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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, December 14, 2020, Vol. 21, No. 249

                           Headlines



A U S T R I A

NOVOMATIC AG: S&P Cuts Rating to BB on Extended Business Disruption


A Z E R B A I J A N

BANK OF BAKU: Moody's Upgrades LT Deposit Ratings to B3


B E L A R U S

BELARUSBANK: S&P Affirms 'B/B' ICR on Slower Deposit Outflow


B U L G A R I A

BULGARIAN ENERGY: Moody's Affirms Ba1 CFR, Outlook Stable


C Z E C H   R E P U B L I C

ENERGO-PRO AS: Fitch Affirms BB- LT IDR; Alters Outlook to Neg.


F R A N C E

CONSTANTIN INVESTISSEMENT 3: Moody's Affirms B2 CFR


G E O R G I A

ENERGO-PRO GEORGIA: Fitch Affirms BB- IDR; Alters Outlook to Neg.


G E R M A N Y

ANTIN AMEDES: Moody's Affirms B2 CFR; Alters Outlook to Stable
KLEOPATRA HOLDINGS: S&P Alters Outlook to Stable, Affirms 'B-' ICR
WIRECARD AG: Germany Promises to Investigate Audit Regulators


I R E L A N D

FONTWELL II 2020: Fitch Assigns BB+(EXP) Rating on Cl. B Debt
GLENBEIGH SECURITIES 2018-1: DBRS Confirms BB(high) E Notes Rating
INVESCO EUCO V: Moody's Gives (P)B3 Rating to EUR6.8MM Cl. F Notes
MARINO PARK: Moody's Assigns (P)B3 Rating to EUR6MM Cl. E Notes
ORANJE NO. 32: DBRS Confirms BB Rating on Class E Notes



I T A L Y

ICCREA BANCA: DBRS Lowers LongTerm Issuer Rating to BB (high)
MARATHON SPV: DBRS Confirms B (high) Rating on Class B Notes
SOFIMA HOLDING: Moody's Assigns B2 CFR, Outlook Stable


N E T H E R L A N D S

VODAFONEZIGGO GROUP: Moody's Rates New EUR700MM Sr. Unsec. Notes B2


P O R T U G A L

TAP: May Need Around EUR2 Bil. of Additional State Aid by 2024


S P A I N

MIRAVET 2020-1: DBRS Finalizes BB Rating on Class D Notes
TDA SABADELL 4: DBRS Hikes Class B Notes Rating to BB(high)


S W E D E N

SAMHALLSBYGGNADSBOLAGET I NORDEN: S&P Assigns 'BB' Rating on Bonds
UNILABS SUBHOLDING: Moody's Affirms B2 CFR, Outlook Now Stable


T U R K E Y

ISTANBUL: Fitch Assigns BB- Rating to USD580MM Unsec. Notes


U N I T E D   K I N G D O M

CONTOURGLOBAL PLC: S&P Places 'BB' ICR on Watch Negative
COOMBS LTD: Poor Trading Position Prompts Administration
CROWN UK: Moody's Upgrades CFR to Caa2, Outlook Negative
DEBENHAMS PLC: Authentic Brands Mulls Double Takeover
FOLGATE INSURANCE: A.M. Best Affirms B(Fair) Fin'l. Strength Rating

GLOBAL SHIP: S&P Affirms 'B+' ICR on Resilient Performance
R3 GROUP: DMG Acquires Business, Assets Following Administration
RHYS DAVIES: Enters Administration Due to Unsustainable Losses
THG OPERATIONS: Moody's Affirms B1 CFR; Alters Outlook to Positive
ZELLIS HOLDINGS: S&P Upgrades ICR to CCC+, Outlook Stable



X X X X X X X X

[*] BOND PRICING: For the Week December 7 to December 11, 2020

                           - - - - -


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A U S T R I A
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NOVOMATIC AG: S&P Cuts Rating to BB on Extended Business Disruption
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S&P Global Ratings lowered its ratings on Novomatic AG and its
senior unsecured notes to 'BB' from 'BB+'. The recovery rating on
the debt is '3', reflecting its expectation of about 65% recovery

The negative outlook reflects the risk that Novomatic could
underperform our base case in the next 12 months, such that S&P's
adjusted leverage remains above 4x for an extended period, or if
there is any impact from ongoing Austrian legal proceedings.

The second lockdown in Europe is postponing Novomatic's expected
deleveraging. Following restrictions introduced by European
governments to contain the spread of COVID-19 in the fourth quarter
of 2020, Novomatic and customers of its leased-out machines have
again closed many of their gaming arcades. S&P said, "We currently
assume that restrictions will continue into the first half of 2021,
but be less severe and less frequent. This is because we anticipate
that a vaccine or effective treatment will likely not become widely
available before the middle of 2021 and the non-essential nature of
gaming operations will continue to expose land-based gaming
operators to anti-coronavirus measures until then. Therefore, we
now forecast that Novomatic will witness a stronger impact on
earnings, with adjusted EBITDA deteriorating by 50%-55% in 2020
compared with EUR663 million in 2019, and 30%-35% lower in 2021. We
believe it will take the company longer to recover from the
leverage spike in 2020, which we forecast will peak at S&P Global
Ratings-adjusted 5.3x-5.7x. We forecast that leverage could also
remain above our 4x trigger for a downgrade until the end of
2021."

Novomatic's business lacks stronger online presence or greater
product diversity outside of the B2B and B2C machines that have
supported peers' earnings during the pandemic. Novomatic operates
in two segments: Gaming Technology (business-to-business [B2B]) and
Gaming Operations (business-to-consumer [B2C]). S&P said, "We note
that Novomatic generated 40% of revenue from Austria and Germany in
2019 and has exhibited higher earnings volatility during the
pandemic than similarly rated peers in gaming. First, this is
because Novomatic generates only about 5% of revenue in the more
resilient online gaming versus 46% in the case of Australian-based
Aristocrat Leisure (BB+/Negative/--) and about 90% in case of
Ireland-based Flutter Entertainment (BB+/Stable/--). Second,
despite B2B and B2C diversification, Novomatic lacks additional
meaningful product diversification outside of machines, which has
cushioned some peers' earnings from high exposure to land-based
operations during the pandemic, such as in lottery-like Scientific
Games (B/Negative/--). We expect Scientific Games's lottery sales
to decline by only 5%-10% in 2020 because the company's lottery
sales rely largely on food retail outlets, which have generally
remained open during the pandemic. Therefore, we believe that
Novomatic's business is more prone to the disruption of COVID-19
than these peers' and we have revised down our assessment of its
business risk to fair from satisfactory. Additionally, we see a
risk that Novomatic's B2B customer group, who are themselves being
affected by the pandemic, may be forced to lower their capacity or
presence to accommodate the economic impact from the crisis."

COVID-19-related government measures and the German online market's
targeted regulation could accelerate a customer shift to online.
Although online gaming in Germany has been prohibited, the new
Draft Interstate Treaty, if implemented, will allow this market to
open in Germany from July 2021. In addition, German lawmakers
agreed on a transition period whereby existing online gaming
companies operations will be tolerated from now on, as long as they
adhere to the conditions compatible with the new proposed
regulations taking effect in 2021, albeit this is not confirmed by
the courts yet. S&P said, "We see more operators launching online
activities already, such as Loewenplay, Germany's third-largest
gaming arcade operator. Although we view Novomatic's decision to
enter the online market in Germany in the second half of 2021 as
prudent, we also see the risk that the competitors that had already
built an online presence might now gain a competitive advantage
over the next few years. This risk is further accentuated, given
that more players in Europe have at least temporarily shifted to
online offerings during the pandemic. Their return to land-based
gaming remains uncertain, especially the longer the lockdown
persists, even though we saw substantial demand in the middle of
2020 when lockdowns where temporarily lifted. We understand that
Novomatic has already built online and sports betting capabilities
for B2B and B2C in the past. However, we see the risk that a
broader role for Germany next year could require additional capital
expenditure (capex), which, at about 10% of sales, is quite high in
normal years versus industry peers and which constrains free cash
generation."

S&P believes Novomatic has sufficient liquidity sources to absorb
the expected large cash outflows over the next several months.

Following recent disposals, such as Casinos Austria AG, the group
has about EUR900 million available cash and liquid investments and
about EUR560 million available under its revolving credit facility
(RCF) for liquidity management. S&P said, "Although liquidity
sources remain large and sufficient to cover expected outflows and
scheduled redemption of EUR450 million over the next 12 months, we
have revised down our liquidity assessment to adequate from strong.
We note there remains a potential for a breach under the financial
maintenance covenant for the next reporting date in May 2021, given
very limited headroom. However, we see Novomatic as well positioned
to negotiate a waiver if necessary, in light of the group's
well-established bank relationships and large scale in Austria. As
such, we envisage full availability of the RCF over the next 12
months. The scheduled significant maturity and tight covenant
headroom and credit spreads on Novomatic's 2023 bonds, all of which
we consider to be higher than similarly rated peers, contribute to
our adequate liquidity assessment."

Cost management and cash-preserving measures will prevent a large
increase in adjusted debt. Most governmental support measures to
support businesses during the pandemic were extended for the second
lockdown, as well. These include state-funded part-time work for
employees in most of Novomatic's core regions, negotiating rents
for closed arcades, reducing capex to only necessary projects, and
benefitting from temporary government tax relief for gaming taxes,
which represented about 12% of revenue alone in 2019. In S&P's
view, this will help Novomatic's free operating cash flow (FOCF)
generation after leases, which was roughly neutral during the first
half of 2020. As a consequence, it believes that absolute debt
levels will not increase significantly.

Technological capabilities, scale, and diversification in different
jurisdictions support the rating. Despite the challenges from the
pandemic, S&P sees Novomatic as one of the leading land-based
gaming operators and producer of gaming machines in the European
gaming sector, with well-known brands, such as Admiral, and S&P
Global Ratings-adjusted EBITDA of about EUR663 million in 2019. It
benefits from being vertically integrated, having operations in
multiple European geographies and to a small extent also in North
America and Australia, and a significant scale that supports
investments in research and development to enable the development
of new products with high technological standards.

The ratings are subject to further regulatory developments, despite
greater clarity for the German land-based gaming market.

Regulatory changes have put a dent in Novomatic's earnings and cash
generation over the past three years, and the sector remains prone
to regulatory risks. However, near-term effects from recent
regulatory changes for Novomatic's large land-based operations
should be limited. This is due to:

-- The impact of German Gaming Ordinance measures regarding player
safety on gross gaming revenue was negative in early 2019, but has
improved since then. In early 2019, the newly introduced V2
machines with card unlocking features were unpopular with players,
and resulted in lower gross gaming revenue. However, as players
have become more used to the feature, the new machines have become
more accepted, and gross gaming revenue has thus improved.

-- The new draft Interstate Treaty agreed by German states, laying
out a framework for regulation in the German market from July 2021.
This allows states to accept the current level of exceptions
granted for multi-concession arcades, therefore lowering risk to
earnings expectations for Novomatic's German business.

-- S&P said, "We have incorporated in our base case the impact of
regulation on gaming arcades in Italy that limits the number of
arcades allowed in one area, as well as higher gaming taxes in the
country, mostly in 2019. We also expect less regulatory scrutiny in
the sector, given the significant impact of COVID-19 on
businesses."

Legal proceedings pose reputational risks and could constrain
Novomatic's ability to do business if current investigations lead
to prosecution or other legal actions. Investigations by Austrian
economic and corruption authorities against Novomatic, its former
CEO, the majority shareholder, and some former and current
employees are ongoing. The allegations include attempting to
illegally influence gaming legislation and licensing in Austria.
The investigations are connected to broader allegations surrounding
a political scandal in Austria, which began in 2019, and are likely
to continue for some time. S&P said, "Although we understand
Novomatic and named parties deny any wrongdoing and are cooperating
fully with authorities, and we believe the current impact of the
investigations on Novomatic's business is minimal, the longer they
continue, the investigations could nevertheless threaten the
group's reputation." This would particularly be the case if they
resulted in legal proceedings against the company or connected
parties. Gaming operators rely on their good standing and
reputation, and that of their key personnel, among regulators to
maintain gaming licenses. This has always been the case with
Novomatic, but things could become more challenging if the
investigations and potential proceedings are protracted.

Environmental, social, and governance (ESG) factors relevant to the
rating action:

-- Health and safety

S&P said, "The negative outlook reflects the existing uncertainty
and the risk that Novomatic could underperform our base case over
the next 12 months, such that leverage remains above S&P Global
Ratings-adjusted 4x for an extended period. Financial
underperformance could occur if, for example, the extent and
duration of lockdowns are worse than anticipated, or any recovery
is more muted than forecast. On this basis, we forecast S&P Global
Ratings-adjusted debt to EBITDA could remain high, at 3.9x-4.4x, in
2021, but we think that would be temporary.

"The outlook also reflects our view of the downside risk to
Novomatic should the ongoing investigations by Austrian authorities
progress to prosecution or other legal action, against the company
or connected parties, and the impact this could have on the group's
reputation and standing."

S&P could lower the rating if:

-- The impact of the pandemic and related recession were more
severe than we assume, resulting in S&P Global Ratings-adjusted
debt to EBITDA remaining above 4x, or FOCF after all lease payments
remaining negative on a prolonged basis.

-- If the trend toward online gaming grew stronger than it
assumes.

-- The liquidity of the group weakened to a degree not offset by
any remedial action, for instance by not obtaining a covenant
waiver in case of a potential breach.

-- The investigations progressed, for example, to prosecution or
other legal action, or led to findings of unethical behavior. While
it is not S&P's base-case scenario, S&P could also consider
lowering the rating if investigations were protracted and it saw
impacts on Novomatic's reputation or standing in operating or
financial markets.

S&P could revise the outlook to stable once it has more certainty
regarding the COVID-19 pandemic and the related recession's effect
on consumer spending in the European gaming market and on
Novomatic's operating performance, liquidity, and cash flow. In
particular, an outlook revision would depend on the group's ability
to manage costs, cash, and upcoming debt maturities, with its S&P
Global Ratings-adjusted debt to EBITDA therefore falling below 4x
after 2021. A stable outlook would also hinge on a resolution of
the ongoing investigations.




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A Z E R B A I J A N
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BANK OF BAKU: Moody's Upgrades LT Deposit Ratings to B3
-------------------------------------------------------
Moody's Investors Service upgraded OJSC Bank of Baku's long-term
local and foreign currency deposit ratings to B3 from Caa1 and
maintained stable outlook on these ratings. Concurrently, Moody's
upgraded the bank's Baseline Credit Assessment (BCA) and Adjusted
BCA to b3 from caa1, its long-term local and foreign currency
Counterparty Risk Ratings (CRRs) to B2 from B3 and its long-term
Counterparty Risk Assessment (CR Assessment) to B2(cr) from B3(cr).
The bank's short-term local and foreign currency deposit ratings
and short-term local and foreign currency CRRs of Not Prime and its
short-term CR Assessment of Not Prime(cr) were affirmed.

RATINGS RATIONALE

The upgrade of Bank of Baku's BCA and deposit ratings reflects a
substantial improvement of the bank's solvency metrics as a result
of the implementation in 2019 of the government's programme
directed at resolution of problem loans accumulated by individuals
and easing the population's debt burden. This programme envisaged
(1) payments of compensations to borrowers or banks on foreign
currency loans which had been affected by the devaluation of Azeri
manat (AZN) in 2015 and (2) restructuring by banks of personal
loans overdue by more than 360 days, and compensating by the
government to banks restructuring losses on these loans. Bank of
Baku, which had focused on consumer lending and accumulated a large
stock of distressed retail loans, became one of the main
beneficiaries of the government programme's measures.

Payments made by the government in 2019 as a compensation for
foreign currency loans devaluation allowed Bank of Baku to release
loan-loss reserves related to the resolved loans, restore its
capital and improve asset quality. The bank's problem loan ratio
improved to 13.6% of total gross loans as of the end of 2019 from
54.8% as of the end of 2018, while its ratio of tangible common
equity to total risk-weighted assets increased to 26.6% from 8.0%
as of the respective reporting dates. Moody's also estimates that
the borrowers' payments on restructured loans, which were
previously overdue, that have started in 2020, will further
underpin Bank of Baku's solvency metrics, partially compensating
for the negative effect of the coronavirus pandemic.

Bank of Baku's ratio of net income to tangible banking assets was
6.5% in 2019, driven by the lump-sum release of a large amount of
loan loss provisions and the receipt of the CBAR funding at
below-market interest rate. Moody's forecasts that in 2020 and next
several years, till the end of the government's programme for
restructuring personal loans, the bank's profitability will be
supported by the recoveries of the restructured loans, whereas
return on its newly originated loan portfolio will hinge on the
stringency of credit underwriting and cost discipline.

Bank of Baku's funding and liquidity profiles are stable, with the
liabilities mostly comprising customer deposits and funding from
the CBAR. The bank's liquidity buffer was strong as of September
30, 2020 accounting for 30% of total assets.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

An upgrade of Bank of Baku's BCA and long-term deposit ratings
could occur if the bank demonstrates further material and
sustainable improvement in its solvency metrics as a result of a
continuing workout of legacy problem loans and prudent new credit
underwriting. However, the upward pressure might only develop on
the backdrop of improved operating conditions in Azerbaijan.

Bank of Baku's BCA and long-term ratings could be downgraded in
case of a deterioration in the bank's asset quality and
profitability metrics and erosion of its capital beyond Moody's
current expectations. A weakening of the bank's liquidity and
funding profiles might also result in the ratings downgrade.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
Methodology published in November 2019.



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B E L A R U S
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BELARUSBANK: S&P Affirms 'B/B' ICR on Slower Deposit Outflow
------------------------------------------------------------
S&P Global Ratings affirmed its 'B/B' long- and short-term issuer
credit ratings on Belarus-based financial institutions --
Belarusbank, Belagroprombank JSC, and Bank BelVEB OJSC -- and
removed them from CreditWatch with negative implications, where S&P
placed them on Sept. 11, 2020. The outlooks on all three banks are
negative.

S&P said, "We affirmed the ratings and removed them from
CreditWatch because, in our view, immediate pressure on the banks'
funding profiles has eased somewhat following a deceleration of
deposit outflows.  The rapid outflow of deposits in August and
September 2020 has slowed down, and the banks have managed to
stabilize the pressure on their funding profiles by limiting new
lending and raising interest rates on deposits. Moreover, we do not
expect lending growth to return to pre-2020 levels in the next 12
months. The nominal increase of the loan book in 2020 is to a large
extent due to currency revaluation of loans denominated in foreign
currency, after the Belarusian ruble depreciated by almost 20%
against the U.S. dollar since the beginning of 2020. At the same
time, Belarusian banks increased deposit rates by about 800 basis
points (bps) in October 2020 compared with first-quarter 2020,
bringing the retail deposit rate in Belarusian ruble close to 17%.
These measures have supported the banks' efforts to maintain
positive liquidity cushions.

"However, we expect Belarusian banks to continue to face liquidity
and asset quality pressure in the next 12 months amid our
expectation of protracted political instability and economic
uncertainty.  We consider that prolonged political instability and
economic uncertainty will continue weigh on depositors' confidence
and the banking sector's funding stability, with liquidity
remaining under pressure over the next year. Moreover, we think the
adverse macroeconomic environment will result in deterioration of
asset quality in the banking sector, putting additional pressure on
capitalization and making the largest banks more reliant on capital
support from the government. Average problem assets of the 10
largest banks, which comprise Stage 3 and purchased or originated
credit-impaired loans under International Financial Reporting
Standards, stood at 11%-12% of the banking sector's total loans in
2019 and the first half of 2020. We think problem loans will
further increase to 15%-16% and credit losses to about 350 bps in
2020-2021, exacerbated by the expected economic contraction in
2020, depreciation of the Belarusian ruble, and a large share of
foreign currency lending, which accounted for about one-half of
total loans as of Oct. 1, 2020. We also note that all three banks
still have a liquidity cushion to cover their upcoming wholesale
debt payments."

Belarusbank And Belagroprombank

S&P said, "We consider Belarusbank and Belagroprombank, the two
largest and state-owned banks, to be government-related entities
with a moderately high likelihood of receiving extraordinary
support from the Belarusian government. Our ratings reflect these
banks' high dependence on economic conditions in Belarus, their
reliance on ongoing and extraordinary capital and liquidity support
from the state, and substantial lending to and funding from
government bodies and state-owned enterprises, which are also
currently under significant pressure."

Belarusbank's superior business position in its domestic market
remains a rating strength versus domestic peers. The bank has the
most diverse business profile in Belarus and a market share
exceeding 40% of total assets, total loans, and customer deposits.
S&P believes that Belarusbank's ability to demonstrate resilient
financial performance during the period of economic turbulence will
be very important for it to maintain its superior business position
in the medium term.

Although, Belagroprombank's asset quality appears to be somewhat
weaker than the banking sector average, the risk that its metrics
will deteriorate materially below the expected systemwide averages
is mitigated by two factors. First, Belagroprombank's focus is on
the agricultural sector, which shows rather resilient performance
despite the pandemic; and second, it has a lower share of foreign
currency-denominated lending than the sector.

Nevertheless, risks are elevated for both banks because,
historically, state-owned banks' asset quality has benefited from
direct and indirect state support to targeted borrowers
(state-owned enterprises), which in the current circumstances might
be limited.

Bank BelVEB

S&P said, "We consider Bank BelVEB to be a strategically important
subsidiary of Russia's VEB.RF (BBB-/Stable/A-3). This means we
expect that the Russian parent will continue supporting Bank BelVEB
during the period of economic turbulence by providing significant
financial and operational support. While the bank's liquidity
profile is benefiting from ongoing parental support (the parent
institution further increased available credit limits this year),
we believe that the potential extraordinary support cannot fully
mitigate the high risks of operating in Belarus. Therefore, our
ratings on Bank BelVEB do not exceed the ratings on the
sovereign."

Outlooks

Belarusbank

The negative outlook on Belarusbank mirrors that on the sovereign,
along with the increased pressure on Belarusian banks' asset
quality, funding, and liquidity profiles over the next 12 months.

Downside scenario  

S&P could lower the ratings in the next 12 months if it takes a
similar action on Belarus; or if it observes a simultaneous
deterioration of more than one credit fundamental, including:

-- Significant weakening of funding and liquidity metrics,
alongside an insufficient liquidity cushion, central bank, or
government support to meet its obligations in full and on time;
and

-- More pronounced deterioration of asset quality than S&P's
currently expect, resulting in a material increase in credit costs
and additional provisions that are not offset by a corresponding
capital injection.

Although it is not our base-case scenario, S&P could also take a
negative rating action if the government imposes tight foreign
exchange or capital controls, for example, as Greece did in 2015.

Upside scenario

S&P could revise the outlook to stable if lingering political
uncertainty subsided, with a clear way forward that contributed to
Belarus' economic, fiscal, and financial sector stability,
reflected in a revision of the outlook on the sovereign rating to
stable. This should be coupled with the bank's ability to preserve
its asset quality and maintain sufficient liquidity buffers.

Belagroprombank

The negative outlook on Belagroprombank reflects that on the
sovereign, along with the increased pressure on Belarusian banks'
asset quality, funding, and liquidity profiles over the next 12
months.

Downside scenario  

A negative rating action on Belarus would also trigger a similar
action on the bank. S&P could also take a negative rating action if
it observed that the bank's credit fundamentals have deteriorated
significantly. This could happen if, for example, at least one of
the following occurred:

-- Significant deterioration of the bank's funding and liquidity
metrics, and if its liquidity cushion, central bank, or government
support are insufficient to meet obligations in full and on time;
or

-- Further weakening of asset quality to noticeably below the
system average, resulting in a material increase in credit costs
and new provisions not offset by a corresponding capital injection
to mitigate the eventual impact.

Although it is not currently S&P's base case, it would also lower
the ratings on the bank if the government imposed tight foreign
exchange or capital controls.

Upside scenario  

S&P could revise the outlook to stable if lingering political
uncertainty subsided, with a clear way forward that contributed to
Belarus' economic, fiscal, and financial sector stability,
reflected in a revision of the outlook on the sovereign rating to
stable. This would also require Belagroprombank to achieve asset
quality close to the system average, while maintaining sufficient
liquidity buffers.

Bank BelVEB
The negative outlook on Bank BelVEB reflects that on Belarus and
our view that the bank's creditworthiness will remain under
pressure over the next 12 months.

Downside scenario  

S&P said, "A negative rating action on Belarus would trigger a
similar action on the bank. Although it is not currently our base
case, we would also lower the ratings on Bank BelVEB if the
government imposed tight foreign exchange or capital controls. A
deterioration of Bank BelVEB's credit fundamentals won't
automatically lead to a downgrade because our rating could
incorporate up to three notches of uplift for parental support."

Upside scenario  

S&P could revise the outlook to stable if lingering political
uncertainty subsided, with a clear way forward that contributed to
Belarus' economic, fiscal, and financial sector stability,
reflected in a revision of the outlook on the sovereign rating to
stable.




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B U L G A R I A
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BULGARIAN ENERGY: Moody's Affirms Ba1 CFR, Outlook Stable
---------------------------------------------------------
Moody's Investors Service has affirmed Bulgarian Energy Holding
EAD's long-term corporate family rating of Ba1, the probability of
default rating of Ba1-PD, and the senior unsecured debt ratings of
Ba2. The outlook on the ratings remains stable.

RATINGS RATIONALE

The rating action reflects Moody's view that BEH's standalone
credit profile, expressed as a Baseline Credit Assessment (BCA) of
b1, is benefitting from Bulgaria's migration to liberalized
electricity and gas markets, given the group's favourable
electricity generation profile and dominant position as gas
supplier. Planned investments, primarily in gas infrastructure,
will weaken BEH's leverage metrics over the coming years, but this
is mitigated by a high probability of support from the company's
sole owner, the Government of Bulgaria (Baa1 stable), leading to an
overall final rating of Ba1.

Key drivers of the company's BCA include the group's low-carbon
power generation mix with around 75% of output stemming from
nuclear and hydropower plants and its ownership of strategic parts
of the domestic energy infrastructure, such as the gas and
electricity transmission grids, which are regulated and contribute
at least 30% of annual EBITDA. In addition, BEH's financial
flexibility has improved, following gradual reform steps of the
regulated electricity and gas markets, in combination with moderate
capital expenditures over the last years and dividend restraint by
its owner.

However, the BCA is constrained by BEH's volatile earnings profile
and low cash flow visibility which are largely caused by an
unsettled regulatory regime; by uncertainties with regard to the
implementation of the full liberalisation of the Bulgarian
electricity market and its effects on the group's earnings; and by
weak liquidity management. BEH relies almost exclusively on
internally generated cash flows for its liquidity management, which
is centralized at the parent company level. As liquidity back-up
lines only exist in the form of small overdraft facilities at
subsidiary level, the company is exposed to market disruption
risk.

BEH currently displays financial flexibility and low leverage,
expressed as funds from operations (FFO) to net debt, which in 2019
amounted to around 31%. Moody's anticipates a temporary weakening
of the leverage metrics over the next years as a result of two
major gas infrastructure projects, the Balkan Stream pipeline
connecting Bulgaria's borders with Turkey and Serbia, as well as
the IGB interconnector with Greece, but expects metrics to remain
commensurate with BEH's current BCA and ratings.

BEH falls under Moody's Government-Related Issuers Methodology due
to its 100% ownership by the Government of Bulgaria (Baa1 stable).
Accordingly, and based on Moody's view of high default dependence
and high support in case of financial distress, BEH's rating
incorporates three notches of uplift from its BCA of b1.

RATIONALE FOR THE STABLE OUTLOOK

The outlook is stable, reflecting Moody's view that BEH generally
benefits from the liberalization of Bulgaria's wholesale energy
markets, reflected in an improved credit profile, expressed as BCA
of b1. This is partly offset by the uncertainties with regard to
the implementation timeline and eventual design of the fully
liberalised markets in which BEH operates. Moody's expects that the
company will be able to maintain a financial profile, expressed as
FFO/debt, commensurate with its BCA in the high teens in percentage
terms on a sustained basis, notwithstanding a temporary weakening
over the next 2 years, owing to larger investment projects. A
one-notch downgrade or upgrade of the BCA may not necessarily
result in a change in the final rating.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The rating could be upgraded if (1) the market liberalization
process is completed and proves to remain beneficial for BEH; and
(2) the credit quality and Moody's support expectations of the
Government of Bulgaria remain at least unchanged.

Downward pressure on the BCA could occur if BEH's financial profile
were to deteriorate persistently below guidance as a result of, but
not limited to, (1) adverse changes in the operating environment,
including a significant delay in the completion of the market
liberalization process; or (2) negative regulatory changes, or
both. Downward pressure on the final rating may develop if (1)
Moody's was to reassess the estimate of high support from the
Bulgarian government, or (2) the government's rating was to be
downgraded.

A corporate family rating is an opinion of the BEH group's ability
to honor its financial obligations and is assigned to BEH as if it
had a single class of debt and a single consolidated legal
structure. The Ba2 senior unsecured rating of BEH's outstanding
senior bonds is one notch below the rating level of BEH's CFR and
reflects a degree of structural subordination of noteholders to the
claims of other BEH group creditors.

LIST OF AFFECTED RATINGS

Affirmations:

Issuer: Bulgarian Energy Holding EAD

Probability of Default Rating, Affirmed Ba1-PD

Corporate Family Rating, Affirmed Ba1

Senior Unsecured Regular Bond/Debenture, Affirmed Ba2

Outlook Actions:

Issuer: Bulgarian Energy Holding EAD

Outlook, Remains Stable

The methodologies used in these ratings were Unregulated Utilities
and Unregulated Power Companies published in May 2017, and
Government-Related Issuers Methodology published in February 2020.

Headquartered in Sofia, Bulgarian Energy Holding EAD is the holding
company of the largest utility group in Bulgaria. The group owns
more than 50% of the country's generation capacity, owns and
operates the electricity and gas transmissions networks and is sole
importer and main supplier of gas in the country. Bulgarian Energy
Holding is 100% owned by the Government of Bulgaria. For the six
months ended June 30, 2020, Bulgarian Energy Holding reported
consolidated total revenues of BGN2,788 million (around EUR1,425
million) and EBITDA of BGN532 million (around EUR272 million).



===========================
C Z E C H   R E P U B L I C
===========================

ENERGO-PRO AS: Fitch Affirms BB- LT IDR; Alters Outlook to Neg.
---------------------------------------------------------------
Fitch Ratings has revised ENERGO-PRO a.s.'s (EPas) Outlook to
Negative from Stable while affirming the utilities company's
Long-Term Issuer Default Rating (IDR) at 'BB-'.

The Negative Outlook reflects higher than expected shareholder
distribution and weaker than expected performance, leaving its
forecast leverage above the negative rating sensitivity in
2020-2021. Lower-than-expected tariff increase for the next
regulatory period from 2021 in Georgia, coupled with hydrology
below the long-term average would result in a downgrade.

The ratings reflect EPas's small size relative to other rated
European utilities, cash-flow volatility, operating environment
risk and key-person risk stemming from ultimate ownership by one
individual. It also reflects a supportive regulatory regime in
utilities networks in Bulgaria and geographic diversification.

KEY RATING DRIVERS

Distribution to Shareholder: To date in 2020 EPas has distributed
EUR37 million to shareholders and expects to distribute another
EUR3 million by year-end, versus its expectation of zero
distributions in 2020. This was distributed under the cumulative
EUR10 million annual permitted investment clauses in Eurobond
documentation, which has not been utilised before. The funds were
mainly used for funding development projects of its parent in
Turkey. EPas expects to distribute EUR10 million in 2021. Its
rating case includes distribution of EUR10 million - EUR50 million
in 2021-2023. EPas expects its dividend policy to remain flexible
and subject to business needs.

High Leverage: Fitch expects funds from operations (FFO) net
leverage adjusted for connection fees and guarantees to deteriorate
to above 6x in 2020 and to remain above its negative sensitivity in
2021 before decreasing to slightly below 5.5x in 2022. Fitch
forecasts FFO interest coverage adjusted for connection fees and
guarantees at above 3x in 2020-2023. Its credit metric includes
EUR47 million guarantees in favour of EPas's sister companies
within DK Holding group as off-balance sheet obligations.
Guarantees and higher than expected distributions have a material
impact on credit ratios and therefore EPas has an ESG Relevance
Score of 5 for Group Structure.

EBITDA Volatility: EPas's Fitch-calculated EBITDA ranged between
EUR96 million and EUR164 million in 2016-2019 due to variable
hydrology and tariff changes. Fitch expects 2020 EBITDA to decline
to EUR113 million, due to below long-term average hydro generation,
high purchased electricity costs, liberalisation of high-voltage
customers from May 2019 in Georgia and a sharp contraction of the
economy depressing distribution volumes.

2021 EBITDA Improvement Expected: Fitch expects 2021 EBITDA to
improve to 2016-2019's average, assuming hydrology at an eight-year
average, approval of a distribution tariff increases in Georgia
sufficient to cover losses recorded in the previous regulatory
period and that all HPPs in Turkey will sell generated electricity
at market prices, which will weight on its profitability. Smaller
increases in Georgian distribution tariffs than its expectations,
coupled with low hydrology, will pressure EBITDA and credit metrics
and may result in a downgrade.

HPP Liberalisation in Georgia: In 2020 Georgia adopted the
electricity market model, providing that electricity producers with
installed capacity below 120 MW will gradually be relieved of
public-service obligation as they transition to market-based
principles. EPas's HPPs will gradually be deregulated in 2021-2027.
Fitch expects a positive effect from this since market prices are
materially higher than regulated ones.

FiT Cessation in Turkey: EPas's generation business in Turkey
benefits from the renewable energy resource support mechanism
(YEKDEM) as FiTs are significantly above market prices. Fitch
previously anticipated the majority of assets (66MW) remaining
eligible for FiT until end-2021. However, following the regulator's
recent decision all EPas's HPP in Turkey will cease to be eligible
for FiT at end-2020. This will negatively impact EBITDA in Turkey
as market prices are materially lower than FiTs and denominated in
liras. Turkey accounted for about 25% of EPas's EBITDA in 1H20.

Regulated EBITDA Share to Decline: EPas's EBITDA continues to be
dominated by regulated activities (76% in 1H20, down from 89% in
2017, based on company estimates). However, Fitch expects its share
to decrease as business mix shifts towards market-based activities,
following cessation of FiT eligibility for its assets in Turkey,
expected gradual HPPs liberalisation in Georgia, and the expiry of
reference price plus premium mechanism in Bulgaria over 2024-2025.
The financial effect of these developments will be mixed and will
vary by country. Fitch may tighten its rating sensitivities if
Fitch views cash flow predictability as decreasing as a result.

FX Risks Remain: EPas remains subject to FX fluctuations, as its
debt at end-1H20, consisting of mainly Eurobonds, was
euro-denominated. This is in contrast to its local-currency
denominated revenue, although the Bulgarian leva is pegged to the
euro. EPas does not use hedging instruments, other than holding
some cash in foreign currencies.

Key Person Risk: EPas has higher key person risk than for the
majority of rated peers, as the company is ultimately owned by one
individual. It is part of the larger DK Holding. EPas's sister
companies are involved in the construction of HPPs in Turkey, which
may require funding through distributions received from EPas, as it
is the major cash-generating subsidiary within DK Holding. EPas has
an ESG relevance score of 5 for Group Structure and 4 for
Governance Structure considering that these factors drive the
negative rating action.

Turkish Projects Outside Rating Case: EPas plans to consolidate
Turkish projects (Bilsev and Murat Nehri) constructed by its sister
companies within DK Holding Group once they are fully commissioned
and would not worsen EPas's financials after consolidation. EPas
expects that it would improve its credit metrics. Consolidation of
these projects is not part of its rating case.

EPas has an ESG Relevance Score of 4 for Governance Structure, as
EPas is part of larger DK Holding, which is ultimately owned by one
individual. Key person risk from this dominant shareholder is a
rating constraint.

EPas has an ESG Relevance Score of 5 for Group Structure, EPas has
issued guarantees in favor of its sister companies within DK
Holding group and higher than expected distributions have a
material impact on its credit ratios driving the Negative Outlook.

DERIVATION SUMMARY

EPas is smaller than other rated European utilities such as Energa
S.A. (BBB-/Stable) or Bulgarian Energy Holding EAD (BB/Stable),
although it is one of the largest utilities in Georgia and
Bulgaria. The company is focused on mostly hydro generation with a
close-to-zero CO2 footprint. Its EBITDA was more volatile over
2013-2019 than that of many peers, but it benefits from mostly
neutral-to-positive free cash flow (FCF) generation and a large
portion of regulated and quasi-regulated income. EPas's leverage is
higher than Energa's.

EPas has greater geographic diversifications and benefits from more
stable regulation and integration into networks, than DTEK
Renewables B.V. (B-/Rating Watch Negative), one of the largest
renewable (wind and solar) energy producers in Ukraine that
operates under FiT and Uzbekhydroenergo JSC (B+/Stable),
hydroenergy producer with a monopoly position in Uzbekistan, which
is rated one notch lower than Uzbekistan (BB-/Stable), reflecting
the assessment of links with the state, its ultimate shareholder.

KEY ASSUMPTIONS

  - Bulgarian, Georgian and Turkish GDP to decline 5.7%, 4.8%, 3.2%
in 2020, respectively, before rebounding to 3.2%-4.4%, 4.5%-4.7%,
4.6%-5.0% in 2021-2023

  - Bulgarian, Georgian, and Turkish CPI on average at 1.9%, 4%,
12.4% respectively over 2020-2023

  - Electricity generation to decrease to about 2.4 TWh in 2020 and
to increase to about 2.7 TWh until 2023

  - Capex of about EUR55 million annually on average over
2020-2023

  - Distributions of EUR40 million in 2020, EUR10 million in 2021,
EUR50 million in 2022, and EUR10 million in 2023

  - EUR/USD1.15, USD/TRY6.8-TRY8.2 and EUR/GEL3.5-GEL3.6 over
2020-2023

  - EUR47 million guarantees included as off-balance sheet
obligations in 2020-2023

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

  - Fitch does not anticipate an upgrade as reflected in the
Negative Outlook, nevertheless, improved FFO net leverage
(excluding connection fees and including group guarantees) to below
4.5x and FFO interest coverage consistently above 4x would be
positive for the rating.

  - The rating may be affirmed with a Stable Outlook if the
negative sensitivities below are not breached.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

  - Higher distributions to shareholder and lower profitability and
cash generation leading to FFO net leverage (excluding connection
fees and including group guarantees) above 5.5x and FFO interest
coverage below 3x on a sustained basis

  - Distribution tariff increase below its current expectation
coupled with continued low hydrology

  - Significant weakening of business profile with lower
predictability of cash flows may lead to tighter leverage
sensitivity or a downgrade

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: At end-2019 EPas had EUR17 million (EUR24
million at end-1H20) of unrestricted cash and equivalents and an
EUR23m revolving credit facility, against short-term financial
liabilities of EUR16 million (EUR13 million at end-1H20) and
Fitch-forecast FCF for 2020 of EUR5 million. The next substantial
debt maturity is in 2022, following EPas's refinancing with
Eurobonds in 2017-2018.

SUMMARY OF FINANCIAL ADJUSTMENTS

  - Lease is deducted from debt and lease service costs are part of
operating expenditure

  - Surplus from inventory and property, plant and equipment (PPE)
counts, income from penalties and fines, gains from insurance
claims, gains/losses on disposal of PPE and intangible assets,
changes in inventory of products and in work in progress,
capitalised own products and own services were also excluded from
EBITDA.

  - Guarantees of EUR48 million at end-2019 issued by EPas under
loan agreements of its sister companies included as off-balance
sheet obligations in the adjusted debt calculations

  - For the purpose of FFO net leverage (excluding connection fees)
and FFO interest cover (excluding connection fees) calculations
Fitch reduced FFO by the amount of customer connection fees
received as they are set off against capex

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

ESG CONSIDERATIONS

ENERGO-PRO a.s.: Group Structure: 5, Governance Structure: 4

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



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

CONSTANTIN INVESTISSEMENT 3: Moody's Affirms B2 CFR
---------------------------------------------------
Moody's Investors Service affirmed Constantin Investissement 3
S.A.S.' (Cerba or the company) B2 corporate family rating (CFR),
its B2-PD probability of default rating and its Caa1 instrument
rating to the senior unsecured notes. Concurrently Moody's has
affirmed the B1 instruments ratings to the senior secured revolving
credit facility and senior secured term loan B, all issued by
Constantin Investissement 4 S.A.S. The outlook on both entities was
changed to stable from negative.

RATINGS RATIONALE

Moody's has stabilized the outlook on Cerba on the back of the
strong operating performance to date as COVID tests more than
offset core volume (i.e., non COVID tests) disruptions linked to
lockdown measures. Moody's positively notes that core volumes have
strongly recovered from the trough in April/May 2020 and are now
back at pre-pandemic level. The Q3 results showed strong top line
growth and margin improvement. As a result, credit metrics
including Moody's adjusted leverage have improved during the
period. The ratings incorporate the expectation of further gradual
leverage improvements over the next quarters.

Cerba's liquidity position is good thanks to a high cash balance
and large availability under revolving credit facility at end of
September as well as expectation of positive free cash flow
generation in the next quarters. Moody's positively notes that
Cerba has generated around EUR60 million of Moody's adjusted free
cash flow for the year-to-date September 2020 period, up from
around EUR20 million for the same period last year.

Moody's expects the strong uptick in COVID testing performed by the
sector, including Cerba, to continue through the end of 2020 and
into 2021, even for some time after a potential vaccine has been
approved. Moody's forecasts that COVID testing activities will
continue to more than offset any potential declines in the sector's
core testing business. In the past months and especially during the
mid-March to mid-May period, decreased patients' visits to doctors'
offices, the postponement of non-urgent surgeries and staffing
constraints drove core tests volume to decrease with drops more
severe in countries with stricter lockdowns. Volume for routine
tests were more impacted than specialty and hospital outsourcing
services.

Moody's believes that uncertainty remains high especially regarding
the future volume and price of PCR tests as well as potential
future disruption on core volume as long as pandemic persists.

Moody's views this additional boost from COVID tests as temporary
since needs for PCR tests will likely decline as vaccines become
widely available, by mid-2021 according to Moody's current
forecast. The volume of anti-body/serology tests has been
relatively limited so far; this might change next year as the need
to test the presence of antibodies might increase when a vaccine
gets rolled out.

Financial policy will be a key rating driver for the ratings in the
next 12-18 months. Cerba has put M&A on hold during the first
months of the pandemic but Moody's expects the company to resume
M&A activity as the environment remains fragmented and because M&A
has been a key pillar of its growth strategy historically. Business
rationale, acquisition multiple and funding will be key drivers of
the ratings. Active debt-funded M&A activity drove leverage
increase in the past and high leverage level was a key rating
constrain pre-pandemic. M&A activity also generated restructuring
costs which weighted on free cash flow generation in the past. In
order to maintain its ratings within the B2 category, Cerba should
demonstrate an ability and willingness to maintain its Moody's
adjusted debt/EBITDA and Moody's adjusted FCF/debt ratios within
its respective triggers set for the B2 -- especially once M&A
activity has fully resumed. Debt repayments combined with a
strengthening of operating performance and cash generation could
gradually support positive rating pressure.

Price pressure has been a credit constrain for the sector in the
past. European public authorities have put tariff cuts on hold so
far as the sector is seen as instrumental in the day-to-day fight
against the virus. In France for example, the planned 2020 tariff
cut has been cancelled and the triennial agreement provides some
visibility in terms of tariff movement for the 2021-22 period.

Over the next 12-18 months, Moody's does not expect any significant
fundamental changes for the sector. The pandemic has highlighted
the vital importance of testing for public health, certainly a
positive for the sector in the medium term. Potential structural
changes for the sector -- positive or negative -- post COVID are
uncertain at this stage. In case of any change, Moody's assumes it
will be gradual and companies Moody's rates, including Cerba,
because of their size and market positioning are certainly
relatively better positioned than small players to digest any
change.

OUTLOOK RATIONALE

The stable outlook reflects Moody's expectation that the operating
environment will remain favorable for the next quarters as the
additional volume from COVID tests will more than offset potential
disruptions on core volume as long as the pandemic persists. The
stable outlook also assumes that the company's M&A strategy will
remain measured in terms of size, pace and acquisition multiple and
that funding will not result in a Moody's adjusted debt / EBITDA
higher than 7.0x.

LIQUIDITY

Cerba's liquidity is good supported by (1) EUR119 million of cash
on balance sheet as of September 2020, (2) a senior secured
revolving credit facility (RCF) of EUR235 million (EUR75 million
was available as of September 2020), (3) positive free cash flow
expected for the next quarters and (4) long dated maturities with
the senior secured revolving credit facility maturing in October
2023, the senior secured term loan B in April 2024 and the senior
unsecured notes in April 2025.

Cerba has a springing covenant, which is tested when the senior
secured revolving credit facility is drawn by more than 40%
(consolidated senior secured net debt/consolidated pro forma EBITDA
flat at 10.9x).

ESG CONSIDERATIONS

Cerba has an inherent exposure to social risks, given the highly
regulated nature of the healthcare industry and its sensitivity to
social pressure related to the affordability of and access to
healthcare services. Moody's regards the coronavirus outbreak as a
social risk under its ESG framework, given the substantial
implications for public health and safety. Governance risks for
Cerba include any potential failure in internal control that could
result in a loss of accreditation or reputational damage and, as a
result, could harm its credit profile. Cerba has an aggressive
financial strategy characterised by high financial leverage and
shareholder-friendly policies such as the pursuit of debt-financed
acquisitions.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Positive pressure could arise over time if (1) the Moody's-adjusted
debt/EBITDA falls below 5.5x on a sustained basis and (2) the
Moody's-adjusted FCF/debt improves towards 10% on a sustained
basis.

Downward rating pressure could develop if (1) the leverage, as
measured by Moody's-adjusted debt/EBITDA, does not remain below
7.0x on a sustained basis, (2) the Moody's adjusted FCF/debt does
not improve toward 5% on a sustained basis and /or (3) the
company's liquidity deteriorates.

LIST OF AFFECTED RATINGS:

Issuer: Constantin Investissement 3 S.A.S.

Affirmations:

Probability of Default Rating, Affirmed B2-PD

LT Corporate Family Rating, Affirmed B2

Senior Unsecured Regular Bond/Debenture, Affirmed Caa1

Outlook Actions:

Outlook, Changed To Stable From Negative

Issuer: Constantin Investissement 4 S.A.S.

Affirmations:

Senior Secured Bank Credit Facility, Affirmed B1

Outlook Actions:

Outlook, Changed To Stable From Negative

PRINCIPAL METHODOLOGY

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



=============
G E O R G I A
=============

ENERGO-PRO GEORGIA: Fitch Affirms BB- IDR; Alters Outlook to Neg.
-----------------------------------------------------------------
Fitch Ratings has revised JSC ENERGO-PRO Georgia's (EPG) Outlook to
Negative from Stable while affirming the utilities company's
Long-Term Issuer Default Rating (IDR) at 'BB-' and simultaneously
withdrawn the ratings for commercial reasons.

The revision of Outlook mirrors a similar rating action on EPG's
sole shareholder, ENERGO-PRO a.s. (EPas). EPG's ratings are aligned
with those of EPas, reflecting strong ties between the two,
including direct funding from the parent. Georgia is one of three
key operating countries within the group.

The ratings have been withdrawn for commercial reasons. Fitch will
no longer provide ratings or analytical coverage of EPG.

KEY RATING DRIVERS

Ratings Aligned with Parent's: EPG is part of the ultimately
privately-owned utilities group EPas, which also owns electricity
companies in Bulgaria and Turkey. Fitch assesses the relationship
between EPG and EPas as strong, as the latter provides all funding,
following the refinancing of the subsidiary's external debt with a
shareholder loan in 2018. Historically, EPG has also provided loans
to its shareholder, interest on which was capitalised rather than
paid. EPG set off the amount refinanced by EPas with the respective
amount of issued loans to the parent following the refinancing in
2018. EPG and EPas share common management and there is no
significant ring-fence around EPG.

Weak 1H20 Results: EPG's 1H20 results were negatively affected by a
10% yoy decrease of electricity distribution volumes and a 14% yoy
decline in electricity supply volumes due to the liberalisation of
high voltage (HV) customers since May 2019 and lower demand due to
the impact of pandemic. Its financial results were exacerbated by
increased electricity purchase expenses due to low hydrology in
Georgia and therefore limited availability of cheaper electricity.
This contributed to the Negative Outlooks on the EPas and EPG's
ratings.

RATING SENSITIVITIES

Not applicable.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

EPG's ratings are aligned with those of EPas.



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

ANTIN AMEDES: Moody's Affirms B2 CFR; Alters Outlook to Stable
--------------------------------------------------------------
Moody's Investors Service affirmed all ratings of Antin Amedes
Bidco GmbH's including its B2 corporate family rating (CFR), its
B2-PD probability of default, its B2 instrument ratings to the
senior secured revolving credit facility and senior secured term
loan B. The outlook was changed to stable from negative.

RATINGS RATIONALE

Moody's has stabilized the outlook on Amedes on the back of the
strong operating performance to date as COVID tests more than
offset core volume (i.e., non COVID tests) disruptions linked to
lockdown measures. Moody's positively notes that core volumes have
strongly recovered from the trough in April/May 2020 and are now
back at pre-pandemic level. The Q3 results showed strong top line
growth and margin improvement. As a result, credit metrics
including Moody's adjusted leverage have improved during the period
but are expected to gradually improve further, to support a stable
positioning in the B2 rating category.

Amedes' liquidity position is good thanks to a high cash balance
and large availability under revolving credit facility at end of
September as well as expectation of positive free cash flow
generation in the next quarters. Moody's positively notes that
Amedes has generated EUR23 million of Moody's adjusted free cash
flow for the year-to-date September 2020 period, up from EUR16
million for the same period last year. Finally, Moody's notes that
amongst the peer group of large European laboratory network it
rates, Amedes' business has been clearly the most resilient. This
is because of its focus on specialty and Germany, a segment and
geography which have been less disrupted than others during the 1st
European wave of COVID infections.

Moody's expects the strong uptick in COVID testing performed by the
sector, including Amedes, to continue through the end of 2020 and
into 2021, even for some time after a potential vaccine has been
approved. Moody's forecasts that COVID testing activities will
continue to more than offset any potential declines in the sector's
core testing business. In the past months and especially during the
mid-March to mid-May period, decreased patients' visits to doctors'
offices, the postponement of non-urgent surgeries and staffing
constraints drove core tests volume to decrease with drops more
severe in countries with stricter lockdowns. Volume for routine
tests were more impacted than specialty and hospital outsourcing
services.

Moody's believes that uncertainty remains high especially regarding
the future volume and price of PCR tests as well as potential
future disruption on core volume as long as pandemic persists.

Moody's views this additional boost from COVID tests as temporary
since needs for PCR test will likely decline as vaccines become
widely available, by mid-2021 according to Moody's current
forecast. The volume of anti-body/serology tests has been
relatively limited so far; this might change next year as the need
to test the presence of antibodies might increase when a vaccine
gets rolled out.

Financial policy will be a key rating driver for the ratings in the
next 12-18 months. Amedes has put M&A on hold during the first
months of the pandemic but Moody's expects the company to resume
M&A activity as the environment remains fragmented and because M&A
has been a key pillar of its growth strategy historically. Business
rationale, acquisition multiple and funding will be key drivers of
the ratings. In order to maintain its ratings within the B2
category, Amedes should demonstrate an ability and willingness to
maintain its Moody's adjusted debt/EBITDA and Moody's adjusted
FCF/debt ratios within its respective triggers set for the B2 --
especially once M&A activity has fully resumed. Debt repayments
combined with a strengthening of operating performance and cash
generation could gradually support positive rating pressure.

Price pressure has been a credit constrain for the sector in the
past. European public authorities have put tariff cuts on hold so
far as the sector is seen as instrumental in the day-to-day fight
against the virus. In Germany for example, there is no tariff cut
planned for 2021 at this stage. In the context of the national
election next year, it seems unlikely that the current government
would reintroduce tariff cut in the next quarters.

Over the next 12-18 months, Moody's does not expect any significant
fundamental changes for the sector. The pandemic has highlighted
the vital importance of testing for public health, certainly a
positive for the sector in the medium term. Potential structural
changes for the sector -- positive or negative -- post COVID are
uncertain at this stage. In case of any change, Moody's assumes it
will be gradual and companies Moody's rates, including Amedes,
because of their size and market positioning are certainly
relatively better positioned than small players to digest any
change.

OUTLOOK RATIONALE

The stable outlook reflects Moody's expectation that the operating
environment will remain favorable for the next quarters as the
additional volume from COVID tests will more than offset potential
disruptions on core volume as long as the pandemic persists. The
stable outlook also assumes that the company's M&A strategy will
remain measured in terms of size, pace and acquisition multiple and
that funding will not result in a Moody's adjusted debt / EBITDA
higher than 6.0x.

LIQUIDITY

Amedes' liquidity is good supported by (1) around EUR49 million of
cash on balance sheet at end September 2020, (2) a EUR55 million
revolving credit facility out of which EUR43.7 million was
available at end of September 2020, (3) positive free cash flow
expected for the next quarters and (3) long-dated maturities
(senior secured term loan B maturing in June 2026 and senior
secured revolving credit facility maturing in June 2025).

Amedes has a one financial maintenance covenant (flat net leverage
tested quarterly versus requirement of 8.8x).

ESG CONSIDERATIONS

Amedes has an inherent exposure to social risks, given the highly
regulated nature of the healthcare industry and its sensitivity to
social pressure related to the affordability of and access to
healthcare services. Moody's regards the coronavirus outbreak as a
social risk under its ESG framework, given the substantial
implications for public health and safety. Governance risks for
Amedes include any potential failure in internal control that could
result in a loss of accreditation or reputational damage and, as a
result, could harm its credit profile. Amedes has an aggressive
financial strategy characterised by high financial leverage and
shareholder-friendly policies such as the pursuit of debt-financed
acquisitions.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Positive pressure could arise over time if (1) the Moody's-adjusted
debt/EBITDA falls below 5.0x on a sustained basis; (2) the
Moody's-adjusted FCF/debt improves to 10% on a sustained basis.

Downward rating pressure could develop if (1) leverage, as measured
by Moody's-adjusted debt/EBITDA, exceeds 6.0x on a sustained basis;
(2) the Moody's adjusted FCF/debt does not improve to around 5% on
a sustained basis and (3) the company's liquidity deteriorates.

Issuer: Antin Amedes Bidco GmbH

Affirmations:

LT Corporate Family Rating, Affirmed B2

Probability of Default Rating, Affirmed B2-PD

Senior Secured Bank Credit Facility, Affirmed B2

Outlook Actions:

Outlook, Changed To Stable From Negative

PRINCIPAL METHODOLOGY

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

KLEOPATRA HOLDINGS: S&P Alters Outlook to Stable, Affirms 'B-' ICR
------------------------------------------------------------------
S&P Global Ratings revised its outlook on Kleopatra Holdings 1
S.C.A. (KP1) to stable from negative and affirmed its 'B-'
long-term issuer credit rating on KP1 and its rated subsidiaries.
S&P affirmed its 'B-' issue rating on the senior secured
facilities, with the '4'(40%) recovery rating remaining unchanged,
and the 'CCC' rating on the payment-in-kind (PIK) notes, with the
'6'(0%) recovery rating remaining unchanged.

S&P said, "KP1's operating performance has recently improved.  
Despite a decline in revenue (due to adverse foreign exchange rate
movements and a COVID-19 related decline in volumes), we expect a
significant improvement in S&P Global Ratings-adjusted EBITDA to
around EUR270 million in 2020. EBITDA growth reflects production
efficiencies, lower exceptional costs, an improved product mix, and
ongoing pricing discipline. We anticipate revenue will increase by
2%-3% in 2021, thanks to volume growth and passing through higher
resin prices to customers. We expect EBITDA margins of about 15%
for both 2020 and 2021 (up from 10.1% in 2019). Debt to EBITDA will
be at about 8.3x for year-end 2020 and 8.2x for year-end 2021, down
from 11.6x at year-end 2019. We continue to include the PIK notes,
drawings under nonrecourse factoring facilities, and lease
liabilities in our adjusted debt figure.

"We now see the group in a better position to refinance its debt.  
The recent improvement in KP1's operating performance and the
current favorable debt capital market conditions have, in our view,
improved the group chances to successfully refinance its debt
maturities, which fall due in June 2022 (EUR1.4 billion senior
secured term loan) and June 2023 (EUR395 million PIK notes, with
outstanding balance of EUR473 million including PIK interest), as
well as the (currently undrawn) EUR150 million revolving credit
facility (RCF) due in May 2022.

"Increased profitability has translated into abundant likely FOCF.
We now forecast FOCF of about EUR100 million for 2020. We expect
slightly weaker FOCF generation for 2021 (at EUR50 million-EUR60
million) because KP1 is likely to pay the interest on its PIK notes
in cash in January 2021. In 2021, FOCF will also be somewhat
undermined by slightly higher cash taxes (due to higher profits),
higher working capital needs (amid volume growth), and delays in
the pass through of resin price increases. We anticipate that FOCF
will exceed EUR90 million from 2022, however.

"KP1 is exposed to changes in raw material and energy prices, as
well as foreign currency movements.  We expect resin prices to
increase in 2021. However, only around 30% of KP1's sales volumes
are subject to price adjustment clauses (mostly on a quarterly
basis). Given this, resin price increases could negatively impact
EBITDA margins, if KP1 is not able to pass these increases on to
customers, but we acknowledge the ongoing pricing discipline.

"The stable outlook reflects our expectation that KP1 will generate
adjusted FOCF of more than EUR50 million and maintain adjusted debt
to EBITDA below 8.5x during the next 12 months. It also reflects
our belief that KP1 is now more likely to successfully refinance
its debt structure in the first half of 2021."

S&P could lower the rating if

-- S&P's perceived a heightened refinancing risk due to, for
example, a deterioration in KP1's operating performance or weaker
capital market conditions;

-- KP1 did not complete the refinancing in the first half of
2021;

-- Credit metrics (including interest cover and adjusted leverage)
or FOCF weakened significantly and resulted in an unsustainable
capital structure over the next 12 months. This could result from
operational underperformance due to an increase in costs, fiercer
competition, or difficulties in passing on rising raw material
costs to customers, or Liquidity deteriorated.

S&P could raise the rating if all of the following conditions were
met:

-- KP1 successfully refinanced its capital structure;

-- Debt to EBITDA decreased sustainably below 7.5x; and

-- S&P's assessment of KP1's financial policy was consistent with
a higher rating.


WIRECARD AG: Germany Promises to Investigate Audit Regulators
-------------------------------------------------------------
Christian Kraemer, Patricia Uhlig and Hans Seidenstuecker at
Reuters report that Germany has promised to investigate after the
head of the body that regulates auditors told lawmakers he had
traded in Wirecard shares weeks before the payment services company
collapsed amid massive fraud allegations.

According to Reuters, as head of audit regulator APAS, Ralf Bose
was responsible for regulating EY, which audited Wirecard's
accounts for years until the company collapsed following the
discovery of a EUR1.9 billion (US$2.3 billion) hole in its
accounts.

"We will discuss the matter with the people involved," Economy
Minister Peter Altmaier, as cited by Reuters, said on Dec. 11,
adding that he was "concerned" after learning overnight of Bose's
share trading.

He pledged the matter would be "intensively" examined and said
authorities would check if the rules had been followed, Reuters
notes.

Mr. Bose told a parliamentary committee on Dec. 10 that he had
dealt in Wirecard shares shortly before its collapse, according to
attendees of the closed-door meeting, Reuters relates.  He said he
bought shares on Apr. 28 and sold them on May 20, Reuters
recounts.

There is no evidence that his trades broke any rules, according to
Reuters.

A spokeswoman said Germany's financial regulator BaFin is looking
into the matter, Reuters notes.  She added it is not yet clear that
an official investigation would be launched, according to Reuters.




=============
I R E L A N D
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FONTWELL II 2020: Fitch Assigns BB+(EXP) Rating on Cl. B Debt
-------------------------------------------------------------
Fitch has assigned Fontwell II Securities 2020 Designated Activity
Company expected ratings as per the list.

The assignment of final ratings is contingent on the receipt of
final documents conforming to information already received.

RATING ACTIONS

Fontwell 2020

Retained Tranche A; LT NR(EXP)sf Expected Rating

Retained Tranche B; LT A(EXP)sf Expected Rating

Retained Tranche C; LT A-(EXP)sf Expected Rating

Retained Tranche D; LT BBB+(EXP)sf Expected Rating

Tranche A; LT BBB-(EXP)sf Expected Rating

Tranche B; LT BB+(EXP)sf Expected Rating

Tranche Z; LT NR(EXP)sf Expected Rating

Class A CLN; LT BBB-(EXP)sf Expected Rating

Class B CLN; LT BB+(EXP)sf Expected Rating

Class Z CLN; LT NR(EXP)sf Expected Rating

TRANSACTION SUMMARY

The transaction is a partially funded synthetic securitisation
referencing a static portfolio of secured loans granted to UK small
and medium-sized enterprises in the farming and agriculture sector.
The loans were originated by Lloyds Bank plc (Lloyds:
A+/Negative/F1) via its 100% owned subsidiary, Agricultural
Mortgage Corporation plc (AMC). At closing, proceeds from class A,
B and Z credit-linked notes will be used to fund the deposits at
the cash deposit bank with Lloyds.

The ratings of the tranches address probability of claims under the
financial guarantee while the rating of class A & B credit-linked
notes address interest and principal repayment in accordance with
the terms and conditions of the documents.

KEY RATING DRIVERS

Static Portfolio; High Interest-only Share (Positive): Sixty-eight
per cent of the portfolio are interest-only loans, with lower
payments during their life compared with capital repayment
mortgages, but with refinancing risk at maturity. However only 8%
have maturity dates prior to the scheduled maturity of the
transaction. Yet, the high interest-only share also results in
limited amortisation and scheduled deleveraging during the
eight-year financial guarantee period.

Low Probability of Default (Positive): Fitch assigns an annual
average probability of default (PD) of 2% to all borrowers in the
portfolio. The annual average PD is derived from a long history of
data, which covered the stress period of the foot-and-mouth crisis
in 2001. The transaction's annual PD is lower than the UK SME
sector at 2.5% and is supported by the low default rates in the
originator's farming book.

Single Industry (Negative): All the borrowers in the reference
portfolio are exposed to the UK farming and agriculture sector. In
view of the low volatility observed from 25 years of arrear data
from the originator farming book, Fitch applies a bespoke
correlation of 10% such that the portfolio default rate at the 'B'
rating stress is aligned with the worst cumulative eight-year
default rate observed in AMC's book.

Low Loan-to-Value Ratio (Positive): The current weighted average
loan-to-value ratio (WA LTV) of the portfolio is low at 39%. With
vast majority of available collateral over agricultural land, this
contributes to a favorable base case recovery rate at 97%.

Collateral Dilution Risk (Negative): Additional borrowing by the
borrower with mortgages in the portfolio can dilute the collateral
share of the referenced loans. The eligibility criteria and the
originator's policies set the maximum LTV at 60%, calculated on a
borrower basis. Taking into account the low LTV at closing and
limited dilution observed in Fontwell I, Fitch has stressed each
loan's LTV to the maximum of its current LTV and to 50% to address
the collateral dilution risk, resulting in a stressed WA LTV at
51%.

Granular Portfolio (Positive): The portfolio is diverse, with a
total 6,833 loans. The largest obligor and top 10 contribute to
about 0.25% and 2.5% of the portfolio balance, respectively.

RATING SENSITIVITIES

This section provides insight into the model-implied sensitivities
the transaction faces when one assumption is modified, while
holding others equal. The modelling process uses the modification
of these variables to reflect asset performance in upside and
downside environments. The results should only be considered as one
potential outcome, as the transaction is exposed to multiple
dynamic risk factors. It should not be used as an indicator of
possible future performance.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

  - Reducing 25% of the mean default rate at each rating level, and
increasing the recovery rate by 25% would lead to upgrades by two
to three notches across the structure.

  - Upgrades may occur if the portfolio performance is better than
initial expectation and the transaction deleveraging leading to
higher credit enhancement to cover for losses in the remaining
portfolio.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

  - Increasing 25% of the mean default rate at each rating level,
and reducing the recovery rate by 25% would lead to downgrades by
three to five notches across the structure.

Downgrades may occur if the build-up of credit enhancement
following portfolio amortisation does not compensate for a larger
loss expectation than initially assumed due to unexpected high
levels of credit deterioration.

Coronavirus Baseline Sensitivity:

Fitch observed that farming has been less affected by the pandemic
as evidenced by the low uptake of capital repayment holidays
compared with other SME portfolios Fitch rates. Further, the stress
on recovery by modelling collateral dilution provides a cushion of
three notches at closing, supporting the Stable Outlook across the
ratings. While the originator may advance more lending and thus can
increase the LTV, Lloyds has not done so in Fontwell I since 2016.
As such, Fitch deems that the stress applied based on the criteria
in assigning the rating is sufficient for the baseline
sensitivity.

Coronavirus Downside Sensitivity:

Fitch has added a sensitivity analysis that contemplates a more
severe and prolonged economic stress caused by a re-emergence of
infections in the major economies, before halting recovery begins
in 2Q21. The downside sensitivity incorporates an increase of 25%
of the base case default rate to each rating level, and a reduction
of 25% to the recovery rate. Under this scenario, the rating will
be three to five notches lower across the structure.

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

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

DATA ADEQUACY

The portfolio loan by loan data as of October 31, 2020; delinquency
data of AMC's book from 1995 to July 31, 2020; repossession data
from 2013 to December 4, 2020. All are provided by Lloyds.

Fitch reviewed the results of a third-party assessment conducted on
the asset portfolio information, and concluded that there were no
findings that affected the rating analysis.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

REPRESENTATIONS, WARRANTIES AND ENFORCEMENT MECHANISMS

A description of the transaction's representations, warranties and
enforcement mechanisms (RW&Es) that are disclosed in the offering
document and which relate to the underlying asset pool was not
prepared for this transaction. Offering Documents for this market
sector typically do not include RW&Es that are available to
investors and that relate to the asset pool underlying the trust.
Therefore, Fitch credit reports for this market sector will not
typically include descriptions of RW&Es.

ESG CONSIDERATIONS

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

GLENBEIGH SECURITIES 2018-1: DBRS Confirms BB(high) E Notes Rating
-------------------------------------------------------------------
DBRS Ratings GmbH confirmed the following ratings on the notes
issued by Glenbeigh Securities 2018-1 DAC (the Issuer):

-- Class A at AAA (sf)
-- Class B at AA (sf)
-- Class C at A (high) (sf)
-- Class D at A (low) (sf)
-- Class E at BB (high) (sf)

The rating on the Class A notes addresses the timely payment of
interest and ultimate payment of principal on or before the legal
final maturity date in November 2057. The rating on the Class B
notes addresses the ultimate payment of interest and principal on
or before the legal final maturity date while junior, and timely
payment of interest while the senior-most class outstanding. The
ratings on the Class C, Class D, and Class E notes address the
ultimate payment of interest and principal on or before the legal
final maturity date.

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

-- Portfolio performance, in terms of delinquencies, defaults, and
losses.

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

-- Current available credit enhancement to the notes to cover the
expected losses at their respective rating levels.

-- Current economic environment and an assessment of sustainable
performance, as a result of the Coronavirus Disease (COVID-19)
pandemic.

Glenbeigh Securities 2018-1 DAC is a securitization of residential
mortgage loans originated in Ireland by Permanent TSB plc (PTSB).
The legal title of the loans has been transferred to Pepper Finance
Corporation (Ireland) DAC (Pepper Ireland), which also acts as
servicer for the mortgage portfolio.

The loans in the portfolio have all been previously restructured in
order to help borrowers rehabilitate to a sustainable payment rate.
Approximately 64.4% of the portfolio comprises split loans, of
which 31.1% represent active loan parts and 33.3% represent
warehoused loan parts, while 29.4% of the portfolio comprises loans
that have been restructured to pay on a part-capital-and-interest
basis.

PORTFOLIO PERFORMANCE

As of August 2020, loans two to three months in arrears represented
0.9% of the outstanding portfolio balance, the 90+ delinquency
ratio was 2.8%, and the cumulative loss ratio was zero.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and has updated its base case PD and LGD
assumptions to 40.3% and 14.3%, respectively.

CREDIT ENHANCEMENT

As of the August 2020 payment date, the credit enhancements
available to the Class A, Class B, Class C, Class D, and Class E
notes were 69.1%, 55.3%, 44.1%, 36.2%, and 30.8%, respectively, up
from 66.4%, 53.2%, 42.4%, 34.8%, and 29.6%, 12 months prior,
respectively. Credit enhancement is provided by subordination of
junior classes.

The transaction benefits from an amortizing liquidity reserve fund
of EUR 35.9 million, available to cover senior fees and interest on
the Class A, Class B, Class C, and Class D notes.

The Bank of New York Mellon, London Branch (BNY Mellon, London
Branch) acts as the account bank for the transaction. Based on the
DBRS Morningstar public rating of BNY Mellon, London Branch at AA
(high), the downgrade provisions outlined in the transaction
documents, and other mitigating factors inherent in the transaction
structure, DBRS Morningstar considers the risk arising from the
exposure to the account bank to be consistent with the rating
assigned to the Class A notes, as described in DBRS Morningstar's
"Legal Criteria for European Structured Finance Transactions"
methodology.

DBRS Morningstar analyzed the transaction structure in Intex
DealMaker.

The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an economic contraction, leading to sharp
increases in unemployment rates and income reductions for many
borrowers. DBRS Morningstar anticipates that delinquencies may
continue to increase in the coming months for many RMBS
transactions, some meaningfully. The ratings are based on
additional analysis and adjustments to expected performance as a
result of the global efforts to contain the spread of the
coronavirus. For this transaction, DBRS Morningstar increased the
expected default rate for self-employed borrowers and incorporated
a moderate reduction in residential property values.

Notes: All figures are in Euros unless otherwise noted.



INVESCO EUCO V: Moody's Gives (P)B3 Rating to EUR6.8MM Cl. F Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by Invesco Euro
CLO V DAC:

EUR1,250,000 Class X Senior Secured Floating Rate Notes due 2034,
Assigned (P)Aaa (sf)

EUR183,000,000 Class A Senior Secured Floating Rate Notes due 2034,
Assigned (P)Aaa (sf)

EUR16,300,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Assigned (P)Aa2 (sf)

EUR10,000,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Assigned (P)Aa2 (sf)

EUR20,200,000 Class C Senior Secured Deferrable Floating Rate Notes
due 2034, Assigned (P)A2 (sf)

EUR21,800,000 Class D Senior Secured Deferrable Floating Rate Notes
due 2034, Assigned (P)Baa3 (sf)

EUR18,700,000 Class E Senior Secured Deferrable Floating Rate Notes
due 2034, Assigned (P)Ba3 (sf)

EUR6,800,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2034, Assigned (P)B3 (sf)

RATINGS RATIONALE

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

The Issuer is a managed cash flow CLO. At least 92.5% of the
portfolio must consist of senior secured obligations and up to 7.5%
of the portfolio may consist of senior unsecured obligations,
second-lien loans, mezzanine obligations and high yield bonds. The
portfolio is expected to be 80% ramped as of the closing date and
to comprise of predominantly corporate loans to obligors domiciled
in Western Europe. The remainder of the portfolio will be acquired
during the six-month ramp-up period in compliance with the
portfolio guidelines.

Invesco European RR L.P. ("Invesco") will manage the CLO. It will
direct the selection, acquisition and disposition of collateral on
behalf of the Issuer and may engage in trading activity, including
discretionary trading, during the transaction's four-year
reinvestment period. Thereafter, subject to certain restrictions,
purchases are permitted using principal proceeds from unscheduled
principal payments and proceeds from sales of credit risk
obligations or credit improved obligations.

Interest and principal amortisation amounts due to the Class X
Notes are paid pro rata with payments to the Class A Notes. The
Class X Notes amortise by EUR 250K over the payment dates starting
on the second payment date.

In addition to the eight classes of notes rated by Moody's, the
Issuer will issue EUR 27,350,000 Subordinated Notes due 2034 which
are not rated.

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

The coronavirus outbreak, the government measures put in place to
contain it, and the weak global economic outlook continue to
disrupt economies and credit markets across sectors and regions.
Its analysis has considered the effect on the performance of
corporate assets from the current weak European economic activity
and a gradual recovery for the coming months. Although an economic
recovery is underway, it is tenuous and its continuation will be
closely tied to containment of the virus. As a result, the degree
of uncertainty around its forecasts is unusually high.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety.

Methodology underlying the rating action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2020.

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

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

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in December 2020.

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

Par Amount: EUR 300 million

Diversity Score: 40

Weighted Average Rating Factor (WARF): 3100

Weighted Average Spread (WAS): 3.80%

Weighted Average Coupon (WAC): 5.00%

Weighted Average Recovery Rate (WARR): 44.00%

Weighted Average Life (WAL): 8.5 years

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

MARINO PARK: Moody's Assigns (P)B3 Rating to EUR6MM Cl. E Notes
---------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by Marino Park
CLO DAC:

EUR1,500,000 Class X Senior Secured Floating Rate Notes due 2034,
Assigned (P)Aaa (sf)

EUR201,500,000 Class A-1 Senior Secured Floating Rate Notes due
2034, Assigned (P)Aaa (sf)

EUR30,500,000 Class A-2 Senior Secured Floating Rate Notes due
2034, Assigned (P)Aa2 (sf)

EUR22,500,000 Class B Senior Secured Deferrable Floating Rate Notes
due 2034, Assigned (P)A2 (sf)

EUR18,000,000 Class C Senior Secured Deferrable Floating Rate Notes
due 2034, Assigned (P)Baa3 (sf)

EUR19,500,000 Class D Senior Secured Deferrable Floating Rate Notes
due 2034, Assigned (P)Ba3 (sf)

EUR6,000,000 Class E Senior Secured Deferrable Floating Rate Notes
due 2034, Assigned (P)B3 (sf)

RATINGS RATIONALE

The rationale for the ratings is based on a consideration of the
risks associated with the CLO's portfolio and structure as
described in its methodology. The Issuer is a managed cash flow
CLO. At least 90% of the portfolio must consist of senior secured
obligations and up to 10% of the portfolio may consist of senior
unsecured obligations, second-lien loans, mezzanine obligations and
high yield bonds. The portfolio is expected to be 96% ramped as of
the closing date and to comprise of predominantly corporate loans
to obligors domiciled in Western Europe. The remainder of the
portfolio will be acquired during the approximately 6-month ramp-up
period in compliance with the portfolio guidelines.

Blackstone Ireland Limited ("Blackstone") will manage the CLO. It
will direct the selection, acquisition and disposition of
collateral on behalf of the Issuer and may engage in trading
activity, including discretionary trading, during the transaction's
three-year reinvestment period. Thereafter, subject to certain
restrictions, purchases are permitted using principal proceeds from
unscheduled principal payments and proceeds from sales of credit
risk obligations or credit improved obligations.

Interest and principal amortisation amounts due to the Class X
Notes are paid pro rata with payments to the Class A-1 notes. The
Class X Notes amortise by 12.5% or EUR 187,500 over the first 8
payment dates starting on the second payment date.

In addition to the seven classes of notes rated by Moody's, the
Issuer will issue EUR 24,000,000 Subordinated Notes due 2034 which
are not rated. The transaction incorporates interest and par
coverage tests which, if triggered, divert interest and principal
proceeds to pay down the notes in order of seniority.

The coronavirus outbreak, the government measures put in place to
contain it, and the weak global economic outlook continue to
disrupt economies and credit markets across sectors and regions.
Its analysis has considered the effect on the performance of
corporate assets from the current weak European economic activity
and a gradual recovery for the coming months. Although an economic
recovery is underway, it is tenuous and its continuation will be
closely tied to containment of the virus. As a result, the degree
of uncertainty around its forecasts is unusually high.

Moody's regards the coronavirus outbreak as a social risk under its
ESG framework, given the substantial implications for public health
and safety.

Methodology underlying the rating action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2020.

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

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

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in Section 2.3 of
the "Moody's Global Approach to Rating Collateralized Loan
Obligations" rating methodology published in August 2020.

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

Par Amount: EUR 325m

Diversity Score: 48

Weighted Average Rating Factor (WARF): 2930

Weighted Average Spread (WAS): 3.74%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 43.0%

Weighted Average Life (WAL): 8.5 years

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

On the issue date, certain assets will be transferred to the Issuer
at a price below the applicable discount obligation threshold, but
will not be treated as discount obligations for the purposes of OC
calculations. Typically, obligations purchased below the discount
obligation threshold are carried at their respective purchase
prices when calculating OC test numerators until they have traded
above 90% (or 85% if such obligation is not a Senior Secured Loan)
for at least 30 consecutive days. Because these assets will be
carried at par in the OC calculations rather than at purchase
price, the OC ratios will be overstated. To address this concern,
Moody's adjusted its base case modelling, inflating the OC ratios
numerator by an amount equal to the difference between these
obligations par amount and their transfer price to the Issuer.

ORANJE NO. 32: DBRS Confirms BB Rating on Class E Notes
-------------------------------------------------------
DBRS Ratings GmbH confirmed its ratings of the following classes of
notes due November 2028 issued by Oranje (European Loan Conduit No.
32) DAC (the Issuer):

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

All trends are Stable.

The rating confirmations reflect the overall stable performance of
the transaction despite different levels of performances of each
loan over the last 12 months. Also since most of the assets in the
transaction's portfolio are office properties, the transaction is
less affected by the Coronavirus Disease (COVID-19) pandemic than
CMBS transactions secured by hospitality or retail properties.

Oranje (European Loan Conduit No. 32) DAC is a securitization
originated by Morgan Stanley & Co. International plc in 2018. At
issuance, the transaction comprised five Dutch commercial real
estate loans that totalled EUR 207.3 million. Following the
prepayment of the Le Mirage loan in November 2019 and several
property disposals from the Cygnet and Phoenix loans, the
transaction has four loans outstanding and amounted to EUR 173.3
million as of the August 2020 interest payment date (IPD).

DBRS Morningstar notes that the four remaining loans have different
levels of performance since last review. As of Q3 2020, the
properties securing the Legion loan (9.4% of the transaction by
debt amount) were fully occupied following the lease up of the
Orteliuslaan100 property in Utrecht. However, the properties
securing the Cygnet loan (11.0% of the transaction by debt amount)
are struggling to find new occupiers for their vacant space and
registered a 26.0% vacancy rate on the August 2020 IPD. The vacancy
rate is expected to increase further after the disposals of two
fully let assets at Bakkenzuigerstraat 1, Almere and at De Brauwweg
74-82, Schiedam in Q4 2020. DBRS Morningstar understands that the
Cygnet assets face significant market competition for leasing and
that the Cygnet borrower, Annexum Beheer B.V., is planning to sell
off the portfolio gradually. As a structural mitigant and based on
the current Cygnet loan's loan-to-value (LTV) of 50.9%, there is a
30% release premium for any disposals as long as the Cygnet loan's
LTV is above 50%. DBRS Morningstar also noted a EUR 4.4 million
increase in market value (MV) for the Cygnet properties on a
like-for-like basis, which to some extent mitigates the credit risk
prompted from potential cherry-picked disposals.

The other two loans in the transaction, the Phoenix (53.6% of the
transaction) and Cheetah loans (26.0%), maintained relatively
similar performance levels since the last review. DBRS Morningstar
expects that the Phoenix loan will perform better in the coming
IPDs following several new leases signed/agreed to in Q3 2020
including one new lease at the presently vacant Eastpoint building
in Rotterdam. As such, the portfolio's vacancy rate is expected to
decrease further below the currently reported 16.1%. DBRS
Morningstar also noted three property disposals within the Phoenix
loan but considered these disposals credit neutral as they were the
smallest assets by MV and the disposals were subjected to a release
premium of 7.5%. The Cheetah loan is the only loan that has retail
assets in the transaction. However, based on the August 2020 IPD
investor report, the loan's performance was not severely impacted
by the coronavirus pandemic. This is mostly explained by the fact
that the three largest commercial tenants in the Cheetah loan,
supermarket and DIY stores, were still allowed to trade during the
pandemic; while 29% of the rental income coming from residential
units was also not affected by the coronavirus pandemic. As a
result, DBRS Morningstar did not revise its underwriting
assumptions for the Cheetah loan.

Since the last review, new valuations have been conducted on all
the loans. The new valuations concluded an MV increase for all four
loans on a like-for-like basis: the Phoenix loan's MV has increased
by EUR 22.6 million (or by 13.1%) to EUR 194.8 million, the Cheetah
loan's MV increased by EUR 11.8 million (or by 16.8%) to EUR 82.0
million; and the MV for the Legion subportfolio is now EUR 29.5
million, which is EUR 5.2 million (or by 21.4%) higher than that at
issuance. The Cygnet loan had the lowest absolute value increase at
EUR 4.4 million (being 13.6%) to EUR 36.8 million. When factoring
in scheduled amortization and release premiums, the transaction's
LTV has decreased from 53.4% at issuance (excluding the Le Mirage
loan) to 50.6% as of the August 2020 IPD.

The outstanding loans have different terms and maturity dates:
November 15, 2022 for Cheetah and Cygnet, November 15, 2023 for
Legion and August 15, 2021 (with two 12 month extension options)
for Phoenix. The transaction is structured with a five-year tail
period (based on the latest senior loan maturity) to allow the
special servicer to work out loans not repaid at maturity by 15
November 2028 at the latest, which is the final legal maturity of
the notes.

DBRS Morningstar maintained its underwriting assumptions since the
last review but updated its net cash flow (NCF) to reflect the
property disposals in the Cygnet and Phoenix loans. The new DBRS
Morningstar NCFs for both loans are respectively EUR 1.9 million
and EUR 9.2 million. This resulted in an updated DBRS Morningstar
value of EUR 23.8 million for the Cygnet loan and EUR 127.3 million
for the Phoenix loan, representing value haircuts of 35.0% and
34.7%, respectively.

COVID-19 CONSIDERATIONS

The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an economic contraction, leading to sharp
increases in unemployment rates and income reductions for many
tenants and borrowers. DBRS Morningstar anticipates that vacancy
rate increases and cash flow reductions may continue to increase
for many CMBS borrowers, some meaningfully. In addition, commercial
real estate values will be negatively affected, at least in the
short term, affecting refinancing prospects for maturing loans and
expected recoveries for defaulted loans. The ratings are based on
additional analysis as a result of the global efforts to contain
the spread of the coronavirus.

Notes: All figures are in Euros unless otherwise noted.




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I T A L Y
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ICCREA BANCA: DBRS Lowers LongTerm Issuer Rating to BB (high)
-------------------------------------------------------------
DBRS Ratings GmbH downgraded the ratings of Iccrea Banca SpA
(Iccrea or the Bank), including the Long-Term Issuer Rating, to BB
(high) from BBB (low) and the Short-Term Issuer Rating to R-3 from
R-2 (middle). The Bank's Deposit ratings were downgraded to BBB
(low)/R-2 (middle), which is one notch above the Intrinsic
Assessment (IA), reflecting the legal framework in place in Italy
which has full depositor preference in bank insolvency and
resolution proceedings. The trend on all ratings is now Stable. The
Bank's IA was also lowered to BB (high) from BBB (low) while the
Support Assessment remains unchanged at SA3.

KEY RATING CONSIDERATIONS

The rating downgrade takes into account the large and abrupt
economic disruption resulting from COVID-19 and the negative
implications for asset quality, cost of risk and profitability. The
structure of Gruppo Bancario Cooperativo Iccrea (GBCI or the Group)
is relatively new and it will require time for its full integration
and consolidation, and this will be more challenging in the current
environment. In addition, despite the recent reduction in NPLs, the
Group's asset quality is still affected by a large stock of
impaired loans and its NPL ratios continue to compare unfavorably
with domestic and international peers. The Group has made extensive
use of the moratoria, and these covered around 26% of GBCI's net
customer loans at end-June 2020, one of the highest levels across
Europe. This support, however, is unlikely to prevent the formation
of new NPLs. The deterioration is expected to be more visible from
2021 as moratoria periods run off and will likely result in higher
loan loss provisions and further pressure on profitability.
Moreover, in the current challenging environment, the execution of
the Group's NPL reduction plan might take longer than expected.

The trend change to Stable reflects our view that the Bank's risks
are broadly balanced at the BB (high) rating level. The Stable
Trend considers the progress made in reducing the stock of NPLs,
including the recent securitization of EUR 2.4 billion, as well as
strengthened capital buffers.

RATING DRIVERS

Given the recent downgrade and the economic uncertainty from
COVID-19, an upgrade is unlikely in the short-term. An upgrade
would require a sustained improvement in profitability and asset
quality.

A downgrade would likely be driven by a significant deterioration
in the Bank's asset quality and capital buffers.

RATING RATIONALE

Formed in March 2019, the Group is the largest cooperative network
in Italy with 132 small cooperative banks as of October 2020 and
total combined assets of around EUR 169 billion at end-June 2020.
The Group has a strong domestic footprint with around 2,550
branches and around 22,000 employees evenly distributed across
Italy, serving over 4 million customers, mostly households and SME
clients. With the reform of the cooperative sector, we believe
Iccrea and the cooperative banks are better positioned than
previously. The cohesion agreement amongst members creates a
framework for more effective coordination and better controls
within the Group. At the same time, the guarantee scheme underpins
the Group's solvency and its financial stability. Nonetheless, this
structure is relatively new and it will require time for its full
integration and consolidation. Meanwhile, the disruption from the
COVID-19 pandemic creates additional operational challenges, given
the complexity of the Group and the high granularity of its
customer base. Moreover, we believe that the already weak position
of some cooperative banks will likely deteriorate further in the
current challenging environment.

GBCI's modest profitability levels are impacted by low-interest
rates, weak operating efficiency, and increasing cost of risk. In
H1 2020, the Group reported a net attributable income of EUR 122
million, down 32% compared to H1 2019, mostly due to higher loan
loss provisions (LLPs) from ongoing de-risking and in anticipation
of likely deterioration in asset quality due to COVID-19. LLPs
increased by 48% year-on-year (YoY) whereas the cost of risk was
reported at 90 bps, up from 63 bps in the same period of 2019.
Total revenues were up 4% YoY, largely supported by gains from the
sale of Italian government bonds. Whilst operating costs were down
2% YoY, the Group's cost-to-income ratio remained high at 71.6%, as
calculated by DBRS Morningstar.

The Group's asset quality profile is impacted by a large, albeit
declining, stock of NPLs. At end-June 2020, GBCI reported EUR 10.6
billion in gross NPLs, down 17% YoY, corresponding to a gross NPL
ratio of 11.5% (or 5.9% net of provisions). In November, the Group
completed a NPL securitization of around EUR 2.4 billion (gross
value) with use of the GACS (Garanzia sulla Cartolarizzazione delle
Sofferenze) scheme. As a result, the pro-forma gross NPL ratio is
expected to fall to around 10%, a level which is still higher than
domestic and international peers. For the time being, the Bank's
asset quality does not yet fully reflect the impact from COVID-19.
In our view, new NPLs are expected to be more visible from 2021
with the end of the support provided by the moratoria schemes.

The Group maintains a stable funding position, mainly supported by
the large retail deposit base of the BCC's network. Access to the
wholesale market is centralized via Iccrea Banca. In H1 2020, the
Group had EUR 90 billion in customer deposits (or 59% of GBCI's
funding mix), up 3% compared to end-2019. The lockdown triggered a
drop in household consumption and a subsequent increase in retail
deposits. At the same time, several government support measures
enabled businesses to drawdown additional borrowings, and part of
this liquidity was placed on deposit. In 2020, similar to peers,
the Group has increased its usage of ECB funding by around EUR 10
billion, following the large take-up of the new ECB TLTRO III
program in June. The total ECB exposure totalled EUR 27 billion, or
18% of GBCI's funding mix. These funds were mainly used to purchase
Italian sovereign bonds. As of June 2020, the Group's Italian
sovereign bond portfolio, which are mostly classified at HTC (Held
to Collect), accounted for over 30% of total assets. In terms of
access to capital markets, the Group has limited track record
relative to its peers, given its recent creation. In October,
Iccrea made another step towards building-up its future MREL
buffers with the issuance of its inaugural senior preferred bonds.

GBCI's capital buffers have strengthened on the back of the
issuance of EUR 400 million of Tier 2 instruments in Q4 2019, along
with a decline in risk-weighted assets (RWAs) in H1 2020, mostly
supported by several relief measures in response to the pandemic,
including State-guaranteed loans. As a result, GBCI reported its
phased-in CET1 and Total Capital ratios at 16.1% and 16.9%
respectively at end-June 2020, up from 15.5% and 15.8% one year
earlier. On a fully-loaded basis and taking into account the
expected losses under the full-time adoption of IFRS 9, the Group's
CET1 and Total capital ratios stood at 14.7% and 15.4%.
Nonetheless, we expect the Group's capital position to be pressured
by the still-elevated level of unreserved NPLs and modest internal
capital generation.

Notes: All figures are in EUR unless otherwise noted.


MARATHON SPV: DBRS Confirms B (high) Rating on Class B Notes
------------------------------------------------------------
DBRS Ratings GmbH confirmed its ratings on the Class A and Class B
notes issued by Marathon SPV S.r.l. (the Issuer) at BBB (sf) and B
(high) (sf), respectively. The Negative trend of the ratings, which
was assigned on 8 May 2020, changed to Stable.

The transaction included the issuance of Class A, Class B, and
Class J notes (collectively, the Notes). The rating on the Class A
Notes addresses the timely payment of interest and principal, while
the rating on the Class B Notes addresses the ultimate payment of
both interest and principal. DBRS Morningstar does not rate the
Class J Notes.

As of the 30 September 2019 cut-off date, the Notes were backed by
a EUR 5.03 billion by gross book value (GBV) portfolio consisting
of Italian unsecured nonperforming loans (NPLs). The loans were
sold by Marte SPV S.r.l. and Pinzolo SPV S.r.l., and as of the
cut-off date, almost 20% of the loans by GBV were or had been
linked to promissory notes (cambiali). Hoist Italia S.r.l. (Hoist,
or the Special Servicer) services the receivables. Banca
Finanziaria Internazionale S.p.A. (Finint, or the Master Servicer)
acts as master servicer. A backup servicer, Centotrenta Servicing
S.p.A., was appointed and will act as a servicer if the appointment
of Hoist is terminated.

The majority of loans in the portfolio defaulted between 2011 and
2017. The portfolio is unsecured and consists of pools of
receivables acquired over time by Hoist Finance AB (the Seller),
the majority of which were purchased between 2014 and 2018. In
terms of product type, the portfolio comprises revolving credit
cards, various unsecured banking products, personal loans,
finalized loans, and auto loans. The securitized nonperforming
portfolio was originated by the following entities: Agos Ducato
S.p.A., Banca 24/7, Banco Popolare, Barclays, BMW Bank, Cofidis,
Consel S.p.A., Consum.IT, Credit Agricole Cariparma, Deutsche Bank
S.p.A., Fiditalia, Findomestic, Ford Bank, Iccrea Banca Impresa
S.p.A., Mercedes Benz Financement, Santander Consumer Bank AG, and
UBI Banca.

According to the latest information provided by the special
servicer in October 2020, the GBV of the portfolio is EUR 4.9
billion and about 19% of the loans by GBV are linked to promissory
notes (cambiali).

RATING RATIONALE

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

-- Transaction performance: assessment of portfolio recoveries as
of October 31, 2020, focusing on: (1) a comparison between actual
gross collections and the servicer's initial business plan
forecast; (2) the collection performance observed over the past six
months, including the period following the outbreak of the
Coronavirus Disease (COVID-19); and (3) a comparison between the
current performance and DBRS Morningstar's expectations.

-- Portfolio characteristics: loan pool composition as of 31
October 2020 and evolution of its core features since issuance.

-- Transaction liquidating structure: until a first-level
subordination event occurs, Class A amortization percentage is set
at 90% of the issuer available funds, allowing some leakage of
collections to junior items of the pre-acceleration order of
priority of payments. The first-level subordination event occurs
when the cumulative collection ratio is less than 95%, at which
point, the amortization of notes is fully sequential, and the Class
B notes begin to amortize following the full repayment of the Class
A notes. Additionally, interest payments on the Class B Notes,
which represents mezzanine debt, is paid prior to the principal of
the Class A notes until the second-level subordination event
occurs, which is triggered when the cumulative collection ratio is
less than 80%. These triggers were not breached on the October 2020
interest payment date, with the actual ratio as of 31 October 2020
being 102.95%.

-- Liquidity support: the transaction benefits from an amortizing
cash reserve providing liquidity to the structure, covering
potential interest shortfalls on the Class A Notes and senior fees.
The cash reserve target amount is equal to 3.0% of the principal
outstanding on the Class A Notes and is currently fully funded.

According to the latest investment report of October 2020, the
principal amount outstanding on the Class A, Class B, and Class J
notes was equal to EUR 196.8 million, EUR 23.4 million, and EUR
16.9 million, respectively. The balance of the Class A and Class B
Notes has amortized by approximately 31.3% and 30.5%, respectively,
since issuance. The current aggregated principal outstanding
balance of the Notes is EUR 237.1 million.

As of October 2020, the transaction was performing above the
Special Servicer's initial expectations. The actual cumulative
gross collections equal EUR 135.6 million, whereas Hoist's initial
business plan estimated cumulative gross collections of EUR 132.6
million for the same period. Therefore, as of 31 October 2020, the
transaction's performance is above the Special Servicer's initial
expectations by approximately EUR 3.0 million (+2.3%).

At issuance, DBRS Morningstar estimated cumulative gross
collections for the same period of EUR 111.1 million in the BBB
(sf) stressed scenario, while in the B (high) (sf) scenario the
estimated cumulative gross collections were EUR 123.3 million.
Therefore, as of October 31, 2020, the transaction is
overperforming compared with DBRS Morningstar's stressed
expectations.

Considering past performance only, the rated bonds would now pass
higher rating stresses in the cash flow analysis, but taking into
account that more information, such as an updated business plan and
the most recent update on historical performance still have to be
released, DBRS Morningstar confirmed the current ratings assigned
to the Class A and Class B notes and will continue to monitor
whether the current positive performance is sustainable in the
medium to long term. In light of the current performance of the
transaction, the rating trend assigned to the Class A and Class B
notes changed to Stable from Negative.

Without including actual collections, the expected future
collections in the initial business plan from 1 October 2020 amount
to EUR 435.7 million. DBRS Morningstar’s BBB (sf) rating stress
assumes a haircut of 41.3% to the Special Servicer's initial
business plan, while DBRS Morningstar's B (high) (sf) rating stress
assumes a haircut of 36.0% to the Special Servicer's initial
business plan, considering future expected collections.

The final maturity date of the transaction is October 31, 2034.

DBRS Morningstar analyzed the transaction structure using Intex
DealMaker.

The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an economic contraction, leading to sharp
economic contraction, increases in unemployment rates, and reduced
investment activities. DBRS Morningstar anticipates that
collections in European NPL securitizations will continue to be
disrupted in the coming months and that the deteriorating
macroeconomic conditions could negatively affect recoveries from
NPLs. and the related collateral. The ratings are based on
additional analysis and adjustments to expected performance as a
result of the global efforts to contain the spread of the
coronavirus. For this transaction, DBRS Morningstar assumed reduced
collections for the next quarter.

Notes: All figures are in Euros unless otherwise noted.


SOFIMA HOLDING: Moody's Assigns B2 CFR, Outlook Stable
------------------------------------------------------
Moody's Investors Service assigned a B2 corporate family rating
(CFR) and B2-PD probability of default rating (PDR) to Sofima
Holding S.p.A., an indirect holding company of Italian automatic
production and packaging machinery manufacturer I.M.A. Industria
Macchine Automatiche S.p.A. At the same time, Moody's has assigned
B2 instrument ratings to the proposed EUR800 million 7-year senior
secured notes and EUR450 million 7-year senior secured floating
rate notes, to be issued by Sofima. The outlook on the ratings is
stable. This is the first time that Moody's has rated Sofima.

Proceeds from the proposed notes issue will be used to finance the
acquisition by funds advised by private-equity firm BC Partners of
an expected 45% stake in Sofima and relevant transaction fees and
expenses. The acquisition will be further financed with common
equity and EUR310 million PIK notes, issued outside of the
restricted group, which Moody's also considers as equity.

RATINGS RATIONALE

The B2 CFR positively reflects the group's (1) leading positions
within niches of the global packaging machinery market, namely
pharmaceuticals (44% of 2019 group revenue), tea, food & other
(50%), and tobacco (6%), with mostly resilient demand
characteristics, (2) sizeable higher-margin after-sales services,
which account for around 30% of group revenues and add further
visibility since being largely non-discretional, (3) balanced
geographic footprint across Europe (47% of 2019 revenues), North
America (20%), Asia and the Middle East (22%), and other regions
(11%), (4) stable industry-leading profitability with an average
15.7% Moody's-adjusted EBITA margin over 2017-2019, owing to highly
standardized product platforms, extensive use of a strategically
located supplier base in Italy, which also explains a relatively
high share of variable costs (c.80% of total COGS), and customers'
primary focus on quality and reliability, before price, in their
purchase decisions, (5) cutting-edge technical expertise and
innovation, supporting long-lasting client relationships, without
reliance on any single customer, (6) positive free cash flow (FCF)
forecast by Moody's, thanks to generally low capital spending needs
given a high share of outsourcing of basic components and certain
assembly processes, and no dividend payments, (7) highly
experienced management team.

Factors constraining the rating comprise (1) IMA's highly-levered
capital structure with an expected 6.9x Moody's-adjusted gross
debt/EBITDA (pro forma) for the full year 2020, although Moody's
expects the ratio to decline to below 6x over the next 12-18 months
after transaction closing, (2) potential debt-funded acquisitions,
which frequently occurred in the past, while bolt-on acquisitions
to gain access to new technology will remain a key element of the
group's strategy, (3) some risk of underperformance of Moody's
earnings growth and de-leveraging expectations due to the
coronavirus pandemic, although which has not materially negatively
affected the group so far, (4) the existence of EUR310 million PIK
notes outside of the restricted group, which increases the risk of
potential cash leakage over time, (5) sometimes uneven order
intake, revenue and cash flow patterns in line with customers'
investment decisions, which can also lead to periods of
higher/lower capital spending needs, but does not necessarily
impact the general resilience of the business.

LIQUIDITY

Moody's considers IMA's liquidity as adequate, supported by
expected solid positive FCF generation and the absence of
short-term debt maturities after the transaction, other than minor
leases and certain acquisition payables due in 2021 and the first
half of 2022. The group's liquidity further benefits from the
proposed EUR150 million super senior RCF, although which Moody's
assumes to be partially utilized at closing of the transaction,
which does not foresee a material amount of cash remaining on the
balance sheet.

The super senior RCF is subject to a springing super senior net
leverage covenant, tested when the facility is drawn by more than
40%, net of cash balances. The covenant is set with substantial
headroom and Moody's expects IMA to ensure consistent compliance
with this covenant at all times.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

Moody's takes into account the impact of environmental, social and
governance (ESG) factors when assessing companies' credit quality.
The coronavirus pandemic, which Moody's regards as a social risk
under its ESG framework, given the substantial implications for
public health and safety, has been a moderate risk for IMA so far,
which could continue to operate at all times during the crisis and
did not see any order cancellations. Still, activity in some
end-markets slowed down such as confectionary or the automotive
sector, to which IMA is exposed through its recently acquired ATOP
subsidiary, which offers machines for the production of components
for electric motors. More positively, the potential need for new
filling and packaging lines, once a vaccine might be widely
available, could be an opportunity for the group, although which
Moody's has not captured its forecasts.

Moody's governance assessment for IMA mainly factors in its private
equity ownership, which implies an aggressive financial policy
given a tolerance of high leverage, combined with the material
amount (EUR310 million) of PIK notes above the restricted financing
group.

Environmental issues are not a material contributor to IMA's credit
profile. However, changing environmental regulations (e.g. lower
plastic consumption) could require new machinery equipment,
implying a potential opportunity for IMA.

STRUCTURAL CONSIDERATIONS

At transaction completion, the group's EUR800 million senior
secured notes and EUR450 million senior secured floating rate notes
will be guaranteed by subsidiaries accounting for approximately 80%
of total consolidated EBITDA and will be secured mainly by share
pledges and certain intercompany receivables.

The proposed EUR150 million Senior Secured RCF benefits from the
same security package and guarantor coverage as the senior secured
notes, but has prior-ranking enforcement rights in case of
liquidation versus the notes holders. Trade payables, short-term
lease commitments and pension obligations are ranked at the same
level as the senior secured notes, which account for the vast
majority of IMA's total debt.

Applying the 50% standard recovery rate for capital structures
including both bond and bank debt, the senior secured notes are
rated B2 in line with the CFR.

IMA's capital structure also includes EUR310 million PIK notes,
which are issued outside of the restricted group. These notes will
mature after the senior secured notes, are not guaranteed, do not
cross default with the restricted group. Therefore, and since the
notes will be down-streamed into the restricted group as common
equity, they are not included in Moody's debt and leverage
calculations. However, as there can be substantial cash payments
made to entities outside of the restricted group, the existence of
the PIK notes implies an additional risk of potential cash leakage
over time.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody's expectation of IMA maintaining
a robust operating performance and earnings growth supporting an
expected de-leveraging towards 6x debt/EBITDA by the end of 2021.
Such de-leveraging will also be driven by expected positive FCF in
the high-double-digit million euro range over the next two years.
The rating doesn't factor in the payout of dividends and
larger-scale debt financed acquisitions.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Positive pressure on the ratings would build, if IMA's (1)
historically resilient performance and Moody's-adjusted EBITA
margins at 14% or higher could be maintained, (2) leverage declined
to 5x Moody's-adjusted debt/EBITDA, (3) Moody's-adjusted FCF/debt
metrics improved into the high-single-digit percentages, (4)
liquidity strengthened to a solid level, all on a sustainable
basis. An upgrade would also require the establishment of a
financial policy focused on de-leveraging, no debt-financed
acquisitions or shareholder distributions.

Downward pressure on the ratings would evolve, if IMA's (1)
Moody's-adjusted EBITA margin declined towards 10%, (2) leverage
could not be reduced to 6x Moody's-adjusted debt/EBITDA by the end
of 2021, (3) FCF or liquidity started to weaken.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Manufacturing
Methodology published in March 2020.

COMPANY PROFILE

Headquartered in Bologna, Italy, Sofima Holding S.p.A. (Sofima) is
an intermediate holding company of I.M.A. Industria Macchine
Automatiche, a worldwide leader in the design and assembly of
automated machines for the processing and packaging of
pharmaceuticals, food, tea, coffee and tobacco. The company
operates 45 manufacturing sites across nine countries and has a
sales network in 80 countries. In 2019, IMA generated revenues of
EUR1.6 billion and EBITDA (company-adjusted) of EUR281 million
(17.6% margin) with around 6,000 employees.

In July 2020, funds advised by private equity firm BC Partners
announced the acquisition of an around 20% stake in Sofima (holding
51.6% of IMA's share capital at that time), which closed in
November and triggered a mandatory tender offer (MTO) to acquire
all of the remaining shares in IMA. Following the MTO, BC Partners
aims to increase its shareholding in Sofima to 45%, with the
founding Vacchi family holding the remaining 55% share.



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VODAFONEZIGGO GROUP: Moody's Rates New EUR700MM Sr. Unsec. Notes B2
-------------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to the new EUR700
million senior unsecured vendor financing notes (VFNs) due 2029 to
be issued by VZ Vendor Financing II B.V. The outlook on the rating
is stable. All other ratings of the VodafoneZiggo Group B.V.
(VodafoneZiggo) remain unchanged.

VodafoneZiggo will use the proceeds from the new vendor financing
notes to refinance the existing EUR600 million vendor financing
notes due 2024 issued by VZ Vendor Financing B.V.

RATINGS RATIONALE

The B2 rating on the new VFNs is one notch lower than
VodafoneZiggo's B1 corporate family rating (CFR) and the B1 senior
secured debt ratings at its subsidiaries -- Ziggo B.V. and Ziggo
Financing Partnership - and one notch above the B3 rated senior
unsecured debt issued by VodafoneZiggo's subsidiary Ziggo Bond
Company B.V.

While the VFNs are issued out of a newly established independent
special purpose vehicle (SPV) that is not owned or consolidated by
VodafoneZiggo, the majority of the proceeds from the VFNs are
indirectly on-lent from the SPV to VodafoneZiggo via the vendor
financing program facilitated by ING Bank N.V. (ING, rated Aa3
stable). However, VFN holders will not have a direct claim on the
cash flow or assets of VodafoneZiggo and its subsidiaries. This
vendor financing is reported as debt in VodafoneZiggo's
consolidated audited financial statements.

Under the vendor financing program, VodafoneZiggo and the supplier
agree the price for the goods/services. VodafoneZiggo sometimes
receives a discount from the supplier for early payment. The
purchase order and the invoice are issued at an agreed price and
payment terms. VodafoneZiggo then grosses up the invoice based on
EURIBOR + margin and uploads it to the ING Vendor Financing
Platform (ING VF Platform) with a new payment term of up to 360
days from the invoice date. VodafoneZiggo makes an English law
Irrevocable Payment Undertaking (IPU) with respect to the Vendor
Financing Receivable (Receivable). The ING VF Platform then pays
the supplier and subsequently becomes the owner of the Receivable.
The Receivable is thereafter sold by the ING VF Platform to the VFN
issuer. Ultimately, the VFN issuer is paid by VodafoneZiggo the
grossed-up value specified in the IPU at maturity of the
Receivable.

To the extent there are insufficient trade payables available for
the VFN Issuer to fund, VFN proceeds are on-lent from the SPV to
VodafoneZiggo group via the unsecured credit facility (the VFZ
facility). Interest earned on VF Receivables may be less than the
coupon due on the VFNs. This will be accommodated via the Facility
Fee paid by VodafoneZiggo to the Issuer on the coupon date to
bridge any difference. While the transaction operates through a
rather complex structure, VodafoneZiggo is ultimately responsible
for the payment of coupon and principal on the VFNs via the IPU
arrangement and/ or the unsecured loan under the VFZ facility.

The creditworthiness of the supplier is irrelevant for the
bondholders under this mechanism as the supplier sells the
receivable to the ING VF Platform and reduces its payment days.
ING's credit risk in contrast is to a certain degree relevant
because of its role as the sole intermediary in this transaction
but Moody's takes comfort from the protection that the transaction
agreements provide as well as ING's strong rating. Despite several
protection mechanisms built in to the transaction agreements, there
are certain structural risks such as commingling, that could
potentially lead to some delay or loss to bond holders in an
insolvency situation at VodafoneZiggo. While Moody's recognizes
these risks, it does not consider them material enough to affect
the B2 rating on the VFNs.

Receivables under the vendor financing programme and the VFZ
facility will be unsecured obligations of VZ Financing I BV, VZ
Financing II BV and VodafoneZiggo Group B.V. VZ Financing I BV and
VZ Financing II BV are structurally subordinated to the obligors of
the senior secured indebtedness of VodafoneZiggo but are
structurally senior to the obligors of the senior notes. Senior
secured indebtedness is composed of credit facilities and senior
secured notes, which benefit from fixed asset security. The B2
rating on the VFNs thus reflects their junior position in the
capital structure relative to the large amount of senior secured
debt rated B1 and the cushion provided by the senior notes which
are junior and rated B3. Vendor financing, including the VFNs, is
somewhat negative for the senior unsecured bondholders since the
VFNs indirectly represent another asset class with structurally
senior unsecured claims in the group's recovery waterfall.

From a corporate governance perspective, Moody's notes that
VodafoneZiggo has historically operated within a 4.5x to 5.0x net
leverage target range as excess cash flow was up-streamed to its
shareholders. Moody's flags the risk of further distributions
subject to restricted payments limitations. Whilst VodafoneZiggo
reports its vendor financing obligations as debt, it excludes this
amount from its net leverage calculation used for covenant
purposes. As of September 30, 2020, net total leverage (as reported
by the company) was 4.42x or 5.25x including vendor financing
obligations. Although the business profile of VodafoneZiggo has so
far not been constrained by issues related to corporate governance,
Moody's believe that the company remains exposed to potential
conflicts of interest arising between its two shareholders.

RATING OUTLOOK

The stable outlook on VodafoneZiggo reflects Moody's expectation
that the company will continue to experience growth in revenue and
EBITDA supported by increasing fixed mobile convergence with a
stable competitive environment while maintaining Moody's adjusted
gross leverage at or below 6.0x.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING

Upward rating pressure could develop if (1) VodafoneZiggo's
operating performance continues to improve significantly reflected
in an acceleration of revenue and EBITDA growth; (2) its Moody's
adjusted gross debt-to-EBITDA falls below 5.0x on a sustained
basis; and (3) VodafoneZiggo's cash flow generation improves such
that Moody's-adjusted cash flow from operations (CFO)/debt
increases to above 15%.

Downward rating pressure is likely if (1) the operating performance
of the group weakens significantly on a sustained basis because of
intense competition in the market and (2) adjusted gross
debt-to-EBITDA increases to well above 6.0x and CFO/debt falls
below 10% on a sustained basis.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was
Telecommunications Service Providers published in January 2017.

COMPANY PROFILE

VodafoneZiggo is the second-largest entity in the Dutch
telecommunications market. As of September 30, 2020, the company
had over 5-million mobile, nearly 4 million video, over 3 million
fixed broadband internet and approximately 2.5 million fixed
telephony subscribers. VodafoneZiggo has a nationwide 4G mobile
network coverage and more than 90% coverage with its fixed network
(7.2 million homes passed).



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

TAP: May Need Around EUR2 Bil. of Additional State Aid by 2024
--------------------------------------------------------------
Sergio Goncalves at Reuters reports that the Portuguese
government's draft restructuring plan for ailing flag carrier TAP
projects it may need around EUR2 billion of additional state aid by
2024, while thousands of jobs will be terminated to turn the
airline around, three sources said.

One of the sources familiar with the document told Reuters it
envisaged that TAP, which had a loss of 701 million euros in the
first nine months of 2020 as the coronavirus pandemic slashed its
passenger numbers by 70%, should break even in 2025.

The plan still needs to be approved by the European Commission,
Reuters discloses.  If rejected, TAP would have to immediately
repay a EUR1.2 billion rescue loan agreed earlier this year, which
could lead to its insolvency, Reuters states.

TAP asked for state aid in April after suspending almost all of its
2,500 weekly flights, Reuters relays.

Dec. 10 was the deadline for the government, which holds a 72.5%
stake in TAP, to send the restructuring plan to Brussels, Reuters
notes.

According to Reuters, one source with knowledge of the proposed
plan said its base scenario envisaged an additional two billion
euros in public or state-guaranteed loans until 2024.

A second source, as cited by Reuters, said such aid was expected to
reach around EUR1 billion as early as next year, and the state was
expected to inject a further EUR400 million in 2022 and then about
EUR300 million in each of the following two years.

The second source said at least 2,000 additional workers would be
made redundant, including 500 pilots, and those still employed
would face wage cuts of up to 25%, Reuters discloses.

A third source said the plan projects a reduction of TAP's fleet to
less than 90 aircraft from just over 100 now and the closure of
about a quarter of its routes, according to Reuters.




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

MIRAVET 2020-1: DBRS Finalizes BB Rating on Class D Notes
---------------------------------------------------------
DBRS Ratings GmbH finalized the provisional ratings to the notes
issued by Miravet 2020-1 (the Issuer) as follows:

-- Class A notes at AAA (sf)
-- Class B notes at A (sf)
-- Class C notes at BBB (low) (sf)
-- Class D notes at BB (sf)
-- Class E notes B (low) (sf) (collectively, with the Class A,
     Class B, Class C, and Class D notes, the Rated Notes)

DBRS Morningstar does not rate the Class X Notes or Class Z Notes
issued in this transaction. The rating of the Class A notes
addresses the timely payment of interest and ultimate payment of
principal by the final legal maturity date in May 2065. The ratings
of the Class B notes, Class C notes, Class D notes, and Class E
notes address the ultimate payment of interest and principal. The
Class A notes and Class X Notes also benefit from an amortizing
liquidity reserve fund in case of interest shortfall, which was
funded at closing with the proceeds from the Class Z Notes and the
priority of payments thereafter. The reserve fund equals 3.95% of
the outstanding balance of the Class A notes and is floored at 3%
of the Class A notes' initial balance. The excess amounts from the
liquidity reserve fund form part of the available funds and may
provide additional credit support.

Proceeds from the issuance of the Rated Notes and part of the
proceeds from the Class Z Notes were used to purchase re-performing
Spanish residential mortgage loans represented by mortgage
participations and mortgage transfer certificates (mortgage
certificates). The mortgage loans were originated by Catalunya
Banc, S.A. (CX), Caixa d'Estalvis de Catalunya, Caixa d'Estalvis de
Tarragona, and Caixa d'Estalvis de Manresa. The latter three
entities were merged into Caixa d'Estalvis de Catalunya, Tarragona
i Manresa, which was subsequently transferred to Catalunya Banc,
S.A. by virtue of a spin-off on September 27, 2011. During 2011 and
2012, CX received a capital investment from the Fund for Orderly
Bank Restructuring (FROB), effectively nationalizing the bank.
As part of its divestment in CX, the FROB sold a portfolio of loans
that was transferred to a securitization fund, FTA 2015, Fondo de
Titulizacion de Activos (the 2015 Fund) via the issuance of
mortgage participation and mortgage transfer certificates, which
represent the legal and economic interest in the mortgage loans.
Following the sale of the mortgage loans in 2015, Banco Bilbao
Vizcaya Argentaria, S.A. (BBVA; DBRS Morningstar Critical
Obligations Rating (COR) of AA (low)/ R-1 (middle) with Stable
trends) acquired CX on 24 April 2015. Subsequently, CX was absorbed
and merged with BBVA. BBVA acts as Collection Account Bank and
Master Servicer with servicing operations delegated to Anticipa
Real Estate, S.L.U. (Anticipa or the Servicer).

As of 31 October 2020, the current balance of the mortgage
portfolio was EUR 619,669,061 with 78.9% restructured loans and
9.4% 90+ days past due delinquencies. The seasoning of the
portfolio is 12.6 years. The portfolio currently has about 4.9%
loans with prior ranks in the portfolio and about 1.3% loans with
unknown prior ranks. The weighted-average (WA) indexed current
loan-to-value (LTV) of the mortgage portfolio is 59.1%, calculated
based on loans with known liens as per DBRS Morningstar’s
methodology. DBRS Morningstar has assessed the historical
performance of the mortgage loans and factored restructuring
arrangements into its analysis by selecting an underwriting score
of 4 in the European RMBS Insight Model.

The portfolio is largely concentrated in the autonomous region of
Catalonia (73.5% by loan amount). CX, as the originator, was
headquartered in Barcelona and focused its lending strategy in
Catalonia. The concentration in Catalonia exposes the transaction
to risks relating to house-price fluctuations, poor economic
performance, and changes in regional laws. In December 2019, a
decree law was approved by the Catalan Parliament with the
intention to provide measures to improve access to housing in
Catalonia and, in particular, to individuals in risk of
"residential exclusion". These provisions may affect the Issuer's
ability to recover proceeds on the mortgage loans; therefore, DBRS
Morningstar has performed additional sensitivity analysis
increasing the recovery period of part of the portfolio to assess
the impact of the Catalonia law on the ratings.

Multicredit loans represent 51% of the pool and permit the borrower
to make additional drawdowns of up to EUR 131.6 million. The
borrower may not draw down in excess of the amounts stated in the
mortgage agreement. Borrower eligibility for additional drawdowns
is subject to key conditions. Generally, a borrower must not be in
default and restrictions are also placed on the debt-to-income
ratios. Once eligibility has been established, drawdown is subject
to additional criteria such as caps on the maximum drawdown
amounts, maturity restrictions, and LTV caps. Because of the
historically low drawdowns seen in the previously rated SRF
transactions and strict drawdown conditions in this transaction,
DBRS Morningstar did not consider drawdowns in its analysis.
However, it stressed the servicing fees to assess the liquidity
stress on the available funds.

The transaction is exposed to unhedged basis risk with the assets
linked to 12-month Euribor (84.2%), Mibor (0.2%), and IRPH (15.2%).
The remaining portion (0.3%) pays a fixed rate of interest. The
notes are linked to three-month Euribor. The WA interest rate of
the portfolio is calculated at 1.3% with the WA margin equal to
1.4%. Moreover, the Servicer can renegotiate the loan terms within
the portfolio aside from the good servicing practices. The loan
modifications are subject to a limit of 5% of the initial balance
of the portfolio. The margin can be reduced to 50 basis points
(bps) for loans linked to Euribor and -40 bps for loans linked to
IRPH. The maturity of the loan cannot be extended beyond 48 months
before the maximum maturity date of the mortgage loans (2059).

As of July 1, 2016, interest rate floors were no longer applied on
loans from borrowers classified as consumers. There are about 97
loans with interest rate floors, amounting to 0.7% of the total
portfolio outstanding balance.

BBVA is in place as the Master Servicer and Collection Account
Bank. Anticipa, as the servicer of the mortgage loans, acts in the
name of BBVA on behalf of the Fund. Pepper Assets Services, S.L.U.
(Pepper), Spain acts as a long-term servicer.

Post-closing, the servicer is expected to change from Anticipa to
Pepper upon BBVA's approval. If BBVA approves but there is a delay
in the servicing transfer, the servicing fees step up depending on
the length of delay. However, if BBVA does not approve the
transfer, Anticipa will continue servicing the portfolio with a
step-up in servicing fees after five years; this step-up payment
ranks junior to the repayment of the Rated Notes.

BBVA will deposit amounts received that arise from the mortgage
loans with the Issuer Account Bank within one business day. Elavon
Financial Services DAC (Elavon) is the Issuer Account Bank and
Paying Agent for the transaction. DBRS Morningstar privately rates
Elavon and has concluded that Elavon meets its minimum criteria to
act in such capacity. The transaction contains downgrade provisions
relating to the account bank whereby, if Elavon is downgraded below
"A", the Issuer will replace the account bank. The downgrade
provision is consistent with DBRS Morningstar's criteria for the
AAA (sf) rating assigned to the Class A notes in this transaction.

To hedge the interest rate risk in the transaction, an interest
rate cap with a strike rate at 2.5% will be provided by BNP Paribas
(BNP Paribas; rated COR AA (high)/ R-1 (high) with Stable trends by
DBRS Morningstar). DBRS Morningstar has concluded that BNP Paribas
meets its minimum criteria to act in such capacity. The transaction
contains downgrade provisions relating to the interest rate cap
provider whereby, if BNP Paribas is downgraded below "A", the
Issuer will replace the interest rate cap provider. The downgrade
provision is consistent with DBRS Morningstar's criteria for the
AAA (sf) rating assigned to the Class A notes in this transaction.

DBRS Morningstar based its rating primarily on the following
analytical considerations:

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

-- The credit quality of the mortgage portfolio and the ability of
the servicer to perform collection and resolution activities. DBRS
Morningstar calculated probability of default (PD), loss given
default (LGD), and expected loss outputs on the mortgage portfolio,
which are used as inputs into the cash flow tool. The mortgage
portfolio was analyzed in accordance with DBRS Morningstar's
"European RMBS Insight Methodology" and "European RMBS Insight:
Spanish Addendum".

-- The transaction's ability to withstand stressed cash flow
assumptions and repay investors in accordance with the Terms and
Conditions of the notes. The transaction structure was analyzed
using Intex DealMaker.

-- The consistency of the transaction's legal structure with DBRS
Morningstar's "Legal Criteria for European Structured Finance
Transactions" methodology and the presence of legal opinions
addressing the assignment of the assets to the Issuer.

The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an economic contraction, leading to sharp
increases in unemployment rates and income reductions for many
borrowers. DBRS Morningstar anticipates that delinquencies may
increase in the coming months for many structured finance
transactions, some meaningfully. The ratings are based on
additional analysis and, where appropriate, additional stresses to
expected performance as a result of the global efforts to contain
the spread of the coronavirus.

Notes: All figures are in Euros unless otherwise noted.


TDA SABADELL 4: DBRS Hikes Class B Notes Rating to BB(high)
-----------------------------------------------------------
DBRS Ratings GmbH took the following rating actions on the bonds
issued by TDA Sabadell RMBS 4, Fondo de Titulizacion (the Issuer):

-- Class A Notes confirmed at A (high) (sf)
-- Class B Notes upgraded to BB (sf) from BB (low) (sf)

The rating of the Class A Notes addresses the timely payment of
interest and the ultimate payment of principal on or before the
legal final maturity date in November 2063. The rating of the Class
B Notes addresses the ultimate payment of interest and principal on
or before the legal final maturity date.

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

-- Portfolio performance, in terms of delinquencies, defaults, and
losses, as of the August 2020 payment date.

-- Portfolio default rate (PD), loss given default (LGD), and
expected loss assumptions on the remaining receivables.

-- Current available credit enhancement to the Class A Notes to
cover the expected losses assumed at the A (high) (sf) rating
level, and to the Class B Notes at BB (sf) once the Class A Notes
are fully amortized and the reserve fund starts providing credit
enhancement.

-- Current economic environment and an assessment of sustainable
performance, as a result of the Coronavirus Disease (COVID-19)
pandemic.

The Issuer is a securitization of Spanish residential mortgage
loans originated and serviced by Banco de Sabadell S.A. (Banco
Sabadell) in Spain. The Issuer used the proceeds of the Class A and
Class B Notes to fund the purchase of the mortgage portfolio from
Banco Sabadell. In addition, Banco Sabadell provided a separate
additional subordinated loan to fund both the initial expenses and
the reserve fund.

PORTFOLIO PERFORMANCE

As of August 2020, loans two- to three-months in arrears
represented 0.2% of the outstanding portfolio balance, down from
0.3% in August 2019. The 90+ delinquency ratio remained at 0.3% in
the same period, and the cumulative default ratio increased to 0.3%
since closing.

PORTFOLIO ASSUMPTIONS AND KEY DRIVERS

DBRS Morningstar conducted a loan-by-loan analysis of the remaining
pool of receivables and has updated its base case PD and LGD
assumptions to 6.1% and 27.2% respectively, from 7.3% and 33.6% at
the time of the last annual review. The reductions of the base case
PD and LGD assumptions are mainly driven by the amortization and
increased seasoning of the underlying loans, as well as overall
good performance of the securitized mortgage portfolio in terms of
delinquencies and defaults.

CREDIT ENHANCEMENT

As of the August 2020 payment date, credit enhancement to the Class
A Notes was 16.8%, up from 16.6% as of the August 2019 payment
date.

The Class A Notes benefit from EUR 570 million subordination of the
Class B Notes and from the reserve fund, currently at its target
level of EUR 240 million (4.9% of Class A and Class B Notes
balance), which is available to cover senior expenses as well as
the interest and principal of the Class A Notes until the notes are
paid in full. The reserve fund will become available to the Class B
Notes once the Class A Notes has been fully amortized. The reserve
fund does not amortize if certain performance triggers are
breached. The Class A Notes' principal payments are senior to the
Class B Notes' interest payments in the preenforcement priority of
payments.

Banco Sabadell acts as the account bank for the transaction. Based
on the account bank's reference rating of "A", which is one notch
below the DBRS Morningstar Long-Term Critical Obligations Rating
(COR) of Banco Sabadell of A (high), the downgrade provisions
outlined in the transaction documents, and structural mitigants,
DBRS Morningstar considers the risk arising from the exposure to
Banco Sabadell to be consistent with the rating assigned to the
Class A Notes, as described in DBRS Morningstar's "Legal Criteria
for European Structured Finance Transactions" methodology.

An interest rate swap contract with Banco Sabadell mitigates the
interest rate risk in the transaction. The DBRS Morningstar
Long-Term COR of Banco Sabadell is above the First Rating Threshold
as described in DBRS Morningstar's "Derivative Criteria for
European Structured Finance Transactions" methodology, given the A
(high) (sf) rating of the Class A Notes.

DBRS Morningstar analyzed the transaction structure in Intex
DealMaker.

The Coronavirus Disease (COVID-19) and the resulting isolation
measures have caused an economic contraction, leading to sharp
increases in unemployment rates and income reductions for many
borrowers. DBRS Morningstar anticipates that delinquencies may
continue to increase in the coming months for many RMBS
transactions, some meaningfully. The ratings are based on
additional analysis and adjustments to expected performance as a
result of the global efforts to contain the spread of the
coronavirus.

For this transaction, DBRS Morningstar increased the expected
default rate for self-employed borrowers, incorporated a moderate
reduction in residential property values, and conducted additional
sensitivity analysis to determine that the transaction benefits
from sufficient liquidity support to withstand potential high
levels of payment holidays in the portfolio.

Notes: All figures are in Euros unless otherwise noted.




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

SAMHALLSBYGGNADSBOLAGET I NORDEN: S&P Assigns 'BB' Rating on Bonds
------------------------------------------------------------------
S&P Global Ratings said that it assigned its 'BB' long-term issue
rating to the perpetual, optionally deferrable, subordinated hybrid
capital security to be issued by Samhallsbyggnadsbolaget i
Norden(SBB; BBB-/Stable/A-3).

S&P understands the company has successfully placed EUR500 million
notes with a fixed coupon of 2.625%. SBB plans to use the proceeds
to fund either the proposed acquisition of Entra or the repayment
of secured debt, investments, and property development if the
acquisition of Entra does not materialize.

S&P arrives at its 'BB' issue rating on the proposed security by
deducting two notches from our 'BBB-' issuer credit rating (ICR) on
SBB, reflecting:

-- One notch for subordination because our long-term ICR on SBB is
investment grade (that is, higher than 'BB+'); and

-- An additional notch for payment flexibility, to reflect that
the deferral of interest is optional.

The issue rating takes into account our view that there is a
relatively low likelihood that the issuer will defer interest.
Should S&P's view change, it could deduct additional notches to
derive the issue rating.

S&P said, "We consider the proposed security to have intermediate
equity content until its first reset date. This is because it meets
our criteria in terms of subordination, ability to absorb losses or
conserve cash, and deferability at the company's discretion during
this period. In addition, to reflect our view of the intermediate
equity content of the proposed security, we allocate 50% of the
related payments on the security as a fixed charge and 50% as
equivalent to a common dividend. As of the third quarter of 2020,
SBB's S&P Global Ratings-adjusted hybrid capitalization ratio stood
at 11.8%. We understand the company aims to keep its overall hybrid
capacity below our 15% hybrid capitalization rate threshold. Should
the ratio temporarily exceed our threshold, we would treat any
amount above the 15% hybrid capitalization rate as 100% debt."


UNILABS SUBHOLDING: Moody's Affirms B2 CFR, Outlook Now Stable
--------------------------------------------------------------
Moody's Investors Service affirmed Unilabs Subholding AB's B2
corporate family rating (CFR), B2-PD probability of default rating
and the Caa1 rating unsecured notes. Concurrently Moody's has
affirmed B1 instrument ratings of the senior secured revolving
credit facility and senior secured term loans issued by Unilabs
Diagnostics AB. The outlook on both entities was changed to stable
from negative.

RATINGS RATIONALE

Moody's has stabilized the outlook on Unilabs on the back of the
strong operating performance to date as COVID tests more than
offset core volume (i.e., non COVID tests) disruptions linked to
lockdown measures. Moody's positively notes that core volume has
strongly recovered from the trough in April/May 2020. The Q3
results showed strong top line growth and as a result, credit
metrics including Moody's adjusted leverage have improved during
the period. Unilabs' liquidity position is good thanks to a high
cash balance and large availability under revolving credit facility
at end of September as well as expectation of positive free cash
flow generation in the next quarters.

However, the recovery of Unilabs activities is to date slower than
for other large laboratory networks Moody's rates. This is because
of the company's imaging business which is ramping up but still not
back yet at pre-pandemic level. This, combined with a very high
leverage before the pandemic translates into Moody's adjusted
metrics for the LTM September 2020 period still weak for the B2. As
a result, the ratings are currently weakly positioned and in order
to remain its CFR within the current B2 stable category, Unilabs
should improve its Moody's adjusted leverage to below 7.0x even
when the temporary boost from COVID tests phases out. This could be
achieved thanks to a combination of organic growth and lower level
of "non-recurring items" which Moody's includes as costs in its
EBITDA and measured M&A policy.

Moody's expects the strong uptick in COVID testing performed by the
sector, including Unilabs, to continue through the end of 2020 and
into 2021, even for some time after a potential vaccine has been
approved. Moody's forecasts that COVID testing activities will
continue to more than offset any potential declines in the sector's
core testing business. In the past months and especially during the
mid-March to mid-May period, decreased patients' visits to doctors'
offices, the postponement of non-urgent surgeries and staffing
constraints drove core tests volume to decrease with drops more
severe in countries with stricter lockdowns. Volume for routine
tests were more impacted than specialty and hospital outsourcing
services.

Moody's believes that uncertainty remains high especially regarding
the future volume and price of PCR tests as well as potential
future disruption on core volume as long as the pandemic persists.

Moody's views this additional boost from COVID tests as temporary
since needs for PCR test will likely decline as vaccines become
widely available, by mid-2021 according to Moody's current
forecast. The volume of anti-body/serology tests has been
relatively limited so far; this might change next year as the need
to test the presence of antibodies might increase when a vaccine
gets rolled out.

Financial policy will be a key rating driver for the ratings in the
next 12-18 months. Unilabs has put M&A on hold during the first
months of the pandemic but Moody's expects the company to resume
M&A activity as the environment remains fragmented and because M&A
has been a key pillar of its growth strategy historically. Business
rationale, acquisition multiple and funding will be key drivers of
the ratings. Active debt-funded M&A activity drove leverage
increase in the past and high leverage level was a key rating
constrain pre-pandemic. M&A activity also generated restructuring
costs which weighted on free cash flow generation in the past. In
order to maintain its ratings within the B2 category, Unilabs
should demonstrate an ability and willingness to maintain its
Moody's adjusted debt/EBITDA and Moody's adjusted FCF/debt ratios
within its respective triggers set for the B2 -- especially once
M&A activity has fully resumed.

Price pressure has been a credit constrain for the sector in the
past. European public authorities have put tariff cuts on hold so
far as the sector is seen as instrumental in the day to day fight
against the virus.

Over the next 12-18 months, Moody's does not expect any significant
fundamental changes for the sector. The pandemic has highlighted
the vital importance of testing for public health, certainly a
positive for the sector in the medium term. Potential structural
changes for the sector -- positive or negative -- post COVID are
uncertain at this stage. In case of any change, Moody's assumes it
will be gradual and companies Moody's rates, including Unilabs,
because of their size and market positioning are certainly
relatively better positioned than small players to digest any
change.

OUTLOOK RATIONALE

The stable outlook reflects Moody's expectation that the operating
environment will remain favorable for the next quarters as the
additional volume from COVID tests will more than offset potential
disruptions on core volume as long as the pandemic persists. The
stable outlook also assumes that the company's M&A strategy will
remain measured in terms of size, pace and acquisition multiple and
that funding will not result in a Moody's adjusted debt / EBITDA
higher than 7.0x.

LIQUIDITY

Unilabs' liquidity is good supported by (1) a cash balance of
EUR100 million as of September 2020, (2) a EUR200 million revolving
credit facility, of which EUR190 million was available as of
September 2020, (3) positive free cash flow expected for the next
quarters and (4) long dated maturities with the revolving credit
facility maturing in April 2024, the term loan in October 2024 and
the unsecured notes in May 2025.

The company has one covenant (net senior secured leverage) for the
benefit of the RCF lenders only, tested when the RCF is drawn by
more than 40%. Moody's expects that Unilabs will have good headroom
under this covenant if it is tested.

ESG CONSIDERATIONS

Unilabs has an inherent exposure to social risks, given the highly
regulated nature of the healthcare industry and its sensitivity to
social pressure related to the affordability of and access to
healthcare services. Moody's regards the coronavirus outbreak as a
social risk under its ESG framework, given the substantial
implications for public health and safety. Governance risks for
Unilabs include any potential failure in internal control that
could result in a loss of accreditation or reputational damage and,
as a result, could harm its credit profile. Unilabs has an
aggressive financial strategy characterised by high financial
leverage and shareholder-friendly policies such as the pursuit of
debt-financed acquisitions.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Given the high leverage there is upward rating pressure in the
short-term. Positive pressure could arise over time if (1) the
Moody's-adjusted debt/EBITDA falls below 5.5x on a sustained basis
and (2) the Moody's-adjusted FCF/debt improves towards 10% on a
sustained basis.

Downward rating pressure could arise if (1) the leverage, as
measured by Moody's-adjusted debt/EBITDA, fails to decrease to
below 7.0x on a sustained basis, (2) the Moody's adjusted FCF/debt
does not improve towards 5% on a sustained basis and/or (3) the
company's liquidity deteriorates.

LIST OF AFFECTED RATINGS:

Issuer: Unilabs Diagnostics AB

Affirmations:

BACKED Senior Secured Bank Credit Facility, Affirmed B1

Outlook Actions:

Outlook, Changed To Stable From Negative

Issuer: Unilabs Subholding AB

Affirmations:

LT Corporate Family Rating, Affirmed B2

Probability of Default Rating, Affirmed B2-PD

BACKED Senior Unsecured Regular Bond/Debenture, Affirmed Caa1

Outlook Actions:

Outlook, Changed To Stable From Negative

PRINCIPAL METHODOLOGY

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



===========
T U R K E Y
===========

ISTANBUL: Fitch Assigns BB- Rating to USD580MM Unsec. Notes
-----------------------------------------------------------
Fitch Ratings has assigned Istanbul Metropolitan Municipality's
USD580 million senior unsecured fixed coupon (6.375%) notes
(XS2010029234/ US46522TAA60) due December 09, 2025 a long-term
final rating of 'BB-'.

The final ratings were assigned following the receipt of final
documents conforming to information already received and details
regarding the amount, coupon rate and maturity.

Istanbul's Issuer Default Ratings (IDR) are capped by the
sovereign's IDR (BB-/Negative). The Metropolitan Municipality is
the economic and financial hub of the country with a value-added
contribution to the national economy far above the national average
(contributional share to national GDP is consistently at 30%).

KEY RATING DRIVERS

The notes represent direct, unconditional, unsubordinated and
unsecured obligations of Istanbul and will rank pari passu with all
of its present and future unsecured and unsubordinated obligations,
which are rated in line with its Long-Term Foreign-Currency IDR.

The net proceeds from the notes were used to refinance several of
Istanbul's metro line projects totalling 52 km: the
Kaynarca-Pendik-Tuzla metro line, the
Cekmekoy-Sancaktepe-Sultanbeyli metro line; the Kirazli-Halkali
metro line and the Mahmutbey-Bahçeşehir-Esenyurt metro line.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

An upgrade of Istanbul's IDR would lead to positive rating action
on the senior unsecured notes.

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

A downgrade of Istanbul's IDR would lead to negative rating action
on the senior unsecured notes.

COMMITTEE MINUTE SUMMARY

Committee date: November 25, 2020

There was an appropriate quorum at the committee and the members
confirmed that they were free from recusal. It was agreed that the
data was sufficiently robust relative to its materiality. During
the committee no material issues were raised that were not in the
original committee package. The main rating factors under the
relevant criteria were discussed by the committee members. The
rating decision as discussed in this rating action commentary
reflects the committee discussion.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

The principal sources of information used in the analysis are
described in the Applicable Criteria.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Istanbul's IDR is capped by the sovereign's IDR, therefore any
sovereign rating change will be reflected on Istanbul's IDR.

ESG CONSIDERATIONS

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



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

CONTOURGLOBAL PLC: S&P Places 'BB' ICR on Watch Negative
--------------------------------------------------------
S&P Global Ratings assigned its 'BB+' rating to ContourGlobal Power
Holdings S.A.'s (CGPH) proposed EUR710 million senior secured
notes, which will be partially used to fund the acquisition and to
refinance the EUR450 million notes due in 2023.

S&P said, "At the same time, we placed all our ratings on CG and
CGPH -- including the 'BB' issuer credit rating and 'BB+' debt
ratings -- on CreditWatch with negative implications.

"The CreditWatch placement reflects the one-in-two chance of us
lowering the corporate credit rating by one notch if the benefits
of the acquisition do not fully offset the incremental leverage
over the next few years."

Project developer ContourGlobal PLC (CG) has announced the
acquisition of WG Partners Acquisition LLC's 1,502-megawatt (MW)
gas and cogeneration portfolio for $837 million. S&P believes CG
will benefit from the acquired portfolio's mostly contracted cash
flows, strong offtakers, and synergies with existing assets.

The acquisition will raise holding-company leverage (debt to
EBITDA) to significantly above 4x; deleveraging will depend on
refinancing on a non-recourse basis at the operating subsidiaries
and other mitigating actions such as the sale of minority stakes
CG entered into a definitive agreement to acquire WG Partners
Acquisition's (BB/Stable) gas and cogeneration portfolio, which is
based in the U.S. and Trinidad and Tobago, from Harbert Management
Corp. (51%), UBS Asset Management (32%), and Northwestern Mutual
(17%) for an enterprise value of $837 million. The transaction will
be funded by a combination of cash on hand ($181 million), a
short-term bridge loan ($175 million issued at the target level and
guaranteed by CG), and part of the proceeds from the proposed five-
or seven-year $833 million (EUR710 million) senior secured notes.
The issuance will also be used to refinance the EUR450 million
senior secured notes due in 2023; the new notes will benefit from
the same guarantees, security, and covenants.

S&P said, "We believe that leverage at the transaction close will
increase to significantly above 4x and might not return to previous
levels in the next two or three years. In addition, we believe
there's some execution risk related to the plan to refinance the
bridge loan, which we understand will occur in the first quarter of
2021. At the same time, financing at the project and asset levels
could relieve the pressure on the holding company." Liquidity risk
is mitigated by the terms of the facility, which could be extended
to 18 months after signing, and by the new upsized revolving credit
facility to be closed in the near term. Deleveraging will also
depend on the company's financial policy, ability to raise equity
capital, and partly monetize its existing assets.

The WG Partners acquisition will add scale, diversification, and
synergies to CG's portfolio of assets.  S&P considers the
transaction to be a good strategic fit for CG due to the close
location of some of the assets to CG's existing power plants and
the possibility of extracting synergies. WG Partners is a holding
company with a portfolio of six operating companies that comprise
12 gas-fired power plants in the U.S. and Trinidad and Tobago.
Collectively, these plants will increase CG's generation capacity
to 6,307 MW from 4,845 MW. These plants will also contribute about
$40 million in annual dividends after the new capital structure is
in place. These contracts substantially mitigate market risk
exposure and support stable cash flows. This is because they're
with mostly highly rated offtakers and have fixed-rate capacity
payments, energy payments linked to fuel costs, or tolling revenues
with no fuel obligation. CG will also benefit from increased
exposure to developed markets, dollar-denominated cash flows, and
increasing diversification of its energy mix (43% thermal
generation and 39% renewable generation capacity post-deal). On the
other hand, there is risk of re-contracting and merchant power
pricing, as the average duration of contracted cash flows is nine
years.

Additional holding-company debt constrains recovery for
holding-company creditors.  Additional debt without sufficient
discounted cash-flow compensation could diminish recovery prospects
for holding-company creditors. Our recovery analysis gauges the
likely recovery on CG's corporate-level debt if it were to default.
S&P assumes that the company would remain a going concern after any
default and estimate the recovery value through a discounted
cash-flow analysis.

S&P could lower the debt ratings by two notches if it lower its
ratings on CG and CGPH by one notch, and in addition, if S&P
estimates recovery prospects for holding-company creditors have
fallen to below 70% from our current expectation of 70%-90%.

The COVID-19 pandemic will not likely materially affect CG.  S&P
views the company as a resilient player in the current volatile
environment. It has much less exposure to COVID-19-related
disruptions than most companies. The nature of its contracts and
operations underpin its stability, with long-term contracted or
regulated revenues contributing more than 95% of total revenues
over the next five years. Also, the company is not involved in the
distribution of power, and it has very limited exposure to merchant
markets and energy pricing due to the nature of its contracts. It
has received force majeure notices from some suppliers and
commercial customers, but these are not material.

The company has stated that it has not experienced any meaningful
disruption to operations resulting from COVID-19 and does not
expect one in 2020. It has taken various proactive measures related
to power plant shifts, remote monitoring, operating technology,
critical spares, and inventory. Furthermore, the company does not
face any near-term refinancing requirements and has ample liquidity
at the parent company and at its projects.

Liquidity  

S&P said, "We assess CG's liquidity as adequate based on our
expectation that liquidity sources for the next 12 months will
cover uses by more than 1.2x and that coverage will remain above 1x
for the following year. Our assessment of its liquidity is also
supported by its good standing in capital markets and prudent risk
management."

S&P estimates liquidity sources for the next 12 months are:

-- About $235 million of unrestricted cash and equivalents at the
parent level as of Sept. 30, 2020; and

-- Positive cash flows of $180 million-$200 million.

S&P estimates principal liquidity uses for the same period will
consist of:

-- About $200 million to complete cash acquisitions; and

-- Total dividends and share buybacks of about $115 million-$130
million.

The CreditWatch negative placement reflects S&P's expectation that
there is a one-in-two chance we could lower the issuer credit
rating by one notch. S&P could do so if:

-- Leverage after the transaction close does not fall as a result
of refinancing on a non-recourse basis at the operating-subsidiary
level and other actions by CG's management.

-- S&P doesn't believe the transaction's positive impact on CG's
business in terms of diversification, strategic location, and cost
synergies will offset the incremental leverage on a permanent
basis.

-- S&P could lower the debt ratings by two notches if it lowers
the issuer credit rating by one notch, and in addition, if it
estimates recovery prospects for holding-company creditors have
fallen below 70%.


COOMBS LTD: Poor Trading Position Prompts Administration
--------------------------------------------------------
Business Sale reports that Kent-based contractor Coombs
(Canterbury) Limited has fallen into administration, blaming a poor
trading position that was then exacerbated by the COVID-19
pandemic.

Thomas D'Arcy and Christopher Latos of White Maund Insolvency
Practitioners have been appointed as joint administrators, Business
Sale relates.

According to Business Sale, the administrators stated that: "Over
the course of the last year the trading position of the company
deteriorated a situation that was exacerbated by the pandemic."

"The directors had been seeking investment to enable the company to
trade on but it was not until the end of October 2020 that the
investors confirmed they would not proceed.  The directors then
took specialist advice and were advised that the company should
cease trading and be placed in administration."

Prior to the administration, Coombs was working on three projects
with housing associations and local authorities, Business Sale
notes.  Among these was the 16-home Kingsmead Field development
with Canterbury City Council, work on which has now stalled while
the contract is put back out to tender, Business Sale discloses.

Coombs fell under two holding companies, Coombs South East and
parent company Coombs Holdings Limited, neither of which are
impacted by the administration, Business Sale states.

The company owed GBP4.2 million to creditors within one year,
according to Business Sale.  Its fixed assets were valued at
GBP67,849, with current assets of GBP5.6 million, up from GBP4.3
million the year prior. Its net assets stood at GBP1.4 million,
Business Sale relays.


CROWN UK: Moody's Upgrades CFR to Caa2, Outlook Negative
--------------------------------------------------------
Moody's Investors Service upgraded Crown UK Holdco Limited's
corporate family rating (CFR) to Caa2 from Caa3. However, Moody's
has revised Cineworld's probability of default rating (PDR) to
Caa2-PD/LD from Caa3-PD as the company's recent USD110.8 million of
guaranteed senior secured debt issuance is viewed by Moody's as a
distressed exchange which is a default under Moody's definitions.

Moody's appended the "LD" designation to the PDR to signal that a
"limited default" has occurred. The designation results from
Moody's view that the arrangement of the new USD110.8 million
guaranteed senior secured term loan B2 (due 2024) that replaces the
incremental fully drawn RCF of USD111 million due December 2020 is
a distressed exchange. The "LD" component will be removed after
three business days. Accordingly, the PDR will be revised back to
Caa2-PD.

Moody's has assigned B3 ratings to the new USD450 million
guaranteed senior secured term loan B1 (due May 2024) borrowed by
Crown Finance US, Inc. and to the guaranteed senior secured term
loan B2 (due 2024) of USD110.8 million that replaces the USD111
million incremental revolving credit facility (RCF) which was fully
drawn and falling due in December 2020. The rating agency has also
upgraded to Caa2 the ratings of the outstanding USD3,328 million
and the outstanding EUR213 million of guaranteed senior secured
term loan B due 2025 borrowed by Crown Finance US, Inc. and the
outstanding USD463 million Senior Secured RCF borrowed by Crown UK
Holdco Limited. The outlook on all ratings is negative.

"The transaction alleviates the immediate liquidity pressures of
Cineworld allowing it more time to recover. In the absence of the
newly arranged debt financing, Cineworld would have defaulted due
to a liquidity shortfall as its USD111 million fully drawn
incremental RCF was due for repayment in December 2020. Cineworld
would also have breached covenants at the December 2020 testing, in
the instance it had failed to obtain a waiver as part of this
transaction.", says Gunjan Dixit, a Moody's Vice President --
Senior Credit Officer and lead analyst for Cineworld.

"The new debt includes fairly restrictive financial and operating
covenants and entitles the lenders to appoint a board observer. It
comes at a high interest cost. The new term loans also weaken the
recovery prospects on the group's existing secured debt as the new
loans benefit from a first lien security over certain collateral in
the US on which the existing debt will now have a second lien
claim", adds Ms. Dixit.

RATINGS RATIONALE

A limited default has occurred because absent this deal Cineworld
would have defaulted due to a liquidity shortage as its USD111
million fully drawn incremental RCF was falling due for repayment
in December.

The issuance of new secured debt also lowers the ranking of the
existing debt to second lien on certain collateral in the US
contrary to the original agreed terms. Moody's recognizes that the
new term loan is not at arms- length as the lenders to it are
primarily existing creditors. An amendment consent was sought and
obtained from existing lenders to accommodate the new facility, as
required under the existing documentation. An amendment consent fee
was given to existing lenders in compensation. All existing lenders
were given an opportunity to participate in the new debt pro-rata
to their existing exposure. Cineworld has also issued equity
warrants to the lenders participating in the new term loans,
accounting for around 10% of total group's equity on a fully
diluted basis, which the lenders can exercise over the next five
years.

The upgrade of Cineworld's CFR to Caa2 reflects its improved
liquidity position following the new debt issuance. Moody's
estimates that pro-forma for this transaction, Cineworld will have
around USD300 million of cash on its balance sheet at the end of
2020, assuming the RCF remains fully drawn. Cineworld has guided
that its monthly cash burn is around USD60 million whilst cinemas
stay closed. Under its base case, which assumes the reopening of
Cinemas from May 2021, the company believes that it will maintain
adequate liquidity headroom during 2021 and beyond. However, if the
reopening of cinemas is delayed beyond Q2 2021, or cinema
admissions don't recover enough for a prolonged period in 2021,
Cineworld's liquidity position could weaken again and it may need
to seek additional funding.

In Q1 2021, Cineworld expects to receive USD200 million of one off
tax cash receipt under the US CARES act where tax paid in earlier
periods can be reimbursed based on the losses forecast for 2020.
However, Moody's also recognizes that the Regal dissenting
shareholder legal case could also result in an additional cash
payment of USD202 million for Cineworld. While the court
proceedings are continuing and have faced delays in the past, it
remains unclear if the case will conclude in 2021. Moody's already
includes this liability in its calculation of the company's
leverage. Moody's also recognizes that lenders' consent will be
required for the company to make any cash payments to the
dissenting shareholders.

In Moody's view, the company's capital structure still appears
unsustainable with very high leverage. While the second half of
2021 is likely to see recovery, Cineworld will suffer from a
substantially higher debt and cash interest burden than before the
coronavirus outbreak. Recovery will nevertheless be challenged if
film studios shorten the theatrical window or distribute their
content online. Moody's thus negatively views the announcement by
Warner Bros. Pictures Group on December 3, 2020 that it will
release its 2021 film slate via a new distribution model in which
it will continue to exhibit the films theatrically worldwide, while
adding an exclusive one-month access period on the HBO Max
streaming platform in the U.S. concurrent with the film's domestic
release.

The company has secured a waiver for the financial maintenance
covenant of its original RCF until June 2022 after which the
leverage covenant will require Net Debt to Adjusted EBITDA to be
maintained below 5.0x (on a pre-IFRS16 basis). The RCF leverage
covenant will be triggered above 35% utilization, and will be
subject to testing twice a year from December 2022. The USD 250
million of secured loan (due 2023) which the company took in June
2020 is also subject to covenants, a leverage covenant will be
tested from December 2021, currently set at 5.0x Net Debt to EBITDA
on the ROW (Rest of World) Group. No covenant waiver has thus far
been sought for this leverage covenant.

STRUCTURAL CONSIDERATIONS

The B3 rated USD450 million of new term loan is ranked highest in
priority of claims as it benefits from first lien security over
certain collateral in the US and on a pari-passu with the existing
debt with respect to the rest of the collateral. The B3 rated
USD111 million term loan is ranked second as this facility is
contractually subordinated to the USD450 million term loan but
senior to the existing USD463 million RCF and USD3,375 million of
Term Loan B. The existing TL and RCF rank behind and provide an
uplift to the new debt. Their junior ranking is driven by the fact
that they are now secured on a second lien over certain US
collateral that secures the USD450 million term loan on a priority
basis.

NEGATIVE OUTLOOK

The negative outlook on the ratings reflects the very high leverage
of the company, the uncertainty around attendance levels for
theatres after service resumption, including from increasing
competition from streaming platforms.

Stabilisation of the outlook would require the company to
meaningfully improve its leverage once service resumes and ensure
adequate liquidity provision during this operationally challenging
period.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Upward pressure may arise if Cineworld's (1) operating
profitability sees signs of sustained improvement in 2021, and (2)
Cineworld 's liquidity profile is sustained at a comfortable
level.

Downward pressure may arise should there be tightening of the
company's liquidity position again and/ or a debt restructuring or
bankruptcy filing in the near future.

LIST OF AFFECTED RATINGS

Upgrades:

Issuer: Crown Finance US, Inc.

BACKED Senior Secured Bank Credit Facility, Upgraded to Caa2 from
Caa3

Issuer: Crown UK Holdco Limited

Probability of Default Rating, Upgraded to Caa2-PD /LD from
Caa3-PD

LT Corporate Family Rating, Upgraded to Caa2 from Caa3

BACKED Senior Secured Bank Credit Facility, Upgraded to Caa2 from
Caa3

Assignments:

Issuer: Crown Finance US, Inc.

BACKED Senior Secured Bank Credit Facility, Assigned B3 (LGD2)

Outlook Actions:

Issuer: Crown Finance US, Inc.

Outlook, Remains Negative

Issuer: Crown UK Holdco Limited

Outlook, Remains Negative

PRINCIPAL METHODOLOGY

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

Cineworld Group plc was founded in 1995 and listed its shares on
the London Stock Exchange in May 2007. The Company has grown
through expansion and by acquisition to become one of the leading
cinema groups in Europe. Cineworld currently operates 9,518 screens
across 790 sites in the US, UK and Ireland, Poland, the Czech
Republic, Slovakia, Hungary, Bulgaria, Romania and Israel.

The largest shareholder in Cineworld is Global City Holdings B.V.,
a Greidinger Family holding vehicle, which holds approximately 20%
of the quoted equity. During 2019, the company generated revenues
of USD4.3 billion and a reported 'adjusted' EBITDA of around USD1.0
billion.

DEBENHAMS PLC: Authentic Brands Mulls Double Takeover
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Kanishka Singh at Reuters reports that Authentic Brands is plotting
a double takeover of collapsed department store chain Debenhams and
Topshop-owner Arcadia Group, The Daily Telegraph newspaper reported
on Dec. 12, citing sources.

According to Reuters, the newspaper reported Authentic Brands,
owner of the New York department store brand Barneys, is in talks
during the weekend with the administrators of both stricken
companies.

Mike Ashley's Frasers Group said on Dec. 7 it was in negotiations
to buy Debenhams from administrators in a rescue deal, Reuters
relates.  It was also interested in participating in the sale of
Philip Green's collapsed Arcadia Group, Reuters notes.

Administrators for Debenhams said earlier in December it would be
wound-down, closing all its shops after 242 years in business and
putting 12,000 jobs at risk, Reuters recounts.  Mr. Green's Arcadia
fashion group collapsed into administration late in November
putting more than 13,000 jobs at risk, Reuters discloses.


FOLGATE INSURANCE: A.M. Best Affirms B(Fair) Fin'l. Strength Rating
-------------------------------------------------------------------
AM Best has revised the outlook to negative from stable for the
Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the
Financial Strength Rating (FSR) of B (Fair) and the Long-Term ICR
of "bb+" of Folgate Insurance Company Limited (Folgate) (United
Kingdom). The outlook of the FSR is stable.

The Credit Ratings (ratings) reflect Folgate's balance sheet
strength, which AM Best categorizes as adequate, as well as its
adequate operating performance, very limited business profile and
appropriate enterprise risk management.

The revision of the Long-Term ICR outlook to negative reflects
pressures on the company's balance sheet strength assessment
stemming from deteriorating risk-adjusted capitalization, as
measured by Best's Capital Adequacy Ratio (BCAR).

Folgate was acquired by its parent, Anglo London Limited (ALL), in
2014, and re-commenced active underwriting in September 2015,
writing quota-share reinsurance for business sourced by an
affiliated company, Anglo Pacific Consultants (London) Limited
(APC). APC is a managing general agent specializing in commercial
lines insurance for small and medium-sized businesses. In 2018,
Folgate received an insurance license, and as part of its new
business model, started writing direct business on a co-insurance
basis in order to support its capacity. Folgate expects gross
written premiums of approximately GBP 11.1 million in 2020.

Folgate's balance sheet strength is underpinned by risk-adjusted
capitalization, as measured by BCAR, which was marginally at the
very strong level at year-end 2019. Risk-adjusted capitalization is
expected to deteriorate at year-end 2020, driven by poor results,
and remains exposed to potential volatility due to the company's
small capital base. The impact from ALL on balance sheet strength
is assessed as negative, due to its inadequate consolidated BCAR
scores, financial leverage and limited financial flexibility.

AM Best expects Folgate to report a loss for 2020, driven by poor
investment and technical profitability. However, the company's
operating performance is expected to be adequate over the cycle,
supported by underwriting profits stemming from the business
originated by APC, and modest investment income following portfolio
de-risking in 2020.

Folgate's underwriting book of business is highly concentrated by
product and geography and is dominated by U.K. commercial lines
insurance. In addition, AM Best views Folgate's position in the
competitive U.K. market as vulnerable and highly dependent on third
parties. This is partly mitigated by APC's underwriting expertise
and existing broker relationships.




GLOBAL SHIP: S&P Affirms 'B+' ICR on Resilient Performance
----------------------------------------------------------
S&P Global Ratings affirmed its long-term issuer credit rating on
Global Ship Lease Inc. (GSL) at 'B+'. S&P also raised the issue
rating to 'BB-' from 'B+' on the group's first priority senior
secured notes because of its higher recovery expectations for the
noteholders, after GSL's mandatory and voluntary repayments of its
first priority secured notes and its super senior secured loan.

The stable outlook reflects S&P's expectation that GSL will
maintain its solid EBITDA performance, continue generating free
cash flow, and gradually reduce debt, allowing the group to
maintain credit metrics consistent with the 'B+' rating, while
gaining financial flexibility under the improved credit metrics for
unforeseen operational setbacks, or potential ship acquisitions and
shareholder returns.

S&P said, "The COVID-19 pandemic and resulting economic recession
have had a less-severe impact on global trade than we previously
anticipated, while a positive stimulus from the industry's supply
side contributes to improving containership charter rates.   We
revised our base case following the most recent quarterly reporting
by the leading container liners--signifying a steeper-than-expected
demand recovery and firm freight rates--and incorporating the
positive industry fundamentals continuing in the fourth quarter of
2020. The movement of essential goods, strong pickup in e-commerce,
and consumer spending shift from services to tangible goods have
supported the shipping volume recovery from June. As a result, we
now forecast a lower drop in shipped volumes by up to 5% in 2020
compared with 2019, versus our previous forecast of up to 15%,
followed by a recovery consistent with the global GDP growth of
about 5.4% in 2021."

Containership supply growth will stay muted in the coming quarters.
  With no incentive to place new large orders amid subdued
contracting and ordering activity since late 2015, the
containership order book is at a historical low--8% of the total
global fleet. Persistent funding constraints, potential
pandemic-related disruptions, more stringent regulation on sulfur
emissions (permitting only 0.5% sulfur emission from January 2020),
and broader considerations about greenhouse emissions in
general--particularly in the context of decarbonization--will
likely result in uncertainties over the costs and benefits of
various technologies and fuel, and should limit ordering in 2021.
S&P said, "Low levels of new orders have translated into much
tighter supply conditions, which we expect to continue in 2021,
propping up charter rates. We incorporate the industry outlook into
our base case and forecast that GSL will be able to re-charter its
smaller vessels due for re-employment in 2021 at moderately better
rates than in the existing contracts."

GSL achieved attractive charter extensions and new charters,
increasing contracted EBITDA and enhancing medium-term visibility.
Since July 2020, GSL has entered into new charters for 17 of its
43 vessels at profitable time charter rates. The extended charter
profile has enhanced GSL's earnings visibility because about 92% of
its fleet's annualized adjusted EBITDA is covered by contracts in
2021, 70% in 2022, and 45% in 2023. GSL's contract coverage has a
remaining duration of 2.3 years on a 20-foot equivalent unit (TEU)
weighted-average basis, broadly unchanged from the end-2019 value
of 2.5 years. This translates to about $690 million of contracted
revenue, which is a 5% increase compared with the end of
second-quarter 2020. The medium-term charter profile should largely
mitigate industry volatility in 2021 and 2022, provided the
counterparties deliver on their commitments, which S&P assumes in
its base case.

France-based container liner CMA CGM (B+/Positive/--) remains GSL's
largest counterparty, chartering about half of GSL's fleet.   S&P
said, "As a result, our ratings on GSL take into consideration CMA
CGM's ability to deliver on its charter commitments. GSL's exposure
(as measured by the proportion of total revenue) to CMA CGM reduced
to 52% from 90% when GSL merged with containership owner Poseidon
Containers Holdings LLC and K&T Marine LLC (Poseidon) in November
2018. GSL was spun off from CMA CGM at the industry's cyclical peak
in 2008, which explains why five charters to CMA CGM remain at
rates that are significantly higher than the current market rates.
These charters provide high earnings contribution to the group.
However, they also expose GSL to re-employment risk, and will weigh
on the group's EBITDA when the ships come due for renewal,
potentially at lower rates than stipulated in their current
contracts. Of these five charters, one will expire in the third
quarter of 2021, three in late 2022, and one in late 2025. Nine
other charters to CMA CGM are below or in line with the current
market rates. CMA CGM has fully delivered on its contract
commitments to GSL since the spin-off, despite a severe and
prolonged industry downturn, and we think it will continue to do
so. Thanks to a lower plunge in global trade volumes than we
previously forecast, stringent capacity deployment,
lower-than-expected bunker fuel prices, and effective measures to
steadily reduce costs, most of our rated container shipping
companies, including CMA CGM, Hapag-Lloyd AG, and A.P. Moller -
Maersk A/S, should improve free operating cash flow (FOCF) and
reduce debt, resulting in stronger credit metrics and liquidity in
2020. This strong industry momentum should persist in 2021. We
believe container liners may achieve less-volatile earnings, while
continuing to lower net debt and expand financial
flexibility/liquidity to absorb potential unforeseen setbacks."

GSL has improved credit metrics to levels commensurate with the
rating.   Resilient EBITDA combined with gradually decreasing debt
(GSL reduced reported debt by $80 million to $817 million in the
first nine months of 2020) and interest expenses, underpinned by
balanced discretionary spending, will result in improved credit
metrics in 2020, as we previously expected. S&P said, "We forecast
S&P Global Ratings-adjusted funds from operations (FFO) to debt of
14%-15% in 2020 (from about 9% in 2019), which is consistent with
our 12% threshold for the rating. We believe that GSL's operating
cash flow will outpace capital expenditure (capex) requirements in
2021 and 2022, creating scope for a further gradual net debt
reduction. Under our base case, GSL could achieve adjusted FFO to
debt of 16%-17% in 2021 and 18%-19% in 2022." This would provide
the group with more financial leeway under its improved credit
measures for potential unforeseen operational setbacks, new ship
acquisitions, or shareholder returns while maintaining a
rating-commensurate adjusted FFO to debt above 12% over the next
two years.

S&P said, "The stable outlook reflects our expectation that GSL
will maintain its resilient EBITDA performance, continue generating
free cash flow, and gradually reduce debt, allowing the group to
maintain credit measures consistent with the 'B+' rating, while
gaining financial flexibility under the improved credit metrics for
unforeseen operational adversities or discretionary spending.
Furthermore, the rating hinges on our assumption that GSL's
counterparties will fulfil their commitments under the charter
agreements, and that any additional vessels that the group may
acquire in the future will be employed at cash-accretive charter
rates.

"We could consider an upgrade if GSL demonstrated a prudent
financial policy, reduced leverage on a sustainable basis, and we
expected it to support improved adjusted FFO to debt at above 20%.
This could stem from charter rates strengthening well above our
base case, continued debt reduction from excess cash flow, and the
continuation of the group's strategy of financial
leverage-accretive fleet expansion. Because of high exposure to CMA
CGM, an upgrade of GSL would also depend upon our view of whether
CMA CGM's credit quality, and therefore its financial capacity to
deliver on charter commitments, supported a higher rating on GSL.
Furthermore, an upgrade would be contingent on commitments by both
the company and its owners to maintain financial policies that
would sustain the improved ratios.

"We could consider a downgrade if adjusted FFO to debt were to
sustainably fall below 12%. This could occur if, for example, the
industry supply-and-demand conditions deteriorate, resulting in a
significant drop in utilization and charter rates for
containerships. We could also lower the rating if CMA CGM's credit
profile appears to weaken unexpectedly, increasing the risk of
delayed payment or nonpayment under the charter agreements." Given
that 14 ships are employed with CMA CGM and the rates embedded in
five charters are markedly higher than the current and forecast
market rates, GSL's earnings and credit ratios could come under
pressure if the group were forced to re-employ all CMA CGM
chartered vessels at once and at market rates.

If GSL's owners were to unexpectedly adopt more aggressive
financial policies regarding acquisitions, shareholder
remuneration, and organic growth strategies, and if they increased
their tolerance for material and unforeseen negative changes in
credit ratios, this would also weigh on the ratings.


R3 GROUP: DMG Acquires Business, Assets Following Administration
----------------------------------------------------------------
Perry Gourley at The Scotsman reports that Ducati Manchester Group
(DMG) has acquired the business and assets of the R3 Group that
operated the Ducati Glasgow & Triumph Glasgow dealerships in the
city.

Business advisors at Grant Thornton had been appointed as
administrators of the R3 Group at the end of November, The Scotsman
relates.

DMG has been part of the Ducati dealer network since it was founded
in 2002.  It currently has four dealerships -- in Preston,
Manchester, Stoke and Worcester.

Chris Booth, the owner and managing director of DMG, said the
Scottish dealerships will remain at the current Hillington address
for the next few months, but a location is being planned for later
in 2021, The Scotsman notes.

According to The Scotsman, Julie Tait, director in the
restructuring team in Grant Thornton Scotland, said the sale of the
R3 group as a going concern will ensure that 14 jobs will be
retained and that customer orders will continue to be serviced as
normal.


RHYS DAVIES: Enters Administration Due to Unsustainable Losses
--------------------------------------------------------------
Business Sale reports that Rhys Davies & Sons, one of the biggest
haulage firms in Wales and a member of the Cathay Group, has fallen
into administration citing "unsustainable losses" accrued as a
result of COVID-19.

According to Business Sale, administrators say they are open to
serious offers from parties interested in acquiring its business or
assets, but added that a wind-down of the company has begun.

FRP Advisory's Ian Vickers -- ian.vickers@frpadvisory.com -- and
Phillip Harris -- phil.harris@frpadvisory.com -- have been
appointed as joint administrators for the firm, Business Sale
discloses.

The administrators said that Rhys Davies & Sons "had been acquired
by Cathay Group after a long period of losses and despite
significant investment from its owners since acquisition, the
COVID-19 pandemic has resulted in significant and unsustainable
losses of revenue", Business Sale relates.

The administrators added that the wider Cathay Group was not
impacted by the administration and that a number of redundancies
had been made, with the remaining staff staying on in order to
assist in the company's wind-down, Business Sale notes.

"The impact of the pandemic has resulted in unsustainable losses
for the company and left the directors with no option but to place
the business into administration," Business Sale quotes FRP
Advisory's Steve Baluchi as saying.

"We will now be focused on the orderly wind-down of the business
and returning customers' goods to them as quickly as possible.  We
are also working with staff to support them and help make any
claims to the Redundancy Payments Service during what we recognize
will be a difficult time."

At the time of its February 2019 filing, Rhys Davies & Sons
reported fixed assets of GBP5.9 million, down from GBP6.7 million
in August 2017, Business Sale states. Current assets were valued at
GBP8.3 million, down from GBP17.4 million, Business Sale relays.

The company owed creditors GBP11.1 million within one year, as well
as GBP2.1 million due after more than one year, Business Sale says.
Its total assets were valued at slightly over GBP3 million, down
from GBP12.8 million, with net assets standing at GBP971,225, down
from GBP8.8 million, according to Business Sale.

Rhys Davies & Sons owns a fleet of 170 vehicles, including 150
articulated trailers, and has over 560,000 square feet of warehouse
space across nine sites around the UK.


THG OPERATIONS: Moody's Affirms B1 CFR; Alters Outlook to Positive
------------------------------------------------------------------
Moody's Investors Service affirmed the B1 corporate family rating
(CFR) and B1-PD probability of default rating (PDR) of THG
Operations Holdings Limited (THGO or the company) and the B1 rating
of the company's senior secured facilities comprising a EUR600
million Term Loan B and GBP170 million Revolving Credit Facility.
Concurrently the rating agency changed the outlook to positive from
stable.

The company's parent THG Holdings plc (The Hut Group) completed an
Initial Public Offering (IPO) on the London Stock Exchange in
September, with gross proceeds of more than GBP900 million. A
corporate reorganisation accompanied the listing which entailed
ownership of properties leased to THGO by a ringfenced Propco group
transferring to the company's founder. The lease terms were not
however altered and the Opco group's borrowings in the name of THGO
were not affected by the IPO.

RATINGS RATIONALE

Moody's positively recognises the acceleration in The Hut Group's
revenue growth this year, from an already strong multiyear trend.
Overall revenue growth of 37% in the first nine months of 2020 was
driven by growth of 52% and 35% respectively for the core online
Beauty and Wellness divisions. The Hut Group's online model has
this year resonated strongly with those consumers around the world
who have stayed away from physical shops in the wake of the global
coronavirus pandemic, initially due to lockdowns and subsequently
through choice. The company successfully focused on driving higher
frequency of spend by existing customers as well as winning new
customers.

However, this revenue growth has been accompanied by a significant
increase in costs, most notably for international delivery. The
company classifies these costs as exceptional but Moody's does not
as they have driven revenue, which cannot be normalised. As such,
while the company reported 27% growth in its adjusted EBITDA in the
first half of 2020, the rating agency expects full year
Moody's-adjusted EBITDA to be lower in 2020 than 2019,
notwithstanding the company's guidance towards stable underlying
margins and its latest full year 2020 revenue growth guidance in a
range of 38% to 40%, up from 25% at the time of the IPO.

Nevertheless, the positive outlook reflects Moody's view that
during 2021 continued high revenue growth and somewhat lower unit
delivery cost levels may in combination result in a sustainable
improvement in the company's Moody's-adjusted profitability and in
turn result in material improvement in the company's
Moody's-adjusted gross leverage.

LIQUIDITY

The proceeds from the IPO boosted The Hut Group's already good
liquidity and Moody's now considers it to be excellent. In light of
these funds the rating agency expects the company will not need to
use its revolving credit facility. The company's cash balance
currently exceeds the sum of its funded debt and lease liabilities
and Moody's expects the company will retain a sizeable cash buffer,
even if it uses some of it to fund bolt on acquisitions and its
free cash flow remains weak due to high expansionary capital
spending focused on its Ingenuity platform. The company has stated
that acquisitions will continue to be part of its overall strategy
and that, subject to opportunities, it expects to invest between
GBP50 million and GBP300 million a year in this regard.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

The Hut Group's online focus means that it was already benefiting
from the systemic shift of consumer spending away from physical
retail stores, which has accelerated as a consequence of the
coronavirus crisis. While Moody's expects overall online sales in
2021 to ease back from the highs of 2020, the rating agency expects
that companies like The Hut Group which are growing from a
relatively modest base and benefit from wide geographic
diversification to sustain strong year-on-year growth in 2021 and
beyond.

The company's governance structure is unusual for a publicly listed
company in several ways, including the dual role of Matthew
Moulding as Executive Chairman and CEO, his right to veto hostile
takeovers for three years post IPO, and his position as the
company's landlord. Moody's does not see these features as
materially credit negative. The dual role and control of strategy
are effectively continuation of the situation that existed up to
the IPO, when the executive team had already been subject to the
scrutiny of non-executive directors and several institutional
shareholders. Instead, the usual credit positive features of an IPO
of enhanced clarity in respect of governance and strategy are
somewhat diluted in this case.

RATIONALE FOR THE POSITIVE OUTLOOK

The positive outlook reflects Moody's view that in due course the
company's Moody's-adjusted EBITDA will likely grow materially,
leading to improved credit metrics.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Moody's would consider upgrading the rating if the company
maintains strong organic revenue growth and its Moody's-adjusted
EBITDA margin recovers to the historic level of around 9%.
Quantitatively this would equate to an ability to sustain
Moody's-adjusted gross leverage below 4.5x. Moreover, an upgrade
would likely require the company to generate positive free cash
flows, maintain excellent liquidity, and demonstrate conservative
financial policies. This would likely include funding bolt on
acquisitions, complementary to existing core businesses, with the
company's significant cash balances, and raising fresh equity
rather than debt in the event of material acquisitions.

Conversely, Moody's could revise the outlook to stable in the event
that the conditions for an upgrade are not met during 2021. Further
downward rating pressure would build in the event that the company
fails to generate growth in profitability such that
Moody's-adjusted gross leverage does not reduce below 5.5x over the
course of 2021, or in the event of financial policies contrary to
Moody's current expectations, such as using additional debt to fund
future acquisitions.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

THG Holdings plc is headquartered in Manchester, England and has a
diverse range of e-commerce focused activities, and certain
associated manufacturing facilities. Its largest brands
lookfantastic.com and myprotein.com operate in the beauty and
wellness retail segments respectively. The company listed on the
London Stock Exchange in September 2020 and has a current market
capitalisation of around GBP6.5 billion.

ZELLIS HOLDINGS: S&P Upgrades ICR to CCC+, Outlook Stable
---------------------------------------------------------
S&P Global Ratings raised its issuer credit rating on Zellis
Holdings Ltd. to 'CCC+' from 'SD' (selective default) and its issue
ratings on the group's first-lien senior secured debt to 'CCC+'
from 'D'.

The stable outlook reflects Zellis' enhanced liquidity and our
expectations of stable operating performance leading to at least
breakeven cash flow generation after all fixed charges by FY2022.

Zellis' resilience in the face of the COVID-19 pandemic has led S&P
to improve its revenue growth forecast, however this is subject to
execution risk relating to the new cloud-native human capital
management (HCM) platform.

S&P said, "We have revised upward our revenue growth forecast to
about 1%-2% in FY2021 followed by 7%-9% in FY2022. This compares
favorably with our previously expected revenue decline of up to 5%
in FY2021 on the back of meaningful exposure to the small and
midsize businesses (SMB) segment, and to verticals severely
affected by the pandemic making up about 25%-30% of the revenue
base. Our upward revision reflects Zellis' resilient total revenues
during the first quarter (Q1) 2021 (May-July), which increased by
3% year-on-year despite coinciding with the peak of the first wave
of the pandemic. Zellis' most susceptible SMB segment, Mooreplay
(contributing around 16% of revenue), grew by 4%. We expect top
line growth to be fueled by customer conversion to its new
cloud-native HCM platform for a premium, as well as by resilient
performance in the SMB segment and strong momentum in the employee
benefits platform Benefex, boosted by the recent acquisition of
Galileo."

The new HCM platform has introduced fully fledged payroll analytics
and benefits features and its offering is complemented through
partnership with other adjacent software vendors (providing
recruitment, talent, expenses, learning and development services).

S&P notes, however, the limited track record of the new product and
hence execution risk to customer conversion, which could lead to
slower revenue growth than its base case for FY2022. This is
somewhat exacerbated by our expectations of increasing unemployment
in the U.K. in the calendar year 2021 and potential hit from the
withdrawal of government support schemes.

The sustainability of Zellis' capital structure depends on solid
continuous improvement in sales, profitability, and working capital
management over the long term.

S&P said, "Notwithstanding expectations of stable operating
performance and cash savings coming from interest deferral of about
GBP5 million in FY2021 and GBP10 million in FY2022, we expect about
GBP10 million-GBP15 million negative free operating cash flow
(FOCF) generation in FY2021 improving to about GBP0-GBP5 million in
FY2022. Free cash flows will be eroded by increased working capital
outflows due to changes in billings on more conservative liquidity
management of Zellis' clients as a response to the COVID-19
pandemic, which will decrease deferred revenue. S&P Global
Ratings-adjusted FOCF is stated after pension deficit payments and
business transformation costs but before financial and operating
leases.

"In our view, absent solid execution of growth in sales, recurring
EBITDA, and improvement in working capital management, Zellis will
not be able to cover all its fixed costs on a sustainable basis,
including its leases (about GBP5 million), pension amortization
(GBP4 million-GBP6 million), and cash interest (GBP10 million).
This means we still see a longer-term risk to the current capital
structure."

In addition, Zellis' deleveraging prospects and cash flow
generation are stalled by ongoing discretionary business
investments with somewhat lagged monetization.

S&P said, "As a result, we don't expect Zellis to reduce our
adjusted leverage below 10x before FY2023. Zellis plans to invest
about 6%-7% of revenue in FY2021 and about 3%-4% in FY2022 on
business transformation projects (mostly IT and automation in
payroll services, restructuring, and cloud infrastructure). This,
on top of about 7%-8% of revenue for software development of its
new HCM cloud-native platform, would lead to below-average S&P
Global Ratings-adjusted EBITDA margins of 14%-16% in FY2021 and
17%-19% in FY2022 from 13.9% in 2020. We understand most of the
business transformation projects are discretionary and should
therefore decline materially from FY2022, but failure to
meaningfully reduce exceptional costs in the future will mean
continued cash burn."

Enhanced liquidity provides a buffer for any potential operational
underperformance.

With an additional GBP40 million liquidity injection following the
executed exchange offer with the lenders, Zellis has a comfortable
liquidity position. As a result, S&P sees a sizable headroom under
the rating for potential operating underperformance amid
macroeconomic headwinds from Brexit or the COVID-19 pandemic, or
slower-than-expected customer conversion to the new HCM platform.

Outlook

The stable outlook reflects enhanced liquidity and our expectation
of stable operating performance leading to at least breakeven cash
flow generation after all fixed charges, cash interest, pension,
and leases by FY2022.

Upside scenario

S&P could raise the rating on Zellis if its cash flow generation
improves such that it can cover all fixed charges including
pension, interest, and financial and operating leases on a
sustainable basis. This could happen if Zellis' customer conversion
to the new HCM platform gains momentum followed by resilience in
the SMB segment, coupled with improvement in working capital
management and profitability.

Downside scenario

S&P said, "Although remote at this stage given Zellis' improved
liquidity position, we could lower the ratings if the its
profitability, cash flow, and overall liquidity deteriorate to the
point that we think it is unlikely to be able to meet its fixed
charges--including pension and leases--and hence may pursue debt
restructuring." This could happen if Zellis experiences a
significant increase in customer churn and stall in conversion to
the new HCM platform on a prolonged basis, driven by macroeconomic
headwinds due to the pandemic or Brexit.




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

[*] BOND PRICING: For the Week December 7 to December 11, 2020
--------------------------------------------------------------
Issuer               Coupon  Maturity  Currency  Price
------               ------  --------  --------  -----
Selecta Group BV      5.875   02/01/2024  EUR   37.524
Deutsche Lufthansa    5.125   08/12/2075  EUR   72.640
Takko Luxembourg 2    5.375  11/15/2023   EUR   29.040
Vedanta Resources L   8.250   06/07/2021  USD   70.180
Vedanta Resources L   6.375   7/30/2022   USD   57.330
Vedanta Resources L   6.125   08/09/2024  USD   49.107
Gol Finance SA        7.000   1/31/2025   USD   46.012
Atento Luxco 1 SA     6.125   08/10/2022  USD   73.441
Ellaktor Value Plc    6.375  12/15/2024   EUR   73.875
Intelsat Jackson Ho   5.500   08/01/2023  USD   53.000
Mclaren Finance PLC   5.000   08/01/2022  GBP   57.065
Intelsat Jackson Ho   8.500  10/15/2024   USD   57.250
Vedanta Resources F   9.250   4/23/2026   USD   52.570
Carnival PLC          1.000  10/28/2029   EUR   60.487
Europcar Mobility G   4.125  11/15/2024   EUR   63.866
Genfit                3.500  10/16/2022   EUR   10.028
Argentum Netherland   0.500   10/02/2024  EUR   63.204
Adler Pelzer Holdin   4.125   04/01/2024  EUR   47.117
Deutsche Bank AG      4.789               USD   68.055
DTEK Finance PLC     10.750  12/31/2024   USD   50.742
Vallourec SA          6.625  10/15/2022   EUR   64.150
International Perso   5.750   04/07/2021  EUR   64.783
Intelsat SA           4.500   6/15/2025   USD   22.250
CMA CGM SA            5.250   1/15/2025   EUR   70.373
Norwegian Air Shutt   7.250   11/11/2022  EUR   32.629
Banco BPM SpA         6.125               EUR   66.518
Banca Monte dei Pas   5.375   1/18/2028   EUR   79.424
Transportes Aereos    5.625   12/02/2024  EUR   56.440
Vedanta Resources F   8.000   4/23/2023   USD   51.804
Codere Finance 2 Lu   6.750   11/01/2021  EUR   46.492
Vedanta Resources L   7.125   5/31/2023   USD   51.573
Intelsat Luxembourg   8.125   06/01/2023  USD    5.750
Swissport Financing   9.000   2/15/2025   EUR    7.442
Kirk Beauty One Gmb   8.750   7/15/2023   EUR   46.853
Tullow Oil PLC        7.000   03/01/2025  USD   55.398
Kongsberg Actuation   5.000   7/15/2025   EUR   62.130
AerCap Holdings NV    5.875   10/10/2079  USD   69.388
Obrascon Huarte Lai   4.750   3/15/2022   EUR   40.396
Mitsubishi UFJ Inve   4.221  12/15/2050   EUR   50.450
Intelsat Jackson Ho   9.750   7/15/2025   USD   58.000
Selecta Group BV      5.375   02/01/2024  EUR   37.425
Intelsat Connect Fi   9.500   2/15/2023   USD   25.000
Sarens Finance Co N   5.750   2/21/2027   EUR   70.316
Andrade Gutierrez I   9.500  12/30/2024   USD   64.732
Europcar Mobility G   4.000   4/30/2026   EUR   58.561
Explorer II AS        3.375   2/24/2025   EUR   74.834
Promontoria Holding   6.750   8/15/2023   EUR   64.752
Unigel Luxembourg S   8.750   10/01/2026  USD   74.526
Piraeus Bank SA       5.500   2/19/2030   EUR   61.175
InterCement Financi   5.750   7/17/2024   USD   44.566
Swissport Financing   5.250   8/15/2024   EUR   75.959
Jaguar Land Rover A   2.200   1/15/2024   EUR   74.747
Petra Diamonds US T   7.250   05/01/2022  USD   37.330
La Financiere Atali   4.000   5/15/2024   EUR   57.880
Aryzta AG             5.468               CHF   56.224
Tereos Finance Grou   4.125   6/16/2023   EUR   70.985
Travelex Financing    8.000   5/15/2022   EUR   25.725
Takko Luxembourg 2    5.375  11/15/2023   EUR   27.583
Marcolin SpA          4.125   2/15/2023   EUR   70.666
Jaguar Land Rover A   4.500   1/15/2026   EUR   74.076
MSC Cruises SA        3.000   7/14/2023   CHF   48.000
Selecta Group BV      5.875   02/01/2024  CHF   35.659
Aegon NV              0.046               EUR   62.618
Tullow Oil PLC        6.250   4/15/2022   USD   65.861
Vallourec SA          6.375  10/15/2023   EUR   59.758
Aegon NV              0.915               USD   67.406
MSC Cruises SA        3.000  11/30/2021   CHF   54.133
Metro Bank PLC        9.500   10/08/2025  GBP   73.361
Casino Guichard Per   0.945               EUR   27.508
Naviera Armas SA      6.500   7/31/2023   EUR   50.067
Signet UK Finance P   4.700   6/15/2024   USD   61.905
Obrascon Huarte Lai   5.500   3/15/2023   EUR   39.974
Raffinerie Heide Gm   6.375   12/01/2022  EUR   60.964
Norwegian Air Shutt   6.375  11/15/2024   USD   23.515
Novafives SAS         5.000   6/15/2025   EUR   68.871
Korian SA             0.875   03/06/2027  EUR   49.459
Banca Monte dei Pas   8.000   1/22/2030   EUR   88.938
Maxeda DIY Holding    6.125   7/15/2022   EUR   70.034
Vallourec SA          2.250   9/30/2024   EUR   54.105
Vallourec SA          4.125   10/04/2022  EUR    3.683
Hema Bondco I BV      6.250   7/15/2022   EUR   45.627
Moby SpA              7.750   2/15/2023   EUR   31.750
Sudzucker Internati   2.747               EUR   73.708
International Airpo  12.000   3/15/2033   USD   66.631
Summer BC Holdco A    9.250  10/31/2027   EUR   73.815
Global Liman Isletm   8.125  11/14/2021   USD   59.855
Corestate Capital H   1.375  11/28/2022   EUR   72.136
Distribuidora Inter   1.000   4/28/2021   EUR   72.299
Matalan Finance PLC   6.750   1/31/2023   GBP   59.250
Piraeus Bank SA       9.750   6/26/2029   EUR   71.962
LSF9 Balta Issuer S   7.750   9/15/2022   EUR   49.201
ING Groep NV          0.310               EUR   74.301
AXA SA                1.604               USD   64.883
Premier Oil PLC       6.500   5/31/2021   GBP   65.364
KME SE                6.750   02/01/2023  EUR   43.624
Intu SGS Finance PL   3.875   3/17/2023   GBP   58.281
Valaris plc           5.750   10/01/2044  USD    7.887
Newday Bondco Plc     7.375   02/01/2024  GBP   74.200
Alpha Bank AE         4.250   2/13/2030   EUR   75.875
Norwegian Air Shutt   5.216   02/07/2023  SEK   50.000
BNP Paribas Fortis    1.592               EUR   70.130
Intralot Capital Lu   6.750   9/15/2021   EUR   40.782
Valaris plc           7.750   02/01/2026  USD    6.137
Intelsat Luxembourg   7.750   06/01/2021  USD    5.000
Frigoglass Finance    6.875   02/12/2025  EUR   65.000
Swissport Investmen   6.750  12/15/2021   EUR   24.532
Neoen SA              2.000   06/02/2025  EUR   46.540
Rallye SA             4.000   04/02/2021  EUR   17.806
Casino Guichard Per   3.992               EUR   43.546
Naviera Armas SA      4.250  11/15/2024   EUR   48.537
Pro-Gest SpA          3.250  12/15/2024   EUR   54.833
Mallinckrodt Intern   5.750   08/01/2022  USD   22.280
Maisons du Monde SA   0.125   12/06/2023  EUR   33.992
Tendam Brands SAU     5.000   9/15/2024   EUR   69.641
Paper Industries In   6.000   03/01/2025  EUR   66.625
Republic of Angola    6.388   12/07/2023  USD   61.125
SGL Carbon SE         3.000   9/20/2023   EUR   61.497
Nostrum Oil & Gas F   8.000   7/25/2022   USD   23.809
Mclaren Finance PLC   5.750   08/01/2022  USD   57.705
Air France-KLM        0.125   3/25/2026   EUR   13.030
Pizzaexpress Financ   6.625   08/01/2021  GBP   59.495
SGL Carbon SE         4.625   9/30/2024   EUR   74.838
Solocal Group         8.000   3/15/2022   EUR   39.504
Banque Federative d   0.181               EUR   68.910
Hurricane Energy PL   7.500   7/24/2022   USD   45.348
Pacific Drilling SA   8.375   10/01/2023  USD   22.184
ASG Finance Designa   7.875   12/03/2024  USD   55.149
Valaris plc           4.875   06/01/2022  USD    9.551
KCA Deutag UK Finan   9.625   04/01/2023  USD   44.346
Nexity SA             0.125   01/01/2023  EUR   55.913
AXA SA                0.078               EUR   65.978
Norican A/S           4.500   5/15/2023   EUR   66.795
Groupe Ecore Holdin   6.250  11/15/2023   EUR   54.292
Metro Bank PLC        5.500   6/26/2028   GBP   44.559
4finance SA          10.750   05/01/2022  USD   68.951
Astaldi SpA           7.125   12/01/2020  EUR    9.731
Rothschild & Co Con   1.313               USD   64.835
B2Holding ASA         6.350   5/28/2024   EUR   74.612
Mclaren Finance PLC   5.750   08/01/2022  USD   56.526
Odea Bank AS          7.625   08/01/2027  USD   55.557
Hema Bondco II BV     8.500   1/15/2023   EUR    3.266
La Financiere Atali   5.125   5/15/2025   EUR   60.743
International Perso   7.750  12/14/2023   GBP   69.793
SAS AB                5.375  11/24/2022   SEK   75.000
Norwegian Air Shutt   4.875   05/10/2028  USD   64.000
AXA SA                0.870               USD   71.698
CNP Assurances        0.240               EUR   72.341
Boparan Finance PLC   4.375   7/15/2021   EUR   74.833
Valaris plc           4.700   3/15/2021   USD    6.860
GOL Equity Finance    3.750   7/15/2024   USD   45.014
Koninklijke BAM Gro   3.500   6/13/2021   EUR   69.131
Mallinckrodt Intern   4.750   4/15/2023   USD   21.265
O1 Properties Finan   8.250   9/27/2021   USD   31.500
Intralot Capital Lu   5.250   9/15/2024   EUR   21.028
Fugro NV              4.000  10/26/2021   EUR   72.963
Distribuidora Inter   0.875   04/06/2023  EUR   43.702
Ilija Batljan Inves   6.079   9/27/2022   SEK   82.801
Ageasfinlux SA        1.053               EUR   57.437
Nostrum Oil & Gas F   7.000   2/16/2025   USD   23.908
Valaris plc           8.000   1/31/2024   USD    6.591
Cabonline Group Hol   7.603   12/09/2022  SEK   57.259
Aker Solutions ASA    3.280   06/03/2024  NOK   72.204
Ferroglobe PLC / Gl   9.375   03/01/2022  USD   33.105
Rallye SA             4.371   1/23/2023   EUR   18.002
Akka Technologies     3.500               EUR   60.568
Officine Maccaferri   5.750   06/01/2021  EUR   36.219
SAS AB                8.569               SEK   61.000
Amigo Luxembourg SA   7.625   1/15/2024   GBP   74.196
Neoen SA              1.875   10/07/2024  EUR   37.500
OKEA ASA              8.750   12/11/2024  USD   70.000
Saga PLC              3.375   05/12/2024  GBP   73.038
Intu Metrocentre Fi   4.125   12/06/2023  GBP   58.182
OKEA ASA              7.875   6/28/2023   USD   70.503
NIBC Bank NV          1.320               USD   62.201
KCA Deutag UK Finan   7.250   5/15/2021   USD   42.604
Cooperativa Murator   6.000   2/15/2023   EUR    2.705
AnaCap Financial Eu   5.000   08/01/2024  EUR   75.155
FIGEAC-AERO           1.125  10/18/2022   EUR   22.843
Promontoria Holding   6.250   8/15/2023   EUR   63.721
Codere Finance 2 Lu   7.625   11/01/2021  USD   45.020
Aryzta AG             3.640               CHF   60.949
Fuerstenberg Capita   5.625               EUR   66.395
Korian SA             2.500               EUR   40.642
Banco BPM SpA         1.487               EUR   72.663
Econocom Group SA/N   0.500   03/06/2023  EUR    6.590
Tendam Brands SAU     5.250   9/15/2024   EUR   68.634
Dignity Finance PLC   4.696  12/31/2049   GBP   75.317
Abengoa Abenewco 2    1.500   4/26/2024   EUR    2.841
AXA SA                0.580               EUR   65.206
Valaris plc           4.500   10/01/2024  USD    7.468
Debenhams PLC         5.250   7/15/2021   GBP    3.827
Codere Finance 2 Lu   7.625   11/01/2021  USD   40.937
ADLER Real Estate A   2.500   7/19/2021   EUR   14.450
Quadient              3.375               EUR   55.086
Rothschild & Co Con   0.310               EUR   63.402
Intu SGS Finance PL   4.250   9/17/2030   GBP   56.750
Valaris plc           5.200   3/15/2025   USD    6.285
Jain International    7.125   02/01/2022  USD   29.263
Societe Generale SA   0.623               USD   74.000
Novafives SAS         4.500   6/15/2025   EUR   68.916
Midsummer AB          8.826   4/25/2023   SEK   47.563
KCA Deutag UK Finan   9.875   04/01/2022  USD   43.843
Greenyard Fresh NV    3.750  12/22/2021   EUR   69.649
HOCHDORF Holding AG   2.500               CHF   59.241
MCH Group AG          1.875   5/16/2023   CHF   68.560
Thomas Cook Group P   6.250   6/15/2022   EUR    5.000
Republic of Angola    6.927   2/19/2027   USD   67.000
VIC Properties SA     3.000   5/28/2025   EUR   75.000
F-Brasile SpA / F-B   7.375   8/15/2026   USD   73.208
Mallinckrodt Intern   5.500   4/15/2025   USD   20.858
AX Del1 Oy            5.000   4/19/2021   EUR   63.723
Atento Luxco 1 SA     6.125   08/10/2022  USD   71.619
Pierre & Vacances S   2.000   04/01/2023  EUR   50.858
MPC Container Ships   5.945   9/22/2022   USD   74.000
Mallinckrodt Intern  10.000   4/15/2025   USD   66.376
Biocartis NV          4.000   05/09/2024  EUR   59.405
Promontoria MMB SAS   8.000               EUR   70.948
Offshore Drilling H   8.375   9/20/2020   USD   24.100
Valaris plc           5.850   1/15/2044   USD   10.210
Banco Santander SA    0.143               EUR   71.876
Union Fenosa Prefer   1.301               EUR   71.920
Nexity SA             0.250   03/02/2025  EUR   55.776
Host Property AB      6.684  11/28/2022   SEK   61.666
Mallinckrodt Intern   5.625  10/15/2023   USD   23.090
Rallye SA             5.250   02/01/2022  EUR   17.783
Senvion Holding Gmb   3.875  10/25/2022   EUR    4.137
European TopSoho Sa   4.000   9/21/2021   EUR   53.560
EA Partners I BV      6.875   9/28/2020   USD   31.000
Hoist Finance AB      7.750               EUR   65.396
Matalan Finance PLC   9.500   1/31/2024   GBP   29.188
Boparan Finance PLC   5.500   7/15/2021   GBP   75.992
Turkish Airlines 20   4.200   3/15/2027   USD   74.448
Cooperativa Murator   6.875   08/01/2022  EUR    2.760
Swissport Investmen   9.750  12/15/2022   EUR   13.210
Rallye SA             3.250   02/08/2024  CHF   20.506
Ziton A/S             7.900   10/03/2022  EUR   70.224
Petra Diamonds US T   7.250   05/01/2022  USD   37.377
Jaguar Land Rover A   4.500   10/01/2027  USD   67.267
Thomas Cook Finance   3.875   7/15/2023   EUR    3.360
Valaris plc           7.375   6/15/2025   USD    8.257
Kudelski SA           1.500   9/27/2024   CHF   52.298
Vedanta Resources F   9.250   4/23/2026   USD   52.209
Cembrit Group A/S     5.500   3/20/2021   EUR   66.392
Songa Container AS    6.741  12/14/2021   USD   70.000
Independent Oil & G   9.500   9/20/2024   EUR   68.208
Norwegian Air Shutt   7.500   11/10/2023  USD   65.250
Caisse Federale du    0.018               EUR   71.259
Metalcorp Group SA    7.000   06/06/2022  EUR   70.053
Sydbank A/S           0.069               EUR   74.162
Intu Debenture PLC    5.562  12/31/2027   GBP   58.250
Quant AB              6.000   2/15/2023   EUR   59.596
Gol Finance SA        7.000   1/31/2025   USD   45.937
Lehman Brothers UK    5.125               EUR    8.125
Santhera Pharmaceut   5.000   2/17/2022   CHF   55.771
DOF Subsea AS         9.500   3/14/2022   USD   21.008
Stockmann OYJ Abp    10.750               EUR   15.000
Newday Bondco Plc     7.053   02/01/2023  GBP   74.860
European Directorie   8.500   06/09/2021  EUR   70.000
Intelsat Jackson Ho   8.500  10/15/2024   USD   59.000
Koninklijke Luchtva   0.750               CHF   33.000
Intu SGS Finance PL   4.625   3/17/2028   GBP   57.722
Intelsat Connect Fi   9.500   2/15/2023   USD   16.000
Galapagos Holding S   7.000   6/15/2022   EUR    7.704
Fugro NV              4.500   11/02/2024  EUR   60.097
Axactor SE            7.000   6/23/2021   EUR   70.000
Rallye SA             4.000  11/23/2020   CHF   20.266
Groupe Acrotec SA     3.500  10/16/2025   CHF   67.833
Alitalia-Societa Ae   5.250   7/30/2020   EUR    1.841
Banco Espirito Sant   4.000   1/21/2019   EUR   25.326
Atento Luxco 1 SA     6.125   08/10/2022  USD   60.250
Shawbrook Group PLC   7.875               GBP   68.635
EA Partners II BV     6.750   06/01/2021  USD   48.529
Air Berlin PLC        8.250   4/19/2018   EUR    1.623
Jyske Bank A/S        0.366               EUR   73.622
Pizzaexpress Financ   8.625   08/01/2022  GBP   12.298
Solstad Offshore AS   4.620   9/24/2021   NOK    4.625
Grupo Isolux Corsan   1.000  12/30/2021   EUR    0.294
Steinhoff Finance H   1.250  10/21/2023   EUR   43.000
Vedanta Resources L   6.375   7/30/2022   USD   56.864
Scandinavian Airlin   0.625               CHF   29.334
Groupe Acrotec SA     3.750   6/14/2023   CHF   65.468
Prime Living AB       4.811   9/29/2022   SEK   47.091
Privatbank CJSC Via  10.250   1/23/2018   USD   30.747
Banco Espirito Sant   2.625   05/08/2017  EUR   17.048
Paragon GmbH & Co K   4.500   07/05/2022  EUR   44.623
Vedanta Resources L   8.250   06/07/2021  USD   70.197
Hellenic Bank PCL    10.000               EUR   49.393
Tulip Oil Netherlan   8.500  10/25/2022   EUR   83.741
La Financiere Atali   6.625   5/15/2025   GBP   67.594
Deutsche Bank AG/Lo   0.806  10/31/2034   USD   66.625
Turkish Airlines 20   4.200   3/15/2027   USD   74.448
Immigon Portfolioab   5.980               EUR   15.097
Ferroglobe PLC / Gl   9.375   03/01/2022  USD   33.818
Astaldi SpA           4.875   6/21/2024   EUR    7.350
Selecta Group BV      5.875   02/01/2024  EUR   37.980
FF Group Finance Lu   3.250   11/02/2021  CHF    8.618
Republic of Angola    9.412   07/01/2023  USD   61.125
Care Bidco AS         6.620   3/24/2021   NOK   48.109
Valaris plc           4.750   1/15/2024   USD    9.312
Mitchells & Butlers   2.612   6/15/2036   GBP   70.846
Dexia Credit Local    1.468               EUR    6.706
Barclays Bank PLC     0.824   7/31/2034   USD   67.100
FF Group Finance Lu   1.750   07/03/2019  EUR    5.878
Bourbon Corp          6.446               EUR    0.266
Valaris plc           5.400   12/01/2042  USD   11.659
EOS Imaging SA        6.000   5/31/2023   EUR    4.887
Stobart Finance PLC   2.750   05/08/2024  GBP   58.000
KCA Deutag UK Finan   9.625   04/01/2023  USD   44.294
GOL Equity Finance    3.750   7/15/2024   USD   78.127
Wasps Finance Plc     6.500   5/13/2022   GBP   45.684
Tullow Oil PLC        6.250   4/15/2022   USD   65.861
Vedanta Resources L   6.125   08/09/2024  USD   49.391
KCA Deutag UK Finan   9.875   04/01/2022  USD   42.365
Tullow Oil PLC        7.000   03/01/2025  USD   55.826
KCA Deutag UK Finan   7.250   5/15/2021   USD   42.486
LA Perla Fashion Fi   7.250   3/29/2023   EUR   49.623
Yell Bondco PLC       8.500   05/02/2023  GBP   38.028
Lambay Capital Secu   6.250               GBP    0.844
Eramet                4.000               EUR   52.027
Ellaktor Value Plc    6.375  12/15/2024   EUR   75.250
Transcapitalbank JS  10.000   9/18/2020   USD   55.500
Grupo Isolux Corsan   6.000  12/30/2021   EUR    0.307
NIBC Bank NV          0.193               EUR   62.921
Abengoa Abenewco 2    1.500   4/26/2024   USD    2.817
SLM Solutions Group   5.500   10/11/2022  EUR   70.956
BIM SAS               2.500  11/13/2020   EUR   22.014
Jacktel AS           10.000   12/04/2023  USD   15.000
Rickmers Holding AG   8.875   06/11/2018  EUR    1.152
Rallye SA             3.400   1/31/2022   EUR   18.000
DOF Subsea AS         7.760   9/30/2020   NOK   20.000
Mitsubishi UFJ Inve   4.002  12/30/2099   EUR    4.194
YA Holding AB         3.278   6/18/2022   SEK   53.304
Hoist Finance AB      8.625               EUR   69.671
Fuerstenberg Capita   1.287               EUR   64.969
Mclaren Finance PLC   5.750   08/01/2022  USD   57.091
Air Berlin PLC        6.750   05/09/2019  EUR    1.259
Credit Mutuel Arkea   0.316               EUR   67.023
Stichting Afwikkeli   6.250  10/26/2020   EUR    1.426
Dexia SA              1.519               EUR    7.431
OP Corporate Bank p   0.132               EUR   73.614
Mclaren Finance PLC   5.000   08/01/2022  GBP   57.771
Uppfinnaren 1 AB     11.000               SEK   44.092
Bilt Paper BV         9.640               USD    1.021
House of Fraser Fun   5.978   9/15/2020   GBP    3.433
Kredyt Inkaso SA      5.610   4/26/2023   PLN   70.500
Bank Otkritie Finan  10.000   4/26/2019   USD    9.505
Tresu Investment Ho   5.000   9/29/2022   EUR   41.625
DNB Bank ASA          1.750               USD   68.299
Andrade Gutierrez I   9.500  12/30/2024   USD   62.251
CMA CGM SA            5.250   1/15/2025   EUR   70.530
Avangardco Investme  10.000  10/29/2018   USD    3.800
Pacific Drilling SA   8.375   10/01/2023  USD   21.836
Mallinckrodt Intern   5.750   08/01/2022  USD   24.495
UkrLandFarming PLC   10.875   3/26/2018   USD    4.221
Agrokor dd            9.875   05/01/2019  EUR   10.500
Orient Express Bank  10.000               USD   45.089
Air Berlin PLC        5.625   05/09/2019  CHF    0.709
OGX Austria GmbH      8.500   06/01/2018  USD    0.001
GEWA 5 to 1 GmbH &    6.500   3/24/2018   EUR    4.510
JZ Capital Partners   6.000   7/30/2021   GBP    9.200
Norwegian Air Shutt   4.875   05/10/2028  USD   65.243
Virgolino de Olivei  10.500   1/28/2018   USD    0.849
Intelsat Jackson Ho   9.750   7/15/2025   USD   61.250
Rallye SA             1.000   10/02/2020  EUR   22.419
Cirio Holding Luxem   6.250   2/16/2004   EUR    0.942
Virgolino de Olivei  11.750   02/09/2022  USD    0.943
Allied Irish Banks   12.500   6/25/2035   GBP   61.971
Banca Popolare di V   9.500   9/29/2025   EUR    0.046
Afren PLC             6.625   12/09/2020  USD    0.070
4finance SA          10.750   05/01/2022  USD   68.976
CNP Assurances        2.000               EUR   50.000
Banco Espirito Sant   4.750   1/15/2018   EUR   25.599
Selecta Group BV      5.875   02/01/2024  CHF   36.381
Abengoa Abenewco 2    1.500   4/26/2024   USD    3.531
Barclays Bank PLC     0.604  11/29/2030   USD   70.319
Stichting Afwikkeli  11.250               EUR    1.210
InterCement Financi   5.750   7/17/2024   USD   43.575
KTG Agrar SE          7.125   06/06/2017  EUR    1.136
Transportes Aereos    5.625   12/02/2024  EUR   57.214
Vedanta Resources F   8.000   4/23/2023   USD   52.022
International Indus   9.000   07/06/2011  EUR    0.081
DNB Bank ASA          0.621               USD   68.470
Yuksel Insaat AS      9.500   11/10/2015  USD    1.252
CBo Territoria        3.750   07/01/2024  EUR    4.410
Enertronica Santern   7.000  12/31/2022   EUR   34.490
Unigel Luxembourg S   8.750   10/01/2026  USD   74.135
BBVA International    1.527               GBP   65.000
Intelsat Jackson Ho   9.750   7/15/2025   USD   58.597
Paper Industries In   6.000   03/01/2025  EUR   67.000
ASG Finance Designa   7.875   12/03/2024  USD   55.139
Solship Invest 1 AS   5.000   12/08/2024  NOK   11.917
GNB - Cia de Seguro   3.092               EUR   69.905
Corporate Commercia   8.250   08/08/2014  USD    0.836
Prime Living AB       7.339  10/19/2023   SEK    3.793
Takko Luxembourg 2    5.375  11/15/2023   EUR   29.999
OGX Austria GmbH      8.375   04/01/2022  USD    0.010
Europcar Mobility G   4.125  11/15/2024   EUR   64.070
BOA Offshore AS       0.409   7/17/2047   NOK    6.868
Vedanta Resources L   7.125   5/31/2023   USD   51.303
Nostrum Oil & Gas F   8.000   7/25/2022   USD   23.920
Aralco Finance SA    10.125   05/07/2020  USD    0.934
Norwegian Air Shutt   7.500   11/10/2023  USD   65.250
Paragon GmbH & Co K   4.000   4/23/2024   CHF   40.000
Depfa Funding II LP   6.500               EUR   57.819
Lehman Brothers UK    3.875               EUR    8.125
Mitchells & Butlers   2.362   9/15/2034   GBP   73.400
Brado AB              8.603   06/07/2023  SEK   69.774
Privatbank CJSC Via  11.000   02/09/2021  USD    9.248
Banco Espirito Sant   7.125  11/28/2023   EUR    0.563
International Indus  11.000   2/19/2013   USD    0.081
Russian Federal Bon   0.250   7/20/2044   RUB   27.466
Espirito Santo Fina   6.875  10/21/2019   EUR    0.068
Alno AG               8.500   5/14/2018   EUR   13.743
DNB Bank ASA          1.740               USD   68.457
Breeze Finance SA     6.708   4/19/2027   EUR   28.950
Barclays Bank PLC     0.400   5/31/2033   USD   54.235
Banca Popolare di V   2.821  12/20/2017   EUR    0.100
Lehman Brothers UK    6.900               USD    2.745
Portugal Telecom In   6.250   7/26/2016   EUR    0.612
Civitas Properties    4.000  11/24/2022   EUR   54.500
Global Liman Isletm   8.125  11/14/2021   USD   58.296
Claranova SADIR       5.000   07/01/2023  EUR    1.100
New World Resources   4.000   10/07/2020  EUR    1.217
Hellenic Republic G   2.085   7/25/2057   EUR   50.375
HPI AG                3.500               EUR    3.000
Swissport Financing   9.000   2/15/2025   EUR    7.257
DOF Subsea AS         8.280  11/27/2023   NOK   13.054
Swissport Financing   5.250   8/15/2024   EUR   78.340
UniCredit Bank AG     0.483  11/19/2029   EUR   58.160
Vallourec SA          6.625  10/15/2022   EUR   63.495
Promontoria Holding   6.750   8/15/2023   EUR   72.496
Vallourec SA          4.125   08/02/2027  EUR   52.745
Kaupthing ehf         7.625   2/28/2015   USD    0.250
F-Brasile SpA / F-B   7.375   8/15/2026   USD   73.249
Agrokor dd            9.125   02/01/2020  EUR   10.179
ESFIL-Espirito Sant   5.250   06/12/2015  EUR    0.107
Barclays Bank PLC     3.663   3/27/2029   USD   59.391
Mallinckrodt Intern   5.500   4/15/2025   USD   20.858
Banco Espirito Sant   2.343               EUR    0.042
HI Bidco AS           6.060  10/30/2022   NOK   51.031
Selecta Group BV      5.375   02/01/2024  EUR   37.770
International Airpo  12.000   3/15/2033   USD   66.686
New World Resources   8.000   04/07/2020  EUR    0.447
Societe Centrale de   2.500   5/15/2023   EUR    6.780
Deutsche Bank AG      0.687   10/11/2049  EUR   72.646
Havila Shipping ASA   5.000   11/07/2020  NOK   60.000
Kaupthing ehf         5.750   10/04/2011  USD    0.250
Hamon & CIE SA        3.300   1/30/2025   EUR   44.750
Praktiker AG          5.875   02/10/2016  EUR    0.069
Verimatrix SA         6.000   6/29/2022   EUR    3.852
KPNQwest NV          10.000   3/15/2012   EUR    0.076
Virgolino de Olivei  10.875   1/13/2020   USD   26.625
Portigon AG           7.460   06/01/2020  EUR   18.000
Mallinckrodt Intern  10.000   4/15/2025   USD   66.433
Cooperatieve Raboba   0.500   2/26/2029   HUF   70.380
Hellas Telecommunic   6.054   1/15/2015   USD    0.018
Region of Piemont I   0.010  11/27/2036   EUR   65.179
CRC Breeze Finance    6.110   05/08/2026  EUR   50.500
Privatbank CJSC Via  10.875   2/28/2018   USD   30.293
Intralot Capital Lu   6.750   9/15/2021   EUR   40.782
Top Gun Realisation   8.000   07/01/2023  GBP    1.509
Manchester Building   6.750               GBP   18.783
LBI ehf               6.100   8/25/2011   USD    7.375
Rena GmbH             8.250   07/11/2018  EUR    2.096
Afren PLC            11.500   02/01/2016  USD    0.062
German Pellets GmbH   7.250  11/27/2019   EUR    0.311
Societe Generale SA  10.000   6/28/2034   USD   62.900
Alpine Holding GmbH   6.000   5/22/2017   EUR    0.172
Banco Espirito Sant   2.523               EUR    0.159
Nostrum Oil & Gas F   7.000   2/16/2025   USD   23.944
Norske Skogindustri   7.000  12/30/2026   EUR    0.135
Agrokor dd            8.875   02/01/2020  USD   10.838
Agatos SpA            4.750  12/31/2026   EUR   73.500
Espirito Santo Fina   9.750  12/19/2025   EUR    1.144
Takko Luxembourg 2    5.375  11/15/2023   EUR   22.375
Cooperatieve Raboba   0.500  10/30/2043   MXN   20.185
Cirio Finance Luxem   7.500   11/03/2002  EUR    1.364
Saleza AS             9.000   07/12/2021  EUR    0.213
O1 Properties Finan   8.250   9/27/2021   USD   20.255
HI Bidco AS           8.560   1/30/2023   NOK   13.617
Barclays Bank PLC     0.473   3/21/2031   USD   65.588
Kongsberg Actuation   5.000   7/15/2025   EUR   62.300
Hema Bondco II BV     8.500   1/15/2023   EUR    7.030
F-Brasile SpA / F-B   7.375   8/15/2026   USD   80.030
International Finan   0.500   6/29/2027   ZAR   58.334
Hellas Telecommunic   8.500  10/15/2013   EUR    0.497
Naviera Armas SA      6.500   7/31/2023   EUR   50.709
Adler Pelzer Holdin   4.125   04/01/2024  EUR   48.000
Banco Espirito Sant   6.875   7/15/2016   EUR   25.735
Vallourec SA          6.375  10/15/2023   EUR   59.712
Societe Generale SA  21.000   3/30/2023   USD   72.500
Waste Italia SpA     10.500  11/15/2019   EUR    0.608
Kancelaria Medius S   6.900   07/05/2020  PLN   65.300
Hamburgische Landes   0.134   1/22/2041   EUR   66.253
UniCredit Bank AG     8.900  12/29/2020   EUR   26.910
Norske Skogindustri   2.000  12/30/2115   EUR    0.041
Jaguar Land Rover A   4.500   1/15/2026   EUR   74.995
Cooperatieve Raboba   0.500  10/29/2027   MXN   61.991
APP International F  11.750   10/01/2005  USD    0.362
German Pellets GmbH   7.250   07/09/2018  EUR    0.607
Europcar Mobility G   4.000   4/30/2026   EUR   58.625
Danske Bank A/S       6.400   07/09/2025  SEK   74.250
Kancelaria Medius S   7.260   03/07/2021  PLN   52.100
Activa Resources AG   0.500  11/15/2021   EUR    1.500
Banco Espirito Sant   6.900   6/28/2024   EUR   19.327
Dr Wiesent Sozial g   7.000               EUR   10.000
Afren PLC            10.250   04/08/2019  USD    0.062
Commerzbank AG        0.453  11/19/2029   EUR   60.668
Newday Bondco Plc     7.375   02/01/2024  GBP   74.876
Veneto Banca SpA      9.500   12/01/2025  EUR    0.787
Steilmann SE          7.000   03/09/2017  EUR    1.429
Norske Skogindustri   7.125  10/15/2033   USD    0.135
Decipher Production  12.500   9/27/2019   USD    1.500
Espirito Santo Fina   3.125   12/02/2018  EUR    1.099
Erotik-Abwicklungsg   7.750   07/09/2019  EUR    0.779
Offshore Drilling H   8.375   9/20/2020   USD   22.712
Raiffeisen Switzerl   6.000  10/28/2020   EUR   53.050
Lehman Brothers UK    5.750               EUR    2.117
Jaguar Land Rover A   5.875  11/15/2024   EUR   76.484
WPE International C  10.375   9/30/2020   USD    0.023
Linas Matkasse Newc   8.351   10/09/2022  SEK   55.760
KPNQwest NV           7.125   06/01/2009  EUR    0.076
Kommunekredit         0.500   7/30/2027   TRY   41.681
Ahtium PLC            9.750   04/04/2017  EUR    0.976
Norske Skog Holding   8.000   2/24/2021   EUR    0.023
Cooperatieve Raboba   0.500   7/30/2043   MXN   20.886
Virgolino de Olivei  10.500   1/28/2018   USD    0.849
Nordea Bank Abp       3.500   1/22/2024   SEK   67.130
Alno AG               8.000   3/21/2019   EUR   12.000
UBS AG/London        12.500   7/19/2021   USD   45.150
Intralot Capital Lu   5.250   9/15/2024   EUR   23.000
Senvion Holding Gmb   3.875  10/25/2022   EUR    4.137
Societe Generale SA  10.000   11/03/2022  USD   51.700
GE Capital UK Fundi   1.848   03/05/2038  GBP   65.414
Top Gun Realisation   8.000   07/01/2023  GBP    1.509
Naviera Armas SA      4.250  11/15/2024   EUR   49.000
Bulgaria Steel Fina  12.000   05/04/2013  EUR    0.216
Cooperatieve Raboba   0.500  12/29/2027   MXN   61.093
UBS AG/London        12.500   5/17/2021   USD   49.000
Depfa Funding III L   0.378               EUR   57.100
Windreich GmbH        6.500   7/15/2016   EUR    7.738
EFG International A   0.204               EUR   40.494
Cattles Ltd           8.125   07/05/2017  GBP    0.072
Ahtium PLC            4.000  12/16/2015   EUR    0.586
KTG Agrar SE          7.250  10/15/2019   EUR    1.136
Chr Bygga Bostader    9.338   07/05/2021  SEK   50.000
Odea Bank AS          7.625   08/01/2027  USD   55.557
EDOB Abwicklungs AG   7.500   04/01/2012  EUR    0.300
Yell Bondco PLC       8.500   05/02/2023  GBP   38.223
Solon SE              1.375   12/06/2012  EUR    0.769
Hema Bondco I BV      6.250   7/15/2022   EUR   46.183
Finmek Internationa   7.000   12/03/2004  EUR    2.193
Nordea Bank Abp       3.500   7/20/2022   SEK   73.130
Nordea Bank Abp       4.200   1/20/2025   SEK   74.630
UBS AG/London        12.000   11/02/2020  USD   42.550
Danske Bank A/S       7.470   07/09/2023  SEK   58.480
Krakowski Bank Spol   4.820   9/20/2023   PLN   72.010
Hamburgische Landes   0.148  10/30/2040   EUR   73.955
Societe Generale SA  12.000   07/08/2021  USD   23.955
Societe Generale SA   8.000   8/18/2021   USD   18.700
Finans-Avia OOO      10.000   7/31/2022   RUB    7.380
Raffinerie Heide Gm   6.375   12/01/2022  EUR   60.500
Cirio Del Monte NV    7.750   3/14/2005   EUR    0.552
Afren PLC            11.500   02/01/2016  USD    0.062
Swissport Investmen   6.750  12/15/2021   EUR   24.532
Maxeda DIY Holding    6.125   7/15/2022   EUR   69.255
Mallinckrodt Intern   5.625  10/15/2023   USD   23.265
F-Brasile SpA / F-B   7.375   8/15/2026   USD   73.249
KPNQwest NV           8.875   02/01/2008  EUR    0.076
Cooperatieve Raboba   0.500  11/30/2027   MXN   59.706
Skandinaviska Enski   6.000   7/15/2022   SEK   58.750
Skandinaviska Enski   7.000   1/15/2024   SEK   35.110
UniCredit SpA         1.900   6/14/2032   EUR   73.251
Agrokor dd            9.875   05/01/2019  EUR   10.500
Sequa Petroleum NV    5.000   4/29/2020   USD   25.601
Dolphin Drilling AS   4.490   8/28/2019   NOK    0.339
Gebr Sanders GmbH &   8.750  10/22/2018   EUR   11.463
Havila Shipping ASA   4.350   11/07/2020  NOK   51.213
SG Issuer SA         10.850   2/22/2021   CHF   55.000
SALVATOR Vermoegens   9.500  12/31/2021   EUR    8.000
Region of Abruzzo I   0.215   11/07/2036  EUR   65.482
Societe Generale SA  21.000  12/23/2022   USD   29.790
LSF9 Balta Issuer S   7.750   9/15/2022   EUR   49.348
Ghelamco Invest       4.250   1/21/2027   EUR   62.038
SB Holdco PLC         8.000   7/13/2022   EUR   73.000
Societe Generale SA  21.000   6/30/2022   USD   25.240
Leonteq Securities   11.600   9/17/2020   USD   50.300
Kirk Beauty One Gmb   8.750   7/15/2023   EUR   46.853
Credit Suisse AG/Lo  10.500   06/03/2020  USD   38.090
Vseukrainsky Aktsin  10.900   6/14/2019   USD    1.056
Jaguar Land Rover A   2.200   1/15/2024   EUR   75.006
Marine Subsea AS      9.000  12/16/2019   USD    0.688
Vneshprombank Ltd V   9.000  11/14/2016   USD    0.078
Pescanova SA          5.125   4/20/2017   EUR    0.319
Dogus Holding AS     13.220   7/26/2021   TRY   70.000
Del Monte Finance L   6.625   5/24/2006   EUR    0.001
Novafives SAS         5.000   6/15/2025   EUR   68.980
Republic of Italy G   0.047   7/31/2035   EUR   74.754
Pizzaexpress Financ   6.625   08/01/2021  GBP   54.833
Pizzaexpress Financ   8.625   08/01/2022  GBP   12.298
Afren PLC            10.250   04/08/2019  USD    0.062
Boparan Finance PLC   5.500   7/15/2021   GBP   75.138
La Financiere Atali   4.000   5/15/2024   EUR   58.567
Region of Abruzzo I   0.055   11/07/2031  EUR   72.332
Banque Internationa   0.224   2/20/2023   EUR    0.030
Swissport Investmen   9.750  12/15/2022   EUR   13.210
Manchester Building   8.000               GBP   21.750
Credit Agricole Cor   9.000   02/11/2021  USD   39.200
Central Business Ce   5.750  12/30/2021   EUR   31.000
Mifa Mitteldeutsche   7.500   08/12/2018  EUR    2.110
Norske Skog Holding   8.000   2/24/2023   USD    0.022
Sairgroup Finance B   4.375   06/08/2006  EUR    1.829
Alpine Holding GmbH   5.250   07/01/2015  EUR    0.172
UBS AG/London        12.000   08/12/2021  CHF   54.400
Centre Hospitalier    1.500   4/27/2050   EUR   20.138
SiC Processing GmbH   7.125   03/01/2016  EUR    2.611
Cooperatieve Raboba   0.500   1/31/2033   MXN   38.015
Nordea Bank Abp       4.000   7/20/2025   SEK   71.130
Turkey Government I   4.875   4/16/2043   USD   72.980
Matalan Finance PLC   9.500   1/31/2024   GBP   31.354
Virgolino de Olivei  11.750   02/09/2022  USD    0.943
Societe Generale SA   8.000   08/09/2022  USD   22.681
Landesbank Baden-Wu   3.520   8/28/2020   EUR   72.920
Barclays Bank PLC     1.860   5/30/2034   USD   72.250
Region of Molise It   0.060  12/15/2033   EUR   62.452
Autostrade per l'It   3.240   06/10/2034  EUR   73.184
Nordea Bank Abp       2.215   7/20/2021   SEK   13.000
Portugal Telecom In   5.242   11/06/2017  EUR    0.694
Skandinaviska Enski   6.500   1/15/2024   SEK   46.020
Investec Bank PLC     1.594   7/31/2025   GBP   74.560
SAir Group            0.125   07/07/2005  CHF    8.375
Moby SpA              7.750   2/15/2023   EUR   31.750
Banco Santander SA    1.932               EUR    3.772
Summer BC Holdco A    9.250  10/31/2027   EUR   74.500
Phosphorus Holdco P  10.000   04/01/2019  GBP    2.557
Marcolin SpA          4.125   2/15/2023   EUR   70.758
Barclays Bank PLC     1.372  12/23/2033   USD   61.161
Agrokor dd Via Aqua   4.921   08/08/2017  EUR   14.625
MS Deutschland Bete   6.875  12/18/2017   EUR    1.720
Veneto Banca SpA      6.411               EUR    1.199
Alpine Holding GmbH   5.250   06/10/2016  EUR    0.172
Waste Italia SpA     10.500  11/15/2019   EUR    0.608
Centrosolar Group A   7.000   2/15/2016   EUR    2.387
KPNQwest NV           8.125   06/01/2009  USD    0.076
Nordea Bank Abp       4.100   7/20/2023   SEK   35.630
OGX Austria GmbH      8.500   06/01/2018  USD    0.001
German Pellets GmbH   7.250   04/01/2016  EUR    0.429
Cooperatieve Raboba   0.500   8/21/2028   MXN   52.334
Leonteq Securities    9.000   7/28/2020   CHF   48.870
WEB Windenergie AG    2.250   9/25/2028   EUR   55.010
Finans-Avia OOO       0.010   7/31/2027   RUB    3.670
Pro-Gest SpA          3.250  12/15/2024   EUR   55.000
Tendam Brands SAU     5.000   9/15/2024   EUR   69.540
Nordea Bank Abp       3.600   1/22/2024   SEK   73.630
Deutsche Bank AG/Lo   0.500  10/18/2038   MXN   27.229
Veneto Banca SpA      6.944   5/15/2025   EUR    0.070
HSBC Bank PLC         0.500  11/25/2025   BRL   68.123
Landesbank Schleswi   1.518   01/05/2040  USD   56.921
International Bank    8.250   10/09/2024  USD   60.375
Island Offshore Shi   3.450   6/30/2021   NOK    4.449
Frigoglass Finance    6.875   02/12/2025  EUR   65.516
HSBC Bank PLC         0.500  12/22/2025   BRL   67.687
Landesbank Baden-Wu   2.000  12/29/2020   EUR   68.320
UBS AG/London        12.000   9/28/2020   USD   46.450
Matalan Finance PLC   6.750   1/31/2023   GBP   56.799
UBS AG/London        11.500   6/14/2021   USD   44.150
Bank Nadra Via NDR    8.250   7/31/2018   USD    0.208
La Financiere Atali   5.125   5/15/2025   EUR   61.112
Vontobel Financial   17.000   9/25/2020   EUR   58.120
Credit Suisse AG/Lo  11.750   03/03/2021  USD   72.175
Thomas Cook Group P   6.250   6/15/2022   EUR    5.000
AnaCap Financial Eu   5.000   08/01/2024  EUR   75.352
Elli Investments Lt  12.250   6/15/2020   GBP   51.505
Nordea Bank Abp       8.250   1/20/2025   SEK   74.050
Credit Suisse AG/Lo  13.500  10/13/2020   USD   56.910
Sairgroup Finance B   6.625   10/06/2010  EUR    1.829
Heta Asset Resoluti   7.500  12/31/2023   ATS    1.406
Hampshire Trust Ban   7.250   05/10/2028  GBP   72.001
Deutsche Agrar Hold   7.250   9/28/2018   EUR    1.254
KME SE                6.750   02/01/2023  EUR   44.630
Astaldi SpA           7.125   12/01/2020  EUR    9.731
Stichting Afwikkeli   6.625   5/14/2018   EUR    1.426
Galapagos Holding S   7.000   6/15/2022   EUR    7.704
Kaupthing ehf         9.000               USD    0.122
OGX Austria GmbH      8.375   04/01/2022  USD    0.001
Amigo Luxembourg SA   7.625   1/15/2024   GBP   74.928
Leonteq Securities    9.200   10/12/2020  CHF   37.620
SG Issuer SA          5.996   01/10/2023  EUR   62.950
AlphaNotes ETP Dac    0.010   09/09/2029  USD   68.317
Lehman Brothers Tre   2.000   3/16/2035   EUR    3.400
Natixis SA            0.300   6/25/2048   USD   50.307
Societe Generale SA   8.000   5/28/2027   USD   15.700
Raiffeisen Switzerl   9.180   1/25/2021   EUR   71.830
UkrLandFarming PLC   10.875   3/26/2018   USD    5.201
Privatbank CJSC Via  10.875   2/28/2018   USD   30.293
Raiffeisen Switzerl   8.000   07/11/2024  USD   56.100
Skandinaviska Enski   7.620   7/15/2022   SEK   45.610
Golden Gate AG        6.500   10/11/2014  EUR   37.550
Esbank Bank Spoldzi   4.790   7/16/2025   PLN   65.050
Sberbank of Russia   12.270   01/02/2026  RUB   67.230
Mox Telecom AG        7.250   11/02/2017  EUR    1.354
Barclays Bank PLC     0.701  11/28/2029   USD   78.375
Danske Bank A/S       5.300   7/15/2023   SEK   24.830
Nordea Bank Abp       5.100   1/20/2022   SEK   59.880
Nordea Bank Abp       7.150   7/20/2023   SEK   55.000
Leonteq Securities   30.000   7/28/2020   CHF   45.560
Norske Skog Holding   8.000   2/24/2023   USD    0.022
Petromena ASA        10.850  11/19/2018   USD    0.609
Anglian Water Servi   1.081   1/26/2057   GBP   68.948
Banco Espirito Sant  10.000   12/06/2021  EUR    0.563
Otkritie Holding JS  12.090   12/08/2027  RUB    0.100
Argentum Capital SA   4.551   06/06/2023  USD   40.870
Leonteq Securities   19.600   1/20/2021   CHF   63.380
DZ Bank AG Deutsche  10.150  11/27/2020   EUR   62.600
SG Issuer SA          7.000   2/17/2021   EUR   53.640
DZ Bank AG Deutsche   6.400   9/21/2020   EUR   71.790
Barclays Bank PLC     1.088   8/31/2031   USD   78.375
Bank Julius Baer &   10.150   08/07/2020  USD   35.250
SG Issuer SA          6.260   01/10/2024  SEK   72.830
Kredyt Inkaso SA      4.900   3/28/2022   PLN   71.010
IKB Deutsche Indust   1.666  12/31/2031   EUR   62.216
Officine Maccaferri   5.750   06/01/2021  EUR   36.083
Corner Banca SA       7.400  10/13/2020   CHF   46.510
Leonteq Securities    9.000   06/04/2020  USD   41.030
Nordea Bank Abp       2.100   7/20/2023   SEK   70.380
Skandinaviska Enski   7.880   1/16/2023   SEK   55.515
Tonon Luxembourg SA  12.500   5/14/2024   USD    0.445
Promontoria Holding   6.250   8/15/2023   EUR   72.160
Ideal Standard Inte  11.750   05/01/2018  EUR    0.051
DekaBank Deutsche G   9.600  10/16/2020   EUR   47.260
Air Berlin Finance    6.000   03/06/2019  EUR    1.550
REM Saltire AS        8.460   6/30/2021   NOK   50.000
Steilmann SE          6.750   6/27/2017   EUR    2.184
Afren PLC             6.625   12/09/2020  USD    0.070
Steilmann SE          7.000   9/23/2018   EUR    1.429
Banque Cantonale Va  14.550  12/18/2020   USD   72.710
Societe Generale SA  17.000  10/22/2020   USD   23.900
Zurcher Kantonalban   5.750   07/03/2020  CHF   71.290
Finance and Credit    9.250   1/25/2019   USD    0.993
getgoods.de AG        7.750   10/02/2017  EUR    0.126
Credit Suisse AG/London      11/30/2020   USD   30.000
Banque Cantonale Va  11.700  12/18/2020   CHF   71.780
AKB Metallinvestban   6.400   09/04/2023  RUB   99.970
Leonteq Securities   21.000   2/24/2021   CHF   16.000
UniCredit Bank AG     3.000   7/20/2022   EUR   73.550
Air Berlin Finance    8.500   03/06/2019  EUR    1.689
Thomas Cook Finance   3.875   7/15/2023   EUR    3.360
Tendam Brands SAU     5.250   9/15/2024   EUR   69.184
IKB Deutsche Indust   0.712   5/25/2031   EUR   53.115
La Financiere Atali   6.625   5/15/2025   GBP   57.450
Deutsche Bank AG      1.725   1/16/2045   EUR   64.486
Nordea Bank Abp       9.700   1/20/2023   SEK   36.250
Citigroup Global Ma  13.200  12/18/2023   SEK   38.110
Societe Generale SA  14.500   10/01/2020  USD   21.750
UBS AG/London        10.000   09/04/2020  EUR   45.150
UniCredit Bank AG     6.600   7/20/2028   EUR   36.910
SAG Solarstrom AG     6.250  12/14/2015   EUR   31.000
Barclays Bank PLC     1.756   10/10/2029  USD   78.375
PA Resources AB      13.500   03/03/2016  SEK    0.124
Heta Asset Resoluti   0.341  12/31/2023   EUR    1.406
Nordea Bank Abp       8.250   1/20/2023   SEK   36.620
Golfino AG            8.000  11/18/2023   EUR    0.015
Caixa Economica Mon   5.000               EUR   50.000
Credit Suisse AG/Lo   7.550   12/07/2021  USD   69.100
UniCredit Bank AG     2.150   7/20/2022   EUR   71.920
Espirito Santo Fina   5.050  11/15/2025   EUR    1.119
Corner Banca SA       7.800   8/17/2020   CHF   59.240
Nordea Bank Abp       7.110   7/20/2023   SEK   63.620
Leonteq Securities    4.000   01/10/2022  EUR   74.388
SG Issuer SA          1.250  11/15/2027   EUR   64.550
Pongs & Zahn AG       8.500               EUR    0.002
Deutsche Bank AG/Lo  13.750   6/20/2026   TRY   69.353
Metalloinvest Holdi   0.010   03/07/2022  RUB   94.000
Novafives SAS         4.500   6/15/2025   EUR   69.920
Mriya Agro Holding    9.450   4/19/2018   USD    7.625
New World Resources   4.000   10/07/2020  EUR    1.217
Nordea Bank Abp       5.750  10/20/2020   SEK   60.500
WEB Windenergie AG    5.250   04/08/2023  EUR   55.010
Skandinaviska Enski   9.200   7/15/2024   SEK   31.300
GE Capital European   0.330  10/15/2032   EUR   72.839
LBI ehf               7.431               USD    0.001
Bibby Offshore Serv   7.500   6/15/2021   GBP   10.394
Groupe Ecore Holdin   6.250  11/15/2023   EUR   55.062
Minicentrales Dos S   0.010   06/06/2047  EUR   65.750
Skandinaviska Enski   5.250   7/15/2022   SEK   75.350
Societe Generale Ef   5.500  12/24/2021   EUR   62.060
Natixis SA            2.970   06/08/2021  USD   58.604
Leonteq Securities   12.400   2/24/2021   CHF   53.710
Credit Suisse AG/Lo   4.000   2/21/2025   EUR   73.240
Credit Suisse AG/London       1/31/2023   USD   44.000
DZ Bank AG Deutsche   0.910   6/25/2029   EUR   73.410
UBS AG/London        13.500  11/20/2020   CHF   68.650
DekaBank Deutsche G   6.000   06/02/2021  EUR   64.230
Raiffeisen Centroba   6.750   2/17/2022   EUR   69.610
Cooperativa Murator   6.000   2/15/2023   EUR    2.705
Barclays Bank PLC     2.412   4/16/2029   USD   78.375
Otkritie Holding JS  10.770   9/17/2027   RUB   14.120
Otkritie Holding JS  10.000   4/20/2028   RUB    4.030
A-TEC Industries AG   5.750   11/02/2010  EUR    0.141
Barclays Bank PLC     1.183   3/27/2029   USD   78.375
Kaupthing ehf         6.125   10/04/2016  USD    0.250
UniCredit Bank AG     7.850   03/03/2021  EUR   64.300
Credit Suisse AG/London       03/01/2021  USD   48.370
Vontobel Financial    4.750   6/29/2020   EUR   47.000
Skandinaviska Enski  10.950   1/15/2024   SEK   39.680
Skandinaviska Enski   6.000   7/15/2024   SEK   55.000
Credit Suisse AG/London       3/29/2021   USD   67.000
Skandinaviska Enski   7.450   1/15/2025   SEK   34.440
Opus-Chartered Issu   5.000   03/08/2027  USD   56.770
Zurcher Kantonalban   9.000   12/04/2020  USD   52.940
Raiffeisen Centroba   7.250   12/06/2021  EUR   49.000
Nordea Bank Abp       7.430   1/20/2025   SEK   55.750
SG Issuer SA          0.820   08/02/2021  SEK    4.470
ECM Real Estate Inv   5.000   10/09/2011  EUR   15.375
New World Resources   8.000   04/07/2020  EUR    0.447
Bayerische Landesba   1.550   2/13/2040   EUR   72.110
Lloyds Bank PLC       0.500   7/26/2028   MXN   55.332
Grupo Isolux Corsan   0.250  12/30/2018   EUR    0.303
Veneto Banca SpA      6.950   2/25/2025   EUR    0.100
UBS AG/London         8.250   8/24/2020   USD   42.350
Luzerner Kantonalba   6.000   09/04/2020  CHF   67.210
HSBC Trinkaus & Bur   9.600   6/26/2020   EUR   53.880
Zaklady Miesne Henr   6.420   3/29/2021   PLN
Leonteq Securities    5.880  11/27/2020   GBP   43.550
Bayerische Landesba   2.800   06/05/2020  EUR   56.430
Leonteq Securities    7.200   9/24/2021   CHF   65.830
Bank Julius Baer &   12.660   6/23/2021   CHF   74.000
DekaBank Deutsche G   5.150   06/05/2020  EUR   69.000
WEB Windenergie AG    4.500               EUR   55.010
BNP Paribas Issuanc   6.550   3/28/2025   EUR   38.000
Landesbank Baden-Wu   2.400   9/25/2020   EUR   57.450
ING Bank NV           5.050   10/07/2024  EUR   56.500
F-Brasile SpA / F-B   7.375   8/15/2026   USD   73.249
A-TEC Industries AG   8.750  10/27/2014   EUR    0.141
Citigroup Global Ma   1.240   2/18/2040   EUR   74.024
Rio Forte Investmen   4.000   7/22/2014   EUR    6.094
BNP Paribas Issuanc   6.800   06/01/2020  EUR   42.850
Leonteq Securities    8.600   07/05/2021  CHF   58.320
Danske Bank A/S       8.050   07/09/2023  SEK   35.980
Bank Julius Baer &    7.100   11/09/2020  EUR   70.900
Nordea Bank Abp       5.700   1/20/2021   SEK   73.500
BNP Paribas SA        5.900   1/19/2021   USD   64.600
Bayerische Landesba   3.250   5/13/2022   EUR   67.620
Pragma Faktoring SA   5.420   07/04/2023  PLN   76.000
Trinfiko Holdings Z  10.000   3/20/2024   RUB   63.010
Bilt Paper BV         9.640               USD    1.021
NTRP Via Interpipe   10.250   08/02/2017  USD   30.500
Virgolino de Olivei  10.875   1/13/2020   USD   26.625
Mriya Agro Holding   10.950   3/30/2016   USD    7.643
Northland Resources   4.000  10/15/2020   NOK    0.271
Societe Generale SA  26.460   03/09/2023  USD   45.678
Corner Banca SA       7.400   7/22/2020   CHF   46.490
Leonteq Securities    7.400   03/04/2021  CHF   43.700
EFG International F  10.750   7/15/2020   USD   54.050
Nordea Bank Abp       5.600   7/20/2023   SEK   52.000
Natixis SA            3.100   7/26/2021   USD   39.131
Zurcher Kantonalban  11.000   7/22/2021   CHF   55.900
Zurcher Kantonalban  11.750   09/10/2020  USD   52.170
Skandinaviska Enski   6.350   7/15/2024   SEK   43.440
BNP Paribas Emissio  10.000  12/24/2020   EUR   56.910
Societe Generale SA  10.000   06/02/2022  USD   45.009
Bayerische Landesba   2.300   5/13/2022   EUR   43.080
EFG International F   6.500   8/20/2021   CHF   59.400
EFG International F   6.100   07/11/2024  CHF   68.180
Royalbeach Spielwar   7.375   11/10/2020  EUR    3.890
O1 Properties Finan  13.000   10/02/2020  RUB   97.030
Bibby Offshore Serv   7.500   6/15/2021   GBP   10.394
Irish Bank Resoluti   4.000   4/23/2018   EUR   33.250
Lehman Brothers Tre   1.000   10/05/2035  EUR    3.400
Lehman Brothers Tre   0.344   11/02/2035  EUR    3.400
Landesbank Hessen-T   0.044   7/18/2031   EUR   69.651
Landesbank Baden-Wu   3.500   2/26/2021   EUR   69.020
Zurcher Kantonalban  12.000   2/25/2021   CHF   56.370
Skandinaviska Enski   9.600   1/15/2024   SEK   32.900
Leonteq Securities    6.400   09/01/2020  CHF   63.740
Nordea Bank Abp       7.440   1/20/2023   SEK   63.870
Vontobel Financial    4.400  12/18/2020   EUR   72.160
Leonteq Securities    4.890  11/26/2021   USD   45.650
Landesbank Baden-Wu   2.650  12/29/2020   EUR   62.630
WEB Windenergie AG    3.750   9/26/2026   EUR   55.010
Landesbank Hessen-T   6.250   7/15/2022   EUR   49.800
Skandinaviska Enski   7.520   7/15/2024   SEK   46.430
Credit Suisse AG/Lo   4.200   9/25/2020   EUR   64.260
Bulgaria Steel Fina  12.000   05/04/2013  EUR    0.216
Kreditanstalt fuer    0.250   10/06/2036  CAD   46.897
Banca Popolare di V   9.500   10/02/2025  EUR    0.093
Natixis SA            3.150   06/08/2021  USD   27.516
Bank Julius Baer &    6.200   9/28/2020   USD   44.050
UBS AG/London         7.750   07/05/2021  EUR   72.000
mybet Holding SE      6.250   12/12/2020  EUR    0.700
Landesbank Hessen-T   5.250   5/15/2025   EUR   60.970
UniCredit Bank AG     4.250   6/25/2020   EUR   50.730
Credit Suisse AG/Lo  10.250   05/03/2021  CHF   59.890
EFG International F   7.000  10/25/2021   EUR   65.640
Zurcher Kantonalban   5.250  12/30/2021   CHF   74.140
Credit Suisse AG/Lo  12.120   2/28/2022   EUR   59.760
EFG International F   6.300  12/17/2020   EUR   65.710
Vontobel Financial    5.500  12/28/2020   EUR   69.730
Zurcher Kantonalban  14.000   6/17/2020   EUR   60.720
Nordea Bank Abp       7.050   7/20/2024   SEK   54.250
EFG International F   9.150  10/29/2020   USD   75.220
WEB Windenergie AG    6.500               EUR   55.010
Landesbank Hessen-T   5.600   9/27/2024   EUR   65.810
Nordea Bank Abp       6.100   7/20/2024   SEK   64.250
Leonteq Securities   10.000   12/11/2020  CHF   73.730
Irish Bank Resoluti   6.750  11/30/2013   BGN   33.250
Mriya Agro Holding    9.450   4/19/2018   USD    7.625
Espirito Santo Fina   5.125   5/30/2016   EUR    1.486
Tonon Luxembourg SA   9.250   1/24/2020   USD    1.008
SAir Group            6.250  10/27/2002   CHF    8.375
Aralco Finance SA    10.125   05/07/2020  USD    0.934
Cooperativa Murator   6.875   08/01/2022  EUR    2.760
Barclays Bank PLC     0.500   1/28/2033   MXN   38.370
Erste Group Bank AG   6.250   9/28/2023   EUR   61.450
EFG International F   5.550   07/12/2021  USD    4.170
Deutsche Bank AG/Lo   2.200   4/14/2023   EUR   57.250
Nordea Bank Abp       6.060   7/20/2023   SEK   62.750
SG Issuer SA         10.580  12/27/2022   EUR   74.260
Corner Banca SA       7.600   02/02/2021  CHF   52.070
Credit Suisse AG/Lo  10.000   5/14/2021   EUR   51.440
Citigroup Global Ma   6.010  10/23/2024   RUB   34.380
UniCredit Bank AG     6.600   7/23/2021   EUR   66.700
Leonteq Securities   14.000   8/17/2020   EUR   65.910
UBS AG/London        12.750   9/27/2021   CHF   63.000
ING Bank NV           6.500  12/30/2020   EUR   72.370
Credit Suisse AG/Lo   7.000   5/31/2021   CHF   60.270
State of Saxony-Anh   0.134   07/03/2028  EUR   45.000
UniCredit Bank AG     4.500  11/18/2020   EUR   24.850
Pescanova SA          8.750   2/17/2019   EUR    0.319
A-TEC Industries AG   2.750   05/10/2014  EUR    0.141
Vontobel Financial   16.000   6/25/2021   EUR   74.830
Raiffeisen Schweiz    4.100   06/08/2022  CHF   57.250
Societe Generale SA   8.000   1/14/2021   USD   42.080
Corner Banca SA       8.600   6/16/2020   CHF   35.820
Zurcher Kantonalban  13.550   07/03/2020  EUR   67.820
Credit Suisse AG/Lo  12.000   7/24/2020   USD   34.390
Danske Bank A/S       5.000   01/09/2025  SEK   68.200
UBS AG/London         6.250   7/13/2020   CHF   17.360
Landesbank Baden-Wu  13.120   2/26/2021   EUR   70.600
Leonteq Securities   10.250   02/04/2021  USD   56.750
Nordea Bank Abp       2.690   7/20/2023   SEK   13.000
Araratbank OJSC       5.250   09/11/2022  USD   25.248
Societe Generale SA  14.500   09/03/2020  USD   22.444
Bayerische Landesba   2.250   7/23/2021   EUR   53.720
Citigroup Global Ma  12.379  11/13/2023   SEK   35.810
City of Predeal Rom   3.500   5/15/2026   RON   60.000
EFG International F   5.350   11/07/2022  USD   57.170
Bank Spoldzielczy w   3.690   5/15/2025   PLN   75.000
WEB Windenergie AG    5.500   04/08/2023  EUR   55.010
Corner Banca SA      16.400   03/02/2021  CHF   13.330
Russian Railways JS   3.500   10/11/2038  RUB   90.000
Norske Skogindustri   7.000  12/30/2026   EUR    0.135
Norske Skog Holding   8.000   2/24/2021   EUR    0.023
Samaratransneft-Ter  17.000   6/20/2021   RUB   13.960
Agrokor dd            8.875   02/01/2020  USD   10.838
Rena GmbH             7.000  12/15/2015   EUR    2.096
Stichting Afwikkeli   8.450   8/20/2018   USD    1.426
Stichting Afwikkeli   2.504               EUR    1.210
Nordea Bank Abp       6.440   1/22/2024   SEK   57.120
HSBC Trinkaus & Bur   4.500   6/26/2020   EUR   70.100
Zurcher Kantonalban   7.500   06/10/2020  CHF   52.330
Credit Suisse AG/Lo   8.000   12/02/2020  USD    8.707
Landesbank Baden-Wu   2.800   2/26/2021   EUR   74.310
Deutsche Bank AG      8.200  12/22/2020   EUR   41.600
Landesbank Baden-Wu   3.540   7/24/2020   EUR   56.940
SG Issuer SA          3.150   07/10/2020  EUR   66.790
SG Issuer SA          5.000   5/23/2024   EUR   54.940
Danske Bank A/S      10.380   07/10/2023  EUR   44.060
Raiffeisen Centroba   8.250   11/10/2020  EUR   47.540
Bayerische Landesba   2.500   8/21/2020   EUR   47.140
BNP Paribas Emissio   8.000   9/24/2020   EUR   68.160
Landesbank Baden-Wu   2.000   3/26/2021   EUR   58.500
EFG International F   7.100   8/14/2020   EUR   51.170
Raiffeisen Centroba   7.500   4/30/2021   EUR   58.940
Bank Julius Baer &    4.080   08/07/2020  EUR   64.500
Landesbank Baden-Wu  13.660   5/31/2021   EUR   64.090
EFG International F  12.000  11/29/2024   USD   57.190
Banque Cantonale Va   6.100  11/20/2020   CHF   46.530
Nordea Bank Abp       3.792   1/20/2021   EUR   43.620
Nordea Bank Abp       5.000   1/20/2025   SEK   74.870
Raiffeisen Schweiz    7.600  11/15/2021   EUR   66.140
Zurcher Kantonalban   9.500   7/22/2021   EUR   49.780
Zurcher Kantonalban   7.750   6/18/2021   EUR   58.420
EFG International F   7.800   8/17/2020   CHF   36.860
Credit Suisse AG/Lo   9.100   09/10/2020  USD   65.390
EFG International F  12.530   3/18/2021   CHF   56.680
Danske Bank A/S       6.000   07/09/2025  SEK   74.490
EFG International F   9.500   10/11/2022  USD   70.770
Bank Julius Baer &   10.000   6/21/2021   EUR   54.600
Nordea Bank Abp       5.400   1/20/2025   SEK   66.750
EFG International F  19.200   6/18/2021   CHF   71.070
Zurcher Kantonalban  10.875   5/27/2021   EUR   45.080
Landesbank Hessen-T   4.200   9/21/2020   EUR   66.700
UBS AG/London         7.750   5/24/2021   EUR   52.850
UBS AG/London        11.750   06/01/2021  USD   53.430
Zurcher Kantonalban   5.500  10/16/2020   EUR   68.510
Societe Generale SA  22.000   11/03/2022  USD   28.625
HSBC Bank PLC         0.500   6/23/2027   MXN   61.983
Northland Resources  15.000   7/15/2019   USD    2.621
Kaupthing ehf         3.750   2/15/2024   ISK    0.250
SAG Solarstrom AG     7.500   07/10/2017  EUR   31.000
Jaguar Land Rover A   4.500   10/01/2027  USD   68.657
AKB Peresvet ZAO      0.510   2/14/2032   RUB   11.040
Heta Asset Resoluti   0.050  12/31/2023   EUR    1.406
House of Fraser Fun   5.978   9/15/2020   GBP    3.433
Windreich GmbH        6.500   03/01/2015  EUR    7.738
Windreich GmbH        6.750   03/01/2015  EUR    7.738
Lehman Brothers Tre  11.000   6/29/2009   EUR    2.571
La Veggia Finance S   7.125  11/14/2004   EUR    0.287
Agrokor dd            9.125   02/01/2020  EUR   10.179
Skandinaviska Enski   9.020   7/17/2023   SEK   41.760
Skandinaviska Enski  10.360   7/17/2023   SEK   54.310
UniCredit Bank AG     4.250  11/21/2021   EUR   38.620
Macquarie Internati  11.550   8/28/2023   ZAR   11.816
Raiffeisen Centroba   6.000   09/09/2021  EUR   72.130
Deutsche Bank AG      3.200   6/23/2020   EUR   70.790
Raiffeisen Centroba   4.150   04/05/2022  EUR   66.060
UniCredit Bank AG     9.800  12/29/2020   EUR   33.950
Raiffeisen Schweiz    5.750  11/23/2020   EUR   58.680
Corner Banca SA       7.200   4/20/2021   CHF   54.300
UBS AG/London         7.500   9/21/2020   USD   51.520
Natixis SA            2.750   03/01/2021  USD   48.916
DekaBank Deutsche G   3.000   4/24/2024   EUR   63.510
Raiffeisen Schweiz    6.900   09/10/2020  EUR   63.770
UBS AG/London         5.500   2/22/2021   CHF   59.750
Leonteq Securities    5.630  11/27/2020   GBP   71.900
EFG International F  10.850  11/29/2024   USD   53.430
Danske Bank A/S       9.430   07/09/2024  SEK   22.000
SG Issuer SA          2.200   01/10/2025  EUR   58.240
Vontobel Financial    6.000   2/26/2021   EUR   74.050
Leonteq Securities   18.000   1/28/2021   CHF   63.190
Bank Julius Baer &   11.000   7/31/2020   CHF   74.150
Raiffeisen Switzerl   4.800   6/14/2021   EUR   53.990
Raiffeisen Switzerl   5.900  10/28/2020   CHF   53.110
Landesbank Hessen-T   4.000   4/13/2021   EUR   59.220
Zurcher Kantonalban   5.750  10/18/2022   CHF   68.640
Vontobel Financial    5.850   09/11/2020  EUR   73.140
Credit Suisse AG/Lo   6.250   5/28/2021   USD   73.250
Nordea Bank Abp       2.492   1/20/2021   EUR   68.000
Societe Generale Ef   4.250   6/26/2020   EUR   72.880
UniCredit Bank AG     3.600   6/18/2020   EUR   39.980
Credit Suisse AG/Lo   5.100   2/26/2021   CHF   72.640
Landesbank Hessen-T   5.100   10/04/2024  EUR   51.920
Landesbank Hessen-T   6.450   06/03/2024  EUR   60.060
Bayerische Landesba   2.800   5/14/2021   EUR   56.670
Landesbank Hessen-T   6.500   5/21/2025   EUR   63.900
Danske Bank A/S       5.600   07/09/2025  SEK   72.940
Astana Finance BV     9.000  11/16/2011   USD   15.250
Astana Finance BV     7.875   06/08/2010  EUR   16.000
Hellas Telecommunic   6.054   1/15/2015   USD    0.018
Heta Asset Resoluti   0.570  12/31/2023   EUR    1.406
Bank Otkritie Finan   0.010   7/16/2025   RUB   69.020
BLT Finance BV       12.000   02/10/2015  USD   10.500
Hellas Telecommunic   8.500  10/15/2013   EUR    0.497
Northland Resources  12.250   3/26/2016   USD    2.621
PSN Pm OOO            9.500   09/10/2026  RUB   21.625
Northland Resources   4.000  10/15/2020   USD    0.271
Heta Asset Resoluti   4.350  12/31/2023   EUR    1.500
Norske Skogindustri   7.125  10/15/2033   USD    0.135
Elli Investments Lt  12.250   6/15/2020   GBP   51.505
Norddeutsche Landes   4.000   6/28/2038   EUR   61.852
Lehman Brothers Tre   5.103   6/22/2046   EUR    2.571
UBS AG/London         8.000   06/08/2020  CHF   56.500
Deutsche Bank AG      4.200   6/23/2020   EUR   45.300
HSBC Trinkaus & Bur   7.300   9/25/2020   EUR   54.510
Nordea Bank Abp       6.450   1/22/2024   SEK   69.870
Landesbank Hessen-T   6.000   9/21/2023   EUR   41.700
Landesbank Baden-Wu   3.750   1/22/2021   EUR   68.260
DZ Bank AG Deutsche   5.000  11/27/2020   EUR   66.990
EFG International F  10.000   08/07/2020  EUR   54.690
Bayerische Landesba   3.350   08/07/2020  EUR   49.960
Societe Generale SA  10.080   3/16/2022   USD   43.950
Societe Generale Ef  18.288  12/28/2020   EUR   63.850
Skandinaviska Enski  10.300   7/17/2023   SEK   35.130
Skandinaviska Enski  10.400   1/15/2024   SEK   38.420
DekaBank Deutsche G   4.810   6/30/2020   EUR   33.700
Danske Bank A/S       6.860   07/09/2022  SEK   63.910
Leonteq Securities    8.000   7/29/2020   EUR   34.040
Skandinaviska Enski   7.600   1/15/2024   SEK   55.280
Bank Julius Baer &   16.250   05/04/2021  CHF   65.200
Banque Cantonale Va   5.200   08/04/2021  CHF   70.980
Skandinaviska Enski   4.500   7/17/2023   SEK   42.310
Credit Suisse AG/Lo   8.500   2/22/2021   USD   68.900
Zurcher Kantonalban   6.000   11/12/2020  EUR   72.830
Credit Suisse AG/Lo  10.500  11/13/2020   USD   53.280
Skandinaviska Enski   4.350   1/15/2025   SEK   43.660
UBS AG/London         6.200   3/25/2021   EUR   62.650
Landesbank Hessen-T   3.100   11/09/2020  EUR   52.200
UniCredit Bank AG     4.300   06/04/2020  EUR   55.790
Raiffeisen Schweiz    6.000   8/17/2020   CHF   35.940
UniCredit Bank AG     3.750   09/07/2020  EUR   29.300
Bank Julius Baer &    8.950  10/19/2020   USD   35.050
DZ Bank AG Deutsche   6.400   6/26/2020   EUR   72.630
Landesbank Baden-Wu   5.750  11/26/2021   EUR   52.360
Credit Suisse AG/Lo   9.500   7/20/2020   USD   53.460
Landesbank Hessen-T   5.600   6/21/2021   EUR   64.700
BNP Paribas Issuanc   4.992   10/05/2020  CHF   61.700
Landesbank Hessen-T   4.550   11/04/2020  EUR   60.500
Erste Group Bank AG   5.600   9/29/2020   EUR   65.460
DekaBank Deutsche G   2.380   08/11/2020  EUR   60.800
EFG International F  12.870  12/23/2024   USD   62.150
EFG International F   9.700   9/26/2022   CHF   53.900
Corner Banca SA       6.000   4/25/2022   CHF   71.320
Danske Bank A/S       6.310   07/09/2025  SEK   73.820
EFG International F  13.600   2/23/2021   CHF   63.590
Gazprombank JSC       0.010  11/24/2022   RUB   75.020
BNP Paribas Emissio   6.500  12/24/2020   EUR   49.190
Raiffeisen Switzerl   3.590   7/22/2020   EUR   60.760
Skandinaviska Enski   3.000   1/17/2022   SEK   32.700
Kaupthing ehf         3.750   02/01/2045  USD    0.232
Rio Forte Investmen   3.900   07/10/2014  USD    6.125
SAir Group            4.250   02/02/2007  CHF    8.375
AKB Peresvet ZAO      0.510   6/23/2021   RUB   13.140
Rio Forte Investmen   4.750   11/10/2015  EUR    6.125
Espirito Santo Fina   5.050  11/15/2025   EUR    1.119
Barclays Bank PLC     2.000   06/12/2029  TRY   41.894
UBS AG/London         5.750   8/14/2020   CHF   48.300
EFG International F   6.200   8/16/2021   CHF   55.580
Leonteq Securities    6.400   11/03/2020  EUR   41.920
EFG International F  10.400   06/09/2020  USD   61.960
Natixis SA            2.100   06/08/2021  EUR   27.929
Skandinaviska Enski   7.800   7/17/2023   SEK   49.150
Natixis SA            2.075   6/22/2020   EUR   65.408
Raiffeisen Centroba   5.000   08/09/2021  EUR   56.530
EFG International F   6.000   08/03/2020  USD   28.140
EFG International F  11.400   6/28/2021   USD   52.670
EFG International F  10.000   2/22/2024   USD   64.960
UBS AG/London         9.000   8/27/2020   USD   40.050
Societe Generale SA   7.220   5/30/2023   USD   74.550
Leonteq Securities    7.400   11/09/2020  EUR   56.960
EFG International F  13.500   7/19/2021   USD   68.040
Credit Suisse AG/Lo   4.000   6/22/2020   EUR   63.290
Leonteq Securities    7.200  10/27/2021   CHF   51.210
Landesbank Hessen-T   4.000  11/24/2021   EUR   63.510
Societe Generale SA   9.250   9/30/2020   USD   42.500
HSBC Trinkaus & Bur   5.030   12/04/2020  EUR   56.730
Credit Suisse AG/Lo   6.000   1/31/2022   CHF   71.540
EFG International F  11.500   08/02/2021  USD   69.750
Raiffeisen Schweiz   11.500   2/18/2021   CHF   34.400
UBS AG/London         7.000   2/21/2022   EUR   64.100
UBS AG/London         9.250   8/20/2021   USD   66.650
Societe Generale Ef  10.000   2/19/2021   EUR   69.330
Zurcher Kantonalban   7.640   08/06/2020  CHF   46.320
Credit Suisse AG/Lo   2.800  11/17/2020   USD   55.700
EFG International F  13.150  12/17/2020   USD   41.460
Raiffeisen Switzerl  15.120   07/08/2020  USD   49.320
SG Issuer SA          1.750   2/22/2021   EUR   70.000
BNP Paribas Emissio   3.000   6/25/2020   EUR   64.690
EFG International F   4.700   2/21/2023   USD   59.550
Raiffeisen Centroba   5.500   02/08/2021  EUR   61.930
Deutsche Bank AG      8.200   9/22/2020   EUR   43.800
UBS AG/London         7.750   06/08/2020  CHF   55.050
Leonteq Securities   10.600   12/08/2020  EUR   33.870
UBS AG/London         9.000   11/04/2020  USD   48.600
Getin Noble Bank SA   5.710   4/29/2024   PLN   72.000
UBS AG/London         5.250   07/11/2022  CHF   66.050
Deutsche Bank AG/Lo   0.910  11/21/2022   EUR   60.140
Leonteq Securities   10.200   06/03/2020  USD   61.590
UBS AG/London         6.000   11/09/2020  CHF   58.650
Leonteq Securities    8.200   09/01/2020  CHF   40.360
Raiffeisen Schweiz    5.500   09/07/2020  CHF   73.260
Investec Bank PLC     6.650   6/20/2026   SEK   67.570
EFG International F   0.600   07/12/2022  EUR   60.310
Danske Bank A/S       6.010   07/09/2023  SEK   53.350
Corner Banca SA      10.000   10/05/2020  CHF   49.260
UBS AG/London         6.000   8/13/2020   CHF   50.700
EFG International F   9.800   9/21/2021   EUR   32.330
Leonteq Securities    7.400   9/28/2021   CHF   53.950
UniCredit Bank AG     4.100   8/24/2022   EUR   60.110
UBS AG/London         9.000   07/06/2020  USD   64.680
EFG International F  10.500   02/07/2022  EUR   48.780
EFG International F   8.700   9/28/2020   EUR   62.790
Landesbank Hessen-T   5.700   06/02/2023  EUR   55.470
Luzerner Kantonalba  13.200   8/14/2020   CHF   65.400
UBS AG/London         7.500   08/07/2020  EUR   51.650
Leonteq Securities    7.000   8/19/2020   EUR   49.810
Leonteq Securities    3.000   1/31/2022   EUR   67.070
Raiffeisen Switzerl   9.000   02/11/2021  USD   62.160
UniCredit Bank AG     6.600   04/06/2021  USD   59.770
Skandinaviska Enski   9.500   1/17/2023   SEK   37.840
EFG International F   5.350  12/27/2022   USD   56.530
EFG International F  12.750   1/31/2022   USD   53.140
EFG International F  11.500   08/02/2021  USD   70.770
Credit Suisse AG/Lo   6.000   7/15/2020   CHF   72.280
Credit Suisse AG/Lo   6.000   6/24/2022   CHF   64.640
UBS AG/London         7.000  10/26/2020   CHF   61.550
Credit Suisse AG/Lo  10.750  12/21/2020   CHF   54.690
Credit Suisse AG/Lo   7.750   8/30/2021   CHF   71.880
EFG International F  12.000  10/19/2021   USD   42.800
UBS AG/London         7.500  10/19/2020   EUR   68.250
Landesbank Baden-Wu   4.000   8/28/2020   EUR   36.660
EFG International F   4.700   2/24/2023   USD   58.010
Leonteq Securities    2.910   1/20/2021   EUR   69.520
Danske Bank A/S       6.860   07/09/2022  SEK    7.030
Zurcher Kantonalban   9.200   11/06/2020  CHF   69.250
Zurcher Kantonalban   6.000   2/25/2021   CHF   64.030
UBS AG/London        11.500   03/11/2021  EUR   71.450
EFG International F   0.600   08/08/2022  EUR   61.990
Credit Suisse AG/Lo   8.000   03/03/2022  USD   54.430
EFG International F   5.350  11/15/2022   USD   53.940
Leonteq Securities   20.000   2/18/2021   CHF   48.680
WEB Windenergie AG    6.250               EUR   55.010
EFG International F   0.600   6/28/2022   EUR   61.870
EFG International F  13.000   6/14/2021   USD   57.230
UBS AG/London        10.500   6/15/2020   CHF   62.250
Raiffeisen Centroba   5.750   7/19/2021   EUR   56.750
Raiffeisen Schweiz    7.440   6/24/2020   CHF   43.390
EFG International F   5.350   1/24/2023   USD   58.410
Landesbank Hessen-T   3.750   10/06/2020  EUR   66.200
EFG International F   9.200   8/27/2020   USD   51.430
Vontobel Financial    6.000  12/28/2020   EUR   57.070
Credit Suisse AG/Lo  10.000  10/19/2020   EUR   51.230
EFG International F  12.800   02/08/2021  USD   71.990
Raiffeisen Centroba   6.250  12/13/2021   EUR   64.930
Gold-Zack AG          7.000  12/14/2005   EUR    9.030
Zurcher Kantonalban  12.000   9/18/2020   USD   51.820
BNP Paribas Emissio  11.000   6/25/2020   EUR   68.730
EFG International F   5.350  10/31/2022   USD   56.680
EFG International F   5.350  12/19/2022   USD   58.150
EFG International F   8.700  12/17/2020   USD   67.730
Barclays Bank PLC     2.730   9/27/2024   EUR   54.300
EFG International F   5.500  12/14/2020   CHF   56.720
Bank Julius Baer &   13.510   8/17/2020   USD   34.200
Credit Suisse AG/Lo   7.500  12/14/2020   CHF   66.810
EFG International F  20.300   10/08/2021  USD   72.080
Raiffeisen Switzerl   8.400   8/20/2020   USD   57.290
Societe Generale Ef   9.250   9/25/2020   EUR   68.920
EFG International F   0.600   09/06/2022  EUR   46.340
UBS AG/London        10.250   06/05/2020  USD   55.840
UBS AG/London        10.000   5/20/2021   USD   70.620
EFG International F  10.000   12/06/2021  USD   67.460
EFG International F   5.350   12/06/2022  USD   57.150
EFG International F   6.750  10/29/2020   EUR   70.130
EFG International F   5.350  10/24/2022   USD   50.620
WEB Windenergie AG    2.500   9/26/2021   EUR   55.010
EFG International F   5.350  12/19/2022   USD   57.350
WEB Windenergie AG    2.750  12/17/2020   EUR   55.010
EFG International F   5.350  11/29/2022   USD   55.680
Getin Noble Bank SA   4.440  12/21/2020   PLN   60.000
UBS AG/London        12.500  11/30/2020   CHF   58.350
Leonteq Securities   10.400   7/29/2020   EUR   59.880
DekaBank Deutsche G   0.010   6/29/2046   EUR   71.530
SALVATOR Vermoegens   9.500               EUR   13.500
EFG International F   5.350   12/02/2022  USD   56.500
EFG International F   0.600   8/29/2022   EUR   66.590
Otkritie Holding JS   8.030   10/03/2036  RUB    0.200
Metalloinvest Holdi   0.010   03/10/2022  RUB   61.000
Bayerische Landesba   2.700   5/14/2021   EUR   50.850
BNP Paribas Emissio   6.000   6/25/2020   EUR   66.050
Banque Cantonale Va  11.160   01/04/2021  CHF   65.680
Citigroup Global Ma   9.500   9/30/2020   EUR   62.640
Bayerische Landesba   2.700   7/22/2022   EUR   35.590
SG Issuer SA          7.013   11/02/2020  EUR   65.600
Bank Julius Baer &    8.150   08/06/2020  CHF   65.300
Landesbank Baden-Wu   2.560   7/24/2020   EUR   69.590
UBS AG/London        13.500   7/15/2021   CHF   73.650
DekaBank Deutsche G   8.050   1/15/2021   EUR   71.460
EFG International F   0.600   9/20/2022   EUR   45.360
DZ Bank AG Deutsche   1.600   6/24/2026   EUR   72.020
UBS AG/London        13.500   4/26/2021   USD   41.840
Landesbank Baden-Wu   3.250   7/28/2023   EUR   60.410
Tonon Luxembourg SA  12.500   5/14/2024   USD    0.445
Lehman Brothers Tre  11.000  12/20/2017   AUD    2.571
BNP Paribas SA        1.000   1/23/2040   MXN   29.990
Lehman Brothers Tre   4.600   10/11/2017  ILS    3.750
Lehman Brothers Tre   2.875   3/14/2013   CHF    3.750
SpareBank 1 SR-Bank   1.383  12/21/2030   EUR   70.199
SAir Group            6.250   04/12/2005  CHF    8.375
Bank Otkritie Finan  10.000   4/26/2019   USD    9.505
Lehman Brothers Tre   0.500  12/20/2017   AUD    2.571
Northland Resources  15.000   7/15/2019   USD    2.621
Lehman Brothers Tre   4.050   9/16/2008   EUR    2.571
Lehman Brothers Tre  13.432   01/08/2009  ILS    2.571
Credito Padano Banc   3.100               EUR   36.529
Credito Padano Banc   3.100               EUR   36.278
Grupo Isolux Corsan   1.000  12/30/2021   USD    0.303
Pescanova SA          6.750   03/05/2015  EUR    0.319
Kaupthing ehf         6.125   10/04/2016  USD    0.250
Ideal Standard Inte  11.750   05/01/2018  EUR    0.051
DekaBank Deutsche G   1.780   02/05/2021  EUR   68.760
Societe Generale SA   4.000   6/29/2028   USD
Raiffeisen Switzerl  10.500   07/11/2024  USD    5.970
Societe Generale SA   6.640   03/02/2021  USD   72.550
Landesbank Hessen-T   2.600   7/29/2020   EUR   58.900
Societe Generale SA  14.720   6/25/2021   USD   48.600
Credit Suisse AG/Lo  10.000   7/29/2020   USD
Societe Generale SA  17.000   03/02/2023  USD   33.050
Citigroup Global Ma   3.180   08/08/2022  USD   68.460
Landesbank Baden-Wu   3.000   3/26/2021   EUR   59.650
Societe Generale SA  19.000   9/17/2020   USD   24.200
UBS AG/London         1.750   1/23/2023   USD    6.105
Societe Generale SA   6.000  11/30/2032   USD   61.420
Raiffeisen Switzerl   7.000   07/08/2020  USD   32.940
EFG International F  16.400   7/15/2020   USD   11.170
Societe Generale Ef   5.500   6/26/2020   EUR   57.810
Societe Generale SA  11.732   07/12/2024  USD   73.500
Investec Bank PLC     6.700  12/20/2025   SEK   74.380
Landesbank Hessen-T   5.500   5/25/2023   EUR   25.120
Barclays Bank PLC     3.500   8/17/2020   USD   42.750
Societe Generale SA   7.750   02/01/2021  USD   69.750
Societe Generale SA  10.000   03/02/2023  USD   41.750
Raiffeisen Switzerl   6.400   11/11/2020  EUR   58.380
Raiffeisen Switzerl   6.200   11/11/2020  CHF   58.440
Raiffeisen Schweiz    8.200  10/22/2020   USD   36.170
Raiffeisen Schweiz    8.000   9/22/2020   CHF   43.640
Societe Generale SA   9.250   3/30/2022   USD   69.000
EFG International F   9.850   7/30/2020   CHF   60.480
Credit Suisse AG/Lo   6.000   8/24/2022   CHF   62.520
Raiffeisen Schweiz   12.840   2/15/2021   CHF   64.610
Landesbank Baden-Wu   4.350   7/14/2020   EUR   66.220
Credit Suisse AG/Lo  10.000   06/03/2021  USD   73.500
Credit Suisse AG/Lo  20.000  11/29/2024   USD    6.100
Credit Suisse AG/Lo  10.500   10/02/2020  USD   48.310
Societe Generale Ef   7.000   02/01/2021  EUR   53.160
Spoldzielczy Bank R   5.290   7/16/2025   PLN   60.000
Societe Generale SA   7.000   10/02/2029  USD   74.437
Credit Suisse AG/Lo  11.250   12/03/2020  USD   71.683
BNP Paribas Issuanc   4.992   10/05/2020  EUR   61.700
Societe Generale SA  10.000  12/30/2022   USD
Societe Generale SA  10.000  12/30/2022   USD
EFG International F  10.260  12/19/2024   CHF   42.490
SG Issuer SA          5.500   04/10/2021  EUR   56.640
Credit Suisse AG/Lo  10.750  11/29/2021   USD   38.426
Credit Suisse AG/Lo  10.000  12/31/2020   USD   68.000
Landesbank Hessen-T   3.500   5/24/2023   EUR   61.590
Landesbank Baden-Wu  10.670   6/26/2020   EUR   57.330
Barclays Bank PLC     2.000   5/28/2021   USD   10.030
Raiffeisen Schweiz    8.400  11/24/2020   CHF   41.560
Societe Generale SA  11.000   9/23/2021   USD   73.150
Credit Suisse AG/Lo   8.750   09/02/2020  GBP   60.380
Citigroup Global Ma   4.875   8/22/2022   USD   30.620
Societe Generale SA   9.440   05/06/2022  USD
WEB Windenergie AG    6.500               EUR   55.010
SG Issuer SA          6.650   10/10/2021  EUR   37.770
EFG International F   5.600   07/11/2024  EUR    6.510
Lehman Brothers Tre   6.300  12/21/2018   USD    2.571
SAir Group            2.125   11/04/2004  CHF    8.375
AKB Peresvet ZAO     13.000   10/07/2017  RUB   13.375
Windreich GmbH        6.250   03/01/2015  EUR    7.738
SAir Group            5.500   7/23/2003   CHF    8.375
Bank Otkritie Finan   0.010   9/24/2025   RUB   67.560
Lehman Brothers Tre  10.000  10/22/2008   USD    2.571
Kaupthing ehf         3.063   05/10/2045  ISK    0.250
Minicentrales Dos S   0.010   06/06/2047  EUR   65.750
Kaupthing ehf         4.390  10/14/2008   CZK    0.250
BNP Paribas SA        1.147               USD   66.755
Russian Railways JS  10.300   04/03/2026  RUB   90.000
Leonteq Securities    3.500   03/08/2023  CHF   57.080
Leonteq Securities    7.500   03/11/2021  CHF   64.090
BNP Paribas Issuanc   4.800   06/01/2020  EUR   53.950
Raiffeisen Centroba   6.000   7/21/2020   EUR   46.090
Landesbank Baden-Wu   5.810   3/26/2021   EUR   61.050
Citigroup Global Ma   8.050   1/24/2023   EUR   50.150
EFG International F  10.000   2/25/2021   USD   65.750
Bank Julius Baer &    8.750   7/20/2020   USD   45.950
DekaBank Deutsche G   4.800   03/09/2021  EUR   68.090
UBS AG/London         2.000   3/25/2021   EUR   65.080
UBS AG/London        12.000   6/19/2020   USD   31.170
Landesbank Hessen-T   3.000   09/09/2020  EUR   51.400
Luzerner Kantonalba   4.800   1/18/2021   CHF   50.080
Landesbank Baden-Wu   2.400  10/23/2020   EUR   56.180
Banque Cantonale Va   6.720   8/17/2020   CHF   58.120
Leonteq Securities    2.650   1/31/2022   CHF   65.790
Zurcher Kantonalban  14.750   02/04/2021  USD   68.340
Leonteq Securities    8.800  12/23/2021   CHF   68.510
Credit Suisse AG/Lo   7.250   4/27/2021   EUR   47.150
UBS AG/London        10.250   05/10/2021  USD   74.460
Sberbank of Russia    7.550   07/12/2021  RUB   72.600
Credit Suisse AG/Lo   9.000  11/20/2020   USD   64.390
Credit Suisse AG/Lo   6.250   3/26/2021   EUR   61.980
Leonteq Securities   10.000   12/09/2020  CHF   68.470
Bank Julius Baer &    7.000  12/18/2020   CHF   70.050
Raiffeisen Schweiz   10.000   12/10/2020  CHF   35.340
Raiffeisen Schweiz    6.500   10/04/2021  EUR   67.940
Vontobel Financial   10.000  11/22/2021   EUR   70.780
Zurcher Kantonalban  10.000  10/29/2020   EUR   49.810
Russian Railways JS   4.100   5/29/2035   RUB   90.000
Sberbank of Russia    7.550   07/12/2021  RUB   70.020
Bank Julius Baer &   10.100   12/01/2020  EUR   63.750
Landesbank Hessen-T   5.250   06/03/2024  EUR   46.740
Credit Suisse AG/Lo   9.000   9/13/2020   USD   71.000
EFG International F   8.200   8/20/2021   CHF   58.720
Raiffeisen Schweiz    6.600   11/02/2020  EUR   66.330
Vontobel Financial    9.100   2/21/2022   EUR   70.700
Lehman Brothers Tre   4.100   06/10/2014  SGD    3.750
Lehman Brothers Tre  11.000   07/04/2011  CHF    2.571
Kaupthing ehf         1.744               ISK    0.250
AKB Peresvet ZAO      0.510   08/04/2034  RUB   17.520
Kaupthing ehf         5.750   10/04/2011  USD    0.250
EFG International F   6.400   03/08/2021  EUR   43.590
Citigroup Global Ma  13.600   1/25/2023   SEK   70.170
Leonteq Securities    5.200   09/02/2020  EUR   43.960
Landesbank Baden-Wu   2.600   4/28/2023   EUR   59.330
Landesbank Hessen-T   5.050   6/29/2023   EUR   70.660
Raiffeisen Schweiz    5.750   09/02/2020  CHF   44.210
Landesbank Baden-Wu   2.700  10/23/2020   EUR   72.870
Landesbank Baden-Wu   3.300  10/23/2020   EUR   62.610
DekaBank Deutsche G   3.500   3/14/2022   EUR   56.540
DekaBank Deutsche G   3.150   03/05/2021  EUR   36.550
UBS AG/London         7.000   8/28/2020   CHF   66.550
UBS AG/London         7.000   8/28/2020   CHF   72.450
UBS AG/London         7.500   8/28/2020   EUR   66.650
Bayerische Landesba   2.000   12/11/2020  EUR   58.120
Bayerische Landesba   3.400   7/16/2021   EUR   58.600
Leonteq Securities    7.000   03/09/2022  CHF   71.910
Raiffeisen Schweiz    5.750   09/09/2020  CHF   46.830
DekaBank Deutsche G   2.750   3/26/2021   EUR   65.810
DekaBank Deutsche G   2.500   3/26/2021   EUR   60.270
DekaBank Deutsche G   2.900   3/26/2021   EUR   68.130
Landesbank Baden-Wu   2.300   3/25/2022   EUR   68.890
Landesbank Baden-Wu   3.000   3/25/2022   EUR   63.050
EFG International F   7.000   03/01/2021  CHF   57.570
Leonteq Securities    3.750   2/20/2023   CHF   41.510
Landesbank Hessen-T   4.000   9/22/2020   EUR   69.800
Landesbank Hessen-T   3.500   9/22/2020   EUR   48.900
DekaBank Deutsche G   5.000   9/14/2020   EUR   49.160
DekaBank Deutsche G   7.000   9/14/2020   EUR   37.050
Landesbank Hessen-T   4.000   3/23/2022   EUR   59.420
Landesbank Hessen-T   4.000   3/23/2022   EUR   46.950
UBS AG/London         5.500   8/21/2020   CHF   64.850
EFG International F   7.400   03/08/2021  CHF   53.510
Leonteq Securities    5.000   09/02/2020  CHF   43.610
DekaBank Deutsche G   3.000   7/24/2020   EUR   64.090
Landesbank Baden-Wu   2.600   6/24/2022   EUR   65.800
DekaBank Deutsche G   2.300   03/05/2021  EUR   58.410
DekaBank Deutsche G   2.450   03/05/2021  EUR   52.400
Skandinaviska Enski   7.900   1/17/2023   SEK
Landesbank Hessen-T   8.900   3/16/2023   EUR   57.870
Landesbank Hessen-T   7.600   03/09/2023  EUR   48.000
Raiffeisen Schweiz    5.250   8/26/2020   CHF   63.870
UniCredit Bank AG     4.500   03/12/2022  EUR   43.430
DekaBank Deutsche G   4.000   9/21/2021   EUR   57.790
EFG International F   6.600   03/08/2021  CHF   61.210
UBS AG/London         8.500   8/21/2020   EUR   29.980
Leonteq Securities    2.300   02/08/2023  CHF   33.890
UniCredit Bank AG     5.100   03/05/2021  EUR   58.940
UniCredit Bank AG     4.650   03/05/2021  EUR   36.490
Landesbank Baden-Wu   2.150  11/27/2020   EUR   70.360
Landesbank Baden-Wu   3.000   4/25/2022   EUR   61.540
Erste Group Bank AG   4.350   2/28/2022   EUR   48.250
UniCredit Bank AG     3.000   3/21/2023   EUR   67.500
DekaBank Deutsche G   2.150   8/28/2020   EUR   67.360
Landesbank Hessen-T   6.000   12/01/2022  EUR   27.960
Landesbank Hessen-T   5.200   09/08/2022  EUR   64.530
Landesbank Hessen-T   6.000   8/25/2023   EUR   39.860
UniCredit Bank AG     3.800   09/04/2021  EUR   64.140
Skandinaviska Enski   5.500   7/20/2022   SEK   64.160
Leonteq Securities   15.000   03/09/2021  CHF   15.020
Vontobel Financial    3.250   4/23/2021   EUR   68.260
Leonteq Securities    8.000  10/27/2020   CHF   45.060
Leonteq Securities    6.200   08/11/2020  CHF   56.990
UniCredit Bank AG     3.200   09/10/2022  EUR   71.420
Erste Group Bank AG   5.550   8/30/2022   EUR   69.100
UniCredit Bank AG     5.350   7/28/2020   EUR   27.220
Skandinaviska Enski   9.750   1/17/2023   SEK   38.280
Leonteq Securities   17.000   03/09/2021  USD   19.130
Landesbank Baden-Wu   2.600   9/24/2021   EUR   71.710
Landesbank Baden-Wu   2.650   9/24/2021   EUR   68.750
Getin Noble Bank SA   5.790   7/26/2024   PLN   74.000
DekaBank Deutsche G   2.450   8/28/2020   EUR   56.520
Getin Noble Bank SA   5.790   8/30/2024   PLN   70.000
Landesbank Baden-Wu   3.000   8/26/2022   EUR   66.810
Landesbank Hessen-T   4.000   03/08/2021  EUR   60.100
Landesbank Hessen-T   3.450   03/08/2021  EUR   70.400
Leonteq Securities    6.500   03/09/2021  CHF   68.730
Landesbank Hessen-T   3.500   09/08/2022  EUR   58.710
Societe Generale SA   4.000   4/17/2028   EUR   61.600
Vontobel Financial   15.000   6/25/2021   EUR   75.320
Vontobel Financial   13.000   6/25/2021   EUR   75.510
Vontobel Financial   14.000   6/25/2021   EUR   75.420
Vontobel Financial   18.500   6/25/2021   EUR   75.620
Vontobel Financial   19.500   6/25/2021   EUR   75.550
Vontobel Financial    4.100   03/12/2021  EUR   64.200
Landesbank Hessen-T   4.700   2/24/2023   EUR   68.650
Landesbank Hessen-T   6.450   2/24/2023   EUR   30.240
Zurcher Kantonalban   6.250   11/02/2020  CHF   53.830
EFG International F   7.200   11/09/2020  CHF   49.060
Leonteq Securities    6.400   11/03/2021  CHF   59.560
Leonteq Securities    7.200   11/03/2020  CHF   61.800
Commerzbank AG        2.850  10/26/2020   EUR   49.900
Landesbank Hessen-T   5.700  11/24/2022   EUR   65.790
Landesbank Hessen-T   3.750   06/04/2021  EUR   65.300
Landesbank Baden-Wu   2.200   7/24/2020   EUR   62.270
Landesbank Baden-Wu   2.450   7/24/2020   EUR   68.490
Leonteq Securities    8.000   06/08/2021  CHF   63.080
Leonteq Securities    5.200   06/11/2020  CHF   40.130
BNP Paribas Issuanc   7.000   06/01/2020  EUR   41.900
BNP Paribas Issuanc   5.600   06/01/2020  EUR   48.550
BNP Paribas Issuanc   6.600   06/01/2020  EUR   44.350
BNP Paribas Issuanc   6.800   06/01/2020  EUR   54.350
BNP Paribas Issuanc   5.800   06/01/2020  EUR   41.700
BNP Paribas Issuanc   5.800   06/01/2020  EUR   44.850
BNP Paribas Issuanc   6.400   06/01/2020  EUR   30.950
BNP Paribas Issuanc   6.200   06/01/2020  EUR   67.200
BNP Paribas Issuanc   5.000   06/01/2020  EUR   43.950
BNP Paribas Issuanc   4.800   06/01/2020  EUR   53.900
DekaBank Deutsche G   3.650   6/20/2022   EUR   62.290
DekaBank Deutsche G   3.000   6/26/2020   EUR   40.250
DekaBank Deutsche G   2.000   6/25/2021   EUR   39.630
Leonteq Securities    5.200   06/07/2022  CHF   63.960
UniCredit Bank AG     5.600   07/02/2021  EUR   64.650
UniCredit Bank AG     3.700   6/25/2022   EUR   71.140
Landesbank Baden-Wu   2.500   8/25/2023   EUR   56.970
Vontobel Financial    4.000   6/29/2020   EUR   58.170
Leonteq Securities    3.000  12/20/2021   CHF   67.710
Vontobel Financial    5.000   06/07/2021  EUR   70.590
Bayerische Landesba   2.500   07/10/2020  EUR   47.850
Bayerische Landesba   3.100   07/10/2020  EUR   54.610
Bayerische Landesba   2.600   07/09/2021  EUR   67.520
Raiffeisen Centroba   7.000   6/22/2020   EUR   54.160
Landesbank Hessen-T   2.000   6/13/2022   EUR   53.540
DekaBank Deutsche G   3.750   07/04/2022  EUR   70.850
Landesbank Hessen-T   7.600   07/06/2023  EUR   66.390
Leonteq Securities    2.500   06/05/2024  EUR   45.860
UBS AG/London         7.000   06/08/2020  CHF   56.400
UBS AG/London         5.750  11/23/2020   CHF   44.200
UBS AG/London        10.750   06/08/2020  CHF   39.450
Landesbank Hessen-T   6.000   07/06/2023  EUR   65.790
UBS AG/London         6.500   12/07/2020  EUR   45.200
UBS AG/London         7.250   06/08/2020  USD   49.600
EFG International F   5.800   6/21/2021   CHF   63.830
EFG International F   7.200   6/22/2020   EUR   45.870
EFG International F   6.400   6/22/2020   CHF   41.800
Leonteq Securities    6.800  12/15/2021   CHF   71.630
Leonteq Securities    5.000   6/15/2021   CHF   54.620
Leonteq Securities   10.280   06/11/2020  CHF   60.450
Leonteq Securities    7.000   6/15/2020   CHF   41.310
Credit Suisse AG/Na   7.000   6/18/2020   CHF   60.060
Raiffeisen Centroba   7.200   07/10/2020  EUR   52.910
Erste Group Bank AG   4.650   6/29/2022   EUR   52.150
Erste Group Bank AG   4.500   6/29/2023   EUR   71.100
Raiffeisen Schweiz    6.200  12/15/2020   CHF   69.840
Raiffeisen Schweiz    7.100   6/15/2020   CHF   40.250
Raiffeisen Schweiz    9.500  12/15/2020   CHF   44.120
Raiffeisen Schweiz    5.300  12/15/2020   EUR   64.060
Raiffeisen Schweiz    4.000  12/15/2021   CHF   56.460
Skandinaviska Enski  10.320   7/17/2023   SEK   33.910
Landesbank Hessen-T   5.150   6/14/2022   EUR   57.410
DekaBank Deutsche G   5.600   01/04/2021  EUR   47.440
DekaBank Deutsche G   4.300   01/04/2021  EUR   44.940
Landesbank Baden-Wu   2.150   7/23/2021   EUR   70.170
Landesbank Baden-Wu   3.500   7/23/2021   EUR   54.770
UBS AG/London         8.500   6/15/2020   USD   59.300
UBS AG/London        10.250   6/15/2020   CHF   22.320
UBS AG/London         8.000   6/15/2020   CHF   55.200
UBS AG/London         7.000  12/14/2020   CHF   25.600
UBS AG/London        10.500   6/15/2020   EUR   48.850
UBS AG/London         8.750   6/15/2020   EUR   35.250
UBS AG/London         6.500  12/14/2020   EUR   61.400
UBS AG/London         6.500  12/14/2020   EUR   57.600
Landesbank Hessen-T   3.500   7/19/2021   EUR   61.500
Bayerische Landesba   3.000   7/17/2020   EUR   53.710
EFG International F   5.400  12/27/2021   CHF   71.060
Credit Suisse AG/Na   7.000   6/22/2021   CHF   45.100
DekaBank Deutsche G   3.350   07/10/2020  EUR   41.140
DekaBank Deutsche G   2.450   07/10/2020  EUR   53.730
DekaBank Deutsche G   2.350   07/09/2021  EUR   66.320
DekaBank Deutsche G   2.000   07/09/2021  EUR   70.020
Vontobel Financial    4.200   07/06/2021  EUR   55.740
Corner Banca SA       7.400   6/22/2020   CHF   68.450
SecurAsset SA         5.250   6/30/2022   EUR   26.730
Leonteq Securities    5.200  12/22/2020   CHF   42.040
Raiffeisen Schweiz    6.100   6/22/2020   CHF   57.990
Raiffeisen Schweiz    5.000  12/22/2020   CHF   64.220
Raiffeisen Schweiz    4.000  12/22/2021   CHF   56.390
Zurcher Kantonalban   3.400   6/15/2020   CHF   63.380
SG Issuer SA          4.000   6/22/2026   EUR   32.810
Leonteq Securities    2.000   09/07/2023  CHF   66.590
Landesbank Baden-Wu   2.700   9/23/2022   EUR   72.610
Landesbank Baden-Wu   3.000   9/23/2022   EUR   56.660
Landesbank Baden-Wu   2.650   9/23/2022   EUR   60.180
Landesbank Hessen-T   4.000   7/20/2022   EUR   69.020
Landesbank Hessen-T   4.000   7/20/2022   EUR   65.360
Landesbank Hessen-T   3.500   08/03/2022  EUR   48.350
Landesbank Hessen-T   4.000   08/03/2022  EUR   56.540
Landesbank Hessen-T   5.750   08/03/2023  EUR   43.370
Landesbank Hessen-T   3.000   06/08/2020  EUR   70.900
Bayerische Landesba   2.000   08/07/2020  EUR   70.120
Natixis SA            2.500   07/12/2021  EUR   56.695
DekaBank Deutsche G   3.000   7/31/2020   EUR   56.260
DekaBank Deutsche G   3.100   7/31/2020   EUR   41.950
Landesbank Baden-Wu   3.000   7/24/2020   EUR   57.950
Landesbank Baden-Wu   2.000   7/24/2020   EUR   41.200
Landesbank Baden-Wu   3.500   7/24/2020   EUR   36.670
Landesbank Baden-Wu   2.000   7/24/2020   EUR   62.600
Landesbank Baden-Wu   3.000   7/24/2020   EUR   57.630
Landesbank Baden-Wu   4.000   7/24/2020   EUR   53.840
Landesbank Baden-Wu   5.000   7/24/2020   EUR   50.910
Landesbank Baden-Wu   3.500   7/24/2020   EUR   51.390
Landesbank Baden-Wu   3.000   7/24/2020   EUR   38.300
Landesbank Baden-Wu   3.500   7/24/2020   EUR   67.400
Landesbank Baden-Wu   5.000   7/24/2020   EUR   59.470
Landesbank Baden-Wu   6.500   7/24/2020   EUR   54.260
Landesbank Baden-Wu   2.000   7/24/2020   EUR   61.760
Landesbank Baden-Wu   3.000   7/24/2020   EUR   57.470
Landesbank Baden-Wu   3.500   7/24/2020   EUR   66.910
Landesbank Baden-Wu   4.500   7/24/2020   EUR   63.450
Landesbank Baden-Wu   3.500   7/24/2020   EUR   42.610
Landesbank Baden-Wu   5.500   7/24/2020   EUR   37.030
Landesbank Baden-Wu   3.000   7/24/2020   EUR   73.990
Landesbank Baden-Wu   4.000   7/24/2020   EUR   69.030
Landesbank Baden-Wu   5.000   7/24/2020   EUR   65.250
Landesbank Baden-Wu   6.000   7/24/2020   EUR   62.440
Landesbank Baden-Wu   2.000   7/24/2020   EUR   60.500
Landesbank Baden-Wu   3.500   7/24/2020   EUR   53.150
Landesbank Baden-Wu   5.000   7/24/2020   EUR   48.200
Landesbank Baden-Wu   2.500   7/24/2020   EUR   65.790
Landesbank Baden-Wu   4.000   7/24/2020   EUR   60.710
Landesbank Baden-Wu   2.500   7/24/2020   EUR   48.710
Landesbank Baden-Wu   5.000   7/24/2020   EUR   41.620
Landesbank Baden-Wu   2.500   7/24/2020   EUR   66.080
Landesbank Baden-Wu   4.000   7/24/2020   EUR   60.480
Landesbank Baden-Wu   2.000   7/24/2020   EUR   37.090
Landesbank Baden-Wu   3.500   7/24/2020   EUR   33.320
Landesbank Baden-Wu   4.000   7/24/2020   EUR   72.220
Landesbank Baden-Wu   2.500   7/24/2020   EUR   71.900
Landesbank Baden-Wu   4.000   7/24/2020   EUR   62.340
Landesbank Baden-Wu   5.500   7/24/2020   EUR   60.210
Landesbank Baden-Wu   3.500   7/24/2020   EUR   70.470
Landesbank Baden-Wu   3.500   7/24/2020   EUR   55.330
Landesbank Baden-Wu   5.000   7/24/2020   EUR   50.820
Landesbank Baden-Wu   2.000   7/24/2020   EUR   34.910
Landesbank Baden-Wu   3.500   7/24/2020   EUR   31.180
Landesbank Baden-Wu   3.000   7/24/2020   EUR   71.430
Landesbank Baden-Wu   4.000   7/24/2020   EUR   67.340
Landesbank Baden-Wu   2.500   7/24/2020   EUR   65.990
Landesbank Baden-Wu   4.000   7/24/2020   EUR   59.250
Landesbank Baden-Wu   2.500   7/24/2020   EUR   42.060
Landesbank Baden-Wu   3.500   7/24/2020   EUR   39.220
Landesbank Baden-Wu   2.050   7/23/2021   EUR   68.080
Landesbank Baden-Wu   3.100   7/23/2021   EUR   71.410
Landesbank Baden-Wu   3.500   7/23/2021   EUR   53.980
Erste Group Bank AG   6.250   7/27/2023   EUR   60.350
Leonteq Securities    4.130   07/06/2020  CHF   62.690
Landesbank Hessen-T   7.500   11/03/2023  EUR   49.950
UBS AG/London         6.000   6/29/2020   CHF   58.550
UBS AG/London        11.000   6/29/2020   CHF   26.380
UBS AG/London         7.000   6/29/2020   CHF   57.450
UBS AG/London         7.000   6/29/2020   CHF   60.700
UBS AG/London         5.750   6/29/2020   CHF   63.300
UBS AG/London         6.500   6/29/2020   EUR   51.150
UBS AG/London         6.500   6/29/2020   CHF   41.150
UniCredit Bank AG     3.000   08/03/2023  EUR   66.870
DekaBank Deutsche G   7.000   02/01/2021  EUR   54.480
Erste Group Bank AG   4.650   7/27/2022   EUR   50.150
Credit Suisse AG/Na   7.000   1/13/2021   CHF   46.210
Leonteq Securities    7.600   7/13/2021   CHF   48.660
Leonteq Securities    8.400   7/13/2020   EUR   47.570
Leonteq Securities    6.200   1/13/2021   CHF   46.840
Leonteq Securities    7.600   7/13/2020   CHF   37.660
Raiffeisen Schweiz    7.000   7/13/2020   EUR   59.460
Raiffeisen Schweiz    6.000   7/13/2020   CHF   59.580
Bayerische Landesba   3.150   7/31/2020   EUR   57.480
Leonteq Securities    6.800   7/21/2020   CHF   38.310
Landesbank Baden-Wu   3.000   9/24/2021   EUR   69.910
Landesbank Hessen-T   4.000   8/18/2021   EUR   39.050
UniCredit Bank AG     4.300   8/29/2020   EUR   61.100
EFG International F   6.600   08/03/2020  EUR   59.940
UniCredit Bank AG     3.600   8/23/2021   EUR   28.110
DekaBank Deutsche G   3.000  12/28/2020   EUR   58.220
Leonteq Securities    7.000   7/28/2020   CHF   52.890
Leonteq Securities    6.200   7/28/2020   CHF   38.870
Leonteq Securities    5.200   7/28/2020   CHF   56.980
Landesbank Hessen-T   5.000  11/25/2022   EUR   71.020
Societe Generale SA   8.600   7/29/2022   USD   25.700
Societe Generale Ef  16.000   9/25/2020   EUR   68.090
Societe Generale Ef  19.250   9/25/2020   EUR   62.840
Corner Banca SA      14.400   09/02/2021  USD   64.190
UniCredit Bank AG     7.850   03/03/2021  EUR   63.090
Leonteq Securities    4.810   03/03/2022  CHF   65.540
Leonteq Securities    3.910   03/03/2023  CHF   61.750
Corner Banca SA       9.000   09/02/2021  CHF   69.330
Zurcher Kantonalban   7.550   09/03/2021  USD   66.510
Credit Suisse AG/Lo   9.000   06/02/2021  CHF   72.750
Credit Suisse AG/Lo   6.650   09/02/2022  CHF   65.460
EFG International F   4.700   03/03/2023  USD   66.560
Raiffeisen Schweiz    6.160   09/02/2021  EUR   68.630
Zurcher Kantonalban   5.000   06/10/2021  CHF   66.540
Zurcher Kantonalban  12.000   03/10/2022  CHF   54.060
Vontobel Financial    8.350   09/01/2020  EUR   70.520
Raiffeisen Schweiz    6.500   09/02/2021  CHF   67.610
Raiffeisen Schweiz    6.000   09/02/2022  CHF   61.800
Bank Julius Baer &    9.000   03/04/2021  USD   67.700
Bank Julius Baer &   12.800   03/04/2021  CHF   50.650
Landesbank Baden-Wu   2.300   2/25/2022   EUR   69.510
Landesbank Baden-Wu   3.800   2/25/2022   EUR   65.920
Landesbank Baden-Wu   2.000   2/25/2022   EUR   71.120
Landesbank Baden-Wu   3.300   2/25/2022   EUR   66.520
Landesbank Baden-Wu   4.500   2/25/2022   EUR   63.240
Landesbank Baden-Wu   5.900   2/25/2022   EUR   61.650
Landesbank Baden-Wu   4.500   2/25/2022   EUR   71.450
Landesbank Baden-Wu   4.200   2/25/2022   EUR   68.930
Landesbank Baden-Wu   6.200   2/25/2022   EUR   66.240
Landesbank Baden-Wu   6.400   2/25/2022   EUR   68.700
Landesbank Baden-Wu   2.700   2/25/2022   EUR   70.860
Landesbank Baden-Wu   4.500   2/25/2022   EUR   68.710
Landesbank Baden-Wu   6.500   2/25/2022   EUR   67.800
Landesbank Baden-Wu   5.500   2/25/2022   EUR   72.760
Landesbank Baden-Wu   2.800   2/25/2022   EUR   72.500
Landesbank Baden-Wu   3.900   2/25/2022   EUR   70.950
Landesbank Baden-Wu   5.000   2/25/2022   EUR   69.460
Landesbank Baden-Wu   1.800   2/25/2022   EUR   66.750
Landesbank Baden-Wu   3.000   2/25/2022   EUR   64.240
Landesbank Baden-Wu   3.800   2/25/2022   EUR   62.470
Landesbank Baden-Wu   1.700   2/25/2022   EUR   57.840
Landesbank Baden-Wu   2.300   2/25/2022   EUR   56.610
Landesbank Baden-Wu   3.000   2/25/2022   EUR   55.690
Landesbank Baden-Wu   3.800   2/25/2022   EUR   55.080
Landesbank Baden-Wu   4.500   2/25/2022   EUR   54.420
Landesbank Baden-Wu   5.300   2/25/2022   EUR   54.060
Landesbank Baden-Wu   2.000   2/25/2022   EUR   69.720
Landesbank Baden-Wu   3.000   2/25/2022   EUR   68.600
Landesbank Baden-Wu   4.200   2/25/2022   EUR   71.500
Landesbank Baden-Wu   5.700   2/25/2022   EUR   69.380
Landesbank Baden-Wu   1.200   2/25/2022   EUR   72.460
Landesbank Baden-Wu   2.600   2/25/2022   EUR   70.070
Landesbank Baden-Wu   3.700   2/25/2022   EUR   68.760
Landesbank Baden-Wu   4.000   2/25/2022   EUR   72.200
Landesbank Baden-Wu   5.800   2/25/2022   EUR   70.310
Landesbank Baden-Wu   2.200   2/25/2022   EUR   58.340
Landesbank Baden-Wu   3.500   2/25/2022   EUR   55.830
Landesbank Baden-Wu   5.100   2/25/2022   EUR   54.470
Landesbank Baden-Wu   5.000   2/25/2022   EUR   72.870
Landesbank Baden-Wu   6.100   2/25/2022   EUR   72.290
Landesbank Baden-Wu   2.000   2/25/2022   EUR   69.030
Landesbank Baden-Wu   3.500   2/25/2022   EUR   65.300
Landesbank Baden-Wu   1.900   2/25/2022   EUR   72.120
Landesbank Baden-Wu   3.100   2/25/2022   EUR   70.080
Landesbank Baden-Wu   4.000   2/25/2022   EUR   70.350
Landesbank Baden-Wu   5.500   2/25/2022   EUR   69.420
Landesbank Baden-Wu   6.600   2/25/2022   EUR   68.980
Landesbank Baden-Wu   7.800   2/25/2022   EUR   68.750
Landesbank Baden-Wu   8.500   2/25/2022   EUR   68.840
Landesbank Baden-Wu  10.000   2/25/2022   EUR   69.230
Landesbank Baden-Wu   3.400   2/25/2022   EUR   74.720
Landesbank Baden-Wu   3.100   2/25/2022   EUR   73.660
Landesbank Baden-Wu   4.500   2/25/2022   EUR   70.510
Landesbank Baden-Wu   5.700   2/25/2022   EUR   68.300
Landesbank Baden-Wu   2.000   3/25/2022   EUR   70.890
Landesbank Baden-Wu   2.800   3/25/2022   EUR   69.740
Landesbank Baden-Wu   4.300   3/25/2022   EUR   68.690
Credit Suisse AG/Lo   6.750   03/03/2022  CHF   71.810
Zurcher Kantonalban   6.800   09/01/2021  EUR   70.300
Vontobel Financial   19.000   3/26/2021   EUR   73.320
Vontobel Financial   20.500   3/26/2021   EUR   73.330
Vontobel Financial   22.000   3/26/2021   EUR   73.360
Vontobel Financial   13.500  12/28/2020   EUR   74.700
Vontobel Financial   15.000  12/28/2020   EUR   74.230
Vontobel Financial   17.000  12/28/2020   EUR   74.030
Vontobel Financial   19.000  12/28/2020   EUR   73.820
Vontobel Financial   21.000  12/28/2020   EUR   73.600
Vontobel Financial   23.000  12/28/2020   EUR   73.370
Vontobel Financial   25.000  12/28/2020   EUR   73.120
Vontobel Financial   10.500   3/26/2021   EUR   67.260
Vontobel Financial    4.000  12/28/2020   EUR   72.780
Vontobel Financial    4.500  12/28/2020   EUR   71.680
Vontobel Financial    7.000  12/28/2020   EUR   69.100
Vontobel Financial    8.000  12/28/2020   EUR   68.430
Vontobel Financial    9.500  12/28/2020   EUR   68.020
Vontobel Financial   10.500  12/28/2020   EUR   67.360
Vontobel Financial   11.500  12/28/2020   EUR   66.780
Vontobel Financial   10.500   3/26/2021   EUR   73.750
Vontobel Financial   12.000   3/26/2021   EUR   73.760
Vontobel Financial   13.000   3/26/2021   EUR   73.350
Vontobel Financial   14.500   3/26/2021   EUR   73.350
Vontobel Financial   16.000   3/26/2021   EUR   73.330
Vontobel Financial    3.500   3/26/2021   EUR   72.370
Vontobel Financial    4.000   3/26/2021   EUR   71.490
Vontobel Financial    4.500   3/26/2021   EUR   70.610
Vontobel Financial    5.500   3/26/2021   EUR   70.200
Vontobel Financial   17.500   3/26/2021   EUR   73.320
DZ Bank AG Deutsche   3.300   3/24/2021   EUR   72.210
DZ Bank AG Deutsche   2.500   3/24/2021   EUR   70.200
DZ Bank AG Deutsche   8.250   9/23/2020   EUR   61.900
Societe Generale Ef  21.500   7/24/2020   EUR   69.050
Societe Generale Ef  17.500   2/26/2021   EUR   73.180
Leonteq Securities    4.000   03/03/2022  EUR   16.360
UBS AG/London        10.500   03/04/2021  CHF   68.300
UBS AG/London        12.500   09/06/2021  CHF   69.850
Landesbank Baden-Wu   9.310   3/26/2021   EUR   72.720
UBS AG/London         7.500   09/06/2021  CHF   72.200
UBS AG/London         8.500   09/06/2021  CHF   49.700
Landesbank Hessen-T   4.600   7/23/2024   EUR   64.060
DekaBank Deutsche G   3.000   7/17/2020   EUR   45.040
Raiffeisen Centroba   5.250   7/21/2020   EUR   60.920
Raiffeisen Centroba   5.300   7/21/2020   EUR   46.670
DekaBank Deutsche G   3.250   1/18/2021   EUR   56.820
Leonteq Securities    6.100  12/15/2020   EUR   58.040
Vontobel Financial    8.300   6/19/2020   CHF   61.800
UniCredit Bank AG     3.800   7/27/2021   EUR   59.850
UBS AG/London         6.000   6/22/2020   EUR   49.050
Vontobel Financial    5.850   6/22/2020   EUR   59.300
Raiffeisen Schweiz    6.000   6/29/2020   CHF   62.470
Raiffeisen Schweiz    5.700  12/29/2020   EUR   56.420
Raiffeisen Schweiz    4.100  12/29/2021   CHF   56.310
Societe Generale Ef   9.500   9/25/2020   EUR   69.830
Societe Generale Ef  11.250   1/22/2021   EUR   58.570
Societe Generale Ef  15.500   9/25/2020   EUR   68.780
Societe Generale Ef  16.250  11/27/2020   EUR   70.320
Societe Generale Ef  13.750   1/22/2021   EUR   71.390
Societe Generale Ef   6.750  11/27/2020   EUR   62.180
Societe Generale Ef   8.750  11/27/2020   EUR   60.070
Societe Generale Ef  10.750  11/27/2020   EUR   58.600
Societe Generale Ef  12.750  11/27/2020   EUR   57.520
Societe Generale Ef   4.000  12/28/2020   EUR   66.750
Societe Generale Ef  12.000  12/28/2020   EUR   58.140
Societe Generale Ef   5.250   1/22/2021   EUR   64.240
Societe Generale Ef  18.250   9/25/2020   EUR   67.370
Societe Generale Ef  16.750  10/23/2020   EUR   68.280
Societe Generale Ef  15.500  11/27/2020   EUR   69.060
Societe Generale Ef  15.000  12/28/2020   EUR   69.760
Societe Generale Ef  14.250   1/22/2021   EUR   70.180
UBS AG/London        10.500   11/03/2020  CHF   34.050
EFG International F   6.400  11/17/2020   CHF   54.530
DekaBank Deutsche G   5.950   12/04/2020  EUR   44.020
DekaBank Deutsche G   4.350   12/04/2020  EUR   54.930
Raiffeisen Schweiz    5.200   11/11/2020  CHF   42.750
Landesbank Baden-Wu   2.490   6/25/2021   EUR   70.290
Landesbank Baden-Wu   2.000   7/22/2022   EUR   64.000
Landesbank Baden-Wu   2.300   7/22/2022   EUR   71.950
UniCredit Bank AG     5.400   06/04/2021  EUR   57.220
Corner Banca SA       8.000   5/25/2021   CHF   44.730
UniCredit Bank AG     5.000   06/11/2021  EUR   52.390
UniCredit Bank AG     4.650   06/04/2022  EUR   55.380
Leonteq Securities    8.000   7/14/2020   CHF   53.690
Leonteq Securities    7.000   7/14/2020   CHF   38.820
UniCredit Bank AG     4.500   1/18/2022   EUR   49.950
UniCredit Bank AG     5.300   7/19/2021   EUR   54.910
Bayerische Landesba   2.600   7/16/2021   EUR   71.240
Landesbank Baden-Wu   3.000   2/26/2021   EUR   50.600
UBS AG/London         8.500   6/22/2020   EUR   23.560
UBS AG/London         5.750   6/22/2020   EUR   69.000
UniCredit Bank AG     3.500   01/05/2021  EUR   34.220
DekaBank Deutsche G   2.900   08/07/2020  EUR   55.060
DekaBank Deutsche G   4.550   7/31/2020   EUR   44.560
DekaBank Deutsche G   2.250   1/22/2021   EUR   45.650
UniCredit Bank AG     3.750   1/18/2022   EUR   56.450
Landesbank Baden-Wu   2.300   2/25/2022   EUR   58.780
Landesbank Baden-Wu   2.300   2/25/2022   EUR   72.450
Landesbank Baden-Wu   2.750   2/25/2022   EUR   71.770
Landesbank Baden-Wu   2.400   2/25/2022   EUR   57.820
Landesbank Baden-Wu   3.000   2/25/2022   EUR   62.930
Landesbank Baden-Wu   2.650   9/25/2020   EUR   56.830
Erste Group Bank AG   5.800   1/31/2023   EUR   50.300
Leonteq Securities    7.000   01/08/2021  CHF   52.990
DekaBank Deutsche G   3.000   06/12/2020  EUR   64.720
Landesbank Baden-Wu   2.200   9/25/2020   EUR   64.880
DekaBank Deutsche G   2.000   1/22/2021   EUR   52.320
DekaBank Deutsche G   2.000   1/22/2021   EUR   39.440
EFG International F   7.600   01/11/2021  CHF   52.040
EFG International F   7.400   01/11/2021  CHF   55.620
EFG International F   6.200   01/11/2021  EUR   63.200
EFG International F   7.400   01/11/2021  USD   43.590
EFG International F   7.400   1/25/2021   CHF   51.760
EFG International F   6.400   1/25/2021   CHF   62.560
EFG International F   7.200   1/25/2021   EUR   42.050
Leonteq Securities    7.000   1/19/2021   CHF   60.640
Leonteq Securities    6.400   1/19/2021   CHF   47.240
Leonteq Securities    8.000   7/22/2020   CHF   46.110
UniCredit Bank AG     4.200   02/12/2021  EUR   37.240
UniCredit Bank AG     4.400   02/12/2021  EUR   57.800
UniCredit Bank AG     5.000   02/12/2021  EUR   72.880
UniCredit Bank AG     5.900   02/12/2021  EUR   28.110
UniCredit Bank AG     4.550   02/12/2021  EUR   36.570
UniCredit Bank AG     3.500   08/12/2021  EUR   59.580
UBS AG/London         4.000   07/06/2021  EUR   54.690
Bayerische Landesba   2.200   8/20/2021   EUR   60.450
Bayerische Landesba   2.600   8/20/2021   EUR   69.270
Landesbank Baden-Wu   3.100   3/26/2021   EUR   50.700
Landesbank Baden-Wu   3.000   3/26/2021   EUR   64.650
Landesbank Baden-Wu   3.550   3/26/2021   EUR   63.360
Landesbank Baden-Wu   3.000   3/26/2021   EUR   47.480
Landesbank Baden-Wu   2.650   1/27/2023   EUR   53.200
Landesbank Baden-Wu   2.350  10/23/2020   EUR   64.380
Landesbank Baden-Wu   3.000  10/23/2020   EUR   72.780
Landesbank Baden-Wu   2.750  10/23/2020   EUR   57.300
Landesbank Baden-Wu   3.750  12/29/2020   EUR   53.820
Landesbank Baden-Wu   5.750  12/29/2020   EUR   73.390
Raiffeisen Centroba   9.965   9/23/2020   EUR   68.370
Raiffeisen Centroba  10.588   9/23/2020   EUR   53.050
UniCredit Bank AG     4.100   3/15/2023   EUR   73.370
Raiffeisen Centroba   9.031   9/23/2020   EUR   64.490
BNP Paribas Emissio  17.000   9/24/2020   EUR   75.300
BNP Paribas Emissio  11.000   9/24/2020   EUR   42.800
BNP Paribas Emissio  16.000   6/25/2020   EUR   62.030
BNP Paribas Emissio   6.500   9/24/2020   EUR   44.330
BNP Paribas Emissio  12.000   6/25/2020   EUR   56.760
Raiffeisen Schweiz    5.750   2/25/2021   CHF   61.830
Raiffeisen Centroba  13.171   9/23/2020   EUR   68.210
Deutsche Bank AG      6.200   6/23/2020   EUR   68.000
Deutsche Bank AG      6.200  12/22/2020   EUR   68.800
Deutsche Bank AG      6.200  12/22/2020   EUR   57.400
Deutsche Bank AG      6.200  12/22/2020   EUR   47.900
Deutsche Bank AG      6.200   9/22/2020   EUR   48.700
Deutsche Bank AG      6.200  12/22/2020   EUR   50.100
Deutsche Bank AG      6.200   9/22/2020   EUR   64.900
Deutsche Bank AG      6.200  12/22/2020   EUR   60.900
Deutsche Bank AG      6.200  12/22/2020   EUR   61.520
Deutsche Bank AG      6.200  12/22/2020   EUR   56.770
Deutsche Bank AG      6.200   6/23/2020   EUR   47.810
Deutsche Bank AG      6.200  12/22/2020   EUR   53.950
Deutsche Bank AG      6.200  12/22/2020   EUR   51.280
Deutsche Bank AG      6.200  12/22/2020   EUR   48.850
Deutsche Bank AG      6.200  12/22/2020   EUR   73.800
Deutsche Bank AG      6.200  12/22/2020   EUR   72.600
DZ Bank AG Deutsche  11.000   6/24/2020   EUR   60.700
DZ Bank AG Deutsche   9.250   6/24/2020   EUR   46.510
DZ Bank AG Deutsche   9.000   6/24/2020   EUR   65.910
UBS AG/London         5.000   8/27/2020   CHF   50.300
Leonteq Securities    3.600   03/01/2021  EUR   42.105
Raiffeisen Centroba   5.070   9/23/2020   EUR   59.510
Raiffeisen Centroba  11.092   9/23/2020   EUR   66.730
Deutsche Bank AG      4.200  12/22/2020   EUR   54.260
UniCredit Bank AG     3.000   8/13/2021   EUR   70.250
EFG International F   5.000   6/29/2020   CHF   52.530
Raiffeisen Schweiz    6.200   03/01/2021  CHF   69.010
Raiffeisen Schweiz    5.000   09/01/2020  CHF   67.360
Leonteq Securities    6.600   6/30/2020   CHF   40.370
Leonteq Securities    5.400   6/30/2020   CHF   51.940
DekaBank Deutsche G   3.050   7/26/2022   EUR   63.120
Landesbank Baden-Wu   3.050   7/24/2020   EUR   56.880
Landesbank Baden-Wu   3.000   7/24/2020   EUR   60.330
Bayerische Landesba   2.500   08/07/2020  EUR   62.760
Societe Generale SA  13.200   12/11/2020  USD   18.180
DekaBank Deutsche G   3.000   6/17/2020   EUR   57.850
Landesbank Hessen-T   3.250   02/10/2021  EUR   57.100
Landesbank Baden-Wu   2.400   9/25/2020   EUR   65.000
Landesbank Baden-Wu   2.800  12/23/2022   EUR   54.130
UniCredit Bank AG     4.400   7/29/2021   EUR   71.610
UniCredit Bank AG     4.500   08/06/2021  EUR   53.570
Leonteq Securities    8.800  12/28/2020   EUR   49.610
UniCredit Bank AG     6.000   1/18/2021   EUR   26.970
Leonteq Securities    7.400  12/29/2020   CHF   65.810
Nordea Bank Abp       4.000   1/20/2023   SEK   69.000
UniCredit Bank AG     4.100   2/13/2023   EUR   73.630
UniCredit Bank AG     3.500   2/13/2023   EUR   45.860
Landesbank Baden-Wu   3.000   2/26/2021   EUR   63.880
Landesbank Baden-Wu   3.550   2/26/2021   EUR   65.960
Landesbank Hessen-T   3.100   7/29/2020   EUR   60.200
Landesbank Hessen-T   4.000   02/09/2022  EUR   70.120
Landesbank Hessen-T   5.000   08/11/2021  EUR   67.910
DekaBank Deutsche G   2.100   01/05/2021  EUR   38.660
Raiffeisen Schweiz    7.410   7/13/2020   CHF   39.110
Landesbank Hessen-T   3.000   7/29/2020   EUR   55.000
UniCredit Bank AG     4.000   01/05/2021  EUR   66.800
DekaBank Deutsche G   2.400   08/07/2020  EUR   63.970
DekaBank Deutsche G   6.050   7/31/2020   EUR   32.740
Landesbank Hessen-T   4.600   05/02/2023  EUR   54.820
Landesbank Baden-Wu   2.600   9/25/2020   EUR   34.850
UBS AG/London         5.750   6/29/2020   CHF   51.100
UBS AG/London         6.250   6/29/2020   CHF   70.900
UBS AG/London         7.000   6/29/2020   CHF   43.700
Bayerische Landesba   2.700   8/20/2021   EUR   56.600
Leonteq Securities    7.200   01/04/2021  CHF   64.040
Leonteq Securities    6.400   01/12/2021  CHF   61.400
Leonteq Securities    8.000   01/12/2021  EUR   62.030
Leonteq Securities    9.000   01/12/2021  USD   24.040
UBS AG/London         9.750   07/06/2020  EUR   48.100
Leonteq Securities    7.600   01/12/2021  CHF   49.910
Leonteq Securities    7.400   01/12/2021  CHF   51.680
Landesbank Hessen-T   4.000   1/26/2022   EUR   65.180
UBS AG/London         5.750   07/06/2020  EUR   62.700
Danske Bank A/S       2.300   07/10/2023  SEK   72.460
Danske Bank A/S       4.750   1/20/2022   SEK   70.380
Landesbank Baden-Wu   2.800   7/22/2022   EUR   63.780
Landesbank Hessen-T   7.250   06/08/2023  EUR   63.610
Landesbank Hessen-T   5.500   06/08/2023  EUR   62.040
UniCredit Bank AG     4.970   3/27/2023   EUR   68.120
UniCredit Bank AG     5.450   3/15/2022   EUR   50.140
UniCredit Bank AG     3.900   3/15/2022   EUR   72.250
DekaBank Deutsche G   3.000   04/03/2024  EUR   70.270
Bayerische Landesba   2.500   04/01/2021  EUR   51.280
BNP Paribas Emissio   8.500   9/24/2020   EUR   50.780
BNP Paribas Emissio   6.500   6/25/2020   EUR   59.470
BNP Paribas Emissio  20.000   6/25/2020   EUR   55.520
BNP Paribas Emissio   8.000   9/24/2020   EUR   61.480
Deutsche Bank AG      6.200  12/22/2020   EUR   71.400
DZ Bank AG Deutsche   8.500   6/22/2020   EUR   68.660
DZ Bank AG Deutsche   4.700   6/22/2020   EUR   58.650
Raiffeisen Schweiz    8.000   8/25/2020   EUR   41.170
Leonteq Securities   17.400   2/22/2021   RUB   41.990
Raiffeisen Schweiz    7.000   2/25/2021   CHF   67.570
Raiffeisen Centroba   6.400   04/01/2021  EUR   56.570
Deutsche Bank AG      6.200  12/22/2020   EUR   65.700
Deutsche Bank AG      6.200   6/23/2020   EUR   60.410
Landesbank Hessen-T   4.000   7/21/2021   EUR   55.750
Luzerner Kantonalba   7.800   9/14/2020   CHF   66.910
Deutsche Bank AG      4.200   9/22/2020   EUR   73.900
Deutsche Bank AG      4.200   6/23/2020   EUR   63.420
Deutsche Bank AG      4.200   6/23/2020   EUR   57.420
Deutsche Bank AG      4.200   6/23/2020   EUR   52.450
Deutsche Bank AG      4.200  12/22/2020   EUR   71.900
Landesbank Hessen-T   4.600   07/08/2020  EUR   45.800
HSBC Trinkaus & Bur   4.300   9/25/2020   EUR   61.690
HSBC Trinkaus & Bur   2.300   9/25/2020   EUR   69.320
HSBC Trinkaus & Bur   5.200   7/24/2020   EUR   58.920
HSBC Trinkaus & Bur  11.400  12/28/2020   EUR   72.590
HSBC Trinkaus & Bur   9.800   6/26/2020   EUR   42.560
HSBC Trinkaus & Bur  11.300   9/25/2020   EUR   36.030
HSBC Trinkaus & Bur  10.200   9/25/2020   EUR   51.690
HSBC Trinkaus & Bur   4.300   9/25/2020   EUR   64.350
HSBC Trinkaus & Bur   7.900   7/24/2020   EUR   57.050
DekaBank Deutsche G   2.000   6/28/2021   EUR   65.410
Deutsche Bank AG      4.200   9/22/2020   EUR   50.300
Goldman Sachs & Co    8.000   6/24/2020   EUR   64.920
Goldman Sachs & Co   10.000   9/23/2020   EUR   66.440
Goldman Sachs & Co    8.000  12/23/2020   EUR   67.310
DekaBank Deutsche G   2.750   07/10/2020  EUR   54.190
Landesbank Hessen-T   6.000   08/04/2022  EUR   54.960
Raiffeisen Schweiz   11.200   09/09/2021  CHF   72.480
Zurcher Kantonalban   9.250   9/17/2021   CHF   64.080
Landesbank Hessen-T   4.000   06/08/2022  EUR   54.860
Landesbank Hessen-T   4.000   06/08/2022  EUR   40.660
Landesbank Hessen-T   4.000   06/08/2022  EUR   55.250
DZ Bank AG Deutsche  10.250   6/21/2021   EUR   72.130
DZ Bank AG Deutsche  12.500   3/22/2021   EUR   70.550
Leonteq Securities    8.400   05/11/2021  CHF   57.670
Landesbank Baden-Wu   4.850   6/26/2020   EUR   39.410
Landesbank Baden-Wu   5.000   6/26/2020   EUR   43.350
Landesbank Baden-Wu   5.250   6/26/2020   EUR   32.610
EFG International F   6.200   5/25/2021   CHF   64.230
EFG International F   6.400   5/24/2021   EUR   48.020
Bayerische Landesba   2.300  11/26/2021   EUR   70.480
Deutsche Bank AG      4.200   6/23/2020   EUR   70.850
Landesbank Hessen-T   4.000   7/21/2021   EUR   55.720
Landesbank Hessen-T   5.650  10/28/2022   EUR   34.040
Deutsche Bank AG      4.200   9/22/2020   EUR   53.110
Deutsche Bank AG      4.200  12/22/2020   EUR   63.010
Deutsche Bank AG      4.200  12/22/2020   EUR   72.600
Deutsche Bank AG      4.200  12/22/2020   EUR   70.300
HSBC Trinkaus & Bur   4.300   6/26/2020   EUR   60.970
HSBC Trinkaus & Bur   6.400   9/25/2020   EUR   56.670
HSBC Trinkaus & Bur   7.000   9/25/2020   EUR   69.320
HSBC Trinkaus & Bur   8.800   9/25/2020   EUR   37.760
HSBC Trinkaus & Bur   2.200  12/28/2020   EUR   51.480
HSBC Trinkaus & Bur   8.100   6/26/2020   EUR   66.860
HSBC Trinkaus & Bur   9.700   6/26/2020   EUR   69.390
HSBC Trinkaus & Bur   9.000   9/25/2020   EUR   42.950
HSBC Trinkaus & Bur   4.100  12/28/2020   EUR   51.640
HSBC Trinkaus & Bur   4.400   7/24/2020   EUR   44.030
HSBC Trinkaus & Bur  11.400   9/25/2020   EUR   57.260
HSBC Trinkaus & Bur   5.200   9/25/2020   EUR   55.890
HSBC Trinkaus & Bur   3.000   7/24/2020   EUR   59.750
HSBC Trinkaus & Bur   8.200   9/25/2020   EUR   64.540
Leonteq Securities    9.000   09/01/2020  CHF   68.950
Deutsche Bank AG      4.200   6/23/2020   EUR   51.400
Deutsche Bank AG      4.200   6/23/2020   EUR   49.400
Deutsche Bank AG      4.200   9/22/2020   EUR   48.100
DekaBank Deutsche G   3.100   7/17/2020   EUR   43.940
UBS AG/London         7.000   8/27/2020   CHF   67.300
UBS AG/London         7.000   03/01/2021  CHF   70.650
Raiffeisen Centroba   9.507   9/23/2020   EUR   66.430
Deutsche Bank AG      4.200  12/22/2020   EUR   46.580
UniCredit Bank AG     3.600   7/18/2021   EUR   26.440
Landesbank Baden-Wu   4.000   6/26/2020   EUR   51.570
Deutsche Bank AG      4.200   6/23/2020   EUR   63.600
Landesbank Hessen-T   3.500   7/21/2021   EUR   66.170
Vontobel Financial    4.300   9/25/2020   EUR   64.710
DekaBank Deutsche G   2.100   7/17/2020   EUR   59.610
Credit Suisse AG/Lo   6.000   8/27/2020   CHF   52.590
DekaBank Deutsche G   3.300   7/17/2020   EUR   63.740
DekaBank Deutsche G   2.600   7/19/2021   EUR   69.960
Deutsche Bank AG      4.200  12/22/2020   EUR   57.930
Deutsche Bank AG      4.200  12/22/2020   EUR   73.300
Deutsche Bank AG      4.200  12/22/2020   EUR   55.630
Deutsche Bank AG      4.200   9/22/2020   EUR   60.490
EFG International F   7.400   07/06/2020  CHF   56.240
Skandinaviska Enski   5.110   7/20/2022   SEK   63.440
Leonteq Securities   16.200   06/04/2020  EUR   40.020
Deutsche Bank AG      4.200   9/22/2020   EUR   52.300
Deutsche Bank AG      4.200   6/23/2020   EUR   69.200
Deutsche Bank AG      4.200  12/22/2020   EUR   66.550
Deutsche Bank AG      4.200  12/22/2020   EUR   48.900
Deutsche Bank AG      4.200   6/23/2020   EUR   68.900
Deutsche Bank AG      4.200  12/22/2020   EUR   70.300
Landesbank Baden-Wu   3.000   7/23/2021   EUR   66.280
Raiffeisen Schweiz    6.000   09/01/2020  CHF   37.360
Skandinaviska Enski   8.200   7/15/2022   SEK   42.910
Raiffeisen Schweiz    5.500   6/22/2020   CHF   49.440
Raiffeisen Schweiz    8.800   03/01/2021  EUR   37.660
DekaBank Deutsche G   5.000   7/31/2020   EUR   39.740
Bayerische Landesba   2.200   7/16/2021   EUR   59.490
Landesbank Baden-Wu   3.800   2/26/2021   EUR   30.160
Landesbank Baden-Wu   3.200   2/26/2021   EUR   47.860
Leonteq Securities    7.000   01/04/2021  CHF   51.590
DekaBank Deutsche G   3.550   01/05/2022  EUR   58.050
UniCredit Bank AG     3.500   01/05/2021  EUR   29.940
UniCredit Bank AG     3.500   01/05/2021  EUR   26.450
UniCredit Bank AG     3.500   01/05/2021  EUR   36.120
UniCredit Bank AG     3.650   7/26/2022   EUR   72.840
UniCredit Bank AG     5.000   7/23/2021   EUR   46.320
UniCredit Bank AG     3.900   7/26/2022   EUR   69.570
UniCredit Bank AG     3.650   7/23/2022   EUR   71.640
Bayerische Landesba   2.000   1/28/2022   EUR   65.950
Bayerische Landesba   2.450   7/31/2020   EUR   53.340
Zurcher Kantonalban   6.250   07/03/2020  CHF   69.800
Bank Julius Baer &    3.930   6/29/2020   EUR   58.850
UniCredit Bank AG     8.900  12/29/2020   EUR   43.510
UniCredit Bank AG     7.900  12/29/2020   EUR   61.800
UniCredit Bank AG     6.200  12/29/2020   EUR   67.700
UniCredit Bank AG     6.700  12/29/2020   EUR   66.160
UniCredit Bank AG     6.300  12/29/2020   EUR   65.020
UniCredit Bank AG     6.800  12/29/2020   EUR   34.870
UniCredit Bank AG     8.200  12/29/2020   EUR   73.710
UniCredit Bank AG     6.300  12/29/2020   EUR   70.870
UniCredit Bank AG     8.300  12/29/2020   EUR   44.040
UniCredit Bank AG    10.100  12/29/2020   EUR   30.960
UniCredit Bank AG     7.300  12/29/2020   EUR   73.580
UniCredit Bank AG     7.900  12/29/2020   EUR   40.080
UniCredit Bank AG     9.100  12/29/2020   EUR   38.540
UniCredit Bank AG     6.800  12/29/2020   EUR   30.290
UniCredit Bank AG     6.900  12/29/2020   EUR   51.760
UniCredit Bank AG     6.900  12/29/2020   EUR   55.180
UniCredit Bank AG    10.600  12/29/2020   EUR   37.220
UniCredit Bank AG    11.200  12/29/2020   EUR   36.560
UniCredit Bank AG     6.200  12/29/2020   EUR   57.170
UniCredit Bank AG     6.600  12/29/2020   EUR   60.920
UniCredit Bank AG     7.500  12/29/2020   EUR   50.600
UniCredit Bank AG     9.500  12/29/2020   EUR   71.110
UniCredit Bank AG    10.100  12/29/2020   EUR   42.070
UniCredit Bank AG     9.500  12/29/2020   EUR   49.350
UniCredit Bank AG     9.900  12/29/2020   EUR   68.720
UniCredit Bank AG    10.000  12/29/2020   EUR   50.530
UniCredit Bank AG     7.500  12/29/2020   EUR   70.590
UniCredit Bank AG     6.600  12/29/2020   EUR   71.890
UniCredit Bank AG     7.300  12/29/2020   EUR   61.280
UniCredit Bank AG     6.400  12/29/2020   EUR   56.380
UniCredit Bank AG     6.600  12/29/2020   EUR   52.770
UniCredit Bank AG     6.500  12/29/2020   EUR   40.390
UniCredit Bank AG     7.200  12/29/2020   EUR   18.270
UniCredit Bank AG     7.300  12/29/2020   EUR   39.190
UniCredit Bank AG     8.700  12/29/2020   EUR   40.400
UniCredit Bank AG     8.000  12/29/2020   EUR   41.460
UniCredit Bank AG     6.100  12/29/2020   EUR   69.760
UniCredit Bank AG     9.100  12/29/2020   EUR   34.110
UniCredit Bank AG     8.200  12/29/2020   EUR   62.860
UniCredit Bank AG     9.400  12/29/2020   EUR   69.480
UniCredit Bank AG     7.000  12/29/2020   EUR   40.460
UniCredit Bank AG     8.300  12/29/2020   EUR   38.870
UniCredit Bank AG    10.100  12/29/2020   EUR   68.020
UniCredit Bank AG     7.200  12/29/2020   EUR   57.940
UniCredit Bank AG     9.500  12/29/2020   EUR   59.200
UniCredit Bank AG     6.300  12/29/2020   EUR   72.340
UniCredit Bank AG     7.100  12/29/2020   EUR   69.950
UBS AG/London         6.250   6/29/2020   CHF   39.800
UBS AG/London         7.500   6/29/2020   EUR   40.600
UBS AG/London         6.000  12/28/2020   CHF   42.700
Vontobel Financial    4.200   7/20/2020   EUR   58.090
Zurcher Kantonalban   6.500   07/03/2020  CHF   21.630
Credit Suisse AG/Na   7.250   07/06/2020  CHF   64.920
Leonteq Securities    6.000   07/06/2020  CHF   62.880
UBS AG/London         6.000   07/12/2021  EUR   70.900
Leonteq Securities    6.000   07/06/2020  CHF   65.640
Vontobel Financial    5.250   6/29/2020   EUR   68.810
Raiffeisen Schweiz    5.000   01/06/2021  CHF   62.650
Raiffeisen Schweiz    5.200   01/06/2021  CHF   44.030
Raiffeisen Schweiz    5.000   07/06/2020  CHF   65.510
Raiffeisen Schweiz    4.000   01/06/2022  CHF   57.030
Landesbank Baden-Wu   2.500   8/25/2023   EUR   59.930
Raiffeisen Centroba   9.674  12/23/2020   EUR
Raiffeisen Centroba  12.438  12/23/2020   EUR
UBS AG/London         7.000   7/19/2021   CHF   53.050
UBS AG/London        11.750   1/18/2021   CHF   60.400
Bank Julius Baer &   10.300   7/20/2020   EUR   62.100
Raiffeisen Centroba   8.182  12/22/2021   EUR   66.210
Raiffeisen Centroba   8.292  12/23/2020   EUR   65.710
EFG International F  16.200   01/12/2021  CHF   44.870
Leonteq Securities   11.200  10/22/2020   USD   48.850
Bank Julius Baer &    8.000  10/19/2020   CHF   70.250
Raiffeisen Schweiz    7.080   7/22/2020   EUR   56.640
Leonteq Securities   20.000  10/19/2020   CHF   60.200
Leonteq Securities    6.000   7/19/2021   CHF   66.450
Leonteq Securities    8.000   7/19/2021   CHF   40.420
Leonteq Securities    7.200   1/19/2022   CHF   73.220
SG Issuer SA          4.000  10/22/2029   EUR   72.760
SG Issuer SA          4.000   7/20/2021   SEK   63.050
UniCredit Bank AG     5.000   7/24/2021   EUR   74.360
DekaBank Deutsche G   3.000   1/18/2021   EUR   51.340
DekaBank Deutsche G   2.650   1/18/2021   EUR   71.060
UBS AG/London         6.250   6/21/2021   CHF   44.650
UBS AG/London         5.000   6/22/2020   CHF   70.600
UBS AG/London         6.000   6/22/2020   EUR   55.800
UBS AG/London         7.000   6/22/2020   EUR   72.950
EFG International F   5.000   07/05/2021  CHF   69.190
Landesbank Hessen-T   5.650   7/20/2023   EUR   66.360
Raiffeisen Schweiz    5.900   6/29/2020   CHF   67.610
Raiffeisen Schweiz    5.000  12/29/2021   CHF   55.780
UniCredit Bank AG     6.700   7/27/2021   USD   60.750
Credit Suisse AG/Na   7.200   07/05/2021  CHF   48.090
UniCredit Bank AG     4.300   7/26/2022   EUR   56.370
UniCredit Bank AG     5.000   7/26/2021   EUR   58.610
UniCredit Bank AG     4.200   7/26/2022   EUR   31.750
UniCredit Bank AG     3.600   7/26/2021   EUR   69.290
UniCredit Bank AG     4.450   7/23/2022   EUR   59.730
UniCredit Bank AG     4.150   7/26/2022   EUR   52.840
DekaBank Deutsche G   2.000   7/30/2021   EUR   57.440
Bayerische Landesba   2.600   7/30/2021   EUR   67.600
DekaBank Deutsche G   3.000   7/23/2021   EUR   62.250
UniCredit Bank AG     8.000  12/29/2020   EUR   47.790
UniCredit Bank AG     7.300  12/29/2020   EUR   54.640
UniCredit Bank AG     8.000  12/29/2020   EUR   60.770
UniCredit Bank AG     7.400  12/29/2020   EUR   34.280
UniCredit Bank AG     7.000  12/29/2020   EUR   68.710
UniCredit Bank AG     6.700  12/29/2020   EUR   47.980
UniCredit Bank AG     9.100  12/29/2020   EUR   38.930
UniCredit Bank AG     8.300  12/29/2020   EUR   55.930
UniCredit Bank AG     6.800  12/29/2020   EUR   59.240
UniCredit Bank AG     6.000  12/29/2020   EUR   43.250
UniCredit Bank AG     8.400  12/29/2020   EUR   28.340
UniCredit Bank AG     9.200  12/29/2020   EUR   27.860
UniCredit Bank AG     6.700  12/29/2020   EUR   37.030
UniCredit Bank AG     8.500  12/29/2020   EUR   32.540
UniCredit Bank AG     6.500  12/29/2020   EUR   76.260
UniCredit Bank AG     6.800  12/29/2020   EUR   34.540
UniCredit Bank AG     7.400  12/29/2020   EUR   33.430
UniCredit Bank AG     6.100  12/29/2020   EUR   31.070
UniCredit Bank AG     6.000  12/29/2020   EUR   54.100
UniCredit Bank AG     6.600  12/29/2020   EUR   27.650
UniCredit Bank AG     9.300  12/29/2020   EUR   26.200
UniCredit Bank AG     9.400  12/29/2020   EUR   27.400
UniCredit Bank AG     7.200  12/29/2020   EUR   28.320
UniCredit Bank AG    14.800  12/29/2020   EUR   11.890
UniCredit Bank AG     6.500  12/29/2020   EUR   68.140
UniCredit Bank AG     9.300  12/29/2020   EUR   60.230
UniCredit Bank AG     8.300  12/29/2020   EUR   60.750
UniCredit Bank AG    10.000  12/29/2020   EUR   69.680
UniCredit Bank AG    11.900  12/29/2020   EUR   64.490
UniCredit Bank AG     9.900  12/29/2020   EUR   47.390
UniCredit Bank AG     9.000  12/29/2020   EUR   55.120
UniCredit Bank AG     6.900  12/29/2020   EUR   49.430
UniCredit Bank AG     7.800  12/29/2020   EUR   53.600
UniCredit Bank AG    10.700  12/29/2020   EUR   71.170
UniCredit Bank AG     8.200  12/29/2020   EUR   43.860
UniCredit Bank AG    10.800  12/29/2020   EUR   41.280
UniCredit Bank AG     6.300  12/29/2020   EUR   57.070
UniCredit Bank AG     8.700  12/29/2020   EUR   67.550
UniCredit Bank AG    10.500  12/29/2020   EUR   62.110
UniCredit Bank AG     7.400  12/29/2020   EUR   54.610
UniCredit Bank AG     6.700  12/29/2020   EUR   62.900
UniCredit Bank AG     8.200  12/29/2020   EUR   37.140
UniCredit Bank AG     7.800  12/29/2020   EUR   51.700
UniCredit Bank AG     8.800  12/29/2020   EUR   49.920
UniCredit Bank AG     8.200  12/29/2020   EUR   65.570
UniCredit Bank AG     6.600  12/29/2020   EUR   65.730
UniCredit Bank AG     7.500  12/29/2020   EUR   38.030
UniCredit Bank AG     6.700  12/29/2020   EUR   59.420
UniCredit Bank AG     8.200  12/29/2020   EUR   61.990
UniCredit Bank AG     8.400  12/29/2020   EUR   51.780
UniCredit Bank AG     9.500  12/29/2020   EUR   49.820
UniCredit Bank AG     9.400  12/29/2020   EUR   72.740
UniCredit Bank AG    12.100  12/29/2020   EUR   56.060
UniCredit Bank AG     7.800  12/29/2020   EUR   48.960
UniCredit Bank AG     6.400  12/29/2020   EUR   51.830
UniCredit Bank AG    10.900  12/29/2020   EUR   58.740
UniCredit Bank AG     7.800  12/29/2020   EUR   53.430
UniCredit Bank AG     8.100  12/29/2020   EUR   69.780
UniCredit Bank AG     8.100  12/29/2020   EUR   49.880
UniCredit Bank AG     6.900  12/29/2020   EUR   73.300
UniCredit Bank AG     6.500  12/29/2020   EUR   18.430
UniCredit Bank AG    10.700  12/29/2020   EUR   32.420
UniCredit Bank AG    10.900  12/29/2020   EUR   64.870
UniCredit Bank AG     9.700  12/29/2020   EUR   68.020
UniCredit Bank AG    12.000  12/29/2020   EUR   47.440
UniCredit Bank AG    10.100  12/29/2020   EUR   47.600
UniCredit Bank AG     7.200  12/29/2020   EUR   65.270
UniCredit Bank AG     9.000  12/29/2020   EUR   29.360
UniCredit Bank AG     8.000  12/29/2020   EUR   50.420
UniCredit Bank AG     7.900  12/29/2020   EUR   30.220
Landesbank Hessen-T   3.600   7/27/2022   EUR   63.060
UBS AG/London         7.000   6/22/2020   CHF   71.700
UBS AG/London         6.000   6/29/2020   CHF   49.450
Leonteq Securities   17.000   10/12/2020  CHF   60.420
Leonteq Securities    6.500   07/12/2021  CHF   69.040
Leonteq Securities    6.000   07/12/2021  CHF   71.770
Vontobel Financial    6.250   7/15/2020   EUR   59.630
Societe Generale Ef   7.650   6/26/2020   EUR   72.160
UniCredit Bank AG    10.800  12/28/2020   EUR   48.810
UniCredit Bank AG    10.200  12/28/2020   EUR   73.770
UniCredit Bank AG     9.300  12/28/2020   EUR   57.130
UniCredit Bank AG    11.500  12/28/2020   EUR   65.880
UniCredit Bank AG     7.250   8/16/2022   EUR   66.100
Raiffeisen Schweiz    7.100   01/12/2021  CHF   67.330
Raiffeisen Schweiz    5.000   01/12/2022  CHF   64.960
UniCredit Bank AG     4.100   6/25/2021   EUR   58.140
UniCredit Bank AG     8.400   6/26/2020   EUR   58.330
UniCredit Bank AG    14.500   6/26/2020   EUR   64.660
Vontobel Financial    7.000   6/26/2020   EUR   67.560
UniCredit Bank AG     5.400  12/24/2021   EUR   54.460
UniCredit Bank AG     6.300  12/24/2021   EUR   68.820
UniCredit Bank AG     8.200  12/24/2021   EUR   69.310
UniCredit Bank AG     4.800  12/24/2021   EUR   72.180
UniCredit Bank AG     4.700  12/24/2021   EUR   65.930
UniCredit Bank AG     7.500  12/24/2021   EUR   44.720
UniCredit Bank AG     7.900  12/24/2021   EUR   72.130
UniCredit Bank AG     7.600  12/24/2021   EUR   65.750
UniCredit Bank AG     4.100  12/24/2021   EUR   49.090
UniCredit Bank AG     7.700  12/24/2021   EUR   60.450
UniCredit Bank AG     5.800  12/24/2021   EUR   63.210
UniCredit Bank AG     8.600   6/26/2020   EUR   48.520
UniCredit Bank AG     5.500   6/26/2020   EUR   52.650
UniCredit Bank AG    14.400   6/26/2020   EUR   43.620
UniCredit Bank AG    12.600   6/26/2020   EUR   68.380
UniCredit Bank AG     5.300   6/26/2020   EUR   71.020
UniCredit Bank AG     6.100  12/24/2021   EUR   71.850
UniCredit Bank AG     5.300  12/24/2021   EUR   64.590
UniCredit Bank AG     8.300  12/24/2021   EUR   59.710
UniCredit Bank AG     6.900  12/24/2021   EUR   73.280
UniCredit Bank AG     9.600  12/24/2021   EUR   58.690
UniCredit Bank AG     5.600   6/25/2021   EUR   55.400
UniCredit Bank AG    11.600  12/24/2021   EUR   62.570
UniCredit Bank AG     6.000   6/25/2021   EUR   52.590
UniCredit Bank AG     7.500   6/25/2021   EUR   51.000
UniCredit Bank AG     7.000   6/25/2021   EUR   67.880
UniCredit Bank AG    11.100   6/25/2021   EUR   72.230
UniCredit Bank AG    12.100  12/28/2020   EUR   48.040
UniCredit Bank AG    11.600  12/28/2020   EUR   61.380
UniCredit Bank AG     7.500  12/28/2020   EUR   68.780
UniCredit Bank AG     5.100   6/25/2021   EUR   64.850
UniCredit Bank AG     8.200   6/25/2021   EUR   59.290
UniCredit Bank AG    11.400   6/25/2021   EUR   56.000
UniCredit Bank AG     7.900   6/25/2021   EUR   65.260
UniCredit Bank AG     9.000   6/25/2021   EUR   63.980
UniCredit Bank AG     6.800   6/25/2021   EUR   66.630
UniCredit Bank AG     8.500   6/25/2021   EUR   64.640
UniCredit Bank AG    13.600   6/25/2021   EUR   59.950
UniCredit Bank AG    10.100   6/25/2021   EUR   41.980
UniCredit Bank AG     4.400   6/25/2021   EUR   47.610
UniCredit Bank AG     5.400   6/25/2021   EUR   45.700
UniCredit Bank AG     7.600   6/25/2021   EUR   43.140
UniCredit Bank AG     8.900  12/24/2021   EUR   51.710
UniCredit Bank AG     4.400  12/24/2021   EUR   56.410
UniCredit Bank AG     7.400  12/24/2021   EUR   66.620
UniCredit Bank AG     6.500   6/25/2021   EUR   69.950
UniCredit Bank AG     7.000   6/26/2020   EUR   50.490
UniCredit Bank AG    14.500   6/26/2020   EUR   68.970
UniCredit Bank AG     7.200   6/26/2020   EUR   48.100
UniCredit Bank AG    15.600   6/26/2020   EUR   67.350
UniCredit Bank AG    10.500   6/26/2020   EUR   36.430
UniCredit Bank AG    10.000   6/26/2020   EUR   55.820
UniCredit Bank AG     7.700  12/24/2021   EUR   54.250
UniCredit Bank AG    19.000   6/26/2020   EUR   46.270
UniCredit Bank AG     7.900   6/25/2021   EUR   68.010
UniCredit Bank AG     6.400  12/24/2021   EUR   55.380
DekaBank Deutsche G   3.000   7/31/2020   EUR   46.920
Landesbank Baden-Wu   3.000   6/25/2021   EUR   64.480
Landesbank Baden-Wu   4.000   7/24/2020   EUR   54.510
Landesbank Baden-Wu   2.000   7/24/2020   EUR   61.270
Landesbank Baden-Wu   4.000   7/24/2020   EUR   55.000
Landesbank Baden-Wu   5.000   7/24/2020   EUR   52.750
Landesbank Baden-Wu   5.000   7/24/2020   EUR   33.880
Landesbank Baden-Wu   5.000   7/24/2020   EUR   70.900
Landesbank Baden-Wu   4.500   7/24/2020   EUR   68.080
Landesbank Baden-Wu   2.000   7/24/2020   EUR   65.300
Landesbank Baden-Wu   3.500   7/24/2020   EUR   55.360
Landesbank Baden-Wu   5.000   7/24/2020   EUR   49.470
Landesbank Baden-Wu   6.500   7/24/2020   EUR   44.800
Landesbank Baden-Wu   2.000   7/24/2020   EUR   54.690
Landesbank Baden-Wu   3.000   7/24/2020   EUR   50.620
Landesbank Baden-Wu   4.000   7/24/2020   EUR   47.880
Landesbank Baden-Wu   2.000   7/24/2020   EUR   56.840
Landesbank Baden-Wu   5.000   7/24/2020   EUR   46.980
Landesbank Baden-Wu   2.000   7/24/2020   EUR   70.810
Landesbank Baden-Wu   3.000   7/24/2020   EUR   66.070
Landesbank Baden-Wu   4.000   7/24/2020   EUR   62.800
Landesbank Baden-Wu   5.000   7/24/2020   EUR   59.920
Landesbank Baden-Wu   4.000   7/24/2020   EUR   69.300
Landesbank Baden-Wu   5.000   7/24/2020   EUR   65.800
Landesbank Baden-Wu   2.000   7/24/2020   EUR   41.080
Landesbank Baden-Wu   6.500   7/24/2020   EUR   44.510
Landesbank Baden-Wu   3.000   7/24/2020   EUR   70.980
Landesbank Baden-Wu   4.000   7/24/2020   EUR   66.780
Landesbank Baden-Wu   5.000   7/24/2020   EUR   28.650
Landesbank Baden-Wu   2.000   7/24/2020   EUR   60.610
Landesbank Baden-Wu   2.500   7/24/2020   EUR   18.900
Landesbank Baden-Wu   4.000   7/24/2020   EUR   17.040
Landesbank Baden-Wu   4.500   7/24/2020   EUR   37.260
Landesbank Baden-Wu   2.000   7/24/2020   EUR   60.830
Landesbank Baden-Wu   2.000   7/24/2020   EUR   67.470
Landesbank Baden-Wu   4.000   7/24/2020   EUR   58.150
Landesbank Baden-Wu   4.500   7/24/2020   EUR   73.290
Landesbank Baden-Wu   6.000   7/24/2020   EUR   67.650
Landesbank Hessen-T   6.150   8/25/2022   EUR   64.880
Landesbank Baden-Wu   2.850   8/28/2020   EUR   62.180
Landesbank Baden-Wu   3.500   8/28/2020   EUR   62.190
Landesbank Baden-Wu   3.250   8/28/2020   EUR   62.050
Landesbank Baden-Wu   4.450   8/28/2020   EUR   27.990
Corner Banca SA       8.000   08/10/2020  CHF   54.000
Bayerische Landesba   2.100   8/28/2020   EUR   68.560
Bayerische Landesba   2.300   8/28/2020   EUR   69.720
Bayerische Landesba   2.500   8/28/2020   EUR   65.700
UniCredit Bank AG     3.750   8/23/2021   EUR   39.830
Landesbank Hessen-T   3.500   09/01/2021  EUR   65.840
Leonteq Securities    5.200   08/04/2020  EUR   65.040
Landesbank Baden-Wu   2.850   7/22/2022   EUR   65.060
Societe Generale Ef   3.825   6/26/2020   EUR   70.680
Societe Generale Ef  10.241  12/28/2020   EUR   68.870
Societe Generale Ef  24.419   6/25/2021   EUR   54.630
UniCredit Bank AG     6.900  12/24/2021   EUR   68.750
UniCredit Bank AG     9.000  12/24/2021   EUR   64.580
UniCredit Bank AG     5.800  12/24/2021   EUR   70.460
UniCredit Bank AG     8.000  12/24/2021   EUR   67.840
UniCredit Bank AG    10.200  12/24/2021   EUR   65.930
UniCredit Bank AG     7.100  12/24/2021   EUR   61.300
UniCredit Bank AG     7.200  12/24/2021   EUR   66.270
UniCredit Bank AG     6.300  12/24/2021   EUR   67.260
UniCredit Bank AG     8.500  12/24/2021   EUR   64.880
UniCredit Bank AG     8.100  12/24/2021   EUR   65.390
UniCredit Bank AG     8.200   6/25/2021   EUR   52.690
UniCredit Bank AG    10.900   6/25/2021   EUR   72.630
UniCredit Bank AG    11.100  12/28/2020   EUR   72.930
UniCredit Bank AG     6.200  12/28/2020   EUR   69.190
UniCredit Bank AG     9.800   6/25/2021   EUR   57.420
UniCredit Bank AG     7.400   6/25/2021   EUR   60.430
UniCredit Bank AG    10.200   6/25/2021   EUR   62.860
UniCredit Bank AG    10.700   6/25/2021   EUR   62.230
UniCredit Bank AG    12.500   6/25/2021   EUR   60.850
UniCredit Bank AG     7.000   6/25/2021   EUR   70.140
UniCredit Bank AG    13.400   6/26/2020   EUR   51.480
UniCredit Bank AG    16.600   6/26/2020   EUR   42.250
UniCredit Bank AG    10.400   6/26/2020   EUR   46.740
UniCredit Bank AG    10.800   6/26/2020   EUR   71.160
UniCredit Bank AG     8.400  12/24/2021   EUR   53.910
UniCredit Bank AG    13.300   6/26/2020   EUR   34.540
UniCredit Bank AG     9.200   6/25/2021   EUR   66.160
UniCredit Bank AG     8.400   6/25/2021   EUR   68.430
UniCredit Bank AG    18.400   6/26/2020   EUR   71.190
UniCredit Bank AG    11.600   6/26/2020   EUR   71.720
UniCredit Bank AG     4.800   6/26/2020   EUR   51.890
UniCredit Bank AG    14.000   6/26/2020   EUR   55.370
UniCredit Bank AG    14.800   6/26/2020   EUR   65.950
UniCredit Bank AG    16.100   6/26/2020   EUR   59.630
UniCredit Bank AG    15.400   6/26/2020   EUR   58.820
UniCredit Bank AG    12.100   6/25/2021   EUR   63.440
DZ Bank AG Deutsche  12.250   7/22/2020   EUR   44.530
Raiffeisen Centroba   6.992   6/23/2020   EUR   70.010
Raiffeisen Centroba   7.757   6/23/2020   EUR   52.150
EFG International F   6.800   9/14/2020   CHF   51.400
DekaBank Deutsche G   7.250   04/01/2021  EUR   51.940
UBS AG/London        10.000   8/31/2020   CHF   36.050
UBS AG/London         9.000   8/31/2020   CHF   57.800
UBS AG/London         7.000   8/31/2020   EUR   47.850
Leonteq Securities    8.000   09/07/2020  EUR   56.060
Corner Banca SA       6.400   09/07/2021  CHF   53.790
EFG International F   7.200   9/13/2021   CHF   66.450
Raiffeisen Switzerl   4.440   4/19/2021   EUR   47.730
DekaBank Deutsche G   2.300   9/24/2021   EUR   49.330
Vontobel Financial    3.300   09/04/2020  EUR   68.850
Landesbank Baden-Wu   2.800   7/24/2020   EUR   58.480
UniCredit Bank AG     3.700   5/28/2021   EUR   52.210
Skandinaviska Enski   6.900   7/15/2022   SEK   44.420
Leonteq Securities    7.400   11/03/2020  CHF   55.650
EFG International F   7.000   11/09/2020  EUR   61.340
Commerzbank AG        1.000   11/02/2020  USD    6.480
Landesbank Hessen-T   3.000   06/04/2021  EUR   49.900
Landesbank Hessen-T   4.000   06/04/2021  EUR   52.200
DekaBank Deutsche G   3.000   6/26/2020   EUR   54.470
Landesbank Baden-Wu   3.000  12/29/2020   EUR   48.920
Landesbank Hessen-T   5.200   01/08/2024  EUR   33.960
UniCredit Bank AG     4.200  11/21/2021   EUR   48.150
UniCredit Bank AG     3.700  11/21/2021   EUR   56.530
UniCredit Bank AG     4.350  11/21/2021   EUR   53.110
Landesbank Hessen-T   3.000  11/24/2022   EUR   68.320
Landesbank Hessen-T   5.000   9/21/2023   EUR   42.140
EFG International F   7.000   11/02/2020  CHF   50.000
EFG International F   7.200   11/02/2020  EUR   36.830
Landesbank Baden-Wu   2.650   9/22/2023   EUR   63.030
Raiffeisen Centroba   6.000   10/09/2020  EUR   61.380
Raiffeisen Centroba   5.500   10/09/2020  EUR   34.430
Raiffeisen Centroba   7.000   10/09/2020  EUR   57.650
Raiffeisen Centroba   6.500   10/09/2020  EUR   53.290
Raiffeisen Centroba   7.000   10/09/2020  EUR   70.890
Zurcher Kantonalban   5.500   11/03/2020  CHF   55.420
Landesbank Hessen-T   2.200  11/24/2020   EUR   27.420
Bayerische Landesba   2.100   10/09/2020  EUR   59.240
UBS AG/London         9.000   8/24/2020   EUR   44.100
UBS AG/London        10.000   8/24/2020   CHF   35.950
Landesbank Baden-Wu   2.550  12/27/2021   EUR   66.670
UBS AG/London         7.250   8/31/2020   CHF   25.900
UBS AG/London         6.250   8/31/2020   CHF   64.400
UBS AG/London         8.000   03/01/2021  USD   49.120
UniCredit Bank AG     4.850   11/01/2020  EUR   67.030
Leonteq Securities    6.000   09/07/2020  CHF   42.200
Landesbank Baden-Wu   3.000  12/29/2020   EUR   57.160
Raiffeisen Schweiz    6.200   09/10/2020  EUR   60.590
DekaBank Deutsche G   2.300  11/13/2020   EUR   49.480
Leonteq Securities    7.000  10/26/2020   EUR   51.570
Leonteq Securities    6.000   8/31/2020   CHF   68.850
Leonteq Securities    5.000  10/27/2020   CHF   50.670
DekaBank Deutsche G   3.400   3/26/2021   EUR   60.820
Landesbank Hessen-T   4.000  11/24/2021   EUR   36.120
UBS AG/London        10.500   8/31/2020   EUR   32.800
Landesbank Hessen-T   5.450  11/17/2022   EUR   42.380
Landesbank Hessen-T   8.600  11/17/2022   EUR   45.560
UniCredit Bank AG     3.800   8/30/2023   EUR   43.910
Landesbank Baden-Wu   3.500  12/29/2020   EUR   66.240
Landesbank Baden-Wu   3.600  12/29/2020   EUR   47.460
Landesbank Baden-Wu   4.400  12/29/2020   EUR   30.900
Vontobel Financial    3.800   8/31/2021   EUR   70.830
Societe Generale Ef   8.438   9/25/2020   EUR   65.770
Societe Generale Ef  29.303   6/25/2021   EUR   59.100
Raiffeisen Schweiz    6.000   8/19/2020   CHF   49.740
UniCredit Bank AG     6.400   03/05/2021  EUR   26.880
Leonteq Securities    7.000   02/12/2021  CHF   49.600
Landesbank Baden-Wu   2.600   4/25/2022   EUR   62.620
Landesbank Hessen-T   5.550   3/16/2023   EUR   35.930
Societe Generale Ef   8.263   7/24/2020   EUR   70.390
Societe Generale Ef  11.721   6/25/2021   EUR   68.540
Leonteq Securities    9.000   10/12/2020  CHF   60.830
Leonteq Securities    5.600   07/12/2022  CHF   71.960
Leonteq Securities   16.800  10/15/2020   USD   41.760
Leonteq Securities    8.600   07/12/2021  EUR   49.040
Societe Generale Ef   4.822   9/25/2020   EUR   58.020
Societe Generale Ef  18.082   9/25/2020   EUR   45.120
Societe Generale Ef  14.630  12/28/2020   EUR   69.950
UniCredit Bank AG     7.900  12/28/2020   EUR   66.240
UniCredit Bank AG     7.200  12/28/2020   EUR   60.350
UniCredit Bank AG     8.300  12/28/2020   EUR   67.810
UniCredit Bank AG    16.200  12/28/2020   EUR   58.710
Raiffeisen Schweiz    7.100   07/12/2021  EUR   59.370
UniCredit Bank AG    17.000  12/28/2020   EUR   57.970
UniCredit Bank AG    12.300   6/26/2020   EUR   62.450
UniCredit Bank AG    16.200   6/26/2020   EUR   32.880
UniCredit Bank AG     5.600   6/26/2020   EUR   64.180
UniCredit Bank AG     8.700   6/26/2020   EUR   67.340
UniCredit Bank AG     9.100  12/24/2021   EUR   66.790
UniCredit Bank AG     8.900  12/24/2021   EUR   59.080
UniCredit Bank AG     6.800  12/24/2021   EUR   66.840
UniCredit Bank AG    10.200  12/28/2020   EUR   39.010
UniCredit Bank AG     8.200  12/28/2020   EUR   58.630
UniCredit Bank AG    13.100   6/26/2020   EUR   70.320
UniCredit Bank AG    10.300   6/26/2020   EUR   73.200
UniCredit Bank AG    16.000   6/26/2020   EUR   67.700
UniCredit Bank AG    13.600   6/26/2020   EUR   69.760
UniCredit Bank AG    17.000   6/26/2020   EUR   63.700
UniCredit Bank AG     6.500  12/24/2021   EUR   62.270
UniCredit Bank AG     6.600  12/24/2021   EUR   45.310
UniCredit Bank AG     7.300   6/25/2021   EUR   53.430
UniCredit Bank AG     6.400   6/25/2021   EUR   54.290
UniCredit Bank AG     4.800   6/25/2021   EUR   56.640
UniCredit Bank AG    10.000   6/25/2021   EUR   51.550
UniCredit Bank AG     9.100   6/25/2021   EUR   52.070
UniCredit Bank AG    11.600   6/25/2021   EUR   61.360
UniCredit Bank AG    10.000   6/25/2021   EUR   73.620
UniCredit Bank AG     5.600   6/25/2021   EUR   71.010
UniCredit Bank AG     4.700   6/25/2021   EUR   54.870
UniCredit Bank AG     8.500   6/25/2021   EUR   65.250
UniCredit Bank AG    10.000   6/25/2021   EUR   63.040
UniCredit Bank AG    10.100   6/25/2021   EUR   73.150
UniCredit Bank AG     6.200  12/28/2020   EUR   62.230
UniCredit Bank AG     5.900   6/25/2021   EUR   63.270
UniCredit Bank AG     6.600   6/25/2021   EUR   61.720
UniCredit Bank AG     9.000   6/25/2021   EUR   58.290
UniCredit Bank AG     7.400   6/25/2021   EUR   66.010
UniCredit Bank AG     9.600   6/25/2021   EUR   63.380
UniCredit Bank AG    11.300   6/25/2021   EUR   61.750
UniCredit Bank AG    11.900   6/25/2021   EUR   61.280
Credit Suisse AG/Lo   4.500   07/12/2021  EUR   63.520
DZ Bank AG Deutsche   6.000   7/22/2020   EUR   36.610
DZ Bank AG Deutsche  10.500   9/23/2020   EUR   61.350
DZ Bank AG Deutsche   9.000   9/23/2020   EUR   74.330
Raiffeisen Centroba   9.674  12/23/2020   EUR
Raiffeisen Centroba  12.438  12/23/2020   EUR
UBS AG/London        14.250   7/19/2021   USD   52.440
UBS AG/London         5.250   7/19/2021   CHF   64.400
UBS AG/London        15.000   7/17/2020   CHF   52.850
UBS AG/London        13.250   7/17/2020   USD   51.290
Zurcher Kantonalban   7.750   7/23/2021   EUR   63.130
Zurcher Kantonalban   7.500   7/23/2021   CHF   62.900
Societe Generale Ef  12.500   7/24/2020   EUR   65.380
DZ Bank AG Deutsche   7.000   7/22/2020   EUR   70.040
DZ Bank AG Deutsche  10.750   7/22/2020   EUR   65.620
DZ Bank AG Deutsche   9.750   6/24/2020   EUR   69.310
DZ Bank AG Deutsche   8.000   9/23/2020   EUR   70.290
DZ Bank AG Deutsche   7.750   6/24/2020   EUR   66.200
UniCredit Bank AG     9.800   6/25/2021   EUR   66.970
UniCredit Bank AG     5.200   6/25/2021   EUR   72.150
UniCredit Bank AG    11.700   6/26/2020   EUR   72.370
UniCredit Bank AG     6.900   6/26/2020   EUR   61.100
UniCredit Bank AG    15.700   6/26/2020   EUR   62.710
UniCredit Bank AG     5.100  12/24/2021   EUR   56.960
UniCredit Bank AG     5.700  12/24/2021   EUR   56.030
UniCredit Bank AG    12.300   6/26/2020   EUR   45.100
UniCredit Bank AG     6.900   6/26/2020   EUR   71.460
UniCredit Bank AG    14.700   6/26/2020   EUR   61.780
UniCredit Bank AG    10.700   6/25/2021   EUR   64.740
UniCredit Bank AG     7.000  12/24/2021   EUR   54.690
Credit Suisse AG/Lo   5.750   01/10/2022  CHF   68.470
Zurcher Kantonalban   7.250   7/23/2021   USD   59.690
Zurcher Kantonalban   5.000   7/23/2021   EUR   55.370
Bank Julius Baer &   11.800   7/16/2020   USD   53.300
DZ Bank AG Deutsche   6.500   7/22/2020   EUR   62.590
DZ Bank AG Deutsche  13.000   7/22/2020   EUR   57.220
DZ Bank AG Deutsche   7.250   9/23/2020   EUR   67.610
Landesbank Hessen-T   6.400   03/09/2023  EUR   64.440
UniCredit Bank AG     5.350   03/05/2021  EUR   72.270
UniCredit Bank AG     3.750   03/05/2021  EUR   61.190
Landesbank Baden-Wu   2.810   3/24/2023   EUR   56.880
Leonteq Securities    4.230   07/12/2021  CHF   64.620
EFG International F  18.400   01/12/2021  USD   45.980
Societe Generale Ef   9.644   9/25/2020   EUR   73.590
Societe Generale Ef   8.778  12/28/2020   EUR   73.230
Societe Generale Ef  17.582   6/25/2021   EUR   71.300
UniCredit Bank AG     4.700  12/28/2020   EUR   72.460
UniCredit Bank AG    13.600  12/28/2020   EUR   59.490
UniCredit Bank AG     5.300  12/28/2020   EUR   64.340
UniCredit Bank AG    11.500  12/28/2020   EUR   54.550
UniCredit Bank AG    15.400  12/28/2020   EUR   59.480
UniCredit Bank AG    10.400  12/28/2020   EUR   55.770
UniCredit Bank AG    13.900  12/28/2020   EUR   52.560
UniCredit Bank AG     7.100   6/26/2020   EUR   69.940
UniCredit Bank AG    18.800   6/26/2020   EUR   55.670
UniCredit Bank AG     9.400   6/26/2020   EUR   66.620
UniCredit Bank AG    11.600   6/26/2020   EUR   53.540
UniCredit Bank AG     4.300   6/26/2020   EUR   74.380
UniCredit Bank AG     4.300   6/26/2020   EUR   44.220
UniCredit Bank AG    15.200   6/26/2020   EUR   49.590
UniCredit Bank AG    19.800   6/26/2020   EUR   57.520
UniCredit Bank AG     9.700   6/26/2020   EUR   73.520
Vontobel Financial    9.000   6/26/2020   EUR   66.460
Landesbank Baden-Wu   3.950   8/27/2021   EUR   54.550
Leonteq Securities    7.400   05/12/2021  CHF   58.620
Corner Banca SA       6.200   11/09/2021  CHF   72.970
Landesbank Baden-Wu   3.400  11/25/2022   EUR   56.330
Landesbank Baden-Wu   3.400   1/27/2023   EUR   60.100
UniCredit Bank AG     3.750  12/21/2021   EUR   43.960
UBS AG/London         7.000  11/16/2020   CHF   69.850
UBS AG/London         8.000  11/16/2020   CHF   29.400
UBS AG/London         7.000  10/30/2020   EUR   41.650
Raiffeisen Centroba   5.800  11/19/2020   EUR   61.530
Raiffeisen Centroba   4.500  11/19/2020   EUR   46.800
Zurcher Kantonalban   6.117  11/20/2020   CHF   64.690
DekaBank Deutsche G   3.800   12/04/2020  EUR   66.300
Raiffeisen Schweiz    7.000  11/30/2020   CHF   66.190
Skandinaviska Enski   8.200   1/15/2024   SEK   50.520
Banque Cantonale Va   6.500   06/05/2020  CHF   56.780
Landesbank Baden-Wu   2.000   7/24/2020   EUR   64.940
Landesbank Baden-Wu   3.500   7/24/2020   EUR   59.760
Landesbank Baden-Wu   5.000   7/24/2020   EUR   56.490
Landesbank Baden-Wu   2.000   7/24/2020   EUR   52.630
Landesbank Baden-Wu   3.500   7/24/2020   EUR   46.920
Landesbank Baden-Wu   5.000   7/24/2020   EUR   43.120
Landesbank Baden-Wu   2.500   7/24/2020   EUR   55.840
Landesbank Baden-Wu   5.000   7/24/2020   EUR   47.440
Landesbank Baden-Wu   6.000   7/24/2020   EUR   74.470
Landesbank Baden-Wu   2.500   7/24/2020   EUR   66.310
Landesbank Baden-Wu   4.000   7/24/2020   EUR   59.360
Landesbank Baden-Wu   5.500   7/24/2020   EUR   55.570
Landesbank Baden-Wu   3.500   7/24/2020   EUR   70.570
Landesbank Baden-Wu   3.000   7/24/2020   EUR   61.580
Landesbank Baden-Wu   4.500   7/24/2020   EUR   54.730
Landesbank Baden-Wu   6.000   7/24/2020   EUR   51.080
Landesbank Baden-Wu   2.000   7/24/2020   EUR   67.090
Landesbank Baden-Wu   3.500   7/24/2020   EUR   61.320
Landesbank Baden-Wu   2.000   7/24/2020   EUR   53.090
Landesbank Baden-Wu   4.000   7/24/2020   EUR   45.570
Landesbank Baden-Wu   5.500   7/24/2020   EUR   42.680
Landesbank Baden-Wu   5.500   7/24/2020   EUR   72.500
Landesbank Baden-Wu   3.500   7/24/2020   EUR   74.370
Landesbank Baden-Wu   5.000   7/24/2020   EUR   69.680
Landesbank Baden-Wu   2.000   7/24/2020   EUR   59.910
Landesbank Baden-Wu   3.500   7/24/2020   EUR   53.690
Landesbank Baden-Wu   5.000   7/24/2020   EUR   49.590
Landesbank Baden-Wu   3.500   7/24/2020   EUR   65.170
Landesbank Baden-Wu   5.000   7/24/2020   EUR   62.000
Landesbank Baden-Wu   4.000   7/24/2020   EUR   71.030
Landesbank Baden-Wu   3.000   7/24/2020   EUR   55.880
Landesbank Baden-Wu   5.500   7/24/2020   EUR   47.240
Landesbank Baden-Wu   3.000   7/24/2020   EUR   58.640
Landesbank Baden-Wu   5.500   7/24/2020   EUR   72.920
Landesbank Baden-Wu   2.000   7/24/2020   EUR   71.490
Landesbank Baden-Wu   4.000   7/24/2020   EUR   63.080
Landesbank Baden-Wu   2.000   7/24/2020   EUR   52.600
Landesbank Baden-Wu   3.500   7/24/2020   EUR   45.690
Landesbank Baden-Wu   5.000   7/24/2020   EUR   41.350
Landesbank Baden-Wu   2.500   7/24/2020   EUR   42.130
Landesbank Baden-Wu   5.000   7/24/2020   EUR   35.280
Landesbank Baden-Wu   7.000   7/24/2020   EUR   32.590
Landesbank Baden-Wu   6.000   7/24/2020   EUR   73.400
Landesbank Baden-Wu   8.000   7/24/2020   EUR   67.420
Landesbank Baden-Wu   2.000   7/24/2020   EUR   67.790
Landesbank Baden-Wu   3.000   7/24/2020   EUR   63.870
Landesbank Baden-Wu   4.500   7/24/2020   EUR   59.380
UBS AG/London         7.100   9/24/2020   EUR   46.120
UBS AG/London         7.100   9/24/2020   EUR   47.830
UBS AG/London         7.400   6/25/2020   EUR   50.420
HSBC Trinkaus & Bur   2.800   6/26/2020   EUR   62.320
HSBC Trinkaus & Bur   3.000   6/26/2020   EUR   56.860
Landesbank Baden-Wu   3.500  10/23/2020   EUR   57.030
Landesbank Baden-Wu   6.000  10/23/2020   EUR   49.100
Landesbank Baden-Wu   5.000  10/23/2020   EUR   71.020
Landesbank Baden-Wu   5.500  10/23/2020   EUR   71.930
Landesbank Baden-Wu   4.000  10/23/2020   EUR   65.920
Landesbank Baden-Wu   3.000  10/23/2020   EUR   52.990
Landesbank Baden-Wu   5.000  10/23/2020   EUR   45.890
Landesbank Baden-Wu   4.500  10/23/2020   EUR   65.410
Landesbank Baden-Wu   2.500  10/23/2020   EUR   65.500
Landesbank Baden-Wu   3.000  10/23/2020   EUR   45.840
Landesbank Baden-Wu   2.500  10/23/2020   EUR   37.620
Landesbank Baden-Wu   3.000   7/23/2021   EUR   63.960
Landesbank Baden-Wu   5.000   7/23/2021   EUR   58.510
Landesbank Baden-Wu   4.000  10/23/2020   EUR   55.780
Landesbank Baden-Wu   3.000  10/23/2020   EUR   39.730
Landesbank Baden-Wu   5.000  10/23/2020   EUR   62.990
Landesbank Baden-Wu   3.000   7/23/2021   EUR   45.270
EFG International F   7.000   11/01/2021  CHF   63.650
UBS AG/London         9.000  10/19/2020   USD   58.200
UniCredit Bank AG     4.100  11/27/2020   EUR   68.590
Landesbank Baden-Wu   3.250   1/28/2022   EUR   70.940
Landesbank Baden-Wu   3.800   1/28/2022   EUR   51.070
Landesbank Baden-Wu   3.600   1/28/2022   EUR   73.020
Raiffeisen Switzerl   5.600   11/02/2020  CHF   29.290
Corner Banca SA       8.000   11/02/2020  CHF   51.290
Raiffeisen Schweiz    7.000   11/02/2020  CHF   66.340
HSBC Trinkaus & Bur   5.100   6/26/2020   EUR   68.200
HSBC Trinkaus & Bur   3.000   6/26/2020   EUR   68.060
HSBC Trinkaus & Bur   4.100   6/26/2020   EUR   54.760
HSBC Trinkaus & Bur   8.200   6/26/2020   EUR   39.300
HSBC Trinkaus & Bur   5.100   6/26/2020   EUR   71.140
HSBC Trinkaus & Bur   6.500   6/26/2020   EUR   50.530
HSBC Trinkaus & Bur   6.500   6/26/2020   EUR   50.530
Landesbank Baden-Wu   3.000   6/24/2022   EUR   61.750
Landesbank Baden-Wu   3.050   7/24/2020   EUR   57.540
Landesbank Baden-Wu   3.100   7/24/2020   EUR   53.100
Landesbank Baden-Wu   3.300   7/24/2020   EUR   58.740
Bayerische Landesba   2.600   6/26/2020   EUR   60.460
Leonteq Securities    7.800   06/02/2020  EUR   39.330
Landesbank Baden-Wu   2.700   6/25/2021   EUR   67.330
Landesbank Hessen-T   5.200   9/30/2022   EUR   62.020
Leonteq Securities    6.200   06/08/2020  CHF   57.250
Leonteq Securities    6.000   06/08/2020  CHF   54.850
UniCredit Bank AG     5.750   07/04/2020  EUR   53.730
Erste Group Bank AG   6.000   6/28/2022   EUR   77.550
DekaBank Deutsche G   2.750   6/26/2020   EUR   51.260
DekaBank Deutsche G   2.150   6/28/2021   EUR   57.010
DekaBank Deutsche G   2.200   6/26/2020   EUR   60.450
Leonteq Securities    5.200   06/12/2020  CHF   50.370
Commerzbank AG        6.000   06/06/2022  USD    0.370
Landesbank Hessen-T   4.000   07/07/2021  EUR   63.180
Landesbank Hessen-T   4.000   07/07/2021  EUR   64.690
Bayerische Landesba   2.200   6/26/2020   EUR   62.910
Landesbank Baden-Wu   3.500   6/26/2020   EUR   56.620
UniCredit Bank AG     3.500   07/09/2021  EUR   64.360
UniCredit Bank AG     5.500   07/09/2021  EUR   32.950
Corner Banca SA       7.600   6/16/2020   CHF   53.630
EFG International F   7.000   6/22/2020   USD   44.550
DekaBank Deutsche G   3.000   6/21/2021   EUR   32.970
Landesbank Hessen-T   3.750   1/13/2021   EUR   70.800
Landesbank Hessen-T   3.350   1/13/2021   EUR   68.100
Landesbank Hessen-T   4.000   1/13/2021   EUR   48.600
Landesbank Hessen-T   2.750   1/13/2021   EUR   52.000
Citigroup Global Ma   7.000   6/16/2022   SEK   51.090
Landesbank Baden-Wu   3.330   6/25/2021   EUR   65.100
Leonteq Securities    7.000   6/16/2020   CHF   54.460
Landesbank Baden-Wu   2.400   7/24/2020   EUR   67.800
Bayerische Landesba   2.400   7/17/2020   EUR   61.850
Landesbank Hessen-T   6.800   7/14/2022   EUR   53.550
Getin Noble Bank SA   5.190   5/31/2024   PLN   71.000
Getin Noble Bank SA   5.790   6/28/2024   PLN   71.000
Landesbank Baden-Wu   3.100   7/24/2020   EUR   57.530
Landesbank Baden-Wu   3.200   7/24/2020   EUR   51.250
Landesbank Baden-Wu   3.400   7/24/2020   EUR   59.170
Landesbank Baden-Wu   4.000   7/24/2020   EUR   52.260
Bayerische Landesba   2.100   7/17/2020   EUR   67.320
Leonteq Securities    6.000   6/23/2020   CHF   50.550
UniCredit Bank AG     4.300   7/18/2021   EUR   51.240
Landesbank Hessen-T   4.000  10/13/2021   EUR   70.580
DekaBank Deutsche G   2.100   10/09/2020  EUR   56.650
DekaBank Deutsche G   2.200   10/09/2020  EUR   51.700
DekaBank Deutsche G   2.600   10/09/2020  EUR   62.190
DekaBank Deutsche G   2.900   10/09/2020  EUR   39.430
Commerzbank AG        1.580   9/16/2024   USD    0.630
EFG International F   7.200   9/28/2020   CHF   52.540
EFG International F   6.600   9/28/2020   EUR   58.790
Leonteq Securities    7.000   9/22/2020   CHF   53.620
DekaBank Deutsche G   2.000   10/09/2020  EUR   54.430
Landesbank Baden-Wu   4.000   6/26/2020   EUR   54.110
Landesbank Baden-Wu   2.150   6/26/2020   EUR   67.830
UniCredit Bank AG     5.400  10/30/2020   EUR   29.120
Landesbank Baden-Wu   2.000  10/22/2021   EUR   66.700
Landesbank Baden-Wu   2.000  11/26/2021   EUR   63.900
Landesbank Baden-Wu   2.000  11/26/2021   EUR   65.110
Landesbank Hessen-T   3.000  10/20/2022   EUR   72.410
Landesbank Hessen-T   7.000  10/20/2022   EUR   50.550
Bank Julius Baer &    4.500   9/28/2020   CHF   43.600
Bank Julius Baer &    5.000   9/28/2020   EUR   43.850
Landesbank Baden-Wu   2.350   6/26/2020   EUR   69.730
Landesbank Baden-Wu   2.500   6/26/2020   EUR   63.230
Landesbank Baden-Wu   3.600   6/26/2020   EUR   51.270
EFG International F   7.000   10/05/2020  CHF   50.100
EFG International F   6.600   10/05/2020  EUR   41.470
EFG International F   7.200   10/05/2020  USD   30.940
DekaBank Deutsche G   2.250  10/16/2020   EUR   46.190
DekaBank Deutsche G   2.000  10/16/2020   EUR   48.720
Leonteq Securities    7.200   9/29/2020   CHF   52.540
Leonteq Securities    7.000   9/29/2020   CHF   58.990
Leonteq Securities    8.000   9/29/2020   EUR   53.190
Leonteq Securities    8.200   9/29/2020   USD   69.720
Leonteq Securities    7.000   9/29/2020   CHF   57.060
UniCredit Bank AG     5.350  10/18/2020   EUR   66.130
UniCredit Bank AG     4.300  10/18/2021   EUR   42.860
DekaBank Deutsche G   2.500   9/22/2020   EUR   71.990
SG Issuer SA          6.420   9/25/2020   CHF   39.600
Landesbank Hessen-T   5.700  10/27/2022   EUR   36.180
Landesbank Hessen-T   3.500  10/27/2021   EUR   55.530
Leonteq Securities    7.600   10/06/2020  CHF   58.970
Bayerische Landesba   2.200  10/30/2020   EUR   58.240
Bayerische Landesba   3.300  10/30/2020   EUR   64.600
Bayerische Landesba   2.100   4/30/2021   EUR   71.500
UniCredit Bank AG     4.500   11/12/2022  EUR   67.250
Landesbank Baden-Wu   3.850  10/23/2020   EUR   72.620
Landesbank Baden-Wu   2.850  10/23/2020   EUR   52.400
Landesbank Baden-Wu   3.000  10/23/2020   EUR   55.220
Landesbank Baden-Wu   3.250  10/23/2020   EUR   66.160
Landesbank Baden-Wu   3.500  10/23/2020   EUR   50.240
DekaBank Deutsche G   2.250   11/08/2022  EUR   52.190
UniCredit Bank AG     3.120   9/25/2020   EUR   40.300
UniCredit Bank AG     3.550  10/24/2021   EUR   57.140
UniCredit Bank AG     4.920   9/25/2020   EUR   28.690
UniCredit Bank AG     3.800  10/24/2021   EUR   47.590
DekaBank Deutsche G   3.000   6/18/2020   EUR   59.980
Vontobel Financial    6.500   6/26/2020   EUR   46.200
Credit Suisse AG/Lo   5.750  12/24/2021   CHF   69.640
Zurcher Kantonalban   5.000   6/25/2021   CHF   67.410
DZ Bank AG Deutsche   8.250   9/23/2020   EUR   42.620
DZ Bank AG Deutsche   4.500   9/23/2020   EUR   66.310
DZ Bank AG Deutsche   6.250   9/23/2020   EUR   52.960
DZ Bank AG Deutsche   5.750   9/23/2020   EUR   67.420
Landesbank Baden-Wu   7.500   8/27/2021   EUR   66.660
Landesbank Baden-Wu   5.250   8/27/2021   EUR   60.100
Landesbank Baden-Wu   4.000   8/27/2021   EUR   70.970
Landesbank Baden-Wu   5.250   8/27/2021   EUR   68.840
Landesbank Baden-Wu   2.250   8/27/2021   EUR   72.090
Landesbank Baden-Wu   3.500   8/27/2021   EUR   68.110
Landesbank Baden-Wu   3.500   8/27/2021   EUR   72.540
Landesbank Baden-Wu   2.750   8/27/2021   EUR   62.800
Landesbank Baden-Wu   4.000   8/27/2021   EUR   58.820
Landesbank Baden-Wu   3.500   8/27/2021   EUR   64.980
Landesbank Baden-Wu   4.000   8/27/2021   EUR   55.930
Landesbank Baden-Wu   5.000   8/27/2021   EUR   53.910
Landesbank Baden-Wu   6.250   8/27/2021   EUR   52.900
Landesbank Baden-Wu   5.750   8/27/2021   EUR   67.200
Landesbank Baden-Wu   5.250   8/27/2021   EUR   59.950
Landesbank Baden-Wu   3.250   8/27/2021   EUR   47.340
Landesbank Baden-Wu   4.000   8/27/2021   EUR   45.120
Landesbank Baden-Wu   5.000   8/27/2021   EUR   43.630
Landesbank Baden-Wu   6.000   8/27/2021   EUR   42.470
Landesbank Baden-Wu   3.750   8/27/2021   EUR   69.100
Landesbank Baden-Wu   5.000   8/27/2021   EUR   67.010
Landesbank Baden-Wu   4.750   8/27/2021   EUR   71.730
Landesbank Baden-Wu   6.500   8/27/2021   EUR   67.690
Landesbank Baden-Wu   2.500   8/27/2021   EUR   68.130
Landesbank Baden-Wu   3.750   8/27/2021   EUR   64.980
Landesbank Baden-Wu   3.500   8/27/2021   EUR   62.870
Landesbank Baden-Wu   4.500   8/27/2021   EUR   64.740
Landesbank Baden-Wu   6.000   8/27/2021   EUR   62.030
Landesbank Baden-Wu   3.000   8/27/2021   EUR   66.550
Landesbank Baden-Wu   7.500   8/27/2021   EUR   61.380
Landesbank Baden-Wu   2.500   7/24/2020   EUR   65.900
Landesbank Baden-Wu   2.600   7/24/2020   EUR   60.890
Landesbank Baden-Wu   5.250   8/27/2021   EUR   66.920
Landesbank Baden-Wu   6.250   8/27/2021   EUR   64.730
Landesbank Baden-Wu   4.500   8/27/2021   EUR   63.750
Landesbank Baden-Wu   3.000   8/27/2021   EUR   57.380
Landesbank Baden-Wu   2.750   8/27/2021   EUR   64.090
Landesbank Baden-Wu   5.000   8/27/2021   EUR   60.780
Landesbank Baden-Wu   3.250   8/27/2021   EUR   68.230
Landesbank Baden-Wu   4.500   8/27/2021   EUR   73.000
Landesbank Baden-Wu   6.000   8/27/2021   EUR   71.910
Landesbank Baden-Wu   6.000   8/27/2021   EUR   62.760
Vontobel Financial   13.000   06/12/2020  EUR   34.000
Vontobel Financial    7.500   06/12/2020  EUR   38.350
Credit Suisse AG/Lo   8.000   10/02/2020  EUR   50.180
Vontobel Financial   12.000   06/12/2020  EUR   58.700
Vontobel Financial   12.500   09/11/2020  EUR   58.730
Vontobel Financial    9.500   09/11/2020  EUR   61.600
Vontobel Financial   18.500   09/11/2020  EUR   45.190
Vontobel Financial    8.000   06/12/2020  EUR   64.370
Vontobel Financial    9.500   06/12/2020  EUR   71.650
Vontobel Financial    8.000   06/12/2020  EUR   46.030
Vontobel Financial    5.400   9/18/2020   EUR   61.220
UBS AG/London         9.250   07/03/2020  CHF   64.200
UBS AG/London         5.500   07/04/2022  CHF   65.150
Vontobel Financial   13.600   6/19/2020   EUR   64.490
Vontobel Financial   10.000   09/11/2020  EUR   61.910
UniCredit Bank AG     4.100   08/02/2023  EUR   67.180
EFG International F  10.000   01/08/2021  EUR   55.540
Bank Julius Baer &    7.500   07/06/2020  EUR   51.150
Raiffeisen Switzerl  12.480   07/08/2020  EUR   48.820
Raiffeisen Switzerl  12.040   07/08/2020  CHF   48.220
Vontobel Financial   13.500   6/26/2020   EUR   34.260
Bayerische Landesba   3.200   06/12/2020  EUR   61.130
Bayerische Landesba   2.000   12/11/2020  EUR   72.240
Leonteq Securities    7.800  12/21/2020   CHF   54.320
Leonteq Securities    7.400  12/22/2020   CHF   42.670
Landesbank Hessen-T   3.000   6/15/2020   EUR   57.000
Landesbank Hessen-T   3.300   6/15/2020   EUR   57.600
UBS AG/London         7.000   6/15/2020   CHF   73.900
UBS AG/London         8.000   6/15/2020   EUR   34.200
UBS AG/London         5.500   6/15/2020   EUR   51.300
UBS AG/London         8.500   6/15/2020   CHF   30.700
EFG International F   7.200  12/29/2020   CHF   66.070
Bank Julius Baer &    6.000  12/29/2020   USD   45.950
Landesbank Baden-Wu   2.750  12/29/2020   EUR   49.780
Landesbank Baden-Wu   3.400  12/29/2020   EUR   73.140
Landesbank Baden-Wu   4.250  12/29/2020   EUR   32.360
Landesbank Baden-Wu   3.100   2/25/2022   EUR   44.560
Landesbank Baden-Wu   2.300   2/25/2022   EUR   58.570
Landesbank Baden-Wu   2.750   2/25/2022   EUR   61.760
Landesbank Hessen-T   4.000  12/22/2021   EUR   50.720
Landesbank Hessen-T   3.500  12/22/2021   EUR   58.400
DekaBank Deutsche G   4.000   01/07/2021  EUR   65.150
DekaBank Deutsche G   3.250   01/07/2021  EUR   53.230
Bayerische Landesba   3.000   12/04/2020  EUR   53.540
UBS AG/London         8.000   12/07/2020  CHF   66.300
UBS AG/London         9.100   9/24/2020   EUR   45.280
UBS AG/London        10.000   06/12/2020  EUR   35.700
Raiffeisen Centroba   7.500   1/14/2021   EUR   65.150
HSBC Trinkaus & Bur   9.200   6/26/2020   EUR   72.700
Societe Generale Ef  17.000   9/25/2020   EUR   65.010
Societe Generale Ef  15.500  12/28/2020   EUR   71.530
Societe Generale Ef  14.500   1/22/2021   EUR   71.860
Societe Generale Ef  18.250   9/25/2020   EUR   58.750
Societe Generale Ef  13.750  11/27/2020   EUR   65.200
Societe Generale Ef   7.750  12/28/2020   EUR   67.240
Societe Generale Ef   9.750  12/28/2020   EUR   66.270
Societe Generale Ef   7.000   1/22/2021   EUR   67.750
Societe Generale Ef  12.000   8/28/2020   EUR   65.460
Societe Generale Ef   8.000  12/28/2020   EUR   70.430
Societe Generale Ef   9.000  12/28/2020   EUR   69.320
Societe Generale Ef  15.000  12/28/2020   EUR   65.010
Societe Generale Ef   7.000   8/28/2020   EUR   70.470
Societe Generale Ef   8.000   8/28/2020   EUR   69.110
Societe Generale Ef   9.000   8/28/2020   EUR   67.900
Societe Generale Ef  19.000   8/28/2020   EUR   61.410
Societe Generale Ef   6.750   9/25/2020   EUR   71.050
Societe Generale Ef  17.750   9/25/2020   EUR   62.350
Societe Generale Ef   9.750  12/28/2020   EUR   63.900
Societe Generale Ef   6.250  11/27/2020   EUR   70.010
Societe Generale Ef   8.250  11/27/2020   EUR   65.850
Societe Generale Ef  10.250  11/27/2020   EUR   62.990
EFG International F   6.200   2/20/2023   CHF   65.560
Societe Generale Ef   8.250   7/24/2020   EUR   45.310
Societe Generale Ef   9.250   7/24/2020   EUR   44.310
Societe Generale Ef   9.750   7/24/2020   EUR   53.980
Societe Generale Ef  13.500   6/26/2020   EUR   72.270
Societe Generale Ef  17.500   6/26/2020   EUR   65.530
Societe Generale Ef  15.500   6/26/2020   EUR   62.010
Societe Generale Ef  17.500   6/26/2020   EUR   57.010
Societe Generale Ef   6.500   7/24/2020   EUR   70.930
Societe Generale Ef   7.500   7/24/2020   EUR   69.170
Societe Generale Ef  10.750   7/24/2020   EUR   73.170
Societe Generale Ef   8.500   7/24/2020   EUR   73.090
Societe Generale Ef   7.250   7/24/2020   EUR   69.620
Goldman Sachs & Co    8.000   6/24/2020   EUR   66.390
Goldman Sachs & Co    7.000   9/23/2020   EUR   69.810
Goldman Sachs & Co   19.000   9/23/2020   EUR   49.270
Goldman Sachs & Co   15.000  12/23/2020   EUR   53.900
Goldman Sachs & Co    6.000   3/24/2021   EUR   70.140
Goldman Sachs & Co    8.000   3/24/2021   EUR   66.140
Goldman Sachs & Co    9.000   6/24/2020   EUR   69.400
Goldman Sachs & Co   19.000   6/24/2020   EUR   55.410
Societe Generale Ef  11.750   7/24/2020   EUR   75.690
Societe Generale Ef  13.750   7/24/2020   EUR   71.490
Goldman Sachs & Co   10.000   9/23/2020   EUR   67.880
Goldman Sachs & Co   17.000   9/23/2020   EUR   58.360
Goldman Sachs & Co    8.000   3/24/2021   EUR   72.890
Societe Generale Ef   7.000   7/24/2020   EUR   69.420
Societe Generale Ef   8.000   7/24/2020   EUR   67.170
Societe Generale Ef   9.000   7/24/2020   EUR   65.200
Goldman Sachs & Co    9.000   9/23/2020   EUR   51.630
Goldman Sachs & Co   14.000   9/23/2020   EUR   46.420
Goldman Sachs & Co   17.000   9/23/2020   EUR   43.800
Goldman Sachs & Co    3.000  12/23/2020   EUR   65.530
Goldman Sachs & Co    5.000  12/23/2020   EUR   59.410
Goldman Sachs & Co    6.000  12/23/2020   EUR   56.790
Goldman Sachs & Co    7.000  12/23/2020   EUR   54.500
Goldman Sachs & Co   10.000  12/23/2020   EUR   51.160
Goldman Sachs & Co    2.000   3/24/2021   EUR   72.760
Goldman Sachs & Co    3.000   3/24/2021   EUR   66.200
Goldman Sachs & Co    3.000   3/24/2021   EUR   69.900
Goldman Sachs & Co    4.000   3/24/2021   EUR   63.540
Goldman Sachs & Co    5.000   3/24/2021   EUR   61.040
Societe Generale Ef   7.750   7/24/2020   EUR   67.610
Goldman Sachs & Co    8.000   3/24/2021   EUR   54.920
Goldman Sachs & Co   14.000   3/24/2021   EUR   49.720
Societe Generale Ef   8.500   7/24/2020   EUR   71.660
Societe Generale Ef   9.500   7/24/2020   EUR   70.380
Societe Generale Ef  19.500   6/26/2020   EUR   62.710
Societe Generale Ef  12.750   7/24/2020   EUR   72.220
Goldman Sachs & Co   15.000   9/23/2020   EUR   70.900
Societe Generale Ef   9.000   7/24/2020   EUR   66.420
Societe Generale Ef  13.000   7/24/2020   EUR   60.850
Societe Generale Ef   7.000   7/24/2020   EUR   59.220
Goldman Sachs & Co   19.000   6/24/2020   EUR   65.870
Banque Cantonale Va   4.500   3/29/2021   CHF   48.770
Vontobel Financial   16.000   06/12/2020  EUR   61.390
Landesbank Baden-Wu   2.500   9/25/2020   EUR   61.580
Landesbank Baden-Wu   4.500   9/25/2020   EUR   57.990
Landesbank Baden-Wu   4.000   9/25/2020   EUR   64.020
Landesbank Baden-Wu   2.500   9/25/2020   EUR   68.510
Landesbank Baden-Wu   3.000   9/25/2020   EUR   59.940
Landesbank Baden-Wu   6.000   9/25/2020   EUR   65.140
Landesbank Baden-Wu   5.000   9/25/2020   EUR   58.080
Landesbank Baden-Wu   6.000   9/25/2020   EUR   64.440
Landesbank Baden-Wu   7.000   9/25/2020   EUR   73.620
Leonteq Securities   10.600   7/26/2021   USD   52.430
Landesbank Baden-Wu   3.000   9/25/2020   EUR   61.000
Leonteq Securities    9.000  10/26/2020   EUR   67.280
Landesbank Baden-Wu   5.000   9/25/2020   EUR   59.520
Landesbank Baden-Wu   5.000   9/25/2020   EUR   57.300
Landesbank Baden-Wu   3.000   9/25/2020   EUR   69.870
Landesbank Baden-Wu   3.000   9/25/2020   EUR   64.800
Landesbank Baden-Wu   4.000   9/25/2020   EUR   56.040
Landesbank Baden-Wu   3.000   9/25/2020   EUR   65.210
BNP Paribas Emissio  13.000   6/25/2020   EUR   75.970
Goldman Sachs & Co   19.000   6/24/2020   EUR   59.050
Goldman Sachs & Co   21.000   6/24/2020   EUR   57.240
Goldman Sachs & Co   15.000  12/23/2020   EUR   63.410
Goldman Sachs & Co   14.000   3/24/2021   EUR   66.110
Goldman Sachs & Co   14.000   6/24/2020   EUR   56.160
Goldman Sachs & Co    8.000   9/23/2020   EUR   63.150
Goldman Sachs & Co   10.000   9/23/2020   EUR   60.230
Goldman Sachs & Co   15.000   9/23/2020   EUR   52.770
Goldman Sachs & Co    5.000  12/23/2020   EUR   66.400
Goldman Sachs & Co   10.000  12/23/2020   EUR   57.450
Goldman Sachs & Co   16.000  12/23/2020   EUR   51.210
Goldman Sachs & Co    7.000   3/24/2021   EUR   62.230
Goldman Sachs & Co    8.000   3/24/2021   EUR   61.070
Goldman Sachs & Co   15.000   3/24/2021   EUR   54.970
Goldman Sachs & Co    5.000   6/24/2020   EUR   67.390
Goldman Sachs & Co    8.000   6/24/2020   EUR   58.060
Goldman Sachs & Co   15.000   6/24/2020   EUR   47.420
Goldman Sachs & Co   19.000   6/24/2020   EUR   42.850
Goldman Sachs & Co    4.000   9/23/2020   EUR   69.400
Goldman Sachs & Co    5.000   9/23/2020   EUR   67.100
Goldman Sachs & Co    8.000   9/23/2020   EUR   59.400
Goldman Sachs & Co    6.000  12/23/2020   EUR   61.890
Goldman Sachs & Co    9.000  12/23/2020   EUR   56.610
Goldman Sachs & Co   15.000  12/23/2020   EUR   49.710
Goldman Sachs & Co    4.000   3/24/2021   EUR   68.160
Goldman Sachs & Co    7.000   3/24/2021   EUR   60.900
Goldman Sachs & Co   10.000   3/24/2021   EUR   55.270
Goldman Sachs & Co   13.000   3/24/2021   EUR   51.480
Vontobel Financial   20.000   9/25/2020   EUR   71.970
Vontobel Financial   10.000   9/25/2020   EUR   48.820
UBS AG/London         7.000   04/06/2021  CHF   70.550
UBS AG/London        15.000   04/05/2021  USD   44.790
Vontobel Financial   11.000   6/26/2020   EUR   55.900
Deutsche Bank AG      6.200  12/22/2020   EUR   67.600
Deutsche Bank AG      6.200   6/23/2020   EUR   56.690
Deutsche Bank AG      6.200  12/22/2020   EUR   60.180
DZ Bank AG Deutsche   9.000   6/24/2020   EUR   62.710
DZ Bank AG Deutsche   6.500   9/23/2020   EUR   58.990
DZ Bank AG Deutsche   5.750   9/23/2020   EUR   67.770
DekaBank Deutsche G   3.100   4/30/2021   EUR   71.610
Societe Generale Ef  12.750   6/26/2020   EUR   57.030
Banque Cantonale Va   4.500   3/29/2021   EUR   49.110
Bank Julius Baer &    6.360   7/30/2020   CHF   71.800
Zurcher Kantonalban   9.000   7/30/2021   EUR   58.320
Raiffeisen Centroba   8.959   6/23/2020   EUR   59.320
Landesbank Baden-Wu   5.750   1/22/2021   EUR   73.130
Landesbank Baden-Wu   5.250   1/22/2021   EUR   72.420
Landesbank Baden-Wu   7.000   2/26/2021   EUR   63.460
Landesbank Baden-Wu   5.250   1/22/2021   EUR   67.970
Landesbank Baden-Wu   2.000   1/22/2021   EUR   70.970
Landesbank Baden-Wu   4.000   1/22/2021   EUR   71.340
Landesbank Baden-Wu   3.000   7/22/2022   EUR   70.410
Leonteq Securities    5.600   04/04/2022  CHF   69.450
Vontobel Financial    5.000   06/01/2020  EUR   60.505
Vontobel Financial    7.200   7/31/2020   EUR   55.570
Vontobel Financial    5.500   08/07/2020  CHF   67.160
Vontobel Financial    8.900   08/07/2020  USD   66.910
UBS AG/London         8.000   7/31/2020   CHF   72.600
UBS AG/London         9.000   08/02/2021  CHF   70.800
UBS AG/London         4.000   08/02/2022  CHF   71.200
UBS AG/London         4.500   08/01/2022  EUR   72.000
UBS AG/London         6.000   08/02/2021  EUR   68.000
EFG International F  11.000   02/02/2021  EUR   49.550
Deutsche Bank AG      8.200   9/22/2020   EUR   57.300
Societe Generale Ef   3.750   6/26/2020   EUR   53.830
Societe Generale Ef   4.750   6/26/2020   EUR   51.800
Societe Generale Ef   5.750   6/26/2020   EUR   50.200
Credit Suisse AG/Lo   7.000  10/26/2020   CHF   64.370
Credit Suisse AG/Lo   5.000   7/30/2021   CHF   65.450
Credit Suisse AG/Lo   4.200   1/29/2021   CHF   64.890
Zurcher Kantonalban   6.800   1/29/2021   EUR   68.410
DZ Bank AG Deutsche   4.900   6/22/2020   EUR   46.150
Vontobel Financial   12.000   9/25/2020   EUR   62.040
Landesbank Baden-Wu   4.750   5/27/2022   EUR   69.280
Landesbank Baden-Wu   3.300   5/27/2022   EUR   52.760
DZ Bank AG Deutsche  13.100   6/26/2020   EUR   57.850
DZ Bank AG Deutsche   4.700  12/28/2020   EUR   73.640
DZ Bank AG Deutsche   7.300  12/28/2020   EUR   62.190
DZ Bank AG Deutsche   7.000   6/26/2020   EUR   46.170
DZ Bank AG Deutsche   5.200   9/25/2020   EUR   50.220
DZ Bank AG Deutsche   7.600   9/25/2020   EUR   65.270
DZ Bank AG Deutsche  10.000   9/25/2020   EUR   60.910
DZ Bank AG Deutsche   6.900  12/28/2020   EUR   66.240
Societe Generale Ef  11.500   6/26/2020   EUR   69.340
Societe Generale Ef   5.000   6/26/2020   EUR   70.350
DZ Bank AG Deutsche  11.900  12/28/2020   EUR   68.050
DZ Bank AG Deutsche   7.700  12/28/2020   EUR   68.410
Bank Julius Baer &   10.300   06/12/2020  CHF   73.650
DZ Bank AG Deutsche   9.500   6/26/2020   EUR   66.690
DZ Bank AG Deutsche  15.100   6/26/2020   EUR   60.600
DZ Bank AG Deutsche   4.900  12/28/2020   EUR   72.740
DZ Bank AG Deutsche   7.600   9/25/2020   EUR   61.590
DZ Bank AG Deutsche  13.500  12/28/2020   EUR   55.050
DZ Bank AG Deutsche  10.700   6/26/2020   EUR   57.210
DZ Bank AG Deutsche  17.000   6/26/2020   EUR   33.410
DZ Bank AG Deutsche  11.500   9/25/2020   EUR   38.780
Vontobel Financial    4.700   9/18/2020   EUR   53.620
Vontobel Financial    8.000   9/25/2020   EUR   57.030
UBS AG/London         4.500   02/01/2021  CHF   65.050
Leonteq Securities    8.000   08/05/2021  CHF   39.720
Leonteq Securities    6.500   08/05/2021  CHF   71.550
Leonteq Securities   16.400   11/05/2020  CHF   46.880
Leonteq Securities    9.200   08/02/2021  USD   64.600
EFG International F  13.500   08/05/2020  USD   56.060
Vontobel Financial   27.500   08/12/2020  USD   71.370
Corner Banca SA       7.500   08/05/2022  CHF   69.220
Corner Banca SA       9.000   11/05/2020  CHF   67.850
Corner Banca SA      17.000   08/05/2020  CHF   43.580
Societe Generale Ef   6.500   6/26/2020   EUR   46.990
Societe Generale Ef  10.500   6/26/2020   EUR   42.190
Raiffeisen Schweiz    5.200   08/02/2022  CHF   65.120
Raiffeisen Centroba   6.750   09/07/2021  EUR   53.190
Vontobel Financial    2.500   09/11/2020  EUR   52.950
Vontobel Financial    4.500   09/11/2020  EUR   49.160
Vontobel Financial   10.500   09/11/2020  EUR   43.630
Vontobel Financial    7.500   09/11/2020  EUR   45.920
Vontobel Financial    8.000   09/11/2020  EUR   72.840
Vontobel Financial   16.500   09/11/2020  EUR   68.980
Vontobel Financial    3.500   09/11/2020  EUR   74.200
Vontobel Financial   13.500   09/11/2020  EUR   63.660
Vontobel Financial   15.500   06/12/2020  EUR   55.720
Vontobel Financial   10.500   06/12/2020  EUR   61.600
Vontobel Financial    6.500   09/11/2020  EUR   69.130
Vontobel Financial    8.500   09/11/2020  EUR   66.350
Vontobel Financial   11.610   8/17/2020   EUR   73.620
Vontobel Financial   11.500   09/11/2020  EUR   70.670
Vontobel Financial    9.500   06/12/2020  EUR   72.610
Vontobel Financial    7.000   06/12/2020  EUR   71.950
Vontobel Financial   12.500   06/12/2020  EUR   66.320
Vontobel Financial    8.500   09/11/2020  EUR   70.610
Vontobel Financial   12.500   09/11/2020  EUR   66.450
Vontobel Financial   13.000   09/11/2020  EUR   70.460
Vontobel Financial    6.000   12/11/2020  EUR   61.930
Vontobel Financial    3.500   06/12/2020  EUR   64.840
Vontobel Financial    7.500   09/11/2020  EUR   60.110
Vontobel Financial    2.500   09/11/2020  EUR   55.330
Vontobel Financial   16.080  11/23/2020   EUR   49.320
Vontobel Financial    9.000   09/11/2020  EUR   49.800
Vontobel Financial   11.500   09/11/2020  EUR   66.720
Vontobel Financial    7.000   12/11/2020  EUR   66.810
Vontobel Financial    5.000   12/11/2020  EUR   70.460
Vontobel Financial   12.500   09/11/2020  EUR   53.510
Vontobel Financial   11.500   09/11/2020  EUR   57.220
Vontobel Financial    4.000   12/11/2020  EUR   70.550
Zurcher Kantonalban   6.000   5/25/2021   CHF   69.390
DZ Bank AG Deutsche   7.750  12/23/2020   EUR   66.530
DZ Bank AG Deutsche   8.250   3/24/2021   EUR   46.730
DZ Bank AG Deutsche   1.900   2/24/2021   EUR
Societe Generale Ef  14.250   1/22/2021   EUR   69.020
Societe Generale Ef   6.000  12/28/2020   EUR   70.240
Societe Generale Ef   6.000   8/28/2020   EUR   46.530
Societe Generale Ef  11.750  10/23/2020   EUR   45.570
Societe Generale Ef  14.000   9/25/2020   EUR   66.160
Societe Generale Ef  11.500  10/23/2020   EUR   46.000
Societe Generale Ef   8.000  10/23/2020   EUR   66.560
Societe Generale Ef  12.250   1/22/2021   EUR   70.230
Societe Generale Ef   6.250   8/28/2020   EUR   72.140
Societe Generale Ef   5.000  10/23/2020   EUR   73.800
Societe Generale Ef   7.000  10/23/2020   EUR   72.000
Societe Generale Ef  22.000   8/28/2020   EUR   69.150
Societe Generale Ef  17.750  12/28/2020   EUR   69.620
Vontobel Financial   10.000   9/25/2020   EUR   63.580
Vontobel Financial    5.500   09/11/2020  EUR   69.150
Vontobel Financial    8.500   12/11/2020  EUR   71.010
Vontobel Financial   11.000   12/11/2020  EUR   67.810
Vontobel Financial   11.500   12/11/2020  EUR   60.310
Vontobel Financial    8.500   09/11/2020  EUR   72.140
Vontobel Financial   13.000   09/11/2020  EUR   38.440
Societe Generale Ef   9.500   2/19/2021   EUR   55.170
Vontobel Financial    5.000   09/11/2020  EUR   44.340
Zurcher Kantonalban   6.000   5/25/2021   CHF   73.500
Zurcher Kantonalban   4.000   5/25/2021   EUR   60.290
Zurcher Kantonalban   6.800   5/25/2021   EUR   59.770
Vontobel Financial   12.000   09/11/2020  EUR   62.220
Vontobel Financial   13.000   09/11/2020  EUR   60.880
Vontobel Financial   14.000   09/11/2020  EUR   59.590
Vontobel Financial   15.500   09/11/2020  EUR   58.490
DZ Bank AG Deutsche   8.500   6/24/2020   EUR   41.420
DZ Bank AG Deutsche  10.250   6/24/2020   EUR   71.660
DZ Bank AG Deutsche   5.750   8/26/2020   EUR   50.700
Vontobel Financial   14.250   2/18/2021   EUR   64.570
Credit Suisse AG/Lo   8.250   11/05/2020  EUR   69.510
Zurcher Kantonalban   6.600   02/05/2021  EUR   67.090
Zurcher Kantonalban   8.000   8/13/2021   CHF   71.350
Zurcher Kantonalban   7.000   08/07/2020  EUR   57.670
Leonteq Securities   13.750   2/17/2021   EUR   53.710
Leonteq Securities    6.000   8/17/2022   CHF   62.020
Leonteq Securities   15.470   5/18/2021   CHF   62.560
Raiffeisen Schweiz    6.300   2/17/2022   CHF   65.030
UniCredit Bank AG    18.100   3/26/2021   EUR   68.380
UniCredit Bank AG    16.300   3/26/2021   EUR   68.840
Landesbank Hessen-T   4.000   3/20/2023   EUR   71.280
UniCredit Bank AG    14.300   3/26/2021   EUR   68.840
UniCredit Bank AG    14.800   6/25/2021   EUR   71.080
UniCredit Bank AG    19.300  12/28/2020   EUR   67.220
Corner Banca SA       8.410   08/06/2020  EUR   65.860
UBS AG/London         6.500   9/24/2020   EUR   52.390
Zurcher Kantonalban   6.000   5/27/2021   CHF   65.160
UBS AG/London         2.900  12/28/2020   EUR   71.970
UBS AG/London         4.900   9/24/2020   EUR   63.150
UniCredit Bank AG    18.100   6/26/2020   EUR   48.880
UniCredit Bank AG    18.300   3/26/2021   EUR   53.350
UniCredit Bank AG    17.900   9/25/2020   EUR   69.500
UniCredit Bank AG    18.600   3/26/2021   EUR   67.300
Zurcher Kantonalban  10.000   5/25/2021   EUR   63.780
Zurcher Kantonalban   8.000   8/20/2021   USD   66.110
UBS AG/London         8.400  12/28/2020   EUR   75.430
UniCredit Bank AG    14.000  12/24/2021   EUR   69.320
UniCredit Bank AG    19.700   3/26/2021   EUR   67.060
UBS AG/London         3.700  12/28/2020   EUR   67.580
DZ Bank AG Deutsche  15.900  12/28/2020   EUR   47.380
DZ Bank AG Deutsche  20.000  12/28/2020   EUR   65.220
DZ Bank AG Deutsche  16.800   3/26/2021   EUR   67.080
DZ Bank AG Deutsche  10.700   2/26/2021   EUR   48.910
DZ Bank AG Deutsche   7.000   6/25/2021   EUR   51.140
DZ Bank AG Deutsche   9.300   6/25/2021   EUR   50.890
DZ Bank AG Deutsche  15.700   9/25/2020   EUR   70.050
DZ Bank AG Deutsche   9.900   3/26/2021   EUR   73.280
DZ Bank AG Deutsche   6.900   6/25/2021   EUR   73.070
DZ Bank AG Deutsche   6.200   2/26/2021   EUR   67.560
DZ Bank AG Deutsche   9.100   6/25/2021   EUR
DZ Bank AG Deutsche   9.800   6/25/2021   EUR
DZ Bank AG Deutsche  14.000   2/26/2021   EUR   73.030
DZ Bank AG Deutsche  13.400   6/25/2021   EUR   70.780
DZ Bank AG Deutsche  14.900   6/25/2021   EUR   69.710
UBS AG/London        13.200   9/24/2020   EUR   71.290
UBS AG/London         9.300   9/24/2020   EUR   58.480
UBS AG/London         7.100   9/24/2020   EUR   65.620
DZ Bank AG Deutsche  12.000   6/25/2021   EUR   69.180
DZ Bank AG Deutsche   9.800   6/25/2021   EUR   71.710
DZ Bank AG Deutsche  19.000   9/25/2020   EUR
DZ Bank AG Deutsche  15.600  12/28/2020   EUR
DZ Bank AG Deutsche  20.800  12/28/2020   EUR   68.630
DZ Bank AG Deutsche   9.000   3/26/2021   EUR   64.750
DZ Bank AG Deutsche   8.300   6/25/2021   EUR   65.790
DZ Bank AG Deutsche  13.600   6/25/2021   EUR   63.150
DZ Bank AG Deutsche   8.000   9/25/2020   EUR
DZ Bank AG Deutsche  11.200   2/26/2021   EUR
DZ Bank AG Deutsche  10.700   2/26/2021   EUR   67.340
DZ Bank AG Deutsche  13.400   2/26/2021   EUR   66.080
DZ Bank AG Deutsche   7.400   6/25/2021   EUR   70.090
DZ Bank AG Deutsche   9.200   6/25/2021   EUR   68.640
DZ Bank AG Deutsche  11.200   6/25/2021   EUR   67.770
Societe Generale Ef  15.250   6/26/2020   EUR   73.130
Societe Generale Ef   5.250   9/25/2020   EUR   46.880
Societe Generale Ef   3.750  10/23/2020   EUR   47.920
Societe Generale Ef  18.000  11/27/2020   EUR   69.730
Societe Generale Ef   3.250   8/28/2020   EUR   73.440
Societe Generale Ef   4.000   8/28/2020   EUR   47.090
Societe Generale Ef  10.000   8/28/2020   EUR   44.240
Societe Generale Ef  11.750  11/27/2020   EUR   69.400
Societe Generale Ef   3.000   8/28/2020   EUR   51.710
Vontobel Financial    4.700   02/08/2021  EUR   70.520
Vontobel Financial    6.400   9/18/2020   EUR   53.710
Credit Suisse AG/Lo   9.000   08/03/2020  USD   56.960
Credit Suisse AG/Lo  11.000   08/06/2020  USD   51.200
Zurcher Kantonalban  10.000   5/18/2021   CHF   55.790
Zurcher Kantonalban   7.000   5/19/2021   CHF   73.600
Zurcher Kantonalban   9.750   8/26/2021   USD   62.000
Zurcher Kantonalban   9.250   8/26/2021   CHF   43.390
Zurcher Kantonalban   8.000   2/25/2022   CHF   51.740
EFG International F   6.400   08/09/2022  CHF   72.690
EFG International F   9.800   08/09/2021  USD   65.730
Societe Generale Ef   9.000   7/24/2020   EUR   70.610
Societe Generale Ef  14.750   8/28/2020   EUR   55.310
Raiffeisen Schweiz    6.000   2/19/2021   EUR   50.880
Vontobel Financial   20.000   9/25/2020   EUR   58.000
Bank Julius Baer &    9.050   08/07/2020  USD   67.200
UBS AG/London         8.000   02/08/2021  CHF   64.900
UBS AG/London         6.500   08/08/2022  CHF   68.200
UBS AG/London         7.250   02/08/2021  CHF   40.400
UBS AG/London         7.500   02/08/2021  EUR   70.800
Leonteq Securities   13.910   11/06/2020  CHF   47.160
Vontobel Financial   12.000   08/10/2020  EUR   60.750
Vontobel Financial    6.800   08/07/2020  CHF   65.490
Societe Generale Ef  13.500   6/26/2020   EUR   54.590
Societe Generale Ef  12.250   6/26/2020   EUR   71.580
Societe Generale Ef  16.250   6/26/2020   EUR   65.130
Societe Generale Ef  10.500   6/26/2020   EUR   72.900
Societe Generale Ef   9.750   6/26/2020   EUR   67.820
Societe Generale Ef   4.000   6/26/2020   EUR   62.560
Societe Generale Ef  14.000   6/26/2020   EUR   65.810
Societe Generale Ef   9.500   7/24/2020   EUR   55.790
Societe Generale Ef  14.500   6/26/2020   EUR   71.580
UBS AG/London        13.000   2/22/2021   USD   72.950
Vontobel Financial   12.000   2/22/2021   USD   69.820
Vontobel Financial   12.000   8/26/2020   EUR   63.620
Banque Cantonale Va   5.800   08/09/2021  CHF   56.720
UniCredit Bank AG     5.500   9/25/2020   EUR   62.150
UniCredit Bank AG    13.600   6/25/2021   EUR   70.220
UniCredit Bank AG    14.500  12/28/2020   EUR   74.420
UBS AG/London         5.750   8/20/2021   EUR   67.100
UniCredit Bank AG    12.100   6/26/2020   EUR   69.400
Leonteq Securities   20.000   11/09/2020  CHF   52.200
Leonteq Securities   10.000   08/09/2021  CHF   53.590
Leonteq Securities    8.000   08/09/2021  EUR   71.630
Leonteq Securities    9.400   08/09/2021  EUR   62.330
Bayerische Landesba   2.850   1/22/2021   EUR   54.280
HSBC Trinkaus & Bur   5.200   6/26/2020   EUR   58.280
HSBC Trinkaus & Bur   6.300   6/26/2020   EUR   43.360
HSBC Trinkaus & Bur   4.200   6/26/2020   EUR   48.180
BNP Paribas Emissio   7.500   6/25/2020   EUR   46.370
DekaBank Deutsche G   3.200   1/15/2021   EUR   49.450
HSBC Trinkaus & Bur   6.700   6/26/2020   EUR   40.340
HSBC Trinkaus & Bur   5.600  12/28/2020   EUR   32.150
HSBC Trinkaus & Bur   6.300  12/28/2020   EUR   70.520
HSBC Trinkaus & Bur   5.700   6/25/2021   EUR   50.560
HSBC Trinkaus & Bur   5.000   6/26/2020   EUR   65.170
HSBC Trinkaus & Bur   7.000   6/26/2020   EUR   57.240
HSBC Trinkaus & Bur   9.500   6/26/2020   EUR   40.890
HSBC Trinkaus & Bur   7.100   6/26/2020   EUR   63.970
HSBC Trinkaus & Bur   8.900   9/25/2020   EUR   69.740
HSBC Trinkaus & Bur   7.400   9/25/2020   EUR   73.310
HSBC Trinkaus & Bur   3.100   9/25/2020   EUR   67.580
HSBC Trinkaus & Bur   8.800   9/25/2020   EUR   30.250
HSBC Trinkaus & Bur   2.900   9/25/2020   EUR   41.370
HSBC Trinkaus & Bur   8.700   6/26/2020   EUR   65.390
BNP Paribas Emissio   9.500   6/25/2020   EUR   66.290
SG Issuer SA          6.000   6/24/2020   EUR   65.990
Societe Generale Ef   9.000   9/25/2020   EUR   69.500
Societe Generale Ef  11.000   9/25/2020   EUR   67.950
Societe Generale Ef  13.000   9/25/2020   EUR   66.730
Societe Generale Ef  15.000   9/25/2020   EUR   65.770
Societe Generale Ef  19.000   9/25/2020   EUR   64.340
Societe Generale Ef  21.000   9/25/2020   EUR   63.800
DZ Bank AG Deutsche  15.100   9/25/2020   EUR   71.710
DZ Bank AG Deutsche  18.700   9/25/2020   EUR   69.440
DZ Bank AG Deutsche  22.800   9/25/2020   EUR   67.570
DZ Bank AG Deutsche  14.000  12/28/2020   EUR   71.010
Societe Generale Ef   6.750  10/23/2020   EUR   71.410
Societe Generale Ef   8.750  10/23/2020   EUR   69.410
Societe Generale Ef  10.750  10/23/2020   EUR   67.900
Societe Generale Ef  12.750  10/23/2020   EUR   66.680
Societe Generale Ef  14.750  10/23/2020   EUR   65.750
Societe Generale Ef  16.750  10/23/2020   EUR   65.080
Societe Generale Ef  18.750  10/23/2020   EUR   64.490
Societe Generale Ef   6.500  11/27/2020   EUR   71.260
Societe Generale Ef   8.500  11/27/2020   EUR   68.880
Societe Generale Ef  10.500  11/27/2020   EUR   67.670
Societe Generale Ef  12.500  11/27/2020   EUR   66.560
Societe Generale Ef  14.500  11/27/2020   EUR   65.790
Societe Generale Ef  16.500  11/27/2020   EUR   65.180
Societe Generale Ef   7.000  12/28/2020   EUR   69.680
Societe Generale Ef   9.000  12/28/2020   EUR   68.380
Societe Generale Ef  11.000  12/28/2020   EUR   67.200
Societe Generale Ef  13.000  12/28/2020   EUR   66.320
Societe Generale Ef  15.000  12/28/2020   EUR   65.640
Societe Generale Ef  18.500   9/25/2020   EUR   70.730
Societe Generale Ef  20.500   9/25/2020   EUR   69.450
DZ Bank AG Deutsche  16.700  12/28/2020   EUR   69.530
DZ Bank AG Deutsche  19.700  12/28/2020   EUR   68.530
DZ Bank AG Deutsche  11.500   3/26/2021   EUR   71.760
DZ Bank AG Deutsche  13.600   3/26/2021   EUR   70.610
DZ Bank AG Deutsche  15.800   3/26/2021   EUR   69.950
DZ Bank AG Deutsche   9.900   6/25/2021   EUR   72.570
DZ Bank AG Deutsche  11.600   6/25/2021   EUR   71.480
DZ Bank AG Deutsche  13.400   6/25/2021   EUR   70.860
Societe Generale Ef  16.750  10/23/2020   EUR   71.520
Societe Generale Ef  18.750  10/23/2020   EUR   70.160
Societe Generale Ef  16.750  11/27/2020   EUR   70.980
Vontobel Financial   13.500   3/26/2021   EUR   73.560
UBS AG/London        10.750   3/18/2021   CHF   72.500
UBS AG/London        11.500   3/18/2021   CHF   72.200
UBS AG/London        14.250   3/18/2021   CHF   16.200
Societe Generale SA   3.000   11/07/2031  EUR   45.750
EFG International F   8.200   07/04/2022  CHF   65.080
Vontobel Financial    5.500   6/26/2020   EUR   58.890
Vontobel Financial   10.500   6/26/2020   EUR   51.900
Vontobel Financial   14.000   6/26/2020   EUR   67.040
Vontobel Financial    6.000   6/26/2020   EUR   40.920
Vontobel Financial    8.000   6/26/2020   EUR   38.350
Vontobel Financial    7.000   6/26/2020   EUR   39.590
Vontobel Financial    9.500   6/26/2020   EUR   37.230
Vontobel Financial   10.500   6/26/2020   EUR   36.150
Vontobel Financial   12.000   6/26/2020   EUR   35.170
Vontobel Financial   14.500   6/26/2020   EUR   72.080
Vontobel Financial   24.000   6/26/2020   EUR   55.290
Vontobel Financial   19.500   6/26/2020   EUR   62.720
Vontobel Financial    6.500   6/26/2020   EUR   55.620
Vontobel Financial   11.000   6/26/2020   EUR   45.130
Vontobel Financial    7.500   6/26/2020   EUR   48.520
Vontobel Financial    8.500   6/26/2020   EUR   69.230
Vontobel Financial   11.500   6/26/2020   EUR   62.960
Vontobel Financial   12.500   6/26/2020   EUR   41.820
Vontobel Financial   17.000   6/26/2020   EUR   38.960
Vontobel Financial    4.000   6/26/2020   EUR   72.770
Vontobel Financial   14.500   6/26/2020   EUR   60.270
Vontobel Financial    6.000   6/26/2020   EUR   65.130
Vontobel Financial   15.000   6/26/2020   EUR   53.950
Bank Julius Baer &   11.350   07/06/2020  EUR   61.750
Vontobel Financial   16.000   6/26/2020   EUR   64.790
Vontobel Financial   19.000   6/25/2020   EUR   72.130
Vontobel Financial    3.000   6/26/2020   EUR   63.200
Vontobel Financial    6.000   6/26/2020   EUR   58.750
Vontobel Financial   10.000   6/26/2020   EUR   55.260
Vontobel Financial   20.000   6/26/2020   EUR   58.970
Vontobel Financial   11.000   6/26/2020   EUR   73.310
Vontobel Financial   12.000   6/26/2020   EUR   70.970
Leonteq Securities   18.000   10/05/2020  CHF   62.710
Leonteq Securities   11.200   10/05/2020  CHF   72.700
Corner Banca SA      11.300   07/08/2020  EUR   57.250
Leonteq Securities    7.600   07/05/2021  CHF   68.190
Leonteq Securities    7.800   07/08/2021  CHF   72.780
Raiffeisen Schweiz    8.750   10/05/2020  CHF   42.740
Raiffeisen Schweiz    5.250   07/05/2021  CHF   56.000
Raiffeisen Schweiz    5.000   07/05/2022  CHF   68.830
UniCredit Bank AG     4.600   8/14/2023   EUR   70.930
Societe Generale Ef   5.500   6/26/2020   EUR   70.400
Raiffeisen Switzerl   4.800  11/23/2023   CHF   42.790
Landesbank Hessen-T   3.000  12/22/2022   EUR   68.140
Landesbank Hessen-T   6.250  12/22/2022   EUR   31.390
UniCredit Bank AG     4.450  12/29/2022   EUR   40.430
UniCredit Bank AG     4.300  12/19/2021   EUR   46.890
UniCredit Bank AG     4.700  12/19/2021   EUR   36.500
UniCredit Bank AG     5.500  12/19/2020   EUR   56.510
Natixis SA            3.690   11/09/2020  USD   36.940
Corner Banca SA      10.000   12/01/2020  CHF   50.180
Landesbank Hessen-T   3.250   07/08/2020  EUR   47.400
UniCredit Bank AG     4.150  12/28/2021   EUR   73.060
Leonteq Securities    6.400   06/04/2020  CHF    8.400
Leonteq Securities    8.000   06/04/2020  EUR   63.570
Vontobel Financial   11.500   6/26/2020   EUR   64.880
Vontobel Financial   17.000   9/25/2020   EUR   59.200
Vontobel Financial    7.500   9/25/2020   EUR   71.710
Zurcher Kantonalban   7.170   2/17/2021   CHF   63.730
Raiffeisen Schweiz    5.400   8/17/2022   CHF   60.150
Raiffeisen Schweiz    7.800   2/14/2022   EUR   62.630
Raiffeisen Schweiz    8.000   2/14/2022   CHF   63.590
Raiffeisen Schweiz   10.500   2/17/2021   CHF   54.130
Raiffeisen Schweiz    5.250   2/14/2022   CHF   72.160
Societe Generale Ef   4.500   6/26/2020   EUR   50.790
Societe Generale Ef   8.500   6/26/2020   EUR   44.300
Societe Generale Ef  12.500   6/26/2020   EUR   40.460
Vontobel Financial    9.000   06/12/2020  EUR   73.930
Vontobel Financial    8.000   09/11/2020  EUR   68.160
Vontobel Financial   10.500   06/12/2020  EUR   60.570
Vontobel Financial   14.500   09/11/2020  EUR   56.900
Vontobel Financial   16.500   06/12/2020  EUR   54.220
Vontobel Financial    7.500   09/11/2020  EUR   67.830
Vontobel Financial   11.000   09/11/2020  EUR   63.610
Vontobel Financial    7.000   09/11/2020  EUR   77.030
Vontobel Financial   11.500   06/12/2020  EUR   71.830
Vontobel Financial   13.500   06/12/2020  EUR   53.330
Vontobel Financial   16.500   09/11/2020  EUR   52.930
Vontobel Financial    5.500   09/11/2020  EUR   52.170
Vontobel Financial   10.000   06/12/2020  EUR   43.350
Vontobel Financial    8.000   09/11/2020  EUR   70.820
Vontobel Financial   12.500   12/11/2020  EUR   66.520
Vontobel Financial    8.500   12/11/2020  EUR   70.020
Vontobel Financial    9.500   12/11/2020  EUR   64.280
Vontobel Financial   17.500   09/11/2020  EUR   51.800
Vontobel Financial    8.000   12/11/2020  EUR   62.260
Vontobel Financial   12.500   12/11/2020  EUR   56.640
Zurcher Kantonalban  10.000   2/25/2021   CHF   70.920
Zurcher Kantonalban   6.000   5/25/2021   CHF   57.040
DZ Bank AG Deutsche   7.000   2/24/2021   EUR   71.500
Societe Generale Ef  13.250   1/22/2021   EUR   69.610
Societe Generale Ef   6.000  10/23/2020   EUR   69.800
Societe Generale Ef  17.000  10/23/2020   EUR   67.000
Societe Generale Ef  16.000  11/27/2020   EUR   67.840
Societe Generale Ef  10.250   1/22/2021   EUR   71.770
Societe Generale Ef  11.250   1/22/2021   EUR   70.990
Societe Generale Ef   7.500   9/25/2020   EUR   71.510
Societe Generale Ef   6.000  10/23/2020   EUR   72.810
Societe Generale Ef  23.000   8/28/2020   EUR   68.520
Vontobel Financial    3.500   12/11/2020  EUR   71.420
Vontobel Financial    7.000   12/11/2020  EUR   64.990
Vontobel Financial   11.500   09/11/2020  EUR   67.930
Vontobel Financial    9.500   06/12/2020  EUR   71.240
Vontobel Financial    9.000   09/11/2020  EUR   72.550
Vontobel Financial    7.500   09/11/2020  EUR   41.940
Vontobel Financial   10.000   09/11/2020  EUR   39.950
Zurcher Kantonalban  10.000   5/25/2021   CHF   68.300
Zurcher Kantonalban   5.600   5/25/2021   CHF   62.680
Zurcher Kantonalban   8.000   5/25/2021   EUR   64.370
Zurcher Kantonalban   6.000   5/25/2021   EUR   57.240
Zurcher Kantonalban   6.500   5/25/2021   EUR   67.390
Zurcher Kantonalban   8.600   8/25/2021   USD   71.260
Credit Suisse AG/Lo   9.500   2/16/2021   USD   72.260
Vontobel Financial    9.500   09/11/2020  EUR   64.840
DZ Bank AG Deutsche   6.000   6/24/2020   EUR   64.520
DZ Bank AG Deutsche   7.500   9/23/2020   EUR   61.690
DZ Bank AG Deutsche   5.250   8/26/2020   EUR   48.260
Societe Generale Ef  17.000   6/26/2020   EUR   67.170
Credit Suisse AG/Lo   7.000   11/06/2020  CHF   67.190
Zurcher Kantonalban   5.858   1/22/2021   CHF   64.880
UniCredit Bank AG    19.800   9/25/2020   EUR   67.230
UniCredit Bank AG    11.100  12/24/2021   EUR   72.530
UniCredit Bank AG    19.000   9/25/2020   EUR   71.360
Landesbank Baden-Wu   3.400   6/23/2023   EUR   71.350
UBS AG/London        15.700   9/24/2020   EUR   57.500
UBS AG/London         5.200   9/24/2020   EUR   53.820
UniCredit Bank AG    17.600   6/25/2021   EUR   54.560
UniCredit Bank AG    18.200   6/26/2020   EUR   75.260
UniCredit Bank AG    19.100   3/26/2021   EUR   67.140
UniCredit Bank AG    19.800   9/25/2020   EUR   68.420
UniCredit Bank AG    18.900  12/28/2020   EUR   67.070
UniCredit Bank AG    18.900   9/25/2020   EUR   68.960
UniCredit Bank AG    19.700  12/28/2020   EUR   66.860
UBS AG/London         2.500   9/24/2020   EUR   68.320
UniCredit Bank AG    17.400   6/25/2021   EUR   67.270
DZ Bank AG Deutsche  20.300   9/25/2020   EUR   44.580
DZ Bank AG Deutsche  14.100   2/26/2021   EUR   67.940
DZ Bank AG Deutsche   9.500   6/25/2021   EUR   70.740
DZ Bank AG Deutsche  13.400   3/26/2021   EUR   49.200
DZ Bank AG Deutsche  11.700   6/25/2021   EUR   50.770
DZ Bank AG Deutsche  12.000  12/28/2020   EUR   72.050
DZ Bank AG Deutsche   8.500   6/25/2021   EUR   72.230
DZ Bank AG Deutsche   3.000   3/26/2021   EUR
DZ Bank AG Deutsche   5.500   6/25/2021   EUR
DZ Bank AG Deutsche   8.200   2/26/2021   EUR
DZ Bank AG Deutsche   7.000   6/25/2021   EUR
DZ Bank AG Deutsche  16.100   2/26/2021   EUR   71.530
DZ Bank AG Deutsche  13.400   3/26/2021   EUR   73.630
DZ Bank AG Deutsche  12.000   6/25/2021   EUR   73.420
DZ Bank AG Deutsche  10.300   6/25/2021   EUR   70.370
DZ Bank AG Deutsche  11.400   6/25/2021   EUR
DZ Bank AG Deutsche  14.700   6/25/2021   EUR   68.160
UBS AG/London         5.900   9/24/2020   EUR   62.210
UBS AG/London         6.700   9/24/2020   EUR   67.430
UBS AG/London         1.900   9/24/2020   EUR   70.200
DZ Bank AG Deutsche  15.700   9/25/2020   EUR
DZ Bank AG Deutsche  10.900   6/25/2021   EUR   64.150
DZ Bank AG Deutsche  14.200   6/25/2021   EUR   71.710
BNP Paribas Issuanc  18.000   8/13/2029   EUR   67.060
Societe Generale Ef   4.750   1/22/2021   EUR   56.050
Bank Julius Baer &    4.750   08/07/2020  EUR   72.600
Bank Julius Baer &    7.820   08/07/2020  EUR   73.250
Societe Generale Ef   7.250   9/25/2020   EUR   45.800
Societe Generale Ef   9.250   9/25/2020   EUR   45.150
Societe Generale Ef   5.750  10/23/2020   EUR   46.450
Societe Generale Ef  17.000  12/28/2020   EUR   70.700
Societe Generale Ef   8.000   8/28/2020   EUR   44.840
Societe Generale Ef   3.250   9/25/2020   EUR   48.680
Societe Generale Ef   7.250  10/23/2020   EUR   69.940
Societe Generale Ef  12.750  11/27/2020   EUR   68.750
Credit Suisse AG/Lo   8.750   11/02/2020  USD   68.480
Credit Suisse AG/Lo   6.000   02/07/2022  CHF   72.100
Credit Suisse AG/Lo   8.500   5/18/2021   EUR   62.870
Zurcher Kantonalban   5.750   8/27/2021   CHF   70.150
EFG International F  16.000   08/12/2020  CHF   48.350
EFG International F   9.000   08/09/2021  USD   69.900
EFG International F  11.000   08/07/2020  EUR   68.350
EFG International F   8.600   08/09/2021  CHF   62.580
UniCredit Bank AG     4.650   09/11/2023  EUR   68.410
Societe Generale Ef   6.500   6/26/2020   EUR   66.270
Societe Generale Ef  13.500   9/25/2020   EUR   56.200
Vontobel Financial    4.000   1/13/2021   EUR   68.190
Leonteq Securities    3.000   2/19/2024   CHF   72.790
Raiffeisen Switzerl  10.000   2/19/2021   USD   38.520
Credit Suisse AG/Lo   7.000   8/19/2021   CHF   71.250
Credit Suisse AG/Lo   4.850   2/27/2023   EUR   72.870
Vontobel Financial    5.040   2/23/2021   EUR   66.860
Societe Generale Ef   6.750  10/23/2020   EUR   71.410
Societe Generale Ef   7.750  10/23/2020   EUR   70.040
Societe Generale Ef   8.750  10/23/2020   EUR   68.820
Societe Generale Ef   9.750  10/23/2020   EUR   67.800
Societe Generale Ef   3.750  12/28/2020   EUR   71.210
Societe Generale Ef   5.750  12/28/2020   EUR   68.770
Societe Generale Ef   9.000   1/22/2021   EUR   66.620
Societe Generale Ef   8.000   8/28/2020   EUR   68.190
Societe Generale Ef  10.000   8/28/2020   EUR   66.650
Societe Generale Ef   7.000  12/28/2020   EUR   71.710
Societe Generale Ef  10.000  12/28/2020   EUR   68.340
Societe Generale Ef  11.000  12/28/2020   EUR   67.450
Societe Generale Ef   7.750   9/25/2020   EUR   69.680
Raiffeisen Switzerl   7.000   8/19/2021   EUR   62.800
EFG International F   8.160   2/26/2025   EUR   48.640
Bank Julius Baer &    6.400   2/23/2021   USD   73.950
Vontobel Financial   18.300   8/21/2020   USD   31.060
Vontobel Financial   13.950   8/21/2020   USD   53.270
Zurcher Kantonalban  10.200   2/19/2021   CHF   59.510
Zurcher Kantonalban   7.602   2/19/2021   CHF   63.580
Vontobel Financial    5.600   2/22/2021   EUR   44.480
Corner Banca SA      14.200   8/24/2021   USD   56.430
Raiffeisen Schweiz    5.600   5/20/2021   CHF   66.360
Leonteq Securities    6.800   2/20/2023   CHF   59.550
Bank Julius Baer &    9.000   2/23/2021   EUR   57.950
Landesbank Hessen-T   3.750   6/15/2020   EUR   59.700
Landesbank Hessen-T   2.600   6/15/2020   EUR   66.200
Leonteq Securities    7.260  11/16/2020   CHF   52.740
DekaBank Deutsche G   1.900  11/20/2020   EUR   67.440
DekaBank Deutsche G   3.000   06/12/2020  EUR   58.820
EFG International F   7.200  11/23/2020   CHF   53.720
EFG International F   7.000  11/23/2020   CHF   40.890
EFG International F   8.000  11/23/2020   EUR   49.930
EFG International F   7.800  11/24/2020   USD   40.150
Landesbank Hessen-T   5.400  11/24/2022   EUR   35.630
Landesbank Baden-Wu   3.000  12/29/2020   EUR   62.990
Landesbank Baden-Wu   3.500  12/29/2020   EUR   50.720
Leonteq Securities    6.400  11/17/2020   CHF   53.080
Raiffeisen Schweiz    7.300  11/13/2020   CHF   62.260
DekaBank Deutsche G   2.550   12/11/2020  EUR   54.500
Landesbank Hessen-T   7.800  12/15/2022   EUR   39.880
Landesbank Hessen-T   7.250   3/15/2023   EUR   59.410
Landesbank Baden-Wu   2.200   8/28/2020   EUR   64.460
Landesbank Baden-Wu   2.450   8/28/2020   EUR   72.330
Landesbank Baden-Wu   3.000   8/28/2020   EUR   59.960
Landesbank Baden-Wu   3.350   8/28/2020   EUR   63.570
Societe Generale SA  11.500  11/30/2020   USD
EFG International F   6.800  11/29/2021   CHF   63.930
EFG International F   7.000  11/30/2020   CHF   54.450
EFG International F   7.200  11/30/2020   EUR   48.440
Landesbank Baden-Wu   2.750   3/25/2022   EUR   70.950
Landesbank Baden-Wu   2.800   3/25/2022   EUR   60.780
Landesbank Baden-Wu   2.500   3/25/2022   EUR   61.940
Leonteq Securities    4.200   06/01/2021  CHF   30.150
DekaBank Deutsche G   2.000   12/11/2020  EUR   66.110
Landesbank Baden-Wu   2.350  11/26/2021   EUR   67.770
Landesbank Baden-Wu   3.500  11/26/2021   EUR   69.770
Zurcher Kantonalban   7.000   9/14/2020   CHF   64.660
Leonteq Securities    6.100   3/15/2021   CHF   68.890
DZ Bank AG Deutsche   6.000   9/27/2021   EUR   65.100
Raiffeisen Schweiz    7.300   9/14/2020   CHF   51.980
Raiffeisen Schweiz    7.000   9/14/2020   CHF   52.620
Raiffeisen Schweiz    6.500   9/14/2020   EUR   62.800
Raiffeisen Schweiz    6.100   9/14/2020   CHF   68.870
Raiffeisen Schweiz    5.300   9/14/2020   CHF   68.540
Landesbank Hessen-T   4.000   10/12/2022  EUR   58.940
Landesbank Hessen-T   3.000   7/15/2021   EUR   71.700
DekaBank Deutsche G   2.300   10/02/2020  EUR   70.830
DekaBank Deutsche G   2.900   10/02/2020  EUR   65.170
Basler Kantonalbank   4.950   9/25/2020   CHF   65.730
Landesbank Hessen-T   5.200  10/22/2024   EUR   57.550
UniCredit Bank AG     5.550   10/05/2021  EUR   52.370
UniCredit Bank AG     4.500   10/05/2022  EUR   65.120
UBS AG/London         6.250   9/14/2020   CHF   51.650
Raiffeisen Schweiz    6.300   06/10/2020  CHF   54.390
Raiffeisen Schweiz    6.000   12/07/2020  EUR   46.520
UBS AG/London         7.000   12/07/2020  EUR   69.100
UBS AG/London        12.000   06/05/2020  EUR   43.150
UBS AG/London         6.200   12/07/2020  EUR   53.100
UniCredit Bank AG     5.050   01/11/2022  EUR   33.320
UniCredit Bank AG     4.750   01/11/2022  EUR   61.000
UniCredit Bank AG     5.750   01/11/2022  EUR   43.100
Landesbank Baden-Wu   4.000   7/24/2020   EUR   61.120
Landesbank Baden-Wu   3.600   7/24/2020   EUR   45.600
Bank Julius Baer &   10.900  12/14/2020   USD   46.250
Landesbank Hessen-T   4.300   7/17/2020   EUR   55.900
DekaBank Deutsche G   2.150   1/21/2022   EUR   47.720
HSBC Trinkaus & Bur   3.100   6/26/2020   EUR   67.150
UBS AG/London        12.000   06/12/2020  USD   19.100
Nordea Bank Abp       7.340   1/20/2024   SEK   73.500
Commerzbank AG        2.980  12/28/2021   EUR   49.570
Commerzbank AG        2.980  12/28/2021   USD   49.100
DekaBank Deutsche G   6.000   06/11/2021  EUR   45.490
Landesbank Baden-Wu   4.100   1/28/2022   EUR   52.740
UBS AG/London        10.000   6/19/2020   EUR   67.150
EFG International F  14.800   8/19/2021   CHF   65.150
Raiffeisen Schweiz    4.600   2/20/2023   CHF   62.580
Leonteq Securities   10.000   8/19/2021   CHF   60.630
Bank Julius Baer &    8.100   2/23/2021   EUR   62.050
Raiffeisen Centroba  20.605  12/23/2020   EUR   71.700
Raiffeisen Centroba  24.137  12/23/2020   EUR   72.010
Vontobel Financial   18.650   8/21/2020   USD   74.070
Raiffeisen Centroba  18.250  12/23/2020   EUR   69.280
EFG International F   8.620   8/24/2022   CHF   66.750
Leonteq Securities   14.000   2/24/2021   USD   63.930
Corner Banca SA       8.000   2/24/2021   CHF   44.650
Bank Julius Baer &    6.200   2/23/2021   CHF   70.850
Vontobel Financial   21.600   8/21/2020   USD   32.100
Landesbank Baden-Wu   4.200   2/26/2021   EUR   73.610
Landesbank Baden-Wu   3.250   2/26/2021   EUR   71.720
Landesbank Baden-Wu   6.000   2/26/2021   EUR   68.280
Landesbank Baden-Wu  10.500   2/26/2021   EUR   65.360
Landesbank Baden-Wu   1.900   2/26/2021   EUR   65.320
Landesbank Baden-Wu   4.000   2/26/2021   EUR   61.870
Landesbank Baden-Wu   3.000   2/26/2021   EUR   64.780
Landesbank Baden-Wu   7.500   2/26/2021   EUR   68.160
Landesbank Baden-Wu   4.700   2/26/2021   EUR   68.130
Landesbank Baden-Wu   5.200   2/26/2021   EUR   66.750
Landesbank Baden-Wu   6.000   2/26/2021   EUR   69.240
Landesbank Baden-Wu   3.000   2/26/2021   EUR   73.830
Landesbank Baden-Wu   4.500   2/26/2021   EUR   68.260
Landesbank Baden-Wu   7.500   2/26/2021   EUR   64.990
Landesbank Baden-Wu  12.000   2/26/2021   EUR   66.170
Landesbank Baden-Wu  11.500   2/26/2021   EUR   62.720
Landesbank Baden-Wu   2.900   2/26/2021   EUR   72.260
Landesbank Baden-Wu   3.600   2/26/2021   EUR   71.330
Landesbank Baden-Wu   4.400   2/26/2021   EUR   70.520
Landesbank Baden-Wu   3.500   2/26/2021   EUR   74.660
Landesbank Baden-Wu   2.300   2/26/2021   EUR   52.910
Landesbank Baden-Wu   4.000   2/26/2021   EUR   67.130
Landesbank Baden-Wu   6.250   2/26/2021   EUR   64.790
Landesbank Baden-Wu   2.400   2/26/2021   EUR   51.370
Landesbank Baden-Wu   3.500   2/26/2021   EUR   50.140
Landesbank Baden-Wu   4.000   2/26/2021   EUR   49.760
Landesbank Baden-Wu   4.500   2/26/2021   EUR   49.020
Landesbank Baden-Wu   2.000   2/26/2021   EUR   70.330
Societe Generale Ef   8.000  10/23/2020   EUR   45.440
Societe Generale Ef  13.000  11/27/2020   EUR   70.120
Societe Generale Ef  12.000  12/28/2020   EUR   70.790
Societe Generale Ef  21.250  10/23/2020   EUR   71.210
Societe Generale Ef  10.500  10/23/2020   EUR   68.920
Societe Generale Ef  12.500  10/23/2020   EUR   67.560
Societe Generale Ef  12.250   1/22/2021   EUR   68.280
Societe Generale Ef  15.500  11/27/2020   EUR   60.220
Societe Generale Ef   9.000   1/22/2021   EUR   64.900
Societe Generale Ef  13.000   8/28/2020   EUR   60.070
Societe Generale Ef  15.000   8/28/2020   EUR   58.970
Societe Generale Ef   9.500   9/25/2020   EUR   63.080
Societe Generale Ef  12.500   9/25/2020   EUR   60.790
Societe Generale Ef  12.500  10/23/2020   EUR   61.210
Societe Generale Ef   5.500  11/27/2020   EUR   69.140
Societe Generale Ef   6.500  11/27/2020   EUR   67.460
Societe Generale Ef   8.500  11/27/2020   EUR   64.940
Societe Generale Ef  12.500  11/27/2020   EUR   61.740
Societe Generale Ef  13.250  11/27/2020   EUR   67.360
Societe Generale Ef   7.000  12/28/2020   EUR   72.190
Societe Generale Ef   5.750   9/25/2020   EUR   71.940
Societe Generale Ef  17.500  10/23/2020   EUR   60.430
Societe Generale Ef   7.500  12/28/2020   EUR   67.270
Societe Generale Ef  13.000  12/28/2020   EUR   67.840
Societe Generale Ef   6.250   1/22/2021   EUR   73.100
Societe Generale Ef  12.000   1/22/2021   EUR   62.560
Societe Generale Ef  13.000   1/22/2021   EUR   62.020
Societe Generale Ef  14.000   1/22/2021   EUR   61.510
Societe Generale Ef  14.750   8/28/2020   EUR   65.840
Societe Generale Ef   5.500   9/25/2020   EUR   74.310
Societe Generale Ef   7.500   9/25/2020   EUR   71.630
Societe Generale Ef  11.500   9/25/2020   EUR   68.050
Zurcher Kantonalban   6.000   8/24/2021   EUR   71.480
Vontobel Financial   20.450   8/20/2020   USD   73.780
Credit Suisse AG/Lo   7.500   06/04/2020  CHF   67.310
Landesbank Baden-Wu   5.000   3/26/2021   EUR   70.010
Landesbank Baden-Wu   6.000   3/26/2021   EUR   70.500
Landesbank Baden-Wu   3.000   3/26/2021   EUR   52.970
Landesbank Baden-Wu   4.500   3/26/2021   EUR   49.410
Landesbank Baden-Wu   4.000   3/26/2021   EUR   65.680
Landesbank Baden-Wu   4.500   3/26/2021   EUR   42.160
Landesbank Baden-Wu   4.000   3/26/2021   EUR   60.240
Landesbank Baden-Wu   8.000   9/24/2021   EUR   70.910
Landesbank Baden-Wu   3.000   3/26/2021   EUR   63.040
Landesbank Baden-Wu   3.500   3/26/2021   EUR   59.300
Landesbank Baden-Wu   4.500   3/26/2021   EUR   56.900
Vontobel Financial    9.500   06/12/2020  EUR   58.390
Vontobel Financial   15.500   06/12/2020  EUR   40.570
Vontobel Financial   17.000   06/12/2020  EUR   56.330
Vontobel Financial   10.500   06/12/2020  EUR   69.840
Vontobel Financial    9.000   06/12/2020  EUR   63.360
DZ Bank AG Deutsche   8.200   3/24/2021   EUR
DZ Bank AG Deutsche   8.500   9/23/2020   EUR   47.030
DZ Bank AG Deutsche   5.700   9/23/2020   EUR   70.900
DZ Bank AG Deutsche   6.900   9/23/2020   EUR
DZ Bank AG Deutsche   5.400   3/24/2021   EUR
DZ Bank AG Deutsche  10.500   9/23/2020   EUR
EFG International F   7.000   03/07/2022  CHF   66.370
DZ Bank AG Deutsche   9.500   3/24/2021   EUR
UBS AG/London        11.000   09/07/2020  EUR   40.200
UBS AG/London         4.500   09/07/2020  CHF   69.450
Societe Generale Ef  18.250   8/28/2020   EUR   64.860
Societe Generale Ef  18.500   9/25/2020   EUR   64.620
Societe Generale Ef  11.250  10/23/2020   EUR   68.910
Erste Group Bank AG   8.250   3/29/2024   EUR   64.550
Societe Generale Ef  10.500  10/23/2020   EUR   61.590
Societe Generale Ef  14.500  11/27/2020   EUR   59.740
Societe Generale Ef  11.500  10/23/2020   EUR   69.750
UBS AG/London         5.400  12/28/2020   EUR   46.980
Societe Generale Ef  11.500  12/28/2020   EUR   68.820
UBS AG/London         3.900   6/25/2020   EUR   49.250
Societe Generale Ef  17.250  10/23/2020   EUR   65.380
UBS AG/London         4.500   9/24/2020   EUR   71.040
Zurcher Kantonalban   7.000   09/03/2021  CHF   70.430
Zurcher Kantonalban   6.000   06/08/2020  EUR   61.780
Credit Suisse AG/Lo   7.000   09/02/2020  USD   53.590
Landesbank Hessen-T   4.000   04/12/2023  EUR   70.810
Landesbank Hessen-T   4.000   04/12/2023  EUR   56.530
DZ Bank AG Deutsche   5.000   6/22/2020   EUR   51.800
DZ Bank AG Deutsche   3.900   6/22/2020   EUR   59.750
Leonteq Securities    7.500   03/11/2021  CHF   55.480
DZ Bank AG Deutsche   5.000   6/24/2020   EUR   69.020
DekaBank Deutsche G   2.900   04/08/2022  EUR   68.920
DekaBank Deutsche G   2.500   04/09/2021  EUR   51.510
DekaBank Deutsche G   3.100   04/08/2022  EUR   62.880
DekaBank Deutsche G   3.300   04/08/2022  EUR   47.320
Bank Julius Baer &   10.800   06/12/2020  CHF   57.650
Raiffeisen Schweiz    6.400   09/08/2021  CHF   69.700
Raiffeisen Schweiz    7.200   09/08/2020  CHF   66.090
Zurcher Kantonalban   6.250   3/19/2021   CHF   68.270
Zurcher Kantonalban   6.500   3/19/2021   EUR   64.710
Credit Suisse AG/Lo   8.000   06/12/2020  EUR   54.810
Deutsche Bank AG      3.200   9/22/2020   EUR   58.900
Goldman Sachs & Co   13.000   3/24/2021   EUR   60.670
HSBC Trinkaus & Bur   3.000   08/10/2020  EUR   60.170
UBS AG/London         5.000   3/15/2021   CHF   67.850
UBS AG/London         8.000   3/15/2021   EUR   37.900
UBS AG/London        11.000   3/15/2021   CHF   73.150
UBS AG/London         8.000   3/15/2021   CHF   68.900
Landesbank Baden-Wu   3.250   8/27/2021   EUR   52.830
UBS AG/London         7.000   3/15/2021   EUR   53.000
Leonteq Securities    5.000   9/13/2021   CHF   54.710
Deutsche Bank AG      3.200   6/23/2020   EUR   63.350
Deutsche Bank AG      3.200   9/22/2020   EUR   49.790
UniCredit Bank AG     4.050   10/09/2020  EUR   72.930
UBS AG/London        10.000   09/07/2020  CHF   32.900
UBS AG/London        10.000   09/07/2020  EUR   60.900
Raiffeisen Schweiz   12.900   9/14/2020   GBP   52.710
Credit Suisse AG/Lo   5.750   01/03/2022  CHF   69.570
Zurcher Kantonalban   5.000   07/02/2021  CHF   68.950
Vontobel Financial   15.000   09/11/2020  EUR   64.240
Vontobel Financial   13.500   06/12/2020  EUR   57.570
Vontobel Financial   15.000   06/12/2020  EUR   56.160
Vontobel Financial   15.000   06/12/2020  EUR   57.840
Vontobel Financial    8.000   09/11/2020  EUR   65.330
Vontobel Financial   13.000   06/12/2020  EUR   45.220
Vontobel Financial    9.500   06/12/2020  EUR   44.290
Vontobel Financial   13.000   06/12/2020  EUR   61.620
UBS AG/London         5.750   07/03/2020  CHF   65.400
Vontobel Financial   12.350   9/18/2020   EUR   59.200
Vontobel Financial    7.650   09/11/2020  EUR   65.230
Zurcher Kantonalban   8.500   07/10/2020  CHF   51.950
Zurcher Kantonalban   7.000   07/10/2020  CHF   66.430
Zurcher Kantonalban   6.000   07/12/2021  CHF   60.390
Vontobel Financial    5.500   6/26/2020   EUR   65.500
Vontobel Financial    7.000   6/26/2020   EUR   61.200
Vontobel Financial   17.000   6/26/2020   EUR   46.630
Vontobel Financial   13.500   6/26/2020   EUR   60.280
Vontobel Financial    8.000   6/26/2020   EUR   61.850
Vontobel Financial   12.500   6/26/2020   EUR   56.310
UniCredit Bank AG     5.100  12/19/2020   EUR   55.650
UniCredit Bank AG     5.900  12/19/2020   EUR   27.030
Landesbank Hessen-T   4.400   01/05/2023  EUR   38.460
EFG International F   7.000   5/23/2022   EUR   44.990
Credit Suisse AG/Lo   7.000   5/20/2021   CHF   73.820
Credit Suisse AG/Lo   8.750   5/20/2021   GBP   62.610
Landesbank Baden-Wu   5.000   3/26/2021   EUR   72.800
Landesbank Baden-Wu   9.000   3/26/2021   EUR   73.030
Landesbank Baden-Wu   4.000   9/24/2021   EUR   72.550
Landesbank Baden-Wu   7.500   3/26/2021   EUR   73.580
Landesbank Baden-Wu   6.000   3/26/2021   EUR   47.570
Landesbank Baden-Wu   5.000   3/26/2021   EUR   50.790
Raiffeisen Switzerl   8.500   8/24/2021   EUR   72.100
Leonteq Securities    8.130   2/21/2022   EUR   64.800
Landesbank Baden-Wu   3.000   3/26/2021   EUR   62.700
Landesbank Baden-Wu   5.000   3/26/2021   EUR   53.760
Landesbank Baden-Wu   2.500   3/26/2021   EUR   70.590
Leonteq Securities    4.000   2/21/2022   EUR   69.790
Leonteq Securities    5.700   2/21/2022   CHF   62.000
Landesbank Baden-Wu   2.500   3/26/2021   EUR   62.220
Landesbank Baden-Wu   5.000   3/26/2021   EUR   57.580
Landesbank Baden-Wu   3.000   3/26/2021   EUR   61.020
Corner Banca SA      12.800   8/24/2021   CHF   60.770
Vontobel Financial   14.000   06/12/2020  EUR   50.200
Vontobel Financial   13.000   06/12/2020  EUR   61.310
Vontobel Financial    8.500   06/12/2020  EUR   67.850
Vontobel Financial   11.500   06/12/2020  EUR   63.100
Vontobel Financial    6.500   06/12/2020  EUR   68.150
Vontobel Financial   11.500   06/12/2020  EUR   59.210
DZ Bank AG Deutsche   9.200  12/23/2020   EUR   64.420
DZ Bank AG Deutsche   7.900   3/24/2021   EUR   66.490
DZ Bank AG Deutsche   8.500   3/24/2021   EUR   66.140
DZ Bank AG Deutsche   6.200   9/23/2020   EUR
DZ Bank AG Deutsche   5.200  12/23/2020   EUR
DZ Bank AG Deutsche   4.500   3/24/2021   EUR
DZ Bank AG Deutsche   7.800  12/23/2020   EUR   48.850
DZ Bank AG Deutsche   6.700   6/23/2021   EUR   51.110
DZ Bank AG Deutsche   6.100  12/23/2020   EUR
DZ Bank AG Deutsche   5.000   6/23/2021   EUR
UBS AG/London         5.000   03/08/2021  CHF   67.700
Societe Generale Ef   8.500   9/25/2020   EUR   71.500
Societe Generale Ef  16.500   9/25/2020   EUR   65.620
Societe Generale Ef   7.250  10/23/2020   EUR   72.750
Societe Generale Ef  16.500   9/25/2020   EUR   57.850
Societe Generale Ef  10.500  11/27/2020   EUR   70.430
Societe Generale Ef  15.500  12/28/2020   EUR   66.710
UBS AG/London         6.600   6/25/2020   EUR   64.180
Societe Generale Ef  14.250   8/28/2020   EUR   67.030
Societe Generale Ef  14.250  11/27/2020   EUR   67.050
UBS AG/London         6.700  12/28/2020   EUR   44.890
UBS AG/London         7.400  12/28/2020   EUR   43.920
Leonteq Securities    5.000   03/08/2021  CHF   70.110
DekaBank Deutsche G   2.500  10/24/2023   EUR   55.580
EFG International F   5.400   9/27/2021   CHF   71.190
UBS AG/London         7.500   9/14/2020   CHF   66.700
UniCredit Bank AG     5.900   10/05/2021  EUR   55.380
Leonteq Securities    6.000   9/27/2021   CHF   68.780
Raiffeisen Schweiz    7.000   9/21/2020   CHF   65.390
Vontobel Financial    3.950   9/14/2020   EUR   62.370
UniCredit Bank AG     3.450   9/14/2022   EUR   53.460
UniCredit Bank AG     4.200   10/09/2020  EUR   63.650
UniCredit Bank AG     6.300   10/09/2020  EUR   72.310
HSBC Trinkaus & Bur   4.300   9/25/2020   EUR   51.680
HSBC Trinkaus & Bur   6.700   9/25/2020   EUR   46.220
UniCredit Bank AG     5.500  10/26/2021   EUR   57.160
Landesbank Baden-Wu   2.300  12/27/2021   EUR   68.520
Landesbank Baden-Wu   3.150  12/27/2021   EUR   67.070
Skandinaviska Enski   4.000   7/17/2023   SEK   59.720
Landesbank Baden-Wu   3.050   9/23/2022   EUR   55.770
Raiffeisen Centroba   8.699   9/23/2020   EUR   61.550
Credit Suisse AG/Lo   8.000   6/29/2020   CHF   67.870
Raiffeisen Schweiz    7.500   9/29/2020   CHF   30.450
Leonteq Securities    5.800   3/29/2021   CHF   52.590
Raiffeisen Schweiz    5.400   9/29/2021   CHF   71.240
Raiffeisen Schweiz    6.200   3/29/2021   CHF   68.370
Vontobel Financial    4.150   6/19/2020   EUR   40.100
Vontobel Financial    6.500   6/19/2020   USD   69.380
Vontobel Financial    5.450   8/24/2020   EUR   65.150
Vontobel Financial   15.000   06/12/2020  EUR   67.050
DekaBank Deutsche G   3.000   4/14/2022   EUR   72.130
Landesbank Baden-Wu   5.000   7/24/2020   EUR   51.380
Landesbank Baden-Wu   3.500  12/29/2020   EUR   53.850
Banque Cantonale Va   8.000   9/29/2020   CHF   70.090
Vontobel Financial    6.100   6/19/2020   EUR   47.360
Vontobel Financial    4.900   6/19/2020   EUR   72.700
Deutsche Bank AG      8.200   6/23/2020   EUR   53.520
Deutsche Bank AG      8.200  12/22/2020   EUR   55.090
Societe Generale Ef   3.250   7/24/2020   EUR   60.270
Societe Generale Ef   4.250   7/24/2020   EUR   57.530
Societe Generale Ef   5.250   7/24/2020   EUR   55.530
Societe Generale Ef   6.250   7/24/2020   EUR   53.920
Societe Generale Ef   7.250   7/24/2020   EUR   52.580
Societe Generale Ef   3.750   7/24/2020   EUR   64.730
Societe Generale Ef   5.750   7/24/2020   EUR   59.800
Societe Generale Ef   7.750   7/24/2020   EUR   56.410
Societe Generale Ef   8.500   7/24/2020   EUR   67.610
Societe Generale Ef  12.750   7/24/2020   EUR   69.860
Societe Generale Ef   7.500   7/24/2020   EUR   63.470
Societe Generale Ef   9.500   7/24/2020   EUR   60.290
Societe Generale Ef  11.500   7/24/2020   EUR   57.960
Societe Generale Ef   4.250   7/24/2020   EUR   49.130
Societe Generale Ef   8.250   7/24/2020   EUR   42.620
Societe Generale Ef  10.250   7/24/2020   EUR   40.590
Societe Generale Ef  12.250   7/24/2020   EUR   38.920
Societe Generale Ef   5.250   7/24/2020   EUR   73.640
Societe Generale Ef   6.250   7/24/2020   EUR   71.490
Goldman Sachs & Co   10.000   6/24/2020   EUR   61.980
Goldman Sachs & Co   19.000   6/24/2020   EUR   46.790
Goldman Sachs & Co   17.000  12/23/2020   EUR   52.820
Goldman Sachs & Co   10.000   3/24/2021   EUR   62.760
Goldman Sachs & Co   15.000   3/24/2021   EUR   55.320
Goldman Sachs & Co   15.000   6/24/2020   EUR   60.590
Goldman Sachs & Co   13.000   9/23/2020   EUR   62.410
Goldman Sachs & Co    8.000  12/23/2020   EUR   71.100
Societe Generale Ef  12.250   7/24/2020   EUR   57.490
Goldman Sachs & Co    5.000   6/24/2020   EUR   60.140
Goldman Sachs & Co    7.000   6/24/2020   EUR   56.690
Goldman Sachs & Co    8.000   6/24/2020   EUR   53.500
Goldman Sachs & Co   20.000   6/24/2020   EUR   40.720
Goldman Sachs & Co    4.000   9/23/2020   EUR   63.110
Goldman Sachs & Co    5.000   9/23/2020   EUR   59.640
Goldman Sachs & Co    6.000   9/23/2020   EUR   56.500
Goldman Sachs & Co    8.000   9/23/2020   EUR   54.070
Goldman Sachs & Co   15.000  12/23/2020   EUR   46.280
Societe Generale Ef   5.750   7/24/2020   EUR   71.220
Goldman Sachs & Co    6.000   3/24/2021   EUR   58.770
Goldman Sachs & Co    7.000   3/24/2021   EUR   56.740
Goldman Sachs & Co   10.000   3/24/2021   EUR   52.020
Societe Generale Ef  16.750   7/24/2020   EUR   65.660
Goldman Sachs & Co   14.000  12/23/2020   EUR   72.330
Goldman Sachs & Co   13.000   3/24/2021   EUR   69.880
DZ Bank AG Deutsche   5.330   7/24/2020   EUR   56.650
Vontobel Financial   19.500   06/12/2020  EUR   44.110
Credit Suisse AG/Lo   8.500   07/02/2020  EUR   67.140
Vontobel Financial    8.000   06/12/2020  EUR   50.700
Landesbank Baden-Wu   5.500   9/25/2020   EUR   57.490
Landesbank Baden-Wu   4.000   9/25/2020   EUR   64.390
Landesbank Baden-Wu   5.000   9/25/2020   EUR   53.780
Landesbank Baden-Wu   7.000   9/25/2020   EUR   50.680
Landesbank Baden-Wu   6.000   9/25/2020   EUR   39.780
Landesbank Baden-Wu   6.500   9/25/2020   EUR   55.130
Landesbank Baden-Wu   5.000   9/25/2020   EUR   60.900
Landesbank Baden-Wu   6.000   9/25/2020   EUR   58.580
Landesbank Baden-Wu   7.000   9/25/2020   EUR   56.460
Landesbank Baden-Wu   5.000  10/23/2020   EUR   71.380
Landesbank Baden-Wu   6.000   9/25/2020   EUR   73.950
Landesbank Baden-Wu   6.000   9/25/2020   EUR   54.120
Landesbank Baden-Wu   3.000   9/25/2020   EUR   66.240
Landesbank Baden-Wu   7.000   9/25/2020   EUR   54.910
Landesbank Baden-Wu   3.000   9/25/2020   EUR   62.560
Landesbank Baden-Wu   3.000   9/25/2020   EUR   59.160
Landesbank Baden-Wu   7.000   9/25/2020   EUR   49.640
Landesbank Baden-Wu   5.500   9/25/2020   EUR   61.350
Landesbank Baden-Wu   5.000   9/25/2020   EUR   58.940
Landesbank Baden-Wu   5.000   9/25/2020   EUR   54.800
Vontobel Financial    8.500   9/25/2020   EUR   66.450
Goldman Sachs & Co   10.000   9/23/2020   EUR   71.750
Goldman Sachs & Co    9.000   6/24/2020   EUR   65.600
Goldman Sachs & Co   20.000   6/24/2020   EUR   48.730
Goldman Sachs & Co    7.000   9/23/2020   EUR   65.350
Goldman Sachs & Co   19.000   9/23/2020   EUR   49.950
Goldman Sachs & Co    6.000  12/23/2020   EUR   62.360
Goldman Sachs & Co    6.000   3/24/2021   EUR   65.620
Goldman Sachs & Co    7.000   6/24/2020   EUR   60.860
Goldman Sachs & Co    9.000   6/24/2020   EUR   55.510
Goldman Sachs & Co    4.000   9/23/2020   EUR   73.510
Goldman Sachs & Co    7.000   9/23/2020   EUR   61.760
Goldman Sachs & Co    4.000  12/23/2020   EUR   72.200
Goldman Sachs & Co    5.000  12/23/2020   EUR   66.760
Goldman Sachs & Co    7.000  12/23/2020   EUR   59.970
Goldman Sachs & Co    8.000  12/23/2020   EUR   58.220
Societe Generale Ef   3.000   6/26/2020   EUR   66.160
Raiffeisen Schweiz    7.000   7/26/2021   AUD   57.100
Vontobel Financial    7.000   9/25/2020   EUR   64.880
Vontobel Financial   16.500   6/26/2020   EUR   46.930
UBS AG/London         9.000   04/06/2021  CHF   73.450
Credit Suisse AG/Lo   4.000   05/05/2023  EUR   71.870
Deutsche Bank AG      6.200  12/22/2020   EUR   72.100
Societe Generale Ef  14.250   6/26/2020   EUR   68.090
Societe Generale Ef   3.500   6/26/2020   EUR   72.140
Societe Generale Ef   5.500   6/26/2020   EUR   66.240
Societe Generale Ef  13.750   6/26/2020   EUR   62.440
Landesbank Baden-Wu   4.300   9/25/2020   EUR   69.930
Societe Generale Ef   7.750   6/26/2020   EUR   71.110
Societe Generale Ef  11.750   6/26/2020   EUR   64.740
Societe Generale Ef  12.750   6/26/2020   EUR   69.890
Societe Generale Ef  12.000   6/26/2020   EUR   68.740
Societe Generale Ef  10.000   6/26/2020   EUR   55.090
UBS AG/London        11.000   2/19/2021   CHF   53.550
Societe Generale Ef  12.500   6/26/2020   EUR   74.680
UBS AG/London         9.000   2/19/2021   CHF   70.400
UBS AG/London        10.750   8/19/2021   CHF   70.450
UBS AG/London        12.000   8/19/2021   CHF   62.650
Banque Cantonale Va   6.100   08/09/2021  EUR   56.330
UniCredit Bank AG    12.200   9/25/2020   EUR   61.420
UniCredit Bank AG    14.400   3/26/2021   EUR   61.950
UniCredit Bank AG     8.500   6/26/2020   EUR   69.010
UniCredit Bank AG     6.200   6/26/2020   EUR   60.770
UniCredit Bank AG    14.200   6/26/2020   EUR   66.330
UniCredit Bank AG    12.100  12/24/2021   EUR   61.880
UniCredit Bank AG    13.400  12/24/2021   EUR   72.890
UniCredit Bank AG     8.900   9/25/2020   EUR   64.270
UniCredit Bank AG    12.300   3/26/2021   EUR   63.040
UniCredit Bank AG    11.900  12/24/2021   EUR   63.870
Corner Banca SA       9.000   11/09/2020  CHF   71.760
Leonteq Securities   10.000   08/09/2021  CHF   42.570
Leonteq Securities   10.400   11/09/2020  CHF   69.850
Leonteq Securities   10.800   08/09/2021  USD   71.720
Leonteq Securities   15.500   11/09/2020  CHF   50.660
Landesbank Baden-Wu   3.050   9/23/2022   EUR   61.840
Raiffeisen Schweiz    7.500   02/09/2021  EUR   64.890
Raiffeisen Schweiz    5.200   02/09/2021  CHF   63.540
Raiffeisen Schweiz    5.600   08/09/2022  CHF   64.060
Societe Generale Ef   3.500   6/26/2020   EUR   55.970
Societe Generale Ef  15.750   6/26/2020   EUR   57.810
Societe Generale Ef  10.500   7/24/2020   EUR   69.840
Societe Generale Ef  12.500   7/24/2020   EUR   67.110
Societe Generale Ef  14.250   7/24/2020   EUR   73.500
Societe Generale Ef  16.250   7/24/2020   EUR   70.270
Societe Generale Ef  13.000   7/24/2020   EUR   57.170
Societe Generale Ef   6.500   6/26/2020   EUR   61.090
Societe Generale Ef   4.000   7/24/2020   EUR   65.730
Societe Generale Ef  10.250   7/24/2020   EUR   48.870
Vontobel Financial   15.000   9/25/2020   EUR   71.840
Vontobel Financial   17.000   9/25/2020   EUR   58.980
Vontobel Financial   19.500   9/25/2020   EUR   56.980
Vontobel Financial   11.500   6/26/2020   EUR   70.910
Vontobel Financial   17.000   6/26/2020   EUR   62.520
Vontobel Financial   18.500   6/26/2020   EUR   60.700
Vontobel Financial   20.000   6/26/2020   EUR   58.970
Vontobel Financial    9.500   9/25/2020   EUR   67.750
Vontobel Financial    8.500   9/25/2020   EUR   69.130
Vontobel Financial   10.500   9/25/2020   EUR   66.390
Vontobel Financial   14.500   9/25/2020   EUR   61.180
Vontobel Financial   16.000   9/25/2020   EUR   60.140
Vontobel Financial   11.500   9/25/2020   EUR   65.040
Vontobel Financial   18.000   9/25/2020   EUR   57.820
Vontobel Financial   10.000   6/26/2020   EUR   73.260
Vontobel Financial   13.000   6/26/2020   EUR   68.670
Vontobel Financial   14.000   6/26/2020   EUR   66.480
Vontobel Financial   15.500   6/26/2020   EUR   64.460
Societe Generale Ef   7.500   6/26/2020   EUR   62.190
Societe Generale Ef   9.500   6/26/2020   EUR   59.130
Societe Generale Ef  11.500   6/26/2020   EUR   56.680
Landesbank Baden-Wu   4.000   9/25/2020   EUR   71.240
Landesbank Baden-Wu   8.500   9/25/2020   EUR   65.240
HSBC Trinkaus & Bur   2.420   8/28/2020   EUR   58.870
Landesbank Baden-Wu   3.900   8/28/2020   EUR   48.740
DZ Bank AG Deutsche   8.000   9/21/2020   EUR   61.890
DZ Bank AG Deutsche   6.600   9/21/2020   EUR   72.210
DZ Bank AG Deutsche   9.300   9/21/2020   EUR   69.870
DZ Bank AG Deutsche  10.700   9/21/2020   EUR   67.330
DZ Bank AG Deutsche   9.200  12/21/2020   EUR   67.260
DZ Bank AG Deutsche   9.000   6/24/2020   EUR   71.620
DekaBank Deutsche G   7.800   09/11/2020  EUR   63.260
Societe Generale Ef   6.000   7/24/2020   EUR   62.600
Societe Generale Ef  10.000   7/24/2020   EUR   63.160
Societe Generale Ef   8.500   6/26/2020   EUR   64.710
Societe Generale Ef  10.500   6/26/2020   EUR   62.590
Societe Generale Ef   8.000   7/24/2020   EUR   65.190
Landesbank Hessen-T   6.250  12/13/2024   EUR   55.330
Landesbank Baden-Wu   4.200  12/27/2021   EUR   69.860
Landesbank Baden-Wu   2.500  12/27/2021   EUR   70.900
BNP Paribas Emissio   3.000   9/24/2020   EUR   66.420
Societe Generale Ef   8.250   7/24/2020   EUR   51.440
Societe Generale Ef  11.750   7/24/2020   EUR   51.800
Societe Generale Ef  15.500   6/26/2020   EUR   68.670
Societe Generale Ef   9.500   7/24/2020   EUR   66.230
Societe Generale Ef   9.500   7/24/2020   EUR   71.700
Societe Generale Ef   5.500   7/24/2020   EUR   67.370
Societe Generale Ef   6.250   7/24/2020   EUR   45.320
Goldman Sachs & Co    7.000   6/24/2020   EUR   68.850
Societe Generale Ef   8.250   7/24/2020   EUR   67.970
Societe Generale Ef   9.250   7/24/2020   EUR   66.560
Goldman Sachs & Co   14.000   6/24/2020   EUR   53.200
Goldman Sachs & Co   21.000   6/24/2020   EUR   44.680
Goldman Sachs & Co    8.000   9/23/2020   EUR   67.820
Goldman Sachs & Co    9.000   9/23/2020   EUR   63.860
Goldman Sachs & Co   14.000   9/23/2020   EUR   53.730
Goldman Sachs & Co    7.000  12/23/2020   EUR   70.370
Goldman Sachs & Co    7.000  12/23/2020   EUR   68.290
Goldman Sachs & Co   10.000  12/23/2020   EUR   62.430
Goldman Sachs & Co   10.000  12/23/2020   EUR   60.750
Goldman Sachs & Co   15.000  12/23/2020   EUR   55.080
Goldman Sachs & Co    7.000   3/24/2021   EUR   69.010
Goldman Sachs & Co    8.000   6/24/2020   EUR   72.080
Goldman Sachs & Co    8.000   9/23/2020   EUR   72.250
Societe Generale Ef  16.250   7/24/2020   EUR   55.830
Goldman Sachs & Co    7.000  12/23/2020   EUR   72.930
Goldman Sachs & Co    9.000  12/23/2020   EUR   69.370
Goldman Sachs & Co   15.000  12/23/2020   EUR   61.340
Goldman Sachs & Co    8.000   3/24/2021   EUR   70.720
Societe Generale Ef  14.250   7/24/2020   EUR   55.150
Goldman Sachs & Co    3.000   6/24/2020   EUR   68.870
Goldman Sachs & Co    4.000   6/24/2020   EUR   64.230
Goldman Sachs & Co   10.000   6/24/2020   EUR   50.760
Goldman Sachs & Co   14.000   6/24/2020   EUR   46.120
Goldman Sachs & Co    2.000   9/23/2020   EUR   71.150
Goldman Sachs & Co    3.000   9/23/2020   EUR   66.980
Goldman Sachs & Co    3.000  12/23/2020   EUR   69.510
Goldman Sachs & Co    4.000  12/23/2020   EUR   62.370
Societe Generale Ef   6.750   7/24/2020   EUR   69.250
Societe Generale Ef   7.500   7/24/2020   EUR   73.140
Societe Generale Ef  14.750   7/24/2020   EUR   68.770
Societe Generale Ef  18.750   7/24/2020   EUR   62.920
Landesbank Baden-Wu   3.100   6/26/2020   USD   69.080
Vontobel Financial    7.000   6/19/2020   USD   61.450
Goldman Sachs & Co   16.000   9/23/2020   EUR   69.610
Societe Generale Ef  11.000   7/24/2020   EUR   63.340
Societe Generale Ef   6.000   7/24/2020   EUR   60.430
Societe Generale Ef   8.000   7/24/2020   EUR   58.060
Societe Generale Ef   9.000   7/24/2020   EUR   57.120
Goldman Sachs & Co   15.000   6/24/2020   EUR   70.740
Raiffeisen Centroba   5.750   05/06/2021  EUR   66.560
Vontobel Financial    6.000   06/12/2020  EUR   60.430
Vontobel Financial   11.500   06/12/2020  EUR   45.740
Vontobel Financial   16.000   06/12/2020  EUR   41.720
Landesbank Baden-Wu   8.000   9/25/2020   EUR   62.670
Landesbank Baden-Wu   3.500   9/25/2020   EUR   59.290
Landesbank Baden-Wu   8.000   9/25/2020   EUR   61.400
Landesbank Baden-Wu   3.000   9/25/2020   EUR   45.310
Landesbank Baden-Wu   4.500   9/25/2020   EUR   42.070
Landesbank Baden-Wu   3.500   9/25/2020   EUR   62.210
Landesbank Baden-Wu   8.000   9/25/2020   EUR   59.050
Leonteq Securities    5.800   7/26/2021   CHF   60.400
Landesbank Baden-Wu   4.500   9/25/2020   EUR   56.910
Landesbank Baden-Wu   5.000   9/25/2020   EUR   53.590
Landesbank Baden-Wu   4.000   9/25/2020   EUR   68.980
Landesbank Baden-Wu   6.500   9/25/2020   EUR   60.470
Landesbank Baden-Wu   3.000   9/25/2020   EUR   57.360
BNP Paribas Emissio   6.000   6/25/2020   EUR   46.510
Vontobel Financial   14.000   9/25/2020   EUR   68.170
Goldman Sachs & Co   12.000   6/24/2020   EUR   67.890
Goldman Sachs & Co   15.000   9/23/2020   EUR   63.730
Goldman Sachs & Co   18.000   9/23/2020   EUR   60.750
Goldman Sachs & Co   10.000  12/23/2020   EUR   71.070
Goldman Sachs & Co    9.000   3/24/2021   EUR   72.160
Goldman Sachs & Co   22.000   6/24/2020   EUR   46.710
Goldman Sachs & Co    6.000   9/23/2020   EUR   67.650
Goldman Sachs & Co    4.000  12/23/2020   EUR   69.550
Goldman Sachs & Co    6.000  12/23/2020   EUR   64.610
Goldman Sachs & Co    7.000  12/23/2020   EUR   60.760
Goldman Sachs & Co   15.000  12/23/2020   EUR   52.410
Goldman Sachs & Co    4.000   3/24/2021   EUR   69.770
Goldman Sachs & Co    4.000   3/24/2021   EUR   67.390
Goldman Sachs & Co    6.000   3/24/2021   EUR   63.480
Goldman Sachs & Co   10.000   3/24/2021   EUR   59.900
Goldman Sachs & Co   17.000   3/24/2021   EUR   54.950
Goldman Sachs & Co    5.000   6/24/2020   EUR   70.450
Goldman Sachs & Co   10.000   9/23/2020   EUR   55.260
Goldman Sachs & Co   15.000   9/23/2020   EUR   47.660
Goldman Sachs & Co   16.000   9/23/2020   EUR   46.500
Goldman Sachs & Co    4.000  12/23/2020   EUR   68.540
Vontobel Financial    9.500   9/25/2020   EUR   64.400
Goldman Sachs & Co    4.000   3/24/2021   EUR   71.590
Goldman Sachs & Co    5.000   3/24/2021   EUR   66.760
Goldman Sachs & Co    6.000   3/24/2021   EUR   62.450
Goldman Sachs & Co    8.000   3/24/2021   EUR   59.500
Goldman Sachs & Co   13.000   3/24/2021   EUR   52.890
Raiffeisen Schweiz    6.700   7/26/2021   EUR   72.060
Leonteq Securities    4.100   7/29/2020   CHF   62.410
EFG International F   5.750   04/04/2022  CHF   72.560
Deutsche Bank AG      6.200  12/22/2020   EUR   68.900
Bank Julius Baer &    9.700   7/29/2020   CHF   40.850
DZ Bank AG Deutsche   7.000   6/22/2020   EUR   71.740
DZ Bank AG Deutsche   4.750   9/21/2020   EUR   72.710
DZ Bank AG Deutsche   5.500   9/21/2020   EUR   66.660
DZ Bank AG Deutsche   4.750   9/21/2020   EUR   54.890
DZ Bank AG Deutsche   6.250   9/21/2020   EUR   63.000
DZ Bank AG Deutsche   7.000   9/21/2020   EUR   57.310
DZ Bank AG Deutsche   4.750   9/21/2020   EUR   40.100
DZ Bank AG Deutsche   8.000   6/22/2020   EUR   65.030
DZ Bank AG Deutsche   7.250   9/21/2020   EUR   61.660
DZ Bank AG Deutsche   7.100   6/22/2020   EUR   69.360
DZ Bank AG Deutsche   5.800   9/21/2020   EUR   70.840
DZ Bank AG Deutsche   6.500   9/21/2020   EUR   69.700
DZ Bank AG Deutsche   5.500   9/21/2020   EUR   42.890
DZ Bank AG Deutsche   6.500   9/21/2020   EUR   41.770
DZ Bank AG Deutsche   9.100   9/21/2020   EUR   68.840
DZ Bank AG Deutsche  10.500   9/21/2020   EUR   66.150
Deutsche Bank AG      6.200   9/22/2020   EUR   64.050
Deutsche Bank AG      6.200   9/22/2020   EUR   60.160
Deutsche Bank AG      6.200  12/22/2020   EUR   63.770
Erste Group Bank AG   6.000   4/29/2024   EUR   63.000
DekaBank Deutsche G   4.100   4/30/2021   EUR   61.420
Societe Generale Ef  16.750   6/26/2020   EUR   52.540
Banque Cantonale Va   4.500   3/29/2021   CHF   52.900
Bank Julius Baer &    5.700   7/30/2020   CHF   53.550
Zurcher Kantonalban   6.500   08/06/2021  CHF   67.480
Zurcher Kantonalban  10.750   08/06/2021  USD   72.290
Goldman Sachs & Co   11.000   6/24/2020   EUR   70.400
Raiffeisen Centroba  10.181   6/23/2020   EUR   53.120
Landesbank Baden-Wu   7.750   1/22/2021   EUR   68.350
Landesbank Baden-Wu   3.000   1/22/2021   EUR   65.450
Landesbank Baden-Wu   8.500   1/22/2021   EUR   68.200
UBS AG/London         5.500   9/24/2020   EUR   56.590
UBS AG/London        10.400   9/24/2020   EUR   57.130
Landesbank Baden-Wu   5.750   1/22/2021   EUR   65.770
Landesbank Baden-Wu   5.000   2/26/2021   EUR   67.200
Landesbank Baden-Wu   8.000   1/22/2021   EUR   65.260
Landesbank Baden-Wu   6.250   1/22/2021   EUR   66.680
Landesbank Baden-Wu   5.000   7/22/2022   EUR   69.510
Landesbank Baden-Wu   2.000   1/22/2021   EUR   66.560
Landesbank Baden-Wu   2.000   1/22/2021   EUR   55.900
Landesbank Baden-Wu   4.000   1/22/2021   EUR   58.950
Landesbank Baden-Wu   5.750   1/22/2021   EUR   55.770
BNP Paribas Emissio   9.500   9/24/2020   EUR   74.280
Landesbank Baden-Wu   4.400   1/22/2021   EUR   68.840
Landesbank Baden-Wu   7.000   1/22/2021   EUR   64.270
Landesbank Baden-Wu   2.750   1/22/2021   EUR   50.210
Landesbank Baden-Wu   6.500   1/22/2021   EUR   43.990
Landesbank Baden-Wu   4.000   1/22/2021   EUR   56.320
BNP Paribas Emissio  10.000   9/24/2020   EUR   73.800
BNP Paribas Emissio  12.000   9/24/2020   EUR   71.120
Landesbank Baden-Wu   2.000   1/22/2021   EUR   72.410
EFG International F   8.400  10/30/2020   EUR   69.380
Leonteq Securities   23.440   03/09/2021  CHF   27.980
UBS AG/London        21.900  12/28/2020   EUR   66.860
UBS AG/London        11.200   3/25/2021   EUR   66.970
UBS AG/London         9.200  12/28/2020   EUR   59.030
UBS AG/London         8.400   3/25/2021   EUR   73.380
UBS AG/London         8.600   3/25/2021   EUR   70.610
UBS AG/London         3.300   3/25/2021   EUR   69.480
UBS AG/London         7.000   6/24/2021   EUR   56.890
UBS AG/London         7.600   3/25/2021   EUR   56.580
UBS AG/London        11.300   3/25/2021   EUR   66.230
UBS AG/London         5.900  12/28/2020   EUR   73.740
UBS AG/London         5.500   3/25/2021   EUR   60.570
UBS AG/London         4.900   3/25/2021   EUR   69.840
UBS AG/London         7.200   3/25/2021   EUR   66.940
UBS AG/London        13.700   9/24/2020   EUR   58.240
UBS AG/London         8.400   3/25/2021   EUR   72.100
UBS AG/London        25.200   9/24/2020   EUR   59.140
UBS AG/London         7.100   9/23/2021   EUR   56.840
UBS AG/London         8.600   3/25/2021   EUR   71.130
UBS AG/London        12.400  12/28/2020   EUR   64.690
UBS AG/London        11.200  12/28/2020   EUR   72.760
UBS AG/London        13.400  12/28/2020   EUR   71.650
UBS AG/London         2.500   3/25/2021   EUR   64.870
UBS AG/London         7.400   6/24/2021   EUR   70.620
UBS AG/London         9.200   9/24/2020   EUR   66.370
UBS AG/London         8.200   6/24/2021   EUR   69.460
UBS AG/London        12.700   6/24/2021   EUR   70.950
UBS AG/London         3.500   3/25/2021   EUR   62.670
UBS AG/London         6.200   9/23/2021   EUR   70.080
UBS AG/London        12.000   3/25/2021   EUR   71.790
UBS AG/London         7.400   3/25/2021   EUR   63.740
UBS AG/London         5.800   3/25/2021   EUR   57.990
UBS AG/London        10.600  12/28/2020   EUR   73.280
UBS AG/London        10.200  12/28/2020   EUR   66.580
UBS AG/London         7.500   3/25/2021   EUR   72.310
UBS AG/London        13.100  12/28/2020   EUR   71.830
UBS AG/London         9.600   3/25/2021   EUR   72.510
UBS AG/London        10.900  12/28/2020   EUR   72.580
UBS AG/London         4.600   3/25/2021   EUR   60.870
UBS AG/London         6.400   3/25/2021   EUR   57.210
UBS AG/London         3.000   3/25/2021   EUR   62.630
UBS AG/London         5.200   3/25/2021   EUR   67.730
UBS AG/London         6.900  12/28/2020   EUR   67.430
UBS AG/London         5.400   3/25/2021   EUR   66.690
UBS AG/London         8.900   9/24/2020   EUR   61.150
UBS AG/London         4.400   3/25/2021   EUR   54.400
UBS AG/London         4.900   3/25/2021   EUR   66.680
UBS AG/London         7.900   3/25/2021   EUR   71.640
UBS AG/London         9.900   3/25/2021   EUR   65.860
UBS AG/London         8.400  12/28/2020   EUR   62.930
UBS AG/London         7.600   9/24/2020   EUR   62.730
UBS AG/London         8.400   3/25/2021   EUR   74.160
UBS AG/London         5.900   3/25/2021   EUR   58.980
UBS AG/London         9.100  12/28/2020   EUR   68.630
UBS AG/London        24.300   9/24/2020   EUR   61.800
UBS AG/London         5.000   3/25/2021   EUR   62.340
UBS AG/London         9.600  12/28/2020   EUR   50.810
UBS AG/London        13.400   9/24/2020   EUR   65.590
UBS AG/London        22.400  12/28/2020   EUR   63.800
UBS AG/London        17.500  12/28/2020   EUR   64.110
UBS AG/London        10.600  12/28/2020   EUR   72.590
UBS AG/London        15.700   9/24/2020   EUR   62.620
UBS AG/London         8.800   3/25/2021   EUR   71.190
UBS AG/London         4.600   3/25/2021   EUR   70.730
UBS AG/London         7.500   3/25/2021   EUR   68.330
UBS AG/London         5.200   6/24/2021   EUR   68.090
UBS AG/London         7.800  12/28/2020   EUR   67.290
UBS AG/London         5.600   3/25/2021   EUR   60.100
UBS AG/London        12.500   3/25/2021   EUR   68.340
UBS AG/London         5.600   3/25/2021   EUR   64.680
UBS AG/London         5.800   3/25/2021   EUR   58.400
UBS AG/London        11.800   6/24/2021   EUR   55.780
UBS AG/London         4.900   3/25/2021   EUR   59.690
UBS AG/London        12.000   3/25/2021   EUR   71.540
UBS AG/London        12.600  12/28/2020   EUR   64.730
UBS AG/London         9.000   9/23/2021   EUR   56.310
UBS AG/London         7.000   3/25/2021   EUR   57.330
UBS AG/London        12.500   3/25/2021   EUR   69.380
UBS AG/London        14.100  12/28/2020   EUR   66.380
UBS AG/London         3.900   3/25/2021   EUR   59.080
UBS AG/London        12.700   6/24/2021   EUR   70.410
UBS AG/London         8.600  12/28/2020   EUR   69.980
Raiffeisen Schweiz    6.900   8/13/2020   CHF   70.350
Zurcher Kantonalban  10.100   08/12/2020  EUR   43.700
Vontobel Financial   16.000   6/26/2020   EUR   59.850
Vontobel Financial   20.500   6/26/2020   EUR   55.620
Vontobel Financial   10.500   9/25/2020   EUR   66.810
Vontobel Financial   13.500   9/25/2020   EUR   62.660
Raiffeisen Schweiz   10.000   8/17/2021   CHF   68.810
Raiffeisen Schweiz    7.500   5/14/2021   CHF   59.050
Societe Generale Ef  18.632   6/19/2020   EUR   37.040
Societe Generale Ef  12.849   6/19/2020   EUR   39.020
Leonteq Securities    6.500   03/08/2021  CHF   70.690
Leonteq Securities    7.200   09/08/2021  CHF   54.090
Deutsche Bank AG      8.200   9/22/2020   EUR   67.500
Deutsche Bank AG      8.200   6/23/2020   EUR   51.700
Deutsche Bank AG      8.200   6/23/2020   EUR   49.600
Deutsche Bank AG      8.200  12/22/2020   EUR   53.300
DZ Bank AG Deutsche   8.000   6/22/2020   EUR   68.670
Credit Suisse AG/Lo   7.000   06/08/2020  CHF   66.120
DekaBank Deutsche G   2.400   04/09/2021  EUR   56.760
DekaBank Deutsche G   3.200   04/09/2021  EUR   63.070
DekaBank Deutsche G   3.100   04/08/2022  EUR   41.870
Raiffeisen Schweiz    6.200   03/08/2021  CHF   66.980
Leonteq Securities    4.000   03/08/2022  EUR   55.720
Raiffeisen Schweiz    7.200   03/08/2021  EUR   66.260
Deutsche Bank AG      3.200   6/23/2020   EUR   58.300
Deutsche Bank AG      3.200  12/22/2020   EUR   64.000
HSBC Trinkaus & Bur   9.500   6/26/2020   EUR   66.820
HSBC Trinkaus & Bur   8.800   6/26/2020   EUR   66.770
HSBC Trinkaus & Bur   6.000   6/26/2020   EUR   66.590
HSBC Trinkaus & Bur   9.400   6/26/2020   EUR   46.960
HSBC Trinkaus & Bur   6.000  12/28/2020   EUR   41.620
HSBC Trinkaus & Bur   8.700  12/28/2020   EUR   41.620
HSBC Trinkaus & Bur   7.700  12/28/2020   EUR   58.390
HSBC Trinkaus & Bur  11.000   6/26/2020   EUR   63.860
HSBC Trinkaus & Bur   8.800  12/28/2020   EUR   64.630
HSBC Trinkaus & Bur   7.600   6/25/2021   EUR   67.200
HSBC Trinkaus & Bur   6.500   6/25/2021   EUR   68.170
Landesbank Hessen-T   6.600   02/01/2024  EUR   58.190
Landesbank Baden-Wu   3.250   2/24/2023   EUR   62.520
UniCredit Bank AG     7.350   7/16/2020   EUR   39.760
HSBC Trinkaus & Bur   3.900   9/25/2020   EUR   50.940
HSBC Trinkaus & Bur   6.100   6/26/2020   EUR   46.080
HSBC Trinkaus & Bur   4.300   6/26/2020   EUR   51.080
HSBC Trinkaus & Bur   3.200   9/25/2020   EUR   54.330
HSBC Trinkaus & Bur   7.500   6/26/2020   EUR   68.380
BNP Paribas Emissio   8.500   6/25/2020   EUR   65.150
BNP Paribas Emissio  10.000   6/25/2020   EUR   51.670
Erste Group Bank AG   9.000   1/31/2024   EUR   73.100
BNP Paribas Emissio   5.000   6/25/2020   EUR   71.950
Societe Generale Ef  12.207   6/19/2020   EUR   58.560
Societe Generale Ef  18.953   6/19/2020   EUR   50.680
HSBC Trinkaus & Bur   5.100   6/26/2020   EUR   59.350
Corner Banca SA       6.200   03/08/2022  CHF   71.250
Leonteq Securities   10.200   06/08/2020  USD   35.250
Leonteq Securities    8.000   09/08/2021  EUR   57.460
Deutsche Bank AG      8.200  12/22/2020   EUR   66.200
Deutsche Bank AG      8.200   6/23/2020   EUR   38.100
Deutsche Bank AG      8.200  12/22/2020   EUR   41.900
Deutsche Bank AG      8.200   9/22/2020   EUR   70.600
Deutsche Bank AG      8.200   6/23/2020   EUR   67.000
Deutsche Bank AG      8.200  12/22/2020   EUR   68.900
DZ Bank AG Deutsche   4.750   6/22/2020   EUR   63.620
Leonteq Securities    6.000   9/14/2021   CHF   64.980
Societe Generale Ef  13.200   9/19/2023   SEK   55.530
Landesbank Baden-Wu   2.200  12/23/2022   EUR   68.700
Landesbank Hessen-T   4.000  11/28/2024   EUR   68.570
Center-Invest Comme   7.000   03/03/2022  RUB   63.130
Zurcher Kantonalban   6.500   9/20/2021   CHF   68.240
Goldman Sachs & Co   10.000   3/24/2021   EUR   62.850
UBS AG/London         9.500   3/15/2021   EUR   68.050
UBS AG/London         6.000   3/15/2021   CHF   66.250
Erste Group Bank AG   4.250   9/28/2022   EUR   65.950
EFG International F   6.100   09/07/2020  CHF   61.240
UniCredit Bank AG     4.500   10/09/2020  EUR   54.700
Deutsche Bank AG      3.200  12/22/2020   EUR   52.250
Deutsche Bank AG      3.200  12/22/2020   EUR   44.940
UBS AG/London         5.500   09/07/2020  CHF   56.850
UniCredit Bank AG     4.400   04/12/2023  EUR   72.970
DekaBank Deutsche G   6.300   10/01/2021  EUR   53.280
Bank Julius Baer &    7.760   3/15/2021   CHF   60.350
UBS AG/London         7.000   3/15/2021   CHF   67.500
UBS AG/London         8.000   3/15/2021   CHF   70.050
UBS AG/London        11.000   3/15/2021   EUR   46.900
Erste Group Bank AG   8.000   9/28/2023   EUR   52.900
Landesbank Baden-Wu   2.600   8/27/2021   EUR   71.560
Landesbank Baden-Wu   3.250   8/27/2021   EUR   73.030
Credit Suisse AG/Lo   5.250   9/13/2021   CHF   67.280
Landesbank Baden-Wu   3.600  12/29/2020   EUR   60.690
Bayerische Landesba   2.500   08/07/2020  EUR   67.020
Vontobel Financial    3.000   09/05/2023  EUR   72.340
Deutsche Bank AG      3.200   6/23/2020   EUR   54.750
Deutsche Bank AG      3.200  12/22/2020   EUR   55.060
UniCredit Bank AG     6.650   10/09/2020  EUR   60.220
UBS AG/London         8.000   09/07/2020  CHF   64.000
Zurcher Kantonalban   5.500   9/14/2020   CHF   49.380
Leonteq Securities    6.000   9/17/2020   CHF   55.830
Landesbank Baden-Wu   3.250  11/26/2021   EUR   67.150
Raiffeisen Schweiz    5.000   09/10/2020  CHF   52.920
Landesbank Baden-Wu   2.150  12/23/2022   EUR   68.150
Landesbank Baden-Wu   3.000  12/23/2022   EUR   56.510
DekaBank Deutsche G   3.700   10/02/2020  EUR   54.790
DekaBank Deutsche G   3.150   10/02/2020  EUR   41.510
DekaBank Deutsche G   3.300   10/04/2021  EUR   65.390
DekaBank Deutsche G   3.100  12/21/2020   EUR   65.330
Societe Generale SA   7.000  10/20/2020   USD    0.010
Bayerische Landesba   3.300   07/03/2020  EUR   69.200
Landesbank Hessen-T   3.400   8/13/2020   EUR   60.100
Landesbank Hessen-T   3.350   8/13/2020   EUR   63.500
Landesbank Hessen-T   3.800   8/13/2020   EUR   67.000
Landesbank Hessen-T   2.500   8/13/2020   EUR   62.000
Bayerische Landesba   2.600   07/03/2020  EUR   62.230
Landesbank Baden-Wu   2.300   2/26/2021   EUR   68.290
Landesbank Hessen-T   3.100   8/13/2020   EUR   30.800
DekaBank Deutsche G   2.400   10/09/2020  EUR   54.750
Landesbank Hessen-T   4.000   2/17/2021   EUR   31.530
EFG International F   7.000   10/12/2020  EUR   48.370
Corner Banca SA       9.000   10/06/2020  CHF   48.600
UniCredit Bank AG     4.050  10/24/2021   EUR   54.330
Leonteq Securities    5.200   10/06/2020  CHF   58.940
Landesbank Hessen-T   3.000   08/06/2021  EUR   34.400
Leonteq Securities    7.400   10/12/2020  CHF   63.910
Leonteq Securities    6.000   10/12/2020  CHF   58.760
Credit Suisse AG/Lo   7.250  12/28/2020   EUR   44.480
DZ Bank AG Deutsche   6.000   9/23/2020   EUR   67.810
SG Issuer SA          6.700   07/10/2024  EUR   60.390
Landesbank Hessen-T   3.250   8/13/2020   EUR   58.000
DekaBank Deutsche G   2.600   10/09/2020  EUR   72.960
Citigroup Global Ma   5.600   9/15/2022   SEK   55.540
DekaBank Deutsche G   3.250   10/09/2020  EUR   64.190
Landesbank Hessen-T   4.000   2/17/2021   EUR   61.240
Landesbank Hessen-T   1.550  10/27/2020   EUR   52.180
EFG International F   7.000   10/12/2020  CHF   63.500
EFG International F   7.000   10/12/2020  CHF   49.410
UniCredit Bank AG     3.900  10/24/2021   EUR   37.680
Landesbank Hessen-T   3.350   08/06/2021  EUR   49.500
Landesbank Baden-Wu   2.750   9/23/2022   EUR   56.620
DekaBank Deutsche G   1.000   11/02/2021  EUR   50.220
Skandinaviska Enski   4.000   7/15/2022   SEK   76.310
Landesbank Baden-Wu   2.150   7/24/2020   EUR   67.380
Leonteq Securities   10.800   9/28/2020   CHF   67.020
Leonteq Securities    6.400   6/28/2021   CHF   63.980
Raiffeisen Schweiz    7.000   9/28/2020   EUR   69.240
Leonteq Securities   10.000   9/28/2020   USD   49.980
Raiffeisen Schweiz    6.100   6/28/2021   CHF   63.690
Vontobel Financial    7.000   6/26/2020   EUR   55.630
Vontobel Financial    9.000   6/26/2020   EUR   55.760
Vontobel Financial   10.500   6/26/2020   EUR   52.440
Vontobel Financial   10.500   6/26/2020   EUR   51.010
Vontobel Financial    8.000   6/26/2020   EUR   70.390
Vontobel Financial    8.500   6/26/2020   EUR   37.580
Vontobel Financial   11.500   6/26/2020   EUR   51.410
Raiffeisen Schweiz    6.000   07/01/2022  CHF   71.290
Credit Suisse AG/Lo   8.000   9/25/2020   CHF   69.320
Credit Suisse AG/Lo   7.000   10/01/2020  CHF   65.190
UniCredit Bank AG     4.400   01/09/2021  EUR   54.990
DZ Bank AG Deutsche   7.500   9/23/2020   EUR   59.910
DZ Bank AG Deutsche   8.750   9/23/2020   EUR   53.730
DZ Bank AG Deutsche  12.000   6/24/2020   EUR   67.060
DZ Bank AG Deutsche   6.250   9/23/2020   EUR   71.030
UniCredit Bank AG     4.000   12/07/2020  EUR   46.850
Landesbank Baden-Wu   6.000   8/27/2021   EUR   69.150
Landesbank Baden-Wu   4.750   8/27/2021   EUR   66.310
Landesbank Baden-Wu   6.250   8/27/2021   EUR   63.770
Landesbank Baden-Wu   3.500   8/27/2021   EUR   64.660
Landesbank Baden-Wu   6.500   8/27/2021   EUR   66.970
Landesbank Baden-Wu   8.000   8/27/2021   EUR   65.600
Landesbank Baden-Wu   4.500   8/27/2021   EUR   70.230
Landesbank Baden-Wu   5.000   8/27/2021   EUR   57.140
Landesbank Baden-Wu   5.750   8/27/2021   EUR   55.410
Landesbank Baden-Wu   2.500   8/27/2021   EUR   67.230
Landesbank Baden-Wu   4.250   8/27/2021   EUR   70.400
Landesbank Baden-Wu   7.500   8/27/2021   EUR   64.700
Landesbank Baden-Wu   3.250   8/27/2021   EUR   64.620
Landesbank Baden-Wu   7.250   8/27/2021   EUR   64.690
Landesbank Baden-Wu   3.500   8/27/2021   EUR   71.320
Landesbank Baden-Wu   4.500   8/27/2021   EUR   64.500
Landesbank Baden-Wu   8.750   8/27/2021   EUR   60.060
Vontobel Financial   10.000   06/12/2020  EUR   36.030
Zurcher Kantonalban   5.000   07/02/2021  CHF   73.660
Vontobel Financial    6.000   06/12/2020  EUR   71.080
Vontobel Financial    8.500   06/12/2020  EUR   66.080
Vontobel Financial   12.500   09/11/2020  EUR   59.030
Vontobel Financial   13.000   09/11/2020  EUR   66.000
UBS AG/London         7.500   01/04/2021  CHF   73.800
UBS AG/London         6.750   07/05/2021  CHF   52.100
UBS AG/London        14.000   07/06/2021  USD   54.080
Banque Cantonale Va   6.800   6/28/2021   CHF   52.820
SAir Group            5.125   03/01/2003  CHF   12.500
Erste Group Bank AG   4.750  12/20/2021   EUR   58.050
Leonteq Securities    8.000   12/08/2020  CHF   53.520
Landesbank Baden-Wu   2.050   1/28/2022   EUR   61.660
Corner Banca SA       8.200   6/15/2020   CHF   52.500
Leonteq Securities    7.400  12/15/2020   CHF   66.530
Leonteq Securities    7.000  12/15/2020   CHF   64.000
UniCredit Bank AG     4.200   12/08/2021  EUR   37.670
Leonteq Securities    7.400  12/15/2020   CHF   61.800
DekaBank Deutsche G   2.300   01/08/2021  EUR   45.920
Leonteq Securities    4.000  12/29/2020   CHF   29.840
Landesbank Hessen-T   3.300   6/15/2020   EUR   66.600
UBS AG/London         7.000   6/15/2020   CHF   44.200
Landesbank Hessen-T   8.000   01/05/2023  EUR   59.330
Leonteq Securities    8.000  12/22/2020   CHF   55.040
EFG International F   7.200  12/29/2020   EUR   44.970
DekaBank Deutsche G   3.050  11/20/2020   EUR   44.410
Vontobel Financial    4.500  12/30/2020   EUR   52.680
DekaBank Deutsche G   3.800  12/18/2020   EUR   40.910
UniCredit Bank AG     5.200   1/14/2021   USD   43.780
Landesbank Hessen-T   6.100  11/17/2020   EUR   49.970
Landesbank Baden-Wu   2.750  11/25/2022   EUR   54.740
UBS AG/London         5.250   06/01/2020  USD   55.800
Landesbank Baden-Wu   2.400   1/28/2022   EUR   63.810
DekaBank Deutsche G   2.200  11/20/2020   EUR   56.620
Leonteq Securities    9.800   06/12/2020  CHF   32.730
DekaBank Deutsche G   3.000  12/29/2022   EUR   53.320
BNP Paribas Issuanc   6.400   01/05/2024  SEK   71.790
EFG International F   7.400  12/21/2020   USD   44.570
DekaBank Deutsche G   2.150   01/04/2021  EUR   72.290
Zurcher Kantonalban   5.000  12/14/2020   EUR   54.850
EFG International F   7.200  11/16/2020   CHF   62.820
EFG International F   6.400  11/16/2020   CHF   56.050
UBS AG/London         8.000   06/08/2020  CHF   52.850
DekaBank Deutsche G   2.900   01/04/2021  EUR   48.270
DekaBank Deutsche G   2.100   01/04/2021  EUR   38.660
Skandinaviska Enski   4.744   1/17/2023   SEK   48.730
Leonteq Securities    6.800  12/15/2020   CHF   53.670
Landesbank Hessen-T   4.000   12/08/2021  EUR   51.770
Landesbank Baden-Wu   2.000   2/25/2022   EUR   62.070
Bayerische Landesba   2.000   12/11/2020  EUR   68.640
UniCredit Bank AG     4.200   01/04/2021  EUR   42.290
Landesbank Baden-Wu   2.700  10/28/2022   EUR   55.390
DekaBank Deutsche G   4.050   07/03/2020  EUR   60.810
Landesbank Baden-Wu   3.000   9/25/2020   EUR   59.350
EFG International F   7.400  12/21/2020   CHF   51.670
Landesbank Baden-Wu   2.900  11/26/2021   EUR   61.630
Skandinaviska Enski   8.600   1/17/2023   SEK   36.250
UniCredit Bank AG     4.400   12/10/2022  EUR   43.290
EFG International F   7.000  11/16/2020   EUR   46.180
Leonteq Securities    7.000  12/15/2020   EUR   61.140
Landesbank Hessen-T   4.000   12/08/2021  EUR   72.940
Landesbank Baden-Wu   2.200   2/25/2022   EUR   62.980
Landesbank Baden-Wu   2.500   1/28/2022   EUR   70.610
Landesbank Baden-Wu   3.200  12/29/2020   EUR   50.890
UniCredit Bank AG     3.300  12/29/2022   EUR   60.150
Landesbank Hessen-T   4.000   01/05/2022  EUR   36.380
UniCredit Bank AG     3.600   09/03/2020  EUR   51.000
Landesbank Hessen-T   5.000   04/05/2023  EUR   73.650
Landesbank Hessen-T   5.400   04/05/2023  EUR   57.510
UBS AG/London         5.500   06/08/2020  EUR   70.150
DekaBank Deutsche G   2.800   01/04/2021  EUR   52.560
Zurcher Kantonalban   4.500   12/07/2020  CHF   61.810
Landesbank Baden-Wu   3.300  12/29/2020   EUR   65.390
Landesbank Baden-Wu   3.750  12/29/2020   EUR   50.190
UniCredit Bank AG     3.800  12/29/2022   EUR   51.530
DekaBank Deutsche G   5.150   07/03/2020  EUR   47.950
DekaBank Deutsche G   6.300   07/03/2020  EUR   30.840
Leonteq Securities    7.000   12/08/2021  CHF   69.250
Leonteq Securities    8.000   12/08/2020  CHF   55.320
Leonteq Securities    7.200   12/08/2020  USD   42.050
Landesbank Hessen-T   3.500   01/05/2022  EUR   68.790
Landesbank Hessen-T   3.500   01/05/2022  EUR   44.360
DekaBank Deutsche G   2.450  11/20/2020   EUR   69.690
DekaBank Deutsche G   3.000  11/22/2021   EUR   70.480
Landesbank Baden-Wu   3.000   7/24/2020   EUR   57.790
Leonteq Securities    6.800  12/13/2021   CHF   71.070
UBS AG/London         5.000   11/02/2020  CHF   63.700
Landesbank Hessen-T   3.000   09/06/2021  EUR   72.800
HSBC Trinkaus & Bur   5.200   6/26/2020   EUR   41.130
HSBC Trinkaus & Bur   7.000   6/26/2020   EUR   33.680
DekaBank Deutsche G   3.100   12/03/2021  EUR   46.070
Landesbank Baden-Wu   3.000  10/23/2020   EUR   51.370
Landesbank Baden-Wu   3.000  10/23/2020   EUR   68.980
Landesbank Baden-Wu   3.000  10/23/2020   EUR   60.900
Landesbank Baden-Wu   2.500  10/23/2020   EUR   69.560
Landesbank Baden-Wu   3.000  10/23/2020   EUR   72.510
Landesbank Baden-Wu   3.000  10/23/2020   EUR   57.650
Landesbank Baden-Wu   5.000  10/23/2020   EUR   31.860
Landesbank Baden-Wu   4.750   8/28/2020   EUR   72.400
Landesbank Baden-Wu   3.000  10/23/2020   EUR   57.680
Landesbank Baden-Wu   3.000  10/23/2020   EUR   51.230
Landesbank Baden-Wu   3.000  10/23/2020   EUR   68.910
Landesbank Baden-Wu   3.500   7/23/2021   EUR   64.620
UBS AG/London         6.000  10/26/2020   EUR   53.400
Bayerische Landesba   2.500   12/03/2021  EUR   56.660
UniCredit Bank AG     5.350  11/27/2020   EUR   59.030
Landesbank Baden-Wu   5.000  10/23/2020   EUR   66.040
Landesbank Baden-Wu   3.000   7/23/2021   EUR   60.370
Landesbank Baden-Wu   3.800   8/28/2020   EUR   59.670
Landesbank Baden-Wu   5.500   8/28/2020   EUR   47.710
Landesbank Baden-Wu   5.500  10/23/2020   EUR   73.000
Landesbank Baden-Wu   3.000  10/23/2020   EUR   57.550
Landesbank Baden-Wu   3.000  10/23/2020   EUR   69.870
Landesbank Baden-Wu   7.000  10/23/2020   EUR   57.330
UBS AG/London         6.000   11/02/2020  CHF   57.300
DZ Bank AG Deutsche   6.000   9/23/2020   EUR   71.330
UniCredit Bank AG     8.100   6/25/2021   EUR   71.520
UniCredit Bank AG    10.700   6/25/2021   EUR   55.430
UniCredit Bank AG    10.600   6/25/2021   EUR   62.650
UniCredit Bank AG     7.500   6/25/2021   EUR   71.720
UniCredit Bank AG     8.200   6/25/2021   EUR   70.880
UniCredit Bank AG     8.600   6/25/2021   EUR   71.970
UniCredit Bank AG     9.900   6/25/2021   EUR   63.480
UniCredit Bank AG    11.100   6/25/2021   EUR   70.360
UniCredit Bank AG     8.600  12/24/2021   EUR   70.840
UniCredit Bank AG     7.100  12/24/2021   EUR   72.650
UniCredit Bank AG     9.600   6/25/2021   EUR   56.530
UniCredit Bank AG     5.100   6/25/2021   EUR   50.190
UniCredit Bank AG     8.600   6/25/2021   EUR   60.020
UniCredit Bank AG     9.400   6/25/2021   EUR   64.180
Leonteq Securities    7.400  10/13/2020   CHF   62.960
UniCredit Bank AG     9.700   6/25/2021   EUR   73.420
UniCredit Bank AG    10.900   6/25/2021   EUR   59.350
UniCredit Bank AG    12.300   6/25/2021   EUR   61.820
UniCredit Bank AG     7.300  12/24/2021   EUR   73.340
UniCredit Bank AG     9.500  12/24/2021   EUR   61.860
UniCredit Bank AG    11.400  12/24/2021   EUR   61.310
UniCredit Bank AG    10.200   6/25/2021   EUR   57.280
UniCredit Bank AG    11.300   6/25/2021   EUR   56.460
UniCredit Bank AG     7.100   6/25/2021   EUR   63.200
UniCredit Bank AG     7.000   6/25/2021   EUR   48.320
UniCredit Bank AG     8.500   6/25/2021   EUR   70.580
UniCredit Bank AG     9.800  12/28/2020   EUR   58.700
UniCredit Bank AG    12.300  12/28/2020   EUR   54.850
UniCredit Bank AG    14.400  12/28/2020   EUR   51.240
DZ Bank AG Deutsche   5.250   7/22/2020   EUR   44.670
Landesbank Hessen-T   5.000   9/22/2023   EUR   70.960
Landesbank Hessen-T   5.900   9/22/2023   EUR   63.770
DZ Bank AG Deutsche   6.000   9/23/2020   EUR   64.120
UniCredit Bank AG     7.800   6/25/2021   EUR   56.990
Landesbank Baden-Wu   2.100   6/25/2021   EUR   69.630
UniCredit Bank AG     6.000   6/25/2021   EUR   49.120
DekaBank Deutsche G   2.250   6/18/2021   EUR   62.430
UniCredit Bank AG    10.700   6/25/2021   EUR   64.890
UniCredit Bank AG     9.600   6/25/2021   EUR   69.630
UniCredit Bank AG     8.700  12/24/2021   EUR   59.870
UniCredit Bank AG     6.500  12/24/2021   EUR   55.910
UniCredit Bank AG     7.700  12/24/2021   EUR   63.050
UniCredit Bank AG     5.200   6/25/2021   EUR   64.780
UniCredit Bank AG     8.000   6/25/2021   EUR   59.410
UniCredit Bank AG     6.400   6/25/2021   EUR   58.380
UniCredit Bank AG     9.300   6/25/2021   EUR   55.970
DZ Bank AG Deutsche   6.500   6/24/2020   EUR   47.430
DZ Bank AG Deutsche   9.250   9/23/2020   EUR   62.230
Landesbank Hessen-T   4.750   05/11/2023  EUR   49.810
Landesbank Hessen-T   6.500   05/11/2023  EUR   59.600
UniCredit Bank AG    10.300   6/25/2021   EUR   57.660
UniCredit Bank AG    10.100   6/25/2021   EUR   46.880
UniCredit Bank AG     9.000   6/25/2021   EUR   47.160
UniCredit Bank AG     8.200   6/25/2021   EUR   65.940
UniCredit Bank AG     8.000   6/25/2021   EUR   62.060
UniCredit Bank AG    10.500   6/25/2021   EUR   69.250
UniCredit Bank AG    12.500   6/25/2021   EUR   67.100
UniCredit Bank AG     5.500   6/25/2021   EUR   64.710
UniCredit Bank AG    14.600   6/25/2021   EUR   60.480
UniCredit Bank AG    11.300   6/25/2021   EUR   55.530
UniCredit Bank AG     5.200  12/24/2021   EUR   66.010
UniCredit Bank AG     9.800  12/24/2021   EUR   71.180
UniCredit Bank AG     9.400   6/25/2021   EUR   49.660
UniCredit Bank AG     6.000   6/25/2021   EUR   62.580
UniCredit Bank AG    10.700   6/25/2021   EUR   48.440
Leonteq Securities    3.000   07/04/2024  CHF   73.150
UniCredit Bank AG    11.800   6/25/2021   EUR   54.520
UniCredit Bank AG    11.900   6/25/2021   EUR   55.800
DekaBank Deutsche G   2.800   6/19/2020   EUR   43.250
UniCredit Bank AG     6.200  12/24/2021   EUR   62.710
UniCredit Bank AG     7.300   6/25/2021   EUR   72.310
UniCredit Bank AG    10.600   6/25/2021   EUR   74.490
UniCredit Bank AG    12.000   6/25/2021   EUR   47.540
UniCredit Bank AG     6.500   6/25/2021   EUR   61.480
UniCredit Bank AG     7.500   6/25/2021   EUR   59.530
UniCredit Bank AG    11.800   6/25/2021   EUR   61.320
UniCredit Bank AG    14.000   6/25/2021   EUR   69.420
UniCredit Bank AG     7.600   6/25/2021   EUR   70.760
UniCredit Bank AG     7.000   6/25/2021   EUR   67.910
Societe Generale Ef  10.500   6/26/2020   EUR   70.200
Skandinaviska Enski   7.800   7/15/2024   SEK   27.730
Skandinaviska Enski   6.500   7/15/2024   SEK   43.470
Credit Suisse AG/Lo   7.000   10/09/2020  CHF   70.370
Landesbank Baden-Wu   3.750   4/23/2021   EUR   63.840
UniCredit Bank AG     6.100  12/24/2021   EUR   64.130
UniCredit Bank AG     7.300  12/24/2021   EUR   71.760
UniCredit Bank AG     6.400  12/24/2021   EUR   73.760
Leonteq Securities    6.800   05/11/2021  EUR   60.670
UniCredit Bank AG     8.300  12/29/2020   EUR   44.050
UniCredit Bank AG     8.500  12/29/2020   EUR   57.040
UniCredit Bank AG     6.200  12/29/2020   EUR   66.020
UniCredit Bank AG     7.400  12/29/2020   EUR   45.390
UniCredit Bank AG     9.300  12/29/2020   EUR   49.220
UniCredit Bank AG     7.000  12/29/2020   EUR   55.870
UniCredit Bank AG     9.200  12/29/2020   EUR   51.470
UniCredit Bank AG     9.200  12/29/2020   EUR   55.850
UniCredit Bank AG     9.400  12/29/2020   EUR   42.560
UniCredit Bank AG     7.600  12/29/2020   EUR   45.960
UniCredit Bank AG     7.300  12/29/2020   EUR   47.690
UniCredit Bank AG     9.800  12/29/2020   EUR   63.760
UniCredit Bank AG     7.900  12/29/2020   EUR   67.840
UniCredit Bank AG     7.100  12/29/2020   EUR   55.560
UniCredit Bank AG     7.400  12/29/2020   EUR   72.450
UniCredit Bank AG     8.400  12/29/2020   EUR   74.410
UniCredit Bank AG     6.700  12/29/2020   EUR   25.400
UniCredit Bank AG     6.500  12/29/2020   EUR   56.490
UniCredit Bank AG     7.900  12/29/2020   EUR   75.410
UniCredit Bank AG     9.800  12/29/2020   EUR   57.970
UniCredit Bank AG     8.500  12/29/2020   EUR   43.460
UniCredit Bank AG     9.500  12/29/2020   EUR   37.570
UniCredit Bank AG     8.400  12/29/2020   EUR   33.980
UniCredit Bank AG    11.500  12/29/2020   EUR   47.800
UniCredit Bank AG     8.100  12/29/2020   EUR   47.490
UniCredit Bank AG    10.000  12/29/2020   EUR   25.230
UniCredit Bank AG     8.100  12/29/2020   EUR   51.690
UniCredit Bank AG     6.600  12/29/2020   EUR   54.900
UniCredit Bank AG     8.400  12/29/2020   EUR   17.510
UniCredit Bank AG     8.900  12/29/2020   EUR   17.380
UniCredit Bank AG     9.200  12/29/2020   EUR   74.290
UniCredit Bank AG     7.300  12/29/2020   EUR   41.930
UniCredit Bank AG     6.700  12/29/2020   EUR   74.210
UniCredit Bank AG    10.500  12/29/2020   EUR   70.610
UniCredit Bank AG     6.600  12/29/2020   EUR   42.920
UniCredit Bank AG     6.600  12/29/2020   EUR   47.410
UniCredit Bank AG     7.400  12/29/2020   EUR   68.380
UniCredit Bank AG     6.700  12/29/2020   EUR   52.830
UniCredit Bank AG     9.300  12/29/2020   EUR   61.380
UniCredit Bank AG     6.800  12/29/2020   EUR   70.110
UniCredit Bank AG     8.300  12/29/2020   EUR   43.900
UniCredit Bank AG     8.600  12/29/2020   EUR   63.440
UniCredit Bank AG     9.300  12/29/2020   EUR   26.990
UniCredit Bank AG    10.500  12/29/2020   EUR   27.330
UniCredit Bank AG     7.000  12/29/2020   EUR   35.260
UniCredit Bank AG     8.400  12/29/2020   EUR   27.670
UniCredit Bank AG     7.400  12/29/2020   EUR   67.450
UniCredit Bank AG     8.800  12/29/2020   EUR   63.380
UniCredit Bank AG    10.200  12/29/2020   EUR   48.450
UniCredit Bank AG     8.800  12/29/2020   EUR   49.460
UniCredit Bank AG     9.400  12/29/2020   EUR   58.890
UniCredit Bank AG     7.600  12/29/2020   EUR   29.910
UniCredit Bank AG     9.200  12/29/2020   EUR   28.350
UniCredit Bank AG     8.000  12/29/2020   EUR   34.100
UniCredit Bank AG     8.500  12/29/2020   EUR   29.170
UniCredit Bank AG     6.400  12/29/2020   EUR   70.990
UniCredit Bank AG     7.500  12/29/2020   EUR   41.220
UniCredit Bank AG     9.600  12/29/2020   EUR   69.340
UniCredit Bank AG     8.300  12/29/2020   EUR   40.080
UniCredit Bank AG     7.800  12/29/2020   EUR   34.090
UniCredit Bank AG     8.700  12/29/2020   EUR   28.590
UniCredit Bank AG    10.600  12/29/2020   EUR   55.670
UniCredit Bank AG     8.400  12/29/2020   EUR   64.100
UniCredit Bank AG    10.800  12/29/2020   EUR   31.620
UniCredit Bank AG     8.000  12/29/2020   EUR   27.630
UniCredit Bank AG     8.100  12/29/2020   EUR   27.390
UniCredit Bank AG     9.200  12/29/2020   EUR   28.640
UniCredit Bank AG     6.100  12/29/2020   EUR   28.950
Raiffeisen Centroba   7.200   6/19/2020   EUR   46.030
UniCredit Bank AG     3.250   06/04/2021  EUR   60.430
UniCredit Bank AG     3.350   6/14/2022   EUR   69.980
UniCredit Bank AG     4.200   06/07/2021  EUR   61.640
Landesbank Baden-Wu   3.000   8/25/2023   EUR   59.480
Vontobel Financial    9.000   06/05/2020  EUR   28.180
DekaBank Deutsche G   2.200   4/16/2021   EUR   49.000
Landesbank Baden-Wu   4.400   6/24/2022   EUR   63.960
EFG International F   6.600   06/01/2021  CHF   61.240
UniCredit Bank AG     4.000   06/11/2020  EUR   36.880
Raiffeisen Schweiz    5.300  11/23/2020   CHF   41.780
Leonteq Securities    5.500   5/25/2021   CHF   44.290
Landesbank Baden-Wu   3.000   6/23/2023   EUR   62.900
Leonteq Securities    7.800   5/14/2021   CHF   22.040
DekaBank Deutsche G   3.500   8/14/2020   EUR   49.190
UniCredit Bank AG     7.700  12/29/2020   EUR   67.880
UniCredit Bank AG     8.200  12/29/2020   EUR   66.310
UniCredit Bank AG     7.600  12/29/2020   EUR   70.930
UniCredit Bank AG    10.200  12/29/2020   EUR   54.130
UniCredit Bank AG     8.800  12/29/2020   EUR   59.480
UniCredit Bank AG     8.600  12/29/2020   EUR   52.810
UniCredit Bank AG     8.500  12/29/2020   EUR   35.650
UniCredit Bank AG     6.200  12/29/2020   EUR   65.820
UniCredit Bank AG     7.400  12/29/2020   EUR   67.860
UniCredit Bank AG     7.200  12/29/2020   EUR   71.680
UniCredit Bank AG     7.200  12/29/2020   EUR   51.680
UniCredit Bank AG     9.300  12/29/2020   EUR   38.130
UniCredit Bank AG     6.900  12/29/2020   EUR   68.480
UniCredit Bank AG     7.500  12/29/2020   EUR   53.140
UniCredit Bank AG     6.600  12/29/2020   EUR   35.760
UniCredit Bank AG     7.000  12/29/2020   EUR   64.370
UniCredit Bank AG     6.100  12/29/2020   EUR   70.730
UniCredit Bank AG     7.300  12/29/2020   EUR   53.610
UniCredit Bank AG     3.800  10/24/2021   EUR   75.050
DekaBank Deutsche G   2.600   8/14/2020   EUR   71.270
UniCredit Bank AG     6.200  12/29/2020   EUR   38.190
UniCredit Bank AG     7.000  12/29/2020   EUR   53.010
UniCredit Bank AG     6.300  12/29/2020   EUR   63.550
UniCredit Bank AG     8.400  12/29/2020   EUR   41.470
UniCredit Bank AG     9.000  12/29/2020   EUR   63.760
UniCredit Bank AG     8.200  12/29/2020   EUR   60.490
UniCredit Bank AG     6.800  12/29/2020   EUR   40.400
UniCredit Bank AG     8.700  12/29/2020   EUR   76.030
UniCredit Bank AG     7.900  12/29/2020   EUR   50.450
UniCredit Bank AG     6.300  12/29/2020   EUR   50.220
UniCredit Bank AG    10.100  12/29/2020   EUR   42.790
UniCredit Bank AG     7.100  12/29/2020   EUR   45.370
UniCredit Bank AG     8.100  12/29/2020   EUR   44.890
UniCredit Bank AG     9.200  12/29/2020   EUR   69.660
UniCredit Bank AG     7.600  12/29/2020   EUR   22.330
UniCredit Bank AG     7.300  12/29/2020   EUR   65.340
UniCredit Bank AG     6.900  12/29/2020   EUR   41.280
UniCredit Bank AG    10.800  12/29/2020   EUR   66.950
UniCredit Bank AG     7.000  12/29/2020   EUR   71.210
UniCredit Bank AG     8.800  12/29/2020   EUR   38.550
UniCredit Bank AG    11.000  12/29/2020   EUR   48.620
UniCredit Bank AG     7.000  12/29/2020   EUR   69.950
UniCredit Bank AG     8.200  12/29/2020   EUR   67.870
UniCredit Bank AG     8.100  12/29/2020   EUR   53.030
UniCredit Bank AG     9.200  12/29/2020   EUR   45.610
UniCredit Bank AG     9.300  12/29/2020   EUR   25.510
UniCredit Bank AG     4.000   06/07/2022  EUR   38.170
UniCredit Bank AG     3.700   06/04/2022  EUR   74.810
Bank Julius Baer &   10.000   07/08/2020  EUR   50.050
Raiffeisen Schweiz    4.500   07/05/2021  CHF   35.720
DZ Bank AG Deutsche   6.700   9/21/2020   EUR   71.160
DekaBank Deutsche G   3.000   7/24/2020   EUR   61.510
DZ Bank AG Deutsche  10.500   6/22/2020   EUR   70.050
DZ Bank AG Deutsche  10.000   9/21/2020   EUR   68.550
DZ Bank AG Deutsche   5.250   9/21/2020   EUR   66.520
Zurcher Kantonalban   6.750   7/16/2021   CHF   66.000
UniCredit Bank AG     7.000  12/29/2020   EUR   41.470
UniCredit Bank AG     7.500  12/29/2020   EUR   42.610
UniCredit Bank AG     6.200  12/29/2020   EUR   57.390
UniCredit Bank AG     6.100  12/29/2020   EUR   41.580
UniCredit Bank AG     6.500  12/29/2020   EUR   56.050
UniCredit Bank AG     8.700  12/29/2020   EUR   39.040
UniCredit Bank AG    10.500  12/29/2020   EUR   48.460
UniCredit Bank AG     7.500  12/29/2020   EUR   54.150
UniCredit Bank AG     6.700  12/29/2020   EUR   67.240
UniCredit Bank AG    11.800  12/29/2020   EUR   33.480
Leonteq Securities    5.600   5/25/2021   CHF   24.700
Vontobel Financial   11.500   6/26/2020   EUR   63.400
Vontobel Financial    9.500   6/26/2020   EUR   68.610
Vontobel Financial    9.500   6/26/2020   EUR   60.820
Vontobel Financial   10.500   6/26/2020   EUR   52.850
Vontobel Financial   14.000   6/26/2020   EUR   60.160
DZ Bank AG Deutsche   8.250   6/22/2020   EUR   65.050
Zurcher Kantonalban   6.500   7/16/2021   EUR   62.500
UniCredit Bank AG     4.000  10/30/2021   EUR   62.450
DZ Bank AG Deutsche  12.200   6/22/2020   EUR   65.770
EFG International F   7.600   10/11/2021  CHF   64.750
Landesbank Baden-Wu   3.000   3/25/2022   EUR   59.450
UBS AG/London         6.750  11/17/2020   CHF   56.700
Leonteq Securities    3.250   5/18/2021   CHF   62.540
DZ Bank AG Deutsche   7.250   6/22/2020   EUR   65.300
Bayerische Landesba   2.500   6/18/2021   EUR   63.570
DZ Bank AG Deutsche   9.250   9/21/2020   EUR   62.270
Zurcher Kantonalban   5.250   7/16/2021   CHF   66.990
Bayerische Landesba   3.000   11/05/2021  EUR   61.810
UniCredit Bank AG     8.900   6/26/2020   EUR   67.300
UniCredit Bank AG     9.000   6/26/2020   EUR   70.580
UniCredit Bank AG    12.600   6/26/2020   EUR   64.350
UniCredit Bank AG    10.300   6/26/2020   EUR   67.760
Landesbank Hessen-T   2.500   5/20/2021   EUR   58.800
Landesbank Baden-Wu   3.500   6/25/2021   EUR   59.450
Bayerische Landesba   2.800   06/05/2020  EUR   70.450
Societe Generale Ef  11.750   6/26/2020   EUR   69.440
Societe Generale Ef   7.750   6/26/2020   EUR   55.980
Societe Generale Ef   5.500   6/26/2020   EUR   69.650
Societe Generale Ef   7.500   6/26/2020   EUR   65.870
Commerzbank AG        6.000   05/09/2022  USD    0.160
Societe Generale Ef   4.500   6/26/2020   EUR   45.380
Societe Generale Ef  11.750   6/26/2020   EUR   50.910
Societe Generale Ef   4.500   6/26/2020   EUR   72.040
Societe Generale Ef   6.500   6/26/2020   EUR   67.610
Societe Generale Ef  10.500   6/26/2020   EUR   64.340
Societe Generale Ef   3.750   6/26/2020   EUR   64.680
Societe Generale Ef   5.750   6/26/2020   EUR   59.550
Landesbank Hessen-T   6.000   03/10/2023  EUR   66.880
UBS AG/London         6.500   07/12/2021  EUR   52.500
EFG International F  10.000   7/15/2020   CHF   55.690
UniCredit Bank AG     9.800   6/25/2021   EUR   57.120
UniCredit Bank AG     4.000   7/31/2020   EUR   54.170
Societe Generale Ef  11.500   6/26/2020   EUR   72.170
Societe Generale Ef   9.750   6/26/2020   EUR   53.100
BNP Paribas Issuanc   5.000   06/12/2023  SEK   68.580
Societe Generale Ef  11.250   6/26/2020   EUR   69.110
Societe Generale Ef   9.500   6/26/2020   EUR   62.900
Landesbank Hessen-T   8.200   06/09/2022  EUR   54.020
Societe Generale Ef   5.250   6/26/2020   EUR   68.970
Societe Generale Ef  14.000   6/26/2020   EUR   61.370
Societe Generale Ef   5.250   6/26/2020   EUR   74.410
Societe Generale Ef   4.500   6/26/2020   EUR   59.960
Societe Generale Ef   6.500   6/26/2020   EUR   50.670
Societe Generale Ef   7.500   6/26/2020   EUR   49.210
Societe Generale Ef   9.500   6/26/2020   EUR   46.770
Societe Generale Ef  12.750   6/26/2020   EUR   46.630
Societe Generale Ef   8.500   6/26/2020   EUR   60.150
Societe Generale Ef  12.500   6/26/2020   EUR   60.640
Bayerische Landesba   3.200  11/20/2020   EUR   62.480
Societe Generale Ef   7.250   6/26/2020   EUR   63.320
Societe Generale Ef   6.500   6/26/2020   EUR   56.020
Societe Generale Ef   8.500   6/26/2020   EUR   53.200
Societe Generale Ef  14.750   6/26/2020   EUR   44.010
Societe Generale Ef  10.000   6/26/2020   EUR   71.240
Societe Generale Ef   9.250   6/26/2020   EUR   72.740
Societe Generale Ef   8.500   6/26/2020   EUR   64.310
Skandinaviska Enski   8.300   7/17/2023   SEK   40.680
Landesbank Hessen-T   3.150   05/11/2022  EUR   54.730
UBS AG/London         8.500   07/10/2020  CHF   70.950
UBS AG/London        11.000   07/10/2020  CHF   52.750
Landesbank Baden-Wu   2.900  12/29/2020   EUR   64.850
Landesbank Baden-Wu   2.400  12/29/2020   EUR   72.100
DekaBank Deutsche G   4.250   11/09/2020  EUR   62.760
UBS AG/London         6.250   06/02/2020  CHF   71.350
UBS AG/London         7.000   06/02/2020  CHF   36.300
UBS AG/London         7.500   06/01/2020  EUR   72.100
Vontobel Financial   18.000   9/25/2020   EUR   67.260
Vontobel Financial    4.000   6/26/2020   EUR   73.470
Vontobel Financial   11.500   9/25/2020   EUR   53.500
DekaBank Deutsche G   2.200   06/08/2020  EUR   74.200
DekaBank Deutsche G   2.250   06/08/2020  EUR   62.400
UBS AG/London         7.500   07/10/2020  CHF   68.900
Leonteq Securities   10.000   12/07/2020  EUR   52.450
DekaBank Deutsche G   4.250   05/03/2022  EUR   52.520
Landesbank Hessen-T   3.450   09/09/2020  EUR   60.700
UniCredit Bank AG     3.300   06/11/2021  EUR   62.220
Bank Julius Baer &    6.750   7/13/2020   EUR   43.400
Bank Julius Baer &    8.050   7/13/2020   EUR   55.600
Vontobel Financial   18.500   6/26/2020   EUR   57.500
Leonteq Securities    7.400  11/25/2020   CHF   24.400
Raiffeisen Schweiz    3.100   5/28/2021   CHF   67.120
Raiffeisen Centroba   5.500   6/30/2020   EUR   64.630
Landesbank Baden-Wu   2.650   8/26/2022   EUR   67.830
UBS AG/London         6.250   07/12/2021  CHF   64.650
EFG International F   7.000   07/11/2022  CHF   66.990
Landesbank Hessen-T   5.200   08/09/2024  EUR   56.010
UniCredit Bank AG    13.500   6/25/2021   EUR   61.160
UniCredit Bank AG     6.600  12/24/2021   EUR   72.340
UniCredit Bank AG     8.300  12/24/2021   EUR   62.060
UniCredit Bank AG     8.300  12/24/2021   EUR   65.410
Leonteq Securities    7.000   04/09/2021  EUR   70.670
UniCredit Bank AG     8.600  12/24/2021   EUR   62.510
Societe Generale Ef   3.750   5/24/2021   EUR   22.720
UniCredit Bank AG    10.200  12/24/2021   EUR   56.720
UniCredit Bank AG     7.700  12/24/2021   EUR   49.390
UniCredit Bank AG    10.300  12/24/2021   EUR   58.650
Raiffeisen Schweiz    6.250   12/01/2020  CHF   63.490
UniCredit Bank AG     7.000  12/24/2021   EUR   61.530
UniCredit Bank AG    11.100   6/25/2021   EUR   62.590
Societe Generale Ef  10.750   6/26/2020   EUR   66.730
Societe Generale Ef   4.500   6/26/2020   EUR   63.170
UniCredit Bank AG     8.000  12/24/2021   EUR   72.080
UniCredit Bank AG     8.100  12/24/2021   EUR   58.320
Leonteq Securities    5.000  10/13/2020   CHF   46.760
Bayerische Landesba   2.800   12/11/2020  EUR   60.760
UniCredit Bank AG    10.600  12/24/2021   EUR   60.790
UniCredit Bank AG    11.100   6/25/2021   EUR   69.940
UniCredit Bank AG     9.400  12/24/2021   EUR   72.170
Bayerische Landesba   3.000   09/04/2020  EUR   70.320
UniCredit Bank AG     7.200  12/24/2021   EUR   63.020
UniCredit Bank AG     6.500  12/24/2021   EUR   72.520
UniCredit Bank AG     7.900  12/24/2021   EUR   71.790
UniCredit Bank AG    10.500  12/24/2021   EUR   61.610
UniCredit Bank AG     9.300  12/24/2021   EUR   51.530
UniCredit Bank AG    12.300  12/24/2021   EUR   61.090
UniCredit Bank AG     4.630   7/30/2020   EUR   45.430
UniCredit Bank AG     9.500  12/24/2021   EUR   59.210
UniCredit Bank AG     6.900  12/24/2021   EUR   58.960
Raiffeisen Schweiz    5.200   12/01/2020  CHF   53.500
Landesbank Baden-Wu   2.800   6/25/2021   EUR   65.800
Societe Generale Ef   8.750   6/26/2020   EUR   69.960
Societe Generale Ef  12.500   6/26/2020   EUR   53.720
Landesbank Baden-Wu   3.500   6/26/2020   EUR   49.730
Societe Generale Ef   9.500   6/26/2020   EUR   71.830
Societe Generale Ef  15.250   6/26/2020   EUR   50.150
Societe Generale Ef   7.000   6/26/2020   EUR   74.550



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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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