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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 1, 2019, Vol. 20, No. 130

                           Headlines



C Y P R U S

NOHC STANPEAK: S&P Assigns BB Issuer Credit Rating, Outlook Stable


D E N M A R K

STARK GROUP: Moody's Gives B2 Rating to New EUR300MM Term Loan B


F R A N C E

CASPER MIDCO: Moody's Assigns B3 CFR, Outlook Stable
CASPER MIDCO: S&P Assigns Preliminary 'B-' ICR, Outlook Positive
RALLYE SA: Hedge Funds to Get CDS Payouts Following Bond Auction


I R E L A N D

RRE 2 LOAN: Moody's Rates EUR23.25MM Class E Notes 'Ba3'


I T A L Y

4MORI SARDEGNA: DBRS Confirms B Rating on Class B Notes
MONTE DEI PASCHI: DBRS Confirms B(high) Long Term Issuer Rating


K A Z A K H S T A N

OIL INSURANCE: S&P Alters Outlook to Stable & Affirms 'B+' CCR


L U X E M B O U R G

MONITCHEM HOLDCO 2: S&P Alters Outlook to Stable & Affirms 'B' ICR


N E T H E R L A N D S

GREEN STORM 2019: Moody's Gives (P)Ba1 Rating on Class E Notes
IGNITION TOPCO: Moody's Raises CFR to B2, Outlook Stable
TMF SAPPHIRE: Moody's Affirms B3 CFR & Alters Outlook to Negative


P O R T U G A L

BANCO BPI: Moody's Lowers LT Issuer Rating to BA1, Outlook Stable


R U S S I A

INTERPROMBANK JSCB: Moody's Cuts LongTerm Deposit Ratings to Caa1
RESPECT LLC: Bank of Russia Provides Update on Administration
TRANSKAPITALBANK: Moody's Cuts Foreign Curr. Deposit Ratings to B3


S P A I N

BBVA CONSUMER 2018-1: DBRS Confirms BB Rating on Class D Notes
CAIXABANK LEASINGS 3: DBRS Gives (P)B(high) Rating on B Notes
HIPOCAT 7: S&P Raises Class D Notes Rating to BB+
TENDAM BRANDS: Moody's Raises CFR to B1, Outlook Stable


U K R A I N E

RAIL CAPITAL: Fitch Publishes 'B-(EXP)' Rating on LPNs Due 2024
UKRAINIAN RAILWAY: S&P Puts 'CCC+' ICR on CreditWatch Developing
UKRTRANSGAZ: Inks UAH1.47BB Debt Restructuring Agreement with ERU


U N I T E D   K I N G D O M

7DIGITAL: At Risk of Administration, Seeks US$5.5MM in Funding
AVOCET MINING: To Shut Down Business Amid Mounting Debt
BRITISH STEEL: Network Rail Puts Up Bid for Rail Services Division
EMOOV: Richard Desmond Takes GBP20MM Hit Following Collapse
GREENSANDS UK: Fitch Puts 'B-' IDR on Watch Neg. Amid Proposed Fine

JPJ GROUP: Moody's Affirms B1 Corp. Family Rating, Outlook Stable
PREMIER FOODS: Fitch Affirms 'B' LongTerm Issuer Default Rating
RRE 2 LOAN: S&P Assigns BB Rating on EUR23.25MM Class E Notes
SCORPIO DAC 34: DBRS Finalizes BB Rating on Class E Notes
SMALL BUSINESS 2019-2: Moody's Gives (P)Ba3 Rating to Class D Notes

TVL FINANCE: Moody's Rates Proposed GBP440MM Sec. Notes B3


X X X X X X X X

[*] BOND PRICING: For the Week June 24 to June 28, 2019

                           - - - - -


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C Y P R U S
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NOHC STANPEAK: S&P Assigns BB Issuer Credit Rating, Outlook Stable
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S&P Global Ratings assigned its 'BB' issuer credit rating to
Cyprus-based NOHC Stanpeak Limited LLC, the majority owner of
Russia-based Insurance Company RESO-GARANTIA. The outlook is
stable.

The rating on Stanpeak is two notches below its 'bbb-' assessment
of RESO-GARANTIA's group credit profile (GCP). The GCP is based on
its 'BBB-' rating on RESO-GARANTIA, the sole operating subsidiary
of Stanpeak and the fourth-largest property/casualty (P/C) insurer
in Russia. RESO-GARANTIA holds 7.3% of the P/C market and had gross
premiums written of about Russian ruble (RUB) 114 billion in 2018
(under International Financial Reporting Standards).

Stanpeak ultimately owns a 56.6% stake in RESO-GARANTIA; the rest
is held by France-based global multiline insurer AXA Group (36.7%)
and minorities (6.7%). Stanpeak currently owns RESO-GARANTIA
through several special-purpose vehicles (SPVs), but we expect the
ownership structure will be streamlined in the coming months, with
interim SPVs being eliminated.

S&P said, "We classify Stanpeak as a NOHC because it does not
perform any operating activity and serves solely as a holding
company, and we think this will continue. The two-notch difference
between the rating on Stanpeak and that on RESO-GARANTIA indicates
our view of the structural subordination of NOHCs' obligations,
compared with those of operating subsidiaries. In our analysis, we
do not deduct further notches, because Stanpeak has no debt issued
-- nor plans to -- at the NOHC level.

"We base our assessment of the NOHC's liquidity needs based on that
of RESO-GARANTIA because there is no consolidated data available.
We regard RESO-GARANTIA's liquidity as sufficient, based on the
company's liquid investment portfolio and positive cash flow from
insurance operations.

"The stable outlook on Stanpeak mirrors that on RESO-GARANTIA and
assumes no debt at the holding company level. All else being equal,
we would maintain the two-notch difference between our long-term
rating on Stanpeak and that on its sole operating entity."

Any positive rating action in the next 12 months would depend on a
similar action on RESO-GARANTIA, which is unlikely at this stage.

S&P could lower the rating on Stanpeak in the next 12 months if it
downgraded RESO-GARANTIA, or if Stanpeak attracted sizable debt
such that its assessment of its double leverage ratio increased
materially, contrary to its assumptions.




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D E N M A R K
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STARK GROUP: Moody's Gives B2 Rating to New EUR300MM Term Loan B
----------------------------------------------------------------
Moody's Investors Service has confirmed LSF10 Wolverine Investments
S.C.A.'s B2 Corporate Family Rating, its B2-PD Probability of
Default Rating and its B2 rating on the group's EUR515 million
senior secured fixed and floating rate notes maturing in 2024. At
the same time, a B2 rating has been assigned the proposed EUR300
million senior secured Term Loan B. The outlook was changed to
negative from rating under review. This concludes the review for
downgrade initiated on May 24, 2019.

The new TLB facility will be used to fund Stark Group's announced
acquisition of Saint Gobain Building Distribution Deutschland GmbH
("SGBDD") and repay certain existing indebtedness of Stark Group
and SGBDD. In total, financial debt will increase by EUR235
million.

"T[he] rating action reflects our view of the execution challenges
linked to the integration and the expected performance improvements
of the all-debt funded acquisition of SGBDD towards the levels of
Stark Group, "says Daniel Harlid, Moody's lead analyst for Stark
Group. "While the confirmation of the B2 ratings positively
recognize the good track record of current management of Stark and
the business profile improvements related to the scale and
diversification of the acquired SGGB business, the negative outlook
reflects the uncertainty of performance improvements and
consequently credit metrics improvements back towards the
requirements for the B2 rating category in an increasingly
challenging macroeconomic environment", Mr. Harlid continues.

RATINGS RATIONALE

Following the acquisition of SGBDD, Stark Group will double its
revenue and get access to the sizeable German building materials
distribution market. This will create a more diversified group,
with leading market shares in all countries where it operates but
Norway. The factors supporting the assigned B2 rating includes its
increased scale, a critical component in achieving attractive
pricing at suppliers, while at the same time achieving a very large
network of 403 branches in Northern Europe. Furthermore, both Stark
and SGBDD own a great part of their premises, supporting the debt
package as well as the cost structure due to low rents having to be
paid. The assigned ratings also assume ongoing support from the
financial sponsor, funds associated to LoneStar, in a scenario of a
performance deviation and the absence of dividend payouts.

At the same time, risks associated with a large acquisition as the
aforementioned are material, not at least associated with
integration challenges in a new country. Given the already low
operating margin of Stark on a standalone basis, adding SGBDD's
even lower profitability to the group translates to low margin for
error. Although Moody's-adjusted debt/EBITDA amounts to 6.0x pro
forma for the transaction, which is elevated for the B2 rating
category, it anticipated this credit metric to be reduced to around
5.0x within 12-18 months.

LIQUIDITY

Stark Group's liquidity is adequate, both on a standalone and on a
pro forma basis. Moody's projects cash on balance sheet to amount
to around EUR150 million end of fiscal Q4, supported by a EUR150
million revolving credit facility (RCF). Additionally, funds from
operations is projected by Moody's to amount to around EUR100
million over the next 12 months. Given the respective seasonality
effects of Stark and SGBDD on a standalone basis, where trough and
peaks in terms of working capital occur at different times of the
year, it does not foresee the RCF to be used. Other cash uses
mainly relate to capital spending, which is likely to hover around
EUR55-EUR65 million annually. The terms of the EUR150 million RCF
require compliance with one springing covenant, which needs to be
tested when the facility is drawn by more than 40% and which, it
understands, is set with ample headroom.

STRUCTURAL CONSIDERATIONS

In its Loss Given Default analysis, the EUR515 million senior
secured fixed and floating rate notes (to be reduced by EUR65
million), the proposed EUR300 million TLB and the EUR150 RCF, all
rank pari passu with each other. All instruments are guaranteed by
the group's parent LSF10 Wolverine Bidco A.p.S and certain
subsidiaries, which together account for at least 80% of the
consolidated EBITDA and gross assets, and are secured by pledges
over shares in group companies, intercompany loans and bank
accounts of the issuer.

RATING OUTLOOK

The negative outlook is based on the uncertainties around execution
and, thus, the deleveraging trajectory, given the complexity
associated with the very large acquisition of SGBDD. Although its
base case incorporates a Moody's-adjusted debt/EBITDA ratio of 5.0x
as of fiscal year ending July 31, 2020, on the back of increasing
profitability, there is an elevated risk of integration taking
longer than originally projected, which leads to a delay in
realizing projected cost synergies.

WHAT COULD CHANGE THE RATINGS UP

  Moody's-adjusted debt/EBITDA below 4.5x on a sustainable basis

  Moody's-adjusted operating margin increasing towards 5.0%

WHAT COULD CHANGE THE RATINGS DOWN

  Failure to bring Moody's-adjusted debt/EBITDA clearly towards
  5.0x within 6 months post-closing of the transaction

  A deterioration in the Moody's-adjusted operating margin towards
  2.0%

  Free cash flow decreasing towards zero

  Signs of a more aggressive financial policy

COMPANY PROFILE

Headquartered in Frederiksberg, Denmark, Stark Group is one of the
leading distributors of building materials in the Nordic region.
With 186 branches in the region, the company reported revenue of
EUR2.2 billion and Moody's-adjusted EBITDA of EUR114 million for
the 12 months ended January 2019. Following the acquisition of
SGBDD, the company will add Germany to its exposure, with revenue
for the combined group amounting to EUR4.1 billion and
Moody's-adjusted EBITDA to EUR189 million. Germany will be the
group's largest single market, accounting for 46% of sales as of
fiscal 2018, which ended July 31, 2018.




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F R A N C E
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CASPER MIDCO: Moody's Assigns B3 CFR, Outlook Stable
----------------------------------------------------
Moody's Investors Service assigned a B3 corporate family rating and
B3-PD probability of default rating to Casper MidCo SAS, which will
become the holding company of the French hotel operator B&B Hotels.
Moody's has also assigned B2 instrument ratings to the proposed
EUR665 million 1st lien senior secured term loan B (TLB) and EUR120
million senior secured 1st lien revolving credit facility (RCF), to
be raised by Casper BidCo SAS, a direct subsidiary of Casper MidCo
SAS and intermediate holding of B&B. Additionally, Moody's has
assigned a Caa2 rating to the proposed EUR155 million 2nd lien
Senior Secured TL, also to be issued by Casper BidCo SAS. The
outlook on all aforementioned entities is stable.

Proceeds from the new TLB will be used to finance the acquisition
of B&B by Goldman Sachs Merchant Banking Division from PAI Partners
via Casper MidCo SAS, to refinance B&B's existing debt and pay
transaction fees and expenses. Moody's anticipates that the
indirect cash contribution from the new shareholder will be in the
form of common equity.

RATINGS RATIONALE

"The B3 CFR reflects the increase in B&B's indebtedness following
the company's buyout by Goldman Sachs. This will result in weaker
credit metrics including Moody's adjusted leverage ratio above 8x
as of year-end 2018 on a pro-forma basis including the anticipated
impact from IFRS16 implementation", says Vitali Morgovski, a
Moody's Assistant Vice President-Analyst and the lead analyst for
B&B Hotels. "At the same time, a continuation of its strong
operating performance trend could result in a deleveraged capital
structure over the next years, with a potential for positive rating
pressure over the medium term", Mr. Morgovski continues.

In recent years, B&B Hotels demonstrated a track record of strong
operational performance with relatively high profitability levels,
growing KPIs and meeting or exceeding own forecasts. Since 2012 the
number of group's hotels almost doubled and the number of rooms
reached 41.8k at the end of 2018 (12.1% CAGR in 2012-18) as the
group expanded its network beyond France and Germany into Italy,
Spain, Czech Republic, Poland and more recently into Portugal,
Switzerland, Belgium, Slovenia and Austria. Sales and EBITDA more
than doubled in the same time frame reaching EUR547 million and
EUR229 million (Moody's adjusted including IFRS16) in 2018
respectively.

Moody's expects the proposed refinancing to increase B&B's adjusted
gross leverage (including IFRS16) to around 8.3x as of year-end
2018 (on a pro-forma basis) from around 6.5x. Though, the company's
earnings are expected to continue growing intensively, owning to
further expansion of the group's network and a ramp-up of recent
openings, Moody's expects the gross leverage ratio to remain above
7x in the next 12-18 months.

In terms of free cash flow generation, Moody's expect it to remain
close to break-even level in the coming 12-18 months (positive EUR3
million in 2018) as higher earnings are consumed by higher interest
burden post refinancing and still substantial growth capex that is
only expected to decline from 2021 onwards, which will likely
result in a more meaningful positive cash generation.

However, the rating reflects B&B's strong single brand and very
streamlined business model with a flexible cost structure due to
the mandate management model. The capital-light business model and
high proportion of direct sales (75% of room revenues) as opposed
to distribution through online travel agencies (OTAs) results in a
relatively high profitability measured by Moody's adjusted EBITA
margin (post IFRS16) of around 26% in 2018. Moreover, the company
managed to increase its market share in its established markets
such as France and Germany and to increase its regional
diversification though expansion into ten further European
countries as well as in Brazil. Finally, the economy & budget
segment, where the company is active in, proved to be more
resilient to the economic downturns than the overall hospitality
sector.

These strengths are counterbalanced by the company's significant
financial leverage post refinancing (Moody's adjusted gross
leverage of around 7x -- 7.5x in the coming 12-18 months) and
moderate coverage (Moody's adjusted EBITA/ Interest of around 1.4x
-- 1.5x in the coming 12-18 months). The extent of regional
diversification is still limited with France and Germany
contributing around 80% of the group's EBITDA. Furthermore, Moody's
believes that B&B's growth ambitions can result in debt-funded
acquisitions that are not yet included in Moody's expectations and
can lead to slower than anticipated deleveraging.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects B&B's strong positioning in the B3
rating category, combined with Moody's expectation that the company
will continue to expand its property portfolio, realizing revenue
and EBITDA growth. A continuation of its strong performance,
translated in deleveraging its capital structure, could support
positive rating pressure over the medium-term.

WHAT COULD MOVE THE RATINGS - UP

Positive rating pressure could arise if:

  -- Moody's adjusted gross debt/EBITDA trending towards 7x;

  -- Moody's adjusted RCF/ net debt above 7.5%;

  -- Further operational improvements driven by continued
     outperformance and successful execution of the
     development strategy

  -- At least adequate liquidity profile supported by positive
     free cash flow

WHAT COULD MOVE THE RATINGS -- DOWN

Conversely, negative rating pressure could arise if:

  -- Moody's adjusted gross debt/EBITDA above 8x;

  -- Failure to expand the portfolio network and to make new
     hotels operational and profitable on time

  -- Moody's adjusted EBITA/ Interest below 1x;

  -- Negative free cash flow resulting in deteriorating liquidity

STRUCTURAL CONSIDERATION

In the loss-given-default assessment for B&B hotels, based on the
structure post refinancing, Moody's ranks pari passu the proposed
new senior secured EUR665 million 1st lien TLB and EUR120 million
1st lien RCF, which share the same security and are guaranteed by
certain subsidiaries of the group accounting for at least 80% of
consolidated EBITDA. The 1st lien term loan is covenant-light with
a spring net leverage covenant set at 8.5x only applicable to the
revolver if it is drawn over 40% (24% at the end of June 2019). The
B2 ratings on these instruments reflect their priority position in
the group's capital structure and the benefit of loss absorption
provided by the junior ranking debt.

The EUR155 million of senior secured second lien loans are ranked
junior to 1st lien TLB and RCF, they share the same security with
1st lien TLB and 1st lien RCF and are also guaranteed by
subsidiaries of the group accounting for at least 80% of
consolidated EBITDA. This is reflected in the Caa2 rating assigned
to these loans.

LIQUIDITY

B&B's liquidity is expected to be adequate following the proposed
refinancing with around EUR20 million of cash remaining on the
balance sheet and EUR91 million availability under the EUR120
million revolving credit facility. The company's primary
expenditures are capex outlays related to the maintenance of its
portfolio (approximately EUR50 million per year) as well as the
growth pipeline (approximately EUR50-60 million per year, excluding
any proceeds from the sale and leaseback) which cause the free cash
flow (Moody's adjusted) to remain close to break-even level in the
coming 12-18 months. B&B's business is seasonal with the first
quarter being the lowest in terms of cash flow generation.

PROFILE

Based in Paris, France, B&B Hotel Group is a limited-service hotel
chain with 476 hotels in twelve European countries. B&B focuses on
the "econo-chic" concept -- the more upscale part of the budget
segment. The company follows an asset-light business strategy
leasing almost all its hotels. Its future growth will be largely
financed by landlords with B&B contributing Furniture, Fixtures &
Equipment (FF&E). In 2018, B&B generated EUR541 million in
revenues.


CASPER MIDCO: S&P Assigns Preliminary 'B-' ICR, Outlook Positive
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'B-' issuer credit
rating to B&B Hotels' parent company, Casper MidCo SAS, and its
preliminary 'B' issue rating to the proposed first lien TLB and its
preliminary 'CCC' issue rating to the proposed second lien TLB, to
be issued by Casper Bidco SAS.

The rating actions follow the announcement on May 19, 2019, that
the private equity investor Goldman Sachs Merchant Banking Division
(GSMBD) reached an agreement to acquire B&B Hotels from private
equity firm PAI Partners, for a total consideration of EUR1,971
million. The proposed transaction-financing package includes the
EUR120 million revolvning credit facility (RCF), EUR665 million
first-lien term loan B (TLB), and EUR155 million second-lien term
loan B (TLB). The debt will be issued by Casper Bidco SAS, the 100%
owned subsidiary of Casper Midco SAS, the newly created parent
company of B&B Hotels. The proposed financing also includes an
equity injection of EUR791 million at closing and deferred equity
consideration of EUR313 million in 2020. S&P said, "We understand
the total equity contribution will comprise 90% of preference
shares owned by GSMBD and 10% ordinary shares owned by the
management. The deferred equity consideration will be paid by
GSMBD. We consider the preference shares as equity-like instrument
and exclude them from adjusted debt."

S&P said, "Our rating analysis on B&B Hotels reflects the company's
high fixed-cost, asset-heavy business model. This is because the
company leases almost all its properties under long-term contracts,
leaving limited flexibility in case of revenue decline. As such, we
anticipate profit volatility over the lodging cycle, since the
industry is cyclical, competitive, and vulnerable to global
security and financial events. Similarly, B&B Hotels' limited scale
and modest business diversification constrain its creditworthiness,
in our view. In 2018 the group generated EUR541 million in revenues
operating 476 hotels, which is relatively small compared with other
globally diversified lodging companies. Moreover, we believe
concentration risk stems from B&B Hotels' single-brand operating
focusing on the budget and economy segment. In addition, we note
the group has modest geographic diversification, with limited
presence outside Europe, since it generates about 85% of EBITDA in
France and Germany.

"These factors are partly mitigated by B&B Hotels' improving brand
awareness and recognition, thanks to the company's rapid expansion
across Europe, and its sound market positions in the budget and
economy hotel segment. We believe that this sector is less volatile
than the luxury and upmarket hotel sector, despite, in our view,
the lower barriers to entry. In addition, we believe the focus on
the business travelers segment makes the business model more
resilient, on the back of less exposure to disruption and event
risks than the leisure travelers segment.

"Furthermore, thanks to the group's lean cost structure, we regard
its profitability as sound and aligned with the average among its
lodging peers. B&B Hotels reported EBITDA margins of about 20% in
2018. This is further underpinned by the successful execution of
its growth strategy and the current supportive economic
environment. We have observed this in France, the group's core
market, where operating performance significantly improved
reflecting both favorable market trends and the positive outcomes
of the room renovation program. As a result, between 2017 and
end-2018, revenue per available room (RevPAR) in France increased
by 12.1% following the renovation of 142 hotels.

"We consider the group's capital structure to be highly leveraged.
This stems from our projections of S&P Global Ratings-adjusted debt
to EBITDA of about 7.6x in 2019 following the successful completion
of the transaction. High operating and financial leverage minimize
flexibility. Furthermore, we see limited headroom for any potential
underperformance and execution risks as B&B Hotels continues its
aggressive expansion plan. This is accentuated by the long ramp-up
cycle of new hotel openings (usually two to three years) as well as
the cyclical nature, competitiveness, and susceptibility to
external events of the lodging industry.

"B&B Hotels' plans to open 49 hotels (17 will be franchises) in
2019 and 70 hotels (15 will be franchises) in 2020 indicate
continued rapid expansion. We expect that the ongoing EBITDA
growth, on the back of the openings, will enable B&B Hotels to
deleverage toward 7x in the medium term.

"Nevertheless, this ambitious expansion plan, in our view, will
continue to weigh on FOCF in the medium term because of the
material capital expenditure (capex) needs. We believe, however,
that cash flow generation should be positive in 2019-2020 after
adding the proceeds from sale and leaseback transactions as part of
B&B Hotels' strategy to maintain a lease model. The company will
therefore rely on its planned asset sales to sustain adequate
liquidity, in our view. In addition, we believe that B&B Hotels
would have room to reduce growth capex if necessary.

"The final ratings will depend on our receipt and satisfactory
review of all final transaction documentation. Accordingly, the
preliminary ratings should not be construed as evidence of final
ratings. If S&P Global Ratings does not receive final documentation
within a reasonable time frame, or if final documentation departs
from materials reviewed, we reserve the right to withdraw or revise
our ratings. Potential changes include, but are not limited to,
preference shares terms, utilization of the loan proceeds,
maturity, size and conditions of the loans, financial and other
covenants, security, and ranking.

"The positive outlook reflects our expectation that B&B Hotels will
likely continue to successfully execute its expansion strategy.
This would translate into rapid EBITDA growth, better margins, and
FOCF generation. We believe that Europe's lodging market trend
should remain positive, and B&B Hotels will likely continue to
exhibit solid operating performance.

"We could revise the outlook to stable if B&B Hotels fails to
deleverage towards 7x in the next 18 months. This could occur if,
for example, the group did not successfully execute its growth
strategy or operating performance weakened due to macroeconomic
pressures, geopolitical events, or competition resulting in a
substantial decline in RevPar performance and the EBITDA margin, or
if higher-than-anticipated exceptional costs led to
lower-than-expected EBITDA and/or cash flows. We could also revise
the outlook to stable if liquidity weakened. This could be the case
if the company faced delays in executing its sale and leaseback
transactions while being unable to adjust its development capex to
accommodate these delays.

"Evidence of a more aggressive financial policy focused on
debt-financed dividend distribution or acquisitions, or a move
toward a considerably capital-intensive business model, could also
prompt us to revise the outlook to stable.

"We could raise the rating if, over the coming 18 months, the
company successfully deleveraged toward 7x, with a clear path to
below 7x in the ensuing 12 months. This would happen if B&B Hotels'
growth plan translated into revenue and EBITDA growth as planned.
The upgrade is contingent on maintaining at least adequate
liquidity and positive FOCF generation after proceeds from sale and
leaseback transactions.

"We would also expect management's continued commitment to maintain
a deleveraging path that supports improved credit metrics with
sufficient headroom to cushion any unforeseen events in the lodging
industry. The company's new owner would also need to follow a
prudent financial policy with regard to leverage targets,
debt-funded acquisitions, and distributions to shareholders."


RALLYE SA: Hedge Funds to Get CDS Payouts Following Bond Auction
----------------------------------------------------------------
Katie Linsell and Samuel Dodge at Bloomberg News report that hedge
funds that bet on the demise of Rallye SA will get the pay day they
chased for years after a bond auction to settle derivatives linked
to the indebted retail group.

Buyers of credit-default swaps on the parent of French supermarket
chain Casino Guichard-Perrachon SA will collect 87.5% of the amount
insured, Bloomberg relays, citing final auction results on June 27.
That equates to a payout of US$522 million, based on data from the
International Swaps & Derivatives Association, Bloomberg notes.

Rallye's swaps were triggered after the group was placed in
creditor protection last month to avoid collapse, Bloomberg cites.


Diameter Capital Partners is among those that may stand to gain
from the settlement, Bloomberg states.  Scott Goodwin's US$1.7
billion credit fund has bet against Rallye and recommended that
investors buy swaps on its debt, according to Bloomberg.

Market makers including Citigroup Inc., which has been involved in
long and short positions on Rallye, and BNP Paribas SA, which
offered bets on the timing of a default, participated in the
settlement auction, Bloomberg relates.

Rallye, the largest in a series of indebted holding companies
Naouri controls, still faces months of negotiations for a debt
restructuring in which lenders are expected to take losses,
Bloomberg says.

Anthony Giret, an analyst at Spread Research in Lyon, France, as
cited by Bloomberg, said Rallye's unsecured creditors are likely to
swap their debt for new shares and take control of the company.
Still, the safeguard procedure in France is so flexible that Casino
Chief Executive Officer Jean-Charles Naouri could keep control, an
outcome that would be almost unheard of in the U.S. or U.K.,
Bloomberg states.

Alain Lopez, an analyst at brokerage firm Octo Finances in Paris,
said the level of payment from credit swaps may influence the
restructuring talks, Bloomberg notes.

                   About Rallye SA

France-based Rallye S.A., together with its subsidiaries, engages
in the food, non-food e-commerce, and sporting goods retailing
activities in France and internationally.  It operates
hypermarkets, supermarkets, and discount stores. The company
conducts its retailing activities in France primarily under the
Casino, Monoprix, Franprix-Leader Price, and Vindemia banners; food
retail activities in Latin America primarily under the Éxito,
Disco, Devoto, and Libertad banners, as well as GPA food banner;
and e-commerce comprising Cdiscount and the Cnova N.V. holding
company businesses.  

The Company was placed under creditors' protection by a Paris court
on May 23, 2019.  At the time of its collapse, the Company was said
to be saddled with a EUR2.9 billion debt.




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I R E L A N D
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RRE 2 LOAN: Moody's Rates EUR23.25MM Class E Notes 'Ba3'
--------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by RRE 2 Loan
Management Designated Activity Company:

EUR228,000,000 Class A-1 Senior Secured Floating Rate Notes due
2032, Definitive Rating Assigned Aaa (sf)

EUR10,000,000 Class A-2 Senior Secured Floating Rate Notes due
2032, Definitive Rating Assigned Aaa (sf)

EUR44,000,000 Class B Senior Secured Floating Rate Notes due 2032,
Definitive Rating Assigned Aa2 (sf)

EUR26,000,000 Class C Senior Secured Deferrable Floating Rate Notes
due 2032, Definitive Rating Assigned A2 (sf)

EUR28,750,000 Class D Senior Secured Deferrable Floating Rate Notes
due 2032, Definitive Rating Assigned Baa3 (sf)

EUR23,250,000 Class E Senior Secured Deferrable Floating Rate Notes
due 2032, Definitive Rating Assigned Ba3 (sf)

RATINGS RATIONALE

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

RRE 2 Loan Management Designated Activity Company is a managed cash
flow CLO. At least 96.0% of the portfolio must consist of senior
secured loans and senior secured bonds and up to 4.0% of the
portfolio may consist of unsecured obligations, second-lien loans,
mezzanine loans and high yield bonds. The portfolio is expected to
be approximately 95% 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 6 months ramp-up period in compliance with the portfolio
guidelines.

Redding Ridge Asset Management (UK) LLP ("RR") will manage the CLO.
It will direct the selection, acquisition and disposition of
collateral on behalf of the Issuer and may engage in trading
activity, including discretionary trading, during the transaction's
four and a half year reinvestment period. Thereafter, subject to
certain restrictions, purchases are permitted using principal
proceeds from unscheduled principal payments and proceeds from
sales of credit risk obligations.

Interest and principal payments due to the Class A-2 Notes are
subordinated to interest and principal payments due to the Class
A-1 Notes.

In addition to the six classes of notes rated by Moody's, the
Issuer has issued EUR42,300,000 of subordinated notes, which are
not rated.

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

Methodology Underlying the Rating Action:

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

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

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

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

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

Par amount: EUR400,000,000

Diversity Score: 37 (*)

Weighted Average Rating Factor (WARF): 2974

Weighted Average Spread (WAS): 3.50%

Weighted Average Coupon (WAC): 5.00%

Weighted Average Recovery Rate (WARR): 45.00%

Weighted Average Life (WAL): 8.5 years

(*) The covenanted base case Diversity Score is 38, however Moody's
has assumed a diversity score of 37 as the transaction
documentation allows for the diversity score to be rounded up to
the nearest whole number whereas usual convention is to round down
to the nearest whole number.

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




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

4MORI SARDEGNA: DBRS Confirms B Rating on Class B Notes
-------------------------------------------------------
DBRS Ratings Limited confirms the following ratings to Class A
notes and Class B notes issued by 4Mori Sardegna S.r.l. (the
Issuer):

-- Class A notes at BBB (low) (sf)
-- Class B notes at B (sf)

The notes were backed by a EUR 1.04 billion portfolio by gross book
value (GBV) consisting of unsecured and secured non-performing
loans (NPLs) originated by Banco di Sardegna S.p.A. (the
Originator). The majority of loans in the portfolio defaulted
between 2008 and 2017 and is in various stages of resolution. The
receivables are serviced by Prelios Credit Servicing S.p.A.
(Prelios or the Servicer). A backup master servicer, Securitization
Services S.p.A., was appointed and will act as a service in case of
termination of the appointment of Prelios.

At the cut-off date, approximately 53% of the pool by GBV was
secured and 94.4% of the secured loans by GBV benefitted from a
first-ranking lien. According to the latest information provided by
the Servicer in March 2019, the percentage of secured GBV of the
portfolio remains almost equal at 52%. At closing, the secured
collateral was highly concentrated in the Italian regions of
Sardinia (83.5% of secured GBV as of cut-off date) and Lazio (11.0%
of secured GBV as of cut-off date) and continues to be mainly
concentrated in the same regions as at the cut-off date. In its
analysis, DBRS assumed that all loans are worked out through an
auction process, which generally has the longest resolution
timeline.

According to the most-recent semi-annual investor report, the
actual cumulative collections totaled EUR 20.8 million for the
first six months after closing. The initial business plan provided
by the Servicer, as detailed in the servicing report, assumed
cumulative gross disposition proceeds (GDP) of EUR 21.5 million by
this point, which is 3% higher than the amount collected so far.
Therefore, the transaction is slightly underperforming by an amount
of roughly EUR 0.7 million as compared with the Servicer's initial
business plan. At issuance, DBRS estimated a GDP for the same six
month period of EUR 16.4 million at a BBB (low) (sf) stressed
scenario, which is EUR 5.0 million lower as compared with the
initial business plan estimate provided by the Servicer during the
same period (HC 23.44%). Furthermore, at a B (sf) stressed
scenario, DBRS estimated a GDP for the same six month period of EUR
18.2 million, which is EUR 3.3 million lower (HC 15.24%) as
compared with the initial business plan GDP estimate during the
same period.

The coupon on the Class B notes, which represent the mezzanine
debt, may be repaid prior to the principal of Class A notes unless
certain performance-related triggers are breached. As per the
latest investor report from January 2019, no subordination events
have occurred.

The ratings are based on DBRS's analysis of the projected
recoveries of the underlying collateral, the historical performance
and expertise of the Servicer, Prelios, the availability of
liquidity to fund interest shortfalls and special-purpose vehicle
expenses, the cap agreement with Banca IMI and the transaction's
legal and structural features. DBRS's BBB (low) (sf) and B (sf)
rating stresses assume haircuts of approximately 23.8% and 15.4%
respectively, to Prelios's business plan for the portfolio.

Notes: All figures are in Euros unless otherwise noted.


MONTE DEI PASCHI: DBRS Confirms B(high) Long Term Issuer Rating
---------------------------------------------------------------
DBRS Ratings GmbH confirmed the ratings of Banca Monte dei Paschi
di Siena SpA (BMPS or the Bank), including the Long-Term Issuer
Rating of B (high) and the Short-Term Issuer Rating of R-4. The
trend on all ratings remains Stable. Concurrently, DBRS maintained
the Bank's Intrinsic Assessment at B (high) and the support
assessment at SA3.

KEY RATING CONSIDERATIONS

The confirmation of BMPS's ratings with a Stable trend takes into
account the progress the Bank has made in improving its asset
quality by reducing its stock of Non-Performing Exposures (NPEs).
Nonetheless, the stock of NPEs remains high and the Bank's current
business plan encompasses a gradual reduction. In addition, the
ratings take into account the Bank's weak profitability, which
reflects modest revenues and still high provisioning costs, as well
as increased refinancing costs on the wholesale funding markets.
The ratings also considered the Bank's stable liquidity position
and its modest capital buffers.

RATING DRIVERS

Positive rating pressure would require significant improvements in
asset quality supported by adequate capital levels, progress in
revenue generation, and improved access to the funding market.
Downward rating pressure could arise from a weakening in funding
and liquidity or significant deterioration in the capital.

RATING RATIONALE

BMPS is Italy's fourth-largest bank by total assets and has a
significant market share in its home region of Tuscany. The Bank is
currently undertaking a restructuring plan for 2017-2021, following
the approval of the Italian State's precautionary recapitalization
of the Bank in 2017. As part of this plan, in 2018, BMPS continued
to reduce its NPEs and improve efficiency with the closure of
branches and headcount reduction. Nonetheless, the Bank continues
to face several challenges, particularly in terms of revenue
generation and weak asset quality, and the execution risks of the
current restructuring plan remain high. The increasing premium
required by investors has also contributed to higher refinancing
costs and the Bank's issuance amount of Tier 2 bonds in 2018 was
below the target agreed with the European Commission (EC).

In line with the State Aid procedures and the restructuring plan,
the Italian Ministry of Finance (MEF), which is BMPS's main
shareholder with a 68% stake, is expected to submit an exit plan to
the European Commission by end-2019. In DBRS’s view, any plan is
likely to include an acceleration of the Bank’s de-risking plan.

In 1Q19, the Bank reported a net income of EUR 27.9 million, down
from EUR 187.6 million in 1Q18, reflecting weaker core revenues and
high provision costs. The Bank's net interest income continued to
be impacted by the ongoing de-risking plan, still high funding
costs and modest lending rates. Revenues from fees and commissions
were also subdued. Increased market uncertainty and restructuring
actions contributed to lower fees from the distribution of wealth
management products and commission on loans. The Bank's cost of
risk remained elevated at 73 bps, reflecting the high stock of NPLs
and the challenging operating environment in Italy. In terms of
efficiency, the Bank maintains a good track record in reducing
costs and continues with the rationalization of its operating
structure.

In 2018, the Bank completed approximately EUR 28 billion of NPE
disposals, including securitization of EUR 24 billion. The total
gross NPE stock, excluding interest on arrears, decreased to EUR 17
billion from EUR 43 billion at YE17 and decreased further to EUR 16
billion at 1Q19. As of end-1Q19, the Bank's gross NPE ratio was
reported at 16.3%, down from 17.3% at YE18 and 35.8% at YE17,
whilst the total NPE coverage stood at 53.1%. BMPS' gross NPE ratio
is expected to decrease to 12.9% in 2021, according to the Bank's
current business plan. This level will, however, remain
significantly higher than the European average.

BMPS is largely funded by deposits from retail and corporate
clients. After a prolonged period of uncertainty, the completion of
the precautionary recapitalization has helped to stabilize the
Bank's deposit base. On the wholesale market, the Bank issued
covered bonds totaling EUR 1 billion in January 2019. However,
funding costs for the Bank have increased, especially on the
unsecured market, and as a result of the higher premium required by
investors, the Bank postponed the second issuance of Tier 2 bonds,
initially targeted to take place by the end of 2018. Maintaining
investor confidence remains a key focus of the Bank, especially
considering the significant maturities expected in 2020. However,
DBRS notes that the Bank maintains a sizable stock of unencumbered
assets totaling EUR 22.7 billion, or around 17% of the Bank's total
assets. At end 1Q19, the Bank reported an LCR of 241% and an NSFR
of 111%.

BMPS' capital position strengthened following the precautionary
recapitalization and the burden-sharing with the holders of its
subordinated bonds. Nonetheless, we continue to view the Bank's
current capital buffers as modest considering its asset quality
problems, the challenging market access, and the supervisory
requirements. At 1Q19, BMPS reported a phased-in Common Equity Tier
1 (CET1) ratio of 13.3% (or 11.2% fully loaded), slightly down QoQ,
mainly due to an increase in RWAs from credit risk and the
phasing-in of the IFRS9 impact. The Bank's phased-in total capital
ratio was 14.7% (or 12.6% fully loaded). According to the ECB 2019
SREP, the Bank is required to maintain a minimum CET1 ratio of
11.3% (including a Pillar 2 guidance of 1.3% and a Pillar 2
requirement of 3.0%) and a total capital ratio of 13.5%.

The Grid Summary Grades for Banca Monte dei Paschi di Siena SpA is
as follows:

Franchise Strength - Moderate;
Earnings - Weak;
Risk Profile - Weak;
Funding & Liquidity - Weak;
Capitalization - Weak.

Notes: All figures are in Euros unless otherwise noted.




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

OIL INSURANCE: S&P Alters Outlook to Stable & Affirms 'B+' CCR
--------------------------------------------------------------
S&P Global Ratings revised its outlook on Kazakhstan-based JSC Oil
Insurance Co (NSK) to stable from negative. At the same time, S&P
affirmed its 'B+' long-term counterparty credit and financial
strength ratings and 'kzBBB' Kazakhstan national scale rating on
the company.

The outlook revision reflects S&P's view that NSK has gradually
improved its capital adequacy over the last year, as measured by
the regulatory solvency ratio and our capital model. On a positive
note, regulatory sanctions were removed in the second half of 2018
and do not constrain the company's expected business development in
its key segment of obligatory motor third party liability
insurance. We expect that NSK will be able to gradually improve its
relationship with the regulator and avoid any further regulatory
restrictions.

Ms. Dana Alzhanova recently increased her stake in NSK to 79.8%,
becoming the majority owner. S&P said, "We do not expect this
change in ownership will influence the company's overall strategy,
aimed at profitable growth and improving its underwriting
performance, because the Alzhanov family has always been closely
involved in the company's decision making process. NSK's former
shareholder structure also included a 50%-plus-one share owned by
Russian businessmen Sergey and Nikolay Sarkisov (48.60%, split
equally between the brothers) and Andrey Saveliev (1.5%). The three
men are shareholders in large Russian retail insurer Insurance
Company RESO Garantia. The financial terms of the deal were not
publically disclosed, however we anticipate that Ms. Alzhanova
financed the buyout of the previous partners and diversion of
capital from NSK was not required."

S&P said, "In our view, the improved capital position resulted from
higher net income and a considerable reduction in the company's
insurance premium base in 2018 following the license suspension. We
note that shareholders prefer dividends that affect the insurer's
capital position, which we expect to be close to 40% of the net
profits in 2019-2020. Following this, we expect that the company
will maintain its actual solvency margin at about 1.5x the minimum
margin required by the Kazakh regulator in 2019-2020. This should
provide NSK a safe cushion for further premium increases in the
medium term.

"Our capital forecast is based on the assumption that the company
will gradually restore its business volume (after 40% premium drop
in 2018) in the medium term. NSK is highly likely to show premium
decline in 2019, Property & Casualty insurers in Kazakhstan cannot
reinsure risks of employers' liability starting from 2018. This was
one of the main lines of business for NSK before the law was
introduced. It is currently transferred to life insurance companies
in Kazakhstan according to amendments in regulation that came into
force in 2018. In our forecast, NSK will start to increase its
premiums by about 5% in 2020, however we expect the company will
maintain a net combined ratio of about 98%-100% in 2019-2020.

"The stable outlook reflects our view that the company will be able
to maintain its capital adequacy at the current level while
restoring its business position and showing positive underwriting
results."

Deterioration in NSK's stand-alone characteristics could see S&P
lower the ratings in the next 12 months if:

-- NSK's financial flexibility and capital adequacy deteriorates
due to the payout of material dividends or large losses;

-- S&P sees that NSK's competitive position has weakened, for
example, if it experiences a material insurance loss or further
materials decline in premium volumes signifying loss of the market
share; or

-- Oil Insurance revises its investment strategy, resulting in the
average asset quality declining to 'B' or lower.

S&P sees a positive rating action in the next 12 months as highly
unlikely taking into account the company's business profile and
still-low level of capital in absolute terms.




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

MONITCHEM HOLDCO 2: S&P Alters Outlook to Stable & Affirms 'B' ICR
------------------------------------------------------------------
S&P Global Ratings revised its outlook on Monitchem Holdco 2 S.A.
(CABB) to stable from negative and affirmed its 'B-' rating.

S&P said, "The outlook revision follows strong first-quarter 2019
results, and our expectation that CABB will be able to achieve
significant leverage reduction in 2019 on the back of stronger
earnings. We forecast adjusted debt to EBITDA of about 6.7x in
2019, coming down to 6.3x in 2020, from a high of 7.7x reported in
2018.

"Under our updated forecast, we anticipate that CABB's sales will
reach close to EUR500 million in 2019, chiefly supported by strong
demand from agrochemicals markets, where it sells key ingredients
for herbicides, fungicides, and insecticides. After three years of
declining sales, the crop protection market has bottomed out and
returned to growth. This is shown by CABB's 10% total revenue
growth in first-quarter 2019, excluding the effect of International
Financial Reporting Standard (IFRS) 15. We expect this trend to
continue throughout the year, supported by close to six months of
visibility on the group's future revenue stream. The agrochemicals
business accounts for about 64% of the custom manufacturing
division's sales (12% sales increase in first-quarter 2019, like
for like) and about 20% of sales of the Acetyls division. We also
expect continued mid-single-digit growth in the Acetyls division,
with sustained demand for its key product, monochloracetic acid
(MCA), which generates 64% of the division's sales. In
first-quarter 2019, the Acetyls division's sales increased by
7.8%.

"Furthermore, we expect that EBITDA will outpace revenue growth,
reaching close to EUR100 million in 2019 and EUR107 million in
2020. We think the company will benefit from the ramp-up of new
more profitable products, as well as positive pricing initiatives
that offset past raw materials inflation. We note that CABB is less
sensitive to fluctuations in raw materials prices than some other
specialty chemicals companies, since about half of raw materials
used in the custom manufacturing division's production process are
sourced by customers themselves.

"We therefore estimate higher operating cash flows of about EUR50
million, up from EUR32 million in 2018, after working capital, cash
interest paid, and cash taxes. However, we expect free operating
cash flow (FOCF) to remain negative at about EUR10 million because
the company plans to continue to invest significant amounts of its
cash in new products developed in conjunction with customers and
plant upgrades. Importantly, the Acetyls business has better cash
generation potential than custom manufacturing because it requires
limited investments. In contrast, custom manufacturing needs
continued investments to rebuild and change plants and develop new
products tailored to customers' commercial production needs.
However, these costs are at least partly shared with customers.

"We expect capital expenditure (capex) will reach EUR62 million in
2019 and EUR65 million in 2020. Overall, we estimate maintenance
capex at about EUR30 million, with the remainder covering more
strategic initiatives, such as electrolyzes in the Gersthofen plant
in Germany, and other investments in plants related to new product
development.

"We continue to apply a negative comparable rating modifier because
of CABB's limited scope of operations compared with bigger
specialty chemicals groups. In addition, its products in the
business unit Acetyls are relatively concentrated on MCA and the
company has some degree of customer concentration in the custom
manufacturing division.

"The stable outlook reflects our view that CABB's EBITDA will rise
to close to EUR100 million in 2019, underpinned by visibility on
its revenue for the next six months. This should reduce adjusted
debt to EBITDA to about 6.7x at year-end 2019. We also factor in
negative FOCF of about EUR10 million, with higher outflows for
capex intended to fund future growth.

"We could lower the rating by one notch if demand for CABB's
products contracted, leading to a material decline in EBITDA that
would result in adjusted debt to EBITDA deteriorating above 8x,
without near-term prospects for recovery. Rating pressure would
also occur if the company's liquidity weakened, in particular in
the absence of timely refinancing of the revolving credit facility
(RCF), or if EBITDA interest coverage dropped below 2.0x.

"We think that the highly indebted capital structure, combined with
high capex investments that lead to negative FOCF, leave no room
for rating upside over the next 12-24 months. In the longer term, a
higher rating would depend on the company's ability to generate
positive FOCF and demonstrate a solid deleveraging trajectory."




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

GREEN STORM 2019: Moody's Gives (P)Ba1 Rating on Class E Notes
--------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to Notes
to be issued by Green STORM 2019 B.V.:

EUR[ ] Senior Class A Mortgage-Backed Notes due 2066, Assigned
(P)Aaa (sf)

EUR[ ] Mezzanine Class B Mortgage-Backed Notes due 2066, Assigned
(P)Aa1 (sf)

EUR[ ] Mezzanine Class C Mortgage-Backed Notes due 2066, Assigned
(P)Aa3 (sf)

EUR[ ] Junior Class D Mortgage-Backed Notes due 2066, Assigned
(P)A2 (sf)

EUR[ ] Subordinated Class E Notes due 2066, Assigned (P)Ba1 (sf)

Green STORM 2019 B.V. is a five years revolving securitisation of
Dutch prime residential mortgage loans. Obvion N.V. ("Obvion", not
rated) is the originator and servicer of the portfolio. At the
provisional pool cut-off date, the portfolio consists of loans
extended to [2,333] borrowers with a total principal balance of EUR
[573.7] million (net of savings policies).

The transaction is aligned with Obvion's mission to increase and
promote energy-efficient residential housing. Obvion employs an
objective methodology and criteria to evaluate and select the
environmentally best 15.00% of the Dutch residential buildings for
Obvion's Green RMBS, based on accepted energy-labelling standards
for new residential buildings that have been in place in the
Netherlands since 1995.

RATINGS RATIONALE

The provisional ratings on the Notes take into account, among other
factors: (i) the performance of the previous transactions launched
by Obvion N.V.; (ii) the credit quality of the underlying mortgage
loan pool; (iii) the replenishment criteria; and (iv) the initial
credit enhancement provided by subordination and the reserve fund.

The expected portfolio loss of [0.70]% and the MILAN Credit
Enhancement (MILAN CE) of [8.20]% serve as input parameters for
Moody's cash flow model, which is based on a probabilistic
lognormal distribution.

The key drivers for the portfolio's expected loss of [0.70]%, which
is in line with preceding STORM transactions and with other prime
Dutch RMBS transactions, are: (i) the availability of the
NHG-guarantee for [14.54]% of the loan parts in the pool, which can
reduce during the replenishment period to [12.00]%; (ii) the
performance of the seller's precedent transactions; (iii)
benchmarking with comparable transactions in the Dutch RMBS market;
and (iv) the current economic conditions in the Netherlands in
combination with historic recovery data of foreclosures received
from the seller.

MILAN CE for this pool is [8.20]%, which is slightly above that of
the preceding STORM revolving transactions and in line with other
prime Dutch RMBS revolving transactions, owing to: (i) the
replenishment period of five years with the risk of deterioration
in pool quality through the addition of new loans; (ii) the
availability of the NHG guarantee for [14.54]% of the loan parts in
the pool, which can decrease during the revolving period to
[12.00]%; (iii) the WA current LTMV as per its calculation of
[76.91]%; (iv) the proportion of interest-only loan parts
([41.60]%); (v) the WA seasoning of [3.05] years (as of the most
recent date in the Obvion's systems); and (vi) the share of loans
provided to top 20 borrowers in the pool, [2.72]%.

The risk of a deteriorating pool quality through the addition of
loans is partly mitigated by the replenishment criteria which
includes, amongst others, that the weighted average CLTMV of all
the mortgage loans, including those to be purchased by the issuer,
does not exceed [85.00]% and the minimum weighted average seasoning
is at least [40] months. Further, no new loans can be added to the
pool if there is a PDL outstanding, if share of the loans more than
3 months in arrears exceeds [1.50]% or the cumulative loss exceeds
[0.40]%.

The transaction benefits from a non-amortising reserve fund, funded
at [1.01]% of the total Class A to D Notes' outstanding amount at
closing, building up to [1.30]% by trapping available excess
spread. The initial total credit enhancement for the Class A Notes
is approximately [6.50]%, [5.49]% through Note subordination and
the reserve fund amounting to [1.01]%.

The transaction also benefits from an excess margin of [50] bps
provided through the swap agreement. The swap counterparty is
Obvion N.V. and the back-up swap counterparty is Rabobank (Aa3/P-1
& Aa2(cr)/P-1(cr)). Rabobank is obliged to assume the obligations
of Obvion N.V. under the swap agreement in case of Obvion N.V.'s
default. The transaction also benefits from an amortising cash
advance facility of [2.00]% of the outstanding principal amount of
the Notes (including the Class E Notes) with a floor of [1.45]% of
the outstanding principal amount of the Notes (including the Class
E Notes) as of closing.

Principal Methodology

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
June 2019.

The analysis undertaken by Moody's at the initial assignment of
ratings for RMBS securities may focus on aspects that become less
relevant or typically remain unchanged during the surveillance
stage.

FACTORS THAT WOULD LEAD AN UPGRADE OR DOWNGRADE OF THE RATINGS:

Factors that may lead to a downgrade of the ratings include
significantly higher losses compared with its expectations at
close, due to either a change in economic conditions from its
central scenario forecast or idiosyncratic performance factors.

For instance, should economic conditions be worse than forecasted,
the higher defaults and loss severities resulting from a greater
unemployment, worsening household affordability and a weaker
housing market could result in a downgrade of the ratings. Downward
pressure on the ratings could also stem from: (i) deterioration in
the Notes' available credit enhancement; or (ii) counterparty risk,
based on a weakening of a counterparty's credit profile,
particularly Obvion N.V. and Rabobank, which perform numerous roles
in the transaction.

Conversely, the ratings could be upgraded if: (i) economic
conditions are better than forecasted and the portfolio performs
significantly above expectations; or (ii) upon deleveraging of the
capital structure.

IGNITION TOPCO: Moody's Raises CFR to B2, Outlook Stable
--------------------------------------------------------
Moody's Investors Service upgraded Ignition Topco BV's corporate
family rating to B2 from B3 and the probability of default rating
to B2-PD from B3-PD. Moody's also affirmed the B2 rating for the
EUR260 million senior secured term loan B (TLB) and the EUR50
million senior secured revolving credit facility borrowed by
Ignition Midco BV. The outlook is stable.

RATINGS RATIONALE

Moody's has upgraded the CFR to B2 to reflect the lower debt/EBITDA
leverage ratio that at the end of 2018 reached 5.5x and 5.1x at LTM
per end of May, which is more than one turn lower than at closing
of the transaction -- which was early July 2018 -- driven by a very
strong operating performance. This positions the company strongly
in the B2 rating category. Adjusted LTM May 2019 EBITDA grew to
EUR68 million from around EUR54 million per May 2018. The increase
of EBITDA was largely supported by a shift in mix as Ignition sold
a larger share of higher value-added products. Moody's expects this
trend to continue for the rest of 2019 leading to further
deleveraging to around 4.9x. The B2 CFR takes into account the
strong positioning in the market for photoinitiators with nearly
half of the global market's share captured by IGM and reflected by
high EBITDA margins in excess of 20%.

The rating reflects the niche market characteristics, the
competitor base amongst which are larger players such as Allnex S.a
r.l. (B2 stable) and Arkema (Baa2 positive) and a fairly fragmented
and competitive Chinese market. Ignition's manufactures its core
products both in Italy and China. These have become more expensive,
by 25%, following the introduction of import tariffs by the US. The
company has so far been able to pass the costs of tariffs on.
Following the past consolidation of the global photoinitiator
market by Ignition, the likelihood of further transforming
acquisitions in Ignition's core markets is moderate. Moody's
nevertheless expects Ignition to either make bolt-on acquisitions
or to buy into adjacent technologies potentially by raising
additional debt-funding.

Ignition's liquidity is solid. Annual EBITDA of at least EUR60
million coupled with (1) moderate seasonal working capital swings;
(2) low maintenance capital expenditure requirements and; (3)
growth related capex of about EUR10-20 million in 2019 and 2020
combined support free cash flow generation in the EUR20 million to
EUR30 million range. In addition, the company has access to a EUR50
million RCF that is split between a EUR25 million working capital
facility and a EUR25 million capex/acquisition facility. Moody's
assumes drawings of around EUR5 million under the RCF to cover
intra-year working swings and working cash requirements.

The ratings for the TLB and the RCF have been affirmed at B2. This
reflects the company's intention to take out the EUR65 million
second lien debt instrument by increasing the TLB by EUR65 million.
Consequently, the TLB and the RCF remain the material debt
instruments that rank pari passu in the capital structure apart
from a EUR4.8 million (equivalent) RMB-denominated facility in
China. This supports the alignment of instrument ratings with the
CFR. The contemplated refinancing would be credit positive as the
company will save on annual interest costs.

RATIONALE FOR STABLE OUTLOOK

The stable outlook assumes leverage of not more than 5.5x and
EBITDA margins consistently above 20%.

WHAT COULD CHANGE THE RATING UP / DOWN

The ratings could be upgraded if (1) debt/EBITDA dropped to below
4.5x; and (2) absent any debt-funded, transforming acquisitions or
material shareholder remuneration.

Moody's could downgrade ratings if (1) debt/EBITDA were to be above
5.5x; (2) EBITDA margins dropped significantly from levels of 20%;
and (3) if FCF turned consistently negative.

COMPANY PROFILE

Ignition Topco BV is the parent company of operating companies that
trade under the name IGM Resins, with head offices in Waalwijk/The
Netherlands. Ignition is a leading supplier of UV curing materials.
These products are high-value add photoinitiators, acrylates and
are used for a variety of coating applications for wood and paper,
plastic, electronics, 3D printing and optical products. Ignition
also sells specialty intermediates.


TMF SAPPHIRE: Moody's Affirms B3 CFR & Alters Outlook to Negative
-----------------------------------------------------------------
Moody's Investors Service affirmed the B3 Corporate Family rating
and B3-PD Probability of Default Rating to TMF Sapphire Midco B.V.
and at the same time changed the outlook to negative from stable.
Concurrently, Moody's has affirmed a B2 instrument ratings of the
EUR950 million 1st lien term loan and the EUR150 million revolving
credit facility as well as a Caa2 instrument rating on the EUR200
million 2nd lien term loan, all at the level of TMF Sapphire Bidco
B.V and changed the outlook to negative from stable.

RATINGS RATIONALE

The change of the outlook to negative from stable reflects the
weaker than expected financial metrics as a result of the lower
inorganic growth and slowed market growth leading to a high Moody's
adjusted debt/EBITDA of 7.8x (excluding overdraft facility) in
2018, which is below the requirements for the current rating
category and compares to its initial expectation of 6.5-7x at the
time of its last credit opinion. The negative outlook reflects the
uncertainty, if the company will sufficiently improve the operating
performance and credit metrics back towards the requirements for
the current rating category over the next quarters.

TMF's EBITA margins will remain under pressure during the
transformation, resulting from the integration costs as well as
ongoing competitive pressure in the slower growing market. Based on
the margin pressure, Moody's-adjusted debt/EBITDA will remain above
7.5x (excluding overdraft) in the next twelve month, albeit Moody's
expects some deleveraging.

The negative outlook also reflects the dampened market growth with
fewer structures being set up and with transactional volumes being
at subdued levels in Luxembourg and the Netherlands which represent
the inherent regulatory and legal risk in the business model.
Furthermore, Moody's noted a swift change in management following
the acquisition by CVC, but expect a stable team to execute the
planned growth going forward.

The affirmation of the B3 CFR reflects (i) TMF's strong position as
a corporate services provider complemented by a global network of
over 120 offices that enables growth for clients into new regions
and offers cost-efficient outsourcing of corporate functions; (ii)
the high switching costs as TMF's services are sometimes deeply
embedded in the clients' processes resulting in manageable
attrition of 13%; (iii) the stable market with good growth
prospectus and limited cyclicality and (iv) good margins and cash
flow generation.

The ratings are constrained by (i) the very high Moody's adjusted
debt/EBITDA of 7.8x for 2018 (excluding overdraft facility) and
9.2x (including overdraft); (ii) the limited size and unchanged
high reliance on Europe - in particular the Benelux region - for a
large part of revenues and EBITDA; (iii) the need for strong
compliance and know-your-customer (KYC) procedures given the
complexity of regulation, tax and reporting requirements across the
world and elevated legal risks inherent in the industry,
particularly related to situations where TMF provides trustee,
director, or proxy management representative services for clients;
and (iv) the significant restructuring and integration costs and
risks, primarily related to acquisitions, that have historically
pressured operating cash flow generation.

Liquidity Analysis

TMF's liquidity is adequate. It is supported by c. EUR54 million
cash balances as of March 2019 and by the EUR150 million-equivalent
revolving credit facility (RCF) which was drawn by EUR16.9m as per
year-end 2018. Moody's anticipates that free cash flow - calculated
after capex, taxes and interests payments but before acquisitions -
will remain above EUR15 million in the next 12-18 months, and that
the company will not retain significant cash on balance sheet,
applying residual cash flow toward acquisitions.

The RCF has one springing covenant (first lien net leverage -
maximum of 9.50x - as calculated by management) that is tested when
the facility is drawn by more than 40%.

The loan agreement includes a cash sweep mechanism -- the amount of
mandatory prepayment depending on the level of leverage - for
excess cash measured as the greater of EUR30 million and 20% LTM
consolidated EBITDA. The next debt maturity will be the revolving
credit facility in February 2025.

Structural Considerations

The B2 rating on the pari passu ranked 1st lien term loan and RCF
is one notch above the new CFR of B3 assigned to TMF Sapphire Midco
B.V. which reflects the seniority of these facilities in relation
to the Caa2 second-lien term loan and the unsecured lease rejection
claims under Moody's loss given default methodology (LGD). The
company's facilities benefit from guarantees from a number of
guarantors which together represent no less than 70% of TMF's
consolidated adjusted EBITDA.

Rating Outlook

The negative outlook reflects the uncertainty, that leverage will
remain below the requirements for the current rating category,
considering that operating performance improvements need to be
realized quickly. It also reflects the integration risks of future
acquisitions as well as the lower expected market growth.

What Could Change the Rating Up/Down

The outlook can be stabilized in case of a faster than expected
integration of the acquisitions evidenced by a meaningful uptick in
revenue and margins so that Moody's-adjusted debt/EBITDA falls
below 7.5x (excluding overdrafts) within 12 months while free cash
flow remains positive and complemented by a strong liquidity.

Conversely to avoid a downgrade, the company will need to
demonstrate over the coming month progress through sequential
EBITA-improvements and limited customer attrition. Moreover, any
signs of weakening liquidity would likely result in a downgrade.

PRINCIPAL METHODOLOGY

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

CORPORATE PROFILE

TMF is a global provider of business process services mainly for
companies but also for individuals, funds and structured finance
vehicles with 59% of revenue generated in EMEA including 36% in the
Benelux and Western Europe region in 2018. Global Business Services
("GBS") represents 60% of revenue and provides integrated legal,
tax, administrative (including payroll) and accounting services for
companies. Trust & Corporate Services ("TCS") generates 40% of
revenue and provides services associated with the creation and
administration of financial vehicles, administration of corporate
structures for high net worth individuals and for the
administration of alternative investments especially for Private
Equity and Real Estate sectors. The group serves 15,000 clients and
operates 39,900 client entities across 83 jurisdictions.

In 2018, TMF reported revenue (on a management reporting basis) of
EUR566 million (EUR551 million in 2017) and company adjusted EBITDA
of EUR140 million (EUR142 million).




===============
P O R T U G A L
===============

BANCO BPI: Moody's Lowers LT Issuer Rating to BA1, Outlook Stable
-----------------------------------------------------------------
Moody's Investors Service downgraded Banco BPI S.A.'s (BPI)
long-term issuer rating to Ba1 from Baa2, and the long-term senior
unsecured programme rating to (P)Ba1 from (P)Baa2 and the other
short-term rating to (P)Not Prime from (P)P-2. BPI's long and
short-term deposit ratings have been affirmed at Baa1/P-2. The
outlook on the long-term issuer rating has been changed to stable
from negative and the outlook on the long-term deposit ratings
remains stable.

Concurrently, the rating agency has also affirmed (1) the bank's
baseline credit assessment (BCA) at ba1; (2) its adjusted BCA at
baa3; (3) its subordinated programme rating at (P)Ba1; (4) its
junior subordinated programme rating at (P)Ba2; (5) its
Counterparty Risk Ratings at Baa1/P-2; and (6) the bank's
Counterparty Risk Assessment (CR Assessment) at Baa2(cr)/P-2(cr).

Further, Moody's has also assigned a (P)Ba1 junior senior unsecured
rating to the long-term senior non-preferred medium term note
programme of BPI.

The rating action was prompted by Moody's considering BPI's
medium-term funding plans against the background of a new legal
framework in Portugal implemented earlier this year, and which
establishes full depositor preference over senior unsecured debt
instruments in the event of a bank resolution. Under Moody's
Advanced Loss Given Failure (LGF) analysis, the revised legal
ranking has reduced the volume of loss-absorbing liabilities that
rank alongside senior unsecured debt, increasing the loss rates for
senior creditors in the event of failure, and in turn leading to
the affirmation of the bank's deposit ratings and the downgrade of
its issuer and senior unsecured programme ratings.

RATINGS RATIONALE

  -- RATIONALE FOR THE AFFIRMATION OF THE BCA AND THE ADJUSTED BCA

The affirmation of BPI's BCA at ba1 reflects the bank's improving
domestic profitability metrics and its adequate capital levels,
which are, however, constrained by the prevailing risks stemming
from BPI's Angolan exposure through its 48% stake in Banco de
Fomento Angola, S.A. (Caa1 stable, b3). BPI's BCA also reflects the
bank's gradually improving asset-risk metrics which compare
favorably with BPI's domestic peers and its adequate liquidity
profile.

Moody's maintained its high affiliate support assumptions from
CaixaBank, S.A. (A3 stable/Baa1 stable; baa3) which resulted in one
notch of uplift and the affirmation of BPI's baa3 adjusted BCA.

  -- RATIONALE FOR THE DEPOSIT, ISSUER AND SENIOR PROGRAMME
RATINGS

The rating actions taken on BPI's long-term deposit, issuer and
senior unsecured programme ratings reflect (1) the bank's baa3
adjusted BCA; (2) Moody's Advanced LGF analysis, which now results
in a negative notch for senior debt (from previous one-notch of
uplift) and an unchanged two-notch of uplift for deposits; and (3)
Moody's assumption of a low probability of government support,
resulting in no uplift.

On March 14, 2019, the Portuguese government transposed into
national legislation the European Union's (EU) Directive 2017/2399
and modified the priority of claims laid out in Portuguese
insolvency law. The new insolvency hierarchy in Portugal gives
preference to all bank depositors over other unsecured creditors in
a bank insolvency or resolution, including junior depositors such
as financial institutions, public authorities and large corporates.
This new framework increases the protection from which junior
deposits benefit as they no longer rank pari passu with senior
unsecured liabilities, thereby reducing expected loss-given-failure
for rated deposits. By the same token, the volume of loss-absorbing
liabilities that would rank alongside senior unsecured debt would
be reduced and therefore the loss rates for senior creditors in the
event of failure would therefore increase.

In downgrading by two notches the issuer ratings to Ba1 and the
senior unsecured programme ratings to (P)Ba1, the rating agency has
considered BPI's medium-term funding plans as well as the increased
loss given failure under Moody's Advanced LGF analysis for these
obligations. The impact of the lower loss-given failure for the
deposits is not sufficiently large to translate into higher
ratings, resulting in the affirmation of the Baa1 deposit ratings.

  -- RATIONALE FOR THE STABLE OUTLOOK

The stable outlook of BPI's long-term deposits and long-term issuer
ratings reflects Moody's view that the expected improvement in
BPI's financial fundamentals is already captured in the bank's
current rating levels.

  -- RATIONALE FOR THE ASSIGNMENT OF JUNIOR SENIOR UNSECURED
PROGRAMME RATING

By assigning a (P)Ba1 rating to the junior senior unsecured
programme, the rating agency has incorporated the results from its
Advanced LGF analysis, which indicates likely high loss severity
for these instruments in the event of the bank's failure, leading
to positioning the programme rating one notch below the bank's baa3
adjusted BCA.

Senior non-preferred notes, which are referred to as "junior
senior" unsecured notes by Moody's, may be issued under BPI's EUR7
billion Euro Medium Term Note (EMTN) programme. As per the
Portuguese Law 23/2019, published on March 13, 2019, such
securities must have an original maturity of one year or more,
cannot have derivative features, and the related issuance documents
must incorporate a contractual subordination clause. As such, in
resolution and insolvency, they would rank junior to other senior
obligations, including senior unsecured debt, and senior to
subordinated debt.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Upward pressure on BPI's Adjusted BCA could develop as a result of
(1) stronger tangible common equity (TCE) levels and/or further
reduction in the exposure to Angola; (2) a further improvement in
the bank's asset-risk profile; and (3) additional improvement in
the bank's domestic recurring earnings.

Downward pressure on the bank's Adjusted BCA could develop as a
result of (1) a reversal in current asset-risk trends, with an
increase in the stock of NPLs or other problematic exposures, or
both; (2) a weakening of BPI's risk-absorption capacity when
measured against its asset-risk profile; and (3) Moody's
reassessment of the likelihood of affiliate support.

The bank's debt and deposit ratings are linked to the Adjusted BCA.
An upgrade of the adjusted BCA by one notch would likely affect
BPI's Ba1 issuer rating and (P)Ba1 senior unsecured programme
ratings, but not its Baa1 deposit ratings, given that they already
exceed the sovereign rating by two notches and are therefore
constrained at that level under Moody's methodology. This reflects
the rating agency's view that asset-loss rates would likely be
higher under a sovereign default and that the expected loss of
bank's deposits would, therefore, be unlikely to be significantly
below that of the sovereign's own debt.

BPI's issuer and senior unsecured programme ratings could also be
upgraded owing to a lower loss given failure faced by these
instruments. The bank's deposits ratings could be downgraded if
their loss given failure increases, but could not be upgraded due
to a lower loss given failure because of the sovereign constraint.

LIST OF AFFECTED RATINGS

Issuer: Banco BPI S.A.

Affirmations:

Long-term Counterparty Risk Rating, affirmed Baa1

Short-term Counterparty Risk Rating, affirmed P-2

Long-term Bank Deposits, affirmed Baa1, outlook remains Stable

Short-term Bank Deposits, affirmed P-2

Long-term Counterparty Risk Assessment, affirmed Baa2(cr)

Short-term Counterparty Risk Assessment, affirmed P-2(cr)

Baseline Credit Assessment, affirmed ba1

Adjusted Baseline Credit Assessment, affirmed baa3

Subordinate Medium-Term Note Program, affirmed (P)Ba1

Junior Subordinate Medium-Term Note Program, affirmed (P)Ba2

Assignments:

Junior Senior Unsecured Medium-Term Note Program, assigned (P)Ba1

Downgrades:

Long-term Issuer Rating, downgraded to Ba1 from Baa2, outlook
changed to Stable from Negative

Senior Unsecured Medium-Term Note Program, downgraded to (P)Ba1
from (P)Baa2

Other Short Term, downgraded to (P)NP from (P)P-2

Outlook Action:

Outlook changed to Stable from Stable(m)




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

INTERPROMBANK JSCB: Moody's Cuts LongTerm Deposit Ratings to Caa1
-----------------------------------------------------------------
Moody's Investors Service downgraded Interprombank, JSCB's
long-term deposit ratings to Caa1 from B3, its Baseline Credit
Assessment (BCA) and Adjusted BCA to caa1 from b3, its long-term
Counterparty Risk Assessment to B3(cr) from B2(cr), and its
long-term Counterparty Risk Ratings to B3 from B2. The rating
agency affirmed the bank's Not Prime short-term deposit ratings,
Not Prime(cr) short-term Counterparty Risk Assessment, and Not
Prime short-term Counterparty Risk Ratings. The outlook on the
long-term bank ratings was changed to negative from stable.

RATINGS RATIONALE

The downgrade of Interprombank's long-term ratings and its BCA
reflects the increased uncertainty over the bank's future asset
performance, in particular, loans granted to a limited number of
economically related borrowers from the oil and gas sector. The
uncertainty over the bank's loan book performance has increased
following the bankruptcy filing of Antipinsky Oil Refinery, which
is among the largest in Russia and was previously controlled by one
of Interprombank's largest shareholders. Although the bank has no
direct credit exposure to the oil refinery, a very high
concentration of the bank's loan book on a number of borrowers from
the oil and gas sector that were previously in close economic
relations with the troubled refinery increase uncertainty over the
future ability of the bank's largest borrowers to generate
sufficient cash in order to service currently outstanding bank
loans and provide the bank with sufficient earnings to fully cover
operating expenses.

According to the bank's IFRS report for the full year 2018,
exposure to borrowers from the oil and gas sector totaled RUB8.7
billion and was comparable with the bank's tangible common equity.
While these industry exposures comprise loans provided to a number
of different legal entities, Moody's observes signs of a very high
economic interlinkage between them while the economic substance of
the bank's lending operations with these borrowers until recently
remained opaque.

Along with the developments in the loan book and increased level of
uncertainty, the bank's most recently reported capital adequacy
remained healthy: tangible common equity (in accordance with
Moody's definitions) to risk-weighted assets was 12.3% as of
year-end 2018 and the regulatory Tier 1 ratio was 10.9% as of May
1, 2019. While the reported capital adequacy metrics are stronger
than other similarly-rated Russian peers, these might not fully
protect the bank against possible impairments of assets given large
single-name and industry concentrations in the bank's loan book.
These uncertainties and the bank's recent lending triggered Moody's
to incorporate negative qualitative and quantitative adjustments
into the bank's BCA which was thus lowered by one notch, as were
the deposit ratings.

OUTLOOK

The negative outlook on Interprombank's Caa1 long-term deposit
ratings reflects Moody's expectations of additional negative
pressure on the bank's solvency metrics, particularly increased
needs for loan loss provisions to address asset risks and possible
deterioration in earnings and operating efficiency, resulting from
the expected decline in lending activity with companies from the
oil and gas sector.

WHAT COULD MOVE THE RATINGS UP/DOWN

The bank's long-term ratings and BCA could be upgraded in the event
of improvements in corporate governance and asset risk, thanks to
lower appetite for credit risk and a more granular loan book.

Interprombank's ratings may be further downgraded in case of
significant impairment of assets, leading to a substantial erosion
of capital.

PRINCIPAL METHODOLOGY

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

LIST OF AFFECTED RATINGS

Issuer: Interprombank, JSCB

Downgrades:

  LT Bank Deposits, Downgraded to Caa1 from B3, Outlook Changed
  to Negative From Stable

  Baseline Credit Assessment, Downgraded to caa1 from b3

  Adjusted Baseline Credit Assessment, Downgraded to caa1 from b3

  LT Counterparty Risk Assessment, Downgraded to B3(cr) from
B2(cr)

  LT Counterparty Risk Rating, Downgraded to B3 from B2

Affirmations:

  ST Counterparty Risk Assessment, Affirmed NP(cr)

  ST Counterparty Risk Rating, Affirmed NP

  ST Bank Deposits, Affirmed NP

Outlook Action:

  Outlook Changed to Negative From Stable


RESPECT LLC: Bank of Russia Provides Update on Administration
-------------------------------------------------------------
The Bank of Russia revoked Respect, LLC's insurance license and
appointed a provisional administration to manage the Company by
Orders Nos. OD-1088 and OD-1089 dated May 14, 2019.

The revocation was due to discovered violations by Respect LLC of
Bank of Russia-established requirements for insurance companies.

By virtue of Bank of Russia Order No. OD-1129, dated May 20, 2019,
the powers of the Company's executive bodies were suspended.

The provisional administration encountered obstruction to its
operations -- the Company's management failed to provide the
provisional administration with accounting and other documents, and
valuables held by or entrusted to the Company, which may signal the
officials' attempt to conceal facts of asset withdrawal and
complicates the assessment of the Company's assets.

The Bank of Russia submitted the information to the Prosecutor
General's Office of the Russian Federation and the Ministry of
Internal Affairs of the Russian Federation for consideration and
procedural decision-making.


TRANSKAPITALBANK: Moody's Cuts Foreign Curr. Deposit Ratings to B3
------------------------------------------------------------------
Moody's Investors Service downgraded Transkapitalbank's long-term
foreign currency deposit rating to B3 from B2. The rating agency
has also downgraded TKB's baseline credit assessment (BCA) to b3
from b2, adjusted BCA to b3 from b2, its long-term Counterparty
Risk Assessment (CR Assessment) to B2(cr) from B1(cr), and
long-term local and foreign currency Counterparty Risk Ratings
(CRRs) to B2 from B1.

The outlook on the bank's long-term deposit ratings was changed to
stable from negative. Concurrently, TKB's short-term CR Assessment
of Not Prime(cr), short-term local and foreign currency CRRs at Not
Prime, as well as its Not Prime short-term foreign currency deposit
ratings were affirmed.

RATING RATIONALE

The downgrade of TKB's ratings reflects its weaker solvency
metrics, in particular, asset quality, capital adequacy and
profitability compared with similarly rated peers.

TKB's problem lending (defined as stage 3 loans) accounted for
30.4% and 33.3% of gross loans as of end-March 2019 (unaudited
data) and year-end 2018 (audited figures), respectively, a marginal
improvement from 34.1% at the end of 2017. In absolute terms
through 2018 and Q1 2019 the problem loans declined by RUB13.6
billion to RUB44.0 billion thanks to bad loans' sale, write-offs
and reclassification. The loan loss reserves covered problem
lending by 46% at the end of 2018. If calculated based on its
daughter Investtorgbank's (ITB) gross loans, the problem loan share
was to be higher at 47%, however, the coverage ratio was to be
stronger at 70%.

In addition, the share of non-core assets in the form of
repossessed collateral and investment property amounted to RUB11.3
billion or 4.4% of total assets at the end of 2018 (end-2017:
RUB7.2 billion or 2.9%, respectively). Moody's expects steady
contraction of problem lending in the next 12-18 months owing to
expected loan workouts, however, believes that clean-up of the
balance sheet will take several years to decrease problem assets'
share substantially.

TKB group's capital buffer is relatively weak in the context of
high problem lending share with its tangible common equity (TCE) at
7.2% of risk-weighted assets (RWAs) as of end-2018.

TKB's profitability has been very weak since 2015 following the
financial crisis in Russia and acquisition of ailing ITB in 2016.
The key drivers behind weakened profitability were elevated
provisioning charges, high share of non-performing assets and heavy
operational costs. TKB group's net interest margin (NIM) contracted
to 1.8% in 2018 from 4.7% in 2014. Last year the bank posted net
income of RUB1.6 billion, which translates into 0.7% return on
average assets (ROAA). This net financial result was materially
distorted by one-off RUB10.7 billion gain from the initial
recognition of the Deposit Insurance Agency's (DIA) support package
received in 2018.

Moody's expects that the bank's profitability will be modest in the
next 12-18 months with further recovery being a function of the
bank's ability to increase the share of performing assets, optimize
operating expenses and generate healthy NIM amid declining interest
rates cycle.

The bank's funding is dominated by customer deposits which formed
57% of its labilities as of Q1 2019, while the rest was largely
represented by repo transactions (18%) and long-term funds from DIA
(12%). The liquid asset cushion was comfortable and made up 44% of
the bank's tangible banking assets as of the same date or about
28%, if adjusted for pledged securities under repos.

STABLE OUTLOOK

The stable outlook on the long-term deposit ratings reflects
Moody's opinion that the downside risks for TKB are limited given
ongoing workouts of its problem loan portfolio and steady recovery
of its business model.

WHAT COULD MOVE THE RATINGS UP/DOWN

TKB's ratings could be upgraded or rating outlook could be changed
to positive in case of (1) material reduction of problem loans and
non-core assets, and (2) a sustained profitability improvement.

The ratings could be downgraded or rating outlook could be changed
to negative if the bank's profitability worsens and capital
adequacy decreases below the current expectations.

LIST OF AFFECTED RATINGS

Issuer: Transkapitalbank

Affirmations:

ST Counterparty Risk Assessment, Affirmed NP(cr)
ST Counterparty Risk Ratings, Affirmed NP
ST Bank Deposits, Affirmed NP

Downgrades:

Adjusted Baseline Credit Assessment, Downgraded to
b3 from b2

Baseline Credit Assessment, Downgraded to b3 from b2

LT Counterparty Risk Assessment, Downgraded to B2(cr)
from B1(cr)

LT Counterparty Risk Ratings, Downgraded to B2 from B1

LT Bank Deposits, Downgraded to B3 from B2, Outlook
Changed To Stable From Negative

Outlook Action:

Outlook Changed To Stable From Negative




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

BBVA CONSUMER 2018-1: DBRS Confirms BB Rating on Class D Notes
--------------------------------------------------------------
DBRS Ratings Limited confirmed the following Notes issued by BBVA
Consumer Auto 2018-1 FT (the Issuer):

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

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

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

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

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

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

-- No revolving termination events have occurred.

The Issuer is a securitization of Spanish unsecured vehicle loans
originated and serviced by Banco Bilbao Vizcaya Argentaria, S.A.
(BBVA). The portfolio is comprised of loans to finance the purchase
of new and used vehicles. The transaction closed in June 2018 and
is currently in its revolving period which is scheduled to end in
January 2020. There are concentration limits in place to mitigate
any potential portfolio deterioration that has all been passing to
date.

PORTFOLIO PERFORMANCE

As of the April 2019 payment date, two- to three-month arrears
represented 0.4% of the outstanding portfolio balance and the 90+
delinquency ratio was 0.3%, both up from 0.0% at closing.
Cumulative defaults were 0.2%.

PORTFOLIO ASSUMPTIONS

DBRS has maintained its base case Cumulative Net Loss assumption at
4.5%. Given that the transaction is still in its revolving period,
the analysis continues to be based on the worst-case portfolio
composition.

CREDIT ENHANCEMENT

As of the April 2019 payment date, Class A CE was 9.0%, Class B CE
was 6.1%, Class C CE was 2.0% and Class D CE was 0.8%, all stable
due to the transaction revolving period. CE is provided by the
subordination of the junior notes.

The transaction benefits from a Cash Reserve, currently at the
target level of EUR 4 million. The Cash Reserve covers senior fees
and provides liquidity support to the Class A Notes, the Class B
Notes, and the Class C Notes.

BBVA acts as the account bank for the transaction. Based on the
account bank reference rating of BBVA at A (high) being one notch
below the DBRS public Long Term Critical Obligations Rating of AA
(low), the downgrade provisions outlined in the transaction
documents and other mitigating factors inherent in the transaction
structure, DBRS considers the risk arising from the exposure to the
account bank to be consistent with the rating assigned to the Class
A Notes, as described in DBRS's "Legal Criteria for European
Structured Finance Transactions" methodology.

Notes: All figures are in Euros unless otherwise noted.


CAIXABANK LEASINGS 3: DBRS Gives (P)B(high) Rating on B Notes
-------------------------------------------------------------
DBRS Ratings GmbH assigned provisional ratings to the EUR 1,573.8
million Series A Notes (Series A Notes) and the EUR 256.2 million
Series B Notes (the Series B Notes; together with the Series A
Notes, the Notes) to be issued by Caixabank Leasings 3, FT (the
Issuer):

-- Series A Notes rated AA (sf)
-- Series B Notes rated B (high) (sf)

The transaction is a cash flow securitization collateralized by a
portfolio of lease contracts originated by CaixaBank, S.A.
(CaixaBank or the Originator) to enterprises and self-employed
individuals based in Spain. As of May 21, 2019, the transaction's
provisional portfolio included 37,676 lease contracts of credit to
19,950 obligor groups, totaling EUR 1,914 million.

The rating on the Series A Notes addresses the timely payment of
interest and the ultimate payment of principal on or before the
legal maturity date in December 2039. The rating on the Series B
Notes addresses the ultimate payment of interest and principal on
or before the legal maturity date in December 2039.

Interest and principal payments on the Notes will be made quarterly
on the 19th of March, June, September, and December with the first
payment date on 19 September 2019. The Series A Notes will pay a
fixed interest rate of 0.75% and the Series B Notes will pay a
fixed interest rate of 1.00%.

The provisional pool comprises three types of leases: equipment
leases (38.94% of the outstanding portfolio balance), automotive
leases (36.48% of the outstanding portfolio balance) and real
estate leases (24.58% of the outstanding portfolio balance). The
provisional pool has relatively low industry concentration but high
borrower group concentration. The largest borrower group represents
2.78% of the portfolio balance, while the largest ten and 20
borrowers represent 14.62% and 19.95% of the portfolio balance,
respectively. Geographically, there is a borrower concentration in
the Spanish region of Catalonia (28.22% of the portfolio balance),
which is to be expected given that Catalonia is the Originator's
home region. The top three industry sectors according to DBRS's
industry definition are Surface Transport, Building & Development,
and Food Products, representing 25.20%, 20.35% and 7.87% of the
portfolio outstanding balance, respectively.

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

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

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

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

-- The Originator/Servicer's capabilities with respect to
originations, underwriting, and servicing.

-- DBRS conducted an operation risk review on the Caixabank, SA
(Caixabank) premises and deems it to be an acceptable servicer.

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

-- The sovereign rating of the Kingdom of Spain, currently rated
"A" with a Stable trend by DBRS.

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

DBRS determined these ratings as follows, per the principal
methodologies specified below:

-- The probability of default (PD) for the portfolio was
determined using the historical performance information supplied.
DBRS assumed different annualized PDs depending on the type of
leases (1.62% for equipment leases, 0.98% for auto leases and 0.75%
for real estate leases). In cases where the borrower group balance
represented more than 1.0% of the portfolio balance, the PD has
been multiplied for a 1.5.

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

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

-- The recovery rate was determined considering historical
information of data supplied.

-- The transaction structure was analyzed in Intex DealMaker
considering the default rates at which the Notes did not return all
specified cash flows.

Notes: All figures are in Euros unless otherwise noted.


HIPOCAT 7: S&P Raises Class D Notes Rating to BB+
-------------------------------------------------
S&P Global Ratings raised its credit ratings on Hipocat 7, Fondo de
Titulizacion de Activos' class B, C, and D notes. At the same time,
S&P has affirmed its credit rating on the class A2 notes.

S&P said, "Upon revising our structured finance sovereign risk
criteria and our counterparty criteria, we placed our ratings on
Hipocat 7's class B notes under criteria observation. Following our
review of the transaction's performance and the application of
these criteria, our rating on these notes is no longer under
criteria observation.

"The rating actions follow the implementation of our revised
structured finance sovereign risk criteria and counterparty
criteria. They also reflect our full analysis of the most recent
transaction information that we have received and the transaction's
current structural features.

"The analytical framework in our revised structured finance
sovereign risk criteria assesses a security's ability to withstand
a sovereign default scenario. These criteria classify the
sensitivity of this transaction as low. Therefore, the highest
rating that we can assign to the tranches in this transaction is
six notches above the Spanish sovereign rating, or 'AAA (sf)', if
certain conditions are met.

"Under our previous criteria, we could rate the senior-most tranche
in a transaction up to six notches above the sovereign rating,
while we could rate the remaining tranches in a transaction up to
four notches above the sovereign. Additionally, under the previous
criteria, in order to rate a tranche up to six notches above the
sovereign, the tranche would have had to sustain an extreme stress
(equivalent to 'AAA' benign stresses). Under the revised criteria,
these particular conditions have been replaced with the
introduction of the low sensitivity category. In order to rate a
structured finance tranche above a sovereign that is rated 'A+' and
below, we account for the impact of a sovereign default to
determine if under such stress the security continues to meet its
obligations. For Spanish transactions, we typically use asset-class
specific assumptions from our standard 'A' run to replicate the
impact of the sovereign default scenario.

"Banco Bilbao Vizcaya Argentaria S.A. (BBVA) provides the interest
rate swap contract, which is in line with our previous counterparty
criteria. Per our revised criteria, considering the collateral
arrangement's enforceability, the maximum supported rating is 'A',
unless we delink our ratings on the notes from those on the
counterparty. Our ratings on class A2, B, and C are delinked from
the counterparty.

"Our European residential loans criteria, as applicable to Spanish
residential loans, establish how our loan-level analysis
incorporates our current opinion of the local market outlook. Our
current outlook for the Spanish housing and mortgage markets, as
well as for the overall economy in Spain, is benign. Therefore, our
expected level of losses for an archetypal Spanish residential pool
at the 'B' rating level is 0.9%. Our foreclosure frequency
assumption is 2.00% for the archetypal pool at the 'B' rating
level."

Below are the credit analysis results after applying our European
residential loans criteria to this transaction.

        Credit Analysis Results
  Rating level WAFF (%) WALS (%)
    AAA          27.99          28.17
    AA          19.13          21.33
    A          14.50          11.15
    BBB          10.76           5.97
    BB           7.10           3.04
    B           4.27           2.00

  WAFF--Weighted-average foreclosure frequency.
  WALS--Weighted-average loss severity.

Credit enhancement available in Hipocat 7 has increased since S&P's
previous review because the reserve fund has been replenished to
EUR22.36 million as of March 2019 (88% of the reserve fund target
level). The reserve fund has not been at target since March 2012
because it was used to provision for loans in foreclosure and in
arrears over 18 months. In September 2018, the trustee,
representing the fund, sold 37 repossessed properties, totalling
around EUR2.3 million. Cash flows from the sale of these properties
and recoveries from defaulted assets during 2018 and 2019
contributed to the increase in the reserve fund. S&P consider this
sale and related revenues to be an unusual occurrence in the
transaction's life. BBVA has been the servicer of this pool of
loans since September 2016. The trustee confirmed that the
transaction's performance has improved in the past three years due
to the active servicing policies put in place by BBVA, as well as
the improved general macroeconomic conditions, namely the
unemployment rate decrease.

The class A2, B, C, and D notes' credit enhancement based on the
performing balances has increased to 41.04%, 33.72%, 19.55%, and
10.10%, respectively.

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

"Our ratings on the notes in this transaction are no longer capped
by the sovereign risk criteria.

"The application of our European residential loans criteria,
including our updated credit figures and our cash flow analysis,
indicates that our ratings on the class C and D notes could
withstand our stresses at a higher rating level than those
assigned. However, in reviewing our ratings on these classes and
applying our credit and cash flow analysis, we have considered
their position in the capital structure and the sustainability of
the transaction's current performance. We've also considered the
reserve fund's current status, which, although it has improved, it
remains at 88% of its target. Additionally, we've considered the
scope of the improved credit enhancement since our previous review.
We have therefore raised to 'A+ (sf)' from 'BBB+ (sf)' and 'BB+
(sf)' from 'B (sf)' our ratings on the class C and D notes,
respectively. For the reasons previously mentioned, these ratings
are below the output of our analysis.

"Our credit and cash flow results indicate that credit enhancement
available for class A2 is still commensurate with a 'AAA' rating.
We have therefore affirmed our 'AAA (sf)' rating on class A2.

"Our credit and cash flow results indicate that credit enhancement
available for class B is now commensurate with a 'AAA' rating due
to the increase in credit enhancement. Our rating on this class is
no longer capped by our sovereign default risk criteria. We have
therefore raised to 'AAA (sf)' our rating on the class B notes."

Hipocat 7 is a Spanish residential mortgage-backed securities
(RMBS) transaction, which closed in June 2004 and securitizes
first-ranking mortgage loans. Catalunya Banc (formerly named
Catalunya Caixa) originated the pool, which comprises loans secured
over owner-occupied properties, mainly located in Catalonia.

  Ratings List

  Hipocat 7, Fondo de Titulizacion de Activos

  Class   Rating to    Rating from
     B    AAA (sf)      AA (sf)
     C    A+ (sf)       BBB+ (sf)
     D    BB+ (sf)      B (sf)

  Class Rating
    A2    AAA (sf)


TENDAM BRANDS: Moody's Raises CFR to B1, Outlook Stable
-------------------------------------------------------
Moody's Investors Service upgraded the corporate family rating of
Spain-based apparel retailer Tendam Brands S.A.U. to B1 from B2 and
its probability of default rating to B1-PD from B2-PD. The outlook
is stable.

"The rating upgrade reflects the strengthening of the company's key
credit metrics, the track record of successful execution of the
business plan by the management team and the commitment to continue
using its healthy free cash flow generation to reduce leverage
further," says Victor Garcia Capdevila, Moody's lead analyst for
Tendam.

RATINGS RATIONALE

Tendam's B1 ratings reflect: (1) the strengthening of the company's
key credit metrics over the last two years; (2) its strong brand
awareness and differentiated market position in the Spanish apparel
market; (3) above peers profitability underpinned by an efficient
supply chain and a successful omnichannel distribution model; and
(4) solid free cash flow generation and deleveraging prospects.

Tendam's credit quality also reflects: (1) its exposure to fashion
risk, discretionary spending and the cyclical nature of the
industry; (2) high dependency on the competitive and highly
fragmented Spanish apparel market; (3) weakness in the women
segment of Springfield's brand and also in the franchise business;
and (4) a relatively weak interest cover metric.

Tendam's Moody's adjusted gross leverage, measured as gross
debt/EBITDA, in the fiscal year ended February 28, 2019 (fiscal
2019) decreased to 4.2x from 4.5x in fiscal 2018. The rating agency
expects some further deleveraging towards 4.0x by the end of fiscal
2020 on the back of a low single-digit revenue and EBITDA growth
and the commitment of the management team to continue to use
internally generated cash flows to reduce debt.

Moody's views the liquidity profile of Tendam as good. It is
supported by a cash balance of EUR66 million at February 2019, an
estimated free cash flow generation of around EUR70 million in
fiscal years 2020 and 2021, and a revolving credit facility of
EUR200 million out of which no cash amount had been drawn down as
of February 2019. The company has no significant debt maturities
until September 2024.

STRUCTURAL CONSIDERATIONS

Despite the one-notch rating upgrade of the company's CFR and PDR,
Moody's has affirmed the B2 instrument ratings on the EUR600
million senior secured notes due September 2024 (EUR534 million
outstanding as of February 2019). The rating on the notes is now
one notch below the CFR. This notching is explained by the
relatively larger amount of priority liabilities (including the
EUR200 million super senior revolving credit facility and the
EUR174 million of trade payables) that rank ahead of the notes, as
the company has reduced and will continue to reduce the outstanding
amount under the senior secured notes.

The company's PDR of B1-PD is in line with the CFR. The PDR
reflects the use of a 50% family recovery rate resulting from a
capital structure comprised of senior secured bonds and a super
senior revolving credit facility.

RATIONALE FOR STABLE OUTLOOK

The stable outlook assumes that Tendam will continue to reduce
Moody's adjusted gross leverage towards 4.0x in fiscal 2020
supported by a low single digit growth in revenue and EBITDA and
the strong commitment of the management team to continue to use
internally generated cash flows to reduce debt. The stable outlook
is also predicated on an adequate liquidity profile at all times.

WHAT COULD CHANGE THE RATING UP / DOWN

Given the recent rating action, further positive rating pressure is
unlikely in the medium term. However, overtime, positive pressure
could emerge if the company develops sustained like-for-like
revenue growth, EBITDA and margin improvement, and continues
reducing debt such that adjusted Moody's gross debt/EBITDA
(pre-IFRS 16) is sustainably maintained below 3.5x and
EBIT/Interest expense rises above 2.5x.

Negative rating pressure could be exerted on Tendam's rating as a
result of a material weakening of its operating performance or
increased debt levels, resulting in Moody's adjusted gross
debt/EBITDA (pre-IFRS 16) increasing above 4.5x. Lower
profitability margins or a deterioration in the company's liquidity
profile could also put downward pressure on the ratings.

LIST OF AFFECTED RATINGS

Issuer: Tendam Brands S.A.U.

Affirmations:

Senior Secured Regular Bond/Debenture, Affirmed B2

Upgrades:

LT Corporate Family Rating, Upgraded to B1 from B2

Probability of Default Rating, Upgraded to B1-PD from B2-PD

Outlook Action:

Outlook, Remains Stable

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Tendam Brands S.A.U., headquartered in Madrid, Spain, is an
international apparel retailer with presence in more than 80
countries worldwide although with a predominant presence in Spain,
Portugal, France, Belgium, Hungary, Russia, Mexico and the Balkans.
The company designs, sources, markets, sells and distributes
fashionable premium apparel for men and women at affordable prices.
It operates through four different and complementary brands,
including (1) Women'secret; (2) Springfield; (3) Cortefiel; (4) and
Pedro del Hierro. It also operates the outlet chain Fifty factory.
In the fiscal year ending February 28, 2019 the company operated
1,993 stores globally out of which 1,361 were directly operated
stores and 662 were franchised stores. The group reported revenue
and EBITDA of EUR1,151 million and EUR161 million, respectively.
Tendam is owned by funds advised by private equity firms CVC and
PAI.




=============
U K R A I N E
=============

RAIL CAPITAL: Fitch Publishes 'B-(EXP)' Rating on LPNs Due 2024
---------------------------------------------------------------
Fitch Ratings has published Rail Capital Markets Plc's proposed
loan participation notes (LPNs) tentatively due 2022-2024 expected
senior unsecured 'B-(EXP)' rating. The new LPNs are scheduled to be
issued at end-June/beginning July 2019, at which point Fitch
expects to convert the expected rating into a final rating.

KEY RATING DRIVERS

The notes will be issued for the sole purpose of funding a loan by
Rail Capital Markets Plc to JSC Ukrainian Railway (UR; B-/Stable).
The gross proceeds of the loan will be used by the company in the
ordinary course of its business. The noteholders will rely solely
on UR's credit and financial standing for the payment of
obligations under the notes.

Rail Capital Markets Plc's rating is equalised with UR's Long-Term
IDR, reflecting Fitch's view that it constitutes direct,
unconditional senior unsecured obligations of UR and ranks pari
passu with all other present and future unsecured and
unsubordinated obligations.

DERIVATION SUMMARY

UR's ratings reflect its assessment under the Government-Related
Entities criteria, which gives a final score of 27.5 points and in
conjunction with the company's standalone credit assessment at
'b(cat)' leads to UR's rating being equalised with the Ukraine
sovereign's IDR.


UKRAINIAN RAILWAY: S&P Puts 'CCC+' ICR on CreditWatch Developing
----------------------------------------------------------------
S&P Global Ratings placed its 'CCC+' ratings on Ukrainian Railway
PJSC (Ukrzaliznytsia) on CreditWatch developing, indicating that it
could raise, affirm, or lower the rating on Ukrzaliznytsia,
depending on the success and the terms of the proposed LPNs and
further developments regarding the refinancing of upcoming
maturities.

The CreditWatch placement follows Ukrzaliznytsia's announcement to
issue loan participation notes (LPNs) mainly to refinance upcoming
maturity payments. Before this announcement, S&P saw more
pronounced downside risk to the rating because Ukrzaliznytsia had
yet to arrange the refinancing of its upcoming maturities, which
led us to assess its liquidity as weak.

S&P said, "We now see potential upside stemming from the proposed
LPNs and the company's refinancing strategy for its sizable
maturities in third-quarter 2020. At the same time, we recognize
Ukrzaliznytsia's very short-term debt profile with near-term
liquidity risks, particularly if the bond is not placed as planned.
We understand that the proposed bond would not be subject to any
financial covenants nor any cross-default with existing relatively
small debt still under restructuring (UAH4.1 billion, or about 14%
of the company's debt).

"In our view, if Ukrzaliznytsia issues the proposed LPNs as
planned, the company will secure refinancing for all short-term
debt due in 2019 and the first half of 2020. We estimate that,
although the company is reducing costs and might have some
short-term capital expenditure (capex) flexibility, repayment of
all maturing debt purely with internal cash flows remains a
challenge. That said, we do not completely rule out such a
possibility."

Ukrzaliznytsia has large maturities due in 2019-2020. Its $500
million outstanding bond matures in several installments, and it
has made the first $150 million payment, which was due in March
2019. A second $150 million installment is due in September 2019,
followed by four $50 million installments in March and September of
the coming two years.

Ukrzaliznytsia made the March 2019 payment using UAH4.7 billion of
short-term financing, maturing in August 2019, thereby intensifying
the pressure on its near-term liquidity. However, about 38% has
already been repaid from the company's operating cash flows. In
third-quarter 2019, Ukrzaliznytsia will need to repay about UAH7.6
billion (US$286 million) of maturing debt and a total of UAH12
billion (US$450 million) over the next 12 months. In addition,
Ukrzaliznytsia has UAH7.1 billion coming due in third-quarter
2020.

S&P said, "The CreditWatch developing placement means that we could
raise, affirm, or lower our ratings on Ukrzaliznytsia, depending on
the company's strategy on and progress with the refinancing of its
upcoming maturities."

If Ukrzaliznytsia successfully places its proposed LPNs, the
proceeds will likely cover maturities over the next 12 months. This
would remove the downside risk for the ratings and open the
possibility of an upgrade to 'B-'. That said, an upgrade would not
automatically follow the successful LPN placement. An upgrade would
hinge on the effectiveness of Ukrzaliznytsia's strategy and its
capacity to consistently service its debt, including addressing the
next peak maturities of the UAH6.4 billion Sberbank loans in July
2020. S&P said, "Our assessment would incorporate the analysis of
the forecast operating cash flows, capex needs, and the company's
liquidity. We will evaluate any potential upside to revenues,
working capital fluctuations, or cost savings. We will also assess
the company's ability and willingness to reduce capex ahead of bulk
maturities, the credit quality of banks where the company keeps its
cash reserves, and its access to bank refinancing or government
equity infusions."

If Ukrzaliznytsia secures refinancing for its maturities due
third-quarter 2019 but we continue to see substantial uncertainty
related to 2020 maturities, we would likely affirm the rating.

S&P said, "We would lower the rating if Ukrzaliznytsia does not
secure refinancing for its upcoming maturities, notably the hryvnia
bridge loan due in August 2019 and the $150 million bond
installment due in September 2019. We could also lower our rating
if Ukrzaliznytsia restructures its debt in the coming 12 months and
we consider the restructuring to be distressed (meaning it gives
debtholders less value than originally promised)."


UKRTRANSGAZ: Inks UAH1.47BB Debt Restructuring Agreement with ERU
-----------------------------------------------------------------
Ukrainian News Agency reports that the operator of the gas
transportation system, Ukrtransgaz, has signed an agreement on debt
restructuring in the amount of UAH1.47 billion with the ERU Trading
company.

It is noted that the implementation of the transaction by
Ukrtransgaz will settle the claim of the Overseas Private
Investment Corporation (OPIC) about settlement of losses to the
government of Ukraine, since the contracts for the supply of gas of
ERU Trading to Ukrtransgaz are covered by OPIC insurance policy --
an independent U.S. government agency which helps U.S. companies
invest in emerging markets, Ukrainian News Agency relates.

Also, the statement notes that Ukrtransgaz and the Naftogaz of
Ukraine national joint-stock company continue to seek a solution to
resolve the situation with a shortage of funds of Ukrtransgaz,
Ukrainian News Agency discloses.

As Ukrainian News Agency earlier reported, Ukrtransgaz has offered
fuel gas suppliers to repay debt with gas from underground storage
facilities.

Earlier, Ukrtransgaz declared the impossibility of timely
settlement of gas purchase contracts for its own production and
technological needs due to a shortage of funds, Ukrainian News
Agency recounts.

According to Ukrainian News Agency, Naftogaz said that the reason
for the shortage of funds of the Ukrtransgaz company is an
artificially low tariff for the transportation of natural gas and
the shortcomings of the Code of the gas transmission system.




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

7DIGITAL: At Risk of Administration, Seeks US$5.5MM in Funding
--------------------------------------------------------------
Hypebot.com reports that B2B digital music services provider
7Digital is flirting with administration, the UK equivalent of
bankruptcy, after investors rejected a plan to issue more shares
for cash which the company says its needs to survive.

According to Hypebot.com, 7digital has said that it needs to raise
a US$5.5 million by July 31 or it was "highly likely that the
company would need to be placed into administration." Investor
failure to pass the resolution, "therefore creates greater
execution risk for any subsequent equity raise by the company since
further shareholder approval would be required in order to
implement this."

In an effort to help save 7Digital, eMusic president Tamir Koch has
offered US$1.6 million of the US$5.5 million needed, Hypebot.com
relates.  If the full funding is found, Tamir is "planning an
ambitious mass market distribution project using 7digital's
blockchain platform," Hypebot.com quotes a spokesperson as saying.


But eMusic has had financial problems of its own, Hypebot.com
notes.

In October of last year, The Orchard, Naxos and several other major
and independent labels pulled their catalogs from eMusic "after
"continued non-payment, as well as non-reporting", Hypebot.com
recounts.

7digital Group Plc is a publicly traded digital music and radio
services platform. 7digital offers both B2B services for digital
media partners and 7digital branded direct-to-consumer music
download stores.


AVOCET MINING: To Shut Down Business Amid Mounting Debt
-------------------------------------------------------
Pushkala Aripaka and Noor Zainab Hussain at Reuters report that
gold miner Avocet plans to close down its business after selling
off its last significant asset in Guinea, the London-listed miner
said on June 28, crumbling under mounting debt.

According to Reuters, Avocet, which had warned in October that it
could be broken up while it was still in talks with its largest
shareholder Elliott Management to restructure its debt, said it
would pay creditors with whatever cash remained.

The West Africa focused miner has relied primarily on loans from
Elliott since 2014 due to cash flow shortages resulting from a fall
in gold prices and lower production at its Inata mine in Burkina
Faso, Reuters discloses.

"Having considered all available options for the future of Avocet,
the board has resolved that . . . Avocet will be placed into a
Members' Voluntary Liquidation," Reuters quotes the company as
saying in a statement.

Avocet, which is also listed in Oslo, said Elliott, one of the
world's largest activist investors, has released it from all
obligations under their various loan agreements, Reuters relates.

The miner, which has been making losses on an operating basis since
at least 2013, had total debt of US$32.2 million as at June 30,
2018, it said last October, most of which has been due to Elliott
since 2013, Reuters recounts.

The miner's shares have been suspended since May, and at its last
available closing price of 13.1 pence, was valued at GBP2.74
million (US$3.47 million) -- a far cry from its peak value of
GBP605 million in 2011, Reuters states.

Last October, the company, as cited by Reuters, said that it had
sufficient funds to operate for the next 12 months provided that
the capital and interest on Elliott's loan will not have to be paid
in the period.

Avocet, Reuters says, plans to put its proposals to a shareholder
vote at a general meeting on July 18.


BRITISH STEEL: Network Rail Puts Up Bid for Rail Services Division
------------------------------------------------------------------
BBC News reports that Network Rail has bid for British Steel's rail
services business.  State-owned Network Rail wants to take over the
division responsible for the welding, finishing and storing of
rails for the UK's train network, BBC states.

Bidders had until the end of Sunday, June 30, to put in offers for
all or part of the troubled firm, BBC discloses.

British Steel was placed in compulsory liquidation in May, BBC
recounts.  Its collapse came after rescue talks between the
government and former owner Greybull Capital, which was seeking a
further loan of up to GBP75 million, were unsuccessful, BBC
relays.

"We have made an indicative offer for some railway critical assets
although our overwhelming preference is that a purchaser for the
entire business is found.  We are very clear that our offer will
not undermine that," BBC quotes a Network Rail spokesman as
saying.

The move by Network Rail, as first reported in the Sunday
Telegraph, is just one of about 10 bids likely to be submitted to
the Official Receiver, which took control of British Steel last
month, BBC states.

Network Rail owns and operates the UK's railway network, including
20,000 miles of track, and buys 100,000 tonnes of rails from
British Steel each year.

The UK government and the receiver are keen to sell British Steel
in its entirety to one buyer, according to BBC.

A closure of British Steel could jeopardize 25,000 jobs, including
5,000 employed by the firm in Scunthorpe, Lincolnshire, and 20,000
in the supply chain, BBC says.  There are a further 800 workers on
Teesside and in north-eastern England, BBC notes.

According to BBC, should a buyer not be found, the firm would be
wound up.  However, any further bids received this week could be
considered, BBC relays.


EMOOV: Richard Desmond Takes GBP20MM Hit Following Collapse
-----------------------------------------------------------
Jack Torrance at The Telegraph reports that the former newspaper
tycoon Richard Desmond was left nursing losses of more than GBP20
million on his investment in the collapsed online estate agent
Emoov, new documents show.

According to The Telegraph, the former Daily Express owner had
invested in Tepilo, the online agent launched by TV property guru
Sarah Beeny, which merged with Emoov last May.

But accounts filed by his company Northern & Shell show it was
forced to take an impairment charge of GBP12.9 million after Emoov
went bust in December, The Telegraph discloses.

It was also left with a GBP5 million share of the losses and GBP1.1
million of goodwill amortization, as well as having to write off a
GBP2.5 million loan it made to the collapsed start-up, The
Telegraph notes.



GREENSANDS UK: Fitch Puts 'B-' IDR on Watch Neg. Amid Proposed Fine
-------------------------------------------------------------------
Fitch Ratings has placed Greensands UK Limited's 'B-' Long-Term
Issuer Default Rating and senior secured rating on Rating Watch
Negative following the announcement of a large regulatory fine
amounting to GBP126 million proposed by Ofwat with regard to
Southern Water Services Limited's significant breaches of licence
conditions and statutory duties. Fitch has also affirmed Southern
Water Services Limited's senior secured class A bond rating at
'BBB+' with Stable Outlook.

The RWN reflects pressure on SWS's cash flows stemming from the
proposed regulatory penalty, most of which will reduce revenue
during the next regulatory period AMP7, and, consequently, result
in financial profile and liquidity pressure on Greensands. While
SWS's credit ratios have sufficient headroom to absorb the fine at
the current rating, headroom for Greensands is exhausted.

Fitch expects to resolve the RWN in the near term, once Ofwat's
consultation on the proposed penalty is finalised and there is more
visibility around draft price determinations for SWS. Fitch will
focus on the likely evolution of SWS's financial profile and
policies, taking into account the capacity to distribute dividends
for servicing debt at both Greensands and another intermediate
holding company structurally positioned between SWS and Greensands,
Greensands Finance Limited (MidCo).

SWSF is the debt-raising vehicle of SWS, the regulated monopoly
provider of water and wastewater services for parts of Sussex,
Kent, Hampshire and the Isle of Wight. Greensands is a holding
company of SWS.

KEY RATING DRIVERS

Regulatory Penalty Exceeds Assumptions: This week Ofwat announced
the penalty related to SWS's failings to manage, operate and report
performance of its wastewater treatment works dating back to
2010-2017. The size of the penalty exceeded its expectations by
GBP64 million in 17/18 prices. Previous Fitch rating case factored
in the maximum possible penalty of 10% wastewater's turnover (GBP62
million in 17/18 prices) while the actual penalty turned out to be
GBP126 million (in 17/18 prices). This is due to the restatement of
the company's performance for the period from 2010 to 2017,
resulting in automatic penalties for underperformance of GBP91
million.

Further Fine Possible: In addition, updated Fitch rating case now
also assumes a potential fine from the Environmental Agency
(nominal), as its investigation is still ongoing. While there is
uncertainty around the size and the timing of this penalty, Fitch
makes conservative assumptions given the scope and length of
operational failures and misreporting. As a result of the
operational and reporting failures, unpermitted and premature
spills of wastewater from the treatment works were released into
the environment.

Uncertainty over Totex Performance: SWS reduced its proposed totex
to GBP3.5 billion in April 2019 (in 17/18 prices, excluding grants
and contributions, pension deficit repair and third-party costs)
from GBP3.9 billion in September 2018, driven by both higher
implied efficiencies and lower scope of investments. This reduction
is substantial and could result in SWS's underperformance on totex
versus the regulatory allowance. Fitch rating case does not assume
any totex underperformance. The remaining gap between SWS's and
Ofwat's view of efficient totex is 10%, and its evolution is
uncertain. More information on the regulator's updated view of
SWS's allowed totex will be available at draft determinations
scheduled for July 18, 2019.

Weak Dividend Cover at Greensands: Fitch expects dividend cover to
be under pressure for Greensands. Fitch forecasts dividend cover of
1.0x on average during AMP7, which is below the rating sensitivity
of 1.1x. It reflects high standalone debt at Greensands (around 13%
of shadow regulated capital value (RCV) in June 2019) and pressure
on dividend distributions at SWS, due to higher-than-expected
penalty and debt service requirements at the MidCo.

Greensands may struggle to service its debt from SWS's dividend
flows, if no mitigating measures are implemented. However, most of
the company's debt has an option to accrue interest in kind without
causing an event of default for 18 months. Greensands also has a
GBP40 million undrawn liquidity facility available for debt
service, expiring in November 2023.

DERIVATION SUMMARY

SWS is one the regulated monopoly providers of water and wastewater
services in England and Wales. SWS's debt financing benefits from
structural enhancements, including trigger mechanisms (such as
dividend lock-up provisions tied to financial, positive and
negative covenants) and debt service reserve liquidity. The
company's lower ratings compared with peers with covenanted
structures, such as Anglian Water (Anglian Water Services Financing
Plc's Class A and B notes rated A/BBB+/Stable), reflect weaker
credit metrics and financial and regulatory performance under SWS's
current capital structure.

Greensands is a holding company of SWS. The higher rating of peers
such as Osprey Acquisitions Limited (BB/Negative) and Kelda Finance
(No.2) Limited (BB/Negative) reflects their lower gearing, higher
dividend cover capacity and stronger regulatory performance of the
underlying operating companies.

No Country Ceiling constraints affect the rating. Parent/Subsidiary
Linkage is applicable but given the regulatory, structural and
contractual ring-fenced structure of the group it does not impact
the ratings.

KEY ASSUMPTIONS

Fitch's Key Assumptions within its Rating Case:

  - Long-term RPI at 3%, long-term CPIH at 2%

  - Allowed weighted average cost of capital (WACC) in AMP7
    decreases to 2.3% (RPI- based) and 3.3% (CPIH-based) in
    real terms, excluding retail margins

  - 50% of RCV is RPI-linked and another 50% plus capital
    additions is CPIH-linked, starting from financial year
    ending March 31, 2021

  - AMP7 totex of GBP4 billion in nominal terms, including
    grans and contributions, pension deficit repair and   
    third-party services

  - Pay-as-you-go ratio of 46%, run-off rate at 5.5%

  - No totex underperformance in AMP7

  - SIM-related penalties of GBP42 million in AMP7 in 17/18prices

  - Penalties related to Ofwat's investigation of SWS's
    wastewater treatment works of GBP123 million in AMP7,
    GBP3 million in AMP6 in 17/18 prices, and additional
    penalty from the Environmental Agency

  - Retail performance cash flow-neutral in AMP7

  - Cash flow from unregulated businesses of GBP45 million
    over AMP7

  - Average cash cost of class A debt at SWS (excluding swap
    re-couponing benefit) is 3.9% in FY18, which is assumed
    to gradually fall to 3.3% by FY25

  - Cash benefit from swap re-couponing of GBP61 million per
    year for AMP7 (FY21-FY25)

  - Greensands' gross debt of GBP700 million as of April 2019

  - Average cash cost of Greensands' debt is 6% in FY18-FY25

  - Net pension deficit decreases to zero in FY24 from GBP78
    million in FY18

  - Zero corporate tax payments and allowance

Key Recovery Rating Assumptions

  - Greensands' recovery analysis is driven by liquidation value,
    with an assumption of 10% of liquidation value administrative
    claim. The 10% administrative claim takes into account that
    SWS's large out-of-money interest rate swaps portfolio may
    reduce the equity value at default;

  - Liquidation value is assumed to be 100% of RCV, reflecting
    enterprise value reduction in the UK water sector;

  - A default of Greensands to be caused by a breach of gearing
    covenant of 95% net debt to RCV, ahead of the Midco and SWS
    dividend lock ups of 85% and 75%, respectively

  - Forecast holdco gearing of 13% net debt to RCV, plus a full
    draw-down of the holdco GBP40 million liquidity facility
(SWS's
    and Midco's liquidity facilities remain undrawn); and

  - Waterfall results in a 39% recovery corresponding to 'RR4'
    Recovery Rating for the senior secured debt.

RATING SENSITIVITIES

SWS

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

  - Positive rating action is unlikely unless financial policy
    supports metrics commensurate with Fitch-adjusted net debt/RCV
    below 72% (class A) and post maintenance interest cover ratio
    (PMICR) above 1.4x (class A)

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

  - Fitch-adjusted net debt/RAV above 77% (class A) and PMICR
    below 1.3x (class A)

  - A sustained decline in operational or regulatory performance

Greensands

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

  - Greensands demonstrating the ability to sustainably service
    its debt throughout the AMP6 and AMP7 price control, with
    average dividend cover (cash or capacity) above 1.1x, which
    would lead to the Outlook being revised to Stable

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

  - A sustained drop of expected dividend cover capacity below
    1.1x, for example due to reduced ability of SWS to distribute
dividends in AMP7

  - No measures are implemented to mitigate the financial impact
    of the regulatory fine announced in June 2019

  - SWS's covenanted and secured financing going into lock-up

LIQUIDITY AND DEBT STRUCTURE

SWS

As of September 30, 2018, SWS had unrestricted cash and cash
equivalents of GBP131 million and GBP350 million of committed,
undrawn revolving credit facilities (RCF) with a 2019 maturity. The
RCF was renewed in March 2019 and scaled down to GBP330 million now
maturing in March 2024 (with an optional tenor extension). This
liquidity position is sufficient to cover debt maturities, opex and
capex requirements as well as incremental dividends to the holding
company for the next 24 months.

In addition, debt service reserve liquidity of GBP142 million and
operating and maintenance reserve liquidity of GBP45 million is in
place in accordance with the group's secured and covenanted
financing documentation. However, this back-up liquidity is only
available for addressing liquidity needs during financial
distress.

Greensands

Greensands relies on dividends for debt service. As of September
30, 2018, the company held restricted cash and cash equivalents of
GBP8 million. It has recently renewed its GBP40 million committed,
undrawn RCF, which matures in November 2023. Compared with its
expected finance charge of around GBP31 million in FY19, Fitch
deems available liquidity as adequate. The company has recently
arranged for a seven-year committed GBP400 million bank facility
agreement, which covered the April 2019 GBP250 million bond
maturity as well as its recent GBP150 million equity injection into
SWS. An additional GBP100 million bank facility was drawn in March
2019 and injected in SWS to fund class A bond maturity.

SUMMARY OF FINANCIAL ADJUSTMENTS

  - Cash interest is adjusted to reflect pay-down provisions on
some index-linked swaps

  - Debt and interest cost as published in the statutory accounts
for SWS are adjusted to reconcile with the amounts published in the
company's investor report

  - Debt is adjusted to include pension deficit


JPJ GROUP: Moody's Affirms B1 Corp. Family Rating, Outlook Stable
-----------------------------------------------------------------
Moody's Investors Service affirmed the B1 corporate family rating
and the B1-PD probability of default rating of the online gaming
operator JPJ Group plc. Concurrently, Moody's has also affirmed B1
instrument ratings of JPJ and Luxembourg Investment Company 192 S.a
r.l. senior secured credit facilities (GBP550 million equivalent
senior secured term loan B due 2024 including the GBP175 million
add-on and GBP13.5 million senior secured multi-currency revolving
credit facility due 2023). The outlook is stable.

The rating action follows the company's announcement on June 13,
2019 that it has entered into a conditional agreement to acquire
the business of Gamesys (Holdings) Limited, excluding sports brands
and games, for c. GBP490 million, representing an estimated
acquisition multiple of 7.3x company adjusted EBITDA for Gamesys
for the 12 months ending December 2018. The acquisition is to be
financed by GBP250 million in cash, of which GBP175 million is to
be funded by an add-on to JPJ's existing debt facilities, and 33.7
million in newly issued shares, representing around GBP240 million
based on the 30-day volume weighted average price of JPJ. The
acquisition is subject to various conditions including JPJ
shareholder and regulatory approval. The enlarged group is to be
renamed Gamesys Group plc, and completion is expected in Q3 2019.

Proforma for the transaction it estimates Moody's adjusted (gross)
leverage to be 3.1x for 2018 (3.6x for actual LTM September 2018),
peaking at around 3.9x in 2019 due to the increase in remote gaming
duty implemented by the UK government in April 2019. This compares
to Moody's previous forward-looking expectations of leverage in the
range of 3.5x-3.9x.

RATINGS RATIONALE

The company's B1 rating reflects (1) its product and geographic
concentration in UK online bingo, although the acquisition of
Gamesys will diversify the company somewhat by adding website and
app development, plus a US presence with expansion potential; (2)
the ongoing exposure to regulatory changes and tax increases
including the increase in UK remote gaming duty (RMG) to 21% from
15% from April 2019 and the introduction of gaming taxes in Sweden
as a result of being regulated, although Moody's notes that this
transaction will increase the company's ability to absorb
regulatory change; (3) the highly competitive nature of the online
gaming industry, and; (4) its small, albeit increasing scale
measured by revenue and relative to other rated peers.

More positively, the rating also reflects (1) its leading position
as the largest online bingo operator in the UK, with active
customers nearly doubling after the acquisition; (2) the
operational control achieved by acquiring Gamesys which greatly
reduces the risk of cost increases or disruption in maintaining the
company's branded sites; (3) the positive trends underpinning the
online gaming industry mainly driven by increasing mobile
penetration; (4) an established operating track record in managing
its brands and gaming entity and in delivering growth; and (5) the
relatively high EBITDA to free cash flow conversion due to the low
capital intensity of its operations. Moody's expect that going
forward some of the cash generated will be used either to
distribute dividends or repay debt.

ESG Considerations

Social considerations are a relevant factor for this rating. The UK
has recently tightened gambling regulation for social policy
reasons, and Moody's expects that this trend as well as potentially
increasing taxation to be continuing issues for this sector which
act as a constraint on this rating.

Liquidity Profile

Moody's considers JPJ's liquidity to be good for its near-term
requirements. This is supported by (1) unrestricted cash of GBP27.5
million on balance sheet at closing; (2) full availability under
its GBP13.5 million RCF; and (3) expectation for positive free cash
flow owing to low capital expenditures. These sources are more than
sufficient to cover potential dividends from 2020 (no dividends are
expected in 2019). The RCF has a springing maximum leverage
covenant to be tested when the RCF is drawn by more than 35%.

Structural considerations

JPJ's Probability of Default Rating B1-PD is in line with the CFR,
reflects Moody' assumption of a 50% family recovery rate as is
customary for capital structure comprising of bank debt with one
financial maintenance covenant set with large headroom and to be
tested for a limited period of time. The B1 rating on the senior
secured credit facilities, borrowed by JPJ and Luxembourg
Investment Company 192 S.a r.l., are also in line with the CFR
reflecting the small size of subordinated debt instruments. The
facilities are secured by an English law debenture and guaranteed
by material subsidiaries representing at least 80% of the
consolidated EBITDA.

Outlook

The stable outlook reflects Moody's expectation that JPJ will
continue to grow and use its strong free cash flow to improve its
leverage below 3.5x. The stable outlook also assumes there will not
be adverse regulatory changes and the company will not embark on
material debt funded acquisitions.

WHAT COULD CHANGE THE RATING UP/DOWN

Upward pressure on the ratings is constrained by the relatively
small scale and limited business profile and geographic scope of
the company, however if the company grows its scale and achieves a
more diversified profile, an upgrade on the ratings could arise
over time if (1) Moody's-adjusted leverage falls well below 3x
(including earn-outs) on a sustainable basis; (2) free cash flow to
debt trends towards 25%; and (3) the company maintains good
liquidity.

Negative pressure on the ratings could develop if the company
performance weakens or is negatively impacted by a changing
regulatory and fiscal regime or the demand for online gaming
materially declines. Quantitatively, Moody's would consider
downgrading JPJ's ratings if (1) Moody's-adjusted leverage remains
sustainably above 4x; 2) free cash flow to debt falls below 10%; or
(3) liquidity concerns arise.

CORPORATE PROFILE

JPJ is an online gaming company that provides bingo, casino and
other games to a global consumer base, with a focus on UK online
bingo. JPJ holds gambling licenses in the UK, Spain, Malta,
Gibraltar, Sweden and Denmark. In 2018 the company generated
revenue of GBP309 million and (company) adjusted EBITDA of GBP109
million. Listed on the London Stock Exchange since January 2017,
JPJ has a market capitalization of GBP545 million as of June 24,
2019.


PREMIER FOODS: Fitch Affirms 'B' LongTerm Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has affirmed Premier Foods plc's Long-Term Issuer
Default Rating at 'B' with a Stable Outlook.

The rating reflects the company's high leverage, small scale
relative to global packaged food companies and limited
diversification by customer and geography. However, the rating is
supported by Premier Foods' good market position in its key product
categories in the UK and innovation efforts, which in its view will
support growth in sales of its brands over the medium term.

The Stable Outlook is based on its expectation that Premier Foods
will improve its rating headroom over FY20-FY23 (years ending March
2020 and 2023) due to generation of positive free cash flow (FCF)
and focus on deleveraging. A no-deal Brexit remains a risk factor
and the robustness of the company's contingency plan is yet to be
proven if this risk materialises.

KEY RATING DRIVERS

Innovation Critical for Sales Growth: Premier Foods' business model
remains sustainable, as expressed by the company's market
leadership in its product categories and high brand awareness among
UK households. Innovation and marketing are essential to keep
Premier Foods' products appealing to consumers as UK packaged food
market is being shaped by increasing demand for healthy and
nutritious products, convenience of consumption and gastronomic
indulgences. Fitch believes that the company should be able to
support growth of its brand portfolio through new product launches
and repositioning, as proven by the rejuvenation of its major brand
Mr. Kipling in FY19, resulting in 12% growth in its sales.

No-Deal Brexit Risks: Premier Foods primarily supplies the UK
market (FY19: 93.5% of sales), which exposes it to the risks of a
no-deal Brexit, including weakening of consumer sentiment, supply
chain disruptions and input cost increases. The company has
developed a contingency plan, built up stocks of raw materials and
finished goods, and made minor amendments to its internal trading
model in Europe (principally the Republic of Ireland), but these
measures may be insufficient to fully isolate it from potential
business disruptions.

Conservative EBITDA Margin Assumptions: Fitch conservatively
assumes Premier Foods' EBITDA margin will deteriorate to below 16%
by FY23 after improving to 17.3% in FY19 (FY18: 16.8%). Its
forecast takes into account higher marketing expenses to support
sales of the group's core brands and leaves some room for potential
adverse consequences of UK leaving the EU in October 2019.

Expected Deleveraging: Fitch projects a reduction of funds from
operations (FFO) adjusted net leverage towards 5.0x by FY23 after
it temporarily increased to 6.0x in FY19, touching the level of its
negative rating sensitivity, due to one-off charges related to
logistics transformation. In the absence of major restructuring
programmes and thanks to stable operating cash flows, Fitch expects
Premier Foods to continue reducing its net debt and improve
headroom under its 'B' rating. Fitch also assumes no dividends and
M&A in the medium term as the company is focused on deleveraging.

High Customer Concentration: The rating takes into account customer
concentration risks as Premier Foods generates more than half of
its sales (FY19: 58%) from the four largest retailers in the UK:
Tesco PLC (BBB-/Stable), Asda, Sainsbury's and Morrisons. These
retailers exercise considerable bargaining power over suppliers,
including Premier Foods, and may shift the burden of margin
pressure to them if consumer sentiment deteriorates and competition
in UK food retail were to intensify. At the same time, the blocked
merger between Sainsbury's and Asda is positive for Premier Foods
as it helped avoid a further increase in customer concentration.

Large Pension Liabilities: Premier Foods maintains large
liabilities under its pension schemes relative to the scale of its
business. Sizeable annual pension contributions negatively impact
FFO adjusted net leverage and constrain the company's FCF
generation. Increase in pension contributions above its current
estimate of GBP45 million-GBP50 million (FY19: GBP41.9 million) per
year could slow down the projected deleveraging pace, while any
hypothetical increase in RHM pension scheme's share in security
package (currently GBP450 million) could worsen recovery prospects
for senior secured creditors.

Unclear Outcome of the Strategic Review: The rating does not
incorporate any potential changes in Premier Foods' strategy as
Fitch would consider their impact on the company's credit profile
only after the strategic review is completed. In February 2019,
Premier Foods decided to conduct a review of its strategic options
following pressure from activist investors. In its view, disposals
of low-growth brands are the most likely way to increase
shareholder value but the business transformation could be
complicated by unattractive valuations of these assets and Premier
Foods' large pension liabilities.

DERIVATION SUMMARY

Premier Foods is substantially smaller and less diversified by
product and geography than global packaged food companies, such as
Nestle SA (AA-/Negative), Mondelez International, Inc. (BBB/
Stable) and The Kraft Heinz Company (BBB-/ Stable). Its rating is
one notch below that of international margarine leader Sigma HoldCo
BV (B+/Stable), previously owned by Unilever NV/PLC, which is more
diversified by geography, enjoys higher operating margin but has
negative FCF generation (even though Fitch expects FCF to turn
positive and grow over time) and is largely concentrated in one
mature product category.

No Country Ceiling, parent-subsidiary linkage or operating
environment aspects were in effect for Premier Foods' ratings.

KEY ASSUMPTIONS

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

  - Revenue growth of 1.3% in FY20, around 2.0% per year from FY21
to FY23

  - EBITDA margin progressively deteriorating from 17.3% in FY19
to 15.7% in FY23 due to higher marketing expenses in order to
sustain innovation efforts

  - Pension contributions not exceeding GBP45-50 million per year

  - Restructuring charges not exceeding GBP3 million per year

  - Capex stable at GBP25 million per year

  - No M&A

  - No dividends

  - No payment to Premier Foods from Hovis Holdings Limited under
the loan note

KEY RECOVERY RATING ASSUMPTIONS

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

Premier Foods' going concern EBITDA is based on FY19 EBITDA of
GBP143 million and reflects Fitch's view of a sustainable,
post-reorganization EBITDA level upon which Fitch bases the
valuation of the company. The going-concern EBITDA of GBP100
million is 30% below FY19 EBITDA to reflect challenging market
conditions in the UK, the company's reliance on a single country
and customer concentration risks, which are partially offset by a
portfolio of well-known product brands. An EV/EBITDA multiple of 5x
is used to calculate a post-reorganisation valuation and reflects a
mid-cycle multiple.

In the debt waterfall Fitch includes GBP30 million drawn under the
group's receivables financing agreement, ranking senior to the rest
of the debt. GBP177 million revolving credit facility (RCF) is
assumed to be fully drawn upon default. The debt waterfall also
includes RHM pension scheme's share in security package of GBP450
million ranking equally with GBP300 million fixed and GBP210
million floating senior secured notes.

After deducting 10% for administrative claims, its waterfall
analysis generates a ranked recovery for the senior secured notes
in the 'RR4' band, indicating a 'B' instrument rating for the
issued bonds. The waterfall analysis output percentage on current
metrics and assumptions is 38%. Therefore, the senior secured notes
are rated in line with Premier Foods' IDR of 'B'.

RATING SENSITIVITIES

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

  Consistently positive organic revenue growth and ability to
  improve EBITDA margin above 17% (FY19: 17.3%) having
  sufficiently invested in advertising and promotions to protect
  its market position and drive growth.

  FFO adjusted net leverage sustainably below 5.0x (FY19: 6.0x).

  FFO fixed charge coverage above 2.5x on a sustained basis
  (FY19: 2.6x).

  FCF sustainably above 2% of revenue after adequate capital
  investments (FY19: 3.9%).

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

  Evidence of weaker pricing power in the UK market resulting from
  failure to stabilise performance with continued revenue decline
  and margin deterioration with EBITDA margin falling below 15%.

  Neutral to negative FCF on a sustained basis due to
profitability
  erosion, higher or unexpected capex and increases in pension
  contribution or funding costs.

  FFO adjusted net leverage above 6.0x on a sustained basis.

  FFO fixed charge coverage below 1.8x.

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: As of March 30, 2019, Premier Foods' liquidity
was supported by Fitch-adjusted unrestricted cash balances of GBP13
million, GBP177 million undrawn committed RCF due 2022 and expected
positive FCF in FY20. This was sufficient to cover Fitch-adjusted
short-term debt, which included GBP30 million drawn under the
receivables financing agreement (even though this debt
self-liquidates with factored receivables). As Premier Foods'
floating and fixed notes are due only in 2022-2023 and the group
maintains adequate headroom under its covenants, Fitch assesses the
liquidity as comfortable and refinancing risk as manageable.


RRE 2 LOAN: S&P Assigns BB Rating on EUR23.25MM Class E Notes
-------------------------------------------------------------
S&P Global Ratings assigned its credit ratings to RRE 2 Loan
Management DAC's class A-1, A-2, B, C, D, and E notes.

The transaction is a European cash flow corporate cash flow
collateralized loan obligation (CLO) managed by Red ridge Asset
Management (UK) LLP.

The ratings assigned to RRE 2 Loan Management's floating-rate notes
reflect S&P's assessment of:

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

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

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

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

-- The counterparty risks, which are mitigated and in line with
S&P's counterparty criteria.

Under the transaction documents, the rated notes pay quarterly
interest unless a frequency switch event occurs. Following this,
the notes will permanently switch to semiannual payments. The
portfolio's reinvestment period will end approximately four and
half years after closing.

S&P said, "We consider that the portfolio is well-diversified,
primarily comprising broadly syndicated speculative-grade senior
secured term loans and senior secured bonds. Therefore, we have
conducted our credit and cash flow analysis by applying our
criteria for corporate cash flow collateralized debt obligations.

"In our cash flow analysis, we used the EUR400 million target par
amount, the covenanted weighted-average spread (3.50%), the
reference weighted-average coupon (5.00%), and the target minimum
weighted-average recovery rate as indicated by the collateral
manager. We applied various cash flow stress scenarios, using four
different default patterns, in conjunction with different interest
rate stress scenarios for each liability rating category.

"Under our structured finance ratings above the sovereign criteria,
we consider that the transaction's exposure to country risk is
sufficiently mitigated at the assigned rating levels.

"Until the end of the reinvestment period on Jan. 15, 2024, the
collateral manager is allowed to substitute assets in the portfolio
for so long as our CDO Monitor test is maintained or improved in
relation to the initial ratings on the notes. This test looks at
the total amount of losses that the transaction can sustain as
established by the initial cash flows for each rating, and compares
that with the default potential of the current portfolio plus par
losses to date. As a result, until the end of the reinvestment
period, the collateral manager can, through trading, deteriorate
the transaction's current risk profile, as long as the initial
ratings are maintained.

"We consider that the transaction's documented counterparty
replacement and remedy mechanisms adequately mitigate its exposure
to counterparty risk under our current counterparty criteria.

"We consider that the transaction's legal structure is bankruptcy
remote, in line with our legal criteria.

"Following our analysis of the credit, cash flow, counterparty,
operational, and legal risks, we believe our ratings are
commensurate with the available credit enhancement for each class
of notes."

  Ratings List

  RRE 2 Loan Management DAC

  Class      Rating       Amount
                        (mil. EUR)
   A-1       AAA (sf)    228.00
   A-2       AAA (sf)     10.00
   B         AA (sf)      44.00
   C         A (sf)       26.00
   D         BBB- (sf)    28.75
   E         BB (sf)      23.25
  Sub notes  NR           42.30

  NR--Not rated.


SCORPIO DAC 34: DBRS Finalizes BB Rating on Class E Notes
---------------------------------------------------------
DBRS Ratings Limited finalized its provisional ratings to the
following classes of commercial mortgage-backed floating-rate notes
issued by Scorpio (European Loan Conduit No. 34) DAC (the Issuer):

-- Class RFN at AAA (sf)
-- Class A1 at AAA (sf)
-- Class A2 at AAA (sf)
-- Class B at AA (sf)
-- Class C at A (low) (sf)
-- Class D at BBB (low) (sf)
-- Class E at BB (sf)

All trends are Stable.

Scorpio (European Loan Conduit No. 34) DAC is the securitization of
82.5% (GBP 236.4 million) of a GBP 286.4 million floating-rate
senior commercial real estate loan (the senior loan) advanced by
Morgan Stanley Bank N.A. (the Loan Seller) to borrowers sponsored
by Blackstone Group L.P. (Blackstone or the Sponsor). The remaining
17.5% of the senior loan will be retained by the original senior
lender and is ranked pari passu with the securitized senior loan.
The refinancing of historical acquisitions is also accompanied by a
GBP 57.3 million (80% loan-to-value or LTV) mezzanine loan granted
by BSRECP III Joint International S.a r.l. and Broad Street Credit
Holdings S.a r.l. The mezzanine loan is structurally and
contractually subordinated to the senior facility and is not part
of the transaction.

The senior loan (66.8% LTV) is backed by a portfolio of 112
multi-let, last-mile industrial properties located throughout the
United Kingdom. Blackstone acquired the assets through 16
sub-portfolio transactions between Q2 2018 and Q1 2019. The ongoing
management of the portfolio will be provided by Blackstone and M7
Real Estate Ltd. (M7), leveraging their asset and investment
management platforms.

As of March 10, 2019 (the cut-off date), 90.7% of the portfolio's
net lettable area (NLA) was occupied by approximately 850 tenants.
The top ten tenants contribute 13.1% of the gross rental income
(GRI) with no tenant lease in the portfolio representing more than
2.5% of GRI. Investment-grade tenants comprise 8.5% of the GRI,
adding further support to a highly granular tenant base. The assets
are geographically concentrated across the U.K. in Scotland (22.3%
market value or MV), Northern England (26.5% MV) and the Midlands
(26.1% MV). Properties accounting for a combined 25.1% of the
portfolio MV are located in Southern England and Wales. The assets'
locations are a good addition to Blackstone's pan-European
logistics platform, complementing the geographic dispersion of
properties in BAMS CMBS 2018-1 DAC, which was securitized in July
2018.

In DBRS's view, the senior facility represents a moderate leverage
financing with a 66.8% LTV, based on a Jones Lang LaSalle Inc.
(JLL) valuation of GBP 428.6 million in February 2019. The
relatively high DBRS LTV of 92.1% is mitigated by cash trap
covenants set at 75% LTV and at a debt yield (DY) of 9.24% for the
initial loan term. The DY at the cut-off date was 10.1%.

Moreover, the portfolio is 8.0% under-rented according to the
market rent assessed by JLL, providing the opportunity for the
Sponsor to increase rent while maintaining the integrity of the
weighted-average unexpired lease term (WAULE) of 4.7 years. The
senior loan interests only and has a two-year maturity with three
one-year extension options subject to certain conditions, including
hedging.

The loan structure does not include financial default covenants
prior to a permitted change of control, but provides other standard
events of default including: (1) any missing payment, including
failure to repay the loan by the maturity date; (2) borrower
insolvency; (3) a loan default arising as a result of any
creditors' process or cross-default. In DBRS's view, potential
performance deteriorations would be captured and mitigated by the
presence of cash trap covenants: (1) an LTV cash trap covenant set
at 75% and (2) a DY cash trap covenant detailed above.

The transaction includes a Reserve Fund Note (RFN), which will fund
95% of the liquidity reserve (i.e., the note share part). After
issuance, the GBP 10.4 million RFN proceeds and the GBP 0.5 million
Vertical Risk Retention (VRR) loan contribution will be deposited
into the transaction's liquidity reserve, which works similarly to
a typical liquidity facility by providing liquidity to pay property
protection advances, senior costs and interest shortfalls (if any)
in relation to the corresponding VRR loan, Class A1, Class A2,
Class B, Class C and Class D notes (for further details, please see
the section "Liquidity Support" in DBRS's presale report for this
transaction).

According to DBRS's analysis, the liquidity reserve amount will be
equivalent to approximately 15 months on the covered notes, based
on the interest rate cap strike rate of 2.0% per annum and nine
months based on the LIBOR cap after the loan maturity of 5.0% per
annum.

The final legal maturity of the notes is expected to be in May
2029, five years after the fully extended loan term. The latest
loan maturity date, considering potential extensions, is 15 May
2024. Given the security structure and jurisdiction of the
underlying loan, DBRS believes this provides sufficient time to
enforce, if necessary, on the loan collateral and repay the
bondholders.

Class E is subject to an available funds cap where the shortfall is
attributable to an increase in the weighted-average margin of the
notes.

The transaction includes a Class X diversion trigger event, meaning
that if the Class X diversion triggers, set at 7.75% for DY and 80%
for LTV, were breached, any interest and prepayment fees due to the
Class X noteholders will instead be paid directly to the Issuer
transaction account and credited to the Class X diversion ledger.
However, only following a sequential payment trigger event or the
delivery of a note acceleration notice can such funds can
potentially be used to amortize the notes.

To maintain compliance with applicable regulatory requirements, the
Loan Sellers will retain an ongoing material economic interest of
not less than 5% of the securitization via a VRR loan that is to be
advanced by the Loan Sellers to the Issuer at closing.

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


SMALL BUSINESS 2019-2: Moody's Gives (P)Ba3 Rating to Class D Notes
-------------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to four classes of Notes to be issued by Small Business
Origination Loan Trust 2019-2 DAC:

  GBP[149.50]M Class A Floating Rate Asset-Backed Notes due
  March 2028, Assigned (P)Aa3 (sf)

  GBP[3.45]M Class B Floating Rate Asset-Backed Notes due March
  2028, Assigned (P)A3 (sf)

  GBP[19.55]M Class C Floating Rate Asset-Backed Notes due March
  2028, Assigned (P)Baa3 (sf)

  GBP[21.85]M Class D Floating Rate Asset-Backed Notes due March
  2028, Assigned (P)Ba3 (sf)

Moody's has not assigned ratings to GBP[24.15]M Class E Floating
Rate Asset-Backed Notes, GBP[11.50]M Class X Floating Rate
Asset-Backed Notes and GBP[11.50]M Class Z Variable Rate
Asset-Backed Notes which will also be issued by the Issuer.

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.

SBOLT 2019-2 is a securitization backed by a static pool of small
business loans originated through Funding Circle Ltd's online
lending platform and is the fourth transaction of its series. The
loans were granted to individual entrepreneurs and small and
medium-sized enterprises (SME) domiciled in UK. The Seller will be
CFS5 2019-1 Ltd, Funding Circle will act as the Servicer and
Collection Agent on the loans and Cascade Funding, LP -- Series 5
will be the retention holder.

RATINGS RATIONALE

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

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

   (i) a static portfolio with a short weighted average life of
       around 2 years;

  (ii) certain portfolio characteristics, such as:

       a) high granularity with low single obligor concentrations
          (for example, the top individual obligor and top 10
          obligor exposures are 0.2% and 2.2% respectively) and
          an effective number above 1,400;

       b) the loans' monthly amortisation; and

       c) the high yield of the loan portfolio, with a weighted
          average interest rate of 9.9%.

(iii) the transaction's structural features, which include:

       (a) a cash reserve initially funded at 1.75% of the initial
           portfolio balance, increasing to 2.75% of the initial
           portfolio balance before amortising in line with the
           rated Notes; and

       (b) a non-amortising liquidity reserve sized and funded at
           0.25% of the initial portfolio balance;

       (c) an interest rate cap with a strike of 2% that provides
           protection against increases on LIBOR due on the rated
           Floating Rate Asset-Backed Notes.

  (iv) no set-off risk, as obligors do not have deposits or
       derivative contracts with Funding Circle

However, the transaction has additional challenging features, such
as:

   (i) the rapid growth of origination volumes during the short
       operating history of Funding Circle, without any experience
       of a significant economic downturn;

  (ii) potential misalignment of interest between Funding Circle
       and the noteholders as Funding Circle does not retain a
       direct economic interest in the transaction. This is
       mitigated by an associated entity of the Seller acting as
       retention holder, and repurchase and indemnification
       obligations of Funding Circle and the Seller in case
       the representations and warranties are proven incorrect;

(iii) relatively high industry concentrations as around 44% of
       the obligors belong to the top two sectors, namely
       Construction & Building (24%) and Services: Business
       (20%), and the high exposure to individual entrepreneurs
       and micro-SMEs (around 54% of the portfolio);

  (iv) low seasoning of the loan portfolio, with a weighted
       average seasoning of only 2.0 months; and

   (v) the loans are only collateralized by a personal guarantee,
       and recoveries on defaulted loans often rely on the
       realization of this personal guarantee via cashflows
       from subsequent business started by the guarantor.

Key collateral assumptions:

Mean default rate: Moody's assumed a mean default rate of 14.0%
over a weighted average life of 2.1 years (equivalent to a B2/B3
proxy rating as per Moody's Idealized Default Rates). This
assumption is based on:

    (i) the available historical vintage data;

   (ii) the performance of the previous transactions
        backed by loans originated by Funding Circle; and

  (iii) the characteristics of the loan-by-loan portfolio
        information.

Moody's took also into account the current economic environment and
its potential impact on the portfolio's future performance, as well
as industry outlooks or past observed cyclicality of
sector-specific delinquency and default rates.

Default rate volatility: Moody's assumed a coefficient of variation
of 44.2%, as a result of the analysis of the portfolio
concentrations in terms of single obligors and industry sectors.

Recovery rate: Moody's assumed a 25% stochastic mean recovery rate,
primarily based on the characteristics of the collateral-specific
loan-by-loan portfolio information, complemented by the available
historical vintage data.

Portfolio credit enhancement: the aforementioned assumptions
correspond to a portfolio credit enhancement of 48%.

As of April 30, 2019, the provisional loan portfolio of
approximately GBP 234.2 million was comprised of 3,030 loans to
3,028 borrowers. All loans accrue interest on a fixed rate basis.
The average remaining loan balance stood at GBP 77,295, with a
weighted average fixed rate of 9.91%, a weighted average remaining
term of 49.8 months and a weighted average seasoning of 2.0 months.
Geographically, the pool is concentrated mostly in the South East
(23.82%) and London (17.21%). Generally, the loans were taken out
by borrowers to fund the expansion or growth of their business and
each loan benefits from a personal guarantee from (typically) the
owner(s) of the business. At closing, any loan more than 30 days in
arrears will be excluded from the final pool.

Key transaction structure features:

Cash Reserve Fund: The transaction benefits from a cash reserve
fund initially funded at 1.75% of the initial portfolio balance,
increasing to 2.75% of the initial portfolio balance before
amortising in line with the rated Notes. The reserve fund provides
both credit and liquidity protection to the rated Notes.

Liquidity Reserve Fund: The transaction benefits from a separate,
non-amortising liquidity reserve fund sized and funded at 0.25% of
the initial portfolio balance. When required, funds can be drawn to
provide liquidity protection to the senior Notes.

Principal Priority of Payment: Principal is initially paid to the
Classes A, B, C, D, E, and Z on a pro-rata basis, switching to
sequential amortisation under certain conditions including (i) the
portfolio amortising to less than 60% of its closing balance; and
(ii) gross cumulative defaults being higher than levels of 1.5% in
the first month after closing, rising stepwise to 7.5% after 11
months. The Class A Notes will benefit from this structural feature
whereas the subordinate notes will be negatively impacted.

Counterparty risk analysis:

Funding Circle (NR) will act as Servicer of the loans and
Collection Agent for the Issuer. Link Financial Outsourcing Limited
(NR) will act as a warm Back-Up Servicer and Collection Agent.

All of the payments on loans in the securitised loan portfolio are
paid into a Collection Account held at Barclays Bank PLC (A2 /
P-1). The Issuer will be the beneficiary of a declaration of trust
on the Collection Account. There is a daily sweep of the funds held
in the Collection Account into the Issuer Account, which is held
with Citibank, N.A., London Branch (Aa3 / P-1), with a transfer
requirement if the rating of the account bank falls below A2 /
P-1.

The transaction will benefit from an interest rate cap agreement
with Natixis (Aa3(cr) / P-1(cr)) which is designed to limit the
interest rate mismatch between the fixed-rate assets and the
floating-rate liabilities.

Principal Methodology:

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

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

The notes' ratings are sensitive to the performance of the
underlying portfolio, which in turn depends on economic and credit
conditions that may change. The evolution of the associated
counterparties risk, the level of credit enhancement (including the
amount of excess spread) and the United Kingdom's country risk
could also impact the notes' ratings.


TVL FINANCE: Moody's Rates Proposed GBP440MM Sec. Notes B3
----------------------------------------------------------
Moody's Investors Service assigned B3 ratings to the proposed
GBP440 million senior secured floating rate notes due 2025 to be
issued by TVL Finance plc, a wholly-owned, indirect subsidiary of
Thame and London Limited. Travelodge's existing ratings including
its B3 corporate family rating and B3-PD probability of default
rating are unaffected by the proposed debt issuance. The outlook on
all ratings is stable.

"The company's plan to refinance its exiting notes is credit
neutral. The estimated Moody's-adjusted leverage pro-forma for the
transaction was 9.3x as of March 2019. This is high for the current
B3 rating, however, the company's liquidity profile remains
adequate and the new structure will likely allow the company to
reduce interest expense and extend maturity profile" says Egor
Nikishin the lead analyst for Travelodge.

The new notes will benefit from the same guarantors and security
package of existing notes, representing more than 98% of
consolidated Revenues and EBITDA as of March 2019.

Travelodge will use the proceeds from the new notes of GBP440
million and circa GBP5 million of cash to fully repay and pay
issuance fees in a total amount of GBP445 million. As part of the
transaction, Travelodge will also reduce the amount of its existing
GBP50 million super senior revolving credit facility (RCF) to GBP40
million from GBP50 million and extend the maturity to 2024.

Travelodge will get additional leeway under the terms of the new
notes for incurrence of additional debt and making restricted
payments. Although Moody's expects the company to maintain prudent
financial policy, the current highly levered structure limits
tolerance for extra debt.

RATINGS RATIONALE

Travelodge's B3 CFR reflects the company's leading position in the
UK budget hotel industry and the strong performance on the back of
its successful refit programme which produced five years of
positive results. The rating also takes into account the company's
exposure to cyclical demand drivers and to the UK economy as well
as its material operating leverage.

The B3 rating assigned to the proposed senior secured notes, in
line with the company's CFR, and the Ba3 rating of the super senior
RCF reflect the relative ranking in Travelodge's capital structure
in the event of default as well as the asset-light nature of the
business given that all of Travelodge's hotels are leased.

The company's liquidity is adequate and relies upon (i) existing
cash reserves (which amounted to GBP83 million at the end of March
2019); (ii) the internal cash generation (Moody's expects around
GBP20-30 million primarily owing to reduced capital expenditures
following substantial completion of the renovation programme) and
(iii) the GBP40 million RCF, expected after the planned
transaction. In addition, Travelodge also has access to a GBP30
million letter of credit facility. The revolving credit facilities
benefit from a springing leverage covenant while the notes have HY
incurrence covenants. The company has no debt maturities until its
proposed bond comes due in 2025. Its primary use of cash is capex
which is expected to be around GBP55-65 million per year.

RATING OUTLOOK

The stable outlook reflects Moody's expectation that Travelodge
will sustain its improved operations while maintaining sufficient
liquidity.

FACTORS THAT COULD LEAD TO AN UPGRADE

Upward rating pressure could result from further operational
improvements driven by continued out-performance and successful
execution of the development strategy such that Moody's adjusted
leverage declines below 7x and free cash flow remains positive on a
sustained basis. Adequate liquidity would also be important.

FACTORS THAT COULD LEAD TO A DOWNGRADE

Negative rating pressure could arise from operational setbacks such
that Moody's adjusted leverage increases from the current level and
free cash flow becomes negative on a sustained basis. Any liquidity
challenges would also be viewed negatively, as would any additional
shareholder distributions.




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

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



                           *********


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

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

Copyright 2019.  All rights reserved.  ISSN 1529-2754.

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

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

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


                * * * End of Transmission * * *