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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, June 8, 2015, Vol. 16, No. 111

                            Headlines

F R A N C E

SPIE BONDCO 3: S&P Puts 'B+' CCR on CreditWatch Positive


G R E E C E

GREECE: Hasn't Delivered Alternative Economic Reforms
HELLENIC TELECOMMUNICATIONS: S&P Lowers CCR to 'B+', Outlook Neg.


I R E L A N D

ORWELL PARK: Fitch Assigns 'Bsf' Rating to Class E Notes


L U X E M B O U R G

CARMEUSE HOLDING: Moody's Withdraws Ba3 Corporate Family Rating


N E T H E R L A N D S

HYVA GLOBAL: S&P Lowers CCR to 'B-' on Refinancing Risk
JUBILEE CLO 2015-XV: S&P Assigns 'B-' Rating to Class F Notes
NXP BV: Moody's Affirms Ba2 Corporate Family Rating; Outlook Pos.
REFRESCO GERBER: S&P Raises CCR to 'BB' on Successful IPO


R O M A N I A

BANCA TRANSILVANIA: Fitch Hikes LT Issuer Default Rating to 'BB'
ROMPETROL SA: Files for Insolvency; Owes State US$58.5 Million


S P A I N

GRUPO EMBOTELLADORA: S&P Lowers CCR to 'BB-', Outlook Still Neg.


U K R A I N E

BANK NADRA: NBU Commences Liquidation Procedure


U N I T E D   K I N G D O M

BRUNSWICK RAIL: S&P Lowers CCR to 'CCC-' on Weakening Prospects
CORPBANK: State-Run Fund Taps AlixPartners to Help Recover Assets
FIRST FLEXIBLE: S&P Affirms 'BB-' Ratings on 2 Note Classes
LADBROKES PLC: Betfred Mulls Bid for Troubled Irish Business
NATIONWIDE BUILDING: Fitch Affirms 'BB+' Rating on Tier 1 Debt

PIZZAEXPRESS FINANCING 1: Moody's Affirms B3 CFR, Outlook Pos.


X X X X X X X X

* BOND PRICING: For the Week June 1, 2015 to June 5, 2015


                            *********


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F R A N C E
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SPIE BONDCO 3: S&P Puts 'B+' CCR on CreditWatch Positive
--------------------------------------------------------
Standard & Poor's Ratings Services said that it placed on
CreditWatch with positive implications its 'B+' long-term
corporate credit ratings on French multi-technical services
provider Spie Bondco 3 S.C.A (Spie) and its indirect subsidiary,
Financiere SPIE.

At the same time, S&P affirmed its 'B+' issue ratings on the
EUR625 million senior facilities (term loan E) maturing August
2019 issued by Spie S.A.; a EUR100 million acquisition facility
due 2018; a EUR100 million acquisition facility due 2017; the
EUR200 million revolving credit facility (RCF) due 2020; the
EUR392 million bank loan due in 2021; and the EUR585 million term
loan B due in 2021, issued by Clayax Acquisition 4 SAS and
guaranteed by Financiere SPIE.  The recovery rating on these
instruments is '4'.

In addition, S&P affirmed its 'B-' issue rating on the second
lien facilities due in 2019 and 2021 issued by SPIE S.A.  The
recovery rating on this instrument is '6'.

The CreditWatch placement reflects S&P's view that Spie's
recently announced IPO could meaningfully improve its financial
risk profile.  The group aims to raise around EUR700 million, net
of fees and costs, to lower its reported net debt-to-EBITDA ratio
to under 2.5x by year-end 2015.  Management indicated in the
preliminary issuance documentation that the company's shareholder
loan of roughly EUR170 million (including accrued interest),
which S&P treats as debt in its calculation of Spie's adjusted
debt, will be converted into equity in the process.  Based on
these assumptions, S&P estimates that the Standard & Poor's-
adjusted ratio of funds from operations (FFO) to debt and debt to
EBITDA could reach about 24% and 4x respectively in December
2015, an improvement from 5% and nearly 8x in 2014, based on
preliminary 2014 financials.

S&P's assessment of Spie's business risk profile continues to
reflect, among other factors, S&P's views on the group's low
earnings volatility, fragmented and diverse customer base, and
improving geographic diversity, balanced against its limited
product range and lower-than-average margins compared with other
facility services providers.

S&P's base-case operating scenario currently does not factor in
the contemplated IPO, although S&P believes that its probability
of success is meaningful.  S&P's assumptions include:

   -- A gradual improvement of European economies, with notably
      an increase in French GDP of above 1% in 2015, leading to
      generally stable revenues complemented by growth from
      acquisitions.  Spie's reported revenue growth of over 10%
      for 2014, thanks to the full-year consolidation of German
      construction firm Hochtief, and S&P's forecast for revenue
      growth of about 2% in 2015 and 2016.  A modest improvement
      in Spie's adjusted EBITDA margin of about 20 basis points
      in 2015, as integration costs for the Hochtief acquisition
      no longer lower adjusted margins and are offset by
      productivity gains.

Based on these assumptions, S&P arrives at these credit measures
for 2015 and 2016:

   -- Adjusted debt to EBITDA of about 7.0x-7.5x.
   -- Adjusted EBITDA interest coverage of approximately 2.5x.
   -- Adjusted free operating cash flow of roughly EUR230
      million.

The CreditWatch placement reflects S&P's view that it is likely
to materially improve our assessment of Spie's financial risk
profile if the IPO completes as planned, based on considerably
lower adjusted debt and stronger credit metrics.  This
improvement could result in a two-notch upward adjustment to
S&P's long-term corporate rating on Spie to 'BB'.  S&P aims to
resolve the CreditWatch upon completion of the proposed IPO and
planned repayment of debt.



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G R E E C E
===========


GREECE: Hasn't Delivered Alternative Economic Reforms
-----------------------------------------------------
BBC News reports that European Commission president Jean-Claude
Juncker said Greek Prime Minister Alexis Tsipras failed to
deliver alternative economic reforms that he had "promised".

Mr. Juncker urged Mr. Tsipras to come up with some alternative
proposals "swiftly" so that negotiations could continue this
week, BBC relays.

On June 5, Mr. Tsipras rejected the EC's own reform proposals as
"absurd", BBC notes

According to BBC, in a signal that relations between Europe and
Greece's new Syriza government may be reaching breaking point,
Greece's combative finance minister, Yanis Varoufakis, told a
Greek newspaper that the latest reform demands were "an
aggressive move designed to terrorize the Greek government . . .
this Greek government cannot be terrorized".

Mr. Juncker said Mr. Tsipras had misrepresented the EC's
proposals to his parliament by suggesting they were offered on a
take-it-or-leave-it basis, when he "knew perfectly well that I
was willing to discuss the main points of disagreement", BBC
relates.

The European Commission is asking for further reforms to Greece's
economy, including tax increases and cuts in civil servants'
salaries and pensions, before the next EUR7.2 billion (GBP5.2
billion) tranche of bailout money will be released, BBC
discloses.

But Greece has robustly rejected these proposals without some
form of debt restructuring agreement in return, BBC notes.

Earlier this week, Greece said it would delay making a EUR300
million loan repayment to the International Monetary Fund,
instead rolling up four scheduled payments into one EUR1.6
billion payment to be made at the end of June, BBC relates.

BBC economics editor Robert Peston said this move meant that "the
risk of Greece defaulting on its debts -- and leaving the euro --
has substantially increased."

Meanwhile, The Telegraph's Ambrose Evans-Pritchard reports that
International Monetary Fund is in very serious trouble.  Events
have reached a point in Greece where the Fund's own credibility
and long-term survival are at stake, The Telegraph says.

According to The Telegraph, the Greeks are not withholding a
EUR300 million payment to the IMF because they have run out of
money, though they soon will do.

Five key players in the radical-Left Syriza movement -- meeting
in the Maximus Mansion in Athens on June 4 -- took an ice-cold,
calculated, and carefully considered decision not to pay, The
Telegraph notes.

Syriza's leaders are letting it be known that they are so angry,
and so driven by a sense of injustice, that they may indeed
default to the IMF on June 30 and in so doing place the
institution in the invidious position of explaining to its 188
member countries why it has lost their money so carelessly, and
why it has made such a colossal hash of its affairs, The
Telegraph says.


HELLENIC TELECOMMUNICATIONS: S&P Lowers CCR to 'B+', Outlook Neg.
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Greek integrated telecommunications
operator Hellenic Telecommunications Organization S.A. (OTE) to
'B+' from 'BB-'.  The outlook is negative.  S&P affirmed its 'B'
short-term corporate credit rating on OTE.

At the same time, S&P lowered its issue ratings on the senior
unsecured debt issued by OTE's wholly owned financing vehicle,
OTE PLC, to 'B+' from 'BB-'.

The downgrade of OTE follows the revision of S&P's country risk
assessment on Greece to '6' (very high risk) from '5' (high
risk), reflecting a heightened risk of capital controls or a bank
deposit freeze, as well as deterioration in the private sector's
access to domestic and external liquidity.

In addition, although a Greek exit from the eurozone is not
included in Standard & Poor's base-case scenario, its revised
country risk assessment takes into account the present risk of
Greece leaving the currency union and the dramatic consequences
it would have for domestic non-sovereign entities with foreign
currency holdings or debts.  As a result, S&P has lowered its
assessment of OTE's business risk to "vulnerable" from "fair."
S&P subsequently lowered its assessment of OTE's stand-alone
credit profile (SACP) to 'bb-' from 'bb.'

The negative outlook reflects that S&P could lower the rating on
OTE to 'B' if it believed that the likelihood of a Greek eurozone
exit had increased to one-in-three or greater.

S&P could also lower the rating if materially weaker economic
conditions in Greece had materially adverse implications for
OTE's operating prospects or liquidity or if S&P believed that
OTE's FOCF generation prospects had weakened.

S&P could revise the outlook to stable if the currently "very
high" country risk moderated.  In addition, the ratings could
stabilize if S&P observed that Deutsche Telekom's commitment to
OTE had strengthened.  Stronger support could take the form of a
substantial increase in Deutsche Telekom's stake in OTE or other
explicit forms of financial support.

Furthermore, S&P could affirm the rating on OTE if S&P lowered
the sovereign credit rating on Greece due to reasons other than
an increasing likelihood of a eurozone exit while, at the same
time, S&P's assessment of OTE's SACP was at least 'b+'.



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I R E L A N D
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ORWELL PARK: Fitch Assigns 'Bsf' Rating to Class E Notes
--------------------------------------------------------
Fitch Ratings has assigned Orwell Park CLO Limited's notes the
following ratings:

Class A-1: 'AAAsf'; Outlook Stable
Class A-2: 'AA+sf'; Outlook Stable
Class B: 'Asf'; Outlook Stable
Class C: 'BBBsf'; Outlook Stable
Class D: 'BB+sf'; Outlook Stable
Class E: 'Bsf'; Outlook Stable
Subordinated notes: not rated

Orwell Park CLO Limited is an arbitrage cash flow collateralized
loan obligation (CLO). Net proceeds from the notes issue will be
used to purchase a EUR400m portfolio of mostly European leveraged
loans and bonds. The portfolio is managed by Blackstone/GSO Debt
Funds Management Europe Limited. The reinvestment period is
scheduled to end in 2019.

Key Rating Drivers

'B'/'B-' Portfolio Credit Quality

Fitch places the average credit quality of obligors in the
'B'/'B-' range. The agency has public ratings or credit opinions
on all but one of the obligors in the identified portfolio. The
covenanted maximum Fitch weighted average rating factor (WARF)
for assigning final ratings is 34. The WARF of the identified
portfolio is 32.8.

High Recovery Expectations

The portfolio will comprise a minimum 90% senior secured
obligations. The covenanted minimum weighted average recovery
rate (WARR) for assigning final ratings is 67.5%. The WARR of the
identified portfolio is 72.0%.

Diversified Asset Portfolio

Unlike other CLO 2.0s, this transaction contains a covenant that
limits the top 10 obligors in the portfolio to 20% of the
portfolio balance. This ensures that the asset portfolio will not
be exposed to excessive obligor concentration.

Limited Interest Rate Risk Exposure

Fitch modelled a 10%, 5% and a 0% fixed-rate bucket in its
analysis, and the rated notes can withstand the interest rate
mismatch associated with each scenario.

Participation Agreement

At closing, the issuer entered into a participation agreement
with Blackstone/GSO Corporate Funding Limited (the seller)
regarding the initial portfolio assets. The seller has granted
the issuer a fixed charge over the initial portfolio assets while
the title is being transferred to the issuer. A fixed charge over
such financial assets is difficult to establish, given the lack
of control. However, Fitch received a legal opinion that the
fixed charge in this case is likely to be upheld, given the
control over the accounts of the seller.

Transaction Summary

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 three notches for the rated notes.

Due Diligence Usage

No third party due diligence was provided or reviewed in relation
to this rating action.

Data Adequacy

The majority of the underlying assets have ratings or credit
opinions from Fitch. Fitch has relied on the practices of the
relevant Fitch groups 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.



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


CARMEUSE HOLDING: Moody's Withdraws Ba3 Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service has withdrawn the Ba3 corporate family
rating and the Ba3-PD probability of default rating of Carmeuse
Holding S.A. At the time of withdrawal, all the aforementioned
ratings carried a stable outlook.

Moody's has withdrawn the rating for its own business reasons.

The last rating action on Carmeuse was taken on April 11, 2013
when Moody's upgraded the ratings to Ba3 and Ba3-PD from B1 and
B1-PD, respectively, and changed the outlook to stable from
positive.

Carmeuse is one of the world's leading producers of lime and
lime-related products. The group is active in about 90 locations
spread over 14 countries in North America, Europe, Africa, and
Latin America, and maintains a global market share of around 10%
with leading positions in most of its markets, and a number one
position in North America, which has been further strengthened
after the acquisition of Oglebay Norton in 2008.

Carmeuse is a privately held company majority owned by the
founder family with the remainder being held by the Belgian
investment company Cobepa and by other individual and
institutional shareholders. The company operates in a niche
industry with only a handful of large players globally, while its
operations are subject to licenses and are difficult to
replicate.

Carmeuse Group reported EUR1,094 million in revenues and an
EBITDA of EUR245 million in 2013.



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


HYVA GLOBAL: S&P Lowers CCR to 'B-' on Refinancing Risk
-------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Hyva Global B.V. to 'B-'
from 'B'.  The outlook is negative.  S&P also lowered its issue
rating on the company's outstanding US$375 million senior
unsecured notes due March 2016 to 'B-' from 'B'.  At the same
time, S&P lowered its long-term Greater China regional scale
rating on Hyva to 'cnB-' from 'cnBB-'.  Hyva is a Netherlands-
based supplier of hydraulic cylinders.

"We downgraded Hyva to reflect the company's heightened
refinancing and liquidity risk in the absence of a concrete
refinancing plan for its U.S. dollar debt obligations," said
Standard & Poor's credit analyst Leo Hu.  "We believe Hyva will
need to rely on external financing to meet its US$375 million
senior unsecured notes due March 2016, given the company's
limited free operating cash flows and cash on hand."

"We expect Hyva's liquidity sources to fall materially short of
its uses over the next 12 months.  We estimate that the company's
liquidity sources during this time will be about US$45 million-
US$50 million compared with liquidity uses of about
US$380 million.  Liquidity sources include Hyva's cash and cash
equivalents as of March 2015, and cash flows from operations over
the next 12 months.  Liquidity uses will primarily constitute the
repayment of the senior unsecured notes.  We have revised our
assessment of Hyva's liquidity to "weak" from "adequate" and
capital structure to "negative" from "neutral" to reflect the
liquidity pressure and refinancing risk," S&P added.

Hyva's limited product base and high exposure to the volatile and
cyclical market for heavy-duty trucks continues to underpin its
"weak" business risk profile.  The company has a narrow product
suite, and its core products -- front-end hydraulic cylinders and
wet kits -- contributed to more than 55% of its total revenues in
2014.  The sales and profitability of such niche products depend
heavily on demand in the heavy duty truck market.  Weak market
conditions in countries such as China, which is Hyva's key
market, and Brazil strained the company's revenue growth,
profitability, and working capital management in 2014.  S&P
expects the stress to continue in 2015, given low visibility on
demand improvement for hydraulic products.

In S&P's base case, it expects Hyva's revenues and profitability
to decline in 2015.  Continued weakness in the hydraulics segment
in China and Brazil and the likely depreciation in the euro
during the year will likely keep revenues down.  Meanwhile,
possibly lower revenue contribution from China and the hydraulics
segment, which generally has better margins, will erode
profitability, in S&P's view.

S&P expects Hyva's operating performance to stay weak over the
next 12 months, resulting in limited operating cash flows of less
than US$10 million.  In S&P's base case it anticipates that
Hyva's debt-to-EBITDA ratio will deteriorate to 6x-7x over the
next 12 months, from 5.5x as of 2014, and EBITDA interest
coverage will be less than 2x.  Therefore, S&P's assessment of
the company's financial risk profile remains unchanged at "highly
leveraged."

The negative outlook mainly reflects the considerable risk
surrounding Hyva's ability to confirm the financing in the next
three to six months to fully repay its upcoming notes.  S&P
believes that Hyva may need to secure multiple liquidity sources
to fully satisfy these obligations, which adds to the uncertainty
over the timing.

S&P will downgrade Hyva if the company cannot secure sufficient
financing within the next three to six months to fully repay its
outstanding U.S. dollar notes.

S&P may revise the outlook to stable if Hyva secures long-term
financing over the coming three to six months to fully repay the
notes.


JUBILEE CLO 2015-XV: S&P Assigns 'B-' Rating to Class F Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its credit ratings to
Jubilee CLO 2015-XV B.V.'s class A, B, C, D, E, and F notes.  At
closing, Jubilee CLO 2015-XV also issued an unrated subordinated
class of notes.

Jubilee CLO 2015-XV is a cash flow collateralized loan obligation
(CLO) transaction securitizing a portfolio of primarily broadly
syndicated speculative-grade senior secured loans and bonds
issued mainly by European borrowers.  Alcentra Ltd. is the
collateral manager.

Under the transaction documents, the rated notes pay quarterly
interest unless there is a frequency switch event.  Following
such an event, the notes switch to semiannual payment.  The
transaction has a six-month ramp-up period, a four-year
reinvestment period, and a maximum weighted-average life of eight
years from the closing date.

At the end of the ramp-up period, S&P understands that the
portfolio will represent a well-diversified pool of corporate
credits.  Therefore, S&P has conducted its credit and cash flow
analysis by applying its criteria for corporate cash flow
collateralized debt obligations.

"Our ratings reflect our assessment of the collateral portfolio's
credit quality as well as the available credit enhancement for
the rated notes through the subordination of payable cash flow.
In our cash flow analysis, we used the EUR437.78 million target
par amount, the covenanted weighted-average spread (4.10%), the
covenanted weighted-average coupon (5.75%), and the covenanted
weighted-average recovery rates at each rating level.  S&P
applied various cash flow stress scenarios, using four different
default patterns, in conjunction with different interest rate
stress scenarios for each liability rating category.

The Bank of New York Mellon, London branch, is the bank account
provider and custodian.  The portfolio can comprise a maximum of
30% non-euro-denominated obligations subject to an asset swap
provided by a hedge counterparty.  The participants' downgrade
remedies are in line with S&P's current counterparty criteria.

The issuer is bankruptcy-remote, in accordance with S&P's
European legal criteria.

Following S&P's analysis of the credit, cash flow, counterparty,
operational, and legal risks, S&P believes that its ratings are
commensurate with the available credit enhancement for each class
of notes.

RATINGS LIST

Jubilee CLO 2015-XV B.V.

EUR450.75 Million Senior Secured And Deferrable Floating-Rate
Notes (Including EUR46.0 Million Subordinated Notes)

Class                   Rating         Amount
                                     (mil. EUR)

A                       AAA (sf)       252.75
B                       AA (sf)         60.25
C                       A (sf)          26.00
D                       BBB (sf)        23.50
E                       BB (sf)         27.00
F                       B- (sf)         15.25
Subordinated            NR              46.00

NR--Not rated.


NXP BV: Moody's Affirms Ba2 Corporate Family Rating; Outlook Pos.
-----------------------------------------------------------------
Moody's Investors Service affirmed NXP B.V.'s and NXP
Semiconductors N.V. ratings, including NXP's Ba2 Corporate Family
Rating, and rated at Ba3 NXP's new Senior Notes due 2020 ("2020
Notes") and Senior Notes due 2022. The outlook is positive.

On March 1, 2015, NXP signed a definitive agreement to acquire
Freescale Semiconductor Inc. for about $11.8 billion in NXP
shares and cash. NXP expects the acquisition to close in the
second half of calendar year 2015. NXP plans to fund the
acquisition using about $10 billion worth of NXP shares plus
about $2 billion of cash. NXP has obtained committed financing.

Since NXP's debt capitalization upon completion of the Freescale
acquisition has not yet been determined, NXP's instrument ratings
could change following closing of the acquisition.

Assignments:

Issuer: NXP B.V.

  -- Senior Unsecured Regular Bond/Debenture (2020 Notes),
     Assigned Ba3, LGD5

  -- Senior Unsecured Regular Bond/Debenture (2022 Notes),
     Assigned Ba3, LGD5

Affirmations:

Issuer: NXP B.V.

  -- Probability of Default Rating, Affirmed Ba2-PD

  -- Corporate Family Rating , Affirmed Ba2

  -- Senior Secured Bank Credit Facility, Affirmed Ba1, LGD2

  -- Senior Unsecured Regular Bond/Debenture, Affirmed Ba3, LGD5
     changed from LGD4

Issuer: NXP Semiconductors N.V.

  -- Senior Unsecured Conv./Exch. Bond/Debenture, Affirmed B1,
     LGD6

Outlook Actions:

Issuer: NXP B.V.

  -- Outlook, Positive

Issuer: NXP Semiconductors N.V.

  -- Outlook, Positive

The Ba2 CFR reflects our expectation that NXP will direct a
majority of free cash flow to reduce debt such that through the
combination of debt reduction and EBITDA growth, debt to EBITDA
(Moody's adjusted) will decline to about 3x over the year
following closing. We anticipate that pro forma for the Freescale
acquisition and the pending sale of NXP's RF Power business to
JianGuang Asset Management Co, Ltd, debt to EBITDA (Moody's
adjusted, for the twelve months ended April 1, 2015) would be
nearly 4x, which is high for the Ba2 rating. The acquisition will
increase NXP's scale and diversification substantially, pushing
NXP to the leadership position in automotive semiconductors,
while free cash flow should continue to be strong due to the fab-
lite manufacturing model of both firms. The fab-lite model also
limits the integration risks, with restructuring expected to be
focused on administrative and support functions rather than
operational functions.

The positive outlook reflects our expectation that NXP will
prioritize FCF for debt repayment such that through a combination
of debt repayment and EBITDA growth, debt to EBITDA (Moody's
adjusted) will decline to about 3x over the year following
closing. The positive outlook also reflects our expectation that
the integration will progress smoothly and that NXP will
demonstrate progress in achieving the anticipated operating
synergies, which we expect to reach about $200 million in 2016.

NXP's ratings could be upgraded if there are clear indications of
a successful integration including achievement of operating
synergies. We would expect NXP to reduce leverage through a
combination of debt repayment and EBITDA growth such that debt to
EBITDA (Moody's adjusted) is sustained below 3x and FCF to debt
(Moody's adjusted) is sustained above 10%. The rating could be
downgraded if NXP is not on-course to reduce debt to EBITDA
(Moody's adjusted) to below 4.0x or FCF to debt (Moody's
adjusted) remains below the upper single digits percent. Should
the acquisition be terminated, NPX's Ba2 Corporate Family Rating
could be pressured if debt to EBITDA (Moody's adjusted) is
sustained above 3x.

NXP B.V., based in Eindhoven, Netherlands, makes high performance
mixed signal integrated circuits and discrete semiconductors used
in a wide range of applications, including automotive,
identification, wireless infrastructure, lighting, industrial,
mobile, consumer and computing.

The principal methodology used in these ratings was Global
Semiconductor Industry Methodology published in December 2012.
Other methodologies used include Loss Given Default for
Speculative-Grade Non-Financial Companies in the U.S., Canada and
EMEA published in June 2009.


REFRESCO GERBER: S&P Raises CCR to 'BB' on Successful IPO
---------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its long-
term corporate credit rating on Netherlands-based bottler of soft
drinks and fruit juices Refresco Gerber NV to 'BB' from 'B+'.
The outlook is stable.

The upgrade follows Refresco Gerber's successful IPO and
refinancing, after which it has reduced its overall debt burden
and publicly committed to a less leveraged financial structure.

Refresco Gerber used EUR91 million of net proceeds from the IPO,
which completed on March 27, and cash to repay EUR100 million of
its EUR660 million debt.  On June 1, it refinanced the remaining
debt with a new EUR522 million term loan due 2020, resulting in
an improvement in debt protection metrics.

Based on S&P's base-case scenario, it estimates that the company
should maintain fully Standard & Poor's-adjusted debt to EBITDA
of about 3x over the next three years, compared with pre-IPO
levels of above 3.5x.  S&P's financial profile assessment is
further supported by Refresco Gerber's publicly stated financial
policy to maintain a net debt-to-EBITDA ratio of 2.5x or below.

Following the existing owners' sale of close to EUR450 million of
shares in Refresco Gerber in the secondary leg of the IPO, S&P
estimates that financial sponsors now own less than 34% of the
company.  S&P therefore no longer views Refresco Gerber as a
financial sponsor-owned company, which had capped S&P's financial
risk profile assessment at "highly leveraged."  S&P now considers
Refresco Gerber's financial risk profile to be commensurate with
a "significant" assessment and assess its financial policy as
neutral under S&P's methodology.

S&P continues to assess the company's business risk profile as
"fair."  S&P's assessment reflects its view of its high exposure
to volatile commodity-based raw material prices; limited pricing
flexibility due to its focus on private label products; and its
geographic concentration in mature Western European markets.
These weaknesses are partly offset by the group's scale, as well
as the success of its product development and sales strategies
pursued by a well-established management team.  Refresco Gerber
generates sales of more than EUR2.0 billion and EBITDA of about
EUR200 million per year.  Its geographic footprint benefits from
established positions in some of Europe's largest consumer
markets, such as Germany, France, the U.K., and the Benelux
region.  Following the transformational acquisition of Gerber in
November 2013, the group has been able to rationalize its product
offering and manufacturing capability, helping it compete in the
mature and price sensitive market for soft drinks in Western
Europe.

The "fair" business risk profile and "significant" financial risk
profile assessments result in an anchor of 'bb'.  Modifiers do
not have an impact on the rating outcome.

S&P's base case assumes:

   -- Revenue growth of about 3% for 2015 and 2016.
   -- EBITDA margins of about 11%-12% for 2015 and 2016.
   -- Capital expenditure (capex) of 3%-4% of revenues.
   -- Dividends in line with company's guidance at about 35%-50%
      of net income after tax.

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

   -- An adjusted debt-to-EBITDA ratio of about 3.0x in 2015 and
      2016.

   -- Adjusted funds from operations (FFO) cash interest coverage
      of about 6x in 2015 and 2016.

The stable outlook reflects S&P's view that the financial
sponsors will relinquish their ownership stake completely in the
near term, and that Refresco Gerber will adhere to its publicly
stated leverage target of up to 2.5x net debt to EBITDA.  S&P
forecasts that the group's adjusted debt to EBITDA ratio will be
around 3x over the next 12 to 18 months, a level S&P considers
commensurate with the 'BB' rating.  S&P also forecasts that the
FFO cash interest coverage will remain at about 6x.

S&P could consider lowering the ratings if the credit ratios
deteriorate or the group's liquidity comes under pressure, due to
debt-financed acquisitions or large shareholder distributions.
Weaker credit ratios could also be a result of a prolonged
weakness in demand for Refresco Gerber's bottling services across
Europe or tighter margins if Refresco Gerber fails to adjust its
pricing and product structure to an unexpected hike in raw
material prices.  S&P would consider a lower rating if the
adjusted debt-to-EBITDA ratio rose to 4x and FFO cash interest
coverage fell to 4x for a sustained period.

An upgrade of Refresco Gerber would most likely be the result of
stronger credit ratios on the back of sustainable like-for-like
growth and strengthening profitability; specifically, S&P could
raise the ratings if it sees a sustainable improvement in the
company's adjusted debt-to-EBITDA ratio to about 2.5x.



=============
R O M A N I A
=============


BANCA TRANSILVANIA: Fitch Hikes LT Issuer Default Rating to 'BB'
----------------------------------------------------------------
Fitch Ratings has upgraded Banca Transilvania's (BT) Long-term
Issuer Default Rating (IDR) to 'BB' from 'BB-' and removed it
from Rating Watch Evolving (RWE). The agency has also affirmed
the Long-term IDRs of UniCredit Tiriac Bank S.A. (UCTB) at 'BBB'
and ProCredit Bank (Romania) (PCBR) at 'BBB-', and maintained
Garanti Bank S.A.'s 'BB+' Long-term IDR on Rating Watch Positive
(RWP). The Outlooks on BT, UCTB and PCBR are Stable.

The agency has also upgraded the Viability Ratings (VRs) of BT to
'bb' from 'bb-' and of GBR and PCBR to 'b+' from 'b'. A full list
of rating actions is available at the end of this commentary.

Key Rating Drivers - IDRS And Support Ratings

BT

BT's IDRs are driven by the bank's VR and therefore share key
rating drivers. The Support Rating of '5' and Support Rating
Floor of 'No Floor' reflect Fitch's view that sovereign support,
while possible, can no longer be relied upon for Banca
Transilvania, as for most other commercial banks in the European
Union.

UCTB

UCTB's IDRs and Support Rating reflect Fitch's view that UCTB is
a strategically important subsidiary for its ultimate parent,
UniCredit S.p.A. (UC; BBB+/Stable/bbb+). The Stable Outlook
reflects that on the parent. Fitch has upgraded UCTB's Short-term
IDR to 'F2' from 'F3', reflecting available liquidity support
from its parent.

UCTB's recent announcement of its parent's purchase of an
additional 45% stake in UCTB, bringing its total stake to 95.6%,
will not have an impact on UCTB's IDRs, as support from UC is
already factored into the ratings.

GBR

GBR's IDRs and Support Rating are driven by the potential support
it can expect to receive from its parent, Turkey-based Turkiye
Garanti Bankasi S.A. (TGB; BBB-/RWP). GBR's support-driven Long-
term IDR is one notch below that of its parent, reflecting
Fitch's view that GBR is a strategically important subsidiary of
TGB.

The RWP on GBR reflects the RWP placed on TGB's ratings. This in
turn reflects the announcement made by Banco Bilbao Vizcaya
Argentaria S.A. (BBVA; A-/Stable) in November 2014 that it
intends to increase its stake in TGB to 39.9% from the current
25% (see 'Fitch Places Garanti on RWP; Revises Support Rating
Floors of Privately-Owned Turkish Banks' at
www.fitchratings.com). The RWP on GBR's IDR reflects Fitch's view
that TGB's credit profile, and hence its ability to support GBR,
may strengthen as a result of BBVA's increased stake.

To date, there has been no indication that BBVA is considering
changing TGB's strategy in Romania that would lead to a marked
reduction of the strategic importance of GBR or of TGB's
willingness to support it.

PCBR

PCBR's Long-term IDRs and Support Rating are driven by potential
support from its parent, ProCredit Holding AG & Co. KGaA (PCH;
BBB/Stable). PCBR's support-driven Long-term IDR is one notch
below that of its parent based on the strategic importance of the
CEE region and a track record of capital and liquidity support.
The Stable Outlook reflects that on the parent.

Viability Ratings

The upgrade of BT's VR and Long-term IDR reflect improvements in
BT's capitalization, stabilization of asset quality and Fitch's
expectation that the acquisition of Volksbank Romania (VBRO)
should improve BT's franchise, while having a neutral to positive
impact on its key credit metrics.

The bank's VR also reflects its strong deposit funding base and
liquidity position, stable profitability and internal capital
generation, low loan concentrations, a lower share of foreign
currency lending than at peers and reasonable coverage of
impaired loans (high coverage of 90 day past due loans) by
reserves. However, the rating also reflects BT's still weak asset
quality.

Fitch expects that the acquisition of VBRO (completed in April
2015) will improve BT's franchise and bring potential benefits of
greater scale efficiency. Based on information available, Fitch
expects that the transaction should be neutral or slightly
positive for BT's capitalization and should not give rise to
significant asset quality risks given significant reserves
created pre-acquisition, which will be used to finance the
conversion of Swiss franc mortgage loans at below market rates.
The liquidity position of the combined entity is likely to be
moderately weaker than BT's before the acquisition, but will
still be comfortable, given large buffers built up by BT prior to
the transaction closing.

BT's funding profile is a rating strength. At end-2014, customer
deposits accounted for a high 95% of total funding. They were
granular and predominantly (62% of the total) retail. At end-
2014, BT's liquidity position was ample, with unencumbered liquid
assets (including mandatory reserves) equivalent to 55% of
customer deposits and a loan to deposit ratio of just 68%. This
buffer should comfortably absorb the need to replace remaining
parental funding at VBRO and finance the acquisition.

Fitch considers BT's capitalization strong as reflected by its
Fitch Core Capital (FCC) ratio of 17.5% at end-2014. Improvement
over 2014 was driven by reasonable internal capital generation
and almost flat risk weighted assets. Better coverage of DPD90
loans (those overdue by 90 days or more) has also improved the
quality of BT's capital. The acquisition of VBRO is likely to be
either neutral or positive given VBRO's recapitalization by
former shareholders and the large buffers to support conversion
of CHF mortgages. BT's capitalization should also be supported by
negative goodwill on the VBRO acquisition.

Asset quality largely stabilized at BT in 2014, with DPD90 loan
generation at around 0.9% of average gross loans, down from
around 2% in 2013. However, the reduction of the DPD90 ratio to
11.1% from 14.8% was fully driven by write-offs. Coverage of
impaired loans remained stable at a reasonable 70%, and uncovered
impaired loans were 29% of FCC (end-2013: 34%). DPD90 loans are
more than 80% covered with specific provisions and more than
fully covered by IFRS provisions.

Based on available data, we estimate that the clean-up of bad
debt at VBRO before acquisition resulted in asset quality and
provision coverage ratios being comparable at both banks. The
offer to VBRO's CHF borrowers to convert their loans into RON or
EUR at favorable rates is attractive and should result in high
take-up and therefore material reduction of future risks related
to this part of VBRO's portfolio.

UCTB's VR reflects Fitch's view of the bank's weak asset quality,
its only just adequate capital levels and modest operating
profitability. However, the VR also factors in the bank's solid
pre-impairment operating performance and its strong liquidity
profile.

UCTB's headline impaired loans ratio (19.9% of gross loans at
end-2014) reflects a relatively conservative identification of
potentially problematic exposures. Regulatory NPLs of 12.6% at
end-2014 compare well with the sector average, with DPD90
exposures somewhat lower at 10.0%. The difference between
impaired loans and the NPL/DPD90 ratios is mainly driven by some
large, potentially problematic commercial real estate exposures.

Fitch views UCTB's capitalization, with a FCC ratio of 13.4% at
end-2014 (end-2013: 14.7%), as only adequate. This reflects the
high level of unreserved impaired loans at end-2014, amounting to
77% of FCC. Operating performance continues to be constrained by
high loan impairment charges, a contracting net interest margin
and high levels of liquid assets.

The upgrade of GBR's VR reflects improvements in the bank's
funding profile (an increase in the share of customer deposits),
a longer track record of solid pre-impairment operating
profitability and improved prospects for the Romanian economy.

However, asset quality remains weak, with NPLs of 15.5% (EBA
definition) at end-2014 and their coverage with IFRS reserves at
a modest 56%. Regulatory NPLs of 12.8% at end-2014 compare well
with the sector average (13.9%). Locally sourced customer
deposits increased to 57% of total non-equity funding, and cross-
border fiduciary deposits have declined as a source of funding
for the bank (16% of total funding excluding derivatives at end-
2014). The bank's FCC ratio (16% at end-2014) is only adequate
given the bank's growth targets and considerable levels of
unreserved NPLs relative to the capital base (53%).

The upgrade of PCBR's VR reflects the bank's track record of
stable operating profitability and good asset quality through the
cycle compared to other Romanian banks, and improved prospects
for the Romanian economy. Pre-impairment profitability remains
constrained by the bank's small size, high cost base and low
diversification of revenues, but bottom line performance is
supported by moderate loan impairment charges. Impaired loans
stood at 9.8% at end-2014.

The FCC ratio increased to 13.8% at end-2014, and internal
capital generation, while limited, remains adequate relative to
the bank's modest growth targets.

Rating Sensitivities

IDRS

BT's IDRs are driven by the bank's VR and therefore share its key
rating sensitivities.

UCTB and PCBR's IDRs are sensitive to changes in their parents'
ratings, or in Fitch's view of the commitment on the part of UC
and PCH to their respective subsidiaries, or to the wider CEE
region.

Fitch will resolve the RWP on GBR upon the resolution of the RWP
on TGB's ratings, which is expected in 1H15or shortly afterwards.
Following the resolution of the RWP on TGB and the likely upgrade
of its ratings by one notch to 'BBB', Fitch is likely to upgrade
GBR to 'BBB-'.

VRS
A further upgrade of BT's VR is unlikely in the near term. Over
the medium term, an upgrade would require the smooth integration
of VBRO, a material improvement in asset quality, and maintenance
of strong capital and liquidity positions. A downgrade could
result from the merger having a significant negative impact on
financial metrics (not currently anticipated by Fitch), a
material increase in risk appetite, further deterioration of
asset quality or materially weaker capitalization.

An upgrade of UCTB's VR would require a material reduction in
impaired loans and higher levels of coverage by IFRS reserves. A
downgrade could result from significant deterioration in asset
quality and capital metrics.

Further upgrades of GBR's and PCBR's VRs are unlikely in the
short term. For GBR, a VR upgrade would require the bank
achieving its targeted growth while improving asset quality and
maintaining adequate capital levels. A further VR upgrade for
PCBR would require the bank improving its operating efficiency
and internal capital generation capacity, whilst maintaining good
asset quality. Downgrades of the two banks' VRs could result from
significant deterioration in asset quality and capital metrics.

The rating actions are as follows:

BT:

Long-term foreign currency IDR: upgraded to 'BB' from 'BB-'; off
RWE, Outlook Stable
Short-term foreign currency IDR: affirmed at 'B'
Viability Rating: upgraded to 'bb' from 'bb-'; off RWE
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'

GBR

Long-term IDR: 'BB+', maintained on RWP
Short-term IDR: 'B', maintained on RWP
Support Rating '3'; maintained on RWP
Viability Rating: upgraded to 'b+' from 'b'

PCBR

Long-term foreign currency IDR: affirmed at 'BBB-'; Outlook
Stable
Short-term foreign currency IDR: affirmed at 'F3'
Long-term local currency IDR: affirmed at 'BBB-' Outlook Stable
Short-term local currency IDR: affirmed at 'F3'
Viability Rating: upgraded to 'b+' from 'b'
Support Rating: affirmed at '2'

UCTB:

Long-term foreign currency IDR: affirmed at 'BBB'; Outlook Stable
Short-term foreign currency IDR: upgraded to 'F2' from 'F3'
Support Rating: affirmed at '2'
Viability Rating: affirmed at 'bb-'


ROMPETROL SA: Files for Insolvency; Owes State US$58.5 Million
--------------------------------------------------------------
Andrei Chirileasa at Romania-Insider reports that Rompetrol SA,
which is controlled by KazMunayGas, Kazakhstan's national oil and
gas operator, has filed for insolvency.

According to Romania-Insider, the company has to pay US$58.5
million plus three times that amount as legal interest to the
state.  The debt comes from a tangled business in the late 1990s
when the company was controlled by late Romanian businessman
Dinu Patriciu, Romania-Insider notes.

"Rompetrol SA, a closed company, requested the Bucharest County
Court to initiate the reorganization proceedings against the
company, so as to enable the furtherance of the commercial
operations thereof conducted both domestically and abroad," the
company, as cited by Romania-Insider, said on June 5.

"At the end of the former year, the Bucharest Court of Appeal
committed the company jointly with other individuals to the
payment of the amount of US$58.5 million, plus legal interest
computed as of May 1, 2001.  The aspects considered by the
Bucharest Court of Appeal referred to a series of deeds
perpetrated throughout the period 1999-2001, long before 2007
when KazMunayGas became the major shareholder of the group of
companies Rompetrol SA is part of," Romania-Insider quotes the
company's press release as saying.

According to Romania-Insider, the company's representatives said
the enforcement of the court resolution generates a major
financial imbalance for the company, which impacts its current
activities.

The company had a turnover of EUR13 million and losses of EUR12
million, in 2013, Romania-Insider relays, citing data from the
Finance Ministry.

Rompetrol SA is a Romanian oil company.



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


GRUPO EMBOTELLADORA: S&P Lowers CCR to 'BB-', Outlook Still Neg.
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Grupo Embotelladora Atic, S.A. to 'BB-
' from 'BB'.  The outlook on the corporate credit rating remains
negative.  S&P also lowered its issue-level rating on the
company's $450 million senior unsecured notes due 2022 to 'BB-'
from 'BB'.

The downgrade reflects Atic's weaker-than-expected operating
performance in the past two years due to the difficult economic
and business conditions, such as stiff competition from its
global peers and currency devaluations in most of the countries
where it operates.  These factors resulted in Atic's volume
contractions, lower average prices, and higher SG&A as a
percentage of sales, all of which weakened the company's
liquidity and credit metrics.

S&P expects sluggish economies and strong competition in Mexico,
Brazil, Venezuela, and Colombia to continue taking a toll on
Atic's performance.  However, S&P expects a gradual market
recovery in Peru, Central America, Thailand, and Indonesia thanks
to the company's solid market position in non-carbonated soft
drink (CSD) products.  In addition, the company is currently
taking various measures to protect its volumes and profitability,
including various changes in its management team to focus on cost
reductions and boosting revenue.



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


BANK NADRA: NBU Commences Liquidation Procedure
-----------------------------------------------
Interfax-Ukraine reports that the National Bank of Ukraine on
June 5 said it decided to liquidate Bank Nadra.

"Continuing the started procedure to remove insolvent public
joint-stock company Bank Nadra from the market, the NBU decided
to revoke the banking license of the bank and liquidate it on
June 4, 2015," Interfax-Ukraine quotes the regulator as saying.

In August 2014 the NBU decided to put the bank on the list of
troubled banks and set the term for the bank to take measures to
bring its operation in line with Ukrainian law, Interfax-Ukraine
recounts.

The regulator, as cited by Interfax-Ukraine, said that the
results of monitoring the bank showed the problems appeared due
to the risky operations of shareholders and the bank's top
managers headed by Ihor Hylenko during the financial turmoil of
2008-2009.

The decision to remove the bank from the temporary administration
in 2011 was made too early: the bank continued operating without
enough capital and it was not able to resist a liquidity crisis
in 2014-2015, Interfax-Ukraine relays.  The shareholders and top
managers of Bank Nadra did not propose effective measures to
increase the bank's capital to the required level to support its
solvency, Interfax-Ukraine discloses.

The NBU on February 5, 2015 put Bank Nadra to the list of
insolvent bank, while the Individuals' Deposit Guarantee Fund
introduced temporary administration from February 6 to May 5 and
then extended it until June 5, Interfax-Ukraine relates.

The regulator said that the total sum of the possible refunding
of funds to depositors of Bank Nadra as of May 1, 2015 was UAH3.8
billion, Interfax-Ukraine notes.  Ninety-nine percent of
depositors had deposits within the guaranteed sum of UAH200,000,
Interfax-Ukraine states.  According to Interfax-Ukraine,
depositors received UAH2 billion during temporary administration,
and the rest of the payments will be settled in the near future.

Bank Nadra ranked 11th among 158 banks operating in the country
as of January 1, 2015 in terms of total assets (UAH 35.878
billion), according to the NBU.



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


BRUNSWICK RAIL: S&P Lowers CCR to 'CCC-' on Weakening Prospects
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered to 'CCC-'
from 'B-' its long-term corporate credit rating on Brunswick Rail
Ltd., a rail freight car lessor in Russia.  The outlook is
negative.

At the same time, S&P lowered to 'CCC-' from 'B-' its issue
rating on the US$600 million 6.5% senior unsecured notes due 2017
issued by Brunswick Rail Finance Ltd.  The recovery rating on the
unsecured notes is '4', indicating S&P's expectation of modest
(30%-50%) recovery prospects in the event of a payment default.

The rating actions primarily reflect S&P's view that Brunswick
Rail is likely to breach its bank loan covenant and, as a result,
will have to prepay Russian ruble (RUB) 4 billion (about US$67
million) of its syndicated bank loan due 2016.  In S&P's opinion,
a demand for full prepayment under the bank loan is likely to
lead to significant liquidity pressure.  S&P believes this would
likely result in a default or distressed debt exchange, unless
the company sees significantly favorable changes in its
circumstances. Brunswick Rail had US$82 million of cash on its
balance sheet at the end of March 31, 2015, but S&P believes that
the cash level is fast diminishing as client payment discipline
deteriorates.

Management is seeking to amend the syndicated bank loan,
including by modifying the covenants to more sustainable levels
and obtaining a waiver of potential covenant violations.

The negative outlook on Brunswick Rail reflects S&P's view of the
likelihood of a default within the next six months.

Over the short term, S&P sees an outlook revision to stable as
unlikely.  However, if the company successfully improves its
anticipated covenant headroom and agrees workable terms and
agreements with its lenders, S&P could consider a positive rating
action.  S&P would also require the company to reverse the
current cash burn and significantly bolster its liquidity
situation.


CORPBANK: State-Run Fund Taps AlixPartners to Help Recover Assets
-----------------------------------------------------------------
Tsvetelia Tsolova at Reuters reports that Bulgaria's Deposit
Insurance Fund on June 5 said it has chosen forensic advisory
firm AlixPartners to help trace and recover the assets of
insolvent Corporate Commercial Bank (Corpbank).

The state-run fund, which has paid out more than BGN3.6 billion
(US$2 billion) to guaranteed depositors in the bank, said it
would now propose that the bank's receivers sign a contract with
the global forensic company, which has experience of
investigating bank failures, Reuters relates.

"AlixPartners Services will be appointed to perform activities to
trace Corpbank assets and recommend to the receivers actions to
preserve and replenish the bankruptcy estate in respect to assets
which the bank has disposed in breach of law," Reuters quotes the
fund as saying in a statement.

               About Corporate Commercial Bank AD

Corporate Commercial Bank AD is the fourth largest bank in
Bulgaria in terms of assets, third in terms of net profit, and
first in terms of deposit growth.

Bulgaria's central bank placed Corpbank under its administration
and suspended shareholders' rights in June 2014 after a run
drained the bank of cash to meet client demands.


FIRST FLEXIBLE: S&P Affirms 'BB-' Ratings on 2 Note Classes
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed all of its credit
ratings on First Flexible No. 6 PLC's class A1, A2, A3, M1, and
M2 notes.

S&P has reviewed First Flexible No. 6's performance using the
most recent collateral pool composition and investor report
available to S&P, and conducted an updated credit and cash flow
analysis of the transaction.

Since S&P's previous review, the collateral pool has exhibited
improving performance and delinquencies have decreased--with 90+
days arrears declining to 0% as of the most recent investor
report for May 2015.  Receivers of rents in place represent 0.60%
of the loans in the pool, while cumulative losses are also low
and currently stand at 0.15%.

Available credit enhancement has remained stable at 46.03% for
the class A notes and at 5.8% for class M notes.  This is because
the issuer has been paying the notes pro rata.  The credit
enhancement figures above include 5.8% from the reserve fund.
However, the reserve fund is amortizing to a specified floor and
is not available to cure principal losses throughout the life of
the transaction, but can only do so on the final interest payment
date.  The reserve fund is currently at its documented target
level.

After applying S&P's U.K. residential mortgage-backed securities
(RMBS) criteria to this transaction, its credit analysis results
show a decrease in the weighted-average foreclosure frequency
(WAFF) and an increase in the weighted-average loss severity
(WALS).

Rating    WAFF     WALS     Loss coverage
level      (%)      (%)               (%)
AAA       26.23     35.04              9.19
AA        18.17     26.23              4.77
A         14.14     13.28              1.88
BBB       10.11      7.05              0.71
BB         6.08      4.52              0.27
B          5.07      3.04              0.15

The decrease in the WAFF is mainly due to the higher seasoning of
the portfolio, which is now 136 months, and the zero arrears in
the pool.  The increase in the WALS is mainly due to the
application of higher market value decline assumptions,
especially in the South East area were the pool is more
concentrated.  The overall effect is a decrease in the required
credit coverage for each rating level.

S&P's updated analysis shows that the current available credit
enhancement for all classes of notes continues to be commensurate
with the currently assigned ratings.  S&P has therefore affirmed
its 'AA- (sf)' ratings on the class A1, A2, and A3 notes, and its
'BB- (sf)' ratings on the class M1 and M2 notes.

The class A notes were able to pass our updated cash flow
stresses at higher ratings.  However, as S&P do not view the
currency swap documentation to be in line with its current
counterparty criteria, the ratings on the transaction are capped
at the long-term issuer credit rating on J.P. Morgan Chase Bank
N.A. (A+/Stable/A-1), plus one notch.  After having breached its
documented trigger of 'A-1+', following S&P's downgrade of J.P.
Morgan in November 2011, it has received confirmation from
Paragon Finance PLC that collateral is being posted on this swap.

S&P's credit stability analysis indicates that the maximum
projected deterioration that it would expect at each rating level
for time horizons of one year and three years under moderate
stress conditions, are in line with S&P's credit stability
criteria see.

First Flexible No. 6 is a U.K. RMBS transaction with collateral
comprising a pool of first-ranking mortgages mostly over freehold
and leasehold buy-to-let (99.26%) properties in the U.K.
Mortgages Trust Ltd. originated the mortgages in the pool.

RATINGS LIST

First Flexible No. 6 PLC
EUR215 Million, GBP310 Million, $75 Million Mortgage-Backed
Floating-Rate Notes

Ratings Affirmed

Class            Rating

A1               AA- (sf)
A2               AA- (sf)
A3               AA- (sf)
M1               BB- (sf)
M2               BB- (sf)


LADBROKES PLC: Betfred Mulls Bid for Troubled Irish Business
------------------------------------------------------------
Barry O'Halloran at The Irish Times report that British bookmaker
Betfred is understood to have expressed interest in bidding for
Ladbrokes' troubled Irish business.

Ladbrokes Ireland plans to close 60 of its 196 betting shops and
cut 250 of its 850 jobs under a rescue plan being prepared by
High Court-appointed examiner Ken Fennell of Deloitte, The Irish
Times discloses.

Irish competitor Boylesports has launched a competing bid for the
chain that will see it invest an eight-figure sum in the
business, and which it says will result in fewer closures and job
losses, The Irish Times relates.

It is understood Betfred may have expressed interest in Ladbrokes
Ireland since it was put in examinership in April, The Irish
Times notes.

Lawyers for Mr. Fennell told the High Court earlier last week
that a third bidder -- other than Ladbrokes Ireland's UK-based
parent and Boylesports -- had expressed interest in the company,
The Irish Times relays.

According to The Irish Times, sources have named Betfred as the
third bidder, although they have questioned whether its approach
is going to turn into a firm offer.

Ladbrokes is a London-listed bookmaker.


NATIONWIDE BUILDING: Fitch Affirms 'BB+' Rating on Tier 1 Debt
--------------------------------------------------------------
Fitch Ratings has affirmed Nationwide Building Society's
(Nationwide) Long-term and Short-term Issuer Default Ratings
(IDR) at 'A'/F1', respectively, and Viability Rating (VR) at 'a'.
Nationwide's Support Rating (SR) and Support Rating Floor (SRF)
have been affirmed at '5' and 'No Floor'. The Outlook on the
Long-term IDR is Stable.

KEY RATING DRIVERS IDRs, Senior Debt and VR

Nationwide's VR and IDRs reflect its low overall risk appetite,
strong franchise in the UK mortgage and savings markets; healthy
and well performing loan book; conservative funding and liquidity
profile and strengthened capital ratios

Nationwide's assets are composed mostly of prime residential and
buy-to-let mortgage loans (almost 90% of total loans at FYE15).
The residential mortgage lending book has historically performed
well and showed improvements in FYE15 in line with the rest of
the sector. While still exposed to a higher risk specialist
lending book, this now mostly consists of buy-to-let mortgages
with low arrear levels.

The society has a conservative attitude toward risk and has made
significant progress in de-risking the balance sheet to match its
reduced risk appetite. The society reduced its non-core
commercial real estate (CRE) portfolio by 64% in the year to 4
April 2015 (FYE15), which had resulted in significant LICs in
previous years. The society retains an appetite for CRE lending,
but future advances are expected to be modest, of a lower risk
profile than previously and targeted at replenishing existing
levels. The reduction in CRE exposure, combined with a reduction
in some higher risk and now out of policy treasury assets has
decreased the society's exposure to tail risk.

Nationwide's strong franchise and brand recognition as the UK's
largest building society specialized in mortgage and savings
markets is reflected in its conservative funding, which consists
predominately of a large and stable retail deposit base. The
society also accesses wholesale markets in various forms and
these now represent 23% of its total funding. Primary liquidity
remains sound and consists of cash and high quality treasury
bills.

Capitalization is solid and strengthened during FYE15 as a result
of earnings retention. Regulatory ratios also benefited from a
reduction in the expected loss deduction and risk-weighted assets
(RWA) following deleveraging of the CRE portfolio. Risk-weighted
ratios are higher than those of the major UK banks and benefit
from the very low risk weightings of its prime residential
mortgage lending. RWA benefit particularly at this point in the
economic cycle from the 'point in time' PD approach the society
takes. For example, under the PRA's 2014 stress test (which was
designed specifically to assess participants' resilience to a
severe housing market shock), Nationwide's RWA nearly doubled
under the stress scenario; nevertheless its CET1 ratio proved to
be resilient. Leverage ratios, which are now more in line with UK
major banks but still weaker than most of the building society
sector, strengthened to 4.1% at FYE15 from 3.4% a year
previously. However, higher levels could still be required by the
regulator and we expect the society's leverage ratio to
strengthen further.

Profitability has also significantly improved as a result of an
enhanced net interest margin, benefiting from low funding costs,
reduced impairment charges despite increasing non-operating
expenses. Overall, net interest margins are fairly high within
the mutual sector, due to reduced funding costs. Fitch considers
profitability is now in a sustainable range, although some
pressure on net interest margins is expected to arise from
increasing competition in the mortgage market.

KEY RATING DRIVERS: SUPPORT RATING AND SUPPORT RATING FLOOR

The SR and SRF reflect Fitch's view that senior creditors can no
longer rely on receiving full extraordinary support from the UK
sovereign in the event that Nationwide becomes non-viable. Full
application of the EU's Bank Recovery & Resolution Directive
(BRRD) is required across member states from 1 January 2016, but
the UK has already updated its legislative framework with strong
policy intent to force losses onto creditors, where necessary.

KEY RATING DRIVERS: SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

Nationwide's subordinated debt and hybrid securities are notched
down from Nationwide's VR reflecting a combination of Fitch's
assessment of their incremental non-performance risk relative to
the VR (up to three notches) and assumptions around loss severity
(one or two notches).

Nationwide's lower Tier 2 subordinated debt is notched down once
from Nationwide's VR for loss severity. The Permanent Interest
Bearing Securities (PIBS) are rated four notches below
Nationwide's VR, reflecting two notches for their deep
subordination and two notches for incremental non-performance
risk. The AT1 securities are rated five notches below
Nationwide's VR, of which two notches are for loss severity to
reflect the conversion into CCDS on breach of the trigger, and
three notches for incremental non-performance risk.

RATING SENSITIVITIES

IDRs, SENIOR DEBT and VRs

Given Nationwide's low risk profile and conservative risk
appetite, Fitch views its natural VR range to be within the 'a'
category. Its relatively narrow business model, which focuses on
UK residential mortgage lending and savings, means an upgrade of
its Long-term IDR and VR is not Fitch's base case.

The society's ratings are mainly sensitive to an increase in risk
appetite (eg, an aggressive rise in lending to riskier sectors,
such as CRE, or higher loan to values) or to a material weakening
of asset quality. The ratings are sensitive to the society being
unable to mitigate unexpected regulatory risk, but this has
reduced, following the strengthening of leverage ratios and
improvement in internal capital generation.

SUPPORT RATING AND SUPPORT RATING FLOOR

Any upgrade of Nationwide's SR and upward revision of the SRF
would be contingent on a positive change in the sovereign's
propensity to support its banks or building societies. This is
highly unlikely, in Fitch's view.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

These ratings are primarily sensitive to changes in Nationwide's
VR. The AT1 securities are also sensitive to any change in
Fitch's assessment of the probability of their non-performance
relative to the risk captured in Nationwide's VR. This could
reflect a change in capital management or flexibility or an
unexpected shift in regulatory buffers, for example.

The rating actions are as follows:

  Long-term IDR: affirmed at 'A' ; Stable Outlook
  Short-term IDR: affirmed at 'F1'
  Viability Rating: affirmed at 'a'
  Support Rating: affirmed at '5'
  Support Rating Floor: affirmed at 'NF'
  Senior unsecured long-term debt, including program ratings:
   affirmed at 'A'
  Commercial paper and short-term debt, including program
ratings:
   affirmed at 'F1'
  Lower Tier 2: affirmed at 'A-'
  Permanent interest bearing securities: affirmed at 'BBB-'
  Subordinated Additional Tier 1 instruments: affirmed at 'BB+'


PIZZAEXPRESS FINANCING 1: Moody's Affirms B3 CFR, Outlook Pos.
--------------------------------------------------------------
Moody's Investors Service affirmed the corporate family rating of
B3 and a probability of default rating of B2-PD of PizzaExpress
Financing 1 plc (formerly Twinkle Pizza Holdings plc), the
holding company to the Pizza Express group of companies (Pizza
Express or the company).

Concurrently, Moody's has affirmed the B2 rating of the Senior
Secured Notes due 2021, of which GBP410 million are currently
outstanding, issued by PizzaExpress Financing 2 plc (formerly
Twinkle Pizza plc), and the Caa1 rating of the GBP200 million
Senior Notes due 2022 issued by PizzaExpress Financing 1 plc. The
outlook on all ratings has been changed from stable to positive.

The rating action follows the proposed offering of GBP55 million
additional notes, which will be part of the same series as the
existing Senior Secured Notes due 2021. The proceeds of the
issuance will be used by Pizza Express to finance the acquisition
of Pizza Express (Hong Kong) Limited, which currently operates 27
Pizza Express restaurants in China under a franchise agreement
with the company (the China acquisition). Pizza Express was
acquired by Hony Capital in a GBP895 million LBO in August 2014.

The change in outlook from stable to positive reflects the
company's strong trading performance and deleveraging since the
LBO. Year-on-year EBITDA growth was 14.9% in the first 3 trading
quarters to 5 April 2015, whilst Moody's pro forma adjusted
leverage has reduced from 7.3x to 6.5x in the last 12 months. As
a result of the China acquisition leverage will increase slightly
to 6.8x, whilst the acquisition of an existing franchisee, and
the strong local support from Hony Capital serve to de-risk the
acquisition. Deleveraging pace is however expected to slow with
growth rates returning to lower levels and capital expenditure
increasing as the company rolls out new restaurants in China.

The B3 corporate family rating (CFR) reflects Pizza Express's (1)
highly levered capital structure with Moody's-adjusted leverage
of 6.8x pro forma for the China acquisition; (2) sensitivity to
the underlying economy and consumer spending as evidenced by a
negative like-for-like sales trend in each of the three financial
years ending June (FYE) to 2013; (3) competitive market; and (4)
currently limited geographic and brand diversification.

More positively the rating is supported by (1) the company's
strong brand recognition in its core UK market; (2) extensive
presence on the high street; (3) competitive operating model,
with its resultant strong operating margins; (4) reasonably low
refurbishment spend and controllable expansion capex; and (5) the
company's strong trading performance and deleveraging since the
LBO in August 2014.

Pizza Express negotiated a call option first exercisable in 2016
for the purchase of its China franchise operation at the time of
the LBO. It has now agreed an earlier transaction to gain control
and benefit sooner from its rapid growth potential. The
acquisition appears to be of low execution risk given the full
transfer of staff and operations to Pizza Express. The company
plans to accelerate the roll out of new restaurants in China
which is expected to be financed by internally generated cash
flows. The support of its majority owner Hony Capital, which has
expertise in the Chinese retail sector, is an important factor in
delivering this roll out strategy. Although there is substantial
growth potential from an emerging middle class and demand for
Western products, the Chinese operation will remain a relatively
small part of the overall group in the medium term.

Pizza Express has reported a strong trading performance since the
LBO, with like-for-like (LFL) sales in the UK and Ireland
increasing by 6.4% in the 3 trading quarters to 5 April 2015. The
UK casual dining market has rebounded very strongly over this
period and Pizza Express has also exceeded market growth,
supported by effective promotional activity and yield management
and a record performance over the Christmas period. Trading has
been further supported by new restaurant roll outs and reported
EBITDA in this period has increased to GBP77 million, 14.9%
higher than in the prior year. The ramp up of recently added
restaurants is expected to add further sales and EBITDA growth in
the short term.

Moody's considers Pizza Express's near-term liquidity to be
adequate, with sufficient internal resources to service debt
offset by a relatively small RCF. The GBP20 million RCF is
expected to remain undrawn, although could be utilised if site
roll-out plans are accelerated. The RCF has a draw-stop mechanism
when total net leverage exceeds 9.0x and the facility is drawn
more than 25%.

The different ratings for the notes reflect the relative ranking
within the capital structure. The GBP465 million senior secured
notes together with the GBP20 million revolving credit facility
benefit from a guarantor and security package that comprises
around 90% of total group EBITDA and assets. However, the
revolver also benefits from priority of payment according to the
intercreditor agreement. The GBP200 million senior unsecured
notes rank behind these instruments and benefit from a senior
subordinated guarantee from the same guarantor group. Moody's
notes that an additional GBP50 million of super senior facilities
can be raised under the intercreditor agreement which, if
committed, could negatively impact the ratings of the notes.

The positive outlook assumes that Pizza Express will be able to
maintain its positive LFL sales growth, will benefit from the
ramp up of recent restaurant openings, and maintain stable EBITDA
margins and cash flows. The outlook also incorporates our
expectation that the company's leverage will trend below 6.5x,
that the roll out of new restaurants in the UK and China will be
financed by existing cash generation, and that the company will
not embark on any transforming acquisitions or make debt-funded
shareholder distributions.

Upward pressure on the rating could materialize if Moody's-
adjusted debt/EBITDA falls below 6.5x on a sustainable basis,
with Moody's-adjusted EBITA coverage of interest expenses moving
towards 2.0x.

The outlook on the rating could revert to stable if the
deleveraging trend does not continue, or if the conditions for a
positive outlook are not maintained.

The principal methodology used in these ratings was Global
Restaurant Methodology published in June 2011. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the U.S., Canada and EMEA
published in June 2009.

Founded in 1965, Pizza Express has grown to become the leading
player in the UK casual dining market measured by number of
restaurants. As at 5 April 2015 it operated 449 sites in the UK
and Ireland as well as 77 international sites principally in
China, the Middle East and India. It also has licensing
arrangements in place to enable Pizza Express pizzas, salad
dressings and other products to be sold through supermarkets.
Headquartered in London, it has approximately 10,500 employees
worldwide. For FYE 2014 it reported revenues of GBP391 million
and EBITDA of GBP89 million.



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


* BOND PRICING: For the Week June 1, 2015 to June 5, 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 * * *