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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, July 20, 2015, Vol. 16, No. 141

                            Headlines

A U S T R I A

HETA ASSET: Constitutional Court to Review KLH's Debt Guarantees
HETA ASSET: Group of Creditors Files EUR1 Billion Lawsuit


B E L G I U M

BELFIUS BANK: S&P Raises Rating on Jr. Sub. Instruments to 'BB+'


F R A N C E

FINANCIERE LULLY: S&P Assigns Prelim. 'B' CCR, Outlook Stable
HORIZON HOLDINGS I: Moody's Assigns B1 CFR, Outlook Stable
HORIZON HOLDINGS I: S&P Assigns Prelim. 'B+' CCR, Outlook Stable
LAFARGE SA: Fitch Raises IDR From 'BB+', Outlook Positive


I R E L A N D

BACCHUS 2006-1: Moody's Raises Rating on Cl. E Notes to 'Ba2(sf)'


I T A L Y

POPOLARE DI VICENZA: Fitch Puts 'BB' IDR on Rating Watch Neg.
BANCA ROMAGNA: European Commission Approves Liquidation Aid


L U X E M B O U R G

AGEASFINLUX SA: Fitch Lifts Rating on Hybrid Instruments to 'BB+'


N E T H E R L A N D S

E-MAC NL 2006-II: Moody's Confirms 'B1(sf)' Rating on Cl. D Notes
TIKEHAU CLO: Fitch Assigns 'B-sf' Rating to Class F Notes


P O R T U G A L

MAGELLAN MORTGAGES NO. 4: Moody's Lifts Rating on D Notes to Caa2


R U S S I A

FEDERAL PASSENGER: Fitch Affirms 'BB+' IDR, Outlook Negative
GELENDZHIK-BANK PJSC: Put Under Provisional Administration
METALLOINVEST JSC: Moody's Says New Facility Credit Neutral
UTAIR: No Decision Yet on RUR19-Bil. State Aid Request


S P A I N

CIUDAD REAL: Receives One Bid for Central Airport
TP FERRO: Files for Creditor Protection in Spain


S W I T Z E R L A N D

UBS AG: Moody's Confirms 'Ba3' Ratings on Euro Medium Term Notes


U N I T E D   K I N G D O M

NEW LOOK: Fitch Affirms 'B-' Long-Term IDR; Outlook Stable
NEWCASTLE BUILDING: Fitch Affirms 'BB+' IDR; Outlook Stable
V.GROUP: S&P Affirms 'B' Corp. Credit Rating, Outlook Stable


X X X X X X X X

* BOND PRICING: For the Week July 13, 2015 to July 17, 2015


                            *********


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A U S T R I A
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HETA ASSET: Constitutional Court to Review KLH's Debt Guarantees
----------------------------------------------------------------
Alexander Weber at Bloomberg News reports that Austria's
constitutional court will have to decide whether the debt
guarantees by Kaerntner Landesholding for bad bank Heta Asset
Resolution are valid.

According to Bloomberg, the regional court in Klagenfurt,
Austria, asked the constitutional court to review the part of the
law on which the debt guarantees are based.

The court may rule on the guarantees by year-end, Bloomberg
discloses.

KLH, the Carinthian state asset agency, started reorganization
proceedings last month as it faces having to meet as much as
EUR13.6 billion of debt guarantees, Bloomberg relates.

Heta Assset Resolution AG is a wind-down company owned by the
Republic of Austria.  Its statutory task is to dispose of the
non-performing portion of Hypo Alpe Adria, nationalized in 2009,
as effectively as possible while preserving value.


HETA ASSET: Group of Creditors Files EUR1 Billion Lawsuit
---------------------------------------------------------
Arno Schuetze at Reuters reports that a group of creditors led by
German lender Dexia is suing Austrian "bad bank" Heta for EUR1
billion (US$1.1 billion).

According to Reuters, Dexia said in a statement on July 15 it had
filed a lawsuit in Frankfurt on behalf of the group, which
included mortgage lenders, insurers, asset managers and public
organizations.

Austria earlier offered to pay the German state of Bavaria
EUR1.23 billion to settle a multitude of outstanding court cases
but other creditors' claims remain, Reuters relates.

Heta Assset Resolution AG is a wind-down company owned by the
Republic of Austria.  Its statutory task is to dispose of the
non-performing portion of Hypo Alpe Adria, nationalized in 2009,
as effectively as possible while preserving value.



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B E L G I U M
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BELFIUS BANK: S&P Raises Rating on Jr. Sub. Instruments to 'BB+'
----------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'BB+' from 'D' its
issue rating on one of Belgium-based Belfius Bank's undated
junior subordinated instruments.  S&P also raised to 'BB+' from
'BB' its issue ratings on two perpetual notes benefiting from
Belfius Bank's junior subordinated guarantee.

The European Commission (EC) had imposed on Belfius Bank a ban on
discretionary coupon payments as part of the measures implemented
in an exchange with the bank for aid from the Belgium state.  Now
that the ban has been lifted, Belfius Bank has resumed coupon
payments, including the payment of arrears, on May 18, 2015, on
its EUR65.9 million outstanding deferrable undated junior
subordinated instrument, originally issued by Credit Communal de
Belgique in 1997.  S&P therefore upgraded this instrument to
'BB+' in accordance with its criteria for hybrid capital
instruments.

The 'BB+' issue rating on this undated junior subordinated debt
reflects S&P's assessment of Belfius Bank's unsupported group
credit profile of 'bbb+' and S&P's rating approach, which
involves deducting:

   -- One notch because the notes are contractually subordinated;

   -- One notch because the notes have Tier 2 regulatory capital
      status and a discretionary coupon nonpayment clause; and

   -- One notch because the regulatory framework implies that a
      principal write-down of this hybrid instrument could occur.

Similarly, the end of the ban on coupon payment alleviates S&P's
concern regarding the potential likelihood of coupon suspension
of the US$50 million and US$100 million perpetual notes, with
mandatory interest, issued in 2000 by Artesia Overseas Ltd
(subsequently Dexia Overseas, then Belfius Financing Co.) and
currently benefiting from Belfius Bank's junior subordinated
guarantee.  S&P rated the two notes one notch below our minimal
standard notching for hybrid capital instruments because it
believed there was an incrementally higher risk of potential
coupon suspension than S&P's minimal standard notching would have
indicated.  This no longer exists, in S&P's view.  S&P therefore
raised to 'BB+' from 'BB' its issue ratings on these two
instruments, reflecting its assessment of Belfius Bank's
unsupported group credit profile of 'bbb+' and S&P's methodology,
which includes removing:

   -- One notch because the notes are contractually subordinated;

   -- One notch because the regulatory framework implies that a
      principal write-down of these hybrid instruments could take
      place; and

   -- One notch because the notes rank pari passu with Belfius
      Bank's other junior subordinated financial obligations, and
      S&P therefore considers that the loss-absorption risk is
      not fully reflected in the initial two-notch deduction.

S&P continues to classify the equity content of these three
instruments as "minimal," as per S&P's criteria.



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F R A N C E
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FINANCIERE LULLY: S&P Assigns Prelim. 'B' CCR, Outlook Stable
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary 'B'
long-term corporate credit rating on France-based micro-connector
manufacturer Financiere Lully C SAS (Linxens).  The outlook is
stable.

S&P also assigned its preliminary 'B' issue rating to the
proposed EUR680 million-equivalent first-lien term loans due 2022
and EUR100 million revolving credit facility (RCF) due 2022,
issued by a Luxembourg-based financing subsidiary.  S&P has
assigned its preliminary recovery rating of '3' to both the
first-lien loans and the RCF, indicating its expectation of
meaningful recovery in the higher half of the 50%-70% range in
the event of a payment default.

At the same time, S&P assigned a preliminary 'CCC+' issue rating
to the proposed EUR230 million-equivalent second-lien term loan
due 2023 and issued by a Luxembourg-based financing subsidiary.
S&P assigned a preliminary recovery rating of '6' to this loan,
indicating its expectation of negligible (0-10%) recovery in the
event of a payment default.

The ratings will remain preliminary until the new capital and
corporate structure has been put in place.  In addition, the
preliminary ratings are subject to S&P's satisfactory review of
the final documentation.

The preliminary long-term corporate credit rating reflects S&P's
assessment of Linxens' business risk profile as "fair" and its
financial risk profile as "highly leveraged."

Linxens' business risk profile is constrained by the company's
small size, particularly compared with its main customers (smart
card and semiconductor manufacturers), its lack of meaningful
product diversification, very high customer concentration, and
its exposure to medium- to long-term technology shifts, in S&P's
opinion.  Nevertheless, the risk of migration toward pure
contactless technology or embedded handset SIM cards seems
limited in the near term.  In S&P's view, these weaknesses are
partly offset by Linxens' strong market position as the world's
No. 1 supplier of tapes for smart cards; solid growth
opportunities, mainly for banking cards, as well as for
government and healthcare cards; and good profitability.
Linxens' competitive position and margins are currently supported
by its larger scale and superior manufacturing process know-how.
In addition, S&P expects Linxens will report relatively resilient
profit margins, thanks to a mainly variable cost structure, and a
track record of steady efficiency gains in its production process
that offsets price declines.

Linxens' financial risk profile is primarily constrained by debt-
to-EBITDA and funds from operations (FFO)-to-debt ratios, as
adjusted by Standard & Poor's, of about 9.6x (about 7.0x
excluding shareholder loans) and 3%-4% (9%-10%), respectively,
post-closing. S&P expects leverage to gradually improve
thereafter, due to higher EBITDA generation, which will, however,
be partly offset by a EUR340 million noncash interest accruing
shareholder loan, which S&P views as debt under its criteria.
Nevertheless, S&P acknowledges certain equity characteristics,
such as the maturity after the senior financing, the lack of cash
interest payments, and the structural subordination of the
shareholder loan, which will be issued outside the restricted
group by a holding company of Linxens.

S&P doesn't deduct surplus cash in its leverage calculations,
primarily because private-equity owned companies are more likely
than other companies to pursue an aggressive financial policy, in
S&P's view.  These weaknesses are partially offset by S&P's
expectations of free operating cash flow (FOCF) generation in
excess of 4% of Standard & Poor's adjusted debt (5%-6% excluding
shareholder loans) and solid EBITDA cash interest coverage of
about 2.5x to 3.0x in 2015-2017.  Linxens' FOCF generation is
supported by modest capital expenditures and limited cash tax
payments.

In S&P's base case for Linxens, it assumes:

   -- Revenue growth of about 20%-25% in 2015, supported by solid
      demand in payment cards due to the EMV (Europay MasterCard
      Visa) standard rollout in the U.S. and China, as well as
      solid demand for SIM cards.  In addition, Linxens' revenues
      are likely to benefit meaningfully from the strengthening
      U.S. dollar against the euro.  In 2016 and 2017, S&P
      expects about 4%-10% annual organic growth, primarily due
      to continued strong growth of banking cards and new product
      lines.

   -- Increasing EBITDA margin due to higher volumes, improving
      productivity, and efficiency offsetting ongoing price
      declines, and continued lower precious metal content.  In
      addition, 2015 EBITDA will benefit from favorable foreign
      exchange effects.

   -- Capital expenditures representing about 6% of revenues in
      2015 because the group is investing in new production
      lines. S&P expects the ratio to decline to about 5% in
      2016-2017.

   -- Moderate working capital requirements in light of the
      expected strong revenue growth.

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

   -- Adjusted debt to EBITDA at about 9.6x (7.0x excluding
      shareholder loans) at year-end 2015 and declining toward 9x
      (6x) by year-end 2017.

   -- Adjusted FFO to debt of about 3%-4% (9%-10% excluding
      shareholder loans) in 2015-2017.

   -- Adjusted FOCF to debt at about 4%-5% (5%-7% excluding
      shareholder loans) in 2015-2017.

The stable outlook on Linxens reflects S&P's expectations that
group revenues and EBITDA will continue to grow, and S&P's
estimate of adjusted debt to EBITDA between 9x and 10x (6x and 7x
excluding shareholder loans) and FOCF to debt of about 4% (5%)
over the next 12 months.

S&P could raise the ratings if stronger-than-expected revenues
and EBITDA growth, as well as voluntary senior debt prepayments
through excess cash flow, materially strengthen Linxens' credit
metrics. In particular, adjusted debt to EBITDA sustainably below
9x (6x excluding shareholder loans) and a FOCF to debt ratio of
more than 6% (8%-10% excluding shareholder loans) could support a
higher rating.

S&P could lower the ratings if Linxens' operating performance
deteriorates, for instance if EBITDA declines significantly on
lower revenues or weaker margins, resulting in adjusted debt to
EBITDA above 10x (7x excluding shareholder loans) and only
modestly positive FOCF generation.


HORIZON HOLDINGS I: Moody's Assigns B1 CFR, Outlook Stable
----------------------------------------------------------
Moody's Investors Service assigned a B1 Corporate Family Rating
(CFR) and B1-PD Probability of Default Rating (PDR) to Horizon
Holdings I SAS, the top entity of the restricted group of glass
bottle producer Verallia. Concurrently, Moody's assigned a
provisional (P)B1 (LGD 3) rating to the group's EUR560 million
equivalent Senior Secured Notes, the EUR1,002 million Senior
Secured Term Loan B and the EUR200 million Revolving Credit
Facility, which will be issued by Horizon Holdings III SAS, a
majority owned indirect subsidiary of Horizon Holdings I SAS, as
well as a (P)B3 (LGD 6) rating to the EUR300 million Senior
Unsecured Notes, issued by Horizon Holdings I SAS. The outlook on
all ratings is stable.

The ratings are contingent upon Apollo's success in closing its
proposed acquisition of Verallia, the glass packaging division of
Saint-Gobain. The proceeds of the debt facilities, together with
the sponsor equity will be used to effect a buyout of the company
from Saint-Gobain. The funds will be used to finance the
acquisition, repay nearly all existing debt at Verallia and to
cover fees and expenses relating to the transaction.

Moody's issues provisional ratings in advance of the final sale
of securities and these ratings reflect the agency's preliminary
credit opinion regarding the transaction only. Upon a conclusive
review of the final documentation, Moody's will endeavor to
assign definitive ratings to the group's proposed senior secured
loans. Definitive ratings may differ from provisional ratings.

RATINGS RATIONALE

The rating balances the company's defensive business risk profile
as a leading producer of glass containers for use largely in the
food and beverage industry, which provides for good revenue and
cash flow visibility with its high financial leverage following
the buyout by Apollo and recent operating weakness in some of its
core markets.

Verallia's B1 CFR is supported by its solid market position as
the global number 3 producer of glass containers, with leading
positions in its core markets of Southwestern Europe. Strong and
long-standing customer relationships, supported by the group's
track record of being perceived as a high quality and reliable
supplier add to this. The rating also incorporates the strong
historical profitability levels of the group helped by its
exposure to resilient end markets, no material customer
concentration and a track record of being able to pass on
volatile input costs as well as a focus on cost management.

On a more negative note, the rating is constrained by high
financial leverage for the rating category, calculated at just
below 5.5x gross debt/EBITDA (as adjusted by Moody's) pro forma
for the proposed transaction. Moody's expects any deleveraging to
be gradual, hinging on targeted profit improvements due to the
absence of meaningful debt amortization requirements. While
operating profitability came under pressure in 2013/2014 from
increased competition in particular in Italy and France, Moody's
notes that initiated efficiency measures and some price
concessions should allow Verallia to win back market share while
gradually improving operating profitability. Moody's also
considers the risk of at least temporary margin compression,
should input cost inflation not be managed carefully and be
largely passed on to customers.

The stable outlook mirrors Moody's expectation of moderate
improvements in operating profitability over the next 18 months,
owing to improving fixed cost absorption and benefits from
initiated restructuring measures, partly compensated by negative
pricing effects. This should allow Verallia to deleverage its
capital structure and build headroom in its rating category.

Following the proposed recapitalization, Moody's expects that the
company's liquidity profile adequate. There will be no cash pro
forma for the transaction, with other liquidity sources including
operating cash flow before working capital swings of around
EUR270-300 million per year and access to a EUR200 million
revolving credit facility. Moody's expects Verallia to generate
modest amounts of free cash flow over the next 18-24 months.
These sources should be sufficient to cover operating cash
requirements, fund seasonal working capital swings as well as
capex in the region of around EUR200 million per year. There are
no major debt maturities before 2021 when the revolving credit
facility falls due.

WHAT COULD CHANGE THE RATINGS -- UP/DOWN

Upward pressure on the rating could result from the company's
success in improving profitability on the back of implemented
restructuring measures such as its EBITDA margin improves back to
the high teen percentages and its Moody's adjusted debt/EBITDA
declining to below 4.5x.

Pressure on the rating could build if profitability were to
weaken with EBITDA margins falling below the mid-teen
percentages, Moody's adjusted debt/EBITDA trending above 5.5x for
a longer period or Verallia were to generate negative free cash
flow or were to embark on a sizeable debt-funded acquisition.

STRUCTURAL CONSIDERATIONS

The (P)B1 rating on the Senior Secured Notes, the Senior Secured
Term Loan B and the Revolving Credit Facility is at the same
level as the Corporate Family Rating and reflects the fact that
the Senior Unsecured Notes provide only for a modest first-loss
cushion in a default scenario, not sufficient to allow for a one-
notch uplift from the CFR. While the Senior Secured Notes and the
RCF share the same collateral package, comprising pledges over
shares of the issuer and the guarantors, pledges over
intercompany receivables and material bank accounts. The (P)B3
rating on the Senior Unsecured Notes reflect their junior ranking
in the capital structure as they are contractually and
structurally subordinated to the Senior Secured Notes, the Senior
Secured Term Loan B and the RCF.

Headquartered in Paris, France, Verallia S.A. is a global leading
producer of glass containers for the food and beverage industry.
The group generated sales of EUR2.4 billion in 2014.


HORIZON HOLDINGS I: S&P Assigns Prelim. 'B+' CCR, Outlook Stable
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it has assigned its
preliminary 'B+' long-term corporate credit ratings to Horizon
Holdings I (Verallia), the France-based financial holding company
for glass packaging manufacturer Verallia, as well as to its
finance subsidiary Horizon Holdings III S.A.S.  The outlook on
these ratings is stable.

At the same time, S&P assigned its preliminary 'B+' issue rating
to Verallia's proposed EUR560 million equivalent senior secured
notes and its EUR1,002 million senior secured term loan issued by
Horizon Holdings III.  The preliminary recovery rating on these
facilities is '3', indicating S&P's expectation of "meaningful"
recovery prospects in the higher half of the 50%-70% range in the
event of a payment default.

S&P also assigned its preliminary 'B-' issue rating to the
proposed EUR300 million senior unsecured notes issued by Horizon
Holdings I.  The preliminary recovery rating on these
subordinated notes is '6', indicating S&P's expectation of
negligible (0%-10%) recovery prospects in the event of a payment
default.

The final ratings will depend on S&P's receipt and satisfactory
review of all final transaction documentation.  Accordingly, the
preliminary ratings should not be construed as evidence of final
ratings.  If Standard & Poor's does not receive final
documentation within a reasonable time frame, or if final
documentation departs from materials reviewed, it reserves the
right to withdraw or revise its ratings.  Potential changes
include, but are not limited to, use of loan proceeds, maturity,
size and conditions of the loans, financial and other covenants,
security, and ranking.

The preliminary ratings on Horizon Holdings I and core finance
subsidiary Horizon Holdings III reflect S&P's assessment of
Verallia's business risk profile as "fair" and its financial risk
profile as "highly leveraged."

S&P understands that the acquisition, which places Verallia at an
enterprise value of around EUR2.8 billion, will be financed by
the placement of a EUR1,002 million term loan B, EUR560 million
equivalent of senior secured notes, and EUR300 million of senior
unsecured notes.  The group will also utilize EUR250 million of
nonrecourse factoring that S&P treats as debt in its adjustments.
The remainder, around EUR575 million, is new equity, of which 10%
will be provided by French sovereign investment fund Bpi France
Participations, and 90% by Apollo.  This equity will be exchanged
for shareholder loans that S&P believes will meet its criteria
for equity treatment.  S&P estimates that the group will report
Standard & Poor's-adjusted debt to EBITDA of just over 5x at the
close of the transaction, trending towards 4.7x over the next two
years.

Verallia has leading market positions in its core European
markets and longstanding relationships with a broad and
diversified customer base.  It is the third-largest glass
packaging company worldwide, after Owens-Illinois and Ardagh
Glass.  The top three players' margins are similar, but they have
recently come under pressure from smaller regional players who
benefit from a lower cost base, depending on where their
production assets are located. Nevertheless, S&P believes that
industry fundamentals are solid, supported by a significant
exposure to relatively stable food and beverage consumption, and
increasing demand for recyclable and premium packaging.

These strengths are partly offset by Verallia's relatively
undiversified product focus on glass packaging, some margin
pressure due to recent operational issues, and its high
geographic concentration in Europe (the source of approximately
90% of sales in 2014), where the market environment and
macroeconomic demand drivers are still sluggish.

The combination of our "fair" business risk profile and "highly
leveraged" financial risk profile assessments lead to an anchor
-- S&P's initial analytical outcome -- of 'b'.  S&P forecasts
that Verallia's credit metrics will be at the top end of the
"highly leveraged" financial risk category, and S&P therefore
applies an upward adjustment to the anchor under its comparable
rating analysis modifier, resulting in the preliminary 'B+'
rating.

S&P's base case assumes:

   -- Revenues growth in 2015 and 2016 of approximately 3%-4% as
      a result of organic volume growth and stabilizing pricing
      in Europe; and

   -- Improving margins as a result of cost reduction measures
      and operating leverage through higher capacity utilization,
      resulting in the adjusted EBITDA margin improving to over
      17% over next two years, up from 15.9% in 2014.

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

   -- Debt to EBITDA of a little over 5x for 2015, which S&P
      forecasts will trend downwards to around 4.7x over the next
      couple of years, driven by improving earnings;

   -- Relatively stable funds from operations (FFO) to debt at
      around 13%;

   -- Positive discretionary cash flow generation, despite
      significant capital expenditure (capex); and

   -- Sound EBITDA and FFO cash interest coverage of over 4x.

Based on S&P's review of draft shareholder loan documentation, it
has not included approximately EUR575 million of shareholder
loans in its calculation of the adjusted leverage ratio.
However, if S&P's review of the executed version of these
documents indicates that they do not satisfy all the requirements
to be treated as equity in S&P's criteria "The Treatment Of Non-
Common Equity Financing In Nonfinancial Corporate Entities,"
adjusted leverage would be approximately 6.5x.  This would likely
result in a final rating lower than the preliminary rating.

The outlook on the ratings is stable.  S&P believes that the
growth environment that currently benefits the group's main
markets should continue beyond 2015, resulting in moderate volume
growth and stabilizing prices.  S&P therefore expects that
Verallia should be able to grow revenues and improve its margins
over the rating horizon of 12-18 months, resulting in broadly
stable to slightly improving credit metrics.

S&P could lower the ratings if Verallia were to experience severe
margin pressure, or poorer cash flows, leading to weaker credit
metrics; specifically, debt to EBITDA of more than 5.5x or FFO to
debt of less than 10%.  Rating pressure may also stem from debt-
funded acquisitions or shareholder returns.  S&P could also
consider lowering the ratings following a deterioration of its
assessment of the group's liquidity.

S&P believes that the likelihood of an upgrade is limited at this
stage, because of Verallia's high tolerance for aggressive
financial policies and high leverage owing to the group's
financial sponsor ownership.  An upgrade is therefore more likely
to be driven by upward reassessment of the group's business risk
profile.  This could be a result of a sustained improvement in
profitability metrics, in particular return on capital over 13%
and a track record of low earnings volatility.


LAFARGE SA: Fitch Raises IDR From 'BB+', Outlook Positive
---------------------------------------------------------
Fitch Ratings has upgraded French building materials group
Lafarge SA's Long-term Issuer Default Ratings (IDR) and senior
unsecured rating to 'BBB-' from 'BB+'.  All ratings have been
removed from Watch.  The Outlook is Positive.

The upgrade of the ratings reflects Lafarge's strong strategic
ties and pending operational integration with Holcim Ltd
(BBB/Stable), following the completion of the merger between the
two companies to create LafargeHolcim.  Fitch maintains a one-
notch differential between the two companies, because Holcim does
not currently guarantee Lafarge's substantial debts that have no
recourse to Holcim assets and also due to a lack of cross-default
to Holcim.

The Positive Outlook reflects the potential reduction of
Lafarge's debt, which may result in an alignment with Holcim's
ratings.  In particular, the ratings could be upgraded if
Lafarge's standalone leverage is commensurate with a 'BBB' rating
and/or if Fitch can safely assume that Holcim would support
Lafarge in servicing its debt provided such debt is low relative
to its cash generation.

KEY RATING DRIVERS

Disposals to Improve Leverage

Proceeds from the sale of the global portfolio of assets to CRH,
if used to repay debt, will improve the combined group's
financial flexibility, by enhancing its credit metrics.  The
higher-than-expected proceeds from the disposal will help
mitigate a weaker-than-expected recovery in recent quarters.

Strong Business Profile

The announced merger between Holcim and Lafarge will create the
world's largest building materials company, with combined pro-
forma net sales of CHF33 billion (EUR27 billion) in 2014.  It
will hold number one market positions in cement, aggregates and
ready-mix products and benefit from the individual companies'
complementary asset base in Latin America and Africa & Middle
East.

Synergies

Management aims to reap CHF1.7 billion (EUR1.4 billion) in
run-rate synergies after the end of the third year after the
merger through best practice and cross-utilization, cost savings
and optimal capex allocation.  In addition, the group plans to
implement CHF500 million (EUR410 million) in working capital
savings over the same period. These measures will support the
credit profile of the combined group in the long-term, although
their associated costs will offset benefits in the near-term.

Cost Savings

Fitch expects healthy cost savings at both Holcim and Lafarge to
mitigate inflationary pressures in 2015.  Following severe cost
inflation pressures in emerging markets in 2014 Fitch expects the
combined group to offset some of the margin losses through price
increases due to healthy volume growth.

RATING SENSITIVITIES

The ratings could be upgraded if Holcim extends an unconditional
and irrevocable guarantee to Lafarge's debt or a cross-default
mechanism is implemented.  The ratings could also be upgraded if
Lafarge's debt is materially reduced to an extent whereby stand-
alone leverage is commensurate with a 'BBB' rating and/or if
Fitch can safely assume that Holcim would support Lafarge in
servicing its debt provided such debt is low relative to its cash
generation.

The ratings could be downgraded if LafargeHolcim's IDR was
downgraded, which could happen if EBIT margin is below 10%, FCF
is negative and FFO gross and net leverage is above 4.0x and
3.5x, respectively.

LIQUIDITY

Lafarge's total liquidity of EUR4.9 billion as of end-March 2015
included EUR1.8 billion of cash (excluding around EUR150 million
of restricted cash as per Fitch adjustment) and EUR3 billion of
undrawn committed credit lines.  This compares with EUR2.7
billion of debt maturing in the next 12 months.  The group's
average debt maturity is three years and 11 months, with an
average interest rate of 6.3%.

KEY ASSUMPTIONS FOR THE COMBINED GROUP

   -- Moderate revenue growth and EBITDA margins broadly stable
      at around 20%

   -- Continued dividend distributions in line with previous
      years

   -- FCF generation of around CHF500 million per annum

   -- Use of EUR6.5 billion in proceeds from the disposal of
      assets to CRH to fund merger-related transactions and repay
      debt

   -- Continued smaller M&A



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


BACCHUS 2006-1: Moody's Raises Rating on Cl. E Notes to 'Ba2(sf)'
-----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the
following notes issued by Bacchus 2006-1 plc:

  EUR25.54M (currently EUR12.6M outstanding) Class C Senior
  Secured Deferrable Floating Rate Notes due 2022, Upgraded to
  Aaa (sf); previously on Sep 29, 2014 Upgraded to Aa1 (sf)

  EUR19.66M Class D Senior Secured Deferrable Floating Rate Notes
  due 2022, Upgraded to A2 (sf); previously on Sep 29, 2014
  Upgraded to Baa3 (sf)

  EUR10M Class E Senior Secured Deferrable Floating Rate Notes
  due 2022, Upgraded to Ba2 (sf); previously on Sep 29, 2014
  Affirmed B2 (sf)

  EUR5M Class W Combination Notes, Upgraded to Aaa (sf);
  previously on Sep 29, 2014 Affirmed Aa3 (sf)

  EUR69M Class Y Combination Notes, Upgraded to Aa3 (sf);
  previously on Sep 29, 2014 Upgraded to A2 (sf)

Moody's also affirmed the rating on the following notes issued by
Bacchus 2006-1 plc:

  EUR5.386M Class Z Combination Notes, Affirmed Aa1 (sf);
  previously on Sep 29, 2014 Affirmed Aa1 (sf)

Bacchus 2006-1 plc, issued in March 2006, is a collateralized
loan obligation ("CLO") backed by a portfolio of mostly high-
yield senior secured European and US loans. The portfolio is
managed by IKB Deutsche Industriebank AG. The transaction's
reinvestment period ended in April 2012.

RATINGS RATIONALE

The rating upgrades of the notes are primarily a result of the
redemption of the senior Notes and subsequent increases of the
overcollateralization ratios (the "OC ratios") of the remaining
Classes of Notes. Moody's notes that as of the May 2015 trustee
report, the Classes A and B Notes have redeemed in full and the
Class C Notes have redeemed by approximately EUR12.9 million (or
50.6% of their original balance). As a result of the deleveraging
the OC ratios of the remaining Classes of Notes have increased
significantly. According to the May 2015 trustee report, the
Classes C, D and E OC ratios are 411.61%, 160.96% and 122.89%
respectively compared to levels just prior to the payment date in
April 2015 of 216.54%, 137.51% and 115.98%.

The ratings of the combination notes address the repayment of the
rated balance on or before the legal final maturity. The rated
balance at any time is equal to the principal amount of the
combination note on the issue date minus the sum of all payments
made from the issue date to such date, of either interest or
principal. The rated balance will not necessarily correspond to
the outstanding notional amount reported by the trustee.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analyzed the underlying collateral pool as having a
performing par and principal proceeds balance of EUR51.2 million,
a weighted average default probability of 24.32% (consistent with
a WARF of 3931.5), a weighted average recovery rate upon default
of 47.07% for a Aaa liability target rating, a diversity score of
10 and a weighted average spread of 3.85%.

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating,
Moody's assumed a recovery of 50% for the 91.64% of the portfolio
exposed to first-lien senior secured corporate assets upon
default and of 15% of the remaining non-first-lien loan corporate
assets upon default. In each case, historical and market
performance and a collateral manager's latitude to trade
collateral are also relevant factors. Moody's incorporates these
default and recovery characteristics of the collateral pool into
its cash flow model analysis, subjecting them to stresses as a
function of the target rating of each CLO liability it is
analyzing.

Methodology Underlying the Rating Action:

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

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

In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes,
for which it lowered the weighted average spread by 30 basis
points; the model generated outputs that were within one notch of
the base-case results.

This transaction is subject to a high level of macroeconomic
uncertainty, which could negatively affect the ratings on the
note, in light of uncertainty about credit conditions in the
general economy. CLO notes' performance may also be impacted
either positively or negatively by 1) the manager's investment
strategy and behavior and 2) divergence in the legal
interpretation of CDO documentation by different transactional
parties because of embedded ambiguities.

Additional uncertainty about performance is due to the following:

-- Portfolio amortization: The main source of uncertainty in
this transaction is the pace of amortization of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortization could accelerate as a consequence of high loan
prepayment levels or collateral sales by the collateral manager
or be delayed by an increase in loan amend-and-extend
restructurings. Fast amortization would usually benefit the
ratings of the notes beginning with the notes having the highest
prepayment priority.

-- Around 45.86% of the collateral pool consists of debt
obligations whose credit quality Moody's has assessed by using
credit estimates. As part of its base case, Moody's has stressed
large concentrations of single obligors bearing a credit estimate
as described in "Updated Approach to the Usage of Credit
Estimates in Rated Transactions," published in October 2009 and
available at

http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_120461

-- Recovery of defaulted assets: Market value fluctuations in
trustee-reported defaulted assets and those Moody's assumes have
defaulted can result in volatility in the deal's over-
collateralization levels. Further, the timing of recoveries and
the manager's decision whether to work out or sell defaulted
assets can also result in additional uncertainty. Moody's
analyzed defaulted recoveries assuming the lower of the market
price or the recovery rate to account for potential volatility in
market prices. Recoveries higher than Moody's expectations would
have a positive impact on the notes' ratings.

In addition to the quantitative factors that Moody's explicitly
modelled, qualitative factors are part of the rating committee's
considerations. These qualitative factors include the structural
protections in the transaction, its recent performance given the
market environment, the legal environment, specific documentation
features, the collateral manager's track record and the potential
for selection bias in the portfolio. All information available to
rating committees, including macroeconomic forecasts, input from
other Moody's analytical groups, market factors, and judgments
regarding the nature and severity of credit stress on the
transactions, can influence the final rating decision.



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


POPOLARE DI VICENZA: Fitch Puts 'BB' IDR on Rating Watch Neg.
-------------------------------------------------------------
Fitch Ratings has placed Banca Popolare di Vicenza (BPV)'s 'BB'
Long-term Issuer Default Rating on Rating Watch Negative (RWN).
Fitch has also affirmed BPV's Short-term IDR at 'B', Support
Rating (SR) at '5' and Support Rating Floor (SRF) at 'No Floor'.

KEY RATING DRIVERS

IDRS, VR AND SENIOR DEBT

The Rating Watch Negative reflects Fitch's expectation that BPV
is likely to report significant losses that will require
additional capital, potentially for a material amount and to be
raised in a fairly short timeframe, which in our opinion bears
significant execution risks.

Fitch expects BPV to report material losses, as early as when it
approves its 1H15 results, given the recently appointed top
management's mandate to undertake a thorough assessment of the
bank's balance sheet assets, which we expect will result in high
loan impairment, and potentially other, charges.  In addition,
the bank faces risk of further negative impact on capital
following recent regulatory inspections.

Fitch will resolve the RWN once the amount of losses that the
bank is likely to report in 2015 and the ultimate impact on its
capital position is clarified and there is clear visibility on
the timing, amount and execution of potential capital-
strengthening initiatives.

The announced transformation of the bank into a public limited
company (S.p.A.) and its subsequent listing, which may take place
in early 2016, should enhance transparency and, over a fairly
short period, improve its corporate governance.  Fitch views the
appointment of new management as a factor potentially
contributing to a strengthening of the bank.

SUPPORT RATING AND SUPPORT RATING FLOOR

The SR and SRFs reflect Fitch's view that senior creditors can no
longer rely on receiving full extraordinary support from the
sovereign in the event that a bank becomes non-viable.  In
Fitch's view, the EU's Bank Recovery and Resolution Directive
(BRRD) and the Single Resolution Mechanism (SRM) for eurozone
banks are now sufficiently progressed to provide a framework for
resolving banks that is likely to require senior creditors
participating in losses, if necessary, instead of or ahead of a
bank receiving sovereign support.

In the EU, BRRD has been effective in member states since 1
January 2015, including minimum loss absorption requirements
before resolution financing or alternative financing (eg,
government stabilization funds) can be used.  Full application of
BRRD, including the bail-in tool, is required from 1 January
2016.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

Subordinated lower Tier 2 debt issued by BPV is notched off BPV's
VR once to reflect Fitch's view of loss severity risk based on
their level of subordination. The absence of coupon flexibility
means that non-performance risk is minimal, hence no further
notching is applied.

RATING SENSITIVITIES

IDRS, VR AND SENIOR DEBT

BPV's ratings will be downgraded if the bank fails to compensate
losses with a strengthening of capital to maintain its capital
ratios and net impaired loans-to-Fitch Core Capital at levels
that are similar to those at end-2014, or if the process of
strengthening capital becomes protracted.

Similarly, asset quality ratios (i.e. including Fitch's
assessment of coverage levels) that are materially weaker than
levels at end-2014 could lead to a downgrade.  Depending on the
resulting asset quality and capital profile of the bank, after
new management completes the balance sheet assessment, and any
remedial action that can be realistically achieved, BPV's ratings
could be downgraded, including by several notches, or be
affirmed.

SUPPORT RATING AND SUPPORT RATING FLOOR

An upgrade to the SR and upward revision to the SRF would be
contingent on a positive change in the sovereign's propensity to
support BPV.  While not impossible, this is highly unlikely in
Fitch's view.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

BPV's subordinated debt rating is primarily sensitive to a change
in the VR, which drives the debt rating, but also to a change in
Fitch's view of non-performance or loss severity risk relative to
BPV's viability.

The rating actions are:

Long-term IDR: 'BB' placed on Rating Watch Negative

Short-term IDR: affirmed at 'B'

Viability Rating: 'bb' placed on Rating Watch Negative

Support Rating: affirmed at '5'

Support Rating Floor: affirmed at 'No Floor'

Long-term senior unsecured notes and EMTN program: 'BB' placed
on Rating Watch Negative

Short-term senior unsecured notes and EMTN program: affirmed at
'B'

Subordinated Lower Tier 2 notes: 'BB-' placed on Rating Watch
Negative


BANCA ROMAGNA: European Commission Approves Liquidation Aid
-----------------------------------------------------------
The European Commission on July 18 disclosed that it has decided
that an Italian liquidation measure in favor of a small Italian
cooperative bank "Banca Romagna Cooperativa -- Credito
Cooperativo Romagna Centro e Macerone" (Banca Romagna
Cooperativa) is compatible with EU state aid rules.

Banca Romagna Cooperativa had been under special administration
since 2013, and was put into liquidation by the Italian
authorities on July 17, 2015, under national insolvency law.  Its
assets and liabilities, including deposits, were transferred to
Banca Sviluppo, which is part of the ICCREA Group.  This will
ensure that Banca Romagna Cooperativa's transferred activities
return to long-term viability within the new entity.  Under the
measure notified by Italy, the Italian mandatory deposit
guarantee scheme ("Fondo di Garanzia dei Deposanti del Credito
Cooperativo") will cover the negative difference between the
transferred assets and liabilities.

Deposit guarantee schemes are mandatory under EU law to ensure
that covered deposits are paid out when a bank is liquidated and
exits the market, in which case there are no State aid issues.
In this case, however, the deposit guarantee scheme's
intervention constitutes State aid, because it is acting beyond
this pay-out function, namely in a transfer of asset and
liabilities, under the control of the Italian authorities.  The
Commission's assessment showed that this aid is compatible with
EU state aid rules, in particular the Commission's 2013 Banking
Communication.  Equity and subordinated debt will not be
transferred but will remain in the entity in liquidation, which
means shareholders and junior bondholders will fully contribute
reducing the need for State aid to the necessary minimum in line
with burden sharing principles.

Banca Romagna Cooperativa Credito Cooperativo Romagna Centro E
Macerone Societa Cooperativa is based in Cesena, Italy.



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


AGEASFINLUX SA: Fitch Lifts Rating on Hybrid Instruments to 'BB+'
-----------------------------------------------------------------
Fitch Ratings has upgraded Ageas Insurance International NV's
(Ageas' immediate holding company) Long term Issuer Default
Rating (IDR) to 'A' from 'A-'.  The ultimate Ageas holding
company, Ageas SA/NV, has also been upgraded to Long-term IDR
'A-' from 'BBB+'.

At the same time, Fitch has upgraded Ageas SA/NV's hybrid
instruments by one notch.  The ratings actions follow the
publication of Fitch's updated insurance notching criteria on
July 14, 2015 after an initial exposure draft of proposed
criteria on May 15, 2015.  No other ratings are impacted by the
changes to Fitch's notching criteria.

Fitch has also withdrawn operating companies Ageas Insurance
International NV and Ageas SA/NV's Short-term IDRs at 'F1' and
'F2' respectively as they are no longer considered by Fitch to be
relevant to the agency's coverage.

In addition, Fitch has affirmed Ageas' other operating companies:
AG Insurance and Ageas Insurance Limited.

The Outlooks on the IFS ratings and the Long-term IDRs are all
Stable.

KEY RATING DRIVERS

Following the updated criteria Fitch no longer notches down
Ageas' holding company IDRs from the operating companies' IDRs.
Under the new insurance notching criteria, no notching is applied
to investment grade insurers in regulatory environments where the
"group solvency" regime is being employed, subject to certain
exceptions, and when earnings or capital for the home territory
makes up more than 30% of the total.  The Ageas Group meet both
criteria, hence the upgrade of the holding companies' IDRs.

The upgrades of Ageas SA/NV's hybrid instruments follow the
upgrade of the holding companies' IDR.

AG Insurance, as the main operating subsidiary in Ageas, is
viewed by Fitch as "Core" to the group and, as such, carries an
IFS rating of 'A+'.  Ageas, through AG Insurance, is the largest
insurer in Belgium.  Access to extensive and diversified
distribution channels, including the banking network of BNP
Paribas Fortis (A+/Stable), is a key positive rating factor.

Ageas Insurance Limited is also viewed by Fitch as "Core" to
Ageas and, as such, carries an IFS rating of 'A+'.  Ageas
Insurance Limited is Ageas' main business in the UK, which is the
second largest country by premium for the group after Belgium,
and is a key part of Ageas' operations.

The ratings of Ageas benefit from strong solvency.  The group's
regulatory solvency margin was 226% at end-March 2015.  According
to Fitch's Prism factor-based capital model (Prism FBM), Ageas
was "Very Strong" based on 2014 results.  Fitch expects solvency
to remain strong, supported by retained earnings, even after
allowing for the group's share buyback programme.

Ageas' financial leverage ratio was 21% at end-2014, in line with
2013's, and below the agency's median guidelines for the 'A' IFS
category.  When the EUR400m bond issue and redemption of existing
debt carried out by AG Insurance (Ageas' core subsidiary) in 2015
are taken into account, the group leverage only marginally
increases to 22% using 2014 data.  This is well below the 25%-30%
range prior to 2013.

Ageas' underwriting profitability is robust.  The operating
margin on life guaranteed products, measured by return on assets,
declined to 0.7% in 2014 (2013: 1.4%) as Ageas' share in the
result of associates was lower.  The group's combined ratio
worsened slightly to 99.6% in 2014 (2013: 98.3%), following
higher levels of catastrophe activity during the period.

Challenging underwriting conditions in Belgium and the UK and low
bond yields limiting its investment income are putting pressure
on the group's earnings.  Fitch expects these conditions to
persist. A mitigating factor is Ageas' business in Asia and
Turkey, which is more profitable.

The ratings of the Ageas holding companies take into account the
group's strong net cash position, which totaled EUR1.6 billion at
end-March 2015.  Legacy non-core insurance business from the
break-up of the Fortis group in 2009 continues to affect
profitability at holding company level, where the net result
continues to be volatile.  However, Fitch expects management
actions to reduce this volatility over time.

Following the restructuring of Ageas in 2008, Fitch believes that
Ageas SA/NV continues to face litigation risk from former Fortis
shareholders in Belgium and the Netherlands.  Despite the
company's denial of all allegations, if the actions against Ageas
SA/NV are successful, they could eventually have a substantial
negative financial impact on the company.  This litigation risk
is reflected in Ageas SA/NV's IDR being one notch lower than the
IDR of AG Insurance.

RATING SENSITIVITIES

Ageas' ratings could be downgraded if the group's Prism FBM score
falls to the "Strong" category, on a sustained basis.  The
ratings could also be downgraded if the group's profitability
weakens significantly, with a pre-tax operating profit return on
equity below 5% (2014: 9%) and a pre-tax operating return on
assets below 0.4% (2014: 0.7%).

Ageas' ratings could also be downgraded if the litigation risk
results in material losses for the group well in excess of the
provisions currently held.

The ratings could be upgraded if Ageas' profitability improves
over a sustained period, with a pre-tax operating profit return
on equity of at least 12%, a pre-tax operating return on assets
of 1.1% or above, and group earnings being in line with 'AA'-
rated peers.

FULL LIST OF RATING ACTIONS

AG Insurance
IFS rating affirmed at 'A+'; Outlook Stable
Long-term IDR affirmed at 'A'; Outlook Stable
Subordinated bond affirmed at 'BBB+'

Ageas Insurance Limited
IFS rating affirmed at 'A+'; Outlook Stable

Ageas SA/NV
Long-term IDR upgraded to 'A-' from 'BBB+'; Outlook Stable
Short-term IDR affirmed at 'F2'; withdrawn

Ageas Insurance International
Long-term IDR upgraded to 'A' from 'A-'; Outlook Stable
Short-term IDR upgraded to 'F1' from 'F2'; withdrawn

Ageas Hybrid Financing
Hybrid capital instruments upgraded to 'BBB-' from 'BB+'

Ageasfinlux SA
Hybrid capital instruments upgraded to 'BB+' from 'BB'



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


E-MAC NL 2006-II: Moody's Confirms 'B1(sf)' Rating on Cl. D Notes
-----------------------------------------------------------------
Moody's Investors Service upgraded thirteen tranches and
confirmed one tranche in six Dutch RMBS transactions, five
tranches are affirmed.

The rating actions are prompted by (i) the conclusion of the
review of the ratings of various counterparties, (ii) the
revision of key collateral assumptions in five transactions, and
(iii) the sufficiency of credit enhancement.

RATINGS RATIONALE

The rating actions conclude the placement on review for upgrade
of thirteen classes of notes in six Dutch RMBS transactions due
to the updates to several Moody's structured finance rating
methodologies.

The rating upgrades reflect the updates to several Moody's
structured finance rating methodologies and related updates in
the aforementioned CR Assessments, as well as the revision of key
collateral assumptions in five transactions.

The rating confirmation reflects Moody's view that the available
credit enhancement is sufficient to maintain the current rating
on the affected tranche.

-- COUNTERPARTY RISK EXPOSURE AND UPDATES TO MOODY'S STRUCTURED
    FINANCE RATING METHODOLOGIES

The rating actions took into consideration the notes' exposure to
relevant counterparties, such as servicers, account banks or swap
providers. Moody's incorporated the updates to its structured
finance methodologies in its analysis of the transactions
affected by the rating actions.

Moody's now matches banks' exposure in structured finance
transactions to the CR Assessment for commingling risk, and to
the bank deposit rating when analyzing set-off risk. Moody's has
introduced a recovery rate assumption of 45% for both exposures.

Moody's considered how the liquidity available in the
transactions and other mitigants support continuity of note
payments, in case of servicer default, using the CR Assessment as
a reference point for servicers or cash managers. The ratings of
the notes are not capped by operational risk in any of the six
transactions as per the 'Global Structured Finance Operational
Risk Guidelines' published by Moody's Investors Service on the
16th March 2015.

Moody's also assessed the default probability of each
transaction's account bank providers by referencing the bank's
deposit rating.

Moody's analysis considered the risks of additional losses on the
notes if they were to become unhedged following a swap
counterparty default by using the CR Assessment as a reference
point for swap counterparties. As a result, the ratings on
classes B and C in E-MAC NL 2004-II B.V., classes B and C in E-
MAC 2005-III B.V., class B in E-MAC NL 2006 -- II B.V., classes B
and C in E-MAC Program II B.V./ Compartment NL 2007-IV, and class
C in E-MAC Program II B.V./Compartment NL 2008-IV were
constrained due to their swap counterparty exposure.

-- KEY COLLATERAL ASSUMPTIONS

Moody's has reassessed its lifetime Expected Loss assumptions
(EL) taking into account the collateral performance of the
transactions to date. The securitized pools are performing in
line with Moody's expected loss assumptions. As a result, Moody's
maintained the expected loss assumptions for all six
transactions.

Moody's has also assessed loan-by-loan information for the
outstanding portfolios to determine the credit support consistent
with target rating levels and the volatility of the distribution
of future losses. Moody's lowered the MILAN CE assumption in five
out of six transactions to reflect the decreasing weighted
average loan-to-value ratio since the last rating action and the
stable outlook for Dutch RMBS transactions
(http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF387952).

The MILAN CE assumptions have been reduced from 9% to 6% in E-MAC
NL 2004-II B.V., from 8% to 5% in E-MAC NL 2005-III B.V., from
8.5% to 5.5% in E-MAC NL 2006-II B.V., from 11% to 7% in E-MAC
Program II B.V. / Compartment NL 2007-IV and from 13% to 9% in E-
MAC Program II B.V. / Compartment NL 2008-IV. The MILAN CE
assumption remains unchanged at 13% in E-MAC Program III B.V. /
Compartment NL 2008-I.

Principal Methodology:

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework", published in
January 2015.

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

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

Factors or circumstances that could lead to an upgrade of the
ratings include (1) better-than-expected performance of the
underlying collateral; (2) deleveraging of the capital structure;
and (3) improvements in the credit quality of the transaction
counterparties.

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

LIST OF AFFECTED RATINGS:

Issuer: E-MAC NL 2004-II B.V.

EUR584M A Notes, Affirmed Aaa (sf); previously on Apr 8, 2014
Confirmed at Aaa (sf)

EUR13M B Notes, Upgraded to Aa1 (sf); previously on Mar 20, 2015
Aa3 (sf) Placed Under Review for Possible Upgrade

EUR8.5M C Notes, Upgraded to A2 (sf); previously on Mar 20, 2015
Baa1 (sf) Placed Under Review for Possible Upgrade

Issuer: E-MAC NL 2005-III B.V.

EUR856.2M A Notes, Affirmed Aaa (sf); previously on Apr 8, 2014
Confirmed at Aaa (sf)

EUR14.7M B Notes, Upgraded to Aa2 (sf); previously on Mar 20,
2015 A3 (sf) Placed Under Review for Possible Upgrade

EUR10M C Notes, Upgraded to A2 (sf); previously on Mar 20, 2015
Baa2 (sf) Placed Under Review for Possible Upgrade

Issuer: E-MAC NL 2006-II B.V.

EUR528M A Notes, Affirmed Aaa (sf); previously on Apr 8, 2014
Confirmed at Aaa (sf)

EUR8.8M B Notes, Upgraded to Aa3 (sf); previously on Mar 20, 2015
A3 (sf) Placed Under Review for Possible Upgrade

EUR5.5M C Notes, Upgraded to A3 (sf); previously on Mar 20, 2015
Baa2 (sf) Placed Under Review for Possible Upgrade

Issuer: E-MAC Program II B.V. / Compartment NL 2007-IV

EUR654.85M A Notes, Upgraded to Aaa (sf); previously on Apr 16,
2014 Affirmed Aa1 (sf)

EUR16.8M B Notes, Upgraded to Aa2 (sf); previously on Mar 20,
2015 A1 (sf) Placed Under Review for Possible Upgrade

EUR12.6M C Notes, Upgraded to A1 (sf); previously on Mar 20, 2015
Baa1 (sf) Placed Under Review for Possible Upgrade

EUR15.75M D Notes, Confirmed at B1 (sf); previously on Mar 20,
2015 B1 (sf) Placed Under Review for Possible Upgrade

Issuer: E-MAC Program II B.V. / Compartment NL 2008-IV

EUR230.6M A Notes, Affirmed Aaa (sf); previously on Apr 16, 2014
Affirmed Aaa (sf)

EUR11.3M B Notes, Upgraded to Aaa (sf); previously on Mar 20,
2015 Aa2 (sf) Placed Under Review for Possible Upgrade

EUR2.8M C Notes, Upgraded to Aa2 (sf); previously on Mar 20, 2015
A2 (sf) Placed Under Review for Possible Upgrade

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

EUR160M A2 Notes, Affirmed Aaa (sf); previously on Apr 16, 2014
Affirmed Aaa (sf)

EUR7.5M B Notes, Upgraded to Aa2 (sf); previously on Mar 20, 2015
Aa3 (sf) Placed Under Review for Possible Upgrade

EUR3.9M C Notes, Upgraded to A2 (sf); previously on Mar 20, 2015
Baa1 (sf) Placed Under Review for Possible Upgrade


TIKEHAU CLO: Fitch Assigns 'B-sf' Rating to Class F Notes
---------------------------------------------------------
Fitch Ratings has assigned Tikehau CLO B.V.'s notes final ratings
as:

Class A-1: 'AAAsf'; Outlook Stable
Class A-2: 'AAAsf'; Outlook Stable
Class B: 'AA+sf'; Outlook Stable
Class C: 'Asf'; Outlook Stable
Class D: 'BBBsf'; Outlook Stable
Class E: 'BBsf'; Outlook Stable
Class F: 'B-sf'; Outlook Stable

Subordinated notes: not rated

Tikehau CLO B.V. is an arbitrage cash flow collateralized loan
obligation (CLO).

KEY RATING DRIVERS

Moderate Portfolio Credit Quality

Fitch has public ratings or credit opinions on 64 of the 69
obligors in the identified portfolio and has determined the
average credit quality to be in the 'B' to 'B-' range.  The
weighted average rating factor of the identified portfolio (68.1%
of target par) is 32.7.

High Expected Recoveries

At least 90% of the portfolio will comprise senior secured
obligations.  Recovery prospects for these assets are typically
more favorable than for second-lien, unsecured and mezzanine
assets.  Fitch has assigned Recovery Ratings to 69 of the 74
obligations.  The weighted average recovery rating of the
identified portfolio is 69.2.

Partial Interest Rate Hedge

During the first five years of the transaction, interest rate
risk is naturally hedged for most of the portfolio, as fixed-rate
liabilities and assets initially represent 11.8% and up to 7.5%
of target par, respectively.  As the fixed-paying class A-2 notes
are senior in the structure and switch to floating after five
years, the notional amount of fixed-rate liabilities will reduce
after the reinvestment period, limiting the benefit of the hedge.

Unhedged Non-Euro Assets Exposure

The manager can invest up to 2.5% of the portfolio in unhedged
non-euro assets, which are purchased in the primary market.  Any
unhedged asset in excess of the allowed limits or held for longer
than 90 days will receive a zero balance for the calculation of
the OC tests.  Unhedged assets may only be purchased if after a
haircut of 50% the portfolio notional amount is still above
target par.

Hedged Non-Euro Assets Exposure

The transaction is permitted to invest up to 20% of the portfolio
in non-euro assets, provided perfect asset swaps can be entered
into.

TRANSACTION SUMMARY

Net proceeds from the issuance of the notes are being used to
purchase a EUR340 million portfolio of mostly euro-denominated
leveraged loans and bonds.  The transaction features a four-year
reinvestment period and the portfolio is managed by Tikehau
Capital Europe Limited.

The transaction documents may be amended subject to rating agency
confirmation or note-holder 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 then current 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 the structure considers the confirmation to
be given if Fitch declines to comment.

RATING SENSITIVITIES

A 25% increase in the expected obligor default probability would
lead to a downgrade of one to three notches for the rated notes.

A 25% reduction in expected recovery rates would lead to a
downgrade of one 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 and/or other Nationally Recognized
Statistical Rating Organizations and/or European Securities and
Markets Authority registered rating agencies.  Fitch has relied
on the practices of the relevant Fitch groups and/or other rating
agencies to assess the asset portfolio information.

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



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


MAGELLAN MORTGAGES NO. 4: Moody's Lifts Rating on D Notes to Caa2
-----------------------------------------------------------------
Moody's Investors Service upgraded the ratings of 26 tranches and
affirmed 14 tranches in 10 Portuguese RMBS transactions. The
rating actions conclude the review that Moody's initiated on 20
March 2015. In addition, Moody's Investors Service is taking
actions on Magellan Mortgages No. 1 plc and Magellan Mortgages
No. 4 plc following completion of rating review actions of banks
and assignment of Counterparty Risk Assessment ("CR Assessment").

RATINGS RATIONALE

Today's rating actions reflect (1) the update of several of
Moody's cross-sector, primary and secondary rating methodologies
for structured finance securities, to incorporate the new
Counterparty Risk (CR) Assessment that it introduced for banks as
part of its revised bank rating methodology and (2) completion of
rating review actions of banks and the assignment of its
Counterparty Risk Assessment to the relevant Portuguese and other
banks acting as counterparties to the affected transactions,
following the application of Moody's bank methodology.

Moody's has also affirmed or confirmed the ratings of the notes
where the current Credit Enhancement was commensurate with the
current ratings.

APPLICATION OF MOODY'S STRUCTURED FINANCE RATING METHODOLOGIES

Moody's updated several of its cross-sector methodologies to
incorporate the CR Assessments in its analysis of structured
finance transactions in March 2015. Moody's now matches banks'
exposure in structured finance transactions to one of three
reference points: the CR Assessment, bank deposit rating or
senior unsecured rating.

Moody's has used CR Assessments in its analysis to measure the
risk of default for (1) operational risk exposures (specifically
exposures to servicers); (2) exposures to swap counterparties;
and (3) exposures to servicers in relation to commingling risk.

Moody's has used the bank deposit rating to measure the default
risk for exposures associated with account banks. Additionally,
for bank-related exposures (e.g., deposits held at a defaulting
bank) Moody's has assumed a recovery rate of 45% in instances
when the risk is measured or modeled.

REVISION OF KEY COLLATERAL ASSUMPTIONS

The key collateral assumptions for all transactions remain
unchanged as part of this review. The performance of the
underlying asset portfolios remain in line with Moody's
assumptions. Moody's also has a stable outlook
(http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF387952)
for Portuguese RMBS transactions. The ratings were not subject to
an analysis on the sensitivity of key collateral assumptions.

Principal Methodology:

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework", published in
January 2015.

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

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

Factors or circumstances that could lead to an upgrade of the
ratings include (1) lower sovereign risk; (2) better-than-
expected performance of the underlying collateral; (3)
deleveraging of the capital structure; and (4) improvements in
the credit quality of the transaction's counterparties.

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

List of Affected Ratings:

Issuer: Lusitano Mortgages No. 1 plc

EUR915M Series A Notes, Affirmed A1 (sf); previously on Jan 23,
2015 Upgraded to A1 (sf)

EUR32.5M Series B Notes, Upgraded to A1 (sf); previously on Mar
20, 2015 A3 (sf) Placed Under Review for Possible Upgrade

EUR25M Series C Notes, Upgraded to Baa2 (sf); previously on Mar
20, 2015 Baa3 (sf) Placed Under Review for Possible Upgrade

EUR22.5M Series D Notes, Upgraded to B1 (sf); previously on Jan
23, 2015 Affirmed B2 (sf)

EUR5M Series E Notes, Affirmed Caa1 (sf); previously on Jan 23,
2015 Affirmed Caa1 (sf)

Issuer: Lusitano Mortgages No. 2 plc

EUR920M Series A Notes, Affirmed A1 (sf); previously on Jan 23,
2015 Upgraded to A1 (sf)

EUR30M Series B Notes, Upgraded to A1 (sf); previously on Mar 20,
2015 A3 (sf) Placed Under Review for Possible Upgrade

EUR28M Series C Notes, Upgraded to Baa1 (sf); previously on Mar
20, 2015 Baa3 (sf) Placed Under Review for Possible Upgrade

EUR16M Series D Notes, Upgraded to Ba2 (sf); previously on Mar
20, 2015 B1 (sf) Placed Under Review for Possible Upgrade

EUR6M Series E Notes, Upgraded to B3 (sf); previously on Jan 23,
2015 Affirmed Caa2 (sf)

Issuer: Lusitano Mortgages No. 3 plc

EUR1140M Series A Notes, Upgraded to A2 (sf); previously on Mar
20, 2015 Baa2 (sf) Placed Under Review for Possible Upgrade

EUR27M Series B Notes, Upgraded to Ba2 (sf); previously on Mar
20, 2015 B1 (sf) Placed Under Review for Possible Upgrade

EUR18.6M Series C Notes, Upgraded to B1 (sf); previously on Jan
23, 2015 Upgraded to B3 (sf)

EUR14.4M Series D Notes, Upgraded to B3 (sf); previously on Jan
23, 2015 Upgraded to Caa1 (sf)

Issuer: Lusitano Mortgages No. 4 plc

EUR1134M Series A Notes, Upgraded to A1 (sf); previously on Mar
20, 2015 Baa2 (sf) Placed Under Review for Possible Upgrade

EUR22.8M Series B Notes, Upgraded to Ba1 (sf); previously on Mar
20, 2015 B3 (sf) Placed Under Review for Possible Upgrade

EUR19.2M Series C Notes, Upgraded to B3 (sf); previously on Jan
23, 2015 Affirmed Caa1 (sf)

EUR24M Series D Notes, Affirmed Caa3 (sf); previously on Jan 23,
2015 Affirmed Caa3 (sf)

Issuer: Lusitano Mortgages No. 6 Limited

EUR943.25M Series A Notes, Upgraded to A1 (sf); previously on Mar
20, 2015 Baa3 (sf) Placed Under Review for Possible Upgrade

EUR65.45M Series B Notes, Upgraded to Baa3 (sf); previously on
Mar 20, 2015 Ba3 (sf) Placed Under Review for Possible Upgrade

EUR41.8M Series C Notes, Upgraded to B3 (sf); previously on Jan
23, 2015 Affirmed Caa1 (sf)

EUR17.6M Series D Notes, Affirmed Caa3 (sf); previously on Jan
23, 2015 Affirmed Caa3 (sf)

Issuer: Magellan Mortgages No. 1 plc

EUR942.5M Series A Notes, Affirmed A1 (sf); previously on Jan 23,
2015 Upgraded to A1 (sf)

EUR37M Series B Notes, Upgraded to A3 (sf); previously on Jan 23,
2015 Affirmed Baa2 (sf)

EUR20.5M Series C Notes, Affirmed Ba3 (sf); previously on Jan 23,
2015 Upgraded to Ba3 (sf)

Issuer: Magellan Mortgages No. 3 plc

EUR1413.75M Series A Notes, Upgraded to A3 (sf); previously on
Mar 20, 2015 Baa3 (sf) Placed Under Review for Possible Upgrade

EUR33.75M Series B Notes, Upgraded to Ba2 (sf); previously on Feb
6, 2015 Affirmed B1 (sf)

EUR15.75M Series C Notes, Upgraded to B2 (sf); previously on Feb
6, 2015 Affirmed B3 (sf)

EUR36.75M Series D Notes, Affirmed Caa1 (sf); previously on Feb
6, 2015 Affirmed Caa1 (sf)

Issuer: Magellan Mortgages No. 4 plc

EUR1413.75M Series A Notes, Affirmed Baa1 (sf); previously on May
15, 2015 Upgraded to Baa1 (sf)

EUR33.75M Series B Notes, Upgraded to Ba3 (sf); previously on May
15, 2015 Upgraded to B1 (sf)

EUR18.75M Series C Notes, Affirmed B3 (sf); previously on May 15,
2015 Affirmed B3 (sf)

EUR33.75M Series D Notes, Upgraded to Caa2 (sf); previously on
May 15, 2015 Affirmed Caa3 (sf)

Issuer: PELICAN MORTGAGES NO. 1 PUBLIC LIMITED COMPANY

EUR611M Series A Notes, Affirmed A1 (sf); previously on Jan 23,
2015 Upgraded to A1 (sf)

EUR16.25M Series B Notes, Affirmed A1 (sf); previously on Jan 23,
2015 Upgraded to A1 (sf)

EUR22.75M Series C Notes, Upgraded to A1 (sf); previously on Mar
20, 2015 Baa1 (sf) Placed Under Review for Possible Upgrade

Issuer: PELICAN MORTGAGES NO. 3 PUBLIC LIMITED COMPANY

EUR717.375M Series A Notes, Upgraded to Baa1 (sf); previously on
Mar 20, 2015 Baa3 (sf) Placed Under Review for Possible Upgrade

EUR14.25M Series B Notes, Upgraded to Ba3 (sf); previously on Mar
20, 2015 B1 (sf) Placed Under Review for Possible Upgrade

EUR12M Series C Notes, Affirmed B3 (sf); previously on Jan 23,
2015 Upgraded to B3 (sf)

EUR6.375M Series D Notes, Affirmed Caa2 (sf); previously on Jan
23, 2015 Upgraded to Caa2 (sf)



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


FEDERAL PASSENGER: Fitch Affirms 'BB+' IDR, Outlook Negative
------------------------------------------------------------
Fitch Ratings has affirmed Russia-based Joint Stock Company
Federal Passenger Company's (FPC) Long-term Issuer Default Rating
(IDR) at 'BB+' with Negative Outlook.

The ratings continue to be driven by FPC's strong ties with
state-owned parent, JSC Russian Railways (RZD, BBB-/Negative),
and its domestic monopoly in long distance rail.  FPC is
dependent on subsidies and given its important public function in
providing affordable long-distance rail transportation, Fitch
expects FPC to continue to benefit from considerable operational
and financial support from both RZD and the Russian Federation
(BBB-/Negative).

The Negative Outlook mirrors RZD's Outlook, which in turn
reflects that of the Russian Federation.  Rating actions on RZD
are likely to be replicated in FPC's ratings with a one notch
differential.

KEY RATING DRIVERS

One Notch below RZD's IDR

FPC's Long-term IDR continues to be notched down by one level
from that of RZD in accordance with Fitch's Parent and Subsidiary
Rating Linkage Methodology given the company's strong legal,
operational and strategic ties with RZD and, indirectly, with the
state.  The strong ties are evidenced by RZD's 100% direct
ownership of FPC, its control over FPC's strategy, and inter-
dependency of operations.

FPC holds a monopoly in long-haul rail transportation and
continues to receive sizeable subsidies (RUB23.3 billion in 2014)
from the federal budget in compensation for state-regulated
below-cost tariffs.  RZD in 2014 contributed new equity to FPC of
RUB12.8 billion, comprising RUB8.3 billion assets and RUB4.5
billion cash; however, Fitch notes that the capital injection was
accompanied by dividend payment of RUB4.1 billion from FPC.

FPC is considered a principal subsidiary according to the terms
of RZD's eurobonds documentation, as its revenue equals to 10.3%
of RZD's total revenue and, as a result, meets the 10% threshold.
Therefore, FPC's obligations could be captured within RZD's cross
default provision.  However, Fitch has not aligned FPC's ratings
with RZD's owing to the absence of explicit guarantees and also
because FPC's revenue could fall below the 10% threshold.

Highly Dependent on Subsidies

FPC receives subsidies in compensation for insufficient state-
regulated tariffs.  Excluding subsidies, FPC is deeply loss-
making, generates material negative free cash flows (FCF) and is
economically unviable on a standalone basis.  FPC's unregulated
business is not sufficiently profitable or cash-generative to
offset losses generated by its regulated business.

While losses incurred at the EBITDA level (excluding subsidies)
have narrowed over 2010-2014, Fitch expects EBITDA will remain
under pressure given minimal increases in passenger numbers,
combined with continued pricing and inflationary cost pressures.
Fitch expects management to optimize revenues and to cut some
costs through increased staff productivity and asset efficiency,
but these alone are unlikely to enable FPC to become financially
self-sufficient.

Subsidies do not always compensate the company for operating
losses, which can arise where costs are higher than those
expected by the state.  Fitch expects the state to continue
adjusting subsidies where revenue shortfall cannot be met through
tariff increases, as was the case in 2014.  However, there is no
formal retrospective adjustment procedure.  Adjustments are at
the government's discretion and subject to federal budget
constraints.

'B' Category Standalone Rating

Fitch assesses FPC's standalone rating at the 'B' category.  The
company's inability to generate sustainable operating cash flows,
without shareholder support, places the ratings under pressure.
This is due to limited passenger growth, as well as pricing and
inflationary cost pressures.  Funds from operations (FFO) lease-
adjusted gross leverage of close to 3x in the medium-term and FFO
fixed charge cover of below 3x are commensurate with the 'B'
rating category.

The regulatory framework and tariff-setting mechanisms for the
company's regulated business are less transparent and predictable
than some international peers'.

FFO Lease-Adjusted Leverage and Coverage

Fitch adjusts FPC's FFO leverage and coverage credit metrics for
locomotive payments to more accurately compare FPC with rail
peers such as Deutsche Bahn AG ('AA'/Stable) and PKP Intercity
S.A. ('BBB'/Stable), which purchase their locomotives.  Lease
payments relating to the use of locomotives are capitalized using
a 5x lease multiple, instead of the 8x multiple usually used for
Russian rail companies.  The lower multiple reflects the
flexibility of these locomotive payments.  FPC only pays for the
use of locomotives when the locomotive is in operation.  Payments
do not have specific tenors or contracts typical of ordinary
leases.

Domestic Monopoly

FPC is strategically important to Russia given its monopoly in
long-distance passenger rail transportation, with a share of over
90% of long-haul passenger transportation in 2014.  The
importance of FPC's rail network is further illustrated by the
country's significant geographical size and extreme climate
conditions.  In certain areas, inadequate motorway and aviation
infrastructure often means FPC's rail network is the only form of
transportation available.  Further plans to develop high speed
rail have been postponed owing to the current difficult economic
environment in the country.

Increasing Airline Competition

The share of airline traffic in long-haul passenger
transportation increased to 46% in 2014 from 33% in 2010.  While
air travel is likely to pose a continuing and increasing threat,
FPC is likely to remain the main carrier of long-haul passengers
over the medium-term as Russia does not currently have adequate
airport infrastructure to accommodate increasing demand.

Weakening Credit Metrics

Fairly high capex of about RUB19.4 billion on average over 2015-
2017 will result in continuing negative FCF.  As a result, net
debt/EBITDA is likely to rise to around 1.4x by 2018 from 0.4x in
2014.  However, this would still be well below the external
covenant of net debt/EBITDA of 3.0x.  Fitch does not expect the
company to scale back its capex plans, as the company's assets
are rather old.

Volumes under Pressure

Passenger turnover continued to decline in 2014 and 1H15 (by
11.6% yoy and 11.4% yoy respectively) mainly due to deterioration
of the Russian economy, declining purchasing power of population
as well as cancellation of unprofitable trains.  The unregulated
segment declined by 14% yoy in 2014 compared with 7% in regulated
segment. As a result, the share of the regulated segment in total
passenger turnover rose to 62% in 2014 from 59% in 2013.

In the medium term we expect rail passenger turnover volumes to
remain under pressure on the back of a drop in real income,
increasing support of air transport from the state as well as
growing competition from air and motor transport.

RATING SENSITIVITIES

Negative: Future developments that could lead to negative rating
action include:

   -- A downgrade of RZD's ratings, assuming the parent links do
      not strengthen at the same time.
   -- Evidence of weakening ties with RZD (and indirectly the
      state) including but not limited to reduced financial
      support in the form of insufficient subsidies, tariffs or
      equity injections such that net debt/EBITDA exceeds 1.5x.

Positive: Future developments that could lead to positive rating
action include:

   -- RZD's Outlook being revised to Stable or a positive change
      in RZD's ratings, unless FPC's links with RZD weaken.
   -- Guarantees by RZD of a substantial portion of FPC's debt,
      which would imply stronger legal ties with RZD.

For the rating of RZD, the following sensitivities were outlined
by Fitch in its rating action commentary of March 1, 2015:

Negative: Future developments that could lead to negative rating
action include:

   -- Fitch expects to continue aligning RZD's IDR with Russia's,
      given the strength of government links.  Therefore, Fitch
      is unlikely to downgrade RZD before downgrading Russia.
      However, sustained FFO net adjusted leverage above 3.5x and
      FFO fixed charge coverage below 4x may be negative for
      RZD's ratings unless further evidence of state support is
      provided.

Positive: Future developments that could lead to positive rating
action include:

   -- A positive change in Russia's rating may be replicated in
      RZD (up to BBB level), unless its links with the State
      weaken

LIQUIDITY AND DEBT STRUCTURE

At end-2014 FPC had cash of RUB10.7 billion, which comfortably
covered short-term debt of RUB2.6 billion as well as most of the
2015 negative FCF of around RUB10 billion (as calculated by
Fitch).  However, these cash financing requirements are largely
expected to be funded by additional debt and not through existing
cash balances. The company also has undrawn credit facilities of
RUB19.3 billion.  FPC does not pay commitment fees for these
facilities, which is a common practice in Russia.  Fitch does not
include them in its liquidity analysis.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

   -- Domestic GDP decline of 3.5% in 2015 and growth of 1%-1.5%
      in 2016-2017 and inflation of 11.2% in 2015 and 6%-8% over
      2016-2017

   -- Passenger turnover deterioration of about 2%-9% over 2015-
      2018

   -- Tariff growth below CPI level

   -- Capital expenditure and subsidies in line with management's
      forecasts

FULL LIST OF RATING ACTIONS

  Long-term foreign currency IDR affirmed at 'BB+' with Negative
  Outlook

  Long-term local currency IDR affirmed at 'BB+' with Negative
  Outlook

  Short-term foreign currency IDR affirmed at 'B'

  Short-term local currency IDR affirmed at 'B'

  Long-term National Rating affirmed at 'AA+(rus)' with Stable
  Outlook


GELENDZHIK-BANK PJSC: Put Under Provisional Administration
----------------------------------------------------------
The Bank of Russia, by its Order No. OD-1697 dated July 17, 2015,
revoked a banking license from the credit institution Public
Joint-Stock Company Gelendzhik-Bank from July 17, 2015.

The Bank of Russia took such an extreme measure -- revocation of
the banking license -- due to the credit institution's failure to
comply with federal banking laws and Bank of Russia regulations
and taking into account the application of measures envisaged by
the Federal Law "On the Central Bank of the Russian Federation
(Bank of Russia)".

With low quality assets, Gelendzhik-Bank failed to adequately
assess risks assumed.  Besides, the Bank did not comply with
supervisor's restrictions on carrying some banking operations.
Gelendzhik-Bank was involved in dubious transit transactions in
significant amounts.  Both management and owners of the credit
institution did not take any effective measures to bring its
activities back to normal amid conditions of a long corporate
conflict.

The Bank of Russia, by its Order No. OD-1698 dated July 17, 2015,
appointed a provisional administration to PJSC Gelendzhik-Bank
for the period until the appointment of a receiver pursuant to
the Federal Law "On the Insolvency (Bankruptcy)" or a liquidator
under Article 23.1 of the Federal Law "On Banks and Banking
Activities".  In accordance with federal laws, the powers of the
credit institution's executive bodies are suspended.

PJSC Gelendzhik-Bank is a member of the deposit insurance system.
The revocation of the banking license is an insured event as
stipulated by Federal Law No. 177-FZ "On the Insurance of
Household Deposits with Russian Banks" in respect of the bank's
retail deposit obligations, as defined by legislation.

As of July 1, 2015, PJSC Gelendzhik-Bank was ranked 516th by
assets in the Russian banking system.


METALLOINVEST JSC: Moody's Says New Facility Credit Neutral
-----------------------------------------------------------
Moody's Investors Service (Moody's) views as credit neutral for
JSC Holding Company METALLOINVEST (Metalloinvest, Ba2 stable),
the announcement that Metalloinvest has signed a US$750 million
five-to-seven year pre-export credit facility (PXF) agreement
with a syndicate of international banks, including ING Bank N.V.
(A1 stable), Deutsche Bank AG (A3 positive (multiple)), Societe
Generale (A2 stable), Bank of China Limited (A1 stable),
Industrial and Commercial Bank of China Limited (A1 stable). The
transaction will enable the company to improve its maturity
profile. This deal also illustrates the company's continued
access to funding from international financial institutions
during a period of geopolitical tensions between the US/EU and
Russia over Ukraine, including sanctions.

The PXF will be redeemed in equal monthly installments after a
grace period of two years (for US$600 million tranche) and five
years (for US$150 million tranche). The facility is secured by
the borrowers' export revenues in favor of Metalloinvest Trading
AG and is guaranteed by Holding Company Metalloinvest. The
proceeds will be used to refinance part of PXF (raised in March
2014) due in April-December 2016, as well as to secure additional
liquidity for the redemption of Eurobonds due in July 2016.

In early July, before this deal, the company extended maturity of
Rabobank loan for US$131 million (with new repayment scheduled
for 2017-18), which resulted in reduction of 2016 debt maturity.
Before that, in June, the company signed an export credit agency
(ECA) facility agreement with a club of international banks for
credit facilities of up to EUR267 million. The funds to be used
to finance the purchase of equipment for the construction of the
third hot briquetted iron plant (HBI-3) at Lebedinsky GOK. The
loans' repayment will be executed within ten years of the launch
of the HBI-3 equipment.

As a result of recent refinancing, the company's debt maturity in
2016 will fall to around US$0.7 billion from US$1.3 billion.
There are no significant debt repayments in 2017-19. Moody's
notes that Metalloinvest considers various options to further
improve its debt maturity profile.

At the same time, the rating agency notes that the fundamentals
for the steel and steel related commodities' sectors are
currently depressed. The growing oversupply in the iron ore
market globally is damaging for the sector and poses significant
downside risk. In light of expectations for slowing growth in
global steel production, particularly in China, the lack of
equilibrium will continue to weigh negatively on prices and the
operating performance of iron ore producers. Having averaged
roughly US$136/tonne in 2013, benchmark iron ore prices (CFR
China 62% Fe) fell precipitously in 2014, averaging about
US$97/tonne, and dipping to around $50/tonne in July 2015.
Although Moody's expects continued price volatility, the lower
iron ore prices are partially offset by decreasing cash costs in
both mining and steel segments of the company, owing to the 42%
rouble devaluation in 2014.

Metalloinvest is a Russian producer and the largest regional
supplier of high-quality iron ore and hot briquetted iron
(HBI) -- a direct substitute for ferrous scrap. Its principal
activities include the production and sale of iron ore products
and ferrous metals. In 2014, it produced 38.7 million tonnes of
iron ore (referring to iron ore concentrate and sintering ore),
22.7 million tonnes of pellets, 5.3 million tonnes of HBI/direct
reduced iron (DRI), 2.3 million tonnes of hot metal and 4.5
million tonnes of crude steel.

Metalloinvest has significant iron ore production facilities in
Russia in its mining and processing plants at Lebedinsky
(Lebedinsky GOK) and Mikhailovsky (Mikhailovsky GOK).
Furthermore, Metalloinvest has a diversified customer base in
Europe, the Middle East and Asia, with Russia and China.

The company's steel mills include the Oskol Elektrometallurgical
Plant (OEMK) and Ural Steel, and a ferrous scrap unit, Ural Scrap
Company.

At December 31, 2014, USM Metalloinvest LLC and USM Investments
Limited -- both 100%-owned direct or indirect subsidiaries of USM
Holdings Limited companies -- held 51% and 25% stakes in the
company respectively. In addition, OAO Lebedinskiy Mining and
Processing Works held a 15% stake and OAO Oskol
Electrometallurgical Plant 3%, while the remaining 6% was owned
by the company as treasury shares.


UTAIR: No Decision Yet on RUR19-Bil. State Aid Request
------------------------------------------------------
Cbonds reports that Russian First Deputy Prime Minister
Igor Shuvalov said the decision to grant state aid to the UTair
airline has not passed yet.

Earlier, Transport Minister Maxim Sokolov said that the airline
has requested state guarantees in amount of RUR19 billion
(US$334.9 million), Cbonds relates.  Previously, TASS reported
that the airline does not exclude the possibility that the
requested amount will be reduced by more than half, to RUR9
billion (US$158.6 million), Cbonds notes.

At the end of 2014, UTair was faced with serious financial
problems, Cbonds recounts.  The company net loss for 2014
amounted to RUR22.3 billion (US$406.5 million) under RAS against
a profit at the end of 2013, Cbonds discloses.

At the end of 2014 dozens of lawsuits against UTair and its
subsidiaries were filed to various courts, Cbonds relays.  The
total amount of creditor claims is more than RUR9 billion
(US$143.76 million), Cbonds says.  Several creditors filed claims
to recognize UTair Airlines as bankrupt, Cbonds notes.  The court
dismissed the claims for bankruptcy, others are still being
processed, Cbonds states.  Alfa Bank has also joined the
bankruptcy case, according to Cbonds.

On June 26, 2015, the company offered bond holders debt
restructuring, Cbonds recounts.  Raiffeisenbank has been named
the restructuring consultant, Cbonds discloses.

In the last few months the company defaulted on bonds and faced
numerous lawsuits from its creditors, Cbonds relays.

According to Cbonds, debt portfolio, including leasing payments
amounts to almost RUR170 billion (US$2.75 billion).  Lawsuits are
filed to the various courts of arbitration demanding total debt
repayment amounting to more than RUR9 billion (US$145.52
million), Cbonds notes.

UTair is the third largest air transportation company in Russia.



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


CIUDAD REAL: Receives One Bid for Central Airport
-------------------------------------------------
The Associated Press reports that Ciudad Real's Central airport
received just one bid in a bankruptcy auction after costing some
EUR1.1 billion (US$1.2 billion) to build.

According to the AP, the buyer's offer for the airport, one of
Spain's "ghost airports" -- expensive projects that were
virtually unused -- is EUR10,000.

The operator of the airport went bankrupt in 2012 after it failed
to draw enough traffic, the AP recounts.

Spanish news agency Europa Press said Chinese group Tzaneen
International tabled the bid in the July 18 auction, the AP
relates.  The receiver had set a minimum price of EUR28 million,
the AP discloses.  If no better bid is received by September, the
sale will go through, the AP states.

The airport is situated about 235 kilometers (150 miles) south of
Madrid.


TP FERRO: Files for Creditor Protection in Spain
------------------------------------------------
John Stonestreet at Reuters report that TP Ferro, the company
that runs a high-speed rail link between Spain and France, filed
for protection from creditors after failing to reach a debt
restructuring agreement.

According to Reuters, construction firm Eiffage, which owns an
equal share of the business with Spain's ACS, on July 17 said the
link would continue to operate as the shareholders sought a quick
solution to what it called an "unsustainable and precarious . . .
business model".

The filing went through a commercial court in Girona, Spain,
Reuters discloses.

TP Ferro is a Franco-Spanish rail operator.



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


UBS AG: Moody's Confirms 'Ba3' Ratings on Euro Medium Term Notes
----------------------------------------------------------------
Moody's Investors Service has confirmed the rating on the
following credit linked notes issued by UBS AG:

Ser 174, EUR25 million FIX Credit-Linked Step-Up Euro Medium Term
Notes, Ba3 (sf), previously on December 31, 2014 Placed Under
Review for Possible Downgrade

Ser 857, EUR1.83 million, FIX Credit-Linked Zero Cpn Euro Medium
Term Notes, Ba3 (sf), previously on March 25, 2015 Placed Under
Review for Possible Downgrade

Moody's explained that the rating actions taken today are the
result of the confirmation of the senior unsecured rating of UBS
AG at A2 as well as the confirmation of the subordinated ratings
of Banco Bilbao Vizcaya Argentaria S.A. and UniCredit Bank
Austria AG at Baa3 and Ba2 respectively.

Ratings Rationale

The transactions are credit linked notes issued by UBS AG
referencing the subordinated debt of UniCredit Bank Austria AG
for series 174 and the subordinated debt of Banco Bilbao Vizcaya
Argentaria S.A, for series 857. In addition to the expected loss
calculation described below in "Loss and Cash Flow Analysis",
Moody's also applied stresses on the default probability and
severity of the referenced entities in order to take into account
the widely defined credit event definitions and deliverable
obligations.

Methodology Underlying the Rating Action:

The principal methodology used in this rating was "Moody's
Approach to Rating Repackaged Securities" published in June 2015.

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

Given the nature of the structure, noteholders are mainly exposed
to the credit risk of the issuer and the reference entity. A
downgrade or upgrade of either the issuer or the reference entity
could trigger a downgrade or upgrade on the Notes.

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

Loss and Cash Flow Analysis:

"Our quantitative analysis focuses on the risks relating to the
credit quality of the assets backing the repack and of the
counterparties. We generally determine the expected loss posed to
securities holders by adding together the severities for loss
scenarios arising from either Underlying Asset default, and if
applicable, the issuer, each weighted according to its respective
probability. We then translate the expected loss to a rating
using our idealized loss rates."



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


NEW LOOK: Fitch Affirms 'B-' Long-Term IDR; Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed UK-based New Look Retail Group Ltd's
Long-term Issuer Default Rating at 'B-' with Stable Outlook.  The
agency has also assigned New Look Secured Issuer PLC's GBP1
billion senior secured notes (both floating- and fixed-rate
notes) due 2022 and New Look Senior Issuer PLC's 8% GBP200
million senior notes due 2023 final ratings of 'B' with Recovery
Rating 'RR3' and 'CCC' with Recovery Rating 'RR6' respectively.

Following the completion of the acquisition of New Look Retail
Group Ltd by South African investment holding Brait S.E., the
proceeds from the new bond issuance were applied to refinance all
previous debt (incl. PIK instruments).  Therefore the assigned
IDR and Stable Outlook reflect New Look's ability to establish a
long-term capital structure to support expected accelerated
growth of the business under new ownership and to optimize
financing mix and costs.  The terms of the issued notes are
materially in line with Fitch's assumptions as detailed in the
agency's rating action commentary dated June 9, 2015.

KEY RATING DRIVERS FOR THE NOTES

Above-Average Recovery Expectations
The senior secured and senior instrument ratings reflect Fitch's
expectation that recoveries for creditors will be maximized in a
going-concern restructuring, rather than in liquidation, due to
the fairly asset-light nature of the business.  As such, Fitch
has applied a 25% discount to FYE15 (year ended March 2015)
EBITDA and a distressed multiple of 5.0x, which results in above-
average expected recoveries ('RR3' or 51% recovery expectation at
the lower end of the 'RR3' range) for the senior secured note
holders but negligible recoveries ('RR6' or 0%) for the senior
notes.

Accordingly the instrument rating for the senior secured notes is
notched up by one to 'B' and the senior notes notched down by two
to 'CCC' from New Look's IDR.

Weak Protection; No Dividends Expected
The senior secured notes and senior notes are structured with
incurrence-based covenants only and allow for cash dividends,
which can be increased subject to financial covenant testing.
The IDR, however, assumes no cash dividend payments over the
four-year rating horizon, in line with management's view.

Comprehensive Security Package
The senior secured notes benefit from a security package
characterized by share pledges and a guarantor group capturing
83% and 95% of the consolidated revenue and adjusted EBITDA of
the restricted group respectively, and representing 80% of the
consolidated assets of the restricted group (as per 52 weeks
ended March 28, 2015).  The security is shared with the senior
notes, albeit on a second-ranking basis, with seniority governed
by an inter-creditor agreement.  The senior secured notes rank
behind the revolving credit facility, operating facilities and
certain permitted hedging obligations.

KEY RATING DRIVERS FOR THE IDR

Aggressive Financial Profile
Post recapitalization, Fitch considers New Look's IDR to remain
constrained by its high financial leverage (funds from operations
(FFO) gross leverage remains unchanged at around 7.0x) but is
mitigated by a structural improvement in the FFO fixed charge
cover ratio (to more than 1.5x) as New Look optimizes its debt
mix.  Fitch views these debt protection ratios in line with a
'B-' rating compared with Fitch's speculative-grade European
general/non-food retailers.

Fitch recognizes top-line growth as key to future deleveraging.
The Stable Outlook reflects our expectation of limited
deleveraging prospects, driven by moderate execution risks of the
group's strategy from the recently announced change of ownership
as well as the limited track record of the business model across
the cycle.

Focus on Broadening Brand's Reach
Under its new ownership, Fitch does not expect near-term changes
to the group's underlying strategy, characterized by broadening
and diversifying the brand's appeal and reach.  In its UK home
market we expect this would be achieved by differentiated price
points, diversifying into accessories as well as accelerating its
focus on menswear, aided by further multi-channel integration.

International Expansion Focus Narrowed
Fitch considers geographic diversification as rating-positive as
it reduces reliance on the UK consumer; however, the rating
agency highlights some execution risks in establishing the brand
abroad.  New Look has increased their focus targeting investments
in four core markets: China, France Germany and Poland, following
the exit of its Russian and Ukrainian franchise.

Fitch views the near-term momentum for international growth
coming predominantly from investment in China (where the group
has now opened 30 stores since entering the market in February
2014). Operations in France would benefit from further
rebalancing following the disposal of its loss-making MIM brand
in FY15, while management are taking a cautious approach
expanding into Germany and Poland, both characterized by
mature/complex retail environments.

Online Focus
Online presence and multi-channel integration is becoming a key
differentiating and success factor in the fast-fashion business
model and a key growth driver for New Look's UK business.  Online
brand positioning and social media presence are increasingly
underpinning the brand's reputation for fashion trends and
building customer loyalty.

Fitch expects these trends to translate into steady EBITDA
margins, although it conservatively factor in a mild decline over
the four-year rating horizon, as New Look continues to invest in
its online business, in integrating its in-store and online
experience as well as improving logistics.

Satisfactory Cash Generation & Liquidity
Fitch views New Look's liquidity position as adequate, comprising
a minimum GBP50 million of readily available cash balances in
addition to GBP100 million senior secured revolving credit
facility (increased from previously GBP75 million).  In addition,
Fitch's projected positive free cash flow (FCF) margin remains
acceptable in the low- to mid-single digits of sales over the
four-year rating horizon.  However, in FY16 Fitch estimates FCF
will be negatively impacted by assumed transaction and breakage
costs associated with the refinancing.

KEY ASSUMPTIONS

Fitch's expectations are based on the agency's internally
produced, conservative rating case forecasts.  They do not
represent the forecasts of rated issuers individually or in
aggregate.  Key Fitch forecast assumptions include:

   -- Continued positive top-line momentum driven by positive
      l-f-l growth as a result of developing a broader product
      offering in the UK and supported by focused international
      expansion, albeit from a low base.

   -- Stable EBITDA margin over FY15-FY17 slightly eroding
      thereafter due to continuing investments to sustain the
      brand presence.

   -- Cautious approach to investment and capital spending with
      net capex estimated at 4.5% of sales.

   -- No dividend pay-outs, acquisitions and/or material
      disposals

   -- Sensitivity to FX volatility to rise as international
      exposure increases.

RATING SENSITIVITIES

Negative: Future developments that could lead to a negative
rating action include:

   -- FFO fixed charge cover below 1.2x (FY15: 1.5x) as a result
      of continued negative FCF generation (which Fitch defines
      after dividends) eroding the group's liquidity position

   -- FFO adjusted gross leverage (incl. senior unsecured debt)
      above 8.0x (FY15: 7.1x)

   -- EBITDA margin below 10% (FY15: 14.8%) as a result of market
      share pressure in the core UK market amid intense
      competitive pressures and unsuccessful diversification of
      the brand.

Positive: At present the high financial leverage and evolving
business model, targeting improved diversification and scale,
make an upgrade in the near term unlikely.  However, future
developments that could lead to a positive rating action include:

   -- FFO adjusted gross leverage (including senior unsecured
      debt) consistently below 6.5x
   -- FFO fixed charge cover trending towards 2.0x
   -- EBITDA margin at or above 15% driven by operational
      leverage in the core UK business, as well as profitable
      international diversification leading to FCF margin
      sustainably above 3.5% of sales;
   -- Improving business profile achieved by the successful
      integration of e-commerce within the existing business, as
      well as successful international expansion, increasing the
      group's scale, and a proven track record of successful
      strategy implementation over the medium term under
      management.


NEWCASTLE BUILDING: Fitch Affirms 'BB+' IDR; Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed the Long- and Short-term Issuer
Default Ratings (IDR) of Coventry Building Society (Coventry) at
'A'/'F1'; Leeds Building Society at 'A-'/'F1' and Newcastle
Building Society (Newcastle) at 'BB+'/'B'.  The Outlooks on all
societies' Long-term IDRs are Stable.

The rating actions follow a periodic review of these three UK
building societies.  Fitch concludes that although the UK
building society sector posted robust performance for 2014,
evidenced by high margins and strong balance sheet fundamentals
(including healthy asset quality, reinforced capital and sound
funding and liquidity), the societies' performance is likely to
peak in 2015, if not in 2014.  Increasing competitive pressure on
mortgage rates, stabilizing funding costs and higher loan
impairment charges when base rates rise are expected to bring
increasing challenges from 2016.

KEY RATING DRIVERS - IDRs, VRs AND SENIOR DEBT

COVENTRY BUILDING SOCIETY
Coventry's ratings reflect Fitch's view of the society's low risk
appetite, focusing on low risk, low loan-to-value, prime
residential mortgage loans and buy-to-let mortgage loans.  This
has resulted in healthy, strongly performing asset quality.  Its
business model is based on maintaining consistent profitability
through a low margin, low cost, low impairment charges business
model.  This low risk appetite has a high influence on the
society's IDRs and VR.

Coventry's loan book is performing strongly, with lower
impairment levels than its peers and low loan impairment charges
(LICs). Although the society has a small portfolio of legacy
commercial and specialist residential loans, which are the result
of an acquisition of a small building society, these are in wind-
down and are in our opinion not a material risk to asset quality.

Reserve coverage of impaired loans is low by sector standards but
reflects the low average LTV of its loan book, and write-offs
have been minimal.

Although the society operates in the most competitive part of the
mortgage sector, where mortgage yields are particularly tight,
profitability has remained resilient, supported by the society's
strong focus on cost efficiency and low LICs.  Profitability
improved strongly in 2014 on the back of a strong widening of its
net interest margin (NIM), driven by a market-wide reduction in
funding costs.  Nonetheless, profitability remains modest.

Revenues are undiversified as a result of Coventry's building
society business model, as well as recently introduced customer-
protecting restrictions on fee-generating advisory business.

Coventry reports strong regulatory capital ratios due to the low-
risk nature of its loan book and sound internal capital
generation.  While low risk weights assigned to its loan book do
not, in our view, underestimate the risk profile of its loans, it
has resulted in high leverage, which has recently come under
tighter scrutiny from the regulators.  Following the issue of
additional Tier 1 (AT1) notes in 2014, the society was able to
report an improved leverage ratio of 3.9% by year-end.  While
Fitch believes that this level is likely to be just within future
regulatory minima the society should be able to meet medium-term
capital requirements through earnings retention.

Unreserved non-performing loans-to-Fitch Core Capital (FCC)
declined considerably and, at end-2014 was an adequate 16%.

Coventry's 'F1' Short-term IDR, the higher of the two that map to
an 'A-' Long-term IDR, reflects the society's strong liquidity
position and its ability to use residential mortgage loans to
access Bank of England liquidity facilities should the need
arise.

LEEDS BUILDING SOCIETY

Leeds' ratings reflect the society's sound profitability and
strong capacity for internal capital generation.  The society's
strong profitability is derived from the composition of its loan
book, which includes an element of higher yielding niche
exposure, and from its high cost efficiency.  Although costs rose
in 2014 due to investment in digital services and refreshing the
brand, the society delivered record profits in light of
exceptionally favorable funding conditions and strong loan
growth.

The society has a fairly large proportion of its loan book
extended to specialist sectors, particularly mortgages extended
on shared ownership properties, which represented 12% of its loan
book at end-2014.  The society has also increased its exposure to
buy-to-let lending, which comprised 16% of the portfolio at end-
2014.

Exposure to legacy, closed books (2.4% of loans were extended in
Spain and Ireland, a further 3% consisted of loans backed by
commercial real estate) has resulted in a higher-than-average
impaired loans/gross loans ratio (2014: 2.36%; 2013: 3.22%),
although buy-to-let and shared ownership loans have performed
well in recent years.

A strong funding profile also has a high influence on Leeds'
ratings, with most funds obtained from a loyal customer base.
Although its loan-to-deposit ratio has been increasing, as a
result of a wish to diversify and extend the maturity profile of
its funding, it remained low at 112% at end-2014.  The society
maintains an active profile in the wholesale markets, with
covered bonds, residential RMBS and senior unsecured debt
outstanding.

The society pre-funded a large covered bond maturing in 2015 with
new covered bonds and also issued senior unsecured bonds in 2015.
This had the result of increasing the society's liquidity
temporarily in 2015, although liquidity is generally very strong,
with a liquidity coverage ratio comfortably above end-point
regulatory requirements.

Capital is strong with a CET 1 ratio at end-2014, calculated
under the standardized basis, of 15.6% and a leverage ratio of
5.6%.

The society's 'F1' Short-term IDR, the higher of the two that map
to an 'A-' Long-term IDR, reflects its strong liquidity position
and its ability to use residential mortgage loans to access Bank
of England liquidity facilities should the need arise.

NEWCASTLE BUILDING SOCIETY

Newcastle's ratings reflect the gradual return to profitability
of the society's member business, reducing tail risk in its
legacy loans' asset quality, and a strongly performing prime
residential loan book.  The ratings also reflect the society's
still weak internal capital generation and the resulting
vulnerability to unexpected losses.

Profitability has been weak since the financial crisis, driven by
high LICs related to the society's legacy commercial loans, and
by its large stock of low-risk but low yielding housing
association loans.  As a result, the society's member business
(including housing association and commercial loans) remains
loss-making although operating losses have narrowed due to a
pick-up in gross mortgage lending, lower LICs and lower funding
costs.  Fitch expects that the society's member business is now
well placed to return to profitability over the medium-term.

Fitch has revised its assessment of Newcastle's asset quality
upwards due to the ongoing reduction in its commercial loans,
which has accelerated over the past 12 months, and the strong
performance of its core prime residential book.  Impaired prime
residential loans (defined as three months plus in arrears and
assets in possession) fell to a low 0.5% at end-2014 (2013:
0.7%), driven by a benign operating environment and sound
underwriting standards.

While the society retains a strong appetite for higher LTV
lending, where spreads are higher, Fitch considers this risk as
well managed as evidenced by low levels of impairments.  Although
Fitch expects residential impairments to increase as base
rates begin to rise, the effect on asset quality is likely to be
mitigated by current low arrears and the likely gradual nature of
any rise.

Reserve coverage of impaired loans has increased in recent years
and is higher than generally seen at peers (end-2014: 37.5%).  As
a result, tail risk from unreserved impaired loans has fallen to
more acceptable levels, and is an important development given the
society's still weak capital generation.

Despite the improvement in asset quality and earnings, current
metrics should be viewed in the context of the society's still
low profitability, small capital base in absolute terms and lumpy
commercial real estate portfolio which makes the society
vulnerable to a weakening of asset quality.

Newcastle's Strategic Solutions savings management business is
performing well and continues to add an element of
diversification to the core member business.  Although revenues
were negatively affected in 2014 by lower demand for retail
funding due to the availability of the funding for lending
scheme, this is considered cyclical and revenues are expected to
pick up in 2015 due to a strong pipeline of new business.

Capitalization is adequate but weaker than most peers' given the
society's small absolute capital base and significant risks
inherent in its CRE portfolio.  Capital ratios have been
maintained through strong deleveraging, with a CET 1 ratio of
12.7% at end-2014 and a CRD IV end point leverage ratio of 4.5%.
Fitch expects the society's capital flexibility to improve in the
medium-term, driven by a return to profitability in the core
member business and further disposals of legacy assets.

KEY RATING DRIVERS - SUPPORT RATING AND SUPPORT RATING FLOOR


ALL SOCIETIES

The SRs and SRFs of all three building societies have been
affirmed at '5' and 'No Floor', indicating that Fitch believes
senior creditors cannot rely on receiving full extraordinary
support from the UK in the event that these societies fail.  In
Fitch's view, legislation and regulation in the UK are
sufficiently progressed to provide a framework for resolving
building societies without requiring extraordinary support from
the authorities.  While such support is still possible, Fitch
does not rely upon it in its ratings.

KEY RATING DRIVERS - SUBORDINATED DEBT AND OTHER HYBRID
SECURITIES

ALL SOCIETIES

The ratings of Coventry's and Newcastle's subordinated debt are
notched once down from their respective VRs, reflecting Fitch's
assessment of loss severity.  Fitch do not believe that these
suffer from incremental non-performance risk relative to their
VRs.

Coventry's and Leeds' permanent interest bearing securities
(PIBS) are rated four notches below these societies' respective
VRs, comprising two notches for their deep subordination and two
notches for incremental non-performance risk.

Coventry's AT1 securities are rated five notches below the
society's VR, comprising two notches for loss severity to reflect
the conversion into core capital deferred shares (CCDS) on breach
of a 7% CRD IV common equity Tier 1 (CET1) ratio, and three
notches for non-performance risk, reflecting the instruments'
fully discretionary interest payment.

RATING SENSITIVITIES- IDRs, VRs AND SENIOR DEBT

COVENTRY BUILDING SOCIETY

Coventry's ratings are primarily sensitive to an increase in its
risk appetite, which could give rise to higher LICs, or through
an increase in its cost base, either of which could challenge its
low profitability.  The society's ratings could also come under
pressure if higher regulatory capital requirements, which could
include a higher minimum leverage ratio, put pressure on its low-
risk business model.

Fitch sees limited upside for Coventry's VR and IDRs given the
society's undiversified business model, the high indebtedness of
UK households and its fairly small franchise.

LEEDS BUILDING SOCIETY

Given the lack of diversity in the building society's business
model, the fairly small size of Leeds's franchise and the risks
inherent in its loan book, an upgrade of Leeds's ratings is
unlikely in the medium-term.  The ratings could come under
pressure if profitability weakens, which could result from a
material increase in LICs on its higher yielding loan portfolio,
or a permanent reduction in cost efficiency, for example, from
higher costs of regulation or from higher funding costs.  The
ratings are also sensitive to a material deterioration in the
funding profile.  The short-term IDR is sensitive to a reduction
in the liquidity position.

NEWCASTLE BUILDING SOCIETY

The society's ratings could be upgraded should its member
business return to profitability.  However, given the society's
limited franchise and its appetite for high LTV lending, the
extent of any upgrade is likely to be moderate.  Ratings could
come under pressure if Newcastle increases its risk appetite to
achieve improved profitability or if capitalization weakens, for
example, due to a notable deterioration of asset quality.

SUPPORT RATING AND SUPPORT RATING FLOOR

ALL SOCIETIES

An upgrade to the building societies' SRs and upward revisions of
their SRF would be contingent on a positive change in the
sovereign's propensity to support its building societies.  This
is highly unlikely in Fitch's view.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

ALL SOCIETIES

As the ratings are notched off the VR, they are sensitive to the
same considerations that might affect their VRs.  In addition,
the rating of Coventry's AT1 securities is also sensitive to a
change in notching, which could be the result of changes in
capital management or financial flexibility or an unexpected
shift in regulatory buffers, for example.

The rating actions are:

Coventry Building Society:

Long-term IDR affirmed at 'A'; Outlook Stable
Short-term IDR affirmed at 'F1'
Viability Rating affirmed at 'a'
Support Rating affirmed at '5'
Support Rating Floor affirmed at 'No Floor'
Senior long- and short-term unsecured EMTN program and notes
affirmed at 'A'/'F1'
Subordinated perpetual notes: affirmed at 'BBB-'
Additional tier 1 securities: affirmed at 'BB+'

Leeds Building Society:

Long-term IDR: affirmed at 'A-'; Outlook Stable
Short-term IDR: affirmed at 'F1'
Viability Rating: affirmed at 'a-'
Support Rating affirmed at '5'
Support Rating Floor affirmed at 'No Floor'
Senior long- and short-term unsecured EMTN program and notes:
affirmed at 'A-'/ 'F1'
Subordinated perpetual notes: affirmed at 'BB+'

Newcastle Building Society:

Long-term IDR affirmed at 'BB+'; Outlook Stable
Short-term IDR affirmed at 'B'
Viability Rating affirmed at 'bb+'
Support Rating affirmed at '5'
Support Rating Floor affirmed at 'No Floor'
Senior long- and short-term unsecured EMTN program and notes
affirmed at 'BB+'/'B'
Subordinated notes: affirmed at 'BB'


V.GROUP: S&P Affirms 'B' Corp. Credit Rating, Outlook Stable
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'B' long-term corporate credit rating on U.K.-based integrated
marine service provider V.Group.  The outlook is stable.

S&P also assigned 'B' long-term corporate credit ratings to the
financing subsidiaries Vouvray Acquisition Ltd.  UK and VOUVRAY
US FINANCE LLC, which are separate legal entities created for the
sole purpose of raising debt on behalf of the parent company
Vouvray Midco Ltd. UK.

Furthermore, S&P affirmed its 'B' issue ratings on V.Group's
US$35 million revolving credit facility (RCF) and on its first-
lien term loan, which the company plans to increase by US$90
million to US$363 million.  S&P revised the recovery ratings on
both instruments to '4' from '3', reflecting its expectation of
only average recovery (30%-50%; higher half of the range) in the
event of a payment default.

S&P also affirmed its 'CCC+' issue ratings on V.Group's
US$110 million second-lien term loan, with a recovery rating of
'6' indicating S&P's expectation of negligible recovery (0%-10%)
in the event of a default.

The affirmations reflect S&P's view that V.Group's financial risk
profile will somewhat improve but stay in S&P's "highly
leveraged" category.  This is based on S&P's expectation of
higher EBITDA over 2015-2016, as well as lower interest expense
if the refinancing is completed as proposed.  S&P believes that
the stability of V.Group's diversified contract portfolio and
fee-based business model should help limit earnings volatility
and provide a cushion against cyclical pressures of the
underlying shipping industry.

S&P's assessment of V.Group's financial risk profile as "highly
leveraged" reflects the company's high adjusted debt and
aggressive financial policies under private-equity ownership.
S&P estimates that after the refinancing V.Group's Standard &
Poor's-adjusted debt will comprise about US$363 million in
financial debt, about US$280 million in shareholder loans that
accrue interest at 10% that is not paid in cash, and about US$20
million in operating lease obligations.

S&P forecasts a pro forma ratio of debt to EBITDA of about 10x
(5x-6x excluding the shareholder loan), which is consistent with
a "highly leveraged" financial risk profile, as defined by S&P's
criteria.  This is counterbalanced by the company's ability to
generate predictable free cash flow and good funds from
operations (FFO) cash interest coverage ratios.  S&P nevertheless
forecasts that the accruals on the shareholder loans will
constrain significant debt reduction in the near future.

S&P's assessment of V.Group's business risk profile as "fair"
reflects S&P's view of the company's satisfactory competitive
position.  The company benefits from its leading market positions
in the niche sector of integrated marine services, its large
diversified portfolio of vessels under fixed-price service
contracts, and in S&P's view fairly stable profitability.
Furthermore, S&P believes that V.Group's historically high
customer retention rate, strong strategic relationships with
recruitment sources, broad service range, and sustained reliable
execution will continue to shield it against the cyclicality of
the shipping industry.  However, S&P believes the annual
revolving nature of a significant portion of V.Group's contracts
exposes the company to contract renewal and volume risk.

In S&P's view, V.Group will be able to protect and gradually
expand its market share in the medium term, thanks to increasing
outsourcing of marine services and a gradually improving global
economy, which should stimulate world trade and therefore
seaborne transport volumes.  Furthermore, low capital intensity
and the fairly good earnings predictability of the underlying
business model underpin the company's good free operating cash
flows.

S&P's business risk assessment is constrained by the company's
generally narrow business scope and scale, with the focus solely
on the cyclical shipping industry.  By comparison, large global
players have broader activities in the business services industry
(such as general facility management or staffing services).

The stable outlook reflects S&P's base-case expectation that
V.Group's credit metrics will moderately improve but remain
commensurate with a "highly leveraged" financial risk profile
within S&P's 2015-2016 outlook horizon.  S&P forecasts that,
notwithstanding the lower growth in the managed fleet, the
company's EBITDA margins will remain at least stable at about 13%
over the next 12-18 months, supported by V.Group's ability to
increase its fees yearly and a good grip on cost control.

S&P could consider a negative rating action if it believed that
V.Group's liquidity might decline unexpectedly, such that the
ratio of liquidity sources to uses drops to below 1x as defined
by S&P's criteria.  S&P might also lower the ratings if it saw
signs of a weaker business risk profile, leading to FFO cash
interest coverage falling to less than 2x.  Deterioration of the
business risk profile could be the result of significantly lower-
than-expected contract renewals, loss of key clients, or
reputation-damaging incidents, leading to lower and more volatile
profitability than S&P currently anticipates.

If pressure on liquidity were to arise from other sources
currently not included in S&P's base case -- such as large cash
outflows for acquisitions or shareholder returns -- S&P might
also consider lowering the rating.

In S&P's opinion, the possibility of an upgrade is low in the
near term.  This is due to V.Group's high adjusted debt,
constrained capacity to significantly deleverage, and S&P's
assessment of the company's aggressive financial policy stemming
from its private-equity ownership.



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


* BOND PRICING: For the Week July 13, 2015 to July 17, 2015
-----------------------------------------------------------

Issuer             Coupon    Maturity Currency     Price
------             ------    -------- --------     -----
Grupo Isolux Corsa    6.63   4/15/2021     EUR      71.19
OTE PLC               3.50    7/9/2020     EUR      81.67
Hellenic Republic     5.80   7/14/2015     JPY      46.75
Hellenic Petroleum    8.00   5/10/2017     EUR      81.35
Hema Bondco I BV      6.25   6/15/2019     EUR      67.31
CHC Helicopter SA     9.25  10/15/2020     USD      68.55
Piraeus Group Fina    5.00   3/27/2017     EUR      34.42
Heta Asset Resolut    4.38   1/24/2017     EUR      61.49
Hellenic Republic     5.00   3/11/2019     EUR      54.63
Alpha Credit Group    3.38   6/17/2017     EUR      39.00
NBG Finance PLC       4.38   4/30/2019     EUR      33.29
Public Power Corp     5.50    5/1/2019     EUR      58.00
Hellenic Petroleum    4.63   5/16/2016     USD      69.67
Ukraine Government    9.25   7/24/2017     USD      52.38
Public Power Corp     4.75    5/1/2017     EUR      60.05
QGOG Constellation    6.25   11/9/2019     USD      68.75
Hema Bondco II BV     8.50  12/15/2019     EUR      30.17
Hellenic Petroleum    5.25    7/4/2019     EUR      56.26
Heta Asset Resolut    4.25  10/31/2016     EUR      61.98
Ajecorp BV            6.50   5/14/2022     USD      73.75
OAS Investments Gm    8.25  10/19/2019     USD      19.03
ERB Hellas PLC        4.25   6/26/2018     EUR      32.28
Russian Standard B   13.00   4/10/2020     USD      57.50
ING Groep NV          1.57                 EUR      71.24
CGG SA                1.75    1/1/2020     EUR      10.28
Privatbank CJSC Vi    9.38   9/23/2015     USD      67.00
Nordea Bank AB        0.70                 EUR      72.26
Heta Asset Resolut    2.75   5/31/2016     CHF      61.00
Far East Capital L    8.00    5/2/2018     USD      61.25
Alcatel-Lucent        4.25    7/1/2018     EUR       3.88
Ukraine Government    7.50   4/17/2023     USD      54.50
Banque Federative     1.40                 EUR      64.87
CHC Helicopter SA     9.38    6/1/2021     USD      44.97
Athens Urban Trans    4.85   9/19/2016     EUR      58.00
Ukraine Government    6.88   9/23/2015     USD      54.00
HSH Nordbank AG       0.83   2/14/2017     EUR      72.55
Metinvest BV         10.50  11/28/2017     USD      60.73
Metinvest BV          8.75   2/14/2018     USD      59.50
Avangardco Investm   10.00  10/29/2015     USD      50.75
Brunswick Rail Fin    6.50   11/1/2017     USD      58.00
Peugeot SA            4.45    1/1/2016     EUR      30.07
Hellenic Railways     4.68  10/29/2015     EUR      69.13
Hellenic Republic     4.50    7/3/2017     JPY      61.88
HSH Nordbank AG/Lu    2.31                 EUR      20.12
CGG SA                1.25    1/1/2019     EUR      26.10
Ukraine Government    4.95  10/13/2015     EUR      53.88
Banco Espirito San    7.13  11/28/2023     EUR       9.00
Banca delle Marche    0.94    6/1/2017     EUR      29.38
Bank of New York M    4.26  12/30/2099     EUR      25.65
ING Groep NV          1.17                 EUR      70.77
Ukraine Railways v    9.50   5/21/2018     USD      66.50
Takko Luxembourg 2    9.88   4/15/2019     EUR      44.67
Neopost SA            3.38                 EUR      55.89
Ukraine Government    7.75   9/23/2020     USD      53.25
Hema Bondco I BV      5.24   6/15/2019     EUR      65.16
CNP Assurances        1.25                 EUR      66.57
Hellenic Republic     5.20   7/17/2034     EUR      44.13
Indo Energy Financ    6.38   1/24/2023     USD      64.00
Bank of New York M    4.49  12/15/2050     EUR      63.73
Paragon Offshore P    6.75   7/15/2022     USD      34.13
Ukraine Government    7.80  11/28/2022     USD      55.38
Paragon Offshore P    7.25   8/15/2024     USD      33.90
Hellenic Republic     6.14   4/14/2028     EUR      50.25
Hellenic Republic     2.09   7/25/2057     EUR      18.00
Commercial Bank Pr    5.80    2/9/2016     USD      59.50
Hellenic Republic     3.80    8/8/2017     JPY      55.00
OSX 3 Leasing BV     13.00   3/20/2015     USD      31.00
WPE International    10.38   9/30/2020     USD       9.50
HSH Nordbank AG       7.25                 USD      25.11
EnQuest PLC           5.50   2/15/2022     GBP      75.00
Codere Finance Lux    8.25   6/15/2015     EUR      72.00
UKRLANDFARMING PLC   10.88   3/26/2018     USD      44.50
Oschadbank Via SSB    8.88   3/20/2018     USD      73.77
Mriya Agro Holding    9.45   4/19/2018     USD      16.00
DTEK Finance PLC      7.88    4/4/2018     USD      42.00
HSH Nordbank AG       0.79   2/14/2017     EUR      72.55
Ukraine Government    7.95   2/23/2021     USD      55.88
Oesterreichische V   10.00                 EUR       0.61
Banque Federative     0.83                 EUR      64.98
Afren PLC             6.63   12/9/2020     USD      45.00
Ukraine Government    6.25   6/17/2016     USD      53.38
Air France-KLM        2.03   2/15/2023     EUR      10.25
Heta Asset Resolut    0.06   5/31/2016     EUR      61.24
Piraeus Group Fina    1.85   7/20/2016     EUR       5.63
Hellenic Republic     5.80   7/14/2015     JPY      46.75
IMMOFINANZ AG         4.25    3/8/2018     EUR       4.47
Russian Standard B   11.50   1/17/2024     USD      47.88
Privatbank CJSC Vi   10.88   2/28/2018     USD      66.00
Nexity SA             0.63    1/1/2020     EUR      48.93
Tonon Luxembourg S   10.50   5/14/2024     USD      60.00
Faurecia              3.25    1/1/2018     EUR      38.28
Eurobank Ergasias     1.59    6/8/2017     EUR       6.89
Aegon NV              1.51                 NLG      57.26
Ukreximbank Via Cr    5.79    2/9/2016     USD      49.00
Ukraine Government    6.58  11/21/2016     USD      53.38
Ukraine Government    6.75  11/14/2017     USD      52.50
Hellenic Republic     5.25    2/1/2016     JPY      46.00
Credit Agricole SA    0.71                 EUR      67.11
Yuksel Insaat AS      9.50  11/10/2015     USD      69.50
Alcatel-Lucent        0.13   1/30/2020     EUR       4.42
DTEK Finance PLC     10.38   3/28/2018     USD      49.78
OGX Austria GmbH      8.50    6/1/2018     USD       0.00
City of Kiev Ukrai    8.00   11/6/2015     USD      51.00
Norwegian Energy C    6.50    3/6/2018     NOK      80.50
Oesterreichische V    0.84  11/28/2016     EUR      72.25
Financing of Infra    9.00   12/7/2017     USD      51.50
Rothschilds Contin    0.96                 EUR      61.79
City of Kyiv Via K    9.38   7/11/2016     USD      48.50
Banca delle Marche    1.14   6/15/2016     EUR      29.85
Virgolino de Olive   10.50   1/28/2018     USD       2.00
Far East Capital L    8.75    5/2/2020     USD      64.00
Hellenic Republic     5.00   8/22/2016     JPY      55.88
HSBC Bank PLC         0.75                 USD      63.04
Noreco Norway AS      6.50    3/6/2018     NOK      75.13
Etablissements Mau    2.75    7/1/2021     EUR       9.77
SOITEC                6.75   9/18/2018     EUR       1.57
Assystem              4.50                 EUR      27.92
Espirito Santo Fin    6.88  10/21/2019     EUR       0.03
Santander Finance     0.62                 EUR      67.96
Hellenic Railways     4.03   3/17/2017     EUR      69.13
Pescanova SA          5.13   4/20/2017     EUR       3.19
Lambay Capital Sec    6.25                 GBP       1.15
ESFIL-Espirito San    5.25   6/12/2015     EUR       0.95
Novo Banco SA         3.50    1/2/2043     EUR      75.16
Econocom Group SA/    1.50   1/15/2019     EUR      11.29
Afren PLC            11.50    2/1/2016     USD      44.39
First Ukrainian In   11.00  12/31/2018     USD      53.59
Etablissements Mau    1.63    7/1/2019     EUR      14.67
Hellenic Railways     4.50   12/6/2016     JPY      67.88
Orpea                 1.75    1/1/2020     EUR      68.71
NIBC Bank NV          0.67                 EUR      61.50
Singulus Technolog    7.75   3/23/2017     EUR      41.00
BPCE SA               1.07                 EUR      66.13
Afren PLC            10.25    4/8/2019     USD      44.50
Talvivaara Mining     4.00  12/16/2015     EUR       1.00
Caixa Terrassa Soc    1.43                 EUR      64.25
OGX Austria GmbH      8.38    4/1/2022     USD       0.00
Oesterreichische V    9.00   7/26/2018     EUR      57.25
Jyske Bank A/S        1.38                 EUR      64.37
Ekotechnika GmbH      9.75   5/10/2018     EUR       9.25
Cooperatieve Centr    0.50  11/26/2021     ZAR      55.27
Hellenic Republic     4.50   11/8/2016     JPY      55.38
HSBC Bank PLC         0.75                 USD      62.87
Phosphorus Holdco    10.00    4/1/2019     GBP       2.00
Virgolino de Olive   10.88   1/13/2020     USD      19.25
Hellenic Railways     5.01  12/27/2017     EUR      69.13
Banco Espirito San    2.64                 EUR      10.88
Capital Raising Gm    7.50                 EUR      11.11
Le Noble Age          4.88    1/3/2016     EUR      20.37
Caisse Federale du    1.17                 EUR      63.28
Pohjola Bank Oyj      0.64                 EUR      67.39
Hellenic Republic     5.25    2/1/2016     JPY      46.00
Ageasfinlux SA        1.34                 EUR      65.35
Depfa Funding II L    6.50                 EUR      57.00
Danske Bank Oyj       0.73                 EUR      65.25
Santander Internat    2.00                 USD      47.63
Mriya Agro Holding   10.95   3/30/2016     USD      13.50
Jasper Explorer PL   13.50   5/27/2016     USD       5.00
HSBC Bank PLC         0.60                 USD      63.03
Candyking Holding     5.00   1/29/2018     SEK      71.00
Renaissance Credit   13.50   5/22/2019     USD      74.13
Norshore Atlantic    12.00  12/21/2018     USD      55.36
Heta Asset Resolut    0.09   5/31/2016     EUR      60.98
Aralco Finance SA    10.13    5/7/2020     USD       6.50
Praktiker AG          5.88   2/10/2016     EUR       0.09
Koninklijke Luchtv    0.75                 CHF      35.05
APP International    11.75   10/1/2005     USD       5.24
BNP Paribas SA        0.48                 USD      62.59
Paragon Offshore P    7.25   8/15/2024     USD      33.50
Credit Mutuel Arke    1.33                 EUR      63.13
Scandinavian Airli    2.38                 CHF      30.63
Ideal Standard Int   11.75    5/1/2018     EUR      38.50
Depfa Funding III     1.35                 EUR      57.00
Norske Skogindustr    7.13  10/15/2033     USD      48.21
IKB Deutsche Indus    4.70   3/31/2017     EUR      22.01
NIBC Bank NV          2.13                 USD      68.46
ATF Capital BV       10.00                 USD      67.25
Finance and Credit    9.25   1/25/2019     USD       9.75
Bank Nadra via NDR    8.25   7/31/2018     USD       5.01
Pierre & Vacances     3.50   10/1/2019     EUR      38.35
Norske Skog Holdin    8.00   2/24/2023     USD      60.50
Piraeus Bank SA       0.93    2/9/2017     EUR      38.38
BOA Offshore AS       8.11  12/18/2018     NOK      65.00
Virgolino de Olive   11.75    2/9/2022     USD       2.00
IKB Deutsche Indus    5.63   3/31/2017     EUR      18.00
Dexia Credit Local    4.30                 EUR       8.63
Atlantic Offshore     8.88   5/16/2018     NOK      72.52
Financing of Infra    7.40   4/20/2018     USD      50.63
Popular Capital SA    1.34                 EUR      54.00
NTRP Via Interpipe   10.25    8/2/2017     USD      25.00
MS Deutschland Bet    6.88  12/18/2017     EUR      14.25
Hellenic Railways     0.25   5/24/2016     EUR      69.13
Petrol AD             8.38   1/26/2017     EUR       6.25
Societe Air France    2.75    4/1/2020     EUR      20.78
Portigon AG           7.46  12/31/2019     EUR      15.70
Corporate Commerci    8.25    8/8/2014     USD       2.44
Belfius Bank SA/NV    1.93                 FRF      69.13
Alpha Credit Group    1.70    2/1/2017     EUR       4.52
Pescanova SA          8.75   2/17/2019     EUR       3.33
Espirito Santo Fin    3.13   12/2/2018     EUR       1.00
BDT Media Automati    8.13   10/9/2017     EUR      63.00
Global PVQ SE         6.75  10/21/2015     EUR       0.94
Hellas Telecommuni    8.50  10/15/2013     EUR       0.00
Afren PLC             6.63   12/9/2020     USD      45.50
Ukraine Government    5.00  12/20/2015     USD      53.38
Hellenic Republic     5.00   8/22/2016     JPY      54.88
Heta Asset Resolut    0.76   1/24/2017     EUR      12.75
BLT Finance BV        7.50   5/15/2014     USD       5.00
Island Drilling Co    9.50    4/3/2018     USD      59.13
Astana Finance BV     7.88    6/8/2010     EUR      16.63
TAG Immobilien AG     6.50  12/10/2015     EUR      11.13
Phones4u Finance P    9.50    4/1/2018     GBP      35.88
Hellenic Republic     2.27    2/7/2022     EUR      35.85
Hellenic Bank PCL    10.00                 EUR      48.63
Alpine Holding Gmb    6.00   5/22/2017     EUR       0.00
Grupo Isolux Corsa    6.63   4/15/2021     EUR      70.50
Norske Skog Holdin    8.00   2/24/2021     EUR      67.07
Financing of Infra    8.38   11/3/2017     USD      51.13
Rothschilds Contin    0.69                 USD      53.00
Hybrid Raising Gmb    6.63                 EUR      11.00
Telecare Service H    7.03   5/23/2018     SEK      70.25
Minicentrales Dos     6.45   4/14/2028     EUR      72.88
Lloyds Bank PLC       0.69                 USD      63.32
Barclays Bank PLC     1.56                 GBP      72.92
Vseukrainsky Aktsi    9.00   6/14/2019     USD       1.89
Sydbank A/S           1.14                 EUR      64.75
Air Berlin Finance    1.50   4/11/2027     EUR      50.00
International Indu    9.00    7/6/2011     EUR       0.48
SNS Bank NV          11.25                 EUR       1.26
Laurel GmbH           7.13  11/16/2017     EUR      30.63
Takko Luxembourg 2    7.01   4/15/2019     EUR      44.50
Nexans SA             4.00    1/1/2016     EUR      55.00
Barclays Bank PLC     0.63                 USD      64.00
Windreich GmbH        6.50   7/15/2016     EUR      10.88
Hema Bondco I BV      6.25   6/15/2019     EUR      67.59
Alpha Credit Group    6.00   5/20/2017     EUR      39.50
Den Norske Creditb    0.56                 USD      63.00
Codere Finance Lux    9.25   2/15/2019     USD      72.00
Societe Alsacienne    1.63    1/1/2022     EUR      59.44
Sazka AS              9.00   7/12/2021     EUR       4.60
Barclays Bank PLC     4.40  11/29/2030     USD      76.93
Brunswick Rail Fin    6.50   11/1/2017     USD      55.75
Barclays Bank PLC     0.38  12/28/2040     EUR      65.38
GNB - Cia de Segur    3.49                 EUR      70.90
Novo Banco SA         3.50   2/19/2043     EUR      74.99
Barclays Bank PLC     0.69                 USD      63.00
Standard Chartered    0.69                 GBP      60.93
National Westminst    0.56                 USD      64.00
Lehman Brothers Tr    6.00   11/2/2035     EUR      16.25
Cirio Holding Luxe    6.25   2/16/2004     EUR       1.82
Tonon Luxembourg S   10.50   5/14/2024     USD      59.25
Hema Bondco II BV     8.50  12/15/2019     EUR      31.17
Kaupthing Bank Hf     9.00                 USD       0.13
Orco Property Grou    7.00   11/7/2019     EUR      75.75
Banco Espanol de C    0.61                 EUR      67.96
PNE Wind AG           3.75  10/10/2019     EUR       2.81
Lehman Brothers UK    5.13                 EUR       0.05
Heta Asset Resolut    1.91   9/29/2016     JPY      60.00
Ukraine Government    7.80  11/28/2022     USD      55.60
Heta Asset Resolut    4.35   11/3/2016     EUR      13.00
Codere Finance Lux    8.25   6/15/2015     EUR      71.63
Hypo Tirol Bank AG    0.50   7/23/2026     EUR      53.00
Banco Espirito San    0.16                 EUR      14.63
Nationwide Buildin    1.07                 GBP      70.00
Ajecorp BV            6.50   5/14/2022     USD      71.85
RENE LEZARD Mode G    7.25  11/25/2017     EUR      26.00
Heta Asset Resolut    4.25   5/31/2016     EUR      62.13
Kezizalog Zrt         7.75   10/1/2018     EUR       5.55
Jyske Bank A/S        0.74                 EUR      66.25
Afren PLC            10.25    4/8/2019     USD      43.88
Travel24.com AG       7.50   9/17/2017     EUR      54.00
Saphir Finance PLC    6.85                 GBP       3.08
SNS Bank NV           6.25  10/26/2020     EUR       2.46
Oesterreichische V    0.74   6/18/2018     EUR      65.63
JZ Capital Partner    6.00   7/30/2021     GBP      10.90
Barclays Bank PLC     0.63                 USD      64.00
Commerzbank Holdin    0.81                 USD      63.62
GNB - Cia de Segur    2.19  12/19/2022     EUR      74.95
Cirio Finanziaria     8.00  12/21/2005     EUR       1.55
LBI HF                6.25                 EUR       0.00
PA Resources AB      12.25    4/5/2016     NOK       4.99
Agroton Public Ltd    6.00   7/14/2019     USD      28.75
Metinvest BV         10.50  11/28/2017     USD      63.00
National Westminst    0.69                 USD      64.00
Dexia SA              4.89                 EUR      15.25
Metinvest BV          8.75   2/14/2018     USD      55.69
SeaBird Exploratio    6.00    3/3/2018     USD       N/A
Deutsche Bank AG/L    2.23   3/15/2033     USD      66.70
Cirio Del Monte NV    7.75   3/14/2005     EUR       2.81
IT Holding Finance    9.88  11/15/2012     EUR       0.22
Region of Abruzzo     0.44   11/7/2036     EUR      66.45
getgoods.de AG        7.75   10/2/2017     EUR       5.38
Espirito Santo Fin    9.75  12/19/2025     EUR       1.61
Sairgroup Finance     4.38    6/8/2006     EUR      16.50
Minicentrales Dos     4.81  11/29/2034     EUR      72.88
Mox Telecom AG        7.25   11/2/2017     EUR       2.76
Gunther Zamek Prod    7.75   5/15/2017     EUR       0.33
Pescanova SA          6.75    3/5/2015     EUR       3.49
PA Resources AB      13.50    3/3/2016     SEK       5.00
Metinvest BV         10.25   5/20/2049     USD      75.75
Talvivaara Mining     9.75    4/4/2017     EUR       0.09
Public Power Corp     5.50    5/1/2019     EUR      55.83
Lehman Brothers UK    5.75                 EUR       0.00
Strenesse AG          9.00   3/15/2017     EUR      49.00
Lehman Brothers Tr    6.00   2/15/2035     EUR      19.13
Windreich GmbH        6.50    3/1/2015     EUR      10.88
Royal Bank of Scot    0.69                 USD      63.88
Breeze Finance SA     6.71   4/19/2027     EUR      44.00
Etablissements Mau    7.13   7/31/2015     EUR      13.42
Piraeus Bank SA       0.94  12/27/2016     EUR      41.42
Ukraine Railways v    9.50   5/21/2018     USD      67.00
Societe Generale S    0.50                 USD      62.50
Lloyds Bank PLC       0.50                 USD      63.42
Ukraine Government    9.25   7/24/2017     USD      52.57
Dexia Kommunalbank    4.88  12/31/2016     EUR      20.50
AgroGeneration        8.00    4/1/2019     EUR      67.50
OAS Investments Gm    8.25  10/19/2019     USD      18.88
Sidetur Finance BV   10.00   4/20/2016     USD      13.75
EDOB Abwicklungs A    7.50    4/1/2012     EUR       0.00
Societe Generale S    1.92                 EUR      68.00
Heta Asset Resolut    5.92   2/22/2022     EUR       9.25
Standard Chartered    0.50                 USD      60.44
Virgolino de Olive   10.88   1/13/2020     USD      17.88
Alpine Holding Gmb    5.25    7/1/2015     EUR       0.00
Norske Skogindustr    7.13  10/15/2033     USD      45.00
Dannemora Mineral    11.75   3/22/2016     USD       0.67
Nordea Bank Norge     0.56                 USD      63.79
Karlie Group GmbH     6.75   6/25/2018     EUR      63.00
KPNQwest NV          10.00   3/15/2012     EUR       0.50
Mechel                8.40   5/27/2021     RUB      62.14
Kaupthing Bank Hf     6.50    2/3/2045     EUR       0.00
International Indu   11.00   2/19/2013     USD       0.40
KA Finanz AG          5.43   2/13/2024     EUR      53.50
Assystem              4.00    1/1/2017     EUR      22.24
Paragon Offshore P    6.75   7/15/2022     USD      42.50
Hellenic Railways     4.50   12/6/2016     JPY      69.13
Astana Finance BV     9.00  11/16/2011     USD      16.63
Bank Nederlandse G    0.50   7/12/2022     ZAR      52.79
Glitnir HF            6.69   6/15/2016     USD       0.02
KPNQwest NV           8.88    2/1/2008     EUR       0.50
Cirio Finance Luxe    7.50   11/3/2002     EUR       8.00
Region of Puglia I    0.53    2/6/2023     EUR      74.70
Petromena ASA         9.75   5/24/2016     NOK       1.08
Codere Finance Lux    9.25   2/15/2019     USD      71.99
Lehman Brothers Tr    7.00   5/17/2035     EUR      19.13
Kaupthing Bank Hf     7.13   5/19/2016     USD       0.00
Espirito Santo Fin    5.13   5/30/2016     EUR       1.30
BNP Paribas SA        1.62   4/30/2033     USD      69.50
Svensk Exportkredi    0.50   2/22/2022     ZAR      53.56
Ukraine Government    7.50   4/17/2023     USD      55.17
National Westminst    0.63                 USD      64.00
Lloyds Bank PLC       0.48                 USD      63.58
Afren PLC            11.50    2/1/2016     USD      44.50
More & More AG        8.13   6/11/2018     EUR      42.75
Raiffeisen Bank In    4.50   9/28/2035     EUR      65.00
Kaupthing Bank Hf     7.63   2/28/2015     USD      14.25
Public Power Corp     4.75    5/1/2017     EUR      60.14
Rena GmbH             8.25   7/11/2018     EUR       8.63
Ukraine Government    7.75   9/23/2020     USD      53.67
Oesterreichische V    9.00   7/26/2020     EUR      52.25
Novo Banco SA         3.50   3/18/2043     EUR      74.94
Barclays Bank PLC     1.18   3/21/2033     USD      65.00
Northland Resource    4.00  10/15/2020     USD       0.14
SiC Processing Gmb    7.13    3/1/2016     EUR       3.28
Heta Asset Resolut    4.63    3/4/2018     EUR      61.00
Popular Capital SA    7.00  11/25/2015     EUR      27.15
Solarworld AG         6.13   1/21/2017     EUR      30.75
Heta Asset Resolut    7.50   5/27/2024     ATS       8.88
EXER D GmbH           5.70    2/1/2016     EUR      45.00
Banco Pinto & Sott    0.95                 EUR      31.00
friedola Gebr Holz    7.25   4/11/2017     EUR      39.38
Lehman Brothers Tr    7.25   10/5/2035     EUR      19.13
Aralco Finance SA    10.13    5/7/2020     USD       4.50
Kaupthing Bank Hf     6.75                 EUR       0.00
Alliance Oil Co OJ    8.85    6/4/2021     RUB      56.21
Heta Asset Resolut    0.95   5/31/2016     EUR      59.63
KA Finanz AG          4.90   6/23/2031     EUR      64.75
Banco Espirito San    2.82                 EUR      15.67
Far East Capital L    8.00    5/2/2018     USD      64.00
Standard Chartered    0.69                 USD      61.08
Teak Holz Internat    5.00   8/31/2015     EUR      30.00
IM Skaugen SE         9.75   6/30/2016     NOK      48.98
Heta Asset Resolut    0.54  11/29/2032     EUR       9.25
Cyprus Popular Ban    1.74   5/26/2016     EUR       2.82
Virgolino de Olive   11.75    2/9/2022     USD       1.62
KPNQwest NV           7.13    6/1/2009     EUR       0.50
Heta Asset Resolut    0.45  12/18/2030     EUR       9.75
Svyaznoy Bank ZAO    12.00    8/6/2015     RUB      60.17
Dexia Kommunalbank    5.63  12/31/2017     EUR      12.00
Ukraine Government    6.88   9/23/2015     USD      54.43
OGX Austria GmbH      8.50    6/1/2018     USD       0.00
NOS SGPS SA           2.56   11/9/2019     EUR      36.88
LBI HF                6.10   8/25/2011     USD      11.50
Ukraine Government    6.25   6/17/2016     USD      53.60
Northland Resource   15.00   7/15/2019     USD       1.05
Solar Millennium A    6.50   7/15/2015     EUR      15.20
LBI HF                4.65                 EUR       0.00
DNB Bank ASA          0.56                 USD      63.08
Standard Chartered    0.59                 USD      61.13
Alpha Credit Group    1.64    3/8/2017     EUR       4.52
Credit Agricole SA    5.04                 NZD      71.00
UKRLANDFARMING PLC   10.88   3/26/2018     USD      49.02
City of Kyiv Via K    9.38   7/11/2016     USD      48.50
Kaupthing Bank Hf     5.75   10/4/2011     USD      14.25
Deutsche Bank AG      2.50   6/28/2033     USD      71.58
Svensk Exportkredi    7.00   9/26/2022     RUB      78.65
Bank of Scotland P    0.63                 USD      63.32
Golden Gate AG        6.50  10/11/2014     EUR      39.50
Depfa Funding IV L    5.03                 EUR      56.75
Teksid Aluminum Lu   11.38   7/15/2011     EUR       0.12
Den Norske Creditb    0.53                 USD      63.06
OGX Austria GmbH      8.38    4/1/2022     USD       0.02
Frey                  6.00  11/15/2022     EUR      20.01
ADLER Real Estate     6.00   6/30/2017     EUR      12.75
Abanka Vipa DD Via    1.90                 EUR       0.16
Barclays Bank PLC     1.68   4/19/2033     USD      70.70
Virgolino de Olive   10.50   1/28/2018     USD       1.83
Region of Piemont     0.21  11/27/2036     EUR      62.58
Standard Chartered    0.59                 USD      60.88
Alpine Holding Gmb    5.25   6/10/2016     EUR       0.00
BLT Finance BV       12.00   2/10/2015     USD      10.50
State of Carinthia    0.69   7/20/2017     CHF       0.20
SAG Solarstrom AG     6.25  12/14/2015     EUR      45.00
La Veggia Finance     7.13  11/14/2004     EUR       0.00
Glitnir HF            6.00    3/5/2012     GBP      14.00
Heta Asset Resolut    5.73  12/10/2021     EUR       8.00
Norske Skog Holdin    8.00   2/24/2021     EUR      67.38
Acron JSC            13.60   5/18/2021     RUB     102.00
IM Skaugen SE        10.26   4/11/2017     NOK      46.50
UniCredit Bank Aus    0.51   8/20/2033     EUR      61.50
Penell GmbH Elektr    7.75   6/10/2019     EUR      16.00
Norske Skog Holdin    8.00   2/24/2023     USD      60.50
Bulgaria Steel Fin   12.00    5/4/2013     EUR       1.00
Kaupthing Bank Hf     5.75   10/4/2011     USD      14.25
Del Monte Finance     6.63   5/24/2006     EUR       8.10
A-TEC Industries A    8.75  10/27/2014     EUR       2.00
Equity Release Fun    1.97   4/26/2038     GBP      72.50
ADLER Real Estate     6.00  12/27/2018     EUR      12.75
Indo Energy Financ    6.38   1/24/2023     USD      66.05
Societe Centrale d    9.00    7/1/2016     EUR       7.15
Rena GmbH             7.00  12/15/2015     EUR       8.63
Heta Asset Resolut    0.31   9/26/2043     EUR      61.38
Banco Pastor SA       2.39                 EUR      46.00
Financing of Infra    8.38   11/3/2017     USD      51.20
Global PVQ Netherl    1.38   4/30/2012     EUR      27.50
TradeDoubler AB       6.75  12/20/2018     SEK      72.63
Lloyds Bank PLC       1.45   4/26/2033     USD      67.50
Alpha Credit Group    2.00   4/27/2024     EUR      39.50
Global PVQ Netherl    5.75   5/26/2014     EUR      27.50
Accentro Real Esta    6.25   3/27/2019     EUR       2.51
VEB-Leasing OAO      13.09   6/23/2020     RUB     100.83
Heta Asset Resolut    1.59   6/30/2019     CHF      61.88
Kaupthing Bank Hf     3.00   2/12/2010     CHF      14.25
OL Groupe SA          7.00  12/28/2015     EUR       7.12
Credit Suisse AG/G    0.56                 USD       N/A
Mifa Mitteldeutsch    7.50   8/12/2018     EUR       3.17
CRC Breeze Finance    6.11    5/8/2016     EUR      54.38
Governo Portugues     2.75                 EUR      60.00
Deutsche Bank AG/L   11.50   8/31/2015     USD      26.25
Lloyds Bank PLC       2.42   2/22/2033     USD      67.68
Ukraine Government    7.95   2/23/2021     USD      55.84
Kaupthing Bank Hf     6.25                 EUR       0.00
Global PVQ Netherl    1.38   4/30/2012     EUR      24.00
Lehman Brothers Tr    5.00   3/18/2015     EUR      19.13
Lehman Brothers Tr    2.88   3/14/2013     CHF      16.25
Moscow United Elec   13.20   4/23/2025     RUB      61.01
UniCredit Bank Aus    0.47  12/27/2031     EUR      63.38
Club Mediterranee     6.11   11/1/2015     EUR      20.58
DEMIRE Real Estate    6.00  12/30/2018     EUR       4.55
Ukraine Government    5.00  12/20/2015     USD      53.38
Governo Portugues     3.00                 EUR      73.00
Takko Luxembourg 2    9.88   4/15/2019     EUR      45.00
Region of Molise I    0.45  12/15/2033     EUR      67.20
Privatbank CJSC Vi   10.88   2/28/2018     USD      66.50
LBI HF                7.43                 USD       0.00
GFI Informatique S    5.25    1/1/2017     EUR       6.11
LBI HF                3.00   12/7/2010     CHF       2.77
IVG Immobilien AG     5.80                 EUR       0.00
Svensk Exportkredi    0.50   4/24/2029     AUD      53.16
Lehman Brothers Tr    8.25   3/16/2035     EUR      19.13
Kaupthing Bank Hf     9.75   9/10/2015     USD      14.25
Ukraine Government    4.95  10/13/2015     EUR      54.41
Lehman Brothers Tr    5.00   2/16/2015     EUR      19.13
UniCredit Bank Aus    0.49  12/31/2031     EUR      70.13
Solarworld AG         6.38   7/13/2016     EUR      30.75
Cooperatieve Centr    0.50   7/30/2043     MXN      16.89
Seabird Exploratio    6.00  12/18/2015     USD      27.00
Barclays Bank PLC     1.95   5/31/2033     USD      67.25
Breeze Finance SA    11.75   4/19/2027     EUR       3.00
Investkredit Bank     3.55   4/12/2022     EUR      74.70
Heta Asset Resolut    4.88   9/18/2017     EUR       8.75
Italy Government I    0.72   7/31/2045     EUR      73.56
Freshwater Finance    6.06  10/17/2036     GBP      70.88
Financing of Infra    7.40   4/20/2018     USD      51.10
Piraeus Group Fina    2.25  10/27/2034     EUR       5.63
Kommunalbanken AS     0.50   5/27/2022     ZAR      53.59
Region of Abruzzo     0.28   11/7/2031     EUR      71.14
Federal Grid Co Un   13.90   7/21/2027     RUB     102.00
Kaupthing Bank Hf     6.13   10/4/2016     USD      14.25
Russian Standard B   13.00   4/10/2020     USD      59.00
Svensk Exportkredi    0.50   1/31/2022     ZAR      53.50
SMP Bank OAO         12.00   5/23/2017     RUB      60.12
Glitnir HF            3.00   6/30/2010     EUR      14.00
Heta Asset Resolut    5.27    4/7/2028     EUR       8.75
Rusfinans Bank OOO   12.00   6/30/2020     RUB      60.11
Finmek Internation    7.00   12/3/2004     EUR       0.13
CBo Territoria        6.00    1/1/2020     EUR       3.91
Barclays Bank PLC     1.44   3/28/2033     USD      70.45
Rosselkhozbank OJS   18.50   1/29/2020     RUB      64.00
Oesterreichische V    0.99   5/20/2025     EUR      18.50
Barclays Bank PLC     3.12   6/17/2033     USD      67.00
Heta Asset Resolut    0.32   8/12/2017     EUR      59.75
Solen AG              7.50    4/8/2016     EUR       1.32
Alpha Credit Group    1.50  12/18/2028     EUR      39.50
Banco Comercial Po    5.00                 EUR      62.81
Northland Resource    4.00  10/15/2020     NOK       0.14
Absolut Bank OAO     10.25   7/27/2016     RUB      60.06
Danske Bank Oyj       1.59                 EUR      72.63
Banco Espirito San   10.00   12/6/2021     EUR       9.00
Ukraine Government    6.75  11/14/2017     USD      53.55
Deutsche Morgan Gr    0.69                 USD      60.17
Kaupthing Bank Hf     5.25   7/18/2017     BGN      14.25
Oesterreichische V    5.27    2/8/2027     EUR      62.75
Lehman Brothers Tr    5.00   9/22/2014     EUR      19.13
Heta Asset Resolut    3.42   11/7/2016     EUR      61.25
Bank MIA OAO         13.75    6/6/2017     RUB      61.01
Kaupthing Bank Hf     6.13   10/4/2016     USD      14.25
Barclays Bank PLC     2.79    4/9/2028     USD      71.82
DTEK Finance PLC      7.88    4/4/2018     USD      46.00
Ukraine Government    6.58  11/21/2016     USD      53.85
TGC-2 OJSC           12.00  10/10/2018     RUB      74.10
Petromena ASA        10.85  11/19/2014     USD       1.08
Centrosolar Group     7.00   2/15/2016     EUR       2.22
Kaupthing Bank Hf     5.90                 EUR       0.13
Otkritie Holding     14.00    5/3/2018     RUB     100.30
KPNQwest NV           8.13    6/1/2009     USD       0.50
Lehman Brothers Tr    5.00   2/27/2014     EUR      19.13
Glitnir HF            1.63   3/11/2009     CHF      14.00
Oesterreichische V    6.00   3/30/2017     EUR       1.00
Lloyds Bank PLC       1.75   1/31/2033     USD      68.50
Magnit PJSC          12.10   5/11/2018     RUB      61.01
MirLand Developmen    5.50   9/30/2019     ILS      40.42
Codere Finance Lux    8.25   6/15/2015     EUR      72.00
Hamburgische Lande    0.38   1/22/2041     EUR      60.65
UniCredit Bank Aus    0.35   1/25/2031     EUR      68.38
Alpha Credit Group    0.49   2/21/2021     EUR      39.50
MirLand Developmen    3.09  12/31/2015     ILS      40.00
Bank Nederlandse G    0.50    8/9/2022     MXN      66.62
Cooperatieve Centr    0.50  10/29/2027     MXN      47.67
Raiffeisen-Holding    5.08                 EUR      74.63
Cooperatieve Centr    0.50   1/31/2033     MXN      29.94
Investkredit Bank     7.00   7/24/2022     EUR      63.69
Espirito Santo Fin    5.05  11/15/2025     EUR       2.26
BLT Finance BV        7.50   5/15/2014     USD       5.00
Atari SA              7.50   2/17/2020     EUR       0.25
Kommunekredit         0.50  12/14/2020     ZAR      64.68
Raiffeisenlandesba    5.00    7/1/2026     EUR      68.88
Credit Agricole Co    0.50   2/28/2018     RUB      73.56
Cooperatieve Centr    0.50  10/30/2043     MXN      15.25
Cooperatieve Centr    0.50  11/30/2027     MXN      47.24
SNS Bank NV           2.75                 EUR       1.26
Artea                 6.00    8/4/2019     EUR      13.95
Glitnir HF            6.33   7/28/2011     USD      14.00
Mechel                8.40    6/1/2021     RUB      61.25
Kaupthing Bank Hf     7.50    2/1/2045     USD       0.00
Far East Capital L    8.75    5/2/2020     USD      60.45
Sairgroup Finance     6.63   10/6/2010     EUR      17.88
Mechel                8.40   5/27/2021     RUB      63.00
DEIKON GmbH           1.00    7/1/2015     EUR      28.50
SNS Bank NV           6.63   5/14/2018     EUR       2.46
Kommunekredit         0.50  10/22/2019     BRL      63.02
LBI HF                2.25   2/14/2011     CHF       2.77
Europlan ZAO         12.50  10/31/2017     RUB      99.05
Russian Highways     12.40   4/22/2042     RUB      12.68
Solon SE              1.38   12/6/2012     EUR       0.33
LBI HF                3.20   5/10/2010     SKK       2.77
Municipality Finan    0.50   3/28/2018     BRL      72.86
Heta Asset Resolut    4.07   3/21/2017     EUR      61.38
Glitnir HF            3.25   8/15/2016     EUR      14.00
BKN biostrom AG       7.50    6/5/2016     EUR       1.52
Heta Asset Resolut    0.30   3/12/2043     EUR      59.50
Oesterreichische V    9.00   7/26/2019     EUR      52.38
Allied Irish Banks    5.25   3/10/2035     GBP      26.50
Svensk Exportkredi    0.50   8/28/2018     BRL      69.52
Center-Invest Comm   11.50   3/23/2016     RUB      60.04
AK BARS Bank OJSC    16.00   8/18/2016     RUB      62.00
DeltaCredit Bank      8.40  10/21/2023     RUB      58.01
Lehman Brothers Tr    7.00  11/26/2013     EUR      19.13
City of Kiev Ukrai    8.00   11/6/2015     USD      51.00
Kommunalbanken AS     0.50    3/2/2018     BRL      74.10
Hellenic Republic     3.38   7/17/2017     EUR      62.16
Credit Europe Bank   15.75   4/19/2016     RUB      61.01
Rosneft OAO           7.95  12/11/2023     RUB      90.00
Espirito Santo Fin    5.05  11/15/2025     EUR       1.30
Czerwona Torebka S    6.66   4/15/2016     PLN      69.20
Solarwatt GmbH        7.00   11/1/2015     EUR      14.50
Ideal Standard Int   11.75    5/1/2018     EUR      38.50
Heta Asset Resolut    6.94   6/10/2017     EUR      59.63
Hellenic Bank PCL    11.00                 EUR      48.63
Financing of Infra    9.00   12/7/2017     USD      51.41
Rossetti JSC         11.90    6/9/2025     RUB      60.01
Lehman Brothers Tr    6.65   8/24/2011     AUD      19.13
Alpha Credit Group    2.00    2/1/2017     EUR      39.50
Allied Irish Banks    0.75  10/24/2035     EUR      23.13
Mriya Agro Holding    9.45   4/19/2018     USD      16.00
Lehman Brothers Tr   11.00  12/20/2017     AUD       4.83
UniCredit Bank AO     6.75    9/1/2015     RUB      95.06
Kalvebod PLC          2.00    5/1/2016     DKK      60.00
Lehman Brothers Tr    5.10    5/8/2017     HKD      19.13
Accentro Real Esta    7.75   6/25/2017     EUR       3.05
Santander Finance     2.00                 EUR      32.50
NOVIKOMBANK ZAO      15.75    4/8/2016     RUB      80.01
UniCredit Bank AO     8.60   2/11/2016     RUB      60.05
Banco Espirito San    1.54   5/27/2018     EUR       9.00
Lehman Brothers Tr    4.00  10/24/2012     EUR       4.83
Lehman Brothers Tr    3.03   1/31/2015     EUR       4.83
Lehman Brothers Tr    5.25   5/26/2026     EUR       4.83
Lehman Brothers Tr    4.50    5/2/2017     EUR       4.83
Rostelecom OJSC       8.55   11/2/2017     RUB      60.01
HSBC Bank PLC         0.50   2/24/2027     NZD      58.72
AK BARS Bank OJSC    15.00   3/16/2016     RUB     100.00
MT-Energie GmbH &     8.25    4/4/2017     EUR      10.56
Lehman Brothers Tr    8.25   12/3/2015     EUR       4.83
UniCredit Bank AO     8.10  11/20/2018     RUB      58.01
Glitnir HF            4.38    2/5/2010     EUR      14.00
UniCredit Bank Aus    0.49  10/31/2031     EUR      66.63
Lehman Brothers Tr    4.00   12/2/2012     EUR       4.83
Hellas Telecommuni    8.50  10/15/2013     EUR       0.00
Montepio Holding S    5.00                 EUR      50.00
Lehman Brothers Tr    6.00  10/30/2012     EUR       4.83
Lehman Brothers Tr    1.00    5/9/2012     EUR       4.83
Province of Bresci    0.35   6/30/2036     EUR      68.20
Santander Finance     2.00                 EUR      34.38
Bashneft AO          12.00   5/19/2025     RUB      60.01
Glitnir HF            4.75  10/15/2010     USD      14.00
Bank Nederlandse G    0.50    6/7/2022     ZAR      51.77
Absolut Bank OAO     12.00   5/28/2018     RUB      99.11
RESO-Garantia OCAO   14.00   9/13/2022     RUB      61.08
Heta Asset Resolut    0.05   1/24/2017     EUR      61.38
Bank Otkritie Fina   15.50   2/28/2017     RUB     101.59
DeltaCredit Bank     10.35    5/6/2024     RUB     100.00
DEIKON GmbH           1.00  11/16/2016     EUR      26.51
DekaBank Deutsche     0.12   6/23/2034     EUR      69.39
Atari SA              0.50   9/30/2015     EUR       1.29
Heta Asset Resolut    0.14   2/17/2017     EUR      61.25
Heta Asset Resolut    0.11   1/24/2017     EUR      62.50
Oesterreichische V    1.16  10/13/2020     EUR      44.25
Mechel                8.00    2/9/2021     RUB      51.51
WPE International    10.38   9/30/2020     USD       7.88
Sovcombank ICB JSC   17.50    2/7/2019     RUB      60.29
Rossiysky Capital    13.00  11/22/2019     RUB      60.01
Ingra DD              6.13   12/6/2016     HRK      12.99
Rena Lange Holding    8.00  12/12/2017     EUR       0.80
DeltaCredit Bank     11.10   10/1/2024     RUB      60.01
Eksportfinans ASA     0.50    5/9/2030     CAD      29.00
Alpha Credit Group    6.00   4/11/2018     EUR      39.50
Svensk Exportkredi    0.50   3/15/2022     ZAR      53.22
Heta Asset Resolut    0.25   3/29/2017     EUR      61.38
City of Baile Herc    2.50  12/16/2020     RON      75.00
SU-155 KAPITAL OOO   13.25   2/23/2016     RUB      30.30
Raiffeisenbank ZAO    7.65  10/29/2018     RUB      60.01
Heta Asset Resolut    0.25   3/29/2017     EUR      61.38
Caisse Centrale du    7.00   9/10/2015     EUR      15.39
UniCredit Bank AO    10.15  10/23/2015     RUB      60.01
Svensk Exportkredi    0.50   8/25/2021     ZAR      60.21
TransFin-M OJSC      13.50    6/4/2025     RUB      63.04
Bank Otkritie Fina   15.25  10/28/2018     RUB     101.00
Ecureuil Vie Devel    0.94                 EUR      19.75
Codere Finance Lux    8.25   6/15/2015     EUR      71.63
Russian Railways J    8.20   3/21/2028     RUB      88.30
Espirito Santo Fin    5.63   7/28/2017     EUR       2.10
Heta Asset Resolut    0.25   4/22/2018     EUR      61.38
SAir Group            6.25   4/12/2005     CHF      11.50
Lehman Brothers Tr    7.50    5/2/2017     EUR       4.83
A-TEC Industries A    2.75   5/10/2014     EUR       2.00
Municipality Finan    0.50  12/14/2018     TRY      70.67
KA Finanz AG          4.44  12/20/2030     EUR      57.63
Oesterreichische V    2.15   3/25/2019     EUR      61.00
SAir Group            0.13    7/7/2005     CHF      12.00
Province of Milan     0.30  12/22/2033     EUR      70.34
Bank Nederlandse G    0.50   5/12/2021     ZAR      60.96
DF Deutsche Forfai    7.88   5/27/2020     EUR       9.98
Sviaz Bank OAO       12.25   12/9/2021     RUB     100.00
MirLand Developmen    7.21   5/31/2020     ILS      40.21
Heta Asset Resolut    0.27    4/9/2018     EUR      61.38
Bank National Fact   12.30  10/17/2016     RUB      60.32
Mriya Agro Holding   10.95   3/30/2016     USD      13.38
Rostelecom OJSC      11.70   5/20/2025     RUB      60.01
ECM Real Estate In    5.00   10/9/2011     EUR      10.38
Heta Asset Resolut    4.70    4/2/2018     EUR      59.50
Magnit PJSC          12.10   5/11/2018     RUB      61.01
Oesterreichische V    3.50   3/20/2018     EUR      72.75
Schneekoppe GmbH &    6.45   9/20/2015     EUR       5.12
Oesterreichische V    5.05    8/5/2030     EUR      20.75
Transcapitalbank J   15.00   3/15/2016     RUB      60.65
ffk environment Gm    7.25    6/1/2016     EUR       3.12
HSBC Bank PLC         0.50   9/28/2018     IDR      73.62
Alpha Credit Group    2.00  11/28/2032     EUR      39.50
Lehman Brothers Tr    1.75    2/7/2010     EUR       4.83
Kaupthing Bank Hf     7.13   5/19/2016     USD       0.00
Heta Asset Resolut    5.03   1/26/2017     EUR       8.00
Lehman Brothers Tr    6.00   3/14/2011     EUR      19.13
Municipality Finan    0.50  11/25/2020     ZAR      62.63
SAir Group            2.13   11/4/2004     CHF      11.50
Raiffeisenlandesba    4.40   4/17/2024     EUR      73.00
RSL Communications   12.00   11/1/2008     USD       1.25
UniCredit Bank Aus    0.39   1/24/2031     EUR      63.75
B&N Bank JSC         14.50    6/2/2021     RUB     100.00
A-TEC Industries A    5.75   11/2/2010     EUR       2.00
Lehman Brothers Tr    1.46   2/19/2012     JPY      19.13
CaixaBank SA          1.80                 EUR      76.25
Alpha Credit Group    6.00   7/29/2020     EUR      39.50
Russlavbank AKB ZA   12.25   7/30/2018     RUB      70.21
DeltaCredit Bank      8.45   8/30/2018     RUB      58.01
Heta Asset Resolut    4.54   9/22/2017     EUR      61.38
Raiffeisenbank ZAO   11.35   6/11/2018     RUB      60.01
MirLand Developmen    6.50   7/31/2015     ILS      48.00
Russian Bank for S   14.00   3/17/2022     RUB      63.01
Comune di Verona      0.18   12/1/2026     EUR      63.39
Russian Railways J   16.80   5/29/2035     RUB      60.01
Salvator Grundbesi    9.50  12/31/2021     EUR      11.50
SG Option Europe S    7.00    5/5/2017     EUR      76.17
CARPEVIGO AG          8.25   6/30/2016     EUR      29.50
Oesterreichische V    3.88   3/15/2022     EUR      41.00
Municipality Finan    0.50   5/31/2022     ZAR      50.90
KPNQwest NV           7.13    6/1/2009     EUR       0.50
Lehman Brothers Tr    5.00    5/2/2022     EUR       4.83
Lehman Brothers Tr    8.00  10/17/2014     EUR       4.83
LBI HF                6.10   8/25/2011     USD      11.13
Oesterreichische V    4.81    5/9/2035     EUR      17.00
Strommen Sparebank    2.52                 NOK      46.47
DeltaCredit Bank     10.55    6/5/2024     RUB      60.01
Heta Asset Resolut    5.68    7/5/2017     EUR      61.38
B&N Bank JSC         14.50    6/2/2021     RUB     100.00
Novolipetsk Steel    10.00    9/5/2022     RUB      99.70
HSBC Bank PLC         0.50   5/31/2019     IDR      68.50
Federal Grid Co Un    8.00    1/7/2028     RUB      70.01
Credit Europe Bank   11.25    9/5/2016     RUB      99.50
Barclays Bank PLC     0.50   4/24/2023     MXN      60.69
Lehman Brothers Tr   11.75    3/1/2010     EUR       4.83
Lehman Brothers Tr    8.00   2/16/2016     EUR       4.83
Lehman Brothers Tr    4.87   10/8/2013     USD       4.83
Russian Railways J   11.65    5/3/2030     RUB      60.01
Barclays Bank PLC     0.50   3/13/2023     RUB      41.41
Rosselkhozbank OJS   10.90  10/11/2022     RUB      60.21
Svensk Exportkredi    0.50   6/26/2019     TRY      65.83
Heta Asset Resolut    0.29   3/10/2018     EUR      61.38
Marine Subsea AS      9.00  12/16/2019     USD       0.50
Kristensen Germany    7.00  12/31/2015     DKK       2.00
wige MEDIA AG         6.00   3/17/2019     EUR       1.90
Bashneft AO          12.10    6/3/2025     RUB      60.01
Oesterreichische V    5.10   5/23/2022     EUR      44.00
Kommunekredit         0.50   7/30/2027     TRY      26.54
WGF Westfaelische     6.35    8/1/2017     EUR       2.06
Heta Asset Resolut    5.80   6/17/2017     EUR      61.38
Lehman Brothers Tr    8.50    7/5/2016     EUR       4.83
Glitnir HF            6.38   9/25/2012     USD      14.00
Oesterreichische V    4.00  12/14/2023     EUR      32.13
Bank J Safra Saras   11.02  12/30/2015     EUR      75.38
Heta Asset Resolut    0.05   5/31/2016     EUR      61.38
Municipality Finan    0.50    8/8/2029     NZD      56.37
Rosneft OAO           8.90    2/6/2024     RUB      94.00
Enemona AD-Kozlodu   10.00   4/28/2017     BGN       0.22
Bashneft AO          12.00    5/9/2025     RUB      60.01
Credit Suisse AG/L    1.64    6/1/2042     USD      50.57
Raiffeisen-Holding    5.10                 EUR      64.88
Deutsche Bank AG/L    0.50    3/9/2018     BRL       N/A
SAG Solarstrom AG     7.50   7/10/2017     EUR      45.00
Raiffeisen Centrob    7.25   9/26/2016     EUR      73.95
Heta Asset Resolut    0.09   3/15/2017     EUR      61.38
Heta Asset Resolut    0.30   2/10/2018     EUR      61.38
BRFkredit A/S         0.90   10/1/2044     DKK      53.97
Lehman Brothers Tr    7.60   1/31/2013     AUD       4.83
Raiffeisen Centrob    5.00   4/18/2016     EUR      74.32
Lehman Brothers Tr    6.00   3/18/2015     USD       4.83
Russian Railways J   12.40   2/28/2040     RUB      60.01
MORTGAGE AGENT AHM    8.50    9/9/2045     RUB      56.10
Bank UralSib OJSC    14.00   3/10/2017     RUB     103.30
hkw personalkonzep    8.25  11/15/2016     EUR       2.31
Heta Asset Resolut    3.90   1/24/2017     EUR      60.50
Gazprom OAO          16.30  10/21/2043     RUB      60.01
Kaupthing Bank Hf     1.80  10/20/2009     JPY      14.25
RSL Communications   10.13    3/1/2008     USD       1.25
Hypo Tirol Bank AG    0.14   3/28/2043     EUR      48.00
MirLand Developmen    8.50   8/31/2016     ILS      43.54
Svensk Exportkredi    0.50   6/20/2029     AUD      61.99
Konservenfabrik Za    8.00    4/1/2016     EUR       0.00
COFIDUR SA            0.10  12/31/2024     EUR      15.05
Gazprom Neft OAO      8.50   1/26/2021     RUB      60.39
Santander Finance     2.00                 USD      18.50
HSBC Bank PLC         0.50  10/30/2026     NZD      59.91
Transcapitalbank J   13.00   5/30/2023     RUB      60.31
Landesbank Hessen-    3.50   7/10/2015     EUR      43.80
Heta Asset Resolut    0.14   8/11/2017     EUR      61.38
Russian Railways J   17.90   9/20/2039     RUB       7.93
UTair-Finans OOO     13.00  11/13/2015     RUB      40.00
KPNQwest NV           8.88    2/1/2008     EUR       0.50
Raiffeisen Versich    5.08                 EUR      50.50
Oesterreichische V    3.09  10/15/2020     EUR      48.75
Glitnir HF            5.44  12/22/2015     USD      14.00
Oesterreichische V    4.25    9/7/2020     EUR      70.35
Pongs & Zahn AG       8.50                 EUR       0.32
Anglian Water Serv    1.02   1/26/2057     GBP      74.37
Rosselkhozbank OJS   12.50  11/27/2018     RUB     100.00
Bank Otkritie Fina   16.25    4/7/2020     RUB     101.35
Lehman Brothers Tr    7.00    6/6/2017     EUR       4.83
Glitnir HF            5.31  12/24/2012     USD      14.00
Vontobel Financial    5.40    3/3/2017     EUR      71.91
Heta Asset Resolut    0.23   5/10/2017     EUR      61.38
URALSIB Leasing Co   11.50  12/21/2017     RUB      85.00
Bank Otkritie Fina   16.00    4/7/2020     RUB     101.00
Heta Asset Resolut    0.83   5/28/2017     EUR      59.50
Investkredit Bank     0.52   3/14/2020     EUR      70.41
Province of Rovigo    0.30  12/28/2035     EUR      68.33
Municipality Finan    0.50   4/26/2022     ZAR      51.47
Municipality Finan    0.50    2/7/2018     BRL      74.24
Oesterreichische V    4.00    2/1/2021     EUR      49.25
Oesterreichische V    3.78   8/25/2033     EUR      14.13
Deutsche Bank AG/L    0.50   10/5/2021     IDR      68.97
Orient Express Ban   13.60    8/9/2018     RUB      47.00
Heta Asset Resolut    0.06   5/31/2016     EUR      61.38
Heta Asset Resolut    5.04   2/15/2023     EUR      61.38
Bank St Petersburg   15.00    9/8/2016     RUB      70.01
Oesterreichische V    4.21   1/25/2033     EUR      15.88
Societe Generale S    1.50   2/28/2033     USD      71.65
Lehman Brothers Tr    4.00   2/16/2017     EUR      16.25
Atari SA              0.10    4/1/2020     EUR       2.20
Sviaz Bank OAO       15.00    4/7/2022     RUB     100.10
RusHydro JSC         11.85    7/4/2018     RUB      60.01
Oesterreichische V    4.80    5/9/2025     EUR      30.00
Oesterreichische V    4.26   3/22/2024     EUR      32.00
Oesterreichische V    5.26    2/5/2025     EUR      32.13
HSBC Bank PLC         0.50   1/29/2027     NZD      58.92
DeltaCredit Bank      8.65    7/4/2018     RUB      59.01
Russian Post FGUP     8.70  10/18/2019     RUB      60.00
Heta Asset Resolut    0.14    2/9/2017     EUR      61.38
Heta Asset Resolut    4.40   6/20/2017     EUR      61.38
Heta Asset Resolut    0.20    7/1/2017     EUR      61.38
Oesterreichische V    1.80   5/24/2018     EUR      69.63
UBS AG/London         7.50  11/19/2015     CHF      75.36
Glitnir HF           10.00   6/28/2017     USD      14.00
Heta Asset Resolut    0.75   9/20/2017     EUR       8.88
Dolomite Capital L   12.03  12/20/2019     ZAR      54.42
Phones4u Finance P    9.50    4/1/2018     GBP      35.88
KFW                   0.25   10/6/2036     CAD      37.40
MirLand Developmen    6.00  11/30/2017     ILS      42.10
Rosselkhozbank OJS   10.90  10/13/2022     RUB     100.00
SAir Group            4.25    2/2/2007     CHF      11.75
Svensk Exportkredi    0.50   4/25/2019     BRL      63.77
SU-155 KAPITAL OOO   13.25   2/23/2016     RUB      29.00
Glitnir HF            3.00  10/31/2015     EUR      14.00
PCZ SA                9.40  11/30/2017     PLN       1.20
Emova Group           4.30    5/2/2022     EUR       5.35
HSBC Bank PLC         0.50   4/27/2027     NZD      58.07
HSBC Bank PLC         0.50   12/2/2022     AUD      72.69
Svensk Exportkredi    0.50   6/28/2022     ZAR      50.46
Glitnir HF            5.00   3/14/2012     EUR      14.00
URALSIB Leasing Co   10.25   3/21/2019     RUB      60.01
BNP Paribas SA        0.50    5/6/2021     MXN      69.75
PCZ SA                9.50   1/31/2017     PLN       2.10
Driver & Bengsch A    8.50  12/31/2027     EUR       0.01
Glitnir HF            5.25    5/2/2017     ISK      14.00
RSL Communications   10.50  11/15/2008     USD       1.25
Bulgaria Steel Fin   12.00    5/4/2013     EUR       1.00
Bank Julius Baer &    3.90  11/30/2015     CHF      60.35
JP Morgan Structur   12.00  11/24/2021     ZMW      67.55
UniCredit Bank Aus    0.53   1/22/2031     EUR      64.25
Cerruti Finance SA    6.50   7/26/2004     EUR       0.90
Rusfinans Bank OOO   11.60  11/10/2015     RUB      99.71
Societe Generale S    0.50   6/12/2023     RUB      40.09
Rusfinans Bank OOO   10.75   6/10/2019     RUB      96.48
UBS AG               14.75  12/29/2015     EUR      68.26
Republika Srpska      1.50  12/24/2025     BAM      71.02
Bosnia & Herzegovi    2.50   6/30/2023     BAM      72.10
DEIKON GmbH           1.00    7/1/2016     EUR      31.10
Lehman Brothers Tr    7.00   2/15/2012     EUR       4.83
Lehman Brothers Tr   15.00   3/30/2011     EUR       4.83
Otkritie Holding     12.50   7/26/2017     RUB      99.60
Heta Asset Resolut    0.12   7/18/2017     EUR      61.38
Heta Asset Resolut    0.30   8/21/2017     EUR      61.38
City of Predeal Ro    2.50   5/15/2026     RON      60.00
WGF Westfaelische     6.35   12/1/2016     EUR      10.50
Lehman Brothers Tr    5.00   12/6/2011     EUR       4.83
Lehman Brothers Tr    6.00    3/4/2015     USD       4.83
Lehman Brothers Tr    5.00   8/16/2017     EUR      19.13
Heta Asset Resolut    0.26    4/2/2018     EUR      52.00
DZ Bank AG Deutsch   16.00   3/29/2016     EUR      74.19
Russian Railways J   12.40   2/28/2040     RUB      60.01
Oesterreichische V    4.78    6/7/2030     EUR      20.00
Bank Nederlandse G    0.50   6/22/2021     ZAR      60.57
Landes-Hypothekenb    0.37   3/20/2043     EUR      55.82
Oesterreichische V    0.89   2/11/2019     EUR      56.88
Bank Nederlandse G    0.50   8/15/2022     ZAR      52.57
GlobexBank CJSC      12.25  12/25/2016     RUB      80.02
HSBC Bank PLC         0.50    2/5/2018     RUB      73.97
Lehman Brothers Tr    2.00   6/21/2011     EUR       4.83
Lehman Brothers Tr    8.25    2/3/2016     EUR       4.83
Lehman Brothers Tr    5.00   5/12/2011     CHF       4.83
RSL Communications    9.88  11/15/2009     USD       1.25
Lloyds Bank PLC       0.50   7/26/2028     MXN      43.95
Notenstein Privatb    8.80   7/24/2015     EUR      66.87
Vontobel Financial    5.84    9/9/2016     EUR      42.16
Windreich GmbH        6.25    3/1/2015     EUR      10.88
Pervyi Obiedineonn   17.00   9/22/2015     RUB      61.01
Oesterreichische V    2.00   4/24/2020     EUR      49.63
Sidetur Finance BV   10.00   4/20/2016     USD      11.63
Lehman Brothers Tr    4.35    8/8/2016     SGD      19.13
Lehman Brothers Tr    4.00   4/13/2011     CHF       4.83
UWC Finance          16.00   9/10/2019     RUB     100.00
Union Technologies    0.10    1/1/2020     EUR       3.30
Hellenic Republic     0.76   8/10/2019     EUR      47.60
Lehman Brothers Tr   10.00   5/22/2009     USD       4.83
Lehman Brothers Tr    5.55   3/12/2015     EUR       4.83
HSBC Bank PLC         0.50  12/29/2022     AUD      72.93
Takko Luxembourg 2    7.01   4/15/2019     EUR      43.00
Oesterreichische V    3.78   7/21/2033     EUR      14.25
UTair-Finans OOO      9.50   7/21/2016     RUB      30.12
Exane Finance         1.75   4/28/2016     EUR      47.59
Heta Asset Resolut    0.05   5/31/2016     EUR      61.38
Heta Asset Resolut    0.29   7/28/2017     EUR      61.38
Municipality Finan    0.50    5/8/2029     AUD      52.36
Kommunekredit         0.50   2/20/2020     BRL      59.94
Tatfondbank OAO      14.50   5/28/2025     RUB      60.04
Kaupthing Bank Hf     5.00    1/4/2027     SKK      14.25
World of Building     7.70   6/25/2019     RUB       5.00
Leonteq Securities    6.11    1/7/2016     EUR      50.37
Lehman Brothers Tr    5.00  11/22/2012     EUR       4.83
Kaupthing Bank Hf     3.75   2/15/2024     ISK      14.25
Raiffeisen Centrob    2.80  11/14/2016     EUR      62.87
Province of Trevis    0.28  12/31/2034     EUR      69.23
Province of Trevis    0.05  12/31/2034     EUR      66.18
Barclays Bank PLC     0.50   3/26/2021     MXN      71.77
Synergy Classic Vi    2.00    8/2/2015     USD      52.64
Severo-Zapadnaya K   11.50   9/26/2031     RUB      58.00
Republic of Srpska    1.50    6/9/2025     BAM      73.01
Northland Resource   15.00   7/15/2019     USD       1.05
Northland Resource   12.25   3/26/2016     USD       1.05
Pharmacy Chain 36.   16.00   5/23/2018     RUB     100.00
SAir Group            5.50   7/23/2003     CHF      12.00
Heta Asset Resolut    0.28   8/28/2017     EUR      61.38
Heta Asset Resolut    0.18   5/17/2017     EUR      61.38
Glitnir HF            4.75  10/15/2010     USD      14.00
Lehman Brothers Tr    3.50  10/24/2011     USD       4.83
Municipiul Timisoa    1.29   5/12/2026     RON      73.00
UBS AG               14.75  12/29/2015     EUR      74.78
Oesterreichische V    1.24    3/1/2022     EUR      34.13
Russian Bank for S    9.20   8/11/2022     RUB      60.01
HSBC Bank PLC         0.50    4/3/2023     AUD      71.84
Santander Finance     2.00                 USD      18.50
Oesterreichische V    3.50   5/23/2022     EUR      37.38
Oesterreichische V    0.99    7/3/2019     EUR      55.88
HSBC Bank PLC         0.50   7/30/2027     NZD      57.11
Cooperatieve Centr    0.50  12/29/2027     MXN      47.72
Oesterreichische V    4.20   2/22/2033     EUR      15.88
Credit Agricole Co    0.50    3/6/2023     RUB      41.81
Svensk Exportkredi    0.50   8/28/2020     TRY      58.60
Bank Julius Baer &    6.65   7/28/2015     USD      69.55
Credit Suisse AG/L   15.00   9/18/2015     USD      47.32
Lehman Brothers Tr    6.00   2/14/2012     EUR       4.83
Lehman Brothers Tr   16.80   8/21/2009     USD       4.83
Baltic Financial A   12.75   9/27/2016     RUB      99.01
HYPO NOE Gruppe Ba    2.50   3/10/2045     EUR      76.77
Southern Urals Co    10.00   2/23/2016     RUB      98.00
Glitnir HF            6.69   6/15/2016     USD       0.02
RSL Communications    9.13    3/1/2008     USD       1.25
LBI HF                3.45  12/18/2033     JPY       0.01
UTair-Finans OOO     13.00  11/13/2015     RUB      38.00
Lehman Brothers Tr   23.30   9/16/2008     USD       4.83
Lehman Brothers Tr    9.00    5/6/2011     CHF       4.83
Province of Milan     0.05  12/20/2042     EUR      53.62
SU-155 KAPITAL OOO   13.25   2/23/2016     RUB      29.90
Leonteq Securities    8.64   8/25/2015     CHF      11.97
DeltaCredit Bank     11.75   11/2/2016     RUB      99.09
Lehman Brothers Tr    4.00   2/28/2010     EUR       4.83
Russian Highways      9.75  11/29/2016     RUB      60.10
Delta-Finance OOO    10.00   1/19/2021     RUB     100.00
Credit Europe Bank   15.00   3/22/2018     RUB      70.01
Hellenic Republic     4.75   4/17/2019     EUR      58.09
Barclays Bank PLC     0.50   1/28/2033     MXN      30.39
Lehman Brothers Tr    8.28   3/26/2009     USD       4.83
Oesterreichische V    4.90   8/18/2025     EUR      61.30
Glitnir HF            3.00  11/30/2009     EUR      14.00
Lehman Brothers Tr    3.00    8/8/2017     EUR       4.83
PCZ SA                9.50   9/30/2016     PLN       2.10
Lehman Brothers Tr    5.10   6/22/2046     EUR       4.83
EFG International     6.00  11/30/2017     EUR      45.04
Zaklady Miesne Mys   11.00   7/25/2015     PLN      10.00
Lehman Brothers Tr    4.00   7/20/2012     EUR       4.83
Vneshprombank Ltd    13.00  12/13/2017     RUB     103.00
KPNQwest NV           8.88    2/1/2008     EUR       0.50
JP Morgan Structur   13.00  11/25/2024     ZMW      65.36
Oravita City Counc    2.63   6/15/2027     RON      66.00
Leonteq Securities    9.68   7/29/2015     USD      68.87
Leonteq Securities   20.00   1/26/2016     CHF      37.62
VEB-Leasing OAO       8.60    4/2/2021     RUB      96.50
LBI HF                4.40   11/3/2009     CZK       2.77
Kommunekredit         0.50   9/19/2019     BRL      63.56
HSBC Bank PLC         0.50   12/8/2026     AUD      55.77
Province of Trevis    0.18  12/31/2034     EUR      67.61
HSBC Bank PLC         0.50  12/29/2026     AUD      61.20
Bank Nederlandse G    0.50   9/20/2022     MXN      66.16
Vontobel Financial    5.60  12/29/2015     EUR      70.87
EFG International     7.20   2/25/2019     EUR      74.29
Windreich GmbH        6.75    3/1/2015     EUR      10.88
Glitnir HF            6.00    8/1/2015     ISK      14.00
Lehman Brothers Tr    7.50    8/1/2035     EUR       4.83
Kaupthing Bank Hf     7.63   2/28/2015     USD      14.25
Delta-Finance OOO    10.00  12/17/2020     RUB      60.00
Heta Asset Resolut    3.72   3/15/2017     EUR      61.38
Heta Asset Resolut    0.23   5/17/2017     EUR      61.38
SAir Group            2.75   7/30/2004     CHF      11.50
Muehl Product & Se    6.75   3/10/2005     DEM       1.73
Lehman Brothers Tr    3.86   9/21/2011     SGD      16.25
SAir Group            5.13    3/1/2003     CHF      11.00
Salvator Grundbesi    9.50                 EUR      40.00
City of Hunedoara     2.43   8/15/2026     RON      70.00
Glitnir HF            2.25   2/15/2011     EUR      14.00
Barclays Bank PLC     3.50    2/5/2016     EUR      65.54
Central European E    7.80   7/14/2015     ILS      12.80
Kaupthing Bank Hf     7.70   10/2/2011     EUR      14.25
Federal Grid Co Un   16.30   6/30/2048     RUB      60.01
SpareBank 1 Sore S    2.64                 NOK      74.35
Freshwater Finance    6.18   4/20/2035     GBP      73.38
Kommunekredit         0.50   5/11/2029     CAD      71.13
IT Holding Finance    9.88  11/15/2012     EUR       0.22
Municipality Finan    0.50   6/19/2024     ZAR      44.60
Svensk Exportkredi    0.50  12/17/2027     USD      72.07
UBS AG/London         5.00    8/6/2015     USD      52.19
UniCredit Bank AG     6.00    7/4/2016     EUR      68.13
Leonteq Securities   29.61  10/26/2017     EUR      52.20
RESO-Garantia OCAO    9.20   3/24/2023     RUB      96.91
Soyuz AKB OAO        14.50   6/11/2020     RUB      60.01
HSBC Bank PLC         0.50  10/30/2018     IDR      72.72
Svensk Exportkredi    0.50   3/28/2029     AUD      63.44
Glitnir HF            3.00    4/1/2010     CZK      14.00
Glitnir HF            3.00   10/4/2011     EUR      14.00
Kaupthing Bank Hf     7.90    2/1/2016     EUR      14.25
Kaupthing Bank Hf     0.80   2/15/2011     EUR      14.25
Lehman Brothers Tr    8.00   4/20/2009     EUR       4.83
PCZ SA               11.00  10/31/2015     PLN       1.11
JP Morgan Structur    1.55   11/6/2015     USD      67.86
Republika Srpska      1.50   5/31/2025     BAM      74.01
Lehman Brothers Tr    8.88   1/28/2011     HKD      19.13
Lehman Brothers Tr    4.10   6/10/2014     SGD      16.25
Lehman Brothers Tr    4.00    1/4/2011     USD       4.83
Zurcher Kantonalba   12.00   7/23/2015     CHF      40.98
Municipality Finan    0.50  11/21/2018     TRY      71.12
Province of Bresci    0.52  12/22/2036     EUR      67.89
Province of Teramo    0.15  12/30/2030     EUR      70.99
Dresdner Bank AG      0.65  11/19/2029     EUR      59.75
UniCredit Bank AO    10.15  10/27/2015     RUB     100.05
HSBC Bank PLC         0.50   6/28/2019     IDR      68.39
Credit Suisse AG/L    7.00  10/22/2015     CHF      68.96
EFG International     6.48   5/29/2018     EUR      59.83
Lehman Brothers Tr    0.50  12/20/2017     AUD       4.83
Barclays Bank PLC     3.50   12/7/2015     EUR      62.06
EFG International     9.10   3/23/2016     USD      69.94
Torgovyi Dom Spart   14.00    5/2/2017     RUB     100.00
Heta Asset Resolut    0.10    8/1/2017     EUR      61.38
Credit Europe Bank   11.36    6/5/2018     RUB      60.01
Interregional Dist   12.42   5/23/2025     RUB      60.01
ENEL RUSSIA PJSC     12.10   5/22/2025     RUB      60.01
Societe Generale S    0.50  12/21/2022     AUD      73.80
Barclays Bank PLC     0.50   3/19/2021     MXN      71.87
Municipality Finan    0.50   2/22/2019     IDR      70.76
Oesterreichische V    4.81   7/29/2025     EUR      61.00
Glitnir HF            6.31   7/28/2011     USD      14.00
Rinol AG              5.50  10/15/2006     DEM       0.00
Lehman Brothers Tr    3.00   9/12/2036     JPY      19.13
Kaupthing Bank Hf     4.53   4/24/2012     EUR      14.25
Lehman Brothers Tr    4.05   9/16/2008     EUR       4.83
Nutritek Internati    8.75  12/11/2008     USD       2.00
LBI HF                3.00  10/22/2015     EUR       2.77
RusHydro JSC         11.85    7/4/2018     RUB      60.01
Oesterreichische V    0.99    3/1/2021     EUR      40.13
Hypo Tirol Bank AG    0.12    6/1/2033     EUR      58.50
Oesterreichische V    0.83  10/15/2019     EUR      52.00
Phosphorus Holdco    10.00    4/1/2019     GBP       2.00
Vontobel Financial    4.95   9/11/2015     EUR      64.13
Federal Grid Co Un   16.30   4/27/2048     RUB      60.01
Leonteq Securities   21.00    3/9/2016     USD      49.61
Kaupthing Bank Hf     8.00   6/22/2011     ISK       0.00
Glitnir HF            3.75   1/15/2010     EUR      14.00
Lehman Brothers Tr    0.50  12/20/2017     AUD       4.83
Lehman Brothers Tr    5.00   4/24/2017     EUR       4.83
Lehman Brothers Tr    4.69   2/19/2017     EUR       4.83
Lehman Brothers Tr    2.00   6/28/2011     EUR       4.83
DOMO OJSC            15.00   5/11/2016     RUB      60.00
Lehman Brothers Tr    4.60    7/6/2016     EUR       4.85
UNGP-Finance OOO     10.00   4/20/2021     RUB      60.00
Metallurgical Comm   15.00    9/8/2016     RUB      99.50
Absolut Bank OAO     11.50   4/29/2020     RUB     100.00
Interregional Dist   12.42   5/23/2025     RUB      60.01
Lehman Brothers Tr    3.50   9/29/2017     EUR       4.83
Lehman Brothers Tr    3.50   9/19/2017     EUR       4.83
Lehman Brothers Tr    4.70   3/23/2016     EUR       4.83
Lehman Brothers Tr    7.59  11/22/2009     MXN      19.13
Zurcher Kantonalba    5.00   9/17/2015     CHF      49.35
Republika Srpska      9.00   9/26/2027     BAM      65.30
Lehman Brothers Tr   13.15  10/30/2008     USD       4.83
Kaupthing Bank Hf     4.95    5/6/2009     EUR      14.25
Lehman Brothers Tr    7.80   3/31/2018     USD       4.83
Lehman Brothers Tr    5.22    3/1/2024     EUR       4.83
Lehman Brothers Tr   16.00   10/8/2008     CHF       4.83
Lehman Brothers Tr    4.60   11/9/2011     EUR       4.83
City of Siret Roma    2.75    3/1/2028     RON      45.20
Lehman Brothers Tr    4.05   9/16/2008     EUR       4.83
Housing Financing     2.70    1/1/2020     ISK      69.37
Kvinesdal Spareban    2.79                 NOK      75.17
EDOB Abwicklungs A    7.50    4/1/2012     EUR       0.00
Oesterreichische V    1.52   2/19/2018     EUR      72.25
Bank Nederlandse G    0.50   9/20/2022     ZAR      52.04
Societe Generale S    0.50   5/30/2023     MXN      63.16
Oesterreichische V    3.50   1/14/2019     EUR      67.38
Svensk Exportkredi    0.50   6/29/2029     AUD      63.75
BNP Paribas SA        0.50  11/16/2032     MXN      33.09
HSBC Bank PLC         0.50   4/11/2023     MXN      65.46
Atomenergoprom JSC   11.90   6/25/2025     RUB      60.01
Leonteq Securities    8.00   12/8/2015     CHF      55.41
Leonteq Securities    8.25   11/6/2015     EUR      73.53
Lehman Brothers Tr   10.44  11/22/2008     CHF       4.83
Lehman Brothers Tr    0.50  12/20/2017     AUD       4.83
Glitnir HF            6.33   7/28/2011     USD      14.00
Lehman Brothers Tr    0.50    6/2/2020     EUR       4.83
Avangard-Agro OOO    12.00  10/10/2017     RUB      60.00
Razgulyai-Finans O   11.30   10/3/2018     RUB      98.30
Svensk Exportkredi    0.50   8/29/2029     AUD      64.19
Mobile TeleSystems    5.00   6/29/2021     RUB      64.38
HSBC Bank PLC         0.50   5/29/2020     IDR      62.65
Societe Generale S    0.50    4/3/2023     RUB      41.25
Glitnir HF            3.30   8/22/2012     EUR      14.00
Kaupthing Bank Hf     4.50   1/17/2011     EUR      14.25
Barclays Bank PLC     2.50    3/7/2017     EUR      51.75
Bank Julius Baer &    9.75  11/13/2015     USD      60.65
Banque Cantonale V   17.75  11/17/2015     CHF      45.66
Republika Srpska      1.50   9/25/2026     BAM      68.51
Oesterreichische V    5.45    8/2/2019     EUR      72.70
Republika Srpska      1.50  12/15/2023     BAM      71.80
Republika Srpska      1.50  12/22/2023     BAM      72.54
Lehman Brothers Tr   10.00    1/3/2012     BRL       4.83
Lehman Brothers Tr    4.00   7/27/2011     EUR       4.83
Lehman Brothers Tr    2.75  10/28/2009     EUR       4.83
Western High-Speed    9.15    2/6/2032     RUB      58.01
Sviaz Bank OAO       11.40   4/13/2022     RUB      99.30
Societe Generale E    2.50   10/7/2016     EUR      59.27
LBI HF                6.00    6/6/2017     EUR       2.77
RusHydro JSC         11.85    7/4/2018     RUB      60.01
Drangedal Spareban    2.61                 NOK      72.20
Gjerstad Sparebank    2.72                 NOK      76.07
LBI HF                4.34  12/22/2025     EUR       2.77
LBI HF                2.75   3/16/2011     EUR       2.77
BNP Paribas SA        6.30   5/28/2021     RUB      74.44
Oesterreichische V    1.75    9/9/2020     EUR      45.50
Leasing-Experts SA    9.00   9/17/2016     PLN      70.00
Notenstein Finance   15.00  10/20/2015     USD      70.49
Credit Suisse AG/N    8.00  10/29/2015     CHF      70.10
Bank Julius Baer &    6.50   7/16/2015     CHF      71.25
PCZ SA               10.00   4/15/2016     PLN       2.10
Leonteq Securities    7.55    3/9/2016     USD      64.74
Ashinskiy metallur   16.80   6/17/2024     RUB      65.11
Powszechne Towarzy    6.66   11/8/2015     PLN       6.00
Leonteq Securities   11.80   2/17/2016     USD      66.68
DOMO OJSC            15.00   5/11/2016     RUB      60.15
Heta Asset Resolut    0.28    3/4/2018     EUR      61.38
Societe Generale S    0.50   4/30/2023     RUB      40.71
Lehman Brothers Tr    7.55  12/29/2008     USD       4.83
Glitnir HF            3.45   8/22/2010     CZK      14.00
Lehman Brothers Tr    4.50  12/30/2010     USD       4.83
Glitnir HF            4.01    7/6/2009     HKD      14.00
Kaupthing Bank Hf     6.40  12/15/2015     EUR      14.25
Glitnir HF            4.85   4/26/2012     EUR      14.00
Lehman Brothers Tr    3.00   8/15/2017     EUR       4.83
Lehman Brothers Tr    4.50   7/24/2014     EUR       4.83
Lehman Brothers Tr    5.00  10/24/2008     CHF       4.83
LBI HF                7.20   4/27/2026     EUR       0.01
Glitnir HF            5.86   7/28/2016     GBP      14.00
Lehman Brothers Tr    7.00   9/20/2011     USD       4.83
UBS AG/London         6.50   11/5/2015     USD      66.91
UBS AG                8.91   9/28/2015     USD      39.61
Lehman Brothers Tr    7.39    5/4/2017     USD       4.83
SV Patrimonia         4.00   4/19/2016     EUR      50.01
Kaupthing Bank Hf     4.90   5/29/2017     EUR      14.25
Lehman Brothers Tr    9.50    4/1/2018     USD       4.83
Lehman Brothers Tr    6.00   2/19/2023     USD       4.83
Lehman Brothers Tr    3.00   6/23/2009     EUR      19.13
Lehman Brothers Tr    2.50   11/9/2011     CHF       4.83
Glitnir HF            6.00  12/15/2012     GBP      14.00
ECM Real Estate In    5.00   10/9/2011     EUR      10.38
Lehman Brothers Tr    7.60   5/21/2013     USD       4.83
JP Morgan Structur   14.00  11/23/2029     ZMW      64.99
Credit Suisse AG/L    8.00   6/11/2020     USD       9.75
Oberoesterreichisc    0.30   4/25/2042     EUR      52.75
LBI HF                8.65    5/1/2011     ISK       2.77
LBI HF                5.08    3/1/2013     ISK       2.77
Oesterreichische V    5.25  12/20/2022     EUR      41.38
LBI HF                4.38  10/20/2008     EUR       2.77
LBI HF                3.11  11/10/2008     EUR       2.77
LBI HF                2.22  10/15/2019     JPY       2.77
Nesset Sparebank      2.80                 NOK      59.46
LBI HF                7.75   2/22/2016     USD       2.77
Oesterreichische V    1.55   5/18/2020     EUR      49.13
BNP Paribas SA        0.50   2/13/2024     NZD      67.99
Municipality Finan    0.50   7/30/2029     AUD      63.92
Bamble Sparebank      2.68                 NOK      57.79
Oesterreichische V    5.50   8/26/2025     EUR      31.50
LBI HF                6.75   8/18/2015     EUR       2.77
Oesterreichische V    1.32    2/8/2019     EUR      60.75
BNP Paribas SA        6.64   4/26/2021     RUB      76.08
Waste Management N   18.30   6/15/2022     RUB     100.00
Landesbank Hessen-    4.80   8/21/2015     EUR      62.10
Lehman Brothers Tr    4.20   12/3/2008     HKD       4.83
Credit Suisse AG/N    7.00  10/29/2015     CHF      67.34
UBS AG               24.75   9/25/2015     EUR      54.66
Leonteq Securities   12.20   7/22/2015     EUR      72.05
Credit Suisse AG/N    8.13   7/15/2015     CHF      62.87
UBS AG/London         5.50  10/29/2015     USD      67.88
Bank Julius Baer &   10.50   10/9/2015     USD      68.85
Leonteq Securities   12.10  10/22/2015     USD      35.95
Credit Suisse AG/N    8.25   9/14/2015     CHF      65.83
Glitnir HF            6.00  12/10/2009     ISK       0.02
Lehman Brothers Tr    7.00   2/15/2010     CHF       4.83
Lehman Brothers Tr    0.50  12/20/2017     AUD       4.83
Lehman Brothers Tr    4.90   7/28/2020     EUR       4.83
Lehman Brothers Tr   13.50  11/28/2008     USD       4.83
National Capital J   11.50   3/18/2016     RUB     100.02
SAir Group            6.25  10/27/2002     CHF      12.25
TransFin-M OJSC      14.00   2/21/2017     RUB     100.00
Kommunalbanken AS     0.50   11/8/2018     BRL      69.34
Kommunalbanken AS     0.50   2/23/2018     BRL      73.78
Lehman Brothers Tr    4.50    3/7/2015     EUR       4.83
PCZ SA                9.40   6/30/2017     PLN       1.20
Lehman Brothers Tr    9.75   6/22/2018     USD       4.83
Deutsche Bank AG      5.20   6/21/2016     EUR      68.90
LBI HF                5.25    6/5/2023     EUR       2.77
Sparebanken Din       2.52                 NOK      74.63
Ofoten Sparebank      2.50                 NOK      72.02
Municipality Finan    0.25   6/28/2040     CAD      28.99
Barclays Bank PLC     2.33    1/2/2041     USD      73.58
Oesterreichische V    6.60    5/6/2023     EUR      44.13
e-Kancelaria Grupa    8.07   9/15/2016     PLN       1.00
UniCredit Bank AG     4.10   6/24/2016     EUR      77.57
Mortgage Agent AHM    9.00  11/20/2042     RUB      51.10
LBBW                  3.60   6/23/2017     EUR      76.64
DZ Bank AG Deutsch    5.00   7/24/2015     EUR      43.40
Deutsche Bank AG      6.20  12/22/2015     EUR      55.50
Banque Cantonale V    9.03   7/23/2015     CAD      50.93
DZ Bank AG Deutsch    4.80  12/23/2015     EUR      63.42
UBS AG               12.25  12/29/2015     EUR      73.53
UBS AG               24.75   9/25/2015     EUR      71.80
UBS AG               23.25   9/25/2015     EUR      72.53
Glitnir HF            5.25  10/23/2011     ISK      14.00
Lehman Brothers Tr    0.50  12/20/2017     AUD      16.25
Lehman Brothers Tr    4.10   5/20/2009     USD       4.83
Vnesheconombank       2.00   6/18/2021     RUB      57.25
BNP Paribas SA        0.50   9/29/2029     AUD      50.55
e-Kancelaria Grupa    8.00  10/17/2016     PLN       3.00
Lehman Brothers Tr    6.85  12/22/2008     EUR       4.83
Lehman Brothers Tr    7.60   3/26/2009     EUR       4.83
Lehman Brothers Tr   12.00   7/13/2037     JPY       4.83
Lehman Brothers Tr   10.00   6/11/2038     JPY       4.83
Glitnir HF            0.01    8/3/2009     JPY      14.00
Kaupthing Bank Hf     5.80    9/7/2012     EUR      14.25
Lehman Brothers Tr    6.00   12/6/2016     USD       4.83
Lehman Brothers Tr    7.00   7/11/2010     EUR       4.83
Lehman Brothers Tr    6.00   7/28/2010     EUR       4.83
Lehman Brothers Tr    6.00   7/28/2010     EUR       4.83
Lehman Brothers Tr    6.00   6/21/2011     EUR       4.83
Fonciere Volta SA     4.50   7/30/2020     EUR       2.45
Lehman Brothers Tr    4.15   8/25/2020     EUR       4.83
Glitnir HF            3.25   9/15/2015     EUR      14.00
Lehman Brothers Tr    5.00    8/1/2025     EUR       4.83
Lehman Brothers Tr    0.75   3/29/2012     EUR       4.83
Glitnir HF            3.30   6/10/2010     EUR      14.00
Glitnir HF            5.35   5/11/2010     USD      14.00
Kaupthing Bank Hf     0.95  10/20/2010     JPY      14.25
Glitnir HF            6.75   3/27/2013     EUR      14.00
Diversified Financ    2.18   7/27/2016     EUR      62.36
Lehman Brothers Tr    6.50   5/16/2015     EUR       4.83
Glitnir HF            2.75   3/31/2010     EUR      14.00
Lehman Brothers Tr    2.00  11/16/2009     EUR       4.83
Lehman Brothers Tr   10.00    1/4/2010     USD       4.83
Kaupthing Bank Hf     7.90   4/28/2016     EUR      14.25
Glitnir HF            2.57  12/31/2013     EUR      14.00
Lehman Brothers Tr    0.50   2/16/2009     EUR       4.83
Lehman Brothers Tr    4.25   3/13/2021     EUR       4.83
Glitnir HF            4.85    4/6/2012     EUR      14.00
Kaupthing Bank Hf     5.40   3/22/2014     ISK       0.00
Glitnir HF            0.01    5/6/2009     JPY      14.00
Glitnir HF            4.50    1/9/2012     EUR      14.00
Lehman Brothers Tr    4.70   3/23/2016     EUR       4.83
Glitnir HF            3.63    4/5/2009     EUR      14.00
Lehman Brothers Tr    3.70    6/6/2009     EUR       4.83
Lehman Brothers Tr   11.00  12/19/2011     USD       4.83
Lehman Brothers Tr    9.00   6/13/2009     USD       4.83
Lehman Brothers Tr    9.00   3/17/2009     GBP       4.83
Lehman Brothers Tr    7.00  11/28/2008     CHF       4.83
Lehman Brothers Tr   10.50    8/9/2010     EUR       4.83
Lehman Brothers Tr    8.00   5/22/2009     USD       4.83
Lehman Brothers Tr    2.50  12/15/2011     GBP       4.83
Lehman Brothers Tr    4.00  11/24/2016     EUR       4.83
Lehman Brothers Tr   10.00   3/27/2009     USD       4.83
Lehman Brothers Tr    7.00   4/14/2009     EUR       4.83
Lehman Brothers Tr    0.25   7/21/2014     EUR       4.83
Lehman Brothers Tr    4.95  10/25/2036     EUR       4.83
Lehman Brothers Tr   11.00   6/29/2009     EUR       4.83
Lehman Brothers Tr    8.00    8/3/2009     USD       4.83
Lehman Brothers Tr    5.50   6/15/2009     CHF       4.83
Lehman Brothers Tr    1.50  10/25/2011     EUR       4.83
Lehman Brothers Tr    8.50    7/6/2009     CHF       4.83
Lehman Brothers Tr    6.50   7/24/2026     EUR       4.83
Kaupthing Bank Hf     1.75    6/7/2016     EUR      14.25
Glitnir HF            5.86   7/28/2016     GBP      14.00
UralCapitalBank OO   14.50  11/24/2022     RUB     100.00
Lehman Brothers Tr    4.50    3/6/2013     CHF       4.83
Lehman Brothers Tr    4.00   4/24/2009     USD       4.83
Lehman Brothers Tr    7.38   9/20/2008     EUR       4.83
Lehman Brothers Tr    3.85   4/24/2009     USD       4.83
Lehman Brothers Tr    7.25   10/6/2008     EUR       4.83
Glitnir HF            6.31   7/28/2011     USD      14.00
Lehman Brothers Tr    7.50   9/13/2009     CHF       4.83
LBI HF                4.40  11/30/2035     EUR       0.01
Lehman Brothers Tr    4.50    8/2/2009     USD       4.83
Lehman Brothers Tr    5.75   6/15/2009     CHF       4.83
Lehman Brothers Tr    7.50  10/24/2008     USD       4.83
Lehman Brothers Tr    6.00  10/24/2008     EUR       4.83
Lehman Brothers Tr    7.75   1/30/2009     EUR       4.83
Glitnir HF            3.50  10/30/2012     EUR      14.00
Lehman Brothers Tr   14.90   9/15/2008     EUR       4.83
Lehman Brothers Tr    6.00   5/12/2017     EUR       4.83
Lehman Brothers Tr    6.60   2/22/2012     EUR       4.83
Lehman Brothers Tr    4.10   2/19/2010     EUR       4.83
Lehman Brothers Tr    5.20   3/19/2018     EUR       4.83
Lehman Brothers Tr    5.00   2/28/2032     EUR       4.83
Lehman Brothers Tr    6.75    4/5/2012     EUR       4.83
Lehman Brothers Tr    3.50  10/31/2011     USD       4.83
Lehman Brothers Tr    0.25  10/19/2012     CHF       4.83
Lehman Brothers Tr    9.00   5/15/2022     USD       4.83
DZ Bank AG Deutsch    7.00   6/24/2016     EUR      72.00
e-Kancelaria Grupa   10.00   11/6/2015     PLN       2.01
Bank Julius Baer &   13.70   5/13/2016     USD      66.20
Bank J Safra Saras    5.75  12/17/2015     CHF      68.35
DZ Bank AG Deutsch    7.75   7/24/2015     EUR      69.34
Goldman Sachs & Co   19.00   9/23/2015     EUR      75.11
Goldman Sachs & Co   24.00   9/23/2015     EUR      71.33
Goldman Sachs & Co   22.00   1/20/2016     EUR      74.02
DZ Bank AG Deutsch    5.25   3/29/2016     EUR      75.07
HSBC Trinkaus & Bu    8.00   3/25/2016     EUR      76.56
HSBC Trinkaus & Bu   11.40   7/24/2015     EUR      71.53
HSBC Trinkaus & Bu   17.50  12/28/2015     EUR      57.02
HSBC Trinkaus & Bu   10.00  12/28/2015     EUR      64.25
HSBC Trinkaus & Bu   13.90   8/28/2015     EUR      58.69
Goldman Sachs & Co   20.00  10/21/2015     EUR      74.40
Goldman Sachs & Co   22.00  10/21/2015     EUR      72.66
Goldman Sachs & Co   18.00  11/25/2015     EUR      75.60
Goldman Sachs & Co   19.00  12/23/2015     EUR      75.14
Goldman Sachs & Co   18.00   1/20/2016     EUR      76.07
Goldman Sachs & Co   19.00   3/23/2016     EUR      75.75
DZ Bank AG Deutsch    5.00   9/25/2015     EUR      74.88
DZ Bank AG Deutsch    5.00  12/28/2015     EUR      73.35
HSBC Trinkaus & Bu   14.70  12/28/2015     EUR      68.96
HSBC Trinkaus & Bu    9.20  11/27/2015     EUR      74.73
HSBC Trinkaus & Bu    6.60   9/25/2015     EUR      68.82
HSBC Trinkaus & Bu   13.70  12/28/2015     EUR      60.13
HSBC Trinkaus & Bu    6.60  12/28/2015     EUR      69.72
UniCredit Bank AG     4.60   3/24/2016     EUR      76.25
BNP Paribas Emissi    7.50  12/24/2015     EUR      74.43
BNP Paribas Emissi    9.00  12/24/2015     EUR      72.39
BNP Paribas Emissi    7.00   9/24/2015     EUR      70.12
BNP Paribas Emissi   14.00   9/24/2015     EUR      71.48
BNP Paribas Emissi    8.00  12/24/2015     EUR      72.28
Goldman Sachs & Co   25.00   8/26/2015     EUR      61.70
Goldman Sachs & Co   24.00   9/23/2015     EUR      63.50
Goldman Sachs & Co   18.00  10/21/2015     EUR      67.41
Goldman Sachs & Co   13.00  12/23/2015     EUR      72.48
Goldman Sachs & Co   20.00  11/25/2015     EUR      66.23
Commerzbank AG        7.00  10/22/2015     EUR      63.42
DZ Bank AG Deutsch    8.80  12/23/2015     EUR      68.25
Goldman Sachs & Co   19.00   9/23/2015     EUR      66.20
Goldman Sachs & Co   22.00  10/21/2015     EUR      64.82
Goldman Sachs & Co   19.00  12/23/2015     EUR      67.34
Goldman Sachs & Co   16.00   3/23/2016     EUR      70.03
Commerzbank AG       10.75  12/24/2015     EUR      66.28
Commerzbank AG       14.75  12/24/2015     EUR      62.08
Commerzbank AG        8.25  12/24/2015     EUR      66.39
Lehman Brothers Tr    7.25   6/20/2010     USD       4.83
Lehman Brothers Tr    5.12   4/30/2027     EUR       4.83
Lehman Brothers Tr    4.10   8/23/2010     USD       4.83
Lehman Brothers Tr    0.01   9/20/2011     USD       4.83
Goldman Sachs & Co   24.00   9/23/2015     EUR      76.56
Goldman Sachs & Co   18.00   1/20/2016     EUR      68.28
Goldman Sachs & Co   21.00   1/20/2016     EUR      66.58
Goldman Sachs & Co   10.00   6/22/2016     EUR      75.98
Deutsche Bank AG      3.20   6/22/2016     EUR      76.60
Deutsche Bank AG      6.20  11/25/2015     EUR      71.20
Deutsche Bank AG      7.20  11/25/2015     EUR      71.60
Deutsche Bank AG      7.20   3/22/2016     EUR      73.80
Deutsche Bank AG      5.20   6/22/2016     EUR      76.00
DZ Bank AG Deutsch    5.25  12/28/2015     EUR      73.79
DZ Bank AG Deutsch    8.75  12/28/2015     EUR      69.31
DZ Bank AG Deutsch    9.20  11/25/2015     EUR      68.43
UBS AG/London        13.25  12/29/2015     EUR      72.48
UBS AG/London        10.25  12/29/2015     EUR      71.08
UBS AG/London        14.50  12/29/2015     EUR      68.95
Vontobel Financial    9.00  11/27/2015     EUR      74.55
Goldman Sachs & Co    9.00   9/23/2015     EUR      75.72
Vontobel Financial    7.95   9/11/2015     EUR      75.76
UBS AG/London        12.35   11/3/2015     CHF      52.25
UBS AG/London         8.48   11/3/2015     CHF      51.20
Commerzbank AG       11.25  12/24/2015     EUR      70.41
Commerzbank AG       14.25  12/24/2015     EUR      67.04
Bank Julius Baer &   13.70  11/11/2015     CHF      55.55
Vontobel Financial    9.70   9/25/2015     EUR      75.78
Goldman Sachs & Co    9.00   8/26/2015     EUR      72.37
DZ Bank AG Deutsch   11.00  10/23/2015     EUR      59.14
Commerzbank AG       12.75  10/22/2015     EUR      71.85
UBS AG/London        11.25   9/25/2015     EUR      68.63
Commerzbank AG        7.00   9/24/2015     EUR      58.05
Lehman Brothers Tr    2.40   6/20/2011     JPY       4.83
Commerzbank AG       11.25  11/26/2015     EUR      66.45
UBS AG/London        11.50  11/26/2015     CHF      58.26
UBS AG/London        10.75  11/26/2015     CHF      57.96
Lehman Brothers Tr    1.60   6/21/2010     JPY       4.83
Commerzbank AG       14.25  11/26/2015     EUR      63.07
Commerzbank AG        7.50  11/26/2015     EUR      76.64
UniCredit Bank AG     4.30  12/24/2015     EUR      74.27
Leonteq Securities   11.00   12/4/2015     USD      66.11
Commerzbank AG       12.75  11/26/2015     EUR      75.99
Commerzbank AG        9.50  11/26/2015     EUR      73.77
Zurcher Kantonalba    5.25   12/4/2015     CHF      62.03
Bank Julius Baer &    6.50   12/4/2015     EUR      72.30
Commerzbank AG        8.50  11/26/2015     EUR      70.64
Goldman Sachs & Co   21.00  11/25/2015     EUR      70.26
Bank Julius Baer &    7.90  11/20/2015     USD      63.00
Notenstein Privatb    8.50  11/28/2016     CHF      67.21
Leonteq Securities    6.00  11/28/2016     CHF      59.85
UniCredit Bank AG     4.30  12/24/2015     EUR      75.67
Goldman Sachs & Co   25.00   8/26/2015     EUR      65.38
Credit Suisse AG/L    8.00  11/29/2019     USD       8.78
DZ Bank AG Deutsch   10.25  11/27/2015     EUR      75.82
Vontobel Financial    8.00   12/4/2015     EUR      70.95
Societe Generale S   17.60  11/17/2015     EUR      47.75
Commerzbank AG        7.75  10/22/2015     EUR      70.22
Commerzbank AG        9.50  10/22/2015     EUR      66.97
Commerzbank AG       11.50  10/22/2015     EUR      64.10
Commerzbank AG       13.75  10/22/2015     EUR      61.69
Commerzbank AG       15.75  10/22/2015     EUR      59.42
Notenstein Privatb    8.20   5/27/2016     CHF      58.78
UniCredit Bank AG     4.25  12/24/2015     EUR      76.98
UniCredit Bank AG     4.50  12/24/2015     EUR      71.99
UniCredit Bank AG     4.45  12/24/2015     EUR      73.19
UniCredit Bank AG     4.40  12/24/2015     EUR      74.42
HSBC Trinkaus & Bu   11.90   9/25/2015     EUR      73.77
Commerzbank AG       13.25  11/26/2015     EUR      64.45
Commerzbank AG        7.50  11/26/2015     EUR      72.34
Commerzbank AG        7.75  11/26/2015     EUR      75.06
HSBC Trinkaus & Bu   17.00  12/28/2015     EUR      52.73
HSBC Trinkaus & Bu   11.90  12/28/2015     EUR      56.78
HSBC Trinkaus & Bu    8.70  12/28/2015     EUR      60.62
Goldman Sachs & Co   20.00   9/23/2015     EUR      76.14
Goldman Sachs & Co   25.00   9/23/2015     EUR      73.11
Goldman Sachs & Co   23.00  10/21/2015     EUR      74.51
Goldman Sachs & Co   22.00  12/23/2015     EUR      65.40
Goldman Sachs & Co   10.00   1/20/2016     EUR      74.17
Goldman Sachs & Co   15.00   1/20/2016     EUR      70.39
Goldman Sachs & Co   15.00   6/22/2016     EUR      71.16
Goldman Sachs & Co   17.00   6/22/2016     EUR      69.90
Deutsche Bank AG      7.20   6/22/2016     EUR      73.30
Deutsche Bank AG      5.20   6/22/2016     EUR      73.70
Zurcher Kantonalba    9.00  12/16/2015     EUR      74.83
Commerzbank AG       10.00  11/26/2015     EUR      72.32
e-Kancelaria Grupa   10.00   6/27/2016     PLN       2.17
Commerzbank AG       10.25  11/26/2015     EUR      68.08
Commerzbank AG        8.25  11/26/2015     EUR      70.18
Powszechne Towarzy    8.01    8/1/2016     PLN      32.00
Royal Bank of Scot    1.69  11/14/2016     GBP       1.07
UBS AG/London         9.00   6/24/2016     EUR      73.35
DZ Bank AG Deutsch    8.25  12/28/2015     EUR      60.14
UBS AG                8.15   7/21/2015     USD      45.51
Vontobel Financial    8.00  11/27/2015     EUR      75.05
Vontobel Financial    8.55  12/28/2015     EUR      75.10
Vontobel Financial   10.25   9/25/2015     EUR      73.26
DZ Bank AG Deutsch    7.75  11/27/2015     EUR      72.62
DZ Bank AG Deutsch    9.75  11/27/2015     EUR      68.96
Commerzbank AG       10.00  10/22/2015     EUR      75.17
Deutsche Bank AG      6.20   6/21/2016     EUR      75.20
Deutsche Bank AG      6.20   9/22/2015     EUR      73.80
Deutsche Bank AG      7.20   6/21/2016     EUR      76.10
Deutsche Bank AG      7.20  12/22/2015     EUR      75.30
Deutsche Bank AG      7.20   9/22/2015     EUR      74.00
Deutsche Bank AG      6.20  12/22/2015     EUR      74.80
Zurcher Kantonalba    5.60  11/18/2015     USD      71.96
UniCredit Bank AG     4.10  12/24/2015     EUR      76.61
UniCredit Bank AG     4.20  12/24/2015     EUR      75.43
UniCredit Bank AG     4.40  12/24/2015     EUR      73.11
BNP Paribas Emissi    9.50   6/23/2016     EUR      75.53
UBS AG/London         9.25   3/29/2016     EUR      72.10
UBS AG/London        10.25   6/24/2016     EUR      71.33
DZ Bank AG Deutsch   14.50   8/28/2015     EUR      61.41
DZ Bank AG Deutsch   14.00   8/28/2015     EUR      73.76
DZ Bank AG Deutsch   13.00   8/28/2015     EUR      61.87
UniCredit Bank AG     4.80   3/24/2016     EUR      75.00
BNP Paribas Emissi   13.00  12/24/2015     EUR      59.31
BNP Paribas Emissi   11.00  12/24/2015     EUR      70.74
UniCredit Bank AG     5.00   3/24/2016     EUR      73.78
BNP Paribas Emissi    9.00   9/24/2015     EUR      70.51
BNP Paribas Emissi    7.00  12/24/2015     EUR      71.84
BNP Paribas Emissi   10.00  12/24/2015     EUR      73.17
BNP Paribas Emissi    9.00   1/21/2016     EUR      71.64
UBS AG/London        11.75   6/24/2016     EUR      69.77
UBS AG               10.67   7/20/2015     USD      45.65
Deutsche Bank AG      8.00  10/30/2015     USD       8.43
DZ Bank AG Deutsch    7.50  11/27/2015     EUR      65.79
Goldman Sachs & Co   23.00  12/23/2015     EUR      72.78
Leonteq Securities    9.40  11/17/2015     CHF      73.67
HSBC Trinkaus & Bu   12.40  11/27/2015     EUR      61.17
BNP Paribas Emissi    9.00  12/24/2015     EUR      75.35
BNP Paribas Emissi   11.00  12/24/2015     EUR      73.83
BNP Paribas Emissi   12.00  12/24/2015     EUR      72.00
UBS AG/London        13.00   3/29/2016     EUR      68.31
UBS AG/London        14.75   3/29/2016     EUR      66.69
UBS AG/London        11.00   3/29/2016     EUR      69.98
UBS AG/London        14.75   6/24/2016     EUR      67.31
UBS AG/London        11.75  11/12/2015     CHF      51.50
DZ Bank AG Deutsch    8.00   1/22/2016     EUR      67.83
Deutsche Bank AG      6.20  11/25/2015     EUR      76.20
Deutsche Bank AG      6.20  11/25/2015     EUR      73.60
Vontobel Financial    4.85  12/11/2015     EUR      72.86
Deutsche Bank AG      7.20  11/25/2015     EUR      76.60
Vontobel Financial    9.45  12/11/2015     EUR      75.02
Vontobel Financial    6.00  12/11/2015     EUR      71.02
Vontobel Financial    4.55   9/11/2015     EUR      69.36
Deutsche Bank AG      5.20  11/25/2015     EUR      73.30
Deutsche Bank AG      6.20   3/22/2016     EUR      76.20
Commerzbank AG       12.00  11/26/2015     EUR      60.16
Vontobel Financial    4.70   9/11/2015     EUR      72.02
Deutsche Bank AG      5.20   3/22/2016     EUR      75.50
Commerzbank AG       10.00   9/24/2015     EUR      73.44
Commerzbank AG        8.50  11/26/2015     EUR      74.51
Deutsche Bank AG      7.20  11/25/2015     EUR      74.00
Deutsche Bank AG      7.20   3/22/2016     EUR      76.90
ECA                   2.50    1/1/2018     EUR       9.15
Vontobel Financial    4.85  12/11/2015     EUR      70.55
HSBC Trinkaus & Bu   10.90   8/28/2015     EUR      75.39
UniCredit Bank AG     4.25   6/24/2016     EUR      74.86
UBS AG/London        16.50   3/29/2016     EUR      65.31
DZ Bank AG Deutsch    6.00  11/27/2015     EUR      73.94
Zurcher Kantonalba    7.80  12/11/2015     CHF      63.52
Deutsche Bank AG      5.20  11/25/2015     EUR      75.80
Lehman Brothers Tr    4.82  12/18/2036     EUR       4.83
Lehman Brothers Tr    4.68  12/12/2045     EUR       4.83
Glitnir HF            3.00  12/15/2009     EUR      14.00
Glitnir HF            0.50  11/26/2009     EUR      14.00
Lehman Brothers Tr    6.70   4/21/2011     USD       4.83
Lehman Brothers Tr   13.00  12/14/2012     USD       4.83
Lehman Brothers Tr    3.82  10/20/2009     USD       4.83
KPNQwest NV           7.13    6/1/2009     EUR       0.50
Leonteq Securities    6.25  11/13/2015     CHF      53.39
Lehman Brothers Tr    6.00   5/23/2018     CZK       4.83
Lehman Brothers Tr    0.80  12/30/2016     EUR       4.83
EFG International    12.86  10/30/2017     EUR      64.23
Lehman Brothers Tr    4.00   5/30/2010     USD       4.83
Lehman Brothers Tr    4.00   5/17/2010     USD       4.83
Lehman Brothers Tr    2.25   5/12/2009     USD       4.83
Lehman Brothers Tr    7.50   6/15/2017     USD       4.83
Leonteq Securities    6.00    1/7/2016     EUR      31.58
Lehman Brothers Tr    6.00  12/30/2017     EUR       4.83
Lehman Brothers Tr    3.50   6/20/2011     EUR       4.83
Lehman Brothers Tr    7.50   2/14/2010     AUD       4.83
Lehman Brothers Tr    5.50   6/22/2010     USD       4.83
LBI HF                5.44    9/3/2018     EUR       0.01
Lehman Brothers Tr    5.50    7/8/2013     EUR       4.83
Kaupthing Bank Hf     6.50   10/8/2010     ISK      14.25
Lehman Brothers Tr    3.10    6/4/2010     USD       4.83
Kaupthing Bank Hf     7.50   12/5/2014     ISK      14.25
Lehman Brothers Tr    2.30   6/27/2013     USD       4.83
Lehman Brothers Tr    2.37   7/15/2013     USD       4.83
Lehman Brothers Tr   16.00  12/26/2008     USD       4.83
Lehman Brothers Tr   13.43    1/8/2009     ILS       4.83
Lehman Brothers Tr    0.50    7/2/2020     EUR       4.83
Lehman Brothers Tr    7.75    1/3/2012     AUD       4.83
Lehman Brothers Tr    8.00   3/19/2012     USD       4.83
Lehman Brothers Tr    7.05    4/8/2015     USD       4.83
Lehman Brothers Tr    7.15   3/21/2013     USD       4.83
Leonteq Securities    6.20   7/15/2016     EUR      73.06
Lehman Brothers Tr    0.50    8/1/2020     EUR       4.83
Lehman Brothers Tr    6.25  11/30/2012     EUR       4.83
Leonteq Securities    5.25   2/26/2016     CHF      57.63
Lehman Brothers Tr    7.63   7/22/2011     HKD       4.83
Leonteq Securities    3.10    3/1/2016     EUR      46.88
Leonteq Securities    3.90    3/1/2016     EUR      51.99
UBS AG               10.00  12/29/2015     EUR      70.83
UBS AG               12.50  12/29/2015     EUR      55.40
Lehman Brothers Tr    6.72  12/29/2008     EUR       4.83
Lehman Brothers Tr    7.06  12/29/2008     EUR       4.83
Kaupthing Bank Hf     5.00   11/8/2013     EUR      14.25
Lehman Brothers Tr    2.50   8/23/2012     GBP       4.83
Lehman Brothers Tr    3.00   8/13/2011     EUR       4.83
Glitnir HF            5.25    5/2/2014     ISK      14.00
Lehman Brothers Tr    6.00   9/20/2011     EUR       4.83
Lehman Brothers Tr   11.00    5/9/2020     USD       4.83
Lehman Brothers Tr    4.00    6/5/2011     USD       4.83
Societe Generale E    4.00   6/26/2017     EUR      50.25
Lehman Brothers Tr    2.50   8/15/2012     CHF       4.83
Lehman Brothers Tr    6.25    9/5/2011     EUR       4.83
Lehman Brothers Tr    5.25    7/8/2014     EUR       4.83
Lehman Brothers Tr    2.30    6/6/2013     USD       4.83
Lehman Brothers Tr    7.50   5/30/2010     AUD       4.83
Lehman Brothers Tr    4.30    6/4/2012     USD       4.83
Lehman Brothers Tr    4.00   8/11/2010     USD      19.13
Lehman Brothers Tr    4.80  11/16/2012     HKD       4.83
Lehman Brothers Tr    3.50  12/20/2027     USD       4.83
Lehman Brothers Tr    5.50  11/30/2012     CZK       4.83
Lehman Brothers Tr   14.90  11/16/2010     EUR       4.83
Lehman Brothers Tr    6.00  10/30/2012     USD       4.83
Lehman Brothers Tr    6.60    2/9/2009     EUR       4.83
Lehman Brothers Tr    1.50  10/12/2010     EUR       4.83
Lehman Brothers Tr    7.00  10/22/2010     EUR       4.83
Lehman Brothers Tr    8.00  10/23/2008     USD       4.83
LBI HF                7.43                 USD       0.00
Lehman Brothers Tr   18.25   10/2/2008     USD       4.83
Glitnir HF            6.38   9/25/2012     USD      14.00
Lehman Brothers Tr    3.40   9/21/2009     HKD       4.83
Lehman Brothers Tr    4.00  10/12/2010     USD       4.83
Leasing-Experts SA    9.00    6/5/2016     PLN      69.85
Lehman Brothers Tr   16.20   5/14/2009     USD       4.83
Lehman Brothers Tr   10.60   4/22/2014     MXN       4.83
Notenstein Privatb    6.00   5/24/2016     EUR      75.94
Lehman Brothers Tr   16.00   11/9/2008     USD       4.83
Kaupthing Bank Hf     7.50    4/2/2011     EUR      14.25
Kaupthing Bank Hf     7.50   10/2/2010     EUR      14.25
Lehman Brothers Tr    4.60    8/1/2013     EUR       4.83
Lehman Brothers Tr    8.00   5/22/2009     USD       4.83
Lehman Brothers Tr   15.00    6/4/2009     CHF       4.83
Lehman Brothers Tr    5.00   3/13/2009     EUR       4.83
UBS AG               12.75  12/29/2015     EUR      72.24
UBS AG               13.75  12/29/2015     EUR      68.56
Lehman Brothers Tr   17.00    6/2/2009     USD       4.83
Lehman Brothers Tr   10.00  10/22/2008     USD       4.83
Lehman Brothers Tr    6.60   5/23/2012     AUD       4.83
Lehman Brothers Tr    5.50   4/23/2014     EUR       4.83
UBS AG               11.50  12/29/2015     EUR      76.36
Lehman Brothers Tr   10.00   6/17/2009     USD       4.83
UBS AG               14.50  12/29/2015     EUR      66.40
UBS AG               14.25  12/29/2015     EUR      63.37
Lehman Brothers Tr    7.60    3/4/2010     NZD       4.83
Lehman Brothers Tr   13.50    6/2/2009     USD       4.83
Lehman Brothers Tr    6.45   2/20/2010     AUD       4.83
Lehman Brothers Tr    3.45   5/23/2013     USD       4.83
Lehman Brothers Tr   16.00  10/28/2008     USD       4.83
Lehman Brothers Tr    5.00   2/15/2018     EUR       4.83
Lehman Brothers Tr    8.00   3/21/2018     USD       4.83
Lehman Brothers Tr    4.00   3/10/2011     EUR       4.83
Kaupthing Bank Hf     0.69   5/21/2011     JPY      14.25
Leonteq Securities    5.60  11/20/2015     GBP      50.91
Leonteq Securities    7.60  11/20/2015     USD      34.32
Raiffeisen Centrob    2.40  12/19/2016     EUR      63.34
Gold-Zack AG          7.00  12/14/2005     EUR      12.01
Zurcher Kantonalba    3.67   1/25/2016     CHF      50.04
Lehman Brothers Tr    8.05  12/20/2010     HKD       4.83
Kaupthing Bank Hf     1.65    7/5/2010     JPY      14.25
Kaupthing Bank Hf     1.99    7/5/2012     JPY      14.25
Leonteq Securities    7.00   1/22/2016     CHF      46.31
Kaupthing Bank Hf     0.20   7/12/2009     JPY      14.25
Lehman Brothers Tr   13.00   7/25/2012     EUR       4.83
Lehman Brothers Tr   10.00    8/2/2037     JPY       4.83
Kaupthing Bank Hf     4.47  10/27/2010     EUR      14.25
Kaupthing Bank Hf     7.00   4/28/2012     ISK       0.00
Lehman Brothers Tr   12.22  11/21/2017     USD       4.83
Lehman Brothers Tr    4.60  10/11/2017     ILS      19.13
Lehman Brothers Tr    0.50  12/20/2017     USD       4.83
Lehman Brothers Tr    0.50  12/20/2017     USD       4.83
Lehman Brothers Tr    0.50  12/20/2017     USD       4.83
Lehman Brothers Tr    0.50  12/20/2017     USD       4.83
Lehman Brothers Tr    5.38    2/4/2014     USD       4.83
Lehman Brothers Tr    6.30  12/21/2018     USD       4.83
Lehman Brothers Tr    2.48   5/12/2009     USD       4.83
Lehman Brothers Tr    8.80  12/27/2009     EUR       4.83
Glitnir HF            7.32  12/19/2012     USD      14.00
Lehman Brothers Tr   11.00  12/20/2017     AUD       4.83
Lehman Brothers Tr   11.00  12/20/2017     AUD       4.83
Kaupthing Bank Hf     7.00    1/3/2011     EUR      14.25
Lehman Brothers Tr    1.95   11/4/2013     EUR       4.83
Lehman Brothers Tr    5.25    4/1/2023     EUR       4.83
BNP Paribas Emissi    3.50  10/22/2015     EUR      73.17
BNP Paribas Emissi    5.00  10/22/2015     EUR      70.76
BNP Paribas Emissi    7.50  10/22/2015     EUR      67.93
BNP Paribas Emissi    4.50   1/21/2016     EUR      73.76
BNP Paribas Emissi    6.00   1/21/2016     EUR      71.85
BNP Paribas Emissi    4.50   7/21/2016     EUR      74.30
BNP Paribas Emissi    6.00   7/21/2016     EUR      72.50
Notenstein Privatb    6.80   4/15/2016     CHF      72.56
Bank Julius Baer &    5.40   4/15/2016     CHF      71.90
DZ Bank AG Deutsch    5.00   3/29/2016     EUR      72.90
Deutsche Bank AG      7.20   3/22/2016     EUR      75.70
Deutsche Bank AG      6.20   9/20/2016     EUR      71.00
Deutsche Bank AG      7.20   9/20/2016     EUR      69.00
Deutsche Bank AG      6.20   3/22/2016     EUR      69.90
Deutsche Bank AG      5.20   3/22/2016     EUR      69.20
Deutsche Bank AG      6.20   6/21/2016     EUR      74.70
Deutsche Bank AG      6.20   6/21/2016     EUR      72.20
Deutsche Bank AG      7.20   6/21/2016     EUR      73.20
Deutsche Bank AG      6.20   9/20/2016     EUR      67.80
Deutsche Bank AG      7.20   9/20/2016     EUR      72.20
Deutsche Bank AG      6.20   3/22/2016     EUR      66.50
Deutsche Bank AG      5.20   9/20/2016     EUR      74.50
Deutsche Bank AG      5.20   9/20/2016     EUR      72.10
LBBW                  5.50  12/29/2015     EUR      76.04
HSBC Trinkaus & Bu   12.40   6/24/2016     EUR      67.45
HSBC Trinkaus & Bu   12.40   6/24/2016     EUR      67.45
HSBC Trinkaus & Bu    8.20   6/24/2016     EUR      69.21
HSBC Trinkaus & Bu   10.60   1/22/2016     EUR      66.76
HSBC Trinkaus & Bu    9.20   4/22/2016     EUR      68.03
Commerzbank AG       10.25   3/24/2016     EUR      68.39
Commerzbank AG       12.00   3/24/2016     EUR      67.20
LBBW                  2.50   9/25/2015     EUR      72.14
LBBW                  3.00   9/25/2015     EUR      74.23
LBBW                  4.00   9/25/2015     EUR      72.07
LBBW                  3.00   9/23/2016     EUR      76.49
LBBW                  4.50   9/23/2016     EUR      73.99
LBBW                  3.50   9/23/2016     EUR      74.34
LBBW                  4.50   9/23/2016     EUR      71.96
LBBW                  4.00   8/25/2017     EUR      72.38
LBBW                  3.00   9/28/2018     EUR      75.27
LBBW                  5.00   3/24/2017     EUR      74.43
LBBW                  4.00   4/22/2016     EUR      73.52
LBBW                  3.00  12/29/2015     EUR      77.36
LBBW                  4.50  12/29/2015     EUR      72.58
LBBW                  4.00  12/23/2016     EUR      75.35
LBBW                  2.50   8/28/2015     EUR      70.55
LBBW                  4.00   8/28/2015     EUR      67.31
LBBW                  5.00   3/29/2016     EUR      76.88
LBBW                  2.50   6/24/2016     EUR      76.85
LBBW                  4.00   6/24/2016     EUR      72.21
LBBW                  2.00   7/24/2015     EUR      75.49
LBBW                  3.50   7/24/2015     EUR      71.11
LBBW                  5.00   7/24/2015     EUR      67.60
LBBW                  2.50   7/24/2015     EUR      53.16
LBBW                  3.55   8/25/2017     EUR      75.50
LBBW                  3.75   9/22/2017     EUR      73.24
Commerzbank AG        6.75   4/21/2016     EUR      75.43
Commerzbank AG        9.25   4/21/2016     EUR      73.48
Bank Julius Baer &    4.90    5/6/2016     CHF      71.70
DZ Bank AG Deutsch   10.50  10/23/2015     EUR      68.43
DZ Bank AG Deutsch   15.00  10/23/2015     EUR      63.59
Przedsiebiorstwo P    9.01   3/31/2016     PLN      50.00
Lehman Brothers Tr    8.00  12/27/2032     JPY       4.83
Lehman Brothers Tr    1.50    2/8/2012     CHF       4.83
Lehman Brothers Tr    3.63    3/2/2012     EUR       4.83
Deutsche Bank AG      7.20  12/22/2015     EUR      74.30
Deutsche Bank AG      7.20  12/22/2015     EUR      69.10
Deutsche Bank AG      5.20  12/22/2015     EUR      73.40
Deutsche Bank AG      6.20  12/22/2015     EUR      73.90
Deutsche Bank AG      6.20  12/22/2015     EUR      68.60
Deutsche Bank AG      5.20   3/22/2016     EUR      74.30
Deutsche Bank AG      7.20   3/22/2016     EUR      73.10
Deutsche Bank AG      5.20   3/22/2016     EUR      71.70
Deutsche Bank AG      6.20   6/21/2016     EUR      66.60
Deutsche Bank AG      5.20   6/21/2016     EUR      65.60
Deutsche Bank AG      7.20   6/21/2016     EUR      67.50
Deutsche Bank AG      6.20   9/20/2016     EUR      73.30
Deutsche Bank AG      5.20   3/22/2016     EUR      65.80
Deutsche Bank AG      5.20   6/21/2016     EUR      73.80
Deutsche Bank AG      5.20   6/21/2016     EUR      71.30
Deutsche Bank AG      5.20   9/20/2016     EUR      69.80
Deutsche Bank AG      5.20  12/22/2015     EUR      68.20
Deutsche Bank AG      6.20  12/22/2015     EUR      65.10
Deutsche Bank AG      5.20  12/22/2015     EUR      64.60
Deutsche Bank AG      7.20  12/22/2015     EUR      65.50
Deutsche Bank AG      7.20   3/22/2016     EUR      67.20
Deutsche Bank AG      7.20   6/21/2016     EUR      70.80
Deutsche Bank AG      6.20   6/21/2016     EUR      69.90
Deutsche Bank AG      6.20   9/20/2016     EUR      75.70
Deutsche Bank AG      6.20   3/22/2016     EUR      75.00
Deutsche Bank AG      6.20   3/22/2016     EUR      72.40
Deutsche Bank AG      7.20   3/22/2016     EUR      70.60
Deutsche Bank AG      7.20   6/21/2016     EUR      75.70
Deutsche Bank AG      7.20   9/20/2016     EUR      74.50
Deutsche Bank AG      5.20   9/20/2016     EUR      66.60
Lehman Brothers Tr    7.75   2/21/2016     EUR       4.83
DZ Bank AG Deutsch    5.50   7/10/2015     EUR      71.08
Societe Generale S    5.50   7/27/2015     EUR      49.55
Vontobel Financial    6.80   9/11/2015     EUR      75.43
Vontobel Financial    7.95   9/11/2015     EUR      75.62
Vontobel Financial    6.05  12/11/2015     EUR      76.23
HSBC Trinkaus & Bu   11.00   9/23/2016     EUR      68.63
HSBC Trinkaus & Bu    7.60   9/23/2016     EUR      70.33
HSBC Trinkaus & Bu    9.90   2/26/2016     EUR      67.26
HSBC Trinkaus & Bu   10.00   5/27/2016     EUR      68.34
HSBC Trinkaus & Bu   10.00  11/27/2015     EUR      69.66
UniCredit Bank AG     5.00   3/24/2016     EUR      74.45
UniCredit Bank AG     4.80   3/24/2016     EUR      75.66
HSBC Trinkaus & Bu   21.60   9/25/2015     EUR      70.25
HSBC Trinkaus & Bu   16.90  12/28/2015     EUR      73.59
RegionEnergoInvest    8.50   5/30/2016     RUB      60.00
Medved-Finans OOO    12.50   8/22/2016     RUB      61.43
Agrokompleks OOO     10.00   7/29/2019     RUB      91.13
UBS AG/London         7.50    5/9/2016     CHF      72.54
Commerzbank AG        8.75   3/24/2016     EUR      75.00
Commerzbank AG       10.50   3/24/2016     EUR      73.52
Commerzbank AG       12.25   3/24/2016     EUR      72.19
Commerzbank AG        7.00   3/24/2016     EUR      72.01
Commerzbank AG       10.25   3/24/2016     EUR      69.39
UBS AG/London         4.00   3/29/2016     CHF      64.95
UniCredit Bank AG     4.60   3/24/2016     EUR      68.45
UniCredit Bank AG     5.00   3/24/2016     EUR      65.96
UniCredit Bank AG     4.80   3/24/2016     EUR      67.44
UniCredit Bank AG     4.50   3/24/2016     EUR      69.08
UniCredit Bank AG     4.00   6/24/2016     EUR      67.51
Leonteq Securities    9.00   2/16/2016     EUR      71.66
Bank Julius Baer &   12.80   1/29/2016     USD      61.75
HSBC Trinkaus & Bu   19.70   9/25/2015     EUR      70.34
HSBC Trinkaus & Bu   14.70   9/25/2015     EUR      73.48
HSBC Trinkaus & Bu   15.60  12/28/2015     EUR      73.44
HSBC Trinkaus & Bu   11.80  10/23/2015     EUR      76.02
HSBC Trinkaus & Bu   16.60   9/25/2015     EUR      71.98
HSBC Trinkaus & Bu   13.20  12/28/2015     EUR      74.45
HSBC Trinkaus & Bu   11.30  10/23/2015     EUR      76.01
DZ Bank AG Deutsch   12.50   8/28/2015     EUR      73.57
DZ Bank AG Deutsch   10.25   8/28/2015     EUR      58.35
Commerzbank AG       14.50  10/22/2015     EUR      70.76
Commerzbank AG       13.50   1/21/2016     EUR      72.76
LBBW                  3.00  10/28/2016     EUR      72.30
Commerzbank AG       14.75   1/21/2016     EUR      74.04
Commerzbank AG       10.25   1/21/2016     EUR      65.30
Commerzbank AG        7.25   1/21/2016     EUR      68.49
DZ Bank AG Deutsch   10.50   9/23/2015     EUR      69.32
Commerzbank AG        2.00    2/3/2016     EUR      59.53
BNP Paribas Emissi   13.00   9/24/2015     EUR      73.90
BNP Paribas Emissi   16.00   9/24/2015     EUR      71.66
BNP Paribas Emissi   19.00   9/24/2015     EUR      69.63
BNP Paribas Emissi   11.00  12/24/2015     EUR      75.89
BNP Paribas Emissi   15.00  12/24/2015     EUR      72.42
BNP Paribas Emissi   10.00   6/23/2016     EUR      75.93
Vontobel Financial   14.20   9/25/2015     EUR      74.21
HSBC Trinkaus & Bu   10.70   2/26/2016     EUR      69.94
Deutsche Bank AG      5.50  12/22/2015     EUR      70.90
Deutsche Bank AG      5.50  12/22/2015     EUR      64.80
Deutsche Bank AG      5.50   3/22/2016     EUR      66.70
Deutsche Bank AG      5.50   6/21/2016     EUR      71.60
DZ Bank AG Deutsch   11.25  10/23/2015     EUR      67.23
UBS AG/London         6.75  12/28/2015     CHF      74.70
Deutsche Bank AG      5.50   3/22/2016     EUR      72.60
Deutsche Bank AG      5.50   6/21/2016     EUR      66.60
Deutsche Bank AG      5.50  12/22/2015     EUR      70.00
Deutsche Bank AG      5.50  12/22/2015     EUR      65.90
Deutsche Bank AG      5.50   3/22/2016     EUR      71.70
Deutsche Bank AG      5.50   3/22/2016     EUR      67.70
Deutsche Bank AG      5.50   6/21/2016     EUR      70.40
Deutsche Bank AG      5.50   6/21/2016     EUR      66.70
Oesterreichische V    5.03   6/11/2019     EUR      66.50
Oesterreichische V    5.20    4/1/2020     EUR      59.88
LBI HF                7.25    4/2/2011     EUR       2.77
LBI HF                7.00    4/2/2010     EUR       2.77
Oesterreichische V    5.23   12/5/2022     EUR      41.50
Oesterreichische V    5.21   12/6/2022     EUR      41.38
Oesterreichische V    5.00  12/12/2018     EUR      71.38
LBI HF                4.28  11/19/2010     EUR       2.77
LBI HF                4.53   4/24/2012     EUR       2.77
LBI HF                4.75   5/31/2013     EUR       2.77
Banca di Cividale     0.09   10/2/2036     EUR      62.04
Oesterreichische V    5.10    7/5/2022     EUR      43.50
NIBC Bank NV         25.98    5/7/2029     EUR      59.35
LBI HF                4.32   1/31/2010     EUR       2.77
LBI HF                2.14    2/3/2020     JPY       2.77
Municipality Finan    0.50   3/17/2025     CAD      72.06
LBI HF                4.08   3/16/2015     EUR       2.77
LBI HF                4.00   9/23/2015     EUR       2.77
Landeskreditbank B    0.50   5/10/2027     CAD      74.43
Eksportfinans ASA     0.25   7/14/2033     CAD      20.38
Oesterreichische V    1.93   7/20/2018     EUR      67.38
Oesterreichische V    1.29    3/1/2018     EUR      71.63
LBI HF                4.34    3/1/2011     EUR       2.77
Hypothekenbank Fra    0.26   6/30/2051     EUR      69.03
HSBC Bank PLC         0.50   11/9/2018     IDR      73.04
Arizk                 3.00  12/20/2030     RUB      39.36
Barclays Bank PLC     1.99   12/1/2040     USD      71.78
HSBC Bank PLC         0.50   2/24/2023     AUD      71.67
Barclays Bank PLC     1.64    6/3/2041     USD      68.80
Klaebu Sparebank      2.57                 NOK      69.58
Oesterreichische V    5.21   2/13/2026     EUR      29.00
Oesterreichische V    1.39   1/28/2019     EUR      61.13
Oesterreichische V    4.50  10/21/2020     EUR      53.38
Skue Sparebank        2.45                 NOK      75.33
LBI HF                1.68  12/22/2014     JPY       2.77
Oesterreichische V    1.55   5/18/2020     EUR      49.13
Oesterreichische V    1.55   5/18/2020     EUR      48.63
HSBC Bank PLC         0.50   7/30/2019     IDR      67.43
LBI HF                3.34   5/11/2012     EUR       2.77
LBI HF                6.75   2/18/2015     EUR       2.77
Haltdalen Spareban    2.55                 NOK      58.23
HSBC Bank PLC         0.50  12/20/2018     RUB      66.92
Societe Generale S    0.50  11/29/2022     AUD      74.30
HSBC Bank PLC         0.50    2/2/2023     AUD      69.93
HSBC Bank PLC         0.50    6/9/2023     MXN      64.69
Kommunalbanken AS     0.50   8/15/2018     BRL      71.41
Cooperatieve Centr    0.50   8/21/2028     MXN      45.65
Kommunalbanken AS     0.50   9/20/2018     BRL      70.14
Goldman Sachs & Co    7.00   1/20/2016     EUR      74.82
DZ Bank AG Deutsch   15.75   8/28/2015     EUR      74.51
HSBC Trinkaus & Bu    7.00  12/28/2015     EUR      69.77
HSBC Trinkaus & Bu    7.50   8/28/2015     EUR      67.57
HSBC Trinkaus & Bu    8.00   8/28/2015     EUR      55.12
HSBC Trinkaus & Bu    6.00   9/25/2015     EUR      74.28
HSBC Trinkaus & Bu    8.50   8/28/2015     EUR      68.14
Commerzbank AG       10.25   7/23/2015     EUR      69.45
Goldman Sachs & Co    9.00   8/26/2015     EUR      69.93
Goldman Sachs & Co    8.00   8/26/2015     EUR      67.49
Goldman Sachs & Co   10.00   8/26/2015     EUR      67.72
Goldman Sachs & Co   11.00   8/26/2015     EUR      67.84
Goldman Sachs & Co   11.00   8/26/2015     EUR      67.84
Goldman Sachs & Co   11.00   7/22/2015     EUR      66.81
Goldman Sachs & Co   11.00   7/22/2015     EUR      66.81
UniCredit Bank AG     4.25   8/14/2015     EUR      52.47
DZ Bank AG Deutsch    9.50   8/28/2015     EUR      69.61
Commerzbank AG        7.00   7/23/2015     EUR      74.98
Commerzbank AG        8.00   7/23/2015     EUR      73.03
Commerzbank AG        9.25   7/23/2015     EUR      71.21
Goldman Sachs & Co    6.00   7/22/2015     EUR      76.95
Goldman Sachs & Co    7.00   8/26/2015     EUR      74.79
Goldman Sachs & Co   14.00   8/26/2015     EUR      64.06
Goldman Sachs & Co   11.00   7/22/2015     EUR      66.81
Goldman Sachs & Co    5.00   8/26/2015     EUR      67.14
Goldman Sachs & Co    6.00   8/26/2015     EUR      67.25
DZ Bank AG Deutsch   10.75   8/28/2015     EUR      67.89
DZ Bank AG Deutsch    8.00  12/28/2015     EUR      71.40
Commerzbank AG       16.00   7/23/2015     EUR      52.43
Commerzbank AG       12.75   7/23/2015     EUR      74.12
HSBC Trinkaus & Bu    6.30   9/25/2015     EUR      73.10
HSBC Trinkaus & Bu   10.40  12/28/2015     EUR      67.78
HSBC Trinkaus & Bu    6.60  12/28/2015     EUR      73.70
HSBC Trinkaus & Bu   13.20  11/27/2015     EUR      64.75
HSBC Trinkaus & Bu   20.20   9/25/2015     EUR      75.43
Leonteq Securities   11.00  12/15/2015     USD      54.58
Commerzbank AG        7.50  12/24/2015     EUR      76.26
Commerzbank AG        9.50  12/24/2015     EUR      73.50
Goldman Sachs & Co    6.00   1/20/2016     EUR      71.92
Goldman Sachs & Co    6.00   1/20/2016     EUR      71.92
Goldman Sachs & Co    8.00   1/20/2016     EUR      72.96
Goldman Sachs & Co   10.00   1/20/2016     EUR      74.00
Goldman Sachs & Co   10.00   1/20/2016     EUR      74.00
Goldman Sachs & Co   10.00   1/20/2016     EUR      74.00
Goldman Sachs & Co    6.00   6/22/2016     EUR      71.86
Goldman Sachs & Co    8.00   6/22/2016     EUR      73.73
Goldman Sachs & Co    7.00   6/22/2016     EUR      72.80
Goldman Sachs & Co   10.00   6/22/2016     EUR      75.61
UniCredit Bank AG     4.50  12/24/2015     EUR      72.00
DZ Bank AG Deutsch    6.00   3/29/2016     EUR      69.29
LBBW                  2.50   7/22/2016     EUR      59.99
LBBW                  3.50   7/22/2016     EUR      58.02
LBBW                  4.00   7/22/2016     EUR      73.59
LBBW                  3.90   9/22/2017     EUR      71.94
LBBW                  4.50  10/23/2015     EUR      75.86
LBBW                  4.50  10/23/2015     EUR      75.75
Goldman Sachs Inte    1.00   12/5/2017     SEK      11.41
Commerzbank AG        3.00   12/3/2015     EUR      63.61
Atomenergoprom JSC   11.90   6/25/2025     RUB     130.00
Lehman Brothers Tr    1.28   11/6/2010     JPY      19.13
Lehman Brothers Tr    8.60   7/31/2013     GBP       4.83
Lehman Brothers Tr    8.28   7/31/2013     GBP       4.83
Lehman Brothers Tr    7.50   7/31/2013     GBP       4.83
Lehman Brothers Tr    7.32   7/31/2013     GBP       4.83
UBS AG/London        24.50   3/29/2016     EUR      72.70
UBS AG/London        22.25   6/24/2016     EUR      59.82
UBS AG/London        23.00  12/29/2015     EUR      75.05
UBS AG/London         7.75  12/22/2017     EUR      73.30
UBS AG/London        24.75   3/29/2016     EUR      57.60
UBS AG/London        18.50  12/29/2015     EUR      59.70
UBS AG/London         5.75   6/24/2016     EUR      76.09
UBS AG/London         9.00  12/29/2015     EUR      59.42
UBS AG/London        14.75   9/25/2015     EUR      59.44
Vontobel Financial    6.55    9/4/2015     EUR      78.90
HSBC Trinkaus & Bu   13.00   9/25/2015     EUR      61.41
HSBC Trinkaus & Bu    9.00   9/25/2015     EUR      66.29
Raiffeisen Centrob   10.59   7/22/2015     EUR      77.54
Raiffeisen Centrob    6.95   1/20/2016     EUR      73.11
Commerzbank AG        7.25   6/23/2016     EUR      75.08
Commerzbank AG        8.00   6/23/2016     EUR      74.18
DZ Bank AG Deutsch    7.10    8/7/2015     EUR      66.74
DZ Bank AG Deutsch    9.10    8/7/2015     EUR      63.06
Leonteq Securities   13.00    9/2/2015     CHF      51.34
Notenstein Privatb    9.10   8/29/2016     CHF      59.80
Bank Julius Baer &    7.00   8/28/2015     USD      55.40
Commerzbank AG        9.00   7/23/2015     EUR      58.55
Vontobel Financial    8.00   8/28/2015     EUR      63.79
DZ Bank AG Deutsch    6.50   8/28/2015     EUR      64.21
DZ Bank AG Deutsch    5.00   8/28/2015     EUR      67.69
DZ Bank AG Deutsch    6.00   8/28/2015     EUR      64.56
Vontobel Financial    9.20   9/25/2015     EUR      73.05
Commerzbank AG        6.75   6/23/2016     EUR      76.29
UBS AG/London         7.50   8/13/2015     CHF      37.78
Commerzbank AG        7.00   8/13/2015     EUR      65.10
Vontobel Financial    5.00   9/23/2016     EUR      70.39
DZ Bank AG Deutsch    5.25   9/25/2015     EUR      68.10
DZ Bank AG Deutsch    5.25  12/28/2015     EUR      68.46
Leonteq Securities   15.20   12/2/2015     CHF      50.28
Leonteq Securities   20.00   12/8/2015     USD      35.77
BNP Paribas Emissi    5.00   9/24/2015     EUR      72.18
BNP Paribas Emissi    6.00   9/24/2015     EUR      68.16
BNP Paribas Emissi    6.00  12/24/2015     EUR      68.70
BNP Paribas Emissi    7.25  12/24/2015     EUR      65.71
BNP Paribas Emissi    8.50  12/24/2015     EUR      63.01
BNP Paribas Emissi    6.75   9/24/2015     EUR      75.35
Credit Suisse AG/N   10.25   8/28/2015     USD      50.02
HSBC Trinkaus & Bu   10.00   9/25/2015     EUR      68.64
HSBC Trinkaus & Bu    6.50  12/28/2015     EUR      74.22
HSBC Trinkaus & Bu    7.00   8/28/2015     EUR      72.27
HSBC Trinkaus & Bu    8.50   8/28/2015     EUR      61.19
DekaBank Deutsche     3.40   6/10/2016     EUR      64.97
Credit Suisse AG/L    7.00   8/27/2015     CHF      75.48
Credit Suisse AG/N    8.50   2/29/2016     USD      63.16
HSBC Trinkaus & Bu    6.50   9/25/2015     EUR      64.89
Commerzbank AG        8.50   7/23/2015     EUR      67.71
BNP Paribas Emissi    7.50   9/24/2015     EUR      64.64
BNP Paribas Emissi    9.00   9/24/2015     EUR      61.50
BNP Paribas Emissi    5.00  12/24/2015     EUR      72.08
BNP Paribas Emissi    6.25  12/24/2015     EUR      76.69
Commerzbank AG        7.25   7/23/2015     EUR      65.35
Bank Julius Baer &    6.90   8/14/2015     EUR      70.50
Goldman Sachs & Co    7.00   8/26/2015     EUR      69.66
Notenstein Privatb    9.10   8/29/2016     CHF      42.79
Credit Suisse AG/L   11.00   8/28/2015     USD      40.72
Commerzbank AG       24.25   7/23/2015     EUR      51.28
Leonteq Securities   11.00   8/25/2015     USD      55.15
Lehman Brothers Tr    3.20   3/19/2018     JPY       4.83
HSBC Trinkaus & Bu    7.60   9/25/2015     EUR      70.30
HSBC Trinkaus & Bu    7.10  12/28/2015     EUR      71.92
HSBC Trinkaus & Bu    6.50  12/28/2015     EUR      71.64
HSBC Trinkaus & Bu    6.10  12/28/2015     EUR      71.46
HSBC Trinkaus & Bu    7.80   9/25/2015     EUR      58.34
HSBC Trinkaus & Bu    6.90   9/25/2015     EUR      58.16
HSBC Trinkaus & Bu    8.10  12/28/2015     EUR      60.09
HSBC Trinkaus & Bu    6.10  12/28/2015     EUR      59.17
HSBC Trinkaus & Bu    8.40   9/25/2015     EUR      71.46
HSBC Trinkaus & Bu    7.80   9/25/2015     EUR      71.34
HSBC Trinkaus & Bu    7.90  12/28/2015     EUR      72.79
HSBC Trinkaus & Bu    7.50  12/28/2015     EUR      72.61
HSBC Trinkaus & Bu    7.00  12/28/2015     EUR      72.38
HSBC Trinkaus & Bu    5.90  12/28/2015     EUR      71.87
Leonteq Securities    4.68   8/29/2017     CHF      74.42
Deutsche Bank AG      7.20   8/26/2015     EUR      75.00
Deutsche Bank AG      5.20   8/26/2015     EUR      72.10
Deutsche Bank AG      7.20   8/26/2015     EUR      72.40
Deutsche Bank AG      5.20  10/21/2015     EUR      75.40
Deutsche Bank AG      7.20  10/21/2015     EUR      76.00
Deutsche Bank AG      6.20  10/21/2015     EUR      73.10
Deutsche Bank AG      5.20  10/21/2015     EUR      72.80
Commerzbank AG        6.50   8/27/2015     EUR      73.61
Commerzbank AG        7.50   8/27/2015     EUR      71.81
Commerzbank AG        8.50   8/27/2015     EUR      70.10
Commerzbank AG        9.75   8/27/2015     EUR      68.54
HSBC Trinkaus & Bu    8.70   7/24/2015     EUR      73.46
HSBC Trinkaus & Bu   11.50   9/25/2015     EUR      69.36
Vontobel Financial    6.45   9/11/2015     EUR      62.24
Vontobel Financial    8.05   9/11/2015     EUR      60.38
Vontobel Financial    5.10   9/11/2015     EUR      64.30
Vontobel Financial    5.10   9/11/2015     EUR      74.67
Vontobel Financial    7.00  12/11/2015     EUR      71.66
BNP Paribas Emissi    5.10  10/21/2015     EUR      69.99
Leonteq Securities    9.50    9/8/2016     USD      58.41
Leonteq Securities    8.64    9/8/2016     CHF      58.94
DZ Bank AG Deutsch    5.00   9/25/2015     EUR      75.05
DZ Bank AG Deutsch    8.50   9/25/2015     EUR      69.75
UBS AG/London        11.25   8/27/2015     CHF      38.30
Commerzbank AG        8.75   8/27/2015     EUR      57.81
Commerzbank AG       10.75   8/27/2015     EUR      55.21
Commerzbank AG       10.25   8/27/2015     EUR      71.81
Commerzbank AG       14.00   8/27/2015     EUR      69.61
Commerzbank AG       17.25   8/27/2015     EUR      61.56
Commerzbank AG       20.50   8/27/2015     EUR      55.20
Commerzbank AG       23.75   8/27/2015     EUR      49.89
Commerzbank AG        6.25   8/27/2015     EUR      63.79
Commerzbank AG        8.25   8/27/2015     EUR      60.79
Bank Julius Baer &    7.00   9/12/2016     CHF      75.75
UniCredit Bank AG     4.50   9/24/2015     EUR      62.68
UniCredit Bank AG     4.00   9/24/2015     EUR      64.49
UniCredit Bank AG     5.60   9/24/2015     EUR      60.23
UniCredit Bank AG     4.25   9/24/2015     EUR      67.85
UniCredit Bank AG     4.50   9/24/2015     EUR      66.64
UniCredit Bank AG     4.00   9/24/2015     EUR      69.16
UniCredit Bank AG     5.20   9/24/2015     EUR      64.33
UniCredit Bank AG     5.60   9/24/2015     EUR      63.28
UniCredit Bank AG     6.25   9/24/2015     EUR      61.22
Commerzbank AG        6.75   8/27/2015     EUR      60.72
Vontobel Financial    6.40   9/25/2015     EUR      72.50
DZ Bank AG Deutsch    5.70    9/7/2015     EUR      62.63
Notenstein Privatb    5.04   8/28/2017     CHF      74.28
Notenstein Privatb   10.00    9/5/2016     CHF      57.97
Commerzbank AG        6.50   8/27/2015     EUR      68.68
Goldman Sachs & Co   16.00   7/22/2015     EUR      62.78
Goldman Sachs & Co    8.00   8/26/2015     EUR      72.29
HSBC Trinkaus & Bu    6.70   9/25/2015     EUR      70.12
HSBC Trinkaus & Bu    6.00   9/25/2015     EUR      69.98
HSBC Trinkaus & Bu    8.50   9/25/2015     EUR      58.47
HSBC Trinkaus & Bu    7.60  12/28/2015     EUR      59.86
HSBC Trinkaus & Bu    7.00  12/28/2015     EUR      59.58
HSBC Trinkaus & Bu    7.10   9/25/2015     EUR      71.20
Deutsche Bank AG      6.20   8/26/2015     EUR      72.20
Deutsche Bank AG      6.20  10/21/2015     EUR      75.70
Deutsche Bank AG      7.20  10/21/2015     EUR      73.40
Commerzbank AG        5.50   8/27/2015     EUR      75.52
HSBC Trinkaus & Bu    6.00  12/28/2015     EUR      65.11
HSBC Trinkaus & Bu    6.00  12/28/2015     EUR      71.45
Commerzbank AG        6.00   8/27/2015     EUR      76.13
Commerzbank AG        9.25   8/27/2015     EUR      72.64
Commerzbank AG       11.75   8/27/2015     EUR      69.40
Notenstein Privatb    7.20    9/3/2015     EUR      48.03
Credit Suisse AG/L    7.50   9/10/2015     CHF      75.28
Vontobel Financial    7.80   9/11/2015     EUR      70.01
DZ Bank AG Deutsch    7.75   9/25/2015     EUR      61.53
DZ Bank AG Deutsch    7.00  12/28/2015     EUR      63.34
Commerzbank AG        5.75   8/27/2015     EUR      67.12
Commerzbank AG        7.75   8/27/2015     EUR      63.86
Commerzbank AG       10.00   8/27/2015     EUR      60.99
Bank Julius Baer &    7.40    9/9/2015     CHF      39.30
UniCredit Bank AG     5.00   9/24/2015     EUR      65.50
UniCredit Bank AG     6.00   9/24/2015     EUR      62.25
UniCredit Bank AG     5.00   9/24/2015     EUR      61.85
UniCredit Bank AG     6.00   9/24/2015     EUR      59.45
UniCredit Bank AG     4.25   9/24/2015     EUR      63.58
Vontobel Financial    5.80  12/28/2015     EUR      73.85
HSBC Trinkaus & Bu    6.00  12/28/2015     EUR      77.32
HSBC Trinkaus & Bu    6.00  12/28/2015     EUR      58.06
HSBC Trinkaus & Bu    8.90   7/24/2015     EUR      69.20
HSBC Trinkaus & Bu    8.00  10/23/2015     EUR      71.13
HSBC Trinkaus & Bu    7.40  12/28/2015     EUR      72.22
HSBC Trinkaus & Bu    6.00  12/28/2015     EUR      40.69
Lehman Brothers Tr    3.00   9/13/2010     JPY      19.13
Lehman Brothers Tr    9.25   6/20/2012     USD       4.83
BNP Paribas Emissi    7.25  10/22/2015     EUR      64.91
BNP Paribas Emissi    7.00   1/21/2016     EUR      65.99
Goldman Sachs & Co   11.00   9/23/2015     EUR      64.58
Goldman Sachs & Co   11.00   9/23/2015     EUR      64.58
Goldman Sachs & Co   11.00   9/23/2015     EUR      64.58
Goldman Sachs & Co   11.00  10/21/2015     EUR      65.43
Goldman Sachs & Co   11.00  10/21/2015     EUR      65.43
Goldman Sachs & Co    9.00   3/23/2016     EUR      68.59
Goldman Sachs & Co    9.00   3/23/2016     EUR      68.59
Goldman Sachs & Co    9.00   3/23/2016     EUR      68.59
Notenstein Privatb    5.50   9/26/2016     CHF      60.21
Notenstein Privatb    5.00   9/26/2016     CHF      61.28
DZ Bank AG Deutsch    5.50   2/26/2016     EUR      66.39
UBS AG               21.75  12/29/2015     EUR      59.86
UBS AG               18.75   3/29/2016     EUR      70.19
Credit Suisse AG/L    7.00   11/2/2015     CHF      68.45
Credit Suisse AG/N    8.63   11/2/2015     CHF      75.55
UBS AG               11.50   6/24/2016     EUR      71.04
UBS AG               17.25   6/24/2016     EUR      72.94
Zurcher Kantonalba   14.00   7/29/2015     EUR      66.93
UBS AG               21.50   3/29/2016     EUR      73.74
UBS AG               23.75  12/29/2015     EUR      66.61
UBS AG               10.25   6/24/2016     EUR      73.74
UBS AG               16.25   6/24/2016     EUR      74.89
UBS AG               13.25   6/24/2016     EUR      73.74
Leonteq Securities   11.60   8/12/2015     USD      54.19
LBBW                  6.00  10/23/2015     EUR      75.19
HSBC Trinkaus & Bu    6.50   9/25/2015     EUR      75.12
UBS AG               13.25  12/29/2015     EUR      57.09
UBS AG                8.75   9/25/2015     EUR      69.61
Credit Suisse AG/N    7.50  11/16/2015     CHF      71.73
UBS AG                6.50  12/29/2015     EUR      75.24
Raiffeisen Centrob   10.78   7/22/2015     EUR      71.91
Raiffeisen Centrob    9.12   7/22/2015     EUR      69.66
Raiffeisen Centrob    8.24   1/20/2016     EUR      70.11
HSBC Trinkaus & Bu    6.00   12/6/2016     EUR      69.76
DZ Bank AG Deutsch    7.25   9/11/2015     EUR      68.46
DZ Bank AG Deutsch    7.75   9/11/2015     EUR      68.54
Credit Suisse AG/N    7.50  11/23/2015     CHF      72.25
Vontobel Financial    6.50   9/11/2015     EUR      72.26
Vontobel Financial    8.90   9/11/2015     EUR      67.89
Vontobel Financial   10.45   9/11/2015     EUR      62.75
Vontobel Financial    8.65   9/11/2015     EUR      65.69
Vontobel Financial    6.95   9/11/2015     EUR      69.00
Vontobel Financial    5.35   9/11/2015     EUR      72.74
Vontobel Financial    4.00   9/11/2015     EUR      76.99
Vontobel Financial    7.80   9/11/2015     EUR      64.59
Notenstein Privatb    6.60   5/19/2016     CHF      74.83
Vontobel Financial    4.55   9/11/2015     EUR      68.78
Zurcher Kantonalba    9.20   8/24/2015     CHF      72.15
Leonteq Securities    6.70    6/6/2016     USD      60.40
DZ Bank AG Deutsch    7.00   9/25/2015     EUR      68.87
HSBC Trinkaus & Bu    7.00   9/25/2015     EUR      65.80
Raiffeisen Centrob    7.24   7/22/2015     EUR      73.02
Bank Julius Baer &    7.30   1/19/2016     CHF      65.25
Raiffeisen Centrob    9.87   7/22/2015     EUR      67.38
Deutsche Bank AG      7.20   9/22/2015     EUR      75.90
Deutsche Bank AG      5.20   9/22/2015     EUR      71.30
Goldman Sachs & Co    8.00   9/23/2015     EUR      69.47
Credit Suisse AG/L    7.60  10/15/2015     CHF      60.08
Raiffeisen Centrob    8.56   7/22/2015     EUR      67.13
Bank Julius Baer &    7.50   1/19/2016     USD      65.00
Raiffeisen Centrob    7.90   7/22/2015     EUR      74.02
Deutsche Bank AG      6.20   9/22/2015     EUR      75.70
DZ Bank AG Deutsch    6.00   7/10/2015     EUR      69.62
UBS AG               24.00  12/29/2015     EUR      57.05
UBS AG               19.25   3/29/2016     EUR      63.59
UBS AG               19.75   6/24/2016     EUR      63.99
UBS AG               18.00   6/24/2016     EUR      66.10
Goldman Sachs & Co    9.00   9/23/2015     EUR      73.59
Goldman Sachs & Co   12.00   9/23/2015     EUR      66.55
UBS AG               17.50   6/24/2016     EUR      62.54
UBS AG               21.75   3/29/2016     EUR      56.98
UBS AG               24.50   9/25/2015     EUR      69.32
UBS AG               24.50  12/29/2015     EUR      69.56
UBS AG               22.00  12/29/2015     EUR      64.26
UBS AG               19.75   3/29/2016     EUR      68.21
UBS AG               22.50  12/29/2015     EUR      69.80
UBS AG               23.75  12/29/2015     EUR      49.17
UBS AG               22.25   3/29/2016     EUR      66.99
UBS AG               20.00  12/29/2015     EUR      52.92
UBS AG               24.50   9/25/2015     EUR      74.78
UBS AG               22.75   9/25/2015     EUR      48.13
UBS AG               21.25   3/29/2016     EUR      64.33
UBS AG               25.00  12/29/2015     EUR      62.59
UBS AG               25.00   9/25/2015     EUR      59.01
UBS AG               23.00  12/29/2015     EUR      53.54
UBS AG               24.25  12/29/2015     EUR      69.52
UBS AG               16.50   6/24/2016     EUR      63.87
UBS AG               21.25   3/29/2016     EUR      61.17
Goldman Sachs & Co    5.00   7/22/2015     EUR      76.34
Goldman Sachs & Co    7.00   7/22/2015     EUR      71.88
Goldman Sachs & Co    8.00   7/22/2015     EUR      67.70
Goldman Sachs & Co   10.00   7/22/2015     EUR      64.17
Goldman Sachs & Co   12.00   7/22/2015     EUR      60.99
Goldman Sachs & Co    6.00  12/23/2015     EUR      74.46
Goldman Sachs & Co    8.00  12/23/2015     EUR      71.46
Goldman Sachs & Co   10.00  12/23/2015     EUR      65.60
Raiffeisen Centrob    5.60   6/15/2016     EUR      73.16
Goldman Sachs & Co    7.00   7/22/2015     EUR      74.14
Goldman Sachs & Co    8.00   7/22/2015     EUR      71.52
Goldman Sachs & Co    9.00   7/22/2015     EUR      69.09
DZ Bank AG Deutsch    8.00   9/11/2015     EUR      67.35
Goldman Sachs & Co   11.00   7/22/2015     EUR      66.83
DZ Bank AG Deutsch    6.75   9/11/2015     EUR      67.15
Goldman Sachs & Co    6.00  12/23/2015     EUR      76.61
Goldman Sachs & Co    7.00  12/23/2015     EUR      74.50
Goldman Sachs & Co    8.00  12/23/2015     EUR      72.54
Goldman Sachs & Co    9.00  12/23/2015     EUR      70.71
DZ Bank AG Deutsch    5.25   9/11/2015     EUR      68.10
DZ Bank AG Deutsch    4.20   9/11/2015     EUR      76.65
DZ Bank AG Deutsch    4.90   9/11/2015     EUR      74.31
DZ Bank AG Deutsch    5.80   9/11/2015     EUR      72.01
DZ Bank AG Deutsch    5.75   9/25/2015     EUR      68.95
Vontobel Financial    6.05   9/25/2015     EUR      64.27
Vontobel Financial    4.40   9/25/2015     EUR      68.60
Barclays Bank PLC     4.17    1/5/2017     EUR      69.00
Leonteq Securities   12.20   7/22/2015     USD      59.70
Vontobel Financial    5.00    5/6/2016     EUR      71.20
Goldman Sachs & Co    6.00   9/23/2015     EUR      70.06
Goldman Sachs & Co    5.00   9/23/2015     EUR      77.32
Goldman Sachs & Co    6.00   9/23/2015     EUR      73.07
Goldman Sachs & Co    7.00   9/23/2015     EUR      69.28
BNP Paribas Emissi   10.00   7/23/2015     EUR      57.24
BNP Paribas Emissi    8.00   7/23/2015     EUR      57.80
Leonteq Securities    6.89  12/30/2015     USD      64.05
Goldman Sachs & Co   10.00   9/23/2015     EUR      63.04
Goldman Sachs & Co   11.00   9/23/2015     EUR      60.32
UBS AG                8.50   6/24/2016     EUR      76.33
UBS AG                9.50  12/29/2015     EUR      60.01
UBS AG               14.75   3/29/2016     EUR      62.89
UBS AG               12.25   9/25/2015     EUR      73.49
UniCredit Bank AG     5.50   7/23/2015     EUR      41.31
UniCredit Bank AG     5.00   7/23/2015     EUR      42.84
UniCredit Bank AG     5.50   7/23/2015     EUR      66.44
UniCredit Bank AG     5.20   7/23/2015     EUR      68.27
UniCredit Bank AG     4.80   7/23/2015     EUR      70.20
UBS AG                8.50  12/29/2015     EUR      71.69
UniCredit Bank AG     5.50   7/23/2015     EUR      71.62
DekaBank Deutsche     3.20   5/20/2016     EUR      73.24
UBS AG                7.25  12/29/2015     EUR      71.24
UBS AG               10.75  12/29/2015     EUR      67.45
Goldman Sachs & Co    6.00  11/25/2015     EUR      71.07
Goldman Sachs & Co    7.00  11/25/2015     EUR      71.43
Goldman Sachs & Co   10.00  11/25/2015     EUR      72.53
Goldman Sachs & Co   12.00  11/25/2015     EUR      71.12
Leonteq Securities   12.40   4/27/2016     CHF      58.59
Leonteq Securities   10.40   4/27/2016     CHF      64.06
Bank Julius Baer &   11.00  10/14/2015     CHF      46.60
UBS AG/London         7.50  10/15/2015     CHF      47.69
Commerzbank AG        9.50  10/22/2015     EUR      76.22
Commerzbank AG       10.50  10/22/2015     EUR      74.65
Leonteq Securities    5.20   11/7/2016     CHF      58.55
UniCredit Bank AG     5.00  11/26/2015     EUR      74.38
UniCredit Bank AG     5.50  11/26/2015     EUR      72.05
UniCredit Bank AG     4.65  11/26/2015     EUR      76.87
UniCredit Bank AG     4.75  11/26/2015     EUR      76.23
Commerzbank AG        5.50   7/23/2015     EUR      57.57
Commerzbank AG        9.00   7/23/2015     EUR      53.06
HSBC Trinkaus & Bu   12.00   9/25/2015     EUR      68.63
Leonteq Securities   13.40   1/14/2016     CHF      75.52
Zurcher Kantonalba    7.02   10/9/2015     CHF      53.15
Zurcher Kantonalba   11.03    8/7/2015     CHF      48.20
Commerzbank AG        6.75   7/23/2015     EUR      58.83
Vontobel Financial    7.05  10/23/2015     EUR      68.45
Vontobel Financial    9.75  10/23/2015     EUR      65.02
Vontobel Financial    4.75  10/23/2015     EUR      72.54
Notenstein Privatb    4.00    2/1/2016     EUR      58.30
Leonteq Securities   13.60    1/6/2016     CHF      61.60
UBS AG/London         5.00   7/31/2015     CHF      63.06
Vontobel Financial    7.30   7/10/2015     EUR      71.82
Vontobel Financial    4.10  12/11/2015     EUR      75.45
Vontobel Financial    4.05   3/11/2016     EUR      76.28
Vontobel Financial   27.40   9/25/2015     EUR      76.51
Vontobel Financial   27.95   9/25/2015     EUR      70.00
Leonteq Securities    8.00   8/15/2016     CHF      71.62
Leonteq Securities    9.60  11/18/2015     CHF      58.97
Leonteq Securities    9.00    4/8/2016     USD      14.32
Deutsche Bank AG      3.20   9/22/2015     EUR      74.70
Deutsche Bank AG      3.20   9/22/2015     EUR      72.10
Deutsche Bank AG      3.20   9/22/2015     EUR      69.60
Deutsche Bank AG      3.20  12/22/2015     EUR      75.30
Deutsche Bank AG      3.20  12/22/2015     EUR      72.70
Deutsche Bank AG      3.20  12/22/2015     EUR      70.30
UBS AG/London        24.25  12/29/2015     EUR      72.39
UBS AG/London         9.00   9/25/2015     EUR      54.18
UBS AG/London        14.00  12/23/2016     EUR      69.75
UBS AG/London        23.75   6/24/2016     EUR      70.25
UBS AG/London         9.00  12/29/2015     EUR      75.73
UBS AG/London        13.25   6/24/2016     EUR      71.82
UniCredit Bank AG     6.00   9/24/2015     EUR      67.75
DZ Bank AG Deutsch    5.60   10/7/2015     EUR      53.31
UniCredit Bank AG     5.50   9/24/2015     EUR      69.96
UniCredit Bank AG     6.50   9/24/2015     EUR      65.71
UniCredit Bank AG     5.00   9/24/2015     EUR      72.29
Credit Suisse AG/N    8.38  10/15/2015     USD      69.26
UniCredit Bank AG     4.50   9/24/2015     EUR      74.81
DZ Bank AG Deutsch    7.50   9/25/2015     EUR      55.66
DZ Bank AG Deutsch    5.75   8/28/2015     EUR      68.75
DZ Bank AG Deutsch   10.00   8/28/2015     EUR      63.27
DZ Bank AG Deutsch    8.25   7/24/2015     EUR      53.17
DZ Bank AG Deutsch    7.25   9/25/2015     EUR      71.71
Vontobel Financial    9.70   9/11/2015     EUR      69.87
Vontobel Financial    7.25  12/11/2015     EUR      73.92
Vontobel Financial    8.65  12/11/2015     EUR      71.67
Vontobel Financial    5.50   8/14/2015     EUR      57.58
Commerzbank AG        5.00   9/24/2015     EUR      72.95
Vontobel Financial    7.25  12/28/2015     EUR      74.51
Vontobel Financial    7.00  10/30/2015     EUR      75.10
Commerzbank AG        5.75   9/24/2015     EUR      76.60
Commerzbank AG        6.75   9/24/2015     EUR      74.74
Commerzbank AG        7.75   9/24/2015     EUR      73.01
Commerzbank AG        7.75   9/24/2015     EUR      75.30
Commerzbank AG        9.50   9/24/2015     EUR      56.35
Commerzbank AG       11.50   9/24/2015     EUR      53.88
Commerzbank AG       13.75   9/24/2015     EUR      51.74
BNP Paribas Emissi    9.00   1/21/2016     EUR      58.18
Deutsche Bank AG     10.00   7/22/2015     EUR      62.80
Deutsche Bank AG     10.00   8/26/2015     EUR      63.80
Deutsche Bank AG     10.00   9/22/2015     EUR      64.50
Deutsche Bank AG     10.00  10/21/2015     EUR      65.30
Deutsche Bank AG     10.00  11/25/2015     EUR      66.20
Deutsche Bank AG     10.00  12/22/2015     EUR      67.00
UBS AG/London        10.25   9/25/2015     EUR      49.44
UBS AG/London        24.75   9/25/2015     EUR      65.90
Leonteq Securities   14.00  10/20/2015     CHF      68.47
Leonteq Securities    9.00  10/20/2015     CHF      53.97
HSBC Trinkaus & Bu   17.10   9/25/2015     EUR      43.51
HSBC Trinkaus & Bu   13.40   9/25/2015     EUR      45.97
HSBC Trinkaus & Bu   12.80   7/24/2015     EUR      45.52
HSBC Trinkaus & Bu   11.30  10/23/2015     EUR      48.06
Goldman Sachs & Co   15.00   7/22/2015     EUR      77.16
Goldman Sachs & Co   17.00   7/22/2015     EUR      74.36
Goldman Sachs & Co   16.00   8/26/2015     EUR      75.86
Goldman Sachs & Co   15.00   9/23/2015     EUR      76.96
Commerzbank AG        8.50  10/22/2015     EUR      75.71
DZ Bank AG Deutsch   10.00   9/25/2015     EUR      74.18
DZ Bank AG Deutsch    7.75  12/28/2015     EUR      75.43
DZ Bank AG Deutsch    7.75  11/27/2015     EUR      61.73
Leonteq Securities    9.07    5/3/2016     GBP      66.05
UBS AG/London         9.06  10/23/2015     CHF      52.00
UBS AG/London        12.88  10/23/2015     CHF      53.15
UBS AG/London         7.54  10/23/2015     CHF      61.65
Commerzbank AG        8.00  10/22/2015     EUR      74.76
HSBC Trinkaus & Bu   11.00   7/24/2015     EUR      74.36
HSBC Trinkaus & Bu    9.50  10/23/2015     EUR      76.60
HSBC Trinkaus & Bu   13.50   7/24/2015     EUR      51.97
HSBC Trinkaus & Bu   11.60  10/23/2015     EUR      54.69
Leonteq Securities   12.40    2/3/2016     CHF      62.82
Deutsche Bank AG      6.20   9/22/2015     EUR      74.20
Deutsche Bank AG      5.20   9/22/2015     EUR      70.90
Deutsche Bank AG      5.20   9/22/2015     EUR      57.90
Deutsche Bank AG      7.20   9/22/2015     EUR      58.30
Deutsche Bank AG      6.20   9/22/2015     EUR      58.10
Deutsche Bank AG      5.20   9/22/2015     EUR      55.10
Deutsche Bank AG      7.20   9/22/2015     EUR      52.90
Vontobel Financial    5.05   7/10/2015     EUR      54.91
Deutsche Bank AG      3.20   7/22/2015     EUR      77.00
Deutsche Bank AG      3.20   7/22/2015     EUR      74.20
Deutsche Bank AG      3.20   8/26/2015     EUR      77.30
Deutsche Bank AG      3.20   8/26/2015     EUR      74.50
Deutsche Bank AG      3.20  10/21/2015     EUR      74.90
Deutsche Bank AG      3.20  11/25/2015     EUR      75.10
UniCredit Bank AG     4.40  10/22/2015     EUR      70.06
DZ Bank AG Deutsch    8.75  10/23/2015     EUR      76.15
DZ Bank AG Deutsch    7.00  10/23/2015     EUR      58.23
Bank Julius Baer &   14.20  10/28/2015     CHF      51.45
Credit Suisse AG/N    5.00    6/6/2016     CHF      73.20
DZ Bank AG Deutsch    7.30   9/11/2015     EUR      70.05
UniCredit Bank AG     5.50   7/23/2015     EUR      53.80
UniCredit Bank AG     4.50   7/23/2015     EUR      58.37
UniCredit Bank AG     4.00   7/23/2015     EUR      60.07
Goldman Sachs & Co    6.00   7/22/2015     EUR      71.86
UniCredit Bank AG     5.50   7/23/2015     EUR      72.75
Goldman Sachs & Co    7.00  12/23/2015     EUR      71.01
UniCredit Bank AG     5.20   7/23/2015     EUR      75.48
Goldman Sachs & Co   11.00  12/23/2015     EUR      63.14
Goldman Sachs & Co   11.00  12/23/2015     EUR      67.46
Goldman Sachs & Co    4.00   7/22/2015     EUR      66.66
Goldman Sachs & Co    6.00   7/22/2015     EUR      66.70
Goldman Sachs & Co    7.00   7/22/2015     EUR      66.72
Goldman Sachs & Co   10.00   7/22/2015     EUR      66.79
Goldman Sachs & Co   10.00   7/22/2015     EUR      66.79
Goldman Sachs & Co   10.00   7/22/2015     EUR      66.79
Goldman Sachs & Co    5.00  12/23/2015     EUR      68.79
Goldman Sachs & Co    6.00  12/23/2015     EUR      69.23
Goldman Sachs & Co    7.00  12/23/2015     EUR      69.67
Goldman Sachs & Co    8.00  12/23/2015     EUR      70.11
Goldman Sachs & Co    8.00  12/23/2015     EUR      70.11
Goldman Sachs & Co    9.00  12/23/2015     EUR      70.56
Goldman Sachs & Co    9.00  12/23/2015     EUR      70.56
DZ Bank AG Deutsch    5.50   9/11/2015     EUR      76.25
Notenstein Privatb    6.10  12/30/2015     EUR      62.59
Credit Suisse AG/N    6.50   1/11/2016     CHF      72.23
Notenstein Privatb    6.50    7/2/2018     USD      73.65
DZ Bank AG Deutsch    7.25   7/24/2015     EUR      56.03
DZ Bank AG Deutsch    6.75   7/24/2015     EUR      71.95
DZ Bank AG Deutsch   16.00   7/24/2015     EUR      32.56
Vontobel Financial    5.50   7/24/2015     EUR      65.01
Credit Suisse AG/N    8.25   1/11/2016     CHF      42.38
Leonteq Securities    5.25    1/4/2016     CHF      71.57
Leonteq Securities    8.00    7/7/2016     USD      61.83
Vontobel Financial    7.60   9/11/2015     EUR      75.66
Vontobel Financial    9.35   9/11/2015     EUR      72.76
Vontobel Financial    5.85   9/25/2015     EUR      67.65
Notenstein Privatb    8.00   1/11/2016     EUR      68.53
Vontobel Financial    5.85   9/25/2015     EUR      72.39
UniCredit Bank AG     4.00   9/24/2015     EUR      80.00
UniCredit Bank AG     4.00   9/24/2015     EUR      38.00
UniCredit Bank AG     4.00   9/24/2015     EUR      72.11
UniCredit Bank AG     4.00   9/24/2015     EUR      38.87
Deutsche Bank AG      7.20  12/22/2015     EUR      71.40
Deutsche Bank AG      7.20  12/22/2015     EUR      67.90
Deutsche Bank AG      5.20  12/22/2015     EUR      67.00
Deutsche Bank AG      6.20   9/22/2015     EUR      65.90
Deutsche Bank AG      7.20   9/22/2015     EUR      69.70
Deutsche Bank AG      7.20   9/22/2015     EUR      62.90
Deutsche Bank AG      6.20  12/22/2015     EUR      71.00
Deutsche Bank AG      7.20  12/22/2015     EUR      64.70
Deutsche Bank AG      5.20  12/22/2015     EUR      70.50
Deutsche Bank AG      6.20   9/22/2015     EUR      62.70
Deutsche Bank AG      5.20   7/22/2015     EUR      72.50
Deutsche Bank AG      5.20   9/22/2015     EUR      62.50
Deutsche Bank AG      5.20   8/26/2015     EUR      77.50
Deutsche Bank AG      5.20   8/26/2015     EUR      68.90
Deutsche Bank AG      5.20   9/22/2015     EUR      69.30
Deutsche Bank AG      5.20   9/22/2015     EUR      65.70
Deutsche Bank AG      6.20  12/22/2015     EUR      67.50
Deutsche Bank AG      5.20  12/22/2015     EUR      63.80
Deutsche Bank AG      5.20   7/22/2015     EUR      77.00
Deutsche Bank AG      6.20   7/22/2015     EUR      77.00
Deutsche Bank AG      6.20   7/22/2015     EUR      72.50
Deutsche Bank AG      5.20  12/22/2015     EUR      68.90
Deutsche Bank AG      6.20   7/22/2015     EUR      68.50
Deutsche Bank AG      6.20   8/26/2015     EUR      73.10
Deutsche Bank AG      6.20  12/22/2015     EUR      64.20
Deutsche Bank AG      7.20   9/22/2015     EUR      66.10
Deutsche Bank AG      6.20  12/22/2015     EUR      69.40
Deutsche Bank AG      7.20   9/22/2015     EUR      70.40
Deutsche Bank AG      5.20   9/22/2015     EUR      67.70
Deutsche Bank AG      6.20  12/22/2015     EUR      71.70
Deutsche Bank AG      6.20  12/22/2015     EUR      76.60
Deutsche Bank AG      7.20  12/22/2015     EUR      69.80
Deutsche Bank AG      6.20   9/22/2015     EUR      67.90
Deutsche Bank AG      5.20  12/22/2015     EUR      76.20
Deutsche Bank AG      5.20   9/22/2015     EUR      70.00
Deutsche Bank AG      5.20  12/22/2015     EUR      71.20
Deutsche Bank AG      7.20  12/22/2015     EUR      74.50
Deutsche Bank AG      5.20  12/22/2015     EUR      73.60
Deutsche Bank AG      7.20   9/22/2015     EUR      68.10
Deutsche Bank AG      5.20   7/22/2015     EUR      68.40
Deutsche Bank AG      7.20  12/22/2015     EUR      77.10
Deutsche Bank AG      6.20   8/26/2015     EUR      77.60
Deutsche Bank AG      6.20  12/22/2015     EUR      74.10
Deutsche Bank AG      5.20   8/26/2015     EUR      72.90
Deutsche Bank AG      6.20   8/26/2015     EUR      69.10
Deutsche Bank AG      7.20  12/22/2015     EUR      72.10
Deutsche Bank AG      6.20   9/22/2015     EUR      70.20
Deutsche Bank AG      5.20   7/22/2015     EUR      74.20
Deutsche Bank AG      6.20   8/26/2015     EUR      74.90
Deutsche Bank AG      6.20   7/22/2015     EUR      74.30
Deutsche Bank AG      5.20   8/26/2015     EUR      74.70
Deutsche Bank AG      6.20   7/22/2015     EUR      77.10
Deutsche Bank AG      5.20   7/22/2015     EUR      77.10
Deutsche Bank AG      6.20   9/22/2015     EUR      69.50
Vontobel Financial    5.40   9/25/2015     EUR      75.70
Credit Suisse AG/N    8.50   7/20/2015     USD      54.39
Leonteq Securities    6.00   7/14/2015     USD      42.51
Deutsche Bank AG      5.20   9/22/2015     EUR      50.00
Deutsche Bank AG      5.20  12/22/2015     EUR      51.30
Deutsche Bank AG      6.20   9/22/2015     EUR      50.20
Deutsche Bank AG      7.20   9/22/2015     EUR      50.40
Deutsche Bank AG      7.20  12/22/2015     EUR      56.00
Deutsche Bank AG      7.20  12/22/2015     EUR      52.20
Deutsche Bank AG      6.20   9/22/2015     EUR      54.00
Deutsche Bank AG      5.20   9/22/2015     EUR      53.80
Deutsche Bank AG      7.20   9/22/2015     EUR      54.20
Deutsche Bank AG      5.20  12/22/2015     EUR      55.10
Bank Julius Baer &    6.00   7/17/2015     USD      74.85
Deutsche Bank AG      6.20  12/22/2015     EUR      51.80
Deutsche Bank AG      7.20   9/22/2015     EUR      55.50
Deutsche Bank AG      6.20   9/22/2015     EUR      55.30
BNP Paribas Emissi    7.00  10/22/2015     EUR      43.85
BNP Paribas Emissi    9.00  10/22/2015     EUR      58.95
Notenstein Privatb    7.50   6/23/2016     CHF      76.34
Raiffeisen Centrob    7.55   1/20/2016     EUR      64.06
Raiffeisen Centrob    5.98   1/20/2016     EUR      66.82
Raiffeisen Centrob    6.29   1/20/2016     EUR      61.80
Goldman Sachs & Co    8.00   7/22/2015     EUR      69.04
Goldman Sachs & Co   10.00   7/22/2015     EUR      76.45
Goldman Sachs & Co   13.00   7/22/2015     EUR      72.01
Goldman Sachs & Co   12.00   9/23/2015     EUR      74.23
Goldman Sachs & Co   11.00  12/23/2015     EUR      76.67
UniCredit Bank AG     5.25   9/24/2015     EUR      43.25
UniCredit Bank AG     4.25   9/24/2015     EUR      45.24
UniCredit Bank AG     5.40   9/24/2015     EUR      42.78
UniCredit Bank AG     6.75   9/24/2015     EUR      74.59
UniCredit Bank AG     5.20   9/24/2015     EUR      77.68
UniCredit Bank AG     4.00   9/24/2015     EUR      61.64
UniCredit Bank AG     4.50   9/24/2015     EUR      60.00
UniCredit Bank AG     6.50   9/24/2015     EUR      56.40
UniCredit Bank AG     5.50   9/24/2015     EUR      57.73
UniCredit Bank AG     5.75   9/24/2015     EUR      41.84
UniCredit Bank AG     7.50   9/24/2015     EUR      73.67
UniCredit Bank AG     6.00   9/24/2015     EUR      75.54
UniCredit Bank AG     4.80   9/24/2015     EUR      44.22
UniCredit Bank AG     5.00   9/24/2015     EUR      58.43
UniCredit Bank AG     5.50   9/24/2015     EUR      76.58
UniCredit Bank AG     4.90   9/24/2015     EUR      43.97
UniCredit Bank AG     4.75   9/24/2015     EUR      44.49
DZ Bank AG Deutsch    7.00   9/11/2015     EUR      76.88
DZ Bank AG Deutsch    6.25   9/11/2015     EUR      76.76
DZ Bank AG Deutsch    5.50   9/11/2015     EUR      76.64
Vontobel Financial    5.40   3/11/2016     EUR      70.09
Zurcher Kantonalba    8.80   1/14/2016     CHF      54.83
UBS AG                9.00    7/3/2017     CHF      63.67
UBS AG/London         3.80  12/23/2015     EUR      75.82
UBS AG/London         5.00  12/23/2015     EUR      72.31
Leonteq Securities    9.40   10/8/2015     USD      69.63
Banque Cantonale V    1.00    7/7/2016     CHF      26.09
Credit Suisse AG/L    4.00    1/4/2016     EUR      68.71
DZ Bank AG Deutsch    5.25   7/24/2015     EUR      68.18
DZ Bank AG Deutsch    9.25   7/24/2015     EUR      62.28
HSBC Trinkaus & Bu   10.50   9/25/2015     EUR      71.27
HSBC Trinkaus & Bu   12.00   9/25/2015     EUR      76.39
HSBC Trinkaus & Bu   11.00   9/25/2015     EUR      74.45
HSBC Trinkaus & Bu   12.50   9/25/2015     EUR      58.05
HSBC Trinkaus & Bu    8.50   9/25/2015     EUR      62.29
HSBC Trinkaus & Bu    6.50   7/24/2015     EUR      64.69
HSBC Trinkaus & Bu   15.00   9/25/2015     EUR      47.89
HSBC Trinkaus & Bu   12.00   9/25/2015     EUR      51.58
HSBC Trinkaus & Bu    7.50   9/25/2015     EUR      58.44
HSBC Trinkaus & Bu    9.00   7/24/2015     EUR      54.43
HSBC Trinkaus & Bu    9.00   9/25/2015     EUR      76.16
HSBC Trinkaus & Bu   13.00   9/25/2015     EUR      70.51
HSBC Trinkaus & Bu    9.50   9/25/2015     EUR      75.68
HSBC Trinkaus & Bu   14.50   9/25/2015     EUR      69.30
HSBC Trinkaus & Bu   11.00   9/25/2015     EUR      75.00
HSBC Trinkaus & Bu   10.00   7/24/2015     EUR      75.54
HSBC Trinkaus & Bu   12.50   9/25/2015     EUR      62.13
HSBC Trinkaus & Bu   10.00   9/25/2015     EUR      66.39
HSBC Trinkaus & Bu    7.00   9/25/2015     EUR      71.35
HSBC Trinkaus & Bu    8.50   7/24/2015     EUR      67.36
Credit Suisse AG/N    7.00   11/2/2015     CHF      67.90
UBS AG               16.75   6/24/2016     EUR      75.22
UBS AG               24.50  12/29/2015     EUR      52.75
UBS AG               13.50   6/24/2016     EUR      67.87
UBS AG               23.50  12/29/2015     EUR      48.40
UBS AG               14.75   6/24/2016     EUR      70.49
UBS AG               13.25   9/25/2015     EUR      55.02
Deutsche Bank AG      7.20   9/22/2015     EUR      71.70
Deutsche Bank AG      7.20   9/22/2015     EUR      67.90
Deutsche Bank AG      6.20   9/22/2015     EUR      71.50
Deutsche Bank AG      7.20   9/22/2015     EUR      75.50
Deutsche Bank AG      6.20   9/22/2015     EUR      75.30
Deutsche Bank AG      6.20   9/22/2015     EUR      72.70
Deutsche Bank AG      4.20   9/22/2015     EUR      77.60
Deutsche Bank AG      3.20   9/22/2015     EUR      77.40
Vontobel Financial    9.20   9/25/2015     EUR      62.92
Vontobel Financial    5.90   9/25/2015     EUR      69.07
Commerzbank AG        1.88   4/22/2016     EUR      73.18
UniCredit Bank AG     4.85  11/26/2015     EUR      75.60
UniCredit Bank AG     5.25  11/26/2015     EUR      73.20
Commerzbank AG        7.50   9/24/2015     EUR      69.58
Commerzbank AG        9.50   9/24/2015     EUR      66.51
Commerzbank AG       11.25   9/24/2015     EUR      73.86
Commerzbank AG       20.50   9/24/2015     EUR      74.68
Commerzbank AG       23.75   9/24/2015     EUR      68.78
Commerzbank AG       26.75   9/24/2015     EUR      63.18
Zurcher Kantonalba    5.75   11/6/2015     CHF      59.48
Goldman Sachs & Co   15.00   7/22/2015     EUR      77.14
DZ Bank AG Deutsch    5.50   3/29/2016     EUR      70.63
DZ Bank AG Deutsch    8.50   3/29/2016     EUR      70.37
HSBC Trinkaus & Bu   17.30  12/28/2015     EUR      67.06
HSBC Trinkaus & Bu   23.10   9/25/2015     EUR      63.83
HSBC Trinkaus & Bu   14.40   3/25/2016     EUR      69.00
HSBC Trinkaus & Bu   10.10   1/22/2016     EUR      70.85
HSBC Trinkaus & Bu    9.10   4/22/2016     EUR      72.26
Vontobel Financial    5.00   4/22/2016     EUR      66.44
BNP Paribas Emissi    8.00   1/21/2016     EUR      72.90
BNP Paribas Emissi    9.50   1/21/2016     EUR      71.15
BNP Paribas Emissi    6.50   1/21/2016     EUR      74.81
BNP Paribas Emissi    8.50   7/21/2016     EUR      73.60
Zurcher Kantonalba    6.28   9/23/2016     CHF      70.20
BNP Paribas Emissi    6.50   7/21/2016     EUR      75.46
BNP Paribas Emissi   11.00   7/23/2015     EUR      71.70
BNP Paribas Emissi    6.50  10/22/2015     EUR      73.99
BNP Paribas Emissi    9.00  10/22/2015     EUR      71.85
BNP Paribas Emissi   11.00  10/22/2015     EUR      68.88
BNP Paribas Emissi    7.00   7/21/2016     EUR      74.40
DZ Bank AG Deutsch    7.90  12/28/2015     EUR      72.54
DZ Bank AG Deutsch    6.90   3/29/2016     EUR      73.48
HSBC Trinkaus & Bu    9.00   2/26/2016     EUR      71.01
DZ Bank AG Deutsch    9.40   9/25/2015     EUR      70.78
DZ Bank AG Deutsch    9.30   9/25/2015     EUR      67.44
DZ Bank AG Deutsch    5.50   3/29/2016     EUR      69.09
UBS AG/London        10.50   7/16/2015     CHF      62.21
UBS AG/London         7.00   7/16/2015     CHF      39.20
HSBC Trinkaus & Bu    6.60   9/25/2015     EUR      70.25
HSBC Trinkaus & Bu    8.60   7/24/2015     EUR      66.90
HSBC Trinkaus & Bu    7.70  10/23/2015     EUR      68.76
Deutsche Bank AG      4.50  12/22/2015     EUR      66.12
Bank Julius Baer &    8.85   9/25/2015     CHF      43.00
Bank Julius Baer &    7.00   10/2/2015     USD      65.85
Credit Suisse AG/N    8.00   1/29/2016     CHF      41.58
DZ Bank AG Deutsch    5.25   9/25/2015     EUR      55.87
Banque Cantonale V   13.10   7/21/2015     CHF      72.74
Commerzbank AG        5.50   7/23/2015     EUR      72.04
Commerzbank AG        7.25   7/23/2015     EUR      68.31
Commerzbank AG        9.50   7/23/2015     EUR      64.96
Zurcher Kantonalba    6.60   7/29/2015     CHF      41.12
EFG International     7.30   7/22/2015     USD      68.69
Deutsche Bank AG      5.20   8/26/2015     EUR      69.60
Deutsche Bank AG      6.20   8/26/2015     EUR      67.50
Deutsche Bank AG      5.20   7/22/2015     EUR      69.10
Deutsche Bank AG      6.20   7/22/2015     EUR      69.20
Deutsche Bank AG      5.20   7/22/2015     EUR      66.80
Deutsche Bank AG      7.20   7/22/2015     EUR      66.90
DZ Bank AG Deutsch   16.00   8/28/2015     EUR      37.80
Deutsche Bank AG      6.20  10/21/2015     EUR      68.40
Deutsche Bank AG      5.20  10/21/2015     EUR      70.40
Zurcher Kantonalba    6.30    8/6/2015     EUR      66.22
Zurcher Kantonalba    7.50    8/6/2015     EUR      66.99
Bank Julius Baer &    5.40    8/5/2015     CHF      76.20
Bank Julius Baer &    8.25   10/9/2015     USD      51.00
UniCredit Bank AG     4.00  10/22/2015     EUR      72.39
UniCredit Bank AG     4.20  10/22/2015     EUR      71.21
UniCredit Bank AG     4.80  10/22/2015     EUR      66.80
HSBC Trinkaus & Bu    8.50   9/25/2015     EUR      73.81
HSBC Trinkaus & Bu    6.50   7/24/2015     EUR      75.72
HSBC Trinkaus & Bu   12.50   9/25/2015     EUR      59.63
HSBC Trinkaus & Bu    8.50   9/25/2015     EUR      64.18
HSBC Trinkaus & Bu   14.00   9/25/2015     EUR      49.85
HSBC Trinkaus & Bu   10.50   9/25/2015     EUR      53.62
HSBC Trinkaus & Bu   13.00   9/25/2015     EUR      60.10
HSBC Trinkaus & Bu   10.00   9/25/2015     EUR      63.92
UniCredit Bank AG     5.00  10/22/2015     EUR      65.80
HSBC Trinkaus & Bu   14.50   9/25/2015     EUR      73.44
UniCredit Bank AG     4.60  10/22/2015     EUR      67.81
UniCredit Bank AG     4.50  10/22/2015     EUR      68.93
UniCredit Bank AG     5.20  10/22/2015     EUR      63.85
DZ Bank AG Deutsch    5.40   7/23/2015     EUR      74.29
DZ Bank AG Deutsch    4.10   7/23/2015     EUR      74.26
DZ Bank AG Deutsch    5.40   7/23/2015     EUR      67.54
DZ Bank AG Deutsch    5.40  10/23/2015     EUR      75.50
DZ Bank AG Deutsch    4.40  10/23/2015     EUR      75.22
DZ Bank AG Deutsch    5.60  10/23/2015     EUR      68.92
DZ Bank AG Deutsch    4.70   7/23/2015     EUR      52.52
DZ Bank AG Deutsch    3.90  10/23/2015     EUR      57.94
DZ Bank AG Deutsch    6.10   7/23/2015     EUR      64.09
DZ Bank AG Deutsch    7.60   7/22/2015     EUR      74.39
DZ Bank AG Deutsch    6.30   7/23/2015     EUR      53.16
DZ Bank AG Deutsch    4.90   7/23/2015     EUR      53.13
DZ Bank AG Deutsch    4.40   7/23/2015     EUR      48.28
DZ Bank AG Deutsch    5.90  10/23/2015     EUR      56.19
DZ Bank AG Deutsch    5.80  10/23/2015     EUR      53.57
DZ Bank AG Deutsch    3.10   7/22/2015     EUR      58.82
DZ Bank AG Deutsch    6.00   7/22/2015     EUR      54.78
DZ Bank AG Deutsch    5.60  10/22/2015     EUR      57.66
DZ Bank AG Deutsch    7.80   7/22/2015     EUR      69.94
Zurcher Kantonalba    8.60   7/23/2015     CHF      58.36
Leonteq Securities    4.05   7/23/2015     CHF      68.45
DZ Bank AG Deutsch    7.75   9/25/2015     EUR      73.73
DZ Bank AG Deutsch    7.75  12/28/2015     EUR      75.43
Vontobel Financial    3.70   9/25/2015     EUR      74.59
Deutsche Bank AG      4.20  12/22/2015     EUR      64.40
Deutsche Bank AG      5.20  12/22/2015     EUR      64.80
Deutsche Bank AG      4.20   9/22/2015     EUR      63.30
Deutsche Bank AG      4.20   9/22/2015     EUR      67.50
Deutsche Bank AG      5.20   9/22/2015     EUR      63.50
Deutsche Bank AG      4.20  12/22/2015     EUR      70.80
Leonteq Securities    4.20   7/23/2015     EUR      68.12
Vontobel Financial    7.50   9/25/2015     EUR      75.87
UniCredit Bank AG     4.10   9/24/2015     EUR      64.70
UniCredit Bank AG     4.00   9/24/2015     EUR      68.25
Deutsche Bank AG      5.20   3/22/2016     EUR      70.10
Deutsche Bank AG      6.20   3/22/2016     EUR      70.80
Deutsche Bank AG      5.20   6/21/2016     EUR      72.20
Deutsche Bank AG      6.20   6/21/2016     EUR      73.10
Deutsche Bank AG      5.20   6/21/2016     EUR      69.30
Bank Julius Baer &   13.30   7/31/2015     USD      59.75
Deutsche Bank AG      7.20   9/22/2015     EUR      70.00
Deutsche Bank AG      5.20   9/22/2015     EUR      69.60
Deutsche Bank AG      7.20  12/22/2015     EUR      71.60
Deutsche Bank AG      5.20  12/22/2015     EUR      70.70
UBS AG/London        15.00   7/23/2015     CHF      59.45
Deutsche Bank AG      6.20  12/22/2015     EUR      65.30
Commerzbank AG        5.00   9/24/2015     EUR      70.47
Commerzbank AG        9.25   9/24/2015     EUR      64.37
Leonteq Securities   11.52  10/28/2015     CHF      49.54
Notenstein Privatb   13.40   7/28/2015     USD      54.27
HSBC Trinkaus & Bu    5.65   2/22/2016     EUR      72.51
Commerzbank AG        7.50   9/24/2015     EUR      62.65
HSBC Trinkaus & Bu    4.90   7/10/2015     EUR      53.99
DZ Bank AG Deutsch    9.50   7/24/2015     EUR      62.02
DZ Bank AG Deutsch   10.00   7/24/2015     EUR      53.98
DZ Bank AG Deutsch    6.25   9/25/2015     EUR      58.68
DZ Bank AG Deutsch    5.75   9/25/2015     EUR      68.42
Vontobel Financial    6.90   6/10/2016     EUR      68.68
Vontobel Financial    4.75   6/10/2016     EUR      73.16
DZ Bank AG Deutsch    4.60   9/23/2015     EUR      53.27
DZ Bank AG Deutsch    5.10  12/23/2015     EUR      62.04
DZ Bank AG Deutsch    5.10  12/23/2015     EUR      59.23
DZ Bank AG Deutsch    5.80   9/23/2015     EUR      69.15
Commerzbank AG        8.75   8/27/2015     EUR      66.95
Commerzbank AG       10.75   8/27/2015     EUR      53.09
Commerzbank AG       10.00   8/27/2015     EUR      74.45
Commerzbank AG        8.50   8/27/2015     EUR      55.54
Zurcher Kantonalba    7.00   7/24/2015     CHF      56.10
Notenstein Privatb   11.00   1/25/2016     USD      62.85
Vontobel Financial    7.60   9/25/2015     EUR      64.42
Vontobel Financial    7.45  12/28/2015     EUR      74.32
Vontobel Financial    8.50   9/25/2015     EUR      72.92
Credit Suisse AG/N    6.00   1/29/2016     CHF      52.76
Leonteq Securities   11.20  12/29/2015     CHF      46.36
Leonteq Securities    8.20  12/29/2015     CHF      56.63
Deutsche Bank AG      7.20   8/26/2015     EUR      67.60
Deutsche Bank AG      7.20   7/22/2015     EUR      69.20
Deutsche Bank AG      6.20   7/22/2015     EUR      66.90
Deutsche Bank AG      5.20   8/26/2015     EUR      67.30
UniCredit Bank AG     4.00  12/28/2015     EUR      67.26
Deutsche Bank AG      6.20   8/26/2015     EUR      69.80
Deutsche Bank AG      7.20   8/26/2015     EUR      69.90
DZ Bank AG Deutsch    6.75   8/28/2015     EUR      58.29
DZ Bank AG Deutsch    5.25   8/28/2015     EUR      58.25
Deutsche Bank AG      7.20  10/21/2015     EUR      68.70
Deutsche Bank AG      5.20  10/21/2015     EUR      68.10
Notenstein Finance    8.68    4/1/2016     USD      56.74
Deutsche Bank AG      7.20  10/21/2015     EUR      71.00
Deutsche Bank AG      6.20  10/21/2015     EUR      70.70
Credit Suisse AG/N    8.00    2/8/2016     USD      61.02
UBS AG/London         7.20   1/20/2016     EUR      55.10
UniCredit Bank AG     5.00  10/22/2015     EUR      78.22
HSBC Trinkaus & Bu    6.50  12/28/2015     EUR      67.41
HSBC Trinkaus & Bu    9.00   7/24/2015     EUR      64.69
DZ Bank AG Deutsch    5.70   7/23/2015     EUR      50.30
DZ Bank AG Deutsch    4.90  10/23/2015     EUR      55.17
DZ Bank AG Deutsch    5.80  10/23/2015     EUR      53.13
DZ Bank AG Deutsch    7.10   7/23/2015     EUR      67.19
DZ Bank AG Deutsch    3.70   7/23/2015     EUR      55.46
DZ Bank AG Deutsch    4.20   7/23/2015     EUR      61.10
DZ Bank AG Deutsch    6.50  10/23/2015     EUR      72.41
DZ Bank AG Deutsch    6.00  10/23/2015     EUR      69.15
DZ Bank AG Deutsch    4.70  10/23/2015     EUR      65.77
DZ Bank AG Deutsch    4.70  10/23/2015     EUR      50.90
DZ Bank AG Deutsch    5.70   7/22/2015     EUR      73.56
DZ Bank AG Deutsch    6.60  10/22/2015     EUR      75.16
DZ Bank AG Deutsch    5.00  10/23/2015     EUR      69.42
DZ Bank AG Deutsch    8.75  10/23/2015     EUR      64.45
Bank Julius Baer &    8.75   7/31/2015     EUR      62.70
Deutsche Bank AG      4.20  12/22/2015     EUR      68.50
Deutsche Bank AG      4.20   9/22/2015     EUR      69.80
Deutsche Bank AG      5.20   3/22/2016     EUR      73.10
Deutsche Bank AG      6.20   3/22/2016     EUR      73.80
Deutsche Bank AG      6.20   6/21/2016     EUR      70.30
Bank Julius Baer &    6.50   7/31/2015     USD      56.20
Deutsche Bank AG      6.20   9/22/2015     EUR      69.80
Deutsche Bank AG      6.20  12/22/2015     EUR      71.20
Deutsche Bank AG      6.20   9/22/2015     EUR      63.70
Bank Julius Baer &    6.60   7/27/2015     EUR      63.55
Commerzbank AG        6.00   9/24/2015     EUR      68.80
Commerzbank AG        7.00   9/24/2015     EUR      67.21
Commerzbank AG        8.25   9/24/2015     EUR      65.77
Commerzbank AG        9.25   9/24/2015     EUR      59.80
Commerzbank AG       11.25   9/24/2015     EUR      57.31
Bank Julius Baer &    3.75   7/22/2015     CHF      71.45
Vontobel Financial    3.30   7/10/2015     EUR      57.74
Vontobel Financial    7.20   7/10/2015     EUR      52.52
Vontobel Financial    9.60   7/10/2015     EUR      50.25
DZ Bank AG Deutsch   10.25   9/25/2015     EUR      62.55
DZ Bank AG Deutsch    7.10   9/23/2015     EUR      75.81
DZ Bank AG Deutsch    2.10   9/23/2015     EUR      73.24
DZ Bank AG Deutsch    3.50   9/23/2015     EUR      69.82
DZ Bank AG Deutsch    5.40   9/23/2015     EUR      60.89
DZ Bank AG Deutsch    2.10  12/23/2015     EUR      74.95
DZ Bank AG Deutsch    3.30  12/23/2015     EUR      71.89
DZ Bank AG Deutsch    5.70   9/23/2015     EUR      58.77
DZ Bank AG Deutsch    5.70   9/23/2015     EUR      55.99
DZ Bank AG Deutsch    4.40  12/23/2015     EUR      56.29
DZ Bank AG Deutsch    3.90   9/23/2015     EUR      72.59
DZ Bank AG Deutsch    2.20  12/23/2015     EUR      70.02
DZ Bank AG Deutsch    3.50  12/23/2015     EUR      66.75
DZ Bank AG Deutsch    5.10  12/23/2015     EUR      71.48
DZ Bank AG Deutsch    2.60   9/23/2015     EUR      58.77
DZ Bank AG Deutsch    3.10   9/23/2015     EUR      56.21
DZ Bank AG Deutsch    4.80   9/23/2015     EUR      56.54
DZ Bank AG Deutsch    2.70  12/23/2015     EUR      60.89
DZ Bank AG Deutsch    4.60  12/23/2015     EUR      59.04
DZ Bank AG Deutsch    3.20  12/23/2015     EUR      58.42
DZ Bank AG Deutsch    7.60   9/23/2015     EUR      73.49
DZ Bank AG Deutsch    6.60   9/23/2015     EUR      74.84
DZ Bank AG Deutsch    6.00   9/23/2015     EUR      69.94
Commerzbank AG        6.50   8/27/2015     EUR      70.25
UniCredit Bank AG     6.00   7/23/2015     EUR      40.36
UniCredit Bank AG     4.50   7/23/2015     EUR      43.92
UniCredit Bank AG     4.00   7/23/2015     EUR      45.06
UniCredit Bank AG     4.40   7/23/2015     EUR      72.25
UniCredit Bank AG     4.00   7/23/2015     EUR      74.43
UniCredit Bank AG     5.20   7/23/2015     EUR      74.15
DZ Bank AG Deutsch    7.50   9/11/2015     EUR      68.85
UBS AG               14.75   9/25/2015     EUR      55.74
Deutsche Bank AG      5.20   9/22/2015     EUR      75.50
Deutsche Bank AG      5.20   9/22/2015     EUR      67.50
Leonteq Securities   11.80   7/21/2015     EUR      76.36
Deutsche Bank AG      6.20   9/22/2015     EUR      67.70
Deutsche Bank AG      5.20   9/22/2015     EUR      72.50
Deutsche Bank AG      7.20   9/22/2015     EUR      72.90
Deutsche Bank AG      5.20   9/22/2015     EUR      75.10
DZ Bank AG Deutsch    6.25   7/10/2015     EUR      63.28
DZ Bank AG Deutsch    6.75   7/10/2015     EUR      63.28
DZ Bank AG Deutsch    7.25   7/10/2015     EUR      63.29
Commerzbank AG        7.00   7/23/2015     EUR      55.21
Commerzbank AG        9.25   7/23/2015     EUR      64.12
Bank Julius Baer &   10.60   10/9/2015     USD      63.95
Commerzbank AG        7.00   7/23/2015     EUR      69.79
Commerzbank AG       10.00   7/23/2015     EUR      58.05
Commerzbank AG       13.00   7/23/2015     EUR      49.72
Commerzbank AG       16.25   7/23/2015     EUR      43.77
Commerzbank AG       19.75   7/23/2015     EUR      38.69
Commerzbank AG       23.25   7/23/2015     EUR      35.10
Commerzbank AG        7.00   7/23/2015     EUR      57.51
Commerzbank AG       10.00   7/23/2015     EUR      53.20
Goldman Sachs & Co    8.00   9/23/2015     EUR      64.00
Commerzbank AG        5.00   7/23/2015     EUR      62.04
Commerzbank AG        9.00   7/23/2015     EUR      55.94
Vontobel Financial    6.80   9/25/2015     EUR      64.93
DZ Bank AG Deutsch   10.25   9/25/2015     EUR      63.30
Goldman Sachs & Co   10.00  10/21/2015     EUR      69.40
Goldman Sachs & Co    8.00   3/23/2016     EUR      74.43
Goldman Sachs & Co    8.00   3/23/2016     EUR      72.21
Commerzbank AG        8.50   8/27/2015     EUR      68.52
Commerzbank AG        9.75   8/27/2015     EUR      66.55
Vontobel Financial    6.25  12/28/2015     EUR      68.71
Vontobel Financial    7.45   9/25/2015     EUR      67.41
Commerzbank AG        6.25   8/27/2015     EUR      71.85
Commerzbank AG        7.25   8/27/2015     EUR      70.06
Commerzbank AG       10.75   8/27/2015     EUR      65.30
Goldman Sachs & Co    8.00  10/21/2015     EUR      71.15
Goldman Sachs & Co    7.00   3/23/2016     EUR      73.76
Goldman Sachs & Co    8.00  10/21/2015     EUR      68.77
Goldman Sachs & Co    9.00  10/21/2015     EUR      69.04
Goldman Sachs & Co    7.00   3/23/2016     EUR      71.28
Goldman Sachs & Co    8.00   3/23/2016     EUR      71.97
Vontobel Financial    8.10  12/28/2015     EUR      66.09
Vontobel Financial    9.45   9/25/2015     EUR      64.20
Leonteq Securities    8.00  12/15/2015     CHF      55.04
Commerzbank AG        6.00   8/27/2015     EUR      66.82
Commerzbank AG        6.00   8/27/2015     EUR      74.28
Credit Suisse AG/N    8.00   3/16/2016     USD      65.32
Commerzbank AG        6.50   8/27/2015     EUR      59.70
Commerzbank AG        6.00   8/27/2015     EUR      67.47
Goldman Sachs & Co    6.00  10/21/2015     EUR      75.67
Goldman Sachs & Co   13.00  10/21/2015     EUR      66.04
Goldman Sachs & Co   10.00   3/23/2016     EUR      69.51
BNP Paribas Emissi    6.25   9/24/2015     EUR      69.09
BNP Paribas Emissi    6.00  12/24/2015     EUR      71.48
HSBC Trinkaus & Bu   10.20  10/23/2015     EUR      56.86
HSBC Trinkaus & Bu   13.80   9/25/2015     EUR      74.42
Vontobel Financial    6.95  12/28/2015     EUR      69.70
Commerzbank AG        5.50   8/27/2015     EUR      73.78
Commerzbank AG        8.50   8/27/2015     EUR      68.40
Commerzbank AG        9.50   8/27/2015     EUR      66.78
Goldman Sachs & Co    7.00  10/21/2015     EUR      73.33
Goldman Sachs & Co    5.00  10/21/2015     EUR      67.96
Goldman Sachs & Co    6.00  10/21/2015     EUR      68.23
Goldman Sachs & Co    7.00  10/21/2015     EUR      68.50
Goldman Sachs & Co    9.00  10/21/2015     EUR      69.04
Goldman Sachs & Co    9.00  10/21/2015     EUR      69.04
Goldman Sachs & Co    5.00   3/23/2016     EUR      69.90
Goldman Sachs & Co    6.00   3/23/2016     EUR      70.59
Goldman Sachs & Co    7.00   3/23/2016     EUR      71.28
Goldman Sachs & Co    8.00   3/23/2016     EUR      71.97
Goldman Sachs & Co    8.00   3/23/2016     EUR      71.97
Bank Julius Baer &    8.20   9/23/2015     CHF      41.80
HSBC Trinkaus & Bu    9.50   7/24/2015     EUR      57.29
HSBC Trinkaus & Bu   10.80   9/25/2015     EUR      56.25
HSBC Trinkaus & Bu    7.10   9/25/2015     EUR      61.50
HSBC Trinkaus & Bu    8.80  10/23/2015     EUR      59.31
HSBC Trinkaus & Bu    6.00  12/28/2015     EUR      34.45
UniCredit Bank AG     5.20   9/24/2015     EUR      60.99
Bank Julius Baer &   11.50    3/4/2016     USD      64.10
HSBC Trinkaus & Bu   22.50   9/25/2015     EUR      61.74
HSBC Trinkaus & Bu   11.20  11/27/2015     EUR      67.60
Vontobel Financial    5.15  12/28/2015     EUR      67.12
Banque Cantonale V    4.25   8/28/2015     CHF      53.04
LBBW                  4.25   8/28/2015     EUR      57.83
LBBW                  5.25   8/28/2015     EUR      53.89
LBBW                  6.50   8/28/2015     EUR      50.04
LBBW                  3.50   8/28/2015     EUR      56.03
DZ Bank AG Deutsch   16.00   9/25/2015     EUR      68.33
Commerzbank AG        8.25   2/25/2016     EUR      76.33
Commerzbank AG        7.00   2/25/2016     EUR      65.07
BNP Paribas Emissi    9.50   6/23/2016     EUR      73.12
BNP Paribas Emissi   13.00   6/23/2016     EUR      70.13
BNP Paribas Emissi    8.50   9/22/2016     EUR      73.93
BNP Paribas Emissi   10.00   9/22/2016     EUR      72.53
BNP Paribas Emissi    6.50   9/22/2016     EUR      76.19
BNP Paribas Emissi    8.00   9/22/2016     EUR      75.60
BNP Paribas Emissi   13.00  12/24/2015     EUR      76.20
BNP Paribas Emissi   18.00  10/22/2015     EUR      71.33
BNP Paribas Emissi   12.00   6/23/2016     EUR      75.70
DZ Bank AG Deutsch   14.00   9/25/2015     EUR      57.83
DZ Bank AG Deutsch   15.50   9/25/2015     EUR      66.60
HSBC Trinkaus & Bu   15.60   9/25/2015     EUR      75.93
HSBC Trinkaus & Bu   15.80   9/25/2015     EUR      64.48
HSBC Trinkaus & Bu   16.90  12/28/2015     EUR      64.92
HSBC Trinkaus & Bu   12.60  12/28/2015     EUR      67.01
HSBC Trinkaus & Bu   14.20   3/25/2016     EUR      66.76
HSBC Trinkaus & Bu   10.90   3/25/2016     EUR      68.50
Leonteq Securities   15.00    3/9/2016     USD      64.90
UBS AG               20.50   6/24/2016     EUR      66.74
UniCredit Bank AG     4.80   3/24/2016     EUR      71.16
DZ Bank AG Deutsch    6.25   10/9/2015     EUR      69.80
Raiffeisen Centrob    7.33   8/21/2015     EUR      61.47
Commerzbank AG        7.00   2/26/2016     EUR      73.78
Credit Suisse AG/N    8.75   8/24/2015     CHF      64.70
Credit Suisse AG/N   10.25   8/14/2015     CHF      65.52
Notenstein Privatb   10.00   8/14/2015     CHF      70.08
Notenstein Privatb   11.00   8/14/2015     CHF      56.27
DZ Bank AG Deutsch    5.75   8/14/2015     EUR      75.24
UBS AG               14.25   9/25/2015     EUR      65.01
UBS AG               16.75  12/23/2016     EUR      73.54
Vontobel Financial    7.45   3/11/2016     EUR      73.11
Vontobel Financial    5.90   3/11/2016     EUR      74.72
Vontobel Financial    8.40  12/11/2015     EUR      71.85
UBS AG               24.75   9/25/2015     EUR      64.41
HSBC Trinkaus & Bu    7.00   9/25/2015     EUR      67.74
UBS AG               23.25   9/25/2015     EUR      62.89
UBS AG               11.00  12/29/2015     EUR      76.86
UBS AG               20.75  12/29/2015     EUR      58.47
DekaBank Deutsche     3.10   2/26/2018     EUR      73.81
UBS AG               23.00   9/25/2015     EUR      56.24
UBS AG               22.75  12/29/2015     EUR      60.30
UBS AG               22.75  12/29/2015     EUR      76.50
UBS AG                9.75   9/25/2015     EUR      70.82
Credit Suisse AG/N    8.50   10/8/2015     USD      69.89
LBBW                  5.00   3/29/2016     EUR      75.70
Credit Suisse AG/N    8.00   10/5/2015     CHF      69.86
DZ Bank AG Deutsch    8.00   9/11/2015     EUR      66.13
UBS AG               20.00   9/25/2015     EUR      68.41
UBS AG               24.75   9/25/2015     EUR      60.52
HSBC Trinkaus & Bu    7.00   9/25/2015     EUR      72.79
UBS AG               18.50  12/29/2015     EUR      61.70
UBS AG               16.50   9/25/2015     EUR      64.38
UBS AG               13.50   9/25/2015     EUR      70.61
UBS AG               19.75  12/29/2015     EUR      65.57
UBS AG               20.50  12/29/2015     EUR      61.22
Goldman Sachs & Co    8.00   9/23/2015     EUR      70.45
UBS AG               19.75  12/29/2015     EUR      60.06
Goldman Sachs & Co    8.00   9/23/2015     EUR      75.58
UBS AG               13.50  12/29/2015     EUR      70.58
UBS AG               24.25   9/25/2015     EUR      75.07
UBS AG               18.00   9/25/2015     EUR      68.68
UBS AG               14.75   9/25/2015     EUR      58.02
Leonteq Securities    6.58   3/29/2016     EUR      67.90
DZ Bank AG Deutsch    7.25   8/14/2015     EUR      66.60
Vontobel Financial   10.45   3/29/2016     EUR      69.66
Vontobel Financial   12.80  12/28/2015     EUR      68.13
Vontobel Financial   17.00   9/25/2015     EUR      65.70
Vontobel Financial    9.30   9/25/2015     EUR      70.41
DekaBank Deutsche     3.40    3/5/2018     EUR      73.28
Goldman Sachs & Co    7.00   9/23/2015     EUR      70.27
Goldman Sachs & Co    7.00   9/23/2015     EUR      70.27
Goldman Sachs & Co   10.00   9/23/2015     EUR      70.86
Goldman Sachs & Co   11.00   9/23/2015     EUR      68.80
HSBC Trinkaus & Bu    7.50   9/25/2015     EUR      70.43
HSBC Trinkaus & Bu    6.50   9/25/2015     EUR      69.48
UBS AG                7.25  12/29/2015     EUR      69.68
UBS AG               16.00   9/25/2015     EUR      47.91
UBS AG               23.75   9/25/2015     EUR      38.20
UBS AG                7.50   9/25/2015     EUR      68.40
UBS AG               21.75   9/25/2015     EUR      75.25
UBS AG               10.00  12/29/2015     EUR      61.04
UBS AG                8.25  12/29/2015     EUR      66.55
UBS AG               19.25   9/25/2015     EUR      66.04
UBS AG               11.50   9/25/2015     EUR      70.97
UBS AG               22.50   9/25/2015     EUR      53.43
UBS AG               23.75   9/25/2015     EUR      76.33
UBS AG               22.50   9/25/2015     EUR      72.50
UBS AG               19.50  12/29/2015     EUR      66.47
UBS AG               12.50   9/25/2015     EUR      73.15
UBS AG               16.50   9/25/2015     EUR      65.47
UBS AG               23.50   9/25/2015     EUR      51.98
UBS AG                6.25  12/29/2015     EUR      71.93
UBS AG               14.00   9/25/2015     EUR      72.98
UBS AG               24.50   9/25/2015     EUR      57.48
UBS AG               21.50  12/29/2015     EUR      75.31
UBS AG               23.25  12/29/2015     EUR      73.15
UBS AG               12.50  12/29/2015     EUR      72.58
UBS AG                9.50  12/29/2015     EUR      61.31
Goldman Sachs & Co   11.00   9/23/2015     EUR      71.03
UBS AG               22.75   9/25/2015     EUR      73.04
UBS AG               21.75  12/29/2015     EUR      62.71
Credit Suisse AG/L    7.25   10/9/2015     CHF      68.60
UBS AG               18.50   9/25/2015     EUR      74.42
UBS AG               24.00  12/29/2015     EUR      75.55
UBS AG                5.75  12/29/2015     EUR      74.69
DekaBank Deutsche     3.40   6/24/2016     EUR      72.00
UBS AG               17.50   9/25/2015     EUR      45.58
UBS AG               24.25   9/25/2015     EUR      69.42
UBS AG               23.00  12/29/2015     EUR      55.51
Goldman Sachs & Co   11.00   9/23/2015     EUR      71.03
UBS AG               11.25  12/29/2015     EUR      74.94
Societe Generale S    4.00   3/29/2016     EUR      58.91
Vontobel Financial    6.60   3/29/2016     EUR      72.84
Vontobel Financial    7.70  12/28/2015     EUR      71.88
Goldman Sachs & Co   10.00   9/23/2015     EUR      70.85
Goldman Sachs & Co   10.00   9/23/2015     EUR      70.90
UBS AG                6.50  12/29/2015     EUR      73.19
LBBW                  4.25   4/22/2016     EUR      75.64
UBS AG               22.75  12/29/2015     EUR      42.04
UBS AG               24.50   9/25/2015     EUR      50.54
UBS AG               21.00  12/29/2015     EUR      76.44
Leonteq Securities    7.07   9/21/2015     CHF      40.76
UBS AG               20.25   9/25/2015     EUR      42.33
UBS AG               12.75  12/29/2015     EUR      54.71
UBS AG                6.50   9/25/2015     EUR      72.46
UBS AG               19.75  12/29/2015     EUR      44.89
UBS AG               20.50  12/29/2015     EUR      67.80
UBS AG               18.25   9/25/2015     EUR      71.67
Bank Julius Baer &    9.00   10/8/2015     CHF      38.70
DZ Bank AG Deutsch    5.25   3/29/2016     EUR      75.07
BNP Paribas Emissi    4.75   7/23/2015     EUR      76.77
UBS AG               23.25   9/25/2015     EUR      75.31
Notenstein Privatb    8.75   9/14/2015     EUR      69.69
UBS AG               14.50   9/25/2015     EUR      74.94
BNP Paribas Emissi    8.00   7/23/2015     EUR      41.60
BNP Paribas Emissi    6.75   7/23/2015     EUR      44.22
UBS AG                8.25  12/22/2017     EUR      72.89
UBS AG               11.25   6/24/2016     EUR      75.62
Credit Suisse AG/N    7.00    9/7/2015     CHF      64.34
DZ Bank AG Deutsch    5.00   8/14/2015     EUR      72.73
LBBW                  4.30   9/23/2016     EUR      69.84
UBS AG               13.75   9/25/2015     EUR      62.37
UBS AG                7.75   6/24/2016     EUR      76.75
UniCredit Bank AG     4.60   3/24/2016     EUR      71.65
UBS AG               13.25  12/22/2017     EUR      70.54
UniCredit Bank AG     5.00   3/24/2016     EUR      70.66
Notenstein Privatb   11.00   8/28/2015     CHF      48.88
Leonteq Securities   25.00   3/16/2016     CHF      59.66
UniCredit Bank AG     4.50   3/24/2016     EUR      72.89
UBS AG               22.50   3/29/2016     EUR      63.48
Landesbank Berlin     6.00  11/27/2015     EUR      72.21
Credit Suisse AG/N    7.75   8/28/2015     CHF      64.90
Leonteq Securities   13.72   8/14/2015     AUD      60.48
Landesbank Hessen-    4.15   8/27/2015     EUR      76.20
e-Kancelaria Grupa    9.00   12/4/2015     PLN       1.11
DZ Bank AG Deutsch    7.00   2/26/2016     EUR      68.47
e-Kancelaria Grupa    9.00  12/23/2015     PLN       2.00
Commerzbank AG       10.00   2/25/2016     EUR      73.86
Commerzbank AG       12.25   2/25/2016     EUR      71.99
Commerzbank AG       10.00   2/25/2016     EUR      62.24
Vontobel Financial    7.25  12/28/2015     EUR      68.06
UBS AG               24.25  12/29/2015     EUR      60.68
UBS AG               16.00  12/23/2016     EUR      66.11
Notenstein Privatb   10.12   8/26/2015     USD      59.43
Notenstein Privatb    7.40  10/31/2016     CHF      40.72
Commerzbank AG        6.00   7/23/2015     EUR      71.75
Commerzbank AG       11.75   7/23/2015     EUR      63.20
Commerzbank AG        7.25   7/23/2015     EUR      66.21
Commerzbank AG        9.50   7/23/2015     EUR      62.97
Commerzbank AG       10.50   7/23/2015     EUR      78.04
Lehman Brothers Tr    5.25  11/21/2009     USD       4.83
Commerzbank AG        6.75   7/23/2015     EUR      68.90
Commerzbank AG        8.50   7/23/2015     EUR      65.67
Commerzbank AG       10.75   7/23/2015     EUR      62.74
Notenstein Privatb   10.00   8/14/2015     USD      38.04
Leonteq Securities    5.00   8/22/2016     CHF      56.91
Leonteq Securities   13.00   8/25/2015     CHF      32.92
DZ Bank AG Deutsch    5.00   9/25/2015     EUR      72.33
DZ Bank AG Deutsch    5.00  12/28/2015     EUR      71.70
TGK-1 OAO            12.90   2/14/2022     RUB     100.00
Intertekhelektro-N    8.50   4/21/2020     RUB      60.00
e-Kancelaria Grupa    9.00   8/19/2016     PLN       2.01
HSBC Trinkaus & Bu   19.60   9/25/2015     EUR      67.51
HSBC Trinkaus & Bu   15.20  12/28/2015     EUR      70.43
HSBC Trinkaus & Bu   12.80   3/25/2016     EUR      71.84
HSBC Trinkaus & Bu   11.20   3/25/2016     EUR      73.26
HSBC Trinkaus & Bu   13.60   3/25/2016     EUR      75.55
HSBC Trinkaus & Bu   19.00   9/25/2015     EUR      72.21
HSBC Trinkaus & Bu   14.80  12/28/2015     EUR      75.04
HSBC Trinkaus & Bu   11.50  11/27/2015     EUR      72.79
HSBC Trinkaus & Bu    9.90   2/26/2016     EUR      74.02
e-Kancelaria Grupa    9.00  10/25/2016     PLN       1.00
Veniti SA             9.70   3/28/2016     PLN      50.00
Zurcher Kantonalba    4.50   9/25/2015     CHF      56.96
Leonteq Securities   10.00   9/17/2015     USD      61.73
Bank Julius Baer &    8.10   9/25/2015     USD      68.75
Bank Julius Baer &    8.25   9/18/2015     CHF      39.20
Goldman Sachs & Co   11.00   3/23/2016     EUR      66.58
Leonteq Securities   12.00  12/15/2015     CHF      57.40
DZ Bank AG Deutsch    5.60   3/30/2017     EUR      69.56
Leonteq Securities   20.00  12/29/2015     CHF      44.17
Leonteq Securities    5.05   9/22/2015     CHF      54.23
Vontobel Financial    8.00  12/28/2015     EUR      67.08
e-Kancelaria Grupa   10.00  10/23/2015     PLN       1.00
Glitnir HF            6.20  12/20/2009     ISK       0.02
Glitnir HF            5.00    2/1/2011     ISK      14.00
Glitnir HF            5.00    2/1/2016     ISK      14.00
Glitnir HF            6.00    8/1/2010     ISK      14.00
Kaupthing Bank Hf     7.00   7/24/2009     ISK      14.25
Lehman Brothers Tr   10.00  10/23/2008     USD       4.83
Lehman Brothers Tr    3.00   12/3/2012     EUR       4.83
Lehman Brothers Tr   11.00   2/16/2009     CHF       4.83
Lehman Brothers Tr   10.00   2/16/2009     CHF       4.83
Lehman Brothers Tr   13.00   2/16/2009     CHF       4.83
Lehman Brothers Tr    9.30  12/21/2010     EUR       4.83
Lehman Brothers Tr    8.00  12/31/2010     USD       4.83
Glitnir HF            2.00   1/30/2009     CHF      14.00
Lehman Brothers Tr    5.00    9/1/2011     EUR       4.83
Glitnir HF            6.84  12/15/2015     EUR       0.02
Lehman Brothers Tr    6.00   3/17/2011     EUR       4.83
Leonteq Securities    4.50    4/4/2016     EUR      48.09
Lehman Brothers Tr    4.25   5/15/2010     EUR       4.83
Lehman Brothers Tr    1.68    3/5/2015     EUR       4.83
Lehman Brothers Tr    3.35  10/13/2016     EUR       4.83
Lehman Brothers Tr    3.00    6/3/2010     EUR       4.83
Lehman Brothers Tr   12.40   6/12/2009     USD       4.83
Lehman Brothers Tr    1.00   2/26/2010     USD       4.83
Leonteq Securities    5.00   5/23/2016     CHF      61.00
Lehman Brothers Tr   11.00    7/4/2011     USD       4.83
Lehman Brothers Tr   11.00    7/4/2011     CHF       4.83
Lehman Brothers Tr   12.00    7/4/2011     EUR       4.83
Lehman Brothers Tr    2.30   4/28/2014     JPY       4.83
Lehman Brothers Tr    6.00    8/7/2013     EUR       4.83
Glitnir HF            5.24  12/22/2010     USD      14.00
Lehman Brothers Tr   14.10  11/12/2008     USD       4.83
Lehman Brothers Tr    2.00   5/17/2010     EUR       4.83
Leonteq Securities   20.00   2/23/2016     USD      36.54
BNP Paribas Emissi    7.50  10/22/2015     EUR      73.31
BNP Paribas Emissi   10.00  10/22/2015     EUR      71.20
BNP Paribas Emissi   11.00  10/22/2015     EUR      68.88
BNP Paribas Emissi   16.00  10/22/2015     EUR      66.68
BNP Paribas Emissi   19.00  10/22/2015     EUR      64.28
BNP Paribas Emissi   22.00  10/22/2015     EUR      63.14
BNP Paribas Emissi    6.50  12/24/2015     EUR      73.89
BNP Paribas Emissi   17.00  12/24/2015     EUR      66.63
BNP Paribas Emissi    7.50   6/23/2016     EUR      76.05
BNP Paribas Emissi    8.00   6/23/2016     EUR      74.05
BNP Paribas Emissi   14.00  12/24/2015     EUR      68.47
BNP Paribas Emissi    6.50   3/24/2016     EUR      75.14
BNP Paribas Emissi    8.00   3/24/2016     EUR      73.59
BNP Paribas Emissi    9.50   3/24/2016     EUR      72.17
BNP Paribas Emissi   16.00   3/24/2016     EUR      68.24
UBS AG               24.25   9/25/2015     EUR      38.06
UBS AG               23.25   9/25/2015     EUR      72.74
UBS AG               24.75   9/25/2015     EUR      51.64
Deutsche Bank AG      9.00   9/11/2015     EUR      50.37
Credit Suisse AG/N    7.50   9/25/2015     CHF      67.89
UBS AG                7.00  12/29/2015     EUR      69.48
UBS AG                9.75   9/25/2015     EUR      59.16
UBS AG               22.25  12/29/2015     EUR      67.78
UBS AG               21.25  12/29/2015     EUR      74.51
UBS AG               12.00  12/29/2015     EUR      55.35
UBS AG               22.25  12/29/2015     EUR      73.55
UBS AG               23.50   9/25/2015     EUR      58.91
UBS AG                9.20   7/22/2015     EUR      70.54
Commerzbank AG        5.60   9/29/2015     EUR      64.75
Leonteq Securities   10.00   1/22/2016     USD      55.01
Credit Suisse AG/N    8.25   7/31/2015     USD      55.28
Credit Suisse AG/L    2.75   1/29/2019     SEK      65.60
Deutsche Bank AG      6.20   9/22/2015     EUR      52.70
Deutsche Bank AG      5.20   9/22/2015     EUR      52.50
Deutsche Bank AG      7.20   9/22/2015     EUR      50.60
Deutsche Bank AG      6.20   9/22/2015     EUR      50.40
Deutsche Bank AG      5.20   9/22/2015     EUR      50.20
Credit Suisse AG/N    6.00   1/22/2016     CHF      73.99
Raiffeisen Centrob    9.41   1/20/2016     EUR      72.36
Vontobel Financial    3.95   3/11/2016     EUR      73.81
Vontobel Financial    4.05  12/11/2015     EUR      72.89
Vontobel Financial    5.80  12/11/2015     EUR      68.89
Vontobel Financial    7.05   3/11/2016     EUR      67.09
Vontobel Financial    7.70  12/11/2015     EUR      65.53
Vontobel Financial    8.50   9/11/2015     EUR      63.67
Vontobel Financial   10.75   7/10/2015     EUR      73.63
Vontobel Financial   12.30   7/10/2015     EUR      68.56
JP Morgan Structur   12.20   9/30/2015     USD      63.37
Leonteq Securities   10.00  11/10/2015     CHF      69.10
Commerzbank AG       10.50  10/22/2015     EUR      75.61
Commerzbank AG        9.25  10/22/2015     EUR      76.13
Commerzbank AG       10.25  10/22/2015     EUR      74.60
Commerzbank AG       11.50  10/22/2015     EUR      73.15
Commerzbank AG       12.50  10/22/2015     EUR      71.71
Vontobel Financial   11.65   9/25/2015     EUR      70.87
Vontobel Financial    8.55  12/28/2015     EUR      72.32
DZ Bank AG Deutsch    9.50   9/25/2015     EUR      74.08
DZ Bank AG Deutsch    7.25  12/28/2015     EUR      75.20
Notenstein Finance    7.00  10/23/2015     USD      53.24
Leonteq Securities    3.00   9/19/2019     CHF      77.98
Vontobel Financial    7.95  12/28/2015     EUR      66.67
Efesk Group          13.25   6/14/2016     RUB      60.01
TransFin-M OJSC      10.50  11/11/2024     RUB      60.01
MORTGAGE AGENT AHM    9.00    9/9/2045     RUB      69.63
Reso-Leasing OOO     10.40   9/21/2023     RUB      60.01
Totens Sparebank      3.01                 NOK      58.01
SAir Group            2.75   7/30/2004     CHF      11.88
HSBC Bank PLC         0.50    3/1/2018     RUB      73.31
BNP Paribas SA        0.50   1/31/2018     RUB      74.16
Societe Generale S    0.50   5/22/2024     MXN      58.53
Societe Generale S    0.50    4/4/2024     MXN      59.15
Kommunalbanken AS     0.50    2/2/2018     BRL      74.18


                            *********

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 * * *