---

       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 27, 2020, Vol. 21, No. 19

                           Headlines



F R A N C E

BANIJAY GROUP: Fitch Maintains B+ LT IDR on Rating Watch Negative


G E R M A N Y

CHEPLAPHARM ARZNEIMITTEL: Fitch Rates EUR500MM Sec. Debt 'BB-(EXP)'


L U X E M B O U R G

ARENA LUXEMBOURG: Moody's Affirms 'Ba3' CFR, Outlook Stable
CONSTELLATION OIL: S&P Withdraws 'D' Issuer Credit Rating


N E T H E R L A N D S

ARES EUROPEAN XIII: Fitch Assigns B-sf Rating on Class F Debt
ARES EUROPEAN XIII: S&P Assigns 'B-' Rating on Class F Notes
DELFT BV 2020: S&P Assigns B+(sf) Rating on Class F Notes


P O L A N D

URSUS SA: Bid to Open Accelerated Arrangement Proceedings Tossed


R U S S I A

POLYUS PJSC: S&P Alters Outlook to Positive & Affirms 'BB' ICR


S P A I N

TDA 4 CAM: Moody's Hikes EUR38MM Class C Notes to 'Ba3(sf)'


S W E D E N

SAMHALLSBYGGNADSBOLAGET I NORDEN: S&P Rates Subordinated Notes BB


U N I T E D   K I N G D O M

BRITISH STEEL: Cengiz Ready to Bid if Jingye Sale Falls Through
CINEWORLD UK: Moody's Assigns B1 Rating on $1.93-Bil. Term Loan B
DME LTD: Fitch Affirms 'BB+' Issuer Default Rating, Outlook Stable
FLYBE: In Emergency Talks with Airports Over Unpaid Landing Fees
HAWKIN'S BAZAAR: Enters Administration, Trading Continues

HOUSEOLOGY DESIGN: In Administration, Seeks Buyer for Retail Arm
MIZZEN MEZZCO: Fitch Withdraws 'B+' LongTerm Issuer Default Rating
SANDWELL COMMERCIAL 2: S&P Cuts Class D Notes Rating to 'D(sf)'
THOMAS COOK: LOT Acquires Condor for About EUR300 Million


X X X X X X X X

[*] BOND PRICING: For the Week January 20 to January 24, 2020

                           - - - - -


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

BANIJAY GROUP: Fitch Maintains B+ LT IDR on Rating Watch Negative
-----------------------------------------------------------------
Fitch Ratings maintained Banijay Group SAS's Long-Term Issuer
Default Rating of 'B+' on Rating Watch Negative. The company's
instrument ratings have also been maintained on RWN.

The RWN reflects Fitch's expectation that Banijay's funds from
operations adjusted net leverage will be consistently higher than
the downgrade threshold for a 'B+' rating of 5.5x following the
planned acquisition of Endemol Shine Group from its joint owners
The Walt Disney Company (A/Stable) and Apollo Global Management,
Inc. (A/Stable). Endemol's enterprise value of EUR1.9 billion,
together with Banijay's existing debt refinancing, will be funded
by EUR275 million capital increase from Banijay's shareholders and
a combination of a EUR953 million term loan B, EUR850 million
senior secured notes and EUR400 million senior unsecured notes.

Fitch recognises the strong acquisition rationale and expects
Banijay to extract meaningful synergies from the deal. However, the
high portion of debt funding in the capital structure will increase
the pro-forma FFO adjusted net leverage to 6.8x in FY20 before
gradually deleveraging to 5.6x in FY22, which is more consistent
with a 'B' rating. As a transformative acquisition (Endemol is
twice as big as Banijay), the transaction also entails some
significant execution risk to integrate Endemol.

Fitch will resolve the RWN on the successful completion of the deal
with the proposed capital structure, which is subject to regulatory
approvals. Fitch expects the resolution will result in a one-notch
downgrade of the enlarged Banijay to 'B' with a Stable Outlook.

KEY RATING DRIVERS

Strategic Acquisition, More Debt: Banijay's EUR1.9 billion
acquisition of Endemol has a strong strategic rationale. It will
position the enlarged Banijay as the largest independent TV
production firm globally and enhance its geographical presence and
IP diversification. However, taking into account the high portion
of debt funding in the contemplated capital structure, Fitch
expects the transaction to increase Banijay's pro-forma FFO
adjusted net leverage to 6.8x by FYE20 (financial year ending
December), which is well above the current downgrade leverage
threshold of 5.5x.

High Leverage Leads to Downgrade: On a pro-forma basis, Fitch
expects Banijay's FFO adjusted net leverage to peak at 6.8x at
FYE20 after the acquisition closes, before deleveraging to 6.2x in
FY21 from EBITDA growth and realised synergies. This would bring
FFO adjusted net leverage into the 5.5x-6.5x range consistent with
a 'B' rating. The leverage thresholds for enlarged Banijay are set
in line with the 4.0x-5.5x range for Banijay's standalone 'B+'
rating.

The enlarged Banijay will have about 70% production revenue
contributed by recurring shows. However, the inherent volatility of
content production segment remains relevant and will not be
substantially mitigated by its larger size.

Positive Free Cash Flow: Fitch expects the enlarged Banijay's
post-dividend free cash flow margin to be 1.6% in FY20, before
returning to above 4% in subsequent years. This takes into account
extra interest costs for Endemol's existing debt until deal closure
and one-off transaction and integration costs. It also reflects
Fitch's view that the company needs to absorb the transaction and
integration costs while post-merger cost synergies gradually feed
through over the next two to three years.

Synergy Plan and Integration Costs: The acquisition should result
in significant savings in overheads and operational costs in
countries where both Banijay and Endemol are present. The company
has identified about EUR60 million of cost synergies to be realised
in 2020-2022, which should sustainably increase EBITDA. Fitch
believes a meaningful amount of the expected synergies are likely
to be achieved, despite some implementation risk. Fitch expects the
company to incur one-off integration related costs of about EUR60
million, to be spread over 2020 and 2021.

Senior Secured Rating Expectation: The EUR953 million term loan B
and EUR850 million senior secured notes issued by Banijay
Entertainment SAS to finance the acquisition rank pari-passu to
each other and rank senior relative to the unsecured notes issued
by the parent, Banijay. Given the much larger amount of debt in the
new capital structure, Fitch expects the recovery prospects of
senior secured debt is likely to be about 60%, which is consistent
with an expected instrument rating of 'B+'/'RR3'.

Senior Unsecured Rating Expectation: The EUR400 million senior
unsecured notes issued by Banijay Group SAS are structurally and
contractually subordinated to the term loan B and senior secured
notes. Given the substantial amount of prior-ranking debt, Fitch
views it unlikely that in a potential default situation any
recovery value would remain for the unsecured notes, once the
secured creditor claims have been met. Therefore, Fitch expects the
unsecured instrument rating to be 'CCC+'/'RR6'.

Supportive Market Growth Unchanged: Fitch expects global TV
production market to continue growing at about 2% per year over
2019-2022. In both Europe and the US, there is a continuing trend
for customers to consume content over online streaming platforms.
The popularity of these platforms is supporting continued strong
demand for both scripted and non-scripted content. This is positive
for the organic growth of production companies, like Banijay and
Endemol, who are at the heart of content creation.

DERIVATION SUMMARY

RATING DERIVATION SUMMARY - Banijay standalone

Banijay is the leading independent TV production firm and the
fifth-largest globally. Its primary competitors are Endemol Shine
Group, ITV Studios, Fremantle Media and All3Media. It has a greater
proportion of unscripted content than its peers, although the
acquisition of Zodiak in 2016 increased its exposure to scripted
content.

Fitch covers several UK and US peers in the diversified media
industry such as Twenty-first Century Fox, Inc. (A/Stable; now
owned by Disney) and NBC Universal Media LLC (A-/Stable; now owned
by Comcast). They are much larger and more diversified, occupy
stronger competitive positions in the value chain and are less
leveraged than Banijay. Compared with these investment grade names,
Banijay's profile is more consistent with a high 'B' category
rating.

KEY ASSUMPTIONS

Fitch's Key Assumptions within its Rating Case for the Issuer
(Banijay standalone)

  - Revenue growth at 20% in 2019-2020 driven by JV consolidations
and small bolt-on acquisitions and normalising towards 5% from
2021

  - EBITDA margin, before IFRS16 impact, stable around 12.3% of
sales

  - Stabilising negative working capital at about 1.5% of sales

  - EUR74 million in payments for earn-outs and long term
compensation from 2019-2022

Assumptions Relating to the Acquisition of Endemol

  - Combined group's revenue to reach just over EUR3 billion in
FY20 on a pro-forma basis and growing at a low single digit
percentage thereafter

  - EBITDA margin to increase from 11.6% by about 100bps during
2020-2022 (including synergies)

  - Acquisition related integration costs estimate at about EUR60
million spread over 2020 and 2021

  - Fitch conservatively assumes run-rate synergies of about EUR40
million per year by 2022, compared with management's target of
EUR60 million by 2022.

Key Recovery Rating Assumptions (Banijay standalone)

  - Fitch uses a going concern approach for Banijay in its recovery
analysis, assuming that the company would be considered a
going-concern in the event of a bankruptcy

  - A 10% administrative claim

  - Post-restructuring going-concern EBITDA at EUR88 million,
reflecting distress caused by loss of top shows

  - An enterprise value (EV) multiple of 5.5x is used to calculate
a post-restructuring valuation

  - Recovery prospects for the senior secured notes and term loan
of EUR413 million is at 83%, and assumes a fully drawn RCF of EUR35
million and factoring adjustment of EUR46 million. This implies a
two-notch uplift for the instrument rating relative to the
company's IDR to 'BB' with a Recovery Rating of 'RR2'.

RATING SENSITIVITIES

The rating sensitivities are for Banijay standalone at 'B+'

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

  - FFO adjusted net leverage trending above 5.5x

  - FFO fixed charge coverage below 3.0x

  - EBITDA margins below 10%.

  - Failure to renew leading shows and delays in the development of
the digital strategy

  - Inability by management to contain working capital outflows

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

  - FFO adjusted net leverage trending below 4.0x

  - Increased scale with sales above EUR1 billion, improved mix
between non-scripted and scripted content and further development
of the digital strategy

  - Evidence Banijay can manage working capital movements from an
increase in scripted content

  - Successful development of the Banijay Rights business

LIQUIDITY AND DEBT STRUCTURE

For Banijay's standalone profile:

Comfortable Liquidity: Banijay's standalone liquidity is
comfortable, supported by EUR57 million cash left on balance sheet
at end-September 2019, positive free cash flow generation and a
EUR35 million revolving credit facility fully undrawn.

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.




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

CHEPLAPHARM ARZNEIMITTEL: Fitch Rates EUR500MM Sec. Debt 'BB-(EXP)'
-------------------------------------------------------------------
Fitch Ratings assigned Cheplapharm Arzneimittel GmbH's upcoming
issue of EUR500 million incremental senior secured debt an expected
rating of 'BB-(EXP)'/'RR3'. Fitch has also affirmed Cheplapharm's
Long-Term Issuer Default Rating at 'B+' with Stable Outlook.

The assignment of final rating is subject to the debt issue
conforming materially to the terms as presented to Fitch for the
expected rating assignment.

The notes proceeds will be used to repay the drawdowns under
Cheplapharm's revolving credit facility (RCF) and bridge facility,
which had been used to fund several recent acquisitions of drug IP
rights.

The 'B+' IDR of Cheplapharm reflects it niche position in the
sector, debt-funded rapid growth and still concentrated product
portfolio along with a modest scale. It also reflects a scalable
asset-light business model with strong operating and cash flow
margins and an adequate financial risk profile with funds from
operations adjusted gross leverage projected at around 5.5x, which
is commensurate with the rating.

The Stable Outlook reflects its expectation that the company will
maintain the quality of its product portfolio by investing all of
its internally generated cash flows in new IP rights by applying
consistent acquisition and financial policies, which should
facilitate a stable operating and financial profile.

KEY RATING DRIVERS

Rising Execution Risks: Execution risks have increased due to an
extended period of uninterrupted rapid, largely debt-funded, growth
although this is partly mitigated by a record of strong operating
capabilities and cash generation. Last year marked a period of
fastest operational growth in Cheplapharm's history with sales
growing to an estimated EUR470 million by 2019 from around EUR290
million in 2018 with a corresponding increase in EBITDA to EUR262
million from EUR165 million. For 2020, Fitch expects a period of
asset consolidation with a more balanced approach to integrating
recently acquired products and future external growth into
Cheplapharm's franchise.

Emphasis on Product/Business Management: A faster pace of business
expansion puts a greater emphasis on scaling of critical
operational functions including scientific, pharmacovigilance and
control, as well as asset integration and active portfolio
management while steering the business on a highly leveraged
capital structure. Financial risks have also increased, as debt is
estimated to rise to EUR1,480 million (excluding the committed RCF
which will become fully available post-refinancing) from EUR980
million in June 2019. Fitch also projects FFO adjusted gross
leverage to rise toward 5.5x in the medium term from 4.6x in 2018.

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

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

Strong Free Cash Flow: Fitch estimates sizeable free cash flow
(FCF) relative to the company's sales and cash flows at around
EUR130 million in 2019, growing towards EUR200 million thereafter
based on completed and further opportunistic acquisitions. This
would help ensure business sustainability by balancing gradually
declining earnings from its existing niche and legacy products with
the addition of new IP rights. Fitch does not expect FCF to be used
for debt reduction but see little risk of large dividends given the
founders' long-term commitment to the business. Fitch therefore
views FCF as a key factor in supporting the IDR at 'B+', mitigating
scale and concentration risks.

Diminished Leverage Headroom: Leverage headroom under the rating
has halved since its last rating action in September 2019 to around
0.5x following recent debt-funded acquisitions. Fitch projects an
increase in FFO adjusted gross leverage to around 5.5x until 2022,
which is, however, still appropriate for the rating relative to
peers in the 'B' rating category. The group's projected cash
balances are healthy, which should support adequate FFO adjusted
net leverage averaging 4.5x through 2022.

Aggressive Financial Policy: Fitch assumes a continuous use of the
RCF during 2020-2022 to fund likely further M&A estimated at EUR200
million a year as Cheplapham looks to further grow and diversify
its product portfolio in a market with ample supply of off-patent
drugs by big pharma manufacturers. While Fitch assumes a
disciplined approach to asset selection via acquisitions Fitch
notes that the existing and new senior secured debt offer weak
creditor protection in the absence of maintenance financial
covenants. Given the company's ability to repeatedly raise
incremental debt this increases the risk of re-leveraging.

Concentrated Portfolio, Albeit Slowly Improving: The period of
rapid growth has translated into gradually receding
product-concentration risks, although current contribution from the
company's top three products remains material at around 40%, even
in comparison with other low-speculative grade peers'. This
concentration risk could lead to a permanent material loss of
revenue, earnings and cash flows in case of an individual product
failure. This is, however, somewhat mitigated by the products' wide
geographic distribution.

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

DERIVATION SUMMARY

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

Cheplapharm is rated at the same level as Antigua Bidco Limited
(Atnahs, B+/Stable) as they share high and stable operating and
cash flow margins, as well as similar business models and product
portfolio management. Despite Atnahs' smaller scale, more
concentrated product portfolio and slightly different approach to
new product evaluation, Fitch regards both companies as having
structurally similar operating risk with comparable financial risk
profiles with FFO-adjusted gross leverage at 5.0x-5.5x, which
translates into 'B+' IDRs.

Fitch sees Chaplapharm's stronger credit profile than the
specialist pharmaceutical company IWH UK Finco Ltd (Theramex,
B/Stable) as warranting a one-notch difference. The rating
differential reflects the former's higher operating and cash flow
margins, in combination with a more conservative financial profile
with an FFO adjusted gross leverage of 5.0x against IWH's at 6.0x.
Fitch also regards Chaplapharm as being a stronger credit than
generics producer Nidda BondCo GmbH (Stada, B/Stable), despite its
much smaller scale and more concentrated portfolio, which are,
however, mitigated by wide geographic diversification within each
brand. On the contrary, Stada's rating is burdened by high leverage
with an FFO adjusted gross leverage in excess of 8.0x in 2018,
which Fitch projects to gradually decline to under 7.0x by 2022.

KEY ASSUMPTIONS

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

  - Revenue growth in excess of 30%-60% in 2019-2020, driven by
    acquisitions, decelerating to low single-digits thereafter
    up to 2022

  - EBITDA margins at 52%-56% over the next four years

  - Maintenance capex of EUR1 million p.a. for the next four
    years

  - Around EUR700 million of IP rights purchased in 2019 followed
    by EUR200million - 220 million a year during 2020-2022
    including estimated milestone payments arising from recently
    completed acquisitions. Funding assumed to be a combination
    of FCF and RCF drawdowns based on average enterprise value
    (EV)/sales multiple of 3.2x

  - Trade working capital outflows of EUR40 million-EUR50 million
    driven by product additions and stock purchases following
    transfer of product marketing authorisations on a country-
    by-country basis

  - No dividend payments

RECOVERY RATING ESTIMATES

In a distressed scenario, Cheplapharm would likely be sold or
restructured as a going concern rather than liquidated given its
asset-light business model. In arriving at a post-restructuring
EBITDA, Cheplapharm's pro-forma EBITDA (adjusted for recently
closed, and not yet closed but announced acquisitions) of EUR320
million was discounted by 35%, a level at which the company would
exhibit an unsustainable capital structure, triggering some form of
debt restructuring. Based on the resulting post-distress EBITDA of
EUR208 million Cheplapharm would generate around EUR70
million-EUR90 million FCF, which in its view would be required to
sustain the product portfolio to offset sales declines. Fitch then
applied a distressed enterprise value (EV)/EBITDA multiple of 5.5x,
reflecting the underlying value of the company's portfolio of IP
rights.

After deducting 10% for administrative claims, its principal
waterfall analysis generated a ranked recovery in the 'RR3' band
for the first-lien senior secured facilities, comprising the new
senior secured debt of EUR500 million together with the existing
EUR980 million TLB and the EUR310 million RCF assumed to be fully
drawn prior to distress, and ranking equally among themselves. This
indicates a 'BB-(EXP)' instrument rating for the new debt tranche.
The existing senior secured debt remains at 'RR3' with expected
recoveries of 54% until completion of the refinancing.
Post-refinancing Fitch expects to assign a final rating to the new
senior secured debt of 'BB-' with an output percentage based on
current metrics and assumptions at 58%.

RATING SENSITIVITIES

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

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

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

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

  - Positive but continuously declining FCF; and

  - FFO adjusted gross leverage sustainably above 6.0x (net of
    readily available cash: 5.5x), signaling a more aggressive
    financial policy.

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: Cheplapharm's strong internal FCF
generation, which Fitch estimates at EUR100 million in 2019 and
increasing to EUR200 million by 2022, will be sufficient to fund
further portfolio expansions and maintain an estimated increase in
cash reserves towards EUR400 million by 2022. Organic liquidity is
further supported by access to a sizeable committed RCF of EUR310
million and long-dated debt maturities in July 2024 and 2025 for
the RCF and term loans respectively. Fitch estimates most of the
cash will be use to acquire IP rights, as opposed to debt
reduction.

In its assessment of freely available cash, Fitch deducts EUR15
million of minimum liquidity required for operations in 2019-2020,
EUR20 million in 2021 and EUR30 million in 2022, as the business
gains scale.

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.




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

ARENA LUXEMBOURG: Moody's Affirms 'Ba3' CFR, Outlook Stable
-----------------------------------------------------------
Moody's Investors Service affirmed the Ba3 corporate family rating
and the Ba3-PD probability of default rating of Arena Luxembourg
Investments S.a r.l., a company indirectly owned by Macquarie
European Infrastructure Fund 5 and other minority investors and
which rating primarily reflects the credit quality of its main
operating subsidiary Empark Aparcamientos y Servicios S.A.
Concurrently, Moody's has assigned a Ba3 rating to the proposed
senior secured notes (the Notes) to be issued by Arena Luxembourg
Finance S.a r.l., the financing conduit of Arena, and affirmed the
existing notes of the company. The Notes have a loss given default
assessment of LGD4. The outlook is stable.

The Notes, which will be split into fixed rate notes and floating
rate notes, are expected to have a cumulative amount of
approximately EUR575 million. Net proceeds from the issuance, along
with around EUR23 million of cash on balance sheet, will be used
(1) to fully redeem the existing EUR125 million senior secured
floating rate notes due 2023 and the EUR350 million senior secured
fixed rate notes due 2024; (2) to fund a EUR92 million distribution
to shareholders and (3) to cover related transaction fees and
expenses.

"The rating affirmation reflects that despite the higher leverage
resulting from the transaction, as evidenced by an initial
Moody's-adjusted Debt/EBITDA at or slightly above 8.0x over the
next two years, the company is expected to maintain a credit
profile that is consistent with a Ba3 rating" says Corrado Trippa,
Moody's lead analyst for Arena.

RATINGS RATIONALE

The Ba3 CFR reflects the relatively high debt leverage post
transaction, which is expected to reduce modestly over the next few
years as EBITDA grows, counter-balanced by Empark's solid business
profile underpinned by its portfolio of long-term off-street car
parking concessions in Iberia with an average concession life of 25
years. While Empark's recent good operating performance has led to
an increase in the company's Funds from operations (FFO)/Debt ratio
to about 9.5% at the end of 2019, this is expected to reduce to
around 8% post-transaction closing.

The rating agency expects the group's new initiatives, the
favourable macroeconomic conditions in the region and an historical
track record of good operational efficiencies to support a
consolidated EBITDA growth of at least 2% over the next 24 months.
Nonetheless, Arena's ability to maintain a financial profile in
line with the current rating positioning will also depend on the
capacity to meet targets under the new 5-year strategic plan
presented at the end of October 2019. In particular, the new plan
focuses on the consolidation of the company's position in the
off-street concessions segment in the Iberian peninsula and the
continued transition of its operating model from a traditional
parking business into a more digitalized retailer. An important
consideration is Moody's expectation that the company will manage
its financial profile in line with the current rating in the
context of the company's new strategic plan which entails a degree
of execution risk given the scale of its ambition.

The Ba3 rating on the notes is in line with the CFR of Arena and
continues to reflect (1) the long track record of operations and
well-established position as a leading car park operator in Spain
and Portugal; (2) the strategic location of Empark's assets, which
somewhat mitigates competitive threats and demand risk; (3) a
significant number of long-term off-street concessions which
accounted for around 83% of the group's consolidated EBITDA in 2018
and provide a degree of medium-term visibility for the group's
future cash flow generation; (4) a track record of strict cost
controls implemented by the management, which have historically
enabled the company to maintain a relatively stable recurring
EBITDA; and (5) the continued recovery of volumes in the off-street
car parks on the back of improvements in the macroeconomic
environment in Iberia, largely driven by increasing domestic demand
and private consumption.

The CFR is, however, constrained by (1) the high financial leverage
of the consolidated Arena group, with a pro-forma Moody's-adjusted
debt/EBITDA expected to be around 8.0x over the next two years; (2)
the execution risks inherent to the delivery of the company's
multiyear business plan; (3) the renewal risk associated with
Empark's maturing concessions and contracts; (4) the competitive
and fragmented nature of the car parking sector in Iberia; and (5)
Empark's relatively small size and limited geographic
diversification.

Empark's portfolio is diversified with a mixture of long-term
concessions and short to medium term contracts to operate parking
facilities. Whilst the company's off-street division benefits from
concessions with a relatively long remaining life, some 17% of the
company's EBITDA is represented by concessions and contracts that
include shorter maturities.

A CFR is an opinion on the expected loss associated with the debt
obligations of a group of companies assuming that it had one single
class of debt and was a single legal entity. The Ba3/LGD4 rating of
the Notes is in line with Arena's CFR, because of the guarantees on
a senior secured basis from Arena, Empark and a number of
subsidiaries that account for around 80% of group consolidated
adjusted EBITDA and 80% of assets, and the relatively small super
senior bank revolving credit facility (RCF) that ranks ahead of the
Notes. Furthermore, the shareholder loans provided to Arena meet
the conditions to be treated as 100% equity as set out in the
cross-sector rating methodology Hybrid Equity Credit, published in
September 2018.

Moody's considers the liquidity of the Arena consolidated group to
be adequate. Post transaction, the company's liquidity will be
supported by around EUR23 million cash on balance sheet and a RCF
in an amount of EUR100 million.

The RCF will be guaranteed by the same subsidiaries and share the
same collateral package as the Notes but will rank ahead in an
enforcement scenario. The Notes will be secured on the shares, bank
accounts and intercompany loans of the guarantors, but there is no
security over the fixed assets.

RATING OUTLOOK

The stable outlook reflects its expectation that the financial
leverage of the Arena group will remain high, with a consolidated
funds from operations (FFO)/debt ratio in the high single-digits,
but that Moody's adjusted debt to EBITDA will trend around 8.0x. A
key factor supporting Arena's current credit profile is the
expectation that Arena's shareholders will adopt a prudent
financial policy in view of the execution risks of the company's
new strategic plan, thus allowing the company to maintain financial
ratios in line with the rating guidance for a Ba3 rating.

WHAT COULD CHANGE THE RATING UP/DOWN

Upward rating pressure could arise over time if (a) the group
deleverages so that the FFO/debt ratio were to exceed 10% on a
sustainable basis and Moody's adjusted debt/EBITDA were to reduce
below 7.0x on a sustained basis. Deleveraging would need to be
coupled with a strong liquidity position and a successful delivery
of the new strategic plan, in the context of successful renewal
rates and steady demand for parking services.

Conversely, downward rating pressure could develop, if (1) Arena
group's FFO/debt were to decline below 7%; (2) its Moody's adjusted
debt/EBITDA were to remain above 8.0x or (3) liquidity concerns
were to arise.

Assignments:

Issuer: Arena Luxembourg Finance S.a r.l.

Senior Secured Regular Bond/Debenture, Assigned Ba3 (LGD4)

Affirmations:

Issuer: Arena Luxembourg Finance S.a r.l.

Senior Secured Regular Bond/Debenture, Affirmed Ba3 (LGD4)

Issuer: Arena Luxembourg Investments S.a r.l.

Probability of Default Rating, Affirmed Ba3-PD

Corporate Family Rating, Affirmed Ba3

Outlook Actions:

Issuer: Arena Luxembourg Finance S.a r.l.

Outlook, Remains Stable

Issuer: Arena Luxembourg Investments S.a r.l.

Outlook, Remains Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Privately
Managed Toll Roads published in October 2017.

COMPANY PROFILE

Arena is the parent company of Empark, which is the largest car
parking operator in the Iberian Peninsula with a consolidated
portfolio of more than 403 contracts in almost 145 municipalities.
The group's major geographic focus is Spain and Portugal, where it
generates some 70% and 30% of EBITDA respectively. In the fiscal
year ended December 2018, Empark reported around EUR208 million of
recurring revenue and EUR85 million of recurring EBITDA.


CONSTELLATION OIL: S&P Withdraws 'D' Issuer Credit Rating
---------------------------------------------------------
S&P Global Ratings withdrew its 'D' issuer credit and issue-level
ratings on oil and gas drilling services provider Constellation Oil
Services Holding S.A. As part of the company's reorganization plan,
Constellation exchanged its 2024 senior secured notes that S&P
rated on December 18 for a new debt instrument, and it lacks
sufficient information to assess the resulting credit quality of
the entity.





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

ARES EUROPEAN XIII: Fitch Assigns B-sf Rating on Class F Debt
-------------------------------------------------------------
Fitch Ratings assigned Ares European CLO XIII B.V. final ratings as
detailed.

RATING ACTIONS

Ares European CLO XIII B.V.

Class A;    LT AAAsf New Rating;  previously at AAA(EXP)sf

Class B-1;  LT AAsf New Rating;   previously at AA(EXP)sf

Class B-2;  LT AAsf New Rating;   previously at AA(EXP)sf

Class C-1;  LT Asf New Rating;    previously at A(EXP)sf

Class C-2;  LT Asf New Rating;    previously at A(EXP)sf

Class D;    LT BBB-sf New Rating; previously at BBB-(EXP)sf

Class E;    LT BBsf New Rating;   previously at BB-(EXP)sf

Class F;    LT B-sf New Rating;   previously at B-(EXP)sf

Sub. notes; LT NRsf New Rating;   previously at NR(EXP)sf

Class X;    LT AAAsf New Rating;  previously at AAA(EXP)sf

TRANSACTION SUMMARY

Ares European CLO XIII B.V. is a securitisation of mainly senior
secured obligations (at least 90%) with a component of senior
unsecured, mezzanine, second-lien loans and high-yield bonds. Note
proceeds were used to fund a portfolio with a target par of EUR400
million. The portfolio is actively managed by Ares European Loan
Management LLP. The collateralised loan obligation (CLO) has a
4.5-year reinvestment period and an 8.5-year weighted average life
(WAL).

KEY RATING DRIVERS

'B'/'B-' Portfolio Credit Quality

Fitch places the average credit quality of obligors in the 'B'/'B-'
category. The Fitch weighted average rating factor (WARF) of the
identified portfolio is 34.

High Recovery Expectations

At least 90% of the portfolio will comprise senior secured
obligations. Fitch views the recovery prospects for these assets as
more favourable than for second-lien, unsecured and mezzanine
assets. The Fitch weighted average recovery rate (WARR) of the
identified portfolio is 66%.

Diversified Asset Portfolio

The transaction includes several Fitch test matrices corresponding
to the two top-10 obligors' concentration limits of 15% and 23%.
The manager can interpolate within and between the two matrices.
The transaction also includes various concentration limits,
including a maximum exposure to the three-largest (Fitch-defined)
industries in the portfolio at 40%. These covenants ensure that the
asset portfolio will not be exposed to excessive concentration.

Portfolio Management

The transaction has a 4.5-year reinvestment period and includes
reinvestment criteria similar to those of other European
transactions. Fitch's analysis is based on a stressed-case
portfolio with the aim of testing the robustness of the transaction
structure against its covenants and portfolio guidelines.

Cash Flow Analysis

Fitch used a customised proprietary cash flow model to replicate
the principal and interest waterfalls and the various structural
features of the transaction, and to assess their effectiveness,
including the structural protection provided by excess spread
diverted through the par value and interest coverage tests.

Up to 10% of the portfolio can be invested in fixed-rate assets,
while fixed-rate liabilities represent 5% of target par. Fitch
modelled both 0% and 10% fixed-rate buckets and found that the
rated notes can withstand the interest rate mismatch associated
with each scenario.

RATING SENSITIVITIES

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


ARES EUROPEAN XIII: S&P Assigns 'B-' Rating on Class F Notes
------------------------------------------------------------
S&P Global Ratings has assigned credit ratings to Ares European CLO
XIII B.V.'s class X, A, B-1, B-2, C-1, C-2, D, E, and F notes. At
closing, the issuer also issued unrated subordinated notes.

This is a European cash flow CLO transaction, securitizing a pool
of primarily syndicated senior secured loans or bonds. The
transaction is managed by Ares European Loan Management LLP.

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

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

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

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

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

  -- The transaction's counterparty risks, which are in line with
     S&P's counterparty rating framework.

Under the transaction documents, the rated notes pay quarterly
interest unless there is a frequency switch event. Following this,
the notes will permanently switch to semiannual payment.

The portfolio's reinvestment period will end approximately four and
a half years after closing, and the portfolio's maximum average
maturity date will be eight and a half years after closing.

S&P said, "Our ratings reflect our assessment of the collateral
portfolio's credit quality, which has a weighted-average 'B'
rating, with an S&P Global Ratings' weighted-average rating factor
(SPWARF) of 2,712. In our analysis, we note that the current
portfolio presented to us contains a larger proportion of
non-identified assets than we would typically see in other European
CLO transactions. We consider that the portfolio on the effective
date will be well-diversified, primarily comprising broadly
syndicated speculative-grade senior secured term loans and senior
secured bonds. Therefore, we have conducted our credit and cash
flow analysis by applying our criteria for corporate cash flow
collateralized debt obligations.

"In our cash flow analysis, we used the EUR400 million target par
amount, the covenanted weighted-average spread (3.75%), the
covenanted weighted-average coupon (5.00%), and the covenanted
weighted-average recovery rates for all rating levels. As the
portfolio is being ramped, we have considered the portfolio's
indicative spreads and recovery rates.

"We applied various cash flow stress scenarios, using four
different default patterns, in conjunction with different interest
rate stress scenarios for each liability rating category.

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

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

"The issuer is bankruptcy remote, in accordance with our legal
criteria.

"Our cash flow analysis also considers scenarios where the
underlying pool comprises 100% of floating-rate assets (i.e., the
fixed-rate bucket is 0%) and where the fixed-rate bucket is fully
utilized (in this case 10%). In both scenarios classes X to F
achieve break-even default rates that exceed their respective
scenario default rates, so all classes of notes have positive
cushions.

"Our credit and cash flow analysis indicates that the available
credit enhancement for the class B to F notes could withstand
stresses commensurate with higher rating levels than those we have
assigned. However, as the CLO is still in its reinvestment phase,
during which the transaction's credit risk profile could
deteriorate, we have capped our assigned ratings on the notes.

"In our view, the portfolio is granular in nature, and
well-diversified across obligors, industries, and asset
characteristics when compared to other CLO transactions we have
rated recently. As such, we have not applied any additional
scenario and sensitivity analysis when assigning ratings to any
classes of notes in this transaction.

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

  Ratings List

  Class   Rating   Amount     Sub (%)  Interest rate*
                  (mil. EUR)
  -----   ------  ----------  -------  --------------
  X       AAA (sf)   2.00     N/A      Three/six-month EURIBOR
                                         plus 0.40%

  A       AAA (sf)   240.00   40.00    Three/six-month EURIBOR
                                         plus 0.98%

  B-1     AA (sf)    36.00    28.50    Three/six-month EURIBOR
                                         plus 1.80%

  B-2     AA (sf)    10.00    28.50    2.10%

  C-1     A (sf)     24.00    20.00    Three/six-month EURIBOR
                                         plus 2.50%

  C-2     A (sf)     10.00    20.00    2.60%

  D       BBB (sf)   24.00    14.00    Three/six-month EURIBOR
                                         plus 4.10%

  E       BB- (sf)   19.00    9.25     Three/six-month EURIBOR
                                         plus 6.35%

  F       B- (sf)    11.00    6.50     Three/six-month EURIBOR
                                         plus 8.77%
  Sub     NR         36.00    N/A      N/A

NR--Not rated.
N/A--Not applicable.

* The payment frequency switches to semiannual and the index
   switches to six-month EURIBOR when a frequency switch event
   occurs.

EURIBOR--Euro Interbank Offered Rate.


DELFT BV 2020: S&P Assigns B+(sf) Rating on Class F Notes
---------------------------------------------------------
S&P Global Ratings assigned credit ratings to Delft 2020 B.V.'s
class A, B-Dfrd, C-Dfrd, D-Dfrd, E-Dfrd, and F-Dfrd notes. At
closing, Delft 2020 will also issue unrated class X-Dfrd
asset-backed notes, class Z notes, and class R1 and R2
certificates.

Delft 2020 securitizes a Dutch pool of nonconforming loans secured
by first-ranking (or first- and consecutive-ranking) mortgages over
residential properties in The Netherlands. S&P has received
loan-level data as of Dec. 30, 2019.

In addition, the pool includes EUR4,006,466 of delinquent loans
(loans that are in arrears for more than six months and which have
not reduced their arrears in the past three months). S&P said, "We
have excluded these loans from our analysis of the collateral pool
by considering them as defaulted assets at closing, and assumed a
recovery to be realized after 18 months. As most of the borrowers
for these loans have not been current or paying full mortgage
payments for an extended period of time, we believe they will not
provide immediate cash flow credit to this transaction until
recovery."

Delft 2020 is a refinancing of the previous Delft 2019 B.V. and
Delft 2017 B.V. transactions. S&P said, "We received the audit for
the previous pools, and the scope and results were in line with
what we typically see in the Dutch market. We have applied an
additional originator adjustment for the audit result in our credit
analysis."

ELQ Portefeuille I B.V. and Quion 50 B.V. are the originators, and
Morgan Stanley Principal Funding Inc. is the seller of the assets.

According to the servicing agreement, Adaxio B.V. will manage the
portfolio's daily administration and servicing, including the
collection of payments and the undertaking of enforcement actions
in accordance with its internal policy.

The issuer is a Dutch special-purpose entity, which S&P assumes to
be bankruptcy remote for our credit analysis.

Interest on the class A notes is equal to three-month Euro
Interbank Offered Rate (EURIBOR) plus a specific margin. However,
the class B-Dfrd to F-Dfrd notes are somewhat unique in the
European RMBS market in that they pay interest based on the lower
of the coupon on the notes (three-month EURIBOR plus a
class-specific margin) and the net weighted-average coupon (WAC).
The net WAC on the assets is based on the interest accrued on the
assets (whether it was collected or not) during the quarter, less
senior fees, divided by the current balance of the assets at the
beginning of the collection period. The net WAC is then applied to
the outstanding balance of the notes in question to determine the
required interest (net WAC cap). S&P said, "In our analysis we have
modelled two scenarios: (i) margins on the notes based on the lower
of the coupon on the notes and the net WAC; and (ii) margins on the
notes based on the lower of the coupon on the notes and the net WAC
cap. We modelled these additional scenarios as, in line with our
imputed promises criteria, a severe deterioration in the net WAC
cap resulting from credit events would be a breach of the imputed
promises. Given the assets' nonconforming nature, we performed an
additional analysis based only on the net WAC. Scenario (i) is most
stressful in our analysis."

S&P said, "Also in line with our imputed promises criteria, our
ratings address the lower of these two rates. A failure to pay the
lower of these amounts will, for the class B-Dfrd to F-Dfrd notes,
result in interest being deferred. Deferred interest will also
accrue at the lower of the two rates. Our ratings however do not
address the payment of what are termed "net WAC additional amounts"
i.e., the difference between the coupon and the net WAC cap where
the coupon exceeds the net WAC cap. These amounts will be
subordinated in the interest priority of payments. In our view,
neither the initial coupons on the notes nor the initial net WAC
cap are "de minimis," and nonpayment of the net WAC additional
amounts is not considered an event of default under the transaction
documents. Therefore, we do not need to consider these amounts in
our cash flow analysis, in line with our imputed promises
criteria."

  Ratings Assigned

  Class      Rating* Amount (EUR)
  A          AAA (sf)   195,600,000
  B-Dfrd     AA (sf)    19,000,000
  C-Dfrd     A+ (sf)    10,800,000
  D-Dfrd     BBB+ (sf)  10,100,000
  E-Dfrd     BB+ (sf)   8,900,000
  F-Dfrd     B+ (sf)    5,400,000
  X-Dfrd     NR         8,900,000
  Z          NR         3,500,000
  R1 certs   NR         N/A
  R2 certs   NR         N/A

* S&P Global Ratings' ratings address timely
receipt of interest and ultimate repayment of
principal for the class A notes, and the ultimate
payment of interest and principal on the other
rated notes.
N/A--Not applicable.
NR--Not rated.




===========
P O L A N D
===========

URSUS SA: Bid to Open Accelerated Arrangement Proceedings Tossed
----------------------------------------------------------------
Reuters reports that Ursus SA w Restrukturyzacji said on Jan. 23 it
has received the Olsztyn Court's decision rejecting the company's
motion to open accelerated arrangement proceedings.

According to Reuters, the court said its decision is due to the
lack of a finally binding termination of earlier accelerated
arrangement proceedings and the continuation of such proceedings
before the court in Lublin.

The company intends to take action so that the only restructuring
proceedings taking place with regard to the company are the ones to
be opened through the filing of a new motion to the Olsztyn Court,
Reuters discloses.

Ursus SA is a Polish producer of agricultural machinery located in
Lublin.




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

POLYUS PJSC: S&P Alters Outlook to Positive & Affirms 'BB' ICR
--------------------------------------------------------------
S&P Global Ratings revised its outlook on Russian gold producer
PJSC Polyus to positive from stable and affirmed its 'BB' rating.

S&P estimates that Polyus' FFO to debt reached 57%-62% in 2019,
supported by higher gold prices and could remain above 50% in
2020-2021.  Gold prices rose to above $1,400 per troy ounce (/oz)
in the second half of 2019 amid uncertainties over global economic
prospects and trade tensions between China and the U.S. The price
is currently about $1,550/oz. S&P believes that under its updated
gold price assumptions of $1,400/oz for 2020-2021, Polyus can
maintain FFO to debt higher than 50% and debt to EBITDA below 1.5x,
absent large investments, dividends, or acquisitions.

The company's pending decision on investing in Sukhoi Log
represents a key area of uncertainty.   With estimated resources of
up to 63 million ounces of gold, Sukhoi Log is the largest deposit
in Russia and one of the largest globally. At the same time, due to
its complexity, scale, and relatively low gold ore grades, Polyus
has been conducting feasibility studies for the past several years.
We expect the final investment decision on Sukhoi Log to be made in
the first half of 2021. S&P estimates that development of Sukhoi
Log could add up to $500 million to Polyus's annual capex for
several years, and it would need to assess the impact on the
company's financial metrics. Clarity on Sukhoi Log investments is
therefore a precondition for an upgrade.

Polyus is likely to maintain the moderate financial policies it
announced in 2016.

In the past, S&P has seen a very high risk of extraordinary
shareholder distributions and releveraging following Mr. Said
Kerimov's debt-financed acquisition of Polyus in November 2015.
While S&P still has only limited visibility on debt at the
shareholder level, it believes the risk of large shareholder
distributions has reduced because of:

-- The consistent implementation of the flexible dividend policy
adopted in 2016, envisaging a payout of 30% of EBITDA if net debt
to EBITDA is lower than 2.5x, or a payout amount at the discretion
of the board of directors if leverage is higher than 2.5x;

-- The completed secondary public offering in July 2017, of which
Polyus used about $400 million to reduce debt; and

-- No significant noncore investments, mergers, or acquisitions.

S&P said, "We expect Polyus can deliver strong operating
performance in 2020-2021, underpinned by its superior cost position
and stable production volumes.  The company will remain the global
cost leader in gold production with a total cash cost of
$380/oz-$400/oz in 2020-2021 compared with an estimated $370/oz in
2019. Polyus' cost position benefits primarily from its production
in open-pit mines with high ore grades and low selling, general,
and administrative expenses in Russia, supported by the cheap
ruble. The company has finished ramping up production at Natalka,
with production expected to stabilize at 2.6 million oz-2.7 million
oz per year after a peak of an estimated 2.8 million oz in 2019. We
therefore forecast that Polyus' EBITDA would stabilize in 2020-2021
at $2.3 billion-$2.5 billion per year, after an estimated $2.6
billion-$2.7 billion in 2019.

"The positive outlook indicates that we could raise the rating if
Polyus' FFO to debt stays above 50% in the coming years, including
after its decision on the development of Sukhoi Log."

Upside scenario

S&P said, "We would likely raise the rating if we believe the
company can maintain FFO to debt above 50% in the future, supported
by a stable price environment, consistently low production costs,
and prudent financial policy without unusually large acquisitions
or dividends. An upgrade would depend on our assessment of Polyus'
capex and financial metrics once the investment decision is taken
on the Sukhoi Log mine."

Downside scenario

S&P would revise the outlook to stable if it concludes that the
comfpany cannot maintain FFO to debt consistently above 50%, for
example due to weaker gold prices, operating issues that increase
the cost of production, large acquisitions, or other unexpected
cash outflows.




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

TDA 4 CAM: Moody's Hikes EUR38MM Class C Notes to 'Ba3(sf)'
-----------------------------------------------------------
Moody's Investors Service upgraded the rating of Class C notes and
affirmed the ratings of Class B and Class D notes in FTPYME TDA CAM
4, FTA. The rating action reflects the increased levels of credit
enhancement for the affected notes.

  EUR66 million (current outstanding amount EUR40.6M) Class B
  Notes, Affirmed Aa1 (sf); previously on Mar 28, 2019 Upgraded
  to Aa1 (sf)

  EUR38 million Class C Notes, Upgraded to Ba3 (sf); previously on
  Mar 28, 2019 Upgraded to B3 (sf)

  EUR29.3 million Class D Notes, Affirmed C (sf); previously on
  Mar 28, 2019 Affirmed C (sf)

RATINGS RATIONALE

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

Credit Enhancement for Class B notes has increased to 63.93% from
44.08% since the last rating action taken on this deal last March
2019. Class C notes CE has increased during the same period to
15.59% from 6.15%.

Revision of Key Collateral Assumptions

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

The performance of the transactions has slightly deteriorated over
the last year. Total delinquencies have increased in the past year,
with 90 days plus arrears currently standing at 0.39% of current
pool balance. Cumulative defaults currently stand at 7.92% of
original pool balance up from 7.89% a year earlier.

Moody's maintained its default probability on current balance and
recovery rate assumptions, as well as portfolio credit enhancement,
due to observed pool performance in line with expectations.

Counterparty Exposure

The rating action took into consideration the notes' exposure to
relevant counterparties, such as servicer, account banks or swap
providers.

Moody's considered how the liquidity available in the transactions
and other mitigants support continuity of note payments, in case of
servicer default, using the CR assessment as a reference point for
servicers.

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

Principal Methodology

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

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

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

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




===========
S W E D E N
===========

SAMHALLSBYGGNADSBOLAGET I NORDEN: S&P Rates Subordinated Notes BB
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB' issue rating to the proposed
unsecured subordinated hybrid notes to be issued by
Samhallsbyggnadsbolaget i Norden AB (publ) (SBB).

S&P said, "The completion and size of the transaction will be
subject to market conditions, but we anticipate it will be at least
benchmark size. SBB plans to use the proceeds to fund part of the
acquisition of Hemfosa and repay debt, which, combined with our
assumption of material asset disposals in the coming months, will
support continued deleveraging."

On Jan. 17, 2020, SBB announced a letter of intent to dispose of
properties worth approximately Swedish krona (SEK) 11.0 billion.
S&P said, "We understand the company aims to finalize the deal
during the first quarter. In our view, SBB is well on track to
deliver the asset disposals that we expect in our base case.
Therefore, we continue to assume that the company will engage in
material deleveraging in the coming six-to-12 months, which may
translate to debt to debt plus equity well below 55%. This is in
line with our positive outlook."

However, S&P takes into account the execution risks linked to the
ambitious disposal plan over a short period of time, as well as to
the acquisition and integration of a very large company within
SBB.

The proposed hybrid notes have a noncall period from issuance of at
least five years. The notes are callable on any interest payment
date thereafter, and are optionally deferrable and subordinated.

S&P said, "We believe that the notes will meet our criteria for
intermediate equity content and, in our calculation of SBB's credit
ratios, we will treat 50% of the principal outstanding as debt
rather than equity. We will also treat 50% of the related payments
on these notes as equivalent to interest expense. Both treatments
are in line with our hybrid capital criteria.

"We estimate that, post the transaction, the company's hybrid
capitalization rate will be 14.5% -- below our threshold of 15%.

"We arrive at our 'BB' issue rating on the proposed notes by
deducting two notches from our 'BBB-' issuer credit rating on SBB."


Under S&P's methodology:

  -- S&P deducts one notch for the subordination of the proposed
     notes, because the issuer credit rating on SBB is investment
     grade (that is, 'BBB-' or above); and

  -- S&P deducts an additional notch for payment flexibility to
     reflect that the deferral of interest is optional.

The notching reflects S&P's view that there is a relatively low
likelihood that the issuer will defer interest. Should S&P's view
change, it may increase the number of notches it deducts to derive
the issue rating.




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

BRITISH STEEL: Cengiz Ready to Bid if Jingye Sale Falls Through
---------------------------------------------------------------
BBC News reports that Turkish industrial giant Cengiz says it is
ready to bid for British Steel if a planned sale to Jingye falls
through.

"We are watching developments closely and are ready to make a bid
for the whole of British Steel," BBC quotes Cengiz as saying.

According to BBC, China's Jingye has offered GBP50 million for the
ailing UK steel business, with a deal due to be completed in the
coming weeks which would save about 4,000 jobs.

But Cengiz's decision to go public comes amid speculation about job
cuts and the future of a Jingye rescue, BBC notes.

Cengiz's interests include mining, construction, power generation,
tourism, and railways, BBC discloses.

A company source told the BBC that Cengiz has "made it clear to the
government that it has the money, experience and credibility" to
acquire British Steel.

The Department for Business, Energy and Industrial Strategy would
not comment specifically about any Cengiz talks, BBC relays.

But a spokesman, as cited by BBC, said: "The government believes
the Jingye transaction will complete in the coming weeks, and
welcome that they have recently reached an agreement with the
unions.

"Officials have met and continue to meet all parties interested in
acquiring British Steel, as the government is not bound by the
exclusivity agreement signed by the bidder and the official
receiver."

                       About British Steel

British Steel Limited is a long steel products business founded in
2016 with assets acquired from Tata Steel Europe by Greybull
Capital.  The primary steel production site is Scunthorpe
Steelworks, with rolling facilities at Skinningrove Steelworks,
Teesside and Hayange, France.

British Steel has about 5,000 employees.  There are 3,000 at
Scunthorpe, with another 800 on Teesside and in north-eastern
England.  The rest are in France, the Netherlands and various sales
offices round the world.

British Steel was placed in compulsory liquidation on May 22, 2019.
The liquidation came after the Company failed to obtain an
emergency state loan of about GBP30 million.

The Government's Official Receiver has taken control of the company
as part of the liquidation process.  Accountancy firm EY has been
named Special Manager in the case, and will be assisting the
Receiver.


CINEWORLD UK: Moody's Assigns B1 Rating on $1.93-Bil. Term Loan B
-----------------------------------------------------------------
Moody's Investors Service assigned B1 rating to the USD1.93 billion
of incremental Term Loan B (due 2027) being issued by 1232743 B.C.
Ltd, a subsidiary of Cineworld UK Holdco Limited. The rating
outlook for the entity is stable.

Proceeds of the USD1.93 billion incremental Term Loan B together
with USD343 million of bridge loan (due 2021), will be used to fund
the acquisition of Cineplex, leading cinema operator in Canada with
a 75% box office market share. The acquisition will be 100% debt
funded and subject to Cineworld's and Cineplex's shareholder
approval, and other regulatory approvals, completion is expected to
occur by the end of H1 2020.

The B1 Corporate Family rating and the B1-PD Probability of Default
rating of Cineworld remain unchanged following the acquisition
announcement in December 2019.

RATINGS RATIONALE

The B1 rating on the USD 1.93 billion incremental Term Loan B is in
line with the existing B1 ratings of the USD3,365 million and the
EUR192 million of Senior Secured Term Loan borrowed by Crown
Finance US, Inc. (subsidiary of Cineworld) and the USD462.5 million
Senior Secured Revolving Credit Facility borrowed by Cineworld.
This is because the incremental Term Loan B ranks pari-passu with
the existing bank debt of Cineworld and benefits from the same
security and guarantees.

Cineworld's B1 corporate family rating will be weakly positioned in
the rating category following the acquisition of Cineplex. While
the acquisition will be strategically positive, it will result in
high leverage for Cineworld of 5.6x on a 2019E Moody's adjusted
Gross Debt/ EBITDA basis, pro-forma for the transaction. Although
the box office will likely not be particularly strong in 2020,
Moody's expects the company to de-lever towards 5.0x by the end of
2020 mainly helped by EBITDA growth from synergy realization as
well as some debt reduction.

The B1 CFR assigned to Cineworld reflects its: (1) position as a
leading international cinema exhibitor with strong market positions
in its markets of operation; (2) good geographical diversification
with operations in 11 national markets; (3) the value inherent in
control of the of the "first run window"; (4) the quality of the
group's estate; (5) the resilience of the industry over many years,
driven by the strong value proposition; and (6) the stated
financial policy and experienced management team.

The CFR also reflects (1) the relative maturity of the industry in
the UK and US, with declining attendance trends in the US; (2) the
reliance on Hollywood major studio output and seasonality of
earnings; (3) potential disruption from new and alternative movie
distribution channels; (4) the high gross starting leverage; and
(5) the acquisition and integration risks associated with a deal
the size of the Cineplex transaction.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects the expectation that Cineworld will
close the acquisition of Cineplex in accordance with the timetable
outlined and on the terms announced.

The stable outlook incorporates Moody's expectations that the
company will (1) deliver EBITDA growth and positive free cash flow
sufficient to de-lever the business to below 5.25x in the next 12
months, (2) maintain its market share, and (3) refrain from further
debt-financed acquisitions while keeping its existing financial
policy.

WHAT COULD CHANGE THE RATING DOWN/ UP

Moody's could consider a negative rating action if (1) free cash
flow turned negative, on a sustained basis; or (2) leverage
(Moody's adjusted debt-to-EBITDA) does not reduce below 5.25x
within 12 months. A negative rating action could also be considered
if liquidity weakened, attendance deteriorated, margins fell, there
was a loss in market share, or the company's scale or diversity was
diminished. Moody's could also consider a downgrade if there were
material and negative changes in competition, financial policy,
capital structure, or the business model such that there is a
material increase in credit risk.

Given the maturity of the industry in the UK and the US, limited
opportunities for growth and the secular decline in US attendance,
driven by the rise in competitive threats, an upgrade is unlikely
in the next 18 months. However, Moody's could consider an upgrade
if: (1) leverage (Moody's-adjusted gross debt/EBITDA) is sustained
below 4.25x; and (2) debt coverage (Moody's-adjusted free cash
flow/debt) is sustained above 5%.

LIST OF AFFECTED RATINGS

Assignments:

Issuer: 1232743 B.C. Ltd.

Backed Senior Secured Bank Credit Facility, Assigned B1

Outlook Actions:

Issuer: 1232743 B.C. Ltd.

Outlook, Assigned Stable

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Business and
Consumer Service Industry published in October 2016.

Cineworld Group plc was founded in 1995 and listed its shares on
the London Stock Exchange in May 2007. The Company has grown
through expansion and by acquisition to become one of the leading
cinema groups in Europe. Cineworld currently operates 9,498 screens
across 786 sites in the US, UK and Ireland, Poland, the Czech
Republic, Slovakia, Hungary, Bulgaria, Romania and Israel.

The largest shareholder in Cineworld is Global City Holdings B.V.,
a Greidinger Family holding vehicle, which holds approximately 28%
of the quoted equity. Pro forma for the Cineplex acquisition at
December 31, 2018, the group had LTM revenues of USD5,933 million
and EBITDA of USD1266 million.


DME LTD: Fitch Affirms 'BB+' Issuer Default Rating, Outlook Stable
------------------------------------------------------------------
Fitch Ratings affirmed DME Ltd's Long-Term Issuer Default Rating at
'BB+' with Stable Outlook. Fitch has also affirmed DME Airport
Designated Activity Company's USD350 million loan participation
notes due 2021 and USD300 million loan participation notes due 2023
at 'BB+' with Stable Outlooks.

RATING RATIONALE

DME benefits from growing, moderately volatile, largely origin &
destination and leisure-dominated traffic from the large Moscow
catchment area. De-regulated tariffs provide pricing flexibility,
although this is constrained by the competitive Moscow airport
market. The expansionary plan is at a final stage and the expected
decrease in medium-term investments should be beneficial to the
group's leverage profile.

Under Fitch's revised rating case, the group's leverage forecasts
remain relatively low compared with international peers. However,
the ratings are constrained by a weak debt structure that is
subject to refinancing and FX risk, coupled with corporate
governance and political, legal and regulatory uncertainties.

KEY RATING DRIVERS

Large Catchment Area With Strong Traffic Growth: Revenue Risk
(Volume) - Midrange

DME benefits from a large catchment area of Moscow that generates
growing O&D traffic (five-year CAGR of 7.4% and 104 million pax in
2019). The market is highly competitive as DME faces competition
from Sheremetyevo airport (SVO), which hosts Russia's national flag
carrier Aeroflot, and Vnukovo airport (VKO). DME lost its
leadership of the Moscow aviation market in 2015 with its market
share declining to 27% in 2019 from 39% in 2015. Its large domestic
and international destination network is served by a diversified
mix of airlines where S7 is the main airline group, accounting for
around 46% of the airport's traffic.

Competition and Limited Track Record of Liberalised Tariff: Revenue
Risk (Price) - Midrange

DME's revenue structure is well-diversified as the airport provides
a comprehensive range of services. In early 2016, the regulation of
aviation services under a dual-till regime was lifted and DME can
now set tariffs freely. However, the track record of operations in
the liberalised regime is limited and competition among Moscow
airports is increasing. Fitch believes the Russian national
regulator, Federal Antimonopoly Service, could re-introduce a
regulated tariff system if it regards any future price increases as
excessive.

Ambitious Investments Finalised but Asset Is Not in Use:
Infrastructure Renewal - Midrange

DME's runway capacity is sufficient for current operations and
growth. Substantial investment in the expansion of the terminal
capacity has been finalised in 2019. However, the new terminal
building is not in use because it is limited by the yet to be
finished second runway and aprons construction, which is the
state's responsibility and expected to be done only by end-2020.

DME's capital expenditure is consequently expected to be scaled
down significantly after 2019 (to around RUB6 billion-RUB7 billion
from RUB19 billion-RUB20 billion annually) until 2025. Most future
outlays are flexible and can be postponed if needed. DME has used
cash flows from operations and proceeds from debt issuance to fund
expansion capex.

Limited Protection and Refinancing Risk: Debt Structure - Weaker

The notes are effectively structured as corporate unsecured debt.
The notes are fixed-rate with bullet maturities and bear
foreign-exchange risk. Reasonable leverage, a history of accessing
capital markets and established banking relationships mitigate
refinancing risk. There is a natural hedge through a portion of
revenue being in US dollars or euros, which lowers foreign-exchange
risk. Covenants offer some but not comprehensive protection to
noteholders. There are no liquidity reserve provisions but DME has
historically maintained prudent levels of cash.

Financial Profile

The projected five-year average Fitch-adjusted net debt/EBITDAR is
4.0x with a maximum of 4.2x at the end of 2021 and stable profile
over the forecast period.

PEER GROUP

DME compares favourably in terms of leverage with 'BBB' category
rated airports such as Brussels Airport Company S.A./N.V.
(BBB+/Stable), Manchester Airport Group Funding PLC (BBB+/Stable)
or Copenhagen Airports A/S (BBB+/Stable). However, DME has inherent
volatility associated with emerging markets as well as FX exposure
and refinancing risk. GMR Hyderabad International Airport Limited
(BB+/Negative) is also a close peer, albeit with higher projected
leverage due to being in the active phase of its capex programme.
However, DME has higher perceived traffic risk given recent traffic
declines. DME's peers operate in a more stable regulatory, legal
and political environment and have less exposure to competition.

RATING SENSITIVITIES

Developments that may, individually or collectively, lead to
positive rating action include:

   - A projected five-year average Fitch-adjusted net debt/
     EBITDAR below 2x under the rating case.

   - Improvement in the business risk profile due to among other
     factors, completion of Terminal 2, a longer track record of
     operating within a liberalised tariff environment, an
     improvement in corporate governance, and reduction in
     political, legal and regulatory uncertainty.

Developments that may, individually or collectively, lead to
negative rating action include:

   - Projected five-year average Fitch's adjusted net debt/
     EBITDAR above 4x under the rating case, due to among
     other factors, high shareholder returns, falling operating
     cash flows or the effect of rouble weakening on debt.

   - Considering the group's largely bullet debt structure,
     the rating is premised on the group's ability to maintain
     adequate liquidity to cover its bullet debt maturities.
     Consequently, failure to prefund its debt maturities well
     in advance may result in negative rating action.

TRANSACTION SUMMARY

DME operates Domodedovo Airport, one of the three main airports in
Moscow. DME Airport Designated Activity Company, formerly DME
Airport Limited, an Irish SPV, is the issuer of the notes, with the
proceeds on-lent to the borrower, Hacienda Investments Ltd
(Cyprus).The loans are guaranteed by the holding company DME and a
majority of DME operational subsidiaries on a joint and several
basis. The group owns the terminal buildings and leases the runways
and other airfield assets from the Russian government.

CREDIT UPDATE

Growing Competitive Pressure

In 2019 DME's traffic fell 3.9% yoy, while SVO and VKO grew by 8.9%
and 11.7%, respectively. Total traffic for Moscow aviation hub grew
at 5.8% yoy. In 4Q19 DME's traffic accelerated, mitigating the 9M19
fall of 6.3% yoy. DME's traffic fall in 2019 is mostly attributable
to airline relocation to VKO (Azur Air, Uzbekistan AW) and stopping
operations or suspension of flights (TajikAir, Air Manas, Iberia,
Meridiana, Saratov airlines).

DME was affected by airlines bankruptcies in the past (Transaero,
Vim-Avia) and carriers relocation to competing airports (mostly to
VKO amid tariff discounts), while the FIFA World Cup 2018 traffic
was mostly captured by the national carrier Aeroflot (domiciled in
SVO). As a result DME's market share in Moscow aviation hub
decreased to 27% in 2019 from 39% in 2015.

Financial Performance

In 1H19, revenue fell to RUB18.1 billion (down 8.4% yoy), mostly
driven by fall in fuel sales (minus 40% yoy) and lower traffic.
EBITDA fell at a slower pace, down 2.3% to RUB6.2 billion, while
margin grew to 34% from 32%, due to cost cuts and reduction in fuel
sales (low margin segment). The trailing 12 months EBITDA as of
1H19 was RUB14.7 billion and is below its expectations. The
covenanted consolidated net debt/EBITDA stood at 2.5x, 3.8x and
3.5x at end-2017, end-2018 and 1H19, respectively.

Expanding Capacity

Construction of Terminal 2 (25 millon-30 million pax capacity) to
accommodate international flights and increase the airport's
overall capacity started in 2015. Fitch understands that phase 1
will be commissioned by end-2020, subject to the progress on Runway
2 construction. Runway 2 and aprons construction, which are the
government's responsibility, were stalled by the bankruptcy of the
contractor, which is now being replaced. Full completion of Runway
2 (70% ready) has been rescheduled for end-2020.

FINANCIAL ANALYSIS

Fitch's rating case assumes passenger volumes to grow
conservatively on average by 0.1% in 2019-2023, accounting for high
competition. The addition of new terminal and runway capacity in
2021 and development of other commercial offerings (e.g.
multi-story car parking facility) will lift aero yield per pax by
1% on average and commercial yield per pax by 2.8% on average.
Under the rating case, the forecast results in a projected
five-year average Fitch's adjusted net debt/EBITDAR of 4.0x and a
maximum of 4.2x.

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 the way in which they are being managed by
the entity.

DME has an ESG Relevance Score of 4 for Governance Structure due to
the absence of an independent board of directors and ownership
concentration, which has a negative impact on the credit profile,
and is relevant to the ratings in conjunction with other factors.


FLYBE: In Emergency Talks with Airports Over Unpaid Landing Fees
----------------------------------------------------------------
Oliver Gill at The Sunday Telegraph reports that Flybe is racing to
plug a multimillion-pound hole in its finances as the Government
decides whether to step in with a bridging loan.

The Sunday Telegraph has learnt that Europe's biggest regional
airline has held a series of emergency meetings with airports over
millions of pounds in unpaid landing fees.

According to The Sunday Telegraph, Industry sources said Flybe "got
out its begging bowl", appealing for more time to pay debts.

It is understood that boss Mark Anderson led crisis talks with
major bases including Birmingham, Glasgow, Aberdeen and
Southampton, The Sunday Telegraph relates.

While insiders said the airports are minded to support the airline,
deferrals could have devastating repercussions on their own
finances, The Sunday Telegraph notes.

                          About Flybe

Flybe styled as flybe, is a British airline based in Exeter,
England.  Until its sale to Connect Airways in 2019, it was the
largest independent regional airline in Europe. Flybe provides more
than half of UK domestic flights outside London.

As reported by the Troubled Company Reporter-Europe on Jan. 16,
2020, Reuters related that regional airline Flybe was rescued on
Jan. 14 after the British government promised to review taxation of
the industry and shareholders pledged more money to prevent its
collapse.  The agreement comes a day after the emergence of reports
suggesting it needed to raise new funds to survive through its
quieter winter months, Reuters disclosed.  Reuters related that the
Flybe shareholders agreed to put in tens of millions of pounds to
keep the airline running under the agreement.


HAWKIN'S BAZAAR: Enters Administration, Trading Continues
---------------------------------------------------------
Business Sale reports that Norwich-based novelty toy retailer
Hawkin's Bazaar has called in administrators to take over the
business.

Tom Straw -- tstraw@moorfieldscr.com -- and Simon Thomas --
sthomas@moorfieldscr.com -- partners at Moorfields Advisory, have
been appointed as joint administrators for the company, which was
initially put up for sale in August 2019, Business Sale relates.

According to Business Sale, the administrators have said that all
stores will continue trading until further notice and that much of
its stock will be subject to clearance discounts and special
promotions.

Gift cards and exchanges will still be honoured on a limited basis
as long as stores remain open, but no further gift cards will be
sold nor will cash refunds be issued, Business Sale discloses.  All
website sales have also been suspended, Business Sale notes.

Hawkin's Bazaar employs 177 staff across 20 stores and is
headquartered in Yare House on Thorpe Road, Norwich.  It operates
across the UK and Ireland and has its main warehouse in Eye,
Suffolk.


HOUSEOLOGY DESIGN: In Administration, Seeks Buyer for Retail Arm
----------------------------------------------------------------
Hannah Burley at The Scotsman reports that Houseology Design Group,
the Scottish interior design business with an array of heavyweight
directors on its board, is hunting for a buyer for its retail arm
after appointing administrators.

According to The Scotsman, the Glasgow-headquartered company,
chaired by former Skyscanner finance chief Shane Corstorphine and
backed by investors including ex-Tesco boss Sir Terry Leahy, is
understood to have called in restructuring experts at Leonard
Curtis, with 23 staff being made redundant.

This comes after Houseology.com, the group's online
business-to-consumer (B2C) division, suffered "exceptionally poor"
trading over the critical Christmas and New Year period, The
Scotsman notes.  Bosses cited "wider market dynamics" as affecting
performance at the retailer, The Scotsman discloses.

"Unfortunately, having assessed the company's trading and financial
performance, it was not possible to continue to trade its
e-commerce business, Houseology.com and, as such, 23 employees have
been made redundant with immediate effect," The Scotsman quotes
Stuart Robb -- stuart.robb@leonardcurtis.co.uk -- who was appointed
joint administrator with Michelle Elliot, as saying.


MIZZEN MEZZCO: Fitch Withdraws 'B+' LongTerm Issuer Default Rating
------------------------------------------------------------------
Fitch Ratings affirmed Mizzen Mezzco Limited's Long-Term Issuer
Default Rating at 'B+' with Stable Outlook and withdrawn the
rating.

This follows the full repayment of the GBP189 million senior notes
issued by MML's wholly-owned subsidiary, Mizzen Bondco Limited.

MML's IDR has been withdrawn for commercial reasons. Fitch will no
longer provide ratings or analytical coverage of MML or any of its
subsidiaries.

KEY RATING DRIVERS

IDR AND SENIOR DEBT

MML is the parent and consolidating entity for a group of
companies, which includes as its principal operating subsidiary
Premium Credit Ltd, the largest provider of instalment finance for
personal and business insurance premiums in the UK and Ireland. As
a result, MML's credit profile is driven both by the financial
performance of PCL and by MML's capacity to upstream dividends from
PCL to service debt elsewhere within the group, including bond
issuer MBL. Dividends from PCL represent the only material source
of income for the rest of the group.

In 9M19 MML reported profit before tax of GBP19 million, 87% above
the equivalent prior-year period. The net credit losses-to-net
advances ratio dropped to 0.16% at end-3Q19 from 0.19% at end-3Q18.
In October 2019 PCL upsized its variable funding notes to GBP826
million from GBP519 million and extended the maturity to October
2022 from June 2021.

The Long-Term IDR of MML is principally constrained by its
leverage. Consolidated shareholders' equity is negative and
internal capital generation is low, as most net income is
distributed in dividends to companies higher up the private-equity
ownership structure, rather than retained within the MML group. The
lack of capital buffer with which to protect against unexpected
events is, however, mitigated by the generally low-risk nature of
PCL's lending and the subsidiary's positive recurring earnings and
cash generation.

RATING SENSITIVITIES

Not applicable.


SANDWELL COMMERCIAL 2: S&P Cuts Class D Notes Rating to 'D(sf)'
---------------------------------------------------------------
S&P Global Ratings lowered to 'D (sf)' from 'CC (sf)' its credit
rating on Sandwell Commercial Finance No. 2 PLC's class D notes.

S&P's ratings in Sandwell Commercial Finance No. 2 address the
timely payment of interest and the repayment of principal no later
than the legal final maturity date in September 2037. On the
December 2019 interest payment date (IPD), the class D notes
experienced an interest shortfall.

Given the spread compression in the transaction, the remaining loan
pool did not generate sufficient funds to meet all senior costs and
interest payments due on the notes. Furthermore, the class D notes
have a principal deficiency ledger amount of GBP8.2 million, which
now accounts for more than 50% of the outstanding debt balance, and
therefore the issuer is unable to draw on the liquidity facility or
use principal receipts to pay interest on the class D notes.
Therefore, in S&P's view, the class D notes are likely to continue
experiencing interest shortfalls on future IPDs.

S&P said, "As a result of the interest shortfall, together with the
expected future principal losses, we have lowered to 'D (sf)' from
'CC (sf)' our rating on the class D notes in line with our
criteria. Our ratings on the class B, C, and E notes are unaffected
by the rating action."


THOMAS COOK: LOT Acquires Condor for About EUR300 Million
---------------------------------------------------------
Ilona Wissenbach and Klaus Lauer at Reuters report that Polish
carrier LOT is acquiring Thomas Cook's German airline Condor,
creating a leading aviation group in Europe carrying more than 20
million passengers a year, the companies said on Jan. 24.

Condor, which according to sources was sold for about EUR300
million (US$333 million), operates a fleet of more than 50 aircraft
while LOT has a fleet of 80 aircraft, Reuters discloses.

In a statement Condor and LOT, which is owned by PGL, said they
would pay back the loan from Germany in its entirety, Reuters
relates.  They expect the takeover to be completed by April 2020
once antitrust approvals have been secured, Reuters notes.

"The purchase secures the future of Condor and thus offers its
employees, customers and partners stability and a great
perspective," Reuters quotes Rafal Milczarski, Chairman of the PGL
Management Board, as saying.

According to Reuters, the companies said Condor, which competes
with Lufthansa and TUI fly, would continue to operate under its
current management.

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




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

[*] BOND PRICING: For the Week January 20 to January 24, 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



                           *********


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.


                * * * End of Transmission * * *