/raid1/www/Hosts/bankrupt/TCREUR_Public/190916.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                          E U R O P E

          Monday, September 16, 2019, Vol. 20, No. 185

                           Headlines



A R M E N I A

ARMENIA: Moody's Rates Proposed Sr. Unsec. USD Notes Ba3


F R A N C E

SOLOCAL GROUP: Fitch Downgrades LT Issuer Default Rating to CCC+


G E R M A N Y

CHEPLAPHARM ARZNEIMITTEL: Fitch Rates EUR980MM New Loan BB-


I R E L A N D

HARLAND & WOLFF: No Guarantee Yard Will Secure Royal Navy Work
LIMERICK FOOTBALL CLUB: High Court Confirms C. Noone as Examiner
PURPLE FINANCE 2: Moody's Gives (P)B3 Rating to Class F Notes
PURPLE FINANCE 2: S&P Assigns Prelim. B- Rating on Cl. F Notes


L A T V I A

AS PNB BANKA: Declared Insolvent by Latvian Court


L U X E M B O U R G

RGI HOLDINGS: S&P Assigns 'BB' Long-Term ICR, Outlook Stable


N E T H E R L A N D S

ARES EUROPEAN XII: Moody's Gives B3 Rating on EUR11MM Cl. F Notes
TIKEHAU CLO V: Moody's Assigns B3 Rating to EUR12.1MM Cl. F Notes


P O R T U G A L

LUSITANO MORTGAGES 5: Moody's Upgrades EUR22.4MM Cl. C Notes to B3


R U S S I A

LEXGARANT INSURANCE: S&P Alters Outlook to Pos. & Affirms 'B+' ICR


S P A I N

BOLUDA TOWAGE: Moody's Assigns B1 CFR, Outlook Stable
BOLUDA TOWAGE: S&P Assigns Preliminary 'BB-' ICR, Outlook Stable
CODERE FINANCE 2: Moody's Downgrades CFR to B3, Outlook Stable
PYMES SANTANDER 13: Moody's Affirms Class C Notes Rating at Caa3


U N I T E D   K I N G D O M

A&B PAWNBROKERS: Stores Cease Trading Due to Significant Losses
AI MISTRAL: S&P Lowers ICR to 'B-' on Weak 2019 Performance
ANTIGUA BIDCO: Fitch Assigns B+(EXP) LT IDR, Outlook Stable
ANTIGUA BIDCO: Moody's Assigns B2 CFR, Outlook Stable
CLINTONS: Owners Tap KPMG & Explore Sale of Business

CONNECT BIDCO: Moody's Assigns B1 CFR, Outlook Stable
FERROGLOBE PLC: Moody's Downgrades CFR to Caa1, Outlook Negative
MALLINCKRODT PLC: S&P Lowers LT ICR to 'CCC', Outlook Negative
THOMAS COOK: May Seek to Push Back Bondholders' Meeting


X X X X X X X X

[*] BOND PRICING: For the Week September 9 to September 13, 2019

                           - - - - -


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A R M E N I A
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ARMENIA: Moody's Rates Proposed Sr. Unsec. USD Notes Ba3
--------------------------------------------------------
Moody's Investors Service assigned a rating of Ba3 to the proposed
senior unsecured, US dollar-denominated notes to be issued by the
Government of Armenia. The notes will rank pari passu with all of
the Government of Armenia's current and future senior unsecured
external debt. The proceeds of the notes are intended primarily for
refinancing of the outstanding Eurobonds maturing in October 2020,
including buying back the notes early through a tender offer.

The rating mirrors the Government of Armenia's long-term issuer
rating of Ba3 with a stable outlook.

RATINGS RATIONALE

Armenia's Ba3 issuer rating is underpinned by its robust growth
potential with increasingly diverse economic drivers and a
lengthening track record of solid macroeconomic management, which
raise the country's economic resiliency, and high debt
affordability. Moody's expects Armenia's economy to continue
expanding solidly over the next two to three years at around
5.5-6%, with new growth sectors such as tourism, information
technology and light manufacturing including textiles contributing
to economic activity. Ongoing measures to strengthen government
finances will also likely gradually restore some of the sovereign's
fiscal strength that eroded over 2014-17.

Balanced against these credit strengths are challenges stem from
the government's moderately high debt burden that is vulnerable to
sharp currency depreciation, the small and low-income economy that
is exposed to external developments, and latent geopolitical
tensions with neighbouring Azerbaijan. The high, albeit gradually
declining, level of dollarisation in the economy also leaves
Armenia and its banking sector exposed to external shocks, although
the central bank has introduced measures that promote
de-dollarisation.

WHAT COULD MOVE THE RATING UP/DOWN

Upward pressure on Armenia's rating would stem from further reforms
that were to raise economic competitiveness and institutional
credibility and effectiveness beyond Moody's current expectations.
This would in part materialise through greater levels of private
investment and increased transparency of and trust in institutions,
including in the judiciary. A structural narrowing of the current
account deficit and improvement in Armenia's external position,
including through higher competitiveness and foreign direct
investment, would also contribute to upward pressure on the rating.
An increase in government revenue arising from fiscal reforms
beyond Moody's expectations, that would support the government's
debt carrying capacity, would additionally put upward pressure on
the rating.

Downward pressure on Armenia's rating would emerge if there was a
loss of reform momentum, which would likely transpire through
weaker confidence in institutions and fiscal slippage removing
prospects that the government debt burden will decline over the
medium term. An increase in external vulnerability risk, such as a
sustained increase in current account deficits that resulted in
declining foreign exchange reserve adequacy, would additionally
contribute to downward pressure on the rating. An escalation of the
conflict with Azerbaijan over the Nagorno-Karabakh territory would
also put negative pressure on the rating.

The principal methodology used in this rating was Sovereign Bond
Ratings published in November 2018.



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F R A N C E
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SOLOCAL GROUP: Fitch Downgrades LT Issuer Default Rating to CCC+
----------------------------------------------------------------
Fitch Ratings has downgraded French digital and print advertising
player SOLOCAL Group's Long-Term Issuer Default Rating (IDR) to
'CCC+' from 'B-', and removed it from Rating Watch Negative (RWN)
where it was placed on February 19, 2019. Fitch has affirmed the
rating on the senior secured notes maturing on March 2022 at
'B-'/'RR3'/59% from 'B-'/'RR4'/39% changing the approach to
expected recovery based on going-concern assumptions.

The downgrade reflects the increased execution risk implied in the
slow progress towards business stabilisation, low barriers to entry
of the digital business and the increase in leverage from the
drawing of additional debt under the super senior revolving credit
facility, which addressed tighter liquidity in funding recent
redundancy payments. In addition, refinancing risk has increased,
due to increased debt and the approaching principal maturity on the
notes in 1Q FY22, against the backdrop of recent changes in
financial management and the two balance sheet restructurings in
the last fourr to five years. The change in Fitch's approach to
recovery for the senior secured notes reflects a higher probability
of a surviving cash-generative business with going-concern
enterprise value as the basis for financial stakeholder recovery in
the event of default.

KEY RATING DRIVERS

Weak 1H Order Intake: SOLOCAL's digital order intake for 1H FY19
resulted in a reduction of 5% compared with the same period last
year, in line with the contraction in total orders and around 10%
below management's indications at the end of FY18. Digital revenues
dropped by about 9% over the same period, with quarter-on-quarter
declines evident for the last six quarters. Disruption in the sales
force, affected by an overhaul, fierce competition on products and
pricing and still low adoption of subscription contracts are the
key reasons for the lack of stabilisation in SOLOCAL's underwriting
base and digital top line, failing to offset the revenue decline of
the print business.

Debt-funded Redundancy Payments: The redundancy plan announced in
FY18 requires cash payments until 2020, with a peak expected in 3Q
FY19. Management succeeded in obtaining EUR25 million of
incremental commitments under the revolving credit facility (RCF),
which increased to up to EUR40 million, and postponed about EUR6
million of payments to 4Q FY19. Fitch has revised its rating case
for FY19 EBITDA (after adjusting for the effects of the application
of IFRS 16) by 15% due to weaker orders and delayed efficiencies,
implying a RCF drawdown for around EUR25 million under the new
facility, which will provide limited headroom for SOLOCAL to serve
the EUR107 million payments due in 2H19. Any impact of contingency
costs or further operational disruptions would have to be addressed
through further debt drawdowns, as Fitch assumes equity capital to
be unavailable.

Refinancing Risk Increases: RCF drawdowns increase leverage, on a
gross adjusted funds from operations basis, up to 3.5x in FY21, a
relatively low level for SOLOCAL's rating. Nevertheless, these
amounts increase the total to be refinanced by March 2022 (the
maturities of the senior notes and the RCF are aligned). Should
operating results slow over the next 12 to 18 months, SOLOCAL's
options to refinance its liabilities may be pushed off-market by
the already high cost of debt and pressures from secondary trading.
The perception of the issuer in the capital markets may be also
affected following two debt restructurings (in 2014 and 2017) and
management changes (new CEO in FY17 and CFO replacements in FY18
and FY19).

Execution Risks in Turnaround: Management aims to convert SOLOCAL
into an established digital advertising platform. It plans to
increase average revenue per account (ARPA) through the migration
of the client base to a more expensive product range (centred on
the Priority Ranking proposal) and to promote a subscription-based
model, suitable to increase revenue conversion, minimise working
capital requirements and reduce churn.

Given the low barriers to entry, low switching costs for customers,
of SOLOCAL's sales force and management discontinuities, Fitch
believes there are execution risks in the achievement of this joint
target for the short to medium term. Therefore, Fitch expects
delays against management's expectations. Under its rating case,
Fitch factors in a CAGR of 3.2% for digital order intakes for FY19
to FY22, increasing the conversion ratio of orders into revenues
for the first 12 months from 68% for 2H19 to 74% from 2H21
onwards.

Low Barriers to Entry: SOLOCAL faces competition from global
technology companies such as Google and Facebook and from start-ups
that either focus on particular verticals or provide digital-only
solutions to SMEs marketing. New entrants face low barriers to
entry and a large availability of venture capital investments in
the US and in Europe. Fitch views SOLOCAL's ambitions to grow ARPA
and subscription rates as vulnerable to competition. While digital
media represent an opportunity for advertisers to address channel
fragmentation, the presence of multiple competitors and the low
adoption of measurement tools to monitor the yield of advertising
investments generate strong pricing competition.

Conditional Reversal of FCF Dynamic: The cost-saving plan that the
company announced in 2018 mainly involved redundancies, procurement
and real-estate cost cuts. The effect of the cuts on a sustained
basis implies a reduction in costs of around EUR120 million
annually, of which around EUR105 million pertains to staff
reductions. Its rating case factors in further gains in efficiency
and the cost of new hires, which feeds into an increase in EBITDA
margins to about 28.5% in FY22 from 25.2% for FY19. Fitch also
assumes average working capital outflows of EUR18 million for
FY19-22 and capex requirement averaging 8% to sustain the digital
investments, delivering a FCF conversion of around 10% for FY22.

However, the reversal of the currently negative FCF margins appears
possible only after full service of the due redundancy payments
after FY20, and is conditional upon the maintenance of the current
competitive position. Short-term operational moves to increase the
cash conversion (e.g. pricing or working capital management)
currently do not appear viable. The company could not change
commercial terms without increasing churn and has to invest in
technological infrastructure.

Approach to Recoveries: Since February 2018 Fitch has adopted a
liquidation approach to recoveries, judging the possibility that
SOLOCAL would be restructured under the current liquidity
circumstances and after two recent procedures as unlikely. Fitch
now adopts a going-concern approach to reflect the higher
probability of a surviving cash-generative business with
going-concern enterprise value as the basis for financial
stakeholder recovery in the event of default. Fitch expects the
company to overcome the cash challenges of the next fourr to six
quarters and intangible assets (such as client portfolios) may be
attractive to trade buyers. Assuming a fully drawn super senior RCF
and EUR2 million of drawdowns under the working capital facility at
1H19, Fitch rates the senior liabilities at 'RR3'/59%.

DERIVATION SUMMARY

SOLOCAL's rating is underpinned by its transitioning business
model, lagging in the execution of the shift from directories to a
digital platform, the ongoing internal restructuring of the
workforce, changes in the management team and its challenging
liquidity for 2019. SOLOCAL's leverage is relatively low. However,
the funding of the redundancy costs required a gross debt increase
via drawdowns under the RCF. These additional amounts increase
refinancing risk, reducing the options available for the company to
manage its financial liabilities should operating results slow.

SOLOCAL's most directly comparable peer is Yell (not rated), part
of the Hibu group, which has a similar position in the UK. Some
comparison can be made between SOLOCAL and Software as a Service
companies, such as TeamSystem Holding S.p.A. (B/Stable), which
although highly levered appear protected by higher barriers to
entry, more cash-generative businesses enjoying digital momentum,
and lower risks from the capital structure. Moreover, there is
compatibility with media businesses facing similar secular
declines, such as PRISA - Promotora de Informaciones, S.A.
(B/Stable), which compared with SOLOCAL appears better diversified,
geographically and by business, with lower exposure to advertising
and stronger liquidity.

In the wider 'CCC+' space cross-industry comparisons can be made
with issuers such as Intralot S.A. (CCC+), which shows a more
sustainable business model, although paired with weaker liquidity
and New Look Bonds Limited (CCC+), which despite the materially
different sector dynamics, shows similar cash constraints in the
midst of an operational turnaround scenario, with a more aggressive
financial policy and longer maturities.

KEY ASSUMPTIONS

  - 2H19 order intake in line with 2H18 and moderate growth of
2%-3% as of 2020

  - Increased digital order intake conversion ratio, for the first
12 months, from 68% in 2019 to 74% in 2024

  - Recurring EBITDA margin to progressively increase from 26% in
1H19 to 28.5% in 2024

  - Average of about EUR18 million of annual working capital
outflow

  - Capex at EUR40 million-EUR50 million annually

  - Drawdown of EUR25 million of the RCF in 2019 to remain drawn
till maturity

  - Nonrecurring cash items in line with restructuring plan
presented by the company for FY19-FY20

RATING SENSITIVITIES

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

  - Evidence of sustainable growth in digital order intakes and of
digital EBITDA growth in the next 12-18 months

  - Sustainable positive FCF generation from 2020 onwards

  - Overcoming of liquidity weaknesses and full coverage of
restructuring payments

  - Interruption of the debt increase dynamic

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

  - Persisting decline in digital order intakes and revenues
conversion for the next 12-18 months

  - Failure to overcome business and staff disruption or cost
cutting plan lacking momentum

  - Further reduction of headroom under the revolving facility

  - Evidence of unavailability of arms-length refinancing options

LIQUIDITY AND DEBT STRUCTURE

Limited Headroom: The redundancy plan announced in FY18 requires
cash payments up to 2020, with a peak expected for 3Q19. Management
succeeded in obtaining EUR25 million of incremental commitments
under the RCF, which was increased to EUR40 million from EUR15
million. The company has given us guidance regarding the expected
drawdown on the RCF of EUR25 million in 2H19 to provide SOLOCAL
limited headroom to serve the EUR107 million redundancy payments
and interest payments due in 2H19. Any impact of contingency costs
or further operational disruptions would have to be addressed
through further debt drawdowns, as Fitch assumes equity capital to
be unavailable.



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G E R M A N Y
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CHEPLAPHARM ARZNEIMITTEL: Fitch Rates EUR980MM New Loan BB-
-----------------------------------------------------------
Fitch Ratings assigned Cheplapharm Arzneimittel GmbH's new term
loan B of EUR980 million a final senior secured rating of
'BB-'/'RR3'. The new TLB is to refinance utilisations under a
revolving credit facility (RCF) and roll over existing TLB1 and
TLB2 into the new tranche. The assignment of the final rating
follows a review of the loan documentation being materially in line
with the draft terms seen by Fitch.

The 'B+' IDR reflects Cheplapharm's niche operations with a
concentrated product portfolio. It also reflects a scalable
asset-light business model with strong operating and cash flow
margins and adequate financial profile with funds from operations
(FFO) adjusted gross leverage of around 5.0x, which is in line with
the rating.

The Stable Outlook reflects its expectation that the company will
invest internally generated cash flows into new IP rights, thus
sustaining its product portfolio and maintaining a good balance
between legacy and new products.

KEY RATING DRIVERS

Defensive Operations: The ratings are underpinned by Cheplapharm's
defensive business profile, characterised by well-executed
acquisitions of drug IP rights and active product life cycle
management. Fitch takes a positive view of Cheplapharm's highly
visible and predictable revenue and limited exposure to
competition, despite gradual sales erosion as the company's drugs
enter the final stage of their economic life.

Active Portfolio Management: The business model relies on active
value management of IP rights, as well as a continuous addition of
new products to sustain the value of the product portfolio. Fitch
views both organic and acquisitive aspects of the IP rights
portfolio management as carrying low-to-moderate execution risks.
This is evident in Cheplapharm's strong trading performance,
although Fitch sees growing operational complexity stemming from
the fast pace of acquisitive growth.

Moderately Rising Execution Risks: Execution risks have increased
moderately due to an extended period of uninterrupted rapid,
largely debt-funded, growth. A marked business expansion to EUR291
million in 2018 from EUR80 million in revenue in 2015 with a
simultaneous increase in EBITDA to EUR165 million from EUR38
million, in combination with sustainably strong margins, points to
a well-executed business strategy with a focus on disciplined asset
selection and integration. At the same time it requires greater
resource allocation and management to ensure a consistent quality
of product selection and integration in a growing portfolio while
managing an inherently high-risk leveraged capital structure.

Aggressive Financial Policy: Cheplapharm's extensive growth
strategy has been funded largely with debt. At the same time, the
new TLB of EUR980 million with loose underwriting standards offers
weak creditor protection with no maintenance financial covenants
plus the ability to repeatedly raise incremental debt. Fitch
regards such debt-biased financial policy and limited credit
protection in the documentation as aggressive, increasing the risk
of further accelerating leverage, particularly given rising
execution risks in a fast-growing company.

Concentrated Portfolio, Albeit Slowly Improving: The period of
rapid growth has translated into gradually receding product
concentration risks, although projected contribution from the
company's top three products at 37% (42% in 2018) remains material,
even in comparison with other low-speculative grade peers. This
concentration risk could lead to a permanent material loss of
revenue, earnings and cash flows in case of an individual product
failure. This is, however, somewhat mitigated by the products' wide
geographic distribution.

Ratings Constrained by Scale: The ratings will remain confined to
the 'B' rating category by a lack of scale. Although the
buy-and-build strategy pursued by the founding shareholders has led
to accelerated business growth, it will likely take several years
before the business can reach a more meaningful size, for instance
with revenue exceeding EUR1 billion. Fitch therefore does not
envisage an upgrade in the medium term.

Healthy Operating Profitability: With EBITDA margins projected at
around 50% over the next fourr years, the company ranks among the
most profitable in Fitch's low speculative-grade portfolio. This is
a strong support to Cheplapharm's credit profile. Fitch expects
healthy profitability levels will be maintained given Cheplapharm's
ability to continuously add new products, which could be funded
from internal cash flows and/or by using a large committed RCF of
EUR310 million.

Strong Free Cash Flow: Fitch projects stable and fairly sizeable
free cash flow (FCF) at or above EUR100 million a year up to 2022.
This, in its view, would be sufficient to ensure sustainability of
Cheplapharm's operations in balancing the gradually declining
earnings contribution from legacy products with the addition of new
IP rights. While Fitch does not expect FCF to be applied towards
voluntary debt reduction, Fitch equally sees little risk of
significant dividend payments given the founders' long-term
commitment to the business. Fitch therefore views FCF as a key
factor in supporting the IDR at 'B+', mitigating scale and
concentration risks.

Leverage Aligned With Rating: Fitch views the FFO adjusted gross
leverage of around 5.0x as appropriate for the rating, against
rated peers. Given the company's desire to further grow and
diversify, in its analysis of the financial risk profile, Fitch has
assumed the full and gradual drawdown of the RCF between 2020 and
2022. Assuming a disciplined and targeted approach to M&A, Fitch
expects this will lead to a balanced operating and financial
contribution from acquisitions to the company's credit profile,
supporting a 'B+' IDR with a Stable Outlook.

DERIVATION SUMMARY

Fitch rates Cheplapharm in the context of the Ratings Navigator for
Pharmaceutical Companies. The IDR of 'B+' reflects Cheplapharm's
defensive business profile with resilient and predictable earnings,
as well as high operating margins and strong cash flow conversion
due to the asset-light business model.

Fitch sees Chaplapharm's stronger credit profile than the
specialist pharmaceutical company IWH UK Finco Ltd (Theramex,
B/Stable) as warranting a one-notch difference. The rating
differential reflects the former's higher operating and cash flow
margins, in combination with a more conservative financial profile
with an FFO adjusted gross leverage of 5.0x against IWH's at 6x.
Fitch also regards Chaplapharm as being a stronger credit in
comparison with generics producer Nidda BondCo GmbH (Stada,
B/Stable), despite its much smaller scale and more concentrated
portfolio, which are, however, mitigated by wide geographic
diversification within each brand. On the contrary, Stada's rating
is burdened by an excessive leverage profile with an FFO adjusted
gross leverage of around 10x, before gradually declining to 8.0x in
the medium term as its FCF reaches mid-to-high-single digits.

KEY ASSUMPTIONS

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

  - Revenue growth in excess of 20% in 2019-2020, driven by prior
years' acquisitions, before decelerating to 10% from 2021 on slower
M&A. Revenue to remain impacted by transitional service
agreement-related sales;

  - EBITDA margin gradually declining to 49% by 2022 from 54% in
2019;

  - Residual capex of EUR4 million in 2019 in connection with HQ
extension, and EUR1 million a year for maintenance thereafter;

  - EUR250 million of IP rights purchased in 2019 followed by
EUR100 million a year during 2020-2022 funded by corresponding RCF
drawdowns;

  - Trade working capital outflows of between EUR30 million and
EUR45 million a year; and

  - No dividend payments.

RECOVERY RATING ESTIMATES

Above- average Recovery Prospects: In its distressed scenario,
Cheplapharm would likely be sold or restructured as a going concern
rather than liquidated given the asset-light business model. In
arriving at a post-restructuring EBITDA, Cheplapharm's pro-forma
EBITDA (adjusted for five recently closed acquisitions) of EUR215
million was discounted by 35%, a level at which the company would
exhibit an unsustainable capital structure, triggering some form of
debt restructuring. Fitch then applied a distressed enterprise
value (EV)/EBITDA multiple of 5.5x, reflecting the underlying value
of the company's portfolio of IP rights.

Its principal waterfall analysis generated a ranked recovery in the
'RR3' band for the first-lien senior secured facilities, comprising
the EUR980 million TLB and the EUR310 million RCF and ranking
equally among themselves. This indicates a 'BB-' instrument rating.
The waterfall analysis output percentage on current assumptions is
54%, unchanged relative to its prior expectations.

RATING SENSITIVITIES

An upgrade to 'BB' rating category is not envisaged in the medium
term until a more critical size with revenue in excess of EUR1
billion has been reached in combination with a conservative FFO
adjusted gross leverage at around 4.0x and FCF remaining strong.

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

  - Unsuccessful management of individual pharmaceutical IP rights
leading to material permanent loss of revenue and EBITDA margins
declining towards 40%;

  - Positive but continuously declining FCF; and

  - FFO adjusted gross leverage sustainably above 6.0x, signaling a
more aggressive financial policy.

LIQUIDITY AND DEBT STRUCTURE

Ample Liquidity for Acquisitions: Cheplapharm's strong internal FCF
generation, which Fitch estimates at EUR100 million in 2019, and
increasing to EUR150 million by 2022, will contribute towards
growing accumulated cash of EUR500 million by 2022. Liquidity is
comfortable given no meaningful debt repayments over the next fourr
years. The company also benefits from a sizeable committed RCF of
EUR310 million, which further enhances available liquidity
headroom. Fitch estimates most of the cash will be applied toward
acquisition of IP rights, as opposed to debt reduction.

In its assessment of freely available cash, Fitch deducts EUR10
million of minimum liquidity required for operations in 2018, EUR15
million in 2019-2020 and EUR20 million in 2021-2022, as the
business gains scale.



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HARLAND & WOLFF: No Guarantee Yard Will Secure Royal Navy Work
--------------------------------------------------------------
Sylvia Pfeifer at The Financial Times reports that Babcock
International has warned there is no guarantee that the two
struggling shipyards in Northern Ireland and Scotland that were
part of the winning team to build warships for the Royal Navy will
secure any work.

According to the FT, the warning by the defense contractor, named
preferred bidder for the GBP1.25 billion Type 31 frigate contract
on Sept. 12, will come as a blow to the 473 workers at Belfast's
Harland & Wolff and Scotland's Ferguson Marine Engineering on the
Clyde that both collapsed into administration in August.

Archie Bethel, chief executive of Babcock, which led the bid team,
told the FT both yards would "get a chance to bid" but the company
"would not risk the program", the FT relates.

"We never guaranteed they would get any work, they are not
expecting that," the FT quotes Mr. Bethel as saying.

According to the FT, both yards, Mr. Bethel added, would have to
"pass the same hurdles that any suppliers have to pass in terms of
financial security and security of supply.  Assuming that [any] new
owners can do that, they will be included in the process".

Workers at the two yards are hoping the contract will throw them a
lifeline, especially the 123 employed at H&W, which has no work,
the FT discloses.  Administrators to the yard remain in talks with
two potential buyers but declined to comment on Sept. 12, the FT
notes.

Denise Walker, senior organizer for the GMB, one of H&W's two
unions, said the contract to build five frigates offered the
prospect of new work for the yard but conceded its future remained
in doubt until a new owner was found, the FT relates.

H&W has not built a ship since 2003 but Ms. Walker insisted it had
the right skills to complete steel fabrication, adding that the
workforce was still employed and "good to go", the FT relays.

The 350 workers at Ferguson Marine, which was rescued by the
Scottish government last month are still completing a ferry
contract but were also expecting a boost from the award of the Type
31 build program, the FT discloses.

According to the FT, Derek Mackay, the Scottish government's
economy secretary, said Babcock had the "full support" of Holyrood,
and would be pushing for work for Ferguson Marine.

"Once the final details of the contract are announced, we look
forward to discussions on the role that Ferguson Marine could play
alongside other suppliers in Scotland," Mr. Mackay, as cited by the
FT, said.


LIMERICK FOOTBALL CLUB: High Court Confirms C. Noone as Examiner
----------------------------------------------------------------
The Journal.ie reports that the High Court has confirmed the
appointment of an examiner to League of Ireland side Limerick
Football Club.

According to The Journal.ie, Justice Tony O'Connor confirmed
insolvency practitioner Conor Noone -- conor.noone@bakertilly.ie --
of Baker Tilly chartered accountants as examiner to Munster
Football Club Limited, which trades as Limerick FC.

The company, represented by Gary McCarthy instructed by solicitor
Barry Lyons, had petitioned to the court to place the company in
examinership, on the grounds that if certain steps were taken it
could survive as a going concern, The Journal.ie relates.

The application was opposed by Revenue Commissioners, which is a
creditor of the company, The Journal.ie notes.

Represented by Arthur Cunningham Bl, Revenue had argued that the
application for examinership should be refused on grounds including
that the club is not commercially viable, The Journal.ie
discloses.

According to The Journal.ie, Revenue claimed that there were issues
about the club getting a license to play in the league of Ireland
and that it would not get a tax clearance certificate which it
requires to get a license.

Counsel also cited an ongoing investigation into alleged
match-fixing by gardai, the fall in ticket sales, that the club's
main sponsor had gone into liquidation, as other factors why the
club should not be allowed enter examinership, The Journal.ie
notes.

In his ruling, Justice O'Connor, as cited by The Journal.ie, said
he was satisfied that the legal criteria had been fulfilled that
would allow the court to confirm Mr. Noone as examiner to the
company.

The judge said that he was taking into consideration contents of
the Independent Experts report, which stated that while the company
was clearly insolvent, it had a reasonable prospect of survival in
the event of a successful examinership, The Journal.ie relays.

The judge also remitted the matter back to Limerick Circuit Court,
given the size of the company, The Journal.ie notes.

Mr. Noone, who was appointed examiner on an interim basis earlier,
has up to 100 days to put together a scheme of arrangement with the
League of Ireland First Division side's creditors which if approved
by the Courts would allow the company continue to trade, The
Journal.ie states.

Mr. Noone, represented by Ross Gorman Bl during the Sept. 13
hearing, will also continue to seek fresh investment in the club,
The Journal.ie discloses.

According to The Journal.ie, Judge Gorman said there have been
expressions of interest by potential investors in the club, which
has debts of approximately EUR490,000.


PURPLE FINANCE 2: Moody's Gives (P)B3 Rating to Class F Notes
--------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to the notes to be issued by Purple
Finance CLO 2 Designated Activity Company:

  EUR2,850,000 Class X Senior Secured Floating Rate Notes due
  2032, Assigned (P)Aaa (sf)

  EUR248,000,000 Class A Senior Secured Floating Rate Notes due
  2032, Assigned (P)Aaa (sf)

  EUR40,700,000 Class B Senior Secured Fixed Rate Notes due 2032,
  Assigned (P)Aa2 (sf)

  EUR8,900,000 Class C-1 Senior Secured Deferrable Floating Rate
  Notes due 2032, Assigned (P)A2 (sf)

  EUR15,000,000 Class C-2 Senior Secured Deferrable Fixed Rate
  Notes due 2032, Assigned (P)A2 (sf)

  EUR24,000,000 Class D Senior Secured Deferrable Floating Rate
  Notes due 2032, Assigned (P)Baa3 (sf)

  EUR23,800,000 Class E Senior Secured Deferrable Floating Rate
  Notes due 2032, Assigned (P)Ba3 (sf)

  EUR11,600,000 Class F Senior Secured Deferrable Floating Rate
  Notes due 2032, Assigned (P)B3 (sf)

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

RATINGS RATIONALE

Moody's provisional ratings of the rated notes reflect the risks
from defaults on the underlying portfolio of loans given the
characteristics and eligibility criteria of the constituent assets,
the relevant portfolio tests and covenants, as well as the
transaction's capital and legal structure. Furthermore, Moody's
considers that the collateral manager, Ostrum Asset Management has
sufficient experience and operational capacity and is capable of
managing this CLO.

The Issuer is a managed cash flow CLO. At least 95% of the
portfolio must consist of senior secured obligations and up to 5%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be at least 60% ramped as of the closing
date and to be comprised of predominantly 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.

Ostrum 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 4-year reinvestment period.
Thereafter, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk obligations and/or credit improved obligations, and are
subject to certain restrictions.

In addition to the 8 classes of Notes rated by Moody's, the Issuer
will issue EUR 34,450,000.00 of Subordinated Notes which are not
rated by Moody's.

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

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

Par Amount: EUR 400,000,000.00

Diversity Score: 44

Weighted Average Rating Factor (WARF): 2785

Weighted Average Spread (WAS): 3.70%

Weighted Average Coupon (WAC): 5.50%

Weighted Average Recovery Rate (WARR): 44.25%

Weighted Average Life (WAL): 8.5 years

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


PURPLE FINANCE 2: S&P Assigns Prelim. B- Rating on Cl. F Notes
--------------------------------------------------------------
S&P Global Ratings assigned preliminary credit ratings to the class
X to F notes from Purple Finance CLO 2 DAC. At closing, the issuer
will also issue unrated subordinated notes.

Purple Finance CLO 2 is a European cash flow CLO, securitizing a
portfolio of primarily senior secured euro-denominated leveraged
loans and bonds issued by European borrowers. Natixis Asset
Management is the collateral manager.

The preliminary ratings assigned to the notes reflect S&P's
assessment of:

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

-- The preliminary collateral portfolio's credit quality, which
has an S&P Global Ratings' weighted-average rating factor (SPWARF)
of 2,601.

-- 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.

Under the transaction documents, the rated notes will pay quarterly
interest unless there is a frequency switch event. Following such
an event, the notes will permanently switch to semiannual payment.
The portfolio's reinvestment period will end four years after
closing. The weighted-average life (WAL) test is 4.5 years after
the end of the reinvestment period.

Until the end of the reinvestment period, the collateral manager is
allowed to substitute assets in the portfolio for so long as S&P's
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.

S&P said, "We based our analysis on the prospective effective date
portfolio provided to us by the collateral manager. The portfolio
contains 40% of unidentified assets, for which we were provided
provisional characteristics. The collateral manager will use
commercially reasonable endeavors to ramp up the remaining 40% of
the portfolio before the effective date.

"We consider that the portfolio will be 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 CDOs. In our cash flow analysis, we used the
EUR400 million target par amount, the covenanted weighted-average
spread (3.70%), the covenanted weighted-average coupon (5.50%), and
the target minimum weighted-average recovery rates at each rating
level as indicated by the 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 preliminary rating levels."

Elavon Financial Services DAC is the bank account provider and
custodian. The documented downgrade remedies are in line with our
counterparty criteria.

S&P said, "At closing, we consider that the issuer will be
bankruptcy remote, in accordance with our legal criteria.

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

  Ratings List

  Purple Finance CLO 2 DAC

  Class         Preliminary rating   Preliminary amount
                                         (mil. EUR)
  X              AAA (sf)                    2.85
  A              AAA (sf)                  248.00
  B              AA (sf)                    40.70
  C-1            A (sf)                      8.90
  C-2            A (sf)                     15.00
  D              BBB (sf)                   24.00
  E              BB (sf)                    23.80
  F              B- (sf)                    11.60
  Subordinated
  notes          NR                         34.45

  NR--Not rated.




===========
L A T V I A
===========

AS PNB BANKA: Declared Insolvent by Latvian Court
-------------------------------------------------
Aaron Eglitis at Bloomberg News reports that a Latvian court
declared AS PNB Banka, the country's sixth-biggest lender,
insolvent, sealing the demise of the last bank to level accusations
in a high-level corruption scandal.

The decision, which Latvia's Financial and Capital Market
Commission said was taken on Sept. 12, comes almost a month after
AS PNB Banka became one of only a handful of lenders declared by
the European Central Bank to be "failing or likely to fail" because
of insufficient capital, Bloomberg relates.  It joins Banco Popular
Espanol SA, Banca Popolare di Vicenza SpA, Veneto Banca SpA and
ABLV Bank AS, Bloomberg notes.

PNB was one of three lenders to publicly accuse or submit evidence
against central bank Governor Ilmars Rimsevics in a bribery case,
Bloomberg states.

With former PNB owner Grigory Guselnikov also in a legal battle
with the government, Latvia handed direct regulation of the bank to
the ECB in April, Bloomberg recounts.

He announced the sale of a majority stake in June to a group of
investors, with the ECB soon calling on PNB to boost its capital,
Bloomberg relays.  In August, the ECB conducted an on-site
inspection and found elements "indicating that the assets of the
bank were less than its liabilities", Bloomberg discloses.

PNB had submitted evidence in a bid to show it was solvent, while
its shareholders said they were ready to inject EUR146 million
(US$160 million), Bloomberg relates.

The lender had assets of EUR550 million and about 100,000 clients
in Latvia, according to its website.




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

RGI HOLDINGS: S&P Assigns 'BB' Long-Term ICR, Outlook Stable
------------------------------------------------------------
S&P Global Ratings assigned its 'BB' long-term issuer credit rating
to NOHC RGI Holdings (Luxembourg) S.a.r.l. The outlook is stable.

S&P said, "The 'BB' rating on RGI Holdings (Luxembourg) is two
notches below our 'bbb-' assessment of Reso-Garantia's group credit
profile (GCP). This indicates our view of RGI Holdings (Luxembourg)
as a NOHC that leads to the structural subordination of its
obligations, compared with those of Reso-Garantia as an operating
entity. In our analysis, we do not deduct further notches to derive
the rating on RGI Holdings (Luxembourg), because it has no debt
issued--nor plans to--at the NOHC level.

"Our assessment of the group credit profile of the Reso-Garantia
group is based on our 'BBB-' rating on Reso-Garantia, the sole
operating subsidiary in the group. Reso-Garantia is the
fourth-largest property/casualty (P/C) insurer in Russia, with a
market share of 7.3% in 2018 by gross premiums written of about
Russian ruble (RUB) 114 billion (under International Financial
Reporting Standards)."

RGI Holdings (Luxembourg) is an intermediate NOHC, 100% owned by
the parent Stanpeak Ltd. (BB/Stable/--), also a NOHC. RGI Holdings
(Luxembourg) ultimately owns a 56.6% stake in RESO-GARANTIA; the
rest is held by the France-based global multiline insurer AXA Group
(36.7%) and minority shareholders (6.7%). Going forward, S&P
expects the current ownership structure will be streamlined, with
Stanpeak and AXA becoming direct shareholders of Reso-Garantia.

S&P said, "We base our assessment of RGI Holdings (Luxembourg)'s
liquidity on that of Reso-Garantia, which we consider sufficiently
meets its obligations.

"The stable outlook on RGI Holdings (Luxembourg) 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 RGI Holdings (Luxembourg) and that
on Reso-Garantia over the next two years."

Any positive rating action on RGI Holdings (Luxembourg) in the next
two years would depend on a similar rating action on Reso-Garantia,
which is unlikely at this stage.

S&P could lower the rating on RGI Holdings (Luxembourg) over the
next two years if it downgraded Reso-Garantia, or if RGI Holdings
(Luxembourg) attracted debt, contrary to its assumptions.




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

ARES EUROPEAN XII: Moody's Gives B3 Rating on EUR11MM Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Ares European CLO
XII B.V.:

  EUR1,700,000 Class X Senior Secured Floating Rate Notes due
  2032, Definitive Rating Assigned Aaa (sf)

  EUR279,000,000 Class A Senior Secured Floating Rate Notes due
  2032, Definitive Rating Assigned Aaa (sf)

  EUR29,250,000 Class B-1 Senior Secured Floating Rate Notes due
  2032, Definitive Rating Assigned Aa2 (sf)

  EUR11,250,000 Class B-2 Senior Secured Fixed Rate Notes due
  2032, Definitive Rating Assigned Aa2 (sf)

  EUR29,250,000 Class C Senior Secured Deferrable Floating Rate
  Notes due 2032, Definitive Rating Assigned A2 (sf)

  EUR29,250,000 Class D Senior Secured Deferrable Floating Rate
  Notes due 2032, Definitive Rating Assigned Baa3 (sf)

  EUR27,000,000 Class E Senior Secured Deferrable Floating Rate
  Notes due 2032, Definitive Rating Assigned Ba3 (sf)

  EUR11,250,000 Class F Senior Secured Deferrable Floating Rate
  Notes due 2032, Definitive Rating Assigned B3 (sf)

RATINGS RATIONALE

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

The Issuer is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be 80.4% ramped as of the closing date and
to comprise of predominantly corporate loans to obligors domiciled
in Western Europe. The remainder of the portfolio will be acquired
during the 6 month ramp-up period in compliance with the portfolio
guidelines.

Ares European Loan Management LLP will manage the CLO. It will
direct the selection, acquisition and disposition of collateral on
behalf of the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's 4.6 year
reinvestment period. Thereafter, subject to certain restrictions,
purchases are permitted using principal proceeds from unscheduled
principal payments and proceeds from sales of credit risk
obligations or credit improved obligations.

Interest and principal amortisation amounts due to the Class X
Notes are paid pro rata with payments to the Class A Notes. The
Class X Notes amortise by EUR 425,000 over four payment dates
starting on the second payment date.

In addition to the eight classes of notes rated by Moody's, the
Issuer will issue EUR 45.3 million of Subordinated Notes which will
not be rated.

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

Methodology underlying the rating action:

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

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

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

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

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

Par Amount: EUR 450,000,000

Diversity Score: 45

Weighted Average Rating Factor (WARF): 2900

Weighted Average Spread (WAS): 3.80%

Weighted Average Coupon (WAC): 4.75%

Weighted Average Recovery Rate (WARR): 43%

Weighted Average Life (WAL): 8.5 years

Moody's has addressed the potential exposure to obligors domiciled
in countries with local currency ceiling 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.

TIKEHAU CLO V: Moody's Assigns B3 Rating to EUR12.1MM Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Tikehau CLO V
B.V.:

EUR2,200,000 Class X Senior Secured Floating Rate Notes due 2032,
Definitive Rating Assigned Aaa (sf)

EUR272,800,000 Class A Senior Secured Floating Rate Notes due 2032,
Definitive Rating Assigned Aaa (sf)

EUR36,800,000 Class B-1 Senior Secured Floating Rate Notes due
2032, Definitive Rating Assigned Aa2 (sf)

EUR5,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2032,
Definitive Rating Assigned Aa2 (sf)

EUR19,300,000 Class C-1 Senior Secured Deferrable Floating Rate
Notes due 2032, Definitive Rating Assigned A2 (sf)

EUR7,100,000 Class C-2 Senior Secured Deferrable Floating Rate
Notes due 2032, Definitive Rating Assigned A2 (sf)

EUR24,800,000 Class D-1 Senior Secured Deferrable Floating Rate
Notes due 2032, Definitive Rating Assigned Baa3 (sf)

EUR6,000,000 Class D-2 Senior Secured Deferrable Floating Rate
Notes due 2032, Definitive Rating Assigned Baa3 (sf)

EUR25,300,000 Class E Senior Secured Deferrable Floating Rate Notes
due 2032, Definitive Rating Assigned Ba3 (sf)

EUR12,100,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2032, Definitive Rating Assigned B3 (sf)

RATINGS RATIONALE

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

Tikehau Capital Europe Limited 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 year and four
and a half month reinvestment period. Thereafter, subject to
certain restrictions, purchases are permitted using principal
proceeds from unscheduled principal payments and proceeds from
sales of credit risk obligations or credit improved obligations.

Interest and principal amortisation amounts due to the Class X
Notes are paid pro rata with payments to the Class A Notes. The
Class X Notes amortise by 16.6% or EUR 366,666 over the first 6
payment dates starting on the second payment date.

In addition to the 10 classes of notes rated by Moody's, the Issuer
has issued EUR 39.8 million 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 CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in Section
2.3 of the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in March 2019.

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

Par Amount: EUR 440,000,000

Diversity Score: 49

Weighted Average Rating Factor (WARF): 2850

Weighted Average Spread (WAS): 3.70%

Weighted Average Coupon (WAC): 4.25%

Weighted Average Recovery Rate (WARR): 43%

Weighted Average Life (WAL): 8.5 years

Moody's has addressed the potential exposure to obligors domiciled
in countries with local currency ceiling (LCC) of A1 or below. As
per the portfolio constraints, exposures to countries with LCC of
A1 or below cannot exceed 10%, with exposures to LCC of Baa1 to
Baa3 further limited to 2.5% and with exposures of LCC below Baa3
not greater than 0%.



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

LUSITANO MORTGAGES 5: Moody's Upgrades EUR22.4MM Cl. C Notes to B3
------------------------------------------------------------------
Moody's Investors Service upgraded ratings of Classes B and C Notes
in Lusitano Mortgages No. 5 plc. The rating actions reflect the
increase in credit enhancement for the affected Notes.

Lusitano Mortgages No. 5 plc

EUR1,323,000,000 Class A Mortgage Backed Floating Rate Notes due
2059, Affirmed A1 (sf); previously on Oct 18, 2018 Upgraded to A1
(sf)

EUR26,600,000 Class B Mortgage Backed Floating Rate Notes due 2059,
Upgraded to Baa3 (sf); previously on Oct 18, 2018 Upgraded to B1
(sf)

EUR22,400,000 Class C Mortgage Backed Floating Rate Notes due 2059,
Upgraded to B3 (sf); previously on Oct 18, 2018 Upgraded to Caa2
(sf)

RATINGS RATIONALE

The rating actions were prompted by deal deleveraging resulting in
an increase in credit enhancement for the Classes of Notes. The
collateral is generating sufficient spread which has cured the
principal deficiency in the transaction.

Moody's affirmed the ratings of the Notes that had sufficient
credit enhancement to maintain the current rating on the affected
Notes. The rating of the Class A Notes is constrained by
operational risk.

Increase in Available Credit Enhancement

Sequential amortization led to the increase in the credit
enhancement available for Classes A, B, C and D Notes to 17.3%,
11.5%, 6.7% and 0.6%, respectively, as of July 2019, from 14.7%,
9.5%, 5.2%, and -0.23% since the last rating action in October
2018. The unpaid PDL has been cured.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
July 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 to an upgrade or downgrade of the ratings:

Factors or circumstances that could lead to an upgrade of the
ratings include: (1) a decrease in sovereign risk; (2) performance
of the underlying collateral that is better than Moody's expected;
(3) an increase in available credit enhancement; and (4)
improvements in the credit quality of the transaction
counterparties.

Factors or circumstances that could lead to a downgrade of the
ratings include: (1) an increase in sovereign risk; (2) performance
of the underlying collateral that is worse than Moody's expected;
(3) deterioration in the Notes' available credit enhancement; and
(4) deterioration in the credit quality of the transaction
counterparties.



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

LEXGARANT INSURANCE: S&P Alters Outlook to Pos. & Affirms 'B+' ICR
------------------------------------------------------------------
S&P Global Ratings revised to positive from stable the outlook on
Lexgarant Insurance Co. Ltd. At the same time, S&P affirmed its
'B+' long-term insurer financial strength and issuer credit ratings
on the Russian insurer.

S&P said, "We project that Lexgarant will benefit from a hardening
cycle in the aviation segment and will grow its premium base over
2019-2021. We believe that Lexgarant will likely improve its
combined ratio this year--while keeping it above 100%--on the back
of economies of scale and a stable net loss ratio.

"In our view, Lexgarant continues to enjoy an extremely strong
risk-adjusted capital adequacy, according to our model, sustained
by prudent underwriting and low net risk retention, and a liquid
investment portfolio." However, we note that the company's capital
is small, at about $15 million, as is its insurance portfolio, and
fixed costs are relatively high. Furthermore, Lexgarant's core
business, aviation insurance, is characterized by low-frequency but
high-severity claims.

Lexgarant's overall business profile benefits from its geographic
diversification in Europe, Middle East, and Latin America, leading
S&P to take a more positive view of its exposure to insurance
industry and country risks versus Russian peers. Lexgarant's
exposure to Russian aviation risks is voluntarily kept low, due to
the company's view on the unfavorable pricing environment and high
risks, notably due to the potentially unpredictable judicial
framework.

The company's competitive position is constrained by its small
size. Its GPW totaled slightly over $5 million in 2018. Also, low
GPW and high administrative expenses have resulted in combined
ratios averaging more than 150% for the past five years, compared
with the 100% that signals break-even underwriting performance.
This offsets the company's very good net loss ratios, averaging
below 30% for the same period.

In S&P's view, Lexgarant's small capitalization and focus on
aviation business exposes it to large claims in gross terms. Net
risk retention is conservative, however, because Lexgarant cedes
more than 50% of its total premiums to a high-quality reinsurance
panel, which provides substantial capacity. This allows the company
to compete on the aviation insurance market with significantly
larger and stronger players, but makes it dependent on the
availability of reinsurance protection.

Lexgarant benefits from having a liquid investment portfolio
comprising mostly cash and cash equivalents in current accounts
with Russian subsidiaries of foreign banks and largely placed in
foreign currency. This open currency position exposes Lexgarant to
volatility of foreign exchange rates. Property, Lexgarant's second
largest investment holding, has generated healthy rent yields over
the past five years, covering roughly 50% of all administrative
expenses and resulting in overall positive bottom-line results.

S&P said, "The positive outlook captures our view that Lexgarant
will increase its current level of premiums from aviation and other
insurance segments in the next 12-18 months, leveraging its
established specialized competitive position as well as superior
reinsurance protection. We would expect Lexgarant to improve its
expense ratio, thanks to economies of scale, although the combined
ratio will likely remain above 100%. In the next 12-18 months we
would expect more stable performance with less volatility in the
bottom-line results.

"We see a positive rating action possible in the next 12-18 month
if the company continues profitable premium growth while retaining
its sound capital and liquidity levels, while achieving
improvements in its expense and combined ratios.

"We would consider revising the outlook to stable in the next 12-18
months if Lexgarant's fails to expand in size and is not able to
improve its operational performance. We could consider a negative
rating action if Lexgarant's financial risk position worsened
materially, for example, due to unexpected substantial losses or
weakening liquidity."




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

BOLUDA TOWAGE: Moody's Assigns B1 CFR, Outlook Stable
-----------------------------------------------------
Moody's Investors Service assigned a first-time B1 corporate family
rating and a probability of default rating of B1-PD to Boluda
Towage S.L., a Spain-based provider of maritime towage and related
services. Concurrently, Moody's has assigned B1 ratings to the
proposed EUR890 million Senior secured Term Loan B (1 and 2) and
Senior secured EUR90 million revolving credit facility. The outlook
is stable.

Proceeds from the loan have been used for refinancing existing debt
as well as the acquisition of Kotug Smit Partnership B.V, a Dutch
provider of maritime towage and related services.

"The assigned B1 CFR and stable outlook balances the high initial
Moody's-adjusted debt/EBITDA of 6.1x (pro forma for 2018) with the
company's track record of very stable revenues through the cycle
and high profitability", says Daniel Harlid, Moody's lead analyst
for Boluda.

RATINGS RATIONALE

The B1 corporate family rating (CFR) of Boluda Towage S.L. (Boluda)
reflects as positive its (1) market leading position as Europe's
largest provider of towage services and a strong track record, with
long dated relationships in some of Europe's largest cargo ports;
(2) critical nature of services provided to its customers and the
ports; (3) the absence of competition in a large share of ports
operating in; (4) history of relatively low sensitivity to economic
cycles reflected in strong profitability levels with a high level
of stability which is expected to be sustained and (5) the
expectation of positive free cash flow generation going forward
supported by a conservative financial policy focused on
deleveraging.

However, the rating is constrained by the company's (1) elevated
leverage, with a pro forma Moody's-adjusted debt/EBTIDA of 6.1x as
of 2018; (2) small size, with pro forma revenues of EUR489 million
as of 2018; (3) meaningful revenue exposure to ports in Belgium and
the Netherlands, two competitive markets; (4) moderate revenue
concentration to the container shipping industry, partly mitigated
by a diversified port exposure and large client base (5) execution
risks linked to the recent acquisition and integration of KST.

LIQUIDITY

Boluda's liquidity is good, supported by a cash balance of around
EUR25 million post-closing of the transaction and a revolving
credit facility (RCF) of EUR90 million with a tenor of 6.5 years,
expected to be undrawn. Working capital swings are virtually
nonexistent, Moody's instead expects a continuous build up as the
company grows. The largest use of the EUR100 million funds from
operations annually (projected by Moody's) will go towards capital
expenditure for dry docking and new vessels, amounting to EUR70
million in 2019 and EUR60 million in 2020. The terms of the RCF
require compliance with one springing covenant, which needs to be
tested when the facility is drawn by more than 40% and which,
Moody's understands, is set with ample headroom.

STRUCTURAL CONSIDERATIONS

In Moody's Loss Given Default analysis, the EUR890 million Term
Loan B (1 and 2) and the EUR90 million RCF both rank pari passu
with each other. All instruments are guaranteed by companies within
the restricted group, 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 stable outlook is anchored in its expectations of continued
revenue growth of 1%-2% supporting a Moody's-adjusted EBITA margin
of 16%-17% over the next 12-18 months. Although not in its base
case, Moody's understands management will prioritize bringing down
leverage materially over the next three years, using free cash
flows to pay down debt. This would bring down Moody's-adjusted
debt/EBITDA from 6.1x in 2018 towards 5.5x in 2020. This, however,
leaves no room for shareholder distributions above the projected
annual dividend of EUR5 million. In addition, there is no headroom
for additional debt-funded acquisitions while leverage is
elevated.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Positive ratings pressure would build if, after showing a track
record operating as a standalone company, Boluda would be able to
decrease Moody's-adjusted debt/EBITDA below 4.5x and at the same
time generate high single digit free cash flow to debt, both on a
sustained basis.

Downward pressure on the ratings would result from a failure to
reduce Moody's-adjusted debt/EBITDA towards 5.5x by the end of
2020, a deterioration in profitability towards low double digit
EBITA margin and/or free cash flow moving towards zero with a
weakening liquidity profile. Negative pressure could also result
from a failure to integrate KST successfully.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Headquartered in Madrid, Spain, Boluda is one of the world's
largest providers of maritime towage and related services. Its
origins date back to the early 19th century and the company has
since the start been owned by the same family, Boluda Fos. Pro
forma for the separation of the towage business into a new company,
Boluda Towage S.L. and the acquisition of Kotug Smit Partnership
B.V. (KST), the company will have operations in Europe's largest
cargo ports as well as Africa and Latin America. Pro forma for
2018, the group generated revenue of EUR489 million with a reported
EBITDA of EUR148 million (excluding income from joint ventures).
Spain will be the group's largest country, generating around 29% of
revenue and 37% of EBITDA. Boluda and KST will together run a fleet
of 288 tug vessels in 63 ports.

BOLUDA TOWAGE: S&P Assigns Preliminary 'BB-' ICR, Outlook Stable
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary 'BB-' long-term issuer
credit rating to Spanish tugboat operator Boluda Towage S.L. and
its preliminary 'BB-' issue rating to the group's EUR890 million
senior secured term loan facilities.

The 'BB-' preliminary issuer credit rating on Boluda reflects the
group's relatively small scale and scope of operations compared
with large global transportation services providers. S&P also takes
into account its high debt post-transaction. This is partly offset
by Boluda's competitive position as the world's largest independent
operator of tugboats and its well-established and resilient
business model.

Boluda has launched EUR890 million of senior secured term loan
facilities, and is in the process of syndication. The proceeds have
been used to refinance its existing debt and fund the acquisition
of towage operator KST and Boluda's operations in Mexico and Latin
America. After the transaction, S&P forecasts Boluda's S&P Global
Ratings-adjusted debt to EBITDA will be 5.9x and FFO to debt
12%-13% in 2019. Boluda's capacity and willingness to reduce debt
will see its credit ratios strengthen gradually such that adjusted
FFO to debt reaches 13%-14% and adjusted debt to EBITDA is less
than 5.0x by 2021.

Boluda functions as a sole operator in many marine ports under
either long-term concession or licensed agreements, which combined
account for about 80% of its reported EBITDA. Concessions grant
Boluda the right to exclusive operations in ports for 10-30 years,
while licenses entitle Boluda to operate but do not guarantee
exclusivity and are subject to automatic renewal upon compliance
with license requirements. That said, Boluda has not lost a public
license in its 100 years of operations, while successfully fending
off competition. Boluda has licenses that expire between 2019-2025
in Spain and France, but S&P considers the risk of these not being
extended as limited given its strong track record of license
renewals and long-dated effective operations in these ports.

Boluda has a narrow business scope providing predominantly towage
services, with ship operators being the ultimate customers. This is
partly offset by the well-diversified customer base--the top three
counterparties make up close to 15% of the company's EBITDA--and
longstanding relationships of more than 10 years across a large
industrial customer base. The customers operate in various shipping
segments, including containers, dry-bulk, liquid-bulk, and
vehicles. This adds stability to Boluda's earnings through the
typically different-stage cyclicality of these segments.

Boluda's established network of strategically located port
terminals across Europe (Rotterdam, Antwerp, Hamburg, Marseille,
Valencia, Le Havre, Bremerhaven, and Algeciras), Latin America, and
Africa further underpins its competitive position. S&P believes
that Boluda has scope to enhance its geographic footprint in Europe
and, potentially, Australia, while expansion into markets such as
China and the U.S. is constrained by strict local regulations on
foreign operators. Importantly, Boluda is insulated from the
erratic shipping freight rates and swings in cargo volumes because
its revenues are primarily based on ship movements and size of the
vessel (excluding cargo). Boluda is not immune however to a
prolonged economic downturn or major changes in trading patterns
and the resulting decrease in port activity.

The necessity of ship operators to use towing services while in
port ensures recurring revenue streams. This materializes in
Boluda's solid track record of firm EBITDA generation and average
EBITDA margins of 34% over the past 10 years despite the financial
crisis in 2008 and the European debt crisis in 2012. S&P forecasts
Boluda will maintain strong EBITDA margins of above 30%. This is
thanks to its good grip on cost control; efficient use of tugboats;
and cost inflation pass-through mechanisms embedded in some
commercial agreements and in the periodic review of the official
tariffs by the port authorities.

S&P said, "We expect Boluda to continue expanding earnings and
generate free operating cash flow (FOCF). According to our base
case, Boluda's adjusted EBITDA will near EUR160 million
(translating to an underlying EBITDA margin of 32%-33%) in 2019 and
improve further to about EUR170 million (33%-34% margin) in 2020.
Most importantly, we forecast positive FOCF of EUR50 million-EUR60
million per year in 2020 and 2021, underpinned by improving EBITDA
and diminishing capital expenditure (capex) needs. FOCF generation
is an essential and stabilizing rating factor, in our view, further
supporting Boluda's debt reduction, credit measures, and liquidity,
while providing a financial cushion for potential bolt-on
acquisitions in the medium term."

The final rating will depend on the successful syndication of
senior secured term loan facilities and our receipt and
satisfactory review of all final transaction documentation. S&P
said, "Accordingly, the preliminary rating should not be construed
as evidence of the final rating. If the transaction does not
complete and S&P Global Ratings does not receive final
documentation within a reasonable time frame, or if final
documentation departs from our expectations, we reserve the right
to withdraw or revise our ratings. Potential changes include, but
are not limited to, use of loan proceeds, maturity, size and
conditions of the credit facilities, financial and other covenants,
security, and ranking."

S&P said, "The stable outlook reflects our expectation that Boluda
will maintain steady low-single-digit revenue growth, successfully
integrate KST, and sustain stable EBITDA margins, while generating
positive FOCF and reducing debt. This should allow it to gradually
strengthen its credit measures, such that adjusted FFO to debt
remains above 12% and adjusted debt to EBITDA falls below 5x.

"We could raise our rating if Boluda's earnings and cash flow
improved materially and outperformed our base case such that
adjusted FFO to debt strengthened sustainably to at least 18%. This
could occur if the group generates stronger-than-expected FOCF and
uses it for debt repayment.

"We could lower the rating if Boluda's EBITDA deteriorated through,
for example, unexpectedly increased competition from new entrants
in major ports, failure to extend licenses in multiple ports, or if
the integration of KST resulted in operating costs getting out of
control without signs of a swift recovery. This would impede
Boluda's FOCF generation and debt reduction resulting in adjusted
FFO to debt falling below 12% and adjusted debt to EBITDA failing
to improve to less than 5x. A major debt-funded acquisition could
also put pressure on the rating."


CODERE FINANCE 2: Moody's Downgrades CFR to B3, Outlook Stable
--------------------------------------------------------------
Moody's Investors Service downgraded the Corporate Family Rating of
Codere S.A. to B3 from B2 and the probability of default rating to
B3-PD from B2-PD. Concurrently, Moody's has also downgraded the
ratings of Codere Finance 2 S.A.'s USD300 million senior notes and
the EUR500 million senior notes both due in November 2021 to B3
from B2. The ratings outlook is stable.

"Today's rating action reflects Codere's lack of top line revenue
growth, lower operating performance than previously forecast by
Moody's and sustained negative free cash flow, which Moody's
projects will remain negative for at least the next 12 months and
could pressure future liquidity. Codere is also materially exposed
to the unstable macroeconomic and political environment in
Argentina, as reflected by Moody's recent downgrade of the
sovereign rating and the country ceiling" says Laura Kaliszewski,
Moody's lead analyst for Codere.

"Furthermore, there are a number of licenses, which are up for
renewal in Argentina in the next couple of years and increased
uncertainty pertaining to the presidential elections in October.
Moody's considers that a newly elected government could enforce
materially adverse regulations and taxation changes, which could
further weigh on Codere's profitability and liquidity", adds Ms.
Kaliszewski.

RATINGS RATIONALE

Codere's operating performance and cash flow generation were below
Moody's expectations for 2018 and Moody's expects these will remain
under pressure over the next 12-18 months. Codere's revenues and
adjusted EBITDA (as calculated by Moody's) both declined around 10%
compared with 2017, contrary to Moody's expectations of stable
revenues and earnings. Revenues primarily fell due to the company's
Argentinian business on account of unfavorable foreign exchange
movements, while Codere's Moody's adjusted EBITDA was negatively
affected by the application of hyperinflationary accounting (IAS
29) in Argentina as well as significant charges incurred, relating
to operational efficiencies and personnel restructuring. These
significant charges, which Codere reports as non-recurring items
(excluding acquisition costs) increased to EUR42.7 million in 2018
from EUR26.8 million in 2017 and represents one of the key
differences between adjusted EBITDA as calculated by Moody's, and
EBITDA as calculated by the company.

Weaker profitability and still high capex also meant that free cash
flow (FCF) as calculated by Moody's remained negative in 2018. This
negative FCF contributed to a decrease in overall liquidity to
around EUR82 million in 2018 from EUR104 million in 2017. Codere's
Moody's gross adjusted debt/EBITDA also deteriorated to 3.8x as of
the end of 2018 from 3.5x in 2017.

Moody's had expected FCF to turn positive in 2019 and for liquidity
to strengthen. However, Moody's forecasts that Codere's operating
performance and cash flow will continue to face pressure over the
next 12-18 months, including still material charges related to
litigations and online marketing expenses. As a result, Moody's
expected negative FCF could further weaken liquidity.

In addition, Moody's expects the unstable macroeconomic and
political environment in Argentina (Government of Argentina, Caa2
Rating Under Review for downgrade) will cause further volatility in
Codere's operating performance and FCF generation. As Argentina
wades through its prolonged currency crisis, Moody's expects high
and volatile inflation as well as high interest rates to act as a
drag on domestic demand for the rest of 2019. Furthermore, as a
presidential election looms, Moody's expects there could be
increased financial and exchange rate volatility. In 2018 the
Argentine peso devalued 75.2% against the Euro, leading to a 30%
decline in Codere's revenue in Argentina vs. 2017 on a current
foreign exchange basis. This was despite an 18% increase on a
constant currency basis.

Codere remains exposed to ongoing regulatory and taxation headwinds
inherent to the gaming industry. Moody's considers there to be
heightened uncertainty around fiscal and regulatory reforms in
Argentina as a new government in the country, and the Buenos Aires
province, could implement adverse policies and regulations
impacting the gaming sector.

The Argentinian government's announcement on September 1, 2019 that
it had introduced capital control measures also raises uncertainty
around cash repatriation for Codere, though the precise
implications of the government's pronouncements are unclear.

Beyond the next 12-18 months there are six licenses out of 13
licenses up for renewal in Argentina in 2021 and 2022. Moody's
expects the successful renewal of these six licenses will likely
require additional investment. Moody's understands these licenses
represent approximately 10% of the company's EBITDA, which was
EUR283 million in the last twelve months ended March 2019.

Nevertheless, in spite of downward pressures, Codere's rating
remains supported by the company's position as one of the leading
gaming operators in Spain and Latin America, with a degree of
diversification in terms of gaming assets and geographies. Codere
has demonstrated ability to mitigate currency and regulatory risks
through cost efficiencies, targeted growth and maintaining the
majority of its cash balances in USD and Euros. Moody's expects
that Codere's gross adjusted leverage will increase to 4.0x at
December 2019 versus 3.8x in December 2018 driven by weaker
expected Moody's adjusted EBITDA in 2019 versus 2018 but that gross
leverage levels will stay below 4.5x over the next 12- 18 months.

Codere's rating takes into consideration the company's corporate
governance. Following the company's restructuring in 2016, the
company underwent a major senior management change in 2018. The
Codere President and Chief Executive Officer (CEO) and Co-Founder
Jose Antonio Martinez Sampedro was replaced with Norman Sorensen as
Non-Executive President and with Vicente di Loreto as Chief
Executive Officer, who served in the past as Codere CEO for
Argentina and as Chief Operating Officer (COO) for Latin America.
This change of corporate structure has created an ongoing
governance dispute between Codere's largest shareholders (including
investment funds Silverpoint Capital and M&G, among others) and the
company's founding Martinez Sampedro family, which still owns 18%
of the company.

Social considerations are also taken into consideration in Codere's
rating. Argentina and Italy have recently tightened gambling
regulation mainly due to the increasing social awareness on problem
gambling activities. Moody's expects that this trend, as well as
potentially increasing taxation, will continue to be issues for
this sector more generally.

LIQUIDITY PROFILE

Moody's considers Codere's liquidity is adequate. It is underpinned
by: (1) EUR76 million of cash on balance sheet at the end of March
2019; (2) EUR77.8 million availability under the EUR95 million
super senior revolving credit facility (RCF) as of March 2019; and
(3) no significant debt maturities before November 2021. While
Moody's believes that the refinancing risk is not elevated at this
stage, continued negative FCF generation could make it more
challenging to refinance the notes and could further constrain
liquidity in the next 12 to 18 months.

STRUCTURAL CONSIDERATIONS

The B3 rating of the senior secured notes due 2021 is aligned with
the CFR, reflecting Moody's assumption of a 50% family recovery
rate, as is customary for capital structures with both bond and
bank debt. The notes are secured by share pledges and benefit from
upstream guarantees. The capital structure also includes a EUR95
million super senior RCF (unrated), which shares the same security
and guarantees with the notes but ranks ahead of the notes upon
enforcement.

RATING OUTLOOK

The stable outlook on Codere's ratings reflects Moody's expectation
that the current macro-political environment in Argentina will
constrain profitability, but that liquidity should remain
sufficient to cover the company's operational and capex needs. The
stable outlook also incorporates its expectation that FCF should
become positive over time.

WHAT COULD CHANGE THE RATING UP/DOWN

Positive pressure is not expected at this stage but could develop
over time if Codere's operating performance enables the company to
improve its Moody's gross adjusted debt/EBITDA to below 3.5x on a
sustainable basis and if Codere generates positive FCF on a
sustained basis, which will strengthen liquidity.

Conversely, downward rating pressure could occur if Codere's
Moody's gross adjusted debt/EBITDA sustainably increases towards
4.5x, as a result of a deterioration in operating performance or a
change in financial policy. The ratings could also come under
pressure if Codere's liquidity no longer adequately supports the
company's operations or debt servicing.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Headquartered in Madrid (Spain) and listed on the Madrid Stock
Exchange, Codere is a multinational gaming operator that manages
gaming machines, gaming machine halls, bingo halls, casinos, sports
betting locations and horse racing tracks in Latin America, Italy
and Spain. As of March 2019, Codere managed over 56,000 slot
machines, 29,000 bingo seats and 8,400 sports betting terminals in
Latin America, Spain and Italy across various gaming venues,
including 148 gaming halls, 1,157 arcades, 9,898 bars, 478 sports
betting shops and 4 horse racetracks. For the last twelve months
(LTM) ending March 31 2019, Codere generated operating revenue of
EUR1.4 billion and EBITDA of EUR283 million (as reported by the
company).

PYMES SANTANDER 13: Moody's Affirms Class C Notes Rating at Caa3
-----------------------------------------------------------------
Moody's Investors Service upgraded the ratings of 3 Notes and
affirmed the ratings of 3 Notes in FONDO DE TITULIZACION PYMES
SANTANDER 13 and FONDO DE TITULIZACION PYMES SANTANDER 14. The
rating action reflects the increased levels of credit enhancement
for the affected Notes. Moody's also affirmed the ratings of the
Notes that had sufficient credit enhancement to maintain current
ratings on the affected Notes.

Issuer: FONDO DE TITULIZACION PYMES SANTANDER 13

EUR2254.5M Class A Notes, Affirmed Aa1 (sf); previously on Nov 23,
2018 Upgraded to Aa1 (sf)

EUR445.5M Class B Notes, Upgraded to Ba3 (sf); previously on Nov
23, 2018 Upgraded to B1 (sf)

EUR135.0M Class C Notes, Affirmed Caa3 (sf); previously on Nov 23,
2018 Affirmed Caa3 (sf)

Issuer: FONDO DE TITULIZACION PYMES SANTANDER 14

EUR1941.5M Serie A Notes, Upgraded to Aa1 (sf); previously on Nov
27, 2018 Definitive Rating Assigned A2 (sf)

EUR258.5M Serie B Notes, Upgraded to Ba3 (sf); previously on Nov
27, 2018 Definitive Rating Assigned B1 (sf)

EUR110.0M Serie C Notes, Affirmed Caa3 (sf); previously on Nov 27,
2018 Definitive Rating Assigned Caa3 (sf)

Pymes Santander 13 and Pymes Santander 14 are cash securitisation
of standard loans and credit lines granted by Banco Santander S.A.
(Spain) ("Santander", LT Deposit Rating: A2 Not on Watch / ST
Deposit Rating: P-1 Not on Watch) to small and medium-sized
enterprises ("SMEs") and self-employed individuals located in
Spain.

RATINGS RATIONALE

The rating action is prompted by deal deleveraging resulting in an
increase in credit enhancement for the affected tranches.

In the case of Pymes Santander 13, Class A credit enhancement level
has increased to 52.6% from 31% observed at last rating action in
November 2018, a 67% increase in relative terms since the closing
date of the transaction in January 2018. Class B credit enhancement
has increased to 11.5% from 7.2% in the same period.

In the case of Pymes Santander 14, Class A credit enhancement level
has increased to 28.5% from 16.8% observed at last rating action in
November 2018, a 70% increase in relative terms since the closing
date of the transaction in January 2018. Class B credit enhancement
has increased to 8.5% from 5% in the same period.

Revision of Key Collateral Assumptions

As part of the rating action, Moody's reassessed its default
probability and recovery rate assumptions for the portfolio
reflecting the collateral performance to date.

The performance of Pymes Santander 13 has continued to be stable
over the last 10 months. Total delinquencies have risen in the past
year, with 90 days plus arrears currently standing at 1.3% of
current pool balance. Cumulative defaults currently stand at 0.4%
of original pool balance, up from 0.01% a year earlier. Regarding
Pymes Santander 14, 90 days plus currently stand at 0.65% while
cumulative defaults are at 0%.

For Pymes Santander 13, the current default probability is 11% of
the current portfolio balance and the assumption for the fixed
recovery rate is 37.5%. Moody's has decreased the CoV to 46.7% from
57.5%, which, combined with the revised key collateral assumptions,
corresponds to a portfolio credit enhancement of 24%.

For Pymes Santander 14, the current default probability is 7.5% of
the current portfolio balance and the assumption for the fixed
recovery rate is 31%. Moody's has decreased the CoV to 56.7% from
59.4%, which, combined with the revised key collateral assumptions,
corresponds to a portfolio credit enhancement of 23%.

Moody's increased the default probability assumption to 11% from
8.8% in Pymes Santander 13 and from to 7.5% from 6.15% in Pymes
Santander 14. The increased default probability assumptions reflect
the updated portfolio breakdown including the current industry
concentration among other credit risk factors.

Counterparty Exposure

The rating actions took into consideration the Notes' exposure to
relevant counterparties, such as servicer, or account banks.

Moody's also assessed the default probability of the account bank
providers by referencing the bank's deposit rating.

None of the ratings of the outstanding Classes of Pymes Santander
13 or Pymes Santander 14 are constrained by operational risk.
Moody's considers that the current back-up servicer and cash
management arrangements as well as the liquidity available are
sufficient to support payments in the event of servicer
disruption.

There is no swap exposure in Pymes Santander 13 and Pymes Santander
14.

Principal Methodology:

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

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

Factors or circumstances that could lead to an upgrade of the
ratings include: (1) performance of the underlying collateral that
is better than Moody's expected; (2) deleveraging of the capital
structure; (3) improvements in the credit quality of the
transaction counterparties; and (4) a decrease in sovereign risk.

Factors or circumstances that could lead to a downgrade of the
ratings include: (1) an increase in sovereign risk; (2) performance
of the underlying collateral that is worse than Moody's expected;
(3) deterioration in the Notes' available credit enhancement; and
(4) deterioration in the credit quality of the transaction
counterparties.



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

A&B PAWNBROKERS: Stores Cease Trading Due to Significant Losses
---------------------------------------------------------------
Kevin Peachey at BBC News reports that customers of a High Street
pawnbroker are being left in the dark after branches were closed
and calls unanswered.

A&B Pawnbrokers (Albemarle & Bond) and Herbert Brown stores have
closed their doors, while its website says "this store" has ceased
trading, BBC relates.

Owner Speedloan Finance told the BBC all its 116 stores had been
closed because of "significant losses".

The firm, as cited by BBC, said it was "exploring options available
to it".

It said these included finding a buyer for some or all of the
stores, BBC notes.

"Speedloan is due to enter into a period of consultation with
employees concerning its proposal and has in the meantime offered
its employees voluntary redundancy," BBC quotes Speedloan as
saying.

A&B Pawnbrokers' latest set of accounts show that it lost GBP3.3
million last year -- as against GBP1.6 million the year before, BBC
discloses.


AI MISTRAL: S&P Lowers ICR to 'B-' on Weak 2019 Performance
-----------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on AI Mistral
Holdco to 'B-' from 'B'. S&P also lowered the issue rating on the
first-lien debt facilities to 'B-' from 'B' and on the second-lien
facility to 'CCC' from 'CCC+'. The recovery ratings remain
unchanged at '3' and '6' respectively.

S&P said, "The downgrade reflects our revised base case following
V.Group's weaker than expected 2018 results and weak operating
performance in the first two quarters of 2019. According to our
revised base case, V.Group's adjusted leverage will further
increase to above 9.5x (from 8.5x in 2018) and its FFO cash
interest coverage ratio to drop to about 1.3x (from about 1.7x in
2018), falling short of our guidelines for the previous 'B'
rating.

"We expect a lower adjusted EBITDA in 2019 of about $75 million
(compared to about $85 million achieved in 2018) mainly as
V.Group's organic growth in fleet under management remains
uncertain (we expect fleet under technical management [FTM] to be
lower at year-end 2019 than at year-end 2018) and the company will
incur some cash transformational investment costs for the year. We
also forecast largely stable reported debt (of about $715 million)
and slightly higher cash interest expenses (of about $50 million
compared to about $44 million for 2018) as the company has drawn
under its revolving credit facility and acquisition facility in
2019. This is likely to result in overall weaker credit metrics.

"On the positive side, the low capital intensity of V.Group's
business model and its focus on working capital control will help
the company to generate positive free operating cash flow (FOCF) in
2019, which we view as stabilizing the 'B-' rating. We forecast
however that FOCF in 2019 will unlikely come close to the $18
million level V Group reported in 2018."

V.Group's FTM--its main earnings driver--has been on a declining
trend over the past 18 months, with the number of vessels under
management decreasing by about 9% since the end of 2017. This is
the main factor that is likely to constrain significant top-line
growth and keep profitability subdued over the next couple of
quarters (compared to 2018). The drop in FTM was caused by a number
of factors including natural customer attrition, slowing delivery
of new vessels, intensified demolition of older tonnage, and the
scrapping of some of the vessels in the market ahead of the
International Maritime Organization's new low sulfur regulation
coming into force in January 2020. It also reflects some loss of
customers to V.Group's competitors.

The company is putting a lot of efforts currently into restoring
its organic growth of the number of vessels under management and
has implemented a number of initiatives while accentuating customer
focus and customer relationships, which is crucial to retain and
win business, including organizational and top management changes
(such as appointment of new CEO and CFO in March 2019) to improve
customer relationships. V.Group has recently won 93 vessels in its
Crew Management segment (which is however generally a lower margin
business than FTM) which it will onboard from the third quarter
2019. Additionally, some efficiency improvement measures are being
implemented to strengthen the bidding process, align procurement
and control working capital developments.

V.Group has a leading market position, strong strategic
relationships with recruitment sources, and generally good
reputation in the niche sector of integrated marine services. S&P
said, "This combined with the focus on organic growth should help
restore recovery in FTM which will lead to profitability
improvement (we expect a gradual margin improvement from the likely
depressed levels of about 13%-14% S&P adjusted at year end 2019) if
the company keeps its transformational costs under control. We are
conscious however that this may take time and lead to a delay in
strengthening of the leverage ratio.

"We view growth in EBITDA as a main driver for improvement in
leverage ratios given the company's high absolute debt levels and
limited prospects for significant debt reduction in 2019-2020. The
company has a track record of operating with high financial
leverage. V.Group was acquired by Advent International from Omers
in 2017 when it refinanced its capital structure with the new $515
million first-lien and $172.5 million second-lien facilities. While
the adjusted leverage metrics have remained largely unchanged at
over 8x, interest coverage ratios have weakened because the
previous capital structure partly comprised shareholder loans,
which were replaced with cash-interest-paying debt on the change of
ownership (cash interest expenses more than doubled from about $20
million in 2016).

"The stable outlook reflects our expectation that AI Mistral will
stabilize its fleet under management and EBITDA generation over the
next 12 months followed by a sustained gradual growth thereafter,
while its absolute debt level will remain elevated.

"We could lower the rating if EBITDA turns to be lower than our
aforementioned base case forecast, resulting in a sustained
negative FOCF generation . Specifically, we would take a negative
rating action if we expected that FOCF would be materially negative
on a sustained basis, if the debt-to-EBITDA ratio were set to
increase such that we believed AI Mistral's capital structure is no
longer sustainable, or if its liquidity position were set to
weaken.

"We could raise the rating if AI Mistral's recent transformation
efforts result in a return to growth in its fleet under management,
leading to revenue growth and improving profitability." An upgrade
would be contingent on FFO cash interest coverage improving to
greater than 2x on a sustained basis, and the company continuing to
generate positive FOCF and decreasing and sustaining its leverage
at about 7x.

AI Mistral operates under the brand V.Group. The company is a
global integrated marine support services provider operating under
two divisions: Ship Management and Crewing (57% of revenue) and
Marine Services. As a ship manager, the company acts as an
outsourcing partner to ship owners, providing shore-based ship
management services including technical management, crew
management, procurement, and vessel accounting. Under Marine
Services, the company provides a wide range of technical and other
essential services to V.Group-managed fleet and other fleet. Both
divisions tend to cross-sell their services to their clients. As of
June 30, 2019, there were 832 vessels under management--586 under
full technical management. The company has been owned by Advent
International since March 2017.


ANTIGUA BIDCO: Fitch Assigns B+(EXP) LT IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings assigned Antigua Bidco Limited a first-time expected
Long-Term Issuer Default Rating of 'B+(EXP)' with Stable Outlook.
The company indirectly owns the UK-based pharmaceutical company
Atnahs Pharma UK Ltd (Atnahs). Fitch has also assigned an expected
senior secured debt rating of 'B+(EXP)'/'RR4' to the term loan B
(TLB) and the revolving credit facility (RCF) issued by Antigua
Bidco Ltd. The assignment of final ratings is contingent on the
completion of the syndication and the satisfactory review of the
final documentation.

The 'B+' IDR reflects Atnahs' strong operating profitability and
high cash flow conversion with a financial profile commensurate
with mid to high 'B' levels. The rating is constrained by the small
business size and highly concentrated product portfolio across a
limited number of brands, albeit mitigated by scalable asset light
operations with diversification across products and geographic
markets within each brand. The Stable Outlook reflects the
company's ability to sustain its business model through a
combination of organic product portfolio development as well
product extensions and additions translating into continuously
strong cash flow conversion and contained credit metrics.

KEY RATING DRIVERS

Solid Operating Profitability: Atnahs' business model focuses on
active brand management of off-patent drugs with asset-light
scalable operations and benefits from sustainably high EBITDA
margins of around 50%. Fitch considers profitability high, not only
in comparison with other small to mid-cap sector peers, but also in
the context of the global pharmaceutical market. Operating margin
resilience is further reinforced by the company's predominantly
flexible cost base. Fitch projects margins will remain high in the
medium term, whereas legacy products with inexorable value
attrition will be compensated by earnings contribution from drug
extensions, in-house product developments and new product
additions.

Strong Cash Flow Conversion: The combination of high and stable
operating margins with low maintenance capex translates into strong
free cash flow (FCF), estimated by Fitch at GBP30 million-GBP40
million a year and FCF margins averaging 30%. Fitch estimates that
most FCF will be reinvested into product additions and portfolio
expansion as shareholders pursue their asset development strategy,
as opposed to deploying funds towards debt prepayment. However,
Fitch views very positively Atnahs' strong internal liquidity,
which would allow the company to self-fund much of its future
growth as well as maintain unrestrained financial flexibility.

Ratings Constrained by Scale and Concentrated Portfolio: Atnahs'
rating will be confined to the 'B' rating category until the
business has materially gained scale (for example with sales in
excess of GBP1 billion). Consequently Fitch does not expect an
upgrade over the rating horizon. Fitch also views the narrow
product portfolio as a constraining rating factor, although Fitch
expects this to ease over time, particularly if the company
undertakes a series of larger acquisitions. While the diversified
contract manufacturers and distributors networks address individual
product concentration issues, Fitch nevertheless regards smaller
compact portfolios as being less capable of coping with market
challenges.

Product Additions Required to Sustain Operations: While the timing
and magnitude of future product additions are difficult to predict
accurately, Fitch estimates that reinvestment of Atnahs' internally
generated cash over the rating horizon would be sufficient to
maintained and enhance the company's earnings base. In its
projections, Fitch assumes up to GBP30 million are invested in new
drug acquisitions per year, increasing operating cash flows, as
well as maintaining an adequate financial risk profile and
comfortable cash reserves. In case of a different, more
concentrated M&A pattern albeit based on the same acquisition
policy, its fundamental impact on the business and credit profile
remains similar by boosting sales, earnings and funds from
operations (FFO).

Leverage Aligned with IDR: The rating is supported by the
expectation of adequate financial leverage not exceeding 5.5x on a
FFO adjusted gross basis (5.0x net). Fitch projects these leverage
levels would be achieved either through reinvestment of internal
funds into portfolio expansion, or through organic portfolio
management supported by in-house product extensions. Adequate
leverage remains one of the key rating drivers, and failure to
maintain this financial risk profile will likely put the ratings
under pressure.

Disciplined Approach to M&A: Fitch expects the company will remain
committed to its established acquisition policies in order to
ensure a sustainably credit-accretive impact of new product
additions. Rigorous deal screening and diligence process,
disciplined approach to acquisition economics, particularly in
light of rising asset prices, and product integration into Atnahs'
manufacturing and distribution networks, are essential to sustain
the 'B+'IDR.

Supportive Market Fundamentals: Manufacturers of generic drugs
benefit from positive long-term market fundamentals as national
governments and regulators increase use of more affordable generic
products as a means of containing rising costs of the national
healthcare systems. Fitch also notes ample supply of off-patent
drugs to the market as innovative pharma companies are looking to
streamline their product portfolios to concentrate on core
therapies and implement their capital allocation strategies. Fitch
regards niche pharmaceutical companies such as Atnahs as well
positioned to capitalise on these positive macro-economic and
sector trends.

DERIVATION SUMMARY

Fitch considers Atnahs' 'B+(EXP)' rating against other asset-light
scalable niche pharmaceutical companies such as Cheplapharm
(B+/Stable) and IWH UK Finco Ltd (Theramex, B/Stable). Lack of
business scale and concentrated brand portfolios, albeit benefiting
from product and wide geographic diversification within each brand,
will remain among the main rating constraining factors confining
the IDR to the 'B' rating category. While Atnahs and Cheplapharm
have nearly equally high and stable operating and cash flow
margins, pointing to similarities in their business models and
approach to product selection and brand management, they are also
closely positioned in terms of the financial risk profile at
5.0-5.5x on a FFO adjusted gross basis, translating into 'B+'
IDRs.

By contrast, Atnahs has stronger operating profitability compared
with Theramex, whose business model is more marketing-intensive.
Fitch also notes Atnahs' more stable FCF pattern along with lower
FFO adjusted leverage at 5.0-5.5x against Theramax's above 5.5x,
warranting the one-notch difference between the two companies.

KEY ASSUMPTIONS

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

  - sales of legacy product portfolio decline by 5%-6% per year;

  - sales of in-house developed products increase from around GBP7
million in FY18/19 to GBP20 million by FY22/23 supported by product
extensions and launches in new markets;

  - near-term M&A sales from recently completed drugs acquisitions
assumed to contribute around GBP5 million-GBP6 million a year;

  - mid-term M&A estimated in total at GBP100 million to be spent
between FY20/21 through FY22/23 at average enterprise value
(EV)/sales acquisition multiple of 3.0x and 10% annual sales
regression; M&A is financed entirely from internal cash flows;

  - EBITDA margin remaining around 52%;

  - trade working capital outflows estimated at GBP10 million a
year reflecting growing stock levels with addition of new products
and higher trading volumes;

  - maintenance capex estimated at 1%-3% mainly to support product
technical transfers.

Key Recovery Assumptions:

Atnahs' recovery analysis is based on the going-concern approach.
This reflects the company's asset-light business model supporting
higher realisable values in a distressed scenario compared with
balance sheet liquidation. For the going-concern analysis EV
calculation, Fitch has applied a 35% discount to Fitch-estimated
last 12 months EBITDA as of July 2019 of GBP64 million, which also
includes the full-year contribution from most recent acquisitions.

Fitch has then applied a 5.0x distressed EV/EBITDA multiple in line
with Atnahs' estimated drug acquisition threshold, which would
appropriately reflect its minimum valuation multiple before
considering value added through brand management.

Based on the payment waterfall the RCF of EUR75 million, which
Fitch assumes will be fully drawn prior to distress, ranks pari
passu with the GBP325 millionTLB. Therefore, after deducting 10%
for administrative claims, its waterfall analysis generates a
ranked recovery for the senior secured debt in the 'RR4' band,
indicating a 'B+' instrument rating for the TLB and RCF. The
waterfall analysis output percentage on current metrics and
assumptions is 48%.

RATING SENSITIVITIES

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

  - An upgrade to the 'BB' rating category is not envisaged in the
medium term until a more sector-critical size with revenue in
excess of GBP1 billion has been reached combined with conservative
FFO adjusted gross leverage at around 4.0x and FCF remaining
strong.

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

  - Unsuccessful management of individual pharmaceutical IP rights
leading to material permanent loss of revenue and EBITDA, with
EBITDA margins declining below 45%;

  - Continuously weakening FCF;

  - FFO adjusted gross leverage sustainably above 5.5x, or 5.0x
net, signaling a more aggressive financial policy, departure from
current acquisition principles or operational challenges.

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: Given Atnahs' strong pre-acquisition FCF
estimated at GBP30 million-GBP40 million a year, Fitch projects
cash reserves to increase steadily, which would accommodate
cumulative M&A worth around GBP100 million-GBP120 million, while
still leaving sufficient liquidity to support organic portfolio
development. For the purposes of the liquidity analysis Fitch has
excluded restricted cash of GBP5 million from FY19/20 as minimum
operating cash requirement.

Fitch regards refinancing risk as limited given long-dated debt
maturities with the TLB not due before 2026.

ANTIGUA BIDCO: Moody's Assigns B2 CFR, Outlook Stable
-----------------------------------------------------
Moody's Investors Service assigned a B2 corporate family rating and
a B2-PD probability of default rating to off-patent branded drugs
provider Antigua Bidco Limited. Concurrently, Moody's has assigned
B2 ratings to the proposed GBP325 million equivalent senior secured
first lien term loan B and pari passu ranking EUR75 million
revolving credit facility, both maturing in 2026 and for which the
company will be the borrower. The outlook is stable.

The proceeds from the new facilities will serve to finance the
group's acquisition by financial sponsor Triton and pay for the
transaction fees and expenses.

The new rating assignments principally reflect the following
factors:

  -- Moody's adjusted leverage to stay between 5.0x and 5.5x

  -- Good cash flow generation pre-acquisitions

  -- Brand and supplier concentration

  -- Short track record and supply transition risk from vendors to
Atnahs

RATINGS RATIONALE

Antigua Bidco Limited's credit profile is supported by its good
diversification in terms of geographies and therapeutic areas
compared to the group's small overall size. The group's largest
region (Europe) and therapeutic category (women's health and
endocrinology) both represent less than half of sales. In addition,
Atnahs operates an asset-light business model, which results in
high margins (52% on a Moody's-adjusted basis as of the end of the
fiscal year 2019, ended March 31, 2019) and solid cash generation
of GBP30-40 million per annum (free cash flow after interest and
before acquisitions, FCF). The company has had some success in
reducing the pace of decline for the off-patent drugs it has
acquired through line extensions and launches in new geographies
and the rating agency expects that, albeit riskier, the development
of Atnahs' own branded generics could help mitigate declines in
organic performance.

However, Atnahs' B2 corporate family rating is weakly positioned.
The group's credit quality is constrained by its small overall size
and product portfolio resulting in some brand concentration. The
two largest products represent close to half of sales. The
company's business model results in some dependence on third
parties for manufacturing and distribution, with concentration
following product acquisitions, as is currently the case with Roche
Holding AG (Aa3 stable) representing half of cost of goods sold
(COGS). The group's track record is short in the context of the
pharma industry's cycle and for the current portfolio of marketed
drugs, some of which are still in transition from the vendor, with
associated risk of increased costs and supply chain disruptions at
the final transfer. Furthermore, Atnahs faces declining sales and
EBITDA on an organic basis, which makes it reliant on acquisitions
in order to stabilise performance. Although general availability of
assets divested by big pharma companies is not typically an issue,
there is uncertainty regarding their exact size, nature and timing
of potential deals, whilst increasing competition for these assets
will likely result in a rise in multiples. Atnahs will operate with
a levered capital structure (4.9x Moody's-adjusted debt/EBITDA for
fiscal 2019 pro forma for funded acquisitions) with the expectation
that leverage will be stable at best, but will not rise above 5.5x
in the next 12 to 18 months.

Social risks that Moody's considers in Atnahs' credit profile
include (1) the pricing of its products, particularly in reimbursed
markets where there is downward pressure, and reputational risk
associated with price rises to stabilise performance although
Atnahs is largely a price-taker, and (2) product safety and
manufacturing compliance issues with ensuing potential litigation,
albeit mitigated by the age and simplicity of the molecules that
Atnahs deals with, as well as its good track record in this
respect.

Governance risks that Moody's considers in Atnahs' credit profile
include (1) the possibility that drug acquisitions are made using
debt at a leverage-increasing multiple, (2) the company's access to
qualified staff and resulting costs to cope with further product
acquisitions and transitions of products from vendors, and (3)
related-party transactions with entities majority-owned by the
Patel family (who are minority shareholders in Atnahs) for
distribution in the UK, packaging and lab testing in the context of
product development. However, the rating agency understands that
transactions will remain at arm's length.

Moody's views Atnahs' liquidity profile as adequate. Although the
group will generally operate with minimal cash balances of GBP5
million or below (cash balance was GBP3 million as of year-end
March 2019), the liquidity profile benefits from solid free cash
flow generation of GBP30 - 40 million per annum (after interest and
before acquisitions) and access to a new EUR75 million senior
secured first lien revolving credit facility (RCF) due 2026, which
will be undrawn at closing. It will have a net senior leverage
springing covenant, under which the company will retain ample
capacity. There is no pronounced seasonality pattern in the
business but working capital requirements can be somewhat volatile,
with peaks in consumption upon a marketing authorisation transfer
for example.

The B2 ratings on the EUR75 million senior secured first lien RCF
and GBP325 million equivalent senior secured first lien term loan
B, in line with the CFR, reflect the fact that they are the only
term debt instruments in the capital structure.

RATIONALE FOR STABLE OUTLOOK

The stable outlook reflects Moody's expectation that the group will
manage its capital structure and acquisition policy in the context
of an organic decline in EBITDA such that Moody's adjusted gross
debt/EBITDA will be in the region of 5.0x. The stable outlook is
also predicated upon Atnahs recording free cash flow (after
exceptionals and interest) of at least GBP30 million per annum and
maintaining adequate liquidity, whilst not making any debt-funded
acquisitions or shareholder distributions.

WHAT COULD CHANGE THE RATING UP/DOWN

Atnahs' ratings could experience positive pressure should the group
(1) diversify its business model further, particularly by
increasing its number of brands, and (2) build a longer and
successful track record as an acquirer and marketer of off-patent
drugs, and (3) reduce Moody's adjusted leverage to below 4.5x
sustainably, and (4) maintain cash flow from operations/debt above
15%.

Conversely, Atnahs' ratings could experience downward pressure if
(1) there are any delays in transferring marketing authorisations
or material supply chain issues, or (2) the group's organic EBITDA
declines at a materially faster rate than reported historically, or
(3) Moody's adjusted leverage rises to around 5.5x on a sustainable
basis, or (4) FCF generation weakens or the liquidity position
deteriorates.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Pharmaceutical
Industry published in June 2017.

CORPORATE PROFILE

Atnahs, headquartered in Basildon, UK, is a global sales and
marketing organisation focused on off-patent, branded and
prescription drugs, which outsources production to contract
manufacturing organisations (CMOs) and also uses distribution
partners in the context of an asset-light business model. The group
is active in four main therapeutic areas: women's health and
endocrinology, neurology and pain relief, oncology and oncology
support and gastroenterology. Atnahs currently markets 17 brands
and around 1,000 stock keeping units (SKUs) across more than 130
countries.

The company was set up in 2013 by the Patel family following the
sale of predecessor company Amdipharm. Atnahs has grown through the
acquisition of drug licences historically. In fiscal 2019, the
company reported revenue of GBP118 million and EBITDA of GBP59
million.

In June 2019, financial sponsor Triton agreed to acquire a majority
stake in the business, in which the Patel family will remain a
significant minority shareholder.


CLINTONS: Owners Tap KPMG & Explore Sale of Business
----------------------------------------------------
Mark Kleinman at Sky News reports that the owners of Clintons,
Britain's second-biggest standalone greeting cards chain, are
exploring a sale of the business seven years after it collapsed
into administration.

Sky News has learnt that the Weiss family, which previously
controlled the American Greetings retail business, has drafted in
the professional services firm KPMG to oversee a review of
strategic options.

The move raises the possibility of a new owner for Clintons --
which used to be called Clinton Cards -- along with its 334-strong
store portfolio and 2,500 employees, Sky News states.

According to Sky News, sources said that a firm decision to run an
auction of the company had yet to be taken but looked like the most
likely outcome.

Prospective bidders have already been contacted by KPMG, Sky News
notes.

Clintons is the second-biggest chain in Britain behind Card
Factory.

Roughly 70 loss-making Clintons stores have been closed over the
last five years, and any sale is expect to lead to further shops
being axed, Sky News relays.

Clintons is wholly owned by the Weiss family following a
transaction last year which saw a 60% stake in American Greetings
sold to Clayton Dubilier & Rice, the buyout firm, Sky News
discloses.  The family continues to own 40% of American Greetings,
which is the second-largest cards chain in the US, behind Hallmark,
Sky News notes.  

They took control of the British chain in 2012 when they bought its
bank debt from lenders and immediately forced it into
administration, Sky News recounts.

In an effort to manage costs more prudently, its head office has
been relocated above its store in Loughton, Essex, Sky News
states.


CONNECT BIDCO: Moody's Assigns B1 CFR, Outlook Stable
-----------------------------------------------------
Moody's Investors Service assigned a B1 corporate family rating and
B1-PD probability of default rating to Connect Bidco Limited, the
top-entity of the ring-fenced group that will acquire and
ultimately own Inmarsat plc (Connect Bidco Limited is a joint
venture company formed by private equity groups Apax and Warburg
Pincus alongside Canada's CPPIB and Ontario Teachers' Pension Plan
Board). The agency has also assigned B1 ratings to the USD2.7
billion term loan B (due 2026) and USD700 million of revolving
Credit Facility (RCF, due 2024) being issued by Connect Finco Sarl
and Connect U.S. Finco LLC (a newly formed entity to be a
subsidiary of Connect Bidco) in order to pre-fund the acquisition
transaction expected to be completed before year-end 2019. The
outlook on all ratings is stable.

On March 25, 2019, Connect Bidco had reached an agreement to
acquire Inmarsat in a deal that valued the UK group's equity at
USD3.4 billion. Connect Bidco will pay USD7.21 (including $0.12 per
share of final dividend) in cash per Inmarsat share and will take
the entire group private.

The shareholder approval for the transaction was received on May
10, 2019 with 79% of the shareholders voting in favour of it. On
September 10, 2019, the consortium announced the launch of the debt
financing to pre-fund the acquisition transaction comprising of an
aggregate of USD3.83 billion in debt (in addition to the USD700
million undrawn RCF). The debt constitutes of USD2.7 billion of
term loan B in addition to USD1.125 billion of bridge loan
(unrated) which will eventually be replaced by senior secured
notes. This implies a total consideration for the transaction of
around USD6.5 billion (which represents around 8.7x June-19
pro-forma estimated run-rate EBITDA (as calculated and adjusted by
the company and sponsors -- excluding Ligado) for Inmarsat,
including a significant common equity contribution of USD2.66
billion (41% of pro-forma capitalization) from the consortium.

"The B1 ratings reflect the high starting Moody's adjusted
pro-forma gross leverage (based on the EBITDA for the last twelve
months ended June 30, 2019) of 5.8x for the group, the negative
free cash flow generation expected until 2020 as the company funds
its growth capex associated with new satellite launches", says
Gunjan Dixit, Vice President -- Senior Credit Officer and lead
analyst for Connect Bidco.

"While the rating positively takes into account the company's solid
position in the mobility markets with a strong scope to grow
revenues from the Aviation segment, we cautiously recognize the
constrained near-term growth prospects for the company's Maritime
segment and the likelihood of increased competition in the mobility
markets as new low earth orbit and medium earth orbit (LEO/ MEO)
satellite constellations are planned for launch from 2022/23 in
addition to the mobility initiatives from existing fixed satellite
services operators", adds Ms. Dixit.

RATINGS RATIONALE

Connect Bidco's B1 CFR reflects (1) Inmarsat's well-established
global dual-constellation satellite network of 13 geostationary
satellites (including 4 Global Xpress (GX) satellites; and 8 more
to follow between 2019-2023) with multiple redundancies; (2) the
company's strong market position in the maritime connectivity
market, its relatively young GX fleet as well as its European
Aviation Network (EAN); (3) continued opportunities for strong
revenue growth, over the next few years in the aviation
connectivity segment, particularly outside North America; (4) high
proportion of recurring (80% of revenues contracted/ subscription
based) and diversified revenue base with near-term growth supported
by a backlog of in-flight connectivity (IFC) contracts and Very
Small Aperture Terminals (VSAT) commitments (5) significant
switching costs for customers and a well-diversified customer base;
(6) flexible capital investment strategy from 2021 supporting
positive free cash flow generation; and (7) an experienced
management team and financial sponsors.

The rating is constrained by (1) high Moody's adjusted pro-forma
gross leverage of 5.9x expected by the end of 2019, assuming the
full anticipated loss of nearly USD130 million of high-margin
revenue from Ligado from January 2019 onwards; (2) high capex until
2020, likely to result in negative free cash flow generation (3)
risk of intensification of competition/ oversupply and pricing
pressure resulting from significant planned incoming capacity from
new GEO (geostationary earth orbit) / LEO / MEO constellations
planned for launch from 2022/23 in the mobility space, although
Inmarsat is likely to benefit from a first-mover advantage until
the new constellations become fully operational (4) challenged
revenue growth prospects for maritime due to pricing pressure,
competition from low-end VSAT players, like KVH, and from Iridium
Communications Inc.'s (B2, stable) new CERTUS terminals
(facilitated by its new satellite constellation Iridium NEXT),
although continued take-up of technologically-advanced VSAT by
large and mid-sized vessels is likely to provide some offset.

Moody's expects a mid-single-digit percentage average revenue
growth (excluding Ligado Networks) between 2019-2023, reflecting
intensifying competition and declining growth in legacy maritime
and enterprise segments, offset by new VSAT maritime revenues,
growth in Government segment and rapid increase in aviation
broadband services. Moody's expects EBITDA growth to be stronger
than revenue growth mainly driven by the significantly high-margin
Aviation revenues. However, the agency cautiously recognizes the
developing competitive pressures in the mobility markets as
significant new capacity is planned for launch from 2022/23 onwards
by operators, such as Viasat, Inc. (B2 Stable), Telesat Canada (B1
Stable), Oneweb (unrated), SpaceX (unrated) and Amazon, Inc. (A3
Positive) Nevertheless, until such new constellations become fully
operational, Inmarsat is likely to benefit from first mover
advantage being the main player with a global coverage.

Inmarsat expects to come to the end of a decade-long investment
phase in 2020 after which its infrastructure investments are
expected to moderate meaningfully. The moderation in capex is
likely to result from (1) limited fleet replacement needs (2)
relatively less expensive next generation GX satellites that are
planned for launch (3) flexible investment strategy with ability to
add incremental satellite capacity as aircraft install base grows
(4) lower levels of success based capex as Inmarsat reaches the
tail-end of the market capture phase for VSAT and IFC and (5) a
number of airline customers moving to line fit installations,
negating any capex risk for Inmarsat. The reduction in capex will
drive positive free cash flow generation from 2021 thereby leading
to de-leveraging thereafter. Moody's does not expect material
de-leveraging in 2020 as free cash flow will remain negative.

Moody's considers Connect Bidco's liquidity as adequate. The
company has received USD50 million in cash from the Rignet legal
case settlement in July 2019, and also benefits from a USD700
million undrawn RCF which should be sufficient to cover for its
cash needs beyond cash flow generated from operations. The RCF is
constricted by a maintenance leverage covenant (of 9.0x Senior
Secured First Lien Net Leverage Ratio to be tested when RCF is
drawn by greater of USD240 million or 40% of the outstanding
commitments) under which Moody's expects Connect Bidco to maintain
comfortable headroom at all times.

Connect Bidco has a probability of default rating of B1-PD and an
expected family recovery rate of 50%. The company's bank debt is
pari-passu and upon consummation of the acquisition transaction, it
will be secured by material fixed assets and is guaranteed by
operating subsidiaries accounting for 80% of consolidated EBITDA.
Moody's has therefore ranked all of the company's debt highest in
the priority of claims together with the company's trade claims
followed by lease rejection claims. This results in a B1 rating for
the company's secured debt in line with the CFR.

From a corporate governance perspective, Moody's factors in the
potential risk usually associated with private equity ownership
which might lead to a more aggressive financial policy and lower
oversight compared to publicly traded companies.

RATING OUTLOOK

The stable ratings outlook reflects Moody's expectation that the
company will continue to grow its revenues and EBITDA in line with
its business plan and carry out its scheduled satellite launches in
a timely manner.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Moody's considers the ratings at the outset to be weakly positioned
and therefore no upward pressure is expected in the near term.
Positive pressure on the ratings could develop over time, should
(1) Inmarsat demonstrate sustained solid revenue and EBITDA growth;
(2) its gross debt/EBITDA (Moody's-adjusted) decreases sustainably
and materially below 5.0x; and (3) the company reaches and sustains
positive free cash flows (FCF, Moody's adjusted) on a normalized
basis.

Downward ratings pressure would materialize if (1) Inmarsat's
revenue and EBITDA come under pressure from increasing competition
(2) its debt load increases relative to EBITDA, such that its gross
leverage (Moody's-adjusted gross debt/EBITDA) remains materially
above 5.5x beyond 2020; and/ or (3) its free cash flow (FCF)/gross
debt (Moody's-adjusted) remains materially negative beyond 2021.
There would also be downward rating pressure if the company's
liquidity were to significantly deteriorate.

LIST OF AFFECTED RATINGS

Assignments:

Issuer: Connect Bidco Limited

Probability of Default Rating, Assigned B1-PD

Corporate Family Rating, Assigned B1

Issuer: Connect Finco Sarl

Backed Senior Secured Bank Credit Facility, Assigned B1

Outlook Actions:

Issuer: Connect Bidco Limited

Outlook, Assigned Stable

Issuer: Connect Finco Sarl

Outlook, Assigned Stable

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Connect Bidco Limited will ultimately own Inmarsat plc.
Headquartered in London, U.K., Inmarsat is a market leader in
global mobile satellite communication services. The company has an
in-orbit fleet of 13 owned and operated satellites in geostationary
orbit and provides a comprehensive portfolio of global mobile
satellite communications services for customers on the move or in
remote areas for use on land, at sea and in the air. In its fiscal
year ended December 31, 2018, Inmarsat plc reported revenue of $1.5
billion and EBITDA of $770 million.

FERROGLOBE PLC: Moody's Downgrades CFR to Caa1, Outlook Negative
----------------------------------------------------------------
Moody's Investors Service downgraded to Caa1 from B3 Ferroglobe
PLC's corporate family rating and to Caa1-PD from B3-PD its
probability of default rating. Concurrently, Moody's downgraded to
Caa2 from Caa1 the senior unsecured rating assigned to the $350
million of senior unsecured notes issued by Ferroglobe and due in
2022. The outlook is negative. This concludes the rating review
initiated on July 04, 2019.

"The downgrade reflects Ferroglobe's weak liquidity position in the
absence of new debt financing arrangements in place and the
continued weak operating performance in Q2 2019. Sharply fallen
earning likely lead to a covenant breach as of September 30, 2019
under the company's revolving credit facility if the breach is not
waived or if the RCF is not replaced," said Sven Reinke, a Senior
Vice President and Lead Analyst for Ferroglobe.

RATINGS RATIONALE

Ferroglobe's operating performance displays a high sensitivity to
the volatility of silicon metal prices. Ongoing oversupply in the
silicon metal market is resulting in weakening silicon prices which
have not yet bottomed out. While the company's reported EBITDA of
EUR253.1 million in 2018 was materially higher than the EUR184.5
million reported in 2017, profitability already showed significant
deterioration in the last two quarters of 2018 on the back of
silicon price softness. This negative trend accelerated in Q1 and
Q2 2019 with a reported EBITDA of $3.3 million in Q1 2019 and
negative $7.1 million in Q2 2019.

While Ferroglobe's manganese alloys business reached break-even
level with a reported adjusted EBITDA of $2.8 million in H1 2019
compared to negative $17.2 million in H2 2018 helped by cost
measures and lower manganese ore prices, its two larger divisions
-- silicon metal and silicon alloys -- both suffered from steep
profitability decline driven by further price falls and volume
decline. Volumes at the silicon metal operations reduced by 34.5%
in H1 2019 compared to H1 2018 as the company reduced its
production capacity.

While Ferroglobe was able to offset some of the decline of its cash
flow generation in Q1 2019 with a combination of sharply reduced
capex and working capital inflow, the company suffered from
negative Moody's adjusted free cash flow generation of $44 million
in Q2 2019 exacerbated by Moody's adjusted working capital outflow
of $17 million. The working capital outflow was due to higher
finished goods inventories.

Positively, Ferroglobe confirmed that it successfully completed the
disposal of its Spanish hydro assets subsidiary FerroAtlantica,
S.A.U. (FerroAtlantica) on August 30, 2019. The transaction
resulted in gross cash proceeds of EUR156.4 million and improves
the company's cash balance by around EUR100 million (around $110
million) after the repayment of EUR57 million of existing debt at
FerroAtlantica and associated transaction fees.

The material deterioration of the company's operating performance
led to significantly weaker key credit metrics at the end of June
2019 with Moody's adjusted gross debt / EBITDA metric at 9.4x
compared to 5.6x in March 2019 and 3.8x in December 2018 and EBITA
interest cover ratio at -0.3x compared to 0.7x in March 2019 and
1.9x in December 2018.

Based on further falling prices for silicon metal and silicon alloy
since the end of H1 2019, Moody's does not expect an improvement of
Ferroglobe's operating performance during the last two quarters of
2019. The rating agency forecasts Ferroglobe's Moody's adjusted
debt / EBITDA metric to rise further materially at the end of 2019
driven by expected Moody's adjusted EBITDA close to zero in H2
2019.

Current ratings, however, assume a degree of recovery in market
prices over the next 12-18 months and improvements in the company's
profitability in 2020-21 which should lead to a recovery in the
company's credit profile during the next two years. The rating
agency's expectation that market conditions will rebound is driven
by market fundamentals which remain supportive of an upturn in
prices. Long term demand for silicon products is driven by
population growth, urbanization and increasing usage of renewable
energy. The company has announced a number of production capacity
cuts since mid-2018 which should result in oversupply reduction
leading to a recovery in silicon prices. Since the second quarter
of 2018, the company closed eleven furnaces reducing its production
capacity by 40% from 404k tons to 242k tons.

Accordingly, Moody's continues to expect Ferroglobe's operating
performance to improve over the next 12 -- 18 months albeit more
gradually than previously anticipated. Ferroglobe's Moody's
adjusted debt / EBITDA metric could remain elevated for the Caa1
rating throughout 2020 at above 10x. However, the rating agency
expects the company's Moody's adjusted debt / EBITDA to fall below
8x in 2021.

Although Ferroglobe is a listed company, Grupo Villar-Mar is the
controlling shareholder owning around 54% of Ferroglobe's shares.
Grupo Villar Mir, S.A.U. nominates 3 of the 11 members of the board
of directors including chairmen Javier Lopez Madrid.

LIQUIDITY

Despite the cash proceeds from the FerroAtlantica disposal, which
has increased Ferroglobe's cash balance, the company's liquidity
position remains weak in its view. At the end of June 2019,
Ferroglobe reported cash and cash equivalents of $187.7 million
(around $298 million pro forma the cash proceeds from the disposal
of FerroAtlantica). However, the liquidity position is enhanced by
an around $133 million drawdown under the $200 million RCF. Moody's
believes that Ferroglobe would likely breach the financial
covenants of the RCF at the end of Q3 2019. While Ferroglobe
confirmed that the bank syndicate suspended the covenant test for
Q2 2019, the company did not confirmed that the covenant test has
also been suspended for Q3 2019. Accordingly, Ferroglobe could be
required to repay the drawn amount under the RCF shortly after the
end of Q3 2019, and the remaining availability could be cancelled.
This could reduce the company's cash balance to around $165 million
and the available liquidity to around $154 million as cash of
around $11 million is held in escrow for the next 24 months related
to the FerroAtlantica transaction.

Such level of available liquidity might not be sufficient to run
the company's operations. The very challenging short term outlook
for Ferroglobe's earnings and cash flow generation and a potential
requirement to repay a government loan, which amounted to EUR49.9
million at the end of 2018 (equivalent to around $55 million at the
current exchange rate), owing to the discontinuation of a solar
project in Spain, could result in insufficient liquidity absent any
new debt financing.

Ferroglobe stated on June 03, 2019 that it expects to close two new
financing facilities with a total of $265 million by the end of
June 2019. However, on September 03, 2019, the company stated that
it delayed the refinancing until after the completion of the
FerroAtlantica disposal. Ferroglobe now intends to complete the
financing process around the end of Q3 2019. The company also
mentioned that the quantum of the new debt financing could be
smaller than initially anticipated.

RATIONALE FOR THE NEGATIVE OUTLOOK

The negative outlook reflects Ferroglobe's weak liquidity as well
as Moody's expectation that the company's operating performance and
profitability will remain weak throughout the second half of 2019
which will result in key financial ratios below the level required
by the Caa1 rating. Failure to improve the liquidity profile and to
restore profitability thereby reducing financial leverage towards
8.0x over the next 12 to 18 months is likely to lead to a rating
downgrade. The outlook could be stabilised if Ferroglobe
successfully refinances the RCF thereby materially strengthening
the company's liquidity profile and if there are tangible signs of
an improvement of the market environment.

WHAT COULD CHANGE THE RATING UP/DOWN

Given the rating action, a ratings upgrade over the short term is
unlikely. However, Moody's would consider upgrading the ratings
over time if the company were able to improve its operating
profitability and credit metrics, with adjusted gross debt/EBITDA
ratio of less than 6.5x and positive free cash flow generation on a
sustained basis. An adequate liquidity position sufficient to
withstand the very volatile environment in which Ferroglobe
operates is a requirement for a rating upgrade.

The ratings could be downgraded should Ferroglobe fail to quickly
improve its liquidity situation. Even if Ferroglobe improves its
liquidity position, the ratings could be downgraded in case of a
protracted market downturn preventing any significant recovery in
the company's operating profitability in the next 12-18 months. In
particular, a downgrade could be triggered in case of the adjusted
gross debt/EBITDA ratio exceeding 8.0x for a prolonged period.

PRINCIPAL METHODOLOGY

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

Headquartered in London and listed on the Nasdaq (ticker: GSM),
Ferroglobe is a leading producer of silicon metal and silicon /
manganese alloys. Ferroglobe operates 26 plants across the world,
and derives c.50% of its sales from Europe, 40% from North America
and 10% from the rest of the world. The group was formed in
December 2015 through the combination of European-based
Ferroatlantica and US-based competitor Globe Specialty Metals. The
group, 54% owned by Grupo Villar Mir S.A.U. (unrated), reported
c.$2.3 billion of revenues in 2018.

MALLINCKRODT PLC: S&P Lowers LT ICR to 'CCC', Outlook Negative
--------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer rating on
Mallinckrodt PLC to 'CCC' from 'B+' due to its view of heightened
risk of a distressed exchange over the next year, prior to any
large settlement of opioid claims.

S&P said, "The downgrade reflects our belief that incentives are
aligned for a distressed debt exchange over the next 12 months. It
also reflects our view that risks exist to the company's stated
plan to use free cash flow to repay its April 2020 maturities,
especially if the company incurs further litigation settlements or
is required to make a large repayment to Medicare for past Acthar
sales (this is not currently in our base case). Given uncertainty
around the amount and timing of opioid related liabilities, we
believe the company will have difficulty accessing debt markets at
acceptable rates until opioid litigation is resolved.

"Our negative outlook reflects our belief that Mallinckrodt could
engage in an exchange with debtholders that we would view as a
default because of trading levels.

"We could lower the rating on Mallinckrodt if we believe the
company is at risk of a distressed exchange or restructuring within
the next six months, or if it announces its intention to exchange
some or all of its debt for a value less than par.

"In a less likely scenario in the next year, we could lower the
rating if it becomes likely that it cannot meet its obligations
over the next six months. This could happen if the company faces
large cash outflows related to either opioid or CMS-related
litigation.

"We could revise the outlook to stable or consider an upgrade if we
no longer believe there are incentives for a distressed exchange in
the next 12 months. In this scenario, we would believe that the
company is more likely to be able to access capital markets, likely
because of increased certainty around opioid and Acthar-related
liabilities. Under this scenario, an upgrade could be multiple
notches."


THOMAS COOK: May Seek to Push Back Bondholders' Meeting
-------------------------------------------------------
Daniel Thomas and Alice Hancock at The Financial Times report that
Thomas Cook is set to seek to push back a crucial meeting of
bondholders as it races to secure support for a proposed GBP900
million rescue deal that would leave its majority shareholder Fosun
and lenders in control of the 178-year-old holiday business.

According to the FT, the company is locked in a series of
last-minute negotiations as it looks to finalize the terms of the
restructuring agreement with Fosun, its lenders and bondholders.

Any deal would need support from three-quarters of its bondholders,
the FT notes.  A group of hedge funds that have taken positions
against the company's debt using the credit-default swap market --
using contracts that pay if a company is unable to repay its debt
00 could vote against the restructuring unless they get paid for
their positions in the process, the FT discloses.

The FT has learnt that the company is likely to move to gain more
time to conclude negotiations by appealing to a court to push back
the meeting of bondholders that had been arranged for Wednesday,
Sept. 18.

The hedge funds want an agreement that would ensure that the CDS
will work under the restructuring arrangement, the FT states.  One
person familiar with the situation, as cited by the FT, said that
the group expected to have control over the 25% of the bonds needed
to vote down the deal unless a solution was agreed, leaving only
days to go for Thomas Cook to agree a deal or face the collapse of
its proposed rescue offer.

Thomas Cook, the FT says, is also under pressure to finalize the
details of the GBP900 million rescue deal.  In October, it will
have to start putting forward capital for next year's hotel
bookings as it enters the winter season when cash is shorter,
according to the FT.

Under the proposed terms of the deal, Fosun, the Chinese
conglomerate that owns 18 per cent of Thomas Cook, will control 75%
of the travel company's tour operator business and up to 25% of its
airline in exchange for a GBP450 million capital injection, the FT
relays.

Debtholders and lending banks have agreed to put up the remaining
GBP450 million in exchange for control of Thomas Cook's airline and
up to 25 per cent of the tour operator, the FT recounts.

Investors are frustrated that the details of the debt-for-equity
swap have not yet been released in spite of the tight deadline, the
FT notes.




===============
X X X X X X X X
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[*] BOND PRICING: For the Week September 9 to September 13, 2019
----------------------------------------------------------------
Issuer                  Coupon   Maturity  Currency  Price
------                  ------  --------  --------  -----
Lecta SA                   6.500     8/1/2023  EUR   40.125
Teva Pharmaceutical Fina   3.150    10/1/2026  USD   72.639
Thomas Cook Group PLC      6.250    6/15/2022  EUR   20.000
Valaris plc                5.750    10/1/2044  USD   49.159
Tereos Finance Groupe I    4.125    6/16/2023  EUR   75.131
Valaris plc                5.200    3/15/2025  USD   61.895
Valaris plc                4.500    10/1/2024  USD   62.423
Valaris plc                8.000    1/31/2024  USD   70.834
Teva Pharmaceutical Fina   1.625   10/15/2028  EUR   68.470
Teva Pharmaceutical Fina   4.100    10/1/2046  USD   62.378
Banca Monte dei Paschi d   5.375    1/18/2028  EUR   65.312
Jain International Tradi   7.125     2/1/2022  USD   54.078
Thomas Cook Finance 2 PL   3.875    7/15/2023  EUR   18.763
Mallinckrodt Internation   4.750    4/15/2023  USD   51.703
Teva Pharmaceutical Fina   1.875    3/31/2027  EUR   72.703
Lecta SA                   6.375     8/1/2022  EUR   39.978
Officine Maccaferri-SpA    5.750     6/1/2021  EUR   57.190
Casino Guichard Perracho   1.133               EUR   34.916
Rallye SA                  4.000     4/2/2021  EUR   21.000
Teva Pharmaceutical Fina   1.000    7/28/2025  CHF   74.129
Mallinckrodt Internation   5.750     8/1/2022  USD   66.135
Pizzaexpress Financing 1   8.625     8/1/2022  GBP   29.550
Casino Guichard Perracho   3.992               EUR   57.361
Nostrum Oil & Gas Financ   8.000    7/25/2022  USD   56.838
Senvion Holding GmbH       3.875   10/25/2022  EUR   28.473
Aldesa Financial Service   7.250     4/1/2021  EUR   53.699
HSBC Bank PLC              2.500               USD   72.206
Astaldi SpA                7.125    12/1/2020  EUR   22.925
Mallinckrodt Internation   5.625   10/15/2023  USD   57.088
La Financiere Atalian SA   4.000    5/15/2024  EUR   65.857
Galapagos Holding SA       7.000    6/15/2022  EUR    7.569
Mallinckrodt Internation   5.500    4/15/2025  USD   54.152
HOCHDORF Holding AG        2.500               CHF   38.465
Aegon NV                   2.139               USD   63.592
Vallourec SA               2.250    9/30/2024  EUR   71.704
HSBC Bank PLC              2.938               USD   72.129
Sudzucker International    2.757               EUR   73.224
Banque Federative du Cre   0.368               EUR   60.487
VIEO BV                    6.750     9/7/2020  EUR   42.520
Boparan Finance PLC        4.375    7/15/2021  EUR   50.052
KCA Deutag UK Finance PL   9.625     4/1/2023  USD   66.756
Air France-KLM             0.125    3/25/2026  EUR   18.446
Kirk Beauty One GmbH       8.750    7/15/2023  EUR   64.417
Cooperativa Muratori & C   6.000    2/15/2023  EUR    3.630
Rallye SA                  4.371    1/23/2023  EUR   20.000
Offshore Drilling Holdin   8.375    9/20/2020  USD   29.415
Paragon GmbH & Co KGaA     4.500     7/5/2022  EUR   68.232
ING Groep NV               0.350               EUR   67.758
Ageasfinlux SA             0.966               EUR   46.364
AXA SA                     0.565               EUR   69.370
Nostrum Oil & Gas Financ   7.000    2/16/2025  USD   57.044
AXA SA                     0.548               EUR   62.484
AXA SA                     1.807               USD   68.863
Moby SpA                   7.750    2/15/2023  EUR   29.148
Intralot Capital Luxembo   6.750    9/15/2021  EUR   70.345
Steinhoff Europe AG        1.875    1/24/2025  EUR   73.214
BNP Paribas Fortis SA      1.680               EUR   68.857
Vallourec SA               4.125    10/4/2022  EUR    5.322
Cooperativa Muratori & C   6.875     8/1/2022  EUR    3.500
Rothschild & Co Continua   0.210               EUR   68.447
Rallye SA                  4.000   11/23/2020  CHF   20.515
KCA Deutag UK Finance PL   7.250    5/15/2021  USD   65.234
Distribuidora Internacio   0.875     4/6/2023  EUR   53.371
Boparan Finance PLC        5.500    7/15/2021  GBP   49.022
Mitsubishi UFJ Investor    4.088   12/15/2050  EUR   55.189
O1 Properties Finance PL   8.250    9/27/2021  USD   69.000
Obrascon Huarte Lain SA    4.750    3/15/2022  EUR   69.373
Intralot Capital Luxembo   5.250    9/15/2024  EUR   50.732
AXA SA                     0.430               EUR   69.368
Greenyard Fresh NV         3.750   12/22/2021  EUR   55.297
Rallye SA                  3.250     2/8/2024  CHF   20.500
KCA Deutag UK Finance PL   9.875     4/1/2022  USD   65.917
EA Partners I BV           6.875    9/28/2020  USD   40.809
Steinhoff Finance Holdin   1.250   10/21/2023  EUR   45.496
La Financiere Atalian SA   5.125    5/15/2025  EUR   65.931
Korian SA                  2.500               EUR   46.207
Rothschild & Co Continua   2.938               USD   55.614
Fuerstenberg Capital II    5.625               EUR   66.309
Abengoa Abenewco 2 Bis S   1.500    4/26/2024  EUR
New Look Secured Issuer    6.500     7/1/2022  GBP   21.817
Caisse Federale du Credi   0.590               EUR   62.403
Debenhams PLC              5.250    7/15/2021  GBP   40.042
AXA SA                     2.330               USD   68.929
Neopost SA                 3.375               EUR   56.178
Bourbon Corp               6.446               EUR    2.560
BNP Paribas SA             0.975               EUR   55.000
Jyske Bank A/S             0.266               EUR   73.000
EA Partners II BV          6.750     6/1/2021  USD   42.000
Fibabanka AS               7.750   11/24/2027  USD   74.649
HSBC Bank PLC              2.250               USD   72.034
Obrascon Huarte Lain SA    5.500    3/15/2023  EUR   69.224
Banco Espirito Santo SA    4.000    1/21/2019  EUR   21.360
Societe Generale SA        2.625               USD   60.125
Astaldi SpA                4.875    6/21/2024  EUR   11.528
CNP Assurances             0.147               EUR   60.259
Constellation Oil Servic   9.500    11/9/2024  USD   43.974
FF Group Finance Luxembo   3.250    11/2/2021  CHF    8.561
Banco Santander SA         0.502               EUR   66.996
Privatbank CJSC Via UK S  10.250    1/23/2018  USD   30.218
FF Group Finance Luxembo   1.750     7/3/2019  EUR    3.538
Maisons du Monde SA        0.125    12/6/2023  EUR   44.938
HOCHDORF Holding AG        3.500    3/30/2020  CHF   15.510
BNP Paribas SA             2.726               USD   59.724
Fortenova Grupa dd         9.875     5/1/2019  EUR   20.218
Rallye SA                  5.250     2/1/2022  EUR   15.809
Air Berlin PLC             8.250    4/19/2018  EUR    2.441
Genfit                     3.500   10/16/2022  EUR   25.486
Credit Mutuel Arkea SA     0.216               EUR   60.670
DNB Bank ASA               2.837               USD   59.750
Jyske Bank A/S             0.735               EUR   73.300
Immigon Portfolioabbau A   6.059               EUR   15.702
Credit Agricole SA         0.711               EUR   69.255
Hema Bondco II BV          8.500    1/15/2023  EUR   70.987
ADLER Real Estate AG       2.500    7/19/2021  EUR   14.737
Bank Otkritie Financial   10.000    4/26/2019  USD    8.360
Grupo Isolux Corsan SA     6.000   12/30/2021  EUR    1.333
Banco Espirito Santo SA    2.625     5/8/2017  EUR   24.862
Pierre & Vacances SA       2.000     4/1/2023  EUR   52.678
Grupo Isolux Corsan SA     0.250   12/30/2021  EUR    0.103
Mallinckrodt Internation   5.750     8/1/2022  USD   64.553
Yuksel Insaat AS           9.500   11/10/2015  USD    1.999
NIBC Bank NV               2.627               USD   58.854
Credit Suisse AG           2.856    2/27/2030  USD  101.730
Air Berlin PLC             6.750     5/9/2019  EUR    2.268
Privatbank CJSC Via UK S  11.000     2/9/2021  USD    0.001
Rallye SA                  3.400    1/31/2022  EUR   17.000
DNB Bank ASA               2.813               USD   60.086
Avangardco Investments P  10.000   10/29/2018  USD    8.250
Banco BPM SpA              1.544               EUR   71.731
Econocom Group SA/NV       0.500     3/6/2023  EUR    7.131
Constellation Oil Servic   6.250    11/9/2019  USD    3.226
Fuerstenberg Capital Ers   1.287               EUR   59.396
Bilt Paper BV              9.640               USD    1.009
KCA Deutag UK Finance PL   9.875     4/1/2022  USD   65.674
Top Gun Realisations 73    8.000     7/1/2023  GBP    1.304
Banco Espirito Santo SA    4.750    1/15/2018  EUR   25.456
Mitsubishi UFJ Investor    3.887   12/30/2099  EUR    4.864
Orient Express Bank PJSC  10.000               USD   41.267
Fortenova Grupa dd         8.875     2/1/2020  USD   18.740
EOS Imaging SA             6.000    5/31/2023  EUR    6.055
Scholz Holding Gmbh        8.500   12/31/2019  EUR    1.625
Transcapitalbank JSC Via  10.000    9/18/2020  USD   56.212
Rickmers Holding AG        8.875    6/11/2018  EUR    1.673
Lambay Capital Securitie   6.250               GBP    1.209
DNB Bank ASA               2.813               USD   59.824
Scandinavian Airlines Sy   0.625               CHF   33.029
House of Fraser Funding    6.512    9/15/2020  GBP    2.687
Virgolino de Oliveira Fi  11.750     2/9/2022  USD    3.125
Nexity SA                  0.125     1/1/2023  EUR   65.936
OGX Austria GmbH           8.375     4/1/2022  USD    0.001
Odea Bank AS               7.625     8/1/2027  USD   70.559
syncreon Group BV / sync   8.625    11/1/2021  USD    6.703
Nexity SA                  0.250     3/2/2025  EUR   68.468
Espirito Santo Financial   6.875   10/21/2019  EUR    0.138
UkrLandFarming PLC        10.875    3/26/2018  USD   10.000
New Look Secured Issuer    4.500     7/1/2022  EUR   24.589
Virgolino de Oliveira Fi  10.500    1/28/2018  USD    3.166
BL Superstores Finance P   5.578    10/4/2025  GBP   99.331
Lecta SA                   6.500     8/1/2023  EUR   40.000
New World Resources NV     8.000     4/7/2020  EUR    1.342
La Financiere Atalian SA   6.625    5/15/2025  GBP   65.535
Fortenova Grupa dd         9.125     2/1/2020  EUR   18.748
FIGEAC-AERO                1.125   10/18/2022  EUR   23.843
Banco Espirito Santo SA    7.125   11/28/2023  EUR    0.156
Aralco Finance SA         10.125     5/7/2020  USD    1.000
Allied Irish Banks PLC    12.500    6/25/2035  GBP   72.000
Dexia Credit Local SA      1.326               EUR    8.674
Mallinckrodt Internation   5.500    4/15/2025  USD   52.541
Rallye SA                  1.000    10/2/2020  EUR   20.271
Afren PLC                  6.625    12/9/2020  USD    0.045
GNB - Cia de Seguros de    3.180               EUR   72.846
Santhera Pharmaceuticals   5.000    2/17/2022  CHF   66.938
OP Corporate Bank plc      0.629               EUR   69.425
Tresu Investment Holding   5.000    9/29/2022  EUR   41.633
Hellenic Bank PCL         10.000               EUR   46.380
Banco Espirito Santo SA    2.238               EUR    0.076
Credit Suisse AG           2.499    8/28/2030  USD   73.550
Hamon & CIE SA             5.500    1/30/2020  EUR   46.750
Barclays Bank PLC          2.938               USD   70.000
KCA Deutag UK Finance PL   9.625     4/1/2023  USD   66.150
NTRP Via Interpipe Ltd    10.250     8/2/2017  USD   30.242
Union Fenosa Preferentes   1.307               EUR   72.000
Eramet                     4.000               EUR   47.955
Air Berlin PLC             5.625     5/9/2019  CHF    2.683
NIBC Bank NV               0.552               EUR   58.833
Dexia SA                   1.405               EUR    8.513
Cirio Holding Luxembourg   6.250    2/16/2004  EUR    1.248
Lehman Brothers UK Capit   3.875               EUR    7.461
Portugal Telecom Interna   6.250    7/26/2016  EUR    1.108
Stichting Afwikkeling On  11.250               EUR    1.336
Mallinckrodt Internation   5.625   10/15/2023  USD   55.394
Virgolino de Oliveira Fi  10.500    1/28/2018  USD    3.166
Alno AG                    8.500    5/14/2018  EUR    6.395
HSBC France SA             0.545               EUR   56.300
OAS Investments GmbH       8.250   10/19/2019  USD    0.307
Norske Skog AS            11.750   12/15/2019  EUR   44.857
Thomas Cook Group PLC      6.250    6/15/2022  EUR   20.295
Kaupthing ehf              7.625    2/28/2015  USD    0.250
BBVA International Prefe   1.640               GBP   63.500
Cattles Ltd                8.125     7/5/2017  GBP    0.237
Banco Santander SA         0.623               EUR   65.980
CBo Territoria             3.750     7/1/2024  EUR    4.760
Alitalia-Societa Aerea I   5.250    7/30/2020  EUR    6.000
Lehman Brothers UK Capit   5.125               EUR    7.572
PNE AG                     3.750   10/10/2019  EUR    3.400
OGX Austria GmbH           8.500     6/1/2018  USD    0.001
New World Resources NV     4.000    10/7/2020  EUR    0.469
EDOB Abwicklungs AG        7.500     4/1/2012  EUR    1.281
Verimatrix SA              6.000    6/29/2022  EUR    3.753
KCA Deutag UK Finance PL   7.250    5/15/2021  USD   65.844
Credit Lyonnais SACA       0.680               EUR   55.000
Capital Raising GmbH       7.500               EUR   59.649
Abengoa Abenewco 2 Bis S   1.500    4/26/2024  USD   11.083
Touax SCA-SGTR-CITE-SGT-   6.000    7/10/2020  EUR   17.128
Hellenic Republic Govern   2.085    7/25/2057  EUR   53.394
Societe Generale SA        0.597               EUR   50.190
Offshore Drilling Holdin   8.375    9/20/2020  USD   32.127
OSX 3 Leasing BV          13.000    3/20/2015  USD   22.029
Stichting Afwikkeling On   6.250   10/26/2020  EUR    1.473
Lloyds Bank PLC            0.516   10/25/2033  USD   65.774
GEWA 5 to 1 GmbH & Co KG   6.500    3/24/2018  EUR    5.750
Mitchells & Butlers Fina   2.911    6/15/2036  GBP   72.333
Waste Italia SpA          10.500   11/15/2019  EUR    0.787
Claranova SADIR            5.000     7/1/2023  EUR    1.120
Russian Federal Bond - O   0.250    7/20/2044  RUB   19.340
Koninklijke Luchtvaart M   0.750               CHF   36.550
International Industrial   9.000     7/6/2011  EUR    0.320
Hellas Telecommunication   6.054    1/15/2015  USD    0.311
Zaklady Miesne Henryk Ka   6.970    3/29/2021  PLN    4.450
WPE International Cooper  10.375    9/30/2020  USD    5.277
German Pellets GmbH        7.250     7/9/2018  EUR    0.581
Afren PLC                 10.250     4/8/2019  USD    0.011
Lloyds Bank PLC            0.516    4/25/2034  USD   72.776
Pizzaexpress Financing 1   8.625     8/1/2022  GBP   29.901
JZ Capital Partners Ltd    6.000    7/30/2021  GBP   10.100
KTG Agrar SE               7.125     6/6/2017  EUR    0.927
Barclays Bank PLC          2.438               USD   70.275
Nostrum Oil & Gas Financ   8.000    7/25/2022  USD   55.537
CBo Territoria             6.000     1/1/2020  EUR    3.730
Lecta SA                   6.375     8/1/2022  EUR   40.640
Afren PLC                 11.500     2/1/2016  USD    0.013
LBI ehf                    6.100    8/25/2011  USD    7.539
Banco Pinto & Sotto Mayo   1.150               EUR   56.050
Deutsche Bank AG/London    0.410   10/31/2034  USD   72.875
Veneto Banca SpA           9.500    12/1/2025  EUR    0.484
CNP Assurances             2.000               EUR   71.000
Lloyds Bank PLC            1.048    2/26/2033  USD   66.670
Barclays Bank PLC          1.750               GBP   69.550
YA Holding AB              7.000    6/18/2022  SEK   61.789
Norske Skog Holding AS     8.000    2/24/2021  EUR    0.359
Del Monte Finance Luxemb   6.625    5/24/2006  EUR    3.229
Deutsche Bank AG/London    0.116    6/30/2034  USD   72.893
Hybrid Raising GmbH        6.625               EUR   59.149
KTG Agrar SE               7.250   10/15/2019  EUR    0.929
OGX Austria GmbH           8.500     6/1/2018  USD    0.001
Cooperatieve Rabobank UA   0.500   10/30/2043  MXN   16.352
Privatbank CJSC Via UK S  10.875    2/28/2018  USD   29.901
Banca Popolare di Vicenz   9.500    9/29/2025  EUR    0.100
BIM SAS                    2.500   11/13/2020  EUR   22.435
EFG International AG       0.791               EUR   38.000
Windreich GmbH             6.500    7/15/2016  EUR    9.631
Lloyds Bank PLC            1.800     7/5/2033  USD   70.365
International Industrial  11.000    2/19/2013  USD    0.411
Lehman Brothers UK Capit   6.900               USD    2.685
Manchester Building Soci   6.750               GBP   13.316
Solstad Offshore ASA       5.050    9/24/2021  NOK    9.617
International Finance Fa   0.500    6/24/2024  ZAR   69.094
SSM Holding AB             8.000     5/9/2020  SEK   71.307
Espirito Santo Financial   9.750   12/19/2025  EUR    0.208
Constellation Oil Servic   9.500    11/9/2024  USD   43.887
Societe Generale SA        1.600     1/9/2020  GBP
Activa Resources AG        0.500   11/15/2021  EUR   17.000
SeniVita Sozial gGmbH      7.000               EUR   58.100
Banco Espirito Santo SA    6.875    7/15/2016  EUR   23.335
Saleza AS                  9.000    7/12/2021  EUR    0.035
ESFIL-Espirito Santo Fin   5.250    6/12/2015  EUR    0.295
Barclays Bank PLC          0.788    6/17/2033  USD   73.719
Thomas Cook Finance 2 PL   3.875    7/15/2023  EUR   19.500
Espirito Santo Financial   3.125    12/2/2018  EUR    0.208
Decipher Production Ltd   12.500    9/27/2019  USD    1.500
Erotik-Abwicklungsgesell   7.750     7/9/2019  EUR    0.779
Praktiker AG               5.875    2/10/2016  EUR    0.089
Breeze Finance SA          6.708    4/19/2027  EUR   28.950
OGX Austria GmbH           8.375     4/1/2022  USD    0.001
Dolphin Drilling ASA       4.490    8/28/2019  NOK    5.431
Officine Maccaferri-SpA    5.750     6/1/2021  EUR   58.304
APP International Financ  11.750    10/1/2005  USD    1.015
Hellas Telecommunication   8.500   10/15/2013  EUR    0.663
Enertronica SpA            7.000   12/31/2022  EUR   60.600
Cirio Del Monte NV         7.750    3/14/2005  EUR    0.369
Banco Espirito Santo SA    2.418               EUR    1.539
Fuerstenberg Capital Dri   5.310               EUR   75.000
EuroChem Mineral & Chemi   7.850    7/19/2023  RUB   71.470
Societe Generale SA       19.760    5/21/2020  USD   68.700
Afren PLC                 10.250     4/8/2019  USD    0.011
Senvion Holding GmbH       3.875   10/25/2022  EUR   28.473
Windreich GmbH             6.500     3/1/2015  EUR    9.631
Elli Investments Ltd      12.250    6/15/2020  GBP   54.125
Barclays Bank PLC          2.875               USD   70.725
Cooperatieve Rabobank UA   0.500    7/30/2043  MXN   16.557
Norske Skog Holding AS     8.000    2/24/2023  USD    0.199
Cirio Finance Luxembourg   7.500    11/3/2002  EUR    3.243
Mifa Mitteldeutsche Fahr   7.500    8/12/2018  EUR    2.320
Kaupthing ehf              5.750    10/4/2011  USD    0.250
KPNQwest NV               10.000    3/15/2012  EUR    0.782
SAG Solarstrom AG          7.500    7/10/2017  EUR   31.000
Alpine Holding GmbH        6.000    5/22/2017  EUR    0.474
Corporate Commercial Ban   8.250     8/8/2014  USD    1.271
Vseukrainsky Aktsinerny   10.900    6/14/2019  USD    1.056
KPNQwest NV                8.875     2/1/2008  EUR    0.788
Cooperatieve Rabobank UA   0.500    2/26/2029  HUF   71.770
Aldesa Financial Service   7.250     4/1/2021  EUR   53.572
Zurcher Kantonalbank Fin  11.880    12/5/2019  USD   54.230
Solship Invest 1 AS        5.000    12/8/2024  NOK   10.543
Mox Telecom AG             7.250    11/2/2017  EUR    1.716
Societe Generale SA       13.200    4/29/2020  USD   40.875
Dogus Holding AS          24.425    7/26/2021  TRY   70.000
Manchester Building Soci   8.000               GBP    8.934
PA Resources AB           13.500     3/3/2016  SEK    0.124
Pescanova SA               8.750    2/17/2019  EUR    0.496
Galapagos Holding SA       7.000    6/15/2022  EUR    7.569
Rosneft Oil Co PJSC        7.950     7/2/2029  RUB   62.630
GE Capital UK Funding Un   2.284     3/5/2038  GBP   71.411
Banca Popolare di Vicenz   2.821   12/20/2017  EUR    0.046
Norske Skogindustrier AS   7.000   12/30/2026  EUR    0.063
Nostrum Oil & Gas Financ   7.000    2/16/2025  USD   57.653
Barclays Bank PLC         10.000    5/28/2020  USD   68.628
A-TEC Industries AG        8.750   10/27/2014  EUR    0.141
Alno AG                    8.000    3/21/2019  EUR    4.010
Bank Nadra Via NDR Finan   8.250    7/31/2018  USD    0.663
Chr Bygga Bostader Holdi   9.000     7/5/2021  SEK   50.000
Kommunekredit              0.500    7/30/2027  TRY   32.675
CRC Breeze Finance SA      6.110     5/8/2026  EUR   45.125
German Pellets GmbH        7.250   11/27/2019  EUR    0.638
Societe Centrale des Boi   2.500    5/15/2023  EUR    6.910
Finmek International SA    7.000    12/3/2004  EUR    2.193
MS Deutschland Beteiligu   6.875   12/18/2017  EUR    2.000
Steilmann SE               7.000     3/9/2017  EUR    1.429
Lehman Brothers UK Capit   5.750               EUR    1.483
Frey                       6.000   11/15/2022  EUR   25.500
Barclays Bank PLC          0.056    5/30/2034  USD   65.552
Astaldi SpA                7.125    12/1/2020  EUR   22.925
Norske Skogindustrier AS   2.000   12/30/2115  EUR    0.001
New World Resources NV     8.000     4/7/2020  EUR    1.342
Sequa Petroleum NV         5.000    4/29/2020  USD   69.472
Banco Espirito Santo SA    6.900    6/28/2024  EUR   24.765
Havila Shipping ASA        6.020    11/7/2020  NOK   60.000
KPNQwest NV                8.125     6/1/2009  USD    0.782
Intralot Capital Luxembo   6.750    9/15/2021  EUR   70.902
Irish Bank Resolution Co   5.454    6/13/2017  HKD   45.254
New Look Secured Issuer    6.500     7/1/2022  GBP   21.817
Deutsche ETP GmbH & Co I   3.000   11/30/2028  EUR   44.950
Boparan Finance PLC        5.500    7/15/2021  GBP   49.468
Lloyds Bank PLC            1.926    7/26/2033  USD   68.404
Tonon Luxembourg SA        9.250    1/24/2020  USD    1.843
Vneshprombank Ltd Via VP   9.000   11/14/2016  USD    0.001
Depfa Funding II LP        6.500               EUR   59.380
BOA Offshore AS            0.409    7/17/2047  NOK    9.127
BNP Paribas SA            13.000    8/24/2027  USD   73.300
Rena GmbH                  7.000   12/15/2015  EUR    2.096
Rena GmbH                  8.250    7/11/2018  EUR    2.096
Intralot Capital Luxembo   5.250    9/15/2024  EUR   51.018
Portigon AG                7.460   12/31/2019  EUR   28.000
Bank Julius Baer & Co Lt   8.450    8/28/2019  CHF   60.100
Agrokor dd Via Aquarius    4.921     8/8/2017  EUR   14.412
Mriya Agro Holding PLC    10.950    3/30/2016  USD    3.011
SAG Solarstrom AG          6.250   12/14/2015  EUR   31.000
Sairgroup Finance BV       4.375     6/8/2006  EUR    9.625
Hema Bondco II BV          8.500    1/15/2023  EUR   71.127
Bulgaria Steel Finance B  12.000     5/4/2013  EUR    0.216
Espirito Santo Financial   5.050   11/15/2025  EUR    0.771
Societe Generale SA       13.000    4/16/2020  USD   52.070
Mriya Agro Holding PLC     9.450    4/19/2018  USD    3.010
Idea Bank SA               5.090    8/14/2020  PLN   59.000
Kirk Beauty One GmbH       8.750    7/15/2023  EUR   64.753
A-TEC Industries AG        2.750    5/10/2014  EUR    0.141
Banca del Monte di Lucca   2.387    6/29/2020  EUR   58.722
TransFin-M PAO            10.250    11/3/2027  RUB  101.000
Podkarpacki Bank Spoldzi   5.090    5/28/2023  PLN   32.220
Finans-Avia OOO           10.000    7/31/2022  RUB    7.380
Boparan Finance PLC        4.375    7/15/2021  EUR   50.260
Portugal Telecom Interna   5.242    11/6/2017  EUR    1.349
Steilmann SE               6.750    6/27/2017  EUR    2.184
Alpine Holding GmbH        5.250     7/1/2015  EUR    0.446
mybet Holding SE           6.250   12/11/2020  EUR   10.000
UniCredit Bank AG          3.150    7/22/2024  EUR   70.420
Golden Gate AG             6.500   10/11/2014  EUR   37.510
Solon SE                   1.375    12/6/2012  EUR    0.488
Afren PLC                  6.625    12/9/2020  USD    0.045
Societe Generale SA       12.000    12/3/2020  USD   73.500
La Financiere Atalian SA   4.000    5/15/2024  EUR   65.540
Caixa Economica Montepio   5.000               EUR   50.000
Afren PLC                 11.500     2/1/2016  USD    0.013
Air Berlin Finance BV      6.000     3/6/2019  EUR    2.510
KPNQwest NV                7.125     6/1/2009  EUR    0.788
Waste Italia SpA          10.500   11/15/2019  EUR    0.787
Vontobel Financial Produ   6.100    1/30/2020  EUR   57.310
Bibby Offshore Services    7.500    6/15/2021  GBP   11.500
Banco Santander SA         2.081               EUR    4.753
Depfa Funding III LP       0.378               EUR   56.280
Virgolino de Oliveira Fi  11.750     2/9/2022  USD    3.682
Tonon Luxembourg SA       12.500    5/14/2024  USD    3.000
Getin Noble Bank SA        4.790    2/15/2021  PLN   60.100
O1 Properties Finance PL   8.250    9/27/2021  USD   68.492
Gebr Sanders GmbH & Co K   8.750   10/22/2018  EUR   16.214
La Financiere Atalian SA   5.125    5/15/2025  EUR   66.214
Getin Noble Bank SA        4.790    8/28/2020  PLN   75.000
Steilmann SE               7.000    9/23/2018  EUR    1.429
Fortenova Grupa dd         8.875     2/1/2020  USD   18.740
German Pellets GmbH        7.250     4/1/2016  EUR    0.864
Natixis SA                 0.300    6/25/2048  USD   47.146
IT Holding Finance SA      9.875   11/15/2012  EUR    0.251
Alpine Holding GmbH        5.250    6/10/2016  EUR    0.446
Bank Julius Baer & Co Lt  15.500     5/4/2020  USD   59.900
Kaupthing ehf              5.750    10/4/2011  USD    0.250
GE Capital European Fund   0.186   10/15/2032  EUR   73.241
Region of Abruzzo Italy    0.150    11/7/2036  EUR   63.949
Spektr OOO                 8.750    3/12/2026  RUB
Lehman Brothers Treasury   2.875    3/14/2013  CHF    3.750
Cooperatieve Rabobank UA   0.500    1/31/2033  MXN   33.112
Ahtium PLC                 4.000   12/16/2015  EUR    0.401
Cooperatieve Rabobank UA   0.500   12/29/2027  MXN   52.749
Otkritie Holding JSC      12.700    9/30/2027  RUB
Norske Skogindustrier AS   7.125   10/15/2033  USD    0.104
Union Technologies Infor   0.100     1/1/2020  EUR    4.860
Deutsche Agrar Holding G   7.250    9/28/2018  EUR    1.254
Stichting Afwikkeling On   2.380               EUR    1.336
Air Berlin Finance BV      8.500     3/6/2019  EUR    2.763
Getin Noble Bank SA        4.540   12/21/2020  PLN   60.050
Governo Portugues Consol   2.750               EUR   73.000
International Bank of Az   8.250    10/9/2024  USD   61.250
EFG International Financ   9.600   10/15/2019  EUR   19.980
Getin Noble Bank SA        4.790    10/7/2020  PLN   74.000
Virgolino de Oliveira Fi  10.875    1/13/2020  USD   15.751
getgoods.de AG             7.750    10/2/2017  EUR    0.126
Havila Shipping ASA        5.000    11/7/2020  NOK   48.000
Fortenova Grupa dd         9.125     2/1/2020  EUR   19.629
syncreon Group BV / sync   8.625    11/1/2021  USD    6.703
Lehman Brothers Treasury   2.144    10/5/2035  EUR    3.400
Getin Noble Bank SA        4.790   11/30/2020  PLN   65.000
PA Urals Optical & Mecha   9.400    5/24/2029  RUB  101.510
O1 Group Finance OOO      11.000    4/22/2027  RUB    1.190
Pierre & Vacances SA       3.500    10/1/2019  EUR   36.368
Moby SpA                   7.750    2/15/2023  EUR   29.388
Region of Molise Italy     0.141   12/15/2033  EUR   59.614
Getin Noble Bank SA        4.790    11/9/2020  PLN   74.000
RENE LEZARD Mode GmbH      7.250   11/25/2017  EUR    1.010
Ahtium PLC                 9.750     4/4/2017  EUR    0.991
Neftegazholding AO         0.010    7/21/2020  RUB   75.000
Municipality Finance PLC   0.500    6/19/2024  ZAR   69.393
Veneto Banca SpA           6.411               EUR    1.000
Banco Espirito Santo SA   10.000    12/6/2021  EUR    0.156
UniCredit Bank AG          5.200    1/14/2021  USD   55.150
Hamburgische Landesbank-   0.012   10/30/2040  EUR   66.709
Sberbank of Russia PJSC    7.550    7/12/2021  RUB   71.470
Zaklady Miesne Henryk Ka   6.970    3/29/2021  PLN    3.630
Privatbank CJSC Via UK S  10.875    2/28/2018  USD   29.901
AKB Peresvet ZAO           0.510    2/14/2032  RUB    6.500
Republic of Italy Govern   0.047    7/31/2035  EUR   73.424
SiC Processing GmbH        7.125     3/1/2016  EUR    2.715
La Financiere Atalian SA   6.625    5/15/2025  GBP   65.823
Marine Subsea AS           9.000   12/16/2019  USD    0.688
DZ Bank AG Deutsche Zent   5.000    9/27/2019  EUR   50.570
Deutsche Bank AG/London    0.716    9/30/2029  USD   68.625
Tonon Luxembourg SA        9.250    1/24/2020  USD    1.843
Phosphorus Holdco PLC     10.000     4/1/2019  GBP    3.303
New Look Secured Issuer    4.500     7/1/2022  EUR   24.589
PSN Pm OOO                 9.500    9/10/2026  RUB   11.200
Raiffeisen Centrobank AG   6.250   11/12/2019  EUR   47.000
Plaza Centers NV           6.000     7/1/2020  ILS   20.200
Mobile TeleSystems PJSC    7.900     7/8/2026  RUB   71.470
Norske Skog Holding AS     8.000    2/24/2021  EUR    0.359
State of Saxony-Anhalt     0.134     7/3/2028  EUR   42.000
UkrLandFarming PLC        10.875    3/26/2018  USD   10.000
Heta Asset Resolution AG   0.142   12/31/2023  EUR    1.669
A-TEC Industries AG        5.750    11/2/2010  EUR    0.141
Forthnet SA                1.000   10/11/2025  EUR   20.000
Bank Soyuz AO              7.550    6/11/2020  RUB   98.000
Virgolino de Oliveira Fi  10.875    1/13/2020  USD   15.751
SpareBank 1 SR-Bank ASA    1.426   12/21/2030  EUR   68.957
Cooperatieve Rabobank UA   0.500   10/29/2027  MXN   54.552
Otkritie Holding JSC      12.620    4/25/2028  RUB
Russian Railways JSC       3.300   11/29/2028  RUB
Credit Suisse AG/Nassau    8.250     9/3/2019  CHF   68.140
Bank Julius Baer & Co Lt  10.060    4/27/2020  CHF   63.050
Stichting Afwikkeling On   6.625    5/14/2018  EUR    1.473
OAS Investments GmbH       8.250   10/19/2019  USD    0.307
UAHM-Finance OOO           5.000    7/25/2025  RUB   98.170
Royalbeach Spielwaren Un   7.375   11/10/2020  EUR    2.400
Ideal Standard Internati  11.750     5/1/2018  EUR    0.050
Anglian Water Services F   1.152    1/26/2057  GBP   73.545
Barclays Bank PLC          0.356   10/30/2034  USD   72.500
Landesbank Hessen-Thueri   0.106    4/23/2041  EUR   70.005
Bank Otkritie Financial   10.000    4/26/2019  USD    8.360
Sberbank of Russia PJSC    1.350     2/9/2023  RUB   71.470
Eniro AB                   6.000    4/14/2020  SEK   31.618
Teksid Aluminum Luxembou  12.375    7/15/2011  EUR    0.117
Societe Generale SA        9.000    7/22/2022  USD   32.000
Podkarpacki Bank Spoldzi   4.990    10/6/2021  PLN   44.100
Lehman Brothers Treasury   2.144    11/2/2035  EUR    3.400
Norddeutsche Landesbank-   6.350    9/27/2019  EUR   36.740
Leonteq Securities AG/Gu  11.000   10/31/2019  USD   65.490
Hamburgische Landesbank-   0.010    1/22/2041  EUR   65.342
Norske Skogindustrier AS   7.125   10/15/2033  USD    0.104
Sberbank of Russia PJSC    0.875    2/15/2023  RUB   71.470
Kardan NV                  6.775     2/2/2020  ILS   25.540
Vontobel Financial Produ   6.500    3/27/2020  EUR   71.150
Sberbank of Russia PJSC    0.880    2/17/2023  RUB   71.470
Lehman Brothers Treasury   2.144    3/16/2035  EUR    3.400
Podkarpacki Bank Spoldzi   5.790    3/31/2025  PLN
Stichting Afwikkeling On   8.450    8/20/2018  USD    1.473
Finance and Credit Bank    9.250    1/25/2019  USD    0.720
Erste Group Bank AG        4.350    2/20/2022  EUR   69.500
DZ Bank AG Deutsche Zent   8.000   12/23/2019  EUR   57.530
SALVATOR Vermoegensverwa   9.500   12/31/2021  EUR    6.200
Pescanova SA               5.125    4/20/2017  EUR    0.496
Norske Skog Holding AS     8.000    2/24/2023  USD    0.199
Top Gun Realisations 73    8.000     7/1/2023  GBP    1.304
Rosneft Oil Co PJSC        7.350   11/25/2026  RUB  100.000
Societe Generale SA       12.000     7/8/2021  USD   65.850
TGC-1 PJSC                 5.800    2/14/2022  RUB   66.000
Bulgaria Steel Finance B  12.000     5/4/2013  EUR    0.216
Getin Noble Bank SA        4.790    3/12/2021  PLN   66.000
Cooperativa Muratori & C   6.000    2/15/2023  EUR    3.630
UBS AG/London              6.250    8/28/2019  EUR   46.650
Landesbank Baden-Wuertte   4.750    3/27/2020  EUR   71.680
Kardan NV                  6.325    9/22/2019  ILS   16.260
Credit Suisse AG/London   12.250    10/7/2019  USD   45.330
Commerzbank AG             3.380    4/19/2021  USD   65.920
BLT Finance BV            12.000    2/10/2015  USD   10.500
Constellation Oil Servic   6.250    11/9/2019  USD    3.226
SAir Group                 2.125    11/4/2004  CHF    7.875
Russian Railways JSC       9.700    5/22/2046  RUB  109.990
EFG International Financ   6.400     4/9/2020  EUR   66.960
Getin Noble Bank SA        4.790     4/7/2021  PLN   65.000
Credit Suisse AG/London    9.000    3/19/2021  USD    9.194
Russian Helicopters JSC   11.900    1/15/2026  RUB  109.800
Cooperatieve Rabobank UA   0.500   11/30/2027  MXN   52.650
HSBC Bank PLC              0.500    7/11/2023  BRL   74.715
International Finance Fa   0.500    6/29/2027  ZAR   50.934
Sberbank of Russia PJSC    7.550    7/12/2021  RUB   71.470
mybet Holding SE           6.250   12/12/2020  EUR    1.000
UBS AG/London              9.000   11/18/2019  CHF   68.800
SAir Group                 5.125     3/1/2003  CHF   13.500
ROSSETI PJSC               9.150    8/18/2026  RUB   60.060
Rosbank PJSC               0.040    4/30/2024  RUB  100.000
Norddeutsche Landesbank-   4.500    8/27/2019  EUR   48.360
Commerzbank AG             1.000    11/2/2020  USD    8.110
Podkarpacki Bank Spoldzi   5.790     7/2/2020  PLN   61.500
Astana Finance BV          7.875     6/8/2010  EUR   16.000
Republic of Italy Govern   0.365    5/31/2035  EUR   74.545
Odea Bank AS               7.625     8/1/2027  USD   70.303
UniCredit Bank AG          4.000    5/14/2020  EUR   64.720
Credit Suisse AG/London   10.000    4/20/2020  USD   65.190
O1 Properties Finance ZA  13.000    10/2/2020  RUB   90.000
Sibur Holding PAO          9.650    9/16/2026  RUB   66.000
Finans-Avia OOO            0.010    7/31/2027  RUB    3.670
Leonteq Securities AG/Gu   6.920   11/13/2019  EUR   70.000
WEB Windenergie AG         6.250               EUR   61.322
Cooperativa Muratori & C   6.875     8/1/2022  EUR    3.500
Norske Skogindustrier AS   7.000   12/30/2026  EUR    0.063
Cooperatieve Rabobank UA   0.500    8/21/2028  MXN   48.953
Plaza Centers NV           6.900     7/1/2020  ILS   21.020
Podkarpacki Bank Spoldzi   5.790   10/24/2024  PLN   40.000
Province of Brescia Ital   0.069   12/22/2036  EUR   59.886
SAir Group                 0.125     7/7/2005  CHF    8.767
Leonteq Securities AG/Gu   2.750    9/15/2022  CHF   33.420
Credit Suisse AG/London    8.000   11/29/2019  USD    2.508
Gazprombank JSC            8.200     1/5/2025  RUB   71.470
COFIDUR SA                 0.100   12/31/2024  EUR   24.540
WPE International Cooper  10.375    9/30/2020  USD    5.277
Heta Asset Resolution AG   7.500   12/31/2023  ATS    1.669
Northland Resources AB     4.000   10/15/2020  NOK    0.138
UBS AG/London             12.000     5/4/2020  USD   70.840
ROSSETI PJSC               9.150    8/18/2026  RUB   60.060
Veneto Banca SpA           6.944    5/15/2025  EUR    0.093
Fortenova Grupa dd         9.875     5/1/2019  EUR   20.218
HPI AG                     3.500               EUR    2.333
Credit Suisse AG/London    9.750    2/18/2020  USD   54.350
Leonteq Securities AG/Gu   2.300    2/21/2020  EUR   40.150
SAir Group                 4.250     2/2/2007  CHF    7.875
Espirito Santo Financial   5.125    5/30/2016  EUR    1.627
Norddeutsche Landesbank-   5.000   10/23/2019  EUR   57.030
Landesbank Baden-Wuertte   5.000    5/22/2020  EUR   68.930
DekaBank Deutsche Giroze  10.150    11/1/2019  EUR   61.520
Bank Julius Baer & Co Lt  11.250     9/4/2019  EUR   57.650
EFG International Financ   9.800    9/21/2021  EUR   59.000
SG Issuer SA               4.000    6/22/2026  EUR   51.310
Societe Generale SA       10.000    6/26/2025  USD   73.400
Rosselkhozbank JSC         0.000    2/13/2025  RUB   63.080
SAir Group                 5.500    7/23/2003  CHF    7.875
Minicentrales Dos SA       0.010     6/6/2047  EUR   65.750
Petromena ASA              9.750    5/24/2016  NOK    0.607
Northland Resources AB    15.000    7/15/2019  USD    2.621
UBS AG/London             10.000     2/6/2020  EUR   68.440
Natixis SA                 3.100    8/27/2019  USD   64.116
VTB Bank PJSC              3.000    9/18/2046  RUB   71.000
Atari SA                   0.100     4/1/2020  EUR    6.500
UAHM-Finance OOO           4.000    3/28/2023  RUB   20.000
Landesbank Schleswig-Hol   2.698     1/5/2040  USD   48.463
Credit Suisse AG/London    6.250   11/28/2025  USD   11.623
Espirito Santo Financial   0.466   10/27/2024  EUR    2.419
Solarwatt GmbH             7.000    11/1/2015  EUR   15.500
Sairgroup Finance BV       6.625    10/6/2010  EUR    9.664
Kaupthing ehf              9.000               USD    0.122
House of Fraser Funding    6.512    9/15/2020  GBP    3.105
Rio Forte Investments SA   4.000    7/22/2014  EUR    5.228
Tonon Luxembourg SA       12.500    5/14/2024  USD    3.000
Societe Generale SA        9.000     2/3/2021  USD   55.600
Credit Suisse AG/Nassau    8.000    9/11/2019  CHF   67.920
UBS AG/London              8.500     1/6/2020  EUR   41.800
UniCredit Bank AG          6.600    7/20/2028  EUR   34.010
DZ Bank AG Deutsche Zent   4.400    9/23/2019  EUR   65.920
Erste Group Bank AG        6.000   10/30/2023  EUR   74.900
SG Issuer SA               5.000     4/2/2024  EUR   61.590
Lehman Brothers Treasury  10.442   11/22/2008  CHF    2.571
Zurcher Kantonalbank Fin  13.550    8/29/2019  CHF   61.580
Bank Julius Baer & Co Lt   6.000   12/29/2020  USD   74.400
Commerzbank AG             3.450   12/23/2019  GBP   72.650
Getin Noble Bank SA        5.790    8/30/2024  PLN   50.000
Bank Julius Baer & Co Lt   7.200   11/11/2019  CHF   59.900
DekaBank Deutsche Giroze   7.000    2/28/2020  EUR   69.440
Praim Finans OOO           9.640    7/13/2021  RUB    0.010
Leonteq Securities AG/Gu   2.380   10/14/2019  EUR
Fast Finance SA           10.500    1/15/2021  PLN    5.000
Russian Railways JSC       5.300    5/30/2040  RUB
Veneto Banca SpA           6.950    2/25/2025  EUR    0.100
Astana Finance BV          9.000   11/16/2011  USD   15.213
Grupo Isolux Corsan SA     0.250   12/30/2018  EUR    0.102
Region Invest OOO         10.500    9/12/2019  RUB   50.000
UBS AG/London             12.000    6/19/2020  USD   64.340
Credit Suisse AG/Nassau    5.500    2/17/2020  CHF   62.970
Rosbank PJSC               0.030    4/30/2024  RUB  100.000
Samaratransneft-Terminal  12.000    4/27/2022  RUB   16.050
Lehman Brothers Treasury   4.000   10/12/2010  USD    2.571
Barclays Bank PLC          0.500    1/28/2033  MXN   32.287
Deutsche Bank AG/London    2.000   10/25/2023  TRY   55.084
SG Issuer SA               6.800     1/6/2020  USD   42.900
Deutsche Bank AG           4.200    9/24/2019  EUR   71.140
Leonteq Securities AG/Gu   1.760     4/2/2020  EUR   39.930
UBS AG/London              6.500    3/30/2020  CHF   58.950
Landesbank Hessen-Thueri   3.000     7/6/2021  EUR   61.500
Bayerische Landesbank      3.000     9/4/2020  EUR   74.440
Volga Sport ZAO            7.880     4/4/2022  RUB   75.000
Metalloinvest Holding Co   0.010     3/7/2022  RUB   67.000
Otkritie Holding JSC      12.420     8/5/2025  RUB
Aralco Finance SA         10.125     5/7/2020  USD    1.580
AKB Peresvet ZAO          13.000    10/7/2017  RUB   18.875
Natixis Structured Issua   1.125     8/9/2021  USD   70.137
Leonteq Securities AG/Gu   3.400    3/20/2024  CHF   51.380
Russian Railways JSC       6.200    9/19/2033  RUB
Mriya Agro Holding PLC    10.950    3/30/2016  USD    3.011
Irish Bank Resolution Co   6.750   11/30/2013  BGN   45.548
Mriya Agro Holding PLC     9.450    4/19/2018  USD    3.010
Russian Railways JSC       6.200    9/20/2039  RUB   91.000
Banca Popolare di Vicenz   9.500    10/2/2025  EUR    0.100
Windreich GmbH             6.750     3/1/2015  EUR    9.631
Lloyds Bank PLC            0.500    7/26/2028  MXN   49.249
Raiffeisen Centrobank AG   5.200   12/30/2019  EUR   44.010
Erste Group Bank AG        5.550    8/30/2022  EUR   71.650
Transneft PJSC             8.750    4/14/2027  RUB   74.100
Raiffeisen Centrobank AG   5.200     2/3/2020  EUR   42.310
Muehl Product & Service    6.750    3/10/2005  DEM    0.010
Kaupthing ehf              6.125    10/4/2016  USD    0.250
Russian Railways JSC      10.300     4/3/2026  RUB  109.270
Northland Resources AB     4.000   10/15/2020  USD    0.138
Elli Investments Ltd      12.250    6/15/2020  GBP   54.125
Bayerische Landesbank      2.300    8/28/2020  EUR   73.360
Natixis SA                 3.100    7/26/2021  USD   50.850
Commerzbank AG             3.900    3/23/2022  USD    6.300
Leonteq Securities AG/Gu   8.000   12/27/2019  EUR   40.860
Raiffeisen Centrobank AG   7.000   10/25/2019  EUR   55.120
Societe Generale SA        8.000     8/9/2022  USD   33.300
Raiffeisen Schweiz Genos   6.450    5/25/2020  CHF   58.930
Leonteq Securities AG/Gu  12.000   10/23/2019  CHF   40.170
UBS AG/London             12.000    10/7/2019  CHF   40.900
Leonteq Securities AG/Gu   7.000   11/13/2019  CHF   54.270
Societe Generale SA       14.720    6/25/2021  USD   73.800
KPNQwest NV                8.875     2/1/2008  EUR    0.788
Turkey Government Bond     8.000    3/12/2025  TRY   71.000
Bank Otkritie Financial    0.010    9/24/2025  RUB   57.810
Region Invest OOO          7.850     5/4/2021  RUB    1.250
Eirles Two DAC             2.894    2/13/2046  USD   71.593
Samaratransneft-Terminal  12.000    9/20/2022  RUB    0.110
Leonteq Securities AG/Gu   7.600    12/4/2019  CHF   68.980
Landesbank Hessen-Thueri   2.600    7/29/2020  EUR   66.300
DZ Bank AG Deutsche Zent   7.750    9/23/2019  EUR   64.390
Credit Suisse AG/Nassau    8.000   11/15/2019  CHF   66.150
Russian Railways JSC       5.300    2/28/2040  RUB
Russian Railways JSC       5.300    2/28/2040  RUB
Leonteq Securities AG/Gu  16.000    2/20/2020  CHF   73.540
Credit Suisse AG/London    7.250    8/26/2019  CHF   65.980
Bank Julius Baer & Co Lt  11.000   10/10/2019  EUR   62.100
Bayerische Landesbank      2.900    9/20/2019  EUR   55.810
WEB Windenergie AG         6.500               EUR   70.010
SAir Group                 6.250   10/27/2002  CHF    7.255
Lehman Brothers Treasury  13.500   11/28/2008  USD    2.571
SAir Group                 6.250    4/12/2005  CHF    7.255
Lehman Brothers Treasury   6.000    3/18/2015  USD    3.400
Samaratransneft-Terminal  17.000    6/20/2021  RUB   12.330
Rosbank PJSC               0.020    4/30/2024  RUB  100.000
Banque Federative du Cre   0.746               EUR   61.250
Kaupthing ehf              4.390   10/14/2008  CZK    0.250
DekaBank Deutsche Giroze   4.250     3/6/2020  EUR   75.650
UBS AG/London              7.000    9/26/2019  EUR   42.810
Getin Noble Bank SA        5.790    6/28/2024  PLN   60.000
Erste Group Bank AG        5.800    1/31/2023  EUR   56.950
UBS AG/London              6.500   12/30/2019  CHF   72.650
Centralnaya Prigorodnaya   7.550   12/15/2027  RUB   65.900
Credit Suisse AG/Nassau    8.000    9/23/2019  CHF   62.420
Corner Banca SA            7.600     2/2/2021  CHF   59.700
Raiffeisen Schweiz Genos   5.700   11/14/2019  EUR   62.190
Leonteq Securities AG/Gu   6.000    1/30/2020  CHF   58.150
Corner Banca SA           14.200    11/6/2019  CHF   68.460
DZ Bank AG Deutsche Zent   8.500    9/25/2019  EUR   52.770
Getin Noble Bank SA        6.790    1/31/2024  PLN   75.000
Sviaz Bank OAO             8.100    12/9/2021  RUB   61.310
Landesbank Hessen-Thueri   2.750    5/20/2021  EUR   59.100
Rosneft Oil Co PJSC        8.700    3/23/2029  RUB   60.060
DekaBank Deutsche Giroze   4.400    9/25/2019  EUR   77.900
Getin Noble Bank SA        6.790    8/31/2023  PLN   60.000
Getin Noble Bank SA        5.790   12/12/2022  PLN   60.000
Lehman Brothers Treasury   7.500    7/31/2013  GBP    2.571
Lehman Brothers Treasury   5.103    6/22/2046  EUR    2.571
Resursosberezhenie HMAO   10.000    6/17/2031  RUB   68.770
Grupo Isolux Corsan SA     6.000   12/30/2021  USD    1.333
Grupo Isolux Corsan SA     0.250   12/30/2021  USD    0.100
Phosphorus Holdco PLC     10.000     4/1/2019  GBP    3.303
Kaupthing ehf              9.750    9/10/2015  USD    0.250
Kommunalbanken AS          5.000   10/11/2022  TRY   75.493
Otkritie Holding JSC      12.140    10/3/2036  RUB    0.074
Municipality Finance PLC   0.250    6/28/2040  CAD   36.277
Raiffeisen Centrobank AG   4.737   12/27/2019  EUR   70.480
UniCredit Bank AG          6.900     1/3/2020  EUR   45.660
Bayerische Landesbank      3.300   10/30/2020  EUR   56.560
Credit Suisse AG/London    8.000   11/17/2021  USD   10.089
UBS AG/London              6.000    8/29/2019  CHF   65.350
UBS AG/London             11.000    9/30/2019  CHF   48.250
Raiffeisen Schweiz Genos   3.000    9/22/2020  CHF    9.160
Er-Telekom Holding ZAO    10.850    12/1/2021  RUB   60.060
UniCredit Bank AG          3.750     9/7/2020  EUR   27.000
Russian Railways JSC       5.600    5/20/2044  RUB
Vontobel Financial Produ   6.000    8/29/2019  EUR   49.200
EFG International Financ  11.400     9/5/2019  CHF   71.890
HSBC Trinkaus & Burkhard   8.200   12/27/2019  EUR   59.580
Metalloinvest Holding Co   0.010     3/7/2022  RUB   63.000
National Capital JSC      10.000    9/15/2020  RUB  100.000
SG Issuer SA               5.000    5/23/2024  EUR   62.350
Rosselkhozbank JSC        12.870   12/21/2021  RUB  116.000
VTB Bank PJSC              3.000    8/14/2043  RUB   71.000
Lehman Brothers Treasury   1.750     2/7/2010  EUR    2.571
Lehman Brothers Treasury   6.650    8/24/2011  AUD    3.400
J&T Banka AS               9.000               EUR   71.853
Lehman Brothers Treasury   6.300   12/21/2018  USD    2.571
Lehman Brothers Treasury   8.000   12/27/2032  JPY    2.571
Bank Otkritie Financial    0.010    7/16/2025  RUB   59.880
La Veggia Finance SA       7.125   11/14/2004  EUR    0.287
OOO SPV Structural Inves   0.010     9/1/2023  RUB   66.740
Kaupthing ehf              3.750     2/1/2045  USD    0.100
Mobylife Holding A/S       7.250    5/23/2020  SEK    8.125
UniCredit Bank AG          4.200     1/3/2020  EUR   57.080
Natixis SA                 3.690    11/9/2020  USD   55.084
Zurcher Kantonalbank Fin   7.500    9/27/2019  CHF   72.480
UBS AG/London             11.000     3/6/2020  USD   61.450
Vontobel Financial Produ  12.080   10/31/2019  EUR   56.780
Raiffeisen Centrobank AG  10.000    5/11/2020  EUR   53.440
Bank Julius Baer & Co Lt   5.750    9/12/2019  CHF   69.450
Credit Suisse AG/Nassau    8.000    8/26/2019  CHF   66.700
Landesbank Baden-Wuertte   2.500   10/23/2020  EUR   45.720
DekaBank Deutsche Giroze   9.600   10/16/2020  EUR   71.710
DZ Bank AG Deutsche Zent   8.750    9/25/2019  EUR   66.600
Credit Suisse AG/London   13.500    8/20/2020  USD    9.620
United Confectioners Fin   8.000     4/3/2023  RUB   71.000
Credit Suisse AG/Nassau    8.250   10/31/2019  CHF   64.920
Landesbank Hessen-Thueri   6.000    8/25/2023  EUR   49.720
Vivid Games SA             7.720     5/5/2020  PLN   70.000
Bank Soyuz AO              7.550   11/22/2019  RUB  100.040
Main Road JSC              4.000   10/30/2028  RUB   69.720
SG Issuer SA               7.350    9/30/2019  CHF   51.150
Irish Bank Resolution Co   4.000    4/23/2018  EUR   45.448
Lehman Brothers Treasury  16.000   10/28/2008  USD    2.571
AKB Peresvet ZAO          13.250    4/25/2018  RUB   18.875
Kaupthing ehf              5.250    7/18/2017  BGN    0.250
Bibby Offshore Services    7.500    6/15/2021  GBP   11.500
Espirito Santo Financial   5.050   11/15/2025  EUR    0.305
Rio Forte Investments SA   3.900    7/10/2014  USD    5.250
ECM Real Estate Investme   5.000    10/9/2011  EUR   15.375
Cerruti Finance SA         6.500    7/26/2004  EUR    1.904
Lehman Brothers Treasury   6.000    6/21/2011  EUR    2.571
Raiffeisen Centrobank AG   5.500    12/6/2019  EUR   60.960
Zurcher Kantonalbank Fin   5.265    9/20/2019  EUR   58.130
Leonteq Securities AG/Gu   7.000    12/4/2019  CHF   58.000
UBS AG/London             10.500    2/28/2020  CHF   40.050
Credit Suisse AG/Nassau    8.000     9/2/2019  CHF   57.220
Getin Noble Bank SA        6.290    5/31/2024  PLN   50.000
Getin Noble Bank SA        6.790     4/4/2024  PLN   61.200
Getin Noble Bank SA        6.790    4/29/2024  PLN   62.500
Leonteq Securities AG     10.200    9/18/2019  CHF   70.620
Raiffeisen Centrobank AG   6.000    7/21/2020  EUR   50.480
Leonteq Securities AG     11.350   12/27/2019  CHF   49.060
UBS AG/London              6.500    2/14/2020  USD   47.700
UBS AG/London             10.750     6/8/2020  CHF   64.950
EFG International Financ   6.400    6/22/2020  CHF   57.650
Landesbank Baden-Wuertte   3.000    4/24/2020  EUR   74.980
Landesbank Hessen-Thueri   5.900    8/25/2023  EUR   71.860
Getin Noble Bank SA        6.790   12/21/2023  PLN   72.000
Getin Noble Bank SA        5.790    7/26/2024  PLN   60.000
Credit Suisse AG/Nassau    8.500     9/2/2019  EUR   66.060
Landesbank Baden-Wuertte   2.230    5/22/2020  EUR   67.740
Landesbank Baden-Wuertte   4.000    4/24/2020  EUR   34.170
Credit Suisse AG/Nassau    8.500   12/20/2019  CHF   71.200
Getin Noble Bank SA        6.790    4/28/2023  PLN   60.000
Getin Noble Bank SA        6.790    5/31/2023  PLN   60.000
Leonteq Securities AG/Gu  10.000   10/30/2019  CHF   59.330
Societe Generale SA        8.000   10/31/2019  USD   43.860
Getin Noble Bank SA        6.790   11/30/2023  PLN   66.000
Danske Bank A/S           10.300     7/9/2023  SEK   49.700
Bank Julius Baer & Co Lt   9.600   10/21/2019  CHF   59.700
Leonteq Securities AG/Gu   2.800   10/14/2019  EUR
Home Money LLC            16.000    4/19/2022  RUB    0.220
Norddeutsche Landesbank-   5.000     5/6/2020  EUR   69.410
Getin Noble Bank SA        6.790    11/9/2023  PLN   60.000
Metalloinvest Holding Co   0.010    3/10/2022  RUB   70.000
Landesbank Baden-Wuertte   2.530    9/27/2019  EUR   50.740
Leonteq Securities AG/Gu  11.600   10/16/2019  CHF   64.820
Credit Suisse AG/Nassau   10.000    9/30/2019  CHF   48.580
Getin Noble Bank SA        6.790    7/28/2023  PLN   60.000
SG Issuer SA               5.500    4/10/2021  EUR   69.560
Russian Railways JSC       5.600    8/18/2033  RUB   60.060
Credit Suisse AG           0.500   12/16/2025  BRL   60.907
Centrosolar Group AG       7.000    2/15/2016  EUR    2.387
Deutsche Bank AG/London    0.500     4/5/2038  MXN   19.775
AKB Peresvet ZAO           0.510     8/4/2034  RUB
Lehman Brothers Treasury   5.000     5/2/2022  EUR    2.571
Heta Asset Resolution AG   0.250   12/31/2023  EUR    1.669
SAir Group                 2.750    7/30/2004  CHF    7.875
Norske Skogindustrier AS   2.000   12/30/2115  EUR    0.001
Pescanova SA               6.750     3/5/2015  EUR    0.451
Lehman Brothers Treasury  10.000    6/11/2038  JPY    2.571
Hellas Telecommunication   8.500   10/15/2013  EUR    0.663
LBI ehf                    2.250    2/14/2011  CHF    7.539
Raiffeisen Schweiz Genos   5.250     2/9/2021  CHF   40.840
Landesbank Hessen-Thueri   4.000    8/26/2020  EUR   53.800
Leonteq Securities AG/Gu   6.600    6/30/2020  CHF   61.500
UBS AG/London             11.000    3/20/2020  USD   73.320
Deutsche Bank AG           4.200   12/24/2019  EUR   74.100
Credit Suisse AG/Nassau    8.250    9/23/2019  EUR   68.440
Leonteq Securities AG      2.750    3/20/2020  CHF   53.670
Societe Generale SA        8.600    7/29/2022  USD   45.400
Credit Suisse AG/London    8.000     4/6/2022  USD    9.970
Bayerische Landesbank      2.200    7/16/2021  EUR   69.930
DekaBank Deutsche Giroze   2.250    1/22/2021  EUR   59.730
Landesbank Baden-Wuertte   2.650    9/25/2020  EUR   68.780
Bank Julius Baer & Co Lt   7.700    9/20/2019  USD   38.450
Leonteq Securities AG      8.000    9/25/2019  CHF   57.500
Raiffeisen Schweiz Genos   6.500   12/18/2019  CHF   46.990
Raiffeisen Switzerland B   7.080    2/15/2021  EUR   73.560
Leonteq Securities AG      5.000     9/2/2020  CHF   67.710
EFG International Financ  12.500   10/24/2019  USD   53.930
getBACK SA                 5.720    2/16/2021  PLN
UBS AG/London              7.000   10/26/2020  CHF   67.900
UBS AG/London              7.000     6/8/2020  CHF   63.800
Leonteq Securities AG/Gu  11.000   11/11/2019  CHF   46.810
Leonteq Securities AG      3.000    9/19/2019  CHF
Societe Generale SA        7.000   10/20/2020  USD    0.190
HSBC Trinkaus & Burkhard   7.650     4/1/2020  EUR   69.270
Leonteq Securities AG      3.900   12/20/2024  CHF   54.840
Leonteq Securities AG      9.400     9/4/2019  CHF   57.100
City of Predeal Romania    4.500    5/15/2026  RON   68.000
Credit Suisse AG/Nassau    8.250    11/7/2019  EUR   71.170
Credit Suisse AG/Nassau    8.000    11/8/2019  CHF   64.630
Bank Julius Baer & Co Lt   7.700   11/11/2019  EUR   60.000
Bank Julius Baer & Co Lt  10.800    1/21/2020  USD   63.450
Russian Railways JSC       5.600    5/29/2035  RUB
Societe Generale SA        3.080    1/31/2033  USD   68.400
Basler Kantonalbank        5.000    10/1/2019  CHF   67.700
VTB Bank PJSC              3.000     9/1/2044  RUB   71.000
UBS AG/London             12.000    9/12/2019  CHF   62.350
Leonteq Securities AG/Gu  13.000   12/10/2019  USD   64.120
Bank Julius Baer & Co Lt   8.000   10/31/2019  CHF   54.900
Corner Banca SA           10.600    1/13/2020  CHF   62.370
UniCredit Bank AG          6.600    8/12/2020  EUR   68.280
Leonteq Securities AG/Gu  10.200   12/17/2019  EUR   69.010
DZ Bank AG Deutsche Zent   5.000    9/25/2019  EUR   27.370
Raiffeisen Centrobank AG   5.250    5/15/2020  EUR   66.130
TransFin-M PAO            10.500    2/26/2025  RUB   71.000
getBACK SA                 5.720    4/30/2021  PLN
SG Issuer SA               0.800   11/30/2020  SEK   14.820
Lehman Brothers Treasury   8.280    7/31/2013  GBP    2.571
Lehman Brothers Treasury   3.600    3/19/2018  JPY    2.571
Bilt Paper BV              9.640               USD    1.009
Lehman Brothers Treasury   2.000    6/28/2011  EUR    2.571
Lehman Brothers Treasury  10.000   10/22/2008  USD    2.571
Nota-Bank OJSC            13.500     4/1/2016  RUB   31.500
MIK OAO                   15.000    2/19/2020  RUB    6.700
Otkritie Holding JSC      12.420    7/20/2028  RUB    6.060
Lehman Brothers Treasury  11.750     3/1/2010  EUR    2.571
ECM Real Estate Investme   5.000    10/9/2011  EUR   15.375
Lehman Brothers Treasury   0.500   12/20/2017  AUD    2.571
New World Resources NV     4.000    10/7/2020  EUR    0.469
Lehman Brothers Treasury   8.050   12/20/2010  HKD    2.571
Kommunalbanken AS          4.800    12/1/2022  TRY   74.058
EDOB Abwicklungs AG        7.500     4/1/2012  EUR    1.281
Kaupthing ehf              6.500    10/8/2010  ISK    0.250
Heta Asset Resolution AG   5.030   12/31/2023  EUR    1.669
Windreich GmbH             6.250     3/1/2015  EUR    9.631
AKB Peresvet ZAO           0.510    6/23/2021  RUB   17.430
Minicentrales Dos SA       0.010     6/6/2047  EUR   65.750
Raiffeisen Centrobank AG   8.000     3/3/2020  EUR   56.020
Leonteq Securities AG/Gu   6.400   10/16/2019  CHF   58.840
EFG International Financ   6.400   10/26/2020  CHF   68.720
EFG International Financ   8.200    1/18/2021  CHF   74.180
Leonteq Securities AG/Gu   7.000    1/29/2020  CHF   65.070
UBS AG/London              6.000    5/27/2021  EUR   73.300
Bayerische Landesbank      3.100    10/4/2019  EUR   52.400
Raiffeisen Schweiz Genos   6.500    9/12/2019  EUR   62.140
Leonteq Securities AG/Gu  10.000     2/8/2021  USD   65.200
Bayerische Landesbank      5.300   10/25/2019  EUR   68.690
Landesbank Hessen-Thueri   6.400    8/18/2020  EUR   44.280
Macquarie Internationale  11.550    8/28/2023  ZAR   17.321
Leonteq Securities AG/Gu  13.000    9/18/2019  USD   33.600
Raiffeisen Schweiz Genos   9.500   12/15/2020  CHF   66.560
HSBC Trinkaus & Burkhard   4.000    1/17/2020  EUR   72.140
Bayerische Landesbank      7.000   11/22/2019  EUR   67.930
Bayerische Landesbank      3.100    7/10/2020  EUR   55.260
Natixis SA                 3.150     6/8/2021  USD   50.112
Federal Grid Co Unified    9.350   10/17/2051  RUB   70.000
Leonteq Securities AG/Gu   8.200     9/1/2020  CHF   62.660
Rosselkhozbank JSC        10.500   11/22/2038  RUB  100.000
Leonteq Securities AG     14.250   11/22/2019  CHF   67.460
Leonteq Securities AG     17.250   11/22/2019  USD   68.260
Bayerische Landesbank      4.000   10/25/2019  EUR   61.060
Leonteq Securities AG/Gu  16.100   10/25/2019  EUR   65.590
Landesbank Baden-Wuertte   4.000    9/27/2019  EUR   57.110
Leonteq Securities AG/Gu   5.500    5/25/2021  CHF   63.400
Bayerische Landesbank      6.000   10/11/2019  EUR   63.260
Bayerische Landesbank      6.100   10/11/2019  EUR   52.070
Raiffeisen Centrobank AG   6.250   11/25/2019  EUR   47.060
Leonteq Securities AG      8.000    1/16/2020  CHF   64.550
Deutsche Bank AG           4.200    9/24/2019  EUR   57.550
Kancelaria Statima SA      8.000   12/13/2019  PLN   70.000
Leonteq Securities AG/Gu   6.000    1/20/2021  CHF   66.030
Leonteq Securities AG     12.000   10/23/2019  CHF   34.610
Leonteq Securities AG     11.000   10/23/2019  CHF   57.640
Leonteq Securities AG     10.400   10/23/2019  CHF   58.180
Leonteq Securities AG      9.400   10/23/2019  CHF   59.830
Bayerische Landesbank      3.550    8/21/2020  EUR   58.390
Leonteq Securities AG      5.400    7/25/2022  CHF   73.010
UniCredit Bank AG          5.050    1/11/2022  EUR   43.990
EFG International Financ   7.200    7/29/2020  EUR    9.040
UBS AG/London             10.000   10/11/2019  USD   44.450
Bayerische Landesbank      3.150    7/31/2020  EUR   57.860
Leonteq Securities AG     11.000   10/17/2019  CHF   59.880
Bayerische Landesbank      2.200   12/11/2020  EUR   71.230
Leonteq Securities AG/Gu   5.000   12/27/2019  EUR   58.910
Deutsche Bank AG           6.200   11/14/2019  EUR   63.870
Bank Julius Baer & Co Lt   9.650    4/27/2020  USD   52.550
UBS AG/London              8.500   11/15/2019  CHF   43.150
Bayerische Landesbank      2.450    7/31/2020  EUR   73.710
Bank Julius Baer & Co Lt   8.000    10/7/2019  EUR   53.050
Opus-Chartered Issuances   5.500   10/26/2024  EUR    0.010
LBI ehf                    6.100    8/25/2011  USD    7.539
Lehman Brothers Treasury   4.350     8/8/2016  SGD    3.750
Otkritie Holding JSC      11.500    7/14/2027  RUB    0.340
Valaris plc                7.750     2/1/2026  USD   61.910
Lehman Brothers Treasury   4.600   10/11/2017  ILS    3.750
Digital Invest OOO         7.850     4/9/2021  RUB    3.030
BNP Paribas SA             0.500   11/16/2032  MXN   32.671
Barclays Bank PLC          1.450    9/24/2038  MXN   28.725
Northland Resources AB    15.000    7/15/2019  USD    2.621
Heta Asset Resolution AG   4.875   12/31/2023  EUR    1.669
Barclays Bank PLC          2.000    6/12/2029  TRY   35.251
Credito Padano Banca di    3.100               EUR   33.833
Credito Padano Banca di    3.100               EUR   34.068
Espirito Santo Financial   5.625    7/28/2017  EUR    2.931
Credit Suisse AG/Nassau    6.000   10/11/2019  EUR   58.300
UniCredit Bank AG          3.630    3/12/2020  EUR   61.240
O1 Group Finance OOO      11.250    5/24/2027  RUB    0.150
Landesbank Hessen-Thueri   3.000   12/16/2020  EUR   73.900
UBS AG/London             21.000    3/26/2020  EUR   72.410
Landesbank Baden-Wuertte   3.000    1/24/2020  EUR   60.860
UBS AG/London             12.000    6/12/2020  USD   55.050
Bayerische Landesbank      4.700    9/13/2019  EUR   63.310
Corner Banca SA            6.300    2/17/2020  EUR   69.840
Bayerische Landesbank      2.400   12/20/2019  EUR   55.830
SALVATOR Vermoegensverwa   9.500               EUR   15.800
BNP Paribas Emissions- u  28.000    9/26/2019  EUR   71.720
Gold-Zack AG               7.000   12/14/2005  EUR   11.510
Credit Suisse AG/London    7.350   10/14/2019  CHF   58.930
Credit Suisse AG/London    8.750    10/4/2019  USD   39.860
EFG International Financ   7.000   11/23/2020  CHF   61.530
WEB Windenergie AG         6.500               EUR   55.010
SG Issuer SA               5.000    7/10/2020  EUR   12.440
Bank Julius Baer & Co Lt  13.600     1/3/2020  CHF   54.850
Rosselkhozbank JSC        15.000    1/29/2025  RUB   69.060
Heta Asset Resolution AG   4.350   12/31/2023  EUR    1.669
Lehman Brothers Treasury   7.375    9/20/2008  EUR    2.571
Otkritie Holding JSC      12.150    4/20/2028  RUB
Otkritie Holding JSC      12.090    12/8/2027  RUB    0.010
Digital Invest OOO         7.850     4/7/2021  RUB    2.900
Otkritie Holding JSC      10.770    9/17/2027  RUB    0.290
KPNQwest NV                7.125     6/1/2009  EUR    0.788
Rio Forte Investments SA   4.750   11/10/2015  EUR    5.250
Leonteq Securities AG/Gu  13.000     8/4/2020  CHF   33.270
DekaBank Deutsche Giroze   5.100     3/6/2020  EUR   62.480
Societe Generale Effekte  24.908   12/20/2019  EUR   71.560
Societe Generale Effekte  12.181    9/20/2019  EUR   71.920
Societe Generale Effekte  26.656   12/20/2019  EUR   64.830
Societe Generale Effekte  29.695    3/20/2020  EUR   73.370
Societe Generale Effekte   5.883    3/20/2020  EUR   73.250
Societe Generale Effekte   6.723    3/20/2020  EUR   71.970
Societe Generale Effekte   7.564    3/20/2020  EUR   70.740
Societe Generale Effekte   8.404    3/20/2020  EUR   69.600
Societe Generale Effekte   9.245    3/20/2020  EUR   68.520
Societe Generale Effekte  12.046    3/20/2020  EUR   65.780
Societe Generale Effekte  14.287    3/20/2020  EUR   64.430
Societe Generale Effekte  16.553    9/20/2019  EUR   76.200
Societe Generale Effekte   4.060    9/20/2019  EUR   40.490
Societe Generale Effekte   5.778    9/20/2019  EUR   37.700
Societe Generale Effekte   5.899   12/20/2019  EUR   42.110
Societe Generale Effekte   7.647   12/20/2019  EUR   39.780
Societe Generale Effekte   9.832   12/20/2019  EUR   38.010
Societe Generale Effekte  12.017   12/20/2019  EUR   36.590
Societe Generale Effekte   8.684    3/20/2020  EUR   41.330
Societe Generale Effekte  10.925    3/20/2020  EUR   39.930
Societe Generale Effekte  11.986    6/19/2020  EUR   44.040
Societe Generale Effekte  14.041    6/19/2020  EUR   42.710
Societe Generale Effekte  29.671    9/20/2019  EUR   55.890
Societe Generale Effekte  18.572   12/20/2019  EUR   70.950
Societe Generale Effekte  21.631   12/20/2019  EUR   68.740
Societe Generale Effekte  24.471   12/20/2019  EUR   66.780
Societe Generale Effekte  22.411    3/20/2020  EUR   72.180
Societe Generale Effekte  25.212    3/20/2020  EUR   70.630
Societe Generale Effekte   3.748    9/20/2019  EUR   72.870
Societe Generale Effekte   4.997    9/20/2019  EUR   69.800
Societe Generale Effekte   6.555   12/20/2019  EUR   71.620
Societe Generale Effekte   7.866   12/20/2019  EUR   69.370
Societe Generale Effekte   9.395   12/20/2019  EUR   67.310
Societe Generale Effekte  10.925   12/20/2019  EUR   65.450
Societe Generale Effekte  16.168   12/20/2019  EUR   61.110
Societe Generale Effekte   7.564    3/20/2020  EUR   72.880
Societe Generale Effekte   9.247    6/19/2020  EUR   72.980
Societe Generale Effekte   8.958   12/20/2019  EUR   72.110
Societe Generale Effekte  11.799   12/20/2019  EUR   69.170
Societe Generale Effekte  21.194   12/20/2019  EUR   62.800
Societe Generale Effekte   6.871    9/20/2019  EUR   69.270
Societe Generale Effekte   8.521   12/20/2019  EUR   71.620
Societe Generale Effekte  11.799   12/20/2019  EUR   68.010
Societe Generale Effekte  15.295   12/20/2019  EUR   65.100
Societe Generale Effekte  12.326    3/20/2020  EUR   70.950
Societe Generale Effekte  13.356    6/19/2020  EUR   72.360
SG Issuer SA              16.100   11/21/2019  EUR   75.550
Vontobel Financial Produ  11.500    3/27/2020  EUR   62.910
Landesbank Hessen-Thueri   6.150    3/11/2025  EUR   71.560
Commerzbank AG            18.750    9/27/2019  EUR   54.000
Commerzbank AG            14.250   10/25/2019  EUR   68.580
Commerzbank AG            10.250    1/24/2020  EUR   72.290
Commerzbank AG            12.250    1/24/2020  EUR   70.190
Commerzbank AG            14.750   10/25/2019  EUR   61.740
Commerzbank AG             6.250    1/24/2020  EUR   72.970
Commerzbank AG             8.250    1/24/2020  EUR   69.340
Commerzbank AG            10.250    1/24/2020  EUR   66.610
Commerzbank AG            12.250    1/24/2020  EUR   64.570
Commerzbank AG             5.000     2/1/2020  EUR   67.810
Landesbank Baden-Wuertte   6.000    7/24/2020  EUR   75.200
Landesbank Baden-Wuertte   6.000    7/24/2020  EUR   69.980
Landesbank Baden-Wuertte   4.500    7/24/2020  EUR   73.520
Landesbank Baden-Wuertte   3.000    7/24/2020  EUR   41.050
Landesbank Baden-Wuertte   5.000    7/24/2020  EUR   38.410
Vontobel Financial Produ  16.000    3/13/2020  EUR   71.410
Vontobel Financial Produ  14.000     1/3/2020  EUR   68.590
Vontobel Financial Produ  15.500    3/27/2020  EUR   67.830
Vontobel Financial Produ  18.000    3/13/2020  EUR   65.560
Vontobel Financial Produ  16.500   12/13/2019  EUR   67.330
Vontobel Financial Produ  13.000    3/27/2020  EUR   69.720
Vontobel Financial Produ  17.500     1/3/2020  EUR   66.310
Vontobel Financial Produ   7.000    3/13/2020  EUR   52.198
Vontobel Financial Produ  11.500   12/13/2019  EUR   51.800
HSBC Trinkaus & Burkhard  10.100    6/26/2020  EUR   70.150
HSBC Trinkaus & Burkhard   9.600   12/27/2019  EUR   72.230
HSBC Trinkaus & Burkhard   8.400    6/26/2020  EUR   67.180
HSBC Trinkaus & Burkhard   6.700    9/25/2020  EUR   70.030
HSBC Trinkaus & Burkhard   7.400   10/25/2019  EUR   67.410
HSBC Trinkaus & Burkhard   6.800    2/28/2020  EUR   69.440
HSBC Trinkaus & Burkhard  10.300   12/27/2019  EUR   66.090
HSBC Trinkaus & Burkhard   7.900    3/27/2020  EUR   70.060
HSBC Trinkaus & Burkhard  15.000   12/27/2019  EUR   32.440
HSBC Trinkaus & Burkhard  13.100    3/27/2020  EUR   34.860
HSBC Trinkaus & Burkhard   7.900    3/27/2020  EUR   36.520
HSBC Trinkaus & Burkhard  12.600    6/26/2020  EUR   37.510
HSBC Trinkaus & Burkhard  10.200   11/22/2019  EUR   33.680
HSBC Trinkaus & Burkhard   9.100    2/28/2020  EUR   35.530
HSBC Trinkaus & Burkhard   8.200    3/27/2020  EUR   67.640
HSBC Trinkaus & Burkhard   9.800    6/26/2020  EUR   65.670
DZ Bank AG Deutsche Zent   8.750   10/23/2019  EUR   29.090
DZ Bank AG Deutsche Zent  10.750   12/27/2019  EUR   38.280
Commerzbank AG            14.250   11/22/2019  EUR   71.630
HSBC Trinkaus & Burkhard   8.400    3/27/2020  EUR   73.030
HSBC Trinkaus & Burkhard   9.500    6/26/2020  EUR   71.570
HSBC Trinkaus & Burkhard   5.100    6/26/2020  EUR   47.860
HSBC Trinkaus & Burkhard   3.300    6/26/2020  EUR   52.060
HSBC Trinkaus & Burkhard   8.800    9/25/2020  EUR   44.890
HSBC Trinkaus & Burkhard   6.500    9/25/2020  EUR   46.920
HSBC Trinkaus & Burkhard   4.400    9/25/2020  EUR   50.400
HSBC Trinkaus & Burkhard   2.900    9/25/2020  EUR   54.860
HSBC Trinkaus & Burkhard  10.700   10/25/2019  EUR   37.900
HSBC Trinkaus & Burkhard   6.500   10/25/2019  EUR   41.940
HSBC Trinkaus & Burkhard  10.400   11/22/2019  EUR   38.520
HSBC Trinkaus & Burkhard   6.400   11/22/2019  EUR   42.260
HSBC Trinkaus & Burkhard   3.300   11/22/2019  EUR   47.600
HSBC Trinkaus & Burkhard   6.300    1/24/2020  EUR   43.010
HSBC Trinkaus & Burkhard   3.400    1/24/2020  EUR   47.830
HSBC Trinkaus & Burkhard   9.500    2/28/2020  EUR   40.470
HSBC Trinkaus & Burkhard   6.300    2/28/2020  EUR   43.480
HSBC Trinkaus & Burkhard   3.600    2/28/2020  EUR   48.100
HSBC Trinkaus & Burkhard   6.800    3/27/2020  EUR   71.560
HSBC Trinkaus & Burkhard   2.600    3/27/2020  EUR   51.350
HSBC Trinkaus & Burkhard  12.300    6/26/2020  EUR   41.910
HSBC Trinkaus & Burkhard  10.400    6/26/2020  EUR   42.660
HSBC Trinkaus & Burkhard   7.600    6/26/2020  EUR   44.560
BNP Paribas Emissions- u  17.000    9/26/2019  EUR   70.320
Commerzbank AG            18.000    9/27/2019  EUR   73.510
BNP Paribas Emissions- u  23.000    9/26/2019  EUR   71.410
BNP Paribas Emissions- u   9.000    9/26/2019  EUR   71.250
BNP Paribas Emissions- u  15.000    9/26/2019  EUR   64.320
BNP Paribas Emissions- u   7.000   12/30/2019  EUR   72.400
BNP Paribas Emissions- u  10.000   12/30/2019  EUR   69.750
BNP Paribas Emissions- u  12.000   12/30/2019  EUR   67.080
BNP Paribas Emissions- u  13.000    3/26/2020  EUR   67.160
DekaBank Deutsche Giroze   6.250    1/23/2020  EUR   73.730
Commerzbank AG            11.500    9/27/2019  EUR   71.340
Commerzbank AG            13.500    9/27/2019  EUR   68.630
Commerzbank AG            15.500    9/27/2019  EUR   66.140
Commerzbank AG            18.000    9/27/2019  EUR   31.370
Commerzbank AG            11.500   12/31/2019  EUR   74.220
Commerzbank AG            13.500   12/31/2019  EUR   71.620
Commerzbank AG            12.750    9/27/2019  EUR   67.490
Commerzbank AG            10.500   12/31/2019  EUR   71.690
Commerzbank AG             8.000    9/27/2019  EUR   71.030
Landesbank Baden-Wuertte   4.200     1/3/2020  EUR   72.510
Credit Suisse AG/Nassau    8.000    9/13/2019  CHF   59.620
Banque Cantonale Vaudois   7.500    9/23/2019  CHF   59.230
Leonteq Securities AG/Gu  10.000    9/12/2019  CHF   37.470
UBS AG/London              9.750    9/16/2019  CHF   65.450
UBS AG/London             12.500    3/16/2020  CHF   41.200
UBS AG/London             10.250    3/16/2020  USD   59.500
UBS AG/London             12.250    9/16/2019  CHF   67.350
UBS AG/London              9.000    9/16/2019  CHF   55.400
UBS AG/London              7.500    3/16/2020  EUR   68.400
UBS AG/London              8.250    9/16/2019  CHF   67.100
Leonteq Securities AG/Gu   9.000    3/16/2020  CHF   51.370
Vontobel Financial Produ   7.200    3/13/2020  EUR   73.530
Vontobel Financial Produ   7.050    3/13/2020  EUR   68.290
Vontobel Financial Produ  14.500   12/13/2019  EUR   73.190
Vontobel Financial Produ  16.500    3/13/2020  EUR   68.460
Commerzbank AG             3.500   12/31/2019  EUR   58.810
Commerzbank AG             5.500   12/31/2019  EUR   49.760
Commerzbank AG             7.500   12/31/2019  EUR   43.900
Commerzbank AG             9.500   12/31/2019  EUR   40.330
Commerzbank AG            11.500   12/31/2019  EUR   38.050
Commerzbank AG            13.500   12/31/2019  EUR   36.570
Commerzbank AG            15.500   12/31/2019  EUR   35.640
Commerzbank AG            11.250   12/31/2019  EUR   71.970
Commerzbank AG            13.250   12/31/2019  EUR   69.640
Commerzbank AG            15.250   12/31/2019  EUR   67.120
Vontobel Financial Produ  12.000     1/3/2020  EUR   73.100
Vontobel Financial Produ  10.500    3/27/2020  EUR   71.660
Vontobel Financial Produ  12.500    3/27/2020  EUR   72.270
Vontobel Financial Produ  14.000    3/27/2020  EUR   67.610
Vontobel Financial Produ   7.500    3/27/2020  EUR   50.210
Vontobel Financial Produ   6.500    3/27/2020  EUR   52.440
Vontobel Financial Produ  14.000     1/3/2020  EUR   44.320
Vontobel Financial Produ  12.000     1/3/2020  EUR   45.910
Vontobel Financial Produ  10.000     1/3/2020  EUR   47.780
Vontobel Financial Produ  12.500    3/27/2020  EUR   46.180
Vontobel Financial Produ  10.500    3/27/2020  EUR   47.110
Vontobel Financial Produ   9.000    3/27/2020  EUR   48.540
Vontobel Financial Produ   8.500     1/3/2020  EUR   50.120
Vontobel Financial Produ  16.500    3/27/2020  EUR   69.440
Vontobel Financial Produ  21.000     1/3/2020  EUR   61.870
Vontobel Financial Produ  11.500    3/27/2020  EUR   57.770
Vontobel Financial Produ   8.000    3/27/2020  EUR   72.520
Vontobel Financial Produ  15.500    3/27/2020  EUR   63.490
Vontobel Financial Produ  15.000    3/27/2020  EUR   72.500
Vontobel Financial Produ   9.500    3/27/2020  EUR   57.910
Landesbank Baden-Wuertte   3.000   12/29/2020  EUR   48.560
Landesbank Baden-Wuertte   5.000   12/29/2020  EUR   44.900
Commerzbank AG            13.500    9/27/2019  EUR   72.130
Commerzbank AG            13.000   12/31/2019  EUR   71.960
Commerzbank AG            15.250   12/31/2019  EUR   73.750
Commerzbank AG            10.750    9/27/2019  EUR   70.510
Commerzbank AG            14.750    9/27/2019  EUR   64.940
Commerzbank AG            12.500   12/31/2019  EUR   68.600
Commerzbank AG            14.500   12/31/2019  EUR   66.000
Commerzbank AG            16.000    9/27/2019  EUR   72.870
Commerzbank AG            18.000    9/27/2019  EUR   70.230
Commerzbank AG            17.250    9/27/2019  EUR   73.580
Leonteq Securities AG/Gu   6.800    3/16/2020  CHF   64.330
DekaBank Deutsche Giroze   2.850   11/29/2019  EUR   65.080
Landesbank Hessen-Thueri   2.750   10/23/2020  EUR   71.700
UBS AG/London             10.250    3/23/2020  EUR   57.950
Bayerische Landesbank      3.300   10/18/2019  EUR   58.820
Bank Julius Baer & Co Lt  10.500    9/30/2019  USD   50.700
Commerzbank AG            16.500    9/27/2019  EUR   62.130
Commerzbank AG            19.000    9/27/2019  EUR   71.940
UniCredit Bank AG          3.500    9/19/2021  EUR   47.410
Bank Julius Baer & Co Lt  13.150    12/4/2019  CHF   69.100
Vontobel Financial Produ   5.500    3/27/2020  EUR   58.280
Vontobel Financial Produ  12.000    9/27/2019  EUR   65.440
Commerzbank AG             8.250    9/27/2019  EUR   64.430
Commerzbank AG            10.250   11/22/2019  EUR   60.320
DekaBank Deutsche Giroze   2.400    9/18/2020  EUR   71.480
DekaBank Deutsche Giroze   3.000    9/18/2020  EUR   64.710
DekaBank Deutsche Giroze   2.100    9/18/2020  EUR   72.150
Commerzbank AG             9.750   12/31/2019  EUR   64.120
Commerzbank AG            21.500    9/27/2019  EUR   60.300
EFG International Financ   7.000    2/15/2021  CHF   61.530
EFG International Financ   7.800    2/15/2021  EUR   55.380
EFG International Financ   7.800    2/16/2021  USD   60.360
Bayerische Landesbank      3.900     9/6/2019  EUR   60.960
Raiffeisen Schweiz Genos   7.000    2/12/2020  CHF   67.350
BNP Paribas Emissions- u   7.500    9/26/2019  EUR   64.850
BNP Paribas Emissions- u   3.000    9/26/2019  EUR   31.840
Landesbank Baden-Wuertte   2.900   11/22/2019  EUR   67.890
Landesbank Baden-Wuertte   3.500   11/22/2019  EUR   45.290
DekaBank Deutsche Giroze   3.500    8/21/2020  EUR   70.090
Landesbank Baden-Wuertte   2.750    9/23/2022  EUR   69.360
Zurcher Kantonalbank Fin   4.750   10/10/2019  CHF   69.730
DekaBank Deutsche Giroze   1.000    11/2/2021  EUR   68.170
UBS AG/London              5.600    9/26/2019  EUR   43.540
DekaBank Deutsche Giroze   2.500    11/2/2020  EUR   72.800
DekaBank Deutsche Giroze   3.200    11/1/2019  EUR   49.190
Leonteq Securities AG/Gu   8.000    10/2/2019  CHF   62.650
Landesbank Baden-Wuertte   3.250    7/24/2020  EUR   71.160
Landesbank Baden-Wuertte   2.500    7/24/2020  EUR   70.670
Landesbank Baden-Wuertte   3.500    7/24/2020  EUR   62.100
Bayerische Landesbank      2.100    10/8/2021  EUR   72.330
Bayerische Landesbank      2.100    10/9/2020  EUR   70.350
Bayerische Landesbank      3.100    10/9/2020  EUR   56.550
UBS AG/London              7.500    10/4/2019  EUR   60.450
UBS AG/London             13.250    10/4/2019  CHF   59.550
UBS AG/London              7.250    10/4/2019  CHF   65.600
EFG International Financ   8.400   10/18/2019  EUR   52.780
Vontobel Financial Produ   4.300   11/11/2019  EUR   46.720
Bank Julius Baer & Co Lt   6.250    10/5/2020  CHF   65.200
Societe Generale SA       10.650   10/27/2022  USD   68.500
Leonteq Securities AG/Gu   7.000    4/16/2020  CHF   39.750
Raiffeisen Schweiz Genos   5.750   10/16/2019  USD   33.910
Raiffeisen Schweiz Genos   5.000   10/16/2019  CHF   33.890
UniCredit Bank AG          3.000   11/12/2022  EUR   69.640
Landesbank Baden-Wuertte   2.550   12/27/2021  EUR   70.930
Landesbank Baden-Wuertte   2.500   12/27/2021  EUR   71.910
Raiffeisen Switzerland B   7.000    7/11/2024  USD   60.920
Raiffeisen Schweiz Genos   9.000   10/12/2020  CHF   57.660
DZ Bank AG Deutsche Zent   3.000   10/30/2019  EUR   72.770
Barclays Bank PLC         13.500   10/16/2020  EUR   57.410
Landesbank Hessen-Thueri   4.000   11/10/2021  EUR   58.270
DekaBank Deutsche Giroze   2.000    11/2/2020  EUR   67.730
EFG International Financ   7.200   10/26/2020  USD   44.820
Raiffeisen Centrobank AG   6.316   12/27/2019  EUR   75.170
Leonteq Securities AG/Gu   6.000   10/23/2019  CHF   55.340
Zurcher Kantonalbank Fin   7.250   10/19/2020  CHF   64.410
Landesbank Hessen-Thueri   5.100    2/17/2023  EUR   50.680
DekaBank Deutsche Giroze   4.050    11/6/2020  EUR   74.860
UniCredit Bank AG          4.850    11/1/2020  EUR   55.030
Landesbank Hessen-Thueri   5.450   11/17/2022  EUR   51.180
UniCredit Bank AG          8.600     1/3/2020  EUR   57.540
UniCredit Bank AG         11.700     1/3/2020  EUR   50.350
UniCredit Bank AG         12.100     1/3/2020  EUR   35.630
UniCredit Bank AG         13.200     1/3/2020  EUR   72.150
UniCredit Bank AG         10.300     1/3/2020  EUR   64.780
UniCredit Bank AG          7.500     1/3/2020  EUR   71.390
UniCredit Bank AG          4.300     1/3/2020  EUR   72.560
UniCredit Bank AG          7.000     1/3/2020  EUR   72.820
UniCredit Bank AG          8.300     1/3/2020  EUR   63.470
UniCredit Bank AG          6.800     1/3/2020  EUR   68.860
UniCredit Bank AG          6.300     1/3/2020  EUR   59.930
UniCredit Bank AG         11.900     1/3/2020  EUR   60.090
UniCredit Bank AG          9.800     1/3/2020  EUR   62.840
UniCredit Bank AG         11.600     1/3/2020  EUR   59.310
UniCredit Bank AG          3.400     1/3/2020  EUR   53.210
UniCredit Bank AG          8.900     1/3/2020  EUR   67.280
UniCredit Bank AG          8.000     1/3/2020  EUR   69.110
UniCredit Bank AG          9.800     1/3/2020  EUR   63.450
UniCredit Bank AG          7.500     1/3/2020  EUR   53.760
UniCredit Bank AG          8.700     1/3/2020  EUR   70.370
UniCredit Bank AG          3.100     1/3/2020  EUR   66.090
UniCredit Bank AG          6.300     1/3/2020  EUR   50.760
UniCredit Bank AG          7.300     1/3/2020  EUR   40.480
UniCredit Bank AG          6.000     1/3/2020  EUR   42.710
UniCredit Bank AG          8.800     1/3/2020  EUR   38.670
UniCredit Bank AG          6.800     1/3/2020  EUR   58.000
UniCredit Bank AG          7.100     1/3/2020  EUR   46.100
UniCredit Bank AG          4.700     1/3/2020  EUR   53.940
UniCredit Bank AG          3.300     1/3/2020  EUR   61.410
UniCredit Bank AG          6.500     1/3/2020  EUR   42.800
UniCredit Bank AG          4.300     1/3/2020  EUR   51.520
UniCredit Bank AG          5.400     1/3/2020  EUR   46.660
UniCredit Bank AG          7.800     1/3/2020  EUR   71.570
UniCredit Bank AG         10.000     1/3/2020  EUR   42.910
UniCredit Bank AG         13.000     1/3/2020  EUR   52.150
UniCredit Bank AG          5.900     1/3/2020  EUR   50.950
UniCredit Bank AG          4.000     1/3/2020  EUR   66.720
UniCredit Bank AG          5.000     1/3/2020  EUR    4.300
UniCredit Bank AG         11.900     1/3/2020  EUR   62.750
UniCredit Bank AG          8.600     1/3/2020  EUR   45.220
DekaBank Deutsche Giroze   3.000    6/26/2020  EUR   68.760
UniCredit Bank AG         13.700     1/3/2020  EUR   68.700
UniCredit Bank AG          6.300     1/3/2020  EUR   65.210
UniCredit Bank AG          5.100     1/3/2020  EUR   67.720
UniCredit Bank AG          6.900     1/3/2020  EUR   66.700
UniCredit Bank AG          3.200     1/3/2020  EUR   72.020
UniCredit Bank AG          8.200     1/3/2020  EUR   66.350
UniCredit Bank AG         11.600     1/3/2020  EUR   59.210
UniCredit Bank AG          5.400     1/3/2020  EUR   71.030
UniCredit Bank AG          9.800     1/3/2020  EUR   61.470
UniCredit Bank AG          6.100     1/3/2020  EUR   72.770
UniCredit Bank AG         11.000     1/3/2020  EUR   40.010
UniCredit Bank AG          3.800     1/3/2020  EUR   63.570
UniCredit Bank AG          5.400     1/3/2020  EUR   73.350
UniCredit Bank AG          5.200     1/3/2020  EUR   63.840
UniCredit Bank AG          7.200     1/3/2020  EUR   51.790
UniCredit Bank AG          7.100     1/3/2020  EUR   57.910
UniCredit Bank AG          6.100     1/3/2020  EUR   65.170
UniCredit Bank AG          7.900     1/3/2020  EUR   60.430
UniCredit Bank AG          7.100     1/3/2020  EUR   74.850
UniCredit Bank AG          6.900     1/3/2020  EUR   50.690
UniCredit Bank AG          3.400     1/3/2020  EUR   67.020
UniCredit Bank AG         12.200     1/3/2020  EUR   40.240
UniCredit Bank AG         12.100     1/3/2020  EUR   64.210
UniCredit Bank AG         10.300     1/3/2020  EUR   53.440
UniCredit Bank AG          5.200     1/3/2020  EUR   69.320
UniCredit Bank AG          6.800     1/3/2020  EUR   47.520
UniCredit Bank AG          9.600     1/3/2020  EUR   42.390
UniCredit Bank AG         11.000     1/3/2020  EUR   66.510
UniCredit Bank AG          8.500     1/3/2020  EUR   61.860
UniCredit Bank AG          6.300     1/3/2020  EUR   66.260
UniCredit Bank AG          8.700     1/3/2020  EUR   60.730
UniCredit Bank AG          7.200     1/3/2020  EUR   63.860
UniCredit Bank AG         11.200     1/3/2020  EUR   50.630
UniCredit Bank AG          6.400     1/3/2020  EUR   71.730
UniCredit Bank AG         10.600     1/3/2020  EUR   61.010
UniCredit Bank AG          7.600     1/3/2020  EUR   67.380
UniCredit Bank AG          3.900     1/3/2020  EUR   55.300
UniCredit Bank AG         10.300     1/3/2020  EUR   46.020
UniCredit Bank AG          8.400     1/3/2020  EUR   44.440
UniCredit Bank AG          8.000     1/3/2020  EUR   47.680
UniCredit Bank AG         12.900     1/3/2020  EUR   48.580
UniCredit Bank AG         11.900     1/3/2020  EUR   48.570
UniCredit Bank AG          3.600     1/3/2020  EUR   58.390
UniCredit Bank AG          7.600     1/3/2020  EUR   60.010
UniCredit Bank AG         10.600     1/3/2020  EUR   73.750
UniCredit Bank AG          9.100     1/3/2020  EUR   55.980
UniCredit Bank AG         13.000     1/3/2020  EUR   29.320
UniCredit Bank AG          4.000     1/3/2020  EUR   44.820
UniCredit Bank AG          8.800     1/3/2020  EUR   33.540
UniCredit Bank AG          9.900     1/3/2020  EUR   55.590
UniCredit Bank AG         10.100     1/3/2020  EUR   64.940
UniCredit Bank AG          8.100     1/3/2020  EUR   58.660
UniCredit Bank AG          6.000     1/3/2020  EUR   38.610
UniCredit Bank AG          4.100     1/3/2020  EUR   74.260
UniCredit Bank AG         10.900     1/3/2020  EUR   55.390
UniCredit Bank AG          4.300     1/3/2020  EUR   69.360
UniCredit Bank AG          8.700     1/3/2020  EUR   59.570
UniCredit Bank AG          6.500     1/3/2020  EUR   62.360
UniCredit Bank AG          6.500     1/3/2020  EUR   73.060
UniCredit Bank AG          5.600     1/3/2020  EUR   67.910
UniCredit Bank AG          4.200     1/3/2020  EUR   38.150
UniCredit Bank AG          8.600     1/3/2020  EUR   30.590
UniCredit Bank AG          9.900     1/3/2020  EUR   60.500
UniCredit Bank AG          7.100     1/3/2020  EUR   72.460
UniCredit Bank AG          3.500     1/3/2020  EUR   68.340
UniCredit Bank AG          4.200     1/3/2020  EUR   68.380
UniCredit Bank AG          5.300     1/3/2020  EUR   59.990
UniCredit Bank AG          4.600     1/3/2020  EUR   48.690
UniCredit Bank AG          4.700     1/3/2020  EUR   54.800
UniCredit Bank AG         10.000     1/3/2020  EUR   51.750
UniCredit Bank AG          3.200     1/3/2020  EUR   69.920
UniCredit Bank AG          6.700     1/3/2020  EUR   68.890
UniCredit Bank AG          6.600     1/3/2020  EUR   49.550
UniCredit Bank AG          4.200     1/3/2020  EUR   57.660
UniCredit Bank AG          5.700     1/3/2020  EUR   73.150
UniCredit Bank AG         12.900     1/3/2020  EUR   32.060
UniCredit Bank AG          8.700     1/3/2020  EUR   69.340
UniCredit Bank AG         10.900     1/3/2020  EUR   34.270
UniCredit Bank AG          5.900     1/3/2020  EUR   71.150
UniCredit Bank AG          5.100     1/3/2020  EUR   60.270
UniCredit Bank AG         12.500     1/3/2020  EUR   42.800
UniCredit Bank AG          6.800     1/3/2020  EUR   62.270
UniCredit Bank AG         10.500     1/3/2020  EUR   53.710
UniCredit Bank AG          5.300     1/3/2020  EUR   69.280
UniCredit Bank AG         11.600     1/3/2020  EUR   54.350
UniCredit Bank AG          7.500     1/3/2020  EUR   47.300
UniCredit Bank AG          4.400     1/3/2020  EUR   55.460
UniCredit Bank AG          8.000     1/3/2020  EUR   61.370
UniCredit Bank AG          7.700     1/3/2020  EUR   62.350
UniCredit Bank AG          9.900     1/3/2020  EUR   56.280
UniCredit Bank AG         10.200     1/3/2020  EUR   56.880
UniCredit Bank AG          6.200     1/3/2020  EUR   62.870
UniCredit Bank AG          4.100     1/3/2020  EUR   73.630
UniCredit Bank AG          4.900     1/3/2020  EUR   71.720
Landesbank Hessen-Thueri   8.600   11/17/2022  EUR   52.250
Landesbank Baden-Wuertte   3.000   12/29/2020  EUR   62.420
Landesbank Baden-Wuertte   3.000   12/29/2020  EUR   63.590
Landesbank Baden-Wuertte   3.600   12/29/2020  EUR   59.280
Landesbank Baden-Wuertte   4.400   12/29/2020  EUR   53.670
UniCredit Bank AG          4.250   11/21/2021  EUR   56.940
UniCredit Bank AG          4.200   11/21/2021  EUR   58.320
UniCredit Bank AG          3.700   11/21/2021  EUR   69.610
UniCredit Bank AG          4.350   11/21/2021  EUR   47.790
UniCredit Bank AG          4.050   11/21/2021  EUR   66.420
Leonteq Securities AG/Gu   8.200   10/23/2019  CHF   54.270
Leonteq Securities AG/Gu   6.200   10/23/2019  CHF   58.900
DekaBank Deutsche Giroze   1.400   11/15/2019  EUR   73.390
DekaBank Deutsche Giroze   2.300   11/13/2020  EUR   64.360
UBS AG/London              6.250   10/18/2019  EUR   58.600
Corner Banca SA            8.800   10/30/2019  CHF   55.470
UBS AG/London             12.000   10/18/2019  CHF   54.100
UBS AG/London              9.500    4/20/2020  CHF   64.250
UBS AG/London             10.000   10/18/2019  CHF   59.300
UBS AG/London              9.000   10/18/2019  EUR   67.550
EFG International Financ   7.200    11/2/2020  EUR   55.950
Raiffeisen Switzerland B   4.440    4/19/2021  EUR   70.490
Landesbank Hessen-Thueri   4.000   11/24/2021  EUR   56.290
BNP Paribas Issuance BV    6.800   10/21/2019  EUR
Zurcher Kantonalbank Fin   8.000   10/31/2019  CHF   14.790
Landesbank Baden-Wuertte   2.800    7/24/2020  EUR   70.850
UniCredit Bank AG          3.700    5/28/2021  EUR   65.510
Corner Banca SA           10.000    11/6/2019  CHF   65.010
Landesbank Hessen-Thueri   2.200   11/24/2020  EUR   51.650
BNP Paribas Issuance BV    6.800   10/21/2019  EUR   55.950
Landesbank Baden-Wuertte   3.000    9/25/2020  EUR   71.850
DZ Bank AG Deutsche Zent   5.100    12/4/2019  EUR   65.030
UBS AG/London              5.700     1/2/2020  EUR   53.680
UBS AG/London              5.600    9/26/2019  EUR   45.740
UBS AG/London              4.000     1/2/2020  EUR   55.710
EFG International Financ   7.400   12/21/2020  USD   54.910
UBS AG/London              7.250    12/6/2019  CHF   59.250
UBS AG/London              8.500    12/6/2019  CHF   63.400
UBS AG/London              7.000    12/6/2019  CHF   66.200
UBS AG/London              9.500    12/6/2019  EUR   50.900
UBS AG/London              7.750     6/8/2020  CHF   73.800
DekaBank Deutsche Giroze   2.900     1/4/2021  EUR   61.950
DekaBank Deutsche Giroze   2.100     1/4/2021  EUR   55.200
Zurcher Kantonalbank Fin   5.000   12/14/2020  EUR   66.480
Leonteq Securities AG/Gu   7.000   12/15/2020  CHF   70.210
Leonteq Securities AG/Gu   7.400   12/18/2019  EUR   61.870
Raiffeisen Schweiz Genos   9.000   12/18/2019  CHF   44.740
Raiffeisen Schweiz Genos   6.250   12/18/2019  CHF   27.660
Vontobel Financial Produ   5.400     1/6/2020  EUR   41.420
Leonteq Securities AG/Gu   7.400   12/15/2020  CHF   73.140
Leonteq Securities AG/Gu   7.000   12/15/2020  EUR   67.990
Leonteq Securities AG/Gu   8.400   12/18/2019  CHF   28.590
Commerzbank AG             3.250   12/10/2019  USD   55.070
Landesbank Baden-Wuertte   2.000    2/25/2022  EUR   74.070
Landesbank Baden-Wuertte   2.200    2/25/2022  EUR   73.030
Natixis SA                 3.000   12/11/2019  USD   41.473
Leonteq Securities AG/Gu   8.000    7/22/2020  CHF   57.760
Raiffeisen Schweiz Genos   6.450    1/22/2020  CHF   56.230
Raiffeisen Schweiz Genos   5.500    1/22/2020  CHF   62.390
Raiffeisen Schweiz Genos  10.020    1/15/2020  EUR   61.420
Leonteq Securities AG/Gu   8.000    1/17/2020  CHF   37.680
Bank Julius Baer & Co Lt   8.800    1/24/2020  EUR   51.500
UniCredit Bank AG          4.200    2/12/2021  EUR   59.900
UniCredit Bank AG          4.400    2/12/2021  EUR   49.890
UniCredit Bank AG          5.000    2/12/2021  EUR   62.320
UniCredit Bank AG          5.900    2/12/2021  EUR   68.760
Raiffeisen Schweiz Genos   7.000    1/15/2020  CHF   69.620
Raiffeisen Schweiz Genos   5.300    1/15/2020  CHF   69.940
UniCredit Bank AG          4.550    2/12/2021  EUR   56.060
UBS AG/London              4.000     7/6/2021  EUR   64.840
Bayerische Landesbank      2.200    8/20/2021  EUR   70.980
Landesbank Baden-Wuertte   3.100    3/26/2021  EUR   64.840
Landesbank Baden-Wuertte   3.000    3/26/2021  EUR   69.840
Landesbank Baden-Wuertte   3.550    3/26/2021  EUR   70.490
Landesbank Baden-Wuertte   3.000    3/26/2021  EUR   59.360
Landesbank Baden-Wuertte   2.750   10/25/2019  EUR   71.680
Landesbank Baden-Wuertte   3.000   10/25/2019  EUR   64.290
Landesbank Baden-Wuertte   3.650   10/25/2019  EUR   54.080
Landesbank Baden-Wuertte   3.600   10/25/2019  EUR   46.240
Zurcher Kantonalbank Fin   3.500    1/23/2020  CHF   22.420
Deutsche Bank AG           6.200   12/24/2019  EUR   66.310
Deutsche Bank AG           6.200   12/24/2019  EUR   62.930
Deutsche Bank AG           6.200   12/24/2019  EUR   70.810
Deutsche Bank AG           6.200   12/24/2019  EUR   67.000
Deutsche Bank AG           6.200   12/24/2019  EUR   42.800
Deutsche Bank AG           6.200   12/24/2019  EUR   41.200
Deutsche Bank AG           6.200   12/24/2019  EUR   39.700
Deutsche Bank AG           6.200   12/24/2019  EUR   46.460
Deutsche Bank AG           6.200   12/24/2019  EUR   44.680
Deutsche Bank AG           6.200   12/24/2019  EUR   43.040
Deutsche Bank AG           6.200   12/24/2019  EUR   59.880
Deutsche Bank AG           6.200   12/24/2019  EUR   56.030
Deutsche Bank AG           6.200   12/24/2019  EUR   47.200
Deutsche Bank AG           6.200   12/24/2019  EUR   73.890
Deutsche Bank AG           6.200   12/24/2019  EUR   70.480
Deutsche Bank AG           6.200   12/24/2019  EUR   73.000
Deutsche Bank AG           6.200   12/24/2019  EUR   69.100
Deutsche Bank AG           6.200   12/24/2019  EUR   65.500
Deutsche Bank AG           6.200   12/24/2019  EUR   72.560
Deutsche Bank AG           6.200   12/24/2019  EUR   69.330
Deutsche Bank AG           6.200   12/24/2019  EUR   66.370
Deutsche Bank AG           6.200   12/24/2019  EUR   64.530
Deutsche Bank AG           6.200   12/24/2019  EUR   68.900
Deutsche Bank AG           6.200   12/24/2019  EUR   65.400
Deutsche Bank AG           6.200   12/24/2019  EUR   73.600
Deutsche Bank AG           6.200   12/24/2019  EUR   67.540
Deutsche Bank AG           6.200   12/24/2019  EUR   64.830
Deutsche Bank AG           6.200   12/24/2019  EUR   62.330
Deutsche Bank AG           6.200   12/24/2019  EUR   60.010
Deutsche Bank AG           6.200   12/24/2019  EUR   49.130
Deutsche Bank AG           6.200   12/24/2019  EUR   47.510
Deutsche Bank AG           6.200   12/24/2019  EUR   46.000
Deutsche Bank AG           6.200   12/24/2019  EUR   42.700
Deutsche Bank AG           6.200   12/24/2019  EUR   41.300
Deutsche Bank AG           6.200   12/24/2019  EUR   40.000
Deutsche Bank AG           6.200   12/24/2019  EUR   72.170
Deutsche Bank AG           6.200   12/24/2019  EUR   44.890
Deutsche Bank AG           6.200   12/24/2019  EUR   43.180
Deutsche Bank AG           6.200   12/24/2019  EUR   41.600
Deutsche Bank AG           5.200   12/24/2019  EUR   65.980
Deutsche Bank AG           5.200   12/24/2019  EUR   70.480
Deutsche Bank AG           5.200   12/24/2019  EUR   42.500
Deutsche Bank AG           5.200   12/24/2019  EUR   46.120
Deutsche Bank AG           5.200   12/24/2019  EUR   44.340
Deutsche Bank AG           5.200   12/24/2019  EUR   59.550
Deutsche Bank AG           5.200   12/24/2019  EUR   46.860
Deutsche Bank AG           5.200   12/24/2019  EUR   73.550
Deutsche Bank AG           5.200   12/24/2019  EUR   72.600
Deutsche Bank AG           5.200   12/24/2019  EUR   72.220
Deutsche Bank AG           5.200   12/24/2019  EUR   68.990
Deutsche Bank AG           5.200   12/24/2019  EUR   68.600
Deutsche Bank AG           5.200   12/24/2019  EUR   67.190
Deutsche Bank AG           5.200   12/24/2019  EUR   64.490
Deutsche Bank AG           5.200   12/24/2019  EUR   48.800
Deutsche Bank AG           5.200   12/24/2019  EUR   47.170
Deutsche Bank AG           5.200   12/24/2019  EUR   42.400
Deutsche Bank AG           5.200   12/24/2019  EUR   44.560
Landesbank Baden-Wuertte   2.650    1/27/2023  EUR   65.100
Landesbank Baden-Wuertte   2.750   10/23/2020  EUR   69.530
Leonteq Securities AG/Gu   5.500    1/30/2020  CHF   55.460
Raiffeisen Schweiz Genos   7.840    1/22/2020  CHF   58.720
UBS AG/London              5.500    1/17/2020  CHF   60.400
UBS AG/London              6.250    1/17/2020  CHF   35.100
UBS AG/London              6.750    1/17/2020  CHF   60.850
UniCredit Bank AG          4.130    2/13/2022  EUR   60.240
EFG International Financ   8.000     2/1/2021  CHF   72.940
Landesbank Hessen-Thueri   7.600    2/16/2023  EUR   72.630
Landesbank Hessen-Thueri   6.500    2/16/2023  EUR   68.650
Zurcher Kantonalbank Fin   5.265    1/17/2020  CHF   65.880
Raiffeisen Schweiz Genos   6.800    1/29/2020  CHF   69.870
Raiffeisen Schweiz Genos   6.250    1/29/2020  CHF   62.430
DekaBank Deutsche Giroze   2.900    2/14/2020  EUR   65.060
DekaBank Deutsche Giroze   2.000    2/12/2021  EUR   68.900
DekaBank Deutsche Giroze   2.800    2/12/2021  EUR   60.590
Leonteq Securities AG/Gu   8.200    1/29/2020  EUR   46.930
Leonteq Securities AG/Gu   7.200    7/29/2020  CHF   69.690
Landesbank Hessen-Thueri   3.000    8/26/2020  EUR   71.100
Landesbank Hessen-Thueri   4.000    8/26/2020  EUR   50.900
Landesbank Hessen-Thueri   5.200    2/23/2022  EUR   72.780
Raiffeisen Centrobank AG   9.940   12/27/2019  EUR   55.720
Raiffeisen Centrobank AG   5.665   12/27/2019  EUR   50.730
Landesbank Baden-Wuertte   2.400    2/25/2022  EUR   73.920
Landesbank Baden-Wuertte   2.400    2/25/2022  EUR   70.340
Zurcher Kantonalbank Fin   5.750    1/30/2020  CHF   23.120
UniCredit Bank AG          3.250    2/27/2022  EUR   59.590
Vontobel Financial Produ   5.250    2/21/2020  EUR   50.170
EFG International Financ   7.000     2/8/2021  CHF   66.100
EFG International Financ   7.200     2/8/2021  EUR   69.010
EFG International Financ   8.600     2/7/2020  USD   37.290
Leonteq Securities AG/Gu   8.000     8/5/2020  CHF   72.290
Leonteq Securities AG/Gu   9.000     8/5/2020  USD   58.610
Leonteq Securities AG/Gu  10.000     2/5/2020  EUR   48.770
Landesbank Hessen-Thueri   7.900     6/2/2023  EUR   72.050
Raiffeisen Schweiz Genos   7.500     2/5/2020  CHF   67.130
Landesbank Hessen-Thueri   5.700     6/2/2023  EUR   63.650
Leonteq Securities AG/Gu   7.000     2/5/2020  CHF   24.800
Raiffeisen Schweiz Genos   6.070    1/29/2020  CHF   61.290
UniCredit Bank AG         12.900     1/3/2020  EUR   57.010
UniCredit Bank AG          4.100     1/3/2020  EUR   70.030
UniCredit Bank AG          5.300     1/3/2020  EUR   51.860
UniCredit Bank AG         14.000     1/3/2020  EUR   37.760
UniCredit Bank AG          7.900     1/3/2020  EUR   73.010
UniCredit Bank AG          8.100     1/3/2020  EUR   62.440
UniCredit Bank AG         14.500     1/3/2020  EUR   54.010
UniCredit Bank AG          5.500     1/3/2020  EUR   65.710
UniCredit Bank AG          6.100     1/3/2020  EUR   67.000
UniCredit Bank AG          4.100     1/3/2020  EUR   71.650
UniCredit Bank AG         14.400     1/3/2020  EUR   70.160
UniCredit Bank AG         10.400     1/3/2020  EUR   41.750
UniCredit Bank AG          8.800     1/3/2020  EUR   57.560
UniCredit Bank AG          5.200     1/3/2020  EUR   50.300
UniCredit Bank AG         11.200     1/3/2020  EUR   53.760
UniCredit Bank AG          5.200     1/3/2020  EUR   61.140
UniCredit Bank AG          4.800     1/3/2020  EUR   64.560
UniCredit Bank AG          6.000     1/3/2020  EUR   68.380
UniCredit Bank AG         10.900     1/3/2020  EUR   36.370
UniCredit Bank AG          7.800     1/3/2020  EUR   55.850
UniCredit Bank AG          4.600     1/3/2020  EUR   58.590
UniCredit Bank AG         14.700     1/3/2020  EUR   36.660
UniCredit Bank AG          9.300     1/3/2020  EUR   72.150
UniCredit Bank AG          4.700     1/3/2020  EUR   48.910
UniCredit Bank AG          5.700     1/3/2020  EUR   56.940
UniCredit Bank AG          8.600     1/3/2020  EUR   44.900
UniCredit Bank AG         10.500     1/3/2020  EUR   46.290
UniCredit Bank AG         12.700     1/3/2020  EUR   43.330
UniCredit Bank AG         14.900     1/3/2020  EUR   40.990
UniCredit Bank AG         13.100     1/3/2020  EUR   71.540
UniCredit Bank AG          4.800     1/3/2020  EUR   73.110
UniCredit Bank AG          6.200     1/3/2020  EUR   65.670
UniCredit Bank AG          4.400     1/3/2020  EUR   35.330
UniCredit Bank AG          8.300     1/3/2020  EUR   67.650
UniCredit Bank AG          6.100     1/3/2020  EUR   69.440
UniCredit Bank AG         10.200     1/3/2020  EUR   60.950
UniCredit Bank AG          7.400     1/3/2020  EUR   71.260
UniCredit Bank AG          9.800     1/3/2020  EUR   66.760
UniCredit Bank AG          8.100     1/3/2020  EUR   59.440
UniCredit Bank AG         14.800     1/3/2020  EUR   55.880
UniCredit Bank AG         10.100     1/3/2020  EUR   66.060
UniCredit Bank AG         11.500     1/3/2020  EUR   65.570
UniCredit Bank AG         10.300     1/3/2020  EUR   63.730
UniCredit Bank AG          5.900     1/3/2020  EUR   70.820
UniCredit Bank AG          7.800     1/3/2020  EUR   64.280
UniCredit Bank AG          4.300     1/3/2020  EUR   46.460
UniCredit Bank AG          8.000     1/3/2020  EUR   67.150
UniCredit Bank AG         12.200     1/3/2020  EUR   55.470
UniCredit Bank AG          5.800     1/3/2020  EUR   57.830
UniCredit Bank AG          7.900     1/3/2020  EUR   64.100
UniCredit Bank AG          9.900     1/3/2020  EUR   59.850
UniCredit Bank AG          6.100     1/3/2020  EUR   71.880
UniCredit Bank AG          4.600     1/3/2020  EUR   64.270
UniCredit Bank AG          8.900     1/3/2020  EUR   50.740
UniCredit Bank AG          5.800     1/3/2020  EUR   18.090
UniCredit Bank AG          6.500     1/3/2020  EUR   58.710
UniCredit Bank AG          4.900     1/3/2020  EUR   47.200
UniCredit Bank AG         13.800     1/3/2020  EUR   42.980
UniCredit Bank AG          7.500     1/3/2020  EUR   46.260
UniCredit Bank AG          8.000     1/3/2020  EUR   71.800
UniCredit Bank AG         14.700     1/3/2020  EUR   73.380
UniCredit Bank AG         13.600     1/3/2020  EUR   35.600
UniCredit Bank AG          6.900     1/3/2020  EUR   64.870
UniCredit Bank AG         13.900     1/3/2020  EUR   51.510
UniCredit Bank AG          5.100     1/3/2020  EUR   45.510
UniCredit Bank AG         11.600     1/3/2020  EUR   63.620
UniCredit Bank AG          7.800     1/3/2020  EUR   70.250
UniCredit Bank AG         14.200     1/3/2020  EUR   33.880
UniCredit Bank AG          6.400     1/3/2020  EUR   68.390
UniCredit Bank AG          8.900     1/3/2020  EUR   48.230
UniCredit Bank AG          5.900     1/3/2020  EUR   59.140
UniCredit Bank AG          6.400     1/3/2020  EUR   57.820
UniCredit Bank AG         13.700     1/3/2020  EUR   60.610
UniCredit Bank AG         11.200     1/3/2020  EUR   38.240
UniCredit Bank AG          8.300     1/3/2020  EUR   64.080
UniCredit Bank AG         14.800     1/3/2020  EUR   54.650
Leonteq Securities AG/Gu   7.500     2/6/2020  CHF   57.160
Leonteq Securities AG      3.800    2/15/2021  CHF   40.040
UBS AG/London              6.000    1/31/2020  CHF   58.250
UBS AG/London              5.250    1/31/2020  CHF   33.150
UBS AG/London              6.500    7/31/2020  CHF   56.200
UBS AG/London              6.750    7/31/2020  CHF   59.600
UBS AG/London              7.250    1/31/2020  EUR   71.400
UBS AG/London              5.500    1/31/2020  EUR   58.550
UBS AG/London              7.500    7/31/2020  EUR   41.050
UBS AG/London              6.000    1/31/2020  EUR   55.350
UBS AG/London              7.250    1/31/2020  EUR   64.350
UBS AG/London              6.500    1/31/2020  USD   42.500
Raiffeisen Centrobank AG   5.450     3/3/2020  EUR   63.920
Landesbank Baden-Wuertte   3.000    6/24/2022  EUR   72.650
Landesbank Baden-Wuertte   3.100    7/24/2020  EUR   61.620
Landesbank Baden-Wuertte   3.500    8/28/2020  EUR   69.980
Landesbank Baden-Wuertte   3.050    7/24/2020  EUR   65.760
Landesbank Baden-Wuertte   3.650   11/22/2019  EUR   56.620
Erste Group Bank AG        6.000    6/28/2022  EUR   69.800
DekaBank Deutsche Giroze   2.200    6/26/2020  EUR   72.970
Landesbank Hessen-Thueri   3.000    9/11/2019  EUR   75.000
Leonteq Securities AG/Gu   5.200    6/12/2020  CHF   59.600
Commerzbank AG             6.000     6/6/2022  USD    0.150
Zurcher Kantonalbank Fin   8.500    9/19/2019  CHF   68.020
Citigroup Global Markets   5.600    9/15/2022  SEK   59.140
Societe Generale SA       10.600    9/29/2022  USD   70.320
DekaBank Deutsche Giroze   2.100    10/9/2020  EUR   69.910
DekaBank Deutsche Giroze   3.300   10/11/2019  EUR   55.740
DekaBank Deutsche Giroze   2.200    10/9/2020  EUR   67.810
DekaBank Deutsche Giroze   2.400    10/9/2020  EUR   60.690
DekaBank Deutsche Giroze   2.600    10/9/2020  EUR   71.570
DekaBank Deutsche Giroze   2.900    10/9/2020  EUR   39.010
Commerzbank AG             1.580    9/16/2024  USD    3.490
UBS AG/London              9.500    9/13/2019  CHF   57.350
UBS AG/London              7.250    9/13/2019  EUR   62.600
Zurcher Kantonalbank Fin   7.750    9/26/2019  EUR   64.500
Leonteq Securities AG/Gu   6.400    10/9/2019  CHF   55.630
EFG International Financ   6.600    9/28/2020  EUR   68.390
Leonteq Securities AG/Gu   5.400    9/25/2019  CHF   63.050
DekaBank Deutsche Giroze   2.000    10/9/2020  EUR   66.590
DekaBank Deutsche Giroze   2.750   10/11/2019  EUR   65.700
UniCredit Bank AG          5.400   10/30/2020  EUR   52.410
Landesbank Hessen-Thueri   7.700    1/20/2023  EUR   59.490
Landesbank Hessen-Thueri   7.000   10/20/2022  EUR   65.520
Zurcher Kantonalbank Fin   7.500    9/26/2019  CHF   72.220
Landesbank Baden-Wuertte   2.350    6/26/2020  EUR   74.180
Landesbank Baden-Wuertte   3.700    6/26/2020  EUR   63.420
Landesbank Baden-Wuertte   3.600    6/26/2020  EUR   69.480
EFG International Financ   6.600    10/5/2020  EUR   70.280
EFG International Financ   7.200    10/5/2020  USD   43.310
DekaBank Deutsche Giroze   2.250   10/16/2020  EUR   65.480
DekaBank Deutsche Giroze   2.000   10/16/2020  EUR   46.970
Leonteq Securities AG/Gu   7.000    9/29/2020  CHF   67.000
Leonteq Securities AG/Gu   8.000    9/29/2020  EUR   67.420
Leonteq Securities AG/Gu   6.000     4/2/2020  CHF   59.820
UniCredit Bank AG          5.350   10/18/2020  EUR   54.630
UniCredit Bank AG          4.300   10/18/2021  EUR   62.840
Landesbank Hessen-Thueri   5.700   10/27/2022  EUR   51.930
Landesbank Hessen-Thueri   3.500   10/27/2021  EUR   66.820
Leonteq Securities AG/Gu   7.600    10/6/2020  CHF   65.910
Bayerische Landesbank      2.200   10/30/2020  EUR   69.270
DekaBank Deutsche Giroze  10.000   10/25/2019  EUR   63.740
UBS AG/London              7.200    5/22/2020  EUR   62.930
HSBC Trinkaus & Burkhard   5.600    6/26/2020  EUR   59.580
Commerzbank AG            12.500    3/27/2020  EUR   71.790
HSBC Trinkaus & Burkhard   6.300    6/26/2020  EUR   68.610
Commerzbank AG            11.500    9/27/2019  EUR   65.560
Commerzbank AG             9.500   11/22/2019  EUR   73.350
HSBC Trinkaus & Burkhard   4.300    7/24/2020  EUR   73.320
HSBC Trinkaus & Burkhard   6.800    7/24/2020  EUR   73.910
HSBC Trinkaus & Burkhard   8.600    3/27/2020  EUR   65.280
HSBC Trinkaus & Burkhard   5.100    3/27/2020  EUR   58.590
HSBC Trinkaus & Burkhard   7.700    9/25/2020  EUR   57.460
HSBC Trinkaus & Burkhard   6.100    1/24/2020  EUR   73.790
Commerzbank AG            14.500    3/27/2020  EUR   70.050
HSBC Trinkaus & Burkhard   4.700    3/27/2020  EUR   71.470
HSBC Trinkaus & Burkhard   7.300    6/26/2020  EUR   67.730
HSBC Trinkaus & Burkhard   8.800    7/24/2020  EUR   65.970
HSBC Trinkaus & Burkhard   8.600    6/26/2020  EUR   71.770
Commerzbank AG             9.000    3/27/2020  EUR   69.630
HSBC Trinkaus & Burkhard   4.300   12/28/2020  EUR   74.340
HSBC Trinkaus & Burkhard   3.300    1/24/2020  EUR   74.520
HSBC Trinkaus & Burkhard   5.700    9/25/2020  EUR   60.730
Commerzbank AG            12.000   12/31/2019  EUR   61.920
Credit Suisse AG/London   13.000    3/27/2020  USD   67.100
Landesbank Baden-Wuertte   2.800    3/25/2022  EUR   71.020
Raiffeisen Schweiz Genos   6.750   11/27/2019  CHF   69.360
Leonteq Securities AG/Gu   7.400   11/27/2019  USD   46.590
Leonteq Securities AG/Gu   4.200     6/1/2021  CHF   47.370
Landesbank Baden-Wuertte   3.100    2/25/2022  EUR   67.180
Landesbank Baden-Wuertte   2.300    2/25/2022  EUR   70.600
Landesbank Baden-Wuertte   2.750    2/25/2022  EUR   72.050
Landesbank Hessen-Thueri   4.000   12/22/2021  EUR   47.830
Landesbank Hessen-Thueri   3.500   12/22/2021  EUR   69.350
Zurcher Kantonalbank Fin   5.000   11/28/2019  CHF   72.550
Zurcher Kantonalbank Fin   7.000   11/28/2019  EUR   60.680
Raiffeisen Centrobank AG   4.311    9/24/2019  EUR   48.320
Raiffeisen Centrobank AG   5.389    9/24/2019  EUR   50.290
Raiffeisen Switzerland B   4.800   11/23/2023  CHF   55.560
DekaBank Deutsche Giroze   6.000   11/13/2019  EUR   67.900
Landesbank Hessen-Thueri   6.250   12/22/2022  EUR   61.760
UniCredit Bank AG          4.450   12/29/2022  EUR   55.610
UniCredit Bank AG          5.100   12/19/2020  EUR   48.150
UniCredit Bank AG          4.300   12/19/2021  EUR   56.940
UniCredit Bank AG          4.700   12/19/2021  EUR   53.480
UniCredit Bank AG          5.900   12/19/2020  EUR   67.490
UniCredit Bank AG          5.500   12/19/2020  EUR   71.920
UBS AG/London              5.250   11/22/2019  EUR   63.300
UBS AG/London              5.500   11/22/2019  CHF   59.400
EFG International Financ   8.000    12/6/2019  EUR   62.290
UBS AG/London              7.750   11/22/2019  CHF   49.850
Landesbank Hessen-Thueri   4.400     1/5/2023  EUR   59.550
Leonteq Securities AG/Gu  10.400    12/4/2019  EUR   50.940
EFG International Financ   7.000    5/23/2022  EUR   56.710
Landesbank Hessen-Thueri   3.250     7/8/2020  EUR   60.100
Leonteq Securities AG/Gu   6.400     6/4/2020  CHF   17.610
Leonteq Securities AG/Gu   9.000     6/4/2020  USD   52.790
Raiffeisen Schweiz Genos   8.500   11/27/2019  CHF   62.450
Societe Generale SA        8.000    12/2/2020  USD   71.050
Vontobel Financial Produ   4.500   12/30/2020  EUR   65.120
Landesbank Baden-Wuertte   2.750   11/25/2022  EUR   67.210
UniCredit Bank AG          5.500     1/4/2020  EUR   39.950
DekaBank Deutsche Giroze   3.800   12/18/2020  EUR   53.580
EFG International Financ   8.200   12/13/2019  CHF   64.320
EFG International Financ   8.000   12/13/2019  EUR   69.670
UBS AG/London              5.250     6/1/2020  USD   67.350
UBS AG/London              6.750   11/29/2019  CHF   68.450
UBS AG/London             11.000   11/29/2019  CHF   70.450
UBS AG/London             12.500   11/29/2019  CHF   69.800
Vontobel Financial Produ   7.000   12/27/2019  EUR   39.870
Commerzbank AG             3.100   11/25/2019  USD   45.490
Leonteq Securities AG/Gu  10.000   12/11/2019  CHF   28.890
Landesbank Baden-Wuertte   3.200   12/29/2020  EUR   65.350
Landesbank Baden-Wuertte   3.300   12/29/2020  EUR   70.950
Landesbank Baden-Wuertte   3.750   12/29/2020  EUR   63.410
Landesbank Baden-Wuertte   2.900    9/27/2019  EUR   73.480
Landesbank Baden-Wuertte   2.800    9/27/2019  EUR   72.300
UniCredit Bank AG          3.300   12/29/2022  EUR   69.500
UniCredit Bank AG          3.800   12/29/2022  EUR   49.460
DekaBank Deutsche Giroze   5.150     7/3/2020  EUR   60.870
DekaBank Deutsche Giroze   6.300     7/3/2020  EUR   47.650
Leonteq Securities AG/Gu  10.600    12/8/2020  EUR   57.520
Leonteq Securities AG/Gu   7.200    12/8/2020  USD   53.230
Landesbank Hessen-Thueri   3.500     1/5/2022  EUR   73.840
Landesbank Hessen-Thueri   3.500     1/5/2022  EUR   56.090
Landesbank Hessen-Thueri   4.000     1/5/2022  EUR   54.040
Raiffeisen Centrobank AG   5.200   12/30/2019  EUR   67.970
Leonteq Securities AG/Gu   9.800    6/12/2020  CHF   48.010
DekaBank Deutsche Giroze   3.000   12/29/2022  EUR   66.570
DekaBank Deutsche Giroze   4.050     7/3/2020  EUR   67.690
Landesbank Baden-Wuertte   2.600    4/28/2023  EUR   71.810
Raiffeisen Schweiz Genos   8.500     9/2/2019  CHF   36.900
Raiffeisen Schweiz Genos   5.750     9/2/2020  CHF   43.910
Raiffeisen Schweiz Genos   7.400     3/2/2020  EUR   68.600
Raiffeisen Schweiz Genos   7.000     9/2/2019  EUR   59.640
Raiffeisen Schweiz Genos   7.000     3/2/2020  CHF   60.970
Landesbank Baden-Wuertte   4.450   10/23/2020  EUR   70.330
DekaBank Deutsche Giroze   3.500    3/14/2022  EUR   68.540
DekaBank Deutsche Giroze   3.150     3/5/2021  EUR   55.290
DekaBank Deutsche Giroze   2.250    3/27/2020  EUR   66.480
DekaBank Deutsche Giroze   2.450     3/5/2021  EUR   67.060
DekaBank Deutsche Giroze   2.850     3/6/2020  EUR   60.440
Landesbank Baden-Wuertte   3.000    2/28/2020  EUR   59.900
Landesbank Baden-Wuertte   5.000    2/28/2020  EUR   53.730
Landesbank Baden-Wuertte   7.000    2/28/2020  EUR   49.090
Landesbank Baden-Wuertte   4.500    2/28/2020  EUR   70.340
Landesbank Baden-Wuertte   5.000    2/28/2020  EUR   72.800
Landesbank Baden-Wuertte   5.000    2/28/2020  EUR   74.200
Landesbank Baden-Wuertte   2.000    2/28/2020  EUR   67.700
Landesbank Baden-Wuertte   3.000    2/28/2020  EUR   64.630
Landesbank Baden-Wuertte   3.000    2/28/2020  EUR   65.810
Landesbank Baden-Wuertte   5.000    2/28/2020  EUR   58.790
Landesbank Baden-Wuertte   2.500    2/28/2020  EUR   74.250
Landesbank Baden-Wuertte   3.500    2/28/2020  EUR   67.090
Landesbank Baden-Wuertte   2.000    2/28/2020  EUR   60.700
Landesbank Baden-Wuertte   3.000    2/28/2020  EUR   57.990
Landesbank Baden-Wuertte   4.000    2/28/2020  EUR   53.010
Landesbank Baden-Wuertte   3.500    2/28/2020  EUR   70.130
Landesbank Baden-Wuertte   5.000    2/28/2020  EUR   66.510
Landesbank Baden-Wuertte   2.000    2/28/2020  EUR   61.720
Landesbank Baden-Wuertte   3.000    2/28/2020  EUR   58.590
Landesbank Baden-Wuertte   2.500    2/28/2020  EUR   47.240
Landesbank Baden-Wuertte   3.500    2/28/2020  EUR   44.340
Landesbank Baden-Wuertte   4.500    2/28/2020  EUR   43.350
Landesbank Baden-Wuertte   5.500    2/28/2020  EUR   41.120
Landesbank Baden-Wuertte   3.000    2/28/2020  EUR   50.810
Landesbank Baden-Wuertte   4.500    2/28/2020  EUR   47.120
Landesbank Baden-Wuertte   6.000    2/28/2020  EUR   44.130
Landesbank Baden-Wuertte   2.500    2/28/2020  EUR   57.840
Landesbank Baden-Wuertte   3.500    2/28/2020  EUR   55.510
Landesbank Baden-Wuertte   4.500    2/28/2020  EUR   52.310
Landesbank Baden-Wuertte   3.000    2/28/2020  EUR   71.900
Landesbank Baden-Wuertte   4.000    2/28/2020  EUR   67.930
Landesbank Baden-Wuertte   5.000    2/28/2020  EUR   65.420
Landesbank Baden-Wuertte   4.000    2/28/2020  EUR   65.640
Landesbank Baden-Wuertte   5.500    2/28/2020  EUR   60.710
Landesbank Baden-Wuertte   7.000    2/28/2020  EUR   56.730
Landesbank Baden-Wuertte   3.000    2/28/2020  EUR   67.720
Landesbank Baden-Wuertte   4.500    2/28/2020  EUR   59.940
Landesbank Baden-Wuertte   6.000    2/28/2020  EUR   56.050
Landesbank Baden-Wuertte   3.500    2/28/2020  EUR   72.250
Landesbank Baden-Wuertte   5.000    2/28/2020  EUR   67.710
Landesbank Baden-Wuertte   5.000    2/28/2020  EUR   71.660
Landesbank Baden-Wuertte   2.500    2/28/2020  EUR   22.240
Landesbank Baden-Wuertte   4.000    2/28/2020  EUR   20.890
Vontobel Financial Produ   4.000    9/16/2019  EUR   60.020
Bank Julius Baer & Co Lt   7.500     9/4/2019  CHF   57.500
UniCredit Bank AG          4.000     3/2/2020  EUR   34.580
Goldman Sachs & Co Wertp   6.000    9/25/2019  EUR   42.810
Goldman Sachs & Co Wertp   8.000    9/25/2019  EUR   39.590
Goldman Sachs & Co Wertp  10.000    9/25/2019  EUR   36.870
Goldman Sachs & Co Wertp   5.000    9/25/2019  EUR   46.760
Goldman Sachs & Co Wertp   6.000    9/25/2019  EUR   44.740
Goldman Sachs & Co Wertp   7.000    9/25/2019  EUR   70.950
Goldman Sachs & Co Wertp   8.000    9/25/2019  EUR   67.720
Goldman Sachs & Co Wertp  14.000    9/25/2019  EUR   58.760
Goldman Sachs & Co Wertp  16.000    9/25/2019  EUR   56.130
Goldman Sachs & Co Wertp   8.000   12/27/2019  EUR   70.060
Goldman Sachs & Co Wertp  10.000   12/27/2019  EUR   66.100
Goldman Sachs & Co Wertp  14.000   12/27/2019  EUR   59.600
Goldman Sachs & Co Wertp   6.000    9/25/2019  EUR   71.170
Goldman Sachs & Co Wertp   6.000   12/27/2019  EUR   72.680
Goldman Sachs & Co Wertp   7.000   12/27/2019  EUR   70.560
Goldman Sachs & Co Wertp   8.000   12/27/2019  EUR   70.900
Goldman Sachs & Co Wertp   6.000   12/27/2019  EUR   70.580
UBS AG/London              8.750    8/28/2019  CHF   36.550
UBS AG/London              8.500    8/28/2019  CHF   62.750
UBS AG/London              6.500    8/28/2019  CHF   67.700
UBS AG/London              7.000    8/28/2019  EUR   46.750
UBS AG/London              8.000    8/28/2019  CHF   62.750
UBS AG/London              7.250    8/28/2019  CHF   61.450
UBS AG/London              9.500    2/28/2020  EUR   51.400
UBS AG/London             10.000    2/28/2020  EUR   43.750
UBS AG/London              7.500    2/28/2020  EUR   66.500
Leonteq Securities AG     12.000     9/9/2019  CHF   51.490
Commerzbank AG             5.350     3/2/2020  USD   42.310
Bayerische Landesbank      2.000   12/11/2020  EUR   69.950
Bayerische Landesbank      3.400    7/16/2021  EUR   52.570
Bayerische Landesbank      4.000     5/3/2020  EUR   63.350
Landesbank Baden-Wuertte   5.000    9/27/2019  EUR   53.060
Bayerische Landesbank      4.000    10/4/2019  EUR   66.620
Credit Suisse AG/Nassau    8.250    9/12/2019  EUR   68.470
Raiffeisen Schweiz Genos   7.600    9/12/2019  CHF   41.040
Raiffeisen Schweiz Genos   6.300    9/12/2019  CHF   61.890
Raiffeisen Schweiz Genos   5.750     9/9/2020  CHF   44.960
DekaBank Deutsche Giroze   3.100    3/27/2020  EUR   56.550
Landesbank Baden-Wuertte   4.150    9/27/2019  EUR   44.940
Landesbank Baden-Wuertte   5.600    9/27/2019  EUR   59.570
Leonteq Securities AG/Gu   8.200     3/2/2020  CHF   29.100
Leonteq Securities AG/Gu   7.000     3/2/2020  CHF   61.020
Deutsche Bank AG           7.200   12/24/2019  EUR   73.300
Deutsche Bank AG           7.200   12/24/2019  EUR   72.900
Deutsche Bank AG           7.200   12/24/2019  EUR   69.660
Deutsche Bank AG           7.200   12/24/2019  EUR   66.710
Erste Group Bank AG        6.250    3/29/2023  EUR   50.550
Samaratransneft-Terminal  10.000    3/20/2023  RUB    2.960
UniCredit Bank AG          6.300    3/26/2021  EUR   63.290
Bank Julius Baer & Co Lt  10.500     9/3/2019  EUR   48.000
Deutsche Bank AG           7.200   12/24/2019  EUR   72.920
Deutsche Bank AG           7.200   12/24/2019  EUR   70.430
Deutsche Bank AG           7.200   12/24/2019  EUR   68.110
Bank Julius Baer & Co Lt   9.500    9/16/2019  USD   39.600
Deutsche Bank AG           7.200   12/24/2019  EUR   71.150
Deutsche Bank AG           7.200   12/24/2019  EUR   68.810
UniCredit Bank AG          4.750    3/26/2021  EUR   68.560
UniCredit Bank AG          4.050    3/26/2021  EUR   67.670
UniCredit Bank AG          5.550    3/26/2021  EUR   54.120
UniCredit Bank AG          4.400    3/26/2021  EUR   61.490
UniCredit Bank AG          4.600    3/26/2021  EUR   52.970
Deutsche Bank AG           7.200   12/24/2019  EUR   44.900
Deutsche Bank AG           7.200   12/24/2019  EUR   43.100
Deutsche Bank AG           7.200   12/24/2019  EUR   54.380
Deutsche Bank AG           7.200   12/24/2019  EUR   53.140
Deutsche Bank AG           7.200   12/24/2019  EUR   51.960
Deutsche Bank AG           7.200   12/24/2019  EUR   50.840
Deutsche Bank AG           7.200   12/24/2019  EUR   49.760
Deutsche Bank AG           7.200   12/24/2019  EUR   48.730
Vontobel Financial Produ   6.700     3/7/2022  EUR   69.690
Deutsche Bank AG           7.200   12/24/2019  EUR   64.670
Deutsche Bank AG           7.200   12/24/2019  EUR   61.920
Deutsche Bank AG           7.200   12/24/2019  EUR   60.220
Deutsche Bank AG           7.200   12/24/2019  EUR   55.040
Deutsche Bank AG           7.200   12/24/2019  EUR   70.810
Deutsche Bank AG           7.200   12/24/2019  EUR   55.120
Deutsche Bank AG           7.200   12/24/2019  EUR   53.100
Deutsche Bank AG           7.200   12/24/2019  EUR   51.220
Deutsche Bank AG           7.200   12/24/2019  EUR   53.740
Deutsche Bank AG           7.200   12/24/2019  EUR   51.320
Deutsche Bank AG           7.200   12/24/2019  EUR   49.110
Deutsche Bank AG           7.200   12/24/2019  EUR   41.700
Deutsche Bank AG           7.200   12/24/2019  EUR   40.400
Deutsche Bank AG           7.200   12/24/2019  EUR   38.100
UniCredit Bank AG          4.250    3/29/2021  EUR   61.480
UniCredit Bank AG          3.250    3/29/2022  EUR   24.490
DekaBank Deutsche Giroze   4.000    7/12/2021  EUR   73.500
UniCredit Bank AG          3.730    3/12/2020  EUR   55.270
DekaBank Deutsche Giroze   2.000     4/1/2021  EUR   73.590
UBS AG/London             11.500     3/9/2020  CHF   56.500
UBS AG/London             10.000     3/9/2020  CHF   51.450
UBS AG/London             12.000     3/9/2020  CHF   40.950
UBS AG/London              9.750     3/9/2020  EUR   52.800
UBS AG/London             11.250     3/9/2020  EUR   53.050
UBS AG/London              7.500     9/9/2019  CHF   45.700
UBS AG/London              7.250     9/9/2019  CHF   63.250
UBS AG/London              5.750     9/9/2019  CHF   64.800
UBS AG/London             10.500     9/9/2019  EUR   47.350
UBS AG/London              8.500     3/9/2020  USD   41.900
Deutsche Bank AG           4.200    9/24/2019  EUR   72.630
Deutsche Bank AG           4.200    9/24/2019  EUR   70.860
Deutsche Bank AG           4.200    9/24/2019  EUR   68.370
Deutsche Bank AG           4.200    9/24/2019  EUR   41.100
Deutsche Bank AG           6.200    9/24/2019  EUR   41.200
Deutsche Bank AG           6.200    9/24/2019  EUR   39.600
Deutsche Bank AG           4.200    9/24/2019  EUR   39.400
Deutsche Bank AG           4.200    9/24/2019  EUR   37.900
Deutsche Bank AG           6.200    9/24/2019  EUR   38.100
Deutsche Bank AG           4.200   12/24/2019  EUR   43.900
Deutsche Bank AG           6.200   12/24/2019  EUR   44.600
Deutsche Bank AG           4.200   12/24/2019  EUR   42.100
Deutsche Bank AG           4.200   12/24/2019  EUR   40.500
Deutsche Bank AG           4.200   12/24/2019  EUR   39.000
Deutsche Bank AG           4.200   12/24/2019  EUR   70.140
Deutsche Bank AG           6.200   12/24/2019  EUR   68.470
Deutsche Bank AG           4.200   12/24/2019  EUR   67.790
Deutsche Bank AG           6.200    9/24/2019  EUR   43.000
Deutsche Bank AG           4.200    9/24/2019  EUR   42.800
Deutsche Bank AG           4.200    9/24/2019  EUR   71.630
Deutsche Bank AG           6.200    9/24/2019  EUR   71.810
Deutsche Bank AG           4.200    9/24/2019  EUR   69.110
Deutsche Bank AG           6.200    9/24/2019  EUR   66.940
Deutsche Bank AG           4.200    9/24/2019  EUR   66.760
Deutsche Bank AG           4.200    9/24/2019  EUR   73.800
Deutsche Bank AG           4.200    9/24/2019  EUR   53.590
Deutsche Bank AG           6.200    9/24/2019  EUR   53.770
Deutsche Bank AG           6.200    9/24/2019  EUR   51.230
Deutsche Bank AG           4.200    9/24/2019  EUR   51.050
Deutsche Bank AG           6.200    9/24/2019  EUR   48.920
Deutsche Bank AG           4.200    9/24/2019  EUR   48.750
Deutsche Bank AG           4.200    9/24/2019  EUR   46.640
Deutsche Bank AG           6.200    9/24/2019  EUR   46.810
Deutsche Bank AG           4.200   12/24/2019  EUR   54.660
Deutsche Bank AG           6.200   12/24/2019  EUR   55.350
Deutsche Bank AG           6.200   12/24/2019  EUR   52.800
Deutsche Bank AG           4.200   12/24/2019  EUR   52.120
Deutsche Bank AG           6.200   12/24/2019  EUR   50.500
Deutsche Bank AG           4.200   12/24/2019  EUR   49.810
Deutsche Bank AG           6.200   12/24/2019  EUR   48.390
Deutsche Bank AG           4.200   12/24/2019  EUR   47.700
Deutsche Bank AG           4.200    9/24/2019  EUR   62.600
Deutsche Bank AG           6.200    9/24/2019  EUR   62.770
Deutsche Bank AG           6.200    9/24/2019  EUR   60.020
Deutsche Bank AG           4.200    9/24/2019  EUR   59.850
Deutsche Bank AG           6.200    9/24/2019  EUR   58.320
Deutsche Bank AG           4.200    9/24/2019  EUR   58.140
Deutsche Bank AG           6.200   12/24/2019  EUR   64.330
Deutsche Bank AG           4.200   12/24/2019  EUR   63.650
Deutsche Bank AG           4.200   12/24/2019  EUR   60.900
Deutsche Bank AG           6.200   12/24/2019  EUR   61.590
Deutsche Bank AG           4.200   12/24/2019  EUR   59.200
Deutsche Bank AG           6.200    9/24/2019  EUR   38.700
Deutsche Bank AG           4.200    9/24/2019  EUR   38.500
Deutsche Bank AG           6.200    9/24/2019  EUR   36.300
Deutsche Bank AG           4.200    9/24/2019  EUR   36.100
Deutsche Bank AG           4.200   12/24/2019  EUR   39.400
Deutsche Bank AG           4.200   12/24/2019  EUR   37.000
Deutsche Bank AG           6.200   12/24/2019  EUR   37.700
Deutsche Bank AG           4.200    9/24/2019  EUR   51.840
Deutsche Bank AG           6.200    9/24/2019  EUR   52.000
Deutsche Bank AG           6.200    9/24/2019  EUR   49.540
Deutsche Bank AG           4.200    9/24/2019  EUR   49.370
Deutsche Bank AG           4.200    9/24/2019  EUR   47.140
Deutsche Bank AG           4.200   12/24/2019  EUR   52.710
Deutsche Bank AG           6.200   12/24/2019  EUR   53.400
Deutsche Bank AG           4.200   12/24/2019  EUR   50.300
Deutsche Bank AG           6.200   12/24/2019  EUR   50.980
Deutsche Bank AG           4.200   12/24/2019  EUR   48.100
Deutsche Bank AG           4.200    9/24/2019  EUR   71.200
Deutsche Bank AG           4.200    9/24/2019  EUR   68.800
Deutsche Bank AG           6.200    9/24/2019  EUR   69.000
Deutsche Bank AG           4.200   12/24/2019  EUR   74.900
Deutsche Bank AG           4.200   12/24/2019  EUR   72.300
Deutsche Bank AG           6.200   12/24/2019  EUR   70.600
Deutsche Bank AG           4.200   12/24/2019  EUR   69.900
Deutsche Bank AG           4.200    9/24/2019  EUR   73.230
Deutsche Bank AG           4.200    9/24/2019  EUR   70.880
Deutsche Bank AG           4.200    9/24/2019  EUR   67.610
Deutsche Bank AG           6.200    9/24/2019  EUR   53.180
Deutsche Bank AG           4.200   12/24/2019  EUR   54.110
Deutsche Bank AG           6.200   12/24/2019  EUR   54.790
Deutsche Bank AG           6.200    9/24/2019  EUR   68.540
Deutsche Bank AG           4.200    9/24/2019  EUR   66.050
Deutsche Bank AG           6.200    9/24/2019  EUR   66.220
Deutsche Bank AG           4.200   12/24/2019  EUR   71.900
Deutsche Bank AG           4.200   12/24/2019  EUR   69.410
Deutsche Bank AG           6.200   12/24/2019  EUR   70.090
Deutsche Bank AG           6.200   12/24/2019  EUR   67.780
Deutsche Bank AG           4.200   12/24/2019  EUR   67.090
Deutsche Bank AG           4.200    9/24/2019  EUR   64.640
Deutsche Bank AG           4.200   12/24/2019  EUR   74.190
Deutsche Bank AG           4.200   12/24/2019  EUR   71.870
Deutsche Bank AG           4.200   12/24/2019  EUR   68.640
Deutsche Bank AG           4.200   12/24/2019  EUR   65.690
Deutsche Bank AG           4.200    9/24/2019  EUR   72.070
Deutsche Bank AG           6.200    9/24/2019  EUR   68.990
Deutsche Bank AG           4.200    9/24/2019  EUR   68.810
Deutsche Bank AG           6.200   12/24/2019  EUR   70.470
Deutsche Bank AG           4.200   12/24/2019  EUR   69.790
Deutsche Bank AG           4.200    9/24/2019  EUR   53.010
Deutsche Bank AG           6.200    9/24/2019  EUR   73.900
Deutsche Bank AG           4.200    9/24/2019  EUR   73.700
Leonteq Securities AG/Gu  10.000    3/16/2020  USD   52.700
Corner Banca SA           15.000    9/16/2019  CHF   35.960
Leonteq Securities AG/Gu  11.000     9/9/2019  CHF   53.770
Leonteq Securities AG/Gu   9.000     9/9/2019  CHF   25.090
UniCredit Bank AG          6.000    10/4/2019  EUR   58.930
Raiffeisen Schweiz Genos  11.420    9/12/2019  CHF   38.790
UBS AG/London             10.000    3/22/2021  EUR   69.220
EFG International Financ   7.600    1/11/2021  CHF   60.860
EFG International Financ   7.400    1/11/2021  USD   53.660
EFG International Financ   8.400    1/10/2020  USD   39.240
UBS AG/London              5.400     1/2/2020  EUR   48.940
EFG International Financ   7.400    1/25/2021  CHF   59.950
EFG International Financ   7.200    1/25/2021  EUR   52.320
EFG International Financ   8.000    1/29/2020  USD   37.570
Corner Banca SA            7.400    7/22/2020  CHF   56.840
Leonteq Securities AG/Gu   6.600    1/22/2020  EUR   67.910
UBS AG/London              5.800    9/26/2019  EUR   72.040
UBS AG/London             24.000     1/2/2020  EUR   72.100
UBS AG/London             21.900     1/2/2020  EUR   62.320
UBS AG/London             27.600     1/2/2020  EUR   70.140
UBS AG/London             14.000    9/26/2019  EUR   66.390
UBS AG/London             25.000     1/2/2020  EUR   70.340
UBS AG/London              6.700    3/26/2020  EUR   73.730
UBS AG/London             14.300     1/2/2020  EUR   64.110
UBS AG/London             25.200     1/2/2020  EUR   60.870
UBS AG/London              6.400    3/26/2020  EUR   73.150
UBS AG/London             11.300     1/2/2020  EUR   69.220
UBS AG/London             27.600    9/26/2019  EUR   72.510
UBS AG/London             29.100    9/26/2019  EUR   72.200
Commerzbank AG             6.000    1/24/2020  EUR   73.050
DZ Bank AG Deutsche Zent   5.550    3/24/2021  EUR   70.690
DZ Bank AG Deutsche Zent   6.500    3/24/2021  EUR   68.950
Commerzbank AG            12.000    9/27/2019  EUR   60.280
Commerzbank AG            10.000    1/24/2020  EUR   63.340
Vontobel Financial Produ   7.500    3/27/2020  EUR   43.250
Vontobel Financial Produ   6.000    3/27/2020  EUR   44.470
Vontobel Financial Produ  14.000     1/3/2020  EUR   38.700
Vontobel Financial Produ  13.000     1/3/2020  EUR   63.900
Vontobel Financial Produ  11.500    3/27/2020  EUR   63.450
Vontobel Financial Produ  13.500    3/27/2020  EUR   64.430
Vontobel Financial Produ  10.500    3/27/2020  EUR   70.650
Commerzbank AG            20.500    9/27/2019  EUR   57.700
Commerzbank AG            23.250    9/27/2019  EUR   65.730
Commerzbank AG            11.000   11/22/2019  EUR   62.190
Commerzbank AG            17.000    9/27/2019  EUR   72.960
Commerzbank AG            10.000    1/24/2020  EUR   69.630
DZ Bank AG Deutsche Zent   4.250   12/27/2019  EUR   58.140
DZ Bank AG Deutsche Zent   8.250    3/25/2020  EUR   63.740
DZ Bank AG Deutsche Zent   5.250    3/25/2020  EUR   63.420
DZ Bank AG Deutsche Zent   6.250   12/27/2019  EUR   73.330
DZ Bank AG Deutsche Zent   6.000    3/25/2020  EUR   72.430
DZ Bank AG Deutsche Zent   5.750    6/24/2020  EUR   71.850
HSBC Trinkaus & Burkhard   5.670    2/12/2021  EUR   64.030
UBS AG/London             10.000    8/13/2020  EUR   69.750
UBS AG/London             10.000    8/13/2020  EUR   70.530
Vontobel Financial Produ   6.000     1/3/2020  EUR   47.380
Vontobel Financial Produ   5.500     1/3/2020  EUR   50.367
Vontobel Financial Produ   8.000    3/27/2020  EUR   53.010
BNP Paribas Emissions- u   6.000    6/25/2020  EUR   62.450
BNP Paribas Emissions- u   7.000    6/25/2020  EUR   60.830
BNP Paribas Emissions- u   5.000   12/30/2019  EUR   59.060
BNP Paribas Emissions- u   5.000    3/26/2020  EUR   62.930
BNP Paribas Emissions- u   4.000    3/26/2020  EUR   59.780
BNP Paribas Emissions- u   4.000    6/25/2020  EUR   67.870
Luzerner Kantonalbank AG  10.000    8/28/2020  CHF   64.960
Bank Julius Baer & Co Lt  10.100    2/14/2020  USD   64.800
UBS AG/London             13.000    1/21/2020  USD   55.040
UBS AG/London              9.000    7/20/2020  CHF   61.100
UBS AG/London              6.000    7/20/2020  CHF   63.200
UBS AG/London              6.500    7/20/2020  EUR   48.100
UBS AG/London              5.500    1/20/2020  CHF   64.550
UBS AG/London              6.500   10/18/2019  EUR   73.450
Natixis SA                 3.450    7/26/2021  RUB   53.460
Leonteq Securities AG/Gu   6.200    7/27/2021  CHF   55.620
UniCredit Bank AG          5.350    8/24/2021  EUR   65.120
Banque Cantonale Vaudois   5.000    1/31/2020  CHF   64.960
Commerzbank AG            16.000    9/27/2019  EUR   71.980
Commerzbank AG            17.000   12/31/2019  EUR   68.110
DekaBank Deutsche Giroze   5.000    1/24/2020  EUR   73.830
HSBC Trinkaus & Burkhard   6.100    6/26/2020  EUR   58.490
HSBC Trinkaus & Burkhard  11.300    9/25/2020  EUR   53.870
Deutsche Bank AG           4.200    9/24/2019  EUR   71.800
Deutsche Bank AG           4.200   12/24/2019  EUR   72.300
Deutsche Bank AG           4.200    3/24/2020  EUR   72.600
Deutsche Bank AG           4.200    6/23/2020  EUR   71.100
Deutsche Bank AG           4.200    9/22/2020  EUR   71.400
Deutsche Bank AG           4.200   12/22/2020  EUR   71.800
Deutsche Bank AG           4.200    6/23/2020  EUR   71.600
Deutsche Bank AG           4.200    9/22/2020  EUR   71.600
Deutsche Bank AG           4.200   12/22/2020  EUR   71.700
Deutsche Bank AG           4.200    9/24/2019  EUR   74.100
Deutsche Bank AG           4.200    3/24/2020  EUR   74.000
Deutsche Bank AG           4.200    9/24/2019  EUR   52.400
Deutsche Bank AG           4.200    9/24/2019  EUR   47.200
Deutsche Bank AG           4.200   12/24/2019  EUR   53.300
Deutsche Bank AG           4.200   12/24/2019  EUR   48.100
Deutsche Bank AG           4.200    3/24/2020  EUR   54.200
Deutsche Bank AG           4.200    3/24/2020  EUR   49.100
Deutsche Bank AG           4.200    6/23/2020  EUR   55.000
Deutsche Bank AG           4.200    6/23/2020  EUR   50.000
Deutsche Bank AG           4.200    9/22/2020  EUR   55.900
Deutsche Bank AG           4.200    9/22/2020  EUR   51.000
Deutsche Bank AG           4.200   12/22/2020  EUR   56.700
Deutsche Bank AG           4.200   12/22/2020  EUR   51.900
Commerzbank AG            10.250   12/31/2019  EUR   66.540
Commerzbank AG            12.250   12/31/2019  EUR   64.150
Commerzbank AG             8.250   12/31/2019  EUR   69.550
Commerzbank AG             5.500    2/28/2020  EUR   64.610
HSBC Trinkaus & Burkhard   2.000    3/27/2020  EUR   71.410
Vontobel Financial Produ   9.500    3/27/2020  EUR   69.890
Commerzbank AG             5.000   12/31/2019  EUR   60.610
Raiffeisen Schweiz Genos   7.500    9/16/2019  CHF   34.160
Natixis SA                 2.750     3/1/2021  USD   59.793
Commerzbank AG             2.450     3/9/2020  EUR   51.830
DekaBank Deutsche Giroze   5.000   10/18/2019  EUR   68.090
DekaBank Deutsche Giroze   4.250    4/14/2022  EUR   60.390
EFG International Financ   7.200   11/30/2020  EUR   61.210
Corner Banca SA            9.600   11/27/2019  CHF   57.090
Vontobel Financial Produ  13.000    6/26/2020  EUR   62.570
Vontobel Financial Produ  12.000    6/26/2020  EUR   68.690
Vontobel Financial Produ   7.000    6/26/2020  EUR   72.740
DZ Bank AG Deutsche Zent   6.250    3/25/2020  EUR   63.010
DZ Bank AG Deutsche Zent  10.000    6/24/2020  EUR   71.810
Vontobel Financial Produ  10.500    3/27/2020  EUR   67.240
Vontobel Financial Produ  15.000    3/27/2020  EUR   64.350
Vontobel Financial Produ   9.500    3/27/2020  EUR   68.700
Vontobel Financial Produ   9.000    6/26/2020  EUR   70.170
DZ Bank AG Deutsche Zent  10.750   12/27/2019  EUR   72.080
BNP Paribas Emissions- u  10.000   12/24/2020  EUR   70.830
BNP Paribas Emissions- u  12.000   12/24/2020  EUR   68.820
BNP Paribas Emissions- u  18.000    3/26/2020  EUR   70.810
BNP Paribas Emissions- u  17.000    9/26/2019  EUR   61.260
BNP Paribas Emissions- u   9.000   12/30/2019  EUR   68.030
BNP Paribas Emissions- u  13.000   12/30/2019  EUR   64.330
BNP Paribas Emissions- u  16.000   12/30/2019  EUR   62.380
BNP Paribas Emissions- u   5.500    3/26/2020  EUR   73.790
BNP Paribas Emissions- u   8.000   12/30/2019  EUR   69.020
BNP Paribas Emissions- u  21.000   12/30/2019  EUR   61.640
BNP Paribas Emissions- u  14.000    9/26/2019  EUR   65.530
BNP Paribas Emissions- u  12.000   12/30/2019  EUR   68.630
BNP Paribas Emissions- u  15.000   12/30/2019  EUR   65.650
BNP Paribas Emissions- u   9.500   12/24/2020  EUR   71.260
BNP Paribas Emissions- u  22.000    9/26/2019  EUR   70.650
BNP Paribas Emissions- u  21.000    9/26/2019  EUR   64.420
BNP Paribas Emissions- u   8.500    6/25/2020  EUR   73.030
BNP Paribas Emissions- u  14.000    6/25/2020  EUR   68.980
BNP Paribas Emissions- u  11.000    9/24/2020  EUR   71.650
BNP Paribas Emissions- u   9.000   12/24/2020  EUR   74.120
BNP Paribas Emissions- u  17.000    3/26/2020  EUR   64.120
BNP Paribas Emissions- u   6.500    6/25/2020  EUR   73.760
BNP Paribas Emissions- u   9.000    6/25/2020  EUR   70.380
BNP Paribas Emissions- u  15.000    6/25/2020  EUR   65.200
BNP Paribas Emissions- u  11.000    9/24/2020  EUR   69.870
BNP Paribas Emissions- u   8.000   12/24/2020  EUR   71.050
Landesbank Hessen-Thueri   5.200    9/30/2022  EUR   64.840
UniCredit Bank AG          5.350    7/28/2020  EUR   49.710
Leonteq Securities AG/Gu   6.000     6/8/2020  CHF   62.800
UniCredit Bank AG          5.750     7/4/2020  EUR   47.280
Landesbank Baden-Wuertte   3.100    2/28/2020  EUR   74.700
Landesbank Baden-Wuertte   4.150    2/28/2020  EUR   56.810
Landesbank Hessen-Thueri   5.200     9/8/2022  EUR   56.920
DekaBank Deutsche Giroze   2.750    6/26/2020  EUR   66.740
DekaBank Deutsche Giroze   2.150    6/28/2021  EUR   72.580
DekaBank Deutsche Giroze   2.150    8/28/2020  EUR   72.090
UniCredit Bank AG          3.200    9/10/2022  EUR   72.890
Landesbank Hessen-Thueri   4.000     7/7/2021  EUR   66.020
Landesbank Hessen-Thueri   7.000     1/9/2023  EUR   36.520
UBS AG/London              5.750     9/6/2019  EUR   62.600
EFG International Financ   5.500    9/21/2020  USD   41.060
Raiffeisen Centrobank AG   6.750    10/7/2019  EUR   47.320
Landesbank Hessen-Thueri   6.000    10/6/2022  EUR   58.800
UBS AG/London              5.300    9/26/2019  EUR   45.380
DekaBank Deutsche Giroze   3.450   10/11/2019  EUR   58.800
Leonteq Securities AG/Gu   7.400    9/18/2019  EUR   55.500
Leonteq Securities AG/Gu   7.600    9/18/2019  USD   69.600
Landesbank Hessen-Thueri   4.000   10/13/2021  EUR   64.040
Raiffeisen Schweiz Genos   5.000     4/3/2020  CHF   31.550
Landesbank Hessen-Thueri   6.000     8/4/2022  EUR   51.970
Landesbank Baden-Wuertte   3.300    7/24/2020  EUR   71.800
Bayerische Landesbank      2.600    6/26/2020  EUR   71.670
Landesbank Baden-Wuertte   4.450    8/28/2020  EUR   48.600
Landesbank Baden-Wuertte   4.700    3/25/2022  EUR   68.390
Landesbank Baden-Wuertte   3.300    3/25/2022  EUR   72.620
Commerzbank AG            17.000    9/27/2019  EUR   62.750
Landesbank Hessen-Thueri   7.000    9/25/2019  EUR   71.800
Credit Suisse AG/Nassau    8.250   10/28/2019  CHF   56.880
UniCredit Bank AG          4.200    8/24/2022  EUR   57.600
UniCredit Bank AG          5.250    8/24/2021  EUR   59.700
Leonteq Securities AG     15.000    5/15/2020  CHF   64.740
Leonteq Securities AG     12.000   10/30/2019  EUR   61.120
Leonteq Securities AG     10.000     8/3/2020  CHF   40.690
Commerzbank AG            20.750    9/27/2019  EUR   71.790
Commerzbank AG            19.000    9/27/2019  EUR   66.030
Commerzbank AG            21.000    9/27/2019  EUR   64.140
Raiffeisen Schweiz Genos   7.500    7/27/2020  CHF   60.030
Raiffeisen Schweiz Genos   6.500    1/30/2020  CHF   56.130
Credit Suisse AG/Nassau    7.250    7/30/2020  EUR   67.350
Landesbank Baden-Wuertte   4.150   10/22/2021  EUR   69.110
Landesbank Baden-Wuertte   4.000   10/22/2021  EUR   64.780
Zurcher Kantonalbank Fin   5.500    1/23/2020  EUR   67.180
Leonteq Securities AG/Gu  10.000    7/27/2020  CHF   52.680
Credit Suisse AG/Nassau    8.000   10/31/2019  EUR   68.240
Bank Julius Baer & Co Lt   5.000    9/27/2019  EUR   67.800
Zurcher Kantonalbank Fin   3.000    9/26/2019  USD   31.080
Zurcher Kantonalbank Fin   8.750    10/4/2019  CHF   69.450
Zurcher Kantonalbank Fin   9.750    10/4/2019  CHF   74.560
Zurcher Kantonalbank Fin   6.250    10/4/2019  CHF   69.640
Vontobel Financial Produ  14.350    9/27/2019  EUR   70.490
HSBC Trinkaus & Burkhard   4.080    9/27/2019  EUR   67.880
Raiffeisen Centrobank AG  10.772   12/27/2019  EUR   69.790
Raiffeisen Centrobank AG   6.950   12/27/2019  EUR   50.580
DZ Bank AG Deutsche Zent   4.750    9/25/2019  EUR   70.350
UniCredit Bank AG          3.750    10/2/2020  EUR   26.210
DZ Bank AG Deutsche Zent   8.250    1/22/2020  EUR   73.120
Landesbank Hessen-Thueri   8.400     5/8/2020  EUR   50.320
Landesbank Baden-Wuertte   3.000    6/26/2020  EUR   67.620
Landesbank Hessen-Thueri   7.400    6/12/2020  EUR   53.130
Landesbank Hessen-Thueri   4.600     7/8/2020  EUR   74.500
HSBC Trinkaus & Burkhard   9.500    3/27/2020  EUR   69.360
HSBC Trinkaus & Burkhard   8.100    9/25/2020  EUR   56.670
HSBC Trinkaus & Burkhard   9.500    7/24/2020  EUR   54.330
HSBC Trinkaus & Burkhard   9.000    9/25/2020  EUR   67.070
HSBC Trinkaus & Burkhard   7.800    9/25/2020  EUR   68.390
HSBC Trinkaus & Burkhard   6.200   12/28/2020  EUR   70.780
HSBC Trinkaus & Burkhard   6.700    1/24/2020  EUR   68.830
HSBC Trinkaus & Burkhard   8.500    3/27/2020  EUR   53.500
HSBC Trinkaus & Burkhard   5.800    3/27/2020  EUR   57.430
HSBC Trinkaus & Burkhard   8.400    6/26/2020  EUR   55.050
Landesbank Hessen-Thueri   8.000    5/15/2020  EUR   37.150
Landesbank Hessen-Thueri   9.500    5/15/2020  EUR   53.750
UniCredit Bank AG          3.600    6/18/2020  EUR   53.815
DekaBank Deutsche Giroze   2.900   10/29/2019  EUR   64.780
Landesbank Hessen-Thueri   6.400     9/4/2020  EUR   57.200
Vontobel Financial Produ   9.000     1/3/2020  EUR   44.860
Vontobel Financial Produ   7.000     1/3/2020  EUR   46.730
DZ Bank AG Deutsche Zent  13.750   12/27/2019  EUR   58.670
DZ Bank AG Deutsche Zent  11.250   12/27/2019  EUR   70.810
EFG International Financ   8.000     3/9/2020  USD   34.660
Landesbank Baden-Wuertte   3.000    3/25/2022  EUR   73.470
Landesbank Baden-Wuertte   3.850    6/26/2020  EUR   69.100
Commerzbank AG            10.000     3/2/2020  EUR   19.440
Bayerische Landesbank      2.800     4/3/2020  EUR   68.790
Landesbank Hessen-Thueri   3.100    10/6/2020  EUR   67.300
Landesbank Baden-Wuertte   3.500    6/26/2020  EUR   69.210
Landesbank Baden-Wuertte   3.250    6/26/2020  EUR   65.420
DekaBank Deutsche Giroze   3.000    6/21/2021  EUR   32.560
Raiffeisen Schweiz Genos   4.400    12/9/2019  CHF   29.350
UniCredit Bank AG          5.500     7/9/2021  EUR   55.500
Corner Banca SA            7.600    6/16/2020  CHF   61.950
Landesbank Baden-Wuertte   3.000    4/25/2022  EUR   72.350
Bayerische Landesbank      2.800     6/5/2020  EUR   69.260
Landesbank Baden-Wuertte   2.550    9/27/2019  EUR   72.610
Commerzbank AG             6.000     5/9/2022  USD    0.280
Landesbank Baden-Wuertte   2.400    7/24/2020  EUR   69.880
Landesbank Hessen-Thueri   8.750     2/6/2020  EUR   69.910
Landesbank Hessen-Thueri   5.000    6/26/2020  EUR   59.310
DZ Bank AG Deutsche Zent  13.250    1/22/2020  EUR   65.580
Landesbank Hessen-Thueri   8.000     4/7/2020  EUR   53.470
Landesbank Hessen-Thueri   6.200    7/24/2020  EUR   66.120
Raiffeisen Schweiz Genos   3.400    3/21/2025  CHF   54.180
Deutsche Bank AG           4.200    9/22/2020  EUR   69.870
Deutsche Bank AG           4.200    9/22/2020  EUR   68.330
Deutsche Bank AG           4.200    9/22/2020  EUR   66.840
Deutsche Bank AG           4.200   12/22/2020  EUR   73.820
Deutsche Bank AG           4.200   12/22/2020  EUR   69.180
Deutsche Bank AG           4.200   12/22/2020  EUR   67.720
Deutsche Bank AG           4.200    9/24/2019  EUR   71.540
Deutsche Bank AG           4.200    3/24/2020  EUR   71.490
Deutsche Bank AG           4.200    6/23/2020  EUR   72.440
HSBC Trinkaus & Burkhard   9.400    3/27/2020  EUR   73.990
HSBC Trinkaus & Burkhard   7.600    6/26/2020  EUR   72.210
HSBC Trinkaus & Burkhard  10.200    9/25/2020  EUR   54.600
HSBC Trinkaus & Burkhard   6.100    9/25/2020  EUR   59.710
HSBC Trinkaus & Burkhard   5.600    9/25/2020  EUR   71.880
HSBC Trinkaus & Burkhard   6.900    7/24/2020  EUR   69.260
HSBC Trinkaus & Burkhard  12.600    3/27/2020  EUR   67.420
HSBC Trinkaus & Burkhard   9.800    6/26/2020  EUR   71.500
Deutsche Bank AG           4.200    9/22/2020  EUR   73.120
Deutsche Bank AG           4.200   12/22/2020  EUR   70.680
Deutsche Bank AG           4.200    9/24/2019  EUR   67.880
Deutsche Bank AG           4.200   12/24/2019  EUR   72.480
Deutsche Bank AG           4.200    3/24/2020  EUR   73.250
Deutsche Bank AG           4.200    6/23/2020  EUR   74.220
Deutsche Bank AG           4.200    6/23/2020  EUR   70.720
Deutsche Bank AG           4.200    9/22/2020  EUR   71.470
Deutsche Bank AG           4.200   12/22/2020  EUR   72.230
Deutsche Bank AG           4.200    9/24/2019  EUR   73.520
Deutsche Bank AG           4.200    9/24/2019  EUR   69.670
Deutsche Bank AG           4.200   12/24/2019  EUR   70.660
Deutsche Bank AG           4.200   12/24/2019  EUR   68.910
Deutsche Bank AG           4.200    3/24/2020  EUR   69.810
Deutsche Bank AG           4.200    3/24/2020  EUR   68.180
Deutsche Bank AG           4.200    6/23/2020  EUR   69.070
Deutsche Bank AG           4.200    6/23/2020  EUR   67.470
Deutsche Bank AG           4.200    6/23/2020  EUR   65.940
Raiffeisen Schweiz Genos  10.000   12/31/2024  CHF   67.720
UniCredit Bank AG          3.600     3/5/2020  EUR   59.930
DZ Bank AG Deutsche Zent  14.000    1/22/2020  EUR   72.370
DZ Bank AG Deutsche Zent  15.750    1/22/2020  EUR   73.140
Vontobel Financial Produ  16.500    9/13/2019  EUR   55.550
Vontobel Financial Produ   6.500   12/13/2019  EUR   71.610
Vontobel Financial Produ  11.000   12/13/2019  EUR   61.750
Vontobel Financial Produ   6.000   12/13/2019  EUR   69.260
Vontobel Financial Produ   8.500   12/13/2019  EUR   53.930
Vontobel Financial Produ   4.500   12/13/2019  EUR   72.370
Vontobel Financial Produ   6.500   12/13/2019  EUR   69.020
Vontobel Financial Produ   7.500   12/13/2019  EUR   70.800
Vontobel Financial Produ   8.000    9/13/2019  EUR   57.700
Vontobel Financial Produ  12.000   12/13/2019  EUR   57.840
Vontobel Financial Produ  16.500    9/13/2019  EUR   52.260
Vontobel Financial Produ  10.500    9/13/2019  EUR   69.920
Vontobel Financial Produ   5.000    9/13/2019  EUR   57.070
Vontobel Financial Produ   6.000    9/13/2019  EUR   72.330
DZ Bank AG Deutsche Zent   8.250    9/25/2019  EUR   63.980
Credit Suisse AG/Nassau    7.250   12/12/2019  CHF   66.010
Leonteq Securities AG/Gu  13.200   12/11/2019  USD   55.210
Deutsche Bank AG           8.200    9/24/2019  EUR   69.340
Deutsche Bank AG           8.200   12/24/2019  EUR   70.280
Vontobel Financial Produ   8.500     1/3/2020  EUR   62.730
Vontobel Financial Produ   7.500     1/3/2020  EUR   44.330
Vontobel Financial Produ   6.000     1/3/2020  EUR   46.380
Vontobel Financial Produ   8.500     1/3/2020  EUR   42.390
Vontobel Financial Produ  10.000     1/3/2020  EUR   40.850
Vontobel Financial Produ  14.000    9/27/2019  EUR   36.440
Vontobel Financial Produ  13.000    9/27/2019  EUR   57.930
Vontobel Financial Produ  10.500    9/27/2019  EUR   60.720
Vontobel Financial Produ   8.500    9/27/2019  EUR   63.880
Vontobel Financial Produ   5.000     1/3/2020  EUR   68.400
Vontobel Financial Produ  10.500     1/3/2020  EUR   60.460
Vontobel Financial Produ   6.500     1/3/2020  EUR   65.310
Commerzbank AG             8.500    9/27/2019  EUR   72.410
Commerzbank AG             9.500    9/27/2019  EUR   70.270
Commerzbank AG            10.500    9/27/2019  EUR   68.360
Commerzbank AG            11.500    9/27/2019  EUR   66.690
Commerzbank AG            12.500    9/27/2019  EUR   65.140
Commerzbank AG            11.000   10/25/2019  EUR   78.770
Commerzbank AG            13.000   10/25/2019  EUR   75.590
Commerzbank AG            11.750    9/27/2019  EUR   73.500
Commerzbank AG            13.750    9/27/2019  EUR   70.510
Commerzbank AG            10.750    9/27/2019  EUR   65.720
Commerzbank AG            11.000    9/27/2019  EUR   49.180
Commerzbank AG             9.000    9/27/2019  EUR   69.010
Commerzbank AG             4.750    9/27/2019  EUR   72.010
Bank Julius Baer & Co Lt  11.000     9/4/2019  CHF   61.650
Erste Group Bank AG        4.250    9/28/2022  EUR   73.150
Landesbank Baden-Wuertte   3.250    8/27/2021  EUR   73.460
DZ Bank AG Deutsche Zent   6.750    9/23/2019  EUR   55.980
Landesbank Baden-Wuertte   3.800    1/28/2022  EUR   73.190
Leonteq Securities AG/Gu   5.000     5/5/2020  EUR   27.580
HSBC Trinkaus & Burkhard   3.900    9/27/2019  EUR   62.840
HSBC Trinkaus & Burkhard   2.900   12/27/2019  EUR   66.810
HSBC Trinkaus & Burkhard   5.500   11/22/2019  EUR   60.120
HSBC Trinkaus & Burkhard   2.800   11/22/2019  EUR   66.830
Bank Julius Baer & Co Lt   8.500    9/12/2019  CHF   67.100
Commerzbank AG            13.000    9/27/2019  EUR   47.070
Commerzbank AG             3.000    9/27/2019  EUR   66.000
Commerzbank AG             9.000    9/27/2019  EUR   51.690
Commerzbank AG            13.250    9/27/2019  EUR   71.610
Commerzbank AG            15.250    9/27/2019  EUR   68.860
Commerzbank AG            14.500   10/25/2019  EUR   70.000
Credit Suisse AG/Nassau    8.000   12/13/2019  CHF   68.970
DZ Bank AG Deutsche Zent   4.750    9/23/2019  EUR   70.320
Bayerische Landesbank      4.400    10/4/2019  EUR   68.100
Bayerische Landesbank      3.900    10/4/2019  EUR   64.390
Raiffeisen Switzerland B   5.600    11/2/2020  CHF   64.750
HSBC Trinkaus & Burkhard   2.700   10/25/2019  EUR   66.840
HSBC Trinkaus & Burkhard   9.800    9/27/2019  EUR   56.110
HSBC Trinkaus & Burkhard   4.000    9/27/2019  EUR   65.850
HSBC Trinkaus & Burkhard   2.100    9/27/2019  EUR   73.860
HSBC Trinkaus & Burkhard   6.000   11/22/2019  EUR   62.410
Bank Julius Baer & Co Lt   7.000    9/12/2019  EUR   62.500
Vontobel Financial Produ  14.000    9/13/2019  EUR   55.010
Vontobel Financial Produ  10.000    9/13/2019  EUR   62.910
Vontobel Financial Produ   8.500   12/13/2019  EUR   62.180
Vontobel Financial Produ   7.000    9/13/2019  EUR   67.210
Vontobel Financial Produ  12.000    9/13/2019  EUR   60.380
Vontobel Financial Produ  11.000   12/13/2019  EUR   60.040
Vontobel Financial Produ   7.000   12/13/2019  EUR   65.130
HSBC Trinkaus & Burkhard   3.700    9/27/2019  EUR   67.320
HSBC Trinkaus & Burkhard   4.600   11/22/2019  EUR   56.710
HSBC Trinkaus & Burkhard   8.200    9/27/2019  EUR   58.290
HSBC Trinkaus & Burkhard   5.100   11/22/2019  EUR   64.270
HSBC Trinkaus & Burkhard   3.700    9/27/2019  EUR   70.730
BNP Paribas Emissions- u   6.000    9/26/2019  EUR   60.130
HSBC Trinkaus & Burkhard   6.500    6/26/2020  EUR   63.870
HSBC Trinkaus & Burkhard   7.000    6/26/2020  EUR   61.170
HSBC Trinkaus & Burkhard   8.700   12/27/2019  EUR   68.200
HSBC Trinkaus & Burkhard   6.200    6/26/2020  EUR   60.590
HSBC Trinkaus & Burkhard   4.000    6/26/2020  EUR   62.550
EFG International Financ  11.600    3/19/2020  USD   71.740
UBS AG/London             12.000    12/6/2019  USD   63.460
UBS AG/London             11.000     3/5/2020  CHF   57.400
UBS AG/London             10.000     9/7/2020  CHF   55.800
Commerzbank AG             4.500    3/27/2020  EUR   68.920
BNP Paribas Emissions- u   6.000   12/30/2019  EUR   69.600
Landesbank Hessen-Thueri   6.000    9/21/2023  EUR   64.230
Bank Julius Baer & Co Lt   9.100     9/9/2019  CHF   50.850
Vontobel Financial Produ   7.500   12/13/2019  EUR   68.910
Vontobel Financial Produ   5.500    9/13/2019  EUR   71.490
Vontobel Financial Produ   7.000    9/13/2019  EUR   69.260
Vontobel Financial Produ   9.500    9/13/2019  EUR   69.340
Raiffeisen Schweiz Genos   7.100    3/10/2020  CHF   69.730
Vontobel Financial Produ  12.500    9/27/2019  EUR   69.970
Vontobel Financial Produ   9.000    9/27/2019  EUR   69.690
Vontobel Financial Produ  13.500    9/27/2019  EUR   63.970
Vontobel Financial Produ  10.500    9/27/2019  EUR   67.660
Vontobel Financial Produ   1.950    9/13/2019  EUR   42.040
Vontobel Financial Produ   7.500    9/27/2019  EUR   71.860
Landesbank Hessen-Thueri   5.000    9/21/2023  EUR   67.540
Vontobel Financial Produ   7.000    9/27/2019  EUR   71.500
Credit Suisse AG/Nassau    8.000    9/12/2019  USD   48.520
Vontobel Financial Produ   8.750    9/27/2019  EUR   57.300
Commerzbank AG             6.000   10/25/2019  EUR   62.860
Commerzbank AG            12.750    9/27/2019  EUR   63.140
HSBC Trinkaus & Burkhard   2.110    9/27/2019  EUR   65.800
Commerzbank AG             8.750    9/27/2019  EUR   68.560
Landesbank Baden-Wuertte   3.250    8/27/2021  EUR   69.960
Bank Julius Baer & Co Lt   8.000    9/12/2019  USD   50.850
HSBC Trinkaus & Burkhard   7.200    9/27/2019  EUR   59.580
HSBC Trinkaus & Burkhard   7.900    9/27/2019  EUR   73.140
HSBC Trinkaus & Burkhard   6.900    9/27/2019  EUR   59.030
HSBC Trinkaus & Burkhard   8.600    9/27/2019  EUR   50.660
HSBC Trinkaus & Burkhard   6.400    9/27/2019  EUR   31.000
HSBC Trinkaus & Burkhard   6.300    9/27/2019  EUR   69.710
BNP Paribas Emissions- u   6.100   11/21/2019  EUR   63.540
BNP Paribas Emissions- u   4.500   12/30/2019  EUR   64.980
HSBC Trinkaus & Burkhard   5.400    6/26/2020  EUR   68.510
Vontobel Financial Produ  15.000   12/31/2019  EUR   35.370
HSBC Trinkaus & Burkhard   4.200   12/27/2019  EUR   66.010
HSBC Trinkaus & Burkhard   8.200    6/26/2020  EUR   59.960
Vontobel Financial Produ   9.000    9/13/2019  EUR   63.580
HSBC Trinkaus & Burkhard   6.000    9/27/2019  EUR   71.870
HSBC Trinkaus & Burkhard   6.000    9/27/2019  EUR   71.870
HSBC Trinkaus & Burkhard   2.500    9/27/2019  EUR   61.050
Vontobel Financial Produ  16.500   12/13/2019  EUR   69.580
HSBC Trinkaus & Burkhard  11.500    9/27/2019  EUR   27.210
HSBC Trinkaus & Burkhard   9.400    9/27/2019  EUR   28.570
HSBC Trinkaus & Burkhard   3.300    9/27/2019  EUR   35.230
HSBC Trinkaus & Burkhard   8.000   11/22/2019  EUR   30.320
HSBC Trinkaus & Burkhard   5.000   12/27/2019  EUR   64.690
Bayerische Landesbank      3.350     8/7/2020  EUR   70.110
HSBC Trinkaus & Burkhard   3.600   12/27/2019  EUR   62.430
BNP Paribas Emissions- u   4.500    9/26/2019  EUR   63.130
BNP Paribas Emissions- u   6.500    9/26/2019  EUR   66.770
BNP Paribas Emissions- u   4.500   12/30/2019  EUR   63.140
BNP Paribas Emissions- u   5.000   12/30/2019  EUR   67.530
Leonteq Securities AG/Gu  10.400   12/13/2019  CHF   58.300
Bank Julius Baer & Co Lt  10.100     9/5/2019  USD   36.500
UBS AG/London              7.250     3/5/2020  CHF   65.850
UBS AG/London              9.000     9/5/2019  CHF   60.850
UBS AG/London              7.000     9/6/2019  USD   64.050
UBS AG/London              6.250     3/5/2021  CHF   68.550
UBS AG/London              5.200     1/2/2020  EUR   69.610
UBS AG/London             18.900    9/26/2019  EUR   50.740
UBS AG/London              5.900    9/26/2019  EUR   57.890
UBS AG/London              4.200    9/26/2019  EUR   72.450
UBS AG/London             11.400    9/26/2019  EUR   58.670
UBS AG/London             15.500    9/26/2019  EUR   71.500
UBS AG/London              5.000     1/2/2020  EUR   64.880
UBS AG/London              4.100    9/26/2019  EUR   63.650
UBS AG/London              6.200     1/2/2020  EUR   68.010
UBS AG/London              6.600    9/26/2019  EUR   60.750
UBS AG/London             19.700    9/26/2019  EUR   44.050
UBS AG/London              4.600     1/2/2020  EUR   71.470
UBS AG/London              3.600    9/26/2019  EUR   66.470
UBS AG/London             15.900    9/26/2019  EUR   64.640
Vontobel Financial Produ  10.050    9/20/2019  EUR   73.930
UBS AG/London             10.500    12/5/2019  CHF   52.100
UBS AG/London              6.000     9/5/2019  CHF   60.600
UBS AG/London              9.500     9/5/2019  CHF   57.500
UBS AG/London              8.000     9/7/2020  CHF   68.050
UBS AG/London             10.000     9/7/2020  EUR   69.450
UBS AG/London              9.700    9/26/2019  EUR   56.030
UBS AG/London              2.600    9/26/2019  EUR   67.230
UBS AG/London              5.800    9/26/2019  EUR   70.860
UBS AG/London              6.600    9/26/2019  EUR   73.000
UBS AG/London              7.400    9/26/2019  EUR   43.200
UBS AG/London             11.000    9/26/2019  EUR   70.490
UBS AG/London              4.100     1/2/2020  EUR   73.480
UBS AG/London             16.900    9/26/2019  EUR   45.410
UBS AG/London             10.300    9/26/2019  EUR   52.740
UBS AG/London              5.500     1/2/2020  EUR   63.600
UBS AG/London              7.500    9/26/2019  EUR   70.960
UBS AG/London              2.600    9/26/2019  EUR   50.970
UBS AG/London              7.400    9/26/2019  EUR   68.640
UBS AG/London              6.800    9/26/2019  EUR   67.240
UBS AG/London             16.800    9/26/2019  EUR   61.510
UBS AG/London             12.500    9/26/2019  EUR   65.740
UBS AG/London              2.900    9/26/2019  EUR   49.420
UBS AG/London              9.200     1/2/2020  EUR   58.570
Bank Julius Baer & Co Lt   5.000    9/13/2019  EUR   59.450
UniCredit Bank AG          4.700    10/5/2022  EUR   63.910
HSBC Trinkaus & Burkhard   4.390     9/6/2019  EUR   69.070
Raiffeisen Centrobank AG   5.500    10/9/2020  EUR   59.960
Zurcher Kantonalbank Fin   5.000    9/11/2019  CHF   72.610
Zurcher Kantonalbank Fin   5.000    9/11/2019  CHF   72.460
Bank Julius Baer & Co Lt   6.400    9/11/2019  CHF   46.450
Vontobel Financial Produ  10.500    9/13/2019  EUR   70.470
Vontobel Financial Produ  12.500   12/13/2019  EUR   60.890
Vontobel Financial Produ   4.500    9/13/2019  EUR   72.170
Vontobel Financial Produ  10.500    9/13/2019  EUR   61.480
Vontobel Financial Produ  15.500    9/13/2019  EUR   49.520
Vontobel Financial Produ  10.000    9/13/2019  EUR   55.390
Vontobel Financial Produ   8.500   12/13/2019  EUR   57.350
Vontobel Financial Produ   7.000    9/13/2019  EUR   65.600
Vontobel Financial Produ  16.500    9/13/2019  EUR   60.760
Vontobel Financial Produ   7.500    9/13/2019  EUR   70.380
Vontobel Financial Produ   8.000    9/13/2019  EUR   52.030
Vontobel Financial Produ  12.000    9/13/2019  EUR   47.890
Vontobel Financial Produ  13.000    9/13/2019  EUR   66.720
Vontobel Financial Produ  17.500    9/27/2019  EUR   56.270
Vontobel Financial Produ   4.770     9/4/2019  EUR   42.360
UniCredit Bank AG          4.400   11/27/2019  EUR   43.930
HSBC Trinkaus & Burkhard   4.700   11/22/2019  EUR   69.010
HSBC Trinkaus & Burkhard   4.300    6/26/2020  EUR   61.490
HSBC Trinkaus & Burkhard   6.100   12/27/2019  EUR   63.060
BNP Paribas Emissions- u   4.000   12/30/2019  EUR   70.150
HSBC Trinkaus & Burkhard   5.700    6/26/2020  EUR   60.090
HSBC Trinkaus & Burkhard   9.500    6/26/2020  EUR   69.090
EFG International Financ  10.400    9/19/2019  CHF   62.540
Bank Julius Baer & Co Lt  10.400     9/5/2019  USD   49.250
Vontobel Financial Produ  11.000   12/13/2019  EUR   73.980
Vontobel Financial Produ  11.500    3/13/2020  EUR   73.670
Vontobel Financial Produ  12.000    3/13/2020  EUR   72.240
Vontobel Financial Produ  11.500   12/13/2019  EUR   72.630
Vontobel Financial Produ   7.000   12/13/2019  EUR   71.890
Vontobel Financial Produ   9.500   12/13/2019  EUR   67.780
Vontobel Financial Produ  14.000   12/13/2019  EUR   61.600
Vontobel Financial Produ  10.500    3/13/2020  EUR   66.440
Vontobel Financial Produ  14.500    3/13/2020  EUR   62.040
Vontobel Financial Produ  15.000    3/13/2020  EUR   70.760
Vontobel Financial Produ  15.000   12/13/2019  EUR   70.550
Vontobel Financial Produ   6.500   12/13/2019  EUR   65.690
Vontobel Financial Produ  10.500   12/13/2019  EUR   60.110
Vontobel Financial Produ  13.000    3/13/2020  EUR   57.470
HSBC Trinkaus & Burkhard   2.620   12/30/2019  EUR   65.560
Leonteq Securities AG/Gu   6.000    9/17/2020  CHF   53.570
Leonteq Securities AG/Gu   8.000    3/17/2020  CHF   54.400
Raiffeisen Centrobank AG   9.626    3/24/2020  EUR   65.370
Raiffeisen Centrobank AG   5.143    3/24/2020  EUR   71.780
Raiffeisen Centrobank AG  10.286    3/24/2020  EUR   58.790
Raiffeisen Centrobank AG   3.857    3/24/2020  EUR   69.960
Raiffeisen Centrobank AG  10.929    3/24/2020  EUR   58.000
Raiffeisen Centrobank AG   7.714    3/24/2020  EUR   71.220
Raiffeisen Centrobank AG   9.643    3/24/2020  EUR   70.040
Raiffeisen Centrobank AG   9.000    3/24/2020  EUR   71.320
Raiffeisen Centrobank AG   9.643    3/24/2020  EUR   59.740
UBS AG/London              7.500    9/26/2019  EUR   59.500
UBS AG/London              5.100    9/26/2019  EUR   60.420
UBS AG/London              4.600    9/26/2019  EUR   73.290
UBS AG/London              5.300    9/26/2019  EUR   70.260
UBS AG/London              9.700    9/26/2019  EUR   68.600
UBS AG/London              3.800     1/2/2020  EUR   67.560
UBS AG/London              6.200    9/26/2019  EUR   71.780
UBS AG/London             12.100    9/26/2019  EUR   66.250
UBS AG/London              6.100     1/2/2020  EUR   62.430
UBS AG/London              8.700    9/26/2019  EUR   41.150
UBS AG/London              6.700    9/26/2019  EUR   57.580
UBS AG/London              7.800    9/26/2019  EUR   55.060
UBS AG/London              4.100    9/26/2019  EUR   74.130
UBS AG/London              3.400    9/26/2019  EUR   47.970
UBS AG/London              8.600    9/26/2019  EUR   55.040
UBS AG/London              7.600     1/2/2020  EUR   60.370
UBS AG/London              6.900     1/2/2020  EUR   61.390
UBS AG/London              4.400    9/26/2019  EUR   61.120
UBS AG/London              7.800    9/26/2019  EUR   71.460
UBS AG/London              8.800    9/26/2019  EUR   64.530
UBS AG/London              5.300    9/26/2019  EUR   45.430
UBS AG/London              6.700    3/26/2020  EUR   68.680
UBS AG/London             11.400    9/26/2019  EUR   38.520
UBS AG/London              5.500    9/26/2019  EUR   71.660
UBS AG/London              2.900    9/26/2019  EUR   64.760
UBS AG/London              6.300    9/26/2019  EUR   68.210
UBS AG/London              5.700    9/26/2019  EUR   62.060
UBS AG/London             11.500    9/26/2019  EUR   54.000
UBS AG/London              5.000    9/26/2019  EUR   70.370
Credit Suisse AG/London    6.000   12/12/2019  CHF   70.840
DekaBank Deutsche Giroze   2.250     6/8/2020  EUR   72.240
UniCredit Bank AG          4.300    7/18/2021  EUR   73.800
UniCredit Bank AG          3.600    7/18/2021  EUR   47.050
Landesbank Baden-Wuertte   4.000    6/26/2020  EUR   67.810
Leonteq Securities AG      9.000    3/27/2020  USD   33.690
Landesbank Hessen-Thueri   4.000    6/16/2022  EUR   69.440
Leonteq Securities AG/Gu   6.800    7/21/2020  CHF   69.500
DekaBank Deutsche Giroze   3.100    7/17/2020  EUR   67.410
EFG International Financ   6.600     8/3/2020  EUR   64.570
Leonteq Securities AG/Gu   6.000   11/19/2019  CHF   30.470
Leonteq Securities AG/Gu   5.400    6/30/2020  CHF   59.510
Corner Banca SA            8.600    6/16/2020  CHF   60.000
Landesbank Baden-Wuertte   3.500    6/26/2020  EUR   67.500
Landesbank Hessen-Thueri   4.000    1/13/2021  EUR   44.200
Citigroup Global Markets   7.000    6/16/2022  SEK   44.300
Landesbank Hessen-Thueri   3.250    2/10/2021  EUR   72.500
Landesbank Baden-Wuertte   3.200    7/24/2020  EUR   59.410
Landesbank Baden-Wuertte   4.000    7/24/2020  EUR   68.860
Landesbank Baden-Wuertte   3.150   11/22/2019  EUR   56.500
Landesbank Hessen-Thueri   5.650   10/28/2022  EUR   30.530
Bayerische Landesbank      2.600    2/21/2020  EUR   71.680
Bayerische Landesbank      2.700    2/21/2020  EUR   72.990
DekaBank Deutsche Giroze   3.600   12/20/2019  EUR   57.110
EFG International Financ   8.000    10/7/2019  EUR   67.390
DekaBank Deutsche Giroze   2.750    3/29/2021  EUR   73.440
EFG International Financ   6.000     8/3/2020  USD   36.980
Landesbank Hessen-Thueri   5.300    9/23/2022  EUR   63.180
UniCredit Bank AG          3.600    8/23/2021  EUR   49.770
Bayerische Landesbank      2.900    2/21/2020  EUR   70.920
Landesbank Hessen-Thueri   4.000    8/18/2021  EUR   35.860
UniCredit Bank AG          5.200     5/4/2020  USD   27.980
DekaBank Deutsche Giroze   2.800    3/13/2020  EUR   71.180
Leonteq Securities AG/Gu   6.000    5/22/2020  CHF   60.480
Leonteq Securities AG/Gu   6.200    7/28/2020  CHF   73.170
Leonteq Securities AG/Gu   5.200    7/28/2020  CHF   64.010
Landesbank Baden-Wuertte   2.800    1/24/2020  EUR   72.250
Landesbank Hessen-Thueri   3.000   12/16/2020  EUR   67.700
Landesbank Baden-Wuertte   3.300    6/25/2021  EUR   72.630
EFG International Financ   8.000    5/26/2020  USD   37.230
DekaBank Deutsche Giroze   6.050    9/13/2019  EUR   59.440
DekaBank Deutsche Giroze   3.000    3/13/2020  EUR   65.860
DekaBank Deutsche Giroze   3.350    3/15/2021  EUR   65.740
UniCredit Bank AG          4.300    8/29/2020  EUR   68.390
Landesbank Baden-Wuertte   3.400    7/24/2020  EUR   72.300
Leonteq Securities AG/Gu   8.000   12/27/2019  CHF   58.950
DekaBank Deutsche Giroze   3.000     6/8/2021  EUR   71.330
Leonteq Securities AG     10.400   11/22/2019  EUR   39.530
DekaBank Deutsche Giroze   2.900     8/7/2020  EUR   73.360
HSBC Trinkaus & Burkhard   5.980    2/21/2020  EUR   70.440
Landesbank Hessen-Thueri   2.750   12/16/2020  EUR   70.600
Landesbank Baden-Wuertte   3.170    5/22/2020  EUR   65.610
Landesbank Baden-Wuertte   3.400    6/26/2020  EUR   70.940
Leonteq Securities AG      3.600    9/22/2026  CHF   62.290
Landesbank Hessen-Thueri   4.000    4/13/2021  EUR   71.310
Leonteq Securities AG/Gu   7.000    7/14/2020  CHF   59.630
Leonteq Securities AG/Gu   6.000    6/23/2020  CHF   59.630
Landesbank Hessen-Thueri   5.000    8/11/2021  EUR   56.150
DekaBank Deutsche Giroze   2.250     6/8/2020  EUR   72.450
DekaBank Deutsche Giroze   2.750     6/8/2020  EUR   74.190
Raiffeisen Schweiz Genos   7.410    7/13/2020  CHF   58.670
Landesbank Hessen-Thueri   5.900     7/7/2022  EUR   71.750
Leonteq Securities AG/Gu   9.000     3/3/2020  CHF   69.550
Landesbank Baden-Wuertte   3.410    2/28/2020  EUR   72.320
Vontobel Financial Produ   8.500   12/13/2019  EUR   74.250
Vontobel Financial Produ   9.500    9/13/2019  EUR   65.180
HSBC Trinkaus & Burkhard   2.520    9/27/2019  EUR   69.180
Vontobel Financial Produ  10.000   12/13/2019  EUR   65.740
Vontobel Financial Produ   8.500    9/13/2019  EUR   67.160
Vontobel Financial Produ   7.500   12/13/2019  EUR   50.730
Raiffeisen Centrobank AG   9.396    6/23/2020  EUR   69.500
Zurcher Kantonalbank Fin  10.750    8/29/2019  CHF   60.580
UBS AG/London              6.000    8/29/2019  CHF   65.550
UBS AG/London              9.000    8/31/2020  CHF   65.950
UBS AG/London             10.000     3/2/2020  EUR   52.850
Vontobel Financial Produ   8.500    9/27/2019  EUR   50.520
Vontobel Financial Produ  11.000    9/27/2019  EUR   69.780
Vontobel Financial Produ  15.050    9/13/2019  EUR   55.340
Vontobel Financial Produ   5.100    9/13/2019  EUR   60.510
Corner Banca SA            9.000   12/10/2019  CHF   67.830
Leonteq Securities AG      6.000     9/7/2020  CHF   68.330
Bank Julius Baer & Co Lt   8.300     9/6/2019  USD   64.300
Credit Suisse AG/Nassau    8.000    12/9/2019  CHF   68.560
HSBC Trinkaus & Burkhard   4.330     9/3/2019  EUR   70.750
Zurcher Kantonalbank Fin   9.750    9/11/2019  CHF   60.540
Vontobel Financial Produ   4.000   12/13/2019  EUR   66.980
Vontobel Financial Produ  10.500   12/13/2019  EUR   70.590
Vontobel Financial Produ  14.500   12/13/2019  EUR   66.580
Vontobel Financial Produ   8.500    9/13/2019  EUR   66.760
Vontobel Financial Produ   8.500   12/13/2019  EUR   65.190
Vontobel Financial Produ   8.500   12/13/2019  EUR   66.080
Vontobel Financial Produ   9.000    9/13/2019  EUR   64.700
Vontobel Financial Produ  10.500   12/13/2019  EUR   66.050
Vontobel Financial Produ  13.500    9/13/2019  EUR   51.320
Vontobel Financial Produ  11.500   12/13/2019  EUR   54.030
Vontobel Financial Produ  16.000   12/13/2019  EUR   53.610
Vontobel Financial Produ  16.000    9/13/2019  EUR   44.420
Vontobel Financial Produ  12.000    9/13/2019  EUR   63.580
Vontobel Financial Produ  10.000    9/13/2019  EUR   66.230
Vontobel Financial Produ  17.500    9/27/2019  EUR   52.980
DZ Bank AG Deutsche Zent   5.000    9/25/2019  EUR   32.230
DZ Bank AG Deutsche Zent  10.250    9/25/2019  EUR   44.320
DZ Bank AG Deutsche Zent   7.500    9/25/2019  EUR   58.700
Barclays Bank PLC          2.500     3/4/2020  EUR   74.000
Vontobel Financial Produ   6.750    9/27/2019  EUR   68.700
Commerzbank AG             8.750   12/31/2019  EUR   67.430
Commerzbank AG             8.250   12/31/2019  EUR   74.640
Vontobel Financial Produ   6.000   12/13/2019  EUR   61.610
Vontobel Financial Produ  12.500    9/13/2019  EUR   60.610
Vontobel Financial Produ   9.500   12/13/2019  EUR   65.670
Vontobel Financial Produ  16.000   12/13/2019  EUR   57.170
Vontobel Financial Produ   8.000    9/13/2019  EUR   64.960
Vontobel Financial Produ   4.000   12/13/2019  EUR   74.240
Vontobel Financial Produ  14.500    9/13/2019  EUR   66.120
Vontobel Financial Produ   4.500    9/13/2019  EUR   71.070
Vontobel Financial Produ  11.500    9/13/2019  EUR   53.260
Vontobel Financial Produ   8.500   12/13/2019  EUR   63.510
Vontobel Financial Produ  11.000    9/13/2019  EUR   58.090
Commerzbank AG            13.750   12/31/2019  EUR   64.960
Commerzbank AG             3.000   12/31/2019  EUR   71.180
Vontobel Financial Produ  10.000    9/13/2019  EUR   72.250
Vontobel Financial Produ   5.500   12/13/2019  EUR   73.120
Vontobel Financial Produ   3.500   12/13/2019  EUR   56.500
Vontobel Financial Produ  11.500    9/13/2019  EUR   46.220
Vontobel Financial Produ  12.000     1/3/2020  EUR   61.610
Vontobel Financial Produ  11.500    9/27/2019  EUR   62.140
Bayerische Landesbank      2.600   11/13/2020  EUR   69.350
Bayerische Landesbank      2.400   11/13/2020  EUR   69.510
Leonteq Securities AG/Gu   7.000    12/1/2020  CHF   72.720
DekaBank Deutsche Giroze   5.000    2/28/2020  EUR   57.170
EFG International Financ  13.600    2/20/2020  USD   63.960
UBS AG/London              5.750     2/3/2020  CHF   58.900
Credit Suisse AG/Nassau    8.000     9/2/2019  EUR   66.460
UBS AG/London              6.000     8/3/2020  CHF   39.350
DZ Bank AG Deutsche Zent  12.000    3/25/2020  EUR   56.830
DZ Bank AG Deutsche Zent   6.500    3/25/2020  EUR   65.330
Raiffeisen Schweiz Genos   6.000     9/1/2020  CHF   67.350
Raiffeisen Schweiz Genos   8.800     3/1/2021  EUR   68.420
DZ Bank AG Deutsche Zent  11.000   12/27/2019  EUR   70.100
DZ Bank AG Deutsche Zent   4.250    3/25/2020  EUR   53.840
DZ Bank AG Deutsche Zent  11.500   12/27/2019  EUR   67.200
Landesbank Baden-Wuertte   4.600    3/27/2020  EUR   65.950
HSBC Trinkaus & Burkhard   0.750    4/22/2020  EUR   62.690
Landesbank Baden-Wuertte   3.000    3/26/2021  EUR   72.850
Landesbank Baden-Wuertte   4.500    3/26/2021  EUR   69.360
Landesbank Baden-Wuertte   6.000    3/26/2021  EUR   67.780
Landesbank Baden-Wuertte   3.000    3/26/2021  EUR   54.280
Landesbank Baden-Wuertte   5.500    3/26/2021  EUR   50.380
Landesbank Baden-Wuertte   5.000    3/26/2021  EUR   74.150
Bank J Safra Sarasin AG/  10.400     3/5/2020  CHF   52.820
UBS AG/London              9.000     9/7/2020  EUR   60.890
UBS AG/London              6.500    9/26/2019  EUR   67.100
UBS AG/London              3.900    6/25/2020  EUR   70.780
UBS AG/London             14.000    3/26/2020  EUR   60.390
UBS AG/London              6.400    3/26/2020  EUR   69.500
UBS AG/London              4.000    3/26/2020  EUR   75.410
UBS AG/London              4.400    9/26/2019  EUR   70.810
UBS AG/London             22.100     1/2/2020  EUR   72.720
UBS AG/London              9.000    3/26/2020  EUR   64.250
UBS AG/London             18.700    9/26/2019  EUR   73.470
UBS AG/London              9.200    3/26/2020  EUR   67.750
UBS AG/London              9.400    3/26/2020  EUR   65.580
UBS AG/London              6.000    6/25/2020  EUR   70.020
UBS AG/London              5.800    6/25/2020  EUR   66.200
UBS AG/London              4.300    6/25/2020  EUR   69.480
UBS AG/London              5.500    6/25/2020  EUR   67.400
UBS AG/London              4.800    6/25/2020  EUR   68.330
UBS AG/London              7.300    3/26/2020  EUR   66.880
UBS AG/London              5.300    3/26/2020  EUR   67.640
UBS AG/London              4.800    3/26/2020  EUR   68.890
UBS AG/London             20.500    3/26/2020  EUR   74.540
UBS AG/London              6.400    6/25/2020  EUR   65.300
UBS AG/London              8.200    6/25/2020  EUR   64.200
UBS AG/London             15.600    3/26/2020  EUR   63.310
UBS AG/London              8.400    3/26/2020  EUR   65.210
UBS AG/London              7.400    3/26/2020  EUR   65.980
UBS AG/London              7.400    3/26/2020  EUR   69.120
UBS AG/London              5.500    3/26/2020  EUR   73.370
UBS AG/London              5.000    3/26/2020  EUR   72.040
UBS AG/London              3.000    3/26/2020  EUR   72.840
UBS AG/London             12.900    6/25/2020  EUR   60.470
UBS AG/London              7.700    6/25/2020  EUR   65.070
UBS AG/London              6.300    3/26/2020  EUR   66.750
UBS AG/London              8.700    6/25/2020  EUR   63.380
UBS AG/London              6.000    3/26/2020  EUR   70.890
UBS AG/London              4.100    3/26/2020  EUR   70.080
UBS AG/London             18.100    3/26/2020  EUR   73.820
UBS AG/London             12.200    3/26/2020  EUR   72.120
Commerzbank AG             6.000   12/31/2019  EUR   70.130
Bank Julius Baer & Co Lt   7.000     3/6/2020  EUR   62.450
BNP Paribas Emissions- u   3.000    3/26/2020  EUR   70.790
BNP Paribas Emissions- u   6.000    3/26/2020  EUR   67.080
BNP Paribas Emissions- u   4.000    9/24/2020  EUR   71.270
BNP Paribas Emissions- u   5.000    9/24/2020  EUR   69.310
BNP Paribas Emissions- u   6.000    9/24/2020  EUR   67.560
Commerzbank AG            17.000   12/31/2019  EUR   72.600
Commerzbank AG            15.750   12/31/2019  EUR   67.750
BNP Paribas Emissions- u   5.000   12/30/2019  EUR   68.250
BNP Paribas Emissions- u   7.000   12/30/2019  EUR   65.810
Commerzbank AG            21.000    9/27/2019  EUR   68.890
Societe Generale Effekte  15.978   12/20/2019  EUR   72.070
Societe Generale Effekte  19.159    3/20/2020  EUR   72.250
Societe Generale Effekte   8.026    3/20/2020  EUR   66.850
Societe Generale Effekte   8.803    3/20/2020  EUR   65.880
Societe Generale Effekte  16.052    3/20/2020  EUR   61.610
Societe Generale Effekte   5.782    6/19/2020  EUR   72.350
Societe Generale Effekte   6.425    6/19/2020  EUR   71.080
Societe Generale Effekte   7.388    6/19/2020  EUR   70.150
Societe Generale Effekte   8.031    6/19/2020  EUR   68.940
Societe Generale Effekte   8.995    6/19/2020  EUR   68.150
Societe Generale Effekte   9.637    6/19/2020  EUR   67.120
Societe Generale Effekte  10.601    6/19/2020  EUR   66.380
Societe Generale Effekte  11.564    6/19/2020  EUR   65.670
Societe Generale Effekte  12.528    6/19/2020  EUR   65.020
Societe Generale Effekte  18.632    6/19/2020  EUR   62.330
Societe Generale Effekte  16.327    9/20/2019  EUR   71.450
Societe Generale Effekte  20.510    9/20/2019  EUR   67.600
Societe Generale Effekte  24.558    9/20/2019  EUR   64.240
Societe Generale Effekte  26.716    9/20/2019  EUR   61.080
Societe Generale Effekte  17.753   12/20/2019  EUR   76.420
Societe Generale Effekte   4.142   12/20/2019  EUR   60.990
Societe Generale Effekte   6.312   12/20/2019  EUR   55.430
Societe Generale Effekte   9.074   12/20/2019  EUR   51.370
Societe Generale Effekte  12.230   12/20/2019  EUR   48.400
Societe Generale Effekte   4.660    3/20/2020  EUR   61.620
Societe Generale Effekte   7.249    3/20/2020  EUR   56.740
Societe Generale Effekte  10.097    3/20/2020  EUR   53.180
Societe Generale Effekte  13.204    3/20/2020  EUR   50.660
Societe Generale Effekte   9.637    6/19/2020  EUR   58.760
Societe Generale Effekte  12.849    6/19/2020  EUR   55.730
Societe Generale Effekte  10.740    9/18/2020  EUR   59.920
Societe Generale Effekte  14.192    9/18/2020  EUR   57.320
Societe Generale Effekte  28.268    6/19/2020  EUR   73.910
Societe Generale Effekte   7.767    3/20/2020  EUR   70.550
Societe Generale Effekte   9.321    3/20/2020  EUR   68.840
Societe Generale Effekte  10.874    3/20/2020  EUR   67.300
Societe Generale Effekte  15.793    3/20/2020  EUR   63.870
Vontobel Financial Produ  11.000    3/27/2020  EUR   61.950
Deutsche Bank AG           8.200    9/24/2019  EUR   74.400
Deutsche Bank AG           8.200    9/24/2019  EUR   52.700
Deutsche Bank AG           8.200    9/24/2019  EUR   47.500
Deutsche Bank AG           8.200    9/24/2019  EUR   43.200
Deutsche Bank AG           8.200   12/24/2019  EUR   54.600
Deutsche Bank AG           8.200   12/24/2019  EUR   49.500
Deutsche Bank AG           8.200   12/24/2019  EUR   45.200
Deutsche Bank AG           8.200    3/24/2020  EUR   56.500
Deutsche Bank AG           8.200    3/24/2020  EUR   51.400
Deutsche Bank AG           8.200    3/24/2020  EUR   47.200
Deutsche Bank AG           8.200    6/23/2020  EUR   58.400
Deutsche Bank AG           8.200    6/23/2020  EUR   53.400
Deutsche Bank AG           8.200    6/23/2020  EUR   49.200
Deutsche Bank AG           8.200    9/22/2020  EUR   60.200
Deutsche Bank AG           8.200    9/22/2020  EUR   55.300
Deutsche Bank AG           8.200    9/22/2020  EUR   51.200
Deutsche Bank AG           8.200   12/22/2020  EUR   62.100
Deutsche Bank AG           8.200   12/22/2020  EUR   57.300
Deutsche Bank AG           8.200   12/22/2020  EUR   53.200
Deutsche Bank AG           8.200    9/24/2019  EUR   72.100
Commerzbank AG            16.000    9/27/2019  EUR   65.110
Commerzbank AG             6.000   12/31/2019  EUR   71.890
HSBC Trinkaus & Burkhard   1.250    4/22/2020  EUR   67.920
DekaBank Deutsche Giroze   3.000   12/13/2019  EUR   46.720
Zurcher Kantonalbank Fin   9.000   12/19/2019  CHF   68.640
UniCredit Bank AG          4.200     1/4/2021  EUR   43.030
Leonteq Securities AG/Gu   7.400   12/22/2020  CHF   54.610
Leonteq Securities AG/Gu   4.000   12/29/2020  CHF   46.770
UBS AG/London              7.000    6/15/2020  CHF   73.150
UBS AG/London              6.750   12/13/2019  USD   32.300
UBS AG/London              7.000   12/13/2019  CHF   71.750
UBS AG/London              8.500    6/15/2020  CHF   55.300
UBS AG/London              6.250   12/13/2019  USD   32.200
UBS AG/London              8.250   12/13/2019  USD   46.250
Leonteq Securities AG/Gu   7.000   12/27/2019  CHF   67.470
EFG International Financ   7.200   12/29/2020  EUR   55.930
EFG International Financ   8.000     1/3/2020  CHF   66.990
DekaBank Deutsche Giroze   3.000    6/17/2020  EUR   69.100
Raiffeisen Schweiz Genos   9.400   12/27/2019  CHF   48.070
Vontobel Financial Produ   8.300   12/18/2019  EUR   63.550
Landesbank Baden-Wuertte   2.800   12/23/2022  EUR   66.150
UniCredit Bank AG          4.500     8/6/2021  EUR   63.540
DekaBank Deutsche Giroze   5.700    7/31/2020  EUR   68.640
UniCredit Bank AG          6.000    1/18/2021  EUR   65.690
UniCredit Bank AG          4.500    1/18/2022  EUR   45.570
UniCredit Bank AG          5.300    7/19/2021  EUR   65.960
DekaBank Deutsche Giroze   5.000    7/31/2020  EUR   41.130
UniCredit Bank AG          4.100    2/13/2023  EUR   68.880
UniCredit Bank AG          3.500    2/13/2023  EUR   62.160
Landesbank Baden-Wuertte   2.550   10/25/2019  EUR   72.970
Landesbank Baden-Wuertte   2.200   10/25/2019  EUR   69.250
Landesbank Baden-Wuertte   3.000    2/26/2021  EUR   64.950
Landesbank Baden-Wuertte   3.000    2/26/2021  EUR   69.450
Landesbank Baden-Wuertte   3.800    2/26/2021  EUR   44.460
Landesbank Baden-Wuertte   3.200    2/26/2021  EUR   60.060
UBS AG/London              8.500    6/22/2020  EUR   72.250
UBS AG/London              5.750    6/22/2020  EUR   71.850
UBS AG/London             11.250   12/20/2019  EUR   46.500
Leonteq Securities AG/Gu  10.000     1/3/2020  USD   44.940
Raiffeisen Schweiz Genos   7.000   12/30/2019  CHF   65.430
DekaBank Deutsche Giroze   3.550     1/5/2022  EUR   70.720
DekaBank Deutsche Giroze   2.100     1/5/2021  EUR   55.210
Landesbank Hessen-Thueri   3.000    7/29/2020  EUR   64.100
UniCredit Bank AG          3.500     1/5/2021  EUR   45.460
UniCredit Bank AG          3.500     1/5/2021  EUR   37.710
UniCredit Bank AG          3.500     1/5/2021  EUR   54.670
UniCredit Bank AG          4.000     1/5/2021  EUR   53.610
DekaBank Deutsche Giroze   4.550    7/31/2020  EUR   57.550
DekaBank Deutsche Giroze   6.050    7/31/2020  EUR   49.940
UniCredit Bank AG          3.750    1/18/2022  EUR   69.190
EFG International Financ  12.520     1/2/2020  USD   68.250
Landesbank Hessen-Thueri   4.600     5/2/2023  EUR   68.460
Landesbank Baden-Wuertte   2.300    2/25/2022  EUR   70.870
Landesbank Baden-Wuertte   2.400    2/25/2022  EUR   67.540
Landesbank Baden-Wuertte   3.000    2/25/2022  EUR   57.690
Raiffeisen Centrobank AG   5.200     2/3/2020  EUR   66.780
UBS AG/London              6.000   12/30/2019  CHF   66.350
UBS AG/London              5.250   12/30/2019  CHF   62.750
DekaBank Deutsche Giroze   3.250    1/24/2020  EUR   50.500
Bayerische Landesbank      2.700    8/20/2021  EUR   65.630
Leonteq Securities AG/Gu   7.600     1/9/2020  CHF   67.130
Leonteq Securities AG/Gu   7.200     1/4/2021  CHF   70.340
Leonteq Securities AG/Gu  10.000     1/3/2020  CHF   44.350
Leonteq Securities AG/Gu   8.400     1/3/2020  CHF   60.640
Raiffeisen Schweiz Genos   6.900   12/30/2019  EUR   50.800
Leonteq Securities AG/Gu   8.000    1/12/2021  EUR   70.850
Leonteq Securities AG/Gu   9.000    1/12/2021  USD   37.960
UBS AG/London              9.750     7/6/2020  EUR   70.200
UBS AG/London              6.250     1/6/2020  CHF   45.200
UBS AG/London             12.000     1/6/2020  CHF   53.250
UBS AG/London              7.000     1/6/2020  CHF   66.050
Landesbank Baden-Wuertte   2.000    2/28/2020  EUR   57.330
Landesbank Baden-Wuertte   3.000    2/28/2020  EUR   52.440
Landesbank Baden-Wuertte   4.000    2/28/2020  EUR   50.610
Landesbank Baden-Wuertte   5.000    2/28/2020  EUR   46.930
Landesbank Hessen-Thueri   4.000    1/26/2022  EUR   58.350
Landesbank Baden-Wuertte   4.000    1/24/2020  EUR   50.800
Landesbank Baden-Wuertte   5.000    1/24/2020  EUR   47.710
Landesbank Baden-Wuertte   6.000    1/24/2020  EUR   45.080
Landesbank Baden-Wuertte   3.000    1/24/2020  EUR   58.910
Landesbank Baden-Wuertte   4.500    1/24/2020  EUR   52.880
Landesbank Baden-Wuertte   6.000    1/24/2020  EUR   49.850
Landesbank Baden-Wuertte   3.500    1/24/2020  EUR   66.670
Landesbank Baden-Wuertte   5.000    1/24/2020  EUR   62.590
Landesbank Baden-Wuertte   4.000    1/24/2020  EUR   73.860
Landesbank Baden-Wuertte   5.000    1/24/2020  EUR   70.950
Landesbank Baden-Wuertte   4.000    1/24/2020  EUR   73.890
Landesbank Baden-Wuertte   2.500    1/24/2020  EUR   73.530
Landesbank Baden-Wuertte   4.000    1/24/2020  EUR   65.920
Landesbank Baden-Wuertte   2.500    1/24/2020  EUR   56.410
Landesbank Baden-Wuertte   3.500    1/24/2020  EUR   52.750
Landesbank Baden-Wuertte   4.500    1/24/2020  EUR   49.510
Landesbank Baden-Wuertte   3.000    1/24/2020  EUR   72.440
Landesbank Baden-Wuertte   4.000    1/24/2020  EUR   68.780
Landesbank Baden-Wuertte   5.000    1/24/2020  EUR   66.300
Landesbank Baden-Wuertte   3.000    1/24/2020  EUR   74.450
Landesbank Baden-Wuertte   4.000    1/24/2020  EUR   71.380
Landesbank Baden-Wuertte   5.000    1/24/2020  EUR   67.950
Landesbank Baden-Wuertte   2.500    1/24/2020  EUR   66.240
Landesbank Baden-Wuertte   3.500    1/24/2020  EUR   63.090
Landesbank Baden-Wuertte   2.000    1/24/2020  EUR   53.100
Landesbank Baden-Wuertte   3.000    1/24/2020  EUR   49.120
Landesbank Baden-Wuertte   4.000    1/24/2020  EUR   45.870
Landesbank Baden-Wuertte   5.000    1/24/2020  EUR   44.650
Landesbank Baden-Wuertte   2.500    1/24/2020  EUR   20.280
Landesbank Baden-Wuertte   3.500    1/24/2020  EUR   19.280
Landesbank Baden-Wuertte   2.000    1/24/2020  EUR   59.130
Landesbank Baden-Wuertte   3.000    1/24/2020  EUR   55.160
Landesbank Baden-Wuertte   3.000    1/24/2020  EUR   41.270
Landesbank Baden-Wuertte   4.000    1/24/2020  EUR   38.820
Landesbank Baden-Wuertte   3.000    1/24/2020  EUR   50.630
Landesbank Baden-Wuertte   4.000    1/24/2020  EUR   48.650
Landesbank Baden-Wuertte   5.000    1/24/2020  EUR   44.890
Landesbank Baden-Wuertte   2.000    1/24/2020  EUR   60.540
Landesbank Baden-Wuertte   3.000    1/24/2020  EUR   56.410
Landesbank Baden-Wuertte   4.000    1/24/2020  EUR   52.880
Landesbank Baden-Wuertte   2.500    1/24/2020  EUR   70.250
Landesbank Baden-Wuertte   3.500    1/24/2020  EUR   66.340
Landesbank Baden-Wuertte   4.500    1/24/2020  EUR   63.810
Landesbank Baden-Wuertte   3.000    1/24/2020  EUR   54.470
Landesbank Baden-Wuertte   3.000    1/24/2020  EUR   62.670
Landesbank Baden-Wuertte   4.500    1/24/2020  EUR   57.740
Landesbank Baden-Wuertte   6.000    1/24/2020  EUR   51.720
Landesbank Baden-Wuertte   2.000    1/24/2020  EUR   65.500
Landesbank Baden-Wuertte   4.000    1/24/2020  EUR   69.780
UBS AG/London              9.000     1/6/2020  USD   45.750
UBS AG/London              5.750     1/6/2020  CHF   62.850
UBS AG/London              5.750     7/6/2020  EUR   60.400
UBS AG/London              7.750     1/6/2020  EUR   54.650
Commerzbank AG             2.800   12/30/2019  USD   47.640
DekaBank Deutsche Giroze   3.500    1/24/2020  EUR   43.180
DekaBank Deutsche Giroze   2.400    1/24/2020  EUR   67.080
DekaBank Deutsche Giroze   2.000    1/22/2021  EUR   64.810
DekaBank Deutsche Giroze   2.000    1/22/2021  EUR   56.230
DekaBank Deutsche Giroze   3.400    1/24/2020  EUR   46.170
Bank Julius Baer & Co Lt  10.350     5/4/2020  EUR   71.850
Vontobel Financial Produ   9.720   10/31/2019  EUR   62.300
Vontobel Financial Produ  13.500     1/3/2020  EUR   64.450
Vontobel Financial Produ  11.000     1/3/2020  EUR   66.880
Vontobel Financial Produ  14.000    3/27/2020  EUR   64.770
Vontobel Financial Produ   4.400    8/24/2020  EUR   68.980
Vontobel Financial Produ   9.500    2/28/2020  EUR   42.390
Vontobel Financial Produ  13.000    2/28/2020  EUR   64.730
Landesbank Baden-Wuertte   4.800    2/25/2022  EUR   69.400
Deutsche Bank AG           7.400    3/24/2020  EUR   73.100
Deutsche Bank AG           5.400    3/24/2020  EUR   68.960
Deutsche Bank AG           5.400    3/24/2020  EUR   65.900
Deutsche Bank AG           7.400    3/24/2020  EUR   64.270
Deutsche Bank AG           5.400    1/21/2020  EUR   64.990
Deutsche Bank AG           5.400    2/25/2020  EUR   65.490
Deutsche Bank AG           5.400    3/24/2020  EUR   74.500
Deutsche Bank AG           7.400    3/24/2020  EUR   71.500
Leonteq Securities AG/Gu   9.600     8/4/2020  CHF   63.790
Leonteq Securities AG     10.000    9/18/2019  CHF   59.430
Leonteq Securities AG     13.000    9/18/2019  USD   60.420
Corner Banca SA           11.000   12/18/2019  CHF   48.960
Leonteq Securities AG      5.000    6/15/2021  CHF   52.160
Leonteq Securities AG     12.000    9/18/2019  CHF   47.120
Leonteq Securities AG      8.200    9/18/2019  CHF   73.230
UBS AG/London              7.100     1/2/2020  EUR   54.200
UBS AG/London              3.000    9/26/2019  EUR   55.050
UBS AG/London              4.700    9/26/2019  EUR   51.300
UBS AG/London              4.200    3/26/2020  EUR   72.020
UBS AG/London              4.400    9/26/2019  EUR   65.340
UBS AG/London              3.000    9/26/2019  EUR   70.830
UBS AG/London              8.100    9/26/2019  EUR   58.500
UBS AG/London              4.400    9/26/2019  EUR   62.950
UBS AG/London              7.200    9/26/2019  EUR   52.210
UBS AG/London              4.500    9/26/2019  EUR   61.280
UBS AG/London              6.100    6/25/2020  EUR   53.210
UBS AG/London              4.800    9/26/2019  EUR   50.140
UBS AG/London              4.300     1/2/2020  EUR   53.740
UBS AG/London              8.100     1/2/2020  EUR   52.000
UBS AG/London              6.000    9/26/2019  EUR   68.270
UBS AG/London              6.100    9/26/2019  EUR   65.100
UBS AG/London             12.400    9/26/2019  EUR   54.000
UBS AG/London              4.300    9/26/2019  EUR   64.710
UBS AG/London              3.700    9/26/2019  EUR   66.540
UBS AG/London              9.200    9/26/2019  EUR   58.400
UBS AG/London              5.200    9/26/2019  EUR   65.260
UBS AG/London              4.100    9/26/2019  EUR   73.010
HSBC Trinkaus & Burkhard   5.400    9/27/2019  EUR   72.640
HSBC Trinkaus & Burkhard   3.900   10/25/2019  EUR   62.670
HSBC Trinkaus & Burkhard   3.600    9/27/2019  EUR   70.000
HSBC Trinkaus & Burkhard   5.600   10/25/2019  EUR   63.970
HSBC Trinkaus & Burkhard   5.000   10/25/2019  EUR   70.340
HSBC Trinkaus & Burkhard   5.900   10/25/2019  EUR   52.730
HSBC Trinkaus & Burkhard   3.600   10/25/2019  EUR   56.930
HSBC Trinkaus & Burkhard   5.200   10/25/2019  EUR   58.110
HSBC Trinkaus & Burkhard   4.000   10/25/2019  EUR   64.020
Credit Suisse AG/Nassau    8.000   12/18/2019  EUR   64.850
Raiffeisen Schweiz Genos   7.100    6/15/2020  CHF   59.760
Raiffeisen Schweiz Genos   5.300   12/15/2020  EUR   69.290
Landesbank Hessen-Thueri   3.100   10/16/2019  EUR   66.500
Credit Suisse AG/Nassau    7.000   12/30/2019  CHF   58.430
DZ Bank AG Deutsche Zent   4.200    9/23/2019  EUR   72.800
DZ Bank AG Deutsche Zent   4.700    9/23/2019  EUR   71.100
DZ Bank AG Deutsche Zent   4.500    9/23/2019  EUR   50.160
DZ Bank AG Deutsche Zent   5.000    9/23/2019  EUR   69.380
DZ Bank AG Deutsche Zent   8.250    9/23/2019  EUR   71.950
DZ Bank AG Deutsche Zent   5.750    9/23/2019  EUR   42.680
DZ Bank AG Deutsche Zent   5.000    9/23/2019  EUR   60.830
DZ Bank AG Deutsche Zent   9.250    9/23/2019  EUR   61.140
DZ Bank AG Deutsche Zent   8.000    9/23/2019  EUR   66.820
DZ Bank AG Deutsche Zent   5.000    9/23/2019  EUR   50.500
DZ Bank AG Deutsche Zent   6.500    9/23/2019  EUR   55.830
DZ Bank AG Deutsche Zent   6.500    9/23/2019  EUR   65.690
DZ Bank AG Deutsche Zent   8.500    9/23/2019  EUR   60.620
DZ Bank AG Deutsche Zent   4.750    9/23/2019  EUR   63.350
DZ Bank AG Deutsche Zent   6.250    9/23/2019  EUR   70.430
Deutsche Bank AG           5.500    9/24/2019  EUR   68.000
Deutsche Bank AG           5.500   12/24/2019  EUR   69.400
Deutsche Bank AG           5.500    9/24/2019  EUR   58.500
Deutsche Bank AG           5.500    9/24/2019  EUR   54.300
Deutsche Bank AG           5.500   12/24/2019  EUR   59.900
Deutsche Bank AG           5.500   12/24/2019  EUR   55.700
Deutsche Bank AG           5.500    9/24/2019  EUR   63.700
Deutsche Bank AG           5.500    9/24/2019  EUR   58.700
Deutsche Bank AG           5.500   12/24/2019  EUR   64.700
Deutsche Bank AG           5.500   12/24/2019  EUR   59.700
Deutsche Bank AG           5.500    9/24/2019  EUR   62.140
Deutsche Bank AG           5.500    9/24/2019  EUR   58.280
Deutsche Bank AG           5.500    9/24/2019  EUR   54.870
Deutsche Bank AG           5.500   12/24/2019  EUR   63.420
Deutsche Bank AG           5.500   12/24/2019  EUR   59.610
Deutsche Bank AG           5.500   12/24/2019  EUR   56.430
Deutsche Bank AG           5.500    9/24/2019  EUR   73.100
Deutsche Bank AG           5.500    9/24/2019  EUR   69.200
Deutsche Bank AG           5.500    9/24/2019  EUR   64.600
Deutsche Bank AG           5.500   12/24/2019  EUR   70.400
Deutsche Bank AG           5.500   12/24/2019  EUR   65.800
Deutsche Bank AG           5.500    9/24/2019  EUR   71.800
Deutsche Bank AG           5.500    9/24/2019  EUR   67.000
Deutsche Bank AG           5.500   12/24/2019  EUR   73.100
Deutsche Bank AG           5.500   12/24/2019  EUR   68.300
Deutsche Bank AG           5.500    9/24/2019  EUR   54.800
Deutsche Bank AG           5.500    9/24/2019  EUR   52.100
Deutsche Bank AG           5.500   12/24/2019  EUR   56.100
Deutsche Bank AG           5.500   12/24/2019  EUR   53.400
Deutsche Bank AG           5.500    9/24/2019  EUR   49.900
Deutsche Bank AG           5.500    9/24/2019  EUR   45.400
Deutsche Bank AG           5.500   12/24/2019  EUR   51.000
Deutsche Bank AG           5.500   12/24/2019  EUR   46.500
Deutsche Bank AG           5.500    9/24/2019  EUR   69.200
Deutsche Bank AG           5.500    9/24/2019  EUR   63.000
Deutsche Bank AG           5.500   12/24/2019  EUR   70.300
Deutsche Bank AG           5.500    9/24/2019  EUR   49.400
Deutsche Bank AG           5.500    9/24/2019  EUR   44.500
Deutsche Bank AG           5.500   12/24/2019  EUR   50.800
Deutsche Bank AG           5.500   12/24/2019  EUR   45.900
Deutsche Bank AG           5.500    9/24/2019  EUR   39.700
Deutsche Bank AG           5.500    9/24/2019  EUR   37.800
Deutsche Bank AG           5.500    9/24/2019  EUR   35.400
Deutsche Bank AG           5.500   12/24/2019  EUR   41.000
Deutsche Bank AG           5.500   12/24/2019  EUR   39.200
Deutsche Bank AG           5.500   12/24/2019  EUR   36.700
Deutsche Bank AG           5.500   12/24/2019  EUR   64.100
Deutsche Bank AG           5.500    9/24/2019  EUR   19.900
Deutsche Bank AG           5.500    9/24/2019  EUR   19.200
Deutsche Bank AG           5.500   12/24/2019  EUR   21.300
Deutsche Bank AG           5.500   12/24/2019  EUR   20.500
Deutsche Bank AG           5.500    9/24/2019  EUR   73.000
Deutsche Bank AG           5.500   12/24/2019  EUR   73.800
Credit Suisse AG/London    7.000   12/18/2019  CHF   55.790
Credit Suisse AG/London    8.250    9/18/2019  USD   62.570
Bank Julius Baer & Co Lt   5.200    9/19/2019  CHF   63.650
Landesbank Hessen-Thueri   3.050   10/16/2019  EUR   47.500
Leonteq Securities AG     10.000   12/27/2019  EUR   70.830
DekaBank Deutsche Giroze   5.600     1/4/2021  EUR   72.840
DekaBank Deutsche Giroze   4.300     1/4/2021  EUR   55.170
Leonteq Securities AG/Gu  10.000    9/12/2019  USD   59.330
Credit Suisse AG/London    7.000   12/23/2019  EUR   62.490
UBS AG/London              8.500    6/15/2020  USD   66.900
UBS AG/London             10.250    6/15/2020  CHF   50.700
UBS AG/London              8.000    6/15/2020  CHF   67.850
UBS AG/London              7.000   12/14/2020  CHF   58.350
UBS AG/London              8.750    6/15/2020  EUR   61.650
UBS AG/London              6.500   12/14/2020  EUR   66.000
UBS AG/London              5.500   12/13/2019  CHF   65.300
UBS AG/London              5.750   12/13/2019  EUR   72.300
UBS AG/London              6.500   12/13/2019  CHF   62.300
Landesbank Hessen-Thueri   3.500    7/19/2021  EUR   74.100
Bayerische Landesbank      3.000    7/17/2020  EUR   64.450
EFG International Financ   8.400     1/3/2020  CHF   30.250
Credit Suisse AG/Nassau    7.000    6/22/2021  CHF   63.800
Bank Julius Baer & Co Lt   7.250   12/23/2019  CHF   64.350
Bank Julius Baer & Co Lt   8.500   12/23/2019  EUR   62.650
Vontobel Financial Produ   4.200    9/27/2019  EUR   62.887
DekaBank Deutsche Giroze   3.350    7/10/2020  EUR   62.450
DekaBank Deutsche Giroze   2.450    7/10/2020  EUR   75.140
Bank Julius Baer & Co Lt   4.350    9/20/2019  EUR   66.250
SecurAsset SA              5.250    6/30/2022  EUR   43.700
Leonteq Securities AG      5.200   12/22/2020  CHF   60.320
Leonteq Securities AG     14.000    9/25/2019  CHF   47.280
Leonteq Securities AG     12.200    9/25/2019  CHF   59.470
Raiffeisen Schweiz Genos   6.100    6/22/2020  CHF   64.490
Raiffeisen Schweiz Genos   6.000     1/6/2020  CHF   47.130
Raiffeisen Schweiz Genos  10.900     1/6/2020  USD   66.570
Raiffeisen Schweiz Genos   6.300     1/6/2020  CHF   57.160
Raiffeisen Schweiz Genos   5.000   12/22/2020  CHF   71.280
BNP Paribas Emissions- u   7.000   12/30/2019  EUR   56.570
BNP Paribas Emissions- u   9.000   12/30/2019  EUR   57.250
BNP Paribas Emissions- u  12.000   12/30/2019  EUR   58.270
BNP Paribas Emissions- u   3.500   12/30/2019  EUR   69.940
BNP Paribas Emissions- u   4.500   12/30/2019  EUR   69.820
BNP Paribas Emissions- u   3.500    9/26/2019  EUR   72.510
BNP Paribas Emissions- u  18.000   12/30/2019  EUR   66.970
BNP Paribas Emissions- u   6.500   12/30/2019  EUR   59.550
BNP Paribas Emissions- u   8.500   12/30/2019  EUR   60.230
BNP Paribas Emissions- u  11.000   12/30/2019  EUR   61.080
BNP Paribas Emissions- u  15.000   12/30/2019  EUR   62.440
BNP Paribas Emissions- u  19.000   12/30/2019  EUR   63.800
BNP Paribas Emissions- u   5.000   12/30/2019  EUR   55.890
BNP Paribas Emissions- u   4.500    9/26/2019  EUR   63.150
BNP Paribas Emissions- u   6.000    9/26/2019  EUR   60.410
BNP Paribas Emissions- u   3.000   12/30/2019  EUR   70.230
BNP Paribas Emissions- u   4.500   12/30/2019  EUR   64.260
BNP Paribas Emissions- u   6.500   12/30/2019  EUR   69.290
BNP Paribas Emissions- u   8.500   12/30/2019  EUR   69.970
BNP Paribas Emissions- u  11.000   12/30/2019  EUR   70.820
BNP Paribas Emissions- u  15.000   12/30/2019  EUR   72.180
BNP Paribas Emissions- u   5.000   12/30/2019  EUR   67.480
BNP Paribas Emissions- u   7.000   12/30/2019  EUR   68.160
BNP Paribas Emissions- u   9.000   12/30/2019  EUR   68.840
BNP Paribas Emissions- u  12.000   12/30/2019  EUR   69.860
BNP Paribas Emissions- u   5.500   12/30/2019  EUR   61.550
BNP Paribas Emissions- u   7.500   12/30/2019  EUR   62.230
BNP Paribas Emissions- u   9.500   12/30/2019  EUR   62.910
BNP Paribas Emissions- u  13.000   12/30/2019  EUR   64.100
BNP Paribas Emissions- u  17.000   12/30/2019  EUR   65.440
BNP Paribas Emissions- u   9.500   12/30/2019  EUR   54.600
BNP Paribas Emissions- u  13.000   12/30/2019  EUR   55.790
BNP Paribas Emissions- u  17.000   12/30/2019  EUR   57.150
BNP Paribas Emissions- u   4.000   12/30/2019  EUR   50.180
BNP Paribas Emissions- u   6.000   12/30/2019  EUR   50.860
BNP Paribas Emissions- u   8.000   12/30/2019  EUR   51.540
BNP Paribas Emissions- u  10.000   12/30/2019  EUR   52.220
BNP Paribas Emissions- u  14.000   12/30/2019  EUR   53.580
BNP Paribas Emissions- u  18.000   12/30/2019  EUR   54.940
BNP Paribas Emissions- u  16.000   12/30/2019  EUR   59.630
BNP Paribas Emissions- u  20.000   12/30/2019  EUR   60.990
BNP Paribas Emissions- u   4.500   12/30/2019  EUR   52.900
BNP Paribas Emissions- u   7.500   12/30/2019  EUR   53.920
Raiffeisen Centrobank AG   6.061    9/24/2019  EUR   74.460
Raiffeisen Centrobank AG   4.242    9/24/2019  EUR   71.110
Raiffeisen Centrobank AG   7.273    9/24/2019  EUR   70.550
Raiffeisen Centrobank AG   5.455    9/24/2019  EUR   62.660
Raiffeisen Centrobank AG   3.030    9/24/2019  EUR   63.580
Raiffeisen Centrobank AG   7.273    9/24/2019  EUR   52.660
Raiffeisen Centrobank AG   6.061    9/24/2019  EUR   55.230
Landesbank Baden-Wuertte   3.000    2/26/2021  EUR   71.950
Landesbank Baden-Wuertte   3.000    2/26/2021  EUR   62.800
DekaBank Deutsche Giroze   2.050   12/11/2020  EUR   54.240
DekaBank Deutsche Giroze   2.750   12/11/2020  EUR   51.490
DekaBank Deutsche Giroze   3.000    2/14/2020  EUR   53.750
DekaBank Deutsche Giroze   4.250    8/21/2020  EUR   59.150
DekaBank Deutsche Giroze   6.550    8/21/2020  EUR   54.190
DekaBank Deutsche Giroze   3.000    8/27/2021  EUR   60.280
DekaBank Deutsche Giroze   2.000   12/13/2019  EUR   55.870
Landesbank Baden-Wuertte   5.000    9/27/2019  EUR   58.020
Landesbank Baden-Wuertte   4.800    9/27/2019  EUR   47.950
Landesbank Baden-Wuertte   5.100    9/27/2019  EUR   68.330
Landesbank Hessen-Thueri   3.500     3/9/2022  EUR   57.000
Leonteq Securities AG/Gu   7.500    2/12/2021  CHF   72.870
Zurcher Kantonalbank Fin   4.704     2/5/2021  CHF   63.720
UniCredit Bank AG          4.000    3/13/2022  EUR   59.240
DZ Bank AG Deutsche Zent   4.000   12/31/2019  EUR   66.560
Landesbank Baden-Wuertte   2.750   11/27/2020  EUR   71.990
Landesbank Baden-Wuertte   3.500   11/27/2020  EUR   70.990
Landesbank Baden-Wuertte   2.600   11/27/2020  EUR   46.570
DekaBank Deutsche Giroze   2.050    2/14/2020  EUR   47.930
DekaBank Deutsche Giroze   3.900     9/5/2019  EUR   58.850
Credit Suisse AG/Nassau   10.250    9/19/2019  CHF   43.880
UBS AG/London              6.250     2/7/2020  CHF   34.350
UBS AG/London              6.500     2/7/2020  CHF   55.550
UBS AG/London              8.250     2/7/2020  EUR   47.850
UBS AG/London              5.000     2/7/2020  CHF   61.250
UBS AG/London              8.000     2/7/2020  CHF   59.250
Vontobel Financial Produ   5.000     9/9/2020  EUR   64.168
Leonteq Securities AG/Gu   8.000    8/19/2020  CHF   68.140
Raiffeisen Centrobank AG   5.816    9/24/2019  EUR   56.400
Raiffeisen Centrobank AG   4.758   12/27/2019  EUR   75.230
Raiffeisen Centrobank AG   9.796    9/24/2019  EUR   68.200
Raiffeisen Centrobank AG   5.204    9/24/2019  EUR   74.870
Raiffeisen Centrobank AG   5.815   12/27/2019  EUR   58.010
Raiffeisen Centrobank AG   6.735    9/24/2019  EUR   74.810
Raiffeisen Centrobank AG   6.344   12/27/2019  EUR   68.680
UBS AG/London              6.300    9/26/2019  EUR   45.800
UBS AG/London              4.800    9/26/2019  EUR   69.380
Bayerische Landesbank      2.100    9/10/2021  EUR   72.370
Bayerische Landesbank      2.500    9/10/2021  EUR   65.940
EFG International Financ   7.200    2/22/2021  CHF   32.450
Raiffeisen Schweiz Genos   6.900    2/19/2020  EUR   61.490
Raiffeisen Schweiz Genos   7.200    2/19/2020  CHF   62.110
Leonteq Securities AG/Gu   2.300     2/8/2023  CHF   68.660
UniCredit Bank AG          6.400     3/5/2021  EUR   64.850
UniCredit Bank AG          5.350     3/5/2021  EUR   62.280
UniCredit Bank AG          5.500     9/5/2019  EUR   72.200
UniCredit Bank AG          5.100     3/5/2021  EUR   51.740
UniCredit Bank AG          4.650     3/5/2021  EUR   58.510
DekaBank Deutsche Giroze   3.700     3/6/2020  EUR   54.210
Landesbank Baden-Wuertte   2.810    3/24/2023  EUR   69.320
Zurcher Kantonalbank Fin   6.000    2/20/2020  CHF   72.060
Raiffeisen Centrobank AG   5.150    2/10/2020  EUR   60.170
DZ Bank AG Deutsche Zent   0.060    9/10/2019  EUR   71.860
Landesbank Hessen-Thueri   8.900    3/16/2023  EUR   72.390
Landesbank Baden-Wuertte   3.000    4/25/2022  EUR   70.210
Erste Group Bank AG        4.350    2/28/2022  EUR   69.100
UBS AG/London              7.500    2/14/2020  EUR   68.800
Leonteq Securities AG/Gu   3.750    2/20/2023  CHF   55.540
Leonteq Securities AG/Gu  11.000     3/2/2020  CHF   42.960
Raiffeisen Schweiz Genos   5.250    8/26/2020  CHF   71.380
Landesbank Hessen-Thueri   4.000    9/22/2020  EUR   59.100
Credit Suisse AG/London    5.240    9/16/2019  EUR   71.740
Raiffeisen Schweiz Genos  10.300    2/19/2020  EUR   62.450
Landesbank Hessen-Thueri   3.500    9/22/2020  EUR   63.000
Credit Suisse AG/London    7.000    8/27/2019  EUR   69.860
DekaBank Deutsche Giroze   5.000    9/14/2020  EUR   63.370
DekaBank Deutsche Giroze   7.000    9/14/2020  EUR   56.450
Landesbank Hessen-Thueri   4.000    3/23/2022  EUR   73.750
Landesbank Hessen-Thueri   4.000    3/23/2022  EUR   66.260
UniCredit Bank AG          8.000     1/3/2020  EUR   70.400
UniCredit Bank AG          7.800     1/3/2020  EUR   69.770
UniCredit Bank AG          7.000     1/3/2020  EUR   69.930
UniCredit Bank AG          7.200     1/3/2020  EUR   69.080
UniCredit Bank AG          9.100     1/3/2020  EUR   30.890
UniCredit Bank AG         11.400     1/3/2020  EUR   44.870
UniCredit Bank AG          7.000     1/3/2020  EUR   62.180
UniCredit Bank AG         10.800     1/3/2020  EUR   70.510
UniCredit Bank AG         10.500     1/3/2020  EUR   57.050
UniCredit Bank AG         11.300     1/3/2020  EUR   50.520
UniCredit Bank AG         13.800     1/3/2020  EUR   65.140
UniCredit Bank AG          7.300     1/3/2020  EUR   70.930
UniCredit Bank AG         12.400     1/3/2020  EUR   62.270
UniCredit Bank AG         11.000     1/3/2020  EUR   72.370
UniCredit Bank AG          8.500     1/3/2020  EUR   41.110
UniCredit Bank AG         11.300     1/3/2020  EUR   64.450
UniCredit Bank AG          7.800     1/3/2020  EUR   65.440
UniCredit Bank AG          9.600     1/3/2020  EUR   63.990
UniCredit Bank AG          8.200     1/3/2020  EUR   63.310
UniCredit Bank AG          8.700     1/3/2020  EUR   69.400
UniCredit Bank AG         12.000     1/3/2020  EUR   67.560
UniCredit Bank AG         12.900     1/3/2020  EUR   72.420
UniCredit Bank AG          6.200     1/3/2020  EUR   56.720
UniCredit Bank AG         14.800     1/3/2020  EUR   41.360
UniCredit Bank AG          9.100     1/3/2020  EUR   59.260
UniCredit Bank AG          6.300     1/3/2020  EUR   51.540
UniCredit Bank AG          9.500     1/3/2020  EUR   49.630
UniCredit Bank AG          7.500     1/3/2020  EUR   56.300
UniCredit Bank AG          6.300     1/3/2020  EUR   52.630
UniCredit Bank AG         13.900     1/3/2020  EUR   69.520
UniCredit Bank AG         14.600     1/3/2020  EUR   45.190
UniCredit Bank AG         14.300     1/3/2020  EUR   52.030
UniCredit Bank AG          5.900     1/3/2020  EUR   61.980
UniCredit Bank AG          7.200     1/3/2020  EUR   72.510
UniCredit Bank AG          9.800     1/3/2020  EUR   70.340
UniCredit Bank AG         10.400     1/3/2020  EUR   73.930
UniCredit Bank AG         11.900     1/3/2020  EUR   68.310
UniCredit Bank AG          7.300     1/3/2020  EUR   64.560
UniCredit Bank AG          5.600     1/3/2020  EUR   63.690
UniCredit Bank AG         12.600     1/3/2020  EUR   55.750
UniCredit Bank AG         12.500     1/3/2020  EUR   28.000
UniCredit Bank AG         11.400     1/3/2020  EUR   56.200
UniCredit Bank AG          7.800     1/3/2020  EUR   70.430
UniCredit Bank AG         11.000     1/3/2020  EUR   43.430
UniCredit Bank AG          5.100     1/3/2020  EUR   64.990
DekaBank Deutsche Giroze   4.000    9/21/2021  EUR   70.690
UBS AG/London              7.500    2/21/2020  EUR   40.400
UBS AG/London              9.000    2/21/2020  CHF   70.150
EFG International Financ   6.400     3/8/2021  EUR   57.850
Citigroup Global Markets  13.600    1/25/2023  SEK   62.130
Leonteq Securities AG      5.200     9/2/2020  EUR   67.980
Leonteq Securities AG      7.400     3/2/2020  CHF   26.840
Leonteq Securities AG      7.200     3/2/2020  CHF   73.780
Leonteq Securities AG     10.000     3/2/2020  EUR   52.550
Bank Julius Baer & Co Lt   9.300    3/16/2020  USD   49.350
Commerzbank AG            19.000    9/27/2019  EUR   65.500
Commerzbank AG            12.250   11/22/2019  EUR   74.300
HSBC Trinkaus & Burkhard   4.000   12/30/2019  EUR   56.540
HSBC Trinkaus & Burkhard   9.800    1/24/2020  EUR   42.760
HSBC Trinkaus & Burkhard  11.800    9/27/2019  EUR   72.580
HSBC Trinkaus & Burkhard  11.400    9/27/2019  EUR   61.520
HSBC Trinkaus & Burkhard   7.200   12/27/2019  EUR   67.830
HSBC Trinkaus & Burkhard  10.200    9/27/2019  EUR   69.620
HSBC Trinkaus & Burkhard   9.200   12/27/2019  EUR   70.930
HSBC Trinkaus & Burkhard   8.600    3/27/2020  EUR   71.210
HSBC Trinkaus & Burkhard  11.500   12/27/2019  EUR   68.650
BNP Paribas Emissions- u  14.000    9/26/2019  EUR   74.330
BNP Paribas Emissions- u  17.000    9/26/2019  EUR   70.720
BNP Paribas Emissions- u  20.000    9/26/2019  EUR   67.480
BNP Paribas Emissions- u  16.000   12/30/2019  EUR   71.360
DZ Bank AG Deutsche Zent   7.000   12/27/2019  EUR   60.150
DZ Bank AG Deutsche Zent   8.500   12/27/2019  EUR   56.030
DZ Bank AG Deutsche Zent   6.750   12/27/2019  EUR   61.050
DZ Bank AG Deutsche Zent  10.000   12/27/2019  EUR   73.070
Vontobel Financial Produ   6.930   12/18/2019  EUR   65.290
Landesbank Baden-Wuertte   3.000    1/24/2020  EUR   73.420
Landesbank Baden-Wuertte   5.000    1/24/2020  EUR   68.530
Landesbank Baden-Wuertte   3.000    1/24/2020  EUR   53.670
Landesbank Baden-Wuertte   5.000    1/24/2020  EUR   49.300
Landesbank Baden-Wuertte   7.000    1/24/2020  EUR   46.460
Landesbank Baden-Wuertte   4.500    1/24/2020  EUR   76.900
Landesbank Baden-Wuertte   6.000    1/24/2020  EUR   74.050
Commerzbank AG             7.750    9/27/2019  EUR   46.510
DZ Bank AG Deutsche Zent   7.000   12/27/2019  EUR   69.460
EFG International Financ  20.000   12/19/2019  CHF   69.260
Commerzbank AG             4.000   12/30/2019  EUR   58.460
HSBC Trinkaus & Burkhard   1.750    3/27/2020  EUR   68.360
Commerzbank AG            15.500    9/27/2019  EUR   73.530
Commerzbank AG            21.750    9/27/2019  EUR   68.440
HSBC Trinkaus & Burkhard   9.400   12/27/2019  EUR   63.410
HSBC Trinkaus & Burkhard   7.400   12/27/2019  EUR   62.740
HSBC Trinkaus & Burkhard   9.400    6/26/2020  EUR   66.360
HSBC Trinkaus & Burkhard   8.600    6/26/2020  EUR   65.690
HSBC Trinkaus & Burkhard   7.400    6/26/2020  EUR   64.690
HSBC Trinkaus & Burkhard   6.900   12/27/2019  EUR   69.880
HSBC Trinkaus & Burkhard   6.700    6/26/2020  EUR   70.570
HSBC Trinkaus & Burkhard   6.200   12/28/2020  EUR   71.810
HSBC Trinkaus & Burkhard   6.900    6/26/2020  EUR   70.720
HSBC Trinkaus & Burkhard   9.300    6/26/2020  EUR   72.880
HSBC Trinkaus & Burkhard  11.400   12/27/2019  EUR   42.440
HSBC Trinkaus & Burkhard   5.600   12/28/2020  EUR   45.610
HSBC Trinkaus & Burkhard   9.400   12/27/2019  EUR   72.500
HSBC Trinkaus & Burkhard   8.300    6/26/2020  EUR   72.700
HSBC Trinkaus & Burkhard   6.800    6/25/2021  EUR   73.860
Vontobel Financial Produ   9.500    9/27/2019  EUR   74.180
Vontobel Financial Produ  14.500    9/27/2019  EUR   64.180
Vontobel Financial Produ  18.500    9/27/2019  EUR   70.890
HSBC Trinkaus & Burkhard   3.360   12/30/2019  EUR   55.440
HSBC Trinkaus & Burkhard   1.880    3/27/2020  EUR   64.770
HSBC Trinkaus & Burkhard   1.410    3/27/2020  EUR   71.450
Commerzbank AG            21.250    9/27/2019  EUR   65.060
Commerzbank AG            17.250    9/27/2019  EUR   61.190
DZ Bank AG Deutsche Zent   8.250   12/27/2019  EUR   54.370
DZ Bank AG Deutsche Zent   8.250   12/27/2019  EUR   66.020
Landesbank Baden-Wuertte   4.000    1/24/2020  EUR   44.620
Landesbank Baden-Wuertte   6.500    1/24/2020  EUR   42.050
HSBC Trinkaus & Burkhard   4.000    7/24/2020  EUR   72.760
Bank Julius Baer & Co Lt   9.700    1/24/2020  USD   57.400
HSBC Trinkaus & Burkhard  10.500    6/26/2020  EUR   41.550
HSBC Trinkaus & Burkhard   7.700    6/26/2020  EUR   43.130
HSBC Trinkaus & Burkhard   5.200    6/26/2020  EUR   46.000
HSBC Trinkaus & Burkhard  11.100   11/22/2019  EUR   37.360
HSBC Trinkaus & Burkhard   9.700    2/28/2020  EUR   39.260
Deutsche Bank AG           4.200    9/24/2019  EUR   64.710
Deutsche Bank AG           4.200   12/24/2019  EUR   73.150
Deutsche Bank AG           4.200   12/24/2019  EUR   65.050
Deutsche Bank AG           6.200    3/24/2020  EUR   73.290
Deutsche Bank AG           6.200    3/24/2020  EUR   69.380
Deutsche Bank AG           4.200    3/24/2020  EUR   72.100
Landesbank Hessen-Thueri   4.000     3/1/2023  EUR   74.710
Commerzbank AG             4.750   12/31/2019  EUR   72.980
Commerzbank AG             6.750   12/31/2019  EUR   68.670
Commerzbank AG             8.750   12/31/2019  EUR   65.270
Commerzbank AG            10.750   12/31/2019  EUR   62.650
Commerzbank AG            12.750   12/31/2019  EUR   60.320
Commerzbank AG            14.750   12/31/2019  EUR   58.580
Commerzbank AG            15.000   12/31/2019  EUR   68.260
Commerzbank AG            17.000   12/31/2019  EUR   65.880
Commerzbank AG            10.500   12/31/2019  EUR   71.330
Commerzbank AG            12.500   12/31/2019  EUR   68.720
Commerzbank AG             3.500   12/31/2019  EUR   50.470
Commerzbank AG             5.500   12/31/2019  EUR   43.550
Commerzbank AG             7.500   12/31/2019  EUR   39.450
Vontobel Financial Produ  11.250    1/24/2020  EUR   63.630
Commerzbank AG            15.750    9/27/2019  EUR   64.810
Commerzbank AG             9.500   12/31/2019  EUR   74.530
Citigroup Global Markets  12.000    2/13/2024  SEK   73.550
UBS AG/London             20.000    1/24/2020  CHF   59.100
DZ Bank AG Deutsche Zent   5.250   12/27/2019  EUR   63.660
DZ Bank AG Deutsche Zent   5.000    2/26/2020  EUR   72.070
DZ Bank AG Deutsche Zent   4.250    3/25/2020  EUR   70.850
DZ Bank AG Deutsche Zent   6.250    3/25/2020  EUR   65.480
Commerzbank AG            15.500    9/27/2019  EUR   61.440
Commerzbank AG             6.000   12/31/2019  EUR   61.690
Commerzbank AG             8.000   12/31/2019  EUR   58.420
Commerzbank AG            10.000   12/31/2019  EUR   55.810
Commerzbank AG            12.000   12/31/2019  EUR   54.110
Commerzbank AG            14.000   12/31/2019  EUR   52.400
Commerzbank AG             7.000   12/31/2019  EUR   72.310
Commerzbank AG             9.000   12/31/2019  EUR   68.930
Commerzbank AG            11.000   12/31/2019  EUR   66.370
Commerzbank AG            13.000   12/31/2019  EUR   64.400
DekaBank Deutsche Giroze   2.300    4/16/2021  EUR   72.360
Corner Banca SA           14.000    10/3/2019  CHF   38.670
Raiffeisen Schweiz Genos   6.600     4/3/2020  EUR   54.490
UniCredit Bank AG          6.300   10/16/2021  EUR   63.220
UniCredit Bank AG          5.100    4/16/2021  EUR   66.040
Bank Julius Baer & Co Lt   8.900    10/7/2019  USD   63.650
Natixis SA                 4.975    3/23/2020  USD   38.270
UBS AG/London              9.000    9/30/2019  CHF   59.600
UBS AG/London             12.000    9/30/2019  CHF   35.300
UBS AG/London              8.000    9/30/2019  EUR   36.650
UBS AG/London              5.500    9/30/2019  CHF   54.750
UBS AG/London              8.250    9/30/2019  CHF   63.050
Bayerische Landesbank      3.000    11/5/2021  EUR   71.520
DekaBank Deutsche Giroze   3.800   10/23/2020  EUR   62.460
DekaBank Deutsche Giroze   2.050     5/3/2021  EUR   44.800
Raiffeisen Schweiz Genos   6.500    10/9/2020  CHF   48.820
Raiffeisen Schweiz Genos   6.250    10/9/2019  CHF   40.280
HSBC Trinkaus & Burkhard   6.400    9/27/2019  EUR   66.850
HSBC Trinkaus & Burkhard   5.500    9/27/2019  EUR   63.820
HSBC Trinkaus & Burkhard   3.500    9/27/2019  EUR   71.120
HSBC Trinkaus & Burkhard   5.200    9/27/2019  EUR   53.350
HSBC Trinkaus & Burkhard   6.500    9/27/2019  EUR   57.970
HSBC Trinkaus & Burkhard   4.700    9/27/2019  EUR   63.550
HSBC Trinkaus & Burkhard   5.400    9/27/2019  EUR   68.230
HSBC Trinkaus & Burkhard   6.300    9/27/2019  EUR   55.730
HSBC Trinkaus & Burkhard   3.700    9/27/2019  EUR   63.380
HSBC Trinkaus & Burkhard   4.500    9/27/2019  EUR   53.920
4FINANS MFK OOO           15.000    3/24/2023  RUB   65.590
Leonteq Securities AG/Gu  14.200   10/10/2019  USD   62.170
Leonteq Securities AG/Gu  11.000   10/10/2019  CHF   41.810
Landesbank Hessen-Thueri   4.750    5/11/2023  EUR   55.340
Landesbank Hessen-Thueri   6.500    5/11/2023  EUR   71.520
Landesbank Hessen-Thueri   3.500    5/11/2022  EUR   74.120
Landesbank Hessen-Thueri   4.000    5/11/2022  EUR   70.090
Raiffeisen Schweiz Genos   6.750    9/11/2019  CHF   75.160
HSBC Trinkaus & Burkhard   3.000    8/10/2020  EUR   63.340
HSBC Trinkaus & Burkhard   6.000    2/28/2020  EUR   60.310
HSBC Trinkaus & Burkhard   2.250    4/22/2020  EUR   60.100
HSBC Trinkaus & Burkhard   1.000    4/22/2020  EUR   65.140
Landesbank Baden-Wuertte   2.400   10/23/2020  EUR   72.100
Landesbank Baden-Wuertte   2.900   10/23/2020  EUR   67.040
Landesbank Baden-Wuertte   3.000   10/23/2020  EUR   66.620
UBS AG/London             11.000    3/15/2021  EUR   70.530
Deutsche Bank AG           3.200   12/24/2019  EUR   74.050
Deutsche Bank AG           3.200    3/24/2020  EUR   70.900
Deutsche Bank AG           3.200    3/24/2020  EUR   67.590
Deutsche Bank AG           3.200   12/22/2020  EUR   69.330
Deutsche Bank AG           3.200   12/22/2020  EUR   66.380
Deutsche Bank AG           4.200    10/1/2020  EUR   68.400
Commerzbank AG            15.250   12/31/2019  EUR   74.730
Commerzbank AG            24.000    9/27/2019  EUR   73.580
Commerzbank AG            17.250    9/27/2019  EUR   60.690
HSBC Trinkaus & Burkhard   1.750    3/27/2020  EUR   73.890
HSBC Trinkaus & Burkhard   2.750    3/27/2020  EUR   69.540
Landesbank Hessen-Thueri   3.400    7/29/2020  EUR   73.400
Landesbank Hessen-Thueri   6.400    1/29/2020  EUR   69.200
Landesbank Baden-Wuertte   3.000    3/27/2020  EUR   74.910
Landesbank Baden-Wuertte   5.000    3/27/2020  EUR   70.200
Landesbank Baden-Wuertte   3.000    3/27/2020  EUR   61.890
Landesbank Baden-Wuertte   5.000    3/27/2020  EUR   58.190
Landesbank Baden-Wuertte   7.000    3/27/2020  EUR   55.110
Landesbank Baden-Wuertte   4.500    3/27/2020  EUR   72.190
Landesbank Baden-Wuertte   6.000    3/27/2020  EUR   69.730
Commerzbank AG            20.250    9/27/2019  EUR   73.500
Commerzbank AG            19.500    9/27/2019  EUR   67.300
Landesbank Baden-Wuertte   3.750    3/26/2021  EUR   71.520
Goldman Sachs & Co Wertp  23.000    9/25/2019  EUR   72.470
Goldman Sachs & Co Wertp  23.000   10/23/2019  EUR   72.050
Goldman Sachs & Co Wertp  24.000   12/27/2019  EUR   72.390
Goldman Sachs & Co Wertp  25.000    9/25/2019  EUR   71.500
Goldman Sachs & Co Wertp  25.000   11/20/2019  EUR   71.620
Goldman Sachs & Co Wertp   5.000    9/25/2019  EUR   73.330
Goldman Sachs & Co Wertp  18.000    9/25/2019  EUR   59.550
Goldman Sachs & Co Wertp  22.000    9/25/2019  EUR   57.420
Goldman Sachs & Co Wertp   5.000   10/23/2019  EUR   73.690
Goldman Sachs & Co Wertp   7.000   10/23/2019  EUR   70.190
Goldman Sachs & Co Wertp   9.000   10/23/2019  EUR   66.850
Goldman Sachs & Co Wertp  11.000   10/23/2019  EUR   64.030
Goldman Sachs & Co Wertp  20.000   10/23/2019  EUR   58.770
Goldman Sachs & Co Wertp  24.000   10/23/2019  EUR   57.120
Goldman Sachs & Co Wertp   5.000   11/20/2019  EUR   74.020
Goldman Sachs & Co Wertp   6.000   11/20/2019  EUR   70.480
Goldman Sachs & Co Wertp   8.000   11/20/2019  EUR   67.510
Goldman Sachs & Co Wertp  15.000   11/20/2019  EUR   61.650
Goldman Sachs & Co Wertp  18.000   11/20/2019  EUR   59.880
Goldman Sachs & Co Wertp  25.000   11/20/2019  EUR   57.100
Goldman Sachs & Co Wertp  14.000   12/27/2019  EUR   62.870
Goldman Sachs & Co Wertp  20.000   12/27/2019  EUR   60.110
Goldman Sachs & Co Wertp  23.000   12/27/2019  EUR   59.010
Zurcher Kantonalbank Fin  12.000    3/20/2020  CHF   62.320
Vontobel Financial Produ  11.000    4/22/2020  EUR   67.490
UBS AG/London             15.200    3/26/2020  EUR   64.870
UBS AG/London              5.500    9/24/2020  EUR   74.480
UBS AG/London              5.700    6/25/2020  EUR   74.190
Landesbank Baden-Wuertte   3.000   10/25/2019  EUR   61.980
Landesbank Baden-Wuertte   3.500   10/25/2019  EUR   68.130
Landesbank Baden-Wuertte   2.000   10/25/2019  EUR   47.610
Landesbank Baden-Wuertte   3.500   10/25/2019  EUR   43.900
Landesbank Baden-Wuertte   5.000   10/25/2019  EUR   41.860
Landesbank Baden-Wuertte   6.000   10/25/2019  EUR   65.120
Landesbank Baden-Wuertte   4.000   10/25/2019  EUR   71.040
Landesbank Baden-Wuertte   2.500   10/25/2019  EUR   73.650
Landesbank Baden-Wuertte   4.000   10/25/2019  EUR   69.710
Landesbank Baden-Wuertte   2.500   10/25/2019  EUR   62.420
Landesbank Baden-Wuertte   4.000   10/25/2019  EUR   59.400
Leonteq Securities AG/Gu  10.000    9/23/2019  CHF   59.880
Landesbank Baden-Wuertte   3.000    5/26/2023  EUR   73.880
Landesbank Hessen-Thueri   3.500   10/23/2020  EUR   69.200
DekaBank Deutsche Giroze   7.050    10/9/2020  EUR   45.340
DekaBank Deutsche Giroze   6.300    10/9/2020  EUR   55.530
DekaBank Deutsche Giroze   4.250    10/9/2020  EUR   52.010
Landesbank Hessen-Thueri   4.000    4/20/2022  EUR   58.040
UBS AG/London             12.500    9/23/2019  CHF   34.650
UBS AG/London             10.000    9/23/2019  EUR   42.700
Bayerische Landesbank      3.400   10/18/2019  EUR   63.150
Bank Julius Baer & Co Lt   9.250    9/30/2019  CHF   62.700
UBS AG/London             10.000    9/23/2019  USD   49.400
Credit Suisse AG/Nassau    8.250    10/3/2019  EUR   70.720
Credit Suisse AG/Nassau    7.250    10/3/2019  CHF   62.380
DekaBank Deutsche Giroze   2.500    4/17/2020  EUR   71.560
DekaBank Deutsche Giroze   2.750    4/16/2021  EUR   64.590
Vontobel Financial Produ   6.500    4/20/2020  EUR   68.130
Vontobel Financial Produ   5.000    4/20/2020  EUR   73.350
Natixis SA                 3.500    3/23/2020  USD   48.695
Raiffeisen Schweiz Genos   7.750    10/3/2019  CHF   37.230
Raiffeisen Schweiz Genos   7.500     4/3/2020  CHF   65.640
UniCredit Bank AG          4.850    10/9/2021  EUR   66.440
UniCredit Bank AG          4.650    4/16/2021  EUR   55.210
DekaBank Deutsche Giroze   3.900    4/25/2022  EUR   62.150
UniCredit Bank AG          5.600    4/16/2021  EUR   52.940
Landesbank Hessen-Thueri   2.000    3/29/2022  EUR   63.670
Banque Cantonale Vaudois   7.500    10/4/2019  CHF   67.280
DekaBank Deutsche Giroze   2.750    4/17/2020  EUR   60.830
DekaBank Deutsche Giroze   2.700    4/17/2020  EUR   51.000
DekaBank Deutsche Giroze   2.200    4/16/2021  EUR   58.220
Landesbank Baden-Wuertte   3.000    9/27/2019  EUR   64.050
Landesbank Baden-Wuertte   5.000    9/27/2019  EUR   55.090
Landesbank Baden-Wuertte   7.000    9/27/2019  EUR   50.500
Landesbank Baden-Wuertte   3.000    9/27/2019  EUR   21.720
Landesbank Baden-Wuertte   5.000    9/27/2019  EUR   19.690
Landesbank Baden-Wuertte   5.000    9/27/2019  EUR   49.770
Landesbank Baden-Wuertte   6.000    9/27/2019  EUR   45.380
Landesbank Baden-Wuertte   2.500    9/27/2019  EUR   60.000
Landesbank Baden-Wuertte   3.500    9/27/2019  EUR   56.940
Landesbank Baden-Wuertte   4.500    9/27/2019  EUR   54.130
Landesbank Baden-Wuertte   2.500    9/27/2019  EUR   60.400
Landesbank Baden-Wuertte   3.500    9/27/2019  EUR   56.210
Landesbank Baden-Wuertte   4.500    9/27/2019  EUR   53.960
Landesbank Baden-Wuertte   4.000    9/27/2019  EUR   70.800
Landesbank Baden-Wuertte   5.500    9/27/2019  EUR   66.380
Landesbank Baden-Wuertte   7.000    9/27/2019  EUR   63.520
Landesbank Baden-Wuertte   2.500    9/27/2019  EUR   71.240
Landesbank Baden-Wuertte   4.000    9/27/2019  EUR   64.270
Landesbank Baden-Wuertte   5.500    9/27/2019  EUR   58.610
Landesbank Baden-Wuertte   7.000    9/27/2019  EUR   53.860
Landesbank Baden-Wuertte   3.000    9/27/2019  EUR   66.520
Landesbank Baden-Wuertte   6.000    9/27/2019  EUR   73.170
Landesbank Baden-Wuertte   4.000    9/27/2019  EUR   70.910
Landesbank Baden-Wuertte   5.500    9/27/2019  EUR   65.670
Landesbank Baden-Wuertte   5.000    9/27/2019  EUR   69.950
Landesbank Baden-Wuertte   6.500    9/27/2019  EUR   63.760
Landesbank Baden-Wuertte   5.000    9/27/2019  EUR   73.950
Landesbank Baden-Wuertte   3.500    9/27/2019  EUR   62.900
Landesbank Baden-Wuertte   6.000    9/27/2019  EUR   56.850
Landesbank Baden-Wuertte   2.000    9/27/2019  EUR   61.090
Landesbank Baden-Wuertte   3.500    9/27/2019  EUR   57.920
Landesbank Baden-Wuertte   5.000    9/27/2019  EUR   52.280
Landesbank Baden-Wuertte   2.000    9/27/2019  EUR   72.270
Landesbank Baden-Wuertte   3.500    9/27/2019  EUR   65.580
Landesbank Baden-Wuertte   5.000    9/27/2019  EUR   61.120
Landesbank Baden-Wuertte   5.000    9/27/2019  EUR   73.490
Landesbank Baden-Wuertte   2.500    9/27/2019  EUR   68.620
Landesbank Baden-Wuertte   4.000    9/27/2019  EUR   61.960
Landesbank Baden-Wuertte   5.500    9/27/2019  EUR   56.410
Landesbank Baden-Wuertte   7.000    9/27/2019  EUR   51.890
Landesbank Baden-Wuertte   4.500    9/27/2019  EUR   70.840
Landesbank Baden-Wuertte   5.200    1/24/2020  EUR   57.080
Landesbank Baden-Wuertte   5.600    1/24/2020  EUR   40.530
Landesbank Baden-Wuertte   2.500    9/27/2019  EUR   70.080
Landesbank Baden-Wuertte   4.000    9/27/2019  EUR   64.210
Landesbank Baden-Wuertte   5.000    9/27/2019  EUR   58.090
Landesbank Baden-Wuertte   7.000    9/27/2019  EUR   53.600
Landesbank Baden-Wuertte   3.000    9/27/2019  EUR   55.130
Landesbank Baden-Wuertte   4.000    9/27/2019  EUR   52.330
Landesbank Baden-Wuertte   2.000    9/27/2019  EUR   60.940
Landesbank Baden-Wuertte   3.500    9/27/2019  EUR   56.300
Landesbank Baden-Wuertte   5.000    9/27/2019  EUR   52.340
UniCredit Bank AG         12.800   12/29/2020  EUR   38.620
UniCredit Bank AG          7.800   12/29/2020  EUR   40.950
UniCredit Bank AG          9.200   12/29/2020  EUR   39.930
Vontobel Financial Produ   9.460   10/24/2019  EUR   46.490
HSBC Trinkaus & Burkhard   6.000   12/30/2019  EUR   74.660
Landesbank Baden-Wuertte   5.800   11/22/2019  EUR   30.360
Landesbank Baden-Wuertte   5.850   11/22/2019  EUR   55.720
Vontobel Financial Produ  15.000    9/27/2019  EUR   64.000
Vontobel Financial Produ  12.500     1/3/2020  EUR   67.060
Commerzbank AG            19.750    9/27/2019  EUR   59.560
BNP Paribas Emissions- u   7.000   12/30/2019  EUR   73.630
BNP Paribas Emissions- u   8.000   12/30/2019  EUR   73.970
BNP Paribas Emissions- u   9.000   12/30/2019  EUR   74.290
Vontobel Financial Produ  11.500    9/27/2019  EUR   52.530
Vontobel Financial Produ   9.650   10/21/2019  CHF   70.360
Landesbank Hessen-Thueri   4.000   11/22/2019  EUR   78.100
Commerzbank AG             9.250    9/27/2019  EUR   71.210
Commerzbank AG            10.250    9/27/2019  EUR   67.530
Commerzbank AG            12.250    9/27/2019  EUR   64.870
DZ Bank AG Deutsche Zent   6.250   12/27/2019  EUR   41.000
DZ Bank AG Deutsche Zent  10.750    9/25/2019  EUR   64.390
DZ Bank AG Deutsche Zent   8.000   12/27/2019  EUR   69.850
Bank Julius Baer & Co Lt   5.700   10/23/2019  CHF   65.200
UBS AG/London              7.000     6/2/2020  CHF   58.350
UBS AG/London             11.000    12/2/2019  CHF   46.450
UBS AG/London              7.250    12/2/2019  CHF   58.400
UBS AG/London             11.000    12/2/2019  CHF   44.500
Leonteq Securities AG/Gu   8.000   12/27/2019  CHF   59.360
UniCredit Bank AG          3.850    6/28/2022  EUR   59.730
Natixis SA                 2.970     6/8/2021  USD   70.473
EFG International Financ   7.000    6/15/2020  CHF   66.160
Raiffeisen Centrobank AG   7.258    6/23/2020  EUR   67.800
UniCredit Bank AG          3.800    6/28/2022  EUR   57.340
UniCredit Bank AG          4.250    6/28/2022  EUR   68.500
Landesbank Baden-Wuertte   5.000    2/28/2020  EUR   44.300
Landesbank Baden-Wuertte   5.300    2/28/2020  EUR   49.600
Landesbank Hessen-Thueri   3.500     7/6/2022  EUR   53.010
Leonteq Securities AG     12.000    9/11/2019  CHF   27.440
BNP Paribas Issuance BV    5.800     6/1/2020  EUR   64.050
BNP Paribas Issuance BV    6.400     6/1/2020  EUR   48.000
BNP Paribas Issuance BV    6.200     6/1/2020  EUR   69.400
DekaBank Deutsche Giroze   3.000    6/26/2020  EUR   61.490
Leonteq Securities AG     10.000     9/4/2019  CHF   45.300
Bayerische Landesbank      2.500    7/10/2020  EUR   67.030
Leonteq Securities AG     16.000    9/11/2019  CHF   55.010
Landesbank Hessen-Thueri   2.000    6/13/2022  EUR   70.820
BNP Paribas Emissions- u  12.000    9/26/2019  EUR   55.460
BNP Paribas Emissions- u  19.000    9/26/2019  EUR   47.650
BNP Paribas Emissions- u  13.000   12/30/2019  EUR   64.360
BNP Paribas Emissions- u  15.000   12/30/2019  EUR   59.680
BNP Paribas Emissions- u  10.000    9/26/2019  EUR   72.290
BNP Paribas Emissions- u  11.000    9/26/2019  EUR   70.500
BNP Paribas Emissions- u   8.000   12/30/2019  EUR   69.320
BNP Paribas Emissions- u  17.000    9/26/2019  EUR   54.280
BNP Paribas Emissions- u  12.000    9/26/2019  EUR   48.600
BNP Paribas Emissions- u  12.000   12/30/2019  EUR   61.730
BNP Paribas Emissions- u  20.000    9/26/2019  EUR   65.260
BNP Paribas Emissions- u   6.500    9/26/2019  EUR   69.480
BNP Paribas Emissions- u  13.000    9/26/2019  EUR   70.010
BNP Paribas Emissions- u   6.000    9/26/2019  EUR   60.050
BNP Paribas Emissions- u  18.000    9/26/2019  EUR   72.910
BNP Paribas Emissions- u   7.500    9/26/2019  EUR   70.100
BNP Paribas Emissions- u  17.000    9/26/2019  EUR   70.820
BNP Paribas Emissions- u   6.500    9/26/2019  EUR   64.700
Commerzbank AG             4.750    9/27/2019  EUR   71.350
BNP Paribas Issuance BV    5.000    11/7/2023  SEK   67.850
UniCredit Bank AG         14.000   12/29/2020  EUR   38.750
UniCredit Bank AG          8.600     1/3/2020  EUR   33.920
UniCredit Bank AG          8.600    9/27/2019  EUR   31.600
UBS AG/London             10.000    4/24/2020  USD   49.860
UBS AG/London              9.000    4/24/2020  EUR   50.900
UBS AG/London             10.000    4/17/2020  EUR   63.300
DekaBank Deutsche Giroze   3.200   12/13/2019  EUR   39.680
Leonteq Securities AG/Gu   8.000   12/27/2019  CHF   60.520
Zurcher Kantonalbank Fin   7.000   10/16/2019  CHF   57.450
DZ Bank AG Deutsche Zent   7.500   12/23/2019  EUR   66.260
DZ Bank AG Deutsche Zent   6.250   12/23/2019  EUR   68.900
DZ Bank AG Deutsche Zent   8.250   12/23/2019  EUR   70.750
DZ Bank AG Deutsche Zent   6.500   12/23/2019  EUR   70.190
Zurcher Kantonalbank Fin   6.750   10/30/2019  USD   47.830
Commerzbank AG            11.000    9/27/2019  EUR   59.220
DZ Bank AG Deutsche Zent  10.500   12/27/2019  EUR   66.880
BNP Paribas Emissions- u   6.000    9/26/2019  EUR   46.610
BNP Paribas Emissions- u  13.000   12/30/2019  EUR   54.520
BNP Paribas Emissions- u   8.000   12/30/2019  EUR   50.830
BNP Paribas Emissions- u   6.000   12/30/2019  EUR   48.310
BNP Paribas Emissions- u  19.000   12/30/2019  EUR   52.730
BNP Paribas Emissions- u   5.500   12/30/2019  EUR   71.020
BNP Paribas Emissions- u   9.500   12/30/2019  EUR   72.380
BNP Paribas Emissions- u  18.000   12/30/2019  EUR   72.680
BNP Paribas Emissions- u   7.500   12/30/2019  EUR   66.650
BNP Paribas Emissions- u  15.000   12/30/2019  EUR   69.190
BNP Paribas Emissions- u   8.500    9/26/2019  EUR   53.620
BNP Paribas Emissions- u   8.500   12/30/2019  EUR   54.430
BNP Paribas Emissions- u  17.000   12/30/2019  EUR   57.310
BNP Paribas Emissions- u   8.500    9/26/2019  EUR   59.350
BNP Paribas Emissions- u   7.000   12/30/2019  EUR   66.150
BNP Paribas Emissions- u  16.000   12/30/2019  EUR   69.160
BNP Paribas Emissions- u   6.500   12/30/2019  EUR   60.950
BNP Paribas Emissions- u  13.000   12/30/2019  EUR   63.150
BNP Paribas Emissions- u   9.000    9/26/2019  EUR   65.390
BNP Paribas Emissions- u  16.000    9/26/2019  EUR   65.910
UBS AG/London             12.300    3/26/2020  EUR   67.250
UBS AG/London              5.800    3/26/2020  EUR   73.470
UBS AG/London              5.700    9/24/2020  EUR   70.360
UBS AG/London              3.800    3/26/2020  EUR   77.810
Bank Julius Baer & Co Lt   6.900    1/22/2020  CHF   66.500
Commerzbank AG            13.000   12/31/2019  EUR   68.540
Vontobel Financial Produ   9.000     1/3/2020  EUR   42.560
Vontobel Financial Produ  10.500     1/3/2020  EUR   41.030
Vontobel Financial Produ  11.000    3/27/2020  EUR   41.640
Vontobel Financial Produ   9.500    3/27/2020  EUR   42.500
Vontobel Financial Produ  12.500     1/3/2020  EUR   39.870
BNP Paribas Emissions- u   6.500   12/30/2019  EUR   39.680
DekaBank Deutsche Giroze   6.250    1/31/2020  EUR   74.200
HSBC Trinkaus & Burkhard   5.000    2/10/2020  EUR   45.760
Commerzbank AG            10.500   10/25/2019  EUR   67.570
HSBC Trinkaus & Burkhard   5.800    3/27/2020  EUR   72.830
HSBC Trinkaus & Burkhard   7.300   12/27/2019  EUR   63.550
HSBC Trinkaus & Burkhard  13.000    9/27/2019  EUR   38.850
HSBC Trinkaus & Burkhard   5.000   12/27/2019  EUR   48.220
HSBC Trinkaus & Burkhard  11.500    3/27/2020  EUR   42.280
HSBC Trinkaus & Burkhard   5.300    3/27/2020  EUR   73.240
HSBC Trinkaus & Burkhard   6.200   11/22/2019  EUR   71.930
HSBC Trinkaus & Burkhard   6.200    2/28/2020  EUR   71.550
HSBC Trinkaus & Burkhard   8.500   12/27/2019  EUR   68.250
HSBC Trinkaus & Burkhard  10.300    3/27/2020  EUR   66.060
HSBC Trinkaus & Burkhard   5.000    3/27/2020  EUR   49.080
HSBC Trinkaus & Burkhard   9.400    2/28/2020  EUR   43.390
HSBC Trinkaus & Burkhard   8.100    3/27/2020  EUR   72.270
HSBC Trinkaus & Burkhard   7.500   10/25/2019  EUR   72.780
HSBC Trinkaus & Burkhard   9.000    9/27/2019  EUR   67.300
Vontobel Financial Produ   9.750   12/31/2019  EUR   72.550
Bank Julius Baer & Co Lt   9.300   11/28/2019  EUR   60.400
UBS AG/London              9.000   11/28/2019  CHF   63.500
Leonteq Securities AG/Gu   6.600    8/18/2020  CHF   58.880
Commerzbank AG            13.250   11/22/2019  EUR   54.500
Commerzbank AG             8.750    9/27/2019  EUR   60.230
Commerzbank AG            16.000   10/25/2019  EUR   51.120
Vontobel Financial Produ  15.000    9/27/2019  EUR   72.490
Leonteq Securities AG/Gu  10.200     6/3/2020  USD   58.500
Commerzbank AG            13.750   11/22/2019  EUR   72.000
Bayerische Landesbank      2.700    9/18/2020  EUR   57.390
EFG International Financ   5.800    8/31/2020  EUR   68.320
DekaBank Deutsche Giroze   4.400    2/21/2020  EUR   65.630
DekaBank Deutsche Giroze   2.000    9/18/2020  EUR   51.060
UniCredit Bank AG          4.300    8/24/2021  EUR   68.120
DZ Bank AG Deutsche Zent  13.000    9/25/2019  EUR   49.630
DZ Bank AG Deutsche Zent   8.250   12/27/2019  EUR   61.770
DZ Bank AG Deutsche Zent  11.000   12/27/2019  EUR   67.510
Vontobel Financial Produ  15.000    9/27/2019  EUR   62.430
Vontobel Financial Produ  10.500     1/3/2020  EUR   68.580
Vontobel Financial Produ  15.500     1/3/2020  EUR   62.840
Commerzbank AG            10.000   12/31/2019  EUR   71.810
Commerzbank AG            14.250   12/31/2019  EUR   61.620
BNP Paribas Emissions- u   8.000    3/26/2020  EUR   70.330
BNP Paribas Emissions- u   8.000   12/30/2019  EUR   68.590
Goldman Sachs & Co Wertp  14.000    9/25/2019  EUR   71.880
Goldman Sachs & Co Wertp  13.000   10/23/2019  EUR   73.000
Commerzbank AG             8.250   12/31/2019  EUR   71.290
Commerzbank AG             8.000    3/27/2020  EUR   71.580
Commerzbank AG            12.000    3/27/2020  EUR   68.060
Commerzbank AG            16.000   12/31/2019  EUR   57.870
Goldman Sachs & Co Wertp  12.000   11/20/2019  EUR   73.710
Goldman Sachs & Co Wertp  20.000   11/20/2019  EUR   68.520
Goldman Sachs & Co Wertp  24.000   11/20/2019  EUR   66.490
Goldman Sachs & Co Wertp  14.000   12/27/2019  EUR   72.000
Goldman Sachs & Co Wertp  18.000   12/27/2019  EUR   70.090
Goldman Sachs & Co Wertp  25.000   12/27/2019  EUR   66.560
Goldman Sachs & Co Wertp  13.000    1/22/2020  EUR   72.580
Goldman Sachs & Co Wertp  20.000    1/22/2020  EUR   69.040
Goldman Sachs & Co Wertp  23.000    1/22/2020  EUR   67.570
Goldman Sachs & Co Wertp  15.000    2/26/2020  EUR   71.350
Goldman Sachs & Co Wertp  18.000    2/26/2020  EUR   69.910
Goldman Sachs & Co Wertp  24.000    2/26/2020  EUR   67.770
Goldman Sachs & Co Wertp  14.000    3/25/2020  EUR   71.850
Goldman Sachs & Co Wertp  19.000    4/22/2020  EUR   70.790
Goldman Sachs & Co Wertp  20.000    6/24/2020  EUR   70.290
Goldman Sachs & Co Wertp  17.000    9/23/2020  EUR   71.990
Goldman Sachs & Co Wertp  15.000   12/23/2020  EUR   73.490
Vontobel Financial Produ   7.000    6/19/2020  USD   64.158
Commerzbank AG             5.000    1/22/2020  EUR   71.930
UniCredit Bank AG          3.500    10/8/2022  EUR   66.820
Vontobel Financial Produ   7.000    3/13/2020  EUR   69.640
Vontobel Financial Produ  18.500   12/13/2019  EUR   59.760
Vontobel Financial Produ   6.500    9/13/2019  EUR   71.380
Vontobel Financial Produ   7.000   12/13/2019  EUR   72.830
UniCredit Bank AG          3.450    9/26/2021  EUR   69.000
Landesbank Baden-Wuertte   4.000    2/28/2020  EUR   70.160
Leonteq Securities AG/Gu   9.200    9/11/2019  CHF   49.320
Leonteq Securities AG/Gu   5.200    9/11/2019  CHF   63.970
DekaBank Deutsche Giroze   3.650    3/27/2020  EUR   64.370
Deutsche Bank AG           3.200   12/24/2019  EUR   70.310
Deutsche Bank AG           3.200   12/24/2019  EUR   66.900
Deutsche Bank AG           3.200    6/23/2020  EUR   71.600
Deutsche Bank AG           3.200    6/23/2020  EUR   68.230
Deutsche Bank AG           3.200    6/23/2020  EUR   65.100
Deutsche Bank AG           3.200    9/22/2020  EUR   72.040
Deutsche Bank AG           3.200    9/22/2020  EUR   68.790
Deutsche Bank AG           3.200    9/22/2020  EUR   65.740
Deutsche Bank AG           4.200   12/22/2020  EUR   68.200
Deutsche Bank AG           3.200   12/22/2020  EUR   72.480
Deutsche Bank AG           4.200    6/23/2020  EUR   68.800
Leonteq Securities AG/Gu   6.000    8/18/2020  CHF   66.960
Commerzbank AG            11.250   11/22/2019  EUR   57.020
Commerzbank AG            10.750    9/27/2019  EUR   56.920
Commerzbank AG            16.750    9/27/2019  EUR   50.000
Commerzbank AG             7.250   11/22/2019  EUR   64.060
Vonetize Plc               6.000     8/1/2022  ILS
UniCredit Bank AG          5.250    9/19/2020  EUR   55.500
Zurcher Kantonalbank Fin   6.250    8/24/2020  CHF   62.930
Vontobel Financial Produ  10.500   12/31/2019  EUR   72.650
Commerzbank AG            15.250    9/27/2019  EUR   62.110
Leonteq Securities AG/Gu   7.400    8/28/2019  CHF   65.220
Leonteq Securities AG/Gu   5.000    8/25/2020  CHF   65.000
Citigroup Global Markets  13.200   12/18/2023  SEK   66.700
HSBC Trinkaus & Burkhard  11.530   11/28/2019  EUR   65.320
Vontobel Financial Produ   9.000    9/27/2019  EUR   70.550
Vontobel Financial Produ  12.000    9/27/2019  EUR   66.230
Vontobel Financial Produ   8.500     1/3/2020  EUR   72.330
Vontobel Financial Produ  16.500    9/27/2019  EUR   71.420
DZ Bank AG Deutsche Zent   5.750   12/27/2019  EUR   70.360
DZ Bank AG Deutsche Zent  11.000   12/27/2019  EUR   63.030
Commerzbank AG             4.250    9/27/2019  EUR   73.060
Commerzbank AG            12.500   10/25/2019  EUR   66.720
Commerzbank AG            14.500   10/25/2019  EUR   64.000
Commerzbank AG            15.250    9/27/2019  EUR   63.060
Commerzbank AG            10.500    9/27/2019  EUR   72.330
Commerzbank AG            12.500    9/27/2019  EUR   69.500
Commerzbank AG            14.500    9/27/2019  EUR   67.030
Commerzbank AG             9.750   10/25/2019  EUR   73.750
Commerzbank AG            11.750   10/25/2019  EUR   70.690
Commerzbank AG            13.750   10/25/2019  EUR   68.160
Vontobel Financial Produ  17.650   12/17/2019  EUR   71.020
Vontobel Financial Produ   7.000     1/6/2020  EUR   70.080
Vontobel Financial Produ  11.500    6/12/2020  EUR   71.550
Vontobel Financial Produ  14.500    3/13/2020  EUR   70.530
Commerzbank AG            12.000   12/31/2019  EUR   70.030
BNP Paribas Emissions- u   9.000    6/25/2020  EUR   70.440
Vontobel Financial Produ  10.500     4/3/2020  EUR   72.600
Goldman Sachs & Co Wertp  24.000    9/25/2019  EUR   65.750
Goldman Sachs & Co Wertp  17.000   10/23/2019  EUR   69.990
Goldman Sachs & Co Wertp  22.000   10/23/2019  EUR   67.300
EFG International Financ   7.400    3/29/2021  EUR   59.860
Zurcher Kantonalbank Fin   7.150    3/19/2020  CHF   27.780
Raiffeisen Schweiz Genos   7.000    9/23/2020  EUR   54.820
Raiffeisen Schweiz Genos   5.250    9/23/2019  CHF   72.360
Raiffeisen Schweiz Genos  10.000    9/23/2019  CHF   35.720
Landesbank Baden-Wuertte   4.100    6/25/2021  EUR   67.840
Societe Generale Effekte   6.100     4/3/2023  EUR   63.490
Goldman Sachs & Co Wertp  20.000    3/25/2020  EUR   69.740
Goldman Sachs & Co Wertp  22.000    3/25/2020  EUR   68.440
Goldman Sachs & Co Wertp  14.000    4/22/2020  EUR   73.060
Goldman Sachs & Co Wertp  21.000    4/22/2020  EUR   69.650
Goldman Sachs & Co Wertp  14.000    6/24/2020  EUR   72.950
Goldman Sachs & Co Wertp  14.000    9/23/2020  EUR   73.560
Vontobel Financial Produ  16.000    6/12/2020  EUR   69.760
Vontobel Financial Produ  17.000    3/13/2020  EUR   69.080
Landesbank Baden-Wuertte   5.500    9/25/2020  EUR   73.140
Landesbank Baden-Wuertte   3.000    9/25/2020  EUR   68.430
Landesbank Baden-Wuertte   5.000    9/25/2020  EUR   64.500
Landesbank Baden-Wuertte   7.000    9/25/2020  EUR   61.980
Commerzbank AG            14.000   12/31/2019  EUR   68.530
BNP Paribas Emissions- u   6.000    6/25/2020  EUR   73.290
BNP Paribas Emissions- u   9.000   12/30/2019  EUR   68.930
Vontobel Financial Produ  11.500    3/27/2020  EUR   72.220
Goldman Sachs & Co Wertp  19.000    9/25/2019  EUR   68.630
Commerzbank AG            13.750   11/22/2019  EUR   65.490
Landesbank Baden-Wuertte   5.000    9/27/2019  EUR   65.560
Vontobel Financial Produ   6.950   12/13/2019  EUR   52.910
UniCredit Bank AG          4.600    10/8/2022  EUR   61.680
Vontobel Financial Produ   5.000   12/13/2019  EUR   73.460
UBS AG/London              6.000    8/30/2019  CHF   11.040
Vontobel Financial Produ   8.000   12/13/2019  EUR   72.190
Vontobel Financial Produ  16.000    3/13/2020  EUR   71.310
UniCredit Bank AG          5.000    9/26/2021  EUR   37.770
Landesbank Baden-Wuertte   2.650    2/28/2020  EUR   74.080
Leonteq Securities AG/Gu   5.000     9/8/2020  CHF   38.410
Leonteq Securities AG/Gu   9.000    9/11/2019  EUR   62.180
HSBC Trinkaus & Burkhard   2.250    4/22/2020  EUR   60.100
HSBC Trinkaus & Burkhard   2.000    4/22/2020  EUR   72.960
HSBC Trinkaus & Burkhard   1.750    4/22/2020  EUR   73.290
Bank Julius Baer & Co Lt   5.700   10/23/2019  CHF   52.750
Bank Julius Baer & Co Lt   5.700   10/23/2019  CHF   69.500
BNP Paribas Emissions- u   5.500    9/26/2019  EUR   69.440
BNP Paribas Emissions- u   9.500    9/26/2019  EUR   69.750
BNP Paribas Emissions- u  10.000    9/26/2019  EUR   60.750
BNP Paribas Emissions- u  13.000    9/26/2019  EUR   51.000
BNP Paribas Emissions- u   8.000    9/26/2019  EUR   48.610
BNP Paribas Emissions- u  10.000   12/30/2019  EUR   71.800
BNP Paribas Emissions- u  19.000    9/26/2019  EUR   70.480
BNP Paribas Emissions- u   7.500   12/30/2019  EUR   71.830
BNP Paribas Emissions- u   7.000    9/26/2019  EUR   48.210
BNP Paribas Emissions- u   6.000   12/30/2019  EUR   59.690
BNP Paribas Emissions- u  20.000   12/30/2019  EUR   64.440
BNP Paribas Emissions- u   7.000   12/30/2019  EUR   48.910
BNP Paribas Emissions- u  12.000   12/30/2019  EUR   50.620
BNP Paribas Emissions- u  19.000    9/26/2019  EUR   71.100
BNP Paribas Emissions- u  12.000    9/26/2019  EUR   64.640
BNP Paribas Emissions- u   9.500   12/30/2019  EUR   72.830
BNP Paribas Emissions- u   5.000    9/26/2019  EUR   65.080
BNP Paribas Emissions- u  12.000    9/26/2019  EUR   60.520
BNP Paribas Emissions- u  20.000    9/26/2019  EUR   61.140
BNP Paribas Emissions- u   7.000    9/26/2019  EUR   67.290
BNP Paribas Emissions- u  16.000    9/26/2019  EUR   67.990
BNP Paribas Emissions- u  11.000    9/26/2019  EUR   65.050
BNP Paribas Emissions- u  29.000    9/26/2019  EUR   73.360
BNP Paribas Emissions- u  14.000    3/26/2020  EUR   72.380
DZ Bank AG Deutsche Zent   6.500   12/27/2019  EUR   71.330
DZ Bank AG Deutsche Zent   8.750   12/27/2019  EUR   70.490
Commerzbank AG             6.250    9/27/2019  EUR   68.600
Commerzbank AG             9.250   11/22/2019  EUR   63.500
Commerzbank AG            11.250   11/22/2019  EUR   60.580
Commerzbank AG            13.250   11/22/2019  EUR   58.130
Commerzbank AG            14.250   10/25/2019  EUR   69.200
Commerzbank AG             6.250   11/22/2019  EUR   68.720
Commerzbank AG             8.250   11/22/2019  EUR   63.790
Commerzbank AG            13.250    9/27/2019  EUR   65.880
Commerzbank AG            14.250   11/22/2019  EUR   55.210
Commerzbank AG            17.750    9/27/2019  EUR   68.670
Commerzbank AG             7.750   12/31/2019  EUR   66.670
Vontobel Financial Produ   7.250    9/13/2019  EUR   51.580
Commerzbank AG             2.100    8/28/2020  EUR   59.430
UBS AG/London             10.000    12/5/2019  EUR   64.550
Societe Generale Effekte   7.027   12/20/2019  EUR   72.500
Landesbank Baden-Wuertte   3.500    9/27/2019  EUR   70.870
Vontobel Financial Produ   5.500   12/13/2019  EUR   52.480
Vontobel Financial Produ  10.500   12/13/2019  EUR   68.070
Vontobel Financial Produ  16.000    3/13/2020  EUR   62.860
Commerzbank AG             9.500   10/25/2019  EUR   68.780
Commerzbank AG             5.250   11/22/2019  EUR   72.650
EFG International Financ   7.400    9/13/2019  USD   36.490
UBS AG/London              6.900    3/26/2020  EUR   71.350
Leonteq Securities AG/Gu   3.000    9/20/2022  CHF   69.650
UBS AG/London             10.000    12/5/2019  USD   63.300
Commerzbank AG            11.750   11/22/2019  EUR   68.190
Societe Generale Effekte  29.411   12/20/2019  EUR   61.250
Landesbank Baden-Wuertte   4.250    2/28/2020  EUR   58.090
Landesbank Baden-Wuertte   2.550    2/28/2020  EUR   73.720
Landesbank Hessen-Thueri   3.000    10/9/2019  EUR   70.300
Leonteq Securities AG/Gu   6.200    3/11/2020  CHF   66.840
Vontobel Financial Produ  14.000     1/3/2020  EUR   60.160
Vontobel Financial Produ  18.000     1/3/2020  EUR   71.220
Vontobel Financial Produ  11.500     1/3/2020  EUR   65.920
DZ Bank AG Deutsche Zent  10.000    3/25/2020  EUR   72.240
DZ Bank AG Deutsche Zent  11.000    9/25/2019  EUR   64.260
Commerzbank AG            13.750   10/25/2019  EUR   57.260
DZ Bank AG Deutsche Zent   7.000   12/27/2019  EUR   62.180
Commerzbank AG            10.500   10/25/2019  EUR   70.120
Commerzbank AG             9.750   11/22/2019  EUR   71.510
DekaBank Deutsche Giroze   2.700    9/18/2020  EUR   66.290
DekaBank Deutsche Giroze   2.300    9/20/2019  EUR   74.360
DekaBank Deutsche Giroze   2.000    9/18/2020  EUR   71.300
Vontobel Financial Produ   5.650   12/13/2019  EUR   69.090
Vontobel Financial Produ  10.250    9/13/2019  EUR   51.820
Bank Julius Baer & Co Lt  10.800    6/12/2020  CHF   68.050
UBS AG/London             10.000    12/5/2019  EUR   64.600
UBS AG/London              6.600    6/25/2020  EUR   70.380
UBS AG/London              8.500    3/26/2020  EUR   71.460
UBS AG/London             10.400    3/26/2020  EUR   68.400
UBS AG/London              5.900   12/28/2020  EUR   72.150
Bayerische Landesbank      2.700   11/26/2021  EUR   69.410
Leonteq Securities AG     13.750    11/7/2019  CHF   48.400
Leonteq Securities AG     16.000    11/4/2019  USD   50.010
Bayerische Landesbank      2.500   11/12/2021  EUR   70.100
Raiffeisen Schweiz Genos   6.750     5/4/2020  CHF   71.760
Raiffeisen Schweiz Genos   5.500     5/4/2020  CHF   60.510
Raiffeisen Schweiz Genos   5.300     5/4/2020  EUR   66.170
Raiffeisen Schweiz Genos   4.700    11/4/2020  CHF   60.960
Bank Julius Baer & Co Lt   8.500   10/28/2019  EUR   55.200
Raiffeisen Switzerland B   7.800    4/27/2020  EUR   72.160
UniCredit Bank AG          3.700    5/18/2022  CHF   63.240
Landesbank Baden-Wuertte   2.750    7/23/2021  EUR   71.050
Landesbank Baden-Wuertte   3.700    7/23/2021  EUR   66.550
DekaBank Deutsche Giroze   2.500    5/28/2021  EUR   66.870
Vontobel Financial Produ   3.250   10/25/2019  EUR   58.980
Vontobel Financial Produ   6.100   10/25/2019  EUR   56.510
Bayerische Landesbank      2.300   11/26/2021  EUR   73.730
UBS AG/London             10.500    4/20/2020  EUR   50.800
UBS AG/London              6.250    4/20/2020  CHF   61.150
UBS AG/London              6.500   11/11/2019  CHF   68.200
UBS AG/London              6.000   11/11/2019  CHF   57.750
UBS AG/London              6.000   11/11/2019  EUR   63.300
UBS AG/London              6.250   11/11/2019  EUR   56.250
UBS AG/London              6.000   11/11/2019  CHF   69.250
Vontobel Financial Produ   4.400    12/2/2019  EUR   50.890
UniCredit Bank AG          5.400     6/4/2021  EUR   51.100
Corner Banca SA            8.000    5/25/2021  CHF   65.410
UniCredit Bank AG          5.000    6/11/2021  EUR   52.680
UniCredit Bank AG          4.650     6/4/2022  EUR   72.140
Citigroup Global Markets   7.200    5/24/2023  SEK   32.500
Citigroup Global Markets   7.000    5/17/2023  SEK   57.790
Raiffeisen Schweiz Genos   5.750    5/18/2020  CHF   59.060
Raiffeisen Schweiz Genos   8.000   11/22/2019  EUR   46.380
Raiffeisen Schweiz Genos   6.500    5/18/2020  CHF   27.070
Raiffeisen Schweiz Genos   5.300   11/23/2020  CHF   60.460
Bank Julius Baer & Co Lt  10.500   11/12/2019  USD   63.100
Bank Julius Baer & Co Lt   6.000    5/11/2020  CHF   63.900
Landesbank Hessen-Thueri   4.000    6/22/2022  EUR   54.390
HSBC Trinkaus & Burkhard   4.680   11/22/2019  EUR   42.730
Natixis SA                 3.150     6/9/2021  USD   50.327
Landesbank Baden-Wuertte   4.500    2/28/2020  EUR   67.470
Raiffeisen Schweiz Genos   5.800   12/11/2019  CHF   70.330
Raiffeisen Schweiz Genos   4.800    12/8/2020  CHF   50.570
Leonteq Securities AG      5.200    6/11/2020  CHF   58.370
Leonteq Securities AG      9.000    9/11/2019  CHF   56.930
Leonteq Securities AG      8.400    9/11/2019  CHF   67.360
Leonteq Securities AG     10.000    9/11/2019  EUR   67.500
Bank Julius Baer & Co Lt   8.000     9/2/2019  CHF   56.250
BNP Paribas Issuance BV    7.000     6/1/2020  EUR   72.500
BNP Paribas Issuance BV    6.600     6/1/2020  EUR   71.350
BNP Paribas Issuance BV    5.800     6/1/2020  EUR   69.900
BNP Paribas Issuance BV    6.800     6/1/2020  EUR   75.200
DekaBank Deutsche Giroze   2.000    6/25/2021  EUR   50.220
Leonteq Securities AG     14.800     9/4/2019  CHF   35.570
Credit Suisse AG/London    7.000     9/9/2019  CHF   54.420
Credit Suisse AG/Nassau    8.000    9/12/2019  EUR   66.560
UniCredit Bank AG          5.600     7/2/2021  EUR   58.540
UniCredit Bank AG          3.700    6/25/2022  EUR   73.450
Landesbank Baden-Wuertte   2.500    8/25/2023  EUR   68.640
Credit Suisse AG/Nassau    8.000    9/13/2019  CHF   73.170
Credit Suisse AG/Nassau    8.000    9/13/2019  EUR   60.420
DZ Bank AG Deutsche Zent   5.250    9/25/2019  EUR   53.600
DZ Bank AG Deutsche Zent   5.000    9/25/2019  EUR   66.940
DZ Bank AG Deutsche Zent   5.250    9/25/2019  EUR   70.920
Societe Generale SA       11.000    6/18/2020  USD   50.125
Landesbank Hessen-Thueri   7.600     7/6/2023  EUR   66.550
Leonteq Securities AG/Gu   2.500     6/5/2024  EUR   60.780
UBS AG/London              8.000     9/6/2019  CHF   65.450
UBS AG/London              5.250    12/6/2019  CHF   59.900
UBS AG/London              5.000   11/22/2019  EUR   58.000
UBS AG/London              6.750    12/6/2019  EUR   56.850
UBS AG/London              5.750   11/23/2020  CHF   63.100
UBS AG/London              8.000     6/8/2020  CHF   64.150
UBS AG/London              6.500    12/7/2020  EUR   57.400
UBS AG/London              7.250     6/8/2020  USD   68.890
Credit Suisse AG/Nassau    7.250    9/16/2019  CHF   54.260
Bank Julius Baer & Co Lt   6.950    9/13/2019  EUR   60.100
Credit Suisse AG/London    7.500    9/13/2019  CHF   71.300
Natixis SA                 2.100     6/8/2021  EUR   50.885
Leonteq Securities AG     10.600    9/18/2019  CHF   56.730
Leonteq Securities AG     10.200    9/18/2019  CHF   27.450
Leonteq Securities AG     10.000    9/18/2019  EUR   44.220
Leonteq Securities AG/Gu  10.280    6/11/2020  CHF   66.120
Leonteq Securities AG/Gu   7.000    6/15/2020  CHF   61.320
UBS AG/London              3.500    9/26/2019  EUR   68.470
UBS AG/London              7.000    9/26/2019  EUR   57.370
UBS AG/London              5.400     1/2/2020  EUR   51.150
UBS AG/London              3.200    9/26/2019  EUR   69.620
UBS AG/London              5.400    9/26/2019  EUR   59.740
UBS AG/London              6.900    9/26/2019  EUR   47.100
UBS AG/London              6.900    9/26/2019  EUR   58.160
UBS AG/London              5.400    9/26/2019  EUR   49.060
UBS AG/London              4.200     1/2/2020  EUR   71.520
UBS AG/London              4.100    9/26/2019  EUR   66.320
UBS AG/London              3.800    9/26/2019  EUR   52.460
UBS AG/London              3.800    9/26/2019  EUR   72.220
UBS AG/London              4.500    9/26/2019  EUR   71.750
UBS AG/London              4.700    9/26/2019  EUR   64.150
HSBC Trinkaus & Burkhard   4.200    9/27/2019  EUR   73.180
HSBC Trinkaus & Burkhard   4.200   10/25/2019  EUR   73.990
HSBC Trinkaus & Burkhard   3.900   10/25/2019  EUR   51.190
HSBC Trinkaus & Burkhard   5.200   10/25/2019  EUR   68.780
HSBC Trinkaus & Burkhard   3.900   10/25/2019  EUR   66.040
HSBC Trinkaus & Burkhard   5.100   10/25/2019  EUR   67.690
HSBC Trinkaus & Burkhard   2.300    9/27/2019  EUR   57.510
HSBC Trinkaus & Burkhard   4.300   10/25/2019  EUR   52.250
HSBC Trinkaus & Burkhard   2.300   10/25/2019  EUR   57.630
HSBC Trinkaus & Burkhard   5.200    9/27/2019  EUR   67.310
HSBC Trinkaus & Burkhard   5.200   10/25/2019  EUR   20.890
HSBC Trinkaus & Burkhard   3.600   10/25/2019  EUR   70.270
HSBC Trinkaus & Burkhard   7.100   10/25/2019  EUR   62.480
HSBC Trinkaus & Burkhard   3.600    9/27/2019  EUR   56.650
Leonteq Securities AG/Gu   5.000    8/17/2020  CHF   65.690
UBS AG/London              2.600    9/26/2019  EUR   64.870
UBS AG/London              4.000     1/2/2020  EUR   60.820
Credit Suisse AG/Nassau    8.000   11/18/2019  CHF   66.610
Societe Generale Effekte  14.115    9/20/2019  EUR   71.460
Leonteq Securities AG      6.000    8/17/2021  CHF   63.050
Leonteq Securities AG      5.000    2/17/2021  CHF   49.760
Leonteq Securities AG/Gu  16.000   11/20/2019  USD   65.750
UBS AG/London             10.000    8/10/2020  USD   58.660
UBS AG/London             10.000    8/10/2020  CHF   59.150
Raiffeisen Schweiz Genos   5.300    8/17/2020  CHF   72.850
HSBC Trinkaus & Burkhard   5.500    8/14/2020  EUR   64.370
DZ Bank AG Deutsche Zent   6.750   12/27/2019  EUR   50.500
DZ Bank AG Deutsche Zent   6.500   12/27/2019  EUR   70.450
DZ Bank AG Deutsche Zent   8.750   12/27/2019  EUR   60.570
DZ Bank AG Deutsche Zent   5.750   12/27/2019  EUR   69.290
DZ Bank AG Deutsche Zent   9.000   12/27/2019  EUR   24.370
Landesbank Hessen-Thueri   4.000    9/14/2022  EUR   72.480
DZ Bank AG Deutsche Zent   6.250   12/23/2019  EUR   57.810
DZ Bank AG Deutsche Zent   7.000    9/23/2019  EUR   54.290
DZ Bank AG Deutsche Zent   4.800   12/23/2019  EUR   55.320
DZ Bank AG Deutsche Zent   6.000   12/23/2019  EUR   55.710
DZ Bank AG Deutsche Zent   5.000   12/23/2019  EUR   62.930
DZ Bank AG Deutsche Zent   6.000   12/23/2019  EUR   70.750
DZ Bank AG Deutsche Zent   7.700   12/23/2019  EUR   65.570
DZ Bank AG Deutsche Zent   4.750    9/23/2019  EUR   69.190
DZ Bank AG Deutsche Zent   8.500    9/23/2019  EUR   63.730
DZ Bank AG Deutsche Zent   6.250    9/23/2019  EUR   61.410
DZ Bank AG Deutsche Zent   6.750    9/23/2019  EUR   67.820
DZ Bank AG Deutsche Zent   4.500   12/23/2019  EUR   65.410
DZ Bank AG Deutsche Zent   6.250    9/23/2019  EUR   56.280
DZ Bank AG Deutsche Zent   5.400   12/23/2019  EUR   72.790
DZ Bank AG Deutsche Zent   7.000   12/23/2019  EUR   72.060
DZ Bank AG Deutsche Zent   4.700   12/23/2019  EUR   70.180
DZ Bank AG Deutsche Zent   5.100    9/23/2019  EUR   64.390
DZ Bank AG Deutsche Zent   6.600    9/23/2019  EUR   62.710
DZ Bank AG Deutsche Zent   4.300   12/23/2019  EUR   67.930
DZ Bank AG Deutsche Zent   5.100   12/23/2019  EUR   66.450
DZ Bank AG Deutsche Zent   5.900   12/23/2019  EUR   65.540
DZ Bank AG Deutsche Zent   6.500   12/23/2019  EUR   71.190
Zurcher Kantonalbank Fin   5.125    2/14/2020  CHF   66.750
Leonteq Securities AG/Gu   5.600    8/24/2021  CHF   52.740
Vontobel Financial Produ  11.500    9/27/2019  EUR   58.270
Vontobel Financial Produ   8.000    9/27/2019  EUR   72.980
Landesbank Baden-Wuertte   5.000    9/27/2019  EUR   70.990
Credit Suisse AG/Nassau    7.000   11/22/2019  CHF   64.560
DZ Bank AG Deutsche Zent   4.750    9/23/2019  EUR   59.630
BNP Paribas Emissions- u   6.300    9/26/2019  EUR   56.870
UBS AG/London              8.750    8/17/2020  CHF   47.150
UBS AG/London              9.500    8/17/2020  CHF   60.450
UBS AG/London             10.000    8/17/2020  CHF   64.150
UBS AG/London              9.000    8/17/2020  EUR   62.250
UBS AG/London              8.000    8/17/2020  EUR   50.350
UBS AG/London              7.000    8/17/2020  EUR   72.350
UBS AG/London              8.000    8/17/2020  CHF   56.800
Raiffeisen Schweiz Genos   6.000    8/17/2020  CHF   67.880
Vontobel Financial Produ   4.000   11/18/2019  EUR   74.243
Raiffeisen Schweiz Genos   5.340    8/17/2020  CHF   71.160
Leonteq Securities AG/Gu  12.800   11/27/2019  CHF   56.840
DekaBank Deutsche Giroze   3.000    9/12/2019  EUR   66.890
Vontobel Financial Produ   3.840    2/17/2020  EUR   62.400
Raiffeisen Schweiz Genos   6.250    2/17/2020  CHF   63.620
Leonteq Securities AG      8.000    8/24/2020  CHF   63.750
Leonteq Securities AG     12.400   11/27/2019  CHF   58.840
Leonteq Securities AG     10.200   11/27/2019  CHF   47.610
Leonteq Securities AG/Gu  15.000   11/27/2019  USD   39.210
Raiffeisen Schweiz Genos   6.500    2/24/2020  CHF   66.070
Raiffeisen Schweiz Genos   5.500    2/24/2020  CHF   67.270
Raiffeisen Schweiz Genos   5.250    2/24/2020  CHF   58.030
Landesbank Hessen-Thueri   5.800    9/24/2024  EUR   65.610
Credit Suisse AG/Nassau    8.000   11/27/2019  CHF   67.320
Corner Banca SA            5.800    2/17/2020  CHF   69.880
Corner Banca SA            8.700    2/20/2020  USD   70.410
Bayerische Landesbank      4.800    9/13/2019  EUR   58.790
Landesbank Baden-Wuertte   3.000    9/23/2022  EUR   69.690
Bayerische Landesbank      5.100    9/13/2019  EUR   60.770
Vontobel Financial Produ   6.000    9/27/2019  EUR   68.400
Vontobel Financial Produ   6.500    9/27/2019  EUR   53.800
Vontobel Financial Produ   7.500    9/27/2019  EUR   68.130
Societe Generale Effekte   5.600     9/4/2023  EUR   62.710
Vontobel Financial Produ   8.000    9/27/2019  EUR   49.060
Vontobel Financial Produ  12.000    9/27/2019  EUR   60.540
Vontobel Financial Produ  13.500    9/27/2019  EUR   51.180
Vontobel Financial Produ  15.500    9/27/2019  EUR   60.830
UBS AG/London              6.000    2/10/2020  EUR   48.700
Raiffeisen Schweiz Genos   6.000    2/17/2020  CHF   55.880
UBS AG/London              6.500     6/1/2020  EUR   66.400
UBS AG/London             10.000    12/2/2019  EUR   57.400
UBS AG/London             11.000    12/2/2019  EUR   66.750
UBS AG/London              5.500    12/2/2019  CHF   57.900
Credit Suisse AG/London    7.000   11/28/2019  CHF   56.860
Raiffeisen Centrobank AG   8.226    6/23/2020  EUR   65.800
Raiffeisen Centrobank AG   9.507   12/27/2019  EUR   68.070
Credit Suisse AG/Nassau    7.250     6/8/2020  EUR   63.700
Credit Suisse AG/Nassau    8.000     9/9/2019  CHF   44.900
DZ Bank AG Deutsche Zent   6.250    9/23/2019  EUR   68.010
Commerzbank AG             7.250    9/27/2019  EUR   67.520
Commerzbank AG             9.250    9/27/2019  EUR   64.330
Commerzbank AG            11.250    9/27/2019  EUR   61.720
Commerzbank AG            10.250    9/27/2019  EUR   71.970
Commerzbank AG            12.250    9/27/2019  EUR   68.590
Commerzbank AG             3.000    9/27/2019  EUR   69.000
Commerzbank AG             9.000    9/27/2019  EUR   54.260
Commerzbank AG            12.500    9/27/2019  EUR   69.510
Commerzbank AG            10.500    9/27/2019  EUR   72.730
Commerzbank AG             3.000    9/27/2019  EUR   73.140
Credit Suisse AG/London    7.250   10/14/2019  CHF   70.000
Landesbank Baden-Wuertte   3.600    7/23/2021  EUR   72.190
Vontobel Financial Produ   8.000     1/3/2020  EUR   71.410
Vontobel Financial Produ  11.500     1/3/2020  EUR   66.920
Vontobel Financial Produ  13.500     1/3/2020  EUR   60.980
Vontobel Financial Produ  14.500     1/3/2020  EUR   59.920
Vontobel Financial Produ  17.500    9/27/2019  EUR   71.500
Vontobel Financial Produ   9.000     1/3/2020  EUR   65.770
Vontobel Financial Produ  13.000     1/3/2020  EUR   61.660
Vontobel Financial Produ  17.000     1/3/2020  EUR   58.420
Vontobel Financial Produ  16.000     1/3/2020  EUR   59.530
Vontobel Financial Produ  14.500     1/3/2020  EUR   60.550
Vontobel Financial Produ   5.000    9/27/2019  EUR   72.430
Vontobel Financial Produ   7.500    9/27/2019  EUR   67.670
Vontobel Financial Produ  15.500    9/27/2019  EUR   63.000
Vontobel Financial Produ  13.500     1/3/2020  EUR   65.110
Vontobel Financial Produ  13.000    9/27/2019  EUR   65.410
Vontobel Financial Produ   5.500     1/3/2020  EUR   71.180
Vontobel Financial Produ   8.000     1/3/2020  EUR   67.500
Vontobel Financial Produ   9.000    9/27/2019  EUR   65.560
Vontobel Financial Produ  12.500    9/27/2019  EUR   61.810
Vontobel Financial Produ  14.000    9/27/2019  EUR   60.090
Vontobel Financial Produ  16.000    9/27/2019  EUR   58.530
Vontobel Financial Produ  17.500    9/27/2019  EUR   57.030
Commerzbank AG             9.500    9/27/2019  EUR   64.750
Commerzbank AG            11.500    9/27/2019  EUR   61.590
Commerzbank AG            15.500    9/27/2019  EUR   56.600
Commerzbank AG             8.000    9/27/2019  EUR   53.920
Commerzbank AG            10.000    9/27/2019  EUR   51.350
Commerzbank AG            12.000    9/27/2019  EUR   49.060
Commerzbank AG             8.000    9/27/2019  EUR   71.180
Commerzbank AG            10.000    9/27/2019  EUR   68.240
Commerzbank AG             5.500    9/27/2019  EUR   66.550
Commerzbank AG             9.750    9/27/2019  EUR   57.350
Commerzbank AG            11.750    9/27/2019  EUR   54.430
Commerzbank AG            13.750    9/27/2019  EUR   51.930
Commerzbank AG             4.000    9/27/2019  EUR   63.080
Commerzbank AG             6.000    9/27/2019  EUR   57.770
Commerzbank AG             4.500    9/27/2019  EUR   73.150
Commerzbank AG            10.500    9/27/2019  EUR   61.430
Bank Julius Baer & Co Lt   8.150   10/18/2019  USD   48.400
Vontobel Financial Produ   5.500    9/27/2019  EUR   61.130
Vontobel Financial Produ  17.500     1/3/2020  EUR   49.010
Vontobel Financial Produ  16.000     1/3/2020  EUR   50.350
Vontobel Financial Produ   4.000     1/3/2020  EUR   65.080
Vontobel Financial Produ  14.000    9/27/2019  EUR   50.290
Vontobel Financial Produ  16.500    9/27/2019  EUR   48.270
Vontobel Financial Produ  15.000    9/27/2019  EUR   55.680
Vontobel Financial Produ   6.000     1/3/2020  EUR   71.460
Vontobel Financial Produ  14.500    9/27/2019  EUR   72.490
Commerzbank AG             7.250    9/27/2019  EUR   74.160
Commerzbank AG             8.250    9/27/2019  EUR   72.600
Vontobel Financial Produ   8.500   12/31/2019  EUR   72.360
Zurcher Kantonalbank Fin   5.000   10/15/2019  EUR   64.740
Commerzbank AG             8.250    9/27/2019  EUR   70.810
Vontobel Financial Produ   6.910   10/22/2019  EUR   46.650
Commerzbank AG            10.000    3/27/2020  EUR   69.600
Landesbank Baden-Wuertte   3.000   10/25/2019  EUR   70.930
Landesbank Baden-Wuertte   4.000   10/25/2019  EUR   69.360
Landesbank Baden-Wuertte   2.000   10/25/2019  EUR   39.710
Landesbank Baden-Wuertte   3.500   10/25/2019  EUR   36.960
Landesbank Baden-Wuertte   5.000   10/25/2019  EUR   34.590
Landesbank Baden-Wuertte   3.000   10/25/2019  EUR   71.660
Landesbank Baden-Wuertte   4.500   10/25/2019  EUR   68.610
Landesbank Baden-Wuertte   5.000   10/25/2019  EUR   72.280
Landesbank Baden-Wuertte   6.000   10/25/2019  EUR   74.610
Landesbank Baden-Wuertte   7.500   10/25/2019  EUR   71.010
DZ Bank AG Deutsche Zent   8.250    9/23/2019  EUR   68.140
DZ Bank AG Deutsche Zent   6.250   12/23/2019  EUR   69.360
Commerzbank AG             5.250    9/27/2019  EUR   71.670
Commerzbank AG             7.000    9/27/2019  EUR   57.640
Commerzbank AG            11.000    9/27/2019  EUR   51.550
Commerzbank AG            13.000    9/27/2019  EUR   49.220
UBS AG/London             11.000    4/17/2020  CHF   53.800
Bayerische Landesbank      4.000   11/15/2019  EUR   71.220
Vontobel Financial Produ  18.000    9/27/2019  EUR   71.300
Vontobel Financial Produ  12.500     1/3/2020  EUR   65.990
Vontobel Financial Produ  14.000    9/27/2019  EUR   64.160
Vontobel Financial Produ  15.000     1/3/2020  EUR   64.450
Vontobel Financial Produ  16.500    9/27/2019  EUR   57.730
Vontobel Financial Produ   7.000     1/3/2020  EUR   72.650
Vontobel Financial Produ  12.000     1/3/2020  EUR   61.940
Vontobel Financial Produ  13.000    9/27/2019  EUR   60.470
Vontobel Financial Produ  15.000    9/27/2019  EUR   59.080
Vontobel Financial Produ  17.500     1/3/2020  EUR   71.420
Vontobel Financial Produ  10.500     1/3/2020  EUR   67.910
Vontobel Financial Produ  11.500     1/3/2020  EUR   62.860
Vontobel Financial Produ  10.500     1/3/2020  EUR   64.350
Vontobel Financial Produ   6.500    9/27/2019  EUR   69.980
Vontobel Financial Produ  11.500    9/27/2019  EUR   66.680
Vontobel Financial Produ   4.500     1/3/2020  EUR   73.320
Vontobel Financial Produ   6.500     1/3/2020  EUR   69.180
Vontobel Financial Produ  11.000    9/27/2019  EUR   63.640
Commerzbank AG             3.000    9/27/2019  EUR   47.220
Commerzbank AG            13.000    9/27/2019  EUR   31.900
Commerzbank AG            15.000    9/27/2019  EUR   30.660
Commerzbank AG             7.500    9/27/2019  EUR   68.590
Commerzbank AG            13.500    9/27/2019  EUR   59.000
Commerzbank AG             7.750    9/27/2019  EUR   61.120
Commerzbank AG             6.500    9/27/2019  EUR   67.740
Commerzbank AG             8.500    9/27/2019  EUR   63.980
Landesbank Hessen-Thueri   3.250    8/13/2020  EUR   71.700
Landesbank Hessen-Thueri   3.100    8/13/2020  EUR   56.100
DekaBank Deutsche Giroze   3.000    1/10/2020  EUR   68.620
Raiffeisen Schweiz Genos   5.000    11/4/2019  CHF   60.740
HSBC Trinkaus & Burkhard   6.630    5/22/2020  EUR   68.820
DekaBank Deutsche Giroze   2.200    5/28/2021  EUR   60.300
DekaBank Deutsche Giroze   2.000    5/29/2020  EUR   73.000
DekaBank Deutsche Giroze   2.500    5/29/2020  EUR   63.080
DekaBank Deutsche Giroze   2.900    5/29/2020  EUR   45.050
Corner Banca SA           14.000   11/14/2019  CHF   72.340
DekaBank Deutsche Giroze   3.000    5/29/2020  EUR   71.760
DekaBank Deutsche Giroze   2.700    5/29/2020  EUR   51.030
DekaBank Deutsche Giroze   3.100    5/28/2021  EUR   56.120
Deutsche Bank AG           6.200    9/24/2019  EUR   71.040
Deutsche Bank AG           6.200   12/24/2019  EUR   72.570
Landesbank Baden-Wuertte   2.750    5/31/2021  EUR   58.190
Deutsche Bank AG           6.200    9/24/2019  EUR   69.280
Deutsche Bank AG           6.200    9/24/2019  EUR   65.460
Deutsche Bank AG           6.200    9/24/2019  EUR   64.040
Deutsche Bank AG           6.200   12/24/2019  EUR   65.590
Deutsche Bank AG           6.200    9/24/2019  EUR   47.000
Deutsche Bank AG           6.200    9/24/2019  EUR   44.900
Deutsche Bank AG           6.200   12/24/2019  EUR   48.600
Deutsche Bank AG           6.200   12/24/2019  EUR   46.500
Deutsche Bank AG           6.200    9/24/2019  EUR   52.000
Deutsche Bank AG           6.200   12/24/2019  EUR   53.500
Deutsche Bank AG           6.200   12/24/2019  EUR   51.500
Deutsche Bank AG           6.200    9/24/2019  EUR   67.960
Deutsche Bank AG           6.200    9/24/2019  EUR   65.790
Deutsche Bank AG           6.200   12/24/2019  EUR   69.510
Deutsche Bank AG           6.200   12/24/2019  EUR   67.340
Deutsche Bank AG           6.200    9/24/2019  EUR   55.460
Deutsche Bank AG           6.200    9/24/2019  EUR   53.170
Deutsche Bank AG           6.200   12/24/2019  EUR   56.980
Deutsche Bank AG           6.200   12/24/2019  EUR   54.700
Deutsche Bank AG           6.200    9/24/2019  EUR   72.250
Deutsche Bank AG           6.200    9/24/2019  EUR   47.310
Deutsche Bank AG           6.200    9/24/2019  EUR   45.270
Deutsche Bank AG           6.200   12/24/2019  EUR   46.750
Deutsche Bank AG           6.200    9/24/2019  EUR   41.400
Deutsche Bank AG           6.200    9/24/2019  EUR   40.000
Deutsche Bank AG           6.200    9/24/2019  EUR   51.160
Deutsche Bank AG           6.200   12/24/2019  EUR   52.760
Landesbank Baden-Wuertte   4.000    4/24/2020  EUR   56.330
Landesbank Baden-Wuertte   5.000    4/24/2020  EUR   53.300
Landesbank Baden-Wuertte   2.000    4/24/2020  EUR   66.130
Landesbank Baden-Wuertte   3.500    4/24/2020  EUR   60.520
Landesbank Baden-Wuertte   5.000    4/24/2020  EUR   55.360
Landesbank Baden-Wuertte   3.000    4/24/2020  EUR   71.790
Landesbank Baden-Wuertte   4.000    4/24/2020  EUR   69.040
Landesbank Baden-Wuertte   5.000    4/24/2020  EUR   66.640
Landesbank Baden-Wuertte   6.000    4/24/2020  EUR   61.770
Landesbank Baden-Wuertte   4.000    4/24/2020  EUR   74.290
Landesbank Baden-Wuertte   4.000    4/24/2020  EUR   73.440
Landesbank Baden-Wuertte   2.500    5/22/2020  EUR   69.550
Landesbank Baden-Wuertte   4.500    5/22/2020  EUR   61.010
Landesbank Baden-Wuertte   4.500    4/24/2020  EUR   72.050
Landesbank Baden-Wuertte   5.000    4/24/2020  EUR   72.050
Landesbank Baden-Wuertte   4.000    4/24/2020  EUR   71.660
Landesbank Baden-Wuertte   5.000    4/24/2020  EUR   69.160
Landesbank Baden-Wuertte   2.500    4/24/2020  EUR   24.130
Landesbank Baden-Wuertte   4.500    4/24/2020  EUR   22.630
Landesbank Baden-Wuertte   2.000    4/24/2020  EUR   57.420
Landesbank Baden-Wuertte   3.000    4/24/2020  EUR   55.380
Landesbank Baden-Wuertte   4.000    4/24/2020  EUR   53.400
Landesbank Baden-Wuertte   2.000    4/24/2020  EUR   67.270
Landesbank Baden-Wuertte   3.500    4/24/2020  EUR   60.470
Landesbank Baden-Wuertte   2.000    4/24/2020  EUR   61.350
Landesbank Baden-Wuertte   4.000    4/24/2020  EUR   55.890
Landesbank Baden-Wuertte   2.500    5/22/2020  EUR   62.830
Landesbank Baden-Wuertte   4.000    5/22/2020  EUR   57.470
Landesbank Baden-Wuertte   5.500    5/22/2020  EUR   53.220
Landesbank Baden-Wuertte   4.000    5/22/2020  EUR   71.720
Landesbank Baden-Wuertte   6.000    5/22/2020  EUR   66.770
Landesbank Baden-Wuertte   2.000    5/22/2020  EUR   71.080
Landesbank Baden-Wuertte   3.500    5/22/2020  EUR   65.580
Landesbank Baden-Wuertte   5.000    5/22/2020  EUR   58.610
Landesbank Baden-Wuertte   4.000    5/22/2020  EUR   70.110
Landesbank Baden-Wuertte   5.000    4/24/2020  EUR   70.950
Landesbank Baden-Wuertte   2.500    4/24/2020  EUR   44.990
Landesbank Baden-Wuertte   4.000    4/24/2020  EUR   41.690
Landesbank Baden-Wuertte   2.500    4/24/2020  EUR   65.790
Landesbank Baden-Wuertte   5.000    4/24/2020  EUR   59.550
Landesbank Baden-Wuertte   2.500    4/24/2020  EUR   62.480
Landesbank Baden-Wuertte   4.000    4/24/2020  EUR   55.910
Landesbank Baden-Wuertte   5.500    4/24/2020  EUR   52.710
Landesbank Baden-Wuertte   4.000    4/24/2020  EUR   70.550
Landesbank Baden-Wuertte   4.500    4/24/2020  EUR   73.960
Landesbank Baden-Wuertte   5.500    4/24/2020  EUR   72.240
Landesbank Baden-Wuertte   5.000    4/24/2020  EUR   74.050
Landesbank Baden-Wuertte   2.000    4/24/2020  EUR   67.490
Landesbank Baden-Wuertte   3.000    4/24/2020  EUR   64.720
Landesbank Baden-Wuertte   5.000    4/24/2020  EUR   72.470
Landesbank Baden-Wuertte   2.000    4/24/2020  EUR   60.950
Landesbank Baden-Wuertte   3.000    4/24/2020  EUR   58.490
Landesbank Baden-Wuertte   2.000    4/24/2020  EUR   61.620
Landesbank Baden-Wuertte   3.500    4/24/2020  EUR   54.500
Landesbank Baden-Wuertte   5.000    4/24/2020  EUR   51.140
Landesbank Baden-Wuertte   2.580    9/27/2019  EUR   69.830
UBS AG/London             15.000    11/4/2019  USD   52.040
UBS AG/London              5.700    9/26/2019  EUR   49.690
UBS AG/London              4.800     1/2/2020  EUR   64.950
UBS AG/London              4.300    9/26/2019  EUR   53.810
UBS AG/London              7.000    9/26/2019  EUR   49.610
UBS AG/London              5.100    3/26/2020  EUR   51.200
UBS AG/London              7.700    9/26/2019  EUR   47.350
UBS AG/London              5.600    9/26/2019  EUR   63.810
UBS AG/London              5.700    9/26/2019  EUR   67.110
UBS AG/London              5.800    11/4/2019  CHF   62.000
UBS AG/London             13.000     5/4/2020  CHF   54.850
UBS AG/London              8.750    11/4/2019  CHF   49.600
UBS AG/London             10.500    11/3/2020  CHF   62.000
Bayerische Landesbank      3.100    1/31/2020  EUR   68.280
Bayerische Landesbank      2.600    1/31/2020  EUR   72.030
Corner Banca SA            9.000   11/11/2019  CHF   25.170
EFG International Financ   7.000   11/17/2020  CHF   61.240
DekaBank Deutsche Giroze   5.950    12/4/2020  EUR   55.330
DekaBank Deutsche Giroze   4.350    12/4/2020  EUR   72.090
Raiffeisen Schweiz Genos   6.400   11/14/2019  CHF   25.150
Raiffeisen Schweiz Genos   5.200   11/11/2020  CHF   61.740
Raiffeisen Schweiz Genos   3.400    5/14/2020  CHF   58.880
Corner Banca SA            8.200    5/14/2020  CHF   28.640
Vontobel Financial Produ   4.300   11/25/2019  EUR   53.770
Vontobel Financial Produ   4.000   11/25/2019  EUR   47.630
Landesbank Hessen-Thueri   4.000     6/8/2022  EUR   60.520
Landesbank Hessen-Thueri   4.000     6/8/2022  EUR   73.060
Landesbank Hessen-Thueri   4.000     6/8/2022  EUR   67.990
Leonteq Securities AG/Gu   8.000    5/14/2020  CHF   64.470
Landesbank Baden-Wuertte   2.800    7/22/2022  EUR   72.510
UBS AG/London              5.000    11/4/2019  CHF   66.350
UBS AG/London              4.000    11/4/2019  CHF   71.150
UBS AG/London              5.000    11/4/2019  EUR   65.750
HSBC Trinkaus & Burkhard   6.600   12/27/2019  EUR   20.690
HSBC Trinkaus & Burkhard   5.000   12/27/2019  EUR   20.150
HSBC Trinkaus & Burkhard   3.200   12/27/2019  EUR   19.550
HSBC Trinkaus & Burkhard   3.100   12/27/2019  EUR   56.010
HSBC Trinkaus & Burkhard   3.500   12/27/2019  EUR   64.030
HSBC Trinkaus & Burkhard   3.400   12/27/2019  EUR   58.260
HSBC Trinkaus & Burkhard   4.600   12/27/2019  EUR   64.400
DekaBank Deutsche Giroze   5.400    12/4/2020  EUR   70.410
Banque Cantonale Vaudois   8.000   11/15/2019  CHF   59.370
Landesbank Baden-Wuertte   4.500    6/26/2020  EUR   64.060
Landesbank Baden-Wuertte   4.850    6/26/2020  EUR   55.240
Landesbank Baden-Wuertte   5.000    6/26/2020  EUR   44.450
Landesbank Baden-Wuertte   5.250    6/26/2020  EUR   55.500
Bank Julius Baer & Co Lt   7.100   11/18/2019  CHF   68.350
Credit Suisse AG/London    4.950    11/4/2019  EUR   72.780
EFG International Financ  15.000   11/25/2019  USD   61.940
Raiffeisen Schweiz Genos   3.000    9/21/2029  CHF   69.650
Raiffeisen Schweiz Genos   2.700    9/22/2026  CHF   56.430
UniCredit Bank AG          3.500    1/29/2020  EUR   27.510
UniCredit Bank AG          3.500   12/19/2019  EUR   28.950
UBS AG/London              8.750    4/27/2020  EUR   65.400
UBS AG/London              8.000    4/27/2020  EUR   56.800
UBS AG/London              7.500   10/25/2019  CHF   73.350
Vontobel Financial Produ  14.000     1/3/2020  EUR   72.420
Vontobel Financial Produ  10.500     1/3/2020  EUR   37.480
Vontobel Financial Produ  12.500     1/3/2020  EUR   68.900
Vontobel Financial Produ   8.500     1/3/2020  EUR   59.760
Commerzbank AG            18.250   10/25/2019  EUR   62.500
Commerzbank AG             6.250   10/25/2019  EUR   68.830
Commerzbank AG            12.000   10/25/2019  EUR   67.040
Commerzbank AG             4.000   10/25/2019  EUR   62.540
Commerzbank AG             6.000   10/25/2019  EUR   56.910
Commerzbank AG            13.750   10/25/2019  EUR   70.110
Commerzbank AG             7.250   10/25/2019  EUR   45.080
Commerzbank AG             9.750    9/27/2019  EUR   72.470
Commerzbank AG             9.250   10/25/2019  EUR   73.300
Commerzbank AG            14.250   10/25/2019  EUR   69.540
Commerzbank AG             5.750   10/25/2019  EUR   70.140
Commerzbank AG            12.750   10/25/2019  EUR   51.490
BNP Paribas Emissions- u   6.000   12/30/2019  EUR   60.830
Commerzbank AG            13.000   10/25/2019  EUR   59.310
Commerzbank AG            15.000   10/25/2019  EUR   57.020
Commerzbank AG            10.000   10/25/2019  EUR   50.350
Commerzbank AG            11.000   10/25/2019  EUR   69.060
Commerzbank AG            12.000   10/25/2019  EUR   67.470
Commerzbank AG            12.250   10/25/2019  EUR   73.220
Commerzbank AG             8.500    9/27/2019  EUR   67.110
Commerzbank AG             6.000   10/25/2019  EUR   72.390
Commerzbank AG             8.000   10/25/2019  EUR   67.900
BNP Paribas Emissions- u   6.000   12/30/2019  EUR   71.630
BNP Paribas Emissions- u   8.000   12/30/2019  EUR   72.300
BNP Paribas Emissions- u   7.000    9/26/2019  EUR   73.400
Vontobel Financial Produ  10.000   12/31/2019  EUR   34.520
Vontobel Financial Produ  10.000   12/31/2019  EUR   71.170
Commerzbank AG            11.250    9/27/2019  EUR   70.850
Commerzbank AG             8.750    9/27/2019  EUR   67.510
Commerzbank AG            10.750    9/27/2019  EUR   64.600
Commerzbank AG            14.000    9/27/2019  EUR   59.760
Commerzbank AG            16.000    9/27/2019  EUR   57.520
Commerzbank AG            10.000    9/27/2019  EUR   43.890
Commerzbank AG            20.000   10/25/2019  EUR   63.200
Vontobel Financial Produ  11.500    9/27/2019  EUR   64.360
Vontobel Financial Produ   9.000    9/27/2019  EUR   55.170
Raiffeisen Schweiz Genos   7.000    4/30/2020  EUR   57.080
Leonteq Securities AG/Gu   7.000   10/29/2020  CHF   54.450
Vontobel Financial Produ  11.550   12/31/2019  EUR   57.500
HSBC Trinkaus & Burkhard  10.500   12/27/2019  EUR   61.870
HSBC Trinkaus & Burkhard   9.600   10/25/2019  EUR   63.130
HSBC Trinkaus & Burkhard   8.800    9/27/2019  EUR   70.890
HSBC Trinkaus & Burkhard   6.200    9/27/2019  EUR   45.530
HSBC Trinkaus & Burkhard   5.500    9/27/2019  EUR   70.110
HSBC Trinkaus & Burkhard   7.400   12/27/2019  EUR   72.420
HSBC Trinkaus & Burkhard   6.900    9/27/2019  EUR   57.450
HSBC Trinkaus & Burkhard   2.600    9/27/2019  EUR   70.430
HSBC Trinkaus & Burkhard   6.200    1/24/2020  EUR   67.870
HSBC Trinkaus & Burkhard   4.500    9/27/2019  EUR   41.400
HSBC Trinkaus & Burkhard   4.300   12/27/2019  EUR   41.940
HSBC Trinkaus & Burkhard   8.000    9/27/2019  EUR   70.750
HSBC Trinkaus & Burkhard  10.000    9/27/2019  EUR   73.970
HSBC Trinkaus & Burkhard   3.100    9/27/2019  EUR   51.050
HSBC Trinkaus & Burkhard   7.600   12/27/2019  EUR   58.120
HSBC Trinkaus & Burkhard  10.000   12/27/2019  EUR   62.280
UniCredit Bank AG          4.400     1/9/2021  EUR   69.980
Commerzbank AG            16.250   10/25/2019  EUR   65.460
Commerzbank AG             8.500   10/25/2019  EUR   73.720
Commerzbank AG             8.000    9/27/2019  EUR   40.650
Commerzbank AG            12.000    9/27/2019  EUR   35.950
Commerzbank AG             6.750    9/27/2019  EUR   71.030
Commerzbank AG            12.000    9/27/2019  EUR   58.330
Vontobel Financial Produ  16.000     1/3/2020  EUR   61.030
Vontobel Financial Produ  12.000     1/3/2020  EUR   51.970
DZ Bank AG Deutsche Zent   6.250   12/23/2019  EUR   71.650
UniCredit Bank AG          7.000   10/25/2019  EUR   41.830
HSBC Trinkaus & Burkhard  11.400   12/27/2019  EUR   60.720
HSBC Trinkaus & Burkhard   8.500    1/24/2020  EUR   64.950
HSBC Trinkaus & Burkhard   8.400    9/27/2019  EUR   72.800
HSBC Trinkaus & Burkhard   4.400    9/27/2019  EUR   65.950
HSBC Trinkaus & Burkhard   4.300    9/27/2019  EUR   63.180
HSBC Trinkaus & Burkhard   6.300   10/25/2019  EUR   66.510
HSBC Trinkaus & Burkhard  11.800   12/27/2019  EUR   35.010
HSBC Trinkaus & Burkhard   9.000   10/25/2019  EUR   36.290
HSBC Trinkaus & Burkhard   8.100    1/24/2020  EUR   37.770
HSBC Trinkaus & Burkhard   5.800    3/27/2020  EUR   60.930
HSBC Trinkaus & Burkhard   5.900    1/24/2020  EUR   60.960
HSBC Trinkaus & Burkhard   3.200    1/24/2020  EUR   66.880
HSBC Trinkaus & Burkhard   3.900    9/27/2019  EUR   71.070
HSBC Trinkaus & Burkhard   7.500   12/27/2019  EUR   65.610
HSBC Trinkaus & Burkhard   4.200   12/27/2019  EUR   71.910
Commerzbank AG             6.000    9/27/2019  EUR   69.350
Commerzbank AG             6.250    9/27/2019  EUR   71.290
Commerzbank AG             6.500   10/25/2019  EUR   75.870
Commerzbank AG             4.250    9/27/2019  EUR   55.630
Commerzbank AG            13.750    9/27/2019  EUR   35.460
Commerzbank AG             7.250   10/25/2019  EUR   43.710
Commerzbank AG            21.500    9/27/2019  EUR   68.150
Commerzbank AG            11.250   10/25/2019  EUR   38.230
Commerzbank AG            15.250   10/25/2019  EUR   35.000
Commerzbank AG            10.750    9/27/2019  EUR   65.230
Commerzbank AG            12.750    9/27/2019  EUR   62.580
DZ Bank AG Deutsche Zent   5.250   11/20/2019  EUR   71.080
Raiffeisen Centrobank AG   9.674   12/23/2020  EUR   76.630
Landesbank Hessen-Thueri   3.350    8/13/2020  EUR   71.000
DekaBank Deutsche Giroze   3.750   11/22/2019  EUR   67.030
Bayerische Landesbank      3.200     7/3/2020  EUR   67.260
Commerzbank AG             7.750    9/27/2019  EUR   36.410
Commerzbank AG             9.750    9/27/2019  EUR   34.140
UBS AG/London             12.000   10/26/2020  CHF   69.100
HSBC Trinkaus & Burkhard  11.550   10/25/2019  EUR   33.230
Vontobel Financial Produ  12.500    9/27/2019  EUR   34.630
Vontobel Financial Produ   6.500    9/27/2019  EUR   63.720
Vontobel Financial Produ   5.000     1/3/2020  EUR   64.780
Vontobel Financial Produ   8.000    9/27/2019  EUR   65.890
Landesbank Hessen-Thueri   4.750     3/3/2020  EUR   68.400
Commerzbank AG             4.500   10/25/2019  EUR   73.150
Commerzbank AG             8.500   10/25/2019  EUR   64.050
Commerzbank AG            10.250   10/25/2019  EUR   63.050
Commerzbank AG            11.250   10/25/2019  EUR   61.580
Commerzbank AG            11.000   10/25/2019  EUR   54.050
Commerzbank AG            13.000   10/25/2019  EUR   51.900
Commerzbank AG             3.500   10/25/2019  EUR   47.400
Commerzbank AG             5.500   10/25/2019  EUR   42.490
Commerzbank AG             7.500   10/25/2019  EUR   39.050
Commerzbank AG            13.500   10/25/2019  EUR   33.120
Commerzbank AG            15.500   10/25/2019  EUR   31.930
Commerzbank AG            12.250   10/25/2019  EUR   71.340
Commerzbank AG            10.000   10/25/2019  EUR   69.740
Commerzbank AG             9.500   10/25/2019  EUR   73.440
Commerzbank AG             8.250   10/25/2019  EUR   65.550
Commerzbank AG             9.500   10/25/2019  EUR   72.410
Commerzbank AG             8.000   10/25/2019  EUR   73.190
Commerzbank AG             8.000   10/25/2019  EUR   53.130
Commerzbank AG             3.250   10/25/2019  EUR   52.710
Commerzbank AG             5.250   10/25/2019  EUR   48.100
Commerzbank AG            11.250   10/25/2019  EUR   41.080
Commerzbank AG            16.250   10/25/2019  EUR   66.630
BNP Paribas Emissions- u   6.000    9/26/2019  EUR   69.820
Commerzbank AG             5.500   10/25/2019  EUR   61.780
Commerzbank AG             7.500   10/25/2019  EUR   58.170
Commerzbank AG            11.500   10/25/2019  EUR   53.060
Commerzbank AG             9.750   10/25/2019  EUR   63.090
BNP Paribas Emissions- u   6.000    9/26/2019  EUR   59.500
BNP Paribas Emissions- u   4.000   12/30/2019  EUR   60.150
Commerzbank AG             3.500   10/25/2019  EUR   73.950
Commerzbank AG             9.500   10/25/2019  EUR   61.750
Commerzbank AG             9.000   10/25/2019  EUR   65.690
Commerzbank AG            11.000   10/25/2019  EUR   62.190
Commerzbank AG            10.000   10/25/2019  EUR   70.760
Commerzbank AG             6.500    9/27/2019  EUR   71.180
Commerzbank AG            13.250    9/27/2019  EUR   68.150
Commerzbank AG             6.000    9/27/2019  EUR   44.110
Commerzbank AG            10.000    9/27/2019  EUR   38.020
Commerzbank AG             3.250   10/25/2019  EUR   52.590
Commerzbank AG            12.750    9/27/2019  EUR   62.150
Commerzbank AG             8.000    9/27/2019  EUR   46.100
Commerzbank AG            12.000    9/27/2019  EUR   42.040
Commerzbank AG             8.500    9/27/2019  EUR   64.120
Vontobel Financial Produ  14.500    9/27/2019  EUR   49.090
Vontobel Financial Produ   5.500     1/3/2020  EUR   64.210
HSBC Trinkaus & Burkhard   7.100    1/24/2020  EUR   68.020
Commerzbank AG            20.500   10/25/2019  EUR   69.550
Commerzbank AG            11.750   10/25/2019  EUR   61.950
Commerzbank AG             8.250    9/27/2019  EUR   66.960
Commerzbank AG             5.000    9/27/2019  EUR   79.430
Commerzbank AG             8.500   10/25/2019  EUR   71.950
Commerzbank AG            12.500   10/25/2019  EUR   66.090
Commerzbank AG            13.250   10/25/2019  EUR   36.390
DZ Bank AG Deutsche Zent  10.500   12/27/2019  EUR   65.120
DZ Bank AG Deutsche Zent   6.250   12/27/2019  EUR   66.920
DZ Bank AG Deutsche Zent   5.250   11/20/2019  EUR   71.610
DZ Bank AG Deutsche Zent   5.000   11/20/2019  EUR   48.740
DZ Bank AG Deutsche Zent   4.250   12/27/2019  EUR   62.470
DZ Bank AG Deutsche Zent   5.250   11/20/2019  EUR   66.760
Commerzbank AG             8.500    9/27/2019  EUR   64.120
Commerzbank AG            10.000   10/25/2019  EUR   62.020
Commerzbank AG            12.000   10/25/2019  EUR   59.410
Commerzbank AG            14.000   10/25/2019  EUR   58.100
Commerzbank AG            12.000   10/25/2019  EUR   46.610
Commerzbank AG            13.000    9/27/2019  EUR   65.520
Commerzbank AG             8.500   10/25/2019  EUR   72.960
Commerzbank AG             9.500    9/27/2019  EUR   74.740
Vontobel Financial Produ   4.850    9/13/2019  EUR   72.530
Vontobel Financial Produ   9.150    9/13/2019  EUR   66.780
BNP Paribas Emissions- u  14.000    9/26/2019  EUR   58.820
BNP Paribas Emissions- u  16.000   12/30/2019  EUR   58.160
Commerzbank AG            14.500    9/27/2019  EUR   57.200
Commerzbank AG             8.000   10/25/2019  EUR   67.800
Commerzbank AG            10.000   10/25/2019  EUR   63.870
BNP Paribas Emissions- u   5.000   12/30/2019  EUR   65.350
Leonteq Securities AG     10.000   11/13/2019  CHF   62.520
Vontobel Financial Produ   3.750    9/13/2019  EUR   70.120
Vontobel Financial Produ  10.250    9/13/2019  EUR   54.850
Vontobel Financial Produ  11.250    9/13/2019  EUR   57.820
Vontobel Financial Produ   2.850    9/13/2019  EUR   62.980
Vontobel Financial Produ   5.950    9/13/2019  EUR   56.490
Vontobel Financial Produ   2.450    9/13/2019  EUR   55.630
Vontobel Financial Produ   6.600    9/13/2019  EUR   48.860
Vontobel Financial Produ  14.900    9/13/2019  EUR   41.550
Vontobel Financial Produ   9.050    9/13/2019  EUR   68.070
Vontobel Financial Produ   5.100    9/13/2019  EUR   70.300
Vontobel Financial Produ  13.750    9/13/2019  EUR   74.400
Vontobel Financial Produ   2.750    9/13/2019  EUR   73.360
Vontobel Financial Produ   7.300    9/13/2019  EUR   63.080
Vontobel Financial Produ  10.250    9/13/2019  EUR   59.020
Vontobel Financial Produ   8.550    9/13/2019  EUR   67.540
Vontobel Financial Produ  11.950    9/13/2019  EUR   61.050
Vontobel Financial Produ   3.950    9/13/2019  EUR   73.480
Vontobel Financial Produ   8.300    9/13/2019  EUR   63.180
Vontobel Financial Produ   6.400    9/13/2019  EUR   73.660
Vontobel Financial Produ   6.700    9/13/2019  EUR   47.150
Vontobel Financial Produ   4.600    9/13/2019  EUR   60.940
EFG International Financ   6.000    8/13/2021  CHF   71.990
Corner Banca SA           11.800   11/13/2019  CHF   55.120
Leonteq Securities AG/Gu   7.000    8/17/2020  CHF   70.940
Bank Julius Baer & Co Lt  14.400    7/27/2020  USD   76.150
Vontobel Financial Produ   7.550   12/31/2019  EUR   73.910
HSBC Trinkaus & Burkhard   7.000   10/25/2019  EUR   42.120
DZ Bank AG Deutsche Zent   5.250    9/23/2019  EUR   65.700
HSBC Trinkaus & Burkhard   5.400   12/27/2019  EUR   71.490
Commerzbank AG             9.750   10/25/2019  EUR   64.670
Commerzbank AG             8.750   10/25/2019  EUR   58.320
Commerzbank AG            10.750   10/25/2019  EUR   55.270
Commerzbank AG            10.250    9/27/2019  EUR   63.660
Commerzbank AG            10.500   10/25/2019  EUR   68.790
Commerzbank AG             6.250    9/27/2019  EUR   51.420
Commerzbank AG            15.750    9/27/2019  EUR   34.060
Commerzbank AG             5.250   10/25/2019  EUR   48.040
Commerzbank AG             9.250   10/25/2019  EUR   40.600
DZ Bank AG Deutsche Zent   5.000   11/20/2019  EUR   71.750
DZ Bank AG Deutsche Zent   5.250   11/20/2019  EUR   73.330
DZ Bank AG Deutsche Zent   8.000   11/20/2019  EUR   37.290
DZ Bank AG Deutsche Zent  10.250   11/20/2019  EUR   68.710
Vontobel Financial Produ   6.000    9/27/2019  EUR   67.010
Vontobel Financial Produ  12.000    9/27/2019  EUR   58.280
Vontobel Financial Produ   8.000    9/27/2019  EUR   63.160
Commerzbank AG            12.500    9/27/2019  EUR   58.610
Commerzbank AG             6.000   10/25/2019  EUR   69.080
Commerzbank AG             8.000   10/25/2019  EUR   65.180
Landesbank Baden-Wuertte   6.000   10/23/2020  EUR   69.200
Landesbank Baden-Wuertte   3.000   10/23/2020  EUR   72.730
Landesbank Baden-Wuertte   5.000   10/23/2020  EUR   66.400
Vontobel Financial Produ   9.900    9/13/2019  EUR   64.710
Vontobel Financial Produ  14.850    9/13/2019  EUR   62.310
Commerzbank AG            12.000   10/25/2019  EUR   60.700
Landesbank Baden-Wuertte   5.000    3/27/2020  EUR   66.530
Landesbank Baden-Wuertte   4.750    3/27/2020  EUR   59.350
Vontobel Financial Produ  10.000     1/3/2020  EUR   60.440
Vontobel Financial Produ  15.500     1/3/2020  EUR   59.700
Raiffeisen Centrobank AG   5.333     3/5/2020  EUR   60.810
UBS AG/London              3.000    9/26/2019  EUR   71.640
UBS AG/London              7.400    9/26/2019  EUR   66.630
Leonteq Securities AG/Gu  10.000   11/20/2019  EUR   64.500
UBS AG/London              6.500    8/10/2020  CHF   66.400
Zurcher Kantonalbank Fin   6.250    2/13/2020  EUR   64.960
Landesbank Baden-Wuertte   2.750   11/26/2021  EUR   72.210
EFG International Financ   9.200    8/27/2020  USD   72.710
EFG International Financ   7.100    8/14/2020  EUR   68.070
Vontobel Financial Produ   9.000    3/27/2020  EUR   74.020
Vontobel Financial Produ   7.000    3/27/2020  EUR   63.100
DZ Bank AG Deutsche Zent  15.500    9/25/2019  EUR   40.760
Deutsche Bank AG           8.200   12/24/2019  EUR   64.700
Commerzbank AG             5.750    9/27/2019  EUR   39.360
Vontobel Financial Produ   9.500   12/31/2019  EUR   74.580
Vontobel Financial Produ  13.500     1/3/2020  EUR   35.580
Vontobel Financial Produ  10.500    9/27/2019  EUR   57.720
Vontobel Financial Produ   8.500    9/27/2019  EUR   60.550
Vontobel Financial Produ   6.500     1/3/2020  EUR   62.030
Vontobel Financial Produ   7.000    9/27/2019  EUR   57.860
Vontobel Financial Produ   9.500    9/27/2019  EUR   70.840
Vontobel Financial Produ  14.000    9/27/2019  EUR   67.720
Commerzbank AG             6.500   10/25/2019  EUR   67.740
Commerzbank AG             9.750    9/27/2019  EUR   68.080
Commerzbank AG            11.750    9/27/2019  EUR   64.840
Commerzbank AG            13.750    9/27/2019  EUR   62.160
Commerzbank AG             6.250   10/25/2019  EUR   71.390
Commerzbank AG             7.250   10/25/2019  EUR   68.850
Commerzbank AG             8.250   10/25/2019  EUR   66.680
Commerzbank AG             9.250   10/25/2019  EUR   64.720
Commerzbank AG            12.250   10/25/2019  EUR   60.230
Commerzbank AG            13.250   10/25/2019  EUR   58.960
Commerzbank AG             5.000   10/25/2019  EUR   66.080
Commerzbank AG             7.000   10/25/2019  EUR   60.750
Commerzbank AG             9.000   10/25/2019  EUR   56.990
Commerzbank AG            10.000   10/25/2019  EUR   64.600
Commerzbank AG            12.000   10/25/2019  EUR   61.930
Commerzbank AG             9.500   10/25/2019  EUR   36.550
Commerzbank AG            11.500   10/25/2019  EUR   34.630
Commerzbank AG            12.000   10/25/2019  EUR   67.050
Commerzbank AG            11.500   10/25/2019  EUR   70.380
Commerzbank AG            13.250    9/27/2019  EUR   71.150
Commerzbank AG            15.250    9/27/2019  EUR   68.100
Commerzbank AG            17.250    9/27/2019  EUR   65.420
Commerzbank AG             9.000   10/25/2019  EUR   69.720
Commerzbank AG            11.000   10/25/2019  EUR   66.190
Commerzbank AG            13.000   10/25/2019  EUR   63.320
Commerzbank AG             4.750   10/25/2019  EUR   65.200
Commerzbank AG             6.750   10/25/2019  EUR   60.220
Commerzbank AG             8.750   10/25/2019  EUR   56.680
Commerzbank AG            10.750   10/25/2019  EUR   53.860
Commerzbank AG            10.250   10/25/2019  EUR   62.940
Commerzbank AG             5.000   10/25/2019  EUR   66.870
Commerzbank AG             7.000   10/25/2019  EUR   62.050
Commerzbank AG             9.000   10/25/2019  EUR   58.730
Commerzbank AG            11.000   10/25/2019  EUR   56.220
Commerzbank AG             4.000   10/25/2019  EUR   73.720
Commerzbank AG             8.000   10/25/2019  EUR   65.840
Commerzbank AG            12.000   10/25/2019  EUR   60.840
Commerzbank AG            14.250   10/25/2019  EUR   68.960
Commerzbank AG             4.250   10/25/2019  EUR   73.300
BNP Paribas Emissions- u   4.000   12/30/2019  EUR   68.800
Commerzbank AG            10.000   10/25/2019  EUR   69.770
Commerzbank AG            10.500   10/25/2019  EUR   61.610
Commerzbank AG             9.250   10/25/2019  EUR   42.870
Commerzbank AG             3.500   10/25/2019  EUR   67.010
Commerzbank AG             9.500   10/25/2019  EUR   55.360
Commerzbank AG             7.750   10/25/2019  EUR   66.150
Commerzbank AG            11.750   10/25/2019  EUR   60.630
Commerzbank AG             5.500   10/25/2019  EUR   68.570
Commerzbank AG             7.500   10/25/2019  EUR   64.720
Commerzbank AG            11.500   10/25/2019  EUR   59.360
Commerzbank AG             7.000   10/25/2019  EUR   70.360
Commerzbank AG            12.000   10/25/2019  EUR   48.150
Landesbank Hessen-Thueri   3.250    7/13/2020  EUR   70.300
Landesbank Hessen-Thueri   4.100    7/13/2020  EUR   59.600
Landesbank Hessen-Thueri   2.250    7/13/2020  EUR   34.500
DekaBank Deutsche Giroze   3.000   12/20/2019  EUR   69.810
Credit Suisse AG/Nassau    7.250   11/15/2019  CHF   60.860
HSBC Trinkaus & Burkhard   4.430   12/30/2019  EUR   70.540
UBS AG/London              6.000    4/16/2020  CHF   69.000
Landesbank Baden-Wuertte   3.500    6/26/2020  EUR   70.040
Vontobel Financial Produ   8.000     1/3/2020  EUR   62.980
Vontobel Financial Produ  19.000    9/27/2019  EUR   64.630
Vontobel Financial Produ   5.000     1/3/2020  EUR   69.290
Vontobel Financial Produ  11.000     1/3/2020  EUR   74.570
UBS AG/London              4.200    9/26/2019  EUR   59.650
UBS AG/London              6.600    9/26/2019  EUR   65.880
UBS AG/London             12.900    9/26/2019  EUR   48.650
UBS AG/London              3.800    3/26/2020  EUR   68.870
UBS AG/London              5.100    9/26/2019  EUR   71.650
Commerzbank AG            10.000   10/25/2019  EUR   48.700
Commerzbank AG             6.500    9/27/2019  EUR   73.660
Commerzbank AG             7.500    9/27/2019  EUR   78.610
Commerzbank AG            13.500    9/27/2019  EUR   68.790
Vontobel Financial Produ  12.850    9/13/2019  EUR   61.450
Vontobel Financial Produ   9.000    9/13/2019  EUR   69.330
Vontobel Financial Produ  11.850    9/13/2019  EUR   65.610
Landesbank Baden-Wuertte   3.000   10/23/2020  EUR   66.390
Raiffeisen Schweiz Genos   8.700   11/13/2019  USD   67.070
Vontobel Financial Produ   6.650    9/13/2019  EUR   61.500
Vontobel Financial Produ   7.900    9/13/2019  EUR   63.410
Vontobel Financial Produ  15.000    9/13/2019  EUR   53.200
Vontobel Financial Produ   4.300    9/13/2019  EUR   59.550
Vontobel Financial Produ   7.900    9/13/2019  EUR   53.760
Vontobel Financial Produ  10.050    9/13/2019  EUR   51.310
Vontobel Financial Produ   4.350    9/13/2019  EUR   52.010
Vontobel Financial Produ   9.200    9/13/2019  EUR   46.110
Vontobel Financial Produ  12.000    9/13/2019  EUR   43.690
Vontobel Financial Produ  13.000    9/13/2019  EUR   63.030
Vontobel Financial Produ  17.250    9/13/2019  EUR   58.750
Vontobel Financial Produ   4.750    9/13/2019  EUR   67.800
Vontobel Financial Produ   6.600    9/13/2019  EUR   69.080
Vontobel Financial Produ   5.250    9/13/2019  EUR   69.670
Vontobel Financial Produ   6.700    9/13/2019  EUR   66.260
Vontobel Financial Produ  10.100    9/13/2019  EUR   60.400
Vontobel Financial Produ  10.200    9/13/2019  EUR   68.180
Vontobel Financial Produ   1.950    9/13/2019  EUR   57.370
Vontobel Financial Produ   4.000    9/13/2019  EUR   51.720
Vontobel Financial Produ  11.600    9/13/2019  EUR   41.730
Vontobel Financial Produ   8.500    9/27/2019  EUR   58.470
Vontobel Financial Produ  10.000    9/27/2019  EUR   58.590
Vontobel Financial Produ   9.500    9/27/2019  EUR   57.980
Vontobel Financial Produ  15.500     1/3/2020  EUR   68.220
Vontobel Financial Produ  12.000     1/3/2020  EUR   58.260
Vontobel Financial Produ  11.500    9/27/2019  EUR   74.170
Bayerische Landesbank      3.100    7/31/2020  EUR   66.730
Leonteq Securities AG/Gu  10.000     2/7/2020  CHF   65.340
DZ Bank AG Deutsche Zent  10.000    9/25/2019  EUR   53.530
DZ Bank AG Deutsche Zent  11.000    9/25/2019  EUR   61.150
DZ Bank AG Deutsche Zent  10.000    9/25/2019  EUR   59.160
DZ Bank AG Deutsche Zent   8.000    9/25/2019  EUR   53.740
Credit Suisse AG/Nassau    7.000   11/15/2019  EUR   67.260
Credit Suisse AG/Nassau    9.500   11/18/2019  CHF   53.510
Zurcher Kantonalbank Fin   8.750    8/14/2020  CHF   69.540
UBS AG/London             10.000   10/10/2019  USD   66.040
UBS AG/London              9.000   10/19/2020  USD   53.600
Raiffeisen Centrobank AG   6.092    9/24/2019  EUR   70.600
Raiffeisen Centrobank AG   3.921    3/24/2020  EUR   66.750
Vontobel Financial Produ  13.000    9/27/2019  EUR   73.080
Vontobel Financial Produ  15.000     1/3/2020  EUR   69.960
Vontobel Financial Produ   5.500     1/3/2020  EUR   67.490
Vontobel Financial Produ   7.000     1/3/2020  EUR   64.340
Vontobel Financial Produ   9.000     1/3/2020  EUR   61.690
Vontobel Financial Produ  11.000     1/3/2020  EUR   59.330
Vontobel Financial Produ   8.000    9/27/2019  EUR   70.470
Luzerner Kantonalbank AG   8.250    5/15/2020  CHF   71.990
Commerzbank AG            10.750   10/25/2019  EUR   71.660
Commerzbank AG            12.750   10/25/2019  EUR   68.590
Commerzbank AG            12.000    9/27/2019  EUR   72.590
Commerzbank AG            14.000    9/27/2019  EUR   69.830
Commerzbank AG            11.250    9/27/2019  EUR   70.190
Commerzbank AG            10.500   10/25/2019  EUR   71.380
Commerzbank AG            12.500   10/25/2019  EUR   68.460
DekaBank Deutsche Giroze   3.450    7/31/2020  EUR   58.140
BNP Paribas Emissions- u   7.000    9/26/2019  EUR   71.850
BNP Paribas Emissions- u   9.000    9/26/2019  EUR   72.020
UniCredit Bank AG          4.350   10/26/2021  EUR   39.330
Vontobel Financial Produ  14.000    9/27/2019  EUR   72.400
Vontobel Financial Produ  10.000     1/3/2020  EUR   72.030
Vontobel Financial Produ  13.000    9/27/2019  EUR   55.220
Vontobel Financial Produ  10.000     1/3/2020  EUR   57.580
Vontobel Financial Produ   9.000    9/27/2019  EUR   55.010
Vontobel Financial Produ  10.500    9/27/2019  EUR   71.730
Vontobel Financial Produ   5.750   11/27/2020  EUR   65.130
Raiffeisen Switzerland B   5.000    8/14/2020  EUR   36.950
Landesbank Hessen-Thueri   4.500     9/8/2021  EUR   66.160
Commerzbank AG            16.000    9/27/2019  EUR   65.140
Commerzbank AG            10.000    9/27/2019  EUR   57.640
Commerzbank AG             9.250   11/22/2019  EUR   60.090
Commerzbank AG            15.250   11/22/2019  EUR   52.320
Commerzbank AG            12.750    9/27/2019  EUR   54.250
Commerzbank AG             5.250   11/22/2019  EUR   69.540
Landesbank Baden-Wuertte   4.820   11/22/2019  EUR   62.680
HSBC Trinkaus & Burkhard   7.000    2/28/2020  EUR   70.630
HSBC Trinkaus & Burkhard  11.400   12/27/2019  EUR   41.080
HSBC Trinkaus & Burkhard   7.300   12/27/2019  EUR   44.780
HSBC Trinkaus & Burkhard   9.100    3/27/2020  EUR   67.510
HSBC Trinkaus & Burkhard  10.700    9/27/2019  EUR   68.870
HSBC Trinkaus & Burkhard   9.400   12/27/2019  EUR   71.000
HSBC Trinkaus & Burkhard   8.400    3/27/2020  EUR   72.570
HSBC Trinkaus & Burkhard  10.300    3/27/2020  EUR   43.010
HSBC Trinkaus & Burkhard   6.900    3/27/2020  EUR   46.040
HSBC Trinkaus & Burkhard   3.900   12/27/2019  EUR   61.790
HSBC Trinkaus & Burkhard  12.400   12/27/2019  EUR   69.140
HSBC Trinkaus & Burkhard  10.100   12/27/2019  EUR   72.220
HSBC Trinkaus & Burkhard   6.500   11/22/2019  EUR   71.470
HSBC Trinkaus & Burkhard  13.300    9/27/2019  EUR   70.640
HSBC Trinkaus & Burkhard   7.300   12/27/2019  EUR   55.420
DZ Bank AG Deutsche Zent   5.000   12/27/2019  EUR   66.690
Commerzbank AG            11.500    9/27/2019  EUR   42.430
Commerzbank AG            17.500    9/27/2019  EUR   37.440
DZ Bank AG Deutsche Zent   6.750   12/27/2019  EUR   67.300
DZ Bank AG Deutsche Zent   5.250   12/27/2019  EUR   58.020
Commerzbank AG            10.250   10/25/2019  EUR   69.790
Commerzbank AG            12.250   10/25/2019  EUR   66.610
Commerzbank AG             9.000   10/25/2019  EUR   57.790
DZ Bank AG Deutsche Zent   5.250   12/27/2019  EUR   69.270
HSBC Trinkaus & Burkhard   4.100   12/27/2019  EUR   61.850
Commerzbank AG             9.500    9/27/2019  EUR   44.920
DZ Bank AG Deutsche Zent   5.500   12/27/2019  EUR   68.870
Commerzbank AG             9.500    9/27/2019  EUR   70.900
Commerzbank AG             9.250   10/25/2019  EUR   71.640
Commerzbank AG            11.250   10/25/2019  EUR   68.110
Commerzbank AG            14.250   10/25/2019  EUR   64.000
Vontobel Financial Produ   7.000    8/28/2019  EUR   49.530
Landesbank Hessen-Thueri   4.000     3/8/2021  EUR   53.800
EFG International Financ   6.000    8/24/2020  CHF   65.620
Commerzbank AG            15.000    9/27/2019  EUR   49.720
Commerzbank AG            12.000    9/27/2019  EUR   55.120
HSBC Trinkaus & Burkhard   5.900   11/22/2019  EUR   72.080
HSBC Trinkaus & Burkhard   4.700   12/27/2019  EUR   69.400
HSBC Trinkaus & Burkhard   8.100    9/27/2019  EUR   43.570
HSBC Trinkaus & Burkhard   5.300    9/27/2019  EUR   47.600
HSBC Trinkaus & Burkhard   9.800    3/27/2020  EUR   66.490
HSBC Trinkaus & Burkhard   5.900    6/26/2020  EUR   72.250
HSBC Trinkaus & Burkhard   6.300   10/25/2019  EUR   71.880
HSBC Trinkaus & Burkhard  10.400   11/22/2019  EUR   41.520
HSBC Trinkaus & Burkhard   6.900    6/26/2020  EUR   73.600
HSBC Trinkaus & Burkhard   6.600   12/27/2019  EUR   56.470
HSBC Trinkaus & Burkhard   9.500    3/27/2020  EUR   66.470
HSBC Trinkaus & Burkhard  11.700   12/27/2019  EUR   73.340
DZ Bank AG Deutsche Zent  11.250   12/27/2019  EUR   72.070
Commerzbank AG            13.250   10/25/2019  EUR   65.280
Commerzbank AG            13.750    9/27/2019  EUR   51.820
Commerzbank AG             5.000   10/25/2019  EUR   65.910
HSBC Trinkaus & Burkhard  11.000    3/27/2020  EUR   71.140
HSBC Trinkaus & Burkhard   9.600    3/27/2020  EUR   73.610
HSBC Trinkaus & Burkhard   7.700    3/27/2020  EUR   69.270
HSBC Trinkaus & Burkhard   6.100    3/27/2020  EUR   72.620
HSBC Trinkaus & Burkhard   6.200    2/28/2020  EUR   72.400
HSBC Trinkaus & Burkhard   2.000   12/27/2019  EUR   70.850
Commerzbank AG            15.500    9/27/2019  EUR   38.790
Commerzbank AG            16.750   10/25/2019  EUR   38.560
Commerzbank AG             9.000   10/25/2019  EUR   71.710
Commerzbank AG             7.000   10/25/2019  EUR   61.220
Commerzbank AG            11.000   10/25/2019  EUR   55.150
Landesbank Hessen-Thueri   3.500     9/8/2022  EUR   55.870
UBS AG/London              7.000    5/21/2020  EUR   65.700
Bank Julius Baer & Co Lt  15.300    3/23/2020  USD   56.900
DekaBank Deutsche Giroze   3.100   12/21/2020  EUR   74.710
Raiffeisen Centrobank AG  12.438   12/23/2020  EUR   76.290
Commerzbank AG            17.250    9/27/2019  EUR   72.220
Commerzbank AG            11.250    9/27/2019  EUR   71.900
Commerzbank AG            12.750    9/27/2019  EUR   72.570
Vontobel Financial Produ  10.000    3/27/2020  EUR   70.590
DZ Bank AG Deutsche Zent   7.000    3/25/2020  EUR   72.080
DZ Bank AG Deutsche Zent  10.000    3/25/2020  EUR   58.520
Vontobel Financial Produ  14.000    9/27/2019  EUR   63.660
Vontobel Financial Produ  13.000     1/3/2020  EUR   64.730
DZ Bank AG Deutsche Zent  10.250   12/27/2019  EUR   69.130
DZ Bank AG Deutsche Zent   8.250    3/25/2020  EUR   72.330
Commerzbank AG             7.250   11/22/2019  EUR   67.230



                           *********


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 * * *