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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 21, 2020, Vol. 21, No. 254

                           Headlines



B E L G I U M

HOUSE OF HR: Moody's Affirms B2 CFR, Outlook Stable


F R A N C E

MOBILUX 2: Moody's Affirms B2 CFR; Alters Outlook to Stable


G E R M A N Y

NORDEX SE: Moody's Affirms B3 CFR, Outlook Negative


I R E L A N D

ARMADA EURO III: Fitch Affirms B-sf Rating on Class F Notes
CAPITAL FOUR II: Moody's Assigns (P)B3 Rating on Cl. F Notes
DRYDEN 62: Fitch Affirms B-sf Rating on Class F Notes
HENLEY CLO I: Fitch Affirms B-sf Rating on Class F Notes
INVESCO EURO II: Fitch Affirms B-sf Rating on Class F Debt

SCULPTOR EUROPEAN VII: Moody's Assigns B3 Rating on Cl. F Notes
ST. PAUL'S IV: Fitch Affirms B-sf Rating on Class E-RRR Debt
VF COLD: High Court Appoints Neil Hughes as Interim Examiner


L U X E M B O U R G

INEOS GROUP: Fitch Puts BB+ LT IDR on Rating Watch Negative


N E T H E R L A N D S

COMPOSITE RESINS: Moody's Upgrades CFR to B1, Outlook Stable
E-MAC NL 2006-III: Fitch Affirms Bsf Rating on 3 Tranches


N O R W A Y

NORWEGIAN AIR: Set to Present Business Plan to Irish High Court


R U S S I A

KRASNODAR KRAI: Moody's Ups LT Issuer Rating to Ba2, Outlook Stable


S P A I N

AI CANDELARIA: Fitch Affirms BB+ LT IDR, Outlook Negative


S W I T Z E R L A N D

TRANSOCEAN LTD: Judge Upholds US$1.5-Bil. Debt Restructuring


U K R A I N E

UKRAINE: Moody's Withdraws 'Ca' Sr. Unsec. Rating on $3BB Eurobond


U N I T E D   K I N G D O M

ARCHANT: New Owner Obtains GBP5MM Financing to Complete Takeover
BON BON: Enters Into Voluntary Liquidation Amid Financial Woes
CAFFE NERO: Asda Owners Offering to Fund Landlords' Legal Battle
DURHAM MORTGAGES B: Moody's Affirms B3 Rating on Class F Notes
LEON: Creditors Approve Company Voluntary Arrangement

LORCA HOLDCO: Fitch Assigns B+ LT IDR, Outlook Stable
SYNLAB BONDCO: Fitch Affirms B+ Rating on Sr. Sec. Debt


X X X X X X X X

[*] BOND PRICING: For the Week December 14 to December 18, 2020

                           - - - - -


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B E L G I U M
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HOUSE OF HR: Moody's Affirms B2 CFR, Outlook Stable
---------------------------------------------------
Moody's Investors Service affirmed House of HR NV's (House of HR)
corporate family rating at B2 and its probability of default rating
at B2-PD. Concurrently, Moody's also assigned a Caa1 instrument
rating on the new EUR200 million guaranteed senior unsecured notes,
issued by House of HR NV, and affirmed the B2 instrument ratings on
the EUR370 million guaranteed senior secured notes ("SSNs"), the
EUR550 million guaranteed senior secured term loan B ("TLB") and
the EUR100 million guaranteed senior secured revolving credit
facility ("RCF"), issued by House of Finance N.V. (The). The
outlook remains stable on all ratings.

The EUR200 million proceeds from the issuance of new guaranteed
senior unsecured notes will be used to fund near term acquisitions
and pay for the transaction fees [1]. Moody's notes that despite
the majority of the proceeds being intended for acquisitions, the
company only disclosed two near term targets, Stevin and Riviera,
worth EUR44 million.

"Today's ration action reflects Moody's expectation that the high
pro-forma leverage of 6.6x as of September 2020 will reduce to 5.5x
in the next 12 months as the company recovers from the coronavirus
impact and executes its external growth strategy", says Florent
Egonneau - AVP Analyst and lead analyst for House of HR at Moody's.
"Nonetheless, this transaction weakly positions House of HR within
the B2 rating category. The quality of acquisitions and pace of
recovery will be two important factors that Moody's will closely
monitor", added Mr. Egonneau.

RATINGS RATIONALE

The B2 CFR is supported by the company's (i) resilience to the
coronavirus crisis and quick recovery in revenue demonstrated in
the third quarter of this year; (ii) leading market positions in
attractive high-margin niche industry segments, driving the
outperformance in organic growth; (iii) strong cash-flow generation
and counter-cyclical working capital supporting good liquidity; and
(iv) high end-market and customer diversity.

Conversely, the rating remains constrained by (i) the perceived
rising appetite for leverage following the recapitalization in 2019
and the issuance of unsecured debt in 2020; (ii) the risk involved
in executing the company's M&A strategy in the next 12 months,
although mitigated by the management strong track record; (iii) the
deteriorating growth prospects in the small and medium enterprises
segment combined with the cyclical nature of the staffing industry;
and (iv) the company's small scale on a global basis compared with
leading generalist staffing companies.

LIQUIDITY

Moody's considers House of HR's liquidity to be good. As of 24th
November 2020, the company had EUR249 million of available
liquidity, consisting of EUR154 million cash on balance sheet and
EUR95 million undrawn RCF. Pro-forma the transaction, this amount
will increase by EUR152 million, albeit earmarked for future
acquisitions. Liquidity is also supported by Moody's expectation of
EUR60-80 million free cash flow generation per annum in the next
two years.

STRUCTURAL CONSIDERATIONS

Using Moody's Loss Given Default for Speculative-Grade Companies
Methodology, the B2-PD PDR is in line with the CFR. This is based
on a 50% recovery rate, as is typical for transactions including
two layers of debt with loose financial covenants. The RCF, TLB and
SSNs rank pari passu and are rated in line with the CFR. The new
unsecured bonds are rated Caa1 because they are subordinated to the
secured debt.

OUTLOOK RATIONALE

The stable outlook reflects Moody's expectation that the company
will successfully deliver its acquisition strategy over the next 12
months, leading to enhanced diversification. The outlook also
reflects Moody's expectation that House of HR's leverage will
decrease to 5.5x by the end of 2021. The outlook assumes a recovery
in revenue generation in the range of 90-95% of 2019
pre-coronavirus levels for 2021, which incorporates a challenging
first semester as the temporary governmental unemployment support
measures could be terminated in some European countries.

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

Positive rating pressure could arise if the company's:

  - successfully executes its acquisition strategy,

  - returns to 2019 pre-coronavirus level faster than projected,
both in terms of sales and EBITDA margin,

  - Moody's adjusted leverage decreases sustainably below 4.5x,

  - FCF/debt stays above 5% and liquidity remains strong,

  - demonstrates a more conservative financial policy.

Negative rating pressure could arise if the company's:

  - operating performance does not recovery from the 2020 lows,

  - Moody's adjusted leverage remains above 5.5x in the next 12
months,

  - free cash flow turns negative for a prolonged period or if
liquidity concerns arise.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

House of HR is a Belgium-based provider of human resource solutions
with a focus on small and medium-sized enterprises. The company
predominantly operates in Belgium, the Netherlands, Germany and
France, and serves three segments: (1) engineering/consulting --
secondment of engineers and highly skilled technicians, consultants
and lawyers; (2) specialized staffing -- temporary and permanent
staffing services of candidates with technical profiles in Belgium
and the Netherlands; (3) general staffing -- temporary staffing
services of primarily low-skilled profiles in Germany.



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F R A N C E
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MOBILUX 2: Moody's Affirms B2 CFR; Alters Outlook to Stable
-----------------------------------------------------------
Moody's Investors Service changed the outlook of Mobilux 2 SAS, a
holding company owner of French furniture retailer BUT SAS, to
stable from negative. Concurrently, Moody's has affirmed the
company's B2 corporate family rating ("CFR") and its probability of
default rating ("PDR") at B2-PD. At the same time, Moody's has
affirmed Mobilux Finance SAS' B3 rating assigned to the EUR 380
million guaranteed senior secured notes due 2024 and changed the
entity's outlook to stable from negative.

RATINGS RATIONALE

BUT is now more strongly positioned in the B2 rating. The rating
action is primarily driven by the agency's expectations that key
credit metrics will continue to improve over the next 12 to 18
months, following higher than anticipated demand for home furniture
in France since the first lockdown ended on May 11. The rating
agency now expects the company's Moody's adjusted gross leverage to
trend between 3.7x to 4.0x over the next 12 to 18 months, lower
than the agency initially anticipated of 5x at the beginning of the
coronavirus pandemic. Also, Moody's now expects BUT's Moody's
adjusted free cash flow (FCF) generation to remain positive,
despite the agency's expectations of large working capital
requirements over the next 12 to 18 months.

The change in outlook to stable recognizes BUT's resilient business
profile before and through the pandemic that has allowed the
company to significantly outperform the French furniture market
over 2020. However, Moody's believes there are downside risks with
regards to the sustainability in demand because the agency does not
expect economic growth in France to return to 2019 levels before
2023, potential pull forward of sales in the financial year 2021
and some uncertainty regarding improvements in BUT's profitability
margins since the first lockdown ended in May 11 because of the
industry's high competition. Moody's base scenario anticipates
BUT's annual like for like growth to return to more normal levels
of around 2% from next calendar year.

In the short term, while there are still downside risks from the
coronavirus pandemic as highlighted by the second lockdown imposed
in France over the month of November, Moody's believes BUT's good
liquidity position mitigates these risks. Also, continued social
distancing rules should create benefits for the industry as more
people work from home and travel less, which combined with
increased disposable income, which has built up during lockdowns,
has increased spending for home furniture.

OUTLOOK RATIONALE

The stable outlook reflects Moody's expectation that BUT will
continue to operate with a Moody's adjusted EBITDA margin around
the low teens in percentage terms on a sustained basis, while
continuing to generate positive Moody's adjusted FCF. This should
support deleveraging, with Moody's adjusted gross leverage expected
to trend to around 4.0x over the next 12 to 18 months. The stable
outlook also reflects the credit agency's expectation that the
company will maintain a prudent financial policy, with
discretionary spending calibrated to the company's FCF generation.
Moody's forecasts do not incorporate dividend payments.

LIQUIDITY PROFILE

BUT's liquidity is good. The company had a cash and cash
equivalents of EUR505 million at September 30, 2020 and no debt
amortization until the notes of the restricted group mature in
November 2024. However, BUT's operations are seasonal and
characterized by large working capital requirements ahead of its
peak periods, typically ahead of the year-end holiday period.
Moody's expects large working capital outflows over the next few
quarters as demand normalizes.

The company also has full availability on its super senior
revolving credit facility (RCF) of EUR100 million, due in November
2022. Although the RCF has one maintenance covenant defined as net
leverage (maximum of 6.375x), the company has significant capacity
under it, and Moody's do not expect it to breach the threshold over
the next 12-18 months, if tested.

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

Positive pressure could emerge if BUT (i) demonstrates an ability
to sustainably enhance its profitability, (ii) maintains its
current market shares, (iii) sustains its positive Moody's adjusted
FCF generation, and (iv) displays a balanced financial policy
between creditors and shareholders. Quantitatively, upward rating
pressure would require Moody's-adjusted (gross) debt/EBITDA to
sustainably remain below 4.5x and for Moody's-adjusted
EBIT/interest expense to be above 1.75x on a sustained basis.

Conversely, downward pressure could emerge if (i) BUT's Moody's
adjusted FCF generation turns negative for a prolonged period as a
result of a weakened operating performance, (ii) the company adopts
a more shareholder-friendly financial policy, (iii) its
Moody's-adjusted (gross) debt/EBITDA is sustainably in excess of
5.5x or Moody's-adjusted EBIT/interest expenses trends below 1.25x.
A weakening liquidity profile could also exert pressure on the
rating.

PRINCIPAL METHODOLOGY

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

COMPANY PROFILE

Mobilux 2 SAS is the holding company of BUT. Headquartered in
France (Emerainville) BUT is the second-largest home equipment
retailer in France, with revenue of EUR1.8 billion and company
adjusted EBITDA of EUR163 million for the last twelve months to
September 2020. Mobilux 2 SAS is owned by an investment consortium
comprising a private equity firm — Clayton, Dubilier & Rice
(CD&R) — and WM Holding, an investment company associated with
the XXXLutz group, an Austrian furniture retailer.



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G E R M A N Y
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NORDEX SE: Moody's Affirms B3 CFR, Outlook Negative
---------------------------------------------------
Moody's Investors Service affirmed the B3 corporate family rating
(CFR) and the B3-PD probability of default rating (PDR) of Nordex
SE (Nordex). Concurrently Moody's affirmed the B3 rating of the
company's EUR275 million senior unsecured notes maturing in 2023.
The outlook on all ratings remains negative.

RATINGS RATIONALE

"The rating action was triggered by the recent capital increase by
EUR200 million early December and the repeated shareholder support
from its anchor shareholder Acciona S.A. (Acciona) by way of its
commitment to a EUR232 million shareholder loan," said Oliver
Giani, Moody's lead analyst for Nordex. "These measures compensated
the negative impact of the COVID-19 pandemic on Nordex's results,
currently estimated to amount EUR300 million in 2020," he added.
The rating affirmation is based on Moody's expectation that Nordex
will restore operating performance and turn around the currently
negative free cash flow to positive levels and bring credit metrics
back to more adequate levels for the B3 rating category in 2021.

The B3 CFR is constrained by (1) the limited product
diversification and some geographical concentration on Europe in
the volatile wind industry; (2) the weak operating performance and
more than EUR200 million of negative free cash flow (FCF, excluding
impact from the sale to RWE) seen since 2017, reflecting fierce
price pressure from previous 2017-2018 orders in the industry which
is supposed to finally run out in 2021; (3) some degree of
uncertainty over the sufficiency of the measures taken to restore
profitability; and (4) the low pricing power as the products are
mainly undifferentiated, which allowed Nordex to generate only
modest profitability historically compared with that of other
manufacturing peers.

At the same time, Nordex's CFR is supported by (1) the company's
increased scale, geographical footprint and product portfolio, (2)
the solid cash position on its balance sheet (EUR408 million as of
September 30, 2020); (3) its service business representing around
12% of total revenue (2019), providing good visibility, more
stability and typically higher margins; and (4) the positive
prospects for the longer-term growth of the global wind industry.

LIQUIDITY

Moody's expects Nordex's liquidity over the next 12 months to be
still adequate, although weakening. Assuming that part of the
EUR408 million of cash shown as of September 2020 is trapped
overseas, Moody's estimates that around EUR385 million of cash is
available for the group's liquidity needs. Together with EUR350
million net proceeds from the sale of a project pipeline to RWE,
EUR200 million proceeds from the capital increase early December
and committed credit facilities these sources should be sufficient
to cover the group's liquidity needs of around EUR800 million,
including debt maturities, capital spending, working capital needs
and working cash required to run the business. Moody's expects a
material improvement in the currently negative free cash flow
generation over the next quarters. Nevertheless, Moody's
acknowledges the fact that there is an element of unpredictability
and volatility in its cash flow, considering the large size and
long lead times of projects and different advance payment terms in
different end-markets.

Nordex retains a syndicated committed guarantee facility of EUR1.21
billion, of which up to EUR100 million can be drawn as cash via
ancillary facilities. The facility, which has been renewed in April
2020 for another three years, is subject to three covenants
(leverage, interest coverage and an equity ratio) which are
currently suspended and replaced by a minimum liquidity requirement
for the time being. In order to ensure liquidity during the COVID
pandemic Nordex signed in August 2020 a EUR350 million revolving
credit facility, backed by a state guarantee covering 90% of the
facility amount. Despite of a demanding repayment schedule and
covenants aligned to the guarantee facility, this facility provides
additional liquidity to the group.

STRUCTURAL CONSIDERATIONS

The B3 rating of the company's EUR275 million senior unsecured
notes is at the same level as the CFR, which reflects the
straightforward capital structure of the group. Nordex, the
ultimate holding company, acts as a financing vehicle and is the
borrower of most of the financial debt, including (i) the EUR275
million senior unsecured notes, (ii) private placement notes
(Schuldscheindarlehen), of which about EUR240.5 million were
outstanding as of September 2020, (iii) a EUR250 million revolving
credit facility with 90% state guarantee and (iv) a EUR17.2 million
loan from its anchor shareholder Acciona S.A. In addition, Nordex
is the borrower under a EUR1.21 billion multicurrency guarantee
facility agreement (MGF), which Moody's does not include in its
Loss Given Default (LGD) assessment, as this refers predominantly
to non-cash performance and advance payment bonds.

While the private placement notes benefit from a guarantee of
Nordex Energy GmbH only, the notes and the MGF benefit from
upstream guarantees from operating subsidiaries representing more
than 90% of aggregated revenue, EBITDA and net assets. Beyond that,
Nordex Energy GmbH has borrowed EUR53.1 million under a loan from
the European Investment Bank and Nordex has borrowed EUR10 million
via foreign operating subsidiaries under ancillary facilities to
the EUR1.21 billion MGF. In its LGD assessment, Moody's has ranked
all debt instruments at rank 1, except for (i) the private
placement notes, which Moody's views to be in a slightly weaker
position because of the absence of upstream guarantees from
operating subsidiaries and (ii) the deeply subordinated shareholder
loan which is in the weakest position in its loss given default
assessment.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONSIDERATIONS

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.
Moody's analysis has considered the effect on the performance of
corporate assets from the current weak 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 Moody's 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.

OUTLOOK

The rating is currently weakly positioned. The negative outlook
mirrors the challenge for Nordex to sustainably strengthen
profitability, turn around the negative free cash flow and thus to
improve leverage towards the expectation for the B3 rating
category. Moody's will closely monitor the further development in
particular with regard to order intake and potential cancellations
of orders, the company's ability to strengthen profitability and to
generate positive free cash flow as well as to reduce leverage.

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

The rating could be downgraded if Nordex fails to grow its
top-line, improve its operating performance and restore currently
negative free cash flow generation in the near term as expected.
For a stable B3 rating Moody's expects Nordex to sustainably
improve its Moody's-adjusted EBITA margin well above 1.0% and to
manage Moody's-adjusted gross leverage below 6.5x Debt / EBITDA and
net leverage well below 2.0x net debt / EBITDA. Likewise, negative
free cash flow or concerns regarding covenant compliance could
increase downward pressure on the rating.

Upward potential would develop if Nordex is able to further build
on the new turbine generation and the solid order book indicated by
(1) Moody's-adjusted EBITA margin exceeding 2.0%, (2)
Moody's-adjusted gross leverage declining below 5.0x debt / EBITDA
and net leverage well below 1.0x net debt / EBITDA on a sustained
basis in combination with material positive free cash flow
generation and a solid liquidity profile.

PRINCIPAL METHOOLOGY

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

COMPANY PROFILE

Headquartered in Germany, Nordex SE (Nordex) is one of the leading
manufacturers of onshore wind turbine generators (WTGs), holding a
top four position globally (excluding Chinese companies). Nordex
has production sites in Germany, Spain, Argentina, Brazil, Mexico,
India and the US (mothballed). The group generated revenue of
EUR3.3 billion during 2019 and has a cumulated installed base of
more than 30 gigawatts. In 2019 the company generates around 88% of
its revenue from the sale of turbines, while the rest comes from
its service business, which involves providing maintenance,
efficiency upgrades of turbines and repair services to its
installed base. Nordex is occasionally also active in the area of
project development. The company's stock has been listed on the
Frankfurt Stock Exchange since 2001 and is included in the TecDax
and SDax indexes. In 2016, the company merged with former AWP. The
parent company of AWP, Acciona S.A., is the main shareholder of
Nordex, with a share of 33.6%. Acciona is an infrastructure and
energy company, with sales of EUR7.2 billion in 2019. Acciona is
also one of Nordex's top 10 customers.



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I R E L A N D
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ARMADA EURO III: Fitch Affirms B-sf Rating on Class F Notes
-----------------------------------------------------------
Fitch Ratings has affirmed Armada Euro CLO III DAC and revised the
Outlook on the class E and F notes to Stable from Negative.

RATING ACTIONS

Armada Euro CLO III DAC

Class A-1 XS1913263346; LT AAAsf Affirmed; previously AAAsf

Class A-2 XS1913263775; LT AAAsf Affirmed; previously AAAsf

Class B XS1913264070; LT AAsf Affirmed; previously AAsf

Class C XS1913264310; LT Asf Affirmed; previously Asf

Class D XS1913264666; LT BBB-sf Affirmed; previously BBB-sf

Class E XS1913265044; LT BB-sf Affirmed; previously BB-sf

Class F XS1913265390; LT B-sf Affirmed; previously B-sf

Class X XS1913263189; LT AAAsf Affirmed; previously AAAsf

TRANSACTION SUMMARY

The transaction is a cash flow CLO mostly comprising senior secured
obligations. The transaction is within its reinvestment period and
is actively managed by its collateral manager.

KEY RATING DRIVERS

Stabilisation in Portfolio Performance

Portfolio performance has been stable since the previous review.
The transaction is slightly below par by 0.13% and all
Fitch-related portfolio profile tests, collateral quality test and
coverage tests are passing, according to the trustee report dated
November 16, 2020. At December 5, 2020, Fitch-calculated 'CCC' and
below rated obligations (including unrated names) represented 4.30%
of the portfolio, within the 7.5% limit, and there are no defaulted
assets in the portfolio.

Stable Outlooks Based on Coronavirus Stress

Fitch carried out a sensitivity analysis on the current portfolio
to determine the coronavirus baseline scenario. The agency notched
down the ratings for all assets with corporate issuers on Negative
Outlook regardless of sector by one notch. These assets represent
around 35% of the portfolio. This scenario demonstrates the
resilience of the ratings of all the classes with cushions.
Accordingly, Fitch has revised the Outlooks on the class E and F
notes to Stable.

'B'/'B-'Portfolio

Fitch assesses the average credit quality of the obligors to be in
the 'B'/'B-' category. At December 5, 2020, the Fitch-calculated
weighted average rating factor of the current portfolio was 33.06
compared to the trustee-reported 33.02.

High Recovery Expectations

Of the portfolio, 97% comprises senior secured obligations. Fitch
views the recovery prospects for these assets as more favourable
than for second-lien, unsecured and mezzanine assets. The Fitch
weighted average recovery rate of the current portfolio is 69.61%.

Portfolio Well Diversified

The portfolio is well diversified across obligors, countries and
industries. The top 10 obligors' concentration is 15.19% and no
obligor represents more than 2.12% of the portfolio balance. The
top Fitch and the top-three largest industries are also within the
limits of 17.5% and 40.0%, respectively.

As of November 16, 2020, semi-annual obligations represented about
24.1% of the portfolio balance. An increase in semi-annual
obligations greater than or equal to 20% of the aggregate
collateral balance in a due period and breach of modified senior
interest coverage ratio threshold of 120% could trigger a frequency
switch event.

Cash Flow Analysis

Fitch used a customised proprietary cash flow model to replicate
the principal and interest waterfalls and the various structural
features of the transaction, as well as to assess their
effectiveness, including the structural protection provided by
excess spread diverted through the par value and interest coverage
tests. The transaction was modelled using the current portfolio
based on both the stable and rising interest-rate scenarios and the
front-, mid- and back-loaded default timing scenarios as outlined
in Fitch's criteria.

Fitch also tested the current portfolio with a coronavirus
sensitivity analysis to estimate the resilience of the notes'
ratings. Fitch's coronavirus sensitivity analysis was only based on
the stable interest rate scenario including all default timing
scenarios.

RATING SENSITIVITIES

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

At closing, Fitch used a standardised stress portfolio (Fitch's
Stressed Portfolio) that was customised to the portfolio limits as
specified in the transaction documents. Even if the actual
portfolio shows lower defaults and smaller losses (at all rating
levels) than Fitch's Stressed Portfolio assumed at closing, an
upgrade of the notes during the reinvestment period is unlikely.
This is because the portfolio credit quality may still deteriorate,
not only by natural credit migration, but also because of
reinvestment.

After the end of the reinvestment period, upgrades may occur in the
event of a better-than-expected portfolio credit quality and deal
performance, leading to higher credit enhancement and excess spread
available to cover for losses on the remaining portfolio.

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

Downgrades may occur if the build-up of credit enhancement
following amortisation does not compensate for a larger loss
expectation than initially assumed due to an unexpected high level
of default and portfolio deterioration. As the disruptions to
supply and demand due to the coronavirus for other vulnerable
sectors become apparent, loan ratings in those sectors would also
come under pressure. Fitch will update the sensitivity scenarios in
line with the view of its Leveraged Finance team.

Coronavirus Downside Scenario

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 the following
stresses: applying a notch downgrade to all Fitch-derived ratings
in the 'B' rating category and applying a 0.85 recovery rate
multiplier to all other assets in the portfolio. For typical
European CLOs this scenario results in a rating category change for
all ratings.

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 majority of the underlying assets have ratings or credit
opinions from Fitch and/or other nationally recognised statistical
rating organisations and/or European Securities and Markets
Authority-registered rating agencies. Fitch has relied on the
practices of the relevant groups within Fitch and/or other rating
agencies to assess the asset portfolio information.

Overall, Fitch's assessment of the asset pool information relied
upon for the agency's rating analysis according to its applicable
rating methodologies indicates that it is adequately reliable.

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.

CAPITAL FOUR II: Moody's Assigns (P)B3 Rating on Cl. F Notes
------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following provisional ratings to notes to be issued by Capital Four
CLO II DAC:

EUR217,000,000 Class A Senior Secured Floating Rate Notes due 2034,
Assigned (P)Aaa (sf)

EUR22,300,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Assigned (P)Aa2 (sf)

EUR7,500,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Assigned (P)Aa2 (sf)

EUR23,600,000 Class C Senior Secured Deferrable Floating Rate Notes
due 2034, Assigned (P)A2 (sf)

EUR24,500,000 Class D Senior Secured Deferrable Floating Rate Notes
due 2034, Assigned (P)Baa3 (sf)

EUR20,100,000 Class E Senior Secured Deferrable Floating Rate Notes
due 2034, Assigned (P)Ba3 (sf)

EUR8,800,000 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 90% of the
portfolio must consist of senior secured obligations and up to 10%
of the portfolio may consist of senior unsecured obligations,
mezzanine obligations and high yield bonds with second-lien loans
capped at 5%. 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.

Capital Four CLO Management K/S ("Capital Four Management") 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 approximately 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.

In addition to the seven classes of notes rated by Moody's, the
Issuer will issue EUR 32,400,000 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 350 million

Diversity Score: 45

Weighted Average Rating Factor (WARF): 3025

Weighted Average Spread (WAS): 3.70%

Weighted Average Coupon (WAC): 4.00%

Weighted Average Recovery Rate (WARR): 43.50%

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.

DRYDEN 62: Fitch Affirms B-sf Rating on Class F Notes
-----------------------------------------------------
Fitch Ratings has affirmed Dryden 62 Euro CLO 2017 DAC and revised
the Outlook on the class E and F notes to Stable from Negative.

RATING ACTIONS

Dryden 62 Euro CLO 2017 B.V.

Class A XS1826185438; LT AAAsf Affirmed; previously AAAsf

Class B XS1826185784; LT AAsf Affirmed; previously AAsf

Class C XS1826186089; LT Asf Affirmed; previously Asf

Class D XS1826186592; LT BBBsf Affirmed; previously BBBsf

Class E XS1826186832; LT BBsf Affirmed; previously BBsf

Class F XS1826186758; LT B-sf Affirmed; previously B-sf

TRANSACTION SUMMARY

Dryden 62 Euro CLO 2017 DAC is a cash flow CLO mostly comprising
senior secured obligations. The transaction is within its
reinvestment period, which is due to end in January 2023, and is
actively managed by its collateral manager.

KEY RATING DRIVERS

Asset Performance Stable: The transaction was above par by 105bp as
of the investor report dated October 31, 2020. All portfolio
profile tests were passing except the 'CCC' obligations test. All
collateral quality tests and coverage tests were passing. The
transaction had no defaulted assets as of the same report. Exposure
to assets with a Fitch-derived rating (FDR) of 'CCC+' and below was
8.7%, excluding unrated assets, and 9.23%, including unrated
assets.

Resilience to Coronavirus Stress: The rating actions are a result
of a sensitivity analysis Fitch ran in light of the coronavirus
pandemic. For the sensitivity analysis Fitch notched down the
ratings for all assets with corporate issuers with a Negative
Outlook (38.35% of the portfolio) regardless of sector and ran the
cash flow analysis based on a stable interest-rate scenario

All notes have a significant break-even default-rate (BDR) cushion
under this cash flow model stress. The significant BDR cushions for
notes, together with stabilising portfolio performance, has made a
downgrade less likely, resulting in the revision of the Outlook to
Stable.

The Stable Outlook on the tranches reflects their rating resilience
under the coronavirus baseline sensitivity analysis.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the obligors in the 'B'/'B-' category. The Fitch-calculated
weighted average rating factor (WARF) of the current portfolio is
34.88, below the maximum covenant of 35. The Fitch WARF would
increase to 38.56 after applying the coronavirus stress.

High Recovery Expectations: Senior secured obligations comprise
93.14% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch-calculated weighted average recovery
rate (WARR) of the current portfolio is 60.38.

Portfolio Well-Diversified: The portfolio is well-diversified
across obligors, countries and industries. The top 10 obligor
concentration is 21.66%, and no obligor represents more than 2.94%
of the portfolio balance.

RATING SENSITIVITIES

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

At closing, Fitch used a standardised stress portfolio (Fitch's
stressed portfolio) that was customised to the portfolio limits as
specified in the transaction documents. Even if the actual
portfolio shows lower defaults and smaller losses (at all rating
levels) than Fitch's stressed portfolio assumed at closing, an
upgrade of the notes during the reinvestment period is unlikely as
the portfolio's credit quality may still deteriorate, not only
through natural credit migration, but also through reinvestments.

Upgrades may occur after the end of the reinvestment period on
better-than-expected portfolio credit quality and deal performance,
leading to higher credit enhancement and excess spread available to
cover for losses in the remaining portfolio.

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

Downgrades may occur if the build-up of credit enhancement
following amortisation does not compensate for a larger loss
expectation than initially assumed due to unexpectedly high levels
of default and portfolio deterioration. As disruptions to supply
and demand due to the pandemic become apparent, loan ratings in
those sectors will also come under pressure. Fitch will update the
sensitivity scenarios in line with the view of its leveraged
finance team.

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 a single-notch
downgrade to all FDRs in the 'B' rating category and a 0.85
recovery rate multiplier to all other assets in the portfolio. For
typical European CLOs this scenario results in a category-rating
change for all ratings.

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

Most of the underlying assets or risk-presenting entities have
ratings or credit opinions from Fitch and/or other nationally
recognised statistical rating organisations and/or European
Securities and Markets Authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information.

Overall, Fitch's assessment of the asset pool information relied on
for its rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.

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.

HENLEY CLO I: Fitch Affirms B-sf Rating on Class F Notes
--------------------------------------------------------
Fitch Ratings has affirmed Henley CLO I DAC and revised the
Outlooks on the class D to F notes to Stable from Negative.

RATING ACTIONS

Henley CLO I DAC

Class A XS2008552999; LT AAAsf Affirmed; previously AAAsf

Class B-1 XS2008553377; LT AAsf Affirmed; previously AAsf

Class B-2 XS2008553708; LT AAsf Affirmed; previously AAsf

Class C XS2008555828; LT A+sf Affirmed; previously A+sf

Class D XS2008556123; LT BBB-sf Affirmed; previously BBB-sf

Class E XS2008555588; LT BB-sf Affirmed; previously BB-sf

Class F XS2008554342; LT B-sf Affirmed; previously B-sf

Class X XS2008552304; LT AAAsf Affirmed; previously AAAsf

TRANSACTION SUMMARY

Henley CLO I DAC is a securitisation of mainly senior secured loans
(at least 90%) with a component of senior unsecured, mezzanine and
second-lien loans. The portfolio is managed by Napier Park Global
Capital Ltd. The reinvestment period ends in January 2024.

KEY RATING DRIVERS

Stable Outlooks Based on Coronavirus Stress

The revision of the Outlooks on the class D, E and F notes reflects
that their current ratings are passing the sensitivity analysis
Fitch ran in light of the coronavirus pandemic. For the sensitivity
analysis Fitch notched down the ratings for all assets with
corporate issuers with a Negative Outlook regardless of sector and
ran the cash flow analysis based on the stable interest rate
scenario. All tranches show resilience under the coronavirus
baseline sensitivity analysis with a cushion, which is reflected in
the Stable Outlooks.

Portfolio Performance Stabilises

The transaction was 0.78% above par and all portfolio profile
tests, coverage tests and Fitch collateral quality tests were
passing according to the latest investor report dated November 16,
2020. As of the same report, the transaction had no defaulted
assets. Exposure to assets with a Fitch-derived rating of 'CCC+'
and below was 5.32% (excluding unrated assets). Assets with a
Fitch-derived rating (FDR) on Negative Outlook were 15% of the
portfolio balance.

'B'/'B-' Portfolio Credit Quality

Fitch assesses the average credit quality of the obligors in the
'B'/'B-' category. The Fitch weighted average rating factor (WARF)
of the current portfolio is 32.6 (assuming unrated assets are
'CCC') - below the maximum covenant of 34, while the
trustee-reported Fitch WARF was 33.34. After applying the
coronavirus stress, the Fitch WARF would increase by 3.34.

High Recovery Expectations

Senior secured obligations are 94.78% of the portfolio. Fitch views
the recovery prospects for these assets as more favourable than for
second-lien, unsecured and mezzanine assets.

Diversified Portfolio

The portfolio is well diversified across obligors, countries and
industries. The top 10 obligors represent 17.12% of the portfolio
balance, with no obligor accounting for more than 2.11%. Around 40%
of the portfolio consists of semi-annual obligations but a
frequency switch has not occurred due to the transaction's high
interest coverage ratios.

Cash Flow Analysis

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

The transaction was modelled using the current portfolio based on
both the stable and rising interest-rate scenarios and the front-,
mid- and back-loaded default timing scenarios as outlined in
Fitch's criteria. In addition, Fitch tested the current portfolio
with a coronavirus sensitivity analysis to estimate the resilience
of the notes' ratings. The coronavirus sensitivity analysis was
only based on the stable interest-rate scenario but included all
default timing scenarios.

RATING SENSITIVITIES

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

The transaction features a reinvestment period and the portfolio is
actively managed. At closing, Fitch used a standardised stress
portfolio (Fitch's Stressed Portfolio) that was customised to the
portfolio limits as specified in the transaction documents. Even if
the actual portfolio shows lower defaults and smaller losses (at
all rating levels) than Fitch's Stressed Portfolio assumed at
closing, an upgrade of the notes during the reinvestment period is
unlikely, as the portfolio credit quality may still deteriorate,
not only through natural credit migration, but also through
reinvestments.

After the end of the reinvestment period, upgrades may occur in
case of better-than-initially-expected portfolio credit quality and
deal performance, leading to higher credit enhancement for the
notes and excess spread available to cover for losses in the
remaining portfolio.

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

Downgrades may occur if the build-up of credit enhancement
following amortisation does not compensate for a larger loss than
initially assumed due to unexpectedly high levels of defaults and
portfolio deterioration. As disruptions to supply and demand due to
the pandemic become apparent, loan ratings in vulnerable sectors
will also come under pressure. Fitch will update the sensitivity
scenarios in line with the view of its Leveraged Finance team.

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 a single-notch
downgrade to all FDRs in the 'B' rating category and a 0.85
recovery rate multiplier to all other assets in the portfolio. For
typical European CLOs, this scenario results in a rating category
change for all ratings.

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 majority of the underlying assets or risk-presenting entities
have ratings or credit opinions from Fitch and/or other Nationally
Recognised Statistical Rating Organisations and/or European
Securities and Markets Authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information.

Overall, Fitch's assessment of the asset pool information relied
upon for the agency's rating analysis according to its applicable
rating methodologies indicates that it is adequately reliable.

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.

INVESCO EURO II: Fitch Affirms B-sf Rating on Class F Debt
----------------------------------------------------------
Fitch Ratings has affirmed Invesco Euro CLO II DAC and revised the
Outlook on the class E and F notes to Stable from Negative.

RATING ACTIONS

Invesco Euro CLO II DAC

Class A XS2002496821; LT AAAsf Affirmed; previously AAAsf

Class B-1 XS2002497639; LT AAsf Affirmed; previously AAsf

Class B-2 XS2002498363; LT AAsf Affirmed; previously AAsf

Class C XS2002498959; LT Asf Affirmed; previously Asf

Class D XS2002499684; LT BBB-sf Affirmed; previously BBB-sf

Class E XS2002500283; LT BB-sf Affirmed; previously BB-sf

Class F XS2002500366; LT B-sf Affirmed; previously B-sf

Class X XS2002496664; LT AAAsf Affirmed; previously AAAsf

TRANSACTION SUMMARY

Invesco Euro CLO II DAC is a cash flow CLO mostly comprising senior
secured obligations. The transaction is within its reinvestment
period, which is due to end in February 2024, and is actively
managed by Invesco European RR L.P.

KEY RATING DRIVERS

Asset Performance Stable: The transaction was above par by 5bp as
of the investor report dated November 3, 2020. All portfolio
profile tests, collateral quality tests and coverage tests were
passing. The transaction had a single defaulted asset, representing
0.56% of the portfolio as of the same report. Exposure to assets
with a Fitch-derived rating (FDR) of 'CCC+' and below was 6.77%,
excluding unrated assets, and 7.02%, including unrated assets.

Resilience to Coronavirus Stress: The rating actions are a result
of a sensitivity analysis Fitch ran in light of the coronavirus
pandemic. For the sensitivity analysis Fitch notched down the
ratings for all assets with corporate issuers with a Negative
Outlook (38.88% of the portfolio) regardless of sector and ran the
cash flow analysis based on a stable interest-rate scenario

All notes have a significant break-even default-rate (BDR) cushion
under this cash flow model stress. The significant BDR cushions for
notes, together with stabilising portfolio performance, has made a
downgrade less likely, resulting in the revision of the Outlook to
Stable.

The Stable Outlook on the tranches reflects their rating resilience
under the coronavirus baseline sensitivity analysis.

'B'/'B-' Portfolio: Fitch assesses the average credit quality of
the obligors in the 'B'/'B-' category. The Fitch-calculated
weighted average rating factor (WARF) of the current portfolio is
33.18, below the maximum covenant of 34. The Fitch WARF would
increase to 36.63 after applying the coronavirus stress.

High Recovery Expectations: Senior secured obligations comprise
96.8% of the portfolio. Fitch views the recovery prospects for
these assets as more favourable than for second-lien, unsecured and
mezzanine assets. The Fitch-calculated weighted average recovery
rate (WARR) of the current portfolio is 66.81.

Portfolio Well-Diversified: The portfolio is well-diversified
across obligors, countries and industries. The top 10 obligor
concentration is 17.95%, and no obligor represents more than 2.43%
of the portfolio balance.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive
rating action/upgrade: At closing, Fitch used a standardised stress
portfolio (Fitch's stressed portfolio) that was customised to the
portfolio limits as specified in the transaction documents. Even if
the actual portfolio shows lower defaults and smaller losses (at
all rating levels) than Fitch's stressed portfolio assumed at
closing, an upgrade of the notes during the reinvestment period is
unlikely as the portfolio's credit quality may still deteriorate,
not only through natural credit migration, but also through
reinvestments. Upgrades may occur after the end of the reinvestment
period on better-than-expected portfolio credit quality and deal
performance, leading to higher credit enhancement and excess spread
available to cover for losses in the remaining portfolio. Factors
that could, individually or collectively, lead to negative rating
action/downgrade: Downgrades may occur if the build-up of credit
enhancement following amortisation does not compensate for a larger
loss expectation than initially assumed due to unexpectedly high
levels of default and portfolio deterioration. As disruptions to
supply and demand due to the pandemic become apparent, loan ratings
in those sectors will also come under pressure. Fitch will update
the sensitivity scenarios in line with the view of its leveraged
finance team. 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 a single-notch downgrade to all FDRs in
the 'B' rating category and a 0.85 recovery rate multiplier to all
other assets in the portfolio. For typical European CLOs this
scenario results in a category-rating change for all ratings.

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

Most of the underlying assets or risk-presenting entities have
ratings or credit opinions from Fitch and/or other nationally
recognised statistical rating organisations and/or European
Securities and Markets Authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information.

Overall, Fitch's assessment of the asset pool information relied on
for its rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.

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.

SCULPTOR EUROPEAN VII: Moody's Assigns B3 Rating on Cl. F Notes
---------------------------------------------------------------
Moody's Investors Service announced that it has assigned the
following definitive ratings to notes issued by Sculptor European
CLO VII DAC:

EUR186,000,000 Class A Senior Secured Floating Rate Notes due 2034,
Assigned Aaa (sf)

EUR11,200,000 Class B-1 Senior Secured Floating Rate Notes due
2034, Assigned Aa2 (sf)

EUR12,400,000 Class B-2 Senior Secured Fixed Rate Notes due 2034,
Assigned Aa2 (sf)

EUR18,900,000 Class C Senior Secured Deferrable Floating Rate Notes
due 2034, Assigned A2 (sf)

EUR20,500,000 Class D Senior Secured Deferrable Floating Rate Notes
due 2034, Assigned Baa3 (sf)

EUR18,600,000 Class E Senior Secured Deferrable Floating Rate Notes
due 2034, Assigned Ba3 (sf)

EUR5,100,000 Class F Senior Secured Deferrable Floating Rate Notes
due 2034, Assigned B3 (sf)

RATINGS RATIONALE

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

The Issuer is a managed cash flow CLO. At least 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 80-90% ramped as of the closing date
and to comprise of predominantly corporate loans to obligors
domiciled in Western Europe. The remainder of the portfolio will be
acquired during the 6-month ramp-up period in compliance with the
portfolio guidelines.

Sculptor Europe Loan Management Limited will manage the CLO. It
will direct the selection, acquisition and disposition of
collateral on behalf of the Issuer and may engage in trading
activity, including discretionary trading, during the transaction's
3.1-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.

In addition to the seven classes of notes rated by Moody's, the
Issuer has issued EUR15.0 million of Class Z Notes due 2034 and
EUR28.05 million of Subordinated Notes due 2034 which are not
rated. The Class Z Notes accrue interest in an amount equivalent to
the subordinated management fees and its notes' payment ranks
junior to the payment of interest and principal on the rated
notes.

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 300,000,000

Diversity Score: 45

Weighted Average Rating Factor (WARF): 3113

Weighted Average Spread (WAS): 3.80%

Weighted Average Coupon (WAC): 3.50%

Weighted Average Recovery Rate (WARR): 43.50%

Weighted Average Life (WAL): 8.0 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 or below cannot exceed 10%, with
exposures to LCC of Baa1 to Baa3 further limited to 5% and obligors
cannot be domiciled in countries with LCC below Baa3.

ST. PAUL'S IV: Fitch Affirms B-sf Rating on Class E-RRR Debt
------------------------------------------------------------
Fitch Ratings has affirmed St. Paul's CLO IV DAC, and revised the
Outlook on the class C, D and E notes to Stable from Negative.

RATING ACTIONS

St. Paul's CLO IV DAC

Class A-1-RRR XS1852563672; LT AAAsf Affirmed; previously AAAsf

Class A-2A-RRR XS1852564217; LT AAsf Affirmed; previously AAsf

Class A-2B-RRR XS1852564720; LT AAsf Affirmed; previously AAsf

Class B-RRR XS1852565537; LT Asf Affirmed; previously Asf

Class C-RRR XS1852566188; LT BBBsf Affirmed; previously BBBsf

Class D-RRR XS1852567079; LT BBsf Affirmed; previously BBsf

Class E-RRR XS1852566857; LT B-sf Affirmed; previously B-sf

TRANSACTION SUMMARY

The transaction is a cash flow CLO, mostly comprising senior
secured obligations. The transaction is within its reinvestment
period and is actively managed by Intermediate Capital Managers
Limited.

KEY RATING DRIVERS

Asset Performance Stable

The transaction is still in its reinvestment period and the
portfolio is actively managed by the collateral manager. Asset
performance has been stable since the last review in July 2020. The
transaction is above par by 0.2% as of the latest investor report
available. All coverage tests are passing. Exposure to assets with
a Fitch-derived rating of 'CCC+' and below is 9.5% (or 9.9% when
including unrated names, which Fitch treats as 'CCC' but for which
the manager can classify as 'B-' up to 10% of the portfolio) above
the 7.5% limit. Exposure to defaulted assets is EUR5.1million.

Stable Outlooks Based on Coronavirus Stress

The revision of the Outlooks on the class C, D and E notes to
Stable reflects that their current ratings are passing the
sensitivity analysis Fitch ran in light of the coronavirus
pandemic. For the sensitivity analysis Fitch notched down the
ratings for all assets with corporate issuers with a Negative
Outlook (26.9% of the portfolio) regardless of sector and ran the
cash flow analysis based on the stable interest rate scenario. All
tranches show resilience under the coronavirus baseline sensitivity
analysis with a cushion which is reflected in the Stable Outlooks.

'B'/'B-' Portfolio

Fitch assesses the average credit quality of the obligors to be in
the 'B'/'B-' category. The Fitch weighted average rating factor
(WARF) calculated by Fitch of the current portfolio is 35.19 and by
the trustee is 35.20, above the maximum covenant of 35.0. The Fitch
WARF would increase to 37.63 after applying the coronavirus
stress.

High Recovery Expectations

Of the portfolio, 98.7% comprises senior secured obligations. Fitch
views the recovery prospects for these assets as more favourable
than for second-lien, unsecured and mezzanine assets. The Fitch
weighted average recovery rate of the current portfolio is 63.4%.

Portfolio Well Diversified

The portfolio is well diversified across obligors, countries and
industries. The top 10 obligor concentration is 14.9%, and no
obligor represents more than 2.1% of the portfolio balance.

RATING SENSITIVITIES

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

At closing, Fitch used a standardised stress portfolio (Fitch's
Stressed Portfolio) that was customised to the portfolio limits as
specified in the transaction documents. Even if the actual
portfolio shows lower defaults and smaller losses (at all rating
levels) than Fitch's Stressed Portfolio assumed at closing, an
upgrade of the notes during the reinvestment period is unlikely as
the portfolio credit quality may still deteriorate, not only
through natural credit migration, but also through reinvestments.

Upgrades may occur after the end of the reinvestment period on
better-than-expected portfolio credit quality and deal performance,
leading to higher credit enhancement and excess spread available to
cover for losses in the remaining portfolio.

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

Downgrades may occur if the build-up of credit enhancement
following amortisation does not compensate for a larger loss
expectation than initially assumed due to unexpectedly high levels
of default and portfolio deterioration. As the disruptions to
supply and demand due to the pandemic become apparent, loan ratings
in those sectors will also come under pressure. Fitch will update
the sensitivity scenarios in line with the view of its Leveraged
Finance team.

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 the following
stresses: applying a notch downgrade to all Fitch-derived ratings
in the 'B' rating category and applying a 0.85 recovery rate
multiplier to all other assets in the portfolio. For typical
European CLOs this scenario results in a rating category change for
all ratings.

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

Most of the underlying assets or risk-presenting entities have
ratings or credit opinions from Fitch and/or other nationally
recognised statistical rating organisations and/or European
Securities and Markets Authority-registered rating agencies. Fitch
has relied on the practices of the relevant groups within Fitch
and/or other rating agencies to assess the asset portfolio
information.

Overall, Fitch's assessment of the asset pool information relied on
for its rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.

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.

VF COLD: High Court Appoints Neil Hughes as Interim Examiner
------------------------------------------------------------
Mary Carolan at The Irish Times reports that a potential EUR11
million liability arising out of damages claims against a
Dublin-based cold storage company has led to it securing a High
Court order for the appointment of an interim examiner.

Mr. Justice Denis McDonald agreed on Dec. 14 to appoint Neil Hughes
as interim examiner to VF Cold Stores Ltd. after being satisfied,
on the evidence before him, it is balance sheet insolvent but has a
reasonable prospect of survival once certain conditions are met,
The Irish Times relates.

The company, established in 1989, is based in Jamestown Industrial
Park Finglas and employs 20 people full-time and also uses five
agency workers full-time.

According to The Irish Times, Gary McCarthy SC, instructed by
Clarke Jeffers Solicitors, for the company, outlined that an
"exceptional" event has caused it to be insolvent on a balance
sheet basis.

Ornua Co-operative Ltd and some companies in the Kepak Group have
sued the company and other defendants over damages alleged caused
to stored products following the collapse of a racking storage
system at the company's premises in July 2018, he outlined, The
Irish Times discloses.

Ornua, The Irish Times says, is claiming some EUR7.87 million over
alleged damage to some 3,360 units of frozen butter while the Kepak
companies allege that damage to their meat products gave rise to
losses of some EUR3.14 million.

As a result of its terms and conditions, VF Cold Stores did not
have insurance cover for the risk of damages to goods stored in its
premises and is thus not insured against the costs of defending the
legal proceedings, estimated at EUR771,554, The Irish Times
states.

Mr. McCarthy, as cited by The Irish Times, said the company, while
believing it had a good defence, simply could not afford the
litigation costs with the effect, as matter of probability, it
could not defend and might face damages claims as a result.  It had
been advised the combined EUR11 million claims had to be accounted
for as a contingent liability, The Irish Times notes.  He said if
those were moved onto the company's balance sheet, it was balance
sheet insolvent, The Irish Times relays.

However, an independent expert had, in a report, expressed the view
the company, despite its significant debts, has a reasonable
prospect of survival for reasons including it has a good underlying
business, according to The Irish Times.

Having read the documents grounding the application and heard from
counsel, Mr. Justice McDonald was satisfied, on the evidence before
him, to appoint Neil Hughes as interim examiner, The Irish Times
relates.  The judge said the evidence indicated the company has a
reasonable prospect of survival subject to conditions, according to
The Irish Times.  He said his observation were limited to the
hearing for appointment of an interim examiner and there would be a
full hearing of the matter when the petition returns before the
court on Dec. 21, The Irish Times notes.




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

INEOS GROUP: Fitch Puts BB+ LT IDR on Rating Watch Negative
-----------------------------------------------------------
Fitch Ratings has placed Ineos Group Holdings S.A.'s (IGH)
Long-term Issuer Default Rating (IDR) of 'BB+' on Rating Watch
Negative (RWN) following the company's announced acquisition of the
remaining 50% of Gemini HDPE LLC, a small US-based polyethylene
producer, from Sasol. IGH already owns 50% of Gemini and as a
result of the acquisition will fully consolidate it.

Fitch estimates the transaction will add up to 0.2x to IGH's funds
from operations (FFO) net leverage, resulting in delayed
deleveraging to below 3.2x, a guideline for the 'BB+' rating, only
in 2023. The rating has already been on Negative Outlook since May
2020 due to forecast pressure on credit metrics as a result of
overcapacity in the petrochemicals market and lower end-market
demand due to the economic downturn driven by the pandemic. Fitch
forecasts FFO net leverage to rise to 4.7x in 2020 as post-IFRS 16
adjustment EBITDA contracts by nearly 25%, before it trends towards
3.5x in 2022 as markets recover.

Fitch would consider downgrading IGH's ratings by one notch upon
closing of the transaction if the company were unable to
demonstrate clearly defined deleveraging path towards 3.2x by
end-2022.

IGH's rating continues to reflect its position as one of the
world's largest petrochemical producers, with leading market
positions in Europe and the US. It manufactures a variety of olefin
derivatives that serve a broad and diverse range of end-markets,
large-scale integrated production facilities with feedstock
flexibility, solid coverage metrics and forecast positive free cash
flow.

KEY RATING DRIVERS

Acquisition of Remaining 50% in Gemini: Ineos Olefins & Polymers
USA, a subsidiary of IGH, has agreed in principle with Sasol to
acquire the latter's 50% interest in Gemini HDPE LLC for USD404
million. Gemini HDPE is a toll manufacturer of high-density
polyethylene products serving pipe and film markets with annual
capacity of 470,000 tonnes. IGH already owns the other 50%, and is
the plant's operator and owner of the technology used. The
transaction will enable IGH to expand in the specialty polyethylene
markets of pressure pipe and high molecular weight film.

Gemini Consolidated, Unrestricted Subsidiary: IGH will fully
consolidate Gemini's post-transaction debt of USD600 million and
its EBITDA in its IFRS accounts. However, IGH will exclude it from
the covenant perimeter as Gemini becomes an unrestricted subsidiary
outside IGH's restricted group without cross-default provisions
with the rest of IGH's debt or guarantees from IGH.

Fitch will fully consolidate Gemini's financials as it considers
the operational ties between Gemini and IGH as strong. Under the
tolling agreement, IGH must purchase Gemini's products and will
effectively guarantee that Gemini's debt service coverage ratio is
at least 1.0x. The agreement will result in IGH allowing for
minimal EBITDA at Gemini level which, Fitch understands, will cover
Gemini's interest payment and its mandatory debt amortization.
Fitch therefore expects IGH's 2022 leverage to rebase at 3.5x
rather than 3.2x, above the negative leverage sensitivity for 'BB+'
IDR for the fourth consecutive year.

New Debt Issue: In October 2020, Ineos Finance Plc issued a EUR375
million term loan and EUR325 million of 3.375% senior secured notes
to fund a EUR300 million distribution to IGH's parent in 2021, with
the remaining amount to improve liquidity. The planned dividend
distribution, which will fund investments of other entities in the
wider Ineos group, is aligned with Fitch's earlier forecasts for
2021. Fitch reiterates its expectation of no further material
distribution to shareholders in 2020 or 2021.

Coronavirus Hits Chemical Markets: Fitch forecasts the pandemic
will put pressure on IGH's diversified chemical portfolio, with
particular weaknesses in automotive, fuel, transportation and
construction end-markets. Fitch expect robust medical, personal
care and packaging plastics demand will only partly compensate for
the wider economic pressure in 2020, so post-IFRS 16 adjustment
EBITDA is likely to decline by nearly 25% in 2020. Fitch expect
demand recovery across most plastics to take longer than one year,
exacerbated by new 2020-2021 capacities, which Fitch does not
expect to be absorbed before 2022.

Recent turnarounds at the Olefin 2 cracker, ramp-up of new linear
alpha olefins capacity in Chocolate Bayou and positive trends for
chemical intermediates and durable consumer goods set good
prospects for the rest of 2020. Lockdown measures in Europe related
to the second wave of the pandemic may disrupt the recovery path,
but the positive sentiment around the recent vaccine news and
China's fast recovery support Fitch's expectation of post-IFRS 16
adjustment 2020 EBITDA close to EUR1.3 billion.

Tax Cut, Working-Capital Release: IGH expects to receive tax
refunds and deferrals leading to a EUR100 million inflow in 2020
and has tightened cost control to face lower end-market demand and
prices due to the pandemic. Fitch believes these actions, together
with working-capital release, will help deliver marginally positive
FCF in 2020, but that FFO net leverage will reach 4.7x as EBITDA
sharply falls in 2020.

Fitch expect market recovery and EBITDA-accretive projects to drive
2021 EBITDA almost fully back to 2019 levels and capex reduction to
below EUR1 billion to be partially offset by EUR300 million
dividends, resulting in marginally positive FCF and 3.7x leverage
by end-2021.

Rated on Standalone Basis: IGH is the largest subsidiary of Ineos
Limited, accounting for almost half its EBITDA, but Fitch rates it
on a standalone basis as it operates as a restricted group with no
guarantees or cross-default provisions with Ineos Limited or other
entities within the wider group.

Ineos Limited (including IGH) has stronger credit metrics than IGH
and follows a more stringent internal leverage guideline of 2x net
debt/EBITDA compared with 3x for IGH. IGH's debt documentation
includes limitations on additional indebtedness (e.g., a
fixed-charge coverage of at least 2x and consolidated senior
secured leverage below 3x) and dividend distribution, but generous
baskets are available.

Notching for Instrument Ratings: About 75% of the company's total
debt at end-November 2020 consisted of senior secured notes and
loans ranking pari passu among themselves, and secured by
first-ranking liens including share pledges and mortgages. The
noteholders benefit from negative pledge and cross-default clauses
while the debt contains no financial maintenance covenants. The
secured debt is rated one notch above the IDR to reflect the
security package. In contrast, subordinated debt is rated one notch
below the IDR, reflecting subordination issues.

Cyclical Credit Profile: The inherently cyclical nature of the
commodity chemicals sector means IGH is subject to feedstock and
end-product price volatility, driven by prevailing market
conditions, demand/supply drivers - especially with new
lower-quartile cost capacity coming online globally - and
stocking/de-stocking patterns alongside the chemical value chain.

IGH manages volatility by capitalising on its critical mass as a
leading integrated petrochemical producer, with strong links to a
large customer and supplier base, and by leveraging feedstock
flexibility in its production sites. Earnings volatility is also
mitigated by the company's geographical and product
diversification.

Corporate Governance: Corporate governance limitations relate to a
lack of independent directors, a three-person private shareholding
structure and key-person risk at Ineos Limited, as well as limited
transparency on IGH's strategy around related-party transactions
and dividends. These factors are incorporated into IGH's ratings
and are mitigated by the strong systemic governance in the
countries in which the group operates, its record of no material
governance failures, manageable ordinary dividend distributions,
related-party transactions on an arm's length-basis, and solid
financial reporting.

DERIVATION SUMMARY

IGH's business profile reflects its large scale, multiple
manufacturing facilities across North America and Europe, and
exposure to volatile and commoditised olefins and its derivatives.
This is consistent with sector peers, such as Westlake Chemical
Corporation (BBB/Negative), Saudi Basic Industries Corporation
(A/Negative) and PAO SIBUR Holding (BBB-/Stable).

IGH has stronger market-leading positions, is of larger scale and
has greater diversification and production flexibility than
Westlake and SIBUR, which are more regional petrochemical
companies. However, IGH has an overall weaker feedstock position
due to its lower-margin European origination and production (O&P)
and intermediates business, which translates into low-to-mid teens
EBITDA margin compared with 25%-35% at lower-cost peers. IGH also
entered 2020 and the coronavirus crisis with relatively higher
leverage of 3.9x against all peers sitting below 3x.

IGH differs from most peers in governance terms as it is a part of
the wider Ineos group embracing other chemical businesses, mostly
in Europe, with three-person private shareholding. Ineos group has
a track record of opportunistic M&A activities and related-party
transactions across the group, as well as unexpected one-off
dividends upstream across key Ineos businesses in February 2019,
albeit shortly after strong deleveraging.

These governance weaknesses are incorporated in the IDR and are
mitigated by the arm's-length basis and moderate scale of
related-party transactions, adequate financial reporting and lack
of overly aggressive shareholder-friendly actions.

KEY ASSUMPTIONS

Sales volumes to decline by high single-digit percentages across
the segments in 2020 on lower demand from capital goods industries
due to the pandemic before recovering fully over 2021-2022

Sales prices to follow Fitch's oil price deck: Brent at USD41/bbl
in 2020, USD45/bbl in 2021, USD50/bbl in 2022 and USD53/bbl in
2023

EBITDA margin at 11%-12% in 2020 gradually recovering towards 15%
thereafter as projects finalised during 2019-2021 start to
contribute to EBITDA

Capex at EUR1.25 billion in 2020, EUR0.9-1.0 billion from 2021 as
growth capex declines

No dividends in 2020, and EUR300 million a year from 2021

Gemini HDPE's USD600 million debt and EBITDA fully consolidated

RATING SENSITIVITIES

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

  - The IDR is on RWN, so positive rating action is unlikely in the
short term. However, should the transaction materialise as
contemplated and IGH demonstrate concrete commitment to
prioritising deleveraging towards 3.2x by end-2022, the RWN may be
resolved and the Outlook be Stable.

  - FFO net leverage maintained at or under 1.7x through the cycle
and through the peak of capacity additions would support an
upgrade.

  - Corporate governance improvements, in particular, better
transparency on decisions regarding dividends and related-party
loans, and independent directors on the board would be rating
positive.

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

  - Should the transaction fail to materialise the ratings would be
likely to be on a Negative Outlook based on forecast pressure on
credit metrics due to petrochemicals market weakness.

  - Should the transaction close on stated terms leading to FFO net
leverage sustainably over 3.2x, Fitch would be likely to lower the
ratings by one notch.

  - Aggressive capex or dividends leading to negative FCF or
significant deterioration in business profile factors such as cost
advantage, scale, diversification or product leadership or
prolonged market pressure translating into EBITDA margin below 10%
would also be negative for the rating.

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: At September 30, 2020, IGH had about EUR0.9
billion of cash on balance sheet to cover around EUR200 million of
current debt. The upward revision of capex from EUR1 billion to
EUR1.25 billion results in marginally positive free cash flow,
compared with EUR375 million previously expected for 2020.

IGH has access to a securitisation facility of EUR800 million
maturing at end-2022, of which EUR307 million was drawn at
end-3Q20, and to an inventory financing facility of EUR200 million,
of which EUR149 million was drawn at end-3Q20, maturing in June
2021. The EUR400 million debt expected to be retained as cash will
also support liquidity.

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.

SUMMARY OF FINANCIAL ADJUSTMENTS

  - EUR125.4 million of current lease liabilities and EUR864.4
million of non-current lease liabilities reclassified as other
liabilities

  - EUR48.5 million of interest expenses associated to lease
liabilities reclassified as lease expenses

  - EUR154.3 million of depreciation expense related to
right-of-use assets deducted from the depreciation charge

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.



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

COMPOSITE RESINS: Moody's Upgrades CFR to B1, Outlook Stable
------------------------------------------------------------
Moody's Investors Service upgraded the corporate family rating
(CFR) to B1 from B2 and the probability of default rating (PDR) to
B1-PD from B2-PD of Composite Resins Holding BV (CR). Concurrently,
Moody's has upgraded to B1 from B2 the rating of the $510 million
senior secured term loan B (TLB) and $90 million senior secured
revolving credit facility (RCF) and assigned a B1 rating to the
EUR25 million add-on to the TLB issued by Composite Resins
Subholding B.V. The outlook for both entities remains stable.

RATINGS RATIONALE

The upgrade to B1 was prompted by the strong operating performance
of CR in its fiscal year (FY) 19/20 ending September 30, 2020 with
an EBITDA increase of $47.6 million, or 32% year-on-year, to $194.3
million (company-defined). CR achieved the EBITDA increase during a
challenging period when it lost 11% of its annual volumes and dealt
with an adverse macro environment caused by the coronavirus
outbreak. The volume recovery by region has been very uneven
mid-2020 with the Asia region exhibiting strong annual volume
growth of 10% whilst EMEA has witnessed a decline by about 22%.
Moody's expects the EMEA region to revert back to growth from
fiscal Q3 2021 (calendar Q2) onwards although EMEA on a relative
basis is likely to exhibit the lowest growth rates after the
Americas and Asia.

EBITDA generation in FY20/21 will be supported by (i) the
contribution of the maleic anhydride asset that CR bought from
Ashland for $98.3 million and that has a pro-forma annual EBITDA
contribution of around $25 million; and (ii) operating leverage
once volume growth resumes across all regions. While keeping fixed
costs and SG&A costs at FY19/20 level, future volume growth will
result in cost absorption and contribute to incremental EBITDA.
Consequently, Moody's expects gross leverage to decline further
from FY19/20 levels of around 2.9x (Moody's-adjusted) to around
2.5x by FY20/21, positioning the company point-in-time strongly in
the B1 rating category. The B1 CFR incorporates headroom for a
reversal of EBITDA margins towards the mid-teens (%) and for
debt-funded acquisitions or dividends.

The market for unsaturated polyester resins (UPR) in the mature
regions N. America and Europe has been highly concentrated since
the mergers of AOC and Aliancys to form CR in 2018 and of Polynt
and Reichhold to form Specialty Chemicals International B.V. in
2017. The concentrated market structure and rationale behaviour has
helped in Moody's opinion with price discipline in the UPR market
and has supported the EBITDA margin expansion from levels of around
10-12% towards 20%. Given the high levels of market concentration
in excess of 90% in N. America and above 70% in Europe, Moody's
expects only bolt-on acquisitions in these markets. Larger,
transformational transactions are likely in adjacent, non-UPR
products where antitrust constraints are lower.

CR's liquidity is strong. Cash and cash equivalents at September
30, 2020 were $163.4 million and already reflect the $69.2 million
of cash that were used to fund the acquisition of the maleic
anhydride asset. $89.7 million of the $90 million RCF were
available. Based on incremental EBITDA generation in the current
fiscal year, limited investment requirements of around 2.3% of
annual sales, CR should remain highly cash generative with
Moody's-adjusted free cash flow to exceed $100.0 million.

The company is controlled by funds managed by CVC, which, as is
often the case in private equity sponsored deals, have typically a
higher tolerance for leverage and governance is comparatively less
transparent. CR in FY18/19 paid out a $75 million dividend from
excess cash. In the absence of M&A Moody's expects that excess cash
CR holds will be paid out in further dividends.

RATIONALE FOR STABLE OUTLOOK

The outlook is stable and assumes that CR maintains
Moody's-adjusted gross leverage of between 3.0x-4.0x and EBITDA
margins in the 15%-20% band.

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

Moody's could upgrade ratings if (i) the EBITDA margin increased to
above 20%; (ii) debt/EBITDA was sustainably below 3.0x; and (iii)
CR maintained a strong liquidity profile.

Moody's could downgrade ratings if (i) the EBITDA margin declined
to below 15%; (ii) debt/EBITDA increases to above 4.0x on a
sustained basis; and (iii) liquidity weakened.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Chemical
Industry published in March 2019.

COMPANY PROFILE

CR, with headquarters in the Netherlands, is also known under its
brand name AOC. It produces and supplies polyester and vinyl ester
resins and other solutions for applications in Coatings &
Protective Barriers, Colorants and Visual Effects, Adhesives and
Specialties and Conventional Composite Resins. Preliminary EBITDA
in fiscal year 2019/2020 ending September 30, 2020 was $194.3
million on net sales of $958.5 million. Funds of CVC own 61.1% of
CR, with an entity owned by Royal DSM NV (A3 stable) holding 17.5%,
management 12.5% and FHH Enterprise Inc. 8.9%.

E-MAC NL 2006-III: Fitch Affirms Bsf Rating on 3 Tranches
---------------------------------------------------------
Fitch Ratings has upgraded E-MAC NL 2008-I B.V.'s class D notes and
affirmed the class A to C notes and affirmed E-MAC NL 2006-III
B.V.

RATING ACTIONS

E-MAC Program B.V. Compartment NL 2006-III

Class A2 XS0274609923; LT Bsf Affirmed; previously Bsf

Class B XS0274610855; LT Bsf Affirmed; previously Bsf

Class C XS0274611317; LT Bsf Affirmed; previously Bsf

Class D XS0274611747; LT CCCsf Affirmed; previously CCCsf

Class E XS0275099322; LT CCCsf Affirmed; previously CCCsf

E-MAC Program III B.V. Compartment NL 2008-I

Class A2 XS0344800957; LT AA+sf Affirmed; previously AA+sf

Class B XS0344801765; LT Asf Affirmed; previously Asf

Class C XS0344801922; LT A-sf Affirmed; previously A-sf

Class D XS0344802060; LT BB+sf Upgrade; previously BB-sf

TRANSACTION SUMMARY

The E-MAC transactions are seasoned true-sale securitisations of
Dutch residential mortgage loans originated by GMAC-RFC Nederland
B.V. The successor company, CMIS Nederland B.V. is the servicer.

KEY RATING DRIVERS

Asset Maturity Risks

In the 2006-III transaction, Fitch identified assets with maturity
dates exceeding those of the notes. These loans comprise 0.2% of
the pool balance. The 2006-III notes are currently amortising
sequentially, but the transaction might switch back to pro-rata in
a benign economic environment. This implies a loss equal to the
balance of loans maturing after the notes, which affects all
notes.

Fitch also notes a number of loans, representing 0.5% of the pool
balance, maturing within the two years before the notes' legal
final maturity. These loans may not have time to be worked out
before the notes' final maturity date in case of late default.

Given the elevated risk to default if the asset performance
improves and the magnitude of loans maturing within the two years
up until notes' legal final maturity, Fitch has capped the ratings
of the class A to C to notes at 'Bsf'. Fitch considers the class D
notes bear a higher default risk as the notes may even suffer
losses in case of a sequential amortisation and therefore capped
the notes at 'CCCsf'. Fitch will review the caps once all assets
with maturity beyond the notes' legal maturity have exited the
pool.

Pro-Rata Structures Limit CE Build-Up

As of the October 2020 payment date, 2006-III is paying
sequentially while 2008-I is amortising pro-rata. 2006-III has been
paying sequentially since July 2019 as the 60 days+ arrears trigger
at 1.5% has been breached. 2008-I has been paying pro-rata since
October 2019 after the reserve fund balance was replenished to its
target level.

The transactions feature a target tranche thickness mechanism,
whereby the notes would amortise to maintain a certain tranche
thickness ratio between the class A to D notes in a pro-rata
amortisation. This means that the credit enhancement (CE) built-up
during a sequential period will be lost if the transaction switches
back to pro-rata amortisation. This feature has been factored into
the rating analysis to the extent that the relevant pro-rata
triggers are captured by Fitch's modelling assumptions.

There are no conditions that would result in an irreversible switch
to sequential note amortisation after amortisation has crossed a
certain threshold, which is deemed to be a non-standard structural
feature.

Class D notes of 2008-I benefit from ongoing pro-rata amortisation
with rising CE while a switch to sequential amortisation would
allocate more funds to senior notes. Fitch therefore tested for
sequential amortisation from now on as a consequence of a sudden
performance deterioration, which limits the upgrade to 'BB+sf'.

Excess Spread Notes at 'CCCsf'

The excess spread class E notes in 2006-III have been affirmed at
'CCCsf'. Principal redemption of these notes ranks subordinate to
the payment of subordinated swap payments and extension margins on
the collateralised notes in the revenue waterfall. As the extension
margin amounts have been accruing and remain unpaid, full principal
redemption of the excess spread notes from interest receipts is
unlikely. As long as these amounts keep building up, Fitch cap the
rating at 'CCCsf'.

The only other possibility that remains for class E notes to fully
amortise would be through the release of the reserve fund if it
builds up after significant performance deterioration (90+ arrears
above 2%) and the built-up amounts are then released after an
improvement in performance (90+ arrears fall below 2%).

Interest-only Concentration

The interest-only (IO) concentrations in these transactions are 81%
(2006-III) and 87% (2008-I) of the outstanding portfolio and are
high compared with other Fitch-rated Dutch RMBS. According to
criteria, a 50% weighted average foreclosure frequency (WAFF) is
tested for the peak concentration at 'AAA' level (lower WAFF
assumptions are applied at lower rating stresses) and the 'B' WAFF
to the remainder of the pool.

For E-MAC NL 2008-I the application of the IO concentration WAFF
resulted in model-implied ratings that were more than three notches
below the rating derived by applying a WAFF produced without IO
assumptions. Therefore, Fitch took into account the IO
concentration WAFF in its rating analysis of this transaction.

Coronavirus Baseline Scenario

Fitch has identified additional stress scenarios to be applied in
conjunction with its European RMBS Rating Criteria in response to
the coronavirus outbreak (see: EMEA RMBS: Criteria Assumptions
Updated due to Impact of the Coronavirus Pandemic). The agency
considered these additional stresses for the rating analysis.

Fitch has not made adjustments for payment holidays as take-up was
limited in Netherlands. Arrears for the E-MAC transactions are
above steady state levels Fitch has not assumed any additional
arrears stresses. The coronavirus base-line scenario has limited
impact as the ratings are rather driven by pro-rata
considerations.

The key rating drivers listed in the applicable sector criteria but
not mentioned above are not material to the rating action.

RATING SENSITIVITIES

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

For 2006-III: Prepayment of the assets with a maturity after the
notes' maturity could lead to upgrades.

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

For 2006-III: Long-dated assets outstanding until closer to the
notes' maturity could lead to downgrades of the class A to C
notes.

For 2008-I: Adverse macroeconomic factors may affect asset
performance. An increase in foreclosures and losses beyond Fitch's
stresses may erode CE, leading to negative rating action.

Coronavirus Downside Scenario Sensitivity:

As outlined in "Fitch Ratings Coronavirus Scenarios: Baseline and
Downside Cases", Fitch considers a more severe downside coronavirus
scenario for sensitivity purposes whereby a more severe and
prolonged period of stress is assumed with a halting recovery from
2Q21. Under this scenario, Fitch's analysis uses a 15% WAFF
increase and a 15% decrease in the weighted average recovery rate.
This scenario would not lead to a downgrade of the notes for
2006-III, but it would lead to downgrades of 2008-I's class A and
class D notes of two notches and the class B and C notes of one
notch.

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

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and the transactions. There were no findings that affected
the rating analysis. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio information or
conducted a review of origination files as part of its ongoing
monitoring.

Fitch did not undertake a review of the information provided about
the underlying asset pools ahead of the transactions' initial
closing. The subsequent performance of the transactions over the
years is consistent with the agency's expectations given the
operating environment and Fitch is therefore satisfied that the
asset pool information relied upon for its initial rating analysis
was adequately reliable.

Overall, Fitch's assessment of the information relied upon for the
agency's rating analysis according to its applicable rating
methodologies indicates that it is adequately reliable.

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

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.



===========
N O R W A Y
===========

NORWEGIAN AIR: Set to Present Business Plan to Irish High Court
---------------------------------------------------------------
Padraic Halpin at Reuters reports that the official overseeing
Norwegian Air's protection from its creditors in Ireland will
present a report to the Irish High Court on Jan. 22, having
received a business plan from the cash-strapped airline.

The airline obtained creditor protection this month from courts in
Norway and Ireland, giving it some breathing space to restructure
its massive debts, Reuters relates.  Its main aircraft-owning
subsidiaries are Irish and its parent company, Norwegian Air ASA,
is registered in Norway.

According to Reuters, Norwegian's shareholders endorsed a financial
rescue plan on Dec. 17 and it now faces difficult negotiations with
creditors as it tries to reduce its debt and liabilities of NOK66.8
billion (US$7.8 billion).  It must also find investors and lenders
willing to put up fresh cash, Reuters notes.

Paul Sreenan, a lawyer for the Irish examiner appointed to
Norwegian, told a court update on proceedings on Dec. 18 that the
plan presented to shareholders represented airline management's
"current thinking" and that a detailed business plan would be
presented to the examiner imminently, Reuters relays.

The company, which helped transform transatlantic travel by
expanding the European budget airline business model to longer-haul
destinations, is under examinership in Ireland, a legal process
akin to Chapter 11 bankruptcy in the United States that can last up
to 100 days, Reuters discloses.

Mr. Sreenan added the examiner reconfirmed his view that Norwegian
has a reasonable prospect of survival as a going concern, Reuters
notes.  In Ireland, an examiner seeks to put a legally binding
scheme in place to settle the debts within 100 days.

Norwegian Chief Financial Officer Geir Karlsen told Reuters on Dec.
17 that it plans to give assurances in the courts that it can get
access to sufficient capital by the end of February but that the
process could be drawn out further.

According to Reuters, Justice Michael Quinn, presiding over the
Dec. 18 update, said that while it was a complex case that may not
reach an outcome in time, the parties should not unduly assume it
will be extended beyond the 100 days.

He also encouraged the examiner to share the company's plans with
lessors whose aircraft may be returned as a result as early as
possible, Reuters states.




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

KRASNODAR KRAI: Moody's Ups LT Issuer Rating to Ba2, Outlook Stable
-------------------------------------------------------------------
Moody's Investors Service upgraded the long-term issuer ratings of
Krasnodar, Krai to Ba2 from Ba3 and Krasnodar, City to Ba3 from B1.
The outlooks have been changed to stable from positive.

Concurrently, the long-term issuer and senior unsecured ratings of
Samara, Oblast (Ba2) and long-term issuer rating of Nizhniy
Novgorod, Oblast (Ba3) were affirmed. The outlooks remain
positive.

The rating upgrade of Krasnodar Krai reflects Moody's expectation
that the Krai's sound management of its finances will maintain
modest debt levels and adequate operating performance, even though
periods of revenue challenges like currently. Similarly, Moody's
expects Krasnodar City to maintain a modest debt burden, in part
supported by stable transfers from the Krai.

The positive outlooks for Samara Oblast and Nizhniy Novgorod
Oblast, at their respective rating levels, indicate Moody's
assessment that the risks on the credit profiles of the two
regional governments remain on the upside, if improving fiscal and
debt trends resume once the economic and fiscal impact of the
coronavirus pandemic recedes.

For all four regional and local governments, robust governance
supports budgetary performance and low to moderate debt burdens.

RATINGS RATIONALE

  -- KRASNODAR, KRAI OF

The rating upgrade reflects Moody's expectations that Krasnodar
Krai's effective budgetary policy will maintain debt at low to
moderate levels. In 2020-2021, net direct and indirect debt (NDID)
to operating revenues will remain around 37-40%, before declining
again thereafter. This will be supported by a return to strong
operating performance (GOB to operating revenues) following some
deterioration in 2020 as a result of coronavirus induced crisis, in
turn underpinned by a dynamic and diversified economy supporting
revenue.

Krasnodar Krai has built a track record of prudent budget
management in recent years, having decreased its NDID to operating
revenues ratio to 35% in 2019 from more than 75% before 2017.

Moreover, the debt profile is favourable with over 60% of direct
debt consisting of long-term, low cost, federal government budget
loans at end-2019. As a result, refinancing risks are low: annual
debt repayments do not exceed 5% of operating revenues. The low
interest rate environment and high share of budget loans will
continue to keep interest service costs very low, around 1% of
operating revenues.

Krasnodar Krai's Baseline Credit Assessment was upgraded to ba2
from ba3. The final rating of Ba2 incorporates a low likelihood of
support from the Government of Russia (Baa3 stable).

  -- KRASNODAR, CITY OF

The rating upgrade reflects both higher credit strength of the
city's support provider, Krasnodar Krai, and Moody's expectations
that the city's own budgetary performance will remain strong.
Moody's expects its NDID to operating revenues ratio to stay below
35% this year and next, before declining in the medium term.

Krasnodar Krai provides significant transfers, in a range of 44-53%
of the city's total revenues during the last three years; and
maintains favourable tax entitlements. Together, these will
contribute to stable operating surpluses, around 2-2.5% of revenue,
once the pandemic-related revenue shortfall passes.

Like the Krai, Krasnodar City has a track record of implementing
financial management that leads to a low and, before the pandemic,
falling debt burden. NDID to operating revenues has been on
declining trend since 2016 and reduced to 29% in 2019 from 34% in
2018 and a recent peak at 40% in 2016.

The debt profile benefits from budget loans from Krasnodar Krai
which lengthen the maturity of debt. The low interest rate
environment will result in small interest service costs of around
1% of operating revenues.

Krasnodar City's Baseline Credit Assessment was upgraded to b1 from
b2. The final rating of Ba3 incorporates a moderate likelihood of
support from Krasnodar Krai.

  -- SAMARA, OBLAST OF

The positive outlook on Samara Oblast's rating reflects Moody's
assessment that the risks to the Oblast's credit profile are skewed
to the upside. If the region quickly restores its operating
performance to historic robust levels, the debt burden will resume
its declining trend, potentially leading to credit metrics
consistent with a higher rating.

The affirmation of the Ba2 ratings takes into account the region's
prudent budgetary management against potential pressure on the
financials from the coronavirus induced shock. As a result, the
region will be able to preserve the credit metrics consistent with
the current rating during the crisis.

During the few last years, the region has improved its policy
predictability. Its budgetary and debt management has enabled it to
reduce its NDID to operating revenues ratio to 30% in 2019 from 34%
in 2018 and 46% in 2017. Its operating performance has been sound
with a GOB to operating revenues ratio fluctuating in a range of
14-19% in 2017-2019. The region has also improved its debt
structure, increasing the share of longer-term debt instruments in
total direct debt.

Samara's Baseline Credit Assessment was also affirmed at ba2. The
final rating of Ba2 incorporates a low likelihood of support from
the Government of Russia.

  -- NIZHNIY NOVGOROD, OBLAST

The positive outlook on Nizhniy Novgorod Oblast's rating reflects
upside pressure on the region's credit metrics. Once the pandemic
recedes, the operating performance may strengthen again, the debt
burden resumes its declining trend. Diminishing refinancing risks
in combination with renewed improvements in debt and fiscal
metrics, from a lengthening in debt maturity, would support the
region's credit profile and potentially be consistent with a higher
rating.

The affirmation of the Ba3 rating takes into account the region's
ability to preserve its credit metrics despite currently
challenging operating environment.

The region has shown adequate operating performance and balanced
budgets during the last several years. It has reduced its NDID to
operating revenues ratio to 44% in 2019 from 49% in 2018 and 56% in
2017.

Nizhniy Novgorod's Baseline Credit Assessment was also affirmed at
ba3. The final rating of Ba3 incorporates a low likelihood of
support from the Government of Russia.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

For the most part environmental problems are not significant for
the credit profile of Russian Regional and Local Governments
(RLGs). Most of the expenditure for pollution and environmental
safety are covered by the Federal Government or the companies
causing negative externalities. Although environmental problems
including air, water and land pollution are discussed and accounted
in the policy of the regional and local authorities, environmental
expenditures comprise less than 5% of the budget expenditure. For
Nizhniy Novgorod Oblast, Samara Oblast, Krasnodar Krai and
Krasnodar City environmental risks are not material.

For Nizhniy Novgorod Oblast and Samara Oblast social risks are not
material. Income inequality, migration and urbanisation and aging
demographic trends are present in Russian regions. However, Nizhniy
Novgorod and Samara Oblasts are sheltered from significant negative
impact of the social risks. These developing regions of central
part of Russia are less divergent from average salary and
demographic trends.

For Krasnodar Krai social risks are material. Contrary to an
average Russian region, Krasnodar Krai experiences a steady
increase in population due to internal migration. Dynamic economy
and mild climate attract people seeking work or better living
conditions. While it is beneficial for the long-term growth of the
local economy, in the short-term influx of working and non-working
population puts additional strain on infrastructure investments
which pressure budgetary flexibility. As of now local budget is
well prepared for accommodating new citizens and easily covers
these additional expenditures by the growth of own revenues and
transfers from the central government but the pressure could
intensify.

For Krasnodar City social risks are material. Like the region, the
City attracts many migrants, as the largest economic hub of the
Krai. The social agenda is of the most importance to the local
authorities, necessitating constant investments in new
infrastructure, education and healthcare. Yet serious risks are
mitigated by still manageable population increase and attention
from the regional authorities to local infrastructure problems.

For all regions and municipalities in Russia governance factor is
material for the ratings and qualitative assessments are captured
in the scorecard. In case of these four RLGs prudent management
policies and debt reduction policy allowed for a decrease in credit
risks in recent years. Conservative budget planning and long-term
expenditure plans allow these governments to consolidate their
budgets and prevent significant debt growth even amid the crisis.

The specific economic indicators, as required by EU regulation, are
not available for these entities. The following national economic
indicators are relevant to the sovereign rating, which was used as
an input to this credit rating action.

Sovereign Issuer: Russia, Government of

GDP per capita (PPP basis, US$): 28,184 (2019 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): 1.3% (2019 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 3% (2019 Actual)

Gen. Gov. Financial Balance/GDP: 1.9% (2019 Actual) (also known as
Fiscal Balance)

Current Account Balance/GDP: 3.8% (2019 Actual) (also known as
External Balance)

External debt/GDP: 28.9% (2019 Actual)

Economic resiliency: ba1

Default history: At least one default event (on bonds and/or loans)
has been recorded since 1983.

SUMMARY OF MINUTES FROM RATING COMMITTEE

On December 10, 2020, a rating committee was called to discuss the
rating of the Krasnodar, City of; Krasnodar, Krai of; Samara,
Oblast of; Nizhniy Novgorod, Oblast. The main points raised during
the discussion were: The issuers' governance and/or management,
have materially increased. The issuers' fiscal or financial
strength, including its debt profile, has materially increased.

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

The stable outlooks on Krasnodar Krai's and Krasnodar City's
ratings indicate that a change in the ratings is unlikely in the
near term.

Over time, positive pressure could emerge from a more rapid and
pronounced debt reduction than Moody's currently expects,
accompanied by stronger budgetary performances than in the rating
agency's baseline.

An upgrade of Samara Oblast's or Nizhniy Novgorod Oblast's ratings
would likely result from more effective fiscal management than
Moody's has currently assumed, allowing the Oblasts' fiscal and
debt paths to resume their improving trends more quickly. For
Nizhniy Novgorod Oblast, an upgrade would also likely involve lower
refinancing risks.

An upgrade in the sovereign rating could also exert upward credit
pressure on any of the four regional and local governments'
ratings.

At the same time, markedly weaker fiscal and debt metrics for these
sub-sovereigns than Moody's currently expects, either through a
sharper deterioration during the pandemic or slower recovery after
it, could put downward pressure on their ratings or point to stable
rather than positive outlooks.

  -- RATINGS AFFECTED

Upgrades:

Issuer: Krasnodar, City of

LT Issuer Rating, Upgraded to Ba3 from B1

Issuer: Krasnodar, Krai of

LT Issuer Rating, Upgraded to Ba2 from Ba3

Affirmations:

Issuer: Nizhniy Novgorod, Oblast

LT Issuer Rating, Affirmed Ba3

Issuer: Samara, Oblast of

LT Issuer Rating, Affirmed Ba2

Senior Unsecured Regular Bond/Debenture, Affirmed Ba2

Outlook Actions:

Issuer: Krasnodar, City of

Outlook, Changed to Stable from Positive

Issuer: Krasnodar, Krai of

Outlook, Changed to Stable from Positive

Issuer: Nizhniy Novgorod, Oblast

Outlook, Remains Positive

Issuer: Samara, Oblast of

Outlook, Remains Positive

The principal methodology used in these ratings was Regional and
Local Governments published in January 2018.



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

AI CANDELARIA: Fitch Affirms BB+ LT IDR, Outlook Negative
---------------------------------------------------------
Fitch Ratings' has affirmed A.I. Candelaria (Spain) S.L.'s
Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs)
at 'BB+'. The rating action affects USD750 million of notes
outstanding due 2028. The Rating Outlook is Negative.

A.I. Candelaria's ratings are linked to the credit profiles of
Oleoducto Central S.A. (OCENSA; BBB-/Negative) and Ecopetrol S.A.
(BBB-/Negative), which indirectly own 72.648% of OCENSA and is A.I.
Candelaria's only source of dividends to service debt. OCENSA's oil
transportation pipelines are a regulated business with strong and
stable cash flow generation and predictable dividends streamed to
owners.

The ratings also incorporate the significant influence of A.I.
Candelaria on OCENSA's dividend policy, which lessens concerns
regarding the dependence on a sole source of cash flow coming from
its minority interest in OCENSA. The ratings are constrained by
A.I. Candelaria's moderately high leverage and structural
subordination to OCENSA's creditors.

Fitch anticipates a modest decline in A.I. Candelaria's dividends
received from OCENSA during YE 2021 without impairing its credit
profile. Cuts in Colombia's crude oil production, as a result of a
depressed oil price environment and coronavirus-related lockdowns,
reduced OCENSA's transported volumes during YE 2020, which could
marginally affect the declared dividends for 2021, recovering in
2022.

Fitch's base case scenario assumes A.I. Candelaria's credit metrics
will be slightly biased during 2021 with interest coverage of 2.8x
and total debt/dividends of 4.7x, recovering in 2022 once the
company begins the amortization of its outstanding notes.

KEY RATING DRIVERS

Stable Dividend Stream: A.I. Candelaria's ratings are supported by
the quality of the dividends received from its 22.352% stake in
OCENSA. The company is a regulated business with strong and stable
cash flows and predictable dividend streams. Fitch forecasts
dividends received from OCENSA to remain between USD160 million and
USD170 million in the short to medium term.

A.I. Candelaria benefits from OCENSA's key position as the largest
crude oil transportation company in Colombia, which connects the
most important oil basins with the country's main export terminal
and refineries. This helped OCENSA to remain competitive through
different price cycles.

Moderate Capital Structure: Fitch considers A.I. Candelaria's
capital structure moderate. FFO is expected to cover more interest
expenses by 3.0x, which is in line with its current rating. Gross
leverage, as measured by total debt/dividends received, as of June
2020, was 3.9x and is expected to average 4.4x during the 2020-2021
period.

Fitch expects leverage to trend toward 3.5x in the medium term. The
principal of the notes will be payable in 12 consecutive
semi-annual installments beginning in 2022, equivalent to 70% of
the issuance, and the balance will be paid on the maturity date,
which would reduce refinancing risk over the long run.

Structural Subordination: A.I. Candelaria's USD750 million
outstanding notes are structurally subordinated to OCENSA's USD500
million notes. A.I. Candelaria is a holding company that depends on
dividends it receives from OCENSA to service its own obligations.
Therefore, a substantial increase in leverage at the OCENSA level
could increase the structural subordination of A.I. Candelaria's
creditors.

This risk is mitigated by OCENSA's track record of stable dividend
distributions and A.I. Candelaria's veto right over changes in
OCENSA's dividend policy and capex above USD100 million. Fitch
believes the projected dividends stream would be more than
sufficient to cover interest expenses and principal payments
resulting from the issuance.

Strong Minority Rights: The shareholders' agreement gives A.I.
Candelaria significant influence on OCENSA's dividend policy, which
lessens the concerns regarding the dependence on a sole source of
cash flow coming from its minority interest in OCENSA. A.I.
Candelaria has a strong veto right on OCENSA's relevant decisions,
and is entitled to appoint two of the five directors to OCENSA's
board. A 90.1% majority of shareholder votes is required for
changing the dividend policy, among other significant business,
including cash flow and liquidity decisions.

DERIVATION SUMMARY

A.I. Candelaria's ratings rely on the dividends stream received
from OCENSA, which has an investment-grade credit quality. Overall,
assets such as crude and products pipelines, natural gas and other
contractually supported operations have predictable operating
performance, and consistent earnings and cash flow.

OCENSA's credit profile is linked to that of Ecopetrol, which
indirectly owns 72.648% of OCENSA. Fitch believes operational
integration and strategic ties between the entities are important
enough to create economic incentives for Ecopetrol to effectively
support OCENSA.

Tolling-based natural gas peers in the region, such as
Transportadora de Gas Internacional S.A. ESP (TGI; BBB/Stable) and
Transportadora de Gas del Peru, S.A. (TGP; BBB+/Stable), benefit
from the cash flow stability afforded by more purely take-or-pay
models, allowing them to support more leverage.

OCENSA's stronger financial profile, with average leverage of 0.5x
in the rating horizon, is offset by a greater exposure to
volumetric risk, given its higher reliance on take-and-pay
contracts relative to peers.

KEY ASSUMPTIONS

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

  - OCENSA's transported volumes for ship-and-pay contracts
declining during the rating horizon.

  - OCENSA's transported volumes for ship-or-pay contracts
according to negotiated terms with off-takers.

  - Regulatory tariffs remain through 2023.

  - OCENSA's dividend pay-out of 100%.

  - Exchange rate forecast by Fitch's Sovereign Group.

  - Debt service reserve account covers 1.25x the next debt service
payment (interest and principal).

  - Dividends distribution contingent on meeting the required debt
service reserve account.

RATING SENSITIVITIES

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

  - An upgrade of OCENSA's credit ratings.

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

  - A downgrade of OCENSA's credit ratings.

  - Interest coverage, measured as dividends received/gross
interest, below 2.5x on a sustained basis.

  - Significant additional debt at OCENSA's level, which increases
the structural subordination of A.I. Candelaria.

LIQUIDITY AND DEBT STRUCTURE

A.I. Candelaria has no liquidity issues. Liquidity is expected to
be strong, considering the company's forecast for readily available
cash and consistently positive FCF generation. Debt service will be
limited to interest payments through the medium term.

Thereafter, the principal of the notes will be payable in 12
consecutive semi-annual installments beginning in 2022, equivalent
to 70% of the issuance, with the balance being paid on the maturity
date. The debt service reserve account to be constituted as part of
the collateral will represent a liquidity buffer over the medium
term which must cover no less than 1.25x the next debt service
payment (interest and principal).

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

A.I. Candelaria's ratings are linked to the credit profile of
OCENSA.

ESG Considerations

Unless otherwise disclosed in this section, the highest level of
Environmental, Social and Corporate Governance (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.



=====================
S W I T Z E R L A N D
=====================

TRANSOCEAN LTD: Judge Upholds US$1.5-Bil. Debt Restructuring
------------------------------------------------------------
Andrew Scurria at The Wall Street Journal reports that a federal
judge upheld a US$1.5 billion debt restructuring by
offshore-drilling contractor Transocean Ltd., ruling against a
hedge-fund bondholder that claimed it was treated unfairly as the
company took steps to survive a turbulent oil market.

Judge George B. Daniels of the U.S. District Court in New York
rejected efforts by Whitebox Advisors LLC to call a debt default
against Transocean during a painful period for deep-water drilling
that has sent several peer companies to bankruptcy, the Journal
relates.

Transocean has stayed afloat in part through a September bond
exchange covering roughly US$1.5 billion in debt that shaved some
US$826 million from the company's balance sheet, the Journal
discloses.  Whitebox and Pacific Investment Management Co. held
out, objecting to the exchange and saying their claims against some
Transocean assets had been weakened in violation of debt contracts,
the Journal recounts.

                     About Transocean Ltd.

Headquartered in Zug, Switzerland, Transocean Ltd. is an
international provider of offshore contract drilling services for
oil and gas wells. The company specializes in technically demanding
sectors of the global offshore drilling business with a particular
focus on ultra-deepwater and harsh environment drilling services.

Transocean recorded a net loss of $1.25 billion for the year ended
Dec. 31, 2019, compared to a net loss of $2 billion for the year
ended Dec. 31, 2018. As of March 31, 2020, the Company had $23.45
billion in total assets, $1.59 billion in total current
liabilities, $10.38 billion in total long-term liabilities, and
$11.47 billion in total equity.

                         *     *     *

As reported by the TCR on April 29, 2020, S&P Global Ratings
lowered its issuer credit rating on Transocean Ltd. to 'CCC' from
'CCC+'. "The collapse in oil prices has led to a sharp drop in
demand for oilfield services, and we expect offshore activity to
take a substantial hit.  The recent material drop in oil prices --
kicked off by the Saudi-Russian price war and worsened by the
unprecedented drop in demand as a result of the coronavirus
pandemic -- has led to sharp reductions in oil producers' capital
spending plans for 2020. This will significantly reduce demand for
the oilfield services sector. We expect offshore activity to be hit
particularly hard, given the higher costs, higher operating risk,
and longer payback periods for offshore projects relative to
onshore plays," S&P said.




=============
U K R A I N E
=============

UKRAINE: Moody's Withdraws 'Ca' Sr. Unsec. Rating on $3BB Eurobond
-------------------------------------------------------------------
Moody's Investors Service has withdrawn the Government of Ukraine's
Ca senior unsecured rating on the $3 billion Eurobond that Ukraine
sold in December 2013.

RATINGS RATIONALE

Moody's has decided to withdraw the rating for its own business
reasons.

The rating announcement is being released outside of the sovereign
calendar dates for EU sovereign ratings, based on the event of
Moody's decision to withdraw the rating for its own business
reasons.





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

ARCHANT: New Owner Obtains GBP5MM Financing to Complete Takeover
----------------------------------------------------------------
David Sharman at HoldtheFrontPage.co.uk reports that Archant's new
owner has received GBP5 million of financing to complete its
takeover of the regional publisher.

Secure Trust Bank Commercial Finance has provided the seven-figure
working capital facility to Rcapital Partners, which bought a 90%
stake in Archant in August, HoldtheFrontPage.co.uk discloses.

According to HoldtheFrontPage.co.uk, business news website The
Business Desk reports the funding has been used to support the
acquisition of Archant Community Media, the group's trading company
and employer of its staff, as well as fund the completion of a
Company Voluntary Arrangement to restructure the firm's pension
scheme.

The GBP5 million flexible facility was "essential in supporting the
acquisition by Rcapital and the resultant restructuring and capital
injection," HoldtheFrontPage.co.uk relays, citing The Business
Desk.


BON BON: Enters Into Voluntary Liquidation Amid Financial Woes
--------------------------------------------------------------
Edward Devlin at The Grocer reports that confectionery manufacturer
Bon Bon Buddies has voluntarily wound up the business after being
placed into liquidation by its creditors.

The sweet maker behind the Brain Blasterz brand appointed
insolvency specialist Begbies Traynor as liquidator on Nov. 30, The
Grocer relates.

Begbies refused to comment on the reasons the company entered
liquidation or if any buyers had been sought for assets, The Grocer
notes.

Established in 1993, the business had grown to supply more than 40
countries worldwide, with eight European sales and logistics
facilities and further global distribution.

However, it came under significant pressure following the Brexit
vote in 2016, with costs rocketing and debts mounting, The Grocer
relays.

It also suffered from a sustained decline in support for licensed
character confectionery from UK and European retailers, The Grocer
states.

In November 2018, Bon Bon Buddies agreed a Company Voluntary
Arrangement with creditors as part of a turnaround plan, which
included liquidating operations in France, Poland, Germany, Spain
and Hong Kong, The Grocer recounts.

According to The Grocer, as part of its turnaround efforts, the
company focused on growing its Brain Blasterz sour candy
confectionery range and reduce its reliance of licensed products
from the likes of Disney.

The business suffered an "unprecedented" loss of GBP6 million as a
result of the forced rescue plan, with sales slumping from GBP44
million at their height to GBP22 million in 2018 and GBP10 million
in 2019, The Grocer states.

The latest abridged accounts -- signed off by director in September
-- for the year to April 30 show losses of GBP1.2 million, The
Grocer discloses.


CAFFE NERO: Asda Owners Offering to Fund Landlords' Legal Battle
----------------------------------------------------------------
Sabah Meddings at The Sunday Times reports that the billionaire
owners of Asda are offering to fund a legal challenge for landlords
against the coffee chain Caffe Nero.

EG Group, led by Mohsin and Zuber Issa, has hired law firm CMS and
property agents Christie's and CWM to rally property owners in the
hope of launching a challenge to Nero's plan to slash rents as part
of a controversial insolvency process known as a company voluntary
arrangement (CVA), The Sunday Times relates.

Borrowing a tactic used by the retail tycoon Mike Ashley, who
funded an effort to overturn Debenham's CVA last year, the brothers
hope to derail the insolvency -- and ultimately take control of
Nero, The Sunday Times discloses.


DURHAM MORTGAGES B: Moody's Affirms B3 Rating on Class F Notes
--------------------------------------------------------------
Moody's Investors Service upgraded the ratings of three notes in
Durham Mortgages B PLC and EDGBASTON RMBS 2010-1 PLC. The rating
action reflects better than expected collateral performance and the
increased levels of credit enhancement for the affected notes.

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

Issuer: Durham Mortgages B PLC

GBP1805.18M Class A Notes, Affirmed Aaa (sf); previously on May 23,
2018 Definitive Rating Assigned Aaa (sf)

GBP183.97M Class B Notes, Upgraded to Aaa (sf); previously on May
23, 2018 Definitive Rating Assigned Aa1 (sf)

GBP114.98M Class C Notes, Upgraded to A1 (sf); previously on May
23, 2018 Definitive Rating Assigned A2 (sf)

GBP45.99M Class D Notes, Affirmed Baa2 (sf); previously on May 23,
2018 Definitive Rating Assigned Baa2 (sf)

GBP51.74M Class E Notes, Affirmed Ba3 (sf); previously on May 23,
2018 Definitive Rating Assigned Ba3 (sf)

GBP17.25M Class F Notes, Affirmed B3 (sf); previously on May 23,
2018 Definitive Rating Assigned B3 (sf)

Issuer: EDGBASTON RMBS 2010-1 PLC

GBP1809.52M Class A3 Notes, Affirmed Aaa (sf); previously on Mar
27, 2018 Affirmed Aaa (sf)

GBP558.48M Class B Notes, Upgraded to Aaa (sf); previously on Mar
27, 2018 Upgraded to Aa1 (sf)

RATINGS RATIONALE

The rating action is prompted by an increase in credit enhancement
for the affected tranches and decreased key collateral assumption
for EDGBASTON RMBS 2010-1 PLC, namely the MILAN CE assumption due
to better than expected collateral performance.

Increase in Available Credit Enhancement

Sequential amortization and the ongoing transfer of funds from the
Liquidity Reserve Fund to the General Reserve Fund led to the
increase in the credit enhancement available in Durham Mortgages B
PLC. The credit enhancement for Class B increased to 19.7% from 16%
since closing and the credit enhancement for Class C increased to
13.5% from 11% over the same period.

Sequential amortization and non-amortizing reserve fund led to the
increase in the credit enhancement available in EDGBASTON RMBS
2010-1 PLC. The credit enhancement for Class B increased to 14.7%
from 9.6% since the last rating action in March 2018.

Key Collateral Assumptions:

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

The performance of both transactions have continued to be stable
since closing. In Durham Mortgages B PLC, 90 days plus arrears are
currently standing at 1.64% of current pool balance and cumulative
losses stand at 0.42% of original pool balance. In EDGBASTON RMBS
2010-1 PLC, 90 days plus arrears are currently standing at 1.36% of
current pool balance and cumulative losses stand at 0.37% of
original pool balance.

Moody's maintained the expected loss assumptions as a percentage of
original pool balance at 2.6% and 1.3% for Durham Mortgages B PLC
and EDGBASTON RMBS 2010-1 PLC respectively.

Moody's has also assessed loan-by-loan information as a part of its
detailed transaction review to determine the credit support
consistent with target rating levels and the volatility of future
losses. As a result, Moody's has maintained the MILAN CE assumption
at 16% in Durham Mortgages B PLC and decreased the MILAN CE
assumption to 14% from 16% in EDGBASTON RMBS 2010-1 PLC.

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
consumer assets from the current weak UK 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.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in May
2020.

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

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

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

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

LEON: Creditors Approve Company Voluntary Arrangement
-----------------------------------------------------
Katherine Price at The Caterer reports that the creditors of
healthy fast food chain Leon have approved a plan to restructure
the firm's finances through a company voluntary arrangement (CVA),
preserving 670 jobs.

According to The Caterer, Quantuma's Andrew Andronikou and Brian
Burke will now act as joint supervisors to oversee the CVA process,
as 90% of creditors approved proposals put forward by business
advisory firm Quantuma on behalf of Leon.

The CVA is focused on ensuring the business can deal with ongoing
uncertainties created by the pandemic, and provide a platform to
return to its previous positive trajectory, The Caterer discloses.
Creditors have accepted a proposal aligned to turnover-based rents,
The Caterer relates.

Despite starting 2020 as a profitable and growing business, the
impact of the Covid-19 pandemic saw Leon experience a reduction in
sales as a result of the significant reduction in the number of
city centre workers in offices, limited domestic and international
tourists, and the impact of measures designed to limit the spread
of the disease, The Caterer notes.

According to The Caterer, Andrew Andronikou, managing director at
Quantuma, said: "Given the struggles of the retail and casual
dining sectors as a result of the pandemic, and being in the run up
to Christmas, securing 670 jobs at Leon is a real positive to end
the year.  We are pleased that the majority of creditors have
supported the proposals, which will enable us to work with the
business as it recovers and provide a strong foundation from which
it can return to the strong growing business it was in 2019.

"The CVA has been structured in a way to support Leon while it
continues to be affected by reduced footfall and the ongoing
uncertainties as measures continue to be deployed to deal with the
Covid-19 pandemic, whilst delivering the best possible outcome for
creditors."


LORCA HOLDCO: Fitch Assigns B+ LT IDR, Outlook Stable
-----------------------------------------------------
Fitch Ratings has assigned a final Long-Term Issuer Default Rating
(IDR) of 'B+' to Lorca Holdco Limited (Lorca). The Rating Outlook
is Stable. Fitch has also assigned final ratings to the group's
senior secured debt ratings (at Lorca Finco PLC and Lorca Bondco
S.A.U.) of 'BB'/'RR2'/73%.

Fitch has also downgraded Masmovil Ibercom S.A.'s (MM) IDR to 'B+'
from 'BB-' with a Stable Outlook, in line with that of Lorca. The
MM rating has subsequently been withdrawn since all rated debt at
the MM group level has been repaid.

The rating actions follow the completion of key steps in the Lorca
consortium's take-private of MM. These steps include confirmation
of regulatory approvals, the delisting of MM shares from the Madrid
Stock Exchange and the refinancing of MM's term loan B through debt
raised at the Lorca group level. Finalisation of the Lorca group's
senior secured instrument ratings reflects its review of execution
form documentation in line with previously received draft
documents.

Lorca/MM's ratings take into account MM's established challenger
position as Spain's fourth-largest mobile network operator (MNO) by
subscribers and its extensive fibre to the premises (FTTP)
footprint, which is second only to Telefonica SA (BBB/Stable). The
company has a strong growth profile, both in key performance
indicators and financial metrics. MM consistently acquires the
majority of net customer additions in fixed broadband and postpaid
mobile accesses; in 2019 it reported growth in service revenue and
adjusted EBITDA (company defined) of 24% and 42%, respectively. Its
share of residential mobile and fixed broadband subscribers was 18%
and 10%, respectively, at end-2019. Following the take-private of
MM and the prepayment of MM's term loan B, leverage and cash flow
metrics are analysed by Fitch at the Lorca group level.

The MM IDR is withdrawn given that all outstanding debt at the MM
group debt level has been repaid. There is no rated debt
outstanding at the MM group level. The ratings are withdrawn for
commercial reasons.

KEY RATING DRIVERS

Solid Operating Profile: MM has constructed the country's
second-largest fibre to the home (FTTH) network in a country with
one of Europe's most advanced levels of fibre build. It has done
this by combining traditional build capex with a series of
partnership agreements encompassing shared ownership (network
sharing), hybrid indefeasible rights of use (long-term fibre
leases)/bitstream access and creating joint ventures with
infrastructure funds.

It has taken a similar approach in mobile, combining owned capex
with a series of national roaming agreements, and achieved
market-leading scale and network quality in both fixed and mobile.
Key operating performance indicators and financial results have
been strong and consistent with growth targets. The business
profile and cash flow visibility provide scope for a higher rating,
subject to the capital structure.

2021 Leverage, Free Cash Flow Profile: Fitch expect Lorca to have
FFO net leverage of 4.5x by 2021, falling to 3.9x by 2022. With the
company continuing to invest relatively high levels of capex
through to 2021 the business is expected to turn Fitch-defined FCF
positive in 2022. Forecast metrics for 2021 combining heightened
leverage and the absence of FCF are consistent with a 'B+' rating.

Deleveraging capacity will benefit from synergies from the Lyca
acquisition, along with efficiencies from its various
infrastructure partnership agreements. Upward rating pressure,
whether an upgrade or Outlook revision, may occur, subject to 2022
planned performance remaining on track as 2021 progresses.

Established Market Challenger: Fitch views MM as an established
challenger operator in the Spanish telecoms market, which has built
scale through a series of acquisitions and consistent organic
growth. MM is in a good position to offer fixed and mobile
convergent services through a flexible network strategy. At
end-June 2020, the company had nine million mobile subscribers and
an 18% share of the residential mobile market, while at
end-September 2020 the company had further increased its mobile
subscriber base to 9.5 million.

Fitch estimates that MM's share of mobile service revenue was 10%
at end-2019. In fixed broadband, its 1.5 million users represent a
10% share, a figure that is growing as MM consistently acquires the
majority of market net additions, as demonstrated by the further
increase in broadband lines to 1.8 million by end-September 2020.

Debt Recoveries: Fitch has adopted a going-concern approach with
respect to expected recovery ratings in relation to the Lorca
financing package. Fitch assumes a post-distress EBITDA of EUR565
million leading to a post-distress enterprise value of around
EUR2.5 billion, based on a distressed EV multiple of 5x and
administrative charge of 10%. A capital structure that includes
EUR3.0 billion of senior secured debt, comprising EUR2.2 billion
term loan B and EUR800 million notes, and that the EUR500 million
pari passu revolving credit facility (RCF) is fully drawn results
in recoveries of 73%, a Recovery Rating of 'RR2' and instrument
rating of 'BB'.

DERIVATION SUMMARY

In operational terms, MM is comparable, albeit at an earlier stage
in its business life cycle, with a peer group that includes Swiss
operator Sunrise Communications Group AG (BB-/Negative) and
Fitch-rated European cable operators, which are largely grouped
around the 'BB-'/'B+' level. MM has similar revenue scale to most
in the peer group but slightly lower EBITDA margins and higher
investment needs given the investment in connecting fibre
subscribers. It has far higher growth potential than most in the
peer group for whom markets are largely saturated. Fitch expect
MM's challenger business model in a market that continues to offer
growth in penetration and subscribers to lead to strong FCF
generation and good deleveraging capacity.

KEY ASSUMPTIONS

  -- Revenue growth of 7.5% in 2020 and 12% in 2021;

  -- Adjusted EBITDA margin (pre-IFRS 16) to improve to 28.8% in
2020 and 34.9% in 2021 driven by Lyca acquisition synergies and
cost savings from new wholesale agreements;

  -- Negative working capital of EUR174-EUR183 million in 2020-2022
reflecting the payment installments to fibre co-investments with
other operators;

  -- Capex/sales ratio to remain high at 34% and 22% in 2020 and
2021, respectively, before decreasing to the mid-teens when fibre
network investment has been largely completed.

Key Recovery Rating Assumptions

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

  -- A 10% administrative claim;

  -- Post-restructuring going-concern EBITDA estimated at EUR565
million, 20% below its 2021 forecast EBITDA, reflecting distress
caused by failure of subscriber gains;

  -- Fitch uses an enterprise value (EV) multiple of 5.0x to
calculate a post-restructuring valuation;

  -- Recovery prospects are 73% for the EUR 3 billion senior
secured debt at Lorca Finco PLC/Lorca Bondco S.A.U. and a fully
drawn pari passu ranking RCF of EUR500 million.

RATING SENSITIVITIES

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

  - FFO net leverage below 4.3x on a consistent basis.

  - Cash from operations (CFO) less capex as a percentage of gross
debt consistently at or above 4%.

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

  - FFO net leverage above 5.3x on a consistent basis.

  - CFO less capex as of a percentage of gross debt consistently at
or below 1%.

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: At end-June 2020, MM had a cash balance of
EUR248 million. Assuming the LBO bid goes ahead, Lorca's liquidity
will be supported by a EUR500 million RCF fully undrawn in the new
capital structure. Additionally, Fitch expect the business to be
cash generative from 2022. The Lorca secured term loan and notes
have long-dated maturity and due in 2027.

ESG CONSIDERATIONS

The highest level of ESG credit relevance, if present, is a score
of 3. This means ESG issues are credit-neutral or have only a
minimal credit impact on the entity(ies), either due to their
nature or to the way in which they are being managed by the
entity(ies).

SYNLAB BONDCO: Fitch Affirms B+ Rating on Sr. Sec. Debt
-------------------------------------------------------
Fitch Ratings has affirmed Synlab Bondco plc's (Synlab) senior
secured debt at 'B+'/'RR3' following completion of the lab-testing
company's refinancing.

Fitch has also affirmed Synlab Unsecured plc's Long-Term Issuer
Default Rating (IDR) at 'B' with Positive Outlook, withdrawn the
IDR and assigned Synlab an IDR of 'B'/Positive. The change of the
IDR entity reflects the alignment of the rated group of companies
with the restricted group after the refinancing.

The Positive Outlook on Synlab reflects Fitch's expectations of its
improving credit metrics following the company's intention to
prepay some of its senior secured debt estimated at EUR550 million
with proceeds from the disposal of its testing business Analytics
and Services (A&S). The Positive Outlook is further supported by
Synlab's improved operating profile based on a recovery of routine
medical tests in combination with Covid-19-related testing
activity, which will support stronger earnings and cash flows in
2021 and 2022. It also factors in expected structural improvement
in free cash flow (FCF) margins, leverage and coverage metrics
following debt prepayment and post-refinancing lower cost of debt.

Fitch is withdrawing the IDR of Synlab Unsecured Bondco plc due to
reorganisation of the rated entity given the cessation of the
senior notes' restricted group following the redemption of this
debt instrument at refinancing. The IDR is simultaneously assigned
to Synlab, which is the top entity of the senior secured debt's
restricted group.

KEY RATING DRIVERS

Accelerated Deleveraging: The prospect of an improved leverage
profile is the key consideration behind the Positive Outlook.
Proceeds from the A&S sale of around EUR550 million will be used to
reduce senior secured debt. Following the debt prepayment, which
Fitch forecasts to take place in 2021, Fitch estimates funds from
operations (FFO) leverage to approach 6.5x, its positive rating
sensitivity, and to decline below the threshold in 2022.

Improved Financial Flexibility: Refinancing to a lower-margin term
loan B (TLB) reduces the annual cash debt service, which will
translate into higher FFO fixed charge cover of 2.3x-2-4x until
2023. It also improves its debt maturity profile as Fitch expects
the TLB tranches due in 2022 and 2024 will be prepaid in 2021 using
the A&S disposal proceeds, leaving Synlab with comfortable
longer-term contractual debt maturities in 2025-2027.

Healthy FCF: Fitch projects improving FCF margins to above 6% from
2021 onwards on higher EBITDA, lower cash debt service
post-refinancing, and contained trade working capital and capex
requirements. Such margins are in line with 'B+' rated peers',
supporting the Positive Outlook. Fitch expects trading working
capital outflow of EUR80 million in 2020, due to increased business
volumes before normalising to EUR10 million-EUR15 million in the
following years. Lower debt service cost, together with assumed
debt prepayments from the disposal proceeds, will reduce estimated
interest costs to around EUR100 million in 2021 from around EUR120
million in 2019 (excluding IFRS 16-related lease interest
expense).

Covid-19 Testing to Slow: Fitch views Covid-19 testing, which
currently accounts for 20% of Synlab's 2020 sales, will continue to
materially support sales and EBITDA, albeit at a slower pace from
2021 onwards. Fitch expects demand for this testing service to
remain after 2021 despite the prospects of imminent mass
vaccination in the EU, where Synlab generates most of its
revenues.

Medium-Term Impact from Pandemic: Fitch expects Covid-19 testing to
continue after 2021 given the uncertainties over the ability to
reach herd immunity of 70% by then, as well as current lack of
clinical studies over the ability of vaccine to stop the spread of
the virus and durability of the vaccine protection. We, therefore,
project contribution from this business service to remain through
to 2023, albeit with declining volumes and prices from what appears
to be the 2020 peaks. Even if demand declines to negligible levels
by 2023-2024, Synlab's operating profile will remain defensive and
resilient, leaving the credit profile more dependent on the owners'
financial policy.

Impact of Sponsor's Exit Strategy: The rating remains subject to
near-term corporate actions in connection with Cinven's intention
to fully or partially exit the business, which will materially
impact Synlab's financial profile and which Fitch treats as event
risk.

Supportive Sector Fundamentals: Lab-testing is regarded as social
infrastructure given its defensive non-cyclical characteristics.
The sector is driven by steadily rising demand as preventive and
stratified medicine becomes more prevalent. Incremental volumes in
a structurally growing market compensate for price and
reimbursement pressures, as national regulators contain rising
healthcare costs. National or pan-European sector constituents such
as Synlab are best-placed to capitalise on positive long-term
demand fundamentals and extract additional value through
scale-driven efficiencies and market-share gains by displacing less
efficient and less-focused smaller peers.

Synlab has an ESG Relevance Score of 4 due to its Exposure to
Social Impact as the company operates in a regulated medical
market, which is subject to pricing and reimbursement pressures as
governments seek to control national healthcare spending and
contain rising healthcare costs. This may have a negative impact on
the credit profile and is relevant to the rating in conjunction
with other factors.

DERIVATION SUMMARY

Synlab is the largest lab-testing company in Europe. As with other
sector peers, such as CAB Societe d'excercice liberal par actions
simplifiee (CAB, B/Negative), Inovie Group (B(EXP)/Stable) and
Cerba, Synlab benefits from a defensive and stable business model
given the infrastructure-like nature of lab-testing services. This
has been reinforced by the company's performance during the
pandemic. Fitch therefore projects that Synlab will be able to
generate consistently positive FCF, supporting its 'B' IDR.

Synlab's sustained EBITDA margin at around 18% (Fitch-defined,
pre-IFRS 16) is slightly behind European industry peers', due to
exposure to the German market with structurally lower
profitability. The lab-testing market in Europe has attracted
significant private-equity investment, leading to highly leveraged
financial profiles.

The difference in the Outlook from CAB's Negative and Inovie's
Stable is due to anticipated deleveraging on the back of a
near-term debt prepayment from an asset disposal, which together
with the pandemic-induced testing volumes should results in FFO
adjusted gross leverage of below 6.5x in 2022, from 8.8x in 2019,
compared with over 8.0x for CAB and over 6.5x for Inovie.

KEY ASSUMPTIONS

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

  - Sales growth of 18% in 2020 due to Covid-19-related testing,
followed by a 10% fall on the back of declining Covid-19 testing
and in combination with lower pricing. Thereafter sales returning
to low single-digit organic growth in key markets by 2023;

  - EBITDA margin (Fitch-defined, excluding IFRS 16) at 18% through
2023;

  - Around EUR50 million of bolt-on acquisitions in 2020 on slower
M&A activity due to Covid-19, before rising up to EUR150 million
per annum until 2023, funded by internal cash flows;

  - Enterprise value (EV)/EBITDA acquisition multiples of 10x;

  - Capex temporarily reduced to 3% of sales in 2020 given
coronavirus-related freeze on non-essential capex, and at 4% in
2021-2023;

  - FCF margin of 3% in 2020, followed by 6%-7% until 2023;

  - Redemption of EUR375 million senior notes with a new TLB4
tranche of EUR385 million in 4Q20, and

  - Proceeds from the disposal of A&S applied towards debt
prepayment of around EUR550 million in 2021.

Recovery Assumptions:

  - The recovery analysis assumes that Synlab would be reorganised
as a going-concern (GC) in bankruptcy rather than liquidated given
its asset-light operations.

  - A 10% administrative claim.

  - Synlab's GC EBITDA of around EUR315 million takes into account
additional earnings coming from Covid-19 testing but also the
disposal proceeds of A&S. Distress could come as a result of
adverse regulatory changes, or an aggressive and poorly executed
M&A strategy leading to an unsustainable capital structure.

  - A distressed EV/EBITDA multiple of 6x reflects Synlab's
geographic breadth and scale as European lab-testing market leader
and with cash-generative operations. This compares with the
EV/EBITDA multiple of 9x-11x for smaller targets that are being
acquired in the sector.

  - Revolving credit facility (RCF) to be fully drawn upon default
and ranks super senior, on enforcement, ahead of the senior secured
debt.

  - The allocation of value in the liability waterfall results in a
Recovery Rating 'RR1' for the super senior RCF (EUR250 million)
indicating a 'BB' instrument rating with an output percentage based
on the current assumptions of 100%, and a Recovery Rating 'RR3' for
the senior secured TLB and notes (EUR2.7 billion), leading to a
'B+' instrument rating with an output percentage of 54%.

RATING SENSITIVITIES

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

  - FFO-adjusted gross leverage below 6.5x and FFO fixed-charge
coverage above 2.0x (2019: 2.0x); and

  - Improved FCF margin to the mid-to-high single digits or a more
conservative financial policy reflected in lower debt-funded M&A
spending.

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

Outlook Revision to Stable:

  - Application of A&S disposal proceeds toward other permitted
payments, including dividends, leading to FFO adjusted gross
leverage remaining above 6.5x and FFO fixed charge cover below
2.0x; and

  - Mid-single-digit FCF margin.

Downgrade:

  - FFO-adjusted gross leverage above 8.0x beyond 2020 or FFO
fixed-charge coverage at or below 1.5x for a sustained period (both
adjusted for acquisitions);

  - Reduction in FCF margin to only slightly positive levels or
large debt-funded and margin-dilutive acquisitions; and

  - Absence of like-for-like sales growth or like-for-like sales
decline, inability to extract synergies, integrate acquisitions or
other operational challenges leading to EBITDA margin declining to
below 17%.

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: Synlab's liquidity position is comfortable
with around EUR280 million of cash on balance sheet as of
end-September 2020 and a further EUR200 million available under the
RCF. Strong operating performance should facilitate higher internal
cash generation, which together with the A&S disposal proceeds,
could support some debt prepayment and bolt-on M&A of up to EUR150
million a year.

Synlab benefits from diversified funding and maturity profiles. The
refinancing has further improved the company's debt maturity
headroom and diversification with most of the debt due between 2025
and 2027.

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

Synlab has an ESG Relevance Score of 4 for its Exposure to Social
Impact as the company operates in a regulated medical market, which
is subject to pricing and reimbursement pressures. This may have a
negative impact on the credit profile and is relevant to the rating
in conjunction with other factors.

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.



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

[*] BOND PRICING: For the Week December 14 to December 18, 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



                           *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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written permission of the publishers.

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

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delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
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