/raid1/www/Hosts/bankrupt/TCREUR_Public/200120.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, January 20, 2020, Vol. 21, No. 14

                           Headlines



F R A N C E

ANDROMEDA INVESTISSEMENTS: Moody's Rates New EUR65MM Sec. Debt B2


G E O R G I A

TBC LEASING: Fitch Assigns BB- LongTerm IDR, Outlook Stable


G E R M A N Y

INEOS STYROLUTION: S&P Assigns 'BB' Rating on New Secured Notes


I T A L Y

ISLAND REFINANCING: Fitch Affirms CCsf Rating on Cl. C Notes
UNIONE DI BANCHE: Moody's Rates EUR400MM AT1 Securities B2(hyb)


L U X E M B O U R G

NEURAXPHARM DEBTCO: Moody's Assigns B3 CFR, Outlook Stable


R O M A N I A

BANCA TRANSILVANIA: Fitch Affirms BB+ LongTerm IDR, Outlook Stable


S P A I N

SANTANDER HIPOTECARIO 2: S&P Affirms 'D(sf)' Rating on Cl. F Notes


T U R K E Y

ISTANBUL TAKAS: Fitch Affirms BB- Foreign Curr. IDR, Outlook Stable
ORDU YARDIMLASMA: Fitch Affirms BB LongTerm IDR, Outlook Stable


U N I T E D   K I N G D O M

BULB ENERGY: Blames Auditors for Delay in Publishing Financials
CABLE & WIRELESS: Fitch Assigns BB- Rating to New $1.3BB Term Loan
CARILLION PLC: Collapse Delays Opening of Two New Hospitals
CYCLE SURGERY: Owners Opt to Close Business, 200 Jobs Affected
FLYBE: In Talks with Government Over Loan on Commercial Terms

THOMAS COOK: Condor Attracts Interest from Buyout Groups
TRAVELFAST LTD: Bought Out of Administration by Sampling Int'l
[*] UK: Fashion Sector Most Likely to Call in Administrators


X X X X X X X X

[*] BOND PRICING: For the Week January 13 to January 17, 2020

                           - - - - -


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F R A N C E
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ANDROMEDA INVESTISSEMENTS: Moody's Rates New EUR65MM Sec. Debt B2
-----------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to Andromeda
Investissements' EUR65 million new senior secured term loan B4
tranche issuance. Andromeda's existing ratings, comprising of B2
corporate family rating, B2-PD probability of default rating, and
B2 ratings on the company's existing senior secured facilities
remain unaffected. In fact, despite the increase in debt amount,
Moody's expects the group's Debt/EBITDA ratio to remain between 5x
and 6x over the next 12 months, which is consistent with B2 rated
peers. The stable outlook remains unaffected.

RATINGS RATIONALE

The B2 CFR on Andromeda reflects APRIL SA's (APRIL) strong business
profile and competitive position within the wholesale broking
business in France, its solid profitability, and the resilience and
predictability of its earnings. Andromeda's rating is constrained
by its limited diversification outside the French market, and a
weak financial profile resulting from the leveraged buy-out.

The debt add-on will fund the acquisition of the shares in
insurance broker APRIL that Andromeda does not already own. The
planned debt add-on of EUR65 million, which is within Moody's
assumption, will increase the group's total reported borrowings to
EUR 564.5 million (EUR 499.5 million as of September 2019), but
will maintain its leverage within Moody's expectations.

Following the acquisition of Evolem's 65.6% equity stake in April
2019, Andromeda launched a tender offer to buy out minority
shareholders and increased its ownership stake to 88.9% in August
2019. As of December 30, 2019, Andromeda had secured an additional
10.18% of APRIL's share capital, bringing its total ownership to
99.01%. Andromeda has confirmed its intention to file a buy-out
offer followed by a squeeze-out to acquire the outstanding shares
in APRIL.

Andromeda will achieve full ownership of APRIL in the course of
2020. As a result, all facilities (term loans and revolving credit
facility (RCF)) will rank pari passu and will be secured by
substantially all the assets of APRIL. The B2 rating on the group's
term loan facilities is in line with that of the RCF. According to
the term of the credit documentation, given that the full ownership
of APRIL is secured, the RCF can now be drawn.

OUTLOOK

The rating outlook for Andromeda is stable, reflecting Moody's
expectation that APRIL will maintain solid profitability and will
maintain financial leverage below 6x while growing EBITDA over the
next 12 to 18 months.

WHAT COULD DRIVE THE RATING UP / DOWN

Factors that could lead to an upgrade of the CFR include:

  - Adjusted Debt-to-EBITDA ratio below 5x

  - (EBITDA-Capex) coverage of interest exceeding 3x

  - EBITDA margin increasing to above 25%

Factors that could lead to a downgrade of the CFR include:

  - Adjusted EBITDA increasing above 6x

  - FCF/Debt falling below 3%

  - (EBITDA-Capex) coverage of interest falling below 1.5 x

The principal methodology used in this rating was Insurance Brokers
and Service Companies published in June 2018.




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G E O R G I A
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TBC LEASING: Fitch Assigns BB- LongTerm IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings assigned JSC TBC Leasing a Long-Term Issuer Default
Rating of 'BB-' with a Stable Outlook.

KEY RATING DRIVERS

TBCL's IDRs are driven by support from TBC Bank (BB-/Stable).
Fitch's view of a high probability of support is based on full
ownership by, close integration with and the record of capital and
funding support from TBC Bank.

TBCL operates solely in Georgia, its domestic market, and is the
market leader in Georgian leasing. The company mainly provides
financial leasing to the corporate clientele of TBC Bank as well as
to SMEs, microbusinesses and individuals. TBCL's clients are often
higher-risk borrowers than those of TBC Bank, but this is partly
mitigated by access to liquid collateral and from the adequate
pricing of risk.

TBCL aligns its strategy and risk policies to those of the parent,
although TBCL's management is independent in making operational
decisions.

TBC Bank has provided both capital and funding support over the
years. To support TBCL's further growth, the parent injected new
equity of GEL 6 million in December 2019 and, at the same time,
approved an additional injection in the amount of GEL 2.5 million,
to be disbursed in 2020 based on TBCL's needs. TBC Bank provides
TBCL subordinated and senior loans as well as letters of support to
enable third-party borrowing. It also facilitates TBCL's bond
placements.

TBCL's standalone creditworthiness is constrained by a monoline
business model, weaker asset quality and high risk appetite,
particularly in respect to credit and FX risks. Positively, TBCL's
profitability is high and above TBC Bank's target, highlighting
TBCL's positive contribution to the parent's performance.

The Stable Outlook mirrors that on the parent.

RATING SENSITIVITIES

TBCL's ratings are sensitive to changes in (i) TBC Bank's ratings
and (ii) Fitch's view of TBC Bank's ability and willingness to
provide support in case of need.

A material weakening of TBC Bank's propensity or ability to support
TBCL might result in the subsidiary's rating being notched down
from the parent's. This could be driven by weak performance at
TBCL, a greater risk of regulatory restrictions on support or a
diminishing of TBCL's strategic importance.

ESG CONSIDERATIONS

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




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G E R M A N Y
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INEOS STYROLUTION: S&P Assigns 'BB' Rating on New Secured Notes
---------------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue-level rating to the
proposed senior secured notes, aligned with the senior secured,
pari passu-ranking term loans in the capital structure, and in line
with its issuer credit rating on INEOS Styrolution Holding Ltd.

ISSUE RATINGS--RECOVERY ANALYSIS

Key analytical factors

-- The senior secured debt facilities, comprising the proposed
euro- and dollar-denominated term loans, and the proposed EUR500
million senior secured notes (EUR1.18 billion in total) have an
issue rating of 'BB' and a recovery rating of '3'.

-- The rating is supported by the senior secured nature of the
debt, and reflects indicative recovery prospects of about 60%.

-- Priority claims include a portion of the EUR450 million
securitization facility.

-- S&P's hypothetical default scenario envisages a major cyclical
decline in demand for styrene, polystyrene, and acrylonitrile
butadiene styrene.

-- S&P values the business as a going concern given its market
position as the world's largest producer of polystyrene, styrene
monomer, and styrenic specialties.

Simulated default assumptions

-- Year of default: 2025

-- Jurisdiction: Germany

-- EBITDA at emergence: EUR233 million

-- Minimum capex: 2.0% (standard 2.0%) of historical three-year
annual average revenues, based on the company's average minimum
capex requirement

-- Standard cyclicality adjustment: positive 10% for the commodity
chemicals industry

-- Operational adjustment: positive 35%, to reflect good
top-to-midcycle industry conditions and the company's large scale,
integrated, and cost competitive asset base, with 75% of its
production assets positioned in the first and second quartile of
the industry cost curve. The adjustment also reflects the company's
strategic focus on higher-margin products and higher-growth regions
and end markets, leading to high growth prospects for EBITDA

-- Implied enterprise value multiple: 5x, the anchor multiple for
the commodity chemicals industry

Simplified waterfall

-- Gross enterprise value at default: EUR1.17 billion

-- Net enterprise value after 5% administrative costs: EUR1.11
billion

-- Estimated first-lien senior secured debt claims: EUR1.16
billion

-- Value available for first-lien senior secured claims after
priority claims: EUR723.6 million

    --Recovery expectation: 50%-70% (rounded estimate: 60%)

All debt amounts include six months of prepetition interest.




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I T A L Y
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ISLAND REFINANCING: Fitch Affirms CCsf Rating on Cl. C Notes
------------------------------------------------------------
Fitch Ratings affirmed and withdrawn Island Refinancing S.r.l.'s
floating rate notes due 2025 as follows:

RATING ACTIONS

Island Refinancing S.r.l.

Class C IT0004293582; LT CCsf Affirmed;  previously at CCsf

Class C IT0004293582; LT WDsf Withdrawn; previously at CCsf

Class D IT0004293590; LT Csf  Affirmed;  previously at Csf

Class D IT0004293590; LT WDsf Withdrawn; previously at Csf

TRANSACTION SUMMARY

Island Refinancing is a refinancing of Island Finance S.p.A. and
Island Finance 2 S.r.l. ICR4 and ICR7 were securitisations of
non-performing loans originated in Italy by Banco di Sicilia S.p.A.
(BdS, part of the UniCredit banking group, BBB/Negative).

The ratings were withdrawn with the following reason: the debt
instrument or entity was taken private.

KEY RATING DRIVERS

The affirmation reflects Fitch's expectation of a likely default
(but full recovery) of the class C notes and inevitable write-down
of the class D notes. The ratings are being withdrawn as the
delisting of the notes from the Irish Stock Exchange is in
process.

The most senior class C notes are expected to amortise in full from
collections on resolved claims (including after release of cash
held by Italian courts). The likelihood of the class C notes
repaying in full by legal maturity (and avoiding default) will
depend on the pace of collections (steadily declining) and the
availability of the liquidity facility (currently EUR6.2 million,
and amortising).

RATING SENSITIVITIES

Not applicable

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

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

ESG CONSIDERATIONS

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


UNIONE DI BANCHE: Moody's Rates EUR400MM AT1 Securities B2(hyb)
---------------------------------------------------------------
Moody's Investors Service assigned a B2(hyb) rating to the EUR400
million Additional Tier 1 non-viability contingent capital
instruments to be issued by Unione di Banche Italiane S.p.A. (UBI
Banca, Baa2 Stable/Baa3 Stable, ba2).

The B2(hyb) rating assigned to the notes is based on (1) the
standalone creditworthiness of UBI Banca as expressed by the bank's
ba2 Baseline Credit Assessment (BCA); (2) the high
loss-given-failure under Moody's Advanced Loss Given Failure (LGF)
analysis, resulting in one notch downward adjustment from the BCA;
and (3) the higher payment risk associated with the non-cumulative
coupon skip mechanism, resulting in a further two notches of
downward adjustment. The LGF analysis takes into consideration the
principal write-down feature, in combination with the Tier 1 notes'
deeply subordinated claim in liquidation.

RATINGS RATIONALE

According to Moody's framework for rating banks' non-viability
securities, the agency typically positions Additional Tier 1
securities three notches below the bank's Adjusted BCA. One notch
reflects the high loss-given-failure that these securities are
likely to face in a resolution scenario, due to their deep
subordination, small volume and limited protection from any
residual equity. Moody's also incorporates two additional negative
notches to reflect the higher risk associated with the
non-cumulative coupon skip mechanism, which could precede the bank
reaching the point of non-viability.

The notes are unsecured, perpetual and subordinated to senior and
subordinated unsecured obligations of UBI Banca. The notes have a
non-cumulative full-discretionary coupon-suspension mechanism.
There is a principal write-down if the bank's or the group's
transitional Common Equity Tier 1 capital ratio drops below 5.125%,
which Moody's views as close to the point of non-viability. The
principal can be written up at the issuer's discretion.

WHAT COULD CHANGE THE RATING UP/DOWN

The rating of the notes is mainly driven by UBI Banca's ba2
standalone BCA, and reflects the bank's improving but still high
asset risk, good capital position, modest profitability and sound
liquidity.

Any changes in the BCA of the bank would likely result in changes
to the B2(hyb) rating assigned to these securities.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Banks Methodology
published in November 2019.




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L U X E M B O U R G
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NEURAXPHARM DEBTCO: Moody's Assigns B3 CFR, Outlook Stable
----------------------------------------------------------
Moody's Investors Service assigned a B3 corporate family rating and
B3-PD probability of default rating to Neuraxpharm Debtco S.a.r.l.
Concurrently, Moody's has assigned B3 instrument ratings to the
EUR551 million senior secured Term Loan B, the EUR85 million senior
secured revolving credit facility and the EUR15 million senior
secured acquisition and capex facility made available to
Neuraxpharm Holdco S.a.r.l. The outlook on Neuraxpharm is stable.

RATINGS RATIONALE

"The B3 CFR reflects the high leverage in Neuraxpharm's capital
structure following its announcement to increase debt and pay
around EUR90 million to its shareholders. Moody's expects
Neuraxpharm's pro forma leverage -- defined as Moody's adjusted
gross debt / EBITDA -- to be somewhat above 7x with deleveraging
towards 5.5x unlikely to occur until 2022 at the earliest", says
Knut Slatten -- a Moody's Vice President Senior Credit Officer and
lead analyst for Neuraxpharm.

Neuraxpharm's B3 CFR reflects (i) its concentration in the Central
Nervous System (CNS) segment, representing c. 80% of the company's
revenues; (ii) its overall moderate size with revenues of around
EUR270 million in 2019 and (iii) some degree of event risk
associated with future acquisitions, although this is partly
mitigated by the sponsor's willingness to reinvest in the business
should the company pursue an acquisition that would further
increase leverage from current levels.

Positively, the B3 CFR also reflects the company's (i) strong
performance over the past 12 months that has allowed for favorable
operating leverage and outperformance of management's 2019 budget,
(ii) well-balanced geographic diversification across Europe with
operations in 12 countries including major European markets, (iii)
an attractive product pipeline with potential for further organic
growth in the next 12 to 24 months, (iv) sound profitability with
adjusted EBITDA margins around 27% underpinning high free cash flow
generation, and (v) solid liquidity profile where access to a EUR85
million RCF and EUR15 million ACF provide ample liquidity cushion.

ESG CONSIDERATIONS

Neuraxpharm's B3 rating takes into consideration the company's
corporate governance. As is often the case in levered private
equity sponsored deals, owners can have a higher tolerance for
leverage and governance can be less transparent compared with
non-private equity-owned companies. Neuraxpharm's decision to carry
out a dividend recapitalization at a time when leverage is already
high, in Moody's view, is a key driver behind the assignment of a
B3 rating.

LIQUIDITY PROFILE

Moody's considers Neuraxpharm's liquidity to be good and supported
by: (i) its expectations of ongoing strong free cash flow
generation (after capital expenditures) that Moody's expects will
amount to around EUR30 million on an annual basis; (ii) access to
an undrawn EUR85 million RCF and an undrawn EUR15 million ACF pro
forma the transaction; (iii) substantial headroom to its springing
financial covenant based on net leverage set at 9.5x and tested
only when the RCF is drawn by more than 35%.

STRUCTURAL CONSIDERATIONS

Using Moody's Loss Given Default for Speculative-Grade Companies
Methodology, the PDR is B3-PD, in line with the CFR, reflecting its
assumption of a 50% recovery rate as is customary for capital
structures including bank debt with loose financial maintenance
covenants. The senior secured TLB, the senior secured RCF and the
senior secured ACF are rated B3 in line with the CFR.

OUTLOOK RATIONALE

The stable outlook includes its expectation that Moody's adjusted
gross leverage will remain above 6x at least until 2021. The stable
outlook also incorporates Moody's expectations that Neuraxpharm
will continue to generate strong organic growth as new drugs
emanating from the pipeline will be rolled out. Provided that this
strong organic growth continues, Moody's considers that Neuraxpharm
will remain solidly positioned in the B3 rating category.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Upward pressure could develop should Neuraxpharm ensure that its
base business remains stable and successfully rolls out new
pipeline products to allow its gross leverage to move towards
5.5x.

Negative pressure on the rating could occur if (i) Neuraxpharm's
Moody's adjusted gross debt/EBITDA fails to deleverage below 7x or;
(ii) Neuraxpharm generates negative free cash flows leading to a
deterioration of the company's currently good liquidity profile.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Neuraxpharm Debtco S.a.r.l. is the consolidating entity for
Neuraxpharm Holdco Iberia (formerly known as Invent Farma),
Neuraxpharm Arzneimittel GmbH, Neuraxpharm Italy Holdco
(Neuraxpharm Italy formerly known as FB Health S.p.A.), Neuraxpharm
Polska, Neuraxpharm Portugal, Neuraxpharm UK, Neuraxpharm France
and Neuraxpharm Czech. The company was created by Apax Partners and
transformed Neuraxpharm as a pan-European specialist actor in
Central Nervous System (CNS) disorders with differentiated products
and some level of vertical integration. The group reported EUR217
million of net sales and EUR69.4 million of EBITDA Adjusted in
2018.




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R O M A N I A
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BANCA TRANSILVANIA: Fitch Affirms BB+ LongTerm IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings affirmed Banca Transilvania S.A.'s Long-Term Issuer
Default Rating at 'BB+' with a Stable Outlook and the bank's
Viability Rating at 'bb+'.

KEY RATING DRIVERS

IDRS AND VR

The IDRs of Banca Transilvania are driven by its standalone
creditworthiness as reflected in its VR. The latter is underpinned
by the bank's strong domestic market franchise, resilient
through-the-cycle profitability and adequate capitalisation.

Banca Transilvania is the largest bank in Romania with a market
share of about 17% of the sector's assets. Its traditional banking
business model focuses on serving SMEs entrepreneurs and retail
clients with whom it enjoys strong customer relationships. A
granular loan book and limited exposure to volatile industries
supported its record of solid overall performance through the
cycle, while the banking sector largely focused on deleveraging.
Fitch's outlook for Romanian banks in 2020 remains stable, with
banks well-positioned to weather an expected economic slow-down.
However, rising fiscal and external imbalances pose a risk to
medium-term economic prospects.

In its view Banca Transilvania's profitability is a rating strength
and has remained stronger through the cycle than local peers'. This
reflects the bank's resilient interest margins, strong franchise
and good cost efficiency. Revenues are generated from lending
activity with solid interest margins and the bank's substantial
holdings of treasury securities. Operating efficiency remains
strong due to tight cost control, while receding integration costs
should cushion wage pressures and IT investments in short-term.
Loan impairment charges for 1H19 were low, but this is
unsustainable and in its view will gradually normalise as the
credit cycle turns.

In 1H19 Banca Transilvania reported an operating
profit/risk-weighted assets of 4.7% (annualised), similar to that
of largest Romanian banks. However the bank's return on equity
(ROE) was superior to peers' at 23.1% at end-1H19. Fitch does not
expect the bank tax recently introduced in Romania to have a
meaningful impact on Banca Transilvania's profitability.

Capitalisation remains solid, supported by healthy internal capital
generation and low encumbrance by uncovered impaired loans due to
substantial resolution of legacy bad debts. At end-1H19 the bank's
Fitch Core Capital ratio stood at 17.1%, while regulatory capital
metrics were adequate. Strong capital generation should largely
offset, in the medium term, a decrease in capital ratios resulting
from acquisitions in 2018.

The asset quality of Banca Transilvania reflects its reasonable and
diversified lending, with modest concentrations in industries and
single names. Its impaired loans ratio continued to fall, to 6.1%
at end-1H19 as write-offs and a supportive economic environment
helped resolve legacy bad debts. Its coverage remains strong as
total provisions cover more than 100% of impaired loans.

Banca Transilvania's funding and liquidity remain a rating
strength. The bank remains self-funded with stable and granular
customer deposits. Its strong funding profile is reflected in a
gross loan/deposits ratio of 62% at end-1H19. In its view the
bank's deposit franchise could withstand moderate stress. Banca
Transilvania's liquidity is ample, comprising mostly Romanian
government bonds and placements with the central bank. Basel
liquidity ratios (LCR, NSFR) remain well above regulatory minimum
requirements, while liquid assets covered 45% of customer deposits
at end-1H19.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating of '5' and Support Rating Floor of 'No Floor'
for Banca Transilvania reflect Fitch's view that sovereign support
for senior creditors, while possible, can no longer be relied upon,
as for most other commercial banks in the European Union, following
the adoption of the Bank Recovery and Resolution Directive.

RATING SENSITIVITIES

IDRS AND VR

Banca Transilvania's IDRs are sensitive to changes in the bank's
VR.

The VR could be downgraded if a sharp economic slowdown or
idiosyncratic issues lead to marked deterioration in asset-quality
and capital metrics. A significant increase in risk appetite,
translating into a substantial inflow of new bad debts and capital
erosion, could also lead to the VR being downgraded. The upgrade of
VR is unlikely in the medium term given constraints of the Romanian
operating environment.

SUPPORT RATING AND SUPPORT RATING FLOOR

An upgrade of the Support Rating and upward revision of the Support
Rating Floor would be contingent on a positive change in the
sovereign's propensity to support the bank. However, this is highly
unlikely, given existing resolution legislation.

ESG CONSIDERATIONS

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




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S P A I N
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SANTANDER HIPOTECARIO 2: S&P Affirms 'D(sf)' Rating on Cl. F Notes
------------------------------------------------------------------
S&P Global Ratings raised its credit ratings on Fondo de
Titulizacion de Activos Santander Hipotecario 2's class A to E
notes and affirmed its rating on the class F notes.

S&P said, "The rating actions follow the application of our
relevant criteria and our full analysis of the most recent
transaction information that we have received, and reflect the
transaction's current structural features.

"After applying our European residential loans criteria to this
transaction, and taking into account the most recent data provided
by the originator which included additional details on further
advances, borrower residency and borrower employment status, the
overall effect in our credit analysis results is an decrease in the
required credit coverage for each rating level compared with our
previous review. On top of this, the transaction's performance over
the last few years has been stable with low arrears above 90 days
being below 0.4%, lower than our Spanish RMBS index."

  Credit Analysis Results
  Rating level   WAFF (%)   WALS (%)
  AAA            27.49      29.41
  AA             20.38      22.19
  A              16.51      13.00
  BBB            13.29      9.24
  BB             9.96       7.21
  B              7.24       5.72

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

On the October 2019 interest payment date (IPD), the available
credit enhancement, excluding loans in arrears for more than 180
days and defaults, for the class A, B, C, D, and E notes increased
to 33.5%, 22.45%, 15.55%, 4.90%, and 0.71%, respectively, from
27.43%, 17.99%, 12.11%, 3.05%, and -0.52% in our previous review.
The increased credit enhancement is due to the senior notes'
amortization and recent build-up of the reserve fund. Given current
negative interest rates, the transaction is not paying interest on
the class A, B, and C notes. Therefore, all collections are
currently used to pay principal on the class A notes, and interest
only on the class D and E notes.

This transaction features an amortizing reserve fund, which the
class F notes' issuance funded at closing. It has been fully
depleted from January 2009 to July 2018, and it totals EUR3.7
million and provides 0.79% credit enhancement (21% of its target
amount). Outstanding defaults have decreased due to the improved
performance of the assets, and recoveries from defaulted loans have
increased.

S&P said, "In line with other Santander transactions, given that
Banco Santander S.A. (A/Stable/A-1) is both the servicer and
collection account provider, we are not stressing any commingling
risk at rating levels at or below the the long-term issuer credit
rating (ICR) on Banco Santander. Therefore, classes D, E, and F are
weak-linked to the rating on Banco Santander. In addition, for
higher ratings, we have reassessed our view of this transaction's
commingling risk to better reflect the daily sweep, and that
prepayments would significantly decline if the servicer became
insolvent. As a result, we are now applying a commingling stress
equal to the loss of one month of collections, compared to two
months in our previous review. Our reassessment had a positive
impact on our cash flow results.

"Our cash flow analysis, reflecting our updated credit figures,
indicates that the available credit enhancement for the class A to
D notes is commensurate with 'AAA (sf)', 'AA+ (sf)', 'AA- (sf)',
and 'BBB- (sf)' ratings, respectively. We have therefore raised our
ratings on these classes of notes.

"Our cash flow analysis also indicates that the available credit
enhancement for the class E notes is not sufficient to withstand
our cash flow stresses at the 'B' rating level. We performed a
qualitative assessment of the key variables for the transaction, in
particular we have taken into account the slight increase in credit
enhancement and the transaction's good performance. We have also
considered that this class would be able to pass our 'B' rating
scenario if we were to assume recoveries on the defaulted loans
equal to the current level experienced by the transaction. We have
therefore concluded that in a steady state scenario, the issuer
would be able to meet its payment obligations on the class E notes
and, in line with our 'CCC' ratings criteria, we have raised to 'B-
(sf)' from 'CCC- (sf)' our rating on this class.

"The class F notes have been defaulting on their interest payments
since the July 2009 payment date. We have therefore affirmed our 'D
(sf)' rating on the class F notes.

"Our ratings above the sovereign and counterparty criteria do not
constrain the ratings on the notes."

Santander Hipotecario 2 is a Spanish RMBS transaction, which closed
in July 2006 and securitizes first-ranking mortgage loans. Banco
Santander originated the pool, which comprises loans granted to
prime borrowers, mainly located in Catalonia, Madrid, and
Andalusia.




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T U R K E Y
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ISTANBUL TAKAS: Fitch Affirms BB- Foreign Curr. IDR, Outlook Stable
-------------------------------------------------------------------
Fitch Ratings affirmed Istanbul Takas ve Saklama Bankasi A.S.'s
Long-Term Foreign-Currency Issuer Default Rating at 'BB-' with a
Stable Outlook. At the same time, Fitch has affirmed Takasbank's
Viability Rating at 'b+'.

KEY RATING DRIVERS

IDRs, SUPPORT RATING (SR), SUPPORT RATING FLOOR (SRF) AND NATIONAL
RATING

Takasbank's IDRs are based on Fitch's expectation of a moderate
probability of support from the Turkish sovereign in case of need,
which is reflected in Takasbank's Support Rating of '3' and Support
Rating Floor (SRF) of 'BB-'. The SRF, which underpins the bank's
LTFC IDR, is aligned with the sovereign's LTFC IDR. The bank's
Long-Term Local-Currency (LTLC) IDR of 'BB-' is also aligned with
that of the sovereign, reflecting its support expectations and
Turkey's ability to provide support in local currency.

Takasbank's SRF is higher than for most commercial systemically
important domestic banks. This is because in its opinion, Takasbank
has exceptionally high systemic importance for the Turkish
financial sector and because resources required to support
Takasbank in foreign currency should in Fitch's view be manageable
for the sovereign. Contagion risk from Takasbank's default would be
considerable given the bank's inter-connectedness with the wider
Turkish financial sector as Turkey's only central counterparty
clearing house (CCP).

The state's ability to provide extraordinary foreign-currency
support to the banking sector, if required, may be constrained by
limited central bank reserves (net of placements from banks) and
the banking sector's sizable external debt. However, in its view,
Takasbank's foreign-currency support needs, even in quite extreme
scenarios, should be manageable for the sovereign given the bank's
moderate foreign-currency exposure and an acceptable liquidity
position.

The affirmation of Takasbank's National Rating reflects Fitch's
view of unlikely material weakening in the ability or propensity of
the authorities to support the bank in local currency, resulting in
unchanged creditworthiness relative to other domestic issuers.

VR

Takasbank's VR, which is at the same level as those of most large
commercial Turkish banks, is underpinned by the bank's dominant
franchise as the country's only clearing house. It is further
supported by sound counterparty risk management, limited direct
credit risk in its CCP activities (due to the availability of
adequate default management resources), as well as acceptable
capitalisation, funding and liquidity profile. However, the VR also
reflects considerable concentration risk in its CCP activities and
incremental credit risk appetite in its non-CCP activities, notably
its extensive treasury activities with Turkish counterparties.

At end-3Q19, Takasbank's Tier 1 ratio stood at around 25% (15% at
end-2017), supported by strong retained profits and a moderately
smaller balance sheet. Profitability remained sound, reflected in
an operating profit/average equity ratio of 35%, primarily driven
by higher treasury revenue, and to a lesser extent, increasing CCP
revenue.

Takasbank is Turkey's only CCP and is majority-owned by Borsa
Istanbul, Turkey's main stock exchange. Borsa Istanbul in turn is
majority-owned by the Turkish government (via the Turkey Wealth
Fund). It operates under a limited banking licence, and is
regulated by three Turkish regulatory bodies: the Central Bank of
Turkey, the Banking Regulation and Supervision Agency and the
Capital Markets Board.

RATING SENSITIVITIES

IDRs, SR, SRF AND NATIONAL RATING

Rating action on Turkey's sovereign rating are likely to be
mirrored in Takasbank's ratings given the strong correlation of the
bank's credit profile with that of the sovereign, as well as
country and banking sector risks. Additionally indications that
resources, in particular in foreign currency, required to support
Takasbank in a stress scenario are materially larger than currently
estimated by Fitch, for instance as a result of a higher risk
appetite in foreign-currency treasury activities, could put
pressure on Takasbank's SRF and LTFC IDR.

VR

Takasbank's VR is primarily sensitive to deterioration in the
credit quality of the bank's counterparties or a worsening of the
domestic operating environment. In addition, Takasbank's VR remains
sensitive to a material operational loss, or a materially increased
risk appetite, for example, by growing rapidly in untested asset
classes. Increasing risk appetite in the bank's treasury
activities, particularly to lower- credit quality counterparties,
could also be rating-negative.

Conversely, an improvement in the credit profile of its main
commercial bank counterparties could, in particular if in
conjunction with stable or improving financial metrics, lead to an
upgrade of Takasbank's VR. Materially lower counterparty
concentration risk, considered unlikely by Fitch given Takasbank's
business model, could also support positive rating action.

ESG CONSIDERATIONS

Fitch assigned Takasbank a governance structure relevance score of
'4' in contrast to a typical relevance score of '3' for comparable
entities. This reflects potential government influence over the
board's strategy and governance effectiveness.


ORDU YARDIMLASMA: Fitch Affirms BB LongTerm IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings affirmed the Long-Term Issuer Default Rating of Ordu
Yardimlasma Kurumu at 'BB'. The Outlook is Stable.

The rating is driven by Oyak's blended income stream, which Fitch
assesses at 'B+', supported by a two- notch upgrade to reflect the
strong loan-to-value and leverage metrics that are in line with the
investment-grade category. The ratings are constrained by the
concentration in a single market - Turkey - and the high dependency
on the company's largest dividend contributor, Erdemir.

Oyak's ratings are above the Turkish Country Ceiling of 'BB-'
because Fitch expects that Oyak has sufficient structural
enhancements that would mitigate transfer and convertibility
risks.

The Stable Outlook reflects its strong standalone balance sheet,
and the ability to influence and control the dividend flow from
group subsidiaries.

KEY RATING DRIVERS

Blended Income Stream Rating: Its analysis of the three
subsidiaries that generated 95% of Oyak's dividend income at
end-2018 results in an average credit quality that maps to a 'BB-'
in its rating factor table based. The subordinated nature of
dividend flows versus taxes and debt leads us to apply a
single-notch discount to arrive at a blended income stream rating
of 'B+' .

Fitch does not apply an additional uplift for diversification as
dividends are mainly dependent on Erdemir and Oyak Cement, which
had dividend weightings of 68% and 18%, respectively, at end-2018.
Fitch does, however, apply a two-notch uplift, supported by
factors, such as dividend control, a very strong LTV ratio and
conservative leverage metrics.

Strong LTV: Fitch's stressed LTV ratio for Oyak is significantly
below 25% where Fitch expects it to remain despite its expectations
of increased investment. This is in line with the 'A' rating
category under its methodology, and with Oyak's higher-rated peers.
When calculating Oyak's LTV ratio, Fitch takes into account debt in
SPVs, such as ATAER, BIREN and cement joint ventures, despite the
absence of parent-company guarantees and cross-defaults.

Rating Headroom: Although Fitch believes that Turkish asset values
could fluctuate, Oyak has ample rating headroom to withstand
economic shocks in the domestic economy. Fitch believes it can
maintain a solid LTV ratio commensurate with high investment-grade
ratings.

Conservative Leverage: Fitch views Oyak's financial structure as
being in line with a high investment- grade rating category,
despite its three-year dividend forecasts being more conservative
than management's. Although Fitch expects a slight increase in
leverage metrics from investments, Fitch expects dividend gross
leverage cover to be around 3.0x in its four-year forecast horizon.
This continues to be modest for current rating levels.

Volatile Dividends: Fitch views Oyak's dividend volatility at a
weak investment-grade level, due mainly to fluctuations in upstream
cash flow from equity participations. The volatility arises not
from operational shortfalls or heavy investments in subsidiaries,
but from reporting currency of subsidiaries being in US dollars.
Although Oyak has almost ultimate control on dividend flow, the
lack of diversification and increased dependency on Erdemir could
result in cash-flow volatility.

Liquid Assets: Fitch views Oyak's asset liquidity as being
consistent with the 'BBB' rating category, with 53% of the group's
equity participation portfolio value coming from publicly listed
companies. Oyak's asset portfolio is more liquid than other Turkish
holding companies' and international peers' as it can easily be
converted into cash to serve pension payments. Any change in this
capital allocation policy into unlisted assets driving listed
assets below 50% of the issuer's valuation, could lead Fitch to
place more weight on leverage and interest cover ratios, rather
than the LTV calculations.

Conservative Financial Policies: Fitch believes that Oyak's record
of abiding by the group's internal financial policies, which are
strict owing to the group's status as a quasi-pension fund,
compares well to high investment-grade peers'. However, Oyak
prefers to invest in manufacturing, infrastructure, energy and
heavy industries, avoiding industries that directly serve
end-customers. Although this strategy has been successful so far,
such businesses are more cyclical and volatile than high
investment-grade peers, which typically invest in the utilities and
consumer goods sectors.

Payments to Members: Fitch views payments to pension members as
quasi-dividend payments being ultimately subordinated to senior
unsecured financial debt obligations of the group. This is driven
by its belief that the fund has deferral mechanisms in place for
liquidity crunches and that any withdrawal requests should first be
passed through OYAK's general assembly. Therefore Fitch does not
deem these payments as part of holding company funds from
operations (FFO), and debt coverage calculations.

DERIVATION SUMMARY

Oyak Holding is a supplementary pension fund for the Turkish
military which is unique in Fitch-rated holding companies. While
there are no direct publicly rated peers, Fitch does find
similarities with other international rated holding companies such
as CDP Reti SpA (BBB/ Negative) and Criteria Caixa S.A, Unipersonal
(BBB+/ Stable).

Oyak assets are investments in various sectors including steel,
autos and cement. The high exposure to the volatile Turkish economy
and the dependency on the dividend distribution of a single asset,
Erdemir, exposes Oyak to fluctuations in dividend flow. The
lower-rated assets portfolio and the exposure to a single market
lead to a lower blended income revenue stream than others, such as
CDP Reti .

As a quasi-pension fund, Oyak has strict financial and investment
policies, strong control over asset dividends and a very low
leverage profile. This leads to significantly better LTV and
leverage metrics than peers and is in line with the 'A' rating
median. This is a key rating strength. In addition, Oyak has a
strong liquidity profile similar to Criteria Caixa and better than
CDP Reti, driven by significant holdings in the form of cash and
financial investments that could be used to meet payments to
members.

KEY ASSUMPTIONS

  - Lower dividend income between 2020 and 2022 driven by higher
    CAPEX requirement at subsidiaries

  - Other income streams and OPEX in-line with the historical
    average

  - Stable interest rate

  - Slight increase in the payments to members to reach TRY1.5
    billion in 2022

RATING SENSITIVITIES

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

  - Improvement in the credit quality of its portfolio, which may
    drive an upgrade in blended income stream rating calculation

  - Increased diversification of cash flow, with less reliance on
    any single asset, accompanied by improved geographic
    diversification.

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

  - Fitch-adjusted LTV ratio sustained above 45%

  - Weakening in the credit quality of its portfolio, leading to  
    a blended income stream calculation below 'BB'
  
  - Fitch-adjusted dividend interest coverage below 2.5x

  - Decreased diversification of cash flow leading to increasing
    dependency on any single asset.

LIQUIDITY AND DEBT STRUCTURE

Adequate liquidity: As of June 30, Oyak Holding had TRY3.4 billion
of cash and TRY1.9 billion of financial assets (mostly time
deposits) on its balance sheet which comfortably covers TRY101
million of debt on its standalone balance sheet.

Driven by OYAK management's strategy, the liquidity profile is
comfortably adequate even on a consolidated level. As at June 30,
2019, Oyak had a consolidated debt position of TRY 17.6 billion
(FY18 TRY18.8 billion) partially covered by a consolidated cash
position of TRY 14.2 billion (FY18 19.3 billion).

ESG CONSIDERATIONS

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




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

BULB ENERGY: Blames Auditors for Delay in Publishing Financials
---------------------------------------------------------------
Rachel Millard at The Telegraph reports that energy challenger Bulb
Energy has blamed auditors BDO "falling behind schedule over the
holidays" for a delay of more than two weeks to publishing its
annual accounts.

According to The Telegraph, the gas and electricity supplier was
meant to submit the financial statements by Dec. 31 but said they
were filed on Friday, Jan. 17, and should be published today, Jan.
20, instead.

Run by Amit Gudka and Hayden Wood, Bulb has expanded rapidly since
it was founded in 2015 aiming to shake up the industry, and now has
more than 1.6 million customers around the UK, The Telegraph
discloses.

However, like many of the challengers in the industry it has
focused on rapid growth, investment in staff and technology rather
than turning a profit, The Telegraph relates.  It made a loss of
GBP23.7 million in the year ending March 2018 on sales of GBP182.7
million, The Telegraph states.  That compared to a loss of GBP1.9
million the year earlier on sales of GBP10 million, The Telegraph
notes.


CABLE & WIRELESS: Fitch Assigns BB- Rating to New $1.3BB Term Loan
------------------------------------------------------------------
Fitch Ratings assigned 'BB-'/'RR4' ratings to Cable & Wireless
Communications' new USD1.3 billion term loan. The borrower of the
term loan will be Sable International Finance Limited, and Coral-US
Co-Borrower LLC. The proceeds of the term loan will be used to
partially refinance an existing USD1.6 billion term loan due 2026.

There have been no additional changes to any of the company's
ratings, including those of its secured (BB-/RR4) and unsecured
debts (B+/RR5), or its Long-Term Issuer Default Rating, which
remains at 'BB-'. The Rating Outlook is Stable.

KEY RATING DRIVERS

Linkages with Liberty Latin America: CWC is a wholly owned
subsidiary of Liberty Latin America (LLA). LLA's financial
management involves moderately high amounts of leverage across its
operating subsidiaries, each ring-fenced from one another. While
the credit pools are legally separate, LLA has a history of moving
cash around the group for investments and acquisitions. This
approach improves financial flexibility; however, it also limits
the prospects for deleveraging. The high degree of cash movement
throughout the group could lead to an equalization of ratings.
LLA's pro-forma net debt/EBITDA ratio, accounting for Liberty Cable
Puerto Rico's (LCPR, B+/Stable) acquisition of AT&T's Puerto Rico
and US Virgin Island operations, is greater than 4.5x. In addition
to LCPR and CWC, Fitch also rates VTR Finance BV (VTR;
BB-/Stable).

Solid Competitive Position: CWC has the No. 1 or No. 2 position in
its major markets, many of which are a duopoly between CWC and
Digicel, although Panama is currently a four-player market. The
risk of new entrants is low, given the relatively small size of
each market. Investments of approximately USD1.2 billion over the
last three years should ensure that the company's network remains
competitive in the medium term. Under this environment, CWC's
market position should remain stable over the medium term despite
strong competition from Digicel and Millicom. These dynamics
support robust EBITDA margins, which have consistently topped 35%.

Diversified Operator: The company's revenue mix per service is well
balanced, with mobile accounting for approximately 29% of total
sales, fixed-line with 24%, and business to business with 47% of
revenues as of third-quarter 2019 (3Q19). In addition, the
company's geographic diversification is solid, with substantial
fixed and mobile presence operations throughout the Caribbean and
elsewhere. The company's largest markets are Panama and Jamaica,
which together account for approximately 76% of mobile and 49% of
fixed subscribers as of 3Q2019. The company has grown its footprint
through M&A and consolidated its ownership of its subsidiaries,
which Fitch expects to continue.

Modest Growth Prospects: Fitch believes that CWC's broadband and
managed services segments will be the main growth drivers, backed
by its increasing subscriber base and relatively low service
penetrations, and growing corporate/government clients' IT service
demands. Fitch does not expect further additional price competition
to significantly pressure operating margins; however, the
competitiveness of key markets precludes material ARPU expansion,
particularly in mobile. Fitch does not expect data ARPU
improvements in the mobile segment to fully mitigate voice ARPU
trends. Legacy fixed-voice revenue erosion is also unlikely to
abate, in line with regional trends.

Corporate Restructuring and Subordination of Notes: In January
2020, the company completed its corporate reorganization, which
resulted in the structural subordination of the group's USD1.7
billion senior unsecured notes due in 2026 and 2027. Fitch has
indicated since 2017 and 2018, respectively, for the 2027 notes and
the 2026 notes that the proposed restructuring would subordinate
the notes and result in a downgrade. Fitch estimates CWC's prior
ranking debt at 2.7x LTM EBITDA; per Fitch's Corporate Notching and
Recovery Rating Criteria, prior ranking debts above 2.0x EBITDA
indicates a material subordination and lower recoveries for
unsecured debts.

DERIVATION SUMMARY

CWC's competitive position and diversified operations support
EBITDA generation that compares favorably with speculative-grade
telecoms in the region. This strength is offset by its higher
leverage than most peers in the 'BB' rating category, as well as
LLA's financial management, which limits any material deleveraging.
For these reasons, CWC is rated the same as sister company VTR
Finance B.V. (BB-/Stable). The company's overall financial profile
is stronger than its main competitor, Digicel Limited (B-/Stable),
although its business profile is broadly similar, though more
diversified from a service prospective. The company has a weaker
financial profile than Millicom International Cellular S.A.
(BB+/Stable), a competitor in Panama.

KEY ASSUMPTIONS

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

  -- Low single-digit revenue growth, primarily driven by B2B
     segment as residential revenue growth remains stagnant;

  -- EBITDA margin to remain stable at 35% in medium term;

  -- Capex to sales ratio of 15%-17% in the medium term.

RATING SENSITIVITIES

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

  -- A positive rating action depends on the potential
     deleveraging trajectory at the consolidated LLA level such
     that adjusted net leverage falls below 4.5x.

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

  -- An erosion of the company's business position and/or sizable
     cash upstream for M&A or dividends, leading to adjusted net
     debt/EBITDAR sustained above 4.5x.

LIQUIDITY AND DEBT STRUCTURE

Sound Liquidity: CWC's liquidity profile is sound, backed by its
long-term debt maturities profile, relatively stable operational
cash flow generation, as well as committed revolving credit
facility. As of Sept. 30, 2019, the company held cash and
equivalents of USD432 million, against current portion of debt and
capital leases of USD133 million. Fitch expects that the
composition of the company's net debt will increase following the
completion of LCPR's acquisition of the AT&T assets.

The company has an undrawn USD625 million revolving credit facility
due 2023, which bolsters its financial flexibility. The company has
good access to international capital markets, when in need of
external financing.

ESG CONSIDERATIONS

CWC scores a 4 on Exposure to Environmental Impacts, owing to its
presence in a hurricane-prone region. Following the reorganization,
CWC scores a 3 on Group Structure, down from 4. Scores of 4
indicate factors that are not key drivers to a rating, but can have
an impact in combination with other factors.

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


CARILLION PLC: Collapse Delays Opening of Two New Hospitals
-----------------------------------------------------------
Sebastian McCarthy at The Telegraph reports that the dramatic
collapse of Carillion set back the opening of two new hospitals by
years and sent costs surging, an investigation has found.

Carillion had not finished work on the Midland Metropolitan
Hospital and the Royal Liverpool University Hospital when it went
into liquidation, The Telegraph relays, citing a probe by the
National Audit Office spending watchdog (NAO).

They are now due to open more than three and five years late
respectively, The Telegraph discloses.

According to The Telegraph, the NAO said that shareholders,
investors, insurers and Carillion lost at least GBP603 million on
the construction of both projects, which were funded by Private
Finance Initiatives (PFIs).

Costs have almost doubled  since the PFI contracts were signed,
with the Royal Liverpool set to cost a total of GBP1.1 billion to
build and run compared to a predicted GBP746 million, The Telegraph
states.  The Midland Metropolitan is due to cost at least GBP988
million compared to a forecast GBP686 million, The Telegraph
notes.

Headquartered in Wolverhampton, United Kingdom, Carillion plc --
http://www.carillionplc.com/-- is an integrated support services
company.  The Company operates through four business segments:
Support services, Public Private Partnership projects, Middle East
construction services and Construction services (excluding the
Middle East).


CYCLE SURGERY: Owners Opt to Close Business, 200 Jobs Affected
--------------------------------------------------------------
Simon MacMichael at road.cc reports that Cycle Surgery, one of the
UK's largest specialist cycling retailers, is being closed down by
its owners, with parent company Outdoor and Cycle Concepts saying
that the business is "unsustainable."

According to a Colleague Information Pack sent to employees last
week by Outdoor and Cycle Concepts, a copy of which has been seen
by road.cc, it is anticipated that the closure process will take
eight months to complete.

In all, some 200 staff are affected by the closure and while
Outdoor and Cycle Concepts says it hopes to relocate staff to other
businesses within the group where possible, some redundancies are
inevitable, road.cc discloses.

In April last year, the group announced that it was seeking a
company voluntary arrangement (CVA) with its creditors, which they
approved the following month, road.cc recounts.

According to road.cc, the group, which made a pre-tax loss of
GBP20.2 million on sales of GBP187.4 million in the year ended 31
December 2018, said in its annual report that it in seeking the
CVA, it aimed "to restore profitability across the store portfolio
and reduce the cost base of certain stores."

In its announcement to Cycle Surgery staff regarding the planned
closure of the business, the company said: "In the past 3 years,
partly down to market conditions, but also due to the complexity of
Cycle Surgery and, in some instances, our operating mistakes, Cycle
Surgery has lost over GBP3 million.  The picture looks worse if we
look back even further.  This is unsustainable.

"Unfortunately, to add to the pressure, we have been unable to come
to satisfactory agreements with the landlords to make Cycle Surgery
viable for the future."

Currently, Cycle Surgery trades from 14 stores.  Five of those, as
well as the Cycle Surgery website, will cease trading under the
plans announced last week, while nine will be converted to other
brands within the group, road.cc relays.


FLYBE: In Talks with Government Over Loan on Commercial Terms
-------------------------------------------------------------
Sarah Young at Reuters reports that struggling British regional
airline Flybe is in talks with the government about a loan on
commercial terms which would not represent a state bailout, the BBC
reported on Jan. 17.

British Airways and Ryanair have opposed government-backed support
for Flybe, saying it prevents a level playing field and breaches
state aid rules, although the details of the plan have not been
made public, Reuters relates.

The government has said that its support for Flybe, which provides
links between many regional UK and European airports, does not
breach EU rules on state aid, Reuters discloses.

Flybe's boss Mark Anderson said any government help would be made
on commercial terms, the BBC reported, citing an address he gave to
Flybe staff, Reuters notes.

According to Reuters, the BBC quoted Mr. Anderson as saying "We are
in conversation with the government around a financial loan -- a
loan, not a bailout -- a commercial loan, but that is the same as
any loan we'd take from any bank".

Flybe was rescued from near collapse on Jan. 14, when its
shareholders agreed to invest more money alongside government,
Reuters reocunts.

The airline declined to comment on the BBC's report of what Mr.
Anderson said, but did say that it had agreed with Britain's
finance department a payment plan for a debt of less than GBP10
million (US$13.1 million), Reuters relays.


THOMAS COOK: Condor Attracts Interest from Buyout Groups
--------------------------------------------------------
Ilona Wissenbach at Reuters reports that Condor, the airline that
used to belong to Thomas Cook, has attracted interest from buyout
groups Apollo and Greybull as well as Polish carrier LOT, which are
expected to submit final bids this week, a person close to the
matter said.

According to Reuters, the person said on Jan. 16 each of the
bidders could tie up with some of Germany's leading tour operators
in a potential deal to buy Condor.

As part of efforts to cut costs, Condor on Jan. 16 struck a deal
with its flight attendants on plans to cut 150 of its 2,400 cabin
jobs, Reuters discloses.  That followed an earlier deal to cut 170
jobs in overhead operations, Reuters states.

Cost cut targets considered necessary for a sale have been reached,
Reuters relays, citing person close to the matter.

Unlike Thomas Cook, Condor received a lifeline from Germany in the
form of a EUR380 million bridging loan and filed for investor
protection proceedings, which requires that a company is not yet
insolvent and can be saved, Reuters notes.

                     About Thomas Cook Group

Thomas Cook Group Plc is the ultimate holding company of direct and
indirect subsidiaries, which operate the Thomas Cook leisure travel
business around the world.  TCG was formed in 2007 following the
merger between Thomas Cook AG and MyTravel Group plc. Headquartered
in London, the Group's key markets are the UK, Germany and Northern
Europe.  The Group serves 22 million customers each year.

The Group operates from 16 countries, with a combined fleet of over
100 aircraft through five entities holding air operator
certificates in the UK, Germany, Denmark and Spain.  The Group has
2,800 owned and franchised retail outlets (including 555 shops in
the UK) and operates 199 own-brand hotels across the world.

As of Dec. 31, 2018, the Group had 21,263 employees, including
9,000 in the U.S.

The travel agent originally proposed a restructuring.  It was
scheduled to ask creditors Sept. 27, 2019, for approval of a scheme
of arrangement that involves (a) substantially deleveraging the
Group by converting GBP1.67 billion of RCF and Notes debt currently
outstanding into new shares (15%) and a subordinated PIK note (at
least GBP81 million) to be issued by the recapitalized Group in
proportions still to be agreed; and (b) the transfer of at least a
75% interest in the Group Tour Operator and an interest of up to
25% in the Group Airline to Chinese investor Fosun Tourism Group.

Representatives of the company filed a Chapter 15 petition in New
York on Sept. 16, 2019, to seek U.S. recognition of the UK
proceedings as foreign main proceeding.  The Chapter 15 case is In
re Thomas Cook Group Plc (Bankr. S.D.N.Y. Case No. 19-12984).
Latham & Watkins, LLP is the counsel.

But after last-ditch rescue talks failed, on Sept. 23, 2019, Thomas
Cook UK Plc and associated UK entities announced that they have
entered Compulsory Liquidation and are now under the control of the
Official receiver.  The UK business has ceased trading with
immediate effect and all future flights and holidays are cancelled.
All holidays and flights provided by Thomas Cook Airlines have been
cancelled and are no longer operating.  All Thomas Cook's retail
shops have also closed.  

Separate from the parent company, Thomas Cook's Indian, Chinese,
German and Nordic subsidiaries will continue to trade as normal.


TRAVELFAST LTD: Bought Out of Administration by Sampling Int'l
--------------------------------------------------------------
Business Sale reports that the business and assets of
Yorkshire-based display products maker Travelfast Ltd have been
acquired from administration.

In March last year, it became part of Bath-headquartered investment
company Chelverton Equity Partners' (CEPS) trading company CEM
Press Ltd., Business Sale recounts.

In December 2019, however, CEPS said it would divest its
investments in CEM Press and Travelfast Ltd, saying it was unable
to achieve cost savings "despite management's efforts and cash
injections from since March 2019", Business Sale relates.

This month, CEPS appointed Moorfields Advisory Limited as
administrator and recommended an accelerated marketing process with
a view to a sale of the businesses, Business Sale discloses.

According to Business Sale, Moorfields has now sold Travelfast's
business and assets to the newly formed company Sampling
International Enterprises Ltd, which will continue trading as
Sampling International.


[*] UK: Fashion Sector Most Likely to Call in Administrators
------------------------------------------------------------
Grace Whelan at Drapers reports that new data has shown the UK
fashion retail sector proved the most likely to call in
administrators over the last decade, accounting for 41% of all
business administrations during the ten year period.

Clothing businesses accounted for 41% of 186 administrations from
2010 to 2019, Drapers relays, citing a report from commercial
finance experts ABC Finance.  The figure dwarfs that of the
household essentials sector, which came in second and was
responsible for 19% of administrations, Drapers notes.

According to Drapers, of the high street businesses to file for
insolvency in the decade, BHS ranked top for job losses.  Its 2016
administration resulted in 11,000 staff being made redundant,
Drapers states.  

Of the total 21,816 jobs lost over the period, fashion and clothing
administrations were responsible for 27% amounting to 34,486 jobs,
Drapers relays.




===============
X X X X X X X X
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[*] BOND PRICING: For the Week January 13 to January 17, 2020
-------------------------------------------------------------
Issuer                   Coupon  Maturity  Currency  Price
------                   ------  --------  --------  -----
Intelsat Luxembourg SA    8.125    6/1/2023  USD   60.154
Officine Maccaferri-SpA   5.750    6/1/2021  EUR   34.979
Casino Guichard Perrach   3.992              EUR   53.193
Kirk Beauty One GmbH      8.750   7/15/2023  EUR   72.585
Valaris plc               7.750    2/1/2026  USD   60.162
Intelsat Connect Financ   9.500   2/15/2023  USD   70.443
Rallye SA                 4.000    4/2/2021  EUR   30.001
Valaris plc               5.750   10/1/2044  USD   45.860
Nostrum Oil & Gas Finan   8.000   7/25/2022  USD   45.660
Hema Bondco II BV         8.500   1/15/2023  EUR   45.054
Valaris plc               8.000   1/31/2024  USD   64.000
Petra Diamonds US Treas   7.250    5/1/2022  USD   63.464
Casino Guichard Perrach   1.033              EUR   35.137
Teva Pharmaceutical Fin   4.100   10/1/2046  USD   72.648
Mallinckrodt Internatio   4.750   4/15/2023  USD   39.192
Mitsubishi UFJ Investor   4.092  12/15/2050  EUR   60.416
Valaris plc               5.200   3/15/2025  USD   57.524
Astaldi SpA               7.125   12/1/2020  EUR   15.071
Ageasfinlux SA            0.947              EUR   61.685
Nostrum Oil & Gas Finan   7.000   2/16/2025  USD   48.871
Cooperativa Muratori &    6.000   2/15/2023  EUR    2.891
Thomas Cook Group PLC     6.250   6/15/2022  EUR    5.791
Debenhams PLC             5.250   7/15/2021  GBP   27.000
Rallye SA                 4.371   1/23/2023  EUR   29.999
Neoen SA                  1.875   10/7/2024  EUR   36.524
ADLER Real Estate AG      2.500   7/19/2021  EUR   15.962
Moby SpA                  7.750   2/15/2023  EUR   34.055
Ferroglobe PLC / Globe    9.375    3/1/2022  USD   62.044
O1 Properties Finance P   8.250   9/27/2021  USD   49.270
Valaris plc               4.500   10/1/2024  USD   57.474
Intralot Capital Luxemb   5.250   9/15/2024  EUR   43.831
Pro-Gest SpA              3.250  12/15/2024  EUR   58.350
Vallourec SA              2.250   9/30/2024  EUR   73.333
Mallinckrodt Internatio   5.750    8/1/2022  USD   40.584
Boparan Finance PLC       4.375   7/15/2021  EUR   73.841
Senvion Holding GmbH      3.875  10/25/2022  EUR    5.656
Rallye SA                 5.250    2/1/2022  EUR   29.953
Rallye SA                 3.250    2/8/2024  CHF   28.067
Offshore Drilling Holdi   8.375   9/20/2020  USD   29.250
Boparan Finance PLC       5.500   7/15/2021  GBP   74.010
Obrascon Huarte Lain SA   4.750   3/15/2022  EUR   74.050
Abengoa Abenewco 2 Bis    1.500   4/26/2024  EUR
Mallinckrodt Internatio   5.625  10/15/2023  USD   36.628
Rothschild & Co Continu   2.375              USD   69.875
Rallye SA                 4.000  11/23/2020  CHF   29.887
Lecta SA                  6.500    8/1/2023  EUR   47.039
Mallinckrodt Internatio   5.500   4/15/2025  USD   34.007
Vallourec SA              4.125   10/4/2022  EUR    5.486
Jain International Trad   7.125    2/1/2022  USD   30.883
Thomas Cook Finance 2 P   3.875   7/15/2023  EUR    5.500
Societe Generale SA       1.989              USD   75.500
Cooperativa Muratori &    6.875    8/1/2022  EUR    2.591
Galapagos SA/Luxembourg   5.375   6/15/2021  EUR    0.060
Astaldi SpA               4.875   6/21/2024  EUR   13.886
Galapagos Holding SA      7.000   6/15/2022  EUR    6.919
BNP Paribas SA            2.139              USD   69.398
Quadient                  3.375              EUR   57.212
Ferroglobe PLC / Globe    9.375    3/1/2022  USD   61.879
Distribuidora Internaci   0.875    4/6/2023  EUR   54.143
Genfit                    3.500  10/16/2022  EUR   23.383
Intralot Capital Luxemb   6.750   9/15/2021  EUR   61.037
Banco Espirito Santo SA   4.000   1/21/2019  EUR   25.278
Capital Raising GmbH      7.500              EUR   60.362
Union Fenosa Preferente   1.252              EUR   72.170
Pizzaexpress Financing    8.625    8/1/2022  GBP   35.317
VIEO BV                   6.750    9/7/2020  EUR   41.895
HOCHDORF Holding AG       2.500              CHF   52.422
FF Group Finance Luxemb   3.250   11/2/2021  CHF   13.266
FIGEAC-AERO               1.125  10/18/2022  EUR   23.760
Korian SA                 2.500              EUR   49.127
Greenyard Fresh NV        3.750  12/22/2021  EUR   70.047
Air France-KLM            0.125   3/25/2026  EUR   18.042
Odea Bank AS              7.625    8/1/2027  USD   72.622
Grupo Isolux Corsan SA    1.000  12/30/2021  EUR    0.001
Hybrid Raising GmbH       6.625              EUR   70.946
Grupo Isolux Corsan SA    6.000  12/30/2021  EUR    0.303
NIBC Bank NV              0.552              EUR   65.851
Bourbon Corp              6.446              EUR    2.454
EA Partners I BV          6.875   9/28/2020  USD   41.653
FF Group Finance Luxemb   1.750    7/3/2019  EUR    4.500
Rallye SA                 3.400   1/31/2022  EUR   30.007
Bank Otkritie Financial  10.000   4/26/2019  USD    8.201
Banco Espirito Santo SA   2.625    5/8/2017  EUR   24.828
Naviera Armas SA          4.250  11/15/2024  EUR   70.674
Yell Bondco PLC           8.500    5/2/2023  GBP   67.207
NIBC Bank NV              2.627              USD   66.667
Econocom Group SA/NV      0.500    3/6/2023  EUR    7.030
EA Partners II BV         6.750    6/1/2021  USD   48.000
Obrascon Huarte Lain SA   5.500   3/15/2023  EUR   73.172
Maisons du Monde SA       0.125   12/6/2023  EUR   42.804
Lecta SA                  6.375    8/1/2022  EUR   47.236
Senivita Social Estate    6.500   5/12/2020  EUR   71.000
Air Berlin PLC            8.250   4/19/2018  EUR    1.847
Top Gun Realisations 74   6.500    7/1/2022  GBP   18.619
Immigon Portfolioabbau    5.980              EUR   15.743
Galapagos SA/Luxembourg   4.366   6/15/2021  EUR    0.100
Mitsubishi UFJ Investor   3.834  12/30/2099  EUR    4.812
Paragon GmbH & Co KGaA    4.500    7/5/2022  EUR   64.414
Avangardco Investments   10.000  10/29/2018  USD    6.000
Bilt Paper BV             9.640              USD    0.940
Transcapitalbank JSC Vi  10.000   9/18/2020  USD   56.250
Biocartis NV              4.000    5/9/2024  EUR   71.862
Lehman Brothers UK Capi   5.125              EUR    7.138
Solstad Offshore ASA      5.380   9/24/2021  NOK    4.750
Lambay Capital Securiti   6.250              GBP    0.363
Petra Diamonds US Treas   7.250    5/1/2022  USD   62.581
KCA Deutag UK Finance P   9.875    4/1/2022  USD   69.260
Intelsat Connect Financ   9.500   2/15/2023  USD   70.165
Privatbank CJSC Via UK   10.250   1/23/2018  USD   29.833
DOF Subsea AS             9.500   3/14/2022  USD   66.052
Steinhoff Finance Holdi   1.250  10/21/2023  EUR   41.013
DOF Subsea AS             8.810   5/22/2020  NOK   66.564
Rickmers Holding AG       8.875   6/11/2018  EUR    1.043
Prime Living AB           7.000  10/19/2020  SEK    5.000
EOS Imaging SA            6.000   5/31/2023  EUR    6.319
KCA Deutag UK Finance P   7.250   5/15/2021  USD   67.824
Nexity SA                 0.125    1/1/2023  EUR   66.058
House of Fraser Funding   6.546   9/15/2020  GBP    4.792
OGX Austria GmbH          8.500    6/1/2018  USD    0.001
Air Berlin PLC            6.750    5/9/2019  EUR    1.943
OGX Austria GmbH          8.375    4/1/2022  USD    0.001
Banco Espirito Santo SA   4.750   1/15/2018  EUR   25.485
Afren PLC                 6.625   12/9/2020  USD    0.029
Banco Espirito Santo SA   7.125  11/28/2023  EUR    0.207
DNB Bank ASA              2.188              USD   70.893
Evan Group PLC            6.000   7/31/2022  EUR   72.825
Eramet                    4.000              EUR   52.638
Praktiker AG              5.875   2/10/2016  EUR    0.541
BAT International Finan   2.250    9/9/2052  GBP   75.094
Rallye SA                 1.000   10/2/2020  EUR   29.875
Hellenic Bank PCL        10.000              EUR   48.255
KTG Agrar SE              7.125    6/6/2017  EUR    0.561
Espirito Santo Financia   6.875  10/21/2019  EUR    0.198
Yuksel Insaat AS          9.500  11/10/2015  USD    0.967
Nostrum Oil & Gas Finan   8.000   7/25/2022  USD   45.718
Santhera Pharmaceutical   5.000   2/17/2022  CHF   62.724
Fuerstenberg Capital Er   1.287              EUR   73.208
DNB Bank ASA              2.188              USD   71.167
Pierre & Vacances SA      2.000    4/1/2023  EUR   52.875
DNB Bank ASA              2.188              USD   71.026
Abengoa Abenewco 2 Bis    1.500   4/26/2024  USD    5.237
Air Berlin PLC            5.625    5/9/2019  CHF    1.366
Prime Living AB           4.598   9/29/2020  SEK   49.903
KCA Deutag UK Finance P   7.250   5/15/2021  USD   68.569
SeniVita Sozial gGmbH     7.000              EUR   30.000
Mallinckrodt Internatio   5.625  10/15/2023  USD   37.145
Privatbank CJSC Via UK   11.000    2/9/2021  USD   20.267
Abengoa Abenewco 2 Bis    1.500   4/26/2024  USD    4.977
Banco Espirito Santo SA   2.266              EUR    0.093
Virgolino de Oliveira F  10.500   1/28/2018  USD    3.426
Stichting Afwikkeling O   6.250  10/26/2020  EUR    1.520
Tresu Investment Holdin   5.000   9/29/2022  EUR   41.625
Nexity SA                 0.250    3/2/2025  EUR   69.250
Virgolino de Oliveira F  11.750    2/9/2022  USD    4.022
Melin Group/Norway        7.350  10/30/2022  NOK   73.003
Banco Pinto & Sotto May   1.055              EUR   68.110
UkrLandFarming PLC       10.875   3/26/2018  USD    6.739
Claranova SADIR           5.000    7/1/2023  EUR    1.170
LA Perla Fashion Financ   7.250   3/29/2023  EUR   34.200
Alitalia-Societa Aerea    5.250   7/30/2020  EUR    6.327
New World Resources NV    4.000   10/7/2020  EUR    0.022
Afren PLC                11.500    2/1/2016  USD    0.031
Mallinckrodt Internatio   5.500   4/15/2025  USD   34.648
Lehman Brothers UK Capi   6.900              USD    2.745
Dexia SA                  1.386              EUR    7.053
DOF Subsea AS             9.850  11/27/2023  NOK   69.300
KCA Deutag UK Finance P   9.625    4/1/2023  USD   68.183
Stichting Afwikkeling O  11.250              EUR    1.023
Cirio Holding Luxembour   6.250   2/16/2004  EUR    0.521
Agrokor dd                8.875    2/1/2020  USD   19.297
Lehman Brothers UK Capi   3.875              EUR    7.440
Dexia Credit Local SA     1.331              EUR    6.191
Melin Group/Norway        9.850   1/30/2023  NOK   50.000
Top Gun Realisations 73   8.000    7/1/2023  GBP    0.874
Nostrum Oil & Gas Finan   7.000   2/16/2025  USD   48.297
Wasps Finance Plc         6.500   5/13/2022  GBP   75.800
Hamon & CIE SA            5.500   1/30/2025  EUR   47.832
International Industria   9.000    7/6/2011  EUR    0.057
HOCHDORF Holding AG       3.500   3/30/2020  CHF   28.000
OGX Austria GmbH          8.500    6/1/2018  USD    0.001
Portugal Telecom Intern   6.250   7/26/2016  EUR    1.300
Waste Italia SpA         10.500  11/15/2019  EUR    0.884
BBVA International Pref   1.670              GBP   65.688
Mallinckrodt Internatio   5.750    8/1/2022  USD   40.387
Agrokor dd                9.875    5/1/2019  EUR   18.618
New World Resources NV    8.000    4/7/2020  EUR    1.356
Banca Popolare di Vicen   9.500   9/29/2025  EUR    0.833
KCA Deutag UK Finance P   9.875    4/1/2022  USD   69.390
Cattles Ltd               8.125    7/5/2017  GBP    0.001
Orient Express Bank PJS  10.000              USD   40.581
YA Holding AB             3.020   6/18/2022  SEK   61.789
Europejskie Centrum Ods   5.790   4/14/2020  PLN   65.000
Norske Skogindustrier A   7.000  12/30/2026  EUR    0.142
Privatbank CJSC Via UK   10.875   2/28/2018  USD   30.770
Scandinavian Airlines S   0.625              CHF   36.707
CNP Assurances            2.000              EUR   75.000
Windreich GmbH            6.500    3/1/2015  EUR    8.014
Cooperatieve Rabobank U   0.500   2/26/2029  HUF   70.840
Espirito Santo Financia   9.750  12/19/2025  EUR    0.711
Agrokor dd                9.125    2/1/2020  EUR   19.256
Windreich GmbH            6.500   7/15/2016  EUR    8.374
Norske Skogindustrier A   2.000  12/30/2115  EUR    1.376
Norske Skog Holding AS    8.000   2/24/2021  EUR    0.070
Hellas Telecommunicatio   6.054   1/15/2015  USD    0.018
CBo Territoria            3.750    7/1/2024  EUR    4.940
Russian Federal Bond -    0.250   7/20/2044  RUB   23.287
Allied Irish Banks PLC   12.500   6/25/2035  GBP   70.780
Saleza AS                 9.000   7/12/2021  EUR    0.213
Societe Centrale des Bo   2.500   5/15/2023  EUR    6.880
Credit Suisse AG          1.589   8/28/2030  USD   73.770
LBI ehf                   6.100   8/25/2011  USD    7.750
Del Monte Finance Luxem   6.625   5/24/2006  EUR    4.544
ESFIL-Espirito Santo Fi   5.250   6/12/2015  EUR    0.224
Cirio Del Monte NV        7.750   3/14/2005  EUR    1.170
Offshore Drilling Holdi   8.375   9/20/2020  USD   28.500
Idea Bank SA              5.090   8/14/2020  PLN   73.850
GEWA 5 to 1 GmbH & Co K   6.500   3/24/2018  EUR    5.260
GNB - Cia de Seguros de   3.100              EUR   74.013
Boparan Finance PLC       4.375   7/15/2021  EUR   74.156
OGX Austria GmbH          8.375    4/1/2022  USD    0.001
Afren PLC                10.250    4/8/2019  USD    0.031
Hema Bondco II BV         8.500   1/15/2023  EUR   45.311
Cooperatieve Rabobank U   0.500  10/30/2043  MXN   17.218
APP International Finan  11.750   10/1/2005  USD    0.893
Lloyds Bank PLC                    7/5/2033  USD   66.319
Pizzaexpress Financing    8.625    8/1/2022  GBP   35.637
Kaupthing ehf             5.750   10/4/2011  USD    0.250
Marine Subsea AS          9.000  12/16/2019  USD    0.688
Hellenic Republic Gover   2.085   7/25/2057  EUR   51.347
Phosphorus Holdco PLC    10.000    4/1/2019  GBP    2.671
Kaupthing ehf             7.625   2/28/2015  USD    0.250
Verimatrix SA             6.000   6/29/2022  EUR    3.784
Manchester Building Soc   6.750              GBP   14.636
Dolphin Drilling ASA      4.490   8/28/2019  NOK    0.114
Erotik-Abwicklungsgesel   7.750    7/9/2019  EUR    0.779
WPE International Coope  10.375   9/30/2020  USD    3.301
Depfa Funding II LP       6.500              EUR   57.211
Lehman Brothers UK Capi   5.750              EUR    1.500
Enertronica Santerno Sp   7.000  12/31/2022  EUR   50.050
Chr Bygga Bostader Hold   9.163    7/5/2021  SEK   50.000
JZ Capital Partners Ltd   6.000   7/30/2021  GBP    9.800
Banco Espirito Santo SA   6.875   7/15/2016  EUR   24.884
Kirk Beauty One GmbH      8.750   7/15/2023  EUR   73.361
Barclays Bank PLC         1.109   9/13/2028  USD   78.392
International Industria  11.000   2/19/2013  USD    0.176
Cooperatieve Rabobank U   0.500   7/30/2043  MXN   17.414
Breeze Finance SA         6.708   4/19/2027  EUR   28.950
BIM SAS                   2.500  11/13/2020  EUR   22.282
Lloyds Bank PLC           1.395   7/26/2033  USD   66.768
Senvion Holding GmbH      3.875  10/25/2022  EUR    5.656
Veneto Banca SpA          9.500   12/1/2025  EUR    0.552
CRC Breeze Finance SA     6.110    5/8/2026  EUR   50.625
Bulgaria Steel Finance   12.000    5/4/2013  EUR    0.216
Cirio Finance Luxembour   7.500   11/3/2002  EUR    3.357
Deutsche Bank AG/London   0.090  10/31/2034  USD   68.327
PA Resources AB          13.500    3/3/2016  SEK    0.124
Veneto Banca SpA          6.944   5/15/2025  EUR    0.552
Alno AG                   8.500   5/14/2018  EUR    3.153
KCA Deutag UK Finance P   9.625    4/1/2023  USD   68.718
German Pellets GmbH       7.250    7/9/2018  EUR    0.651
Banca Popolare di Vicen   2.821  12/20/2017  EUR    0.199
Espirito Santo Financia   3.125   12/2/2018  EUR    0.076
Tonon Luxembourg SA       9.250   1/24/2020  USD    0.464
Activa Resources AG       0.500  11/15/2021  EUR    5.110
Aralco Finance SA        10.125    5/7/2020  USD    1.684
Ahtium PLC                4.000  12/16/2015  EUR    0.586
Afren PLC                10.250    4/8/2019  USD    0.031
Norske Skog Holding AS    8.000   2/24/2023  USD    0.071
Solship Invest 1 AS       5.000   12/8/2024  NOK   10.000
Corporate Commercial Ba   8.250    8/8/2014  USD    0.308
Alno AG                   8.000   3/21/2019  EUR    4.620
Elli Investments Ltd     12.250   6/15/2020  GBP   52.157
EDOB Abwicklungs AG       7.500    4/1/2012  EUR    1.079
Alpine Holding GmbH       6.000   5/22/2017  EUR    0.465
getgoods.de AG            7.750   10/2/2017  EUR    0.126
Lloyds Bank PLC           0.500   7/26/2028  MXN   52.101
Afren PLC                11.500    2/1/2016  USD    0.031
EFG International AG      0.286              EUR   39.899
Officine Maccaferri-SpA   5.750    6/1/2021  EUR   34.979
Boparan Finance PLC       5.500   7/15/2021  GBP   74.437
Kommunekredit             0.500   7/30/2027  TRY   42.127
Virgolino de Oliveira F  10.875   1/13/2020  USD   21.419
Societe Generale SA       3.080   1/31/2033  USD   72.000
BOA Offshore AS           0.409   7/17/2047  NOK    9.000
Rena GmbH                 7.000  12/15/2015  EUR    2.096
Credit Suisse AG/London   9.000   1/23/2020  USD    9.000
Bank Nadra Via NDR Fina   8.250   7/31/2018  USD    0.168
NTRP Via Interpipe Ltd   10.250    8/2/2017  USD   30.022
Bank Otkritie Financial  10.000   4/26/2019  USD    8.201
Autostrade per l'Italia   3.625    6/9/2038  EUR   74.409
Barclays Bank PLC         0.252   6/17/2033  USD   69.844
SG Issuer SA              3.000  10/10/2034  ZAR   42.503
Steilmann SE              7.000    3/9/2017  EUR    1.429
Deutsche Agrar Holding    7.250   9/28/2018  EUR    1.254
Astaldi SpA               7.125   12/1/2020  EUR   15.071
Banco Espirito Santo SA   2.446              EUR    1.049
Finmek International SA   7.000   12/3/2004  EUR    2.193
Havila Shipping ASA       6.360   11/7/2020  NOK   59.543
Rena GmbH                 8.250   7/11/2018  EUR    2.096
KTG Agrar SE              7.250  10/15/2019  EUR    0.561
Yell Bondco PLC           8.500    5/2/2023  GBP   67.448
SAG Solarstrom AG         6.250  12/14/2015  EUR   31.000
Galapagos Holding SA      7.000   6/15/2022  EUR    6.919
Banco Espirito Santo SA   6.900   6/28/2024  EUR   25.280
Thomas Cook Group PLC     6.250   6/15/2022  EUR    5.791
O1 Properties Finance P   8.250   9/27/2021  USD   47.395
German Pellets GmbH       7.250    4/1/2016  EUR    0.651
O1 Properties Finance P   7.000   1/29/2021  USD   70.078
Sairgroup Finance BV      4.375    6/8/2006  EUR   10.000
KPNQwest NV              10.000   3/15/2012  EUR    0.634
Decipher Production Ltd  12.500   9/27/2019  USD    1.500
Vseukrainsky Aktsinerny  10.900   6/14/2019  USD    1.056
KPNQwest NV               8.875    2/1/2008  EUR    0.634
Solon SE                  1.375   12/6/2012  EUR    0.769
Societe Generale SA       8.000   9/12/2020  USD   57.820
Windreich GmbH            6.750    3/1/2015  EUR    8.014
KPNQwest NV               8.125    6/1/2009  USD    0.634
Societe Generale SA       9.250   10/1/2020  USD   32.300
Afren PLC                 6.625   12/9/2020  USD    0.029
Eniro AB                  6.000   4/14/2020  SEK   61.225
MS Deutschland Beteilig   6.875  12/18/2017  EUR    2.200
Mriya Agro Holding PLC   10.950   3/30/2016  USD    7.852
Finance and Credit Bank   9.250   1/25/2019  USD    0.986
Mox Telecom AG            7.250   11/2/2017  EUR    1.326
Governo Portugues Conso   4.000              EUR   50.000
DOM.RF JSC                6.450  11/11/2039  RUB   90.010
German Pellets GmbH       7.250  11/27/2019  EUR    0.656
Island Offshore Shiphol   4.090   6/30/2021  NOK   12.000
Moby SpA                  7.750   2/15/2023  EUR   34.924
WEB Windenergie AG        5.250    4/8/2023  EUR   55.010
Manchester Building Soc   8.000              GBP   10.119
Naviera Armas SA          4.250  11/15/2024  EUR   71.429
Vneshprombank Ltd Via V   9.000  11/14/2016  USD    0.334
Intralot Capital Luxemb   5.250   9/15/2024  EUR   43.889
Golfino AG                8.000  11/18/2023  EUR    0.100
Rosneft Oil Co PJSC       6.350  11/25/2026  RUB  100.020
Pro-Gest SpA              3.250  12/15/2024  EUR   58.361
Intralot Capital Luxemb   6.750   9/15/2021  EUR   62.147
Bank Otkritie Financial   0.010   7/16/2025  RUB   66.990
Gazprombank JSC           0.010  12/25/2021  RUB   80.000
Veneto Banca SpA          6.411              EUR    0.796
Barclays Bank PLC         2.000   6/12/2029  TRY   43.112
Societe Generale SA      12.000   5/29/2020  USD   35.000
HPI AG                    3.500              EUR    1.000
TGC-1 PJSC                5.800  12/14/2021  RUB   70.000
Steilmann SE              7.000   9/23/2018  EUR    1.429
Portugal Telecom Intern   5.242   11/6/2017  EUR    0.694
Lecta SA                  6.500    8/1/2023  EUR   46.999
SpareBank 1 SR-Bank ASA   1.383  12/21/2030  EUR   73.720
Virgolino de Oliveira F  10.500   1/28/2018  USD    3.426
La Veggia Finance SA      7.125  11/14/2004  EUR    0.287
AKB Peresvet ZAO          0.510   2/14/2032  RUB   13.000
SiC Processing GmbH       7.125    3/1/2016  EUR    2.256
SAG Solarstrom AG         7.500   7/10/2017  EUR   31.000
Alpine Holding GmbH       5.250    7/1/2015  EUR    0.480
J&T Banka AS              9.000              EUR   73.776
Banco Espirito Santo SA  10.000   12/6/2021  EUR    0.207
Alpine Holding GmbH       5.250   6/10/2016  EUR    0.480
Windreich GmbH            6.250    3/1/2015  EUR    8.014
Linas Matkasse Newco AB   8.000   10/9/2022  SEK   55.000
Steilmann SE              6.750   6/27/2017  EUR    2.184
Region of Abruzzo Italy   0.036   11/7/2036  EUR   65.086
Hellas Telecommunicatio   8.500  10/15/2013  EUR    0.452
Teksid Aluminum Luxembo  12.375   7/15/2011  EUR    0.119
Top Gun Realisations 73   8.000    7/1/2023  GBP    0.874
Cooperativa Muratori &    6.875    8/1/2022  EUR    2.591
Virgolino de Oliveira F  11.750    2/9/2022  USD    3.998
Sairgroup Finance BV      6.625   10/6/2010  EUR   10.000
Lecta SA                  6.375    8/1/2022  EUR   47.564
Cooperatieve Rabobank U   0.500  12/29/2027  MXN   55.253
Agrokor dd                9.125    2/1/2020  EUR   19.256
RENE LEZARD Mode GmbH     7.250  11/25/2017  EUR    1.320
International Finance F   0.500   6/24/2024  ZAR   70.900
Landesbank Hessen-Thuer   8.600  11/17/2022  EUR   63.190
Ahtium PLC                9.750    4/4/2017  EUR    0.976
Raiffeisen Centrobank A   8.000    3/3/2020  EUR   63.170
A-TEC Industries AG       2.750   5/10/2014  EUR    0.141
Lehman Brothers Treasur   1.874   10/5/2035  EUR    3.400
Air Berlin Finance BV     6.000    3/6/2019  EUR    2.256
Mifa Mitteldeutsche Fah   7.500   8/12/2018  EUR    2.421
Bilt Paper BV             9.640              USD    0.940
KPNQwest NV               7.125    6/1/2009  EUR    0.634
Landesbank Schleswig-Ho   2.373    1/5/2040  USD   49.588
New World Resources NV    4.000   10/7/2020  EUR    0.022
Barclays Bank PLC        10.500   5/29/2020  USD   33.490
Societe Generale SA       9.000   7/22/2022  USD   47.100
Bank J Safra Sarasin AG  10.400    3/5/2020  CHF   71.340
Barclays Bank PLC         0.080  10/30/2034  USD   71.282
Agrokor dd                8.875    2/1/2020  USD   19.297
Stichting Afwikkeling O   2.343              EUR    1.025
Otkritie Holding JSC     11.500   7/14/2027  RUB
Barclays Bank PLC         0.908  11/28/2029  USD   75.250
Depfa Funding III LP      0.378              EUR   56.660
Societe Generale SA      17.600   1/27/2020  USD   31.700
Corner Banca SA           8.200   5/14/2020  CHF   20.290
Rio Forte Investments S   4.000   7/22/2014  EUR    5.369
Odea Bank AS              7.625    8/1/2027  USD   73.599
Stichting Afwikkeling O   6.625   5/14/2018  EUR    1.520
WEB Windenergie AG        5.500    4/8/2023  EUR   55.010
Pescanova SA              5.125   4/20/2017  EUR    0.319
Banco Santander SA        2.008              EUR    3.194
Cooperativa Muratori &    6.000   2/15/2023  EUR    2.891
Agrokor dd Via Aquarius   4.921    8/8/2017  EUR   14.375
New World Resources NV    8.000    4/7/2020  EUR    1.356
Pescanova SA              8.750   2/17/2019  EUR    0.319
A-TEC Industries AG       5.750   11/2/2010  EUR    0.141
Norske Skog Holding AS    8.000   2/24/2021  EUR    0.070
Heta Asset Resolution A   0.064  12/31/2023  EUR    1.739
Kaupthing ehf             5.750   10/4/2011  USD    0.250
Societe Generale SA       1.600    1/9/2020  GBP    1.110
SALVATOR Vermoegensverw   9.500  12/31/2021  EUR    6.000
ING Bank NV               6.500  12/30/2020  EUR   72.260
Royalbeach Spielwaren U   7.375  11/10/2020  EUR    2.400
Norske Skogindustrier A   7.125  10/15/2033  USD    0.119
Zaklady Miesne Henryk K   6.950   3/29/2021  PLN
Vontobel Financial Prod  27.500   8/12/2020  USD   56.970
UBS AG/London            10.000    3/9/2020  CHF   54.900
A-TEC Industries AG       8.750  10/27/2014  EUR    0.141
Privatbank CJSC Via UK   10.875   2/28/2018  USD   30.770
Region of Molise Italy    0.060  12/15/2033  EUR   61.737
Sequa Petroleum NV        5.000   4/29/2020  USD   68.592
SAir Group                5.125    3/1/2003  CHF   13.500
Agrokor dd                9.875    5/1/2019  EUR   18.618
Espirito Santo Financia   5.050  11/15/2025  EUR    0.480
Minicentrales Dos SA      0.010    6/6/2047  EUR   65.750
Northland Resources AB    4.000  10/15/2020  USD    0.138
Mriya Agro Holding PLC    9.450   4/19/2018  USD    5.967
WEB Windenergie AG        4.500              EUR   55.010
Leonteq Securities AG    14.000   6/12/2020  CHF   19.400
Credito Padano Banca di   3.100              EUR   34.749
Thomas Cook Finance 2 P   3.875   7/15/2023  EUR    6.000
Tonon Luxembourg SA      12.500   5/14/2024  USD    0.451
Tonon Luxembourg SA      12.500   5/14/2024  USD    0.451
Havila Shipping ASA       5.000   11/7/2020  NOK   45.000
Finans-Avia OOO          10.000   7/31/2022  RUB    7.380
Atari SA                  0.100    4/1/2020  EUR
BLT Finance BV           12.000   2/10/2015  USD   10.500
SAir Group                5.500   7/23/2003  CHF    9.875
Kardan NV                 6.775    2/2/2020  ILS   25.000
Air Berlin Finance BV     8.500    3/6/2019  EUR    2.423
Irish Bank Resolution C   4.000   4/23/2018  EUR   45.432
Espirito Santo Financia   5.125   5/30/2016  EUR    1.730
Veneto Banca SpA          6.950   2/25/2025  EUR    0.552
Stichting Afwikkeling O   8.450   8/20/2018  USD    1.520
Credit Suisse AG          0.500  12/16/2025  BRL   64.745
Societe Generale SA      11.000   1/28/2020  USD   35.375
UniCredit Bank AG         6.600   7/20/2028  EUR   36.570
Bibby Offshore Services   7.500   6/15/2021  GBP   11.220
International Finance F   0.500   6/29/2027  ZAR   53.118
Corner Banca SA           7.600    2/2/2021  CHF   68.140
SUEK Finance OOO          0.010   6/26/2020  RUB   63.920
TGC-1 PJSC                5.800   2/14/2022  RUB   70.000
Lehman Brothers Treasur   2.875   3/14/2013  CHF    3.750
Espirito Santo Financia   0.551  10/27/2024  EUR    1.280
HSBC Bank PLC             0.500  12/22/2025  BRL   64.660
Lehman Brothers Treasur   5.250    4/1/2023  EUR    2.571
Barclays Bank PLC         1.450   9/24/2038  MXN   28.765
Heta Asset Resolution A   5.920  12/31/2023  EUR    1.739
Podkarpacki Bank Spoldz   5.090   5/28/2023  PLN   50.110
AKB Peresvet ZAO          0.510    8/4/2034  RUB   19.810
SAir Group                6.250  10/27/2002  CHF    9.875
O1 Group Finance OOO     10.500   4/22/2027  RUB    0.010
Mobylife Holding A/S      7.434   5/23/2020  SEK    8.125
Deutsche Bank AG          0.687  10/11/2049  EUR   67.952
Credit Suisse AG/London   3.000  11/15/2025  ZAR   73.382
Otkritie Holding JSC     10.770   9/17/2027  RUB    0.380
Grupo Isolux Corsan SA    6.000  12/30/2021  USD    0.303
Pongs & Zahn AG           8.500              EUR    0.016
International Bank of A   8.250   10/9/2024  USD   61.250
Touax SCA-SGTR-CITE-SGT   6.000   7/10/2020  EUR   17.923
PSN Pm OOO                9.500   9/10/2026  RUB   21.625
SAir Group                0.125    7/7/2005  CHF    9.875
AKB Peresvet ZAO          0.510   6/23/2021  RUB   18.000
Leonteq Securities AG    20.000   5/12/2020  CHF   61.840
Credit Suisse AG/London   4.590   2/28/2020  EUR   53.250
mybet Holding SE          6.250  12/11/2020  EUR   30.000
DekaBank Deutsche Giroz   8.150   2/26/2021  EUR   65.290
Landesbank Hessen-Thuer   2.250   7/13/2020  EUR   40.800
Ideal Standard Internat  11.750    5/1/2018  EUR    0.240
Phosphorus Holdco PLC    10.000    4/1/2019  GBP    2.671
Cooperatieve Rabobank U   0.500  10/29/2027  MXN   56.847
Cooperatieve Rabobank U   0.500  11/30/2027  MXN   55.337
Landesbank Hessen-Thuer   5.450  11/17/2022  EUR   65.560
Societe Generale SA       8.600   7/29/2022  USD   48.550
Muehl Product & Service   6.750   3/10/2005  DEM    0.001
WEB Windenergie AG        2.750  12/17/2020  EUR   55.010
VTB Bank PJSC             3.000   9/18/2046  RUB   90.000
UkrLandFarming PLC       10.875   3/26/2018  USD    6.739
Nota-Bank OJSC           13.500    4/1/2016  RUB   31.500
Bibby Offshore Services   7.500   6/15/2021  GBP   11.220
Cooperatieve Rabobank U   0.500   1/31/2033  MXN   35.919
Elli Investments Ltd     12.250   6/15/2020  GBP   52.157
KPNQwest NV               7.125    6/1/2009  EUR    0.634
Commerzbank AG           10.000    3/2/2020  EUR   26.730
Bayerische Landesbank     3.000   7/17/2020  EUR   67.890
Landesbank Hessen-Thuer   6.250  12/22/2022  EUR   62.060
Golden Gate AG            6.500  10/11/2014  EUR   38.000
Top Gun Realisations 74   6.500    7/1/2022  GBP   18.619
Espirito Santo Financia   5.625   7/28/2017  EUR    1.255
SAir Group                4.250    2/2/2007  CHF    9.875
Norske Skogindustrier A   7.125  10/15/2033  USD    0.119
IT Holding Finance SA     9.875  11/15/2012  EUR    0.202
LBI ehf                   6.100   8/25/2011  USD    7.750
HSBC Trinkaus & Burkhar  29.800   1/24/2020  EUR   68.710
Zaklady Miesne Henryk K   6.950   3/29/2021  PLN
Credit Suisse AG/London  11.100    6/6/2020  USD   49.595
Societe Generale SA      13.000   4/16/2020  USD   43.220
SG Issuer SA              5.000   5/23/2024  EUR   62.870
Commerzbank AG           30.000   6/30/2020  USD    0.010
Plaza Centers NV          6.900    7/1/2020  ILS   23.500
State of Saxony-Anhalt    0.134    7/3/2028  EUR   46.010
Deutsche Bank AG/London   2.000  10/25/2023  TRY   63.457
Rio Forte Investments S   4.750  11/10/2015  EUR    5.358
Kaupthing ehf             6.125   10/4/2016  USD    0.250
Lehman Brothers Treasur   2.500   8/23/2012  GBP    2.571
EFG International Finan   5.150   6/10/2020  EUR   54.960
Citigroup Global Market   7.200   5/24/2023  SEK   44.900
EFG International Finan   6.130   6/20/2024  EUR   51.950
Landesbank Hessen-Thuer   6.250   7/15/2022  EUR   55.330
Leonteq Securities AG     9.000   10/1/2020  CHF   59.170
Reso-Leasing OOO          9.600  10/30/2025  RUB   66.110
Reso-Leasing OOO          9.500   10/3/2025  RUB   63.380
Banca Popolare di Vicen   9.500   10/2/2025  EUR    0.818
Grupo Isolux Corsan SA    0.250  12/30/2018  EUR    0.001
Rio Forte Investments S   3.900   7/10/2014  USD    5.375
Lehman Brothers Treasur  11.750    3/1/2010  EUR    2.571
UBS AG/London             8.500    1/6/2020  EUR   42.100
Raiffeisen Centrobank A   6.000   7/21/2020  EUR   62.430
Commerzbank AG            5.350    3/2/2020  USD   54.040
Societe Generale SA       8.000   5/28/2027  USD   39.500
Commerzbank AG            6.000    5/9/2022  USD    3.330
SALVATOR Vermoegensverw   9.500              EUR   15.400
BNP Paribas SA            0.500  11/16/2032  MXN   35.095
Lehman Brothers Treasur   3.600   3/19/2018  JPY    2.571
Norske Skogindustrier A   7.000  12/30/2026  EUR    0.142
AKB Peresvet ZAO         13.000   10/7/2017  RUB   18.250
Virgolino de Oliveira F  10.875   1/13/2020  USD   21.419
Otkritie Holding JSC     12.140   10/3/2036  RUB    0.010
Deutsche Bank AG/London   0.500  10/18/2038  MXN   20.113
Natixis SA                0.300   6/25/2048  USD   45.911
Waste Italia SpA         10.500  11/15/2019  EUR    0.884
ECM Real Estate Investm   5.000   10/9/2011  EUR   15.375
Lehman Brothers Treasur   7.600    3/4/2010  NZD    2.571
Raiffeisen Centrobank A   5.200    2/3/2020  EUR   51.400
Leonteq Securities AG/G   7.800   2/16/2021  USD   42.160
Raiffeisen Schweiz Geno   6.250   2/17/2020  CHF   61.810
EFG International Finan   9.800   9/21/2021  EUR   60.490
Landesbank Hessen-Thuer   4.150   1/15/2020  EUR   69.300
WEB Windenergie AG        6.250              EUR   55.010
Kardan NV                 6.325   1/15/2020  ILS    6.560
City of Predeal Romania   3.500   5/15/2026  RON   60.000
Credito Padano Banca di   3.100              EUR   34.498
Centrosolar Group AG      7.000   2/15/2016  EUR    2.387
Kreditanstalt fuer Wied   0.250   10/6/2036  CAD   46.404
Gebr Sanders GmbH & Co    8.750  10/22/2018  EUR   14.397
AKB Peresvet ZAO         13.250   4/25/2018  RUB   18.250
Municipality Finance PL   0.500   6/19/2024  ZAR   71.613
Barclays Bank PLC         0.724   4/16/2029  USD   75.250
LBI ehf                   7.431              USD    0.001
Landesbank Hessen-Thuer   2.850  11/30/2020  EUR   71.800
UBS AG/London             4.200   6/25/2020  EUR   64.600
Natixis SA                2.100    6/8/2021  EUR   63.693
mybet Holding SE          6.250  12/12/2020  EUR    0.500
Gazprombank JSC           0.010   3/30/2020  RUB   90.000
Sistema PJSFC             7.500  10/31/2025  RUB  104.000
DekaBank Deutsche Giroz   0.010   6/29/2046  EUR   70.000
KPNQwest NV               8.875    2/1/2008  EUR    0.634
SAir Group                6.250   4/12/2005  CHF    9.875
Commerzbank AG            3.900   3/23/2022  USD    7.690
DekaBank Deutsche Giroz   4.810   6/30/2020  EUR   66.300
Commerzbank AG            6.000    6/6/2022  USD    4.450
UniCredit Bank AG         3.750    9/7/2020  EUR   29.360
Bayerische Landesbank     3.300  10/30/2020  EUR   63.070
SAir Group                2.750   7/30/2004  CHF    9.875
Espirito Santo Financia   5.050  11/15/2025  EUR    0.377
Lehman Brothers Treasur   1.874   11/2/2035  EUR    3.400
Lehman Brothers Treasur   6.300  12/21/2018  USD    2.571
Raiffeisen Schweiz Geno  10.300   2/19/2020  EUR   71.660
SecurAsset SA             5.250   6/30/2022  EUR   50.600
Landesbank Baden-Wuertt   3.500  12/29/2020  EUR   61.790
Erste Group Bank AG       6.250   3/29/2023  EUR   71.150
Erste Group Bank AG       8.000   9/28/2023  EUR   69.400
Bayerische Landesbank     3.100   7/10/2020  EUR   65.240
Natixis SA                3.150    6/8/2021  USD   64.090
Landesbank Hessen-Thuer   4.350   2/24/2023  EUR   40.520
UniCredit Bank AG         5.500    1/4/2020  EUR   42.840
Vontobel Financial Prod  26.000   8/26/2020  EUR   70.300
UBS AG/London             9.000  11/10/2022  USD    5.880
Raiffeisen Centrobank A  10.000   5/11/2020  EUR   58.500
Raiffeisen Schweiz Geno   6.500   2/24/2020  CHF   65.220
getBACK SA                5.710   2/16/2021  PLN
Leonteq Securities AG/G   8.100    4/6/2020  CHF   57.200
Trinfiko Holdings ZAO    10.000   3/20/2024  RUB   60.060
Societe Generale SA      17.000   6/30/2022  USD   72.800
United Confectioners Fi   8.000    4/3/2023  RUB   70.000
Fonciere Volta SA         4.500   7/30/2020  EUR    2.360
Plaza Centers NV          6.000    7/1/2020  ILS   21.020
Lehman Brothers Treasur   6.600   2/22/2012  EUR    2.571
Mriya Agro Holding PLC    9.450   4/19/2018  USD    5.967
Kaupthing ehf             3.274              ISK    0.250
Northland Resources AB   15.000   7/15/2019  USD    2.621
Bank Otkritie Financial   0.010   9/24/2025  RUB   60.850
Deutsche Bank AG/London   0.500    4/5/2038  MXN   20.992
WPE International Coope  10.375   9/30/2020  USD    3.301
Otkritie Holding JSC     12.090   12/8/2027  RUB    0.010
Northland Resources AB    4.000  10/15/2020  NOK    0.138
MIK OAO                  15.000   2/19/2020  RUB   43.100
Minicentrales Dos SA      0.010    6/6/2047  EUR   65.750
Otkritie Holding JSC     12.420    8/5/2025  RUB
Lehman Brothers Treasur   6.720  12/29/2008  EUR    2.571
Pescanova SA              6.750    3/5/2015  EUR    0.319
Intelsat SA               4.500   6/15/2025  USD   65.896
HSBC Bank PLC             0.500   6/23/2027  MXN   57.097
Kaupthing ehf             6.125   10/4/2016  USD    0.250
Lehman Brothers Treasur   9.250   6/20/2012  USD    2.571
Heta Asset Resolution A   0.356  12/31/2023  EUR    1.739
Hellas Telecommunicatio   6.054   1/15/2015  USD    0.018
SAir Group                2.125   11/4/2004  CHF    9.875
Kaupthing ehf             9.000              USD    0.122
Lehman Brothers Treasur  16.000   11/9/2008  USD    2.571
Leonteq Securities AG/G   4.900   2/16/2021  CHF   39.620
Corner Banca SA           7.600   6/16/2020  CHF   62.670
JP Morgan Structured Pr   9.500   7/27/2020  USD   50.000
SG Issuer SA              0.800  10/21/2020  SEK   47.730
Lehman Brothers Treasur   6.000   2/14/2012  EUR    2.571
Grupo Isolux Corsan SA    1.000  12/30/2021  USD    0.001
Lehman Brothers Treasur   7.375   9/20/2008  EUR    2.571
Lehman Brothers Treasur   2.000   3/16/2035  EUR    3.400
House of Fraser Funding   6.546   9/15/2020  GBP    4.960
Societe Generale SA       0.500   5/22/2024  MXN   72.614
Cooperatieve Rabobank U   0.500   8/21/2028  MXN   51.935
Astana Finance BV         9.000  11/16/2011  USD   15.250
Irish Bank Resolution C   6.750  11/30/2013  BGN   45.875
Lehman Brothers Treasur  10.442  11/22/2008  CHF    2.571
EFG International Finan   6.400   6/22/2020  CHF   55.380
SG Issuer SA              5.000   7/10/2020  EUR   12.500
SG Issuer SA              5.000   7/10/2021  EUR   12.500
UBS AG/London            12.000   6/19/2020  USD   55.110
SG Issuer SA              5.000    4/2/2024  EUR   62.030
Leonteq Securities AG     5.600   5/16/2022  CHF   73.400
Bayerische Landesbank     3.150   7/31/2020  EUR   68.200
Leonteq Securities AG/G  19.610    9/4/2020  USD   59.390
SG Issuer SA              5.500   4/10/2021  EUR   69.890
SG Issuer SA              6.650  10/10/2021  EUR   71.730
Fast Finance SA          10.500   1/15/2021  PLN
Metalloinvest Holding C   0.010   3/10/2022  RUB   90.000
Delta Credit Bank JSC    10.290  11/24/2021  RUB   65.910
Lehman Brothers Treasur   4.350    8/8/2016  SGD    3.750
Lehman Brothers Treasur   0.500    8/1/2020  EUR    2.571
Samaratransneft-Termina  10.000   3/30/2022  RUB   15.010
Lehman Brothers Treasur  13.500    6/2/2009  USD    2.571
Raiffeisen Centrobank A   7.000   10/9/2020  EUR   72.050
UBS AG/London             7.500   2/21/2020  EUR   44.900
UBS AG/London             8.500   8/21/2020  EUR   57.750
EFG International Finan   6.400    3/8/2021  EUR   57.180
Leonteq Securities AG     7.400    3/2/2020  CHF   18.140
Leonteq Securities AG    10.000    3/2/2020  EUR   56.410
Raiffeisen Schweiz Geno   5.750    9/2/2020  CHF   49.360
Raiffeisen Schweiz Geno   7.000    3/2/2020  CHF   69.660
Landesbank Baden-Wuertt   4.450  10/23/2020  EUR   77.640
Landesbank Baden-Wuertt   5.000   2/28/2020  EUR   64.300
Landesbank Baden-Wuertt   7.000   2/28/2020  EUR   57.500
Landesbank Baden-Wuertt   4.000   2/28/2020  EUR   61.520
Landesbank Baden-Wuertt   2.500   2/28/2020  EUR   54.910
Landesbank Baden-Wuertt   3.500   2/28/2020  EUR   51.010
Landesbank Baden-Wuertt   4.500   2/28/2020  EUR   49.340
Landesbank Baden-Wuertt   5.500   2/28/2020  EUR   46.230
Landesbank Baden-Wuertt   2.500   2/28/2020  EUR   72.930
Landesbank Baden-Wuertt   3.500   2/28/2020  EUR   67.400
Landesbank Baden-Wuertt   4.500   2/28/2020  EUR   64.540
Landesbank Baden-Wuertt   2.000   2/28/2020  EUR   69.410
Landesbank Baden-Wuertt   3.500   2/28/2020  EUR   61.970
Landesbank Baden-Wuertt   5.000   2/28/2020  EUR   56.040
Landesbank Baden-Wuertt   2.500   2/28/2020  EUR   23.440
Landesbank Baden-Wuertt   4.000   2/28/2020  EUR   21.330
DekaBank Deutsche Giroz   7.000   9/14/2020  EUR   63.810
DekaBank Deutsche Giroz   3.150    3/5/2021  EUR   64.870
DekaBank Deutsche Giroz   2.850    3/6/2020  EUR   70.910
Landesbank Baden-Wuertt   2.000   2/28/2020  EUR   71.990
Landesbank Baden-Wuertt   3.000   2/28/2020  EUR   68.120
Landesbank Baden-Wuertt   2.000   2/28/2020  EUR   63.270
Landesbank Baden-Wuertt   3.000   2/28/2020  EUR   59.630
Landesbank Baden-Wuertt   3.000   2/28/2020  EUR   58.250
Landesbank Baden-Wuertt   4.500   2/28/2020  EUR   53.220
Landesbank Baden-Wuertt   6.000   2/28/2020  EUR   49.050
Landesbank Baden-Wuertt   2.500   2/28/2020  EUR   60.260
Landesbank Baden-Wuertt   3.500   2/28/2020  EUR   57.370
Landesbank Baden-Wuertt   4.500   2/28/2020  EUR   53.570
Landesbank Baden-Wuertt   4.000   2/28/2020  EUR   73.090
Landesbank Baden-Wuertt   5.500   2/28/2020  EUR   66.690
Landesbank Baden-Wuertt   7.000   2/28/2020  EUR   61.410
Landesbank Baden-Wuertt   4.500   2/28/2020  EUR   68.250
Landesbank Baden-Wuertt   6.000   2/28/2020  EUR   62.990
Bayerische Landesbank     3.100   10/9/2020  EUR   63.220
Bank Julius Baer & Co L   6.250   10/5/2020  CHF   67.650
Raiffeisen Schweiz Geno   9.000  10/12/2020  CHF   68.200
EFG International Finan   7.200  10/26/2020  EUR   60.050
Zurcher Kantonalbank Fi   7.250  10/19/2020  CHF   74.270
Landesbank Hessen-Thuer   5.100   2/17/2023  EUR   65.520
DekaBank Deutsche Giroz   3.700    3/6/2020  EUR   59.340
UniCredit Bank AG         6.400    3/5/2021  EUR   51.930
UniCredit Bank AG         5.350    3/5/2021  EUR   71.380
Leonteq Securities AG/G  11.000    3/2/2020  CHF   37.640
DekaBank Deutsche Giroz   5.000   9/14/2020  EUR   72.760
Landesbank Hessen-Thuer   5.550   3/16/2023  EUR   64.050
UBS AG/London             6.500   2/14/2020  USD   57.500
UBS AG/London             7.500   2/14/2020  EUR   74.050
Leonteq Securities AG/G   3.750   2/20/2023  CHF   62.700
Landesbank Hessen-Thuer   4.000   9/22/2020  EUR   66.900
UniCredit Bank AG         4.500   3/12/2022  EUR   70.110
UniCredit Bank AG         4.850   11/1/2020  EUR   64.050
Leonteq Securities AG/G  10.200    6/3/2020  USD   65.580
Landesbank Baden-Wuertt   3.000  12/29/2020  EUR   68.790
UniCredit Bank AG         4.200  11/21/2021  EUR   61.990
UniCredit Bank AG         4.350  11/21/2021  EUR   73.930
UBS AG/London             9.500   4/20/2020  CHF   62.200
EFG International Finan   7.200   11/2/2020  EUR   61.580
UBS AG/London             5.100   3/26/2020  EUR   59.140
UBS AG/London            13.000    5/4/2020  CHF   49.100
EFG International Finan   7.000  11/17/2020  CHF   61.820
HSBC Trinkaus & Burkhar   0.750   4/22/2020  EUR   70.890
UniCredit Bank AG         5.050   1/11/2022  EUR   45.860
Landesbank Baden-Wuertt   4.850   6/26/2020  EUR   62.860
UBS AG/London            11.000    9/7/2020  EUR   69.250
UBS AG/London             6.200   3/26/2020  EUR   73.030
UBS AG/London            14.000   3/26/2020  EUR   64.420
UBS AG/London             9.600   3/26/2020  EUR   69.250
UBS AG/London             7.700   3/26/2020  EUR   70.970
UniCredit Bank AG         5.000   6/11/2021  EUR   62.340
UBS AG/London             7.400  12/28/2020  EUR   72.720
UBS AG/London             9.000    4/3/2020  CHF   66.850
Landesbank Baden-Wuertt   5.500   3/26/2021  EUR   52.770
Landesbank Baden-Wuertt   4.500   6/26/2020  EUR   71.130
Landesbank Baden-Wuertt   5.000   6/26/2020  EUR   50.710
UBS AG/London            10.500   4/20/2020  EUR   57.750
HSBC Trinkaus & Burkhar  28.800   1/24/2020  EUR   53.510
HSBC Trinkaus & Burkhar  29.000   1/24/2020  EUR   61.820
HSBC Trinkaus & Burkhar  10.600   3/27/2020  EUR   40.740
Landesbank Baden-Wuertt   4.000   4/24/2020  EUR   58.050
Landesbank Baden-Wuertt   2.000   4/24/2020  EUR   70.270
DZ Bank AG Deutsche Zen   5.750   3/25/2020  EUR   72.480
Landesbank Baden-Wuertt   4.500   4/24/2020  EUR   22.920
Landesbank Baden-Wuertt   3.000   4/24/2020  EUR   64.880
Landesbank Baden-Wuertt   2.000   4/24/2020  EUR   69.400
Landesbank Baden-Wuertt   4.000   4/24/2020  EUR   53.250
Landesbank Baden-Wuertt   5.500   5/22/2020  EUR   59.870
Landesbank Baden-Wuertt   5.000   5/22/2020  EUR   66.720
Landesbank Baden-Wuertt   4.000   4/24/2020  EUR   49.320
Landesbank Baden-Wuertt   5.500   4/24/2020  EUR   62.660
Landesbank Baden-Wuertt   3.000   4/24/2020  EUR   60.760
Landesbank Baden-Wuertt   5.000   4/24/2020  EUR   58.300
Raiffeisen Schweiz Geno   3.400   5/14/2020  CHF   58.890
Landesbank Hessen-Thuer   4.000    6/8/2022  EUR   63.170
Landesbank Hessen-Thuer   4.000    6/8/2022  EUR   61.910
Landesbank Baden-Wuertt   3.000   3/26/2021  EUR   57.620
DZ Bank AG Deutsche Zen   8.400   3/23/2020  EUR   71.060
Leonteq Securities AG     9.000   3/27/2020  USD   42.560
Landesbank Baden-Wuertt   5.000  12/29/2020  EUR   47.490
Landesbank Hessen-Thuer   4.000  11/10/2021  EUR   70.470
EFG International Finan   7.200  10/26/2020  USD   58.120
Vontobel Financial Prod  11.000   3/13/2020  EUR   71.170
Raiffeisen Schweiz Geno   5.000    4/3/2020  CHF   35.300
Corner Banca SA           7.400   7/22/2020  CHF   65.450
Landesbank Baden-Wuertt   3.000  12/29/2020  EUR   52.140
UBS AG/London             8.000    4/3/2020  USD   62.450
Landesbank Baden-Wuertt   4.000   1/24/2020  EUR   55.170
Landesbank Baden-Wuertt   2.000   1/24/2020  EUR   63.170
Landesbank Baden-Wuertt   3.000   1/24/2020  EUR   60.450
UBS AG/London             4.300   6/25/2020  EUR   70.940
UBS AG/London             7.750    1/6/2020  EUR   70.850
Landesbank Baden-Wuertt   5.000   1/24/2020  EUR   50.490
Landesbank Baden-Wuertt   4.500   1/24/2020  EUR   69.530
UBS AG/London             9.000    1/6/2020  USD   52.500
UBS AG/London             5.750    7/6/2020  EUR   68.000
UBS AG/London             7.300   3/26/2020  EUR   69.640
Raiffeisen Schweiz Geno   7.400    4/1/2020  CHF   70.420
Vontobel Financial Prod   9.500   3/13/2020  EUR   70.410
Landesbank Baden-Wuertt   6.000   1/24/2020  EUR   61.330
UBS AG/London             5.750    1/6/2020  CHF   73.800
Raiffeisen Schweiz Geno   5.800   9/28/2021  CHF   63.490
Vontobel Financial Prod  13.500   3/13/2020  EUR   67.590
UBS AG/London             5.800   6/25/2020  EUR   66.350
UBS AG/London             9.000   10/5/2020  EUR   58.950
Landesbank Baden-Wuertt   3.000   1/24/2020  EUR   58.350
Raiffeisen Schweiz Geno   8.500    4/1/2020  CHF   65.340
Raiffeisen Schweiz Geno   7.200   9/28/2020  EUR   63.930
EFG International Finan   7.600   1/11/2021  CHF   69.800
EFG International Finan   8.400   1/10/2020  USD   53.200
EFG International Finan   8.000   1/29/2020  USD   50.670
DekaBank Deutsche Giroz   3.500   1/24/2020  EUR   47.180
DekaBank Deutsche Giroz   3.400   1/24/2020  EUR   53.530
EFG International Finan   7.400   1/25/2021  CHF   69.330
EFG International Finan   7.200   1/25/2021  EUR   55.140
Landesbank Baden-Wuertt   4.000   1/24/2020  EUR   54.220
UniCredit Bank AG         5.200    5/4/2020  USD   40.440
Leonteq Securities AG/G   7.000   4/16/2020  CHF   53.610
Leonteq Securities AG     7.200    2/2/2021  EUR   62.760
DekaBank Deutsche Giroz   4.000   8/21/2020  EUR   64.490
Credit Suisse AG/Nassau   7.000   6/22/2021  CHF   62.210
Raiffeisen Schweiz Geno   6.000    1/6/2020  CHF   46.280
HSBC Trinkaus & Burkhar   7.900   3/27/2020  EUR   37.510
HSBC Trinkaus & Burkhar  13.100   3/27/2020  EUR   33.400
HSBC Trinkaus & Burkhar  12.600   6/26/2020  EUR   35.920
HSBC Trinkaus & Burkhar   9.100   2/28/2020  EUR   36.090
Raiffeisen Schweiz Geno   5.700  12/29/2020  EUR   72.800
Raiffeisen Centrobank A   5.300   7/21/2020  EUR   59.400
HSBC Trinkaus & Burkhar   6.500   3/27/2020  EUR   70.400
DekaBank Deutsche Giroz   3.350   7/10/2020  EUR   74.010
HSBC Trinkaus & Burkhar  10.000   6/26/2020  EUR   72.700
Leonteq Securities AG     5.200  12/22/2020  CHF   58.560
Raiffeisen Schweiz Geno   6.300    1/6/2020  CHF   56.020
Vontobel Financial Prod   5.500   3/13/2020  EUR   69.670
Vontobel Financial Prod  11.000   3/13/2020  EUR   67.130
Vontobel Financial Prod   9.500   3/13/2020  EUR   71.300
UBS AG/London             6.500  12/14/2020  EUR   72.400
Vontobel Financial Prod   9.000   3/13/2020  EUR   70.800
Raiffeisen Schweiz Geno   5.000  12/22/2020  CHF   74.590
Vontobel Financial Prod  10.500   3/13/2020  EUR   69.480
UBS AG/London             7.000  12/14/2020  CHF   60.500
HSBC Trinkaus & Burkhar  10.000   6/26/2020  EUR   72.700
UBS AG/London             8.500   6/22/2020  EUR   52.850
DekaBank Deutsche Giroz   2.100    1/5/2021  EUR   64.620
UniCredit Bank AG         3.500    1/5/2021  EUR   54.000
DZ Bank AG Deutsche Zen   8.250   3/25/2020  EUR   67.880
UniCredit Bank AG         6.350   5/14/2021  EUR   55.560
Vontobel Financial Prod   9.000   3/27/2020  EUR   54.400
UniCredit Bank AG         3.500    1/5/2021  EUR   44.370
Landesbank Hessen-Thuer   5.500   5/25/2023  EUR   65.530
Zurcher Kantonalbank Fi   6.750   2/19/2020  EUR   66.440
Landesbank Baden-Wuertt   4.550   2/28/2020  EUR   62.380
Landesbank Baden-Wuertt   6.500   2/28/2020  EUR   45.760
Commerzbank AG            2.540   4/15/2020  EUR   73.410
Leonteq Securities AG/G   5.000  10/20/2020  CHF   63.770
UniCredit Bank AG         3.500    1/5/2021  EUR   71.170
UniCredit Bank AG         4.000    1/5/2021  EUR   63.840
DekaBank Deutsche Giroz   6.050   7/31/2020  EUR   55.300
DZ Bank AG Deutsche Zen  10.250   3/25/2020  EUR   66.070
UniCredit Bank AG         6.850   5/14/2021  EUR   68.940
UniCredit Bank AG         4.900  11/14/2021  EUR   60.810
Landesbank Baden-Wuertt   3.000   2/25/2022  EUR   63.240
Landesbank Baden-Wuertt   2.600   9/25/2020  EUR   67.660
DekaBank Deutsche Giroz   3.250   1/24/2020  EUR   55.770
Leonteq Securities AG/G   7.600    1/9/2020  CHF   72.470
UBS AG/London             7.000   4/20/2020  CHF   64.000
Leonteq Securities AG/G   9.000   1/12/2021  USD   48.770
BNP Paribas Emissions-    6.000   3/26/2020  EUR   66.870
BNP Paribas Emissions-    8.000   6/25/2020  EUR   68.360
Landesbank Baden-Wuertt   4.000   2/28/2020  EUR   58.590
Landesbank Baden-Wuertt   5.000   2/28/2020  EUR   53.690
Landesbank Baden-Wuertt   4.500   1/24/2020  EUR   59.830
Landesbank Baden-Wuertt   6.000   1/24/2020  EUR   55.630
Commerzbank AG            7.250   3/27/2020  EUR   72.080
DekaBank Deutsche Giroz   4.250   11/9/2020  EUR   73.110
DekaBank Deutsche Giroz   5.000   7/31/2020  EUR   46.900
Commerzbank AG           10.500   1/24/2020  EUR   66.920
Vontobel Financial Prod   6.500   3/27/2020  EUR   72.980
UniCredit Bank AG         3.500    1/5/2021  EUR   70.230
Vontobel Financial Prod  13.000   3/27/2020  EUR   64.220
Landesbank Baden-Wuertt   3.800   2/26/2021  EUR   50.750
Vontobel Financial Prod   7.500   5/14/2020  EUR   66.020
Landesbank Hessen-Thuer   2.600   7/29/2020  EUR   70.300
DekaBank Deutsche Giroz   4.550   7/31/2020  EUR   66.050
DekaBank Deutsche Giroz   2.250   1/22/2021  EUR   71.360
Landesbank Baden-Wuertt   6.100   3/27/2020  EUR   66.960
Landesbank Baden-Wuertt   4.650   2/28/2020  EUR   63.580
EFG International Finan   6.200    5/3/2021  CHF   65.400
Raiffeisen Schweiz Geno   6.250   4/27/2020  CHF   60.830
Landesbank Baden-Wuertt   2.000   2/28/2020  EUR   67.860
Landesbank Hessen-Thuer   6.000   8/25/2023  EUR   56.770
Landesbank Baden-Wuertt   3.000   1/24/2020  EUR   67.550
Landesbank Baden-Wuertt   5.000   1/24/2020  EUR   71.670
Landesbank Baden-Wuertt   4.000   1/24/2020  EUR   67.010
Landesbank Baden-Wuertt   2.000   1/24/2020  EUR   61.940
Landesbank Baden-Wuertt   3.000   1/24/2020  EUR   56.810
Landesbank Baden-Wuertt   2.500   1/24/2020  EUR   21.280
Landesbank Baden-Wuertt   3.500   1/24/2020  EUR   19.730
UBS AG/London            12.000    1/6/2020  CHF   52.900
UBS AG/London             7.000    1/6/2020  CHF   70.450
Landesbank Baden-Wuertt   3.000   2/28/2020  EUR   61.290
Landesbank Baden-Wuertt   2.000   1/24/2020  EUR   73.830
Landesbank Baden-Wuertt   3.000   1/24/2020  EUR   71.550
Landesbank Baden-Wuertt   4.000   1/24/2020  EUR   46.000
Landesbank Baden-Wuertt   3.000   1/24/2020  EUR   57.970
Vontobel Financial Prod   8.000   3/27/2020  EUR   70.410
HSBC Trinkaus & Burkhar   8.700   9/25/2020  EUR   70.110
HSBC Trinkaus & Burkhar   7.300   6/26/2020  EUR   70.310
HSBC Trinkaus & Burkhar   7.200   9/25/2020  EUR   69.640
HSBC Trinkaus & Burkhar  10.000   1/24/2020  EUR   68.180
HSBC Trinkaus & Burkhar   8.800   7/24/2020  EUR   67.610
Raiffeisen Schweiz Geno   7.250   4/27/2020  CHF   74.770
UBS AG/London             6.250    1/6/2020  CHF   53.500
Landesbank Baden-Wuertt   5.000   1/24/2020  EUR   51.910
Landesbank Baden-Wuertt   6.000   1/24/2020  EUR   48.500
Landesbank Baden-Wuertt   4.000   1/24/2020  EUR   61.570
Landesbank Baden-Wuertt   3.500   1/24/2020  EUR   50.300
Landesbank Baden-Wuertt   4.500   1/24/2020  EUR   46.880
Landesbank Baden-Wuertt   3.000   1/24/2020  EUR   49.480
Landesbank Baden-Wuertt   5.000   1/24/2020  EUR   60.510
Vontobel Financial Prod   8.000   3/27/2020  EUR   59.190
BNP Paribas Emissions-    8.000   3/26/2020  EUR   67.290
BNP Paribas Emissions-   10.000   3/26/2020  EUR   67.700
BNP Paribas Emissions-    7.000   6/25/2020  EUR   67.900
BNP Paribas Emissions-    9.000   6/25/2020  EUR   68.830
Leonteq Securities AG/G   8.000  10/27/2020  CHF   65.260
Landesbank Baden-Wuertt   4.000   1/24/2020  EUR   55.850
Landesbank Baden-Wuertt   3.000   1/24/2020  EUR   69.210
Landesbank Baden-Wuertt   4.000   1/24/2020  EUR   52.480
Landesbank Baden-Wuertt   2.500   1/24/2020  EUR   54.150
Luzerner Kantonalbank A  10.000   8/28/2020  CHF   68.600
Landesbank Baden-Wuertt   5.000   1/24/2020  EUR   50.700
Landesbank Baden-Wuertt   2.000   1/24/2020  EUR   60.500
Landesbank Baden-Wuertt   3.000   1/24/2020  EUR   55.980
Vontobel Financial Prod  12.000   3/27/2020  EUR   65.120
Vontobel Financial Prod   8.000   3/27/2020  EUR   64.880
Commerzbank AG            9.500   3/27/2020  EUR   67.390
Landesbank Baden-Wuertt   3.750   1/24/2020  EUR   66.720
UBS AG/London             8.000   7/20/2020  CHF   60.500
UBS AG/London             8.000   7/20/2020  EUR   58.600
Landesbank Baden-Wuertt   2.500   1/24/2020  EUR   64.260
Landesbank Baden-Wuertt   4.500   1/24/2020  EUR   56.800
Landesbank Baden-Wuertt   6.000   1/24/2020  EUR   76.880
Landesbank Baden-Wuertt   2.500   1/24/2020  EUR   69.060
Landesbank Baden-Wuertt   3.500   1/24/2020  EUR   65.160
Landesbank Baden-Wuertt   3.500   1/24/2020  EUR   62.430
Landesbank Baden-Wuertt   4.500   1/24/2020  EUR   58.940
Landesbank Baden-Wuertt   7.000   1/24/2020  EUR   76.540
Landesbank Baden-Wuertt   4.500   1/24/2020  EUR   28.280
Landesbank Baden-Wuertt   5.500   1/24/2020  EUR   64.990
Landesbank Baden-Wuertt   2.500   2/28/2020  EUR   72.010
Landesbank Baden-Wuertt   5.500   2/28/2020  EUR   61.740
Landesbank Baden-Wuertt   3.500   1/24/2020  EUR   71.880
DekaBank Deutsche Giroz   2.400   8/21/2020  EUR   53.560
Credit Suisse AG/Nassau   5.000    2/6/2020  CHF   58.910
Leonteq Securities AG/G  10.000    2/6/2020  CHF   59.980
Leonteq Securities AG/G  10.000    2/3/2020  USD   62.890
Raiffeisen Schweiz Geno   7.500    2/5/2020  CHF   69.150
Leonteq Securities AG     7.800   1/30/2020  CHF   56.610
Araratbank OJSC           5.250   9/11/2022  USD   24.421
Landesbank Hessen-Thuer   1.950    9/3/2021  EUR   55.220
Goldman Sachs & Co Wert  12.000   6/24/2020  EUR   51.860
Goldman Sachs & Co Wert   3.000   3/25/2020  EUR   71.850
Goldman Sachs & Co Wert   4.000   3/25/2020  EUR   67.880
Goldman Sachs & Co Wert   6.000   3/25/2020  EUR   61.260
Goldman Sachs & Co Wert  13.000   3/25/2020  EUR   50.280
Goldman Sachs & Co Wert  10.000   6/24/2020  EUR   55.130
Goldman Sachs & Co Wert   5.000   3/25/2020  EUR   69.560
Goldman Sachs & Co Wert   6.000   3/25/2020  EUR   65.780
Goldman Sachs & Co Wert   8.000   3/25/2020  EUR   62.650
Goldman Sachs & Co Wert   7.000   6/24/2020  EUR   64.060
Leonteq Securities AG/G  11.000   1/30/2020  USD   57.660
Landesbank Baden-Wuertt   7.000   1/24/2020  EUR   72.610
Landesbank Baden-Wuertt   4.500   1/24/2020  EUR   62.590
Landesbank Baden-Wuertt   2.500   1/24/2020  EUR   66.330
Landesbank Baden-Wuertt   5.500   1/24/2020  EUR   56.740
Landesbank Baden-Wuertt   6.000   1/24/2020  EUR   69.660
Landesbank Baden-Wuertt   2.500   1/24/2020  EUR   65.160
Landesbank Baden-Wuertt   3.500   1/24/2020  EUR   61.530
Landesbank Baden-Wuertt   4.500   1/24/2020  EUR   58.340
Landesbank Baden-Wuertt   2.500   1/24/2020  EUR   64.040
Landesbank Baden-Wuertt   3.000   1/24/2020  EUR   30.690
Landesbank Baden-Wuertt   6.000   1/24/2020  EUR   26.230
Landesbank Baden-Wuertt   4.000   2/28/2020  EUR   64.730
Landesbank Baden-Wuertt   4.000   1/24/2020  EUR   69.020
Landesbank Baden-Wuertt   2.500   1/24/2020  EUR   63.100
Landesbank Baden-Wuertt   3.500   1/24/2020  EUR   59.660
Landesbank Baden-Wuertt   4.500   1/24/2020  EUR   57.310
Landesbank Hessen-Thuer   6.100   12/4/2023  EUR   53.280
Bank Julius Baer & Co L   5.800   1/27/2020  CHF   73.900
EFG International Finan   8.600    2/7/2020  USD   50.380
UBS AG/London             9.000   7/20/2020  CHF   75.550
UBS AG/London            10.000   7/20/2020  EUR   71.950
UBS AG/London             9.750   7/20/2020  EUR   69.950
Goldman Sachs & Co Wert  14.000   3/25/2020  EUR   64.330
Raiffeisen Schweiz Geno   6.300    2/3/2020  CHF   58.990
Raiffeisen Schweiz Geno   5.800    8/3/2020  EUR   56.280
Leonteq Securities AG/G   8.000    8/5/2020  CHF   71.540
Leonteq Securities AG/G   9.000    8/5/2020  USD   74.470
Leonteq Securities AG/G  10.000    2/5/2020  EUR   56.140
Vontobel Financial Prod   5.250   2/21/2020  EUR   57.600
Leonteq Securities AG/G  14.200   1/15/2020  USD   23.960
Leonteq Securities AG/G  11.000    1/9/2020  CHF   68.250
Leonteq Securities AG/G  11.000   1/15/2020  CHF   23.180
Landesbank Baden-Wuertt   2.300   8/27/2021  EUR   62.510
Goldman Sachs & Co Wert  13.000   6/24/2020  EUR   55.920
Goldman Sachs & Co Wert   5.000   3/25/2020  EUR   64.400
Goldman Sachs & Co Wert   7.000   3/25/2020  EUR   58.480
Goldman Sachs & Co Wert  10.000   3/25/2020  EUR   53.950
Goldman Sachs & Co Wert   4.000   6/24/2020  EUR   67.110
Goldman Sachs & Co Wert   4.000   6/24/2020  EUR   71.160
Goldman Sachs & Co Wert   5.000   6/24/2020  EUR   64.000
Goldman Sachs & Co Wert   6.000   6/24/2020  EUR   67.080
Goldman Sachs & Co Wert   8.000   6/24/2020  EUR   61.380
Goldman Sachs & Co Wert  10.000   6/24/2020  EUR   59.460
UBS AG/London             8.500   6/15/2020  CHF   70.650
Bayerische Landesbank     3.200  11/20/2020  EUR   61.020
DZ Bank AG Deutsche Zen   8.750   6/24/2020  EUR   65.210
DZ Bank AG Deutsche Zen   6.000   6/24/2020  EUR   68.860
UBS AG/London            24.500   3/26/2020  EUR   67.380
Leonteq Securities AG/G   5.000  10/13/2020  CHF   66.870
UBS AG/London             4.500   3/26/2020  EUR   61.870
Commerzbank AG            3.200    4/6/2020  USD   72.240
Vontobel Financial Prod   9.000   9/11/2020  EUR   73.600
UBS AG/London             9.000   4/14/2020  CHF   63.350
DekaBank Deutsche Giroz   6.200   11/9/2020  EUR   64.610
UBS AG/London            15.900   6/25/2020  EUR   71.620
Commerzbank AG            8.000   3/27/2020  EUR   70.120
Vontobel Financial Prod  15.000   3/27/2020  EUR   60.590
UniCredit Bank AG         4.500   1/18/2022  EUR   69.710
EFG International Finan   5.600   4/26/2021  CHF   64.770
Landesbank Hessen-Thuer   3.150   5/11/2022  EUR   68.780
DZ Bank AG Deutsche Zen   4.750   6/24/2020  EUR   64.120
DZ Bank AG Deutsche Zen   7.500   6/24/2020  EUR   65.390
DZ Bank AG Deutsche Zen   8.500   6/24/2020  EUR   69.530
UBS AG/London             7.000   4/14/2020  CHF   73.500
DZ Bank AG Deutsche Zen  11.000   6/24/2020  EUR   71.010
Vontobel Financial Prod  10.500   3/27/2020  EUR   67.390
Vontobel Financial Prod   8.500   3/27/2020  EUR   70.960
UniCredit Bank AG         6.000   1/18/2021  EUR   52.490
Vontobel Financial Prod   6.000   3/27/2020  EUR   55.020
DekaBank Deutsche Giroz   3.300    5/8/2020  EUR   66.270
UBS AG/London             5.500    4/6/2020  CHF   74.000
Vontobel Financial Prod   9.500   6/12/2020  EUR   72.090
Vontobel Financial Prod   9.250   3/26/2020  EUR   63.090
Vontobel Financial Prod   5.000   3/20/2020  EUR   68.690
Vontobel Financial Prod   7.500   3/27/2020  EUR   67.860
EFG International Finan   7.200  12/29/2020  EUR   55.280
DekaBank Deutsche Giroz   4.250    5/3/2022  EUR   62.060
UBS AG/London             8.000   6/15/2020  EUR   60.100
Commerzbank AG           11.500   3/27/2020  EUR   70.560
UBS AG/London            23.700   6/25/2020  EUR   70.720
Commerzbank AG            6.000   3/27/2020  EUR   74.050
Leonteq Securities AG/G   7.400  12/22/2020  CHF   73.290
Societe Generale Effekt   3.750   5/24/2021  EUR   51.630
Leonteq Securities AG/G   4.000  12/29/2020  CHF   35.820
UBS AG/London            20.300   6/25/2020  EUR   70.280
UBS AG/London            23.400   6/25/2020  EUR   71.590
Vontobel Financial Prod   7.500   3/27/2020  EUR   52.390
Vontobel Financial Prod  12.500   3/27/2020  EUR   64.240
Vontobel Financial Prod   7.500   3/27/2020  EUR   70.300
DekaBank Deutsche Giroz   2.200    5/8/2020  EUR   55.120
Vontobel Financial Prod  13.500   3/27/2020  EUR   72.340
DZ Bank AG Deutsche Zen   6.000   6/24/2020  EUR   64.930
Landesbank Baden-Wuertt   3.600  12/29/2020  EUR   71.350
Landesbank Baden-Wuertt   3.000  12/29/2020  EUR   72.930
UniCredit Bank AG         4.250  11/21/2021  EUR   67.010
Landesbank Baden-Wuertt   5.000   4/24/2020  EUR   57.220
UBS AG/London            10.500   11/3/2020  CHF   65.650
Vontobel Financial Prod  10.000   3/27/2020  EUR   65.720
Landesbank Baden-Wuertt   3.500   4/24/2020  EUR   63.440
Landesbank Baden-Wuertt   5.000   4/24/2020  EUR   60.170
Landesbank Baden-Wuertt   4.000   4/24/2020  EUR   56.480
Landesbank Baden-Wuertt   2.000   4/24/2020  EUR   67.980
Landesbank Baden-Wuertt   4.000   4/24/2020  EUR   61.960
Landesbank Baden-Wuertt   4.000   4/24/2020  EUR   67.460
Landesbank Baden-Wuertt   2.000   4/24/2020  EUR   63.790
Landesbank Baden-Wuertt   2.000   4/24/2020  EUR   72.300
Landesbank Baden-Wuertt   5.000   4/24/2020  EUR   54.380
Landesbank Baden-Wuertt   4.000   4/24/2020  EUR   77.180
DZ Bank AG Deutsche Zen  12.000   3/25/2020  EUR   67.930
Landesbank Baden-Wuertt   3.500   4/24/2020  EUR   64.980
Landesbank Baden-Wuertt   5.000   4/24/2020  EUR   54.140
Landesbank Baden-Wuertt   2.500   4/24/2020  EUR   25.420
Landesbank Baden-Wuertt   2.500   5/22/2020  EUR   72.890
Landesbank Baden-Wuertt   4.000   5/22/2020  EUR   65.680
Landesbank Baden-Wuertt   3.500   4/24/2020  EUR   63.030
HSBC Trinkaus & Burkhar  10.000   3/27/2020  EUR   73.680
HSBC Trinkaus & Burkhar  29.100   1/24/2020  EUR   49.740
HSBC Trinkaus & Burkhar   7.300   3/27/2020  EUR   44.790
HSBC Trinkaus & Burkhar  30.000   1/24/2020  EUR   53.310
Landesbank Baden-Wuertt   6.000   4/24/2020  EUR   67.610
Landesbank Baden-Wuertt   2.000   4/24/2020  EUR   65.600
Landesbank Baden-Wuertt   3.000   4/24/2020  EUR   62.290
Landesbank Baden-Wuertt   3.500   4/24/2020  EUR   61.450
Landesbank Baden-Wuertt   2.000   4/24/2020  EUR   59.440
Landesbank Baden-Wuertt   2.500   4/24/2020  EUR   54.230
DekaBank Deutsche Giroz   5.950   12/4/2020  EUR   55.770
Raiffeisen Schweiz Geno   5.200  11/11/2020  CHF   61.180
Landesbank Baden-Wuertt   5.000   4/24/2020  EUR   73.810
Landesbank Baden-Wuertt   2.000   4/24/2020  EUR   71.960
Raiffeisen Schweiz Geno   7.500   7/27/2020  CHF   60.580
Raiffeisen Schweiz Geno   6.250   1/29/2020  CHF   74.010
Leonteq Securities AG/G   7.000   1/29/2020  CHF   68.090
Leonteq Securities AG/G   8.200   1/29/2020  EUR   53.390
Leonteq Securities AG/G   8.000   7/29/2020  EUR   59.330
Landesbank Hessen-Thuer   4.000   8/26/2020  EUR   59.600
Leonteq Securities AG/G  10.000   7/27/2020  CHF   59.150
Zurcher Kantonalbank Fi   5.750   1/30/2020  CHF   18.030
HSBC Trinkaus & Burkhar   5.400   6/26/2020  EUR   57.170
UBS AG/London             9.100   6/25/2020  EUR   41.690
UBS AG/London             9.100   3/26/2020  EUR   40.250
DekaBank Deutsche Giroz   2.800   2/12/2021  EUR   70.470
UniCredit Bank AG         3.250   2/27/2022  EUR   59.720
Landesbank Baden-Wuertt   4.350   7/24/2020  EUR   43.760
EFG International Finan  11.500   4/15/2020  CHF   74.060
DekaBank Deutsche Giroz   2.900   2/14/2020  EUR   72.740
Leonteq Securities AG/G   7.200   7/29/2020  CHF   73.520
Corner Banca SA          10.000    4/8/2020  CHF   72.350
UBS AG/London             5.500   1/17/2020  CHF   72.900
Leonteq Securities AG/G   6.200   7/27/2021  CHF   63.390
UniCredit Bank AG         4.000   8/24/2021  EUR   71.620
Raiffeisen Schweiz Geno   6.500   1/30/2020  CHF   55.500
Landesbank Hessen-Thuer   4.000   8/26/2020  EUR   57.800
Landesbank Baden-Wuertt   4.150  10/22/2021  EUR   76.260
UBS AG/London            12.000  10/12/2020  CHF   73.200
UBS AG/London             7.200   3/26/2020  EUR   42.990
Leonteq Securities AG    10.000    8/3/2020  CHF   31.480
DekaBank Deutsche Giroz   2.000   1/22/2021  EUR   65.860
EFG International Finan   7.400   1/11/2021  USD   75.260
Corner Banca SA          12.000    1/8/2020  CHF   74.410
Raiffeisen Schweiz Geno  10.020   1/15/2020  EUR   69.840
Leonteq Securities AG    13.200    1/8/2020  CHF   60.630
Leonteq Securities AG    10.200    1/8/2020  CHF   71.410
Leonteq Securities AG/G   8.000   7/22/2020  CHF   65.210
Raiffeisen Schweiz Geno   6.450   1/22/2020  CHF   70.250
Bank Julius Baer & Co L   8.800   1/24/2020  EUR   66.200
Raiffeisen Schweiz Geno   7.000   1/15/2020  CHF   68.690
Vontobel Financial Prod  12.500   3/27/2020  EUR   67.830
Zurcher Kantonalbank Fi   3.500   1/23/2020  CHF   17.300
Vontobel Financial Prod  15.500   3/27/2020  EUR   68.100
Vontobel Financial Prod  13.000   3/27/2020  EUR   65.340
Leonteq Securities AG/G   6.600   1/22/2020  EUR   71.630
Leonteq Securities AG    11.000    1/8/2020  CHF   74.270
Vontobel Financial Prod   7.500   3/27/2020  EUR   62.410
Vontobel Financial Prod  12.500   3/27/2020  EUR   53.500
Vontobel Financial Prod  10.500   3/27/2020  EUR   56.030
Vontobel Financial Prod  10.000   3/27/2020  EUR   71.290
Leonteq Securities AG     5.400   7/25/2022  CHF   74.950
Vontobel Financial Prod  15.000   3/27/2020  EUR   73.620
Leonteq Securities AG/G   5.500   1/30/2020  CHF   64.220
Goldman Sachs & Co Wert   8.000   6/24/2020  EUR   66.340
Vontobel Financial Prod  14.500   3/27/2020  EUR   64.690
Vontobel Financial Prod   9.000   3/27/2020  EUR   70.630
Landesbank Baden-Wuertt   3.000   3/26/2021  EUR   72.540
Vontobel Financial Prod   9.500   3/27/2020  EUR   65.630
UniCredit Bank AG         5.000   2/12/2021  EUR   71.870
Vontobel Financial Prod   6.500   3/27/2020  EUR   66.350
HSBC Trinkaus & Burkhar   1.000   4/22/2020  EUR   73.500
Vontobel Financial Prod   9.500   2/28/2020  EUR   50.040
Vontobel Financial Prod  12.500   3/27/2020  EUR   66.380
Leonteq Securities AG/G  13.000    8/4/2020  CHF   48.250
Societe Generale Effekt  29.695   3/20/2020  EUR   72.300
Societe Generale Effekt  14.287   3/20/2020  EUR   70.060
Societe Generale Effekt   8.684   3/20/2020  EUR   42.750
Societe Generale Effekt  10.925   3/20/2020  EUR   40.290
Societe Generale Effekt  11.986   6/19/2020  EUR   45.060
Societe Generale Effekt  14.041   6/19/2020  EUR   42.870
Societe Generale Effekt  11.766   3/20/2020  EUR   72.160
Societe Generale Effekt  19.890   3/20/2020  EUR   62.690
Societe Generale Effekt  11.766   3/20/2020  EUR   73.760
Societe Generale Effekt  15.968   3/20/2020  EUR   67.730
Vontobel Financial Prod   7.500   3/27/2020  EUR   58.430
UBS AG/London             6.250   1/17/2020  CHF   40.550
UBS AG/London            13.000   1/21/2020  USD   73.360
UBS AG/London             9.000   7/20/2020  CHF   60.350
UBS AG/London            11.000   1/10/2020  EUR   37.600
Landesbank Hessen-Thuer   6.500   2/16/2023  EUR   70.390
Leonteq Securities AG/G  14.000   1/15/2020  USD   38.090
Leonteq Securities AG/G  10.600   1/15/2020  CHF   37.220
UBS AG/London            11.090    4/8/2020  USD    5.406
UBS AG/London             6.000   7/20/2020  CHF   61.100
UBS AG/London             6.500   7/20/2020  EUR   58.650
UBS AG/London            12.000   4/13/2020  USD   59.170
Raiffeisen Schweiz Geno   7.840   1/22/2020  CHF   67.960
UBS AG/London             6.750   1/17/2020  CHF   69.050
Raiffeisen Schweiz Geno   6.400    4/8/2020  CHF   72.300
HSBC Trinkaus & Burkhar   5.600   6/26/2020  EUR   68.430
HSBC Trinkaus & Burkhar   5.300   6/26/2020  EUR   64.870
UniCredit Bank AG         5.900   2/12/2021  EUR   55.250
UniCredit Bank AG         4.550   2/12/2021  EUR   70.510
Vontobel Financial Prod   9.000   3/27/2020  EUR   59.010
Leonteq Securities AG/G   8.000   1/17/2020  CHF   48.430
HSBC Trinkaus & Burkhar   6.900   6/26/2020  EUR   69.040
UBS AG/London             6.250   4/20/2020  CHF   48.500
UBS AG/London             9.000    9/7/2020  EUR   67.800
UBS AG/London             7.500   3/26/2020  EUR   69.200
UBS AG/London            15.600   3/26/2020  EUR   70.100
UBS AG/London             6.600   3/26/2020  EUR   73.010
UBS AG/London            12.900   6/25/2020  EUR   64.810
UBS AG/London             8.900   3/26/2020  EUR   68.240
Bank Julius Baer & Co L   7.000    3/6/2020  EUR   70.200
DekaBank Deutsche Giroz   3.100   5/28/2021  EUR   66.560
DekaBank Deutsche Giroz   2.700   5/29/2020  EUR   51.890
Landesbank Baden-Wuertt   2.750   5/31/2021  EUR   57.050
UBS AG/London             8.000   4/27/2020  EUR   56.200
Landesbank Hessen-Thuer   4.000  11/24/2021  EUR   61.130
Landesbank Hessen-Thuer   4.000  11/24/2021  EUR   67.670
Landesbank Hessen-Thuer   5.900   8/25/2023  EUR   50.720
Vontobel Financial Prod  16.000   3/13/2020  EUR   67.090
Landesbank Baden-Wuertt   2.500   7/24/2020  EUR   54.830
HSBC Trinkaus & Burkhar  12.500   3/27/2020  EUR   39.780
HSBC Trinkaus & Burkhar   6.900   3/27/2020  EUR   46.570
HSBC Trinkaus & Burkhar   5.000   3/27/2020  EUR   50.390
HSBC Trinkaus & Burkhar   9.200   2/28/2020  EUR   43.040
Raiffeisen Schweiz Geno   4.700   11/4/2020  CHF   60.480
DekaBank Deutsche Giroz   2.200   5/28/2021  EUR   62.650
DekaBank Deutsche Giroz   2.900   5/29/2020  EUR   52.140
Vontobel Financial Prod  17.650   1/22/2020  EUR   35.550
Landesbank Baden-Wuertt   7.000   7/24/2020  EUR   45.080
Raiffeisen Schweiz Geno   5.500    5/4/2020  CHF   59.870
Landesbank Baden-Wuertt   5.000   7/24/2020  EUR   68.160
Landesbank Baden-Wuertt   5.000   7/24/2020  EUR   47.690
Deutsche Bank AG          8.200   9/22/2020  EUR   63.100
Deutsche Bank AG          8.200  12/22/2020  EUR   59.600
Leonteq Securities AG/G   7.500   3/11/2021  CHF   74.480
Raiffeisen Switzerland    9.500   3/11/2020  EUR   64.770
Vontobel Financial Prod  11.000   3/27/2020  EUR   57.380
DZ Bank AG Deutsche Zen  10.000   3/25/2020  EUR   64.150
Bank Julius Baer & Co L  10.800   6/12/2020  CHF   71.000
Vontobel Financial Prod   5.500   3/20/2020  EUR   63.780
HSBC Trinkaus & Burkhar   3.000   8/10/2020  EUR   70.500
Bank Julius Baer & Co L   9.300   3/16/2020  USD   59.950
Vontobel Financial Prod  13.500   3/27/2020  EUR   64.890
Societe Generale Effekt   9.805   3/20/2020  EUR   68.970
Societe Generale Effekt  13.447   3/20/2020  EUR   72.370
UBS AG/London            10.000   1/30/2020  EUR   64.950
Landesbank Baden-Wuertt   3.000   7/24/2020  EUR   44.760
Landesbank Baden-Wuertt   5.000   7/24/2020  EUR   40.940
Landesbank Baden-Wuertt   7.000   7/24/2020  EUR   72.130
Vontobel Financial Prod  12.000   3/13/2020  EUR   59.470
Vontobel Financial Prod   8.500   3/13/2020  EUR   73.210
Vontobel Financial Prod  18.000   3/13/2020  EUR   70.790
Vontobel Financial Prod  11.500   3/13/2020  EUR   67.750
UBS AG/London            10.250   6/15/2020  CHF   47.400
UBS AG/London             8.750   6/15/2020  EUR   75.250
Vontobel Financial Prod   7.000   3/13/2020  EUR   58.700
UBS AG/London             6.900   3/26/2020  EUR   71.770
UBS AG/London            10.500   3/26/2020  EUR   67.380
Corner Banca SA           8.000   5/25/2021  CHF   65.730
UBS AG/London            10.700   3/26/2020  EUR   63.940
Zurcher Kantonalbank Fi   7.500   3/13/2020  EUR   71.810
Societe Generale Effekt   7.767   3/20/2020  EUR   74.210
Societe Generale Effekt   8.285   3/20/2020  EUR   72.860
Societe Generale Effekt   9.838   3/20/2020  EUR   70.370
Societe Generale Effekt  11.651   3/20/2020  EUR   68.230
Societe Generale Effekt  14.240   3/20/2020  EUR   65.200
Societe Generale Effekt  22.525   3/20/2020  EUR   58.360
Societe Generale Effekt  23.301   3/20/2020  EUR   57.710
Societe Generale Effekt  24.337   3/20/2020  EUR   57.130
Societe Generale Effekt  12.528   6/19/2020  EUR   70.940
Societe Generale Effekt  11.564   6/19/2020  EUR   71.510
Societe Generale Effekt  16.052   3/20/2020  EUR   65.400
Societe Generale Effekt  18.632   6/19/2020  EUR   66.390
Societe Generale Effekt   4.660   3/20/2020  EUR   67.190
Societe Generale Effekt   7.249   3/20/2020  EUR   60.460
Societe Generale Effekt  10.097   3/20/2020  EUR   55.210
Societe Generale Effekt  13.204   3/20/2020  EUR   51.060
Societe Generale Effekt   9.637   6/19/2020  EUR   62.120
Societe Generale Effekt  12.849   6/19/2020  EUR   57.580
Societe Generale Effekt  10.740   9/18/2020  EUR   63.150
Societe Generale Effekt  14.192   9/18/2020  EUR   59.270
Societe Generale Effekt  11.910   3/20/2020  EUR   68.290
Societe Generale Effekt  14.499   3/20/2020  EUR   65.170
Societe Generale Effekt  20.195   3/20/2020  EUR   60.130
Societe Generale Effekt  25.890   3/20/2020  EUR   56.200
Societe Generale Effekt  14.134   6/19/2020  EUR   70.160
Societe Generale Effekt  22.486   6/19/2020  EUR   63.450
Societe Generale Effekt  15.793   3/20/2020  EUR   70.570
Vontobel Financial Prod  13.000   2/28/2020  EUR   71.040
Goldman Sachs & Co Wert   6.000   6/24/2020  EUR   61.210
Goldman Sachs & Co Wert   7.000   6/24/2020  EUR   58.760
Goldman Sachs & Co Wert   5.000   6/24/2020  EUR   70.470
UniCredit Bank AG         9.200  12/29/2020  EUR   52.630
UniCredit Bank AG         8.500  12/29/2020  EUR   55.460
UniCredit Bank AG         7.400  12/29/2020  EUR   52.480
UniCredit Bank AG         6.800  12/29/2020  EUR   59.150
UniCredit Bank AG        12.200  12/29/2020  EUR   33.790
UniCredit Bank AG         9.300  12/29/2020  EUR   52.800
UniCredit Bank AG         8.900  12/29/2020  EUR   49.650
UniCredit Bank AG         6.600  12/29/2020  EUR   61.410
UniCredit Bank AG         7.300  12/29/2020  EUR   61.170
UniCredit Bank AG         6.500  12/29/2020  EUR   26.420
UniCredit Bank AG         9.700  12/29/2020  EUR   69.750
UBS AG/London             6.250   6/29/2020  CHF   59.700
UBS AG/London             7.500   6/29/2020  EUR   55.550
Zurcher Kantonalbank Fi   6.500    7/3/2020  CHF   39.830
Vontobel Financial Prod   5.400    1/6/2020  EUR   43.850
Leonteq Securities AG/G   7.000  12/15/2020  EUR   73.380
DekaBank Deutsche Giroz   3.000   1/18/2021  EUR   63.520
Landesbank Hessen-Thuer   5.650   7/20/2023  EUR   70.440
Credit Suisse AG/Nassau   7.200    7/5/2021  CHF   66.100
UniCredit Bank AG         9.100  12/29/2020  EUR   51.440
UniCredit Bank AG         9.300  12/29/2020  EUR   56.460
UniCredit Bank AG        14.800  12/29/2020  EUR   31.420
UniCredit Bank AG         6.900  12/29/2020  EUR   66.610
UniCredit Bank AG        10.600  12/29/2020  EUR   62.800
UniCredit Bank AG        10.700  12/29/2020  EUR   72.730
UniCredit Bank AG         8.200  12/29/2020  EUR   70.770
UniCredit Bank AG         6.500  12/29/2020  EUR   62.790
UniCredit Bank AG         7.200  12/29/2020  EUR   26.350
UniCredit Bank AG         9.100  12/29/2020  EUR   59.010
UniCredit Bank AG         7.000  12/29/2020  EUR   58.740
UniCredit Bank AG        10.900  12/29/2020  EUR   67.170
UBS AG/London             6.000  12/28/2020  CHF   60.350
UBS AG/London             6.250   6/21/2021  CHF   61.350
Landesbank Hessen-Thuer   2.750   8/31/2020  EUR   69.300
Leonteq Securities AG     6.200    8/6/2020  CHF   61.630
Goldman Sachs & Co Wert  13.000   6/24/2020  EUR   65.140
Goldman Sachs & Co Wert  12.000   6/24/2020  EUR   69.960
Goldman Sachs & Co Wert  12.000   3/25/2020  EUR   69.650
Goldman Sachs & Co Wert   9.000   3/25/2020  EUR   59.670
Goldman Sachs & Co Wert  15.000   3/25/2020  EUR   53.100
DekaBank Deutsche Giroz   5.500   2/26/2021  EUR   69.210
UBS AG/London             6.000   6/29/2020  CHF   52.600
Landesbank Hessen-Thuer   3.500    8/3/2022  EUR   57.780
Leonteq Securities AG/G  10.000    1/9/2020  CHF   67.960
Landesbank Hessen-Thuer   3.500    8/3/2022  EUR   74.380
UniCredit Bank AG         8.900  12/29/2020  EUR   55.900
UniCredit Bank AG         7.900  12/29/2020  EUR   72.810
UniCredit Bank AG         6.800  12/29/2020  EUR   57.810
UniCredit Bank AG         7.400  12/29/2020  EUR   56.880
UniCredit Bank AG         6.000  12/29/2020  EUR   56.100
UniCredit Bank AG        10.100  12/29/2020  EUR   52.830
UniCredit Bank AG         6.100  12/29/2020  EUR   60.710
UniCredit Bank AG         6.600  12/29/2020  EUR   60.660
UniCredit Bank AG         7.200  12/29/2020  EUR   73.310
UniCredit Bank AG         8.300  12/29/2020  EUR   71.770
UniCredit Bank AG         7.300  12/29/2020  EUR   72.570
UniCredit Bank AG         7.900  12/29/2020  EUR   51.760
UniCredit Bank AG         8.400  12/29/2020  EUR   71.840
UniCredit Bank AG         9.500  12/29/2020  EUR   69.430
UniCredit Bank AG         6.400  12/29/2020  EUR   72.340
UniCredit Bank AG         8.100  12/29/2020  EUR   58.690
UniCredit Bank AG         8.700  12/29/2020  EUR   68.340
UniCredit Bank AG        10.700  12/29/2020  EUR   56.140
UniCredit Bank AG         4.200   7/26/2022  EUR   66.090
DekaBank Deutsche Giroz   2.000   7/30/2021  EUR   66.100
Credit Suisse AG/London  13.100   7/31/2020  USD   69.530
UniCredit Bank AG         8.300  12/29/2020  EUR   69.850
UniCredit Bank AG         8.400  12/29/2020  EUR   53.630
UniCredit Bank AG         6.700  12/29/2020  EUR   51.050
UniCredit Bank AG         6.800  12/29/2020  EUR   54.130
UniCredit Bank AG         9.400  12/29/2020  EUR   69.490
UniCredit Bank AG         6.500  12/29/2020  EUR   57.530
UniCredit Bank AG        11.200  12/29/2020  EUR   61.750
UniCredit Bank AG         6.200  12/29/2020  EUR   68.540
UniCredit Bank AG        10.100  12/29/2020  EUR   54.480
UniCredit Bank AG         6.700  12/29/2020  EUR   74.150
UniCredit Bank AG         7.500  12/29/2020  EUR   72.430
UniCredit Bank AG         7.800  12/29/2020  EUR   69.200
UniCredit Bank AG         8.000  12/29/2020  EUR   70.050
UniCredit Bank AG        12.000  12/29/2020  EUR   58.600
UniCredit Bank AG         8.300  12/29/2020  EUR   56.700
UniCredit Bank AG         7.200  12/29/2020  EUR   68.920
UniCredit Bank AG         9.000  12/29/2020  EUR   55.580
UniCredit Bank AG         7.900  12/29/2020  EUR   57.360
UBS AG/London             7.000   6/22/2020  CHF   73.150
DZ Bank AG Deutsche Zen  17.000   6/26/2020  EUR   73.260
UBS AG/London            10.000    2/6/2020  EUR   60.650
UBS AG/London            13.000   3/26/2020  EUR   69.990
UniCredit Bank AG         4.200    1/4/2021  EUR   51.470
UBS AG/London            18.000   6/25/2020  EUR   63.180
UBS AG/London            16.300   6/25/2020  EUR   68.280
Vontobel Financial Prod  16.000   9/25/2020  EUR   72.030
UBS AG/London            11.000    5/4/2020  USD   63.600
Raiffeisen Schweiz Geno   6.000   5/25/2020  EUR   69.130
Raiffeisen Schweiz Geno   7.500   5/25/2020  CHF   20.900
Raiffeisen Schweiz Geno   6.450   5/25/2020  CHF   72.040
Landesbank Hessen-Thuer   5.350   9/22/2023  EUR   65.880
UniCredit Bank AG         4.000    3/2/2020  EUR   40.820
DekaBank Deutsche Giroz   2.660   2/28/2020  EUR   72.340
UniCredit Bank AG         8.200  12/29/2020  EUR   70.950
UBS AG/London             9.500  11/16/2020  USD   60.600
Raiffeisen Schweiz Geno   8.600   5/28/2020  CHF   59.800
UBS AG/London             6.000   5/18/2020  CHF   58.750
Leonteq Securities AG    15.000   5/15/2020  CHF   33.800
UBS AG/London             9.500   2/28/2020  EUR   50.700
UBS AG/London            10.000   2/28/2020  EUR   51.550
EFG International Finan   7.000    6/8/2021  EUR   70.810
EFG International Finan   5.550   7/12/2021  USD   58.850
UBS AG/London            10.500   2/28/2020  CHF   36.250
UBS AG/London             7.500   2/28/2020  EUR   74.600
DZ Bank AG Deutsche Zen   8.000   2/26/2020  EUR   72.360
Bayerische Landesbank     3.400   7/16/2021  EUR   57.690
Raiffeisen Schweiz Geno   5.750    9/9/2020  CHF   50.650
Landesbank Baden-Wuertt   3.000   2/28/2020  EUR   61.420
Landesbank Baden-Wuertt   5.000   2/28/2020  EUR   55.390
Raiffeisen Schweiz Geno   5.200   12/1/2020  CHF   59.050
UBS AG/London            10.000   2/20/2020  CHF   62.350
UBS AG/London            12.600   6/25/2020  EUR   70.020
BNP Paribas Emissions-   22.000   3/26/2020  EUR   73.440
Vontobel Financial Prod  20.500   9/25/2020  EUR   52.820
UBS AG/London            22.700   3/26/2020  EUR   60.750
UBS AG/London            18.600   6/25/2020  EUR   66.260
UBS AG/London            23.400   3/26/2020  EUR   63.880
UBS AG/London            10.200   6/25/2020  EUR   72.700
UBS AG/London             9.000   8/17/2020  EUR   72.700
Raiffeisen Schweiz Geno   5.340   8/17/2020  CHF   69.020
WEB Windenergie AG        2.250   9/25/2028  EUR   55.010
Leonteq Securities AG     8.000   8/24/2020  CHF   67.370
Leonteq Securities AG/G   5.600   8/24/2021  CHF   57.630
Vontobel Financial Prod   3.840   2/17/2020  EUR   67.200
Raiffeisen Schweiz Geno   5.250   2/24/2020  CHF   68.330
Landesbank Baden-Wuertt   3.350   8/28/2020  EUR   62.120
Leonteq Securities AG/G   3.400   3/20/2024  CHF   56.080
Raiffeisen Schweiz Geno   2.700   9/22/2026  CHF   59.650
DekaBank Deutsche Giroz   2.050  12/11/2020  EUR   63.350
EFG International Finan   7.800   2/15/2021  EUR   64.260
Raiffeisen Schweiz Geno   3.000   9/21/2029  CHF   71.730
UniCredit Bank AG         3.500   1/29/2020  EUR   31.030
Raiffeisen Schweiz Geno   3.000   9/22/2020  CHF   13.980
Luzerner Kantonalbank A   6.000    4/8/2020  CHF   72.680
Luzerner Kantonalbank A  10.000    4/8/2020  CHF   58.890
DekaBank Deutsche Giroz   2.750  12/11/2020  EUR   57.010
DekaBank Deutsche Giroz   6.550   8/21/2020  EUR   61.330
UBS AG/London            11.000   9/21/2020  CHF   65.650
UBS AG/London             6.500   1/31/2020  USD   51.050
UBS AG/London             5.250   1/31/2020  CHF   38.800
UBS AG/London             6.500   7/31/2020  CHF   68.800
Leonteq Securities AG     3.600   9/22/2026  CHF   65.110
Raiffeisen Schweiz Geno   7.000   2/12/2020  CHF   66.340
UBS AG/London             5.500   1/31/2020  EUR   67.150
Commerzbank AG           15.000   1/24/2020  EUR   65.080
HSBC Trinkaus & Burkhar   4.170   3/27/2020  EUR   73.070
DekaBank Deutsche Giroz   3.000   2/14/2020  EUR   62.040
DekaBank Deutsche Giroz   4.250   8/21/2020  EUR   68.130
Leonteq Securities AG     3.900  12/20/2024  CHF   62.170
Danske Bank A/S          10.300    7/9/2023  SEK   55.500
Natixis SA                3.500   3/23/2020  USD   55.690
Vontobel Financial Prod   8.500   3/27/2020  EUR   55.580
Vontobel Financial Prod   5.500   3/27/2020  EUR   61.960
Vontobel Financial Prod   7.000   3/27/2020  EUR   58.560
Vontobel Financial Prod  12.000   3/27/2020  EUR   50.730
Vontobel Financial Prod  11.000   3/27/2020  EUR   64.900
Raiffeisen Schweiz Geno   6.600    4/3/2020  EUR   54.280
UniCredit Bank AG         6.300  10/16/2021  EUR   52.380
UniCredit Bank AG         4.650   4/16/2021  EUR   57.550
Credit Suisse AG/London   8.500   2/26/2020  CHF   64.670
UniCredit Bank AG         4.200   2/19/2022  EUR   64.520
Bayerische Landesbank     3.100  10/23/2020  EUR   71.470
Leonteq Securities AG/G   7.500    2/6/2020  CHF   65.700
Credit Suisse AG/Nassau   5.500   2/17/2020  CHF   71.850
Landesbank Baden-Wuertt   3.500   7/24/2020  EUR   71.640
UBS AG/London             7.500   9/21/2020  USD   56.130
Vontobel Financial Prod   5.500   4/15/2020  EUR   73.620
Vontobel Financial Prod   4.600   4/15/2020  EUR   60.110
Leonteq Securities AG/G   2.750   9/15/2022  CHF   39.240
UBS AG/London            10.000   9/21/2020  EUR   71.250
UBS AG/London            11.000   9/21/2020  CHF   66.100
Leonteq Securities AG     3.800   2/15/2021  CHF   30.970
Bank Julius Baer & Co L   7.000   3/23/2020  CHF   71.900
UBS AG/London             6.000   1/31/2020  CHF   55.950
UBS AG/London             6.750   7/31/2020  CHF   71.000
UBS AG/London             7.500   7/31/2020  EUR   45.000
UBS AG/London             6.000   1/31/2020  EUR   72.600
UBS AG/London            10.250   3/23/2020  EUR   44.800
Bank Julius Baer & Co L   6.400   2/21/2020  EUR   62.900
UniCredit Bank AG         4.050   3/26/2021  EUR   52.220
UniCredit Bank AG         4.600   3/26/2021  EUR   55.050
DZ Bank AG Deutsche Zen   8.250   3/25/2020  EUR   62.340
UBS AG/London             9.750    3/9/2020  EUR   67.800
UniCredit Bank AG        13.900  12/29/2020  EUR   69.950
Zurcher Kantonalbank Fi  12.250   2/27/2020  USD   70.710
Leonteq Securities AG/G   8.200    3/2/2020  CHF   19.020
UBS AG/London            12.500   3/16/2020  CHF   35.150
Zurcher Kantonalbank Fi  11.500   1/23/2020  USD   60.180
Zurcher Kantonalbank Fi   7.150   3/19/2020  CHF   18.950
Leonteq Securities AG/G   9.000   3/16/2020  CHF   56.440
Raiffeisen Schweiz Geno   7.000   9/23/2020  EUR   60.640
DekaBank Deutsche Giroz   3.100   3/27/2020  EUR   66.990
UniCredit Bank AG         6.300   3/26/2021  EUR   50.750
Leonteq Securities AG     7.400  11/25/2020  CHF   52.880
DZ Bank AG Deutsche Zen   5.500   3/25/2020  EUR   58.030
Landesbank Hessen-Thuer   4.000   4/20/2022  EUR   61.560
Societe Generale SA      11.500  11/30/2020  USD
Vontobel Financial Prod  10.000   3/27/2020  EUR   52.950
Landesbank Hessen-Thuer   7.250   3/15/2023  EUR   55.460
DekaBank Deutsche Giroz   7.050   10/9/2020  EUR   50.580
DekaBank Deutsche Giroz   6.300   10/9/2020  EUR   61.560
DekaBank Deutsche Giroz   4.250   10/9/2020  EUR   52.900
UBS AG/London            12.000    3/5/2020  CHF   58.850
Raiffeisen Centrobank A   5.500   10/9/2020  EUR   63.860
UBS AG/London            11.000    3/6/2020  USD   67.650
UBS AG/London            11.000    3/5/2020  CHF   54.400
UBS AG/London            10.000    9/7/2020  CHF   42.100
UBS AG/London            10.000    9/7/2020  EUR   77.200
Leonteq Securities AG/G   6.000   9/17/2020  CHF   60.530
Leonteq Securities AG/G   8.000   3/17/2020  CHF   64.160
Raiffeisen Centrobank A   8.342   3/24/2020  EUR   67.150
Raiffeisen Centrobank A  10.286   3/24/2020  EUR   67.310
Raiffeisen Centrobank A  10.929   3/24/2020  EUR   66.160
Raiffeisen Centrobank A   9.643   3/24/2020  EUR   68.650
Raiffeisen Schweiz Geno   8.500   3/17/2020  CHF   72.060
Raiffeisen Schweiz Geno   7.000   9/14/2020  CHF   73.590
DekaBank Deutsche Giroz   3.700   10/2/2020  EUR   65.150
DekaBank Deutsche Giroz   3.150   10/2/2020  EUR   73.040
Center-Invest Commercia   7.500    3/3/2022  RUB  100.000
Societe Generale Effekt   9.140   3/20/2020  EUR   69.840
Societe Generale Effekt  11.121   9/18/2020  EUR   71.610
Societe Generale Effekt   9.901   3/20/2020  EUR   35.270
Credit Suisse AG/London  10.500   3/23/2020  USD   64.520
Leonteq Securities AG    10.000   3/17/2020  CHF   57.220
Leonteq Securities AG/G  10.200   3/18/2020  CHF   62.590
Landesbank Hessen-Thuer   5.200  10/22/2024  EUR   72.490
UBS AG/London            11.000   3/12/2020  USD   66.280
UBS AG/London            11.000   3/12/2020  CHF   55.350
UniCredit Bank AG         5.550   10/5/2021  EUR   69.170
UBS AG/London            11.000   3/12/2020  CHF   56.250
UBS AG/London             7.500   3/12/2020  EUR   70.750
UBS AG/London            12.000   3/12/2020  EUR   37.750
DekaBank Deutsche Giroz   2.500   7/29/2020  EUR   73.650
Macquarie International  11.550   8/28/2023  ZAR   14.516
DekaBank Deutsche Giroz   3.800  10/23/2020  EUR   70.470
HSBC Trinkaus & Burkhar   8.400   6/26/2020  EUR   56.910
Leonteq Securities AG/G  10.000   4/17/2020  CHF   42.470
Deutsche Bank AG          4.200   3/24/2020  EUR   74.000
Deutsche Bank AG          4.200   6/23/2020  EUR   73.900
Deutsche Bank AG          4.200   9/22/2020  EUR   74.000
Raiffeisen Centrobank A   5.500   6/30/2020  EUR   71.400
UBS AG/London             7.000    6/2/2020  CHF   56.450
UniCredit Bank AG         3.850   6/28/2022  EUR   62.690
Raiffeisen Centrobank A   8.226   6/23/2020  EUR   72.630
Credit Suisse AG/Nassau   7.250    6/8/2020  EUR   70.100
UniCredit Bank AG         3.800   6/28/2022  EUR   60.690
Natixis SA                3.150    6/9/2021  USD   63.776
Landesbank Baden-Wuertt   5.000   2/28/2020  EUR   52.760
Landesbank Baden-Wuertt   5.300   2/28/2020  EUR   56.540
Landesbank Baden-Wuertt   4.500   2/28/2020  EUR   75.240
Landesbank Hessen-Thuer   3.500    7/6/2022  EUR   71.530
Raiffeisen Schweiz Geno   4.800   12/8/2020  CHF   58.490
Leonteq Securities AG     5.200   6/11/2020  CHF   56.550
BNP Paribas Issuance BV   6.400    6/1/2020  EUR   56.150
DekaBank Deutsche Giroz   2.000   6/25/2021  EUR   59.920
Leonteq Securities AG/G   2.500    6/5/2024  EUR   61.220
UBS AG/London             5.750  11/23/2020  CHF   61.800
UBS AG/London             8.000    6/8/2020  CHF   75.400
UBS AG/London            10.750    6/8/2020  CHF   67.150
UBS AG/London             6.500   12/7/2020  EUR   58.300
UBS AG/London             7.250    6/8/2020  USD   61.990
Leonteq Securities AG     5.000   6/15/2021  CHF   60.180
Leonteq Securities AG/G  10.280   6/11/2020  CHF   70.440
Leonteq Securities AG/G   7.000   6/15/2020  CHF   58.190
UBS AG/London             6.100   6/25/2020  EUR   60.760
Vontobel Financial Prod  13.000   6/12/2020  EUR   69.550
Vontobel Financial Prod  13.500   6/26/2020  EUR   70.270
Vontobel Financial Prod   9.500   3/27/2020  EUR   73.240
Vontobel Financial Prod  13.000   3/27/2020  EUR   69.770
DZ Bank AG Deutsche Zen  12.000   6/24/2020  EUR   62.590
DekaBank Deutsche Giroz   3.000   5/20/2020  EUR   70.400
Vontobel Financial Prod  21.000   6/26/2020  EUR   58.490
UniCredit Bank AG        12.300   6/26/2020  EUR   66.210
UniCredit Bank AG        10.100   6/26/2020  EUR   67.810
UniCredit Bank AG        14.900   6/25/2021  EUR   74.160
Bank Julius Baer & Co L   6.750   7/13/2020  EUR   74.200
Vontobel Financial Prod  20.500   6/26/2020  EUR   73.940
Vontobel Financial Prod   9.500   6/26/2020  EUR   60.450
Landesbank Hessen-Thuer   8.900   10/6/2020  EUR   30.730
UniCredit Bank AG         3.800   7/23/2020  EUR   27.940
Leonteq Securities AG/G  16.400  12/14/2020  USD   72.370
Vontobel Financial Prod  17.000   3/27/2020  EUR   68.720
Landesbank Hessen-Thuer   8.000  11/17/2020  EUR   66.710
EFG International Finan   7.200   7/29/2020  EUR   12.820
HSBC Trinkaus & Burkhar   7.700   6/26/2020  EUR   44.320
Vontobel Financial Prod  10.000   1/24/2020  EUR   65.140
Vontobel Financial Prod  11.000   1/24/2020  EUR   65.180
UBS AG/London            20.000   1/24/2020  CHF   49.100
Vontobel Financial Prod  10.500   3/27/2020  EUR   73.570
Vontobel Financial Prod  12.000   3/27/2020  EUR   71.880
UBS AG/London            13.500   9/11/2020  USD   56.060
Societe Generale Effekt  27.705   6/19/2020  EUR   72.460
Societe Generale Effekt  17.003   9/18/2020  EUR   71.850
Societe Generale Effekt  25.504   9/18/2020  EUR   68.260
Leonteq Securities AG    16.000  12/16/2020  CHF   62.210
Vontobel Financial Prod  10.500   3/27/2020  EUR   64.780
Bank Julius Baer & Co L   9.700   1/24/2020  USD   67.000
HSBC Trinkaus & Burkhar  10.500   6/26/2020  EUR   41.320
HSBC Trinkaus & Burkhar   5.200   6/26/2020  EUR   48.540
HSBC Trinkaus & Burkhar   9.700   2/28/2020  EUR   40.030
Raiffeisen Schweiz Geno   9.500   4/22/2020  CHF   71.760
UniCredit Bank AG        14.000  12/29/2020  EUR   38.890
UniCredit Bank AG        12.800  12/29/2020  EUR   39.620
UniCredit Bank AG         7.800  12/29/2020  EUR   46.440
UniCredit Bank AG         9.200  12/29/2020  EUR   44.040
UBS AG/London            10.000   4/24/2020  USD   63.710
UBS AG/London             9.000   4/24/2020  EUR   59.250
UBS AG/London             7.000  10/26/2020  CHF   70.700
UBS AG/London            10.000   4/17/2020  EUR   70.050
UniCredit Bank AG         4.350  10/26/2021  EUR   42.890
UBS AG/London            12.000  10/26/2020  CHF   70.750
DekaBank Deutsche Giroz   5.150   5/21/2021  EUR   70.540
Raiffeisen Schweiz Geno   7.000   4/30/2020  EUR   66.260
Leonteq Securities AG/G   7.000  10/29/2020  CHF   69.670
HSBC Trinkaus & Burkhar   8.100   1/24/2020  EUR   39.300
HSBC Trinkaus & Burkhar   5.800   3/27/2020  EUR   70.620
HSBC Trinkaus & Burkhar   5.900   1/24/2020  EUR   69.890
UniCredit Bank AG         6.000   2/22/2022  EUR   73.290
Vontobel Financial Prod  10.500   3/27/2020  EUR   68.380
Vontobel Financial Prod  11.000   3/27/2020  EUR   48.100
Vontobel Financial Prod   9.500   3/27/2020  EUR   50.170
Vontobel Financial Prod  10.500   3/27/2020  EUR   69.590
Vontobel Financial Prod  11.500   3/27/2020  EUR   67.950
UniCredit Bank AG         3.750   8/23/2021  EUR   71.080
Landesbank Hessen-Thuer   6.000   12/1/2022  EUR   63.280
Landesbank Hessen-Thuer   3.100   8/13/2020  EUR   63.200
Vontobel Financial Prod  25.000   6/26/2020  EUR   65.020
Vontobel Financial Prod  22.000   9/25/2020  EUR   67.030
Vontobel Financial Prod  23.000   9/25/2020  EUR   66.140
Vontobel Financial Prod  24.500   9/25/2020  EUR   65.730
DekaBank Deutsche Giroz   2.800   1/24/2020  EUR   63.660
Araratbank OJSC           5.500   9/19/2023  USD   24.570
Vontobel Financial Prod  18.500   9/25/2020  EUR   69.860
Leonteq Securities AG     8.000   1/27/2020  EUR   73.580
Vontobel Financial Prod  21.000   9/25/2020  EUR   67.980
Vontobel Financial Prod  19.500   9/25/2020  EUR   68.680
Landesbank Hessen-Thuer   6.600   2/17/2023  EUR   58.800
Leonteq Securities AG/G   4.750   11/1/2021  CHF   43.390
UBS AG/London             8.250    2/7/2020  EUR   53.850
UBS AG/London             8.000    2/7/2020  CHF   46.400
Landesbank Hessen-Thuer   9.500   5/15/2020  EUR   33.980
Barclays Bank PLC         3.500   8/17/2020  USD
Societe Generale Effekt   8.778   3/20/2020  EUR   70.300
Landesbank Baden-Wuertt   4.000   4/24/2020  EUR   35.770
Landesbank Baden-Wuertt   5.000   4/24/2020  EUR   71.690
DekaBank Deutsche Giroz   2.750   4/17/2020  EUR   69.780
DekaBank Deutsche Giroz   2.200   4/16/2021  EUR   60.550
UBS AG/London             6.500   3/30/2020  CHF   71.100
HSBC Trinkaus & Burkhar   7.000   6/26/2020  EUR   70.000
Leonteq Securities AG/G   5.000    5/5/2020  EUR   39.350
HSBC Trinkaus & Burkhar   6.500   6/26/2020  EUR   71.030
HSBC Trinkaus & Burkhar   5.700   6/26/2020  EUR   69.390
Vontobel Financial Prod  14.500   3/13/2020  EUR   66.810
HSBC Trinkaus & Burkhar   5.200   6/26/2020  EUR   72.920
HSBC Trinkaus & Burkhar   8.200   6/26/2020  EUR   72.070
Vontobel Financial Prod  13.000   3/13/2020  EUR   63.180
HSBC Trinkaus & Burkhar   7.600   6/26/2020  EUR   71.540
HSBC Trinkaus & Burkhar   6.200   6/26/2020  EUR   70.520
Credit Suisse AG/London   7.000   1/16/2020  CHF   73.890
UBS AG/London            11.000   4/17/2020  CHF   38.950
DekaBank Deutsche Giroz   2.550  11/13/2020  EUR   70.750
Landesbank Baden-Wuertt   7.000   8/28/2020  EUR   66.390
Landesbank Baden-Wuertt   4.000   8/28/2020  EUR   67.840
Landesbank Baden-Wuertt   3.500   8/28/2020  EUR   60.910
Landesbank Baden-Wuertt   6.000   8/28/2020  EUR   71.490
Landesbank Baden-Wuertt   4.000   8/28/2020  EUR   60.180
UBS AG/London            10.500   8/31/2020  EUR   64.150
UBS AG/London            10.000    3/2/2020  EUR   56.950
UniCredit Bank AG         3.800   8/30/2023  EUR   66.790
Raiffeisen Schweiz Geno   7.100   3/10/2020  CHF   66.960
Landesbank Hessen-Thuer   5.200    1/8/2024  EUR   70.480
Leonteq Securities AG/G   7.400    3/3/2020  CHF   74.650
Leonteq Securities AG/G   9.000    3/3/2020  CHF   71.010
Leonteq Securities AG/G   9.000    6/4/2020  USD   70.480
Societe Generale SA       8.000   12/2/2020  USD   54.340
DekaBank Deutsche Giroz   3.800  12/18/2020  EUR   54.400
UBS AG/London             5.250    6/1/2020  USD   65.750
DekaBank Deutsche Giroz   5.150    7/3/2020  EUR   69.740
DekaBank Deutsche Giroz   6.300    7/3/2020  EUR   52.560
Leonteq Securities AG/G  10.600   12/8/2020  EUR   59.780
Landesbank Hessen-Thuer   3.500    1/5/2022  EUR   58.970
Societe Generale SA       8.000   12/3/2020  USD   58.800
Leonteq Securities AG/G   9.800   6/12/2020  CHF   49.160
Zurcher Kantonalbank Fi   5.000  12/14/2020  EUR   73.200
Raiffeisen Schweiz Geno   5.750   5/18/2020  CHF   58.670
DekaBank Deutsche Giroz   4.050    7/3/2020  EUR   71.210
EFG International Finan   7.400  12/21/2020  USD   73.210
DekaBank Deutsche Giroz   2.100    1/4/2021  EUR   64.620
Landesbank Hessen-Thuer   3.500   9/28/2022  EUR   65.180
Raiffeisen Centrobank A   6.620   3/24/2020  EUR   57.420
Raiffeisen Centrobank A   6.935   3/24/2020  EUR   69.380
Landesbank Baden-Wuertt   2.500   8/28/2020  EUR   71.740
Landesbank Baden-Wuertt   4.000   8/28/2020  EUR   66.320
Landesbank Baden-Wuertt   5.000   8/28/2020  EUR   33.720
Landesbank Baden-Wuertt   2.500   8/28/2020  EUR   65.860
Landesbank Hessen-Thuer   5.650  10/28/2022  EUR   39.570
Landesbank Baden-Wuertt   3.000   8/28/2020  EUR   70.290
Landesbank Hessen-Thuer   4.650   9/28/2023  EUR   62.680
DekaBank Deutsche Giroz   7.250    4/1/2021  EUR   66.640
UBS AG/London             6.250    3/2/2020  CHF   63.850
UBS AG/London            10.000   8/31/2020  CHF   64.600
UBS AG/London             9.000   8/31/2020  CHF   66.650
Raiffeisen Schweiz Geno   7.200   3/10/2020  CHF   66.980
BNP Paribas Emissions-   15.000   6/25/2020  EUR   71.180
UBS AG/London            12.000   6/12/2020  USD   53.960
Landesbank Baden-Wuertt   5.000   1/24/2020  EUR   52.240
Vontobel Financial Prod  20.000   3/27/2020  EUR   66.920
Vontobel Financial Prod  20.000   9/25/2020  EUR   56.620
HSBC Trinkaus & Burkhar   9.800   1/24/2020  EUR   44.230
Landesbank Baden-Wuertt   3.000   1/24/2020  EUR   57.930
Landesbank Baden-Wuertt   7.000   1/24/2020  EUR   48.130
Leonteq Securities AG/G   6.000    6/8/2020  CHF   64.310
UniCredit Bank AG         5.750    7/4/2020  EUR   52.850
BNP Paribas Issuance BV  12.600   2/17/2020  CHF   68.200
Credit Suisse AG/London   6.600   5/22/2020  CHF   61.870
HSBC Trinkaus & Burkhar  11.500   3/27/2020  EUR   42.400
HSBC Trinkaus & Burkhar  10.300   3/27/2020  EUR   43.730
HSBC Trinkaus & Burkhar   6.900   3/27/2020  EUR   48.590
HSBC Trinkaus & Burkhar   5.000   3/27/2020  EUR   52.810
Vontobel Financial Prod   5.750  11/27/2020  EUR   73.850
COFIDUR SA                0.100  12/31/2024  EUR   24.500
HSBC Trinkaus & Burkhar   3.300   6/26/2020  EUR   55.850
HSBC Trinkaus & Burkhar   4.400   9/25/2020  EUR   52.610
HSBC Trinkaus & Burkhar   3.400   1/24/2020  EUR   52.670
HSBC Trinkaus & Burkhar   6.300   2/28/2020  EUR   46.240
HSBC Trinkaus & Burkhar  12.300   6/26/2020  EUR   40.910
HSBC Trinkaus & Burkhar  10.400   6/26/2020  EUR   42.610
BNP Paribas Emissions-   13.000   3/26/2020  EUR   65.310
Raiffeisen Schweiz Geno   7.100   6/15/2020  CHF   57.080
Deutsche Bank AG          8.200   6/23/2020  EUR   71.500
Deutsche Bank AG          8.200   3/24/2020  EUR   70.800
Goldman Sachs & Co Wert  24.000   2/26/2020  EUR   72.330
Goldman Sachs & Co Wert  24.000   2/26/2020  EUR   69.830
Landesbank Baden-Wuertt   5.000   9/25/2020  EUR   69.920
Landesbank Baden-Wuertt   7.000   9/25/2020  EUR   66.660
Vontobel Financial Prod   9.250    4/3/2020  EUR   71.530
UBS AG/London             8.400   3/26/2020  EUR   69.410
UBS AG/London             8.300   3/26/2020  EUR   70.690
UBS AG/London            13.000   3/26/2020  EUR   66.770
Commerzbank AG           12.750   3/27/2020  EUR   70.840
HSBC Trinkaus & Burkhar   9.500   7/24/2020  EUR   55.320
HSBC Trinkaus & Burkhar  12.600   3/27/2020  EUR   70.380
HSBC Trinkaus & Burkhar   5.800   3/27/2020  EUR   61.720
HSBC Trinkaus & Burkhar   6.100   6/26/2020  EUR   61.460
HSBC Trinkaus & Burkhar  11.300   9/25/2020  EUR   53.340
Landesbank Hessen-Thuer   4.750   5/11/2023  EUR   59.200
Leonteq Securities AG    16.200    6/4/2020  EUR   70.990
DekaBank Deutsche Giroz   4.300    1/4/2021  EUR   56.260
UBS AG/London            12.000   5/14/2020  EUR   71.450
Vontobel Financial Prod  20.000   9/25/2020  EUR   54.560
Credit Suisse AG/London   9.750   2/18/2020  USD   70.700
UBS AG/London             9.000   5/14/2020  CHF   70.500
Vontobel Financial Prod  22.000   9/25/2020  EUR   66.210
Vontobel Financial Prod  20.000   9/25/2020  EUR   65.240
UBS AG/London             8.000   2/21/2020  EUR   65.350
Credit Suisse AG/London   8.750   5/21/2020  USD   61.940
HSBC Trinkaus & Burkhar   5.000   2/10/2020  EUR   52.820
Landesbank Hessen-Thuer   2.200  11/24/2020  EUR   60.090
Landesbank Baden-Wuertt   5.000   3/27/2020  EUR   73.910
Landesbank Baden-Wuertt   5.200   3/27/2020  EUR   55.300
Raiffeisen Schweiz Geno   6.000   2/10/2020  CHF   53.940
Landesbank Hessen-Thuer   6.450   2/24/2023  EUR   67.400
Leonteq Securities AG/G   6.400   11/3/2021  CHF   71.820
Leonteq Securities AG/G   6.400   11/3/2020  EUR   55.180
Vontobel Financial Prod   4.200    2/3/2020  EUR   55.610
Landesbank Hessen-Thuer   3.000    6/4/2021  EUR   72.200
Bayerische Landesbank     3.300   9/11/2020  EUR   70.110
DekaBank Deutsche Giroz   6.000   5/29/2020  EUR   54.700
DekaBank Deutsche Giroz   3.450   7/31/2020  EUR   55.990
UBS AG/London             3.800   3/26/2020  EUR   58.160
Leonteq Securities AG/G  10.600   2/17/2020  CHF   54.080
Commerzbank AG            8.000   11/6/2020  USD    4.820
Leonteq Securities AG     5.000   2/17/2021  CHF   58.400
EFG International Finan   7.000  11/16/2020  EUR   63.700
UBS AG/London            10.000   8/10/2020  USD   64.560
UBS AG/London             6.500    2/8/2021  EUR   66.100
Raiffeisen Schweiz Geno   6.000   2/17/2020  CHF   55.460
UniCredit Bank AG         4.200   12/8/2021  EUR   64.920
Credit Suisse AG/London   9.500   2/24/2020  USD   74.200
DekaBank Deutsche Giroz   5.000   2/28/2020  EUR   53.290
Leonteq Securities AG/G   6.200   2/10/2021  CHF   66.980
UBS AG/London             9.500    2/3/2020  CHF   55.200
UBS AG/London             7.000    2/3/2020  CHF   75.050
UBS AG/London             5.750    2/3/2020  CHF   57.450
UBS AG/London            10.000    8/3/2020  CHF   62.000
UBS AG/London             6.000    8/3/2020  CHF   29.460
UBS AG/London             9.000    8/3/2020  EUR   75.600
Landesbank Baden-Wuertt   4.750   3/27/2020  EUR   67.540
Commerzbank AG            1.000   11/2/2020  USD   13.920
Landesbank Hessen-Thuer   4.000    6/4/2021  EUR   51.700
Raiffeisen Centrobank A   5.333    3/5/2020  EUR   73.020
DekaBank Deutsche Giroz   4.700   5/29/2020  EUR   69.680
Leonteq Securities AG/G   5.000   8/17/2020  CHF   64.760
UBS AG/London             6.000   2/10/2020  EUR   59.300
UBS AG/London             6.500   8/10/2020  CHF   64.300
UBS AG/London            10.000   8/10/2020  CHF   61.650
Zurcher Kantonalbank Fi   6.250   2/13/2020  EUR   64.380
DZ Bank AG Deutsche Zen  16.000   2/26/2020  EUR   64.550
DZ Bank AG Deutsche Zen   4.750   6/24/2020  EUR   69.360
Vontobel Financial Prod  30.000   3/27/2020  EUR   60.410
Vontobel Financial Prod  27.000   6/26/2020  EUR   62.580
HSBC Trinkaus & Burkhar   5.100   6/26/2020  EUR   50.600
HSBC Trinkaus & Burkhar   6.500   9/25/2020  EUR   48.020
HSBC Trinkaus & Burkhar   6.300   1/24/2020  EUR   45.970
HSBC Trinkaus & Burkhar   9.500   2/28/2020  EUR   41.480
HSBC Trinkaus & Burkhar   3.600   2/28/2020  EUR   52.630
HSBC Trinkaus & Burkhar   7.600   6/26/2020  EUR   45.930
UniCredit Bank AG         6.200   6/26/2020  EUR   71.880
UniCredit Bank AG         8.000   6/26/2020  EUR   69.660
UniCredit Bank AG        14.700   6/26/2020  EUR   64.890
Vontobel Financial Prod  17.000   9/25/2020  EUR   71.320
UniCredit Bank AG        10.100   6/25/2021  EUR   69.960
UniCredit Bank AG         9.000   6/25/2021  EUR   70.490
UniCredit Bank AG         7.000   6/25/2021  EUR   72.270
UniCredit Bank AG         8.000   6/25/2021  EUR   71.300
UniCredit Bank AG         7.000  12/24/2021  EUR   72.720
UniCredit Bank AG         8.600  12/24/2021  EUR   71.590
UniCredit Bank AG         8.400   3/27/2020  EUR   71.430
UniCredit Bank AG        13.600   3/27/2020  EUR   66.290
UniCredit Bank AG        10.800   3/27/2020  EUR   68.670
UniCredit Bank AG         7.700  12/24/2021  EUR   71.900
UniCredit Bank AG        10.100   6/25/2021  EUR   73.380
UniCredit Bank AG        19.300   3/27/2020  EUR   65.750
DZ Bank AG Deutsche Zen   5.750   9/23/2020  EUR   67.710
Vontobel Financial Prod  10.000   6/12/2020  EUR   72.120
UniCredit Bank AG        10.500   6/26/2020  EUR   72.710
UniCredit Bank AG        13.300   6/26/2020  EUR   70.170
UniCredit Bank AG        16.200   6/26/2020  EUR   68.080
UniCredit Bank AG        10.200  12/28/2020  EUR   73.180
Landesbank Baden-Wuertt   6.000  10/23/2020  EUR   77.670
Landesbank Baden-Wuertt   7.000  10/23/2020  EUR   74.040
UBS AG/London             9.000  10/19/2020  USD   62.600
UBS AG/London             6.000   4/16/2020  CHF   72.500
Raiffeisen Switzerland    5.600   11/2/2020  CHF   73.110
Vontobel Financial Prod  11.500   3/27/2020  EUR   71.500
Vontobel Financial Prod  10.500   6/26/2020  EUR   72.700
Vontobel Financial Prod  12.000   6/26/2020  EUR   71.440
Vontobel Financial Prod  17.000   6/26/2020  EUR   70.550
Landesbank Baden-Wuertt   2.500  10/23/2020  EUR   49.550
Landesbank Baden-Wuertt   5.000  10/23/2020  EUR   43.380
Societe Generale Effekt  15.867   6/19/2020  EUR   73.340
EFG International Finan   7.200  11/30/2020  EUR   67.150
Raiffeisen Switzerland    4.800  11/23/2023  CHF   61.050
UniCredit Bank AG         4.300  12/19/2021  EUR   60.260
UniCredit Bank AG         5.900  12/19/2020  EUR   53.800
EFG International Finan   7.000   5/23/2022  EUR   69.270
Raiffeisen Schweiz Geno   6.500   5/18/2020  CHF   20.000
Raiffeisen Schweiz Geno   5.300  11/23/2020  CHF   59.820
Bank Julius Baer & Co L   6.000   5/11/2020  CHF   71.150
Landesbank Hessen-Thuer   4.000   6/22/2022  EUR   62.780
Leonteq Securities AG/G   5.500   5/25/2021  CHF   62.520
Leonteq Securities AG     7.800   5/14/2021  CHF   28.680
DekaBank Deutsche Giroz   3.500   8/14/2020  EUR   72.360
UniCredit Bank AG         8.300  12/29/2020  EUR   73.560
UniCredit Bank AG         7.700  12/29/2020  EUR   72.310
UniCredit Bank AG         8.100  12/29/2020  EUR   59.680
UniCredit Bank AG         6.200  12/29/2020  EUR   65.520
UniCredit Bank AG         8.800  12/29/2020  EUR   70.550
UniCredit Bank AG         8.500  12/29/2020  EUR   57.290
UniCredit Bank AG         6.100  12/29/2020  EUR   54.010
UniCredit Bank AG         9.800  12/29/2020  EUR   54.740
UniCredit Bank AG         7.200  12/29/2020  EUR   71.830
UniCredit Bank AG         6.800  12/29/2020  EUR   52.720
UniCredit Bank AG         9.400  12/29/2020  EUR   65.820
UniCredit Bank AG         7.900  12/29/2020  EUR   72.990
UniCredit Bank AG         6.300  12/29/2020  EUR   63.280
UniCredit Bank AG         7.300  12/29/2020  EUR   60.540
UniCredit Bank AG         9.800  12/29/2020  EUR   65.100
UniCredit Bank AG         8.700  12/29/2020  EUR   73.050
UniCredit Bank AG         9.300  12/29/2020  EUR   64.620
UniCredit Bank AG         8.700  12/29/2020  EUR   66.110
UniCredit Bank AG         8.100  12/29/2020  EUR   68.880
UniCredit Bank AG         7.600  12/29/2020  EUR   43.290
UniCredit Bank AG         6.700  12/29/2020  EUR   44.770
UniCredit Bank AG         6.600  12/29/2020  EUR   59.240
UniCredit Bank AG         6.900  12/29/2020  EUR   68.650
UniCredit Bank AG        11.800  12/29/2020  EUR   56.570
UniCredit Bank AG         8.800  12/29/2020  EUR   60.430
UniCredit Bank AG         9.500  12/29/2020  EUR   59.050
UniCredit Bank AG        11.000  12/29/2020  EUR   71.140
UniCredit Bank AG         8.400  12/29/2020  EUR   56.420
UniCredit Bank AG        11.500  12/29/2020  EUR   70.030
UniCredit Bank AG         8.100  12/29/2020  EUR   61.930
UniCredit Bank AG         9.200  12/29/2020  EUR   59.850
UniCredit Bank AG        10.000  12/29/2020  EUR   47.450
UniCredit Bank AG         9.300  12/29/2020  EUR   48.100
UniCredit Bank AG         8.100  12/29/2020  EUR   60.710
UniCredit Bank AG         6.600  12/29/2020  EUR   63.740
UniCredit Bank AG         8.400  12/29/2020  EUR   25.550
UniCredit Bank AG         8.900  12/29/2020  EUR   25.470
UniCredit Bank AG         7.300  12/29/2020  EUR   60.870
UniCredit Bank AG        10.500  12/29/2020  EUR   72.590
UniCredit Bank AG         6.600  12/29/2020  EUR   62.140
UniCredit Bank AG         6.600  12/29/2020  EUR   56.800
UniCredit Bank AG         8.300  12/29/2020  EUR   53.350
UniCredit Bank AG         9.300  12/29/2020  EUR   51.010
UniCredit Bank AG        10.500  12/29/2020  EUR   46.680
UniCredit Bank AG         7.000  12/29/2020  EUR   48.750
UniCredit Bank AG         8.400  12/29/2020  EUR   52.420
UniCredit Bank AG         7.600  12/29/2020  EUR   47.050
UniCredit Bank AG         9.200  12/29/2020  EUR   48.380
UniCredit Bank AG         8.000  12/29/2020  EUR   47.420
UniCredit Bank AG         8.500  12/29/2020  EUR   56.790
UniCredit Bank AG         6.400  12/29/2020  EUR   59.700
UniCredit Bank AG         7.500  12/29/2020  EUR   70.430
UniCredit Bank AG        12.000  12/29/2020  EUR   30.330
UniCredit Bank AG         9.400  12/29/2020  EUR   72.220
UniCredit Bank AG         8.300  12/29/2020  EUR   68.560
UniCredit Bank AG        13.900  12/29/2020  EUR   29.140
UniCredit Bank AG         7.800  12/29/2020  EUR   72.930
UniCredit Bank AG         8.700  12/29/2020  EUR   45.100
UniCredit Bank AG        10.600  12/29/2020  EUR   73.560
UniCredit Bank AG         8.400  12/29/2020  EUR   55.370
UniCredit Bank AG        10.800  12/29/2020  EUR   66.780
UniCredit Bank AG         8.000  12/29/2020  EUR   70.970
UniCredit Bank AG         8.100  12/29/2020  EUR   59.660
UniCredit Bank AG         9.200  12/29/2020  EUR   55.670
UniCredit Bank AG         8.900  12/29/2020  EUR   58.170
Vontobel Financial Prod   9.000    6/5/2020  EUR   46.620
UniCredit Bank AG         4.000    6/7/2022  EUR   59.980
Leonteq Securities AG/G   5.600   5/25/2021  CHF   60.500
Landesbank Baden-Wuertt   4.650   3/27/2020  EUR   62.790
UniCredit Bank AG         4.000   6/11/2020  EUR   64.050
UBS AG/London             7.000    5/4/2020  CHF   74.150
Raiffeisen Schweiz Geno   4.600   5/25/2020  CHF   57.840
UBS AG/London            10.000   5/18/2020  CHF   45.750
Leonteq Securities AG/G   4.200    6/1/2021  CHF   36.970
UniCredit Bank AG         4.450  12/29/2022  EUR   63.830
UniCredit Bank AG         4.700  12/19/2021  EUR   61.530
UniCredit Bank AG         3.800  12/29/2022  EUR   58.370
Leonteq Securities AG/G   7.200   12/8/2020  USD   71.970
HSBC Trinkaus & Burkhar  10.800   3/27/2020  EUR   67.600
HSBC Trinkaus & Burkhar  11.300   3/27/2020  EUR   37.060
HSBC Trinkaus & Burkhar  13.000   6/26/2020  EUR   37.970
Natixis SA                2.750    3/1/2021  USD   72.124
DekaBank Deutsche Giroz   4.250   4/14/2022  EUR   68.660
EFG International Finan   7.400   3/29/2021  EUR   59.680
Leonteq Securities AG/G   6.800   3/16/2020  CHF   72.080
UniCredit Bank AG         3.250   3/29/2022  EUR   26.200
UniCredit Bank AG        12.300   6/26/2020  EUR   73.840
Raiffeisen Schweiz Geno   5.750   2/25/2021  CHF   68.860
Vontobel Financial Prod  17.000   3/27/2020  EUR   71.140
HSBC Trinkaus & Burkhar   6.900   3/27/2020  EUR   74.020
BNP Paribas Emissions-    9.000   6/25/2020  EUR   72.250
Commerzbank AG            2.450    3/9/2020  EUR   59.230
HSBC Trinkaus & Burkhar   9.300   6/26/2020  EUR   70.630
HSBC Trinkaus & Burkhar   8.200   2/28/2020  EUR   72.780
HSBC Trinkaus & Burkhar  13.500   3/27/2020  EUR   35.390
HSBC Trinkaus & Burkhar  11.200   6/26/2020  EUR   39.240
BNP Paribas Emissions-   15.000   3/26/2020  EUR   69.870
BNP Paribas Emissions-    9.000   3/26/2020  EUR   70.650
BNP Paribas Emissions-    9.000   3/26/2020  EUR   71.120
BNP Paribas Emissions-   15.000   3/26/2020  EUR   61.540
UniCredit Bank AG         6.100   8/12/2020  EUR   56.450
Societe Generale Effekt   7.315   3/20/2020  EUR   36.020
Raiffeisen Schweiz Geno   6.900   2/19/2020  EUR   71.220
Landesbank Baden-Wuertt   4.500   5/22/2020  EUR   76.230
Landesbank Baden-Wuertt   3.500   4/24/2020  EUR   72.750
Landesbank Baden-Wuertt   5.000   4/24/2020  EUR   68.010
Landesbank Baden-Wuertt   6.000   4/24/2020  EUR   64.050
DekaBank Deutsche Giroz   2.700   4/17/2020  EUR   59.180
Landesbank Baden-Wuertt   5.200   1/24/2020  EUR   62.880
Landesbank Baden-Wuertt   5.600   1/24/2020  EUR   45.710
HSBC Trinkaus & Burkhar   8.800   9/25/2020  EUR   73.870
DekaBank Deutsche Giroz   2.050    5/3/2021  EUR   52.870
HSBC Trinkaus & Burkhar   8.500   3/27/2020  EUR   56.220
Landesbank Baden-Wuertt   4.400   1/24/2020  EUR   67.870
Landesbank Baden-Wuertt   4.100   1/24/2020  EUR   77.420
Landesbank Baden-Wuertt   4.100   1/24/2020  EUR   62.330
UniCredit Bank AG         3.750   10/2/2020  EUR   28.330
UBS AG/London             6.250    2/7/2020  CHF   39.750
UBS AG/London             6.500    2/7/2020  CHF   62.950
EFG International Finan   7.200   2/22/2021  CHF   27.300
Landesbank Baden-Wuertt   3.000   4/24/2020  EUR   57.520
Landesbank Baden-Wuertt   4.000   4/24/2020  EUR   70.180
Landesbank Baden-Wuertt   2.500   4/24/2020  EUR   39.160
Landesbank Baden-Wuertt   5.000   4/24/2020  EUR   67.550
Landesbank Baden-Wuertt   9.000   4/24/2020  EUR   72.650
Landesbank Baden-Wuertt   6.000   5/22/2020  EUR   71.690
Landesbank Baden-Wuertt   5.500   4/24/2020  EUR   64.980
Leonteq Securities AG/G   2.300    2/8/2023  CHF   58.490
HSBC Trinkaus & Burkhar   9.400   2/28/2020  EUR   44.800
HSBC Trinkaus & Burkhar   9.200   3/27/2020  EUR   69.210
DZ Bank AG Deutsche Zen   6.250   3/25/2020  EUR   67.380
Leonteq Securities AG/G   7.000    2/5/2020  CHF   17.830
Landesbank Hessen-Thuer   8.000   5/15/2020  EUR   53.800
Landesbank Hessen-Thuer   8.400    5/8/2020  EUR   37.370
Vontobel Financial Prod  18.500   6/26/2020  EUR   69.850
Raiffeisen Schweiz Geno   7.200   2/19/2020  CHF   73.110
Landesbank Baden-Wuertt   4.000   4/24/2020  EUR   68.620
Landesbank Baden-Wuertt   6.500   4/24/2020  EUR   75.670
Natixis SA                4.975   3/23/2020  USD   46.225
Raiffeisen Schweiz Geno   6.500   10/9/2020  CHF   54.870
HSBC Trinkaus & Burkhar  10.200   9/25/2020  EUR   54.570
HSBC Trinkaus & Burkhar   8.100   9/25/2020  EUR   57.630
HSBC Trinkaus & Burkhar   6.100   9/25/2020  EUR   61.530
Corner Banca SA           8.600   6/16/2020  CHF   70.680
DekaBank Deutsche Giroz   3.000   6/21/2021  EUR   37.780
UBS AG/London             6.500   2/24/2020  CHF   51.550
UBS AG/London            11.000   8/24/2020  CHF   62.500
UBS AG/London            10.000   6/19/2020  EUR   68.600
HSBC Trinkaus & Burkhar   5.600  12/28/2020  EUR   45.590
Vontobel Financial Prod  24.550   3/27/2020  EUR   63.260
HSBC Trinkaus & Burkhar   8.800   9/25/2020  EUR   44.810
HSBC Trinkaus & Burkhar   2.900   9/25/2020  EUR   57.410
HSBC Trinkaus & Burkhar   2.600   3/27/2020  EUR   56.350
BNP Paribas Emissions-   10.000   3/26/2020  EUR   70.860
Landesbank Hessen-Thuer   4.000   1/13/2021  EUR   47.900
UBS AG/London             6.000   2/24/2020  CHF   64.250
UBS AG/London            10.000   8/24/2020  CHF   64.200
UBS AG/London            11.000   8/24/2020  CHF   65.150
Citigroup Global Market   7.000   6/16/2022  SEK   68.640
Raiffeisen Schweiz Geno   7.200   2/24/2020  CHF   64.270
Leonteq Securities AG/G  10.000   8/31/2020  EUR   69.870
UniCredit Bank AG         3.600   7/18/2021  EUR   55.530
Raiffeisen Centrobank A   5.359   3/24/2020  EUR   70.030
Bayerische Landesbank     3.400   10/2/2020  EUR   71.630
Landesbank Baden-Wuertt   4.000   8/28/2020  EUR   72.940
Landesbank Baden-Wuertt   2.500   8/28/2020  EUR   73.180
Landesbank Baden-Wuertt   4.000   8/28/2020  EUR   66.430
Landesbank Baden-Wuertt   3.000   8/28/2020  EUR   37.940
Landesbank Baden-Wuertt   4.500   8/28/2020  EUR   59.120
Landesbank Baden-Wuertt   6.500   8/28/2020  EUR   71.000
Landesbank Baden-Wuertt   2.500   8/28/2020  EUR   66.950
Landesbank Baden-Wuertt   5.000   8/28/2020  EUR   63.860
Credit Suisse AG/London   4.360   2/28/2020  EUR   74.230
DekaBank Deutsche Giroz   7.700   3/26/2021  EUR   68.670
Raiffeisen Schweiz Geno   7.300    3/5/2020  CHF   64.270
UniCredit Bank AG         4.750   9/18/2020  EUR   61.070
Raiffeisen Centrobank A   9.755   3/24/2020  EUR   70.910
Credit Suisse AG/London   5.000   6/23/2020  EUR   46.190
Raiffeisen Centrobank A   8.511   3/24/2020  EUR   58.250
Banque Cantonale Vaudoi   6.300    9/7/2020  CHF   69.020
Landesbank Hessen-Thuer   4.000   9/14/2022  EUR   68.250
DZ Bank AG Deutsche Zen  11.500   2/26/2020  EUR   48.950
DZ Bank AG Deutsche Zen   6.500   2/26/2020  EUR   65.490
Bank Julius Baer & Co L   6.900   1/22/2020  CHF   70.800
Landesbank Baden-Wuertt   4.000   1/24/2020  EUR   47.460
Landesbank Baden-Wuertt   6.500   1/24/2020  EUR   43.510
Landesbank Baden-Wuertt   6.000   1/24/2020  EUR   73.610
Leonteq Securities AG/G   6.400    6/4/2020  CHF   19.160
Vontobel Financial Prod   4.500  12/30/2020  EUR   72.460
UniCredit Bank AG         3.700   9/14/2022  EUR   61.580
Societe Generale Effekt  15.533   6/19/2020  EUR   62.810
SG Issuer SA              3.000    9/2/2021  EUR   62.440
UBS AG/London             9.000   8/24/2020  EUR   72.550
UBS AG/London             9.000   8/24/2020  CHF   68.750
UBS AG/London             7.500   8/24/2020  CHF   62.050
UBS AG/London            12.000   2/24/2020  USD   38.450
Landesbank Baden-Wuertt   3.200   7/24/2020  EUR   63.060
Raiffeisen Schweiz Geno   6.000    3/5/2020  CHF   63.930
Leonteq Securities AG/G   6.000   6/23/2020  CHF   60.610
UniCredit Bank AG         4.250   3/29/2021  EUR   60.220
UniCredit Bank AG         3.630   3/12/2020  EUR   54.580
UBS AG/London            12.000    3/9/2020  CHF   36.550
UBS AG/London            11.250    3/9/2020  EUR   57.250
Leonteq Securities AG/G  10.000   3/16/2020  USD   60.240
Bank Julius Baer & Co L   9.650   1/17/2020  USD   51.550
Vontobel Financial Prod  14.000   3/27/2020  EUR   71.550
Vontobel Financial Prod  10.500   3/27/2020  EUR   68.380
HSBC Trinkaus & Burkhar  10.200   6/26/2020  EUR   69.160
HSBC Trinkaus & Burkhar   9.500   2/28/2020  EUR   38.620
DekaBank Deutsche Giroz   2.800   6/19/2020  EUR   52.950
Leonteq Securities AG/G   5.200   6/12/2020  CHF   60.760
UniCredit Bank AG         5.000   9/14/2021  EUR   70.250
Landesbank Hessen-Thuer   4.000    7/7/2021  EUR   72.560
UBS AG/London            11.500    3/9/2020  CHF   57.800
Vontobel Financial Prod  14.500   3/27/2020  EUR   68.610
BNP Paribas Emissions-   14.000   3/26/2020  EUR   68.140
BNP Paribas Emissions-   12.000   3/26/2020  EUR   69.080
UBS AG/London             8.500    3/9/2020  USD   53.900
EFG International Finan   8.000  11/23/2020  EUR   53.360
EFG International Finan   7.800  11/24/2020  USD   72.190
UBS AG/London             9.500   8/17/2020  CHF   59.400
UBS AG/London             8.000   8/17/2020  EUR   62.500
UBS AG/London             8.000   8/17/2020  CHF   67.500
DekaBank Deutsche Giroz   3.000   9/11/2020  EUR   64.310
EFG International Finan   7.000  11/23/2020  CHF   73.980
Landesbank Hessen-Thuer   5.400  11/24/2022  EUR   73.800
UBS AG/London             8.750   8/17/2020  CHF   36.150
UBS AG/London            10.000   8/17/2020  CHF   67.200
Leonteq Securities AG/G   7.200   9/28/2020  EUR   66.910
Raiffeisen Schweiz Geno   3.400   3/21/2025  CHF   60.390
DekaBank Deutsche Giroz   2.050   2/14/2020  EUR   55.780
Landesbank Hessen-Thuer   6.400   8/18/2020  EUR   57.180
HSBC Trinkaus & Burkhar   5.100   3/27/2020  EUR   70.390
DekaBank Deutsche Giroz   8.100   4/23/2021  EUR   72.440
Landesbank Baden-Wuertt   2.600  11/27/2020  EUR   54.150
UniCredit Bank AG         3.600    3/5/2020  EUR   66.650
Natixis SA                1.500   10/4/2021  EUR   69.860
UBS AG/London            12.000   3/26/2020  EUR   37.750
HSBC Trinkaus & Burkhar   9.500   3/27/2020  EUR   71.730
HSBC Trinkaus & Burkhar   5.400   3/27/2020  EUR   72.500
Raiffeisen Schweiz Geno   3.200  12/18/2026  CHF   69.010
Leonteq Securities AG/G  20.000   6/24/2020  USD   58.960
Raiffeisen Schweiz Geno  10.000  12/31/2024  CHF   74.340
Landesbank Hessen-Thuer   3.500    3/9/2022  EUR   69.900
UBS AG/London            11.000   9/28/2020  EUR   73.950
UBS AG/London            10.000   9/28/2020  EUR   62.800
Raiffeisen Schweiz Geno   5.250    2/9/2021  CHF   47.120
Vontobel Financial Prod   6.100   1/30/2020  EUR   71.680
Raiffeisen Schweiz Geno   6.200    1/6/2020  CHF   54.660
Raiffeisen Schweiz Geno   5.200    1/6/2021  CHF   61.110
Landesbank Hessen-Thuer   5.750    8/3/2023  EUR   70.560
Leonteq Securities AG/G  10.000   1/13/2020  CHF   59.440
DekaBank Deutsche Giroz   3.000   7/31/2020  EUR   57.130
Landesbank Baden-Wuertt   2.000   7/24/2020  EUR   64.390
Landesbank Baden-Wuertt   3.500   7/24/2020  EUR   57.830
Landesbank Baden-Wuertt   5.000   7/24/2020  EUR   54.120
Landesbank Baden-Wuertt   6.500   7/24/2020  EUR   73.330
Landesbank Baden-Wuertt   2.000   7/24/2020  EUR   67.180
Landesbank Baden-Wuertt   3.000   7/24/2020  EUR   62.630
Landesbank Baden-Wuertt   4.000   7/24/2020  EUR   59.710
Landesbank Baden-Wuertt   2.000   7/24/2020  EUR   72.130
Landesbank Baden-Wuertt   3.000   7/24/2020  EUR   67.010
Landesbank Baden-Wuertt   4.000   7/24/2020  EUR   63.110
Landesbank Baden-Wuertt   5.000   7/24/2020  EUR   60.160
Landesbank Baden-Wuertt   5.000   7/24/2020  EUR   68.690
Landesbank Baden-Wuertt   6.500   7/24/2020  EUR   63.570
Landesbank Baden-Wuertt   5.500   7/24/2020  EUR   66.460
Landesbank Baden-Wuertt   2.000   7/24/2020  EUR   73.510
Landesbank Baden-Wuertt   3.500   7/24/2020  EUR   67.220
Landesbank Baden-Wuertt   2.000   7/24/2020  EUR   63.950
Landesbank Baden-Wuertt   3.500   7/24/2020  EUR   57.740
Landesbank Baden-Wuertt   2.000   7/24/2020  EUR   67.730
Landesbank Baden-Wuertt   3.500   7/24/2020  EUR   61.210
Landesbank Baden-Wuertt   5.000   7/24/2020  EUR   56.810
Landesbank Baden-Wuertt   2.000   7/24/2020  EUR   69.980
Landesbank Baden-Wuertt   2.500   7/24/2020  EUR   25.790
Landesbank Baden-Wuertt   4.000   7/24/2020  EUR   23.890
Landesbank Baden-Wuertt   2.500   7/24/2020  EUR   64.170
Landesbank Baden-Wuertt   3.500   7/24/2020  EUR   60.250
Landesbank Baden-Wuertt   4.500   7/24/2020  EUR   57.650
Landesbank Baden-Wuertt   4.000   7/24/2020  EUR   68.790
UBS AG/London            11.000   6/29/2020  CHF   55.200
UBS AG/London             6.500   6/29/2020  CHF   59.500
DekaBank Deutsche Giroz   7.000    2/1/2021  EUR   63.720
UBS AG/London             3.200   3/26/2020  EUR   59.520
Credit Suisse AG/Nassau   7.000   1/13/2021  CHF   64.880
Leonteq Securities AG     7.600   7/13/2021  CHF   69.510
Leonteq Securities AG/G   6.200   1/13/2021  CHF   65.170
Landesbank Baden-Wuertt   5.000   2/28/2020  EUR   68.540
Landesbank Baden-Wuertt   4.000   2/28/2020  EUR   55.300
Vontobel Financial Prod   3.850   1/27/2020  EUR   71.800
Leonteq Securities AG/G   6.000   1/20/2021  CHF   65.410
Credit Suisse AG/London   6.750   1/23/2020  EUR   69.810
UBS AG/London             5.500   1/13/2020  CHF   72.200
UBS AG/London             6.250   7/13/2020  CHF   25.240
UBS AG/London             6.000   1/13/2020  CHF   57.500
UBS AG/London             7.000   1/13/2020  EUR   68.850
UBS AG/London             5.250   7/13/2020  CHF   61.800
Landesbank Hessen-Thuer   2.750   5/20/2021  EUR   61.300
Corner Banca SA          10.600   1/13/2020  CHF   61.270
Raiffeisen Schweiz Geno   6.800   7/20/2020  CHF   62.040
Raiffeisen Schweiz Geno   6.500   1/20/2020  CHF   56.960
Bayerische Landesbank     3.550   8/21/2020  EUR   68.590
Landesbank Hessen-Thuer   3.500   8/17/2022  EUR   69.140
Societe Generale SA       7.000  10/20/2020  USD
HSBC Trinkaus & Burkhar   5.000  12/29/2020  EUR   68.610
Landesbank Baden-Wuertt   3.170   5/22/2020  EUR   72.420
EFG International Finan   8.000   5/26/2020  USD   47.900
Landesbank Hessen-Thuer   5.300   9/23/2022  EUR   70.920
Leonteq Securities AG/G   6.000   5/22/2020  CHF   63.620
Landesbank Baden-Wuertt   3.100   7/24/2020  EUR   65.920
Landesbank Hessen-Thuer   5.200   9/30/2022  EUR   73.090
Landesbank Hessen-Thuer   3.450    9/9/2020  EUR   72.600
Societe Generale Effekt  19.641   9/18/2020  EUR   70.240
Vontobel Financial Prod  13.400   9/16/2020  USD   56.040
BNP Paribas Emissions-   19.000   3/26/2020  EUR   69.100
EFG International Finan   6.600    8/3/2020  EUR   71.650
EFG International Finan   6.000    8/3/2020  USD   52.220
UniCredit Bank AG         3.600   8/23/2021  EUR   58.880
Leonteq Securities AG/G   5.200   7/28/2020  CHF   68.330
Landesbank Baden-Wuertt   4.450   8/28/2020  EUR   71.950
Landesbank Baden-Wuertt   2.900  10/23/2020  EUR   73.040
Landesbank Hessen-Thuer   7.000    1/9/2023  EUR   50.690
EFG International Finan   5.500   9/21/2020  USD   54.440
Vonetize Plc              6.000    8/1/2022  ILS   65.700
DekaBank Deutsche Giroz   4.400   2/21/2020  EUR   68.870
Leonteq Securities AG/G   5.000   8/25/2020  CHF   69.970
Leonteq Securities AG/G   6.200   3/11/2020  CHF   69.260
Landesbank Hessen-Thuer   6.000   10/6/2022  EUR   70.770
Landesbank Hessen-Thuer   4.000  10/13/2021  EUR   68.120
UBS AG/London            13.500  10/19/2020  USD   63.930
Landesbank Hessen-Thuer   3.100   10/6/2020  EUR   71.700
Leonteq Securities AG/G   6.000   8/18/2020  CHF   71.300
UniCredit Bank AG         5.250   9/19/2020  EUR   64.790
Bayerische Landesbank     2.700   9/18/2020  EUR   64.410
EFG International Finan   5.800   8/31/2020  EUR   71.070
DekaBank Deutsche Giroz   2.000   9/18/2020  EUR   59.760
Landesbank Hessen-Thuer   4.100   7/13/2020  EUR   71.300
EFG International Finan   6.000   8/24/2020  CHF   71.290
Leonteq Securities AG/G   6.600   8/18/2020  CHF   72.840
EFG International Finan   8.000    3/9/2020  USD   43.990
UniCredit Bank AG         3.800   9/19/2021  EUR   63.870
UniCredit Bank AG         3.850   9/19/2021  EUR   61.450
UniCredit Bank AG         3.500   9/19/2021  EUR   55.290
Leonteq Securities AG/G   8.200    9/1/2020  CHF   74.930
Commerzbank AG            2.100   8/28/2020  EUR   60.890
UniCredit Bank AG         4.600   10/8/2022  EUR   66.780
UniCredit Bank AG         5.000   9/26/2021  EUR   61.520
Landesbank Baden-Wuertt   4.250   2/28/2020  EUR   64.180
Landesbank Baden-Wuertt   2.550   2/28/2020  EUR   72.070
Leonteq Securities AG/G   5.000    9/8/2020  CHF   42.730
Landesbank Hessen-Thuer   3.000    7/6/2021  EUR   64.900
DekaBank Deutsche Giroz   3.650   3/27/2020  EUR   67.760
Landesbank Baden-Wuertt   4.150   2/28/2020  EUR   62.750
Landesbank Hessen-Thuer   3.500    9/8/2022  EUR   61.090
Landesbank Hessen-Thuer   4.000    3/8/2021  EUR   59.000
Landesbank Hessen-Thuer   4.500    9/8/2021  EUR   71.230
Vontobel Financial Prod  20.500   9/25/2020  EUR   72.128
Landesbank Hessen-Thuer   3.000   6/15/2020  EUR   72.300
Landesbank Hessen-Thuer   5.200    9/8/2022  EUR   70.150
Raiffeisen Switzerland    5.000   8/14/2020  EUR   51.510
UniCredit Bank AG         4.000   7/31/2020  EUR   67.700
Landesbank Baden-Wuertt   3.250   6/26/2020  EUR   71.850
Vontobel Financial Prod   8.500   3/27/2020  EUR   72.090
Landesbank Baden-Wuertt   5.000   4/24/2020  EUR   75.960
Landesbank Baden-Wuertt   3.000   3/27/2020  EUR   66.530
Landesbank Baden-Wuertt   7.000   3/27/2020  EUR   57.400
Landesbank Baden-Wuertt   6.000   3/27/2020  EUR   74.480
Landesbank Baden-Wuertt   5.000   3/27/2020  EUR   61.610
DZ Bank AG Deutsche Zen  11.750   3/25/2020  EUR   52.370
DZ Bank AG Deutsche Zen   8.750   3/25/2020  EUR   68.710
UniCredit Bank AG         3.800  10/24/2021  EUR   61.430
UniCredit Bank AG         3.900  10/24/2021  EUR   63.870
DekaBank Deutsche Giroz   2.200   4/20/2020  EUR   69.930
Leonteq Securities AG/G   6.600   6/30/2020  CHF   74.150
Leonteq Securities AG/G   5.400   6/30/2020  CHF   61.380
DekaBank Deutsche Giroz   2.000   10/9/2020  EUR   69.490
EFG International Finan   8.000   4/21/2020  USD   43.840
Landesbank Hessen-Thuer   6.000    8/4/2022  EUR   67.050
Commerzbank AG            1.580   9/16/2024  USD    4.600
Landesbank Hessen-Thuer   4.000   2/17/2021  EUR   39.360
DekaBank Deutsche Giroz   2.400   10/9/2020  EUR   64.420
DekaBank Deutsche Giroz   2.900   10/9/2020  EUR   45.660
Landesbank Baden-Wuertt   3.000  10/23/2020  EUR   67.360
UBS AG/London             7.000   3/27/2020  CHF   60.600
Landesbank Hessen-Thuer   4.000   8/18/2021  EUR   42.740
Landesbank Hessen-Thuer   5.700  10/27/2022  EUR   57.050
EFG International Finan   7.000  10/12/2020  EUR   64.780
Landesbank Hessen-Thuer   3.350    8/6/2021  EUR   70.500
Landesbank Hessen-Thuer   3.000    8/6/2021  EUR   57.900
DekaBank Deutsche Giroz   4.150   4/30/2020  EUR   68.080
UniCredit Bank AG         3.120   9/25/2020  EUR   49.920
UniCredit Bank AG         5.350  10/18/2020  EUR   63.280
UniCredit Bank AG         4.500  11/12/2022  EUR   67.180
Leonteq Securities AG     7.400   4/24/2020  USD   44.490
EFG International Finan   7.200   10/5/2020  USD   56.280
Leonteq Securities AG/G   7.000   9/29/2020  CHF   69.400
Landesbank Hessen-Thuer   5.000   8/11/2021  EUR   65.040
Raiffeisen Schweiz Geno   7.410   7/13/2020  CHF   72.370
Leonteq Securities AG/G   6.000    4/2/2020  CHF   72.620
EFG International Finan   6.600   9/28/2020  EUR   70.710
Landesbank Baden-Wuertt   3.700   6/26/2020  EUR   70.530
DekaBank Deutsche Giroz   2.000  10/16/2020  EUR   55.640
DekaBank Deutsche Giroz   2.100   5/15/2020  EUR   61.440
Landesbank Hessen-Thuer   7.000  10/20/2022  EUR   73.890
Landesbank Baden-Wuertt   3.050   7/24/2020  EUR   71.420
Landesbank Hessen-Thuer   7.700   1/20/2023  EUR   70.140
DekaBank Deutsche Giroz   3.200    1/7/2020  EUR   67.760
Finans-Avia OOO           0.010   7/31/2027  RUB    3.670
SG Issuer SA              0.800  11/30/2020  SEK   17.650
Vontobel Financial Prod  14.000    1/6/2020  EUR   72.660
Leonteq Securities AG/G   5.000    5/3/2021  EUR   66.610
Vontobel Financial Prod  10.500   6/12/2020  EUR   60.260
Vontobel Financial Prod  13.500   6/12/2020  EUR   61.560
Landesbank Baden-Wuertt   5.000   6/25/2021  EUR   59.830
Landesbank Baden-Wuertt   6.500   6/25/2021  EUR   58.400
Societe Generale Effekt   9.898   3/20/2020  EUR   70.770
Societe Generale Effekt  22.874   3/20/2020  EUR   60.020
Vontobel Financial Prod  14.500   6/12/2020  EUR   72.190
Vontobel Financial Prod  17.000   6/12/2020  EUR   69.680
Vontobel Financial Prod  13.500   6/12/2020  EUR   68.440
Barclays Bank PLC         8.500   9/11/2020  USD   10.200
Vontobel Financial Prod  11.500   6/12/2020  EUR   70.280
Leonteq Securities AG/G   7.000   7/14/2020  CHF   73.090
Bank Julius Baer & Co L   8.500   4/27/2020  EUR   70.250
DZ Bank AG Deutsche Zen   6.900   3/23/2020  EUR   70.860
Commerzbank AG           10.250   3/27/2020  EUR   70.240
Vontobel Financial Prod  17.500   3/27/2020  EUR   72.520
Vontobel Financial Prod   9.500   3/27/2020  EUR   69.190
Vontobel Financial Prod  17.000   3/27/2020  EUR   61.060
Vontobel Financial Prod  10.500   6/26/2020  EUR   67.610
Vontobel Financial Prod   8.000   3/27/2020  EUR   71.020
DZ Bank AG Deutsche Zen   6.100   3/23/2020  EUR   72.960
DZ Bank AG Deutsche Zen  11.000   6/22/2020  EUR   63.730
DZ Bank AG Deutsche Zen   9.250   9/21/2020  EUR   65.010
UBS AG/London            10.500   10/2/2020  USD   63.590
DZ Bank AG Deutsche Zen   5.000   6/24/2020  EUR   66.480
Vontobel Financial Prod  14.500   3/27/2020  EUR   59.990
Societe Generale Effekt   8.434   3/27/2020  EUR   74.210
Societe Generale Effekt  11.714   3/27/2020  EUR   68.130
Societe Generale Effekt  12.652   3/27/2020  EUR   68.350
Societe Generale Effekt  13.589   3/27/2020  EUR   65.600
Societe Generale Effekt  12.671   4/24/2020  EUR   72.320
Societe Generale Effekt  11.863   6/26/2020  EUR   72.570
Societe Generale Effekt  14.829   6/26/2020  EUR   67.760
Societe Generale Effekt  17.795   6/26/2020  EUR   68.930
Societe Generale Effekt   7.497   3/27/2020  EUR   73.990
Societe Generale Effekt   9.372   3/27/2020  EUR   70.850
Societe Generale Effekt   9.840   3/27/2020  EUR   70.960
Societe Generale Effekt   7.966   3/27/2020  EUR   74.100
Societe Generale Effekt  11.246   3/27/2020  EUR   68.020
Societe Generale Effekt  13.120   3/27/2020  EUR   68.460
Societe Generale Effekt  10.137   4/24/2020  EUR   71.580
Societe Generale Effekt  15.205   4/24/2020  EUR   66.850
Societe Generale Effekt  10.309   3/27/2020  EUR   71.070
Societe Generale Effekt  10.777   3/27/2020  EUR   71.180
Societe Generale Effekt  11.246   3/27/2020  EUR   71.290
Societe Generale Effekt  11.714   3/27/2020  EUR   71.400
Societe Generale Effekt  12.183   3/27/2020  EUR   68.240
Societe Generale Effekt  14.057   3/27/2020  EUR   68.680
Societe Generale Effekt  14.057   3/27/2020  EUR   65.710
Societe Generale Effekt  21.836   6/25/2021  EUR   74.040
Vontobel Financial Prod  13.000   9/25/2020  EUR   51.422
Landesbank Hessen-Thuer   7.000   4/29/2022  EUR   52.190
DZ Bank AG Deutsche Zen   5.500   6/24/2020  EUR   67.840
DZ Bank AG Deutsche Zen   8.500   6/24/2020  EUR   64.960
DZ Bank AG Deutsche Zen  11.000   6/24/2020  EUR   62.840
HSBC Trinkaus & Burkhar   5.100   3/27/2020  EUR   63.280
HSBC Trinkaus & Burkhar   5.600   6/26/2020  EUR   62.780
HSBC Trinkaus & Burkhar   7.700   9/25/2020  EUR   58.600
HSBC Trinkaus & Burkhar   5.700   9/25/2020  EUR   62.700
HSBC Trinkaus & Burkhar   8.000   6/26/2020  EUR   72.010
HSBC Trinkaus & Burkhar   8.200   9/25/2020  EUR   71.540
HSBC Trinkaus & Burkhar  10.300   6/26/2020  EUR   55.310
HSBC Trinkaus & Burkhar  10.300   1/24/2020  EUR   54.340
HSBC Trinkaus & Burkhar   9.400   7/24/2020  EUR   56.460
Credit Suisse AG/London  11.250   5/15/2020  USD   66.640
Societe Generale Effekt  25.373   6/19/2020  EUR   72.940
Societe Generale Effekt  27.444   6/19/2020  EUR   71.780
Vontobel Financial Prod  16.500   3/13/2020  EUR   69.980
Vontobel Financial Prod  12.500   3/13/2020  EUR   73.520
Vontobel Financial Prod  16.500   3/13/2020  EUR   63.490
Vontobel Financial Prod  18.500   3/13/2020  EUR   63.860
Vontobel Financial Prod  14.500   6/12/2020  EUR   73.700
Societe Generale Effekt  27.934   3/20/2020  EUR   72.330
Societe Generale Effekt  17.902   3/20/2020  EUR   66.940
Societe Generale Effekt  23.301   6/19/2020  EUR   68.590
Societe Generale Effekt  26.984   9/18/2020  EUR   70.280
BNP Paribas Emissions-   25.000   3/26/2020  EUR   72.840
BNP Paribas Emissions-   23.000   3/26/2020  EUR   71.480
DZ Bank AG Deutsche Zen  10.600   9/25/2020  EUR   72.580
Societe Generale Effekt  19.126   3/20/2020  EUR   51.970
Bank Julius Baer & Co L   8.150   5/26/2020  EUR   65.300
Societe Generale Effekt  26.408   6/19/2020  EUR   72.340
BNP Paribas Emissions-   20.000   3/26/2020  EUR   73.030
DZ Bank AG Deutsche Zen   5.000   9/21/2020  EUR   70.120
DZ Bank AG Deutsche Zen   6.250   9/21/2020  EUR   70.980
DZ Bank AG Deutsche Zen   7.800   9/21/2020  EUR   72.790
Landesbank Baden-Wuertt   4.500   3/27/2020  EUR   77.270
BNP Paribas Emissions-   20.000   3/26/2020  EUR   73.340
DZ Bank AG Deutsche Zen   8.250   3/25/2020  EUR   59.310
Societe Generale Effekt  25.074   3/20/2020  EUR   64.580
Societe Generale Effekt  17.156   3/20/2020  EUR   57.590
Societe Generale Effekt   7.337   6/19/2020  EUR   72.130
Vontobel Financial Prod  15.500   6/26/2020  EUR   55.710
UBS AG/London            15.000   8/21/2020  CHF   60.340
Societe Generale Effekt  22.874   3/20/2020  EUR   54.310
Societe Generale Effekt  19.471   6/19/2020  EUR   60.830
Landesbank Baden-Wuertt   3.000   6/25/2021  EUR   63.900
Societe Generale Effekt  22.214   3/20/2020  EUR   66.880
Societe Generale Effekt  15.836   3/20/2020  EUR   71.600
Societe Generale Effekt  14.077   3/20/2020  EUR   69.330
Societe Generale Effekt   7.619   6/19/2020  EUR   68.650
Societe Generale Effekt   8.958   9/18/2020  EUR   69.270
Societe Generale Effekt  11.570   6/19/2020  EUR   66.250
Societe Generale Effekt   9.018   3/20/2020  EUR   71.910
Societe Generale Effekt  20.895   3/20/2020  EUR   61.310
Societe Generale Effekt  21.995   3/20/2020  EUR   60.680
Leonteq Securities AG    12.000   8/28/2020  CHF   34.180
Volga Sport ZAO           7.880    4/4/2022  RUB  100.000
Vontobel Financial Prod  14.000   6/26/2020  EUR   72.380
Vontobel Financial Prod  15.000   6/26/2020  EUR   70.980
Vontobel Financial Prod  19.500   3/27/2020  EUR   72.770
Vontobel Financial Prod  18.500   3/27/2020  EUR   73.190
Vontobel Financial Prod  19.500   6/26/2020  EUR   71.810
Vontobel Financial Prod  18.500   6/26/2020  EUR   72.990
Vontobel Financial Prod  21.000   6/26/2020  EUR   70.920
Vontobel Financial Prod  15.000   3/27/2020  EUR   70.220
Vontobel Financial Prod  13.500   3/27/2020  EUR   71.950
Podkarpacki Bank Spoldz   5.790   2/23/2025  PLN   35.010
Podkarpacki Bank Spoldz   5.790  10/24/2024  PLN   40.000
Landesbank Hessen-Thuer   7.770   7/15/2021  EUR   26.610
Business-Consulting OAO   6.000   12/6/2030  RUB   65.000
Gold-Zack AG              7.000  12/14/2005  EUR    6.510
VTB Bank PJSC             3.000    9/1/2044  RUB   90.000
Landesbank Baden-Wuertt   6.500   4/24/2020  EUR   70.930
Landesbank Baden-Wuertt   6.000   4/24/2020  EUR   67.020
Podkarpacki Bank Spoldz   5.790   3/31/2025  PLN   48.000
Archer Finance OOO        9.250   3/29/2022  RUB
UniCredit Bank AG         4.500  11/18/2020  EUR   53.980
DZ Bank AG Deutsche Zen   8.000   6/24/2020  EUR   69.610
Podkarpacki Bank Spoldz   4.990   10/6/2021  PLN   62.030
VTB Bank PJSC             3.000   9/15/2044  RUB   90.000
Polski Bank Spoldzielcz   5.290   9/14/2027  PLN   70.000
Vontobel Financial Prod  13.500   6/25/2020  EUR   68.480
Vontobel Financial Prod   9.500   3/27/2020  EUR   73.650
Bank Julius Baer & Co L  10.800   1/21/2020  USD   77.800
Vontobel Financial Prod  15.000   3/27/2020  EUR   67.240
Vontobel Financial Prod  13.000   3/27/2020  EUR   61.130
Vontobel Financial Prod  12.000   6/29/2020  EUR   70.370
Landesbank Baden-Wuertt   6.000   4/24/2020  EUR   76.280
DZ Bank AG Deutsche Zen  12.500   4/22/2020  EUR   47.230
EFG International Finan  15.000   4/23/2020  USD   46.060
Vontobel Financial Prod   9.500   6/25/2020  EUR   72.570
Vontobel Financial Prod   9.500   6/26/2020  EUR   72.300
Vontobel Financial Prod  13.000   3/27/2020  EUR   69.970
Vontobel Financial Prod  16.000   6/26/2020  EUR   68.250
Vontobel Financial Prod   5.000   6/25/2020  EUR   54.690
Vontobel Financial Prod  13.000   6/26/2020  EUR   67.980
Vontobel Financial Prod   6.550   6/26/2020  EUR   60.860
Vontobel Financial Prod   5.500   3/27/2020  EUR   72.470
Vontobel Financial Prod   7.500   3/27/2020  EUR   68.670
Vontobel Financial Prod   6.500   3/27/2020  EUR   70.510
Vontobel Financial Prod   9.000   3/27/2020  EUR   67.050
Vontobel Financial Prod  11.500   3/27/2020  EUR   64.020
Landesbank Baden-Wuertt   5.400   7/24/2020  EUR   69.590
Vontobel Financial Prod  10.000   3/27/2020  EUR   65.430
Vontobel Financial Prod   5.500   6/26/2020  EUR   72.530
Vontobel Financial Prod   7.500   6/26/2020  EUR   69.430
Vontobel Financial Prod   8.500   6/26/2020  EUR   68.030
Vontobel Financial Prod   9.500   6/26/2020  EUR   66.720
Vontobel Financial Prod   6.500   6/26/2020  EUR   70.930
Vontobel Financial Prod  10.500   6/26/2020  EUR   65.500
Vontobel Financial Prod  11.500   6/26/2020  EUR   64.360
Vontobel Financial Prod  16.000   3/27/2020  EUR   66.250
BNP Paribas Emissions-   14.000   3/26/2020  EUR   69.390
BNP Paribas Emissions-   12.000   9/24/2020  EUR   71.920
BNP Paribas Emissions-    8.500   3/26/2020  EUR   72.930
BNP Paribas Emissions-   10.000   3/26/2020  EUR   70.910
BNP Paribas Emissions-   14.000   3/26/2020  EUR   66.520
BNP Paribas Emissions-   17.000   3/26/2020  EUR   64.360
BNP Paribas Emissions-    8.000   3/26/2020  EUR   70.810
BNP Paribas Emissions-    7.000   9/24/2020  EUR   72.210
BNP Paribas Emissions-    8.500   9/24/2020  EUR   69.640
BNP Paribas Emissions-   10.000   9/24/2020  EUR   67.370
BNP Paribas Emissions-    7.000  12/24/2020  EUR   73.270
BNP Paribas Emissions-   11.000  12/24/2020  EUR   67.480
BNP Paribas Emissions-   10.000   9/24/2020  EUR   73.040
BNP Paribas Emissions-   11.000   9/24/2020  EUR   71.740
BNP Paribas Emissions-   13.000  12/24/2020  EUR   70.800
BNP Paribas Emissions-   13.000   3/26/2020  EUR   71.130
BNP Paribas Emissions-    9.000   9/24/2020  EUR   74.180
BNP Paribas Emissions-   11.000  12/24/2020  EUR   72.190
UniCredit Bank AG         4.100   10/1/2020  EUR   35.990
Leonteq Securities AG/G   5.000   1/20/2020  CHF   20.040
SG Issuer SA              0.820    8/2/2021  SEK   19.290
Commerzbank AG            8.750   3/27/2020  EUR   66.690
Commerzbank AG           12.750   3/27/2020  EUR   61.070
Leonteq Securities AG/G  18.400    4/8/2020  USD   58.060
Leonteq Securities AG/G  15.600    4/8/2020  EUR   57.800
Leonteq Securities AG    15.400    4/8/2020  CHF   57.780
DZ Bank AG Deutsche Zen  15.750   3/25/2020  EUR   70.230
Sviaz Bank OAO            7.000   4/13/2022  RUB   95.000
AKB Derzhava OJSC         7.750   7/10/2023  RUB   90.000
DekaBank Deutsche Giroz   3.100   1/10/2020  EUR   36.160
VTB Bank PJSC             3.000   8/14/2043  RUB   90.000
Landesbank Baden-Wuertt   6.000  11/27/2020  EUR   73.240
DekaBank Deutsche Giroz   2.700    7/1/2020  EUR   69.810
BNP Paribas Emissions-   21.000   3/26/2020  EUR   69.530
BNP Paribas Emissions-   23.000   3/26/2020  EUR   69.950
BNP Paribas Emissions-   17.000   6/25/2020  EUR   71.990
BNP Paribas Emissions-   22.000   3/26/2020  EUR   73.250
BNP Paribas Emissions-   14.000   3/26/2020  EUR   72.080
Metalloinvest Holding C   0.010    3/7/2022  RUB   90.000
Metalloinvest Holding C   0.010    3/7/2022  RUB   90.000
Vontobel Financial Prod  11.000   9/25/2020  EUR   57.571
Landesbank Hessen-Thuer   4.000  10/14/2020  EUR   36.600
VTB Bank PJSC             3.000  11/26/2043  RUB  100.000
Vontobel Financial Prod  13.000   6/26/2020  EUR   66.940
Vontobel Financial Prod  12.000   6/26/2020  EUR   63.060
BNP Paribas Emissions-   24.000   3/26/2020  EUR   73.660
BNP Paribas Emissions-   18.000   3/26/2020  EUR   72.920
Rosselkhozbank JSC       12.870  12/21/2021  RUB   75.000
BNP Paribas Emissions-   19.000   6/25/2020  EUR   72.910
BNP Paribas Emissions-   20.000   3/26/2020  EUR   72.830
BNP Paribas Emissions-   16.000   3/26/2020  EUR   72.500
Barclays Bank PLC        12.860   5/28/2020  USD   70.150
Samaratransneft-Termina  17.000   6/20/2021  RUB   12.700
Lehman Brothers Treasur   7.585  11/22/2009  MXN    3.750
Lehman Brothers Treasur   4.000  11/24/2016  EUR    2.571
OOO SPV Structural Inve   0.010    9/1/2023  RUB   66.740
Lehman Brothers Treasur  15.000   3/30/2011  EUR    2.571
Aralco Finance SA        10.125    5/7/2020  USD    1.684
Ideal Standard Internat  11.750    5/1/2018  EUR    0.240
Barclays Bank PLC         1.268   5/14/2029  USD   75.250
Lehman Brothers Treasur  18.250   10/2/2008  USD    2.571
Lehman Brothers Treasur   3.400   9/21/2009  HKD    2.571
Lehman Brothers Treasur   4.000  10/12/2010  USD    2.571
Lehman Brothers Treasur   5.000    5/2/2022  EUR    2.571
Lehman Brothers Treasur   4.100   6/10/2014  SGD    3.750
Kaupthing ehf             5.250   7/18/2017  BGN    0.250
Lehman Brothers Treasur  13.000   7/25/2012  EUR    2.571
Lehman Brothers Treasur  11.000    7/4/2011  USD    2.571
Lehman Brothers Treasur   4.000   5/30/2010  USD    2.571
Lehman Brothers Treasur   2.480   5/12/2009  USD    2.571
Kaupthing ehf             4.730  12/19/2008  SKK    0.250
Lehman Brothers Treasur   8.800  12/27/2009  EUR    2.571
Lehman Brothers Treasur  11.000  12/20/2017  AUD    2.571
Lehman Brothers Treasur  11.000  12/20/2017  AUD    2.571
Lehman Brothers Treasur  11.000  12/20/2017  AUD    2.571
Lehman Brothers Treasur   4.000    1/4/2011  USD    2.571
Lehman Brothers Treasur   0.500  12/20/2017  AUD    2.571
Lehman Brothers Treasur   8.000  12/31/2010  USD    2.571
Lehman Brothers Treasur   0.500  12/20/2017  USD    2.571
Lehman Brothers Treasur   5.375    2/4/2014  USD    2.571
Lehman Brothers Treasur  11.000   2/16/2009  CHF    2.571
Lehman Brothers Treasur  10.000   2/16/2009  CHF    2.571
Lehman Brothers Treasur   7.000   2/15/2010  CHF    2.571
Lehman Brothers Treasur   1.000   2/26/2010  USD    2.571
Lehman Brothers Treasur   3.500   6/20/2011  EUR    2.571
Lehman Brothers Treasur   7.500   2/14/2010  AUD    2.571
Lehman Brothers Treasur   5.500   6/22/2010  USD    3.400
Lehman Brothers Treasur   3.350  10/13/2016  EUR    2.571
Lehman Brothers Treasur   6.000   5/23/2018  CZK    2.571
Lehman Brothers Treasur   5.000   4/24/2017  EUR    2.571
Lehman Brothers Treasur   3.000   8/13/2011  EUR    2.571
Nutritek International    8.750  12/11/2008  USD    2.089
Laurel GmbH               7.125  11/16/2017  EUR    7.750
Lehman Brothers Treasur   4.500    3/7/2015  EUR    2.571
LBI ehf                   2.250   2/14/2011  CHF    7.750
SG Issuer SA              3.300   9/26/2034  ZAR   44.770
Heta Asset Resolution A   7.500  12/31/2023  ATS    1.739
Barclays Bank PLC         0.500   1/28/2033  MXN   34.424
RGS Nedvizhimost OOO     12.000  10/18/2017  RUB    0.335
Lehman Brothers Treasur   3.025   1/31/2015  EUR    2.571
Lehman Brothers Treasur   0.750   3/29/2012  EUR    2.571
Lehman Brothers Treasur   7.500   7/31/2013  GBP    2.571
Lehman Brothers Treasur   8.280   7/31/2013  GBP    2.571
Lehman Brothers Treasur   4.150   8/25/2020  EUR    2.571
Lehman Brothers Treasur   6.000   12/6/2016  USD    2.571
Northland Resources AB   12.250   3/26/2016  USD    2.621
Lehman Brothers Treasur   3.000    8/8/2017  EUR    2.571
Hellas Telecommunicatio   8.500  10/15/2013  EUR    0.452
Lehman Brothers Treasur   5.220    3/1/2024  EUR    2.571
Lehman Brothers Treasur   4.870   10/8/2013  USD    2.571
Lehman Brothers Treasur   6.000   6/21/2011  EUR    2.571
Lehman Brothers Treasur   2.000   6/21/2011  EUR    2.571
Lehman Brothers Treasur   1.950   11/4/2013  EUR    2.571
Heta Asset Resolution A   5.030  12/31/2023  EUR    1.739
Lehman Brothers Treasur   4.000   2/28/2010  EUR    2.571
Heta Asset Resolution A   4.875  12/31/2023  EUR    1.739
Lehman Brothers Treasur   2.370   7/15/2013  USD    2.571
Lehman Brothers Treasur   2.300   6/27/2013  USD    2.571
Kaupthing ehf             6.500   10/8/2010  ISK    0.250
Kaupthing ehf             7.500   12/5/2014  ISK    0.250
Lehman Brothers Treasur   4.200   12/3/2008  HKD    3.400
Heta Asset Resolution A   5.270  12/31/2023  EUR    1.739
Lehman Brothers Treasur   8.875   1/28/2011  HKD    3.400
SAir Group                2.750   7/30/2004  CHF    9.875
Kaupthing ehf             7.000   7/24/2009  ISK    0.250
LBI ehf                   8.650    5/1/2011  ISK    7.750
Derzhava-Garant OOO       9.250   6/24/2020  RUB   55.000
IT Holding Finance SA     9.875  11/15/2012  EUR    0.202
Lehman Brothers Treasur   4.100   5/20/2009  USD    2.571
Lehman Brothers Treasur   2.000   5/17/2010  EUR    2.571
Otkritie Holding JSC     10.000   4/20/2028  RUB
Lehman Brothers Treasur   8.280   3/26/2009  USD    2.571
Lehman Brothers Treasur   8.500    7/6/2009  CHF    2.571
Lehman Brothers Treasur   4.500    8/2/2009  USD    2.571
Lehman Brothers Treasur   6.850  12/22/2008  EUR    2.571
Lehman Brothers Treasur   7.550  12/29/2008  USD    2.571
Lehman Brothers Treasur   7.500   9/13/2009  CHF    2.571
Lehman Brothers Treasur   5.103   6/22/2046  EUR    2.571
Lehman Brothers Treasur   4.500    3/6/2013  CHF    2.571
Lehman Brothers Treasur  10.500    8/9/2010  EUR    2.571
Lehman Brothers Treasur   9.000   6/13/2009  USD    2.571
Lehman Brothers Treasur   7.000  11/28/2008  CHF    2.571
Lehman Brothers Treasur   7.250   10/6/2008  EUR    2.571
Lehman Brothers Treasur   8.000   5/22/2009  USD    2.571
Lehman Brothers Treasur   3.860   9/21/2011  SGD    3.750
Lehman Brothers Treasur   4.000   4/24/2009  USD    2.571
Lehman Brothers Treasur   9.000   3/17/2009  GBP    2.571
Lehman Brothers Treasur   3.850   4/24/2009  USD    2.571
Lehman Brothers Treasur   8.000   4/20/2009  EUR    2.571
Petromena ASA             9.750   5/24/2016  NOK    0.607
Lehman Brothers Treasur   6.000   7/28/2010  EUR    2.571
Municipality Finance PL   0.250   6/28/2040  CAD   36.387
Lehman Brothers Treasur   4.500  12/30/2010  USD    2.571
Lehman Brothers Treasur   6.000   7/28/2010  EUR    2.571
Norske Skogindustrier A   2.000  12/30/2115  EUR    1.376
Lehman Brothers Treasur   6.000   3/17/2011  EUR    2.571
Lehman Brothers Treasur   7.320   7/31/2013  GBP    2.571
Lehman Brothers Treasur   8.600   7/31/2013  GBP    2.571
Lehman Brothers Treasur   4.000   12/2/2012  EUR    2.571
Barclays Bank PLC         0.656  10/10/2029  USD   71.354
Lehman Brothers Treasur   1.280   11/6/2010  JPY    3.750
Lehman Brothers Treasur   0.500   2/16/2009  EUR    2.571
Lehman Brothers Treasur   4.250   3/13/2021  EUR    2.571
SG Issuer SA              2.700  11/28/2034  ZAR   40.001
Bank Julius Baer & Co L  10.700   1/10/2020  CHF   68.150
Credit Suisse AG/London   7.600   8/10/2020  USD   65.343
Samaratransneft-Termina  12.000   4/27/2022  RUB   13.020
Lehman Brothers Treasur  13.432    1/8/2009  ILS    2.571
Lehman Brothers Treasur   6.000    8/7/2013  EUR    2.571
Lehman Brothers Treasur   2.500   8/15/2012  CHF    2.571
Lehman Brothers Treasur   7.750    1/3/2012  AUD    2.571
Lehman Brothers Treasur   4.680  12/12/2045  EUR    2.571
Lehman Brothers Treasur  13.000  12/14/2012  USD    2.571
Lehman Brothers Treasur   6.700   4/21/2011  USD    2.571
Lehman Brothers Treasur   3.000   9/12/2036  JPY    3.750
Northland Resources AB   15.000   7/15/2019  USD    2.621
Lehman Brothers Treasur   4.820  12/18/2036  EUR    2.571
Norske Skog Holding AS    8.000   2/24/2023  USD    0.071
Lehman Brothers Treasur   4.100   8/23/2010  USD    2.571
Lehman Brothers Treasur   4.050   9/16/2008  EUR    2.571
Lehman Brothers Treasur   7.060  12/29/2008  EUR    2.571
KPNQwest NV               7.125    6/1/2009  EUR    0.634
Lehman Brothers Treasur   5.120   4/30/2027  EUR    2.571
Lehman Brothers Treasur   4.300    6/4/2012  USD    2.571
Lehman Brothers Treasur  14.100  11/12/2008  USD    2.571
Lehman Brothers Treasur   7.250    7/8/2014  EUR    2.571
Otkritie Holding JSC     12.420   7/20/2028  RUB    0.880
Lehman Brothers Treasur   7.500   5/30/2010  AUD    2.571
Lehman Brothers Treasur   4.000    6/5/2011  USD    2.571
Kaupthing ehf             9.750   9/10/2015  USD    0.250
Lehman Brothers Treasur  16.800   8/21/2009  USD    2.571
Lehman Brothers Treasur  13.150  10/30/2008  USD    2.571
Lehman Brothers Treasur   6.250    9/5/2011  EUR    2.571
Lehman Brothers Treasur  10.000   6/11/2038  JPY    2.571
Lehman Brothers Treasur  12.000   7/13/2037  JPY    2.571
Heta Asset Resolution A   5.730  12/31/2023  EUR    1.739
Lehman Brothers Treasur   7.750   2/21/2016  EUR    2.571
Lehman Brothers Treasur   8.000  12/27/2032  JPY    2.571
Lehman Brothers Treasur   8.050  12/20/2010  HKD    2.571
KPNQwest NV               8.875    2/1/2008  EUR    0.634
Lehman Brothers Treasur   1.500    2/8/2012  CHF    2.571
Lehman Brothers Treasur   3.100    6/4/2010  USD    2.571
Lehman Brothers Treasur   0.500    7/2/2020  EUR    2.571
Lehman Brothers Treasur   0.010   9/20/2011  USD    2.571
Tonon Luxembourg SA       9.250   1/24/2020  USD    0.464
Lehman Brothers Treasur   0.500    6/2/2020  EUR    2.571
HSBC Bank PLC             0.500  11/25/2025  BRL   65.049
Lehman Brothers Treasur   4.050   9/16/2008  EUR    2.571
LBI ehf                   5.080    3/1/2013  ISK    7.750
Heta Asset Resolution A   0.281  12/31/2023  EUR    1.739
Heta Asset Resolution A   0.148  12/31/2023  EUR    1.739
Lehman Brothers Treasur   6.600    2/9/2009  EUR    2.571
Lehman Brothers Treasur   1.600   6/21/2010  JPY    2.571
Lehman Brothers Treasur   2.400   6/20/2011  JPY    2.571
Cerruti Finance SA        6.500   7/26/2004  EUR    1.361
Lehman Brothers Treasur   7.625   7/22/2011  HKD    2.571
Lehman Brothers Treasur   2.300    6/6/2013  USD    2.571
Lehman Brothers Treasur   1.460   2/19/2012  JPY    3.750
Lehman Brothers Treasur  11.000    7/4/2011  CHF    2.571
Lehman Brothers Treasur  12.000    7/4/2011  EUR    2.571
Lehman Brothers Treasur  16.000  12/26/2008  USD    2.571
Lehman Brothers Treasur  11.250  12/31/2008  USD    2.571
Kaupthing ehf             3.750    2/1/2045  USD    0.100
Lehman Brothers Treasur   3.820  10/20/2009  USD    2.571
Kaupthing ehf             4.390  10/14/2008  CZK    0.250
Lehman Brothers Treasur   3.630    3/2/2012  EUR    2.571
EDOB Abwicklungs AG       7.500    4/1/2012  EUR    1.079
Credit Suisse AG/London   0.500    1/8/2026  BRL   64.477
Lehman Brothers Treasur   7.000   7/11/2010  EUR    2.571
Solarwatt GmbH            7.000   11/1/2015  EUR   15.500
Lehman Brothers Treasur   3.700    6/6/2009  EUR    2.571
Lehman Brothers Treasur   5.000  10/24/2008  CHF    2.571
Lehman Brothers Treasur   5.500   6/15/2009  CHF    2.571
Lehman Brothers Treasur  11.000   6/29/2009  EUR    2.571
Lehman Brothers Treasur   8.000    8/3/2009  USD    2.571
Lehman Brothers Treasur   3.000   9/13/2010  JPY    3.750
Lehman Brothers Treasur   2.000  10/28/2010  EUR    2.571
Lehman Brothers Treasur   1.500  10/25/2011  EUR    2.571
Lehman Brothers Treasur   7.500  10/24/2008  USD    2.571
Lehman Brothers Treasur   4.000   4/13/2011  CHF    2.571
Lehman Brothers Treasur  10.000   3/27/2009  USD    2.571
Lehman Brothers Treasur   5.750   6/15/2009  CHF    2.571
Lehman Brothers Treasur   7.000   4/14/2009  EUR    2.571
Mriya Agro Holding PLC   10.950   3/30/2016  USD    7.852
Lehman Brothers Treasur   6.000  10/24/2008  EUR    2.571
Lehman Brothers Treasur   7.600   3/26/2009  EUR    2.571
Lehman Brothers Treasur   6.650   8/24/2011  AUD    3.400
Lehman Brothers Treasur   2.500  12/15/2011  GBP    2.571
Heta Asset Resolution A   4.350  12/31/2023  EUR    1.739
Lehman Brothers Treasur   7.750   1/30/2009  EUR    2.571
Lehman Brothers Treasur   0.250   7/21/2014  EUR    2.571
Kaupthing ehf             5.000    1/4/2027  SKK    0.250
Lehman Brothers Treasur   1.750    2/7/2010  EUR    2.571
Lehman Brothers Treasur   5.100    5/8/2017  HKD    3.400
Societe Generale SA       0.500    4/4/2024  MXN   73.335
Lehman Brothers Treasur   6.750    4/5/2012  EUR    2.571
Lehman Brothers Treasur   7.000   2/15/2012  EUR    2.571
Lehman Brothers Treasur   4.690   2/19/2017  EUR    2.571
Lehman Brothers Treasur  11.000  12/19/2011  USD    2.571
Lehman Brothers Treasur   2.250   5/12/2009  USD    2.571
Lehman Brothers Treasur   1.680    3/5/2015  EUR    2.571
Lehman Brothers Treasur  13.500  11/28/2008  USD    2.571
Lehman Brothers Treasur   4.000   5/17/2010  USD    2.571
Astana Finance BV         7.875    6/8/2010  EUR   16.000
Lehman Brothers Treasur   5.250  11/21/2009  USD    2.571
Lehman Brothers Treasur  10.000    1/3/2012  BRL    2.571
Lehman Brothers Treasur   0.800  12/30/2016  EUR    2.571
Lehman Brothers Treasur   3.500  10/31/2011  USD    2.571
Lehman Brothers Treasur   3.500  10/24/2011  USD    2.571
Lehman Brothers Treasur   0.250  10/19/2012  CHF    2.571
Lehman Brothers Treasur   5.200   3/19/2018  EUR    2.571
Lehman Brothers Treasur  14.900   9/15/2008  EUR    2.571
Bulgaria Steel Finance   12.000    5/4/2013  EUR    0.216
Kaupthing ehf             3.750   2/15/2024  ISK    0.250
ECM Real Estate Investm   5.000   10/9/2011  EUR   15.375
Lehman Brothers Treasur   7.000  10/22/2010  EUR    2.571
Lehman Brothers Treasur   6.000   9/20/2011  EUR    2.571
LBI ehf                   7.431              USD    0.001
Petromena ASA            10.850  11/19/2018  USD    0.607
Lehman Brothers Treasur   5.200   11/9/2011  EUR    3.400
Lehman Brothers Treasur   1.500  10/12/2010  EUR    2.571
Lehman Brothers Treasur   4.600  10/11/2017  ILS    3.750
Lehman Brothers Treasur   3.500  12/20/2027  USD    2.571
Lehman Brothers Treasur  14.900  11/16/2010  EUR    2.571
AlphaNotes ETP Dac        0.010    9/9/2029  USD   70.046
Lehman Brothers Treasur   4.800  11/16/2012  HKD    2.571
Lehman Brothers Treasur   0.500  12/20/2017  AUD    2.571
Lehman Brothers Treasur   0.500  12/20/2017  AUD    3.400
Lehman Brothers Treasur   0.500  12/20/2017  AUD    2.571
Lehman Brothers Treasur   9.300  12/21/2010  EUR    2.571
Lehman Brothers Treasur   0.500  12/20/2017  USD    2.571
Lehman Brothers Treasur   0.500  12/20/2017  USD    2.571
Lehman Brothers Treasur   8.000  10/23/2008  USD    2.571
Lehman Brothers Treasur   6.000   3/18/2015  USD    3.400
Lehman Brothers Treasur   8.000   3/21/2018  USD    2.571
Lehman Brothers Treasur   4.000   3/10/2011  EUR    2.571
Kaupthing ehf             7.625   2/28/2015  USD    0.250
Lehman Brothers Treasur   8.000   3/19/2012  USD    2.571
Lehman Brothers Treasur   6.000    3/4/2015  USD    2.571
Lehman Brothers Treasur   7.150   3/21/2013  USD    2.571
Lehman Brothers Treasur   7.600   1/31/2013  AUD    2.571
Lehman Brothers Treasur  10.000  10/23/2008  USD    2.571
Lehman Brothers Treasur   3.450   5/23/2013  USD    2.571
Lehman Brothers Treasur   5.500   4/23/2014  EUR    2.571
Lehman Brothers Treasur   9.000    5/6/2011  CHF    2.571
Lehman Brothers Treasur   7.000   4/24/2009  USD    2.571
Lehman Brothers Treasur  16.200   5/14/2009  USD    2.571
Lehman Brothers Treasur  10.600   4/22/2014  MXN    2.571
Lehman Brothers Treasur   4.600    8/1/2013  EUR    2.571
Lehman Brothers Treasur   5.550   3/12/2015  EUR    2.571
Lehman Brothers Treasur  12.400   6/12/2009  USD    2.571
Lehman Brothers Treasur   2.000   6/28/2011  EUR    2.571
Lehman Brothers Treasur  16.000   10/8/2008  CHF    2.571
Lehman Brothers Treasur   0.500  12/20/2017  AUD    2.571
Lehman Brothers Treasur   0.500  12/20/2017  USD    2.571
Lehman Brothers Treasur  13.000   2/16/2009  CHF    2.571
Lehman Brothers Treasur  10.000  10/22/2008  USD    2.571
Lehman Brothers Treasur   6.450   2/20/2010  AUD    2.571
Lehman Brothers Treasur   6.600   5/23/2012  AUD    2.571
Lehman Brothers Treasur  16.000  10/28/2008  USD    2.571
Lehman Brothers Treasur   1.000    5/9/2012  EUR    2.571
Lehman Brothers Treasur  10.000   5/22/2009  USD    2.571
Lehman Brothers Treasur   8.000   5/22/2009  USD    2.571
Lehman Brothers Treasur  15.000    6/4/2009  CHF    2.571
Kaupthing ehf             5.063   5/10/2045  ISK    0.250
Lehman Brothers Treasur  17.000    6/2/2009  USD    2.571
Lehman Brothers Treasur   5.000  11/22/2012  EUR    2.571
Lehman Brothers Treasur  23.300   9/16/2008  USD    2.571
Lehman Brothers Treasur   3.000    6/3/2010  EUR    2.571
Lehman Brothers Treasur   7.600   5/21/2013  USD    2.571
Lehman Brothers Treasur  10.000   6/17/2009  USD    2.571
SG Issuer SA              6.800    1/6/2020  USD   57.750



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

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

Copyright 2020.  All rights reserved.  ISSN 1529-2754.

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

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

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


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