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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, May 4, 2015, Vol. 16, No. 86

                            Headlines

C Y P R U S

BANK OF CYPRUS: Fitch Lifts Mortgage Covered Bonds' Rating to B-


F R A N C E

LABCO SA: Fitch Affirms 'B+' Long-Term Issuer Default Rating


G E R M A N Y

CSN ISLANDS XI: Moody's Cuts Foreign Currency Rating to 'Ba2'


G R E E C E

GREECE: Bailout Deal Still Uncertain; Greeks Shun Referendum
GREECE: Moody's Cuts Government Bond Rating to 'Caa2'
INTRALOT SA: S&P Affirms 'B+' Corp. Credit Rating; Outlook Neg.


I R E L A N D

ENERGIE FITNESS: To Cease Trading Following Financial Woes
GLG EURO I: Moody's Assigns B2 Rating to EUR7MM Class F Notes
KENMARE RESOURCES: Iluka May Acquire Business for EUR265 Million
OAK HILL II: Fitch Rates Class F Notes 'B(EXP)sf'
WILLOW NO. 2: Moody's Reviews Serie 39 Notes for Downgrade


I T A L Y

POPOLARE DI MILANO: S&P Affirms B+/B Counterparty Credit Ratings


L U X E M B O U R G

APERAM: S&P Raises CCR to 'BB' on Improved Performance
PATAGONIA FINANCE: Moody's Lifts Repack Notes Rating to Caa3
XELLA INT'L: Moody's Rates EUR215MM Term Loan G 'B1'


N E T H E R L A N D S

GROSVENOR PLACE CLO 2015-1: Fitch Rates Class E Notes 'B-sf'
SMILE SECURITISATION 2007: Moody's Cuts Cl. E Notes Rating to C


P O L A N D

CYFROWY POLSAT: S&P Puts 'BB' CCR on CreditWatch Positive


R U S S I A

BASHNEFT OJSC: Moody's Lifts CFR to 'Ba1'; Outlook Negative


S P A I N

GAT FTGENCAT 2006: Fitch Affirms Csf Rating on Series E Notes


S W E D E N

MUNTERS AB: S&P Affirms 'B' CCR, Outlook Remains Negative


U N I T E D   K I N G D O M

CARCRAFT: Losses Prompt Administration; About 550 Jobs Affected
CNG HOLDINGS: Moody's Affirms 'Caa1' Corporate Family Rating
IGLO FOODS: Moody's Raises Corp. Family Rating to 'B1'
IGLO FOODS: S&P Alters Outlook to Positive & Affirms 'B+' CCR
MAN COED: In Administration, About 80 Jobs Affected

MACKELLAR SUB-SEA: Clyde Bowers Buys Biz, 73 Jobs Secured
MG ROVER: Tribunal Cuts US$4.4M From Deloitte Conflicts Penalty


X X X X X X X X

* Moody's Says Decline in Credit Quality Levels Off in 2014
* BOND PRICING: For the Week April 27, 2015 to May 1, 2015


                            *********


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C Y P R U S
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BANK OF CYPRUS: Fitch Lifts Mortgage Covered Bonds' Rating to B-
----------------------------------------------------------------
Fitch Ratings has upgraded Bank of Cyprus Public Company Ltd.'s
(BoC, CCC/C, Viability Rating: ccc) EUR1 billion outstanding
residential mortgage covered bonds to 'B-' from 'CCC'. The
Outlook is Stable.

The rating action follows the upgrade of BoC's Long-term (LT)
Issuer Default Rating (IDR) to 'CCC' from 'CC'.

Key Rating Drivers

The covered bonds' rating is based on BoC's 'CCC' LT IDR, an
unchanged IDR uplift of 1, a Discontinuity Cap (D-Cap) of 0 (full
discontinuity) and the program asset percentage (AP) of 95.24%,
which provides at least 51% recoveries on the bonds assumed to be
in default in a 'B-' rating scenario and allows a one-notch
uplift above the 'CCC+' tested rating on a probability of default
basis.

Fitch has assigned a Stable Outlook to the 'B-' rating of the
covered bonds to take into account the slowdown in the underlying
loan quality deterioration even if pressures continue in 2015 as
the economy contracts further; also, the recently passed debt
insolvency framework and foreclosure laws should help arrears
recovery via, for example, restructuring and/or asset
repossessions within a shorter timeframe.

The agency's view on the use of resolution methods other than
liquidation contributes to the IDR uplift of 1 for BoC's covered
bond program. This is based on BoC's large size in its domestic
market and its interconnectedness with the Cypriot economy.

The 95.24% AP (equivalent to 5% over-collateralization) which
Fitch relies upon in its analysis is the maximum level allowed by
the Cypriot covered bond law and equals to Fitch's calculated
breakeven AP for the 'B-' rating.

Fitch's unchanged D-Cap of 0 (full discontinuity) is driven by
the liquidity gaps and systemic risk component. In Fitch's view
the program extendible maturity of 12 months would not be
sufficient to successfully refinance the cover assets when the
source of payments for the covered bonds switches from the issuer
to the cover pool.

RATING SENSITIVITIES

All else being equal, the covered bonds' 'B-' rating would be
sensitive to movements of BoC's LT IDR. The covered bonds' rating
would also be vulnerable to a sharper deterioration of the
performance of the residential mortgage portfolio than currently
foreseen.

The Fitch breakeven AP for the covered bond rating will be
affected, among others, by the profile of the cover assets
relative to outstanding covered bonds, which can change over
time, even in the absence of new issuance. Therefore the
breakeven AP to maintain the covered bond rating cannot be
assumed to remain stable over time.



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F R A N C E
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LABCO SA: Fitch Affirms 'B+' Long-Term Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has affirmed France-based clinical laboratory group
Labco SA's (Labco) Long-term Issuer Default Rating (IDR) at 'B+'
and revised the Outlook to Positive from Stable. Fitch has also
affirmed the super senior revolving credit facility (RCF) ratings
at 'BB'/'RR2'. The senior secured notes due 2018, rated 'BB-
'/'RR3', have been placed on Rating Watch Positive (RWP).

The revision of the Outlook to Positive assumes a successful
completion of the initial public offering (IPO) as announced by
Labco whereby it expects to raise around EUR300m of net proceeds
from the sale of new shares. The planned partial debt prepayment
from IPO proceeds will help rebuild the financial headroom under
the current 'B+' Long-term IDR. In addition, access to equity
capital markets diversifies Labco's funding sources and provides
the group with enhanced financial flexibility to address future
M&A opportunities. At present, Fitch forecast Labco's credit
metrics (pro forma for assumed acquisitions) will improve to
levels commensurate with a higher rating within the next 12-24
months; hence the Positive Outlook. The profile, scale, financing
mix and embedded integration risk of such bolt-on acquisitions
will be critical factors to resolve the Positive Outlook.

KEY RATING DRIVERS

Increased Rating Headroom

The planned debt reduction of about EUR270 million provides Labco
with additional immediate headroom under the current 'B+' rating.
Fitch estimates that funds from operations (FFO) adjusted gross
leverage will reduce to around 5.5x from above 7.0x as at FYE14
(pro forma for acquisitions), whilst lower cash interest payments
accelerated by a planned refinancing of the outstanding debt at a
lower cost would lead the FFO fixed charge to exceed 2.0x. Fitch
would expect lower cash interest to boost the free cash flow
(FCF) margin towards the mid-single digits in 2017 despite a
combination of sustained capex and dividend payments from 2017,
consistent with a 20% pay-out ratio as announced by the company.

In a low organic growth environment, further improvement in
credit metrics will depend on Labco's ability to successfully
integrate any future bolt-on acquisitions (under its new capital
structure) and finance them mainly from internal cash or equity
rather than debt.

Improved Recoveries for Noteholders

"We expect recovery prospects for the remaining senior secured
notes would improve following the proposed debt redemption, as
Labco intends to use a large portion of these proceeds to
partially redeem a EUR270m principal amount of senior secured
notes due 2018. Post-IPO, we expect recoveries on the senior
secured notes to increase within the 'RR2' range of 71% to 90%,
as opposed to the 'RR3' range (51% to 70%) before the IPO. This
suggests a maximum one notch upside on the rating for the senior
secured notes post-IPO. Fitch continues to apply a distressed
EV/EBITDA multiple of 6x when assigning bespoke recoveries to
Labco's senior secured notes."

Leading Clinical Laboratory Services Group

"Overall, we believe that Labco's business risk profile is fully
consistent with the 'BB' rating category. Labco is the largest
clinical laboratory services company in France for routine tests
and in Iberia for routine and specialty testing. It is also a
pan-European player thanks to its additional presence in Belgium,
Italy and the UK, and to a lesser extent Switzerland. In our
view, Labco's earnings profile benefits from this geographical
diversity, as it reduces the group's exposure to single
healthcare systems," Fitch said.

Organic Performance to Remain Subdued

"Laboratory testing markets are underpinned by broadly favourable
demographics and socio- economic factors that support organic
volume growth. However, sustained price pressures by the ultimate
payers such as governments and insurance companies are likely to
constrain organic growth prospects in the medium term. In this
environment, we expect large European players such as Labco to
withstand the negative impact of tariff pressure on their
profitability margins through economies of scale and operational
efficiencies generated within regional and technical platforms,"
Fitch said.

Sustained Bolt-on M&A Strategy

Fitch expects Labco to continue with its strategy of small to
mid-sized bolt-on acquisitions within the European laboratory
testing markets. The availability under the RCF (about EUR120m)
will provide financial resources for such acquisitions in the
near term, pending a planned refinancing of the outstanding debt.
Fitch expects these acquisitions will be accretive to EBITDA and
funds from operations (FFO) and carry low integration risk.
Fitch's projections show that Labco's FFO adjusted leverage would
remain comfortably within the 5x-5.5x range within the rating
horizon. Mild deleveraging prospects along with the expected
benefits from an enlarged group would be consistent with a higher
rating if Labco maintains an adequate financial discipline. Any
large, transformational M&A would be considered as an event risk.

KEY ASSUMPTIONS

   -- Low to mid-single digit organic growth in key markets;

   -- Sustained EBITDA margin around 19% (including UK
      operations);

   -- EUR270 million of net IPO proceeds applied to debt
      reduction;

   -- Outstanding EUR430m 8.5% senior secured notes due 2018
      refinanced at a lower cost;

   -- EUR275 million of bolt-on acquisitions over 2015-2017
      partly funded by debt;

RATING SENSITIVITIES

Positive: Developments that could, individually or collectively,
lead to positive rating actions over the medium term include:

   -- Evidence of Labco conducting a low-risk M&A strategy that
      is accretive to EBITDA and primarily financed by internal
      cash flow or equity leading to an FFO adjusted gross
      leverage sustainably below 5.5x and FFO fixed charge cover
      trending towards 2.5x (pro forma for acquisitions).

   -- Continued industry-leading profitability with sustained
      mid-single digit FCF as a percentage of revenue;

The RWP on the notes will be resolved upon completion of the IPO
and application of the proceeds to debt reduction as per Labco's
announced plans.

Negative: If the IPO fails, the ratings could come under pressure
in the medium term, as financial headroom pre-IPO is low.
Developments that could, individually or collectively, lead to
negative rating actions, including a revision of the Outlook to
Stable are:

   -- FFO adjusted gross leverage remaining above 6.5x and FFO
      fixed charge cover below 1.5x on a sustained basis (pro
      forma for acquisitions).

   -- Reduction in FCF margin to slightly positive territory,
      while maintaining a debt-funded acquisition strategy;

   -- Labco's continued ability to source, execute and extract
      additional cost savings from acquiring laboratories at
      attractive EBITDA multiples is a key factor underpinning
      the ratings. Large, debt-funded and margin-dilutive
      acquisitions could also cause downward rating pressure.



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G E R M A N Y
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CSN ISLANDS XI: Moody's Cuts Foreign Currency Rating to 'Ba2'
-------------------------------------------------------------
Moody's Investors Service downgraded to Ba2 from Ba1 the foreign
currency rating assigned to the senior unsecured notes of CSN
Islands XI Corporation, CSN Islands XII Corporation and CSN
Resources S.A. that are guaranteed by Companhia Siderurgica
Nacional (CSN). At the same time, Moody's America Latina
downgraded CSN's global scale local currency rating to Ba2 and
the National Scale Rating (NSR) to Aa3.br from Aa1.br. The
outlook changed to negative from stable. For further information,

The downgrade reflects the deterioration in market fundamentals
for the steel industry in Brazil and, more recently, for iron
ore, the main operations of CSN (88% of total revenues and 86% of
FY 2014 EBITDA). Steel demand levels, steel prices and iron ore
prices are expected to remain under pressure and as a
consequence, CSN's credit metrics, particularly leverage (due to
the lower Ebitda), interest coverage and cash flow metrics will
continue to be challenged. Even with a reduction in capex in 2015
and lower dividend payout from 2015 onwards, the cash generation
ability of CSN will be diminished given the outlook for weak
steel and iron ore market fundamentals through 2015 and at least
2016 for iron ore.

Ratings downgraded:

Issuer: CSN Islands XI Corporation

  -- US$750 million 6.875% Senior Unsecured Notes Due 2019: to
     Ba2 from Ba1

Issuer: CSN Islands XII Corporation (Cayman Islands)

  -- US$1 billion 7.0% Senior Unsecured Perpetual Notes: to Ba2
     from Ba1

Issuer: CSN Resources S.A. (Luxembourg)

  -- US$1.2 billion 6.5% Senior Unsecured Notes Due 2020: to Ba2
     from Ba1

The outlook for all ratings is negative

CSN's Ba2 rating reflects its position as a leading manufacturer
of flat-rolled steel in Brazil, with a favorable product mix
focused on value-added products. Historically, the company has
reported a strong EBITDA margin (as defined by Moody's) in the
35-40% range, supported by its solid domestic market position,
wide range of products through different segments and globally
competitive production costs both in steel and iron ore. Even
after the steel market downturn caused by the financial crisis in
2008, margins have been relatively high compared to steel peers
as mining benefited from higher iron prices in the past few
years. However, lower iron ore prices and the challenging
operating environment for steelmakers impacted CSN's adjusted
EBITDA margins, which declined from 46.9% in 2010 to 29.9% in
2014.

CSN's operational efficiency and low costs reflect the large
scale of its integrated steel mill, its own captive iron ore mine
and its self-sufficiency in electricity and 57% self-sufficiency
in coke. Also supporting CSN's high margins are the company's
strategic location in the most industrialized region of Brazil
and its proximity to high-grade iron ore reserves and port
terminals, as well as its efficient logistics.

While we believe that the company is better-positioned than most
of its global peers to face the ups and downs of the cyclical
steel industry from an operational standpoint, CSN's ratings are
primarily constrained by its track record of high shareholder
returns, low operational diversity, with 84% of its crude steel
production in a single site, and by risks associated with its
large capex program mainly to expand iron ore mining, but also
cement and logistics operations. In addition, the rating also
incorporates increased challenges facing the steel industry in
Brazil due to reduced expectations for GDP growth, competition
from imported steel and steel-made products as well as a
increased volatility in iron ore prices, which should keep CSN's
margins and leverage under pressure.

The negative outlook reflects our expectations that market
conditions for steel producers in Brazil and iron ore producers
globally will remain challenging, with further risk to the
downside, and that credit metrics will likely remain pressured
for the next 12 to 18 months.

Although the likelihood of an upgrade is limited in the next 12
to 18 months, given the challenges faced by CSN and its main
operations markets, an upward rating movement would require that
CSN maintain a strong liquidity position and acceptable leverage
during the execution of its large capex program, and EBIT margins
above 8%. In addition, a sustainable (cash from operations less
dividends) to debt ratio of at least 20% as well as a less
concentrated operational risk profile would be further
considerations in a rating upgrade or outlook change, as would
further actions taken by the company to reduce its high leverage
and improve interest coverage metrics.

The ratings or outlook could suffer negative pressure should
conditions in key markets for CSN, such as automotive,
construction and home appliances, remain weak, leading to lower
profitability, measured by an adjusted EBIT margin consistently
below 5%, and dividends remain high such that the (cash from
operations less dividends) to debt ratio remains below 15% for a
prolonged period. Downward pressure could also affect the ratings
or outlook if the company is unable to reduce its leverage, and
interest coverage (measured by EBIT to interest) stays at levels
below 3x on a sustained basis. A marked deterioration in the
company's liquidity position could also precipitate a downgrade.

The principal methodology used in this rating was Global Steel
Industry published in October 2012.

Companhia Siderurgica Nacional ("CSN") is a vertically
integrated, low-cost producer of flat-rolled steel, long-steel,
iron ore and cement. With an annual capacity of 6.7 million tons
of crude steel, 6.0 million tons of rolled products and 1.6
million tons of long steel, CSN sells its products to a broad
array of industries, including the automotive, capital goods,
packaging, construction and home appliance sectors. CSN owns and
operates cold rolling and galvanizing facilities in the U.S. and
long steel assets in Germany, besides substantial iron ore,
limestone, dolomite and tin reserves, railroads, port terminals
and power generation assets. In 2014, CSN reported consolidated
net revenues of BRL16.1 billion (USD6.85 billion converted at the
average exchange rate).



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GREECE: Bailout Deal Still Uncertain; Greeks Shun Referendum
------------------------------------------------------------
Nikos Chrysoloras and Corina Ruhe at Bloomberg News report that
Greece is locked in negotiations with international creditors as
the country races against the clock to avert a default as early
as this month.

While talks have picked up pace in recent days, the two sides are
still trying to bridge differences on stalled reforms, Bloomberg
notes.  Some officials warned it isn't yet clear that there will
be enough progress to clinch a deal in time for the planned May
11 meeting of euro-area finance ministers, Bloomberg relays.

"They're working hard now and that's what we've gained,"
Bloomberg quotes Dutch Finance Minister and Eurogroup President
Jeroen Dijsselbloem as saying.  "But in the end, we only look at
the results and we're not that far yet."

Greek Prime Minister Alexis Tsipras told his cabinet on April 30
he's confident of closing a deal, even as his government sent
conflicting signals on its willingness to agree on reforms
required under the EUR240 billion (US$268 billion) bailout,
Bloomberg relates.  Faced with debt payments totaling about
EUR1 billion to the International Monetary Fund on May 6 and
May 12, Greece hopes there will be enough progress in the talks
by next week to allow the European Central Bank to restore
liquidity access for the country's cash strapped banks, Bloomberg
discloses.

Optimism that a deal to unlock financial aid for Greece is near
after months of talks put the country's assets among the region's
best performers in April, Bloomberg says.

According to Bloomberg, three people with knowledge of the talks
said earlier last week Greece and its creditors stepped up
efforts to break the impasse with a target to reach a deal by
May 2.

While there has been progress in terms of the process after
Mr. Tsipras reshuffled the negotiating team, pushing aside
Finance Minister Yanis Varoufakis, there is still a long way to
go on the substance, a person familiar with the matter, as cited
by Bloomberg, said, asking not to be named because the talks are
private.

The official said that the Greek government's economic
assumptions are very optimistic, making it difficult to agree on
the extent of fiscal adjustment measures the country must adopt
to meet goals under its bailout, Bloomberg relays.

An agreement with creditors could still meet opposition within
Mr. Tsipras's government, Bloomberg notes.  Mr. Varoufakis said
on April 30 that Greece wouldn't discuss pension cuts or a
sales-tax increase as part of the current talks, although he
indicated that any pension reform could be part of a broader
agreement in June, Bloomberg relates.

In a sign that the government may be ready to ease its stance
against certain reforms, it plans to invite investors to buy a
stake in the country's main port of Piraeus on May 6, the same
day the ECB may discuss the collateral it accepts from Greek
banks in return for emergency funding, Bloomberg discloses.

Greece will proceed this year with the sale or leasing of stakes
in several strategic assets, including Piraeus Port Authority SA
and 14 regional airports, Bloomberg says, citing Greek officials
with direct knowledge of the matter.

According to Bloomberg, UBS analysts Ricardo Garcia-Schildknecht
and Thomas Wacker, who see Greek default risk probability at 50-
60 percent, wrote in a note to clients, "These steps appear
positive, but the real stumbling blocks such as labor market and
pension reforms demanded by the creditors still need to be
surmounted."

"We therefore have difficulty seeing how the Eurogroup can unlock
the bailout funding under these circumstances," the analysts
relay.

                        Compromise Deal

Xinhua, citing new opinion survey results published on April 30,
reports that a large majority of Greeks want a compromise deal
between their government and international lenders on the debt
crisis resolution to keep the Greek economy afloat and in the
euro zone.

According to the poll, carried out by GPO polling firm for MEGA
television channel, most of the 1,000 participants did not
welcome the idea of a referendum or new general elections in the
short future, Xinhua discloses.

An overwhelming 78.1% of respondents said they wanted an
agreement with creditors and not a rift, while 75.6% of Greeks
said they supported Greece's stay in the euro zone "at any cost",
Xinhua relates.

Mr. Tsipras said earlier last week that an agreement on the next
set of measures the government would implement in return for
further vital financial assistance, could be clinched by late
next week in time for a May 11 Eurogroup meeting, Xinhua
recounts.

Meanwhile, the state's cash reserves are perilously low, Xinhua
notes.

                            Arbitration

Meanwhile, in a report dated April 13, Law360's Cara Salvatore
relates that an arbitration tribunal dismissed a Slovakian bank's
suit against Greece seeking repayment on bonds that Greece had
said should take a haircut under a 2012 debt exchange, finding it
didn't have jurisdiction.

In an April 9 ruling by the International Centre for Settlement
of Investment Disputes, the panel found that the investments were
not protected either under a bilateral investment treaty between
Slovakia and Greece or under the ICSID Convention, and therefore
the panel did not have jurisdiction to rule on them, Law360
discloses.

Slovak bank Postova bought Greek government bonds in 2010. It
said the investments weren't subject to the Greek debt haircut
because they were "a stake in a pool of freely negotiable,
fungible interests . . . in secondary market transactions",
Law360 recounts.

The Greek government maintained throughout the proceeding that
there was no provision for paying holdout creditors, Law360
notes.


GREECE: Moody's Cuts Government Bond Rating to 'Caa2'
-----------------------------------------------------
Moody's Investors Service downgraded Greece's government bond
rating to Caa2 from Caa1. The short-term rating is unaffected by
this rating action and remains at Not Prime(NP). The outlook on
the rating is negative. Moody's government bond rating applies to
debt issued on private sector terms only.

This rating action concludes the review for downgrade that
commenced on Feb. 6, 2015.

The key drivers behind the downgrade are:

(1) The high uncertainty over whether Greece's government will
     reach an agreement with official creditors in time to meet
     upcoming repayments on marketable debt.

(2) The significant implementation risks of a follow-up, medium-
     term financing program even if an agreement is reached,
     given the weakened economy and a fragile domestic political
     environment.

The negative rating outlook reflects Moody's view that the
balance of economic, financial and political risks in Greece is
slanted to the downside.

Concurrently, Moody's has lowered the country's local- and
foreign-currency bond ceilings to B3 from Ba3, which reflects the
increased probability that Greece may exit the euro area in the
event of a sovereign default.

In addition, Moody's has also lowered the local- and foreign-
currency bank deposit ceilings to Caa3 from Caa1 to capture the
heightened risk of a deposit freeze, if depositor confidence
weakens further. The short-term local- and foreign-currency bond
and deposit ceilings remain Not Prime (NP).

First Driver -- Continued Uncertainty On Future Official Sector
Support Programme:

Negotiations between official creditors (European Financial
Stability Facility (EFSF, (P)Aa1 stable), International Monetary
Fund (IMF), European Central Bank (ECB) and European Commission)
and the Greek government appear to have achieved little over the
past two months. The Greek government and its official creditors
remain far apart on key objectives, with no immediate prospect of
agreement being reached on a new financing package. Both sides
have reiterated their desire to reach an agreement that would
avert a Greek default, and there are indications that the process
has taken a new sense of urgency, with a change of negotiators on
the Greek government side. However, Moody's believes that the
final outcome will be driven primarily by political decisions
both at the European level and in Greece. As such, the outcome of
these decisions is highly uncertain and the potential for a
policy accident resulting in Greece defaulting on its marketable
(or commercially traded) debt, including that held by the ECB,
has risen. In Moody's view, the risks to bondholders are
appropriately reflected by a Caa2 government bond rating, which
is historically associated with a roughly one in four probability
of default over a two-year horizon.

Amid these faltering negotiations, the economy continues to face
severe liquidity constraints. Greece's ability to finance its
budgetary expenditures and debt repayments has been under
pressure since the official sector program went off track last
year. Ordinary net revenues, which include tax revenues, were
around 5% below target between January and March. The government
has lost market access, facing challenges in rolling over
maturing T-bills: foreign investors have largely withdrawn from
the Greek T-bill market, and Moody's understands that Greek banks
are restricted by the ECB from increasing their own holdings of
T-bills. Low investor confidence has adversely affected banking
sector deposits: Moody's estimates that private sector deposits
have fallen by around EUR32 billion (18% of GDP) since early
December 2014 to an estimated EUR132 billion (74% of GDP) at the
end of April.

As a result, the government has been drawing on internal
reserves, including tapping deposits of the social security
funds, state-owned enterprises and more recently local
governments. The government has also been forced to curb
expenditures and run arrears to suppliers (expenditures have been
around 11% below budgetary targets for the first three months of
the year). Rising liquidity constraints and the absence of any
material progress on negotiations imply a high level of
uncertainty over the Greek government's ability to meet upcoming
repayments on both official and marketable debt. Amortisation and
interest payments are estimated at EUR3.6 billion from May 1 to
June 30, of which around EUR2.4 billion is due to the IMF.
Moody's does not rate official sector debt, including obligations
to the IMF, and a delayed or missed payment on IMF obligations
need not necessarily trigger a debt acceleration that would lead
to a default on the marketable debt instruments. However, non-
payment or unilateral restructuring of official sector debt would
be a strong sign of lack of progress in negotiations. It would
suggest a high probability of Greece being unable to obtain the
funds it needs to service marketable debt, including the EUR3.5
billion and EUR3.2 billion payments due on bonds held by the ECB
on July 20 and on August 20 respectively.

Second Driver -- Elevated Implementation Risks Against The
Backdrop Of A Weakened Economy And Continuing Political
Uncertainty:

Moody's believes that there are significant implementation risks
associated with a follow-up, medium-term financing program even
if an agreement is reached, given the backdrop of a weakened
economy and a fragile domestic political environment.

Locked out of the capital markets, Greece is highly likely to
need to agree and implement a new program as a condition of
receiving additional financing from its official creditors.
Greece would also need to achieve and sustain primary surpluses
over many years in order to make slow inroads into its extremely
high debt burden. To overcome those challenges, Greece will need
higher medium-term growth and political resolve. Recent events
make both doubtful, raising further concerns over Greece's
ability to sustain financial support from official creditors over
the coming years.

Moody's also notes that the economy's fragile recovery and the
government's fiscal consolidation efforts have been derailed. The
rating agency's current forecast of 0.5% growth this year is
markedly different from the structural adjustment program target
of 2.9% and Moody's previous forecast of 1.2%. Moreover, risks to
the growth outlook are firmly towards the downside as lingering
uncertainty is likely to have a negative impact on investment and
the nascent recovery in consumption.

The primary balance will also likely be close to, or in deficit
this year (after registering a surplus of 0.4% of GDP last year),
complicating the government's management of its fiscal and debt
position further. Looking ahead, lingering uncertainty regarding
the economy's medium-term growth path and the government's
willingness and ability to record primary surpluses over a number
of years complicates the task of bringing the headline debt ratio
down.

In addition to the challenges posed by lower growth, the
political and social environment will likely continue to affect
the implementation of further fiscal consolidation and structural
reform agenda, which Moody's expects would form a condition for
future financial support. In the near term, a critical challenge
for the government will be its management of the disparate views
of the groups that form Syriza, in particular the far left wing
of the party. The passage of any follow-up agreement with
official creditors and successive reform bills in the Greek
parliament will test the strength of the governing coalition.
Already, it appears that a range of options including a possible
referendum on any new financing agreement have been discussed,
all of which results in an elevated level of political
uncertainty, which increases the implementation risks to any
follow-up program.

Rationale for the Negative Outlook:

The negative outlook on the Caa2 rating reflects Moody's view
that the balance of economic, financial and political risks in
Greece remains slanted to the downside. The probability of a
default on official sector, and hence the increasing risk of
default on private sector debt, continues to rise with every week
that passes without some form of resolution. Compared with
Moody's base case, scenarios incorporating either a longer stand-
off with official creditors and/or greater negative impact to the
economy from prolonged uncertainty have a higher probability than
more positive outcomes.

Local and Foreign-Currency Bond and Deposit Ceilings:

Moody's has also lowered Greece's local and foreign currency bond
ceilings to B3 from Ba3. The short-term bond ceiling remains Not
Prime (NP). The bond ceilings essentially reflect the risk of
Greece leaving the euro area and the impact of the resulting
currency redenomination on holders of Greek debt. Moody's
acknowledges that default need not entail exit, which would
ultimately reflect a political decision. However, the lower
ceiling reflects Moody's view that the probability of the one
leading to the other has risen.

Concurrently, Moody's has lowered the local- and foreign-currency
bank deposit ceilings to Caa3 from Caa1 reflecting the increase
in the risk of the government placing restrictions on accessing
foreign- and local-currency deposits. The short-term bank deposit
ceiling remains Not Prime (NP). Moody's decision to lower the
deposit ceilings to one notch below the level of the government
bond rating reflects the rating agency's view that the risk of
the government imposing deposit freezes or similar capital
restrictions in order to contain deposit outflows and preserve
financial stability is now slightly higher than the risk of the
government defaulting on its own debt.

Moody's would consider downgrading Greece's government bond
rating if the probability of a default and/or severity of loss to
investors in the event of default were to rise and no longer
commensurate with a Caa2 rating. That would most likely occur in
the context of a further deterioration in the relations between
the Greek government and its creditors, or evidence that the
Greek electorate is supportive of a more confrontational stance,
potentially including exit from the euro area.

Although not likely in the near term given the prevailing
downside risks, Moody's could consider upgrading Greece's
government bond rating in the event of (1) an increase in the
pace of fiscal consolidation and structural reforms; (2)
sustained economic growth and primary surpluses, both would
support a continued decline in debt levels; and (3) more
certainty and visibility on future external financial support and
the political environment.

In Moody's assessment, the conclusion of the review, which began
in February 2015, necessitates this rating action being released
on a date not listed for this entity on Moody's 2015 sovereign
release calendar published on www.moodys.com.

-- GDP per capita (PPP basis, US$): 25,859 (2014 actual) (also
   known as Per Capita Income)

-- Real GDP growth (% change): 0.8% (2014 actual) (also known as
   GDP Growth)

-- Inflation Rate (CPI, % change Dec/Dec): -2.6% (2014 actual)

-- Gen. Gov. Financial Balance/GDP: -3.5% (2014 actual) (also
   known as Fiscal Balance)

-- Current Account Balance/GDP: 0.9% (2014 actual) (also known
    as External Balance)

-- External debt/GDP: [not available]

-- Level of economic development: Low level of economic
   resilience

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

On April 27, 2015, a rating committee was called to discuss the
rating of Greece, Government of. The main points raised during
the discussion were: The issuer's economic fundamentals,
including its economic strength, have materially decreased. The
issuer has become increasingly susceptible to event risks as
there is increased uncertainty over whether Greece's new
government will come to an agreement with official creditors in
time to meet its near-term funding and liquidity needs.

The principal methodology used in these ratings was Sovereign
Bond Ratings published in September 2013.

The weighting of all rating factors is described in the
methodology used in this rating action, if applicable.


INTRALOT SA: S&P Affirms 'B+' Corp. Credit Rating; Outlook Neg.
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on Intralot S.A., a Greece-based international
gaming company.  The outlook is negative.

S&P also affirmed its 'B+' issue ratings on Intralot's senior
unsecured notes issued by Intralot Capital Luxembourg S.A. and
Intralot Finance Luxembourg S.A.

S&P removed all the ratings from CreditWatch with negative
implications, where S&P placed them on Feb. 24, 2015.

The affirmation reflects S&P's reassessment of Intralot's
financial risk profile to "aggressive" from "significant" and the
removal of S&P's negative financial policy modifier.  The rating
action also reflects Intralot's renegotiation of its interest
coverage covenants with providers of the EUR200 million
syndicated facility, on which the covenants were very tight.

S&P has updated its base-case forecasts of Intralot's credit
metrics to reflect the company's operating performance in 2014
and its recovery prospects.  Although Intralot's reported
revenues grew by 20% in 2014, reported EBITDA generation has
largely suffered from the negative foreign exchange effects in
some of its markets, which had a negative EUR13 million impact on
EBITDA, as well as from the expiration and amendment of a few of
its profitable contracts.  Higher interest costs related to bond
issuance in 2014 have weighed negatively on S&P's funds from
operations (FFO) calculation, which has weakened materially.  S&P
now forecasts top-line growth of about 4%-6% in 2015 and 10%-14%
in 2016, with a slightly declining EBITDA margin, which S&P
believes reflects a shift toward lower-margin licensed
activities. S&P forecasts that 2016 revenue growth will be
bolstered by the Euro 2016 football competition, which should
benefit the primarily betting nature of Intralot's licensed
operations.  S&P projects that Standard & Poor's-adjusted EBITDA
will be about EUR190 million-EUR195 million in 2015 and EUR210
million to EUR220 million in 2016.  S&P also estimates that FFO
will reach about EUR104 million-EUR109 million in 2015 and climb
to about EUR120 million-EUR130 million in 2016.

S&P now estimates that the Standard & Poor's-adjusted debt-to-
EBITDA ratio will be about 2.1x-2.6x and the FFO-to-debt ratio
will be about 20%-25%.  In addition, S&P calculates that
Intralot's EBITDA interest coverage ratio will fall in the range
of 3.2x-3.5x and FFO cash interest coverage ratio will be between
2.9x and 3.5x.  Although S&P's forecast financial metrics
indicate a "significant" financial risk profile, S&P understands
that not all of the cash flows are available to service debt,
because a part of them ultimately belongs to significant minority
interests in some of Intralot's subsidiaries.  S&P therefore
views Intralot's financial risk profile as "aggressive."  S&P's
assessment of Intralot's financial risk profile is also based on
the company's exposure to foreign exchange risk and its weak
discretionary cash flow generation, which S&P considers to be a
true measure of free operating cash flow (FOCF) for Intralot,
reflecting the fact that dividends are currently paid only at the
subsidiary level, mostly in the companies where significant
minority shareholders are present.

S&P is no longer applying its negative financial policy modifier,
because it sees limited possibilities for Intralot to increase
its leverage in the near term.  This is because the company is
restricted by current bond documentation and the financial
covenants.  Also, S&P do not see any intention by management to
increase leverage; on the contrary, the company does not pay
dividends to its shareholders, and it aims to deleverage to below
2.0x debt to EBITDA.

"We regard the renegotiating of covenants for the EUR200 million
syndicated facility drawn at the end 2015 as a positive factor
for Intralot's "adequate" liquidity, as defined by our criteria.
We understand that Intralot has drawn the facility to prevent it
from becoming unavailable in case of unpredicted negative events
in the Greek banking system, given that several Greek banks are
parties to this facility.  Access to the facility proceeds gives
Intralot more financial flexibility and faster access to cash
than its internal cash reserves, which amount to about EUR220
million.  This stems from the nature of Intralot's business
model, where cash is spread across multiple subsidiaries, part of
which are joint ventures with minority stakes, and require
certain procedures to get the cash to the financing company,
where debt is serviced.  In addition, if cash is upstreamed
through dividends, part would go to the joint-venture partners.
We estimate that about one-third of all Intralot's cash flows are
ultimately attributable to its partners.  We expect that Intralot
has adequate covenant headroom under the facility and has certain
instruments to control it in case of its tightening through bond
buybacks, for example," S&P said.

"We continue to see Intralot's business risk profile as "fair,"
reflecting the company's position as a major supplier of
integrated gaming systems and services with modest exposure to
Greece.  The "fair" business risk profile also reflects
Intralot's position as a licensed gaming operator and its role as
a game manager on behalf of third parties, such as state
operators.  The contract-based nature of Intralot's business
offers some medium-term visibility on its revenues.  The company
has largely maintained and gained gaming contracts, which fosters
rapid growth, particularly in deregulating markets.  We believe
Intralot's business risk profile is constrained, however, by its
pronounced exposure to emerging markets, as well as to different
regulations and tax systems.  Another constraint is the company's
lack of scale in large and relatively predictable gaming and
lottery markets, such as the U.S. and some Western European
markets.  We also observe a shift in the company's focus toward
lower-margin licensed business that will constrain profitability
in the medium term," S&P added.

"Our assessments of Intralot's business and financial risk
profiles result in a 'bb-' anchor.  We apply our comparable
rating analysis modifier to this anchor, resulting in a stand-
alone credit profile one notch below the anchor, at 'b+'.  The
comparable rating analysis reflects the company's relative weaker
discretionary cash flow generation profile than comparable
companies, as well as the presence of significant non-controlling
interests," S&P noted.

The negative outlook indicates at least a one-in-three
possibility that S&P could lower the ratings over the next 12
months. Intralot's poor operating results in 2014 have weighed
negatively on the company's credit metrics.  Although S&P's
current base case indicates a recovery in ratios over 2015-2016,
downside risks remain, such as ongoing margin pressure, a
negative impact from foreign exchange, and a weak operating
environment in some of Intralot's markets, including Greece.

S&P could lower the ratings in the next 12 months if Intralot's
EBITDA generation does not recover, its discretionary cash flow
(which S&P sees as a true measure of FOCF) remains modest or
turns negative, or its financial metrics weaken.  S&P could also
take a negative rating action if Intralot's liquidity
deteriorates or if S&P believes that the headroom under debt
covenants is declining.

S&P could revise the outlook to stable in the next 12 months if
the Intralot's operating performance recovers, and,
simultaneously, the company can generate substantial positive
FOCF after dividends to the minority shareholders, while
maintaining "adequate" liquidity and substantial headroom under
its covenants.



=============
I R E L A N D
=============


ENERGIE FITNESS: To Cease Trading Following Financial Woes
----------------------------------------------------------
Meath Chronicle reports that the Energie Fitness Centre at
Johnstown, Navan, will cease trading after the High Court was
petitioned to appoint an interim examiner to eight gyms on May 1.

The court has appointed Anthony Weldon -- aweldon@kieranryan.ie
-- of Kieran Ryan & Co as interim examiner, providing protection
for the eight clubs during the period of examinership after the
petition was filed by Prime Fitness Ltd., whose centers trade
under Energie Fitness Ireland, Meath Chronicle relates.

According to Meath Chronicle, a statement on behalf of the group
said that as the clubs in Navan and Newbridge, Co Kildare, are
trading at a significant loss and all options to improve them
have been exhausted, it is envisaged that the two clubs concerned
will cease trading.

The eight clubs under review are part of the former gym and
fitness business of Jackie Skelly, which was acquired out of an
examination process in 2010 and are located in Ballsbridge,
Clarendon Street, Drogheda, Rathfarnham, Swords, Newbridge,
Ashbourne and Navan, Meath Chronicle discloses.

"The decision is regrettable, but unfortunately necessary to
secure wider employment in the company. The clubs employ 34
people under varying terms and conditions, and it is hoped that
these employees will be accommodated in other clubs," Meath
Chronicle quotes the statement as saying.

Prime Fitness said that the restructure of the former
Jackie Skelly business was not successful due to further
unexpected declines in income levels as the recent recession
deepened, Meath Chronicle relays.

"Significant financial support has been injected by the
shareholder of Prime Fitness Ltd. into the clubs to ensure that
major financial obligations such as property leases and bank debt
were met.  This is a situation that can no longer be sustained,
and the decision was taken to petition the High Court for Court
protection [Fri]day," the statement, as cited by Meath Chronicle,
said.

The purpose of the examinership is to restructure the clubs to
put them on a profitable and sustainable footing, Meath Chronicle
says.  The directors and management said they were determined to
keep six of company's eight clubs open as part of the
examinership process, if landlords enter negotiations, according
to Meath Chronicle.


GLG EURO I: Moody's Assigns B2 Rating to EUR7MM Class F Notes
-------------------------------------------------------------
Moody's Investors Service assigned the following definitive
ratings to notes issued by GLG Euro CLO I Limited:

  -- EUR181,000,000 Class A-1 Senior Secured Floating Rate Notes
     due 2028, Definitive Rating Assigned Aaa (sf)

  -- EUR5,000,000 Class A-2 Senior Secured Fixed Rate Notes due
     2028, Definitive Rating Assigned Aaa (sf)

  -- EUR18,100,000 Class B-1 Senior Secured Floating Rate Notes
     due 2028, Definitive Rating Assigned Aa2 (sf)

  -- EUR12,000,000 Class B-2 Senior Secured Fixed Rate Notes due
     2028, Definitive Rating Assigned Aa2 (sf)

  -- EUR19,000,000 Class C Deferrable Mezzanine Floating Rate
     Notes due 2028, Definitive Rating Assigned A2 (sf)

  -- EUR14,800,000 Class D Deferrable Mezzanine Floating Rate
     Notes due 2028, Definitive Rating Assigned Baa2 (sf)

  -- EUR19,200,000 Class E Deferrable Junior Floating Rate Notes
     due 2028, Definitive Rating Assigned Ba2 (sf)

  -- EUR7,000,000 Class F Deferrable Junior Floating Rate Notes
     due 2028, Definitive Rating Assigned B2 (sf)

Moody's definitive rating of the rated notes addresses the
expected loss posed to noteholders by legal final maturity of the
notes in 2028. The definitive ratings reflect the risks due to
defaults on the underlying portfolio of loans given the
characteristics and eligibility criteria of the constituent
assets, the relevant portfolio tests and covenants as well as the
transaction's capital and legal structure. Furthermore, Moody's
is of the opinion that the collateral manager, GLG Partners LP
("GLG Partners"), has sufficient experience and operational
capacity and is capable of managing this CLO.

GLG CLO is a managed cash flow CLO. At least 90% of the portfolio
must consist of secured senior loans or senior secured bonds and
up to 10% of the portfolio may consist of unsecured senior loans,
second-lien loans, high yield bonds and mezzanine loans. The
portfolio is expected to be approximately 65% ramped up as of the
closing date and to be comprised predominantly of 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.

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

In addition to the eight classes of notes rated by Moody's, the
Issuer issued EUR33,100,000 of subordinated notes. Moody's has
not assigned rating to this class of 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 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. GLG Partners' investment
decisions and management of the transaction will also affect the
notes' performance.

Moody's modeled the transaction using CDOEdge, 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
February 2014. The cash flow model evaluates all default
scenarios that are then weighted considering the probabilities of
the binomial distribution assumed for the portfolio default rate.
In each default scenario, the corresponding loss for each class
of notes is calculated given the incoming cash flows from the
assets and the outgoing payments to third parties and
noteholders. Therefore, the expected loss or EL for each tranche
is the sum product of (i) the probability of occurrence of each
default scenario and (ii) the loss derived from the cash flow
model in each default scenario for each tranche.

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

- Par Amount: EUR300,000,000

- Diversity Score: 42

- Weighted Average Rating Factor (WARF): 2750

- Weighted Average Spread (WAS): 4.00%

- Weighted Average Coupon (WAC): 5.50%

- Weighted Average Recovery Rate (WARR): 43.0%

- Weighted Average Life (WAL): 8 years.

As part of the base case, Moody's has addressed the potential
exposure to obligors domiciled in countries with local currency
country risk ceiling (LCC) of A1 or below. As per the portfolio
constraints, exposures to countries with a LCC of A1 or below
cannot exceed 10%, with exposures to countries with LCCs of Baa1
to Baa3 further limited to 5%. Following the effective date, and
given these portfolio constraints and the current sovereign
ratings of eligible countries, the total exposure to countries
with a LCC of A1 or below may not exceed 10% of the total
portfolio. As a worst case scenario, a maximum 5% of the pool
would be domiciled in countries with LCCs of Baa1 to Baa3 while
the remaining 5% would be domiciled in countries with LCCs of A1
to A3. The remainder of the pool will be domiciled in countries
which currently have a LCC of Aa3 and above. Given this portfolio
composition, the model was run with different target par amounts
depending on the target rating of each class of notes as further
described in the methodology. The portfolio haircuts are a
function of the exposure size to peripheral countries and the
target ratings of the rated notes and amount to 0.75% for the
Class A notes, 0.50% for the Class B notes, 0.38% for the Class C
notes and 0% for Classes D, E and F.

Together with the set of modelling assumptions above, Moody's
conducted additional sensitivity analyses, which were an
important component in determining the definitive rating assigned
to the rated notes. These sensitivity analyses includes increased
default probability relative to the base case. Below is a summary
of the impact of an increase in default probability (expressed in
terms of WARF level) on each of the rated notes (shown in terms
of the number of notch difference versus the current model
output, whereby a negative difference corresponds to higher
expected losses), holding all other factors equal:

Percentage Change in WARF: WARF + 15% (to 3163 from 2750)

Ratings Impact in Rating Notches:

- Class A-1 Senior Secured Floating Rate Notes: 0

- Class A-2 Senior Secured Fixed Rate Notes: 0

- Class B-1 Senior Secured Floating Rate Notes: -1

- Class B-2 Senior Secured Fixed Rate Notes: -1

- Class C Deferrable Mezzanine Floating Rate Notes: -2

- Class D Deferrable Mezzanine Floating Rate Notes: -2

- Class E Deferrable Junior Floating Rate Notes: -1

- Class F Deferrable Junior Floating Rate Notes: 0

Percentage Change in WARF: WARF +30% (to 3575 from 2750)

- Class A-1 Senior Secured Floating Rate Notes: -1

- Class A-2 Senior Secured Fixed Rate Notes: -1

- Class B-1 Senior Secured Floating Rate Notes: -3

- Class B-2 Senior Secured Fixed Rate Notes: -3

- Class C Deferrable Mezzanine Floating Rate Notes: -3

- Class D Deferrable Mezzanine Floating Rate Notes: -2

- Class E Deferrable Junior Floating Rate Notes: -1

- Class F Deferrable Junior Floating Rate Notes: -1

The principal methodology used in this rating was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
February 2014.


KENMARE RESOURCES: Iluka May Acquire Business for EUR265 Million
----------------------------------------------------------------
Irish Independent reports that Kenmare Resources could be
acquired for A$371 million (EUR265 million) by Australian firm
Iluka, marking an end to its 30 years of Irish ownership.

Kenmare, whose managing director is Michael Carvill, said the
proposed terms of a possible takeover are subject to a
significant number of pre-conditions, and that there's no
certainty a formal offer will be made, Irish Independent relates.

But the board of Kenmare Resources told investors that it would
be in the interests of shareholders to work towards sealing a
takeover deal, Irish Independent notes.

Kenmare has been struggling financially and has been involved in
marathon negotiations to restructure its debt, Irish Independent
relays.  It has also been hit by falling resources prices, Irish
Independent discloses.

The company, as cited by Irish Independent, said it that it has
finally negotiated terms of a debt restructure.  That will see it
secure a facility of up to US$50 million (EUR45 million), with
US$30 million of that earmarked for working capital purposes and
US$20 million available to fund certain disputed liabilities that
are subject to arbitration, Irish Independent states.

Kenmare Resources is an exploration company based in Dublin.


OAK HILL II: Fitch Rates Class F Notes 'B(EXP)sf'
-------------------------------------------------
Fitch Ratings has assigned Oak Hill European Credit Partners III
Limited notes expected ratings, as follows:

Class A-1: 'AAA(EXP)sf'; Outlook Stable
Class A-2: 'AAA(EXP)sf'; Outlook Stable
Class A-3: 'AAA(EXP)sf'; Outlook Stable
Class B-1: 'AA+(EXP)sf'; Outlook Stable
Class B-2: 'AA+(EXP)sf'; Outlook Stable
Class C: 'A+(EXP)sf'; Outlook Stable
Class D: 'BBB+(EXP)sf'; Outlook Stable
Class E: 'BB(EXP)sf'; Outlook Stable
Class F: 'B(EXP)sf'; Outlook Stable
Subordinated notes: not rated

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

Oak Hill European Credit Partners III Limited is an arbitrage
cash flow collateralized loan obligation (CLO).

KEY RATING DRIVERS

'B'/'B-' Portfolio Credit Quality
Fitch expects the average credit quality of obligors to be in the
'B' category. Fitch has credit opinions or public ratings on all
obligors in the identified portfolio. The covenanted minimum
Fitch weighted average rating factor (WARF) for assigning
expected ratings is 35.0. The WARF of the identified portfolio is
32.9.

High Recovery Expectation

At least 90% of the portfolio will comprise senior secured
obligations. Fitch views the recovery prospects for these assets
as more favorable than for second-lien, unsecured and mezzanine
assets. Fitch has assigned Recovery Ratings to all of the assets
in the identified portfolio. The covenanted minimum weighted
average recovery rate (WARR) for assigning expected ratings is
67.0%. The WARR of the identified portfolio is 73.8%.

Unhedged Non-euro Assets Exposure

The transaction is allowed to invest up to 2.5% of the portfolio
in non-euro-denominated assets. Unhedged non-euro assets are
limited to a maximum exposure of 2.5% of the portfolio subject to
principal haircuts. The manager can only invest in unhedged
assets if, after the applicable haircuts, the aggregate balance
of the assets is above the reinvestment target par balance.

Partial Interest Rate Hedge

Between 0% and 10% of the portfolio can be invested in fixed-rate
assets, while fixed-rate liabilities account for 11.9% at
closing. Five years after closing, the Class A-3 notes will start
paying a floating rate of interest, reducing the share of fixed-
rate liabilities to 4.5% of target par. The transaction is thus
partially hedged against rising interest rates.

TRANSACTION SUMMARY

Net proceeds from the notes will be used to purchase a EUR400m
portfolio of European leveraged loans and bonds. The portfolio
will be managed by Oak Hill Advisors (Europe), LLP. The
transaction will have a four-year re-investment period scheduled
to end in 2019.

The transaction documents may be amended subject to rating agency
confirmation or noteholder approval. Where rating agency
confirmation relates to risk factors, Fitch will analyze the
proposed change and may provide a rating action commentary if the
change has a negative impact on the ratings. Such amendments may
delay the repayment of the notes as long as Fitch's analysis
confirms the expected repayment of principal at the legal final
maturity.

If in the agency's opinion the amendment is risk-neutral from a
rating perspective Fitch may decline to comment. Noteholders
should be aware that confirmation is considered to be given if
Fitch declines to comment.

RATING SENSITIVITIES

A 25% increase in the obligor default probability would lead to a
downgrade of up to three notches for the rated notes. A 25%
reduction in expected recovery rates would lead to a downgrade of
up to four notches for the rated notes.

DATA ADEQUACY

The majority of the underlying assets have ratings or credit
opinions from Fitch and/or other Nationally Recognized
Statistical Rating Organizations and/or European Securities and
Markets Authority registered rating agencies. Fitch has relied on
the practices of the relevant Fitch groups 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.


WILLOW NO. 2: Moody's Reviews Serie 39 Notes for Downgrade
----------------------------------------------------------
Moody's Investors Service placed on review for downgrade the
rating of the following notes issued by Willow No.2 (Ireland)
Plc:

  -- Series 39 EUR7,100,000 Secured Limited Recourse Notes due
     2039, Ba3 (sf) Placed Under Review for Possible Downgrade;
     previously on Aug 21, 2014 Upgraded to Ba3 (sf)

Moody's explained that the rating action taken today is the
result of a rating action on Grifonas Finance No.1 Plc Class A
Notes, which was placed on review for downgrade on 20 April 2015.
For further information on the underlying action see the press
release titled "Moody's takes action on 7 Greek ABS and RMBS
senior tranches' ratings, and 4 Greek covered bond ratings".

Willow No.2 (Ireland) Plc - Series 39 represents a repackaging of
Grifonas Finance No.1 Plc Class A Notes, a Greek residential
mortgage-backed security (the "Collateral"). All interest and
principal received on the underlying asset are passed net of on-
going costs to the Series 39 notes. This rating is essentially a
pass-through of the rating of the Collateral.

The principal methodology used in this rating was "Moody's
Approach to Rating Repackaged Securities" published in December
2014.

This rating is essentially a pass-through of the rating of the
underlying securities. Holders of the notes will be fully exposed
to the credit risk of Grifonas Finance No.1 Plc Class A Notes. A
downgrade or an upgrade of the Grifonas Finance No.1 Plc Class A
Notes will trigger an equal downgrade or upgrade on the Notes.

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, which could negatively impact the
ratings of the notes, as evidenced by 1) uncertainties of credit
conditions in the general economy especially as the transaction
is exposed to collateral domiciled in Greece and 2) more
specifically, any uncertainty associated with the underlying
credits in the transaction could have a direct impact on the
repackaged transaction.



=========
I T A L Y
=========


POPOLARE DI MILANO: S&P Affirms B+/B Counterparty Credit Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+/B' long- and
short-term counterparty credit ratings on Banca Popolare di
Milano SCRL (BPM) and its core subsidiary Banca Akros SpA.  The
outlooks on the long-term ratings on the two banks remain stable.

The affirmation reflects S&P's view that BPM's financial profile
is stabilizing as asset quality deteriorates more slowly and
operating performance improves in line with S&P's expectations.
The rating on Banca Akros mirrors that on its parent.

"We anticipate that BPM's asset quality will deteriorate more
slowly in 2015 and 2016, after the speed of the deterioration
slowed significantly in 2014, even though economic conditions in
Italy remain weak.  This is because BPM's loan portfolio is
concentrated in the wealthy Northern Italian regions (about 72%
of its total lending book) where we expect economic prospects to
be better than in the rest of the country.  Moreover, we
anticipate that BPM's efforts to reduce its credit exposure to
riskier real estate and construction sectors over the past year
will help reduce the inflow of nonperforming assets (NPAs) and
credit losses in 2015 and 2016.  In particular, we estimate that
BPM's cumulative credit losses in 2015 and 2016 will be about
2.8% of average customer loans in 2012-2013.  This is, however,
still slightly above our expectations for the Italian banking
sector average.  As a result, we continue to assess BPM's risk
position as "moderate"," S&P said.

S&P also expects BPM's operating performance to stabilize in 2015
and 2016 following a strong improvement in 2014.  On Feb. 10,
2015, BPM announced net profits for 2014 of about EUR232 million
(EUR142 million, excluding nonrecurring income), up from EUR30
million net profits in 2013.  S&P therefore anticipates BPM's
core revenues will stabilize in 2015 and slightly improve in
2016.  In particular, net interest income is likely to benefit
from a gradual increase in new lending volumes and from a further
decline in the cost of funding, which should offset the negative
impact of a lower contribution from the government bonds
portfolio.

S&P anticipates fee income, which makes a bigger contribution to
BPM's revenues than to those of other midsize Italian regional
players, will continue to grow moderately due to the positive
performance of the asset management business.  S&P also expects
BPM's preprovisioning income to be enough to absorb the expected
credit losses and support its organic capital generation.  S&P
thus anticipates that its projected risk-adjusted capital (RAC)
ratio before diversification adjustments for BPM will likely be
close to 6.0% by end-2016.  As a result, S&P has kept unchanged
its "moderate" assessment of BPM's capital and earnings.

S&P also considers that BPM's funding position remains well
balanced, owing to its deep and stable retail funding base, and
view its liquidity as prudently managed.

That said, S&P considers that BPM's creditworthiness remains
constrained by its corporate governance, which has historically
been weaker than peers'.  Nevertheless, S&P anticipates that
BPM's business position will likely benefit from the successful
execution of management's plan to consolidate its franchise and
improve its governance models and standards -- a transformation
S&P expects will take time to take effect.

S&P is affirming its 'CCC-' rating on BPM's preferred stock.  S&P
continues to consider that the probability of default associated
with this instrument is consistent with the 'CCC+' rating
definition in S&P's criteria.  That said, S&P do not predict
specific default scenarios for this instrument over the next 12
months--S&P understands that BPM has no option not to pay the
interest due because it reported net profits in 2014 and
distributed dividends.

The stable outlook reflects S&P's belief that BPM's business
profile is likely to benefit from the successful execution of
management's plan to consolidate BPM's franchise and strengthen
its reputation, including measures to improve its weaker-than-
peers corporate governance.  The recently approved reform of
popolari banks in Italy will require BPM to change its corporate
form and to modify some features of its governance models within
the next 18 months.  Although several of BPM's management teams,
including the current team, have tried and failed to get assembly
approval for proposals to reform the bank's governance, S&P now
anticipates that the execution risk of any proposed change to
BPM's corporate governance structure has significantly reduced.
This is because of the tight legal requirements introduced by the
decree.

S&P's expectation that BPM's business profile will improve could
counterbalance, in S&P's view, the potential removal by year-end
2015 of the one notch of uplift in the ratings for extraordinary
government support that is likely to be less predictable under
the new EU Bank Recovery and Resolution Directive (BRRD).

S&P could raise the long-term ratings on BPM and its core
subsidiary Banca Akros if S&P anticipates that management's plans
to reform its corporate governance could benefit S&P's view of
BPM's business profile more than S&P already factors into its
ratings.  This could be possible if the transformation of BPM's
corporate culture and governance that has already begun occurs
faster than S&P expects.  It could also occur if management were
to launch further actions, in addition to those in its current
plans to improve BPM's governance, aimed at fostering
institutional investors' and other shareholders' participation in
the bank's strategic decision-making process.  This would enhance
management's capacity to implement its plans and ultimately
improve BPM's governability, in S&P's view.

S&P could also raise the ratings if the speed of asset quality
deterioration reduces by significantly more than S&P already
anticipates, bolstering its view of BPM's risk position; or if
S&P considers that potential extraordinary government support for
BPM's senior unsecured creditors is unchanged in practice,
despite the introduction of bail-in powers and international
efforts to increase banks' resolvability.

Although S&P considers it unlikely at this stage, it could lower
the ratings if it is to consider that the management of BPM's
efforts to improve its corporate governance structure has not
succeeded, and, at the same time, if S&P considers that
extraordinary government support is less predictable under the
BRRD, causing S&P to remove the one-notch uplift for
extraordinary government support that S&P currently incorporates
into its ratings on BPM.



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


APERAM: S&P Raises CCR to 'BB' on Improved Performance
------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on Luxembourg-based stainless steel producer Aperam
to 'BB' from 'BB-'.  The outlook is stable.

S&P also raised the issue ratings to 'BB' from 'BB-' on Aperam's
senior unsecured convertible notes, including its US$200 million
convertibles maturing 2020 and its US$300 million convertibles
maturing 2021.  The recovery rating is '3', indicating S&P's
expectations of meaningful recovery prospects with coverage
exceeding 70% for the debtholders in the event of a payment
default.  Nevertheless, the recovery rating is constrained by the
notes unsecured nature.

S&P withdrew its 'BB-' issue and '4' recovery ratings on Aperam's
US$250 million senior unsecured notes maturing 2018, which have
been repaid in full.

The upgrade reflects Aperam's very strong performance in 2014,
which S&P expects to continue in 2015, on the back of moderately
supportive stainless steel markets and volatile nickel prices.
S&P expects the group's 2015 EBITDA to remain near its 2014
level, translating into substantial free cash flow under its
updated base case.  Aperam concurrently repaid its high-yield
US$250 million senior unsecured notes in early April 2015, and
S&P therefore expects credit metrics to remain strong for the
rating for full year.  S&P now anticipates a Standard & Poor's
adjusted funds from operations (FFO)-to-debt ratio of more than
45%.  S&P regards this level as commensurate with S&P's 'BB'
rating, given the current industry conditions.

S&P thinks that Aperam has successfully implemented its
efficiency program over recent years, giving a step-up to the
company's profitability and resilience to cyclical end markets
and volatile nickel prices.  In particular, Aperam has benefited
from the optimization of its production base and the development
of a distribution network away from steel traders, softening the
impact on volumes of nickel price cycles.  As such, S&P views
Aperam as one of the most profitable stainless steel producers in
Europe, with about a 10% EBITDA margin.  S&P thinks these
restructuring measures have provided sustainable benefits that
will help Aperam maintain high utilization levels and improved
cost position, even in a more challenging market environment.

S&P also takes into account its opinion of improved market
conditions in Europe following material rationalization of
production capacities across the steel industry in the past
years. Industry prospects in Europe should also benefit from the
EU Commission's provisional decision to impose anti-dumping
import duties on Chinese and Taiwanese cold rolled flat stainless
steel products.  S&P thinks Aperam's market position in Europe
may benefit from these actions.  S&P also factors in Standard &
Poor's forecasts of some soft recovery in Europe.  However,
Aperam's activities in Brazil should be softer than expected, due
to weaker economic conditions, although it should benefit from
the depreciation of the Brazilian Real.  S&P also takes comfort
that a large portion of production is exported elsewhere in South
America, and that its Brazilian operations overall brings
significant diversity to Aperam's business.

For these reasons, S&P has revised its assessment of Aperam's
business risk profile to "fair" from "weak."

This is still balanced, in S&P's view, by the very high
volatility of nickel prices and the steel industry as whole,
mainly exposed to cyclical end markets.  S&P expects nickel
prices to remain low throughout 2015, and to recover somewhat
thereafter, in line with Standard & Poor's metals price
assumptions.

S&P has reassessed Aperam's financial risk profile as
"intermediate" versus "significant" previously, following the
group's repayment of its $250 million senior unsecured high yield
bond due 2018, and because S&P now nets 75% of cash balances from
debt, in line with S&P's criteria for its "fair" business risk
category.  This takes into account the very substantial free cash
flows S&P forecasts over the next years, on the back of Aperam's
moderate capital intensity and improved cost position.  In S&P's
opinion, free cash flows should further benefit from a lower
interest charge on the remaining lower priced debt instruments.
In 2015 S&P forecasts adjusted debt to EBITDA of about 1.5x and
adjusted FFO to debt in the 45-60% range, which S&P views as
strong for the current rating.  Nevertheless, S&P takes a
conservative approach in light of Aperam's historically very
volatile credit ratios and classify the financial risk profile
one-category lower as "intermediate."

"Furthermore, we take into consideration that the strong free
cash flows we foresee provides room for mergers, acquisitions,
and shareholder distributions going forward, although this is
mitigated by management's conservative financial policies, in our
view.  Nevertheless, because the company lacks a track record of
being operated at its reduced financial leverage, we lower the
'bb+' anchor score by one notch to arrive at the 'BB' issuer
credit rating.  This also factors in our view of the business
risk profile being at the low end of the "fair" category relative
to peers," S&P said.

The stable outlook reflects S&P's view that Aperam will maintain
adjusted FFO to debt above 45% under normal industry conditions,
or above 30% in a more challenging environment.

Rating downside could materialize if Aperam fails to maintain the
above-mentioned credit metrics due to, for example, market
dynamics deteriorating severely, resulting in lower EBITDA and
free cash flows.  Pressure could also stem from a larger-than-
expected debt-funded acquisition or aggressive shareholder
distribution policies.

Upside potential is constrained at this stage by S&P's opinion of
the industry as still highly volatile and the group's need to
establish a track record of operating with lower financial
leverage than has historically been the case.


PATAGONIA FINANCE: Moody's Lifts Repack Notes Rating to Caa3
------------------------------------------------------------
Moody's Investors Service upgraded the rating on the following
notes issued by Patagonia Finance S.A.:

  -- EUR453.2115 million (current outstanding balance of EUR
     280,928,400) Senior Zero coupon notes, Upgraded to Caa3;
     previously on Nov 10, 2014 Downgraded to Ca and Placed Under
     Review for Possible Downgrade

This transaction represents a repackaging of Banca Monte dei
Paschi di Siena S.p.A. subordinate bonds, where the fixed coupon
is reinvested to match the accretion of the zero coupon notes.

Moody's explained that the rating action taken today is the
result of a rating action on the subordinate rating of Banca
Monte dei Paschi di Siena S.p.A., which was upgraded to Caa3 from
Ca under review for downgrade on the 22 April 2015.

This transaction was previously under review for downgrade in
line with the review for downgrade at the bank level. However,
while the deposit and senior debt ratings of Banca Monte dei
Paschi di Siena S.p.A. were downgraded to B3 from B1, the
subordinate rating was upgraded. For further information on the
underlying action see the press release entitled "Moody's
downgrades Banca MPS to B3 from B1, outlook negative".

The principal methodology used in this rating was "Moody's
Approach to Rating Repackaged Securities" published in December
2014.

This rating is essentially a pass-through of the rating of the
underlying securities. Noteholders are exposed to the credit risk
of Banca Monte dei Paschi di Siena S.p.A. and therefore the
rating moves in lock-step.

Moody's notes that this transaction is subject to a high level of
macroeconomic uncertainty, which could negatively impact the
ratings of the notes, as evidenced by 1) uncertainties of credit
conditions in the general economy especially as the transaction
is exposed to an obligor located in Italy and 2) more
specifically, any uncertainty associated with the underlying
credits in the transaction could have a direct impact on the
repackaged transaction.


XELLA INT'L: Moody's Rates EUR215MM Term Loan G 'B1'
----------------------------------------------------
Moody's Investors Service assigned a B1 rating to the proposed
EUR215 million senior secured term loan G and the amended EUR318
million equivalent senior secured term loan F to be issued by
Xella International S.A., a subsidiary of parent company Xella
International Holdings S.a.r.l. (Xella). Term loan G will be
issued to refinance the existing 9.125% EUR200 million PIK toggle
notes due 2018 (rated B3) including transaction fees expenses and
other redemption costs.

Concurrently, the rating agency affirmed Xella's B1 Corporate
Family Rating (CFR), B1-PD Probability of Default Rating (PDR),
and downgraded the rating of the existing EUR325 million senior
secured notes to B1. The outlook on all ratings was changed to
negative from stable. Upon completion of the refinancing, Moody's
will withdraw the B3 rating on the existing PIK toggle notes.

"The outlook change to negative results from Xella's increased
leverage in FY 2014 based on Moody's adjusted metrics in which
EBITDA was negatively impacted by restructuring and efficiency
measures", says Falk Frey, Senior Vice President and lead analyst
at Moody's for Xella. "Moreover, we expect that the initiated
restructuring programme X-celerate will lead to further cost and
cash outflows in 2015 that will not allow for a significant
improvement in leverage and debt reduction."

The existing senior secured notes have been downgraded from Ba3
to B1 which is at the level of the CFR. This downgrade was driven
by the expected fall-away of the subordinated PIK notes, leading
to all existing debt instruments ranking pari passu with each
other.

The B1 CFR recognizes the company's (1) high exposure to the
cyclical residential construction sector mainly via its building
materials division, representing approximately 62% of 2014
revenue (before intercompany eliminations); (2) exposure to raw
materials and energy costs fluctuation; and (3) increased
leverage in 2014 as a function of weakening adjusted EBITDA.
Notwithstanding, the rating also benefits from (1) Xella's strong
market position in its key geographies, supported by its
continuous focus on products innovation; (2) its diversification
in the more resilient lime and dry-lining businesses; and (3)
some degree of flexibility in its cost structure, altogether
resulting in a fairly resilient performance over the past few
years in comparison with its peers.

Xella's performance in 2014 was below Moody's expectations, with
Moody's adjusted EBITDA of EUR168 million, gross adjusted
leverage of 7.0x and EBIT/ interest expense of approximately 1.0x
while the group's results from an operational point of view were
broadly flat year-over-year with challenging market situations in
France and the Netherlands, balanced by favorable volume
developments in Belgium, Czech Republic and Poland. The dry
lining business unit (17% of FY2014 revenues) developed
remarkably positive, which is a result of the new growth strategy
in this area.

Moody's expects Xella's performance in 2015 to be supported by a
stable macroeconomic environment in its core European markets,
particularly Germany as well as a gradual recovery in
construction spending, including in the Netherlands and Poland.
This together with recent capacity expansions should positively
contribute to the earnings development and help mitigate
projected one-off costs and capex of EUR43 million related to
Xella's x-celerate program aimed at achieving a minimum of
EUR50 million savings by 2018 predominantly through fixed and
variable cost reductions in its procurement and manufacturing
processes.

Xella's liquidity remains adequate, supported by a cash balance
per December 2014 of approximately EUR123 million and EUR54
million (including ancillary facilities but excluding fronted
ancillary facilities) availability for cash drawings under its
EUR75 million revolving credit facilities (RCF). Following the
successful completion of the refinancing and "amend and extend"
exercise, there will be no significant debt maturities until Dec-
2018, when the amended term loan F and RCF fall due. We expect
the new set of financial covenants under the company's bank loan
agreement to provide sufficient headroom going forward.

Moody's assigned a B1 rating to the new EUR215 million senior
secured term loan G facility and the amended EUR318 million
equivalent senior secured term loan F facility by Xella
International S.A. The rating agency also downgraded the existing
EUR325 million senior secured notes due 2019 issued by Xefin Lux
S.C.A. to B1. The rated secured debt instruments will share in
the same security and guarantees by the same guarantors and thus
effectively rank pari passu. Moody's also affirmed the B3 rating
of the PIK toggle notes, which is expected to be withdrawn upon
completion of refinancing.

The negative outlook reflects some degree of execution risk
related to Xella's ability to successfully implement its X-
celerate program, reduce its leverage and return to positive free
cash flow generation in 2016. The outlook also incorporates
Moody's expectations that the company will display credit metrics
through 2015 including leverage and coverage ratios that are not
commensurate with the current rating level.

The ratings could be downgraded should Xella fail to (1) reduce
gross debt to EBITDA towards 5.5x during 2016, or if there is
visibility during that period that this will not be achieved; (2)
improve EBIT-to-interest ratio to around 1.5x; and (3) generate
positive free cash flow by 2016. Any significant debt-financed
acquisitions or shareholder distribution could also weigh on the
ratings.

Positive pressure could arise if the company (1) reduces gross
debt-to-EBITDA (Moody's adjusted) towards 4.5x; (2) improves its
EBIT-to-Interest ratio towards 2.0x; and (3) achieves a free cash
flow-to-debt ratio towards 5% on a sustained basis.

The principal methodology used in these ratings was Building
Materials Industry published in September 2014. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

Xella International Holding S.a r.l. ("Xella") is a leading
European multi-brand manufacturer of modern wall-building
materials and dry lining products, headquartered in Luxembourg.
Xella also exploits its own quarries and produces premium lime
and limestone. Xella is owned by PAI partners and Goldman Sachs
Capital Partners since August 2008. The company reported
consolidated revenues of EUR1.3 billion for the year ended 31
December 2014.

Assignments:

Issuer: Xella International S.A.

  -- Backed Senior Secured Bank Credit Facility (F), Assigned B1

  -- Backed Senior Secured Bank Credit Facility (G), Assigned B1

Downgrade:

Issuer: Xefin Lux S.C.A.

  -- Backed Senior Secured Regular Bond/Debenture, Downgrade to
     B1 from Ba3

Outlook Actions:

Issuer: Xella International Holdings S.a.r.l.

  -- Outlook, Negative from Stable

Issuer: Xella HoldCo Finance S.A.

  -- Outlook, Negative from Stable

Issuer: Xefin Lux S.C.A.

  -- Outlook, Negative from Stable

Issuer: Xella International S.A.

  -- Outlook, Negative

Affirmations:

Xella HoldCo Finance S.A.

  -- Backed Senior Unsecured Bond/ Debenture, Affirmed B3

Issuer: Xella International Holdings S.a.r.l.

  -- Probability of Default Rating, Affirmed B1-PD

  -- Corporate Family Rating, Affirmed B1



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


GROSVENOR PLACE CLO 2015-1: Fitch Rates Class E Notes 'B-sf'
------------------------------------------------------------
Fitch Ratings has assigned Grosvenor Place CLO 2015-1 B.V.'s
notes final ratings, as follows:

Class A-1A: 'AAAsf'; Outlook Stable
Class A-1B: 'AAAsf'; Outlook Stable
Class A-2A: 'AAsf'; Outlook Stable
Class A-2B: 'AAsf'; Outlook Stable
Class B: 'Asf'; Outlook Stable
Class C: 'BBBsf'; Outlook Stable
Class D: 'BBsf'; Outlook Stable
Class E: 'B-sf'; Outlook Stable
Class M: not rated
Subordinated Notes: not rated

Grosvenor Place CLO 2015-1 B.V. (the issuer) is an arbitrage cash
flow collateralized loan obligation (CLO).

KEY RATING DRIVERS

'B'/'B-' Portfolio Credit Quality
Fitch assesses the average credit quality of obligors in the
'B'/'B-' range. The agency has public ratings or credit opinions
on all the obligors in the identified portfolio. The covenanted
minimum Fitch weighted average rating factor (WARF) for assigning
final ratings is 33. The WARF of the identified portfolio is 33.

High Recovery Expectations

The portfolio will comprise a minimum 90% of senior secured
obligations. Fitch has assigned Recovery Ratings to 100% of the
identified portfolio. The covenanted minimum weighted average
recovery rate (WARR) for assigning final ratings is 67.13%. The
WARR of the identified portfolio is 71.5%.

Class E Turbo OC Test

Unlike some second-generation European CLOs, this transaction
features a turbo overcollateralization (OC) test for the most
junior tranche (Class E). A breach of this test in the interest
waterfall will result in interest proceeds being diverted to
redeem the Class E notes. Once the Class E notes are fully
repaid, any remaining interest proceeds would be applied to
redeem the most senior notes. In the principal waterfall, a
breach of the Class E OC test will result in principal proceeds
being diverted to redeem the most senior notes.

Limited Interest Rate Risk

Interest rate risk is naturally hedged for most of the portfolio,
as fixed-rate liabilities and assets represent 4.86% and between
0% and 10% of the target par amount, respectively.

Limited FX Risk

The transaction is allowed to invest up to 10% of the portfolio
in non-euro-denominated assets, provided that suitable asset
swaps can be entered into.

TRANSACTION SUMMARY

Net proceeds from the notes issue are being used to purchase a
EUR350 million portfolio of mostly European leveraged loans and
bonds. The portfolio is managed by CQS Investment Management
Limited. The reinvestment period is scheduled to end in 2019.

The transaction documents may be amended subject to rating agency
confirmation or noteholder approval. Where rating agency
confirmation relates to risk factors, Fitch will analyze the
proposed change and may provide a rating action commentary if the
change has a negative impact on the ratings. Such amendments may
delay the repayment of the notes as long as Fitch's analysis
confirms the expected repayment of principal at the legal final
maturity.

If in the agency's opinion the amendment is risk-neutral from a
rating perspective, Fitch may decline to comment. Noteholders
should be aware that confirmation is considered to be given if
Fitch declines to comment.

RATING SENSITIVITIES

A 25% increase in the expected obligor default probability would
lead to a downgrade of one to two notches for the rated notes. A
25% reduction in the expected recovery rates would lead to a
downgrade of one to four notches for the rated notes.

DATA ADEQUACY

The majority of the underlying assets have ratings or credit
opinions from Fitch and/or other Nationally Recognized
Statistical Rating Organizations and/or European Securities and
Markets Authority registered rating agencies. Fitch has relied on
the practices of the relevant Fitch groups 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.


SMILE SECURITISATION 2007: Moody's Cuts Cl. E Notes Rating to C
---------------------------------------------------------------
Moody's Investors Service downgraded to C (sf) from Caa1 (sf) the
rating on the class E notes of SMILE Securitisation Company 2007
B.V.

This transaction is a static cash securitization of loans to
small and medium-sized enterprises issued in February 2007, and
extended to obligors in the Netherlands by ABN AMRO Bank N.V.
(A2/P-1) at that time.

The downgrade primarily reflects the expectation of a loss on
class E notes to crystallize in March 2016 with a severity of
more than 65%.

At the March 2015 payment date, the call option was exercised, as
foreseen in the transaction documentation. Bonds were redeemed
with the cash available coming from principal collections, excess
spread, the reserve fund as well as the purchase value of the
outstanding loans. The originator repurchased the performing
loans at par, while the non-performing loans were repurchased at
market value, taking into account the expected future losses on
these loans. As a result, the cash collected did not suffice to
repay Class E in full.

Class E notes could be amortized further over the next year, if
actual recoveries received by March 2016 exceed the recovery
estimate used to assess the market value of these non-performing
loans. Based on information provided by the originator, Moody's
estimates that the class E notes will not amortise more than 35%
of the current balance, which corresponds to a C (sf) rating.

The principal methodology used in this rating was "Moody's Global
Approach to Rating SME Balance Sheet Securitizations" published
in January 2015.

Factors that could cause an upgrade of the ratings include any
material information indicating that expected recoveries will
exceed 35% of the outstanding values of the Class E notes.

Issuer: SMILE Securitisation Company 2007 B.V.

  -- EUR83.42 million E Notes, Downgraded to C (sf); previously
     on May 20, 2009 Downgraded to Caa1 (sf)



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


CYFROWY POLSAT: S&P Puts 'BB' CCR on CreditWatch Positive
---------------------------------------------------------
Standard & Poor's Ratings Services said that it has placed on
CreditWatch with positive implications its 'BB' long-term
corporate credit rating on Polish media group Cyfrowy Polsat S.A.
and its 'BB' long-term corporate credit rating on Poland-based
wireless telecommunications company Metelem Holding Company Ltd.
(Metelem).

S&P also placed on CreditWatch positive its 'BB' issue rating on
Cyfrowy Polsat's Polish zloty (PLN) 2.5 billion term loan and
PLN500 million senior secured revolving credit facility (RCF), as
well as S&P's 'B+' issue rating on the EUR542.5 million and
US$500 million high yield bonds issued by Eileme 2, Metelem's
financing vehicle.

At the same time, S&P is withdrawing its 'BB' issue rating on the
EUR350 senior secured notes issued by Cyfrowy Polsat Finance AB,
because the notes were repaid.

S&P's decision to place the ratings on Cyfrowy Polsat on
CreditWatch positive reflects S&P's expectations that the
contemplated refinancing of the group's existing debt would
provide Cyfrowy Polsat with several benefits, including:

   -- Access to Metelem's cash flows (removing the restrictions
      imposed by the existing debt documentation);

   -- Reduction and/or removal of currency risk, because the
      PLN13 billion bank loan or domestic bonds will replace the
      group's existing debt partly denominated in euros and U.S.
      dollars; and

   -- Lower cost of debt, likely to strengthen Cyfrowy Polsat's
      credit metrics.

The CreditWatch positive placement of the ratings on Metelem
reflects S&P's assessment of Metelem as a "core" subsidiary of
its parent, Cyfrowy Polsat, which acquired the telecoms company
in May 2014.  In S&P's view, the planned refinancing of Metelem's
debt by Cyfrowy Polsat further reaffirms S&P's view of Metelem as
a "core" group entity.  As per S&P's criteria for rating groups,
it equalizes the corporate credit rating on a "core" subsidiary
with the group credit profile of the parent.  Additionally,
because the new debt will be issued by Cyfrowy Polsat, jointly
with Polkomtel, the operating subsidiary of Metelem, S&P
anticipates that Metelem's capital structure, on a stand-alone
basis, will improve after the contemplated refinancing.

In S&P's opinion, Cyfrowy Polsat's "satisfactory" business risk
profile remains supported by the group's diversity and scale,
which materially increased after the Metelem acquisition, as a
result of combining Poland's largest direct-to-home pay-TV, free-
to-air broadcaster, and mobile telecoms operators.  Operations in
these two segments contributed roughly one-third and two-thirds,
respectively, to the group's Standard & Poor's-adjusted EBITDA
pro forma the acquisition, which amounted to about PLN4.1 billion
in 2014.

"We note that the group benefits from Poland's largest, and
Europe's fourth-largest, satellite platform and the biggest long-
term evolution (LTE or 4G) network coverage of 90% of Poland's
population.  After consolidating Metelem's operations, the
Cyfrowy Polsat group becomes the leader in the pay-TV market, the
contract segment of the mobile market, and the TV market in
Poland. Furthermore, the group implements a multiplay strategy,
which we anticipate will be successful in rural areas, where
there is limited availability of cable and fixed broadband,
supporting above-average profitability, with an adjusted EBITDA
margin (pro forma the acquisition) of 42.6% in 2014," S&P noted.

That said, S&P's assessment of Cyfrowy Polsat's business risk
profile remains constrained by the concentration of the group's
operations in a single country, Poland, and by pronounced
competition, notably in the mobile market, which, in S&P's view,
would result in continued price pressure.

Cyfrowy Polsat's "significant" financial risk profile, as S&P's
criteria define the terms, continues to reflect its view that the
group had sizable debt of PLN13.9 billion at year-end 2014
(Standard & Poor's adjusted), which translates into adjusted debt
to EBITDA of 3.4x.

As most of the debt is currently located at Metelem (total
adjusted debt was PLN11.2 billion, translating into adjusted debt
to EBITDA of 3.9x, at year-end 2014), S&P continues to assess
Metelem's financial risk profile as "aggressive," primarily
reflecting its still meaningful debt burden and high interest on
its unsecured debt.

S&P currently views negatively the high currency risk and
distribution restrictions in Metelem's debt documentation.
Consequently, S&P continues to apply a one-notch negative
adjustment to the 'bb+' anchor for Cyfrowy Polsat to account for
S&P's comparable rating analysis.

S&P intends to resolve the CreditWatch placements on Cyfrowy
Polsat and Metelem when the entities finalize the refinancing,
which S&P expects them to do over the next three months.

S&P could raise all the ratings by one notch if dividend
restrictions at the Metelem level are eliminated and S&P observes
less currency risk.



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


BASHNEFT OJSC: Moody's Lifts CFR to 'Ba1'; Outlook Negative
-----------------------------------------------------------
Moody's Investors Service upgraded Russian integrated oil company
OJSC Bashneft's corporate family rating to Ba1 from Ba2 and its
probability of default rating (PDR) to Ba1-PD from Ba2-PD,
following the rating agency's decision to assign the company
government related issuer (GRI) status after the company was
taken into government ownership on December 8, 2014. The outlook
on the ratings is negative.

This concludes the review initiated by Moody's on 23 December
2014 when the agency placed 45 Russian non-financial corporate
ratings on review for downgrade, reflecting the rapid
deterioration in the operating environment in Russia.

The rating action primarily reflects Bashneft's reclassification
to GRI status following changes to its ownership structure,
whereby the Government of Russia (Ba1 negative) now holds a 75%
stake. Over the course of 2015, the Russian government will
transfer an approximate 25% stake in Bashneft to the Republic of
Bashkortostan (Ba2 negative) custodianship, leaving the Russian
Federal government with the controlling (approximately 50%) stake
in the company.

Based on Bashneft's new ownership structure, Moody's has applied
its GRI rating methodology to determine its rating. The Ba1 CFR
incorporates (1) the baseline credit assessment (BCA), which
indicates the company's standalone credit strength, of ba2; (2)
the foreign-currency debt rating of the support provider (i.e.,
the Russian government) of Ba1 with negative outlook; (3) the
high default dependence between Bashneft and the government; and
(4) the strong probability of government support in the event of
distress.

Moody's assesses the probability of the governmental support in
the event of distress as strong, taking into account (1) the
government's (both at the federal and the regional levels)
ownership of the company; (2) Bashneft's operations in the
strategically important oil and gas sector; (3) the significant
involvement of the government in the shaping of the company's
strategy reflected in its board of directors composition (3 of 9
members of the board are appointed by the state); and (4) the
company's economic and social importance for the Republic of
Bashkortostan.

Moody's assesses government default dependence as "high" for
Bashneft because it operates in the oil and gas sector, which is
critically important for the Russian government as it accounts
for approximately half of the country's budget revenues and
approximately 20% of its GDP.

Bashneft's standalone credit assessment positively reflects: (1)
its strong vertical integration; (2) relatively robust operating,
financial and cash flow financial metrics; (3) low production
costs, and (4) positive production dynamics (in 2014, the
company's oil output increased by 11%).

The rating is constrained by (1) Bashneft's relatively modest
scale of operations compared to its Russian peers; (2) high
concentration of reserves in the mature provinces of
Bashkortostan; (3) the company's operations being concentrated in
Russia with its developing regulatory and taxation regime and
geopolitical pressures.

Alongside incorporating potential government support in the
company's rating, Moody's notes improvement in the predictability
of Bashneft's previously shareholder-oriented dividend policy. As
a state-owned entity, Bashneft will now pay at least 25% of its
net profit for the year as dividends, and commit to certain
social responsibilities in Bashkortostan, which Moody's deems to
be relatively modest.

Bashneft's liquidity profile is solid. Moody's expects that the
impact of lower oil prices on the operating cash flow will be
largely offset by the weakened ruble exchange rate. Coupled with
cash balance of US$950 million as of December 31, 2014 and
committed credit facilities of US$850 million, this will be
sufficient to cover maintenance capex and investments in the new
oilfields' development, as well as debt repayments during the
next 18 months.

The negative outlook on Bashneft is in line with the negative
outlook for Russia's sovereign rating and reflects the fact that
a further downgrade of Russia's sovereign rating may result in
the further lowering of the country ceiling for foreign-currency
debt and, as a result, lead to a downgrade of the company's
rating.

Bashneft's rating is currently positioned at the level of
Russia's sovereign bond rating and ceiling for foreign-currency
debt. However, a positive development at the sovereign rating
level might not necessarily impact Bashneft's rating, given its
weaker standalone credit profile relative to its Russian peers.

Negative rating pressure will develop if (1) leverage, as
measured by Moody's adjusted net debt/EBITDA, exceeds 2.0x on a
sustained basis; and (2) the company's liquidity profile
deteriorates; (3) there is a further downgrade of Russia's
sovereign rating and/or a lowering of the country ceiling for
foreign-currency debt. A reduction in the level of state
ownership of Bashneft would cause Moody's to reassess its GRI
assumptions for the company and could also have a negative impact
on its rating.

The principal methodology used in these ratings was Global
Integrated Oil & Gas Industry published in April 2014. Other
methodologies used include the Government-Related Issuers
methodology published in October 2014.

Bashneft is an integrated oil company operating primarily in the
Republic of Bashkortostan in the lower Volga region of Russia.
Bashneft's annual output of oil and oil refining throughput in
2014 were 17.8 million tonnes per annum (mtpa) and 21.7 mtpa,
respectively. Bashneft's reserves are primarily concentrated in
Bashkortostan, in close proximity to the company's refining and
petrochemical complex. The company also operates oil fields in
the Tatarstan, Khanty-Mansi, Nenets and Orenburg regions and its
total proved reserves amounted to 2.2 billion barrels of oil
equivalent (boe) under the Petroleum Resources Management System
(PRMS) classification as of January 2015.



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


GAT FTGENCAT 2006: Fitch Affirms Csf Rating on Series E Notes
-------------------------------------------------------------
Fitch Ratings has affirmed GAT FTGENCAT 2006, FTA's notes as
follows:

  EUR3.1 million Series A2(G) (ISIN ES0341097014) affirmed at
  'Asf'; Outlook Stable

  EUR5.1 million Series B (ISIN ES0341097022) affirmed at 'Asf';
  Outlook Stable

  EUR12.3 million Series C (ISIN ES0341097030) affirmed at
'BBsf',
  Outlook Negative

  EUR13.2 million Series D (ISIN ES0341097048) affirmed at
'CCsf';
  Recovery Estimate RE 0%

  EUR9.5 million Series E (ISIN ES0341097055) affirmed at 'Csf';
  Recovery Estimate RE 0%

GAT FTGENCAT 2006, FTA is a cash flow securitization of an
initial static pool of EUR440 million of 6,922 loans to Spanish
small and medium enterprises (SMEs) originated and serviced by
Catalunya Banc, S.A..

KEY RATING DRIVERS

The affirmation reflects the largely stable performance of the
transaction in the past 12 months. The transaction has continued
to amortize, aided in part by the guarantee on series A2(G)
provided by the state of Catalonia (BBB-/Stable/F3). Series A2(G)
has paid down to 1.3% of its original balance and now stands at
EUR3.1 million. This has led to an increase in credit enhancement
for series A2(G), B and C but decrease for series D. Credit
enhancement for the series A2(G) notes increased to 90.83% and
61.68% for the series B notes, from 68.35% and 44.24% a year ago

The transaction is serviced by Catalunya Banc, S.A. which is not
rated and the reserve fund has been reduced to zero. The
transaction is therefore exposed to payment interruption risk as
a default by Catalunya Banc would mean there are no funds
available to mitigate the loss of liquidity. Hence the notes'
rating are capped at 'Asf'.

Series A2(G) is guaranteed by Catalonia and the current drawn
amount from the guarantor has decreased to EUR4.7 million
currently from EUR5.7 million a year ago. This guaranteed amount
is used to cover the significant level of defaults contained in
the portfolio and it is required to be reimbursed after series
A2(G) has paid in full.

Current defaults are at EUR17.3 million, down from EUR18 million
a year ago. Cumulative defaults have increased EUR2.7 million to
EUR29.4 million, triggering an interest deferral mechanism which
diverts interest from series D to principal. The interest
deferral trigger on series B and C may be reached due to high
obligor concentration. Recoveries remain at low level with
EUR2.5 million received over the past 12 months, taking total
recoveries to EUR9.7 million since closing in 2006.

Delinquencies have improved, with 90+ arrears at 2.95% and 180+
arrears at 1.8%, down from 6.5% and 3.5% respectively a year ago.
But delinquencies can be volatile due to the high obligor
concentration following the portfolio amortization. Exposure to
the top obligor increased over the last 12 months to 4.2% from
3.5% and the top 10 obligors make up 27.7% of the portfolio, up
from 24%.

RATING SENSITIVITIES

Increasing the default probability (PD) and reducing the recovery
rate by 25% each has had no impact on the ratings.



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


MUNTERS AB: S&P Affirms 'B' CCR, Outlook Remains Negative
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on Sweden-based air treatment solutions provider
Munters AB.  The outlook remains negative.

S&P also affirmed its 'B' issue rating on Munters' US$280 million
senior secured term loan.  The recovery rating is '4', indicating
S&P's expectation of average (30%-50%) recovery in the event of a
payment default.  S&P expects recovery prospects to be in the
higher half of the 30%-50% range.

The affirmation primarily reflects S&P's view of Munters' weaker-
than-expected operating performance in 2014, although S&P notes
that it was significantly affected by restructuring costs of
Swedish krona (SEK) 189 million.  As permitted by the loan
documentation, these costs did not affect the leverage covenant
calculation, and the headroom at year-end 2014 was at a
satisfactory level of around 20%.  The negative outlook continues
to reflect Munters' weaker-than-expected operating results.

In 2014, Munters' estimated EBITDA of about SEK220 million ($26
million) was about 20% below S&P's expectations, including
restructuring costs.  The divergence primarily stemmed from
higher-than-anticipated restructuring costs, but also project
delays and weaker U.S. supermarket activity.  S&P anticipates
that these one-off costs will reduce the cost base and, combined
with the elimination of loss making units, will pave the way for
improved profitability in 2015.  S&P notes that the financial
covenant stipulates net leverage of a maximum of 5.75x at mid-
year 2015, before dropping to 5.25x by Dec. 31, 2015.  This means
that any additional setback or further delay in revenues will
continue to pose a risk to the headroom, albeit the loan
documentation allows adding back future cost savings to EBITDA,
which does provide additional comfort that the company will
comply with the financial covenants over the next 12 months.  In
S&P's base case, it now expects covenant headroom above 20% at
year-end 2015.

Despite low revenues and poor EBITDA development in 2014, S&P
views positively the company's order backlog: it stood at SEK1.2
billion at end-2014.  According to management, order intake has
been strong over the last year and net sales have picked up.  S&P
now projects that Munters' Standard & Poor's-adjusted EBITDA will
be SEK480 million-SEK530 million for full-year 2015.  S&P thinks
that restructuring charges will be moderate, leading to improved
credit ratios that will remain aligned with S&P's assessment of
Munters' financial risk profile as "highly leveraged".

Under S&P's base case, it assumes:

   -- A pick-up in sales growth driven by a solid poultry
      industry and improved European market environment for
      Munters' products (such as rotor-based dehumidifiers) as
      well as positive currency effects, provided the company
      regains volume from increasing orders.  Benefits from cost
      savings after the company had a number of one-off costs in
      2014.

   -- Annual capital expenditure (capex) of SEK85 million-SEK105
      million.

Based on these assumptions, S&P arrives at these credit metrics:

   -- Debt-to-EBITDA ratio of 5x-6x in 2015; this excludes the
      SEK2.6 billion shareholder loan from its debt calculation,
      as S&P considers that it qualifies as equity under its
      criteria.  It is deeply subordinated to all existing and
      future debt instruments and no mandatory cash payments can
      be associated with this instrument.

   -- Adjusted EBITDA of about SEK480 million-SEK530 million for
      2015.  Positive free operating cash flow in 2015.

The negative outlook reflects the likelihood of a one-notch
downgrade if Munters' profitability does not improve to
historical levels in coming quarters.  S&P could consider
lowering the rating if operating performance weakens further
because sales do not improve, or if there are delays to larger
projects, or if the operating environment materially
deteriorates.

S&P could lower the rating if Munters is unable to improve
profitability in the coming quarters to an EBITDA margin
approaching 8%.  Ratings pressure could also build if further
unanticipated restructuring costs hamper cash generation to such
an extent that S&P assess liquidity as "weak" under its criteria.
Any other cash outflow, such as increased capex or a debt-
financed acquisition, would also pressure the rating.

S&P could consider revising the outlook to stable if Munters
improves its operating performance and obtains satisfactory
covenant headroom, with gradually improving leverage metrics.
S&P believes this could occur if the EBITDA margin is restored to
at least 8%-10%.



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


CARCRAFT: Losses Prompt Administration; About 550 Jobs Affected
---------------------------------------------------------------
Rebecca Burn-Callander at The Telegraph reports that Carcraft,
once described as the UK's leading car supermarket, went into
administration on April 30, resulting in the loss of around 550
jobs.

The announcement was made to shocked staff at the Rochdale head
office at 10:30 a.m. on April 30, The Telegraph relates.

Grant Thornton, the financial services company, has been
appointed as administrator, The Telegraph discloses.

Carcraft, The Telegraph says, will now cease trading and all
employees have been made redundant.

According to a statement made by Grant Thornton on April 30,
Carcraft is "heavily loss-making", recording losses of
GBP8 million per annum "for a number of years", The Telegraph
notes.

Carcraft, which operates in a highly competitive industry, has
also been hit by expensive loan note financing and an insolvent
balance sheet, The Telegraph relays.

Carcraft has been attempting to sell the business since February
this year but the management was unable to find a buyer, The
Telegraph recounts.

"With great regret, a conclusion was reached that it is no longer
viable to keep Carcraft in operation.  In order to prevent
further losses it has been agreed with management and creditors
to cease operations with immediate effect," The Telegraph quotes
Administrator Daniel Smith as saying.

Carcraft, which is the UK's seventh largest second hand
dealership chain, has an annual turnover of GBP120 million and
operates 10 sites nationwide.


CNG HOLDINGS: Moody's Affirms 'Caa1' Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service affirmed CNG Holdings, Inc.'s corporate
family and senior secured ratings at Caa1 and revised the outlook
to Stable from Negative.

The rating action reflects stabilizing earnings trends at CNG
with the restructuring of the UK business being consummated as
planned, as well as the improving performance at CNG's specialty
finance business WhyNotLeasing, LLC ("WNL").

In 2014, CNG incurred over $50 million of restructuring costs and
impairment charges resulting from the suspension of its lending
activities in the UK due to its inability at that time to comply
with the requirements imposed by its new regulator Financial
Conduct Authority (FCA). With more than 300 store closures in the
UK completed in 2014, CNG's 114 company-owned stores at year-end
are currently providing only non-lending products and services.
CNG intends to resume its lending activities in the UK later this
year, provided that it is able to obtain a lending license from
the FCA and that the new lending products, compliant with the FCA
regulations, will allow it to earn acceptable returns.

CNG's specialty finance business WNL has reported improving
performance due to the enhanced underwriting process and, as a
result, lower loss rates in its recent originations.

CNG's ratings could be upgraded if its profitability
substantially improves and if WNL lessens its revenue reliance on
Sears Holdings (Caa1 negative), which currently accounts for 50%
of its revenue. Ratings could be downgraded if WNL's financial
performance substantially deteriorates, potentially resulting in
significant weakening of CNG's overall profitability. Further, a
legislative action that would severely impact CNG's franchise
positioning and profitability in the US could also have negative
rating implications.

The principal methodology used in these ratings was Finance
Company Global Rating Methodology published in March 2012.


IGLO FOODS: Moody's Raises Corp. Family Rating to 'B1'
------------------------------------------------------
Moody's Investors Service upgraded Iglo Foods Finco Limited's
corporate family rating to B1 from B2. Concurrently, Moody's has
also upgraded the probability of default rating to B1-PD from
B2-PD, the ratings on the senior secured term loans and revolving
credit facility at Iglo Foods Midco Limited to B1 from B2, and
the ratings on the senior secured notes at Iglo Foods BondCo PLC
to B1 from B2. The outlook on all ratings is stable.

The rating action is driven by the reduction in Iglo Foods'
leverage following the acquisition of the company by Nomad
Holdings Limited. In addition to seeking to waive the change-of-
control covenant as well as reprice margins on the term loans,
the company intends to make approximately EUR490 million of loan
repayment resulting in a pro-forma Moody's-adjusted debt/EBITDA
ratio of 5.0x compared to 6.9x as of FY2014.

The ratings also reflect the challenging retail environment in
the company's core markets and Moody's expectations that those
conditions will persist throughout 2015, hampering material
deleveraging in the near term. Furthermore, because of subdued
volume growth in the frozen food category, spending on
advertising and promotions as well as new product development
will need to remain at elevated levels in order to protect market
share.

Moody's also notes that no replacement has been found yet for the
current CEO who will step down at the end of June 2015 but
assumes that there will be no material change in the company's
strategy going forward.

More positively, the rating is supported by the company's (1)
leading position as a manufacturer of premium frozen foods in its
core markets with a track record of maintaining solid market
share positions; (2) established and strong brand image
associated with high quality and healthy food; (3) re-invigorated
product innovation strategy supported by increased investment;
and (4) resilient business model, as demonstrated by its
underlying operating performance and healthy margins, translating
into positive cash flow generation despite the challenging
trading environment.

Moody's also considers the company's liquidity position to be
good, underpinned by cash balances estimated to be around EUR50
million as at 31 March 2015 pro-forma for the transaction. Its
EUR 80 million RCF is expected to remain mostly undrawn, and
there is no debt amortization prior to 2020. Moody's also assumes
that the company will maintain good headroom under its single
financial maintenance covenant only applicable to its RCF and
only tested when drawn above a certain threshold.

The stable outlook reflects Moody's expectations that Iglo Foods
will be able to stabilize its current operating performance over
the next 12 months, as well as maintain its solid EBITDA margin
and liquidity profile.

Whilst it is Moody's understanding that Nomad aims at leveraging
Iglo Foods as a platform for further acquisitions in order to
build a global consumer food business, the stable outlook assumes
that any debt-funded acquisition activity will be small in nature
and that there will be no shareholder-friendly action such as
dividend payments.

Upward ratings pressure could materialize if the Moody's-adjusted
gross debt/EBITDA ratio falls below 4.5x on a sustained basis,
and if the company maintains a Moody's adjusted EBIT margin in in
the mid-teens and a solid liquidity profile including positive
free cash flow.

The ratings could be lowered if earnings deteriorate, resulting
in the Moody's-adjusted gross debt/EBITDA ratio rising above
5.5x, or if EBIT margin falls towards the low teens and/or
liquidity concerns emerge. Moody's could also consider
downgrading the ratings in event of any material debt funded
acquisitions or change in financial policy.

The principal methodology used in these ratings was Global
Packaged Goods published in June 2013. Other methodologies used
include Loss Given Default for Speculative-Grade Non-Financial
Companies in the U.S., Canada and EMEA published in June 2009.

Headquartered in the UK, Iglo Foods is a leading branded frozen
foods producer, supplying much of Western Europe's retail market.
Iglo Foods employs approximately 3,000 employees and has a strong
presence in the UK, Germany and Italy.

Listed on the London Stock Exchange, Nomad Holdings Limited is an
acquisition and investment company founded last year by Noam
Gottesman, co-founder of hedge fund GLG Partners and Martin E.
Franklin, founder and executive chairman of Jarden Corporation
(Ba3 stable). The acquisition of Iglo Foods forms part of Nomad's
strategy to build a global consumer food business.


IGLO FOODS: S&P Alters Outlook to Positive & Affirms 'B+' CCR
-------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on U.K.-
based Iglo Foods Holdings Ltd. to positive from stable.  At the
same time, S&P affirmed its 'B+' long-term corporate credit
rating on Iglo and the 'B+' issue ratings on Iglo's senior
secured facilities.  The recovery rating is unchanged at '3', in
the lower end of the range.

The outlook revision reflects the intended sale by private equity
firm Permira of its stake in Iglo to Nomad Holdings -- a publicly
listed company that we view as a "strategic owner" as per S&P's
criteria.  Accordingly, S&P now treats Iglo's existing EUR1.125
billion shareholder loan as equity in accordance with S&P's
criteria for non-common equity instruments.

Iglo's financial risk profile remains borderline between "highly
leveraged" and "aggressive," with leverage ratios expected in the
4.5x-5.0x range for 2015.  S&P believes that this transaction
could potentially enhance the group's financial risk profile.
However, the next 12 months could pose significant challenges to
Iglo with regard to the execution of its business strategy due to
the very competitive and volatile operating environment and
ratios that could potentially remain borderline between the
"highly leveraged" and "aggressive" categories.

Following the change in ownership S&P understands that Iglo will
work to establish a track record of disciplined and transparent
financial policy that allows it to stay within the range of
financial metrics that S&P defines as "aggressive."  However,
Iglo also has an assertive growth policy, and the company remains
open to the idea of acquisitions funded through a mixture of debt
and equity.

In addition, S&P understands that the group has announced that it
will repay about EUR492 million of its term loan as the company
had a combination of term debt comprising EUR620 million and
GBP400 million due 2020, and EUR500 million of senior secured
notes due 2020.  Once the transaction closes, S&P expects former
owner Permira will continue to hold an approximate 9% stake
within the group.

S&P expects to see an improvement in Iglo's interest coverage
ratios owing to the planned repayment of about EUR492 million of
its term loan, along with the expected improvement in interest
rates for the remaining term debt that is currently part of the
waiver process.

S&P's base case assumes:

   -- Low-single-digit top-line growth in 2015 and 2016,
      reflecting challenging market conditions, offset by new
      product launches.

   -- Stable EBITDA margin of 18%-19% for the next 12-18 months
      supported by the new innovative product launches.

   -- Capital expenditure of around EUR30 million for 2015 and
      2016.

   -- No dividends.

Based on these assumptions, S&P arrives at these credit measures:

   -- Debt to EBITDA of below 5.0x in 2015 and 2016.

   -- FFO cash interest coverage of more than 3.5x for 2015 and
      2016.

However, S&P believes that this base-case forecast might be
currently associated with a higher level of volatility than the
business risk score would normally suggest.  This is because S&P
considers that the market for branded food in Europe is currently
suffering from weak consumer confidence and retailer
retrenchment. These uncertain conditions are affecting operating
fundamentals, as well as asset valuations in the sector, and
might have a negative impact on the funding conditions for
companies. Consequently, S&P retains its assessment of the
financial risk profile as "highly leveraged."  The positive
outlook reflects S&P's view that the transition to an
"aggressive" financial risk profile is probable over the short
term, although not assured.

The positive outlook reflects S&P's expectation that Iglo will
remain more successful in growing its operating fundamentals
(including free cash flow generation) than many other companies
in the European branded food sector.  S&P also understands that
the company will strive to establish a track record of
disciplined and transparent financial policy over the next 12-18
months.  In doing so, S&P anticipates that the group will pursue
a financing strategy that should enable it to maintain debt
protection metrics that are commensurate with a stronger
financial risk profile. Specifically, S&P would view FFO cash
interest cover maintained at about 3x and debt to EBITDA below 5x
on average over the next three years as commensurate with a
higher rating.

S&P could raise the ratings if the group continues to establish a
stable track record under its current financial policy of
comfortably maintaining leverage below 5.0x on a sustainable
basis, while also sustaining current levels of FFO cash interest
coverage well above 2x.  This should enable it to maintain debt
protection metrics that correspond to a higher rating.

S&P could revise the outlook back to stable, or take a further
negative rating action, if Iglo were to refocus its strategy
toward transformational debt-financed acquisitions, if it made
sizable dividend payments, or if operating profit margins
tightened so that credit metrics weakened.  Although none of
these developments are currently part of S&P's central scenario,
it cannot discount ongoing volume and margin tightening in the
European branded food sector starting to affect its best
operators.  Nor can S&P ignore the risk of adverse investor
sentiment affecting timing and price of debt refinancing in case
of acquisitions.


MAN COED: In Administration, About 80 Jobs Affected
---------------------------------------------------
BBC News reports that about 80 jobs are set to go at Man Coed.

According to BBC, it is understood Man Coed in Mold has gone into
administration.

The firm is one of several contractors working for Scottish Power
Energy Networks in clearing vegetation from around power lines,
BBC discloses.

Clare Budden of Flintshire council said it will work with the
company to mitigate the losses, BBC relates.

Man Coed is a tree-cutting firm based in Flintshire.


MACKELLAR SUB-SEA: Clyde Bowers Buys Biz, 73 Jobs Secured
---------------------------------------------------------
Perry Gourley at The Scotsman reports that Jim McColl's
Clyde Blowers Capital investment group has stepped in to save
more than 70 jobs at MacKellar Sub-Sea.

MacKellar Sub-Sea, based in Grantown-on-Spey, and sister company
Tritech Nairn of Kinloss, have been bought for an undisclosed sum
by Ferguson Marine Engineering, a subsidiary of Clyde Blowers
Capital which invests in manufacturing and industrial businesses,
The Scotsman relates.  Both businesses are continuing to trade as
normal and all 73 employees have transferred with immediate
effect, The Scotsman notes.

According to The Scotsman, Joint Administrator Tom MacLennan of
FRP Advisory said the deal was "great news for the workforce,
customers and the economy of the Highlands".

MacKellar Sub-Sea businesses had enjoyed a rise in turnover in
the past three years, with sales expected to exceed GBP8 million
in its latest financial year, but had fallen victim to financial
pressures stemming from losses on contracts, The Scotsman relays.

Grantown-on-Spey-based MacKellar Sub-Sea is one of Scotland's
leading specialist sub-sea oil and gas engineering and
fabrication businesses.  The company has a niche expertise in a
number of different markets, including sub-sea wellhead
protection systems, offshore transportation systems and hydro-
electric turbines.


MG ROVER: Tribunal Cuts US$4.4M From Deloitte Conflicts Penalty
---------------------------------------------------------------
Evan Weinberger at Law360 reports that U.K. tribunal on April 13
slashed a record penalty previously assessed against Deloitte LLP
for allegedly failing to properly police its conflicts of
interest in its work for bankrupt MG Rover Group Ltd. by GBP3
million (US$4.4 million).

The decision by the U.K.'s Financial Reporting Council came after
an appellate panel overturned eight of 13 findings that went
against Deloitte and its former partner, Maghsoud Einollahi, in
July 2013, Law360 relates.  The Financial Reporting Council,
which serves as a watchdog for the U.K. audit industry, assessed
its record GBP14 million fine in September of that year, Law360
recounts.

In slashing the penalty, the FRC rejected Deloitte's assertion
that it should face only a "six-figure" fine due to the serious
problems with the services it provided to MG Rover, its parent
Phoenix Venture Holdings Ltd. and the four former MG Rover
directors, known as the Phoenix Four, prior to the company's 2005
bankruptcy, Law360 relays.

However, given the passage of time and the previous good work of
Einollahi, the FRC determined that the penalty should be lowered,
Law360 notes.  The council also lowered a GBP275,000 penalty
assessed to Einollahi to GBP175,000, Law360 notes.

The FRC had previously barred Einollahi from the U.K. accounting
industry, but that penalty has also been downgraded to a severe
reprimand, Law360 states.

The manufacturer of Rover and MG Cars, MG Rover went into
administration in April 2005, owing creditors nearly GBP1.3
billion, Law360 recounts.  Through a company they controlled, the
Phoenix Four acquired MG Rover in 2000, Law360 relates.

Investigators have accused the directors -- Peter Beale,
John Towers, Nick Stephenson and John Edwards -- of racking up
unreasonably large financial awards by manipulating assets and
income streams through companies in which they had an interest,
Law360 discloses.

The tribunal found that in connection with a sale by BMW AG of a
profitable loan book, Deloitte and Einollahi failed to place
safeguards between MG Rover and the Phoenix Four, including
advising MG Rover to seek independent advice, according to
Law360.

The tribunal found Deloitte also purported to represent MG Rover
with the deal when in actuality it was advising the Phoenix Four,
Law360 notes.

Deloitte, as cited by Law360, said it disagreed with the main
conclusions of the tribunal and warned of ruling's potential
adverse effects.

Headquartered in Birmingham, United Kingdom, MG Rover Group
Limited -- http://www1.mg-rover.com/-- produced automobiles
under the Rover and MG brands, together with engine maker
Powertrain Ltd.  Previously owned by Phoenix Venture Holdings,
the company faced huge losses in recent years, reaching GBP64.1
million in 2004, which were blamed on reduced sales.

MG Rover collapsed on April 8, 2005, after a tie-up with China's
largest carmaker, Shanghai Automotive Industry Corp., failed to
materialize.  Ian Powell, Tony Lomas and Rob Hunt, partners in
PricewaterhouseCoopers, were appointed as joint administrators.
The crisis left 6,000 people jobless, and caused a domino effect
on related businesses, particularly in the West Midlands.  Days
later, eight European subsidiaries -- MG Rover Deutschland GmbH;
MG Rover Nederland B.V.; MG. Rover Belux S.A./N.V.; MG Rover
Espana S.A.; MG Rover Italia S.p.A.; MG Rover Portugal-
Veiculos e Pecas LDA; Rover France S.A.S., and Rover Ireland
Limited -- were placed into administration.



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


* Moody's Says Decline in Credit Quality Levels Off in 2014
-----------------------------------------------------------
A study of the rating and default histories of 128 Moody's-rated
governments during the last 31 years shows that the decline in
credit quality among advanced economies has leveled off, says
Moody's Investors Service in a report.

"Before the global financial crisis, no advanced economies held
non-investment-grade ratings. By the peak of the crisis in mid-
2013, however, five did: Greece (C), Cyprus (Caa3), Portugal
(Ba3), Ireland (Ba1) and Slovenia (Ba1)," says Merxe Tudela, a
Moody's Vice President and Senior Analyst.

"Now, only three countries still hold non-investment-grade
ratings: Cyprus (B3 stable), Greece (Caa1 on review for
downgrade) and Portugal (Ba1 stable). Both Ireland (Baa1 stable)
and Slovenia (Baa3 stable) have since regained their investment-
grade ratings."

By contrast, the proportion of emerging economies rated non-
investment-grade has been more or less the same since year-end
2007. This is the result of the counter-balancing upgrades of 10
emerging market countries into the investment-grade category, and
the assignment of 20 new (mostly non-investment grade) ratings to
emerging economies.

As part of the study, Moody's also compared its sovereign and
corporate ratings; given its large size and extensive rating
history, the Moody's-rated corporate universe functions as an
effective benchmark for the rating performance of other issuers,
including sovereigns. The results show that Moody's ratings were
highly predictive of sovereign default risk throughout the study
period. One year prior to defaulting, the typical sovereign
defaulter carried a rating lower than 94% of all other sovereign
ratings, where the typical corporate defaulter carried a lower
rating than 88% of all other corporate ratings.


* BOND PRICING: For the Week April 27, 2015 to May 1, 2015
----------------------------------------------------------

Issuer               Coupon   Maturity  Currency   Price
------               ------   --------  --------   -----
Ukreximbank Via Bi    8.38    7/27/2015    USD    75.50
Alcatel-Lucent        4.25     7/1/2018    EUR     3.84
OAS Investments Gm    8.25   10/19/2019    USD    17.00
Heckler & Koch Gmb    9.50    5/15/2018    EUR    74.39
Heta Asset Resolut    4.38    1/24/2017    EUR    59.13
Ukraine Government    9.25    7/24/2017    USD    45.75
Brunswick Rail Fin    6.50    11/1/2017    USD    60.00
Far East Capital L    8.00     5/2/2018    USD    53.50
Metinvest BV          8.75    2/14/2018    USD    60.75
Ukreximbank Via Bi    8.75    1/22/2018    USD    67.13
QGOG Constellation    6.25    11/9/2019    USD    72.76
Alcatel-Lucent        0.13    1/30/2020    EUR     4.59
Avangardco Investm   10.00   10/29/2015    USD    46.98
Oschadbank Via SSB    8.25    3/10/2016    USD    66.00
Metinvest BV         10.25    5/20/2015    USD    68.75
Hellenic Republic     5.00    3/11/2019    EUR    64.25
NBG Finance PLC       4.38    4/30/2019    EUR    63.34
Heta Asset Resolut    4.25   10/31/2016    EUR    59.00
Takko Luxembourg 2    9.88    4/15/2019    EUR    48.50
Ukraine Government    4.95   10/13/2015    EUR    45.00
Privatbank CJSC Vi    9.38    9/23/2015    USD    65.38
Ukraine Government    6.88    9/23/2015    USD    50.75
Ukraine Railways v    9.50    5/21/2018    USD    58.25
Piraeus Group Fina    5.00    3/27/2017    EUR    68.63
Alpha Credit Group    3.38    6/17/2017    EUR    71.21
Oschadbank Via SSB    8.88    3/20/2018    USD    65.00
HSH Nordbank AG/Lu    2.64                 EUR    35.70
Aegon NV              0.39                 EUR    72.91
Tonon Luxembourg S   10.50    5/14/2024    USD    44.50
UKRLANDFARMING PLC   10.88    3/26/2018    USD    53.97
DTEK Finance PLC      7.88     4/4/2018    USD    48.25
Public Power Corp     5.50     5/1/2019    EUR    71.92
Heta Asset Resolut    2.75    5/31/2016    CHF    58.00
Norske Skogindustr    7.00    6/26/2017    EUR    70.02
Norwegian Energy C    6.50     3/6/2018    NOK    59.63
Singulus Technolog    7.75    3/23/2017    EUR    42.25
Nordea Bank AB        0.70                 EUR    74.77
Iona Energy Co UK    12.50    9/27/2018    USD    32.00
Asya Sukuk Co Ltd     7.50    3/28/2023    USD    62.00
Hellenic Railways     4.68   10/29/2015    EUR    70.13
Ukraine Government    7.80   11/28/2022    USD    45.25
EXIM of Ukraine CJ    5.79     2/9/2016    USD    50.06
First Ukrainian In   11.00   12/31/2018    USD    50.82
Public Power Corp     4.75     5/1/2017    EUR    74.00
Bank of New York M    4.55   12/15/2050    EUR    66.50
Peugeot SA            4.45     1/1/2016    EUR    29.37
Indo Energy Financ    6.38    1/24/2023    USD    65.88
WPE International    10.38    9/30/2020    USD     6.25
HSH Nordbank AG       7.25                 USD    43.86
ERB Hellas PLC        4.25    6/26/2018    EUR    63.00
Virgolino de Olive   10.50    1/28/2018    USD     3.66
CHC Helicopter SA     9.38     6/1/2021    USD    65.06
City of Kyiv Via K    9.38    7/11/2016    USD    46.25
OGX Austria GmbH      8.50     6/1/2018    USD     0.29
Banco Espirito San    7.13   11/28/2023    EUR     9.00
Privatbank CJSC Vi   10.88    2/28/2018    USD    60.02
AXA SA                0.54                 EUR    72.47
AXA SA                0.85                 EUR    73.93
Metinvest BV         10.50   11/28/2017    USD    59.65
City of Kiev Ukrai    8.00    11/6/2015    USD    48.00
Paragon Offshore P    6.75    7/15/2022    USD    42.25
Afren PLC             6.63    12/9/2020    USD    44.00
Afren PLC            10.25     4/8/2019    USD    44.00
Yuksel Insaat AS      9.50   11/10/2015    USD    68.75
Athens Urban Trans    4.85    9/19/2016    EUR    68.13
Hellenic Republic     5.80    7/14/2015    JPY    73.88
Oesterreichische V   10.00                 EUR     0.71
Banque Federative     1.02                 EUR    63.13
Far East Capital L    8.75     5/2/2020    USD    44.00
ING Groep NV          0.45                 EUR    71.96
Commercial Bank Pr    5.80     2/9/2016    USD    36.63
Banca delle Marche    0.99     6/1/2017    EUR    49.75
Afren PLC            11.50     2/1/2016    USD    43.00
Hema Bondco II BV     8.50   12/15/2019    EUR    65.96
Paragon Offshore P    7.25    8/15/2024    USD    42.00
Mriya Agro Holding    9.45    4/19/2018    USD    11.01
Ukraine Government    6.58   11/21/2016    USD    45.50
Credit Agricole SA    0.71                 EUR    64.48
OSX 3 Leasing BV     13.00    3/20/2015    USD    59.25
Ukraine Government    6.25    6/17/2016    USD    45.50
Financing of Infra    9.00    12/7/2017    USD    44.00
IMMOFINANZ AG         4.25     3/8/2018    EUR     4.77
Oesterreichische V    0.89   11/28/2016    EUR    50.50
ING Groep NV          0.85                 EUR    73.87
SOITEC                6.75    9/18/2018    EUR     1.60
Bank of New York M    4.26   12/30/2099    EUR    33.00
Ukraine Government    7.95    2/23/2021    USD    45.00
Econocom Group SA/    1.50    1/15/2019    EUR    11.33
Aegon NV              4.16                 NLG    69.93
Depfa Funding II L    6.50                 EUR    60.09
Ekotechnika GmbH      9.75    5/10/2018    EUR    11.25
Etablissements Mau    1.63     7/1/2019    EUR    15.49
CGG SA                1.25     1/1/2019    EUR    27.46
Rothschilds Contin    0.96                 EUR    57.35
Hellenic Republic     2.09    7/25/2057    EUR    16.63
Heta Asset Resolut    0.10    5/31/2016    EUR    58.90
Caixa Terrassa Soc    1.43                 EUR    64.78
Santander Internat    2.00                 USD    48.00
Faurecia              3.25     1/1/2018    EUR    42.76
Phones4u Finance P    9.50     4/1/2018    GBP    31.88
Hellenic Republic     5.20    7/17/2034    EUR    56.75
Depfa Funding III     1.72                 EUR    57.91
Russian Standard B   11.50    1/17/2024    USD    58.00
CNP Assurances        0.53                 EUR    64.99
Norske Skog Holdin    8.00    2/24/2021    EUR    68.13
Air France-KLM        2.03    2/15/2023    EUR    11.46
Codere Finance Lux    8.25    6/15/2015    EUR    63.88
Hellenic Railways     4.03    3/17/2017    EUR    67.63
Danske Bank Oyj       0.73                 EUR    65.08
Hellenic Republic     5.00    8/22/2016    JPY    66.25
Phosphorus Holdco    10.00     4/1/2019    GBP     1.94
Banque Federative     0.83                 EUR    62.98
Transcapitalbank J    7.74    7/18/2017    USD    73.50
Santander Finance     0.62                 EUR    68.28
Ukraine Government    6.75   11/14/2017    USD    45.25
Pescanova SA          5.13    4/20/2017    EUR     3.00
HSBC Bank PLC         0.75                 USD    60.86
BNP Paribas Fortis    2.03                 EUR    74.62
Meyer Burger Techn    4.00    9/24/2020    CHF    68.72
Capital Raising Gm    7.50                 EUR    11.83
Piraeus Group Fina    1.85    7/20/2016    EUR    64.55
NIBC Bank NV          0.67                 EUR    56.13
Sydbank A/S           1.22                 EUR    64.52
Banca delle Marche    1.18    6/15/2016    EUR    47.75
Meyer Burger Techn    5.00    5/24/2017    CHF    71.27
Eurobank Ergasias     1.64     6/8/2017    EUR    45.80
Virgolino de Olive   10.88    1/13/2020    USD    25.50
NTRP Via Interpipe   10.25     8/2/2017    USD    25.38
OGX Austria GmbH      8.38     4/1/2022    USD     0.30
Rothschilds Contin    0.69                 USD    52.39
Hellenic Railways     5.01   12/27/2017    EUR    68.75
ESFIL-Espirito San    5.25    6/12/2015    EUR     2.65
Renaissance Credit   13.50    5/22/2019    USD    65.38
Virgolino de Olive   11.75     2/9/2022    USD     1.13
Norshore Atlantic    12.00   12/21/2018    USD    55.02
Tonon Luxembourg S   10.50    5/14/2024    USD    35.00
HSBC Bank PLC         0.69                 USD    60.78
Credit Mutuel Arke    0.86                 EUR    61.12
NIBC Bank NV          2.13                 USD    65.79
Banco Espirito San    2.67                 EUR    11.38
Assystem              4.50                 EUR    28.39
Vseukrainsky Aktsi    9.00    6/14/2019    USD     1.94
Nexity SA             0.63     1/1/2020    EUR    49.83
BPCE SA               0.54                 EUR    62.67
Depfa Funding IV L    5.03                 EUR    60.09
Talvivaara Mining     4.00   12/16/2015    EUR     0.81
Mriya Agro Holding   10.95    3/30/2016    USD     9.95
Aralco Finance SA    10.13     5/7/2020    USD     9.10
Praktiker AG          5.88    2/10/2016    EUR     0.12
Jasper Explorer PL   13.50    5/27/2016    USD     5.38
Lambay Capital Sec    6.25                 GBP     1.36
BLT Finance BV        7.50    5/15/2014    USD     5.25
Hellenic Republic     6.14    4/14/2028    EUR    68.13
Island Drilling Co    9.50     4/3/2018    USD    56.63
Ageasfinlux SA        1.40                 EUR    64.05
DF Deutsche Forfai    7.88    5/27/2020    EUR    58.50
Jyske Bank A/S        0.98                 EUR    65.67
Hellenic Republic     5.25     2/1/2016    JPY    65.00
Scandinavian Airli    2.38                 CHF    32.13
Noreco Norway AS      6.50     3/6/2018    NOK    55.88
OAS Investments Gm    8.25   10/19/2019    USD    15.25
Orco Property Grou    7.00    11/7/2019    EUR    74.00
Orpea                 1.75     1/1/2020    EUR    66.70
Paragon Offshore P    7.25    8/15/2024    USD    41.00
Paragon Offshore P    6.75    7/15/2022    USD    41.00
HSBC Bank PLC         0.60                 USD    60.77
Astana Finance BV     7.88     6/8/2010    EUR    12.50
Pescanova SA          8.75    2/17/2019    EUR     3.00
Cooperatieve Centr    0.50   11/26/2021    ZAR    55.47
Hellenic Republic     4.50     7/3/2017    JPY    65.25
Heta Asset Resolut    0.76    1/24/2017    EUR     3.26
Finance and Credit    9.25    1/25/2019    USD    10.00
Virgolino de Olive   10.88    1/13/2020    USD    11.00
Financing of Infra    7.40    4/20/2018    USD    43.50
Pierre & Vacances     3.50    10/1/2019    EUR    38.07
Espirito Santo Fin    6.88   10/21/2019    EUR     0.09
ATF Capital BV       10.00                 USD    65.63
Oesterreichische V    9.00    7/26/2018    EUR    48.75
Takko Luxembourg 2    7.01    4/15/2019    EUR    45.46
Nexans SA             4.00     1/1/2016    EUR    55.17
Dexia Credit Local    4.30                 EUR     5.88
Hellenic Republic     4.50    11/8/2016    JPY    65.63
BNP Paribas SA        0.48                 USD    61.50
Caisse Federale du    1.17                 EUR    61.00
International Indu    9.00     7/6/2011    EUR     0.70
Hellenic Railways     4.50    12/6/2016    JPY    68.88
Ukraine Railways v    9.50    5/21/2018    USD    40.00
Banco Espanol de C    0.61                 EUR    67.55
Corporate Commerci    8.25     8/8/2014    USD     2.87
PA Resources AB      13.50     3/3/2016    SEK     4.63
Ajecorp BV            6.50    5/14/2022    USD    69.50
Pohjola Bank Oyj      0.64                 EUR    69.47
TAG Immobilien AG     6.50   12/10/2015    EUR    11.91
Koninklijke Luchtv    0.75                 CHF    30.10
Le Noble Age          4.88     1/3/2016    EUR    18.87
National Westminst    0.63                 USD    63.00
Financing of Infra    8.38    11/3/2017    USD    44.00
Hybrid Raising Gmb    6.63                 EUR    12.13
Global PVQ SE         6.75   10/21/2015    EUR     0.94
Espirito Santo Fin    3.13    12/2/2018    EUR     2.00
Laurel GmbH           7.13   11/16/2017    EUR    35.75
Breeze Finance SA     6.71    4/19/2027    EUR    44.00
RENE LEZARD Mode G    7.25   11/25/2017    EUR    33.71
International Indu   11.00    2/19/2013    USD     0.70
Belfius Bank SA/NV    2.05                 FRF    55.00
Virgolino de Olive   10.50    1/28/2018    USD     1.10
Petrol AD             8.38    1/26/2017    EUR    25.00
Metinvest BV          8.75    2/14/2018    USD    40.25
Astana Finance BV     9.00   11/16/2011    USD    12.50
JZ Capital Partner    6.00    7/30/2021    GBP    11.00
Cirio Holding Luxe    6.25    2/16/2004    EUR     2.14
Hellenic Republic     5.25     2/1/2016    JPY    65.00
IM Skaugen SE         9.60    6/30/2016    NOK    50.01
BOA Offshore AS       8.04   12/18/2018    NOK    69.38
Kezizalog Zrt         7.75    10/1/2018    EUR     7.53
BDT Media Automati    8.13    10/9/2017    EUR    58.38
Songa Offshore        7.50   12/11/2018    NOK    73.88
Lehman Brothers UK    5.75                 EUR     0.01
SNS Bank NV          11.25                 EUR     0.85
SNS Bank NV           6.25   10/26/2020    EUR     2.42
Heta Asset Resolut    0.14    5/31/2016    EUR    54.38
Heta Asset Resolut    4.35    11/3/2016    EUR     3.29
Barclays Bank PLC     1.56                 GBP    71.10
Commerzbank Holdin    0.75                 USD    59.59
Air Berlin Finance    1.50    4/11/2027    EUR    75.00
Jyske Bank A/S        0.74                 EUR    65.65
Afren PLC            10.25     4/8/2019    USD    42.00
MS Deutschland Bet    6.88   12/18/2017    EUR    16.00
Brunswick Rail Fin    6.50    11/1/2017    USD    41.02
Rena GmbH             8.25    7/11/2018    EUR     8.63
Societe Air France    2.75     4/1/2020    EUR    20.58
Hellenic Bank PCL    10.00                 EUR    50.00
Windreich GmbH        6.50    7/15/2016    EUR    10.88
Far East Capital L    8.00     5/2/2018    USD    53.50
Nordea Bank Norge     0.56                 USD    63.17
PA Resources AB      12.25     4/5/2016    NOK     4.91
OGX Austria GmbH      8.50     6/1/2018    USD     0.01
APP International    11.75    10/1/2005    USD     0.01
Norske Skog Holdin    8.00    2/24/2023    USD    64.25
Barclays Bank PLC     0.63                 USD    60.50
Ukraine Government    5.00   12/20/2015    USD    51.13
Banco Comercial Po    5.00                 EUR    67.00
Lloyds Bank PLC       0.60                 USD    62.58
Virgolino de Olive   11.75     2/9/2022    USD     1.10
Pescanova SA          6.75     3/5/2015    EUR     3.33
Etablissements Mau    7.13    7/31/2015    EUR    13.42
Dannemora Mineral    11.75    3/22/2016    USD     0.67
Bank of Scotland P    0.63                 USD    62.46
Den Norske Creditb    0.53                 USD    61.88
Lehman Brothers UK    5.13                 EUR     0.03
Golden Gate AG        6.50   10/11/2014    EUR    37.10
Popular Capital SA    0.70                 EUR    59.00
Kaupthing Bank Hf     7.63    2/28/2015    USD    14.13
Talvivaara Mining     9.75     4/4/2017    EUR     0.04
friedola Gebr Holz    7.25    4/11/2017    EUR    41.75
Societe Generale S    0.44                 USD    61.50
Raiffeisenlandesba    4.40    4/17/2024    EUR    72.75
Mox Telecom AG        7.25    11/2/2017    EUR     2.55
Metinvest BV         10.25    5/20/2015    USD    65.50
Barclays Bank PLC     0.63                 USD    60.58
QGOG Constellation    6.25    11/9/2019    USD    63.00
More & More AG        8.13    6/11/2018    EUR    48.75
Mechel                8.40    5/27/2021    RUB    57.01
GNB - Cia de Segur    3.53                 EUR    67.90
Dexia SA              4.89                 EUR     8.75
Heta Asset Resolut    1.91    9/29/2016    JPY    49.00
Heta Asset Resolut    5.92    2/22/2022    EUR     2.00
Afren PLC             6.63    12/9/2020    USD    46.25
Cirio Finance Luxe    7.50    11/3/2002    EUR     8.25
Barclays Bank PLC     1.18    3/21/2033    USD    68.50
Banco Pinto & Sott    1.08                 EUR    11.00
Hellenic Railways     4.50    12/6/2016    JPY    68.88
EDOB Abwicklungs A    7.50     4/1/2012    EUR     0.76
Sidetur Finance BV   10.00    4/20/2016    USD    13.00
TGC-2 OJSC           12.00   10/10/2018    RUB    70.35
Alpha Credit Group    1.70     2/1/2017    EUR    42.30
IKB Deutsche Indus    5.63    3/31/2017    EUR    19.55
Lehman Brothers Tr    8.25    3/16/2035    EUR     4.81
Dexia Kommunalbank    4.88   12/31/2016    EUR    20.00
Kaupthing Bank Hf     9.00                 USD     0.13
Hellenic Republic     5.00    8/22/2016    JPY    65.50
Lloyds Bank PLC       0.44                 USD    62.39
Barclays Bank PLC     1.44    3/28/2033    USD    68.78
AgroGeneration        8.00     4/1/2019    EUR    66.00
SiC Processing Gmb    7.13     3/1/2016    EUR     3.95
getgoods.de AG        7.75    10/2/2017    EUR     5.38
Heta Asset Resolut    4.25    5/31/2016    EUR    56.50
UniCredit Bank Aus    0.50   12/27/2031    EUR    63.50
Ukraine Government    7.50    4/17/2023    USD    47.07
GNB - Cia de Segur    2.23   12/19/2022    EUR    71.00
Hellenic Republic     5.80    7/14/2015    JPY    73.88
Heckler & Koch Gmb    9.50    5/15/2018    EUR    74.75
Agroton Public Ltd    6.00    7/14/2019    USD    30.00
KPNQwest NV          10.00    3/15/2012    EUR     0.50
DNB Bank ASA          0.56                 USD    62.21
Codere Finance Lux    9.25    2/15/2019    USD    64.00
National Westminst    0.69                 USD    63.00
Barclays Bank PLC     2.31    6/17/2033    USD    69.00
Kaupthing Bank Hf     7.13    5/19/2016    USD     0.00
IKB Deutsche Indus    4.70    3/31/2017    EUR    18.00
Ukraine Government    9.25    7/24/2017    USD    45.74
Travel24.com AG       7.50    9/17/2017    EUR    53.00
Hellenic Railways     0.66    5/24/2016    EUR    69.13
Region of Piemont     0.34   11/27/2036    EUR    60.45
Hellenic Republic     2.27     2/7/2022    EUR    59.51
Barclays Bank PLC     0.63                 USD    64.90
Lloyds Bank PLC       0.48                 USD    63.63
Hellenic Republic     0.76    8/10/2019    EUR    66.72
EFG International     0.71                 EUR    73.50
CRC Breeze Finance    6.11     5/8/2016    EUR    54.63
Portigon AG           7.46   12/31/2019    EUR    15.00
Sazka AS              9.00    7/12/2021    EUR     0.84
Deutsche Bank AG/L    1.23    3/15/2033    USD    73.12
Afren PLC            11.50     2/1/2016    USD    42.41
Heta Asset Resolut    0.32    8/12/2017    EUR    52.13
Popular Capital SA    7.00   11/25/2015    EUR    32.00
Norske Skogindustr    7.13   10/15/2033    USD    44.00
Lehman Brothers Tr    6.00    2/15/2035    EUR     3.88
Mifa Mitteldeutsch    7.50    8/12/2018    EUR     3.20
Metinvest BV         10.50   11/28/2017    USD    46.88
Royal Bank of Scot    0.63                 USD    61.37
Colonia Real Estat    5.88    5/11/2015    EUR     6.96
Cirio Finanziaria     8.00   12/21/2005    EUR     1.57
Ukraine Government    6.88    9/23/2015    USD    50.78
Mechel                8.40    5/27/2021    RUB    56.51
Espirito Santo Fin    9.75   12/19/2025    EUR     2.67
Lehman Brothers Tr    6.00    11/2/2035    EUR     5.13
LBI HF                6.25                 EUR     0.00
Solarworld AG         6.38    7/13/2016    EUR    31.50
Royal Bank of Scot    3.84   11/16/2030    USD    74.00
Del Monte Finance     6.63    5/24/2006    EUR     8.38
Banco Espirito San    2.88                 EUR    11.50
Barclays Bank PLC     1.73     4/9/2028    USD    73.72
Alpine Holding Gmb    6.00    5/22/2017    EUR     0.00
Gunther Zamek Prod    7.75    5/15/2017    EUR     4.98
Teak Holz Internat    5.00    8/31/2015    EUR    55.00
Barclays Bank PLC     0.41   12/28/2040    EUR    68.85
Solarworld AG         6.13    1/21/2017    EUR    31.88
PNE Wind AG           3.75   10/10/2019    EUR     3.05
Barclays Bank PLC     1.68    4/19/2033    USD    68.27
SAG Solarstrom AG     6.25   12/14/2015    EUR    45.00
Penell GmbH Elektr    7.75    6/10/2019    EUR    10.30
IM Skaugen SE        10.42    4/11/2017    NOK    66.06
Lehman Brothers Tr    7.25    10/5/2035    EUR     4.48
National Westminst    0.56                 USD    63.50
WGF Westfaelische     6.35    12/1/2016    EUR     6.45
Societe Generale S    1.92                 EUR    64.20
Ideal Standard Int   11.75     5/1/2018    EUR    42.13
Abanka Vipa DD Via    1.90                 EUR     0.31
Barclays Bank PLC     2.95    5/31/2033    USD    69.63
Ukraine Government    7.80   11/28/2022    USD    45.57
Oesterreichische V    0.78    6/18/2018    EUR    65.00
Aralco Finance SA    10.13     5/7/2020    USD     5.00
Financing of Infra    8.38    11/3/2017    USD    43.89
Ukraine Government    6.75   11/14/2017    USD    45.56
Lloyds Bank PLC       1.70    2/22/2033    USD    67.50
UKRLANDFARMING PLC   10.88    3/26/2018    USD    50.50
Bank Nederlandse G    0.50    7/12/2022    ZAR    54.32
Depfa ACS Bank        0.25     7/8/2033    CAD    24.00
Cirio Del Monte NV    7.75    3/14/2005    EUR     1.87
Alpine Holding Gmb    5.25     7/1/2015    EUR     0.00
Glitnir HF            6.69    6/15/2016    USD     0.02
Heta Asset Resolut    4.63     3/4/2018    EUR    51.50
Petromena ASA         9.75    5/24/2015    NOK     1.95
Oesterreichische V    9.00    7/26/2024    EUR    65.00
Barclays Bank PLC     2.98   12/23/2033    USD    75.00
Rena GmbH             7.00   12/15/2015    EUR     8.63
Societe Generale S    1.50    2/28/2033    USD    74.00
Northland Resource   15.00    7/15/2019    USD     1.13
Kaupthing Bank Hf     6.75                 EUR     0.00
Standard Chartered    0.59                 USD    60.33
Ukraine Government    7.75    9/23/2020    USD    45.58
Saphir Finance PLC    6.85                 GBP     1.38
Den Norske Creditb    0.56                 USD    61.83
Mechel                8.40     6/1/2021    RUB    57.00
IT Holding Finance    9.88   11/15/2012    EUR     0.50
Glitnir HF            6.33    7/28/2011    USD    14.00
Hellas Telecommuni    8.50   10/15/2013    EUR     0.00
Frey                  6.00   11/15/2022    EUR    21.50
Sairgroup Finance     4.38     6/8/2006    EUR    14.88
Lehman Brothers Tr    7.00    5/17/2035    EUR     5.00
Standard Chartered    0.69                 GBP    62.54
Orient Express Ban   13.60     8/9/2018    RUB    43.01
UniCredit Bank Aus    0.57    8/20/2033    EUR    61.63
Swiss Re Europe Ho    6.85                 USD    46.50
DEMIRE Real Estate    6.00   12/30/2018    EUR     4.50
Northland Resource    4.00   10/15/2020    USD     0.15
Assystem              4.00     1/1/2017    EUR    23.02
Ukraine Government    6.25    6/17/2016    USD    45.58
KA Finanz AG          5.43    2/13/2024    EUR    50.88
SU-155 KAPITAL OOO   13.25    2/23/2016    RUB    36.51
Santander Finance     2.00                 EUR    40.00
BNP Paribas SA        1.62    4/30/2033    USD    68.78
KA Finanz AG          4.90    6/23/2031    EUR    63.88
Investkredit Bank     3.55    4/12/2022    EUR    74.70
Region of Puglia I    0.53     2/6/2023    EUR    74.31
Heta Asset Resolut    4.88    9/18/2017    EUR     2.80
Strenesse AG          9.00    3/15/2017    EUR    44.00
Lehman Brothers Tr    5.00    3/18/2015    EUR     3.82
Dexia Kommunalbank    5.63   12/31/2017    EUR    12.00
DTEK Finance PLC      7.88     4/4/2018    USD    34.49
ADLER Real Estate     6.00    6/30/2017    EUR    12.60
OGX Austria GmbH      8.38     4/1/2022    USD     0.03
Region of Abruzzo     0.56    11/7/2036    EUR    63.33
Svyaznoy Bank ZAO    12.00     8/6/2015    RUB    36.01
Banca Carige SpA      8.34                 EUR    75.00
Far East Capital L    8.75     5/2/2020    USD    36.92
Codere Finance Lux    8.25    6/15/2015    EUR    64.13
Norske Skogindustr    7.13   10/15/2033    USD    44.00
Heta Asset Resolut    0.67   11/29/2032    EUR     2.76
Northland Resource    4.00   10/15/2020    NOK     0.15
Finmek Internation    7.00    12/3/2004    EUR     0.13
Allied Irish Banks    0.75   10/24/2035    EUR    23.13
Teksid Aluminum Lu   11.38    7/15/2011    EUR     0.11
Financing of Infra    7.40    4/20/2018    USD    43.66
Global PVQ Netherl    1.38    4/30/2012    EUR    24.13
Governo Portugues     2.75                 EUR    60.00
Kaupthing Bank Hf     6.25                 EUR     0.00
City of Kyiv Via K    9.38    7/11/2016    USD    46.25
Windreich GmbH        6.50     3/1/2015    EUR    10.88
Solar Millennium A    6.50    7/15/2015    EUR    12.57
Ukraine Government    4.95   10/13/2015    EUR    50.52
Karlie Group GmbH     6.75    6/25/2018    EUR    65.60
Glitnir HF            6.00     3/5/2012    GBP    14.00
Heta Asset Resolut    0.24     4/9/2043    EUR    60.00
Vnesheconombank       8.10    9/27/2018    RUB    70.07
Kaupthing Bank Hf     5.75    10/4/2011    USD    14.13
BLT Finance BV       12.00    2/10/2015    USD    10.50
Kaupthing Bank Hf     5.75    10/4/2011    USD    14.13
Centrosolar Group     7.00    2/15/2016    EUR     2.31
Standard Chartered    0.69                 USD    61.21
Mechel               10.00    8/25/2020    RUB    75.00
Global PVQ Netherl    1.38    4/30/2012    EUR    25.25
Alliance Oil Co OJ    8.85     6/4/2021    RUB    57.01
Phones4u Finance P    9.50     4/1/2018    GBP    31.88
Deutsche Morgan Gr    0.66                 USD    59.19
Lloyds Bank PLC       1.75    1/31/2033    USD    67.76
UniCredit Bank Aus    0.35    1/25/2031    EUR    69.00
Kaupthing Bank Hf     3.00    2/12/2010    CHF    14.13
Club Mediterranee     6.11    11/1/2015    EUR    24.31
Espirito Santo Fin    5.13    5/30/2016    EUR     3.57
Takko Luxembourg 2    9.88    4/15/2019    EUR    48.90
Piraeus Bank SA       0.98     2/9/2017    EUR    72.03
SU-155 KAPITAL OOO   13.25    2/23/2016    RUB    36.60
Global PVQ Netherl    5.75    5/26/2014    EUR    26.38
Indo Energy Financ    6.38    1/24/2023    USD    64.01
Hema Bondco II BV     8.50   12/15/2019    EUR    65.88
Alpine Holding Gmb    5.25    6/10/2016    EUR     0.00
Norske Skog Holdin    8.00    2/24/2023    USD    64.25
Schneekoppe GmbH &    6.45    9/20/2015    EUR     6.86
Breeze Finance SA    11.75    4/19/2027    EUR     3.00
Norske Skog Holdin    8.00    2/24/2021    EUR    67.63
TradeDoubler AB       6.75   12/20/2018    SEK    68.50
Heta Asset Resolut    3.42    11/7/2016    EUR    48.50
Glitnir HF            3.00    6/30/2010    EUR    14.00
WPE International    10.38    9/30/2020    USD     6.25
CBo Territoria        6.00     1/1/2020    EUR     3.96
Mriya Agro Holding    9.45    4/19/2018    USD    11.50
Ukraine Government    6.58   11/21/2016    USD    45.73
Credit Agricole Co    0.50    2/28/2018    RUB    71.64
Governo Portugues     3.00                 EUR    73.00
OL Groupe SA          7.00   12/28/2015    EUR     7.64
Nationwide Buildin    1.07                 GBP    70.00
Russian Standard B   13.00    4/10/2020    USD    64.00
Hellenic Bank PCL    11.00                 EUR    50.13
Solen AG              7.50     4/8/2016    EUR     1.11
ffk environment Gm    7.25     6/1/2016    EUR     3.57
Seabird Exploratio    6.00   12/18/2015    USD    26.13
Codere Finance Lux    9.25    2/15/2019    USD    64.00
MT-Energie GmbH &     8.25     4/4/2017    EUR    10.56
Lehman Brothers Tr    5.00    2/16/2015    EUR     3.88
SNS Bank NV           2.75                 EUR     0.85
Ukraine Government    7.95    2/23/2021    USD    45.71
Heta Asset Resolut    0.49   12/18/2030    EUR     3.10
Bulgaria Steel Fin   12.00     5/4/2013    EUR     1.00
EXER D GmbH           5.70     2/1/2016    EUR    67.00
LBI HF                6.10    8/25/2011    USD     9.19
Danske Bank Oyj       1.63                 EUR    72.38
Oesterreichische V    9.00    7/26/2019    EUR    32.38
Lehman Brothers Tr    2.88    3/14/2013    CHF    11.13
Raiffeisen Bank In    4.50    9/28/2035    EUR    63.63
A-TEC Industries A    8.75   10/27/2014    EUR     2.00
Kaupthing Bank Hf     6.50     2/3/2045    EUR     0.00
Mechel               10.00    8/25/2020    RUB    75.00
Gazprom OAO           9.30   10/21/2043    RUB     6.06
Alliance Oil Co OJ    8.85     6/1/2021    RUB    72.01
Glitnir HF            8.00                 EUR     0.01
Vnesheconombank       8.40   12/20/2018    RUB    70.01
Kaupthing Bank Hf     1.80   10/20/2009    JPY    14.13
Glitnir HF            4.75   10/15/2010    USD    14.00
Petromena ASA        10.85   11/19/2014    USD     1.95
Solon SE              1.38    12/6/2012    EUR     0.33
Heta Asset Resolut    0.31    9/26/2043    EUR    47.88
Raiffeisenlandesba    5.00     7/1/2026    EUR    68.63
IVG Immobilien AG     5.81                 EUR     0.00
Standard Chartered    0.59                 USD    60.50
Privatbank CJSC Vi   10.88    2/28/2018    USD    62.25
Glitnir HF            4.38     2/5/2010    EUR    14.00
Lehman Brothers Tr    5.10     5/8/2017    HKD    29.88
Ukraine Government    5.00   12/20/2015    USD    51.13
Mechel                8.00     2/9/2021    RUB    50.01
LBI HF                7.43                 USD     0.00
Heta Asset Resolut    0.11    1/24/2017    EUR    52.63
Municipality Finan    0.50   11/21/2018    TRY    70.79
Svensk Exportkredi    0.50    3/15/2022    ZAR    52.23
Espirito Santo Fin    5.05   11/15/2025    EUR     2.97
Hamburgische Lande    0.38    1/22/2041    EUR    59.08
BKN biostrom AG       7.50     6/5/2016    EUR     1.50
LBI HF                2.25    2/14/2011    CHF     2.81
Societe Generale S    2.37   11/29/2032    USD    70.14
Kaupthing Bank Hf     5.25    7/18/2017    BGN    14.13
Italy Government I    0.72    7/31/2045    EUR    72.18
Standard Chartered    0.50                 USD    59.92
Autonomous Communi    7.55    7/21/2026    EUR    47.91
Lehman Brothers Tr    6.00    3/14/2011    EUR     3.82
Piraeus Bank SA       0.97   12/27/2016    EUR    73.74
Kaupthing Bank Hf     5.90                 EUR     0.13
Deutsche Bank AG      1.24    6/28/2033    USD    70.54
Heta Asset Resolut    5.73   12/10/2021    EUR     3.00
Cooperatieve Centr    0.50    7/30/2043    MXN    19.33
Artea                 6.00     8/4/2019    EUR    13.73
BNP Paribas Emissi    4.50    6/25/2015    EUR    72.19
Lehman Brothers Tr    5.00    9/22/2014    EUR     3.82
Glitnir HF            1.63    3/11/2009    CHF    14.00
Comune di Verona      0.31    12/1/2026    EUR    68.26
Financing of Infra    9.00    12/7/2017    USD    44.00
Alpha Credit Group    0.55    2/21/2021    EUR    29.84
Heta Asset Resolut    4.07    3/21/2017    EUR    52.50
Heta Asset Resolut    0.30    3/12/2043    EUR    47.88
Eksportfinans ASA     0.50     5/9/2030    CAD    29.13
Heta Asset Resolut    5.80    6/17/2017    EUR    50.50
Marine Subsea AS      9.00   12/16/2019    USD     0.50
Banco Espirito San   10.00    12/6/2021    EUR    10.13
Santander Finance     2.00                 EUR    37.75
Barclays Bank PLC     4.00   12/18/2015    USD     6.81
CaixaBank SA          1.92                 EUR    46.88
Czerwona Torebka S    6.66    4/15/2016    PLN    70.00
SAG Solarstrom AG     7.50    7/10/2017    EUR    45.00
Heta Asset Resolut    7.50    5/27/2024    ATS     2.97
Glitnir HF            5.44   12/22/2015    USD    14.00
Region of Molise I    0.58   12/15/2033    EUR    64.85
InterOil Explorati   15.00    3/14/2016    NOK    30.00
Sairgroup Finance     6.63    10/6/2010    EUR    16.50
SNS Bank NV           6.63    5/14/2018    EUR     2.42
DEIKON GmbH           1.00   11/16/2016    EUR    25.00
Raiffeisenlandesba    4.00    6/28/2023    EUR    73.88
Magnitogorsk Iron     8.70   11/22/2022    RUB    60.01
City of St Petersb    7.94     6/1/2017    RUB    60.01
GFI Informatique S    5.25     1/1/2017    EUR     6.20
Region of Abruzzo     0.40    11/7/2031    EUR    72.17
Cyprus Popular Ban    1.79    5/26/2016    EUR     3.37
Kaupthing Bank Hf     9.75    9/10/2015    USD    14.13
Public Power Corp     5.50     5/1/2019    EUR    72.23
Heta Asset Resolut    1.60    6/30/2019    CHF    51.50
ADLER Real Estate     6.00   12/27/2018    EUR    12.70
LBI HF                4.65                 EUR     0.00
Bong AB              10.00    6/27/2018    SEK     0.10
KPNQwest NV           7.13     6/1/2009    EUR     0.50
Deutsche Bank AG/L    1.42    1/31/2033    USD    66.00
Espirito Santo Fin    5.05   11/15/2025    EUR     2.16
Heta Asset Resolut    0.05    5/31/2016    EUR    48.50
Gazprom Neft OAO      8.50    1/26/2021    RUB    59.03
Transcapitalbank J   15.00    3/15/2016    RUB    60.11
Banco Pastor SA       2.44                 EUR    46.88
Codere Finance Lux    8.25    6/15/2015    EUR    64.13
Accentro Real Esta    6.25    3/27/2019    EUR     2.57
Kommunekredit         0.50   12/14/2020    ZAR    64.89
Glitnir HF            6.38    9/25/2012    USD    14.00
Glitnir HF            5.31   12/24/2012    USD    14.00
Province of Milan     0.42   12/22/2033    EUR    66.85
Ideal Standard Int   11.75     5/1/2018    EUR    42.13
Kaupthing Bank Hf     6.13    10/4/2016    USD    14.13
Municipality Finan    0.50    3/28/2018    BRL    73.36
Barclays Bank PLC     3.46    2/28/2034    USD    71.00
Cooperatieve Centr    0.50   10/30/2043    MXN    19.10
Kaupthing Bank Hf     5.50     2/2/2009    USD    14.13
Heta Asset Resolut    0.27     4/9/2018    EUR    47.50
SU-155 KAPITAL OOO   15.50    5/18/2015    RUB    53.63
Cooperatieve Centr    0.50   11/30/2027    MXN    45.93
Svensk Exportkredi    0.50    8/25/2021    ZAR    61.22
KPNQwest NV           8.88     2/1/2008    EUR     0.50
Rena Lange Holding    8.00   12/12/2017    EUR     0.60
Notenstein Finance    1.00    9/17/2019    CHF    68.79
Sovcombank ICB JSC   13.40    6/20/2016    RUB    60.04
Codere Finance Lux    8.25    6/15/2015    EUR    63.88
Hypo Tirol Bank AG    0.50    7/23/2026    EUR    57.00
Svensk Exportkredi    0.50    1/31/2022    ZAR    54.84
DEIKON GmbH           1.00     7/1/2015    EUR    29.00
Kaupthing Bank Hf     6.13    10/4/2016    USD    14.13
Montepio Holding S    5.00                 EUR    50.00
Lehman Brothers Tr    8.25    12/3/2015    EUR     6.63
Heta Asset Resolut    4.70     4/2/2018    EUR    51.50
Kommunalbanken AS     0.50     3/2/2018    BRL    73.21
Eirles Two Ltd        0.81    9/30/2046    USD    55.13
Societe Centrale d    9.00     7/1/2016    EUR     7.17
Kaupthing Bank Hf     4.70    2/15/2010    CAD    14.13
Heta Asset Resolut    0.30    2/10/2018    EUR    53.50
Heta Asset Resolut    0.29    3/10/2018    EUR    52.88
Allied Irish Banks    5.25    3/10/2035    GBP    26.50
Lehman Brothers Tr   11.00   12/20/2017    AUD     3.82
Astana Finance BV    14.50     7/2/2013    USD    12.50
Heta Asset Resolut    0.81    5/28/2017    EUR    55.00
Alpha Credit Group    2.00    4/27/2024    EUR    20.04
Province of Bresci    0.68    6/30/2036    EUR    60.46
SAir Group            0.13     7/7/2005    CHF    12.00
Bank Nederlandse G    0.50     8/9/2022    MXN    70.38
KPNQwest NV           8.13     6/1/2009    USD     0.50
Santander Finance     2.00                 USD    19.38
Lehman Brothers Tr    4.00    12/2/2012    EUR     3.82
Kommunekredit         0.50   10/22/2019    BRL    61.81
Russian Railways J    9.00    9/20/2039    RUB     3.26
Lehman Brothers Tr    5.25    5/26/2026    EUR     3.82
Heta Asset Resolut    0.13    5/31/2016    EUR    51.50
Phosphorus Holdco    10.00     4/1/2019    GBP     1.94
Lehman Brothers Tr    4.50     5/2/2017    EUR     3.82
Heta Asset Resolut    0.25    3/29/2017    EUR    53.13
Lehman Brothers Tr    8.50     7/5/2016    EUR     3.82
City of Kiev Ukrai    8.00    11/6/2015    USD    48.00
Cooperatieve Centr    0.50   10/29/2027    MXN    46.42
BLT Finance BV        7.50    5/15/2014    USD     5.25
Heta Asset Resolut    6.94    6/10/2017    EUR    51.25
Oesterreichische V    9.00    7/26/2020    EUR    32.38
International Bank   13.50    6/23/2016    RUB    60.16
LBI HF                3.00    12/7/2010    CHF     2.81
Oesterreichische V    4.25     9/7/2020    EUR    25.00
Lehman Brothers Tr    1.00     5/9/2012    EUR     3.82
Lehman Brothers Tr    3.03    1/31/2015    EUR     6.63
Lehman Brothers Tr    4.00   10/24/2012    EUR     3.82
Heta Asset Resolut    0.25    3/29/2017    EUR    49.75
Societe Generale S    0.50    5/30/2023    MXN    63.33
Bashneft OAO         10.70    5/13/2024    RUB    70.01
A-TEC Industries A    2.75    5/10/2014    EUR     2.00
Barclays Bank PLC     2.50    5/24/2017    USD    10.93
HSBC Bank PLC         0.50    4/27/2027    NZD    58.02
Heta Asset Resolut    5.27     4/7/2028    EUR     2.73
Solarwatt GmbH        7.00    11/1/2015    EUR    14.50
Transcapitalbank J   10.75    5/30/2023    RUB    60.01
UniCredit Bank Aus    0.39    1/24/2031    EUR    63.88
Investkredit Bank     7.00    7/24/2022    EUR    63.69
City of Siret Roma    2.75     3/1/2028    RON    31.20
Deutsche Bank AG/L   11.50    8/31/2015    USD    47.58
Vontobel Financial    5.84     9/9/2016    EUR    60.47
Oesterreichische V    5.27     2/8/2027    EUR    62.75
Oesterreichische V    6.00    3/30/2017    EUR    59.00
Lehman Brothers Tr    4.00    2/28/2010    EUR     6.63
NIBC Bank NV          2.32                 USD    74.88
Heta Asset Resolut    0.20    2/17/2017    EUR    53.63
BNP Paribas SA        0.50    1/31/2018    RUB    72.25
Kaupthing Bank Hf     7.50     2/1/2045    USD     0.00
Republika Srpska      9.00    9/26/2027    BAM    63.00
Barclays Bank PLC     0.50    4/24/2023    MXN    62.13
Lehman Brothers Tr    6.00   10/30/2012    EUR     3.82
Royal Bank of Scot    4.24    1/12/2046    EUR    72.25
Lehman Brothers Tr    5.00    2/27/2014    EUR     3.82
UNIQA Sachversiche    2.99                 EUR    40.00
NIBC Bank NV          2.32                 USD    74.88
Mobile TeleSystems    5.00    6/29/2021    RUB    62.50
Ingra DD              6.13    12/6/2016    HRK    12.99
Lehman Brothers Tr    6.00    3/18/2015    USD     3.82
Banco Espirito San    1.59    5/27/2018    EUR    10.13
KA Finanz AG          4.44   12/20/2030    EUR    55.88
Lehman Brothers Tr    7.00   11/26/2013    EUR     3.82
Heta Asset Resolut    0.30    8/21/2017    EUR    51.50
Heta Asset Resolut    5.03    1/26/2017    EUR     2.22
SAir Group            5.50    7/23/2003    CHF    11.50
HSBC Bank PLC         0.50     4/3/2023    AUD    71.90
Russian Highways     12.40    4/22/2042    RUB    16.95
AK BARS Bank OJSC    18.00   12/26/2017    RUB    61.01
Lehman Brothers Tr    8.00    2/16/2016    EUR     3.82
SU-155 KAPITAL OOO   13.25    2/23/2016    RUB    36.10
Lehman Brothers Tr    8.88    1/28/2011    HKD    29.88
HSBC Bank PLC         0.50    1/29/2027    NZD    58.82
WGF Westfaelische     5.35    5/15/2015    EUR     3.61
Moscow United Elec   11.00    9/12/2024    RUB    70.00
Enemona AD-Kozlodu   10.00    4/28/2017    BGN     0.34
Anglian Water Serv    1.02    1/26/2057    GBP    74.19
Heta Asset Resolut    4.54    9/22/2017    EUR    51.50
Heta Asset Resolut    0.20     2/9/2017    EUR    48.50
Mechel                8.00     2/9/2021    RUB    60.00
HSBC Bank PLC         0.50    9/28/2018    IDR    73.92
UniCredit Bank AG     0.80   11/19/2029    EUR    71.50
LBI HF                3.20    5/10/2010    SKK     2.81
Heta Asset Resolut    0.10     8/1/2017    EUR    48.38
Pongs & Zahn AG       8.50                 EUR     0.30
Heta Asset Resolut    0.13    3/15/2017    EUR    52.63
hkw personalkonzep    8.25   11/15/2016    EUR     1.31
UniCredit Bank Aus    0.67   12/27/2026    EUR    72.63
Svyaznoy Bank ZAO    13.50     6/8/2018    RUB    68.14
UTair-Finans OOO     12.00    6/17/2016    RUB    30.30
SAir Group            6.25    4/12/2005    CHF    11.38
Alpha Credit Group    2.00   11/28/2032    EUR     8.83
Bank Nederlandse G    0.50    9/20/2022    MXN    69.93
HSBC Bank PLC         0.50    7/30/2027    NZD    57.18
Vnesheconombank       2.00    6/18/2021    RUB    54.65
Heta Asset Resolut    0.25    4/22/2018    EUR    54.13
La Veggia Finance     7.13   11/14/2004    EUR     0.63
Atari SA              7.50    2/17/2020    EUR     0.29
Heta Asset Resolut    0.28    8/28/2017    EUR    51.50
Heta Asset Resolut    0.35    5/10/2017    EUR    52.75
Lehman Brothers Tr    1.46    2/19/2012    JPY    29.88
VEB-Leasing OAO       8.60     4/2/2021    RUB    58.01
Federal Grid Co Un    8.00     1/7/2028    RUB    70.01
Lehman Brothers Tr    5.00     5/2/2022    EUR     6.63
Republika Srpska      1.50   12/24/2025    BAM    68.94
Alpha Credit Group    6.00    7/29/2020    EUR    48.75
Svensk Exportkredi    0.50    8/28/2018    BRL    68.24
Lehman Brothers Tr    8.00   10/17/2014    EUR     3.82
Republic of Srpska    1.50     6/9/2025    BAM    71.00
Kommunekredit         0.50    7/30/2027    TRY    29.43
Santander Finance     2.00                 USD    19.25
Lehman Brothers Tr    4.00    2/16/2017    EUR     6.63
Bosnia & Herzegovi    2.50    6/30/2023    BAM    71.00
Alpha Credit Group    1.50   12/18/2028    EUR     9.50
Oesterreichische V    3.00    9/22/2017    EUR    59.50
Kaupthing Bank Hf     7.13    5/19/2016    USD     0.00
Heta Asset Resolut    0.30    5/17/2017    EUR    48.38
Heta Asset Resolut    0.12    7/18/2017    EUR    50.50
SAir Group            2.13    11/4/2004    CHF    11.50
Alpha Credit Group    6.00    4/11/2018    EUR    66.01
UTair-Finans OOO     13.00   11/13/2015    RUB    38.00
Raiffeisen-Holding    5.08                 EUR    73.25
Takko Luxembourg 2    7.01    4/15/2019    EUR    45.46
Erste Europaische     0.28     2/1/2037    USD    73.91
Heta Asset Resolut    0.75    9/20/2017    EUR     3.25
Heta Asset Resolut    3.90    1/24/2017    EUR    52.38
Oesterreichische V    3.13    6/30/2017    EUR    62.63
World of Building     7.70    6/25/2019    RUB     3.51
Glitnir HF            3.25    8/15/2016    EUR    14.00
JP Morgan Structur   12.00   11/24/2021    ZMW    67.55
Rosbank PJSC          0.01    1/15/2016    RUB    55.01
Heta Asset Resolut    1.29    5/31/2016    EUR    58.63
Heta Asset Resolut    0.05    1/24/2017    EUR    53.50
HSBC Bank PLC         0.50   10/30/2026    NZD    59.75
Northland Resource   12.25    3/26/2016    USD     1.01
Lehman Brothers Tr    4.69    2/19/2017    EUR     6.63
Lehman Brothers Tr   23.30    9/16/2008    USD     6.63
Salvator Grundbesi    9.50                 EUR    40.50
Atari SA              0.50    9/30/2015    EUR     1.34
Salvator Grundbesi    9.50   12/31/2021    EUR    12.00
Bank Nederlandse G    0.50     6/7/2022    ZAR    52.44
A-TEC Industries A    5.75    11/2/2010    EUR     2.00
LBI HF                4.34   12/22/2025    EUR     2.81
Investkredit Bank     0.56    3/14/2020    EUR    70.41
Lehman Brothers Tr    5.50    6/22/2010    USD     3.82
Cooperatieve Centr    0.50    8/21/2028    MXN    44.46
e-Kancelaria Grupa    8.00   10/17/2016    PLN     1.00
UTair-Finans OOO     13.00   11/13/2015    RUB    38.00
BNP Paribas SA        0.50     5/6/2021    MXN    72.11
wige MEDIA AG         6.00    3/17/2019    EUR     1.90
RFA-Invest OAO       12.00    2/24/2016    RUB    60.05
Province of Bresci    0.52   12/22/2036    EUR    59.83
HSBC Bank PLC         0.50     2/2/2023    AUD    72.55
DEIKON GmbH           1.00     7/1/2016    EUR    29.50
ECM Real Estate In    5.00    10/9/2011    EUR    10.38
SAir Group            5.13     3/1/2003    CHF    11.00
Heta Asset Resolut    0.35    5/17/2017    EUR    50.50
RSL Communications   10.13     3/1/2008    USD     1.25
Vnesheconombank       9.75    8/16/2029    RUB    70.00
Credit Agricole Co    0.50     3/6/2023    RUB    41.28
Russian Railways J   10.10    5/20/2044    RUB #N/A N/A
Heta Asset Resolut    3.72    3/15/2017    EUR    48.63
Kaupthing Bank Hf     7.90     2/1/2016    EUR    14.13
Heta Asset Resolut    5.04    2/15/2023    EUR    48.38
Oesterreichische V    5.11    6/12/2017    EUR    66.13
Mriya Agro Holding   10.95    3/30/2016    USD    11.63
Deutsche Bank AG/L    0.50    10/5/2021    IDR    60.52
Avangard Bank OAO    18.00     2/1/2016    RUB    61.01
Russian Railways J   16.00    8/18/2033    RUB #N/A N/A
LBI HF                7.75    2/22/2016    USD     2.81
Espirito Santo Fin    5.63    7/28/2017    EUR     3.56
Dolomite Capital L   12.01   12/20/2019    ZAR    54.17
Oravita City Counc    2.63    6/15/2027    RON    58.00
Balkanstroy JSC       4.06     3/7/2016    EUR     5.00
MORTGAGE AGENT AHM    8.50     9/9/2045    RUB    57.01
Emporiki Group Fin    5.00    2/24/2022    EUR    36.79
HSBC Bank PLC         0.50    2/24/2027    NZD    58.63
HSBC Bank PLC         0.50    2/24/2023    AUD    72.96
LBI HF                6.00     6/6/2017    EUR     2.81
Lloyds Bank PLC       1.45    4/26/2033    USD    71.50
Svensk Exportkredi    0.50    4/24/2029    AUD    56.65
LBI HF                6.10    8/25/2011    USD     8.63
Heta Asset Resolut    0.32     7/1/2017    EUR    48.50
CARPEVIGO AG          8.25    6/30/2016    EUR    29.95
Heta Asset Resolut    4.40    6/20/2017    EUR    51.00
Leonteq Securities   10.30    6/10/2015    CHF    68.34
Bank Nederlandse G    0.50    5/12/2021    ZAR    62.27
HSBC Bank PLC         0.50    12/8/2026    AUD    58.80
UniCredit Bank ZAO   14.00    2/23/2016    RUB    60.09
Lehman Brothers Tr    6.65    8/24/2011    AUD    29.88
Alpha Credit Group    2.00     2/1/2017    EUR    72.72
Heta Asset Resolut    0.13    5/31/2016    EUR    51.63
Wlodarzewska SA       9.46    5/15/2016    PLN    70.00
Hellenic Republic     3.38    7/17/2017    EUR    72.78
Lehman Brothers Tr    1.75     2/7/2010    EUR     6.63
Metalloinvest Hold    0.01     3/7/2022    RUB    60.00
Windreich GmbH        6.25     3/1/2015    EUR    10.88
Lehman Brothers Tr    3.86    9/21/2011    SGD     6.63
Morgan Stanley BV     8.50    5/25/2015    EUR    57.23
Lehman Brothers Tr    5.55    3/12/2015    EUR     6.63
Northland Resource   15.00    7/15/2019    USD     1.01
Barclays Bank PLC     8.00    9/15/2015    USD    10.10
Glitnir HF            3.00   11/30/2009    EUR    14.00
Banque Cantonale V   17.75   11/17/2015    CHF    62.91
Atari SA              0.10     4/1/2020    EUR     1.81
Municipality Finan    0.50   11/25/2020    ZAR    65.58
Municipality Finan    0.50    6/19/2024    ZAR    44.90
Credit Suisse AG/L   15.00    9/18/2015    USD    53.67
Windreich GmbH        6.75     3/1/2015    EUR    10.88
Lehman Brothers Tr    7.00     6/6/2017    EUR     3.82
Eksportfinans ASA     0.25    7/14/2033    CAD    20.63
Heta Asset Resolut    5.68     7/5/2017    EUR    48.88
Municipiul Timisoa    1.28    5/12/2026    RON    70.00
Lehman Brothers Tr    7.80    3/31/2018    USD     3.82
Lehman Brothers Tr    1.28    11/6/2010    JPY    29.88
UTair-Finans OOO     11.75    5/26/2015    RUB    35.00
HSBC Bank PLC         0.50    12/2/2022    AUD    73.44
Kommunalbanken AS     0.50    6/18/2019    INR    70.48
Mortgage Agent Abs    9.20   11/12/2040    RUB    57.00
Lehman Brothers Tr   10.00     1/3/2012    BRL     3.82
Municipality Finan    0.50   12/14/2018    TRY    70.38
Oesterreichische V    4.80     5/9/2025    EUR    23.00
Oesterreichische V    4.44    4/12/2017    EUR    67.50
Emporiki Group Fin    5.10    12/9/2021    EUR    38.05
Lehman Brothers Tr    5.38     2/4/2014    USD     3.82
Glitnir HF            6.38    9/25/2012    USD    14.00
IT Holding Finance    9.88   11/15/2012    EUR     0.50
Oesterreichische V    3.78    7/21/2033    EUR    13.50
Leonteq Securities    5.65    5/27/2015    CHF    67.08
MirLand Developmen    8.50    8/31/2016    ILS    41.00
Barclays Bank PLC     0.50    1/28/2033    MXN    34.01
Oesterreichische V    4.26    3/22/2024    EUR    23.50
Glitnir HF            3.00   10/31/2015    EUR    14.00
Lehman Brothers Tr   11.00     7/4/2011    USD     6.63
Republika Srpska      1.50   12/31/2022    BAM    75.00
Strommen Sparebank    2.41                 NOK    43.33
Armenian Treasury    10.00   10/29/2023    AMD    73.40
Dresdner Bank AG      0.77   11/19/2029    EUR    63.25
Accentro Real Esta    7.75    6/25/2017    EUR     3.07
Russian Railways J   17.70    9/19/2033    RUB #N/A N/A
Lehman Brothers Tr    4.35     8/8/2016    SGD    29.88
Sidetur Finance BV   10.00    4/20/2016    USD    18.63
Provinsor Fastighe    8.50    6/30/2015    DKK     0.10
Kvinesdal Spareban    2.65                 NOK    71.89
Oesterreichische V    4.90    8/18/2025    EUR    61.30
KFW                   0.25    10/6/2036    CAD    37.37
Heta Asset Resolut    0.20    8/11/2017    EUR    51.88
Credit Suisse AG      8.00    7/31/2015    USD    10.23
Lehman Brothers Tr    3.20    3/19/2018    JPY     6.63
Republika Srpska      1.50    5/31/2025    BAM    71.02
Ecureuil Vie Devel    0.98                 EUR    26.25
Oesterreichische V    4.20    2/22/2033    EUR    15.13
Kaupthing Bank Hf     5.00     1/4/2027    SKK    14.13
Araratbank OJSC       9.00   10/20/2015    USD    25.26
Oesterreichische V    3.88    3/15/2022    EUR    28.38
Hellenic Republic     3.80     8/8/2017    JPY    66.00
Atari SA              0.50    9/30/2015    EUR     1.94
Leonteq Securities   14.00   10/20/2015    CHF    66.95
UBS AG/London        11.00    5/13/2015    CHF    43.74
Glitnir HF            6.69    6/15/2016    USD     0.02
Kaupthing Bank Hf     4.65    2/19/2013    EUR    14.13
Lehman Brothers Tr    3.50   10/24/2011    USD     3.82
Emova Group           4.30     5/2/2022    EUR     6.25
Oesterreichische V    4.00   12/14/2023    EUR    23.25
Lehman Brothers Tr    8.25     2/3/2016    EUR     3.82
Lehman Brothers Tr    9.00     5/6/2011    CHF     6.63
Societe Generale S    0.50    6/12/2023    RUB    39.86
Glitnir HF            3.00     4/1/2010    CZK    14.00
COFIDUR SA            0.10   12/31/2024    EUR    15.05
Heta Asset Resolut    0.26     4/2/2018    EUR    51.50
SAir Group            6.25   10/27/2002    CHF    12.25
Locko-Bank ZAO       11.50    7/17/2018    RUB    60.01
JP Morgan Structur   14.00   11/23/2029    ZMW    64.99
JP Morgan Structur   13.00   11/25/2024    ZMW    65.36
Cerruti Finance SA    6.50    7/26/2004    EUR     1.04
RESO-Garantia OCAO   14.00    9/13/2022    RUB    60.01
UTair-Finans OOO     12.00    5/26/2015    RUB    30.30
HSBC Bank PLC         0.50   12/29/2026    AUD    62.64
Svensk Exportkredi    0.50    3/28/2029    AUD    68.54
Credit Suisse AG/L    1.64     6/1/2042    USD    53.76
Lehman Brothers Tr    7.59   11/22/2009    MXN    29.88
MirLand Developmen    7.21    5/31/2020    ILS    39.01
Barclays Bank PLC     0.50    3/13/2023    RUB    41.09
Region of Stavropo    8.09    11/4/2020    RUB    60.01
Svensk Exportkredi    0.50    2/22/2022    ZAR    52.60
Svensk Exportkredi    0.50    4/25/2019    BRL    62.56
NIBC Bank NV         25.98     5/7/2029    EUR    70.94
LBI HF                3.11   11/10/2008    EUR     2.81
Kommunekredit         0.50    5/11/2029    CAD    71.84
Kaupthing Bank Hf     4.95     5/6/2009    EUR    14.13
Lehman Brothers Tr    5.00    8/16/2017    EUR     3.82
Oesterreichische V    1.75     9/9/2020    EUR    30.13
Bank Petrocommerce   18.00   12/25/2019    RUB    61.00
Bank Julius Baer &    8.00     5/7/2015    USD    70.95
Oesterreichische V    2.00    4/24/2020    EUR    33.25
Bank Nederlandse G    0.50    8/15/2022    ZAR    53.60
Municipality Finan    0.50    1/10/2018    BRL    74.85
Deutsche Bank AG      7.20    9/22/2015    EUR    63.90
Lehman Brothers Tr   13.50   11/28/2008    USD     6.63
Sviaz Bank OAO       11.40    4/13/2022    RUB    60.00
Oesterreichische V    1.80    5/24/2018    EUR    49.38
Heta Asset Resolut    0.28     3/4/2018    EUR    51.50
UTair-Finans OOO     12.00    6/17/2016    RUB    30.30
URALSIB Leasing Co   10.50    4/17/2018    RUB   100.00
Gold-Zack AG          7.00   12/14/2005    EUR    12.60
EFG International     6.48    5/29/2018    EUR    60.09
Oesterreichische V    1.05    5/20/2025    EUR    12.00
Oesterreichische V    2.75   10/21/2016    EUR    72.13
Emporiki Group Fin    5.00    12/2/2021    EUR    37.57
Lehman Brothers Tr    4.10    6/10/2014    SGD     6.63
Konservenfabrik Za    8.00     4/1/2016    EUR     0.00
Lehman Brothers Tr    6.00    2/14/2012    EUR     6.63
Lehman Brothers Tr    4.00    7/27/2011    EUR     3.82
KPNQwest NV           7.13     6/1/2009    EUR     0.50
Oberoesterreichisc    0.30    4/25/2042    EUR    67.79
Mortgage Agent Abs    8.90    8/12/2041    RUB    54.70
Lehman Brothers Tr   11.75     3/1/2010    EUR     6.63
Raiffeisen-Holding    5.10                 EUR    62.63
Republika Srpska      1.50   12/22/2023    BAM    74.78
Credit Suisse AG/L   15.50     5/4/2016    USD    61.50
Credit Suisse AG/N   10.25    8/28/2015    USD    53.45
Bank Nederlandse G    0.50    9/20/2022    ZAR    53.09
Oesterreichische V    2.00     8/1/2016    EUR    74.88
Totens Sparebank      2.98                 NOK    65.32
Republika Srpska      1.50    9/25/2026    BAM    66.00
WGF Westfaelische     6.35     8/1/2017    EUR     3.52
Oesterreichische V    2.00   11/15/2016    EUR    70.25
Municipality Finan    0.50     8/8/2029    NZD    57.98
Credit Suisse AG/N    8.40    6/26/2015    USD    40.37
Lehman Brothers Tr   15.00    3/30/2011    EUR     3.82
Lehman Brothers Tr    7.50     5/2/2017    EUR     3.82
Kaupthing Bank Hf     1.65     7/5/2010    JPY    14.13
Oesterreichische V    4.81    7/29/2025    EUR    61.00
Housing Financing     2.70     1/1/2020    ISK    68.10
Lehman Brothers Tr    2.30    4/28/2014    JPY     3.82
Kaupthing Bank Hf     0.80    2/15/2011    EUR    14.13
Glitnir HF            2.25    2/15/2011    EUR    14.00
MirLand Developmen    6.50   12/31/2015    ILS    44.34
HSBC Bank PLC         0.50    7/30/2019    IDR    68.15
MirLand Developmen    6.00   11/30/2017    ILS    40.27
Exane Finance         1.75    4/28/2016    EUR    55.75
HSBC Bank PLC         0.50   12/29/2022    AUD    73.15
Kommunalbanken AS     0.50    5/27/2022    ZAR    55.53
Barclays Bank PLC     0.50    3/19/2021    MXN    72.04
Kommunalbanken AS     0.50    11/8/2018    BRL    69.08
Zaklady Miesne Mys   11.00    7/25/2015    PLN    10.00
Glitnir HF            5.86    7/28/2016    GBP    14.00
Lehman Brothers Tr    4.80   11/16/2012    HKD     6.63
Heta Asset Resolut    0.29    7/28/2017    EUR    50.50
Glitnir HF            5.25     5/2/2014    ISK    14.00
Glitnir HF            5.25     5/2/2017    ISK    14.00
RSL Communications    9.13     3/1/2008    USD     1.25
RSL Communications   12.00    11/1/2008    USD     1.25
Lehman Brothers Tr   15.00     6/4/2009    CHF     6.63
Glitnir HF            4.85    4/26/2012    EUR    14.00
SAir Group            2.75    7/30/2004    CHF    11.38
Svensk Exportkredi    0.50    8/28/2020    TRY    59.34
Glitnir HF            2.00    1/30/2009    CHF    14.00
Republika Srpska      1.50   12/15/2023    BAM    74.00
LBI HF                4.40    1/18/2010    CAD     2.81
Oesterreichische V    2.15    3/25/2019    EUR    42.00
Banque Cantonale V    5.25     7/2/2015    CHF    55.81
Societe Generale S    0.50     4/3/2023    RUB    40.95
LBI HF                4.38   10/20/2008    EUR     2.81
Lehman Brothers Tr    0.80   12/30/2016    EUR     3.82
Commerzbank AG        1.88    4/22/2016    EUR    73.12
Glitnir HF            3.45    8/22/2010    CZK    14.00
Rinol AG              5.50   10/15/2006    DEM     0.00
SAir Group            4.25     2/2/2007    CHF    11.75
Province of Trevis    0.40   12/31/2034    EUR    62.56
Oesterreichische V    5.45     8/2/2019    EUR    72.70
UBS AG               10.05   10/23/2015    USD    25.80
Oesterreichische V    5.50    8/26/2025    EUR    24.50
City of Hunedoara     2.43    8/15/2026    RON    70.00
BNP Paribas SA        0.50    2/13/2024    NZD    67.01
Oesterreichische V    3.00     2/3/2017    EUR    68.13
Societe Generale S    0.50    5/22/2024    MXN    61.06
Bank Nederlandse G    0.50    6/22/2021    ZAR    62.48
Oesterreichische V    3.78    8/25/2033    EUR    13.50
BNP Paribas SA        0.50    9/29/2029    AUD    54.62
Leonteq Securities    7.35     7/2/2015    USD    70.90
Kaupthing Bank Hf     4.90    5/29/2017    EUR    14.13
DeltaCredit Bank     11.92   10/10/2024    RUB    74.77
Oesterreichische V    4.21    1/25/2033    EUR    15.13
HSBC Bank PLC         0.50   10/30/2018    IDR    72.93
Kaupthing Bank Hf     7.00     1/3/2011    EUR    14.13
Lehman Brothers Tr    8.00   12/31/2010    USD     6.63
Hellas Telecommuni    8.50   10/15/2013    EUR     0.00
Oesterreichische V    5.00    3/26/2018    EUR    57.13
Lehman Brothers Tr   11.00     7/4/2011    CHF     6.63
Glitnir HF            6.00     8/1/2015    ISK    14.00
Muehl Product & Se    6.75    3/10/2005    DEM     1.72
Lehman Brothers Tr    2.00    6/28/2011    EUR     3.82
LBI HF                3.45   12/18/2033    JPY     0.01
Kaupthing Bank Hf     6.50    10/8/2010    ISK    14.13
UTair-Finans OOO     12.00    6/17/2016    RUB    30.30
ZapSib-Transservic   15.00    4/17/2018    RUB    60.00
Credit Suisse AG/L    8.00   11/29/2019    USD     8.34
Oesterreichische V    4.33     2/1/2017    EUR    69.75
Bosnia & Herzegovi    2.50    6/30/2022    BAM    74.00
Oesterreichische V    1.38     2/8/2019    EUR    41.38
Leonteq Securities   19.94    5/21/2015    CHF    54.68
Russian Post FGUP     8.70   10/18/2019    RUB    59.01
Nutritek Internati    8.75   12/11/2008    USD     2.00
Glitnir HF           10.00    6/28/2017    USD    14.00
UniCredit Bank AG     4.00    6/26/2015    EUR    55.45
Municipality Finan    0.50    2/22/2019    IDR    70.77
Lehman Brothers Tr    4.00    4/13/2011    CHF     3.82
Oesterreichische V    5.10     7/5/2022    EUR    30.75
Glitnir HF            3.25    9/15/2015    EUR    14.00
Glitnir HF            4.75   10/15/2010    USD    14.00
KPNQwest NV           8.88     2/1/2008    EUR     0.50
Province of Rovigo    0.42   12/28/2035    EUR    60.88
RSL Communications   10.50   11/15/2008    USD     1.25
RSL Communications    9.88   11/15/2009    USD     1.25
Kaupthing Bank Hf     7.50    10/2/2010    EUR    14.13
Lehman Brothers Tr    7.60    1/31/2013    AUD     6.63
EDOB Abwicklungs A    7.50     4/1/2012    EUR     0.76
Kaupthing Bank Hf     7.90    4/28/2016    EUR    14.13
Glitnir HF            5.25   10/23/2011    ISK    14.00
Lehman Brothers Tr    4.05    9/16/2008    EUR     3.82
Lehman Brothers Tr    7.60    5/21/2013    USD     3.82
Araratbank OJSC       8.50    6/14/2016    USD    25.58
Credit Suisse AG/L    8.25   11/29/2024    USD     9.45
Lehman Brothers Tr    6.85   12/22/2008    EUR     3.82
Barclays Bank PLC     3.50     2/5/2016    EUR    67.13
City of Predeal Ro    2.50    5/15/2026    RON    60.00
Lehman Brothers Tr    3.00    9/13/2010    JPY    29.88
Fonciere Volta SA     4.50    7/30/2020    EUR     2.71
Oesterreichische V    5.50    1/19/2017    EUR    71.63
City of Baile Herc    2.50   12/16/2020    RON    75.00
Vontobel Financial    8.85    5/22/2015    EUR    70.00
Bank Julius Baer &    9.40    5/27/2015    CHF    61.25
HSBC Bank PLC         0.50    11/9/2018    IDR    72.77
Municipality Finan    0.50     5/8/2029    AUD    54.96
HSBC Bank PLC         0.50     2/5/2018    RUB    72.03
Eitzen Chemical AS   12.36     6/6/2016    NOK    20.88
Raiffeisen Versich    5.08                 EUR    58.00
Lehman Brothers Tr    7.50    7/31/2013    GBP     3.82
Municipality Finan    0.50     2/7/2018    BRL    74.33
ExpertGroup OOO/Ru   13.00   12/11/2015    RUB    60.01
Glitnir HF            6.33    7/28/2011    USD    14.00
Glitnir HF            5.86    7/28/2016    GBP    14.00
Banque Cantonale V    1.00     7/7/2016    CHF    33.39
EFG International     6.00   11/30/2017    EUR    51.57
Municipality Finan    0.50    4/26/2022    ZAR    51.49
Leonteq Securities   20.00    1/26/2016    CHF    60.24
Glitnir HF            7.32   12/19/2012    USD    14.00
Oesterreichische V    6.60     5/6/2023    EUR    32.63
Lehman Brothers Tr    4.00    7/20/2012    EUR     3.82
Oesterreichische V    4.86   11/29/2017    EUR    60.25
Oesterreichische V    5.03    6/11/2019    EUR    46.50
Lehman Brothers Tr    8.00   10/23/2008    USD     6.63
Oesterreichische V    5.20     4/1/2020    EUR    41.63
Oesterreichische V    5.21    2/13/2026    EUR    22.88
Lehman Brothers Tr    6.25     9/5/2011    EUR     3.82
Landeskreditbank B    0.50    5/10/2027    CAD    74.93
Lehman Brothers Tr    4.50   12/30/2010    USD     6.63
Lehman Brothers Tr    5.00   11/22/2012    EUR     3.82
Kaupthing Bank Hf     7.00    7/24/2009    ISK    14.13
LBI HF                5.08     3/1/2013    ISK     2.81
Lehman Brothers Tr    9.50     4/1/2018    USD     3.82
Glitnir HF            3.75    1/15/2010    EUR    14.00
Leonteq Securities    7.00    1/22/2016    CHF    54.70
Kaupthing Bank Hf     7.63    2/28/2015    USD    14.13
Oesterreichische V    5.26     2/5/2025    EUR    24.63
Synergy Classic Vi    2.00     8/2/2015    USD    58.02
Ukraine Government    7.75    9/23/2020    USD    45.38
UBS AG/London        10.50     6/5/2015    CHF    51.71
Svensk Exportkredi    0.50    6/20/2029    AUD    66.61
Svensk Exportkredi    0.50    6/29/2029    AUD    69.11
Municipality Finan    0.50    7/30/2029    AUD    69.19
Kommunekredit         0.50    2/20/2020    BRL    58.85
Svensk Exportkredi    0.50    8/29/2029    AUD    69.86
Kommunalbanken AS     0.50    9/20/2018    BRL    69.82
Societe Generale S    0.50    4/30/2023    RUB    40.42
UniCredit Bank AG     4.00    6/25/2015    EUR    47.98
Lehman Brothers Tr    5.00    4/24/2017    EUR     3.82
Driver & Bengsch A    8.50   12/31/2027    EUR     0.01
Bulgaria Steel Fin   12.00     5/4/2013    EUR     1.00
Lehman Brothers Tr    4.60     7/6/2016    EUR     3.82
Lehman Brothers Tr    5.10    6/22/2046    EUR     6.63
Lehman Brothers Tr    6.00   10/24/2008    EUR     6.63
Lehman Brothers Tr    0.25    7/21/2014    EUR     3.82
Credit Suisse AG/L    8.00    1/11/2016    USD    45.70
Lehman Brothers Tr    9.00    5/15/2022    USD     3.82
Credit Suisse AG/L    7.60   10/15/2015    CHF    73.97
Commerzbank AG        2.00     2/3/2016    EUR    70.07
Kaupthing Bank Hf     1.99     7/5/2012    JPY    14.13
Kaupthing Bank Hf     0.20    7/12/2009    JPY    14.13
Lehman Brothers Tr   12.22   11/21/2017    USD     3.82
Lehman Brothers Tr    3.40    9/21/2009    HKD     6.63
LBI HF                7.43                 USD     0.00
Glitnir HF            4.01     7/6/2009    HKD    14.00
Lehman Brothers Tr    3.00     8/8/2017    EUR     3.82
KPNQwest NV           7.13     6/1/2009    EUR     0.50
KPNQwest NV           8.88     2/1/2008    EUR     0.50
Glitnir HF            3.00    10/4/2011    EUR    14.00
Lehman Brothers Tr    7.15    3/21/2013    USD     3.82
Lehman Brothers Tr    5.00    2/15/2018    EUR     3.82
Lehman Brothers Tr   10.60    4/22/2014    MXN     3.82
Kaupthing Bank Hf     7.70    10/2/2011    EUR    14.13
Lehman Brothers Tr    3.00    6/23/2009    EUR     3.82
Lehman Brothers Tr   10.44   11/22/2008    CHF     6.63
HSBC Bank PLC         0.50     6/9/2023    MXN    64.79
BNP Paribas SA        6.30    5/28/2021    RUB    74.09
Lehman Brothers Tr    0.50     7/2/2020    EUR     6.63
Lehman Brothers Tr    4.50     3/7/2015    EUR     3.82
UBS AG               10.37   10/23/2015    USD    15.97
Lehman Brothers Tr    4.25    3/13/2021    EUR     6.63
Glitnir HF            5.00     2/1/2011    ISK    14.00
Kaupthing Bank Hf     8.00    6/22/2011    ISK     0.00
Kaupthing Bank Hf     7.00    4/28/2012    ISK     0.00
Bamble Sparebank      2.58                 NOK    57.48
Raiffeisen-Holding    2.99                 EUR    67.75
Lehman Brothers Tr    7.05     4/8/2015    USD     3.82
Lehman Brothers Tr    2.00    5/17/2010    EUR     6.63
Lloyds Bank PLC       0.50    7/26/2028    MXN    46.35
Credit Suisse AG/N    8.13    5/15/2015    CHF    73.58
Banque Cantonale V    4.25    8/28/2015    CHF    55.75
Leonteq Securities   20.00    2/23/2016    USD    62.81
Leonteq Securities   12.10   10/22/2015    USD    62.62
Oesterreichische V    5.00     3/5/2018    EUR    57.75
Oesterreichische V    1.02     7/3/2019    EUR    37.50
Lehman Brothers Tr    2.00    6/21/2011    EUR     3.82
Arizk                 3.00   12/20/2030    RUB    31.60
Leonteq Securities    7.62     5/6/2015    CHF    74.96
Municipality Finan    0.50    5/31/2022    ZAR    51.05
Oesterreichische V    1.93    7/20/2018    EUR    47.13
Svensk Exportkredi    0.50    6/28/2022    ZAR    50.30
Kommunekredit         0.50    9/19/2019    BRL    62.28
Barclays Bank PLC     8.20     9/4/2015    USD    21.05
Oesterreichische V    1.46    7/13/2017    EUR    59.50
BNP Paribas SA        0.50   11/16/2032    MXN    35.38
Kommunalbanken AS     0.50    2/23/2018    BRL    73.32
Barclays Bank PLC     0.50    3/26/2021    MXN    71.95
JP Morgan Structur    5.65     7/1/2015    CHF    51.44
Kaupthing Bank Hf     0.69    5/21/2011    JPY    14.13
Caisse Centrale du    7.00    9/10/2015    EUR    15.39
Barclays Bank PLC     2.50     3/7/2017    EUR    54.52
LBI HF                4.53    4/24/2012    EUR     2.81
Lehman Brothers Tr    5.00    2/28/2032    EUR     3.82
Lehman Brothers Tr   14.90    9/15/2008    EUR     6.63
Araratbank OJSC       8.00    6/11/2018    USD    25.21
Notenstein Privatb   10.12    8/26/2015    USD    74.72
UBS AG/London        10.50    7/16/2015    CHF    51.49
Lehman Brothers Tr    8.60    7/31/2013    GBP     3.82
Lehman Brothers Tr    8.28    7/31/2013    GBP     3.82
Lehman Brothers Tr    7.32    7/31/2013    GBP     3.82
Credit Suisse AG/N    8.00    1/29/2016    CHF    53.09
Lehman Brothers Tr    4.50    7/24/2014    EUR     3.82
Lehman Brothers Tr    5.00    5/12/2011    CHF     3.82
Credit Suisse AG/N    8.50    7/20/2015    USD    68.53
Leonteq Securities    6.00    7/14/2015    USD    67.09
Lehman Brothers Tr    5.20    3/19/2018    EUR     6.63
Leonteq Securities   29.61   10/26/2017    EUR    59.36
HSBC Bank PLC         0.50    5/31/2019    IDR    69.01
Lehman Brothers Tr   11.00   12/20/2017    AUD     3.82
Lehman Brothers Tr    0.50   12/20/2017    AUD     3.82
LBI HF                3.00   10/22/2015    EUR     2.81
Lehman Brothers Tr    2.50    11/9/2011    CHF     3.82
Hjelmeland Spareba    2.92                 NOK    73.64
Nesset Sparebank      2.80                 NOK    55.49
Union Technologies    0.10     1/1/2020    EUR     5.50
Lehman Brothers Tr    3.50    9/19/2017    EUR     6.63
HSBC Bank PLC         0.50    6/28/2019    IDR    68.75
LBI HF                6.75    8/18/2015    EUR     2.81
Municipality Finan    0.50    3/17/2025    CAD    72.43
Lehman Brothers Tr    4.70    3/23/2016    EUR     3.82
Oesterreichische V    4.00     2/1/2021    EUR    33.75
Lehman Brothers Tr   13.43     1/8/2009    ILS     6.63
DZ Bank AG Deutsch    3.60    8/21/2015    EUR    67.64
Societe Generale S   17.60   11/17/2015    EUR    52.90
Lehman Brothers Tr    8.05   12/20/2010    HKD     6.63
Oesterreichische V    3.50    1/14/2019    EUR    47.50
Lehman Brothers Tr    7.00    9/20/2011    USD     3.82
HSBC Trinkaus & Bu   15.00    6/26/2015    EUR    62.40
UBS AG/London        10.60    5/12/2015    USD    60.00
UTair-Finans OOO      9.50    7/21/2016    RUB    30.30
Oesterreichische V    1.19   10/13/2020    EUR    28.88
Oesterreichische V    3.09   10/15/2020    EUR    33.00
Svensk Exportkredi    0.50    6/26/2019    TRY    65.92
DZ Bank AG Deutsch    5.25    8/28/2015    EUR    73.72
Vontobel Financial    5.75    6/12/2015    EUR    73.75
HSBC Trinkaus & Bu    6.50    6/26/2015    EUR    64.00
BNP Paribas Emissi    5.00    5/21/2015    EUR    73.75
UniCredit Bank AG     4.75    6/25/2015    EUR    66.89
DZ Bank AG Deutsch    8.25   12/28/2015    EUR    66.32
Ukraine Government    7.50    4/17/2023    USD    47.00
Hellenic Republic     4.75    4/17/2019    EUR    73.78
Lehman Brothers Tr    7.75    1/30/2009    EUR     6.63
Skue Sparebank        2.62                 NOK    66.02
Lehman Brothers Tr    0.25   10/19/2012    CHF     3.82
UniCredit Bank AG     4.00    6/25/2015    EUR    50.83
Barclays Bank PLC     3.50    12/7/2015    EUR    68.54
Lehman Brothers Tr    8.80   12/27/2009    EUR     6.63
Lehman Brothers Tr   11.00   12/20/2017    AUD     3.82
Oesterreichische V    5.25   12/20/2022    EUR    29.63
Lehman Brothers Tr    4.00     1/4/2011    USD     6.63
LBI HF                5.25     6/5/2023    EUR     2.81
Lehman Brothers Tr    0.50   12/20/2017    AUD     3.82
Lehman Brothers Tr    0.50   12/20/2017    AUD     3.82
Lehman Brothers Tr    0.50   12/20/2017    AUD     3.82
Lehman Brothers Tr    0.50   12/20/2017    AUD     3.82
Lehman Brothers Tr    9.30   12/21/2010    EUR     6.63
Oesterreichische V    5.10     1/2/2018    EUR    59.63
Lehman Brothers Tr    0.50   12/20/2017    USD     3.82
Lehman Brothers Tr    0.50   12/20/2017    USD     3.82
Lehman Brothers Tr    0.50   12/20/2017    USD     3.82
Lehman Brothers Tr    0.50   12/20/2017    USD     3.82
Lehman Brothers Tr   13.00    7/25/2012    EUR     6.63
Lehman Brothers Tr   10.00     8/2/2037    JPY     3.82
Kaupthing Bank Hf     5.00    11/8/2013    EUR    14.13
Oesterreichische V    5.02    11/6/2017    EUR    61.25
Lehman Brothers Tr    3.50   12/20/2027    USD     3.82
Lehman Brothers Tr    5.50   11/30/2012    CZK     3.82
Lehman Brothers Tr   14.90   11/16/2010    EUR     6.63
Lehman Brothers Tr    6.00   10/30/2012    USD     6.63
Lehman Brothers Tr   16.00    10/8/2008    CHF     6.63
Oesterreichische V    5.23    12/5/2022    EUR    29.63
Lehman Brothers Tr    3.00    12/3/2012    EUR     3.82
Oesterreichische V    5.21    12/6/2022    EUR    29.63
Lehman Brothers Tr    2.37    7/15/2013    USD     3.82
Lehman Brothers Tr    6.30   12/21/2018    USD     3.82
Lehman Brothers Tr   11.00    2/16/2009    CHF     6.63
Lehman Brothers Tr   10.00    2/16/2009    CHF     6.63
Lehman Brothers Tr   13.00    2/16/2009    CHF     6.63
Lehman Brothers Tr    7.00    2/15/2010    CHF     6.63
Lehman Brothers Tr    4.00   10/12/2010    USD     6.63
Glitnir HF            6.00   12/15/2012    GBP    14.00
Lehman Brothers Tr    1.50   10/12/2010    EUR     3.82
ECM Real Estate In    5.00    10/9/2011    EUR    10.38
Lehman Brothers Tr    7.00   10/22/2010    EUR     3.82
Oesterreichische V    6.00   10/17/2017    EUR    63.38
Oesterreichische V    5.10   10/23/2017    EUR    61.75
Oesterreichische V    5.18   11/13/2017    EUR    61.25
Lehman Brothers Tr    2.50    8/23/2012    GBP     6.63
Sparebanken Din       2.67                 NOK    68.55
Ofoten Sparebank      2.70                 NOK    69.43
Drangedal Spareban    2.58                 NOK    69.19
Lehman Brothers Tr    3.00    8/13/2011    EUR     3.82
Kaupthing Bank Hf     3.75    2/15/2024    ISK    14.13
Lehman Brothers Tr    6.00    9/20/2011    EUR     3.82
Lehman Brothers Tr    5.00     8/1/2025    EUR     3.82
Lehman Brothers Tr    7.50     8/1/2035    EUR     3.82
Lehman Brothers Tr    4.15    8/25/2020    EUR     6.63
Kaupthing Bank Hf     5.80     9/7/2012    EUR    14.13
LBI HF                3.36    8/17/2012    EUR     2.81
Glitnir HF            3.30    8/22/2012    EUR    14.00
Lehman Brothers Tr    6.00    12/6/2016    USD     3.82
Lehman Brothers Tr    3.00    8/15/2017    EUR     3.82
Glitnir HF            0.01     5/6/2009    JPY    14.00
Lehman Brothers Tr    3.50    9/29/2017    EUR     6.63
Lehman Brothers Tr    5.00     9/1/2011    EUR     3.82
UniCredit Bank Aus    0.53    1/22/2031    EUR    64.00
Lehman Brothers Tr   10.00     1/4/2010    USD     3.82
Glitnir HF            6.75    3/27/2013    EUR    14.00
Diversified Financ    2.18    7/27/2016    EUR    64.84
Lehman Brothers Tr    6.50    5/16/2015    EUR     3.82
Glitnir HF            5.00    3/14/2012    EUR    14.00
Kaupthing Bank Hf     6.40   12/15/2015    EUR    14.13
Glitnir HF            4.50     1/9/2012    EUR    14.00
Haltdalen Spareban    2.75                 NOK    54.88
Lehman Brothers Tr    6.00    7/28/2010    EUR     6.63
Lehman Brothers Tr    6.00    7/28/2010    EUR     6.63
Lehman Brothers Tr    4.90    7/28/2020    EUR     3.82
Gjerstad Sparebank    2.87                 NOK    74.37
Lehman Brothers Tr    3.82   10/20/2009    USD     6.63
LBI HF                2.22   10/15/2019    JPY     2.81
Glitnir HF            3.00   12/15/2009    EUR    14.00
Lehman Brothers Tr   13.50     6/2/2009    USD     6.63
LBI HF                4.40    11/3/2009    CZK     2.81
Lehman Brothers Tr    6.00     3/4/2015    USD     3.82
Oesterreichische V    5.01    3/26/2018    EUR    57.13
Oesterreichische V    5.01    3/26/2018    EUR    57.13
Lehman Brothers Tr    5.22     3/1/2024    EUR     6.63
Lehman Brothers Tr    3.50    6/20/2011    EUR     3.82
Lehman Brothers Tr    5.50    4/23/2014    EUR     3.82
Lehman Brothers Tr   16.20    5/14/2009    USD     6.63
Lehman Brothers Tr   16.00    11/9/2008    USD     6.63
Kaupthing Bank Hf     7.50     4/2/2011    EUR    14.13
Lehman Brothers Tr   10.00    5/22/2009    USD     6.63
Lehman Brothers Tr    4.60     8/1/2013    EUR     3.82
Lehman Brothers Tr    8.00    5/22/2009    USD     6.63
Lehman Brothers Tr    6.25   11/30/2012    EUR     3.82
Lehman Brothers Tr    6.00    2/19/2023    USD     3.82
Lehman Brothers Tr    1.00    2/26/2010    USD     3.82
Lehman Brothers Tr    4.87    10/8/2013    USD     6.63
Lehman Brothers Tr    1.95    11/4/2013    EUR     6.63
LBI HF                7.25     4/2/2011    EUR     2.81
LBI HF                7.00     4/2/2010    EUR     2.81
Lehman Brothers Tr    7.50    2/14/2010    AUD     6.63
Lehman Brothers Tr    5.00    12/6/2011    EUR     6.63
Lehman Brothers Tr    0.50     6/2/2020    EUR     6.63
Lehman Brothers Tr   12.00     7/4/2011    EUR     6.63
Lehman Brothers Tr    5.50     7/8/2013    EUR     3.82
Lehman Brothers Tr    7.60     3/4/2010    NZD     6.63
Lehman Brothers Tr   17.00     6/2/2009    USD     6.63
Lehman Brothers Tr    2.75   10/28/2009    EUR     3.82
Lehman Brothers Tr    3.00     6/3/2010    EUR     3.82
Lehman Brothers Tr    9.75    6/22/2018    USD     3.82
LBI HF                1.68   12/22/2014    JPY     2.81
Province of Trevis    0.31   12/31/2034    EUR    60.84
HSBC Bank PLC         0.50    5/29/2020    IDR    63.90
Municipality Finan    0.25    6/28/2040    CAD    28.40
Lehman Brothers Tr    7.75     1/3/2012    AUD     6.63
UBS AG                5.56    2/10/2016    USD    36.53
UBS AG                2.75    8/18/2016    USD     9.31
Lehman Brothers Tr    2.50    8/15/2012    CHF     3.82
LBI HF                4.08    3/16/2015    EUR     2.81
Lehman Brothers Tr    6.00     8/7/2013    EUR     3.82
Glitnir HF            5.24   12/22/2010    USD    14.00
UBS AG               11.22     2/4/2016    USD    23.10
Lehman Brothers Tr   16.80    8/21/2009    USD     6.63
LBI HF                4.00    9/23/2015    EUR     2.81
Lehman Brothers Tr   14.10   11/12/2008    USD     6.63
Lehman Brothers Tr    0.75    3/29/2012    EUR     3.82
Glitnir HF            3.30    6/10/2010    EUR    14.00
Glitnir HF            5.35    5/11/2010    USD    14.00
Lehman Brothers Tr    4.00    8/11/2010    USD     3.82
Lehman Brothers Tr    2.30     6/6/2013    USD     6.63
Lehman Brothers Tr    7.50    5/30/2010    AUD     6.63
Lehman Brothers Tr   11.00     5/9/2020    USD     3.82
Lehman Brothers Tr    4.30     6/4/2012    USD     6.63
Lehman Brothers Tr    4.00     6/5/2011    USD     6.63
UBS AG                8.42   12/17/2015    USD    26.12
LBI HF                2.14     2/3/2020    JPY     2.81
UBS AG                8.15    7/21/2015    USD    45.63
Lehman Brothers Tr    3.10     6/4/2010    USD     6.63
Lehman Brothers Tr    5.25     7/8/2014    EUR     6.63
LBI HF                6.75    2/18/2015    EUR     2.81
Lehman Brothers Tr    6.60    5/23/2012    AUD     6.63
Lehman Brothers Tr   16.00   10/28/2008    USD     6.63
LBI HF                2.75    3/16/2011    EUR     2.81
Lehman Brothers Tr    6.60     2/9/2009    EUR     3.92
Lehman Brothers Tr    4.70    3/23/2016    EUR     3.82
Lehman Brothers Tr    8.00    4/20/2009    EUR     3.82
Lehman Brothers Tr    0.50    2/16/2009    EUR     6.63
Lehman Brothers Tr    7.63    7/22/2011    HKD     6.63
Glitnir HF            4.85     4/6/2012    EUR    14.00
Kaupthing Bank Hf     5.40    3/22/2014    ISK     0.00
Lehman Brothers Tr    5.00    3/13/2009    EUR     3.82
Lehman Brothers Tr    6.72   12/29/2008    EUR     3.97
Lehman Brothers Tr    7.06   12/29/2008    EUR     3.98
Glitnir HF            2.57   12/31/2013    EUR    14.00
Glitnir HF            6.00   12/10/2009    ISK     0.02
Glitnir HF            6.20   12/20/2009    ISK     0.02
Glitnir HF            5.00     2/1/2016    ISK    14.00
Glitnir HF            6.00     8/1/2010    ISK    14.00
LBI HF                8.65     5/1/2011    ISK     2.81
Lehman Brothers Tr   10.00   10/23/2008    USD     6.63
Lehman Brothers Tr   10.00   10/22/2008    USD     6.63
Lehman Brothers Tr    6.45    2/20/2010    AUD     6.63
Lehman Brothers Tr   12.40    6/12/2009    USD     6.63
Glitnir HF            0.50   11/26/2009    EUR    14.00
Lehman Brothers Tr   10.00    6/17/2009    USD     6.63
Lehman Brothers Tr   13.15   10/30/2008    USD     6.63
Lehman Brothers Tr    3.63     3/2/2012    EUR     6.63
Lehman Brothers Tr    0.50     8/1/2020    EUR     6.63
Royal Bank of Scot    1.69   11/14/2016    GBP     1.08
Glitnir HF            0.01     8/3/2009    JPY    14.00
Lehman Brothers Tr   16.00   12/26/2008    USD     6.63
Kaupthing Bank Hf     7.50    12/5/2014    ISK    14.13
Lehman Brothers Tr    2.30    6/27/2013    USD     6.63
Oesterreichische V    5.01     2/5/2018    EUR    58.50
LBI HF                5.44     9/3/2018    EUR     0.01
Oesterreichische V    5.00    3/13/2018    EUR    57.50
Lehman Brothers Tr    8.00    3/21/2018    USD     3.82
Lehman Brothers Tr    3.45    5/23/2013    USD     3.82
Lehman Brothers Tr    4.10    5/20/2009    USD     6.63
Lehman Brothers Tr    4.60    11/9/2011    EUR     3.82
Lehman Brothers Tr    4.60   10/11/2017    ILS    29.88
Oesterreichische V    5.00   12/12/2018    EUR    50.50
Lehman Brothers Tr   18.25    10/2/2008    USD     6.63
e-Kancelaria Grupa   10.00   10/23/2015    PLN     1.00
HSBC Trinkaus & Bu   10.40   12/28/2015    EUR    74.92
HSBC Trinkaus & Bu   13.20   11/27/2015    EUR    72.46
Notenstein Privatb    7.40   10/31/2016    CHF    45.09
UBS AG               14.25    6/26/2015    EUR    73.78
UBS AG               13.75    6/26/2015    EUR    74.33
UBS AG               14.50    6/26/2015    EUR    75.00
UBS AG               14.25    9/25/2015    EUR    74.90
Kommunalbanken AS     0.50    8/15/2018    BRL    71.28
UBS AG                7.75    6/26/2015    EUR    60.83
LBBW                  4.00    6/26/2015    EUR    59.20
UBS AG               12.25    6/26/2015    EUR    63.66
Credit Suisse AG/N    8.25    5/18/2015    CHF    72.82
UBS AG               12.25    9/25/2015    EUR    74.81
UBS AG               18.25    9/25/2015    EUR    62.59
UBS AG               12.00   12/29/2015    EUR    74.71
UBS AG               20.50   12/29/2015    EUR    72.19
UBS AG               20.25    9/25/2015    EUR    72.50
UBS AG               23.00    9/25/2015    EUR    56.20
UBS AG               19.75   12/29/2015    EUR    64.76
UBS AG               22.75   12/29/2015    EUR    68.80
UBS AG               23.00    9/25/2015    EUR    67.73
UBS AG/London         9.00    12/3/2015    CHF    74.97
LBBW                  4.25    8/28/2015    EUR    65.70
LBBW                  5.25    8/28/2015    EUR    61.55
LBBW                  6.50    8/28/2015    EUR    57.50
Zurcher Kantonalba    3.67    1/25/2016    CHF    54.93
UBS AG               10.00   12/29/2015    EUR    71.75
UBS AG               11.50    6/26/2015    EUR    60.30
Commerzbank AG       13.25   11/26/2015    EUR    72.81
Vontobel Financial    8.20    6/26/2015    EUR    74.99
Vontobel Financial    5.65    6/26/2015    EUR    67.96
Goldman Sachs & Co    7.00    6/24/2015    EUR    74.89
Goldman Sachs & Co   11.00    6/24/2015    EUR    71.69
Goldman Sachs & Co    9.00    6/24/2015    EUR    70.07
Goldman Sachs & Co   11.00    6/24/2015    EUR    66.46
Notenstein Privatb    8.80    7/24/2015    EUR    74.93
HSBC Trinkaus & Bu    6.50    6/26/2015    EUR    69.95
DZ Bank AG Deutsch    6.00    7/10/2015    EUR    74.65
Goldman Sachs & Co    8.00    6/24/2015    EUR    73.97
Vontobel Financial    6.40    6/26/2015    EUR    71.25
UBS AG               24.00   12/29/2015    EUR    61.18
UBS AG               19.25    3/29/2016    EUR    66.74
UBS AG               19.75    6/24/2016    EUR    67.32
UBS AG               18.00    6/24/2016    EUR    69.01
UBS AG               22.00   12/29/2015    EUR    55.94
UBS AG               16.00    3/29/2016    EUR    72.98
UBS AG               17.50    6/24/2016    EUR    71.49
UBS AG               21.75    3/29/2016    EUR    66.11
UBS AG               22.50   12/29/2015    EUR    72.80
UBS AG               23.75    9/25/2015    EUR    70.54
UBS AG               23.00    6/26/2015    EUR    72.03
UBS AG               22.00   12/29/2015    EUR    73.58
UBS AG               22.00   12/29/2015    EUR    72.13
UBS AG               22.50   12/29/2015    EUR    74.78
UBS AG               24.75    9/25/2015    EUR    58.88
UBS AG               16.00    6/24/2016    EUR    71.07
UBS AG               23.75   12/29/2015    EUR    54.49
UBS AG               20.00   12/29/2015    EUR    57.58
UBS AG               20.25   12/29/2015    EUR    72.55
UBS AG               22.25   12/29/2015    EUR    69.92
UBS AG               21.75    6/26/2015    EUR    52.72
UBS AG               22.75    9/25/2015    EUR    53.34
UBS AG               23.75    6/26/2015    EUR    55.88
UBS AG               19.75    6/24/2016    EUR    73.15
UBS AG               18.75   12/29/2015    EUR    74.52
UBS AG               23.25    9/25/2015    EUR    68.34
UBS AG               21.25    3/29/2016    EUR    71.26
Vontobel Financial    4.00    6/12/2015    EUR    50.30
Vontobel Financial    8.00    6/12/2015    EUR    47.10
UBS AG               14.75    6/26/2015    EUR    67.43
UBS AG               13.25    6/26/2015    EUR    71.90
UBS AG               14.25   12/29/2015    EUR    72.63
Commerzbank AG       14.25   11/26/2015    EUR    71.53
UBS AG/London        11.50   11/26/2015    CHF    68.63
UBS AG/London        10.75   11/26/2015    CHF    68.17
Commerzbank AG       12.00   11/26/2015    EUR    67.82
UBS AG               24.00   12/29/2015    EUR    67.63
UBS AG               21.25    6/26/2015    EUR    59.02
UBS AG               20.25    3/29/2016    EUR    67.84
UBS AG               13.25   12/29/2015    EUR    60.48
UBS AG                8.75    9/25/2015    EUR    72.25
UBS AG                5.75    6/26/2015    EUR    59.92
UBS AG               10.75    6/26/2015    EUR    50.76
UBS AG                9.50   12/29/2015    EUR    62.69
UBS AG               14.75    3/29/2016    EUR    71.77
UBS AG                7.00    6/26/2015    EUR    60.07
LBBW                  3.50    8/28/2015    EUR    70.57
Notenstein Finance    7.00   10/23/2015    USD    72.87
Leonteq Securities    3.00    9/19/2019    CHF    64.25
Leonteq Securities   11.00    12/4/2015    USD    65.74
Notenstein Privatb    8.20    5/27/2016    CHF    74.34
DZ Bank AG Deutsch    7.50   11/27/2015    EUR    72.22
Commerzbank AG        9.50   10/22/2015    EUR    74.91
Commerzbank AG       11.50   10/22/2015    EUR    72.30
Commerzbank AG       13.75   10/22/2015    EUR    70.15
Commerzbank AG       15.75   10/22/2015    EUR    68.06
UBS AG/London        10.25   11/12/2015    CHF    73.22
UBS AG/London        11.75   11/12/2015    CHF    62.03
HSBC Trinkaus & Bu   17.50   12/28/2015    EUR    64.91
HSBC Trinkaus & Bu   13.70   12/28/2015    EUR    67.60
HSBC Trinkaus & Bu   10.00   12/28/2015    EUR    71.25
HSBC Trinkaus & Bu   13.90    8/28/2015    EUR    66.59
HSBC Trinkaus & Bu   12.40   11/27/2015    EUR    68.60
DZ Bank AG Deutsch   15.50    5/20/2015    EUR    63.48
Goldman Sachs & Co   25.00    6/24/2015    EUR    73.19
Goldman Sachs & Co   25.00    8/26/2015    EUR    73.43
Goldman Sachs & Co   24.00    9/23/2015    EUR    74.88
DZ Bank AG Deutsch   11.00   10/23/2015    EUR    66.14
Notenstein Privatb    3.00    9/22/2020    CHF    69.59
DZ Bank AG Deutsch    7.75    7/24/2015    EUR    69.89
Commerzbank AG        7.00   10/22/2015    EUR    70.93
BNP Paribas Emissi   13.00   12/24/2015    EUR    67.16
Bank Julius Baer &   13.70   11/11/2015    CHF    67.45
UBS AG/London        12.35    11/3/2015    CHF    62.95
UBS AG/London         8.48    11/3/2015    CHF    61.20
BNP Paribas Emissi   15.00   12/24/2015    EUR    74.44
BNP Paribas Emissi   16.00   12/24/2015    EUR    72.47
HSBC Trinkaus & Bu   17.00   12/28/2015    EUR    60.20
HSBC Trinkaus & Bu   11.90   12/28/2015    EUR    63.76
HSBC Trinkaus & Bu    8.70   12/28/2015    EUR    67.26
Commerzbank AG        7.00    9/24/2015    EUR    65.20
UBS AG               22.75   12/29/2015    EUR    64.44
UBS AG               21.00    9/25/2015    EUR    62.26
UBS AG               13.50   12/29/2015    EUR    74.05
UBS AG               20.25    9/25/2015    EUR    67.99
UBS AG               22.75   12/29/2015    EUR    74.35
UBS AG               22.75    6/26/2015    EUR    55.51
UBS AG               18.50    6/26/2015    EUR    61.47
UBS AG               19.25   12/29/2015    EUR    62.28
UBS AG               16.50    9/25/2015    EUR    65.34
UBS AG               20.50    6/26/2015    EUR    61.97
UBS AG               24.75    6/26/2015    EUR    53.03
UBS AG               16.50    6/26/2015    EUR    65.11
UBS AG               18.00   12/29/2015    EUR    64.15
UBS AG               21.50    9/25/2015    EUR    58.08
UBS AG               24.00    6/26/2015    EUR    57.31
UBS AG               22.00    9/25/2015    EUR    64.69
UBS AG               16.25   12/29/2015    EUR    69.81
UBS AG               18.00    9/25/2015    EUR    71.67
UBS AG               23.75    9/25/2015    EUR    61.89
UBS AG               20.50   12/29/2015    EUR    60.63
UBS AG               14.75    9/25/2015    EUR    68.54
UBS AG               21.25    9/25/2015    EUR    65.68
UBS AG                7.00   12/29/2015    EUR    66.71
UBS AG                6.25    6/26/2015    EUR    66.52
UBS AG                9.75    9/25/2015    EUR    57.51
UBS AG               24.25    9/25/2015    EUR    40.81
UBS AG                5.00    6/26/2015    EUR    72.60
UBS AG               18.00   12/29/2015    EUR    70.25
UBS AG               23.50    9/25/2015    EUR    74.26
UBS AG               20.75   12/29/2015    EUR    66.52
UBS AG               13.50    6/26/2015    EUR    62.72
UBS AG               12.00   12/29/2015    EUR    54.62
UBS AG               15.00    6/26/2015    EUR    59.76
UBS AG               13.75    9/25/2015    EUR    61.89
UBS AG               23.00    9/25/2015    EUR    62.54
UBS AG               22.00   12/29/2015    EUR    64.63
UBS AG               20.25    9/25/2015    EUR    66.41
UBS AG               22.50    6/26/2015    EUR    63.32
UBS AG               24.75    9/25/2015    EUR    59.88
UBS AG               24.25    6/26/2015    EUR    73.00
UBS AG               18.50    9/25/2015    EUR    70.62
UBS AG               19.50   12/29/2015    EUR    68.34
UBS AG               19.50   12/29/2015    EUR    71.36
UBS AG               12.50    9/25/2015    EUR    61.97
UBS AG                7.00    6/26/2015    EUR    63.89
UBS AG               10.25    6/26/2015    EUR    55.38
UBS AG               16.50    9/25/2015    EUR    58.93
UBS AG                5.25    9/25/2015    EUR    73.37
UBS AG               12.25    6/26/2015    EUR    52.02
UBS AG                5.50    6/26/2015    EUR    69.40
UBS AG               20.25    6/26/2015    EUR    66.28
UBS AG               23.50    9/25/2015    EUR    62.10
UBS AG               20.75    6/26/2015    EUR    66.25
UBS AG               20.50   12/29/2015    EUR    66.99
UBS AG                6.25   12/29/2015    EUR    68.83
UBS AG               16.75   12/29/2015    EUR    74.33
UBS AG               24.00    6/26/2015    EUR    60.66
UBS AG               11.00    9/25/2015    EUR    66.68
UBS AG               14.75   12/29/2015    EUR    61.86
UBS AG               24.50    9/25/2015    EUR    63.31
UBS AG               21.75   12/29/2015    EUR    67.98
UBS AG               18.00    6/26/2015    EUR    74.09
UBS AG               13.50   12/29/2015    EUR    62.75
UBS AG               21.75    9/25/2015    EUR    67.11
UBS AG               19.00   12/29/2015    EUR    69.81
UBS AG               17.75   12/29/2015    EUR    71.84
UBS AG                5.75   12/29/2015    EUR    71.30
UBS AG               21.75    6/26/2015    EUR    67.46
UBS AG               22.00    9/25/2015    EUR    64.17
UBS AG               17.50    9/25/2015    EUR    46.43
UBS AG               16.75    6/26/2015    EUR    57.59
UBS AG               15.00    9/25/2015    EUR    60.52
UBS AG               19.00    9/25/2015    EUR    71.85
UBS AG               20.25    6/26/2015    EUR    69.93
UBS AG               18.25    6/26/2015    EUR    55.61
UBS AG               12.50   12/29/2015    EUR    64.42
UBS AG               17.75    9/25/2015    EUR    74.02
UBS AG                9.50   12/29/2015    EUR    59.64
UBS AG               17.75    9/25/2015    EUR    70.41
UBS AG               23.00   12/29/2015    EUR    63.27
UBS AG               19.75    9/25/2015    EUR    67.96
UBS AG               22.50   12/29/2015    EUR    64.15
UBS AG               23.25    6/26/2015    EUR    61.68
UBS AG               18.00    6/26/2015    EUR    71.29
UBS AG               11.25   12/29/2015    EUR    66.54
UBS AG                5.25   12/29/2015    EUR    73.96
Credit Suisse AG/N    8.50     6/5/2015    CHF    70.04
SAir Group            2.75    7/30/2004    CHF    11.63
UBS AG               20.50    9/25/2015    EUR    67.02
UBS AG               20.25    6/26/2015    EUR    48.28
UBS AG                9.00   12/29/2015    EUR    70.58
UBS AG               11.00   12/29/2015    EUR    65.91
UBS AG               19.25    9/25/2015    EUR    68.97
UBS AG                8.75    6/26/2015    EUR    70.68
UBS AG               22.00    9/25/2015    EUR    48.05
UBS AG               14.50    9/25/2015    EUR    71.10
UBS AG               25.00    9/25/2015    EUR    73.55
UBS AG               16.50    6/26/2015    EUR    67.60
UBS AG               10.50    9/25/2015    EUR    66.08
UBS AG               12.50    6/26/2015    EUR    60.83
UBS AG               20.25    9/25/2015    EUR    50.17
UBS AG               21.75   12/29/2015    EUR    62.20
UBS AG               11.25    6/26/2015    EUR    63.76
UBS AG               18.25    9/25/2015    EUR    52.63
UBS AG               19.75   12/29/2015    EUR    64.30
UBS AG               17.25    9/25/2015    EUR    72.28
UBS AG               22.50    9/25/2015    EUR    60.14
UBS AG               16.50   12/29/2015    EUR    56.31
UBS AG               18.25   12/29/2015    EUR    54.23
UBS AG               12.75   12/29/2015    EUR    61.94
UBS AG               19.75   12/29/2015    EUR    52.41
UBS AG               20.00    9/25/2015    EUR    63.11
UBS AG               14.75   12/29/2015    EUR    58.89
UBS AG               17.75    6/26/2015    EUR    51.72
UBS AG               23.75    6/26/2015    EUR    72.45
UBS AG               24.50    9/25/2015    EUR    71.06
UBS AG               23.00    6/26/2015    EUR    74.42
UBS AG               19.75    6/26/2015    EUR    62.60
UBS AG               23.50    9/25/2015    EUR    62.82
UBS AG               23.75    6/26/2015    EUR    62.23
UBS AG               22.75    9/25/2015    EUR    73.84
UBS AG                8.50    9/25/2015    EUR    72.20
UBS AG               21.25   12/29/2015    EUR    50.94
UBS AG               17.75   12/29/2015    EUR    66.94
UBS AG               23.00   12/29/2015    EUR    73.44
UBS AG               24.75    9/25/2015    EUR    73.42
UBS AG               18.50   12/29/2015    EUR    66.18
UBS AG               20.25    6/26/2015    EUR    67.46
UBS AG               17.50   12/29/2015    EUR    67.96
UBS AG               15.00    9/25/2015    EUR    71.23
UBS AG               20.00    9/25/2015    EUR    60.25
UBS AG               23.75    9/25/2015    EUR    72.66
UBS AG               19.00    9/25/2015    EUR    74.67
UBS AG               23.00    6/26/2015    EUR    67.73
UBS AG               15.00   12/29/2015    EUR    68.68
UBS AG               24.75    6/26/2015    EUR    71.30
UBS AG               18.75    6/26/2015    EUR    64.67
UBS AG               18.00   12/29/2015    EUR    71.81
UBS AG               23.50    9/25/2015    EUR    58.92
UBS AG               17.75    6/26/2015    EUR    72.49
UBS AG               21.50    6/26/2015    EUR    70.21
UBS AG               13.50   12/29/2015    EUR    71.50
UBS AG               21.75   12/29/2015    EUR    59.21
UBS AG               17.00    6/26/2015    EUR    67.70
UBS AG               22.25    9/25/2015    EUR    60.50
UBS AG               20.75   12/29/2015    EUR    63.35
UBS AG               16.50    9/25/2015    EUR    68.57
UBS AG               20.75    6/26/2015    EUR    58.37
UBS AG               13.00    9/25/2015    EUR    72.24
UBS AG               24.50    9/25/2015    EUR    54.49
UBS AG               16.50   12/29/2015    EUR    66.21
UBS AG               13.50    9/25/2015    EUR    74.21
UBS AG               21.25   12/29/2015    EUR    66.54
UBS AG               19.50    9/25/2015    EUR    64.12
UBS AG               22.75    6/26/2015    EUR    63.20
UBS AG               19.25    6/26/2015    EUR    74.38
UBS AG               22.25    6/26/2015    EUR    59.52
UBS AG               19.75   12/29/2015    EUR    69.02
UBS AG               15.00   12/29/2015    EUR    71.88
UBS AG               18.00    9/25/2015    EUR    66.23
UBS AG               12.25    6/26/2015    EUR    69.44
UBS AG               20.75   12/29/2015    EUR    67.27
UBS AG               24.00    9/25/2015    EUR    74.19
UBS AG               15.50   12/29/2015    EUR    70.03
UBS AG               13.00   12/29/2015    EUR    73.79
UBS AG                7.50    6/26/2015    EUR    74.76
UBS AG               16.00    9/25/2015    EUR    55.51
UBS AG               22.75   12/29/2015    EUR    49.75
UBS AG                7.25    6/26/2015    EUR    66.19
UBS AG               13.75    6/26/2015    EUR    70.87
UBS AG               14.00    6/26/2015    EUR    69.24
UBS AG               13.75    9/25/2015    EUR    64.23
UBS AG               11.75    6/26/2015    EUR    63.71
UBS AG                6.75    6/26/2015    EUR    50.22
UBS AG                8.50   12/29/2015    EUR    74.06
UBS AG               10.25    9/25/2015    EUR    62.95
UBS AG                7.25   12/29/2015    EUR    73.36
UBS AG                9.50    6/26/2015    EUR    70.24
UBS AG               10.75    6/26/2015    EUR    53.23
UBS AG               10.75   12/29/2015    EUR    72.25
UBS AG               10.50    6/26/2015    EUR    43.69
UBS AG               14.75    9/25/2015    EUR    61.05
UBS AG               25.00   12/29/2015    EUR    72.89
UBS AG               14.00    6/24/2016    EUR    73.91
UBS AG               25.00    9/25/2015    EUR    67.52
UBS AG               23.75   12/29/2015    EUR    70.73
UBS AG               23.50    9/25/2015    EUR    69.82
UBS AG               23.00   12/29/2015    EUR    60.05
UBS AG               16.50    6/24/2016    EUR    72.87
UBS AG               13.75    3/29/2016    EUR    73.93
UBS AG               23.25   12/29/2015    EUR    70.36
UBS AG               20.75   12/29/2015    EUR    74.15
UBS AG               22.75    6/26/2015    EUR    72.24
UBS AG               21.25    3/29/2016    EUR    64.78
UBS AG               18.50    3/29/2016    EUR    69.75
UBS AG               19.00    6/24/2016    EUR    69.83
UBS AG               24.50   12/29/2015    EUR    62.41
UBS AG               23.00    6/26/2015    EUR    68.58
UBS AG               19.25    6/26/2015    EUR    73.64
UBS AG               21.50    9/25/2015    EUR    70.60
UBS AG               17.25    3/29/2016    EUR    71.23
UBS AG               20.25    6/24/2016    EUR    68.29
UBS AG               24.75    9/25/2015    EUR    69.25
UBS AG               23.50   12/29/2015    EUR    58.32
UBS AG               19.75    9/25/2015    EUR    73.17
UBS AG               20.00    6/26/2015    EUR    54.55
UBS AG               15.25    6/24/2016    EUR    74.21
UBS AG               21.75   12/29/2015    EUR    63.48
UBS AG               17.25    3/29/2016    EUR    69.39
UBS AG               21.00    6/26/2015    EUR    74.17
UBS AG               22.00    9/25/2015    EUR    72.38
UBS AG               20.75    3/29/2016    EUR    73.95
UBS AG               23.25    6/26/2015    EUR    70.53
UBS AG               14.75    3/29/2016    EUR    72.42
UBS AG               23.00    6/26/2015    EUR    40.18
UBS AG               20.75    6/26/2015    EUR    42.34
UBS AG               23.75   12/29/2015    EUR    71.04
UBS AG               19.75    3/29/2016    EUR    73.33
DZ Bank AG Deutsch    6.25    7/10/2015    EUR    67.92
DZ Bank AG Deutsch    6.75    7/10/2015    EUR    68.01
DZ Bank AG Deutsch    7.25    7/10/2015    EUR    68.10
Powszechne Towarzy    8.01     8/1/2016    PLN    49.00
e-Kancelaria Grupa    8.04    9/15/2016    PLN     1.00
Lehman Brothers Tr    8.28    3/26/2009    USD     3.82
Lehman Brothers Tr    7.60    3/26/2009    EUR     3.82
Lehman Brothers Tr    7.55   12/29/2008    USD     3.82
Lehman Brothers Tr    6.00    3/17/2011    EUR     3.82
Glitnir HF            2.75    3/31/2010    EUR    14.00
Lehman Brothers Tr    7.00    7/11/2010    EUR     3.82
Leonteq Securities   13.00     6/5/2015    CHF    71.76
HSBC Trinkaus & Bu   13.40    9/25/2015    EUR    74.62
Hypothekenbank Fra    0.29    6/30/2051    EUR    71.83
Lehman Brothers Tr    4.00    3/10/2011    EUR     3.82
Lehman Brothers Tr    8.00    3/19/2012    USD     3.82
UBS AG               24.75    9/25/2015    EUR    71.25
UBS AG               23.50    6/26/2015    EUR    72.76
UBS AG               23.00   12/29/2015    EUR    73.98
UBS AG               22.50    9/25/2015    EUR    73.89
UBS AG               23.25    9/25/2015    EUR    73.59
UBS AG               13.75    9/25/2015    EUR    59.07
UBS AG               11.75    9/25/2015    EUR    63.56
UBS AG               15.00    6/26/2015    EUR    55.81
UBS AG               23.75    9/25/2015    EUR    46.27
UBS AG               24.50    9/25/2015    EUR    57.59
UBS AG               17.25    9/25/2015    EUR    66.63
UBS AG               23.00    6/26/2015    EUR    58.46
UBS AG               22.00    6/26/2015    EUR    64.45
UBS AG               22.75    6/26/2015    EUR    45.38
UBS AG               10.00   12/29/2015    EUR    68.13
UBS AG                8.25   12/29/2015    EUR    73.43
UBS AG               23.00    6/26/2015    EUR    73.96
UBS AG               13.00    6/26/2015    EUR    72.61
Leonteq Securities    4.50     4/4/2016    EUR    56.24
Commerzbank AG       11.25   11/26/2015    EUR    74.51
Leonteq Securities    5.00    5/23/2016    CHF    60.21
Barclays Bank PLC     4.17     1/5/2017    EUR    69.00
BNP Paribas Emissi   10.00    7/23/2015    EUR    64.37
BNP Paribas Emissi    8.00    7/23/2015    EUR    64.59
Credit Suisse AG/N    8.13    7/15/2015    CHF    73.98
Bank Julius Baer &    3.90   11/30/2015    CHF    71.95
Leonteq Securities    6.00     1/7/2016    EUR    45.95
Goldman Sachs Inte    1.00    12/5/2017    SEK    15.26
HSBC Trinkaus & Bu   18.50    6/26/2015    EUR    61.81
Notenstein Privatb    7.00    6/17/2015    CHF    74.64
Commerzbank AG        3.00    12/3/2015    EUR    63.46
UBS AG               14.75    6/26/2015    EUR    71.35
UBS AG               12.75   12/29/2015    EUR    73.74
UBS AG               14.50   12/29/2015    EUR    68.40
UBS AG               13.75   12/29/2015    EUR    70.36
Societe Generale E    4.00    6/26/2017    EUR    52.02
Vontobel Financial    7.75    6/26/2015    EUR    74.25
Raiffeisen Centrob    8.56    7/22/2015    EUR    72.49
Raiffeisen Centrob    9.87    7/22/2015    EUR    72.98
UBS AG               10.75   12/29/2015    EUR    65.78
UBS AG               14.25    6/26/2015    EUR    55.30
Leonteq Securities    5.25    2/26/2016    CHF    59.57
Leonteq Securities    3.90     3/1/2016    EUR    49.37
Leonteq Securities    3.10     3/1/2016    EUR    73.75
Lehman Brothers Tr    9.25    6/20/2012    USD     3.82
Lehman Brothers Tr    1.50     2/8/2012    CHF     3.82
Oesterreichische V    0.83   10/15/2019    EUR    34.25
Oesterreichische V    4.50   10/21/2020    EUR    37.00
Lehman Brothers Tr    0.01    9/20/2011    USD     3.82
Lehman Brothers Tr    4.68   12/12/2045    EUR     6.63
Lehman Brothers Tr   13.00   12/14/2012    USD     3.82
Lehman Brothers Tr    5.12    4/30/2027    EUR     6.63
Lehman Brothers Tr    7.75    2/21/2016    EUR     3.82
Lehman Brothers Tr    4.10    8/23/2010    USD     6.63
Lehman Brothers Tr    7.25    6/20/2010    USD     3.82
DZ Bank AG Deutsch    3.50    9/23/2015    EUR    74.71
DZ Bank AG Deutsch    5.40    9/23/2015    EUR    71.89
DZ Bank AG Deutsch    4.80   12/23/2015    EUR    73.69
DZ Bank AG Deutsch    5.70    9/23/2015    EUR    69.68
DZ Bank AG Deutsch    5.70    9/23/2015    EUR    66.47
DZ Bank AG Deutsch    4.60    9/23/2015    EUR    63.14
DZ Bank AG Deutsch    5.10   12/23/2015    EUR    72.20
DZ Bank AG Deutsch    5.10   12/23/2015    EUR    69.03
DZ Bank AG Deutsch    4.40   12/23/2015    EUR    65.60
DZ Bank AG Deutsch    3.90    9/23/2015    EUR    74.92
DZ Bank AG Deutsch    5.80    9/23/2015    EUR    71.71
DZ Bank AG Deutsch    5.10   12/23/2015    EUR    74.18
DZ Bank AG Deutsch    4.60   12/23/2015    EUR    68.82
DZ Bank AG Deutsch    3.20   12/23/2015    EUR    67.93
HSBC Trinkaus & Bu   19.80    6/26/2015    EUR    54.29
Commerzbank AG        9.25    9/24/2015    EUR    73.87
Commerzbank AG        7.50    9/24/2015    EUR    70.14
Commerzbank AG        9.25    9/24/2015    EUR    67.42
Commerzbank AG       11.25    9/24/2015    EUR    65.08
Commerzbank AG       20.50    9/24/2015    EUR    72.72
Commerzbank AG       23.75    9/24/2015    EUR    68.49
Vontobel Financial    7.60    9/25/2015    EUR    73.02
Oesterreichische V    4.78     6/7/2030    EUR    17.88
DZ Bank AG Deutsch    8.75   10/23/2015    EUR    73.10
Deutsche Bank AG      5.20   12/22/2015    EUR    72.50
Deutsche Bank AG      4.20    6/22/2015    EUR    70.00
Deutsche Bank AG      6.20    6/22/2015    EUR    70.30
Lehman Brothers Tr    6.00    6/21/2011    EUR     3.82
Leonteq Securities   11.20   12/29/2015    CHF    55.99
DZ Bank AG Deutsch    2.60    9/23/2015    EUR    69.11
DZ Bank AG Deutsch    3.10    9/23/2015    EUR    66.25
DZ Bank AG Deutsch    4.80    9/23/2015    EUR    66.91
DZ Bank AG Deutsch    2.70   12/23/2015    EUR    70.66
DZ Bank AG Deutsch    6.00    9/23/2015    EUR    72.75
Commerzbank AG       10.75    8/27/2015    EUR    60.44
Commerzbank AG        8.50    8/27/2015    EUR    62.70
HSBC Trinkaus & Bu   19.30    6/26/2015    EUR    70.24
HSBC Trinkaus & Bu   15.60    9/25/2015    EUR    74.08
Deutsche Bank AG      5.20    6/22/2015    EUR    70.20
Deutsche Bank AG      6.20    9/22/2015    EUR    71.70
Deutsche Bank AG      6.20   12/22/2015    EUR    73.10
Commerzbank AG       26.75    9/24/2015    EUR    64.38
Deutsche Bank AG      4.20    6/22/2015    EUR    74.60
Deutsche Bank AG      4.20   12/22/2015    EUR    71.80
Deutsche Bank AG      4.20    9/22/2015    EUR    71.00
Deutsche Bank AG      5.20    9/22/2015    EUR    71.40
Lehman Brothers Tr   12.00    7/13/2037    JPY     3.82
Lehman Brothers Tr   10.00    6/11/2038    JPY     3.82
Oesterreichische V    1.34     3/1/2018    EUR    51.13
Oesterreichische V    1.39    1/28/2019    EUR    41.75
Lehman Brothers Tr    4.82   12/18/2036    EUR     6.63
Lehman Brothers Tr    5.25     4/1/2023    EUR     6.63
Lehman Brothers Tr    6.70    4/21/2011    USD     3.82
Oesterreichische V    0.95    2/11/2019    EUR    40.25
Lehman Brothers Tr    3.00    9/12/2036    JPY    29.88
Leonteq Securities   20.00   12/29/2015    CHF    64.22
Provincia di Ancon    0.31    6/30/2028    EUR    73.15
Bank Julius Baer &    8.85    9/25/2015    CHF    53.25
DZ Bank AG Deutsch    6.25    9/25/2015    EUR    65.00
DZ Bank AG Deutsch    7.00   10/23/2015    EUR    64.54
Bank Julius Baer &   14.20   10/28/2015    CHF    62.55
HSBC Trinkaus & Bu   21.30    6/26/2015    EUR    46.89
HSBC Trinkaus & Bu   15.80    6/26/2015    EUR    49.61
HSBC Trinkaus & Bu    8.50    6/26/2015    EUR    55.02
HSBC Trinkaus & Bu   17.10    9/25/2015    EUR    50.52
HSBC Trinkaus & Bu   12.80    7/24/2015    EUR    52.12
HSBC Trinkaus & Bu   11.30   10/23/2015    EUR    54.56
UBS AG/London         7.50   10/15/2015    CHF    57.59
Oesterreichische V    2.75    9/20/2016    EUR    73.50
Commerzbank AG        9.50    9/24/2015    EUR    63.73
Commerzbank AG       11.50    9/24/2015    EUR    61.39
Commerzbank AG       13.75    9/24/2015    EUR    59.44
Deutsche Bank AG     10.00    6/22/2015    EUR    70.80
Deutsche Bank AG     10.00    8/26/2015    EUR    72.60
Deutsche Bank AG     10.00   10/21/2015    EUR    74.00
Oesterreichische V    5.05     8/5/2030    EUR    18.63
HSBC Trinkaus & Bu   13.40    9/25/2015    EUR    52.57
Deutsche Bank AG     10.00    7/22/2015    EUR    71.70
Deutsche Bank AG     10.00    9/22/2015    EUR    73.20
Deutsche Bank AG     10.00   11/25/2015    EUR    74.90
Oesterreichische V    2.75    8/24/2016    EUR    74.63
Oesterreichische V    1.33    6/14/2017    EUR    60.38
Credit Suisse AG/L    7.50    6/25/2015    USD    70.40
BNP Paribas Emissi    7.00   10/22/2015    EUR    55.67
BNP Paribas Emissi    9.00   10/22/2015    EUR    66.33
DZ Bank AG Deutsch   15.25    5/22/2015    EUR    52.13
UniCredit Bank AG     5.40    9/24/2015    EUR    54.36
UniCredit Bank AG     5.25    9/24/2015    EUR    54.92
DZ Bank AG Deutsch    9.75    5/22/2015    EUR    56.40
DZ Bank AG Deutsch   15.25    5/22/2015    EUR    53.47
Goldman Sachs & Co    6.00    7/22/2015    EUR    74.23
Goldman Sachs & Co    7.00   12/23/2015    EUR    73.16
Goldman Sachs & Co   11.00   12/23/2015    EUR    65.99
Vontobel Financial    8.95    6/26/2015    EUR    74.43
Vontobel Financial    4.50    6/26/2015    EUR    73.49
Vontobel Financial    8.35    6/26/2015    EUR    51.74
BNP Paribas Emissi    5.50    6/25/2015    EUR    73.96
BNP Paribas Emissi    7.50    6/25/2015    EUR    70.19
BNP Paribas Emissi    9.00    6/25/2015    EUR    66.77
Raiffeisen Centrob    7.55    1/20/2016    EUR    69.36
Raiffeisen Centrob    6.29    1/20/2016    EUR    67.11
Goldman Sachs & Co   14.00    5/20/2015    EUR    73.34
UniCredit Bank AG     4.25    9/24/2015    EUR    57.26
UniCredit Bank AG     5.75    9/24/2015    EUR    53.24
Credit Suisse AG/L    9.50    5/11/2015    USD    60.26
BNP Paribas Emissi    7.50    6/25/2015    EUR    74.24
BNP Paribas Emissi    9.00    6/25/2015    EUR    70.40
BNP Paribas Emissi   11.00    6/25/2015    EUR    67.04
HSBC Trinkaus & Bu   13.50    6/26/2015    EUR    73.90
UniCredit Bank AG     4.50    6/24/2015    EUR    72.50
UniCredit Bank AG     4.75    6/24/2015    EUR    53.19
UniCredit Bank AG     4.50    6/24/2015    EUR    53.80
UniCredit Bank AG     5.00    6/24/2015    EUR    73.44
Vontobel Financial   11.20    5/15/2015    EUR    65.75
Leonteq Securities    9.07     5/3/2016    GBP    54.53
UBS AG/London         9.06   10/23/2015    CHF    62.40
UBS AG/London        12.88   10/23/2015    CHF    64.65
DZ Bank AG Deutsch    8.50    5/22/2015    EUR    56.51
Deutsche Bank AG      6.20    6/22/2015    EUR    51.20
Deutsche Bank AG      5.20    6/22/2015    EUR    48.20
Deutsche Bank AG      7.20    6/22/2015    EUR    51.30
Leonteq Securities   11.60    8/12/2015    USD    63.53
HSBC Trinkaus & Bu   16.00    6/26/2015    EUR    58.33
UniCredit Bank AG     4.30    6/24/2015    EUR    54.44
UniCredit Bank AG     5.00    6/24/2015    EUR    68.64
UniCredit Bank AG     6.00    6/24/2015    EUR    72.55
UniCredit Bank AG     5.25    6/24/2015    EUR    52.00
UniCredit Bank AG     6.00    6/24/2015    EUR    70.26
UniCredit Bank AG     5.50    6/24/2015    EUR    51.43
UniCredit Bank AG     5.25    6/24/2015    EUR    66.87
UniCredit Bank AG     4.20    6/24/2015    EUR    74.60
UniCredit Bank AG     5.00    6/24/2015    EUR    52.59
UniCredit Bank AG     4.75    6/24/2015    EUR    70.52
Vontobel Financial    5.80    6/12/2015    EUR    67.71
Credit Suisse AG/N    8.25     5/4/2015    USD    72.20
Deutsche Bank AG      7.20    6/22/2015    EUR    54.40
Deutsche Bank AG      6.20    6/22/2015    EUR    48.40
Deutsche Bank AG      5.20    6/22/2015    EUR    51.00
Deutsche Bank AG      7.20    6/22/2015    EUR    48.50
Deutsche Bank AG      5.20    6/22/2015    EUR    54.20
Deutsche Bank AG      6.20    6/22/2015    EUR    54.30
Deutsche Bank AG      6.20    6/22/2015    EUR    69.60
Zurcher Kantonalba   14.00    7/29/2015    EUR    67.46
BNP Paribas Emissi    8.00    6/25/2015    EUR    60.31
BNP Paribas Emissi   10.50    6/25/2015    EUR    55.28
Deutsche Bank AG      5.20    9/22/2015    EUR    64.00
Deutsche Bank AG      5.20    9/22/2015    EUR    70.80
Deutsche Bank AG      5.20    9/22/2015    EUR    67.20
Deutsche Bank AG      6.20   12/22/2015    EUR    69.00
Deutsche Bank AG      5.20    6/22/2015    EUR    69.60
Deutsche Bank AG      5.20   12/22/2015    EUR    65.20
Deutsche Bank AG      6.20    6/22/2015    EUR    66.10
Deutsche Bank AG      7.20    6/22/2015    EUR    69.80
Deutsche Bank AG      6.20   12/22/2015    EUR    65.80
Deutsche Bank AG      7.20    9/22/2015    EUR    68.00
Deutsche Bank AG      5.20    6/22/2015    EUR    74.80
Deutsche Bank AG      6.20    9/22/2015    EUR    71.20
Notenstein Privatb    9.60    6/16/2015    CHF    43.96
Commerzbank AG        7.00    5/21/2015    EUR    70.47
Commerzbank AG        9.00    5/21/2015    EUR    66.88
Commerzbank AG       11.25    5/21/2015    EUR    63.65
HSBC Trinkaus & Bu   14.50    6/26/2015    EUR    63.82
Goldman Sachs & Co   12.00    7/22/2015    EUR    64.44
DZ Bank AG Deutsch   10.50    5/22/2015    EUR    55.14
DZ Bank AG Deutsch   16.00    5/22/2015    EUR    52.17
Vontobel Financial    8.80    6/26/2015    EUR    66.72
DZ Bank AG Deutsch    7.25    6/26/2015    EUR    65.64
Bank Julius Baer &   15.25     6/4/2015    CHF    52.20
Vontobel Financial    4.95    9/11/2015    EUR    66.18
Vontobel Financial    7.80    9/11/2015    EUR    67.18
Commerzbank AG        8.75    5/21/2015    EUR    67.15
Commerzbank AG       11.00    5/21/2015    EUR    63.91
DZ Bank AG Deutsch    4.25     6/5/2015    EUR    73.96
UniCredit Bank AG     6.00    7/23/2015    EUR    51.69
UniCredit Bank AG     4.50    7/23/2015    EUR    55.86
UniCredit Bank AG     4.00    7/23/2015    EUR    57.19
UniCredit Bank AG     5.50    7/23/2015    EUR    68.24
UniCredit Bank AG     4.40    7/23/2015    EUR    73.85
DZ Bank AG Deutsch    7.50    9/11/2015    EUR    71.10
Commerzbank AG       11.50    5/21/2015    EUR    58.87
Commerzbank AG        7.25    5/21/2015    EUR    74.88
Commerzbank AG        7.50    5/21/2015    EUR    74.05
Commerzbank AG        6.50    5/21/2015    EUR    67.42
Commerzbank AG        9.00    5/21/2015    EUR    62.87
Vontobel Financial    6.05    9/25/2015    EUR    66.51
Vontobel Financial    9.20    9/25/2015    EUR    65.81
Vontobel Financial    5.90    9/25/2015    EUR    71.34
Vontobel Financial    6.40    6/26/2015    EUR    70.01
DZ Bank AG Deutsch    8.50    5/22/2015    EUR    67.48
DZ Bank AG Deutsch    5.50    5/22/2015    EUR    64.66
DZ Bank AG Deutsch   10.25    5/22/2015    EUR    59.69
BNP Paribas Emissi    6.00    6/25/2015    EUR    65.66
Commerzbank AG       10.50    5/21/2015    EUR    68.22
Vontobel Financial    7.50    6/26/2015    EUR    64.70
UniCredit Bank AG     5.50    7/23/2015    EUR    52.78
UniCredit Bank AG     5.00    7/23/2015    EUR    54.61
UniCredit Bank AG     5.20    7/23/2015    EUR    70.02
UniCredit Bank AG     4.80    7/23/2015    EUR    71.88
UniCredit Bank AG     6.00    7/23/2015    EUR    72.98
HSBC Trinkaus & Bu   12.00    6/26/2015    EUR    58.07
HSBC Trinkaus & Bu    8.50    6/26/2015    EUR    63.50
HSBC Trinkaus & Bu    6.00    6/26/2015    EUR    73.94
HSBC Trinkaus & Bu   15.00    6/26/2015    EUR    64.63
Commerzbank AG        9.25    5/21/2015    EUR    71.14
Commerzbank AG        6.75    5/21/2015    EUR    51.98
UBS AG/London         7.75    5/28/2015    CHF    43.95
DZ Bank AG Deutsch   16.00    5/22/2015    EUR    57.53
Deutsche Bank AG      4.00    5/25/2015    EUR    60.00
Zurcher Kantonalba    8.00     6/4/2015    CHF    50.29
Commerzbank AG        8.25    5/21/2015    EUR    71.70
DZ Bank AG Deutsch    8.40    6/12/2015    EUR    70.93
DZ Bank AG Deutsch    7.30    9/11/2015    EUR    72.32
Credit Suisse AG/L    9.00   12/18/2015    USD    44.79
Bank Julius Baer &   11.25     6/3/2015    CHF    51.85
Vontobel Financial    9.50    6/12/2015    EUR    66.44
Vontobel Financial   10.45    9/11/2015    EUR    65.89
Vontobel Financial    8.65    9/11/2015    EUR    68.52
Vontobel Financial    6.95    9/11/2015    EUR    71.50
Vontobel Financial    5.35    9/11/2015    EUR    74.87
Commerzbank AG        6.75    5/21/2015    EUR    70.78
HSBC Trinkaus & Bu    9.50    6/26/2015    EUR    69.40
HSBC Trinkaus & Bu   17.00    6/26/2015    EUR    73.79
Goldman Sachs & Co    7.00    5/20/2015    EUR    73.05
Goldman Sachs & Co    7.00    7/22/2015    EUR    74.75
Goldman Sachs & Co    8.00    7/22/2015    EUR    70.63
Goldman Sachs & Co   10.00    7/22/2015    EUR    67.43
Goldman Sachs & Co    8.00   12/23/2015    EUR    73.80
Goldman Sachs & Co   10.00   12/23/2015    EUR    68.26
Intertekhelektro-N    8.50    4/21/2020    RUB    60.00
Oesterreichische V    3.50    5/23/2022    EUR    25.63
Leonteq Securities    9.00     4/8/2016    USD    32.41
Oesterreichische V    2.75    8/26/2016    EUR    74.50
Bank Julius Baer &   10.20    10/7/2015    CHF    67.55
Zurcher Kantonalba    7.02    10/9/2015    CHF    62.21
Leonteq Securities   13.60     1/6/2016    CHF    73.17
UniCredit Bank AG     4.80   10/22/2015    EUR    74.87
UniCredit Bank AG     5.00   10/22/2015    EUR    73.82
DZ Bank AG Deutsch    5.60    10/7/2015    EUR    59.11
Goldman Sachs & Co    8.00    9/23/2015    EUR    72.79
Vontobel Financial    9.75   10/23/2015    EUR    74.09
Notenstein Finance    8.68     4/1/2016    USD    73.99
Bank Julius Baer &    8.25    10/9/2015    USD    65.00
UniCredit Bank AG     5.20   10/22/2015    EUR    71.75
Goldman Sachs & Co   10.00    5/20/2015    EUR    73.16
Goldman Sachs & Co   14.00    5/20/2015    EUR    65.37
Goldman Sachs & Co   12.00    9/23/2015    EUR    69.76
DZ Bank AG Deutsch    7.50    6/12/2015    EUR    68.29
DZ Bank AG Deutsch    7.25    6/12/2015    EUR    67.52
DZ Bank AG Deutsch    8.00    9/11/2015    EUR    69.86
DZ Bank AG Deutsch    6.80    6/12/2015    EUR    72.75
Bank Julius Baer &   11.50    5/21/2015    USD    63.65
Credit Suisse AG/L    8.00    5/29/2015    USD    60.66
UniCredit Bank AG     4.00    9/24/2015    EUR    49.31
UniCredit Bank AG     4.00    9/24/2015    EUR    74.74
UniCredit Bank AG     4.00    9/24/2015    EUR    50.53
DZ Bank AG Deutsch    7.50    6/12/2015    EUR    68.90
DZ Bank AG Deutsch    7.75    9/11/2015    EUR    70.78
Bank Julius Baer &   14.75    5/20/2015    CHF    57.55
HSBC Trinkaus & Bu    7.50    6/26/2015    EUR    60.25
Deutsche Bank AG      5.20    7/22/2015    EUR    74.00
Deutsche Bank AG      5.20    8/26/2015    EUR    70.40
Deutsche Bank AG      6.20    7/22/2015    EUR    74.20
Deutsche Bank AG      5.20    7/22/2015    EUR    70.00
Deutsche Bank AG      5.20    8/26/2015    EUR    74.40
Deutsche Bank AG      6.20    8/26/2015    EUR    70.80
UBS AG/London        14.83    5/22/2015    CHF    62.70
UBS AG/London         6.50    5/22/2015    CHF    45.00
LBBW                  4.50    6/26/2015    EUR    73.84
Deutsche Bank AG      6.20    7/22/2015    EUR    70.20
Deutsche Bank AG      6.20    8/26/2015    EUR    74.70
UBS AG/London         8.98    5/22/2015    CHF    62.35
UBS AG/London         8.98    5/22/2015    CHF    74.45
DZ Bank AG Deutsch    7.75    6/26/2015    EUR    70.35
DZ Bank AG Deutsch    8.25    6/26/2015    EUR    61.05
DZ Bank AG Deutsch    5.25    6/26/2015    EUR    56.33
DZ Bank AG Deutsch    7.75    6/26/2015    EUR    71.48
DZ Bank AG Deutsch   16.00    6/26/2015    EUR    39.52
Vontobel Financial    7.75    6/26/2015    EUR    69.06
DZ Bank AG Deutsch    7.25    9/11/2015    EUR    70.82
Bank Julius Baer &    8.75    5/22/2015    USD    73.20
Vontobel Financial    7.50    6/26/2015    EUR    68.90
HSBC Trinkaus & Bu   12.00    6/26/2015    EUR    73.93
HSBC Trinkaus & Bu   13.50    6/26/2015    EUR    66.82
DZ Bank AG Deutsch    9.00    6/26/2015    EUR    69.43
DZ Bank AG Deutsch    7.00    9/25/2015    EUR    71.31
DZ Bank AG Deutsch    6.75    9/11/2015    EUR    69.42
DZ Bank AG Deutsch    5.25    9/11/2015    EUR    71.32
DZ Bank AG Deutsch    5.80    9/11/2015    EUR    74.00
Leonteq Securities    9.15    5/20/2015    USD    57.61
UBS AG/London        13.25    5/20/2015    CHF    43.39
UBS AG/London        12.53    5/22/2015    CHF    61.45
Lehman Brothers Tr    5.25   11/21/2009    USD     3.82
DZ Bank AG Deutsch    7.75    6/12/2015    EUR    64.57
DZ Bank AG Deutsch    6.50    6/12/2015    EUR    64.24
LBBW                  4.50   12/29/2015    EUR    73.43
LBBW                  2.50    7/24/2015    EUR    66.77
LBBW                  3.50    7/22/2016    EUR    73.23
HSBC Trinkaus & Bu   23.50    6/26/2015    EUR    52.48
DZ Bank AG Deutsch    7.75   11/27/2015    EUR    68.14
Oesterreichische V    1.53   12/19/2016    EUR    68.00
HSBC Trinkaus & Bu   13.50    7/24/2015    EUR    59.31
HSBC Trinkaus & Bu   11.60   10/23/2015    EUR    61.67
HSBC Trinkaus & Bu    6.50    9/25/2015    EUR    71.65
Goldman Sachs & Co   17.00    6/24/2015    EUR    72.09
Goldman Sachs & Co   16.00    7/22/2015    EUR    73.19
UBS AG/London        13.75    8/27/2015    CHF    64.11
HSBC Trinkaus & Bu    7.00    6/26/2015    EUR    70.60
HSBC Trinkaus & Bu    8.50    8/28/2015    EUR    68.29
HSBC Trinkaus & Bu    7.40    6/26/2015    EUR    66.80
HSBC Trinkaus & Bu    7.10    9/25/2015    EUR    68.24
HSBC Trinkaus & Bu    6.00   12/28/2015    EUR    37.55
HSBC Trinkaus & Bu    6.00   12/28/2015    EUR    64.98
HSBC Trinkaus & Bu    6.60    9/25/2015    EUR    74.34
HSBC Trinkaus & Bu    7.90   10/23/2015    EUR    72.18
HSBC Trinkaus & Bu    6.00   12/28/2015    EUR    73.39
HSBC Trinkaus & Bu   19.50    6/26/2015    EUR    73.72
DZ Bank AG Deutsch    6.50    8/28/2015    EUR    71.06
Leonteq Securities   15.20    12/2/2015    CHF    64.53
Commerzbank AG        8.75    8/27/2015    EUR    65.22
Commerzbank AG       10.75    8/27/2015    EUR    62.76
Commerzbank AG       10.25    8/27/2015    EUR    69.75
Commerzbank AG       11.00    8/27/2015    EUR    73.07
Commerzbank AG        6.75    8/27/2015    EUR    67.98
Vontobel Financial    6.60    6/12/2015    EUR    74.72
DZ Bank AG Deutsch    5.70     9/7/2015    EUR    69.18
HSBC Trinkaus & Bu    9.50    7/24/2015    EUR    64.36
HSBC Trinkaus & Bu   10.80    9/25/2015    EUR    63.31
HSBC Trinkaus & Bu    8.80   10/23/2015    EUR    66.13
HSBC Trinkaus & Bu    6.00   12/28/2015    EUR    46.36
HSBC Trinkaus & Bu    6.00   12/28/2015    EUR    51.84
HSBC Trinkaus & Bu    6.90    6/26/2015    EUR    73.07
HSBC Trinkaus & Bu    8.70    7/24/2015    EUR    70.86
HSBC Trinkaus & Bu   11.50    9/25/2015    EUR    67.61
e-Kancelaria Grupa    9.00   12/23/2015    PLN     2.00
BNP Paribas Emissi    7.25   10/22/2015    EUR    72.28
BNP Paribas Emissi    7.00    1/21/2016    EUR    72.84
e-Kancelaria Grupa    9.00    12/4/2015    PLN    40.00
Lehman Brothers Tr    4.20    12/3/2008    HKD     3.82
Leonteq Securities   13.00    8/25/2015    CHF    40.99
Notenstein Privatb   10.00    8/14/2015    USD    72.84
Leonteq Securities   14.20    8/25/2015    CHF    73.60
Commerzbank AG       16.25    6/25/2015    EUR    51.50
Bank Julius Baer &   11.50    8/19/2015    CHF    66.65
Vontobel Financial    6.80    9/25/2015    EUR    73.45
DZ Bank AG Deutsch   15.75    9/25/2015    EUR    67.79
Bank Julius Baer &   10.70    9/16/2015    CHF    66.85
Notenstein Privatb    7.20     9/3/2015    EUR    62.94
Vontobel Financial    7.65    6/12/2015    EUR    74.76
Bank Julius Baer &    8.20    9/23/2015    CHF    50.90
Leonteq Securities   12.00   12/15/2015    CHF    74.87
Vontobel Financial    8.10   12/28/2015    EUR    74.70
Vontobel Financial    9.45    9/25/2015    EUR    73.19
Vontobel Financial   11.55    6/26/2015    EUR    71.17
Vontobel Financial   24.30    6/26/2015    EUR    61.94
Leonteq Securities   13.80   12/22/2015    CHF    73.71
UBS AG/London        11.25    8/27/2015    CHF    48.00
Commerzbank AG       14.00    8/27/2015    EUR    66.92
Commerzbank AG       17.25    8/27/2015    EUR    60.90
Commerzbank AG       20.50    8/27/2015    EUR    56.00
Commerzbank AG       23.75    8/27/2015    EUR    51.83
Bank Julius Baer &    7.40     9/9/2015    CHF    47.90
BNP Paribas Emissi    8.50   12/24/2015    EUR    70.28
BNP Paribas Emissi    7.50    6/25/2015    EUR    70.51
Notenstein Privatb   10.00     9/5/2016    CHF    67.48
Leonteq Securities    9.50     9/8/2016    USD    61.34
Leonteq Securities    8.64     9/8/2016    CHF    61.96
HSBC Trinkaus & Bu    9.00    6/26/2015    EUR    63.42
HSBC Trinkaus & Bu    7.80    6/26/2015    EUR    63.25
HSBC Trinkaus & Bu    8.50    9/25/2015    EUR    65.19
HSBC Trinkaus & Bu    7.80    9/25/2015    EUR    64.92
HSBC Trinkaus & Bu    8.10   12/28/2015    EUR    66.40
HSBC Trinkaus & Bu    7.60   12/28/2015    EUR    66.07
HSBC Trinkaus & Bu    8.00    6/26/2015    EUR    66.96
HSBC Trinkaus & Bu    7.50   12/28/2015    EUR    69.70
HSBC Trinkaus & Bu    7.00   12/28/2015    EUR    69.38
Leonteq Securities   20.00    12/8/2015    USD    45.65
BNP Paribas Emissi    7.50    9/24/2015    EUR    72.11
BNP Paribas Emissi    9.00    9/24/2015    EUR    69.08
BNP Paribas Emissi    7.25   12/24/2015    EUR    72.80
BNP Paribas Emissi    5.75    6/25/2015    EUR    74.53
BNP Paribas Emissi    9.50    6/25/2015    EUR    66.96
Leonteq Securities   13.00     9/2/2015    CHF    68.87
Notenstein Privatb    9.10    8/29/2016    CHF    73.04
Notenstein Privatb    9.10    8/29/2016    CHF    47.66
Credit Suisse AG/L   11.00    8/28/2015    USD    49.07
Bank Julius Baer &    7.00    8/28/2015    USD    71.65
Commerzbank AG       17.50    5/21/2015    EUR    50.01
Leonteq Securities   11.00    8/25/2015    USD    59.15
Commerzbank AG       13.00    5/21/2015    EUR    70.77
Commerzbank AG       23.25    6/25/2015    EUR    53.84
Commerzbank AG       24.25    7/23/2015    EUR    53.18
Commerzbank AG        9.00    7/23/2015    EUR    66.09
HSBC Trinkaus & Bu    6.90    9/25/2015    EUR    64.57
HSBC Trinkaus & Bu    7.00   12/28/2015    EUR    65.68
HSBC Trinkaus & Bu    6.10   12/28/2015    EUR    65.10
HSBC Trinkaus & Bu    9.00    6/26/2015    EUR    67.11
HSBC Trinkaus & Bu    8.40    9/25/2015    EUR    68.80
HSBC Trinkaus & Bu    7.80    9/25/2015    EUR    68.56
HSBC Trinkaus & Bu    7.10    9/25/2015    EUR    68.29
HSBC Trinkaus & Bu    7.90   12/28/2015    EUR    69.96
HSBC Trinkaus & Bu    5.90   12/28/2015    EUR    68.67
Societe Generale S    0.50     4/4/2024    MXN    60.99
Societe Generale S    0.50   12/21/2022    AUD    74.54
Bank Julius Baer &    8.25    9/18/2015    CHF    48.75
Goldman Sachs & Co   11.00   10/21/2015    EUR    74.73
Veniti SA             9.70    3/28/2016    PLN    55.00
e-Kancelaria Grupa    9.00   10/25/2016    PLN     1.00
Cooperatieve Centr    0.50   12/29/2027    MXN    46.60
Goldman Sachs & Co   11.00    9/23/2015    EUR    73.95
Goldman Sachs & Co   11.00    9/23/2015    EUR    73.95
Goldman Sachs & Co   11.00    9/23/2015    EUR    73.95
Goldman Sachs & Co   11.00   10/21/2015    EUR    74.73
HSBC Bank PLC         0.50   12/20/2018    RUB    65.24
Commerzbank AG        7.50    6/25/2015    EUR    73.86
Commerzbank AG        8.00    7/23/2015    EUR    73.09
Commerzbank AG       11.75    7/23/2015    EUR    61.50
Commerzbank AG       16.00    7/23/2015    EUR    52.62
DZ Bank AG Deutsch    9.10     8/7/2015    EUR    70.40
Commerzbank AG        7.25    7/23/2015    EUR    73.14
Commerzbank AG        7.00    7/23/2015    EUR    66.06
Commerzbank AG       10.00    7/23/2015    EUR    56.59
Commerzbank AG       13.00    7/23/2015    EUR    49.52
Commerzbank AG       16.25    7/23/2015    EUR    44.55
Commerzbank AG       19.75    7/23/2015    EUR    40.68
Commerzbank AG       10.00    7/23/2015    EUR    60.47
Lehman Brothers Tr    2.50   12/15/2011    GBP     6.63
DZ Bank AG Deutsch    8.25    7/24/2015    EUR    59.68
Commerzbank AG        5.50    7/23/2015    EUR    72.97
Commerzbank AG        7.00    7/23/2015    EUR    70.33
Commerzbank AG        9.00    7/23/2015    EUR    68.02
Commerzbank AG        9.25    7/23/2015    EUR    62.30
Commerzbank AG       23.25    7/23/2015    EUR    37.74
Commerzbank AG        7.00    7/23/2015    EUR    64.62
Lehman Brothers Tr    4.00   11/24/2016    EUR     3.82
Zurcher Kantonalba   11.03     8/7/2015    CHF    55.72
Notenstein Privatb    4.00     2/1/2016    EUR    65.87
DZ Bank AG Deutsch   16.00    8/28/2015    EUR    41.11
DZ Bank AG Deutsch    6.75    8/28/2015    EUR    64.84
Zurcher Kantonalba    7.50     8/6/2015    EUR    74.46
UBS AG/London         7.20    1/20/2016    EUR    69.35
Lehman Brothers Tr   11.00   12/19/2011    USD     3.82
DZ Bank AG Deutsch    7.50    9/25/2015    EUR    70.87
DZ Bank AG Deutsch   10.00    8/28/2015    EUR    72.09
DZ Bank AG Deutsch    5.00    9/25/2015    EUR    68.48
Province of Teramo    0.27   12/30/2030    EUR    67.97
UBS AG/London         5.00    7/31/2015    CHF    60.67
Societe Generale S    5.50    7/27/2015    EUR    58.87
Province of Trevis    0.17   12/31/2034    EUR    59.40
Zurcher Kantonalba    6.30     8/6/2015    EUR    73.58
Credit Suisse AG/N    8.00     2/8/2016    USD    72.90
Lehman Brothers Tr    4.05    9/16/2008    EUR     3.82
Kommunalbanken AS     0.50     2/2/2018    BRL    73.70
HSBC Bank PLC         0.50     3/1/2018    RUB    71.38
Eitzen Chemical AS   11.26     6/6/2016    USD    20.88
e-Kancelaria Grupa   10.00    11/6/2015    PLN     2.00
Instalexport SA       8.41   10/19/2015    PLN    50.00
Leonteq Securities   14.20   11/18/2015    CHF    73.23
UBS AG/London         4.25    6/26/2015    EUR    74.25
UBS AG/London         9.00    9/25/2015    EUR    61.94
UBS AG/London        13.75    6/26/2015    EUR    58.32
UBS AG/London         9.00   12/29/2015    EUR    64.21
Leonteq Securities    9.60   11/18/2015    CHF    74.66
UBS AG/London        21.25    9/25/2015    EUR    73.40
UBS AG/London        14.75    9/25/2015    EUR    65.38
Kaupthing Bank Hf     0.95   10/20/2010    JPY    14.13
UBS AG/London        10.25    9/25/2015    EUR    56.89
Kaupthing Bank Hf     4.50    1/17/2011    EUR    14.13
UBS AG/London        18.50    6/26/2015    EUR    54.13
UBS AG/London        24.75    9/25/2015    EUR    74.09
UBS AG/London        10.00     7/2/2015    CHF    46.99
Vontobel Financial    8.50    9/11/2015    EUR    72.51
Commerzbank AG        9.25    6/25/2015    EUR    72.87
DZ Bank AG Deutsch    5.00    7/24/2015    EUR    55.03
DZ Bank AG Deutsch    6.75    7/24/2015    EUR    68.74
Vontobel Financial    5.50    7/24/2015    EUR    73.54
Vontobel Financial    7.70   12/11/2015    EUR    74.08
Bank Julius Baer &   10.00     7/3/2015    USD    50.85
Banque Cantonale V   10.80    6/25/2015    CHF    53.23
Bank Julius Baer &    7.65     7/3/2015    USD    65.65
UBS AG/London        15.25    6/25/2015    CHF    46.01
Commerzbank AG        6.75    6/25/2015    EUR    63.83
Commerzbank AG        8.50    6/25/2015    EUR    60.56
Commerzbank AG       10.50    6/25/2015    EUR    57.96
Commerzbank AG        7.50    6/25/2015    EUR    52.35
Commerzbank AG        6.50    6/25/2015    EUR    68.76
Commerzbank AG        8.25    6/25/2015    EUR    65.44
Commerzbank AG       10.25    6/25/2015    EUR    62.05
DZ Bank AG Deutsch    7.25    7/24/2015    EUR    62.63
DZ Bank AG Deutsch   16.00    7/24/2015    EUR    36.01
Credit Suisse AG/N    8.25    1/11/2016    CHF    54.23
MORTGAGE AGENT AHM    3.00     9/9/2045    RUB    72.50
e-Kancelaria Grupa   10.00    6/27/2016    PLN     1.00
HSBC Bank PLC         0.50    4/11/2023    MXN    65.51
LBI HF                4.32    1/31/2010    EUR     2.81
UBS AG/London        21.25    6/26/2015    EUR    72.92
UBS AG/London        23.50    6/26/2015    EUR    50.76
Vontobel Financial    5.50    8/14/2015    EUR    73.09
HSBC Trinkaus & Bu   13.00    9/25/2015    EUR    70.67
HSBC Trinkaus & Bu    8.00    8/28/2015    EUR    61.66
HSBC Trinkaus & Bu    6.00    9/25/2015    EUR    71.02
HSBC Trinkaus & Bu    8.50    8/28/2015    EUR    65.86
UniCredit Bank AG     6.50    9/24/2015    EUR    74.08
LBI HF                4.75    5/31/2013    EUR     2.81
UBS AG               19.50    6/24/2016    EUR    74.87
Oesterreichische V    5.10    5/23/2022    EUR    31.13
UBS AG               16.00   12/23/2016    EUR    74.82
UBS AG               24.25   12/29/2015    EUR    68.71
UBS AG               16.00   12/23/2016    EUR    74.43
UBS AG               22.50    3/29/2016    EUR    71.05
Banca di Cividale     0.09    10/2/2036    EUR    60.22
Oesterreichische V    4.81     5/9/2035    EUR    16.88
Lehman Brothers Tr    7.50    6/15/2017    USD     3.82
Lehman Brothers Tr    6.00   12/30/2017    EUR     3.82
Lehman Brothers Tr    6.00    5/23/2018    CZK     3.82
UBS AG               21.75    3/29/2016    EUR    72.54
Credit Suisse AG/N    8.25    9/14/2015    CHF    74.00
LBBW                  4.30    9/23/2016    EUR    70.37
LBI HF                4.28   11/19/2010    EUR     2.81
Goldman Sachs & Co   17.00    5/20/2015    EUR    70.41
UBS AG/London        24.75    3/29/2016    EUR    67.11
UBS AG/London        17.75    9/25/2015    EUR    68.79
Credit Suisse AG/N    7.00     9/7/2015    CHF    72.25
Vontobel Financial    8.50    6/26/2015    EUR    66.67
DZ Bank AG Deutsch    5.00    8/14/2015    EUR    74.60
UBS AG/London        14.75    3/29/2016    EUR    74.56
Vontobel Financial    4.70    6/26/2015    EUR    65.69
Vontobel Financial    6.65    6/26/2015    EUR    66.17
UBS AG/London        16.50    3/29/2016    EUR    73.43
Societe Generale E    2.50    10/7/2016    EUR    58.95
Leonteq Securities    7.07    9/21/2015    CHF    49.19
UBS AG/London        14.75    6/24/2016    EUR    74.81
DZ Bank AG Deutsch    8.25    6/26/2015    EUR    66.73
DZ Bank AG Deutsch    8.00    9/11/2015    EUR    68.63
Deutsche Bank AG      4.20    6/22/2015    EUR    73.40
Deutsche Bank AG      5.20    6/22/2015    EUR    73.60
DZ Bank AG Deutsch    7.25    6/26/2015    EUR    69.04
Deutsche Bank AG      5.20    6/22/2015    EUR    71.50
Deutsche Bank AG      6.20    6/22/2015    EUR    71.70
Deutsche Bank AG      6.20    6/22/2015    EUR    69.70
UniCredit Bank AG     4.60    6/26/2015    EUR    71.52
UniCredit Bank AG     6.00    6/26/2015    EUR    51.83
Oesterreichische V    3.50    3/20/2018    EUR    52.50
Vontobel Financial    6.95    6/12/2015    EUR    66.93
Vontobel Financial    8.00    6/12/2015    EUR    67.04
Landesbank Hessen-    3.50    7/10/2015    EUR    54.50
UniCredit Bank AG     4.00    6/25/2015    EUR    73.56
UniCredit Bank AG     4.00    6/25/2015    EUR    63.99
Commerzbank AG        7.10    6/25/2015    EUR    70.49
Commerzbank AG        7.30    6/25/2015    EUR    73.97
Societe Generale S    4.00    3/29/2016    EUR    65.85
Commerzbank AG        7.00    6/25/2015    EUR    67.30
UniCredit Bank AG     5.00    6/25/2015    EUR    67.66
Commerzbank AG       10.75   12/24/2015    EUR    74.04
HSBC Trinkaus & Bu   13.50    6/26/2015    EUR    69.55
HSBC Trinkaus & Bu   14.00    6/26/2015    EUR    44.29
HSBC Trinkaus & Bu    7.50    6/26/2015    EUR    52.34
HSBC Trinkaus & Bu   13.50    6/26/2015    EUR    69.41
HSBC Trinkaus & Bu   10.50    6/26/2015    EUR    74.82
HSBC Trinkaus & Bu    8.00    6/26/2015    EUR    59.55
Commerzbank AG       14.75   12/24/2015    EUR    70.41
Klaebu Sparebank      2.72                 NOK    69.84
HSBC Trinkaus & Bu   10.00    6/26/2015    EUR    48.78
HSBC Trinkaus & Bu    6.50    9/25/2015    EUR    71.48
BNP Paribas Emissi    8.00    7/23/2015    EUR    53.64
DZ Bank AG Deutsch   14.50    8/28/2015    EUR    69.60
DZ Bank AG Deutsch    7.25    8/14/2015    EUR    68.78
BNP Paribas Emissi    9.00    5/21/2015    EUR    56.78
BNP Paribas Emissi    6.75    7/23/2015    EUR    56.69
BNP Paribas Emissi    6.75    7/23/2015    EUR    72.54
DZ Bank AG Deutsch    8.80   12/23/2015    EUR    74.76
HSBC Trinkaus & Bu   13.00    6/26/2015    EUR    61.03
HSBC Trinkaus & Bu   14.00    6/26/2015    EUR    73.42
HSBC Trinkaus & Bu   14.00    6/26/2015    EUR    49.47
HSBC Trinkaus & Bu   11.00    6/26/2015    EUR    53.94
Deutsche Bank AG      9.00    9/11/2015    EUR    67.83
BNP Paribas Emissi    8.00    6/25/2015    EUR    52.95
BNP Paribas Emissi    6.75    6/25/2015    EUR    56.10
Lehman Brothers Tr    4.25    5/15/2010    EUR     3.82
Lehman Brothers Tr    3.35   10/13/2016    EUR     3.82
Kaupthing Bank Hf     4.53    4/24/2012    EUR    14.13
Credit Suisse AG/N    8.75    8/24/2015    CHF    72.64
LBI HF                3.34    5/11/2012    EUR     2.81
Lehman Brothers Tr    7.39     5/4/2017    USD     3.82
UBS AG/London        16.25   12/29/2015    EUR    70.78
UBS AG/London        13.25    9/25/2015    EUR    72.55
DZ Bank AG Deutsch    6.25    10/9/2015    EUR    72.38
UBS AG               17.25   12/23/2016    EUR    73.55
Deutsche Bank AG      6.00    6/22/2015    EUR    73.70
Deutsche Bank AG      8.00    6/22/2015    EUR    71.90
Vontobel Financial    5.60    6/26/2015    EUR    71.52
Kaupthing Bank Hf     4.47   10/27/2010    EUR    14.13
DekaBank Deutsche     3.10    2/26/2018    EUR    74.61
Leonteq Securities    6.58    3/29/2016    EUR    69.75
UniCredit Bank AG     6.10    6/26/2015    EUR    62.90
UniCredit Bank AG     4.90    6/26/2015    EUR    69.60
UniCredit Bank AG     4.30    6/26/2015    EUR    73.55
UniCredit Bank AG     5.00    6/25/2015    EUR    71.77
UniCredit Bank AG     5.80    6/26/2015    EUR    64.44
UniCredit Bank AG     5.50    6/26/2015    EUR    53.01
UniCredit Bank AG     4.80    6/26/2015    EUR    54.20
Vontobel Financial    7.90    6/26/2015    EUR    70.23
UniCredit Bank AG     4.00    6/25/2015    EUR    70.26
HSBC Trinkaus & Bu   27.50    6/26/2015    EUR    60.28
UniCredit Bank AG     5.50    6/25/2015    EUR    63.85
DZ Bank AG Deutsch    8.00    1/22/2016    EUR    74.07
UniCredit Bank AG     6.00    6/25/2015    EUR    68.74
UniCredit Bank AG     5.50    6/26/2015    EUR    66.07
UniCredit Bank AG     5.20    6/26/2015    EUR    67.78
HSBC Trinkaus & Bu   14.00    6/26/2015    EUR    45.85
HSBC Trinkaus & Bu    7.50    6/26/2015    EUR    54.87
HSBC Trinkaus & Bu    9.50    6/26/2015    EUR    65.08
HSBC Trinkaus & Bu    7.00    9/25/2015    EUR    69.83
HSBC Trinkaus & Bu   14.00    6/26/2015    EUR    72.29
HSBC Trinkaus & Bu    8.50    6/26/2015    EUR    70.22
Glitnir HF            3.50   10/30/2012    EUR    14.00
HSBC Trinkaus & Bu    7.50    6/26/2015    EUR    71.86
LBI HF                4.34     3/1/2011    EUR     2.81
UBS AG/London        18.50   12/29/2015    EUR    69.20
Goldman Sachs & Co   14.00    8/26/2015    EUR    74.10
Lehman Brothers Tr    4.00    5/30/2010    USD     6.63
Lehman Brothers Tr    2.48    5/12/2009    USD     3.82
Lehman Brothers Tr    2.25    5/12/2009    USD     3.82
HSBC Trinkaus & Bu    7.50    6/26/2015    EUR    66.47
Leonteq Securities    8.64    8/25/2015    CHF    17.46
UBS AG               20.50    6/24/2016    EUR    73.88
Lehman Brothers Tr    4.00    5/17/2010    USD     3.82
Notenstein Privatb   11.00    8/28/2015    CHF    69.30
Credit Suisse AG/N    7.75    8/28/2015    CHF    73.03
UniCredit Bank AG     4.80    9/24/2015    EUR    56.10
UniCredit Bank AG     4.75    9/24/2015    EUR    56.41
HSBC Trinkaus & Bu   15.50    6/26/2015    EUR    56.45
HSBC Trinkaus & Bu   16.00    6/26/2015    EUR    68.97
Credit Suisse AG/L    8.00     7/3/2015    CHF    70.83
Credit Suisse AG/N   10.50     7/9/2015    USD    52.77
UBS AG/London         6.75     7/2/2015    CHF    73.74
UBS AG/London         7.00    7/16/2015    CHF    42.00
Lehman Brothers Tr    4.50     8/2/2009    USD     6.63
Banque Cantonale V   13.10    7/21/2015    CHF    62.73
Commerzbank AG        9.50    7/23/2015    EUR    74.81
Zurcher Kantonalba    6.60    7/29/2015    CHF    48.23
Notenstein Privatb   13.40    7/28/2015    USD    57.67
Zaklady Miesne Mys   11.50    6/10/2015    PLN    10.00
Lehman Brothers Tr    5.50    6/15/2009    CHF     6.63
Lehman Brothers Tr    1.50   10/25/2011    EUR     3.82
Vontobel Financial    7.90    6/26/2015    EUR    67.23
Bank Julius Baer &    8.75    7/31/2015    EUR    71.20
HSBC Trinkaus & Bu   10.00    6/26/2015    EUR    71.16
HSBC Trinkaus & Bu   12.50    9/25/2015    EUR    68.61
HSBC Trinkaus & Bu    8.50    9/25/2015    EUR    72.97
HSBC Trinkaus & Bu   14.00    9/25/2015    EUR    56.91
HSBC Trinkaus & Bu   10.50    9/25/2015    EUR    60.41
HSBC Trinkaus & Bu   13.00    9/25/2015    EUR    59.25
HSBC Trinkaus & Bu   10.00    9/25/2015    EUR    62.22
HSBC Trinkaus & Bu    9.00    7/24/2015    EUR    62.69
Lehman Brothers Tr   11.00    6/29/2009    EUR     6.63
Lehman Brothers Tr    8.00     8/3/2009    USD     6.63
Bank Julius Baer &    9.10    5/22/2015    EUR    69.45
Leonteq Securities   12.40    4/27/2016    CHF    64.13
Bank Julius Baer &   11.00   10/14/2015    CHF    57.15
Oesterreichische V    4.05    12/1/2016    EUR    72.25
Lehman Brothers Tr    8.00   12/27/2032    JPY     3.82
Oesterreichische V    1.52    2/19/2018    EUR    51.63
Oesterreichische V    1.24     3/1/2022    EUR    21.75
Oesterreichische V    1.04     3/1/2021    EUR    25.75
Barclays Bank PLC     1.99    12/1/2040    USD    72.63
Deutsche Bank AG      6.20    6/22/2015    EUR    62.80
Deutsche Bank AG      7.20   12/22/2015    EUR    73.20
Deutsche Bank AG      7.20   12/22/2015    EUR    69.70
Deutsche Bank AG      5.20   12/22/2015    EUR    68.40
Deutsche Bank AG      5.20    6/22/2015    EUR    65.90
Deutsche Bank AG      6.20    9/22/2015    EUR    67.60
Deutsche Bank AG      7.20    9/22/2015    EUR    71.60
Deutsche Bank AG      7.20    9/22/2015    EUR    64.80
Deutsche Bank AG      6.20   12/22/2015    EUR    72.50
Deutsche Bank AG      5.20    6/22/2015    EUR    62.70
Deutsche Bank AG      7.20    6/22/2015    EUR    66.20
Deutsche Bank AG      7.20    6/22/2015    EUR    63.00
Deutsche Bank AG      7.20   12/22/2015    EUR    66.50
Deutsche Bank AG      5.20   12/22/2015    EUR    71.90
Deutsche Bank AG      6.20    9/22/2015    EUR    64.40
BNP Paribas Emissi    9.00    1/21/2016    EUR    65.14
UBS AG/London        10.50    10/8/2015    CHF    67.76
Leonteq Securities    9.00   10/20/2015    CHF    62.94
Bank Julius Baer &   10.60    10/9/2015    USD    71.70
UBS AG/London        12.00    10/1/2015    CHF    70.37
Commerzbank AG       10.00    5/21/2015    EUR    71.83
Barclays Bank PLC     1.64     6/3/2041    USD    72.48
Leonteq Securities    6.70     6/6/2016    USD    70.24
Vontobel Financial    8.00    8/28/2015    EUR    72.55
DZ Bank AG Deutsch    7.10     8/7/2015    EUR    73.90
UBS AG/London        14.25    8/13/2015    CHF    69.55
UBS AG/London         7.50    8/13/2015    CHF    46.43
e-Kancelaria Grupa    9.00    8/19/2016    PLN     2.00
HSBC Trinkaus & Bu   10.20   10/23/2015    EUR    63.77
Cooperatieve Centr    0.50    1/31/2033    MXN    32.97
e-Kancelaria Grupa    9.91    7/11/2015    PLN     2.00
Vontobel Financial    3.30    7/10/2015    EUR    72.20
Vontobel Financial    5.05    7/10/2015    EUR    69.14
Vontobel Financial    7.20    7/10/2015    EUR    66.42
Vontobel Financial    9.60    7/10/2015    EUR    64.02
Lehman Brothers Tr    8.50     7/6/2009    CHF     6.63
Lehman Brothers Tr    7.50    9/13/2009    CHF     6.63
Commerzbank AG        8.75    6/25/2015    EUR    62.27
Commerzbank AG       10.75    6/25/2015    EUR    59.46
Commerzbank AG        6.25    5/21/2015    EUR    67.82
Commerzbank AG        8.75    5/21/2015    EUR    64.57
Commerzbank AG        6.00    6/25/2015    EUR    68.42
Commerzbank AG        8.25    6/25/2015    EUR    65.36
Commerzbank AG       11.00    6/25/2015    EUR    62.70
Commerzbank AG        7.00    6/25/2015    EUR    71.03
Commerzbank AG        9.00    5/21/2015    EUR    50.62
Commerzbank AG       12.50    5/21/2015    EUR    43.49
LBI HF                4.40   11/30/2035    EUR     0.01
Commerzbank AG       16.50    5/21/2015    EUR    38.23
Commerzbank AG       20.50    5/21/2015    EUR    34.34
Commerzbank AG       24.75    5/21/2015    EUR    31.13
Commerzbank AG        6.25    6/25/2015    EUR    60.68
Commerzbank AG        9.25    6/25/2015    EUR    51.50
Commerzbank AG       12.50    6/25/2015    EUR    44.69
Commerzbank AG       16.50    6/25/2015    EUR    39.25
Commerzbank AG       19.75    6/25/2015    EUR    36.20
Commerzbank AG       23.50    6/25/2015    EUR    33.33
Lehman Brothers Tr    6.50    7/24/2026    EUR     3.82
Deutsche Bank AG      4.50   12/22/2015    EUR    73.69
Glitnir HF            6.31    7/28/2011    USD    14.00
Glitnir HF            6.31    7/28/2011    USD    14.00
DZ Bank AG Deutsch    5.00    6/26/2015    EUR    72.32
DZ Bank AG Deutsch    5.25    9/25/2015    EUR    70.41
Leonteq Securities   10.00    1/22/2016    USD    69.84
Credit Suisse AG/N    8.25    7/31/2015    USD    68.16
DZ Bank AG Deutsch    5.40    7/23/2015    EUR    71.21
DZ Bank AG Deutsch    5.60   10/23/2015    EUR    72.80
DZ Bank AG Deutsch    4.70    7/23/2015    EUR    62.59
DZ Bank AG Deutsch    5.70    7/23/2015    EUR    60.18
DZ Bank AG Deutsch    3.90   10/23/2015    EUR    68.09
DZ Bank AG Deutsch    4.90   10/23/2015    EUR    65.07
DZ Bank AG Deutsch    5.80   10/23/2015    EUR    62.84
DZ Bank AG Deutsch    7.10    7/23/2015    EUR    69.95
DZ Bank AG Deutsch    6.10    7/23/2015    EUR    66.65
DZ Bank AG Deutsch    3.70    7/23/2015    EUR    65.84
DZ Bank AG Deutsch    4.20    7/23/2015    EUR    63.26
DZ Bank AG Deutsch    6.00   10/23/2015    EUR    72.40
DZ Bank AG Deutsch    4.70   10/23/2015    EUR    68.80
DZ Bank AG Deutsch    6.30    7/23/2015    EUR    63.51
DZ Bank AG Deutsch    4.90    7/23/2015    EUR    63.21
DZ Bank AG Deutsch    4.40    7/23/2015    EUR    57.46
DZ Bank AG Deutsch    5.90   10/23/2015    EUR    66.36
DZ Bank AG Deutsch    5.80   10/23/2015    EUR    63.32
DZ Bank AG Deutsch    4.70   10/23/2015    EUR    60.06
DZ Bank AG Deutsch    3.10    7/22/2015    EUR    69.64
DZ Bank AG Deutsch    4.90    7/22/2015    EUR    66.77
DZ Bank AG Deutsch    6.00    7/22/2015    EUR    65.48
DZ Bank AG Deutsch    3.90   10/22/2015    EUR    70.36
DZ Bank AG Deutsch    4.70   10/22/2015    EUR    69.14
DZ Bank AG Deutsch    5.60   10/22/2015    EUR    68.04
DZ Bank AG Deutsch    7.80    7/22/2015    EUR    72.81
DZ Bank AG Deutsch    3.70    7/22/2015    EUR    69.25
DZ Bank AG Deutsch    5.70    7/22/2015    EUR    66.10
DZ Bank AG Deutsch    8.30    7/22/2015    EUR    63.37
DZ Bank AG Deutsch    3.60   10/22/2015    EUR    72.15
DZ Bank AG Deutsch    5.30   10/22/2015    EUR    69.33
DZ Bank AG Deutsch    7.30   10/22/2015    EUR    66.92
Lehman Brothers Tr    4.50     3/6/2013    CHF     3.82
Lehman Brothers Tr    4.00    4/24/2009    USD     6.63
Lehman Brothers Tr    9.00    6/13/2009    USD     6.63
Lehman Brothers Tr    9.00    3/17/2009    GBP     6.63
Lehman Brothers Tr    7.00   11/28/2008    CHF     6.63
Lehman Brothers Tr    7.38    9/20/2008    EUR     6.63
Lehman Brothers Tr    3.85    4/24/2009    USD     6.63
Lehman Brothers Tr    7.25    10/6/2008    EUR     6.63
Lehman Brothers Tr   10.50     8/9/2010    EUR     6.63
Lehman Brothers Tr    8.00    5/22/2009    USD     6.63
Bank Julius Baer &    6.50    7/31/2015    USD    67.75
Lehman Brothers Tr    5.75    6/15/2009    CHF     6.63
Lehman Brothers Tr    7.50   10/24/2008    USD     6.63
UBS AG/London        15.00    7/23/2015    CHF    43.35
Lehman Brothers Tr   10.00    3/27/2009    USD     3.82
Lehman Brothers Tr    5.00   10/24/2008    CHF     6.63
Lehman Brothers Tr    7.00    4/14/2009    EUR     6.63
Bank Julius Baer &    6.60    7/27/2015    EUR    72.20
Lehman Brothers Tr    4.95   10/25/2036    EUR     3.82
Leonteq Securities   11.52   10/28/2015    CHF    60.16
BNP Paribas Emissi    7.00    6/25/2015    EUR    67.04
BNP Paribas Emissi   10.00    6/25/2015    EUR    62.74
BNP Paribas Emissi    5.00    6/25/2015    EUR    74.43
BNP Paribas Emissi    7.00    6/25/2015    EUR    66.62
BNP Paribas Emissi   10.00    6/25/2015    EUR    60.48
BNP Paribas Emissi   14.00    6/25/2015    EUR    55.66
BNP Paribas Emissi   14.00    6/25/2015    EUR    62.52
BNP Paribas Emissi   17.00    6/25/2015    EUR    57.92
BNP Paribas Emissi   20.00    6/25/2015    EUR    54.07
UBS AG/London        12.00     7/9/2015    CHF    49.51
Lehman Brothers Tr    2.00   11/16/2009    EUR     3.82
Deutsche Bank AG      7.20    6/22/2015    EUR    66.80
Deutsche Bank AG      7.20    6/22/2015    EUR    62.10
Deutsche Bank AG      5.20    9/22/2015    EUR    63.10
Deutsche Bank AG      5.20   12/22/2015    EUR    64.40
Deutsche Bank AG      5.20    6/22/2015    EUR    61.80
Deutsche Bank AG      6.20    9/22/2015    EUR    63.50
Deutsche Bank AG      7.20   12/22/2015    EUR    70.30
Deutsche Bank AG      5.20    6/22/2015    EUR    66.50
Deutsche Bank AG      7.20   12/22/2015    EUR    65.70
Deutsche Bank AG      6.20    6/22/2015    EUR    66.70
Deutsche Bank AG      6.20    9/22/2015    EUR    68.20
Deutsche Bank AG      5.20    9/22/2015    EUR    67.80
Deutsche Bank AG      6.20   12/22/2015    EUR    69.70
Deutsche Bank AG      7.20    9/22/2015    EUR    68.60
Deutsche Bank AG      5.20   12/22/2015    EUR    69.00
Deutsche Bank AG      6.20    6/22/2015    EUR    62.00
Deutsche Bank AG      6.20   12/22/2015    EUR    65.10
Vontobel Financial    5.70   12/11/2015    EUR    73.59
Commerzbank AG       11.00    6/25/2015    EUR    57.38
Leonteq Securities    9.40    10/8/2015    USD    73.64
DZ Bank AG Deutsch    5.50    9/25/2015    EUR    72.94
DZ Bank AG Deutsch    9.25    7/24/2015    EUR    71.04
HSBC Trinkaus & Bu   12.50    9/25/2015    EUR    66.85
HSBC Trinkaus & Bu    8.50    9/25/2015    EUR    70.88
HSBC Trinkaus & Bu    6.50    7/24/2015    EUR    73.39
HSBC Trinkaus & Bu   15.00    9/25/2015    EUR    55.16
HSBC Trinkaus & Bu   12.00    9/25/2015    EUR    58.45
HSBC Trinkaus & Bu    7.50    9/25/2015    EUR    65.06
HSBC Trinkaus & Bu   13.00    9/25/2015    EUR    72.40
HSBC Trinkaus & Bu   16.50    6/26/2015    EUR    71.82
HSBC Trinkaus & Bu   11.00    6/26/2015    EUR    62.31
HSBC Trinkaus & Bu   12.50    9/25/2015    EUR    61.06
HSBC Trinkaus & Bu   10.00    9/25/2015    EUR    64.53
HSBC Trinkaus & Bu    8.50    7/24/2015    EUR    65.10
Deutsche Bank AG      7.20    6/23/2015    EUR    54.80
Deutsche Bank AG      5.20    6/23/2015    EUR    54.50
Deutsche Bank AG      6.20    6/23/2015    EUR    54.70
Deutsche Bank AG      5.20    9/22/2015    EUR    64.20
Deutsche Bank AG      7.20    9/22/2015    EUR    65.00
Deutsche Bank AG      6.20    9/22/2015    EUR    64.60
Deutsche Bank AG      7.20    9/22/2015    EUR    61.90
Deutsche Bank AG      6.20    9/22/2015    EUR    61.50
Deutsche Bank AG      5.20    9/22/2015    EUR    61.10
Deutsche Bank AG      7.20    9/22/2015    EUR    59.10
Deutsche Bank AG      6.20    9/22/2015    EUR    58.70
Deutsche Bank AG      5.20    9/22/2015    EUR    58.30
Deutsche Bank AG      7.20    9/22/2015    EUR    56.60
Deutsche Bank AG      6.20    9/22/2015    EUR    56.20
Deutsche Bank AG      5.20    9/22/2015    EUR    55.80
Commerzbank AG        7.25    6/25/2015    EUR    73.49
Lehman Brothers Tr    3.70     6/6/2009    EUR     3.82
HSBC Trinkaus & Bu    4.90    7/10/2015    EUR    68.29
UBS AG/London         7.00     7/9/2015    CHF    41.44
Kaupthing Bank Hf     1.75     6/7/2016    EUR    14.13
Commerzbank AG        6.00    6/25/2015    EUR    63.55
Commerzbank AG        7.50    6/25/2015    EUR    67.97
Commerzbank AG        7.00    6/25/2015    EUR    69.66
DZ Bank AG Deutsch    9.50    7/24/2015    EUR    60.61
LBI HF                7.20    4/27/2026    EUR     0.01
Glitnir HF            6.84   12/15/2015    EUR     0.02
Vontobel Financial    8.35    6/26/2015    EUR    64.38
Vontobel Financial    5.30    6/26/2015    EUR    67.90
Deutsche Bank AG      5.20    6/23/2015    EUR    57.10
Vontobel Financial    5.80    9/11/2015    EUR    72.43
Vontobel Financial    5.00    9/11/2015    EUR    72.15
Vontobel Financial    5.10   12/11/2015    EUR    73.23
Vontobel Financial    4.45   12/11/2015    EUR    72.84
Glitnir HF            3.63     4/5/2009    EUR    14.00
HSBC Trinkaus & Bu    9.00    7/24/2015    EUR    61.14
HSBC Trinkaus & Bu   13.50    9/25/2015    EUR    74.66
HSBC Trinkaus & Bu    7.00    9/25/2015    EUR    68.53
Bank Julius Baer &    7.10     7/8/2015    CHF    42.65
UniCredit Bank AG     4.90    9/24/2015    EUR    55.80
Notenstein Privatb    6.10   12/30/2015    EUR    72.75
HSBC Trinkaus & Bu    8.00    6/26/2015    EUR    67.16
HSBC Trinkaus & Bu   16.00    6/26/2015    EUR    71.61
Deutsche Bank AG      6.20    9/22/2015    EUR    70.90
Deutsche Bank AG      5.20    9/22/2015    EUR    67.60
Deutsche Bank AG      5.20    6/23/2015    EUR    63.00
Deutsche Bank AG      6.20    6/23/2015    EUR    63.20
Deutsche Bank AG      7.20    6/23/2015    EUR    63.30
Deutsche Bank AG      5.20    6/23/2015    EUR    59.90
Deutsche Bank AG      6.20    6/23/2015    EUR    60.00
Deutsche Bank AG      7.20    6/23/2015    EUR    60.20
Deutsche Bank AG      7.20    6/23/2015    EUR    57.40
Deutsche Bank AG      6.20    6/23/2015    EUR    57.20
UBS AG/London        12.25    6/26/2015    EUR    73.44
UBS AG/London        18.75   12/23/2016    EUR    72.62
UBS AG/London        16.00    3/29/2016    EUR    71.55
UBS AG/London        15.00   12/29/2015    EUR    71.58
UBS AG/London        11.75   12/29/2015    EUR    74.91
UBS AG/London        22.25    6/24/2016    EUR    68.88
Lehman Brothers Tr    4.10    2/19/2010    EUR     3.82
UBS AG/London        23.75    6/26/2015    EUR    63.54
UBS AG/London         5.00     8/6/2015    USD    61.59
Raiffeisen Centrob    7.33    8/21/2015    EUR    66.87
DZ Bank AG Deutsch    9.50    8/28/2015    EUR    67.42
BNP Paribas Emissi    9.00    6/25/2015    EUR    74.44
Lehman Brothers Tr    3.50   10/31/2011    USD     3.82
Credit Suisse AG/N   10.25    8/14/2015    CHF    74.08
Notenstein Privatb   11.00    8/14/2015    CHF    70.22
UBS AG/London        15.75    6/26/2015    EUR    69.62
UBS AG/London        19.25    9/25/2015    EUR    67.73
Lehman Brothers Tr    7.00    2/15/2012    EUR     6.63
UBS AG/London        12.50    6/24/2016    EUR    74.10
UBS AG/London        15.00    6/24/2016    EUR    72.53
UBS AG/London        21.75    6/26/2015    EUR    64.90
Lehman Brothers Tr    6.60    2/22/2012    EUR     6.63
Lehman Brothers Tr    1.68     3/5/2015    EUR     3.82
BNP Paribas Emissi   10.00    6/25/2015    EUR    70.53
Deutsche Bank AG      7.00    6/22/2015    EUR    73.80
Deutsche Bank AG      7.00    6/22/2015    EUR    71.80
Deutsche Bank AG      8.00    6/22/2015    EUR    69.90
Deutsche Bank AG      8.00    6/22/2015    EUR    74.00
Lehman Brothers Tr    6.75     4/5/2012    EUR     3.82
UBS AG/London        18.00    6/26/2015    EUR    67.99
UBS AG/London        13.25    6/24/2016    EUR    73.41
UBS AG/London        13.25    3/29/2016    EUR    73.68
UBS AG/London        22.00    9/25/2015    EUR    65.77
Lehman Brothers Tr    6.00    5/12/2017    EUR     3.82
UBS AG/London        14.25    3/29/2016    EUR    72.97
UBS AG/London        18.00   12/23/2016    EUR    73.02
UBS AG/London        13.00   12/29/2015    EUR    73.81
UBS AG/London        23.50    6/24/2016    EUR    68.69
UBS AG/London        15.00    9/25/2015    EUR    71.31
Vontobel Financial    9.25    6/26/2015    EUR    70.42
DekaBank Deutsche     3.40     3/5/2018    EUR    74.26
Deutsche Bank AG      6.20    6/22/2015    EUR    73.70
Deutsche Bank AG      6.20    6/22/2015    EUR    74.90
Raiffeisen Centrob    2.80   11/14/2016    EUR    68.86
EFG International    12.86   10/30/2017    EUR    67.54
Leonteq Securities    6.25   11/13/2015    CHF    55.32
Goldman Sachs & Co    9.00    5/20/2015    EUR    65.17
Deutsche Bank AG      7.20    9/22/2015    EUR    73.50
Deutsche Bank AG      5.20    9/22/2015    EUR    68.90
Deutsche Bank AG      7.20    9/22/2015    EUR    69.70
Deutsche Bank AG      6.20    9/22/2015    EUR    73.10
Deutsche Bank AG      6.20    9/22/2015    EUR    69.30
Zurcher Kantonalba   12.00    7/23/2015    CHF    48.78
Goldman Sachs & Co   16.00    5/20/2015    EUR    59.32
HSBC Trinkaus & Bu   14.00    6/26/2015    EUR    47.53
Goldman Sachs & Co   13.00    5/20/2015    EUR    59.20
Goldman Sachs & Co    7.00    9/23/2015    EUR    71.54
Goldman Sachs & Co   10.00    9/23/2015    EUR    65.73
Goldman Sachs & Co   11.00    9/23/2015    EUR    63.16
LBBW                  4.00    6/26/2015    EUR    73.50
LBBW                  5.00    6/26/2015    EUR    70.74
HSBC Trinkaus & Bu   13.50    6/26/2015    EUR    71.49
HSBC Trinkaus & Bu   11.00    6/26/2015    EUR    50.90
Goldman Sachs & Co   13.00    5/20/2015    EUR    74.91
DZ Bank AG Deutsch    8.25    6/26/2015    EUR    63.30
Goldman Sachs & Co    8.00    9/23/2015    EUR    71.93
Bank Julius Baer &    9.00    10/8/2015    CHF    47.70
Goldman Sachs & Co    6.00    5/20/2015    EUR    73.01
Goldman Sachs & Co    8.00    5/20/2015    EUR    69.02
Leonteq Securities   12.20    7/22/2015    USD    68.45
Vontobel Financial    5.00     5/6/2016    EUR    72.30
DZ Bank AG Deutsch    9.00    6/26/2015    EUR    68.37
Lehman Brothers Tr    1.60    6/21/2010    JPY     3.82
HSBC Trinkaus & Bu    7.00    9/25/2015    EUR    67.88
Deutsche Bank AG      5.20    9/22/2015    EUR    72.70
UniCredit Bank AG     5.00    6/25/2015    EUR    52.29
UniCredit Bank AG     6.25    6/25/2015    EUR    50.69
UniCredit Bank AG     4.75    6/25/2015    EUR    53.52
UniCredit Bank AG     4.25    6/25/2015    EUR    54.78
DZ Bank AG Deutsch    8.25    6/26/2015    EUR    50.78
DZ Bank AG Deutsch    7.50    6/26/2015    EUR    68.16
DZ Bank AG Deutsch    9.25    6/12/2015    EUR    68.99
DZ Bank AG Deutsch   10.00    6/12/2015    EUR    69.07
Lehman Brothers Tr    2.40    6/20/2011    JPY     3.82
UniCredit Bank AG     6.10    6/25/2015    EUR    51.26
HSBC Trinkaus & Bu   14.00    6/26/2015    EUR    58.48
HSBC Trinkaus & Bu   10.00    6/26/2015    EUR    63.36
HSBC Trinkaus & Bu   11.50    6/26/2015    EUR    64.71
UniCredit Bank AG     6.50    6/25/2015    EUR    50.14
Oesterreichische V    1.61    5/18/2020    EUR    32.00
Oesterreichische V    1.61    5/18/2020    EUR    32.50
Oesterreichische V    1.61    5/18/2020    EUR    32.50
Leonteq Securities    7.60   11/20/2015    USD    47.52
Raiffeisen Centrob    2.40   12/19/2016    EUR    69.32


                            *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than US$3 per
share in public markets.  At first glance, this list may look
like the definitive compilation of stocks that are ideal to sell
short.  Don't be fooled.  Assets, for example, reported at
historical cost net of depreciation may understate the true value
of a firm's assets.  A company may establish reserves on its
balance sheet for liabilities that may never materialize.  The
prices at which equity securities trade in public market are
determined by more than a balance sheet solvency test.

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.


                            *********


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.
Valerie U. Pascual, Marites O. Claro, Rousel Elaine T. Fernandez,
Joy A. Agravante, Ivy B. Magdadaro, and Peter A. Chapman,
Editors.

Copyright 2015.  All rights reserved.  ISSN 1529-2754.

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

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

The TCR Europe subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are US$25 each.  For subscription information,
contact Peter Chapman at 215-945-7000 or Nina Novak at
202-362-8552.


                 * * * End of Transmission * * *