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

                          E U R O P E

          Monday, February 3, 2020, Vol. 21, No. 24

                           Headlines



A R M E N I A

ELECTRIC NETWORKS: Moody's Assigns Ba2 CFR, Outlook Stable


G R E E C E

OPAP SA: S&P Alters Outlook to Negative & Affirms 'BB-' ICR


R U S S I A

CBOM FINANCE: Fitch Assigns BB Rating on USD600MM Unsec. Eurobond
TMK: S&P Raises ICR to 'BB-' on Expectation of Debt Reduction
TRANSFIN-M PC: S&P Places 'B' LT ICR on CreditWatch Developing
X5 RETAIL: S&P Alters Outlook to Positive & Affirms 'BB' ICR


S P A I N

CORPORACION EMPRESARIAL: Files for Voluntary Insolvency
RMBS SANTANDER 2: Moody's Hikes EUR480MM Class B Notes to B1


U N I T E D   K I N G D O M

AMIGO LOANS: S&P Lowers ICR to 'B', On CreditWatch Negative
BRITISH STEEL: French Government Set to Block Jingye Sale
COMET GROUP: Administrators Fined GBP1 Million Over Failures
COMET GROUP: Fnac Darty Sued for GBP115 Million by Liquidator
DECO 11 - UK CONDUIT 3: S&P Cuts Cl. A-1A Notes Rating to 'D(sf)'

GRIFONAS FINANCE 1: Fitch Affirms Bsf Rating on Class C Notes
LANDMARK MORTGAGE 3: Fitch Hikes Class D Debt to BB+sf
SOAK.COM: Taps Leonard Curtis to Seek Buyer to Avert Collapse
THOMAS COOK: Credit Card Customers Still Await Refunds


X X X X X X X X

[*] BOND PRICING: For the Week January 27 to January 31, 2020

                           - - - - -


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A R M E N I A
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ELECTRIC NETWORKS: Moody's Assigns Ba2 CFR, Outlook Stable
----------------------------------------------------------
Moody's Investors Service assigned a Ba2 corporate family rating
and a Ba2-PD probability of default rating to the Electric Networks
of Armenia, the national electricity distribution grid of the
government of Armenia (Ba3 stable). The outlook on the ratings is
stable.

RATINGS RATIONALE

ENA's Ba2 CFR is supported by the company's (1) monopolistic
position in the electricity distribution in Armenia; (2)
transparent, albeit relatively new, system of tariff regulation and
clear-cut long-term arrangements for recovery of costs and
pre-agreed investments, as well as the regulator's structural
independence from the government; (3) good visibility of
profitability and cash flow generation until 2027, owing to the
signed 2016-2027 agreement between the company and the regulator;
and (4) its strong financial profile.

The rating is constrained by: (1) ENA's modest scale of operations,
naturally constrained by the size of Armenian economy and
population; (2) foreign exchange risk arising from the mismatch
between the revenue currency -- Armenian dram (AMD) - and the
currencies of the majority of ENA's loans -- mainly euros and US
dollars; (3) a meaningful investment programme of $726 million to
be completed by 2027; and (4) a relatively short track record of
the company operating under the new regulatory regime.

RATING CONSIDERATIONS

The company emerged in its present state following a restructuring
and a change of ownership in 2015-16, when in the wake of social
unrest triggered by electricity tariff rises Russia's
state-controlled Inter RAO, PJSC (Baa3 stable) ceased to be the
owner of ENA, with Tashir group, a conglomerate owned by the
Karapetyan family of Armenian origin, taking over control and
ownership of the company. In 2016, ENA concluded an agreement with
the regulator, the Public Services Regulatory Commission of the
Republic of Armenia (PSRC), that envisages a tariff formula for
2016-27 which allows ENA to recover all incurred operating costs,
including cost of purchased electricity and depreciation, and
investments within a certain limit, in accordance with the
pre-agreed investment plan. Actual cost of electricity which ENA
directly purchases from generating companies for its customers, and
actual investments made during the year are reconciled with the
estimates used for the ex-ante tariffs annually, and adjustments
are made to the tariff from February 1 of the following year. The
agreement envisages a gradual reduction in the operating expenses,
as well as improvements in the network efficiency. Investment costs
are included in the tariff with a 12%-14% rate of return depending
on the currency of investments. Revenue is based on actual
transmitted volumes only, since there are no capacity payments, but
absence of competition limits revenue risk.

Moody's expects ENA's gross Moody's-adjusted debt/ EBITDA to
increase to 3.3x-3.4x from 3.2x as of the end of 2018 over a period
of 2020-23 as it makes progress on its investment programme.
Moody's expects the company to maintain other metrics in the A-Baa
range, supported by a guaranteed operating margin.

LIQUIDITY

ENA has an adequate liquidity profile. Cash from operations of
around AMD35.0 billion over the next 12 months and cash and cash
equivalents of around AMD3.8 billion as of June 30, 2019 will be
sufficient to cover maintenance costs, mandatory debt repayments
and some planned investment outflows; however, new debt will be
required to finance the second stage of the company's investment
plan starting 2021. Moody's understands, that necessary funding
will be procured from an international bank syndicate in 2020. ENA
has a degree of flexibility with regard to the implementation of
its investment programme, which is subject to the availability of
funding.

More than 80% of ENA's debt is provided by international financing
organisations such as the World bank, International Finance
Organisation (IFC), Asian Development Bank (ADB), and the European
Bank for Reconstruction and Development (EBRD). The company's
existing credit agreements embed several financial covenants,
including financial debt/EBITDA at or below 3.5x and debt service
coverage ratio at or above 1.2x. Incompliance with the covenants,
which are tested at the end of a calendar year, would trigger a
default or a cross default under these agreements. Moody's notes,
that during the highest investment phase the covenants headroom may
significantly erode and will require close monitoring.

FINANCIAL POLICY

Single-owner shareholding structure poses certain risks to the
company's corporate governance profile, which are mitigated by
ENA's strategy of improving its corporate governance practices and
achieving compliance with the UK Corporate Governance code as it
prepares for an initial public offering to be held over the next
3-5 years. The company plans to implement a dividend policy whereby
50% of net profit will be remitted to the shareholders.

A healthy balance of the shareholder and creditors' interests will
be supported by a set of financial covenants embedded in ENA's
creditor agreements, and performance quality requirements set out
and tested by the regulator at specified intervals.

Moody's does not expect ENA to conduct any meaningful M&A activity
in the foreseeable future.

SHAREHOLDER SUPPORT

Tashir group, which is ENA's sole shareholder via CJSC Tashir
Capital (70%) and Liormand Holdings Limited (30%), is one of
Russia's largest conglomerates engaged in, primarily, development
and construction, as well as manufacturing and other businesses, on
the territory of Russia and the neighbouring states. The group owns
two electricity generating plants in Armenia. Beneficiary of Tashir
Mr. Karapetyan confirmed to the agency that Tashir considers ENA a
strategic asset, which is important to the group for both business
and reputational reasons, and that the group would provide implicit
and explicit support to the company at a time of financial
difficulty.

CONSIDERATIONS FOR RATING THE COMPANY ONE NOTCH ABOVE SOVEREIGN
RATING

Moody's believes that (1) the strength of ENA's financial profile,
(2) predictability of its cash flow generation and transparency of
its regulatory environment, (3) relative resilience to economic
cycles due to its infrastructure business profile, and (4) low
reliance on domestic capital markets to a degree insulates the
company's financial profile from that of Armenia and justifies
one-notch differential between the company's rating and the
sovereign rating of its domicile country.

OUTLOOK

The stable outlook reflects Moody's expectation that ENA's tariff
arrangements will support sustained operating and financial
performance and liquidity in the next 12-18 months, and that the
regulation of the industry will continue to be applied in a
transparent and predictable manner.

WHAT COULD CHANGE THE RATING UP/DOWN

Given the company's size, its large investment programme, and its
current rating positioning, the upgrade potential is currently low.
The rating could be considered for an upgrade if the sovereign
rating of Armenia were upgraded, provided that ENA demonstrated
strong financial and liquidity profile in a supportive regulatory
environment.

Conversely, the rating could be downgraded if Armenia's sovereign
rating were downgraded, or the company's financial metrics weakened
so that its Funds from operations (FFO)/interest fell below 3.0x,
and FFO/net debt to below 18%. A weakening in liquidity, and threat
of covenants breach will put negative pressure on the rating.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Regulated
Electric and Gas Networks published in March 2017.

COMPANY PROFILE

Electric Networks of Armenia emerged in 2002 as a result of a
merger and privatisation of four state regional electricity
distribution and sales networks and is now the sole owner and
operator of the electricity distribution grid of the Republic of
Armenia (Ba3 stable). The grid covers a territory of 36 thousand
kilometres, services more than 1.0 million households and employs
almost 8.0 thousand people. The company is fully owned by Tashir
group, that is domiciled and conducts most of its operations in
Russia (Baa3 stable) and the neighbouring states. In 2018, ENA
generated AMD189.0 billion (approximately $397 million) in revenue
and AMD28.0 billion (approximately $59.0 billion) in Moody's
-adjusted EBITDA.




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G R E E C E
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OPAP SA: S&P Alters Outlook to Negative & Affirms 'BB-' ICR
-----------------------------------------------------------
S&P Global Ratings revised Greece-based OPAP S.A.'s parent company,
Sazka Group A.S.'s (Sazka) outlook to negative from stable.

Given that S&P's rating on OPAP's is constrained by that on Sazka,
it is also revising OPAP's outlook to negative from stable. At the
same time, it is affirming its 'BB-' long-term issuer credit rating
on OPAP.

The rating affirmation and the outlook revision mirrors the rating
action on OPAP's parent, Sazka, following the credit metrics'
weakening, mainly as a result of the additional debt raised by OPAP
and the increased Czech lottery products' gaming tax.

In December 2019, OPAP--with S&P Global Ratings-adjusted forecast
revenues and EBITDA of about EUR1.65 billion and EUR405 million in
2019--drew down a EUR300 million new bond loan, some of which OPAP
will use to pay an extraordinary dividend in the first quarter of
2020. OPAP's shareholders have the option to receive the dividend
as additional scrip or cash. OPAP also raised EUR100 million of new
debt in the fourth quarter of 2019 to fund the acquisition of an
additional stake in Stoiximan, which is currently pending
regulatory approvals. In S&P's view, Stoiximan's acquisition will
help to strengthen OPAP's business by increasing the company's
overall scale as well as providing broader product diversification
to the fast-growing online segment.

S&P said, "Although the EUR400 million proceeds from these two
facilities remain in OPAP's cash balance, we do not net the cash in
our adjusted metrics calculation. For 2020, we model that OPAP will
use a material portion of the cash for the extraordinary dividend
and Stoiximan purchase. However, we also note that the amount
investors may choose to reinvest as scrip is unclear at this time.
Although the Stoiximan transaction approvals are pending--and if
completed, the company will start consolidating it in 2020--we
include in our base case an additional EBITDA contribution of EUR30
million, starting 2019, on a pro forma basis.

"Given the EUR400 million additional debt raised during
fourth-quarter 2019, we anticipate that adjusted leverage will
increase to about 2.5x in 2019 from 1.8x in 2018, and free
operating cah flow (FOCF) to debt will decrease to close to 25% in
2019 from 31% in 2018. Although we view this transaction as
material and representative of a more aggressive leverage profile,
we believe that the rating already incorporated this risk through
the negative financial policy modifier. We understand that the
company's financial policy will be to keep adjusted leverage at
below 3.0x (which translates to the company's financial policy
stance to maintain net leverage at about 2.0x on a company-reported
basis). Therefore, the rating affirmation reflects our view that
OPAP's leverage profile is now in line with its financial policy.

"Our assessment of OPAP's stand-alone credit profile (SACP) remains
at 'bb'; however, we continue to cap the rating on OPAP at the
level of the group credit profile of its main shareholder (about
40% of ownership), Sazka. Despite its sizable free float, we
believe that OPAP is not insulated from Sazka, given that no
shareholder other than Sazka-controlled entities owns more than 5%
of its capital. Sazka relies significantly on OPAP's cash flow, and
proposes the seats on OPAP's board. This constrains our long-term
issuer credit rating on OPAP by one notch at 'BB-'.

"The negative outlook reflects that we may downgrade Sazka, and
consequently OPAP, in the next 12 months if Sazka's adjusted debt
to EBITDA remains above 4.0x and FFO to debt remains below 20% on a
sustainable basis.

"We could lower the ratings on OPAP if Sazka's fiscal year (FY)
ending Dec. 31, 2020 adjusted leverage is above 4.0x, or if FFO to
debt deteriorates materially below 20%--we currently expect about
17%. Additionally, if our FY2021 leverage forecast were to
materially increase from our current base case of about 3.0x, we
could also revise our view of the group's ongoing financial risk
and policy, such that we no longer considered it likely that debt
to EBITDA would remain below 4x on a sustainable basis.

"We could also lower our rating on OPAP if our sovereign rating on
Greece decreased by at least two notches; if materially weaker
economic conditions in Greece significantly impaired OPAP's
liquidity from our base case; or if OPAP incurred a sizable
debt-financed merger, acquisition, or dividend distribution,
leading to an adjusted debt-to-EBITDA ratio above 4.0x.

"We could revise the outlook to stable if Sazka's debt-to-EBITDA
ratio decreased below 4.0x and FFO to debt increased above 20% on a
sustainable basis. This would need to be accompanied by OPAP's
strong operating performance in line with our base case, leading to
an adjusted debt-to-EBITDA ratio below 4.0x and adequate liquidity
in line with our base case."




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R U S S I A
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CBOM FINANCE: Fitch Assigns BB Rating on USD600MM Unsec. Eurobond
-----------------------------------------------------------------
Fitch Ratings assigned CBOM Finance PLC's USD600 million 4.7%
5-year senior unsecured Eurobond issue a final long-term rating of
'BB'.

The bonds are issued by Credit Bank of Moscow's (CBM) existing
Irish SPV, CBOM Finance PLC (Ireland), which on-lends the proceeds
to the bank.

The assignment of the final rating follows the completion of the
issue and receipt of documents conforming to the information
previously received. The final rating is the same as the expected
rating assigned on January 13, 2020.

KEY RATING DRIVERS

The Eurobond's rating is in line with CBM's Long-Term Issuer
Default Rating (IDR) of 'BB', as the notes represent unconditional,
senior unsecured obligations of the bank.

CBM's 'BB' IDRs are notched up once from its 'bb-' VR, reflecting
its view that the risk of default on senior obligations (which IDRs
reference) is lower than the risk of the bank needing to impose
losses on subordinated obligations to restore its viability (which
the VR references). This is due to a sizeable volume of junior debt
(Tier 1 perpetual and Tier 2 subordinated debt), which was equal to
around 10% of risk-weighted assets (RWAs) at end-3Q19 and could be
used to restore solvency and protect senior debt holders in case of
a material capital shortfall at the bank.

The 'bb-' VR reflects the bank's relatively large franchise,
reasonable pre-impairment profitability, decent core
capitalisation, and comfortable liquidity and funding profile. At
the same time, the rating factors in weaknesses in asset quality.

RATING SENSITIVITIES

CBM's senior debt rating is sensitive to any changes in its
Long-Term IDR, which in turn is sensitive to the VR, reflecting the
bank's standalone profile, and the uplift of the IDR above the VR,
reflecting its qualifying junior debt (QJD) buffer.

CBM raised RUB15 billion of new common equity in a secondary public
offering (SPO) in November 2019, which strengthened the Core Tier 1
ratio by 1pp. At the same time, the bank used a part of the
proceeds to buy out some junior debt issues (equal to 0.6% of
RWAs). This resulted in CBM's QJD buffer falling to 9% of RWAs at
end-November 2019.

According to the Exposure Draft of Fitch's Bank Rating Criteria
published on November 15, 2019, the uplift of a bank's Long-Term
IDR above its VR requires a QJD buffer being sustainably above 10%
of RWAs. If the final criteria are published in line with the
Exposure Draft, the one-notch uplift of CBM's IDR over its VR would
likely be eliminated. If the VR does not change, this would result
in the Long-Term IDR and senior debt rating being downgraded by one
notch to 'BB-'.

At the same time as Fitch considers the potential impact of the
final criteria on CBM's IDR, it will also review the bank's VR.
This review will consider in particular the improvement in the
operating environment following the upgrade of the Russian
sovereign in August 2019, the moderate strengthening of core
capital ratios in 4Q19 and prospects for the bank's asset quality.
If Fitch upgrades CBM's VR by one notch to 'bb', while eliminating
the uplift of the Long-Term IDR over the VR, this would result in
an affirmation of the bank's senior debt rating at 'BB'.


TMK: S&P Raises ICR to 'BB-' on Expectation of Debt Reduction
-------------------------------------------------------------
S&P Global Ratings raised its ratings on Russian steel pipe
producer TMK PAO to 'BB-' from 'B+', and removed the ratings from
CreditWatch positive.

TMK's debt is likely to decrease by at least $1 billion in 2020 on
the back of the proceeds from the IPSCO sale, resulting in FFO to
debt above 20%.  On Jan. 2, 2020, TMK completed the sale of its
U.S. subsidiary IPSCO Tubulars Inc. to Tenaris for $1,067 million
in cash. S&P said, "We understand that TMK will use virtually all
proceeds from the transaction--which roughly equals 33% of the
reported number--to repay debt. We also understand that TMK has
started debt repayments, and we expect debt reduction to continue
throughout 2020. This is in line with the company's publicly stated
strategy of reducing its net debt-to-EBITDA ratio to 2.5x. We
forecast that TMK's S&P Global Ratings-adjusted net debt to EBITDA
would be 2.8x-3.2x in 2020 and 3.0x-3.4x in 2021, compared with an
estimated 4.0x-4.2x at end-2019. At the same time, we project TMK's
FFO to debt at 20%-24% in 2020 and 19%-23% in 2021, compared with
an estimated 13%-15% in 2019. We note that FFO generation will be
further supported by lower interest expense from both a lower debt
level and potentially more favorable interest rates."

S&P said, "TMK's business profile remains intact, as we believe the
IPSCO disposal alleviates the company of high volatility and low
profitability characteristic of the U.S. operations.  The sale of
IPSCO balances reduced geographical diversity with improved
stability and profitability of TMK's business. IPSCO has a track
record of negative EBITDA generation due to volatile volumes of
drilling, in particular in the shale oil industry, in the U.S. In
the first nine months of 2019, IPSCO contributed slightly less than
10% of the group's consolidated EBITDA, despite generating about
21% of group revenues. Higher weight of the Russian business should
lead to higher margins and better visibility of the sales volumes,
due to more stable drilling volumes in Russia. We therefore
consider that the IPSCO transaction has had a neutral effect on
TMK's business."

TMK is poised to sustain solid performance in 2020-2021, after
deconsolidating IPSCO and lower EBITDA generation.  S&P said, "We
estimate that TMK's EBITDA will slide to $560 million-$580 million
in 2020 and $470 million-$500 million in 2021 from an estimated
$680 million-$700 million in 2019, of which $35 million-$45 million
of the decline in 2020 is due to deconsolidation of IPSCO. We
forecast that EBITDA will also be constrained by up to 36% lower
sales (by volume) of large diameter pipes (LDPs) in Russia (after
56% growth in 2019), since oil and gas pipeline operators' key
expansion projects have been generally completed in 2019 with
limited requirements for further extensions. At the same time, we
note that TMK's Russian segment demonstrated the strongest results
in the first nine months of 2019; it reported a 21% EBITDA increase
to $438 million, while the U.S. segment saw a 59% decline to $50
million and the European segment saw a 48% decline to $21
million."

S&P said, "TMK's positions in the Russian steel pipe market will
stay strong in the coming years, but we expect competition in the
domestic market to intensify.  Although we expect TMK's EBITDA to
drop in 2020 due to lower volumes of LDP sales, we believe that the
overall business will remain fundamentally healthy. We expect TMK
to maintain its strong positions in oil country tubular goods
(OCTG) market, particularly seamless OCTG and high value-added
products, which deliver better margins and where TMK controls
roughly 64% and 74%, respectively, of the market. Drilling volumes
in Russia tend to be generally stable because of production being
concentrated in traditional oil, which varies only moderately when
oil prices change, unlike shale oil projects. At the same time,
drilling complexity in Russia is increasing, which should benefit
TMK with its more sophisticated product offering. We note that
increasing competition and OPEC+ production restrictions will be
constraining TMK's growth in the near term. We therefore forecast
flat OCTG sales for TMK going forward, reflecting our similar view
on the Russian market.

"We removed the ratings on TMK from CreditWatch with positive
implications, where we had placed them on March 27, 2019 (see
"Steel Pipe Maker TMK PAO 'B+' Ratings Placed On CreditWatch
Positive Following Sale Of IPSCO," published on RatingsDirect).

"The stable outlook on TMK reflects our expectation that the
company will continue reducing its absolute debt with proceeds from
the IPSCO sale, targeting to reduce net debt to EBITDA toward its
publicly stated strategy of 2.5x. We expect TMK's FFO to debt to
stay above 20% in 2020-2021, despite lower EBITDA generation due to
deconsolidation of IPSCO, lower LDP sales volumes, and potentially
intensifying competition in the Russian market. We assume TMK will
maintain adequate liquidity and proactively repay or refinance all
upcoming maturities in 2020-2021. We don't expect TMK to pay any
extraordinary dividends because of the IPSCO sale or pursue sizable
acquisitions.

"We could lower the ratings on TMK if the company's FFO to debt
were to fall, and stay, below 20% because of weaker-than-expected
operating performance, significant unfavorable movements in
exchange rates, or unexpected cash outlays, such as large dividends
or acquisitions. We could also lower the ratings on TMK if its
liquidity were to deteriorate, with meaningful maturities being
uncovered with cash or liquidity lines.

"We view the possibility of an upgrade as currently remote. It
could be possible should TMK's FFO to debt improve consistently to
above 30% through debt repayments and supported by stable operating
performance and adequate liquidity."


TRANSFIN-M PC: S&P Places 'B' LT ICR on CreditWatch Developing
--------------------------------------------------------------
S&P Global Ratings placed its 'B' long-term issuer credit rating on
TransFin-M PC on CreditWatch with developing implications.

The CreditWatch placement follows TransFin-M's announcement that,
at the end-2019, TransFin-M and the VEB.RF together created a new
freight railway operator via TransFin-M's subsidiary Atlant LLC,
with TransFin-M's business model (on a consolidated basis)
therefore evolving as a consequence. TransFin-M continues to be the
controlling owner with a 75% stake, while VEB.RF owns the remaining
25% of capital. S&P said, "We understand that, following the
transaction, VEB.RF will transfer about 40 thousand freight
railcars to Atlant LLC, making it one of the largest freight
railway operators in Russia with at least 75 thousand railcars in
total. In our view, this transaction will lead to significant
changes in the wider group's business model and earnings mix,
whereby TransFin-M's consolidated earnings will be complemented by
an increasing share of earnings from the operation of railway cars.
We understand that, after consolidation of Atlant LLC into
TransFin-M's financials, the business model gravitate more toward
operating lease rather than finance lease." This reorganization is
likely to significantly change the financial profile of the
existing group, and in particular have a material impact on
TransFin-M's future financial and liquidity profiles. However it is
not yet reflected in the company's financials, which will be
available closer to the end of March 2020.

S&P said, "We are placing our rating on TransFin-M on CreditWatch
with developing implications to indicate that we could affirm,
raise, or lower our long-term 'B' rating on the company after we
review the new business structure, in particular the combined
group's strategy, business mix, liquidity profile, and capital
structure. The current changes might require us to revise the
application of the criteria for TransFin-M.

"We expect to resolve the CreditWatch placement in the coming
months after receiving detailed information on the entity's new
strategy and the extent it might be positive for its overall
creditworthiness. We also expect the transaction might trigger
changes in our assessment of the company's financial risk profile.
In addition, the ownership change in November 2019 still casts
doubt on TransFin-M's funding and liquidity profiles."


X5 RETAIL: S&P Alters Outlook to Positive & Affirms 'BB' ICR
------------------------------------------------------------
S&P Global Ratings revised its outlook on X5 Retail Group (X5) to
positive from stable and affirmed its 'BB' ratings on the group and
its debt.

S&P said, "The positive outlook reflects our view that X5 will
maintain its leading market position with broadly stable EBITDA
margins, generate increasingly positive free operating cash flow
(FOCF), and expand the headroom under its credit metrics.

"We revised the outlook on X5 to incorporate our more favorable
view on the group's business and cash generation prospects.

"We view X5's business more favorably now. Our view reflects the
group's leading market position and demonstrated significant growth
of operations, exceeding that of its Western European peers and its
next closest peer, Magnit (BB/Stable/--), in the last 2.5 years. We
expect X5's revenue base to grow to more than Russian ruble
(RUB)1.7 trillion (about $24 billion) in 2019 from RUB1.5 trillion
in 2018." The growth of the business led to a further strengthening
of its market position in the Russian food retail market and
widening of the gap versus its peers in Russia. X5's market share
grew to 11.6% in the first half of 2019 from 10.7% in 2018 (9.5% in
2017). Other peers' market shares grew, but at a much lower pace,
including X5's closest peer Magnit, which posted a market share of
7.7% in 2018 (7.5% in 2017).

X5's strengthened competitive position reflects its appealing
customer proposition across retail formats and focus on new areas
of growth.

X5's competitive position is underpinned by its successful
merchandising strategy, including appealing and regularly updated
assortments across all its three retail formats; competitive
pricing; and appealing stores. S&P said, "This is reflected in the
group's strong positive like-for-like sales development over the
last years including 2.3% growth in the fourth quarter of 2019
(4.0% like-for-like sales growth in 2019) and our expectation that
X5 will continue posting positive like-for-like sales growth in
2020. We view positively the company's efforts in offering
additional services to attract more traffic to stores, such as
click and collect at its hypermarkets and supermarkets and 5Post in
its convenience stores and supermarkets. Additionally, we
acknowledge the group's focus on developing growth projects in food
retail, such as online grocery operations (based on its supermarket
format, Perekryostok.ru) in which X5 now holds the no.2 position in
Russia, and developing its ready-to-eat offering (online delivery
and in-store offering). The group is building the required
infrastructure for further expansion of these operations, including
logistics and dark stores (fulfillment centers that cater online
orders). X5's online business grew rapidly over 2019 with more than
1.4 million orders in 2019 versus about 400,000 in 2018, but in
terms of revenue it represented less than 1% of the group's revenue
in 2019. Although small, we think these projects offer significant
growth prospects over time, and that they will support X5's growth
profile in the future."

The outlook revision also reflects S&P's view of X5's continuing
profitable growth with broadly stable expected EBITDA margins in
2020-2021.

S&P said, "We expect that X5 will expand its absolute profitability
base (measured by reported EBITDA) to RUB125 billion-RUB 130
billion in 2020 from RUB120 billion-RUB125 billion in 2019
(RUB107.6 billion in 2018), and to above RUB135 billion in 2021,
and will post reported EBITDA margins (before International
Financial Reporting Standard [IFRS] 16) in the 6.8%-7% range in
2020-2021 from 7.0%-7.1% expected in 2019 (7.0% in 2018 and 7.4% in
2017). We anticipate that any further achieved gains in
profitability margins will largely offset profitability pressure
resulting from competition (X5's further investments in prices) and
macroeconomic conditions (including lower expected food inflation).
We assume that X5's EBITDA margins in the forecast period will
benefit from gross margin improvements through better conditions
from suppliers, given the large scale of the group's business; from
operating efficiency measures (focus on shrinkage, process
optimization, and automation); and from an increasing share of
private labels and own production (higher-margin products)." In
addition, in contrary to its Western European peers, X5 benefits
from flexibility of its lease contracts. That allows the group to
adjust its cost base to prevalent market conditions in a shorter
period than its Western European peers.

Limited geographic diversification and exposure to emerging-market
risks continue to constrain our business assessment.

S&P said, "In our view, the group's geographic concentration in
Russia and exposure to emerging-market risks, such as currency
volatility, persistent cost inflation, and political uncertainty,
are the main constraints for the business.

"We see gradual improvement of discretionary cash flow (DCF),
notwithstanding our expectation that it will remain negative in the
short term.

"Reported DCF (FOCF after dividend payments) remains negative,
although it is becoming less negative in our base case in
2019-2021. We calculate a gradual improvement of S&P Global
Ratings' adjusted DCF to debt to 6.3%-6.8% in 2020-2021 from
6%-6.2% in 2019. Our expectation of negative reported DCF is
despite sizable positive reported FOCF (cash flow from operations
after capital expenditure [capex]) in our base case of RUB14
billion-RUB20 billion in 2019-2021. The FOCF development reflects
expected higher funds from operations (FFO) in absolute terms
(thanks to revenue growth and broadly stable EBITDA margins) and
expected positive impact from working capital on cash flow from
operations (due to anticipated improved working capital management,
including a better inventory turnover as X5 slows down new
openings). Additionally, we assume moderate capex (a declining
share as a percentage of revenue) in our base case, reflecting our
expectation of fewer new store openings in 2020-2021 and increasing
spending on information technology (IT), growth projects, and
efficiency measures. At the same time, X5's dividend policy allows
the group to pay out at least 25% of net income as long as the
company's net leverage remains below 2x. That said, the actual
dividend payouts were 69% and 87% in 2017 and 2018 and we expect
continuing sizable dividend payments that will fully absorb FOCF.

"The positive outlook reflects our expectation that X5 will
maintain its leading market position and grow its business over the
next 12 months with broadly stable profitability margins. It also
assumes that the group will expand its positive FOCF after all
lease payments, and increase headroom under its credit metrics. In
particular, we forecast that in 2020, X5 will post FFO to debt
close to 20%, positive FOCF (after all lease payments), and
improved albeit still negative DCF (after all lease payments) on
the back of sound earnings, lower anticipated capex, and dividend
payments only partially funded with debt at more beneficial
interest rates than was historically the case.

"We could raise the rating on X5 in the next 12 months if the
company continues to improve its credit metrics and increases
headroom under its cash flow metrics on a sustainable basis. We
consider adjusted FFO to debt comfortably above 20%, positive and
growing FOCF after all lease payments, and DCF trending to at least
neutral as commensurate with a higher rating. An upgrade would also
hinge on X5's commitment to sustain its improved credit metrics.

"We could revise the outlook to stable if X5 was unable to maintain
its leading market position or continue its profitable growth due
operational setbacks, fierce competition, or softer macroeconomic
conditions in Russia, thus resulting in weaker earnings and cash
flow generation. This would prevent improvements in credit metrics,
such as FFO to debt gaining comfortable headroom above 20% on a
lease-adjusted basis, and cause FOCF after leases to hover close to
neutral, or DCF after leases to remain significantly negative for a
prolonged period.

"We could also revise the outlook to stable if the company
undertook sizable debt-funded acquisitions or paid shareholder
returns significantly above our base case, leading to sustained
increase in leverage and weakening of cash flow metrics."




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

CORPORACION EMPRESARIAL: Files for Voluntary Insolvency
-------------------------------------------------------
Reuters reports that Corporacion Empresarial de Materiales de
Construccion SA said on Jan. 30 that it filed for voluntary
insolvency, with the procedure to concern the parent company but
not its units.

According to Reuters, the company started the procedure due to lack
of liquidity to face claims arising from fibre cement with asbestos
produced over 20 years ago.



RMBS SANTANDER 2: Moody's Hikes EUR480MM Class B Notes to B1
------------------------------------------------------------
Moody's Investors Service upgraded the ratings of three notes in
two Spanish RMBS deals.

The upgrades in HIPOCAT 8, FTA reflect the increase in credit
enhancement for the affected notes due to the material
replenishment of the reserve fund driven by, amongst others,
unexpected receipt of recoveries from previously defaulted
collateral. They also reflect better than expected collateral
performance.

The upgrade in FTA RMBS Santander 2 reflects better than expected
collateral performance and the increased levels of credit
enhancement for class B notes.

Moody's affirmed the ratings of the notes that had sufficient
credit enhancement to maintain the current rating.

FTA RMBS Santander 2

  EUR2520 million Class A Notes, Affirmed Aa1 (sf); previously on
  Jun 29, 2018 Upgraded to Aa1 (sf)

  EUR480 million Class B Notes, Upgraded to B1 (sf); previously on
  Jun 29, 2018 Affirmed Caa1 (sf)

HIPOCAT 8, FTA

  EUR1155.5 million Class A2 Notes, Affirmed Aa1 (sf); previously
  on Apr 29, 2019 Affirmed Aa1 (sf)

  EUR26.2 million Class B Notes, Affirmed Aa1 (sf); previously on
  Apr 29, 2019 Affirmed Aa1 (sf)

  EUR35.6 million Class C Notes, Upgraded to Aa1 (sf); previously
  on Apr 29, 2019 Upgraded to A3 (sf)

  EUR32.7 million Class D Notes, Upgraded to Ba1 (sf); previously
  on Apr 29, 2019 Upgraded to B3 (sf)

Maximum achievable rating is Aa1 (sf) for structured finance
transactions in Spain, driven by the corresponding local currency
country ceiling of the country.

RATINGS RATIONALE

The rating actions are prompted by:

  - Decreased key collateral assumptions, namely the portfolio
Expected Loss (EL) and MILAN CE assumptions due to better than
expected collateral performance.

  - An increase in credit enhancement for the affected tranches.
For HIPOCAT 8, in particular, this is due to significant
replenishment of the reserve fund driven by, amongst others,
unexpected receipt of recoveries from previously defaulted
collateral.

Revision of Key Collateral Assumptions

As part of the rating action, Moody's reassessed its lifetime loss
expectation for the portfolio reflecting the collateral performance
to date.

The performance of the transactions has continued to improve since
the last rating actions. Total delinquencies have decreased in the
past year, with 90 days plus arrears currently standing at 0.47%
and 0.42% of current pool balance, respectively, for FTA RMBS
Santander 2 and HIPOCAT 8, FTA. Cumulative defaults currently stand
at 1.78% and 6.38% of original pool balance, respectively, for FTA
RMBS Santander 2 and HIPOCAT 8, FTA, only slightly up from 1.34%
and 6.34% as of the previous rating actions on these deals.

Moody's decreased the expected loss assumption to 6.01% and to
3.63% as a percentage of original pool balance from 7.69% and
3.80%, respectively, on FTA RMBS Santander 2 and HIPOCAT 8, FTA due
to the improving performance.

Moody's updated the MILAN CE due to the Minimum Expected Loss
Multiple, a floor defined in Moody's methodology for rating EMEA
RMBS transactions. As a consequence, the MILAN credit enhancement
assumptions were reduced to 30% and 13.50% from 32% and 15%,
respectively, for FTA RMBS Santander 2 and HIPOCAT 8, FTA.

Increase in Available Credit Enhancement

Sequential amortization and replenishment of reserve funds led to
the increase in the credit enhancement available in these
transactions.

The reserve fund balance for HIPOCAT 8, FTA has increased to EUR
19.9 million as of December 2019 from EUR 11.6 million since the
last rating action in April 2019. Deleveraging and reserve fund
replenishment has led to the increase in the credit enhancement
available for the Classes C and D to 22.47% and 8.82% from 17.07%
and 4.65% respectively since the last rating action in April 2019.
This transaction has benefited from unexpected receipt of
recoveries from previously defaulted collateral in addition to
standard recoveries. For example, HIPOCAT 8, FTA reported EUR 5.9
million additional available funds as of June 2019. The credit
enhancement for Class B notes of FTA RMBS Santander 2 increased to
7.19% from 6.09% since the last rating actions in June 2018.

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

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

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

Factors or circumstances that could lead to an upgrade of the
ratings include (1) 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.



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

AMIGO LOANS: S&P Lowers ICR to 'B', On CreditWatch Negative
-----------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
U.K.-based guarantor lending company Amigo Loans Ltd. to 'B'. At
the same time, S&P lowered its issue rating on the senior secured
bonds to 'B-'. Both ratings were placed on CreditWatch with
negative implications. S&P's recovery rating is unchanged at '5'
(10%-30%; rounded estimate: 10%).

The rating actions indicate that S&P now consider management and
governance weakness, which has been building over the past nine
months, to be a material and present negative credit factor. On
Jan. 27, 2020, Amigo unexpectedly announced that its majority
shareholder, Richmond Group Ltd., was willing to sell its majority
stake in the business and that as a result it had launched a
strategic review and sale process. The CEO, Hamish Paton, announced
his resignation and the chairman, Stephan Wilcke, announced that he
did not intend to stand for re-election at the next AGM, in
December 2019. In addition, Amigo announced revised growth
prospects in August 2019. The business has also been under pressure
from its regulator and its previous CEO resigned earlier in 2019
for health reasons. These frequent and unexpected developments have
caused S&P to question Amigo's future strategic direction,
financial policy, and operating model.

Over the past nine months, the Financial Conduct Authority (FCA)
has initiated an investigation into the rapid growth of guarantor
loans within consumer finance; the number of payments made by
guarantors; and the awareness of guarantors regarding their role
and responsibility. The FCA's increased focus on guarantor loans
has put Amigo, as the dominant market player, in a weaker position
to offset adverse changes to its operating environment. The result
of the investigation were published in November 2019. Amigo's
response stated that the regulator had identified areas where it
could enhance the customer journey.

S&P said, "We understand that Amigo is proactively adapting to
ongoing changes in regulation to ensure that its business model
remains viable. That said, in its Jan. 27 announcement, the company
reminded investors about its concerns that the Financial Ombudsman
Service's stricter approach to customer complaints could put
Amigo's business under increased pressure.

"We continue to assess Amigo's financial risk profile as
significant, but debt to EBIDTA is trending close to the level
appropriate to an aggressive assessment. Higher-than-expected
impairment levels, or higher costs, could weaken Amigo's debt
servicing capacity." S&P assesses Amigo's key ratios, which are
unchanged from its previous assessment, as:

-- Gross debt to S&P Global Ratings-adjusted EBITDA of 3.9x;
-- Funds from operations (FFO) to total debt of around 16%;
-- Gross debt to tangible equity of 2.0x; and
-- Adjusted EBITDA coverage of interest expense of 3x-6x.

S&P said, "Although FFO to gross debt is likely to fall into the
aggressive category, our significant assessment is supported by the
debt to tangible equity ratio, which we project to trend close to
2x over our forecast horizon.

"Our assessment of Amigo's financial risk profile incorporates the
GBP300 million securitization facility, the GBP109.5 million
revolving credit facility, and the GBP231 million outstanding
senior secured bonds. Amigo's existing strategy is to refocus on
new customer lending and step back from repeat lending. Given that
we expect loan book growth to be flat, it is likely to use internal
capital generation to fund dividends or reduce the drawings under
its securitization facility."

In the half year of FY2020, Amigo's net loan book reached GBP730.7
million. Repeat lending represented 21.9% of total originations in
the second quarter of FY2020, down from 42% in the same period of
FY2019.

S&P said, "We still consider Amigo's business risk profile to be
weak. The company has a narrow focus on a niche part of the U.K.
nonstandard lending market. Combined with low diversification, this
implies ongoing regulatory, conduct, and operational risks.

"The CreditWatch placement indicates that we see an increased risk
that Amigo's leverage metrics could weaken, particularly if an
increase in complaints weighs on its cost-to-income ratio or
impairments increase beyond our forecast of up to 35% of revenue.
Moreover, regulatory and operational risks, and the need to invest
in the business, combined with the current strategic flux, could
also weaken Amigo's debt-servicing capacity or business model.

"We could lower the rating if Amigo's credit ratios weaken, with
debt to EBIDTA deteriorating above 4.0x on a sustainable basis. We
could also downgrade Amigo if we think that regulatory or
operational issues would make its business model less viable, or if
the sale process appears to be leading to business instability.

"We could remove the ratings from CreditWatch if Amigo demonstrates
that it can maintain stable credit ratios. We would also consider
whether Amigo can achieve good earnings performance under its
revised strategy and whether its business model and market position
will remain robust."


BRITISH STEEL: French Government Set to Block Jingye Sale
---------------------------------------------------------
Nikou Asgari, Michael Pooler and Jim Pickard at The Financial Times
report that the French government is set to block the sale of its
British Steel factory to Jingye, throwing doubts on the rescue of
the failed UK manufacturer.

In October, Chinese conglomerate Jingye agreed to buy British Steel
in a GBP50 million rescue deal, saving 5,000 jobs and promising
GBP1.2 billion investment, the FT recounts.  For the takeover of
all of British Steel's assets to go ahead, Jingye needs approval
from authorities in Paris as the steelmaker's plant in Hayange,
northern France, is deemed a strategic industrial asset, the FT
notes.

The French authorities are set to block the sale of Hayange to
Jingye, the FT relays, citing two people briefed on the matter.
According to the FT, one of the people said Jingye had provided
little evidence for the GBP1.2 billion worth of investment promised
and "the only financing they've provided any evidence for is GBP50
million, the purchase price".

A veto by Paris throws doubts on the sale of British Steel and the
future of its 5,000 workers, many of whom are based at the
company's main plant in Scunthorpe, eastern England, the FT states.
The people said that Jingye could continue its purchase of the
manufacturer's UK assets, leaving the French to sell Hayange
separately, the FT relates.

Since it fell into insolvency in May, British Steel has been kept
running by the Official Receiver and a taxpayer-backed indemnity
estimated to cost tens of millions of pounds, the FT recounts.  A
spokesperson for the Official Receiver said they were focused on
completing the deal with Jingye, the FT notes.

                      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.


COMET GROUP: Administrators Fined GBP1 Million Over Failures
------------------------------------------------------------
Tabby Kinder at The Financial Times reports that the administrators
to collapsed electricals retailer Comet Group have been handed a
record UK insolvency fine of GBP1 million for failures related to
their independence.

Deloitte and two of its former partners, Neville Kahn and
Christopher Farrington, who both left the Big Four accountancy firm
during a five-year investigation, did not ensure that they were
objective as administrators, the FT relays, citing the findings of
the Institute of Chartered Accountants in England and Wales.

The ICAEW, a professional body, said adequate steps were not taken
to make sure that Deloitte's previous work advising Comet's owners
did not present a conflict of interest in its role as administrator
to the lossmaking electricals retailer, the FT relates.  Its 2012
collapse left taxpayers footing a GBP44 million bill and resulted
in more than 6,000 staff losing their jobs, the FT recounts.

According to the FT, the investigation found that "Deloitte failed
to comply with the code of ethics", notably to ensure that
"accepting an appointment does not create any threats to
compliance".  It said the firm's procedure for taking on new
clients did not consider the risk of threats to its independence,
the FT notes.

Deloitte has been ordered to pay a fine of GBP925,000, plus the
ICAEW's costs of GBP890,000, the FT says.  Mr. Kahn was severely
reprimanded and fined GBP50,000, while Mr. Farrington was issued a
reprimand and a GBP25,000 fine, the FT discloses.  Neither
individual was banned from working as an insolvency practitioner,
the FT notes.  A third Deloitte administrator -- Nicholas Edwards
-- has not been disciplined, the FT states.

The firm has earned more than GBP15 million in fees to date from
the Comet insolvency, including charging more than GBP10 million in
fees as administrator and a subsequent GBP5 million as liquidator,
the FT relates.  It made an additional GBP1.4 million advising
OpCapita, the backer of Hailey Acquisitions, Comet's parent
company, which bought the business for the nominal sum of GBP2 a
year before it went bust, the FT notes.


COMET GROUP: Fnac Darty Sued for GBP115 Million by Liquidator
-------------------------------------------------------------
Tabby Kinder at The Financial Times reports that French retail
group Fnac Darty is being sued for GBP115 million by the liquidator
to Comet, the UK electrical chain it used to own.

Fnac Darty sold Comet for GBP2 a year before it collapsed but
received GBP115 million as part of a controversial financing
agreement with the new owners, the FT recounts.  The failure of
Comet in 2012 left UK taxpayers footing a GBP44 million bill and
more than 6,000 staff losing their jobs, the FT states.

The claim against Fnac Darty, which was called Kesa Electricals
before it sold Comet to Hailey Acquisitions in 2011, has emerged as
part of a trove of information published in relation to the
collapsed UK electricals retailer, the FT notes.

According to the FT, Geoff Carton-Kelly, liquidator to Comet and a
partner at FRP Advisory, has alleged that the GBP115 million
payment breached insolvency rules as it meant Darty was paid ahead
of other creditors to the business.

The case is being brought to recoup money for Comet's creditors,
the largest of which is Hailey Acquisitions, which was owed GBP186
million and ranks first in line for payments as a secured creditor
-- as well as HM Revenue & Customs and the Insolvency Service, the
FT discloses.  Hailey Acquisitions has so far received GBP60
million from the liquidation, the FT says.


DECO 11 - UK CONDUIT 3: S&P Cuts Cl. A-1A Notes Rating to 'D(sf)'
-----------------------------------------------------------------
S&P Global Ratings lowered to 'D (sf)' from 'CC (sf)' its credit
rating on DECO 11 - UK Conduit 3 PLC's class A-1A notes. At the
same time, S&P affirmed its ratings on the class A-1B to F notes.
S&P has subsequently withdrawn its ratings on these eight classes
of notes, effective in 30 days' time.

The rating actions reflect the issuer's failure to repay the
remaining note principal balance on Jan. 27, 2020, the legal final
maturity date.

Deco 11-UK Conduit 3 is a 2006-vintage European CMBS transaction,
originally backed by 17 loans secured on 56 commercial properties
located within the U.K. The transaction now consists of three loans
secured by 26 U.K. commercial properties.

All three remaining loans are in special servicing with the
work-out and asset disposal process continuing.

The Mapeley Gamma loan (83.0% of the pool) is secured against 24
office properties located throughout the U.K. The loan entered
special servicing in October 2016 following a loan-to-value (LTV)
event of default. The loan matured in January 2017.

The Wildmoor Northpoint loan (14.2% of the pool) is secured on a
shopping center in Hull, Yorkshire. The loan entered special
servicing in March 2010 following an LTV event of default. The loan
matured in July 2010.

The CPI Retail Active loan (2.8% of the pool) is secured against a
purpose-built, fully-let shopping center in the town of
Ross-on-Wye, 15 miles from Gloucester and 20 miles from Cheltenham.
The loan entered special servicing in March 2010 following an
interest coverage ratio event of default. The loan matured in July
2011.

Rating rationale

S&P Global Ratings corrected by reinstating its 'CC (sf)' rating on
the class A-1A notes after withdrawing the rating in error on Jan.
28, 2020.

S&P's ratings in Deco 11-UK Conduit 3 PLC address the timely
payment of interest, payable quarterly in arrears, and the payment
of principal no later than the legal final maturity date in January
2020.

The issuer failed to repay the notes on Jan. 27, 2020.

S&P therefore lowered its rating on the class A-1A notes to 'D
(sf)' in line with its criteria.

At the same time, S&P affirmed its 'D (sf)' rating on the class
A-1B, A-2, B, C, D, E, and F notes because they previously
experienced interest shortfalls.

The ratings on all classes of notes will remain at 'D (sf)' for 30
days before the withdrawals become effective.


GRIFONAS FINANCE 1: Fitch Affirms Bsf Rating on Class C Notes
-------------------------------------------------------------
Fitch Ratings upgraded Grifonas Finance No. 1 Plc's class A notes
to 'BBB-' from 'BB+' and affirmed the class B and C notes. Fitch
has placed Grifonas's class A notes and Kion Mortgage Finance Plc's
notes on Rating Watch Positive.

The rating actions follow the annual review of the transactions and
the upgrade of Greece's Issuer Default Rating and Country Ceiling.

RATING ACTIONS

Grifonas Finance No. 1 Plc

Class A XS0262719320; LT BBB-sf Upgrade; previouly at BB+sf

Class B XS0262719759; LT BB-sf Affirmed; previouly at BB-sf

Class C XS0262720252; LT Bsf Affirmed;   previouly at Bsf

Kion Mortgage Finance Plc

Cl. A XS0275896933; LT BBB-sf Rating Watch On; previouly at BBB-sf


Cl. B XS0275897311; LT BBB-sf Rating Watch On; previouly at BBB-sf


Cl. C XS0275897741; LT BBB-sf Rating Watch On; previouly at BBB-sf


TRANSACTION SUMMARY

Grifonas was originated by Consignment Deposit & Loans Fund (CDLF)
and Kion was originated by Millennium Bank and grandfathered to
Piraeus Bank S.A. (CCC/C/ccc) in December 2013.

KEY RATING DRIVERS

Sovereign Upgrade

The RWP on Kion's notes and Grifonas's class A notes follows the
upgrade of Greece's IDR to 'BB' from 'BB-' and the revision of its
Country Ceiling to 'BBB+' from 'BBB-'. The ratings of all three
tranches of Kion and the class A notes of Grifonas were capped by
the previous 'BBB-' Country Ceiling and following the sovereign
upgrade could achieve a maximum rating of 'BBB+sf'.

The 'BBB+sf' rating would be achievable if the structured finance
rating cap for Greece changes to four from three notches above
Greece's Long-Term IDR (see Fitch Ratings: Exposure Draft for
Structured Finance and Covered Bonds Country Risk Rating Criteria
dated December 23, 2019). Should the proposed change in the
Exposure Draft not be incorporated into criteria, the maximum
achievable rating would instead be 'BBBsf'. Upon the publication of
the updated country risk criteria, Fitch will re-calibrate its
stresses for Greek mortgages as part of the European RMBS Rating
criteria, up to the maximum achievable rating. Given the
substantial credit enhancement available for the Kion notes, Fitch
expects these tranches to sustain stresses up to the higher maximum
achievable rating and has placed the tranches on RWP. Fitch also
expects Grifonas's class A notes to be able to sustain higher
stresses than 'BBB-sf', given the increasing credit enhancement for
these notes.

Stable Asset Performance

Asset performance has remained overall stable since the last
surveillance review in February 2019, and Fitch expects this to
continue. As at the cut-off dates of the pools, loans with over
three monthly payments missed as calculated by Fitch stood at 1.4%
for Grifonas and 0% for Kion. Fitch observed similar levels of
arrears in the same category in last year's surveillance.

Credit Support and Liquidity Mechanism

The transactions continue to amortise sequentially as their
non-amortising cash reserve are at target, resulting in increasing
credit support. Grifonas also features a standby liquidity facility
that provides adequate liquidity to support the timely payment of
the notes' interest and senior expenses. The facility is
non-amortising, due to breached triggers, which could erode the
transaction's available funds, given the associated commitment
expenses expressed as an interest rate charged on the facility
amount. For Kion, the available cash reserve is adequate to
mitigate the payment interruption risk for the class A notes.

RATING SENSITIVITIES

Further changes to the Greek sovereign IDR, Country Ceiling or
structured finance rating cap may result in corresponding changes
on the tranches rated at the cap.

Continued stable asset performance and increased credit enhancement
could lead to upgrades of the senior and mezzanine tranche of
Grifonas and all tranches of Kion.

Asset deterioration beyond Fitch's expectations could lead to
negative rating action.


LANDMARK MORTGAGE 3: Fitch Hikes Class D Debt to BB+sf
------------------------------------------------------
Fitch Ratings upgraded 13 tranches of Landmark RMBS series and
affirmed the others.

RATING ACTIONS

Landmark Mortgage Securities No.3 Plc

Class A XS1110731806; LT A+sf Upgrade;   previously at Asf

Class B XS1110738132; LT A+sf Upgrade;   previously at BBBsf

Class C XS1110745004; LT BBB+sf Upgrade; previously at B+sf

Class D XS1110750699; LT BB+sf Upgrade;  previously at CCCsf

Landmark Mortgage Securities No.2

Class Aa XS0287189004; LT AA+sf Upgrade;  previously at Asf

Class Ac XS0287192727; LT AA+sf Upgrade;  previously at Asf

Class Ba XS0287192131; LT BBB+sf Upgrade; previously at BBsf

Class Bc XS0287193451; LT BBB+sf Upgrade; previously at BBsf

Class C XS0287192214;  LT BB+sf Upgrade;  previously at Bsf

Class D XS0287192644;  LT B+sf Upgrade;   previously at CCCsf

Landmark Mortgage Securities No.1 Plc

Class Aa XS0258051191; LT AAAsf Affirmed; previously at AAAsf

Class Ac XS0260674725; LT AAAsf Affirmed; previously at AAAsf

Class B XS0260675888;  LT AAAsf Upgrade;  previously at AAsf

Class Ca XS0258052165; LT A+sf  Upgrade;  previously at BBBsf

Class Cc XS0261199284; LT A+sf  Upgrade;  previously at BBBsf

Class D XS0258052751;  LT B+sf  Affirmed; previously at B+sf

TRANSACTION SUMMARY

The UK non-conforming transactions are backed by mixed pools
originated by Amber Home Loans, Infinity Mortgages and Unity
Homeloans.

KEY RATING DRIVERS

New UK RMBS Rating Criteria

The rating actions take into account the new UK RMBS Rating
Criteria dated October 4, 2019. The notes' ratings have been
removed from Under Criteria Observation.

Sector Selection

Fitch applied its non-conforming assumptions to the owner-occupied
mortgages (93.3%, 73.40% and 43.78 by current balance for LMS 1,
LMS 2 and LMS 3, respectively) due to the prevalence of
self-certified income, adverse credit entries at loan origination
and interest-only loans. Fitch has applied its buy-to-let (BTL)
assumptions to the BTL mortgages (6.70%, 26.60% and 56.22%% by
current balance for LMS 1, LMS 2 and LMS 3, respectively).

Tail Risk, Interest-Only (IO) Exposure

The transactions are exposed to significant tail risk in light of
pro-rata pay and IO exposure. LMS 1 and LMS 2 mitigate this risk
via the sequential allocation of principal receipts once the debt
outstanding is less than 10% of the original amount. However, LMS 3
lacks this mitigating feature. LMS 3's class A notes are
constrained by the account bank provider's rating (HSBC, A+/F1+),
where the reserve fund is credited. This can be the only source of
credit enhancement in scenarios where the collateral performance
deteriorates but remains within the conditions for pro-rata
payments.

Stable Performance and Asset Composition

The arrears performance of the underlying mortgages has been stable
over the last year with a downward trend and the pool composition
has remained unchanged.

Sufficient Credit Enhancement (CE)

The transactions closed in 2006 (LMS 1) and 2007 (LMS 2, LMS 3) and
are well-seasoned. As a result CE has built up through note
amortisation, and all transactions benefit from non-amortising
reserve funds, although LMS 1 and LMS 2 reserves are slightly below
target at present.

IO Maturities

The transactions all have a large portion of IO loans (87.0% for
LMS 1, 91.8% for LMS 2 and 84.3% for LMS 3) with the highest
maturity concentration in one year of 21.11%, 42.41% and 44.01% in
2031, 2031 and 2032 for LMS 1, LMS 2 and LMS 3, respectively. Fitch
has tested scenarios where loan maturities get extended (given the
proximity to bond legal final maturity) and found this to be a
rating driver for LMS1's class C and D notes.

RATING SENSITIVITIES

The ratings may be sensitive to the resolution of the Libor rate
exposure on both the mortgages and the notes. For example if
material basis risk is introduced or there is a material reduction
in the net asset yield, the ratings may be negatively affected.

The ratings are sensitive to the owner-occupied IO loan maturity
profile and in particular the ability of borrowers to redeem these
loans on a timely basis.

The ratings are also sensitive to the amortisation profile of the
notes. A switch to sequential due to underperformance may be
positive for the senior notes, however, the effect may be offset by
the negative factors that gave rise to the trigger breach.

LMS 3's class A notes could be upgraded if HSBC was upgraded as the
class A notes' rating is constrained by the account bank rating
that holds the reserve fund.


SOAK.COM: Taps Leonard Curtis to Seek Buyer to Avert Collapse
-------------------------------------------------------------
Vinjeru Mkandawire at The Telegraph reports that fears were growing
for the future of bathroom retailer Soak.com as it scrambles to
find a rescuer before a deadline early last week.

According to The Telegraph, the Nuneaton-based seller of items
including shower accessories and bathroom furniture has lined up
restructuring and insolvency specialist Leonard Curtis to seek a
buyer in a last-ditch attempt by the ailing company to avoid
administration.

It follows an attempt by accountants BDO to sell the business less
than a year after it was spun out from London-listed plumbing and
heating supplier Ferguson, and sold to former Boohoo executive
Christopher Bale, The Telegraph notes.

City sources said Leonard Curtis, which specializes in corporate
recovery, insolvency and restructuring, is looking to secure an
offer for parts or all of the business by Tuesday evening, The
Telegraph states.


THOMAS COOK: Credit Card Customers Still Await Refunds
------------------------------------------------------
Sam Barker at The Telegraph reports that credit card customers are
waiting months for refunds as providers are still swamped with
Thomas Cook claims four months after the firm went bust.

The 178-year-old travel agent went into administration in September
last year, prompting thousands of customers who had booked trips on
credit cards to submit refund claims, The Telegraph relates.  But
the volume of requests has left Barclaycard holding up other
refunds, The Telegraph discloses.

According to The Telegraph, the company said it received an
"unprecedented" number of claims since the collapse.

"We've worked tirelessly to resolve all claims as quickly as
possible, while maintaining our high quality standards.  However,
due to the volume of cases, our overall timescales have been
affected," The Telegraph quotes the company as saying.

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



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

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

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

This material is copyrighted and any commercial use, resale or
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members of the same firm for the term of the initial subscription
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