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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, August 3, 2015, Vol. 16, No. 151

                            Headlines

B E L A R U S

BELARUSIAN INSURERS: Fitch Affirms 'B-' IFS Ratings on 3 Firms


F R A N C E

BANQUE PSA: Moody's Affirms 'ba2' BCA Rating
ODDO ET COMPAGNIE: Fitch Affirms 'BB+' Rating on Sub. Tier 2 Debt


G E R M A N Y

EKOTECHNIKA GMBH: Insolvency Application Unfounded, Expert Says
TALISMAN-4 FINANCE: S&P Lowers Ratings on 3 Note Classes to 'D'


G R E E C E

GREECE: Fails to Meet Two Criteria for New IMF Bailout


I R E L A N D

HARVEST CLO XI: S&P Affirms 'B' Rating on Class F Notes
MOTHERCARE IRELAND: High Court Confirms Appointment of Examiner


I T A L Y

FIAT CHRYSLER: S&P Revises Outlook to Pos. & Affirms 'BB-' CCR
ITAS MUTUA: Fitch Assigns 'BB' Rating to EUR60MM Sub. Notes
MEDIOCREDITO CENTRALE: S&P Affirms 'BB/B' Counterparty Ratings
ROTTAPHARM SPA: Moody's Withdraws B1 Corporate Family Rating
TWIN SET: S&P Revises Outlook to Stable & Affirms 'B' CCR


M O L D O V A

MOLDOVA: Moody's Changes 'B3' Government Bond Rating to Negative


N E T H E R L A N D S

CHAPEL 2007: Moody's Raises Rating on EUR23.5MM C Notes to 'Ba2'
DRYDEN 39: S&P Assigns Prelim. 'B-' Rating to Class F Notes
GREENKO DUTCH: Fitch Affirms 'B' Rating on USD550MM Notes
JACOBS DOUWE: S&P Affirms 'BB' CCR, Outlook Stable
WOOD STREET CLO 1: Moody's Hikes Class E Notes' Rating to B1(sf)


P O R T U G A L

BANCO ESPIRITO: Aug. 7 Bid Submission Deadline Set for Novo Banco


R U S S I A

CHERKIZOVO GROUP: Moody's Hikes Corporate Family Rating to B1
EQUIPE INSURANCE: Bank of Russia Suspends Insurance License


S W I T Z E R L A N D

UBS GROUP: S&P Assigns 'BB' Rating to High-Trigger Tier 1 Notes


U K R A I N E

PEREMOHA PRATSI: Donetsk Court Launches Bankruptcy Proceedings
UKRAINE: Creditors Likely to Take Small Haircut on Bonds


U N I T E D   K I N G D O M

AFREN PLC: Put Under Administration After Rescue Talks Fail
AMDIPHARM MERCURY: S&P Raises CCR to 'B+', Outlook Stable
CO-OPERATIVE BANK: Moody's Confirms Caa2 LT Deposit Rating
HELLERMANNTYTON GROUP: Moody's Puts Ba2 CFR on Review for Upgrade
ROYAL BANK: Fitch Publishes 'BB-(EXP)' Rating on AT1 Notes

WILLIAM SINCLAIR: Acquired in Pre-Pack Deal; 280 Jobs Saved


X X X X X X X X

* EU Member States Must Be Allowed to Go Bankrupt, Panel Says
* BOND PRICING: For the Week July 27, 2015 to July 31, 2015


                            *********


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B E L A R U S
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BELARUSIAN INSURERS: Fitch Affirms 'B-' IFS Ratings on 3 Firms
--------------------------------------------------------------
Fitch Ratings has affirmed three state-owned Belarusian insurers'
Insurer Financial Strength (IFS) ratings at 'B-' with Stable
Outlooks.  The affected insurers are Belarusian Republican
Unitary Insurance Company (Belgosstrakh), Belarusian National
Reinsurance Organisation (Belarus Re), and Export-Import
Insurance Company of the Republic of Belarus (Eximgarant).

KEY RATING DRIVERS

The rating reflects the insurers' 100% state ownership.  The
ratings also reflect the presence of guarantees for insurance
liabilities under compulsory lines, the insurers' leading market
positions in their segments, their sustainable profit generation
and the fairly low quality of the insurers' investment portfolio.

Belgosstrakh reported strong net income of BYR643 billion in 2014
(2013: BYR752 billion), supported by both underwriting and
investment results. This confirmed that the improvement of the
underwriting result in 2013 was not just a one-off event due to a
shift in that year to the accrual method from the cash method.
Belgosstrakh remains the market leader and the exclusive provider
of a number of compulsory lines, including state-guaranteed
employers' liability, homeowners' property, agricultural
insurance and a number of other more minor lines.

Belarus Re continued to report underwriting profitability in
2014, although property insurance losses caused the combined
ratio to weaken to 74% in 2014 from 48% in 2013.  The reinsurer's
net income continues to be under significant pressure from the
environment of hyperinflation in Belarus, which resulted in an
IFRS accounting loss of BYR211 billion in 2014 (2013: BYR193
billion). However, an improved investment result helped the
company narrow its net loss to BYR24 billion in 2014 from BYR88
billion in 2013.  Belarus Re continues to enjoy its monopoly in
the reinsurance market in Belarus.

Eximgarant's net profit weakened to BYR9bn in 2014 from BYR79
billion in 2013, which reflected a negative underwriting result
in 2014 and a weaker combined ratio at 103% (2013: 67%).  This
deterioration was driven by the loss ratio component.  Eximgarant
continues be the exclusive national provider of state-guaranteed
export insurance and a traditional non-life insurer.

Based on Fitch's assessment of their risk-adjusted capital
adequacy all three insurers are adequately capitalized for their
ratings.  The insurers maintain exceptionally strong nominal
levels of capital relative to their current business volumes.
The EU Solvency I-like statutory ratio at end-2014 was 14x for
Belgosstrakh, 72x for Eximgarant and 47x for Belarus Re.
However, Fitch believes that the insurers' economic capital
adequacy is not nearly as strong as the statutory solvency ratio
implies since the regulator's formula does not take asset risk
into account.  Risks on the asset side of their balance sheets
remain highly concentrated and directly linked to the sovereign
credit profile.

RATING SENSITIVITIES

Changes in Fitch's view of the financial condition of the
Republic of Belarus or any significant change in the insurers'
relationship with the government would be likely to have a direct
impact on their ratings.



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


BANQUE PSA: Moody's Affirms 'ba2' BCA Rating
--------------------------------------------
Moody's Investors Service affirmed Banque PSA Finance's (BPF)
long-term senior unsecured and deposit ratings at Baa3, but
changed the outlooks on these ratings to positive from stable.
Moody's has also affirmed BPF's baseline credit assessment (BCA)
at ba2, its adjusted BCA at ba2, its short-term debt and deposit
ratings at Prime-3 and its long-term and short-term Counterparty
Risk Assessments at Baa2(cr)/Prime-2(cr).

These actions, reflecting the inherent credit linkages within the
group, follow the change of outlook to positive on the long-term
rating of BPF's parent, Peugeot S.A. (PSA; Ba3, positive).

The rating on the government-guaranteed senior unsecured debt
securities is unaffected by today's rating actions and remains
Aa1, negative.

RATINGS RATIONALE

Moody's change in BPF's long-term debt and deposit outlook,
following the change in PSA's outlook, takes into account the
fact that the bank's creditworthiness is stronger than that of
its parent. Hence, its ba2 BCA is positioned one notch above
PSA's Ba3 senior debt rating. Nevertheless, Moody's believes that
the bank's strong credit linkages to PSA -- intricate strategic,
commercial and financial ties -- continue to constrain BPF's
standalone BCA to one notch above PSA's rating. The change in the
outlook of PSA's rating to positive has therefore prompted
Moody's to revise the outlook on BPF's long-term debt and deposit
ratings to positive.

In parallel, Moody's notes that on February 2, 2015, PSA
announced that BPF and Santander Consumer Finance S.A. (Santander
CF; long-term debt and deposit A3 positive, BCA baa2) had
obtained the regulatory approvals to set up local partnerships in
France and the United Kingdom. These first two partnerships
represent 53% of outstanding loans concerned by the agreement
signed on July 10, 2014. In total, ten joint-ventures and one
commercial partnership in Europe will be set up by 2016. In
addition, BPF announced on July 24, 2015 the signature of an
agreement with Banco Santander (Brasil) S.A. (long-term debt Baa2
negative, baa2) to set up a partnership in Brazil.


ODDO ET COMPAGNIE: Fitch Affirms 'BB+' Rating on Sub. Tier 2 Debt
-----------------------------------------------------------------
Fitch Ratings has affirmed Oddo et Compagnie's (Oddo) Long-term
Issuer Default Rating (IDR) at 'BBB-' with a Stable Outlook,
Short-term IDR at 'F3' and Viability Rating (VR) at 'bbb-'.

KEY RATING DRIVERS

IDRS, VR AND SENIOR DEBT

The ratings reflect Oddo's established but modest franchise in
its two main businesses of asset and wealth management and
investment banking, exposure to some earnings volatility in the
latter business and the weight of key man risk in our assessment
of management and corporate governance.  They also factor in the
bank's prudent approach to risk-taking, solid leverage and
overall sound profitability.

Oddo's modest franchise constrains its ratings, as Fitch
considers a small player to be more vulnerable to difficult
market conditions, lower business volumes or potential regulatory
changes.  Investment banking is by nature prone to earnings
volatility, all the more so as Oddo's franchise lacks scale in
some businesses.  However, some of these activities should be
viewed in the context of their cross-selling potential and Oddo
has been reactive in adjusting its cost base accordingly.

Fitch said, "We expect recent acquisitions in Germany, the asset
manager Meriten and the investment bank Seydler, to strengthen
Oddo's franchise and ultimately the quality of income generation.
However, we believe that revenue and cost synergies will take
some time to materialize.  In asset management, Oddo will have
around EUR40 billion of assets under management after the
integration of Meriten and a more diversified product offering."

Oddo's profitability has been improving due to the bank's solid
revenue generation, notably in asset management, and tight cost
control.  Oddo's asset and wealth management business is
increasingly driving the bank's revenue and operating profit
(around 60% in 2014), which should limit future earnings
volatility.

Oddo's conservative risk appetite is underpinned by its
ownership, with over half of its employees holding company shares
and two unlimited partners (one of whom is Philippe Oddo) liable
for losses upon liquidation.  Fitch assesses key man risk as
fairly high, albeit partly mitigated by a seasoned and well-
regarded senior management.  Oddo's balance sheet assets are
mainly short term, of sound quality and/or collateralized.

The bank's businesses expose it to operational and reputational
risks.  However, Oddo has a sound track record of managing these
risks, with manageable operating losses to date and effective
protection of its franchise.

Liquidity management is prudent. The bank has sufficient high-
quality liquid assets, which more than cover its fairly modest
short-term funding needs, even under stress scenarios.  Oddo's
capitalization is a strength, and Fitch expects its leverage
ratio (tangible equity to tangible assets) to remain strong,
including after the consolidation of Meriten in 3Q15.

SUPPORT RATING AND SUPPORT RATING FLOOR

Fitch considers that the probability of sovereign or
institutional support for Oddo, although possible, cannot be
relied upon, resulting in the '5' Support Rating and 'No Floor'
Support Rating Floor.  This reflects the bank's limited systemic
importance in France as its contribution to financing the French
real economy is modest.  While possible, potential support from
the main shareholder, the Oddo family, cannot be relied upon
given the difficulties associated with evaluating private family
fortunes.

SUBORDINATED DEBT

The lower Tier 2 subordinated debt is notched down once from
Oddo's VR in accordance with Fitch's criteria to reflect below-
average recoveries for this type of debt.

RATING SENSITIVITIES

IDRS, VR AND SENIOR DEBT

Upside potential for Oddo's ratings would be contingent on
material strengthening and further diversification of its still
modest franchise, while maintaining solid capitalization and
moderate risk appetite.

Conversely, an erosion of Oddo's recurring profitability or
capitalization would be a negative rating factor.  An indication
of a weakening of its franchise or expansion into higher-risk
businesses, which is currently not expected, could also result in
a downgrade.

SUPPORT RATING AND SUPPORT RATING FLOOR

An upgrade of Oddo's Support Rating and upward revision of its
Support Rating Floor would be contingent on a positive change in
the systemic importance of the bank and in the sovereign's
propensity to support its banks.  This is highly unlikely, in
Fitch's view.

SUBORDINATED DEBT

The rating is sensitive to changes in Oddo's VR and therefore to
the same factors that would drive a change in the VR.

The rating actions are:

Long-Term IDR: affirmed at 'BBB-'; Outlook Stable
Short-Term IDR: affirmed at 'F3'
Viability Rating: affirmed at 'bbb-'
Support Rating: affirmed at '5'
Support Rating Floor: affirmed at 'No Floor'
Senior unsecured debt: affirmed at 'BBB-'
Subordinated (Lower Tier 2) debt (FR0010494419): affirmed at
  'BB+'
Commercial paper: affirmed at 'F3'



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G E R M A N Y
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EKOTECHNIKA GMBH: Insolvency Application Unfounded, Expert Says
---------------------------------------------------------------
The management of Ekotechnika GmbH on July 31 disclosed that it
received the report prepared by the expert assigned by the
Heidelberg local court, Tobias Wahl (Anchor Rechtsanwaelte,
Mannheim), for commenting.  In his report, the expert confirms
that Ekotechnika is neither insolvent within the meaning of
section 17 InsO nor overindebted within the meaning of section 19
InsO and that it is mostly likely that the company will continue
as a going concern.  The expert therefore recommends that the
insolvency court reject the insolvency application filed by
Kollossal Salz GmbH i.I., headquartered in Bergheim, Austria,
which has filed for bankruptcy in the meantime.

This confirms the view of the management and their legal counsel.
The local court has stipulated a deadline until August 12, 2015
for the parties to comment on the report.

With regard to the actions for annulment filed by Kollosal Salz
GmbH i.I. and others against the resolutions adopted by the
bondholders' meeting, the company has meanwhile initiated court
release proceedings ("gerichtliches Freigabeverfahren") and
expects a positive release decision ("Freigabebeschluss") by
mid-October 2015 at the latest.  The latter is a precondition for
implementation of the resolutions adopted by the bondholders'
meeting of May 6, 2015.

The management of Ekotechnika continues to assume that the
financial restructuring of the company can be implemented as
planned.

                       About Ekotechnika

Walldorf-based Ekotechnika GmbH is the German holding company of
the Ekoniva-Technika Group, the largest distributor of
agriculture equipment in Russia.  The company's single most
important supplier is John Deere & Co., the world's leading
manufacturer in this field.  In addition, Ekotechnika sells
equipment from another 11 market-leading manufacturers.  Its main
business is in selling new equipment such as tractors but also
milking equipment and precision farming technology.  In addition,
the company sells spare parts and provides service and
maintenance. Ekotechnika's founder and main shareholder is Stefan
DÅrr, who has been active in the Russian farming sector since the
late eighties and has been instrumental in its modernisation over
the past two decades.  In 2011 the equipment business was
separated from the farming business, which now operates
independently under the name Ekosem-Agrar.  Operating 12
locations in attractive Russian farming regions, Ekotechnika
today employs around 545 people and generates sales of
EUR171 million in 2013/2014.


TALISMAN-4 FINANCE: S&P Lowers Ratings on 3 Note Classes to 'D'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' from
'CCC- (sf)' its credit ratings on Talisman-4 Finance PLC's class
A, B, and C notes.  At the same time, S&P has affirmed its
'D (sf)' ratings on the class D, E, F, and G notes.  S&P has
subsequently withdrawn, effective in 30 days time, its ratings on
these seven classes of notes.

S&P's rating actions reflect the issuer's failure to repay the
remaining note principal balance on July 22, 2015 -- the legal
final maturity date.

Talisman-4 Finance is a German commercial mortgage-backed
securities (CMBS) transaction that closed in 2006 and was
initially backed by eight loans.  The loans were secured by 90
commercial properties and 1,067 residential units.

THE LOAN

The DT-12 loan, with a securitized loan outstanding balance of
EUR155.8 million, is the sole remaining loan in the transaction.
The loan entered special servicing in December 2012 and failed to
repay at loan maturity in July 2013.

The loan is secured on 12 office properties located in Germany.
The propertieswere fully let to GMG Generalmietgesellschaft mbH
on 12 separate leases expiring between 2015 and 2021.  GMG is a
subsidiary of Deutsche Telekom AG (BBB+/Stable/A-2).  Effective
from February 2015, GMG has fully or partially terminated the
leases in Nurnberg, Potsdam, Mannheim, Kronshagen, and
Dusseldorf. In May 2015, the servicer reported a weighted-average
unexpired lease term of 3.06 years.

On July 1, 2015, the special servicer entered into an agreement
to sell the EUR155.8 million DT-12 loan to an entity controlled
by the Summit Group at a discount to the outstanding loan amount
combined with a put option structure.  The sale price consists of
two components.  There is a fixed amount of EUR40.3 million for
six of the properties, which was applied to partially pay down
the class A notes on the July 2015 interest payment date.  The
second component is the net proceeds from the sale of the
remaining six properties to third parties if completed by Dec.
15, 2015.  If not sold by this date, then these six properties
would be sold to Summit Group under a put-option under the loan
sale documentation.

RATING ACTIONS

S&P's ratings in Talisman-4 Finance address timely payment of
interest and repayment of principal no later than the legal final
maturity date on July 22, 2015.

The issuer did not fully repay the notes on July 22, 2015.  S&P
has therefore lowered to 'D (sf)' from 'CCC- (sf)' its ratings on
the class A, B, and C notes in line with S&P's criteria.

At the same time, S&P has affirmed its 'D (sf)' ratings on the
class D, E, F, and G notes in line with S&P's criteria.

S&P has subsequently withdrawn, effective in 30 days time, S&P's
ratings on these seven classes of notes.

RATINGS LIST

Talisman-4 Finance PLC
EUR739 mil commercial mortgage-backed floating-rate notes
                                         Ratings
Class      Identifier              To                 From
A          XS0263096389            D (sf)             CCC- (sf)
B          XS0263098161            D (sf)             CCC- (sf)
C          XS0263098914            D (sf)             CCC- (sf)
D          XS0263099722            D (sf)             D (sf)
E          XS0263100835            D (sf)             D (sf)
F          XS0263101304            D (sf)             D (sf)
G          XS0263101569            D (sf)             D (sf)



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G R E E C E
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GREECE: Fails to Meet Two Criteria for New IMF Bailout
------------------------------------------------------
Peter Spiegel at The Financial Times reports that the
International Monetary Fund's board has been told Athens' high
debt levels and poor record of implementing reforms disqualify
Greece from a third IMF bailout of the country, raising new
questions over whether the fund will join the EU's latest
financial rescue.

The determination, presented by IMF staff at a two-hour board
meeting on July 29, means that while IMF staff will participate
in bailout negotiations currently under way in Athens, the fund
will not decide whether to agree a new program for months --
potentially into next year, the FT relates.

That delay could have significant repercussions, particularly in
Germany, where officials have long said it would be impossible to
win Bundestag approval for the new EUR86 billion bailout without
the IMF on board, the FT notes.

The IMF's assessment adds another source of complexity, just as
Athens and its bailout monitors begin discussions to try to
conclude a deal before a tight August 20 deadline, the FT states.

The IMF earlier decided that its existing bailout program, which
was originally to run until March, needed to be scrapped because
it could no longer achieve its stated goal of helping Greece
recover to the point where it could return to private debt
markets, the FT recounts.   The IMF then forced Athens to request
a new IMF program, which requires board approval, necessitating
the July 29 meeting, the FT notes.

According to a four-page "strictly confidential" summary of the
July 29 board meeting, IMF negotiators will take part in policy
discussions to ensure the eurozone's new bailout "is consistent
with what the fund has in mind", the FT relays.

But they "cannot reach staff-level agreement at this stage", the
FT says.  According to the FT, the fund will decide whether to
take part only after Greece has "agreed on a comprehensive set of
reforms" and, crucially, after eurozone bailout lenders have
"agreed on debt relief".

That condition could prove a sticking point, since Berlin and
other creditor governments have so far strongly resisted any
suggestion of forgiving Greece's debts, the FT states.

According to the summary, Germany's representative to the IMF
board, as cited by the FT, said Berlin "would have preferred the
fund -- move in parallel" with the eurozone bailout talks.
Instead, it now faces the prospect of trying to move an EUR86
billion bailout through a skeptical Bundestag in a matter of
weeks, without the IMF's imprimatur, the FT says.

According to the summary, IMF staff concluded that Greece no
longer cleared two of the four requirements in the IMF's
"exceptional access criteria" -- the fund framework that allows
it to grant bailouts of larger-than-normal size, the FT notes.

Under the criteria, a bailout recipient must be able to prove it
has the "institutional and political capacity" to implement
economic reforms, and that "there is a high probability that the
member's public debt is sustainable in the medium term", the FT
discloses.

IMF staff determined that neither criterion has been met -- and
they would not know whether Athens would meet those benchmarks
until the autumn, the FT relays.



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I R E L A N D
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HARVEST CLO XI: S&P Affirms 'B' Rating on Class F Notes
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
Harvest CLO XI Ltd.'s class A-1, A-2, B-1, B-2 C, D, E, and F
notes following the transaction's effective date on June 22,
2015.

Most European cash flow collateralized loan obligations (CLOs),
including Harvest CLO XI, close before purchasing the full amount
of their targeted level of portfolio collateral.

At closing, the collateral manager covenanted to purchase the
remaining collateral within the guidelines specified in the
transaction documents to reach the target portfolio size by
Aug. 26, 2015.  The collateral manager declared the effective
date on June 22, 2015, by which date it had committed to purchase
a total of EUR400.42 million of eligible assets.  The transaction
documents contain provisions directing the trustee to request
Standard & Poor's to affirm the ratings issued on the closing
date after reviewing the effective date portfolio (typically
referred to as an "effective date rating confirmation").

"The affirmations reflect our opinion that the portfolio
collateral purchased by the issuer, as reported to us by the
trustee and collateral manager, in combination with the
transaction's structure, provides sufficient credit support to
maintain the ratings that we assigned on the transaction's
closing date.  Our effective date report provides a summary of
certain information that we used in our analysis and the results
of our review based on the information presented to us," S&P
said.

"We have performed a quantitative and qualitative analysis of the
transaction in accordance with our criteria to assess whether the
initial ratings remain consistent with the credit enhancement
based on the effective date collateral portfolio.  Our analysis
relies on the use of CDO Evaluator to estimate a scenario default
rate at each rating level based on the effective date portfolio,
full cash flow modeling to determine the percentile break-even
default rate (BDR) at each rating level, the application of our
supplemental tests, and the analytical judgment of a rating
committee.  The BDR represents our estimate of the maximum level
of gross defaults, based on our stress assumptions, that a
tranche can withstand and still fully pay interest and principal
to the noteholders," S&P added.

Following S&P's review of the transaction, it has affirmed its
ratings on the class A-1, A-2, B-1, B-2, C, D, E, and F notes.

"In our published effective date report, we discuss our analysis
of the information provided by the transaction's trustee and
collateral manager in support of their request for effective date
rating confirmation," S&P noted.

After S&P issues an effective date rating affirmation, it will
periodically review whether, in its view, the current ratings on
the notes remain consistent with the credit quality of the
assets, the credit enhancement available to support the notes,
and other factors.  S&P will subsequently take rating actions as
it deems necessary.

Harvest CLO XI is a cash flow corporate loan CLO securitization
of a managed portfolio, comprising mainly speculative-grade
senior secured loans granted tobroadly syndicated corporate
borrowers. 3iDebt Management Investments Ltd. manages the
transaction.

RATINGS LIST

Harvest CLO XI Ltd.
EUR414.7 mil senior secured and subordinated notes

                                   Rating       Rating
Class      Identifier              To           From
A-1        XS1181547545            AAA (sf)     AAA (sf)
A-2        XS1195059925            AAA (sf)     AAA (sf)
B-1        XS1181549756            AA (sf)      AA (sf)
B-2        XS1195060857            AA (sf)      AA (sf)
C          XS1181550507            A (sf)       A (sf)
D          XS1181552032            BBB (sf)     BBB (sf)
E          XS1181552891            BB (sf)      BB (sf)
F          XS1181554830            B (sf)       B (sf)


MOTHERCARE IRELAND: High Court Confirms Appointment of Examiner
---------------------------------------------------------------
The Irish Times reports that a High Court judge has confirmed the
appointment of an examiner to Mothercare Ireland, which employs
276 people in 18 stores across the State.

Mr. Justice Brian McGovern confirmed Declan McDonald, of
PricewaterhouseCoopers, after hearing an independent expert
believed the company has a reasonable prospect of survival once
certain conditions are met, The Irish Times relates.  The court
was told attempts will have to be made to renegotiate shop leases
as part of a restructuring plan, The Irish Times discloses.

The judge earlier granted an application by Rossa Fanning BL, for
Mothercare Ireland, for court protection and the appointment of
Mr. McDonald as interim examiner, The Irish Times relays.

The judge said he was satisfied the company, and two related
companies, Mothercare World and Effleby Trading Ltd., were
entitled to protection, The Irish Times notes.

The company is to trade as usual during the examinership process;
staff and suppliers will be paid as normal and all gift cards and
family card points will be honored, The Irish Times states.

A significant source of the company's difficulties, the court
previously heard, arose from having to contend with rents that
significantly exceed current market rents, The Irish Times
discloses.

The company says the renegotiation and repudiation of rents will
be a significant aspect of the examinership process, The Irish
Times notes.

Mothercare Ireland is a franchise of Mothercare UK and has traded
here for 23 years.  It is Ireland's largest maternity, baby,
nursery retailer.



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I T A L Y
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FIAT CHRYSLER: S&P Revises Outlook to Pos. & Affirms 'BB-' CCR
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook to positive from stable on automotive manufacturer Fiat
Chrysler Automotive N.V. (FCA) and FCA US LLC (FCA US, a U.S.
subsidiary formerly known as Chrysler Group LLC).  S&P also
affirmed its 'BB-' long-term corporate credit ratings on FCA and
FCA US, and S&P's 'B' short-term corporate credit rating on FCA.

S&P has assigned a 'BB-' issue rating and a '4' recovery rating
to FCA's new EUR2.5 billion Facility A of a EUR5.0 billion senior
unsecured revolving credit facility (RCF), reflecting S&P's
expectation of average (30%-50%) recovery -- at the lower end of
the range -- for debtholders in the event of a payment default.
S&P does not yet include in its recovery analysis the new EUR2.5
billion Facility B, which is fully committed but not yet
available.  S&P has affirmed the 'BB-' issue ratings on the
existing senior unsecured debt instruments issued and guaranteed
by FCA; the '4' recovery ratings are unchanged.  S&P has affirmed
the 'BB+' and 'BB-' issue ratings on the existing senior secured
debt instruments issued by FCA US; the respective '1' and '3'
recovery ratings are unchanged.

S&P has withdrawn its 'BB-' issue and '4' recovery ratings on
FCA's EUR2.1 billion RCF due 2016, as this facility has been
cancelled.  S&P has withdrawn its '6' recovery rating on FCA's
US$2.875 billion mandatory convertible bond, as the rating is
based on S&P's hybrid instrument criteria.

The outlook revision to positive reflects the possibility that
S&P could raise the corporate credit rating on FCA and FCA US by
one notch to 'BB' within the next 12 months.  This could occur if
FCA removes all remaining contractual restrictions limiting the
free flow of cash between FCA and FCA US.  If this occurs, S&P
would expect to include in the rating agency's analysis the
sizeable cash balances held by FCA US (EUR12.8 billion as at
March 31, 2015).  S&P forecasts that the ratio of Standard &
Poor's funds from operations (FFO) to adjusted debt could be in
the range of 20%-25% in 2016.

However, this positive view is tempered by the risk of future
negative free operating cash flows (FOCF) due to ongoing heavy
capital expenditures (capex), which could lead to weaker leverage
metrics after 2016.  In this case, S&P may alternatively revise
the outlook back to stable within the next 12 months, if it does
not expect the improvement in leverage metrics to be sustainable.

FCA has started to remove these contractual restrictions by
redeeming its US$2.875 billion 8.0% second-lien secured notes due
2019 issued by FCA US. By mid-2016, S&P expects FCA US to
complete this process by redeeming its US$3.08 billion second-
lien secured notes due June 2021 and refinancing or amending FCA
US's term loans and revolving credit facility.  S&P anticipates
that this will give FCA full access to cash flows and retained
cash balances in FCA US.  At that time, S&P would expect to
include the sizeable amount of cash held by FCA US (EUR12.8
billion as at March 31, 2015) in S&P's leverage metrics on FCA.

S&P continues to assess FCA US as a "core" subsidiary of FCA, and
S&P expects that the rating on FCA US will move in tandem with
that on FCA.  S&P has withdrawn its stand-alone credit profile of
'b+' on FCA US.  Once FCA has full access to cash flows and
retained cash balances in FCA US, S&P expects to withdraw its
corporate credit rating on FCA US.

FCA is progressing with its plans to separate its 90% stake in
the Ferrari luxury car business by early 2016, by way of a public
offering of FCA's interest in Ferrari equal to 10% of Ferrari's
outstanding shares, and a distribution of FCA's remaining Ferrari
shares to FCA shareholders.  S&P sees this transaction as
slightly negative for FCA's overall credit quality, as its
disposal will slightly dilute FCA's profitability and business
diversity.  In 2014, Ferrari contributed about 3% and 10%,
respectively, of FCA's consolidated revenues and EBIT (before
unusual items).  S&P expects the separation to lower FCA's own
net industrial debt slightly by about EUR0.7 billion, plus the
proceeds raised from the sale of the 10% stake, depending on the
market valuation of Ferarri at that time, of which S&P only
factors in a modest sum.

S&P notes that FCA has discussed industry consolidation with
other automotive manufacturers, but S&P do not factor in any
potential material acquisition or merger transactions.

S&P's base case assumes:

   -- Mid-single-digit revenue growth in 2015 and 2016, mainly
      due to higher volumes in North American Free Trade
      Agreement countries and Europe, the Middle East, and
      Africa, offsetting weaker conditions in Latin America and
      Asia-Pacific.

   -- For 2015 and 2016, S&P forecasts reported EBIT margins
      (before unusual items) of 3.5%-4.0%.  S&P notes the group's
      first-half results to June 30, 2015, with reported adjusted
      EBIT of EUR2.3 billion at a margin of 4.2%.

   -- S&P do not factor in further material costs in relation to
      safety breaches and recalls in the U.S., in addition to the
      recently announced penalties and costs of up to $105
      million.  S&P do not incorporate additional meaningful
      costs for FCA US, from its negotiations with unions related
      to the renewal of existing contracts which expire in Sept.
      2015.

   -- S&P forecasts potentially negative free operating cash
      flows in both 2015 and 2016, depending in part on the level
      of capex, which S&P expects to remain substantial at
      EUR8.5 billion-EUR9.0 billion in each year.  No dividends
      during 2015 and 2016.

   -- Separation of Ferrari by early 2016.

   -- No material acquisitions or merger transactions in 2015 or
      2016.

   -- S&P excludes sizable cash balances in FCA US from S&P's
      leverage and liquidity analysis, until restrictions are
      removed, which S&P expects by mid-2016.

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

   -- In 2015, S&P sees the ratio of FFO to debt of 13%-15%, and
      the ratio of adjusted debt to EBITDA of 4.0x-4.5x.

   -- In 2016, S&P sees the ratio of FFO to debt of 20%-25%, and
      the ratio of adjusted debt to EBITDA of 2.5x-3.0x.

S&P's "fair" business risk profile assessment is supported by the
group's well-established market positions in passenger cars and
light trucks, good regional diversity, and improving market
conditions in the U.S.  These strengths are partly offset by the
group's focus on the small to midsize car and light truck
segments, including low capacity utilization and ongoing
overcapacity in the European volume segment.  Furthermore, market
conditions in Latin America remain weak.

S&P's "aggressive" financial risk profile assessment is supported
by significant cash balances of EUR8.5 billion in its industrial
business (excluding cash held by FCA US) as at March 31, 2015.
This provides a buffer against a market downturn, and is a
potential source of financing.  This is partly offset by S&P's
forecast that FOCF will be negative in both 2015 and 2016,
because of sizable capex per year in support of the company's
ambitious expansion plans.  S&P's assessment is also constrained
by leverage metrics of FFO to debt of 13%-15%, and adjusted debt
to EBITDA of 4.0x-4.5x which S&P forecasts for 2015.

As of March 31, 2015, Standard & Poor's-adjusted debt was
EUR30.7 billion.  S&P makes analytical adjustments to reported
gross debt of EUR33.4 billion, mainly by adding EUR7.0 billion
for pensions, subtracting EUR4.5 billion for captive finance
debt, and EUR6.6 billion for surplus cash.  For S&P's surplus
cash adjustment, it deducts EUR13.2 billion, which is held
largely by FCA US, and apply a 25% haircut to the remaining
EUR8.8 billion. S&P also adds EUR1.7 billion to debt for trade
receivables sold and operating leases.  On this basis, S&P
estimates that the ratios of FFO to debt and debt to EBITDA were
approximately 15% and 4.5x, respectively, for the year to March
31, 2015.

The positive outlook reflects the possibility that S&P may raise
the corporate credit rating on FCA and FCA US by one notch to
'BB', within the next 12 months.

An upgrade could occur if FCA gains full access to cash flows and
retained cash balances in FCA US, and sustainably strengthens its
Standard & Poor's-adjusted leverage metrics, such that the ratio
of FFO to adjusted debt was comfortably in the range of 20%-25%
from 2016.

S&P could revise the outlook to stable if FCA does not complete
these steps and leverage metrics do not improve as expected.
Furthermore, S&P may also revise the outlook to stable if it do
not consider such improvement in leverage metrics from 2016 to be
sustainable, for example if FOCF remains negative, or if FCA
decided to undertake a large acquisition or merger transaction.


ITAS MUTUA: Fitch Assigns 'BB' Rating to EUR60MM Sub. Notes
-----------------------------------------------------------
Fitch Ratings has assigned Italian insurer ITAS Mutua's (ITAS)
issue of dated euro-denominated subordinated notes of EUR60 mil.
a final rating of 'BB'.

The notes are rated two notches below ITAS's IDR of 'BBB-' to
reflect their subordination and risk of non-performance features,
in line with Fitch's notching criteria.

The assignment of the final rating follows the completion of the
bond issue and receipt of documents conforming to the information
previously received.  The final rating is the same as the
expected rating assigned on July 27, 2015.

KEY RATING DRIVERS

The notes have a scheduled maturity date of July 30, 2025 and pay
a fixed coupon of 6% per annum.  The proceeds of the subordinated
notes are being used to improve the company's capital position
following the purchase of the Italian subsidiary of Royal & Sun
Alliance.

The baseline recovery assumption for the debt, based on Italy's
regulatory environment, is 'below average' which results in one
downward notch being applied to the IDR for expected recovery.
Furthermore, the issuance is a Solvency II Tier II hybrid with
mandatory deferral triggers referencing a Solvency Capital Event,
which results in a 'Moderate' risk of non-performance and
consequently a further notch down from the IDR.  As a result the
rating on the debt is two notches below the IDR at 'BB'.

According to Fitch's methodology, this subordinated bond is
classified as 100% capital due to regulatory override within
Fitch's risk-based capital calculation and is classified as 100%
debt for the agency's financial leverage calculations.

RATING SENSITIVITIES

Key rating triggers for a downgrade of ITAS's ratings include the
consolidated combined ratio increasing to above 103% for a
sustained period (2014: 99%), regulatory solvency falling below
150% for a prolonged period (2014: 176%) or materialization of
execution risk associated with a transaction of this size.  A
downgrade of Italy by two or more notches could also lead to a
downgrade of ITAS's ratings.

Greater scale and diversification through profitable growth, a
combined ratio that remains below 100% or below the market
average, and robust group regulatory solvency of no lower than
175% could lead to an upgrade.  If Italy's sovereign rating is
upgraded ITAS's rating could also be upgraded provided that net
profitability and strong capital ratios are maintained.


MEDIOCREDITO CENTRALE: S&P Affirms 'BB/B' Counterparty Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its
'BB/B' long- and short-term counterparty credit ratings on
Italian bank Mediocredito Centrale SpA (MC).  The outlook is
negative.

At the same time, S&P removed the long-term rating from
CreditWatch with negative implications, where it was placed on
Dec. 18, 2014.

The affirmation reflects S&P's belief that a disposal of MC is
unlikely in the near term, as discussions about a potential sale
of Poste's stake in MC to Invitalia ended without a deal.  S&P
now expects that Poste will likely remain committed to sustaining
MC's funding and liquidity profile and will likely continue to
provide extraordinary support to MC, if needed.

MC has recently released a new business plan for the 2015-2017
period.  According to the plan, MC will:

   -- Increase commercial synergies with the Poste network;
   -- Enlarge its product mix, offering short-term corporate
      loans and consumer finance lending; and
   -- Expand its business volume by about EUR1.2 billion.

S&P anticipates that MC's capitalization will remain strong,
albeit decreasing over time owing to its plans to expand its
business.  S&P expects MC's risk-adjusted capital (RAC) ratio
will range between 13%-13.5% by year-end 2016, declining from
17.7% as of end-2014.  S&P expects MC to accumulate approximately
EUR50 million-EUR60 million in profits in 2015-2016.  S&P also
anticipates that fees coming from the management of the "Fondo
Centrale di aranzia" and the increasing contribution from MC's
lending business will boost its profitability.

S&P expects credit losses to constrain earnings retention in the
forecasted period.  S&P forecasts that MC will accumulate credit
losses of about 130-100 basis points (bps) per year, compared
with a yearly average of 70bps in 2013-2014.  This increase will
mainly result from the still-difficult economic environment in
Italy, especially in Southern Italy where the bank targets its
business, and the expansion of the bank's loan book.

S&P believes that Poste's funding support significantly underpins
MC's creditworthiness.  For example, Poste recently decided to
extend its EUR200 million loan to MC to the end of 2016.  S&P
expects Poste will likely provide financial support to MC if it
were to find it difficult to access external funding.

S&P continues to incorporate in its rating on MC the benefits
derived from Poste's well-known brand in Italy.  S&P believes
this is crucial to MC's ability to access third-party credit
lines and diversify its funding sources.  S&P expects new funding
sources to contribute to MC reducing its reliance on central bank
funding, which amounted to 58% of its funding needs as of
December 2014.

The negative outlook mainly reflects the possibility that S&P
could lower the rating if it perceives a reduction in Poste's
commitment to MC in the longer term.  Specifically, this could
occur if S&P perceives a change in MC's position within the Poste
group or if S&P considers that its importance to the group has
reduced.

S&P could also lower the rating if it thinks that MC is unable to
originate new business in line with stated targets or envisage a
weakening in its liquidity position.  This could happen if MC
proves unable to reduce its recourse to central bank funding
without decreasing its liquidity buffers, absent an increase in
funding support from its parent, Poste.

S&P could revise the outlook to stable if it perceives that Poste
will remain strongly committed to providing sufficient
extraordinary and ongoing support to MC and that the bank
maintains its strong capitalization, preserving its RAC ratio
above 10%.


ROTTAPHARM SPA: Moody's Withdraws B1 Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service withdrawn the B1 corporate family
rating (CFR) and B1-PD probability of default rating (PDR) of
Rottapharm SpA. The ratings were put on review for downgrade on 5
August 2014 following an announcement whereby Meda AB (unrated)
said it had reached an agreement to acquire Rottapharm for an
enterprise value of EUR2.275 billion.

RATINGS RATIONALE

Moody's has withdrawn the ratings following the acquisition by
Meda AB, and subsequent repayment of all outstanding rated debt
at Rottapharm and its subsidiaries.

Moody's has withdrawn the ratings as obligations are no longer
outstanding.

Rottapharm SpA is an Italy-based pharmaceutical company
represented in more than 85 countries worldwide. For the
financial year ending December 2013, it reported total net
revenues of EUR536 million and EBITDA (before non-recurring
items) of EUR138 million.


TWIN SET: S&P Revises Outlook to Stable & Affirms 'B' CCR
---------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on Italy-based fashion retailer Twin Set Simona Barbieri
S.p.A. to stable from positive.

At the same time, S&P affirmed its 'B' corporate credit rating on
Twin-Set and S&P's 'B' issue-level rating on the company's EUR150
million senior secured notes due 2019.  The recovery rating
remains unchanged at '3', indicating S&P's expectation of
significant recovery for creditors in the event of a payment
default, in the lower half of the 50%-70% range.

The outlook revision reflects that Twin-Set's fiscal 2014 (ended
Dec. 31) operating performance was significantly below S&P's
expectations with reported EBITDA falling to 13% from 22.7% in
fiscal 2013.  As a result, S&P do not expect Twin-Set's key
financial ratios to improve as we previously expected.  Also S&P
thinks that the company will continue to face difficult trading
conditions over fiscal 2015.  S&P believes that Twin-Set's lower-
than-expected profitability will likely endure over fiscal 2015.
S&P also anticipates that the challenging trading environment
will continue to translate into slowing like-for-like sales.

S&P has revised downward its assessment of Twin-Set's financial
risk profile to "highly leveraged" from "aggressive," which
reflects the company's increased Standard & Poor's-adjusted debt
to EBITDA ratio to 6x in fiscal 2014 and S&P's expectation that
it will continue to be above 5x in fiscal 2015.  The Standard &
Poor's-adjusted funds from operations (FFO)-to-debt ratio fell
below 12%, which is S&P's threshold under its methodology for a
"highly leveraged" financial risk profile.  S&P's leverage
calculation excludes the EUR70.2 million of the remaining
shareholder loan, that S&P understands from the legal
documentation can be repaid only after full repayment of the
existing debt.  S&P believes the company's free operating cash
flow (FOCF) will remain slightly negative to neutral over the
next 12-24 months, despite contraction of the expansionary
capital expenditures during this period.

"Our assessment of Twin-Set's business risk profile as "weak"
primarily reflects our view of the retailer's exposure to the
apparel industry -- which we assess as cyclical and competitive,
and with limited barriers to entry -- as well as to fashion risk.
It further reflects the group's relatively limited size compared
with rated peers in the same sector and geographic exposure to
Italy, where it generated almost 70% of its revenues in 2014.
Additionally, we see execution risks in Twin-Set's strategy of
international expansion," S&P said.

These weaknesses are partially offset by Twin-Set's still-above-
average profitability, which is a key support for the rating, and
positive like-for-like revenue growth, despite the challenging
economic environment.  Moreover, S&P understands that the group's
positioning in affordable luxury and its strong brand identity
somewhat mitigate fashion risk.

The anchor is 'b', reflecting S&P's view that the financial risk
profile is on the higher side of the "highly leveraged" category.
There are no modifiers to the anchor.

The stable outlook reflects S&P's expectation that Twin-Set will
not be able to materially improve its financial profile in the
near future, but that it will stabilize its profitability, given
management's initiatives to concentrate on restoring operating
efficiency rather than on aggressive expansion of the chain of
stores.  Twin-Set's "adequate" liquidity should, in S&P's
opinion, enable it to withstand potential temporary operating
setbacks.  At the same time, S&P expects the EBITDA interest
coverage to remain comfortably above 2x.

S&P would take a negative rating action if poor execution or a
weakening in trading due to market competition resulted in
operating performance deviating significantly from S&P's
forecast. This could lead to a weakening liquidity position and
credit measures that are no longer commensurate with the current
ratings--such as EBITDA interest coverage of below 2x and
strongly negative FOCF.

S&P considers a positive rating action as unlikely in the coming
fiscal year.  A positive rating action would hinge on S&P's
anticipation of sustainably positive like-for-like revenue
growth, an EBITDA margin that is at least stable or widening, and
sizable FOCF generation.  In addition, S&P's average core
leverage ratios for Twin-Set would need to be commensurate with
S&P's "aggressive" financial risk category, such as FFO to debt
above 12% and debt to EBITDA well below 5x on a sustainable
basis.  Furthermore, an upgrade would hinge on a supportive
financial policy, particularly with no surprises in terms of
shareholder remuneration.



=============
M O L D O V A
=============


MOLDOVA: Moody's Changes 'B3' Government Bond Rating to Negative
----------------------------------------------------------------
Moody's Investors Service changed the outlook on Moldova's B3
government bond rating to negative from stable. Concurrently,
Moody's has affirmed Moldova's B3 rating.

The key drivers for Moody's decision to change the outlook to
negative are:

(1) The heightened risks to the government's liquidity position
in light of the expected political challenges in securing further
multilateral financing support; and

(2) The uncertainty around the implications of the recent banking
sector crisis for the government's balance sheet.

The affirmation of Moldova's B3 rating reflects a number of
positive credit factors in spite of the drivers that justify the
negative outlook. Moody's notes that Moldova benefits from a
strong fiscal position at the end of 2014 with, according to most
recent data from the Ministry of Finance, a general government
debt-to-GDP ratio of 24.8%, which compares favourably with the
median of B-rated peers of 48% of GDP.

Furthermore, Moldova's institutional strength is improving,
albeit from a very low level, as evidenced by the rise in most of
its World Bank Worldwide Governance Indicators since 2011. The
signing of the Association Agreement with the European Union (EU)
in 2014 will support institutional reforms and, through export
and investment opportunities, help to enhance Moldova's low
economic strength in the medium term.

Moody's has also today lowered Moldova's local-currency bond- and
deposit ceilings to B2 from Ba2. Moldova's other country ceilings
remain unchanged. The foreign-currency bond ceiling is B2, while
the foreign-currency deposit ceiling is at Caa1. The short-term
foreign-currency bond- and deposit ceilings are Not Prime (NP).

RATINGS RATIONALE

RATIONALE FOR THE NEGATIVE OUTLOOK

FIRST DRIVER -- HEIGHTENED RISKS TO GOVERNMENT LIQUIDITY FROM
EXPECTED POLITICAL CHALLENGES IN SECURING FURTHER MULTILATERAL
FINANCING

The first driver of the decision reflects the heightened risks to
government liquidity from the expected challenges in securing
further multilateral financing in light of the volatile political
situation in Moldova.

The uncertain political environment in Moldova, characterised by
frequent changes in government, has led to delays in agreeing a
new program with the International Monetary Fund (IMF), which in
turn has led multilateral lenders to pause financial assistance,
mainly related to budget support. For example, the EU has
announced that budget support payments can only proceed once the
IMF program is approved.

Moody's expects a contraction in economic growth in Moldova of
around 1% in 2015, given the impact of Russia's (Ba1 negative)
economic downturn, and the fiscal deficit to widen to 5.3% of
GDP. This, together with high domestic short-term debt roll-over
needs, which Moody's estimates at around 14% of GDP, has put
pressure on the government's liquidity position in the absence of
multilateral financing support.

Moody's notes that there has been progress over the past week
with the formation of a new government, a process triggered by
the resignation of Prime Minister Chiril Gaburici in June 2015.
However, even with the new government in place, it is not clear
whether the policy conditionality associated with a new IMF
program can be agreed. The new coalition government, per the vote
in parliament on 30 July 2015, is supported by just over half of
the 101 members of parliament, which will make it challenging to
meet the IMF's reform requirements and increases the risk of new
elections in 2016.

Furthermore, although Moldova broadly met the requirements of its
previous IMF program (expired in April 2013), it did not conclude
its final review, in part due to due to disagreements on fiscal
and financial sector policies. Moody's expects that the process
leading up to a new IMF agreement, but also the implementation of
reforms necessary for funding support, will be contentious,
keeping government liquidity risk elevated even if an agreement
is reached quickly.

Moldova is taking steps to manage the impact of reduced external
financing support on its liquidity position such as cutting non-
core expenditure and raising interim financing from domestic
markets. In particular, Moody's estimates that the government has
been successful in reducing expenditure by around 20% on a
cumulative basis relative to target in the first five months of
2015. Nevertheless, Moldova's history of political division
increases the risks to the government's liquidity position from
further delays in securing multilateral financial support, which
drives Moody's decision to change the outlook on Moldova's rating
to negative.

SECOND DRIVER -- UNCERTAIN IMPACT ON GOVERNMENT'S BALANCE SHEET
FROM BANKING SECTOR CRISIS

The second driver supporting the negative outlook is the
uncertain impact on the government's balance sheet from the
substantial fraud discovered in the banking sector.

A number of suspicious transactions in late 2014, accounting for
around USD1 billion (13% of 2014 GDP), threatened the viability
of three of the largest banks in Moldova (together accounting for
around one-third of banking system assets). These banks -- Banca
de Economii S.A. (not rated), B.C. "Banca Sociala" S.A. (not
rated), B.C. "Unibank" S.A. (not rated) -- have been placed under
administration by the National Bank of Moldova, the country's
central bank. Furthermore, the banks have received an emergency
liquidity injection of around 9.5 billion Moldovan Leu (9% of
2014 GDP), which was government guaranteed.

The three banks remain in administration and there has been
little progress in reaching a transparent and comprehensive
resolution to the banking crisis, in part due to the turbulent
political situation. For example, an independent study into the
recoverability of the assets transferred abroad has been delayed
by the recent resignation of the prime minister. Furthermore, it
is not clear what resolution action the authorities intend to
take and whether the three banks will be liquidated. As such, it
is difficult to identify the precise impact of any government
support on the government's balance sheet.

Moody's baseline scenario is for the debt burden to rise by
around 16 percentage points to 41% of GDP this year, but the
impact could be substantially higher. Apart from the uncertain
impact on the government's balance sheet, this crisis highlights
the persistent issues around transparency and governance in the
banking sector, which add to Moody's assessment of Moldova's weak
Institutional Strength and significant Susceptibility to Event
Risk.

RATIONALE FOR AFFIRMING THE B3 RATING

The affirmation of Moldova's B3 rating reflects a number of
positive credit factors in spite of the drivers that justify the
negative outlook.

Although there is considerable uncertainty around the impact of
the banking crisis on the government's balance sheet, Moody's
notes that Moldova benefits from a relatively robust fiscal
position with, according to most recent data from the Ministry of
Finance, a general government debt-to-GDP ratio of 24.8% at the
end of 2014, which compares favourably with the median of B-rated
peers of 48% of GDP. In addition, Moldova benefits from low
interest payments relative to GDP as its debt is mainly owed to
multilateral creditors on concessional terms.

Furthermore, institutional strength is improving, albeit from a
very low level, as most of Moldova's World Bank Worldwide
Governance Indicators have improved markedly since 2011. Despite
recent political uncertainty, Moody's expects Moldova will
continue on the path of closer integration with the EU. The
signing of the Association Agreement with the EU in 2014 supports
Moldova's institutional reforms and, through export and
investment opportunities, helps to enhance Moldova's low economic
strength in the medium term, as Moldova benefits from increased
access to this wider market. Moody's expects economic growth to
recover in 2016, reaching around 3%, reflecting an improvement in
the external environment and further integration with the EU.

WHAT COULD CHANGE THE RATING DOWN/UP

Downward pressure could develop if political divisions lead to a
further material delay in agreeing and implementing a new IMF
program, which in turn increases the vulnerability of the
government's liquidity position. In addition, the lack of a
comprehensive resolution to the banking crisis or a solution
which results in a significantly higher than expected impact on
the government's balance sheet would be credit negative.

Furthermore, Moldova's B3 rating could come under pressure should
any shock -- whether related to adverse weather effects on the
agricultural sector, a structural decline in workers' remittance
inflows, and/or a lack of privatisation receipts -- create
difficulties for its debt-servicing capacity. Moldova's rating
could also be downgraded if conditions in the Transnistria region
were to deteriorate rapidly.

Conversely, Moody's would consider moving the outlook on
Moldova's government debt rating back to stable should concrete
progress be made on agreeing and implementing a new program with
the IMF, which would unlock budgetary support from multilateral
lenders. Furthermore, a comprehensive and transparent solution to
the banking crisis which clarifies the uncertainty around the
implications for the government's balance sheet would be positive
for the credit rating, as would improved transparency and
regulatory oversight which reduces the risk of future bank
failures.

GDP per capita (PPP basis, US$): 4,979 (2014 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): 4.6% (2014 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 4.7% (2014 Actual)

Gen. Gov. Financial Balance/GDP: -1.7% (2014 Actual) (also known
as Fiscal Balance)

Current Account Balance/GDP: -5.7% (2014 Actual) (also known as
External Balance)

External debt/GDP: 82% (2014 Actual)

Level of economic development: Very Low level of economic
resilience

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

On July 28, 2015, a rating committee was called to discuss the
rating of the Government of Moldova. The main points raised
during the discussion were: The issuer's governance and/or
management have materially decreased. The issuer's fiscal or
financial strength, including its debt profile, has materially
decreased. The issuer's very low institutional strength has not
materially changed. The issuer has become increasingly
susceptible to event risks.


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


CHAPEL 2007: Moody's Raises Rating on EUR23.5MM C Notes to 'Ba2'
----------------------------------------------------------------
Moody's Investors Service pgraded its ratings in 2 RMBS and 2 ABS
transactions backed by loans that the now-bankrupt Dutch DSB Bank
N.V. originated: Monastery 2004-I B.V. (Monastery 2004),
Monastery 2006-I B.V.(Monastery 2006), Chapel 2003-I B.V. (Chapel
2003) and Chapel 2007 B.V. (Chapel 2007). In addition, Moody's
upgraded the Counterparty Instrument Ratings on the interest rate
swap in Chapel 2003 and on the liquidity facility in Chapel 2007.

The rating actions conclude the placement on review for possible
upgrade initiated on May 22, 2015.

RATINGS RATIONALE

The upgrades follow 1) a pay-out from the DSB Bank N.V.
bankruptcy estate to the issuers representing a 74% recovery on
the special-purpose vehicle's (SPV) counterclaims; 2) lower than
previously anticipated borrowers compensations relating to duty
of care (DoC) claims linked to DSB Bank N.V.'s lending and
intermediation practices . For Monastery 2004, the rating action
also reflects the downward revision of the expected loss
assumption on the remaining pool.

As part of the review, Moody's reassessed the operational risk in
the transactions taking into consideration the effective transfer
of servicing to Quion (NR) and the mitigants in place to support
payment continuity in case of servicer disruption. In Monastery
2004 and Monastery 2006, the rating action on the senior notes
takes into account the risk of payment disruptions.

-- LOWER EXPECTATIONS OF COMPENSATION FOR BORROWERS DoC
COMPLAINTS ON DSB BANK N.V.'S LENDING PRACTICES

In May 2005, Intertrust Management B.V., director of the SPVs,
provided Moody's with updated expectations of DoC claims below
the estimated figures provided by the bankruptcy trustee in
September 2011.

In November 2014, the Amsterdam Court of Appeal ratified the
framework agreement that sets out the compensation amount formula
on due care claims of clients of the now bankrupt DSB Bank N.V.
Borrowers have until November 2015 to submit due care claims
under the framework agreement.

Intertrust Management B.V. received an assessment from the
bankruptcy trustees of the maximum DoC amounts in all four
transactions based on (a) the number of claims already received;
(b) the influx of new claims; and (c) the reduced timeline for
borrowers to submit their due-care claims. Intertrust Management
B.V. revised the maximum DoC to EUR55 million in Chapel 2003;
EUR52 million in Chapel 2007; EUR6 million in Monastery 2004 and
EUR13 million in Monastery 2006 down from EUR75 million, EUR85
million, EUR10 million and EUR15 million respectively.

The remaining DoC amounts represent a potential future loss of
3.9% of Chapel 2003's current pool balance, 3.2% for Chapel 2007,
0.03% for Monastery 2004 and 0.3% for Monastery 2006.

-- PAY-OUT RATIO FROM DSB BANK N.V.'S BANKRUPTCY ESTATE LEADS TO
HIGHER RECOVERIES THAN ANTICIPATED

The issuers have counter-claimed the compensation amounts set off
against the loans in the respective portfolios from DSB Bank
N.V.'s bankruptcy estate. The bankrupt entity made a material
payment distribution in December 2014, resulting in a total pay-
out of 74% on due care claims.

As a result, all four transactions received a pay-out equivalent
to 74% of all claims filed in the bankruptcy as at their last
payment date. This represented a substantial increase to the 35%
pay-out received on all claims filed as at their previous payment
date.

-- REVISION OF KEY COLLATERAL ASSUMPTIONS

As a part of its detailed transaction review, Moody's reassess
its lifetime loss expectation for each securitised portfolio
reflecting the collateral performance to date as well as the
future macro-economic environment. Moody's has also assessed
loan-by-loan information for the outstanding RMBS portfolios to
determine the credit support consistent with target rating levels
and the volatility of future losses.

Total delinquencies have decreased since Q3 2014 for all four
transactions. 90d+ delinquencies currently stand at 1.07%, 1.15%,
2.38% and 2.81% of the current pool balance in Chapel 2003,
Chapel 2007, Monastery 2004 and Monastery 2006 respectively.

Monastery 2004 is performing better than anticipated as at the
last rating review. As a result, Moody's reduced its expected
loss assumptions to 2% of original balance for Monastery 2004.
Moody's maintained its key collateral assumptions for Monastery
2006, Chapel 2003, Chapel 2007, which continue to perform in line
with expectations.

-- MITIGANTS TO PAYMENT DISRUPTION

Following DSB Bank N.V.'s bankruptcy, the bankruptcy trustees
entered into a sub-delegation agreement with Quion (not rated).
The servicing transfer took place successfully in June 2013. DSB
Bank N.V. continues to service the due care claims, with the
bankruptcy trustee committed to run-off the portfolio for the
next five years. The liquidity facilities represent 3.8% of
Chapel 2003 's note balance, 4.0% of Chapel 2007, 4.6% of
Monastery 2004 and 3.5% of Monastery 2006. Moody's believes that
the liquidity is sufficient to support interest payments on the
notes in case of servicer disruption.

The mitigants to payment disruption have been tested in the 4
transactions following the bankruptcy of DSB Bank N.V. Moody's
conclude that the maximum achievable rating for the senior notes
increased from A2(sf) to Aa3 (sf). The ratings of the class A2, B
and C notes in Monastery 2004 and the class A2 and B notes in
Monastery 2006 are constrained by operational risks.

COUNTERPARTY INSTRUMENT RATINGS IN CHAPEL DEALS

Moody's upgraded the interest rate swap to A1 (sf) from Baa3 (sf)
in Chapel 2003 and the liquidity facility to Aa3 (sf) from Baa2
(sf) in Chapel 2007. These ratings measure the expected losses to
the counterparties if the respective issuer is unable to honour
its obligations under the referenced financial contracts by
maturity.

Repayment of the interest rate swap in Chapel 2003 and the
liquidity facility in Chapel 2007 rank senior to the rated notes
in the payment waterfall. They are linked to the performance of
the underlying assets.

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. Please see Moody's Approach to Rating RMBS Using the MILAN
Framework for further information on Moody's analysis at the
initial rating assignment and the on-going surveillance in RMBS.

Other factors used in rating the interest rate swap in Chapel
2003 and the liquidity facility in Chapel 2007 are described in
Moody's Approach to Counterparty Instrument Ratings published in
June 2015.

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 collateral performance;
2) deleveraging of the capital structure 3) lower than-
anticipated ultimate borrower compensation amounts; 4) higher-
than-anticipated recovery on the SPV's counterclaims; and 5)
improvement in the credit quality of the transaction's
counterparties.

Factors or circumstances that could lead to a downgrade of the
ratings include 1) worse-than-expected collateral performance; 2)
deterioration in the notes' available credit enhancement; 3)
deterioration in the credit quality of the transaction
counterparties; and 4) higher- than-anticipated ultimate borrower
compensation amounts; and 5) deterioration in the credit quality
of the transaction's counterparties.

List of Affected Ratings:

Issuer: Chapel 2003-I B.V.

  EUR890 million A Notes, Upgraded to Baa1 (sf), previously on
  May 22, 2015 B2 (sf) Placed Under Review for Possible Upgrade

  Interest Rate Swap, Upgraded to A1 (sf), previously on May 22,
  2015 Baa3 (sf) Placed Under Review for Possible Upgrade

Issuer: Chapel 2007 B.V.

  EUR300 million A2 Notes, Upgraded to Aa3 (sf); previously on
  May 22, 2015 B3 (sf) Placed Under Review for Possible Upgrade

  EUR13.8 million B Notes, Upgraded to Baa1 (sf), previously on
  May 22, 2015 Ca (sf) Placed Under Review for Possible Upgrade

  EUR23.5 million C Notes, Upgraded to Ba2 (sf), previously on
  May 22, 2015 Ca (sf) Placed Under Review for Possible Upgrade

  Liquidity Facility Rating, Upgraded to Aa3 (sf), previously on
  May 22, 2015 Baa2 (sf) Placed Under Review for Possible Upgrade

Issuer: Monastery 2004-I B.V.

  EUR604.5 million A2 Notes, Upgraded to Aa3 (sf); previously on
  May 22, 2015 A2 (sf) Placed Under Review for Possible Upgrade

  EUR24.5 million B Notes, Upgraded to Aa3 (sf); previously on
  May 22, 2015 A2 (sf) Placed Under Review for Possible Upgrade

  EUR21.5 million C Notes, Upgraded to Aa3 (sf); previously on
  May 22, 2015 A3 (sf) Placed Under Review for Possible Upgrade

  EUR8.5 million D Notes, Upgraded to A3 (sf); previously on May
  22, 2015 Ba2 (sf) Placed Under Review for Possible Upgrade

  EUR10.5 million E Notes, Upgraded to B3 (sf); previously on May
  22, 2015 Caa2 (sf) Placed Under Review for Possible Upgrade

Issuer: Monastery 2006-I B.V.

  EUR663.6 million A2 Notes, Upgraded to Aa3 (sf); previously on
  May 22, 2015 A2 (sf) Placed Under Review for Possible Upgrade

  EUR28 million B Notes, Upgraded to Aa3 (sf); previously on May
  22, 2015 Baa1 (sf) Placed Under Review for Possible Upgrade

  EUR28.7 million C Notes, Upgraded to Ba1 (sf); previously on
  May 22, 2015 B3 (sf) Placed Under Review for Possible Upgrade


DRYDEN 39: S&P Assigns Prelim. 'B-' Rating to Class F Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned preliminary credit
ratings to Dryden 39 Euro CLO 2015 B.V.'s class A-1, A-2, B-1,
B-2, C-1, C-2, D, E, and F notes.  At closing, Dryden 39 Euro CLO
2015 will also issue an unrated subordinated class of notes.

S&P has assigned its preliminary ratings following its assessment
of the transaction's capital structure and the collateral
portfolio's credit quality, a cash flow analysis, and a review of
the transaction documents.  S&P understands that the portfolio at
closing will be diversified, primarily comprising broadly
syndicated speculative-grade senior secured term loans and senior
secured bonds.  Therefore, S&P has conducted its credit and cash
flow analysis by applying its criteria for corporate cash flow
collateralized debt obligations.

In S&P's cash flow analysis, it used the target par amount of
EUR400 million, the covenanted weighted-average spread of 4.10%,
the covenanted weighted-average coupon of 6.00%, and the
covenanted weighted-average recovery rates at each rating level.

S&P's analysis also shows that the credit enhancement available
to each rated class of notes is sufficient to withstand the
defaults applicable under the supplemental tests (not counting
excess spread) outlined in S&P's corporate CDO criteria.

S&P considers that the transaction's documented replacement and
remedy mechanisms adequately mitigate its exposure to
counterparty risk under S&P's current counterparty criteria.

Following the application of S&P's criteria for nonsovereign
ratings that exceed eurozone (European Economic and Monetary
Union) sovereign ratings, S&P considers the transaction's
exposure to country risk to be limited at the assigned
preliminary rating levels, as the concentration of the pool
comprising assets in countries rated lower than 'A-' does not
exceed 10% of the aggregate collateral balance.

At closing, S&P considers that the transaction's legal structure
will be bankruptcy-remote, in line with S&P's European legal
criteria.

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

Dryden 39 Euro CLO 2015 is a European cash flow collateralized
loan obligation (CLO) transaction, securitizing a portfolio of
primarily senior secured loans and bonds issued by speculative-
grade European borrowers.  Pramerica Investment Management Ltd.
is the collateral manager.

RATINGS LIST

Preliminary Ratings Assigned

Dryden 39 Euro CLO 2015 B.V.
EUR415.12 Million Floating- And Fixed-Rate Notes (Including
EUR42.50 Million Subordinated Notes)

Class                 Prelim.        Prelim.
                      rating          amount
                                    (mil. EUR)

A-1                   AAA (sf)        221.00
A-2                   AAA (sf)         16.90
B-1                   AA (sf)          36.40
B-2                   AA (sf)          12.32
C-1                   A (sf)           25.65
C-2                   A (sf)            1.35
D                     BBB (sf)         22.00
E                     BB (sf)          24.00
F                     B- (sf)          13.00
Subordinated          NR               42.50

NR--Not rated.


GREENKO DUTCH: Fitch Affirms 'B' Rating on USD550MM Notes
---------------------------------------------------------
Fitch Ratings has affirmed the rating on Greenko Dutch B.V.'s
(GBV) USD550 mil. notes at 'B'.  The Recovery Rating is 'RR4'.

GBV is a subsidiary of Greenko Plc, which is involved in hydro
and wind power generation in India.  GBV used the proceeds from
the notes to refinance existing debt at operating entities within
a restricted group of companies that is defined in the indenture
to the note issue.  The operating entities in turn issued Indian
rupee-denominated bonds to GBV as part of the debt refinancing.

KEY RATING DRIVERS

Rating Based on Restricted Group: Fitch's rating on the notes
reflects the credit strengths and weaknesses of the debt
structure and assets of Greenko's restricted group of companies.
The bond indenture contains restrictions on cash outflows and
debt incurrence in order to ensure sufficient liquidity for the
senior note holders at GBV.  The restricted group has assets with
generating capacity of 619MW as at July 2015 (235MW hydro and
384MW wind power), which generated revenue of USD90 million and
EBITDA of USD80 million for the nine months ended December 2014
(the end of the financial year was changed to December from
March).

GBV benefits from a first charge via the rupee-denominated bonds
on all assets (excluding accounts receivables) and cash flows of
the operating entities in the restricted group.  The rating on
the notes also reflects the absence of prior-ranking debt in the
restricted group, aside from a stand-by working capital debt
facility of USD30 million secured exclusively against accounts
receivables.

Diversified Operations: The assets of the restricted group are
diversified by type and geography, which provides risk mitigation
for adverse wind patterns or monsoon conditions.  Around 60% of
the hydro assets are built around rivers in northern India, which
are glacier fed, while the rest are mainly dependant on the
monsoons for their performance.  The wind assets are spread
across three states in India, though wind patterns across larger
geographic areas also tend to be correlated.

Price Certainty, Volume Risks: Long-term power purchase
agreements (PPAs) for all of the restricted group's wind and most
of its hydro assets support the issue rating.  Although the long-
term PPAs provide protection from price risk, production volume
will vary with wind and hydro patterns.  In addition, although
Greenko has conducted detailed wind studies for its assets, the
wind power plants have limited power-generation history with a
majority of the power plants chalking up less than two years of
operations.

Weak Counterparty Risks: The weak credit profile of the
restricted group's customers is a rating constraint.  The
restricted group's top four customers -- state utilities in
Andhra Pradesh, Himachal Pradesh, Maharashtra and Mangalore --
accounted for over 50% of revenue in 2014.  The utilities in
Maharashtra and Andhra Pradesh have a track record of timely
payments, but the receivable cycle has been longer for others.
The restricted group had a receivable period of around 90 days in
the nine months to December 2014. Greenko has demonstrated it can
terminate PPAs if payments are delayed, which may give it the
ability to switch customers. However, this still exposes the
restricted group to working capital pressures while it negotiates
new agreements.

Improved Leverage: The gross leverage (total adjusted
debt/operating EBITDA) of the restricted group fell to 5.2x at
end-2014 from around 10x at end-March 2014, due to the
commissioning of a large part of its capacity.  The terms in the
bond indenture will help in restricting the cash outflow from the
restricted group if the leverage covenants are breached.  Fitch
expects the leverage of the restricted group to remain around 5x
on a sustained basis.

Refinancing and Forex Risks: The restricted group's earnings are
in rupees, but the notes are denominated in US dollars, giving
rise to foreign exchange risk.  GBV has mitigated the risk by
hedging around half of the principal outstanding, and three years
of interest payments.  Fitch expects the restricted group to
acquire more operational assets as allowed by the bond indenture,
leaving minimal cash at the restricted group.  This is likely to
lead to refinancing risks when the bond matures.  However, the
restricted group has flexibility in its capex given its granular
nature and the portfolio of wind and hydro assets will be more
mature by the time the US dollar senior notes are due.

Greenko Guarantee: The guarantee allows Greenko Plc to extend
support to the unrestricted group in the event of stress.
However, Fitch expects the credit profile of unrestricted group
to be weaker than that of the restricted group; hence, the rating
on the US dollar notes is not enhanced by this guarantee.
Greenko Plc's leverage was 7.5x for the nine months to end-2014,
because the unrestricted group also contains a number of wind and
hydro power plants that are under construction.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:
   -- The plant load factors for the wind power projects are in
      line with the P75 estimates (25% probability that the
      projects will not meet the estimates)
   -- Profitability is in line with past trends
   -- Addition of operating assets in the restricted group of
      companies, which have maintained gross/EBITDA at less than
      5x, in line with bond covenants

RATING SENSITIVITIES

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:
   -- The restricted group of companies sustaining EBITDA
interest
      cover of more than 2.5x and total adjusted debt/ operating
      EBITDA of 4x or less

Negative: The main factors that individually or collectively
could lead to negative rating action are:
   -- Weak operations including increased receivable collection
      period resulting in the restricted group sustaining total
      adjusted debt/ operating EBITDA of 5x or more and EBITDA
      interest cover of less than1.5x on a sustained basis.


JACOBS DOUWE: S&P Affirms 'BB' CCR, Outlook Stable
--------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' long-term
corporate credit rating on Netherlands-based coffee and tea
company Jacobs Douwe Egberts International B.V. (JDE: formerly
known as Charger OpCo B.V.).  The outlook is stable.

The affirmation reflects S&P's view that -- following the
combining of the coffee businesses -- JDE's highly recognizable
brand names and solid market positions in various regional
markets, and strengthening cost and efficiency management, will
enable the company to generate gradually increasing free
operating cash flows (FOCF) over the next two to three years.
S&P forecasts that JDE's FOCF will total more than EUR500 million
on a pro forma basis in 2015, and increase to nearly EUR700
million in 2016.

The affirmation also reflects S&P's view that management will
continue to focus on debt reduction.  S&P forecasts that the
company's credit ratios will remain commensurate with an
"aggressive" financial risk profile over the next 12-18 months,
with the Standard & Poor's-adjusted debt-to-EBITDA ratio
decreasing to 4x-5x in 2016 from 5.0x-5.5x on a pro forma basis
in 2015.

S&P's assessment of JDE's business risk profile as "satisfactory"
reflects JDE's solid market positions in a range of regional
markets and a varied portfolio of highly recognized brands,
including Jacobs, Douwe Egberts, Senso, Tassimo, Pilao, and L'OR
Espresso.  S&P understands that the company had to dispose of
some brands for regulatory reasons, including the French brand
Carte Noir, but S&P believes this will have a limited impact on
the company's revenues and earnings.  S&P also believes that
demand for its coffee and tea products would remain solid, even
in times of austerity.  JDE has a relatively broad geographical
spread of revenues, with the majority of products sold in low-
risk countries across Western Europe, which in S&P's view
supports solid revenue growth.  S&P forecasts that in 2016 JDE
will generate revenues and EBITDA of more than EUR5.5 billion and
EUR1.3 billion, respectively, and that more than 50% would be
generated fairly equally between France, Germany,  The
Netherlands, Brazil, and the U.K.  S&P also believes that the
management's focus on cost and operating efficiencies, as well as
on product development, innovation, and marketing, will support
stronger earnings and solid FOCF generation over the next two
years.

S&P also considers that the group is exposed to relatively
volatile coffee prices, and to maintain improvements in
profitability would need to handle the volatility efficiently and
pass on price increases to its consumers.  S&P views JDE's
relative reliance on Europe, which accounts for 75% of the
merging entities' revenue base, as a weakness compared with the
larger multinational groups operating in the consumer products
market. Some of these have a more-balanced mix of mature- and
developing-market sales.

S&P's assessment of JDE's financial risk profile as "aggressive"
reflects S&P's view that, although its balance sheet is highly
leveraged following the transaction, this is mitigated by strong
interest coverage ratios, strongly positive free cash flows from
operations, and the company's commitment to reducing debt
leverage.  The transaction was financed with EUR7.6 billion of
debt, including an undrawn EUR500 million revolving credit
facility of which EUR2.9 billion was used last year to refinance
the existing debt at DEMB's holding company Oak Leaf B.V.  About
EUR3.8 billion has been paid to Mondelez International.

S&P believes that JDE will maintain strong and sustainable free
cash flow generation due to relatively low, but solid, revenue
growth.  Combined with ongoing cost savings and efficiency
measures, this should result in solid EBITDA growth.

S&P believes that management's plan to rapidly reduce leverage is
credible because there are restrictions on dividend payments in
the near term.  Acquisitions, if any, are likely to be small
during the integration phase of the two merged coffee businesses.
In S&P's view, there should be cash flow available for debt
repayment and leverage should decrease steadily.  This will stem
from management's aim to reduce debt, stipulations in the loan
documentation in relation to cash flow sweeps, and the
amortization structure of one of the term loans.

S&P's base case assumes:

   -- Annual growth of sales revenues of about 2%-3%, in line
      with the growth it anticipates in the coffee industry.
   -- Gradually strengthening EBITDA margins, with profitability
      benefiting from ongoing cost savings, efficiency measures,
      and other initiatives.
   -- Annual capital expenditure (capex) of about 4% of revenues.
   -- Debt reduction thanks to an excess cash flow sweep, the
      amortizing structure of one of the term loans, and
      limitations on dividend payments.

Based on these assumptions, S&P arrives at these credit measures
(pro forma for 2015):

   -- Debt to EBITDA of 5.0x-5.5x in 2015 and 4x-5x in 2016.
   -- FOCF to debt of 5%-10% in 2015 and 2016.

The stable outlook reflects S&P's view that JDE will continue to
generated solid positive FOCF and that the group's credit ratios,
on a pro forma basis, will remain commensurate with an
"aggressive" financial risk profile in 2015 and 2016.  S&P
forecasts adjusted debt-to-EBITDA and FOCF-to-debt ratios at
4.0x-5.0x and 5%-10%, respectively, over the next 12-18 months.

To consider an upgrade S&P would need to see JDE's adjusted debt-
to-EBITDA ratio falling below 4x and FOCF-to-debt increasing to
comfortably more than 10%, all else being equal, on a sustainable
basis.

S&P could consider lowering the ratings if JDE's leverage does
not decrease as much as S&P forecasts over the next 12-18 months.
For example, this could result from a material reduction in FOCF
generation from currently expected levels; or from a change in
the group's financial policies impairing discretionary cash flow
generation.


WOOD STREET CLO 1: Moody's Hikes Class E Notes' Rating to B1(sf)
----------------------------------------------------------------
Moody's Investors Service has upgraded the following notes issued
by Wood Street CLO 1 B.V.:

EUR29.925M Class C Senior Secured Deferrable Floating Rate Notes,
Upgraded to Aa2 (sf); previously on Sep 5, 2014 Upgraded to A1
(sf)

EUR10.575M Class E Senior Secured Deferrable Floating Rate Notes,
Upgraded to B1 (sf); previously on Sep 5, 2014 Downgraded to B3
(sf)

EUR5M Class Z Combination Notes, Upgraded to B1 (sf); previously
on Sep 5, 2014 Downgraded to B3 (sf)

Moody's also affirmed the following notes issued by Wood Street
CLO 1 B.V.:

EUR310.5M (outstanding balance of EUR 53.41M) Class A Senior
Secured Floating Rate Notes, Affirmed Aaa (sf); previously on Sep
5, 2014 Affirmed Aaa (sf)

EUR36M Class B Senior Secured Floating Rate Notes, Affirmed Aaa
(sf); previously on Sep 5, 2014 Upgraded to Aaa (sf)

EUR27.75M Class D1 Senior Secured Deferrable Floating Rate Notes,
Affirmed Ba1 (sf); previously on Sep 5, 2014 Affirmed Ba1 (sf)

EUR1.5M Class D2 Senior Secured Deferrable Floating Rate Notes,
Affirmed Ba1 (sf); previously on Sep 5, 2014 Affirmed Ba1 (sf)

EUR1M Class W Combination Notes, Affirmed Aaa (sf); previously on
Sep 5, 2014 Affirmed Aaa (sf)

Wood Street CLO 1 B.V., issued in September 2005, is a
collateralised loan obligation (CLO) backed by a portfolio of
mostly high-yield senior secured European loans. The portfolio is
managed by Alcentra Limited. The transaction's reinvestment
period ended in November 2011.

RATINGS RATIONALE

According to Moody's, the upgrade of the notes is primarily a
result of continued deleveraging of the Class A notes and
subsequent increase in the overcollateralization (the "OC")
ratios. The Class A has amortised by approximately EUR66.7
million or 21% of the original rated balance over the last two
payment dates in November 2014 and May 2015.

As a result of the deleveraging, the overcollateralization ratios
(or "OC ratios") of the notes have increased across the whole
capital structure over the last year. As of the latest trustee
report dated July 2015, the Class A/B, Class C, Class D and Class
E OC ratios are 197.4%, 147.9.0%, 118.8% and 110.95%
respectively, versus July 2014 levels of 150.2%, 126.0%, 108.9%
and 103.8% respectively.

The ratings of the combination notes address the repayment of the
rated balance on or before the legal final maturity. For the
Class W and Z notes, the rated balance is equal at any time to
the principal amount of the combination note on the issue date
minus the aggregate of all payments made from the issue date to
such date, either through interest or principal payments. The
rated balance may 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 analysed the underlying collateral pool as having a
performing par of EUR162.6 million, principal proceeds balance of
EUR14.2 million, defaulted par of EUR7.75 million, a weighted
average default probability of 26.3% over 4.4 year weighted
average life(consistent with a 10 year WARF of 3632), a weighted
average recovery rate upon default of 48.06% for a Aaa liability
target rating, a diversity score of 18 and a weighted average
spread of 3.6%.

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% of the 99.0% 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. Please see the Credit Policy page on
www.moodys.com for a copy of this methodology.

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

In addition to the base-case analysis, Moody's conducted a
sensitivity analysis on the key parameters for the rated notes,
for which it assumed lower recovery rate. The model generated
outputs that were within two notches 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 behaviour 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 amortisation: The main source of uncertainty in
this transaction is the pace of amortisation of the underlying
portfolio, which can vary significantly depending on market
conditions and have a significant impact on the notes' ratings.
Amortisation 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 amortisation would usually benefit the
ratings of the notes beginning with the notes having the highest
prepayment priority.

-- Around 19% 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.

-- 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-
collateralisation 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
analysed 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.



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


BANCO ESPIRITO: Aug. 7 Bid Submission Deadline Set for Novo Banco
-----------------------------------------------------------------
Henrique Almeida at Bloomberg News reports that the Bank of
Portugal said the three potential buyers of Novo Banco have to
submit final revised bids on Aug. 7 for the lender that emerged
from the breakup of Banco Espirito Santo SA.

Once Portugal's biggest bank by market value, Banco Espirito
Santo was bailed out in August last year after regulators ordered
it to raise more capital following the disclosure of potential
losses on loans linked to companies in the family-controlled
Espirito Santo Group, Bloomberg recounts.  The central bank moved
the lender's deposits and most of its assets to Novo Banco,
Bloomberg notes.

The Bank of Portugal's Resolution Fund owns Novo Banco after the
EUR4.9 billion (US$5.3 billion) bailout, and the rescue will be
repaid by proceeds from the sale, Bloomberg states.  The
Resolution Fund got a EUR3.9 billion loan from the government to
finance its investment in Novo Banco, Bloomberg discloses.

New York-based Apollo Global Management LLC, China's Fosun Group
and Anbang Insurance Group Co. have been identified in the media,
including Portuguese newspaper Expresso, as the three potential
bidders for Novo Banco, Bloomberg relays.

According to Bloomberg, Expresso on July 29 said the central bank
may decide on the sale of the lender on Aug. 15.

                   About Banco Espirito Santo

Banco Espirito Santo is a private Portuguese bank based in
Lisbon, Portugal.  It is 20% owned by Espirito Santo Financial
Group.



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


CHERKIZOVO GROUP: Moody's Hikes Corporate Family Rating to B1
-------------------------------------------------------------
Moody's Investors Service upgraded to B1 from B2 the corporate
family rating (CFR) and to B1-PD from B2-PD the probability of
default rating (PDR) of Cherkizovo Group, PJSC, a leading
integrated and diversified meat producer in Russia. The outlook
on the ratings remains stable.

RATINGS RATIONALE

The upgrade of Cherkizovo's ratings to B1 reflects a material
recovery of the company's operating and financial performance in
2014 after a very challenging 2013, driven by the favourable
conditions in the Russian meat market as a result of a veterinary
ban on pork imports from a number of countries, followed by the
more extensive food embargo introduced in August 2014.

In particular, Cherkizovo restored its profitability to
historically high levels of adjusted EBITDA margin of 24% (12% in
2013) and significantly improved its adjusted debt/EBITDA to 1.2x
(4.4x in 2013). The company's very strong 2014 financial metrics
provide a comfortable flexibility to withstand any potential
market volatility amid high economic and geopolitical risks in
Russia. The metrics should also accommodate the company's
historically ambitious investment program.

Although Moody's expects that the Russian meat market will remain
fairly stable in 2015 with contracting meat consumption by
households amid the economic downturn largely offset by a
material import reductions, meat prices will likely to decrease
from their record levels of 2014. This drop off in price, coupled
with the company's high portion of US dollar -- linked costs amid
significant rouble devaluation, will result in lower
profitability in 2015 for Cherkizovo. Moody's forecasts that the
company's adjusted EBITDA margin will fall to around 18%-19%.
However, Cherkizovo's financial metrics will still remain strong
and well within Moody's rating guidance, with adjusted
debt/EBITDA staying comfortably below 3x.

The rating action also factors in Cherkizovo's proven ability to
withstand market down-cycles, as was demonstrated during the very
challenging conditions in the Russian meat market in 2013. This
market deterioration was driven by plummeting prices,
particularly in the pork segment, and rising feedstock costs on
the back of the weak 2012 global harvest. The company's business
profile is supported by its (1) leading market position in
Russia; (2) diversified meat product output, with a portfolio of
well-known domestic brands; (3) vertically integrated business
model; (4) well-invested, high-margin poultry and pork production
facilities, and leading industry technologies; and (5) developed
distribution network covering the most densely populated European
part of Russia.

The rating also incorporates strong long-term fundamentals for
the Russian meat market and Cherkizovo's established access to
increasing government financial support for agricultural
businesses amid growing focus of the Russian government on import
substitution.

At the same time, the ratings remain constrained by the company's
(1) small size by international standards and single market
concentration; (2) susceptibility to volatility of commodity
prices and a number of industry-specific event risks, including
biological risks, trade restrictions, bad weather and government
policy; and (3) exposure to Russia's institutional and economic
framework, which is weak compared with those of more developed
markets.

Moody's also views as negative Cherkizovo's reliance on external
funding to meet its working capital requirements and debt service
obligations. That said, this reliance is partly offset by its
established long-term relationship with the state-owned banks as
proven during the industry crisis of 2013 and financial crisis of
2014-15.

RATIONALE FOR STABLE OUTLOOK

The rating outlook is stable, reflecting Moody's expectation that
the operating environment will remain supportive in the next 12-
18 months and that the company will maintain its adjusted
leverage within the guidance for the rating.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Positive pressure on the rating could arise over time if the
company demonstrates a track record of adhering to conservative
financial policy with adjusted debt/EBITDA staying below 2.5x and
positive free cash flow generation on sustainable basis, while
delivering consistently healthy operating results and maintaining
a sound liquidity profile and strong market position even in a
less favourable market environment.

Negative pressure on the rating could arise if the company's
adjusted debt/EBITDA sustainably increases to above 3.5x due to
switch to a more aggressive financial policy or material
weakening of operating results. A material deterioration of the
company's liquidity profile could exert downward pressure on the
rating.

Cherkizovo Group, PJSC is a leading integrated and diversified
meat producer in Russia. The company's key production facilities
include six meat-processing plants, eight poultry and 15 pork
production complexes, and six combined fodder production plants.
The company operates grain storage facilities and is actively
developing in-house grain production with a land bank of 140,000
hectares. Its own distribution network covers most of the
European part of Russia and consists of 22 warehouses, as well as
1,000 refrigerated trucks. In 2014, Cherkizovo's consolidated
sales and adjusted EBITDA totalled around US$1.8 billion and
US$430.0 million, respectively.


EQUIPE INSURANCE: Bank of Russia Suspends Insurance License
-----------------------------------------------------------
The Bank of Russia, by its Order No. OD-1825 dated July 30, 2015,
suspended the insurance license of Equipe Insurance Company, LLC.

The decision is taken due to the failure of Equipe Insurance to
execute Bank of Russia instruction, namely, due to its non-
compliance with requirements of financial sustainability and
solvency with respect to securing insurance reserves, on the
procedure and conditions to invest capital and insurance reserve.
The decision becomes effective the day it is published in the
Bank of Russia Bulletin.

Suspended license shall mean a prohibition on entering into new
insurance contracts and also on amending respective contracts
resulting in increase in the existing obligations.

The insurance agent shall accept applications on the occurrence
of insured events and perform obligations.



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


UBS GROUP: S&P Assigns 'BB' Rating to High-Trigger Tier 1 Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'BB' long-term issue rating to the proposed high-trigger
additional Tier 1 perpetual capital notes to be issued by UBS
Group AG.  The rating is subject to S&P's review of the notes'
final documentation.

In accordance with S&P's criteria for hybrid capital instruments,
the 'BB' issue rating reflects S&P's analysis of the proposed
instrument and S&P's assessment of the unsupported group credit
profile (GCP) of UBS.  The issue rating stands five notches below
the 'a-' unsupported GCP due to these deductions:

   -- One notch because the notes are contractually subordinated.

   -- Two notches reflecting the notes' discretionary coupon
      payments and regulatory Tier 1 capital status;

   -- One notch because the notes contain a contractual write-
      down clause; and

   -- One notch because the notes are issued by a nonoperating
      holding company,  where S&P sees potential structural
      subordination and S&P considers it unclear that the NOHC
      would avoid defaulting on this instrument if UBS AG were to
      default on an equivalent hybrid instrument.

Although the instrument contains a going-concern write-down
trigger, S&P do not notch down further for this because it
expects that the bank will maintain a common equity Tier 1 (CET1)
ratio that is over 700 basis points above the 7% trigger.  At
June 30, 2015, UBS reported a 18.2% CET1 ratio, calculated on a
Basel III phase-in basis.  S&P would expect to lower the rating
on this instrument if it projects that the ratio will fall within
700 basis points of the trigger within S&P's two-year rating
horizon.

Once the securities have been issued and confirmed as part of the
issuer's Tier 1 capital base, S&P expects to assign
"intermediate" equity content to them under its criteria.  This
reflects S&P's understanding that the notes are perpetual,
regulatory Tier 1 capital instruments that have no step-up.  The
payment of coupons is fully discretionary and the notes can
additionally absorb losses on a going-concern basis through the
write-down feature.



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


PEREMOHA PRATSI: Donetsk Court Launches Bankruptcy Proceedings
--------------------------------------------------------------
Ukrainian News Agency reports that the Donetsk Region Economic
Court on July 23 launched the bankruptcy of the Peremoha Pratsi
engineering plant in Artemivsk.

The bankruptcy petition was filed by Pension Fund in Artemivsk
and Artemivsk district, Ukrainian News relates.  Maksym Syvolobov
was appointed as the bankruptcy commissioner, Ukrainian News
discloses.

A private session of the court was scheduled for Sept. 16,
Ukrainian News notes.

Peremoha Pratsi suffered a loss of UAH2.622 million in 2014,
having decreased its net revenue 3.3 times or by UAH10.419
million over 2013 to UAH4.496 million, Ukrainian News relays.

The Peremoha Pratsi engineering plant manufactures metalworking
and ore mining tools.  The State Property Fund owns 99.98% of the
plant.


UKRAINE: Creditors Likely to Take Small Haircut on Bonds
--------------------------------------------------------
Chiara Albanese at The Wall Street Journal reports that long
drawn-out negotiations between Ukraine and the major investors
who own its debt are finally starting to thaw.

According to the Journal, two people close to the negotiations
said after months of relative stalemate, a group of the
conflict-torn country's creditors has indicated it is willing to
take a small reduction in the face value of Ukrainian bonds to
speed up a debt restructuring process.

Ukraine and its creditors have stood at an impasse for months
over about US$19 billion worth of bonds, which have tanked in
value because of concerns the country wouldn't be able to meet
repayments, the Journal notes.

Ukraine, assisted by financial adviser Lazard, has sought a
restructuring of the bonds that would see investors take a
haircut, or a reduction in the face value of their holdings, the
Journal relays.  In June, Ukraine reiterated a proposed deal
whereby bondholders would take a 40% haircut, the Journal
recounts.

That proposal was initially met with short shrift from a
committee of major bondholders, including the country's single
largest creditor, Franklin Templeton Investments, who had
steadfastly refused to accept a haircut, the Journal discloses.

Last week, however, the investor group, which holds about US$8.9
billion of the bonds and is advised by Blackstone Group
International Partners LLP, sent a new proposal to Ukraine's
government that included agreeing to a haircut, the Journal
relays, citing two people close to the negotiations.

A person close to the process said the committee made a
conditional proposal subject to other terms and conditions, the
Journal notes.

Another person familiar with the negotiations said Ukraine had
recently indicated it is also willing to settle for a less severe
haircut than it has previously put on the table to strike a deal,
according to the Journal.



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


AFREN PLC: Put Under Administration After Rescue Talks Fail
-----------------------------------------------------------
Abhiram Nandakumar at Reuters reports that Afren Plc said its
board has decided to put the company into administration after
failing to secure support for a refinancing and restructuring
plan.

Afren, whose shares have been suspended since July 15, said talks
with bondholders, banks and its partners were scuppered after the
company cut its production forecast for the year, Reuters
relates.

"While the overall capacity of the assets to deliver field life
production remains broadly unchanged, the near-term deferral of
production revenues has undermined the immediate liquidity
position of the business," Reuters quotes the company as saying
in a statement.

According to Reuters, the board has appointed Simon Appell --
sappell@alixpartners.com -- Daniel Imison --
dimison@alixpartners.com -- and Catherine Williamson --
cwilliamson@alixpartners.com -- of AlixPartners as administrators
and said it is working with its partners to continue operations.

                         About Afren plc

Afren plc, a London-based company specializing in oil and gas
exploration and production, filed a Chapter 15 bankruptcy
petition (Bankr. D. Del. Case No. 15-11452) on July 2, 2015, in
the United States, to seek recognition of its restructuring
proceedings in England.  Judge Kevin Gross presides over the U.S.
case.  L. John Bird, Esq., and Jeffrey M. Schlerf, Esq., at Fox
Rothschild LLP, serve as counsel to the Debtor in the U.S. case.


AMDIPHARM MERCURY: S&P Raises CCR to 'B+', Outlook Stable
---------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on U.K.-based producer of branded off-patented
pharmaceutical products Amdipharm Mercury Debtco Ltd. (AMCO) to
'B+' from 'B'.  The outlook is stable.

At the same time, S&P raised to 'B+' from 'B' the issue ratings
on AMCO's senior secured bank facilities, including the proposed
increase of GBP114.7 million equivalent.  S&P affirmed the
recovery rating at '3'.

The upgrade reflects S&P's view that AMCO's revenues and EBITDA
have reached levels that enable the company to absorb larger
acquisitions while maintaining credit metrics that S&P views as
commensurate with a higher rating.  Specifically, S&P forecasts
it will maintain funds from operations (FFO) to cash interest
coverage at about 3x and debt to EBITDA approaching 5x on average
over the next three years.

Since 2012, when AMCO was acquired by private equity group
Cinven, it has been able to increase its EBITDA via strong
organic growth and acquisitions that have enabled fast
deleveraging.

In 2015, the company undertook several acquisitions that broaden
its drug portfolio and reduced its reliance on the U.K. as its
main market.  These transactions will help it increase its EBITDA
to about GBP200 million by 2016 and to generate free operating
cash flow of over GBP100 million, which should enable it to
deleverage quickly.

"Under our base-case, we estimate that AMCO's Standard & Poor's-
adjusted debt-to-EBITDA ratio will remain about 5x on average
over the next three years.  Our estimate includes financial debt
of about GBP1 billion and EBITDA of about GBP200 million over the
next three years.  This should cover annual interest payments of
about GBP60 million by about 3x.  We estimate that AMCO should be
able to generate free operating cash flow of at least GBP100
million per year.  We also estimate that the contractual cash
sweep embedded in the capital structure, together with
management's stated aim of using surplus cash to repay debt,
could lead to a relatively fast reduction of cash-interest-paying
debt. This assumes no alternative use for the cash, such as
further acquisitions, above our base case," S&P said.

S&P views as the main strength of AMCO's business risk profile
its focus on marketing branded off-patented pharmaceutical
products, which have been on the market for a long time and are
therefore well tested, but are too small to attract competition
from big generic pharmaceutical companies.

At the same time, S&P views as the main weaknesses AMCO's smaller
revenue base compared with other global generic pharmaceutical
companies, and limited R&D capabilities, as well as its strategy
of focusing on acquiring assets rather than in-house development.
Despite its growing size, AMCO remains a relatively small player
in the global pharmaceuticals market compared with other generic
players such as Teva Pharmaceutical Industries or Actavis, and
ranks below the top 10 global generic pharmaceutical companies.
Due to limited internal R&D, the combined group's business model
relies on acquiring new assets.  In S&P's view, this exposes the
group to a potential lack of suitable assets.  AMCO outsources
all its manufacturing, which benefits its margins and cash flow
generation, but means that AMCO relies significantly on third
parties.  The increasing diversity of the supplier base and
embedded U.K.-based quality function partially mitigates the
latter, though.

In addition, AMCO derives about half of its revenues from the
U.K., a level of concentration that S&P considers to be a
negative in its assessment of its geographic diversity, as it
exposes the company to one reimbursement system and potential
negative changes in the pricing of its main products.

"We view positively AMCO's focus on niche, well-established, off-
patent products that benefit from highly recurrent revenues as a
result of a prescribing pattern and a level of sales that shield
the company from intense competition.  In addition, these
products benefit from relatively high barriers to entry in
development and manufacturing.  Furthermore, AMCO's portfolio
benefits from a stable pricing environment, which enables it to
maximize value in its drug portfolio.  This, combined with cost
efficiencies and synergies from the combined infrastructure from
the business that the company has acquired as part of its growth
strategy, is reflected in robust operating margins," S&P said.

S&P's business risk assessment also incorporates its view of
"low" country risk and "low" industry risk.  S&P's low country
risk assessment includes AMCO's concentration of revenues from
Western Europe, which has very low regional risk.  This is partly
mitigated, however, by its exposure to regions that S&P considers
to have high regional risk, such as Southern Europe, Asia-
Pacific, and Africa.  S&P's industry risk assessment for the
company reflects low-single-digit growth in the underlying
industry due to benefits accrued from favorable demographic and
economic trends. In developed economies, long-term demand is
fueled by lifestyle changes and the growing number of older
people, who consume a disproportionate share of drugs.  An
expanding middle class aids growth in developing economies, which
account for an increasingly significant portion of global
pharmaceutical sales.

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

   -- GDP growth in 2015 and 2016 of 2.8% and 2.6% in the U.K.,
      1.5% and 1.7% in the EU.  Relatively minimal impact from
      global economic cycles, given that the pharmaceutical
      industry is noncyclical in nature.

   -- Double-digit revenue growth in 2015 and 2016, driven by the
      launch of new products and the impact of acquisitions
      EBITDA to grow to about GBP200 million over the next two
      years, reflecting top-line growth and operating
      efficiencies.  Based on these assumptions, S&P arrives at
      these credit measures for AMCO:  Debt to EBITDA at about 5x
      on average over the next three years.

   -- FFO cash interest coverage of about 3x on average over the
      next three years.

S&P derives the 'B+' rating on AMCO from S&P's anchor of 'b',
which is based on S&P's assessment of the company's "fair"
business risk profile and "highly leveraged" financial risk
profile.  The rating incorporates an upward adjustment to the
anchor in S&P's positive comparable ratings analysis, reflecting
S&P's view that its credit metrics are relatively strong for the
"highly leveraged" category.

The stable outlook reflects that AMCO will continue with its
track record of assimilating sizable acquisitions and reducing
debt relatively quickly, thanks to its strong cash-generating
capacity. In doing so, S&P anticipates that the group will pursue
a financing strategy that enables it to maintain debt-protection
metrics that are commensurate with the current rating.
Specifically, S&P would view FFO cash interest coverage
maintained at the upper end of the 2x-4x range and debt to EBITDA
approaching 5x on average over the next three years as
commensurate with the 'B+' rating.

In S&P's opinion, a positive rating action is unlikely over the
next 12-18 months due to AMCO's acquisitive strategy and a
history of dividend recapitalizations.  However, S&P would take a
positive rating action if the group delivered a firm commitment
to maintaining adjusted leverage below 5x at all times.

Conversely, given the group's operating fundamentals, negative
rating actions would most likely be prompted by decisions from
the company to change its deleveraging plans in favor of faster
cash absorption through acquisitions or shareholder returns.  S&P
could take a negative rating action if adjusted FFO interest
coverage were to drop below 3x and debt to EBITDA approached 6x,
or if AMCO proves unable to generate positive FOCF.

S&P sees downside from the company's operating performance as
less likely, but it could be triggered if operating margins
deteriorate significantly.  This could occur if there were a
change to the reimbursement system in its main countries of
operation, such as the U.K., if competition related to its main
products increased, or if the company was not able to launch new
products or continue a strategy of small bolt-on acquisitions to
ensure a flow of new products to the market.


CO-OPERATIVE BANK: Moody's Confirms Caa2 LT Deposit Rating
----------------------------------------------------------
Moody's Investors Service confirmed Co-Operative Bank plc's long-
term deposit and senior unsecured debt ratings at Caa2 and
assigned a positive outlook to both ratings. Moody's also
upgraded the bank's standalone baseline credit assessment (BCA)
and adjusted BCA to caa2 from ca. Additionally, the agency
assigned long- and short-term Counterparty Risk Assessments (CR
Assessments) of B2(cr) and NP(cr) to Co-Operative Bank. The
bank's short-term deposit and debt ratings were affirmed at Not-
Prime.

This rating action reflects the developments in the bank's credit
fundamentals as well as the implementation of Moody's new bank
rating methodology, specifically the Advanced Loss Given Failure
(LGF) analysis. While the rating agency has reduced its
assessment of the probability of government support for Co-
operative Bank's deposits and senior unsecured debt, this
negative effect is offset by the benefit of loss absorption
provided by non-equity capital.

The rating action concludes the review initiated on March 17,
2015.

RATINGS RATIONALE

-- RATIONALE FOR THE BCA

The upgrade of the Co-Operative Bank's BCA is driven by (1) the
progress made in strengthening its capital position; (2) the
ongoing reduction of its non-core portfolio, which decreases
downside risk for creditors (3) the improvements in its asset
quality metrics; and (4) the maintenance of solid funding and
liquidity positions. However, the bank's caa2 BCA continues to
incorporate (1) the significant challenges the bank faces in
becoming a sustainable and viable institution -- via a business
plan that involves significant execution risk; (2) our
expectation of continued net losses until 2017, eroding the
bank's capital position; and (3) the potential for additional
conduct remediation, regulatory settlements and litigation costs
that could also have a negative effect on the bank's capital
position. Moody's believes that the recent investigation by the
Financial Conduct Authority into the bank's management activities
over the period from mid-2008 to end-2013 may have material
financial implications, as yet of uncertain scale.

Moody's upgraded the bank's BCA following a number of management
actions to improve its capital position. Since announcing a
Common Equity Tier 1 (CET1) shortfall of GBP1.5 billion in June
2013, Co-Operative Bank has undertaken a series of measures to
rebuild its capital base. The bank successfully completed a
Liability Management Exercise in 2013, generating GBP1.2 billion
of CET1 capital before costs, issued GBP400 million of common
stock in May 2014 and received a GBP313 million capital
contribution from The Co-Operative Group. Combined with a GBP2.4
billion reduction in total risk weighted assets on the back of
asset sales, this led to a significantly improved capital
position at end-2014. Co-Operative Bank's CRD IV "fully loaded"
CET1 ratio almost doubled to 13% from 7.2% at end-2013 and the
equivalent leverage ratio increased to 4.3% as of December 2014
from 2.4% a year earlier.

Nevertheless, the bank failed the Prudential Regulation
Authority's stress test in December last year, which showed a
negative capital under stress equal to 2.6% of risk weighted
assets. The bank was therefore required to submit a revised
capital plan to accelerate the restructuring of its non-core
asset portfolio to reduce downside risk and strengthen its
capital and solvency levels. Although the Co-operative Bank
currently complies with the minimum regulatory capital
requirements, Moody's expects the bank to report losses in 2015
and 2016, which will likely trigger a deterioration in capital
and leverage ratios.

The deleveraging progress has also enabled some improvement in
asset quality. Co-Operative Bank's problem loan ratio fell to
9.3% at end-2014 from 10.8% at end-2013. The main source of non-
performing loans continues to be its non-core portfolio, which
accounts for about 40% of gross lending and comprises the assets
managed for run-down or sale. It includes the corporate and
commercial real estate loans and a book of non-core residential
mortgages known as Optimum. In 2014, Co-Operative Bank's non-core
portfolio shrank to GBP10.3 billion from GBP12.5 billion at end-
2013. Further positive developments are expected in the asset
quality metric as the bank is committed to continue the
accelerated disposal of its non-core portfolio. The disposal of
Optimum has commenced in H1 2015, with an agreed sale of GBP1.5
billion of loans.

Profitability remains very weak and, as stated above, Moody's
expects the bank to report losses in 2015 and 2016. However, the
size of the reported losses is gradually declining. The bank
reported a pre-tax loss of GBP264.2 million in 2014, compared to
a loss before taxation of GBP632.8 million in 2013 and GBP652.4
million in 2012. The improvement was mainly driven by the write-
back of credit impairment losses on non-core assets and reduction
in provisions for customer redress. Although Moody's believes
that the bank faces significant challenges to improve its
profitability metrics given its ongoing high IT and restructuring
costs, potential losses on asset sales and potential large
penalty charges, the rating agency also believes that
profitability metrics will show a gradual improvement as legacy
assets and conduct costs are resolved.

The upgrade has been also driven by Co-Operative Bank's ability
to maintain solid funding and liquidity positions. The bank has a
broad customer deposit base which continues to be its primary
source of funding at 88% of total funding at end-2014. Although
reliance on wholesale funding is low and decreasing, a number of
funding sources are available to supplement the deposit base. On
July 1, 2015 Co-Operative Bank successfully issued GBP250 million
of subordinated Tier 2 notes signifying its return to the
unsecured wholesale market. The bank has an ample stock of liquid
resources of GBP12.1 billion, or 17.4% of total assets, as of
December 2014.

The caa2 BCA also incorporates a negative adjustment for
corporate behavior. Although Moody's believes that the current
management team has developed a realistic de-risking and
restructuring plan, the institution continues to face a number of
challenges resulting from past control failures. As a result, the
bank's future performance could still be affected by these legacy
issues.

-- RATIONALE FOR THE DEPOSIT AND SENIOR DEBT RATINGS

The confirmation of the Co-Operative Bank's long-term deposit and
senior unsecured debt ratings at Caa2 and the affirmation of
short-term deposit and debt ratings at Not-Prime are based on the
upgrade of the bank's BCA and the implementation of Moody's
Advanced LGF analysis and revised government support assumptions.

Co-Operative Bank is subject to an Operational Resolution Regime
through the United Kingdom's implementation of the EU Bank
Resolution and Recovery Directive (BRRD), and Moody's Advanced
LGF analysis therefore applies. The following standard
assumptions are made: residual tangible common equity of 3% and
losses post-failure of 8% of tangible banking assets, a 25% run-
off in "junior" wholesale deposits, a 5% run-off in preferred
deposits, and a 25% probability to deposits being preferred to
senior unsecured debt. Particular to Co-Operative Bank and to
other largely retail-focused institutions, the proportion of
deposits considered junior is 10%, as opposed to the standard
assumption of 26%, due to largely retail-oriented depositor base
of the bank.

The bank's deposits are likely to face a moderate loss-given-
failure rate driven by (1) declining deposit volume and (2)
relatively low level of subordinated debt in the liability
structure that would otherwise provide a loss absorbing cushion
for deposits. This results in the Provisional Rating Assessment
(PRA) for the deposits in line with the adjusted BCA at caa2.

Senior unsecured debt is also likely to face a moderate loss-
given-failure rate according to our LGF analysis and its PRA of
caa2 is at the same level as the adjusted BCA.

The implementation of the BRRD has caused Moody's to reassess the
potential for government support to benefit certain creditors.
This has resulted in a reduction in government support uplift
included in long-term debt and deposit ratings for UK bank
operating companies. In the case of the Co-operative Bank,
Moody's assumes a low probability of government support for
deposits and senior debt, resulting in no uplift from the PRA.

-- RATIONALE FOR THE POSITIVE OUTLOOK

The ratings capture the significant downside risk to which the
bank is exposed in its ongoing restructuring. Nevertheless,
Moody's assigns a positive outlook on all ratings, reflecting the
agency's expectation that the favourable operating environment in
the United Kingdom will continue to aid Co-Operative Bank in
implementing its business restructuring plan and non-core asset
disposal and further improving its credit fundamentals.

-- RATIONALE FOR THE CR ASSESSMENT

As part of the action, Moody's also assigned a B2(cr)/NP(cr) CR
Assessment to Co-Operative Bank, three notches above the BCA of
caa2. The CR Assessment is driven by the banks' standalone
assessment and by a considerable amount of bail-in-able deposit
and debt in the liability structure likely to shield counterparty
obligations from losses.

The CR Assessment, which is not a rating, reflects an issuer's
probability of defaulting on certain bank operating liabilities,
such as covered bonds, derivatives, letters of credit and other
contractual commitments. In assigning the CR Assessment, Moody's
evaluates the issuer's standalone strength and the likelihood,
should the need arise, of affiliate and government support, as
well as the anticipated seniority of counterparty obligations
under Moody's Advanced Loss Given Failure framework. The CR
Assessment also assumes that authorities will likely take steps
to preserve the continuity of a bank's key operations, maintain
payment flows, and avoid contagion should the bank enter a
resolution.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Moodys' may further upgrade the BCA should the Co-Operative Bank
make further progress in its restructuring, deleveraging and
cost-saving initiatives, while maintaining the sustainability of
its franchise. A positive change in the bank's BCA would likely
lead to an upgrade in all ratings.

The Co-Operative Bank's BCA could be downgraded as a result of
(1) the bank's inability to maintain its regulatory capital
ratios at adequate levels; (2) delays in the progress on the cost
saving and restructuring plans; (3) a significant deterioration
in liquidity; and (4) higher than expected impairment or conduct
charges. A negative movement in the bank's BCA would likely lead
to the downgrade of all ratings.


HELLERMANNTYTON GROUP: Moody's Puts Ba2 CFR on Review for Upgrade
-----------------------------------------------------------------
Moody's Investors Service placed on review for upgrade the Ba2
corporate family rating (CFR) and the Ba2-PD probability of
default rating (PDR) of U.K.-based cable management solutions
provider HellermannTyton Group PLC following its proposed
acquisition by Delphi Automotive PLC.

RATINGS RATIONALE

"The review was prompted by the announcement that Delphi
Automotive PLC will acquire all issued and to be issued shares of
HellermannTyton. The review for upgrade of HellemannTyton's
rating considers the potential strengthening of the group's
credit profile once the transaction becomes effective and it is
integrated into the substantially larger, financially stronger
and broader diversified Delphi group", said Goetz Grossmann,
Moody's lead analyst for HellermannTyton.

Moody's expects to conclude its review upon the closure of the
transaction, which is expected by the end of June 2016 at the
latest. At this stage, the acquisition remains subject to a
minimum 75% majority consent of HellermannTyton's shareholders,
court sanction in respect of a scheme arrangement of
HellermannTyton under Part 26 of the Companies Act 2006 as well
as the satisfaction of certain regulatory requirements.

LIQUIDITY PROFILE

Moody's regards HellermannTyton's liquidity as adequate. As of 31
March 2015, the group had access to around EUR53 million of cash
on balance sheet with expected operating cash flows (before
working capital movements) amounting to approximately EUR95
million per annum. These liquidity sources are sufficient to
cover all projected operating cash uses over the next 12-18
months including a working cash assumption of about 3% of sales,
working capital requirements (intra-year swings estimated at
EUR20 million), capex of around EUR65 million per annum as well
as dividend payments which are expected to grow in line with the
group's business performance and in a range of 30-40% of
underlying net income.

As of March 31, 2015, the group had access to EUR30 million funds
available under its EUR230 million multicurrency revolving credit
facility (maturing 2019) and maintained significant headroom
under its financial covenants as defined in the loan
documentation.

WHAT COULD CHANGE THE RATING

HellermannTyton's ratings could be upgraded once the merger with
Delphi (Baa3 positive) has been successfully completed and we
would expect its ratings to be aligned with Delphi's standalone
rating at that time. In addition, positive pressure on the rating
could arise if the merger were not to conclude and, at the same
time, HellermannTyton's standalone financial ratios as adjusted
by Moody's improved such that (1) leverage reduces below 2x
debt/EBITDA, (2) RCF/net debt exceeds 35%, and (3) free cash flow
turns positive on a sustained basis.

Moody's might consider lowering the group's rating if the
proposed merger were not be realised and HellermannTyton's
operating performance to deteriorate driven by a slowing business
environment in its cyclical end-markets resulting in (1) adjusted
EBITA margins falling below 13%, (2) adjusted debt/EBITDA
exceeding 3x, and (3) the inability to return to at least
breakeven free cash flow in fiscal year 2015 and beyond.

Headquartered in Crawley (U.K.), HellermannTyton Group PLC is a
leading global manufacturer and distributor of high-performance
cable management systems and solutions including fastening,
identifying, insulating, protecting, organizing, routing and
connectivity. The group operates 12 manufacturing plants in 10
countries and employs more than 3,700 people worldwide.
HellermannTyton reported revenues of EUR597 million and an
Moody's adjusted EBITDA of around EUR122 million in fiscal year
ended 31 December 2014. HellermannTyton is listed on the London
Stock Exchange (Symbol "HTY") since April 2013.


ROYAL BANK: Fitch Publishes 'BB-(EXP)' Rating on AT1 Notes
----------------------------------------------------------
Fitch Ratings has published the expected rating on The Royal Bank
of Scotland Group's (RBSG, BBB+/Stable/F2/bbb+) upcoming issue of
USD-denominated perpetual subordinated contingent convertible
capital notes (CCCN) at 'BB-(EXP)'.

The final rating is contingent on the receipt of final
documentation conforming to information already received.

KEY RATING DRIVERS

The CCCN are additional Tier 1 (AT1) instruments with fully
discretionary interest payments and are subject to conversion
into RBSG's ordinary shares on breach of a consolidated 7% CRD IV
common equity Tier 1 (CET1) ratio, which is calculated on a
"fully loaded" basis.

The rating of the securities is five notches below RBSG's 'bbb+'
Viability Rating (VR), in line with Fitch's criteria, for
assigning ratings to hybrid instruments.  The securities are
notched twice for loss severity to reflect the conversion into
common shares on a breach of the 7% fully loaded CET1 ratio
trigger, and three times for incremental non-performance risk
relative to the VR.

The notching for non-performance risk reflects the instruments'
fully discretionary coupons, which Fitch considers as the most
easily activated form of loss absorption.  Under the terms of the
securities, the issuer will be subject to restrictions on
interest payments if it has insufficient distributable items, is
insolvent or fails to meet the combined buffer capital
requirements that will be gradually introduced from 2016.
Potential other factors are a breach of the minimum regulatory
leverage ratio.  The UK authorities' proposed leverage framework
would see buffers being applied in a similar way to those being
phased in under the risk-weighted framework.

RBSG's fully loaded Basel III CET1 ratio at June 30, 2015 was
12.3%, providing it with a buffer of GBP17 billion for the 7%
CET1 ratio trigger although non-performance in the form of non-
payment of interest would likely be triggered before reaching 7%,
most likely by breaching the bank's regulatory requirements.
Fitch estimates that RBSG will have to maintain a CET1 ratio of
at least 10.5%-12% by 2019.

Fitch has assigned 100% equity credit to the securities, which
reflects their full coupon flexibility, ability to be converted
into common equity well before the bank would become non-viable,
permanent nature and subordination to all senior creditors.

RATING SENSITIVITIES

As the CCCN are notched down from RBSG's VR, their rating is
mostly sensitive to changes in this rating.  The CCCN's rating is
also sensitive to a wider notching, which could arise if Fitch
changes its assessment of the probability of their non-
performance relative to the risk captured in RBSG's VR.  This
could arise from a change in Fitch's assessment of capital
management at RBSG, reducing the holding company's flexibility to
service the securities or an unexpected shift in regulatory
buffer requirements, for example.


WILLIAM SINCLAIR: Acquired in Pre-Pack Deal; 280 Jobs Saved
-----------------------------------------------------------
Ashley Armstrong at The Telegraph reports that over 280 jobs have
been saved at William Sinclair, the horticulture supplier to B&Q,
Tesco and The Garden Centre, after the company was sold in a
pre-pack deal to Irish rival Westland Horticulture.

The Aim-listed company suspended shares earlier last week ahead
of the rescue deal, The Telegraph recounts.

KPMG has been appointed as joint administrators of the business,
which sells J Arthur Bower's compost and Deadfast weed killer
brands, The Telegraph relates.

The deal marks the end of a turbulent time for William Sinclair,
which warned in May that the company would run out of cash by the
summer, The Telegraph notes.

The plant food and compost company said that it may have to raise
cash in the market or sell off assets although a collapse was
also a real threat, The Telegraph relays.

The loss-making business has suffered from poor trading and an
overspend on its move to a new GBP50 million site at Ellesmere
Port in Cheshire, The Telegraph discloses.

It is understood that Westland, based in County Tyrone, has
bought the entire William Sinclair business, including the new
Ellesmere site, The Telegraph states.

According to The Telegraph, shareholders will be entirely wiped
out as a result of the pre-pack deal while suppliers will also be
nursing some losses.

William Sinclair is a gardening company.



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


* EU Member States Must Be Allowed to Go Bankrupt, Panel Says
-------------------------------------------------------------
Xinhua News Agency reports that an independent advisory panel of
German government said on July 28 that a mechanism allowing
member states to go bankrupt should be created in the eurozone to
prevent crises.

German Council of Economic Experts, known as "Five Wisemen", said
in a special report on July 28 that recent conflicts and tensions
between Greece and its creditors had shaken the eurozone's
foundation and underlined the urgency for further reforms,
Xinhua News relates.

According to Xinhua News, the council said a mechanism for
orderly sovereign insolvencies should be created to complement
the eurozone's current crisis policies and to ensure the area's
no-bailout clause credible.

Such a mechanism would force creditors to shoulder losses if
states went bankrupt and would spur investors to assess sovereign
risk in more detail, the council said.

It added that although the introduction of fixed debt thresholds
for bankruptcy proceeding was not practicable in the near-term,
euro zone governments should immediately start work on the
mechanism in order to reduce the chance that taxpayers would
again have to take over the risks of sovereign bondholders,
Xinhua News relates.

The council also recommended that the euro zone should "stand
firm against any uncooperative, debt-stricken government", and an
exit from the euro zone must be possible as "an utterly last
resort", Xinhua News notes.


* BOND PRICING: For the Week July 27, 2015 to July 31, 2015
-----------------------------------------------------------

Issuer             Coupon    Maturity Currency     Price
------             ------    -------- --------     -----
Grupo Isolux Cors     6.63    4/15/2021    EUR     65.23
CSN Resources SA      6.50    7/21/2020    USD     75.00
CHC Helicopter SA     9.25   10/15/2020    USD     64.00
NBG Finance PLC       4.38    4/30/2019    EUR     46.01
Piraeus Group Fin     5.00    3/27/2017    EUR     40.25
Alpha Credit Grou     3.38    6/17/2017    EUR     50.75
Heta Asset Resolu     4.38    1/24/2017    EUR     63.50
Ukraine Governmen     9.25    7/24/2017    USD     58.63
Russian Standard     13.00    4/10/2020    USD     49.03
Andrade Gutierrez     4.00    4/30/2018    USD     61.50
Hema Bondco I BV      6.25    6/15/2019    EUR     67.63
Petrobras Global      5.63    5/20/2043    USD     73.66
Public Power Corp     5.50     5/1/2019    EUR     68.76
Ajecorp BV            6.50    5/14/2022    USD     76.01
Algeco Scotsman G    10.75   10/15/2019    USD     69.21
QGOG Constellatio     6.25    11/9/2019    USD     62.00
Afren PLC             6.63    12/9/2020    USD      3.14
Ukraine Governmen     6.88    9/23/2015    USD     61.00
OAS Investments G     8.25   10/19/2019    USD     18.00
Metinvest BV         10.25    1/31/2016    USD     70.00
ERB Hellas PLC        4.25    6/26/2018    EUR     40.06
CHC Helicopter SA     9.38     6/1/2021    USD     48.75
CGG SA                6.50     6/1/2021    USD     74.88
Norske Skogindust     7.00    6/26/2017    EUR     73.25
CGG SA                1.75     1/1/2020    EUR      9.32
Heta Asset Resolu     4.25   10/31/2016    EUR     63.50
Hema Bondco II BV     8.50   12/15/2019    EUR     31.84
Indo Energy Finan     6.38    1/24/2023    USD     64.00
Banca delle March     0.94     6/1/2017    EUR     38.00
Yuksel Insaat AS      9.50   11/10/2015    USD     53.51
Russian Standard     11.50    1/17/2024    USD     43.38
Hellenic Republic     5.00    3/11/2019    EUR     63.88
Far East Capital      8.00     5/2/2018    USD     61.25
Banco Espirito Sa     7.13   11/28/2023    EUR      6.63
Ukraine Governmen     4.95   10/13/2015    EUR     60.50
Bank of New York      4.23   12/30/2099    EUR     23.88
Public Power Corp     4.75     5/1/2017    EUR     72.00
Heta Asset Resolu     2.75    5/31/2016    CHF     63.06
EnQuest PLC           5.50    2/15/2022    GBP     71.00
HSH Nordbank AG       0.83    2/14/2017    EUR     74.07
HSH Nordbank AG/L     2.31                 EUR     18.14
Afren PLC            11.50     2/1/2016    USD      2.00
Alcatel-Lucent        4.25     7/1/2018    EUR      4.13
Peugeot SA            4.45     1/1/2016    EUR     29.57
Brunswick Rail Fi     6.50    11/1/2017    USD     58.00
Privatbank CJSC V     9.38    9/23/2015    USD     69.66
Afren PLC            10.25     4/8/2019    USD      3.36
CGG SA                6.88    1/15/2022    USD     76.50
Nordea Bank AB        0.70                 EUR     73.40
Avangardco Invest    10.00   10/29/2015    USD     47.50
ING Groep NV          1.57                 EUR     72.46
Ukraine Governmen     7.75    9/23/2020    USD     57.44
Ukraine Governmen     7.50    4/17/2023    USD     59.00
Takko Luxembourg      9.88    4/15/2019    EUR     46.00
Ukraine Railways      9.50    5/21/2018    USD     69.00
Athens Urban Tran     4.85    9/19/2016    EUR     70.13
Paragon Offshore      7.25    8/15/2024    USD     31.13
Banque Federative     1.40                 EUR     65.40
OSX 3 Leasing BV     13.00    3/20/2015    USD     52.00
HSH Nordbank AG       7.25                 USD     24.00
Metinvest BV          8.75    2/14/2018    USD     58.30
DTEK Finance PLC      7.88     4/4/2018    USD     44.25
Neopost SA            3.38                 EUR     54.88
Immigon Portfolio    10.00                 EUR      0.65
Alcatel-Lucent        0.13    1/30/2020    EUR      4.54
Hellenic Railways     4.68   10/29/2015    EUR     78.88
Bank of New York      4.49   12/15/2050    EUR     63.66
Banca delle March     1.14    6/15/2016    EUR     41.25
Ukraine Governmen     7.80   11/28/2022    USD     59.00
Assystem              4.50                 EUR     27.47
Hema Bondco I BV      5.24    6/15/2019    EUR     65.78
ING Groep NV          1.17                 EUR     71.40
Piraeus Group Fin     1.83    7/20/2016    EUR     20.00
CGG SA                1.25     1/1/2019    EUR     25.47
Metinvest BV         10.50   11/28/2017    USD     61.01
HSH Nordbank AG       0.79    2/14/2017    EUR     74.09
Air France-KLM        2.03    2/15/2023    EUR     10.57
Santander Interna     2.00                 USD     45.38
SOITEC                6.75    9/18/2018    EUR      1.61
OGX Austria GmbH      8.50     6/1/2018    USD      0.01
Mriya Agro Holdin     9.45    4/19/2018    USD     16.25
WPE International    10.38    9/30/2020    USD     10.75
Hellenic Republic     5.25     2/1/2016    JPY     70.38
Ukraine Governmen     7.95    2/23/2021    USD     59.00
Caixa Terrassa So     1.43                 EUR     63.79
City of Kyiv Via      9.38    7/11/2016    USD     51.00
Commercial Bank P     5.80     2/9/2016    USD     57.63
Faurecia              3.25     1/1/2018    EUR     35.66
Ukraine Governmen     6.58   11/21/2016    USD     58.50
Aegon NV              1.51                 NLG     58.52
Norske Skog Holdi     8.00    2/24/2021    EUR     55.75
Heta Asset Resolu     0.06    5/31/2016    EUR     63.35
Codere Finance Lu     8.25    6/15/2015    EUR     71.50
DTEK Finance PLC     10.38    3/28/2018    USD     47.68
UKRLANDFARMING PL    10.88    3/26/2018    USD     44.50
Eurobank Ergasias     1.59     6/8/2017    EUR      2.17
Ukraine Governmen     6.25    6/17/2016    USD     58.50
Ukraine Governmen     6.75   11/14/2017    USD     58.13
IMMOFINANZ AG         4.25     3/8/2018    EUR      4.49
Paragon Offshore      6.75    7/15/2022    USD     32.50
Far East Capital      8.75     5/2/2020    USD     61.25
Tonon Luxembourg     10.50    5/14/2024    USD     59.25
Econocom Group SA     1.50    1/15/2019    EUR     11.58
Orpea                 1.75     1/1/2020    EUR     73.04
First Ukrainian I    11.00   12/31/2018    USD     55.03
City of Kiev Ukra     8.00    11/6/2015    USD     52.63
Heta Asset Resolu     0.74    1/24/2017    EUR     17.50
Hellenic Republic     3.80     8/8/2017    JPY     69.63
Rothschilds Conti     0.96                 EUR     61.73
Hellenic Republic     5.20    7/17/2034    EUR     58.88
Ukreximbank Via B     7.49     2/9/2023    USD     62.88
CNP Assurances        1.25                 EUR     66.25
Etablissements Ma     2.75     7/1/2021    EUR      9.34
Capital Raising G     7.50                 EUR     11.01
OGX Austria GmbH      8.38     4/1/2022    USD      0.01
Credit Agricole S     0.71                 EUR     67.34
Aralco Finance SA    10.13     5/7/2020    USD      2.38
Etablissements Ma     1.63     7/1/2019    EUR     14.43
Lambay Capital Se     6.25                 GBP      1.45
ESFIL-Espirito Sa     5.25    6/12/2015    EUR      1.20
Touax SA              6.00    7/10/2020    EUR     19.40
Hellenic Railways     4.03    3/17/2017    EUR     69.38
Singulus Technolo     7.75    3/23/2017    EUR     42.51
Hellenic Republic     5.00    8/22/2016    JPY     69.63
Virgolino de Oliv    10.50    1/28/2018    USD      2.00
Santander Finance     0.62                 EUR     68.09
Hellenic Republic     6.14    4/14/2028    EUR     63.75
Pescanova SA          5.13    4/20/2017    EUR      3.22
Le Noble Age          4.88     1/3/2016    EUR     21.35
BPCE SA               1.07                 EUR     65.88
Financing of Infr     9.00    12/7/2017    USD     57.50
Nexity SA             0.63     1/1/2020    EUR     50.33
Nexans SA             4.00     1/1/2016    EUR     55.01
ATF Capital BV       10.00                 USD     67.50
NTRP Via Interpip    10.25     8/2/2017    USD     25.04
Lloyds Bank PLC       0.48                 USD     62.79
NIBC Bank NV          0.67                 EUR     61.25
Phosphorus Holdco    10.00     4/1/2019    GBP      2.50
Rothschilds Conti     0.69                 USD     52.75
Banque Federative     0.83                 EUR     65.48
Hellenic Railways     5.01   12/27/2017    EUR     68.13
Hellenic Republic     2.09    7/25/2057    EUR     22.25
HSBC Bank PLC         0.60                 USD     62.70
Renaissance Credi    13.50    5/22/2019    USD     75.00
Privatbank CJSC V    10.88    2/28/2018    USD     66.07
Finance and Credi     9.25    1/25/2019    USD      9.88
Pescanova SA          8.75    2/17/2019    EUR      3.37
Standard Chartere     0.56                 USD     60.29
Afren PLC             6.63    12/9/2020    USD     45.50
HSBC Bank PLC         0.75                 USD     62.58
Espirito Santo Fi     6.88   10/21/2019    EUR      0.04
Candyking Holding     5.00    1/29/2018    SEK     67.00
Mriya Agro Holdin    10.95    3/30/2016    USD     16.00
Praktiker AG          5.88    2/10/2016    EUR      0.07
Immigon Portfolio     8.98    7/26/2018    EUR     57.63
Global PVQ SE         6.75   10/21/2015    EUR      0.67
Alpha Credit Grou     1.68     2/1/2017    EUR      4.31
Ageasfinlux SA        1.34                 EUR     64.79
Barclays Bank PLC     0.69                 USD     63.88
Financing of Infr     7.40    4/20/2018    USD     57.25
HSBC Bank PLC         0.75                 USD     62.86
Hellenic Republic     5.25     2/1/2016    JPY     70.38
Banco Espirito Sa     2.64                 EUR      9.63
Caisse Federale d     1.17                 EUR     64.15
Jyske Bank A/S        1.38                 EUR     65.00
Sydbank A/S           1.14                 EUR     64.75
Cooperatieve Cent     0.50   11/26/2021    ZAR     55.49
Hellenic Railways     4.50    12/6/2016    JPY     69.50
Heta Asset Resolu     4.35    11/3/2016    EUR     17.88
BLT Finance BV        7.50    5/15/2014    USD      5.00
Credit Mutuel Ark     1.33                 EUR     63.67
Grupo Isolux Cors     6.63    4/15/2021    EUR     65.08
NIBC Bank NV          2.13                 USD     70.65
Talvivaara Mining     4.00   12/16/2015    EUR      1.00
Hybrid Raising Gm     6.63                 EUR     11.00
Bank Nadra via ND     8.25    7/31/2018    USD      7.00
Afren PLC            11.50     2/1/2016    USD      2.16
SNS Bank NV          11.25                 EUR      1.26
Norwegian Energy      6.50     3/6/2018    NOK     80.50
Espirito Santo Fi     3.13    12/2/2018    EUR      1.30
Koninklijke Lucht     0.75                 CHF     35.00
Pierre & Vacances     3.50    10/1/2019    EUR     38.49
Island Drilling C     9.50     4/3/2018    USD     59.13
Cirio Holding Lux     6.25    2/16/2004    EUR      2.94
Barclays Bank PLC     0.63                 USD     64.00
Afren PLC            10.25     4/8/2019    USD      2.45
Banco Espirito Sa     0.16                 EUR     15.33
BOA Offshore AS       8.11   12/18/2018    NOK     68.13
Ekotechnika GmbH      9.75    5/10/2018    EUR      9.25
Barclays Bank PLC     1.56                 GBP     72.33
KA Finanz AG          5.43    2/13/2024    EUR     57.38
IKB Deutsche Indu     5.63    3/31/2017    EUR     21.00
Popular Capital S     1.34                 EUR     54.00
Minicentrales Dos     6.45    4/14/2028    EUR     73.88
International Ind     9.00     7/6/2011    EUR      0.48
Heta Asset Resolu     0.09    5/31/2016    EUR     62.79
Hypo Tirol Bank A     0.41    7/23/2026    EUR     60.25
Scandinavian Airl     2.38                 CHF     30.75
TAG Immobilien AG     6.50   12/10/2015    EUR     10.96
Takko Luxembourg      6.98    4/15/2019    EUR     45.09
Phones4u Finance      9.50     4/1/2018    GBP     38.02
Alpine Holding Gm     6.00    5/22/2017    EUR      0.00
Hellenic Republic     4.50    11/8/2016    JPY     69.13
Hellenic Bank PCL    10.00                 EUR     48.63
Norshore Atlantic    12.00   12/21/2018    USD     57.08
Virgolino de Oliv    10.88    1/13/2020    USD     19.25
BNP Paribas SA        0.48                 USD     60.96
Societe Air Franc     2.75     4/1/2020    EUR     20.24
Norske Skog Holdi     8.00    2/24/2023    USD     54.00
Corporate Commerc     8.25     8/8/2014    USD      2.35
Air Berlin Financ     1.50    4/11/2027    EUR     70.00
Orco Property Gro     7.00    11/7/2019    EUR     78.13
Nordea Bank Norge     0.56                 USD     63.44
Dexia SA              4.89                 EUR     15.25
Barclays Bank PLC     1.18    3/21/2033    USD     66.80
Breeze Finance SA     6.71    4/19/2027    EUR     44.00
Vseukrainsky Akts     9.00    6/14/2019    USD      2.58
Banco Espanol de      0.61                 EUR     67.87
RENE LEZARD Mode      7.25   11/25/2017    EUR     21.60
Petrol AD             8.38    1/26/2017    EUR      5.00
Commerzbank Holdi     0.81                 USD     64.25
SNS Bank NV           6.25   10/26/2020    EUR      2.48
Paragon Offshore      7.25    8/15/2024    USD     33.26
Laurel GmbH           7.13   11/16/2017    EUR     30.13
Heta Asset Resolu     1.91    9/29/2016    JPY     61.88
Atlantic Offshore     8.88    5/16/2018    NOK     72.51
Metinvest BV         10.25    1/31/2016    USD     70.75
Astana Finance BV     7.88     6/8/2010    EUR     15.65
Norske Skog Holdi     8.00    2/24/2021    EUR     56.25
Jasper Explorer P    13.50    5/27/2016    USD      5.13
Dexia Credit Loca     4.30                 EUR      8.50
National Westmins     0.69                 USD     64.00
JZ Capital Partne     6.00    7/30/2021    GBP     10.90
Teak Holz Interna     5.00    8/31/2015    EUR     30.00
More & More AG        8.13    6/11/2018    EUR     43.88
Banco Pastor SA       2.39                 EUR     61.88
Alpha Credit Grou     6.00    5/20/2017    EUR     50.75
Barclays Bank PLC     1.95    5/31/2033    USD     69.95
Lloyds Bank PLC       0.50                 USD     62.93
Ukraine Governmen     9.25    7/24/2017    USD     58.48
Lehman Brothers U     5.13                 EUR      0.05
Noreco Norway AS      6.50     3/6/2018    NOK     75.00
Ideal Standard In    11.75     5/1/2018    EUR     38.38
Norske Skogindust     7.13   10/15/2033    USD     43.50
Hellenic Railways     0.25    5/24/2016    EUR     70.75
Depfa Funding III     1.35                 EUR     57.38
Lloyds Bank PLC       2.33    1/31/2033    USD     69.75
Travel24.com AG       7.50    9/17/2017    EUR     50.05
Danske Bank Oyj       0.73                 EUR     65.10
Barclays Bank PLC     1.44    3/28/2033    USD     65.00
Kaupthing Bank Hf     9.00                 USD      0.13
Lehman Brothers T     6.00    11/2/2035    EUR     16.25
MS Deutschland Be     6.88   12/18/2017    EUR     14.91
Virgolino de Oliv    11.75     2/9/2022    USD      2.00
BDT Media Automat     8.13    10/9/2017    EUR     63.63
Ukraine Governmen     5.00   12/20/2015    USD     59.75
Windreich GmbH        6.50    7/15/2016    EUR     10.88
Standard Chartere     0.65                 USD     60.40
Jyske Bank A/S        0.74                 EUR     65.88
National Westmins     0.56                 USD     64.00
SiC Processing Gm     7.13     3/1/2016    EUR      2.42
Kezizalog Zrt         7.75    10/1/2018    EUR      1.06
Den Norske Credit     0.56                 USD     62.88
Lehman Brothers T     7.00    5/17/2035    EUR     19.00
Northland Resourc     4.00   10/15/2020    USD      0.13
Ajecorp BV            6.50    5/14/2022    USD     71.85
Saphir Finance PL     6.85                 GBP      1.38
Agroton Public Lt     6.00    7/14/2019    USD     28.13
Cirio Finanziaria     8.00   12/21/2005    EUR      1.66
IKB Deutsche Indu     4.70    3/31/2017    EUR     18.00
Immigon Portfolio     0.74    6/18/2018    EUR     66.88
Lloyds Bank PLC       2.42    2/22/2033    USD     67.68
Hellas Telecommun     8.50   10/15/2013    EUR      0.00
Sairgroup Finance     4.38     6/8/2006    EUR     16.75
Telecare Service      7.03    5/23/2018    SEK     73.75
Hellenic Railways     4.50    12/6/2016    JPY     70.13
Barclays Bank PLC     4.39   12/23/2033    USD     74.16
Barclays Bank PLC     0.38   12/28/2040    EUR     65.19
Belfius Bank SA/N     1.93                 FRF     69.75
Minicentrales Dos     4.81   11/29/2034    EUR     73.88
Royal Bank of Sco     0.69                 USD     59.75
APP International    11.75    10/1/2005    USD      2.95
Heta Asset Resolu     5.92    2/22/2022    EUR     16.38
Rena GmbH             8.25    7/11/2018    EUR      8.63
Dannemora Mineral    11.75    3/22/2016    USD      0.67
Lehman Brothers T     6.00    2/15/2035    EUR     19.00
Kaupthing Bank Hf     6.50     2/3/2045    EUR      0.00
Svyaznoy Bank ZAO    12.00     8/6/2015    RUB     60.01
Deutsche Morgan G     0.69                 USD     58.00
Alliance Oil Co O     8.85     6/4/2021    RUB     57.21
Lehman Brothers T     8.25    3/16/2035    EUR     19.00
Norske Skogindust     7.13   10/15/2033    USD     43.50
LBI HF                6.25                 EUR      0.00
Espirito Santo Fi     9.75   12/19/2025    EUR      1.38
EDOB Abwicklungs      7.50     4/1/2012    EUR      0.00
Societe Alsacienn     1.63     1/1/2022    EUR     59.70
Lloyds Bank PLC       0.69                 USD     63.00
Russian Standard     13.00    4/10/2020    USD     48.88
GNB - Cia de Segu     2.19   12/19/2022    EUR     70.00
Hellenic Republic     5.00    8/22/2016    JPY     69.88
Piraeus Bank SA       0.93     2/9/2017    EUR     44.93
Windreich GmbH        6.50     3/1/2015    EUR     10.88
Portigon AG           7.46   12/31/2019    EUR     15.70
Abanka Vipa DD Vi     1.88                 EUR      0.45
Kaupthing Bank Hf     7.13    5/19/2016    USD      0.00
Pohjola Bank Oyj      0.64                 EUR     66.90
OGX Austria GmbH      8.50     6/1/2018    USD      0.02
Glitnir HF            6.69    6/15/2016    USD      0.02
Banco Espirito Sa     2.82                 EUR     15.75
Kaupthing Bank Hf     7.63    2/28/2015    USD     21.50
Lehman Brothers U     5.75                 EUR      0.00
Sidetur Finance B    10.00    4/20/2016    USD     13.75
Metinvest BV         10.50   11/28/2017    USD     63.00
Kaupthing Bank Hf     5.75    10/4/2011    USD     21.75
Tonon Luxembourg     10.50    5/14/2024    USD     58.63
Pescanova SA          6.75     3/5/2015    EUR      3.47
TGC-2 OJSC           12.00   10/10/2018    RUB     72.51
International Ind    11.00    2/19/2013    USD      0.40
Ukraine Governmen     7.80   11/28/2022    USD     58.35
PNE Wind AG           3.75   10/10/2019    EUR      2.90
BNP Paribas SA        2.24    4/30/2033    USD     65.13
LBI HF                6.10    8/25/2011    USD     11.13
AK Transneft OAO     11.50     7/3/2025    RUB     60.01
Deutsche Bank AG/     2.23    3/15/2033    USD     66.70
Mox Telecom AG        7.25    11/2/2017    EUR      2.64
KPNQwest NV          10.00    3/15/2012    EUR      0.50
Financing of Infr     8.38    11/3/2017    USD     57.38
Mechel                8.40    5/27/2021    RUB     60.02
Ukraine Railways      9.50    5/21/2018    USD     68.75
Codere Finance Lu     9.25    2/15/2019    USD     71.38
Hema Bondco I BV      6.25    6/15/2019    EUR     67.20
Alpine Holding Gm     5.25     7/1/2015    EUR      0.00
Ukraine Governmen     6.88    9/23/2015    USD     60.72
Societe Generale      0.50                 USD     62.19
Hellenic Republic     0.76    8/10/2019    EUR     54.74
Sazka AS              9.00    7/12/2021    EUR      4.86
friedola Gebr Hol     7.25    4/11/2017    EUR     38.75
Ukraine Governmen     7.75    9/23/2020    USD     57.52
National Westmins     0.75                 USD     64.00
Indo Energy Finan     6.38    1/24/2023    USD     65.41
Frey                  6.00   11/15/2022    EUR     22.20
Barclays Bank PLC     1.68    4/19/2033    USD     66.50
Teksid Aluminum L    11.38    7/15/2011    EUR      0.12
EXER D GmbH           5.70     2/1/2016    EUR     60.00
Piraeus Group Fin     2.23   10/27/2034    EUR     20.00
Alpha Credit Grou     1.64     3/8/2017    EUR      4.31
Centrosolar Group     7.00    2/15/2016    EUR      2.75
Heta Asset Resolu     0.45   12/18/2030    EUR     10.25
Dexia Kommunalban     4.88   12/31/2016    EUR     19.80
Cirio Finance Lux     7.50    11/3/2002    EUR      7.88
Norske Skog Holdi     8.00    2/24/2023    USD     53.88
Codere Finance Lu     9.25    2/15/2019    USD     71.38
Aralco Finance SA    10.13     5/7/2020    USD      4.50
Hellenic Republic     2.27     2/7/2022    EUR     51.14
Petromena ASA         9.75    5/24/2016    NOK      1.04
Talvivaara Mining     9.75     4/4/2017    EUR      0.09
Hema Bondco II BV     8.50   12/15/2019    EUR     32.00
Heta Asset Resolu     0.54   11/29/2032    EUR     16.63
Espirito Santo Fi     5.13    5/30/2016    EUR      1.12
Standard Chartere     0.69                 GBP     60.42
Bank of Scotland      0.63                 USD     62.90
DNB Bank ASA          0.56                 USD     62.83
Metinvest BV          8.75    2/14/2018    USD     55.69
Cirio Del Monte N     7.75    3/14/2005    EUR      1.45
Piraeus Bank SA       0.93   12/27/2016    EUR     48.00
Rena GmbH             7.00   12/15/2015    EUR      8.63
PA Resources AB      12.25     4/5/2016    NOK      4.99
Northland Resourc    15.00    7/15/2019    USD      1.07
PA Resources AB      13.50     3/3/2016    SEK      5.00
Societe Generale      1.92                 EUR     68.00
Penell GmbH Elekt     7.75    6/10/2019    EUR     11.00
Svensk Exportkred     7.00    9/26/2022    RUB     80.55
Dexia Kommunalban     5.63   12/31/2017    EUR     11.00
Far East Capital      8.00     5/2/2018    USD     64.00
Svensk Exportkred     0.50    1/31/2022    ZAR     53.62
OGX Austria GmbH      8.38     4/1/2022    USD      0.01
Ukraine Governmen     7.95    2/23/2021    USD     58.50
Paragon Offshore      6.75    7/15/2022    USD     42.50
Region of Puglia      0.53     2/6/2023    EUR     74.83
Italy Government      0.40    7/31/2045    EUR     75.26
Kaupthing Bank Hf     5.75    10/4/2011    USD     21.75
Strenesse AG          9.00    3/15/2017    EUR     53.25
Golden Gate AG        6.50   10/11/2014    EUR     39.60
Mechel               10.00    8/25/2020    RUB     72.01
UniCredit Bank Au     0.51    8/20/2033    EUR     62.00
getgoods.de AG        7.75    10/2/2017    EUR      5.38
SAir Group            2.13    11/4/2004    CHF     10.75
Gunther Zamek Pro     7.75    5/15/2017    EUR      0.63
Lehman Brothers T     6.00     3/4/2015    USD      4.80
Global PVQ Nether     5.75    5/26/2014    EUR     27.50
Kaupthing Bank Hf     6.25                 EUR      0.00
Lehman Brothers T     7.25    10/5/2035    EUR     19.00
Lehman Brothers T     6.00    3/18/2015    USD     19.00
Heta Asset Resolu     4.25    5/31/2016    EUR     62.50
Banco Pinto & Sot     0.95                 EUR     31.00
Kamaz OJSC           13.50    6/12/2020    RUB     60.07
Societe Centrale      9.00     7/1/2016    EUR      7.12
KPNQwest NV           7.13     6/1/2009    EUR      0.50
Standard Chartere     0.69                 USD     60.16
Barclays Bank PLC     2.79     4/9/2028    USD     72.00
IM Skaugen SE        10.26    4/11/2017    NOK     47.25
GNB - Cia de Segu     3.49                 EUR     68.05
SAG Solarstrom AG     6.25   12/14/2015    EUR     45.00
Barclays Bank PLC     3.12    6/17/2033    USD     66.01
Accentro Real Est     7.75    6/25/2017    EUR      3.10
LBI HF                7.43                 USD      0.00
Heta Asset Resolu     5.73   12/10/2021    EUR     15.75
Heta Asset Resolu     4.63     3/4/2018    EUR     61.88
IT Holding Financ     9.88   11/15/2012    EUR      0.24
Codere Finance Lu     8.25    6/15/2015    EUR     71.38
Ukraine Governmen     7.50    4/17/2023    USD     58.57
State of Carinthi     0.74    7/20/2017    CHF      0.20
Depfa Funding IV      5.03                 EUR     56.75
Allied Irish Bank     0.73   10/24/2035    EUR     23.13
Barclays Bank PLC     0.69                 USD     63.00
Assystem              4.00     1/1/2017    EUR     22.48
OAS Investments G     8.25   10/19/2019    USD     18.00
Virgolino de Oliv    10.88    1/13/2020    USD     17.88
Deutsche Bank AG/    11.50    8/31/2015    USD     26.25
Ukraine Governmen     6.75   11/14/2017    USD     58.38
Lloyds Bank PLC       1.45    4/26/2033    USD     60.00
Rosselkhozbank OJ    13.10    7/14/2025    RUB     60.01
Kommunekredit         0.50    5/11/2029    CAD     71.05
Glitnir HF            3.00    6/30/2010    EUR     27.25
TradeDoubler AB       6.75   12/20/2018    SEK     73.63
Solarworld AG         6.13    1/21/2017    EUR     31.13
KA Finanz AG          4.44   12/20/2030    EUR     61.63
Gazprom Capital L     7.55    2/15/2018    RUB     60.01
Alpine Holding Gm     5.25    6/10/2016    EUR      0.00
Global PVQ Nether     1.38    4/30/2012    EUR     27.50
Brunswick Rail Fi     6.50    11/1/2017    USD     53.00
Depfa Funding II      6.50                 EUR     56.88
LBI HF                4.65                 EUR      0.00
Bank Nederlandse      0.50    7/12/2022    ZAR     52.76
Lehman Brothers T     5.00    9/22/2014    EUR     19.00
Governo Portugues     2.75                 EUR     60.00
Glitnir HF            6.00     3/5/2012    GBP     27.25
Northland Resourc     4.00   10/15/2020    NOK      0.13
Heta Asset Resolu     7.50    5/27/2024    ATS     16.63
Accentro Real Est     6.25    3/27/2019    EUR      2.68
Astana Finance BV     9.00   11/16/2011    USD     15.65
Rusfinans Bank OO    12.00    6/30/2020    RUB     61.34
Region of Piemont     0.21   11/27/2036    EUR     61.01
Bank Julius Baer      9.75   11/13/2015    USD     63.20
Kaupthing Bank Hf     3.00    2/12/2010    CHF     21.63
KPNQwest NV           8.88     2/1/2008    EUR      0.50
Schneekoppe GmbH      6.45    9/20/2015    EUR      5.84
Public Power Corp     5.50     5/1/2019    EUR     69.34
Barclays Bank PLC     4.93    11/1/2031    USD     70.00
Region of Abruzzo     0.44    11/7/2036    EUR     65.73
Credit Suisse AG/    11.00    12/3/2015    USD     55.49
Mriya Agro Holdin     9.45    4/19/2018    USD     16.63
Solen AG              7.50     4/8/2016    EUR      2.01
Federal Grid Co U     8.25    9/15/2020    RUB     60.01
Takko Luxembourg      9.88    4/15/2019    EUR     46.75
EuroChem Mineral     12.40    6/26/2018    RUB     60.66
NOS SGPS SA           2.56    11/9/2019    EUR    106.94
Bashneft PAO          8.35   12/13/2016    RUB     67.07
Danske Bank Oyj       1.59                 EUR     73.00
Heta Asset Resolu     4.88    9/18/2017    EUR     16.75
Financing of Infr     7.40    4/20/2018    USD     56.52
Ukraine Governmen     4.95   10/13/2015    EUR     59.71
Seabird Explorati     6.00   12/18/2015    USD     27.00
Kaupthing Bank Hf     6.75                 EUR      0.00
Ukraine Governmen     6.25    6/17/2016    USD     58.22
Bulgaria Steel Fi    12.00     5/4/2013    EUR      1.00
Nationwide Buildi     1.07                 GBP     70.00
Lehman Brothers T     2.88    3/14/2013    CHF     16.25
Cooperatieve Cent     0.50    7/30/2043    MXN     17.58
Lehman Brothers T     5.00    3/18/2015    EUR     19.00
KA Finanz AG          4.90    6/23/2031    EUR     68.88
LBI HF                3.20    5/10/2010    SKK      8.50
Espirito Santo Fi     5.05   11/15/2025    EUR      2.00
Privatbank CJSC V    10.88    2/28/2018    USD     66.63
IM Skaugen SE         9.75    6/30/2016    NOK     52.60
Barclays Bank PLC     4.11    2/28/2034    USD     72.00
Cyprus Popular Ba     1.74    5/26/2016    EUR      3.04
BLT Finance BV       12.00    2/10/2015    USD     10.50
Mifa Mitteldeutsc     7.50    8/12/2018    EUR      3.18
SAG Solarstrom AG     7.50    7/10/2017    EUR     45.00
Club Mediterranee     6.11    11/1/2015    EUR     16.03
SU-155 KAPITAL OO    13.25    2/23/2016    RUB     26.30
Glitnir HF            4.38     2/5/2010    EUR     27.25
A-TEC Industries      8.75   10/27/2014    EUR      2.00
Public Power Corp     4.75     5/1/2017    EUR     72.90
Heta Asset Resolu     5.27     4/7/2028    EUR     16.88
Raiffeisen Bank I     4.50    9/28/2035    EUR     65.75
Raiffeisenbank ZA    11.35    6/11/2018    RUB     60.01
Alpha Credit Grou     1.98     2/1/2017    EUR     50.75
Hellenic Bank PCL    11.00                 EUR     48.63
Equity Release Fu     1.98    4/26/2038    GBP     72.50
VEB-Leasing OAO       8.50     3/1/2018    RUB     56.03
Solarworld AG         6.38    7/13/2016    EUR     32.13
UKRLANDFARMING PL    10.88    3/26/2018    USD     49.02
Kaupthing Bank Hf     5.25    7/18/2017    BGN     21.63
Finmek Internatio     7.00    12/3/2004    EUR      0.13
SNS Bank NV           2.73                 EUR      1.26
Magnit PJSC          12.10    5/11/2018    RUB     61.02
Ukraine Governmen     6.58   11/21/2016    USD     58.24
Virgolino de Oliv    10.50    1/28/2018    USD      0.90
Santander Finance     2.00                 EUR     34.25
Orient Express Ba    13.60     8/9/2018    RUB     50.80
Rusfinans Bank OO    10.88    8/22/2019    RUB     60.01
Razgulyai-Finans     11.30   10/17/2018    RUB     60.01
Mechel                8.40     6/1/2021    RUB     58.62
City of Kyiv Via      9.38    7/11/2016    USD     52.50
Governo Portugues     3.00                 EUR     73.00
LBI HF                6.10    8/25/2011    USD     11.00
Banco Espirito Sa    10.00    12/6/2021    EUR      6.63
Far East Capital      8.75     5/2/2020    USD     60.19
Czerwona Torebka      6.66    4/15/2016    PLN     67.00
Heta Asset Resolu     0.32    8/12/2017    EUR     60.88
Kaupthing Bank Hf     6.13    10/4/2016    USD     21.63
Heta Asset Resolu     0.20     4/9/2043    EUR     60.00
Den Norske Credit     0.53                 USD     62.76
Karlie Group GmbH     6.75    6/25/2018    EUR     60.00
Moscow United Ele    13.20    4/23/2025    RUB     61.01
DF Deutsche Forfa     7.88    5/27/2020    EUR     10.00
Virgolino de Oliv    11.75     2/9/2022    USD      1.10
SMP Bank OAO         12.00    5/23/2017    RUB     60.08
Investkredit Bank     3.55    4/12/2022    EUR     74.70
Heta Asset Resolu     5.03    1/26/2017    EUR     15.00
Artea                 6.00     8/4/2019    EUR     14.05
Alpha Credit Grou     2.00   11/28/2032    EUR     50.75
Lehman Brothers T     5.10     5/8/2017    HKD     19.00
Credit Agricole C     0.50    2/28/2018    RUB     74.93
Glitnir HF            6.38    9/25/2012    USD     27.25
VEB-Leasing OAO       8.60     4/2/2021    RUB     65.03
Polyus Gold OJSC     12.10     7/3/2025    RUB     61.07
Kaupthing Bank Hf     7.50     2/1/2045    USD      0.00
Rosneft OAO          17.40    12/3/2020    RUB     60.11
Del Monte Finance     6.63    5/24/2006    EUR      7.98
ECA                   2.50     1/1/2018    EUR      9.15
Solon SE              1.38    12/6/2012    EUR      0.33
Ukraine Governmen     5.00   12/20/2015    USD     59.75
Raiffeisenlandesb     4.40    4/17/2024    EUR     75.50
Heta Asset Resolu     0.25    3/29/2017    EUR     61.50
Magnit PJSC          12.10    5/11/2018    RUB     61.02
Mechel               10.00    8/25/2020    RUB     72.30
La Veggia Finance     7.13   11/14/2004    EUR      0.00
Gazprom PAO          16.30   10/21/2043    RUB     60.01
Banco Espirito Sa     1.54    5/27/2018    EUR      6.63
Cooperatieve Cent     0.50   10/30/2043    MXN     15.49
Alpha Credit Grou     6.00    7/29/2020    EUR     50.75
Heta Asset Resolu     0.09    1/24/2017    EUR     63.00
SV Patrimonia         4.00    4/19/2016    EUR     50.00
Breeze Finance SA    11.75    4/19/2027    EUR      3.00
CRC Breeze Financ     6.11     5/8/2016    EUR     54.38
LBI HF                2.25    2/14/2011    CHF      8.50
Heta Asset Resolu     3.42    11/7/2016    EUR     61.50
HSBC Bank PLC         0.50    2/24/2027    NZD     59.82
Heta Asset Resolu     0.31    9/26/2043    EUR     62.50
Heta Asset Resolu     1.62    6/30/2019    CHF     61.00
Atari SA              0.50    9/30/2015    EUR      1.31
SNS Bank NV           6.63    5/14/2018    EUR      2.47
Atari SA              7.50    2/17/2020    EUR      0.28
Glitnir HF            1.63    3/11/2009    CHF     27.25
Otkritie Bank OJS    13.20   12/13/2017    RUB     60.42
Santander Finance     2.00                 EUR     36.50
Immigon Portfolio     4.25     9/7/2020    EUR     30.00
Global PVQ Nether     1.38    4/30/2012    EUR     23.88
Deutsche Bank AG/     6.69    6/30/2034    USD     75.00
Banco Comercial P     5.00                 EUR     46.00
Region of Abruzzo     0.28    11/7/2031    EUR     71.99
ADLER Real Estate     6.00    6/30/2017    EUR     13.75
Bashneft PAO         12.00    5/19/2025    RUB     60.06
Glitnir HF            3.25    8/15/2016    EUR     27.25
Rostelecom PJSC      11.70    5/20/2025    RUB     60.06
Heta Asset Resolu     4.70     4/2/2018    EUR     60.88
Lehman Brothers T     8.50     7/5/2016    EUR     19.00
Heta Asset Resolu     5.04    2/15/2023    EUR     62.50
Mechel                8.40    5/27/2021    RUB     60.08
DTEK Finance PLC      7.88     4/4/2018    USD     44.00
BKN biostrom AG       7.50     6/5/2016    EUR      1.32
WPE International    10.38    9/30/2020    USD      8.38
Raiffeisenlandesb     5.00     7/1/2026    EUR     71.88
Espirito Santo Fi     5.05   11/15/2025    EUR      1.30
Kaupthing Bank Hf     6.13    10/4/2016    USD     21.63
Municipality Fina     0.50    3/28/2018    BRL     74.03
Federal Grid Co U     7.95     7/6/2023    RUB     73.02
DEIKON GmbH           1.00   11/16/2016    EUR     32.50
Rena Lange Holdin     8.00   12/12/2017    EUR      0.73
UniCredit Bank Au     0.47   12/27/2031    EUR     64.00
Heta Asset Resolu     4.54    9/22/2017    EUR     62.50
Financing of Infr     8.38    11/3/2017    USD     56.43
LBI HF                3.00    12/7/2010    CHF      8.50
Alpha Credit Grou     2.00    4/27/2024    EUR     50.75
Cerruti Finance S     6.50    7/26/2004    EUR      0.93
Credit Suisse AG/     7.00    8/14/2015    USD     49.17
Immigon Portfolio     3.50    1/14/2019    EUR     68.63
Codere Finance Lu     8.25    6/15/2015    EUR     71.38
UniCredit Bank Au     0.47   10/31/2031    EUR     66.75
OBRAZOVANIE AKIB     14.50    5/31/2018    RUB     60.00
Lehman Brothers T     6.65    8/24/2011    AUD     19.00
LBI HF                7.75    2/22/2016    USD      8.50
CBo Territoria        6.00     1/1/2020    EUR      4.01
UniCredit Bank Au     0.49   12/31/2031    EUR     70.25
Credit Suisse AG/     0.56                 USD     63.07
Alpha Credit Grou     0.49    2/21/2021    EUR     50.75
Heta Asset Resolu     0.14    2/17/2017    EUR     61.38
Financing of Infr     9.00    12/7/2017    USD     56.38
AKB Derzhava OJSC     9.75    7/10/2023    RUB     60.27
Allied Irish Bank     5.25    3/10/2035    GBP     26.50
Powszechne Towarz     7.79     8/1/2016    PLN     32.00
Russlavbank AKB Z    12.25    7/30/2018    RUB     60.01
Hamburgische Land     0.36    1/22/2041    EUR     60.70
RusHydro JSC         12.75    4/15/2025    RUB     62.14
AK Transneft OAO     12.50   12/21/2015    RUB     60.07
AK Transneft OAO     11.75    10/1/2019    RUB     60.01
Russian Railways     11.65     5/3/2030    RUB     60.07
Investkredit Bank     7.00    7/24/2022    EUR     63.69
Rosneft OAO           7.95   12/11/2023    RUB     65.00
Heta Asset Resolu     6.94    6/10/2017    EUR     59.75
Sairgroup Finance     6.63    10/6/2010    EUR     17.13
Cooperatieve Cent     0.50   11/30/2027    MXN     42.80
Lehman Brothers T     4.50     5/2/2017    EUR      4.80
UBS AG/London         9.25   12/10/2015    CHF     57.58
Lehman Brothers T     5.25    5/26/2026    EUR      4.80
Freshwater Financ     6.06   10/17/2036    GBP     63.88
Emova Group           4.30     5/2/2022    EUR      6.00
Deutsche Bank AG      2.50    6/28/2033    USD     71.58
Immigon Portfolio     5.27     2/8/2027    EUR     62.75
Kommunalbanken AS     0.50     3/2/2018    BRL     75.39
GFI Informatique      5.25     1/1/2017    EUR      6.54
Lehman Brothers T    11.00   12/20/2017    AUD      4.80
Kommunekredit         0.50   10/22/2019    BRL     64.29
Lehman Brothers T     4.00    2/16/2017    EUR     16.25
IVG Immobilien AG     5.80                 EUR      0.00
Heta Asset Resolu     0.25    3/29/2017    EUR     62.50
Immigon Portfolio     6.00    3/30/2017    EUR      1.00
Svensk Exportkred     0.50    8/28/2018    BRL     70.01
Comune di Verona      0.18    12/1/2026    EUR     62.74
ADLER Real Estate     6.00   12/27/2018    EUR     13.50
Phones4u Finance      9.50     4/1/2018    GBP     37.63
Heta Asset Resolu     0.30    3/12/2043    EUR     58.88
KPNQwest NV           8.13     6/1/2009    USD      0.50
Heta Asset Resolu     0.06    5/31/2016    EUR     62.50
City of Kiev Ukra     8.00    11/6/2015    USD     52.63
Lehman Brothers T     4.00   10/24/2012    EUR      4.80
Lehman Brothers T     4.00    12/2/2012    EUR      4.80
Lehman Brothers T     6.00   10/30/2012    EUR      4.80
Russian Railways      8.20    3/21/2028    RUB     60.01
Lehman Brothers T     1.00     5/9/2012    EUR      4.80
Heta Asset Resolu     0.81    5/31/2016    EUR     62.13
Rosneft OAO          14.90    12/3/2020    RUB     61.41
Lehman Brothers T     3.03    1/31/2015    EUR      4.80
Lehman Brothers T     1.75     2/7/2010    EUR      4.80
Kommunekredit         0.50   12/14/2020    ZAR     65.10
Bank Nederlandse      0.50     8/9/2022    MXN     66.96
Kaupthing Bank Hf     9.75    9/10/2015    USD     21.63
Heta Asset Resolu     5.80    6/17/2017    EUR     62.50
UniCredit Bank Au     0.33    1/25/2031    EUR     69.25
Lehman Brothers T     5.00    2/16/2015    EUR     19.00
Eksportfinans ASA     0.50     5/9/2030    CAD     26.38
Glitnir HF            6.33    7/28/2011    USD     27.25
Vontobel Financia     5.84     9/9/2016    EUR     34.68
Immigon Portfolio     0.99    5/20/2025    EUR     19.63
Fast Finance SA       8.66    9/27/2016    PLN     70.00
Region of Molise      0.45   12/15/2033    EUR     66.56
Heta Asset Resolu     0.03    1/24/2017    EUR     62.50
SAir Group            6.25    4/12/2005    CHF     10.88
Immigon Portfolio     3.50    3/20/2018    EUR     73.50
Credit Europe Ban    11.40    6/26/2017    RUB     57.07
Commerzbank AG        5.00    9/27/2019    EUR     62.76
Heta Asset Resolu     0.83    5/28/2017    EUR     60.88
Lehman Brothers T     7.60    1/31/2013    AUD      4.80
Lloyds Bank PLC       4.77     7/5/2033    USD     72.21
Lehman Brothers T     8.25    12/3/2015    EUR      4.80
UniCredit Bank AO     6.75     9/1/2015    RUB     60.02
Mriya Agro Holdin    10.95    3/30/2016    USD     16.00
Alpha Credit Grou     1.50   12/18/2028    EUR     50.75
Mobile TeleSystem     5.00    6/29/2021    RUB     65.13
Marine Subsea AS      9.00   12/16/2019    USD      0.50
Heta Asset Resolu     0.23    5/10/2017    EUR     62.50
Codere Finance Lu     8.25    6/15/2015    EUR     71.50
Kalvebod PLC          2.00     5/1/2016    DKK     91.00
Wlodarzewska SA       9.16    5/15/2016    PLN     75.00
Novolipetsk Steel    11.50    6/26/2025    RUB     60.01
Agentstvo po Ipot    12.50    4/18/2018    RUB     61.21
Cooperatieve Cent     0.50   10/29/2027    MXN     43.98
ECM Real Estate I     5.00    10/9/2011    EUR     10.38
DekaBank Deutsche     0.12    6/23/2034    EUR     71.38
Bank Otkritie Fin    12.25    1/13/2022    RUB     60.37
Bulgaria Steel Fi    12.00     5/4/2013    EUR      1.00
Lehman Brothers T     8.88    1/28/2011    HKD     19.00
Atari SA              0.10     4/1/2020    EUR      2.20
Rossetti JSC         11.90     6/9/2025    RUB     60.01
RZD Rasvytie vokz    12.50   10/21/2016    RUB     35.00
Montepio Holding      5.00                 EUR     50.00
Lehman Brothers T     5.00    2/27/2014    EUR     19.00
JP Morgan Structu    14.00   11/23/2029    ZMW
Heta Asset Resolu     0.28    8/28/2017    EUR     62.50
Lehman Brothers T     7.00     6/6/2017    EUR      4.80
HSBC Bank PLC         0.50    4/27/2027    NZD     59.16
Lehman Brothers T     5.00     5/2/2022    EUR      4.80
A-TEC Industries      2.75    5/10/2014    EUR      2.00
Rosbank PJSC          0.01     4/4/2016    RUB     65.00
Bosnia & Herzegov     2.50    6/30/2023    BAM     75.00
SAir Group            0.13     7/7/2005    CHF     10.88
Heta Asset Resolu     0.14     2/9/2017    EUR     62.50
Anglian Water Ser     1.09    1/26/2057    GBP     72.78
WGF Westfaelische     6.35    12/1/2016    EUR      6.61
wige MEDIA AG         6.00    3/17/2019    EUR      1.90
Bank Julius Baer     13.20    2/26/2016    USD     72.05
Immigon Portfolio     5.05     8/5/2030    EUR     22.63
UBS AG               14.75   12/29/2015    EUR     64.77
Lehman Brothers T     1.46    2/19/2012    JPY     19.00
Lehman Brothers T     6.00    3/14/2011    EUR     19.00
Heta Asset Resolu     0.29    3/10/2018    EUR     62.50
WGF Westfaelische     6.35     8/1/2017    EUR      2.06
Freshwater Financ     6.18    4/20/2035    GBP     66.63
Otkritie Holding     14.00     5/3/2018    RUB     60.01
Glitnir HF            4.75   10/15/2010    USD     27.25
Wlodarzewska SA       9.17    5/15/2016    PLN     41.00
Lehman Brothers T     7.50     5/2/2017    EUR      4.80
CaixaBank SA          1.80                 EUR    100.13
Raiffeisen Centro     5.00    4/18/2016    EUR     65.81
Barclays Bank PLC     0.50    4/24/2023    MXN     61.31
Transcapitalbank     13.00     6/6/2018    RUB     60.00
Heta Asset Resolu     0.14    8/11/2017    EUR     62.50
Bank Nederlandse      0.50     6/7/2022    ZAR     51.88
Municipality Fina     0.50    6/19/2024    ZAR     44.21
OL Groupe SA          7.00   12/28/2015    EUR      7.20
DEMIRE Real Estat     6.00   12/30/2018    EUR      4.66
Barclays Bank PLC     3.50    12/7/2015    EUR     65.79
Lehman Brothers T     8.00   10/17/2014    EUR      4.80
Bashneft PAO         12.10     6/3/2025    RUB     60.01
BLT Finance BV        7.50    5/15/2014    USD      5.00
Credit Europe Ban    11.25     9/5/2016    RUB     59.88
DeltaCredit Bank     10.35     5/6/2024    RUB     60.02
Credit Suisse AG/     7.50    8/14/2015    USD     55.33
Lehman Brothers T     8.00    2/16/2016    EUR      4.80
HSBC Bank PLC         0.50    1/29/2027    NZD     60.02
JP Morgan Structu    12.00   11/24/2021    ZMW
Credit Suisse AG/     9.00    8/31/2015    USD     61.46
RESO-Garantia Ins    14.00    9/13/2022    RUB     60.02
Heta Asset Resolu     0.20    7/28/2017    EUR     62.50
Cooperatieve Cent     0.50   12/29/2027    MXN     43.86
Immigon Portfolio     4.81    7/29/2025    EUR     61.00
Rostelecom PJSC      10.50     6/7/2018    RUB     60.02
Rosneft OAO          11.90    1/18/2021    RUB     60.06
Deutsche Bank AG/     0.50     3/9/2018    BRL
DEIKON GmbH           1.00     7/1/2016    EUR     32.50
Leonteq Securitie    11.80    2/17/2016    USD     71.11
Santander Finance     2.00                 USD     19.25
SU-155 KAPITAL OO    13.25    2/23/2016    RUB     25.04
Alpha Credit Grou     6.00    4/11/2018    EUR     50.75
HSBC Bank PLC         0.50   10/30/2026    NZD     61.02
Heta Asset Resolu     0.75    9/20/2017    EUR     16.63
Northland Resourc    15.00    7/15/2019    USD      1.07
Kommunalbanken AS     0.50    5/27/2022    ZAR     53.82
Credit Suisse AG/     7.80    7/16/2025    USD      9.65
Svensk Exportkred     0.50    8/25/2021    ZAR     60.76
Heta Asset Resolu     0.27     4/9/2018    EUR     62.50
Petromena ASA        10.85   11/19/2014    USD      1.04
Rosselkhozbank OJ    13.10    7/15/2025    RUB     60.01
Kaupthing Bank Hf     5.90                 EUR      0.13
Heta Asset Resolu     0.03    5/31/2016    EUR     62.50
HSBC Bank PLC         0.50    9/28/2018    IDR     73.10
Heta Asset Resolu     4.07    3/21/2017    EUR     62.50
Kaupthing Bank Hf     1.80   10/20/2009    JPY     21.63
Santander Finance     2.00                 USD     19.13
Hellenic Republic     3.38    7/17/2017    EUR     73.93
Kristensen German     7.00   12/31/2015    DKK      2.00
Synergy Classic V     2.00     8/2/2015    USD     49.81
Heta Asset Resolu     0.18    5/17/2017    EUR     62.50
Heta Asset Resolu     3.90    1/24/2017    EUR     61.63
Fonciere Volta SA     4.50    7/30/2020    EUR      2.45
Immigon Portfolio     3.78    8/25/2033    EUR     15.25
Agrokompleks OOO     12.50   12/10/2015    RUB     60.10
Municipality Fina     0.50   12/14/2018    TRY     70.68
Heta Asset Resolu     0.10    7/18/2017    EUR     62.50
BNP Paribas SA        0.50     5/6/2021    MXN     70.31
Republic of Bashk     7.75    9/18/2020    RUB     58.01
Raiffeisen-Holdin     5.08                 EUR     72.88
RESO-Garantia Ins     9.20    3/24/2023    RUB     59.01
HSBC Bank PLC         0.50   12/29/2022    AUD     73.56
Heta Asset Resolu     0.23    5/17/2017    EUR     62.50
Heta Asset Resolu     5.68     7/5/2017    EUR     62.50
Russian Railways     17.90    9/20/2039    RUB      6.80
Svensk Exportkred     0.50    4/25/2019    BRL     64.83
KFW                   0.25    10/6/2036    CAD     37.42
Vnesheconombank       9.75    8/16/2029    RUB     60.01
A-TEC Industries      5.75    11/2/2010    EUR      2.00
Barclays Bank PLC     0.50    3/13/2023    RUB     43.32
Agentstvo po Ipot     7.75    10/1/2026    RUB     58.01
Svensk Exportkred     0.50    2/22/2022    ZAR     53.00
United Aircraft C     8.00    3/17/2020    RUB     60.02
UniCredit Bank AO    10.15   10/23/2015    RUB     60.02
Bank Otkritie Fin     9.25    8/23/2015    RUB     60.00
Immigon Portfolio     3.09   10/15/2020    EUR     50.75
Immigon Portfolio     5.26     2/5/2025    EUR     34.38
Province of Milan     0.30   12/22/2033    EUR     69.93
Heta Asset Resolu     3.72    3/15/2017    EUR     62.50
Sidetur Finance B    10.00    4/20/2016    USD     11.50
Hellas Telecommun     8.50   10/15/2013    EUR      0.00
Konservenfabrik Z     8.00     4/1/2016    EUR      0.00
Exane Finance         1.75    4/28/2016    EUR     38.77
Municipality Fina     0.50   11/21/2018    TRY     71.43
URALSIB Leasing C    10.25    3/21/2019    RUB     60.02
Societe Generale     15.16     9/2/2015    USD     60.01
Absolut Bank OAO     11.50    4/29/2020    RUB     60.01
Phosphorus Holdco    10.00     4/1/2019    GBP      2.50
VEB-Leasing OAO      11.50   10/20/2021    RUB     60.01
Rosselkhozbank OJ    10.90   10/11/2022    RUB     60.02
Rosselkhozbank OJ    10.90   10/13/2022    RUB     60.12
Northland Resourc    12.25    3/26/2016    USD      1.07
Immigon Portfolio     4.78     6/7/2030    EUR     21.63
Enemona AD-Kozlod    10.00    4/28/2017    BGN      0.22
LBI HF                4.40    11/3/2009    CZK      8.50
Heta Asset Resolu     0.05    5/31/2016    EUR     62.50
Baltic Leasing OO    13.50     7/1/2021    RUB     60.01
Takko Luxembourg      6.98    4/15/2019    EUR     45.10
Rusfinans Bank OO    10.75    6/10/2019    RUB     60.02
Sviaz Bank OAO       13.75    11/1/2015    RUB     60.04
Oberoesterreichis     0.30    4/25/2042    EUR     50.38
Heta Asset Resolu     0.30    2/10/2018    EUR     62.50
World of Building     7.70    6/25/2019    RUB      5.00
Province of Bresc     0.35    6/30/2036    EUR     67.02
RusHydro JSC         11.85     7/4/2018    RUB     60.02
CARPEVIGO AG          8.25    6/30/2016    EUR     29.50
Bank Nederlandse      0.50    5/12/2021    ZAR     62.43
Ideal Standard In    11.75     5/1/2018    EUR     38.38
HSBC Bank PLC         0.50     2/5/2018    RUB     75.34
Lehman Brothers T    10.44   11/22/2008    CHF      4.80
Heta Asset Resolu     0.25    4/22/2018    EUR     62.50
UniCredit Bank Au     0.37    1/24/2031    EUR     64.00
Heta Asset Resolu     0.28     3/4/2018    EUR     62.50
Lehman Brothers T     9.25    6/20/2012    USD      4.80
Svensk Exportkred     0.50    3/15/2022    ZAR     52.66
Rusfinans Bank OO    11.40    10/2/2019    RUB     60.01
JP Morgan Structu    13.00   11/25/2024    ZMW
Glitnir HF            3.25    9/15/2015    EUR     27.25
Notenstein Privat     9.40     1/6/2016    USD     73.77
TransFin-M PAO       13.50     6/4/2025    RUB     66.66
Raiffeisen Versic     5.08                 EUR     46.75
UniCredit Bank AO     8.60    2/11/2016    RUB     70.05
ffk environment G     7.25     6/1/2016    EUR      3.15
Lehman Brothers T     7.00   11/26/2013    EUR     19.00
RSL Communication    10.13     3/1/2008    USD      1.25
Transcapitalbank     15.00    3/15/2016    RUB     60.69
Province of Trevi     0.18   12/31/2034    EUR     66.70
Diversified Finan     2.18    7/27/2016    EUR     61.91
Russian Railways     16.80     6/8/2028    RUB     60.01
RusHydro JSC         11.85     7/4/2018    RUB     60.01
Kommunalbanken AS     0.50    11/8/2018    BRL     70.24
Heta Asset Resolu     0.30    8/21/2017    EUR     62.50
Leonteq Securitie    12.10   10/22/2015    USD     24.57
Immigon Portfolio     0.89    2/11/2019    EUR     58.38
Caisse Centrale d     7.00    9/10/2015    EUR     15.39
UTair-Finans OOO     13.00   11/13/2015    RUB     31.00
Immigon Portfolio     1.24     3/1/2022    EUR     35.75
Municipality Fina     0.50     8/8/2029    NZD     58.08
Salvator Grundbes     9.50                 EUR     40.00
MirLand Developme     5.50    9/30/2019    ILS     38.50
Rosneft OAO          11.90    1/18/2021    RUB     60.06
Kommunekredit         0.50    7/30/2027    TRY     26.46
Credit Suisse AG/     8.25    9/30/2015    CHF     56.39
HSBC Bank PLC         0.50    12/8/2026    AUD     58.24
Immigon Portfolio     4.21    1/25/2033    EUR     17.25
UTair-Finans OOO     13.00   11/13/2015    RUB     31.09
Deutsche Bank AG/     0.50    10/5/2021    IDR     68.84
Immigon Portfolio     1.52    2/19/2018    EUR     73.13
Cooperatieve Cent     0.50    1/31/2033    MXN     29.75
Araratbank OJSC       8.00    6/11/2018    USD     25.61
Glitnir HF            3.30    6/10/2010    EUR     27.25
Credit Europe Ban    11.36     6/5/2018    RUB     60.06
Leonteq Securitie    18.00     2/9/2016    CHF     61.63
LBI HF                6.00     6/6/2017    EUR      8.50
Heta Asset Resolu     4.40    6/20/2017    EUR     62.50
Municipality Fina     0.50    5/31/2022    ZAR     51.12
Interregional Dis    12.42    5/23/2025    RUB     60.01
hkw personalkonze     8.25   11/15/2016    EUR      2.31
Maritime Joint St    15.00     3/9/2016    RUB     60.42
TGK-1 OAO            12.90    2/14/2022    RUB     60.03
Lehman Brothers T     8.00   12/31/2010    USD      4.80
Rosselkhozbank OJ    12.50   11/27/2018    RUB     65.02
Heta Asset Resolu     0.20     7/1/2017    EUR     62.50
Investkredit Bank     0.52    3/14/2020    EUR     70.41
SAir Group            4.25     2/2/2007    CHF     10.88
Solarwatt GmbH        7.00    11/1/2015    EUR     14.50
Mortgage Agent Ab     8.90    8/12/2041    RUB     75.00
Kaupthing Bank Hf     7.13    5/19/2016    USD      0.00
DeltaCredit Bank      8.65     7/4/2018    RUB     59.03
Rusfinans Bank OO    13.90    4/24/2018    RUB     62.27
Russian Highways     12.40    4/22/2042    RUB     12.05
Heta Asset Resolu     0.09    3/15/2017    EUR     62.50
B&N Bank JSC         18.00    1/18/2021    RUB     62.63
Lehman Brothers T     7.38    9/20/2008    EUR      4.80
Lehman Brothers T    15.00    3/30/2011    EUR      4.80
Immigon Portfolio     2.15    3/25/2019    EUR     62.38
Southern Urals Co    10.00    2/23/2016    RUB     59.53
LBI HF                4.75    5/31/2013    EUR      8.50
Veniti SA             9.70    3/28/2016    PLN     50.00
Svensk Exportkred     0.50   12/17/2027    USD     74.24
Lehman Brothers T    11.00   12/20/2017    AUD      4.80
Heta Asset Resolu     0.26     4/2/2018    EUR     55.75
Landes-Hypotheken     0.37    3/20/2043    EUR     58.00
UniCredit Bank Au     0.44    1/22/2031    EUR     64.50
Lehman Brothers T     4.00    7/20/2012    EUR      4.80
Bank Otkritie Fin    16.25     4/7/2020    RUB     60.06
Araratbank OJSC       8.50    6/14/2016    USD     25.72
Russian Railways     12.40    2/28/2040    RUB     60.01
Kaupthing Bank Hf     7.90     2/1/2016    EUR     21.63
Hellenic Republic     4.75    4/17/2019    EUR     67.47
Svensk Exportkred     0.50    6/28/2022    ZAR     50.79
Reso-Leasing OOO     10.40    9/21/2023    RUB     60.09
Powszechne Towarz     6.66    11/8/2015    PLN      3.30
Federal Grid Co U     8.00     1/7/2028    RUB     70.01
UNGP-Finance OOO     10.00    4/20/2021    RUB     60.00
Medved-Finans OOO    12.50    8/22/2016    RUB     61.50
Dresdner Bank AG      0.65   11/19/2029    EUR     63.63
Mechel                8.00     2/9/2021    RUB     57.55
Province of Bresc     0.52   12/22/2036    EUR     66.64
Novolipetsk Steel    10.00     9/5/2022    RUB     60.02
SAir Group            5.50    7/23/2003    CHF     10.88
Heta Asset Resolu     0.08     8/1/2017    EUR     62.00
LBI HF                2.75    3/16/2011    EUR      8.50
Transcapitalbank     13.00    5/30/2023    RUB     61.17
Immigon Portfolio     1.75     9/9/2020    EUR     47.25
Moscow United Ele    11.00    9/12/2024    RUB     60.01
Notenstein Financ     6.20    9/25/2015    CHF     58.37
Societe Generale      9.00    4/29/2016    CHF     53.35
Ingra DD              6.13    12/6/2016    HRK     12.99
Reso-Leasing OOO     16.00    2/17/2016    RUB     60.01
Immigon Portfolio     4.20    2/22/2033    EUR     17.13
Sviaz Bank OAO       12.25    12/9/2021    RUB     60.01
Nutritek Internat     8.75   12/11/2008    USD      2.00
Strommen Spareban     2.52                 NOK     45.21
Glitnir HF            5.44   12/22/2015    USD     27.25
RSL Communication    12.00    11/1/2008    USD      1.25
Rosneft OAO           7.95   12/11/2023    RUB     65.00
BRFkredit A/S         0.90    10/1/2044    DKK     56.14
Svensk Exportkred     0.50    4/24/2029    AUD     55.88
IT Holding Financ     9.88   11/15/2012    EUR      0.24
UWC Finance          16.00    9/10/2019    RUB     60.01
Kaupthing Bank Hf     0.80    2/15/2011    EUR     21.63
Lehman Brothers T     6.00    5/12/2017    EUR      4.80
DZ Bank AG Deutsc    16.00    3/29/2016    EUR     74.67
HSBC Bank PLC         0.50   12/29/2026    AUD     69.76
Immigon Portfolio     3.88    3/15/2022    EUR     43.13
LBI HF                7.43                 USD      0.00
UBS AG               14.75   12/29/2015    EUR     72.47
Kommunekredit         0.50    9/19/2019    BRL     64.72
Glitnir HF            6.00     8/1/2015    ISK     27.25
Rinol AG              5.50   10/15/2006    DEM      0.00
Lehman Brothers T     4.00    7/27/2011    EUR      4.80
LBI HF                7.25     4/2/2011    EUR      8.50
LBI HF                7.00     4/2/2010    EUR      8.50
Svensk Exportkred     0.50    3/28/2029    AUD     65.90
Vnesheconombank       2.00    6/18/2021    RUB     58.77
Credit Suisse AG/     8.00   11/29/2019    USD      8.78
Kaupthing Bank Hf     6.40   12/15/2015    EUR     21.63
Glitnir HF            3.00     4/1/2010    CZK     27.25
LBI HF                6.75    8/18/2015    EUR      8.50
Leonteq Securitie     8.04    4/11/2016    CHF     63.54
RusHydro JSC         11.85     7/4/2018    RUB     60.01
Kaupthing Bank Hf     1.99     7/5/2012    JPY     21.63
Glitnir HF            5.25     5/2/2017    ISK     27.25
Barclays Bank PLC     0.50    1/28/2033    MXN     31.39
Immigon Portfolio     5.21    2/13/2026    EUR     31.13
Bamble Sparebank      2.68                 NOK     53.09
Credit Suisse AG/     7.00     9/7/2015    CHF     70.93
Credit Suisse AG/    10.25    8/14/2015    CHF     71.89
SAir Group            6.25   10/27/2002    CHF     12.13
Immigon Portfolio     4.90    8/18/2025    EUR     61.30
Immigon Portfolio     1.55    5/18/2020    EUR     50.13
Societe Generale      2.95     8/1/2016    USD     59.10
Svensk Exportkred     0.50    8/28/2020    TRY     58.53
Lehman Brothers T     3.35   10/13/2016    EUR      4.80
Lehman Brothers T    10.00     1/3/2012    BRL      4.80
Republika Srpska      1.50    9/25/2026    BAM     70.50
Oravita City Coun     2.63    6/15/2027    RON     72.00
Municipality Fina     0.50   11/25/2020    ZAR     63.06
PCZ SA               11.00   10/31/2015    PLN      1.02
Kommunekredit         0.50    2/20/2020    BRL     60.72
Drangedal Spareba     2.61                 NOK     70.85
Lehman Brothers T     2.50    11/9/2011    CHF      4.80
Raiffeisen-Holdin     5.10                 EUR     63.00
Immigon Portfolio     1.32     2/8/2019    EUR     61.88
Rosneft OAO           8.90     2/6/2024    RUB     55.05
Glitnir HF            5.31   12/24/2012    USD     27.25
SAir Group            5.13     3/1/2003    CHF     11.00
Credit Suisse AG      8.50    6/10/2016    USD      9.20
Russian Railways     16.80    5/29/2035    RUB     60.01
Immigon Portfolio     4.26    3/22/2024    EUR     34.13
International Fin    15.50    4/26/2016    RUB     60.11
HSBC Bank PLC         0.50    5/29/2020    IDR     62.25
Municipality Fina     0.50     5/8/2029    AUD     54.32
Credit Suisse AG/     1.64     6/1/2042    USD     52.76
Waste Management     18.30    6/15/2022    RUB     60.02
Glitnir HF            4.75   10/15/2010    USD     27.25
Salvator Grundbes     9.50   12/31/2021    EUR     11.50
EFG International     7.20    2/25/2019    EUR     73.26
Lehman Brothers T     5.00    5/12/2011    CHF      4.80
Lehman Brothers T     7.39     5/4/2017    USD      4.80
Russian Railways     15.30   10/11/2038    RUB     60.01
Immigon Portfolio     2.00    4/24/2020    EUR     51.38
Araratbank OJSC       9.00   10/20/2015    USD     25.27
Vontobel Financia     4.45    4/15/2016    EUR     70.40
Leonteq Securitie    13.00     9/2/2015    CHF     38.55
Svensk Exportkred     0.50    6/26/2019    TRY     65.99
Credit Suisse AG/     8.00     2/8/2016    USD     61.15
Lehman Brothers T     0.50   12/20/2017    AUD      4.80
Immigon Portfolio     0.99     7/3/2019    EUR     57.25
Lehman Brothers T     7.60    3/26/2009    EUR      4.80
Leonteq Securitie     6.89   12/30/2015    USD     60.95
e-Kancelaria Grup     9.00    12/4/2015    PLN      1.52
Glitnir HF            3.00   12/15/2009    EUR     27.25
Eksportfinans ASA     0.25    7/14/2033    CAD     18.38
Glitnir HF            3.45    8/22/2010    CZK     27.25
PCZ SA               10.00    4/15/2016    PLN      2.10
Leonteq Securitie    20.00    1/26/2016    CHF     33.51
B&N Bank JSC         18.00    1/18/2021    RUB     62.63
Immigon Portfolio     1.80    5/24/2018    EUR     70.75
Tatfondbank OAO      14.50    5/28/2025    RUB     61.02
Interregional Dis    12.42    5/23/2025    RUB     60.01
Bashneft PAO         12.00     5/9/2025    RUB     60.06
Notenstein Financ     7.19     5/6/2019    EUR     72.29
MirLand Developme     7.21    5/31/2020    ILS     39.65
Bank National Fac    12.30   10/17/2016    RUB     60.33
Russian Railways     16.00    8/18/2033    RUB     60.01
Raiffeisen Centro     2.40   12/19/2016    EUR     60.08
Windreich GmbH        6.25     3/1/2015    EUR     10.88
Immigon Portfolio     5.00   12/12/2018    EUR     72.63
Vontobel Financia     5.60   12/29/2015    EUR     66.05
City of Hunedoara     2.43    8/15/2026    RON     70.00
Municipiul Timiso     1.29    5/12/2026    RON     73.00
Lehman Brothers T     5.55    3/12/2015    EUR      4.80
Immigon Portfolio     1.29     3/1/2018    EUR     72.50
Hypo Tirol Bank A     0.14    3/28/2043    EUR     55.25
RSL Communication     9.88   11/15/2009    USD      1.25
MirLand Developme     8.50    8/31/2016    ILS     41.00
Arizk                 3.00   12/20/2030    RUB     34.31
Espirito Santo Fi     5.63    7/28/2017    EUR      2.07
Societe Generale      0.50    5/30/2023    MXN     63.30
Agentstvo po Ipot    10.89   10/15/2030    RUB     60.01
Bank Nederlandse      0.50    8/15/2022    ZAR     54.08
HSBC Bank PLC         0.50    5/31/2019    IDR     68.33
Glitnir HF            3.00   10/31/2015    EUR     27.25
Immigon Portfolio     5.50    8/26/2025    EUR     33.75
Russian Railways     12.40    2/28/2040    RUB     60.01
Bank Julius Baer      9.00    10/8/2015    CHF     36.90
Bank Julius Baer     10.00    5/20/2016    USD     55.85
Credit Suisse AG/     8.00     6/6/2016    USD     58.51
Lehman Brothers T     4.00    4/13/2011    CHF      4.80
Kaupthing Bank Hf     1.65     7/5/2010    JPY     21.63
EFG International    12.86   10/30/2017    EUR     60.57
Intertekhelektro-     8.50    4/21/2020    RUB     60.00
Credit Suisse AG/    11.00    8/28/2015    USD     36.23
DeltaCredit Bank     10.55     6/5/2024    RUB     60.01
Agentstvo po Ipot    10.89    1/15/2029    RUB     60.01
Credit Suisse AG/     6.00    1/29/2016    CHF     58.59
Lehman Brothers T    11.00   12/20/2017    AUD      4.80
Lehman Brothers T     6.30   12/21/2018    USD      4.80
LBI HF                8.65     5/1/2011    ISK      8.50
Hypo Tirol Bank A     0.12     6/1/2033    EUR     65.25
Union Technologie     0.10     1/1/2020    EUR      3.30
KPNQwest NV           8.88     2/1/2008    EUR      0.50
Ecureuil Vie Deve     0.94                 EUR     21.38
Barclays Bank PLC     4.17     1/5/2017    EUR     42.32
ING Bank NV           5.05    10/7/2024    EUR     69.31
Bank Nederlandse      0.50    9/20/2022    MXN     66.67
Leonteq Securitie     5.20    11/7/2016    CHF     64.71
Glitnir HF            0.50   11/26/2009    EUR     27.25
SpareBank 1 Sore      2.41                 NOK     71.78
Svensk Exportkred     0.50    8/29/2029    AUD     66.52
ENEL RUSSIA PJSC     12.10    5/22/2025    RUB     60.01
MT-Energie GmbH &     8.25     4/4/2017    EUR     10.42
Municipality Fina     0.50    4/26/2022    ZAR     51.83
Tatfondbank OAO      14.00   12/11/2024    RUB     60.11
Otkritie Holding     13.00   10/12/2017    RUB     60.01
Glitnir HF            5.86    7/28/2016    GBP     27.25
Leonteq Securitie     8.16    4/14/2016    EUR     61.67
Leonteq Securitie    10.94     4/7/2016    USD     54.28
UBS AG/London        13.50    2/18/2016    CHF     57.69
Lehman Brothers T     3.86    9/21/2011    SGD     16.25
Lehman Brothers T     7.59   11/22/2009    MXN     19.00
LBI HF                4.38   10/20/2008    EUR      8.50
LBI HF                4.32    1/31/2010    EUR      8.50
Metallurgical Com    15.00     9/8/2016    RUB     60.01
MirLand Developme     6.00   11/30/2017    ILS     39.70
Chelyabinsk Pipe     10.00    8/25/2015    RUB     60.01
EFG International     6.00   11/30/2017    EUR     47.47
Glitnir HF            6.38    9/25/2012    USD     27.25
Immigon Portfolio     5.03    6/11/2019    EUR     68.00
Glitnir HF            3.75    1/15/2010    EUR     27.25
Vontobel Financia     5.00    9/23/2016    EUR     63.42
T-Generation CJSC    12.00    6/14/2019    RUB     60.01
Municipality Fina     0.50    7/30/2029    AUD     66.45
Svensk Exportkred     0.50    6/29/2029    AUD     66.16
Svensk Exportkred     0.50    6/20/2029    AUD     64.46
Lehman Brothers T     0.50   12/20/2017    AUD      4.80
City of Baile Her     2.50   12/16/2020    RON     75.00
COFIDUR SA            0.10   12/31/2024    EUR     15.05
RSL Communication    10.50   11/15/2008    USD      1.25
Lehman Brothers T     4.60   10/11/2017    ILS     19.00
SAir Group            2.75    7/30/2004    CHF     10.75
DZ Bank AG Deutsc     7.75    9/11/2015    EUR     68.75
Vontobel Financia     4.85   12/11/2015    EUR     66.86
JP Morgan Structu     1.55    11/6/2015    USD     60.36
2C Partners SA        9.25    5/12/2017    PLN     72.00
Glitnir HF            3.00    10/4/2011    EUR     27.25
Glitnir HF            5.00    3/14/2012    EUR     27.25
Lehman Brothers T     3.50    9/29/2017    EUR      4.80
HSBC Bank PLC         0.50    7/30/2019    IDR     67.26
HSBC Bank PLC         0.50     6/9/2023    MXN     64.82
Efesk Group          13.25    6/14/2016    RUB     60.02
Vontobel Financia     8.00    12/4/2015    EUR     67.20
Municipality Fina     0.50    3/17/2025    CAD     74.07
Lehman Brothers T     6.50    7/24/2026    EUR      4.80
Lehman Brothers T     4.35     8/8/2016    SGD     19.00
Glitnir HF            4.85    4/26/2012    EUR     27.25
Russian Bank for      9.20    8/11/2022    RUB     60.08
HYPO NOE Gruppe B     2.50    3/10/2045    EUR     85.24
UniCredit Bank AG     7.50    9/24/2015    EUR     73.70
UBS AG/London         9.75    5/13/2016    CHF     62.39
Notenstein Privat    16.20     8/3/2015    USD     58.99
UBS AG/London        10.75    2/18/2016    CHF     72.53
LBI HF                4.53    4/24/2012    EUR      8.50
LBI HF                4.34     3/1/2011    EUR      8.50
SU-155 KAPITAL OO    13.25    2/23/2016    RUB     24.62
Glitnir HF            5.25     5/2/2014    ISK     27.25
Lehman Brothers T     8.00   10/23/2008    USD      4.80
Leonteq Securitie     8.00    8/15/2016    CHF     66.49
BNP Paribas SA        0.50   11/16/2032    MXN     34.19
Lehman Brothers T     0.50   12/20/2017    USD      4.80
Lehman Brothers T     6.25     9/5/2011    EUR      4.80
Haltdalen Spareba     2.55                 NOK     55.95
Nesset Sparebank      2.56                 NOK     57.87
Glitnir HF            6.00     8/1/2010    ISK     27.25
Immigon Portfolio     6.60     5/6/2023    EUR     46.50
RSL Communication     9.13     3/1/2008    USD      1.25
Lehman Brothers T     8.28    3/26/2009    USD      4.80
HSBC Bank PLC         0.50    11/9/2018    IDR     72.86
Russian Highways      9.75   11/29/2016    RUB     60.10
EFG International     6.48    5/29/2018    EUR     56.48
HSBC Bank PLC         0.50   10/30/2018    IDR     72.60
Notenstein Financ     1.00    9/17/2019    CHF     74.75
Barclays Bank PLC     2.50     3/7/2017    EUR     55.07
Kaupthing Bank Hf     5.80     9/7/2012    EUR     21.63
Skue Sparebank        2.45                 NOK     72.32
Province of Rovig     0.30   12/28/2035    EUR     67.20
BNP Paribas SA        6.30    5/28/2021    RUB     76.62
Leasing-Experts S     9.00    9/17/2016    PLN     63.85
Glitnir HF            0.01     5/6/2009    JPY     27.25
Glitnir HF            6.69    6/15/2016    USD      0.02
Glitnir HF            6.84   12/15/2015    EUR      0.02
Russian Railways     17.70    9/19/2033    RUB     60.01
Dolomite Capital     12.03   12/20/2019    ZAR     55.49
Deutsche Bank AG     10.00   10/22/2015    EUR     74.90
Bank Julius Baer      7.00    9/12/2016    CHF     71.10
UniCredit Bank AG     6.00     7/4/2016    EUR     74.93
Leonteq Securitie     7.55     3/9/2016    USD     69.93
e-Kancelaria Grup    10.00    11/6/2015    PLN      1.55
Lehman Brothers T     4.95   10/25/2036    EUR      4.80
Lehman Brothers T     4.00   11/24/2016    EUR      4.80
MORTGAGE AGENT AH     9.00     9/9/2045    RUB     72.25
Lehman Brothers T     5.12    4/30/2027    EUR      4.80
BNP Paribas SA        6.64    4/26/2021    RUB     78.24
Lehman Brothers T     6.00    5/23/2018    CZK      4.80
Kaupthing Bank Hf     4.90    5/29/2017    EUR     21.63
Driver & Bengsch      8.50   12/31/2027    EUR      0.01
Banque Cantonale      4.25    8/28/2015    CHF     49.38
Kaupthing Bank Hf     3.75    2/15/2024    ISK     21.63
HSBC Bank PLC         0.50    2/24/2023    AUD     73.90
Central European      7.80    8/16/2015    ILS     12.80
Lehman Brothers T     5.50   11/30/2012    CZK      4.80
Lehman Brothers T     6.00   10/30/2012    USD      4.80
Bank Nederlandse      0.50    6/22/2021    ZAR     62.02
Lehman Brothers T     0.50   12/20/2017    AUD      4.80
Province of Milan     0.05   12/20/2042    EUR     53.22
Lehman Brothers T     6.25   11/30/2012    EUR      4.80
Lehman Brothers T     8.00    3/21/2018    USD      4.80
Lehman Brothers T    11.75     3/1/2010    EUR      4.80
Lehman Brothers T    10.00    5/22/2009    USD      4.80
Lehman Brothers T     5.00   11/22/2012    EUR      4.80
SpetsStroyFinance     8.50    5/30/2016    RUB     60.00
Immigon Portfolio     1.61    7/20/2018    EUR     68.38
e-Kancelaria Grup     8.00   10/17/2016    PLN      0.05
Lehman Brothers T     6.60     2/9/2009    EUR      4.80
Glitnir HF            5.25   10/23/2011    ISK     27.25
LBI HF                5.44     9/3/2018    EUR      0.01
Lehman Brothers T     4.87    10/8/2013    USD      4.80
NIBC Bank NV         25.98     5/7/2029    EUR     63.66
Kaupthing Bank Hf     5.00    11/8/2013    EUR     21.63
Lehman Brothers T     3.50   10/24/2011    USD      4.80
Kaupthing Bank Hf     0.95   10/20/2010    JPY     21.63
Kaupthing Bank Hf     5.00     1/4/2027    SKK     21.63
Lehman Brothers T     7.50    2/14/2010    AUD      4.80
Lehman Brothers T     5.50    4/23/2014    EUR      4.80
Delta-Finance OOO    10.00    1/19/2021    RUB     60.00
UTair-Finans OOO      9.50    7/21/2016    RUB     20.04
ECM Real Estate I     5.00    10/9/2011    EUR     10.38
Leonteq Securitie     6.00    9/29/2015    EUR     69.24
Federal Grid Co U    16.30    3/23/2050    RUB     60.01
Federal Grid Co U    16.30    3/23/2050    RUB     60.01
SAir Group            2.75    7/30/2004    CHF     10.88
e-Kancelaria Grup     8.07    9/15/2016    PLN      1.00
Deutsche Bank AG      9.00    9/11/2015    EUR     34.73
Przedsiebiorstwo      9.01    3/31/2016    PLN     69.73
Societe Generale      0.50     4/4/2024    MXN     59.02
Deutsche Bank AG      5.80    9/23/2015    EUR     72.17
Credit Suisse AG/     9.00    12/3/2024    USD      9.70
UBS AG/London         7.50   11/19/2015    CHF     63.29
Leonteq Securitie     8.75    11/6/2015    GBP     66.40
Societe Generale      2.50    10/7/2016    EUR     59.57
Hellenic Republic     4.50     7/3/2017    JPY     70.25
Lehman Brothers T     3.00    6/23/2009    EUR     19.00
Immigon Portfolio     5.45     8/2/2019    EUR     72.70
LBI HF                3.45   12/18/2033    JPY      0.01
Glitnir HF            2.25    2/15/2011    EUR     27.25
Municipality Fina     0.25    6/28/2040    CAD     29.17
Muehl Product & S     6.75    3/10/2005    DEM      1.73
Glitnir HF            2.75    3/31/2010    EUR     27.25
Pongs & Zahn AG       8.50                 EUR      0.32
Kaupthing Bank Hf     1.75     6/7/2016    EUR     21.63
Glitnir HF            4.50     1/9/2012    EUR     27.25
LBI HF                4.34   12/22/2025    EUR      8.50
Lehman Brothers T     8.25     2/3/2016    EUR      4.80
Glitnir HF            2.00    1/30/2009    CHF     27.25
Glitnir HF            2.57   12/31/2013    EUR     27.25
Lloyds Bank PLC       0.50    7/26/2028    MXN     45.40
Republika Srpska      1.50   12/24/2025    BAM     73.31
Commerzbank AG        2.00     2/3/2016    EUR     53.89
Agrokompleks OOO     15.00    7/29/2019    RUB     61.00
LBI HF                4.00    9/23/2015    EUR      8.50
EDOB Abwicklungs      7.50     4/1/2012    EUR      0.00
Lehman Brothers T     4.60     7/6/2016    EUR      4.82
Kommunalbanken AS     0.50    9/20/2018    BRL     71.08
Republika Srpska      1.50   12/15/2023    BAM     71.80
Polyplast OAO/Mos    15.90     6/6/2018    RUB     60.01
Vontobel Financia     9.75   10/23/2015    EUR     61.30
JP Morgan Structu    12.20    9/30/2015    USD     63.18
MRSK Yuga PJSC       13.50     6/8/2020    RUB     60.01
UBS AG/London        12.00    5/23/2016    CHF     67.16
Bank Julius Baer     13.70    5/13/2016    USD     62.15
Lehman Brothers T     2.50   12/15/2011    GBP      4.80
Leonteq Securitie    11.00     5/4/2016    USD     74.98
Russian Railways     17.40   11/29/2028    RUB     60.01
Glitnir HF           10.00    6/28/2017    USD     27.25
Leonteq Securitie    29.61   10/26/2017    EUR     47.25
UBS AG               12.50   12/29/2015    EUR     52.15
LBI HF                3.00   10/22/2015    EUR      8.50
Barclays Bank PLC     0.50    3/19/2021    MXN     72.37
Credit Suisse AG/    10.25    8/28/2015    USD     46.17
Societe Generale      0.50    5/22/2024    MXN     58.34
UniCredit Bank AO    10.15   10/27/2015    RUB     60.07
Lehman Brothers T     7.00    9/20/2011    USD      4.80
Delta-Finance OOO    10.00   12/18/2015    RUB     60.01
City of Siret Rom     2.75     3/1/2028    RON     61.00
Kaupthing Bank Hf     7.70    10/2/2011    EUR     21.63
Rosneft OAO           8.90     2/6/2024    RUB     56.69
Gold-Zack AG          7.00   12/14/2005    EUR     12.01
Delta-Finance OOO    10.00   12/17/2020    RUB     60.00
Credit Suisse AG/     8.50    10/8/2015    USD     70.14
Notenstein Financ    15.00   10/20/2015    USD     68.18
Immigon Portfolio     3.50    5/23/2022    EUR     39.25
LBI HF                6.75    2/18/2015    EUR      8.50
Notenstein Privat     8.20   10/20/2016    USD     56.84
BNP Paribas Emiss    10.00    3/24/2016    EUR     74.97
Cooperatieve Cent     0.50    8/21/2028    MXN     41.68
Lehman Brothers T     4.05    9/16/2008    EUR      4.80
Lehman Brothers T     4.50     3/6/2013    CHF      4.80
Lehman Brothers T     4.00    4/24/2009    USD      4.80
Lehman Brothers T     9.00    6/13/2009    USD      4.80
Lehman Brothers T     9.00    3/17/2009    GBP      4.80
Lehman Brothers T     7.00   11/28/2008    CHF      4.80
Lehman Brothers T     3.85    4/24/2009    USD      4.80
Lehman Brothers T     7.25    10/6/2008    EUR      4.80
Lehman Brothers T    10.50     8/9/2010    EUR      4.80
Lehman Brothers T     8.00    5/22/2009    USD      4.80
Lehman Brothers T     4.50    7/24/2014    EUR      4.80
Lehman Brothers T     5.75    6/15/2009    CHF      4.80
Lehman Brothers T     7.50   10/24/2008    USD      4.80
Lehman Brothers T    10.00    3/27/2009    USD      4.80
Lehman Brothers T     5.00   10/24/2008    CHF      4.80
Lehman Brothers T     7.00    4/14/2009    EUR      4.80
Lehman Brothers T     6.00   10/24/2008    EUR      4.80
Lehman Brothers T     7.75    1/30/2009    EUR      4.80
Lehman Brothers T     0.25    7/21/2014    EUR      4.80
Lehman Brothers T    11.00    6/29/2009    EUR      4.80
Lehman Brothers T     8.00     8/3/2009    USD      4.80
Lehman Brothers T     5.50    6/15/2009    CHF      4.80
Lehman Brothers T     1.50   10/25/2011    EUR      4.80
Province of Trevi     0.05   12/31/2034    EUR     65.24
Lehman Brothers T    11.00   12/19/2011    USD      4.80
Province of Teram     0.15   12/30/2030    EUR     71.33
LBI HF                4.28   11/19/2010    EUR      8.50
Glitnir HF            3.50   10/30/2012    EUR     27.25
LBI HF                3.34    5/11/2012    EUR      8.50
Lehman Brothers T     5.00    4/24/2017    EUR      4.80
HSBC Bank PLC         0.50    12/2/2022    AUD     74.75
Kaupthing Bank Hf     4.53    4/24/2012    EUR     21.63
Kaupthing Bank Hf     4.47   10/27/2010    EUR     21.63
Lehman Brothers T     4.25    5/15/2010    EUR      4.80
Lehman Brothers T     0.80   12/30/2016    EUR      4.80
Immigon Portfolio     4.80     5/9/2025    EUR     32.13
Agentstvo po Ipot    11.03   12/15/2029    RUB     60.01
Kaupthing Bank Hf     0.69    5/21/2011    JPY     21.63
Kaupthing Bank Hf     4.50    1/17/2011    EUR     21.63
Lehman Brothers T     6.00    2/14/2012    EUR      4.80
Lehman Brothers T     7.00    2/15/2012    EUR      4.80
Lehman Brothers T     4.69    2/19/2017    EUR      4.80
Lehman Brothers T     4.10    2/19/2010    EUR      4.80
Lehman Brothers T     6.60    2/22/2012    EUR      4.80
Lehman Brothers T     5.20    3/19/2018    EUR      4.80
Lehman Brothers T     5.00    2/28/2032    EUR      4.80
Lehman Brothers T    14.90    9/15/2008    EUR      4.80
Lehman Brothers T     1.28    11/6/2010    JPY     19.00
Barclays Bank PLC     2.33     1/2/2041    USD     74.36
Razgulyai-Finans     11.30    10/3/2018    RUB     57.02
Rusfinans Bank OO    11.60   11/10/2015    RUB     60.02
Lehman Brothers T     8.60    7/31/2013    GBP      4.80
Lehman Brothers T     8.28    7/31/2013    GBP      4.80
Lehman Brothers T     7.50    7/31/2013    GBP      4.80
Lehman Brothers T     7.32    7/31/2013    GBP      4.80
Barclays Bank PLC     1.99    12/1/2040    USD     71.70
Lehman Brothers T     4.10    8/23/2010    USD      4.80
Lehman Brothers T     7.75    2/21/2016    EUR      4.80
Lehman Brothers T     8.00   12/27/2032    JPY      4.80
Lehman Brothers T     1.50     2/8/2012    CHF      4.80
Immigon Portfolio     0.80   10/15/2019    EUR     53.38
Immigon Portfolio     4.50   10/21/2020    EUR     55.38
Lehman Brothers T     0.01    9/20/2011    USD      4.80
HSBC Trinkaus & B    12.40    6/24/2016    EUR     71.87
HSBC Trinkaus & B    12.40    6/24/2016    EUR     71.87
HSBC Trinkaus & B     8.20    6/24/2016    EUR     74.20
HSBC Trinkaus & B    10.60    1/22/2016    EUR     71.72
HSBC Trinkaus & B     9.20    4/22/2016    EUR     72.98
Barclays Bank PLC     0.50    3/26/2021    MXN     72.27
Deutsche Bank AG      7.20   12/22/2015    EUR     74.70
LBBW                  5.50   12/29/2015    EUR     72.33
HSBC Bank PLC         0.50    4/11/2023    MXN     65.61
Societe Generale      0.50    4/30/2023    RUB     42.61
LBBW                  4.50   12/29/2015    EUR     72.67
LBBW                  4.00    8/28/2015    EUR     73.11
LBBW                  5.00    3/29/2016    EUR     73.32
LBBW                  2.50    6/24/2016    EUR     73.64
LBBW                  4.00    6/24/2016    EUR     68.87
LBBW                  3.55    8/25/2017    EUR     71.35
LBBW                  3.65    8/28/2015    EUR     74.37
LBBW                  3.75    9/22/2017    EUR     69.84
LBBW                  2.50    7/22/2016    EUR     65.24
LBBW                  3.50    7/22/2016    EUR     62.99
LBBW                  2.50    7/22/2016    EUR     74.92
LBBW                  4.00    7/22/2016    EUR     70.23
LBBW                  3.90    9/22/2017    EUR     68.47
LBBW                  4.50   10/23/2015    EUR     71.97
LBBW                  2.00    9/25/2015    EUR     73.57
National Capital     11.50    3/18/2016    RUB     60.01
Deutsche Bank AG      7.20   12/22/2015    EUR     74.60
Deutsche Bank AG      6.20   12/22/2015    EUR     74.20
Deutsche Bank AG      6.20    6/21/2016    EUR     71.70
Deutsche Bank AG      5.20    6/21/2016    EUR     70.80
Deutsche Bank AG      7.20    6/21/2016    EUR     72.60
Deutsche Bank AG      5.20    3/22/2016    EUR     71.00
Deutsche Bank AG      5.20   12/22/2015    EUR     73.80
Deutsche Bank AG      6.20   12/22/2015    EUR     70.40
Deutsche Bank AG      5.20   12/22/2015    EUR     70.00
Deutsche Bank AG      7.20   12/22/2015    EUR     70.70
Deutsche Bank AG      7.20    3/22/2016    EUR     72.30
Deutsche Bank AG      5.20    6/21/2016    EUR     74.30
Deutsche Bank AG      5.20    9/20/2016    EUR     71.70
Deutsche Bank AG      7.20    9/20/2016    EUR     74.00
Deutsche Bank AG      5.20    3/22/2016    EUR     74.70
Deutsche Bank AG      6.20    9/20/2016    EUR     72.90
Deutsche Bank AG      6.20    3/22/2016    EUR     71.70
Deutsche Bank AG      6.20   12/22/2015    EUR     74.30
Deutsche Bank AG      5.20   12/22/2015    EUR     74.00
Deutsche Bank AG      5.20    6/21/2016    EUR     74.00
Deutsche Bank AG      6.20    6/21/2016    EUR     74.90
HSBC Bank PLC         0.50     3/1/2018    RUB     74.69
Vontobel Financia    16.90   12/11/2015    EUR     73.60
Credit Agricole C     0.50     3/6/2023    RUB     43.75
DZ Bank AG Deutsc    13.75    9/25/2015    EUR     74.86
Societe Generale      0.50     4/3/2023    RUB     43.17
BNP Paribas Emiss     7.50   10/22/2015    EUR     73.63
Zapsibcombank OAO    11.50    2/25/2016    RUB     60.11
Banca di Cividale     0.09    10/2/2036    EUR     62.57
Lehman Brothers T     4.00    5/30/2010    USD      4.80
Lehman Brothers T     4.00    5/17/2010    USD      4.80
Lehman Brothers T     2.48    5/12/2009    USD      4.80
Lehman Brothers T     2.25    5/12/2009    USD      4.80
Lehman Brothers T     7.50    6/15/2017    USD      4.80
Lehman Brothers T     6.00   12/30/2017    EUR      4.80
Lehman Brothers T     4.10    6/10/2014    SGD     16.25
Immigon Portfolio     5.10     7/5/2022    EUR     45.75
Kaupthing Bank Hf     0.20    7/12/2009    JPY     21.63
LBBW                  4.25    8/28/2015    EUR     58.29
LBBW                  5.25    8/28/2015    EUR     54.23
LBBW                  6.50    8/28/2015    EUR     50.25
LBBW                  3.50    8/28/2015    EUR     60.83
Raiffeisen Centro     2.80   11/14/2016    EUR     59.58
Societe Generale      5.00    11/7/2016    EUR     73.31
HSBC Bank PLC         0.50     4/3/2023    AUD     73.75
Leonteq Securitie     6.25   11/13/2015    CHF     51.31
Leonteq Securitie     5.60   11/20/2015    GBP     47.81
Leonteq Securitie     7.60   11/20/2015    USD     29.69
Barclays Bank PLC     3.50     2/5/2016    EUR     65.88
Windreich GmbH        6.75     3/1/2015    EUR     10.88
Bank Julius Baer      3.90   11/30/2015    CHF     52.30
Lehman Brothers T     5.00    8/16/2017    EUR     19.00
Lehman Brothers T     2.50    8/23/2012    GBP      4.80
Sparebanken Din       2.52                 NOK     72.76
Ofoten Sparebank      2.50                 NOK     70.32
Lehman Brothers T     3.00    8/13/2011    EUR      4.80
Lehman Brothers T     6.00    9/20/2011    EUR      4.80
Lehman Brothers T    18.25    10/2/2008    USD      4.80
Lehman Brothers T     3.40    9/21/2009    HKD      4.80
Lehman Brothers T     4.00   10/12/2010    USD      4.80
Zurcher Kantonalb     3.76    1/25/2016    CHF     47.10
Leonteq Securitie     5.25    2/26/2016    CHF     55.30
Leonteq Securitie     3.90     3/1/2016    EUR     52.93
Leonteq Securitie     3.10     3/1/2016    EUR     44.06
Leonteq Securitie     4.50     4/4/2016    EUR     37.81
Lehman Brothers T    12.22   11/21/2017    USD      4.80
Lehman Brothers T     4.80   11/16/2012    HKD      4.80
Lehman Brothers T    14.90   11/16/2010    EUR      4.80
Lehman Brothers T    16.00    10/8/2008    CHF      4.80
Immigon Portfolio     5.23    12/5/2022    EUR     43.75
Klaebu Sparebank      2.57                 NOK     67.33
Leonteq Securitie     5.00    5/23/2016    CHF     62.03
Notenstein Privat     6.00    5/24/2016    EUR     72.42
UBS AG               14.50   12/29/2015    EUR     72.66
UBS AG               14.25   12/29/2015    EUR     59.67
Societe Generale      4.00    6/26/2017    EUR     50.36
Leonteq Securitie     6.20    7/15/2016    EUR     66.47
Barclays Bank PLC     1.64     6/3/2041    USD     69.73
e-Kancelaria Grup     9.00    8/19/2016    PLN      1.55
BNP Paribas SA        0.50    1/31/2018    RUB     75.50
HSBC Trinkaus & B    17.20    9/25/2015    EUR     72.85
Deutsche Bank AG      4.20    7/20/2016    EUR     74.50
Municipality Fina     0.50     2/7/2018    BRL     74.99
Goldman Sachs & C     8.00    8/26/2015    EUR     63.54
Goldman Sachs & C    10.00    8/26/2015    EUR     63.66
Goldman Sachs & C    11.00    8/26/2015    EUR     63.72
Goldman Sachs & C    11.00    8/26/2015    EUR     63.72
Goldman Sachs & C     5.00    8/26/2015    EUR     63.36
Goldman Sachs & C     6.00    8/26/2015    EUR     63.42
UniCredit Bank AG     4.25    8/14/2015    EUR     35.62
UBS AG/London         5.00     8/6/2015    USD     48.53
DZ Bank AG Deutsc    10.75    8/28/2015    EUR     72.29
DZ Bank AG Deutsc     9.50    8/28/2015    EUR     70.90
Landesbank Hessen     4.80    8/21/2015    EUR     67.40
DZ Bank AG Deutsc     8.00   12/28/2015    EUR     67.55
Bank Julius Baer      6.90    8/14/2015    EUR     66.70
Notenstein Privat    10.00    8/14/2015    USD     30.95
Leonteq Securitie     5.00    8/22/2016    CHF     63.61
Leonteq Securitie    13.00    8/25/2015    CHF     30.21
Vontobel Financia     9.20    9/25/2015    EUR     68.92
Raiffeisen Centro     6.95    1/20/2016    EUR     72.23
Commerzbank AG        6.25    6/23/2016    EUR     74.22
Commerzbank AG        6.75    6/23/2016    EUR     72.94
Commerzbank AG        7.25    6/23/2016    EUR     71.70
Commerzbank AG        8.00    6/23/2016    EUR     70.78
UBS AG/London         7.50    8/13/2015    CHF     36.11
DZ Bank AG Deutsc     5.25    9/25/2015    EUR     73.76
DZ Bank AG Deutsc     5.25   12/28/2015    EUR     73.93
Credit Suisse AG/     8.50    2/29/2016    USD     63.19
HSBC Trinkaus & B    10.00    9/25/2015    EUR     64.70
HSBC Trinkaus & B     6.50   12/28/2015    EUR     70.33
HSBC Trinkaus & B     7.00    8/28/2015    EUR     68.25
HSBC Trinkaus & B     6.50    9/25/2015    EUR     64.06
HSBC Trinkaus & B     8.50    8/28/2015    EUR     60.33
DekaBank Deutsche     3.40    6/10/2016    EUR     65.83
Commerzbank AG       10.00    8/27/2015    EUR     66.44
DZ Bank AG Deutsc     7.10     8/7/2015    EUR     61.97
DZ Bank AG Deutsc     9.10     8/7/2015    EUR     58.44
Goldman Sachs & C     7.00    8/26/2015    EUR     65.66
Notenstein Privat     9.10    8/29/2016    CHF     46.50
Notenstein Privat     9.10    8/29/2016    CHF     41.55
Bank Julius Baer      7.00    8/28/2015    USD     38.05
Leonteq Securitie    11.00    8/25/2015    USD     51.53
Vontobel Financia     8.00    8/28/2015    EUR     60.14
DZ Bank AG Deutsc     6.50    8/28/2015    EUR     63.46
DZ Bank AG Deutsc     5.00    8/28/2015    EUR     73.35
Leonteq Securitie    15.20    12/2/2015    CHF     39.91
Leonteq Securitie     8.00    12/8/2015    CHF     61.90
Leonteq Securitie    20.00    12/8/2015    USD     32.92
Raiffeisen Centro     7.25    9/26/2016    EUR     69.33
BNP Paribas Emiss     5.00    9/24/2015    EUR     71.89
BNP Paribas Emiss     6.00    9/24/2015    EUR     67.72
BNP Paribas Emiss     7.50    9/24/2015    EUR     64.07
BNP Paribas Emiss     9.00    9/24/2015    EUR     60.83
BNP Paribas Emiss     4.25   12/24/2015    EUR     74.72
BNP Paribas Emiss     5.00   12/24/2015    EUR     70.90
BNP Paribas Emiss     6.00   12/24/2015    EUR     67.48
BNP Paribas Emiss     7.25   12/24/2015    EUR     64.47
BNP Paribas Emiss     8.50   12/24/2015    EUR     61.76
BNP Paribas Emiss     6.75    9/24/2015    EUR     71.20
BNP Paribas Emiss     6.25   12/24/2015    EUR     72.67
Notenstein Privat     5.04    8/28/2017    CHF     62.52
Notenstein Privat    10.00     9/5/2016    CHF     46.31
Goldman Sachs & C     8.00    8/26/2015    EUR     67.83
HSBC Trinkaus & B     7.60    9/25/2015    EUR     66.38
HSBC Trinkaus & B     6.70    9/25/2015    EUR     66.25
HSBC Trinkaus & B     6.00    9/25/2015    EUR     66.15
HSBC Trinkaus & B     7.10   12/28/2015    EUR     68.09
HSBC Trinkaus & B     6.50   12/28/2015    EUR     67.85
HSBC Trinkaus & B     6.10   12/28/2015    EUR     67.69
HSBC Trinkaus & B     8.50    9/25/2015    EUR     57.59
HSBC Trinkaus & B     7.80    9/25/2015    EUR     57.49
HSBC Trinkaus & B     6.90    9/25/2015    EUR     57.35
HSBC Trinkaus & B     8.10   12/28/2015    EUR     59.09
HSBC Trinkaus & B     7.60   12/28/2015    EUR     58.89
HSBC Trinkaus & B     7.00   12/28/2015    EUR     58.65
HSBC Trinkaus & B     6.10   12/28/2015    EUR     58.29
Lehman Brothers T     3.00    9/13/2010    JPY     19.00
Notenstein Privat     6.10   12/30/2015    EUR     57.40
Notenstein Privat     6.50     7/2/2018    USD     70.62
Credit Suisse AG/     8.25    1/11/2016    CHF     39.22
Leonteq Securitie     8.00     7/7/2016    USD     44.25
Vontobel Financia     9.35    9/11/2015    EUR     72.00
Vontobel Financia     5.85    9/25/2015    EUR     63.92
Notenstein Privat     8.00    1/11/2016    EUR     70.18
Vontobel Financia     3.95    3/11/2016    EUR     70.16
Vontobel Financia     4.05   12/11/2015    EUR     69.12
Vontobel Financia     5.80   12/11/2015    EUR     65.21
Vontobel Financia     7.05    3/11/2016    EUR     63.56
Vontobel Financia     7.70   12/11/2015    EUR     61.93
Vontobel Financia     8.50    9/11/2015    EUR     60.01
Vontobel Financia     5.40    3/11/2016    EUR     66.51
Zurcher Kantonalb     8.80    1/14/2016    CHF     61.08
UBS AG                9.00     7/3/2017    CHF     57.03
UBS AG/London         3.80   12/23/2015    EUR     71.47
UBS AG/London         5.00   12/23/2015    EUR     68.59
Leonteq Securitie     9.40    10/8/2015    USD     62.43
Banque Cantonale      1.00     7/7/2016    CHF     22.17
Credit Suisse AG/     4.00     1/4/2016    EUR     62.71
HSBC Trinkaus & B    10.50    9/25/2015    EUR     69.85
HSBC Trinkaus & B    11.00    9/25/2015    EUR     72.32
HSBC Trinkaus & B    12.50    9/25/2015    EUR     54.54
HSBC Trinkaus & B     8.50    9/25/2015    EUR     58.74
HSBC Trinkaus & B    15.00    9/25/2015    EUR     46.72
HSBC Trinkaus & B    12.00    9/25/2015    EUR     50.54
HSBC Trinkaus & B     7.50    9/25/2015    EUR     57.58
HSBC Trinkaus & B    13.00    9/25/2015    EUR     70.29
HSBC Trinkaus & B    14.50    9/25/2015    EUR     66.72
HSBC Trinkaus & B    11.00    9/25/2015    EUR     72.45
HSBC Trinkaus & B    12.50    9/25/2015    EUR     62.58
HSBC Trinkaus & B    10.00    9/25/2015    EUR     67.07
HSBC Trinkaus & B     7.00    9/25/2015    EUR     72.33
Deutsche Bank AG      5.20    9/22/2015    EUR     54.20
Deutsche Bank AG      5.20   12/22/2015    EUR     55.50
Deutsche Bank AG      6.20    9/22/2015    EUR     54.30
Deutsche Bank AG      7.20    9/22/2015    EUR     54.50
Deutsche Bank AG      7.20   12/22/2015    EUR     60.40
Deutsche Bank AG      7.20   12/22/2015    EUR     56.30
Deutsche Bank AG      6.20    9/22/2015    EUR     58.40
Deutsche Bank AG      5.20    9/22/2015    EUR     58.30
Deutsche Bank AG      6.20   12/22/2015    EUR     60.00
Deutsche Bank AG      7.20    9/22/2015    EUR     58.60
Deutsche Bank AG      5.20   12/22/2015    EUR     59.60
Deutsche Bank AG      6.20   12/22/2015    EUR     55.90
Deutsche Bank AG      6.20    9/22/2015    EUR     74.70
Deutsche Bank AG      5.20    9/22/2015    EUR     71.40
Deutsche Bank AG      5.20    9/22/2015    EUR     57.30
Deutsche Bank AG      7.20    9/22/2015    EUR     57.60
Deutsche Bank AG      6.20    9/22/2015    EUR     57.50
Deutsche Bank AG      7.20    9/22/2015    EUR     54.80
Deutsche Bank AG      6.20    9/22/2015    EUR     54.70
Deutsche Bank AG      5.20    9/22/2015    EUR     54.50
Deutsche Bank AG      7.20    9/22/2015    EUR     52.20
Deutsche Bank AG      6.20    9/22/2015    EUR     52.10
Deutsche Bank AG      5.20    9/22/2015    EUR     51.90
Deutsche Bank AG      7.20    9/22/2015    EUR     49.90
Deutsche Bank AG      6.20    9/22/2015    EUR     49.80
Deutsche Bank AG      5.20    9/22/2015    EUR     49.60
Vontobel Financia     6.90    6/10/2016    EUR     65.16
Vontobel Financia     4.75    6/10/2016    EUR     69.57
Notenstein Privat    11.00    1/25/2016    USD     56.67
Deutsche Bank AG      4.50   12/22/2015    EUR     61.52
Credit Suisse AG/     8.00    1/29/2016    CHF     38.50
DZ Bank AG Deutsc     5.25    9/25/2015    EUR     60.46
UniCredit Bank AG     4.10    9/24/2015    EUR     58.43
UniCredit Bank AG     4.00    9/24/2015    EUR     60.72
Leonteq Securitie    11.52   10/28/2015    CHF     35.75
HSBC Trinkaus & B     5.65    2/22/2016    EUR     68.82
Deutsche Bank AG      5.20    8/26/2015    EUR     65.70
Deutsche Bank AG      6.20    8/26/2015    EUR     63.60
Deutsche Bank AG      7.20    8/26/2015    EUR     63.60
Deutsche Bank AG      5.20    8/26/2015    EUR     63.50
Deutsche Bank AG      6.20    8/26/2015    EUR     65.70
Deutsche Bank AG      7.20    8/26/2015    EUR     65.80
DZ Bank AG Deutsc    16.00    8/28/2015    EUR     37.87
DZ Bank AG Deutsc     6.75    8/28/2015    EUR     57.53
DZ Bank AG Deutsc     5.25    8/28/2015    EUR     63.07
Deutsche Bank AG      7.20   10/21/2015    EUR     64.70
Deutsche Bank AG      6.20   10/21/2015    EUR     64.50
Deutsche Bank AG      5.20   10/21/2015    EUR     64.30
Deutsche Bank AG      5.20   10/21/2015    EUR     66.50
Deutsche Bank AG      7.20   10/21/2015    EUR     66.90
Deutsche Bank AG      6.20   10/21/2015    EUR     66.70
Zurcher Kantonalb     6.30     8/6/2015    EUR     62.50
Zurcher Kantonalb     7.50     8/6/2015    EUR     63.32
UBS AG/London         7.20    1/20/2016    EUR     59.27
HSBC Trinkaus & B     8.50    9/25/2015    EUR     72.51
HSBC Trinkaus & B    12.50    9/25/2015    EUR     74.68
HSBC Trinkaus & B    12.50    9/25/2015    EUR     56.04
HSBC Trinkaus & B     8.50    9/25/2015    EUR     60.54
HSBC Trinkaus & B     6.50   12/28/2015    EUR     63.79
HSBC Trinkaus & B    14.00    9/25/2015    EUR     48.72
HSBC Trinkaus & B    10.50    9/25/2015    EUR     52.65
HSBC Trinkaus & B    13.00    9/25/2015    EUR     60.49
HSBC Trinkaus & B    10.00    9/25/2015    EUR     64.55
HSBC Trinkaus & B    14.50    9/25/2015    EUR     70.75
HSBC Trinkaus & B    12.00    9/25/2015    EUR     67.14
Zurcher Kantonalb    11.03     8/7/2015    CHF     46.78
Notenstein Privat     4.00     2/1/2016    EUR     52.47
UniCredit Bank AG     6.00    9/24/2015    EUR     64.00
UniCredit Bank AG     5.50    9/24/2015    EUR     66.10
UniCredit Bank AG     6.50    9/24/2015    EUR     62.04
UniCredit Bank AG     4.25    9/24/2015    EUR     73.45
UniCredit Bank AG     5.00    9/24/2015    EUR     68.36
UniCredit Bank AG     4.50    9/24/2015    EUR     70.78
DZ Bank AG Deutsc     7.50    9/25/2015    EUR     60.04
DZ Bank AG Deutsc     5.75    8/28/2015    EUR     64.92
DZ Bank AG Deutsc    10.00    8/28/2015    EUR     59.50
DZ Bank AG Deutsc     7.25    9/25/2015    EUR     70.52
Vontobel Financia     9.70    9/11/2015    EUR     69.08
Vontobel Financia     7.25   12/11/2015    EUR     73.45
Vontobel Financia     8.65   12/11/2015    EUR     71.07
Vontobel Financia     5.50    8/14/2015    EUR     62.43
Leonteq Securitie     9.60   11/18/2015    CHF     55.55
UBS AG/London        24.25   12/29/2015    EUR     68.59
UBS AG/London         9.00    9/25/2015    EUR     51.02
UBS AG/London        14.00   12/23/2016    EUR     67.83
UBS AG/London        23.75    6/24/2016    EUR     67.77
UBS AG/London         9.00   12/29/2015    EUR     74.50
UBS AG/London        13.25    6/24/2016    EUR     69.74
UBS AG/London        10.25    9/25/2015    EUR     46.46
UBS AG/London        24.75    9/25/2015    EUR     64.71
UBS AG/London         9.00   12/29/2015    EUR     59.15
UBS AG/London        14.75    9/25/2015    EUR     58.83
Vontobel Financia     6.55     9/4/2015    EUR     65.80
HSBC Trinkaus & B    13.00    9/25/2015    EUR     57.71
HSBC Trinkaus & B     9.00    9/25/2015    EUR     62.52
HSBC Trinkaus & B     7.00   12/28/2015    EUR     66.03
HSBC Trinkaus & B     7.50    8/28/2015    EUR     63.77
HSBC Trinkaus & B     8.00    8/28/2015    EUR     54.33
HSBC Trinkaus & B     8.50    8/28/2015    EUR     68.96
UBS AG/London        24.50    3/29/2016    EUR     67.68
UBS AG/London        22.25    6/24/2016    EUR     56.78
UBS AG/London        23.00   12/29/2015    EUR     74.51
UBS AG/London         7.75   12/22/2017    EUR     70.66
Bank Nederlandse      0.50    9/20/2022    ZAR     53.27
HSBC Bank PLC         0.50   12/20/2018    RUB     68.44
Societe Generale      0.50   11/29/2022    AUD     76.37
Societe Generale      0.50   12/21/2022    AUD     75.92
Lehman Brothers T     4.68   12/12/2045    EUR      4.80
Lehman Brothers T    13.00   12/14/2012    USD      4.80
Lehman Brothers T     4.82   12/18/2036    EUR      4.80
Lehman Brothers T     5.25     4/1/2023    EUR      4.80
Lehman Brothers T     7.25    6/20/2010    USD      4.80
Lehman Brothers T     8.80   12/27/2009    EUR      4.80
Glitnir HF            7.32   12/19/2012    USD     27.25
Kaupthing Bank Hf     7.00     1/3/2011    EUR     21.63
Immigon Portfolio     5.25   12/20/2022    EUR     43.63
Lehman Brothers T     4.00     1/4/2011    USD      4.80
LBI HF                5.25     6/5/2023    EUR      8.50
Lehman Brothers T     0.50   12/20/2017    AUD      4.80
Lehman Brothers T     0.50   12/20/2017    AUD     16.25
Lehman Brothers T     9.30   12/21/2010    EUR      4.80
Lehman Brothers T     0.50   12/20/2017    USD      4.80
Lehman Brothers T     0.50   12/20/2017    USD      4.80
Lehman Brothers T     0.50   12/20/2017    USD      4.80
Lehman Brothers T     5.38     2/4/2014    USD      4.80
Lehman Brothers T    11.00    2/16/2009    CHF      4.80
Lehman Brothers T    10.00    2/16/2009    CHF      4.80
Lehman Brothers T    13.00    2/16/2009    CHF      4.80
Lehman Brothers T     7.00    2/15/2010    CHF      4.80
Lehman Brothers T     6.00    2/19/2023    USD      4.80
Lehman Brothers T     1.00    2/26/2010    USD      4.80
Lehman Brothers T     4.00    3/10/2011    EUR      4.80
Kaupthing Bank Hf     7.63    2/28/2015    USD     21.50
Lehman Brothers T     8.00    3/19/2012    USD      4.80
Lehman Brothers T     7.05     4/8/2015    USD      4.80
Lehman Brothers T     7.80    3/31/2018    USD      4.80
Lehman Brothers T     9.50     4/1/2018    USD      4.80
Lehman Brothers T     7.15    3/21/2013    USD      4.80
Immigon Portfolio     1.37    1/28/2019    EUR     62.38
Lehman Brothers T    12.00    7/13/2037    JPY      4.80
Lehman Brothers T    10.00    6/11/2038    JPY      4.80
Lehman Brothers T     5.00    2/15/2018    EUR      4.80
Lehman Brothers T     9.00     5/6/2011    CHF      4.80
Lehman Brothers T    16.20    5/14/2009    USD      4.80
Lehman Brothers T    10.60    4/22/2014    MXN      4.80
Lehman Brothers T    16.00    11/9/2008    USD      4.80
Kaupthing Bank Hf     7.50     4/2/2011    EUR     21.63
Kaupthing Bank Hf     7.50    10/2/2010    EUR     21.63
Lehman Brothers T     9.75    6/22/2018    USD      4.80
Lehman Brothers T     4.60     8/1/2013    EUR      4.80
Lehman Brothers T     8.00    5/22/2009    USD      4.80
Lehman Brothers T    15.00     6/4/2009    CHF      4.80
Lehman Brothers T     7.60     3/4/2010    NZD      4.80
Lehman Brothers T    17.00     6/2/2009    USD      4.80
Lehman Brothers T    13.50     6/2/2009    USD      4.80
Lehman Brothers T    23.30    9/16/2008    USD      4.80
Lehman Brothers T     3.00     6/3/2010    EUR      4.80
Lehman Brothers T    12.40    6/12/2009    USD      4.80
Lehman Brothers T     2.00    6/28/2011    EUR      4.80
Lehman Brothers T     7.60    5/21/2013    USD      4.80
Lehman Brothers T    10.00    6/17/2009    USD      4.80
Lehman Brothers T     0.50     6/2/2020    EUR      4.80
Lehman Brothers T    11.00     7/4/2011    USD      4.80
Lehman Brothers T    11.00     7/4/2011    CHF      4.80
Lehman Brothers T    12.00     7/4/2011    EUR      4.80
Lehman Brothers T     5.50     7/8/2013    EUR      4.80
Kaupthing Bank Hf     4.95     5/6/2009    EUR     21.63
Lehman Brothers T    16.00   12/26/2008    USD      4.80
Lehman Brothers T    13.43     1/8/2009    ILS      4.80
Lehman Brothers T     0.50     7/2/2020    EUR      4.80
Lehman Brothers T     7.75     1/3/2012    AUD      4.80
Lehman Brothers T     3.10     6/4/2010    USD      4.80
Lehman Brothers T     2.50    8/15/2012    CHF      4.80
Lehman Brothers T    13.15   10/30/2008    USD      4.80
Lehman Brothers T     0.50     8/1/2020    EUR      4.80
Lehman Brothers T     6.00     8/7/2013    EUR      4.80
Glitnir HF            5.24   12/22/2010    USD     27.25
Lehman Brothers T     2.30     6/6/2013    USD      4.80
Lehman Brothers T     7.50    5/30/2010    AUD      4.80
Lehman Brothers T    11.00     5/9/2020    USD      4.80
Lehman Brothers T     4.30     6/4/2012    USD      4.80
Lehman Brothers T     4.00     6/5/2011    USD      4.80
Lehman Brothers T     6.00    6/21/2011    EUR      4.80
Lehman Brothers T     2.00    6/21/2011    EUR      4.80
RegionEnergoInves     8.50    5/30/2016    RUB     60.00
Energospetssnab L     8.50    5/30/2016    RUB     60.00
City of Predeal R     2.50    5/15/2026    RON     60.00
Immigon Portfolio     0.99     3/1/2021    EUR     41.63
BNP Paribas SA        0.50    2/13/2024    NZD     69.11
Glitnir HF            6.00   12/10/2009    ISK      0.02
Glitnir HF            6.20   12/20/2009    ISK      0.02
Glitnir HF            5.00     2/1/2011    ISK     27.25
Glitnir HF            5.00     2/1/2016    ISK     27.25
Kaupthing Bank Hf     7.00    7/24/2009    ISK     21.63
Kaupthing Bank Hf     8.00    6/22/2011    ISK      0.00
Kaupthing Bank Hf     7.00    4/28/2012    ISK      0.00
LBI HF                5.08     3/1/2013    ISK      8.50
Lehman Brothers T     4.05    9/16/2008    EUR      4.80
Kaupthing Bank Hf     6.50    10/8/2010    ISK     21.63
Kaupthing Bank Hf     7.50    12/5/2014    ISK     21.63
Lehman Brothers T     2.30    6/27/2013    USD      4.80
Lehman Brothers T     2.37    7/15/2013    USD      4.80
Lehman Brothers T     1.95    11/4/2013    EUR      4.80
Hypothekenbank Fr     0.26    6/30/2051    EUR     83.33
Lehman Brothers T     8.05   12/20/2010    HKD      4.80
KPNQwest NV           8.88     2/1/2008    EUR      0.50
Royal Bank of Sco     1.69   11/14/2016    GBP
Lehman Brothers T     5.00    3/13/2009    EUR      4.80
Lehman Brothers T     5.22     3/1/2024    EUR      4.80
Lehman Brothers T     3.20    3/19/2018    JPY      4.80
Lehman Brothers T     4.60    11/9/2011    EUR     19.00
Lehman Brothers T     3.50   12/20/2027    USD      4.80
Zurcher Kantonalb     5.00    9/17/2015    CHF     47.94
Lehman Brothers T     3.00    12/3/2012    EUR      4.80
Immigon Portfolio     5.21    12/6/2022    EUR     43.63
Lehman Brothers T    13.00    7/25/2012    EUR      4.80
Lehman Brothers T    10.00     8/2/2037    JPY      4.80
HSBC Bank PLC         0.50     2/2/2023    AUD     72.20
Lehman Brothers T     3.50   10/31/2011    USD      4.80
Lehman Brothers T     0.25   10/19/2012    CHF      4.80
Lehman Brothers T     1.68     3/5/2015    EUR      4.80
Lehman Brothers T    13.50   11/28/2008    USD      4.80
Lehman Brothers T     9.00    5/15/2022    USD      4.80
Lehman Brothers T     6.75     4/5/2012    EUR      4.80
Leonteq Securitie     6.11     1/7/2016    EUR     47.28
Leonteq Securitie     6.00     1/7/2016    EUR     27.00
Leonteq Securitie     7.00    1/22/2016    CHF     37.62
Totens Sparebank      3.01                 NOK     55.76
Immigon Portfolio     5.20     4/1/2020    EUR     61.63
Lehman Brothers T     3.50    6/20/2011    EUR      4.80
Lehman Brothers T     5.50    6/22/2010    USD     16.25
Lehman Brothers T    10.00   10/23/2008    USD      4.80
Lehman Brothers T    10.00   10/22/2008    USD      4.80
Lehman Brothers T     6.45    2/20/2010    AUD      4.80
Lehman Brothers T     6.60    5/23/2012    AUD      4.80
Lehman Brothers T     3.45    5/23/2013    USD      4.80
Lehman Brothers T    16.00   10/28/2008    USD      4.80
UNGP-Finance OOO     10.00   12/16/2020    RUB     60.00
Lehman Brothers T     6.85   12/22/2008    EUR      4.80
Lehman Brothers T     7.55   12/29/2008    USD      4.80
e-Kancelaria Grup     9.00   10/25/2016    PLN      1.00
LBBW                  3.00    9/25/2015    EUR     70.45
LBBW                  4.00    9/25/2015    EUR     68.33
LBBW                  3.40   11/24/2017    EUR     73.36
LBBW                  2.50    9/23/2016    EUR     74.08
LBBW                  3.50    9/23/2016    EUR     71.14
LBBW                  4.50    9/23/2016    EUR     68.69
Lehman Brothers T     5.25   11/21/2009    USD      4.80
Zurcher Kantonalb     4.25    4/19/2016    CHF     70.57
Glitnir HF            6.00   12/15/2012    GBP     27.25
Lehman Brothers T     1.50   10/12/2010    EUR      4.80
Lehman Brothers T     7.00   10/22/2010    EUR      4.80
TransFin-M PAO       10.50   11/27/2015    RUB     60.13
Leonteq Securitie    10.00    1/22/2016    USD     39.24
DZ Bank AG Deutsc     5.40   10/23/2015    EUR     71.89
DZ Bank AG Deutsc     4.40   10/23/2015    EUR     71.67
DZ Bank AG Deutsc     5.60   10/23/2015    EUR     65.53
DZ Bank AG Deutsc     3.90   10/23/2015    EUR     52.35
DZ Bank AG Deutsc     4.90   10/23/2015    EUR     49.81
DZ Bank AG Deutsc     5.80   10/23/2015    EUR     47.92
DZ Bank AG Deutsc     6.50   10/23/2015    EUR     70.38
DZ Bank AG Deutsc     6.00   10/23/2015    EUR     67.16
DZ Bank AG Deutsc     4.70   10/23/2015    EUR     63.87
DZ Bank AG Deutsc     5.90   10/23/2015    EUR     50.81
DZ Bank AG Deutsc     5.80   10/23/2015    EUR     48.43
DZ Bank AG Deutsc     4.70   10/23/2015    EUR     46.04
DZ Bank AG Deutsc     5.60   10/22/2015    EUR     73.66
DZ Bank AG Deutsc     5.60   10/22/2015    EUR     52.04
DZ Bank AG Deutsc     5.70   10/22/2015    EUR     74.73
DZ Bank AG Deutsc     6.60   10/22/2015    EUR     73.15
Vontobel Financia     3.70    9/25/2015    EUR     70.65
HSBC Trinkaus & B     8.40    9/25/2015    EUR     72.38
HSBC Trinkaus & B     7.80    9/25/2015    EUR     72.30
HSBC Trinkaus & B     7.10    9/25/2015    EUR     72.20
HSBC Trinkaus & B     7.90   12/28/2015    EUR     73.66
HSBC Trinkaus & B     7.50   12/28/2015    EUR     73.50
HSBC Trinkaus & B     7.00   12/28/2015    EUR     73.29
HSBC Trinkaus & B     5.90   12/28/2015    EUR     72.85
Leonteq Securitie     4.68    8/29/2017    CHF     61.35
Deutsche Bank AG      7.20    8/26/2015    EUR     70.70
Deutsche Bank AG      6.20    8/26/2015    EUR     68.10
Deutsche Bank AG      5.20    8/26/2015    EUR     68.00
Deutsche Bank AG      7.20    8/26/2015    EUR     68.10
Deutsche Bank AG      6.20   10/21/2015    EUR     71.50
Deutsche Bank AG      5.20   10/21/2015    EUR     71.30
Deutsche Bank AG      7.20   10/21/2015    EUR     71.70
Deutsche Bank AG      6.20   10/21/2015    EUR     69.00
Deutsche Bank AG      5.20   10/21/2015    EUR     68.80
Deutsche Bank AG      7.20   10/21/2015    EUR     69.20
UBS AG/London        24.75    3/29/2016    EUR     54.17
UBS AG/London        18.50   12/29/2015    EUR     56.07
UBS AG/London         5.75    6/24/2016    EUR     72.93
Goldman Sachs & C     6.00    8/26/2015    EUR     72.92
Goldman Sachs & C     7.00    8/26/2015    EUR     70.28
Goldman Sachs & C     9.00    8/26/2015    EUR     65.56
Goldman Sachs & C    14.00    8/26/2015    EUR     59.59
Commerzbank AG        4.50    8/27/2015    EUR     73.56
Commerzbank AG        5.50    8/27/2015    EUR     71.61
Commerzbank AG        6.50    8/27/2015    EUR     69.73
Commerzbank AG        7.50    8/27/2015    EUR     67.97
Commerzbank AG        8.50    8/27/2015    EUR     66.29
Commerzbank AG        9.75    8/27/2015    EUR     64.74
Commerzbank AG       12.00    8/27/2015    EUR     70.07
Leonteq Securitie     9.50     9/8/2016    USD     54.25
Leonteq Securitie     8.64     9/8/2016    CHF     54.79
DZ Bank AG Deutsc     7.75    9/25/2015    EUR     66.43
DZ Bank AG Deutsc     7.00   12/28/2015    EUR     68.25
Notenstein Privat     7.40   10/31/2016    CHF     39.59
UBS AG               14.25    9/25/2015    EUR     61.04
DZ Bank AG Deutsc     8.50    9/25/2015    EUR     65.76
Commerzbank AG        8.75    8/27/2015    EUR     57.09
Commerzbank AG       17.25    8/27/2015    EUR     63.71
Commerzbank AG        6.25    8/27/2015    EUR     69.57
Bank Julius Baer      7.40     9/9/2015    CHF     37.60
UniCredit Bank AG     4.50    9/24/2015    EUR     72.36
UniCredit Bank AG     5.20    9/24/2015    EUR     69.83
Vontobel Financia     5.80   12/28/2015    EUR     70.00
HSBC Trinkaus & B    10.80    9/25/2015    EUR     55.24
HSBC Trinkaus & B     8.80   10/23/2015    EUR     58.35
HSBC Trinkaus & B     6.00   12/28/2015    EUR     35.32
HSBC Trinkaus & B     6.00   12/28/2015    EUR     64.32
HSBC Trinkaus & B     6.00   12/28/2015    EUR     69.98
Vontobel Financia     6.45    9/11/2015    EUR     67.40
Vontobel Financia     8.05    9/11/2015    EUR     65.26
Commerzbank AG        6.00    8/27/2015    EUR     73.61
Commerzbank AG        9.25    8/27/2015    EUR     69.95
Vontobel Financia     5.10    9/11/2015    EUR     70.63
Vontobel Financia     7.80    9/11/2015    EUR     66.07
Commerzbank AG        6.00    8/27/2015    EUR     70.40
Republika Srpska      9.00    9/26/2027    BAM     67.21
UBS AG                8.25   12/22/2017    EUR     70.10
LBBW                  4.30    9/23/2016    EUR     69.88
Leonteq Securitie     8.64    8/25/2015    CHF      9.91
Notenstein Privat    10.12    8/26/2015    USD     55.46
LBBW                  4.00    9/25/2015    EUR     73.85
DZ Bank AG Deutsc     5.00    8/14/2015    EUR     73.16
Credit Suisse AG/     8.25    9/14/2015    CHF     72.48
Notenstein Privat     8.75    9/14/2015    EUR     67.71
DZ Bank AG Deutsc     7.25    8/14/2015    EUR     66.84
DekaBank Deutsche     3.40     3/5/2018    EUR     74.37
Goldman Sachs & C     7.00    9/23/2015    EUR     66.19
Goldman Sachs & C     7.00    9/23/2015    EUR     66.19
Goldman Sachs & C    10.00    9/23/2015    EUR     66.60
Goldman Sachs & C    10.00    9/23/2015    EUR     66.60
Goldman Sachs & C     7.00    9/23/2015    EUR     73.62
Goldman Sachs & C    10.00    9/23/2015    EUR     66.54
Goldman Sachs & C    11.00    9/23/2015    EUR     64.36
HSBC Trinkaus & B     7.50    9/25/2015    EUR     66.52
HSBC Trinkaus & B     6.50    9/25/2015    EUR     69.69
Credit Suisse AG/     7.50    9/25/2015    CHF     74.80
Leonteq Securitie     7.07    9/21/2015    CHF     38.90
DZ Bank AG Deutsc     8.00    9/11/2015    EUR     66.31
HSBC Trinkaus & B     7.00    9/25/2015    EUR     68.78
HSBC Trinkaus & B     7.00    9/25/2015    EUR     67.91
Goldman Sachs & C     8.00    9/23/2015    EUR     66.33
Goldman Sachs & C     8.00    9/23/2015    EUR     71.06
Leonteq Securitie     6.58    3/29/2016    EUR     68.15
DekaBank Deutsche     3.40    6/24/2016    EUR     67.82
Goldman Sachs & C    11.00    9/23/2015    EUR     66.74
Goldman Sachs & C    11.00    9/23/2015    EUR     66.74
Societe Generale      4.00    3/29/2016    EUR     54.08
DZ Bank AG Deutsc     7.00    9/25/2015    EUR     69.12
UBS AG/London        22.50   12/29/2015    EUR     74.14
Raiffeisen Centro     5.60    6/15/2016    EUR     70.19
DZ Bank AG Deutsc     8.00    9/11/2015    EUR     67.54
DZ Bank AG Deutsc     6.75    9/11/2015    EUR     67.41
DZ Bank AG Deutsc     5.25    9/11/2015    EUR     67.61
DZ Bank AG Deutsc     4.90    9/11/2015    EUR     74.76
DZ Bank AG Deutsc     5.80    9/11/2015    EUR     72.38
UniCredit Bank AG     4.00    9/24/2015    EUR     41.27
UniCredit Bank AG     4.00    9/24/2015    EUR     72.26
UniCredit Bank AG     4.00    9/24/2015    EUR     42.19
Deutsche Bank AG      5.20    8/26/2015    EUR     69.10
Deutsche Bank AG      6.20    8/26/2015    EUR     73.20
Deutsche Bank AG      5.20    8/26/2015    EUR     73.10
Deutsche Bank AG      6.20    8/26/2015    EUR     69.10
Deutsche Bank AG      6.20    8/26/2015    EUR     73.30
Deutsche Bank AG      6.20    8/26/2015    EUR     70.60
Deutsche Bank AG      5.20    8/26/2015    EUR     70.50
Deutsche Bank AG      5.20    8/26/2015    EUR     73.20
DZ Bank AG Deutsc     5.50   12/28/2015    EUR     74.07
DZ Bank AG Deutsc     7.30    9/11/2015    EUR     70.31
DekaBank Deutsche     3.20    5/20/2016    EUR     74.54
DZ Bank AG Deutsc     7.50    9/11/2015    EUR     69.09
Vontobel Financia     6.50    9/11/2015    EUR     68.27
Vontobel Financia     8.90    9/11/2015    EUR     64.00
Vontobel Financia    10.45    9/11/2015    EUR     62.74
Vontobel Financia     8.65    9/11/2015    EUR     65.81
Vontobel Financia     6.95    9/11/2015    EUR     69.26
Vontobel Financia     5.35    9/11/2015    EUR     73.13
Vontobel Financia     4.95    9/11/2015    EUR     64.47
Vontobel Financia     7.80    9/11/2015    EUR     64.76
Vontobel Financia     4.55    9/11/2015    EUR     63.92
Leonteq Securitie     6.70     6/6/2016    USD     57.11
Goldman Sachs & C     6.00   12/23/2015    EUR     74.85
Goldman Sachs & C     8.00   12/23/2015    EUR     71.70
Goldman Sachs & C    10.00   12/23/2015    EUR     65.67
Goldman Sachs & C     6.00   12/23/2015    EUR     72.34
Goldman Sachs & C     7.00   12/23/2015    EUR     70.24
Goldman Sachs & C     8.00   12/23/2015    EUR     68.30
Goldman Sachs & C     9.00   12/23/2015    EUR     66.56
DZ Bank AG Deutsc     5.75    9/25/2015    EUR     65.18
Vontobel Financia     6.05    9/25/2015    EUR     64.55
Vontobel Financia     4.40    9/25/2015    EUR     63.77
Vontobel Financia     9.20    9/25/2015    EUR     62.99
Vontobel Financia     5.90    9/25/2015    EUR     69.39
Vontobel Financia     5.85    9/25/2015    EUR     68.44
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     67.10
Deutsche Bank AG      6.20    9/22/2015    EUR     66.00
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     71.10
Deutsche Bank AG      7.20   12/22/2015    EUR     64.70
Deutsche Bank AG      5.20   12/22/2015    EUR     70.70
Deutsche Bank AG      6.20    9/22/2015    EUR     62.70
Deutsche Bank AG      5.20    9/22/2015    EUR     62.60
Deutsche Bank AG      5.20    9/22/2015    EUR     69.40
Deutsche Bank AG      5.20    9/22/2015    EUR     65.80
Deutsche Bank AG      6.20   12/22/2015    EUR     67.50
Deutsche Bank AG      5.20   12/22/2015    EUR     63.90
Deutsche Bank AG      5.20   12/22/2015    EUR     65.10
Deutsche Bank AG      6.20   12/22/2015    EUR     64.30
Deutsche Bank AG      7.20    9/22/2015    EUR     66.10
Deutsche Bank AG      6.20   12/22/2015    EUR     65.50
Deutsche Bank AG      7.20    9/22/2015    EUR     66.30
Deutsche Bank AG      5.20    9/22/2015    EUR     63.90
Deutsche Bank AG      6.20   12/22/2015    EUR     67.70
Deutsche Bank AG      6.20   12/22/2015    EUR     72.50
Deutsche Bank AG      7.20   12/22/2015    EUR     65.90
Deutsche Bank AG      6.20    9/22/2015    EUR     64.00
Deutsche Bank AG      5.20   12/22/2015    EUR     72.10
Deutsche Bank AG      5.20    9/22/2015    EUR     66.00
Deutsche Bank AG      5.20   12/22/2015    EUR     67.30
Deutsche Bank AG      7.20   12/22/2015    EUR     70.40
Deutsche Bank AG      5.20   12/22/2015    EUR     69.60
Deutsche Bank AG      7.20    9/22/2015    EUR     64.20
Deutsche Bank AG      7.20   12/22/2015    EUR     72.90
Deutsche Bank AG      6.20   12/22/2015    EUR     70.00
Deutsche Bank AG      5.20   12/22/2015    EUR     74.80
Deutsche Bank AG      7.20   12/22/2015    EUR     68.10
Deutsche Bank AG      6.20    9/22/2015    EUR     66.20
UBS AG                7.00   12/29/2015    EUR     70.12
UBS AG                9.75    9/25/2015    EUR     59.53
UBS AG               24.25    9/25/2015    EUR     37.17
UBS AG               22.25   12/29/2015    EUR     69.66
UBS AG               21.25   12/29/2015    EUR     73.75
UBS AG               12.00   12/29/2015    EUR     55.45
UBS AG               23.25    9/25/2015    EUR     72.21
UBS AG               22.25   12/29/2015    EUR     64.99
UBS AG               24.75    9/25/2015    EUR     48.88
UBS AG               22.50    9/25/2015    EUR     71.69
UBS AG               19.50   12/29/2015    EUR     71.35
UBS AG               12.50    9/25/2015    EUR     69.29
UBS AG               16.50    9/25/2015    EUR     61.71
UBS AG               23.50    9/25/2015    EUR     48.20
UBS AG               22.75    9/25/2015    EUR     63.84
UBS AG                6.25   12/29/2015    EUR     72.65
UBS AG               14.00    9/25/2015    EUR     70.24
UBS AG               11.00    9/25/2015    EUR     72.30
UBS AG               24.50    9/25/2015    EUR     61.57
UBS AG               21.75   12/29/2015    EUR     66.96
UBS AG               20.00   12/29/2015    EUR     68.77
UBS AG               23.25   12/29/2015    EUR     72.57
UBS AG               17.50    9/25/2015    EUR     45.24
UBS AG               24.25    9/25/2015    EUR     68.49
UBS AG               12.50   12/29/2015    EUR     68.97
UBS AG                9.50   12/29/2015    EUR     61.68
UBS AG               23.00   12/29/2015    EUR     52.91
UBS AG               11.25   12/29/2015    EUR     71.35
Barclays Bank PLC     4.17     1/5/2017    EUR
Bank Julius Baer      7.30    1/19/2016    CHF     63.55
Bank Julius Baer      7.50    1/19/2016    USD     63.20
Credit Suisse AG/     2.75    1/29/2019    SEK     59.80
UBS AG               24.00   12/29/2015    EUR     61.11
UBS AG               19.25    3/29/2016    EUR     68.40
UBS AG               19.75    6/24/2016    EUR     68.31
UBS AG               18.00    6/24/2016    EUR     70.96
UBS AG               17.50    6/24/2016    EUR     59.38
UBS AG               21.75    3/29/2016    EUR     53.62
UBS AG               24.50    9/25/2015    EUR     65.45
UBS AG               24.50   12/29/2015    EUR     65.85
UBS AG               22.00   12/29/2015    EUR     65.04
UBS AG               19.75    3/29/2016    EUR     69.13
UBS AG               22.50   12/29/2015    EUR     68.86
UBS AG               24.75    9/25/2015    EUR     59.13
UBS AG               23.75   12/29/2015    EUR     48.07
UBS AG               22.25    3/29/2016    EUR     64.56
UBS AG               20.00   12/29/2015    EUR     52.09
UBS AG               24.50    9/25/2015    EUR     72.96
UBS AG               22.75    9/25/2015    EUR     47.14
UBS AG               21.25    3/29/2016    EUR     66.71
UBS AG                8.75    3/29/2016    EUR     73.23
UBS AG               25.00   12/29/2015    EUR     60.00
UBS AG               25.00    9/25/2015    EUR     59.60
UBS AG               23.00   12/29/2015    EUR     55.69
UBS AG               24.25   12/29/2015    EUR     65.85
UBS AG               16.50    6/24/2016    EUR     60.68
UBS AG               21.25    3/29/2016    EUR     65.40
UBS AG               16.75    6/24/2016    EUR     72.93
UBS AG               24.50   12/29/2015    EUR     49.23
UBS AG               13.50    6/24/2016    EUR     64.55
UBS AG               23.50   12/29/2015    EUR     46.53
UBS AG               21.75   12/29/2015    EUR     64.52
UBS AG               18.75    3/29/2016    EUR     71.28
UBS AG               11.50    6/24/2016    EUR     67.66
UBS AG               17.25    6/24/2016    EUR     74.10
UBS AG               21.50    3/29/2016    EUR     70.23
UBS AG               23.75   12/29/2015    EUR     66.47
UBS AG               10.25    6/24/2016    EUR     70.33
UBS AG               13.25   12/29/2015    EUR     56.73
UBS AG                8.75    9/25/2015    EUR     69.64
Deutsche Bank AG      6.20    9/22/2015    EUR     69.60
Goldman Sachs & C     7.00   12/23/2015    EUR     71.31
Goldman Sachs & C    11.00   12/23/2015    EUR     63.13
Goldman Sachs & C    11.00   12/23/2015    EUR     63.25
UBS AG                8.50    6/24/2016    EUR     72.96
UBS AG                9.50   12/29/2015    EUR     59.90
UBS AG               14.75    3/29/2016    EUR     59.41
UBS AG                8.50   12/29/2015    EUR     71.73
UBS AG                7.25   12/29/2015    EUR     71.35
Raiffeisen Centro     9.41    1/20/2016    EUR     70.77
Raiffeisen Centro     8.24    1/20/2016    EUR     68.52
HSBC Trinkaus & B     6.00    12/6/2016    EUR     67.01
DZ Bank AG Deutsc     7.25    9/11/2015    EUR     68.70
HSBC Trinkaus & B     6.00    9/25/2015    EUR     73.64
UBS AG               18.50   12/29/2015    EUR     61.04
UBS AG               20.75   12/29/2015    EUR     57.64
UBS AG               12.25   12/29/2015    EUR     73.35
UBS AG               16.50    9/25/2015    EUR     63.90
UBS AG               13.50    9/25/2015    EUR     70.36
UBS AG               19.75   12/29/2015    EUR     64.76
UBS AG               20.50   12/29/2015    EUR     60.44
UBS AG               19.75   12/29/2015    EUR     59.30
UBS AG               23.00    9/25/2015    EUR     55.30
UBS AG               22.75   12/29/2015    EUR     59.26
UBS AG               13.50   12/29/2015    EUR     70.30
UBS AG               24.25    9/25/2015    EUR     72.08
UBS AG               22.75   12/29/2015    EUR     74.58
UBS AG                9.75    9/25/2015    EUR     69.41
UBS AG               18.00    9/25/2015    EUR     68.01
UBS AG               14.75    9/25/2015    EUR     56.45
UBS AG               10.75   12/29/2015    EUR     71.91
UBS AG               14.75    9/25/2015    EUR     59.18
UBS AG               14.75    6/24/2016    EUR     71.80
UBS AG               13.25    9/25/2015    EUR     51.61
Raiffeisen Centro     7.33    8/21/2015    EUR     60.03
Notenstein Privat    11.00    8/14/2015    CHF     40.96
Leonteq Securitie    13.72    8/14/2015    AUD     56.70
Credit Suisse AG/     8.75    8/24/2015    CHF     71.24
DZ Bank AG Deutsc     6.25    10/9/2015    EUR     69.82
UBS AG               20.50    6/24/2016    EUR     67.34
UBS AG               16.75   12/23/2016    EUR     74.44
UBS AG               17.00    6/24/2016    EUR     74.58
UBS AG               20.25    3/29/2016    EUR     69.41
UBS AG               24.25   12/29/2015    EUR     61.14
UBS AG               16.00   12/23/2016    EUR     63.20
UBS AG               18.75    6/24/2016    EUR     71.60
UBS AG               22.50    3/29/2016    EUR     63.98
UBS AG               18.25    3/29/2016    EUR     72.77
Notenstein Privat    11.00    8/28/2015    CHF     48.27
Credit Suisse AG/     7.75    8/28/2015    CHF     71.52
UBS AG                7.25    3/29/2016    EUR     73.64
UBS AG                7.75    6/24/2016    EUR     70.46
Kommunalbanken AS     0.50    2/23/2018    BRL     74.77
Kommunalbanken AS     0.50     2/2/2018    BRL     75.17
e-Kancelaria Grup     9.00   12/23/2015    PLN      2.00
UBS AG               13.83     5/5/2016    USD      7.71
DZ Bank AG Deutsc     5.00   10/23/2015    EUR     65.65
DZ Bank AG Deutsc     8.75   10/23/2015    EUR     60.77
Deutsche Bank AG      4.20   12/22/2015    EUR     60.80
Deutsche Bank AG      5.20   12/22/2015    EUR     61.20
Deutsche Bank AG      4.20    9/22/2015    EUR     59.80
Deutsche Bank AG      4.20    9/22/2015    EUR     63.70
Deutsche Bank AG      5.20    9/22/2015    EUR     59.90
Deutsche Bank AG      4.20   12/22/2015    EUR     64.80
Deutsche Bank AG      4.20    9/22/2015    EUR     65.90
Deutsche Bank AG      4.20   12/22/2015    EUR     66.90
Deutsche Bank AG      5.20    3/22/2016    EUR     68.60
Deutsche Bank AG      6.20    3/22/2016    EUR     69.20
Deutsche Bank AG      5.20    3/22/2016    EUR     66.40
Deutsche Bank AG      6.20    3/22/2016    EUR     67.10
Deutsche Bank AG      5.20    6/21/2016    EUR     67.70
HSBC Trinkaus & B    17.10    9/25/2015    EUR     42.26
HSBC Trinkaus & B    13.40    9/25/2015    EUR     44.90
HSBC Trinkaus & B    11.30   10/23/2015    EUR     47.18
Vontobel Financia     7.25   12/28/2015    EUR     70.58
Vontobel Financia     7.00   10/30/2015    EUR     71.10
Commerzbank AG        8.50   11/26/2015    EUR     69.78
Goldman Sachs & C    21.00   11/25/2015    EUR     65.48
Deutsche Bank AG      5.80   12/23/2015    EUR     73.53
Deutsche Bank AG      5.80   11/25/2015    EUR     73.12
Deutsche Bank AG      5.80   10/21/2015    EUR     72.61
Bank J Safra Sara    11.02   12/30/2015    EUR     72.05
Goldman Sachs Int     1.00    12/5/2017    SEK     13.63
DZ Bank AG Deutsc     6.00   11/27/2015    EUR     70.03
HSBC Trinkaus & B    10.90    8/28/2015    EUR     71.02
HSBC Trinkaus & B     9.50   11/27/2015    EUR     73.26
Commerzbank AG        3.00    12/3/2015    EUR     70.78
Leonteq Securitie     5.70    12/3/2015    USD     66.74
UniCredit Bank AG     4.10    6/24/2016    EUR     72.97
UniCredit Bank AG     4.25    6/24/2016    EUR     70.12
Deutsche Bank AG      5.20   11/25/2015    EUR     71.80
Deutsche Bank AG      5.20    3/22/2016    EUR     73.30
Deutsche Bank AG      6.20    3/22/2016    EUR     73.90
Deutsche Bank AG      5.20    3/22/2016    EUR     70.80
Deutsche Bank AG      5.20   10/21/2015    EUR     74.00
Deutsche Bank AG      6.20   11/25/2015    EUR     74.70
Deutsche Bank AG      6.20   11/25/2015    EUR     72.10
Deutsche Bank AG      5.20   11/25/2015    EUR     69.30
Deutsche Bank AG      6.20   11/25/2015    EUR     69.60
Deutsche Bank AG      5.20   11/25/2015    EUR     74.40
Deutsche Bank AG      6.20   10/21/2015    EUR     74.20
Deutsche Bank AG      6.20    3/22/2016    EUR     71.50
Commerzbank AG       12.00   11/26/2015    EUR     59.20
Commerzbank AG       10.00    9/24/2015    EUR     69.47
Commerzbank AG        8.50   11/26/2015    EUR     70.74
Deutsche Bank AG      7.20   11/25/2015    EUR     72.40
Deutsche Bank AG      7.20    3/22/2016    EUR     74.60
Deutsche Bank AG      7.20   11/25/2015    EUR     69.90
Deutsche Bank AG      7.20    3/22/2016    EUR     72.10
Vontobel Financia     6.00   12/11/2015    EUR     66.19
Vontobel Financia     4.55    9/11/2015    EUR     65.62
Zurcher Kantonalb     7.80   12/11/2015    CHF     70.43
Vontobel Financia     5.60   12/11/2015    EUR     74.82
Vontobel Financia     6.00    9/11/2015    EUR     73.43
DZ Bank AG Deutsc     7.00    6/24/2016    EUR     68.36
Zurcher Kantonalb     9.00   12/16/2015    EUR     71.52
Commerzbank AG        7.50   11/26/2015    EUR     68.62
Commerzbank AG        5.75   11/26/2015    EUR     74.44
Commerzbank AG        7.75   11/26/2015    EUR     71.25
Commerzbank AG       10.00   11/26/2015    EUR     68.50
Commerzbank AG       10.25   11/26/2015    EUR     67.16
Commerzbank AG       13.25   11/26/2015    EUR     63.38
Goldman Sachs & C     6.00    1/20/2016    EUR     68.00
Goldman Sachs & C     6.00    1/20/2016    EUR     68.00
Goldman Sachs & C     8.00    1/20/2016    EUR     68.93
Goldman Sachs & C    10.00    1/20/2016    EUR     69.85
Goldman Sachs & C    10.00    1/20/2016    EUR     69.85
Goldman Sachs & C    10.00    1/20/2016    EUR     69.85
Goldman Sachs & C     6.00    6/22/2016    EUR     68.26
Goldman Sachs & C     5.00    6/22/2016    EUR     73.13
Goldman Sachs & C     8.00    6/22/2016    EUR     70.02
Goldman Sachs & C     7.00    6/22/2016    EUR     69.14
Goldman Sachs & C    10.00    6/22/2016    EUR     71.78
Goldman Sachs & C    20.00    9/23/2015    EUR     73.44
Goldman Sachs & C    25.00    9/23/2015    EUR     70.20
Goldman Sachs & C    23.00   10/21/2015    EUR     71.75
Goldman Sachs & C    20.00   12/23/2015    EUR     74.56
Goldman Sachs & C    22.00   12/23/2015    EUR     60.91
Goldman Sachs & C    10.00    1/20/2016    EUR     69.90
Goldman Sachs & C    15.00    1/20/2016    EUR     65.96
Goldman Sachs & C    18.00    1/20/2016    EUR     63.86
Goldman Sachs & C    21.00    1/20/2016    EUR     62.15
Goldman Sachs & C    10.00    6/22/2016    EUR     72.00
Goldman Sachs & C    15.00    6/22/2016    EUR     67.08
Goldman Sachs & C    17.00    6/22/2016    EUR     65.85
Deutsche Bank AG      4.20    9/22/2015    EUR     73.40
Deutsche Bank AG      4.20   11/25/2015    EUR     74.10
Deutsche Bank AG      4.20   12/22/2015    EUR     74.40
Deutsche Bank AG      3.20    3/22/2016    EUR     74.60
Deutsche Bank AG      3.20    6/22/2016    EUR     72.90
Deutsche Bank AG      4.20    6/22/2016    EUR     73.80
Deutsche Bank AG      4.20   10/21/2015    EUR     73.70
Deutsche Bank AG      6.20   11/25/2015    EUR     67.30
Deutsche Bank AG      7.20   11/25/2015    EUR     67.60
Deutsche Bank AG      7.20    3/22/2016    EUR     69.80
Deutsche Bank AG      7.20    6/22/2016    EUR     69.50
Deutsche Bank AG      5.20    6/22/2016    EUR     74.70
Deutsche Bank AG      5.20    6/22/2016    EUR     72.20
Deutsche Bank AG      5.20    6/22/2016    EUR     69.90
Leonteq Securitie    11.00   12/15/2015    USD     55.78
Bank J Safra Sara     5.75   12/17/2015    CHF     66.36
Goldman Sachs & C     7.00    1/20/2016    EUR     70.78
DZ Bank AG Deutsc     8.75   12/28/2015    EUR     68.19
DZ Bank AG Deutsc     9.20   11/25/2015    EUR     67.44
Deutsche Bank AG      8.20   12/22/2015    EUR     73.30
Deutsche Bank AG      8.20    6/22/2016    EUR     74.90
HSBC Trinkaus & B     6.30    9/25/2015    EUR     72.30
HSBC Trinkaus & B    10.40   12/28/2015    EUR     66.57
HSBC Trinkaus & B     6.60   12/28/2015    EUR     72.51
HSBC Trinkaus & B    13.20   11/27/2015    EUR     63.50
HSBC Trinkaus & B     7.30    9/25/2015    EUR     74.03
Zurcher Kantonalb     5.60   11/18/2015    USD     66.50
Leonteq Securitie    11.00    12/4/2015    USD     70.86
Bank Julius Baer      7.90   11/20/2015    USD     44.10
Notenstein Privat     8.50   11/28/2016    CHF     48.93
Notenstein Privat     8.20    5/27/2016    CHF     55.20
Leonteq Securitie     6.00   11/28/2016    CHF     66.45
UniCredit Bank AG     4.25   12/24/2015    EUR     73.08
UniCredit Bank AG     4.20   12/24/2015    EUR     74.43
UniCredit Bank AG     4.50   12/24/2015    EUR     68.22
UniCredit Bank AG     4.45   12/24/2015    EUR     69.38
UniCredit Bank AG     4.40   12/24/2015    EUR     70.59
UniCredit Bank AG     4.30   12/24/2015    EUR     71.81
Goldman Sachs & C    25.00    8/26/2015    EUR     60.26
Leonteq Securitie    10.80   11/24/2015    CHF     69.93
DZ Bank AG Deutsc    10.25   11/27/2015    EUR     71.57
Commerzbank AG       11.25   11/26/2015    EUR     65.48
Commerzbank AG       14.25   11/26/2015    EUR     61.96
Zurcher Kantonalb     5.25    12/4/2015    CHF     69.07
UBS AG/London        11.50   11/26/2015    CHF     55.85
UBS AG/London        10.75   11/26/2015    CHF     55.61
Bank Julius Baer      6.50    12/4/2015    EUR     68.65
Goldman Sachs & C    19.00    9/23/2015    EUR     61.51
Goldman Sachs & C    25.00    8/26/2015    EUR     56.77
Goldman Sachs & C    24.00    9/23/2015    EUR     58.71
Goldman Sachs & C    18.00   10/21/2015    EUR     62.79
Goldman Sachs & C    22.00   10/21/2015    EUR     60.16
Goldman Sachs & C    13.00   12/23/2015    EUR     68.11
Goldman Sachs & C    20.00   11/25/2015    EUR     61.68
Goldman Sachs & C    19.00   12/23/2015    EUR     62.85
Goldman Sachs & C    16.00    3/23/2016    EUR     65.75
Commerzbank AG        7.00   10/22/2015    EUR     62.78
BNP Paribas Emiss    13.00   12/24/2015    EUR     57.95
BNP Paribas Emiss     7.00    9/24/2015    EUR     66.19
BNP Paribas Emiss     9.00    9/24/2015    EUR     66.47
BNP Paribas Emiss    14.00    9/24/2015    EUR     67.15
BNP Paribas Emiss     7.00   12/24/2015    EUR     67.95
BNP Paribas Emiss     8.00   12/24/2015    EUR     68.34
BNP Paribas Emiss    10.00   12/24/2015    EUR     69.11
BNP Paribas Emiss     9.00    1/21/2016    EUR     70.26
BNP Paribas Emiss     8.50   12/24/2015    EUR     73.54
BNP Paribas Emiss     9.00   12/24/2015    EUR     71.25
BNP Paribas Emiss    11.00   12/24/2015    EUR     69.70
BNP Paribas Emiss    12.00   12/24/2015    EUR     67.92
BNP Paribas Emiss     7.50    6/23/2016    EUR     74.32
BNP Paribas Emiss     9.50    6/23/2016    EUR     71.58
Vontobel Financia     8.00   11/27/2015    EUR     71.15
Vontobel Financia     8.55   12/28/2015    EUR     71.10
Vontobel Financia    10.25    9/25/2015    EUR     69.07
DZ Bank AG Deutsc     5.25   11/27/2015    EUR     72.14
Commerzbank AG        5.75    9/24/2015    EUR     72.67
Commerzbank AG        6.75    9/24/2015    EUR     70.84
Commerzbank AG        7.75    9/24/2015    EUR     69.14
Commerzbank AG        9.50    9/24/2015    EUR     55.60
Commerzbank AG       11.50    9/24/2015    EUR     53.02
Commerzbank AG       13.75    9/24/2015    EUR     50.76
BNP Paribas Emiss     9.00    1/21/2016    EUR     57.07
Leonteq Securitie     8.04    4/21/2016    USD     62.23
Goldman Sachs & C     6.00   11/25/2015    EUR     67.11
Goldman Sachs & C     7.00   11/25/2015    EUR     67.42
Goldman Sachs & C    10.00   11/25/2015    EUR     68.34
Goldman Sachs & C    12.00   11/25/2015    EUR     66.78
Leonteq Securitie    12.40    4/27/2016    CHF     53.72
Leonteq Securitie    10.40    4/27/2016    CHF     45.57
Bank Julius Baer     11.00   10/14/2015    CHF     44.50
UBS AG/London         7.50   10/15/2015    CHF     45.77
Commerzbank AG        8.50   10/22/2015    EUR     73.82
Commerzbank AG        9.50   10/22/2015    EUR     72.19
Commerzbank AG       10.50   10/22/2015    EUR     70.64
Leonteq Securitie     8.25    11/6/2015    EUR     69.66
UniCredit Bank AG     5.00   11/26/2015    EUR     70.45
UniCredit Bank AG     5.50   11/26/2015    EUR     68.20
UniCredit Bank AG     4.65   11/26/2015    EUR     72.94
UniCredit Bank AG     4.75   11/26/2015    EUR     72.29
UniCredit Bank AG     4.85   11/26/2015    EUR     71.67
UniCredit Bank AG     4.50   11/26/2015    EUR     73.57
UniCredit Bank AG     4.25   11/26/2015    EUR     74.16
UniCredit Bank AG     5.25   11/26/2015    EUR     69.30
UniCredit Bank AG     4.10   11/26/2015    EUR     74.81
Credit Suisse AG/     8.00   10/29/2015    CHF     63.59
DZ Bank AG Deutsc     8.75   10/23/2015    EUR     71.95
DZ Bank AG Deutsc     7.00   10/23/2015    EUR     57.49
Bank Julius Baer     14.20   10/28/2015    CHF     49.05
HSBC Trinkaus & B     8.70   12/28/2015    EUR     73.71
HSBC Trinkaus & B     9.50   10/23/2015    EUR     72.36
HSBC Trinkaus & B    11.60   10/23/2015    EUR     53.62
UBS AG/London         5.50   10/29/2015    USD     60.77
HSBC Trinkaus & B    11.90    9/25/2015    EUR     69.49
HSBC Trinkaus & B    17.00   12/28/2015    EUR     51.42
HSBC Trinkaus & B    11.90   12/28/2015    EUR     55.67
HSBC Trinkaus & B     8.70   12/28/2015    EUR     59.61
Notenstein Financ    12.00    11/3/2015    USD     63.51
Goldman Sachs & C     8.00    3/23/2016    EUR     74.96
Goldman Sachs & C     9.00    9/23/2015    EUR     71.30
Goldman Sachs & C    11.00   11/25/2015    EUR     73.47
Goldman Sachs & C    11.00   11/25/2015    EUR     73.47
Goldman Sachs & C    11.00   11/25/2015    EUR     73.47
Goldman Sachs & C    10.00    9/23/2015    EUR     74.03
Goldman Sachs & C    10.00   10/21/2015    EUR     74.83
Bank Julius Baer     13.70   11/11/2015    CHF     53.10
UBS AG/London        12.35    11/3/2015    CHF     49.95
UBS AG/London         8.48    11/3/2015    CHF     49.10
Vontobel Financia     9.70    9/25/2015    EUR     71.50
Commerzbank AG       12.75   10/22/2015    EUR     67.85
Commerzbank AG        7.00    9/24/2015    EUR     57.43
UBS AG/London        11.25    9/25/2015    EUR     64.65
UBS AG/London        14.50   12/29/2015    EUR     65.00
UBS AG/London        13.25   12/29/2015    EUR     68.42
UBS AG/London        10.25   12/29/2015    EUR     67.20
Bank Julius Baer      9.75   11/13/2015    USD     56.35
Bank Julius Baer     10.20   11/13/2015    USD     65.40
Leonteq Securitie     9.40   11/17/2015    CHF     65.53
Goldman Sachs & C     9.00    8/26/2015    EUR     68.12
Vontobel Financia     9.00   11/27/2015    EUR     70.49
Goldman Sachs & C    10.00    8/26/2015    EUR     73.16
DZ Bank AG Deutsc    11.00   10/23/2015    EUR     58.22
UBS AG/London         6.50    11/5/2015    USD     59.61
Lehman Brothers T     2.30    4/28/2014    JPY      4.80
Lehman Brothers T     4.00    2/28/2010    EUR      4.80
Lehman Brothers T     4.10    5/20/2009    USD      4.80
Lehman Brothers T     2.00    5/17/2010    EUR      4.80
Province of Trevi     0.28   12/31/2034    EUR     68.35
Lehman Brothers T     3.82   10/20/2009    USD      4.80
LBI HF                2.22   10/15/2019    JPY      8.50
Lehman Brothers T     2.75   10/28/2009    EUR      4.80
Lehman Brothers T     5.00    12/6/2011    EUR      4.80
LBI HF                1.68   12/22/2014    JPY      8.50
LBI HF                2.14     2/3/2020    JPY      8.50
Glitnir HF            5.35    5/11/2010    USD     27.25
Landeskreditbank      0.50    5/10/2027    CAD     76.34
Glitnir HF            3.00   11/30/2009    EUR     27.25
Lehman Brothers T     4.50     3/7/2015    EUR      4.80
Lehman Brothers T     4.50   12/30/2010    USD      4.80
Lehman Brothers T     7.00    7/11/2010    EUR      4.80
Glitnir HF            4.01     7/6/2009    HKD     27.25
Lehman Brothers T     5.00     8/1/2025    EUR      4.80
Lehman Brothers T     6.00    7/28/2010    EUR      4.80
Lehman Brothers T     6.00    7/28/2010    EUR      4.80
Lehman Brothers T     7.50     8/1/2035    EUR      4.80
Lehman Brothers T     4.90    7/28/2020    EUR      4.80
Glitnir HF            0.01     8/3/2009    JPY     27.25
Lehman Brothers T     4.15    8/25/2020    EUR      4.80
Glitnir HF            3.30    8/22/2012    EUR     27.25
Lehman Brothers T     6.00    12/6/2016    USD      4.80
Glitnir HF            6.75    3/27/2013    EUR     27.25
Lehman Brothers T     6.50    5/16/2015    EUR      4.80
Lehman Brothers T     3.00     8/8/2017    EUR      4.80
Lehman Brothers T     6.00    3/17/2011    EUR      4.80
Lehman Brothers T     4.70    3/23/2016    EUR      4.80
Lehman Brothers T     4.70    3/23/2016    EUR      4.80
Lehman Brothers T     8.00    4/20/2009    EUR      4.80
Glitnir HF            3.63     4/5/2009    EUR     27.25
Lehman Brothers T     2.00   11/16/2009    EUR      4.80
Lehman Brothers T     3.70     6/6/2009    EUR      4.80
UBS AG               13.07    3/18/2016    USD     31.66
LBI HF                3.11   11/10/2008    EUR      8.50
Kvinesdal Spareba     2.79                 NOK     76.47
Gjerstad Spareban     2.72                 NOK     74.94
Lehman Brothers T    10.00     1/4/2010    USD      4.80
Kaupthing Bank Hf     7.90    4/28/2016    EUR     21.63
Municipality Fina     0.50    2/22/2019    IDR     70.04
Societe Generale      0.50    6/12/2023    RUB     41.99
Leasing-Experts S     9.00     6/5/2016    PLN     69.89
BNP Paribas SA        0.50    9/29/2029    AUD     59.31
TransFin-M PAO       10.50    9/17/2019    RUB     60.01
HSBC Bank PLC         0.50    6/28/2019    IDR     68.19
Agentstvo po Ipot    11.27    11/1/2032    RUB     60.01
UBS AG/London        19.75    9/25/2015    EUR     74.02
Deutsche Bank AG      4.20    1/19/2016    EUR     74.60
Deutsche Bank AG      4.20    2/23/2016    EUR     75.00
Deutsche Bank AG      7.20   10/21/2015    EUR     74.40
Goldman Sachs & C    19.00    9/23/2015    EUR     70.11
Goldman Sachs & C    20.00   10/21/2015    EUR     69.49
Goldman Sachs & C    24.00    9/23/2015    EUR     66.14
Goldman Sachs & C    22.00   10/21/2015    EUR     67.74
Goldman Sachs & C    18.00   11/25/2015    EUR     70.77
Goldman Sachs & C    23.00   12/23/2015    EUR     67.88
Goldman Sachs & C    19.00   12/23/2015    EUR     70.42
Goldman Sachs & C    15.00    1/20/2016    EUR     74.47
Goldman Sachs & C    18.00    1/20/2016    EUR     71.42
Goldman Sachs & C    19.00    3/23/2016    EUR     71.12
Goldman Sachs & C    22.00    1/20/2016    EUR     69.19
Goldman Sachs & C    18.00    6/22/2016    EUR     73.07
Goldman Sachs & C    15.00    6/22/2016    EUR     74.20
DZ Bank AG Deutsc    14.50    8/28/2015    EUR     60.20
DZ Bank AG Deutsc    13.50    8/28/2015    EUR     63.78
DZ Bank AG Deutsc    14.00    8/28/2015    EUR     74.96
UBS AG/London        15.00    8/26/2015    EUR     72.69
DZ Bank AG Deutsc     8.80   12/23/2015    EUR     67.15
Commerzbank AG       10.75   12/24/2015    EUR     65.28
Commerzbank AG       14.75   12/24/2015    EUR     60.92
Commerzbank AG        8.25   12/24/2015    EUR     71.94
UBS AG/London        11.75    6/24/2016    EUR     68.56
UBS AG/London        16.50    3/29/2016    EUR     64.06
UBS AG/London        10.25    6/24/2016    EUR     70.14
UBS AG/London         9.00    6/24/2016    EUR     72.16
UBS AG/London         7.50    6/24/2016    EUR     74.17
DZ Bank AG Deutsc     8.25   12/28/2015    EUR     59.33
DZ Bank AG Deutsc     8.00    1/22/2016    EUR     66.68
Goldman Sachs & C    24.00    9/23/2015    EUR     73.25
Goldman Sachs & C    25.00   10/21/2015    EUR     72.84
Goldman Sachs & C    25.00   11/25/2015    EUR     72.93
Goldman Sachs & C    24.00   12/23/2015    EUR     74.47
UBS AG/London         6.75   12/28/2015    CHF     72.25
Bank Julius Baer     12.80    1/29/2016    USD     49.75
Societe Generale      5.10     9/5/2017    EUR     61.61
Commerzbank AG       14.75    1/21/2016    EUR     72.69
Commerzbank AG       10.25    1/21/2016    EUR     70.52
Commerzbank AG        7.25    1/21/2016    EUR     74.27
DZ Bank AG Deutsc     7.25    9/23/2015    EUR     68.04
DZ Bank AG Deutsc    10.50    9/23/2015    EUR     68.49
BNP Paribas Emiss    19.00    9/24/2015    EUR     74.67
Commerzbank AG       14.50   10/22/2015    EUR     69.72
Commerzbank AG       13.50    1/21/2016    EUR     71.48
Commerzbank AG        8.50   12/24/2015    EUR     73.40
Commerzbank AG       11.25   12/24/2015    EUR     69.34
Commerzbank AG       14.25   12/24/2015    EUR     65.85
UBS AG/London        13.00    3/29/2016    EUR     67.17
UBS AG/London        14.75    3/29/2016    EUR     65.50
UBS AG/London        11.00    3/29/2016    EUR     68.91
UBS AG/London         9.25    3/29/2016    EUR     71.06
UBS AG/London         8.00    3/29/2016    EUR     73.79
UBS AG/London        14.75    6/24/2016    EUR     66.04
Commerzbank AG        8.25   10/22/2015    EUR     74.73
Commerzbank AG        9.25   10/22/2015    EUR     73.06
Commerzbank AG       10.50   10/22/2015    EUR     71.56
DZ Bank AG Deutsc     7.75   11/27/2015    EUR     68.70
DZ Bank AG Deutsc     7.50   11/27/2015    EUR     64.91
DZ Bank AG Deutsc     9.75   11/27/2015    EUR     73.25
Banque Cantonale     17.75   11/17/2015    CHF     48.50
Societe Generale     17.60   11/17/2015    EUR     49.70
Commerzbank AG        7.75   10/22/2015    EUR     69.54
Commerzbank AG        9.50   10/22/2015    EUR     66.19
Commerzbank AG       11.50   10/22/2015    EUR     63.21
Commerzbank AG       13.75   10/22/2015    EUR     60.67
Commerzbank AG       15.75   10/22/2015    EUR     58.29
UBS AG/London        11.75   11/12/2015    CHF     49.02
Vontobel Financia     8.00    12/4/2015    EUR     74.33
HSBC Trinkaus & B    14.70   12/28/2015    EUR     64.98
HSBC Trinkaus & B     8.00    3/25/2016    EUR     72.72
HSBC Trinkaus & B     9.20   11/27/2015    EUR     70.66
HSBC Trinkaus & B     6.60    9/25/2015    EUR     67.98
HSBC Trinkaus & B    17.50   12/28/2015    EUR     55.64
HSBC Trinkaus & B    13.70   12/28/2015    EUR     58.88
HSBC Trinkaus & B    10.00   12/28/2015    EUR     63.12
HSBC Trinkaus & B     6.60   12/28/2015    EUR     68.62
HSBC Trinkaus & B    13.90    8/28/2015    EUR     57.56
HSBC Trinkaus & B    12.40   11/27/2015    EUR     60.00
Leonteq Securitie    12.40     2/3/2016    CHF     42.68
Vontobel Financia    10.15    9/25/2015    EUR     74.76
Notenstein Privat    10.00    4/29/2016    CHF     57.94
Goldman Sachs & C    14.00    8/26/2015    EUR     73.62
Goldman Sachs & C    13.00    9/23/2015    EUR     74.54
Goldman Sachs & C    13.00    9/23/2015    EUR     74.54
Goldman Sachs & C    10.00   10/21/2015    EUR     74.91
Goldman Sachs & C    14.00    8/26/2015    EUR     73.40
Goldman Sachs & C    16.00    8/26/2015    EUR     70.82
Goldman Sachs & C    15.00    9/23/2015    EUR     72.02
Goldman Sachs & C    14.00   10/21/2015    EUR     72.99
Goldman Sachs & C    13.00   11/25/2015    EUR     74.04
Commerzbank AG        8.50   10/22/2015    EUR     71.81
DZ Bank AG Deutsc     7.75   11/27/2015    EUR     60.87
Leonteq Securitie     9.07     5/3/2016    GBP     61.11
Zurcher Kantonalb     7.00    11/3/2015    EUR     74.35
UBS AG/London         9.06   10/23/2015    CHF     49.85
UBS AG/London        12.88   10/23/2015    CHF     50.80
UBS AG/London         7.54   10/23/2015    CHF     68.65
DZ Bank AG Deutsc     8.75    9/25/2015    EUR     73.18
DZ Bank AG Deutsc     8.75   11/27/2015    EUR     74.90
Notenstein Financ     7.00   10/23/2015    USD     44.23
Commerzbank AG        8.00   10/22/2015    EUR     74.27
Leonteq Securitie     3.00    9/19/2019    CHF     72.38
Zurcher Kantonalb     5.75    11/6/2015    CHF     66.24
Leonteq Securitie    10.00   11/10/2015    CHF     64.83
Lehman Brothers T     4.20    12/3/2008    HKD     16.25
Immigon Portfolio     1.55    5/18/2020    EUR     50.63
Immigon Portfolio     1.55    5/18/2020    EUR     50.63
e-Kancelaria Grup    10.00   10/23/2015    PLN     60.00
Lehman Brothers T     2.40    6/20/2011    JPY      4.80
Lehman Brothers T     1.60    6/21/2010    JPY      4.80
UBS AG               13.75    9/25/2015    EUR     68.68
UBS AG               23.25    9/25/2015    EUR     73.72
UBS AG               14.50    9/25/2015    EUR     72.52
UBS AG                7.25   12/29/2015    EUR     68.92
UBS AG                6.50   12/29/2015    EUR     72.47
UBS AG               16.00    9/25/2015    EUR     46.89
UBS AG               22.75   12/29/2015    EUR     40.63
UBS AG               23.75    9/25/2015    EUR     36.73
UBS AG               24.50    9/25/2015    EUR     52.82
UBS AG                7.50    9/25/2015    EUR     68.01
UBS AG               10.00   12/29/2015    EUR     60.22
UBS AG                8.25   12/29/2015    EUR     65.77
UBS AG               24.75    9/25/2015    EUR     68.80
UBS AG               19.25    9/25/2015    EUR     72.32
UBS AG               20.25    9/25/2015    EUR     41.06
UBS AG               23.25    9/25/2015    EUR     68.54
UBS AG               22.50    9/25/2015    EUR     56.10
UBS AG               12.75   12/29/2015    EUR     53.82
UBS AG                6.50    9/25/2015    EUR     72.21
UBS AG               19.75   12/29/2015    EUR     43.65
UBS AG               20.50   12/29/2015    EUR     65.32
UBS AG               18.25    9/25/2015    EUR     69.10
UBS AG               23.50    9/25/2015    EUR     64.00
UBS AG               20.00    9/25/2015    EUR     65.83
UBS AG               24.75    9/25/2015    EUR     57.84
UBS AG               24.75    9/25/2015    EUR     61.28
UBS AG               23.25    9/25/2015    EUR     60.24
Landesbank Berlin     6.00   11/27/2015    EUR     68.70
Lehman Brothers T     3.63     3/2/2012    EUR      4.80
LBI HF                4.08    3/16/2015    EUR      8.50
Lehman Brothers T     0.75    3/29/2012    EUR      4.80
Lehman Brothers T     5.00     9/1/2011    EUR      4.80
Lehman Brothers T     3.00    8/15/2017    EUR      4.80
Lehman Brothers T     3.50    9/19/2017    EUR      4.80
LBI HF                7.20    4/27/2026    EUR      0.01
Lehman Brothers T     8.50     7/6/2009    CHF      4.80
Lehman Brothers T     7.50    9/13/2009    CHF      4.80
LBI HF                4.40   11/30/2035    EUR      0.01
Lehman Brothers T     5.10    6/22/2046    EUR      4.80
e-Kancelaria Grup    10.00    6/27/2016    PLN      1.55
Republika Srpska      1.50   12/22/2023    BAM     72.54
Lehman Brothers T     6.70    4/21/2011    USD      4.80
Lehman Brothers T     3.00    9/12/2036    JPY     19.00
Lehman Brothers T    16.80    8/21/2009    USD      4.80
Lehman Brothers T    14.10   11/12/2008    USD      4.80
Lehman Brothers T     5.25     7/8/2014    EUR      4.80
Lehman Brothers T     4.00    8/11/2010    USD     19.00
Lehman Brothers T     6.72   12/29/2008    EUR      4.80
Lehman Brothers T     7.06   12/29/2008    EUR      4.80
Lehman Brothers T     7.63    7/22/2011    HKD      4.80
KPNQwest NV           7.13     6/1/2009    EUR      0.50
KPNQwest NV           7.13     6/1/2009    EUR      0.50
Housing Financing     2.70     1/1/2020    ISK     69.09
HSBC Trinkaus & B    19.00    9/25/2015    EUR     69.33
HSBC Trinkaus & B    14.80   12/28/2015    EUR     72.46
HSBC Trinkaus & B    12.60    3/25/2016    EUR     74.27
HSBC Trinkaus & B    19.60    9/25/2015    EUR     72.26
UBS AG/London         6.50    6/10/2016    USD     65.28
EFG International    11.12   12/12/2016    USD     72.44
DZ Bank AG Deutsc     7.00    2/26/2016    EUR     68.68
Leonteq Securitie     9.00    2/16/2016    EUR     70.37
Vontobel Financia     7.95   12/28/2015    EUR     71.87
Lehman Brothers T     4.50     8/2/2009    USD      4.80
Glitnir HF            6.33    7/28/2011    USD     27.25
Glitnir HF            5.86    7/28/2016    GBP     27.25
Glitnir HF            6.31    7/28/2011    USD     27.25
Glitnir HF            6.31    7/28/2011    USD     27.25
Kommunalbanken AS     0.50    8/15/2018    BRL     72.33
Mortgage Agent AH    10.50    6/13/2047    RUB     60.06
HSBC Bank PLC         0.50    7/30/2027    NZD     58.17
Lehman Brothers T     0.50    2/16/2009    EUR      4.80
Lehman Brothers T     4.25    3/13/2021    EUR      4.80
Glitnir HF            4.85     4/6/2012    EUR     27.25
Kaupthing Bank Hf     5.40    3/22/2014    ISK      0.00
Vontobel Financia     6.80    9/25/2015    EUR     61.31
DZ Bank AG Deutsc    10.25    9/25/2015    EUR     67.35
Goldman Sachs & C     5.00   10/21/2015    EUR     73.77
Goldman Sachs & C     6.00   10/21/2015    EUR     71.29
Goldman Sachs & C    10.00   10/21/2015    EUR     65.17
Goldman Sachs & C    13.00   10/21/2015    EUR     61.73
Goldman Sachs & C     6.00    3/23/2016    EUR     73.79
Goldman Sachs & C     8.00    3/23/2016    EUR     70.37
Goldman Sachs & C     8.00    3/23/2016    EUR     68.22
Goldman Sachs & C    10.00    3/23/2016    EUR     65.43
Commerzbank AG        8.50    8/27/2015    EUR     64.80
Vontobel Financia     5.00     5/6/2016    EUR     71.60
Goldman Sachs & C     6.00    9/23/2015    EUR     66.05
Goldman Sachs & C     6.00    9/23/2015    EUR     73.47
Goldman Sachs & C     7.00    9/23/2015    EUR     69.58
Goldman Sachs & C    10.00    9/23/2015    EUR     63.11
Goldman Sachs & C    11.00    9/23/2015    EUR     60.31
Deutsche Bank AG      6.20    6/21/2016    EUR     68.60
Deutsche Bank AG      5.20    6/21/2016    EUR     65.60
Deutsche Bank AG      6.20    6/21/2016    EUR     66.50
Deutsche Bank AG      6.20    9/22/2015    EUR     60.10
Deutsche Bank AG      6.20   12/22/2015    EUR     61.60
Commerzbank AG        5.00    9/24/2015    EUR     66.85
Commerzbank AG        6.00    9/24/2015    EUR     65.21
Commerzbank AG        7.00    9/24/2015    EUR     63.64
Commerzbank AG        8.25    9/24/2015    EUR     62.22
Commerzbank AG        9.25    9/24/2015    EUR     60.84
Commerzbank AG        7.50    9/24/2015    EUR     62.01
Commerzbank AG        9.25    9/24/2015    EUR     59.06
Commerzbank AG       11.25    9/24/2015    EUR     56.45
Commerzbank AG        9.50    9/24/2015    EUR     72.26
Commerzbank AG       23.75    9/24/2015    EUR     71.03
Commerzbank AG       26.75    9/24/2015    EUR     64.79
UniCredit Bank AG     4.00   12/28/2015    EUR     61.30
Notenstein Financ     8.68     4/1/2016    USD     41.20
Bank Julius Baer      8.25    10/9/2015    USD     47.40
Bank Julius Baer     10.50    10/9/2015    USD     61.75
UniCredit Bank AG     4.00   10/22/2015    EUR     68.52
UniCredit Bank AG     4.20   10/22/2015    EUR     67.39
UniCredit Bank AG     4.80   10/22/2015    EUR     63.18
UniCredit Bank AG     5.00   10/22/2015    EUR     62.21
UniCredit Bank AG     4.60   10/22/2015    EUR     64.16
UniCredit Bank AG     4.50   10/22/2015    EUR     65.21
UniCredit Bank AG     5.20   10/22/2015    EUR     60.36
UniCredit Bank AG     4.40   10/22/2015    EUR     66.29
Bank Julius Baer     10.60    10/9/2015    USD     52.50
Leonteq Securitie    13.40    1/14/2016    CHF     71.10
Zurcher Kantonalb     7.02    10/9/2015    CHF     51.51
Goldman Sachs & C     8.00    9/23/2015    EUR     60.20
Vontobel Financia     7.05   10/23/2015    EUR     64.68
Vontobel Financia     4.75   10/23/2015    EUR     68.69
Leonteq Securitie     5.20    10/6/2015    USD     74.58
Leonteq Securitie    13.60     1/6/2016    CHF     48.46
Vontobel Financia     4.10   12/11/2015    EUR     71.62
Vontobel Financia     4.05    3/11/2016    EUR     72.61
Vontobel Financia     3.30    3/11/2016    EUR     74.78
Vontobel Financia    27.95    9/25/2015    EUR     66.19
DZ Bank AG Deutsc     5.60    10/7/2015    EUR     52.66
Credit Suisse AG/     8.38   10/15/2015    USD     69.57
Leonteq Securitie     9.00     4/8/2016    USD      8.32
Deutsche Bank AG      3.20    9/22/2015    EUR     73.30
Deutsche Bank AG      3.20    9/22/2015    EUR     70.60
Deutsche Bank AG      3.20    9/22/2015    EUR     68.10
Deutsche Bank AG      3.20    9/22/2015    EUR     65.70
Deutsche Bank AG      3.20   12/22/2015    EUR     74.00
Deutsche Bank AG      3.20   12/22/2015    EUR     71.30
Deutsche Bank AG      3.20   12/22/2015    EUR     68.90
Deutsche Bank AG      3.20   12/22/2015    EUR     66.50
Deutsche Bank AG      3.20    8/26/2015    EUR     73.10
Deutsche Bank AG      3.20    8/26/2015    EUR     70.40
Deutsche Bank AG      3.20   10/21/2015    EUR     73.50
Deutsche Bank AG      3.20   10/21/2015    EUR     70.80
Deutsche Bank AG      3.20   11/25/2015    EUR     73.80
Deutsche Bank AG      3.20   11/25/2015    EUR     71.10
Deutsche Bank AG     10.00    8/26/2015    EUR     59.90
Deutsche Bank AG     10.00    9/22/2015    EUR     60.60
Deutsche Bank AG     10.00   10/21/2015    EUR     61.40
Deutsche Bank AG     10.00   11/25/2015    EUR     62.40
Deutsche Bank AG     10.00   12/22/2015    EUR     63.10
Leonteq Securitie     9.00   10/20/2015    CHF     49.88
BNP Paribas Emiss     7.25   10/22/2015    EUR     64.19
BNP Paribas Emiss     7.00    1/21/2016    EUR     64.80
Zurcher Kantonalb     4.50    9/25/2015    CHF     63.57
Leonteq Securitie    10.00    9/17/2015    USD     42.58
Bank Julius Baer      8.10    9/25/2015    USD     55.00
Bank Julius Baer      8.25    9/18/2015    CHF     37.40
Goldman Sachs & C    11.00    3/23/2016    EUR     62.58
Goldman Sachs & C    11.00    9/23/2015    EUR     60.61
Goldman Sachs & C    11.00    9/23/2015    EUR     60.61
Goldman Sachs & C    11.00    9/23/2015    EUR     60.61
Goldman Sachs & C    11.00   10/21/2015    EUR     61.47
Goldman Sachs & C    11.00   10/21/2015    EUR     61.47
Goldman Sachs & C     9.00    3/23/2016    EUR     64.82
Goldman Sachs & C     9.00    3/23/2016    EUR     64.82
Goldman Sachs & C     9.00    3/23/2016    EUR     64.82
Notenstein Privat     5.50    9/26/2016    CHF     66.52
Notenstein Privat     5.00    9/26/2016    CHF     67.71
DZ Bank AG Deutsc     5.60    3/30/2017    EUR     66.45
Leonteq Securitie    20.00   12/29/2015    CHF     37.29
Leonteq Securitie     5.05    9/22/2015    CHF     60.67
Vontobel Financia     8.00   12/28/2015    EUR     63.44
DZ Bank AG Deutsc    10.25    9/25/2015    EUR     66.54
DZ Bank AG Deutsc     6.25    9/25/2015    EUR     57.97
DZ Bank AG Deutsc     5.75    9/25/2015    EUR     74.64
DZ Bank AG Deutsc     7.10    9/23/2015    EUR     73.42
DZ Bank AG Deutsc     5.40    9/23/2015    EUR     54.59
DZ Bank AG Deutsc     4.80   12/23/2015    EUR     57.80
DZ Bank AG Deutsc     5.70    9/23/2015    EUR     52.65
DZ Bank AG Deutsc     5.70    9/23/2015    EUR     50.13
DZ Bank AG Deutsc     4.60    9/23/2015    EUR     47.73
DZ Bank AG Deutsc     5.10   12/23/2015    EUR     56.81
DZ Bank AG Deutsc     5.10   12/23/2015    EUR     54.21
DZ Bank AG Deutsc     4.40   12/23/2015    EUR     51.51
DZ Bank AG Deutsc     2.20   12/23/2015    EUR     64.29
DZ Bank AG Deutsc     3.50   12/23/2015    EUR     61.15
DZ Bank AG Deutsc     2.60    9/23/2015    EUR     52.87
DZ Bank AG Deutsc     3.10    9/23/2015    EUR     50.54
DZ Bank AG Deutsc     4.80    9/23/2015    EUR     50.78
DZ Bank AG Deutsc     2.70   12/23/2015    EUR     55.61
DZ Bank AG Deutsc     4.60   12/23/2015    EUR     53.87
DZ Bank AG Deutsc     3.20   12/23/2015    EUR     53.32
DZ Bank AG Deutsc     7.60    9/23/2015    EUR     71.07
DZ Bank AG Deutsc     6.60    9/23/2015    EUR     72.43
DZ Bank AG Deutsc     6.00    9/23/2015    EUR     67.64
DZ Bank AG Deutsc     4.90   12/23/2015    EUR     74.13
Commerzbank AG        6.50    8/27/2015    EUR     66.53
Commerzbank AG        8.75    8/27/2015    EUR     63.27
Commerzbank AG       10.75    8/27/2015    EUR     52.27
Commerzbank AG        8.50    8/27/2015    EUR     54.84
HSBC Trinkaus & B     6.60    9/25/2015    EUR     66.38
HSBC Trinkaus & B     7.70   10/23/2015    EUR     64.95
Bank Julius Baer      8.85    9/25/2015    CHF     41.05
Notenstein Privat     8.00    10/3/2016    CHF     68.90
Bank Julius Baer      7.00    10/2/2015    USD     66.55
Vontobel Financia     7.60    9/25/2015    EUR     60.79
Vontobel Financia     7.45   12/28/2015    EUR     73.84
Vontobel Financia     8.50    9/25/2015    EUR     72.25
Leonteq Securitie    11.20   12/29/2015    CHF     44.82
Leonteq Securitie     8.20   12/29/2015    CHF     63.26
Commerzbank AG        5.60    9/29/2015    EUR     61.07
Goldman Sachs & C     8.00    9/23/2015    EUR     69.71
Credit Suisse AG/     7.60   10/15/2015    CHF     57.58
HSBC Trinkaus & B     7.00    9/25/2015    EUR     65.95
Credit Suisse AG/     7.00   10/29/2015    CHF     74.16
Deutsche Bank AG      5.20    9/22/2015    EUR     71.40
Deutsche Bank AG      7.20    9/22/2015    EUR     71.70
Deutsche Bank AG      5.20    9/22/2015    EUR     67.60
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      6.20    9/22/2015    EUR     67.70
Deutsche Bank AG      7.20    9/22/2015    EUR     71.20
Deutsche Bank AG      6.20    9/22/2015    EUR     71.00
Deutsche Bank AG      6.20    9/22/2015    EUR     68.50
Deutsche Bank AG      5.20    9/22/2015    EUR     68.40
Deutsche Bank AG      7.20    9/22/2015    EUR     68.70
Deutsche Bank AG      7.20    9/22/2015    EUR     73.90
Deutsche Bank AG      5.20    9/22/2015    EUR     70.90
Deutsche Bank AG      6.20    9/22/2015    EUR     73.70
Deutsche Bank AG      5.20    9/22/2015    EUR     73.60
Commerzbank AG        1.88    4/22/2016    EUR     71.62
Goldman Sachs & C     9.00    9/23/2015    EUR     73.83
Goldman Sachs & C    12.00    9/23/2015    EUR     66.59
Credit Suisse AG/     7.00    11/2/2015    CHF     74.77
Credit Suisse AG/     8.63    11/2/2015    CHF     74.63
Leonteq Securitie    11.60    8/12/2015    USD     42.93
HSBC Trinkaus & B     6.50    9/25/2015    EUR     71.01
UBS AG/London         5.50    7/10/2017    CHF     72.88
DZ Bank AG Deutsc     5.00    9/25/2015    EUR     70.96
UBS AG/London        11.25    8/27/2015    CHF     36.41
Commerzbank AG       10.75    8/27/2015    EUR     54.39
Commerzbank AG        5.75    8/27/2015    EUR     72.92
Commerzbank AG        7.75    8/27/2015    EUR     69.22
Commerzbank AG       10.00    8/27/2015    EUR     65.93
Commerzbank AG       10.25    8/27/2015    EUR     72.56
Commerzbank AG       14.00    8/27/2015    EUR     72.68
Commerzbank AG       20.50    8/27/2015    EUR     56.75
Commerzbank AG       23.75    8/27/2015    EUR     50.95
Commerzbank AG        8.25    8/27/2015    EUR     66.14
UniCredit Bank AG     4.50    9/24/2015    EUR     68.43
UniCredit Bank AG     4.00    9/24/2015    EUR     70.47
UniCredit Bank AG     5.00    9/24/2015    EUR     71.10
UniCredit Bank AG     5.60    9/24/2015    EUR     65.64
UniCredit Bank AG     6.00    9/24/2015    EUR     67.46
UniCredit Bank AG     4.25    9/24/2015    EUR     73.72
UniCredit Bank AG     5.00    9/24/2015    EUR     67.49
UniCredit Bank AG     5.60    9/24/2015    EUR     68.63
UniCredit Bank AG     6.25    9/24/2015    EUR     66.35
UniCredit Bank AG     5.20    9/24/2015    EUR     66.53
UniCredit Bank AG     6.00    9/24/2015    EUR     64.77
UniCredit Bank AG     4.25    9/24/2015    EUR     69.43
Commerzbank AG        6.75    8/27/2015    EUR     60.10
Vontobel Financia     6.40    9/25/2015    EUR     68.53
DZ Bank AG Deutsc     5.70     9/7/2015    EUR     61.94
HSBC Trinkaus & B     7.10    9/25/2015    EUR     60.66
HSBC Trinkaus & B     6.00   12/28/2015    EUR     56.65
HSBC Trinkaus & B     8.00   10/23/2015    EUR     67.19
HSBC Trinkaus & B     7.40   12/28/2015    EUR     68.36
HSBC Trinkaus & B     6.00   12/28/2015    EUR     38.50
HSBC Trinkaus & B    11.50    9/25/2015    EUR     70.02
Vontobel Financia     5.10    9/11/2015    EUR     69.74
Commerzbank AG       11.75    8/27/2015    EUR     66.64
Notenstein Privat     7.20     9/3/2015    EUR     38.26
Vontobel Financia     7.00   12/11/2015    EUR     67.81
BNP Paribas Emiss     5.10   10/21/2015    EUR     65.00
Leonteq Securitie    12.00   12/15/2015    CHF     44.44
Leonteq Securitie     8.00   12/15/2015    CHF     61.48
Commerzbank AG        6.00    8/27/2015    EUR     72.59
Credit Suisse AG/     8.00    3/16/2016    USD     65.33
Commerzbank AG        6.50    8/27/2015    EUR     64.72
Commerzbank AG        6.00    8/27/2015    EUR     63.39
BNP Paribas Emiss     6.25    9/24/2015    EUR     64.25
BNP Paribas Emiss     6.00   12/24/2015    EUR     66.47
HSBC Trinkaus & B    10.20   10/23/2015    EUR     55.84
Commerzbank AG        9.75    8/27/2015    EUR     62.84
Vontobel Financia     6.95   12/28/2015    EUR     65.95
Vontobel Financia     6.25   12/28/2015    EUR     74.19
Vontobel Financia     7.45    9/25/2015    EUR     72.94
Commerzbank AG        8.50    8/27/2015    EUR     74.13
Commerzbank AG        9.50    8/27/2015    EUR     72.30
Commerzbank AG       10.75    8/27/2015    EUR     70.59
Goldman Sachs & C     7.00   10/21/2015    EUR     69.00
Goldman Sachs & C     8.00   10/21/2015    EUR     66.92
Goldman Sachs & C     7.00    3/23/2016    EUR     69.74
Goldman Sachs & C     5.00   10/21/2015    EUR     64.14
Goldman Sachs & C     6.00   10/21/2015    EUR     64.35
Goldman Sachs & C     7.00   10/21/2015    EUR     64.57
Goldman Sachs & C     8.00   10/21/2015    EUR     64.78
Goldman Sachs & C     9.00   10/21/2015    EUR     64.99
Goldman Sachs & C     9.00   10/21/2015    EUR     64.99
Goldman Sachs & C     9.00   10/21/2015    EUR     64.99
Goldman Sachs & C     5.00    3/23/2016    EUR     66.21
Goldman Sachs & C     6.00    3/23/2016    EUR     66.84
Goldman Sachs & C     7.00    3/23/2016    EUR     67.47
Goldman Sachs & C     7.00    3/23/2016    EUR     67.47
Goldman Sachs & C     8.00    3/23/2016    EUR     68.11
Goldman Sachs & C     8.00    3/23/2016    EUR     68.11
Goldman Sachs & C     8.00    3/23/2016    EUR     68.11
Bank Julius Baer      8.20    9/23/2015    CHF     40.00
Vontobel Financia     8.10   12/28/2015    EUR     62.46
Vontobel Financia     9.45    9/25/2015    EUR     60.48
UniCredit Bank AG     4.00   12/17/2015    EUR     71.68
Goldman Sachs & C     5.00   12/23/2015    EUR     65.00
Goldman Sachs & C     6.00   12/23/2015    EUR     65.39
Goldman Sachs & C     7.00   12/23/2015    EUR     65.77
Goldman Sachs & C     8.00   12/23/2015    EUR     66.16
Goldman Sachs & C     8.00   12/23/2015    EUR     66.16
Goldman Sachs & C     9.00   12/23/2015    EUR     66.54
Goldman Sachs & C     9.00   12/23/2015    EUR     66.54
BNP Paribas Emiss     7.00   10/22/2015    EUR     47.35
BNP Paribas Emiss     9.00   10/22/2015    EUR     58.15
Raiffeisen Centro     7.55    1/20/2016    EUR     62.55
Raiffeisen Centro     5.98    1/20/2016    EUR     65.28
Raiffeisen Centro     6.29    1/20/2016    EUR     60.30
Goldman Sachs & C    12.00    9/23/2015    EUR     74.29
UniCredit Bank AG     7.00    9/24/2015    EUR     74.22
UniCredit Bank AG     5.25    9/24/2015    EUR     46.80
UniCredit Bank AG     4.25    9/24/2015    EUR     49.05
UniCredit Bank AG     5.40    9/24/2015    EUR     46.27
UniCredit Bank AG     6.75    9/24/2015    EUR     74.66
UniCredit Bank AG     4.00    9/24/2015    EUR     67.34
UniCredit Bank AG     4.50    9/24/2015    EUR     65.47
UniCredit Bank AG     6.50    9/24/2015    EUR     61.39
UniCredit Bank AG     5.50    9/24/2015    EUR     62.93
UniCredit Bank AG     5.75    9/24/2015    EUR     45.23
UniCredit Bank AG     4.80    9/24/2015    EUR     47.91
UniCredit Bank AG     5.00    9/24/2015    EUR     63.72
UniCredit Bank AG     4.90    9/24/2015    EUR     47.62
UniCredit Bank AG     4.75    9/24/2015    EUR     48.21
DZ Bank AG Deutsc    13.25    9/21/2015    EUR     74.75
Vontobel Financia    17.20    4/22/2016    EUR     70.77
HSBC Trinkaus & B     9.80    9/25/2015    EUR     74.44
UBS AG/London         4.00    3/29/2016    CHF     72.35
UniCredit Bank AG     4.60    3/24/2016    EUR     73.47
UniCredit Bank AG     5.00    3/24/2016    EUR     71.29
UniCredit Bank AG     4.80    3/24/2016    EUR     72.37
UniCredit Bank AG     4.50    3/24/2016    EUR     74.64
LBBW                  4.00    8/25/2017    EUR     69.08
LBBW                  3.00    9/28/2018    EUR     72.67
Commerzbank AG        9.50    9/24/2015    EUR     74.31
DZ Bank AG Deutsc     6.00    3/29/2016    EUR     69.59
Commerzbank AG       10.25    3/24/2016    EUR     73.43
Commerzbank AG       12.00    3/24/2016    EUR     71.92
DZ Bank AG Deutsc    10.50   10/23/2015    EUR     73.85
DZ Bank AG Deutsc    15.00   10/23/2015    EUR     67.68
Goldman Sachs & C    24.00    1/20/2016    EUR     74.20
Leonteq Securitie    25.00    3/16/2016    CHF     60.59
EFG International     9.10    3/23/2016    USD     61.61
DZ Bank AG Deutsc    13.00    9/21/2015    EUR     74.67
DZ Bank AG Deutsc    11.00    9/21/2015    EUR     74.41
DZ Bank AG Deutsc     8.75    9/21/2015    EUR     74.12
DZ Bank AG Deutsc    10.00    9/21/2015    EUR     74.32
Deutsche Bank AG      4.20   12/22/2015    EUR     74.50
Deutsche Bank AG      5.50   12/22/2015    EUR     70.10
Deutsche Bank AG      5.50    3/22/2016    EUR     71.20
Deutsche Bank AG      5.50    6/21/2016    EUR     71.10
Deutsche Bank AG      4.20    6/21/2016    EUR     74.30
Deutsche Bank AG      5.50   12/22/2015    EUR     72.00
Deutsche Bank AG      5.50    3/22/2016    EUR     73.00
Deutsche Bank AG      5.50    6/21/2016    EUR     72.00
Commerzbank AG       10.25    3/24/2016    EUR     74.77
DZ Bank AG Deutsc     5.50    2/26/2016    EUR     72.23
Vontobel Financia    10.45    3/29/2016    EUR     74.54
Vontobel Financia    12.80   12/28/2015    EUR     72.98
Vontobel Financia    17.00    9/25/2015    EUR     70.38
DZ Bank AG Deutsc     8.50    3/29/2016    EUR     74.74
HSBC Trinkaus & B    23.10    9/25/2015    EUR     67.99
HSBC Trinkaus & B    17.30   12/28/2015    EUR     71.50
HSBC Trinkaus & B    14.40    3/25/2016    EUR     73.55
Vontobel Financia     5.00    4/22/2016    EUR     71.63
DZ Bank AG Deutsc     9.30    9/25/2015    EUR     72.90
DZ Bank AG Deutsc     5.50    3/29/2016    EUR     74.74
HSBC Trinkaus & B    11.00    9/23/2016    EUR     73.08
HSBC Trinkaus & B     9.90    2/26/2016    EUR     72.22
HSBC Trinkaus & B    10.00    5/27/2016    EUR     73.22
EFG International     7.19     5/6/2019    EUR     71.11
DZ Bank AG Deutsc    10.25    8/28/2015    EUR     63.28
DZ Bank AG Deutsc    14.25    8/28/2015    EUR     68.74
HSBC Trinkaus & B    14.80   10/23/2015    EUR     74.34
HSBC Trinkaus & B    14.70    9/25/2015    EUR     70.78
DZ Bank AG Deutsc    15.75    8/28/2015    EUR     74.31
HSBC Trinkaus & B    19.70    9/25/2015    EUR     67.47
HSBC Trinkaus & B    15.60   12/28/2015    EUR     70.84
HSBC Trinkaus & B    11.80   10/23/2015    EUR     73.46
Bank Julius Baer     12.00     2/5/2016    USD     60.70
HSBC Trinkaus & B    13.60    3/25/2016    EUR     73.16
HSBC Trinkaus & B    11.40   11/27/2015    EUR     74.43
Leonteq Securitie    20.00    2/23/2016    USD     37.42
Bank Julius Baer     10.00    2/26/2016    USD     55.65
UBS AG               16.50    6/24/2016    EUR     74.46
Bank Julius Baer     12.90     3/4/2016    USD     61.95
Bank Julius Baer     11.50     3/4/2016    USD     66.10
HSBC Trinkaus & B    15.60    9/25/2015    EUR     73.12
HSBC Trinkaus & B    22.50    9/25/2015    EUR     65.75
HSBC Trinkaus & B    15.80    9/25/2015    EUR     69.23
HSBC Trinkaus & B    16.90   12/28/2015    EUR     69.22
HSBC Trinkaus & B    12.60   12/28/2015    EUR     71.88
HSBC Trinkaus & B    14.20    3/25/2016    EUR     71.15
HSBC Trinkaus & B    10.90    3/25/2016    EUR     73.40
HSBC Trinkaus & B    11.20   11/27/2015    EUR     72.88
Leonteq Securitie    21.00     3/9/2016    USD     50.93
Leonteq Securitie    15.00     3/9/2016    USD     67.74
Vontobel Financia     7.25   12/28/2015    EUR     73.43
Vontobel Financia     5.15   12/28/2015    EUR     72.60
Commerzbank AG        7.00    2/25/2016    EUR     70.54
Commerzbank AG       10.00    2/25/2016    EUR     67.14
DZ Bank AG Deutsc    16.00    9/25/2015    EUR     73.22
DZ Bank AG Deutsc    14.00    9/25/2015    EUR     62.35
DZ Bank AG Deutsc    15.50    9/25/2015    EUR     70.52
BNP Paribas Emiss    18.00   10/22/2015    EUR     68.61
BNP Paribas Emiss    13.00   12/24/2015    EUR     73.73
BNP Paribas Emiss    12.00    6/23/2016    EUR     73.46
BNP Paribas Emiss    11.00   10/22/2015    EUR     74.38
BNP Paribas Emiss    16.00   10/22/2015    EUR     71.57
BNP Paribas Emiss    19.00   10/22/2015    EUR     68.71
BNP Paribas Emiss    22.00   10/22/2015    EUR     67.21
BNP Paribas Emiss    14.00   12/24/2015    EUR     73.43
BNP Paribas Emiss    17.00   12/24/2015    EUR     71.15
BNP Paribas Emiss    16.00    3/24/2016    EUR     72.36
BNP Paribas Emiss    13.00    6/23/2016    EUR     74.68


                            *********

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.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

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 * * *