/raid1/www/Hosts/bankrupt/TCREUR_Public/210208.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Monday, February 8, 2021, Vol. 22, No. 22

                           Headlines



F R A N C E

EUROSTAR INT'L: UK Ready to Rescue Business if France Takes Lead


G E R M A N Y

DEUTSCHE LUFTHANSA: Sells EUR1.6BB Bonds to Partly Repay Bailout


I R E L A N D

OAK HILL VI: Fitch Affirms B- Rating on Class F Debt


L U X E M B O U R G

SK INVICTUS II: Fitch Affirms 'B+' LongTerm Issuer Default Rating


N E T H E R L A N D S

TELEFONICA EUROPE: S&P Assigns 'BB' Rating on Hybrid Securities


R U S S I A

EN+ GROUP: Fitch Affirms 'B+' LongTerm IDRs, Outlook Stable
GEOPROMINING INVESTMENT: Fitch Alters Outlook on 'B+' IDR to Neg.


T U R K E Y

DENIZBANK AS: Fitch Affirms 'B+' LongTerm Foreign Currency IDR
ING BANK: Fitch Affirms 'B+' LongTerm Foreign Currency IDR
TURK EKONOMI: Fitch Affirms 'B+' LongTerm Foreign Currency IDR


U N I T E D   K I N G D O M

LOOKERS PLC: Posts GBP50-Mil. Loss in First Half 2020
TRAFFORD CENTRE: S&P Lowers Class D1(N) Notes Rating to 'BB+'
TUCAN TRAVEL: Enters Administration Due to COVID-19 Impact
[*] UK: Top London Venues Turn to Crowdfunding to Survive


X X X X X X X X

[*] BOND PRICING: For the Week February 1 to February 5, 2021

                           - - - - -


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

EUROSTAR INT'L: UK Ready to Rescue Business if France Takes Lead
----------------------------------------------------------------
Tim Ross at Bloomberg News reports that the U.K. said it's ready to
pitch in with state funding to help rescue Eurostar International
Ltd. if France takes the lead on bailing out the Channel Tunnel
rail business that's been savaged by pandemic travel restrictions.

According to Bloomberg, British Transport Secretary Grant Shapps
said options including the Bank of England's coronavirus loans and
the U.K.'s export finance regime could be available to help
London-based Eurostar, which operates a passenger-train link with
the continent.  But he insisted that the primary responsibility for
the bailout remains with France, which controls the company via
state railway SNCF, Bloomberg notes.

"You've got 55% ownership by the French state so it's not just any
old shareholder, it's a state-backed shareholder," Mr. Shapps told
the U.K. Parliament's transport committee on Feb. 3. "We will look
to be as helpful as possible."

The coronavirus crisis has wiped out 95% of Eurostar's passenger
traffic and SNCF has warned that there is a real risk to the
business's survival without government aid, Bloomberg discloses.

Talks have been ongoing between Shapps and his French counterpart
Jean-Baptiste Djebbari for several weeks but the British are
waiting for the French to come up with a rescue plan before
committing support, Bloomberg relays.




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

DEUTSCHE LUFTHANSA: Sells EUR1.6BB Bonds to Partly Repay Bailout
----------------------------------------------------------------
Irene Garcia Perez and William Wilkes at Bloomberg News report that
German carrier Deutsche Lufthansa AG sold EUR1.6 billion (US$1.92
billion) of bonds on Feb. 4 to partly repay a government bailout
that kept it afloat after the pandemic severely disrupted
international travel.

According to Bloomberg, Lufthansa said in an emailed statement it
will use EUR500 million to refinance financial liabilities due this
year, and the rest of the funds will repay part of a EUR3 billion
loan from state development bank KfW.

The KfW loan was part of a EUR9 billion rescue package from the
German government agreed in June after the pandemic, and associated
collapse in passenger numbers, left the company reeling, Bloomberg
notes.

Airlines were among the hardest hit sectors last year, with many
forced to ground their fleets and Lufthansa was among several that
lost highly-prized investment-grade credit ratings, Bloomberg
recounts.

Raising debt to repay government loans could help Lufthansa avoid
fire sales of assets that would fetch a higher price once the
aviation market recovers from the coronavirus downturn in travel,
Bloomberg states.

Chief executive Carsten Spohr has said he doesn't expect a return
to pre-crisis flying levels until 2024, feeding speculation the
company might need to quickly sell or partially list its Lufthansa
Technik maintenance division, Bloomberg relates.




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

OAK HILL VI: Fitch Affirms B- Rating on Class F Debt
----------------------------------------------------
Fitch Ratings relate that the transactions below are cash flow
CLOs, mostly comprising senior secured obligations. They are both
within their reinvestment period and are actively managed by Oak
Hill Advisors (Europe) LLP.

      DEBT                RATING           PRIOR
      ----                ------           -----
Oak Hill European Credit Partners VI DAC

A-1 XS1720167664    LT  AAAsf  Affirmed    AAAsf
A-2 XS1720609434    LT  AAAsf  Affirmed    AAAsf
B-1 XS1720168043    LT  AAsf   Affirmed    AAsf
B-2 XS1720168399    LT  AAsf   Affirmed    AAsf
C XS1720168712      LT  Asf    Affirmed    Asf
D XS1720169017      LT  BBBsf  Affirmed    BBBsf
E XS1720169520      LT  BB-sf  Affirmed    BB-sf
F XS1720169876      LT  B-sf   Affirmed    B-sf

Oak Hill European Credit Partners IV DAC

A-1-R XS1736667640  LT  AAAsf  Affirmed    AAAsf
A-2-R XS1736668457  LT  AAAsf  Affirmed    AAAsf
B-1-R XS1736668960  LT  AAsf   Affirmed    AAsf
B-2-R XS1736669778  LT  AAsf   Affirmed    AAsf
C-R XS1736670602    LT  Asf    Affirmed    Asf
D-R XS1736671162    LT  BBBsf  Affirmed    BBBsf
E-R XS1736671592    LT  BBsf   Affirmed    BBsf
F-R XS1736671915    LT  B-sf   Affirmed    B-sf

KEY RATING DRIVERS

Asset Performance Stable

Both transactions are still in their reinvestment period and the
portfolios are actively managed by the collateral manager. Asset
performance has been stable in both CLOs since their last review.
Both transactions are below par by 1.51% for Oak Hill ECP IV and
1.23% for Oak Hill ECP VI as of the latest investor report
available.

Exposure to assets with a Fitch-derived rating of 'CCC+' and below
is 8.5% for Oak Hill ECP IV (or 9.4% including the unrated names,
which Fitch treats as 'CCC' under its methodology, while the
manager can classify them as 'B-' up to 10% of the portfolio) and
9.1% for Oak Hill ECP VI (or 10.0% when including the unrated
names), compared to the 7.5% limit. They are both exposed to
defaulted assets, at 0.5% for Oak Hill ECP IV and 0.3% for Oak Hill
ECP VI.

All coverage tests are passing in both CLOs.

Resilient to Coronavirus Stress

The affirmations reflect a broadly stable portfolio credit quality
for both transactions since last time they were reviewed. The
Outlook revision of the class D, E and F notes for Oak Hill ECP IV
and for the class E and F notes for Oak Hill ECP VI to Stable from
Negative and the Stable Outlook for all other tranches reflect the
default rate cushion in the sensitivity analysis run in light of
the coronavirus pandemic. Fitch has recently updated its CLO
coronavirus stress scenario to assume half the corporate exposure
on Negative Outlook is downgraded by one notch instead of 100%.

'B'/'B-' Portfolio

Fitch assesses the average credit quality of the obligors to be in
the 'B'/'B-' category in both portfolios. The Fitch weighted
average rating factor (WARF) of the current portfolio as calculated
by Fitch as of 23 January 2021 is 35.18 for Oak Hill ECP IV, and
35.45 for Oak Hill ECP VI. That calculated by the trustee is 35.03
for Oak Hill ECP IV, and 35.31 for Oak Hill ECP VI, above their
respective maximum covenants of 34.0 and 35.0. The Fitch WARF would
increase to 36.68 after applying the coronavirus stress for Oak
Hill ECP IV and to 36.91 for Oak Hill ECP VI.

High Recovery Expectations

At least 98.5% of the portfolios comprises senior secured
obligations. Fitch views the recovery prospects for these assets as
more favourable than for second-lien, unsecured and mezzanine
assets. The Fitch weighted average recovery rate (WARR) of the
current portfolio reported by the trustee as of 6 January 2021 is
64.8% for Oak Hill ECP IV and 63.9% for Oak Hill ECP VI.

Portfolio Well Diversified

Both portfolios are well diversified across obligors, countries and
industries. The top 10 obligor concentration is no more than 15.6%
in both CLOs, and no obligor represents more than 2.0% of the
portfolio balance in either CLOs.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- At closing, Fitch used a standardised stress portfolio
    (Fitch's Stressed Portfolio) that was customised to the
    portfolio limits as specified in the transaction documents.
    Even if the actual portfolio shows lower defaults and smaller
    losses (at all rating levels) than Fitch's Stressed Portfolio
    assumed at closing, an upgrade of the notes during the
    reinvestment period is unlikely as the portfolio credit
    quality may still deteriorate, not only through natural credit
    migration, but also through reinvestments.

-- Upgrades may occur after the end of the reinvestment period on
    better-than-expected portfolio credit quality and deal
    performance, leading to higher credit enhancement and excess
    spread available to cover for losses in the remaining
    portfolio.

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

-- Downgrades may occur if the build-up of credit enhancement
    following amortisation does not compensate for a larger loss
    expectation than initially assumed due to unexpectedly high
    levels of default and portfolio deterioration. As the
    disruptions to supply and demand due to the pandemic become
    apparent, loan ratings in those sectors will also come under
    pressure. Fitch will update the sensitivity scenarios in line
    with the view of its Leveraged Finance team.

Coronavirus Potential Severe Downside Stress Scenario

Fitch has added a sensitivity analysis that contemplates a more
severe and prolonged economic stress caused by a re-emergence of
infections in the major economies. The potential severe downside
stress incorporates the following stresses: applying a notch
downgrade to all the corporate exposure on Negative Outlook. This
scenario does not result in downgrade across the capital
structure.

BEST/WORST CASE RATING SCENARIO

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

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

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

DATA ADEQUACY

Oak Hill European Credit Partners IV DAC, Oak Hill European Credit
Partners VI DAC

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

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

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

Overall, and together with any assumptions referred to above,
Fitch's assessment of the information relied upon for the agency's
rating analysis according to its applicable rating methodologies
indicates that it is adequately reliable.



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

SK INVICTUS II: Fitch Affirms 'B+' LongTerm Issuer Default Rating
-----------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings
(IDRs) of SK Invictus Intermediate II s.a.r.l. and its parent SK
Invictus Intermediate s.a.r.l. (dba Perimeter Solutions) at 'B+'.
Fitch has also affirmed Intermediate II's first-lien, senior
secured revolving credit facility and first-lien, senior secured
term loan at 'BB'/'RR2' and Intermediate II's second-lien, secured
term loan to at 'B-'/'RR6'. The Rating Outlook is Negative.

The Negative Outlook reflects Fitch's increased visibility into the
impact surrounding a weak fire season and the need to maintain
liquidity and reduce gross debt to prevent covenant concerns should
the company face a period of consecutive weak fire seasons going
forward. Fitch's base case assumes normalized fire seasons
throughout the forecast, which should provide the company with
robust FCF that will allow it to repay debt, fund growth
initiatives and further improve its overall liquidity, which is
consistent with a Stable Outlook. Fitch believes the company will
de-lever through a combination of near-term debt repayment and
EBITDA growth to a gross leverage ratio of below 5x throughout the
forecast, which is consistent with the current 'B+' rating.

Fitch acknowledges that throughout 2020, the company alleviated
pressures related to its elevated leverage profile and covenant
risk that stemmed from an unusually slow 2019 U.S. wildfire season,
and also alleviated weaker earnings within the company's oil
additives business during a period of general industry destocking
and production issues with a key customer that has since subsided.

During 4Q19 and 1Q20, Perimeter benefited from increased
performance within fire safety due to the Australian fires, and the
company was able to convert working capital into cash in order to
repay on its outstanding revolver balance and reduce its covenant
risk during the 1H20. Upon return to a more normalized U.S. fire
season, the company generated strong earnings that significantly
improved the company's liquidity position and leverage profile, and
provides the company with the financial flexibility profile going
forward that Fitch views as more consistent with its previous
expectations.

Fitch will likely review the company within the next six months
following better visibility into additional quarters of the
business performance..

The ratings reflect the company's leading market positions and
substantial FCF generation during normalized operating environments
that Fitch projects will initially be prioritized towards gross
debt reduction. This is anticipated to enhance financial resiliency
consistent with 'B+' rating tolerances during future weak fire
seasons. Furthermore, the company has focused on areas such as
pre-treatment, home protection and other preventative solutions
that further diversifies the company and lessens its overall
exposure to the U.S. fire season.

KEY RATING DRIVERS

Normalized 2020 U.S. Fire Season: 2020 represented a return to a
more normalized North American fire season in 3Q, following a
historically weak 2019 fire season that saw 3Q EBITDA generated at
less than a third of the amounts generated in each of the prior two
years that resulted in elevated leverage metrics.

Fitch believes that 2020 represents a normal earnings year within
fire safety, and projects the company will average that type of
earnings profile throughout the forecast period, with additional
upside potential stemming from diversification into new regions,
U.S. Forest Services (USFS) initiatives to increase tanker capacity
and pre-treatment measures taken by utilities and homeowners.
Furthermore, Fitch believes that favorable structural shifts within
forest firefighting tactics towards more aerial based approaches
provides additional upside for the company, and that the impact of
coronavirus may accelerate some of these trends.

Alleviation of Covenant Pressure: Weakness during 2019 in both of
the company's segments elevated leverage that put it at a near-term
risk of breach, but that is not the case today. With business
fundamentals exhibiting recent strength and a return to historical
levels in fire safety, Fitch believes the covenant risk has been
significantly mitigated given the strong EBITDA generation
significantly reducing its leverage profile and subsequent full
repayment on its revolver given the revolver drawing threshold on
its leverage covenant. Fitch believes that the covenant pressure
has been significantly reduced over the forecasted period given
expectations for normal fire seasons and strong FCF generation
annually.

Leading Market Positions: Perimeter holds the #1 market position in
both fire safety retardants, where it sells fire retardants for use
in fighting forest fires and fire suppressant foam, and in its Oil
Additives segment, where Perimeter supplies P2S5 for use in
lubricant additives. Both segments are highly consolidated and have
considerable barriers to entry.

Perimeter is the sole supplier of fire retardants to the U.S.
government and primarily sells to governmental and municipal
entities such as U.S. Forest Services (USFS). Potential competitors
would have to go through rigorous approval processes due to the
mission-critical characteristics of the products. Likewise, the
P2S5 Perimeter sells is hazardous in nature and requires
specialized storage facilities to safely transport. Perimeter is
the only competitor within the P2S5 market to have production
capacity in both North America and Europe .

Oil Additives Stability: Perimeter's position in the lubricant
additives market has historically enabled it to post consistent
EBITDA generation, with strong forecast FCF due in part to the
segment's minimal capex requirements. However, this segment saw
volumes pressured in 2019 due to a combination of general customer
de-stocking throughout the industry and production issues with one
of its key customers that have since been resolved.

While 2020 represented a challenging year for travel and fuel
demand, the company was able to improve earnings within oil
additives year over year by what Fitch forecasts to be around a
third of improved earnings versus 2019. This is consistent with
Fitch's views that lubricant additive producers have historically
enjoyed very consistent earnings even in times of rising raw
material costs due to the stable demand profile of the industry.
Fitch projects that EBITDA generation within oil additives improves
sequentially in 2021 and 2022 towards 2018 levels and around GDP
thereafter.

Substantial FCF Generation: Fitch projects Perimeter Solutions will
generate around $50 million-$70 million on average of positive FCF
throughout the forecast due to the anticipation for more normalized
fire seasons and a continued return to historical demand levels
within the oil additives segment. Even with considerable cash
interest payments, the company benefits from high consolidated
EBITDA margins and minimal capex requirements that have
traditionally resulted in substantial FCF generation that is
notably above the metrics of other 'B' peers.

Perimeter's products are highly specialized and account for only a
small portion of its customers' overall costs, which has enabled it
to consistently pass on any increases in the price of its
underlying raw materials helping support margin and cash flow
resiliency. Fitch believes the company will allocate FCF in a
balanced manner consistent with a near-term prioritization of debt
reduction over shareholder friendly allocations or significantly
leveraging transactions.

Leverage Expectations: Perimeter was able to significantly improve
its yoy total debt/EBITDA during 2020 from 2019 as a result of more
normalized earning environment within both segments as well as
repayments on the company's revolver with FCF. Fitch projects
Perimeter's gross leverage ratio will remain somewhat elevated at
YE 2020 due to the substantial amount of debt the company took on
when it was purchased by SK Capital from Israel Chemicals Ltd.
However, the agency also projects that the company will de-lever
its balance sheet to a gross leverage ratio of under 5.0x in 2021
and long term through a combination of EBITDA growth and debt
repayment with FCF generation. Fitch believes this leverage range
mitigates credit risk to an otherwise generally strong operating
profile.

DERIVATION SUMMARY

Perimeter Solutions is relatively small and more highly levered
when compared to chemical peers such as Kronos Worldwide
(B+/Negative), Ingevity Corp. (BB/Stable) and SK Blue Holdings LP
(B/Negative). Perimeter's main differentiating factors from its
peer group are its highly specialized products and leading market
positions within each of its segments that typically lead to higher
EBITDA margins and strong FCF generation far above the average for
most peers.

As such, Perimeter is able to support a higher debt load than a
peer such as Kronos, which sells more commoditized products and has
less of a leadership position in its industry. SK Blue Holdings is
projected to have a similar mid-cycle leverage profile to
Perimeter, but has less growth opportunities in its end-markets and
its margin expansion opportunities are more cost-linked.
Perimeter's typically substantial FCF generation compares with
Ingevity given leading positions within Perimeter's fire safety and
Ingevity's Performance Chemicals segments, and Perimeter could see
upward pressure on its IDR should it see a continued increase in
diversification that reduces cash flow risk and gross leverage
sustained below 4.5x.

KEY ASSUMPTIONS

-- Normalized fire season in 3Q20 with annual growth thereafter
    in the low-mid single digits;

-- Oil Additives grow low double digits in 2020 on recouping of
    lost volumes from customer production issues and customer re
    stocking partially offset by volume declines related to
    coronavirus demand impacts, and modest GDP level growth
    thereafter as fuel demand picks up;

-- Capex between 2%-3% of sales annually;

-- Dept repayment and EBITDA growth leading to gross leverage
    below 5.0x by 2021.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- Increase in overall geographic exposure and end-market
    diversification that further reduces variability risk in fire
    safety;

-- Demonstrated ability to maintain sufficient liquidity to
    withstand multiple periods of distress;

-- Total debt with equity credit/operating EBITDA sustained below
    4.5x;

-- FCF margin sustained around current levels.

The rating will likely be stabilized should the company generate
normalized FCF in 2021 and demonstrate a commitment to gross
de-leverage while maintaining a cash position with the potential
for future weak fire seasons.

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

-- Expectations of total debt/EBITDA above 5.0x at the end of
    2021;

-- Operating pressure within the Fire Safety segment resulting in
    weakened EBITDA generation and FCF margin trending towards the
    mid-single digits;

-- Expectations of FFO Fixed-charge Coverage sustained at or
    below 2.0x

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Solid Liquidity: A return to a normalized 3Q20 fire season resulted
in considerable FCF generation that Fitch projects will continue
over the forecasted period. This FCF should provide Perimeter with
ample flexibility to gross delever, pursue acquisitions and fund
growth initiatives. The company's $100 million revolver should stay
mostly undrawn, with any drawdowns likely to be repaid relatively
quickly, and Fitch expects the company to keep a moderate amount of
cash on hand. Together with the revolver, Perimeter should have a
comfortable liquidity buffer.

Recovery Assumptions: Fitch's recovery analysis considered the high
barriers to entry, leading market positions and specialized product
portfolio of Perimeter's two businesses as well as the considerable
FCF generation ability of each.

Fitch's $90 million going concern EBITDA assumption is made up of
an assumed $25 million from the Oil Additives business and $65
million from the Fire Safety business. In Oil Additives, Fitch
believes customer production issues like the one seen in 2019 and
coronavirus-related impacts have largely subsided. The company is
the market leader in a specialized product that only accounts for a
small percentage of its customers' total costs. The ZDDP Perimeter
provides has no readily available substitute and requires
specialized equipment to safely transport. Fitch believes the
generally stable demand profile of the lubricant additives industry
would allow the segment to generate around $25 million in EBITDA
out of a distressed period.

In Fire Safety, Perimeter is the unquestioned leader, with
substantial market share. The company's products are essentially
the only products certified to be used by its customers, which are
governmental agencies which require years of approval procedures
before a new product can be used. Perimeter's products are also
mission-critical, further limiting new entrants. Demand has
benefited from a structural shift towards greater use of fire
retardants as well as longer fire seasons. However, should
firefighting preferences or tactics change, or should fire activity
dramatically decrease, the company would be vulnerable to declines
in its earnings as exhibited in 2019. As such, Fitch believes a
going concern EBITDA for this segment of around $65 million
appropriately reflects emergence from a stressed scenario and
reflects an amount between the earnings generated during years
considered 'normal' fire seasons and 'weaker' fire seasons.

Fitch has assigned a 7.0x recovery multiple, which is consistent
with highly specialized and highly value-add specialty chemical
producers such as Perimeter. The highly consolidated industries in
which it operates, with high barriers to entry and the significant
growth potential of the Fire Safety segment further support a
higher multiple and the resulting enterprise value.

With the revolver fully drawn, the first-lien debt recovers at a
'BB' rating while the second lien recovers at 'B-'.

ESG CONSIDERATIONS

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



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

TELEFONICA EUROPE: S&P Assigns 'BB' Rating on Hybrid Securities
---------------------------------------------------------------
S&P Global Ratings assigned its 'BB' long-term issue rating to the
proposed hybrid securities of up to EUR1.0 billion to be issued by
Telefonica Europe B.V. (BBB-/Stable/--), the Dutch finance
subsidiary of Spain-based telecommunications group Telefonica S.A.
(BBB-/Stable/A-3), which will guarantee the proposed securities.

Telefonica plans to use the securities' proceeds to refinance up to
EUR1.0 billion of hybrids with a first call date in March 2022. The
company plans to repurchase these instruments by way of a tender
offer. S&P said, "We understand that Telefonica does not intend to
permanently increase its stock of hybrids and wishes to maintain
the size of its hybrid portfolio at the current level, after
completion of the replacement and liability management transaction.
We will assess as having minimal equity content a share of other
existing hybrids equivalent to proceeds from the proposed new
hybrid. This is because we expect the company will keep its overall
hybrid portfolio constant."

S&P said, "We calculate outstanding hybrids to S&P Global
Ratings-adjusted capitalization at 13%-15% for 2020-2022, including
the proposed issuance and replacement. This is slightly below the
15% limit on hybrid capitalization that caps the amount of hybrids
that may receive equity content under our criteria.

"We classify the proposed hybrid as having intermediate equity
content until the first reset date (which we understand will be at
least seven years from issuance) because it meets our criteria in
terms of subordination, permanence, and optional deferability
during this period. Consequently, when we calculate Telefonica
S.A.'s adjusted credit ratios, we will treat 50% of the principal
outstanding under the proposed hybrids as equity rather than debt,
and 50% of the related payments on these securities as equivalent
to a common dividend."

The two-notch difference between S&P's 'BB' issue rating on the
proposed hybrid securities and its 'BBB-' issuer credit rating
(ICR) on Telefonica S.A. reflects the following downward
adjustments from the ICR:

-- One notch for the proposed securities' subordination, because
our long-term ICR on Telefonica S.A. is investment grade; and

-- An additional notch for payment flexibility due to the optional
deferability of interest.

S&P said, "The notching of the proposed securities points to our
view that there is a relatively low likelihood that Telefonica
Europe will defer interest payments. Should our view change, we may
significantly increase the number of downward notches that we apply
to the issue rating. We may lower the issue rating before we lower
the ICR."

KEY FACTORS IN S&P's ASSESSMENT OF THE SECURITIES' PERMANENCE

Although the proposed securities are perpetual, Telefonica Europe
can redeem them on any date between the first call date (which
falls at least eight years from issuance) and the first reset date
(which falls in May 2029), and on every annual coupon date
thereafter.

In addition, Telefonica has the ability to call the instrument any
time at a premium through a make-whole redemption option. S&P said,
"Telefonica stated it has no intention to redeem the instrument
prior to the redemption window of the first reset date, and we do
not consider that this type of make-whole clause creates an
expectation that the issue will be redeemed before then.
Accordingly, we do not view it as a call feature in our hybrid
analysis, even if it is referred to as a make-whole option clause
in the hybrid instrument's documentation."

S&P said, "More generally, we understand the group intends to
replace the proposed instruments, although it is not obliged to do
so. In our view, this statement of intent and the group's track
record mitigates the likelihood that it will repurchase the
securities without replacement.

"The coupon to be paid on the proposed securities equals the sum of
the applicable swap rate plus a margin. The margin to be paid on
the proposed securities will increase by 25 basis points (bps) not
earlier than 10 years from issuance, and by a further 75 bps 20
years after the first reset date. We view the cumulative 100 bps as
a moderate step-up, providing Telefonica Europe with an incentive
to redeem the instruments after at least 28 years.

"Consequently, we will no longer recognize the proposed securities
as having intermediate equity content after the first reset date.
This is because the remaining period until its economic maturity
would, by then, be less than 20 years."

KEY FACTORS IN S&P's ASSESSMENT OF THE SECURITIES' SUBORDINATION

The proposed securities will be deeply subordinated obligations of
Telefonica Europe, and will have the same seniority as the hybrids
issued in 2013, 2014, 2016, 2017, 2018, 2019, and 2020. As such,
they will be subordinated to senior debt instruments, and are only
senior to common and preferred shares. S&P understands that the
group does not intend to issue any such preferred shares.

KEY FACTORS IN S&P's ASSESSMENT OF THE SECURITIES' DEFERABILITY

S&P said, "In our view, Telefonica Europe's option to defer payment
of interest on the proposed securities is discretionary and it may
therefore choose not to pay accrued interest on an interest payment
date. However, if an equity dividend or interest on equal-ranking
securities is paid, any outstanding deferred interest payment would
have to be settled in cash.

"That said, this condition remains acceptable under our rating
methodology because once the issuer has settled the deferred
amount, it can choose to defer payment on the next interest payment
date."

The issuer retains the option to defer coupons throughout the
securities' life. The deferred interest on the proposed securities
is cash cumulative and compounding.




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R U S S I A
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EN+ GROUP: Fitch Affirms 'B+' LongTerm IDRs, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed Russia-based EN+ Group IPJSC's (EN+)
Long-Term Foreign and Local Currency Issuer Default Ratings (IDR)
at 'B+'. The Outlook is Stable.

The affirmation reflects Fitch’s expectation that the group will
be able to gradually deleverage following a leverage increase in
2020 after the acquisition of its own shares from VTB Group in
February 2020. The IDR reflects Fitch’s rating scope of EN+'s
power segment after deconsolidating subsidiary United Company RUSAL
(Rusal; B+/Stable).

The rating is supported by EN+'s position as one of the largest
low-cost electricity producers in Russia with an installed electric
power capacity of about 20GW at end-2019. It is further underpinned
by hydro generation that enhances profitability, compared with
thermal generators, its vertical integration, and the limited
impact of Covid-19 on operations. However, the rating is
constrained by high leverage metrics versus its Russian peers and
by customer concentration, with about half of its electricity
output sold to Rusal at a 3.5% discount to wholesale power prices.

KEY RATING DRIVERS

Solid 9M20 Operational Results: In 9M20 EN+ generated 59TWh of
electricity, up 5.2% yoy as hydro generation rose 7.5% yoy, while
thermal generation decreased 6.4% yoy. Higher hydro generation was
driven by the increased water reserves of hydro power plants on
Angara cascade at the beginning of 2020 and higher water levels in
the Krasnoyarsk reservoir. Fitch expects hydro generation to
decrease to around the long-term average in 2021-2024.

High Leverage: Fitch expects funds from operations (FFO) net
leverage (excluding dividends from Rusal) to deteriorate to around
5x on average in 2020-2024. This reflects the acquisition by EN+ of
its own shares from VTB Group in February 2020, assumed capex of
about USD300 million annually on average over the same period and
zero dividends in 2020, followed by a Fitch-estimated USD300
million dividends annually on average in 2021-2024. Fitch forecasts
FFO interest coverage (excluding dividends from Rusal) at about
2.5x in 2020-2024.

Deconsolidated Approach: The rating scope reflects EN+'s
deconsolidation of Rusal's financials, but includes dividends from
Rusal, which Fitch views as pass-through cash flow. This is because
Rusal is a listed company owned by a number of strategic investors
in addition to a free float, and is run relatively independently.
There is no centralised treasury at the EN+ level, its operating
companies raise debt independently and there are no
cross-guarantees within the group involving Rusal. However, about
one-fifth of EN+'s debt (deconsolidating Rusal) at end-2020
included cross default provisions to other EN+ entities (including
Rusal), which could constraint EN+'s rating.

Vertical Integration: EN+ is a vertically integrated company
operating in two business segments: aluminium production through
Rusal, and power generation and distribution primarily through JSC
EuroSibEnergo, which is one of the largest Russian electricity
producers, generating 7% of Russia's total electricity in 2019. The
group operates across the entire power value chain, including coal
mining, power generation, and transmission and distribution
networks, but with over 85% of EBITDA from hydro-power generation
in 2019.

Hydro Generation Enhances Profitability: Hydro-power generation
facilities accounted for about 80% of total installed capacity and
power-segment EBITDA, supporting EN+'s business profile and
profitability due to the absence of fuel costs and priority of
dispatch. Fitch expects EBITDA margin to remain broadly stable at
36% on average in 2020-2024.

No Dividends from Rusal Expected: Fitch adjusts Fitch’s credit
metrics by excluding dividends from Rusal because they are part of
EN+'s dividend outflow to shareholders. While Fitch believes the
dividend policy could be adjusted in the event of financial
distress, its general dividend framework implies that dividends
from Rusal will not contribute to EN+'s debt repayment capacity.
Fitch’s forecast includes zero dividends from Rusal in
2020-2024.

CHP Modernisation Programme: In 2019-2020, EN+'s units totalling
1.3GW were selected at modernisation CSAs auctions and at
government commission. The approved generating facilities should be
completed and launched by 2025, with the project's internal rate of
return (IRR) at around 14%. Capex related to combined heat and
power (CHP) modernisation is estimated at about RUB15.2 billion in
2020-2025. The next wave of modernisation auctions will occur in
2021 with capacities to be delivered in 2026.

ESG Scores: In mid-February 2020 EN+ acquired a 21.37% stake in EN+
from VTB Group for USD1.6 billion. The deal was funded with a
three-year loan from Sberbank of RUB100.8 billion. The company also
concluded another loan agreement, which grants it an unconditional
right to extend the abovementioned loan for another four years
during 2022.

The debt-funded acquisition of its own shares had a negative impact
on EN+'s financial profile, including higher leverage, and is
highly relevant to the rating, which is reflected in ESG Relevance
Scores of '5' for Governance Structure. The impact of this
acquisition is also incorporated in ESG Relevance Scores of '4' for
Management Strategy and Group Structure, indicating its rating
relevance and impact, in combination with other factors.

DERIVATION SUMMARY

EN+'s deconsolidated business profile is similar to that of PJSC
RusHydro (BBB/Stable), which has a Standalone Credit Profile (SCP)
of 'bb+'. Both companies generate hydro power and benefit from high
profitability. However, EN+ operates on a smaller scale (based on
total installed capacity) and has a much more concentrated customer
base. EN+ has weaker credit metrics and a weaker liquidity profile
than most rated Russian peers, including RusHydro, PJSC The Second
Generating Company of Wholesale Power Market (OGK-2; BBB-/Positive;
SCP bb+), and the Public Joint Stock Company Territorial Generating
Company No. 1 (TGC-1, BBB/Stable; SCP bbb-).

KEY ASSUMPTIONS

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

-- Average Russian GDP growth of 3% a year and average CPI of 4%
    a year in 2021-2024

-- Electricity hydro power plant generation volumes increased in
    2020, due to higher water conditions, and to decrease to
    around the long-term average from 2021

-- Capex on average at about USD300 million annually in 2020
    2024, including CSA modernisation capex

-- No dividends from Rusal in 2020-2024

-- No dividends from EN+'s power segment (excluding Rusal) to
    shareholders in 2020 and dividends of about USD300 million
    annually in 2021-2024

-- RUB100.8 billion debt for funding USD1.6 billion acquisition
    of a 21.37% stake in EN+ from JSC VTB Capital

RATING SENSITIVITIES

Factor that could, individually or collectively, lead to positive
rating action/upgrade:

-- Strengthening of EN+'s financial profile and disciplined
    financial policy resulting in FFO net leverage below 4.5x
    (excluding dividends from Rusal) and FFO interest coverage
    (excluding dividends from Rusal) above 2.5x on a sustained
    basis

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

-- Deterioration of the financial profile - for example, FFO net
    leverage above 5.5x (excluding dividends from Rusal) and FFO
    interest coverage below 2x on a sustained basis - due to,
    among other things, aggressive capex or dividend distribution
    and much-lower-than-expected electricity prices

-- A multi-notch downgrade of Rusal may constrain EN+'s rating
    due to the cross-default provision in some of EN+'s
    subsidiaries loans to other EN+ entities

-- Liquidity ratio consistently below 1x

-- Deterioration of the regulatory and operational environment in
    Russia

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Manageable Liquidity: At end-1H20 EN+ had cash of USD442 million;
unused credit facilities (without commitment fees and a maturity of
more than one year) of about RUB63 billion (USD900 million), mainly
from state-owned banks, and Fitch-estimated neutral free cash flow
after capex and dividends in the next 12 months. This compares with
short-term maturities of USD1.3 billion at end-1H20. EN+ expects to
partially refinance and roll over its upcoming maturities.

SUMMARY OF FINANCIAL ADJUSTMENTS

-- EN+'s consolidated IFRS financial statements were adjusted for
    deconsolidation of Rusal and respective adjustments to an
    inter-company transaction.

-- Fitch excluded from EBITDA loss on disposal of property, plant
    and equipment and impairment of non-current assets.

-- Depreciation and interest on assets right-of-use included in
    EBITDA.

ESG CONSIDERATIONS

EN+ has an ESG Relevance score of '5' for Governance Structure due
to the debt-funded acquisition of its own shares, which has a
negative impact on the credit profile, and is highly relevant to
the rating, resulting in a rating downgrade in February 2020.

EN+ has an ESG Relevance Score of '4' for Management Strategy and
Group Structure due to the debt-funded acquisition of its own
shares, which has a negative impact on the credit profile, and is
relevant to the ratings in conjunction with other factors.

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

GEOPROMINING INVESTMENT: Fitch Alters Outlook on 'B+' IDR to Neg.
-----------------------------------------------------------------
Fitch Ratings has revised GeoProMining Investment Limited's (GPM)
Outlook to Negative from Stable and affirmed the group's Long-Term
Issuer Default Rating (IDR) at 'B+'.

The Negative Outlook reflects the risk of loss of gold reserves at
the Zod mine from ongoing negotiations between GPM and the
government of Azerbaijan (BB+/Negative) for access to the mine.

Barring a renewed conflict between Azerbaijan and Armenia, Fitch
does not forecast GPM's funds from operations (FFO) gross leverage
to exceed 3.5x over 2021-2024 even if GPM does not regain access to
the majority of the Zod mine's reserves. However, this would lead
to re-assessment of the company's business profile and put pressure
on the rating.

The rating of GPM reflects its small scale of operations, its
medium-to high-cost position, and the concentration of its
activities in Russia and Armenia. The rating also reflects the
group's technological expertise in operating the Albion technology,
resulting in improved gold recovery, satisfactory product
diversification, and a long mine life of 15-18 years.

KEY RATING DRIVERS

Lower Gold Output in 2021: The Nagorno-Karabakh conflict had no
material impact on GPM's operations in 2020. However, Fitch expects
GPM's gold production to be impeded in 2021 by at least 20%, with
an output of 125,000 oz due to uncertainty on grades achieved in
the Armenian part of the mine. Fitch assumes that from 2022 onwards
gold output would average 147,000 oz.

Zod Mine Demarcation Ongoing: GPM's Zod mine is next to the
Azerbaijan-Armenia border, where the demarcation process is
ongoing. GPM is operating its processing facility at full capacity
and with full access to its equipment at Zod. Access to the eastern
part of the mine is blocked until the demarcation process is
finalised. A permanent loss of access to the Azeri part would have
a negative impact on GPM's mine life and business profile. While
Fitch expects lower production, Fitch does not expect GPM's FFO
gross leverage to exceed Fitch’s negative sensitivity of 3.5x
over 2021-2024.

Risk of Permanent Access Loss: GPM's management is working on a
back-up mining plan to allow it to keep working on the western part
of the open pit mine on a long-term basis. A permanent loss of
access to the vast majority of the Zod mine would lead to severe
decline in cash flows beyond GPM's bond maturity and forecast
horizon. It would lead to a reassessment of the business profile as
both scale and reserve life would be affected although this is not
Fitch’s base case. There is no clear timeline for the demarcation
process and negotiations with the Azeri government.

Unique Technology Advantage: The Zod mine is part of GPM's
subsidiary GPM Gold, which has its ore-processing facility over 170
kilometres away in the town of Ararat. GPM Gold has pioneered the
Albion technology at Ararat to process refractory ores from Zod's
deposits. Fitch expects GPM to operate the full mine after the
demarcation process due to the complementarity of assets. The
transportation and processing infrastructure would be expensive to
replicate and no other operator possesses the technology to
efficiently process the ores mined at Zod.

Ceasefire in Place: Armenia, Azerbaijan and Russia have signed a
ceasefire statement following the armed conflict in autumn 2020
between Azerbaijan and Armenia over the disputed region
Nagorno-Karabakh. Russia has installed a peacekeeping force of
almost 2,000 soldiers in the region for the next five years. GPM is
discussing with all relevant parties the terms and principles of
mining activities at Zod - both before and after the border
demarcation. A permanent loss of access to the eastern part, which
Fitch views as unlikely, might result in smaller operations and a
less diversified business profile of the group and hence a negative
rating action.

New Metal Helps Diversification, Scale: GPM will start producing
silver (currently a by-product at GPM Gold), lead and zinc from its
Verkhne-Menkeche site in Russia from 2021, after completion of a
processing facility. Fitch expects production from this mine to
significantly increase total output and improve product
diversification, adding around USD120 million of revenue by 2022,
based on Fitch’s price assumptions.

Small Scale but Satisfactory Diversification: GPM's small
operations generated USD154 million of EBITDA and 172,000 oz of
gold in 2019. This compares with Nord Gold SE (BB/Positive;
1,041,000 oz) or PJSC Polyus (BB/Positive; 2,841,000 oz). Despite
satisfactory product diversification, the scale of its operations
constrains the rating.

Medium-to High-Cost Position: GPM does not provide a cash cost
breakdown per metal for its other assets. Its EBITDA margin at the
Agarak mill (a copper-molybdenum mine) in Armenia was 24% in 2019
versus 45% at the Sakha segment in Russia, which includes Sarylakh
and Sentachan (gold-antimony mines), and 61% at Verkhne-Menkeche
(for the sale of ore in 2019). Fitch assesses the group's overall
cash cost position at between the second and third quartiles.

DERIVATION SUMMARY

GPM's operating profile is situated in between Petropavlovsk plc's
(B/Rating Watch Negative) and Nord Gold's. While it is smaller than
its peers, its financial structure and liquidity are strong
compared with 'B' category rated peers'. Its cost position and
reserve life are comparable to Nord Gold's. GPM's small scale and
dependence on a single mine constrain the rating to the 'B'
category. The group is also exposed to the Nagorno-Karabakh
conflict zone.

KEY ASSUMPTIONS

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

-- Fitch's mid-cycle commodity price assumptions for gold, copper
    and zinc

-- Average EBITDA margin of 32% over 2021-2024

-- Capex of USD49 million in 2021 and USD28 million in 2022-2024

Fitch's Key Assumptions for Recovery Analysis

-- The recovery analysis assumes that GPM would be considered a
    going concern in bankruptcy and that it would be reorganized
    rather than liquidated.

-- The going-concern EBITDA reflects the industry's mid-cycle
    conditions and GPM's small scale.

-- An enterprise value (EV)/EBITDA multiple of 4x is based on the
    multiple used for other mining companies and incorporates
    GPM's weaker operational profile.

-- Fitch’s waterfall analysis includes senior unsecured debt
    totalling USD390 million, in the form of the USD300 million
    bond and USD90 million prepayment facility, which Fitch
    assumes will be fully drawn under the distressed scenario. The
    USD9.3 million shareholder loan is subordinated to the senior
    unsecured debt.

-- After deducting 10% for administrative claims and taking into
    account Fitch’s  Country-Specific Treatment of Recovery
    Ratings Criteria, Fitch’s waterfall analysis generated a
    ranked recovery in the 'RR4' band, indicating a 'B+' rating
    for the USD300 million bond. The waterfall analysis output
    percentage on current metrics and assumptions was 50%.

RATING SENSITIVITIES

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

-- FFO gross leverage sustained above 3.5x

-- Permanent loss of access to the majority of gold reserves at
    the Zod mine

-- Commencement of material dividend payments or capex that is
    more ambitious than Fitch's expectations, leading to inability
    to generate positive free cash flow (FCF)

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- The rating is on Negative Outlook, therefore making positive
    rating action unlikely in the short term. However, the Outlook
    may be revised to Stable on a resolution of the conflict and
    restored access to the gold reserves at the Zod mine provided
    that FFO gross leverage remains below 3.5x on a sustained
    basis.

-- Significant improvement in scale while maintaining solid
    credit metrics would be positive for the rating.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: As of 1 January 2021 GPM had a cash balance of
USD37 million and an undrawn USD90 million prepayment facility.
Fitch expects GPM to generate positive FCF in 2021 and for it to
rise substantially in 2022, as the processing plant at
Verkhne-Menkeche is scheduled to ramp up. GPM has no material debt
maturities until its USD300 million bond issued by its finco Karlou
B.V. matures in June 2024.

ESG CONSIDERATIONS

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



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T U R K E Y
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DENIZBANK AS: Fitch Affirms 'B+' LongTerm Foreign Currency IDR
--------------------------------------------------------------
Fitch Ratings has affirmed Denizbank A.S.'s Long-Term Foreign
Currency (LTFC) Issuer Default Rating (IDR) at 'B+' with a Negative
Outlook and Viability Rating (VR) at 'b+'.

The support-driven ratings of the bank's subsidiary Deniz Finansal
Kiralama A.S. (Deniz Leasing), which are equalised with the parent,
have also been affirmed.

KEY RATING DRIVERS

IDRS, SENIOR DEBT RATING, SUPPORT RATING AND NATIONAL RATING

Denizbank's 'B+' LTFC IDR and senior debt rating are underpinned by
shareholder support and the bank's standalone creditworthiness, as
reflected in its VR.

Denizbank's '4' Support Rating reflects its strategic importance to
its 100% owner, UAE based Emirates NBD Bank PJSC (ENBD, A+/Stable),
given its increasing integration and role within the wider group
following Denizbank's acquisition from Sberbank of Russia
(BBB/Stable) in July 2019. ENBD's LTFC IDR is driven by an
extremely high probability of support from the UAE authorities
given its flagship status in Dubai. Fitch believes support for
Denizbank would flow through from the UAE authorities via ENBD, in
case of need, given ENBD's systemic importance to the UAE banking
sector.

Integration between Denizbank and ENBD continues to increase,
particularly in terms of the banks' risk management and control
frameworks. Denizbank continues to be run largely by local
management, but ENBD representatives dominate the bank's board,
while a number of key ENBD management members, including the credit
risk officer, are closely involved in the Turkish bank's operations
and oversight.

Fitch's view of government intervention risk caps the bank's LTFC
IDR at 'B+', one notch below Turkey's LTFC IDR (BB-/Negative), and
is also the main driver of the Negative Outlook on the bank. This
reflects Fitch’s assessment that weaknesses in Turkey's external
finances would make some form of intervention in the banking system
that would impede banks' ability to service their foreign-currency
(FC) obligations more likely than a sovereign default. The
sovereign's significantly weaker net FC reserves position together
with weak monetary policy credibility have exacerbated external
financing risks, and this is a key driver of the Negative Outlook
on the sovereign LT IDR.

Denizbank's 'BB-' Long-Term Local-Currency (LTLC) IDR, which is
also driven by institutional support, is one notch above its LTFC
IDR, reflecting Fitch’s view of a lower likelihood of government
intervention that would impede the bank's ability to service
obligations in local currency (LC). However, the Outlook on the
LTLC IDR is also Negative, mirroring the sovereign Outlook,
reflecting Fitch’s view that the likelihood of government
intervention that would impede the bank's ability to service its
obligations in LC is not lower than the probability of a sovereign
default in LC obligations.

The affirmation of Denizbank's National Rating with a Stable
Outlook reflects Fitch’s view that the bank's creditworthiness in
local currency relative to other Turkish issuers' is unchanged.

VR

The affirmation of Denizbank's 'b+' VR reflects the bank's
reasonable strategy, moderate, but weakened, profitability record
and adequate funding and liquidity profile. However, the VR also
considers its moderate franchise (end-9M20: 3.3% of sector assets;
unconsolidated basis) in the challenging Turkish operating
environment, high exposure to risky sectors, asset quality that is
weaker than peers, and only adequate core capitalisation.

Nevertheless, Fitch sees downside risks to Denizbank's VR given
uncertainties over the impact of the pandemic and potential further
market volatility. A deeper and more extended economic contraction
than expected would exacerbate operating environment risks,
heightening pressure on the bank's financial metrics. In addition,
regulatory forbearance measures, which are currently providing
uplift to banks' reported asset quality and capital metrics, are
due to fall away at end-June 2021.

Denizbank's strategy has been largely unchanged since its
acquisition by ENBD. It continues to target more granular SME and
retail lending, primarily in lira, while also serving corporate and
commercial customers. The bank also has a strong presence in the
niche agriculture segment with a 13% market share of sector loans,
supported by its large branch network.

Asset-quality risks were already high for Denizbank entering the
crisis, exacerbated by the below-trend growth in Turkey and high
exposure to risky segments and sectors. The bank reports
above-sector-average foreign-currency (FC) lending (52% of loans at
end-3Q20; peer average, 37%), which heightens credit risk where
borrowers are not fully hedged against lira depreciation (the lira
depreciated by 19% against the US dollar in 2020). However, about
half of FC loans at end-3Q20 were issued by the bank's Austrian
subsidiary Denizbank AG, half of which were to EU-based companies
with access to FC revenues, or cash collateralised, partly
mitigating the risks. FC exposures include significant project
finance (about a fifth of total loans, equal to 1.6x common equity
Tier 1 (CET1) capital at end-3Q20), which mainly comprise
long-term, slowly amortising energy and infrastructure loans,
meaning asset quality problems are likely to feed through only
gradually.

Denizbank's impaired loans ratio fell moderately to 6.9% at
end-3Q20, from 7.5% at end-2019, despite operating environment
pressures, primarily reflecting regulatory forbearance in respect
of loan classification and high nominal loan growth (22% in 9M20;
or 5% on an FX adjusted basis). Net of forbearance, Fitch estimates
Denizbank's impaired loans ratio was 100bp higher. Fitch expects
impaired loans to rise moderately in absolute terms as government
stimulus measures subside, regulatory forbearance is phased out
(expected by end-1H21) and due to maturing pandemic-related loan
deferrals.

Asset quality is also vulnerable to above-peer average Stage 2
loans (17% at end-9M20; flat on end-2019) of which about half were
restructured, which could migrate to Stage 3 as loans season, and
significant exposure to the risky SME segment (24% of loans).
Denizbank had outstanding loan deferrals equal to 4% of gross loans
at end-3Q20, of which 20% were classified as Stage 2. Exposures to
the troubled energy (11% of loans at end-3Q20), tourism (11%) and
construction (6%) sectors, which make up a high share of
Denizbank's Stage 2 and restructured loan portfolios, are also
sources of risk. Energy loans largely comprise project finance,
which benefits to some extent from a government-guaranteed feed-in
tariff set in US dollars. Similarly a high share infrastructure
loans also benefit from state debt and revenue assumption
guarantees, partly mitigating the credit risks.

Denizbank's total loan loss allowances increased materially to 125%
of impaired loans at end-3Q20 (end-2019: 90%), which compares well
with the peer average, partly reflecting the frontloading of
pandemic-related provisions, but also higher reserve coverage of
impaired loans and Stage 2 loans. Fitch believes the improving
growth outlook in Turkey (Fitch forecasts 3.5% real GDP growth in
2021), recent appreciation of the lira, and greater market
stabilisation should be moderately supportive of Turkish banks'
asset quality and collection capacities. Nevertheless, risks remain
to the downside given uncertainty over the pandemic, operating
environment volatility and the higher lira interest rate
environment.

The bank's profitability metrics are weaker than most peers and
have come under pressure since 2018 from significant loan
impairment charges (LICs). LICs absorbed a high 73% of
pre-impairment operating profit in 9M20 (78% in 2019). As a result,
the bank's cost of risk (LICs/average gross loans: 4.4% in 9M20;
2019: 4%) significantly underperforms peers, although to some
extent this is a consequence of conservative loan provisioning
since the bank's acquisition, and in 9M20, the frontloading of
provisions against the pandemic and increased provisioning against
exposures to high risk sectors, in particular in FC.

Despite this, Denizbank's annualised operating profit/risk-weighted
assets (RWAs) ratio moderately increased to 1.6% in 9M20, from 1.0%
in 2019, as rapid loan growth in 2Q and 3Q20, accompanied with
falling funding costs supported net interest income. Nevertheless,
asset-quality weakness is likely to continue to weigh on
performance, given operating environment risks and loan book
seasoning and as forbearance measures are removed. Fitch expects
earnings to remain broadly flat in 2021 given the high interest
rate environment, but margins could start to normalise in 2H21 if
interest rates stabilise. In addition, pre-impairment operating
profit (9M20: 6.3% of average loans; annualised) provides a
significant buffer to absorb unexpected credit losses through the
income statement.

Fitch views Denizbank's capitalisation as only adequate for it its
risk profile, given high asset quality risks, credit
concentrations, weakened internal capital generation and
sensitivity to lira depreciation (given a high share of FC loans).
The CET1 ratio increased to 12.6% at end-3Q20 (from 10.4% at
end-2019), supported by a TRY2.4billion capital increase from ENBD
in 1Q20 (the equivalent of 1.4% of end-2019 RWAs), although net of
regulatory forbearance (set to expire at end-1H21) it was a lower
10.7%. The total capital adequacy ratio was a higher 17.1% (14.7%
net of forbearance) supported by US dollar-denominated, Tier-2
subordinated debt (from ENBD, for which the tenors were extended in
2Q20).

Fitch expects capitalisation to remain under pressure in the near
term due to an increase in RWAs (as forbearance is removed), asset
quality risks and weaker profitability, although it should remain
adequate, supported by the bank's significant pre-impairment
profitability buffer and increased provisioning (unreserved NPLs
were equal to minus 15% of CET1 capital at end-3Q20). Fitch also
believes ordinary capital support would be forthcoming from ENBD,
if needed.

Denizbank is largely customer deposit-funded (78% of total funding
at end-3Q20), mainly from retail customers (about 70%). A
significant 71% of total customer deposits were in FC at end-3Q20.
This reflects both sector-wide dollarisation but also deposits from
Denizbank AG (equal to 35% of the total), given that these are
mainly in euros (85%) and US dollars (15%). The share of FC
deposits in Denizbank's unconsolidated accounts is a lower 55%, in
line with the sector average. Wholesale funding (22% of total
funding at end-3Q20), nearly all in FC, comprises short-term
borrowings (8% of total funding), long-term borrowings (6%),
subordinated debt (3%) and bank deposits (2%). Net of parent
funding (6% of total funding) it was a more reasonable 16%.
Wholesale funding could increase over the medium term, given that
the bank is no longer subject to EU sanctions under its new owner
and the bank is looking to diversify and extend the tenor of its
funding.

Denizbank's loans/deposits ratio increased to a still reasonable
106% at end-3Q20, from 100% at end-2019, as loans grew faster than
deposits in 9M20 as the bank complied with the asset ratio
requirement. Denizbank reported good liquidity coverage ratios
(LCR) at end-3Q20 (total LCR: 168%; FC LCR: 375%), while its
available FC liquidity was sufficient to cover maturing FC
wholesale debt over 12 months plus a moderate share of FC
deposits.

FC liquidity comprises mainly FC swaps (primarily with the Turkish
Central Bank (CBRT)), cash and interbank placements, and FC placed
under the reserve option mechanism at the CBRT. Given only moderate
FC market funding exposure and good FC liquidity, Fitch believes
refinancing risks at the bank should be manageable, particularly
considering potential liquidity support from ENBD and improved
market sentiment. However, FC liquidity could come under pressure
from a change in investor sentiment, a prolonged loss of market
access or FC deposit instability.

SUBSIDIARY AND AFFILIATED COMPANIES

Deniz Leasing's IDRs are driven by potential support from its 100%
owner Denizbank. Fitch’s view of parental support reflects its
strategic importance to and close integration with Denizbank,
including the sharing of risk-assessment systems, management
resources, branding and also customer referrals.

RATING SENSITIVITIES

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

-- The bank's LT IDRs are primarily sensitive to a change in
    Turkey's sovereign rating or in Fitch's view of government
    intervention risk in the banking sector. A sovereign
    downgrade, particularly if triggered by further weakening in
    Turkey's external finances or in the country's FX reserves, or
    an increase in intervention risk would likely result in a
    downgrade of Denizbank's LT IDRs.

-- A marked reduction in ENBD's ability and propensity to support
    Denizbank could also result in a downgrade but only if the
    bank's VR was simultaneously downgraded. This is not Fitch’s
    base case, given Denizbank's only recent acquisition and its
    strategic importance to ENBD.

-- The bank's VR could be downgraded due to a marked
    deterioration in the operating environment - as reflected in
    adverse changes to the lira exchange rate, interest rates, and
    economic growth prospects - or if economic recovery was not as
    swift as currently expected by Fitch. In addition, a greater
    than expected deterioration of Denizbank's asset quality and a
    protracted weakening in operating profitability would likely
    lead to a downgrade of the VR. The headroom at the current VR
    level would reduce and Denizbank's VR would likely be
    downgraded, if its CET1 ratio fell and remained below 9% for a
    sustained period or if Fitch viewed capitalisation as no
    longer commensurate with the bank's risk profile.

-- The National Rating could be downgraded if the bank's LTLC IDR
    was downgraded and Fitch believed Denizbank's creditworthiness
    had weakened relative to other rated Turkish issuers.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- An upgrade of the bank's LTIDRs is unlikely in the near term
    given the Negative Outlooks. The Outlook on the LT IDRs could
    be revised to Stable if Fitch believes that the risk of
    government intervention in the banking system has abated, for
    example as a result of greater confidence in the
    sustainability of Turkey's external financing position. A
    significant reduction in intervention risks, likely reflected
    in a sovereign upgrade or resulting from a marked improvement
    in Turkey's net FX reserves position, could result in an
    upgrade.

-- Upside for the VR is limited in the near term in light of the
    challenging Turkish operating environment, the bank's moderate
    franchise, and the 'BB-' LTFC IDR of the Turkish sovereign.
    However, a record of resilient financial metrics
    notwithstanding the pandemic, an improvement in underlying
    asset quality and the maintenance of adequate core
    capitalisation in line with its risk profile would reduce
    downside risks to the VR.

-- The National Rating could be upgraded if Fitch believed
    Denizbank's creditworthiness had improved relative to other
    rated Turkish issuers.

SUBSIDIARY AND AFFILIATED COMPANIES

Deniz Leasing's ratings are sensitive to changes in Denizbank's
Long-Term IDRs.

BEST/WORST CASE RATING SCENARIO

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

SUMMARY OF FINANCIAL ADJUSTMENTS

An adjustment has been made in Fitch's financial spreadsheets of
Denizbank that has had an impact on the core and complimentary
metrics. Fitch has taken a loan that was classified as a financial
asset measured at fair value through profit and loss in the bank's
financial statements and reclassified it under gross loans as Fitch
believes this is the most appropriate line in Fitch spreadsheets to
reflect this exposure.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

All IDRs of the rated entities are either driven or underpinned by
institutional support from their respective shareholders.

ESG CONSIDERATIONS

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

ING BANK: Fitch Affirms 'B+' LongTerm Foreign Currency IDR
----------------------------------------------------------
Fitch Ratings has affirmed ING Bank A.S.'s (INGBT) Long-Term
Foreign-Currency Issuer Default Rating (LTFC IDR) at 'B+'. The
Outlook is Negative. At the same time, the agency has affirmed the
bank's Viability Rating (VR) at 'b+'.

KEY RATING DRIVERS

IDRS, SUPPORT RATING AND NATIONAL RATING

The LTFC IDR of INGBT is underpinned by both potential
institutional support from its 100% owner, ING Bank N.V. (ING;
AA-/Negative) and the bank's standalone creditworthiness (as
defined by its VR). INGBT's '4' Support Rating reflects the bank's
strategic importance to, integration and role within the wider ING
group, and small size relative to ING's ability to provide support,
if needed.

Fitch's view of government intervention risk caps the bank's LTFC
IDR at 'B+', one notch below Turkey's LTFC IDR (BB-/Negative) and
is also the main driver of the Negative Outlook on the bank. This
reflects Fitch’s assessment that weaknesses in Turkey's external
finances would result in some form of intervention in the banking
system that would impede banks' ability to service foreign-currency
(FC) obligations more likely than a sovereign default. The
sovereign's significantly weaker net FC reserves, together with
weak monetary-policy credibility, have exacerbated external
financing risks and this is a key driver of the Negative Outlook on
the sovereign rating.

INGBT's 'BB-' Long-Term Local-Currency (LTLC) IDR, which is also
driven by institutional support, is one notch above the LTFC IDR,
reflecting Fitch’s view of a lower likelihood of government
intervention that would impede the bank's ability to service
obligations in local currency (LC). However, the LTLC IDR is also
on Negative Outlook, mirroring the sovereign Outlook, reflecting
Fitch’s view that the likelihood of government intervention that
would impede the bank's ability to service obligations in LC is not
lower than the probability of a sovereign default in LC
obligations.

The affirmation of INGBT's National Rating reflects Fitch’s view
that the bank's creditworthiness in local currency relative to
other Turkish issuers' remains unchanged.

VR

The affirmation of INGBT's VR at 'b+', a level that is in line with
that of the largest, systemically important banks in the sector
despite the bank's only small size, reflects the bank's record of
solid performance, adequate loss absorption buffers and a
below-peer-average risk appetite. However, the VR also consider the
concentration of the bank's operations in the high-risk Turkish
operating environment, limited franchise, moderate market shares
and limited competitive advantages.

Fitch sees downside risks to INGBT's VR given uncertainty over the
impact of the pandemic and potential further market volatility. A
deeper and more extended economic contraction than expected would
exacerbate operating-environment risks, heightening pressure on the
bank's asset quality, capitalisation and performance metrics. In
addition, regulatory forbearance measures, which are currently
providing uplift to banks' reported asset quality and capital
metrics, are due to expire at end-June 2021.

INGBT has pursued a conservative growth strategy by deleveraging
its loan book from end-2018 to end-2020, largely reflecting a
reduction in FC loans. The loan book contracted 3% in
foreign-exchange (FX) adjusted terms in 9M20, despite the asset
ratio requirement (AR), designed to stimulate sector loan growth,
coming into force in May 2020. The bank aims to slightly increase
loan growth in 2021, which will be focused mainly on LC, while it
will avoid high-risk sectors such as real-estate, energy and
infrastructure projects.

High FC lending (end-9M20: 42% of gross loans) heightens credit
risks given that not all borrowers will be fully hedged against
lira depreciation. INGBT adopts a cautious approach to new FC
lending and has appetite mainly for export and manufacturing loans.
It does not, as a matter of internal policy, undertake real-estate
development projects and has a conservative policy towards energy
projects.

The bank's impaired loans improved to 5.7% of total loans in 9M20
(2019: 7%), due primarily to collections and, to a lesser extent,
regulatory forbearance. Stage 2 loans comprised 12.5% of gross
loans at end-9M20, having declined significantly in recent years
(2019: 10%; 2018: 24%). This decline should partly be considered in
light of the high starting point resulting from the bank's
conservative classification approach (mostly in line with ING Group
standards). INGBT has subsequently reviewed its significant
increase in credit risk (SICR) thresholds for large corporates by
adjusting its portfolio accordingly.

Impaired loans were only 63% covered by specific reserves at
end-9M20 reflecting reliance on collateral, which could be
challenging to realise in the challenging Turkish market. Including
Stage 1 and Stage 2 reserves, total loan loss allowance coverage
increased to 80%, which was still significantly below the sector
average (9M20: 127%).

Fitch believes the improving growth outlook in Turkey (Fitch
forecasts 3.5% real GDP growth in 2021), recent appreciation of the
lira and greater market stabilisation should be moderately
supportive of Turkish banks' asset quality and collection
capacities. Nevertheless, risks remain to the downside given
uncertainty over the pandemic, operating-environment volatility and
a higher lira interest-rate environment.

The bank's profitability metrics deteriorated in 9M20 due to a
slight decline in margins, loan-book contraction, but also to lower
fees (due largely to regulatory restrictions) and weaker trading
income. Cost growth remained muted in 2019 and 9M20, reflecting
sound cost control.

Loan impairment charges (LICs) have remained manageable (9M20:
equal to 25% of pre-impairment profit; 2019: 27%) but the bank
reports weaker reserve coverage than peers. The bank's operating
profit/risk-weighted assets (RWAs) declined to a still reasonable
2.6% at end-9M20 (sector: 2%) from 4% at end-2019.

Fitch expects further contraction in net interest margin (NIM) in
2021, given higher lira interest rates and that liabilities reprice
more quickly than assets, as for the sector, which may only be
partially offset by higher loan growth. Fitch believes that the
cost of risk (LICs/ gross loans) should remain manageable in 2021,
given the improving macro backdrop and the front-loading of
provisions.

Capitalisation is reasonable. INGBT's CET1 ratio was above peer
average at 17% (excluding uplift from forbearance) at end-9M20. Its
total capital ratio was a higher 23.3%, significantly above the 12%
recommended regulatory minimum, supported by USD524 million of FC
subordinated debt from ING, which provides a partial hedge against
FC RWAs. However, as for the rest of the sector, capitalisation
remains sensitive to lira depreciation (due to the inflation of FC
RWAs) and asset-quality deterioration.

Unreserved non-performing loans (NPLs) amounted to 6% of CET1
capital at end-9M20, although pre-impairment operating profit
(amounting to 4.3% of average loans at end-9M20, annualised)
provides a significant buffer to absorb losses through the income
statement before hitting capital.

The bank is largely deposit-funded (end-9M20: 68% of total funding)
and its deposit base is fairly granular, reflecting a high
proportion of retail deposits. Customer deposits contracted 9% in
FX-adjusted terms in 9M20. Combined with loan deleveraging and a
reduction in wholesale funding (largely from the ING group) in
recent years, this led to further improvement in the gross
loans-to-deposits to, albeit still high, 126% at end-9M20 from an
exceptionally high 163% at end-2018 (end-2019: 116%).

Parent funding remains material (around 23% of total funding at
end-9M20), but has been declining, reflecting INGBT's strategy to
become increasingly self-funded, largely through customer deposits.
External wholesale funding - comprising largely trade-finance and
bilateral loans - amounted to a low 4% of total funding at
end-9M20, mitigating refinancing risks.

The bank's available FC liquidity - comprising cash and interbank
balances (including balances placed with the Central Bank of
Turkey), maturing FX swaps and government securities - fully
covered short-term non-deposit FC liabilities falling due within a
year at end-9M20. This means INGBT should be able to cope with a
short-lived market closure. Consequently, and given its moderate
external debt exposure, refinancing risks should be manageable,
particularly considering potential liquidity support from ING.
Nevertheless, FC liquidity could come under pressure from deposit
instability or a prolonged loss of market access.

RATING SENSITIVITIES

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

-- The bank's LT IDRs and Support Rating are primarily sensitive
    to a change in Turkey's sovereign rating or in Fitch's view of
    government intervention risk in the banking sector. A
    sovereign downgrade, particularly if triggered by further
    weakening in Turkey's external finances or in the country's FX
    reserves, or an increase in intervention risk, would likely
    result in a downgrade of INGBT's LT IDRs.

-- A marked reduction in Fitch's view of ING's propensity or
    ability to support INGBT (not Fitch’s base case) could also
    result in a downgrade of the LTFC IDR, but this would only
    occur if at the same time Fitch also downgrades the bank's VR.

-- The VR could be downgraded due to marked deterioration in the
    operating environment - as reflected in adverse changes to the
    lira exchange rate, interest rates, and economic-growth
    prospects - or if economic recovery is not as swift as
    currently expected by Fitch. In addition, greater-than
    expected deterioration of INGBT's asset quality, protracted
    weakening in operating profitability and a weakening of the
    bank's FC liquidity, most likely due to deposit outflows or an
    inability to refinance maturing external obligations, if not
    offset by shareholder support would likely lead to a downgrade
    of the VR.

-- The National Rating could be downgraded if the bank's LTLC IDR
    is downgraded and if Fitch believes INGBT's creditworthiness
    has weakened relative to other rated Turkish issuers'.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- An upgrade of the bank's LT IDRs is unlikely in the near term
    given the Negative Outlooks. The Outlook on the LT IDRs could
    be revised to Stable if Fitch believes that the risk of
    government intervention in the banking system has abated, for
    example as a result of greater confidence in the
    sustainability of Turkey's external financing position. A
    significant reduction in intervention risk, likely reflected
    in a sovereign upgrade or resulting from a marked improvement
    in Turkey's net FX reserves, could result in an upgrade.

-- Upside for the VR is limited in the near term in light of the
    challenging Turkish operating environment, the bank's limited
    franchise, and the 'BB-' sovereign LTFC IDR. However, a record
    of resilient financial metrics notwithstanding the pandemic
    would reduce downside risks to the VR.

-- The National Rating could be upgraded if Fitch believes
    INGBT's creditworthiness has improved relative to other rated
    Turkish issuers'.

BEST/WORST CASE RATING SCENARIO

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

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

INGBT's IDRs are either driven or underpinned by institutional
support from ING.

ESG CONSIDERATIONS

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

TURK EKONOMI: Fitch Affirms 'B+' LongTerm Foreign Currency IDR
--------------------------------------------------------------
Fitch Ratings has affirmed Turk Ekonomi Bankasi A.S.'s (TEB)
Long-Term Foreign-Currency Issuer Default Rating (LTFC IDR) at 'B+'
with a Negative Outlook and Viability Rating (VR) at 'b+'.

KEY RATING DRIVERS

IDRS, SENIOR DEBT RATING, SUPPORT RATING AND NATIONAL RATING

TEB's 'B+' LTFC IDR and senior debt rating is underpinned by its
standalone creditworthiness as reflected in its VR, and potential
institutional support from its majority owner, BNP Paribas S.A.
(BNPP; A+/Negative), as reflected in the bank's '4' Support
Rating.

Fitch's view of institutional support reflects TEB's strategic
importance to, integration with and role within the wider BNPP
group and small size relative to BNPP's ability to provide support.
TEB is 55%-owned but fully controlled by TEB Holding, in which BNP
Paribas Fortis (BNPPF; A+/Negative) has a 50% stake. TEB is fully
consolidated by BNPPF, a core subsidiary of BNPP. BNPP ultimately
holds a 72.5% stake in TEB, including a 23.5% stake held directly.

Fitch's view of government intervention risk caps the bank's LTFC
IDR at 'B+', one notch below Turkey's LTFC IDR (BB-/Negative), and
is also the main driver of the Negative Outlook. This reflects
Fitch’s assessment that weaknesses in Turkey's external finances
would make some form of intervention in the banking system that
would impede banks' ability to service their foreign-currency (FC)
obligations more likely than a sovereign default. The sovereign's
significantly weaker net FC reserves position together with weak
monetary policy credibility have exacerbated Turkey's external
financing risks, and this is a key driver of the Negative Outlook
on the sovereign rating.

TEB's 'BB-' Long-Term Local-Currency (LTLC) IDR, which is also
driven by institutional support, is one notch above its LTFC IDR,
reflecting Fitch’s view of a lower likelihood of government
intervention that would impede the bank's ability to service
obligations in local currency (LC). However, the Outlook on the
LTLC IDR is also Negative, mirroring the sovereign Outlook,
reflecting Fitch’s view that the likelihood of government
intervention that would impede the bank's ability to service its
obligations in LC is not lower than the probability of a sovereign
default in LC obligations.

The affirmation of TEB's National Rating with a Stable Outlook
reflects Fitch’s view that the bank's creditworthiness in local
currency relative to other Turkish issuers is unchanged.

VR

The affirmation of TEB's VR at 'b+' considers the bank's asset
quality metrics, which are better than peers, reasonable
profitability and adequate funding and liquidity profile. However,
the VR also reflects TEB's moderate franchise (end-3Q20: 2.2% of
banking sector assets; unconsolidated basis) in the challenging
Turkish operating environment, high exposure to the fairly
high-risk SME segment (end-3Q20: 34% of gross loans at end-3Q20)
and only adequate core capitalisation.

Nevertheless, Fitch sees downside risks to TEB's VR given
uncertainties over the impact of the pandemic and potential further
market volatility. A deeper and more extended economic contraction
than expected would exacerbate operating environment risks,
heightening pressure on the bank's financial metrics. In addition,
regulatory forbearance measures, which are currently providing
uplift to banks' reported asset quality and capital metrics, are
due to fall away at end-June 2021.

TEB has historically pursued a fairly conservative growth strategy,
typically reporting below sector average loan growth. However,
lending grew by 9% (FX adjusted basis) in 9M20 (peer average: 6%),
despite operating environment pressures, and in response to the
asset ratio requirement introduced by the regulators to stimulate
sector growth during the pandemic (but was subsequently removed at
end-2020). The asset ratio requirement also drove an increase in
government securities and swaps with the Turkish Central Bank
(CBRT) at TEB. In 2021, TEB aims to continue focussing on granular
SME and retail lending, following a clean-up of the loan portfolios
since 2018.

Asset-quality risks were already high for TEB entering the crisis,
exacerbated by the below-trend growth in Turkey,
above-sector-average exposure to the risky SME segment and exposure
to the troubled construction and real estate (6% of loans) and
energy (5%) sectors. Exposure to the pandemic-hit tourism sector
(3%) is relatively low. A moderate share of foreign-currency (FC)
lending (18% of loans at end-3Q20; peer average: 37%) also
increases credit risks given that not all borrowers are likely to
be fully hedged against lira depreciation (the lira depreciated by
19% against the US dollar in 2020). However, exposure to long-term
FC investment and project finance loans is limited.

TEB's impaired loans ratio fell moderately to 4.6% at end-3Q20,
from 5.8% at end-2019, despite operating environment pressures,
primarily reflecting regulatory forbearance in respect of loan
classification and high nominal loan growth (16% in 9M20). Net of
forbearance, Fitch estimates the impaired loans ratio was about
75bp higher. Fitch expects impaired loans in absolute terms to rise
moderately as government stimulus measures subside, regulatory
forbearance is phased out (expected by end-1H21) and due to
maturing pandemic-related loan deferrals.

In addition, TEB reported fairly high, albeit below peer average,
Stage 2 loans at end-3Q20 (9.9% of loans; about one-fifth
restructured), which could migrate to Stage 3 as loans season. Loan
deferrals were equal to about 5% of gross loans at end-2020 and
about a third were classified as Stage 2. Total reserve coverage of
impaired loans was below the sector average at 104% at end-9M20,
partly reflecting the bank's focus on SME, and therefore
collateralised, lending.

The improving growth outlook in Turkey (Fitch forecasts 3.5% real
GDP growth in 2021), recent appreciation of the lira and greater
market stabilisation should be moderately supportive of Turkish
banks' asset quality and collection capacities. Nevertheless, risks
remain to the downside given uncertainty over the pandemic,
operating environment volatility and the higher lira interest rate
environment.

TEB's profitability is moderate (9M20: operating
profit/risk-weighted assets (RWA) of 2.3%), although broadly in
line with peers', dampened by its high cost base, limited economies
of scale (costs/assets of 2.8%), and asset quality pressures. The
bank reports an above-sector average net interest margin (NIM;
9M20: 6.0%, or 5.1% FX swap-adjusted), reflecting its focus on
higher-margin, SME lending. However, Fitch expects recently
increased interest rates to put pressure on profitability in 2021,
given that TEB's liabilities reprice faster than its assets,
although margins could normalise in 2H21 if interest rates
stabilise.

TEB's cost of risk (loan impairment charges/average gross loans
ratio) compared well with the peer average in 9M20 (0.9% versus
2.1%) reflecting the clean-up of its loan book prior to the
pandemic (since 2018), ensuing identification of, and adequate
provisioning against, higher risk exposures and relatively high
non-performing loans (NPL) collections in 9M20 (equivalent to about
a third of end-2019 impaired loans). Nevertheless, Fitch believes
loan impairment charges (25% of pre-impairment operating profit in
9M20; 2019: 50%) could increase in 2021 as regulatory forbearance
measures are withdrawn and given the only moderate loan loss
coverage of problematic exposures. Pre-impairment operating profit
(9M20: 3.5% of average loans; 2019: 4.2%) provides a reasonable,
although reduced, buffer to absorb losses through the income
statement.

Fitch views TEB's core capitalisation as only adequate for its risk
profile, internal capital generation and asset quality pressures.
The common equity Tier 1 (CET1) ratio increased to 13.0% at
end-3Q20 (from 12.0% at end-2019), but would have been a lower
10.8% excluding uplift from regulatory forbearance (set to expire
by end-1H21). The total regulatory capital ratio was more
comfortable at 18.8% (or 15.9% net of forbearance) supported by FC
subordinated Tier 2 debt from BNPP, which provides a partial hedge
against potential lira depreciation.

Fitch expects capitalisation to remain under pressure in the near
term due to an increase in RWAs (as forbearance is removed), asset
quality risks, sensitivity to lira depreciation and weaker
profitability. However, it should remain adequate, given the bank's
moderate buffers over minimum regulatory requirements and adequate
reserves coverage (net unreserved NPLs: minus 1% of CET1 at
end-3Q20). Fitch also believes ordinary capital support would be
forthcoming from BNPP, if needed.

TEB is largely deposit-funded (75% of total funding at end-3Q20)
and its loans/deposits ratio (end-9M20: 95%) outperforms peers and
the sector average. Customer deposits, primarily from retail
customers, are sticky despite being contractually short term and
also fairly granular, although FC deposits are significant
(end-9M20: about half, albeit slightly below the sector average).
Wholesale funding is nevertheless fairly high (end-9M20: 25% of
total funding) and is largely in FC, but it includes material BNPP
group funding. Net of the latter, external market funding amounted
to a more moderate 18% of total funding at end-3Q20.

TEB reports good liquidity metrics (Liquidity coverage ratio (LCR)
at end-3Q20: 168%; FC LCR: 375%). At end-3Q20 available FC
liquidity was also sufficient to cover maturing FC wholesale debt
over 12 months plus a moderate share of FC deposits. FC liquidity
comprises mainly FC swaps (primarily with CBRT), FC cash and
interbank placements and FC placed under the reserve option
mechanism at the CBRT. Fitch believes refinancing risks at the bank
should be manageable given low FC debt exposure, good FC liquidity,
potential liquidity support from BNPP and improving market
sentiment. However, FC liquidity could come under pressure from a
change in investor sentiment, FC deposit instability or a prolonged
loss of market access.

RATING SENSITIVITIES

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

-- The bank's LT IDRs are primarily sensitive to a change in
    Turkey's sovereign rating or in Fitch's view of government
    intervention risk in the banking sector. A sovereign
    downgrade, particularly if triggered by further weakening in
    Turkey's external finances or in the country's FX reserves, or
    an increase in intervention risk, would likely result in a
    downgrade of TEB's LT IDRs.

-- A marked reduction in BNPP's ability and propensity to support
    TEB could also result in a downgrade but only if the bank's VR
    was simultaneously downgraded.

-- The VR could be downgraded due to a marked deterioration in
    the operating environment - as reflected in adverse changes to
    the lira exchange rate, interest rates, and economic growth
    prospects - or if economic recovery was not as swift as
    currently expected by Fitch. In addition, a greater than
    expected deterioration of TEB's asset quality and a protracted
    weakening in operating profitability would likely lead to a
    downgrade of the VR. The headroom at the current VR level
    would reduce and TEB's VR would likely be downgraded, if its
    CET1 ratio fell and remained below 9% for a sustained period
    or if Fitch viewed capitalisation as no longer commensurate
    with the bank's risk profile.

-- The National Rating could be downgraded if the bank's LTLC IDR
    was downgraded and Fitch believed TEB's creditworthiness had
    weakened relative to other rated Turkish issuers.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

-- An upgrade of the bank's LT IDRs is unlikely in the near term
    given the Negative Outlooks. The Outlook on the LT IDRs could
    be revised to Stable if Fitch believes that the risk of
    government intervention in the banking system has abated, for
    example as a result of greater confidence in the
    sustainability of Turkey's external financing position. A
    significant reduction in intervention risks, likely reflected
    in a sovereign upgrade or resulting from a marked improvement
    in Turkey's net FX reserves position, could result in an
    upgrade.

-- Upside for the VR is limited in the near term in light of the
    challenging Turkish operating environment, the bank's moderate
    franchise, and the 'BB-' sovereign LTFC IDR. However, a record
    of resilient financial metrics notwithstanding the pandemic,
    an improvement in underlying asset quality and the maintenance
    of adequate core capitalisation in line with its risk profile
    would reduce downside risks to the VR.

-- The National Rating could be upgraded if Fitch believed TEB's
    creditworthiness improved relative to other rated Turkish
    issuers.

BEST/WORST CASE RATING SCENARIO

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

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

TEB IDRs are either driven or underpinned by institutional support
from its majority shareholder, BNPP.

ESG CONSIDERATIONS

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



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

LOOKERS PLC: Posts GBP50-Mil. Loss in First Half 2020
-----------------------------------------------------
Peter Campbell at The Financial Times reports that embattled car
dealership Lookers booked a GBP50 million loss in the first half of
2020 after the pandemic forced a widespread shutdown of its
showrooms, according to delayed results published on Jan. 29.

According to the FT, the company expects to make a small loss for
the whole year after improved trading in the second half following
the launch of a turnround and a clear out of the board in a
governance overhaul.

Results were delayed after a multiyear fraud probe at the group,
which uncovered tens of millions of pounds of inflated profits, the
FT discloses.

The publication of the half-year results prompted the lifting of a
six-month shares suspension imposed because of delays to producing
2019's accounts, the FT notes.

The group, which is facing a historic mis-selling investigation by
the FCA, suffered a sales fall of 40% to GBP1.6 billion in the
first half, with a GBP50 million pre-tax loss, compared with a
GBP19.6 million profit a year earlier, the FT states.

As well as an underlying loss of GBP36 million, the group also
booked GBP4.2 million in restructuring costs and GBP3.5 million in
fees for advisers related to its investigation and restatements,
according to the FT.

The group previously set aside GBP10.4 million to cover any
expected fine from the mis-selling probe, the FT says.

A restructuring in the first half of last year led to 1,500 job
losses and the sale of 12 sites, but helped boost the company's
profits in the second half of 2020, the FT relates.


TRAFFORD CENTRE: S&P Lowers Class D1(N) Notes Rating to 'BB+'
-------------------------------------------------------------
S&P Global Ratings lowered its credit ratings on Trafford Centre
Finance Ltd.'s class A2 and A3 notes to 'A+ (sf)' from 'AA (sf)',
class B, B2, and B3 notes to 'A- (sf)' from 'AA- (sf)', and class
D1(N), D2, and D3 notes to 'BB+ (sf)' from 'BBB+ (sf)'.

Rating rationale

S&P said, "The downgrades follow our updated review of the
transaction's credit and cash flow characteristics. We believe that
a continued decline in cash flows from the property combined with
our view of an increasingly challenging environment for retail
tenants has worsened the notes' credit metrics, including reducing
the junior notes' ability to meet its debt service payments."

Transaction overview

The Trafford Centre Finance is a single loan transaction secured on
the Trafford Centre, a regional shopping center on the outskirts of
Manchester.

The loan within this transaction is divided into eight sub-tranches
that match each class of notes issued. Five of the tranches (A2, B,
B3, D2, and D3) have been issued on a fixed interest rate basis,
while the remaining (A3, B2, and D1[N]) notes pay a floating
interest rate. The notes' legal final maturity dates range between
October 2022 and July 2038.

The loan benefits from scheduled amortization over the
transaction's life. The class A2, B, D1(N), and D2 notes are fully
amortizing notes, and the class A3 notes have partial amortization
with a bullet payment at maturity. The class B2, B3, and D3
sub-tranches are interest-only.

In 2017, Canada Pension Plan Investment Board (CPPIB) provided an
additional GBP250 million subordinate loan facility to Intu,
secured by the equity interest in the Trafford Centre. Following
Intu's administration in June 2020, in the absence of alternative
sources of funding and an unsuccessful sale of the property, CPPIB
confirmed in December 2020 that they had acquired the ownership of
the shopping center.

The Trafford Centre is one of the largest U.K. shopping centers.
The tenant profile comprises a combination of internationally and
nationally recognized retailers, such as Inditex Group, Selfridges,
Next, Hennes & Mauritz AB (H&M), Boots, and Marks & Spencer. Since
our previous review in June 2020, we have not been provided with
updated tenancy details, but at that time the top 10 tenants
accounted for 26% of the passing rent. The reported vacancy level
was equal to 7.6% (based on market rent), and the weighted-average
unexpired lease term to break for the property was 5.8 years.

Based on the last reported market valuation of GBP1,582 million
(Dec. 31, 2019), the transaction has a loan-to-value (LTV) ratio of
42%. Based on comparable evidence of updated valuations for similar
shopping centers in the U.K., reported valuations have decreased by
approximately 30%. Based on this, an updated market valuation for
the Trafford Centre might be expected to be approximately GBP1,100
million, which would reflect an approximate LTV ratio closer to
60%.

An increasing number of retailers are suffering financial
difficulties, which continue to be exacerbated by the effects of
the COVID-19 pandemic in the short to medium term, and the risk of
increased vacancy levels and diminishing rental levels remains. The
risk remains somewhat mitigated in the longer term by the Trafford
Centre being among one of the prime super-regional shopping centers
in the U.K., strong sponsor support, and the potential to create
value through future asset management initiatives. S&P's analysis
has considered these risks when arriving at its long-term vacancy
and rental assumptions.

S&P said, "Since our previous review, our S&P Global Ratings value
has declined by 22% to GBP950 million from GBP1,216 million,
primarily due to a lower rental income assumption of the property,
which we believe will be re-based over the long term. Therefore, we
have reduced the S&P Global Ratings net cash flow (NCF) to GBP65
million from GBP80 million.

"We have then applied a 6.50% capitalization rate against this S&P
Global Ratings NCF (which is an increase from the 6.25% previously
used) and deducted 5.00% of purchase costs to arrive at our S&P
Global Ratings value."

  Table 1

  Loan And Collateral Summary

  Review                          January 2021           June 2020

                                (using data from  (using data from

                                    October 2020)      April 2020)
  Securitized loan balance (mil. GBP)      669.1            683.8
  Securitized LTV ratio (%)                   42               43
  Net rental income (mil. GBP)             34.27*         GBP87.6
  Vacancy rate        No updated figure reported             7.6%
  Market value:       No updated figure reported  GBP1,582 million
  Net initial yield   No updated figure reported             5.2%
  Debt service coverage ratio              0.49x            1.07x

  *This figure reflects actual rents collected, rather than
contracted rents due.
  LTV--Loan to value.

  Table 2

  S&P Global Ratings' Key Assumptions
  Review                                 As Of          As Of
                                         January 2021   June 2020
  S&P Global Ratings vacancy (%)                 10.0   10.0
  S&P Global Ratings expenses (%)                 7.5   7.5
  S&P Global Ratings net cash flow (mil. GBP)    65.0   80.0
  S&P Global Ratings value (mil. GBP)           950.0   1,216.0
  S&P Global Ratings cap rate (%)                6.50   6.25
  Haircut-to-market value (dated Dec. 2019; %)     40   23
  S&P Global Ratings LTV ratio
   (before recovery rate adjustments; %)           70   56

  LTV--Loan to value.

  Other analytical considerations

S&P said, "Our ratings analysis also includes an analysis of the
transaction's payment structure and cash flow mechanics. We assess
whether the cash flow from the securitized assets would be
sufficient, at the applicable rating levels, to make timely
payments of interest and ultimate repayment of principal by the
legal maturity date for each class of notes, after taking into
account available credit enhancement and allowing for transaction
expenses and external liquidity support."

The risk of interest shortfalls is mitigated by an GBP80 million
facility that provides liquidity support to service the interest
and certain scheduled principal repayments on the class A and B
notes, if needed. The class D notes also benefit from the same
facility; however, it is subject to a GBP15 million utilization
cap, which, for the class D2 notes, may be made to cover a
shortfall of interest and scheduled principal, and for the class
D1(N) and D3 notes, may be made to cover a shortfall of interest
only.
Reported rent collections (including turnover rents and advertising
income) for March 2020, June 2020, and most recently September
2020, were GBP10.2 million, GBP5.7 million, and GBP12.1 million,
respectively. This compares with approximately GBP22.3 million per
quarter before the onset of COVID-19.

Given the lower collection rates over the last three quarters, the
available cash flow generated from the property has not been
sufficient to service the debt payments on its own. At the October
interest payment date, the reported debt service coverage ratio was
0.49x.

Over this period, S&P understands that CPPIB have been covering the
cash flow shortfalls to meet the debt payments on each class of
notes. Consequently, the issuer has not been required to draw on
the liquidity facility.

S&P said, "The prolonged nature of these reduced collections, which
go beyond any of our standard cash flow stresses, have magnified
the impact of certain structural features in the transaction, which
increase the class D notes' vulnerability to an interest shortfall.
These structural features are the liquidity facility's obligation
to draw down for scheduled principal as well as interest, which is
relatively uncommon compared with most CMBS transactions, and the
utilization cap for these classes of notes. We have therefore
notched down from our model output to reflect the elevated cash
flow risk in light of the COVID-19-induced liquidity stress.

"Our analysis also included a full review of the legal and
regulatory risks, operational and administrative risks, and
counterparty risks. Our assessment of these risks remains unchanged
since our previous review and is commensurate with the ratings
assigned."

Rating actions

S&P said, "Our ratings in this transaction address the timely
payment of interest, payable quarterly in arrears, and the payment
of principal no later than the legal final maturity dates.

"In our view, the transaction's credit quality has declined further
due to the ongoing structural shift in the physical retail sector,
as well as the continued operational disruption resulting from the
spread of COVID-19. We believe this may continue to negatively
affect the cash flows available to the issuer. Although the
magnitude of these effects will ultimately depend on how long the
lockdown and social distancing measures are maintained."

The combination of the above factors results in a reduced
assumption of the long-term sustainable cash flow for the property
and, in turn, a lower S&P Global Ratings value. This results in a
S&P Global Ratings LTV ratio of 47.3%, 57.6%, and 70.4% for the
class A pari passu notes, class B pari passu notes, and class D
pari passu notes, respectively.

Together with transaction-level considerations (such as the
availability of the liquidity facility), S&P has therefore lowered
its ratings to 'A+ (sf)' from 'AA (sf)' on the class A2 and A3
notes, to 'A- (sf)' from 'AA- (sf)' on the class B, B2, and B3
notes, and to 'BB+ (sf)' from 'BBB+ (sf)' on the class D1(N), D2,
and D3 notes.

As vaccine rollouts in several countries continue, S&P Global
Ratings believes there remains a high degree of uncertainty about
the evolution of the coronavirus pandemic and its economic effects.
Widespread immunization, which certain countries might achieve by
midyear, will help pave the way for a return to more normal levels
of social and economic activity. S&P said, "We use this assumption
about vaccine timing in assessing the economic and credit
implications associated with the pandemic. As the situation
evolves, we will update our assumptions and estimates
accordingly."

Environmental, social, and governance (ESG) credit factors for this
credit rating change:

-- Health and safety.


TUCAN TRAVEL: Enters Administration Due to COVID-19 Impact
----------------------------------------------------------
Business Sale reports that West London-based tour operator Tucan
Travel, which has been in business for 33 years, has fallen into
administration due to the "severe impact" of COVID-19.

The company offered trips to worldwide destinations, but
specialised in travel to South America.

Tucan had initially suspended holidays in March 2020, but had
continued selling trips for 2021 onward, Business Sale recounts.
However, due to the continuing impact of COVID-19, which has led to
an influx of customer cancelling bookings and demanding refunds, it
has ceased trading with immediate effect, Business Sale notes.

According to Business Sale, in a statement, the company said: "The
coronavirus pandemic has had a severe impact on many businesses in
particular the travel industry."

The statement went on to say: "There is unlikely to be any normal
international leisure travel until 2022 and so with a heavy heart,
the decision was taken in the best interests of everyone concerned
to place the company into administration."

As a result of the administration, all staff will be made
redundant. Customers with existing bookings have been told they
will be contacted with details regarding making a claim for any
payments made, Business Sale discloses.


[*] UK: Top London Venues Turn to Crowdfunding to Survive
---------------------------------------------------------
Alice Hancock at The Financial Times reports that top London venues
faced with a sharp drop in footfall in the UK capital have turned
to crowdfunding to survive as government support packages fail to
cover steep overhead costs.

According to the FT, Crowdfunder, one of the UK's largest
crowdfunding platforms, said it had launched 227 campaigns for pubs
or restaurants since the beginning of the coronavirus crisis, 95 of
them for London venues.

With pandemic restrictions keeping international and domestic
customers away and forcing venues to close or limit sales, pubs,
bars and restaurants have had revenues cut off, the FT discloses.

Without more cash, many businesses face administration or closure,
the FT
notes.

Cafe de Paris, a 96-year-old nightclub in London's West End shut
its doors for good in December, while Mayfair's Conduit Club, which
counted former Unilever boss Paul Polman among its members, closed
in October after it failed to agree a financial restructuring with
lenders, the FT recounts.

Many in the sector fear a cliff edge at the end of March when
support measures including VAT relief, a business rates holiday and
a moratorium on eviction for non-payment of rent will stop, the FT
states.




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

[*] BOND PRICING: For the Week February 1 to February 5, 2021
-------------------------------------------------------------
Issuer                      Coupon  Maturity  Currency  Price
------                      ------  --------  --------  -----
Europcar Mobility Group       4.12511/15/2024     EUR   70.704
Intralot Capital Luxemb       5.250 9/15/2024     EUR   42.069
Voltalia SA                   1.000 1/13/2025     EUR   32.928
PB International BV           7.625 1/26/2022     USD   65.210
Europcar Mobility Group       4.000 4/30/2026     EUR   70.303
Intralot Capital Luxemb       6.750 9/15/2021     EUR   65.032
Transportes Aereos Port       5.625 12/02/2024    EUR   68.615
Casino Guichard Perrach       0.767               EUR   33.874
Accor SA                      0.700 12/07/2027    EUR   52.232
Casino Guichard Perrach       3.992               EUR   54.801
Andrade Gutierrez Inter       9.50012/30/2024     USD   62.931
DTEK Finance PLC             10.75012/31/2024     USD   63.750
Tullow Oil PLC                7.000 03/01/2025    USD   70.887
European TopSoho Sarl         4.000 9/21/2021     EUR   64.907
Fuerstenberg Capital II       5.625               EUR   52.979
Obrascon Huarte Lain SA       4.750 3/15/2022     EUR   71.847
Carnival PLC                  1.00010/28/2029     EUR   72.783
Vallourec SA                  4.125 10/04/2022    EUR    5.140
Wirecard AG                   0.500 09/11/2024    EUR    7.250
Rallye SA                     4.371 1/23/2023     EUR   19.000
Rallye SA                     4.000 04/02/2021    EUR   19.418
Obrascon Huarte Lain SA       5.500 3/15/2023     EUR   71.557
Korian SA                     0.875 03/06/2027    EUR   56.375
Odea Bank AS                  7.625 08/01/2027    USD   67.835
Mallinckrodt Internatio       5.750 08/01/2022    USD   40.750
Korian SA                     2.500               EUR   42.625
Norwegian Air Shuttle A       7.250 11/11/2022    EUR   50.001
Metro Bank PLC                5.500 6/26/2028     GBP   65.049
Moby SpA                      7.750 2/15/2023     EUR   23.675
Air France-KLM                0.125 3/25/2026     EUR   14.348
Naviera Armas SA              6.500 7/31/2023     EUR   53.628
Mitsubishi UFJ Investor       3.97712/15/2050     EUR   51.269
Valaris plc                   7.750 02/01/2026    USD    8.750
Maisons du Monde SA           0.125 12/06/2023    EUR   42.393
Petra Diamonds US Treas       7.250 05/01/2022    USD   41.000
Ageasfinlux SA                0.833               EUR   71.397
Nexity SA                     0.125 01/01/2023    EUR   63.269
Valaris plc                   5.750 10/01/2044    USD    9.000
Quadient SA                   3.375               EUR   57.630
Pacific Drilling SA           8.375 10/01/2023    USD   27.000
Econocom Group SA/NV          0.500 03/06/2023    EUR    7.146
Distribuidora Internaci       0.875 04/06/2023    EUR   62.854
Avation Capital SA            6.500 5/15/2021     USD   72.928
Nexity SA                     0.250 03/02/2025    EUR   66.004
Union Fenosa Preferente       1.108               EUR   71.750
Valaris plc                   4.875 06/01/2022    USD    9.970
Amigo Luxembourg SA           7.625 1/15/2024     GBP   61.117
Genfit                        3.50010/16/2022     EUR   19.980
Valaris plc                   5.200 3/15/2025     USD    8.750
Hurricane Energy PLC          7.500 7/24/2022     USD   43.688
Neoen SA                      2.000 06/02/2025    EUR   72.272
Pierre Et Vacances SA         2.000 04/01/2023    EUR   49.814
Intelsat Luxembourg SA        8.125 06/01/2023    USD    6.500
Valaris plc                   8.000 1/31/2024     USD    8.063
Officine Maccaferri-SpA       5.750 06/01/2021    EUR   34.915
Neoen SA                      1.875 10/07/2024    EUR   68.650
Paper Industries Interm       6.000 03/01/2025    EUR   73.270
Cooperativa Muratori &        6.000 2/15/2023     EUR    1.952
Intelsat Jackson Holdin       5.500 08/01/2023    USD   69.938
Koninklijke Luchtvaart        0.750               CHF   23.050
Mallinckrodt Internatio       5.62510/15/2023     USD   41.750
Mallinckrodt Internatio       4.750 4/15/2023     USD    7.375
Nostrum Oil & Gas Finan       8.000 7/25/2022     USD   23.100
Cooperativa Muratori &        6.875 08/01/2022    EUR    1.560
Grupo Isolux Corsan SA        1.00012/30/2021     EUR    0.318
VIC Properties SA             3.000 5/28/2025     EUR   60.000
AX Del1 Oy                    5.000 4/19/2021     EUR   69.699
Stockmann OYJ Abp            10.750               EUR   43.573
O1 Properties Finance P       8.250 9/27/2021     USD   22.295
Intelsat Luxembourg SA        7.750 06/01/2021    USD    7.000
Senvion Holding GmbH          3.87510/25/2022     EUR    1.447
Kudelski SA                   1.500 9/27/2024     CHF   75.328
Jain International Trad       7.125 02/01/2022    USD   16.303
Valaris plc                   4.500 10/01/2024    USD    8.750
Naviera Armas SA              4.25011/15/2024     EUR   53.884
Biocartis Group NV            4.000 05/09/2024    EUR   67.164
Offshore Drilling Holdi       8.375 9/20/2020     USD    9.820
Intelsat Jackson Holdin       8.50010/15/2024     USD   73.030
Swissport Investments S       6.75012/15/2021     EUR    1.264
Valaris plc                   4.700 3/15/2021     USD    8.750
Thomas Cook Group PLC         6.250 6/15/2022     EUR    0.845
ADLER Real Estate AG          2.500 7/19/2021     EUR   13.943
Rallye SA                     3.250 02/08/2024    CHF   18.000
Nostrum Oil & Gas Finan       7.000 2/16/2025     USD   25.839
Pacific Drilling SA          11.000 04/01/2024    USD    4.500
Intelsat Jackson Holdin       9.750 7/15/2025     USD   74.030
Rallye SA                     5.250 02/01/2022    EUR   14.357
Intu SGS Finance PLC          3.875 3/17/2023     GBP   55.006
HOCHDORF Holding AG           2.500               CHF   59.391
Valaris plc                   7.375 6/15/2025     USD   10.000
Rallye SA                     4.00011/23/2020     CHF   16.213
Swissport Investments S       9.75012/15/2022     EUR   35.656
Galapagos Holding SA          7.000 6/15/2022     EUR    7.758
Intu Debenture PLC            5.56212/31/2027     GBP   49.000
Mallinckrodt Internatio       5.500 4/15/2025     USD   40.500
FIGEAC-AERO                   1.12510/18/2022     EUR   21.487
EOS Imaging SA                6.000 5/31/2023     EUR    6.818
EA Partners II BV             6.750 06/01/2021    USD   41.480
Andrade Gutierrez Inter       9.50012/30/2024     USD   63.855
Wasps Finance Plc             6.500 5/13/2022     GBP   61.314
Abengoa Abenewco 2 Bis        1.500 4/26/2024     EUR    1.500
Senivita Social Estate        2.000 05/12/2025    EUR   25.010
Travelex Financing PLC        8.000 5/15/2022     EUR    2.195
Grupo Isolux Corsan SA        6.00012/30/2021     EUR    0.769
Intelsat Connect Financ       9.500 2/15/2023     USD   27.000
Intu Metrocentre Financ       4.125 12/06/2023    GBP   45.399
Mitchells & Butlers Fin       2.168 6/15/2036     GBP   71.506
Air Berlin PLC                6.750 05/09/2019    EUR    0.698
Paragon GmbH & Co KGaA        4.500 07/05/2022    EUR   57.041
KCA Deutag UK Finance P       9.875 04/01/2022    USD   48.333
Rallye SA                     3.400 1/31/2022     EUR   19.460
Privatbank CJSC Via UK       11.000 02/09/2021    USD    9.550
Air Berlin PLC                8.250 4/19/2018     EUR    0.811
KCA Deutag UK Finance P       9.625 04/01/2023    USD   48.710
Valaris plc                   4.750 1/15/2024     USD    7.250
Lambay Capital Securiti       6.250               GBP    0.001
Valaris plc                   5.400 12/01/2042    USD    8.500
Cabonline Group Holding       7.500 12/09/2022    SEK   72.912
Virgolino de Oliveira F      10.500 1/28/2018     USD    1.034
Debenhams PLC                 5.250 7/15/2021     GBP    1.179
FF Group Finance Luxemb       1.750 07/03/2019    EUR    5.666
Norwegian Air Shuttle A       5.000 02/07/2023    SEK   45.500
Banco Espirito Santo SA       7.12511/28/2023     EUR    0.001
Valaris plc                   5.850 1/15/2044     USD    6.000
EA Partners I BV              6.875 9/28/2020     USD    0.890
Avangardco Investments       10.00010/29/2018     USD    3.250
FF Group Finance Luxemb       3.250 11/02/2021    CHF    7.835
WD Invest Sarl                1.900 10/02/2024    EUR    7.724
Stobart Finance PLC           2.750 05/08/2024    GBP   60.000
Rickmers Holding AG           8.875 06/11/2018    EUR    0.796
UkrLandFarming PLC           10.875 3/26/2018     USD    3.333
Virgolino de Oliveira F      11.750 02/09/2022    USD    1.296
Claranova SADIR               5.000 07/01/2023    EUR    1.110
YA Holding AB                 4.000 6/18/2022     SEK   60.272
Allied Irish Banks PLC       12.500 6/25/2035     GBP   60.295
Fuerstenberg Capital Er       1.301               EUR   52.479
Mitsubishi UFJ Investor       3.70012/30/2099     EUR    4.910
Hellenic Bank PCL            10.000               EUR   46.704
Eramet SA                     4.000               EUR   52.825
Vallourec SA                  4.125 08/02/2027    EUR   74.270
Thomas Cook Finance 2 P       3.875 7/15/2023     EUR    1.041
KCA Deutag UK Finance P       7.250 5/15/2021     USD   48.500
Bank Otkritie Financial      10.000 4/26/2019     USD    9.029
Privatbank CJSC Via UK       10.250 1/23/2018     USD   29.974
Yuksel Insaat AS              9.500 11/10/2015    USD    2.537
Joh Friedrich Behrens A       7.750 11/11/2020    EUR   35.000
Jacktel AS                   10.000 12/04/2023    USD   20.135
Stichting Afwikkeling O       6.25010/26/2020     EUR    2.976
Norddeutsche Landesbank       7.780               EUR   61.000
Immigon Portfolioabbau        5.705               EUR   12.512
Santhera Pharmaceutical       5.000 2/17/2022     CHF   34.428
Intralot Capital Luxemb       5.250 9/15/2024     EUR   41.996
DOF Subsea AS                 8.37011/27/2023     NOK   25.166
Dexia Credit Local SA         1.208               EUR    4.217
Norwegian Air Shuttle A       6.37511/15/2024     USD   70.000
Bilt Paper BV                 9.640               USD    0.876
Air Berlin PLC                5.625 05/09/2019    CHF    0.802
JZ Capital Partners Ltd       6.000 7/30/2021     GBP    9.050
Mitchells & Butlers Fin       1.918 9/15/2034     GBP   73.817
Mallinckrodt Internatio       5.750 08/01/2022    USD   39.250
Intu SGS Finance PLC          4.250 9/17/2030     GBP   56.573
Petra Diamonds US Treas       7.250 05/01/2022    USD   39.125
Afren PLC                     6.625 12/09/2020    USD    0.065
Europcar Mobility Group       4.12511/15/2024     EUR   70.506
Hamon & CIE SA                3.300 1/30/2025     EUR   44.750
Tresu Investment Holdin       5.000 9/29/2022     EUR   29.263
Bourbon Corp                  7.989               EUR    0.458
Yell Bondco PLC               8.500 05/02/2023    GBP   40.000
Tullow Oil PLC                7.000 03/01/2025    USD   70.852
Alno AG                       8.500 5/14/2018     EUR   15.057
Dexia SA                      1.265               EUR    2.212
ESFIL-Espirito Santo Fi       5.250 06/12/2015    EUR    1.232
Orient Express Bank PJS      10.000               USD   30.789
Intu SGS Finance PLC          4.625 3/17/2028     GBP   56.242
HI Bidco AS                   8.400 1/30/2023     NOK   69.084
Banca Popolare di Vicen       9.500 9/29/2025     EUR    0.011
Breeze Finance SA             6.708 4/19/2027     EUR   28.950
Alitalia-Societa Aerea        5.250 7/30/2020     EUR    2.060
Hema Bondco II BV             8.500 1/15/2023     EUR    1.085
Stichting Afwikkeling O      11.250               EUR    0.506
New World Resources NV        8.000 04/07/2020    EUR    0.105
Paragon GmbH & Co KGaA        4.000 4/23/2024     CHF   39.000
DOF Subsea AS                 9.500 3/14/2022     USD   25.239
CBo Territoria                3.750 07/01/2024    EUR    4.700
KTG Agrar SE                  7.125 06/06/2017    EUR    2.397
Scandinavian Airlines S       0.625               CHF   23.784
Tennor Finance BV             5.750 6/17/2024     EUR   75.000
Espirito Santo Financia       6.87510/21/2019     EUR    0.529
Norske Skogindustrier A       7.00012/30/2026     EUR    0.001
Rallye SA                     1.000 10/02/2020    EUR   15.309
Intralot Capital Luxemb       6.750 9/15/2021     EUR   65.032
Abengoa Abenewco 2 Bis        1.500 4/26/2024     USD    0.770
Gamalife - Cia de Segur       2.959               EUR   69.571
Afren PLC                    11.500 02/01/2016    USD    0.032
OGX Austria GmbH              8.500 06/01/2018    USD    0.030
Europcar Mobility Group       4.000 4/30/2026     EUR   70.237
Cirio Holding Luxembour       6.250 2/16/2004     EUR    0.792
MaxFastigheter i Sverig       6.500               SEK   54.792
Privatbank CJSC Via UK       10.875 2/28/2018     USD   30.000
Deutsche Bank AG              1.968 6/28/2033     USD   75.625
Civitas Properties Fina       4.00011/24/2022     EUR   47.000
Banca Popolare di Vicen       2.82112/20/2017     EUR    0.227
Waste Italia SpA             10.50011/15/2019     EUR    0.727
New World Resources NV        4.000 10/07/2020    EUR    1.011
Norwegian Air Shuttle A       4.33011/23/2021     NOK   65.189
Banco Espirito Santo SA       2.110               EUR    0.045
KCA Deutag UK Finance P       7.250 5/15/2021     USD   48.417
Pacific Drilling SA           8.375 10/01/2023    USD   26.000
Afren PLC                    10.250 04/08/2019    USD    0.015
OGX Austria GmbH              8.375 04/01/2022    USD    0.010
Steinhoff Finance Holdi       1.25010/21/2023     EUR   43.500
Manchester Building Soc       8.000               GBP   31.161
Banco Espirito Santo SA       6.875 7/15/2016     EUR   20.500
Societe Generale SA          10.55012/30/2022     USD   67.875
Transportes Aereos Port       5.625 12/02/2024    EUR   68.115
Verimatrix SA                 6.000 6/29/2022     EUR    4.034
Alpine Holding GmbH           6.000 5/22/2017     EUR    0.173
Hellenic Republic Gover       2.085 7/25/2057     EUR   50.375
International Industria       9.000 07/06/2011    EUR    0.329
Ghelamco Invest               4.500 5/23/2022     EUR   40.000
Avation Capital SA            6.500 5/15/2021     USD   71.830
Elli Investments Ltd         12.250 6/15/2020     GBP   51.580
Agrokor dd                    9.875 05/01/2019    EUR   15.000
Praktiker AG                  5.875 02/10/2016    EUR    0.069
Veneto Banca SpA              9.878 12/01/2025    EUR    0.013
International Industria      11.000 2/19/2013     USD    0.355
Agrokor dd                    9.125 02/01/2020    EUR   15.000
Cattles Ltd                   8.125 07/05/2017    GBP    0.031
REM Saltire AS                7.110 6/30/2021     NOK   52.624
Kaupthing ehf                 7.625 2/28/2015     USD    0.250
Vseukrainsky Aktsinerny      10.900 6/14/2019     USD    1.056
Havila Shipping ASA           2.590 01/02/2025    NOK   25.000
KCA Deutag UK Finance P       9.875 04/01/2022    USD   48.083
Banco Espirito Santo SA       6.900 6/28/2024     EUR   20.514
Societe Centrale des Bo       2.500 5/15/2023     EUR    6.880
Manchester Building Soc       6.750               GBP   26.857
Norske Skog Holding AS        8.000 2/24/2021     EUR    0.015
Steilmann SE                  7.000 03/09/2017    EUR    1.429
Mallinckrodt Internatio       5.500 4/15/2025     USD   40.913
Hellas Telecommunicatio       6.054 1/15/2015     USD    0.001
Intelsat Jackson Holdin       8.50010/15/2024     USD   72.865
Finmek International SA       7.000 12/03/2004    EUR    2.193
Portugal Telecom Intern       6.250 7/26/2016     EUR    0.175
Espirito Santo Financia       3.125 12/02/2018    EUR    1.793
Norske Skogindustrier A       2.00012/30/2115     EUR    0.113
Linas Matkasse Newco AB       8.000 10/09/2022    SEK   55.750
Cirio Del Monte NV            7.750 3/14/2005     EUR    0.601
Chr Bygga Bostader Hold       9.000 07/05/2021    SEK   50.000
Virgolino de Oliveira F      10.500 1/28/2018     USD    1.034
Russian Federal Bond -        0.250 7/20/2044     RUB   18.941
Mallinckrodt Internatio       5.62510/15/2023     USD   30.000
Saleza AS                     9.000 07/12/2021    EUR    0.203
Island Offshore Shiphol       2.690 6/30/2021     NOK    4.179
SAS AB                        4.407               SEK   32.486
Lehman Brothers UK Capi       3.875               EUR    8.766
Komplett Bank ASA             8.500               NOK   66.708
LBI ehf                       6.100 8/25/2011     USD    8.625
Phosphorus Holdco PLC        10.000 04/01/2019    GBP    0.612
Kaupthing ehf                 5.750 10/04/2011    USD    0.250
Dr Wiesent Sozial gGmbH       7.000               EUR    0.210
Kredyt Inkaso SA              5.150 4/26/2023     PLN   74.300
ML 33 Invest AS               7.500               NOK   56.787
Kommunekredit                 0.500 7/30/2027     TRY   41.421
Autonomous Community of       2.965 09/08/2039    JPY   72.078
Abengoa Abenewco 2 Bis        1.500 4/26/2024     USD    1.243
Lehman Brothers UK Capi       5.125               EUR    8.454
Bank Nadra Via NDR Fina       8.250 7/31/2018     USD    0.208
UniCredit Bank AG            12.60012/24/2021     EUR   58.640
OGX Austria GmbH              8.375 04/01/2022    USD    0.024
Intelsat Connect Financ       9.500 2/15/2023     USD   26.906
Hellas Telecommunicatio       8.50010/15/2013     EUR    0.540
Societe Generale SA          12.000 07/08/2021    USD   41.000
Alno AG                       8.000 3/21/2019     EUR   14.000
Corporate Commercial Ba       8.250 08/08/2014    USD    0.308
MS Deutschland Beteilig       6.87512/18/2017     EUR    1.900
Cirio Finance Luxembour       7.500 11/03/2002    EUR    2.302
Steilmann SE                  7.000 9/23/2018     EUR    1.429
Sairgroup Finance BV          4.375 06/08/2006    EUR    0.233
Banco Espirito Santo SA       2.290               EUR    0.289
Swissport Investments S       9.75012/15/2022     EUR   35.656
Amigo Luxembourg SA           7.625 1/15/2024     GBP   62.025
German Pellets GmbH           7.250 04/01/2016    EUR    0.634
Lehman Brothers UK Capi       5.750               EUR    2.225
KPNQwest NV                  10.000 3/15/2012     EUR    0.068
German Pellets GmbH           7.250 07/09/2018    EUR    0.634
Virgolino de Oliveira F      10.875 1/13/2020     USD   30.000
Steilmann SE                  6.750 6/27/2017     EUR    2.184
Espirito Santo Financia       9.75012/19/2025     EUR    1.137
EDOB Abwicklungs AG           7.500 04/01/2012    EUR    2.000
Lehman Brothers UK Capi       6.900               USD    2.745
KCA Deutag UK Finance P       9.625 04/01/2023    USD   48.710
Del Monte Finance Luxem       6.625 5/24/2006     EUR    1.813
Afren PLC                    10.250 04/08/2019    USD    0.015
Gebr Sanders GmbH & Co        8.75010/22/2018     EUR    9.478
Deutsche Bank AG/London       2.120 8/28/2034     USD   78.750
Erotik-Abwicklungsgesel       7.750 07/09/2019    EUR    0.779
KTG Agrar SE                  7.25010/15/2019     EUR    2.397
Credit Suisse AG/London       0.500 11/02/2023    USD   10.360
SAG Solarstrom AG             7.500 07/10/2017    EUR   31.000
Activa Resources AG           0.50011/15/2021     EUR    1.000
Vneshprombank Ltd Via V       9.00011/14/2016     USD    0.078
Autostrade per l'Italia       2.730 12/10/2038    JPY   28.440
Odea Bank AS                  7.625 08/01/2027    USD   67.801
Sairgroup Finance BV          6.625 10/06/2010    EUR    0.233
Afren PLC                     6.625 12/09/2020    USD    0.065
Offshore Drilling Holdi       8.375 9/20/2020     USD    9.820
Cooperatieve Rabobank U       0.500 7/30/2043     MXN   16.529
SAir Group                    5.500 7/23/2003     CHF   12.625
Uppfinnaren 1 AB             11.000               SEK   40.000
Depfa Funding II LP           6.500               EUR   60.272
Norske Skog Holding AS        8.000 2/24/2023     USD    0.015
Solship Invest 1 AS           5.000 12/08/2024    NOK    6.788
Cooperatieve Rabobank U       0.50010/30/2043     MXN   16.573
Bulgaria Steel Finance       12.000 05/04/2013    EUR    0.216
Nostrum Oil & Gas Finan       8.000 7/25/2022     USD   24.325
Agrokor dd                    8.875 02/01/2020    USD   15.000
Deutsche Agrar Holding        7.250 9/28/2018     EUR    1.254
Senvion Holding GmbH          3.87510/25/2022     EUR    1.447
German Pellets GmbH           7.25011/27/2019     EUR    0.634
Caixa Economica Montepi       5.000               EUR   50.000
International Finance F       0.500 6/29/2027     ZAR   66.434
Barclays Bank PLC             0.333 4/13/2022     USD    9.770
Tonon Luxembourg SA          12.500 5/14/2024     USD    0.543
Windreich GmbH                6.500 03/01/2015    EUR    5.875
Solstad Offshore ASA          4.000 9/24/2021     NOK    4.500
Skandinaviska Enskilda        9.500 7/17/2023     SEK   58.630
Credit Suisse AG/London       8.00012/21/2023     USD    9.800
Nostrum Oil & Gas Finan       7.000 2/16/2025     USD   24.282
Sidetur Finance BV           10.000 4/20/2016     USD    3.532
Solon SE                      1.375 12/06/2012    EUR    0.544
La Veggia Finance SA          7.12511/14/2004     EUR    0.287
Intelsat Jackson Holdin       9.750 7/15/2025     USD   72.499
Paper Industries Interm       6.000 03/01/2025    EUR   73.270
Rio Forte Investments S       4.000 7/22/2014     EUR    5.538
Golden Gate AG                6.500 10/11/2014    EUR   37.500
A-TEC Industries AG           8.75010/27/2014     EUR    0.100
International Bank of A       8.250 10/09/2024    USD   60.375
Marine Subsea AS              9.00012/16/2019     USD    0.688
Alpine Holding GmbH           5.250 07/01/2015    EUR    0.173
UniCredit Bank AG             0.11511/19/2029     EUR   72.343
Tonon Luxembourg SA           9.250 1/24/2020     USD    1.000
Commerzbank AG                0.08511/19/2029     EUR   62.545
Mriya Agro Holding PLC       10.950 3/30/2016     USD    5.000
Rena GmbH                     8.250 07/11/2018    EUR    2.096
WPE International Coope      10.375 9/30/2020     USD    5.706
Stichting Afwikkeling O       2.207               EUR    0.506
Afren PLC                    11.500 02/01/2016    USD    0.032
Finance and Credit Bank       9.250 1/25/2019     USD    0.257
Lehman Brothers Treasur       5.220 03/01/2024    EUR    0.100
SiC Processing GmbH           7.125 03/01/2016    EUR    2.572
Danske Bank A/S               6.010 07/09/2023    SEK   71.930
HPI AG                        3.500               EUR    3.011
Pescanova SA                  8.750 2/17/2019     EUR    0.319
Veneto Banca SpA              6.950 2/25/2025     EUR    0.018
SAG Solarstrom AG             6.25012/14/2015     EUR   31.000
Virgolino de Oliveira F      10.875 1/13/2020     USD   30.000
Societe Generale SA           8.900 11/01/2021    USD   66.500
Naviera Armas SA              4.25011/15/2024     EUR   54.326
KPNQwest NV                   8.875 02/01/2008    EUR    0.068
Societe Generale SA          21.00012/23/2022     USD   68.950
Stichting Afwikkeling O       6.625 5/14/2018     EUR    2.976
Havila Shipping ASA           4.270 01/02/2025    NOK   50.982
Lloyds Bank PLC               0.500 7/26/2028     MXN   59.821
Golfino AG                    8.00011/18/2023     EUR    0.050
Muehl Product & Service       6.750 03/10/2005    DEM    0.050
OGX Austria GmbH              8.500 06/01/2018    USD    0.030
Rena GmbH                     7.00012/15/2015     EUR    2.096
Credit Suisse AG/London      10.00010/26/2023     USD   10.124
Intelsat Jackson Holdin       9.750 7/15/2025     USD   72.499
Barclays Bank PLC             5.000 11/01/2029    BRL   70.919
Resa SA/Belgium               1.950 7/22/2036     EUR   50.000
Ahtium PLC                    9.750 04/04/2017    EUR    0.709
Pescanova SA                  5.125 4/20/2017     EUR    0.319
Air Berlin Finance BV         6.000 03/06/2019    EUR    0.652
Credit Suisse AG/London       6.500 3/28/2022     USD    3.740
Getin Noble Bank SA           5.260 3/31/2023     PLN   74.749
Credit Suisse AG/London      11.750 1/31/2022     USD   73.846
UBS AG/London                 9.000 11/10/2022    USD    5.646
Banco Santander SA            1.855               EUR    2.117
Galapagos Holding SA          7.000 6/15/2022     EUR    7.758
AKB Peresvet ZAO              0.510 08/04/2034    RUB   19.000
A-TEC Industries AG           2.750 05/10/2014    EUR    0.100
Norske Skog Holding AS        8.000 2/24/2021     EUR    0.015
Alpine Holding GmbH           5.250 06/10/2016    EUR    0.173
Cooperatieve Rabobank U       0.500 1/31/2033     MXN   41.003
CRC Breeze Finance SA         6.110 05/08/2026    EUR   39.920
Opus-Chartered Issuance       5.000 03/08/2027    USD   66.440
Mifa Mitteldeutsche Fah       7.500 08/12/2018    EUR    2.100
Veneto Banca SpA              6.411               EUR    0.628
SpareBank 1 SR-Bank ASA       1.20712/21/2030     EUR   71.885
Officine Maccaferri-SpA       5.750 06/01/2021    EUR   34.915
Zurcher Kantonalbank Fi      11.000 7/22/2021     CHF   75.250
KPNQwest NV                   7.125 06/01/2009    EUR    0.068
Aralco Finance SA            10.125 05/07/2020    USD    0.934
Cooperatieve Rabobank U       0.50011/30/2027     MXN   65.602
Yell Bondco PLC               8.500 05/02/2023    GBP   40.000
Veneto Banca SpA              6.944 5/15/2025     EUR    0.018
Barclays Bank PLC             2.000 06/12/2029    TRY   41.858
SG Issuer SA                  0.263 2/20/2025     EUR   20.060
Top Gun Realisations 73       8.000 07/01/2023    GBP    1.387
Landesbank Baden-Wuertt       6.000 8/27/2021     EUR   66.420
Thomas Cook Group PLC         6.250 6/15/2022     EUR    0.845
Swissport Investments S       6.75012/15/2021     EUR    1.264
SAir Group                    4.250 02/02/2007    CHF   12.625
Naviera Armas SA              6.500 7/31/2023     EUR   54.010
SG Issuer SA                  0.820 08/02/2021    SEK    0.820
Air Berlin Finance BV         8.500 03/06/2019    EUR    0.635
New World Resources NV        8.000 04/07/2020    EUR    0.105
Hema Bondco II BV             8.500 1/15/2023     EUR    1.085
Sequa Petroleum NV            5.000 4/29/2020     USD   28.765
Kaupthing ehf                 5.750 10/04/2011    USD    0.250
UkrLandFarming PLC           10.875 3/26/2018     USD    3.403
Skandinaviska Enskilda        7.880 1/16/2023     SEK   71.885
Otkritie Holding JSC          0.010 9/17/2027     RUB    1.820
SAir Group                    0.125 07/07/2005    CHF   12.625
Intelsat SA                   4.500 6/15/2025     USD   52.500
BOA Offshore AS               0.409 7/17/2047     NOK    7.546
Cooperatieve Rabobank U       0.50010/29/2027     MXN   65.704
Norske Skogindustrier A       7.12510/15/2033     USD    0.001
Mox Telecom AG                7.250 11/02/2017    EUR    1.354
Agrokor dd                    9.875 05/01/2019    EUR   15.000
SAir Group                    5.125 03/01/2003    CHF   12.500
Skandinaviska Enskilda        8.300 7/17/2023     SEK   56.520
Credit Suisse AG/London      20.00011/29/2024     USD   11.550
Agrokor dd                    8.875 02/01/2020    USD   15.000
Lehman Brothers Treasur       1.000 10/05/2035    EUR    0.100
LBI ehf                       7.431               USD    0.001
Northland Resources AB        4.00010/15/2020     NOK    0.271
Virgolino de Oliveira F      11.750 02/09/2022    USD    1.296
Getin Noble Bank SA           5.250 4/29/2024     PLN   64.990
Dolphin Drilling ASA          4.490 8/28/2019     NOK    0.644
Skandinaviska Enskilda        8.600 7/17/2023     SEK   57.050
Danske Bank A/S               8.050 07/09/2023    SEK   64.690
Derzhava-Garant OOO           7.250 06/12/2030    RUB   12.300
getgoods.de AG                7.750 10/02/2017    EUR    0.170
Stichting Afwikkeling O       8.450 8/20/2018     USD    2.976
Kaupthing ehf                 6.125 10/04/2016    USD    0.250
Getin Noble Bank SA           4.750 5/31/2024     PLN   66.166
Thomas Cook Finance 2 P       3.875 7/15/2023     EUR    1.041
Bank Otkritie Financial      10.000 4/26/2019     USD    9.029
Lehman Brothers Treasur       0.215 11/02/2035    EUR    0.100
Windreich GmbH                6.500 7/15/2016     EUR    5.875
Landesbank Hessen-Thuer       7.50012/13/2024     EUR    0.100
Landesbank Hessen-Thuer       9.600 01/09/2023    EUR    0.100
LBI ehf                       7.431               USD    0.001
O1 Properties Finance P       8.250 9/27/2021     USD   22.295
Portugal Telecom Intern       5.242 11/06/2017    EUR    0.694
UBS AG/London                12.250 5/31/2021     EUR   10.960
Getin Noble Bank SA           4.250 6/28/2024     PLN   68.000
Agrokor dd                    9.125 02/01/2020    EUR   15.000
Espirito Santo Financia       5.05011/15/2025     EUR    1.243
Credit Suisse AG/London       6.500 4/30/2021     USD    3.380
Hellas Telecommunicatio       6.054 1/15/2015     USD    0.001
Norske Skog Holding AS        8.000 2/24/2023     USD    0.015
SAir Group                    2.750 7/30/2004     CHF   12.625
Landesbank Baden-Wuertt       2.050 7/23/2021     EUR   68.360
Nordea Bank Abp               7.150 7/20/2024     SEK   72.740
Kardan NV                     6.325 02/04/2021    ILS    9.570
Barclays Bank PLC             1.450 9/24/2038     MXN   34.748
SALVATOR Vermoegensverw       9.500               EUR   11.100
SALVATOR Vermoegensverw       9.50012/31/2021     EUR    8.250
Cooperatieve Rabobank U       0.500 8/21/2028     MXN   61.730
Moby SpA                      7.750 2/15/2023     EUR   23.675
Centrosolar Group AG          7.000 2/15/2016     EUR    2.505
Bibby Offshore Services       7.500 6/15/2021     GBP   11.639
Landesbank Hessen-Thuer       4.000 3/20/2023     EUR    0.100
Grupo Isolux Corsan SA        0.25012/30/2018     EUR    0.318
Grupo Isolux Corsan SA        6.00012/30/2021     USD    0.813
Ideal Standard Internat      11.750 05/01/2018    EUR    0.050
Ahtium PLC                    4.00012/16/2015     EUR    0.586
Lehman Brothers Treasur       2.875 3/14/2013     CHF    0.100
Getin Noble Bank SA           4.270 8/30/2024     PLN   66.817
UniCredit Bank AG             5.45011/21/2022     EUR    9.500
Skandinaviska Enskilda        6.000 1/17/2023     SEK   69.995
Bank Julius Baer & Co L       7.300 1/25/2021     EUR   62.750
Skandinaviska Enskilda        7.600 1/15/2024     SEK   73.510
Societe Generale SA          10.00012/30/2022     USD   58.670
Russian Post FGUP             2.750 12/06/2023    RUB   70.000
Credit Suisse AG              0.50012/16/2025     BRL   67.613
SAir Group                    6.25010/27/2002     CHF   12.625
Solarwatt GmbH                7.000 11/01/2015    EUR   15.500
Top Gun Realisations 73       8.000 07/01/2023    GBP    1.387
Concern Rossium LLC           6.000 08/05/2030    RUB  100.020
City of Predeal Romania       2.500 5/15/2026     RON   60.000
DekaBank Deutsche Giroz       6.000 06/02/2021    EUR   56.170
NTRP Via Interpipe Ltd       10.250 08/02/2017    USD   30.500
HSBC Bank PLC                 0.50012/22/2025     BRL   66.635
Kaupthing ehf                 9.000               USD    0.122
Credit Agricole CIB Fin       0.39012/16/2032     EUR   54.196
Heta Asset Resolution A       4.87512/31/2023     EUR    2.078
SFO Akkord Finans            10.000 02/12/2024    RUB   61.540
Espirito Santo Financia       5.05011/15/2025     EUR    0.851
Landesbank Hessen-Thuer       8.60011/17/2022     EUR   60.420
Bank Julius Baer & Co L      10.000 6/21/2021     EUR   62.850
BNP Paribas SA               10.500 02/10/2021    USD   62.010
Societe Generale SA          17.000 1/17/2030     USD   56.100
Windreich GmbH                6.750 03/01/2015    EUR    5.875
AKB Peresvet ZAO              0.510 2/14/2032     RUB   12.500
Getin Noble Bank SA           5.280 7/28/2023     PLN   74.982
Agrokor dd Via Aquarius       4.921 08/08/2017    EUR   14.625
Eiendomskreditt AS            2.220 9/17/2029     NOK   68.373
KPNQwest NV                   8.125 06/01/2009    USD    0.068
Zaklady Miesne Henryk K       5.460 3/29/2021     PLN
Societe Generale SA           6.000 05/09/2022    USD    2.230
Societe Generale SA          20.000 03/02/2022    USD   52.500
Bulgaria Steel Finance       12.000 05/04/2013    EUR    0.216
BRAbank ASA/NO                7.350               NOK   61.539
Getin Noble Bank SA           5.25012/21/2023     PLN   69.000
SG Issuer SA                  2.70011/28/2034     ZAR   44.429
OOO SPV Structural Inve       0.010 09/01/2023    RUB   66.740
Deutsche Bank AG/London       0.50010/18/2038     MXN   16.046
Elli Investments Ltd         12.250 6/15/2020     GBP   51.823
Danske Bank A/S               7.470 07/09/2023    SEK   72.930
Erste Group Bank AG           7.00011/21/2023     EUR   21.100
Decipher Production Ltd      12.500 9/27/2019     USD    1.500
Otkritie Holding JSC          0.010 12/08/2027    RUB    1.900
Cooperativa Muratori &        6.875 08/01/2022    EUR    1.560
Instabank ASA                 7.930 02/04/2030    NOK   73.638
Spoldzielczy Bank Rozwo       3.750 7/16/2025     PLN   75.000
Minicentrales Dos SA          0.010 06/06/2047    EUR   67.383
SAir Group                    2.125 11/04/2004    CHF   12.625
Norske Skogindustrier A       7.12510/15/2033     USD    0.001
WEB Windenergie AG            2.250 9/25/2028     EUR    0.010
Societe Generale SA          17.000 03/03/2021    USD   43.100
Landesbank Baden-Wuertt       2.500 8/27/2021     EUR   63.010
Bayerische Landesbank         3.400 7/16/2021     EUR   67.210
Leonteq Securities AG        11.200 1/27/2021     USD   73.790
Landesbank Hessen-Thuer       7.300 02/07/2023    EUR    0.100
Landesbank Hessen-Thuer       6.900 1/30/2023     EUR
Northland Resources AB        4.00010/15/2020     USD    0.271
PA Resources AB              13.500 03/03/2016    SEK    0.124
Tonon Luxembourg SA           9.250 1/24/2020     USD    1.000
Gold-Zack AG                  7.00012/14/2005     EUR   10.510
SAir Group                    6.250 04/12/2005    CHF   12.625
Cooperatieve Rabobank U       0.50012/29/2027     MXN   64.963
Minicentrales Dos SA          0.010 06/06/2047    EUR   65.750
Natixis SA                    0.300 6/25/2048     USD   51.735
Samaratransneft-Termina      17.000 6/20/2021     RUB   15.700
Mriya Agro Holding PLC        9.450 4/19/2018     USD    5.000
Landesbank Hessen-Thuer       5.200 01/11/2024    EUR   70.470
SG Issuer SA                  2.98012/28/2021     EUR   60.190
Leonteq Securities AG/G       8.000 09/01/2021    CHF   71.320
SG Issuer SA                  5.500 04/10/2021    EUR
Satra Forvaltnings AB         9.000 2/27/2021     SEK   65.000
Landesbank Hessen-Thuer       5.650 2/21/2023     EUR    0.100
Bank Julius Baer & Co L      10.100 1/25/2021     USD   56.550
Danske Bank A/S               6.860 07/09/2022    SEK   25.670
Nordea Bank Abp               7.430 1/20/2025     SEK   82.000
Landesbank Hessen-Thuer       8.450 1/24/2023     EUR    0.100
Corner Banca SA              16.400 03/02/2021    CHF   12.630
Phosphorus Holdco PLC        10.000 04/01/2019    GBP    0.612
ECM Real Estate Investm       5.000 10/09/2011    EUR   15.375
Heta Asset Resolution A       4.35012/31/2023     EUR    2.082
Nordea Bank Abp               5.813 7/20/2024     SEK   71.000
SG Issuer SA                 10.400 2/23/2021     USD    3.040
WPE International Coope      10.375 9/30/2020     USD    5.706
Norske Skogindustrier A       2.00012/30/2115     EUR    0.113
Kaupthing ehf                 6.125 10/04/2016    USD    0.250
Lehman Brothers Treasur       5.103 6/22/2046     EUR    0.100
Bibby Offshore Services       7.500 6/15/2021     GBP   11.639
DekaBank Deutsche Giroz       1.780 02/05/2021    EUR   62.860
Corner Banca SA               7.600 02/02/2021    CHF   68.640
Erste Group Bank AG           8.000 9/28/2023     EUR    0.300
WEB Windenergie AG            4.00012/17/2025     EUR    0.010
Skandinaviska Enskilda        6.500 1/15/2024     SEK   71.760
COFIDUR SA                    0.10012/31/2024     EUR   24.050
New World Resources NV        4.000 10/07/2020    EUR    1.011
Societe Generale SA           8.00010/13/2021     USD   71.000
BRAbank ASA                   7.380               NOK   56.110
KPNQwest NV                   8.875 02/01/2008    EUR    0.068
Getin Noble Bank SA           4.250 7/26/2024     PLN   74.000
Getin Noble Bank SA           5.270 8/31/2023     PLN   69.997
BLT Finance BV               12.000 02/10/2015    USD   10.500
Norske Skogindustrier A       7.00012/30/2026     EUR    0.001
LBI ehf                       6.100 8/25/2011     USD    8.625
Societe Generale SA           8.000 8/18/2021     USD   17.250
Landesbank Hessen-Thuer       5.200 01/08/2024    EUR   46.060
Societe Generale SA           4.890 2/16/2023     USD   55.340
Landesbank Hessen-Thuer       6.750 1/14/2025     EUR   72.170
Leonteq Securities AG/G      10.000 02/08/2021    USD   70.030
EFG International Finan       7.000 5/23/2022     EUR   47.750
Societe Generale SA           1.580 9/16/2024     USD    2.610
Leonteq Securities AG         6.400 5/25/2021     CHF   72.550
UniCredit Bank AG            10.500 5/19/2021     EUR    3.400
Landesbank Baden-Wuertt       3.500 2/26/2021     EUR   71.030
Raiffeisen Switzerland        4.800 6/14/2021     EUR   66.220
Credit Suisse AG/London       8.750 5/20/2021     GBP   60.960
Banque Cantonale Vaudoi       7.550 08/03/2021    CHF   73.230
Leonteq Securities AG        12.00010/18/2021     CHF   65.120
Leonteq Securities AG/G       2.750 9/15/2022     CHF   13.790
Petromena ASA                10.85011/19/2018     USD    0.622
Irish Bank Resolution C       6.75011/30/2013     BGN   33.250
BNP Paribas Issuance BV       6.550 3/28/2025     EUR   44.030
Polski Bank Spoldzielcz       3.760 9/14/2027     PLN   65.346
Lehman Brothers Treasur       5.100 05/08/2017    HKD    0.100
Getin Noble Bank SA           5.250 4/28/2023     PLN   74.732
Barclays Bank PLC             0.500 1/28/2033     MXN   38.461
Lehman Brothers Treasur       7.375 9/20/2008     EUR    0.100
UBS AG/London                 7.250 02/08/2021    CHF   60.300
Societe Generale SA          12.000 2/17/2025     USD   57.200
Societe Generale SA           8.600 7/29/2022     USD   45.000
EFG International Finan       6.130 6/20/2024     EUR    3.000
Erste Group Bank AG           4.350 2/28/2022     EUR   52.300
Kancelaria Medius SA          5.770 03/07/2021    PLN   40.000
UBS AG/London                10.000 3/22/2021     EUR   43.450
UBS AG/London                12.500 7/19/2021     USD   70.250
Erste Group Bank AG           5.550 8/30/2022     EUR   52.650
Erste Group Bank AG           4.350 2/20/2022     EUR   52.750
getBACK SA                    4.210 2/16/2021     PLN
BNP Paribas Emissions-        8.000 6/24/2021     EUR   66.340
Landesbank Baden-Wuertt      14.770 5/25/2021     EUR    6.110
Leonteq Securities AG        30.000 06/09/2021    CHF   15.200
EFG International Finan       5.600 07/11/2024    EUR   24.660
Landesbank Baden-Wuertt       8.150 02/04/2021    EUR    0.780
Credit Suisse AG/London       6.250 7/21/2022     CHF   73.550
SG Issuer SA                  7.000 2/17/2021     EUR   72.310
UBS AG/London                13.500 7/15/2021     CHF    7.490
Leonteq Securities AG/G      25.000 2/18/2021     USD    6.120
Credit Suisse AG/London      10.000 1/25/2021     CHF   74.660
Credit Suisse AG/London       8.750 03/04/2021    EUR   65.710
RENE LEZARD Mode GmbH         7.25011/25/2017     EUR    1.500
Societe Generale SA          17.500 1/26/2023     USD   71.000
Societe Generale SA          10.000 12/02/2021    USD   58.300
Vontobel Financial Prod       0.154 06/10/2021    EUR   62.400
Astana Finance BV             7.875 06/08/2010    EUR   16.000
HSBC Bank PLC                 0.50011/25/2025     BRL   67.165
Santander Consumer Bank       5.160               NOK   58.614
Rio Forte Investments S       3.900 07/10/2014    USD    5.500
Grupo Isolux Corsan SA        1.00012/30/2021     USD    0.318
Getin Noble Bank SA           5.260 04/04/2024    PLN   65.000
SG Issuer SA                  7.600 2/22/2021     EUR    2.350
Erste Group Bank AG           7.200 9/30/2024     EUR    0.350
Banco Espirito Santo SA      10.000 12/06/2021    EUR    0.001
Lehman Brothers Treasur       6.000 6/21/2011     EUR    0.100
Lehman Brothers Treasur       2.000 3/16/2035     EUR    0.100
Getin Noble Bank SA           5.250 11/09/2023    PLN   70.814
Instabank ASA                 7.500               NOK   41.146
Rio Forte Investments S       4.750 11/10/2015    EUR    5.500
Heta Asset Resolution A       0.21712/31/2023     EUR    2.078
Heta Asset Resolution A       5.92012/31/2023     EUR    2.078
AKB Peresvet ZAO              0.510 6/23/2021     RUB   19.020
Mriya Agro Holding PLC        9.450 4/19/2018     USD    5.000
Tonon Luxembourg SA          12.500 5/14/2024     USD    0.543
Hellas Telecommunicatio       8.50010/15/2013     EUR    0.540
Northland Resources AB       15.000 7/15/2019     USD    2.621
A-TEC Industries AG           5.750 11/02/2010    EUR    0.100
Bilt Paper BV                 9.640               USD    0.876
Aralco Finance SA            10.125 05/07/2020    USD    0.934
Raiffeisen Schweiz Geno      11.500 2/18/2021     CHF   52.300
Leonteq Securities AG/G       6.400 11/03/2021    CHF   51.780
Societe Generale SA           6.000 06/06/2022    USD    4.570
Raiffeisen Centrobank A       5.000 9/20/2021     EUR   69.710
Leonteq Securities AG         7.400 03/04/2021    CHF   66.240
Raiffeisen Centrobank A       5.000 08/09/2021    EUR   67.960
Skandinaviska Enskilda        4.100 1/17/2022     SEK   73.650
Corner Banca SA               8.000 5/25/2021     CHF   57.180
Landesbank Hessen-Thuer       7.000 01/09/2023    EUR   59.140
SG Issuer SA                  6.700 07/10/2024    EUR   71.960
Societe Generale SA          10.250 02/02/2023    USD   61.300
SG Issuer SA                  2.200 01/10/2025    EUR   72.660
SG Issuer SA                  6.650 10/10/2021    EUR
Concern Rossium LLC           6.250 12/11/2029    RUB   60.060
AKB Peresvet ZAO             13.000 10/07/2017    RUB   19.625
Windreich GmbH                6.250 03/01/2015    EUR    5.875
Bank Otkritie Financial       0.010 9/24/2025     RUB   72.780
Corner Banca SA               7.350 1/16/2023     CHF   67.710
Cooperativa Muratori &        6.000 2/15/2023     EUR    1.952
KPNQwest NV                   7.125 06/01/2009    EUR    0.068
Bank Otkritie Financial       0.010 7/16/2025     RUB   73.140
Pescanova SA                  6.750 03/05/2015    EUR    0.319
PSN Pm OOO                    9.500 09/10/2026    RUB   21.625
Otkritie Holding JSC          0.010 10/03/2036    RUB    0.010
Privatbank CJSC Via UK       10.875 2/28/2018     USD   30.000
Getin Noble Bank SA           5.250 5/31/2023     PLN   69.255
Concern Rossium LLC           6.000 08/05/2030    RUB  100.020
Espirito Santo Financia       5.125 5/30/2016     EUR    1.527
Landesbank Baden-Wuertt       3.000 2/26/2021     EUR   66.570
Zurcher Kantonalbank Fi       7.750 7/23/2021     EUR   70.980
UBS AG/London                14.000 07/06/2021    USD   64.090
Citigroup Global Market       8.050 1/24/2023     EUR   62.930
BNP Paribas Emissions-        9.000 3/25/2021     EUR   66.090
Landesbank Baden-Wuertt      10.500 2/26/2021     EUR   68.230
Landesbank Baden-Wuertt       2.000 6/25/2021     EUR   70.010
WEB Windenergie AG            3.750 9/26/2026     EUR    0.010
WEB Windenergie AG            2.500 9/26/2021     EUR    0.010
UBS AG/London                14.000 6/28/2021     CHF   71.650
Deutsche Bank AG              3.800 02/04/2030    USD
Lehman Brothers Treasur      11.00012/20/2017     AUD    0.100
Santander Consumer Bank       5.160               NOK   59.205
Credito Padano Banca di       3.100               EUR   33.831
KPNQwest NV                   8.875 02/01/2008    EUR    0.068
BNP Paribas SA                0.50011/16/2032     MXN   32.993
Kreditanstalt fuer Wied       0.250 10/06/2036    CAD   49.170
Lehman Brothers Treasur       6.650 8/24/2011     AUD    0.100
Landesbank Hessen-Thuer       0.650 10/01/2031    EUR   10.464
Raiffeisen Schweiz Geno       5.800 9/28/2021     CHF   57.900
Raiffeisen Schweiz Geno       6.250 04/01/2021    CHF   66.450
Landesbank Baden-Wuertt       3.00012/23/2022     EUR   64.450
Landesbank Baden-Wuertt       3.20012/23/2022     EUR   67.590
DekaBank Deutsche Giroz       4.000 4/23/2021     EUR   67.500
Corner Banca SA               6.200 10/05/2021    CHF   67.830
Landesbank Hessen-Thuer       3.600 08/12/2021    EUR   52.500
Citigroup Global Market      12.37911/13/2023     SEK   69.380
Corner Banca SA               8.600 10/12/2021    CHF   72.490
UniCredit Bank AG             4.00011/21/2022     EUR   65.560
Raiffeisen Schweiz Geno       5.700 10/12/2021    CHF   72.010
Landesbank Baden-Wuertt       3.500 1/28/2022     EUR   59.000
Landesbank Hessen-Thuer       6.35011/19/2024     EUR   62.820
Leonteq Securities AG         7.600 4/15/2021     CHF   70.860
Leonteq Securities AG/G       5.40010/19/2021     CHF   61.510
Landesbank Baden-Wuertt       3.500 7/23/2021     EUR   63.470
EFG International Finan      12.00010/19/2021     USD   50.840
DekaBank Deutsche Giroz       2.300 11/12/2021    EUR   61.150
BNP Paribas Issuance BV       6.310 07/05/2023    SEK   69.430
Landesbank Baden-Wuertt       3.25012/23/2022     EUR   63.700
Landesbank Baden-Wuertt       2.65012/23/2022     EUR   70.260
Landesbank Hessen-Thuer       2.000 6/13/2022     EUR   55.150
Natixis SA                    3.150 06/08/2021    USD   70.870
Natixis SA                    2.100 06/08/2021    EUR   59.180
Leonteq Securities AG         5.000 6/15/2021     CHF   57.570
Banque Cantonale Vaudoi       5.800 08/09/2021    CHF   60.720
Leonteq Securities AG        10.000 08/09/2021    CHF   62.230
Leonteq Securities AG        10.000 08/09/2021    CHF   66.010
Landesbank Baden-Wuertt       3.050 9/23/2022     EUR   69.020
Raiffeisen Schweiz Geno       7.500 02/09/2021    EUR   70.450
Raiffeisen Schweiz Geno       5.200 02/09/2021    CHF   66.600
Landesbank Hessen-Thuer       6.25012/13/2024     EUR   71.350
Raiffeisen Schweiz Geno       5.400 8/17/2022     CHF   71.470
Raiffeisen Schweiz Geno       7.800 2/14/2022     EUR   72.040
Raiffeisen Schweiz Geno      10.500 2/17/2021     CHF   73.410
Raiffeisen Schweiz Geno       7.500 5/14/2021     CHF   62.440
Zurcher Kantonalbank Fi       6.000 5/25/2021     CHF   69.010
Zurcher Kantonalbank Fi       6.000 5/25/2021     CHF   63.080
DZ Bank AG Deutsche Zen       8.250 3/24/2021     EUR   50.700
Zurcher Kantonalbank Fi       6.800 5/25/2021     EUR   66.460
Zurcher Kantonalbank Fi       6.000 5/25/2021     EUR   65.450
Credit Suisse AG/London       7.000 2/17/2021     CHF   65.930
Leonteq Securities AG/G      13.750 2/17/2021     EUR    3.280
Leonteq Securities AG/G       6.000 8/17/2022     CHF   73.310
Leonteq Securities AG/G      15.470 5/18/2021     CHF    7.620
DZ Bank AG Deutsche Zen       6.400 2/24/2021     EUR   67.010
UniCredit Bank AG            14.300 3/26/2021     EUR   71.000
UniCredit Bank AG            14.800 6/25/2021     EUR   72.010
UniCredit Bank AG            13.300 6/25/2021     EUR   73.710
UniCredit Bank AG            13.900 3/26/2021     EUR   73.380
Zurcher Kantonalbank Fi       6.000 5/27/2021     CHF   75.340
UniCredit Bank AG            12.200 6/25/2021     EUR   73.370
UniCredit Bank AG            13.800 3/26/2021     EUR   71.850
UniCredit Bank AG            12.200 6/25/2021     EUR   72.370
UniCredit Bank AG            18.300 3/26/2021     EUR   55.610
UniCredit Bank AG            17.600 6/25/2021     EUR   56.840
UniCredit Bank AG            12.900 3/26/2021     EUR   71.390
UniCredit Bank AG            14.200 3/26/2021     EUR   69.690
DZ Bank AG Deutsche Zen      10.800 2/26/2021     EUR   66.360
DZ Bank AG Deutsche Zen      13.100 3/26/2021     EUR   63.750
DZ Bank AG Deutsche Zen       7.000 6/25/2021     EUR   70.770
DZ Bank AG Deutsche Zen       9.000 6/25/2021     EUR   67.470
DZ Bank AG Deutsche Zen      11.300 6/25/2021     EUR   64.730
DZ Bank AG Deutsche Zen      10.700 2/26/2021     EUR   64.230
DZ Bank AG Deutsche Zen      13.400 3/26/2021     EUR   61.300
DZ Bank AG Deutsche Zen       7.000 6/25/2021     EUR   70.690
DZ Bank AG Deutsche Zen       9.300 6/25/2021     EUR   67.150
DZ Bank AG Deutsche Zen      11.700 6/25/2021     EUR   64.000
DZ Bank AG Deutsche Zen       8.000 2/26/2021     EUR   70.510
DZ Bank AG Deutsche Zen      10.200 6/25/2021     EUR   73.270
DZ Bank AG Deutsche Zen      11.800 3/26/2021     EUR   73.860
DZ Bank AG Deutsche Zen      10.700 2/26/2021     EUR   68.130
DZ Bank AG Deutsche Zen      13.400 2/26/2021     EUR   63.890
DZ Bank AG Deutsche Zen       7.400 6/25/2021     EUR   73.570
DZ Bank AG Deutsche Zen       9.200 6/25/2021     EUR   70.180
DZ Bank AG Deutsche Zen      11.200 6/25/2021     EUR   66.140
Credit Suisse AG/London       8.500 5/18/2021     EUR   60.760
Credit Suisse AG/London       7.500 8/13/2021     CHF   69.780
Zurcher Kantonalbank Fi       9.250 8/26/2021     CHF   52.980
Vontobel Financial Prod      12.000 3/26/2021     EUR   64.550
Raiffeisen Schweiz Geno       6.000 2/19/2021     EUR   61.000
UBS AG/London                11.000 2/19/2021     CHF   70.900
UBS AG/London                 7.000 2/21/2022     EUR   62.750
UBS AG/London                 5.500 8/19/2021     EUR   67.150
UBS AG/London                10.000 8/19/2021     CHF   69.700
UBS AG/London                 6.500 8/19/2021     CHF   66.800
UBS AG/London                12.000 8/19/2021     CHF   13.580
UBS AG/London                 5.750 8/20/2021     EUR   68.000
Zurcher Kantonalbank Fi       5.000 2/19/2021     EUR   70.410
Landesbank Hessen-Thuer       3.000 06/04/2021    EUR   71.400
Landesbank Hessen-Thuer       5.70011/24/2022     EUR   56.840
Landesbank Hessen-Thuer       4.000 06/04/2021    EUR   59.500
Landesbank Hessen-Thuer       4.000 2/17/2021     EUR   53.580
Landesbank Hessen-Thuer       4.000 2/17/2021     EUR   38.710
UniCredit Bank AG             3.850 2/14/2021     EUR   51.060
Landesbank Hessen-Thuer       6.700 5/17/2022     EUR   56.910
Landesbank Hessen-Thuer       6.600 2/17/2023     EUR   54.240
Landesbank Hessen-Thuer       4.350 2/24/2023     EUR   48.280
Landesbank Hessen-Thuer       5.300 9/23/2022     EUR   45.490
Raiffeisen Schweiz Geno       4.00012/15/2021     CHF   67.690
Landesbank Hessen-Thuer       5.150 6/14/2022     EUR   62.450
Landesbank Baden-Wuertt       2.300 7/23/2021     EUR   66.930
Landesbank Baden-Wuertt       3.500 7/23/2021     EUR   60.030
Landesbank Baden-Wuertt       2.200 7/23/2021     EUR   68.900
Skandinaviska Enskilda        9.020 7/17/2023     SEK   58.540
Credit Suisse AG/Nassau       7.000 6/22/2021     CHF   53.070
Vontobel Financial Prod       4.200 07/06/2021    EUR   67.320
SecurAsset SA                 5.250 6/30/2022     EUR   48.700
Raiffeisen Schweiz Geno       4.00012/22/2021     CHF   67.680
SG Issuer SA                  4.000 6/22/2026     EUR   45.450
Landesbank Baden-Wuertt       3.000 9/23/2022     EUR   60.690
Landesbank Baden-Wuertt       2.650 9/23/2022     EUR   67.020
Landesbank Hessen-Thuer       2.500 6/21/2021     EUR   68.500
Landesbank Hessen-Thuer       6.70010/13/2023     EUR   60.410
EFG International Finan      11.400 6/28/2021     USD   50.210
UBS AG/London                 6.250 6/21/2021     CHF   53.800
SG Issuer SA                 11.170 7/20/2025     SEK   50.350
Raiffeisen Schweiz Geno       5.00012/29/2021     CHF   67.670
Raiffeisen Schweiz Geno       4.10012/29/2021     CHF   67.400
Credit Suisse AG/Nassau       7.200 07/05/2021    CHF   56.940
UniCredit Bank AG             4.300 7/26/2022     EUR   60.230
UniCredit Bank AG             4.200 7/26/2022     EUR   38.370
UniCredit Bank AG             4.450 7/23/2022     EUR   59.700
UniCredit Bank AG             4.150 7/26/2022     EUR   55.120
UniCredit Bank AG             3.650 7/23/2022     EUR   62.130
UniCredit Bank AG             6.400 7/23/2021     EUR   74.860
Bayerische Landesbank         2.000 1/28/2022     EUR   64.820
Landesbank Baden-Wuertt       2.700 6/25/2021     EUR   59.470
Landesbank Baden-Wuertt       2.500 6/24/2022     EUR   61.960
EFG International Finan       7.00010/25/2021     EUR   70.540
Landesbank Hessen-Thuer       5.200 9/30/2022     EUR   46.500
Societe Generale SA           8.000 5/28/2027     USD   35.300
Landesbank Hessen-Thuer       5.500 5/25/2023     EUR   35.260
Leonteq Securities AG/G       5.000 08/02/2021    USD   67.380
UniCredit Bank AG             5.700 5/14/2021     EUR   47.880
Landesbank Hessen-Thuer       4.000 8/18/2021     EUR   44.320
UniCredit Bank AG             3.600 8/23/2021     EUR   42.210
Landesbank Hessen-Thuer       5.00011/25/2022     EUR   56.170
Raiffeisen Switzerland       10.500 07/11/2024    USD   18.660
Landesbank Hessen-Thuer       6.150 8/25/2022     EUR   57.620
DekaBank Deutsche Giroz       4.250 05/03/2022    EUR   63.910
UniCredit Bank AG             4.000 2/28/2022     EUR   62.000
SG Issuer SA                  5.600 01/10/2023    EUR
UniCredit Bank AG             4.25011/21/2021     EUR   38.890
UniCredit Bank AG             4.20011/21/2021     EUR   64.230
Raiffeisen Switzerland        4.440 4/19/2021     EUR   59.600
Landesbank Hessen-Thuer       4.00011/24/2021     EUR   61.280
Landesbank Hessen-Thuer       4.700 2/24/2023     EUR   54.310
Landesbank Hessen-Thuer       5.000 02/10/2023    EUR   67.690
Raiffeisen Schweiz Geno       4.70010/20/2021     CHF   59.810
Landesbank Baden-Wuertt       4.00010/22/2021     EUR   47.210
Landesbank Baden-Wuertt       3.25010/22/2021     EUR   71.030
EFG International Finan       5.600 4/26/2021     CHF   57.930
Landesbank Hessen-Thuer       4.000 6/16/2022     EUR   54.810
UBS AG/London                11.000 3/15/2021     EUR   45.250
UBS AG/London                 7.000 3/15/2021     EUR   53.000
Landesbank Baden-Wuertt       3.750 3/26/2021     EUR   45.380
Bayerische Landesbank         2.250 7/23/2021     EUR   56.040
Leonteq Securities AG/G       5.600 8/24/2021     CHF   51.230
DekaBank Deutsche Giroz       2.500 09/10/2021    EUR   72.770
EFG International Finan       6.500 8/30/2021     CHF   64.850
Zurcher Kantonalbank Fi       8.500 8/24/2021     CHF   64.580
Raiffeisen Schweiz Geno       5.250 8/24/2021     CHF   63.210
Landesbank Hessen-Thuer       5.800 9/24/2024     EUR   56.810
UniCredit Bank AG             8.40012/24/2021     EUR   70.280
UniCredit Bank AG             7.70012/24/2021     EUR   71.660
UniCredit Bank AG             9.200 6/25/2021     EUR   69.650
UniCredit Bank AG            12.100 6/25/2021     EUR   63.610
Zurcher Kantonalbank Fi       5.000 7/23/2021     EUR   68.050
UBS AG/London                14.250 7/19/2021     USD   59.730
Raiffeisen Schweiz Geno       5.250 07/05/2021    CHF   71.470
Raiffeisen Schweiz Geno       4.500 07/05/2021    CHF   63.800
Zurcher Kantonalbank Fi       5.750 7/16/2021     CHF   72.250
Landesbank Hessen-Thuer       4.000 08/09/2023    EUR   58.740
UniCredit Bank AG             7.800 6/25/2021     EUR   67.420
UniCredit Bank AG            10.700 6/25/2021     EUR   54.500
UniCredit Bank AG            10.100 6/25/2021     EUR   59.880
UniCredit Bank AG             9.700 6/25/2021     EUR   70.800
UniCredit Bank AG            10.900 6/25/2021     EUR   68.810
UniCredit Bank AG            11.300 6/25/2021     EUR   74.780
UniCredit Bank AG            12.500 6/25/2021     EUR   71.920
UniCredit Bank AG            11.100 6/25/2021     EUR   69.670
UniCredit Bank AG             6.400 6/25/2021     EUR   70.820
UniCredit Bank AG             9.300 6/25/2021     EUR   64.520
UniCredit Bank AG             6.500 6/25/2021     EUR   66.360
UniCredit Bank AG             7.500 6/25/2021     EUR   62.800
UniCredit Bank AG            11.800 6/25/2021     EUR   52.360
UniCredit Bank AG             8.500 6/25/2021     EUR   59.660
UniCredit Bank AG             9.600 6/25/2021     EUR   56.920
Skandinaviska Enskilda        7.800 7/15/2024     SEK   70.940
Skandinaviska Enskilda        6.500 7/15/2024     SEK   71.800
UniCredit Bank AG             8.10012/24/2021     EUR   67.680
UniCredit Bank AG             5.80012/24/2021     EUR   72.700
UniCredit Bank AG             5.50012/24/2021     EUR   70.650
UniCredit Bank AG            10.60012/24/2021     EUR   67.190
UniCredit Bank AG             9.40012/24/2021     EUR   71.750
UniCredit Bank AG            10.20012/24/2021     EUR   55.720
UniCredit Bank AG             8.50012/24/2021     EUR   59.160
UniCredit Bank AG             6.90012/24/2021     EUR   69.990
UniCredit Bank AG             7.70012/24/2021     EUR   61.320
UniCredit Bank AG             6.80012/24/2021     EUR   63.710
UniCredit Bank AG             6.00012/24/2021     EUR   66.520
UBS AG/London                 6.500 07/12/2021    EUR   52.700
EFG International Finan       7.000 07/11/2022    CHF   73.170
Landesbank Hessen-Thuer       5.200 08/09/2024    EUR   69.370
Landesbank Hessen-Thuer       3.350 5/19/2021     EUR   61.400
Societe Generale Effekt      24.419 6/25/2021     EUR   71.840
Leonteq Securities AG/G       8.600 07/12/2021    EUR   52.210
Raiffeisen Schweiz Geno       7.100 07/12/2021    EUR   72.770
UniCredit Bank AG             5.40012/24/2021     EUR   58.290
Landesbank Baden-Wuertt       2.55012/27/2021     EUR   56.820
Landesbank Baden-Wuertt       2.50012/27/2021     EUR   49.990
Landesbank Hessen-Thuer       4.000 11/10/2021    EUR   37.610
Landesbank Hessen-Thuer       5.100 2/17/2023     EUR   51.240
Raiffeisen Schweiz Geno       8.800 03/01/2021    EUR   44.770
Landesbank Baden-Wuertt       3.700 9/24/2021     EUR   60.590
Landesbank Baden-Wuertt       3.000 3/26/2021     EUR   55.760
Landesbank Baden-Wuertt       5.500 3/26/2021     EUR   46.510
Landesbank Baden-Wuertt       2.500 3/26/2021     EUR   71.500
Landesbank Baden-Wuertt       2.500 3/26/2021     EUR   69.690
UniCredit Bank AG            10.20012/24/2021     EUR   66.140
UniCredit Bank AG             6.60012/24/2021     EUR   65.890
UniCredit Bank AG            10.000 6/25/2021     EUR   67.460
UniCredit Bank AG             9.100 6/25/2021     EUR   69.340
UniCredit Bank AG            10.100 6/25/2021     EUR   58.160
UniCredit Bank AG             5.400 6/25/2021     EUR   71.050
Zurcher Kantonalbank Fi       7.250 7/23/2021     USD   70.920
Zurcher Kantonalbank Fi       7.500 7/23/2021     CHF   70.930
Credit Suisse AG/London       4.500 07/12/2021    EUR   59.490
UBS AG/London                 7.000 7/19/2021     CHF   53.000
Raiffeisen Switzerland        4.000 8/30/2022     CHF   46.360
Landesbank Baden-Wuertt       3.000 9/23/2022     EUR   55.890
Landesbank Baden-Wuertt       2.500 9/23/2022     EUR   68.920
Societe Generale Effekt       5.600 09/04/2023    EUR   44.550
Landesbank Hessen-Thuer       3.350 9/21/2022     EUR   60.280
UniCredit Bank AG             3.750 9/14/2022     EUR   68.640
SG Issuer SA                  3.000 09/02/2021    EUR   41.400
DekaBank Deutsche Giroz       1.000 11/02/2021    EUR   56.300
SG Issuer SA                  9.000 7/20/2023     SEK   72.670
UniCredit Bank AG             5.000 5/14/2021     EUR   61.340
Leonteq Securities AG         7.200 02/02/2021    EUR   56.900
Landesbank Hessen-Thuer       8.200 06/09/2022    EUR   70.490
Rosseti South PJSC            9.240 07/01/2022    RUB   70.020
Societe Generale SA           9.000 7/22/2022     USD   41.900
Societe Generale Effekt       3.000 7/22/2022     USD    9.450
UniCredit Bank AG             4.30010/18/2021     EUR   44.950
Landesbank Hessen-Thuer       5.70010/27/2022     EUR   60.190
UniCredit Bank AG             3.80010/24/2021     EUR   64.780
UniCredit Bank AG             4.05010/24/2021     EUR   50.760
Landesbank Hessen-Thuer       3.000 08/06/2021    EUR   36.900
UniCredit Bank AG             3.90010/24/2021     EUR   40.060
EFG International Finan       6.200 8/16/2021     CHF   71.220
UniCredit Bank AG             3.200 09/10/2022    EUR   57.090
Leonteq Securities AG         6.200 2/17/2021     CHF   59.950
Landesbank Hessen-Thuer       5.750 04/07/2022    EUR   70.570
UBS AG/London                 6.500 02/08/2021    EUR   62.900
Leonteq Securities AG         6.000 8/17/2021     CHF   41.490
Leonteq Securities AG         5.000 2/17/2021     CHF   56.070
UniCredit Bank AG             9.10012/24/2021     EUR   68.200
UniCredit Bank AG             6.90012/24/2021     EUR   73.010
UniCredit Bank AG             7.50012/24/2021     EUR   63.520
UniCredit Bank AG             7.90012/24/2021     EUR   73.110
UniCredit Bank AG             8.00012/24/2021     EUR   70.490
UniCredit Bank AG             7.300 6/25/2021     EUR   73.540
UniCredit Bank AG             8.200 6/25/2021     EUR   71.370
UniCredit Bank AG             6.000 6/25/2021     EUR   55.880
UniCredit Bank AG             4.700 6/25/2021     EUR   59.730
UniCredit Bank AG             7.500 6/25/2021     EUR   52.680
UniCredit Bank AG            11.400 6/25/2021     EUR   73.450
UniCredit Bank AG             7.600 6/25/2021     EUR   63.750
UniCredit Bank AG             8.90012/24/2021     EUR   51.660
UniCredit Bank AG             4.40012/24/2021     EUR   61.660
UniCredit Bank AG             7.900 6/25/2021     EUR   73.250
UniCredit Bank AG            10.700 6/25/2021     EUR   66.480
UniCredit Bank AG             7.00012/24/2021     EUR   73.200
UniCredit Bank AG             4.35011/21/2021     EUR   48.450
Leonteq Securities AG/G       7.20010/27/2021     CHF   66.440
Landesbank Hessen-Thuer       6.450 2/24/2023     EUR   62.520
Leonteq Securities AG/G       3.600 03/01/2021    EUR   57.800
Landesbank Baden-Wuertt       4.500 3/26/2021     EUR   50.480
Landesbank Baden-Wuertt       5.000 3/26/2021     EUR   48.590
Landesbank Baden-Wuertt       4.500 3/26/2021     EUR   69.510
Landesbank Baden-Wuertt       3.000 3/26/2021     EUR   55.490
Landesbank Baden-Wuertt       3.500 3/26/2021     EUR   68.040
Landesbank Baden-Wuertt       3.500 3/26/2021     EUR   65.630
Landesbank Baden-Wuertt       6.000 3/26/2021     EUR   47.250
Landesbank Baden-Wuertt       3.500 3/26/2021     EUR   67.110
Landesbank Baden-Wuertt       3.000 3/26/2021     EUR   55.920
Landesbank Baden-Wuertt       2.500 3/26/2021     EUR   56.120
Landesbank Baden-Wuertt       4.500 3/26/2021     EUR   62.040
Landesbank Hessen-Thuer       2.000 3/29/2022     EUR   47.150
Landesbank Hessen-Thuer       5.45011/17/2022     EUR   66.740
UniCredit Bank AG             3.800 8/30/2023     EUR   48.550
Landesbank Hessen-Thuer       6.000 9/21/2023     EUR   55.540
DekaBank Deutsche Giroz       2.300 9/24/2021     EUR   54.180
Landesbank Hessen-Thuer       4.000 04/12/2023    EUR   61.990
Leonteq Securities AG/G       7.500 03/11/2021    CHF   63.290
UniCredit Bank AG             4.200 9/21/2022     EUR   52.110
Corner Banca SA               6.500 2/24/2021     CHF   71.390
DekaBank Deutsche Giroz       7.700 3/26/2021     EUR   67.170
UBS AG/London                 8.000 03/01/2021    USD   53.380
BNP Paribas Emissions-       12.000 3/25/2021     EUR    2.260
Corner Banca SA               6.400 09/07/2021    CHF   65.600
Landesbank Hessen-Thuer       5.000 9/21/2023     EUR   64.310
DekaBank Deutsche Giroz       3.400 3/26/2021     EUR   65.720
Landesbank Hessen-Thuer       5.700 6/16/2022     EUR   60.110
Landesbank Hessen-Thuer       4.000 3/23/2022     EUR   50.370
Leonteq Securities AG/G       3.750 2/20/2023     CHF   43.910
EFG International Finan       6.400 03/08/2021    EUR   55.670
EFG International Finan       6.000 8/13/2021     CHF   62.470
Leonteq Securities AG/G       6.200 02/10/2021    CHF   44.430
Landesbank Baden-Wuertt       3.000 6/25/2021     EUR   64.640
SG Issuer SA                  7.740 7/20/2025     SEK   62.780
Leonteq Securities AG/G       7.000 04/09/2021    EUR   59.650
Societe Generale Effekt       3.750 5/24/2021     EUR   41.280
SG Issuer SA                  8.700 1/20/2025     SEK   55.720
Landesbank Hessen-Thuer       6.500 05/11/2023    EUR   64.900
Landesbank Hessen-Thuer       3.500 05/11/2022    EUR   60.180
Landesbank Hessen-Thuer       4.000 05/11/2022    EUR   55.780
Societe Generale SA           3.900 3/23/2022     USD    2.920
Landesbank Baden-Wuertt       2.75011/26/2021     EUR   59.850
Landesbank Baden-Wuertt       3.40011/26/2021     EUR   71.890
Corner Banca SA              19.000 03/09/2021    CHF    5.040
Leonteq Securities AG        15.000 03/09/2021    CHF    9.590
Leonteq Securities AG/G      17.000 03/09/2021    USD   11.150
DZ Bank AG Deutsche Zen      10.250 6/21/2021     EUR    5.110
Leonteq Securities AG/G      11.000 03/10/2021    EUR    1.640
UBS AG/London                 9.500 9/13/2021     CHF   73.900
Landesbank Baden-Wuertt       2.700 3/26/2021     EUR   52.070
Landesbank Baden-Wuertt       4.500 3/26/2021     EUR   49.000
Landesbank Baden-Wuertt       6.500 3/26/2021     EUR   73.460
Landesbank Hessen-Thuer       4.000 3/17/2021     EUR   54.810
Landesbank Baden-Wuertt       3.500 8/27/2021     EUR   54.460
Landesbank Baden-Wuertt       3.000 6/25/2021     EUR   63.810
Landesbank Baden-Wuertt       2.150 8/27/2021     EUR   66.780
DekaBank Deutsche Giroz       8.150 2/26/2021     EUR   62.800
Landesbank Hessen-Thuer       6.000 03/10/2023    EUR   59.450
EFG International Finan       6.400 08/09/2021    CHF   61.010
Landesbank Baden-Wuertt       2.000 2/25/2022     EUR   73.210
Danske Bank A/S               5.300 7/15/2023     SEK   45.660
Erste Group Bank AG           4.75012/20/2021     EUR   64.150
SG Issuer SA                  9.180 1/20/2025     SEK   57.110
DekaBank Deutsche Giroz       3.150 03/05/2021    EUR   37.480
Leonteq Securities AG/G       2.300 02/08/2023    CHF   42.330
UniCredit Bank AG             4.500 1/18/2022     EUR   45.650
UniCredit Bank AG             3.500 2/13/2023     EUR   45.790
Landesbank Baden-Wuertt       3.000 2/26/2021     EUR   49.290
Landesbank Baden-Wuertt       3.800 2/26/2021     EUR   45.920
Landesbank Baden-Wuertt       2.300 2/25/2022     EUR   62.850
Landesbank Baden-Wuertt       3.000 2/25/2022     EUR   72.860
UniCredit Bank AG             3.80012/29/2022     EUR   60.940
Landesbank Hessen-Thuer       4.000 01/05/2022    EUR   36.930
Landesbank Hessen-Thuer       5.900 03/09/2023    EUR   62.690
Landesbank Baden-Wuertt       2.800 4/25/2022     EUR   63.650
Leonteq Securities AG/G       7.000 02/12/2021    CHF   65.780
Landesbank Hessen-Thuer       1.830 3/15/2021     EUR   59.810
UniCredit Bank AG             6.400 03/05/2021    EUR   38.760
UniCredit Bank AG             5.100 03/05/2021    EUR   49.120
UniCredit Bank AG             4.650 03/05/2021    EUR   37.060
Landesbank Hessen-Thuer       7.600 03/09/2023    EUR   59.190
Landesbank Hessen-Thuer       5.550 3/16/2023     EUR   55.310
Landesbank Hessen-Thuer       8.900 3/16/2023     EUR   63.270
UniCredit Bank AG             5.600 4/16/2021     EUR   50.620
UniCredit Bank AG             3.750 4/19/2022     EUR   68.260
UniCredit Bank AG             3.80010/24/2021     EUR   64.150
Landesbank Hessen-Thuer       3.500 01/05/2022    EUR   54.430
Landesbank Hessen-Thuer       3.500 01/05/2022    EUR   57.090
Landesbank Hessen-Thuer       5.400 04/05/2023    EUR   44.460
DekaBank Deutsche Giroz       2.050 05/03/2021    EUR   59.570
Landesbank Baden-Wuertt       2.800 6/25/2021     EUR   64.230
Nordea Bank Abp               4.100 7/20/2023     SEK   51.500
Landesbank Hessen-Thuer       6.400 03/09/2023    EUR   57.850
EFG International Finan       7.000 2/21/2022     CHF   70.760
EFG International Finan       7.200 2/22/2021     CHF   16.820
Raiffeisen Switzerland        7.000 8/19/2021     EUR   71.560
EFG International Finan       8.620 8/24/2022     CHF   73.640
Raiffeisen Schweiz Geno       4.600 2/20/2023     CHF   70.520
Bank Julius Baer & Co L       8.100 2/23/2021     EUR   66.050
EFG International Finan       8.160 2/26/2025     EUR   72.180
Zurcher Kantonalbank Fi      24.500 6/22/2021     EUR   12.250
EFG International Finan      27.000 6/24/2021     EUR   13.590
DZ Bank AG Deutsche Zen       5.750 9/22/2021     EUR   73.670
UBS AG/London                 9.350 12/07/2022    USD    9.950
Vontobel Financial Prod      25.000 3/26/2021     EUR
Vontobel Financial Prod      18.500 6/25/2021     EUR
Vontobel Financial Prod      10.700 3/26/2021     EUR
Vontobel Financial Prod       8.050 3/26/2021     EUR
Leonteq Securities AG/G       5.880 6/16/2021     EUR   57.640
Leonteq Securities AG/G       3.380 6/16/2021     USD   44.360
UniCredit Bank AG             4.500 03/12/2022    EUR   46.440
DekaBank Deutsche Giroz       3.900 4/25/2022     EUR   44.710
EFG International Finan       7.400 03/08/2021    CHF   67.840
UniCredit Bank AG             6.30010/16/2021     EUR   41.160
HSBC Trinkaus & Burkhar       5.000 10/07/2021    EUR   73.720
Goldman Sachs & Co Wert      13.000 3/24/2021     EUR   70.180
Landesbank Hessen-Thuer       5.750 08/03/2023    EUR   52.590
Landesbank Baden-Wuertt       3.500 7/23/2021     EUR   59.090
DekaBank Deutsche Giroz       2.550 7/30/2021     EUR   54.290
Leonteq Securities AG/G       6.200 7/27/2021     CHF   56.570
UniCredit Bank AG             3.500 8/24/2022     EUR   66.570
UniCredit Bank AG             4.100 8/24/2022     EUR   65.240
UniCredit Bank AG             5.350 8/24/2021     EUR   46.680
UniCredit Bank AG             4.200 8/24/2022     EUR   63.730
Leonteq Securities AG/G      26.000 5/28/2021     CHF   13.530
BNP Paribas Emissions-       10.000 3/25/2021     EUR    1.940
BNP Paribas Emissions-        9.000 6/24/2021     EUR   73.660
BNP Paribas Emissions-        5.500 3/25/2021     EUR   74.890
BNP Paribas Emissions-        8.000 3/25/2021     EUR   65.930
BNP Paribas Emissions-        7.500 6/24/2021     EUR   68.690
BNP Paribas Emissions-        9.000 6/24/2021     EUR   66.700
BNP Paribas Emissions-        8.500 6/24/2021     EUR   72.580
BNP Paribas Emissions-       11.000 3/25/2021     EUR   71.730
BNP Paribas Emissions-        8.500 3/25/2021     EUR   72.450
BNP Paribas Emissions-       17.000 6/24/2021     EUR
BNP Paribas Emissions-        6.000 3/25/2021     EUR   73.970
BNP Paribas Emissions-        8.500 3/25/2021     EUR   71.120
BNP Paribas Emissions-        8.000 3/25/2021     EUR   69.990
BNP Paribas Emissions-       10.000 3/25/2021     EUR   68.560
BNP Paribas Emissions-        7.500 6/24/2021     EUR   72.170
BNP Paribas Emissions-        8.500 6/24/2021     EUR   72.580
BNP Paribas Emissions-       12.000 3/25/2021     EUR   65.770
BNP Paribas Emissions-       10.000 6/24/2021     EUR   69.900
BNP Paribas Emissions-       15.000 3/25/2021     EUR   66.930
BNP Paribas Emissions-       10.000 6/24/2021     EUR   72.310
BNP Paribas Emissions-        9.500 6/24/2021     EUR   71.250
BNP Paribas Emissions-       11.000 6/24/2021     EUR   70.190
BNP Paribas Emissions-       12.000 6/24/2021     EUR   69.000
BNP Paribas Emissions-       13.000 6/24/2021     EUR   67.880
Landesbank Baden-Wuertt       3.00012/23/2022     EUR   59.610
DekaBank Deutsche Giroz       2.50010/24/2023     EUR   62.170
SG Issuer SA                  8.120 7/20/2023     SEK   66.980
UniCredit Bank AG             4.500 10/05/2022    EUR   67.660
UniCredit Bank AG             3.600 10/05/2022    EUR   68.920
UniCredit Bank AG             3.850 10/05/2023    EUR   73.910
Leonteq Securities AG        22.300 6/15/2021     EUR   11.820
Vontobel Financial Prod       8.000 3/26/2021     EUR   73.580
Vontobel Financial Prod       4.000 06/09/2021    EUR   72.950
Landesbank Baden-Wuertt       4.750 8/27/2021     EUR   69.190
Landesbank Baden-Wuertt       6.250 8/27/2021     EUR   65.420
Landesbank Baden-Wuertt       3.750 8/27/2021     EUR   73.420
Landesbank Baden-Wuertt       6.500 8/27/2021     EUR   72.000
Landesbank Baden-Wuertt       8.000 8/27/2021     EUR   68.990
Landesbank Baden-Wuertt       2.750 8/27/2021     EUR   64.240
Landesbank Baden-Wuertt       4.000 8/27/2021     EUR   58.720
Landesbank Baden-Wuertt       5.000 8/27/2021     EUR   56.060
Landesbank Baden-Wuertt       5.750 8/27/2021     EUR   53.620
Landesbank Baden-Wuertt       3.500 8/27/2021     EUR   59.880
Landesbank Baden-Wuertt       6.250 8/27/2021     EUR   73.410
Landesbank Baden-Wuertt       5.250 8/27/2021     EUR   71.250
Landesbank Baden-Wuertt       4.000 8/27/2021     EUR   73.120
Landesbank Baden-Wuertt       5.000 8/27/2021     EUR   69.530
Landesbank Baden-Wuertt       4.750 8/27/2021     EUR   71.560
Landesbank Baden-Wuertt       2.500 8/27/2021     EUR   70.580
Landesbank Baden-Wuertt       3.750 8/27/2021     EUR   66.100
Landesbank Baden-Wuertt       4.500 8/27/2021     EUR   64.190
Landesbank Baden-Wuertt       2.750 8/27/2021     EUR   57.080
Landesbank Baden-Wuertt       3.500 8/27/2021     EUR   55.410
Landesbank Baden-Wuertt       5.000 8/27/2021     EUR   52.500
UBS AG/London                 6.750 07/05/2021    CHF   52.050
Banque Cantonale Vaudoi       6.800 6/28/2021     CHF   52.240
EFG International Finan       8.200 07/04/2022    CHF   72.590
Zurcher Kantonalbank Fi       6.000 07/12/2021    CHF   73.170
Leonteq Securities AG         8.600 07/05/2021    CHF   72.610
Landesbank Hessen-Thuer       4.00012/21/2022     EUR   65.650
TransKomplektHolding OO       9.500 11/02/2028    RUB   70.000
Landesbank Baden-Wuertt       3.400 1/27/2023     EUR   63.000
SG Issuer SA                  5.000 5/23/2024     EUR   61.640
SG Issuer SA                  5.000 04/02/2024    EUR   60.760
UniCredit Bank AG             5.150 01/02/2023    EUR   62.810
Landesbank Baden-Wuertt       4.00012/27/2021     EUR   58.990
DekaBank Deutsche Giroz       2.150 1/21/2022     EUR   69.810
SG Issuer SA                  2.98012/28/2021     USD   59.800
DekaBank Deutsche Giroz       6.000 06/11/2021    EUR   47.930
UBS AG/London                 6.500 6/28/2021     EUR   52.850
Raiffeisen Schweiz Geno       6.700 3/15/2021     EUR   58.320
Societe Generale Effekt      12.250 2/26/2021     EUR   74.090
Citigroup Global Market      12.900 07/01/2021    EUR    4.640
Corner Banca SA              14.200 8/24/2021     USD   10.060
Landesbank Baden-Wuertt       4.500 2/26/2021     EUR   67.430
Landesbank Baden-Wuertt       3.500 2/26/2021     EUR   69.330
Landesbank Baden-Wuertt       4.250 2/26/2021     EUR   62.820
Landesbank Baden-Wuertt       6.500 2/26/2021     EUR   67.610
Credit Suisse AG/London       7.000 8/25/2021     EUR   67.650
DZ Bank AG Deutsche Zen       7.000 3/26/2021     EUR   73.920
DZ Bank AG Deutsche Zen      10.700 3/26/2021     EUR   69.980
DZ Bank AG Deutsche Zen       7.750 3/24/2021     EUR   70.120
DZ Bank AG Deutsche Zen       3.900 3/26/2021     EUR   74.390
DZ Bank AG Deutsche Zen       7.200 3/26/2021     EUR   69.640
DZ Bank AG Deutsche Zen       8.800 3/26/2021     EUR   71.120
DZ Bank AG Deutsche Zen      12.800 3/26/2021     EUR   69.900
DZ Bank AG Deutsche Zen       6.500 3/22/2021     EUR   72.230
DZ Bank AG Deutsche Zen       5.700 3/22/2021     EUR   73.670
DZ Bank AG Deutsche Zen       7.300 3/22/2021     EUR   70.730
DZ Bank AG Deutsche Zen       3.300 6/21/2021     EUR   73.350
DZ Bank AG Deutsche Zen       4.300 6/21/2021     EUR   71.430
DZ Bank AG Deutsche Zen       3.800 3/22/2021     EUR   73.430
UBS AG/London                12.750 2/26/2021     CHF   68.000
UBS AG/London                12.000 2/26/2021     EUR   67.200
Leonteq Securities AG         7.200 9/22/2021     CHF   54.130
Leonteq Securities AG         7.000 9/22/2021     CHF   70.690
Finca Uco Cjsc                6.000 2/25/2022     USD   25.610
Leonteq Securities AG/G       6.000 06/08/2021    USD   42.030
Leonteq Securities AG/G       5.800 3/29/2021     CHF   52.690
Societe Generale SA          21.000 4/27/2022     USD   52.750
Citigroup Global Market       8.200 3/21/2024     SEK   64.860
Vontobel Financial Prod      19.500 3/26/2021     EUR   72.370
Vontobel Financial Prod      18.000 6/25/2021     EUR   73.000
Landesbank Hessen-Thuer       3.000 05/03/2022    EUR   54.600
Bank Julius Baer & Co L       9.000 2/23/2021     EUR   72.100
Landesbank Baden-Wuertt       3.000 2/26/2021     EUR   72.680
Landesbank Baden-Wuertt       3.800 3/26/2021     EUR   73.070
Landesbank Baden-Wuertt       2.500 2/26/2021     EUR   40.410
Landesbank Baden-Wuertt       4.300 2/26/2021     EUR   59.730
EFG International Finan       4.700 2/24/2023     USD   69.800
Credit Suisse AG/London       6.000 8/22/2022     CHF   66.930
Leonteq Securities AG/G       4.000 2/21/2022     EUR   68.110
Raiffeisen Schweiz Geno      10.170 2/24/2021     CHF    2.350
DZ Bank AG Deutsche Zen       7.200 3/24/2021     EUR   69.900
DZ Bank AG Deutsche Zen       4.200 3/24/2021     EUR   73.980
SG Issuer SA                  1.750 2/22/2021     EUR   59.650
Skandinaviska Enskilda        6.800 1/15/2024     SEK   70.510
Vontobel Financial Prod       5.000 4/13/2021     EUR   53.910
EFG International Finan       7.000 3/21/2022     CHF   72.710
Vontobel Financial Prod      11.500 9/24/2021     EUR   72.550
Landesbank Hessen-Thuer       5.250 5/15/2025     EUR   68.760
Landesbank Hessen-Thuer       6.100 4/26/2024     EUR   69.820
Zurcher Kantonalbank Fi       8.000 04/09/2021    EUR   53.060
Landesbank Hessen-Thuer       6.300 8/31/2023     EUR   69.220
Norddeutsche Landesbank       2.500 3/15/2021     EUR   51.250
Landesbank Baden-Wuertt       2.600 9/23/2022     EUR   69.130
Araratbank OJSC               5.250 09/11/2022    USD   24.710
Landesbank Hessen-Thuer       4.000 8/31/2022     EUR   50.000
Landesbank Hessen-Thuer       6.200 6/17/2022     EUR   52.850
Leonteq Securities AG/G       4.000 08/10/2022    CHF   60.880
DekaBank Deutsche Giroz       5.500 2/26/2021     EUR   42.830
BNP Paribas Emissions-       16.000 3/25/2021     EUR    2.950
SG Issuer SA                  0.263 4/16/2025     EUR   28.420
UBS AG/London                 6.500 08/02/2021    CHF   65.250
EFG International Finan      11.000 02/02/2021    EUR   69.980
EFG International Finan       6.200 08/05/2022    EUR   67.430
EFG International Finan      11.500 08/02/2021    USD   55.970
Leonteq Securities AG         8.000 08/05/2021    CHF   59.570
SG Issuer SA                  9.500 07/12/2021    EUR   62.370
Raiffeisen Centrobank A       6.750 09/07/2021    EUR   73.250
BNP Paribas Issuance BV      18.000 8/13/2029     EUR   69.970
EFG International Finan       9.000 08/09/2021    USD   70.930
EFG International Finan       9.800 08/09/2021    USD   74.230
Bayerische Landesbank         3.000 03/12/2021    EUR   50.320
UniCredit Bank AG             8.200 6/25/2021     EUR   62.500
UniCredit Bank AG             9.00012/27/2021     EUR   62.330
UniCredit Bank AG             6.00012/27/2021     EUR   70.050
Landesbank Hessen-Thuer       4.000 3/15/2023     EUR   73.560
DZ Bank AG Deutsche Zen       5.550 3/24/2021     EUR   51.240
DZ Bank AG Deutsche Zen       6.500 3/24/2021     EUR   48.280
UniCredit Bank AG             4.200 03/01/2023    EUR   66.520
SG Issuer SA                 10.58012/27/2022     EUR   72.590
Skandinaviska Enskilda        5.850 1/17/2022     SEK   74.100
Societe Generale SA           8.000 03/02/2021    USD   64.830
Landesbank Baden-Wuertt       4.700 3/25/2022     EUR   50.060
Landesbank Baden-Wuertt       3.300 3/25/2022     EUR   56.630
Corner Banca SA               6.000 2/15/2021     CHF   54.850
Leonteq Securities AG/G       7.800 2/16/2021     USD    1.910
Raiffeisen Switzerland        8.250 2/15/2021     CHF    5.560
Leonteq Securities AG/G       4.900 2/16/2021     CHF    1.190
DekaBank Deutsche Giroz       2.750 3/18/2022     EUR   72.350
DekaBank Deutsche Giroz       2.700 3/19/2021     EUR   55.700
Leonteq Securities AG/G       5.850 2/22/2021     USD   60.170
EFG International Finan      10.000 2/25/2021     USD   66.350
UniCredit Bank AG             5.450 3/15/2022     EUR   52.060
Bayerische Landesbank         2.500 04/01/2021    EUR   55.440
Raiffeisen Schweiz Geno       5.750 2/25/2021     CHF   69.700
UniCredit Bank AG             4.400 3/26/2021     EUR   39.120
UniCredit Bank AG             3.250 3/29/2022     EUR   19.880
UniCredit Bank AG             3.750 3/26/2022     EUR   63.190
DekaBank Deutsche Giroz       4.250 4/14/2022     EUR   43.100
Societe Generale Effekt       6.100 04/03/2023    EUR   52.030
DekaBank Deutsche Giroz       2.300 4/16/2021     EUR   54.490
Credit Suisse AG/London       9.600 1/25/2021     EUR   68.820
EFG International Finan       7.200 7/25/2022     CHF   70.320
UBS AG/London                 7.000 7/26/2021     EUR   57.450
UBS AG/London                13.750 7/26/2021     USD   69.750
EFG International Finan      10.000 7/26/2021     EUR   61.550
Nordea Bank Abp               6.063 7/20/2024     SEK   71.350
DekaBank Deutsche Giroz       3.400 09/04/2023    EUR   64.770
Raiffeisen Switzerland        5.500 7/26/2021     EUR   54.200
EFG International Finan      11.500 08/02/2021    USD   58.400
Leonteq Securities AG/G      10.600 7/26/2021     USD   61.520
Raiffeisen Schweiz Geno       7.000 7/26/2021     AUD   67.630
Zurcher Kantonalbank Fi       9.000 7/30/2021     EUR   62.210
Leonteq Securities AG/G      11.400 9/20/2021     CHF    8.760
Leonteq Securities AG         3.800 2/15/2021     CHF   21.650
EFG International Finan       7.000 2/15/2021     CHF   53.450
Raiffeisen Schweiz Geno       5.250 02/09/2021    CHF   43.420
Landesbank Hessen-Thuer       3.500 03/09/2022    EUR   53.150
getBACK SA                    4.210 4/30/2021     PLN
SG Issuer SA                  4.000 08/02/2021    EUR   66.960
Landesbank Baden-Wuertt       2.750 3/25/2022     EUR   61.040
Landesbank Baden-Wuertt       2.500 3/25/2022     EUR   69.240
Leonteq Securities AG/G       4.200 06/01/2021    CHF   26.660
Landesbank Baden-Wuertt       3.100 2/25/2022     EUR   52.450
Landesbank Hessen-Thuer       4.00012/22/2021     EUR   63.000
Raiffeisen Switzerland        4.80011/23/2023     CHF   42.130
Landesbank Hessen-Thuer       6.25012/22/2022     EUR   52.020
UniCredit Bank AG             4.45012/29/2022     EUR   39.970
UniCredit Bank AG             4.30012/19/2021     EUR   62.510
UniCredit Bank AG             4.70012/19/2021     EUR   37.610
Landesbank Hessen-Thuer       4.400 01/05/2023    EUR   50.300
SG Issuer SA                  7.500 1/20/2025     SEK   52.240
Skandinaviska Enskilda       10.360 7/17/2023     SEK   63.980
Landesbank Hessen-Thuer       3.600 7/27/2022     EUR   65.290
Zaklady Miesne Henryk K       5.460 3/29/2021     PLN
Landesbank Hessen-Thuer       4.000 08/03/2022    EUR   57.670
Raiffeisen Schweiz Geno       4.000 01/06/2022    CHF   68.330
Natixis SA                    2.500 07/12/2021    EUR   53.180
Landesbank Hessen-Thuer       7.500 11/03/2023    EUR   56.860
Leonteq Securities AG         7.600 7/13/2021     CHF   59.240
Leonteq Securities AG         8.000 7/19/2021     CHF   63.800
SG Issuer SA                  4.000 7/20/2021     SEK   71.000
UniCredit Bank AG             3.750 8/23/2021     EUR   42.550
Landesbank Hessen-Thuer       6.000 12/01/2022    EUR   59.260
Landesbank Baden-Wuertt       2.600 9/24/2021     EUR   61.450
Landesbank Hessen-Thuer       3.500 09/08/2022    EUR   65.590
Landesbank Hessen-Thuer       4.000 03/08/2021    EUR   69.100
DekaBank Deutsche Giroz       3.000 8/27/2021     EUR   45.420
Leonteq Securities AG/G       7.500 02/12/2021    CHF   64.190
UniCredit Bank AG             4.000 3/13/2022     EUR   40.200
EFG International Finan       7.200 1/25/2021     EUR   51.580
UniCredit Bank AG             4.200 02/12/2021    EUR   38.200
UniCredit Bank AG             4.400 02/12/2021    EUR   48.010
UniCredit Bank AG             5.900 02/12/2021    EUR   41.670
Landesbank Baden-Wuertt       3.000 3/26/2021     EUR   50.070
UniCredit Bank AG             4.130 2/13/2022     EUR   41.310
EFG International Finan       8.000 02/01/2021    CHF   65.930
Landesbank Hessen-Thuer       6.500 2/16/2023     EUR   48.480
DekaBank Deutsche Giroz       2.800 02/12/2021    EUR   44.580
Societe Generale SA           4.50012/30/2024     USD   61.420
Societe Generale SA           4.50012/29/2022     USD    8.500
EFG International Finan       7.000 02/08/2021    CHF   63.170
SG Issuer SA                  7.600 1/20/2025     SEK   53.810
UniCredit Bank AG             4.600 9/14/2022     EUR   56.720
UniCredit Bank AG             4.250 9/14/2022     EUR   69.080
UniCredit Bank AG             3.700 9/14/2022     EUR   61.190
EFG International Finan       7.200 02/08/2021    EUR   54.070
UniCredit Bank AG             4.200 2/19/2022     EUR   42.410
EFG International Finan       7.800 2/15/2021     EUR   39.450
EFG International Finan       7.400 1/25/2021     CHF   66.590
Societe Generale SA           4.50012/29/2022     USD    0.170
Leonteq Securities AG        21.800 6/25/2021     CHF   11.200
Citigroup Global Market       7.200 5/24/2023     SEK   56.240
Landesbank Hessen-Thuer       4.000 6/22/2022     EUR   48.930
UniCredit Bank AG             6.600 7/20/2028     EUR   32.050
Leonteq Securities AG/G       5.500 5/25/2021     CHF   55.210
Landesbank Hessen-Thuer       4.000 07/07/2021    EUR   49.210
UniCredit Bank AG             5.500 07/09/2021    EUR   36.020
DekaBank Deutsche Giroz       3.000 6/21/2021     EUR   38.660
Citigroup Global Market       7.000 6/16/2022     SEK   72.660
Landesbank Hessen-Thuer       6.800 7/14/2022     EUR   64.840
UniCredit Bank AG             3.600 7/18/2021     EUR   39.120
Landesbank Hessen-Thuer       3.00010/20/2022     EUR   64.890
Landesbank Hessen-Thuer       7.00010/20/2022     EUR   51.520
Raiffeisen Schweiz Geno       6.000 09/02/2022    CHF   72.580
Landesbank Baden-Wuertt       4.750 2/25/2022     EUR   51.100
Landesbank Baden-Wuertt       2.600 2/25/2022     EUR   63.720
Landesbank Baden-Wuertt       2.200 2/25/2022     EUR   69.610
Landesbank Baden-Wuertt       3.500 2/25/2022     EUR   65.580
Landesbank Baden-Wuertt       5.700 2/25/2022     EUR   66.550
Leonteq Securities AG        14.500 06/03/2021    CHF   73.840
Landesbank Hessen-Thuer       4.000 03/01/2023    EUR   60.650
Leonteq Securities AG/G       4.000 03/03/2022    EUR   24.380
Landesbank Baden-Wuertt       5.810 3/26/2021     EUR   72.200
UBS AG/London                 7.500 09/06/2021    CHF   72.400
Bank Julius Baer & Co L      12.800 03/04/2021    CHF   56.450
Landesbank Baden-Wuertt       6.400 2/25/2022     EUR   72.590
Landesbank Baden-Wuertt       3.500 8/27/2021     EUR   59.950
Landesbank Baden-Wuertt       3.400 2/25/2022     EUR   57.920
Landesbank Baden-Wuertt       2.300 2/25/2022     EUR   73.190
Landesbank Baden-Wuertt       5.300 2/25/2022     EUR   73.980
Landesbank Baden-Wuertt       1.200 2/25/2022     EUR   67.600
Landesbank Baden-Wuertt       3.700 2/25/2022     EUR   61.520
Landesbank Baden-Wuertt       5.100 2/25/2022     EUR   62.260
Landesbank Baden-Wuertt       1.900 2/25/2022     EUR   72.040
Landesbank Baden-Wuertt       3.100 2/25/2022     EUR   68.870
Landesbank Baden-Wuertt       4.500 2/25/2022     EUR   69.980
Societe Generale Effekt      17.500 2/26/2021     EUR
UniCredit Bank AG             5.350 2/27/2023     EUR   57.050
UBS AG/London                 8.000 03/04/2022    EUR   69.400
UBS AG/London                 8.500 09/06/2021    CHF   66.500
UBS AG/London                12.250 8/26/2021     CHF   71.650
UBS AG/London                10.000 8/26/2021     EUR   70.250
Credit Suisse AG/London       8.000 5/24/2021     EUR   67.620
Leonteq Securities AG         5.000 2/27/2024     CHF   71.330
EFG International Finan       6.400 5/24/2021     EUR   59.770
UBS AG/London                11.160 03/01/2021    CHF   68.750
Credit Suisse AG/London       6.000 8/24/2022     CHF   69.790
Societe Generale SA           9.640 1/28/2021     USD   48.700
Landesbank Baden-Wuertt      12.550 2/26/2021     EUR   64.400
Bank Julius Baer & Co L      10.400 2/26/2021     CHF   51.250
Landesbank Baden-Wuertt       4.800 2/25/2022     EUR   50.490
Vontobel Financial Prod      20.000 3/26/2021     EUR   74.660
Landesbank Hessen-Thuer       6.150 03/11/2025    EUR   66.960
UBS AG/London                 3.000 3/25/2021     EUR   60.000
UBS AG/London                15.600 3/25/2021     EUR   64.430
UBS AG/London                 4.400 3/25/2021     EUR   60.940
UBS AG/London                 5.000 3/25/2021     EUR   67.330
BNP Paribas Emissions-        7.000 3/25/2021     EUR   74.040
BNP Paribas Emissions-       10.000 3/25/2021     EUR   68.980
UBS AG/London                11.000 3/25/2021     EUR   67.480
UBS AG/London                 5.600 3/25/2021     EUR   70.590
BNP Paribas Emissions-       11.000 3/25/2021     EUR   73.380
BNP Paribas Emissions-        6.000 6/24/2021     EUR   70.170
BNP Paribas Emissions-        7.000 6/24/2021     EUR   67.720
BNP Paribas Emissions-       11.000 6/24/2021     EUR   71.260
BNP Paribas Emissions-       14.000 6/24/2021     EUR   68.160
BNP Paribas Emissions-        9.000 6/24/2021     EUR   59.700
BNP Paribas Emissions-        6.500 3/25/2021     EUR   68.370
BNP Paribas Emissions-       11.000 3/25/2021     EUR   63.940
BNP Paribas Emissions-       11.000 6/24/2021     EUR   65.110
BNP Paribas Emissions-       12.000 6/24/2021     EUR   70.700
BNP Paribas Emissions-        9.000 3/25/2021     EUR   67.640
BNP Paribas Emissions-        9.500 6/24/2021     EUR   72.980
BNP Paribas Emissions-        9.000 6/24/2021     EUR   71.900
BNP Paribas Emissions-        8.000 3/25/2021     EUR   71.690
BNP Paribas Emissions-        9.500 3/25/2021     EUR   68.610
BNP Paribas Emissions-       12.000 3/25/2021     EUR   64.570
DZ Bank AG Deutsche Zen       4.750 3/22/2021     EUR   65.880
UBS AG/London                 6.500 2/28/2022     CHF   73.250
Bank Julius Baer & Co L       9.500 8/26/2021     CHF   59.300
Zurcher Kantonalbank Fi       9.450 2/26/2021     CHF   69.020
DekaBank Deutsche Giroz       3.200 2/25/2022     EUR   72.020
Credit Suisse AG/London       7.500 5/25/2021     CHF   67.270
Zurcher Kantonalbank Fi      10.000 03/05/2021    CHF   66.070
UniCredit Bank AG             6.000 2/22/2022     EUR   69.230
Landesbank Baden-Wuertt       9.690 2/26/2021     EUR   58.470
Erste Group Bank AG           9.250 3/31/2025     EUR    0.550
Vontobel Financial Prod       8.200 03/01/2021    EUR   71.220
UBS AG/London                 7.100 9/23/2021     EUR   63.800
UBS AG/London                 4.900 3/25/2021     EUR   73.600
BNP Paribas Emissions-       13.000 3/25/2021     EUR   70.870
BNP Paribas Emissions-        6.000 3/25/2021     EUR   73.890
BNP Paribas Emissions-        8.000 3/25/2021     EUR   71.330
BNP Paribas Emissions-       19.000 3/25/2021     EUR    3.260
BNP Paribas Emissions-       10.000 6/24/2021     EUR
UBS AG/London                11.800 6/24/2021     EUR   58.230
BNP Paribas Emissions-       12.000 3/25/2021     EUR   69.070
UBS AG/London                13.900 6/24/2021     EUR   70.860
BNP Paribas Emissions-       13.000 3/25/2021     EUR   71.890
BNP Paribas Emissions-       16.000 6/24/2021     EUR   68.900
BNP Paribas Emissions-       13.000 6/24/2021     EUR   72.340
BNP Paribas Emissions-       10.000 3/25/2021     EUR   73.410
BNP Paribas Emissions-        9.000 3/25/2021     EUR   62.960
Landesbank Hessen-Thuer       4.000 06/08/2022    EUR   42.990
Landesbank Hessen-Thuer       7.250 06/08/2023    EUR   68.270
Landesbank Hessen-Thuer       5.500 06/08/2023    EUR   70.720
Landesbank Hessen-Thuer       4.000 06/08/2022    EUR   51.300
Landesbank Baden-Wuertt       2.300 7/22/2022     EUR   62.700
Vontobel Financial Prod       6.500 3/26/2021     EUR   62.530
UBS AG/London                12.200 3/25/2021     EUR   67.950
Leonteq Securities AG        14.530 3/18/2021     CHF   20.450
EFG International Finan       7.400 3/22/2021     CHF   68.760
EFG International Finan       6.800 3/22/2021     EUR   57.570
Natixis SA                    2.750 03/01/2021    USD   47.110
EFG International Finan       6.800 3/29/2021     CHF   65.000
EFG International Finan       7.400 3/29/2021     EUR   56.440
Landesbank Baden-Wuertt       3.650 6/25/2021     EUR   60.880
Leonteq Securities AG         7.200 09/08/2021    CHF   55.080
Leonteq Securities AG/G       8.000 09/08/2021    EUR   68.510
DekaBank Deutsche Giroz       3.100 04/08/2022    EUR   48.620
Leonteq Securities AG/G       4.000 03/08/2022    EUR   62.040
Goldman Sachs & Co Wert      13.000 3/24/2021     EUR   69.940
DekaBank Deutsche Giroz       3.300 04/08/2022    EUR   51.430
UBS AG/London                 8.000 3/15/2021     EUR   48.400
UBS AG/London                 8.000 3/15/2021     CHF   69.950
UBS AG/London                10.000 3/15/2021     EUR   72.500
DekaBank Deutsche Giroz       6.300 10/01/2021    EUR   54.420
Landesbank Baden-Wuertt       2.55011/26/2021     EUR   66.070
UniCredit Bank AG             4.000 06/07/2022    EUR   41.000
Leonteq Securities AG/G       5.600 5/25/2021     CHF   38.290
UniCredit Bank AG             3.700 06/04/2022    EUR   65.390
Leonteq Securities AG         5.600 5/16/2022     CHF   59.650
Landesbank Baden-Wuertt       2.100 8/27/2021     EUR   54.010
Landesbank Hessen-Thuer       5.350 9/22/2023     EUR   36.400
SG Issuer SA                  3.100 5/18/2028     EUR   71.920
Landesbank Baden-Wuertt       2.200 6/25/2021     EUR   64.530
Landesbank Baden-Wuertt       3.550 6/25/2021     EUR   53.510
Landesbank Baden-Wuertt       2.250 6/25/2021     EUR   69.490
EFG International Finan       7.000 06/08/2021    EUR   51.620
EFG International Finan       5.550 07/12/2021    USD    4.170
DekaBank Deutsche Giroz       3.250 06/08/2021    EUR   56.270
Bayerische Landesbank         2.30011/26/2021     EUR   60.780
UniCredit Bank AG             5.400 06/04/2021    EUR   50.580
UniCredit Bank AG             5.000 06/11/2021    EUR   62.960
UniCredit Bank AG             4.650 06/04/2022    EUR   69.030
Leonteq Securities AG         7.800 5/14/2021     CHF   17.340
Leonteq Securities AG         6.800 05/11/2021    EUR   53.980
UniCredit Bank AG             3.350 6/14/2022     EUR   57.270
Leonteq Securities AG         6.200 06/08/2021    CHF   53.700
UniCredit Bank AG             4.300 6/28/2022     EUR   62.640
UniCredit Bank AG             3.800 6/28/2022     EUR   64.050
UniCredit Bank AG             4.250 6/28/2022     EUR   53.160
Natixis SA                    3.150 06/09/2021    USD   69.680
Landesbank Hessen-Thuer       3.500 07/06/2022    EUR   43.590
Raiffeisen Schweiz Geno       4.100 06/08/2022    CHF   67.060
DekaBank Deutsche Giroz       2.000 6/25/2021     EUR   68.960
UniCredit Bank AG             5.600 07/02/2021    EUR   61.510
UniCredit Bank AG             3.700 6/25/2022     EUR   61.770
UniCredit Bank AG             6.350 5/14/2021     EUR   53.210
Landesbank Hessen-Thuer       4.40012/22/2022     EUR   52.510
Landesbank Baden-Wuertt       3.050 9/23/2022     EUR   59.640
Landesbank Baden-Wuertt       2.850 9/23/2022     EUR   66.670
SG Issuer SA                  8.300 7/21/2025     SEK   65.810
Landesbank Hessen-Thuer       2.750 5/20/2021     EUR   64.500
Bayerische Landesbank         2.000 2/18/2022     EUR   63.710
Landesbank Hessen-Thuer       3.500 8/17/2022     EUR   73.440
Leonteq Securities AG         5.400 7/25/2022     CHF   58.970
UniCredit Bank AG             3.800 9/19/2021     EUR   39.760
UniCredit Bank AG             3.850 9/19/2021     EUR   51.530
Landesbank Hessen-Thuer       5.900 8/25/2023     EUR   47.120
Landesbank Hessen-Thuer       5.000 9/29/2022     EUR   57.970
UniCredit Bank AG             3.500 10/08/2022    EUR   50.350
DekaBank Deutsche Giroz       3.100 5/28/2021     EUR   41.630
EFG International Finan       6.200 05/03/2021    CHF   58.020
UniCredit Bank AG             4.300 8/24/2021     EUR   50.530
UniCredit Bank AG             3.500 9/19/2021     EUR   40.210
Landesbank Hessen-Thuer       3.500 9/29/2021     EUR   42.650
Leonteq Securities AG/G       3.000 9/20/2022     CHF   67.030
Landesbank Hessen-Thuer       3.000 07/06/2021    EUR   45.900
Landesbank Hessen-Thuer       6.000 10/06/2022    EUR   55.080
Landesbank Hessen-Thuer       6.000 08/04/2022    EUR   69.010
Bank Vontobel AG             22.005 06/07/2021    CHF   15.100
UniCredit Bank AG             4.300 7/18/2021     EUR   55.990
Landesbank Hessen-Thuer       4.000 7/21/2021     EUR   59.510
Landesbank Hessen-Thuer       4.000 7/21/2021     EUR   59.840
Corner Banca SA              20.000 4/27/2021     CHF    5.200
Landesbank Baden-Wuertt       2.500 1/28/2022     EUR   60.770
Landesbank Hessen-Thuer       7.80012/15/2022     EUR   63.480
Landesbank Hessen-Thuer       5.40011/24/2022     EUR   66.870
Landesbank Hessen-Thuer       3.000 08/11/2022    EUR   65.400
UniCredit Bank AG             4.400 12/10/2022    EUR   48.430
UniCredit Bank AG             4.200 12/08/2021    EUR   39.040
Landesbank Hessen-Thuer       5.65010/28/2022     EUR   45.520
UniCredit Bank AG             4.050 3/26/2021     EUR   42.100
UniCredit Bank AG             5.550 3/26/2021     EUR   51.940
UniCredit Bank AG             3.700 3/26/2021     EUR   66.660
Leonteq Securities AG         6.000 05/12/2021    CHF   69.800
Landesbank Baden-Wuertt       3.40011/25/2022     EUR   59.360
Nordea Bank Abp               3.500 7/20/2024     SEK   68.630
Landesbank Baden-Wuertt       3.000 7/23/2021     EUR   67.160
Landesbank Baden-Wuertt       3.250 8/27/2021     EUR   54.720
Landesbank Hessen-Thuer       4.000 10/12/2022    EUR   61.360
Leonteq Securities AG/G       4.750 11/01/2021    CHF   15.200
UniCredit Bank AG             6.300 3/26/2021     EUR   37.880
Vontobel Financial Prod       6.700 03/07/2022    EUR   57.460
UniCredit Bank AG             3.600 3/29/2022     EUR   60.590
Landesbank Baden-Wuertt       3.950 8/27/2021     EUR   59.350
Leonteq Securities AG/G       5.000 9/13/2021     CHF   69.000
Landesbank Baden-Wuertt       3.25011/26/2021     EUR   73.230
DekaBank Deutsche Giroz       3.100 12/03/2021    EUR   49.750
Landesbank Hessen-Thuer       5.500 12/03/2024    EUR   67.920
BNP Paribas Emissions-       10.000 3/25/2021     EUR   70.330
BNP Paribas Emissions-       10.000 6/24/2021     EUR   71.060
BNP Paribas Emissions-        7.500 6/24/2021     EUR   73.970
BNP Paribas Emissions-        5.500 3/25/2021     EUR   74.940
BNP Paribas Emissions-        9.500 3/25/2021     EUR   72.600
BNP Paribas Emissions-       10.000 3/25/2021     EUR   71.750
BNP Paribas Emissions-       11.000 3/25/2021     EUR   69.230
BNP Paribas Emissions-       18.000 3/25/2021     EUR    3.120
BNP Paribas Emissions-        5.500 3/25/2021     EUR   74.010
BNP Paribas Emissions-        7.000 3/25/2021     EUR   72.530
BNP Paribas Emissions-        8.500 3/25/2021     EUR   71.220
BNP Paribas Emissions-       12.000 6/24/2021     EUR   68.640
BNP Paribas Emissions-       12.000 6/24/2021     EUR   66.330
Bank Julius Baer & Co L      11.500 03/01/2021    CHF   71.100
Leonteq Securities AG        16.000 03/02/2021    CHF    3.800
Landesbank Hessen-Thuer       5.26010/22/2024     EUR   73.940
Raiffeisen Schweiz Geno       5.150 3/24/2021     CHF   72.390
DekaBank Deutsche Giroz       2.60010/24/2023     EUR   62.400
EFG International Finan       9.800 9/21/2021     EUR   43.310
BNP Paribas Issuance BV       4.00010/31/2022     EUR   71.740
Landesbank Baden-Wuertt       2.50012/27/2021     EUR   60.450
Landesbank Baden-Wuertt       3.15012/27/2021     EUR   73.160
Landesbank Baden-Wuertt       3.500 7/23/2021     EUR   64.730
Danske Bank A/S              10.300 07/09/2023    SEK    9.500
Danske Bank A/S               6.976 07/09/2023    SEK   65.790
Danske Bank A/S               6.300 01/09/2023    SEK   72.290
UniCredit Bank AG             4.150 10/12/2022    EUR   62.030
Natixis SA                    1.500 10/04/2021    EUR   58.060
DekaBank Deutsche Giroz       8.100 4/23/2021     EUR   71.100
Leonteq Securities AG         7.400 9/28/2021     CHF   68.270
Concern Rossium LLC           6.25012/13/2028     RUB   60.060
Banque Cantonale Vaudoi       4.500 3/29/2021     EUR   50.570
Banque Cantonale Vaudoi       4.500 3/29/2021     CHF   53.040
EFG International Finan      26.000 6/24/2021     CHF   13.120
DekaBank Deutsche Giroz       3.400 4/30/2021     EUR   45.780
DekaBank Deutsche Giroz       2.800 05/02/2022    EUR   54.050
Leonteq Securities AG         7.400 6/21/2021     CHF   67.060
Leonteq Securities AG/G       8.200 6/21/2021     EUR   59.040
DZ Bank AG Deutsche Zen       5.000 9/20/2021     EUR   74.600
DZ Bank AG Deutsche Zen      16.900 3/26/2021     EUR   72.320
DZ Bank AG Deutsche Zen      13.100 6/25/2021     EUR   74.070
Leonteq Securities AG/G      20.700 3/19/2021     USD    6.030
Leonteq Securities AG        20.600 3/19/2021     EUR    6.000
Leonteq Securities AG        30.000 6/22/2021     CHF   15.190
Leonteq Securities AG        20.000 3/19/2021     CHF    5.860
Bank Vontobel AG             10.003 5/18/2021     CHF    5.180
Vontobel Financial Prod      21.000 3/26/2021     EUR
Vontobel Financial Prod      22.500 3/26/2021     EUR
Vontobel Financial Prod      24.000 3/26/2021     EUR
DZ Bank AG Deutsche Zen      20.200 3/22/2021     EUR    4.510
DZ Bank AG Deutsche Zen      19.200 6/21/2021     EUR    8.940
Societe Generale Effekt      23.500 3/26/2021     EUR
Leonteq Securities AG        15.600 4/20/2021     CHF    4.170
EFG International Finan      29.000 5/25/2021     CHF   14.750
Societe Generale Effekt      21.750 5/28/2021     EUR
EFG International Finan      15.000 05/06/2021    USD    7.650
Leonteq Securities AG/G       3.420 6/16/2021     USD   73.770
UBS AG/London                 7.750 6/21/2021     CHF   73.600
Goldman Sachs & Co Wert      25.000 3/24/2021     EUR   71.470
Leonteq Securities AG/G       4.290 7/30/2021     USD   67.760
Leonteq Securities AG/G       2.630 7/30/2021     USD   64.560
Goldman Sachs & Co Wert      21.000 6/23/2021     EUR   72.450
Leonteq Securities AG/G       4.710 6/16/2021     USD   75.340
UBS AG/London                11.250 6/21/2021     USD   54.450
Bank Vontobel AG             10.253 5/17/2021     EUR   49.000
Vontobel Financial Prod      20.000 6/25/2021     EUR
Raiffeisen Centrobank A       5.750 7/19/2021     EUR   61.250
Skandinaviska Enskilda        6.300 7/15/2022     SEK   63.180
Raiffeisen Centrobank A       6.250 7/19/2021     EUR   71.610
UBS AG/London                 7.250 6/21/2021     CHF   53.400
UBS AG/London                 8.500 6/21/2021     EUR   73.450
UniCredit Bank AG             5.550 7/19/2022     EUR   73.170
Leonteq Securities AG        20.400 5/18/2021     CHF   10.520
Corner Banca SA              21.000 5/18/2021     CHF   10.390
Leonteq Securities AG        20.000 5/20/2021     CHF   10.300
Vontobel Financial Prod      24.500 6/25/2021     EUR
BNP Paribas Emissions-        0.170 9/23/2021     EUR    0.550
Vontobel Financial Prod      23.000 6/25/2021     EUR
UBS AG/London                10.000 6/14/2021     EUR   54.700
Zurcher Kantonalbank Fi       8.250 6/18/2021     CHF   70.180
Landesbank Baden-Wuertt       2.100 7/28/2023     EUR   72.030
Corner Banca SA              15.000 05/04/2021    CHF    7.020
DZ Bank AG Deutsche Zen      21.900 3/22/2021     EUR    4.790
Bayerische Landesbank         3.200 2/19/2021     EUR   53.030
Leonteq Securities AG/G      10.000 06/03/2022    CHF   13.590
Landesbank Baden-Wuertt       4.000 5/27/2022     EUR   50.850
Landesbank Baden-Wuertt       3.300 5/27/2022     EUR   56.760
UniCredit Bank AG             9.60012/27/2021     EUR   65.070
UniCredit Bank AG             8.90012/27/2021     EUR   67.090
Corner Banca SA              15.200 08/11/2021    CHF   11.530
UBS AG/London                11.500 6/14/2021     USD   71.650
UBS AG/London                14.750 6/14/2021     USD    9.950
UBS AG/London                 7.500 6/14/2021     EUR   53.750
UBS AG/London                11.200 3/25/2021     EUR   70.390
UBS AG/London                 7.000 6/24/2021     EUR   64.220
UBS AG/London                10.200 3/25/2021     EUR   73.650
UBS AG/London                 7.200 3/25/2021     EUR   70.920
Vontobel Financial Prod       4.500 3/26/2021     EUR   64.590
Vontobel Financial Prod       4.000 3/26/2021     EUR   74.970
UBS AG/London                 2.000 3/25/2021     EUR   63.210
UBS AG/London                 7.400 3/25/2021     EUR   69.460
UBS AG/London                 9.000 02/01/2021    EUR   56.250
UBS AG/London                 9.900 3/25/2021     EUR   68.480
BNP Paribas Emissions-        9.000 3/25/2021     EUR   71.480
UBS AG/London                 4.900 3/25/2021     EUR   64.230
UBS AG/London                 9.000 9/23/2021     EUR   61.310
BNP Paribas Emissions-       16.000 3/25/2021     EUR   65.560
UBS AG/London                 6.200 3/25/2021     EUR   71.020
BNP Paribas Emissions-        9.000 3/25/2021     EUR   73.250
BNP Paribas Emissions-       11.000 3/25/2021     EUR   71.170
BNP Paribas Emissions-       12.000 6/24/2021     EUR   72.460
BNP Paribas Emissions-        7.000 3/25/2021     EUR   66.230
BNP Paribas Emissions-        8.000 3/25/2021     EUR   64.540
BNP Paribas Emissions-        6.500 3/25/2021     EUR   75.040
BNP Paribas Emissions-        6.500 6/24/2021     EUR   74.710
BNP Paribas Emissions-        7.500 3/25/2021     EUR   68.530
BNP Paribas Emissions-        5.000 6/24/2021     EUR   71.990
BNP Paribas Emissions-       11.000 6/24/2021     EUR   72.320
BNP Paribas Emissions-        8.500 3/25/2021     EUR   69.040
BNP Paribas Emissions-        9.500 3/25/2021     EUR   69.200
BNP Paribas Emissions-       10.000 3/25/2021     EUR   67.790
BNP Paribas Emissions-        6.500 3/25/2021     EUR   75.100
BNP Paribas Emissions-       12.000 3/25/2021     EUR   71.480
BNP Paribas Emissions-       11.000 6/24/2021     EUR   72.510
BNP Paribas Emissions-        9.000 3/25/2021     EUR   71.590
BNP Paribas Emissions-        9.500 3/25/2021     EUR   70.750
BNP Paribas Emissions-       12.000 3/25/2021     EUR   67.710
BNP Paribas Emissions-        6.500 3/25/2021     EUR   74.160
BNP Paribas Emissions-        7.500 3/25/2021     EUR   70.970
BNP Paribas Emissions-        9.000 3/25/2021     EUR   70.150
BNP Paribas Emissions-        7.500 3/25/2021     EUR   71.060
BNP Paribas Emissions-       10.000 6/24/2021     EUR   70.410
BNP Paribas Emissions-       11.000 3/25/2021     EUR   66.530
BNP Paribas Emissions-        7.000 6/24/2021     EUR   73.630
BNP Paribas Emissions-        7.500 6/24/2021     EUR   72.290
BNP Paribas Emissions-        8.000 6/24/2021     EUR   71.490
BNP Paribas Emissions-        8.500 6/24/2021     EUR   70.710
BNP Paribas Emissions-        9.000 6/24/2021     EUR   69.490
BNP Paribas Emissions-       11.000 6/24/2021     EUR   67.180
BNP Paribas Emissions-       13.000 3/25/2021     EUR   66.270
BNP Paribas Emissions-       15.000 6/24/2021     EUR   69.740
Vontobel Financial Prod      15.000 3/26/2021     EUR
Landesbank Baden-Wuertt       2.300 6/24/2022     EUR   55.670
Landesbank Baden-Wuertt       4.100 1/28/2022     EUR   56.690
Landesbank Baden-Wuertt       3.400 2/24/2023     EUR   65.050
HSBC Trinkaus & Burkhar       7.600 6/25/2021     EUR    3.300
HSBC Trinkaus & Burkhar       5.700 6/25/2021     EUR   54.450
Landesbank Hessen-Thuer       6.600 02/01/2024    EUR   67.650
Leonteq Securities AG        27.000 06/02/2021    CHF   13.770
UniCredit Bank AG             5.050 01/11/2022    EUR   34.700
UniCredit Bank AG             5.750 01/11/2022    EUR   68.370
HSBC Trinkaus & Burkhar       6.500 6/25/2021     EUR    2.850
Landesbank Baden-Wuertt       3.250 2/24/2023     EUR   65.430
BNP Paribas Emissions-       23.00012/23/2021     EUR   21.280
Erste Group Bank AG           9.250 4/30/2025     EUR    0.600
Zurcher Kantonalbank Fi       7.750 07/02/2021    EUR   72.750
Landesbank Hessen-Thuer       5.600 02/11/2025    EUR   63.470
UBS AG/London                12.000 3/25/2021     CHF    6.980
Nordea Bank Abp               9.000 7/20/2024     SEK   71.530
Leonteq Securities AG/G      27.000 5/25/2021     EUR    9.810
Bank Julius Baer & Co L      10.200 5/30/2023     EUR   25.800
Zurcher Kantonalbank Fi       4.750 6/18/2021     CHF   65.800
Zurcher Kantonalbank Fi       7.750 6/18/2021     EUR   61.930
Erste Group Bank AG           8.000 7/31/2024     EUR   69.500
Nordea Bank Abp               7.100 7/20/2024     SEK   74.490
DZ Bank AG Deutsche Zen      11.250 2/24/2021     EUR   73.930
Leonteq Securities AG/G      25.000 8/26/2021     USD   18.890
Vontobel Financial Prod      20.000 3/26/2021     EUR
Vontobel Financial Prod       9.690 3/26/2021     USD   74.750
Bayerische Landesbank         2.500 12/03/2021    EUR   60.150
DekaBank Deutsche Giroz       5.150 5/21/2021     EUR   45.070
Landesbank Baden-Wuertt       3.500 7/23/2021     EUR   72.220
Landesbank Baden-Wuertt       3.000 7/23/2021     EUR   72.060
DekaBank Deutsche Giroz       2.00011/19/2021     EUR   55.060
UniCredit Bank AG             4.35010/26/2021     EUR   32.960
Landesbank Baden-Wuertt       3.800 1/28/2022     EUR   55.230
Goldman Sachs & Co Wert      15.000 3/24/2021     EUR   73.070
Goldman Sachs & Co Wert       4.000 3/24/2021     EUR   71.470
Goldman Sachs & Co Wert       6.000 3/24/2021     EUR   61.860
Goldman Sachs & Co Wert       8.000 3/24/2021     EUR   56.960
Goldman Sachs & Co Wert      14.000 3/24/2021     EUR   45.000
DZ Bank AG Deutsche Zen       6.750 6/23/2021     EUR   74.480
Goldman Sachs & Co Wert      10.000 3/24/2021     EUR   51.860
DZ Bank AG Deutsche Zen       6.250 6/23/2021     EUR   74.280
DZ Bank AG Deutsche Zen       8.250 3/24/2021     EUR   74.210
Goldman Sachs & Co Wert      15.000 3/24/2021     EUR   61.610
Goldman Sachs & Co Wert      17.000 3/24/2021     EUR   59.380
Banque Cantonale Vaudoi       4.500 3/29/2021     CHF   50.490
Landesbank Baden-Wuertt       2.300 2/26/2021     EUR   64.220
Landesbank Baden-Wuertt       1.750 2/26/2021     EUR   68.500
Landesbank Baden-Wuertt       4.000 2/26/2021     EUR   72.890
Leonteq Securities AG/G       8.130 2/21/2022     EUR   71.280
Leonteq Securities AG/G       5.700 2/21/2022     CHF   72.990
DZ Bank AG Deutsche Zen       7.900 3/24/2021     EUR   67.770
DZ Bank AG Deutsche Zen       8.500 3/24/2021     EUR   66.870
DZ Bank AG Deutsche Zen       7.000 6/23/2021     EUR   68.650
DZ Bank AG Deutsche Zen       6.700 6/23/2021     EUR   71.020
DZ Bank AG Deutsche Zen       6.200 3/24/2021     EUR   70.390
DZ Bank AG Deutsche Zen       9.800 3/24/2021     EUR   65.700
DZ Bank AG Deutsche Zen       5.600 6/23/2021     EUR   69.760
Raiffeisen Schweiz Geno       5.000 8/24/2022     CHF   69.470
Raiffeisen Schweiz Geno       4.500 2/21/2023     CHF   66.840
Raiffeisen Schweiz Geno       6.000 8/24/2022     CHF   71.560
Corner Banca SA              30.000 06/08/2021    USD   14.800
Leonteq Securities AG/G      29.000 06/08/2021    CHF   14.700
Landesbank Baden-Wuertt       9.000 2/26/2021     EUR   67.410
Landesbank Baden-Wuertt       6.900 2/26/2021     EUR   70.420
Landesbank Baden-Wuertt       7.500 2/26/2021     EUR   61.660
Landesbank Baden-Wuertt       5.000 3/26/2021     EUR   71.670
Vontobel Financial Prod       5.600 2/22/2021     EUR   64.690
Leonteq Securities AG/G      14.000 2/24/2021     USD    3.340
Landesbank Baden-Wuertt       5.400 2/26/2021     EUR   73.040
Landesbank Baden-Wuertt       6.700 2/26/2021     EUR   70.580
Landesbank Baden-Wuertt       7.500 2/26/2021     EUR   72.900
Landesbank Baden-Wuertt       3.750 2/26/2021     EUR   38.860
Landesbank Baden-Wuertt       2.750 2/26/2021     EUR   65.510
Landesbank Baden-Wuertt       4.500 2/26/2021     EUR   71.190
Leonteq Securities AG        12.400 2/24/2021     CHF    2.870
Goldman Sachs & Co Wert      18.000 5/26/2021     EUR   73.090
Goldman Sachs & Co Wert      19.000 6/23/2021     EUR   71.630
UBS AG/London                 5.000 3/26/2021     EUR   72.750
Erste Group Bank AG          10.500 4/29/2021     EUR   69.450
UBS AG/London                10.000 3/29/2021     EUR   45.400
Societe Generale SA           8.848 3/29/2024     USD   59.650
Goldman Sachs & Co Wert      18.000 4/21/2021     EUR   73.350
Goldman Sachs & Co Wert      18.000 7/21/2021     EUR   72.550
Goldman Sachs & Co Wert      19.000 2/24/2021     EUR
Goldman Sachs & Co Wert      18.000 9/22/2021     EUR   72.520
Vontobel Financial Prod      16.500 6/25/2021     EUR   74.040
Vontobel Financial Prod      17.500 3/26/2021     EUR   73.890
Landesbank Baden-Wuertt       3.250 9/24/2021     EUR   59.650
Leonteq Securities AG/G       4.000 4/19/2022     EUR   65.090
Credit Suisse AG/London       9.20012/16/2021     USD    9.875
Raiffeisen Schweiz Geno       6.900 08/03/2022    CHF   72.480
Vontobel Financial Prod       5.500 3/26/2021     EUR   67.600
Bank Julius Baer & Co L       8.250 1/31/2022     USD   66.350
Raiffeisen Switzerland        8.500 02/03/2021    EUR   69.600
Bank Julius Baer & Co L      10.300 1/31/2022     USD   73.800
Bank Julius Baer & Co L       9.200 02/01/2021    EUR   53.800
Leonteq Securities AG        16.600 02/03/2021    CHF    4.250
Vontobel Financial Prod      11.500 3/26/2021     EUR
Bank Julius Baer & Co L       9.200 02/05/2021    CHF   59.850
UBS AG/London                12.000 02/05/2021    CHF    8.060
Credit Suisse AG/London       7.500 08/05/2021    CHF   70.470
Vontobel Financial Prod      12.500 3/26/2021     EUR   63.630
UBS AG/London                14.500 02/05/2021    CHF   68.350
Vontobel Financial Prod      13.500 3/26/2021     EUR
Vontobel Financial Prod      14.500 3/26/2021     EUR
Vontobel Financial Prod       9.500 03/12/2021    EUR   55.700
Vontobel Financial Prod      12.500 3/26/2021     EUR   74.900
Vontobel Financial Prod       4.000 03/12/2021    EUR   65.900
SG Issuer SA                  0.850 7/29/2024     EUR    9.900
Landesbank Baden-Wuertt       5.000 7/23/2021     EUR   68.820
Landesbank Baden-Wuertt       4.000 7/23/2021     EUR   67.570
Landesbank Baden-Wuertt       3.000 6/25/2021     EUR   67.840
Landesbank Baden-Wuertt       3.000 6/25/2021     EUR   65.730
Zurcher Kantonalbank Fi       8.000 05/07/2021    CHF   55.300
UBS AG/London                 8.50011/22/2021     EUR   72.100
Credit Suisse AG/London       6.200 7/29/2022     CHF   72.740
UBS AG/London                10.000 5/20/2021     CHF   72.150
UBS AG/London                13.750 1/29/2021     CHF   70.300
EFG International Finan      23.000 1/29/2021     EUR   11.710
Landesbank Baden-Wuertt       3.250 7/28/2023     EUR   66.420
Societe Generale Effekt      17.468 6/25/2021     EUR   71.310
Zurcher Kantonalbank Fi       5.75011/26/2021     CHF   66.980
Zurcher Kantonalbank Fi       8.125 02/11/2022    EUR   57.630
Zurcher Kantonalbank Fi       9.750 02/11/2022    USD   60.220
Landesbank Baden-Wuertt       4.300 7/23/2021     EUR   72.140
Vontobel Financial Prod      14.500 03/12/2021    EUR
Vontobel Financial Prod      18.000 03/12/2021    EUR   66.430
Societe Generale Effekt       8.734 6/25/2021     EUR   71.420
Landesbank Baden-Wuertt       2.000 7/23/2021     EUR   58.770
Landesbank Baden-Wuertt       5.500 6/25/2021     EUR   52.180
Landesbank Baden-Wuertt       3.500 7/23/2021     EUR   55.090
Landesbank Baden-Wuertt       6.500 6/25/2021     EUR   70.210
DekaBank Deutsche Giroz       5.500 12/03/2021    EUR   67.760
DZ Bank AG Deutsche Zen       7.000 3/22/2021     EUR   73.990
EFG International Finan      10.800 5/26/2021     CHF   58.250
Credit Suisse AG/London       8.000 2/25/2021     EUR   56.500
Landesbank Baden-Wuertt       3.69012/23/2022     EUR   70.780
Landesbank Hessen-Thuer       4.00012/27/2023     EUR   72.860
Credit Suisse AG/London       9.250 2/26/2021     EUR   65.010
Raiffeisen Schweiz Geno       7.80011/22/2021     CHF   57.050
BNP Paribas Emissions-       12.000 6/24/2021     EUR   60.280
BNP Paribas Emissions-        5.000 6/24/2021     EUR   71.990
BNP Paribas Emissions-        6.500 6/24/2021     EUR   70.490
BNP Paribas Emissions-        9.000 6/24/2021     EUR   65.660
BNP Paribas Emissions-        8.000 6/24/2021     EUR   64.600
BNP Paribas Emissions-       10.000 6/24/2021     EUR   61.080
BNP Paribas Emissions-       11.000 6/24/2021     EUR   73.600
Vontobel Financial Prod       5.100 5/28/2021     EUR   70.310
Credit Suisse AG/London       7.000 7/20/2021     EUR   72.810
DZ Bank AG Deutsche Zen       6.200 2/24/2021     EUR   69.230
BNP Paribas Emissions-        9.000 6/24/2021     EUR   73.630
BNP Paribas Emissions-        9.500 6/24/2021     EUR   71.710
Leonteq Securities AG/G      14.000 7/20/2021     EUR   69.600
Leonteq Securities AG/G      11.800 4/20/2021     CHF   70.380
Vontobel Financial Prod       4.800 6/18/2021     EUR   70.260
UniCredit Bank AG            10.100 2/26/2021     EUR   70.080
UniCredit Bank AG             8.20011/26/2021     EUR   72.820
UniCredit Bank AG             9.100 7/23/2021     EUR   71.420
Bank Julius Baer & Co L      10.600 7/22/2021     USD   50.450
Credit Suisse AG/London       7.500 4/21/2021     EUR   57.960
Vontobel Financial Prod       3.400 6/18/2021     EUR   59.990
DZ Bank AG Deutsche Zen      10.300 3/26/2021     EUR   67.150
DZ Bank AG Deutsche Zen       6.000 3/26/2021     EUR   72.840
DZ Bank AG Deutsche Zen       9.000 3/26/2021     EUR   60.990
Banque Cantonale Vaudoi      11.400 7/21/2021     EUR   56.820
Banque Cantonale Vaudoi      11.280 7/21/2021     CHF   56.700
UBS AG/London                11.750 7/22/2021     CHF   56.500
UBS AG/London                 8.000 1/24/2022     CHF   69.700
UBS AG/London                15.000 7/22/2021     CHF   70.550
Zurcher Kantonalbank Fi       5.350 7/29/2021     CHF   60.330
EFG International Finan       5.600 1/22/2024     CHF   73.990
Bank Julius Baer & Co L       7.850 1/25/2022     USD   66.100
Zurcher Kantonalbank Fi       7.500 5/28/2021     CHF   63.030
Landesbank Baden-Wuertt       3.000 7/23/2021     EUR   70.720
Landesbank Baden-Wuertt       2.500 6/25/2021     EUR   63.260
Landesbank Baden-Wuertt       4.000 6/25/2021     EUR   54.790
Landesbank Baden-Wuertt       5.500 6/25/2021     EUR   50.320
Landesbank Baden-Wuertt       6.500 6/25/2021     EUR   72.250
Landesbank Baden-Wuertt       2.000 6/25/2021     EUR   70.130
Landesbank Baden-Wuertt       3.500 6/25/2021     EUR   63.450
Credit Suisse AG/London       8.000 5/21/2021     CHF   70.940
DekaBank Deutsche Giroz       3.40012/16/2022     EUR   59.450
DekaBank Deutsche Giroz       3.70012/17/2021     EUR   65.850
UniCredit Bank AG             4.450 01/02/2024    EUR   70.830
Corner Banca SA               7.500 05/06/2022    EUR   72.050
Credit Suisse AG/London      10.750 7/26/2021     USD   68.030
Credit Suisse AG/London       7.600 7/23/2021     EUR   60.220
EFG International Finan       5.350 1/24/2023     USD   73.010
Vontobel Financial Prod       7.500 3/26/2021     EUR   72.360
Vontobel Financial Prod      16.000 3/26/2021     EUR
Bank Julius Baer & Co L      10.600 1/25/2021     EUR   69.700
EFG International Finan       4.620 1/27/2021     EUR   72.800
Bank Julius Baer & Co L       8.200 1/25/2021     CHF   56.500
Vontobel Financial Prod       9.100 2/21/2022     EUR   72.690
UBS AG/London                15.000 7/15/2021     CHF   41.850
UBS AG/London                 7.500 1/17/2022     CHF   72.800
BNP Paribas Emissions-       15.350 2/25/2021     EUR    1.510
BNP Paribas Emissions-        6.000 3/24/2022     EUR   72.640
BNP Paribas Emissions-        3.000 9/23/2021     EUR   70.340
BNP Paribas Emissions-        6.000 3/25/2021     EUR   73.720
BNP Paribas Emissions-        7.000 3/24/2022     EUR   64.100
BNP Paribas Emissions-       10.00012/23/2021     EUR    9.450
Credit Suisse AG/London       8.000 7/19/2021     CHF   70.580
Corner Banca SA              11.000 7/21/2021     CHF   56.070
Raiffeisen Schweiz Geno       5.200 1/17/2023     CHF   69.980
Raiffeisen Schweiz Geno       8.200 4/20/2021     CHF   55.920
Credit Suisse AG/London      11.500 5/20/2021     CHF   56.780
UBS AG/London                 7.000 1/31/2022     EUR   99.050
UniCredit Bank AG             3.200 01/02/2023    EUR   71.940
UBS AG/London                11.000 1/29/2021     CHF   66.650
Bank Julius Baer & Co L       6.950 2/19/2021     CHF   62.550
Leonteq Securities AG        14.800 05/04/2021    CHF   74.090
Societe Generale SA          17.040 4/27/2021     USD   70.000
Leonteq Securities AG/G       8.00011/25/2021     EUR   72.480
DZ Bank AG Deutsche Zen       6.750 3/24/2021     EUR   74.650
SG Issuer SA                  0.85010/16/2024     EUR    9.940
Raiffeisen Schweiz Geno       6.300 4/28/2021     CHF   71.730
BNP Paribas Issuance BV       7.150 11/07/2024    SEK   71.600
EFG International Finan      12.880 02/01/2021    CHF   62.980
Zurcher Kantonalbank Fi       7.500 7/28/2021     CHF   61.070
DZ Bank AG Deutsche Zen       7.500 3/24/2021     EUR   51.170
DZ Bank AG Deutsche Zen       5.250 3/24/2021     EUR   56.910
DZ Bank AG Deutsche Zen       5.500 3/24/2021     EUR   69.780
Zurcher Kantonalbank Fi       8.000 1/14/2022     CHF   69.120
Landesbank Baden-Wuertt       3.500 3/24/2023     EUR   69.220
Credit Suisse AG/London       9.250 4/14/2021     EUR   66.190
Societe Generale SA          13.010 02/02/2023    USD   55.150
EFG International Finan       5.350 1/17/2023     USD   69.660
Vontobel Financial Prod       3.800 08/11/2021    EUR   74.330
BNP Paribas Emissions-       10.000 3/24/2022     EUR   11.950
BNP Paribas Emissions-       12.000 3/25/2021     EUR    2.330
UniCredit Bank AG            12.600 3/26/2021     EUR   68.500
UniCredit Bank AG             9.600 3/26/2021     EUR   72.540
SG Issuer SA                  9.800 05/03/2021    USD   56.700
UniCredit Bank AG            11.300 3/26/2021     EUR   52.850
UniCredit Bank AG            13.300 3/26/2021     EUR   66.100
Leonteq Securities AG/G       6.800 5/18/2021     EUR   61.150
UniCredit Bank AG             5.300 3/26/2021     EUR   73.410
UniCredit Bank AG            12.800 3/26/2021     EUR   64.290
EFG International Finan       7.200 4/26/2022     CHF   66.860
UniCredit Bank AG             9.600 3/26/2021     EUR   55.560
UniCredit Bank AG            11.100 6/25/2021     EUR   70.540
UniCredit Bank AG            13.500 6/25/2021     EUR   71.570
UniCredit Bank AG            12.00012/24/2021     EUR   74.180
UniCredit Bank AG            13.00012/24/2021     EUR   72.280
UniCredit Bank AG            10.500 3/26/2021     EUR   69.890
Credit Suisse AG/London      10.75011/29/2021     USD   61.445
UBS AG/London                13.500 4/26/2021     USD
Raiffeisen Schweiz Geno       4.00011/15/2022     CHF   65.730
Vontobel Financial Prod       5.400 2/23/2021     EUR   74.280
BNP Paribas Emissions-        3.00012/23/2021     EUR   69.520
BNP Paribas Emissions-        7.000 6/24/2021     EUR   73.740
BNP Paribas Emissions-        7.00012/23/2021     EUR   63.590
Corner Banca SA               4.200 7/20/2021     CHF   74.060
Raiffeisen Schweiz Geno       8.50012/13/2021     CHF   60.670
Luzerner Kantonalbank A       7.120 6/18/2021     CHF   72.150
Zurcher Kantonalbank Fi       6.30012/16/2022     CHF   58.440
Leonteq Securities AG/G      17.490 3/17/2021     EUR    4.190
EFG International Finan      10.26012/19/2024     CHF   73.470
UBS AG/London                12.00012/20/2021     CHF   62.250
UBS AG/London                12.750 6/18/2021     CHF   58.800
UBS AG/London                14.00012/20/2021     CHF   74.100
UBS AG/London                10.25012/20/2021     CHF   73.700
UBS AG/London                 7.00012/20/2021     CHF   61.600
Credit Suisse AG/London       6.000 6/16/2022     CHF   73.300
Credit Suisse AG/London       8.000 6/18/2021     CHF   71.230
EFG International Finan       5.35012/19/2022     USD   70.850
Leonteq Securities AG/G       7.000 6/20/2022     CHF   71.280
Leonteq Securities AG/G       7.50012/20/2021     EUR   59.920
Pongs & Zahn AG               8.500               EUR    0.002
EFG International Finan       8.60012/20/2021     CHF   73.590
Zurcher Kantonalbank Fi       6.25012/30/2021     EUR   73.720
Leonteq Securities AG/G      12.000 3/23/2021     EUR   72.640
Leonteq Securities AG        11.00012/20/2021     CHF   74.350
Leonteq Securities AG        10.400 3/23/2021     CHF   73.100
Leonteq Securities AG/G       9.500 6/23/2021     CHF   72.640
Vontobel Financial Prod       8.000 03/12/2021    EUR   62.850
Bank Julius Baer & Co L      12.000 05/05/2021    CHF   73.500
Landesbank Baden-Wuertt      13.120 2/26/2021     EUR   72.690
Vontobel Financial Prod       4.000 03/12/2021    EUR   67.490
Vontobel Financial Prod       8.000 03/12/2021    EUR   71.080
Vontobel Financial Prod      16.500 06/11/2021    EUR   68.290
Skandinaviska Enskilda        6.000 1/15/2025     SEK   62.490
Skandinaviska Enskilda        5.800 1/15/2025     SEK   71.760
Zurcher Kantonalbank Fi       4.000 02/11/2022    CHF   59.880
Zurcher Kantonalbank Fi       6.750 02/11/2022    CHF   67.160
Credit Suisse AG/London       8.000 05/04/2021    EUR   66.090
Leonteq Securities AG         4.00012/18/2026     CHF   68.030
Leonteq Securities AG         3.900 9/21/2029     CHF   71.570
Raiffeisen Schweiz Geno       3.000 9/21/2029     CHF   65.520
Leonteq Securities AG         3.90012/20/2024     CHF   51.850
Zurcher Kantonalbank Fi       3.00011/19/2021     CHF   72.600
Zurcher Kantonalbank Fi       8.750 05/07/2021    CHF   64.020
DZ Bank AG Deutsche Zen      10.900 3/22/2021     EUR    2.380
Bank Julius Baer & Co L      10.000 06/01/2021    CHF   68.700
UBS AG/London                12.250 02/12/2021    CHF    7.270
DZ Bank AG Deutsche Zen       7.000 3/22/2021     EUR   73.230
DZ Bank AG Deutsche Zen      10.250 3/22/2021     EUR    2.510
UBS AG/London                 9.300 08/12/2021    CHF   62.950
UBS AG/London                 6.200 3/25/2021     EUR   63.470
UBS AG/London                 7.100 6/24/2021     EUR   62.300
UBS AG/London                 8.000 3/25/2021     EUR   59.540
UBS AG/London                 4.000 6/24/2021     EUR   64.530
Landesbank Baden-Wuertt       6.300 6/25/2021     EUR   71.460
Landesbank Baden-Wuertt       3.800 7/23/2021     EUR   70.700
Landesbank Baden-Wuertt       2.500 7/23/2021     EUR   64.170
Landesbank Baden-Wuertt       1.600 6/25/2021     EUR   67.260
UBS AG/London                13.250 06/04/2021    EUR    5.220
UBS AG/London                 2.600 3/25/2021     EUR   67.120
UBS AG/London                 9.500 3/25/2021     EUR   75.180
Leonteq Securities AG/G       9.500 06/03/2021    EUR   54.300
UBS AG/London                 9.000 6/24/2021     EUR   58.840
UBS AG/London                 9.700 3/25/2021     EUR   55.950
Landesbank Baden-Wuertt       4.750 6/25/2021     EUR   64.610
Landesbank Baden-Wuertt       7.750 6/25/2021     EUR   64.480
Leonteq Securities AG         5.750 01/09/2023    CHF   73.840
UBS AG/London                12.000 12/06/2021    USD   66.590
Vontobel Financial Prod      10.000 3/26/2021     EUR   69.980
Skandinaviska Enskilda        6.400 1/15/2025     SEK   64.740
Skandinaviska Enskilda        5.750 1/15/2025     SEK   71.590
Raiffeisen Schweiz Geno       5.60011/29/2022     CHF   71.540
Nordea Bank Abp               8.500 1/20/2025     SEK   68.590
Credit Suisse AG/London       8.000 6/30/2021     CHF   69.670
DZ Bank AG Deutsche Zen       4.500 3/22/2021     EUR   60.870
Vontobel Financial Prod      15.000 3/26/2021     EUR
UBS AG/London                14.500 02/12/2021    CHF   67.450
Vontobel Financial Prod       8.480 02/12/2021    EUR
UBS AG/London                10.750 02/12/2021    CHF   67.050
BNP Paribas Issuance BV       8.300 2/25/2021     EUR   66.750
UBS AG/London                10.00010/25/2021     CHF   66.650
Raiffeisen Schweiz Geno       7.000 05/11/2021    CHF   64.080
UniCredit Bank AG            14.200 3/26/2021     EUR   64.230
UniCredit Bank AG            10.30012/24/2021     EUR   69.100
UBS AG/London                 7.75010/25/2021     EUR   60.050
Raiffeisen Schweiz Geno       3.400 3/21/2025     CHF   52.320
UBS AG/London                 7.000 08/12/2021    CHF   69.750
UBS AG/London                12.250 2/14/2022     CHF   73.000
UBS AG/London                13.500 4/23/2021     CHF    1.750
Leonteq Securities AG/G       3.650 09/02/2021    EUR   56.850
Leonteq Securities AG/G       2.380 09/02/2021    EUR   72.720
Leonteq Securities AG/G       3.430 09/02/2021    EUR   69.480
Leonteq Securities AG/G       6.070 09/02/2021    EUR   64.050
Leonteq Securities AG/G       9.220 09/02/2021    EUR   60.150
Leonteq Securities AG/G       5.120 09/02/2021    EUR   65.990
Leonteq Securities AG/G       7.940 09/02/2021    EUR   61.040
Leonteq Securities AG/G       9.500 09/02/2021    EUR   71.290
Leonteq Securities AG/G       1.150 09/02/2021    EUR   66.320
Leonteq Securities AG/G       2.370 09/02/2021    EUR   67.040
Leonteq Securities AG/G       3.790 09/02/2021    EUR   67.850
Leonteq Securities AG/G       5.270 09/02/2021    EUR   68.770
Leonteq Securities AG/G       6.690 09/02/2021    EUR   69.620
Leonteq Securities AG/G       9.500 09/02/2021    EUR   59.050
Leonteq Securities AG/G      11.140 09/02/2021    EUR   57.620
Vontobel Financial Prod       7.500 3/26/2021     EUR   70.360
Skandinaviska Enskilda        9.200 7/15/2024     SEK   67.650
UniCredit Bank AG            13.200 6/25/2021     EUR   65.670
Leonteq Securities AG/G       5.910 09/02/2021    EUR   60.760
Leonteq Securities AG/G       3.290 09/02/2021    EUR   52.720
Leonteq Securities AG/G       6.020 09/02/2021    EUR   54.370
UBS AG/London                12.000 4/23/2021     CHF   67.250
Leonteq Securities AG/G       4.500 09/02/2021    EUR   59.910
Leonteq Securities AG/G       5.020 09/02/2021    EUR   57.580
Leonteq Securities AG/G       8.760 09/02/2021    EUR   55.910
Leonteq Securities AG/G       9.660 09/02/2021    EUR   62.990
Leonteq Securities AG/G       2.470 09/02/2021    EUR   56.050
Leonteq Securities AG/G       8.590 09/02/2021    EUR   62.350
Leonteq Securities AG/G       1.430 09/02/2021    EUR   55.380
Leonteq Securities AG/G       6.330 09/02/2021    EUR   58.370
Leonteq Securities AG/G       4.570 09/02/2021    EUR   53.530
Leonteq Securities AG/G       7.440 09/02/2021    EUR   55.130
Leonteq Securities AG/G       7.130 09/02/2021    EUR   71.150
Leonteq Securities AG/G       9.900 09/02/2021    EUR   66.060
Leonteq Securities AG/G       4.670 09/02/2021    EUR   66.540
Leonteq Securities AG/G       7.590 09/02/2021    EUR   61.910
Vontobel Financial Prod       5.500 3/26/2021     EUR   73.830
Vontobel Financial Prod      11.000 3/26/2021     EUR   65.900
Vontobel Financial Prod       6.500 3/26/2021     EUR   72.050
EFG International Finan       5.350 12/02/2022    USD   70.080
Vontobel Financial Prod      18.500 3/26/2021     EUR
DekaBank Deutsche Giroz       3.25011/25/2022     EUR   66.880
Vontobel Financial Prod      17.500 3/26/2021     EUR
Corner Banca SA               5.250 1/24/2023     CHF   72.460
Corner Banca SA              12.200 4/27/2021     CHF   70.420
Leonteq Securities AG/G       7.00010/25/2021     EUR   71.920
Leonteq Securities AG/G      13.500 05/12/2021    EUR    6.440
DZ Bank AG Deutsche Zen      12.400 3/22/2021     EUR    2.760
Zurcher Kantonalbank Fi       5.000 4/23/2021     EUR   70.800
Raiffeisen Schweiz Geno       6.900 7/27/2022     CHF   73.460
Vontobel Financial Prod       9.500 3/26/2021     EUR   67.250
Vontobel Financial Prod       8.500 3/26/2021     EUR   68.770
Leonteq Securities AG        19.000 1/27/2021     CHF    5.050
Leonteq Securities AG/G      18.600 1/27/2021     USD    4.930
Skandinaviska Enskilda        4.400 7/15/2022     SEK   69.785
Leonteq Securities AG/G       7.290 09/02/2021    EUR   62.570
Leonteq Securities AG/G       8.480 09/02/2021    EUR   68.440
Leonteq Securities AG/G      11.390 09/02/2021    EUR   64.010
Leonteq Securities AG/G       3.920 09/02/2021    EUR   69.150
Leonteq Securities AG/G       6.460 09/02/2021    EUR   63.320
UniCredit Bank AG             9.30012/24/2021     EUR   59.420
UniCredit Bank AG             7.50012/24/2021     EUR   71.760
UniCredit Bank AG             8.00012/24/2021     EUR   69.380
Raiffeisen Schweiz Geno       7.200 3/23/2021     CHF   60.550
EFG International Finan       5.350 11/07/2022    USD   70.200
Bayerische Landesbank         2.30012/19/2022     EUR   74.080
Credit Suisse AG/London       6.000 3/21/2022     USD   10.000
Vontobel Financial Prod      13.000 3/26/2021     EUR   71.460
UBS AG/London                 5.750 8/16/2021     CHF   71.550
Araratbank OJSC               5.500 9/19/2023     USD   24.584
Leonteq Securities AG         7.000 8/16/2021     CHF   64.050
Vontobel Financial Prod      10.000 03/12/2021    EUR   64.280
Vontobel Financial Prod      15.000 03/12/2021    EUR   65.490
Raiffeisen Schweiz Geno       6.000 11/01/2022    CHF   73.490
UniCredit Bank AG             9.90012/24/2021     EUR   67.360
UniCredit Bank AG            13.300 6/25/2021     EUR   70.130
UniCredit Bank AG             9.900 6/25/2021     EUR   62.380
UniCredit Bank AG            12.700 6/25/2021     EUR   62.760
DZ Bank AG Deutsche Zen       7.600 3/24/2021     EUR   59.510
UBS AG/London                 7.000 8/16/2021     CHF   57.600
Landesbank Hessen-Thuer       4.000 9/20/2023     EUR   73.860
Vontobel Financial Prod       6.500 03/12/2021    EUR   72.730
Vontobel Financial Prod      14.000 03/12/2021    EUR   57.800
Raiffeisen Schweiz Geno       8.200 02/01/2021    USD   63.260
Leonteq Securities AG/G      15.400 03/12/2021    USD   58.540
Leonteq Securities AG         8.00012/13/2022     CHF   64.460
Corner Banca SA              22.000 3/16/2021     CHF   13.140
Leonteq Securities AG/G      17.570 03/10/2021    CHF   70.840
UBS AG/London                 9.00012/13/2021     CHF   71.400
EFG International Finan      15.500 6/16/2021     EUR    7.370
Societe Generale Effekt      18.066 3/19/2021     EUR
BNP Paribas Emissions-        6.000 3/25/2021     EUR   66.850
BNP Paribas Emissions-        9.000 9/23/2021     EUR    6.300
BNP Paribas Emissions-       11.000 3/25/2021     EUR    2.130
UBS AG/London                14.000 06/11/2021    CHF   67.550
BNP Paribas Emissions-       12.000 3/25/2021     EUR   69.450
Credit Suisse AG/London       6.000 06/07/2022    CHF   73.140
Leonteq Securities AG/G      15.000 6/16/2021     CHF   70.520
Leonteq Securities AG/G      11.400 6/16/2021     EUR   63.400
Leonteq Securities AG         6.80012/13/2022     CHF   72.980
WEB Windenergie AG            6.250               EUR    0.010
EFG International Finan       5.35012/19/2022     USD   71.580
Credit Suisse AG/London       8.560 12/06/2022    USD    9.601
Vontobel Financial Prod      13.000 03/12/2021    EUR   65.790
Vontobel Financial Prod      16.000 06/11/2021    EUR   61.370
Vontobel Financial Prod       9.500 03/12/2021    EUR   68.390
DZ Bank AG Deutsche Zen       7.250 3/22/2021     EUR   73.250
BNP Paribas Emissions-        5.000 3/25/2021     EUR   68.850
BNP Paribas Emissions-        7.000 3/25/2021     EUR   63.790
BNP Paribas Emissions-       18.000 3/25/2021     EUR   72.620
Raiffeisen Schweiz Geno       5.300 9/20/2022     CHF   70.040
EFG International Finan      13.000 11/08/2021    EUR   64.870
Landesbank Baden-Wuertt       2.65010/27/2023     EUR   73.200
EFG International Finan       9.700 9/26/2022     CHF   16.170
Bayerische Landesbank         3.00011/26/2021     EUR   68.560
Bank Julius Baer & Co L       7.250 05/07/2021    USD   67.500
Societe Generale Effekt      13.989 6/25/2021     EUR   62.460
UniCredit Bank AG            15.100 6/25/2021     EUR   53.950
UniCredit Bank AG             5.70012/24/2021     EUR   68.290
UniCredit Bank AG            12.000 6/25/2021     EUR   74.070
UniCredit Bank AG             7.600 6/25/2021     EUR   70.070
UniCredit Bank AG             9.700 6/25/2021     EUR   66.210
UniCredit Bank AG            14.200 6/25/2021     EUR   68.590
Raiffeisen Schweiz Geno       6.600 3/23/2022     CHF   68.270
UBS AG/London                14.250 05/06/2021    CHF   72.900
UniCredit Bank AG            10.700 3/26/2021     EUR   71.130
UniCredit Bank AG            11.000 3/26/2021     EUR   63.220
UniCredit Bank AG            14.500 3/26/2021     EUR   65.350
Landesbank Baden-Wuertt       4.100 4/23/2021     EUR   69.210
Landesbank Baden-Wuertt       3.400 4/23/2021     EUR   51.990
Landesbank Baden-Wuertt       4.000 3/26/2021     EUR   67.060
Landesbank Baden-Wuertt       2.500 3/26/2021     EUR   73.350
Landesbank Baden-Wuertt       4.000 3/26/2021     EUR   65.880
Landesbank Baden-Wuertt       7.600 3/26/2021     EUR   56.670
Landesbank Baden-Wuertt       3.250 3/26/2021     EUR   62.670
Landesbank Baden-Wuertt       2.600 3/26/2021     EUR   63.960
BNP Paribas Emissions-       18.000 3/25/2021     EUR   70.380
UBS AG/London                14.280 5/17/2021     CHF    4.220
DZ Bank AG Deutsche Zen       7.900 3/24/2021     EUR   69.770
Leonteq Securities AG/G      10.600 8/13/2021     CHF   66.490
DZ Bank AG Deutsche Zen       4.900 3/22/2021     EUR   72.520
Landesbank Baden-Wuertt       4.25011/26/2021     EUR   67.970
Landesbank Baden-Wuertt       4.00011/26/2021     EUR   58.290
Landesbank Baden-Wuertt       3.10011/26/2021     EUR   64.210
Landesbank Baden-Wuertt       3.25011/26/2021     EUR   71.430
Landesbank Baden-Wuertt       2.10011/26/2021     EUR   74.340
Landesbank Baden-Wuertt       4.00011/26/2021     EUR   69.660
Vontobel Financial Prod      14.500 9/24/2021     EUR   72.400
DZ Bank AG Deutsche Zen       6.250 3/22/2021     EUR   73.100
UniCredit Bank AG            12.300 2/26/2021     EUR   73.650
Landesbank Baden-Wuertt       2.00011/26/2021     EUR   63.190
Credit Suisse AG/London       6.100 8/15/2022     CHF   71.370
Societe Generale Effekt       4.500 07/03/2023    EUR   69.300
UniCredit Bank AG            13.300 2/26/2021     EUR   66.340
Bank Julius Baer & Co L       4.050 4/28/2021     CHF   71.700
UBS AG/London                10.250 4/19/2021     EUR   74.250
Landesbank Baden-Wuertt       3.00011/26/2021     EUR   71.760
Landesbank Baden-Wuertt       2.00011/26/2021     EUR   67.570
Vontobel Financial Prod      12.500 6/25/2021     EUR   72.230
UniCredit Bank AG            12.200 7/23/2021     EUR   69.530
UniCredit Bank AG            10.500 7/23/2021     EUR   72.560
Vontobel Financial Prod      16.500 6/25/2021     EUR   70.380
Zurcher Kantonalbank Fi       8.000 05/04/2021    CHF   66.150
UniCredit Bank AG            11.100 2/26/2021     EUR   70.630
Bank Julius Baer & Co L       5.450 4/28/2021     CHF   67.100
Zurcher Kantonalbank Fi       9.250 4/30/2021     USD   70.250
UniCredit Bank AG            13.60012/24/2021     EUR   71.490
UniCredit Bank AG            13.900 6/25/2021     EUR   56.150
UniCredit Bank AG            13.400 3/26/2021     EUR   53.340
UniCredit Bank AG            13.100 3/26/2021     EUR   50.470
UniCredit Bank AG            10.200 6/25/2021     EUR   68.370
UniCredit Bank AG            10.40012/24/2021     EUR   68.930
UniCredit Bank AG             8.300 3/26/2021     EUR   59.780
UniCredit Bank AG            10.700 3/26/2021     EUR   56.290
UniCredit Bank AG            10.100 3/26/2021     EUR   67.830
UniCredit Bank AG            11.40012/24/2021     EUR   75.110
UniCredit Bank AG            14.000 3/26/2021     EUR   70.810
UniCredit Bank AG             6.600 3/26/2021     EUR   62.210
UniCredit Bank AG             8.100 3/26/2021     EUR   58.670
Credit Suisse AG/London      10.000 5/14/2021     EUR   66.610
Leonteq Securities AG        10.000 8/17/2021     CHF   66.520
Raiffeisen Centrobank A       7.250 12/06/2021    EUR   87.000
Leonteq Securities AG/G       1.600 1/28/2022     EUR   33.760
UBS AG/London                 6.250 06/07/2021    CHF   53.000
Credit Suisse AG/London       5.500 1/28/2021     CHF   73.550
Leonteq Securities AG/G       2.29010/29/2021     EUR   47.650
BNP Paribas Emissions-       10.000 3/25/2021     EUR
BNP Paribas Issuance BV       5.000 11/05/2024    EUR   26.560
EFG International Finan       5.35011/15/2022     USD   68.900
UniCredit Bank AG             8.40012/24/2021     EUR   70.230
UniCredit Bank AG            10.200 6/25/2021     EUR   67.230
UniCredit Bank AG            13.300 3/26/2021     EUR   60.360
UniCredit Bank AG             9.00012/24/2021     EUR   73.090
BNP Paribas Emissions-        9.00012/23/2021     EUR
UniCredit Bank AG             8.700 3/26/2021     EUR   68.380
EFG International Finan       5.35010/31/2022     USD   72.470
DZ Bank AG Deutsche Zen       4.700 2/24/2021     EUR   73.700
UBS AG/London                10.50010/18/2021     CHF   70.700
UniCredit Bank AG             8.30012/24/2021     EUR   71.600
UniCredit Bank AG            13.200 6/25/2021     EUR   64.900
UniCredit Bank AG            14.300 6/25/2021     EUR   70.250
UniCredit Bank AG            14.10012/24/2021     EUR   70.660
UniCredit Bank AG            14.900 3/26/2021     EUR   69.170
UniCredit Bank AG             9.900 6/25/2021     EUR   72.120
SG Issuer SA                  7.440 05/03/2021    CHF   54.050
UniCredit Bank AG            12.50012/24/2021     EUR   73.210
UniCredit Bank AG            14.900 3/26/2021     EUR   48.360
UniCredit Bank AG             9.700 3/26/2021     EUR   64.990
UniCredit Bank AG             6.200 3/26/2021     EUR   63.910
UniCredit Bank AG            13.100 3/26/2021     EUR   72.540
Raiffeisen Schweiz Geno      12.840 2/15/2021     CHF   52.040
UniCredit Bank AG            11.100 3/26/2021     EUR   70.450
UniCredit Bank AG             8.700 6/25/2021     EUR   73.820
UniCredit Bank AG             6.400 3/26/2021     EUR   70.740
UniCredit Bank AG            13.700 3/26/2021     EUR   63.550
Erste Group Bank AG          12.00011/21/2024     EUR    0.450
UniCredit Bank AG            11.800 3/26/2021     EUR   65.590
Leonteq Securities AG         9.00011/15/2021     CHF   69.910
UniCredit Bank AG            12.000 6/25/2021     EUR   74.460
UniCredit Bank AG            14.60012/24/2021     EUR   69.870
UniCredit Bank AG             8.400 3/26/2021     EUR   70.290
UniCredit Bank AG            12.200 3/26/2021     EUR   74.390
Credit Suisse AG/London       7.750 7/28/2021     CHF   70.930
UniCredit Bank AG            13.500 3/26/2021     EUR   70.720
Landesbank Hessen-Thuer       5.250 06/03/2024    EUR   70.470
UniCredit Bank AG            10.700 2/26/2021     EUR   73.590
UBS AG/London                 8.750 06/07/2021    EUR   58.450
Landesbank Hessen-Thuer       5.750 07/12/2024    EUR   71.980
Zurcher Kantonalbank Fi       6.000 05/04/2021    CHF   67.620
DZ Bank AG Deutsche Zen       7.500 2/24/2021     EUR   68.670
Corner Banca SA              17.000 2/17/2021     CHF    4.000
Landesbank Baden-Wuertt       3.00011/26/2021     EUR   60.120
Leonteq Securities AG        13.000 2/17/2021     CHF    3.010
DekaBank Deutsche Giroz       3.70011/25/2022     EUR   63.050
Raiffeisen Switzerland        7.000 1/29/2021     EUR   60.980
Vontobel Financial Prod      11.500 3/26/2021     EUR   73.590
Vontobel Financial Prod      14.500 3/26/2021     EUR   69.450
Societe Generale SA           8.000 7/14/2021     USD    1.130
Bank Julius Baer & Co L      10.900 02/12/2021    USD   72.500
Landesbank Hessen-Thuer       7.700 8/20/2021     EUR   65.780
Vontobel Financial Prod       4.000 3/26/2021     EUR   73.670
EFG International Finan       7.600 5/27/2021     EUR   60.870
Societe Generale Effekt      13.500 3/26/2021     EUR   72.230
Vontobel Financial Prod       9.750 3/26/2021     EUR   66.010
Vontobel Financial Prod      10.000 2/26/2021     EUR   62.190
Vontobel Financial Prod       6.000 3/26/2021     EUR   59.660
Vontobel Financial Prod       7.750 3/26/2021     EUR   62.680
UBS AG/London                 3.900 3/25/2021     EUR   69.440
UBS AG/London                11.000 6/28/2021     CHF   69.700
UBS AG/London                10.750 6/28/2021     CHF   61.070
Credit Suisse AG/London       9.500 3/29/2021     EUR   67.230
EFG International Finan      13.00012/27/2021     CHF   12.390
UBS AG/London                13.750 6/28/2021     CHF    9.730
Vontobel Financial Prod       7.250 3/26/2021     EUR   69.900
Vontobel Financial Prod      10.250 2/26/2021     EUR   55.520
Vontobel Financial Prod       9.500 2/26/2021     EUR   72.280
Vontobel Financial Prod       7.000 3/26/2021     EUR   55.710
Bank Julius Baer & Co L       8.350 1/30/2023     CHF   73.450
Credit Suisse AG/London       7.500 1/29/2021     CHF   67.670
UniCredit Bank AG             6.600 2/19/2024     EUR   69.730
BNP Paribas Emissions-       12.000 3/25/2021     EUR    2.260
Leonteq Securities AG        16.000 4/13/2021     CHF   10.880
Leonteq Securities AG/G       6.000 01/10/2023    CHF   71.060
Vontobel Financial Prod       6.500 3/29/2021     EUR   59.840
Vontobel Financial Prod       7.500 03/12/2021    EUR   58.370
Vontobel Financial Prod      10.500 06/11/2021    EUR   71.880
Vontobel Financial Prod      11.500 06/11/2021    EUR   66.400
Raiffeisen Schweiz Geno       5.000 01/10/2023    CHF   69.120
UniCredit Bank AG             5.55012/27/2023     EUR   69.160
Corner Banca SA              15.500 03/09/2021    CHF   69.130
BNP Paribas Issuance BV       7.20012/17/2024     SEK   70.070
Vontobel Financial Prod      16.000 03/12/2021    EUR   66.110
Vontobel Financial Prod      11.500 03/12/2021    EUR   55.050
Vontobel Financial Prod      17.000 03/12/2021    EUR   70.150
Vontobel Financial Prod       7.500 06/11/2021    EUR   73.020
Raiffeisen Schweiz Geno       8.200 7/13/2021     CHF   70.770
DZ Bank AG Deutsche Zen      12.200 3/22/2021     EUR    2.670
Leonteq Securities AG/G       3.35012/13/2021     EUR   61.900
Raiffeisen Schweiz Geno       5.500 12/06/2022    CHF   73.320
UBS AG/London                 4.600 3/25/2021     EUR   58.700
Vontobel Financial Prod       6.500 03/12/2021    EUR   69.260
Vontobel Financial Prod       8.000 03/12/2021    EUR   66.930
Vontobel Financial Prod       5.000 03/12/2021    EUR   73.350
Vontobel Financial Prod      12.000 03/12/2021    EUR   70.180
Leonteq Securities AG         9.400 1/13/2022     CHF   67.720
DZ Bank AG Deutsche Zen       7.000 3/22/2021     EUR   61.250
DZ Bank AG Deutsche Zen      11.600 3/22/2021     EUR    2.590
Credit Suisse AG/London       7.000 06/09/2021    CHF   71.340
Vontobel Financial Prod       0.088 06/10/2021    EUR   66.200
Landesbank Hessen-Thuer       7.000 4/29/2022     EUR   58.950
Landesbank Baden-Wuertt       6.500 6/25/2021     EUR   70.340
Landesbank Baden-Wuertt       6.500 7/23/2021     EUR   56.570
Luzerner Kantonalbank A       6.000 6/23/2021     CHF   73.160
UBS AG/London                 4.500 3/25/2021     EUR   74.520
UBS AG/London                12.500 3/25/2021     EUR   54.800
UBS AG/London                 8.700 3/25/2021     EUR   63.920
Landesbank Baden-Wuertt       4.500 6/25/2021     EUR   59.730
Landesbank Baden-Wuertt       4.250 6/25/2021     EUR   73.250
Landesbank Baden-Wuertt       7.800 6/25/2021     EUR   65.210
Landesbank Baden-Wuertt       4.200 7/23/2021     EUR   59.850
Landesbank Baden-Wuertt       2.900 6/25/2021     EUR   63.160
Landesbank Hessen-Thuer       6.250 7/15/2022     EUR   67.060
Landesbank Baden-Wuertt       3.700 6/25/2021     EUR   66.710
UBS AG/London                 7.100 3/25/2021     EUR   61.550
UBS AG/London                 9.000 3/25/2021     EUR   57.690
EFG International Finan      12.800 06/09/2021    USD   61.400
Landesbank Baden-Wuertt       5.750 6/25/2021     EUR   63.240
Landesbank Baden-Wuertt       5.100 6/25/2021     EUR   71.760
Landesbank Baden-Wuertt       3.500 7/23/2021     EUR   73.120
Landesbank Baden-Wuertt       5.500 7/23/2021     EUR   62.410
Landesbank Baden-Wuertt       7.000 6/25/2021     EUR   48.750
Landesbank Baden-Wuertt       2.500 6/25/2021     EUR   61.730
Landesbank Baden-Wuertt       3.000 6/25/2021     EUR   64.630
Leonteq Securities AG/G       7.000 5/25/2022     CHF   72.990
Landesbank Baden-Wuertt       4.500 6/25/2021     EUR   61.550
Bayerische Landesbank         1.35012/23/2022     EUR   59.480
EFG International Finan       0.600 9/20/2022     EUR   62.350
Societe Generale SA          12.000 4/18/2024     USD   49.300
Banque Cantonale Vaudoi       5.500 04/08/2021    CHF   51.260
Bayerische Landesbank         2.700 5/14/2021     EUR   52.970
Citigroup Global Market       6.800 05/07/2024    SEK
DekaBank Deutsche Giroz       2.850 9/23/2022     EUR    4.990
Leonteq Securities AG/G       5.000 02/03/2021    EUR    0.520
BNP Paribas Emissions-        7.500 1/28/2021     EUR   66.920
DZ Bank AG Deutsche Zen       5.250 3/24/2021     EUR   69.710
Zurcher Kantonalbank Fi       8.000 5/19/2021     USD   72.590
Raiffeisen Schweiz Geno       6.000 6/30/2021     EUR   58.690
Landesbank Hessen-Thuer       7.770 7/15/2021     EUR   30.710
Bank Julius Baer & Co L       6.300 02/11/2021    EUR   68.050
Leonteq Securities AG/G      10.000 5/28/2021     EUR   62.700
Raiffeisen Schweiz Geno       6.00012/30/2021     CHF   70.660
Vontobel Financial Prod      10.300 3/29/2021     EUR
Skandinaviska Enskilda        7.450 1/15/2025     SEK   68.950
Vontobel Financial Prod      18.500 03/12/2021    EUR
EFG International Finan       5.350 12/06/2022    USD   70.930
Vontobel Financial Prod       6.500 03/12/2021    EUR   73.660
UBS AG/London                 3.400 6/24/2021     EUR   62.560
UBS AG/London                 3.000 3/25/2021     EUR   61.640
UBS AG/London                 8.700 6/24/2021     EUR   65.180
UBS AG/London                 7.700 3/25/2021     EUR   66.460
UBS AG/London                 6.300 6/24/2021     EUR   68.860
Bank Julius Baer & Co L       5.300 03/08/2021    EUR   61.350
Vontobel Financial Prod       5.000 03/12/2021    EUR   71.790
Vontobel Financial Prod       9.500 03/12/2021    EUR   64.770
Vontobel Financial Prod      11.000 03/12/2021    EUR   67.620
Vontobel Financial Prod       4.900 3/29/2021     EUR   73.070
Skandinaviska Enskilda        6.250 1/15/2025     SEK   72.240
Landesbank Baden-Wuertt       5.500 6/25/2021     EUR   72.480
Landesbank Baden-Wuertt       5.900 7/23/2021     EUR   67.020
Landesbank Baden-Wuertt       5.500 7/23/2021     EUR   66.900
Landesbank Baden-Wuertt       3.000 6/25/2021     EUR   68.440
Landesbank Baden-Wuertt       5.500 6/25/2021     EUR   69.480
UBS AG/London                 4.400 3/25/2021     EUR   60.230
UBS AG/London                 6.200 3/25/2021     EUR   72.930
UBS AG/London                 2.500 3/25/2021     EUR   65.140
UBS AG/London                 6.200 3/25/2021     EUR   69.140
UBS AG/London                 5.500 3/25/2021     EUR   71.410
UBS AG/London                 2.700 3/25/2021     EUR   63.330
UBS AG/London                 4.600 3/25/2021     EUR   57.210
UBS AG/London                 9.700 3/25/2021     EUR   61.770
UBS AG/London                11.900 3/25/2021     EUR   69.390
Leonteq Securities AG/G      12.200 02/07/2022    USD   72.990
Bank Julius Baer & Co L       8.900 02/12/2021    EUR   72.450
Leonteq Securities AG        13.600 02/10/2021    CHF    3.190
UBS AG/London                 5.400 6/24/2021     EUR   75.040
UBS AG/London                 4.000 6/24/2021     EUR   68.260
Credit Suisse AG/London       6.000 08/08/2022    CHF   72.740
UBS AG/London                 3.800 3/25/2021     EUR   71.620
UBS AG/London                18.100 3/25/2021     EUR   73.470
UBS AG/London                16.900 6/24/2021     EUR   75.970
Bank Julius Baer & Co L       8.900 02/12/2021    CHF   72.450
Bank Julius Baer & Co L       9.500 05/07/2021    EUR   71.650
Araratbank OJSC               5.500 1/29/2024     USD   24.704
UBS AG/London                 8.75011/15/2021     CHF   73.400
UniCredit Bank AG             6.900 3/26/2021     EUR   69.550
UniCredit Bank AG             9.20012/24/2021     EUR   67.120
Landesbank Baden-Wuertt       3.600 3/26/2021     EUR   74.070
Landesbank Baden-Wuertt       1.800 4/23/2021     EUR   56.700
Landesbank Baden-Wuertt       4.400 4/23/2021     EUR   50.010
Landesbank Baden-Wuertt       5.700 3/26/2021     EUR   65.810
Landesbank Baden-Wuertt       5.100 3/26/2021     EUR   62.430
Landesbank Baden-Wuertt       1.950 3/26/2021     EUR   67.240
Landesbank Baden-Wuertt       4.500 3/26/2021     EUR   59.140
UniCredit Bank AG             9.600 3/26/2021     EUR   65.160
UniCredit Bank AG            11.900 3/26/2021     EUR   69.060
Bank Julius Baer & Co L      14.750 8/16/2021     EUR    8.250
UniCredit Bank AG            11.400 6/25/2021     EUR   63.900
UniCredit Bank AG             8.40012/24/2021     EUR   68.290
UBS AG/London                 6.750 5/14/2021     CHF   73.350
UniCredit Bank AG             5.800 3/26/2021     EUR   72.030
UniCredit Bank AG            10.200 6/25/2021     EUR   65.400
Landesbank Baden-Wuertt       3.250 3/26/2021     EUR   71.270
Landesbank Baden-Wuertt       2.900 4/23/2021     EUR   73.450
UniCredit Bank AG            10.50012/24/2021     EUR   71.100
UniCredit Bank AG             9.500 3/26/2021     EUR   73.330
Vontobel Financial Prod      11.000 05/11/2021    EUR   54.870
UniCredit Bank AG            12.500 3/26/2021     EUR   61.420
UniCredit Bank AG            13.600 3/26/2021     EUR   65.220
UniCredit Bank AG             9.700 3/26/2021     EUR   71.690
UniCredit Bank AG            10.10012/24/2021     EUR   70.590
UBS AG/London                 7.250 10/04/2021    CHF   66.800
UniCredit Bank AG             9.30012/24/2021     EUR   71.620
UBS AG/London                 7.000 10/04/2021    CHF   69.800
EFG International Finan       5.35010/24/2022     USD   67.260
Credit Suisse AG/London       7.250 4/27/2021     EUR   64.050
UniCredit Bank AG            13.800 3/26/2021     EUR   66.050
UniCredit Bank AG            11.800 6/25/2021     EUR   68.770
DZ Bank AG Deutsche Zen      12.000 2/24/2021     EUR   65.470
UniCredit Bank AG             8.400 3/26/2021     EUR   73.850
UniCredit Bank AG            13.000 6/25/2021     EUR   67.380
DZ Bank AG Deutsche Zen      12.200 2/24/2021     EUR   73.200
Leonteq Securities AG/G      21.800 1/28/2021     USD   14.330
Zurcher Kantonalbank Fi      15.000 06/11/2021    CHF   71.220
UniCredit Bank AG            18.900 3/26/2021     EUR   57.990
Landesbank Baden-Wuertt       5.500 4/23/2021     EUR   65.530
Landesbank Baden-Wuertt       2.950 3/26/2021     EUR   69.770
Landesbank Baden-Wuertt       5.150 3/26/2021     EUR   64.590
DekaBank Deutsche Giroz       4.150 07/01/2022    EUR   59.320
Zurcher Kantonalbank Fi      10.50011/19/2021     CHF   71.380
BNP Paribas Emissions-        3.000 3/25/2021     EUR   70.520
UniCredit Bank AG            12.400 6/25/2021     EUR   66.070
DekaBank Deutsche Giroz       3.400 07/02/2021    EUR   72.450
UniCredit Bank AG            12.400 3/26/2021     EUR   67.780
Skandinaviska Enskilda       10.150 1/15/2025     SEK   69.950
UniCredit Bank AG            11.30012/24/2021     EUR   65.460
UniCredit Bank AG            17.100 3/26/2021     EUR   60.170
Bank Julius Baer & Co L       6.650 5/14/2021     EUR   68.750
Bank Julius Baer & Co L       6.500 2/16/2021     EUR   67.050
UniCredit Bank AG             8.200 3/26/2021     EUR   67.230
Zurcher Kantonalbank Fi       7.000 8/18/2021     CHF   61.350
Zurcher Kantonalbank Fi       6.500 2/19/2021     CHF   66.990
UniCredit Bank AG            10.800 6/25/2021     EUR   72.350
BNP Paribas Emissions-       10.000 9/23/2021     EUR    6.870
UniCredit Bank AG            10.30012/24/2021     EUR   66.690
UniCredit Bank AG            15.800 3/26/2021     EUR   63.710
UniCredit Bank AG            12.900 6/25/2021     EUR   69.250
UniCredit Bank AG            13.200 3/26/2021     EUR   67.180
BNP Paribas Emissions-        5.000 3/25/2021     EUR   72.590
BNP Paribas Emissions-        8.000 3/24/2022     EUR
Barclays Bank PLC             2.730 9/27/2024     EUR   50.260
UBS AG/London                10.50011/15/2021     CHF   73.200
UBS AG/London                11.000 5/14/2021     CHF   57.350
BNP Paribas Emissions-        5.000 6/24/2021     EUR   73.220
BNP Paribas Emissions-        5.000 9/23/2021     EUR   74.070
UniCredit Bank AG            15.300 6/25/2021     EUR   62.210
UniCredit Bank AG            16.700 6/25/2021     EUR   60.650
UniCredit Bank AG            15.300 3/26/2021     EUR   62.420
UniCredit Bank AG            11.000 3/26/2021     EUR   69.650
UniCredit Bank AG            13.000 6/25/2021     EUR   56.890
UniCredit Bank AG            10.90012/24/2021     EUR   72.250
UniCredit Bank AG            10.200 6/25/2021     EUR   47.220
UniCredit Bank AG             7.80012/24/2021     EUR   62.250
UniCredit Bank AG             8.10012/24/2021     EUR   51.580
UniCredit Bank AG            13.600 6/25/2021     EUR   62.620
UniCredit Bank AG            12.300 6/25/2021     EUR   71.740
UniCredit Bank AG             6.000 6/25/2021     EUR   68.460
UniCredit Bank AG             6.50012/24/2021     EUR   72.490
Credit Suisse AG/London      13.00011/30/2021     USD   70.060
UniCredit Bank AG             9.90012/24/2021     EUR   60.180
UniCredit Bank AG            12.300 6/25/2021     EUR   44.360
UniCredit Bank AG             9.70012/24/2021     EUR   49.220
UniCredit Bank AG             8.90012/24/2021     EUR   50.320
UniCredit Bank AG            11.20012/24/2021     EUR   47.350
UniCredit Bank AG            11.200 6/25/2021     EUR   45.670
UniCredit Bank AG             9.70012/24/2021     EUR   70.710
UniCredit Bank AG            12.800 6/25/2021     EUR   73.310
UniCredit Bank AG            11.000 6/25/2021     EUR   56.710
UniCredit Bank AG             8.300 6/25/2021     EUR   62.630
UniCredit Bank AG            11.10012/24/2021     EUR   65.520
UniCredit Bank AG            12.000 6/25/2021     EUR   55.020
UniCredit Bank AG            11.40012/24/2021     EUR   58.000
UniCredit Bank AG            12.90012/24/2021     EUR   56.230
UniCredit Bank AG            10.00012/24/2021     EUR   58.120
UniCredit Bank AG            11.700 6/25/2021     EUR   68.220
UniCredit Bank AG             9.800 6/25/2021     EUR   71.570
UniCredit Bank AG             9.10012/24/2021     EUR   61.370
UniCredit Bank AG            12.000 6/25/2021     EUR   65.250
Landesbank Hessen-Thuer       6.000 03/06/2025    EUR   52.940
Credit Suisse AG/London       8.500 1/25/2021     EUR   58.570
Zurcher Kantonalbank Fi       9.000 11/05/2021    EUR   72.540
Nordea Bank Abp               7.000 7/20/2024     SEK   72.240
UBS AG/London                 8.000 11/08/2021    CHF   59.000
UBS AG/London                10.000 05/06/2021    EUR   74.000
Leonteq Securities AG/G       3.400 3/20/2024     CHF   38.080
Leonteq Securities AG/G       8.800 05/07/2021    EUR   65.330
Societe Generale Effekt      12.240 6/25/2021     EUR   66.560
Societe Generale Effekt      13.47912/24/2021     EUR   67.990
Credit Suisse AG/London       6.250 3/26/2021     EUR   55.520
Zurcher Kantonalbank Fi       7.000 2/21/2022     CHF   70.890
SG Issuer SA                  6.940 1/20/2025     SEK   72.420
EFG International Finan       5.35011/29/2022     USD   70.600
Raiffeisen Schweiz Geno       7.060 06/02/2021    USD   57.400
DZ Bank AG Deutsche Zen       4.750 9/20/2021     EUR   74.440
Credit Suisse AG/London       7.000 5/31/2021     CHF   70.940
Zurcher Kantonalbank Fi       6.000 2/18/2021     CHF   65.790
Vontobel Financial Prod      10.00012/24/2021     EUR   72.410
UBS AG/London                 7.250 6/28/2021     EUR   73.150
Landesbank Baden-Wuertt       2.600 1/26/2024     EUR   72.770
UBS AG/London                 5.75012/27/2021     CHF   68.550
UBS AG/London                10.00012/27/2021     CHF   73.150
Zurcher Kantonalbank Fi       5.000 8/18/2021     CHF   61.920
Raiffeisen Schweiz Geno      12.150 3/24/2021     CHF   11.870
Leonteq Securities AG        11.000 01/03/2022    CHF   62.140
DZ Bank AG Deutsche Zen       6.250 3/22/2021     EUR   64.130
Leonteq Securities AG/G       7.000 06/02/2022    CHF   73.680
Raiffeisen Schweiz Geno       7.000 08/10/2021    CHF   68.960
EFG International Finan      11.12012/27/2024     EUR   59.510
EFG International Finan      12.00012/31/2021     USD   67.680
UBS AG/London                 9.50011/29/2021     CHF   71.900
UniCredit Bank AG             4.65012/22/2023     EUR   71.610
UBS AG/London                 7.00011/29/2021     EUR   57.650
EFG International Finan      17.800 5/27/2021     USD    8.520
Bank Julius Baer & Co L       7.420 02/08/2021    EUR   55.300
Vontobel Financial Prod      19.500 6/25/2021     EUR   68.130
Vontobel Financial Prod       9.500 3/26/2021     EUR   65.870
Vontobel Financial Prod       7.500 3/26/2021     EUR   68.210
Vontobel Financial Prod       5.500 3/26/2021     EUR   70.780
EFG International Finan       9.000 9/20/2021     EUR   60.600
UBS AG/London                 7.500 9/20/2021     CHF   57.600
UniCredit Bank AG             6.400 6/25/2021     EUR   67.600
Landesbank Baden-Wuertt       3.600 6/23/2023     EUR   58.190
SG Issuer SA                  6.130 1/20/2024     SEK   73.620
Landesbank Baden-Wuertt       2.10010/27/2023     EUR   62.980
UBS AG/London                12.750 9/27/2021     CHF   69.850
Leonteq Securities AG         7.500 11/08/2022    CHF   70.140
DekaBank Deutsche Giroz       2.400 6/17/2022     EUR   67.190
Leonteq Securities AG/G       6.00011/23/2021     CHF   55.460
Raiffeisen Schweiz Geno       8.600 4/21/2021     CHF   58.250
Bayerische Landesbank         2.050 7/23/2021     EUR   65.130
Corner Banca SA              12.200 4/21/2021     USD   70.630
UBS AG/London                 7.000 9/27/2021     CHF   68.500
Citigroup Global Market       6.01010/23/2024     RUB
Raiffeisen Schweiz Geno       4.40010/21/2021     CHF   51.130
Landesbank Hessen-Thuer       6.500 07/05/2024    EUR   65.740
Raiffeisen Schweiz Geno       3.20012/18/2026     CHF   64.810
Raiffeisen Schweiz Geno      10.00012/31/2024     CHF   72.220
Leonteq Securities AG         3.600 9/22/2026     CHF   54.180
Raiffeisen Schweiz Geno       2.700 9/22/2026     CHF   50.150
DekaBank Deutsche Giroz       7.250 04/01/2021    EUR    1.960
UBS AG/London                 7.50011/14/2025     USD    9.850
DZ Bank AG Deutsche Zen       9.000 3/24/2021     EUR   60.100
Goldman Sachs & Co Wert      13.000 3/24/2021     EUR   70.500
Goldman Sachs & Co Wert       5.000 3/24/2021     EUR   67.170
DekaBank Deutsche Giroz       3.750 2/26/2021     EUR    0.830
Goldman Sachs & Co Wert       7.000 3/24/2021     EUR   59.970
Goldman Sachs & Co Wert      22.000 3/24/2021     EUR   74.830
Leonteq Securities AG/G      14.550 3/24/2021     EUR    3.100
Leonteq Securities AG/G      17.610 3/24/2021     EUR    3.580
DekaBank Deutsche Giroz       3.65010/15/2021     EUR    3.020
Leonteq Securities AG/G      15.18012/27/2021     EUR   15.240
Nutritek International        8.750 12/11/2008    USD    2.089
Lehman Brothers Treasur       2.500 8/23/2012     GBP    0.100
Lehman Brothers Treasur       3.000 8/13/2011     EUR    0.100
Kaupthing ehf                 3.750 2/15/2024     ISK    0.250
Lehman Brothers Treasur       3.400 9/21/2009     HKD    0.100
Lehman Brothers Treasur       4.000 10/12/2010    USD    0.100
Lehman Brothers Treasur       7.00010/22/2010     EUR    0.100
Lehman Brothers Treasur       8.00010/23/2008     USD    0.100
Lehman Brothers Treasur       4.100 06/10/2014    SGD    0.100
Lehman Brothers Treasur       6.000 9/20/2011     EUR    0.100
Lehman Brothers Treasur       1.500 10/12/2010    EUR    0.100
ECM Real Estate Investm       5.000 10/09/2011    EUR   15.375
Lehman Brothers Treasur      11.00012/20/2017     AUD    0.100
Lehman Brothers Treasur      11.00012/20/2017     AUD    0.100
Lehman Brothers Treasur       0.50012/20/2017     AUD    0.100
Lehman Brothers Treasur       0.50012/20/2017     USD    0.100
Lehman Brothers Treasur      10.000 2/16/2009     CHF    0.100
Lehman Brothers Treasur       6.30012/21/2018     USD    0.100
Lehman Brothers Treasur      11.000 2/16/2009     CHF    0.100
Lehman Brothers Treasur       7.000 2/15/2010     CHF    0.100
Kaupthing ehf                 4.73012/19/2008     SKK    0.250
Lehman Brothers Treasur       8.80012/27/2009     EUR    0.100
Lehman Brothers Treasur      14.90011/16/2010     EUR    0.100
Lehman Brothers Treasur      16.000 10/08/2008    CHF    0.100
Lehman Brothers Treasur       8.00012/31/2010     USD    0.100
Lehman Brothers Treasur       0.50012/20/2017     USD    0.100
Lehman Brothers Treasur       0.50012/20/2017     AUD    0.100
Lehman Brothers Treasur       0.50012/20/2017     AUD    0.100
Lehman Brothers Treasur       9.30012/21/2010     EUR    0.100
Lehman Brothers Treasur       4.000 01/04/2011    USD    0.100
Lehman Brothers Treasur       0.50012/20/2017     AUD    0.100
Lehman Brothers Treasur       0.50012/20/2017     AUD    0.100
Lehman Brothers Treasur       5.375 02/04/2014    USD    0.100
Lehman Brothers Treasur       0.80012/30/2016     EUR    0.100
Banca Popolare di Vicen       9.500 10/02/2025    EUR    0.011
Lehman Brothers Treasur       3.35010/13/2016     EUR    0.100
Lehman Brothers Treasur       6.000 5/23/2018     CZK    0.100
Lehman Brothers Treasur       4.000 5/17/2010     USD    0.100
Kaupthing ehf                 5.250 7/18/2017     BGN    0.250
Lehman Brothers Treasur       6.000 3/18/2015     USD    0.100
Lehman Brothers Treasur       1.000 2/26/2010     USD    0.100
Lehman Brothers Treasur       5.200 11/09/2011    EUR    0.100
Lehman Brothers Treasur       4.80011/16/2012     HKD    0.100
Lehman Brothers Treasur       4.600 10/11/2017    ILS    0.100
Lehman Brothers Treasur       3.50012/20/2027     USD    0.100
Lehman Brothers Treasur      13.000 7/25/2012     EUR    0.100
Lehman Brothers Treasur      18.250 10/02/2008    USD    0.100
Lehman Brothers Treasur       2.250 05/12/2009    USD    0.100
Lehman Brothers Treasur       4.000 5/30/2010     USD    0.100
Lehman Brothers Treasur       2.480 05/12/2009    USD    0.100
HSBC Bank PLC                 0.500 6/23/2027     MXN   66.349
Lehman Brothers Treasur       7.58511/22/2009     MXN    0.100
Lehman Brothers Treasur       4.00011/24/2016     EUR    0.100
Getin Noble Bank SA           5.25011/30/2023     PLN   72.000
Lehman Brothers Treasur       8.000 08/03/2009    USD    0.100
Lehman Brothers Treasur       5.500 6/15/2009     CHF    0.100
Lehman Brothers Treasur      11.000 6/29/2009     EUR    0.100
Lehman Brothers Treasur       1.50010/25/2011     EUR    0.100
Lehman Brothers Treasur       5.500 4/23/2014     EUR    0.100
Lehman Brothers Treasur       1.600 6/21/2010     JPY    0.100
Lehman Brothers Treasur       6.450 2/20/2010     AUD    0.100
Lehman Brothers Treasur       6.600 5/23/2012     AUD    0.100
Lehman Brothers Treasur       9.000 05/06/2011    CHF    0.100
Lehman Brothers Treasur       7.600 03/04/2010    NZD    0.100
Kaupthing ehf                 7.625 2/28/2015     USD    0.250
Lehman Brothers Treasur       7.150 3/21/2013     USD    0.100
Lehman Brothers Treasur       6.000 03/04/2015    USD    0.100
Lehman Brothers Treasur      10.000 5/22/2009     USD    0.100
Lehman Brothers Treasur       4.600 08/01/2013    EUR    0.100
Lehman Brothers Treasur      15.000 06/04/2009    CHF    0.100
Kaupthing ehf                 2.775 05/10/2045    ISK    0.250
Lehman Brothers Treasur      10.44211/22/2008     CHF    0.100
Lehman Brothers Treasur       8.000 5/22/2009     USD    0.100
Lehman Brothers Treasur      17.000 06/02/2009    USD    0.100
Lehman Brothers Treasur      13.500 06/02/2009    USD    0.100
Lehman Brothers Treasur       5.00011/22/2012     EUR    0.100
RGS Nedvizhimost OOO         12.00010/18/2017     RUB    0.335
Lehman Brothers Treasur       5.500 6/22/2010     USD    0.100
Lehman Brothers Treasur       3.450 5/23/2013     USD    0.100
Lehman Brothers Treasur       7.500 2/14/2010     AUD    0.100
Lehman Brothers Treasur      10.00010/22/2008     USD    0.100
Lehman Brothers Treasur      16.00010/28/2008     USD    0.100
Lehman Brothers Treasur       3.500 6/20/2011     EUR    0.100
Lehman Brothers Treasur       7.600 1/31/2013     AUD    0.100
Lehman Brothers Treasur      11.750 03/01/2010    EUR    0.100
Lehman Brothers Treasur       8.000 3/21/2018     USD    0.100
Lehman Brothers Treasur       4.000 03/10/2011    EUR    0.100
Lehman Brothers Treasur       8.000 3/19/2012     USD    0.100
Lehman Brothers Treasur      13.432 01/08/2009    ILS    0.100
Landesbank Hessen-Thuer       4.000 5/15/2023     EUR   66.980
Erste Group Bank AG           5.80010/31/2024     EUR   65.750
DekaBank Deutsche Giroz       4.000 11/05/2021    EUR   66.660
Raiffeisen Schweiz Geno       5.000 9/13/2022     CHF   69.850
EFG International Finan      12.530 3/18/2021     CHF   66.660
Raiffeisen Switzerland        7.700 3/16/2021     EUR   65.080
UniCredit Bank AG             6.250 11/04/2021    EUR   71.420
Leonteq Securities AG         6.600 10/12/2021    CHF   54.730
EFG International Finan      14.000 3/18/2021     USD   67.100
Zurcher Kantonalbank Fi       6.50010/15/2021     CHF   72.540
Rosbank PJSC                  0.030 4/30/2024     RUB   65.000
UBS AG/London                 7.000 10/11/2021    CHF   59.150
Leonteq Securities AG        10.800 10/11/2021    CHF   70.590
UBS AG/London                 8.400 3/25/2021     EUR   69.220
DekaBank Deutsche Giroz       3.200 11/04/2022    EUR   70.700
UBS AG/London                 4.800 3/25/2021     EUR   64.230
UBS AG/London                 5.300 3/25/2021     EUR   61.570
Leonteq Securities AG         7.500 10/04/2021    CHF   72.520
EFG International Finan       0.600 09/06/2022    EUR   66.900
UBS AG/London                 6.000 9/23/2021     EUR   64.400
UBS AG/London                 5.200 9/23/2021     EUR   66.500
Nordea Bank Abp               7.450 7/20/2024     SEK   73.370
Zurcher Kantonalbank Fi       7.750 09/09/2021    EUR   70.680
UBS AG/London                 3.900 3/25/2021     EUR   65.390
WEB Windenergie AG            6.500               EUR    0.010
Raiffeisen Centrobank A       6.000 10/07/2021    EUR   69.080
UBS AG/London                 7.000 9/13/2021     CHF   66.600
Landesbank Hessen-Thuer       2.700 09/12/2023    EUR   71.760
Skandinaviska Enskilda        6.350 7/15/2024     SEK   71.370
UBS AG/London                 7.750 9/13/2021     EUR   58.150
UBS AG/London                 8.500 9/13/2021     EUR   65.300
SG Issuer SA                  5.000 07/10/2021    EUR   12.500
EFG International Finan       8.80010/15/2021     CHF   69.740
EFG International Finan      10.40010/15/2021     EUR   50.980
Zurcher Kantonalbank Fi       8.00010/22/2021     EUR   59.610
Zurcher Kantonalbank Fi      10.250 4/23/2021     CHF   65.250
DekaBank Deutsche Giroz       2.800 1/13/2023     EUR   72.190
Raiffeisen Schweiz Geno       5.20012/20/2021     CHF   71.470
Credit Suisse AG/London       8.750 6/23/2021     EUR   60.440
DZ Bank AG Deutsche Zen      12.100 3/26/2021     EUR   71.070
Zurcher Kantonalbank Fi       8.000 5/16/2022     CHF   63.830
Landesbank Baden-Wuertt       5.000 7/23/2021     EUR   51.330
Landesbank Baden-Wuertt       4.000 6/25/2021     EUR   56.350
SG Issuer SA                  0.35011/15/2023     EUR   18.340
Landesbank Baden-Wuertt       3.000 6/25/2021     EUR   67.890
Landesbank Baden-Wuertt       6.500 6/25/2021     EUR   52.410
Landesbank Baden-Wuertt       5.500 6/25/2021     EUR   70.550
Leonteq Securities AG/G      15.000 2/25/2021     EUR    3.460
Leonteq Securities AG        13.200 5/25/2021     CHF   72.040
Leonteq Securities AG/G       7.42011/22/2021     EUR   59.700
Bayerische Landesbank         2.500 7/22/2022     EUR   65.470
Leonteq Securities AG         5.000 8/23/2021     CHF   73.750
Leonteq Securities AG/G      10.000 05/10/2021    EUR   52.300
DekaBank Deutsche Giroz       3.000 9/24/2021     EUR   56.200
Raiffeisen Schweiz Geno       8.000 5/14/2021     CHF   54.420
Corner Banca SA               8.620 8/30/2021     CHF   72.810
Leonteq Securities AG/G       8.150 09/02/2021    CHF   46.180
Zurcher Kantonalbank Fi       5.500 03/10/2021    CHF   72.410
Landesbank Baden-Wuertt       4.10010/22/2021     EUR   70.510
Landesbank Baden-Wuertt       5.05010/22/2021     EUR   68.620
Zurcher Kantonalbank Fi      10.875 5/27/2021     EUR   69.870
Landesbank Baden-Wuertt       2.50010/22/2021     EUR   65.240
Landesbank Baden-Wuertt       2.95010/22/2021     EUR   70.590
UBS AG/London                 7.250 09/06/2021    CHF   58.600
Societe Generale SA          14.220 5/13/2021     USD   43.300
BNP Paribas Emissions-        5.000 06/04/2021    EUR   53.630
Landesbank Baden-Wuertt       3.05010/22/2021     EUR   73.190
Landesbank Baden-Wuertt       1.20010/22/2021     EUR   70.220
Landesbank Baden-Wuertt       2.90010/22/2021     EUR   68.860
UBS AG/London                11.000 5/17/2021     USD   57.980
Leonteq Securities AG/G       8.000 5/14/2021     CHF   55.660
EFG International Finan       7.000 09/06/2021    EUR   71.770
Zurcher Kantonalbank Fi      10.750 5/21/2021     CHF   62.290
Zurcher Kantonalbank Fi      14.000 5/21/2021     CHF   66.590
DZ Bank AG Deutsche Zen       7.200 3/26/2021     EUR   64.190
Zurcher Kantonalbank Fi       5.500 6/30/2022     CHF   71.120
Citigroup Global Market       3.850 8/22/2022     EUR   70.600
Raiffeisen Schweiz Geno       5.250 8/16/2022     CHF   73.420
UBS AG/London                 7.000 8/23/2021     EUR   58.250
UBS AG/London                 5.500 8/23/2021     CHF   66.650
Leonteq Securities AG/G       7.000 8/23/2021     EUR   72.490
UBS AG/London                10.750 05/07/2021    USD   52.500
Skandinaviska Enskilda        5.520 7/15/2024     SEK   72.540
Landesbank Hessen-Thuer       4.000 6/14/2023     EUR   69.920
UBS AG/London                 7.000 8/30/2021     CHF   65.800
Raiffeisen Schweiz Geno       5.000 05/10/2022    CHF   72.280
Raiffeisen Schweiz Geno       5.550 03/03/2021    CHF   70.320
DekaBank Deutsche Giroz       4.000 1/14/2022     EUR   66.320
EFG International Finan       5.35012/27/2022     USD   69.640
Credit Suisse AG/London       6.000 6/24/2022     CHF   72.860
DZ Bank AG Deutsche Zen       9.000 3/26/2021     EUR   71.170
DZ Bank AG Deutsche Zen       9.900 3/26/2021     EUR   71.420
DZ Bank AG Deutsche Zen      10.900 3/26/2021     EUR   65.090
Metalloinvest Holding C       0.010 03/07/2022    RUB   70.010
UBS AG/London                 7.750 5/24/2021     EUR   52.900
Bank Julius Baer & Co L       9.000 1/25/2021     EUR   56.550
Zurcher Kantonalbank Fi       6.500 7/22/2021     CHF   72.940
Zurcher Kantonalbank Fi       9.500 7/22/2021     EUR   52.440
Credit Suisse AG/London       6.000 7/13/2022     CHF   73.240
DZ Bank AG Deutsche Zen       4.250 3/24/2021     EUR   69.020
DZ Bank AG Deutsche Zen       6.500 3/24/2021     EUR   69.380
DZ Bank AG Deutsche Zen       4.500 3/24/2021     EUR   73.150
DZ Bank AG Deutsche Zen       8.500 3/24/2021     EUR   66.420
Zurcher Kantonalbank Fi      10.750 1/21/2022     CHF   61.210
Landesbank Baden-Wuertt       5.000 7/23/2021     EUR   62.990
Landesbank Baden-Wuertt       2.000 6/25/2021     EUR   72.410
Landesbank Baden-Wuertt       3.500 6/25/2021     EUR   69.240
Landesbank Baden-Wuertt       5.000 6/25/2021     EUR   56.220
Leonteq Securities AG        17.400 2/25/2021     CHF   74.680
Leonteq Securities AG/G       4.89011/26/2021     USD   61.090
EFG International Finan      10.85011/29/2024     USD   68.480
DZ Bank AG Deutsche Zen       5.100 3/22/2021     EUR   68.670
Bank Julius Baer & Co L       8.000 2/26/2021     CHF   54.400
Leonteq Securities AG        14.000 2/26/2021     CHF   11.160
Raiffeisen Schweiz Geno       5.60011/22/2021     EUR   72.320
Raiffeisen Schweiz Geno       4.00011/22/2022     CHF   73.210
Raiffeisen Schweiz Geno       9.000 5/25/2021     CHF   57.380
BNP Paribas Emissions-       13.000 6/24/2021     EUR   57.840
BNP Paribas Emissions-        6.000 6/24/2021     EUR   72.400
BNP Paribas Emissions-        7.000 6/24/2021     EUR   68.660
BNP Paribas Emissions-        8.000 6/24/2021     EUR   65.250
BNP Paribas Emissions-        9.500 6/24/2021     EUR   62.400
BNP Paribas Emissions-        5.000 6/24/2021     EUR   68.370
BNP Paribas Emissions-       12.000 6/24/2021     EUR   73.130
Zurcher Kantonalbank Fi       6.000 12/06/2021    CHF   68.370
Astana Finance BV             9.00011/16/2011     USD   15.250
Lehman Brothers Treasur       2.50012/15/2011     GBP    0.100
Credito Padano Banca di       3.100               EUR   34.062
BNP Paribas SA                1.000 1/23/2040     MXN   22.829
Lehman Brothers Treasur       5.000 4/24/2017     EUR    0.100
Lehman Brothers Treasur      13.50011/28/2008     USD    0.100
Lehman Brothers Treasur       4.050 9/16/2008     EUR    0.100
Lehman Brothers Treasur       1.680 03/05/2015    EUR    0.100
Lehman Brothers Treasur       3.50010/31/2011     USD    0.100
Lehman Brothers Treasur      14.900 9/15/2008     EUR    0.100
Lehman Brothers Treasur       3.50010/24/2011     USD    0.100
Espirito Santo Financia       5.625 7/28/2017     EUR    0.843
Lehman Brothers Treasur       6.750 04/05/2012    EUR    0.100
Lehman Brothers Treasur       0.25010/19/2012     CHF    0.100
Lehman Brothers Treasur      12.000 07/04/2011    EUR    0.100
Kaupthing ehf                 9.750 09/10/2015    USD    0.250
Lehman Brothers Treasur       8.280 3/26/2009     USD    0.100
Lehman Brothers Treasur       7.55012/29/2008     USD    0.100
Lehman Brothers Treasur       8.00012/27/2032     JPY    0.100
Lehman Brothers Treasur       1.500 02/08/2012    CHF    0.100
Lehman Brothers Treasur       5.120 4/30/2027     EUR    0.100
Lehman Brothers Treasur       0.000 9/21/2010     JPY    0.100
Lehman Brothers Treasur       2.000 6/21/2011     EUR    0.100
Heta Asset Resolution A       0.18712/31/2023     EUR    2.078
Kaupthing ehf                 7.000 7/24/2009     ISK    0.250
LBI ehf                       8.650 05/01/2011    ISK    8.625
Kuntarahoitus Oyj             0.250 6/28/2040     CAD   38.453
Otkritie Holding JSC         10.000 4/20/2028     RUB    2.300
Lehman Brothers Treasur       4.50012/30/2010     USD    0.100
Lehman Brothers Treasur       7.000 07/11/2010    EUR    0.100
Lehman Brothers Treasur       6.000 12/06/2016    USD    0.100
Lehman Brothers Treasur       6.000 7/28/2010     EUR    0.100
Lehman Brothers Treasur       4.150 8/25/2020     EUR    0.100
Lehman Brothers Treasur       3.630 03/02/2012    EUR    0.100
Lehman Brothers Treasur       4.500 03/07/2015    EUR    0.100
Ideal Standard Internat      11.750 05/01/2018    EUR    0.050
Lehman Brothers Treasur       3.025 1/31/2015     EUR    0.100
Lehman Brothers Treasur       0.750 3/29/2012     EUR    0.100
EDOB Abwicklungs AG           7.500 04/01/2012    EUR    2.000
Lehman Brothers Treasur       6.000 7/28/2010     EUR    0.100
Northland Resources AB       12.250 3/26/2016     USD    2.621
Lehman Brothers Treasur      13.000 2/16/2009     CHF    0.100
Lehman Brothers Treasur       0.50012/20/2017     USD    0.100
Lehman Brothers Treasur       0.50012/20/2017     USD    0.100
Santander Consumer Bank       5.160               NOK   58.614
Lehman Brothers Treasur       8.05012/20/2010     HKD    0.100
Lehman Brothers Treasur       7.750 2/21/2016     EUR    0.100
Lehman Brothers Treasur       7.06012/29/2008     EUR    0.100
Lehman Brothers Treasur       6.72012/29/2008     EUR    0.100
Lehman Brothers Treasur       4.100 8/23/2010     USD    0.100
MIK OAO                      15.000 2/19/2020     RUB   13.875
Lehman Brothers Treasur       3.600 3/19/2018     JPY    0.100
Kaupthing ehf                 7.500 12/05/2014    ISK    0.250
Lehman Brothers Treasur       2.300 6/27/2013     USD    0.100
Irish Bank Resolution C       4.000 4/23/2018     EUR   33.250
Teksid Aluminum Luxembo      12.375 7/15/2011     EUR    0.122
SG Issuer SA                  3.300 9/26/2034     ZAR   49.333
Espirito Santo Financia       0.34910/27/2024     EUR    0.304
Lehman Brothers Treasur       2.370 7/15/2013     USD    0.100
Kaupthing ehf                 6.500 10/08/2010    ISK    0.250
Lehman Brothers Treasur       4.100 5/20/2009     USD    0.100
Lehman Brothers Treasur       2.000 5/17/2010     EUR    0.100
Lehman Brothers Treasur       4.000 2/28/2010     EUR    0.100
Heta Asset Resolution A       5.03012/31/2023     EUR    2.078
Lehman Brothers Treasur       6.600 02/09/2009    EUR    0.100
Heta Asset Resolution A       5.73012/31/2023     EUR    2.078
Lehman Brothers Treasur       7.625 7/22/2011     HKD    0.100
Cerruti Finance SA            6.500 7/26/2004     EUR    2.061
Lehman Brothers Treasur       6.85012/22/2008     EUR    0.100
Lehman Brothers Treasur       7.600 3/26/2009     EUR    0.100
Lehman Brothers Treasur       0.010 9/20/2011     USD    0.100
Kaupthing ehf                 1.615               ISK    0.250
Lehman Brothers Treasur       3.82010/20/2009     USD    0.100
Kaupthing ehf                 4.39010/14/2008     CZK    0.250
Lehman Brothers Treasur       7.750 01/03/2012    AUD    0.100
Lehman Brothers Treasur       0.500 07/02/2020    EUR    0.100
Lehman Brothers Treasur       3.100 06/04/2010    USD    0.100
Lehman Brothers Treasur       0.500 08/01/2020    EUR    0.100
Lehman Brothers Treasur      10.00010/23/2008     USD    0.100
Lehman Brothers Treasur       5.500 07/08/2013    EUR    0.100
Lehman Brothers Treasur       0.500 06/02/2020    EUR    0.100
Lehman Brothers Treasur       7.500 5/30/2010     AUD    0.100
Lehman Brothers Treasur       4.300 06/04/2012    USD    0.100
Lehman Brothers Treasur       4.000 06/05/2011    USD    0.100
Lehman Brothers Treasur       7.250 07/08/2014    EUR    0.100
Lehman Brothers Treasur       2.300 06/06/2013    USD    0.100
Lehman Brothers Treasur       1.460 2/19/2012     JPY    0.100
Lehman Brothers Treasur       2.000 6/28/2011     EUR    0.100
Lehman Brothers Treasur       7.600 5/21/2013     USD    0.100
Lehman Brothers Treasur      10.000 6/17/2009     USD    0.100
Lehman Brothers Treasur      13.15010/30/2008     USD    0.100
Lehman Brothers Treasur       2.500 8/15/2012     CHF    0.100
KPNQwest NV                   7.125 06/01/2009    EUR    0.068
Lehman Brothers Treasur       6.250 09/05/2011    EUR    0.100
Lehman Brothers Treasur      16.800 8/21/2009     USD    0.100
Lehman Brothers Treasur      14.100 11/12/2008    USD    0.100
Lehman Brothers Treasur       6.000 08/07/2013    EUR    0.100
Waste Italia SpA             10.50011/15/2019     EUR    0.727
Lehman Brothers Treasur      11.00012/19/2011     USD    0.100
Lehman Brothers Treasur      15.000 3/30/2011     EUR    0.100
Lehman Brothers Treasur       6.600 2/22/2012     EUR    0.100
Lehman Brothers Treasur       6.000 2/14/2012     EUR    0.100
Lehman Brothers Treasur       4.690 2/19/2017     EUR    0.100
Lehman Brothers Treasur       1.750 02/07/2010    EUR    0.100
Lehman Brothers Treasur       7.000 2/15/2012     EUR    0.100
Lehman Brothers Treasur       5.200 3/19/2018     EUR    0.100
Deutsche Bank AG/London       2.00010/25/2023     TRY   63.967
Kaupthing ehf                 5.000 01/04/2027    SKK    0.250
Lehman Brothers Treasur       4.82012/18/2036     EUR    0.100
Lehman Brothers Treasur      12.000 7/13/2037     JPY    0.100
Lehman Brothers Treasur      10.000 06/11/2038    JPY    0.100
Lehman Brothers Treasur       4.200 12/03/2008    HKD    0.100
Lehman Brothers Treasur       8.875 1/28/2011     HKD    0.100
LBI ehf                       5.080 03/01/2013    ISK    8.625
Heta Asset Resolution A       5.27012/31/2023     EUR    2.078
Credit Suisse AG/London       0.500 01/08/2026    BRL   66.294
Lehman Brothers Treasur      11.25012/31/2008     USD    0.100
Lehman Brothers Treasur       3.000 09/12/2036    JPY    0.100
Lehman Brothers Treasur       5.250 04/01/2023    EUR    0.100
Lehman Brothers Treasur       6.700 4/21/2011     USD    0.100
Lehman Brothers Treasur      13.00012/14/2012     USD    0.100
Lehman Brothers Treasur       4.680 12/12/2045    EUR    0.100
Getin Noble Bank SA           5.280 1/31/2024     PLN   68.000
Lehman Brothers Treasur       5.000 05/02/2022    EUR    0.100
Lehman Brothers Treasur      16.00012/26/2008     USD    0.100
Lehman Brothers Treasur      11.000 07/04/2011    USD    0.100
Lehman Brothers Treasur      11.000 07/04/2011    CHF    0.100
Lehman Brothers Treasur       5.550 03/12/2015    EUR    0.100
Lehman Brothers Treasur       3.000 06/03/2010    EUR    0.100
Lehman Brothers Treasur      12.400 06/12/2009    USD    0.100
Lehman Brothers Treasur      23.300 9/16/2008     USD    0.100
Lehman Brothers Treasur       2.400 6/20/2011     JPY    0.100
Lehman Brothers Treasur       7.000 4/24/2009     USD    0.100
Lehman Brothers Treasur      16.000 11/09/2008    USD    0.100
Lehman Brothers Treasur      10.600 4/22/2014     MXN    0.100
Lehman Brothers Treasur      16.200 5/14/2009     USD    0.100
Lehman Brothers Treasur       1.000 05/09/2012    EUR    0.100
SG Issuer SA                  3.000 10/10/2034    ZAR   47.033
Kaupthing ehf                 3.750 02/01/2045    USD    0.232
Lehman Brothers Treasur       8.600 7/31/2013     GBP    0.100
Lehman Brothers Treasur       8.280 7/31/2013     GBP    0.100
Lehman Brothers Treasur       7.500 7/31/2013     GBP    0.100
Lehman Brothers Treasur       7.320 7/31/2013     GBP    0.100
Lehman Brothers Treasur       1.280 11/06/2010    JPY    0.100
Lehman Brothers Treasur       1.950 11/04/2013    EUR    0.100
Instabank ASA                 5.500 3/28/2028     NOK   64.574
Laurel GmbH                   7.12511/16/2017     EUR    7.750
Mriya Agro Holding PLC       10.950 3/30/2016     USD    5.000
IT Holding Finance SA         9.87511/15/2012     EUR    0.231
AKB Peresvet ZAO             13.250 4/25/2018     RUB   19.625
Lehman Brothers Treasur       3.000 9/13/2010     JPY    0.100
Lehman Brothers Treasur       3.860 9/21/2011     SGD    0.100
Lehman Brothers Treasur      10.000 3/27/2009     USD    0.100
Lehman Brothers Treasur       0.250 7/21/2014     EUR    0.100
Lehman Brothers Treasur       7.750 1/30/2009     EUR    0.100
Lehman Brothers Treasur       2.00010/28/2010     EUR    0.100
Lehman Brothers Treasur       7.00011/28/2008     CHF    0.100
Lehman Brothers Treasur       5.750 6/15/2009     CHF    0.100
Lehman Brothers Treasur       4.000 4/13/2011     CHF    0.100
Lehman Brothers Treasur       3.850 4/24/2009     USD    0.100
Lehman Brothers Treasur      10.500 08/09/2010    EUR    0.100
Lehman Brothers Treasur       5.00010/24/2008     CHF    0.100
Lehman Brothers Treasur       4.000 4/24/2009     USD    0.100
Lehman Brothers Treasur       8.500 07/06/2009    CHF    0.100
IT Holding Finance SA         9.87511/15/2012     EUR    0.231
Lehman Brothers Treasur       9.250 6/20/2012     USD    0.100
Nota-Bank OJSC               13.500 04/01/2016    RUB   31.500
Lehman Brothers Treasur       4.350 08/08/2016    SGD    0.100
Lehman Brothers Treasur       4.500 03/06/2013    CHF    0.100
Lehman Brothers Treasur       4.500 08/02/2009    USD    0.100
Lehman Brothers Treasur       4.870 10/08/2013    USD    0.100
Lehman Brothers Treasur       4.000 12/02/2012    EUR    0.100
Lehman Brothers Treasur       3.700 06/06/2009    EUR    0.100
Northland Resources AB       15.000 7/15/2019     USD    2.621
Heta Asset Resolution A       7.50012/31/2023     ATS    2.078
Lehman Brothers Treasur       5.25011/21/2009     USD    0.100
Deutsche Bank AG/London       0.500 04/05/2038    MXN   24.204
Lehman Brothers Treasur       0.500 2/16/2009     EUR    0.100
Lehman Brothers Treasur       4.250 3/13/2021     EUR    0.100
Lehman Brothers Treasur       3.000 08/08/2017    EUR    0.100
Rosbank PJSC                  0.040 4/30/2024     RUB   65.000
LBI ehf                       2.250 2/14/2011     CHF    8.625
Lehman Brothers Treasur       6.000 3/17/2011     EUR    0.100
Petromena ASA                 9.750 5/24/2016     NOK    0.607
Rosbank PJSC                  0.010 4/30/2024     RUB   65.000
Instabank ASA                 9.380               NOK   57.265
Lehman Brothers Treasur       8.000 4/20/2009     EUR    0.100
Rosbank PJSC                  0.020 4/30/2024     RUB   65.000
Sidetur Finance BV           10.000 4/20/2016     USD    3.532
Lehman Brothers Treasur       7.50010/24/2008     USD    0.100
Lehman Brothers Treasur       6.00010/24/2008     EUR    0.100
Lehman Brothers Treasur       7.500 9/13/2009     CHF    0.100
Lehman Brothers Treasur       9.000 6/13/2009     USD    0.100
Lehman Brothers Treasur       9.000 3/17/2009     GBP    0.100
SAir Group                    2.750 7/30/2004     CHF   12.625
Lehman Brothers Treasur       7.250 10/06/2008    EUR    0.100
Lehman Brothers Treasur       8.000 5/22/2009     USD    0.100
Lehman Brothers Treasur       7.000 4/14/2009     EUR    0.100
Leonteq Securities AG/G      12.900 1/29/2021     USD    3.560
Vontobel Financial Prod       5.300 1/29/2021     EUR   74.320
DekaBank Deutsche Giroz       7.000 02/01/2021    EUR   62.040



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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 2021.  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
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members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
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