the ratings.

S&P said, "In our view, adverse working capital variations remain a
key risk for our rating on Salini Impregilo. We will continue to
monitor the cash flow generation for the full year 2019 and coming
years. Since 2018, we have downgraded Salini Impregilo twice due to
weak cash flow generation, owing to delayed payments from projects
in emerging markets and Italy. Over 2017-2018, working capital
absorbed about EUR900 million of cash, which led to a decrease in
FFO to debt to 15% from over 30% during 2014-2016. However, in the
first half of 2019, the group's working capital management
improved, and the related cash outflow--customary in the first half
of the year--was limited to EUR101 million, which compares with an
average of EUR400 million in 2017-2018. We understand that Salini
Impregilo still has to collect a significant portion of these
delayed payments, such as for the Ethiopian dam projects."

2020 will be another busy year for Salini Impregilo.

S&P said, "We expect further progress on the acquisition of Astaldi
in 2020, when, on March 26, creditors will vote on Salini
Impregilo's plan for Astaldi, with the court likely to give its
decision by June. We believe the approval of the plan is becoming
more likely, since we understand there is no alternative proposal
for the rescue of Astaldi." Since Astaldi's integration should
bring additional EBITDA and limited debt, Salini Impregilo's
financial leverage could reduce further, depending on the other
acquisitions and associated restructuring costs.

Recent projects mark a shift in strategy to focus on low-risk
countries.

On the operational side, Salini Impregilo has recently won major
projects, in particular, Snowy 2.0 project--the largest
hydroelectric power station in Australia--for a contract value of
A$5.1 billion. It has also won the Texas high-speed train project
for a total investment of approximately $20 billion. While such
projects could lead to lower operating margins, they could also
improve cash flow visibility, compared with projects in high-risk
countries.

S&P said, "The positive outlook indicates that we could raise the
ratings during the next 12 months if we saw a sustainable reduction
in debt, such that FFO to debt rises well above 20%. In such a
scenario, Salini Impregilo would need to generate consistently
positive FOCF and complete the refinancing of its bond due 2021.

"We could revise the outlook to stable if we saw no sustainable
improvement in Salini Impregilo's credit metrics, for example due
to further delays in collecting proceeds from projects and
consequently negative FOCF. We could lower the rating if the
integration of acquired businesses, particularly Astaldi, triggered
operating issues or further weakening of cash flow generation. A
downgrade could also follow deterioration of the group's credit
standing in credit markets resulting in difficulties refinancing
the EUR600 million bond maturing in June 2021. Weaker liquidity
would also trigger a downgrade.

"We could raise the rating in the next 12 months if Salini
Impregilo posts FFO to debt well above 20% and solid FOCF, on a
sustainable basis, and successfully refinance its bond due 2021. We
would also need clarity on the integration of Astaldi and major new
projects, and their impact on Salini Impregilo's credit metrics and
cash flows."


SISAL GROUP: Moody's Affirms B1 CFR; Alters Outlook to Positive
---------------------------------------------------------------
Moody's Investors Service affirmed the B1 Corporate Family Rating
and B1-PD Probability of Default Rating for Sisal Group S.p.A.
Concurrently, Moody's affirmed the B1 instrument rating on the
senior secured notes. The outlook has been changed to positive from
stable.

In July 2019, Sisal entered into an investment agreement with Banca
5 S.p.A. for the creation of a partnership offering banking
products and payment services. The new company will be 70% owned by
Sisal and 30% by Banca 5. Sisal Pay will not be part of the
restricted group related to existing senior secured notes issued by
Sisal Group S.p.A.

The EUR500 million proceeds received by Sisal following this
transaction will be used to fully repay the EUR325 million floating
rate notes and partially repay the EUR400 million senior secured
notes.

"Today's rating affirmation and change in outlook to positive
reflects the material improvement in credit metrics, which mitigate
the slight weakening in the diversification of Sisal's operations,
following the carve out of its payments business", says Florent
Egonneau, Associate Vice President and lead analyst for Sisal Group
S.p.A.

"Moody's adjusted leverage, pro forma the carve out, will
meaningfully decline to 2.1x as of June 2019 from 3.6x in December
2018, but liquidity will deteriorate post the payments associated
with the renewal of the NTNG concession. Before taking any further
positive rating action we would like to be certain that liquidity
will strengthen on the back of the positive free cash flow we
forecast from Q2-2020 onwards, and that the company's financial
policy will support credit metrics remaining at currently strong
levels", added Mr Egonneau.

RATINGS RATIONALE

Sisal's B1 CFR is supported by: (i) its solid market position in
Italy, benefiting from a dense distribution network and high brand
recognition as an iconic Italian gaming company; (ii) its
omnichannel distribution including both retail and online, and
broad business offerings across several categories in the gaming
market; (iii) its growing presence in the high margin and fast
developing online segment; (iv) its long-term concession model,
which limits earnings volatility; and, (v) its resilient operating
performance over the last two years, in particular the reduction in
pro forma leverage to 2.1x at June 2019 on a Moody's adjusted basis
(3.6x at December 2018), in spite of the challenging market
conditions including gaming tax increases.

The rating is constrained by: (i) the company's exposure to
concession renewal risk; (ii) anticipated material cash flow
pressures with free cash flow expected to turn negative in 2019 and
2020, on account of the costs associated with winning the NTNG
renewal (two equal instalments of EUR111 million each to be made in
Q4-19 and Q1-20) and pressure on revenue and profitability from
further tax increases; and (iii) presence in mature and competitive
segments of the gambling market with moderate organic growth
potential.

LIQUIDITY PROFILE

Moody's considers Sisal's liquidity to be adequate and supported
by: (i) a moderate ability to generate free cash flow excluding the
NTNG payments; (ii) an undrawn EUR125 million RCF; (iii) no
meaningful debt amortization before 2022; and (iv) EUR200 million
of cash on balance sheet as of September 2019. There are no
financial covenants associated with the RCF or notes. However,
liquidity will be materially lower following the payments for the
NTNG license renewal. Moody's expects Sisal to temporarily draw
down on its RCF in the first quarter of 2020.

STRUCTURAL CONSIDERATION

Using Moody's Loss Given Default methodology, Sisal's PDR and the
rating of the senior secured notes remain in line with the CFR.
This is based on a 50% recovery rate, as is typical for a debt
capital structure that consists of super senior bank debt and
senior secured notes. The RCF and the notes share the same security
-share pledges and intercompany loans- and they rank pari passu.
Nonetheless, the RCF has priority over the proceeds in an
enforcement under the Intercreditor Agreement. The RCF is
guaranteed by restricted subsidiaries representing at least 80% of
consolidated EBITDA, and the notes must share the same guarantors
as the RCF.

OUTLOOK RATIONALE

The positive outlook reflects Sisal's very strong credit metrics
for the B1 rating, but some uncertainty with regards to industry
fundamentals including any additional unfavourable legislation, as
well as the company's financial policy and liquidity profile, which
would need to strengthen for there to be further positive rating
action. The positive outlook assumes that the company will not
embark on any material debt-funded acquisitions or dividend
distributions, that could lead to a weakening in credit metrics or
liquidity.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Upward rating pressure could occur if:

  - Sisal materially diversifies its product offering beyond the
gaming market or geographical presence outside of Italy;

  - Moody's adjusted leverage remains below 2.5x and the company
generates meaningful and sustained positive free cash flow;

  - Liquidity improves from a low point in March-April following
the second instalment of the NTNG license renewal;

  - Moody's has greater clarity over the company's financial policy
and a degree of certainty that debt-funded acquisitions or dividend
recaps will not lead to a weakening in current credit metrics.

Downward rating pressure could occur if:

  - Sisal's performance weakens or is negatively impacted by a
changing regulatory and fiscal regime;

  - Moody's-adjusted leverage ratio rises sustainably above 4.0x;

  - Free cash flow deteriorates and liquidity weakens relative to
its forecasts if improving liquidity from the trough in
March-April.

ESG CONSIDERATIONS

Sisal's rating takes into consideration the company's corporate
governance. Its majority shareholder is CVC Capital Partners.
Private equity owners can have a higher tolerance for leverage/risk
and governance can be less transparent compared with non-private
equity-owned companies. The documentation of the notes allows for a
large flexibility for re-leveraging.

Social considerations are also taken into consideration in Sisal's
rating. Italy has recently tightened gambling regulation mainly due
to increasing social awareness regarding the problems associated
with gambling activities. Moody's expects that this trend, as well
as potentially increasing taxation, will continue to be issues for
this sector more generally.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Gaming Industry
published in December 2017.

SISAL GROUP: S&P Affirms 'B+' Issuer Credit Rating, Outlook Neg.
----------------------------------------------------------------
S&P Global Ratings affirmed its 'B+' issuer credit rating on Sisal
Group, the 'BB-' issue rating on the EUR125 million super senior
revolving credit facility (RCF), and the 'B+' issue rating on the
EUR725 million senior secured notes.

Sisal Group has reached an agreement with Intesa to combine their
payment operations in Sisal Pay. On completion, Sisal Group will
own 70% of the ordinary voting equity of Sisal Pay and Intesa will
own 30%. Sisal Pay's board will be composed of seven directors, of
which five will be appointed by Sisal Group (including the CEO) and
two appointed by Intesa (including the chairman). Sisal Pay will be
100% consolidated within Sisal Group's financial audited accounts.

Sisal Group will own the majority of voting ordinary equity of
Sisal Pay, but Intesa will enjoy minority interest and rights
exercisable under the partner's shareholders agreement. Sisal Group
will hold majority ownership and voting rights of Sisal Pay. It
will also appoint the majority of its board and CEO. S&P
understands Sisal Pay is also a strategic investment for its
minority shareholder Intesa. Both Sisal Group and Intesa have
entered into a shareholder agreement governing their rights under
the Sisal Pay corporate partnership. The shareholders agreement
provides for certain minority protections and rights, among which
is the ability for Intesa to veto certain shareholder-reserved
matters, including exceptional dividends, acquisitions, disposals,
and new equity partners. S&P now proportionally consolidates Sisal
Pay (70%) into Sisal Group's financials for its base-case forecast,
reflecting its view of Sisal Group's partial control (pro forma for
the transaction) and its economic interest in the joint venture.

Sisal Pay will raise new debt financing to partially repay Sisal
Group's existing debt. Under the proposed transaction, Sisal Pay
will not form part of the restricted bank group for the indenture
governing the EUR725 million senior secured notes that Sisal Group
issued in 2016. The formation of the new partnership is expected to
be partly funded by the new EUR530 million senior secured notes to
be issued at the Sisal Pay level, resulting in Sisal Group
receiving estimated proceeds of EUR500 million. S&P understands
Sisal Group intends to use the proceeds to repay EUR439 million of
the outstanding senior secured notes and EUR7 million drawings on
its RCF. The remaining cash will be used to support the growth of
the group's gaming activity.

S&P said, "The transaction has no immediate impact on our rating on
Sisal Group because we expect leverage will remain sustainably
below 4.0x under the partial consolidation of Sisal Pay. Pro forma
for the transaction, we forecast S&P Global Ratings-adjusted debt
to EBITDA of about 3.7x in 2019 and 3.6x in 2020, versus 3.7x in
2018. We estimate the impact of the proposed transaction is credit
neutral and broadly in line with our previous expectation of
leverage reaching about 4.0x in 2019.

"We await further guidance on the final capital structure at Sisal
Group after the completion of the transaction. The completion of
the transaction is subject to: 1) customary closing conditions,
including antitrust approval and clearance from the Bank of Italy,
to create Sisal Pay; 2) completion of the new financing at Sisal
Pay; and 3) partial repayment of Sisal Group's outstanding debt
with the proceeds to be received. We understand target completion
is in the first quarter (Q1) of 2020.

"We view the transaction as transformational for Sisal. We note
that the leverage on the Sisal Group ring-fenced bank group will be
0.9x, based on the covenant calculated leverage. We understand that
the group does not intend to releverage at Sisal Group at this
stage, but we also note that the documentation allows for unlimited
distribution of permitted payments up to 3.25x. Our negative
outlook currently captures the risks we view around transaction
execution and eventual final capital structure outcomes. It also
reflects uncertainty about the financial policy and long-term
capital structure of Sisal Gaming under the ownership of its
sponsor."

The NTNG license renewal will significantly pressure free operating
cash flow (FOCF) generation over the next two years. In September
2019, Sisal Group was officially granted the concession to operate
Italy's NTNG for another nine years. S&P said, "We view it as
positive from a business perspective, as it will ensure operational
continuity and reinforce the group's competitive standing in the
Italian gaming market. Sisal Group has accumulated enough cash over
the past years to adequately fund the offered down payment for the
NTNG license, but we believe it will put significant pressure on
cash flow over the medium term. The offered down payment of EUR222
million is materially higher than the starting bid of EUR100
million. We understand it will be paid in two equal instalments in
Q4 2019 and Q1 2020, with cash on hand, operating cash flow, and,
as necessary the existing and available RCF. We expect liquidity to
remain adequate. We forecast Sisal will report negative FOCF of
about EUR80 million–EUR100 million in 2019 and 2020. We expect
FOCF will recover and turn positive on a sustainable basis after
2020."

S&P said, "Although we expect liquidity to remain adequate, we see
limited headroom for any potential underperformance or execution
risks. Our base case assumes Sisal Group will maintain sound
operating performance in the next two years, in a continuation of
the demonstrated track record of performance since 2016 under CVC's
ownership. Nonetheless, we see limited headroom for any potential
underperformance, execution risks associated with the Sisal Pay
transformational transaction or a move to a materially more
aggressive capital structure."

The negative outlook on Sisal Group reflects the execution risk
related to the carve-out of its payment operations into a new joint
venture with Intesa. It also reflects the expected pressure on FOCF
following the relatively high down payment offered to renew its
NTNG license and our forecast of negative FOCF in 2019 and 2020.
Lastly, it reflects uncertainty as to the financial policy and
capital structure of Sisal Gaming after this transaction, under the
ownership of its financial sponsor. S&P expects to review its
ratings on Sisal Group once the Sisal Pay transaction completes,
Sisal Group's new capital structure of is finalized, and S&P gets
clarity about the group's financial policy.

S&P said, "We could take a negative rating action in the next 12
months if the transaction doesn't go as planned, and leverage
departs from our base case. We could also consider lowering the
rating if we saw evidence of weakening operating performance or
adverse changes in regulation, such that we expect FOCF to be
sustainably weaker than anticipated; or if Sisal Group's liquidity
deteriorates for an extended period of time. We could also consider
lowering the rating if after completing the Sisal Pay transaction,
the group's capital structure was materially more aggressive than
we had forecast. Finally, we could consider lowering the rating if
Sisal Group were to sell down part of its ownership in Sisal Pay,
which could lead us to re-assess the scope and credit metrics for
Sisal Group.

"We could revise the outlook to stable if the group successfully
completes the Sisal Pay transaction, in line with our expected
timeframe and base case. A stable outlook would also rely on Sisal
Group's operating performance being in line with our base-case
forecast, such that we continue to anticipate FOCF to recover and
turn positive on a sustainable basis after payment of the license
renewal; and liquidity to remain adequate. Additionally a stable
outlook would require the final capital structure of the group to
be in line with our current base-case forecast and clarity on
financial policy from the company's financial sponsor, following
the completion of the Sisal Pay transaction."




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

BANK RBK: S&P Alters Outlook to Positive & Affirms 'B-/B' ICRs
--------------------------------------------------------------
S&P Global Ratings revised its outlook on Kazakhstan-based Bank RBK
JSC to positive from stable. At the same time S&P affirmed the
'B-/B' long- and short-term global scale issuer credit ratings. S&P
also affirmed the 'kzBB' Kazakhstan national scale rating.

S&P said, "We revised the outlook to positive because we see Bank
RBK's management team has been making consistent progress in
stabilizing its asset quality. We positively view the fact that the
share of problem loans (by which we mean "stage 3" and "purchased
or originated financial asset loans" under International Financial
Reporting Standard 9) has significantly reduced to 18% over the
past nine months, from 28%, mostly thanks to management's
consistent efforts at recovery of the legacy loan portfolio. We
note that the bank has a structurally high proportion of highly
liquid government securities on the balance sheet (25% of total
assets as of Sept. 30, 2019), which reduces overall credit risk
compared with domestic peers.

"The bank's credit costs were negative, at an annualized 0.29%, due
to provision recovery over the first nine months of 2019, which we
also view as positive, compared with system average levels, and 3%
credit risk charges for Bank RBK in 2018. At this stage, we still
view the risk position as a rating weakness, owing to high
portfolio growth of around 30% in 2019, and high credit risk
concentrations, because the 20 largest groups of borrowers
constitute 2.5x of total adjusted capital.

"Our assessment of Bank RBK's business position reflects its
relatively small size and limited track record of sustainable
earnings generation, compared with the largest banking system
players. However, for the first nine months of 2019, the core
earnings-to-adjusted common equity ratio has improved to an
annualized 7.14%, versus minus 21.5% in 2018. The positive
improvement was due to lower cost of risk and the bank's success in
managing its administrative expenses. We also consider that the
bank's ability to further leverage its relationship with the large
Kazakhmys group, the key asset of Bank RBK's shareholder, could
positively contribute to the bank's market position, revenue
stability, and asset quality.

"Bank RBK remains moderately capitalized, in our opinion, and we
forecast our projected risk-adjusted capital ratio will remain
slightly above 5% in the next 18 months, compared with 7.5% as of
year-end 2018. Our base-case scenario assumes moderate 10% loan
book growth and around 5.5%-6.5% return on equity over the next two
years. We expect the bank will maintain lower credit costs than the
system average, and that it will further successfully manage its
cost base, with the cost-to-income ratio remaining below 60% in
2020 and 2021.

"Bank RBK's funding and liquidity are neutral for our ratings.
Total customer accounts make up around 50% of total liabilities as
of Sept. 30, 2019. Around 17% of the bank's funding base is
represented by long-term subordinated loans provided at rates below
the market average as a part of the bank's financial rehabilitation
package in 2017. Net broad liquid assets stood at 117% of
short-term customer deposits, which we consider a comfortable
level.

"We may raise our rating on RBK Bank within the next 12-18 months,
if we see that it is able to sustain progress in working out its
problem loans, with cost of risk and the nonperforming loans ratio
remaining below the averages of peers. It is also conditional to
further improvements in profitability and strengthening of its
corporate and retail franchise.

"We may revise the outlook back to stable if, contrary to our
expectations, the bank's further development leads to rapid credit
risk accumulation, as evidenced by elevated credit costs or growing
loan book concentrations. An outlook revision could also follow,
due to deteriorating profitability, unexpected changes in
management and strategy, or significant franchise instability."


HALYK BANK: Fitch Upgrades LT IDR to BB+, Outlook Positive
----------------------------------------------------------
Fitch Ratings upgraded the Long-Term Issuer Default Ratings of JSC
Halyk Bank and its subsidiary, Halyk Finance to 'BB+' from 'BB'.
The Outlooks are Positive. Fitch has also revised the Outlook on
ForteBank to Positive from Stable and affirmed its IDR at 'B'.
Fitch has also affirmed the IDRs of Subsidiary Bank Sberbank of
Russia at 'BBB-' and ATF Bank JSC at 'B-', both with Stable
Outlooks.

KEY RATING DRIVERS

IDRS, NATIONAL LONG-TERM RATINGS, SUPPORT RATINGS, SUPPORT RATING
FLOORS

SBK's 'BBB-' Long-Term Foreign- and Local-Currency IDRs and '2'
Support Rating are driven by the potential support the bank may
receive from its 100% shareholder, Sberbank of Russia (SBR;
BBB/Stable), in case of need. Fitch assesses SBR's propensity to
support SBK as high, reflecting the CIS region's strategic
importance to SBR, the high level of integration between the parent
and its subsidiary, common branding, and possible reputational
risks for the parent in case of a subsidiary default. However,
Fitch rates SBK one notch below its parent due to the cross-border
nature of the parent-subsidiary relationship, the fact that Fitch
does not view SBK as a core subsidiary and SBK's considerable
management independence.

The IDRs of Halyk and Forte are driven by their intrinsic financial
strength, as reflected in their VRs.

The IDRs of ATF and the Support Rating Floors (SRFs) of ATF, Forte
and Halyk are driven by its view that there is a limited
probability that these banks would receive support from Kazakhstan
(BBB/Stable), in case of need, given their at least moderate
systemic importance. The significant gap between Kazakhstan's
sovereign ratings and the banks' SRFs reflects a patchy record of
state support, which has recently involved:

  - The bail-out of Kazkommertsbank (KKB) and transfer of its
problem assets (over 50% of total assets) prior to its acquisition
by Halyk in 2H17, thus avoiding the default of the bank.

  - Moderate capital support in the form of cheap subordinated debt
(partly booked as equity due to fair value gains) provided by the
National Bank of Kazakhstan (NBK) to four medium-sized banks (with
market shares of 4%-9%), including ATF, in 4Q17. The amount of
provided capital ranged from 5% to 13% of banks' risk-weighted
assets.

  - A restricted default of the second-largest bank in the country,
Tsesnabank in 1Q19. The support package for Tsesnabank combined a
significant asset transfer (over 55% of gross loans) with the
bail-in of state-owned senior unsecured creditors.

Fitch believes that state support may come to Kazakh
privately-owned medium-sized banks in the form of subordinated debt
from the NBK, or asset transfers to the state-controlled Problem
Asset Fund, as indicated by the past track record of bank
resolutions in Kazakhstan. At the same time, support may be
combined with a bail-in of state-owned senior unsecured creditors
(as in case of Tsesnabank), which the authorities seemingly view as
another form of state support, but Fitch would consider to be a
'Restricted Default' under its criteria as these are reference
obligations for its IDRs.

The 'B-' SRFs of ATF and Forte reflect its view that there is still
a possibility of them receiving state support without senior
unsecured creditors' participation in loss-sharing. This view is
based on: (i) the potentially smaller asset quality problems in
relation to capital at these banks (particularly at Forte),
compared with Tsesnabank; and (ii) material buffers of junior debt
at ATF (10% of regulatory risk-weighted assets at end-3Q19), which
could be used to absorb losses, in case of need, combined with
state support measures. Banks' junior debt issues are not reference
obligations for their IDRs.

Halyk's 'B' SRF is one notch higher than that of ATF and Forte,
reflecting Halyk's higher systemic importance, as expressed by its
significant market shares.

Halyk Finance (HF) is a wholly-owned core subsidiary of Halyk, and
its IDRs are equalised with the ratings of its parent to reflect
this. The Positive Outlook on HF mirrors that on the parent. Fitch
believes Halyk would have a high propensity to support HF given
ownership, integration, common branding, and significant negative
reputational implications for Halyk in case of a subsidiary
default. HF is small relative to its parent (representing less than
1% of Halyk's total assets at end-3Q19) and its balance sheet is
healthy, which limits the cost of any potential support, in its
view.

National Ratings reflect issuers' creditworthiness relative to
other credits in Kazakhstan.

VRS (ALL BANKS)

Kazakhstan's cyclical, developing and concentrated economy is the
primary drag on the banks' VRs, as their asset quality is exposed
to significant operating environment risks stemming from occasional
asset price bubbles and generally long-term corporate lending,
often with grace periods on principal repayments. The origination
of new impaired loans has been limited in the last two to three
years, although banks have significant exposures to deep-seated
legacy problem assets, which could still generate additional
impairment losses. Asset quality is typically a rating weakness for
Kazakh banks.

The differences in banks' VRs typically capture the amount of their
net problem assets relative to capital, and the magnitude of
related asset quality risks. Fitch also considers the banks'
performance and their internal capacity to absorb the residual
losses from their problem assets through pre-impairment
profitability.

Halyk's 'bb+' VR is the highest in Kazakhstan. It continues to
reflect its dominant market shares and resulting superior pricing
power, its conservative risk appetite and management, and
favourable asset structure, resulting in stronger asset quality
relative to local peers. In Fitch's view, Halyk's solid capital and
liquidity buffers and its impressive through-the-cycle performance
should help the bank successfully mitigate even quite extreme
swings in the operating environment.

The upgrades of the VRs of Halyk and SBK (the latter to 'bb-' from
'b+') were driven by a reduction of net problem assets relative to
capital. The upgrade of SBK also captures an improvement in its
performance. The two-notch lower VR of Forte (b) compared with SBK
reflects its weaker asset quality as reflected by higher impaired
loan ratios, and also its higher amount of net impaired loans
relative to capital.

The Positive Outlook on Halyk's and Forte's ratings reflects its
expectations that the ratio of problem assets relative to capital
should reduce further in the next 12-18 months, due to moderate
additional provisioning, further capital built-up and some
recoveries. If ratios of problem assets to capital fall, Fitch may
upgrades Halyk's and Forte's ratings by one notch if other credit
metrics remain stable.

The affirmation of ATF's VR at 'ccc' reflects a still high amount
of problem assets relative to Fitch core capital (FCC). In Fitch's
view, these assets may require additional provisioning, and there
is a real possibility that resolving these risks would require
external capital support and/or the bail-in of junior creditors, as
pre-impairment profitability and core capital buffer would be
insufficient to absorb losses.

VR (HALYK)

At end-3Q19, Halyk's impaired loans (defined as Stage 3 loans and
POCI loans under IFRS 9) were 18% of gross loans, a 300bp reduction
compared with end-3Q18. Stage 2 loans added another 3%. Impaired
loans net of total loan loss allowance (LLA) equated to 24% of FCC,
and non-core assets (mostly investment property and other real
estate) added a further 16%. Fitch believes that the ratio of
legacy problem assets relative to Halyk's FCC will improve,
probably to 20%-25% of FCC, over the next 12-18 months, primarily
due to moderate additional provisioning and further capital
build-up, but also due to potential collateral sales and some loan
recoveries.

Fitch believes that asset quality risks stemming from a weak
operating environment are more limited at Halyk compared with local
peers, due to Halyk's favorable asset structure. At end-3Q19, bonds
and cash/interbank placements of mostly investment-grade credit
quality comprised a high 54% of Halyk's assets. Another 16% of
assets related to generally moderate-risk local-currency retail
lending, which is unlikely to generate significant impairment
losses on the negative side of the credit cycle. The corporate loan
book, which Fitch expects to remain the primary source of asset
quality risks over the medium term, comprised a moderate 30% of
assets. However, credit risks stemming from the corporate loan book
are only moderate relative to Halyk's strong pre-impairment profit
and significant capital buffer, in Fitch's view.

Halyk's profitability benefits from a wide net interest margin (6%
in 9M19) and good cost control. After its merger with KKB, Halyk's
pre-impairment profitability received an additional boost, with
annualised recurring pre-impairment profit equal to over 9% of
gross loans in 2018 and 9M19. In Fitch's view, this provides the
bank with a strong capacity to withstand operating environment
shocks. Halyk's annualised ROAE was a high 29% in 9M19. The bank's
profitability has been very stable and Fitch expects this to be
sustainable with an ROAE of about 25% in the next few years.

Halyk's FCC ratio reached a high 21% at end-3Q19. Capitalisation is
supported by robust performance and only moderate loan growth
(Fitch expects single digit loan growth in 2020). Halyk's liquidity
buffer is solid as expressed by a 65% ratio of gross
loans/deposits. At end-3Q19, its liquid assets covered a high 60%
of total liabilities. Halyk is predominantly deposit-funded and
contractual repayments of wholesale funding in 4Q19 and 2020 are
limited.

VR (SBK)

At end-2Q19, SBK's impaired loans (defined as Stage 3 loans under
IFRS 9) and stage 2 loans comprised 13.3% and 2.6% of gross loans,
respectively. This is a moderate improvement compared with 11.0%
and 9.9%, respectively, at end-2Q18. SBK's impaired loans are well
covered with total LLA (87% at end-2Q19), which is above the sector
average. Given that hard collateral is available for most corporate
loans, Fitch believes that residual impairment from SBK's legacy
portfolio should be limited.

SBK's largest corporate loans are of reasonable credit quality, in
Fitch's view, although concentrations are a bit high, and some of
the largest loans are long-term project finance exposures with
higher intrinsic credit risks. SBK's rapid recent expansion in
retail lending (annualised 42% growth in 1H19; twice as high as the
sector average) may also result in elevated loan impairment as the
portfolio seasons.

Positively, SBK's healthy pre-impairment profit (annualised 8% of
gross loans in 1H19) provides the bank with strong capacity to
absorb new impairment losses. SBK's performance has benefited from
a gradual sector-wide reduction of funding costs, and an increased
share of higher-yield retail loans in the business mix (32% at
end-2Q19). Lower loan impairment charges in 2Q19 allowed SBK to
post a high 39% annualised ROAE, although historically SBK's
performance has been highly cyclical, and Fitch expects this to
persist.

SBK's FCC ratio improved to a moderate 12.6% at end-2Q19, although
given only moderate net Stage 3 loans (13% of FCC at end-2Q19), and
net Stage 2 loans (20%), Fitch views capital adequacy as
reasonable. SBK's bottom line performance exceeded its loan growth
in the past few years, supporting the capital position. In
addition, SBK may benefit from ongoing support from its parent
(e.g. in 2017 SBK sold a large problematic exposure, equal to 4% of
gross loans, to SBR to ease capital pressure).

SBK was 85% deposit-funded at end-2Q19, and its funding stability
benefits from its foreign ownership, which also supports lower
funding costs (4.2% in 6M19). Typically for the sector, SBK's
liquidity position is strong, as reflected by its 93% ratio of
gross loans to deposits. At end-3Q19, SBK's liquidity buffer
(including cash, short-term interbank placements and bonds) was
equal to a high 39% of total non-equity funding or 45% of customer
funding. Access to funding from its parent, in case of need, is a
further strength.

VR (FORTE)

Forte's impaired loans decreased to 22.5% at end-3Q19 from 25.0% at
end-2018 due to gradual recoveries of legacy problem exposures and
good quality of newly issued loans. Coverage of impaired loans by
LLAs was 38%, and at end-3Q19 Forte's impaired and Stage 2 loans
net of LLAs and non-core assets equaled a high 1.0x of FCC, albeit
down from 1.4x at end-2Q18. Fitch believes that the ratio of
problem loans relative to capital will reduce over the next 12-18
months due to additional capital build-up and further
provisioning.

Over half of impaired loans are granular retail mortgages and home
equity loans that have been gradually worked out in recent years
due to Forte's participation in government-sponsored refinancing
programmes. In Fitch's view, there is room for additional
improvement of the bank's loan quality and reduction of impaired
loan ratios. Similarly to Halyk, Forte's overall asset quality also
benefits from a lower-risk asset structure. Forte's liquid assets
(about 50% of total assets at end-3Q19) are either cash/interbank
placements or bonds of strong credit quality.

Fitch's view of the bank's improved capital position is based on
the FCC ratio increasing to 15% at end-3Q19 from 13% at end-2018,
coupled with the reduction in asset quality problems relative to
capital. It is also bolstered by healthy internal capital
generation as Forte has demonstrated stable and reasonable
profitability in the past few years (ROAA and ROAE at 2.3% and 20%
in 9M19, respectively), which Fitch views as sustainable.

The funding and liquidity profile is a relative rating strength.
The bank is mostly funded by customer deposits (72% of total
liabilities at end-3Q19) and benefitted from large inflows from
corporate customers in 9M19 (growth of 33%). Forte also has a
material share (13% of liabilities) of cheap long-term funding from
state-owned entities, as is typical for the banking sector. The
announced early repayment of expensive USD123 million Eurobonds in
December 2019 should reduce cost of funding.

The large liquidity cushion (cash, investment-grade securities and
short-term placements) covered a sizeable 67% of customer deposits
at end-3Q19, and this ratio will remain high after the Eurobond
repayment.

VR (ATF)

ATF's Stage 3 loans comprised a significant 32% of gross loans at
end-3Q19, and were only 58% covered with total LLA. According to
the bank's management, several large Stage 3 exposures equal to 6%
of gross loans were repaid in October-November 2019, while another
1% is expected to be redeemed by end-2019. Adjusted for these
repayments, Fitch estimates the Stage 3 ratio at 27% of gross
loans, 75% covered with LLA. Stage 2 exposures made up another 11%
of loans at end-3Q19.

Adjusted for these repayments, Stage 3 loans, net of total LLA, and
Stage 2 loans comprised 0.6x and 1.2x FCC, respectively. In
addition, the on-balance sheet exposure to investment property,
repossessed collateral and other non-core items (mostly real estate
and land) equaled a further 0.6x FCC.

The bank's ability to absorb losses through the income statement
improved. Pre-impairment profit, net of interest income on loans
not received in cash, increased to 3% of gross loans in 9M19 from
2% in 2018, but it is still modest relative to asset quality
risks.

ATF's FCC ratio was a moderate 9% at end-3Q19 due to limited asset
growth and some profit retention. ATF's junior debt buffer,
including perpetual and subordinated debt, was a significant 10% of
risk-weighted assets at end-3Q19. However, the contractual terms of
these debt instruments do not envisage loss absorption triggers,
and Fitch believes that they may absorb losses only after the bank
becomes non-viable.

ATF is mostly funded by rather concentrated customer accounts (73%
of total liabilities at end-2Q19). Liquid assets, net of wholesale
funding repayments in 2H19-2020, covered a moderate 26% of total
customer accounts.

DEBT RATINGS

Senior unsecured debt ratings are aligned with banks' Long-Term
IDRs and National Long-Term Ratings, reflecting average recovery
prospects in case of default.

ATF's dated subordinated debt issues are notched down twice from
its VR to reflect potential loss severity. The Recovery Rating on
this debt issue is 'RR6', reflecting poor recovery prospects in
case of default due to thin layers of junior debt relative to
sizeable asset quality problems.

ATF's perpetual debt ratings are rated three notches below the VR,
reflecting their deeper subordination, compared with subordinated
debt.

SBK's debt ratings relate to bonds issued prior to August 1, 2014.

RATING SENSITIVITIES

IDRS, NATIONAL RATINGS, DEBT RATINGS, SUPPORT RATINGs, SUPPORT
RATING FLOORS

The support-driven IDRs of SBK and HF are sensitive to changes in
the ability and propensity of their parents to provide support.

The support-driven IDRs of ATF, and SRFs of Halyk and Forte, are
sensitive to changes in its assessment of sovereign support for
Kazakhstan's banking sector. An extended record of timely and
sufficient capital support to privately-owned banks may result in
moderate upside potential for the SRFs of these banks, and hence
for ATF's IDRs.

Conversely, evidence of weaker support and/or significant delays in
addressing asset quality and capital problems in the sector,
resulting in medium-sized private banks' insolvency or failure,
could result in downgrades of SRFs, and of ATF's IDRs. If a
resolution of ATF involves the bail in of senior creditors, its
IDRs could be downgraded to 'RD'.

Halyk's and Forte's IDRs are sensitive to changes in their VRs.

National Ratings are sensitive to a change in creditworthiness
relative to other Kazakh issuers.

VRS

The VRs of the four banks are primarily sensitive to changes in
asset quality and capital adequacy.

Fitch may upgrade the VRs of Halyk, SBK, Forte and ATF if the
amount of net impaired loans, Stage 2 loans and other problem
assets relative to FCC materially reduces, either due to
recoveries, or due to deeper provisioning. This is more likely to
be the case for Halyk and Forte, as reflected by the Positive
Outlooks on their ratings. Conversely, renewed asset quality
pressure leading to a material increase in problem assets, may
result in negative rating action on these banks.

If asset quality risks at ATF are resolved by means of significant
state-support, then its VR may be downgraded to 'f' to reflect a
material capital shortfall, and simultaneously upgraded to a rating
reflecting the bank's credit profile post-support.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

HF's and SBK's Long-Term IDRs are driven by support from their
parent banks, Halyk (BB+/Positive) and Sberbank of Russia
(BBB/Stable), respectively.

ESG CONSIDERATIONS

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



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

MAGOI BV: DBRS Assigns Provisional B Rating to Class F Notes
------------------------------------------------------------
DBRS Ratings Limited assigned provisional ratings to the Class A,
Class B, Class C, Class D, Class E and Class F Notes (the Rated
Notes) to be issued by Magoi B.V. (the Issuer) as follows:

-- AAA (sf) to the Class A Notes
-- AA (sf) to the Class B Notes
-- A (high) (sf) to the Class C Notes
-- A (low) (sf) to the Class D Notes
-- BBB (sf) to the Class E Notes
-- B (sf) to the Class F Notes

The Class G notes are not rated by DBRS Morningstar.

The rating of the Class A Notes addresses timely payment of
scheduled interest and ultimate repayment of principal by the legal
final maturity date. The other ratings address the ultimate payment
of scheduled interest while the class is subordinate and the timely
payment of scheduled interest as the most senior class, and
ultimate repayment of principal by the legal final maturity date.

The provisional ratings are based on information provided to DBRS
Morningstar by the Issuer and its agents as of the date of this
press release. The ratings can be finalized upon review of final
information, data, legal opinions and the executed version of the
governing transaction documents. To the extent that the information
or the documents provided to DBRS Morningstar as of this date
differ from the final information, DBRS Morningstar may assign a
different final rating to the rated notes.

The Notes are backed by a portfolio of fixed-rate unsecured
amortizing personal loans granted to individuals domiciled in the
Netherlands for general consumption and serviced by Findio B.V. and
InterBank N.V. (the originators) who are owned by Credit Agricole
Consumer Finance Nederland B.V. (CACF NL).

The transaction includes an eight-month revolving period. During
this period, the Issuer may purchase additional receivables
provided that the eligibility criteria and concentration limits set
out in the transaction documents are satisfied. The revolving
period may end earlier than scheduled if certain events occur such
as the breach of performance triggers, event of default or servicer
bankruptcy.

During the amortization period, the transaction incorporates a
mixed sequential/pro rata/potentially sequential amortization
mechanism. As all the Notes (except for the Class G Notes) pay a
floating rate based on one-month Euribor, whereas the loans carry a
fixed-interest rate, the interest rate mismatch risk is largely
hedged through an interest rate swap provided by CACF NL as the
swap counterparty and Credit Agricole Corporate and Investment Bank
as the stand-by swap counterparty.

The transaction includes a liquidity reserve that is available to
the Issuer during the revolving period and the amortization period
in restricted scenarios where the interest and principal
collections are not sufficient to cover the shortfalls in senior
expenses, swap payments and interests on the Class A Notes and the
Class B Notes. During the accelerated redemption period, the
liquidity reserve amount is not available to the Issuer and is
instead returned directly to the liquidity provider.

The ratings are based upon DBRS Morningstar's review of the
following analytical considerations:

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

-- Credit enhancement levels are sufficient to support the
projected expected net losses under various stress scenarios.

-- The ability of the transaction to withstand stressed cash flow
assumptions and repays the rated Notes according to the terms of
the Notes.

-- The originator and servicer's capabilities with respect to
originations, underwriting, servicing and financial strength.

-- DBRS Morningstar's operational risk review of CACF NL, which is
deemed to be an acceptable servicer.

-- The transaction parties' financial strength regarding their
respective roles.

-- The credit quality, diversification of the collateral and
historical and projected performance of the originators'
portfolio.

--DBRS Morningstar's sovereign rating of the Kingdom of the
Netherlands at AAA with a Stable trend.

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

Notes: All figures are in Euros unless otherwise noted.



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

CAIXABANK PYMES 11: DBRS Finalizes B Rating on Series B Notes
-------------------------------------------------------------
DBRS Ratings GmbH finalized its provisional ratings on the
following notes issued by CaixaBank PYMES 11, FT (the Issuer):

-- EUR 2,131.5 million Series A Notes rated AA (low) (sf)
-- EUR 318.5 million Series B Notes rated B (sf) (together with
the Series A Notes, the Notes)

The transaction is a cash flow securitization collateralized by a
portfolio of secured and unsecured loans and drawdowns of secured
lines of credit originated by CaixaBank, S.A. (CaixaBank or the
Originator; rated "A" with a Stable trend by DBRS Morningstar) to
corporates, small and medium-sized enterprises and self-employed
individuals based in Spain. As of October 21, 2019, the
transaction's provisional portfolio included 36,146 loans and
drawdowns of lines of credit to 32,864 obligor groups, totaling EUR
2,533.3 million. At closing, the Originator selected the final
portfolio of EUR 2.45 billion from the provisional pool.

The rating of the Series A Notes addresses the timely payment of
interest and the ultimate payment of principal on or before the
legal maturity date in April 2052. The rating of the Series B Notes
addresses the ultimate payment of interest and principal on or
before the legal maturity date.

Interest and principal payments on the Notes will be made quarterly
on the 22nd of January, April, July and October, with the first
payment date on 22 April 2020. The Notes pay a fixed interest rate
equal to 0.75% and 0.80% for the Series A Notes and Series B Notes,
respectively.

The provisional pool had a relatively high industry concentration
and was well diversified in terms of borrowers. There was some
borrower concentration in Catalonia (27.1% of the portfolio
balance), which is to be expected given that Catalonia is the
Originator's home region. The top ten, 20 and 30 obligor groups
represented 5.0%, 8.6% and 11.5% of the portfolio balance,
respectively. The top three industry sectors according to DBRS
Morningstar's industry definition were Building and Development,
Lodging and Casinos and Farming and Agriculture, representing
21.9%, 9.9% and 8.7% of the portfolio outstanding balance,
respectively.

The Series A Notes benefit from 17.7% subordination of the Series B
Notes and the reserve fund. The Series B Notes benefit from 4.7%
subordination of the reserve fund. The reserve fund was funded
through a subordinated loan and is available to cover senior fees
and interest and principal on the Series A Notes, and once Series A
Notes are fully amortized, interest and principal on the Series B
Notes. The cash reserve will amortize subject to the target level
being equal to 4.7% of the outstanding balance of the Series A and
Series B notes. The Series B Notes interest and principal payments
are subordinated to the Series A Notes.

The transaction is exposed to some interest rate risk. Based on the
interest rate distribution of the portfolio, DBRS Morningstar
assumed a stressed basis of 44 basis points per year, reducing the
spread of floating loans from day one.

The ratings are based on DBRS Morningstar's "Rating CLOs Backed by
Loans to European SMEs" methodology and the following analytical
considerations:

-- The probability of default (PD) for the portfolio was
determined using the historical performance information supplied.
DBRS Morningstar compared the internal rating distribution of the
portfolio with the internal rating distribution of the loan book
and concluded that the portfolio was of marginally better quality
than the overall loan book. DBRS Morningstar determined the
portfolio PD using the historical performance information supplied.
DBRS Morningstar assumed an annualized PD of 0.80% for secured
loans, 2.25% for unsecured loans, 2.34% for corporate loans and
1.54% for pre-approved loans.

-- The assumed weighted-average life (WAL) of the portfolio is 3.9
years.

-- The PD and WAL were used in the DBRS Morningstar Diversity
Model to generate the hurdle rate for the respective ratings.

-- The recovery rate was determined by considering the market
value declines for Spain, the security level and the type of
collateral. For the Series A Notes, DBRS Morningstar applied a
61.1% recovery rate for secured loans and a 15.8% recovery rate for
unsecured loans. For the Series B Notes, DBRS Morningstar applied
an 84.1% recovery rate for secured loans and a 21.5% recovery rate
for unsecured loans.

-- The break-even rates for the interest rate stresses and default
timings were determined using the DBRS Morningstar cash flow tool.

Notes: All figures are in Euros unless otherwise noted.

PYMES SANTANDER 15: Moody's Rates EUR150MM Series C Notes
---------------------------------------------------------
Moody's Investors Service assigned the following provisional
ratings to the debts to be issued by FONDO DE TITULIZACION PYMES
SANTANDER 15:

EUR2400M Serie A Notes due April 2051, Assigned (P)A2 (sf)

EUR600M Serie B Notes due April 2051, Assigned (P)Caa3 (sf)

EUR150M Serie C Notes due April 2051, Assigned (P)Ca (sf)

The transaction is a 2-year revolving cash securitisation of
standard loans and credit lines granted by Banco Santander S.A.
(Spain) (Long Term Deposit Rating: A2 Not on Watch /Short Term
Deposit Rating: P-1 Not on Watch) mainly to small and medium-sized
enterprises and self-employed individuals, as well as corporates,
located in Spain.

RATINGS RATIONALE

The ratings of the Notes are primarily based on the analysis of the
credit quality of the underlying portfolio, the structural
integrity of the transaction, the roles of external counterparties
and the protection provided by credit enhancement.

In Moody's view, the strong credit positive features of this deal
include, among others:

(i) a relatively short weighted average life of around 2 years
(which can increase to 3.5 years during the revolving period);

(ii) a granular pool: the effective number of obligors is 1,499;

(iii) a geographically well-diversified portfolio;

(iv) Stop replenishment triggers

(v) 20% subordination and a reserve fund of 5% supporting the
Series A notes; and

(vi) refinanced and restructured assets have been excluded from the
pool.

However, the transaction has several challenging features:

(i) the 2-year revolving period during which the issuer can
purchase additional assets can increase the volatility of the
portfolio performance;

(ii) the revolving criteria are relatively broad, in particular
they can allow for an increase in the sector concentration;

(iii) no interest rate hedge mechanism is in place while almost 45%
of the portfolio balance (which can increase to 55% during the
revolving period) comprises fixed rate assets and the notes pay a
floating rate coupon;

(iv) a complex mechanism that allows the Issuer to compensate daily
the increase on the disposed amount of certain credit lines with
the decrease of the disposed amount from other lines, and/or the
amortisation of the standard loans; and

(v) a strong linkage to Santander related to its originator,
servicer, accounts holder and liquidity line provider roles.

Key collateral assumptions:

Mean default rate: Moody's assumed a mean default rate of 6.1% over
a weighted average life of 2.0 years (equivalent to a Ba3 proxy
rating as per Moody's Idealized Default Rates). This assumption is
based on: (i) the available historical vintage data; (ii) the
performance of the previous transactions originated by Santander;
and (iii) the characteristics of the loan-by-loan portfolio
information. Moody's took also into account the current economic
environment and its potential impact on the portfolio's future
performance, as well as industry outlooks or past observed
cyclicality of sector-specific delinquency and default rates. In
addition, given the portfolio replenishment criteria which
introduce large volatility in the portfolio composition in
particular with regards to industry concentration and portfolio
weighted average life, Moody's stressed the mean default rate for
the replenished portfolios by increasing it to 13.8% which
corresponds to a B1/B2 over a weighted average life of 3.5 years.

Default rate volatility: Moody's assumed a coefficient of variation
(i.e. the ratio of standard deviation over the mean default rate)
of 59.4%, as a result of the analysis of the portfolio
concentrations in terms of single obligors and industry sectors.

Recovery rate: Moody's assumed a stochastic recovery rate with a
35% mean, primarily based on the characteristics of the
collateral-specific loan-by-loan portfolio information and the
portfolio replenishment criteria, complemented by the available
historical data.

Portfolio credit enhancement: the aforementioned assumptions
correspond to a portfolio credit enhancement of 23% for the initial
portfolio and around 40% for the replenished portfolio considering
the high volatility introduced through the flexibility offered by
the replenishment criteria.

As of November 2019, the audited provisional asset pool of
underlying assets was composed of a portfolio of 32,102 contracts
amounting to EUR 3,696 million. In terms of outstanding amounts,
around 70.3% corresponds to standard loans and 29.7% to credit
lines. The top industry sector in the pool, in terms of Moody's
industry classification, is Beverage, Food & Tobacco (23.1%). The
top borrower group represents 0.46% of the portfolio and the
effective number of obligors is 1,499. The assets were originated
mainly between 2014 and 2019 and have a weighted average seasoning
of 2.67 years and a weighted average remaining term of 3.99 years.
The interest rate is fixed for 44.8% of the pool while the
remaining part of the pool bears a floating interest rate.
Geographically, the pool is concentrated mostly in the regions of
Catalonia (17.6%) and Madrid (15.9%). At closing, any loans in
arrears more than 30 days will be excluded from the final pool.

Around 17.6% of the portfolio is secured by first-lien mortgages
over different types of properties.

Key transaction structure features:

Reserve fund: The transaction benefits from a EUR 150 million
reserve fund, fully funded at closing with the proceeds of Serie C
notes (which is not collateralised by the asset portfolio),
equivalent to 5% of the balance of the Series A and Series B Notes
at closing. The reserve fund provides both credit and liquidity
protection to the Notes.

Counterparty risk analysis:

Santander will act as servicer of the assets for the Issuer, while
Santander de Titulizacion, S.G.F.T., S.A. (not rated) will be the
management company (Gestora) of the transaction.

All of the payments under the assets in the securitised pool are
paid into the collection account at Santander. There is a sweep of
the funds held in the collection account into the Issuer accounts
every two days. The Issuer accounts are held at Santander with a
transfer requirement if the ratings of the account bank falls below
Baa3 or P-3.

Principal Methodology:

The principal methodology used in these ratings was 'Moody's Global
Approach to Rating SME Balance Sheet Securitizations' published in
July 2019.

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

The Notes' ratings are sensitive to the performance of the
underlying portfolio, which in turn depends on economic and credit
conditions that may change. The evolution of the associated
counterparties risk, the level of credit enhancement and Spain's
country risk could also impact the Notes' ratings.



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

BANKPOZITIF KREDI: Fitch Places B+ LT IDR on Rating Watch Neg.
--------------------------------------------------------------
Fitch Ratings placed BankPozitif Kredi ve Kalkinma Bankasi's 'B+'
Long-Term Foreign Currency Issuer Default Rating and '4' Support
Rating on Rating Watch Negative.

The rating actions follow the announcement by BankPozitif's 69.8%
owner, Bank Hapoalim (A/Stable), in its 3Q19 financial statements
that along with BankPozitif's minority shareholder, it has stepped
up activities towards selling the bank, appointing an investment
bank to assist in the sale process. This also follows the Bank of
Israel's decision to apply more punitive risk-weightings to Bank
Hapoalim's Turkish operations from January 1, 2020, which increases
Bank Hapoalim's incentive to sell BankPozitif, in Fitch's view.

According to Bank Hapoalim's financial statements, the shareholders
expect to enter into a sale agreement regarding BankPozitif within
the next year. Consequently, Fitch views the probability of the
bank's sale over the near term to have increased materially. The
RWN reflects the possibility that BankPozitif's ratings could be
downgraded or affirmed, depending on the ability and willingness of
the new shareholder to provide support. However, the bank is
unlikely to be upgraded, given that its LTFC IDR is capped at one
notch below Turkey's, in line with most other foreign banks'
support-driven IDRs in Turkey.

Fitch expects to resolve the RWN depending on further developments
or the completion of the bank's sale, given the implications this
may have on its ratings. The RWN may be maintained for longer than
six months if the sale does not materialise within this time
frame.

KEY RATING DRIVERS

IDRS, NATIONAL RATING, SENIOR DEBT AND SUPPORT RATING

BankPozitif's 'B+' LTFC IDR and senior debt rating are driven by
potential support, in case of need, from its higher-rated parent,
Bank Hapoalim. Fitch's assessment of support captures Bank
Hapoalim's majority ownership, BankPozitif's small size, the level
of integration between the two banks and the record of funding
support from the parent. However, BankPozitif is of limited
strategic importance to Bank Hapoalim, as evidenced by the
wind-down of its operations and the fact that the shareholder is
looking to dispose of its stake in the near term.

Bank Hapoalim has opportunistically looked to divest its Turkish
investment since 2015, when it also started pursuing an orderly
wind-down of the bank. However, efforts to sell the bank have
recently accelerated and, as indicated in Bank Hapoalim's 3Q19
financial statements, it now expects to enter into an agreement to
sell its full holdings in BankPozitif in 2020.

BankPozitif's LTFC IDR is capped at one notch below Turkey's 'BB-'
sovereign rating reflecting Fitch's view that in case of a marked
deterioration in Turkey's external finances, the risk of government
intervention in the banking sector that would prevent the bank from
servicing its FC obligations would be higher than that of a
sovereign default. However, the bank's Long-Term Local-Currency IDR
is rated one notch above the LTFC IDR at 'BB-', reflecting its view
of a lower likelihood of government intervention in local
currency.

BankPozitif's Short-Term IDRs have been affirmed at 'B', reflecting
Fitch's view that the ratings are unlikely to fall below the 'B'
category even in the event of the bank's sale to a lower-rated or
unrated entity.

Fitch withdrew the bank's Viability Rating in October 2019,
reflecting its view that the bank no longer has a meaningful
standalone franchise given it is in wind-down.

RATING SENSITIVITIES

IDRS, NATIONAL RATING, SENIOR DEBT AND SUPPORT RATING

The resolution of the RWN on BankPozitif's ratings is sensitive to
developments in the sale process, the nature of any potential buyer
and Fitch's assessment of any acquirer's ability and willingness to
support the bank in case of need.

BankPozitif's ratings could be affirmed and removed from RWN if
BankPozitif is sold to another higher-rated foreign shareholder
with a high propensity to support the bank. Conversely, its ratings
could be downgraded if it is sold to a lowly-rated or unrated
entity. The bank's ratings could be affirmed and removed from RWN
on the basis of support from Bank Hapoalim, if Fitch's deems the
likelihood of a sale is low or diminishes significantly. The bank's
ratings could also be withdrawn in case of its sale to an unrated
entity or if Fitch does not receive sufficient information to
continue assigning ratings to the bank.

In addition, BankPozitif's ratings remain sensitive to a Turkish
sovereign downgrade and to Fitch's view of the risk of government
intervention in the banking sector. A sharp reduction in the
ability or propensity of Bank Hapoalim to support its Turkish
subsidiary would likely also lead to a downgrade of the bank's
ratings.

TURKIYE HALK: Moody's Confirms B3 Sr. Unsec. Debt Rating
--------------------------------------------------------
Moody's Investors Service confirmed the B3 long-term deposit and
senior unsecured debt ratings of Turkiye Halk Bankasi A.S., and
downgraded the bank's standalone Baseline Credit Assessment to caa3
from caa2. The outlook on Halkbank's long-term deposit and senior
unsecured debt ratings has been changed to negative from ratings
under review. This action concludes the review for downgrade
initiated on October 18, 2019.

RATINGS RATIONALE

The confirmation of Halkbank's B3 long-term deposit and senior
unsecured debt rating ratings reflect (1) the downgrade of the
bank's standalone BCA to caa3 from caa2, and (2) the rating
agency's unchanged assumption of a very high probability of support
coming from the Government of Turkey (B1 negative) in case of need,
which provides three notches of uplift from the now lower BCA, an
increase from the previous two notches of uplift.

Moody's says that the downgrade of Halkbank's standalone BCA to
caa3 from caa2 reflects an increased risk that the bank could
require extraordinary support due to governance considerations. On
October 15, 2019 the US Department of Justice announced an
indictment charging Halkbank with participation in a scheme to
circumvent US sanctions on Iran, alleging that it had participated
in the illicit movement of about USD20 billion in Iranian oil
revenue between 2012 and 2016.

Moody's said that there is a risk that the charges could ultimately
result in a sizeable fine, which could require Halkbank to seek
extraordinary support from its shareholders to replenish capital.
Such a fine would be negative for Halkbank, which according to the
rating agency had excess capital buffers of around USD0.7 billion
as of September 2019. The bank's internal capital generation
capacity, which could mitigate the impact of a fine, remains
challenged by the difficult operating environment in Turkey;
Halkbank reported TRY1.2 billion in the first nine months of 2019,
equivalent to around USD0.2 billion.

Regardless of the outcome of the indictment, the rating agency says
that a long and high-profile judicial process is also credit
negative for Halkbank as it will make more difficult for the bank
to access international wholesale funding or to deal with private
counterparts for its operations in foreign currency.

At the same time, Moody's confirmed its assessment of a very high
probability of government support, which drives a three-notch
uplift to the bank's long-term deposit and senior unsecured debt
rating. Halkbank is systemically important for the Turkish economy,
being the third-largest bank in the country in terms of assets, and
having the second-largest market share for both deposits and loans.
The Turkish government has also a direct involvement with Halkbank,
being its largest shareholder through the Turkish Wealth Fund,
which controls 51% of Halkbank's shares. At the now lower BCA of
caa3, the uplift from government support has increased to three
notches from the previous two notches.

OUTLOOK

The outlook on Halkbank's long-term deposit ratings is negative,
reflecting the still difficult operating environment in Turkey and
the potentially weaker capacity of the Turkish government to
support ailing banks as indicated by the negative outlook on the
Turkish sovereign debt rating.

FACTORS THAT COULD LEAD TO AN UPGRADE

There is limited upside on Halkbank's long-term deposit and senior
unsecured debt ratings, as indicated by the current negative
outlook. However, the outlook could stabilise following an
improvement in the operating environment, which would in turn
stabilise the bank's stock of problem loans and profitability, a
structural reduction of Halkbank's reliance on foreign currency
funding, a rapid conclusion of the prosecution without material
financial consequences, and a stabilisation of the outlook on
Turkey's sovereign debt rating.

FACTORS THAT COULD LEAD TO A DOWNGRADE

Halbank's long-term deposit and senior unsecured debt ratings could
be downgraded following a downgrade of the

standalone BCA or a downgrade of the Turkish sovereign debt rating,
which could lead to a lower uplift from government support.

The standalone BCA of Halkbank could be downgraded if the bank
needs extraordinary support to avoid a default.

LIST OF AFFECTED RATINGS

Issuer: Turkiye Halk Bankasi A.S.

Downgrades:

Baseline Credit Assessment, downgraded to caa3 from caa2

Adjusted Baseline Credit Assessment, downgraded to caa3 from caa2

Confirmations:

Long-term Counterparty Risk Ratings, confirmed at B2

Long-term Bank Deposits, confirmed at B3, outlook changed to
Negative from Ratings under Review

Long-term Counterparty Risk Assessment, confirmed at B2(cr)

Senior Unsecured Regular Bond/Debenture, confirmed at B3, outlook
changed to Negative from Ratings under Review

Affirmations:

Short-term Counterparty Risk Ratings, affirmed NP

Short-term Bank Deposits, affirmed NP

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

Outlook Action:

Outlook changed to Negative from Rating under Review

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
Methodology published in November 2019.

YAPI VE KREDI: Moody's Affirms B2 Sr. Unsec. Debt Rating
--------------------------------------------------------
Moody's Investors Service affirmed the B2 local currency long-term
deposit rating and senior unsecured debt rating, and the bank's B3
foreign currency long-term deposit rating of Yapi ve Kredi Bankasi
A.S. The outlook on Yapi Kredi's long-term deposit and senior debt
ratings remains negative. The rating agency also affirmed the
bank's b3 standalone Baseline Credit Assessment, downgraded the
Adjusted BCA to b3 from b2, downgraded the subordinate debt ratings
to Caa1/Caa2(hyb) from B3/Caa1(hyb), and downgraded the preferred
stock non-cumulative to Caa3(hyb) from Caa2(hyb).

The rating action follows the announcement on November 30 that
UniCredit S.p.A. (UniCredit, Baa1/Baa1 stable, baa3) reached an
agreement with Koc Holding A.S. (Koc Holding, B1 negative) to sell
its 50% stake in their joint venture in Koc Financial Services
(KFS), which owns an 81.9% stake in Yapi Kredi. Following the
transaction, which is subject to regulatory approval, UniCredit
will own a direct 31.93% stake in Yapi Kredi, while Koc Holding
will increase its stake in Yapi Kredi to 49.99% (40.95% indirectly
through KFS, which Koc Holding will fully own, and 9.04% directly).
UniCredit expects to complete the transaction and to receive
regulatory approval in the first half of 2020.

RATINGS RATIONALE

The change in ownership structure does not have an immediate impact
on Yapi Kredi's long-term deposit rating and senior unsecured debt
rating. In fact Moody's expects continuity in Yapi Kredi's
strategy, and a lower probability of extraordinary support coming
from UniCredit to be balanced by an expectation of higher
government support.

The affirmation of Yapi Kredi's b3 BCA reflects the bank's
above-peers problem loans and high reliance on market funding,
mitigated by strong profitability and moderate capital. Yapi
Kredi's BCA also benefits from good risk management and strict
underwriting criteria in the context of Turkish banks, also
reflecting the best practices and policies that UniCredit has
shared with Yapi Kredi.

The downgrade of Yapi Kredi's adjusted BCA to b3 from b2 reflects
Moody's revised assessment of a low probability of extraordinary
support coming from UniCredit, from moderate previously. The rating
agency's revised assumptions reflect UniCredit's reduced stake in
Yapi Kredi, and no longer result in an uplift to Yapi Kredi's
Adjusted BCA (from one notch previously).

The affirmation of Yapi Kredi's B2 local currency long-term deposit
rating and senior unsecured rating reflects the downgrade of the
Adjusted BCA, counterbalanced by Moody's increased government
support assumption for Yapi Kredi to high from moderate, resulting
in a one-notch uplift (from zero previously). Moody's assumption of
high government support for Yapi Kredi's depositors and senior
bondholders reflect the bank's large size in the Turkish banking
system, as well as a lower probability of affiliate support from
UniCredit.

Yapi Kredi's B3 foreign-currency long-term deposit rating continues
to remain constrained by Turkey's B3 foreign-currency deposit
ceiling.

Moody's also downgraded Yapi Kredi's subordinated instruments to
Caa1 and Caa2(hyb) from B3 and Caa1(hyb) respectively, and the
bank's preferred stock non-cumulative to Caa3(hyb) from Caa2(hyb).
The downgrades reflect the downgrade of Yapi Kredi's Adjusted BCA;
the rating agency believes that there will be a low probability of
government support for subordinated instruments in Turkey, which
does not lead to any rating uplift.

OUTLOOK

Yapi Kredi's long-term deposit and senior debt ratings carry a
negative outlook, reflecting a still challenging operating
environment and the limited capacity of the Turkish government to
support Yapi Kredi's depositors and senior bondholders, as
indicated by the negative outlook on Turkey's sovereign debt
rating.

FACTORS THAT COULD LEAD TO AN UPGRADE

There is limited upside on Yapi Kredi's ratings, as indicated by
the current negative outlook.

However, the outlook could change to stable following an
improvement in the operating environment, which would stabilise the
bank's stock of problem loans and profitability, and result in a
structural reduction of Yapi Kredi's reliance on foreign currency
funding.

FACTORS THAT COULD LEAD TO A DOWNGRADE

Yapi Kredi's BCA could be downgraded following a further
deterioration in Turkey's operating environment or a deterioration
in the standalone characteristic of the bank, including a
higher-than-expected deterioration of Yapi Kredi's asset quality, a
material decline in capital ratios, or lower-than-expected
profitability. Evidence of deterioration in Yapi Kredi's risk
management and underwriting standards following UniCredit's
ownership reduction could also lead to a downgrade of Yapi Kredi's
BCA.

A downgrade of Yapi Kredi's BCA, or a downgrade of Turkey's
sovereign debt rating could lead to a downgrade of the bank's
long-term deposit and senior debt ratings.

LIST OF AFFECTED RATINGS

Issuer: Yapi ve Kredi Bankasi A.S.

Downgrades:

Adjusted Baseline Credit Assessment, downgraded to b3 from b2

Subordinate Regular Bond/Debenture, downgraded to Caa1 from B3

Subordinate Regular Bond/Debenture, downgraded to Caa2(hyb) from
Caa1(hyb)

Preferred Stock Non-cumulative, downgraded to Caa3(hyb) from
Caa2(hyb)

Affirmations:

Long-term Counterparty Risk Ratings, affirmed B1

NSR Long-term Counterparty Risk Rating, affirmed Aa2.tr

Short-term Counterparty Risk Ratings, affirmed NP

NSR Short-term Counterparty Risk Rating, affirmed TR-1

Long-term Bank Deposits (foreign currency), affirmed B3, outlook
remains Negative

Long-term Bank Deposits (local currency), affirmed B2, outlook
remains Negative

NSR Long-term Bank Deposits, affirmed A2.tr

Short-term Bank Deposits, affirmed NP

NSR Short-term Bank Deposits, affirmed TR-1

Long-term Counterparty Risk Assessment, affirmed B1(cr)

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

Baseline Credit Assessment, affirmed b3

Senior Unsecured Regular Bond/Debenture, affirmed B2, outlook
remains Negative

Senior Unsecured Medium-Term Note Program, affirmed (P)B2

Other Short Term, affirmed (P)NP

Outlook Action:

Outlook remains Negative

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
Methodology published in November 2019.



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

ALPHA TOPCO: Moody's Affirms B2 CFR; Alters Outlook to Positive
---------------------------------------------------------------
Moody's Investors Service affirmed the B2 corporate family rating
and B2-PD probability of default rating of Alpha Topco Limited and
the B2 rating of the senior secured facilities (Term Loan B &
Revolving Credit Facility) issued by the company's subsidiary,
Delta 2 (Lux) S.a.r.l. The outlook has been changed to positive
from stable.

The rating action reflects:

  -- The company's strong trading in 2019 and expected growth in
2020 driven by new contract wins

  -- The resilient nature of the company's cash flows driven by
multi-year contracts and the strength of the Formula One franchise

  -- Expectations of a satisfactory renewal of the Concorde
Agreement with the competing teams and the FIA

  -- Strong cash conversion and high free cash flow to debt metrics
above 10%

RATINGS RATIONALE

The B2 CFR is supported by the company's: (1) highly recognised
leading motorsport franchise and well-established global fan base;
(2) very strong cash conversion because of low capital spending and
tax costs; (3) multi-year contract structures that offer a strong
level of revenue predictability; (4) consistent operational track
record; and (5) expected deleveraging in 2019 and 2020 from
earnings growth.

The rating also reflects the company's: (1) high Moody's-adjusted
gross debt/EBITDA of 6.5x as at September 30, 2019; (2) renewal of
the current Concorde Agreement, expiring in December 2020, between
the company, the competing racing teams and the FIA, the sport's
regulator and governing body; (3) dependence on a relatively small
number of key events and broadcasting contracts; and (4) need to
balance higher-income pay-TV agreements with larger access
free-to-air distribution.

Following the acquisition of Formula One by Liberty Media
Corporation in 2017 the company has undergone a period of
investment focused on strengthening commercial development,
enhancing the digital strategy and increasing the attractiveness of
the sport. This has driven improved trading performance in 2019,
alongside the benefits of a substantial increase in broadcasting
income following the start of a new contract with Sky Limited (A3
stable) in the UK. Further growth is expected in 2020 driven by new
contracts wins over which there is strong contractual visibility.
The company may face some revenue challenges in 2021 due to the
timing of TV contract renewals however the strength and
attractiveness of the Formula One franchise provides some
protection in the context of wider broadcasting market challenges.

The company is in advanced stages of negotiating a new Concorde
Agreement, the term used to describe the series of bilateral
agreements between the company, the competing teams and the sport's
regulator, the FIA, which set out the parameters of how the sport
currently operates and is governed. A key component of the
agreements are the rules governing how the prize fund paid to the
competing teams is determined and allocated. Currently, the prize
fund distributed to the teams is equivalent to around 70% of
Formula One's pre-team share EBITDA. Once finalised, Moody's does
not expect a renewed Concorde Agreement to result in a less
favourable economic outcome for the company. Nevertheless there
remains a degree of execution risk until a new agreement is
signed.

Governance considerations, which Moody's take into account in
assessing Formula One's credit quality, relate primarily to its
financial policies. The company's target leverage is in the range
of 5.0-5.5x net debt to company adjusted EBITDA. Moody's would
expect surplus cash to be distributed by way of dividends and as
EBITDA grows for the company to releverage back to its target
level.

Formula One has recently announced its plans to become carbon
neutral by 2030. The company aims to cut its emissions by between
20 and 50 per cent by 2030 through a range of actions which are
likely to include running cars on biofuels, eliminating single-use
plastic at events and reordering the race calendar to reduce
distances between races. In the recently published regulations for
2021, the sport has announced its intention to retain the current
1.6-litre turbocharged hybrid engines for the time being.

LIQUIDITY

Formula One's liquidity profile is good. As of September 30, 2019,
the company had $354 million of cash on balance sheet and access to
an undrawn committed $500 million revolving credit facility
available until 2024, under which there is ample headroom under its
leverage covenant. There are no material debt maturities until 2024
and Moody's expects the company to remain solidly cash generative
with Moody's-adjusted FCF/debt of around 10%.

STRUCTURAL CONSIDERATIONS

The senior secured facilities at Delta 2 (Lux) S.a.r.l. are rated
B2 in line with the corporate family rating, given the pari passu
capital structure following the full repayment of the second-lien
term loan in July 2017.

OUTLOOK

The positive outlook assumes that the company will delever towards
6.0x on a Moody's-adjusted basis during 2020 through mid to high
single digit percentage growth in revenue and EBITDA. The rating
also assumes that negotiation of a renewed Concorde Agreement is
satisfactorily concluded, covering the sport from 2021, on a
broadly similar economic basis for the company. The outlook also
assumes that there are no significant debt-financed acquisitions or
distributions that would prevent the company from deleveraging in
line with expectations.

WHAT COULD CHANGE THE RATING UP / DOWN

The rating could be upgraded if Moody's-adjusted debt/EBITDA falls
sustainably below 6.0x, with Moody's-adjusted free cash flow/debt
remaining in at least high-single digit percentages. An upgrade
would also require the company to achieve further revenue and
EBITDA growth and satisfactorily conclude the Concorde Agreement
negotiations, whilst maintaining good liquidity.

The rating could be downgraded if Moody's-adjusted debt/EBITDA
increases towards 7.0x, or if there are signs of weakening
operating performance, cash flow generation or liquidity. In
addition a downgrade could occur if a renewed Concorde Agreement is
negotiated with materially adverse terms for the company, such as a
higher total prize fund paid to the teams (when measured as a
percentage of EBITDA before team payments).

OTHER CONSIDERATIONS

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

COMPANY PROFILE

Alpha Topco Limited is the holding company for the group of
companies that exploit the commercial rights to the FIA Formula One
World Championship. In 2018, the companies owned by Alpha Topco
Limited generated revenue of $1.8 billion. Alpha Topco — through
its holding companies Delta Debtco Limited and Delta Topco Limited
— is controlled by Liberty Media Corporation.

COMPASS III: Moody's Affirms B3 CFR, Outlook Stable
---------------------------------------------------
Moody's Investors Service affirmed the corporate family rating and
probability of default rating of B3 and B3-PD for Compass III
Limited, a leading European manager of holiday rentals.
Concurrently, Moody's has affirmed the B2 rating on the senior
secured facilities, including the EUR100 million proposed add-on to
the first lien term loan B, and the Caa2 rating on the second lien
loan issued by Awaze Limited. The ratings outlook is stable.

"Today affirmation reflects a broadly credit neutral impact of the
add-on, which the company plans to use for several bolt-on
acquisitions. Awaze's solid operating performance in 2019 also
supports the rating, despite somewhat slower and more costly
business optimisation program achievements so far", says Egor
Nikishin, a Moody's lead analyst for Awaze.

RATINGS RATIONALE

The company's rating is supported by the company's (1) established
position in the European holiday rental market, particularly in the
Netherlands (Aaa stable), where its Landal brand is a market leader
with a history of resilient revenue growth over the last ten years;
(2) solid position in a fragmented and niche rental agency market
with Awaze Vacation Rentals U.K.'s (Awaze UK's) and Novasol's broad
service offering and track record of more than 80% annual retention
rate; (3) focus on geopolitically stable countries in the European
Union thus limiting the risk of potential travel disruptions; (4)
some business and geographical diversification with Landal
operating holiday parks mostly in the Netherlands and Germany, and
Novasol and Awaze UK operating agency businesses with holiday
accommodations and travellers in several European countries; (5)
healthy reported EBITDA margins, structurally negative working
capital and moderate capital spending needs.

The rating is constrained by the company's (1) relatively high
Moody's adjusted leverage of approximately 7x pro forma for the
EUR100 million first lien add-on, which Moody's expects to decline
over 2020; (2) exposure to some technological risk as it pertains
to its agency businesses; (3) small revenue base of the individual
business segments which have operated independently under Wyndham's
ownership; (4) some seasonality with peak demand in the summer
months; and (5) un-hedged currency risk because of its
predominantly euro-denominated debt compared to a significant
portion of EBITDA generated in British Pounds and Danish Krone
(albeit DKK is currently pegged to EUR, which partially mitigates
currency risk).

Awaze's performance has strengthened in the first nine months of
2019, as the company recorded 4% revenue and 10%
management-adjusted EBITDA growth. The improvement was driven by
Landal's continued organic growth as well as Novasol's recovery in
margin after a relatively weak 2018 year. Awaze UK's EBITDA was
flat due to weak consumer confidence and adverse currency impact
within the James Villas tour operator business. Moody's understands
that EBITDA growth was also supported by some early results from
cost savings initiatives. As a result, the company's Moody's
adjusted leverage decreased to around 6.3x as of September 2019
from 7.5x at closing in April 2018, including roughly 0.5x decrease
from IFRS 16 compared to its previous lease adjustment. Although
the gross leverage will temporarily increase to around 7x following
the EUR100 million add-on, Moody's expects that Awaze will use the
proceeds to fund several bolt-on acquisitions and as a result
additional EBITDA from the newly acquired businesses will allow to
quickly compensate for the higher debt.

Following the carve-out Awaze initiated a large-scale cost saving
program, which includes optimisation and centralised coordination
of marketing and sales channels, increase in productivity of the
staff and tighter cost controls and integration of the back office
operations. If realised, the initiatives will help to increase the
existing EBITDA margin significantly. However, in the rating
agency's view the program also incurs some execution risk. Moody's
understands that 18 months into the program the benefits realised
in EBITDA were somewhat slower versus the initial plan, while the
upfront implementation costs exceeded EUR50 million -- more than
previously anticipated. More positively, the management confirmed
that the material part of the one-off costs will be finished in
2019 and as a result 2020 should see a significant net benefit and
a cleaner EBITDA.

Moody's would like to draw attention to certain governance
considerations related to Awaze. The company is controlled by
Platinum Equity which, as is common for private equity sponsored
deals, has a high tolerance for leverage and potentially high
appetite for shareholder-friendly actions. Moody's also notes that
the company is executing its large business optimisation program
following the carve-out from Wyndham Worldwide, which makes it more
difficult to monitor the underlying business performance. That
said, the company has made a notable effort to improve transparency
by providing additional disclosures, including third party reviewed
quarterly reports.

LIQUIDITY

The company's liquidity is adequate, based on its EUR57 million
cash balance as of September 30, 2019, as well as its EUR105
million committed revolving credit facility (RCF) of which EUR88
million was available. The RCF is mostly used to cover seasonal
working capital outflows in the fourth quarter of the year. The
company does not have any notable debt maturities until 2024 apart
from ongoing finance lease payments of circa EUR10 million per
year. The RCF contains a leverage-based springing covenant tested
if the facility is drawn more than by 35% and for which Moody's
expects there will be comfortable headroom.

STRUCTURAL CONSIDERATIONS

The B2 ratings assigned to the EUR685 million senior secured first
lien TLB (which includes EUR585 million original loan and the
EUR100 million proposed add-on) and the EUR105 million RCF are one
notch above the group's corporate family rating. The ratings on
these instruments reflect their contractual seniority in the
capital structure and the cushion provided by the second lien. The
collateral package consists of a pledge over the majority of the
group's bank accounts, intragroup receivables and shares. The
facilities also benefit from upstream guarantees from the group's
operating subsidiaries representing more than 80% of aggregate
EBITDA and assets. However, the security package does not include
the company's owned parks and land in the Netherlands with an
approximate value of EUR300 million. Lenders of the second lien
term loan benefit from the same collateral and guarantee package,
but on a subordinated basis, therefore the rating of the second
lien term loan is Caa2 or two notches below the group's B3
corporate family rating.

RATING OUTLOOK

The stable rating outlook reflects Moody's expectation that the
company's business will continue to expand. As a result, EBITDA
will grow supported by strong holiday bookings, ongoing bolt-on
acquisitions as well as the gradual delivery of the planned cost
and revenue initiatives. Moody's anticipate that the company's
credit profile will strengthen over time while maintaining an
adequate liquidity.

FACTORS THAT COULD LEAD TO AN UPGRADE

A higher rating would require Awaze to build a track record of
profitability improvements and reduce restructuring costs.
Quantitatively, Moody's would consider a positive rating action if
Moody's adjusted Debt/EBITDA were to decline to sustainably below
6x while maintaining a consistently positive free cash flow
generation.

FACTORS THAT COULD LEAD TO A DOWNGRADE

Negative rating pressure would result from any operational
difficulties preventing the company's EBITDA to grow and its free
cash flow generation to remain positive. A material increase in
leverage and any liquidity challenges could also result in negative
rating pressure.

RATING METHODOLOGY

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

PROFILE

Awaze is a carve-out from Wyndham Worldwide, acquired by Platinum
Equity Advisors in May 2018. The company operates in three main
business segments: Landal Parks (Netherlands-based holiday parks
operator and franchisor), Novasol (professional agent for
Continental European holiday homes) and Awaze Vacation Rentals
U.K., which includes a rental agency business for UK holiday
cottages, lodges, parks and boating accommodations, as well as a
specialist villa tour operator business. In the last 12 months to
September 30, 2019, Awaze generated around EUR697 million in
revenue and EUR126 million in management-adjusted EBITDA.

EDDIE STOBART: Shareholders Vote in Favor of DBAY's Rescue Deal
---------------------------------------------------------------
Yadarisa Shabong and Noor Zainab Hussain at Reuters report that
Eddie Stobart's shareholders on Dec. 6 voted in favor of a takeover
from top investor DBAY Advisors, allowing the logistics company's
green and red trucks to continue trading.

According to Reuters, Eddie Stobart said the company's shareholders
voted "overwhelmingly" in favor for private equity group DBAY to
pump in GBP55 million (US$70.57 million) of new financing in return
for a majority stake.

DBAY, which currently owns nearly 30% of Eddie Stobart, has also
agreed a new GBP20 million credit facility with the company,
Reuters notes.

Eddie Stobart has had a torrid year, in which its chief executive
Alex Laffey departed and trading in the company's shares were
suspended following its failure to publish half-year results on
time, Reuters relates.

Eddie Stobart has also scrapped its dividend and warned that annual
net debt would rise to GBP200 million, Reuters states.

Eddie Stobart said later on Dec. 6 that 80.76% votes cast at the
shareholder meeting were in favor of the DBAY deal, Reuters
recounts.

Eddie Stobart provides logistics facilities to construction
companies, retailers and industrials, with about 2,700 vehicles,
5,000 trailers and 43 operating centers across Britain and Europe.


HOLLAND & BARRETT: S&P Cuts Long-Term ICR to 'B-', Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings lowering its long-term issuer credit rating and
issue-level ratings on U.K.-based health and wellness retailer
Holland & Barrett (H&B) and its senior secured term loan, to 'B-'
from 'B'. S&P also lowered the recovery rating on the GBP820
million term loan facilities to '4' from '3', reflecting its
revised expectations of average recovery in the event of a
default.

S&P has lowered the ratings on H&B's parent, L1R HB Finance Ltd.,
to reflect a material increase in leverage, resulting from a
significant decline in EBITDA for FY2019. Pending the release of
final audited accounts, we envision adjusted debt to EBITDA will
climb to 7.8x in FY2019, from 5.6x in FY2018. In the preliminary
results announcement, H&B also reported negative free operating
cash flow (FOCF) of about GBP17.5 million, and S&P now expects
FOCF--after lease payments and exceptional cash outflows--to remain
negative in FY2020.

The group has retained positive overall and like-for-like (LFL)
revenue growth in a declining U.K. market, although increased
discounting and cost inflation resulted in a sharp contraction in
profitability metrics. In a recent preliminary results
announcement, H&B reported low single-digit overall revenue growth
for FY2019 at 2.4%. Although that represented the 42nd consecutive
quarter of positive LFL growth at about 1%, H&B fell short of S&P's
revenue growth expectations, while pricing pressures resulted in a
contraction in gross margin of about 220 basis points (bps). Margin
erosion was even more noteworthy at the operating profit level, and
was caused by a marked increase in labor costs and exceptional
charges related to operational initiatives.

The trends described drove H&B's preliminary reported EBITDA down
to about GBP73 million in FY2019, including larger-than-expected
cash-based exceptional charges of GBP32 million. These figures
represent a sharp reduction from H&B's reported EBITDA of GBP127
million (after exceptional costs of about GBP26 million) in
FY2018.

Although the amount of debt outstanding has remained relatively
unchanged since last year, the weak results have resulted in a
sudden jump in financial leverage. The sharp decline in EBITDA has
resulted in a material increase in adjusted leverage. S&P
calculates that S&P Global Ratings-adjusted debt to EBITDA will
close at about 7.8x in FY2019, up more than 2x from 5.6x at the end
of FY2018. H&B's capital structure remains relatively unchanged
since last year, with a pound sterling- and euro-denominated GBP820
million equivalent term loan facility maturing in 2024. The group
closed FY2019 with GBP19.5 million of cash on balance sheet, while
the GBP75 million revolving credit facility (RCF) remained
undrawn.

The group battles with a high level of fixed charges, reflected in
the decline in EBITDAR (earnings before interest, taxes,
depreciation, amortization, and rent) coverage--calculated as
reported EBITDA plus rent divided by cash interest payments plus
rent, and adjusted for non-cash exceptional costs--to 1.2x in
FY2019 from about 1.6x in FY2018. H&B's cost structure remains
highly rigid, as relatively inflexible costs comprising store
running, labor, and central costs accounted for a major part of the
costs incurred during the year. As such, any weakness in future
top-line growth would further weigh on profitability, and would
likely contribute to credit metrics deterioration.

H&B closed another year of negative free cash flow generation,
weakening the group's liquidity position. The group's FOCF remained
negative in FY2019 at about GBP17 million of outflows, and the
closing cash balance declined to just under GBP20 million. While
the GBP75 million RCF remains undrawn, and the springing covenant
only applies for drawings above GBP26 million, covenant headroom
would be tight at below 15% should the company draw a higher
amount. However, given the low seasonality in earnings and
relatively contained intra-year working capital swing, S&P does not
expect the group to draw on the RCF for funding its working capital
needs in the near term.

The stable outlook reflects H&B's elevated levels of financial
leverage and impaired cash flow generation following the recent
underperformance. The earnings shortfall has resulted in credit
metrics that S&P sees in the weaker end of the 'B-' rating, along
with its tighter liquidity position.

S&P said, "As we do not expect industry-wide cost inflation to
abate in the near future, we see limited potential for
profitability margins to revert back to FY2018 levels over the next
12 months. We also anticipate marginal negative FOCF in FY2020,
while we think that S&P Global Ratings-adjusted debt to EBITDA will
moderate to a still-high 7.0x, and EBITDAR coverage will be around
1.3x.

"We could lower the rating within the next 12 months if H&B fails
to recover its EBITDAR interest coverage to 1.3x, or if the group
showed materially negative reported FOCF (after lease payments) in
FY2020. This could be the case if earnings and profitability
deteriorated further, owing to a sales decline or ramp-up costs for
new strategic initiatives and extraordinary costs persisted. We
could also lower the rating if one of these factors further weakens
our liquidity assessment, without any remedial action by H&B or
LetterOne."

A positive rating action is unlikely over the next 12 months. A
ratings upgrade would be subject to H&B maintaining EBITDAR
interest coverage at above 1.5x, generating positive reported FOCF,
and adjusted debt to EBITDA declining below 6.5x on a sustained
basis. At the same time, any positive rating action would be
contingent on H&B improving its liquidity position and maintaining
covenant headroom of above 15%.


OCADO GROUP: Moody's Reviews Ba3 CFR for Possible Downgrade
-----------------------------------------------------------
Moody's Investors Service placed under review for possible
downgrade the Ba3 long-term corporate family rating and Ba3-PD
probability of default rating of UK online grocery retailer and
technology-driven software and robotics platform business Ocado
Group plc. Concurrently the rating agency has placed under review
for possible upgrade the Ba3 rating of Ocado's GBP250 million
backed senior secured notes due 2024. The outlook has changed to
rating under review from stable.

The action follows Ocado's announcement on December 2, that it
intends to issue approximately GBP600 million of senior unsecured
Convertible Bonds due 2025.

RATINGS RATIONALE

The proposed issuance will result in Ocado's gross Moody's-adjusted
debt more than doubling to approximately GBP1.1 billion. The rating
agency recognises that the company's already good liquidity will be
enhanced by the issuance. In turn, this will provide further
support for Ocado's significant capital spending commitments, which
have increased recently, notably with respect to the new Solutions
contract agreed with Japanese grocer Aeon and the latest customer
fulfilment centres planned for Ocado Retail. However, the increased
funding commitments will mean that Ocado's credit metrics, which
were already stretched for the Ba3 rating category, will
deteriorate further during 2020.

Moody's review of Ocado's ratings will comprise an analysis of the
scale and timing of the company's various expansionary projects and
their impact on the company's financial and credit profile. In
addition, the review will cover the impact on the rating of the
senior secured notes of the change to the company's capital
structure after the issuance of the Convertible Bonds, which can be
considered as providing a subordination cushion to the senior
secured notes.

The rating agency takes the company's governance practices into
account in its assessment of Ocado's credit quality, including
financial policies. The company has primarily used equity to fund
its heavy capital spending commitments, and has demonstrated a
prudent approach to liquidity management. However, the proposed
convertible bond issuance will result in a significant increase in
debt, notwithstanding the characteristics which could lead to its
conversion into equity in due course.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Retail Industry
published in May 2018.

COMPANY PROFILE

Established in 2000, Ocado is the UK's only scale pure-play grocery
e-tailer and, with annual Retail revenue of GBP1.5 billion in 2018,
it has a 1.4% share of the overall UK grocery market, according to
Kantar Worldpanel. Ocado has been listed on the London Stock
Exchange since 2010 and currently has a market capitalisation of
over GBP8.5 billion.

In addition to its own online grocery operations the company
provides services to other retailers via the Solutions division.
Morrisons is the longest-standing Solutions customer, with Ocado
operating the morrisons.com website and fulfilling the orders
placed on it. Since 2017, Ocado has announced deals to provide
solutions to several international retailers, including France's
Casino Guichard-Perrachon SA (B2 negative), Sobeys Inc. of Canada
and The Kroger Co. (Baa1 stable), the largest traditional
supermarket chain in the US.

RESIDENTIAL MORTGAGE 31: DBRS Confirms C Rating on Class X1 Notes
-----------------------------------------------------------------
DBRS Ratings Limited confirmed the following ratings on the notes
issued by Residential Mortgage Securities 31 Plc (the Issuer):

-- Class A Notes at AAA (sf)
-- Class B Notes at AA (sf)
-- Class C Notes at A (sf)
-- Class D Notes at BBB (high) (sf)
-- Class E Notes at BB (high) (sf)
-- Class F1 Notes at B (sf)
-- Class X1 Notes at C (sf)

The ratings on the Class A to F1 Notes address the timely payment
of interest, while each class of notes is senior-most outstanding,
and the ultimate payment of principal on or before the legal final
maturity date. The rating on the Class X1 Notes addresses the
ultimate payment of interest and principal on or before the legal
final maturity date.

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

-- Portfolio performance, in terms of delinquencies, defaults and
losses, as of September 2019.

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

-- Current available credit enhancement to the Class A to F1 Notes
to cover the expected losses at their respective rating levels.

Residential Mortgage Securities 31 Plc is a securitization
consisting of seasoned UK non-conforming mortgages, both
owner-occupied and buy-to-let. The mortgages were originated by
various entities; including, Southern Pacific Mortgages Limited,
Preferred Mortgages Limited, London Mortgage Company, Southern
Pacific Personal Loans Limited, Alliance & Leicester and Amber
Homeloans Limited. The portfolio is serviced by Kensington Mortgage
Company Limited (KMC).

PORTFOLIO PERFORMANCE

As of September 2019, loans that were two- to three-months in
arrears represented 5.4% of the outstanding portfolio balance, up
from 4.2% in July 2018. Loans more than three months in arrears
represented 20.0% of the outstanding portfolio, up from 18.8% in
July 2018. The cumulative default ratio was 0.6%.

PORTFOLIO ASSUMPTIONS

DBRS Morningstar conducted a loan-level analysis of the remaining
pool of receivables and updated its base case PD and LGD
assumptions to 32.6% and 13.8%, respectively.

CREDIT ENHANCEMENT AND RESERVES

As of the September 2019 payment date, credit enhancement to the
Class A, Class B, Class C, Class D, Class E and Class F1 Notes was
29.8%, 25.6%, 21.0%, 16.6%, 10.8% and 7.8%, respectively, up from
27.1%, 23.4%, 19.1%, 15.1%, 9.9% and 7.1% at the DBRS Morningstar
initial rating. Credit enhancement consists of subordination of the
junior notes and a General Reserve Fund.

The Class X1 Notes are primarily intended to amortize using revenue
funds. However, if excess spread is insufficient to fully redeem
the Class X1 Notes when the Class F2 Notes are paid down, principal
funds will be used to amortize the Class X1 Notes in priority to
the Class F3 Notes.

The General Reserve Fund is currently funded to its target level of
GBP 9.5 million, which is 3% of the initial Class A to F3 Notes
balances). The General Reserve Fund is available to cover senior
fees, interest shortfall on the Class A to Class E Notes and
principal losses via the principal deficiency ledgers (PDL) on the
Class A to Class E Notes. Once the Class E Notes have been fully
redeemed, the General Reserve Fund will also become available to
cover interest shortfall and principal losses via the PDLs on the
Class F1 to F3 Notes. The target balance of the General Reserve
Fund becomes zero once the Class F2 Notes are redeemed in full.

If the General Reserve falls below 1.5% of the outstanding Class A
to F3 Notes, a Liquidity Reserve will be funded to 2.0% of the
outstanding principal balance of the Class A Notes using principal
receipts and will be available to cover senior fees and interest
shortfall on the Class A Notes. The Liquidity Reserve balance is
currently at its target of zero.

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

Notes: All figures are in British pound sterling unless otherwise
noted.

SOUTHERN WATER: S&P Withdraws 'B' Long-Term Issuer Credit Rating
----------------------------------------------------------------
S&P Global Ratings withdrew its 'B' long-term issuer credit rating
on Southern Water (Greensands) Financing PLC. At the same time, S&P
withdrew the 'B' rating on Southern Water (Greensands) Financing
PLC's senior secured notes. At the time of the withdrawal, the
outlook on the long-term issuer credit rating was negative.


TALKTALK TELECOM: Fitch Affirms BB- LT IDR, Outlook Negative
------------------------------------------------------------
Fitch Ratings affirmed TalkTalk Telecom Group Plc's Long-Term
Issuer Default Rating at 'BB-' with a Negative Outlook.

TalkTalk is making progress in reshaping its business model to be
more focussed and leaner, enabling the company to gradually improve
its operating margins while maintaining a broadly stable market
position. However, the company's funds from operations (FFO)
adjusted net leverage has surpassed its downgrade sensitivity of
3.8x and may remain above this level on a sustained basis. This is
a key factor reflected in the Negative Outlook. Proceeds from
potential asset sales could help alleviate leverage and enable the
company to gradually build headroom for unforeseen operational
risks.

KEY RATING DRIVERS

Leverage Exceeding Rating Threshold: TalkTalk's FFO adjusted net
leverage at FY19 (financial year ending March) was 4.4x and above
the company's downgrade sensitivity of 3.8x. Higher working capital
requirements, ongoing fibre investments and exceptional
restructuring costs are likely to constrain the company's capacity
to reduce these sufficiently on an organic basis, despite
improvements in the company's cost structure.

Deleveraging Susceptible to Competition and Regulation: Fitch's
base case scenario envisages that TalkTalk's FFO adjusted net
leverage will decline to 4.2x by FY20 and then gradually to 4.0x by
FY22. The pace of deleveraging is susceptible to changes in the
competitive and regulatory environment that could impact the
company's gross margins, cost to grow, churn and pricing. As a
result of these operating risks, to retain its 'BB-' rating,
TalkTalk would need to bring FFO adjusted net leverage below 3.8x
by FY20 and retain some discretion in managing its capital
structure. Fitch views a deleveraging capacity of around 0.2x FFO
adjusted net leverage per year as sufficient for this purpose.

Sizeable Position, Low Margins: TalkTalk has around 4.2 million
broadband subscribers in the UK and a market share that Fitch
estimates to be about 16%. The company has value-for-money product
proposition that appeal to a cross-section of the UK telecoms
market. TalkTalk also operates national telecoms infrastructure
with local access that is largely achieved through the purchase of
regulated wholesale products from incumbent BT Group Plc. The
company's current scale drives a business model with fairly low
operating and pre-dividend free cash flow (FCF) margins (7%-8% and
negative 3%, respectively, over the next two years). This leaves
little room for manoeuvre and exposes the financials to competitive
risks in the sector.

Slowing Growth, Competitive Market: Fitch estimates that growth in
total UK broadband market lines by December 2019 will slow to
around 1% from an average of 2%-3% over the preceding four years.
The slowdown makes growing TalkTalk's subscriber base harder as it
increasingly depends on the churn of other operators and sustaining
its existing customer base. Many of TalkTalk's competitors operate
sizeable convergent telecoms platforms, targeting multiple market
segments with investments in exclusive content and stronger
operating margins.

Gradually Improving KPIs: TalkTalk's 1H19 results indicate that
company has sustained improvements in a number of operational areas
such as churn, fibre subscriber net additions, growth in
higher-margin elements of the corporate segment and reductions in
operating expenses. The sustainability of these improvements over
the next two to three years is key for stability of revenue and
lower cost structure.

Cost Structure Realignment: TalkTalk's current cost structure is
too heavy given its scale, investment requirements and costs to
grow and retain market share. The company has successfully
repositioned its strategy to focus primarily on fixed broadband and
is in the process of upgrading its network. This should allow
TalkTalk to simplify operations and reduce costs. TalkTalk has
reduced its headcount and relocated the bulk of its London-based
operations. The company estimates that this will release GBP25
million to GBP 30 million in annualised opex and capex savings.
TalkTalk will need to maintain improvements in other aspects of its
cost structure in order to enhance the sustainability of its
business model.

Long-Term Business Model Unknowns: The continued growth of
fibre-based broadband lines creates some uncertainties about
TalkTalk's future product mix and cost structure. Fibre-based local
access lines, while benefiting from higher average revenue per user
(ARPU), also have higher regulated wholesale costs. The growth of
fibre could imply TalkTalk's business model may change to
incorporate a greater mix of variable costs with lower operating
margins. The company should be able to offset lower margins through
reduced network capex at the FCF level. Visibility of the eventual
outcome for TalkTalk is currently low but improving and dependent
on regulated prices and commercial trade-offs between
wholesale-based products and own local access network build.

DERIVATION SUMMARY

TalkTalk's rating reflects a sizeable broadband customer base and
the company's positioning in the value-for-money segment within a
competitive market structure. TalkTalk's operating margins are
below the telecoms sector average. This largely reflects an
unbundled local exchange network architecture and dependence on
regulated wholesale products for 'last-mile' connectivity. The
company is less exposed to trends in cord 'cutting' or 'shaving'
where consumers trade down or cancel pay-TV subscriptions in favour
of alternative internet or wireless-based services. However,
TalkTalk's business model faces some uncertainties in its long-term
cost structure as a result of increasing fibre-based products,
evolving regulation and a continued need to improve its cost to
serve.

Peers such as BT Group Plc (BBB/Stable) and Virgin Media Inc.
(BB-/Stable) benefit from various combinations of full local loop
network access ownership, and/or greater revenue diversification as
a result of scaled positions in multiple products segments, such as
mobile and pay-TV, and higher operating margins.

KEY ASSUMPTIONS

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

  - Revenue decline of 2% in FY20, stabilisation in FY21 and growth
of about 2% FY22-FY23;

- EBITDA margin about 16% in FY20 gradually increasing to just
under 18% by FY23;

  - Capex-to-sales ratio of around 7.5% in FY20 and declining
gradually to around 6.5% by FY23;

  - Increase in working capital of GBP80 million in FY20 and GBP40
million in FY21;

  - Stable dividends of GBP28 million per year;

  - Fibre rollout investments of GBP25 million per year; and

  - A blended operating lease multiple of 5.3x.

RATING SENSITIVITIES

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

  - Strong operational performance, accompanied by a financial
policy track record in managing fibre-to-the premise investments
and dividend distributions, leading to a high-single digit
pre-dividend FCF margin

  - Comfortable liquidity headroom and FFO fixed charge cover above
3.0x

  - FFO adjusted net leverage sustainably below 3.3x

  - Sufficient improvement in its cost structure and KPIs leading
to EBITDA growth, leverage reductions and sufficient deleveraging
capacity, which may result in the Outlook being revised to Stable

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

  - A material deterioration in KPIs or an increase in competitive
intensity in the UK broadband market

  - A contraction in pre-dividend FCF margin to low single digits

  - Shrinking liquidity headroom or FFO fixed charge cover being
sustained below 2.5x

  - FFO adjusted net leverage sustained above 3.8x

LIQUIDITY AND DEBT STRUCTURE

Satisfactory Liquidity: As of end FY19, the company has access to
total committed revolving credit facilities of GBP640 million
(undrawn GBP292 million). The group's debtor securitisation of
GBP75 million is partly drawn (GBP 61m drawn) and Fitch expects the
company to roll this over when it comes due in FY20. Fitch's base
case forecasts envisage that TalkTalk will be FCF negative in FY20,
with FCF turning positive from FY21.

ESG CONSIDERATIONS

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



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

[*] BOND PRICING: For the Week December 2 to December 6, 2019
-------------------------------------------------------------
Issuer                   Coupon    Maturity  Currency  Price
------                   ------    --------  --------  -----
Hema Bondco I BV          6.250    7/15/2022   EUR     73.739
Tereos Finance Groupe     4.125    6/16/2023   EUR     64.436
Hema Bondco II BV         8.500    1/15/2023   EUR     40.886
Pro-Gest SpA              3.250   12/15/2024   EUR     44.007
Jain International Tra    7.125     2/1/2022   USD     29.250
Thomas Cook Group PLC     6.250    6/15/2022   EUR      8.434
Nostrum Oil & Gas Fina    8.000    7/25/2022   USD     48.093
Valaris plc               7.750     2/1/2026   USD     55.874
Teva Pharmaceutical Fi    1.625   10/15/2028   EUR     71.429
Mallinckrodt Internati    4.875    4/15/2020   USD     59.118
Aldesa Financial Servi    7.250     4/1/2021   EUR     44.953
Lecta SA                  6.500     8/1/2023   EUR     40.474
Astaldi SpA               7.125    12/1/2020   EUR     21.155
Petra Diamonds US Trea    7.250     5/1/2022   USD     74.304
Mallinckrodt Internati    5.750     8/1/2022   USD     39.394
Casino Guichard Perrac    1.033                EUR     33.848
Ferroglobe PLC / Globe    9.375     3/1/2022   USD     64.345
Nostrum Oil & Gas Fina    7.000    2/16/2025   USD     52.812
Moby SpA                  7.750    2/15/2023   EUR     30.068
La Financiere Atalian     4.000    5/15/2024   EUR     66.709
AXA SA                    0.075                EUR     73.516
Banque Federative du C    0.368                EUR     73.393
Ageasfinlux SA            0.966                EUR     50.746
Senvion Holding GmbH      3.875   10/25/2022   EUR      7.049
Mallinckrodt Internati    4.750    4/15/2023   USD     31.375
Valaris plc               5.750    10/1/2044   USD     42.700
Neoen SA                  1.875    10/7/2024   EUR     29.886
Valaris plc               8.000    1/31/2024   USD     66.553
Aggregate Holdings SA     5.000    8/10/2021   EUR     69.725
Casino Guichard Perrac    3.992                EUR     53.886
Obrascon Huarte Lain S    4.750    3/15/2022   EUR     66.603
Kirk Beauty One GmbH      8.750    7/15/2023   EUR     73.558
Vallourec SA              2.250    9/30/2024   EUR     65.661
Boparan Finance PLC       4.375    7/15/2021   EUR     56.907
Intralot Capital Luxem    5.250    9/15/2024   EUR     53.874
Valaris plc               5.200    3/15/2025   USD     55.738
Mallinckrodt Internati    5.500    4/15/2025   USD     33.061
Thomas Cook Finance 2     3.875    7/15/2023   EUR      8.500
Pizzaexpress Financing    8.625     8/1/2022   GBP     14.890
Obrascon Huarte Lain S    5.500    3/15/2023   EUR     66.487
BNP Paribas Fortis SA     1.602                EUR     73.885
InterCement Financial     5.750    7/17/2024   USD     74.075
Rallye SA                 4.000     4/2/2021   EUR     25.500
Sudzucker Internationa    2.687                EUR     73.527
BNP Paribas SA            0.504                EUR     61.000
Mitsubishi UFJ Investo    4.088   12/15/2050   EUR     58.196
Mallinckrodt Internati    5.625   10/15/2023   USD     35.068
Officine Maccaferri-Sp    5.750     6/1/2021   EUR     58.003
Boparan Finance PLC       5.500    7/15/2021   GBP     57.013
Rothschild & Co Contin    2.375                USD     65.259
Naviera Armas SA          4.250   11/15/2024   EUR     71.828
Vallourec SA              4.125    10/4/2022   EUR      5.336
Astaldi SpA               4.875    6/21/2024   EUR     15.986
Valaris plc               4.500    10/1/2024   USD     57.019
Genfit                    3.500   10/16/2022   EUR     21.986
Rallye SA                 4.371    1/23/2023   EUR     25.623
Caisse Federale du Cre    0.590                EUR     71.437
Air France-KLM            0.125    3/25/2026   EUR     18.464
AXA SA                    0.450                EUR     74.537
AXA SA                    1.807                USD     74.630
Ferroglobe PLC / Globe    9.375     3/1/2022   USD     64.586
Aryzta AG                 3.500                CHF     75.836
La Financiere Atalian     5.125    5/15/2025   EUR     66.575
Galapagos Holding SA      7.000    6/15/2022   EUR      5.905
Intralot Capital Luxem    6.750    9/15/2021   EUR     72.011
Quadient                  3.375                EUR     56.868
Sydbank A/S               0.638                EUR     72.583
AXA SA                    2.330                USD     74.813
Debenhams PLC             5.250    7/15/2021   GBP     40.265
EA Partners II BV         6.750     6/1/2021   USD     41.333
Cooperativa Muratori &    6.000    2/15/2023   EUR      2.904
Societe Generale SA       2.625                USD     67.480
Lecta SA                  6.375     8/1/2022   EUR     40.736
Distribuidora Internac    1.000    4/28/2021   EUR     74.400
Distribuidora Internac    0.875     4/6/2023   EUR     46.413
EA Partners I BV          6.875    9/28/2020   USD     42.000
Fuerstenberg Capital I    5.625                EUR     74.559
Banco BPM SpA             1.484                EUR     72.775
Scandinavian Airlines     0.625                CHF     37.128
Korian SA                 2.500                EUR     46.853
Abengoa Abenewco 2 Bis    1.500    4/26/2024   EUR
Odea Bank AS              7.625     8/1/2027   USD     73.553
O1 Properties Finance     8.250    9/27/2021   USD     59.500
Privatbank CJSC Via UK   11.000     2/9/2021   USD     19.754
FF Group Finance Luxem    3.250    11/2/2021   CHF     11.437
BNP Paribas SA            2.139                USD     64.945
KCA Deutag UK Finance     9.625     4/1/2023   USD     62.247
Cooperativa Muratori &    6.875     8/1/2022   EUR      2.575
KCA Deutag UK Finance     9.875     4/1/2022   USD     61.912
Rallye SA                 4.000   11/23/2020   CHF     42.673
Jyske Bank A/S            0.266                EUR     73.583
NIBC Bank NV              0.552                EUR     61.892
FF Group Finance Luxem    1.750     7/3/2019   EUR      4.500
HOCHDORF Holding AG       2.500                CHF     46.137
Rallye SA                 5.250     2/1/2022   EUR     25.381
VIEO BV                   6.750     9/7/2020   EUR     42.200
Offshore Drilling Hold    8.375    9/20/2020   USD     28.584
Econocom Group SA/NV      0.500     3/6/2023   EUR      7.067
KCA Deutag UK Finance     7.250    5/15/2021   USD     61.717
Greenyard Fresh NV        3.750   12/22/2021   EUR     55.406
Credit Mutuel Arkea SA    0.216                EUR     67.523
LA Perla Fashion Finan    7.250    3/29/2023   EUR     24.915
Rallye SA                 3.250     2/8/2024   CHF     25.496
Air Berlin PLC            8.250    4/19/2018   EUR      2.341
BAT International Fina    2.250     9/9/2052   GBP     72.589
Grupo Isolux Corsan SA    0.250   12/30/2021   EUR      0.176
Privatbank CJSC Via UK   10.250    1/23/2018   USD     30.640
Top Gun Realisations 7    6.500     7/1/2022   GBP     18.637
Biocartis NV              4.000     5/9/2024   EUR     73.154
HSBC Bank PLC             2.375                USD     74.959
Banco Espirito Santo S    4.000    1/21/2019   EUR     20.279
DOF Subsea AS             8.810    5/22/2020   NOK     65.000
Scholz Holding Gmbh       8.500   12/31/2019   EUR      2.550
Mallinckrodt Internati    4.875    4/15/2020   USD     59.051
Constellation Oil Serv    6.250    11/9/2019   USD      4.000
ADLER Real Estate AG      2.500    7/19/2021   EUR     14.415
Quant AB                  6.000    2/15/2023   EUR     71.493
Transcapitalbank JSC V   10.000    9/18/2020   USD     56.250
Air Berlin PLC            6.750     5/9/2019   EUR      2.531
HSBC Bank PLC             2.500                USD     74.979
Constellation Oil Serv    9.500    11/9/2024   USD     43.543
NIBC Bank NV              2.627                USD     59.562
Bourbon Corp              6.446                EUR      3.057
Agrokor dd                9.875     5/1/2019   EUR     19.569
Petra Diamonds US Trea    7.250     5/1/2022   USD     74.075
Paragon GmbH & Co KGaA    4.500     7/5/2022   EUR     66.305
Pierre & Vacances SA      2.000     4/1/2023   EUR     52.648
Credit Lyonnais SACA      0.680                EUR     64.767
DNB Bank ASA              2.188                USD     62.500
Melin Group/Norway        7.110   10/30/2022   NOK     67.632
Banco Espirito Santo S    4.750    1/15/2018   EUR     26.623
DOF Subsea AS             9.500    3/14/2022   USD     61.918
Nexity SA                 0.125     1/1/2023   EUR     67.330
Hellenic Bank PCL        10.000                EUR     46.569
Lehman Brothers UK Cap    5.125                EUR      7.153
Evan Group PLC            6.000    7/31/2022   EUR     71.111
Grupo Isolux Corsan SA    6.000   12/30/2021   EUR      1.343
Lambay Capital Securit    6.250                GBP      0.794
EOS Imaging SA            6.000    5/31/2023   EUR      6.144
Rallye SA                 3.400    1/31/2022   EUR     25.501
Mitsubishi UFJ Investo    3.834   12/30/2099   EUR      4.654
Espirito Santo Financi    6.875   10/21/2019   EUR      0.112
Claranova SADIR           5.000     7/1/2023   EUR      1.180
Wasps Finance Plc         6.500    5/13/2022   GBP     69.670
UkrLandFarming PLC       10.875    3/26/2018   USD      8.321
Banco Espirito Santo S    2.625     5/8/2017   EUR     25.501
Nostrum Oil & Gas Fina    7.000    2/16/2025   USD     52.707
Bank Otkritie Financia   10.000    4/26/2019   USD      8.126
Rickmers Holding AG       8.875    6/11/2018   EUR      1.597
Avangardco Investments   10.000   10/29/2018   USD      8.000
Immigon Portfolioabbau    6.059                EUR     14.313
Steinhoff Finance Hold    1.250   10/21/2023   EUR     45.618
House of Fraser Fundin    6.553    9/15/2020   GBP      2.635
Nostrum Oil & Gas Fina    8.000    7/25/2022   USD     47.671
Union Fenosa Preferent    1.237                EUR     70.500
Maisons du Monde SA       0.125    12/6/2023   EUR     44.331
La Financiere Atalian     6.625    5/15/2025   GBP     65.717
Nexity SA                 0.250     3/2/2025   EUR     69.881
Societe Generale SA       0.597                EUR     57.760
Verimatrix SA             6.000    6/29/2022   EUR      3.885
DOF Subsea AS             9.590   11/27/2023   NOK     55.541
Allied Irish Banks PLC   12.500    6/25/2035   GBP     71.818
Afren PLC                 6.625    12/9/2020   USD      0.495
Natixis SA                0.300    6/25/2048   USD     42.588
Mallinckrodt Internati    5.500    4/15/2025   USD     32.864
Fuerstenberg Capital E    1.287                EUR     65.000
NTRP Via Interpipe Ltd   10.250     8/2/2017   USD     30.268
CMA CGM SA                5.250    1/15/2025   EUR     65.328
DNB Bank ASA              2.188                USD     62.850
Linas Matkasse Newco A    8.000    10/9/2022   SEK     55.000
Air Berlin PLC            5.625     5/9/2019   CHF      2.456
Barclays Bank PLC         2.313                USD     74.125
Tennor Finance BV         5.750    6/17/2024   EUR     30.636
Alitalia-Societa Aerea    5.250    7/30/2020   EUR      6.507
SLM Solutions Group AG    5.500   10/11/2022   EUR     72.800
InterCement Financial     5.750    7/17/2024   USD     74.159
FIGEAC-AERO               1.125   10/18/2022   EUR     23.868
Melin Group/Norway        9.610    1/30/2023   NOK     72.694
DNB Bank ASA              2.375                USD     63.120
Cirio Holding Luxembou    6.250    2/16/2004   EUR      1.210
Hema Bondco II BV         8.500    1/15/2023   EUR     43.459
HOCHDORF Holding AG       3.500    3/30/2020   CHF     25.000
KCA Deutag UK Finance     9.875     4/1/2022   USD     62.008
Banca Popolare di Vice    9.500    9/29/2025   EUR      0.579
Barclays Bank PLC         2.438                USD     74.871
Mallinckrodt Internati    5.750     8/1/2022   USD     39.379
OSX 3 Leasing BV         13.000    3/20/2015   USD     22.000
Top Gun Realisations 7    8.000     7/1/2023   GBP      0.637
CNP Assurances            2.000                EUR     74.000
Koninklijke Luchtvaart    0.750                CHF     36.600
Virgolino de Oliveira    10.500    1/28/2018   USD      3.501
Abengoa Abenewco 2 Bis    1.500    4/26/2024   USD     10.318
Paragon GmbH & Co KGaA    4.000    4/23/2024   CHF     70.000
Santhera Pharmaceutica    5.000    2/17/2022   CHF     68.371
Yuksel Insaat AS          9.500   11/10/2015   USD      1.000
Bilt Paper BV             9.640                USD      1.000
New World Resources NV    4.000    10/7/2020   EUR      0.504
Hellenic Republic Gove    2.085    7/25/2057   EUR     51.276
Credit Suisse AG          0.987    8/28/2030   USD     71.500
Thomas Cook Group PLC     6.250    6/15/2022   EUR      8.434
Rallye SA                 1.000    10/2/2020   EUR     26.000
Elli Investments Ltd     12.250    6/15/2020   GBP     55.000
Dexia SA                  1.405                EUR      8.113
Europejskie Centrum Od    5.790    4/14/2020   PLN     49.510
Frey                      6.000   11/15/2022   EUR     27.610
Banco Espirito Santo S    7.125   11/28/2023   EUR      0.126
BBVA International Pre    1.670                GBP     64.047
Prime Living AB           7.000   10/19/2020   SEK      5.000
Agrokor dd                9.125     2/1/2020   EUR     19.049
Mallinckrodt Internati    5.625   10/15/2023   USD     34.746
JZ Capital Partners Lt    6.000    7/30/2021   GBP     10.100
Tresu Investment Holdi    5.000    9/29/2022   EUR     41.625
Dexia Credit Local SA     1.326                EUR      7.925
Enertronica SpA           7.000   12/31/2022   EUR     55.600
Capital Raising GmbH      7.500                EUR     58.874
ESFIL-Espirito Santo F    5.250    6/12/2015   EUR      0.059
Russian Federal Bond -    0.250    7/20/2044   RUB     22.870
Portugal Telecom Inter    6.250    7/26/2016   EUR      0.699
Virgolino de Oliveira    11.750     2/9/2022   USD      4.207
BNP Paribas SA            1.636    4/30/2033   USD     66.165
KCA Deutag UK Finance     9.625     4/1/2023   USD     61.800
Alno AG                   8.500    5/14/2018   EUR      6.510
Stichting Afwikkeling    11.250                EUR      1.039
Privatbank CJSC Via UK   10.875    2/28/2018   USD     31.969
Norske Skog ASA          11.750   12/15/2019   EUR     34.793
SSM Holding AB            8.000     5/9/2020   SEK     68.705
OGX Austria GmbH          8.500     6/1/2018   USD      0.001
Top Gun Realisations 7    4.500     7/1/2022   EUR     28.267
Banco Santander SA        1.967                EUR      3.131
CBo Territoria            3.750     7/1/2024   EUR      4.850
EFG International AG      0.791                EUR     39.729
GNB - Cia de Seguros d    3.102                EUR     74.232
HSBC France SA            0.545                EUR     56.500
Agrokor dd                8.875     2/1/2020   USD     19.235
Barclays Bank PLC         1.750                GBP     74.579
WPE International Coop   10.375    9/30/2020   USD      4.429
Lehman Brothers UK Cap    6.900                USD      3.470
Praktiker AG              5.875    2/10/2016   EUR      0.546
New World Resources NV    8.000     4/7/2020   EUR      1.461
KCA Deutag UK Finance     7.250    5/15/2021   USD     61.547
Pizzaexpress Financing    8.625     8/1/2022   GBP     15.730
Cirio Finance Luxembou    7.500    11/3/2002   EUR      3.294
HPI AG                    3.500                EUR      2.750
Deutsche Bank AG/Londo    0.116    6/30/2034   USD     72.834
Banco Espirito Santo S    2.237                EUR      0.389
Kaupthing ehf             7.625    2/28/2015   USD      0.250
LBI ehf                   6.100    8/25/2011   USD      7.875
Havila Shipping ASA       6.270    11/7/2020   NOK     59.221
Lehman Brothers UK Cap    3.875                EUR      7.137
GEWA 5 to 1 GmbH & Co     6.500    3/24/2018   EUR      5.000
Abengoa Abenewco 2 Bis    1.500    4/26/2024   USD     10.318
Windreich GmbH            6.500     3/1/2015   EUR      8.010
Hybrid Raising GmbH       6.625                EUR     60.699
Banco Pinto & Sotto Ma    1.150                EUR     55.110
Del Monte Finance Luxe    6.625    5/24/2006   EUR      3.331
HSBC Bank PLC             2.350                USD     74.959
Pro-Gest SpA              3.250   12/15/2024   EUR     43.953
Waste Italia SpA         10.500   11/15/2019   EUR      0.662
Hamon & CIE SA            5.500    1/30/2020   EUR     49.474
Stichting Afwikkeling     6.250   10/26/2020   EUR      1.000
KTG Agrar SE              7.125     6/6/2017   EUR      0.561
Afren PLC                11.500     2/1/2016   USD      0.507
Aldesa Financial Servi    7.250     4/1/2021   EUR     45.057
KTG Agrar SE              7.250   10/15/2019   EUR      0.561
Hellas Telecommunicati    6.054    1/15/2015   USD      0.046
Banca Popolare di Vice    2.821   12/20/2017   EUR      0.250
Barclays Bank PLC         2.875                USD     74.875
Eramet                    4.000                EUR     53.895
Deutsche Bank AG/Londo    0.410   10/31/2034   USD     67.911
Cirio Del Monte NV        7.750    3/14/2005   EUR      0.459
OGX Austria GmbH          8.375     4/1/2022   USD      0.001
International Industri    9.000     7/6/2011   EUR      0.289
Hellas Telecommunicati    8.500   10/15/2013   EUR      0.666
Norske Skog Holding AS    8.000    2/24/2021   EUR      0.352
Prime Living AB           4.500    9/29/2020   SEK     36.279
CMA CGM SA                6.500    7/15/2022   EUR     71.343
Activa Resources AG       0.500   11/15/2021   EUR     15.000
Island Offshore Shipho    4.090    6/30/2021   NOK     12.500
Norske Skogindustrier     7.000   12/30/2026   EUR      0.140
Aralco Finance SA        10.125     5/7/2020   USD      1.591
Orient Express Bank PJ   10.000                USD     41.379
Senvion Holding GmbH      3.875   10/25/2022   EUR      7.049
Veneto Banca SpA          9.500    12/1/2025   EUR      0.849
Alno AG                   8.000    3/21/2019   EUR      5.100
Lecta SA                  6.375     8/1/2022   EUR     41.005
German Pellets GmbH       7.250     7/9/2018   EUR      0.549
Breeze Finance SA         6.708    4/19/2027   EUR     20.500
SeniVita Sozial gGmbH     7.000                EUR     51.000
Afren PLC                10.250     4/8/2019   USD      0.507
Finmek International S    7.000    12/3/2004   EUR      2.193
Erotik-Abwicklungsgese    7.750     7/9/2019   EUR      0.779
Cattles Ltd               8.125     7/5/2017   GBP      0.255
German Pellets GmbH       7.250   11/27/2019   EUR      0.617
BIM SAS                   2.500   11/13/2020   EUR     22.345
Norske Skog Holding AS    8.000    2/24/2023   USD      2.246
Solship Invest 1 AS       5.000    12/8/2024   NOK     10.000
Barclays Bank PLC         0.072    6/17/2033   USD     70.980
Offshore Drilling Hold    8.375    9/20/2020   USD     29.645
BOA Offshore AS           0.409    7/17/2047   NOK      8.667
Thomas Cook Finance 2     3.875    7/15/2023   EUR      8.645
Espirito Santo Financi    3.125    12/2/2018   EUR      0.192
Windreich GmbH            6.500    7/15/2016   EUR      8.324
PA Resources AB          13.500     3/3/2016   SEK      0.124
Vseukrainsky Aktsinern   10.900    6/14/2019   USD      1.056
Espirito Santo Financi    9.750   12/19/2025   EUR      0.192
Tonon Luxembourg SA       9.250    1/24/2020   USD      0.464
OGX Austria GmbH          8.500     6/1/2018   USD      0.001
Alpine Holding GmbH       6.000    5/22/2017   EUR      0.652
MS Deutschland Beteili    6.875   12/18/2017   EUR      2.200
Fuerstenberg Capital D    5.310                EUR     74.467
Kaupthing ehf             5.750    10/4/2011   USD      0.250
Rena GmbH                 8.250    7/11/2018   EUR      2.096
Manchester Building So    6.750                GBP     13.501
APP International Fina   11.750    10/1/2005   USD      1.148
Cooperatieve Rabobank     0.500    7/30/2043   MXN     17.144
Corporate Commercial B    8.250     8/8/2014   USD      0.805
Dolphin Drilling ASA      4.490    8/28/2019   NOK      4.411
Manchester Building So    8.000                GBP      9.647
SAG Solarstrom AG         6.250   12/14/2015   EUR     31.000
Cooperatieve Rabobank     0.500   10/29/2027   MXN     56.011
Decipher Production Lt   12.500    9/27/2019   USD      1.500
Virgolino de Oliveira    10.875    1/13/2020   USD     16.000
Norske Skogindustrier     2.000   12/30/2115   EUR      0.096
Lloyds Bank PLC           1.428    1/29/2034   USD     65.300
Lehman Brothers UK Cap    5.750                EUR      1.429
Saleza AS                 9.000    7/12/2021   EUR      0.035
Vneshprombank Ltd Via     9.000   11/14/2016   USD      0.158
Moby SpA                  7.750    2/15/2023   EUR     29.110
Astaldi SpA               7.125    12/1/2020   EUR     21.155
Sairgroup Finance BV      4.375     6/8/2006   EUR      9.125
CRC Breeze Finance SA     6.110     5/8/2026   EUR     50.875
Banco Espirito Santo S    6.875    7/15/2016   EUR     24.766
International Industri   11.000    2/19/2013   USD      0.290
Privatbank CJSC Via UK   10.875    2/28/2018   USD     31.969
German Pellets GmbH       7.250     4/1/2016   EUR      0.757
Cooperatieve Rabobank     0.500    2/26/2029   HUF     71.660
Landesbank Hessen-Thue    0.099     5/3/2041   EUR     72.624
Air Berlin Finance BV     6.000     3/6/2019   EUR      2.427
Intralot Capital Luxem    5.250    9/15/2024   EUR     53.992
Banco Espirito Santo S    2.417                EUR      1.005
Barclays Bank PLC        10.000    5/28/2020   USD     65.500
Bulgaria Steel Finance   12.000     5/4/2013   EUR      0.216
Naviera Armas SA          4.250   11/15/2024   EUR     72.218
Societe Generale SA       2.580   10/29/2032   USD     70.500
Mriya Agro Holding PLC   10.950    3/30/2016   USD      2.029
Lloyds Bank PLC           1.395    7/26/2033   USD     67.194
Heta Asset Resolution     0.066   12/31/2023   EUR      2.000
Banco Espirito Santo S    6.900    6/28/2024   EUR     26.797
Lecta SA                  6.500     8/1/2023   EUR     41.007
Zurcher Kantonalbank F   11.880    12/5/2019   USD     57.110
O1 Properties Finance     7.000    1/29/2021   USD     71.180
Galapagos Holding SA      7.000    6/15/2022   EUR      5.905
Steilmann SE              7.000     3/9/2017   EUR      1.429
O1 Properties Finance     8.250    9/27/2021   USD     57.357
Barclays Bank PLC         0.656   10/10/2029   USD     70.935
Portigon AG               7.460   12/31/2019   EUR     29.000
Stichting Afwikkeling     2.343                EUR      0.605
Alpine Holding GmbH       5.250    6/10/2016   EUR      0.652
Rio Forte Investments     4.000    7/22/2014   EUR      5.239
KPNQwest NV              10.000    3/15/2012   EUR      0.863
Severstal PJSC            8.650    3/27/2026   RUB     66.010
Caixa Economica Montep    5.000                EUR     50.000
La Financiere Atalian     4.000    5/15/2024   EUR     66.624
Constellation Oil Serv    9.500    11/9/2024   USD     43.419
Cooperatieve Rabobank     0.500   10/30/2043   MXN     16.870
Pescanova SA              8.750    2/17/2019   EUR      0.305
International Finance     0.500    6/24/2024   ZAR     70.110
Depfa Funding II LP       6.500                EUR     58.961
Region of Molise Italy    0.141   12/15/2033   EUR     63.784
CBo Territoria            6.000     1/1/2020   EUR      3.750
Agrokor dd Via Aquariu    4.921     8/8/2017   EUR     14.375
Deutsche Bank AG/Londo    0.500   10/18/2038   MXN     19.864
IT Holding Finance SA     9.875   11/15/2012   EUR      0.237
Sequa Petroleum NV        5.000    4/29/2020   USD     69.125
Afren PLC                11.500     2/1/2016   USD      0.507
Eniro AB                  6.000    4/14/2020   SEK     43.245
Sairgroup Finance BV      6.625    10/6/2010   EUR      9.146
Afren PLC                 6.625    12/9/2020   USD      0.495
Intralot Capital Luxem    6.750    9/15/2021   EUR     71.740
Boparan Finance PLC       5.500    7/15/2021   GBP     57.026
Solon SE                  1.375    12/6/2012   EUR      1.356
Rena GmbH                 7.000   12/15/2015   EUR      2.096
Marine Subsea AS          9.000   12/16/2019   USD      0.688
Gebr Sanders GmbH & Co    8.750   10/22/2018   EUR     15.000
Depfa Funding III LP      0.378                EUR     56.332
Otkritie Holding JSC     12.620    4/25/2028   RUB
Societe Generale SA      12.000     7/8/2021   USD     49.470
SpareBank 1 SR-Bank AS    1.426   12/21/2030   EUR     71.663
La Financiere Atalian     6.625    5/15/2025   GBP     65.556
Banque Federative du C    0.746                EUR     72.582
Deutsche Agrar Holding    7.250    9/28/2018   EUR      1.254
getgoods.de AG            7.750    10/2/2017   EUR      0.126
Portugal Telecom Inter    5.242    11/6/2017   EUR      0.694
Zaklady Miesne Henryk     6.970    3/29/2021   PLN      1.000
Societe Generale SA      10.000    6/26/2025   USD     70.950
La Financiere Atalian     5.125    5/15/2025   EUR     66.615
Region of Abruzzo Ital    0.150    11/7/2036   EUR     64.057
Chr Bygga Bostader Hol    9.000     7/5/2021   SEK     50.000
Steilmann SE              7.000    9/23/2018   EUR      1.429
Kommunekredit             0.500    7/30/2027   TRY     40.684
Teva Pharmaceutical Fi    4.100    10/1/2046   USD     68.995
Espirito Santo Financi    5.050   11/15/2025   EUR      0.771
Municipality Finance P    0.500    6/19/2024   ZAR     70.196
Waste Italia SpA         10.500   11/15/2019   EUR      0.662
Ahtium PLC                4.000   12/16/2015   EUR      0.539
Virgolino de Oliveira    10.500    1/28/2018   USD      3.501
Afren PLC                10.250     4/8/2019   USD      0.507
EDOB Abwicklungs AG       7.500     4/1/2012   EUR      1.082
Phosphorus Holdco PLC    10.000     4/1/2019   GBP      3.315
Officine Maccaferri-Sp    5.750     6/1/2021   EUR     56.800
Kirk Beauty One GmbH      8.750    7/15/2023   EUR     73.858
Veneto Banca SpA          6.411                EUR      0.705
Havila Shipping ASA       5.000    11/7/2020   NOK     45.000
Mifa Mitteldeutsche Fa    7.500    8/12/2018   EUR      2.400
Cooperatieve Rabobank     0.500   12/29/2027   MXN     54.537
Agrokor dd                9.125     2/1/2020   EUR     18.588
Mobylife Holding A/S      7.250    5/23/2020   SEK      8.125
Cooperatieve Rabobank     0.500    1/31/2033   MXN     34.729
Touax SCA-SGTR-CITE-SG    6.000    7/10/2020   EUR     17.494
Finance and Credit Ban    9.250    1/25/2019   USD      0.737
KPNQwest NV               8.125     6/1/2009   USD      0.863
Odea Bank AS              7.625     8/1/2027   USD     73.534
Boparan Finance PLC       4.375    7/15/2021   EUR     56.883
OGX Austria GmbH          8.375     4/1/2022   USD      0.001
Tonon Luxembourg SA      12.500    5/14/2024   USD      1.402
Podkarpacki Bank Spold    5.790     7/2/2020   PLN     67.270
Mriya Agro Holding PLC    9.450    4/19/2018   USD      4.818
SiC Processing GmbH       7.125     3/1/2016   EUR      2.391
Teksid Aluminum Luxemb   12.375    7/15/2011   EUR      0.115
Stichting Afwikkeling     6.625    5/14/2018   EUR      1.000
Agrokor dd                8.875     2/1/2020   USD     19.235
Royalbeach Spielwaren     7.375   11/10/2020   EUR      0.500
Mox Telecom AG            7.250    11/2/2017   EUR      2.362
Hamburgische Landesban    0.012   10/30/2040   EUR     66.761
Norske Skogindustrier     7.125   10/15/2033   USD      0.140
Steilmann SE              6.750    6/27/2017   EUR      2.184
Landesbank Schleswig-H    2.373     1/5/2040   USD     49.191
Kaupthing ehf             5.750    10/4/2011   USD      0.250
Constellation Oil Serv    6.250    11/9/2019   USD      4.195
SAG Solarstrom AG         7.500    7/10/2017   EUR     31.000
Bank Julius Baer & Co     7.200   11/11/2019   CHF     69.850
New World Resources NV    8.000     4/7/2020   EUR      1.461
Pescanova SA              5.125    4/20/2017   EUR      0.305
Sberbank of Russia PJS    0.010     4/1/2021   RUB     61.000
New World Resources NV    4.000    10/7/2020   EUR      0.504
International Finance     0.500    6/29/2027   ZAR     52.164
Barclays Bank PLC        10.500    5/29/2020   USD     27.380
UniCredit Bank AG        12.000     1/3/2020   EUR     66.150
Veneto Banca SpA          6.944    5/15/2025   EUR      0.550
Atari SA                  0.100     4/1/2020   EUR
Societe Generale SA       1.600     1/9/2020   GBP      1.110
Norske Skogindustrier     7.125   10/15/2033   USD      0.140
Air Berlin Finance BV     8.500     3/6/2019   EUR      2.507
RSG-Finance LLC          12.000     8/8/2024   RUB     65.240
Kardan NV                 6.325    1/15/2020   ILS      8.900
A-TEC Industries AG       5.750    11/2/2010   EUR      0.141
Bilt Paper BV             9.640                USD      1.000
O1 Properties Finance    13.000    10/2/2020   RUB    100.000
Reso-Leasing OOO          9.500    10/3/2025   RUB     63.380
Veneto Banca SpA          6.950    2/25/2025   EUR      0.100
Lehman Brothers Treasu    1.928    10/5/2035   EUR      3.400
Rosselkhozbank JSC        8.600    7/15/2025   RUB     63.010
Alpine Holding GmbH       5.250     7/1/2015   EUR      0.652
Bibby Offshore Service    7.500    6/15/2021   GBP     11.500
SAir Group                0.125     7/7/2005   CHF      9.875
SG Issuer SA              5.000    7/10/2020   EUR     12.500
Landesbank Hessen-Thue    5.900    8/25/2023   EUR     59.130
KPNQwest NV               8.875     2/1/2008   EUR      0.863
Societe Generale SA       8.000    5/28/2027   USD     32.400
Norske Skog Holding AS    8.000    2/24/2023   USD      2.246
Bank Nadra Via NDR Fin    8.250    7/31/2018   USD      0.618
Top Gun Realisations 7    8.000     7/1/2023   GBP      0.637
Bibby Offshore Service    7.500    6/15/2021   GBP     11.500
Norske Skog Holding AS    8.000    2/24/2021   EUR      0.352
SAir Group                5.125     3/1/2003   CHF     13.500
Finans-Avia OOO          10.000    7/31/2022   RUB      7.380
Rosneft Oil Co PJSC       8.700    3/23/2029   RUB     63.110
Rosselkhozbank JSC       15.000    1/29/2025   RUB     69.020
Lehman Brothers Treasu    2.000    3/16/2035   EUR      3.400
Gold-Zack AG              7.000   12/14/2005   EUR     11.500
UBS AG/London             7.200    5/22/2020   EUR     75.170
International Bank of     8.250    10/9/2024   USD     61.250
Espirito Santo Financi    0.524   10/27/2024   EUR      1.335
Northland Resources AB   15.000    7/15/2019   USD      2.621
Lehman Brothers Treasu    2.875    3/14/2013   CHF      3.750
Minicentrales Dos SA      0.010     6/6/2047   EUR     65.750
Cooperativa Muratori &    6.000    2/15/2023   EUR      2.904
Vontobel Financial Pro    5.650   12/13/2019   EUR     75.300
Credit Suisse AG/Londo    8.000   11/29/2019   USD      2.530
Commerzbank AG            6.000     6/6/2022   USD      2.970
Cooperatieve Rabobank     0.500   11/30/2027   MXN     54.478
Barclays Bank PLC         0.500    1/28/2033   MXN     34.552
La Veggia Finance SA      7.125   11/14/2004   EUR      0.287
Sberbank of Russia PJS    8.800     3/7/2024   RUB     65.700
AKB Peresvet ZAO          0.510    2/14/2032   RUB     11.890
Grupo Isolux Corsan SA    6.000   12/30/2021   USD      1.343
SALVATOR Vermoegensver    9.500                EUR     15.600
Banca del Monte di Luc    2.387    6/29/2020   EUR     68.683
TransFin-M PAO           10.250    11/3/2027   RUB     60.660
Commerzbank AG            6.000     5/9/2022   USD      1.880
Kaupthing ehf             3.328                ISK      0.250
Hellas Telecommunicati    8.500   10/15/2013   EUR      0.666
Er-Telekom Holding ZAO   10.850    12/1/2021   RUB     60.060
Golden Gate AG            6.500   10/11/2014   EUR     37.600
Stichting Afwikkeling     8.450    8/20/2018   USD      1.000
Rosselkhozbank JSC        8.600    7/11/2025   RUB     62.170
EFG International Fina    6.100    7/11/2024   CHF     70.870
J&T Banka AS              9.000                EUR     73.081
UniCredit Bank AG         6.600    7/20/2028   EUR     33.410
Bank Otkritie Financia   10.000    4/26/2019   USD      8.126
Raiffeisen Centrobank     6.250   11/25/2019   EUR     52.570
Transneft PJSC            9.650    6/30/2023   RUB     68.000
Finans-Avia OOO           0.010    7/31/2027   RUB      3.670
UkrLandFarming PLC       10.875    3/26/2018   USD      8.321
Sberbank of Russia PJS    0.010    3/15/2023   RUB     61.000
Deutsche ETP GmbH & Co    3.000   11/30/2028   EUR     11.130
Sibur Holding PAO         9.650    9/16/2026   RUB     66.000
Credit Suisse AG/Londo   23.000    5/13/2020   USD     34.000
BLT Finance BV           12.000    2/10/2015   USD     10.500
Otkritie Holding JSC     11.500    7/14/2027   RUB
ECM Real Estate Invest    5.000    10/9/2011   EUR     15.375
Northland Resources AB    4.000   10/15/2020   USD      0.138
A-TEC Industries AG       8.750   10/27/2014   EUR      0.141
Sberbank of Russia PJS    7.550    7/12/2021   RUB     60.850
Union Technologies Inf    0.100     1/1/2020   EUR      6.500
Vivid Games SA            7.720     5/5/2020   PLN     62.000
Reso-Leasing OOO          9.600   10/30/2025   RUB    100.010
Kaupthing ehf             6.125    10/4/2016   USD      0.250
Otkritie Holding JSC     10.770    9/17/2027   RUB
Ahtium PLC                9.750     4/4/2017   EUR      0.976
Virgolino de Oliveira    11.750     2/9/2022   USD      4.207
KPNQwest NV               7.125     6/1/2009   EUR      0.863
Heta Asset Resolution     0.356   12/31/2023   EUR      2.000
Ideal Standard Interna   11.750     5/1/2018   EUR      0.274
A-TEC Industries AG       2.750    5/10/2014   EUR      0.141
Minicentrales Dos SA      0.010     6/6/2047   EUR     65.750
DekaBank Deutsche Giro    0.010    6/29/2046   EUR     70.490
Credit Suisse AG/Londo    6.250   11/28/2025   USD     11.627
Anglian Water Services    1.152    1/26/2057   GBP     75.155
Solarwatt GmbH            7.000    11/1/2015   EUR     15.500
Agrokor dd                9.875     5/1/2019   EUR     19.569
Lehman Brothers Treasu    1.928    11/2/2035   EUR      3.400
Heta Asset Resolution     0.281   12/31/2023   EUR      2.000
AlphaNotes ETP Dac        0.010     9/9/2029   USD     67.234
Raiffeisen Centrobank     5.500    12/6/2019   EUR     72.010
Leonteq Securities AG/    8.000    7/29/2020   EUR     52.370
BNP Paribas Issuance B    5.000    6/12/2023   SEK     70.070
SG Issuer SA              4.000    6/22/2026   EUR     62.720
getBACK SA                5.720    2/16/2021   PLN
RENE LEZARD Mode GmbH     7.250   11/25/2017   EUR      1.760
AKB Peresvet ZAO         13.250    4/25/2018   RUB     18.625
Grupo Isolux Corsan SA    0.250   12/30/2018   EUR      0.152
Lehman Brothers Treasu    8.875    1/28/2011   HKD      3.400
Federal Grid Co Unifie    5.700    3/23/2050   RUB     73.870
EFG International Fina    6.130    6/20/2024   EUR     70.920
Phosphorus Holdco PLC    10.000     4/1/2019   GBP      3.315
EuroChem Mineral & Che    7.850    7/19/2023   RUB     60.850
SG Issuer SA              6.800     1/6/2020   USD     48.070
Societe Generale SA       9.000    7/22/2022   USD     29.720
Virgolino de Oliveira    10.875    1/13/2020   USD     16.000
Credit Suisse AG/Londo    2.900   10/28/2019   USD
Leonteq Securities AG/    7.000   11/13/2019   CHF     66.300
HSBC Trinkaus & Burkha    8.200   12/27/2019   EUR     69.660
Astana Finance BV         9.000   11/16/2011   USD     15.125
Federal Grid Co Unifie    5.700    6/30/2048   RUB     73.870
AKB Peresvet ZAO          0.510    6/23/2021   RUB     18.100
Top Gun Realisations 7    6.500     7/1/2022   GBP     18.637
Espirito Santo Financi    5.125    5/30/2016   EUR      1.290
Natixis SA                3.150     6/8/2021   USD     59.431
Sberbank of Russia PJS    7.550    7/12/2021   RUB     60.870
Natixis Structured Iss    1.125     8/9/2021   USD     74.170
Transneft PJSC            8.750    4/14/2027   RUB     63.070
Podkarpacki Bank Spold    5.090    5/28/2023   PLN     47.190
Tonon Luxembourg SA      12.500    5/14/2024   USD      1.402
Cooperativa Muratori &    6.875     8/1/2022   EUR      2.575
Top Gun Realisations 7    4.500     7/1/2022   EUR     28.267
Lehman Brothers Treasu    5.500    4/23/2014   EUR      2.571
Commerzbank AG           10.000     3/2/2020   EUR     21.840
Commerzbank AG            3.450   12/23/2019   GBP     43.210
Credit Suisse AG/Londo    9.000    3/19/2021   USD      9.460
Commerzbank AG            3.380    4/19/2021   USD     70.830
Lehman Brothers Treasu    6.650    8/24/2011   AUD      3.400
Astana Finance BV         7.875     6/8/2010   EUR     16.000
Otkritie Holding JSC     12.420     8/5/2025   RUB
Northland Resources AB    4.000   10/15/2020   NOK      0.138
Corner Banca SA          13.000    1/23/2020   CHF     71.000
Zaklady Miesne Henryk     6.970    3/29/2021   PLN      6.560
Plaza Centers NV          6.900     7/1/2020   ILS     21.020
Rosselkhozbank JSC        8.600   12/13/2024   RUB     64.960
O1 Group Finance OOO     11.000    4/22/2027   RUB
BNP Paribas Issuance B   12.600    2/17/2020   CHF     75.800
UniCredit Bank AG         4.250   11/21/2021   EUR     68.450
Podkarpacki Bank Spold    4.990    10/6/2021   PLN     58.280
Opus-Chartered Issuanc    5.500   10/26/2024   EUR      0.010
Leonteq Securities AG/   10.000   10/30/2019   CHF     63.440
COFIDUR SA                0.100   12/31/2024   EUR     24.500
Province of Brescia It    0.069   12/22/2036   EUR     66.358
HSBC Bank PLC             0.500   11/25/2025   BRL     65.119
Bank Otkritie Financia    0.010    9/24/2025   RUB     62.030
State of Saxony-Anhalt    0.134     7/3/2028   EUR     42.020
Lehman Brothers Treasu   11.000    6/29/2009   EUR      2.571
SAir Group                5.500    7/23/2003   CHF      9.875
Banca Popolare di Vice    9.500    10/2/2025   EUR      0.111
Windreich GmbH            6.250     3/1/2015   EUR      8.010
PSN Pm OOO                9.500    9/10/2026   RUB     21.625
Raiffeisen Centrobank     6.250   11/12/2019   EUR     52.130
Raiffeisen Schweiz Gen    6.150   11/13/2019   CHF     64.760
mybet Holding SE          6.250   12/12/2020   EUR      1.000
Societe Generale SA       8.000     6/2/2020   USD     74.000
Landesbank Baden-Wuert    5.000    4/24/2020   EUR     59.160
SG Issuer SA              6.650   10/10/2021   EUR     71.100
Barclays Bank PLC         1.450    9/24/2038   MXN     30.693
Otkritie Holding JSC     12.090    12/8/2027   RUB      0.010
IT Holding Finance SA     9.875   11/15/2012   EUR      0.237
SAir Group                6.250   10/27/2002   CHF      9.875
Banco Espirito Santo S   10.000    12/6/2021   EUR      0.126
Societe Generale SA      14.880   11/29/2019   USD     17.520
Vontobel Financial Pro   11.000    9/25/2020   EUR     72.840
Leonteq Securities AG    10.750   10/30/2019   CHF     23.430
LBI ehf                   7.431                USD      0.001
Rio Forte Investments     3.900    7/10/2014   USD      5.250
Heta Asset Resolution     7.500   12/31/2023   ATS      2.000
Barclays Bank PLC         0.356   10/30/2034   USD     72.505
Credito Padano Banca d    3.100                EUR     34.433
Raiffeisen Centrobank     5.200   12/30/2019   EUR     68.320
Zurcher Kantonalbank F    8.000   10/31/2019   CHF     15.510
Natixis SA                2.100     6/8/2021   EUR     59.221
Vonetize Plc              6.000     8/1/2022   ILS     65.700
Federal Grid Co Unifie    5.300     9/7/2048   RUB     71.270
LBI ehf                   2.250    2/14/2011   CHF      7.875
Kaupthing ehf             9.000                USD      0.122
Heta Asset Resolution     0.250   12/31/2023   EUR      2.000
Credito Padano Banca d    3.100                EUR     34.685
UniCredit Bank AG         5.350   10/18/2020   EUR     63.550
UBS AG/London             8.500     1/6/2020   EUR     45.100
Credit Suisse AG/Nassa    7.000   12/30/2019   CHF     57.660
Raiffeisen Centrobank     5.500    6/30/2020   EUR     62.680
Araratbank OJSC           6.500   10/29/2019   USD     25.394
DZ Bank AG Deutsche Ze    7.000    6/24/2020   EUR     71.450
Irish Bank Resolution     6.750   11/30/2013   BGN     45.375
SG Issuer SA              3.000   10/10/2034   ZAR     42.616
Grupo Isolux Corsan SA    0.250   12/30/2021   USD      0.152
Kreditanstalt fuer Wie    0.250    10/6/2036   CAD     44.902
Barclays Bank PLC        12.860    5/28/2020   USD     65.000
House of Fraser Fundin    6.553    9/15/2020   GBP      3.646
Lehman Brothers Treasu    4.050    9/16/2008   EUR      2.571
SAir Group                4.250     2/2/2007   CHF      9.875
Deutsche Bank AG/Londo    0.500     4/5/2038   MXN     20.722
LBI ehf                   7.431                USD      0.001
Nota-Bank OJSC           13.500     4/1/2016   RUB     31.500
KPNQwest NV               8.875     2/1/2008   EUR      0.863
Natixis SA                3.150     6/9/2021   USD     59.546
Credit Suisse AG/Londo   11.500    7/28/2020   USD      9.610
First Mortgage Co Univ    6.500   12/12/2019   USD     25.290
UniCredit Bank AG         8.400     1/3/2020   EUR     69.030
Landesbank Hessen-Thue    5.450   11/17/2022   EUR     66.520
Raiffeisen Switzerland    7.000    7/11/2024   USD     55.900
Bayerische Landesbank     2.700    1/17/2020   EUR     74.920
Goldman Sachs & Co Wer   10.000    6/24/2020   EUR     74.640
Goldman Sachs & Co Wer   13.000    6/24/2020   EUR     60.050
Center-Invest Commerci    8.250     3/3/2022   RUB     63.110
Getin Noble Bank SA       5.790    8/30/2024   PLN     68.000
City of Predeal Romani    4.500    5/15/2026   RON     60.000
UniCredit Bank AG         4.100    10/1/2020   EUR     36.550
Landesbank Baden-Wuert    5.000    4/24/2020   EUR     73.280
Landesbank Baden-Wuert    3.000    4/24/2020   EUR     73.740
BNP Paribas SA            0.500   11/16/2032   MXN     34.942
Lehman Brothers Treasu    3.860    9/21/2011   SGD      3.750
Centrosolar Group AG      7.000    2/15/2016   EUR      2.387
Lehman Brothers Treasu    7.000    2/15/2012   EUR      2.571
SAir Group                6.250    4/12/2005   CHF      9.875
CMA CGM SA                6.500    7/15/2022   EUR     70.947
Otkritie Holding JSC     12.140    10/3/2036   RUB      0.010
Aralco Finance SA        10.125     5/7/2020   USD      1.591
Vontobel Financial Pro   20.500    9/25/2020   EUR     62.210
Zurcher Kantonalbank F    6.750   10/30/2019   USD     53.110
Zurcher Kantonalbank F   10.000   12/11/2019   CHF     74.920
Bank Julius Baer & Co     6.250    10/5/2020   CHF     63.650
UBS AG/London             7.500   11/12/2019   USD     64.200
SG Issuer SA              5.000    5/23/2024   EUR     61.970
DekaBank Deutsche Giro    7.000    2/28/2020   EUR     66.850
UniCredit Bank AG         5.400   11/29/2019   USD     28.650
UniCredit Bank AG        14.000     1/3/2020   EUR     35.180
Metalloinvest Holding     0.010     3/7/2022   RUB     65.020
Metalloinvest Holding     0.010     3/7/2022   RUB     65.000
UBS AG/London             8.750    11/4/2019   CHF     56.950
Main Road JSC             4.000   10/30/2028   RUB     73.510
Northland Resources AB   12.250    3/26/2016   USD      2.621
Credit Suisse AG/Londo    3.000   11/15/2025   ZAR     72.728
SG Issuer SA              5.500    4/10/2021   EUR     69.550
Lehman Brothers Treasu    4.350     8/8/2016   SGD      3.750
Societe Generale SA       0.500    5/22/2024   MXN     72.131
Lehman Brothers Treasu    4.050    9/16/2008   EUR      2.571
Samaratransneft-Termin   12.000    4/27/2022   RUB     11.220
Pescanova SA              6.750     3/5/2015   EUR      0.309
Bank Otkritie Financia    0.010    7/16/2025   RUB     65.000
Zurcher Kantonalbank F    9.500    11/1/2019   EUR     71.180
Commerzbank AG            1.000    11/2/2020   USD     10.820
DekaBank Deutsche Giro    3.500    1/24/2020   EUR     47.120
Araratbank OJSC           5.500    9/19/2023   USD     24.875
Natixis SA                2.750     3/1/2021   USD     69.997
Raiffeisen Centrobank     8.000     3/3/2020   EUR     64.350
SALVATOR Vermoegensver    9.500   12/31/2021   EUR      6.000
Landesbank Baden-Wuert    3.500   12/29/2020   EUR     61.910
Leonteq Securities AG    16.000    11/4/2019   USD     59.190
Leonteq Securities AG    13.750    11/7/2019   CHF     58.650
EFG International Fina    5.550    7/12/2021   USD     54.890
mybet Holding SE          6.250   12/11/2020   EUR     10.000
Landesbank Hessen-Thue    3.000   11/11/2019   EUR     54.900
Lehman Brothers Treasu    6.300   12/21/2018   USD      2.571
Irish Bank Resolution     4.000    4/23/2018   EUR     45.310
Lloyds Bank PLC           0.500    7/26/2028   MXN     51.517
Cooperatieve Rabobank     0.500    8/21/2028   MXN     51.158
Otkritie Holding JSC     12.420    7/20/2028   RUB      1.940
Elli Investments Ltd     12.250    6/15/2020   GBP     55.000
MIK OAO                  15.000    2/19/2020   RUB     13.550
Barclays Bank PLC         2.000    6/12/2029   TRY     41.307
Lehman Brothers Treasu    4.680   12/12/2045   EUR      2.571
Kaupthing ehf             5.350    5/10/2045   ISK      0.250
Lehman Brothers Treasu    5.120    4/30/2027   EUR      2.571
Norske Skogindustrier     2.000   12/30/2115   EUR      0.096
KPNQwest NV               7.125     6/1/2009   EUR      0.863
Samaratransneft-Termin   17.000    6/20/2021   RUB      7.010
Raiffeisen Centrobank     7.000    10/9/2020   EUR     72.120
Bank Julius Baer & Co    11.750    12/6/2019   USD     55.950
Landesbank Baden-Wuert    5.000    3/26/2021   EUR     68.240
Bank J Safra Sarasin A   10.400     3/5/2020   CHF     59.000
Landesbank Hessen-Thue    2.600    7/29/2020   EUR     64.600
Raiffeisen Centrobank     5.200     2/3/2020   EUR     68.270
Corner Banca SA          10.600    1/13/2020   CHF     72.980
Raiffeisen Schweiz Gen    6.500    1/20/2020   CHF     68.500
Banque Cantonale Vaudo    8.900    11/8/2019   CHF     60.160
Leonteq Securities AG     7.400   11/25/2020   CHF     45.930
Natixis SA                3.100    7/26/2021   USD     61.651
UBS AG/London             8.500   11/15/2019   CHF     47.000
Goldman Sachs & Co Wer   15.000   12/27/2019   EUR     54.280
Societe Generale SA      12.000     4/2/2020   USD     48.200
Leonteq Securities AG     3.900   12/20/2024   CHF     64.010
BNP Paribas Emissions-   14.000   12/30/2019   EUR     66.250
UniCredit Bank AG         6.900     1/3/2020   EUR     52.020
Danske Bank A/S          10.300     7/9/2023   SEK     51.000
Metalloinvest Holding     0.010    3/10/2022   RUB     66.510
Getin Noble Bank SA       6.790    7/28/2023   PLN     73.010
TGC-1 PJSC                5.800    2/14/2022   RUB     66.000
Bank Julius Baer & Co    10.800    1/21/2020   USD     62.300
Commerzbank AG            3.200     4/6/2020   USD     58.200
Raiffeisen Schweiz Gen    4.700    11/4/2020   CHF     61.470
Landesbank Hessen-Thue    4.000    2/17/2021   EUR     65.480
Podkarpacki Bank Spold    5.790   10/24/2024   PLN     40.000
Federal Grid Co Unifie    5.600   10/30/2048   RUB     73.020
Hellas Telecommunicati    6.054    1/15/2015   USD      0.046
Lehman Brothers Treasu    7.375    9/20/2008   EUR      2.571
WPE International Coop   10.375    9/30/2020   USD      4.429
Lehman Brothers Treasu   11.000   12/20/2017   AUD      2.571
Espirito Santo Financi    5.050   11/15/2025   EUR      0.290
Kaupthing ehf             4.730   12/19/2008   SKK      0.250
Lehman Brothers Treasu   11.750     3/1/2010   EUR      2.571
AKB Peresvet ZAO         13.000    10/7/2017   RUB     18.625
Lehman Brothers Treasu    5.103    6/22/2046   EUR      2.571
Muehl Product & Servic    6.750    3/10/2005   DEM      0.010
Podkarpacki Bank Spold    5.790    3/31/2025   PLN     40.100
LBI ehf                   6.100    8/25/2011   USD      7.875
Lehman Brothers Treasu    4.100    6/10/2014   SGD      3.750
Kaupthing ehf             4.390   10/14/2008   CZK      0.250
Tonon Luxembourg SA       9.250    1/24/2020   USD      0.464
SAir Group                2.125    11/4/2004   CHF      9.875
Heta Asset Resolution     5.270   12/31/2023   EUR      2.000
Heta Asset Resolution     5.920   12/31/2023   EUR      2.000
Kaupthing ehf             7.625    2/28/2015   USD      0.250
Samaratransneft-Termin   10.000    3/30/2022   RUB     15.310
OOO SPV Structural Inv    0.010     9/1/2023   RUB     66.740
Raiffeisen Centrobank     6.850   12/27/2019   EUR     59.550
Raiffeisen Centrobank     5.665   12/27/2019   EUR     62.210
Raiffeisen Centrobank     7.468   12/27/2019   EUR     62.040
Landesbank Hessen-Thue    5.700   10/27/2022   EUR     59.440
Bayerische Landesbank     3.300   10/30/2020   EUR     62.760
EFG International Fina    8.000    1/29/2020   USD     41.790
Commerzbank AG            8.000    11/6/2020   USD      3.490
Bayerische Landesbank     3.250    10/2/2020   EUR     71.380
Societe Generale SA       8.600    7/29/2022   USD     37.410
Commerzbank AG            1.580    9/16/2024   USD      3.240
Landesbank Hessen-Thue    7.000   10/20/2022   EUR     72.870
Leonteq Securities AG/    6.400     6/4/2020   CHF     16.850
Bayerische Landesbank     2.400   12/20/2019   EUR     71.390
SG Issuer SA              5.000     4/2/2024   EUR     61.220
BNP Paribas Emissions-   11.000   12/30/2019   EUR     71.510
UBS AG/London            13.000    3/26/2020   EUR     69.100
SG Issuer SA              0.800   11/30/2020   SEK     18.180
Landesbank Hessen-Thue    5.650   10/28/2022   EUR     39.700
UBS AG/London             4.000    11/4/2019   CHF     72.050
Credit Suisse AG/Londo    9.000    1/13/2020   USD     69.157
Credit Suisse AG/Londo    9.000    1/23/2020   USD      8.120
Raiffeisen Schweiz Gen    7.000    9/14/2020   CHF     74.620
EFG International Fina   12.000   12/10/2019   CHF     61.850
Sistema PJSFC            10.900   10/31/2025   RUB     65.000
Derzhava-platforma OOO   10.000    5/18/2023   RUB     63.110
Deutsche Bank AG/Londo    2.000   10/25/2023   TRY     61.275
Otkritie Holding JSC     12.150    4/20/2028   RUB
Nutritek International    8.750   12/11/2008   USD      2.089
Bulgaria Steel Finance   12.000     5/4/2013   EUR      0.216
Petromena ASA            10.850   11/19/2018   USD      0.607
SG Issuer SA              3.300    9/26/2034   ZAR     44.903
SG Issuer SA              2.700   11/28/2034   ZAR     40.103
Petromena ASA             9.750    5/24/2016   NOK      0.607
WEB Windenergie AG        6.250                EUR     62.046
Lehman Brothers Treasu    1.280    11/6/2010   JPY      3.750
Lehman Brothers Treasu    4.150    8/25/2020   EUR      2.571
Kaupthing ehf             3.750     2/1/2045   USD      0.100
Lehman Brothers Treasu    4.870    10/8/2013   USD      2.571
Lehman Brothers Treasu   10.442   11/22/2008   CHF      2.571
Heta Asset Resolution     5.730   12/31/2023   EUR      2.000
Norske Skogindustrier     7.000   12/30/2026   EUR      0.140
Lehman Brothers Treasu    4.820   12/18/2036   EUR      2.571
Lehman Brothers Treasu    5.250     4/1/2023   EUR      2.571
CMA CGM SA                5.250    1/15/2025   EUR     65.533
Lehman Brothers Treasu    6.450    2/20/2010   AUD      2.571
Erste Group Bank AG       5.550    8/30/2022   EUR     71.250
UBS AG/London            10.750     6/8/2020   CHF     67.500
EFG International Fina    6.400    6/22/2020   CHF     58.400
Natixis SA                3.500    3/23/2020   USD     52.929
UBS AG/London             7.000    11/8/2019   EUR     71.300
Bank Julius Baer & Co    19.000    12/5/2019   CHF     41.950
Bayerische Landesbank     3.400    10/2/2020   EUR     71.130
EFG International Fina    8.200   12/13/2019   CHF     72.760
Raiffeisen Centrobank     7.200    6/19/2020   EUR     71.100
UBS AG/London            12.000   12/20/2019   USD     71.490
UBS AG/London            10.000     3/9/2020   CHF     55.950
Corner Banca SA           6.300    2/17/2020   EUR     69.850
Kardan NV                 6.775     2/2/2020   ILS     18.100
Leonteq Securities AG/    2.750    9/15/2022   CHF     41.250
Raiffeisen Centrobank    10.000    5/11/2020   EUR     57.000
Getin Noble Bank SA       6.790    1/31/2024   PLN     72.030
Credit Suisse AG          0.500   12/16/2025   BRL     64.830
Lehman Brothers Treasu    6.000    3/18/2015   USD      3.400
Rio Forte Investments     4.750   11/10/2015   EUR      5.250
Lehman Brothers Treasu   23.300    9/16/2008   USD      2.571
Windreich GmbH            6.750     3/1/2015   EUR      8.010
UBS AG/London             5.700    9/24/2020   EUR     73.040
BNP Paribas Emissions-   10.000    9/24/2020   EUR     73.570
UBS AG/London             6.600    6/25/2020   EUR     72.830
UBS AG/London             8.500    3/26/2020   EUR     71.740
UBS AG/London            22.700    3/26/2020   EUR     73.470
Landesbank Baden-Wuert    4.500    8/28/2020   EUR     74.670
Landesbank Baden-Wuert    6.750    8/28/2020   EUR     71.580
UBS AG/London            12.300    3/26/2020   EUR     68.190
UBS AG/London             8.600    6/25/2020   EUR     69.020
BNP Paribas Emissions-    9.500   12/30/2019   EUR     74.390
BNP Paribas Emissions-   19.000   12/30/2019   EUR     68.480
UBS AG/London            18.000    6/25/2020   EUR     74.370
UBS AG/London             6.800    6/25/2020   EUR     72.530
UBS AG/London             5.100    6/25/2020   EUR     73.970
Vontobel Financial Pro    9.000     1/3/2020   EUR     64.310
HSBC Trinkaus & Burkha   28.800    1/24/2020   EUR     56.620
HSBC Trinkaus & Burkha   29.100    1/24/2020   EUR     60.420
HSBC Trinkaus & Burkha   11.600   12/27/2019   EUR     44.710
HSBC Trinkaus & Burkha    7.300    3/27/2020   EUR     50.520
Commerzbank AG           16.250   11/22/2019   EUR     63.880
HSBC Trinkaus & Burkha    3.030    3/27/2020   EUR     74.990
Landesbank Hessen-Thue    5.550    3/16/2023   EUR     67.030
UBS AG/London             6.500    2/14/2020   USD     50.550
UBS AG/London             7.500    2/14/2020   EUR     69.150
Leonteq Securities AG/    3.750    2/20/2023   CHF     63.800
Leonteq Securities AG/   11.000     3/2/2020   CHF     47.800
Raiffeisen Schweiz Gen    5.250    8/26/2020   CHF     71.200
Landesbank Hessen-Thue    4.000    9/22/2020   EUR     65.900
UniCredit Bank AG         4.500    3/12/2022   EUR     62.520
DekaBank Deutsche Giro    7.000    9/14/2020   EUR     64.870
UniCredit Bank AG         5.600     1/3/2020   EUR     74.140
UniCredit Bank AG        14.200     1/3/2020   EUR     70.310
UniCredit Bank AG         9.100     1/3/2020   EUR     41.370
UniCredit Bank AG        11.400     1/3/2020   EUR     51.280
UniCredit Bank AG         7.000     1/3/2020   EUR     69.560
UniCredit Bank AG        10.500     1/3/2020   EUR     65.520
UniCredit Bank AG        11.300     1/3/2020   EUR     55.220
UniCredit Bank AG        11.000     1/3/2020   EUR     74.840
UniCredit Bank AG         5.500     1/3/2020   EUR     59.000
UniCredit Bank AG        14.800     1/3/2020   EUR     46.190
UniCredit Bank AG         7.500     1/3/2020   EUR     73.970
UniCredit Bank AG         6.300     1/3/2020   EUR     60.370
UniCredit Bank AG        14.600     1/3/2020   EUR     50.850
UniCredit Bank AG        14.300     1/3/2020   EUR     63.970
UniCredit Bank AG         9.800     1/3/2020   EUR     75.100
UniCredit Bank AG        12.500     1/3/2020   EUR     24.070
UniCredit Bank AG        11.000     1/3/2020   EUR     53.420
UniCredit Bank AG         5.100     1/3/2020   EUR     64.190
UBS AG/London             7.500    2/21/2020   EUR     46.250
UBS AG/London             8.500    8/21/2020   EUR     73.650
EFG International Fina    6.400     3/8/2021   EUR     61.430
Leonteq Securities AG     7.400     3/2/2020   CHF     23.040
Leonteq Securities AG     7.200     3/2/2020   CHF     72.340
Leonteq Securities AG    10.000     3/2/2020   EUR     63.080
Raiffeisen Schweiz Gen    5.750     9/2/2020   CHF     46.540
Raiffeisen Schweiz Gen    7.400     3/2/2020   EUR     68.150
Raiffeisen Schweiz Gen    7.000     3/2/2020   CHF     67.130
DekaBank Deutsche Giro    3.150     3/5/2021   EUR     65.190
DekaBank Deutsche Giro    2.850     3/6/2020   EUR     71.040
Landesbank Baden-Wuert    3.000    2/28/2020   EUR     67.630
Landesbank Baden-Wuert    5.000    2/28/2020   EUR     60.100
Landesbank Baden-Wuert    7.000    2/28/2020   EUR     54.300
Landesbank Baden-Wuert    5.000    2/28/2020   EUR     73.380
Landesbank Baden-Wuert    5.000    2/28/2020   EUR     67.020
Landesbank Baden-Wuert    3.000    2/28/2020   EUR     73.310
Landesbank Baden-Wuert    4.000    2/28/2020   EUR     66.970
Landesbank Baden-Wuert    3.000    2/28/2020   EUR     58.340
Landesbank Baden-Wuert    2.500    2/28/2020   EUR     55.340
Landesbank Baden-Wuert    3.500    2/28/2020   EUR     51.630
Landesbank Baden-Wuert    4.500    2/28/2020   EUR     50.160
Landesbank Baden-Wuert    5.500    2/28/2020   EUR     47.250
Landesbank Baden-Wuert    3.000    2/28/2020   EUR     55.510
Landesbank Baden-Wuert    4.500    2/28/2020   EUR     51.070
Landesbank Baden-Wuert    6.000    2/28/2020   EUR     47.440
Landesbank Baden-Wuert    2.500    2/28/2020   EUR     66.120
Landesbank Baden-Wuert    3.500    2/28/2020   EUR     63.190
Landesbank Baden-Wuert    4.500    2/28/2020   EUR     59.190
Landesbank Baden-Wuert    4.000    2/28/2020   EUR     72.550
Landesbank Baden-Wuert    5.500    2/28/2020   EUR     66.720
Landesbank Baden-Wuert    7.000    2/28/2020   EUR     61.860
Landesbank Baden-Wuert    4.500    2/28/2020   EUR     70.380
Landesbank Baden-Wuert    6.000    2/28/2020   EUR     65.410
Landesbank Baden-Wuert    2.500    2/28/2020   EUR     64.470
Landesbank Baden-Wuert    3.500    2/28/2020   EUR     59.830
Landesbank Baden-Wuert    4.500    2/28/2020   EUR     57.540
Landesbank Baden-Wuert    3.500    2/28/2020   EUR     72.340
Landesbank Baden-Wuert    5.000    2/28/2020   EUR     65.810
Landesbank Baden-Wuert    2.500    2/28/2020   EUR     26.880
Landesbank Baden-Wuert    4.000    2/28/2020   EUR     24.770
Landesbank Baden-Wuert    4.500    2/28/2020   EUR     75.090
Landesbank Baden-Wuert    4.000    2/28/2020   EUR     73.450
UniCredit Bank AG         4.000     3/2/2020   EUR     35.460
Goldman Sachs & Co Wer   14.000   12/27/2019   EUR     68.300
Goldman Sachs & Co Wer    6.000   12/27/2019   EUR     69.790
UBS AG/London            10.500    2/28/2020   CHF     45.750
UBS AG/London             9.500    2/28/2020   EUR     56.950
UBS AG/London            10.000    2/28/2020   EUR     50.650
UBS AG/London             7.500    2/28/2020   EUR     70.650
Commerzbank AG            5.350     3/2/2020   USD     45.190
Bayerische Landesbank     3.400    7/16/2021   EUR     57.660
Bayerische Landesbank     4.000     5/3/2020   EUR     74.790
Raiffeisen Schweiz Gen    5.750     9/9/2020   CHF     47.610
DekaBank Deutsche Giro    3.100    3/27/2020   EUR     68.670
Leonteq Securities AG/    8.200     3/2/2020   CHF     24.840
Leonteq Securities AG/    7.000     3/2/2020   CHF     68.710
Deutsche Bank AG          7.200   12/24/2019   EUR     75.300
Deutsche Bank AG          7.200   12/24/2019   EUR     73.500
Deutsche Bank AG          7.200   12/24/2019   EUR     70.900
Deutsche Bank AG          7.200   12/24/2019   EUR     73.560
Deutsche Bank AG          7.200   12/24/2019   EUR     71.230
Deutsche Bank AG          7.200   12/24/2019   EUR     67.990
Deutsche Bank AG          7.200   12/24/2019   EUR     65.030
Erste Group Bank AG       6.250    3/29/2023   EUR     62.950
UniCredit Bank AG         6.300    3/26/2021   EUR     61.190
HSBC Trinkaus & Burkha    8.100    1/24/2020   EUR     44.580
HSBC Trinkaus & Burkha    7.100    1/24/2020   EUR     74.400
DZ Bank AG Deutsche Ze    7.500   12/23/2019   EUR     73.800
DZ Bank AG Deutsche Ze    5.000   11/20/2019   EUR     56.500
DZ Bank AG Deutsche Ze    8.000   11/20/2019   EUR     45.360
DZ Bank AG Deutsche Ze    8.500   12/23/2019   EUR     68.760
Landesbank Baden-Wuert    5.000   10/23/2020   EUR     49.640
BNP Paribas Emissions-   13.000   12/30/2019   EUR     60.560
BNP Paribas Emissions-   18.000   12/30/2019   EUR     68.510
HSBC Trinkaus & Burkha    4.430   12/30/2019   EUR     69.220
UniCredit Bank AG        14.000   12/29/2020   EUR     34.420
UBS AG/London             9.000   10/19/2020   USD     58.300
HSBC Trinkaus & Burkha    6.000   12/30/2019   EUR     72.930
UBS AG/London            10.000    4/24/2020   USD     52.970
UBS AG/London             9.000    4/24/2020   EUR     59.150
UBS AG/London            10.000    4/17/2020   EUR     66.900
Vontobel Financial Pro   13.000     1/3/2020   EUR     71.650
Vontobel Financial Pro   12.000     1/3/2020   EUR     73.610
Landesbank Baden-Wuert    5.800   11/22/2019   EUR     35.420
Vontobel Financial Pro   12.500     1/3/2020   EUR     64.370
UniCredit Bank AG         4.350   10/26/2021   EUR     48.790
DekaBank Deutsche Giro    5.150    5/21/2021   EUR     63.600
Societe Generale Effek   10.171    6/19/2020   EUR     72.960
Societe Generale Effek   10.985    6/19/2020   EUR     72.400
Societe Generale Effek   11.392    6/19/2020   EUR     70.940
Societe Generale Effek   12.205    6/19/2020   EUR     70.470
Societe Generale Effek   13.019    6/19/2020   EUR     69.650
Societe Generale Effek   13.833    6/19/2020   EUR     68.860
Societe Generale Effek   14.647    6/19/2020   EUR     68.110
Vontobel Financial Pro    7.550   12/31/2019   EUR     58.250
UniCredit Bank AG         4.400   11/27/2019   EUR     54.620
Vontobel Financial Pro    6.000     1/3/2020   EUR     51.280
Vontobel Financial Pro   10.000     1/3/2020   EUR     44.100
Vontobel Financial Pro    9.500     1/3/2020   EUR     73.160
Vontobel Financial Pro   13.500     1/3/2020   EUR     65.980
Vontobel Financial Pro   10.500     1/3/2020   EUR     71.200
Vontobel Financial Pro   14.500     1/3/2020   EUR     64.440
Vontobel Financial Pro   10.000     1/3/2020   EUR     69.760
Vontobel Financial Pro   10.000     1/3/2020   EUR     66.730
Vontobel Financial Pro    6.500     1/3/2020   EUR     72.940
Vontobel Financial Pro    4.500     1/3/2020   EUR     69.230
Vontobel Financial Pro   11.000     1/3/2020   EUR     59.840
Vontobel Financial Pro   11.500     1/3/2020   EUR     70.590
Leonteq Securities AG/    5.000     5/5/2020   EUR     36.000
Vontobel Financial Pro    8.500   12/13/2019   EUR     70.820
Vontobel Financial Pro   11.000   12/13/2019   EUR     69.560
HSBC Trinkaus & Burkha    7.600    6/26/2020   EUR     64.290
HSBC Trinkaus & Burkha    5.700    6/26/2020   EUR     74.420
HSBC Trinkaus & Burkha    6.200    6/26/2020   EUR     70.800
Vontobel Financial Pro   11.000   12/13/2019   EUR     71.530
Vontobel Financial Pro    9.500   12/13/2019   EUR     73.690
Vontobel Financial Pro   14.500    3/13/2020   EUR     65.750
HSBC Trinkaus & Burkha    2.620   12/30/2019   EUR     64.560
Vontobel Financial Pro   16.000     1/3/2020   EUR     68.280
Vontobel Financial Pro    5.500     1/3/2020   EUR     70.680
Leonteq Securities AG/    7.000   10/29/2020   CHF     58.300
Bank Julius Baer & Co     4.200    11/6/2019   CHF     65.550
HSBC Trinkaus & Burkha   11.100   12/27/2019   EUR     73.510
HSBC Trinkaus & Burkha   11.800   12/27/2019   EUR     40.470
Vontobel Financial Pro   11.000   12/12/2019   EUR     69.870
HSBC Trinkaus & Burkha    6.100   12/27/2019   EUR     69.100
HSBC Trinkaus & Burkha    6.500    6/26/2020   EUR     69.630
HSBC Trinkaus & Burkha    8.200   12/27/2019   EUR     64.070
HSBC Trinkaus & Burkha    4.200   12/27/2019   EUR     63.430
HSBC Trinkaus & Burkha    5.200    6/26/2020   EUR     65.200
HSBC Trinkaus & Burkha    7.000    6/26/2020   EUR     75.280
Vontobel Financial Pro   15.000   12/31/2019   EUR     40.470
HSBC Trinkaus & Burkha    8.200    6/26/2020   EUR     67.590
Vontobel Financial Pro   11.500    3/13/2020   EUR     71.170
Vontobel Financial Pro   14.000   12/13/2019   EUR     65.750
Vontobel Financial Pro   10.500    3/13/2020   EUR     71.620
Vontobel Financial Pro   10.500   12/13/2019   EUR     75.130
Vontobel Financial Pro   13.000    3/13/2020   EUR     70.100
Vontobel Financial Pro   10.000   12/31/2019   EUR     37.180
Vontobel Financial Pro   12.000     1/3/2020   EUR     57.950
Raiffeisen Schweiz Gen    7.000    4/30/2020   EUR     70.110
DZ Bank AG Deutsche Ze    6.250   12/23/2019   EUR     70.270
Vontobel Financial Pro   11.550   12/31/2019   EUR     56.170
Leonteq Securities AG/    4.750    11/1/2021   CHF     46.010
HSBC Trinkaus & Burkha   11.400   12/27/2019   EUR     70.130
HSBC Trinkaus & Burkha   10.500   12/27/2019   EUR     71.720
HSBC Trinkaus & Burkha    4.300   12/27/2019   EUR     50.950
UBS AG/London            10.000    11/7/2019   CHF     41.650
Vontobel Financial Pro    9.000     1/3/2020   EUR     68.020
Vontobel Financial Pro   10.500     1/3/2020   EUR     65.290
Vontobel Financial Pro   12.000     1/3/2020   EUR     42.330
BNP Paribas Emissions-    9.000   12/24/2020   EUR     74.820
UBS AG/London            10.400    3/26/2020   EUR     69.900
Vontobel Financial Pro   13.000     1/3/2020   EUR     68.740
Vontobel Financial Pro    6.000     1/3/2020   EUR     69.500
HSBC Trinkaus & Burkha   29.800    1/24/2020   EUR     71.420
HSBC Trinkaus & Burkha   29.000    1/24/2020   EUR     66.530
HSBC Trinkaus & Burkha    7.600   12/27/2019   EUR     49.400
HSBC Trinkaus & Burkha   10.600    3/27/2020   EUR     46.670
HSBC Trinkaus & Burkha   30.000    1/24/2020   EUR     60.200
Commerzbank AG           14.250   11/22/2019   EUR     70.510
Commerzbank AG           18.250   11/22/2019   EUR     63.920
UniCredit Bank AG         5.050    1/11/2022   EUR     52.800
HSBC Trinkaus & Burkha    3.750   12/30/2019   EUR     72.990
HSBC Trinkaus & Burkha    1.550   12/30/2019   EUR     69.760
HSBC Trinkaus & Burkha    1.620    3/27/2020   EUR     71.500
Societe Generale Effek   29.411   12/20/2019   EUR     63.570
Vontobel Financial Pro    6.950   12/13/2019   EUR     67.020
Vontobel Financial Pro   17.650    1/22/2020   EUR     35.030
Landesbank Baden-Wuert    2.000    7/24/2020   EUR     69.000
Landesbank Baden-Wuert    3.500    7/24/2020   EUR     63.140
Landesbank Baden-Wuert    5.000    7/24/2020   EUR     59.260
Landesbank Baden-Wuert    3.500    7/24/2020   EUR     72.190
Landesbank Baden-Wuert    5.000    7/24/2020   EUR     67.840
Landesbank Baden-Wuert    5.500    7/24/2020   EUR     76.300
Landesbank Baden-Wuert    2.500    7/24/2020   EUR     62.040
Landesbank Baden-Wuert    5.000    7/24/2020   EUR     54.630
Landesbank Baden-Wuert    7.000    7/24/2020   EUR     52.010
UBS AG/London            20.700     1/2/2020   EUR     61.440
Vontobel Financial Pro   14.000   12/31/2019   EUR     70.187
Vontobel Financial Pro    4.000   12/20/2019   EUR     36.502
Commerzbank AG            5.500   11/22/2019   EUR     57.840
Bank Julius Baer & Co    10.740   12/10/2019   USD     67.800
DZ Bank AG Deutsche Ze    6.500   12/27/2019   EUR     75.960
Vontobel Financial Pro   11.500     1/3/2020   EUR     71.750
Vontobel Financial Pro    9.500     1/3/2020   EUR     74.980
Vontobel Financial Pro   14.950    12/6/2019   EUR     61.003
UBS AG/London             7.100    9/24/2020   EUR     69.680
UBS AG/London            21.700     1/2/2020   EUR     70.960
UBS AG/London             8.200     1/2/2020   EUR     75.090
UBS AG/London             8.500     1/2/2020   EUR     58.080
UBS AG/London             4.400     1/2/2020   EUR     73.340
UBS AG/London            19.800     1/2/2020   EUR     61.440
UBS AG/London            21.400     1/2/2020   EUR     69.170
UBS AG/London            19.000     1/2/2020   EUR     73.860
UBS AG/London             4.500     1/2/2020   EUR     66.330
UBS AG/London             7.200     1/2/2020   EUR     68.710
UBS AG/London             3.500     1/2/2020   EUR     68.860
HSBC Trinkaus & Burkha   13.900   12/27/2019   EUR     43.560
HSBC Trinkaus & Burkha    4.800   12/27/2019   EUR     55.790
HSBC Trinkaus & Burkha   12.500    3/27/2020   EUR     45.940
HSBC Trinkaus & Burkha    5.000    3/27/2020   EUR     56.160
HSBC Trinkaus & Burkha   10.000   11/22/2019   EUR     47.470
HSBC Trinkaus & Burkha    9.200    2/28/2020   EUR     48.870
Commerzbank AG           13.750   11/22/2019   EUR     69.380
Vontobel Financial Pro   14.500    3/13/2020   EUR     75.140
Vontobel Financial Pro   10.500   12/13/2019   EUR     73.820
Vontobel Financial Pro   18.500   12/13/2019   EUR     62.750
Vontobel Financial Pro   16.000    3/13/2020   EUR     66.310
Commerzbank AG            5.250   11/22/2019   EUR     73.310
Zurcher Kantonalbank F   10.000   12/13/2019   EUR     67.800
Commerzbank AG            7.250   11/22/2019   EUR     67.300
Commerzbank AG           13.250   11/22/2019   EUR     56.970
Commerzbank AG           11.750   11/22/2019   EUR     72.820
Zurcher Kantonalbank F    7.500    3/13/2020   EUR     63.420
Societe Generale Effek   16.052    3/20/2020   EUR     69.340
Societe Generale Effek    7.249    3/20/2020   EUR     68.310
Societe Generale Effek   10.097    3/20/2020   EUR     63.190
Societe Generale Effek   13.204    3/20/2020   EUR     59.120
Societe Generale Effek    9.637    6/19/2020   EUR     69.590
Societe Generale Effek   12.849    6/19/2020   EUR     65.270
Societe Generale Effek   10.740    9/18/2020   EUR     70.210
Societe Generale Effek   20.195    3/20/2020   EUR     72.430
Societe Generale Effek   22.486    6/19/2020   EUR     74.570
Vontobel Financial Pro   11.000    3/27/2020   EUR     63.530
Deutsche Bank AG          8.200   12/24/2019   EUR     66.400
Deutsche Bank AG          8.200   12/24/2019   EUR     60.000
Deutsche Bank AG          8.200   12/24/2019   EUR     54.700
Deutsche Bank AG          8.200    3/24/2020   EUR     67.700
Deutsche Bank AG          8.200    3/24/2020   EUR     61.700
Deutsche Bank AG          8.200    3/24/2020   EUR     56.600
Deutsche Bank AG          8.200    6/23/2020   EUR     68.600
Deutsche Bank AG          8.200    6/23/2020   EUR     63.100
Deutsche Bank AG          8.200    6/23/2020   EUR     58.200
Deutsche Bank AG          8.200    9/22/2020   EUR     69.900
Deutsche Bank AG          8.200    9/22/2020   EUR     64.600
Deutsche Bank AG          8.200    9/22/2020   EUR     59.900
Deutsche Bank AG          8.200   12/22/2020   EUR     71.200
Deutsche Bank AG          8.200   12/22/2020   EUR     66.100
Deutsche Bank AG          8.200   12/22/2020   EUR     61.600
Deutsche Bank AG          8.200   12/24/2019   EUR     75.800
Commerzbank AG           10.750   12/31/2019   EUR     69.860
Commerzbank AG            6.000   12/31/2019   EUR     72.310
HSBC Trinkaus & Burkha    1.250    4/22/2020   EUR     67.290
Vontobel Financial Pro   14.000     1/3/2020   EUR     73.720
Vontobel Financial Pro    5.500    3/27/2020   EUR     73.260
Vontobel Financial Pro   11.000    3/27/2020   EUR     67.980
Vontobel Financial Pro    9.000    3/27/2020   EUR     56.200
Vontobel Financial Pro   11.500    3/27/2020   EUR     57.230
Vontobel Financial Pro    8.500     1/3/2020   EUR     54.060
Vontobel Financial Pro   11.500     1/3/2020   EUR     54.600
DZ Bank AG Deutsche Ze   10.000    3/25/2020   EUR     67.190
DZ Bank AG Deutsche Ze    7.000   12/27/2019   EUR     70.660
Commerzbank AG            7.750   12/31/2019   EUR     66.600
Commerzbank AG            9.750   12/31/2019   EUR     63.600
Landesbank Baden-Wuert    5.500    3/26/2021   EUR     59.980
Landesbank Baden-Wuert    3.000    3/26/2021   EUR     74.250
UBS AG/London            11.000     9/7/2020   EUR     63.150
UBS AG/London             9.000     9/7/2020   EUR     70.400
UBS AG/London             5.400   12/28/2020   EUR     69.310
UBS AG/London            14.000    3/26/2020   EUR     68.320
UBS AG/London             9.000    3/26/2020   EUR     74.370
UBS AG/London             9.200    3/26/2020   EUR     69.280
UBS AG/London            19.000     1/2/2020   EUR     71.000
UBS AG/London             9.400    3/26/2020   EUR     66.880
UBS AG/London             6.000    6/25/2020   EUR     72.350
UBS AG/London             8.200    6/25/2020   EUR     74.500
UBS AG/London            15.600    3/26/2020   EUR     63.070
UBS AG/London             7.700    3/26/2020   EUR     64.050
UBS AG/London             7.400    3/26/2020   EUR     71.160
UBS AG/London            22.400     1/2/2020   EUR     68.290
UBS AG/London             5.300   12/28/2020   EUR     71.380
UBS AG/London             5.900    3/26/2020   EUR     67.440
UBS AG/London            12.900    6/25/2020   EUR     68.500
UBS AG/London             6.000    3/26/2020   EUR     73.390
UBS AG/London             3.800    6/25/2020   EUR     68.050
Bank Julius Baer & Co     7.000     3/6/2020   EUR     72.850
Commerzbank AG           15.750   12/31/2019   EUR     74.440
Societe Generale Effek   12.528    6/19/2020   EUR     74.900
Societe Generale Effek   18.632    6/19/2020   EUR     70.150
Societe Generale Effek   17.753   12/20/2019   EUR     73.100
Societe Generale Effek    4.142   12/20/2019   EUR     74.880
Societe Generale Effek    6.312   12/20/2019   EUR     67.300
Societe Generale Effek    9.074   12/20/2019   EUR     61.300
Societe Generale Effek   12.230   12/20/2019   EUR     56.550
Societe Generale Effek    4.660    3/20/2020   EUR     74.580
Societe Generale Effek   14.192    9/18/2020   EUR     66.640
Societe Generale Effek   19.134   12/20/2019   EUR     68.490
Societe Generale Effek   25.249   12/20/2019   EUR     63.780
Societe Generale Effek   25.890    3/20/2020   EUR     68.790
Societe Generale Effek    7.767    3/20/2020   EUR     72.200
Societe Generale Effek    9.321    3/20/2020   EUR     70.090
Societe Generale Effek   10.874    3/20/2020   EUR     68.170
Societe Generale Effek   15.793    3/20/2020   EUR     63.610
Societe Generale Effek    9.589    9/18/2020   EUR     75.560
Landesbank Hessen-Thue    7.600     3/9/2023   EUR     67.970
HSBC Trinkaus & Burkha    7.600   12/27/2019   EUR     73.150
DZ Bank AG Deutsche Ze   10.500   12/27/2019   EUR     71.480
DZ Bank AG Deutsche Ze    6.000   12/27/2019   EUR     74.620
DZ Bank AG Deutsche Ze    6.250   12/27/2019   EUR     74.330
DZ Bank AG Deutsche Ze    5.000   11/20/2019   EUR     70.330
DZ Bank AG Deutsche Ze    5.250   11/20/2019   EUR     72.810
DZ Bank AG Deutsche Ze   10.250   11/20/2019   EUR     60.920
Raiffeisen Schweiz Gen    9.500    4/22/2020   CHF     73.030
DZ Bank AG Deutsche Ze    6.250   12/27/2019   EUR     46.350
DZ Bank AG Deutsche Ze   10.500   12/27/2019   EUR     75.900
DZ Bank AG Deutsche Ze    6.250   12/23/2019   EUR     64.600
Landesbank Baden-Wuert    6.000   10/23/2020   EUR     74.300
Landesbank Baden-Wuert    5.000   10/23/2020   EUR     73.140
Landesbank Baden-Wuert    2.500   10/23/2020   EUR     56.140
Landesbank Baden-Wuert    5.500    8/28/2020   EUR     76.380
UniCredit Bank AG        12.800   12/29/2020   EUR     34.360
UniCredit Bank AG         8.600     1/3/2020   EUR     29.540
UniCredit Bank AG         7.800   12/29/2020   EUR     36.870
UniCredit Bank AG         9.200   12/29/2020   EUR     35.810
Raiffeisen Centrobank     3.921    3/24/2020   EUR     75.000
UBS AG/London             7.000   10/26/2020   CHF     72.850
UBS AG/London             8.500   10/26/2020   EUR     72.000
Vontobel Financial Pro   15.500     1/3/2020   EUR     74.360
Vontobel Financial Pro   12.000     1/3/2020   EUR     72.110
Vontobel Financial Pro   11.000     1/3/2020   EUR     73.740
Vontobel Financial Pro   15.500     1/3/2020   EUR     63.210
Landesbank Baden-Wuert    5.850   11/22/2019   EUR     64.910
Landesbank Baden-Wuert    2.700   10/23/2020   EUR     74.980
Vontobel Financial Pro   11.000     1/3/2020   EUR     72.130
BNP Paribas Emissions-    8.000   12/30/2019   EUR     65.650
UBS AG/London            12.000   10/26/2020   CHF     70.250
Societe Generale Effek    8.951    6/19/2020   EUR     75.150
Societe Generale Effek    9.358    6/19/2020   EUR     74.350
Societe Generale Effek   15.867    6/19/2020   EUR     66.560
Societe Generale Effek   16.690   12/20/2019   EUR     71.940
Vontobel Financial Pro    9.500   12/31/2019   EUR     58.580
Vontobel Financial Pro   14.500     1/3/2020   EUR     69.890
Vontobel Financial Pro    8.500     1/3/2020   EUR     73.300
Vontobel Financial Pro    7.500     1/3/2020   EUR     48.610
Vontobel Financial Pro    8.500     1/3/2020   EUR     46.180
Vontobel Financial Pro   10.500     1/3/2020   EUR     70.070
Vontobel Financial Pro    7.000   12/31/2019   EUR     68.060
Vontobel Financial Pro   14.000     1/3/2020   EUR     73.500
Vontobel Financial Pro   11.500     1/3/2020   EUR     69.350
Vontobel Financial Pro   12.500     1/3/2020   EUR     67.610
Vontobel Financial Pro   14.000     1/3/2020   EUR     69.890
Vontobel Financial Pro   13.500     1/3/2020   EUR     37.350
Vontobel Financial Pro   10.500     1/3/2020   EUR     40.150
Vontobel Financial Pro    7.500     1/3/2020   EUR     73.840
Vontobel Financial Pro   12.500     1/3/2020   EUR     66.200
Vontobel Financial Pro    8.500     1/3/2020   EUR     69.710
Vontobel Financial Pro    7.500     1/3/2020   EUR     64.040
Raiffeisen Switzerland    5.600    11/2/2020   CHF     71.630
UBS AG/London            11.000    12/2/2019   CHF     53.650
UBS AG/London             7.250    12/2/2019   CHF     65.150
EFG International Fina    7.000    6/15/2020   CHF     74.790
UniCredit Bank AG         3.800    6/28/2022   EUR     66.430
Raiffeisen Schweiz Gen    4.800    12/8/2020   CHF     54.290
BNP Paribas Issuance B    6.600     6/1/2020   EUR     74.250
DekaBank Deutsche Giro    3.000    6/26/2020   EUR     73.700
DekaBank Deutsche Giro    2.000    6/25/2021   EUR     51.530
UniCredit Bank AG         4.300   10/18/2021   EUR     74.830
Goldman Sachs & Co Wer   25.000   12/27/2019   EUR     74.640
Goldman Sachs & Co Wer   24.000    2/26/2020   EUR     75.540
Vontobel Financial Pro    7.000    6/19/2020   USD     64.576
Landesbank Baden-Wuert    5.500    9/25/2020   EUR     75.900
Landesbank Baden-Wuert    5.000    9/25/2020   EUR     72.740
Landesbank Baden-Wuert    7.000    9/25/2020   EUR     69.910
Landesbank Baden-Wuert    5.000    9/25/2020   EUR     75.250
Landesbank Baden-Wuert    7.000    9/25/2020   EUR     72.530
Commerzbank AG           14.250   12/31/2019   EUR     64.230
Vontobel Financial Pro    3.500    3/13/2020   EUR     50.750
HSBC Trinkaus & Burkha    3.700   12/27/2019   EUR     73.350
HSBC Trinkaus & Burkha    5.400   12/27/2019   EUR     66.520
HSBC Trinkaus & Burkha    3.200   12/27/2019   EUR     73.630
HSBC Trinkaus & Burkha    5.200   12/27/2019   EUR     67.550
HSBC Trinkaus & Burkha    3.500   12/27/2019   EUR     66.080
Landesbank Hessen-Thue    3.500     8/3/2022   EUR     64.910
Leonteq Securities AG/   10.000     1/9/2020   CHF     66.550
Raiffeisen Schweiz Gen    6.200     1/6/2020   CHF     65.210
Raiffeisen Schweiz Gen    5.200     1/6/2021   CHF     62.060
Raiffeisen Schweiz Gen    5.000     7/6/2020   CHF     71.550
Landesbank Hessen-Thue    5.750     8/3/2023   EUR     59.870
Leonteq Securities AG/   10.000    1/13/2020   CHF     66.600
Vontobel Financial Pro    5.250    2/21/2020   EUR     59.200
Vontobel Financial Pro   27.500    8/12/2020   USD     67.140
DekaBank Deutsche Giro    4.050     7/3/2020   EUR     66.220
UBS AG/London             5.700     1/2/2020   EUR     67.870
UBS AG/London             4.000     1/2/2020   EUR     70.960
UBS AG/London             8.500    12/6/2019   CHF     55.500
UBS AG/London             7.000    12/6/2019   CHF     74.550
Leonteq Securities AG/    7.000   12/15/2020   CHF     70.350
Societe Generale SA      13.200   12/11/2020   USD     38.000
Raiffeisen Schweiz Gen    9.400   12/27/2019   CHF     55.040
Vontobel Financial Pro    8.300   12/18/2019   EUR     61.950
DekaBank Deutsche Giro    5.700    7/31/2020   EUR     75.720
UniCredit Bank AG         6.000    1/18/2021   EUR     63.720
UniCredit Bank AG         4.500    1/18/2022   EUR     59.160
DekaBank Deutsche Giro    5.000    7/31/2020   EUR     47.110
UniCredit Bank AG         4.100    2/13/2023   EUR     73.910
UniCredit Bank AG         3.500    2/13/2023   EUR     72.570
Landesbank Baden-Wuert    3.000    2/26/2021   EUR     69.140
Landesbank Baden-Wuert    3.800    2/26/2021   EUR     48.460
UBS AG/London             8.500    6/22/2020   EUR     71.850
UBS AG/London            11.250   12/20/2019   EUR     54.150
Leonteq Securities AG/   10.000     1/3/2020   USD     51.330
Raiffeisen Schweiz Gen    7.000   12/30/2019   CHF     73.930
DekaBank Deutsche Giro    2.100     1/5/2021   EUR     64.740
Landesbank Hessen-Thue    3.000    7/29/2020   EUR     75.600
UniCredit Bank AG         3.500     1/5/2021   EUR     51.120
UniCredit Bank AG         3.500     1/5/2021   EUR     38.630
UniCredit Bank AG         3.500     1/5/2021   EUR     64.600
UniCredit Bank AG         3.500     1/5/2021   EUR     59.270
UniCredit Bank AG         4.000     1/5/2021   EUR     63.580
DekaBank Deutsche Giro    4.550    7/31/2020   EUR     72.210
DekaBank Deutsche Giro    6.050    7/31/2020   EUR     57.530
Landesbank Baden-Wuert    3.000    2/25/2022   EUR     62.740
Raiffeisen Centrobank     5.200     2/3/2020   EUR     43.000
UBS AG/London             6.000   12/30/2019   CHF     68.600
UBS AG/London             5.250   12/30/2019   CHF     70.600
UniCredit Bank AG         4.350   11/21/2021   EUR     62.820
DekaBank Deutsche Giro    1.400   11/15/2019   EUR     72.440
Deutsche Bank AG          6.200   12/24/2019   EUR     73.320
Deutsche Bank AG          6.200   12/24/2019   EUR     71.030
Deutsche Bank AG          6.200   12/24/2019   EUR     68.880
Deutsche Bank AG          6.200   12/24/2019   EUR     69.200
Deutsche Bank AG          6.200   12/24/2019   EUR     76.250
Deutsche Bank AG          6.200   12/24/2019   EUR     72.700
Deutsche Bank AG          6.200   12/24/2019   EUR     69.600
Deutsche Bank AG          6.200   12/24/2019   EUR     67.600
Deutsche Bank AG          6.200   12/24/2019   EUR     65.800
Deutsche Bank AG          6.200   12/24/2019   EUR     75.100
Deutsche Bank AG          6.200   12/24/2019   EUR     73.390
Deutsche Bank AG          6.200   12/24/2019   EUR     65.800
Deutsche Bank AG          6.200   12/24/2019   EUR     74.770
Deutsche Bank AG          6.200   12/24/2019   EUR     71.040
Deutsche Bank AG          6.200   12/24/2019   EUR     67.610
Deutsche Bank AG          6.200   12/24/2019   EUR     61.610
Vontobel Financial Pro    5.750   11/27/2020   EUR     70.610
Deutsche Bank AG          6.200   12/24/2019   EUR     70.000
Deutsche Bank AG          6.200   12/24/2019   EUR     69.300
Deutsche Bank AG          6.200   12/24/2019   EUR     66.210
Deutsche Bank AG          6.200   12/24/2019   EUR     58.900
Deutsche Bank AG          6.200   12/24/2019   EUR     51.200
Deutsche Bank AG          6.200   12/24/2019   EUR     62.600
Deutsche Bank AG          6.200   12/24/2019   EUR     56.200
Deutsche Bank AG          6.200   12/24/2019   EUR     52.600
Deutsche Bank AG          6.200   12/24/2019   EUR     72.100
Deutsche Bank AG          6.200   12/24/2019   EUR     29.000
Deutsche Bank AG          6.200   12/24/2019   EUR     52.200
Zurcher Kantonalbank F    5.750    1/16/2020   EUR     72.530
Landesbank Hessen-Thue    3.500    8/17/2022   EUR     74.270
Commerzbank AG           11.250   11/22/2019   EUR     59.890
Commerzbank AG            5.250   11/22/2019   EUR     74.730
Commerzbank AG            7.250   11/22/2019   EUR     68.310
Leonteq Securities AG/   10.200     6/3/2020   USD     61.900
Citigroup Global Marke   13.200   12/18/2023   SEK     74.910
HSBC Trinkaus & Burkha   11.530   11/28/2019   EUR     70.520
Vontobel Financial Pro   10.500     1/3/2020   EUR     74.320
Vontobel Financial Pro   15.500     1/3/2020   EUR     66.760
DZ Bank AG Deutsche Ze   11.000   12/27/2019   EUR     72.930
Bank Julius Baer & Co    13.150    12/4/2019   CHF     61.350
Leonteq Securities AG/    7.600    10/6/2020   CHF     71.900
UniCredit Bank AG         4.500   11/12/2022   EUR     67.740
Landesbank Baden-Wuert    3.000   10/23/2020   EUR     61.380
DekaBank Deutsche Giro    4.150    4/30/2020   EUR     74.440
UniCredit Bank AG         3.120    9/25/2020   EUR     50.330
UniCredit Bank AG         4.920    9/25/2020   EUR     64.850
UniCredit Bank AG         3.800   10/24/2021   EUR     67.860
UBS AG/London             7.000    3/27/2020   CHF     54.450
EFG International Fina    7.000   10/12/2020   EUR     60.810
UniCredit Bank AG         4.750   10/24/2021   EUR      6.760
UniCredit Bank AG         3.900   10/24/2021   EUR     55.740
UniCredit Bank AG         4.050   10/24/2021   EUR     64.070
Leonteq Securities AG/    8.100     4/6/2020   CHF     68.320
Landesbank Hessen-Thue    3.350     8/6/2021   EUR     76.800
Landesbank Hessen-Thue    3.000     8/6/2021   EUR     59.800
Leonteq Securities AG/    7.000    4/16/2020   CHF     42.650
Landesbank Baden-Wuert    2.500    7/24/2020   EUR     70.420
Landesbank Baden-Wuert    3.500    7/24/2020   EUR     70.590
Bayerische Landesbank     3.100    10/9/2020   EUR     62.820
Vontobel Financial Pro    4.300   11/11/2019   EUR     60.520
Raiffeisen Centrobank     5.200   12/30/2019   EUR     49.170
Leonteq Securities AG/    9.800    6/12/2020   CHF     50.570
EFG International Fina    7.400   12/21/2020   USD     62.220
UBS AG/London             7.250    12/6/2019   CHF     75.650
UBS AG/London             9.500    12/6/2019   EUR     51.500
DekaBank Deutsche Giro    2.100     1/4/2021   EUR     64.740
Raiffeisen Schweiz Gen    9.000   12/18/2019   CHF     51.210
Raiffeisen Schweiz Gen    6.250   12/18/2019   CHF     23.840
Raiffeisen Schweiz Gen    8.000   12/18/2019   CHF     74.120
Vontobel Financial Pro    5.400     1/6/2020   EUR     45.460
Leonteq Securities AG/    7.000   12/15/2020   EUR     69.260
Leonteq Securities AG/    8.400   12/18/2019   CHF     24.320
Commerzbank AG            3.250   12/10/2019   USD     58.700
Natixis SA                3.000   12/11/2019   USD     46.333
DekaBank Deutsche Giro    2.300     1/8/2021   EUR     65.830
DekaBank Deutsche Giro    3.200   12/13/2019   EUR     43.340
DekaBank Deutsche Giro    3.000   12/13/2019   EUR     51.200
UniCredit Bank AG         4.200     1/4/2021   EUR     51.920
Leonteq Securities AG/    7.400   12/22/2020   CHF     60.800
Leonteq Securities AG/    8.000   12/27/2019   CHF     66.380
Leonteq Securities AG/    4.000   12/29/2020   CHF     43.090
UBS AG/London             8.000    6/15/2020   EUR     55.600
UBS AG/London             6.750   12/13/2019   USD     34.800
UBS AG/London             8.500    6/15/2020   CHF     62.550
UBS AG/London             6.250   12/13/2019   USD     34.850
UBS AG/London             8.250   12/13/2019   USD     45.250
Leonteq Securities AG/    7.000   12/27/2019   CHF     65.060
Leonteq Securities AG/    8.000   12/27/2019   EUR     43.810
EFG International Fina    7.200   12/29/2020   EUR     63.500
Leonteq Securities AG/    7.600    7/13/2020   CHF     71.410
BNP Paribas Emissions-    8.500   12/30/2019   EUR     62.040
BNP Paribas Emissions-   11.000   12/30/2019   EUR     61.840
BNP Paribas Emissions-    6.500   12/30/2019   EUR     32.200
BNP Paribas Emissions-   10.000   12/30/2019   EUR     59.990
BNP Paribas Emissions-   10.000   12/30/2019   EUR     59.870
BNP Paribas Emissions-   12.000   12/30/2019   EUR     62.410
BNP Paribas Emissions-    7.000   12/30/2019   EUR     74.230
BNP Paribas Emissions-   10.000   12/30/2019   EUR     68.690
Bank Julius Baer & Co     9.900   11/22/2019   USD     68.050
BNP Paribas Emissions-   10.000   12/30/2019   EUR     57.730
Vontobel Financial Pro    9.500     1/3/2020   EUR     70.230
Commerzbank AG           15.000   11/22/2019   EUR     71.790
Commerzbank AG           11.250   11/22/2019   EUR     73.370
Commerzbank AG           14.000   11/22/2019   EUR     69.560
Commerzbank AG           13.500   11/22/2019   EUR     68.700
Commerzbank AG            5.500   11/22/2019   EUR     69.620
Commerzbank AG            9.500   11/22/2019   EUR     59.520
Commerzbank AG            3.250   11/22/2019   EUR     69.710
Commerzbank AG           11.250   11/22/2019   EUR     54.240
Commerzbank AG            8.500   11/22/2019   EUR     56.750
Commerzbank AG           12.500   11/22/2019   EUR     51.060
Commerzbank AG            5.750   11/22/2019   EUR     64.450
Commerzbank AG            9.750   11/22/2019   EUR     53.750
Commerzbank AG           13.750   11/22/2019   EUR     47.620
Commerzbank AG           13.250   11/22/2019   EUR     69.980
Commerzbank AG           12.000   11/22/2019   EUR     62.020
Commerzbank AG           13.500   11/22/2019   EUR     53.660
Commerzbank AG            9.250   11/22/2019   EUR     69.930
Commerzbank AG           12.000   11/22/2019   EUR     73.170
Commerzbank AG            4.500   11/22/2019   EUR     66.370
Commerzbank AG            6.000   11/22/2019   EUR     73.280
Commerzbank AG           12.000   11/22/2019   EUR     68.130
Commerzbank AG            7.750   11/22/2019   EUR     67.110
Commerzbank AG           11.750   11/22/2019   EUR     60.320
Vontobel Financial Pro   10.000     1/3/2020   EUR     59.660
Landesbank Baden-Wuert    4.850    2/28/2020   EUR     73.560
Landesbank Baden-Wuert    4.000    2/28/2020   EUR     59.920
Vontobel Financial Pro    3.850    1/27/2020   EUR     62.820
Leonteq Securities AG/    6.000    1/20/2021   CHF     65.370
Credit Suisse AG/Londo    6.750    1/23/2020   EUR     65.730
UBS AG/London             5.500    1/13/2020   CHF     64.100
UBS AG/London             6.250    7/13/2020   CHF     30.500
UBS AG/London             6.000    1/13/2020   CHF     64.800
UBS AG/London             5.250    7/13/2020   CHF     62.600
Landesbank Baden-Wuert    4.820   11/22/2019   EUR     64.360
Landesbank Hessen-Thue    2.750    5/20/2021   EUR     67.000
Leonteq Securities AG/   10.000    1/23/2020   CHF     71.410
HSBC Trinkaus & Burkha    7.300   12/27/2019   EUR     72.840
HSBC Trinkaus & Burkha   11.400   12/27/2019   EUR     48.090
HSBC Trinkaus & Burkha    7.300   12/27/2019   EUR     53.710
HSBC Trinkaus & Burkha    5.000   12/27/2019   EUR     58.530
HSBC Trinkaus & Burkha   11.500    3/27/2020   EUR     48.640
HSBC Trinkaus & Burkha   10.300    3/27/2020   EUR     49.880
HSBC Trinkaus & Burkha    6.900    3/27/2020   EUR     54.570
HSBC Trinkaus & Burkha    5.000    3/27/2020   EUR     58.730
HSBC Trinkaus & Burkha   10.400   11/22/2019   EUR     49.450
HSBC Trinkaus & Burkha    9.400    2/28/2020   EUR     50.830
HSBC Trinkaus & Burkha    6.600   12/27/2019   EUR     57.500
HSBC Trinkaus & Burkha    3.900   12/27/2019   EUR     63.570
HSBC Trinkaus & Burkha    9.500    3/27/2020   EUR     71.880
HSBC Trinkaus & Burkha    7.300   12/27/2019   EUR     55.740
HSBC Trinkaus & Burkha    4.100   12/27/2019   EUR     63.000
DZ Bank AG Deutsche Ze    5.000   12/27/2019   EUR     61.360
DZ Bank AG Deutsche Ze    5.500   12/27/2019   EUR     70.610
DZ Bank AG Deutsche Ze   11.250   12/27/2019   EUR     64.400
DZ Bank AG Deutsche Ze    5.250   12/27/2019   EUR     59.500
Deutsche Bank AG          6.200   12/24/2019   EUR     73.700
Deutsche Bank AG          6.200   12/24/2019   EUR     65.200
Deutsche Bank AG          6.200   12/24/2019   EUR     74.040
Deutsche Bank AG          6.200   12/24/2019   EUR     71.960
Deutsche Bank AG          6.200   12/24/2019   EUR     69.980
Deutsche Bank AG          6.200   12/24/2019   EUR     68.120
Deutsche Bank AG          6.200   12/24/2019   EUR     66.350
Deutsche Bank AG          6.200   12/24/2019   EUR     64.670
Deutsche Bank AG          6.200   12/24/2019   EUR     73.300
Deutsche Bank AG          6.200   12/24/2019   EUR     72.600
Deutsche Bank AG          6.200   12/24/2019   EUR     69.000
Deutsche Bank AG          6.200   12/24/2019   EUR     62.800
Deutsche Bank AG          6.200   12/24/2019   EUR     72.700
Deutsche Bank AG          6.200   12/24/2019   EUR     64.800
Deutsche Bank AG          6.200   12/24/2019   EUR     71.170
Deutsche Bank AG          6.200   12/24/2019   EUR     61.870
Deutsche Bank AG          6.200   12/24/2019   EUR     73.800
Deutsche Bank AG          6.200   12/24/2019   EUR     54.700
Deutsche Bank AG          6.200   12/24/2019   EUR     66.400
Deutsche Bank AG          6.200   12/24/2019   EUR     59.200
Deutsche Bank AG          6.200   12/24/2019   EUR     57.800
Deutsche Bank AG          6.200   12/24/2019   EUR     65.000
Deutsche Bank AG          6.200   12/24/2019   EUR     31.900
Deutsche Bank AG          6.200   12/24/2019   EUR     30.400
Landesbank Hessen-Thue    3.600   11/20/2019   EUR     66.800
Raiffeisen Schweiz Gen    6.800    7/20/2020   CHF     61.700
Bayerische Landesbank     3.550    8/21/2020   EUR     68.260
Deutsche Bank AG          6.200   12/24/2019   EUR     47.800
Deutsche Bank AG          6.200   12/24/2019   EUR     44.100
Deutsche Bank AG          6.200   12/24/2019   EUR     65.800
Bank Julius Baer & Co     9.300   11/28/2019   EUR     67.100
UBS AG/London             9.000   11/28/2019   CHF     68.550
Leonteq Securities AG     5.400    7/25/2022   CHF     73.080
Commerzbank AG            9.250   11/22/2019   EUR     63.630
Commerzbank AG           13.250   11/22/2019   EUR     56.810
Leonteq Securities AG/    8.000    1/12/2021   EUR     69.300
Leonteq Securities AG/    9.000    1/12/2021   USD     43.320
UBS AG/London             6.250     1/6/2020   CHF     44.400
Landesbank Baden-Wuert    2.000    2/28/2020   EUR     72.900
Landesbank Baden-Wuert    5.000    1/24/2020   EUR     52.230
Landesbank Baden-Wuert    6.000    1/24/2020   EUR     49.070
Landesbank Baden-Wuert    3.000    1/24/2020   EUR     69.580
Landesbank Baden-Wuert    3.000    1/24/2020   EUR     74.040
Landesbank Baden-Wuert    2.000    1/24/2020   EUR     68.790
Landesbank Baden-Wuert    4.000    1/24/2020   EUR     59.650
Landesbank Baden-Wuert    2.000    1/24/2020   EUR     62.410
Landesbank Baden-Wuert    3.000    1/24/2020   EUR     57.480
Landesbank Baden-Wuert    5.000    1/24/2020   EUR     51.640
Landesbank Baden-Wuert    3.000    1/24/2020   EUR     54.790
Landesbank Baden-Wuert    3.000    1/24/2020   EUR     42.790
Landesbank Baden-Wuert    3.000    1/24/2020   EUR     55.260
Landesbank Baden-Wuert    4.000    1/24/2020   EUR     52.900
Landesbank Baden-Wuert    3.000    1/24/2020   EUR     70.750
UBS AG/London             7.750     1/6/2020   EUR     61.850
Vontobel Financial Pro   20.000    9/25/2020   EUR     66.440
Vontobel Financial Pro   16.000    6/25/2020   EUR     72.270
DekaBank Deutsche Giro    2.000    1/22/2021   EUR     65.900
EFG International Fina    7.400    1/11/2021   USD     60.800
UBS AG/London             5.400     1/2/2020   EUR     61.810
EFG International Fina    7.400    1/25/2021   CHF     66.140
EFG International Fina    7.200    1/25/2021   EUR     59.110
Corner Banca SA           7.400    7/22/2020   CHF     62.220
Leonteq Securities AG/    6.600    1/22/2020   EUR     66.000
Raiffeisen Schweiz Gen    5.500    1/22/2020   CHF     72.760
UniCredit Bank AG         4.400    2/12/2021   EUR     67.250
UniCredit Bank AG         5.900    2/12/2021   EUR     67.200
Raiffeisen Schweiz Gen    7.000    1/15/2020   CHF     68.580
Deutsche Bank AG          6.200   12/24/2019   EUR     44.700
Deutsche Bank AG          6.200   12/24/2019   EUR     43.000
Deutsche Bank AG          6.200   12/24/2019   EUR     50.650
Deutsche Bank AG          6.200   12/24/2019   EUR     71.200
Deutsche Bank AG          6.200   12/24/2019   EUR     70.800
Deutsche Bank AG          6.200   12/24/2019   EUR     64.860
Deutsche Bank AG          6.200   12/24/2019   EUR     74.200
Deutsche Bank AG          6.200   12/24/2019   EUR     71.070
Deutsche Bank AG          6.200   12/24/2019   EUR     57.640
Deutsche Bank AG          6.200   12/24/2019   EUR     53.860
Deutsche Bank AG          6.200   12/24/2019   EUR     49.500
Deutsche Bank AG          6.200   12/24/2019   EUR     46.200
Deutsche Bank AG          6.200   12/24/2019   EUR     56.570
Deutsche Bank AG          5.200   12/24/2019   EUR     52.560
Deutsche Bank AG          5.200   12/24/2019   EUR     52.050
Deutsche Bank AG          5.200   12/24/2019   EUR     70.900
Deutsche Bank AG          5.200   12/24/2019   EUR     74.000
Deutsche Bank AG          5.200   12/24/2019   EUR     57.480
Raiffeisen Schweiz Gen    7.840    1/22/2020   CHF     63.910
UBS AG/London             5.500    1/17/2020   CHF     67.950
UBS AG/London             6.750    1/17/2020   CHF     64.450
Natixis SA                2.500    7/12/2021   EUR     72.790
DekaBank Deutsche Giro    3.000    7/31/2020   EUR     60.210
Landesbank Baden-Wuert    2.000    7/24/2020   EUR     55.270
Landesbank Baden-Wuert    3.500    7/24/2020   EUR     50.140
Landesbank Baden-Wuert    5.000    7/24/2020   EUR     47.400
Landesbank Baden-Wuert    6.500    7/24/2020   EUR     70.170
Landesbank Baden-Wuert    2.000    7/24/2020   EUR     73.160
Landesbank Baden-Wuert    3.000    7/24/2020   EUR     68.640
Landesbank Baden-Wuert    4.000    7/24/2020   EUR     65.670
Landesbank Baden-Wuert    3.000    7/24/2020   EUR     74.610
Landesbank Baden-Wuert    4.000    7/24/2020   EUR     70.710
Landesbank Baden-Wuert    5.000    7/24/2020   EUR     67.700
Landesbank Baden-Wuert    5.000    7/24/2020   EUR     71.830
Landesbank Baden-Wuert    2.000    7/24/2020   EUR     71.930
Landesbank Baden-Wuert    3.000    7/24/2020   EUR     68.030
Landesbank Baden-Wuert    5.000    7/24/2020   EUR     68.990
Landesbank Baden-Wuert    6.500    7/24/2020   EUR     64.450
Landesbank Baden-Wuert    3.500    7/24/2020   EUR     69.230
Landesbank Baden-Wuert    5.500    7/24/2020   EUR     62.210
Landesbank Baden-Wuert    6.500    7/24/2020   EUR     73.540
Landesbank Baden-Wuert    3.000    7/24/2020   EUR     72.110
Landesbank Baden-Wuert    4.000    7/24/2020   EUR     68.660
Landesbank Baden-Wuert    4.000    7/24/2020   EUR     73.830
Landesbank Baden-Wuert    3.500    7/24/2020   EUR     71.690
Landesbank Baden-Wuert    3.500    7/24/2020   EUR     70.190
Landesbank Baden-Wuert    3.500    7/24/2020   EUR     70.090
Landesbank Baden-Wuert    5.000    7/24/2020   EUR     65.470
Landesbank Baden-Wuert    2.000    7/24/2020   EUR     59.360
Landesbank Baden-Wuert    2.500    7/24/2020   EUR     28.730
Landesbank Baden-Wuert    4.000    7/24/2020   EUR     26.840
Landesbank Baden-Wuert    2.500    7/24/2020   EUR     56.760
Landesbank Baden-Wuert    3.500    7/24/2020   EUR     53.580
Landesbank Baden-Wuert    4.500    7/24/2020   EUR     51.550
Landesbank Baden-Wuert    4.000    7/24/2020   EUR     72.710
Bank Julius Baer & Co     6.150    1/10/2020   CHF     75.400
UBS AG/London            11.000    6/29/2020   CHF     66.250
UBS AG/London             7.000    6/29/2020   CHF     72.550
UBS AG/London            12.100   12/27/2019   EUR     72.650
UBS AG/London             5.750    6/29/2020   CHF     70.950
UBS AG/London             6.500    6/29/2020   CHF     60.500
DekaBank Deutsche Giro    7.000     2/1/2021   EUR     63.750
Leonteq Securities AG     8.000    1/16/2020   CHF     73.600
UBS AG/London            10.250   12/27/2019   EUR     46.850
UBS AG/London             3.800     1/2/2020   EUR     64.520
UBS AG/London             3.200    3/26/2020   EUR     53.000
UBS AG/London             7.300     1/2/2020   EUR     69.790
Erste Group Bank AG       4.650    7/27/2022   EUR     72.250
Credit Suisse AG/Nassa    7.000    1/13/2021   CHF     65.990
Leonteq Securities AG     7.600    7/13/2021   CHF     68.940
Leonteq Securities AG/    6.200    1/13/2021   CHF     66.520
BNP Paribas Emissions-    9.000   12/30/2019   EUR     70.660
BNP Paribas Emissions-    6.500   12/30/2019   EUR     49.750
BNP Paribas Emissions-   10.000   12/30/2019   EUR     60.480
Bank Julius Baer & Co     7.700   11/22/2019   USD     69.100
Raiffeisen Schweiz Gen    6.000    7/13/2020   CHF     72.940
Bayerische Landesbank     3.150    7/31/2020   EUR     67.790
Vontobel Financial Pro   13.500     1/3/2020   EUR     64.710
Credit Suisse AG/Londo    6.600    5/22/2020   CHF     57.020
Credit Suisse AG/Londo    8.750    5/21/2020   USD     57.170
Landesbank Hessen-Thue    5.000   11/13/2019   EUR     70.300
Commerzbank AG           12.500   11/22/2019   EUR     69.300
Commerzbank AG            7.500   11/22/2019   EUR     63.970
Commerzbank AG           11.500   11/22/2019   EUR     56.300
Commerzbank AG            7.250   11/22/2019   EUR     60.900
Commerzbank AG           10.500   11/22/2019   EUR     53.650
Commerzbank AG            3.750   11/22/2019   EUR     73.380
Commerzbank AG            7.750   11/22/2019   EUR     58.190
Commerzbank AG           11.750   11/22/2019   EUR     50.340
Commerzbank AG           15.750   11/22/2019   EUR     45.530
Commerzbank AG           10.000   11/22/2019   EUR     64.960
Commerzbank AG            7.250   11/22/2019   EUR     78.060
Commerzbank AG           11.250   11/22/2019   EUR     66.080
Commerzbank AG           13.250   11/22/2019   EUR     62.890
Commerzbank AG            6.500   11/22/2019   EUR     60.740
Commerzbank AG            8.000   11/22/2019   EUR     69.370
Commerzbank AG           10.000   11/22/2019   EUR     71.050
Commerzbank AG            5.750   11/22/2019   EUR     71.800
Commerzbank AG            9.750   11/22/2019   EUR     63.090
Commerzbank AG           12.000   11/22/2019   EUR     73.470
Vontobel Financial Pro    6.500     1/3/2020   EUR     63.860
Landesbank Baden-Wuert    5.000    2/28/2020   EUR     68.380
HSBC Trinkaus & Burkha    5.000    2/10/2020   EUR     53.660
UBS AG/London             7.000    1/13/2020   EUR     65.000
Landesbank Hessen-Thue    2.200   11/24/2020   EUR     65.970
Leonteq Securities AG/    6.400    11/3/2020   EUR     57.880
Landesbank Hessen-Thue    3.000     6/4/2021   EUR     76.100
Landesbank Baden-Wuert    2.450    7/24/2020   EUR     72.960
DekaBank Deutsche Giro    2.800   11/22/2019   EUR     56.340
DekaBank Deutsche Giro    2.650   11/22/2019   EUR     66.450
Corner Banca SA           8.800   10/30/2019   CHF     68.040
UBS AG/London             9.500    4/20/2020   CHF     56.550
EFG International Fina    7.200    11/2/2020   EUR     65.870
Landesbank Hessen-Thue    4.000   11/24/2021   EUR     63.640
Corner Banca SA          10.000    11/6/2019   CHF     70.560
Landesbank Hessen-Thue    4.700    2/24/2023   EUR     73.210
Leonteq Securities AG/    6.400    11/3/2021   CHF     68.830
Landesbank Hessen-Thue    4.000     6/4/2021   EUR     51.400
Raiffeisen Schweiz Gen    5.000    11/6/2019   CHF     61.480
Societe Generale SA       8.000   10/31/2019   USD
DekaBank Deutsche Giro    6.000    5/29/2020   EUR     56.980
Raiffeisen Schweiz Gen    6.900   12/30/2019   EUR     52.970
UBS AG/London            12.000     1/6/2020   CHF     57.550
UBS AG/London             7.000     1/6/2020   CHF     64.400
Landesbank Baden-Wuert    4.000    2/28/2020   EUR     63.980
Landesbank Baden-Wuert    5.000    2/28/2020   EUR     59.010
Landesbank Hessen-Thue    4.000    1/26/2022   EUR     65.230
Landesbank Baden-Wuert    4.000    1/24/2020   EUR     55.920
Landesbank Baden-Wuert    4.500    1/24/2020   EUR     62.000
Landesbank Baden-Wuert    5.000    1/24/2020   EUR     75.220
Landesbank Baden-Wuert    4.000    1/24/2020   EUR     72.210
Landesbank Baden-Wuert    5.000    1/24/2020   EUR     69.090
Landesbank Baden-Wuert    3.500    1/24/2020   EUR     54.450
Landesbank Baden-Wuert    4.000    1/24/2020   EUR     70.520
Landesbank Baden-Wuert    2.500    1/24/2020   EUR     23.760
Landesbank Baden-Wuert    3.500    1/24/2020   EUR     22.950
Landesbank Baden-Wuert    4.000    1/24/2020   EUR     40.020
Landesbank Baden-Wuert    5.000    1/24/2020   EUR     48.610
Landesbank Baden-Wuert    3.000    1/24/2020   EUR     64.350
Landesbank Baden-Wuert    3.000    1/24/2020   EUR     60.260
Landesbank Baden-Wuert    3.000    1/24/2020   EUR     70.710
Landesbank Baden-Wuert    6.000    1/24/2020   EUR     57.550
UBS AG/London             9.000     1/6/2020   USD     44.600
UBS AG/London             5.750     1/6/2020   CHF     70.550
UBS AG/London             5.750     7/6/2020   EUR     55.500
Commerzbank AG            2.800   12/30/2019   USD     47.990
Vontobel Financial Pro    6.500    6/26/2020   EUR     54.138
Vontobel Financial Pro    6.500    9/25/2020   EUR     55.700
DekaBank Deutsche Giro    3.400    1/24/2020   EUR     54.130
EFG International Fina    7.600    1/11/2021   CHF     66.950
EFG International Fina    8.400    1/10/2020   USD     43.690
UBS AG/London             5.000   11/22/2019   EUR     57.000
UBS AG/London             6.750    12/6/2019   EUR     60.450
UBS AG/London             7.000     6/8/2020   CHF     70.800
UBS AG/London             6.500    12/7/2020   EUR     63.950
UBS AG/London             7.250     6/8/2020   USD     64.510
Corner Banca SA          11.000   12/18/2019   CHF     55.900
Leonteq Securities AG     5.000    6/15/2021   CHF     56.030
Leonteq Securities AG/   10.280    6/11/2020   CHF     65.390
Leonteq Securities AG/    7.000    6/15/2020   CHF     59.860
UBS AG/London             8.100     1/2/2020   EUR     56.310
Credit Suisse AG/Nassa    8.000   12/18/2019   EUR     68.620
Deutsche Bank AG          5.500   12/24/2019   EUR     69.900
Deutsche Bank AG          5.500   12/24/2019   EUR     64.900
Deutsche Bank AG          5.500   12/24/2019   EUR     61.760
Deutsche Bank AG          5.500   12/24/2019   EUR     57.960
Deutsche Bank AG          5.500   12/24/2019   EUR     54.800
Deutsche Bank AG          5.500   12/24/2019   EUR     73.700
Deutsche Bank AG          5.500   12/24/2019   EUR     54.600
Deutsche Bank AG          5.500   12/24/2019   EUR     51.100
Deutsche Bank AG          5.500   12/24/2019   EUR     56.000
Deutsche Bank AG          5.500   12/24/2019   EUR     53.300
Deutsche Bank AG          5.500   12/24/2019   EUR     57.700
Deutsche Bank AG          5.500   12/24/2019   EUR     52.500
Deutsche Bank AG          5.500   12/24/2019   EUR     64.900
Deutsche Bank AG          5.500   12/24/2019   EUR     65.700
Deutsche Bank AG          5.500   12/24/2019   EUR     59.200
Deutsche Bank AG          5.500   12/24/2019   EUR     41.900
Deutsche Bank AG          5.500   12/24/2019   EUR     39.900
Deutsche Bank AG          5.500   12/24/2019   EUR     37.300
Deutsche Bank AG          5.500   12/24/2019   EUR     59.100
Deutsche Bank AG          5.500   12/24/2019   EUR     25.400
Deutsche Bank AG          5.500   12/24/2019   EUR     24.400
Credit Suisse AG/Londo    7.000   12/18/2019   CHF     55.080
Landesbank Baden-Wuert    3.000    3/26/2021   EUR     65.030
UBS AG/London             9.600    3/26/2020   EUR     62.970
UBS AG/London             7.300    3/26/2020   EUR     75.800
UBS AG/London             6.600    3/26/2020   EUR     65.590
UBS AG/London             6.700   12/28/2020   EUR     66.840
UBS AG/London             6.100   12/28/2020   EUR     68.070
UBS AG/London            15.100     1/2/2020   EUR     73.980
UBS AG/London             5.500    3/26/2020   EUR     76.180
UBS AG/London             8.700    6/25/2020   EUR     73.380
UBS AG/London             4.400    3/26/2020   EUR     71.530
UBS AG/London             4.900    3/26/2020   EUR     69.300
UBS AG/London             7.400   12/28/2020   EUR     65.840
Leonteq Securities AG/    7.000    1/29/2020   CHF     67.530
Leonteq Securities AG/    8.200    1/29/2020   EUR     54.070
Leonteq Securities AG/    7.200    7/29/2020   CHF     67.810
UniCredit Bank AG         3.250    2/27/2022   EUR     62.230
EFG International Fina    7.200     2/8/2021   EUR     71.220
EFG International Fina    8.600     2/7/2020   USD     41.470
Leonteq Securities AG/    8.000     8/5/2020   CHF     73.070
Leonteq Securities AG/    9.000     8/5/2020   USD     67.390
Leonteq Securities AG/   10.000     2/5/2020   EUR     59.360
Leonteq Securities AG/    8.000    7/22/2020   CHF     62.000
Raiffeisen Schweiz Gen    6.450    1/22/2020   CHF     62.900
Raiffeisen Schweiz Gen   10.020    1/15/2020   EUR     62.670
Leonteq Securities AG/    8.000    1/17/2020   CHF     39.680
Bank Julius Baer & Co     8.800    1/24/2020   EUR     59.150
UniCredit Bank AG         4.200    2/12/2021   EUR     73.760
UniCredit Bank AG         5.000    2/12/2021   EUR     71.450
UniCredit Bank AG         4.550    2/12/2021   EUR     64.720
Landesbank Baden-Wuert    3.000    3/26/2021   EUR     69.740
Zurcher Kantonalbank F    3.500    1/23/2020   CHF     20.390
Deutsche Bank AG          6.200   12/24/2019   EUR     74.910
Deutsche Bank AG          6.200   12/24/2019   EUR     46.500
Deutsche Bank AG          6.200   12/24/2019   EUR     52.720
Deutsche Bank AG          6.200   12/24/2019   EUR     48.740
Deutsche Bank AG          6.200   12/24/2019   EUR     52.210
Deutsche Bank AG          6.200   12/24/2019   EUR     66.900
Deutsche Bank AG          6.200   12/24/2019   EUR     63.400
Deutsche Bank AG          6.200   12/24/2019   EUR     71.060
Deutsche Bank AG          6.200   12/24/2019   EUR     67.820
Deutsche Bank AG          6.200   12/24/2019   EUR     63.030
Deutsche Bank AG          6.200   12/24/2019   EUR     70.400
Deutsche Bank AG          6.200   12/24/2019   EUR     73.970
Deutsche Bank AG          6.200   12/24/2019   EUR     68.380
Deutsche Bank AG          6.200   12/24/2019   EUR     55.680
Deutsche Bank AG          6.200   12/24/2019   EUR     47.800
Deutsche Bank AG          6.200   12/24/2019   EUR     54.350
Deutsche Bank AG          6.200   12/24/2019   EUR     52.300
Deutsche Bank AG          5.200   12/24/2019   EUR     46.300
Deutsche Bank AG          5.200   12/24/2019   EUR     50.490
Deutsche Bank AG          5.200   12/24/2019   EUR     76.050
Deutsche Bank AG          5.200   12/24/2019   EUR     70.600
Deutsche Bank AG          5.200   12/24/2019   EUR     67.660
Deutsche Bank AG          5.200   12/24/2019   EUR     73.810
Deutsche Bank AG          5.200   12/24/2019   EUR     55.520
Deutsche Bank AG          5.200   12/24/2019   EUR     49.300
Deutsche Bank AG          5.200   12/24/2019   EUR     56.410
Leonteq Securities AG/    5.500    1/30/2020   CHF     60.780
UBS AG/London            12.500    7/20/2020   USD     74.150
UBS AG/London             6.250    1/17/2020   CHF     37.750
UniCredit Bank AG         4.130    2/13/2022   EUR     70.870
Landesbank Baden-Wuert    5.750    1/22/2021   EUR     74.900
Landesbank Hessen-Thue    4.000    8/26/2020   EUR     59.400
Landesbank Hessen-Thue    4.000    8/26/2020   EUR     60.100
Credit Suisse AG/Londo    7.000   11/28/2019   CHF     56.070
Leonteq Securities AG/    8.000   12/27/2019   CHF     64.980
UniCredit Bank AG         3.850    6/28/2022   EUR     70.860
Credit Suisse AG/Nassa    7.250     6/8/2020   EUR     66.710
Landesbank Baden-Wuert    5.000    2/28/2020   EUR     49.490
Landesbank Baden-Wuert    4.500    2/28/2020   EUR     74.700
Landesbank Hessen-Thue    3.500     7/6/2022   EUR     69.030
BNP Paribas Issuance B    6.400     6/1/2020   EUR     53.450
Bayerische Landesbank     3.100    7/10/2020   EUR     64.960
Leonteq Securities AG/    2.500     6/5/2024   EUR     61.000
UBS AG/London             5.250    12/6/2019   CHF     67.250
UBS AG/London             5.750   11/23/2020   CHF     62.650
UBS AG/London             8.000     6/8/2020   CHF     71.450
UBS AG/London             7.100     1/2/2020   EUR     58.990
UBS AG/London             5.400     1/2/2020   EUR     64.680
UBS AG/London             6.100    6/25/2020   EUR     66.280
UBS AG/London             4.300     1/2/2020   EUR     61.510
Erste Group Bank AG       4.650    6/29/2022   EUR     74.600
Raiffeisen Schweiz Gen    7.100    6/15/2020   CHF     58.550
Raiffeisen Schweiz Gen    6.500   12/18/2019   CHF     54.890
Raiffeisen Schweiz Gen    5.300   12/15/2020   EUR     70.410
Leonteq Securities AG/    7.600     1/9/2020   CHF     66.400
Leonteq Securities AG/    7.200     1/4/2021   CHF     70.590
Leonteq Securities AG/   10.000     1/3/2020   CHF     46.300
UBS AG/London            21.300     1/2/2020   EUR     60.610
UBS AG/London            13.900     1/2/2020   EUR     52.280
UBS AG/London             6.800     1/2/2020   EUR     59.760
UBS AG/London            14.500     1/2/2020   EUR     44.810
UBS AG/London             5.300     1/2/2020   EUR     63.970
UBS AG/London             9.800     1/2/2020   EUR     56.450
UBS AG/London             7.100    9/24/2020   EUR     71.930
UBS AG/London             5.600     1/2/2020   EUR     61.700
UBS AG/London            18.700     1/2/2020   EUR     71.900
UBS AG/London             6.600     1/2/2020   EUR     71.090
UBS AG/London            19.600     1/2/2020   EUR     75.440
HSBC Trinkaus & Burkha    6.500   12/27/2019   EUR     66.500
HSBC Trinkaus & Burkha    3.500   12/27/2019   EUR     74.860
HSBC Trinkaus & Burkha    6.900    3/27/2020   EUR     52.380
Vontobel Financial Pro    7.600    12/9/2019   EUR     61.260
Commerzbank AG            3.500   11/22/2019   EUR     65.740
UBS AG/London             7.000     6/2/2020   CHF     57.600
UBS AG/London            11.000    12/2/2019   EUR     66.950
Leonteq Securities AG/    9.000   12/27/2019   CHF     71.540
UniCredit Bank AG         6.000     1/3/2020   EUR     49.920
UniCredit Bank AG         3.200     1/3/2020   EUR     72.780
UniCredit Bank AG         3.800     1/3/2020   EUR     73.820
UniCredit Bank AG         7.100     1/3/2020   EUR     68.030
UniCredit Bank AG        12.100     1/3/2020   EUR     68.950
UniCredit Bank AG        11.200     1/3/2020   EUR     49.210
UniCredit Bank AG         9.400     1/3/2020   EUR     74.180
UniCredit Bank AG        11.900     1/3/2020   EUR     55.580
UniCredit Bank AG         4.000     1/3/2020   EUR     63.090
UniCredit Bank AG        10.100     1/3/2020   EUR     62.710
UniCredit Bank AG         4.100     1/3/2020   EUR     73.320
UniCredit Bank AG        10.900     1/3/2020   EUR     53.260
UniCredit Bank AG         4.700     1/3/2020   EUR     64.830
UniCredit Bank AG        10.000     1/3/2020   EUR     54.920
UniCredit Bank AG         5.700     1/3/2020   EUR     71.180
UniCredit Bank AG         5.100     1/3/2020   EUR     69.910
UniCredit Bank AG        10.600     1/3/2020   EUR     62.690
UniCredit Bank AG        11.600     1/3/2020   EUR     68.870
UniCredit Bank AG         4.400     1/3/2020   EUR     70.780
UniCredit Bank AG         7.700     1/3/2020   EUR     64.080
UniCredit Bank AG         9.900     1/3/2020   EUR     57.260
Landesbank Baden-Wuert    3.000   12/29/2020   EUR     62.800
Landesbank Baden-Wuert    3.600   12/29/2020   EUR     78.670
UniCredit Bank AG         4.200   11/21/2021   EUR     68.420
UniCredit Bank AG         9.800   12/28/2020   EUR     74.280
DZ Bank AG Deutsche Ze    5.250    7/22/2020   EUR     69.410
UniCredit Bank AG        11.300    6/25/2021   EUR     75.700
UniCredit Bank AG         8.000    6/25/2021   EUR     73.730
UniCredit Bank AG        10.200    6/25/2021   EUR     72.410
UniCredit Bank AG         7.000    6/25/2021   EUR     74.790
UniCredit Bank AG        11.300    6/25/2021   EUR     71.980
UniCredit Bank AG         5.100    6/25/2021   EUR     72.130
UniCredit Bank AG         7.000    6/25/2021   EUR     70.210
UniCredit Bank AG         8.000    6/25/2021   EUR     69.540
UniCredit Bank AG         7.700   12/24/2021   EUR     70.240
UniCredit Bank AG         8.500   12/28/2020   EUR     75.640
UniCredit Bank AG        12.700   12/28/2020   EUR     72.420
UniCredit Bank AG        10.100    6/26/2020   EUR     66.120
Vontobel Financial Pro   19.500    6/26/2020   EUR     74.800
UniCredit Bank AG        14.200   12/28/2020   EUR     71.800
UniCredit Bank AG         9.000    6/25/2021   EUR     69.030
UniCredit Bank AG         8.600   12/24/2021   EUR     70.210
UniCredit Bank AG         6.200   12/24/2021   EUR     71.350
UniCredit Bank AG         6.300    3/27/2020   EUR     71.270
UniCredit Bank AG        10.800    3/27/2020   EUR     66.920
UniCredit Bank AG         6.200    6/26/2020   EUR     69.040
UniCredit Bank AG        12.300    6/26/2020   EUR     65.130
UniCredit Bank AG        11.800    6/26/2020   EUR     74.410
Vontobel Financial Pro   15.500    9/25/2020   EUR     74.840
UniCredit Bank AG         5.500   12/24/2021   EUR     72.220
UniCredit Bank AG         7.000   12/24/2021   EUR     70.840
UniCredit Bank AG         9.500   12/24/2021   EUR     73.350
UniCredit Bank AG        13.800    6/26/2020   EUR     72.660
UniCredit Bank AG         6.000    6/25/2021   EUR     71.010
UniCredit Bank AG        10.100    6/25/2021   EUR     68.820
UniCredit Bank AG         8.700   12/24/2021   EUR     73.810
UniCredit Bank AG         6.200   12/24/2021   EUR     75.800
Raiffeisen Schweiz Gen    7.500     4/3/2020   CHF     72.240
UniCredit Bank AG         5.100    4/16/2021   EUR     74.540
HSBC Trinkaus & Burkha    8.200    3/27/2020   EUR     68.640
HSBC Trinkaus & Burkha   10.000    1/24/2020   EUR     75.190
HSBC Trinkaus & Burkha    8.800    7/24/2020   EUR     74.770
UniCredit Bank AG         4.850    11/1/2020   EUR     64.140
DekaBank Deutsche Giro    3.900    4/25/2022   EUR     72.820
Landesbank Hessen-Thue    2.000    3/29/2022   EUR     74.320
UniCredit Bank AG        11.600     1/3/2020   EUR     53.340
UniCredit Bank AG        12.200     1/3/2020   EUR     59.800
UniCredit Bank AG         9.800     1/3/2020   EUR     57.450
UniCredit Bank AG         7.500     1/3/2020   EUR     52.310
UniCredit Bank AG         7.300     1/3/2020   EUR     46.910
UniCredit Bank AG         6.800     1/3/2020   EUR     62.490
UniCredit Bank AG         6.500     1/3/2020   EUR     43.030
UniCredit Bank AG         5.400     1/3/2020   EUR     47.230
UniCredit Bank AG        10.000     1/3/2020   EUR     55.100
UniCredit Bank AG        11.000     1/3/2020   EUR     42.490
UniCredit Bank AG         7.200     1/3/2020   EUR     59.160
UniCredit Bank AG         6.900     1/3/2020   EUR     56.440
UniCredit Bank AG        12.200     1/3/2020   EUR     43.240
UniCredit Bank AG         6.800     1/3/2020   EUR     56.250
UniCredit Bank AG         9.600     1/3/2020   EUR     49.250
UniCredit Bank AG         8.500     1/3/2020   EUR     69.310
UniCredit Bank AG         8.700     1/3/2020   EUR     72.000
UniCredit Bank AG         3.900     1/3/2020   EUR     54.380
UniCredit Bank AG        10.300     1/3/2020   EUR     51.640
UniCredit Bank AG         4.200     1/3/2020   EUR     63.170
UniCredit Bank AG         8.400     1/3/2020   EUR     48.030
UniCredit Bank AG         8.000     1/3/2020   EUR     52.710
UniCredit Bank AG        12.900     1/3/2020   EUR     55.350
UniCredit Bank AG         3.600     1/3/2020   EUR     70.290
UniCredit Bank AG         7.600     1/3/2020   EUR     70.430
UniCredit Bank AG         9.100     1/3/2020   EUR     65.210
UniCredit Bank AG        13.000     1/3/2020   EUR     37.800
UniCredit Bank AG         8.800     1/3/2020   EUR     45.280
UniCredit Bank AG         6.000     1/3/2020   EUR     53.490
UniCredit Bank AG         8.700     1/3/2020   EUR     57.800
UniCredit Bank AG         8.600     1/3/2020   EUR     33.640
UniCredit Bank AG         9.900     1/3/2020   EUR     44.910
UniCredit Bank AG         3.300     1/3/2020   EUR     66.160
UniCredit Bank AG        10.700     1/3/2020   EUR     63.630
UniCredit Bank AG         4.600     1/3/2020   EUR     54.920
UniCredit Bank AG         6.600     1/3/2020   EUR     65.120
UniCredit Bank AG        12.900     1/3/2020   EUR     30.730
UniCredit Bank AG        10.900     1/3/2020   EUR     33.390
UniCredit Bank AG         7.500     1/3/2020   EUR     59.420
UniCredit Bank AG         5.600    4/16/2021   EUR     69.650
Vontobel Financial Pro   10.500    3/27/2020   EUR     69.190
Vontobel Financial Pro   12.500    6/26/2020   EUR     66.480
Vontobel Financial Pro   17.000    6/26/2020   EUR     64.980
Raiffeisen Schweiz Gen    6.600     4/3/2020   EUR     60.470
UniCredit Bank AG         6.300   10/16/2021   EUR     61.480
UniCredit Bank AG         4.650    4/16/2021   EUR     66.410
Landesbank Baden-Wuert    5.300    2/28/2020   EUR     57.530
Leonteq Securities AG     5.200    6/11/2020   CHF     57.550
UniCredit Bank AG         3.700    6/25/2022   EUR     72.690
Landesbank Baden-Wuert    2.500    3/27/2020   EUR     75.070
EFG International Fina   10.900    5/29/2020   USD     71.780
Zurcher Kantonalbank F    8.500   11/29/2019   EUR     67.180
Leonteq Securities AG     6.200     6/8/2021   CHF     71.450
Deutsche Bank AG         15.000   12/24/2019   EUR     55.280
Deutsche Bank AG         15.000   12/24/2019   EUR     59.300
Deutsche Bank AG         15.000   12/24/2019   EUR     68.300
Deutsche Bank AG         15.000   12/24/2019   EUR     63.460
Deutsche Bank AG         15.000   12/24/2019   EUR     51.000
Deutsche Bank AG         15.000   12/24/2019   EUR     58.030
UBS AG/London            11.000    12/2/2019   CHF     52.000
UBS AG/London            10.000    12/2/2019   EUR     65.850
UBS AG/London             5.500    12/2/2019   CHF     64.950
DekaBank Deutsche Giro    3.250    1/24/2020   EUR     55.430
Centralnaya Prigorodna    7.550   12/15/2027   RUB     68.250
Leonteq Securities AG/    8.400     1/3/2020   CHF     65.710
Landesbank Baden-Wuert    3.000    2/28/2020   EUR     66.560
Landesbank Baden-Wuert    6.000    1/24/2020   EUR     58.000
Landesbank Baden-Wuert    4.000    1/24/2020   EUR     72.190
Landesbank Baden-Wuert    4.000    1/24/2020   EUR     73.090
Landesbank Baden-Wuert    2.500    1/24/2020   EUR     58.510
Landesbank Baden-Wuert    4.500    1/24/2020   EUR     50.980
Landesbank Baden-Wuert    5.000    1/24/2020   EUR     66.710
Landesbank Baden-Wuert    3.000    1/24/2020   EUR     63.330
Landesbank Baden-Wuert    4.000    1/24/2020   EUR     53.350
Landesbank Baden-Wuert    2.000    1/24/2020   EUR     58.970
Landesbank Baden-Wuert    2.000    1/24/2020   EUR     69.420
Landesbank Baden-Wuert    4.000    1/24/2020   EUR     60.040
Landesbank Baden-Wuert    4.500    1/24/2020   EUR     64.820
UniCredit Bank AG         4.600   11/22/2019   EUR     72.900
Raiffeisen Schweiz Gen    5.200    12/1/2020   CHF     55.000
Raiffeisen Schweiz Gen    6.400    12/4/2019   CHF     53.420
Credit Suisse AG/Londo    7.000   11/18/2019   CHF     56.020
Zurcher Kantonalbank F   10.000   11/18/2019   CHF     70.500
Commerzbank AG            8.250   11/22/2019   EUR     72.840
Commerzbank AG           10.250   11/22/2019   EUR     68.360
Commerzbank AG           14.250   11/22/2019   EUR     62.400
Landesbank Hessen-Thue    6.500    2/16/2023   EUR     58.250
Raiffeisen Schweiz Gen    6.250    1/29/2020   CHF     68.660
DekaBank Deutsche Giro    2.900    2/14/2020   EUR     71.880
DekaBank Deutsche Giro    2.800    2/12/2021   EUR     70.440
Zurcher Kantonalbank F    5.750    1/30/2020   CHF     21.140
EFG International Fina    7.000   11/16/2020   EUR     64.230
Leonteq Securities AG/    5.000   11/27/2019   CHF     63.870
Bank Julius Baer & Co     8.000   10/31/2019   CHF     64.350
DZ Bank AG Deutsche Ze    7.250    8/26/2020   EUR     74.650
DekaBank Deutsche Giro    4.700    5/29/2020   EUR     76.160
UniCredit Bank AG         5.700   11/27/2019   EUR     52.080
Leonteq Securities AG/    5.000   11/27/2019   CHF     71.110
UniCredit Bank AG         4.200    12/8/2021   EUR     66.590
Leonteq Securities AG/    6.000   11/13/2019   CHF     59.220
Leonteq Securities AG/    5.000   11/13/2019   CHF     64.740
Raiffeisen Schweiz Gen    6.400   11/13/2019   EUR     73.950
Bayerische Landesbank     2.000   12/11/2020   EUR     72.320
Commerzbank AG           11.250   11/22/2019   EUR     61.120
UBS AG/London            10.000    12/5/2019   EUR     69.650
UBS AG/London            10.000    12/5/2019   USD     62.350
Commerzbank AG            9.250   11/22/2019   EUR     63.130
Commerzbank AG           12.250   11/22/2019   EUR     65.640
Raiffeisen Schweiz Gen    6.000    12/4/2019   CHF     75.110
Landesbank Hessen-Thue    4.000   11/10/2021   EUR     69.670
EFG International Fina    7.200   10/26/2020   USD     46.550
Zurcher Kantonalbank F    7.250   10/19/2020   CHF     69.050
Landesbank Hessen-Thue    5.100    2/17/2023   EUR     67.920
Landesbank Baden-Wuert    2.550   12/27/2021   EUR     70.600
Barclays Bank PLC        13.500   10/16/2020   EUR     71.410
EFG International Fina    7.200   10/26/2020   EUR     53.160
Vontobel Financial Pro    8.000     1/3/2020   EUR     69.960
Vontobel Financial Pro    8.000    3/27/2020   EUR     71.590
Raiffeisen Schweiz Gen    9.000   10/12/2020   CHF     60.870
Vontobel Financial Pro   12.000    3/27/2020   EUR     67.180
DekaBank Deutsche Giro    3.050   11/20/2020   EUR     73.950
EFG International Fina    8.000   11/23/2020   EUR     56.270
Commerzbank AG           11.000    7/24/2020   EUR     71.050
Landesbank Baden-Wuert    3.000   12/29/2020   EUR     68.370
Commerzbank AG            7.000    7/24/2020   EUR     74.420
Commerzbank AG            9.000    7/24/2020   EUR     72.460
EFG International Fina    7.800   11/24/2020   USD     61.570
EFG International Fina    7.000   11/23/2020   CHF     73.910
Landesbank Baden-Wuert    4.250   12/29/2020   EUR     66.740
UniCredit Bank AG        12.100     1/3/2020   EUR     40.160
UniCredit Bank AG        10.300     1/3/2020   EUR     70.190
UniCredit Bank AG         6.300     1/3/2020   EUR     72.670
UniCredit Bank AG         9.800     1/3/2020   EUR     65.450
UniCredit Bank AG         8.800     1/3/2020   EUR     44.340
UniCredit Bank AG         5.000     1/3/2020   EUR      3.200
UniCredit Bank AG        11.900     1/3/2020   EUR     71.750
UniCredit Bank AG        11.600     1/3/2020   EUR     67.660
Landesbank Hessen-Thue    8.600   11/17/2022   EUR     58.980
Landesbank Baden-Wuert    4.400   12/29/2020   EUR     62.920
Leonteq Securities AG/    8.000    9/10/2020   CHF     68.870
Landesbank Hessen-Thue    3.500    9/28/2022   EUR     72.350
Leonteq Securities AG    10.000   11/27/2019   CHF     57.530
DZ Bank AG Deutsche Ze    5.800   12/23/2019   EUR     69.390
Vontobel Financial Pro    5.600   11/15/2019   EUR     53.760
DZ Bank AG Deutsche Ze   10.750   12/27/2019   EUR     32.770
Raiffeisen Centrobank     5.359    3/24/2020   EUR     75.590
Landesbank Baden-Wuert    4.000    8/28/2020   EUR     59.060
Landesbank Baden-Wuert    3.000    8/28/2020   EUR     42.150
Landesbank Baden-Wuert    2.500    8/28/2020   EUR     73.210
Landesbank Baden-Wuert    4.500    8/28/2020   EUR     71.220
HSBC Trinkaus & Burkha    6.100   11/22/2019   EUR     69.030
DekaBank Deutsche Giro    3.000   10/31/2019   EUR     72.600
Leonteq Securities AG/    7.400     3/3/2020   CHF     77.350
Macquarie Internationa   11.550    8/28/2023   ZAR     15.955
Vontobel Financial Pro    3.500   12/13/2019   EUR     67.080
Vontobel Financial Pro   10.000   12/13/2019   EUR     74.290
Vontobel Financial Pro    7.500   12/13/2019   EUR     59.230
Commerzbank AG           10.000    1/24/2020   EUR     73.720
Vontobel Financial Pro    7.500     1/3/2020   EUR     69.870
Vontobel Financial Pro    6.000    3/27/2020   EUR     49.590
Vontobel Financial Pro   13.000    3/27/2020   EUR     59.100
Vontobel Financial Pro   16.000   12/13/2019   EUR     61.660
Vontobel Financial Pro    8.500   12/13/2019   EUR     63.190
Vontobel Financial Pro    4.500   12/13/2019   EUR     70.310
Vontobel Financial Pro   10.500   12/13/2019   EUR     74.280
Vontobel Financial Pro    8.500   12/13/2019   EUR     67.120
Vontobel Financial Pro   11.500   12/13/2019   EUR     62.400
Vontobel Financial Pro   15.000    3/27/2020   EUR     63.280
Vontobel Financial Pro    7.500    3/27/2020   EUR     47.710
Vontobel Financial Pro    8.500   12/13/2019   EUR     63.450
Vontobel Financial Pro    3.000   12/13/2019   EUR     74.490
Corner Banca SA          11.000    3/10/2020   CHF     73.550
Leonteq Securities AG    14.200   12/10/2019   CHF     76.210
Leonteq Securities AG/   10.000     2/8/2021   USD     71.360
Raiffeisen Schweiz Gen    7.200    3/10/2020   CHF     67.160
Raiffeisen Schweiz Gen    7.100    3/10/2020   CHF     68.470
Landesbank Hessen-Thue    5.200     1/8/2024   EUR     56.550
Commerzbank AG            9.000   12/31/2019   EUR     70.560
Raiffeisen Centrobank     5.500    10/9/2020   EUR     67.140
Vontobel Financial Pro    6.500   12/13/2019   EUR     66.670
Vontobel Financial Pro   16.000   12/13/2019   EUR     56.390
HSBC Trinkaus & Burkha    8.700   12/27/2019   EUR     68.930
HSBC Trinkaus & Burkha    7.400   12/27/2019   EUR     65.610
Credit Suisse AG/Londo    5.000    6/23/2020   EUR     49.570
DZ Bank AG Deutsche Ze    6.750   12/27/2019   EUR     69.550
Raiffeisen Centrobank     6.620    3/24/2020   EUR     50.660
Raiffeisen Centrobank     8.511    3/24/2020   EUR     51.800
Banque Cantonale Vaudo    6.300     9/7/2020   CHF     70.330
Landesbank Baden-Wuert    4.000    8/28/2020   EUR     74.070
Landesbank Baden-Wuert    3.000    8/28/2020   EUR     73.810
UBS AG/London            28.400     1/2/2020   EUR     74.950
UBS AG/London             3.900    9/24/2020   EUR     73.830
DekaBank Deutsche Giro    7.700    3/26/2021   EUR     68.740
UBS AG/London            10.500    8/31/2020   EUR     67.450
UBS AG/London            10.000     3/2/2020   EUR     49.800
UBS AG/London            10.000     9/7/2020   CHF     55.100
Banque Cantonale Vaudo    5.000    1/31/2020   CHF     74.130
Leonteq Securities AG    10.000     8/3/2020   CHF     38.570
Commerzbank AG            9.000   12/31/2019   EUR     64.600
Vontobel Financial Pro    7.500    3/27/2020   EUR     55.110
Landesbank Baden-Wuert    4.150   10/22/2021   EUR     75.440
Vontobel Financial Pro    6.000     1/3/2020   EUR     54.330
Bank Julius Baer & Co     5.750   10/31/2019   CHF     61.350
Luzerner Kantonalbank    10.000    8/28/2020   CHF     71.170
Vontobel Financial Pro   14.000     1/3/2020   EUR     40.770
Vontobel Financial Pro   13.000     1/3/2020   EUR     68.730
Vontobel Financial Pro    6.500    3/27/2020   EUR     65.360
Commerzbank AG           11.000   11/22/2019   EUR     62.890
Vontobel Financial Pro   12.500   12/13/2019   EUR     66.670
Vontobel Financial Pro    8.500   12/13/2019   EUR     67.740
Vontobel Financial Pro    8.500   12/13/2019   EUR     69.070
DZ Bank AG Deutsche Ze    4.750   12/23/2019   EUR     62.320
DZ Bank AG Deutsche Ze    7.500   12/23/2019   EUR     62.730
Bank Julius Baer & Co     6.150    12/5/2019   CHF     61.450
UBS AG/London            10.000     2/6/2020   EUR     75.100
DZ Bank AG Deutsche Ze    5.000   12/27/2019   EUR     35.060
Raiffeisen Centrobank     6.935    3/24/2020   EUR     74.670
Vontobel Financial Pro    9.000    3/27/2020   EUR     56.210
Landesbank Baden-Wuert    3.000    8/28/2020   EUR     75.830
Landesbank Baden-Wuert    4.000    8/28/2020   EUR     52.310
Landesbank Baden-Wuert    5.000    8/28/2020   EUR     68.030
Landesbank Hessen-Thue    4.650    9/28/2023   EUR     67.370
UBS AG/London            15.900     1/2/2020   EUR     71.800
HSBC Trinkaus & Burkha    7.100   12/27/2019   EUR     73.360
HSBC Trinkaus & Burkha    3.200   12/27/2019   EUR     65.350
Leonteq Securities AG/   10.400   12/13/2019   CHF     68.760
UBS AG/London             9.000    7/20/2020   CHF     70.000
Credit Suisse AG/Nassa    8.250   10/28/2019   CHF     54.830
UBS AG/London            11.000     3/5/2020   CHF     66.750
UBS AG/London            10.000    8/13/2020   EUR     75.300
Vontobel Financial Pro    6.500     1/3/2020   EUR     52.930
HSBC Trinkaus & Burkha    5.500   12/27/2019   EUR     65.010
HSBC Trinkaus & Burkha    4.400    6/26/2020   EUR     64.950
Zurcher Kantonalbank F    6.750    2/19/2020   EUR     67.150
HSBC Trinkaus & Burkha    5.670    2/12/2021   EUR     74.060
UBS AG/London            13.000    1/21/2020   USD     59.440
UBS AG/London             6.000    7/20/2020   CHF     62.350
Leonteq Securities AG/    6.200    7/27/2021   CHF     58.690
UBS AG/London            11.000     3/6/2020   USD     70.450
UBS AG/London            12.000    12/6/2019   USD     73.980
UBS AG/London            10.500    12/5/2019   CHF     62.500
HSBC Trinkaus & Burkha    8.900   11/22/2019   EUR     68.250
HSBC Trinkaus & Burkha    8.000   11/22/2019   EUR     36.030
HSBC Trinkaus & Burkha    5.400    6/26/2020   EUR     65.620
HSBC Trinkaus & Burkha    3.700    6/26/2020   EUR     64.490
HSBC Trinkaus & Burkha    7.300   12/27/2019   EUR     69.270
UBS AG/London             6.500    7/20/2020   EUR     49.500
UBS AG/London             5.500    1/20/2020   CHF     68.900
Natixis SA                3.450    7/26/2021   RUB     64.400
Credit Suisse AG/Nassa    7.250   12/12/2019   CHF     75.820
Leonteq Securities AG/   13.200   12/11/2019   USD     44.740
Erste Group Bank AG       8.000    9/28/2023   EUR     69.650
HSBC Trinkaus & Burkha    6.900    6/26/2020   EUR     66.310
HSBC Trinkaus & Burkha    5.600    6/26/2020   EUR     65.450
DZ Bank AG Deutsche Ze    8.250    3/25/2020   EUR     71.450
HSBC Trinkaus & Burkha    4.600   11/22/2019   EUR     67.090
HSBC Trinkaus & Burkha    5.400   12/27/2019   EUR     73.080
UBS AG/London             7.250     3/5/2020   CHF     72.000
UniCredit Bank AG         4.000    8/24/2021   EUR     72.920
Commerzbank AG            5.000   12/31/2019   EUR     72.250
UBS AG/London             5.250   11/22/2019   EUR     61.900
Raiffeisen Schweiz Gen    8.500   11/27/2019   CHF     70.140
EFG International Fina    8.000    4/21/2020   USD     34.970
Landesbank Baden-Wuert    3.300   12/29/2020   EUR     70.660
Leonteq Securities AG/    7.200    12/8/2020   USD     59.420
Landesbank Hessen-Thue    3.500     1/5/2022   EUR     74.120
DekaBank Deutsche Giro    6.300     7/3/2020   EUR     54.830
UniCredit Bank AG         5.200     5/4/2020   USD     30.820
Raiffeisen Schweiz Gen    5.000     4/3/2020   CHF     33.350
Landesbank Hessen-Thue    6.250   12/22/2022   EUR     61.340
UniCredit Bank AG         5.100   12/19/2020   EUR     65.080
UBS AG/London             5.500   11/22/2019   CHF     76.250
DekaBank Deutsche Giro    2.800    4/24/2020   EUR     68.300
Leonteq Securities AG/    9.000     6/4/2020   USD     57.680
EFG International Fina    8.000    12/6/2019   EUR     66.180
UBS AG/London             7.750   11/22/2019   CHF     51.200
Leonteq Securities AG/    7.000    12/4/2019   CHF     68.490
Leonteq Securities AG/   10.400    12/4/2019   EUR     57.640
UniCredit Bank AG         4.450   12/29/2022   EUR     65.380
UniCredit Bank AG         4.300   12/19/2021   EUR     66.610
Raiffeisen Switzerland    4.800   11/23/2023   CHF     63.360
DekaBank Deutsche Giro    2.800    3/13/2020   EUR     69.640
Landesbank Hessen-Thue    7.250    3/15/2023   EUR     54.300
Societe Generale SA      11.500   11/30/2020   USD     66.050
EFG International Fina    7.200   11/30/2020   EUR     68.060
Leonteq Securities AG/    7.000   11/27/2019   CHF     76.410
Bayerische Landesbank     2.700    2/21/2020   EUR     73.140
Raiffeisen Schweiz Gen    6.750   11/27/2019   CHF     75.950
Leonteq Securities AG/    7.400   11/27/2019   USD     53.220
getBACK SA                5.720    4/30/2021   PLN
UBS AG/London             9.000   11/15/2019   EUR     48.000
EFG International Fina   10.560   11/22/2019   USD     87.740
Corner Banca SA           9.600   11/27/2019   CHF     69.720
Commerzbank AG            3.900    3/23/2022   USD      5.960
Leonteq Securities AG/    4.200     6/1/2021   CHF     44.100
Landesbank Baden-Wuert    3.100    2/25/2022   EUR     74.680
Landesbank Hessen-Thue    4.000   12/22/2021   EUR     59.520
DekaBank Deutsche Giro    4.300     1/4/2021   EUR     62.890
UBS AG/London             8.500    6/15/2020   USD     74.300
UBS AG/London             8.000    6/15/2020   CHF     74.000
UBS AG/London             8.750    6/15/2020   EUR     67.650
Bayerische Landesbank     3.000    7/17/2020   EUR     74.090
Credit Suisse AG/Nassa    7.000    6/22/2021   CHF     62.950
Bank Julius Baer & Co     8.500   12/23/2019   EUR     70.800
Vontobel Financial Pro    7.500    3/27/2020   EUR     71.380
Vontobel Financial Pro   11.500    3/27/2020   EUR     70.920
Vontobel Financial Pro   13.500    3/27/2020   EUR     68.850
UBS AG/London            12.000     3/5/2020   CHF     63.600
Vontobel Financial Pro    9.000     1/3/2020   EUR     62.290
Vontobel Financial Pro   10.500     1/3/2020   EUR     60.660
Vontobel Financial Pro    6.000   12/13/2019   EUR     72.830
Vontobel Financial Pro    9.500   12/13/2019   EUR     72.800
Vontobel Financial Pro   11.000   12/13/2019   EUR     59.350
Vontobel Financial Pro    6.000   12/13/2019   EUR     67.670
Vontobel Financial Pro    4.000   12/13/2019   EUR     73.010
Vontobel Financial Pro   12.000   12/13/2019   EUR     61.950
Credit Suisse AG/Londo    8.000   12/23/2019   USD     62.750
Credit Suisse AG/Londo    8.500    2/26/2020   CHF     66.280
Bank Julius Baer & Co     7.250   12/23/2019   CHF     72.350
DekaBank Deutsche Giro    3.350    7/10/2020   EUR     68.700
Leonteq Securities AG    11.350   12/27/2019   CHF     55.700
SecurAsset SA             5.250    6/30/2022   EUR     59.200
HSBC Trinkaus & Burkha    5.300    6/26/2020   EUR     55.730
HSBC Trinkaus & Burkha    4.300   12/27/2019   EUR     64.520
UBS AG/London             7.000   12/14/2020   CHF     59.450
UBS AG/London             6.500   12/14/2020   EUR     65.950
UBS AG/London             5.500   12/13/2019   CHF     73.550
Leonteq Securities AG    10.000   12/27/2019   EUR     68.090
BNP Paribas Emissions-   10.000   12/30/2019   EUR     57.380
BNP Paribas Emissions-   11.000   12/30/2019   EUR     58.960
Landesbank Hessen-Thue    6.000    12/1/2022   EUR     74.440
Landesbank Hessen-Thue    5.200     9/8/2022   EUR     68.530
Leonteq Securities AG    16.200     6/4/2020   EUR     66.890
BNP Paribas Emissions-    9.000   12/30/2019   EUR     74.760
BNP Paribas Emissions-    4.500   12/30/2019   EUR     65.120
BNP Paribas Emissions-    5.000   12/30/2019   EUR     72.850
BNP Paribas Emissions-    5.500   12/30/2019   EUR     71.850
BNP Paribas Emissions-    6.000   12/30/2019   EUR     73.150
BNP Paribas Emissions-    7.000   12/30/2019   EUR     68.060
BNP Paribas Emissions-   10.000   12/30/2019   EUR     51.460
BNP Paribas Emissions-   11.000   12/30/2019   EUR     49.470
UniCredit Bank AG         3.500   11/22/2019   EUR     74.460
UniCredit Bank AG         8.100   12/29/2020   EUR     57.060
UniCredit Bank AG         5.400     1/3/2020   EUR      1.730
UniCredit Bank AG         7.300   12/29/2020   EUR     69.790
UniCredit Bank AG         9.800   12/29/2020   EUR     74.910
UniCredit Bank AG         4.450    7/23/2022   EUR     71.550
UniCredit Bank AG         5.350    7/28/2020   EUR     60.560
UniCredit Bank AG         3.350    6/14/2022   EUR     73.640
DekaBank Deutsche Giro    2.000    7/30/2021   EUR     68.880
BNP Paribas Emissions-    8.000   12/30/2019   EUR     67.500
BNP Paribas Emissions-    9.000   12/30/2019   EUR     65.030
BNP Paribas Emissions-    8.000   12/30/2019   EUR     66.520
BNP Paribas Emissions-    7.000   12/30/2019   EUR     71.100
BNP Paribas Emissions-    9.500   12/30/2019   EUR     75.000
BNP Paribas Emissions-   10.000   12/30/2019   EUR     75.120
Raiffeisen Schweiz Gen    5.300   11/23/2020   CHF     60.820
Landesbank Baden-Wuert    4.450    8/28/2020   EUR     56.160
Bank Julius Baer & Co     6.000    5/11/2020   CHF     72.150
Bank Julius Baer & Co     7.700   11/11/2019   EUR     69.850
Vontobel Financial Pro    9.000     6/5/2020   EUR     59.950
DekaBank Deutsche Giro    2.150    8/28/2020   EUR     71.560
Deutsche Bank AG          4.200   12/22/2020   EUR     68.400
Deutsche Bank AG          4.200    6/23/2020   EUR     73.600
UniCredit Bank AG         4.000    6/11/2020   EUR     52.920
HSBC Trinkaus & Burkha    5.070   11/22/2019   EUR     72.180
Deutsche Bank AG          4.200   12/24/2019   EUR     69.100
Landesbank Hessen-Thue    3.500   12/18/2019   EUR     67.000
UniCredit Bank AG         8.300   12/29/2020   EUR     75.290
UniCredit Bank AG         9.600   12/29/2020   EUR     70.270
UniCredit Bank AG         6.900   12/29/2020   EUR     58.780
UniCredit Bank AG         7.700   12/29/2020   EUR     70.820
UniCredit Bank AG        10.000   12/29/2020   EUR     55.270
UniCredit Bank AG         6.600   12/29/2020   EUR     56.610
UniCredit Bank AG        10.500   12/29/2020   EUR     46.230
UniCredit Bank AG         7.000   12/29/2020   EUR     45.740
UniCredit Bank AG         9.400   12/29/2020   EUR     65.900
UniCredit Bank AG         9.200   12/29/2020   EUR     47.500
UniCredit Bank AG         8.500   12/29/2020   EUR     62.280
UniCredit Bank AG         7.500   12/29/2020   EUR     68.790
UniCredit Bank AG        12.000   12/29/2020   EUR     33.790
UniCredit Bank AG         7.800   12/29/2020   EUR     63.780
UniCredit Bank AG        10.600   12/29/2020   EUR     63.410
Credit Suisse AG/Nassa    7.200     7/5/2021   CHF     66.810
UniCredit Bank AG         4.200    7/26/2022   EUR     67.540
UniCredit Bank AG         3.650    7/23/2022   EUR     72.900
BNP Paribas Emissions-    9.500   12/30/2019   EUR     74.080
BNP Paribas Emissions-    4.000   12/30/2019   EUR     62.860
Landesbank Baden-Wuert    4.150    2/28/2020   EUR     62.640
Leonteq Securities AG/    5.600    5/25/2021   CHF     58.670
UniCredit Bank AG         4.000     6/7/2022   EUR     53.120
Landesbank Baden-Wuert    4.650    3/27/2020   EUR     63.580
Deutsche Bank AG          4.200    9/22/2020   EUR     67.600
Deutsche Bank AG          4.200   12/22/2020   EUR     74.200
Deutsche Bank AG          4.200    3/24/2020   EUR     75.300
Deutsche Bank AG          4.200    3/24/2020   EUR     70.000
UBS AG/London             7.000   11/18/2019   CHF     56.150
UBS AG/London             5.500   11/18/2019   CHF     69.850
HSBC Trinkaus & Burkha   12.600    3/27/2020   EUR     67.180
UniCredit Bank AG        11.400     1/3/2020   EUR     49.510
UniCredit Bank AG         9.600     1/3/2020   EUR     64.130
UniCredit Bank AG         8.400   12/29/2020   EUR     70.130
UniCredit Bank AG         9.200   12/29/2020   EUR     74.800
UniCredit Bank AG         7.500   12/29/2020   EUR     71.600
UniCredit Bank AG         8.500   12/29/2020   EUR     56.140
UniCredit Bank AG         6.100   12/29/2020   EUR     59.660
UniCredit Bank AG         9.800   12/29/2020   EUR     54.090
UniCredit Bank AG         7.200   12/29/2020   EUR     72.090
UniCredit Bank AG         6.800   12/29/2020   EUR     58.330
UniCredit Bank AG         9.400   12/29/2020   EUR     64.350
UniCredit Bank AG         6.300   12/29/2020   EUR     71.160
UniCredit Bank AG         7.300   12/29/2020   EUR     68.330
UniCredit Bank AG         9.800   12/29/2020   EUR     66.130
UniCredit Bank AG         8.700   12/29/2020   EUR     68.980
UniCredit Bank AG         8.700   12/29/2020   EUR     68.740
UniCredit Bank AG         8.100   12/29/2020   EUR     66.920
HSBC Trinkaus & Burkha    5.800    3/27/2020   EUR     68.110
HSBC Trinkaus & Burkha   11.300    9/25/2020   EUR     60.250
UniCredit Bank AG         8.400   12/29/2020   EUR     74.570
UniCredit Bank AG         3.750    8/23/2021   EUR     61.270
UniCredit Bank AG         8.400   12/29/2020   EUR     30.240
UniCredit Bank AG         7.300   12/29/2020   EUR     55.720
UniCredit Bank AG         6.600   12/29/2020   EUR     57.510
UniCredit Bank AG         8.300   12/29/2020   EUR     54.530
UniCredit Bank AG         9.300   12/29/2020   EUR     60.360
UniCredit Bank AG         8.400   12/29/2020   EUR     61.980
UniCredit Bank AG         8.000   12/29/2020   EUR     44.860
UniCredit Bank AG         6.400   12/29/2020   EUR     60.060
UniCredit Bank AG         8.300   12/29/2020   EUR     67.260
UniCredit Bank AG        13.900   12/29/2020   EUR     32.780
UniCredit Bank AG         8.700   12/29/2020   EUR     41.830
UniCredit Bank AG         8.400   12/29/2020   EUR     56.250
UniCredit Bank AG        10.800   12/29/2020   EUR     59.560
UniCredit Bank AG         8.100   12/29/2020   EUR     62.520
BNP Paribas Emissions-    7.000   12/30/2019   EUR     68.300
UniCredit Bank AG        11.000   11/22/2019   EUR     68.290
UniCredit Bank AG         5.100   11/22/2019   EUR     72.220
UniCredit Bank AG         3.800   11/22/2019   EUR     65.700
Deutsche Bank AG          4.200    9/22/2020   EUR     73.700
Deutsche Bank AG          4.200    6/23/2020   EUR     66.000
Deutsche Bank AG          4.200    9/22/2020   EUR     60.900
Deutsche Bank AG          4.200   12/22/2020   EUR     66.500
Commerzbank AG           10.250   12/31/2019   EUR     70.370
UBS AG/London            10.250    6/15/2020   CHF     57.850
UBS AG/London             5.750   12/13/2019   EUR     63.750
UBS AG/London             6.500   12/13/2019   CHF     56.400
Credit Suisse AG/Londo    7.000   12/23/2019   EUR     59.870
EFG International Fina    8.400     1/3/2020   CHF     27.960
Raiffeisen Centrobank     6.000    7/21/2020   EUR     57.160
BNP Paribas Emissions-    8.500   12/30/2019   EUR     65.780
BNP Paribas Emissions-   15.000   12/30/2019   EUR     66.860
BNP Paribas Emissions-    8.500   12/30/2019   EUR     69.580
BNP Paribas Emissions-   11.000   12/30/2019   EUR     70.000
BNP Paribas Emissions-    7.000   12/30/2019   EUR     67.970
BNP Paribas Emissions-    9.500   12/30/2019   EUR     69.860
BNP Paribas Emissions-    8.000   12/30/2019   EUR     56.090
BNP Paribas Emissions-   18.000   12/30/2019   EUR     57.750
BNP Paribas Emissions-    9.500   12/30/2019   EUR     74.170
BNP Paribas Emissions-    4.500   12/30/2019   EUR     71.810
BNP Paribas Emissions-    6.500   12/30/2019   EUR     72.140
BNP Paribas Emissions-    5.000   12/30/2019   EUR     71.140
BNP Paribas Emissions-   16.000   12/30/2019   EUR     66.290
BNP Paribas Emissions-   19.000   12/30/2019   EUR     65.030
EFG International Fina   15.000   11/25/2019   USD     65.970
Raiffeisen Schweiz Gen    6.000     1/6/2020   CHF     55.230
Raiffeisen Schweiz Gen    5.000   12/22/2020   CHF     70.010
BNP Paribas Emissions-    6.500   12/30/2019   EUR     69.250
BNP Paribas Emissions-   19.000   12/30/2019   EUR     71.320
BNP Paribas Emissions-    9.500   12/30/2019   EUR     59.210
BNP Paribas Emissions-   20.000   12/30/2019   EUR     64.140
BNP Paribas Emissions-    4.500   12/30/2019   EUR     58.380
BNP Paribas Emissions-    5.500   12/30/2019   EUR     73.510
BNP Paribas Emissions-   16.000   12/30/2019   EUR     72.970
BNP Paribas Emissions-   20.000   12/30/2019   EUR     73.640
BNP Paribas Emissions-   20.000   12/30/2019   EUR     70.130
Corner Banca SA           8.000    5/25/2021   CHF     67.740
Leonteq Securities AG     5.200   12/22/2020   CHF     59.530
Raiffeisen Schweiz Gen    6.100    6/22/2020   CHF     71.410
Raiffeisen Schweiz Gen    6.300     1/6/2020   CHF     56.130
BNP Paribas Emissions-    3.500   12/30/2019   EUR     64.720
BNP Paribas Emissions-    3.500   12/30/2019   EUR     70.960
BNP Paribas Emissions-   20.000   12/30/2019   EUR     66.960
BNP Paribas Emissions-    4.500   12/30/2019   EUR     62.620
BNP Paribas Emissions-   18.000   12/30/2019   EUR     74.660
UBS AG/London            10.500    4/20/2020   EUR     60.150
Vontobel Financial Pro    4.400    12/2/2019   EUR     59.720
UBS AG/London             6.250    4/20/2020   CHF     56.600
UBS AG/London             6.500   11/11/2019   CHF     73.950
UniCredit Bank AG         5.000    6/11/2021   EUR     62.250
Vontobel Financial Pro    8.300    6/19/2020   CHF     64.830
Raiffeisen Schweiz Gen    5.750    5/18/2020   CHF     59.930
Bank Julius Baer & Co    10.500   11/12/2019   USD     67.600
Citigroup Global Marke    7.200    5/24/2023   SEK     39.100
Landesbank Baden-Wuert    3.500    8/28/2020   EUR     69.320
EFG International Fina   11.400    6/28/2021   USD     69.530
UBS AG/London            11.000   12/20/2019   CHF     54.850
Landesbank Hessen-Thue    4.000    6/22/2022   EUR     66.540
Credit Suisse AG/Nassa    8.000   11/22/2019   EUR     66.250
Raiffeisen Centrobank     5.300    7/21/2020   EUR     64.190
UniCredit Bank AG         5.000    7/24/2021   EUR     72.420
UBS AG/London             6.250   11/11/2019   EUR     47.300
UBS AG/London             6.000   11/11/2019   CHF     64.700
UBS AG/London             6.000   11/11/2019   CHF     67.200
UniCredit Bank AG         5.400     6/4/2021   EUR     67.330
Landesbank Hessen-Thue    4.000    7/20/2022   EUR     68.650
BNP Paribas Emissions-   12.000   12/30/2019   EUR     62.810
Bayerische Landesbank     2.300   11/26/2021   EUR     74.130
DekaBank Deutsche Giro    3.000    1/18/2021   EUR     70.470
Raiffeisen Schweiz Gen    8.000   11/22/2019   EUR     59.320
Raiffeisen Schweiz Gen    6.500    5/18/2020   CHF     24.890
Corner Banca SA          11.200     1/3/2020   CHF     60.200
Landesbank Hessen-Thue    5.650    7/20/2023   EUR     68.760
UBS AG/London             6.250    6/21/2021   CHF     62.200
UBS AG/London            10.000   12/20/2019   EUR     66.400
Bayerische Landesbank     2.300    8/28/2020   EUR     73.750
Leonteq Securities AG/    5.500    5/25/2021   CHF     63.830
Leonteq Securities AG     7.800    5/14/2021   CHF     34.070
Leonteq Securities AG     6.800    5/11/2021   EUR     71.660
HSBC Trinkaus & Burkha    4.680   11/22/2019   EUR     43.480
Landesbank Hessen-Thue    3.000   12/18/2019   EUR     74.900
UniCredit Bank AG         7.700   12/29/2020   EUR     62.430
UniCredit Bank AG        12.100     1/3/2020   EUR     25.270
UniCredit Bank AG        11.800     1/3/2020   EUR     59.560
UniCredit Bank AG        10.200     1/3/2020   EUR     61.920
HSBC Trinkaus & Burkha    8.100    9/25/2020   EUR     64.380
HSBC Trinkaus & Burkha    6.100    9/25/2020   EUR     68.140
UniCredit Bank AG         7.400     1/3/2020   EUR     45.290
UniCredit Bank AG        12.900     1/3/2020   EUR     57.850
UniCredit Bank AG         9.300   12/29/2020   EUR     67.390
HSBC Trinkaus & Burkha    8.500    3/27/2020   EUR     62.950
UniCredit Bank AG         7.300   12/29/2020   EUR     73.760
UniCredit Bank AG        10.200   12/29/2020   EUR     73.120
UniCredit Bank AG         9.200   12/29/2020   EUR     69.980
UniCredit Bank AG         8.000     1/3/2020   EUR     67.140
HSBC Trinkaus & Burkha    9.500    7/24/2020   EUR     62.170
UniCredit Bank AG         6.600   12/29/2020   EUR     53.860
UniCredit Bank AG         8.700   12/29/2020   EUR     10.820
UniCredit Bank AG         8.800   12/29/2020   EUR     54.130
UniCredit Bank AG        11.000   12/29/2020   EUR     72.160
UniCredit Bank AG         8.400   12/29/2020   EUR     51.940
UniCredit Bank AG         8.100   12/29/2020   EUR     66.620
UniCredit Bank AG         9.300   12/29/2020   EUR     55.970
HSBC Trinkaus & Burkha   10.200    9/25/2020   EUR     61.430
HSBC Trinkaus & Burkha    6.100    6/26/2020   EUR     68.050
UniCredit Bank AG         6.700   12/29/2020   EUR     46.010
UniCredit Bank AG         5.300     1/3/2020   EUR     67.420
Raiffeisen Schweiz Gen    6.000    6/29/2020   CHF     75.140
Raiffeisen Schweiz Gen    5.700   12/29/2020   EUR     69.750
UniCredit Bank AG         6.200   12/29/2020   EUR     61.900
UniCredit Bank AG         8.200   12/29/2020   EUR     61.460
UniCredit Bank AG         6.200   12/29/2020   EUR     72.680
UniCredit Bank AG         8.800   12/29/2020   EUR     67.570
HSBC Trinkaus & Burkha    8.400    6/26/2020   EUR     63.700
UniCredit Bank AG         6.700   12/29/2020   EUR     71.250
UniCredit Bank AG        11.800   12/29/2020   EUR     50.340
UniCredit Bank AG         9.500   12/29/2020   EUR     53.170
UniCredit Bank AG        11.500   12/29/2020   EUR     71.190
UniCredit Bank AG         7.600   12/29/2020   EUR     44.720
UniCredit Bank AG         8.100   12/29/2020   EUR     73.220
UniCredit Bank AG         9.200   12/29/2020   EUR     64.600
UniCredit Bank AG         8.100   12/29/2020   EUR     53.980
UniCredit Bank AG         6.600   12/29/2020   EUR     56.020
UniCredit Bank AG         8.900   12/29/2020   EUR     30.150
UniCredit Bank AG         8.500   12/29/2020   EUR     72.780
UniCredit Bank AG         7.600   12/29/2020   EUR     43.150
UniCredit Bank AG         9.400   12/29/2020   EUR     70.730
UniCredit Bank AG         8.000   12/29/2020   EUR     72.820
UniCredit Bank AG         9.200   12/29/2020   EUR     61.230
UniCredit Bank AG         8.900   12/29/2020   EUR     61.210
BNP Paribas Emissions-   19.000   12/30/2019   EUR     67.520
BNP Paribas Emissions-    5.000   12/30/2019   EUR     67.640
BNP Paribas Emissions-   12.000   12/30/2019   EUR     68.800
BNP Paribas Emissions-   17.000   12/30/2019   EUR     71.110
BNP Paribas Emissions-    4.000   12/30/2019   EUR     55.420
BNP Paribas Emissions-   14.000   12/30/2019   EUR     57.090
BNP Paribas Emissions-    9.000   12/30/2019   EUR     65.130
BNP Paribas Emissions-    6.500   12/30/2019   EUR     62.950
Societe Generale SA       9.000    6/18/2020   USD     69.750
UniCredit Bank AG         4.200    8/24/2022   EUR     74.190
Leonteq Securities AG    12.000   10/30/2019   EUR     65.970
Leonteq Securities AG     7.200     2/2/2021   EUR     65.980
DekaBank Deutsche Giro    3.100    8/21/2020   EUR     72.250
DekaBank Deutsche Giro    4.000    8/21/2020   EUR     63.960
BNP Paribas Emissions-    3.000   12/30/2019   EUR     73.780
BNP Paribas Emissions-    3.000   12/30/2019   EUR     70.880
Landesbank Baden-Wuert    2.300    8/27/2021   EUR     69.100
Deutsche Bank AG          4.200   12/24/2019   EUR     69.660
Deutsche Bank AG          4.200   12/24/2019   EUR     67.790
Deutsche Bank AG          4.200   12/24/2019   EUR     66.020
Deutsche Bank AG          4.200   12/24/2019   EUR     69.200
Deutsche Bank AG          4.200   12/24/2019   EUR     69.000
Deutsche Bank AG          9.000   12/24/2019   EUR     68.000
Deutsche Bank AG          9.000   12/24/2019   EUR     63.550
Deutsche Bank AG          6.200   12/24/2019   EUR     75.100
Deutsche Bank AG          4.200   12/24/2019   EUR     65.500
Deutsche Bank AG          9.000   12/24/2019   EUR     68.280
Deutsche Bank AG          9.000   12/24/2019   EUR     71.200
Deutsche Bank AG          4.200   12/24/2019   EUR     68.700
Bank Julius Baer & Co     5.800    1/27/2020   CHF     71.750
Credit Suisse AG/Nassa    8.250    11/4/2019   EUR     70.410
Raiffeisen Schweiz Gen    6.300     2/3/2020   CHF     72.000
Leonteq Securities AG    15.000    5/15/2020   CHF     53.650
UBS AG/London             9.000    7/20/2020   CHF     75.000
UBS AG/London            10.000    7/20/2020   EUR     71.300
UBS AG/London             8.000    7/20/2020   EUR     64.050
Vontobel Financial Pro    9.000     1/3/2020   EUR     63.590
Vontobel Financial Pro   10.500     1/3/2020   EUR     61.160
Vontobel Financial Pro    6.500     1/3/2020   EUR     43.470
Vontobel Financial Pro    9.500     1/3/2020   EUR     70.560
Vontobel Financial Pro   10.500     1/3/2020   EUR     69.270
Vontobel Financial Pro   11.500     1/3/2020   EUR     67.720
Vontobel Financial Pro    3.500     1/3/2020   EUR     63.320
Vontobel Financial Pro   11.000   10/29/2019   EUR     68.520
Vontobel Financial Pro   10.500   12/31/2019   EUR     56.330
Goldman Sachs & Co Wer    8.000    6/24/2020   EUR     64.060
Leonteq Securities AG    13.200     1/8/2020   CHF     64.610
Vontobel Financial Pro   11.500     1/3/2020   EUR     75.100
Vontobel Financial Pro    7.500     1/3/2020   EUR     41.530
Vontobel Financial Pro    8.500     1/3/2020   EUR     74.880
Vontobel Financial Pro   12.000     1/3/2020   EUR     67.560
Vontobel Financial Pro    8.000     1/3/2020   EUR     55.180
Bayerische Landesbank     2.400   11/13/2020   EUR     69.520
Vontobel Financial Pro    6.500   12/31/2019   EUR     55.650
Vontobel Financial Pro    7.500   12/31/2019   EUR     55.820
Vontobel Financial Pro    9.000   12/31/2019   EUR     56.080
DZ Bank AG Deutsche Ze    7.500   12/27/2019   EUR     66.340
Vontobel Financial Pro   11.000   12/31/2019   EUR     56.420
UniCredit Bank AG         4.700   12/19/2021   EUR     63.610
UniCredit Bank AG         5.900   12/19/2020   EUR     65.750
EFG International Fina    7.000    5/23/2022   EUR     71.520
Leonteq Securities AG    10.200     1/8/2020   CHF     71.180
Vontobel Financial Pro    9.000     1/3/2020   EUR     39.880
Vontobel Financial Pro   11.500     1/3/2020   EUR     51.870
Vontobel Financial Pro   12.500     1/3/2020   EUR     66.260
Vontobel Financial Pro   14.000     1/3/2020   EUR     48.990
Vontobel Financial Pro    4.500     1/3/2020   EUR     64.220
Vontobel Financial Pro    5.500     1/3/2020   EUR     58.860
Vontobel Financial Pro    9.500     1/3/2020   EUR     70.910
Vontobel Financial Pro    8.500     1/3/2020   EUR     72.640
Vontobel Financial Pro    7.500     1/3/2020   EUR     74.480
Vontobel Financial Pro   10.500     1/3/2020   EUR     38.410
Vontobel Financial Pro   11.000     1/3/2020   EUR     52.130
Leonteq Securities AG     7.400    4/24/2020   USD     35.040
Vontobel Financial Pro    7.500     1/3/2020   EUR     66.280
Vontobel Financial Pro   12.500     1/3/2020   EUR     59.040
Vontobel Financial Pro   13.000     1/3/2020   EUR     71.730
Vontobel Financial Pro    7.500     1/3/2020   EUR     57.150
Credit Suisse AG/Londo    7.000     1/6/2020   CHF     69.820
Vontobel Financial Pro   15.500     1/3/2020   EUR     63.790
Vontobel Financial Pro    5.500     1/3/2020   EUR     45.640
Vontobel Financial Pro   10.500     1/3/2020   EUR     70.530
Vontobel Financial Pro    7.500    6/26/2020   EUR     74.560
Vontobel Financial Pro    9.000    6/26/2020   EUR     72.970
Vontobel Financial Pro   11.000    6/26/2020   EUR     71.870
Vontobel Financial Pro   13.000    6/26/2020   EUR     70.930
Vontobel Financial Pro    6.500    9/25/2020   EUR     75.230
Vontobel Financial Pro   10.000    9/25/2020   EUR     72.420
Vontobel Financial Pro   14.000    9/25/2020   EUR     70.930
DekaBank Deutsche Giro    2.000    9/18/2020   EUR     70.710
Leonteq Securities AG/    8.200     9/1/2020   CHF     73.360
Commerzbank AG            2.100    8/28/2020   EUR     66.100
UniCredit Bank AG         4.600    10/8/2022   EUR     67.380
UniCredit Bank AG         5.000    9/26/2021   EUR     50.840
Landesbank Baden-Wuert    2.650    2/28/2020   EUR     73.810
Landesbank Baden-Wuert    4.250    2/28/2020   EUR     64.060
Landesbank Baden-Wuert    2.550    2/28/2020   EUR     77.020
Leonteq Securities AG/    5.000     9/8/2020   CHF     40.450
Leonteq Securities AG/    6.200    3/11/2020   CHF     65.100
Landesbank Hessen-Thue    3.000     7/6/2021   EUR     60.300
DekaBank Deutsche Giro    3.650    3/27/2020   EUR     62.930
Landesbank Baden-Wuert    2.900   10/23/2020   EUR     66.260
Landesbank Hessen-Thue    7.000     1/9/2023   EUR     49.540
EFG International Fina    8.000     3/9/2020   USD     34.720
Landesbank Hessen-Thue    3.100    10/6/2020   EUR     65.700
Leonteq Securities AG     9.000    3/27/2020   USD     35.480
UniCredit Bank AG         4.050    3/26/2021   EUR     61.550
UniCredit Bank AG         5.550    3/26/2021   EUR     71.480
UniCredit Bank AG         4.400    3/26/2021   EUR     74.850
UniCredit Bank AG         4.600    3/26/2021   EUR     63.680
Deutsche Bank AG          7.200   12/24/2019   EUR     48.600
Deutsche Bank AG          7.200   12/24/2019   EUR     46.700
Deutsche Bank AG          7.200   12/24/2019   EUR     61.740
Deutsche Bank AG          7.200   12/24/2019   EUR     60.290
Deutsche Bank AG          7.200   12/24/2019   EUR     58.910
Deutsche Bank AG          7.200   12/24/2019   EUR     57.600
Deutsche Bank AG          7.200   12/24/2019   EUR     56.350
Deutsche Bank AG          7.200   12/24/2019   EUR     55.140
Vontobel Financial Pro    6.700     3/7/2022   EUR     72.310
Deutsche Bank AG          7.200   12/24/2019   EUR     60.920
Deutsche Bank AG          7.200   12/24/2019   EUR     64.610
Deutsche Bank AG          7.200   12/24/2019   EUR     62.170
Deutsche Bank AG          7.200   12/24/2019   EUR     59.910
Deutsche Bank AG          7.200   12/24/2019   EUR     67.780
Deutsche Bank AG          7.200   12/24/2019   EUR     64.650
Deutsche Bank AG          7.200   12/24/2019   EUR     61.780
Deutsche Bank AG          7.200   12/24/2019   EUR     48.100
Deutsche Bank AG          7.200   12/24/2019   EUR     46.500
Deutsche Bank AG          7.200   12/24/2019   EUR     43.700
UniCredit Bank AG         4.250    3/29/2021   EUR     64.200
UniCredit Bank AG         3.250    3/29/2022   EUR     29.100
UniCredit Bank AG         3.630    3/12/2020   EUR     64.700
UBS AG/London            11.500     3/9/2020   CHF     61.500
UBS AG/London            12.000     3/9/2020   CHF     46.300
UBS AG/London             9.750     3/9/2020   EUR     58.950
UBS AG/London            11.250     3/9/2020   EUR     60.550
UBS AG/London             8.500     3/9/2020   USD     45.300
Deutsche Bank AG          4.200   12/24/2019   EUR     48.100
Deutsche Bank AG          6.200   12/24/2019   EUR     48.500
Deutsche Bank AG          4.200   12/24/2019   EUR     46.200
Deutsche Bank AG          4.200   12/24/2019   EUR     44.300
Deutsche Bank AG          4.200   12/24/2019   EUR     42.700
Deutsche Bank AG          4.200   12/24/2019   EUR     62.750
Deutsche Bank AG          6.200   12/24/2019   EUR     63.080
Deutsche Bank AG          6.200   12/24/2019   EUR     60.120
Deutsche Bank AG          4.200   12/24/2019   EUR     59.790
Deutsche Bank AG          6.200   12/24/2019   EUR     57.430
Deutsche Bank AG          4.200   12/24/2019   EUR     57.100
Deutsche Bank AG          6.200   12/24/2019   EUR     54.970
Deutsche Bank AG          4.200   12/24/2019   EUR     54.650
Deutsche Bank AG          4.200   12/24/2019   EUR     75.880
Deutsche Bank AG          4.200   12/24/2019   EUR     46.000
Deutsche Bank AG          4.200   12/24/2019   EUR     43.200
Deutsche Bank AG          6.200   12/24/2019   EUR     43.500
Deutsche Bank AG          4.200   12/24/2019   EUR     67.280
Deutsche Bank AG          6.200   12/24/2019   EUR     67.610
Deutsche Bank AG          4.200   12/24/2019   EUR     64.150
Deutsche Bank AG          6.200   12/24/2019   EUR     64.480
Deutsche Bank AG          4.200   12/24/2019   EUR     61.280
Deutsche Bank AG          4.200   12/24/2019   EUR     74.800
Deutsche Bank AG          4.200   12/24/2019   EUR     73.000
Deutsche Bank AG          4.200   12/24/2019   EUR     70.400
Deutsche Bank AG          6.200   12/24/2019   EUR     68.400
Deutsche Bank AG          4.200   12/24/2019   EUR     68.100
Deutsche Bank AG          4.200   12/24/2019   EUR     64.110
Deutsche Bank AG          6.200   12/24/2019   EUR     64.440
Deutsche Bank AG          4.200   12/24/2019   EUR     73.070
Deutsche Bank AG          4.200   12/24/2019   EUR     70.730
Deutsche Bank AG          4.200   12/24/2019   EUR     67.490
Deutsche Bank AG          4.200   12/24/2019   EUR     64.530
Leonteq Securities AG/   10.000    3/16/2020   USD     54.440
Commerzbank AG            2.450     3/9/2020   EUR     52.200
DekaBank Deutsche Giro    4.250    4/14/2022   EUR     70.360
UBS AG/London            12.500    3/16/2020   CHF     44.650
UBS AG/London            10.250    3/16/2020   USD     67.300
UBS AG/London             7.500    3/16/2020   EUR     72.050
EFG International Fina    7.400    3/29/2021   EUR     63.710
Zurcher Kantonalbank F    7.150    3/19/2020   CHF     22.160
Leonteq Securities AG/    9.000    3/16/2020   CHF     56.090
Leonteq Securities AG/    6.800    3/16/2020   CHF     70.120
Raiffeisen Schweiz Gen    7.000    9/23/2020   EUR     66.120
Landesbank Hessen-Thue    2.750   10/23/2020   EUR     70.800
DekaBank Deutsche Giro    7.050    10/9/2020   EUR     51.130
DekaBank Deutsche Giro    6.300    10/9/2020   EUR     63.830
DekaBank Deutsche Giro    4.250    10/9/2020   EUR     58.050
Landesbank Hessen-Thue    4.000    4/20/2022   EUR     67.830
UBS AG/London            10.250    3/23/2020   EUR     55.000
DekaBank Deutsche Giro    2.300    4/16/2021   EUR     71.710
Societe Generale SA       7.000   10/20/2020   USD      0.190
Landesbank Hessen-Thue    3.350    8/13/2020   EUR     69.700
Landesbank Hessen-Thue    3.100    8/13/2020   EUR     67.700
EFG International Fina    5.500    9/21/2020   USD     43.410
Landesbank Hessen-Thue    6.000    10/6/2022   EUR     69.380
Landesbank Hessen-Thue    4.000   10/13/2021   EUR     68.820
Citigroup Global Marke    5.600    9/15/2022   SEK     70.790
Societe Generale SA      10.600    9/29/2022   USD     70.320
DekaBank Deutsche Giro    2.400    10/9/2020   EUR     58.930
DekaBank Deutsche Giro    2.900    10/9/2020   EUR     45.570
EFG International Fina    6.600    9/28/2020   EUR     65.200
DekaBank Deutsche Giro    2.000    10/9/2020   EUR     74.990
UniCredit Bank AG         5.400   10/30/2020   EUR     64.130
Landesbank Hessen-Thue    7.700    1/20/2023   EUR     70.220
Landesbank Baden-Wuert    2.350    6/26/2020   EUR     74.110
Landesbank Baden-Wuert    3.700    6/26/2020   EUR     69.950
EFG International Fina    7.200    10/5/2020   USD     44.770
DekaBank Deutsche Giro    2.000   10/16/2020   EUR     54.900
Leonteq Securities AG/    7.000    9/29/2020   CHF     65.660
Leonteq Securities AG/    6.000     4/2/2020   CHF     70.450
Landesbank Hessen-Thue    2.250    7/13/2020   EUR     40.400
Getin Noble Bank SA       6.790   12/21/2023   PLN     72.300
Vontobel Financial Pro   24.000     1/3/2020   EUR     72.010
Commerzbank AG           10.500   12/31/2019   EUR     63.660
Commerzbank AG           12.500   12/31/2019   EUR     60.840
Commerzbank AG           14.500   12/31/2019   EUR     58.480
Commerzbank AG            6.500   12/31/2019   EUR     72.320
UniCredit Bank AG        11.000   12/29/2020   EUR     61.300
Bank Julius Baer & Co     9.650    1/17/2020   USD     46.350
Bank Julius Baer & Co     9.100    1/17/2020   EUR     74.100
HSBC Trinkaus & Burkha   15.300   12/27/2019   EUR     38.640
HSBC Trinkaus & Burkha   13.500    3/27/2020   EUR     41.290
HSBC Trinkaus & Burkha   11.300    3/27/2020   EUR     42.750
HSBC Trinkaus & Burkha   13.000    6/26/2020   EUR     43.840
HSBC Trinkaus & Burkha   11.200    6/26/2020   EUR     44.980
HSBC Trinkaus & Burkha   10.500   11/22/2019   EUR     42.500
HSBC Trinkaus & Burkha    9.500    2/28/2020   EUR     44.100
HSBC Trinkaus & Burkha    7.900    3/27/2020   EUR     71.130
HSBC Trinkaus & Burkha    9.200   12/27/2019   EUR     70.390
BNP Paribas Emissions-   15.000    3/26/2020   EUR     73.360
BNP Paribas Emissions-    8.000    9/24/2020   EUR     71.770
Commerzbank AG           14.750   12/31/2019   EUR     70.610
Vontobel Financial Pro    5.500     1/3/2020   EUR     59.282
Vontobel Financial Pro    8.000    3/27/2020   EUR     61.530
Credit Suisse AG/Nassa    8.000   10/31/2019   EUR     68.630
BNP Paribas Emissions-    5.000   12/30/2019   EUR     68.340
DekaBank Deutsche Giro    3.150    8/21/2020   EUR     71.940
Bank Julius Baer & Co    10.100    2/14/2020   USD     63.700
Deutsche Bank AG          4.200   12/24/2019   EUR     73.400
Deutsche Bank AG          4.200   12/24/2019   EUR     68.900
Deutsche Bank AG          4.200   12/24/2019   EUR     71.630
Deutsche Bank AG          4.200   12/24/2019   EUR     64.350
Deutsche Bank AG          9.000   12/24/2019   EUR     63.300
Deutsche Bank AG          9.000   12/24/2019   EUR     62.080
Deutsche Bank AG          4.200   12/24/2019   EUR     69.600
Deutsche Bank AG          4.200   12/24/2019   EUR     72.400
Deutsche Bank AG          4.200   12/24/2019   EUR     34.200
Deutsche Bank AG          4.200   12/24/2019   EUR     31.600
Deutsche Bank AG          4.200   12/24/2019   EUR     30.000
Deutsche Bank AG          9.000   12/24/2019   EUR     65.700
Deutsche Bank AG          9.000   12/24/2019   EUR     63.600
Deutsche Bank AG          4.200   12/24/2019   EUR     47.500
Deutsche Bank AG          4.200   12/24/2019   EUR     43.800
Deutsche Bank AG          9.000   12/24/2019   EUR     74.590
Deutsche Bank AG          4.200   12/24/2019   EUR     65.500
Leonteq Securities AG/    5.600     8/6/2020   CHF     71.290
Raiffeisen Schweiz Gen    5.800     8/3/2020   EUR     61.380
Leonteq Securities AG/    7.800    2/16/2021   USD     68.380
Leonteq Securities AG/    4.900    2/16/2021   CHF     65.950
UBS AG/London             8.000    7/20/2020   CHF     61.800
UBS AG/London             9.750    7/20/2020   EUR     69.500
Credit Suisse AG/Nassa    5.000     2/6/2020   CHF     59.840
DekaBank Deutsche Giro    8.150    2/26/2021   EUR     65.570
Leonteq Securities AG/   10.000     2/3/2020   USD     57.040
Landesbank Hessen-Thue    2.750    8/31/2020   EUR     61.400
Leonteq Securities AG     6.200     8/6/2020   CHF     62.160
Leonteq Securities AG    16.000    11/6/2019   CHF     73.730
Leonteq Securities AG    10.800    11/6/2019   CHF     66.630
Leonteq Securities AG     7.000     8/3/2020   EUR     71.690
Leonteq Securities AG/    9.200    11/6/2019   USD     49.430
Goldman Sachs & Co Wer   10.000   12/27/2019   EUR     75.460
Goldman Sachs & Co Wer   14.000   12/27/2019   EUR     67.120
Goldman Sachs & Co Wer   16.000   12/27/2019   EUR     64.910
Goldman Sachs & Co Wer   10.000    3/25/2020   EUR     74.600
Goldman Sachs & Co Wer   14.000    3/25/2020   EUR     68.070
Goldman Sachs & Co Wer   13.000    6/24/2020   EUR     68.850
Goldman Sachs & Co Wer   15.000   12/27/2019   EUR     74.700
Goldman Sachs & Co Wer   14.000   12/27/2019   EUR     72.670
Goldman Sachs & Co Wer   12.000    3/25/2020   EUR     75.370
Credit Suisse AG/Nassa    8.000    11/7/2019   CHF     59.730
Leonteq Securities AG    13.200   10/30/2019   USD     48.200
Leonteq Securities AG     7.800    1/30/2020   CHF     47.600
Leonteq Securities AG    11.200   10/30/2019   CHF     47.770
Leonteq Securities AG    10.000   10/30/2019   CHF     47.470
Araratbank OJSC           5.250    9/11/2022   USD     24.927
HSBC Trinkaus & Burkha    7.100   11/22/2019   EUR     30.520
HSBC Trinkaus & Burkha    4.800   11/22/2019   EUR     65.250
HSBC Trinkaus & Burkha    2.700   12/27/2019   EUR     74.250
HSBC Trinkaus & Burkha    4.700   11/22/2019   EUR     67.230
HSBC Trinkaus & Burkha    2.600   11/22/2019   EUR     74.470
HSBC Trinkaus & Burkha    6.700   11/22/2019   EUR     73.350
HSBC Trinkaus & Burkha    3.300   12/27/2019   EUR     73.750
HSBC Trinkaus & Burkha    3.300   11/22/2019   EUR     73.440
HSBC Trinkaus & Burkha    5.300   11/22/2019   EUR     71.380
HSBC Trinkaus & Burkha    5.300   12/27/2019   EUR     68.220
HSBC Trinkaus & Burkha    5.400   11/22/2019   EUR     67.830
HSBC Trinkaus & Burkha    3.300   11/22/2019   EUR     72.880
HSBC Trinkaus & Burkha    7.900   11/22/2019   EUR     68.840
Landesbank Hessen-Thue    4.000    8/31/2022   EUR     73.950
Credit Suisse AG/Nassa    8.250    11/7/2019   EUR     69.280
Credit Suisse AG/Nassa    7.000    11/8/2019   CHF     73.120
Landesbank Hessen-Thue    1.950     9/3/2021   EUR     61.490
Goldman Sachs & Co Wer   12.000    6/24/2020   EUR     58.600
Goldman Sachs & Co Wer    5.000   12/27/2019   EUR     73.720
Goldman Sachs & Co Wer    6.000   12/27/2019   EUR     69.650
Goldman Sachs & Co Wer    7.000   12/27/2019   EUR     66.030
Goldman Sachs & Co Wer    9.000   12/27/2019   EUR     62.950
Goldman Sachs & Co Wer   14.000   12/27/2019   EUR     57.920
Goldman Sachs & Co Wer   16.000   12/27/2019   EUR     55.720
Goldman Sachs & Co Wer   10.000   12/27/2019   EUR     60.860
Goldman Sachs & Co Wer    4.000    3/25/2020   EUR     74.750
Goldman Sachs & Co Wer    5.000    3/25/2020   EUR     71.170
Goldman Sachs & Co Wer    6.000    3/25/2020   EUR     67.970
Goldman Sachs & Co Wer    7.000    3/25/2020   EUR     65.120
Goldman Sachs & Co Wer   10.000    3/25/2020   EUR     60.710
Goldman Sachs & Co Wer   13.000    3/25/2020   EUR     57.230
Goldman Sachs & Co Wer    4.000    6/24/2020   EUR     73.800
Goldman Sachs & Co Wer    5.000    6/24/2020   EUR     70.650
Goldman Sachs & Co Wer    6.000    6/24/2020   EUR     67.850
Goldman Sachs & Co Wer    7.000    6/24/2020   EUR     65.360
Goldman Sachs & Co Wer   10.000    6/24/2020   EUR     61.860
Goldman Sachs & Co Wer    5.000    3/25/2020   EUR     72.070
Goldman Sachs & Co Wer    6.000    3/25/2020   EUR     68.550
Goldman Sachs & Co Wer    8.000    3/25/2020   EUR     65.810
Goldman Sachs & Co Wer    9.000    3/25/2020   EUR     62.990
Goldman Sachs & Co Wer   15.000    3/25/2020   EUR     57.440
Goldman Sachs & Co Wer    5.000    6/24/2020   EUR     72.950
Goldman Sachs & Co Wer    6.000    6/24/2020   EUR     69.890
Goldman Sachs & Co Wer    7.000    6/24/2020   EUR     67.120
Goldman Sachs & Co Wer    8.000    6/24/2020   EUR     64.640
Goldman Sachs & Co Wer   10.000    6/24/2020   EUR     63.090
Goldman Sachs & Co Wer    4.000   12/27/2019   EUR     73.810
Goldman Sachs & Co Wer    5.000   12/27/2019   EUR     69.910
Goldman Sachs & Co Wer    7.000   12/27/2019   EUR     66.610
Goldman Sachs & Co Wer    8.000   12/27/2019   EUR     63.500
Leonteq Securities AG    14.800   10/30/2019   USD     48.340
Leonteq Securities AG/   11.000    1/30/2020   USD     48.400
Societe Generale SA       8.000    7/28/2020   USD     51.150
DekaBank Deutsche Giro    5.500    2/26/2021   EUR     71.190
Bank Julius Baer & Co     6.700    11/7/2019   CHF     50.300
Bank Julius Baer & Co     7.300    11/7/2019   CHF     65.900
Credit Suisse AG/Nassa    8.000    11/8/2019   CHF     71.290
Raiffeisen Centrobank     9.511   12/27/2019   EUR     72.210
Raiffeisen Centrobank     8.454   12/27/2019   EUR     73.800
Raiffeisen Centrobank    13.033   12/27/2019   EUR     71.860
Raiffeisen Centrobank    12.681   12/27/2019   EUR     73.840
Raiffeisen Centrobank    14.442   12/27/2019   EUR     73.790
Raiffeisen Centrobank    11.272   12/27/2019   EUR     74.640
Landesbank Baden-Wuert    2.500    1/24/2020   EUR     55.310
Landesbank Baden-Wuert    4.500    1/24/2020   EUR     49.340
Landesbank Baden-Wuert    4.000    1/24/2020   EUR     72.780
Landesbank Baden-Wuert    7.000    1/24/2020   EUR     69.790
Landesbank Baden-Wuert    2.500    1/24/2020   EUR     75.790
Landesbank Baden-Wuert    3.500    1/24/2020   EUR     71.750
Landesbank Baden-Wuert    4.500    1/24/2020   EUR     69.260
Landesbank Baden-Wuert    2.500    1/24/2020   EUR     74.350
Landesbank Baden-Wuert    3.500    1/24/2020   EUR     70.200
Landesbank Baden-Wuert    4.500    1/24/2020   EUR     66.530
Landesbank Baden-Wuert    5.500    1/24/2020   EUR     64.110
Landesbank Baden-Wuert    4.500    1/24/2020   EUR     71.070
Landesbank Baden-Wuert    6.000    1/24/2020   EUR     65.180
Landesbank Baden-Wuert    3.000    1/24/2020   EUR     73.130
Landesbank Baden-Wuert    4.000    1/24/2020   EUR     69.930
Landesbank Baden-Wuert    5.000    1/24/2020   EUR     67.030
Landesbank Baden-Wuert    3.500    1/24/2020   EUR     72.090
Landesbank Baden-Wuert    4.500    1/24/2020   EUR     68.600
Landesbank Baden-Wuert    2.500    1/24/2020   EUR     54.190
Landesbank Baden-Wuert    3.000    1/24/2020   EUR     35.240
Landesbank Baden-Wuert    4.500    1/24/2020   EUR     32.800
Landesbank Baden-Wuert    6.000    1/24/2020   EUR     29.850
Landesbank Baden-Wuert    5.500    1/24/2020   EUR     70.680
Landesbank Baden-Wuert    4.000    2/28/2020   EUR     70.250
Landesbank Baden-Wuert    5.500    2/28/2020   EUR     67.530
Landesbank Baden-Wuert    5.000    1/24/2020   EUR     74.220
Landesbank Baden-Wuert    2.500    1/24/2020   EUR     55.830
Landesbank Baden-Wuert    3.500    1/24/2020   EUR     53.000
Landesbank Baden-Wuert    4.500    1/24/2020   EUR     51.150
DekaBank Deutsche Giro    2.400    8/21/2020   EUR     61.370
Credit Suisse AG/Nassa    7.000    2/10/2020   CHF     74.400
Landesbank Hessen-Thue    6.100    12/4/2023   EUR     62.810
DZ Bank AG Deutsche Ze    5.100   12/31/2019   EUR     33.330
DekaBank Deutsche Giro    5.000    2/28/2020   EUR     57.040
Leonteq Securities AG/    6.200    2/10/2021   CHF     66.180
UBS AG/London             9.500     2/3/2020   CHF     68.550
UBS AG/London             7.000     2/3/2020   CHF     67.500
UBS AG/London             5.750     2/3/2020   CHF     58.400
UBS AG/London            10.000     8/3/2020   CHF     72.100
UBS AG/London             5.000     2/2/2021   CHF     70.000
UBS AG/London             6.000     8/3/2020   CHF     75.450
UBS AG/London             6.000     8/3/2020   CHF     38.950
UBS AG/London             9.000     8/3/2020   EUR     74.550
EFG International Fina    6.000     8/3/2020   USD     41.820
DZ Bank AG Deutsche Ze   13.750   12/27/2019   EUR     65.150
EFG International Fina    6.600     8/3/2020   EUR     65.880
UniCredit Bank AG         3.600    8/23/2021   EUR     63.760
Leonteq Securities AG/    5.200    7/28/2020   CHF     63.120
Landesbank Baden-Wuert    2.800    1/24/2020   EUR     71.710
Leonteq Securities AG/    6.600    6/30/2020   CHF     72.500
Leonteq Securities AG/    5.400    6/30/2020   CHF     58.100
Landesbank Baden-Wuert    3.050    7/24/2020   EUR     64.450
Credit Suisse AG/Londo    8.000     4/6/2022   USD      9.970
Leonteq Securities AG/    7.000    7/14/2020   CHF     69.850
Raiffeisen Schweiz Gen    7.410    7/13/2020   CHF     69.100
Landesbank Hessen-Thue    5.000    8/11/2021   EUR     63.660
Landesbank Hessen-Thue    4.000    8/18/2021   EUR     42.880
Raiffeisen Schweiz Gen    7.500    7/27/2020   CHF     60.070
Raiffeisen Schweiz Gen    6.500    1/30/2020   CHF     66.680
Credit Suisse AG/Nassa    7.250    7/30/2020   EUR     72.700
Commerzbank AG            7.000   12/31/2019   EUR     67.640
Zurcher Kantonalbank F    5.500    1/23/2020   EUR     66.360
Leonteq Securities AG/   10.000    7/27/2020   CHF     60.290
Landesbank Hessen-Thue    6.000     8/4/2022   EUR     63.590
UniCredit Bank AG         4.300    8/29/2020   EUR     68.940
UniCredit Bank AG         5.200    1/14/2021   USD     62.270
UBS AG/London             5.250     6/1/2020   USD     70.850
UBS AG/London            11.000   11/29/2019   CHF     74.250
Vontobel Financial Pro    7.000   12/27/2019   EUR     44.920
Commerzbank AG            3.100   11/25/2019   USD     48.340
Leonteq Securities AG/   10.000   12/11/2019   CHF     24.290
UniCredit Bank AG         5.500     1/4/2020   EUR     43.710
UBS AG/London            11.000    1/10/2020   EUR     42.400
Vontobel Financial Pro    6.000     1/3/2020   EUR     73.960
Vontobel Financial Pro   11.000     1/3/2020   EUR     65.000
Vontobel Financial Pro    5.500     1/3/2020   EUR     74.640
Vontobel Financial Pro   12.000     1/3/2020   EUR     62.780
Vontobel Financial Pro    8.500     1/3/2020   EUR     68.090
Vontobel Financial Pro    7.000     1/3/2020   EUR     71.220
Vontobel Financial Pro   10.000     1/3/2020   EUR     65.260
Vontobel Financial Pro    3.500     1/3/2020   EUR     70.790
Vontobel Financial Pro    7.000     1/3/2020   EUR     63.390
Vontobel Financial Pro    4.000     1/3/2020   EUR     71.280
Vontobel Financial Pro    3.000     1/3/2020   EUR     74.630
Vontobel Financial Pro    6.000     1/3/2020   EUR     66.920
Vontobel Financial Pro    6.000     1/3/2020   EUR     65.040
Vontobel Financial Pro    8.000     1/3/2020   EUR     69.400
Vontobel Financial Pro   12.000     1/3/2020   EUR     62.590
Vontobel Financial Pro   14.000     1/3/2020   EUR     59.760
Vontobel Financial Pro   16.000     1/3/2020   EUR     57.260
Vontobel Financial Pro   11.500     1/3/2020   EUR     73.650
UniCredit Bank AG         3.800   12/29/2022   EUR     57.970
DekaBank Deutsche Giro    5.150     7/3/2020   EUR     76.260
Leonteq Securities AG/   10.600    12/8/2020   EUR     63.540
Landesbank Hessen-Thue    3.500     1/5/2022   EUR     64.170
Landesbank Hessen-Thue    4.000     1/5/2022   EUR     65.420
DekaBank Deutsche Giro    2.200    5/15/2020   EUR     69.100
Natixis SA                3.690    11/9/2020   USD     59.779
DekaBank Deutsche Giro    3.800   12/18/2020   EUR     60.930
UniCredit Bank AG         8.000    6/26/2020   EUR     67.380
UniCredit Bank AG        14.700    6/26/2020   EUR     64.440
Credit Suisse AG/Londo    7.000    1/16/2020   CHF     75.020
DZ Bank AG Deutsche Ze    7.000   12/23/2019   EUR     69.450
UBS AG/London            11.000    4/17/2020   CHF     54.050
DekaBank Deutsche Giro    2.500   11/14/2019   EUR     67.140
Vontobel Financial Pro    8.000     1/3/2020   EUR     68.780
Vontobel Financial Pro   11.500     1/3/2020   EUR     63.780
Vontobel Financial Pro   12.500     1/3/2020   EUR     62.700
Vontobel Financial Pro   15.000     1/3/2020   EUR     60.770
Vontobel Financial Pro   13.500     1/3/2020   EUR     58.170
Vontobel Financial Pro    5.500     1/3/2020   EUR     73.270
Vontobel Financial Pro    7.000     1/3/2020   EUR     70.170
Vontobel Financial Pro   14.500     1/3/2020   EUR     56.950
Vontobel Financial Pro   12.000     1/3/2020   EUR     59.370
Vontobel Financial Pro   10.500     1/3/2020   EUR     64.920
Vontobel Financial Pro   11.500     1/3/2020   EUR     72.740
Vontobel Financial Pro   10.500     1/3/2020   EUR     74.760
Vontobel Financial Pro   13.000     1/3/2020   EUR     70.930
Vontobel Financial Pro   17.000     1/3/2020   EUR     66.070
Vontobel Financial Pro   16.000     1/3/2020   EUR     67.650
Vontobel Financial Pro   14.500     1/3/2020   EUR     69.230
Vontobel Financial Pro   13.500     1/3/2020   EUR     61.670
Vontobel Financial Pro   17.500     1/3/2020   EUR     58.750
Vontobel Financial Pro   16.000     1/3/2020   EUR     60.890
UniCredit Bank AG         8.400    3/27/2020   EUR     68.910
UniCredit Bank AG        13.600    3/27/2020   EUR     65.330
UniCredit Bank AG        12.500    3/27/2020   EUR     74.500
UniCredit Bank AG         7.000   12/24/2021   EUR     74.930
DekaBank Deutsche Giro    2.100    5/15/2020   EUR     70.860
DZ Bank AG Deutsche Ze   10.000   12/27/2019   EUR     72.690
DZ Bank AG Deutsche Ze    8.250   12/27/2019   EUR     26.260
HSBC Trinkaus & Burkha    6.100   12/27/2019   EUR     69.360
DekaBank Deutsche Giro    5.100   10/31/2019   EUR     70.850
Leonteq Securities AG/   14.000    1/15/2020   USD     45.760
Leonteq Securities AG/   10.600    1/15/2020   CHF     45.240
DekaBank Deutsche Giro    2.800    6/19/2020   EUR     60.900
Zurcher Kantonalbank F    6.600   11/22/2019   CHF     57.920
Leonteq Securities AG/    6.600    8/18/2020   CHF     71.310
UBS AG/London             6.750   11/25/2019   CHF     57.950
UBS AG/London            13.000   11/25/2019   CHF     52.950
UBS AG/London             6.500   11/25/2019   CHF     69.400
Leonteq Securities AG/    6.000    8/18/2020   CHF     67.160
Zurcher Kantonalbank F    8.900    12/6/2019   CHF     27.740
UniCredit Bank AG         5.900   11/22/2019   EUR     67.140
DekaBank Deutsche Giro    2.000    9/18/2020   EUR     64.010
Leonteq Securities AG/    5.000    8/25/2020   CHF     65.780
BNP Paribas Emissions-    8.000   12/30/2019   EUR     67.350
UniCredit Bank AG         8.900   12/29/2020   EUR     63.370
UniCredit Bank AG         6.700   12/29/2020   EUR     67.030
UniCredit Bank AG         8.900   12/29/2020   EUR     51.300
UniCredit Bank AG         7.800   12/29/2020   EUR     74.120
UniCredit Bank AG         6.500   12/29/2020   EUR     55.440
UniCredit Bank AG         7.300   12/29/2020   EUR     54.290
UniCredit Bank AG         9.000   12/29/2020   EUR     65.660
UniCredit Bank AG         6.100     1/3/2020   EUR     73.040
Zurcher Kantonalbank F    6.500     7/3/2020   CHF     31.860
Landesbank Baden-Wuert    2.100    8/27/2021   EUR     71.930
Bank Julius Baer & Co    13.600     1/3/2020   CHF     60.400
Raiffeisen Schweiz Gen    6.000     9/1/2020   CHF     68.610
Commerzbank AG           11.500    5/22/2020   EUR     73.180
Vontobel Financial Pro   13.500     1/3/2020   EUR     74.670
Vontobel Financial Pro   14.000    3/27/2020   EUR     74.250
Vontobel Financial Pro   11.500     1/3/2020   EUR     71.380
Vontobel Financial Pro   10.500    3/27/2020   EUR     72.770
Vontobel Financial Pro   13.000     1/3/2020   EUR     69.620
Vontobel Financial Pro   11.500     1/3/2020   EUR     64.360
Commerzbank AG           14.250   12/31/2019   EUR     69.880
Vontobel Financial Pro    9.500    2/28/2020   EUR     46.320
Vontobel Financial Pro   13.000    2/28/2020   EUR     73.200
Deutsche Bank AG          7.400    3/24/2020   EUR     74.960
Deutsche Bank AG          5.400    1/21/2020   EUR     70.500
Deutsche Bank AG          5.400    1/21/2020   EUR     68.500
Deutsche Bank AG          5.400    2/25/2020   EUR     72.800
Deutsche Bank AG          5.400    2/25/2020   EUR     70.800
Deutsche Bank AG          5.400    2/25/2020   EUR     68.800
Deutsche Bank AG          5.400    3/24/2020   EUR     72.900
Deutsche Bank AG          5.400    3/24/2020   EUR     70.900
Deutsche Bank AG          5.400    3/24/2020   EUR     69.000
Deutsche Bank AG          7.400    1/21/2020   EUR     73.100
Deutsche Bank AG          7.400    1/21/2020   EUR     72.200
Deutsche Bank AG          7.400    1/21/2020   EUR     71.000
Deutsche Bank AG          7.400    1/21/2020   EUR     69.800
Deutsche Bank AG          7.400    1/21/2020   EUR     69.000
Deutsche Bank AG          7.400    2/25/2020   EUR     73.500
Deutsche Bank AG          7.400    2/25/2020   EUR     72.600
Deutsche Bank AG          7.400    2/25/2020   EUR     71.400
Deutsche Bank AG          7.400    2/25/2020   EUR     70.200
Deutsche Bank AG          7.400    2/25/2020   EUR     69.500
Deutsche Bank AG          7.400    3/24/2020   EUR     73.700
Deutsche Bank AG          7.400    3/24/2020   EUR     72.900
Deutsche Bank AG          7.400    3/24/2020   EUR     71.800
Deutsche Bank AG          7.400    3/24/2020   EUR     70.600
Deutsche Bank AG          7.400    3/24/2020   EUR     69.900
Deutsche Bank AG          5.400    1/21/2020   EUR     72.600
Vontobel Financial Pro   14.500     1/3/2020   EUR     67.970
Vontobel Financial Pro   12.500    3/27/2020   EUR     69.920
Vontobel Financial Pro   13.500    3/27/2020   EUR     68.610
Vontobel Financial Pro   16.000     1/3/2020   EUR     66.420
Societe Generale Effek   21.194   12/20/2019   EUR     56.650
Societe Generale Effek   22.068   12/20/2019   EUR     56.010
Leonteq Securities AG/   13.000     8/4/2020   CHF     50.710
DekaBank Deutsche Giro    5.100     3/6/2020   EUR     68.760
Societe Generale Effek   26.656   12/20/2019   EUR     66.040
Societe Generale Effek   14.287    3/20/2020   EUR     73.510
Societe Generale Effek    5.899   12/20/2019   EUR     50.860
Societe Generale Effek    7.647   12/20/2019   EUR     47.380
Societe Generale Effek    9.832   12/20/2019   EUR     44.520
Societe Generale Effek   12.017   12/20/2019   EUR     42.080
Societe Generale Effek    8.684    3/20/2020   EUR     49.090
Societe Generale Effek   10.925    3/20/2020   EUR     46.660
Societe Generale Effek   11.986    6/19/2020   EUR     51.530
Societe Generale Effek   14.041    6/19/2020   EUR     49.320
Societe Generale Effek   15.732   12/20/2019   EUR     74.710
Societe Generale Effek   18.572   12/20/2019   EUR     71.430
Societe Generale Effek   24.471   12/20/2019   EUR     65.980
Societe Generale Effek   19.890    3/20/2020   EUR     75.110
Societe Generale Effek   24.471   12/20/2019   EUR     73.370
Societe Generale Effek    6.555   12/20/2019   EUR     73.380
Societe Generale Effek    7.866   12/20/2019   EUR     70.720
Societe Generale Effek    9.395   12/20/2019   EUR     68.230
Societe Generale Effek   10.925   12/20/2019   EUR     65.950
Societe Generale Effek   16.168   12/20/2019   EUR     60.280
Societe Generale Effek    7.564    3/20/2020   EUR     74.800
Societe Generale Effek    9.247    6/19/2020   EUR     74.830
Societe Generale Effek   21.194   12/20/2019   EUR     74.650
Societe Generale Effek   10.269   12/20/2019   EUR     74.620
Societe Generale Effek   14.421   12/20/2019   EUR     68.400
Societe Generale Effek   15.968    3/20/2020   EUR     70.970
SG Issuer SA             16.100   11/21/2019   EUR     71.520
Vontobel Financial Pro    4.000     1/3/2020   EUR     50.009
Vontobel Financial Pro    2.500    3/27/2020   EUR     50.228
Vontobel Financial Pro    4.000    3/27/2020   EUR     50.894
Vontobel Financial Pro    5.000    3/27/2020   EUR     51.332
Vontobel Financial Pro    7.500    3/27/2020   EUR     52.825
Vontobel Financial Pro    5.000     1/3/2020   EUR     50.218
Commerzbank AG           12.250    1/24/2020   EUR     74.580
Landesbank Baden-Wuert    4.000    7/24/2020   EUR     70.120
Landesbank Baden-Wuert    5.000    7/24/2020   EUR     68.490
Landesbank Baden-Wuert    3.000    7/24/2020   EUR     49.550
Landesbank Baden-Wuert    5.000    7/24/2020   EUR     45.690
Vontobel Financial Pro    9.500   12/12/2019   EUR     63.450
Vontobel Financial Pro    5.500    3/13/2020   EUR     70.790
Vontobel Financial Pro   12.000    3/13/2020   EUR     61.580
Vontobel Financial Pro    5.500   12/12/2019   EUR     69.210
Vontobel Financial Pro   14.000   12/12/2019   EUR     58.790
Vontobel Financial Pro   10.500   12/13/2019   EUR     73.260
Vontobel Financial Pro   11.500   12/13/2019   EUR     71.640
Vontobel Financial Pro    9.500    3/13/2020   EUR     74.540
Vontobel Financial Pro    5.000    3/13/2020   EUR     51.153
Vontobel Financial Pro    2.500    3/13/2020   EUR     50.138
Vontobel Financial Pro   10.500    3/13/2020   EUR     72.930
Vontobel Financial Pro   11.500    3/13/2020   EUR     71.400
Vontobel Financial Pro   16.500   12/13/2019   EUR     74.550
Vontobel Financial Pro    7.000    3/13/2020   EUR     60.854
Vontobel Financial Pro   11.500   12/13/2019   EUR     59.720
HSBC Trinkaus & Burkha    6.500    3/27/2020   EUR     71.390
HSBC Trinkaus & Burkha   10.300   12/27/2019   EUR     75.170
HSBC Trinkaus & Burkha   15.000   12/27/2019   EUR     36.470
HSBC Trinkaus & Burkha   13.100    3/27/2020   EUR     39.020
HSBC Trinkaus & Burkha    7.900    3/27/2020   EUR     42.660
HSBC Trinkaus & Burkha   12.600    6/26/2020   EUR     41.530
HSBC Trinkaus & Burkha   10.200   11/22/2019   EUR     39.700
HSBC Trinkaus & Burkha    9.100    2/28/2020   EUR     41.250
Vontobel Financial Pro    8.000    9/25/2020   EUR     74.118
UBS AG/London            13.500    9/11/2020   USD     75.420
Vontobel Financial Pro   13.400    9/16/2020   USD     71.600
Vontobel Financial Pro   19.000    9/25/2020   EUR     66.780
Vontobel Financial Pro   22.000    6/26/2020   EUR     65.490
Vontobel Financial Pro   24.000    9/25/2020   EUR     66.720
Vontobel Financial Pro   21.500    9/25/2020   EUR     64.450
Vontobel Financial Pro    7.500    6/26/2020   EUR     70.430
Vontobel Financial Pro   12.500    6/26/2020   EUR     66.536
Vontobel Financial Pro    5.500    9/25/2020   EUR     73.710
Vontobel Financial Pro   11.500    9/25/2020   EUR     68.556
Vontobel Financial Pro   16.000    9/25/2020   EUR     74.150
Vontobel Financial Pro   15.000    9/25/2020   EUR     73.600
Vontobel Financial Pro   20.000    6/26/2020   EUR     73.820
Vontobel Financial Pro   21.500    6/26/2020   EUR     74.490
Vontobel Financial Pro   12.000     1/3/2020   EUR     49.420
Vontobel Financial Pro   10.500    3/27/2020   EUR     51.450
Vontobel Financial Pro    9.000    3/27/2020   EUR     53.620
Vontobel Financial Pro    8.500     1/3/2020   EUR     55.030
Vontobel Financial Pro   10.500     1/3/2020   EUR     70.410
Vontobel Financial Pro   12.500     1/3/2020   EUR     67.510
Vontobel Financial Pro   14.000     1/3/2020   EUR     59.450
Vontobel Financial Pro    8.000     1/3/2020   EUR     73.800
Vontobel Financial Pro    9.000    3/27/2020   EUR     72.020
Vontobel Financial Pro    7.000     1/3/2020   EUR     50.646
Vontobel Financial Pro   13.000     1/3/2020   EUR     59.270
Vontobel Financial Pro   15.500     1/3/2020   EUR     59.720
Vontobel Financial Pro   11.000     1/3/2020   EUR     67.600
Vontobel Financial Pro   10.500     1/3/2020   EUR     51.382
Vontobel Financial Pro    8.500     1/3/2020   EUR     50.964
Vontobel Financial Pro   10.500     1/3/2020   EUR     58.200
Vontobel Financial Pro    6.900   12/16/2019   EUR     63.150
HSBC Trinkaus & Burkha    1.650    3/27/2020   EUR     74.420
HSBC Trinkaus & Burkha    4.000   12/30/2019   EUR     66.940
HSBC Trinkaus & Burkha    9.800    1/24/2020   EUR     50.290
HSBC Trinkaus & Burkha    7.200   12/27/2019   EUR     69.330
HSBC Trinkaus & Burkha   11.500   12/27/2019   EUR     68.760
DZ Bank AG Deutsche Ze    6.750   12/27/2019   EUR     69.640
Leonteq Securities AG    11.200   12/17/2019   CHF     73.630
Bank Julius Baer & Co     5.450   12/18/2019   CHF     71.600
UBS AG/London            12.000    6/12/2020   USD     53.160
Landesbank Baden-Wuert    5.000    1/24/2020   EUR     71.250
Landesbank Baden-Wuert    3.000    1/24/2020   EUR     65.370
Landesbank Baden-Wuert    5.000    1/24/2020   EUR     57.930
Landesbank Baden-Wuert    7.000    1/24/2020   EUR     55.720
Landesbank Baden-Wuert    4.500    1/24/2020   EUR     73.710
Landesbank Baden-Wuert    6.000    1/24/2020   EUR     69.960
Commerzbank AG            2.980   12/28/2021   USD     74.200
DekaBank Deutsche Giro    6.000    6/11/2021   EUR     67.040
HSBC Trinkaus & Burkha    9.400   12/27/2019   EUR     64.270
HSBC Trinkaus & Burkha    7.400   12/27/2019   EUR     63.940
HSBC Trinkaus & Burkha    9.400    6/26/2020   EUR     67.370
HSBC Trinkaus & Burkha    8.600    6/26/2020   EUR     66.960
HSBC Trinkaus & Burkha    7.400    6/26/2020   EUR     66.160
HSBC Trinkaus & Burkha   11.400   12/27/2019   EUR     49.880
HSBC Trinkaus & Burkha    5.600   12/28/2020   EUR     52.990
HSBC Trinkaus & Burkha    7.500   12/27/2019   EUR     69.670
HSBC Trinkaus & Burkha    5.700   12/27/2019   EUR     69.380
HSBC Trinkaus & Burkha    7.400    6/26/2020   EUR     69.430
HSBC Trinkaus & Burkha    6.400    6/26/2020   EUR     68.770
HSBC Trinkaus & Burkha    3.360   12/30/2019   EUR     65.770
HSBC Trinkaus & Burkha    1.410    3/27/2020   EUR     70.810
HSBC Trinkaus & Burkha    5.100    6/26/2020   EUR     56.450
HSBC Trinkaus & Burkha    3.300    6/26/2020   EUR     61.740
HSBC Trinkaus & Burkha    8.800    9/25/2020   EUR     50.660
HSBC Trinkaus & Burkha    6.500    9/25/2020   EUR     53.870
HSBC Trinkaus & Burkha    4.400    9/25/2020   EUR     58.510
HSBC Trinkaus & Burkha    2.900    9/25/2020   EUR     63.790
HSBC Trinkaus & Burkha   10.400   11/22/2019   EUR     45.700
HSBC Trinkaus & Burkha    6.400   11/22/2019   EUR     51.300
HSBC Trinkaus & Burkha    3.300   11/22/2019   EUR     58.710
HSBC Trinkaus & Burkha    6.300    1/24/2020   EUR     51.520
HSBC Trinkaus & Burkha    3.400    1/24/2020   EUR     58.220
HSBC Trinkaus & Burkha    9.500    2/28/2020   EUR     47.230
HSBC Trinkaus & Burkha    6.300    2/28/2020   EUR     51.850
HSBC Trinkaus & Burkha    3.600    2/28/2020   EUR     58.170
HSBC Trinkaus & Burkha    6.800    3/27/2020   EUR     73.460
HSBC Trinkaus & Burkha    2.600    3/27/2020   EUR     62.020
HSBC Trinkaus & Burkha   12.300    6/26/2020   EUR     46.990
HSBC Trinkaus & Burkha   10.400    6/26/2020   EUR     48.570
HSBC Trinkaus & Burkha    7.600    6/26/2020   EUR     51.810
BNP Paribas Emissions-   13.000    3/26/2020   EUR     67.800
Raiffeisen Schweiz Gen    3.000    9/22/2020   CHF     17.170
Raiffeisen Schweiz Gen    3.000    9/21/2029   CHF     72.730
UniCredit Bank AG         3.500    1/29/2020   EUR     30.790
UniCredit Bank AG         3.500   12/19/2019   EUR     32.820
DZ Bank AG Deutsche Ze    5.250    3/25/2020   EUR     67.350
Bank Julius Baer & Co     4.950   11/20/2019   CHF     68.000
Vontobel Financial Pro   16.000     1/3/2020   EUR     74.320
UBS AG/London             8.000    2/21/2020   EUR     61.200
UBS AG/London            10.000   11/21/2019   CHF     55.650
Vontobel Financial Pro   16.000     1/3/2020   EUR     72.180
Vontobel Financial Pro   16.000     1/3/2020   EUR     63.300
Vontobel Financial Pro   18.000     1/3/2020   EUR     74.810
Vontobel Financial Pro   14.500     1/3/2020   EUR     75.090
Vontobel Financial Pro    6.500    3/13/2020   EUR     51.710
Vontobel Financial Pro    4.000   12/13/2019   EUR     49.750
Vontobel Financial Pro    8.500    3/13/2020   EUR     52.516
Vontobel Financial Pro   14.000    3/27/2020   EUR     75.070
Vontobel Financial Pro    7.500    3/27/2020   EUR     56.160
Vontobel Financial Pro    6.500    3/27/2020   EUR     59.270
Vontobel Financial Pro   14.000     1/3/2020   EUR     47.160
Vontobel Financial Pro   10.000     1/3/2020   EUR     52.000
Vontobel Financial Pro   12.500    3/27/2020   EUR     49.770
Vontobel Financial Pro    9.000    3/27/2020   EUR     72.000
Vontobel Financial Pro   15.000     1/3/2020   EUR     64.980
Vontobel Financial Pro   12.500    3/27/2020   EUR     67.840
Vontobel Financial Pro    9.500     1/3/2020   EUR     71.390
Vontobel Financial Pro   11.500     1/3/2020   EUR     69.260
Vontobel Financial Pro    8.500    3/27/2020   EUR     60.000
Vontobel Financial Pro   10.500    3/27/2020   EUR     61.200
Vontobel Financial Pro   12.500    3/27/2020   EUR     62.020
Vontobel Financial Pro   12.000     1/3/2020   EUR     59.090
Vontobel Financial Pro    9.000     1/3/2020   EUR     57.930
Vontobel Financial Pro   21.000     1/3/2020   EUR     69.380
Landesbank Baden-Wuert    3.000   12/29/2020   EUR     58.960
Landesbank Baden-Wuert    5.000   12/29/2020   EUR     54.070
Commerzbank AG            9.750   12/31/2019   EUR     71.840
Commerzbank AG           12.750   12/31/2019   EUR     72.050
Commerzbank AG           11.750   12/31/2019   EUR     68.850
Commerzbank AG           10.500   12/31/2019   EUR     71.340
Commerzbank AG           12.500   12/31/2019   EUR     69.310
Commerzbank AG           14.500   12/31/2019   EUR     64.750
Vontobel Financial Pro   12.000   12/31/2019   EUR     65.680
Vontobel Financial Pro   12.700   12/13/2019   EUR     54.675
Vontobel Financial Pro   10.450   12/13/2019   EUR     54.610
Vontobel Financial Pro    9.500    3/13/2020   EUR     72.290
Vontobel Financial Pro   16.500   12/12/2019   EUR     64.290
Vontobel Financial Pro   16.500    3/13/2020   EUR     75.540
Commerzbank AG           12.500   12/31/2019   EUR     73.510
Commerzbank AG           11.250   12/31/2019   EUR     74.060
Commerzbank AG           13.250   12/31/2019   EUR     71.580
Commerzbank AG            3.500   12/31/2019   EUR     72.050
Commerzbank AG           16.500   12/31/2019   EUR     67.250
Leonteq Securities AG     3.600    9/22/2026   CHF     67.090
Raiffeisen Schweiz Gen    2.700    9/22/2026   CHF     60.830
EFG International Fina    7.000   11/27/2019   EUR      1.600
Bank Julius Baer & Co    10.800    6/12/2020   CHF     72.650
Vontobel Financial Pro    5.500    3/20/2020   EUR     57.043
Raiffeisen Schweiz Gen    3.200   12/18/2026   CHF     70.510
Raiffeisen Schweiz Gen   10.000   12/31/2024   CHF     72.440
UniCredit Bank AG         3.600     3/5/2020   EUR     58.310
HSBC Trinkaus & Burkha    2.000    4/22/2020   EUR     72.280
Vontobel Financial Pro   11.500    3/27/2020   EUR     64.710
UniCredit Bank AG         3.700    9/14/2022   EUR     61.320
Societe Generale Effek    6.325   12/20/2019   EUR     73.020
Societe Generale Effek   15.533    6/19/2020   EUR     69.180
BNP Paribas Emissions-    9.000   12/30/2019   EUR     74.680
BNP Paribas Emissions-    6.500   12/30/2019   EUR     71.460
BNP Paribas Emissions-    8.000   12/30/2019   EUR     68.470
BNP Paribas Emissions-    9.500   12/30/2019   EUR     65.760
BNP Paribas Emissions-    9.000   12/30/2019   EUR     60.050
BNP Paribas Emissions-    8.000   12/30/2019   EUR     66.800
BNP Paribas Emissions-   11.000   12/30/2019   EUR     70.110
BNP Paribas Emissions-    8.500   12/30/2019   EUR     74.260
BNP Paribas Emissions-    9.500   12/30/2019   EUR     45.150
BNP Paribas Emissions-   10.000   12/30/2019   EUR     59.980
BNP Paribas Emissions-   12.000   12/30/2019   EUR     63.900
BNP Paribas Emissions-    9.000   12/30/2019   EUR     65.630
SG Issuer SA              3.000     9/2/2021   EUR     60.930
Vontobel Financial Pro   18.000     1/3/2020   EUR     70.940
Commerzbank AG            8.500   12/31/2019   EUR     67.350
UniCredit Bank AG        12.300    6/26/2020   EUR     57.780
UniCredit Bank AG         9.600   12/27/2021   EUR     66.130
UniCredit Bank AG        13.900   12/29/2020   EUR     57.330
Leonteq Securities AG    20.000   11/13/2019   CHF     72.200
Raiffeisen Centrobank     5.333     3/5/2020   EUR     67.940
DekaBank Deutsche Giro    3.450    7/31/2020   EUR     58.430
Leonteq Securities AG/    5.000    8/17/2020   CHF     65.970
UBS AG/London             6.300     1/2/2020   EUR     74.090
UBS AG/London             3.800    3/26/2020   EUR     51.880
UBS AG/London             4.000     1/2/2020   EUR     69.860
Credit Suisse AG/Nassa    8.000   11/18/2019   CHF     74.690
Credit Suisse AG/Nassa    8.250   11/18/2019   EUR     70.940
Leonteq Securities AG/   10.600    2/17/2020   CHF     61.360
Leonteq Securities AG    10.000   11/20/2019   CHF     40.380
Leonteq Securities AG     6.000    8/17/2021   CHF     75.190
Leonteq Securities AG     5.000    2/17/2021   CHF     54.400
Leonteq Securities AG/   10.000   11/20/2019   EUR     71.930
UBS AG/London            10.000    8/10/2020   USD     55.130
UBS AG/London             6.000    2/10/2020   EUR     49.850
UBS AG/London             6.500    8/10/2020   CHF     65.600
UBS AG/London            10.000    8/10/2020   CHF     67.650
UBS AG/London             6.500     2/8/2021   EUR     71.800
Raiffeisen Schweiz Gen    5.300    8/17/2020   CHF     76.160
Raiffeisen Schweiz Gen    6.000    2/17/2020   CHF     67.800
Bank Julius Baer & Co    12.000   11/11/2019   EUR     67.900
Zurcher Kantonalbank F    6.250    2/13/2020   EUR     64.920
Credit Suisse AG/Londo    9.500    2/24/2020   USD     65.240
Landesbank Baden-Wuert    2.750   11/26/2021   EUR     71.010
DZ Bank AG Deutsche Ze    6.750   12/27/2019   EUR     59.410
DZ Bank AG Deutsche Ze    8.750   12/27/2019   EUR     67.030
DZ Bank AG Deutsche Ze    5.750   12/27/2019   EUR     69.100
DZ Bank AG Deutsche Ze    9.000   12/27/2019   EUR     28.620
DZ Bank AG Deutsche Ze   11.250   12/27/2019   EUR     70.280
Landesbank Hessen-Thue    4.000    9/14/2022   EUR     71.530
DZ Bank AG Deutsche Ze    6.250   12/23/2019   EUR     64.380
DZ Bank AG Deutsche Ze    4.800   12/23/2019   EUR     65.500
DZ Bank AG Deutsche Ze    6.000   12/23/2019   EUR     65.690
DZ Bank AG Deutsche Ze    5.000   12/23/2019   EUR     72.380
DZ Bank AG Deutsche Ze    4.800   12/23/2019   EUR     73.870
DZ Bank AG Deutsche Ze    5.400   12/23/2019   EUR     72.630
DZ Bank AG Deutsche Ze    8.000   12/23/2019   EUR     52.160
DZ Bank AG Deutsche Ze    4.700   12/23/2019   EUR     64.230
DZ Bank AG Deutsche Ze    4.300   12/23/2019   EUR     66.970
DZ Bank AG Deutsche Ze    5.100   12/23/2019   EUR     65.340
DZ Bank AG Deutsche Ze    5.900   12/23/2019   EUR     64.160
Zurcher Kantonalbank F    5.125    2/14/2020   CHF     66.720
Leonteq Securities AG/    5.600    8/24/2021   CHF     59.530
Credit Suisse AG/Nassa    7.000   11/22/2019   CHF     63.900
UBS AG/London             8.750    8/17/2020   CHF     43.250
UBS AG/London             9.500    8/17/2020   CHF     68.500
UBS AG/London            10.000    8/17/2020   CHF     69.600
UBS AG/London             9.000    8/17/2020   EUR     68.950
UBS AG/London             8.000    8/17/2020   EUR     52.750
UBS AG/London             7.000    8/17/2020   EUR     71.250
UBS AG/London             8.000    8/17/2020   CHF     55.750
Landesbank Baden-Wuert    5.000    3/27/2020   EUR     73.470
Landesbank Baden-Wuert    4.750    3/27/2020   EUR     69.720
Corner Banca SA          11.800   11/13/2019   CHF     66.600
Leonteq Securities AG    14.000    11/6/2019   CHF     44.370
Credit Suisse AG/Nassa    7.250   11/15/2019   CHF     60.210
Leonteq Securities AG/    7.000    8/17/2020   CHF     73.440
Leonteq Securities AG/   10.000     2/7/2020   CHF     70.670
Bayerische Landesbank     3.000    9/11/2020   EUR     74.220
Bayerische Landesbank     3.300    9/11/2020   EUR     69.670
Credit Suisse AG/Nassa    7.000   11/15/2019   EUR     67.900
Credit Suisse AG/Nassa    9.500   11/18/2019   CHF     63.110
Credit Suisse AG/Nassa    8.000   11/15/2019   CHF     72.850
Vontobel Financial Pro    4.000   11/18/2019   EUR     73.020
Raiffeisen Schweiz Gen    5.340    8/17/2020   CHF     70.000
Leonteq Securities AG/   10.000   11/27/2019   EUR     67.820
Leonteq Securities AG/   12.800   11/27/2019   CHF     72.030
DekaBank Deutsche Giro    3.000    9/11/2020   EUR     67.400
Vontobel Financial Pro    3.840    2/17/2020   EUR     74.610
Raiffeisen Schweiz Gen    6.250    2/17/2020   CHF     64.970
Leonteq Securities AG     8.000    8/24/2020   CHF     68.040
Leonteq Securities AG    12.400   11/27/2019   CHF     73.950
Leonteq Securities AG    10.200   11/27/2019   CHF     53.100
Leonteq Securities AG/   15.000   11/27/2019   USD     42.440
Raiffeisen Schweiz Gen    6.500    2/24/2020   CHF     66.570
Raiffeisen Schweiz Gen    5.250    2/24/2020   CHF     67.980
Corner Banca SA           5.800    2/17/2020   CHF     69.710
Corner Banca SA           8.700    2/20/2020   USD     70.610
Societe Generale Effek    5.600     9/4/2023   EUR     72.920
Vontobel Financial Pro   13.000    3/27/2020   EUR     67.600
BNP Paribas Emissions-   12.000   12/30/2019   EUR     69.630
BNP Paribas Emissions-   12.000   12/30/2019   EUR     52.080
BNP Paribas Emissions-   12.000   12/30/2019   EUR     60.320
BNP Paribas Emissions-    8.000    3/26/2020   EUR     72.070
BNP Paribas Emissions-    7.500    6/25/2020   EUR     73.470
Commerzbank AG           12.750   12/31/2019   EUR     73.770
UniCredit Bank AG         6.100    8/12/2020   EUR     64.930
Raiffeisen Schweiz Gen    6.400     4/8/2020   CHF     71.910
UBS AG/London            12.000    4/13/2020   USD     52.620
Vontobel Financial Pro    9.000     1/3/2020   EUR     68.250
Vontobel Financial Pro    5.500     1/3/2020   EUR     66.890
Vontobel Financial Pro    4.500     1/3/2020   EUR     68.770
Vontobel Financial Pro    9.500     1/3/2020   EUR     60.470
Vontobel Financial Pro    8.500     1/3/2020   EUR     61.930
Vontobel Financial Pro    7.000     1/3/2020   EUR     65.670
Vontobel Financial Pro    3.000     1/3/2020   EUR     73.040
Landesbank Baden-Wuert    4.350    7/24/2020   EUR     48.750
Vontobel Financial Pro    6.500     1/3/2020   EUR     73.610
Vontobel Financial Pro   10.000     1/3/2020   EUR     65.770
DekaBank Deutsche Giro    4.000   10/31/2019   EUR     74.390
Citigroup Global Marke   12.379   11/13/2023   SEK     74.220
Vontobel Financial Pro    2.400     1/6/2020   EUR     73.480
UBS AG/London             9.330     4/9/2020   USD      5.865
Leonteq Securities AG/   14.200    1/15/2020   USD     40.930
Leonteq Securities AG/   11.000    1/15/2020   CHF     40.450
Leonteq Securities AG/   10.400    1/15/2020   CHF     75.500
Vontobel Financial Pro   14.000     1/3/2020   EUR     70.710
Vontobel Financial Pro   16.000     1/3/2020   EUR     67.970
BNP Paribas Emissions-   16.000   12/30/2019   EUR     63.240
BNP Paribas Emissions-    6.500   12/30/2019   EUR     73.900
BNP Paribas Emissions-   15.000   12/30/2019   EUR     60.120
BNP Paribas Emissions-   13.000   12/30/2019   EUR     67.200
BNP Paribas Emissions-   10.000   12/30/2019   EUR     72.980
BNP Paribas Emissions-   12.000   12/30/2019   EUR     73.310
BNP Paribas Emissions-   14.000   12/30/2019   EUR     63.050
Landesbank Baden-Wuert    5.200    3/27/2020   EUR     60.100
Raiffeisen Schweiz Gen    6.000    2/10/2020   CHF     66.210
Leonteq Securities AG    10.000   11/13/2019   CHF     63.230
EFG International Fina    6.000    8/13/2021   CHF     74.650
Vontobel Financial Pro    4.200     2/3/2020   EUR     67.130
Vontobel Financial Pro   15.500    3/27/2020   EUR     71.900
Vontobel Financial Pro    9.500    3/27/2020   EUR     71.670
UniCredit Bank AG         5.000    9/14/2021   EUR     71.570
Societe Generale Effek   12.982   12/20/2019   EUR     66.310
BNP Paribas Emissions-    8.000   12/30/2019   EUR     30.920
BNP Paribas Emissions-   11.000   12/30/2019   EUR     57.600
BNP Paribas Emissions-    7.500   12/30/2019   EUR     68.480
BNP Paribas Emissions-   10.000   12/30/2019   EUR     63.860
BNP Paribas Emissions-   11.000   12/30/2019   EUR     67.790
BNP Paribas Emissions-    7.500   12/30/2019   EUR     68.740
DekaBank Deutsche Giro    6.100    2/13/2020   EUR     73.960
Vontobel Financial Pro    8.000    3/27/2020   EUR     60.257
Vontobel Financial Pro   11.000    3/27/2020   EUR     61.591
Vontobel Financial Pro    6.500     1/3/2020   EUR     76.700
Vontobel Financial Pro    5.000    3/27/2020   EUR     69.630
Vontobel Financial Pro    8.500     1/3/2020   EUR     58.850
Vontobel Financial Pro   10.000     1/3/2020   EUR     58.874
Vontobel Financial Pro   12.000     1/3/2020   EUR     59.292
Vontobel Financial Pro   13.500     1/3/2020   EUR     59.610
UBS AG/London             6.200     1/2/2020   EUR     75.560
UBS AG/London             9.100    6/25/2020   EUR     48.400
UBS AG/London             7.200    3/26/2020   EUR     51.710
UBS AG/London             9.700     1/2/2020   EUR     47.110
UBS AG/London             7.200     1/2/2020   EUR     72.530
UBS AG/London            18.200     1/2/2020   EUR     58.070
UBS AG/London             9.100    3/26/2020   EUR     48.870
UniCredit Bank AG         5.300     1/3/2020   EUR     72.060
Landesbank Baden-Wuert    3.350    8/28/2020   EUR     61.730
Raiffeisen Schweiz Gen    7.000   11/20/2019   CHF     75.830
Leonteq Securities AG/    6.400   11/20/2019   CHF     61.880
Leonteq Securities AG/    5.400   11/20/2019   EUR     61.940
Leonteq Securities AG/    7.400   11/20/2019   USD     47.300
Leonteq Securities AG/    7.000    12/6/2019   CHF     62.340
Commerzbank AG           17.250    3/27/2020   EUR     73.880
Leonteq Securities AG/   10.000   12/20/2019   CHF     64.790
Vontobel Financial Pro    4.250   12/30/2019   EUR     64.150
BNP Paribas Emissions-   12.000   12/30/2019   EUR     71.050
BNP Paribas Emissions-   10.000   12/30/2019   EUR     68.320
BNP Paribas Emissions-   10.000   12/30/2019   EUR     63.920
BNP Paribas Emissions-   11.000   12/30/2019   EUR     62.460
BNP Paribas Emissions-   12.000   12/30/2019   EUR     66.230
BNP Paribas Emissions-   13.000   12/30/2019   EUR     61.200
Societe Generale Effek   10.214   12/20/2019   EUR     74.640
Societe Generale Effek   14.363   12/20/2019   EUR     69.060
Societe Generale Effek   16.278   12/20/2019   EUR     66.340
Societe Generale Effek    9.256   12/20/2019   EUR     39.010
Societe Generale Effek    9.901    3/20/2020   EUR     40.470
DZ Bank AG Deutsche Ze    5.000   12/23/2019   EUR     71.840
DZ Bank AG Deutsche Ze    5.000   12/23/2019   EUR     61.400
Leonteq Securities AG/   10.200    3/18/2020   CHF     66.110
Leonteq Securities AG    10.200   12/27/2019   CHF     71.580
Leonteq Securities AG/   10.600   12/27/2019   EUR     75.180
Raiffeisen Schweiz Gen    8.500   12/27/2019   CHF     72.320
Credit Suisse AG/Londo    7.500   12/30/2019   CHF     69.340
UniCredit Bank AG         3.450    9/14/2022   EUR     69.150
BNP Paribas Emissions-   13.000   12/30/2019   EUR     59.240
BNP Paribas Emissions-    3.000   12/30/2019   EUR     72.460
BNP Paribas Emissions-    6.000   12/30/2019   EUR     72.960
BNP Paribas Emissions-    8.000   12/30/2019   EUR     73.680
BNP Paribas Emissions-    9.000   12/30/2019   EUR     70.730
BNP Paribas Emissions-    7.000   12/30/2019   EUR     70.980
BNP Paribas Emissions-    8.000   12/30/2019   EUR     71.140
BNP Paribas Emissions-    8.000   12/30/2019   EUR     62.320
BNP Paribas Emissions-   10.000   12/30/2019   EUR     62.650
Bank Julius Baer & Co     6.650   12/27/2019   CHF     71.150
Bank Julius Baer & Co     6.750   12/27/2019   CHF     74.300
Credit Suisse AG/Nassa    7.000   12/27/2019   CHF     70.630
UniCredit Bank AG         3.400    10/9/2020   EUR     72.870
UniCredit Bank AG         3.750    10/9/2020   EUR     68.380
UBS AG/London             7.500    9/21/2020   USD     51.900
UBS AG/London            10.000    9/21/2020   EUR     68.900
UBS AG/London             8.000    9/21/2020   EUR     71.150
UBS AG/London            11.000    9/21/2020   CHF     75.450
UBS AG/London            10.000   12/19/2019   USD     75.230
UBS AG/London            11.000    9/21/2020   CHF     73.100
UBS AG/London             6.000    3/19/2020   CHF     70.450
UBS AG/London             7.000    3/19/2020   CHF     70.800
Bayerische Landesbank     3.100   10/23/2020   EUR     70.850
Vontobel Financial Pro    5.500    4/15/2020   EUR     64.610
Leonteq Securities AG/    8.000     1/3/2020   CHF     71.120
Vontobel Financial Pro    4.600    4/15/2020   EUR     65.910
Corner Banca SA          12.000     1/3/2020   CHF     72.070
EFG International Fina    9.800    9/21/2021   EUR     58.200
Vontobel Financial Pro   18.500    6/26/2020   EUR     74.240
Vontobel Financial Pro   24.000    3/27/2020   EUR     74.150
Bank Julius Baer & Co    15.500     5/4/2020   USD     59.700
Vontobel Financial Pro   11.500    3/27/2020   EUR     71.310
Vontobel Financial Pro    9.500     1/3/2020   EUR     66.970
Vontobel Financial Pro   10.500    3/27/2020   EUR     66.570
Commerzbank AG           13.750   12/31/2019   EUR     64.780
Commerzbank AG           12.250   12/31/2019   EUR     73.140
Leonteq Securities AG/   14.000   11/25/2019   CHF     55.500
UBS AG/London            10.500   11/25/2019   CHF     60.250
UBS AG/London            10.250   11/25/2019   EUR     45.850
UBS AG/London             7.500   11/25/2019   EUR     49.000
UniCredit Bank AG         8.400   11/22/2019   EUR     55.210
UniCredit Bank AG         5.500   11/22/2019   EUR     74.540
UniCredit Bank AG         5.250    9/19/2020   EUR     64.920
Zurcher Kantonalbank F    6.250    8/24/2020   CHF     71.620
Bayerische Landesbank     2.700    9/18/2020   EUR     63.900
EFG International Fina    5.800    8/31/2020   EUR     65.470
DekaBank Deutsche Giro    4.400    2/21/2020   EUR     64.080
UniCredit Bank AG         4.300    8/24/2021   EUR     68.470
UniCredit Bank AG         3.800    9/19/2021   EUR     55.540
UniCredit Bank AG         3.850    9/19/2021   EUR     71.720
UniCredit Bank AG         3.500    9/19/2021   EUR     60.140
DZ Bank AG Deutsche Ze    5.000    7/22/2020   EUR     68.460
Raiffeisen Schweiz Gen    4.600    5/25/2020   CHF     58.720
UBS AG/London             9.000   11/18/2019   CHF     74.200
Raiffeisen Schweiz Gen    8.600    5/28/2020   CHF     61.280
BNP Paribas Emissions-    7.000   12/30/2019   EUR     61.990
BNP Paribas Emissions-    6.000   12/30/2019   EUR     67.370
BNP Paribas Emissions-    7.000   12/30/2019   EUR     51.820
UniCredit Bank AG         6.700   12/29/2020   EUR     47.710
UniCredit Bank AG        10.100   12/29/2020   EUR     51.860
UniCredit Bank AG         7.900   12/29/2020   EUR     74.460
UniCredit Bank AG         7.400   12/29/2020   EUR     47.760
UniCredit Bank AG         9.300   12/29/2020   EUR     59.580
UniCredit Bank AG         9.400   12/29/2020   EUR     71.620
UniCredit Bank AG         9.300   12/29/2020   EUR     53.910
UniCredit Bank AG         6.900   12/29/2020   EUR     70.340
UniCredit Bank AG        10.600   12/29/2020   EUR     54.920
UniCredit Bank AG        11.900   12/29/2020   EUR     73.230
UniCredit Bank AG        10.700   12/29/2020   EUR     73.760
UniCredit Bank AG         7.300   12/29/2020   EUR     65.800
UniCredit Bank AG         8.200   12/29/2020   EUR     63.180
UniCredit Bank AG         9.400   12/29/2020   EUR     72.360
UniCredit Bank AG         8.700   12/29/2020   EUR     70.950
UniCredit Bank AG         7.600   12/29/2020   EUR     71.730
UniCredit Bank AG         9.700   12/29/2020   EUR     72.170
UBS AG/London             6.000   12/27/2019   EUR     69.750
UBS AG/London             9.500   12/27/2019   CHF     60.950
UBS AG/London             6.000    6/29/2020   CHF     48.700
UBS AG/London             6.250    6/29/2020   CHF     60.700
HSBC Trinkaus & Burkha    3.150   12/30/2019   EUR     70.850
UBS AG/London             3.700    6/25/2020   EUR     73.020
Leonteq Securities AG    20.000    5/12/2020   CHF     38.070
Vontobel Financial Pro   11.000    9/16/2020   EUR     67.270
Landesbank Baden-Wuert    6.200   11/22/2019   EUR     40.500
Vontobel Financial Pro   16.000     1/3/2020   EUR     71.720
DZ Bank AG Deutsche Ze    5.500   11/20/2019   EUR     68.340
Bank Julius Baer & Co     6.950    2/13/2020   CHF     74.600
Raiffeisen Centrobank     7.394   12/27/2019   EUR     70.090
Landesbank Baden-Wuert    2.500   11/22/2019   EUR     73.690
Landesbank Baden-Wuert    4.500   11/22/2019   EUR     41.730
Landesbank Baden-Wuert    2.500   11/22/2019   EUR     56.730
Landesbank Baden-Wuert    5.000   11/22/2019   EUR     74.190
DZ Bank AG Deutsche Ze    4.750   12/23/2019   EUR     70.210
UBS AG/London            11.000   11/14/2019   CHF     67.200
UBS AG/London            12.000    5/14/2020   EUR     71.250
Bank Julius Baer & Co     8.650   11/15/2019   EUR     70.600
EFG International Fina    7.200    2/22/2021   CHF     30.510
Barclays Bank PLC         3.500    8/17/2020   USD     69.770
UniCredit Bank AG         6.400     3/5/2021   EUR     62.810
BNP Paribas Emissions-   13.000    3/26/2020   EUR     74.680
UBS AG/London            12.000    6/19/2020   USD     58.480
Vontobel Financial Pro    7.500    6/26/2020   EUR     74.560
Landesbank Baden-Wuert    3.500   11/22/2019   EUR     52.840
DekaBank Deutsche Giro    3.000    2/14/2020   EUR     64.620
DekaBank Deutsche Giro    2.000   12/13/2019   EUR     66.000
UniCredit Bank AG         4.000    3/13/2022   EUR     69.490
Landesbank Baden-Wuert    2.600   11/27/2020   EUR     54.360
UBS AG/London             6.250     2/7/2020   CHF     37.000
UBS AG/London             6.500     2/7/2020   CHF     59.450
UBS AG/London             8.250     2/7/2020   EUR     55.750
UBS AG/London             8.000     2/7/2020   CHF     56.600
Raiffeisen Centrobank     5.286   12/27/2019   EUR     74.300
Raiffeisen Centrobank     5.815   12/27/2019   EUR     66.900
Raiffeisen Centrobank     6.344   12/27/2019   EUR     74.510
Raiffeisen Schweiz Gen    7.200    2/19/2020   CHF     70.280
Leonteq Securities AG/    2.300     2/8/2023   CHF     51.310
UniCredit Bank AG         5.350     3/5/2021   EUR     71.200
UniCredit Bank AG         5.100     3/5/2021   EUR     68.960
UniCredit Bank AG         4.650     3/5/2021   EUR     71.980
DekaBank Deutsche Giro    3.700     3/6/2020   EUR     60.620
Raiffeisen Schweiz Gen    7.500     2/5/2020   CHF     70.760
Leonteq Securities AG/    7.000     2/5/2020   CHF     22.740
Raiffeisen Schweiz Gen    6.070    1/29/2020   CHF     68.270
UniCredit Bank AG         4.200    2/19/2022   EUR     57.310
UniCredit Bank AG        12.900     1/3/2020   EUR     64.720
UniCredit Bank AG        14.500     1/3/2020   EUR     52.050
UniCredit Bank AG        10.400     1/3/2020   EUR     45.390
UniCredit Bank AG         5.200     1/3/2020   EUR     59.340
UniCredit Bank AG        10.900     1/3/2020   EUR     38.420
UniCredit Bank AG         7.800     1/3/2020   EUR     70.820
UniCredit Bank AG        14.700     1/3/2020   EUR     38.580
UniCredit Bank AG         5.700     1/3/2020   EUR     67.240
UniCredit Bank AG         8.600     1/3/2020   EUR     49.400
UniCredit Bank AG        14.700     1/3/2020   EUR     70.580
UniCredit Bank AG        10.200     1/3/2020   EUR     64.730
UniCredit Bank AG         8.100     1/3/2020   EUR     67.170
UniCredit Bank AG         5.200     1/3/2020   EUR     56.800
UniCredit Bank AG        12.200     1/3/2020   EUR     61.760
UniCredit Bank AG         8.900     1/3/2020   EUR     49.100
UniCredit Bank AG        13.800     1/3/2020   EUR     44.460
UniCredit Bank AG        13.600     1/3/2020   EUR     39.460
UniCredit Bank AG        13.900     1/3/2020   EUR     48.290
UniCredit Bank AG        11.600     1/3/2020   EUR     72.870
UniCredit Bank AG         6.400     1/3/2020   EUR     66.710
UniCredit Bank AG        12.700     1/3/2020   EUR     66.280
UniCredit Bank AG        11.200     1/3/2020   EUR     46.630
UniCredit Bank AG         8.300     1/3/2020   EUR     74.250
Leonteq Securities AG     3.800    2/15/2021   CHF     37.150
Credit Suisse AG/Nassa    5.500    2/17/2020   CHF     69.420
UBS AG/London             6.500    7/31/2020   CHF     63.400
UBS AG/London             7.500    7/31/2020   EUR     43.900
UBS AG/London             7.250    1/31/2020   EUR     73.500
UBS AG/London             6.500    1/31/2020   USD     44.950
EFG International Fina    7.800    2/16/2021   USD     68.700
UniCredit Bank AG        11.200     1/3/2020   EUR     59.350
UniCredit Bank AG        12.700     1/3/2020   EUR     49.080
UniCredit Bank AG        14.900     1/3/2020   EUR     45.700
UniCredit Bank AG         4.400     1/3/2020   EUR     49.310
UniCredit Bank AG         8.300     1/3/2020   EUR     73.830
UniCredit Bank AG        11.500     1/3/2020   EUR     68.040
UniCredit Bank AG         7.800     1/3/2020   EUR     73.070
UniCredit Bank AG         4.300     1/3/2020   EUR     53.230
UniCredit Bank AG         5.800     1/3/2020   EUR     21.050
UniCredit Bank AG         4.900     1/3/2020   EUR     55.570
UniCredit Bank AG         4.200     1/3/2020   EUR     73.490
UniCredit Bank AG         5.100     1/3/2020   EUR     60.110
UniCredit Bank AG        14.200     1/3/2020   EUR     41.600
UniCredit Bank AG         8.900     1/3/2020   EUR     61.550
UniCredit Bank AG        13.700     1/3/2020   EUR     68.770
UniCredit Bank AG        14.800     1/3/2020   EUR     61.480
Leonteq Securities AG/    7.500     2/6/2020   CHF     64.120
UBS AG/London             6.000    1/31/2020   CHF     58.550
UBS AG/London             5.250    1/31/2020   CHF     35.900
UBS AG/London             6.750    7/31/2020   CHF     66.050
UBS AG/London             7.250    1/31/2020   EUR     70.350
UBS AG/London             5.500    1/31/2020   EUR     62.800
UBS AG/London             6.000    1/31/2020   EUR     58.550
EFG International Fina    7.000    2/15/2021   CHF     73.710
EFG International Fina    7.800    2/15/2021   EUR     64.880
Raiffeisen Schweiz Gen    5.250     2/9/2021   CHF     44.380
Raiffeisen Schweiz Gen    7.000    2/12/2020   CHF     67.910
Societe Generale SA       9.000     2/3/2021   USD     55.600
Vontobel Financial Pro    6.100    1/30/2020   EUR     68.260
DekaBank Deutsche Giro    3.500    8/21/2020   EUR     68.920
Corner Banca SA           7.600     2/2/2021   CHF     66.690
DekaBank Deutsche Giro    2.050   12/11/2020   EUR     67.170
DekaBank Deutsche Giro    2.750   12/11/2020   EUR     56.350
DekaBank Deutsche Giro    4.250    8/21/2020   EUR     74.300
DekaBank Deutsche Giro    6.550    8/21/2020   EUR     62.370
DekaBank Deutsche Giro    3.000    8/27/2021   EUR     66.610
Landesbank Hessen-Thue    3.500     3/9/2022   EUR     72.180
DekaBank Deutsche Giro    2.050    2/14/2020   EUR     56.020
UBS AG/London             5.000     2/7/2020   CHF     68.500
UniCredit Bank AG         8.400   12/29/2020   EUR     71.740
UniCredit Bank AG         6.600   12/29/2020   EUR     54.030
UniCredit Bank AG         7.200   12/29/2020   EUR     31.150
UniCredit Bank AG         6.500   12/29/2020   EUR     31.220
UniCredit Bank AG         8.000   12/29/2020   EUR     72.480
UniCredit Bank AG         7.200   12/29/2020   EUR     69.220
UniCredit Bank AG        12.900     1/3/2020   EUR     28.490
Societe Generale SA       8.000     8/9/2022   USD     36.750
Landesbank Hessen-Thue    3.500     9/8/2022   EUR     60.580
UBS AG/London            15.200    3/26/2020   EUR     64.970
UBS AG/London            17.600     1/2/2020   EUR     74.460
Vontobel Financial Pro    4.600    10/8/2020   EUR     71.470
DZ Bank AG Deutsche Ze    6.500   12/23/2019   EUR     74.640
Vontobel Financial Pro   12.000     1/3/2020   EUR     66.130
Vontobel Financial Pro   16.500     1/3/2020   EUR     60.210
Vontobel Financial Pro   10.000     1/3/2020   EUR     69.750
Raiffeisen Centrobank     8.362   12/27/2019   EUR     66.000
Landesbank Baden-Wuert    4.500   11/22/2019   EUR     67.950
Landesbank Baden-Wuert    2.500   11/22/2019   EUR     45.750
Landesbank Baden-Wuert    4.500   11/22/2019   EUR     52.370
Vontobel Financial Pro   11.000     1/3/2020   EUR     70.200
Vontobel Financial Pro   12.000     1/3/2020   EUR     68.720
UBS AG/London            11.000    11/7/2019   EUR     40.150
UBS AG/London             9.000    5/14/2020   CHF     70.500
Vontobel Financial Pro   12.030   11/15/2019   EUR     72.540
Zurcher Kantonalbank F    7.500   11/15/2019   USD     54.840
Credit Suisse AG/Londo    9.750    2/18/2020   USD     59.070
Vontobel Financial Pro    8.500   12/13/2019   EUR     50.447
Commerzbank AG           16.000   12/31/2019   EUR     59.820
Raiffeisen Centrobank    10.181    6/23/2020   EUR     68.670
UBS AG/London             8.400    3/26/2020   EUR     70.800
UBS AG/London            21.600     1/2/2020   EUR     71.500
UBS AG/London             4.800    3/26/2020   EUR     74.310
Landesbank Baden-Wuert    5.750    8/27/2021   EUR     74.510
UBS AG/London            13.700     1/2/2020   EUR     70.570
Vontobel Financial Pro   11.000    3/27/2020   EUR     74.120
Vontobel Financial Pro   11.500    6/26/2020   EUR     71.050
Zurcher Kantonalbank F    8.500    7/10/2020   CHF     74.000
Deutsche Bank AG          4.200    9/22/2020   EUR     73.500
Deutsche Bank AG          4.200   12/24/2019   EUR     59.400
Deutsche Bank AG          4.200    9/22/2020   EUR     66.200
Deutsche Bank AG          4.200   12/22/2020   EUR     61.500
UniCredit Bank AG         3.200    9/10/2022   EUR     74.420
Commerzbank AG           12.250   12/31/2019   EUR     64.190
UBS AG/London             7.000     5/4/2020   CHF     68.350
Raiffeisen Schweiz Gen    7.500    5/25/2020   CHF     26.090
Raiffeisen Schweiz Gen    6.450    5/25/2020   CHF     66.670
BNP Paribas Emissions-    5.000   12/30/2019   EUR     61.300
BNP Paribas Emissions-    5.000   12/30/2019   EUR     51.450
UniCredit Bank AG         8.300   12/29/2020   EUR     67.840
UniCredit Bank AG         7.500   12/29/2020   EUR     64.430
UniCredit Bank AG         8.100   12/29/2020   EUR     52.270
UniCredit Bank AG        10.900   12/29/2020   EUR     69.750
UniCredit Bank AG         8.300   12/29/2020   EUR     52.370
UBS AG/London            11.000    8/24/2020   CHF     75.050
Vontobel Financial Pro    7.500    9/25/2020   EUR     60.740
Vontobel Financial Pro   11.500    9/25/2020   EUR     64.178
Vontobel Financial Pro    9.000   12/31/2019   EUR     57.810
Leonteq Securities AG/   10.000    8/31/2020   EUR     73.240
Leonteq Securities AG/   10.400    12/3/2019   EUR     55.910
Leonteq Securities AG    12.000   11/20/2019   CHF     53.270
Vontobel Financial Pro   15.500    6/25/2020   EUR     71.960
Landesbank Hessen-Thue    3.150    9/28/2020   EUR     66.800
Raiffeisen Centrobank     9.755    3/24/2020   EUR     70.860
DZ Bank AG Deutsche Ze    6.250   12/23/2019   EUR     62.540
DZ Bank AG Deutsche Ze    4.750   12/23/2019   EUR     65.710
DZ Bank AG Deutsche Ze    4.300   12/23/2019   EUR     73.950
UBS AG/London             6.500    2/24/2020   CHF     53.100
UBS AG/London             9.000    8/24/2020   CHF     71.100
UBS AG/London            10.000    8/24/2020   CHF     70.950
Vontobel Financial Pro    5.500    6/26/2020   EUR     66.490
Vontobel Financial Pro    7.500    6/26/2020   EUR     58.950
Vontobel Financial Pro   13.000    9/25/2020   EUR     65.580
Raiffeisen Schweiz Gen    7.200    2/24/2020   CHF     65.930
Leonteq Securities AG/    8.000    12/4/2019   CHF     75.380
UBS AG/London             6.000    2/24/2020   CHF     65.650
UBS AG/London             9.000    8/24/2020   EUR     68.350
UBS AG/London            11.000    8/24/2020   CHF     62.500
Vontobel Financial Pro   11.500   12/31/2019   EUR     74.760
Vontobel Financial Pro    8.000   12/31/2019   EUR     59.200
Vontobel Financial Pro    7.000   12/31/2019   EUR     60.310
Credit Suisse AG/Nassa    8.250   10/31/2019   CHF     71.960
Vontobel Financial Pro   13.500    6/25/2020   EUR     70.630
Vontobel Financial Pro   14.000   12/31/2019   EUR     60.250
UniCredit Bank AG         4.750    9/18/2020   EUR     70.280
Raiffeisen Schweiz Gen    7.000    12/6/2019   CHF     68.860
DZ Bank AG Deutsche Ze    4.750   12/23/2019   EUR     74.060
Landesbank Baden-Wuert    3.500    8/28/2020   EUR     68.190
Landesbank Baden-Wuert    4.500    8/28/2020   EUR     66.370
Landesbank Baden-Wuert    4.000    8/28/2020   EUR     74.270
Vontobel Financial Pro   11.000    3/27/2020   EUR     57.030
Landesbank Baden-Wuert    2.500    8/28/2020   EUR     57.640
UBS AG/London             7.800     1/2/2020   EUR     68.830
UBS AG/London             3.800    9/24/2020   EUR     71.210
UBS AG/London            11.700     1/2/2020   EUR     67.260
UBS AG/London            13.000    3/26/2020   EUR     73.390
Leonteq Securities AG/   13.000   12/10/2019   USD     73.360
Leonteq Securities AG    12.600   12/10/2019   CHF     64.330
Landesbank Baden-Wuert    7.000    8/28/2020   EUR     74.760
Vontobel Financial Pro   12.000     1/3/2020   EUR     54.690
UBS AG/London            21.900     1/2/2020   EUR     74.420
UBS AG/London            25.000     1/2/2020   EUR     73.200
UBS AG/London             6.250     3/2/2020   CHF     65.300
UBS AG/London             9.000    8/31/2020   CHF     68.800
Leonteq Securities AG/    9.000   12/10/2019   CHF     67.450
Vontobel Financial Pro    5.000    3/20/2020   EUR     61.222
UniCredit Bank AG         3.800    8/30/2023   EUR     59.190
Credit Suisse AG/Nassa    7.750    2/24/2020   EUR     71.060
UBS AG/London            12.000    2/24/2020   USD     42.780
Vontobel Financial Pro    4.000    9/25/2020   EUR     70.330
Vontobel Financial Pro    6.000    9/25/2020   EUR     67.030
Leonteq Securities AG/   10.000    12/4/2019   CHF     40.990
Leonteq Securities AG/   10.500    12/4/2019   CHF     65.360
Vontobel Financial Pro   16.000    6/25/2020   EUR     72.270
Raiffeisen Schweiz Gen    7.300     3/5/2020   CHF     64.790
Raiffeisen Schweiz Gen    6.000     3/5/2020   CHF     65.220
Credit Suisse AG/Nassa    6.250    12/3/2019   CHF     72.610
Vontobel Financial Pro   10.000   12/31/2019   EUR     71.610
Vontobel Financial Pro   10.000   12/31/2019   EUR     60.300
Landesbank Baden-Wuert    7.000    8/28/2020   EUR     67.190
Landesbank Baden-Wuert    2.500    8/28/2020   EUR     63.520
Landesbank Baden-Wuert    4.000    8/28/2020   EUR     75.550
Landesbank Baden-Wuert    5.000    8/28/2020   EUR     37.740
Landesbank Baden-Wuert    6.000    8/28/2020   EUR     67.110
Landesbank Baden-Wuert    6.500    8/28/2020   EUR     73.140
Vontobel Financial Pro    9.000     1/3/2020   EUR     54.150
Credit Suisse AG/Londo    4.590    2/28/2020   EUR     52.540
UBS AG/London            14.300     1/2/2020   EUR     73.420
UBS AG/London            25.200     1/2/2020   EUR     71.630
DekaBank Deutsche Giro    7.250     4/1/2021   EUR     68.840
UBS AG/London            10.000    8/31/2020   CHF     73.250
Corner Banca SA           9.000   12/10/2019   CHF     73.290
UniCredit Bank AG         5.750     7/9/2020   EUR     72.630
Vontobel Financial Pro    2.000    3/27/2020   EUR     76.570
Vontobel Financial Pro   11.000    6/26/2020   EUR     61.073
Vontobel Financial Pro    5.000    6/26/2020   EUR     57.220
Vontobel Financial Pro    5.000    3/27/2020   EUR     59.210
Vontobel Financial Pro    2.500    6/26/2020   EUR     69.280
Fonciere Volta SA         4.500    7/30/2020   EUR      2.360
Landesbank Baden-Wuert    3.000    4/24/2020   EUR     74.870
Landesbank Baden-Wuert    4.500    4/24/2020   EUR     70.130
Landesbank Baden-Wuert    6.000    4/24/2020   EUR     74.430
Vontobel Financial Pro    3.500    3/27/2020   EUR     69.130
Vontobel Financial Pro   11.500    3/27/2020   EUR     71.890
Leonteq Securities AG    14.000    6/12/2020   CHF     51.390
HSBC Trinkaus & Burkha    3.000    8/10/2020   EUR     62.350
HSBC Trinkaus & Burkha    2.250    4/22/2020   EUR     70.480
UniCredit Bank AG         3.750    10/2/2020   EUR     28.830
BNP Paribas Emissions-   16.000    3/26/2020   EUR     75.170
BNP Paribas Emissions-   16.000   12/30/2019   EUR     74.070
Landesbank Hessen-Thue    6.200    7/24/2020   EUR     67.410
Raiffeisen Schweiz Gen    3.400    3/21/2025   CHF     62.250
Landesbank Hessen-Thue    6.400    8/18/2020   EUR     69.930
Landesbank Hessen-Thue    8.000    5/15/2020   EUR     37.360
Deutsche Bank AG          4.200   12/24/2019   EUR     69.630
Deutsche Bank AG          4.200   12/24/2019   EUR     66.600
Deutsche Bank AG          4.200   12/24/2019   EUR     65.100
Deutsche Bank AG          4.200   12/24/2019   EUR     62.500
Deutsche Bank AG          4.200   12/24/2019   EUR     59.800
Deutsche Bank AG          4.200   12/24/2019   EUR     74.450
Vontobel Financial Pro    7.000   12/31/2019   EUR     72.000
Landesbank Baden-Wuert    5.000    3/27/2020   EUR     72.910
Landesbank Baden-Wuert    3.000    3/27/2020   EUR     73.100
UniCredit Bank AG         3.800    7/23/2020   EUR     28.430
Landesbank Baden-Wuert    5.000    3/27/2020   EUR     72.920
DZ Bank AG Deutsche Ze    5.700   12/23/2019   EUR     71.530
Luzerner Kantonalbank     6.000     4/8/2020   CHF     72.480
Goldman Sachs & Co Wer   14.000   12/27/2019   EUR     72.850
Goldman Sachs & Co Wer   20.000   12/27/2019   EUR     68.090
Deutsche Bank AG          4.200   12/24/2019   EUR     39.800
Deutsche Bank AG          4.200   12/24/2019   EUR     37.400
Deutsche Bank AG          4.200   12/24/2019   EUR     72.200
Deutsche Bank AG          4.200   12/24/2019   EUR     68.000
Deutsche Bank AG          4.200   12/24/2019   EUR     64.300
Deutsche Bank AG          4.200   12/24/2019   EUR     60.900
Deutsche Bank AG          4.200   12/24/2019   EUR     57.500
Deutsche Bank AG          4.200   12/24/2019   EUR     64.400
Deutsche Bank AG          4.200   12/24/2019   EUR     58.600
DZ Bank AG Deutsche Ze    8.750   12/27/2019   EUR     69.870
UBS AG/London            10.000    9/28/2020   EUR     55.500
BNP Paribas Emissions-   16.000    6/25/2020   EUR     75.270
Landesbank Hessen-Thue    8.400     5/8/2020   EUR     50.180
Bank Julius Baer & Co     9.300    3/16/2020   USD     53.650
Landesbank Hessen-Thue    6.400     9/4/2020   EUR     72.680
Landesbank Hessen-Thue    7.400    6/12/2020   EUR     72.730
Bank Julius Baer & Co     7.000    3/23/2020   CHF     73.100
Landesbank Hessen-Thue    9.500    5/15/2020   EUR     43.780
DekaBank Deutsche Giro    2.900   10/29/2019   EUR     72.400
Commerzbank AG           18.250   12/31/2019   EUR     67.680
HSBC Trinkaus & Burkha    1.750    3/27/2020   EUR     73.260
HSBC Trinkaus & Burkha    2.750    3/27/2020   EUR     69.820
DZ Bank AG Deutsche Ze    6.500   12/23/2019   EUR     73.590
DZ Bank AG Deutsche Ze    8.250   12/23/2019   EUR     67.480
Deutsche Bank AG          6.200   12/24/2019   EUR     73.070
Goldman Sachs & Co Wer   23.000   12/27/2019   EUR     66.040
HSBC Trinkaus & Burkha    4.170    3/27/2020   EUR     67.970
Landesbank Baden-Wuert    2.500   12/27/2021   EUR     71.150
Deutsche Bank AG          4.200   12/24/2019   EUR     72.750
Deutsche Bank AG          4.200   12/24/2019   EUR     70.710
Deutsche Bank AG          4.200   12/24/2019   EUR     72.400
Vontobel Financial Pro    8.000   12/31/2019   EUR     72.170
Landesbank Hessen-Thue    8.900    10/6/2020   EUR     38.120
Landesbank Baden-Wuert    5.000    3/27/2020   EUR     68.820
Landesbank Baden-Wuert    7.000    3/27/2020   EUR     68.810
DZ Bank AG Deutsche Ze    7.500   12/23/2019   EUR     61.770
UBS AG/London             6.000    5/18/2020   CHF     59.950
UBS AG/London            10.000    5/18/2020   CHF     55.950
Landesbank Hessen-Thue    2.350   12/21/2020   EUR     69.100
BNP Paribas Emissions-    8.000   12/30/2019   EUR     59.190
BNP Paribas Emissions-    5.000   12/30/2019   EUR     74.160
BNP Paribas Emissions-    8.000   12/30/2019   EUR     74.310
UniCredit Bank AG        10.100     1/3/2020   EUR     65.930
BNP Paribas Emissions-    4.000   12/30/2019   EUR     52.580
UniCredit Bank AG         7.900   12/29/2020   EUR     69.430
BNP Paribas Emissions-    5.000   12/30/2019   EUR     74.200
UniCredit Bank AG         6.800   12/29/2020   EUR     52.660
BNP Paribas Emissions-    5.000   12/30/2019   EUR     50.380
BNP Paribas Emissions-    7.000   12/30/2019   EUR     51.060
UniCredit Bank AG         6.700   12/29/2020   EUR     72.250
UniCredit Bank AG         6.000   12/29/2020   EUR     61.880
UniCredit Bank AG         9.200   12/29/2020   EUR     61.110
UniCredit Bank AG         8.500   12/29/2020   EUR     53.900
UniCredit Bank AG         6.600   12/29/2020   EUR     63.190
UniCredit Bank AG        14.800   12/29/2020   EUR     35.320
UniCredit Bank AG        11.200   12/29/2020   EUR     54.280
UniCredit Bank AG         9.500   12/29/2020   EUR     73.170
UniCredit Bank AG         7.000   12/29/2020   EUR     53.750
UniCredit Bank AG        12.000   12/29/2020   EUR     60.470
UniCredit Bank AG         7.900   12/29/2020   EUR     67.650
UniCredit Bank AG         5.000     1/3/2020   EUR     68.270
BNP Paribas Emissions-    8.500   12/30/2019   EUR     59.530
BNP Paribas Emissions-    9.500   12/30/2019   EUR     61.630
BNP Paribas Emissions-   10.000   12/30/2019   EUR     62.760
BNP Paribas Emissions-   11.000   12/30/2019   EUR     60.670
BNP Paribas Emissions-    9.000   12/30/2019   EUR     74.730
BNP Paribas Emissions-    9.500   12/30/2019   EUR     63.960
Deutsche Bank AG          4.200   12/24/2019   EUR     75.100
Deutsche Bank AG          4.200   12/22/2020   EUR     73.600
Vontobel Financial Pro    4.450   12/31/2019   EUR     64.530
UBS AG/London            11.000     5/4/2020   USD     68.500
UBS AG/London             9.500   11/16/2020   USD     56.650
Raiffeisen Schweiz Gen    6.000    5/25/2020   EUR     65.960
BNP Paribas Emissions-    5.000   12/30/2019   EUR     67.720
BNP Paribas Emissions-    6.000   12/30/2019   EUR     67.890
UniCredit Bank AG        12.000     1/3/2020   EUR     72.030
Leonteq Securities AG/    5.200    6/12/2020   CHF     57.880
Landesbank Baden-Wuert    3.650   11/22/2019   EUR     62.560
Goldman Sachs & Co Wer   10.000    2/26/2020   EUR     72.360
Raiffeisen Schweiz Gen    4.400    12/9/2019   CHF     31.260
Bank Julius Baer & Co     8.100     5/5/2020   USD     66.450
Goldman Sachs & Co Wer    9.000   12/27/2019   EUR     70.640
Goldman Sachs & Co Wer    9.000    1/22/2020   EUR     71.220
Landesbank Hessen-Thue    4.000     7/7/2021   EUR     66.090
Vontobel Financial Pro   10.500    6/26/2020   EUR     60.650
Landesbank Hessen-Thue    4.000    1/13/2021   EUR     47.900
Corner Banca SA           8.600    6/16/2020   CHF     70.220
Corner Banca SA           7.600    6/16/2020   CHF     59.960
DekaBank Deutsche Giro    3.000    6/21/2021   EUR     37.490
Vontobel Financial Pro    5.000    3/27/2020   EUR     66.880
Vontobel Financial Pro    8.000    3/27/2020   EUR     63.960
Vontobel Financial Pro    9.500    3/27/2020   EUR     62.690
Vontobel Financial Pro   17.000    3/27/2020   EUR     60.890
Landesbank Hessen-Thue    2.750    1/13/2021   EUR     73.800
UBS AG/London            15.000    8/21/2020   CHF     74.610
Bank Julius Baer & Co     8.150    5/26/2020   EUR     75.250
Zurcher Kantonalbank F    8.500    5/29/2020   CHF     76.260
Vontobel Financial Pro   10.300   11/25/2019   EUR     65.680
Sviaz Bank OAO            8.100    12/9/2021   RUB    100.000
Landesbank Baden-Wuert    4.000    4/24/2020   EUR     74.050
Landesbank Baden-Wuert    6.000    4/24/2020   EUR     69.980
Landesbank Hessen-Thue    7.770    7/15/2021   EUR     27.220
Landesbank Hessen-Thue    4.000    4/29/2020   EUR     69.630
Landesbank Hessen-Thue    7.000    4/29/2022   EUR     51.170
Fast Finance SA          10.500    1/15/2021   PLN
Leonteq Securities AG/    5.000    1/20/2020   CHF     28.590
Leonteq Securities AG/    5.000   12/27/2019   EUR     58.900
Leonteq Securities AG/    3.400    3/20/2024   CHF     57.900
EFG International Fina    7.200    7/29/2020   EUR      8.870
SG Issuer SA              5.000    7/10/2021   EUR     12.500
Commerzbank AG           16.000   12/31/2019   EUR     74.370
Commerzbank AG           16.500   12/31/2019   EUR     64.710
Vontobel Financial Pro    6.500    3/27/2020   EUR     59.571
Vontobel Financial Pro    5.500    6/26/2020   EUR     57.272
Vontobel Financial Pro    8.500    3/27/2020   EUR     60.456
Vontobel Financial Pro    9.000    6/26/2020   EUR     59.690
DekaBank Deutsche Giro    2.500    7/29/2020   EUR     68.150
Commerzbank AG           10.250   11/22/2019   EUR     70.610
Vontobel Financial Pro    5.000    3/27/2020   EUR     54.834
Vontobel Financial Pro    6.500    3/27/2020   EUR     55.461
Vontobel Financial Pro    6.000    6/26/2020   EUR     53.750
Vontobel Financial Pro    5.000    6/26/2020   EUR     53.370
Vontobel Financial Pro    9.000    6/26/2020   EUR     55.859
Vontobel Financial Pro   12.000    6/26/2020   EUR     73.560
Vontobel Financial Pro   13.000    3/27/2020   EUR     72.630
Getin Noble Bank SA       6.790    11/9/2023   PLN     72.000
Leonteq Securities AG     7.000    11/1/2019   EUR     73.130
Vontobel Financial Pro   13.500    6/25/2020   EUR     70.620
Vontobel Financial Pro    4.000    6/26/2020   EUR     72.210
Vontobel Financial Pro    9.500    6/26/2020   EUR     64.460
Credit Suisse AG/Londo   10.000    4/20/2020   USD     64.460
Leonteq Securities AG     9.200    7/23/2020   CHF     75.380
Vontobel Financial Pro    7.500    6/26/2020   EUR     54.785
Societe Generale SA       8.900    11/1/2021   USD     67.700
Pongs & Zahn AG           8.500                EUR      0.002
Vontobel Financial Pro    6.500    6/26/2020   EUR     67.710
Vontobel Financial Pro    9.500    3/27/2020   EUR     66.600
Vontobel Financial Pro   13.000    3/27/2020   EUR     64.140
Commerzbank AG            8.750    3/27/2020   EUR     73.220
Commerzbank AG           10.750    3/27/2020   EUR     70.760
Commerzbank AG           12.000    3/27/2020   EUR     70.330
DZ Bank AG Deutsche Ze   11.500    2/26/2020   EUR     70.620
Vontobel Financial Pro    8.500    3/27/2020   EUR     50.630
Vontobel Financial Pro    5.500    3/27/2020   EUR     55.330
Vontobel Financial Pro   12.000    3/27/2020   EUR     47.300
Vontobel Financial Pro   11.000    3/27/2020   EUR     66.770
Vontobel Financial Pro    9.000     1/3/2020   EUR     48.880
Vontobel Financial Pro    7.000     1/3/2020   EUR     51.460
Landesbank Baden-Wuert    4.000    1/24/2020   EUR     52.620
Landesbank Baden-Wuert    6.500    1/24/2020   EUR     48.950
Commerzbank AG            6.750    3/27/2020   EUR     69.370
Commerzbank AG           10.750    3/27/2020   EUR     63.580
Landesbank Baden-Wuert    5.000    2/28/2020   EUR     62.670
Landesbank Baden-Wuert    5.000    2/28/2020   EUR     71.230
Landesbank Baden-Wuert    7.500    2/28/2020   EUR     66.190
Leonteq Securities AG/   15.600     4/8/2020   EUR     64.000
Vontobel Financial Pro   14.000    3/27/2020   EUR     74.250
Vontobel Financial Pro   17.500    6/26/2020   EUR     70.330
UniCredit Bank AG         6.400    5/11/2020   EUR     65.570
Commerzbank AG           11.000   12/31/2019   EUR     66.870
Leonteq Securities AG/   18.400     4/8/2020   USD     64.560
UBS AG/London            10.000    8/20/2020   EUR     74.200
Commerzbank AG            8.750   12/31/2019   EUR     73.460
Commerzbank AG            3.000   12/31/2019   EUR     72.130
Commerzbank AG           12.000   12/31/2019   EUR     62.110
Vontobel Financial Pro   13.000    6/26/2020   EUR     66.540
Vontobel Financial Pro   11.500    6/26/2020   EUR     74.920
Vontobel Financial Pro   16.000    3/27/2020   EUR     75.050
BNP Paribas Emissions-    5.500    3/26/2020   EUR     74.780
BNP Paribas Emissions-    7.000    3/26/2020   EUR     71.550
BNP Paribas Emissions-    8.500    3/26/2020   EUR     68.670
BNP Paribas Emissions-   10.000    3/26/2020   EUR     67.140
BNP Paribas Emissions-   14.000    3/26/2020   EUR     63.950
BNP Paribas Emissions-    5.000    9/24/2020   EUR     75.100
BNP Paribas Emissions-    5.500    9/24/2020   EUR     73.020
BNP Paribas Emissions-    7.000    9/24/2020   EUR     70.860
BNP Paribas Emissions-    8.500    9/24/2020   EUR     69.010
BNP Paribas Emissions-   12.000    9/24/2020   EUR     65.750
BNP Paribas Emissions-   12.000   12/24/2020   EUR     75.020
Vontobel Financial Pro    6.000     1/3/2020   EUR     50.845
Vontobel Financial Pro    6.000     1/3/2020   EUR     68.280
Vontobel Financial Pro    7.000     1/3/2020   EUR     66.120
Vontobel Financial Pro   10.500    3/27/2020   EUR     62.200
Vontobel Financial Pro    5.000    3/27/2020   EUR     70.370
Vontobel Financial Pro    3.500    3/27/2020   EUR     66.320
Deutsche Bank AG          6.200    3/24/2020   EUR     70.800
Raiffeisen Schweiz Gen    6.250    4/27/2020   CHF     60.690
Raiffeisen Schweiz Gen    7.250    4/27/2020   CHF     69.560
Societe Generale SA      13.200    4/29/2020   USD     40.720
BNP Paribas Emissions-    6.000    9/24/2020   EUR     70.140
Vontobel Financial Pro    5.000    6/25/2020   EUR     65.800
Vontobel Financial Pro   12.500    3/27/2020   EUR     57.650
BNP Paribas Emissions-   19.000   12/30/2019   EUR     70.640
Vontobel Financial Pro    4.500     1/3/2020   EUR     50.370
Vontobel Financial Pro    3.500    3/27/2020   EUR     50.920
Bank Julius Baer & Co     6.400    2/21/2020   EUR     64.200
BNP Paribas Emissions-    4.000   12/30/2019   EUR     71.430
BNP Paribas Emissions-   12.000    3/26/2020   EUR     63.260
BNP Paribas Emissions-    3.000   12/30/2019   EUR     73.960
BNP Paribas Emissions-   14.000    3/26/2020   EUR     71.830
Vontobel Financial Pro    6.550    6/26/2020   EUR     70.950
Landesbank Baden-Wuert    5.400    7/24/2020   EUR     71.680
Vontobel Financial Pro    7.500    6/25/2020   EUR     56.980
Vontobel Financial Pro   12.000    6/25/2020   EUR     60.260
Vontobel Financial Pro    9.500    3/27/2020   EUR     56.410
Landesbank Baden-Wuert   14.420   11/22/2019   EUR     61.300
Deutsche Bank AG          6.200    9/22/2020   EUR     75.400
Deutsche Bank AG          6.200   12/22/2020   EUR     70.800
UBS AG/London            10.000    8/20/2020   EUR     73.950
Commerzbank AG            8.250   12/31/2019   EUR     69.530
Zurcher Kantonalbank F   12.250    2/27/2020   USD     63.900
BNP Paribas Emissions-    5.000    9/24/2020   EUR     71.500
HSBC Trinkaus & Burkha    6.600   12/27/2019   EUR     24.070
HSBC Trinkaus & Burkha    3.200   12/27/2019   EUR     23.520
HSBC Trinkaus & Burkha    3.500   12/27/2019   EUR     58.580
HSBC Trinkaus & Burkha    3.400   12/27/2019   EUR     65.570
Landesbank Baden-Wuert    5.000    6/26/2020   EUR     51.570
Credit Suisse AG/Londo   11.250    5/15/2020   USD     59.500
Zurcher Kantonalbank F   10.750    5/21/2021   CHF     73.020
DZ Bank AG Deutsche Ze   10.250   12/27/2019   EUR     73.120
DZ Bank AG Deutsche Ze    8.500    3/25/2020   EUR     74.700
DZ Bank AG Deutsche Ze    8.500    6/24/2020   EUR     74.780
DZ Bank AG Deutsche Ze   11.000    6/24/2020   EUR     72.920
Vontobel Financial Pro   18.000    6/12/2020   EUR     72.800
Vontobel Financial Pro    8.000    6/12/2020   EUR     58.705
Vontobel Financial Pro    6.000    6/12/2020   EUR     57.402
Vontobel Financial Pro   10.000    6/12/2020   EUR     59.999
Vontobel Financial Pro    4.500    6/12/2020   EUR     56.710
Vontobel Financial Pro   18.500    3/13/2020   EUR     68.270
Vontobel Financial Pro   17.000    6/12/2020   EUR     72.620
Commerzbank AG           12.500   12/31/2019   EUR     64.220
UniCredit Bank AG         5.400    9/25/2020   EUR     72.110
Commerzbank AG           20.250   12/31/2019   EUR     72.900
Commerzbank AG           12.750    1/24/2020   EUR     72.650
Commerzbank AG           10.000    4/24/2020   EUR     74.960
Commerzbank AG           12.000    4/24/2020   EUR     72.890
Commerzbank AG           18.250   12/31/2019   EUR     74.430
Commerzbank AG           10.750    1/24/2020   EUR     74.780
Commerzbank AG           12.500    3/27/2020   EUR     72.420
DekaBank Deutsche Giro    2.700     7/1/2020   EUR     75.910
Credit Suisse AG/Londo    6.250   10/31/2025   USD     11.534
Citigroup Global Marke    7.000    6/16/2022   SEK     64.400
Landesbank Baden-Wuert    2.400    7/24/2020   EUR     68.680
Getin Noble Bank SA       5.790    6/28/2024   PLN     70.000
Leonteq Securities AG/    6.000    6/23/2020   CHF     57.960
Leonteq Securities AG/    8.000   12/27/2019   CHF     69.470
Getin Noble Bank SA       6.290    5/31/2024   PLN     71.200
Landesbank Baden-Wuert    3.500    6/26/2020   EUR     68.450
UniCredit Bank AG         5.500     7/9/2021   EUR     66.410
BNP Paribas Emissions-   15.000    6/25/2020   EUR     73.590
BNP Paribas Emissions-   17.000   12/30/2019   EUR     65.430
Landesbank Baden-Wuert    3.200    7/24/2020   EUR     57.570
BNP Paribas Emissions-    5.500   12/24/2020   EUR     74.230
BNP Paribas Emissions-    7.500   12/24/2020   EUR     69.930
BNP Paribas Emissions-    9.500   12/24/2020   EUR     68.450
BNP Paribas Emissions-   21.000   12/30/2019   EUR     67.050
Landesbank Baden-Wuert    3.150   11/22/2019   EUR     62.520
BNP Paribas Emissions-   14.000    3/26/2020   EUR     74.800
UniCredit Bank AG         3.600    7/18/2021   EUR     60.650
BNP Paribas Emissions-    9.000   12/24/2020   EUR     69.710
BNP Paribas Emissions-   12.000   12/30/2019   EUR     65.160
BNP Paribas Emissions-   15.000   12/30/2019   EUR     75.280
BNP Paribas Emissions-    9.500   12/30/2019   EUR     66.910
Vontobel Financial Pro   14.500    3/27/2020   EUR     55.690
BNP Paribas Emissions-   22.000   12/30/2019   EUR     71.890
BNP Paribas Emissions-    7.000   12/24/2020   EUR     72.510
BNP Paribas Emissions-   13.000   12/30/2019   EUR     74.900
BNP Paribas Emissions-   18.000    3/26/2020   EUR     70.590
BNP Paribas Emissions-   16.000   12/30/2019   EUR     71.780
BNP Paribas Emissions-   17.000    3/26/2020   EUR     72.770
Raiffeisen Schweiz Gen    5.200   11/11/2020   CHF     62.100
DZ Bank AG Deutsche Ze    5.000    6/24/2020   EUR     68.510
Banque Cantonale Vaudo    8.000   11/15/2019   CHF     59.960
Landesbank Baden-Wuert    4.500    6/26/2020   EUR     70.650
Landesbank Baden-Wuert    5.250    6/26/2020   EUR     62.630
Zurcher Kantonalbank F   12.000    3/27/2020   CHF     69.000
Finca Uco Cjsc            6.000    2/25/2022   USD     25.791
HSBC Trinkaus & Burkha   10.300    6/26/2020   EUR     62.320
HSBC Trinkaus & Burkha   10.300    1/24/2020   EUR     61.300
HSBC Trinkaus & Burkha    9.400    7/24/2020   EUR     63.390
HSBC Trinkaus & Burkha    7.200    6/26/2020   EUR     68.520
Vontobel Financial Pro    7.000    3/27/2020   EUR     64.580
Vontobel Financial Pro    9.250    3/26/2020   EUR     64.570
Commerzbank AG            4.750    3/27/2020   EUR     72.890
Commerzbank AG            6.750    3/27/2020   EUR     68.550
Commerzbank AG            8.750    3/27/2020   EUR     65.490
Commerzbank AG           10.750    3/27/2020   EUR     63.210
Commerzbank AG           13.500    3/27/2020   EUR     73.790
Commerzbank AG           15.500    3/27/2020   EUR     71.610
Commerzbank AG            5.500    3/27/2020   EUR     74.020
Commerzbank AG            7.500    3/27/2020   EUR     69.100
Commerzbank AG            9.500    3/27/2020   EUR     66.160
Commerzbank AG           10.250    3/27/2020   EUR     73.870
Commerzbank AG           12.250    3/27/2020   EUR     70.970
Commerzbank AG           14.250    3/27/2020   EUR     68.570
Commerzbank AG           11.000    3/27/2020   EUR     73.120
DZ Bank AG Deutsche Ze    7.500    6/24/2020   EUR     75.080
Commerzbank AG           11.500    3/27/2020   EUR     64.460
Commerzbank AG           12.750    3/27/2020   EUR     73.670
DZ Bank AG Deutsche Ze    8.500    6/24/2020   EUR     72.240
Commerzbank AG           10.750    3/27/2020   EUR     74.670
Commerzbank AG            9.000    3/27/2020   EUR     74.510
Commerzbank AG            8.000    3/27/2020   EUR     71.400
Commerzbank AG           10.000    3/27/2020   EUR     68.700
Commerzbank AG           12.000    3/27/2020   EUR     66.540
DZ Bank AG Deutsche Ze    6.250    3/25/2020   EUR     72.760
UBS AG/London            10.000    3/29/2021   EUR     68.400
Credit Suisse AG/Londo   13.000    3/27/2020   USD     65.660
DZ Bank AG Deutsche Ze    5.500    4/22/2020   EUR     74.740
EFG International Fina   15.000    4/23/2020   USD     46.230
DZ Bank AG Deutsche Ze   12.500    4/22/2020   EUR     67.570
DZ Bank AG Deutsche Ze    5.000    4/22/2020   EUR     63.620
DZ Bank AG Deutsche Ze    8.300    4/22/2020   EUR     74.690
HSBC Trinkaus & Burkha    9.000   12/27/2019   EUR     72.550
HSBC Trinkaus & Burkha    7.200   12/27/2019   EUR     69.470
HSBC Trinkaus & Burkha    9.700   12/27/2019   EUR     36.640
HSBC Trinkaus & Burkha    6.200   12/27/2019   EUR     40.650
HSBC Trinkaus & Burkha    6.200   12/27/2019   EUR     74.020
Leonteq Securities AG    13.000     1/3/2020   CHF     74.050
Leonteq Securities AG/   13.400     1/3/2020   EUR     67.600
DZ Bank AG Deutsche Ze   10.250   12/27/2019   EUR     62.780
DZ Bank AG Deutsche Ze    4.500   12/27/2019   EUR     70.230
DZ Bank AG Deutsche Ze    6.250   12/27/2019   EUR     75.220
DZ Bank AG Deutsche Ze    5.250   12/27/2019   EUR     68.320
DZ Bank AG Deutsche Ze    6.500   12/27/2019   EUR     68.530
Bayerische Landesbank     6.400    11/1/2019   EUR     64.080
Societe Generale Effek   12.468   12/20/2019   EUR     70.030
Societe Generale Effek    7.315    3/20/2020   EUR     41.060
Societe Generale Effek    8.778    3/20/2020   EUR     67.430
Societe Generale Effek   14.901   12/20/2019   EUR     67.900
Landesbank Baden-Wuert    4.000    4/24/2020   EUR     41.010
Landesbank Baden-Wuert    3.500    4/24/2020   EUR     68.150
Landesbank Baden-Wuert    2.500    4/24/2020   EUR     66.620
Landesbank Baden-Wuert    5.000    4/24/2020   EUR     71.200
Landesbank Baden-Wuert    6.000    5/22/2020   EUR     68.600
Landesbank Baden-Wuert    6.500    4/24/2020   EUR     75.420
Landesbank Baden-Wuert    3.000    4/24/2020   EUR     69.260
Vontobel Financial Pro   15.000   12/13/2019   EUR     74.830
Vontobel Financial Pro   11.000   12/13/2019   EUR     60.630
Vontobel Financial Pro   13.000    9/25/2020   EUR     64.060
Vontobel Financial Pro    8.000    6/26/2020   EUR     76.160
Vontobel Financial Pro   10.000    9/25/2020   EUR     73.520
Vontobel Financial Pro   14.000    6/26/2020   EUR     67.920
Vontobel Financial Pro   12.500    9/25/2020   EUR     69.850
DZ Bank AG Deutsche Ze    4.750   12/23/2019   EUR     70.210
Kancelaria Statima SA     8.000   12/13/2019   PLN     55.000
Zurcher Kantonalbank F   12.000    3/20/2020   CHF     62.000
Deutsche Bank AG          4.200   12/24/2019   EUR     58.900
Deutsche Bank AG          4.200   12/24/2019   EUR     63.400
Deutsche Bank AG          4.200   12/24/2019   EUR     54.400
Vontobel Financial Pro    8.500    3/27/2020   EUR     64.944
UBS AG/London            12.000    3/26/2020   EUR     44.700
Deutsche Bank AG          6.200   12/24/2019   EUR     34.600
Deutsche Bank AG          6.200   12/24/2019   EUR     73.800
Deutsche Bank AG          6.200   12/24/2019   EUR     68.300
Deutsche Bank AG          6.200   12/24/2019   EUR     61.300
Deutsche Bank AG          6.200   12/24/2019   EUR     53.400
Deutsche Bank AG          6.200   12/24/2019   EUR     63.700
HSBC Trinkaus & Burkha   13.200   12/27/2019   EUR     65.930
HSBC Trinkaus & Burkha   10.500   11/22/2019   EUR     73.080
HSBC Trinkaus & Burkha    6.300   12/27/2019   EUR     72.870
HSBC Trinkaus & Burkha    8.500   12/27/2019   EUR     74.150
HSBC Trinkaus & Burkha    8.900   12/27/2019   EUR     65.770
HSBC Trinkaus & Burkha    7.300   11/22/2019   EUR     68.840
HSBC Trinkaus & Burkha    3.900   12/27/2019   EUR     45.110
DekaBank Deutsche Giro    8.100    4/23/2021   EUR     72.400
DZ Bank AG Deutsche Ze    5.500   12/27/2019   EUR     59.460
DZ Bank AG Deutsche Ze    4.500   12/27/2019   EUR     57.220
Societe Generale Effek   15.205   12/20/2019   EUR     67.890
Societe Generale Effek    6.690   12/20/2019   EUR     39.940
Societe Generale Effek   17.942   12/20/2019   EUR     65.300
Societe Generale Effek    7.603   12/20/2019   EUR     66.130
Societe Generale Effek    9.732   12/20/2019   EUR     73.780
Societe Generale Effek   28.586   12/20/2019   EUR     59.800
Landesbank Baden-Wuert    2.000    4/24/2020   EUR     74.410
Landesbank Baden-Wuert    5.000    4/24/2020   EUR     64.000
Landesbank Baden-Wuert    3.000    4/24/2020   EUR     49.750
Landesbank Baden-Wuert    2.500    4/24/2020   EUR     43.220
Landesbank Baden-Wuert    5.000    4/24/2020   EUR     74.720
Landesbank Baden-Wuert    4.000    4/24/2020   EUR     74.040
Landesbank Baden-Wuert    5.000    4/24/2020   EUR     72.660
Landesbank Baden-Wuert    4.500    5/22/2020   EUR     72.430
Landesbank Baden-Wuert    5.500    4/24/2020   EUR     72.950
Landesbank Baden-Wuert    6.500    5/22/2020   EUR     72.700
Landesbank Baden-Wuert    6.000    4/24/2020   EUR     60.090
DZ Bank AG Deutsche Ze    7.500   12/23/2019   EUR     64.790
Credit Suisse AG/Londo    8.000   12/30/2019   CHF     74.420
UBS AG/London             8.000     4/3/2020   USD     52.500
UBS AG/London             7.500    9/28/2020   EUR     70.250
UBS AG/London             9.000    10/5/2020   EUR     74.950
Vontobel Financial Pro   11.500   12/13/2019   EUR     62.260
Vontobel Financial Pro    9.850   12/13/2019   EUR     60.760
Vontobel Financial Pro    2.900   12/13/2019   EUR     58.210
Raiffeisen Schweiz Gen    8.500     4/1/2020   CHF     68.660
Vontobel Financial Pro    7.450   12/13/2019   EUR     64.230
Vontobel Financial Pro    5.550   12/13/2019   EUR     64.000
Vontobel Financial Pro    2.100   12/13/2019   EUR     50.310
Vontobel Financial Pro    4.800   12/13/2019   EUR     50.190
UBS AG/London             4.300    6/25/2020   EUR     62.940
UBS AG/London             3.900     1/2/2020   EUR     64.660
UBS AG/London             9.100     1/2/2020   EUR     69.420
UBS AG/London             7.200     1/2/2020   EUR     65.770
UBS AG/London            10.700     1/2/2020   EUR     66.970
UBS AG/London             5.800    6/25/2020   EUR     59.310
UBS AG/London             7.300    3/26/2020   EUR     67.270
Vontobel Financial Pro    1.700   12/13/2019   EUR     54.610
UBS AG/London            12.700     1/2/2020   EUR     73.530
UBS AG/London            13.600     1/2/2020   EUR     62.970
Raiffeisen Schweiz Gen    7.400     4/1/2020   CHF     72.100
Raiffeisen Schweiz Gen    5.800    9/28/2021   CHF     59.330
Raiffeisen Schweiz Gen    7.200    9/28/2020   EUR     67.260
Landesbank Baden-Wuert    7.000    3/27/2020   EUR     64.980
Commerzbank AG           14.500   12/31/2019   EUR     64.120
Deutsche Bank AG          6.200   12/24/2019   EUR     65.500
Deutsche Bank AG          6.200   12/24/2019   EUR     60.200
Deutsche Bank AG          6.200   12/24/2019   EUR     69.950
Luzerner Kantonalbank    10.000     4/8/2020   CHF     56.070
Raiffeisen Schweiz Gen    7.200    9/15/2020   CHF     73.990
Commerzbank AG            3.800    10/4/2021   USD     73.970
Deutsche Bank AG          4.200   12/24/2019   EUR     62.300
Deutsche Bank AG          4.200   12/24/2019   EUR     55.800
Deutsche Bank AG          4.200   12/24/2019   EUR     67.500
Deutsche Bank AG          4.200   12/24/2019   EUR     63.800
Deutsche Bank AG          4.200   12/24/2019   EUR     60.400
Deutsche Bank AG          4.200   12/24/2019   EUR     41.600
Deutsche Bank AG          4.200   12/24/2019   EUR     71.800
Deutsche Bank AG          4.200   12/24/2019   EUR     70.840
Deutsche Bank AG          4.200   12/24/2019   EUR     65.880
Natixis SA                1.500    10/4/2021   EUR     62.308
DZ Bank AG Deutsche Ze    6.500    3/25/2020   EUR     70.080
UBS AG/London            11.000    9/28/2020   EUR     73.950
Deutsche Bank AG          6.200   12/24/2019   EUR     40.200
Deutsche Bank AG          6.200   12/24/2019   EUR     37.700
Deutsche Bank AG          6.200   12/24/2019   EUR     68.400
Deutsche Bank AG          6.200   12/24/2019   EUR     72.500
Deutsche Bank AG          6.200   12/24/2019   EUR     64.600
Deutsche Bank AG          6.200   12/24/2019   EUR     42.000
Deutsche Bank AG          6.200   12/24/2019   EUR     69.870
HSBC Trinkaus & Burkha    9.500    3/27/2020   EUR     74.440
HSBC Trinkaus & Burkha   10.500   12/27/2019   EUR     63.780
HSBC Trinkaus & Burkha    9.000   12/27/2019   EUR     66.490
HSBC Trinkaus & Burkha    8.800   12/27/2019   EUR     71.530
HSBC Trinkaus & Burkha    5.600   12/27/2019   EUR     73.720
HSBC Trinkaus & Burkha   11.600   12/27/2019   EUR     34.950
HSBC Trinkaus & Burkha    8.000   11/22/2019   EUR     38.300
HSBC Trinkaus & Burkha    9.000   12/27/2019   EUR     70.580
Leonteq Securities AG/    7.200    9/28/2020   EUR     60.800
Bank Julius Baer & Co     6.900    1/22/2020   CHF     72.300
Vontobel Financial Pro   10.000    3/27/2020   EUR     48.740
Vontobel Financial Pro   13.500     1/3/2020   EUR     72.110
Vontobel Financial Pro   10.000    3/27/2020   EUR     76.750
Landesbank Baden-Wuert    6.000    1/24/2020   EUR     72.290
Leonteq Securities AG    10.400   11/22/2019   EUR     43.920
Landesbank Baden-Wuert    3.170    5/22/2020   EUR     64.000
Landesbank Hessen-Thue    4.000    6/16/2022   EUR     68.090
DekaBank Deutsche Giro    3.600   12/20/2019   EUR     55.600
EFG International Fina    8.000    5/26/2020   USD     41.660
Landesbank Hessen-Thue    5.300    9/23/2022   EUR     62.540
Leonteq Securities AG/    6.000    5/22/2020   CHF     60.530
Leonteq Securities AG/    6.000   11/19/2019   CHF     33.520
Landesbank Baden-Wuert    3.100    7/24/2020   EUR     59.910
Raiffeisen Schweiz Gen    5.750    2/25/2021   CHF     65.280
Vontobel Financial Pro   10.000    6/25/2020   EUR     58.950
Vontobel Financial Pro    6.500    3/27/2020   EUR     54.700
Deutsche Bank AG          6.200   12/24/2019   EUR     75.500
Deutsche Bank AG          6.200   12/24/2019   EUR     69.400
Deutsche Bank AG          6.200    6/23/2020   EUR     74.300
Deutsche Bank AG          6.200    6/23/2020   EUR     68.100
Deutsche Bank AG          6.200    6/23/2020   EUR     74.900
Deutsche Bank AG          6.200    9/22/2020   EUR     75.500
Deutsche Bank AG          6.200   12/22/2020   EUR     75.900
Deutsche Bank AG          6.200    9/22/2020   EUR     69.500
Vontobel Financial Pro    7.000    3/27/2020   EUR     52.790
Vontobel Financial Pro   11.000     1/3/2020   EUR     75.240
Vontobel Financial Pro   12.000    3/27/2020   EUR     74.250
Bank Julius Baer & Co     9.700    1/24/2020   USD     61.850
HSBC Trinkaus & Burkha   10.500    6/26/2020   EUR     47.170
HSBC Trinkaus & Burkha    7.700    6/26/2020   EUR     50.050
HSBC Trinkaus & Burkha    5.200    6/26/2020   EUR     54.250
HSBC Trinkaus & Burkha   11.100   11/22/2019   EUR     44.090
HSBC Trinkaus & Burkha    9.700    2/28/2020   EUR     45.670
Commerzbank AG           10.750   12/31/2019   EUR     71.640
Commerzbank AG           12.750   12/31/2019   EUR     68.490
Commerzbank AG           14.750   12/31/2019   EUR     65.090
Commerzbank AG           15.000   12/31/2019   EUR     71.360
Commerzbank AG           17.000   12/31/2019   EUR     68.330
Vontobel Financial Pro   11.250    1/24/2020   EUR     73.730
UBS AG/London            20.000    1/24/2020   CHF     57.900
Vontobel Financial Pro   13.000     1/3/2020   EUR     73.790
Commerzbank AG            6.500   12/31/2019   EUR     72.840
Commerzbank AG            8.500   12/31/2019   EUR     68.730
Commerzbank AG           10.500   12/31/2019   EUR     65.160
Commerzbank AG           12.500   12/31/2019   EUR     62.740
Commerzbank AG            6.000   12/31/2019   EUR     71.580
Commerzbank AG            8.000   12/31/2019   EUR     67.230
Commerzbank AG           10.000   12/31/2019   EUR     63.770
Commerzbank AG           12.000   12/31/2019   EUR     61.320
Commerzbank AG           14.000   12/31/2019   EUR     58.840
Commerzbank AG           13.000   12/31/2019   EUR     73.680
Vontobel Financial Pro   10.500    3/27/2020   EUR     62.200
Vontobel Financial Pro    8.500     1/3/2020   EUR     64.220
Vontobel Financial Pro    9.000     1/3/2020   EUR     46.260
Vontobel Financial Pro   10.500     1/3/2020   EUR     44.180
Vontobel Financial Pro   11.000    3/27/2020   EUR     44.830
Vontobel Financial Pro    9.500    3/27/2020   EUR     46.270
Vontobel Financial Pro   12.500     1/3/2020   EUR     42.420
BNP Paribas Emissions-    6.500   12/30/2019   EUR     47.980
DekaBank Deutsche Giro    2.750    4/17/2020   EUR     71.380
DekaBank Deutsche Giro    2.700    4/17/2020   EUR     59.400
DekaBank Deutsche Giro    2.200    4/16/2021   EUR     67.090
Natixis SA                4.975    3/23/2020   USD     44.752
UBS AG/London             6.500    3/30/2020   CHF     65.500
DekaBank Deutsche Giro    3.800   10/23/2020   EUR     69.230
DekaBank Deutsche Giro    2.050     5/3/2021   EUR     45.620
Raiffeisen Schweiz Gen    6.500    10/9/2020   CHF     51.680
Societe Generale SA      13.000    4/16/2020   USD     38.500
Landesbank Hessen-Thue    4.750    5/11/2023   EUR     64.570
Landesbank Hessen-Thue    3.500    5/11/2022   EUR     74.660
Landesbank Baden-Wuert    4.400    1/24/2020   EUR     63.250
Landesbank Baden-Wuert    3.550    1/24/2020   EUR     74.240
Landesbank Baden-Wuert    4.100    1/24/2020   EUR     63.200
Leonteq Securities AG/   10.000    4/17/2020   CHF     50.770
UBS AG/London             5.500     4/6/2020   CHF     68.000
Leonteq Securities AG/    5.000   10/13/2020   CHF     66.700
UBS AG/London             3.900     1/2/2020   EUR     60.600
UBS AG/London             4.500    3/26/2020   EUR     67.340
UBS AG/London             5.000     1/2/2020   EUR     72.610
Leonteq Securities AG/    9.000    11/4/2019   USD     55.270
Societe Generale Effek    3.750    5/24/2021   EUR     60.080
Bayerische Landesbank     3.200   11/20/2020   EUR     60.710
Landesbank Hessen-Thue    3.150    5/11/2022   EUR     73.810
DekaBank Deutsche Giro    4.250     5/3/2022   EUR     60.480
Vontobel Financial Pro    4.300    11/4/2019   EUR     69.440
UBS AG/London             9.000    4/14/2020   CHF     59.950
UBS AG/London             7.000    4/14/2020   CHF     68.500
DekaBank Deutsche Giro    4.250    11/9/2020   EUR     68.110
DekaBank Deutsche Giro    6.200    11/9/2020   EUR     66.810
DekaBank Deutsche Giro    2.200     5/8/2020   EUR     63.860
DekaBank Deutsche Giro    3.300     5/8/2020   EUR     67.360
EFG International Fina    5.600    4/26/2021   CHF     64.340
Landesbank Hessen-Thue    2.850   11/30/2020   EUR     66.200
Commerzbank AG            2.540    4/15/2020   EUR     59.410
Deutsche Bank AG          4.200   12/24/2019   EUR     67.300
Deutsche Bank AG          4.200   12/24/2019   EUR     65.400
Deutsche Bank AG          4.200   12/24/2019   EUR     62.800
Deutsche Bank AG          4.200   12/24/2019   EUR     60.500
Deutsche Bank AG          4.200   12/24/2019   EUR     59.000
Deutsche Bank AG          6.200   12/24/2019   EUR     59.300
Deutsche Bank AG          4.200   12/24/2019   EUR     57.500
Deutsche Bank AG          6.200   12/24/2019   EUR     57.900
Deutsche Bank AG          8.200   12/24/2019   EUR     63.500
Deutsche Bank AG          8.200   12/24/2019   EUR     61.100
Deutsche Bank AG          8.200   12/24/2019   EUR     59.600
Deutsche Bank AG          8.200   12/24/2019   EUR     58.200
Leonteq Securities AG/    5.000   10/20/2020   CHF     63.730
Vontobel Financial Pro    7.500    5/14/2020   EUR     68.610
Landesbank Baden-Wuert    5.200    1/24/2020   EUR     62.950
Landesbank Baden-Wuert    5.600    1/24/2020   EUR     46.760
UniCredit Bank AG         6.850    5/14/2021   EUR     66.240
UniCredit Bank AG         5.700    5/14/2021   EUR     65.380
UniCredit Bank AG         4.900   11/14/2021   EUR     69.540
Landesbank Hessen-Thue    5.500    5/25/2023   EUR     62.690
UniCredit Bank AG         6.350    5/14/2021   EUR     56.280
Landesbank Baden-Wuert    4.650    2/28/2020   EUR     63.500
Landesbank Baden-Wuert    4.550    2/28/2020   EUR     64.500
Landesbank Baden-Wuert    6.500    2/28/2020   EUR     46.970
EFG International Fina    6.200     5/3/2021   CHF     68.070
UBS AG/London             7.000    4/20/2020   CHF     65.150
UBS AG/London             6.500    4/20/2020   CHF     74.050
Landesbank Baden-Wuert    2.700    6/25/2021   EUR     74.310
UniCredit Bank AG         4.000    7/31/2020   EUR     62.150
Commerzbank AG           30.000    6/30/2020   USD      0.010
Landesbank Baden-Wuert    3.250    6/26/2020   EUR     63.930
Getin Noble Bank SA       6.790    4/29/2024   PLN     61.000
UBS AG/London             8.000    4/27/2020   EUR     62.400
Vontobel Financial Pro    3.700   12/20/2019   EUR     71.670
Vontobel Financial Pro    3.700   12/20/2019   EUR     71.660
UBS AG/London             9.250   10/26/2020   EUR     75.050
Societe Generale Effek   21.992   12/20/2019   EUR     75.190
Societe Generale Effek   14.077    3/20/2020   EUR     73.410
Deutsche Bank AG          3.200   12/24/2019   EUR     72.900
Deutsche Bank AG          3.200   12/24/2019   EUR     69.460
Deutsche Bank AG          3.200   12/24/2019   EUR     74.280
Bank Julius Baer & Co    10.060    4/27/2020   CHF     68.300
Bank Julius Baer & Co     8.500    4/27/2020   EUR     71.900
Bank Julius Baer & Co     9.650    4/27/2020   USD     64.150
UBS AG/London             8.750    4/27/2020   EUR     69.250
Raiffeisen Schweiz Gen    5.500     5/4/2020   CHF     60.960
Raiffeisen Schweiz Gen    5.300     5/4/2020   EUR     71.740
Raiffeisen Switzerland    7.800    4/27/2020   EUR     70.450
Societe Generale Effek   26.581   12/20/2019   EUR     71.900
Societe Generale Effek   17.562   12/20/2019   EUR     69.600
Societe Generale Effek    4.905   12/20/2019   EUR     75.230
Societe Generale Effek   22.874    3/20/2020   EUR     66.750
Societe Generale Effek   19.471    6/19/2020   EUR     71.540
Deutsche Bank AG          3.200   12/24/2019   EUR     62.500
Deutsche Bank AG          3.200   12/24/2019   EUR     61.200
Deutsche Bank AG          3.200   12/24/2019   EUR     59.800
Deutsche Bank AG          3.200   12/24/2019   EUR     58.000
Deutsche Bank AG          3.200   12/24/2019   EUR     56.200
Deutsche Bank AG          3.200   12/24/2019   EUR     55.100
Deutsche Bank AG          3.200   12/24/2019   EUR     69.490
Deutsche Bank AG          3.200   12/24/2019   EUR     65.860
Deutsche Bank AG          3.200   12/24/2019   EUR     62.590
Deutsche Bank AG          3.200   12/24/2019   EUR     59.630
Deutsche Bank AG          3.200   12/24/2019   EUR     72.200
Deutsche Bank AG          3.200   12/24/2019   EUR     69.100
Deutsche Bank AG          3.200   12/24/2019   EUR     67.100
Deutsche Bank AG          3.200   12/24/2019   EUR     65.300
Deutsche Bank AG          3.200   12/24/2019   EUR     62.700
Deutsche Bank AG          3.200   12/24/2019   EUR     73.640
Deutsche Bank AG          3.200   12/24/2019   EUR     72.190
Deutsche Bank AG          3.200   12/24/2019   EUR     65.690
Deutsche Bank AG          3.200   12/24/2019   EUR     59.700
Deutsche Bank AG          3.200   12/24/2019   EUR     57.200
Deutsche Bank AG          3.200   12/24/2019   EUR     54.900
Deutsche Bank AG          3.200   12/24/2019   EUR     52.800
Deutsche Bank AG          3.200   12/24/2019   EUR     50.900
Deutsche Bank AG          3.200   12/24/2019   EUR     74.600
Deutsche Bank AG          3.200   12/24/2019   EUR     63.950
Deutsche Bank AG          3.200   12/24/2019   EUR     63.980
Commerzbank AG            3.000    3/27/2020   EUR     73.460
Landesbank Baden-Wuert    3.750    1/24/2020   EUR     63.720
DekaBank Deutsche Giro    2.200    5/28/2021   EUR     69.250
DekaBank Deutsche Giro    2.700    5/29/2020   EUR     60.890
DekaBank Deutsche Giro    3.100    5/28/2021   EUR     66.780
Landesbank Baden-Wuert    2.750    5/31/2021   EUR     59.970
Deutsche Bank AG          6.200   12/24/2019   EUR     53.000
Deutsche Bank AG          6.200   12/24/2019   EUR     50.600
Deutsche Bank AG          6.200   12/24/2019   EUR     63.200
Deutsche Bank AG          6.200   12/24/2019   EUR     60.800
Deutsche Bank AG          6.200   12/24/2019   EUR     63.350
Deutsche Bank AG          6.200   12/24/2019   EUR     60.750
Deutsche Bank AG          6.200   12/24/2019   EUR     58.990
Deutsche Bank AG          6.200   12/24/2019   EUR     62.000
Landesbank Baden-Wuert    5.000    4/24/2020   EUR     64.380
Landesbank Baden-Wuert    4.000    4/24/2020   EUR     71.940
Landesbank Baden-Wuert    4.500    5/22/2020   EUR     71.540
Landesbank Baden-Wuert    2.000    4/24/2020   EUR     63.560
Landesbank Baden-Wuert    2.000    4/24/2020   EUR     75.770
Landesbank Baden-Wuert    2.500    4/24/2020   EUR     28.240
Landesbank Baden-Wuert    2.000    4/24/2020   EUR     72.610
Landesbank Baden-Wuert    2.500    5/22/2020   EUR     68.880
Landesbank Baden-Wuert    2.000    4/24/2020   EUR     72.050
Landesbank Baden-Wuert    3.500    4/24/2020   EUR     63.520
DekaBank Deutsche Giro    3.100    1/10/2020   EUR     35.890
Landesbank Hessen-Thue    4.350    2/24/2023   EUR     39.950
DekaBank Deutsche Giro    2.800    1/24/2020   EUR     69.650
Landesbank Hessen-Thue    3.450     9/9/2020   EUR     66.500
DekaBank Deutsche Giro    2.900    1/31/2020   EUR     69.620
DekaBank Deutsche Giro    2.900    2/21/2020   EUR     69.540
Commerzbank AG           11.500   12/31/2019   EUR     74.300
Commerzbank AG            8.750    3/27/2020   EUR     63.060
Commerzbank AG           12.750    3/27/2020   EUR     58.780
Zurcher Kantonalbank F    1.003     4/9/2020   CHF     68.590
Leonteq Securities AG     8.000    1/27/2020   EUR     67.080
Landesbank Hessen-Thue    6.600    2/17/2023   EUR     56.760
Landesbank Hessen-Thue    4.000    2/17/2021   EUR     39.070
Vontobel Financial Pro   13.000    6/26/2020   EUR     74.520
Landesbank Baden-Wuert    3.000    2/28/2020   EUR     68.330
Leonteq Securities AG    15.400     4/8/2020   CHF     63.960
Commerzbank AG           13.750   12/31/2019   EUR     75.460
Leonteq Securities AG     4.000   12/18/2026   CHF     75.760
UniCredit Bank AG         3.750     9/7/2020   EUR     30.487
HSBC Trinkaus & Burkha    6.000    2/28/2020   EUR     72.540
HSBC Trinkaus & Burkha    2.250    4/22/2020   EUR     70.480
HSBC Trinkaus & Burkha    1.000    4/22/2020   EUR     64.540
Landesbank Hessen-Thue    8.000     4/7/2020   EUR     66.260
UBS AG/London            10.500    11/3/2020   CHF     69.700
Corner Banca SA           9.000   11/11/2019   CHF     23.200
EFG International Fina    7.000   11/17/2020   CHF     64.370
DekaBank Deutsche Giro    5.950    12/4/2020   EUR     62.540
Landesbank Hessen-Thue    4.000     6/8/2022   EUR     53.620
Leonteq Securities AG/    8.000    5/14/2020   CHF     72.840
HSBC Trinkaus & Burkha    5.000   12/27/2019   EUR     23.810
HSBC Trinkaus & Burkha    3.100   12/27/2019   EUR     66.560
HSBC Trinkaus & Burkha    4.600   12/27/2019   EUR     58.760
Landesbank Baden-Wuert    4.850    6/26/2020   EUR     64.980
Bank Julius Baer & Co     7.100   11/18/2019   CHF     66.200
UBS AG/London            10.000    3/22/2021   EUR     74.800
HSBC Trinkaus & Burkha    5.100    3/27/2020   EUR     69.530
HSBC Trinkaus & Burkha    5.600    6/26/2020   EUR     69.290
HSBC Trinkaus & Burkha    7.700    9/25/2020   EUR     65.350
HSBC Trinkaus & Burkha    5.700    9/25/2020   EUR     69.260
Commerzbank AG           12.000   12/31/2019   EUR     60.990
HSBC Trinkaus & Burkha    8.600    3/27/2020   EUR     66.360
HSBC Trinkaus & Burkha    6.300    6/26/2020   EUR     70.400
Bank Julius Baer & Co    15.300    3/23/2020   USD     56.850
Societe Generale Effek   12.168    6/19/2020   EUR     75.330
Societe Generale Effek   13.981    6/19/2020   EUR     73.890
Societe Generale Effek   15.793    6/19/2020   EUR     72.610
Leonteq Securities AG/    8.950    3/19/2020   USD     53.210
Bank Julius Baer & Co     8.500   10/28/2019   EUR     65.100
Vontobel Financial Pro   10.500    6/12/2020   EUR     58.814
DekaBank Deutsche Giro    2.900    5/29/2020   EUR     52.900
Vontobel Financial Pro   17.000    6/12/2020   EUR     69.190
Leonteq Securities AG/   11.000   11/11/2019   CHF     56.470
Landesbank Baden-Wuert    4.000    4/24/2020   EUR     63.980
Landesbank Baden-Wuert    3.500    4/24/2020   EUR     70.960
Landesbank Baden-Wuert    5.000    4/24/2020   EUR     53.870
Landesbank Baden-Wuert    3.000    4/24/2020   EUR     72.390
Landesbank Baden-Wuert    4.000    4/24/2020   EUR     66.000
Landesbank Baden-Wuert    5.000    4/24/2020   EUR     63.480
Landesbank Baden-Wuert    2.000    4/24/2020   EUR     63.830
Landesbank Baden-Wuert    2.500    4/24/2020   EUR     70.560
Landesbank Baden-Wuert    2.000    4/24/2020   EUR     69.840
Landesbank Baden-Wuert    3.000    4/24/2020   EUR     66.740
UBS AG/London             3.300     1/2/2020   EUR     57.770
UBS AG/London            13.000     5/4/2020   CHF     60.750
Vontobel Financial Pro   13.500    6/12/2020   EUR     71.860
DekaBank Deutsche Giro    2.500    5/29/2020   EUR     74.320
Landesbank Baden-Wuert    5.000    4/24/2020   EUR     60.150
Landesbank Baden-Wuert    5.000    4/24/2020   EUR     73.350
Landesbank Baden-Wuert    6.000    4/24/2020   EUR     67.680
Landesbank Baden-Wuert    3.500    4/24/2020   EUR     57.760
Landesbank Baden-Wuert    4.500    4/24/2020   EUR     26.600
Landesbank Baden-Wuert    3.000    4/24/2020   EUR     69.860
Landesbank Baden-Wuert    5.000    5/22/2020   EUR     68.920
Landesbank Baden-Wuert    5.000    4/24/2020   EUR     69.240
Landesbank Baden-Wuert    5.500    4/24/2020   EUR     58.730
Landesbank Baden-Wuert    5.000    4/24/2020   EUR     73.300
UBS AG/London             4.800     1/2/2020   EUR     72.580
UBS AG/London             5.800    11/4/2019   CHF     68.850
Raiffeisen Schweiz Gen    6.400   11/14/2019   CHF     22.990
Vontobel Financial Pro    4.300   11/25/2019   EUR     64.610
Vontobel Financial Pro    4.000   11/25/2019   EUR     57.480
Vontobel Financial Pro    5.000    6/26/2020   EUR     70.150
Raiffeisen Schweiz Gen    5.000    11/4/2019   CHF     69.020
UniCredit Bank AG         3.700    5/18/2022   CHF     63.720
Vontobel Financial Pro   13.500    6/12/2020   EUR     60.665
Leonteq Securities AG/    5.000     5/3/2021   EUR     59.880
Vontobel Financial Pro   11.500    6/12/2020   EUR     73.300
Vontobel Financial Pro   11.500    6/12/2020   EUR     75.150
Vontobel Financial Pro   14.500    6/12/2020   EUR     70.960
Landesbank Baden-Wuert    4.000    4/24/2020   EUR     67.180
Landesbank Baden-Wuert    3.500    4/24/2020   EUR     60.200
Landesbank Baden-Wuert    4.000    4/24/2020   EUR     57.640
Landesbank Baden-Wuert    4.000    5/22/2020   EUR     62.600
Landesbank Baden-Wuert    5.500    5/22/2020   EUR     57.540
Landesbank Baden-Wuert    2.500    4/24/2020   EUR     46.820
Landesbank Baden-Wuert    4.000    4/24/2020   EUR     42.990
Landesbank Baden-Wuert    5.000    4/24/2020   EUR     67.760
Landesbank Baden-Wuert    4.000    4/24/2020   EUR     62.760
UBS AG/London            15.000    11/4/2019   USD     60.980
UBS AG/London             5.100    3/26/2020   EUR     64.690
Vontobel Financial Pro    6.750    6/19/2020   EUR     73.630
Raiffeisen Schweiz Gen    3.400    5/14/2020   CHF     59.510
Corner Banca SA           8.200    5/14/2020   CHF     26.600
Commerzbank AG           10.750    3/27/2020   EUR     68.240
Commerzbank AG           10.250    3/27/2020   EUR     64.600
Commerzbank AG           14.750   12/31/2019   EUR     74.320
Landesbank Hessen-Thue    4.000     6/8/2022   EUR     68.570
Raiffeisen Schweiz Gen    6.600    4/27/2020   EUR     69.700
UBS AG/London            11.000    4/27/2020   CHF     70.050
Landesbank Baden-Wuert    5.500    6/25/2021   EUR     70.720
Landesbank Baden-Wuert    5.000    6/25/2021   EUR     67.990
Landesbank Baden-Wuert    6.000    6/25/2021   EUR     77.010
Landesbank Baden-Wuert    2.000    6/25/2021   EUR     69.930
Landesbank Baden-Wuert    3.500    6/25/2021   EUR     65.270
Vontobel Financial Pro   15.500    6/26/2020   EUR     66.350
Leonteq Securities AG/    8.000   10/27/2020   CHF     65.130
Landesbank Hessen-Thue    6.000    8/25/2023   EUR     64.010
Societe Generale Effek   22.214    3/20/2020   EUR     68.280
Societe Generale Effek   18.915    3/20/2020   EUR     73.970
Societe Generale Effek    7.619    6/19/2020   EUR     75.750
Societe Generale Effek    8.958    9/18/2020   EUR     75.940
Societe Generale Effek   21.992   12/20/2019   EUR     61.640
Deutsche Bank AG          3.200   12/24/2019   EUR     70.540
Deutsche Bank AG          3.200   12/24/2019   EUR     67.120
Landesbank Baden-Wuert    5.000    1/24/2020   EUR     61.560
Landesbank Hessen-Thue    5.200    9/30/2022   EUR     64.230
Leonteq Securities AG/    6.000     6/8/2020   CHF     60.920
UniCredit Bank AG         5.750     7/4/2020   EUR     54.340
Raiffeisen Schweiz Gen    8.250   10/30/2019   CHF     58.780
Landesbank Baden-Wuert    4.000    6/25/2021   EUR     74.070
Landesbank Baden-Wuert    3.000    6/25/2021   EUR     72.160
Landesbank Baden-Wuert    6.500    6/25/2021   EUR     66.520
Societe Generale Effek   25.074    3/20/2020   EUR     66.790
Societe Generale Effek   21.447    6/19/2020   EUR     75.390
Societe Generale Effek   17.156    3/20/2020   EUR     69.490
Deutsche Bank AG          3.200   12/24/2019   EUR     72.580
Deutsche Bank AG          3.200   12/24/2019   EUR     66.590
UniCredit Bank AG         7.200    6/26/2020   EUR     73.150
DekaBank Deutsche Giro    2.900    10/2/2020   EUR     72.290
BNP Paribas Emissions-    5.500   12/30/2019   EUR     73.400
BNP Paribas Emissions-   10.000   12/30/2019   EUR     64.250
Societe Generale Effek   16.597   12/20/2019   EUR     63.150
Societe Generale Effek   11.171   12/20/2019   EUR     72.850
UBS AG/London            11.000    3/12/2020   USD     58.940
UBS AG/London            11.000    3/12/2020   CHF     67.800
UniCredit Bank AG         5.550    10/5/2021   EUR     70.340
UBS AG/London            11.000    3/12/2020   CHF     67.550
UBS AG/London             7.500    3/12/2020   EUR     73.400
UBS AG/London            12.000    3/12/2020   EUR     44.500
Leonteq Securities AG/    9.000   12/27/2019   CHF     71.230
Leonteq Securities AG/   10.200   12/20/2019   CHF     71.390
Leonteq Securities AG/    9.400   12/27/2019   CHF     71.210
UniCredit Bank AG         6.000    6/25/2021   EUR     74.230
UniCredit Bank AG         7.500    6/25/2021   EUR     72.600
Raiffeisen Centrobank     9.643    3/24/2020   EUR     68.290
UBS AG/London             6.100     1/2/2020   EUR     73.440
UBS AG/London             6.700    3/26/2020   EUR     75.090
UBS AG/London             4.200    6/25/2020   EUR     57.370
UBS AG/London             9.200     1/2/2020   EUR     68.030
Raiffeisen Centrobank    10.929    3/24/2020   EUR     65.840
UBS AG/London             6.900     1/2/2020   EUR     72.000
UBS AG/London             3.000     1/2/2020   EUR     63.420
UniCredit Bank AG         8.900   12/24/2021   EUR     72.270
EFG International Fina   15.200   12/10/2019   USD     62.710
DekaBank Deutsche Giro    3.150    10/2/2020   EUR     67.820
BNP Paribas Emissions-   10.000   12/30/2019   EUR     72.360
BNP Paribas Emissions-    8.500   12/30/2019   EUR     69.920
BNP Paribas Emissions-   10.000   12/30/2019   EUR     68.050
BNP Paribas Emissions-    8.500   12/30/2019   EUR     71.080
BNP Paribas Emissions-    9.000   12/30/2019   EUR     69.140
BNP Paribas Emissions-   12.000   12/30/2019   EUR     75.220
DZ Bank AG Deutsche Ze    6.500   12/23/2019   EUR     74.050
DZ Bank AG Deutsche Ze    6.250   12/23/2019   EUR     72.010
Credit Suisse AG/Londo   10.500    3/23/2020   USD     66.050
Leonteq Securities AG    10.000    3/17/2020   CHF     70.490
DZ Bank AG Deutsche Ze   10.250   12/27/2019   EUR     61.500
DZ Bank AG Deutsche Ze    7.000   12/27/2019   EUR     70.700
DZ Bank AG Deutsche Ze    5.250   12/27/2019   EUR     65.860
DZ Bank AG Deutsche Ze   12.000    3/25/2020   EUR     50.700
HSBC Trinkaus & Burkha    0.750    4/22/2020   EUR     62.140
UniCredit Bank AG         8.200   11/22/2019   EUR     53.140
UniCredit Bank AG         9.000   11/22/2019   EUR     61.400
UniCredit Bank AG         6.700   11/22/2019   EUR     56.980
Landesbank Hessen-Thue    5.200     8/9/2024   EUR     74.720
Bank Julius Baer & Co     6.750    7/13/2020   EUR     66.350
Getin Noble Bank SA       5.790    7/26/2024   PLN     61.000
Leonteq Securities AG/    7.000    12/1/2020   CHF     72.370
Landesbank Hessen-Thue    4.000     3/8/2021   EUR     58.500
EFG International Fina    7.000     6/8/2021   EUR     67.140
Leonteq Securities AG/    6.000    9/17/2020   CHF     56.940
Raiffeisen Centrobank    10.286    3/24/2020   EUR     66.970
UBS AG/London             7.600     1/2/2020   EUR     70.600
UBS AG/London             5.500     1/2/2020   EUR     75.000
UBS AG/London            10.100     1/2/2020   EUR     65.560
UniCredit Bank AG        13.800    3/27/2020   EUR     68.590
Credit Suisse AG/Londo    6.000   12/12/2019   CHF     70.330
UniCredit Bank AG         6.000    3/27/2020   EUR     74.790
Leonteq Securities AG    13.000   12/17/2019   CHF     68.120
Leonteq Securities AG     9.000   12/17/2019   CHF     72.000
Raiffeisen Schweiz Gen    8.500    3/17/2020   CHF     71.920
Credit Suisse AG/Nassa    7.000   12/17/2019   CHF     69.920
Landesbank Hessen-Thue    4.150    1/15/2020   EUR     75.600
Societe Generale Effek   12.545     1/2/2020   EUR     70.230
Societe Generale Effek   17.167     1/2/2020   EUR     63.310
Societe Generale Effek   13.866     1/2/2020   EUR     73.810
Societe Generale Effek   18.488     1/2/2020   EUR     67.960
Societe Generale Effek    9.904     1/2/2020   EUR     73.790
Societe Generale Effek   13.205     1/2/2020   EUR     68.250
Societe Generale Effek   15.847     1/2/2020   EUR     71.530
Societe Generale Effek    9.244     1/2/2020   EUR     68.310
Societe Generale Effek   15.186     1/2/2020   EUR     60.770
Societe Generale Effek    9.244     1/2/2020   EUR     67.490
Societe Generale Effek   15.186     1/2/2020   EUR     61.700
Societe Generale Effek    5.942     1/2/2020   EUR     73.700
Societe Generale Effek    9.244     1/2/2020   EUR     68.560
Societe Generale Effek   11.885     1/2/2020   EUR     64.140
Societe Generale Effek   15.186     1/2/2020   EUR     75.390
Societe Generale Effek   11.885     1/2/2020   EUR     68.630
Societe Generale Effek   16.507     1/2/2020   EUR     63.300
DekaBank Deutsche Giro    3.700    10/2/2020   EUR     64.330
BNP Paribas Emissions-    8.000   12/30/2019   EUR     73.130
BNP Paribas Emissions-   11.000   12/30/2019   EUR     67.940
Societe Generale Effek   15.959   12/20/2019   EUR     72.160
Societe Generale Effek   12.129   12/20/2019   EUR     71.720
Leonteq Securities AG/    8.000    3/17/2020   CHF     71.280
Raiffeisen Centrobank     9.626    3/24/2020   EUR     72.260
Vontobel Financial Pro    9.500    3/27/2020   EUR     60.904
Vontobel Financial Pro    7.500    3/27/2020   EUR     60.018
Getin Noble Bank SA       6.790   11/30/2023   PLN     72.000
DZ Bank AG Deutsche Ze   14.000    1/22/2020   EUR     71.710
Deutsche Bank AG          4.200    6/23/2020   EUR     72.900
Deutsche Bank AG          4.200    6/23/2020   EUR     66.800
Deutsche Bank AG          4.200   12/24/2019   EUR     65.800
Deutsche Bank AG          4.200    3/24/2020   EUR     66.000
Deutsche Bank AG          4.200    3/24/2020   EUR     60.000
Deutsche Bank AG          4.200    6/23/2020   EUR     60.400
Commerzbank AG            8.250   12/31/2019   EUR     74.040
BNP Paribas Emissions-    7.000   12/30/2019   EUR     67.540
UniCredit Bank AG         7.400   12/29/2020   EUR     52.020
UniCredit Bank AG         9.100   12/29/2020   EUR     57.220
UniCredit Bank AG         8.400   12/29/2020   EUR     62.180
UniCredit Bank AG         9.100   12/29/2020   EUR     72.000
UniCredit Bank AG         7.100   12/29/2020   EUR     74.560
UniCredit Bank AG         6.800   12/29/2020   EUR     48.970
UniCredit Bank AG         6.100   12/29/2020   EUR     65.850
UniCredit Bank AG         6.800   12/29/2020   EUR     64.400
Leonteq Securities AG     5.600    5/16/2022   CHF     73.110
Leonteq Securities AG/   12.000   11/29/2019   CHF     53.640
UniCredit Bank AG         6.500   12/29/2020   EUR     57.950
UniCredit Bank AG        12.200   12/29/2020   EUR     37.480
UniCredit Bank AG         6.200   12/29/2020   EUR     72.070
UniCredit Bank AG         8.300   12/29/2020   EUR     68.580
UniCredit Bank AG        10.100   12/29/2020   EUR     61.890
UniCredit Bank AG         6.200   12/29/2020   EUR     72.350
UniCredit Bank AG         7.900   12/29/2020   EUR     53.180
UniCredit Bank AG         9.500   12/29/2020   EUR     69.650
Credit Suisse AG/Nassa    9.000   11/11/2019   EUR     66.110
UniCredit Bank AG        10.700   12/29/2020   EUR     54.550
UniCredit Bank AG         9.100   12/29/2020   EUR     56.720
UniCredit Bank AG         8.100   12/29/2020   EUR     70.200
UniCredit Bank AG        13.000     1/3/2020   EUR     65.100
UniCredit Bank AG         6.100     1/3/2020   EUR     65.110
UniCredit Bank AG         5.700     1/3/2020   EUR     55.950
UniCredit Bank AG        13.800     1/3/2020   EUR     27.030
UniCredit Bank AG         6.400     1/3/2020   EUR     72.280
HSBC Trinkaus & Burkha    2.000    3/27/2020   EUR     72.030
UBS AG/London            10.000   12/27/2019   CHF     57.000
UBS AG/London             7.000    6/22/2020   CHF     66.250
UBS AG/London             7.500    6/29/2020   EUR     61.650
UBS AG/London             8.000   12/27/2019   CHF     65.600
UBS AG/London             6.000   12/28/2020   CHF     61.250
Raiffeisen Switzerland    5.000    8/14/2020   EUR     41.480
Landesbank Hessen-Thue    4.500     9/8/2021   EUR     69.450
DZ Bank AG Deutsche Ze    6.500    3/25/2020   EUR     75.380
Landesbank Hessen-Thue    5.350    9/22/2023   EUR     63.180
EFG International Fina    6.000    8/24/2020   CHF     65.900
Vontobel Financial Pro   12.000    6/29/2020   EUR     64.168
Getin Noble Bank SA       5.790   12/12/2022   PLN     72.000
SG Issuer SA              0.800   10/21/2020   SEK     35.300
Landesbank Hessen-Thue    4.000   12/18/2019   EUR     68.820
SG Issuer SA              0.820     8/2/2021   SEK     20.850
Landesbank Hessen-Thue    4.000   10/14/2020   EUR     36.450
Vontobel Financial Pro    3.000    6/26/2020   EUR     63.870
Landesbank Hessen-Thue    8.000   11/17/2020   EUR     43.840
UniCredit Bank AG         3.500    9/22/2020   EUR     67.150
Landesbank Hessen-Thue    4.000    11/6/2019   EUR     67.630
UniCredit Bank AG         3.900    11/3/2019   EUR     55.870
DekaBank Deutsche Giro    3.100   10/28/2019   EUR     61.370
DekaBank Deutsche Giro    3.500   10/28/2019   EUR     28.190
Landesbank Hessen-Thue    3.100   11/25/2019   EUR     79.000
Landesbank Hessen-Thue    3.150    12/3/2019   EUR     74.100
Landesbank Hessen-Thue    6.250    7/15/2022   EUR     55.350
Getin Noble Bank SA       6.790    5/31/2023   PLN     77.000
UniCredit Bank AG         4.500   11/18/2020   EUR     66.210
Landesbank Hessen-Thue    4.250   12/11/2019   EUR     73.120
Federal Grid Co Unifie    5.600   10/30/2048   RUB     72.150
Main Road JSC             4.000   11/22/2028   RUB     72.670
Business-Consulting OA    8.500    3/26/2020   RUB    100.000
Commerzbank AG           12.250    2/28/2020   EUR     72.080
DZ Bank AG Deutsche Ze   14.250    6/24/2020   EUR     68.360
DZ Bank AG Deutsche Ze    5.250    6/24/2020   EUR     68.880
Archer Finance OOO        9.250    3/29/2022   RUB     35.350
Business-Consulting OA    6.000    12/6/2030   RUB     65.000
Plaza Centers NV          6.000     7/1/2020   ILS     21.700
Lehman Brothers Treasu   13.500   11/28/2008   USD      2.571
Lehman Brothers Treasu    0.250   10/19/2012   CHF      2.571
Lehman Brothers Treasu    6.750     4/5/2012   EUR      2.571
Lehman Brothers Treasu    5.000     5/2/2022   EUR      2.571
Lehman Brothers Treasu    1.680     3/5/2015   EUR      2.571
Lehman Brothers Treasu    3.500   10/31/2011   USD      2.571
Lehman Brothers Treasu    5.100     5/8/2017   HKD      3.400
Lehman Brothers Treasu    3.500   10/24/2011   USD      2.571
Lehman Brothers Treasu    1.750     2/7/2010   EUR      2.571
Kaupthing ehf             5.000     1/4/2027   SKK      0.250
Lehman Brothers Treasu    4.000    12/2/2012   EUR      2.571
Lehman Brothers Treasu   11.000   12/19/2011   USD      2.571
Lehman Brothers Treasu    3.350   10/13/2016   EUR      2.571
Lehman Brothers Treasu    2.480    5/12/2009   USD      2.571
Kaupthing ehf             5.250    7/18/2017   BGN      0.250
Lehman Brothers Treasu    4.000    5/17/2010   USD      2.571
Digital Invest OOO        7.850    11/3/2020   RUB      0.100
Lehman Brothers Treasu    2.250    5/12/2009   USD      2.571
Lehman Brothers Treasu    4.000    5/30/2010   USD      2.571
Lehman Brothers Treasu    6.000    3/17/2011   EUR      2.571
Lehman Brothers Treasu    4.000    4/24/2009   USD      2.571
Lehman Brothers Treasu    9.000    6/13/2009   USD      2.571
Lehman Brothers Treasu    9.000    3/17/2009   GBP      2.571
Lehman Brothers Treasu    4.500     3/6/2013   CHF      2.571
Lehman Brothers Treasu    7.000   11/28/2008   CHF      2.571
Lehman Brothers Treasu    3.600    3/19/2018   JPY      2.571
Lehman Brothers Treasu    7.250    10/6/2008   EUR      2.571
Heta Asset Resolution     4.350   12/31/2023   EUR      2.000
Lehman Brothers Treasu    6.000   10/24/2008   EUR      2.571
Lehman Brothers Treasu    7.750    1/30/2009   EUR      2.571
Lehman Brothers Treasu    7.500    7/31/2013   GBP      2.571
Lehman Brothers Treasu    8.280    7/31/2013   GBP      2.571
Lehman Brothers Treasu    8.600    7/31/2013   GBP      2.571
Lehman Brothers Treasu    8.000     8/3/2009   USD      2.571
Lehman Brothers Treasu    7.585   11/22/2009   MXN      3.750
Lehman Brothers Treasu    7.320    7/31/2013   GBP      2.571
Lehman Brothers Treasu    3.500   12/20/2027   USD      2.571
Lehman Brothers Treasu   16.000    10/8/2008   CHF      2.571
Lehman Brothers Treasu    4.800   11/16/2012   HKD      2.571
Lehman Brothers Treasu    1.500   10/12/2010   EUR      2.571
Lehman Brothers Treasu    4.000   10/12/2010   USD      2.571
Lehman Brothers Treasu   14.900   11/16/2010   EUR      2.571
ECM Real Estate Invest    5.000    10/9/2011   EUR     15.375
HSBC Bank PLC             0.500   12/22/2025   BRL     64.748
Ideal Standard Interna   11.750     5/1/2018   EUR      0.274
Lehman Brothers Treasu    3.400    9/21/2009   HKD      2.571
Lehman Brothers Treasu    5.200    11/9/2011   EUR      3.400
Lehman Brothers Treasu    4.600   10/11/2017   ILS      3.750
Lehman Brothers Treasu   11.000   12/20/2017   AUD      2.571
Lehman Brothers Treasu    8.800   12/27/2009   EUR      2.571
HSBC Bank PLC             0.500    6/23/2027   MXN     56.434
Lehman Brothers Treasu    4.250    3/13/2021   EUR      2.571
Lehman Brothers Treasu    8.000    4/20/2009   EUR      2.571
Lehman Brothers Treasu    0.500   12/20/2017   AUD      2.571
Lehman Brothers Treasu    0.500   12/20/2017   AUD      2.571
Lehman Brothers Treasu   11.000   12/20/2017   AUD      2.571
Lehman Brothers Treasu    4.000     1/4/2011   USD      2.571
Lehman Brothers Treasu    9.300   12/21/2010   EUR      2.571
Lehman Brothers Treasu   10.000    2/16/2009   CHF      2.571
Lehman Brothers Treasu    8.000    3/21/2018   USD      2.571
Lehman Brothers Treasu    1.000    2/26/2010   USD      2.571
Lehman Brothers Treasu    0.500   12/20/2017   AUD      2.571
Lehman Brothers Treasu    0.500   12/20/2017   AUD      2.571
Lehman Brothers Treasu    0.500   12/20/2017   USD      2.571
Lehman Brothers Treasu    0.500   12/20/2017   USD      2.571
Lehman Brothers Treasu    0.500   12/20/2017   AUD      3.400
Lehman Brothers Treasu    0.500   12/20/2017   USD      2.571
Lehman Brothers Treasu    7.000    2/15/2010   CHF      2.571
Lehman Brothers Treasu    0.500   12/20/2017   USD      2.571
Lehman Brothers Treasu   11.000    2/16/2009   CHF      2.571
Lehman Brothers Treasu   13.000    2/16/2009   CHF      2.571
Lehman Brothers Treasu    5.375     2/4/2014   USD      2.571
RGS Nedvizhimost OOO     12.000   10/18/2017   RUB      0.335
Derzhava-Garant OOO      10.000    6/24/2020   RUB     60.430
Kaupthing ehf             6.125    10/4/2016   USD      0.250
Lehman Brothers Treasu   10.000    3/27/2009   USD      2.571
Lehman Brothers Treasu    5.750    6/15/2009   CHF      2.571
Lehman Brothers Treasu    4.000    4/13/2011   CHF      2.571
Lehman Brothers Treasu    5.000   10/24/2008   CHF      2.571
Lehman Brothers Treasu    8.000    5/22/2009   USD      2.571
Lehman Brothers Treasu    3.850    4/24/2009   USD      2.571
Lehman Brothers Treasu   10.500     8/9/2010   EUR      2.571
Lehman Brothers Treasu    0.250    7/21/2014   EUR      2.571
Lehman Brothers Treasu    5.500    6/15/2009   CHF      2.571
Lehman Brothers Treasu    7.500   10/24/2008   USD      2.571
Lehman Brothers Treasu    7.000    4/14/2009   EUR      2.571
Lehman Brothers Treasu    9.250    6/20/2012   USD      2.571
Lehman Brothers Treasu    3.000    9/13/2010   JPY      3.750
Mriya Agro Holding PLC   10.950    3/30/2016   USD      2.029
Lehman Brothers Treasu    3.000    8/13/2011   EUR      2.571
Lehman Brothers Treasu    6.000    9/20/2011   EUR      2.571
Lehman Brothers Treasu    2.500    8/23/2012   GBP      2.571
Lehman Brothers Treasu   13.000    7/25/2012   EUR      2.571
Lehman Brothers Treasu    6.000    5/23/2018   CZK      2.571
Lehman Brothers Treasu   10.000     1/3/2012   BRL      2.571
Kaupthing ehf             3.750    2/15/2024   ISK      0.250
Lehman Brothers Treasu    5.000    4/24/2017   EUR      2.571
Lehman Brothers Treasu    0.800   12/30/2016   EUR      2.571
Laurel GmbH               7.125   11/16/2017   EUR      7.750
AKB Peresvet ZAO          0.510     8/4/2034   RUB
Lehman Brothers Treasu    5.200    3/19/2018   EUR      2.571
SAir Group                2.750    7/30/2004   CHF      9.875
Lehman Brothers Treasu    6.600    2/22/2012   EUR      2.571
Lehman Brothers Treasu   14.900    9/15/2008   EUR      2.571
Lehman Brothers Treasu    1.500   10/25/2011   EUR      2.571
Lehman Brothers Treasu    2.500   12/15/2011   GBP      2.571
Lehman Brothers Treasu    4.000   11/24/2016   EUR      2.571
Lehman Brothers Treasu    3.700     6/6/2009   EUR      2.571
Lehman Brothers Treasu    7.500    9/13/2009   CHF      2.571
Lehman Brothers Treasu    0.500    2/16/2009   EUR      2.571
Lehman Brothers Treasu    8.500     7/6/2009   CHF      2.571
Lehman Brothers Treasu    3.000     8/8/2017   EUR      2.571
Lehman Brothers Treasu    6.000    12/6/2016   USD      2.571
Vontobel Financial Pro    9.720   10/31/2019   EUR     67.970
Vontobel Financial Pro   12.080   10/31/2019   EUR     61.330
DekaBank Deutsche Giro    3.200    11/1/2019   EUR     57.440
Vontobel Financial Pro   17.000    3/27/2020   EUR     69.010
Vontobel Financial Pro   15.000    6/26/2020   EUR     74.645
Vontobel Financial Pro    5.500    3/27/2020   EUR     59.133
Vontobel Financial Pro   13.000    3/27/2020   EUR     67.110
Vontobel Financial Pro   20.000    3/27/2020   EUR     70.250
Vontobel Financial Pro   15.500    6/25/2020   EUR     71.940
Vontobel Financial Pro    8.000    6/26/2020   EUR     59.004
Vontobel Financial Pro    6.000    6/26/2020   EUR     72.530
Bank Julius Baer & Co     5.250     6/5/2020   CHF     73.900
Vontobel Financial Pro    5.200    9/18/2020   EUR     67.302
DZ Bank AG Deutsche Ze   15.250   12/27/2019   EUR     69.320
DZ Bank AG Deutsche Ze   11.750   12/27/2019   EUR     70.290
Lehman Brothers Treasu    4.200    12/3/2008   HKD      3.400
Lehman Brothers Treasu    4.500     8/2/2009   USD      2.571
SAir Group                2.750    7/30/2004   CHF      9.875
Lehman Brothers Treasu    6.000    2/14/2012   EUR      2.571
Lehman Brothers Treasu    4.690    2/19/2017   EUR      2.571
Lehman Brothers Treasu   15.000    3/30/2011   EUR      2.571
Lehman Brothers Treasu    8.000   12/31/2010   USD      2.571
Eirles Two DAC            2.614    2/13/2046   USD     72.493
Municipality Finance P    0.250    6/28/2040   CAD     36.297
Lehman Brothers Treasu    4.500   12/30/2010   USD      2.571
Lehman Brothers Treasu    6.000    7/28/2010   EUR      2.571
Lehman Brothers Treasu    6.000    7/28/2010   EUR      2.571
Lehman Brothers Treasu    6.000    6/21/2011   EUR      2.571
Lehman Brothers Treasu    2.000    6/21/2011   EUR      2.571
Eirles Two DAC            2.621    2/13/2046   USD     72.492
Lehman Brothers Treasu    4.500     3/7/2015   EUR      2.571
Lehman Brothers Treasu    7.000    7/11/2010   EUR      2.571
Lehman Brothers Treasu    3.820   10/20/2009   USD      2.571
EDOB Abwicklungs AG       7.500     4/1/2012   EUR      1.082
Lehman Brothers Treasu    3.630     3/2/2012   EUR      2.571
Lehman Brothers Treasu    1.600    6/21/2010   JPY      2.571
Lehman Brothers Treasu    0.750    3/29/2012   EUR      2.571
Lehman Brothers Treasu    3.025    1/31/2015   EUR      2.571
Lehman Brothers Treasu    2.400    6/20/2011   JPY      2.571
Bank Julius Baer & Co     8.500    11/1/2019   USD     54.650
LBI ehf                   8.650     5/1/2011   ISK      7.875
Lehman Brothers Treasu   10.000    6/11/2038   JPY      2.571
KPNQwest NV               8.875     2/1/2008   EUR      0.863
Kaupthing ehf             7.000    7/24/2009   ISK      0.250
LBI ehf                   5.080     3/1/2013   ISK      7.875
Lehman Brothers Treasu   12.000    7/13/2037   JPY      2.571
Lehman Brothers Treasu   12.400    6/12/2009   USD      2.571
Lehman Brothers Treasu    7.500    5/30/2010   AUD      2.571
Lehman Brothers Treasu    4.000     6/5/2011   USD      2.571
Kaupthing ehf             9.750    9/10/2015   USD      0.250
Lehman Brothers Treasu   13.150   10/30/2008   USD      2.571
Lehman Brothers Treasu    4.300     6/4/2012   USD      2.571
Lehman Brothers Treasu    1.460    2/19/2012   JPY      3.750
Lehman Brothers Treasu    7.250     7/8/2014   EUR      2.571
Lehman Brothers Treasu    2.300     6/6/2013   USD      2.571
Lehman Brothers Treasu    2.370    7/15/2013   USD      2.571
Lehman Brothers Treasu    2.300    6/27/2013   USD      2.571
Kaupthing ehf             6.500    10/8/2010   ISK      0.250
Kaupthing ehf             7.500    12/5/2014   ISK      0.250
Lehman Brothers Treasu   18.250    10/2/2008   USD      2.571
Lehman Brothers Treasu    7.000   10/22/2010   EUR      2.571
Lehman Brothers Treasu    8.000   10/23/2008   USD      2.571
Lehman Brothers Treasu   13.000   12/14/2012   USD      2.571
Lehman Brothers Treasu    3.000     6/3/2010   EUR      2.571
Lehman Brothers Treasu   10.000    6/17/2009   USD      2.571
Lehman Brothers Treasu   10.600    4/22/2014   MXN      2.571
Lehman Brothers Treasu    4.600     8/1/2013   EUR      2.571
Lehman Brothers Treasu    8.000    5/22/2009   USD      2.571
Lehman Brothers Treasu   10.000    5/22/2009   USD      2.571
Lehman Brothers Treasu    9.000     5/6/2011   CHF      2.571
Lehman Brothers Treasu   11.000     7/4/2011   USD      2.571
Lehman Brothers Treasu   11.000     7/4/2011   CHF      2.571
Lehman Brothers Treasu   13.432     1/8/2009   ILS      2.571
Lehman Brothers Treasu    5.550    3/12/2015   EUR      2.571
Lehman Brothers Treasu    2.000    6/28/2011   EUR      2.571
Lehman Brothers Treasu    7.600    5/21/2013   USD      2.571
Lehman Brothers Treasu    0.500     6/2/2020   EUR      2.571
Lehman Brothers Treasu   12.000     7/4/2011   EUR      2.571
Lehman Brothers Treasu    7.600     3/4/2010   NZD      2.571
Lehman Brothers Treasu   13.500     6/2/2009   USD      2.571
Lehman Brothers Treasu   15.000     6/4/2009   CHF      2.571
Lehman Brothers Treasu   17.000     6/2/2009   USD      2.571
Lehman Brothers Treasu    7.550   12/29/2008   USD      2.571
Lehman Brothers Treasu   10.000   10/23/2008   USD      2.571
Lehman Brothers Treasu   10.000   10/22/2008   USD      2.571
Lehman Brothers Treasu    8.000    3/19/2012   USD      2.571
Lehman Brothers Treasu    5.250   11/21/2009   USD      2.571
Lehman Brothers Treasu   11.250   12/31/2008   USD      2.571
Lehman Brothers Treasu    6.000     8/7/2013   EUR      2.571
Lehman Brothers Treasu   16.800    8/21/2009   USD      2.571
Lehman Brothers Treasu   14.100   11/12/2008   USD      2.571
Lehman Brothers Treasu    6.000     3/4/2015   USD      2.571
Lehman Brothers Treasu    0.500     8/1/2020   EUR      2.571
Lehman Brothers Treasu   16.000   12/26/2008   USD      2.571
Lehman Brothers Treasu    3.100     6/4/2010   USD      2.571
Lehman Brothers Treasu    2.500    8/15/2012   CHF      2.571
Societe Generale SA       0.500     4/4/2024   MXN     72.845
Lehman Brothers Treasu    7.060   12/29/2008   EUR      2.571
Lehman Brothers Treasu    7.750    2/21/2016   EUR      2.571
Cerruti Finance SA        6.500    7/26/2004   EUR      1.901
Lehman Brothers Treasu    7.625    7/22/2011   HKD      2.571
Mriya Agro Holding PLC    9.450    4/19/2018   USD      4.818
Lehman Brothers Treasu    6.720   12/29/2008   EUR      2.571
Lehman Brothers Treasu    0.010    9/20/2011   USD      2.571
Region Invest OOO         7.850     5/4/2021   RUB      0.300
Lehman Brothers Treasu    8.000   12/27/2032   JPY      2.571
Lehman Brothers Treasu    1.500     2/8/2012   CHF      2.571
Lehman Brothers Treasu    8.050   12/20/2010   HKD      2.571
Lehman Brothers Treasu    6.250     9/5/2011   EUR      2.571
Lehman Brothers Treasu    4.100    8/23/2010   USD      2.571
Credit Suisse AG/Londo    0.500     1/8/2026   BRL     64.546
Lehman Brothers Treasu    6.700    4/21/2011   USD      2.571
KPNQwest NV               7.125     6/1/2009   EUR      0.863
Lehman Brothers Treasu    3.000    9/12/2036   JPY      3.750
Lehman Brothers Treasu    7.000    4/24/2009   USD      2.571
Lehman Brothers Treasu    8.280    3/26/2009   USD      2.571
Lehman Brothers Treasu   16.200    5/14/2009   USD      2.571
Lehman Brothers Treasu    4.000    3/10/2011   EUR      2.571
Lehman Brothers Treasu    7.600    1/31/2013   AUD      2.571
Lehman Brothers Treasu    1.000     5/9/2012   EUR      2.571
Lehman Brothers Treasu   16.000    11/9/2008   USD      2.571
Lehman Brothers Treasu    0.500     7/2/2020   EUR      2.571
Lehman Brothers Treasu    7.750     1/3/2012   AUD      2.571
Lehman Brothers Treasu    7.500    2/14/2010   AUD      2.571
Lehman Brothers Treasu    7.150    3/21/2013   USD      2.571
Lehman Brothers Treasu    3.500    6/20/2011   EUR      2.571
Lehman Brothers Treasu    6.600    5/23/2012   AUD      2.571
Lehman Brothers Treasu    6.850   12/22/2008   EUR      2.571
Lehman Brothers Treasu    7.600    3/26/2009   EUR      2.571
Lehman Brothers Treasu   16.000   10/28/2008   USD      2.571
Lehman Brothers Treasu    3.450    5/23/2013   USD      2.571
Lehman Brothers Treasu    5.500    6/22/2010   USD      3.400
Heta Asset Resolution     5.030   12/31/2023   EUR      2.000
Heta Asset Resolution     4.875   12/31/2023   EUR      2.000
Lehman Brothers Treasu    5.220     3/1/2024   EUR      2.571
Lehman Brothers Treasu    4.100    5/20/2009   USD      2.571
Lehman Brothers Treasu    4.000    2/28/2010   EUR      2.571
Lehman Brothers Treasu    2.000    5/17/2010   EUR      2.571
Lehman Brothers Treasu    1.950    11/4/2013   EUR      2.571
Raiffeisen Centrobank     6.197   12/27/2019   EUR     59.570
DZ Bank AG Deutsche Ze    5.000    2/26/2020   EUR     70.210
Raiffeisen Centrobank     9.507   12/27/2019   EUR     74.730
DZ Bank AG Deutsche Ze    9.000    3/25/2020   EUR     71.550
DZ Bank AG Deutsche Ze    6.800    4/22/2020   EUR     72.660
DZ Bank AG Deutsche Ze   11.250   12/27/2019   EUR     67.980
DZ Bank AG Deutsche Ze    5.250    8/26/2020   EUR     69.140
Raiffeisen Centrobank     6.728   12/27/2019   EUR     60.660
Raiffeisen Centrobank     9.325   12/27/2019   EUR     60.920
DZ Bank AG Deutsche Ze    9.500    2/26/2020   EUR     71.810
DZ Bank AG Deutsche Ze    7.000    3/25/2020   EUR     72.420
Raiffeisen Centrobank     7.258    6/23/2020   EUR     74.500
Raiffeisen Centrobank     6.767   12/27/2019   EUR     65.920
Raiffeisen Centrobank     7.992   12/27/2019   EUR     69.250
Raiffeisen Centrobank     8.687   12/27/2019   EUR     50.710
Lehman Brothers Treasu    6.600     2/9/2009   EUR      2.571
Raiffeisen Centrobank     7.731   12/27/2019   EUR     74.230
Raiffeisen Centrobank     8.226    6/23/2020   EUR     72.010
Raiffeisen Centrobank     6.429   12/27/2019   EUR     16.290
Raiffeisen Centrobank     8.571   12/27/2019   EUR     65.530
Raiffeisen Centrobank     8.395   12/27/2019   EUR     59.750
DZ Bank AG Deutsche Ze    5.000    8/26/2020   EUR     71.990
Vontobel Financial Pro   11.000   12/31/2019   EUR     68.460
Raiffeisen Centrobank     7.895   12/27/2019   EUR     64.100
Raiffeisen Centrobank     6.767   12/27/2019   EUR     64.070
Raiffeisen Centrobank     6.950   12/27/2019   EUR     52.050
DZ Bank AG Deutsche Ze    5.000    6/24/2020   EUR     75.000
DZ Bank AG Deutsche Ze    5.250    2/26/2020   EUR     74.000
Raiffeisen Centrobank     8.852   12/27/2019   EUR     74.420
Raiffeisen Centrobank    10.210   12/27/2019   EUR     62.330
Raiffeisen Centrobank     8.852   12/27/2019   EUR     63.950
Raiffeisen Centrobank     6.197   12/27/2019   EUR     63.560
Raiffeisen Centrobank     3.383   12/27/2019   EUR     62.960
Raiffeisen Centrobank     4.737   12/27/2019   EUR     65.890
Raiffeisen Centrobank     7.444   12/27/2019   EUR     65.500



                           *********


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 * * *