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

                           E U R O P E

            Monday, July 23, 2018, Vol. 19, No. 144


                            Headlines


I R E L A N D

BAMS CMBS 2018-1: Fitch Assigns 'BB-sf' Rating to Class E Notes
CONTEGO CLO V: Fitch Assigns 'B-sf' Rating to Class F Debt
RICHMOND PARK: Moody's Gives B2 Rating to EUR14.3MMM Cl. F Notes
SMURFIT KAPPA: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable
VAULTS: Investors in Restructuring Talks Ahead of Opening

VOYA CLO 2015-2: Moody's Assigns (P)Ba3 Rating to Class E-R Notes


K A Z A K H S T A N

SB SBERBANK: Moody's Alters Outlook on Ba3 Ratings to Stable


N E T H E R L A N D S

BARINGS EURO 2014-1: Moody's Assigns B2 Rating to Cl. F-RR Notes
DRYDEN 44: Moody's Assigns B2 Rating to Class F-R Notes
JUBILEE CLO 2018-XX: Fitch Assigns 'B-sf' Rating to Class F Notes
KETER GROUP: Moody's Cuts CFR to B3, Outlook Remains Stable
ROSE BEACHHOUSE: Moody's Assigns B2 CFR, Outlook Stable

TIKEHAU CLO IV: Moody's Assigns (P)B2 Rating to Class F Notes


R U S S I A

ABSOLUT BANK: Fitch Cuts LT IDR to 'B-', Withdraws Ratings
GAZBANK JSCB: Moody's Cuts Long-Term Deposit Ratings to 'C'


U N I T E D   K I N G D O M

FIRST PRIORITY: Creditors Back Company Voluntary Arrangement
HOUSE OF FRASER: Group of Landlords Challenges CVA
NESBIT LAW: Financial Challenges Prompt Administration
NEWDAY FUNDING 2018-1: Fitch Corrects July 10 Ratings Release
PREMIER FOODS: Mull Sale of Parts of Business Amid Debt Pile

RAC BOND: S&P Affirms B(sf) Rating on Class B1 Notes


U Z B E K I S T A N

HAMKORBANK JSCB: S&P Assigns 'B+/B' ICRs, Outlook Stable


X X X X X X X X

* BOND PRICING: For the Week July 16 to July 20, 2018


                            *********



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I R E L A N D
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BAMS CMBS 2018-1: Fitch Assigns 'BB-sf' Rating to Class E Notes
---------------------------------------------------------------
Fitch Ratings has assigned BAMS CMBS 2018-1 DAC's notes final
ratings as follows:

EUR149.5 million class A: 'AAAsf'; Outlook Stable

EUR200,000 class X: not rated

EUR33.3 million class B: 'AAsf'; Outlook Stable

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

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

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

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

KEY RATING DRIVERS

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

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

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

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

KEY PROPERTY ASSUMPTIONS (all by market value)

'BBsf' WA cap rate: 7.4%

'BBsf' WA structural vacancy: 15.6%

'BBsf' WA rental value decline: 4.7%

'BBBsf' WA cap rate: 8.0%

'BBBsf' WA structural vacancy: 17.4%

'BBBsf' WA rental value decline: 7.4%

'Asf' WA cap rate: 8.6%

'Asf' WA structural vacancy: 19.2%

'Asf' WA rental value decline: 11.1%

'AAsf' WA cap rate: 9.4%

'AAsf' WA structural vacancy: 21.0%

'AAsf' WA rental value decline: 16.2%

'AAAsf' WA cap rate: 10.2%

'AAAsf' WA structural vacancy: 25.2%

'AAAsf' WA rental value decline: 21.3%

RATING SENSITIVITIES

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

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

Increase capitalisation rates by 10%: 'AA+sf'/'AA-sf'/'Asf'/'BBB-
sf'/'B+sf'
Increase capitalisation rates by 20%:
'AAsf'/'Asf'/'BBB+sf'/'BBsf'/'CCCsf'

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

Increase RVD and vacancy by 10%: 'AA+sf'/'AA-
sf'/'Asf'/'BBBsf'/'BB-sf'
Increase RVD and vacancy by 20%: 'AA+sf'/'AA-
sf'/'Asf'/'BBBsf'/'BB-sf'

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

Increase in all factors by 10%: 'AA+sf'/'A+sf'/'A-sf'/'BBB-
sf'/'Bsf'
Increase in all factors by 20%: 'AA-sf'/'A-sf'/'BBBsf'/'BB-
sf'/'CCCsf'


CONTEGO CLO V: Fitch Assigns 'B-sf' Rating to Class F Debt
----------------------------------------------------------
Fitch Ratings has assigned Contego CLO V DAC final ratings, as
follows:

Class A: 'AAAsf'; Outlook Stable

Class B-1: 'AAsf'; Outlook Stable

Class B-2: 'AAsf'; Outlook Stable

Class C: 'Asf'; Outlook Stable

Class D: 'BBBsf'; Outlook Stable

Class E: 'BBsf'; Outlook Stable

Class F: 'B-sf'; Outlook Stable

Subordinated notes: not rated

Contego CLO V DAC is a securitisation of mainly senior secured
obligations (at least 90%) with a component of senior unsecured,
mezzanine, and second-lien loans. A total note issuance of
EUR411.4 million will be used to fund a portfolio with a target
par of EUR400 million. The portfolio will be actively managed by
Five Arrows Management LLP. The CLO envisages a further four-year
reinvestment period and an 8.5-year weighted average life.

KEY RATING DRIVERS

B' Portfolio Credit Quality

Fitch places the average credit quality of obligors in the 'B'
range. The Fitch-weighted average rating factor (WARF) of the
current portfolio is 30.75, below the indicative maximum
covenanted WARF of 33.

High Recovery Expectations

At least 90% of the portfolio will comprise senior secured
obligations. Fitch views the recovery prospects for these assets
as more favorable than for second-lien, unsecured and mezzanine
assets. The Fitch-weighted average recovery rate (WARR) of the
current portfolio is 68.5%, above the minimum covenant of 63.2%,
and corresponding to the matrix point of WARF 33 and a weighted
average spread (WAS) of 3.4%.

Limited Interest Rate Exposure

Up to 7.5% of the portfolio can be invested in fixed-rate assets,
while there are 2.5% fixed-rate liabilities. Fitch modelled both
0% and 7.5% fixed-rate buckets and found that the rated notes can
withstand the interest rate mismatch associated with each
scenario.

Stress Portfolio

For the analysis, Fitch created a stress portfolio based on the
transaction's portfolio profile tests and collateral quality
tests. These included a top 10 obligor limit at 20%, an 8.5-year
weighted average life, a top industry limit at 17.5% with the top
three industries at 40%, and a maximum 'CCC' bucket at 7.5%.

RATING SENSITIVITIES

A 125% default multiplier applied to the portfolio's mean default
rate, and with this increase added to all rating default levels,
would lead to a downgrade of up to two notches for the rated
notes. A 25% reduction in recovery rates would lead to a downgrade
of up to four notches at the 'BB' level and two notches for all
other rating levels.


RICHMOND PARK: Moody's Gives B2 Rating to EUR14.3MMM Cl. F Notes
----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to ten
classes of notes issued by Richmond Park CLO Designated Activity
Company:

EUR1,600,000 Class X Senior Secured Floating Rate Notes due 2031,
Definitive Rating Assigned Aaa (sf)

EUR321,900,000 Class A Senior Secured Floating Rate Notes due
2031, Definitive Rating Assigned Aaa (sf)

EUR18,500,000 Class B-1 Senior Secured Floating Rate Notes due
2031, Definitive Rating Assigned Aa2 (sf)

EUR15,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2031,
Definitive Rating Assigned Aa2 (sf)

EUR23,100,000 Class B-3 Senior Secured Floating Rate Notes due
2031, Definitive Rating Assigned Aa2 (sf)

EUR13,000,000 Class C-1 Senior Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned A2 (sf)

EUR21,000,000 Class C-2 Senior Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned A2 (sf)

EUR22,800,000 Class D-R Senior Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned Baa2 (sf)

EUR31,000,000 Class E-R Senior Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned Ba2 (sf)

EUR14,300,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

Moody's definitive ratings of the rated notes address the expected
loss posed to noteholders by the legal final maturity of the notes
in July 2031. The definitive ratings reflect the risks due to
defaults on the underlying portfolio of assets, the transaction's
legal structure, and the characteristics of the underlying assets.
Furthermore, Moody's is of the opinion that the Collateral
Manager, Blackstone/GSO Debt Funds Management Europe Limited has
sufficient experience and operational capacity and is capable of
managing this CLO.

The Issuer issued the Class X Notes, the Class A Notes, the Class
B-1 Notes, the Class B-2 Notes, the Class B-3 Notes, the Class C-1
Notes, the Class C-2 Notes, the Class D-R Notes, the Class E-R
Notes and the Class F Notes in connection with the refinancing of
the Class A-1 Senior Secured Floating Rate Notes due 2027, the
Class A-2 Senior Secured Floating Rate Notes due 2027, the Class B
Senior Secured Deferrable Floating Rate Notes due 2027, the Class
C Senior Secured Deferrable Floating Rate Notes due 2027, the
Class D Senior Secured Deferrable Floating Rate Notes due 2027 and
the Class E Senior Secured Deferrable Floating Rate Notes due
2027, originally issued on January 9, 2014. The Class A-1 Senior
Secured Floating Rate Notes due 2027, the Class A-2 Senior Secured
Floating Rate Notes due 2027, the Class B Senior Secured
Deferrable Floating Rate Notes due 2027, the Class C Senior
Secured Deferrable Floating Rate Notes due 2027 and the Class D
Senior Secured Deferrable Floating Rate Notes due 2027 were
refinanced on October 16, 2017. The Issuer used the proceeds from
the issuance of the Refinancing Notes to redeem in full the
Refinanced Notes. On the Original Issue Date, the Issuer also
issued EUR 67,550,000 of unrated Subordinated Notes, which will
remain outstanding.

Richmond Park is a managed cash flow CLO. At least 90% of the
portfolio must consist of secured senior obligations and up to 10%
of the portfolio may consist of unsecured senior loans, unsecured
senior bonds, second lien loans, mezzanine obligations, high yield
bonds and/or first lien last out loans. The portfolio is expected
to be fully invested at closing and comprised predominantly of
corporate loans to obligors domiciled in Western Europe.

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

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

Methodology Underlying the Rating Action:

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

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

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

Loss and Cash Flow Analysis:

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in August 2017.

The cash flow model evaluates all default scenarios that are then
weighted considering the probabilities of the binomial
distribution assumed for the portfolio default rate. In each
default scenario, the corresponding loss for each class of notes
is calculated given the incoming cash flows from the assets and
the outgoing payments to third parties and noteholders. Therefore,
the expected loss or EL for each tranche is the sum product of (i)
the probability of occurrence of each default scenario and (ii)
the loss derived from the cash flow model in each default scenario
for each tranche. As such, Moody's encompasses the assessment of
stressed scenarios.

The key model inputs Moody's used in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.

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

Target Par Amount: EUR515,000,000

Defaulted par: EUR13,020,406(1)

Diversity Score: 44

Weighted Average Rating Factor (WARF): 2850

Weighted Average Spread (WAS): 3.45%

Weighted Average Fixed Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 44.50%

Weighted Average Life (WAL): 7 years

(1) Collateral Administrator report as of June 12, 2018

As part of its analysis, Moody's has addressed potential exposures
to obligors domiciled in countries with local currency government
bond ratings of A1 or below. According to the portfolio
eligibility criteria, obligors must be domiciled in a jurisdiction
with a Moody's local currency country risk ceiling of at least
"A3". In addition, according to the portfolio constraints, the
total exposure to countries with a local currency country bond
ceiling ("LCC") of "A1" or below shall not exceed 10.0%. Given
this portfolio composition, and in accordance with its
methodology, Moody's did not adjust the target par amount
depending on the target rating of each class of notes.

Stress Scenarios:

Together with the set of modeling assumptions, Moody's conducted
an additional sensitivity analysis, which was a component in
determining the ratings assigned to the rated notes. This
sensitivity analysis includes increased default probability
assumptions relative to the base case.

Here is a summary of the impact of an increase in default
probability (expressed in terms of WARF level) on the notes (shown
in terms of the number of notch difference versus the current
model output, whereby a negative difference corresponds to higher
expected losses), assuming that all other factors are held equal.

Percentage Change in WARF - increase of 15% (from 2850 to 3278)

Rating Impact in Rating Notches:

Class X Senior Secured Floating Rate Notes: 0

Class A Senior Secured Floating Rate Notes: 0

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

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

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

Class C-1 Senior Secured Deferrable Floating Rate Notes: -2

Class C-2 Senior Secured Deferrable Floating Rate Notes: -2

Class D-R Senior Secured Deferrable Floating Rate Notes: -2

Class E-R Senior Secured Deferrable Floating Rate Notes: -1

Class F Senior Secured Deferrable Floating Rate Notes: -1

Percentage Change in WARF - increase of 30% (from 2850 to 3705)

Class X Senior Secured Floating Rate Notes: 0

Class A Senior Secured Floating Rate Notes: -1

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

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

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

Class C-1 Senior Secured Deferrable Floating Rate Notes: -4

Class C-2 Senior Secured Deferrable Floating Rate Notes: -4

Class D-R Senior Secured Deferrable Floating Rate Notes: -2

Class E-R Senior Secured Deferrable Floating Rate Notes: -2

Class F Senior Secured Deferrable Floating Rate Notes: -3


SMURFIT KAPPA: Fitch Affirms 'BB+' Long-Term IDR, Outlook Stable
----------------------------------------------------------------
Fitch Ratings has affirmed Ireland-based packaging company Smurfit
Kappa Group plc's (SKG) Long-Term Issuer Default Rating (IDR) at
'BB+'. The Outlook is Stable. The senior unsecured ratings of
Smurfit Kappa Acquisitions and Smurfit Kappa Treasury Funding have
also been affirmed at 'BB+'.

The affirmation reflects the group's solid financial performance
in 2017 with EBITDA margin remaining above 14% despite higher raw
material costs and significant adverse foreign currency impact.
The group's improving geographical diversification continues to
underpin SKG's leading packaging market position in both Europe
and the Americas.

Fitch expects leverage metrics to initially weaken slightly due to
an accelerated capex programme and acquisitions but the group will
benefit from resultant improvements in its market position,
revenue and profitability as well as from continuing cost
reduction.

KEY RATING DRIVERS

Solid Financial Performance: SKG continued to achieve solid
revenue growth in 2017 and Fitch forecasts mid-single digit growth
for 2018 with an increase in scale from acquisitions. Fitch
further expects low-single-digit growth over 2019-2021, largely
driven by better performance in the Americas and continuing bolt-
on acquisitions, coupled with an increase in capex, which should
improve the market position of SKG. Fitch expects margins to
remain broadly stable as significant foreign-currency impact and
raw material cost increases are passed on to end-customers.

Reparenco Improves Capacity:  Fitch believes that the credit
profile of SKG will remain in line with its ratings following the
completion of its acquisition of Reparenco, the Dutch paper and
recycling business, for EUR460 million in July 2018. The
acquisition partially addresses the group's recycled paper
requirements and delivers immediate capacity improvements and
future convertibility flexibility. Fitch assumes a resumption of
smaller sized bolt-on acquisitions over 2018 to 2021.

New Strategy Implemented:  SKG's medium-term outlook envisages a
significant capex increase of EUR1.6 billion (above base capex) as
well as potential acquisitions in the coming years (as illustrated
per the company's recently completed Reparenco acquisition). While
capex is forecasted to be higher than in prior years, Fitch
expects the leverage metrics to be only moderately impacted and
should remain well below its revised negative sensitivity of
Fitch-calculated funds from operations-adjusted net leverage of
4.0x over 2018-2021.

Leading Packaging Producer: The ratings of SKG are supported by
its leading position in corrugated containers and exposure to the
broadly stable packaging markets. The group is further supported
by its vertical integration into containerboard, providing some
margin protection against raw material cost inflation. In
addition, around 60% of the group's revenue is generated by
clients in the fast-moving consumer goods sector, which provides
stability to SKG's financial performance.

Cost Input Risk Decreased: SKG's improved position in recycled
paper should limit the negative effect of input cost increases.
Furthermore, Fitch expects SKG's raw materials cost increases to
continue to be largely passed on to customers in the short- to
medium-term.

DERIVATION SUMMARY

SKG is well-positioned relative to its EMEA peers. Its ratings are
supported by its leading packaging market position, stable and
diversified customer base and sound liquidity. Its weaker leverage
metrics and lower profitability margins constrain its ratings
compared with investment-grade peers, although this is mitigated
by the group's strong free cash flow (FCF) generation.

KEY ASSUMPTIONS

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

  - Revenue growth of around 3% per annum for 2019-2021

  - EBITDA margin flat at just below 15% over 2018-2021

  - Net acquisitions of around EUR100 million annually over
    2019-2021

  - Gradually increasing dividends, in line with higher earnings

  - Capex around EUR650 million annually over 2018-2021

  - Restricted cash required for operational requirements at
    EUR109 million

RATING SENSITIVITIES

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

  - Increased geographic and product diversification leading to
    reduced business risk

  - Stable or increasing EBITDA margin

  - FFO-adjusted net leverage below 2.5x (2017: 3.1x)

  - FCF margin above 2.5% (2017: 1.1%)

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

  - Larger-than-expected acquisitions or increased shareholder
    returns that result in FFO adjusted net leverage above 4.0x
    on a sustained basis.

  - FCF margin below 1% on a sustained basis.

LIQUIDITY

Solid Liquidity: At end-2017, SKG had EUR539 million in cash and
short-term deposits (of which Fitch views EUR109 million as
restricted for working-capital and other operational requirements)
and EUR1.2 billion of undrawn committed credit facilities, while
short-term maturities stood at EUR673 million. On 28 June 2018 the
company completed the placement of its new EUR600 million bonds
due 2026 to finance the acquisition and refinance short-term debt.
Expected positive FCF generation over the next 12 months should
also provide ample coverage for debt service.


VAULTS: Investors in Restructuring Talks Ahead of Opening
---------------------------------------------------------
]]]]]]Tom Lyons at The Business Post reports that investors in
Dublin's newest tourist attraction the Vaults are in talks about
restructuring the business ahe\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\






















ad of its planned opening.

According to The Irish Times' Colin Gleeson, the attraction will
be located in the John's Lane area of Thomas St and opens in July.
The Vaults will offer up to 30 shows per day depicting scenes and
characters from 800 years of Irish history, The Irish Times
discloses.


VOYA CLO 2015-2: Moody's Assigns (P)Ba3 Rating to Class E-R Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to five
classes of refinancing notes to be issued by Voya CLO 2015-2,
Ltd.:

US$335,500,000 Class A-R Senior Secured Floating Rate Notes,
Assigned (P)Aaa (sf)

US$71,500,000 Class B-R Senior Secured Floating Rate Notes,
Assigned (P)Aa2 (sf)

US$41,250,000 Class C-R Mezzanine Secured Deferrable Floating Rate
Notes, Assigned (P)A2 (sf)

US$33,000,000 Class D-R Mezzanine Secured Deferrable Floating Rate
Notes, Assigned (P)Baa3 (sf)

US$24,750,000 Class E-R Junior Secured Deferrable Floating Rate
Notes, Assigned (P)Ba3 (sf)

The Class A-R Notes, the Class B-R Notes, the Class C-R Notes, the
Class D-R Notes, the Class E-R Notes are referred to herein,
collectively, as the "Rated Notes."

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

RATINGS RATIONALE

Moody's provisional ratings of the Rated Notes address the
expected losses posed to noteholders. The provisional ratings
reflect the risks due to defaults on the underlying portfolio of
assets, the transaction's legal structure, and the characteristics
of the underlying assets.

Voya CLO 2015-2 is a managed cash flow CLO. The issued notes will
be collateralized primarily by broadly syndicated first lien
senior secured corporate loans. At least 90.0% of the portfolio
must consist of senior secured loans and eligible investments, and
up to 10.0% of the portfolio may consist of second lien loans and
unsecured loans. As this is a refinancing, the portfolio is 100%
ramped as of the closing date.

Voya Alternative Asset Management LLC will direct the selection,
acquisition and disposition of the assets on behalf of the Issuer
and may engage in trading activity, including discretionary
trading, during the transaction's 2-year reinvestment period.
Thereafter, the Manager may reinvest unscheduled principal
payments and proceeds from sales of credit risk assets, subject to
certain restrictions.

In addition to the Rated Notes, the Issuer has issued on the
original closing date subordinated notes and combination notes
which remain outstanding. The transaction incorporates interest
and par coverage tests which, if triggered, divert interest and
principal proceeds to pay down the notes in order of seniority.

Methodology Underlying the Rating Action:

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

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

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

Loss and Cash Flow Analysis:

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3.2.1
of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in August 2017.

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

Par amount: $550,000,000

Diversity Score: 80

Weighted Average Rating Factor (WARF): 2825

Weighted Average Spread (WAS): 3.10%

Weighted Average Coupon (WAC): 6.50%

Weighted Average Recovery Rate (WARR): 48.0%

Weighted Average Life (WAL): 7.25 years

Stress Scenarios:

Together with the set of modeling assumptions, Moody's conducted
an additional sensitivity analysis, which was a component in
determining the ratings assigned to the Rated Notes. This
sensitivity analysis includes increased default probability
relative to the base case.

Here is a summary of the impact of an increase in default
probability (expressed in terms of WARF level) on the Rated Notes
(shown in terms of the number of notch difference versus the
current model output, whereby a negative difference corresponds to
higher expected losses), assuming that all other factors are held
equal:

Percentage Change in WARF -- increase of 15% (from 2825 to 3249)

Rating Impact in Rating Notches

Class A-R Senior Secured Floating Rate Notes: 0

Class B-R Senior Secured Floating Rate Notes: 0

Class C-R Mezzanine Secured Deferrable Floating Rate Notes: -2

Class D-R Mezzanine Secured Deferrable Floating Rate Notes: -1

Class E-R Junior Secured Deferrable Floating Rate Notes: -1

Percentage Change in WARF -- increase of 30% (from 2825 to 3673)

Rating Impact in Rating Notches

Class A-R Senior Secured Floating Rate Notes: 0

Class B-R Senior Secured Floating Rate Notes: -2

Class C-R Mezzanine Secured Deferrable Floating Rate Notes: -3

Class D-R Mezzanine Secured Deferrable Floating Rate Notes: -2

Class E-R Junior Secured Deferrable Floating Rate Notes: -1



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


SB SBERBANK: Moody's Alters Outlook on Ba3 Ratings to Stable
------------------------------------------------------------
Moody's Investors Service has affirmed the Kazakhstan-based SB
Sberbank JSC's Ba3 long-term local- and foreign-currency deposit
ratings and changed the outlook on those ratings to stable from
negative. At the same time, Moody's affirmed the bank's baseline
credit assessment at b3 and adjusted BCA at ba3.

The rating agency also affirmed the following ratings: Not Prime
short-term local and foreign currency deposit ratings, Ba2/Not
Prime Counterparty Risk Ratings. The overall outlook is stable.

In addition, Moody's affirmed the bank's long-term Counterparty
Risk Assessment (CR Assessment) at Ba2(cr) and the bank's short-
term CR Assessment of Not Prime(cr).

RATINGS RATIONALE

The change of outlook is principally driven by improvement in
asset quality and provisioning coverage of SB Sberbank.

The bank's share of problem loans to gross loans has declined to
26% at end-Q1 2018 from 31% at end-2017 and 35% at end-2016.
Moody's expects it to continue to reduce in the next 12-18 months
as Moody's expects the bank's new lending to be of a better
quality as operating environment stabilised.

At the same time, the bank's ratio of loan loss reserve to problem
loan has improved to 53% at end-Q1 2018 from 42% at end-2017 and
31% at end-2016. This improvement demonstrates better quality of
the bank's capital, which had a shortfall due to insufficient
reserve coverage of problem loans. At the same time, Moody's
considers that the reserve coverage is still low to result in
significant change in SB Sberbank's credit profile.

The bank's capitalisation remains relatively stable since end-2016
with tangible common equity to risk weighted assets of around 11%.
In 2017 and 2016, the bank's core profitability also remained
stable (albeit weak) with return on average assets below 1%.
Moody's anticipates that the profitability will unlikely
deteriorate significantly due to new business and restriction of
costs growth.

AFFILIATE SUPPORT

SB Sberbank's Ba3 long-term deposit ratings incorporate a very
high probability of affiliate support for the bank from its
parent, Russia-based Sberbank (Ba1 positive, ba1), which results
in a three-notch rating uplift from its BCA of b3. The parent's
BCA at ba1 is used as an anchor for parental support. This
assessment incorporates the (1) 100% ownership and control, (2)
strategic importance of the Kazakh subsidiary to Sberbank, (3)
full alignment of the bank's branding policy with that of the
parent, and (4) track record and commitment for parental support.

WHAT COULD MOVE THE RATINGS UP/DOWN

Achievement of sufficient coverage of problem loans by reserves
(over 70%), improvement in asset quality and profitability coupled
with a stable liquidity profile and adequate capitalization could
exert positive rating pressure. Positive moves in the parent's
credit strength could also exert the upward pressure on the
deposit ratings.

Any further deterioration in SB Sberbank's asset quality and
profitability that would lead to a significant weakening in the
bank's capital buffers or deposit outflow and result in a
liquidity shortage could result in a negative pressure on the
bank's ratings.

LIST OF AFFECTED RATINGS

Issuer: SB Sberbank JSC

Affirmed:

Adjusted Baseline Credit Assessment, Affirmed at ba3

Baseline Credit Assessment, Affirmed at b3

LT Bank Deposits, Affirmed at Ba3, Outlook changed to Stable from
Negative

LT Counterparty Risk Assessment, affirmed at Ba2(cr)

LT Counterparty Risk Ratings, affirmed at Ba2

ST Bank Deposits, Affirmed NP

ST Counterparty Risk Assessment, Affirmed NP(cr)

ST Counterparty Risk Ratings, Affirmed NP

Outlook Action:

Outlook, Changed to Stable from Negative



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


BARINGS EURO 2014-1: Moody's Assigns B2 Rating to Cl. F-RR Notes
----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to eight
classes of notes issued by Barings Euro CLO 2014-1 B.V.:

EUR1,500,000 Class X Senior Secured Floating Rate Notes due 2031,
Definitive Rating Assigned Aaa (sf)

EUR232,000,000 Class A-RR Senior Secured Floating Rate Notes due
2031, Definitive Rating Assigned Aaa (sf)

EUR15,700,000 Class B-1-RR Senior Secured Floating Rate Notes due
2031, Definitive Rating Assigned Aa2 (sf)

EUR30,000,000 Class B-2-RR Senior Secured Fixed Rate Notes due
2031, Definitive Rating Assigned Aa2 (sf)

EUR24,700,000 Class C-RR Senior Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned A2 (sf)

EUR20,900,000 Class D-RR Senior Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned Baa2 (sf)

EUR31,500,000 Class E-RR Senior Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned Ba2 (sf)

EUR13,900,000 Class F-RR Senior Secured Deferrable Floating Rate
Notes due 2031, Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

Moody's definitive ratings of the rated notes address the expected
loss posed to noteholders by the legal final maturity of the notes
in July 2031. The definitive ratings reflect the risks due to
defaults on the underlying portfolio of assets, the transaction's
legal structure, and the characteristics of the underlying assets.
Furthermore, Moody's is of the opinion that the Collateral
Manager, Barings (UK) Limited, has sufficient experience and
operational capacity and is capable of managing this CLO.

The Issuer issued the Class X Notes, the Class A-RR Notes, the
Class B-1-RR Notes, the Class B-2-RR Notes, the Class C-RR Notes,
the Class D-RR Notes, the Class E-RR Notes and the Class F-RR
Notes in connection with the refinancing of the Refinancing Class
A-1 Senior Secured Floating Rate Notes due 2027, the Refinancing
Class A-2 Senior Secured Fixed Rate Notes due 2027, the
Refinancing Class B-1 Senior Secured Floating Rate Notes due 2027,
the Refinancing Class B-2 Senior Secured Fixed Rate Notes due
2027, previously issued on January 16, 2017, the Class C Senior
Secured Deferrable Floating Rate Notes due 2027, the Class D
Senior Secured Deferrable Floating Rate Notes due 2027, the Class
E Senior Secured Deferrable Floating Rate Notes due 2027 and the
Class F Senior Secured Deferrable Floating Rate Notes due 2027,
previously issued on April 15, 2014. The Issuer used the proceeds
from the issuance of the Refinancing Notes to redeem in full the
Refinanced Notes. On the Original Issue Date, the Issuer also
issued EUR 43,750,000 of unrated Subordinated Notes, which will
remain outstanding.

Barings 2014-1 is a managed cash flow CLO. At least 90% of the
portfolio must consist of secured senior obligations and up to 10%
of the portfolio may consist of unsecured senior loans, unsecured
senior bonds, second lien loans, mezzanine obligations, high yield
bonds and/or first lien last out loans. At closing, the portfolio
is expected to be comprised predominantly of corporate loans to
obligors domiciled in Western Europe.

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

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

Methodology Underlying the Rating Action:

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

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

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

Loss and Cash Flow Analysis:

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in August 2017.

The cash flow model evaluates all default scenarios that are then
weighted considering the probabilities of the binomial
distribution assumed for the portfolio default rate. In each
default scenario, the corresponding loss for each class of notes
is calculated given the incoming cash flows from the assets and
the outgoing payments to third parties and noteholders. Therefore,
the expected loss or EL for each tranche is the sum product of (i)
the probability of occurrence of each default scenario and (ii)
the loss derived from the cash flow model in each default scenario
for each tranche. As such, Moody's encompasses the assessment of
stressed scenarios.

The key model inputs Moody's used in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.

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

Target Par Amount: EUR400,000,000

Defaulted par: EUR0

Diversity Score: 50

Weighted Average Rating Factor (WARF): 3175

Weighted Average Spread (WAS): 3.60%

Weighted Average Fixed Coupon (WAC): 5.00%

Weighted Average Recovery Rate (WARR): 41.00%

Weighted Average Life (WAL): 8.5 years

As part of its analysis, Moody's has addressed the potential
exposure to obligors domiciled in countries with local currency
government bond ratings of "A1" or below. According to the
portfolio constraints, the total exposure to countries with a
local currency country risk bond ceiling ("LCC") below "Aa3" shall
not exceed 10%, the total exposure to countries with an LCC below
"A3" shall not exceed 2.5% and the total exposure to countries
with an LCC below "Baa3" shall not exceed 0%. Given this portfolio
composition, the model was run with different target par amounts
depending on the target rating of each class of notes as further
described in the methodology. The portfolio haircuts are a
function of the exposure size to countries with LCC of "A1" or
below and the target ratings of the rated notes, and amount to
0.375% for the Class X and Class A Notes, 0.25% for the Class B-1
and Class B-2 Notes, 0.1875% for the Class C notes and 0% for
Classes D, E and F Notes.

Stress Scenarios:

Together with the set of modeling assumptions, Moody's conducted
an additional sensitivity analysis, which was a component in
determining the definitve ratings assigned to the rated notes.
This sensitivity analysis includes increased default probability
relative to the base case.

Here is a summary of the impact of an increase in default
probability (expressed in terms of WARF level) on the notes (shown
in terms of the number of notch difference versus the current
model output, whereby a negative difference corresponds to higher
expected losses), assuming that all other factors are held equal.

Percentage Change in WARF -- increase of 15% (from 3175 to 3651)

Rating Impact in Rating Notches:

Class X Senior Secured Floating Rate Notes: 0

Class A-RR Senior Secured Floating Rate Notes: -1

Class B-1-RR Senior Secured Floating Rate Notes: -2

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

Class C-RR Senior Secured Deferrable Floating Rate Notes: -2

Class D-RR Senior Secured Deferrable Floating Rate Notes: -2

Class E-RR Senior Secured Deferrable Floating Rate Notes: -1

Class F-RR Senior Secured Deferrable Floating Rate Notes: -2

Percentage Change in WARF -- increase of 30% (from 3175 to 4128)

Class X Senior Secured Floating Rate Notes: 0

Class A-RR Senior Secured Floating Rate Notes: -1

Class B-1-RR Senior Secured Floating Rate Notes: -4

Class B-2-RR Senior Secured Fixed Rate Notes: -4

Class C-RR Senior Secured Deferrable Floating Rate Notes: -4

Class D-RR Senior Secured Deferrable Floating Rate Notes: -3

Class E-RR Senior Secured Deferrable Floating Rate Notes: -2

Class F-RR Senior Secured Deferrable Floating Rate Notes: -4


DRYDEN 44: Moody's Assigns B2 Rating to Class F-R Notes
-------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to eight
classes of refinancing notes issued by Dryden 44 Euro CLO 2015
B.V.:

EUR232,400,000 Class A-1-R Senior Secured Floating Rate Notes due
2030, Assigned Aaa (sf)

EUR12,300,000 Class A-2-R Senior Secured Fixed Rate Notes due
2030, Assigned Aaa (sf)

EUR17,200,000 Class B-1-R Senior Secured Floating Rate Notes due
2030, Assigned Aa2 (sf)

EUR26,000,000 Class B-2-R Senior Secured Fixed Rate Notes due
2030, Assigned Aa2 (sf)

EUR23,000,000 Class C-R Mezzanine Secured Deferrable Floating Rate
Notes due 2030, Assigned A2 (sf)

EUR18,700,000 Class D-R Mezzanine Secured Deferrable Floating Rate
Notes due 2030, Assigned Baa2 (sf)

EUR28,100,000 Class E-R Mezzanine Secured Deferrable Floating Rate
Notes due 2030, Assigned Ba2 (sf)

EUR11,800,000 Class F-R Mezzanine Secured Deferrable Floating Rate
Notes due 2030, Assigned B2 (sf)

RATINGS RATIONALE

Moody's definitive ratings of the rated notes address the expected
loss posed to noteholders by the legal final maturity of the notes
in July 2030. The definitive ratings reflect the risks due to
defaults on the underlying portfolio of assets, the transaction's
legal structure, and the characteristics of the underlying assets.
Furthermore, Moody's is of the opinion that the Collateral Manager
PGIM Limited, has sufficient experience and operational capacity
and is capable of managing this CLO.

The Issuer issued the Class A-1-R Notes, the Class A-2-R Notes,
the Class B-1-R Notes, the Class B-2-R Notes, the Class C-R Notes,
the Class D-R Notes, the Class E-R Notes and the Class F-R Notes
in connection with the refinancing of the Class A-1 Senior Secured
Floating Rate Notes due 2030, the Class A-2 Senior Secured Fixed
Rate Notes due 2030, the Class B-1 Senior Secured Floating Rate
Notes due 2030, the Class B-2 Senior Secured Fixed Rate Notes due
2030, the Class C Mezzanine Secured Deferrable Floating Rate Notes
due 2030, the Class D Mezzanine Secured Deferrable Floating Rate
Notes due 2030, the Class E Mezzanine Secured Deferrable Floating
Rate Notes due 2030 and the Class F Mezzanine Secured Deferrable
Floating Rate Notes due 2030, previously issued on June 22, 2016.
The Issuer used the proceeds from the issuance of the Refinancing
Notes to redeem in full the Refinanced Notes. On the Original
Issue Date, the Issuer also issued EUR 43,400,000 of unrated
Subordinated Notes, which will remain outstanding.

Dryden 44 is a managed cash flow CLO. At least 90% of the
portfolio must consist of secured senior obligations and up to 10%
of the portfolio may consist of unsecured senior loans, unsecured
senior bonds, second lien loans, mezzanine obligations and high
yield bonds. At closing, the portfolio is expected to be comprised
predominantly of corporate loans to obligors domiciled in Western
Europe.

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

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

Methodology Underlying the Rating Action:

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

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

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

Loss and Cash Flow Analysis:

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in August 2017.

The cash flow model evaluates all default scenarios that are then
weighted considering the probabilities of the binomial
distribution assumed for the portfolio default rate. In each
default scenario, the corresponding loss for each class of notes
is calculated given the incoming cash flows from the assets and
the outgoing payments to third parties and noteholders. Therefore,
the expected loss or EL for each tranche is the sum product of (i)
the probability of occurrence of each default scenario and (ii)
the loss derived from the cash flow model in each default scenario
for each tranche. As such, Moody's encompasses the assessment of
stressed scenarios.

The key model inputs Moody's used in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers.

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

Target Par Amount: EUR400,000,000

Diversity Score: 50

Weighted Average Rating Factor (WARF): 2950

Weighted Average Spread (WAS): 3.50%

Weighted Average Coupon (WAC): 6.00%

Weighted Average Recovery Rate (WARR): 41.00%

Weighted Average Life (WAL): 7.25 years

As part of its analysis, Moody's has addressed the potential
exposure to obligors domiciled in countries with local currency
government bond ratings of A1 or below. According to the portfolio
eligibility criteria, obligors must be domiciled in either in a
qualifying country as defined in the terms & condition or in a
jurisdiction the Moody's foreign issuer credit rating of which is
at least "A3". In addition, according to the portfolio
constraints, the total exposure to countries with a local currency
country bond ceiling ("LCC") below "Aa3" shall not exceed 15.0%.
Given this portfolio composition, the model was run with different
target par amounts depending on the target rating of each class of
notes as further described in the methodology. The portfolio
haircuts are a function of the exposure size to countries with LCC
of "A1" or below and the target ratings of the rated notes, and
amount to 2.67% for the Class A-1-R and A-2-R Notes, 1.83% for the
Class B-1-R and B-2-R Notes, 0.833% for the Class C-R notes, 0.17%
for the Class D-R Notes and 0% for Class E-R and F-R Notes.

Stress Scenarios:

Together with the set of modeling assumptions, Moody's conducted
an additional sensitivity analysis, which was a component in
determining the definitive ratings assigned to the rated notes.
This sensitivity analysis includes increased default probability
relative to the base case.

Here is a summary of the impact of an increase in default
probability (expressed in terms of WARF level) on the notes (shown
in terms of the number of notch difference versus the current
model output, whereby a negative difference corresponds to higher
expected losses), assuming that all other factors are held equal.

Percentage Change in WARF -- increase of 15% (from 2950 to 3393)

Rating Impact in Rating Notches:

Class A-1-R Senior Secured Floating Rate Notes: 0

Class A-2-R Senior Secured Fixed Rate Notes: 0

Class B-1-R Senior Secured Floating Rate Notes: -2

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

Class C-R Mezzanine Secured Deferrable Floating Rate Notes: -2

Class D-R Mezzanine Secured Deferrable Floating Rate Notes: -1

Class E-R Mezzanine Secured Deferrable Floating Rate Notes: -1

Class F-R Mezzanine Secured Deferrable Floating Rate Notes: 0

Percentage Change in WARF -- increase of 30% (from 2950 to 3835)

Rating Impact in Rating Notches:

Class A-1-R Senior Secured Floating Rate Notes: -1

Class A-2-R Senior Secured Fixed Rate Notes: -1

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

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

Class C-R Mezzanine Secured Deferrable Floating Rate Notes: -4

Class D-R Mezzanine Secured Deferrable Floating Rate Notes: -2

Class E-R Mezzanine Secured Deferrable Floating Rate Notes: -1

Class F-R Mezzanine Secured Deferrable Floating Rate Notes: -2


JUBILEE CLO 2018-XX: Fitch Assigns 'B-sf' Rating to Class F Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Jubilee CLO 2018-XX B.V. notes final
ratings, as follows:

EUR2 million Class X notes: 'AAAsf'; Outlook Stable

EUR236 million Class A notes: 'AAAsf'; Outlook Stable

EUR16.2 million Class B-1 notes: 'AAsf'; Outlook Stable

EUR10 million Class B-2 notes: 'AAsf'; Outlook Stable

EUR25 million Class B-3 notes: 'AAsf'; Outlook Stable

EUR12.8 million Class C-1 notes: 'Asf'; Outlook Stable

EUR15 million Class C-2 notes: 'Asf'; Outlook Stable

EUR20 million Class D notes: 'BBBsf'; Outlook Stable

EUR26.3 million Class E notes: 'BBsf'; Outlook Stable

EUR10.8 million Class F notes: 'B-sf'; Outlook Stable

EUR37.6 million subordinated notes: not rated

Jubilee CLO 2018-XX B.V. is a cash flow collateralised loan
obligation (CLO). Net proceeds from the notes are being used to
purchase a EUR400 million portfolio of mostly European leveraged
loans and bonds. The portfolio is actively managed by Alcentra,
Ltd. The CLO envisages a four-year reinvestment period and an 8.5-
year weighted average life (WAL).

KEY RATING DRIVERS

'B' Portfolio Credit Quality

Fitch places the average credit quality of obligors in the 'B'
category. The Fitch-weighted average rating factor (WARF) of the
indicative portfolio is 32.97.

High Recovery Expectations

At least 90% of the portfolio will comprise 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
indicative portfolio is 61.1%

Limited Interest Rate Exposure

Fixed-rate liabilities represent 2.5% of the deal target par,
while unhedged fixed-rate assets cannot exceed 7.5% of the
portfolio. Fitch modelled both 0% and 7.5% fixed-rate asset
buckets and found that the rated notes can withstand the interest
rate mismatch associated with each scenario.

Diversified Asset Portfolio

The covenanted maximum exposure to the top 10 obligors is 20% of
the portfolio balance for the assignment of final ratings. This
covenant ensures that the asset portfolio will not be exposed to
excessive obligor concentration.

RATING SENSITIVITIES

Adding to all rating levels the increase generated by applying a
125% default multiplier to the portfolio's mean default rate would
lead to a downgrade of up to two notches for the rated notes. A
25% reduction in recovery rates would lead to a downgrade of up to
four notches for the rated notes.

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

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

DATA ADEQUACY

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

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


KETER GROUP: Moody's Cuts CFR to B3, Outlook Remains Stable
-----------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating (CFR) of the Israel based manufacturer of resin-based
consumer durables Keter Group B.V. (Keter) to B3 from B2 and the
probability of default rating (PDR) to B3-PD from B2-PD.
Concurrently, Moody's has downgraded the rating of the Keter
Group's senior secured term loans and its revolving credit
facility (RCF) to B3 from B2. The rating outlook remains stable.

The rating action reflects the following drivers:

  -- Keter's leverage, as measured by Moody's-adjusted
     debt/EBITDA, at 7.1x as at December 2017 is considerably
     higher than expected and likely to remain elevated over the
     next 12-18 months.

  -- A high level of one-off costs and adverse working capital
     movement leading to negative free cash flow.

  -- A weakening liquidity profile resulting in reliance on short
     term local banking facilities and reduced headroom under the
     revolving credit facility.

RATINGS RATIONALE

"Our decision to downgrade Keter reflects the company's higher
leverage ratio compared to our expectation for a B2 rating. At the
end of 2017 Moody's adjusted gross leverage ratio stood at 7.1x,
up from around 5.0x in 2016. Furthermore, the company continues to
face headwinds this year arising from higher input prices, softer
outdoor season and additional costs of securing high product
quality. As a result, group's EBITDA year-to-date is down 31%
compared to the same period last year. Even assuming a recovery in
the second half of the year, Moody's does not expect much growth
in EBITDA in 2018 and hence a material improvement in leverage
ratio appears also unlikely" says Vitali Morgovski, a Moody's
Assistant Vice President-Analyst and lead analyst for Keter Group.

While EBITDA remained virtually flat over the year at around EUR
170 million (Moody's adjusted), gross debt increased by 46% y-o-y
to EUR 1.2 billion (Moody's adjusted) driven by ABM Italia
acquisition for an enterprise value of EUR 413 million (Keter's
owners injected approximately EUR 130 million of equity as a part
of the financing) and negative free cash flow generation of around
EUR 85 million (Moody's adjusted).

The situation is complicated by the limited history of audited
financial statement for Keter Group in its current form. 2017 was
the first full year for which audited annual statements in
accordance with IFRS standards was released. However, even this
year was largely impacted by special items and one-offs related to
the acquisition of ABM Italia (closed in March 2017). As a result,
Moody's adjusted EBITDA of EUR 170 million includes pro forma
adjustments for the acquisitions as well as those one-off costs
considered to be non-recurring. However, the company has a history
of restructuring costs and so Moody's does not adjust for all
these as they are considered to be recurring in nature.

EBITDA margin in 2017 suffered mainly from FX headwinds as well as
higher logistics costs following the decision to increase
inventory, which was partly offset by some cost saving through the
increased use of regrind raw materials and synergies from the
integration of the ABM into the Keter Group. In order to mitigate
FX exposure Keter initiated several measures including hedging and
production shift from Israel to the UK, continental Europe and the
US.

Softer EBITDA development, increased working capital and higher
capex investment in 2017 depressed the free cash flow into a
negative territory. Company's defined free cash flow stood at
negative EUR 15 million, but excluded cash expenses related to
acquisitions (ABM, Stewart) and associated bank and loan fees. If
included, FCF generation was negative EUR 84 million.

2018 started also on the soft note as cold winter in parts of
Europe and the US resulted in lower sales of relatively high
margin outdoor products. While the operating performance started
to recover in April/ May, EBITDA YTD is still down 31% compared to
the same period last year. Even assuming a recovery in the second
half of the year, Moody's considers that it will be challenging to
increase EBITDA this year and hence a material improvement in
leverage ratio also appears unlikely.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectation that Keter will
generate low to mid- single digit revenue and EBITDA growth in the
next 12-18 months and that it will be able to implement price
increases in Europe, passing on at least partially higher raw
material prices to its customers. The stable outlook assumes that
Keter's liquidity position will not deteriorate further, local
banking lines are extended and its free cash flow generation to be
at least at break-even.

WHAT COULD MOVE THE RATINGS - UP

Positive rating pressure could arise if:

Moody's adjusted gross debt/EBITDA declining toward 5.5x; and

Free cash flow generation becomes sustainably positive; and

Its liquidity profile were to improve materially.

WHAT COULD MOVE THE RATINGS -- DOWN

Conversely, negative rating could arise if:

Moody's adjusted gross debt/EBITDA remaining above 7x; or

Negative free cash flow generation continues for a sustained
period of time; or

Liquidity position weakens further

STRUCTURAL CONSIDERATION

The secured credit facilities form the vast majority of Keter's
gross indebtedness and so the rating assigned to both the Term
Loan B and RCF is B3, in-line with the CFR. While Moody's notes
the presence of a PIK instrument outside of the restricted group
(the immediate parent of the highest level company in the
restricted group capitalises its ownership of Keter via common
equity), Moody's treats this instrument as equity for the purposes
of its debt and leverage calculations.

LIQUIDITY

Moody's considers Keter's liquidity profile to be weak. The group
had EUR 16 million cash on the balance sheet as of May 31, 2018
and around EUR 40 million availability under the EUR 110 million
RCF, due in October 2022. The group is expected to generate Funds
From Operations (FFO) of around EUR 90-110 million per annum,
which comfortably exceeds capital expenditure of around EUR 60-70
million. Due to the high seasonality of Keter's working capital
the company is expected to release around EUR 60 million by the
end of 2018 from around EUR 90 million working capital consumption
since the beginning of the year. This should improve the amount of
available liquidity. However, this assumes that Keter will be able
to continue to roll its short-term bank loans (EUR 80 million).
Additionally, Keter will also pay EUR 25 million earn-out payment
to former majority shareholders in Q3 2018.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Consumer
Durables Industry published in April 2017.

PROFILE

Keter Group B.V. (Keter) is a holding company, based in the
Netherlands, for a group of entities involved in the manufacturing
and distribution of a variety of resin-based consumer goods.
Keter's key products include garden furniture and home storage
solutions. Keter is majority owned by funds advised by Private
Equity firm -- BC Partners -- while minority shareholders include
funds advised by Private Equity firm PSP and the original
founders, the Sagol family. In 2017 Keter Group reported sales of
EUR 1.1 billion and management adjusted EBITDA of EUR 204 million


ROSE BEACHHOUSE: Moody's Assigns B2 CFR, Outlook Stable
-------------------------------------------------------
Moody's Investors Service has assigned a first-time corporate
family rating and probability of default rating (PDR) of B2 and
B2-PD to Rose Beachhouse B.V., a leading holiday park operator in
the Netherlands. Concurrently, Moody's has assigned a B2 rating to
the proposed 7-year EUR266 million senior secured term loan B and
6.5-year EUR30 million revolving credit facility to be issued by
Rouge Beachhouse B.V.

The rating outlook is stable.

"The assigned B2 CFR reflects Roompot's solid market position in
the Netherlands holiday park market, positive free cash flow
generation and significant real estate value in the business",
says Egor Nikishin, a Moody's lead analyst for Roompot.

Proceeds from the proposed debt issuance will be used to refinance
the group's existing debt and also acquire EUR39 million of the
currently leased properties from the third party owners. Roompot
also plans to transfer approximately EUR190 million of the park
real estate into the newly created restricted group, which were
previously rented from the Roompot's property company.

The transfer together with the acquisition of properties from
third party owners will reduce the restricted group's rental
expense by circa EUR21 million and will provide it with EUR420
million value of holiday park properties and land.

Roompot is a leading holiday park based in the Netherlands. The
company operates 32 own parks and acts as a booking agent for 129
third party parks in different price segments, including budget,
mass market and premium brands. In 2017 Roompot generated EUR321
million in revenue and EUR58 million in management adjusted
EBITDA.

RATINGS RATIONALE

The corporate family rating is supported by the company's (1)
established position in the Netherlands (Aaa stable) holiday park
market, where Roompot is one of the three largest players with
exposure to a faster-growing coastal segment (2) good revenue
visibility ahead of the summer season because bookings are
typically made, and partly also paid, several months in advance,
(3) positive free cash flow, supported by healthy reported EBITDA
margins of 17%, structurally negative working capital and moderate
capital spending needs (4) in-house dynamic pricing tools and
well-maintained website, which allows to maximize rental income
and attract third party parks into partnerships with Roompot (5)
sizeable real estate assets base of EUR420 million value, EUR350
million of which will be pledged to the TLB and RCF.

The rating is constrained by the company's (1) elevated Moody's
adjusted leverage at around 6x based on 2017 EBITDA; (2) exposure
to some technological risk as it pertains to its partnership
businesses, mitigated by long-term lease contracts; (3) small size
and lack of geographical diversification, albeit some business
segment diversification and source market diversification (third
of the customers coming from outside the Netherlands); (4) some
seasonality with peak demand in the summer months (5) demand
exposed to macroeconomic factors due to discretionary nature of
holiday spend.

The company's liquidity post refinancing will be good, based on
the expected EUR21 million cash balance at the close of the
transaction, as well as its EUR30 million committed revolving
credit facility (RCF) which is expected to remain undrawn despite
some seasonal working capital outflows around year-end. There are
also no significant debt amortization in the next 2 years except
for c.EUR4 million related to finance lease. The RCF contains a
leverage-based springing covenant tested if the facility is drawn
more than by 40% and for which Moody's expects there will be 40%
headroom at the time of closing.

The B2 ratings assigned to the proposed EUR266 million senior
secured and the EUR30 million RCF is in line with the group's
corporate family rating. The rating on these instruments reflect
essentially sole class of debt structure. Based on draft
documentation, the collateral package consists of a pledge over
the Dutch real estate properties with approximate value of EUR350,
majority of the group's bank accounts, intragroup receivables and
shares. The facilities also benefit from upstream guarantees from
the group's operating subsidiaries representing more than 80% of
aggregate EBITDA and assets.

RATING OUTLOOK

The stable rating outlook reflects its expectation that EBITDA
growth will support deleveraging in the next 12-18 months and that
the company will maintain a positive free cash flow generation and
adequate liquidity. The stable outlook also assumes that any debt-
funded acquisitions will be small in nature and there will be no
shareholder-friendly action such as dividend payments.

FACTORS THAT COULD LEAD TO AN UPGRADE

A higher rating would require Roompot to build a track record of
profitability improvements and increase in scale. Quantitatively,
Moody's would consider a positive rating action if Moody's
adjusted Debt/EBITDA were to decline towards 4.5x while
maintaining a consistently positive free cash flow generation and
significant value of real estate assets within the business.

FACTORS THAT COULD LEAD TO A DOWNGRADE

Negative rating pressure would result from any operational
difficulties resulting in decline in EBITDA and an increase in
leverage sustainably above 6.0x. A significant deterioration in
liquidity could also result in negative rating pressure. In
addition, downward rating pressure may arise as a result of large
debt-funded acquisitions or distribution to shareholders.

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

AFFECTED RATINGS

Assignments:

Issuer: Rose Beachhouse B.V.

Probability of Default Rating, Assigned B2-PD

Corporate Family Rating, Assigned B2

Issuer: Rouge Beachhouse B.V.

BACKED Senior Secured Bank Credit Facility, Assigned B2

Outlook Actions:

Issuer: Rose Beachhouse B.V.

Outlook, Assigned Stable

Issuer: Rouge Beachhouse B.V.

Outlook, Assigned Stable


TIKEHAU CLO IV: Moody's Assigns (P)B2 Rating to Class F Notes
-------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by Tikehau CLO
IV B.V.:

EUR1,500,000 Class X Senior Secured Floating Rate Notes due 2031,
Assigned (P)Aaa (sf)

EUR231,000,000 Class A-1 Senior Secured Floating Rate Notes due
2031, Assigned (P)Aaa (sf)

EUR15,000,000 Class A-2 Senior Secured Fixed Rate Notes due 2031,
Assigned (P)Aaa (sf)

EUR7,000,000 Class B-1 Senior Secured Floating Rate Notes due
2031, Assigned (P)Aa2 (sf)

EUR15,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2031,
Assigned (P)Aa2 (sf)

EUR22,000,000 Class B-3 Senior Secured Floating Rate Notes due
2031, Assigned (P)Aa2 (sf)

EUR7,000,000 Class C-1 Senior Secured Deferrable Floating Rate
Notes due 2031, Assigned (P)A2 (sf)

EUR19,000,000 Class C-2 Senior Secured Deferrable Floating Rate
Notes due 2031, Assigned (P)A2 (sf)

EUR21,000,000 Class D Senior Secured Deferrable Floating Rate
Notes due 2031, Assigned (P)Baa2 (sf)

EUR23,000,000 Class E Senior Secured Deferrable Floating Rate
Notes due 2031, Assigned (P)Ba2 (sf)

EUR12,000,000 Class F Senior Secured Deferrable Floating Rate
Notes due 2031, Assigned (P)B2 (sf)

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

RATINGS RATIONALE

Moody's provisional ratings of the rated notes addresses the
expected loss posed to noteholders by legal final maturity of the
notes in 2031. The provisional ratings reflect the risks due to
defaults on the underlying portfolio of loans given the
characteristics and eligibility criteria of the constituent
assets, the relevant portfolio tests and covenants as well as the
transaction's capital and legal structure. Furthermore, Moody's is
of the opinion that the collateral manager, Tikehau Capital Europe
Limited, has sufficient experience and operational capacity and is
capable of managing this CLO.

Tikehau CLO IV B.V. is a managed cash flow CLO. At least 90% of
the portfolio must consist of senior secured obligations and up to
10% of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be 80% ramped up as of the closing date
and to be comprised predominantly of corporate loans to obligors
domiciled in Western Europe. The remainder of the portfolio will
be acquired during the six month ramp-up period in compliance with
the portfolio guidelines.

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

In addition to the eleven classes of notes rated by Moody's, the
Issuer will issue EUR 38,300,000 of subordinated notes which will
not be rated.

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

Methodology Underlying the Rating Action:

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

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

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

Loss and Cash Flow Analysis:

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

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

Par Amount: EUR 400,000,000

Diversity Score: 45

Weighted Average Rating Factor (WARF): 2655

Weighted Average Spread (WAS): 3.45%

Weighted Average Coupon (WAC): 4.25%

Weighted Average Recovery Rate (WARR): 42.50%

Weighted Average Life (WAL): 8.75 years

Stress Scenarios:

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

Percentage Change in WARF: WARF + 15% (to 3053 from 2655)

Ratings Impact in Rating Notches:

Class X Senior Secured Floating Rate Notes: 0

Class A-1 Senior Secured Floating Rate Notes: 0

Class A-2 Senior Secured Fixed Rate Notes: 0

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

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

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

Class C-1 Senior Secured Deferrable Floating Rate Notes: -2

Class C-2 Senior Secured Deferrable Floating Rate Notes: -2

Class D Senior Secured Deferrable Floating Rate Notes: -2

Class E Senior Secured Deferrable Floating Rate Notes: -1

Class F Senior Secured Deferrable Floating Rate Notes: 0

Percentage Change in WARF: WARF +30% (to 3452 from 2655)

Ratings Impact in Rating Notches:

Class X Senior Secured Floating Rate Notes: 0

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

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

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

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

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

Class C-1 Senior Secured Deferrable Floating Rate Notes: -4

Class C-2 Senior Secured Deferrable Floating Rate Notes: -4

Class D Senior Secured Deferrable Floating Rate Notes: -3

Class E Senior Secured Deferrable Floating Rate Notes: -2

Class F Senior Secured Deferrable Floating Rate Notes: -3



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


ABSOLUT BANK: Fitch Cuts LT IDR to 'B-', Withdraws Ratings
----------------------------------------------------------
Fitch Ratings has downgraded Absolut Bank's (Absolut) Long-Term
Issuer Default Ratings (IDRs) to 'B-' from 'B+' and placed the
bank's ratings on Rating Watch Evolving (RWE). Fitch has
simultaneously withdrawn the ratings for commercial reasons and
will no longer provide ratings and analytical coverage for
Absolut.

The downgrade reflects the considerable erosion of the bank's
consolidated IFRS equity (to RUB6 billion or 3% of risk-weighted
assets (RWA) at end-1Q18 from RUB28 billion or 10% of RWAs at end-
3Q17) as a result of significant additional provisioning of bad
assets, partly related to subsidiary Baltinvestbank, which is
under financial rehabilitation. Capital erosion has not been
addressed to date by the bank's shareholder, Non-State Pension
Fund Blagosostoyanie (NPFB), which is ultimately controlled by JSC
Russian Railways (BBB-/Positive). This is despite NPFB's previous
commitments to buy out about RUB24 billion (RUB8.5 billion by end-
2017 and RUB16 billion by end-2018) of high-risk assets from the
bank's balance sheet, which would have reduced the provisioning
requirement. Of these high-risk assets, RUB3 billion have been
recovered by the bank.

A buyout of bad assets is no longer being considered, but
according to management, Absolut will receive a RUB6 billion
equity injection (3% of IFRS RWAs) from NPFB in August 2018 (the
issue has already been registered). In addition, management
expects that the bank will receive about a further RUB10 billion-
RUB14 billion of capital support (4%-6% of IFRS RWAs) by end-2018
from another source.

The RWE reflects some uncertainty over the total amount and timing
of planned capital support. Absolut's credit profile could improve
if capital support is provided in line with management's
expectation and there is no further major asset quality
deterioration. Conversely, a reduction in capital support, or
significant delays in its provision, or additional asset quality
deterioration could result in a further deterioration of the
bank's creditworthiness.

KEY RATING DRIVERS

IDRS AND VIABILITY RATING (VR)

As a result of the equity erosion, the Fitch Core Capital (FCC)
ratio fell sharply to a low 3% of RWAs at end-1Q18 from 10% at
end-3Q17, despite a RUB5 billion equity injection in October 2017.
This may improve to 5% after the new equity injection in August
and further to 10%-11% after receiving support from another source
by end-2018.

Regulatory capitalisation has not been affected due to statutory
reserves previously being higher than in IFRS, but remains tight
with the Tier 1 ratio at only 7.5% at end-2Q18, close to the 6%
mandatory minimum and below the 7.875% level including the
conservation buffer (compliance with buffers is required on a
quarterly basis). The upcoming support should improve this ratio
to 10%.

The bank's asset quality is still burdened by a high volume of
risky assets (net of reserves), as assessed by Fitch, although
positively these decreased significantly to RUB31 billion (12% of
assets) at end-1Q18 from RUB53 billion (16%) at end-2Q17 due to
large reserving and some repayments. The bank could potentially
achieve some moderate recoveries in the medium term, as some of
these exposures are partially covered by hard collateral, although
those recoveries are uncertain.

The potentially high-risk assets (net of reserves) include:

  - RUB17 billion of construction/real estate exposure including
    investment property (RUB9 billion), high-risk loans (RUB5
    billion) and bonds of construction/real estate companies
    (RUB4 billion; of somewhat lower credit risk);

  - RUB11 billion of unreserved restructured loans (11% of gross
    loans), while NPLs (12%) were totally provisioned;

  - RUB3 billion of unrated or non-traded securities.

High-risk assets has significantly increased relative to FCC (to
5.3x at end-1Q18 from 1.6x at end-2Q17), mainly reflecting a
denominator effect, as equity is currently very small. However,
should the bank receive the expected capital support in full it
would be a more reasonable 1.2-1.4x FCC.

The bank's modest pre-impairment profitability (1% of average
assets) provides a very limited safety buffer, meaning the bank
will likely be reliant on external capital support to work out its
problem assets.

Absolut's liquidity coverage is reasonable, as the bank's liquid
assets, net of wholesale funding maturing within the next 12
months, equalled 20% of customer accounts at end-1Q18. However,
funding is very concentrated, with significant dependence on NPFB
and related entities.

SUPPORT RATING AND SUPPORT RATING FLOOR

The '5' Support Rating (SR) reflects Fitch's view that support
from the bank's shareholder, although possible, cannot be reliably
assessed, due to Fitch not rating NPFB. Fitch understands that
according to Russian legislation on non-government pension funds,
NPFB should transform into a joint stock company by end-2018 and
that Russian Railways therefore may become its majority owner.
This may have implications for support to Absolut depending on
NPFB's ownership structure post transformation and the owner's
strategy for the fund and the bank.

The Support Rating and Support Rating Floor (SRF) of 'No Floor'
also reflect that support from the Russian authorities cannot be
relied upon due to the bank's small size and lack of overall
systemic importance. Accordingly, the IDRs are based on the bank's
intrinsic financial strength, as reflected in the bank's VR.

SENIOR UNSECURED DEBT RATING

Absolut's senior unsecured debt rating is in line with the bank's
Long-Term IDR, which reflects Fitch's view of average recovery
prospects, in case of default.

SUBORDINATED DEBT RATING

Absolut's 'new-style' Tier 2 subordinated debt rating remains one
notch below the bank's VR. The notching includes (i) zero notches
for additional non-performance risk relative to the VR, as Fitch
believes this instrument would only absorb losses once the bank
reaches, or is very close to, the point of non-viability; and (ii)
one notch for loss severity, reflecting below-average recoveries
in case of default.

RATING SENSITIVITIES

Not applicable.

The rating actions are as follows:

Long-Term Foreign- and Local-Currency IDRs: downgraded to 'B-'
from 'B+'; placed on RWE; withdrawn

Short-Term Foreign-Currency IDR: 'B'; placed on Rating Watch
Negative (RWN); withdrawn

Viability Rating: downgraded to 'b-' from 'b+'; placed on RWE;
withdrawn

Support Rating: affirmed at '5'; withdrawn

Support Rating Floor: affirmed at 'No Floor'; withdrawn

Senior unsecured debt: downgraded to 'B-' from 'B+'/ Recovery
Rating 'RR4'; placed on RWE; withdrawn

Subordinated debt: downgraded to 'CCC+' from 'B'/Recovery Rating
'RR5'; placed on RWE; withdrawn


GAZBANK JSCB: Moody's Cuts Long-Term Deposit Ratings to 'C'
-----------------------------------------------------------
Moody's Investors Service has downgraded Gazbank JSCB's
(Gazbank's) long-term local and foreign-currency deposit ratings
to C from B3. The C ratings do not carry outlooks. At the same
time, Moody's downgraded the bank's baseline credit assessment
(BCA) and adjusted BCA to c from b3. The rating agency also
affirmed the bank's Not Prime short-term local and foreign
currency deposit ratings.

Moody's also downgraded the bank's long-term Counterparty Risk
Assessment (CR Assessment) to C(cr) from B2(cr) and long-term
Counterparty Risk Ratings (CRRs), local and foreign-currency, to C
from B2; and affirmed the bank's short-term CR Assessment of Not
Prime(cr) and CRRs of Not Prime.

Moody's will then subsequently withdraw all the bank's ratings
following the withdrawal of its banking license by the Central
Bank of Russia (CBR).

This rating action follows the announcement of the CBR on July 11,
2018 that it had revoked Gazbank's banking license.

RATINGS RATIONALE

The downgrade and Moody's subsequent ratings withdrawal follow the
CBR's announcement on July 11, 2018 that it had revoked Gazbank's
banking license, as a result of the entity's inability to comply
with state laws on banking activity and CBR's regulations, non-
compliance with legislative requirements and considerable amount
of non-performing assets.

The downgrade of Gazbank's ratings reflects Moody's expectations
of heavy losses that the bank's unsecured creditors are likely to
incur as a result of liquidation, given the historical recovery
data for similar cases in Russia, when banks' licenses have been
revoked.



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


FIRST PRIORITY: Creditors Back Company Voluntary Arrangement
------------------------------------------------------------
Inside Housing reports that struggling housing association
First Priority has declared "business as usual" as it struck a
deal with its creditors.

According to Inside Housing, the association's creditors have
agreed to a Company Voluntary Arrangement (CVA), a procedure that
allows an insolvent company to pay its creditors over an agreed
period of time.

First Priority had been struggling with its finances, with the
Regulator of Social Housing criticizing it for a "fundamental
failure of governance" in February, Inside Housing relates.

The regulator, as cited by Inside Housing, said it did not have
"sufficient working capital" or the capacity to meet its debts and
it "continue[d] to trade on the goodwill of its creditors"

It does not own any homes itself but leases them from city
investors, usually at inflation-linked rents, Inside Housing
notes.

It brought in corporate rescue specialist Begbies Traynor and
consultancy firm Grant Thornton as internal advisors,
Inside Housing recounts.


HOUSE OF FRASER: Group of Landlords Challenges CVA
--------------------------------------------------
Tim Clark at Drapers Online reports that a group of landlords has
filed a petition in the Scottish Courts, challenging House of
Fraser's company voluntary arrangement (CVA).

On June 22, House of Fraser creditors approved the retailer's CVA
proposals, which were filed on June 6, Drapers Online relates.

The landlords, who are advised by Begbies Traynor and JLL,
officially filed a petition in the Scottish courts, Drapers Online
discloses.  According to Drapers Online, they are challenging the
CVA proposals on the grounds of alleged "unfair prejudice against
certain creditors, as well as material irregularities in the
implementation of the CVA".

The challenge is the first against a CVA in Scotland, say the
advisers, adding that it has been filed to ensure landlords'
shareholders are not unfairly treated, Drapers Online notes.


                      *     *     *


As reported by the Troubled Company Reporter-Europe on June 20,
2018, S&P Global Ratings placed its 'CCC+' long-term issuer credit
rating on U.K. department store retailer House of Fraser (UK &
Ireland) Ltd. on CreditWatch with negative implications.  S&P
said, "At the same time, we placed our 'CCC+' long-term issue
rating on the group's GBP175 million senior secured floating-rate
notes (of which GBP164.9 million remain outstanding) on
CreditWatch negative. We revised down our recovery rating on these
notes to '4' from '3', reflecting our expectation of average
recovery prospects (30%-50%; rounded estimate: 35%) in the event
of default."  The CreditWatch placement follows the launch of
House of Fraser's Company Voluntary Arrangement (CVA), and the
release of preliminary results for the group's first quarter
ending April 28, 2018.


NESBIT LAW: Financial Challenges Prompt Administration
------------------------------------------------------
Business Sale reports that Nesbit Law Group, a northwest law firm,
has been placed in administration following a string of financial
issues.

The law firm, with offices in Birmingham, Bury and Liverpool,
ceased trading in all three of its sites, Business Sale relates.

Manchester-based insolvency practitioners FRP Advisory LLP were
brought in, and partners Ben Woolrych and David Thornhill were
assigned as joint administrators, Business Sale discloses.

According to Business Sale, the law firm experienced monetary
challenges "for a number of years" as a result of legislative
changes in 2013. The enactment of the Legal Aid, Sentencing and
Punishment Offenders Act narrowed the number of those entitled to
legal support, which led to financial pressures and impact on
working capital, Business Sale notes.

Moreover, the Bury office suffered severe damages due to flooding
in 2016, which caused the firm to lose a number of the company's
most profitable clients and contracts, resulting in further
cashflow problems, Business Sale states.

The group owed its creditors north of GBP3 million through the
year, and GBP4 million to various debtors, Business Sale relays,
citing the firm's annual report from September 2017.  Following
this, it entered a company voluntary arrangement after meeting
with its creditors in Manchester in May last year, Business Sale
recounts.

Nesbit Law Group specialized in accident claims relating to road
traffic violations, and also handled cases relating to cavity wall
claims, holiday sickness and housing disrepair.


NEWDAY FUNDING 2018-1: Fitch Corrects July 10 Ratings Release
-------------------------------------------------------------
Fitch Ratings replaced a ratings release published on July 10,
2018 to include further information under the Data Adequacy
section.

The revised release is as follows:

Fitch Ratings has assigned NewDay Funding's Series 2018-1 notes
final ratings as follows:

USD93.0 million Series 2018-1 Class A1: 'AAAsf'; Outlook Stable

GBP100.0 million Series 2018-1 Class A2: 'AAAsf'; Outlook Stable

GBP26.2 million Series 2018-1 Class B: 'AAsf'; Outlook Stable

GBP38.8 million Series 2018-1 Class C: 'Asf'; Outlook Stable

GBP48.3 million Series 2018-1 Class D: 'BBBsf'; Outlook Stable

GBP26.2 million Series 2018-1 Class E: 'BBsf'; Outlook Stable

GBP22.4 million Series 2018-1 Class F: 'Bsf'; Outlook Stable

Fitch has simultaneously affirmed Series 2017-1, Series 2016-1,
Series 2015-2, Series 2015-1, Series VFN-F1 V1 and Series VFN-F1
V2.

The notes issued by NewDay Funding 2018-1 plc are collateralised
by a pool of non-prime UK credit card receivables.

Part of the proceeds from the issuance of Series 2018-1 will be
used to redeem Series 2015-1 on 16 July 2018. Fitch understand
that the liquidity reserve for Series 2015-1 has been released
following the issuance of Series 2018-1. This has no impact on the
ratings given that amounts required to pay principal and interest
due on Series 2015-1 are already trapped in the receivables
trustee investment account for the upcoming payment.

KEY RATING DRIVERS

Non-Prime Asset Pool

The charge-off and payment rate performance of the portfolio
differs from that of other rated UK credit card trusts, due to the
non-prime nature of the underlying assets. Fitch assumes a steady
state charge-off rate of 18%, with a stress on the lower end of
the spectrum (3.5x for 'AAAsf'), considering the high absolute
level of the steady state assumption and lower historical
volatility in charge-offs. Fitch applied a steady state payment
rate assumption of 10%, with a median level of stress (45% at
'AAAsf').

Changing Pool Composition

The portfolio consists of an open book and a closed book, which
have displayed different historical performance trends. The
overall pool performance is expected to migrate towards the
performance of the open book as the closed book amortises. This
has been incorporated into Fitch's steady state asset assumptions.

Variable Funding Notes Add Flexibility

In addition to Series VFN-F1 providing the funding flexibility
that is typical and necessary for credit card trusts, the
structure employs a separate originator VFN, purchased and held by
NewDay Funding Transferor Ltd (the transferor). It provides credit
enhancement to the rated notes, adds protection against dilution
by way of a separate functional transferor interest, and meets the
EU risk retention requirements.

Key Counterparties Unrated

The NewDay Group will act in a number of capacities through its
various entities, most prominently as originator, servicer and
cash manager to the securitisation. In most other UK trusts, these
roles are fulfilled by large institutions with strong credit
profiles. The degree of reliance is mitigated in this transaction
by the transferability of operations, agreements with established
card service providers, a back-up cash management agreement and a
series-specific liquidity reserve.

Stable Asset Outlook

Fitch maintains its stable sector outlook, as performance remains
benign and any potential deterioration would remain fully
consistent with the steady-state assumptions for UK credit card
trusts.

Weak real wage growth and changes to the benign unemployment
levels in the UK would put the repayment ability of borrowers
under pressure in the near future. However, receivables
performance did not deteriorate during the most recent multi-year
period of negative real wage growth, likely due to the robust
labour market that coincided with that period. Fitch's current
expectation for UK unemployment supports the stable rating outlook
for credit card trusts.

RATING SENSITIVITIES

Rating sensitivity to increased charge-off rate
Increase base case by 25% / 50% / 75%
Series 2018-1 A: 'AAsf' / 'AA-sf' / 'A+sf'
Series 2018-1 B: 'A+sf' / 'Asf' / 'BBB+sf'
Series 2018-1 C: 'BBB+sf' / 'BBBsf' / 'BBB-sf'
Series 2018-1 D: 'BB+sf' / 'BBsf' / 'B+sf'
Series 2018-1 E: 'B+sf' / 'Bsf' / NA
Series 2018-1 F: NA / NA / NA

Rating sensitivity to reduced Monthly Payment Rate (MPR)
Reduce base case by 15% / 25% / 35%
Series 2018-1 A: 'AAsf' / 'AA-sf' / 'Asf'
Series 2018-1 B: 'A+sf' / 'Asf' / 'A-sf'
Series 2018-1 C: 'BBB+sf' / 'BBBsf' / 'BBB-sf'
Series 2018-1 D: 'BBB-sf' / 'BB+sf' / 'BBsf'
Series 2018-1 E: 'BB-sf' / 'B+sf' / 'B+sf'
Series 2018-1 F: NA / NA / NA

Rating sensitivity to reduced purchase rate (ie aggregate new
purchases divided by aggregate principal repayments in a given
month)
Reduce base case by 50% / 75% / 100%
Series 2018-1 D: 'BBB-sf' / 'BBB-sf' / 'BBB-sf'
Series 2018-1 E: 'BB-sf' / 'BB-sf' / 'BB-sf'
Series 2018-1 F: NA / NA / NA
No rating sensitivities are shown for class A to C, as Fitch is
already assuming a 100% purchase rate stress in these rating
scenarios

Rating sensitivity to increased charge-off rate and reduced MPR
Increase base case charge-offs by 25% and reduce MPR by 15% /
Increase base case charge-offs by 50% and reduce MPR by 25% /
Increase base case charge-offs by 75% and reduce MPR by 35%
Series 2018-1 A: 'A+sf' / 'A-sf' / 'BBB-sf'
Series 2018-1 B: 'A-sf' / 'BBBsf' / 'BB+sf'
Series 2018-1 C: 'BBBsf' / 'BB+sf' / 'BB-sf'
Series 2018-1 D: 'BBsf' / 'B+sf' / NA
Series 2018-1 E: 'Bsf' / NA / NA
Series 2018-1 F: NA / NA / NA

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

Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by Deloitte LLP. The third-party due diligence described
in Form 15E focused on observing and comparing specific loan level
data contained in a sample of credit card receivables. Fitch
considered this information in its analysis and it did not have an
effect on Fitch's analysis or conclusions.

DATA ADEQUACY

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

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

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pool and the transaction. There were no findings that affected the
rating analysis.

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

Fitch has simultaneously affirmed the following ratings:

GBP175 million Series VFN-F1 V1 Class A: 'BBBsf'; Outlook Stable
GBP15.7 million Series VFN-F1 V1 Class E: 'BBsf'; Outlook Stable
GBP13.6 million Series VFN-F V1 Class F: 'Bsf'; Outlook Stable

GBP195.6 million Series VFN-F1 V2 Class A: 'AAAsf'; Outlook Stable
GBP28.4 million Series VFN-F1 V2 Class B: 'AAsf'; Outlook Stable
GBP42.5 million Series VFN-F1 V2 Class C: 'Asf'; Outlook Stable
GBP58.5 million Series VFN-F1 V2 Class D: 'BBBsf'; Outlook Stable
GBP30 million Series VFN-F1 V2 Class E: 'BBsf'; Outlook Stable
GBP25.7 million Series VFN-F1 V2 Class F: 'Bsf'; Outlook Stable


GBP125 million Series 2017-1 Class A: 'AAAsf'; Outlook Stable
GBP19.3 million Series 2017-1 Class B: 'AAsf'; Outlook Stable
GBP28.3 million Series 2017-1 Class C: 'Asf'; Outlook Stable
GBP35.5 million Series 2017-1 Class D: 'BBBsf'; Outlook Stable
GBP19.8 million Series 2017-1 Class E: 'BBsf'; Outlook Stable
GBP16.5 million Series 2017-1 Class F: 'Bsf'; Outlook Stable

GBP129.3 million Series 2016-1 Class A: 'AAAsf'; Outlook Stable
GBP18.8 million Series 2016-1 Class B: 'AAsf'; Outlook Stable
GBP27.8 million Series 2016-1 Class C: 'Asf'; Outlook Stable
GBP37.9 million Series 2016-1 Class D: 'BBBsf'; Outlook Stable
GBP20.1 million Series 2016-1 Class E: 'BBsf'; Outlook Stable
GBP13.8 million Series 2016-1 Class F: 'B+sf'; Outlook Stable

GBP146.7 million Series 2015-2 Class A: 'AAAsf'; Outlook Stable
GBP21.3 million Series 2015-2 Class B: 'AAsf'; Outlook Stable
GBP31.5 million Series 2015-2 Class C: 'Asf'; Outlook Stable
GBP44.1 million Series 2015-2 Class D: 'BBBsf'; Outlook Stable
GBP22.8 million Series 2015-2 Class E: 'BBsf'; Outlook Stable
GBP15.6 million Series 2015-2 Class F: 'B+sf'; Outlook Stable

GBP147.3 million Series 2015-1 Class A: 'AAAsf'; Outlook Stable
GBP21.6 million Series 2015-1 Class B: 'AAsf'; Outlook Stable
GBP31.8 million Series 2015-1 Class C: 'Asf'; Outlook Stable
GBP44.1 million Series 2015-1 Class D: 'BBBsf'; Outlook Stable
GBP22.8 million Series 2015-1 Class E: 'BBsf'; Outlook Stable
GBP15.3 million Series 2015-1 Class F: 'B+sf'; Outlook Stable


PREMIER FOODS: Mull Sale of Parts of Business Amid Debt Pile
------------------------------------------------------------
Business Sale reports that facing mounting debt and unpopular
management, Premier Foods is considering the sale of parts of its
business.

According to Business Sale, its chairman Keith Hamill said: "I
don't think anything is off the table," noting that Premier Foods
would only consider an "exceptional price" for its assets.  This
would force the company to pay off its debt and generate
investment for its future.

Household brands like Batchelors, Cup a Soup, Angel Delight and
Bisto are under consideration for sale, Business Sale discloses.
It is expected that their sales will raise GBP200 million,
Business Sale states.

With only a market value of GBp390 million, Premier Foods faces
GBP496 million in net debt and GBP4.5 billion in pension
liabilities, Business Sale relates.  Its debt is estimated to be
more than three times the value of the company's underlying
profits, Business Sale notes.

Premier Foods plc, together with its subsidiaries, manufactures
and distributes branded and own label food products in the United
Kingdom, other European countries, and internationally.


RAC BOND: S&P Affirms B(sf) Rating on Class B1 Notes
----------------------------------------------------
S&P Global Ratings affirmed its credit ratings on RAC Bond Co.
PLC's class A1, A2, and B1 Dfrd notes.

RAC Bond Co.'s financing structure blends a corporate
securitization of the operating business of the RAC Bidco Ltd.
(RAC) in the U.K. with a subordinated high-yield issuance. The
transaction is backed by future cash flows generated by the
operating businesses, which include roadside services, insurance
brokering, motoring services, and telematics and data services,
but exclude RAC Insurance Ltd. and RACMS (Ireland) Ltd.

RATINGS RATIONALE FOR THE CLASS A NOTES

RAC Bond Co.'s primary sources of funds for principal and interest
payments on the class A1 and A2 notes are the loan interest and
principal payments from the borrower and amounts available from
the liquidity facility, which is shared with the borrower to
service the senior term loan.

S&P said, "Our ratings on the class A notes address the timely
payment of interest and the ultimate payment of principal due on
the class A notes. They are based primarily on our ongoing
assessment of the borrowing group's underlying business risk
profile (BRP), the integrity of the transaction's legal and tax
structure, and the robustness of operating cash flows supported by
structural enhancements.

"Our cash flow analysis serves to both assess whether cash flows
will be sufficient to service debt through the transaction's life
and to project minimum debt service coverage ratios (DSCRs) in
base-case and downside scenarios. In our analysis, we have
excluded any projected cash flows from the underwriting part of
the RAC's insurance business, which is not part of the restricted
borrowing group (only the insurance brokerage part is)."

RATINGS RATIONALE FOR THE CLASS B NOTES

S&P's rating on the class B1-Dfrd notes only addresses the
ultimate repayment of principal and interest on or before its
legal final maturity date in May 2046.

The class B1-Dfrd notes are structured as soft-bullet notes with
an EMD in November 2022 and a legal final maturity date. Interest
and principal is due and payable to the noteholders only to the
extent received from the borrower under the class B1 loan. Under
the terms and conditions of the class B1 loan, if the loan is not
repaid on its EMD, interest would no longer be due and would be
deferred. The deferred interest, and the interest accrued thereon,
becomes due and payable on the final maturity date of the class
B1-Dfrd notes. S&P said, "Our analysis focuses on the scenarios in
which the underlying loans are not repaid on their EMD and the
corresponding notes are not redeemed. Therefore, our fundamental
assumption is that the class B1-Dfrd notes defer interest six
months after their EMD and do not receive payments until the class
A notes are fully repaid."

Moreover, under their terms and conditions, further issuances of
class A notes are permitted without consideration given to any
potential impact on the then current ratings on the outstanding
class B1-Dfrd notes.

S&P said, "Both the extension risk, which we view as highly
sensitive to the future performance of the borrowing group given
its deferability, and the ability to issue more senior debt
without consideration given to the class B1-Dfrd notes, may
adversely affect the issuer's ability to repay the class B1-Dfrd
notes. As a result, the uplift above the borrowing group's (RAC
Bidco Ltd's) creditworthiness reflected in our rating on the class
B1-Dfrd notes is limited. Consequently, we have affirmed our 'B
(sf)' rating on the class B1-Dfrd notes."

  RATINGS LIST

  Class       Rating

  RAC Bond Co. PLC
  GBP1.175 Billion Asset-Backed Fixed-Rate Notes

  Ratings Affirmed

  A1          BBB- (sf)
  A2          BBB- (sf)
  B1-Dfrd     B (sf)



===================
U Z B E K I S T A N
===================


HAMKORBANK JSCB: S&P Assigns 'B+/B' ICRs, Outlook Stable
--------------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term and 'B' short-term
issuer credit ratings on Uzbekistan-based JSCB Hamkorbank. The
outlook is stable.

With total assets of Uzbekistani sum (UZS) 5.65 trillion (about
US$700 million) as of May 1, 2018, Hamkorbank is the largest-
privately owned bank in Uzbekistan and eighth-largest bank in the
country. Serving a broad range of customers, from retail and
private entrepreneurs to large corporates, the bank receives about
5.0% of the system-wide deposits and provides about 2.8% of the
system-wide loans. S&P notes that the bank has a particularly
solid country-wide franchise in retail, micro-, and small and
medium-sized enterprise (SME) lending, which have been the bank's
traditional areas of expertise since its foundation in 1991. With
40 branches and 158 mini-offices, Hamkorbank also has a good
geographical footprint across the country.

S&P said, "In our view, the bank demonstrates good diversity
across key business segments. Currently, about 47% of the bank's
loan book is provided to private entrepreneurs, farmers, and SMEs;
34% goes to loans to large corporates; and 19% of the portfolio
represents retail business. We think that Hamkorbank's good
business diversity gives the bank additional flexibility in
managing risks, costs and revenues, and previously helped the bank
to withstand competition from larger institutions.

"Nevertheless, we think that the bank's relatively small size and
market share compared with state-owned banks expose it to the
growing competition, in particular in retail and SME lending. We
also note that the bank's future lending growth of 25%-30% will
remain higher than the system average and is to be particularly
aggressive in retail segment, where it may reach 40%-50% over the
next two to three years. We think that the bank's strategic move
to retail lending may become a challenge for the management's
ability to reach the stated growth targets, while keeping prudent
risk management and adequate asset quality.

"We view the bank's current ownership structure, and, in
particular, presence of the international financial institutions
among shareholders, as a factor supporting the bank's relatively
good corporate governance and transparency, which, in our opinion,
are better than in other Uzbek banks, on average. The
International Financial Corporation (IFC) is a shareholder of the
bank since 2010 with a stake of 15.3%. The Dutch Development Bank
(Nederlandse Financierings-Maasthappij voor Ontwikkelingslanden
N.V. [FMO]) is another shareholder (since 2014) with a stake of
15.3%. Both institutions have been playing an important role in
the bank's development and corporate governance.

"We think that Hamkorbank has an adequate capital buffer, as
reflected in our risk-adjusted capital (RAC) ratio to absorb
potential losses and support future growth. As of year-end 2017,
the bank's RAC ratio was close to 7.4%, and we forecast it will
remain above 7.0% in the next 12-18 months supported by good
capacity to generate capital through earnings. We expect that the
bank's net interest margin will decline to 9.50%-9.75%, from 10.6%
in 2017, due to an expected increase in funding costs and growing
competition in retail and SME lending. We forecast that new loan
loss provisions will increase in 2018 to around 0.8% of the loan
portfolio, reflecting the negative impact of IFRS 9. Operating
expenses will rise by 22%-25% versus 18% growth last year due to
pass-through effect of the inflation hike in 2017-2018. Despite
the expected decline in the net interest margin and accelerated
growth in operating expenses, we expect that the bank's average
return on equity will remain in the 25%-27% range over the next
two years.

"Hamakorbank's good asset quality, low credit losses through the
cycle, relatively low single-name concentrations, and modest
lending in foreign currency support our adequate assessment of the
bank's risk position. We note that despite an aggressive growth in
the past, Hamkorbank demonstrated good asset quality, with
nonperforming loans and credit losses lower than that of peers in
the region. As of year-end 2017, loans past-due by more than 90
days represented about 0.5% of total loans, while new provisions
remained well below 1.0%. The bank demonstrates good asset quality
across all business lines with especially low default rate in
unsecured retail and micro loans. In our view, the bank's good
asset quality reflects its prudent risk-management practices,
sound expertise in the traditional business areas of micro and SME
lending, and advanced scoring models developed with the assistance
of the IFC and the FMO. Although not our base-case scenario, we do
not exclude that the expected high growth in retail segment may
constrain the bank's asset quality.

"In our view, the bank's funding profile and liquidity position
are comparable with those of other large state-owned banks in the
country, and our assessment of the bank's funding and liquidity is
a neutral rating factor. Funds from individuals and corporates
dominate the bank's funding structure, representing 67% of the
bank's total liabilities as of end-2017. Project funds attracted
from the international financial institutions represented the rest
of the bank's funding. The bank has been attracting the funds to
provide loans to SMEs and private entrepreneurs in various sectors
of the economy. We note that these funds are primarily long-term
in nature and lengthen average maturity of the bank's funding
base."

Hamkorbank has a relatively large share of current accounts in its
depositor base (73% at year-end 2017). Likewise, the depositor
base is relatively concentrated, with the top-20 depositors
representing 55% of the bank's customer accounts. Although this is
similar to Uzbek peers, S&P notes that potential volatility in
funding may weigh on the bank's liquidity buffer. As of end-2017,
cash and its equivalents covered 35% of the bank's liabilities or
85% of current customer accounts.

S&P said, "The stable outlook on Hamkorbank reflects our view
that, over the next 12-18 months, the bank will maintain its
notable market positions in SME and retail segment in Uzbekistan,
sustainably high profitability, good asset quality, and adequate
capital and liquidity buffers.

"We could consider a negative rating action if Hamkorbank's asset
quality significantly deteriorates, leading to credit losses
exceeding those of peers and putting pressure on its profitability
and capitalization. A negative rating action may also follow if
the bank adopts an aggressive approach to lending growth alongside
relaxed underwriting standards and lower-than-expected capital
adequacy ratios, i.e. when our RAC ratio falls well below 7.0%.

"Hamkorbank's creditworthiness is constrained by our view of the
creditworthiness of Uzbekistan. Therefore, we are unlikely to
raise the ratings on the bank over the next 12-18 months unless
our view on the sovereign's credit quality improves and Hamkorbank
demonstrates its ability to sustain competitive pressure and to
manage growth while keeping adequate asset quality and
capitalization."



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


* BOND PRICING: For the Week July 16 to July 20, 2018
-----------------------------------------------------

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



                            *********

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

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

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


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante,
Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

Copyright 2018.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000.


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