TCREUR_Public/150223.mbx         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, February 23, 2015, Vol. 16, No. 38

                            Headlines

B U L G A R I A

RAIFFEISENBANK: Moody's Affirms E+ Bank Financial Strength Rating


F R A N C E

PEUGEOT SA: Moody's Lifts CFR to 'Ba3'; Outlook Stable


G E R M A N Y

INFINITY 2007-1: Fitch Lowers Rating on Class A Notes to 'BBsf'


G R E E C E

AEOLOS S.A.: S&P Lowers Rating on EUR355MM Class A Notes to 'B-'
GREECE: Gets Four-Month Reprieve From Eurozone Creditors


I R E L A N D

DARTRY PARK: Moody's Assigns '(P)B2' Rating to Class E Notes
DARTRY PARK: Fitch Assigns 'B-(EXP)sf' Rating to Class E Notes
INFINITY 2007-1: Moody's Cuts Rating on EUR774.4MM A Notes to B2


I T A L Y

ATLANTE FINANCE: S&P Lowers Rating on Class C Notes to 'B-'
SOCIETA TOSCANA: Prosecutors Ask Judge to Indict Verdini


K A Z A K H S T A N

KAZTRANSGAS: S&P Affirms 'BB+' CCR & Revises Outlook to Negative
KAZTRANSOIL: S&P Lowers CCR to 'BB+'; Outlook Negative
SAMRUK-ENERGY JSC: S&P Lowers CCR to 'BB'; Outlook Stable


L U X E M B O U R G

INTELSAT SA: S&P Puts 'B+' CCR on CreditWatch Negative


N E T H E R L A N D S

MESDAG BV: Fitch Affirms 'Dsf' Ratings on 2 Note Classes
SRLEV NV: Moody's Puts 'B3(hyb)' Sub-Debt Rating on Review


P O R T U G A L

SAGRES DOURO 2: S&P Affirms 'B-(sf)' Rating on Class D Notes


R U S S I A

MECHEL OAO: Cuts Liabilities; Lenders May Take Over
SB BANK: Moody's Cuts Long-Term & Foreign Currency Ratings to 'C'
SB BANK: Moody's Lowers Nat'l. Scale LT Deposit Rating to 'C.ru'
SISTEMA JOINT: Ural-Invest Order No Impact on Moody's B1 Rating


S P A I N

BANCO POPULAR ESPANOL: S&P Affirms 'B+/B' CCRs
BBVA-6 FTPYME: S&P Affirms CCC- Rating on Class B Notes
CAIXABANK: Moody's Reviews 'Ba2' Sub. Debt Rating for Downgrade


S W E D E N

SAAB AUTOMOBILE: NEVS Presents Proposal to Pay Off Debts


U N I T E D   K I N G D O M

ALIZE MIDCO: S&P Assigns 'B+' CCR; Outlook Stable
CABLEUROPA SAU: Moody's Withdraws 'Ba1' Corporate Family Rating
PETROPAVLOVSK PLC: Rebel Investor Gains Support for Rescue Plan
PT MCWILLIAMS: In Administration; Faces Closure
REXAM PLC: Moody's Reviews 'Ba2' Jr. Sub. Rating for Downgrade

SOUTHERN PACIFIC: S&P Affirms 'B' Rating on Class E Notes

* Moody's Says Price-Cutting Campaign Pressures UK Food Suppliers
* Moody's: B2 Rating Dominates B Category for EMEA Non-Finc'l Cos


X X X X X X X X

* BOND PRICING: For the Week February 16 to February 20, 2015


                            *********


===============
B U L G A R I A
===============


RAIFFEISENBANK: Moody's Affirms E+ Bank Financial Strength Rating
-----------------------------------------------------------------
Moody's Investors Service affirmed Raiffeisenbank (Bulgaria)
EAD's Ba2/Not-Prime deposit ratings and E+ standalone bank
financial strength rating, equivalent to a baseline credit
assessment of b1.  The outlook on the long-term deposit ratings
remains negative.  Moody's also lowered Raiffeisenbank
(Bulgaria)'s adjusted BCA to ba3 from ba2.

The rating action follows Moody's recent downgrade of
Raiffeisenbank (Bulgaria)'s parent, Raiffeisen Bank International
AG (RBI) on Feb. 18, 2015, whereby the rating agency lowered
RBI's standalone BFSR to D- with a negative outlook (equivalent
to a ba3 BCA) from D/ba2.

Raiffeisenbank (Bulgaria)'s deposit ratings previously
incorporated two-notches of parental support uplift from its
standalone BCA of b1, taking into account RBI's full ownership
and brand association.  However, following the rating action on
RBI, Raiffeisenbank (Bulgaria)'s deposit ratings now
incorporate(1) one-notch of parental support uplift, reflecting
RBI's reduced capacity to provide support, as indicated by the
lowering of its standalone BCA to ba3 from ba2; and (2) one-notch
of government support uplift based on Moody's assumptions of a
low expectation of systemic support owing to Raiffeisenbank
(Bulgaria)'s significant presence in the Bulgarian banking
system, evident through its market share in customer deposits of
an estimated 8% as of year-end 2014.

The negative outlook on the deposit ratings reflects three main
elements.  First, Bulgaria's (Baa2 stable) challenging operating
environment continues to pose risks to the bank's asset quality.
Although the bank has reported reduced provisioning requirements
and higher profits during 2014, Moody's expects economic growth
to slow to 0.6% in 2015, from an expected 1.2% in 2014.  Second,
the negative outlook on RBI's standalone BCA implies that its
capacity to support Raiffeisenbank (Bulgaria) may be further
impaired.  Third, Moody's believes that, with the new European
resolution framework in place and the explicit inclusion of
burden-sharing with unsecured creditors as a means of reducing
the public cost of bank resolutions, the probability has risen
that Moody's support assumptions will be revised downwards to
reflect the new framework.

Upward pressure on Raiffeisenbank (Bulgaria)'s deposit ratings is
limited, as indicated by the negative outlook. Longer-term,
upward pressure will require a combination of significant
improvements of the bank's provisioning coverage, reduction of
non-performing loan balances and improvements in profitability
metrics.

Downward pressure on the ratings will develop if (1) the weak
operating environment negatively affects the bank's asset
quality, earnings generating capacity and capital levels beyond
Moody's current expectations; and (2) Moody's believes that the
capacity and/or willingness of its parent bank and/or the
Bulgarian authorities to provide support to Raiffeisenbank
(Bulgaria) has further weakened.

List of Ratings:

  -- Ba2/Not-Prime long and short-term local and foreign-currency
     deposit ratings, affirmed; outlook remains negative on long-
     term ratings

  -- Standalone E+ bank financial strength rating (BFSR) --
     affirmed; outlook stable

The principal methodology used in these ratings was Global Banks
published in July 2014.



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


PEUGEOT SA: Moody's Lifts CFR to 'Ba3'; Outlook Stable
------------------------------------------------------
Moody's Investors Service upgraded to Ba3 from B1 the corporate
family rating and to Ba3-PD from B1-PD the probability of default
rating of Peugeot S.A.  Concurrently, Moody's has upgraded all of
PSA's and its rated subsidiary GIE PSA Tresorerie's ratings to
Ba3 from B1 and affirmed the NP ratings.  The outlook on all the
ratings is stable.

"The upgrade of the ratings acknowledges the results of the
decisive actions taken by PSA in the last year in order to reduce
its structural costs and to improve its competitiveness which,
together with favorable volume trends in the European passenger
cars industry, helped the company's automotive operations to be
break-even in 2014', says Yasmina Serghini-Douvin, a Moody's
Vice-President Senior Credit Officer and lead analyst for PSA.
"There is potential for a further profit increase in the next 12
to 18 months as the company reaps the annualised benefits of the
efficiency measures implemented throughout 2014, despite an
expected slowdown in unit sales growth of passenger cars in
Europe this year", adds Mrs. Serghini-Douvin.

The rating upgrade to Ba3 reflects the meaningful progress made
by PSA since 2014 in the execution of its plan to improve its
efficiency and competitive position in the market, notably by
reducing its structural costs and somewhat improving its net
pricing versus its key competitors.

In the full year 2014, the company's recurring operating income
reached EUR905 million, on a modest increase in its revenues of
1%, largely as a result of an improvement in the automotive
division's profitability to EUR63 million compared to a loss of
EUR1,039 million in the prior year.  PSA's automotive parts
subsidiary Faurecia SA (B1 stable) delivered a higher recurring
profit too.

Moreover, Moody's acknowledges that PSA has delivered another
solid volume growth in China of 31.6%, ahead of the broader
market, on the back of positive market dynamics and model
launches.  Therefore PSA's share of recurring operating income
from its Chinese joint ventures reached EUR303 million in 2014
(EUR159 million in 2013), compared to EUR905 million for the
company, on a consolidated basis (ex-China).

PSA's improved operational performance was largely driven by
positive pricing and product mix effects as well as reductions in
production and procurement expenses which more than offset
unfavorable raw material costs and foreign currency movements.
The execution of the company strategy, which was presented in
April 2014, led to a reduction in its break-even point to 2.1
million vehicles in 2014 (excluding China) compared to 2,6
million in the year before which brings PSA close to its
strategic goal of 2 million vehicles.  This will enhance the
company's resilience in periods of lower demand for passenger
cars.  Moody's also notes that PSA exceeded its objectives of
fixed costs reduction in both Russia (-50% in 2014) and Latin
America (-34%), two markets where industry dynamics are expected
to remain unfavorable in the next 12 months.

However, Moody's cautions that, on an adjusted basis, PSA's EBITA
margin increase was more muted, reaching 0.3% in 2014 (-0.9% in
2013) because Moody's profitability measures capture the
restructuring costs, in line with the rating agency practice.
Moody's expects additional cash restructuring costs in the next
24 months to slow down the company's adjusted margin and cash
flow improvement.  Overall, PSA's operating margins remain weak
compared to those of other rated mass-market manufacturers.

PSA delivered a significant cash flow from its operations in 2014
of over EUR1.7 billion, boosted by a large working capital inflow
resulting from the structural reduction in automotive
inventories.  Moody's believes that this achievement is not
likely to be repeated in 2015 which should see a limited free
cash flow generation.

In addition to that, PSA has maintained a solid liquidity profile
helped by improved internally generated cash flows, the EUR2.9
billion capital increase executed at the beginning of 2014 and
the new covenanted syndicated credit facility of EUR3.0 billion
signed last year (undrawn as of December 31, 2014).

The company's liquidity position will be further enhanced over
the next 18 to 24 months by the gradual release of capital in
connection to the agreement signed in July 2014 between PSA's
captive finance company Banque PSA Finance (Ba1 stable, BFSR D
positive, BCA ba2) and Santander Consumer Finance S.A. (Baa1
stable, BFSR C- stable, BCA baa2), the consumer finance division
of Banco Santander S.A. (Spain) (Baa1 stable, BFSR C- stable, BCA
baa1). In addition to the capital release, this partnership will
help Banque PSA Finance develop its activities within Europe and
offer more competitive financing offers supported by a lower cost
of funding. This is because the partnership allows the release of
the current state guarantee for future bonds issued by Banque PSA
Finance (the amount of bonds issued benefiting from the State
guarantee is currently EUR1.5 billion).

However, Moody's cautions that PSA's Moody's-adjusted credit
metrics were weak in 2014 despite the enhancements to its capital
structure implemented last year.  Moody's estimates that the
company's (gross) debt/EBITA was in excess of 7x and its
EBITA/Interest Expense was 0.2x in 2014.  This is largely
attributable to the low profitability of the company.  In Moody's
view, a further improvement in debt-protection ratios is critical
to maintain the company's Ba3 rating. This should be supported
this year by the annualized benefits from the company's
structural cost reductions achieved in 2014.

The stable outlook reflects Moody's expectations that PSA will
further increase its profitability in the next 12 months owing to
the efficiency measures taken in 2014 as well as further measures
included in its strategic plan.

Given the recent upgrade, upward pressure on the rating is not
likely in the near term.  The ratings could be upgraded if PSA is
able to strengthen the profitability of its automotive
operations, despite slowdown in demand growth for passenger cars,
such that it achieves, on a sustainable basis, (1) a Moody's-
adjusted EBITA margin of its industrial business increasing
towards 3% and (2) a positive free cash flow from its industrial
operations (as defined by Moody's).

The ratings could be lowered if there is evidence that PSA's
strategic plan fails to cement the company's position in the
European car market resulting in declining market shares,
sustained low operating margins and negative free cash flow.

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

List of Affected Ratings

Upgrades:

  Issuer: Peugeot S.A.

      - Probability of Default Rating, Upgraded to Ba3-PD from
        B1-PD

      - Corporate Family Rating, Upgraded to Ba3 from B1

      - BACKED Senior Unsecured Medium-Term Note Program,
        Upgraded to (P)Ba3 from (P)B1

      - Senior Unsecured Regular Bond/Debenture, Upgraded to Ba3
        from B1

      - BACKED Senior Unsecured Regular Bond/Debenture, Upgraded
        to Ba3 from B1

  Issuer: GIE PSA Tresorerie

      - BACKED Senior Unsecured Regular Bond/Debenture, Upgraded
        to Ba3 from B1

Outlook Actions:

  Issuer: Peugeot S.A.

      - Outlook, Changed To Stable From Positive

  Issuer: GIE PSA Tresorerie

      - Outlook, Changed To Stable From Positive

Affirmations:

  Issuer: Peugeot S.A.

      - BACKED Senior Unsecured Medium-Term Note Program,
        Affirmed (P)NP

  Issuer: GIE PSA Tresorerie

      - Senior Unsecured Commercial Paper, Affirmed NP

Peugeot S.A. is Europe's second-largest maker of light vehicles
with its three brands Peugeot, Citroen and DS.  In addition, PSA
holds a 51.7% interest in Faurecia SA (B1 stable), one of
Europe's leading automotive suppliers (turnover of EUR18.8
billion in 2014) and remains a 25% shareholder in Gefco, France's
second-largest transportation and logistics service provider.
PSA also provides financing to dealers and end-customers through
its wholly owned finance subsidiary, Banque PSA Finance.  In
2014, PSA generated revenues of EUR53.6 billion and reported a
recurring operating profit of EUR0.9 billion.



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G E R M A N Y
=============


INFINITY 2007-1: Fitch Lowers Rating on Class A Notes to 'BBsf'
---------------------------------------------------------------
Fitch Ratings has downgraded Infinity 2007-1 (Soprano)'s
commercial mortgage-backed floating rate class A and B notes due
2019 as:

  EUR342.7 million class A (FR0010478420) downgraded to 'BBsf'
  from 'BBBsf''; Outlook Negative

  EUR36 million class B (FR0010478438) downgraded to 'CCCsf' at
  'Bsf''; Recovery Estimate (RE) 50%

  EUR28.1 million class C (FR0010478446) affirmed at 'CCsf'';
  RE 0%

  EUR22.5 million class D (FR0010478453) affirmed at 'Csf'; RE0%

  EUR28.1 million class E (FR0010478479) affirmed at 'Csf'; RE0%

The transaction is a securitization of the monetary rights
arising in favor of the protection seller under originally 15
credit default swaps referencing 15 commercial mortgage loans.
Six loans now remain, secured by collateral located in Germany
(71% by loan balance), France (16%), and Spain (13%).

KEY RATING DRIVERS

The downgrade of the class A and B notes is driven by lower
recovery expectations from the largest loan remaining in the
pool -- the EUR335.4 million EHE 1A loan.

Originally secured by 42 mostly retail assets located throughout
Germany, the EHE 1A loan was restructured at its originally
maturity in October 2011, which allowed a two-year extension to
allow the borrower time to begin an orderly sell down of assets
to meet repayment hurdles.  A failure to meet these hurdles
resulted in a transfer to special servicing in July 2013.

Since the transfer to special servicing sales progress has been
tracking in line with a January 2013 valuation of the portfolio
with 15 assets sold deriving gross proceeds of EUR26 million
against the valuation of EUR25 million.  However, a new August
2014 valuation saw the reported value of the remaining assets
fall by 27% to EUR185.5 million. Fitch expected a certain degree
of value decline to occur but not to this magnitude given the
sales performance to date and relative stability of portfolio
performance metrics compared with similar portfolios.

The remaining collateral is characterized by a high concentration
of retail warehouse/clusters and secondary located in-town
shopping centers -- the latter of which form three of the top
five assets by value and face either increased local competition
(leading to vacancy) or declining lease profiles, which has
dampened our view on recoveries.  The re-letting and/or
repositioning of these assets would likely be needed to attract
investor interest aside from those who operate on an
opportunistic basis.

The loan reports an interest cover ratio (ICR) of 2.67x, which
belies the level of excess cash available to benefit the senior
loan with default interest (which is included in the ICR
calculation) and interest on the EUR71.1 million junior loan
being payable after senior principal.   This has allowed EUR3.4
million to be swept at the last IPD.  It also offers flexibility
to the special servicer to implement asset management initiatives
which could see a value accretive capital expenditure further
improving recovery prospects.

RATING SENSITIVITIES

Any performance deterioration of the portfolio underpinning the
EHE 1A loan, lower than expected cash sweep, or sales progress
being below reported valuation could lead to negative rating
action.

Fitch estimates 'Bsf' principal proceeds of approximately EUR360
million.



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


AEOLOS S.A.: S&P Lowers Rating on EUR355MM Class A Notes to 'B-'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'B-' from 'B' its
credit rating on Aeolos S.A.'s EUR355 million floating-rate
asset-backed class A notes.  The rating remains on CreditWatch
negative.

The downgrade follows S&P's Feb. 6, 2015 lowering to 'B-' of its
long-term sovereign credit rating on Greece (Hellenic Republic),
which acts as the guarantor of Aeolos.

S&P's current counterparty criteria link its rating on Aeolos'
class A notes to S&P's long-term sovereign rating on Greece as
the guarantor.

Therefore, following S&P's recent rating action on Greece, it has
consequently lowered to 'B-' from 'B' its rating on Aeolos' class
A notes.  The rating remains on CreditWatch negative to reflect
the CreditWatch negative placement of the sovereign rating.

Aeolos is a Greek repack transaction.  The underlying collateral
consists of receivables due from The European Organisation for
the Safety of Air Navigation for the provision of air traffic
control services in Greece.


GREECE: Gets Four-Month Reprieve From Eurozone Creditors
--------------------------------------------------------
Ambrose Evans-Pritchard at The Telegraph reports that Greece has
secured a four-month reprieve from eurozone creditors at a
last-ditch summit in Brussels, heading off imminent default and a
traumatic rupture of monetary union.

According to The Telegraph, the interim accord gives Greece
breathing room to flesh out its economic agenda and reform plans,
and effectively scraps the draconian fiscal targets imposed by
the EU-IMF Troika.

The Syriza government in Athens gains bridging finance to avert a
crunch as budget coffers run dry and capital flight reaches EUR1
billion a day, The Telegraph discloses.  Greek officials
confessed privately that the country is on the brink of
insolvency, The Telegraph relays.  It was likely to exhaust its
limit on emergency liquidity from the European Central Bank as
soon as Tuesday, Feb. 24, risking a run on the banking system and
a financial collapse, The Telegraph notes.

According to The Telegraph, the Greeks now have a stay of
execution until the end of June, when the drama is likely to be
repeated.  Greece must repay EUR6.7 billion to the European
Central Bank in July and August, an impossible task without a
fresh EU-IMF program or something similar, The Telegraph says.



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I R E L A N D
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DARTRY PARK: Moody's Assigns '(P)B2' Rating to Class E Notes
------------------------------------------------------------
Moody's Investors Service assigned the following provisional
ratings to notes to be issued by Dartry Park CLO Limited:

   -- EUR238,000,000 Class A-1A Senior Secured Floating Rate
      Notes due April 2029, Assigned (P)Aaa (sf)

   -- EUR5,000,000 Class A-1B Senior Secured Fixed Rate Notes due
      April 2029, Assigned (P)Aaa (sf)

   -- EUR30,000,000 Class A-2A Senior Secured Floating Rate Notes
      due April 2029, Assigned (P)Aa2 (sf)

   -- EUR12,000,000 Class A-2B Senior Secured Fixed Rate Notes
      due April 2029, Assigned (P)Aa2 (sf)

   -- EUR24,000,000 Class B Senior Secured Deferrable Floating
      Rate Notes due April 2029, Assigned (P)A2 (sf)

   -- EUR21,500,000 Class C Senior Secured Deferrable Floating
      Rate Notes due April 2029, Assigned (P)Baa2 (sf)

   -- EUR24,500,000 Class D Senior Secured Deferrable Floating
      Rate Notes due April 2029, Assigned (P)Ba2 (sf)

   -- EUR11,500,000 Class E Senior Secured Deferrable Floating
      Rate Notes due April 2029, Assigned (P)B2 (sf)

Moody's issues provisional ratings in advance of the final sale
of financial instruments, but these ratings only represent
Moody's preliminary credit opinions.  Upon a conclusive review of
a transaction and associated documentation, Moody's will endeavor
to assign definitive ratings.  A definitive rating may differ
from a provisional rating.

Moody's provisional rating of the rated notes addresses the
expected loss posed to noteholders by legal final maturity of the
notes in 2029.  The provisional ratings reflect the risks due to
defaults on the underlying portfolio of loans given the
characteristics and eligibility criteria of the constituent
assets, the relevant portfolio tests and covenants as well as the
transaction's capital and legal structure.  Furthermore, Moody's
is of the opinion that the collateral manager, Blackstone / GSO
Debt Funds Management Europe Limited, has sufficient experience
and operational capacity and is capable of managing this CLO.

Dartry Park CLO Limited is a managed cash flow CLO.  At least 90%
of the portfolio must consist of secured senior obligations and
up to 10% of the portfolio may consist of unsecured senior loans,
second lien loans, mezzanine obligations, high yield bonds and/or
first lien last out loans.  The portfolio is expected to be 63%
ramped up as of the closing date and to be comprised
predominantly of corporate loans to obligors domiciled in Western
Europe.  This initial portfolio will be acquired by way of
participations which are required to be elevated as soon as
reasonably practicable.  The remainder of the portfolio will be
acquired during the six month ramp-up period in compliance with
the portfolio guidelines.

Blackstone / GSO Debt Funds Management Europe Limited will manage
the CLO.  It will direct the selection, acquisition and
disposition of collateral on behalf of the Issuer and may engage
in trading activity, including discretionary trading, during the
transaction's four-year reinvestment period.  Thereafter,
purchases are permitted using principal proceeds from unscheduled
principal payments and proceeds from sales of credit impaired
obligations, and are subject to certain restrictions.

In addition to the eight classes of notes rated by Moody's, the
Issuer will issue EUR44,600,000 of subordinated notes.  Moody's
has not assigned a rating to this class of notes.

The transaction will incorporate interest and par coverage tests
which, if triggered, will divert interest and principal proceeds
to pay down the notes in order of seniority.

Moody's modeled the transaction using CDOEdge, a cash flow model
based on the Binomial Expansion Technique, as described in
Section 2.3 of the "Moody's Global Approach to Rating
Collateralized Loan Obligations" rating methodology published in
February 2014.  The cash flow model evaluates all default
scenarios that are then weighted considering the probabilities of
the binomial distribution assumed for the portfolio default rate.
In each default scenario, the corresponding loss for each class
of notes is calculated given the incoming cash flows from the
assets and the outgoing payments to third parties and
noteholders.  Therefore, the expected loss or EL for each tranche
is the sum product of (i) the probability of occurrence of each
default scenario and (ii) the loss derived from the cash flow
model in each default scenario for each tranche.

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

  - Par Amount: EUR400,000,000

  - Diversity Score: 34

  - Weighted Average Rating Factor (WARF): 2750

  - Weighted Average Spread (WAS): 4.00%

  - Weighted Average Coupon (WAC): 5.75%

  - Weighted Average Recovery Rate (WARR): 41.5%

  - Weighted Average Life (WAL): 8 years.

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

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

Ratings Impact in Rating Notches:

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

  - Class A-1B Senior Secured Fixed Rate Notes: 0

  - Class A-2A Senior Secured Floating Rate Notes: -2

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

  - Class B Senior Secured Deferrable Floating Rate Notes: -2

  - Class C Senior Secured Deferrable Floating Rate Notes: -2

  - Class D Senior Secured Deferrable Floating Rate Notes: -1

  - Class E Senior Secured Deferrable Floating Rate Notes: 0

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

Ratings Impact in Rating Notches:

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

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

  - Class A-2A Senior Secured Floating Rate Notes: -3

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

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

  - Class C Senior Secured Deferrable Floating Rate Notes: -2

  - Class D Senior Secured Deferrable Floating Rate Notes: -1

  - Class E Senior Secured Deferrable Floating Rate Notes: -2

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

The rated notes' performance is subject to uncertainty.  The
notes' performance is sensitive to the performance of the
underlying portfolio, which in turn depends on economic and
credit conditions that may change.  Blackstone / GSO Debt Funds
Management Europe Limited's investment decisions and management
of the transaction will also affect the notes' performance.


DARTRY PARK: Fitch Assigns 'B-(EXP)sf' Rating to Class E Notes
--------------------------------------------------------------
Fitch Ratings has assigned Dartry Park CLO Limited notes expected
ratings, as:

Class A-1A: 'AAA(EXP)sf'; Outlook Stable
Class A-1B: 'AAA(EXP)sf'; Outlook Stable
Class A-2A: 'AA+(EXP)sf'; Outlook Stable
Class A-2B: 'AA+(EXP)sf'; Outlook Stable
Class B: 'A(EXP)sf'; Outlook Stable
Class C: 'BBB(EXP)sf'; Outlook Stable
Class D: 'BB(EXP)sf'; Outlook Stable
Class E: 'B-(EXP)sf'; Outlook Stable

Subordinated notes: not rated

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

Dartry Park CLO Limited is an arbitrage cash flow collateralized
loan obligation (CLO).

KEY RATING DRIVERS

'B'/'B-' Portfolio Credit Quality

Fitch places the average credit quality of obligors in the
'B'/'B-' range.  The agency has public ratings or credit opinions
on all the obligors in the identified portfolio.  The covenanted
maximum Fitch weighted average rating factor (WARF) for assigning
expected ratings is 34.  The WARF of the identified portfolio is
33.2.

High Recovery Expectations

The portfolio will comprise a minimum 90% senior secured
obligations.  Fitch has assigned Recovery Ratings to the entire
identified portfolio.  The covenanted minimum weighted average
recovery rate (WARR) for assigning expected ratings is 65.5%.
The WARR of the identified portfolio is 70.6%.

Diversified Asset Portfolio

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

Limited Interest Rate Risk


Interest rate risk is naturally hedged for most of the portfolio,
as fixed-rate liabilities and assets represent 4.25% and between
0% and 10% of the target par amount, respectively.

Participation Agreement

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

TRANSACTION SUMMARY


Net proceeds from the notes issue will be used to purchase a
EUR400m portfolio of mostly European leveraged loans and bonds.
The portfolio is managed by Blackstone/GSO Debt Funds Management
Europe Limited.  The reinvestment period is scheduled to end in
2019.

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

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

RATING SENSITIVITIES

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


INFINITY 2007-1: Moody's Cuts Rating on EUR774.4MM A Notes to B2
----------------------------------------------------------------
Moody's Investors Service has downgraded the rating of Class A of
Notes issued by Infinity 2007-1 "SoPRANo":

   -- EUR774.4 million A Notes, Downgraded to B2 (sf);
      previously on Aug 20, 2014 Affirmed Baa3 (sf)

Moody's does not rate the Class B, C, D, E, F and G Notes.

The downgrade action has been triggered by Moody's updated value
assessment of the property portfolio securing the largest
reference obligation in the transaction, the EHE Pool 1A
Reference Obligation (68.5% of the reference pool as of February
2015).  In Moody's view, some of the larger assets are in need of
asset management and capex arrangements and may be only
attractive to more local and/or opportunistic investors with
adequate asset management expertise to mitigate for the overall
relatively short weighted average remaining lease term of c. 5.5
years (considering break options).

Moody's rating downgrade reflects a base case expected loss in
the range of 25% - 50% of the current balance, compared with 10%-
25% at the last review in August 2014. Moody's derives this loss
expectation from the analysis of the default probability of the
securitized loans (both during the term and at maturity) and its
value assessment of the collateral.

The principal methodology used in this rating was "Moody's
Approach To Rating EMEA CMBS Transactions" published in December
2013.

Other factors used in this rating are described in European CMBS:
2014-16 Central Scenarios published in March 2014.

Main factors or circumstances that could lead to a downgrade of
the rating are generally (i) lower sale prices achieved on
disposal for the EHE 1A portfolio compared to Moody's valuation,
or (ii) to a lesser extent, an increase in default risk
assessment and/or decline in property values for the assets
securing the five smaller reference obligations.

Main factors or circumstances that could lead to an upgrade of
the rating would be a significant outperformance of sale prices
achieved on the EHE 1A portfolio compared to Moody's valuation.

Infinity 2007-1 "SoPRANo" closed in May 2007 and represents the
synthetic securitization of initially 15 commercial mortgage
loans which were either originated and arranged by IXIS Corporate
and Investment Bank or represent a participation of IXIS
Corporate and Investment Bank in loans originated by Capmark Bank
Europe plc.

As of the February 2015 interest payment date, the transaction
balance has declined by 52% to EUR490 million from EUR1,028
million at closing in May 2007 mainly due to the repayment of
nine reference obligations originally in the pool.  There are six
reference obligations remaining in the pool with two reference
obligations representing 71% of the total pool located in
Germany, three reference obligations representing 16% of the
total pool located in France, and one reference obligation
representing 13% of the total pool located in Spain.

For its updated assessment, Moody's split the property portfolio
securing the EHE Pool 1A Reference Obligation into two sub-
portfolios.  Moody's then assessed the value of the largest five
properties (55% of the latest reported value) individually and
the remaining 20 properties (45% of the latest reported value) on
a portfolio basis.  The five largest properties consist of three
shopping centers(63% of the sub-pool's value), a
logistic/distribution centre (24%) and an urban retail warehouse
centre (13%).  While the main property type of the 20 assets are
retail warehouses and/or supermarkets (78% of the sub-pool's
value).

Overall, Moody's value assessment was similar to the latest U/W
valuation as of August 2014, for the remaining 25 properties with
only a marginal haircut of 0.5% to the reported EUR 185.3 million
value.  Excluding the distribution centre in Gallin (was not
included in the previous valuation), the like-for-like value
decline for the other 24 properties was approximately 31%
compared to the previous valuation as of January 2013.  In
Moody's view, some of the larger assets are in need of asset
management and capex arrangements and may be only attractive to
more local and/or opportunistic investors with adequate asset
management expertise to mitigate for the overall relatively short
weighted average remaining lease term of c. 5.5 years
(considering break options).  Moody's expects high losses on this
loan, in the range between 50% to 60%, up from the previous loss
expectation between 20% to 30%.

Also the remaining three properties securing the EHE Pool 1B
Reference Obligation (2.5% of the reference pool as of February
2015) were revalued in August 2014. On a like-for-like basis, the
three properties are now valued at EUR 13.7 million,
approximately 10% below the previous valuation as of November
2012.  Moody's has not updated its assumptions for this loan.
The current Moody's LTV of 93% represents a haircut of 5% to the
latest U/W valuation.  The losses on this loan are expected to be
low (0% to 10%).

Due to their stable performance since Moody's last review, the
assumption on the remaining reference obligations have not been
updated.



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


ATLANTE FINANCE: S&P Lowers Rating on Class C Notes to 'B-'
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'A (sf)' credit
ratings on Atlante Finance S.r.l.'s class A and B notes.  At the
same time, S&P has lowered its rating on the class C notes.

Upon publishing S&P's updated criteria for Italian residential
mortgage-backed securities (RMBS criteria) and its updated
criteria for rating single-jurisdiction securitizations above the
sovereign foreign currency rating (RAS criteria), S&P placed
those ratings that could potentially be affected "under criteria
observation".

Following S&P's review of this transaction, its ratings that
could potentially be affected by the criteria are no longer under
criteria observation.

The rating actions follow S&P's credit and cash flow analysis of
the most recent transaction information that S&P has received as
of January 2015.  S&P's analysis reflects the application of its
RMBS criteria, its RAS criteria, and its criteria for rating
collateralized loan obligations (CLOs) backed by loans to small
and midsize enterprises (SMEs).

Under S&P's RAS criteria, it applied a hypothetical sovereign
default stress test to determine whether a tranche has sufficient
credit and structural support to withstand a sovereign default
and so repay timely interest and principal by legal final
maturity.

S&P's RAS criteria designate the country risk sensitivity for
RMBS and SME loans as 'moderate'.  Under S&P's RAS criteria, this
transaction's notes can therefore be rated four notches above the
sovereign rating, if they have sufficient credit enhancement to
pass a minimum of a "severe" stress.

However, as not all of the conditions in paragraph 48 of the RAS
criteria are met, namely that the underlying assets are not
consistent with an archetypical product type for that market, S&P
cannot assign any additional notches of uplift to the ratings in
this transaction.

As S&P's long-term unsolicited rating on the Republic of Italy is
'BBB-', S&P's RAS criteria cap at 'A (sf)' the maximum potential
rating in this transaction for all classes of notes.

The transaction features interest deferral triggers for the class
B and C notes, set at 22.5% and 28.0%, respectively, of the
unpaid principal deficiency ledger (PDL) balance as a proportion
of the closing portfolio balance.  Upon a trigger breach, all
funds available to pay note interest divert to pay down the note
balances.  As of the January 2015 interest payment date, the
unpaid PDL balance is 4.6% of the initial collateral balance.
Therefore, these triggers have not been breached, and S&P don't
expect them to be breached.

In S&P's cash flow analysis, it tested additional scenarios for
the class A and B notes, where S&P did not give benefit to the
swap, since the derivative agreement's replacement language is
not in line with S&P's current counterparty criteria.  The class
A and B notes passed S&P's stresses at its currently assigned 'A
(sf)' rating levels, irrespective of the derivative
counterparty's support.

Credit enhancement for the class A, B, and C notes has increased
to 86.2%, 73.1%, and 10.9%, respectively, from 58.8%, 49.3%, and
4.30% as of S&P's previous review.

Severe delinquencies of more than 90 days at 1.3% for the
residential mortgage portion of the portfolio are on average
lower for this transaction than S&P's Italian RMBS index.  The
residential mortgage portfolio currently represents 57% of the
outstanding pool balance, with commercial SME loans secured by a
first-lien mortgage and loans to public sector entities
representing 40% and 3%, respectively.  Total arrears have
remained stable over the past two years, and S&P don't expect
arrears to increase significantly over the next year.

Following the application of S&P's RAS criteria, its RMBS
criteria, and its SME CLO criteria S&P has determined that its
assigned rating on each class of notes in this transaction should
be the lower of (i) the rating as capped by S&P's RAS criteria
and (ii) the rating that the class of notes can attain under
S&P's RMBS and SME CLO criteria.  In this transaction, the
ratings on the class A and B notes are constrained by the rating
on the sovereign.

Taking into account the results of S&P's updated credit and cash
flow analysis and the application of its RAS criteria, the class
A and B notes could withstand an extreme stress.  However, S&P's
RAS criteria caps its ratings on the class A and B notes at four
notches above the rating on the sovereign.  Consequently, S&P has
affirmed its 'A (sf)' ratings on the class A and B notes.

Although the available credit enhancement for the class C notes
has increased, the portfolio concentration has increased further
with the top two positions accounting for 13% of the collateral
performing balance.  S&P tested the resilience of class C notes
to the default of the top two positions, and the available credit
enhancement is not commensurate with the currently assigned
rating.  Therefore, S&P has lowered to 'B- (sf)' from 'B (sf)'
its rating on the class C notes.

S&P also considers credit stability in its analysis.  To reflect
moderate stress conditions, S&P adjusted its WAFF assumptions by
assuming additional arrears of 8% for one-year and three-year
horizons for the residential portion of the pool.  For the
commercial mortgage portion of the pool, S&P considered the
impact of high and low correlation between the assets.  These
stresses did not result in S&P's rating deteriorating below the
maximum projected deterioration that S&P would associate with
each relevant rating level, as outlined in its credit stability
criteria.

In S&P's opinion, the outlook for the Italian residential
mortgage and real estate market is not benign and S&P has
therefore increased its expected 'B' foreclosure frequency
assumption to 2.55% from 1.50%, when S&P applies its RMBS
criteria, to reflect this view.  S&P bases these assumptions on
its expectation of modest economic growth, continuing high
unemployment, and sluggish house price appreciation in 2015.

On the back of the weak macroeconomic conditions, S&P don't
expect the performance of the transactions in its Italian RMBS
index to significantly improve in 2015.

S&P expects severe arrears in the portfolio to remain at their
current levels, as there are a number of downside risks.  These
include weak economic growth, high unemployment, and fiscal
tightening.  On the positive side, S&P expects interest rates to
remain low for the foreseeable future.

Atlante Finance is an Italian RMBS transaction, which closed in
May 2006, and securitizes a mixed portfolio of loans to SMEs and
residential loans, originated by Unipol Banca SpA.

RATINGS LIST

Class       Rating            Rating
            To                From

Atlante Finance S.r.l.
EUR1.52 Billion Floating-Rate Notes

Ratings Affirmed

A           A (sf)
B           A (sf)

Rating Lowered

C           B- (sf)           B (sf)


SOCIETA TOSCANA: Prosecutors Ask Judge to Indict Verdini
--------------------------------------------------------
ANSA reports that Italian prosecutors on Feb. 20 asked a judge to
indict Forza Italia heavyweight Denis Verdini and four others on
charges of fraudulent bankruptcy.

Mr. Verdini was the founder and boss of Societa Toscana di
Edizioni, which went bust in 2014, ANSA discloses.

Societa Toscana di Edizioni was a Tuscan publishing company.



===================
K A Z A K H S T A N
===================


KAZTRANSGAS: S&P Affirms 'BB+' CCR & Revises Outlook to Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' long-term
corporate credit ratings on Kazakh gas utility company
KazTransGas (KTG) and its 100% owned gas pipeline operator
Intergas Central Asia JSC (ICA).  S&P revised the outlook on both
companies to negative from stable.

S&P also affirmed the 'BB+' rating on the senior unsecured debt
and withdrew the recovery rating of '4'.

The rating action follows the downgrade of Kazakhstan and KMG.
S&P continues to view KTG as having moderately strategic status
in the KMG group and enjoying a "moderately high" likelihood of
timely and sufficient extraordinary government support from the
government of Kazakhstan.

S&P assumes, however, that in case of financial stress, any
extraordinary support to KTG would likely come directly from the
government.  Therefore, S&P bases the corporate credit rating on
KTG on its stand-alone credit profile (SACP) plus uplift for
potential government support, capped at the level of its parent
company.  The revision of S&P's outlook on KTG mirrors that on
KMG and reflects S&P's view that if the ratings on KMG are
lowered, that would lead to a similar rating action on KTG.

In accordance with S&P's criteria for government-related entities
(GREs), S&P's view of a moderately high likelihood of
extraordinary government support is based on its assessment of
KTG's:

   -- "Important" role for Kazakhstan, given its strategic
      importance as the monopoly gas supplier in the service
      area, and ICA's status as the national trunk gas pipeline
      operator; and

   -- "Strong" link with the government via full ownership of KTG
      by its parent,100% state-owned oil and gas champion KMG.

S&P equalizes the ratings on ICA with those on KTG, reflecting
the overall creditworthiness of the KTG group.  The consolidated
approach reflects the companies' close integration, KTG's 100%
ownership of ICA and other major subsidiaries, financial
guarantees on much of the group's debt issued by ICA and KTG,
large intragroup cash flows, and an absence of effective
subsidiary ring-fencing.

The rating action also reflects S&P's assessment of KTG's SACP at
'bb', based on its "fair" business risk profile, "intermediate"
financial risk profile, and "negative" financial policy.

KTG's "fair" business risk profile is supported by the stable and
regulated nature of the gas transportation business and ship-or-
pay terms until the end of 2015 in the gas transportation
contract with Russian energy major Gazprom.  KTG's status as the
national gas operator and its solid market position stemming from
the favorable location of the group's transit pipelines also
bolster the business risk profile. It is constrained by the
company's exposure to Kazakhstan country risk, which S&P assess
as "high," and heavy dependence on Gazprom in its gas
transportation and sales activities.  Furthermore, it has an aged
asset base and faces potential competition from alternative gas
export pipelines transporting Central Asian gas.  Moreover,
retail gas tariff regulation in Kazakhstan is not transparent.

KTG's financial risk profile is "intermediate," in S&P's view,
supported by moderate debt levels and resulting in the ratio of
debt to EBITDA not higher than 3x and funds from operations (FFO)
to debt of at least 30% in S&P's base-case projections for 2014-
2015.  It is constrained by continued ambitious planned
investments in gas transmission and distribution, leading to
negative free operating cash flow generation in 2014-2015 in
S&P's base case.  Moreover, rising cash flow volatility stemming
from the increasing share of unregulated gas sales in the group's
revenue composition also pressures the financial risk profile.
Furthermore, KTG's exposure to foreign currency risk also
constrains the financial risk profile, as more than 95% of the
company's debt is denominated in U.S dollars.  The foreign
currency risk is mitigated to some extent because much of KTG's
revenues are U.S. dollar denominated: 57% of its 2013 revenues
were U.S. dollar denominated.  S&P assigns a "negative" financial
policy modifier because it thinks the financial policy framework
allows KTG to take a more leveraged position than S&P currently
expects, primarily on the back of higher investment needs.

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

   -- Revenue growth of about 15% in 2014 supported by
      devaluation of the Kazakhstani tenge (KZT) and of about 3%
      in 2015;

   -- EBITDA margins of 22%-25%;

   -- Capital expenditures of about KZT55 billion-KZT70 billion
      per year; and

   -- Dividends of about KZT12 billion.

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

   -- Standard & Poor's-adjusted debt to EBITDA of 2x-3x; and

   -- FFO to debt of 30%-45%.

The negative outlook mirrors that on KTG's immediate parent, KMG.
In accordance with S&P's group rating methodology, the ratings on
KTG are at the moment capped by the rating on KMG, so a negative
rating action on the parent would lead to a similar rating action
on KTG, all else being equal.

Downside scenario

S&P thinks pressure on KTG's credit profile also could result
from a more aggressive financial profile than S&P currently
anticipates.  That would include weakened credit ratios (notably
debt/EBITDA rising above 3.0x) due to any unexpected financial
underperformance, extensive reliance on short-term funding, or
KTG's increased capital expenditures requiring significant
external borrowing and leading to leverage above S&P's
expectations.  For instance, if KTG increased capital
expenditures because of a greater need to invest in gas
distribution assets or start new large investment projects.  The
ratings could also come under pressure as a result of any
indications of negative interference from KMG, including, but not
limited to, inducement to pay excessive dividends.

If S&P revised down its assessment of KTG's SACP by one notch, it
would lead S&P to lower the long-term rating to 'BB', provided
that the sovereign long-term local currency rating and the
likelihood of extraordinary financial government support remained
the same.

If S&P saw signs of weakening state support, it might consider
revising down the likelihood of extraordinary government support
for KTG.  Under S&P's criteria for GREs, it would have to revise
the likelihood of extraordinary government support down to
"moderate" from the current "moderately high" to result in a
downgrade of KTG.  This might be a result of increased
substantial privatization risk, negative interference track
record, or reshuffling of government priorities in its support
initiatives.

Upside scenario

Ratings upside is currently limited by the ratings on the parent.
The outlook might revert to stable only if S&P changes the
outlook on KMG to stable.

Ratings upside might result from better cash flow generation and
higher earnings derived from profitable gas-trading operations as
the volumes of associated gas sales increase.  Notably, S&P would
expect to see FFO to debt above 45% and debt to EBITDA below 2x
on a constant basis (without any potential stresses to liquidity)
to consider a revision of the SACP upwards to 'bb+'.  However,
under S&P's criteria for GREs, this one-notch upward revision of
the SACP will not result in rating changes since they are capped
by the rating on KMG.


KAZTRANSOIL: S&P Lowers CCR to 'BB+'; Outlook Negative
------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit ratings on Kazakhstan-based oil pipeline
operator KazTransOil (KTO) to 'BB+' from 'BBB-'.  The outlook is
negative.

The rating actions follow the downgrades of Kazakhstan on Feb. 9,
2015 and KazMunayGas NC JSC (KMG) on Feb. 16, 2015.  The
downgrade of KTO reflects S&P's view that its rating is capped at
the level of that on KMG, KTO's status as a "strategically
important" subsidiary of the KMG group, and S&P's view that there
is a high likelihood that KTO would receive timely and sufficient
extraordinary support in the event of financial stress.  S&P
assumes that this would likely come directly from the government,
rather than from the parent.  Therefore, S&P determines the
corporate credit rating on KTO based on its stand-alone credit
profile (SACP) plus uplift for potential government support.  In
accordance with S&P's group rating methodology, the rating on KTO
is currently capped by the rating on its parent, KMG.  S&P
currently assess KMG's SACP as 'b'.

KTO's "strategically important" status within the KMG group and
its importance to the government of Kazakhstan are underpinned,
in S&P's view, by the company's role as the main oil pipeline
network operator in the country.  S&P considers KTO's role for
the government to be "very important" and the link between the
company and the government to be "strong," albeit indirect.

S&P currently assess KTO's SACP as 'bb+' based on S&P's "fair"
business risk profile and "modest" financial risk profile
assessments of the company.

KTO has a solid market position and limited competition from rail
and tanker transport, owing to Kazakhstan's land-locked location,
geographic isolation from the Caspian Sea, and the low cost of
pipeline transportation.  However, S&P assess country risk in
Kazakhstan as "high," and S&P considers tariff regulation to be
opaque and irregularly revised.

The KTO group has a favorable debt structure, in S&P's view,
given that all of its outstanding debt is currently at the level
of the operating subsidiaries and joint ventures.  KTO also
enjoys good financial flexibility, thanks to its adequate cash
position, potential to defer most of its new projects, and
available borrowing capacity.  In 2015, S&P expects KTO to
continue generating strongly positive free operating cash flow
(FOCF) on the back of the tariff increases that took place in
2014.  S&P thinks that KTO's sizable accumulated cash balances
cover all existing investment projects and allow for high
dividend payouts. The company's main weaknesses include its
potential involvement in new construction projects, which might
result in weakened credit metrics and a more aggressive financial
risk profile, and its exposure to potential dividend pressure
from the parent.

In S&P's base-case scenario for KTO, it assumes:

   -- About 6% revenue growth in 2014-2015 and flat in 2016;

   -- Flat EBITDA margins of about 53%-55%;

   -- Capital expendituresof Kazakhstani tenge (KZT) 30 billion-
      KZT70 billion per year in 2014-2016; and

   -- Dividends of KZT35 billion-KZT45 billion in 2014-2016.

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

   -- Positive FOCF generation of KZT20 billion-KZT60 billion in
      2014-2016; and

   -- Debt/EBITDA ratio of less than 1x.

The negative outlook reflects that on the parent, KMG.  In
accordance with S&P's group rating methodology, the rating on KTO
is capped by the rating on KMG, and if the parent's rating is
further downgraded by one notch, that most likely would lead to a
similar rating action on KTO.

Downside scenario

S&P also could lower the rating if KTO were to undertake new
investment projects requiring significant external borrowing,
resulting in weakened credit measures (for instance, the
debt/EBITDA ratio sustainably exceeding 1.5x without plans from
the company to improve metrics), or if S&P was to see substantial
unfavorable changes in new contracts with customers.  However,
S&P notes that if the local currency sovereign rating on
Kazakhstan stays at 'BBB', KMG's rating remains 'BB+', and S&P's
views of KTO's likelihood of state support and group status are
unchanged, S&P would have to revise the SACP of KTO down to as
low as 'b+' to trigger the rating downgrade.  That might stem
from a substantial increase in leverage on the back of heavy
investments or dividends to levels commensurate with aggressive
financial risk profile (with debt/EBITDA exceeding 4x, for
instance) or a significant deterioration in liquidity, which is
currently not a part of S&P's base-case scenario.

Indications of weaker support or negative interference from the
parent or the state could also put pressure on the rating.  The
rating on KTO does not currently benefit from any uplift for the
government support as its SACP is 'bb+', so any downgrade
following such negative interference would be the result of
weaker credit metrics.

Upside scenario

S&P would be unlikely to revise the outlook on KTO back to stable
unless S&P took a similar action on the parent company.


SAMRUK-ENERGY JSC: S&P Lowers CCR to 'BB'; Outlook Stable
---------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Kazakhstan-based energy
group Samruk-Energy JSC to 'BB' from 'BB+' and the Kazakhstan
national scale rating to 'kzA+' from 'kzAA-'.  The outlook is
stable.  At the same time, the 'B' short-term corporate credit
rating was affirmed.

S&P also lowered the issue rating on the group's US$500 million
senior unsecured notes due 2017 to 'BB' from 'BB-'.  The recovery
rating on the notes remains unchanged at '4'.

That rating action is in line with S&P's methodology for
government-related entities (GREs) and follows its lowering of
the sovereign rating on Kazakhstan by one notch.  It also
reflects S&P's view that there is a high likelihood that
Kazakhstan's government would provide timely and sufficient
extraordinary financial support to Samruk-Energy in the event of
financial distress.  This is underpinned by the group's market
position, which consolidates 47% of installed power generation
capacity in the country.  The rating also reflects S&P's
assessment of the group's stand-alone credit profile (SACP) at
'b+', based on its view of its business risk profile as "weak"
and its financial risk profile as "aggressive."

Samruk-Energy is a vertically integrated group of companies with
business segments including coal mining and electricity
generation, distribution, and supply.

S&P's assessment of Samruk-Energy's business risk profile as
"weak" reflects S&P's view of its evolving corporate structure,
with a limited track record of operations in their current form,
an aged asset base, limited visibility at this stage over the
regulatory framework after 2015, and the transitional features of
the domestic power market. Supporting factors include the group's
solid domestic market position, average profitability (which is
higher than peers in the Commonwealth of Independent States), and
high vertical integration through its long position in coal,
electricity generation, distribution, and supply operations.

S&P's assessment of Samruk-Energy's financial risk profile as
"aggressive" incorporates S&P's view of the group's ambitious
investment program (over which it has limited flexibility as it
has been approved by the regulator) and its fairly high debt-to-
EBITDA ratio.

S&P's view that there is a "high" likelihood of extraordinary
financial support from the government reflects Samruk-Energy's:

   -- "Important" role for the government, given its strategic
      position as a leading provider of electricity in
      Kazakhstan; and

   -- "Very strong" link with the government, given the 100%
      ownership of the group through government investment
      vehicle Samruk-Kazyna, S&P's expectation that the
      government will maintain majority ownership for at least
      the next two years, the government's involvement in
      strategic decision-making, and the risk to the sovereign's
      reputation if Samruk-Energy were to default.  This is
      supported by historically strong financial support from the
      government in the form of equity injections, asset
      transfers, low-interest-rate loans, debt guarantees, and
      the provision of financial aid and tax benefits.

The stable outlook reflects S&P's view that the risks associated
with Samruk-Energy's ambitious investment program, pressure on
the group's credit metrics, and high debt leverage are balanced
by S&P's view of the high likelihood that the group would receive
timely and sufficient extraordinary support from the government
of Kazakhstan if needed.  This is underpinned by Samruk-Energy's
strategic importance for and strong track record of receiving
financial aid from the government of Kazakhstan, as well as its
solid market position and benefits of vertical integration.

According to S&P's methodology for rating GREs, if the sovereign
rating is further lowered to 'BBB-', it would not automatically
result in a similar rating action on Samruk-Energy, provided that
Samruk-Energy's SACP and likelihood of extraordinary state
support remain unchanged.

Downward pressure on the ratings might arise if the group adopts
more aggressive financial policies that aren't commensurate with
S&P's current expectations, for example, if increased investments
led to leverage exceeding 5x debt to EBITDA or FFO to debt below
12%, or if the liquidity and maturity profiles weakened.  Credit
metrics could also deteriorate from Samruk-Energy not receiving
sufficient ongoing government aid via such supportive measures as
conversion of shareholder debt to equity, favorable price caps,
and equity injections.  S&P could then change its comparable
ratings modifier to neutral from positive, which would trigger a
downward revision of the group's SACP to 'b'.

However, according to S&P's methodology for rating GREs, Samruk-
Energy's SACP would have to fall to 'b-' to result in a one-notch
downgrade, all else being equal.

If S&P revised the likelihood of extraordinary state support to
"moderately high," it would also lead us to lower its rating on
Samruk-Energy, if the SACP and sovereign ratings remain
unchanged. Such a revision might stem from a demonstrated weaker
willingness of the government to provide financial support to the
group, a revision of government strategies regarding development
of the private sector, or enhanced privatization above S&P's
expectations during the "People's IPO."

If S&P revised up its assessment of Samruk-Energy's SACP to 'bb-
', and the group's credit metrics sustainably improved to a level
commensurate with a "significant" financial risk profile,
including debt to EBITDA of 3x-4x and FFO to debt in the 20%-30%
range, it could trigger an upgrade of Samruk-Energy.  S&P thinks
that these factors could occur in case of further conversion of
loans to equity, further equity contributions, or lower
investments implemented by the group, with Samruk-Energy's
liquidity and maturity profiles also remaining adequate.



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


INTELSAT SA: S&P Puts 'B+' CCR on CreditWatch Negative
------------------------------------------------------
Standard & Poor's Ratings Services said it placed its ratings,
including its 'B+' corporate credit rating, on Luxembourg-based
Intelsat S.A. on CreditWatch with negative implications.

"The CreditWatch placement reflects a revision in our base-case
forecast for Intelsat due to its lower-than-anticipated guidance
for 2015, and our expectation that weakness could persist into
2016 due to pressure in network services, continued uncertainty
around government demand, and potential delays in revenue
contribution from the launch of its first high-throughput (HTS)
satellite, IS-29e (Epic)," said Standard & Poor's credit analyst
Michael Altberg.

The company had originally planned to launch IS-29e in the second
half of 2015, but now expects likely delays until the first
quarter of 2016.

Under S&P's base-case forecast, in 2015 it now expects revenue to
decline around 5%, and for adjusted leverage to increase to about
8.1x from 7.7x in 2014.  The company has guided to revenue
declines of 7%-10% in network services for 2015, which is above
S&P's original expectations of mid-single-digit declines, due to
incremental pressures in Latin America and an accelerated roll-
off in legacy point-to-point services.

With IS-29e most likely not becoming a revenue contributor until
the second half of 2016, under our base-case forecast S&P
believes that revenue could decline at a low-single-digit percent
rate, and that adjusted leverage could remain above 8x.  S&P
expects free operating cash flow to be modestly positive in 2015
and 2016, and for liquidity to remain adequate.  However, a
resumption of revenue growth and improvement in leverage metrics
is increasingly dependent on the success of Intelsat's Epic
platform.  S&P believes HTS satellites carry the potential for
additional applications, added backhaul capacity, and most
importantly, mobility opportunities.  However, S&P also sees
risks around potential oversupply and pricing pressure,
especially as IS-29e (expected to launch in the first quarter of
2016) will provide additional capacity in Latin America, while
IS-33e (scheduled to launch in the second half of 2016) will
bring further coverage over regions such as Africa and the Middle
East, all of which are currently experiencing pricing pressure
and fiber competition.

S&P plans to resolve the CreditWatch listing over the next
several weeks based on discussions with management and S&P's view
of longer-term business prospects.  S&P currently believes that a
potential downgrade would be limited to one notch.



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


MESDAG BV: Fitch Affirms 'Dsf' Ratings on 2 Note Classes
--------------------------------------------------------
Fitch Ratings has upgraded Mesdag (Charlie) B.V.'s class A and B
notes due December 2019 and affirmed the others, as:

  EUR119 million Class A (XS0289819889) upgraded to 'AAAsf';
  Outlook Stable

  EUR40.3 million Class B (XS0289822677) upgraded to 'A+sf';
  Outlook Stable

  EUR40.3 million Class C (XS0289823568) affirmed at 'CCsf';
  Recovery Estimate (RE) 50%

  EUR5.48 million Class D (XS0289824533) affirmed at 'Dsf'; RE0%

  EUR0 million Class E (XS0289824889) affirmed at 'Dsf'; RE0%

Mesdag (Charlie) B.V. is a CMBS transaction secured by five loans
backed by commercial real estate assets in Germany and the
Netherlands originated by NIBC Bank N.V.

KEY RATING DRIVERS

The upgrade of the class A and B notes is the result of the good
performance of the largest loan in the portfolio, Berlin (EUR112
million, 57.1% of the pool balance), and of the timely and
sequential interest and principal payments.   The affirmation of
the class C notes reflects the threat of loss from the bankrupt
Dutch Office loans and the thin layer of credit support offered
by the class D notes' balance (EUR5.48 million).

The Dutch Office I and II loans (EUR30 million and EUR22 million,
respectively) continue to pose a risk of further losses to junior
notes.  As a result of the sale strategy, the loans are now
backed by four and one properties, respectively.  The current
loan-to-value (LTV) ratios stand at 232.74% and 136.81%.  Net
proceeds of EUR0.8 million from the last property sale will be
applied to the notes on the April interest payment date (IPD).
Fitch expects significant losses on the Dutch Office loans, in
excess of the class D notes' balance, which will lead to some
loss being applied to the class C notes.

The performance of the Berlin loan German multifamily housing
collateral, underpinned by strong income, low vacancy and a
manageable cost base resulted in a current market value increase
of 7% to EUR201.9 million in the December 2013 valuation from
EUR187.9m in the December 2011 valuation.  This will benefit the
class A notes due to the sequential payment of principal on the
notes.

Since Fitch's last rating action, the Sparkasse loan has repaid
in full.  The EUR8,4 million of proceeds will be applied to the
notes on the April IPD.  Despite the high and volatile costs of
some properties backing the Tommy loan, its low leverage (LTV
35%) and its good overall performance, provide comfort that it
will repay in full if costs can be kept under control.

RATING SENSITIVITIES

The property sale strategy regarding the three loans in special
servicing will not affect the ratings on the senior tranches.
The recovery amounts are already well below the 'B' market value
for each loan.  The performance of the portfolio relies heavily
on the two multifamily loans.  Any deterioration regarding the
performance of these two loans could have a subsequent negative
impact on the ratings of the senior tranches and consequently the
class C recoveries.

Estimated 'Bsf' recoveries are EUR169 million.


SRLEV NV: Moody's Puts 'B3(hyb)' Sub-Debt Rating on Review
----------------------------------------------------------
Moody's Investors Service placed on review with direction
uncertain the Baa3 insurance financial strength ratings (IFSRs)
of SRLEV NV and REAAL Schadeverzekeringen NV, the main insurance
operations of SNS REAAL N.V., and the B3(hyb) subordinated debt
rating of SRLEV's hybrid instruments.  The program ratings of the
holding company, SNS REAAL N.V., are unaffected by this rating
action.

The rating actions follow the announcement on Monday by SNS REAAL
that it has signed an agreement with Anbang Group Holdings Co.
Ltd. (unrated), a 100% subsidiary of Anbang Insurance Group Co.
Ltd. (Anbang, unrated), a Chinese insurance company, for the sale
of REAAL NV, the holding company of SNS REAAL's insurance
operations. Under the agreement, Anbang will pay a cash
consideration of EUR150 million.  The buyer also commits to (1)
strengthen the capitalization of the Dutch insurer to a Solvency
II level of between 140-150%, resulting in an additional capital
injection between EUR770 million and EUR1.0 billion (2) repay
EUR552 million of internal loan, including EUR250 million of
intercompany loan to SNS Bank and EUR302 million of T2 hybrid
loan to SNS REAAL N.V.  The anticipated effective date of sale is
30 June 2015 with an expected close in 3Q15, subject to
regulatory approval.

The review with direction uncertain on the IFSRs of SRLEV NV and
REAAL Schadeverzekeringen NV reflects a variety of positive and
negative credit scenarios.  Positive pressures could arise if the
Anbang transaction is completed resulting in a capital injection
of between EUR770 million to EUR1.0 billion. Conversely, negative
pressures could arise if the transaction is not completed. In
this scenario, Moody's expects that SNS REAAL's insurance
operation is likely to continue to weaken going-forward in the
absence of external support.  The Solvency I capital ratio of the
Dutch insurer continued to fall in the last quarter of 2014 to an
estimated 136%, resulting in a 36 percentage points decline since
YE2013, driven mainly by the reduction in interest rates, high
duration mismatch between SRLEV's assets and liabilities, and
model/parameter adjustments.

In Moody's opinion, there is still considerable uncertainty
regarding the completion of the transaction as a result of the
conditions attached to the sale and purchase agreement.  In
particular, in addition to the customary conditions of regulatory
approvals from the Chinese and Dutch insurance regulators, in
case of a decline in the consolidated shareholders' equity of
REAAL NV by 25% or more in the period between Dec. 31, 2014 and
June 30, 2015, Anbang has the right not to purchase the Dutch
insurer, incurring no penalties.  In Moody's view this introduces
some uncertainty to the deal completion, given the recent high
volatility in the capital ratios of the insurer as described
above.

The review with direction uncertain on the B3(hyb) rating for the
hybrid securities issued by SRLEV reflects the possibility of a
multi-notch upgrade if SNS REAAL is able to complete the sale of
its insurance operations and if Anbang recapitalizes these
operations as planned, most likely leading to a resumption of
coupon payments. SNS REAAL has indicated that the ban on coupon
payments imposed by the European Commission was lifted following
the agreement reached with Anbang, but the group decided to
continue not to pay coupons on SRLEV's hybrids, in accordance
with the fully optional coupon skip mechanism included in these
securities.  Conversely, the ratings could be downgraded if we
believe that the sale of the insurance operations could be
cancelled, or the entity would be sold to a counterparty which
will not resume coupon payments or decide not to pay part of the
principal.

Moody's said that it does not expect to conclude its reviews
before 3Q15, notably depending on confirmation that Anbang
intends to proceed with the acquisition on the stated terms.

The following factors could exert upward pressure on the ratings:
(1) acquisition by Anbang which will inject between EUR770
million and EUR1.0 billion into the insurer, (2) significant
improvement of the fundamentals of the insurance operations such
as sustainable good levels of capitalization and profitability,
while maintaining strong market positions.

The following factors could exert downward pressure on the
ratings: (1) no completion of the transaction with Anbang,
resulting in a sustained deterioration of capitalization of the
insurer (2) higher risk of longer coupon deferral on the hybrids
and /or not payment of the principal.

List of Affected Ratings:

The following ratings were placed on review with direction
uncertain

  - SRLEV NV's insurance financial strength rating Baa3;

  - REAAL Schadeverzekeringen NV's insurance financial strength
    rating Baa3;

  - SRLEV NV's backed subordinated debt rating B3(hyb);

  - SRLEV NV's backed junior subordinated debt rating B3(hyb);

The methodologies used in these ratings were Global Life Insurers
published in August 2014, and Global Property and Casualty
Insurers published in August 2014.



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


SAGRES DOURO 2: S&P Affirms 'B-(sf)' Rating on Class D Notes
----------------------------------------------------------
Standard & Poor's Ratings Services took various credit rating
actions in SAGRES Sociedade de Titularizacao de Creditos, S.A.'s
Douro Mortgages No. 2.

Specifically, S&P has:

   -- Lowered and placed on CreditWatch negative its ratings on
      the class A1 and A2 notes; and

   -- Affirmed its ratings on the class B, C, and D notes.

Upon publishing S&P's updated criteria for rating single-
jurisdiction securitizations above the sovereign foreign currency
rating (RAS criteria), S&P placed those ratings that could
potentially be affected "under criteria observation".

Following S&P's review of these transactions, its ratings that
could potentially be affected by the criteria are no longer under
criteria observation.

The rating actions follow S&P's credit and cash flow analysis of
the most recent transaction information that S&P has received
dated December 2014.  S&P's analysis reflects the application of
its residential mortgage-backed securities (RMBS) criteria and
its RAS criteria.

Under S&P's RAS criteria, it applied a hypothetical sovereign
default stress test to determine whether a tranche has sufficient
credit and structural support to withstand a sovereign default
and so repay timely interest and principal by legal final
maturity.

S&P's RAS criteria designate the country risk sensitivity for
RMBS as "moderate".  Under S&P's RAS criteria, a transaction's
notes can be rated four notches above the sovereign rating, if
they have sufficient credit enhancement to pass a minimum of a
"severe" stress.  In addition, if all six of the conditions in
paragraph 48 of the RAS criteria are met, S&P can assign ratings
in this transaction up to a maximum of six notches (two
additional notches of uplift) above the sovereign rating, subject
to credit enhancement being sufficient to pass an "extreme"
stress.

As S&P's unsolicited long-term rating on the Republic of Portugal
is 'BB', S&P's RAS criteria cap at 'A (sf)' the maximum potential
rating for the class A1 and A2 notes in this transaction.  The
maximum potential rating for all other classes of notes is 'BBB+
(sf)'.

The transaction has a reserve fund, which is at its target level
and currently represents 1.20% of the outstanding notes' balance.

Severe delinquencies of more than 90 days at 1.98% are lower than
S&P's Portuguese RMBS index.  This transaction features a
provisioning mechanism for loans approaching default.  This
mechanism traps an increasing amount of cash within the
transaction as loans move through delinquency toward default.
Prepayment levels remain low and the transaction is unlikely to
pay down significantly in the near term, in S&P's opinion.

Following the application of S&P's RAS criteria and its RMBS
criteria, S&P has determined that its assigned rating on each
class of notes in these transactions should be the lower of (i)
the rating as capped by S&P's RAS criteria and (ii) the rating
that the class of notes can attain under S&P's RMBS criteria.  In
this transaction, the rating on the class A1, A2, and B classes
of notes are constrained by the rating on the sovereign.

The class A1 and A2 notes cannot support the stresses that S&P
applies at a 'AAA' rating level.  S&P considers that all six
conditions in paragraph 48 of the RAS criteria are not met and
that available credit enhancement for the class A1 and A2 notes
is insufficient to pass an extreme stress.  Consequently, S&P can
assign a rating on the class A1 and A2 notes up to a maximum of
four notches above the 'BB' sovereign rating.  The class A1 and
A2 notes can also achieve this rating under S&P's RMBS criteria.

S&P does not consider the replacement framework for the swap
provider to be in line with S&P's current counterparty criteria.
S&P's ratings on the class A1 and A2 notes are therefore capped
at its long-term 'A-' issuer credit rating (ICR) on The Royal
Bank of Scotland PLC (RBS).

Following S&P's Feb. 3, 2015 bank rating actions, when it placed
its long-term ICR on RBS on CreditWatch negative, S&P has placed
its ratings on the class A1 and A2 notes on CreditWatch negative.
S&P has therefore lowered to 'BBB+ (sf)' from 'A- (sf)' and
placed on CreditWatch negative its ratings on Douro Mortgages No.
2's class A1 and A2 notes.  S&P will resolve these CreditWatch
placements after it has resolved the CreditWatch placement of its
long-term ICR on RBS.

The available credit enhancement for the class B notes is
insufficient to withstand any additional stress under S&P's RAS
criteria and it can therefore apply no uplift above the sovereign
rating.  However, S&P believes that the available credit
enhancement for the class B notes is at least commensurate with a
'BB (sf)' rating, based on S&P's RMBS criteria.  S&P has
therefore affirmed its 'BB (sf)' rating on the class B notes.

The available credit enhancement for the class C and D notes is
insufficient to withstand any additional stress under S&P's RAS
criteria and it can therefore apply no uplift above the sovereign
rating.  Based on S&P's RMBS criteria and the fact that there is
excess spread and a full reserve fund supporting both classes of
notes, S&P believes that the available credit enhancement is
commensurate with the currently assigned ratings.  S&P's ratings
also reflect the fact that the class D notes are subordinate to
the class C notes.  S&P has therefore affirmed its 'B (sf)' and
'B- (sf)' ratings on the class C and D notes, respectively.

S&P also considers credit stability in its analysis.  To reflect
moderate stress conditions, S&P adjusted its weighted-average
foreclosure frequency assumptions by assuming additional arrears
and fluctuations on house prices for one-year and three-year
horizons.  This did not result in S&P's rating deteriorating
below the maximum projected deterioration that it would associate
with each relevant rating level, as outlined in S&P's credit
stability criteria.

S&P expects severe arrears in the portfolio to remain at their
current levels due to slow economic growth and high unemployment.
S&P expects the real estate market to stabilize in 2015.
However, price rises will likely be limited (0.5% in 2014 and
1.0% in 2015), as housing demand will stay constrained.

Douro Mortgages No. 2 is a Portuguese RMBS transaction, which
closed in September 2006 and securitizes first-ranking mortgage
loans.  Banco BPI S.A. originated the pool, which comprises loans
backed by properties in Portugal.

POTENTIAL EFFECTS OF PROPOSED CRITERIA CHANGES

S&P's ratings are based on its applicable criteria, including
those set out in the criteria article.  However, these criteria
are under review.

As a result of this review, S&P's future criteria applicable to
rating transactions backed by Portuguese mortgage assets may
differ from its current criteria.  These criteria changes may
affect the ratings on the outstanding RMBS transactions that S&P
rate.  Until such time that S&P adopts new criteria, it will
continue to rate and surveil these transactions using its
existing criteria.

RATINGS LIST

Class       Rating                Rating
            To                    From

SAGRES Sociedade de Titularizacao de Creditos, S.A.
EUR1.5 Billion Residential Mortgage-Backed Floating-Rate
Securitisation Notes (Douro Mortgages No. 2)

Ratings Lowered and Placed On CreditWatch Negative

A1          BBB+ (sf)/Watch Neg    A- (sf)
A2          BBB+ (sf)/Watch Neg    A- (sf)

Ratings Affirmed

B           BB (sf)
C           B (sf)
D           B- (sf)



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


MECHEL OAO: Cuts Liabilities; Lenders May Take Over
---------------------------------------------------
According to Bloomberg News' Elena Popina, speculation mounted
that Russian state-controlled lenders are moving to take over OAO
Mechel as it seeks to avert bankruptcy.

Mechel makes steel, and it lost almost three-fourths of its
market value last year as it lost money in each quarter amid
plunging prices for the raw material, Bloomberg relays.

The company, which owes about US$7 billion, cut liabilities by
US$140 million last week as part of a deal to sell U.S. assets,
Bloomberg says, citing a Feb. 18 regulatory filing.  State-run
OAO Gazprombank, one of its lenders, in October bought the
personal debt of Chairman Igor Zyuzin that was backed by 15% of
Mechel's stock, Vedomosti on Feb. 19 said, citing sources it did
not name. The newspaper report stoked speculation that the
government may be planning a takeover, which Mr. Zyuzin has
opposed, Bloomberg relates.

"Investors take this as a sign that the state-controlled banks
are sticking to a strategy of gaining control over the company
and changing management," Bloomberg quotes Pavel Vasiliadi, the
director of research and risk management at UFS Finance
Investment Co., as saying by phone from Moscow on Feb. 19.  "The
company is going to survive one way or another.  Mechel is
gradually cutting debt, and it's on the list of strategically
important enterprises that the government won't let fail amid the
crisis."

Gazprombank, OAO Sberbank and OAO VTB, all of which are
government controlled, own most of Mechel's debt, Bloomberg
notes.

Mechel, which makes more than half of its sales domestically, has
been losing money since 2012, data compiled by Bloomberg show.
Analysts estimate the company lost US$385 million last year after
reporting a record loss in 2013, Bloomberg recounts.  The company
in December reported a third-quarter net loss of US$575 million,
more than four times wider than the same period a year earlier,
as coal prices dropped 25%, Bloomberg discloses.

The Moscow-based company suspended debt payments last year as
coal prices slid, Bloomberg recounts.  Mechel has come under
pressure by lenders as well as Prime Minister Dmitry Medvedev,
who have demanded that the company make a decision on a plan that
will enable it to pay its debts, Bloomberg relays.  While several
restructuring proposals have been discussed, including the sale
of convertible bonds, Mechel is still trying to find a way to
meet its obligations and avoid bankruptcy, Bloomberg states.

Mechel is a metals and mining group.


SB BANK: Moody's Cuts Long-Term & Foreign Currency Ratings to 'C'
-----------------------------------------------------------------
Moody's Investors Service downgraded to C from Ca the long-term
local and foreign-currency deposit ratings of SB Bank (formerly
Sudostroitelny Bank, Russia).  At the same time, Moody's affirmed
SB Bank's E standalone bank financial strength rating, now
equivalent to a baseline credit assessment of c (formerly ca).
The bank's Not Prime short-term foreign and local-currency
ratings were affirmed.  The outlook on the long-term ratings is
stable.

Moody's will withdraw all SB Bank's ratings following the
withdrawal of its banking license by the Central Bank of Russia
on Feb. 16, 2015.

The rating action and Moody's subsequent ratings withdrawal
follow the Central Bank of Russia's announcement on Feb. 16, 2015
that it had revoked SB Bank's banking license in connection with
the entity's violation of the state laws on banking activity, its
unreliable financial reporting, its failure to reach the minimum
capital adequacy regulatory requirements, and its inability to
meet creditors' claims.

The downgrade of SB Bank's ratings reflects Moody's expectations
of heavy losses that the bank's creditors are likely to incur as
a result of liquidation, given (1) the bank's poor liquidity
profile; (2) very weak capital position; and (3) historical data
for similar cases in Russia, when banks' licenses have been
revoked.

According to Moody's, SB Bank had no rated debt outstanding at
the time of the rating withdrawal, and customer deposits
represented the main source of the bank's non-equity funding.

The principal methodology used in these ratings was Global Banks
published in July 2014.

Headquartered in Moscow, Russia, SB Bank reported total assets of
RUB68 billion (around $2 billion) under IFRS (unaudited) as of
end-June 2014.  The bank recorded a net profit of RUB206 million
($6 million) in the first six months of 2014.


SB BANK: Moody's Lowers Nat'l. Scale LT Deposit Rating to 'C.ru'
----------------------------------------------------------------
Moody's Interfax Rating Agency downgraded to C.ru from Ca.ru the
national scale long-term deposit rating of SB Bank (formerly
Sudostroitelny Bank, Russia).

Moody's will withdraw SB Bank's NSR following the revocation of
its banking license by the Central Bank of Russia (CBR) on Feb.
16, 2015.

Subsequent to the rating action, Moody's will withdraw SB Bank's
ratings following the CBR's announcement on Feb. 16, 2015 that it
had revoked SB Bank's banking license.  The license revocation
was in connection with the entity's violation of the state laws
on banking activity, its unreliable financial reporting, its
failure to reach the minimum capital adequacy regulatory
requirements, and its inability to meet creditors' claims.

The downgrade of SB Bank's rating reflects Moody's expectations
of heavy losses that the bank's creditors are likely to incur as
a result of liquidation, given (1) the bank's weak liquidity
profile; (2) its very weak capital position; and (3) historical
data for similar cases in Russia, when banks' licenses have been
revoked.

According to Moody's, SB Bank will have no rated debt outstanding
at the time of the rating withdrawal, and customer deposits
represented the main source of the bank's non-equity funding.

The principal methodology used in this rating was Global Banks
published in July 2014.

Headquartered in Moscow, Russia, SB Bank reported total assets of
RUB68 billion (around $2 billion) under IFRS (unaudited) as of
end-June 2014.  The bank recorded a net profit of RUB206 million
($6 million) in the first six months of 2014.


SISTEMA JOINT: Ural-Invest Order No Impact on Moody's B1 Rating
---------------------------------------------------------------
Russian conglomerate Sistema Joint Stock Financial Corporation's
(Sistema, B1 negative) RUB70.7 billion claim against Ural-Invest
LLC (not rated) regarding Sistema's 2005-09 acquisition of a
stake in Bashneft (Ba2 review for downgrade) was upheld on
February 16 by the Moscow Arbitrage Court.  The decision will
have no immediate effect on Sistema's B1 rating because the final
outcome of the dispute remains uncertain as Ural-Invest has an
option to appeal the court's decision.

In 2005 to 2009, Sistema acquired shares in Bashneft from Ural-
Invest's predecessors.  In 2014, the Moscow Arbitrage Court
decided that Bashneft's privatization prior to the deal was
illegal and ordered that Sistema return the Bashneft shares that
it owned to the Russian Federation. Sistema has fulfilled that
order and claimed RUB70.7 billion in damages from Ural-Invest as
successor to the entities from which it had acquired the shares.

Moody's recognizes that the court's decision, if enforced, would
be credit positive for Sistema as it anticipates a significant
cash inflow.  However, Ural-Invest has stated that it is going to
appeal the court's decision.  In addition, Ural-Invest's accounts
are currently frozen under Sistema's claim and also under the
ongoing investigation of the appropriation of Bashneft shares
from state property, the potential claims from which amount to
more than RUB200 billion.  As a result, there is a degree of
uncertainty over the final outcome of Sistema's claim against
Ural-Invest both in terms of the court's ultimate decision and
the sufficiency of Ural-Invest's funds to meet Sistema's claim
along with other potential claims.

On Feb. 16, 2015, Sistema announced that it would use the funds
recovered from Ural-Invest for investments in Russia and
corporate social responsibility programs. Should the final
outcome be in favor of Sistema and it recovers the money from
Ural-Invest, Moody's will assess the effect on Sistema's credit
profile considering what specific investments the company will
pursue and what will be the share of social spending.

The investigation against Sistema's majority shareholder, Mr.
Evtushenkov, who was accused of money laundering in 2014 in
conjunction with Bashneft's privatization, has not been formally
closed, although he was released from house arrest.  This
situation continues to create some uncertainty over potential
negative developments for Sistema related to Bashneft.  However,
it is not Moody's base-case assumption that Sistema will be
required to repay to the state all dividends that it received
from Bashneft during the years of its shareholding, which Sistema
estimates at RUB120 billion (around $1.9 billion at the current
exchange rate).

Moody's could change the outlook on Sistema's rating to stable or
consider an upgrade if (1) the investigation against Sistema's
controlling shareholder were formally closed, (2) there were no
further material claims on Sistema following the Bashneft shares
return to the state, and (3) there were no material effects on
the company's business and financial profile and liquidity from
the weakened macroeconomic environment in Russia and rouble
depreciation.

Sistema is one of Russia's largest public conglomerates.  After
returning Bashneft's shares to state ownership, Sistema retains
telecoms, technology, banking, media, retail, transportation and
other businesses.  The founder of the company, Mr. Vladimir
Evtushenkov, holds 64.18% of Sistema's common shares. The
remainder is held by minority shareholders and is in free float.
In 2013, Sistema generated consolidated revenue of $35.9 billion
and EBITDA of $9.8 billion (Moody's-adjusted).



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


BANCO POPULAR ESPANOL: S&P Affirms 'B+/B' CCRs
----------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+/B' long- and
short-term counterparty credit ratings on Spain-based Banco
Popular Espanol S.A. (Popular).  The outlook remains negative.

At the same time, S&P raised to 'CCC' from 'CCC-' its issue
credit ratings on Popular's non-deferrable subordinated debt and
preferred stock.

The affirmation reflects S&P's view that Popular's solvency and
overall stand-alone creditworthiness has strengthened on the back
of a new additional tier 1 issuance and, to a lesser extent,
S&P's view of better-than-expected retained earnings at the bank
for this year and next.  This improvement has not led to a rating
upgrade since S&P's issuer credit rating on Popular is in
negative transition.  S&P believes that the likelihood of
potential extraordinary government support available to senior
unsecured creditors will likely diminish as European resolution
frameworks are put in place by year-end 2015.

On Feb. 12, 2014, Popular issued a EUR750 million perpetual
contingent convertible preferred bond (not rated) that S&P
classifies as an intermediate equity content instrument under its
criteria.  This issue added around 40 basis points to S&P's risk-
adjusted capital (RAC) ratio and fills the bank's 1.5% additional
tier 1 regulatory capital bucket.

The new hybrid-capital instrument and, to a lesser extent, S&P's
view of better-than-expected retained earnings in 2015 and 2016
have led S&P to improve its assessment on Popular's capital and
earnings to moderate from weak.  The issuance of the new
additional tier 1 instrument is the last step in a series of
capital strengthening measures taken by Popular over the past few
years.  This included two capital increases and a series of
exceptional capital gains on asset disposals.  Better expected
earnings retention incorporate lower provisioning needs than S&P
had previously anticipated for Popular in 2015 and 2016, in spite
of slightly lower revenues after the deconsolidation of the
credit card business.  S&P expects the bank to be able to
sustainably and comfortably maintain a Standard & Poor's RAC
ratio of 5.0%-5.5% over the next 18-24 months, higher than S&P's
previous expectations of 4.5%-5.0%.

Therefore, S&P has revised upward its assessment of Popular's
stand-alone credit profile (SACP) to 'b' from 'b-'.  S&P's view
of the remaining factors driving the bank's SACP remains
unchanged.

The improvement in the SACP led to the upgrade of S&P's issue
rating on Popular's non-deferrable subordinated debt and
preferred stock to 'CCC' from 'CCC-'.  In S&P's view, the
strengthened capital position of Popular reduces the risk of the
bank defaulting on those instruments.

S&P believes the rating on Popular is in negative transition
because it could reduce or eliminate the rating uplift for
potential extraordinary government support that S&P currently
incorporates in the rating by year-end 2015, as the new European
resolution regime is implemented in Spain.  S&P has therefore
incorporated a one-notch negative adjustment that offsets the
impact on the ratings of the improvement in the SACP.  As a
result, if S&P fully removed government support uplift from its
ratings on the bank by year-end 2015, the 'B+' long-term
counterparty credit rating on Popular would fall by one notch
(assuming other rating factors remain unchanged).

The negative outlook reflects that S&P may lower the ratings on
Popular by one notch if S&P considers that by year-end 2015
extraordinary government support is less predictable under the
new EU legislative framework.  As a result, S&P may conclude that
by the end of the year there is a greater likelihood that
Popular's senior unsecured liabilities may incur losses if the
bank fails.

A revision of the outlook to stable would depend on S&P's
assessment concluding that potential extraordinary government
support for Popular's senior unsecured creditors is effectively
unchanged following the implementation of the EU bank resolution
framework.  This would be despite the introduction of bail-in
powers and international efforts to increase the banks'
resolvability.  S&P could also revise the outlook to stable if it
believes that other rating factors, such as a stronger SACP or
measures that provide substantial additional flexibility to
absorb losses while a going concern, fully offset increased bail-
in risks.

S&P could revise upward its assessment of Popular's SACP if, in
S&P's view, the bank's management proves successful in reducing
Popular's large stock of non-performing assets and, at the same
time, turning around the bank's underlying profitability.
Alternatively, the SACP could also improve if S&P's concerns on
the bank's relatively significant refinancing risk and its high
dependency on short-term financing eases over the medium term.


BBVA-6 FTPYME: S&P Affirms CCC- Rating on Class B Notes
-------------------------------------------------------
Standard & Poor's Ratings Services raised its credit rating on
BBVA-6 FTPYME Fondo de Titulizacion de Activos' class A2(G)
notes. At the same time, S&P has affirmed its ratings on the
class B and C notes.

Upon publishing S&P's updated criteria for rating single-
jurisdiction securitizations above the sovereign foreign currency
rating (RAS criteria), S&P placed those ratings that could
potentially be affected "under criteria observation".

Following S&P's review of this transaction, its ratings that
could potentially be affected by the criteria are no longer under
criteria observation.

S&P has used data from the December 2014 investor report to
perform S&P's analysis and has applied its European small and
midsize enterprise (SME) collateralized loan obligation (CLO)
criteria and S&P's current counterparty criteria.  S&P has also
applied its RAS criteria.

BBVA-6 FTPYME is a single-jurisdiction cash flow CLO transaction
securitizing a portfolio of SME loans that Banco Bilbao Vizcaya
Argentaria, S.A. originated in Spain.  The transaction closed in
June 2007.

CREDIT ANALYSIS

S&P has applied its European SME CLO criteria to determine the
scenario default rates (SDRs) -- the minimum level of portfolio
defaults that S&P expects each tranche to be able to withstand at
a specific rating level using CDO Evaluator.

To determine the SDR, S&P adjusted the archetypical European SME
average 'b+' credit quality to reflect these factors: Country,
originator, and portfolio selection.

S&P ranked the originator into the moderate category.  Taking
into account Spain's Banking Industry Country Risk Assessment
(BICRA) score of 5, S&P has applied a downward adjustment of one
notch to the 'b+' archetypical average credit quality.  Due to
the absence of information on the creditworthiness of the
securitized portfolio compared with the originator's entire loan
book, S&P further adjusted the average credit quality by three
notches.

As a result of these adjustments, S&P's average credit quality
assessment of the portfolio was 'ccc', which it used to generate
its 'AAA' SDR of 84%.

S&P has calculated the 'B' SDR, based primarily on S&P's analysis
of historical SME performance data and its projections of the
transaction's future performance.  S&P has reviewed the
portfolio's historical default data, and assessed market
developments, macroeconomic factors, changes in country risk, and
the way these factors are likely to affect the loan portfolio's
creditworthiness.  As a result of this analysis, S&P's 'B' SDR is
8%.

S&P interpolated the SDRs for rating levels between 'B' and 'AAA'
in accordance with its European SME CLO criteria.

RECOVERY RATE ANALYSIS

At each liability rating level, S&P applied a weighted-average
recovery rate (WARR) by considering observed historical
recoveries.  As a result of this analysis, S&P's WARR assumption
in 'A' scenarios was 25%.

CASH FLOW ANALYSIS

S&P used the portfolio balance that the servicer considered to be
performing, the current weighted-average spread, and the above
weighted-average recovery rates.  S&P subjected the capital
structure to various cash flow stress scenarios, incorporating
different default patterns and interest rate curves, to determine
the rating level, based on the available credit enhancement for
each class of notes under our European SME CLO criteria.

Under the transaction documents, the class B notes' interest will
be deferred to a junior position in the waterfall if cumulative
defaults exceed 6.50% of the initial portfolio balance, provided
that the class A1 or A2(G) notes are still outstanding and that
the amount due to the state upon the enforcement of the state
guarantee for amortizing the class A2(G) notes has not been fully
repaid.  Currently, the issuer owes EUR24.88 million to the
Kingdom of Spain under the state guarantee.  In S&P's opinion, as
long as the issuer has not fully redeemed its liability to the
state, the class B notes are highly vulnerable to nonpayment of
interest.  Therefore, S&P has affirmed its 'CCC- (sf)' rating on
the class B notes.

COUNTRY RISK

S&P's long-term rating on the Kingdom of Spain is 'BBB'.

In S&P's opinion, the class A2(G) notes have sufficient credit
enhancement to withstand the sovereign default stress test.  This
hypothetical scenario is derived from our observation of
macroeconomic conditions that occurred after several sovereign
defaults where S&P characterizes the degree of stress as "severe"
in S&P's rating definitions criteria.  Therefore, under S&P's RAS
criteria, the class A2(G) notes can be rated above the sovereign.

Since, according to S&P's RAS criteria, SMEs have a 'moderate'
sensitivity to country risk, the notes can be rated up to four
notches above the rating on the sovereign.  Taking into account
the increased credit enhancement and the application of S&P's RAS
criteria, it has raised to 'A+ (sf)' from 'A- (sf)' its rating on
the class A2(G) notes.

S&P has affirmed its 'D (sf)' rating on the class C notes because
this class has previously defaulted on the full and timely
payment of interest.

RATINGS LIST

Class       Rating            Rating
            To                From

BBVA-6 FTPYME Fondo de Titulizacion de Activos
EUR1.5 Billion Floating-Rate Notes

Rating Raised

A2(G)       A+ (sf)          A- (sf)

Ratings Affirmed

B           CCC- (sf)
C           D (sf)


CAIXABANK: Moody's Reviews 'Ba2' Sub. Debt Rating for Downgrade
---------------------------------------------------------------
Moody's Investors Service placed on review for downgrade
Caixabank's Baa3 long-term debt, issuer and deposit ratings, its
Ba2 subordinated debt rating and the D+ bank financial strength
rating (equivalent to a ba1 baseline credit assessment).  Moody's
also placed Caixabank's Prime-3 short-term debt and deposit
ratings on review for downgrade.

At the same time, Moody's has placed on review for upgrade the
Ba3 long-term debt, issuer and deposit ratings of Banco BPI S.A.
and its supported entities, its B2 subordinated debt rating, the
(P)B3 junior subordinated debt rating and the Caa1(hyb) preferred
shares rating.  The E+ BFSR (equivalent to a b1 BCA) and the Not-
Prime short-term debt and deposit ratings were not affected and
remain unchanged.

The review for downgrade reflects Caixabank's announcement on
February 17 to launch a public tender offer for the acquisition
of BPI's not-yet-owned share capital (55.9%), and the negative
impact the deal will have on Caixabank's solvency.  The review
for upgrade for BPI indicates the upward pressure that could stem
from the acquisition by a stronger bank.

The rating action reflects Caixabank's intention to launch a
public tender offer for the acquisition of ordinary shares
representing the share capital of Banco BPI and the negative
impact it will have on Caixabank's solvency levels.  The deal is
expected to close by the end of Q2 2015.

Depending on the level of acceptance of the tender offer, the
effect on its solvency levels could range from 80 to 140 basis
points on its fully loaded Common Equity Tier 1 (FL CET1) ratio.
The acquisition will thus bring down Caixabank's FL CET 1 ratio
to 10.7%-10.1%, below the 11% average of its European peers.

The success of this deal is subject not only to pertinent
regulatory approvals, but also to meeting the following
conditions (1) achieving an acceptance level over 5.9% to ensure
that Caixabank owns more than a 50% stake in BPI after the offer;
and (2) the elimination of the 20% voting cap currently included
in BPI's bylaws.

This offer is voluntary, with a price of EUR1.33 per share
payable in cash, and is directed to all the outstanding shares of
BPI that CaixaBank does not hold (current shareholding of 44.1%).

The bank has stated that it will reach a FL CET1 ratio above 11%
post-acquisition.  During the review period Moody's will focus on
Caixabank's capacity to restore its solvency and risk-absorption
capacity in a timely fashion.

Moody's believes that the impact on asset quality and cost
efficiency should be limited and manageable, given the relative
size of BPI versus Caixabank (EUR42.6 billion in assets at end-
2014 versus EUR339 billion, respectively) and Caixabank's strong
track record in delivering cost synergies. In addition,
Caixabank's long-standing ownership at BPI should help ease the
transaction's execution risks.

Moody's considers that BPI's senior creditors could benefit from
Caixabank's parental support if the announced tender offer is
successfully completed, therefore mitigating the risks emerging
from the bank's still-modest credit fundamentals.  Unlike
previous acquisitions, Caixabank intends to maintain BPI as an
independent subsidiary.

Upward pressure on Caixabank's ratings is unlikely given the
current review for downgrade.

Downward pressure could materialise if Caixabank fails to restore
its solvency and/or if the ongoing improving trend of its asset
quality and profitability is reversed.

BPI's long-term ratings could be upgraded if Moody's assessment
of parental support from Caixabank is deemed to be high.

List of Affected Ratings:

On Review for Downgrade:

   -- Issuer: Caixabank

      - Bank Financial Strength Rating, Placed on Review for
        Downgrade, currently D+ STA (equivalent to BCA ba1)

      - Issuer Rating, Placed on Review for Downgrade, currently
        Baa3 STA

      - Long-term Deposit Rating, Placed on Review for Downgrade,
        currently Baa3 STA

      - Short-term Deposit Rating, Placed on Review for
        Downgrade, currently P-3

      - Subordinate Regular Bond/Debenture, Placed on Review for
        Downgrade, currently Ba2 STA

      - Senior Unsecured Regular Bond/Debenture, Placed on Review
        for Downgrade, currently Baa3 STA

      - Backed Senior Unsecured Regular Bond/Debenture, Placed on
        Review for Downgrade, currently Baa3 STA

      - Subordinate Medium-Term Note Program, Placed on Review
        for Downgrade, currently (P)Ba2

      - Senior Unsecured Medium-Term Note Program, Placed on
        Review for Downgrade, currently (P)P-3

      - Senior Unsecured Medium-Term Note Program, Placed on
        Review for Downgrade, currently (P)Baa3

On Review for Upgrade:

   -- Issuer: Banco BPI S.A.

      - Issuer Rating, Placed on Review for Upgrade, currently
        Ba3 NEG

      - Long-term Deposit Rating, Placed on Review for Upgrade,
        currently Ba3 NEG

      - Senior Unsecured Regular Bond/Debenture, Placed on Review
        for Upgrade, currently Ba3 NEG

      - Subordinate Regular Bond/Debenture, Placed on Review for
        Upgrade, currently B2 STA

      - Junior Subordinate Medium-Term Note Program, Placed on
        Review for Upgrade, currently (P)B3

      - Subordinate Medium-Term Note Program, Placed on Review
        for Upgrade, currently (P)B2

      - Senior Unsecured Medium-Term Note Program, Placed on
        Review for Upgrade, currently (P)Ba3

   -- Issuer: BPI Capital Finance Ltd.

      - Backed Subordinate Medium-Term Note Program, Placed on
        Review for Upgrade, currently (P)B2

      - Backed Junior Subordinate Medium-Term Note Program,
        Placed on Review for Upgrade, currently (P)B3

      - Backed Senior Unsecured Medium-Term Note Program, Placed
        on Review for Upgrade, currently (P)Ba3

      - Backed Pref. Stock Non-cumulative Preferred Stock, Placed
        on Review for Upgrade, currently Caa1(hyb) STA

   -- Issuer: Banco BPI Cayman Ltd

      - Backed Subordinate Medium-Term Note Program, Placed on
        Review for Upgrade, currently (P)B2

      - Backed Junior Subordinate Medium-Term Note Program,
        Placed on Review for Upgrade, currently (P)B3

      - Backed Senior Unsecured Medium-Term Note Program, Placed
        on Review for Upgrade, currently (P)Ba3

   -- Issuer: Banco BPI S.A. (Cayman)

      - Senior Unsecured Regular Bond/Debenture, Placed on Review
        for Upgrade, currently Ba3 NEG

      - Subordinate Regular Bond/Debenture, Placed on Review for
        Upgrade, currently B2 STA

      - Junior Subordinate Medium-Term Note Program, Placed on
        Review for Upgrade, currently (P)B3

      - Subordinate Medium-Term Note Program, Placed on Review
        for Upgrade, currently (P)B2

      - Senior Unsecured Medium-Term Note Program, Placed on
        Review for Upgrade, currently (P)Ba3

   -- Issuer: Banco BPI S.A. (Madeira)

      - Junior Subordinate Medium-Term Note Program, Placed on
        Review for Upgrade, currently (P)B3

      - Subordinate Medium-Term Note Program, Placed on Review
        for Upgrade, currently (P)B2

      - Senior Unsecured Medium-Term Note Program, Placed on
        Review for Upgrade, currently (P)Ba3

   -- Issuer: Banco BPI S.A. (Santa Maria)

      - Junior Subordinate Medium-Term Note Program, Placed on
        Review for Upgrade, currently (P)B3

      - Subordinate Medium-Term Note Program, Placed on Review
        for Upgrade, currently (P)B2

      - Senior Unsecured Medium-Term Note Program, Placed on
        Review for Upgrade, currently (P)Ba3

Ratings unaffected

   -- Issuer: Banco BPI S.A.

      - Baak Financial Strength Rating, E+ STA (equivalent to a
        b1 BCA)

      - Short-term Deposit Rating, NP

      - Senior Unsecured Medium-Term Note Program, (P)NP

   -- Issuer: BPI Capital Finance Ltd.

      - Backed Senior Unsecured Medium-Term Note Program, (P)NP

   -- Issuer: Banco BPI Cayman Ltd

      - Backed Commercial Paper, NP

      - Backed Senior Unsecured Medium-Term Note Program, (P)NP

   -- Issuer: Banco BPI S.A. (Cayman)

      - Senior Unsecured Medium-Term Note Program, (P)NP

   -- Issuer: Banco BPI S.A. (Madeira)

      - Senior Unsecured Medium-Term Note Program, (P)NP

   -- Issuer: Banco BPI S.A. (Santa Maria)

      - Senior Unsecured Medium-Term Note Program, (P)NP

Outlook Actions:

   -- Outlook, Changed To Rating Under Review From Negative(m)

      - Issuer: Banco BPI Cayman Ltd

      - Issuer: Banco BPI S.A.

      - Issuer: Banco BPI S.A. (Cayman)

      - Issuer: Banco BPI S.A. (Madeira)

      - Issuer: Banco BPI S.A. (Santa Maria)

      - Issuer: BPI Capital Finance Ltd.

   -- Outlook, Changed To Rating Under Review From Stable

      - Issuer: Caixabank

The principal methodology used in these ratings was Global Banks
published in July 2014.



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


SAAB AUTOMOBILE: NEVS Presents Proposal to Pay Off Debts
--------------------------------------------------------
dpa reports that the owners of struggling carmaker Saab on
Feb. 19 presented a proposal to pay off part of outstanding debts
to creditors, saying a writedown was necessary to exit current
bankruptcy protection.

According to dpa, National Electric Vehicle Sweden said settling
with creditors would allow the owners of the carmaker, NEVS, to
complete talks with two unnamed Asian carmakers.

"The negotiations are progressing but we also see the
complication of reaching an agreement when we are in a state of
reorganization," dpa quotes NEVS chief executive Mattias Bergman
as saying.

The reorganization began at the end of August, and runs until
March 2, dpa notes.

NEVS said that of the 574 creditors, 469 were to get full payment
of up 500,000 kronor (60,000 dollars) while 104 creditors would
get their claims over 500,000 kronor reduced by 50%, dpa relates.

The court-appointed administrator Lars Eric Gustafsson, as cited
by dpa, said the proposal was "advantageous for the creditors"
and that information would be presented at a creditors' meeting
set for Feb. 26.

                      About Saab Automobile

Saab Automobile AB is a Swedish car manufacturer owned by Dutch
automobile manufacturer Swedish Automobile NV, formerly Spyker
Cars NV.  Saab halted production in March 2011 when it ran out of
cash to pay its component providers.  On Dec. 19, 2011, Saab
Automobile AB, Saab Automobile Tools AB and Saab Powertain AB
filed for bankruptcy after running out of cash.

Some of Saab's assets were sold to National Electric Vehicle
Sweden AB, a Chinese-Japanese backed start-up that plans to make
an electric car using Saab Automobile's former factory, tools and
designs.

On Jan. 30, 2012, more than 40 U.S.-based Saab dealerships filed
an involuntary Chapter 11 petition for Saab Cars North America,
Inc. (Bankr. D. Del. Case No. 12-10344).  The petitioners,
represented by Wilk Auslander LLP, assert claims totaling US$1.2
million on account of "unpaid warranty and incentive
reimbursement and related obligations" or "parts and warranty
reimbursement."  Leonard A. Bellavia, Esq., at Bellavia Gentile &
Associates, in New York, signed the Chapter 11 petition on behalf
of the dealers.

The dealers want the vehicle inventory and the parts business to
be sold, free of liens from Ally Financial Inc. and Caterpillar
Inc., and "to have an appropriate forum to address the claims of
the dealers," Leonard A. Bellavia said in an e-mail to Bloomberg
News.

Saab Cars N.A. is the U.S. sales and distribution unit of Swedish
car maker Saab Automobile AB.  Saab Cars N.A. named in December
an outside administrator, McTevia & Associates, to run the
company as part of a plan to avoid immediate liquidation
following its parent company's bankruptcy filing.

On Feb. 24, 2012, the Court granted Saab Cars NA relief under
Chapter 11 of the Bankruptcy Code.

Donlin, Recano & Company, Inc., was retained as claims and
noticing agent to Saab Cars NA in the Chapter 11 case.

On March 9, 2012, the U.S. Trustee formed an official Committee
of Unsecured Creditors and appointed these members: Peter Mueller
Inc., IFS Vehicle Distributors, Countryside Volkwagen, Saab of
North Olmstead, Saab of Bedford, Whitcomb Motors Inc., and
Delaware Motor Sales, Inc.  The Committee tapped Wilk Auslander
LLP as general bankruptcy counsel, and Polsinelli Shughart as its
Delaware counsel.

The Troubled Company Reporter, on July 18, 2013, reported that
the U.S. arm of Saab Automobile AB won approval of its Chapter 11
liquidation plan, marking the end of the road for Swedish auto
maker's bankruptcy proceedings.



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


ALIZE MIDCO: S&P Assigns 'B+' CCR; Outlook Stable
-------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
corporate credit rating to U.K.-based Alize Midco Ltd., which S&P
refers to in this article as AAG.  The outlook is stable.

At the same time, S&P assigned its 'B+' issue rating to the
EUR325 million fixed- and floating-rate notes issued by
subsidiary Alize Finco Plc.  The recovery rating on these
instruments is '4', indicating S&P's expectation of average (30%-
50%) recovery in the event of a payment default.

In addition, S&P assigned its 'BB' issue rating to the super
senior EUR50 million RCF to be held at Alize Bidco Ltd.  The
recovery rating on this facility is '1', indicating S&P's
expectation of very high (90%-100%) recovery in the event of a
payment default.

The ratings on AAG reflect S&P's view of its "aggressive"
financial profile and "fair" business profile.

AAG's sizable adjusted debt, private-equity ownership, and
acquisitive financial policy constrain S&P's assessment of its
financial profile.  S&P expects that the group will post adjusted
funds from operations (FFO) to debt of about 12% and debt to
EBITDA of roughly 4.5x, based on a weighted average for the
current year and the next two years.  S&P based these forecasts
on its assumption that acquisitions and shareholder remuneration
will not cause AAG's post-refinancing credit ratios to
deteriorate.

On the positive side, AAG's business model requires low capital
expenditures.  As a result, S&P forecasts that the company will
generate about EUR40 million of free operating cash flows (FOCF)
annually, which translates into a healthy FOCF-to-debt ratio of
roughly 10%.

At year-end 2014, S&P estimates that the group's adjusted debt
reached about EUR400 million. This comprises the EUR225 million
fixed-rate notes, the EUR100 million floating-rate notes, a
pension deficit of about EUR5 million, and about EUR40 million in
preferred equity certificates (PECs).

AAG's operations in the highly fragmented and mature automotive
aftermarket, limited size, and limited geographic diversity
constrain its business profile, in S&P's view.  With only about
EUR1.2 billion in revenues, the company is a small player within
the auto supplier sector, though it holds a leading position in
its niche market.  Almost all its earnings come from the sale of
spare parts, a market that we consider to be very competitive
because it involves numerous local and regional players.  Even
though AAG is based and operates in the U.K., S&P considers it to
be essentially a French player because France accounts for more
than three-quarters of the group's revenues and EBITDA.  That
makes Autodistribution, which controls more than 35% of the
French market, one of AAG's largest competititors.

On the positive side, AAG has had a good operating track record.
It has successfully integrated its numerous acquisitions and
maintained generally stable profitability during the financial
crisis in 2008-2009.  That said, there has been a slight erosion
in profits due to pricing pressures in the U.K. and the expansion
of the lower-margin trading group businesses.  S&P views
positively the group's customer base (more than 25,000 customers)
and wide product offerings (150,000 stock-keeping units).

S&P applies a negative adjustment of one notch to the ratings
because based on its comparable rating analysis, S&P believes
that AAG has a less favorable position than its peer, Rhiag,
which enjoys better pricing power in its home market.  The
negative adjustment also reflects the relative weakness of AAG's
credit ratios for its rating category.

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

   -- Modest real GDP growth in France of 0.5% in 2014 and 1.1%
      in 2015.  The U.K. economy should be more dynamic, with
      forecast real GDP growth of  3.1% in 2014 and 2.5% in 2015.

   -- Organic revenue growth of about 1%, roughly in line with
      inflation.

   -- Reported revenue growth of about 40% in 2014, stemming from
      acquisitions, notably the purchase of the French companies
      Precisium and TPA.

   -- A flat adjusted EBITDA margin of roughly 7.0%.

   -- Modest working capital cash outflow.

   -- A reported ratio of capital expenditures to revenues of
      about 1%.

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

   -- An adjusted debt-to-EBITDA ratio of about 4.7x in 2014 and
      2015.

   -- Adjusted FFO to debt of 10%-13% over that period.

   -- About EUR40 million-EUR43 million of adjusted FOCF per
      year.

S&P views AAG's liquidity as "adequate" under S&P's criteria.

S&P calculates that sources of liquidity amounted to about EUR115
million on Dec. 31, 2014, including:

   -- About EUR38 million of cash at closing;
   -- The undrawn EUR50 million RCF; and
   -- About EUR40 million of reported FFO that we forecast over
      the next 12 months.

On the same date, S&P calculates that liquidity uses amounted to
about EUR50 million, comprising:

   -- Roughly EUR5 million of working capital outflow;

   -- About EUR15 million of seasonal variation in working
      capital;

   -- About EUR10 million of capital expenditure; and

   -- About EUR5 million of dividends.

Based on the documentation S&P has reviewed, the RCF is subject
to solely one covenant: a ratio of the drawn RCF amount to
reported EBITDA of less than 1.5x.  S&P would not consider a
breach of this covenant to be a default.

The stable outlook reflects S&P's view that AAG will continue to
expand, mainly through acquisitions, while maintaining stable
profitability.  It also factors in S&P's opinion that financial
policy decisions will not weaken AAG's post-refinancing credit
ratios.  S&P views an adjusted debt-to-EBITDA ratio lower than 5x
as commensurate with the current ratings.

S&P could lower the ratings if the company demonstrated a more
aggressive financial policy than S&P currently assumes, either
through large debt-funded acquisitions or significant dividend
distributions.  In this case, S&P could reassess AAG's financial
policy as "Financial sponsor-6" and the financial risk profile as
"highly leveraged", which would lead to a downgrade.

S&P could also lower the ratings if the group's operating
performance deteriorated, leading to an increase in adjusted debt
to EBITDA above 5x without near-term prospects of reduction.

Given AAG's private-equity ownership, S&P sees the possibility of
an upgrade as remote.


CABLEUROPA SAU: Moody's Withdraws 'Ba1' Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service has withdrawn its Ba1 Corporate Family
Rating and Ba1-PD Probability of Default Rating on Cableuropa
S.A.U. for business reasons.

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

Cableuropa S.A.U. (ONO) is Spain's largest cable communications
operator.  The company provides telecommunications (fixed and
mobile), broadband internet and pay-TV services.  In July 2014
Vodafone Group Plc ('Vodafone', rated Baa1) completed, through
its indirectly wholly owned subsidiary Vodafone Espana S.A.U.,
the acquisition of 100% of the share capital of Grupo Corporativo
Ono S.A., ONO's ultimate parent company.


PETROPAVLOVSK PLC: Rebel Investor Gains Support for Rescue Plan
---------------------------------------------------------------
Ashley Armstrong at The Telegraph reports that Petropavlovsk, the
Russian gold miner, is coming under renewed pressure after it
emerged that a rebel investor is gaining support for its 11th-
hour rescue-financing package.

The miner, led by City grandee Peter Hambro, has tossed out a
fundraising package proposed by investment firm Sapinda and
instead repeated calls for shareholders to back its own US$250
million (GBP162 million) rights issue, The Telegraph relates.

Petropavlovsk needs 75% of shareholders to vote in favor of its
rights issue on Thursday, Feb. 26, or it risks insolvency, The
Telegraph notes.

Sapinda however said it would vote against the fundraising and is
pushing for the meeting to be postponed, The Telegraph relates.

"Should sufficient shareholders vote against the resolutions so
that they are not passed, due to the time restraints there is a
very high risk that the company would be forced into an
insolvency process, such as administration or liquidation, and
that shareholders would lose their entire investment in the
company," The Telegraph quotes Petropavlovsk as saying.

However, it is understood that Sapinda, which already has a 10.7%
stake in Petropavlovsk, is continuing to grow its stake and has
gained backing from other investors for its alternative financing
plan which would see it underwriting a US$100 million rights
issue, The Telegraph relays.

In addition, a person close to company's creditors, which include
Russian lenders Sberbank and VTB, as cited by The Telegraph, said
they believe the arrival of Sapinda "is one possible way of
saving Petropavlosk from bankruptcy."

According to The Telegraph, he stressed that the creditor is not
involved in the shareholder disputes between Mr. Hambro and
Sapinda, but is carefully considering which shareholder's offer
will be most attractive in terms of the future growth of the
company.

Petropavlovsk PLC is a London-listed mining and exploration
company with its principal assets located in Russia.


PT MCWILLIAMS: In Administration; Faces Closure
-----------------------------------------------
John Campbell at BBC News reports that PT McWilliams has been
placed into administration and is facing closure.

However, the firm's main contract has been taken on by another
company, saving 44 jobs, BBC says.

PT McWilliams had previously been in administration in 2011 but
managed to reach a deal with creditors, BBC recounts.

It is understood that cash flow problems meant the directors
opted for administration, BBC notes.

The administration is being handled by the Belfast office of the
accountancy and business advisory firm, BDO, BBC discloses.

PT McWilliams is a County Tyrone civil engineering firm.


REXAM PLC: Moody's Reviews 'Ba2' Jr. Sub. Rating for Downgrade
--------------------------------------------------------------
Moody's Investors Service placed the Baa3 long-term issuer rating
and Ba2 Junior Subordinate instrument rating of REXAM PLC on
review for downgrade, following the announced takeover proposal
by U.S. competitor Ball Corporation (Ba1, on review for
downgrade).

"The review was triggered by Ball's announced proposal to
takeover Rexam, which will likely result in a speculative grade
financing structure of the combined group", says Matthias
Volkmer, Vice President -Senior Analyst and lead analyst at
Moody's for Rexam.  "We view the plan as credit negative for
Rexam's investment grade capital structure.  Rexam's stand alone
leverage calculated as debt/EBITDA is 2.6x as per LTM June 2014,
while Ball's adjusted debt/EBITDA was at 3.2x as per LTM
September 2014."

The review will mainly, but not exclusively, focus on the timely
and successful execution of the acquisition especially with
regards to the likely required asset disposals, particularly in
North America and Europe, as well the realization and timeline of
the targeted cost synergies.

Moody's expects to conclude the review shortly after the
completion of the merger, which is not expected to close before
H1 2016.  If the transaction is successful, the review could lead
to a downgrade of Rexam's long-term ratings to the same level as
that of Ball.

Rexam's ratings could be downgraded to the level of Ball's
ratings once the merger with Ball has concluded successfully, and
depending on the final financing structure.

Positive rating pressure could result in a stable outlook if the
announced merger did not conclude as envisaged, and if at the
same time Rexam's stand alone credit metrics were maintained at
historic earnings levels including credit ratios at levels of
3.0x debt/ EBITDA through the cycle.

The principal methodology used in this rating was Global
Packaging Manufacturers: Metal, Glass, and Plastic Containers
published in June 2009.

REXAM PLC, headquartered in London, United Kingdom, is a global
leader in beverage can production.  The group holds market-
leading positions in Europe and South America and the no. 2
position in North America.  REXAM generated revenues of GBP 3.8
billion from continued operations during the FY 2014.  The group
operates around 67 plants in 24 countries and employs
approximately 11,100 people.  REXAM's ordinary shares are listed
on the London Stock Exchange and are owned by both institutional
and retail investors.


SOUTHERN PACIFIC: S&P Affirms 'B' Rating on Class E Notes
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its credit ratings on
Southern Pacific Financing 05-B PLC's class D and E notes.  At
the same time, S&P has placed on CreditWatch negative its ratings
on the class A, B, and C notes following its Feb. 3, 2015
CreditWatch negative placement of its long-term issuer credit
rating (ICR) on Barclays Bank PLC.

The rating actions follow S&P's credit and cash flow analysis of
the transaction, as part of its periodic review of its
performance as of the December 2014 payment date.  The liquidity
facility has decreased to 12% from 31.3% of the current note
balance following an amendment to the liquidity facility
agreement in January 2015.

Since S&P's May 10, 2013 review, the transaction's performance
has been stable both in terms of arrears and net losses.  Total
delinquencies were reported as 20.34% on the December 2014
payment date, compared with 21.82% in March 2013, while
cumulative principal losses have only increased by three basis
points in the same timeframe.

S&P's expectation of potential future defaults has decreased,
given the loans are well seasoned and arrears are stable.
However, S&P's expectation of loss severities has increased due
to the way monies are allocated under the transaction documents.

Under the transaction documents, any arrears payments are first
allocated to other amounts owed (e.g., fees, costs, ground rent,
and insurance).  If a borrower defaults and their property is
taken into possession, any proceeds first cover these other
amounts owed before paying arrears of interest and principal.
Therefore, S&P believes losses are likely to be higher.  To
account for this, S&P has analyzed the trend of other amounts
owed and have increased its loss severity assumptions
accordingly.

Rating     WAFF    WALS
level        (%)    (%)

AAA       39.85   45.76
AA        33.80   38.32
A         27.66   27.53
BBB       22.33   21.47
BB        17.53   17.25
B         15.22   14.12

S&P considers the available credit enhancement for all classes of
notes to be commensurate with its currently assigned ratings.
However, S&P do not view the replacement framework for the bank
account provider to be in line with its current counterparty
criteria.  As such, S&P's ratings on the class A, B, and C notes
are linked to its long-term ICR on Barclays Bank.  Following
S&P's Feb. 3, 2014 bank rating actions where it placed its long-
term ICR on Barclays Bank on CreditWatch negative, S&P has
consequently placed its ratings on the class A, B, and C notes on
CreditWatch negative.  S&P will resolve these CreditWatch
placements after it has resolved the CreditWatch placement of its
long-term ICR on Barclays Bank.

Southern Pacific Financing 05-B is backed by nonconforming U.K.
residential mortgage loans, which Southern Pacific Mortgages
originated.

RATINGS LIST

Class              Rating
         To                   From

Southern Pacific Financing 05-B PLC
GBP480 Million Mortgage-Backed Floating-Rate Notes

Ratings Placed On CreditWatch Negative

A        A (sf)/Watch Neg    A (sf)
B        A (sf)/Watch Neg    A (sf)
C        A (sf)/Watch Neg    A (sf)

Ratings Affirmed

D        BB- (sf)
E        B (sf)


* Moody's Says Price-Cutting Campaign Pressures UK Food Suppliers
-----------------------------------------------------------------
Pressure on high-yield UK food suppliers' profits will ramp up in
2015 as the ongoing price war between the "Big Four" UK food
retailers and discounters intensifies.  Price cuts, initially
focused on staples, have now extended to selected branded
products and are expected to expand to a wider range of products,
says Moody's Investors Service in a Sector In-Depth report.

"Whilst most of the price cuts to date have been funded by the
retailers, we believe suppliers will ultimately be asked to bear
part of the burden as retailers seek to recover their margins,"
says Eric Kang, a Moody's Analyst and author of the report.
"Manufacturers of branded products and those supplying staple
items will be most exposed to these developments."

In its report, Moody's notes that Premier Foods plc (B2 stable),
whose brands include Mr. Kipling, is particularly vulnerable to
volumes shifting from traditional hypermarkets/supermarkets and
potential pricing pressures, as it is still undergoing a fragile
recovery following the drop in reported sales and earnings in
2014.

Moody's expects that Bakkavor Finance (2) plc (B2 stable) will be
the least affected by changes in the sector, because private
label fresh prepared foods are less exposed to price cuts and
will continue to benefit from convenience food growth.

The rating agency anticipates EBITDA growth in the range of 10%
to 15% for R&R Ice Cream plc (B2 negative), 5% to 10% for
Bakkavor and Moy Park Holdings (Europe) Limited (B1 stable) and
flat to slight EBITDA growth of up to 5% for Findus Pledgeco (B3
positive) and UMV Global Foods Holding Company Ltd (United
Biscuits, Ba3 stable).  EBITDA for Boparan Holdings Limited (B2
stable), Iglo Foods Finco Limited (B2 stable) and Premier Foods
could be down 5%, and potentially more for Premier Foods. Failure
to sustain recent operating performance improvement in the coming
months will put downward pressure on Premier Foods' rating.


* Moody's: B2 Rating Dominates B Category for EMEA Non-Finc'l Cos
-----------------------------------------------------------------
According to Moody's Investors Service, stable market
fundamentals and efficient capital structures will lead B2-rated
companies in EMEA to continue to dominate the B rating category,
particularly leveraged buyouts (LBOs).  Half of the B category
(by number of issuers) are currently rated B2, of which two-
thirds are LBOs.

"B2 companies have been more likely to retain their initial
rating than B1s and B3s. This is partly as a result of
releveraging balance sheets through debt-funded acquisitions and
shareholder distributions", said Richard Etheridge, Moody's
Associate Managing Director.

Moody's notes that two years after assigning a first time rating,
54% of B2- rated issuers remained at the B2 level (52% for LBOs),
with 6% upgraded and 26% downgraded.  This rating band stability
is consistent with the stable average leverage for B2-rated LBOs
over the first two years of rating.  Around half of those B2-
rated LBOs which retained their initial rating had undertaken
either debt-funded acquisitions or shareholder distributions.

The average leverage for B2-rated companies has been stable,
despite the recovery of the credit markets and increase in
issuance.  Between 2009 and 2013, the average leverage for B2-
rated issuers was around 5.4x (5.7x for B2-rated LBOs).  Moody's
expects that the average leverage for B2-rated companies will
remain steady or increase slightly, given the stable market
fundamentals.

Most B2-rated issuers have liquidity considered to be adequate or
better, a factor which also supports rating stability.  The
Moody's Speculative Grade Liquidity (SGL) score for B2-rated
issuers has deteriorated only marginally over the past two years
(in part owing to reduced free cash flows), although the number
of B2s with an SGL of 4 ("weak" liquidity) remains negligible.

For B2-rated LBOs, average leverage and interest cover ratios are
closer to B3 averages than B1.  This is a reflection of the
underlying sector composition (and number of data points).
Therefore, Moody's expects that average leverage will diverge
slowly between the B2 and B3 rating bands as the B3 band becomes
more diverse and strong market fundamentals increase leverage in
LBOs.  However, for the EBITDA-capex/interest expense ratio, the
average ratio for each rating band is more evenly positioned.

Many new B2 issuers' forecast for reducing their leverage also
appears too optimistic.  Newly rated B2 issuers have typically
forecast that they will reduce leverage by around 1.4x within
three years, compared with Moody's sample that shows that the
average leverage did not change much in the first two years.



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


* BOND PRICING: For the Week February 16 to February 20, 2015
-------------------------------------------------------------

Issuer               Coupon   Maturity  Currency   Price
------               ------   --------  --------   -----
VTB Bank OJSC Via V    6.95  10/17/2022     USD    75.00
OAS Investments Gmb    8.25  10/19/2019     USD    34.28
Sberbank of Russia     5.25   5/23/2023     USD    73.72
Sberbank of Russia     5.50   2/26/2024     USD    77.00
Rosneft Oil Co via     4.20    3/6/2022     USD    75.25
Takko Luxembourg 2     9.88   4/15/2019     EUR    33.25
Gazprombank OJSC Vi    7.50  12/28/2023     USD    72.75
Russian Railways vi    3.37   5/20/2021     EUR    73.91
Russian Federal Bon    8.15    2/3/2027     RUB    71.99
QGOG Constellation     6.25   11/9/2019     USD    64.00
Heta Asset Resoluti    4.38   1/24/2017     EUR    68.16
Sistema JSFC via Si    6.95   5/17/2019     USD    75.00
Gazprombank OJSC Vi    5.13   5/13/2024     CHF    71.50
Ukraine Government     9.25   7/24/2017     USD    60.54
Heta Asset Resoluti    4.25  10/31/2016     EUR    67.96
VTB Bank OJSC Via V    5.00  10/24/2024     CHF    68.88
CGG SA                 6.50    6/1/2021     USD    76.00
Russian Standard Ba   10.75   4/10/2018     USD    30.00
Frigoglass Finance     8.25   5/15/2018     EUR    70.25
Russian Agricultura    6.00    6/3/2021     USD    72.50
Ukraine Government     7.50   4/17/2023     USD    58.25
Bank Otkritie Finan   10.00   4/26/2019     USD    71.00
Russian Agricultura    8.50  10/16/2023     USD    69.78
Rickmers Holding Gm    8.88   6/11/2018     EUR    70.58
Credit Bank of Mosc    8.70  11/13/2018     USD    78.00
Afren PLC              6.63   12/9/2020     USD    56.75
Brunswick Rail Fina    6.50   11/1/2017     USD    59.65
Ukraine Government     6.88   9/23/2015     USD    70.55
Ukraine Government     4.95  10/13/2015     EUR    62.80
Gazprom Neft OAO Vi    4.38   9/19/2022     USD    74.25
EDC Finance Ltd        4.88   4/17/2020     USD    66.25
Far East Capital Lt    8.00    5/2/2018     USD    41.00
Novatek OAO via Nov    4.42  12/13/2022     USD    66.13
CGG SA                 1.25    1/1/2019     EUR    24.07
Home Credit & Finan    9.38   4/24/2020     USD    72.51
Russian Federal Bon    6.80  12/11/2019     RUB    73.25
Banco Espirito Sant    7.13  11/28/2023     EUR     9.00
Vnesheconombank Via    4.03   2/21/2023     EUR    70.35
TMK OAO Via TMK Cap    7.75   1/27/2018     USD    87.00
Virgolino de Olivei   10.50   1/28/2018     USD     6.75
MHP SA                 8.25    4/2/2020     USD    75.20
Russian Federal Bon    7.60   4/14/2021     RUB    72.80
TMK OAO Via TMK Cap    6.75    4/3/2020     USD    51.50
Russian Standard Ba    7.73  12/16/2015     USD    65.13
SOITEC                 6.75   9/18/2018     EUR     1.87
Russian Railways vi    8.30    4/2/2019     RUB    67.88
Renaissance Credit     7.75   5/31/2016     USD    88.00
Avangardco Investme   10.00  10/29/2015     USD    64.50
EnQuest PLC            5.50   2/15/2022     GBP    68.18
Tinkoff Credit Syst   14.00    6/6/2018     USD    70.00
Russian Standard Ba    7.56   12/1/2016     USD    50.00
Oschadbank Via SSB     8.25   3/10/2016     USD    57.75
Russian Federal Bon    7.00   1/25/2023     RUB    67.50
EnQuest PLC            7.00   4/15/2022     USD    61.00
Russian Agricultura    8.63   2/17/2017     RUB    74.88
Russian Railways vi    2.73   2/26/2021     CHF    72.11
Oschadbank Via SSB     8.88   3/20/2018     USD    56.00
Banca delle Marche     1.03    6/1/2017     EUR    53.33
Vneshprombank via V    9.00  11/14/2016     USD    92.00
Russian Federal Bon    7.60   7/20/2022     RUB    70.75
Ukraine Government     7.80  11/28/2022     USD    59.08
Mriya Agro Holding     9.45   4/19/2018     USD    11.00
Paragon Offshore PL    6.75   7/15/2022     USD    61.50
Indo Energy Finance    6.38   1/24/2023     USD    64.56
Raspadskaya OJSC Vi    7.75   4/27/2017     USD    64.00
Home Credit & Finan   10.50   4/19/2021     USD    61.00
OGX Austria GmbH       8.50    6/1/2018     USD     0.10
Sberbank of Russia     7.40    3/4/2018     TRY    69.65
WPE International C   10.38   9/30/2020     USD    19.00
Ukraine Government     7.75   9/23/2020     USD    59.72
Paragon Offshore PL    7.25   8/15/2024     USD    60.75
AHML Finance Ltd       7.75   2/13/2018     RUB    58.40
Afren PLC             10.25    4/8/2019     USD    97.50
Metinvest BV           8.75   2/14/2018     USD    60.50
Ukraine Government     6.58  11/21/2016     USD    61.33
Ukraine Government     6.75  11/14/2017     USD    60.77
UKRLANDFARMING PLC    10.88   3/26/2018     USD    50.50
Privatbank CJSC Via    9.38   9/23/2015     USD    71.50
Ukreximbank Via Biz    8.75   1/22/2018     USD    58.13
Ukraine Government     6.25   6/17/2016     USD    62.38
Russian Standard Ba   11.50   1/17/2024     USD    29.88
Renaissance Credit    13.50   6/21/2018     USD    49.50
Virgolino de Olivei   11.75    2/9/2022     USD     1.96
Ekosem-Agrar GmbH      8.50   12/7/2018     EUR    64.97
Borets Finance Ltd     7.63   9/26/2018     USD    96.00
Air France-KLM         4.97    4/1/2015     EUR    12.27
IMMOFINANZ AG          4.25    3/8/2018     EUR     4.21
DTEK Finance PLC       7.88    4/4/2018     USD    45.00
Hema Bondco II BV      8.50  12/15/2019     EUR    61.24
Towergate Finance P   10.50   2/15/2019     GBP    25.00
Federal Grid Co OJS    8.45   3/13/2019     RUB    67.79
Financing of Infras    9.00   12/7/2017     USD    60.00
Ukraine Railways vi    9.50   5/21/2018     USD    65.25
Ekosem-Agrar GmbH      8.75   3/23/2017     EUR    71.00
Russian Federal Bon    6.70   5/15/2019     RUB    74.75
City of Kyiv Via Ky    9.38   7/11/2016     USD    69.76
VimpelCom Holdings     9.00   2/13/2018     RUB    67.13
DTEK Finance BV        9.50   4/28/2015     USD    79.00
Iona Energy Co UK P    9.50   9/27/2018     USD    70.00
Ukraine Government     7.95   2/23/2021     USD    59.32
Bank of New York Me    4.33  12/30/2099     EUR    30.33
Asya Sukuk Co Ltd      7.50   3/28/2023     USD    60.98
Espirito Santo Fina    6.88  10/21/2019     EUR     0.18
Alcatel-Lucent         4.25    7/1/2018     EUR     3.32
Codere Finance Luxe    8.25   6/15/2015     EUR    61.00
Russian Agricultura    7.88    2/7/2018     RUB    65.00
ESFIL-Espirito Sant    5.25   6/12/2015     EUR     5.00
First Ukrainian Int   11.00  12/31/2018     USD    71.00
Yuksel Insaat AS       9.50  11/10/2015     USD    61.00
Far East Capital Lt    8.75    5/2/2020     USD    41.50
Singulus Technologi    7.75   3/23/2017     EUR    41.38
TUI AG                 2.75   3/24/2016     EUR    73.47
OGX Austria GmbH       8.38    4/1/2022     USD     1.00
Ekotechnika GmbH       9.75   5/10/2018     EUR    23.51
Talvivaara Mining C    4.00  12/16/2015     EUR     1.00
Norske Skogindustri    7.00   6/26/2017     EUR    56.26
Banca delle Marche     1.23   6/15/2016     EUR    50.63
Alcatel-Lucent         0.13   1/30/2020     EUR     4.09
City of Kiev Ukrain    8.00   11/6/2015     USD    74.15
Takko Luxembourg 2     7.08   4/15/2019     EUR    33.14
Promsvyazbank OJSC    10.50   7/30/2021     USD    68.75
EnQuest PLC            7.00   4/15/2022     USD    62.00
Air France-KLM         2.03   2/15/2023     EUR    11.55
EXIM of Ukraine CJS    5.79    2/9/2016     USD    51.51
KCA Deutag UK Finan    7.25   5/15/2021     USD    70.75
Virgolino de Olivei   10.88   1/13/2020     USD    20.00
Norske Skogindustri   11.75   6/15/2016     EUR    73.10
Econocom Group SA/N    1.50   1/15/2019     EUR    10.44
Praktiker AG           5.88   2/10/2016     EUR     0.13
Etablissements Maur    1.63    7/1/2019     EUR    15.30
Geo Travel Finance    10.38    5/1/2019     EUR    71.50
Russian Federal Bon    6.40   5/27/2020     RUB    71.75
Afren PLC              6.63   12/9/2020     USD    56.00
Alno AG                8.50   5/14/2018     EUR    58.50
Aralco Finance SA     10.13    5/7/2020     USD     8.50
AG Spring Finance I    9.50    6/1/2019     EUR    74.72
Oesterreichische Vo    0.93  11/28/2016     EUR    27.13
Mriya Agro Holding    10.95   3/30/2016     USD    11.00
Mifa Mitteldeutsche    7.50   8/12/2018     EUR     9.10
Pescanova SA           5.13   4/20/2017     EUR     3.83
MAG IAS GmbH           7.50    2/8/2016     EUR    55.13
Phones4u Finance PL    9.50    4/1/2018     GBP    32.63
Metinvest BV          10.50  11/28/2017     USD    61.39
Phosphorus Holdco P   10.00    4/1/2019     GBP     2.00
DF Deutsche Forfait    7.88   5/27/2020     EUR    64.25
Privatbank CJSC Via   10.88   2/28/2018     USD    57.63
Hellenic Republic G    5.20   7/17/2034     EUR    62.38
MS Deutschland Bete    6.88  12/18/2017     EUR    15.10
NII International T   11.38   8/15/2019     USD    74.00
Renaissance Credit    13.50   5/22/2019     USD    52.63
Faurecia               3.25    1/1/2018     EUR    31.99
Financing of Infras    8.38   11/3/2017     USD    60.00
NTRP Via Interpipe    10.25    8/2/2017     USD    40.00
Norwegian Energy Co    6.75    6/9/2019     NOK    10.13
VTB Bank OJSC Via V    6.95  10/17/2022     USD    74.05
Nexans SA              4.00    1/1/2016     EUR    54.40
Pescanova SA           8.75   2/17/2019     EUR     3.92
NII International T    7.88   8/15/2019     USD    71.50
OAS Investments Gmb    8.25  10/19/2019     USD    41.00
Commercial Bank Pri    5.80    2/9/2016     USD    50.00
InterOil Exploratio   15.00   3/14/2016     NOK    30.00
Corporate Commercia    8.25    8/8/2014     USD     3.58
Peugeot SA             4.45    1/1/2016     EUR    26.07
Laurel GmbH            7.13  11/16/2017     EUR    32.88
Bank St Petersburg    11.00  10/24/2018     USD    67.38
Bank St Petersburg    10.75   4/22/2019     USD    65.00
Sympatex Holding Gm    8.00   12/3/2018     EUR    37.25
Dannemora Mineral A   11.75   3/22/2016     USD     0.63
Espirito Santo Fina    3.13   12/2/2018     EUR     1.51
Virgolino de Olivei   10.88   1/13/2020     USD    58.85
Nexans SA              2.50    1/1/2019     EUR    70.38
Afren PLC             10.25    4/8/2019     USD    65.00
PA Resources AB       13.50    3/3/2016     SEK    31.13
BLT Finance BV         7.50   5/15/2014     USD     6.00
Gebr Sanders GmbH &    8.75  10/22/2018     EUR    71.00
Northland Resources   15.00   7/15/2019     USD     1.56
Sberbank of Russia     5.50   2/26/2024     USD    75.00
Jasper Explorer PLC   13.50   5/27/2016     USD    11.38
VimpelCom Holdings     9.00   2/13/2018     RUB    67.13
RENE LEZARD Mode Gm    7.25  11/25/2017     EUR    47.50
Orpea                  3.88    1/1/2016     EUR    57.25
Financing of Infras    7.40   4/20/2018     USD    58.00
Rosneft Oil Co via     4.20    3/6/2022     USD    69.75
Sberbank of Russia     5.25   5/23/2023     USD    81.25
PA Resources AB       12.25    4/5/2016     NOK    29.88
QGOG Constellation     6.25   11/9/2019     USD    64.50
OGX Austria GmbH       8.50    6/1/2018     USD     0.13
Attica Funds PLC       2.58   3/24/2015     EUR    55.13
Brunswick Rail Fina    6.50   11/1/2017     USD    40.96
Mox Telecom AG         7.25   11/2/2017     EUR     0.00
Oesterreichische Vo    9.09   7/26/2018     EUR    27.13
Etablissements Maur    7.13   7/31/2015     EUR    13.12
Golden Gate AG         6.50  10/11/2014     EUR    39.20
Paragon Offshore PL    6.75   7/15/2022     USD    62.00
SNS Bank NV            6.25  10/26/2020     EUR     2.49
Novatek OAO via Nov    4.42  12/13/2022     USD    78.75
Le Noble Age           4.88    1/3/2016     EUR    21.06
Novo Banco SA          3.50   1/23/2043     EUR    73.08
Bank Otkritie Finan   10.00  12/17/2019     USD    67.00
Rena GmbH              8.25   7/11/2018     EUR     9.50
EDC Finance Ltd        4.88   4/17/2020     USD    66.25
Paragon Offshore PL    7.25   8/15/2024     USD    81.50
Global PVQ SE          6.75  10/21/2015     EUR     1.17
Alpine Holding GmbH    6.00   5/22/2017     EUR     0.01
Talvivaara Mining C    9.75    4/4/2017     EUR     0.03
APP International F   11.75   10/1/2005     USD     4.00
Barclays Bank PLC      3.44   4/19/2033     USD    64.55
Lloyds Bank PLC        3.68   1/31/2033     USD    69.25
Lloyds Bank PLC        3.21   2/22/2033     USD    68.00
Teak Holz Internati    5.00   8/31/2015     EUR    71.00
Ukraine Government     9.25   7/24/2017     USD    60.86
Virgolino de Olivei   11.75    2/9/2022     USD    18.00
Seabird Exploration    6.00  12/18/2015     USD    10.00
Nexity SA              0.63    1/1/2020     EUR    43.91
Promsvyazbank OJSC    10.50   3/17/2021     USD    60.00
Northland Resources    4.00  10/15/2020     USD     0.23
Pescanova SA           6.75    3/5/2015     EUR     3.83
Ukraine Government     7.50   4/17/2023     USD    58.03
Takko Luxembourg 2     9.88   4/15/2019     EUR    34.00
Gazprom Neft OAO Vi    4.38   9/19/2022     USD    83.76
Ideal Standard Inte   11.75    5/1/2018     EUR    50.38
Windreich GmbH         6.50   7/15/2016     EUR    10.88
Rena GmbH              7.00  12/15/2015     EUR     9.50
Astana Finance BV      7.88    6/8/2010     EUR     6.38
MHP SA                 8.25    4/2/2020     USD    67.15
Hellenic Republic G    2.09   7/25/2057     EUR    19.00
Pierre & Vacances S    3.50   10/1/2019     EUR    35.59
Russian Standard Ba   10.75   4/10/2018     USD    40.00
AHML Finance Ltd       7.75   2/13/2018     RUB    58.40
BDT Media Automatio    8.13   10/9/2017     EUR    60.75
Ukraine Government     6.88   9/23/2015     USD    69.82
Barclays Bank PLC      3.39   3/28/2033     USD    70.00
Ukraine Government     7.80  11/28/2022     USD    59.16
Sistema JSFC           8.75  11/24/2016     RUB    74.00
Ukraine Government     6.75  11/14/2017     USD    60.40
Norske Skogindustri    7.13  10/15/2033     USD    47.00
AgroGeneration         8.00   7/17/2018     EUR    34.00
Novo Banco SA          3.50   2/19/2043     EUR    72.65
Lloyds Bank PLC        3.44   4/26/2033     USD    64.00
Codere Finance Luxe    9.25   2/15/2019     USD    64.25
Cattles Ltd            6.88   1/17/2014     GBP     3.00
TradeDoubler AB        6.75  12/20/2018     SEK    71.50
Barclays Bank PLC      2.95   5/31/2033     USD    70.00
Russian Agricultura    8.50  10/16/2023     USD    62.00
Far East Capital Lt    8.00    5/2/2018     USD    38.01
Virgolino de Olivei   10.50   1/28/2018     USD    18.00
Heta Asset Resoluti    0.84   1/24/2017     EUR    40.00
Espirito Santo Fina    5.13   5/30/2016     EUR     4.43
International Indus    9.00    7/6/2011     EUR     0.46
Gunther Zamek Produ    7.75   5/15/2017     EUR     4.11
Espirito Santo Fina    9.75  12/19/2025     EUR     3.44
Orpea                  1.75    1/1/2020     EUR    60.92
Gazprombank OJSC Vi    6.50   7/17/2020     USD    69.00
BNP Paribas SA         3.42   4/30/2033     USD    70.50
Credit Bank of Mosc    8.70  11/13/2018     USD    55.00
Cirio Holding Luxem    6.25   2/16/2004     EUR     1.12
Gazprombank OJSC Vi    8.75   6/29/2019     RUB    56.38
Norske Skogindustri    7.13  10/15/2033     USD    54.50
SiC Processing GmbH    7.13    3/1/2016     EUR     3.66
getgoods.de AG         7.75   10/2/2017     EUR     5.38
Finance and Credit     9.25   1/25/2019     USD    49.63
Heta Asset Resoluti    4.25   6/16/2015     EUR    69.38
Kezizalog Zrt          7.75   10/1/2018     EUR    48.45
Sistema JSFC via Si    6.95   5/17/2019     USD    72.50
Novo Banco SA          3.50    1/2/2043     EUR    72.73
TMK OAO Via TMK Cap    6.75    4/3/2020     USD    57.78
AK BARS Bank Via AK    8.00   7/13/2022     USD    52.75
Northland Resources    4.00  10/15/2020     NOK     0.14
Lehman Brothers Tre    6.00   11/2/2035     EUR     5.13
Alpine Holding GmbH    5.25   6/10/2016     EUR     0.02
Barclays Bank PLC      3.58   3/21/2033     USD    66.60
Travel24.com AG        7.50   9/17/2017     EUR    34.00
Breeze Finance SA      6.71   4/19/2027     EUR    44.00
Corsicanto Ltd         3.50   1/15/2032     USD    69.50
Alpine Holding GmbH    5.25    7/1/2015     EUR     0.02
Towergate Finance P   10.50   2/15/2019     GBP    26.38
KCA Deutag UK Finan    7.25   5/15/2021     USD    75.00
Windreich GmbH         6.50    3/1/2015     EUR    10.88
Ukraine Railways vi    9.50   5/21/2018     USD    51.75
Centrosolar Group A    7.00   2/15/2016     EUR     1.35
JZ Capital Partners    6.00   7/30/2021     GBP    10.65
Metinvest BV           8.75   2/14/2018     USD    55.08
Far Eastern Shippin   10.25   5/31/2016     RUB    72.01
Mechel                 8.40   5/27/2021     RUB    28.53
International Indus   11.00   2/19/2013     USD     0.46
Hellas Telecommunic    8.50  10/15/2013     EUR     0.00
Portigon AG            7.46  12/31/2019     EUR    10.00
Petrol AD              8.38   1/26/2017     EUR    46.38
Glitnir HF             6.69   6/15/2016     USD     0.02
Astana Finance BV      9.00  11/16/2011     USD     6.38
Barclays Bank PLC      0.50   3/13/2023     RUB    51.49
Bank of Khanty-Mans    9.15   6/18/2023     USD    73.63
Ukraine Government     7.75   9/23/2020     USD    59.64
OGX Austria GmbH       8.38    4/1/2022     USD     2.51
EDOB Abwicklungs AG    7.50    4/1/2012     EUR     0.67
Kaupthing Bank Hf      7.13   5/19/2016     USD     0.00
Borets Finance Ltd     7.63   9/26/2018     USD    72.25
Club Mediterranee S    6.11   11/1/2015     EUR    23.91
More & More AG         8.13   6/11/2018     EUR    39.50
TAG Immobilien AG      6.50  12/10/2015     EUR    10.57
Ukraine Government     4.95  10/13/2015     EUR    67.65
Heta Asset Resoluti    5.03   1/26/2017     EUR    39.25
Russian Federal Bon    5.00  10/31/2018     RUB    70.01
Agroton Public Ltd     6.00   7/14/2019     USD    30.25
Russian Agricultura    6.00    6/3/2021     USD    68.75
Novo Banco SA          3.50   3/18/2043     EUR    72.65
Heta Asset Resoluti    4.35   11/3/2016     EUR    39.38
Barclays Bank PLC      0.47  12/28/2040     EUR    65.19
Mechel                 8.40    6/1/2021     RUB    28.05
Cirio Del Monte NV     7.75   3/14/2005     EUR    10.75
Deutsche Bank AG/Lo    2.39   3/15/2033     USD    68.50
Lehman Brothers Tre    7.00   5/17/2035     EUR     5.13
Mechel                10.00   8/25/2020     RUB    43.06
Oesterreichische Vo    9.09   7/26/2025     EUR    17.38
Sazka AS               9.00   7/12/2021     EUR     2.80
Cirio Finanziaria S    8.00  12/21/2005     EUR     1.60
Societe Air France     2.75    4/1/2020     EUR    21.61
Sidetur Finance BV    10.00   4/20/2016     USD    20.00
Hypo Tirol Bank AG     0.66   7/23/2026     EUR    58.88
SUEK Finance           8.25   6/26/2020     RUB    75.00
Ukraine Government     7.95   2/23/2021     USD    61.07
Ukraine Government     6.25   6/17/2016     USD    64.36
friedola Gebr Holza    7.25   4/11/2017     EUR    49.25
Heta Asset Resoluti    5.04   2/15/2023     EUR    31.13
Hellenic Republic G    0.93   8/10/2019     EUR    64.64
Raspadskaya OJSC Vi    7.75   4/27/2017     USD    68.00
Societe Generale SA    3.26   2/28/2033     USD    70.56
Deutsche Bank AG       1.79   6/28/2033     USD    66.90
Indo Energy Finance    6.38   1/24/2023     USD    67.42
Privatbank CJSC Via   10.88   2/28/2018     USD    57.63
Gazprombank OJSC Vi    5.75  11/21/2018     USD    75.00
Del Monte Finance L    6.63   5/24/2006     EUR    15.88
Codere Finance Luxe    8.25   6/15/2015     EUR    62.25
Glitnir HF             6.38   9/25/2012     USD    11.88
Bank Otkritie Finan   10.00   4/26/2019     USD    69.75
TGC-2 OJSC            12.00  10/10/2018     RUB    45.50
Financing of Infras    8.38   11/3/2017     USD    59.42
Autonomous Communit    7.55   7/21/2026     EUR    63.72
Dexia Kommunalbank     4.88  12/31/2016     EUR    38.15
Depfa ACS Bank         0.25    7/8/2033     CAD    24.00
Lehman Brothers Tre    5.00   2/16/2015     EUR     4.56
City of Kyiv Via Ky    9.38   7/11/2016     USD    69.76
Lehman Brothers Tre    7.25   10/5/2035     EUR     4.36
Kaupthing Bank Hf      7.50    2/1/2045     USD     0.00
IT Holding Finance     9.88  11/15/2012     EUR     0.20
WGF Westfaelische G    6.35   12/1/2016     EUR    19.60
Societe Centrale de    9.00    7/1/2016     EUR     6.60
Lloyds Bank PLC        6.56    7/5/2033     USD    71.50
KPNQwest NV           10.00   3/15/2012     EUR     0.38
Cooperatieve Centra    0.50  11/26/2021     ZAR    54.65
Promsvyazbank OJSC    12.25    2/1/2018     RUB    50.00
UKRLANDFARMING PLC    10.88   3/26/2018     USD    46.00
Lehman Brothers Tre    6.00   2/15/2035     EUR     4.58
Sairgroup Finance B    4.38    6/8/2006     EUR    12.75
Lehman Brothers Tre    2.88   3/14/2013     CHF    11.13
Mriya Agro Holding     9.45   4/19/2018     USD    10.50
Heta Asset Resoluti    0.54  12/18/2030     EUR    39.00
Hellenic Republic G    2.27    2/7/2022     EUR    55.19
Heta Asset Resoluti    5.92   2/22/2022     EUR    39.50
Kaupthing Bank Hf      5.75   10/4/2011     USD    13.50
SAG Solarstrom AG      6.25  12/14/2015     EUR    45.00
Kaupthing Bank Hf      5.75   10/4/2011     USD    13.50
Kaupthing Bank Hf      6.50    2/3/2045     EUR     0.00
Bank Julius Baer &    13.35    3/5/2015     USD    52.25
Cattles Ltd            7.13    7/5/2017     GBP     3.00
A-TEC Industries AG    2.75   5/10/2014     EUR     2.00
Heta Asset Resoluti    4.63    3/4/2018     EUR    55.00
PNE Wind AG            3.75  10/10/2019     EUR     2.65
Novolipetsk Steel O    8.00   7/25/2023     RUB    75.00
Glitnir HF             6.00    3/5/2012     GBP    11.88
WPE International C   10.38   9/30/2020     USD    20.38
Kaupthing Bank Hf      7.63   2/28/2015     USD    13.50
Strenesse AG           9.00   3/15/2017     EUR    42.50
Cirio Finance Luxem    7.50   11/3/2002     EUR     7.63
AK BARS Bank          11.95  10/15/2015     RUB    60.01
Barclays Bank PLC      3.07   6/17/2033     USD    71.82
SAG Solarstrom AG      7.50   7/10/2017     EUR    45.00
Federal Grid Co Uni    8.25   9/15/2020     RUB    50.00
Solarworld AG          6.13   1/21/2017     EUR    31.25
Assystem               4.00    1/1/2017     EUR    22.63
Ukraine Government     6.58  11/21/2016     USD    60.85
Tophedge AG            9.00    6/1/2020     EUR     0.21
Frey                   6.00  11/15/2022     EUR    20.20
Banco Espirito Sant   10.00   12/6/2021     EUR     9.63
Credit Bank of Mosc    9.10  10/30/2018     RUB    70.01
Petromena ASA          9.75   5/24/2015     NOK     2.00
Solen AG               7.50    4/8/2016     EUR     1.10
Allied Irish Banks     0.83  10/24/2035     EUR    23.13
Far East Capital Lt    8.75    5/2/2020     USD    41.88
Teksid Aluminum Lux   11.38   7/15/2011     EUR     0.01
Bulgaria Steel Fina   12.00    5/4/2013     EUR     1.00
Alpha Credit Group     0.58   2/21/2021     EUR    53.47
Karlie Group GmbH      6.75   6/25/2018     EUR    58.42
Financing of Infras    7.40   4/20/2018     USD    59.48
Sovcombank ICB JSC    13.40   6/20/2016     RUB    60.01
BES Vida - Cia de S    2.28  12/19/2022     EUR    69.30
Home Credit & Finan    9.38   4/24/2020     USD    65.04
Raiffeisen Bank Int    4.50   9/28/2035     EUR    49.00
WGF Westfaelische G    5.35   5/15/2015     EUR    16.01
Agentstvo po Ipotec    7.49   2/15/2017     RUB    57.00
ffk environment Gmb    7.25    6/1/2016     EUR     3.50
BLT Finance BV        12.00   2/10/2015     USD    10.50
Svensk Exportkredit    0.50   3/28/2029     AUD    64.70
IKB Deutsche Indust    4.70   3/31/2017     EUR    22.00
KA Finanz AG           5.43   2/13/2024     EUR    59.13
Cyprus Popular Bank    1.83   5/26/2016     EUR     0.53
La Veggia Finance S    7.13  11/14/2004     EUR     0.63
SNS Bank NV            6.63   5/14/2018     EUR     2.78
Hellas Telecommunic    8.08   7/15/2015     EUR     0.89
NII International T    7.88   8/15/2019     USD    75.00
KPNQwest NV            7.13    6/1/2009     EUR     0.37
LBI HF                 6.10   8/25/2011     USD     9.88
Codere Finance Luxe    9.25   2/15/2019     USD    65.50
Bashneft OAO           8.85   1/31/2023     RUB    70.00
eno energy GmbH        7.38   6/30/2016     EUR    64.80
DTEK Finance PLC       7.88    4/4/2018     USD    59.14
Banco Espirito Sant    1.63   5/27/2018     EUR     9.63
HMS Hydraulic Machi   10.10   1/30/2018     RUB    53.38
Colonia Real Estate    5.88   5/11/2015     EUR     6.80
Heta Asset Resoluti    0.67  11/29/2032     EUR    39.00
Frigoglass Finance     8.25   5/15/2018     EUR    69.84
Cooperatieve Centra    0.50  10/29/2027     MXN    45.00
Air Berlin Finance     1.50   4/11/2027     EUR    63.36
Credit Europe Bank     9.20   10/9/2015     RUB    63.02
Mechel                 8.40   5/27/2021     RUB    29.12
Eitzen Chemical ASA   12.62    6/6/2016     NOK    20.50
Espirito Santo Fina    5.05  11/15/2025     EUR     3.94
Global PVQ Netherla    5.75   5/26/2014     EUR    30.13
Agentstvo po Ipotec    7.63   6/15/2018     RUB    71.03
KA Finanz AG           4.90   6/23/2031     EUR    49.75
DEMIRE Real Estate     6.00  12/30/2018     EUR     1.41
Freshwater Finance     6.06  10/17/2036     GBP    65.63
Glitnir HF             6.33   7/28/2011     USD    11.88
Geo Travel Finance    10.38    5/1/2019     EUR    70.00
Solarworld AG          6.38   7/13/2016     EUR    31.00
Svyaznoy Bank ZAO     12.00    8/6/2015     RUB    65.21
A-TEC Industries AG    8.75  10/27/2014     EUR     2.00
Gamigo AG              8.50   6/19/2018     EUR    75.00
CBo Territoria         6.00    1/1/2020     EUR     3.83
Dexia Kommunalbank     5.63  12/31/2017     EUR    30.00
Russian Federal Bon    7.05   1/19/2028     RUB    64.00
Banca Monte dei Pas    2.05  11/10/2020     EUR    70.00
Marine Subsea AS       9.00  12/16/2019     USD     0.50
Kaupthing Bank Hf      3.00   2/12/2010     CHF    13.50
Barclays Bank PLC      3.08    4/9/2028     USD    68.00
Aralco Finance SA     10.13    5/7/2020     USD     8.38
Heta Asset Resoluti    0.19   1/24/2017     EUR    64.13
ESTAVIS AG             6.25   3/27/2019     EUR     2.20
Home Credit & Finan   10.50   4/19/2021     USD    61.63
IKB Deutsche Indust    4.50   3/31/2015     EUR     0.50
Deutsche Bank AG/Lo    3.25   6/20/2019     EUR     0.50
Region of Puglia It    0.71    2/6/2023     EUR    72.56
Municipality Financ    0.50   3/28/2018     BRL    70.82
KPNQwest NV            8.88    2/1/2008     EUR     0.37
Region of Piemont I    0.34  11/27/2036     EUR    59.24
UniCredit Bank Aust    0.60   8/20/2033     EUR    69.88
Kaupthing Bank Hf      4.70   2/15/2010     CAD    13.50
Heta Asset Resoluti    7.50   5/27/2024     ATS    39.00
Junta de Castilla y    7.20  11/11/2026     EUR    63.19
Phosphorus Holdco P   10.00    4/1/2019     GBP     2.00
Mobile TeleSystems     8.70   11/7/2017     RUB    73.01
Bank Nederlandse Ge    0.50    6/7/2022     ZAR    54.77
Mriya Agro Holding    10.95   3/30/2016     USD    10.88
Financing of Infras    9.00   12/7/2017     USD    58.52
Svensk Exportkredit    7.00   9/26/2022     RUB    74.07
LBI HF                 6.10   8/25/2011     USD     9.88
Krasnodar Regional    10.75   9/13/2016     RUB    60.00
MegaFon Finans OOO     9.85   9/29/2022     RUB    64.01
Petromena ASA         10.85  11/19/2014     USD     2.00
Vnesheconombank        8.40  12/20/2018     RUB    75.00
Czerwona Torebka SA    7.21   4/15/2016     PLN    60.00
Bashneft OAO           8.35  12/13/2016     RUB    60.03
Solar Millennium AG    6.50   7/15/2015     EUR    11.00
Region of Abruzzo I    0.56   11/7/2036     EUR    55.67
Hema Bondco II BV      8.50  12/15/2019     EUR    62.17
Glitnir HF             4.75  10/15/2010     USD    11.88
UTair-Finans OOO      13.00  11/13/2015     RUB    23.63
BKN biostrom AG        7.50    6/5/2016     EUR     1.50
IKB Deutsche Indust    5.63   3/31/2017     EUR    22.00
Global PVQ Netherla    1.38   4/30/2012     EUR    30.13
Glitnir HF             4.38    2/5/2010     EUR    11.88
Societe Generale SA    1.92   6/28/2033     USD    66.00
Takko Luxembourg 2     7.08   4/15/2019     EUR    33.14
Finmek Internationa    7.00   12/3/2004     EUR     0.13
Kuzbassenergo-Finan    8.70   4/15/2021     RUB    53.00
Glitnir HF             3.00   6/30/2010     EUR    11.88
Bank Nederlandse Ge    0.50    3/3/2021     NZD    74.64
Transaero Airlines    12.00  10/25/2018     RUB    74.70
Bashneft OAO           9.00    2/4/2022     RUB    60.01
Vnesheconombank        2.00   6/18/2021     RUB    55.29
Heta Asset Resoluti    3.42   11/7/2016     EUR    69.75
Zlomrex Internation    8.50    2/1/2014     EUR    71.00
Glitnir HF             5.44  12/22/2015     USD    11.88
MirLand Development    7.21   5/31/2020     ILS    31.00
UniCredit Bank Aust    0.56  12/27/2031     EUR    71.13
Groupe Monceau Fleu    4.30    5/2/2022     EUR     4.50
Gigaset AG             3.00   4/22/2015     EUR     0.59
NII International T   11.38   8/15/2019     USD    75.00
Global PVQ Netherla    1.38   4/30/2012     EUR    30.13
Lehman Brothers Tre    8.25   3/16/2035     EUR     5.00
Heta Asset Resoluti    0.41   9/26/2043     EUR     3.52
Bremer Landesbank K    0.56    4/5/2041     EUR    69.63
Federal Grid Co Uni    8.00    1/7/2028     RUB    72.00
Kaupthing Bank Hf      6.13   10/4/2016     USD    13.25
Vnesheconombank        8.10   9/27/2018     RUB    70.01
Lehman Brothers Tre    5.00   2/27/2014     EUR     4.70
Phones4u Finance PL    9.50    4/1/2018     GBP    32.63
Svyaznoy Bank ZAO     13.50    6/8/2018     RUB    72.10
GFI Informatique SA    5.25    1/1/2017     EUR     5.97
Carcade OOO           12.50   4/25/2016     RUB    70.00
Kaupthing Bank Hf      5.25   7/18/2017     BGN    13.50
Norske Skogindustri   11.75   6/15/2016     EUR    73.00
Kaupthing Bank Hf      6.13   10/4/2016     USD    13.25
Oesterreichische Vo    9.09   7/26/2019     EUR    27.13
Lehman Brothers Tre    4.00   2/16/2017     EUR     7.75
Solon SE               1.38   12/6/2012     EUR     0.33
Sairgroup Finance B    6.63   10/6/2010     EUR    15.13
International Bank    13.50   6/23/2016     RUB    60.00
Ural-Siberian Bank    10.00   8/25/2017     RUB    60.01
OL Groupe SA           7.00  12/28/2015     EUR     6.43
Glitnir HF             5.31  12/24/2012     USD    11.88
Credit Agricole Cor    0.50    3/6/2023     RUB    51.17
Heta Asset Resoluti    0.23   2/17/2017     EUR    61.13
AdP - Aguas de Port    0.18  10/22/2027     EUR    70.13
EXER D GmbH            5.70    2/1/2016     EUR    10.00
Region of Molise It    0.58  12/15/2033     EUR    65.07
LBI HF                 2.25   2/14/2011     CHF     4.20
Konservenfabrik Zac    8.00    4/1/2016     EUR     0.00
RZD Rasvytie vokzal   12.50  10/21/2016     RUB    65.00
Heta Asset Resoluti    0.19    8/1/2017     EUR    54.00
Ideal Standard Inte   11.75    5/1/2018     EUR    50.38
Mechel                10.00   8/25/2020     RUB    43.30
Oesterreichische Vo    9.09   7/26/2024     EUR    17.50
Irkut Corp             9.00   11/6/2023     RUB    65.16
Lehman Brothers Tre    7.00  11/26/2013     EUR     4.70
Heckler & Koch GmbH    9.50   5/15/2018     EUR    74.88
Lehman Brothers Tre    5.00   9/22/2014     EUR     4.70
Lehman Brothers Tre    5.10    5/8/2017     HKD    29.88
Morgan Stanley BV      8.50   5/25/2015     EUR    26.43
Sachsen Bank           0.48   1/22/2041     EUR    71.89
Kaupthing Bank Hf      5.50    2/2/2009     USD    13.50
Lehman Brothers Tre    3.00   9/13/2010     JPY    29.88
Absolut Bank OAO      10.25   7/27/2016     RUB    60.01
Lehman Brothers Tre    8.25   12/3/2015     EUR     7.75
Russian Federal Bon    7.00   8/16/2023     RUB    65.10
KPNQwest NV            8.13    6/1/2009     USD     0.41
MT-Energie GmbH & C    8.25    4/4/2017     EUR     5.00
Bank National Facto   12.30  10/17/2016     RUB    60.00
HC Finance OOO         8.25  11/26/2021     RUB    70.00
Junta Comunidades d    0.29   12/5/2023     EUR    71.43
Glitnir HF             1.63   3/11/2009     CHF    11.88
LBI HF                 3.00   12/7/2010     CHF     4.20
BioEnergie Taufkirc    6.50   7/30/2020     EUR    69.50
Federal Grid Co Uni    8.50   6/22/2021     RUB    75.00
Artea                  6.00    8/4/2019     EUR     1.00
Lehman Brothers Tre    3.03   1/31/2015     EUR     7.75
Societe Generale SA    3.84   1/31/2033     USD    73.00
Kaupthing Bank Hf      7.13   5/19/2016     USD     0.00
MirLand Development    6.50  12/31/2015     ILS    37.26
Minicentrales Dos S    4.81  11/29/2034     EUR    73.00
Credit Bank of Mosc    8.65    4/8/2015     RUB    60.01
DEIKON GmbH            1.00  11/16/2016     EUR    26.30
MirLand Development    8.50   8/31/2016     ILS    32.12
Solarwatt GmbH         7.00   11/1/2015     EUR    14.50
City of Baile Hercu    2.50  12/16/2020     RON    75.00
Lehman Brothers Tre    5.25   5/26/2026     EUR     4.70
Lehman Brothers Tre    4.00  10/24/2012     EUR     4.70
Bank Otkritie Finan   10.00  12/17/2019     USD    67.00
Exane Finance          1.75   4/28/2016     EUR    65.79
Heta Asset Resoluti    0.39   3/12/2043     EUR     3.42
Emporiki Group Fina    5.00   2/24/2022     EUR    67.82
Lehman Brothers Tre   11.00  12/20/2017     AUD     4.70
TGK-9 OAO              8.10    8/7/2017     RUB    51.01
Russian Standard Ba   11.50   2/27/2016     RUB    70.01
Heta Asset Resoluti    4.88   9/18/2017     EUR    38.38
SAir Group             0.13    7/7/2005     CHF    11.00
Lehman Brothers Tre    4.00   12/2/2012     EUR     4.70
Lehman Brothers Tre    1.00    5/9/2012     EUR     4.70
Lehman Brothers Tre    4.50    5/2/2017     EUR     4.70
Breeze Finance SA     11.75   4/19/2027     EUR     3.00
Lehman Brothers Tre    6.00  10/30/2012     EUR     4.70
Northland Resources   15.00   7/15/2019     USD     1.56
RSG-Finance LLC       12.75  11/22/2016     RUB    70.03
Rusfinans Bank OOO    11.60  11/10/2015     RUB    60.01
Kommunalbanken AS      0.50   9/26/2017     BRL    74.88
RUSNANO OAO            8.90  12/20/2017     RUB    71.11
Credit Suisse AG/Lo   15.50    5/4/2016     USD    70.67
Federal Grid Co Uni    7.95    7/6/2023     RUB    73.01
Eitzen Chemical ASA   11.24    6/6/2016     USD    20.50
Lehman Brothers Tre    6.00   3/14/2011     EUR     4.70
Heta Asset Resoluti    0.30    4/9/2043     EUR     3.10
Espirito Santo Fina    5.05  11/15/2025     EUR     4.83
Lehman Brothers Tre    8.50    7/5/2016     EUR     4.70
RSL Communications    10.50  11/15/2008     USD     1.25
Credit Europe Bank     9.50   2/19/2016     RUB    60.00
Russian Railways JS    9.00   9/20/2039     RUB   100.00
Bank Nederlandse Ge    0.50   7/12/2022     ZAR    53.66
Royal Bank of Scotl    4.24   1/12/2046     EUR    72.50
Hamburgische Landes    0.46   1/22/2041     EUR    71.55
Province of Milan I    0.17  12/20/2042     EUR    43.61
Rosselkhozbank OJSC    7.90   9/18/2023     RUB    60.01
Mobile TeleSystems     5.00   6/29/2021     RUB    62.50
Investkredit Bank A    7.00   7/24/2022     EUR    63.69
Heta Asset Resoluti    5.27    4/7/2028     EUR    39.38
Bosnia & Herzegovin    2.50   6/30/2022     BAM    75.00
Cooperatieve Centra    0.50   7/30/2043     MXN    19.07
Alpha Credit Group     2.00   4/27/2024     EUR    44.25
Russian Railways JS    8.20   3/21/2028     RUB    75.00
Italy Government In    0.72   7/31/2045     EUR    63.94
Metkombank JSC         9.50   4/15/2015     RUB    60.01
Heta Asset Resoluti    4.54   9/22/2017     EUR    60.25
Agentstvo po Ipotec    8.25   9/15/2021     RUB    75.00
Europlan ZAO          12.50  10/31/2017     RUB    60.01
Allied Irish Banks     5.25   3/10/2035     GBP    26.50
Vontobel Financial     5.84    9/9/2016     EUR    72.64
DZ Bank AG Deutsche    6.50   3/24/2023     EUR    72.34
Anglian Water Servi    1.06   1/26/2057     GBP    73.18
Heta Asset Resoluti    5.73  12/10/2021     EUR    39.50
Codere Finance Luxe    8.25   6/15/2015     EUR    62.25
Siloviye Mashiny OA    8.10   9/28/2023     RUB    57.01
Bashneft OAO           8.85   1/31/2023     RUB    71.00
Notenstein Privatba   10.12   8/26/2015     USD    60.06
A-TEC Industries AG    5.75   11/2/2010     EUR     2.00
Region of Abruzzo I    0.40   11/7/2031     EUR    64.98
Raiffeisen Centroba    2.80  11/14/2016     EUR    67.03
Kaupthing Bank Hf      1.80  10/20/2009     JPY    13.50
Russian Highways       9.75  11/29/2016     RUB    60.01
ESTAVIS AG             7.75   6/25/2017     EUR     2.49
Caisse Centrale du     7.00   9/10/2015     EUR    15.39
Codere Finance Luxe    8.25   6/15/2015     EUR    61.00
Lehman Brothers Tre    6.00  10/24/2008     EUR     7.75
Oesterreichische Vo    5.27    2/8/2027     EUR    17.38
Cooperatieve Centra    0.50  10/30/2043     MXN    19.00
Lehman Brothers Tre    7.00    6/6/2017     EUR     4.70
Ingra DD               6.13   12/6/2016     HRK    12.99
Heta Asset Resoluti    0.49   8/12/2017     EUR    54.88
PJSC Geotech Seismi   10.50  10/17/2018     RUB    51.26
Alpha Credit Group     2.00  11/28/2032     EUR    23.96
ADLER Real Estate A    6.00  12/27/2018     EUR     7.25
Heta Asset Resoluti    3.72   3/15/2017     EUR    64.63
EuroChem Mineral &     8.90   6/26/2018     RUB    59.00
Municipality Financ    0.50    5/8/2029     AUD    62.72
Investkredit Bank A    4.77   4/12/2022     EUR    74.70
Republika Srpska       1.50  12/15/2023     BAM    72.00
WGF Westfaelische G    6.35    8/1/2017     EUR     4.00
SAir Group             4.25    2/2/2007     CHF    11.25
Heta Asset Resoluti    0.20   7/18/2017     EUR    54.63
Sidetur Finance BV    10.00   4/20/2016     USD    20.00
MirLand Development    6.00  11/30/2017     ILS    31.90
AdP - Aguas de Port    0.60   6/20/2022     EUR    70.25
LBI HF                 4.40   1/18/2010     CAD     4.20
Credit Suisse AG/Lo    1.64    6/1/2042     USD    57.94
Atari SA               0.10    4/1/2020     EUR     1.81
KA Finanz AG           6.08  12/13/2018     EUR    70.00
Kaupthing Bank Hf      9.75   9/10/2015     USD    13.50
Espirito Santo Fina    5.63   7/28/2017     EUR     4.06
ADLER Real Estate A    6.00   6/30/2017     EUR     7.25
Oesterreichische Vo    1.08   5/20/2025     EUR    64.25
Lehman Brothers Tre    8.25    2/3/2016     EUR     4.70
Municipality Financ    0.50  12/20/2018     ZAR    72.78
Lehman Brothers Tre    5.00   3/18/2015     EUR     6.38
Lehman Brothers Tre    4.95  10/25/2036     EUR     4.70
Lehman Brothers Tre    6.00   3/18/2015     USD     4.70
Agentstvo po Ipotec   10.75   5/15/2023     RUB    58.00
Credit Europe Bank    11.25    9/5/2016     RUB    60.01
Kommunekredit          0.50  10/22/2019     BRL    59.50
Alpha Credit Group     1.50  12/18/2028     EUR    27.29
Heta Asset Resoluti    0.36    4/9/2018     EUR    46.38
UniCredit Bank Aust    0.44   1/25/2031     EUR    69.88
Lehman Brothers Tre    1.46   2/19/2012     JPY    29.88
Baltic Financial Ag   12.75   9/27/2016     RUB    60.00
INKA Beteiligungsve    5.10  10/31/2018     EUR    70.00
UTair-Finans OOO      12.00   6/17/2016     RUB    30.00
Lehman Brothers Tre    1.28   11/6/2010     JPY    29.88
LBI HF                 4.53   4/24/2012     EUR     4.20
Lehman Brothers Tre    4.00   7/20/2012     EUR     4.70
Promsvyazbank OJSC    10.50   3/17/2021     USD    60.00
DekaBank Deutsche G    0.12   6/23/2034     EUR    74.42
DEIKON GmbH            1.00    7/1/2015     EUR    26.00
Heta Asset Resoluti    5.80   6/17/2017     EUR    58.38
Lehman Brothers Tre    8.88   1/28/2011     HKD    29.88
UTair-Finans OOO      13.00  11/13/2015     RUB    23.05
Windreich GmbH         6.75    3/1/2015     EUR    10.88
RUSNANO OAO            8.90  12/20/2017     RUB    70.00
UniCredit Bank AG      4.00   6/25/2015     EUR    64.17
Heta Asset Resoluti    0.36   4/22/2018     EUR    49.38
BLT Finance BV         7.50   5/15/2014     USD     6.00
City of Kiev Ukrain    8.00   11/6/2015     USD    74.15
Republika Srpska       1.50   6/30/2023     BAM    74.01
KA Finanz AG           4.44  12/20/2030     EUR    42.00
Lehman Brothers Tre    4.69   2/19/2017     EUR     7.75
Sviaz Bank OAO        11.15   4/29/2016     RUB    60.01
HSBC Bank PLC          0.50    3/1/2018     RUB    74.80
EDOB Abwicklungs AG    7.50    4/1/2012     EUR     0.65
Republic of Khakass    8.40  10/27/2020     RUB    67.04
Emporiki Group Fina    5.00   12/2/2021     EUR    68.14
Svensk Exportkredit    0.50   1/31/2022     ZAR    51.79
Cerruti Finance SA     6.50   7/26/2004     EUR     1.77
Lehman Brothers Tre    5.00    5/2/2022     EUR     7.75
Lehman Brothers Tre    7.50    5/2/2017     EUR     4.70
Cassa di Risparmio     1.98   4/15/2018     EUR    53.75
Commerzbank AG         5.00   9/27/2019     EUR    74.17
Heta Asset Resoluti    0.23   8/11/2017     EUR    53.75
Lehman Brothers Tre    5.50   4/23/2014     EUR     4.70
Societe Generale SA    0.50   5/30/2023     MXN    62.40
Oesterreichische Vo    9.09   7/26/2020     EUR    27.13
Municipality Financ    0.50   6/19/2024     ZAR    41.80
Leonteq Securities     6.72    6/5/2015     USD    72.63
Enemona AD-Kozloduy   10.00   4/28/2017     BGN     1.56
LBI HF                 5.25    6/5/2023     EUR     4.20
Hamburgische Landes    0.47  10/30/2040     EUR    71.61
Comune di Verona       0.31   12/1/2026     EUR    64.30
Fonciere Volta SA      4.50   7/30/2020     EUR     2.70
BNP Paribas SA         0.50   1/31/2018     RUB    67.21
Barclays Bank PLC      0.50   4/24/2023     MXN    62.99
RFA-Invest OAO        12.00   2/24/2016     RUB    60.00
Russian Federal Sav    8.15    3/6/2025     RUB    71.44
Russian Bank for Sm    8.25  11/26/2016     RUB    60.01
Heta Asset Resoluti    3.90   1/24/2017     EUR    67.63
Lehman Brothers Tre    4.00   7/27/2011     EUR     4.70
UTair-Finans OOO      12.00   4/22/2015     RUB    20.01
UTair-Finans OOO      12.00   6/17/2016     RUB    40.00
Barclays Bank PLC      3.09   5/10/2028     USD    74.86
Astana Finance BV     14.50    7/2/2013     USD     6.38
Zlomrex Internation    8.50    2/1/2014     EUR    71.00
Societe Generale SA    2.37  11/29/2032     USD    68.71
UBS AG                 9.00    7/3/2017     CHF    58.28
Oesterreichische Vo    4.81   7/29/2025     EUR    61.00
Heta Asset Resoluti    0.15    5/6/2016     EUR    71.63
LBI HF                 6.00    6/6/2017     EUR     4.20
RMK-Finans             0.10  12/15/2015     RUB    68.16
Lehman Brothers Tre    8.00   2/16/2016     EUR     4.70
AdP - Aguas de Port    0.30   1/23/2023     EUR    70.13
RBC OJSC               3.27   4/19/2018     RUB    45.00
Lehman Brothers Tre    7.60   3/26/2009     EUR     4.70
iMoneyBank            13.00  10/27/2016     RUB    60.00
Northland Resources   12.25   3/26/2016     USD     1.56
Kommunekredit          0.50   2/20/2020     BRL    56.58
Republika Srpska       1.50  10/30/2023     BAM    73.20
Heta Asset Resoluti    0.13   1/24/2017     EUR    61.00
Lehman Brothers Tre    8.00   4/20/2009     EUR     4.70
Salvator Grundbesit    9.50  12/31/2021     EUR    13.00
Lehman Brothers Tre    1.75    2/7/2010     EUR     7.75
Kommunalbanken AS      0.50    3/2/2018     BRL    70.74
Kommunekredit          0.50   7/30/2027     TRY    32.82
RUSNANO OAO            8.90  12/20/2017     RUB    60.00
Bank Julius Baer &     9.75   3/27/2015     USD    70.05
Credit Suisse AG       8.50    1/9/2015     USD     7.82
SAir Group             5.13    3/1/2003     CHF    11.00
Kommunekredit          0.50  12/14/2020     ZAR    64.02
Heta Asset Resoluti    0.84   9/20/2017     EUR    39.38
SG Option Europe SA    7.00    5/5/2017     EUR    60.02
AKB Baltica Bank       8.25    6/5/2024     RUB    33.12
UTair-Finans OOO      12.00   4/22/2015     RUB    20.01
hkw personalkonzept    8.25  11/15/2016     EUR     1.20
UniCredit Bank ZAO     8.10  11/20/2018     RUB    60.00
Uboat Line SA          8.06   9/27/2015     PLN    50.00
BNP Paribas Emissio    8.00   6/25/2015     EUR    69.60
LBI HF                 3.20   5/10/2010     SKK     4.20
Heta Asset Resoluti    0.18   3/15/2017     EUR    59.00
Housing Financing F    2.70    1/1/2020     ISK    66.00
HSBC Bank PLC          0.50   4/27/2027     NZD    56.16
Municipality Financ    0.50  11/10/2021     NZD    73.29
Bank Julius Baer &     9.40   5/27/2015     CHF    62.45
Province of Rovigo     0.43  12/28/2035     EUR    58.55
Avanquest Software     6.50   2/15/2015     EUR     4.30
Heta Asset Resoluti    5.68    7/5/2017     EUR    58.00
Junta de Castilla y    6.60   2/24/2023     EUR    67.98
UniCredit Bank ZAO     8.60   2/11/2016     RUB    60.03
World of Building T    5.40   6/25/2019     RUB     2.40
JP Morgan Structure    5.65    7/1/2015     CHF    47.55
Heta Asset Resoluti    4.40   6/20/2017     EUR    57.75
Province of Milan I    0.42  12/22/2033     EUR    65.73
Lehman Brothers Tre    5.00   8/16/2017     EUR     4.70
Lehman Brothers Tre    3.86   9/21/2011     SGD     7.75
Cassa Depositi e Pr    0.15  10/31/2029     EUR    70.73
Bank St Petersburg    10.90    9/8/2016     RUB    60.06
UTair-Finans OOO       9.50   7/21/2016     RUB    20.00
UTair-Finans OOO      12.00   6/17/2016     RUB    30.00
UTair-Finans OOO      11.75   5/26/2015     RUB    20.00
Sviaz Bank OAO        11.40   4/13/2022     RUB    60.01
Societe Generale SA   13.20   7/29/2015     USD    54.41
Bank Nederlandse Ge    0.50   9/20/2022     MXN    69.60
UBS AG                19.25   3/29/2016     EUR    67.23
Heta Asset Resoluti    0.38   3/10/2018     EUR    47.38
SAir Group             5.50   7/23/2003     CHF    11.00
UniCredit Bank AG      0.80  11/19/2029     EUR    67.00
Lehman Brothers Tre    6.65   8/24/2011     AUD    29.88
Heta Asset Resoluti    0.35   5/17/2017     EUR    56.13
Lehman Brothers Tre    4.00   3/10/2011     EUR     4.70
Deutsche Bank AG/Lo    0.50   10/5/2021     IDR    62.42
Kaupthing Bank Hf      4.65   2/19/2013     EUR    13.50
PC Guard SA            8.23   4/13/2015     PLN    75.00
Lehman Brothers Tre   10.00  10/22/2008     USD     7.75
HSBC Bank PLC          0.50   2/24/2027     NZD    56.74
Lenenergo OAO          8.50   4/18/2017     RUB    60.00
Bank Nederlandse Ge    0.50   8/15/2022     ZAR    55.64
Raiffeisen Centroba    2.40  12/19/2016     EUR    67.43
UTair-Finans OOO      12.00   5/26/2015     RUB    20.01
Heta Asset Resoluti    0.30   5/17/2017     EUR    56.75
Barclays Bank PLC      1.99   12/1/2040     USD    73.11
LBI HF                 6.75   2/18/2015     EUR     4.20
Hellas Telecommunic    8.08   7/15/2015     EUR     0.89
Lehman Brothers Tre   13.50  11/28/2008     USD     7.75
Oesterreichische Vo    6.00   3/30/2017     EUR    15.00
Caixa Geral de Depo    5.98    3/3/2028     EUR    71.88
Kommunalbanken AS      0.50   11/8/2018     BRL    65.86
Emporiki Group Fina    5.10   12/9/2021     EUR    69.08
Glitnir HF             6.38   9/25/2012     USD    11.88
Heta Asset Resoluti    4.07   3/21/2017     EUR    65.00
HSBC Bank PLC          0.50    6/4/2018     IDR    74.65
Russian Federal Sav    8.15   10/1/2025     RUB    71.25
Barclays Bank PLC      0.50   3/19/2021     MXN    71.92
Republika Srpska       1.50   9/25/2026     BAM    63.03
Hanzenvast Gothenbu    8.00   6/30/2022     EUR    75.00
Credit Suisse AG/Na    8.50    4/7/2015     USD    61.74
Leonteq Securities    19.94   5/21/2015     CHF    57.92
Hellas Telecommunic    8.50  10/15/2013     EUR     0.00
SV Patrimonia          4.00   4/19/2016     EUR    50.50
Glitnir HF             2.25   2/15/2011     EUR    11.88
Glitnir HF             3.25   8/15/2016     EUR    11.88
Investkredit Bank A    0.61   3/14/2020     EUR    70.41
Province of Treviso    0.17  12/31/2034     EUR    57.06
Lehman Brothers Tre   11.75    3/1/2010     EUR     7.75
Heta Asset Resoluti    0.42    3/4/2018     EUR    47.38
BNP Paribas SA         0.50  11/16/2032     MXN    32.77
Bank Nederlandse Ge    0.50   5/12/2021     ZAR    60.34
Credit Suisse AG/Lo   15.00   9/18/2015     USD    70.87
Bank Julius Baer &    10.20  11/13/2015     USD    70.50
SAir Group             6.25   4/12/2005     CHF    10.75
Bank Julius Baer &     8.75   5/22/2015     USD    64.05
HSBC Bank PLC          0.50  10/30/2018     IDR    72.04
UBS AG/London         10.50    6/5/2015     CHF    50.24
Landeskreditbank Ba    0.50   5/10/2027     CAD    70.67
Kaupthing Bank Hf      0.69   5/21/2011     JPY    13.50
Kuzbassenergo-Finan   11.00   6/14/2021     RUB    50.05
Lehman Brothers Tre    7.00  10/22/2010     EUR     4.70
Glitnir HF             3.75   1/15/2010     EUR    11.88
Gold-Zack AG           7.00  12/14/2005     EUR    11.02
Lehman Brothers Tre   11.00   6/29/2009     EUR     7.75
Lehman Brothers Tre    5.55   3/12/2015     EUR     7.75
Province of Brescia    0.52  12/22/2036     EUR    57.76
Lehman Brothers Tre   14.90   9/15/2008     EUR     7.75
MORTGAGE AGENT AHML    3.00    9/9/2045     RUB    72.46
Sviaz Bank OAO        11.15   11/1/2015     RUB    70.01
Republika Srpska       1.50   6/15/2024     BAM    74.00
Bank Nederlandse Ge    0.50    8/9/2022     MXN    70.04
Cooperatieve Centra    0.50   1/31/2033     MXN    28.22
Svensk Exportkredit    0.50   3/15/2022     ZAR    51.09
HSBC Bank PLC          0.50  12/29/2026     AUD    68.15
Leonteq Securities    10.30   6/10/2015     CHF    60.81
Horus Finance ZAO     13.00    3/6/2019     RUB    60.30
Bank MIA              10.75    6/6/2017     RUB    60.01
Societe Generale SA    5.50   7/27/2015     EUR    55.84
UBS AG/London          2.06   3/31/2017     USD     9.79
Heta Asset Resoluti    0.32    7/1/2017     EUR    55.13
SAir Group             6.25  10/27/2002     CHF    11.13
Glitnir HF             5.00   3/14/2012     EUR    11.88
Glitnir HF             4.75  10/15/2010     USD    11.88
Muehl Product & Ser    6.75   3/10/2005     DEM     1.70
Province of Treviso    0.31  12/31/2034     EUR    58.42
RSL Communications    12.00   11/1/2008     USD     1.25
Bosnia & Herzegovin    2.50   6/30/2023     BAM    72.06
Glitnir HF             3.25   9/15/2015     EUR    11.88
ECM Real Estate Inv    5.00   10/9/2011     EUR    10.38
Lehman Brothers Tre    0.50  12/20/2017     AUD     4.70
LBI HF                 7.20   4/27/2026     EUR     0.01
Lehman Brothers Tre    8.00  10/17/2014     EUR     4.70
KA Finanz AG           4.26    2/8/2019     EUR    61.13
Republika Srpska       1.50  12/15/2023     BAM    74.00
Republika Srpska       1.50  12/22/2023     BAM    66.00
BNP Paribas SA         0.50    5/6/2021     MXN    70.53
URALSIB Leasing Co    11.00   4/21/2016     RUB    60.86
Cooperatieve Centra    0.50  11/30/2027     MXN    44.70
Svensk Exportkredit    0.50   6/20/2029     AUD    62.04
Kommunalbanken AS      0.50   5/27/2022     ZAR    53.27
Bank Soyuz JSCB       12.75  10/11/2018     RUB    60.00
HSBC Bank PLC          0.50   6/28/2019     IDR    67.96
URALSIB Leasing Co    11.50   2/10/2015     RUB    59.27
Uboat Line SA          6.00   4/24/2015     PLN    75.00
Republika Srpska       1.50   5/31/2025     BAM    68.50
Republic of Srpska     1.50    6/9/2025     BAM    68.50
JP Morgan Structure    8.20   5/18/2015     CHF    73.91
UBS AG                12.00  12/29/2015     EUR    56.13
Heta Asset Resoluti    4.70    4/2/2018     EUR    53.13
Heta Asset Resoluti    0.46   7/28/2017     EUR    54.38
Heta Asset Resoluti    0.46   8/21/2017     EUR    54.13
Dresdner Bank AG       0.77  11/19/2029     EUR    57.88
Kommunekredit          0.50   5/11/2029     CAD    67.91
Lehman Brothers Tre    4.70   3/23/2016     EUR     4.70
COFIDUR SA             0.10  12/31/2024     EUR    15.03
Russian Federal Sav    7.60   12/9/2021     RUB    71.50
Russian Federal Sav    7.60   2/24/2021     RUB    73.01
LBBW                   0.60    1/8/2041     EUR    70.91
KPNQwest NV            8.88    2/1/2008     EUR     0.37
Lehman Brothers Tre    4.00   4/13/2011     CHF     4.70
LBI HF                 7.25    4/2/2011     EUR     4.20
VEB-Leasing OAO        9.50    4/2/2021     RUB    60.01
Investpro OOO         13.00  12/31/2018     RUB    60.00
DeltaCredit Bank       8.45   8/30/2018     RUB    60.00
Russian Post FGUP      8.70  10/18/2019     RUB    60.00
Lehman Brothers Tre    4.35    8/8/2016     SGD    29.88
Lehman Brothers Tre    7.55  12/29/2008     USD     4.70
Windreich GmbH         6.25    3/1/2015     EUR    10.88
Svensk Exportkredit    0.50   2/22/2022     ZAR    51.42
Heta Asset Resoluti    0.43   8/28/2017     EUR    54.00
UBS AG/London         10.25   3/10/2017     USD     9.54
Bank Julius Baer &    14.75   5/20/2015     CHF    60.80
Raiffeisen Centroba    6.65   8/12/2015     EUR    74.24
Glitnir HF             3.00  10/31/2015     EUR    11.88
Barclays Bank PLC      9.00   4/24/2015     USD     8.97
Lehman Brothers Tre    4.00   2/28/2010     EUR     7.75
Kaupthing Bank Hf      0.80   2/15/2011     EUR    13.50
UBS AG                10.37  10/23/2015     USD    16.75
Glitnir HF             2.00   1/30/2009     CHF    11.88
Oesterreichische Vo    4.25    9/7/2020     EUR    70.35
Glitnir HF             3.00    4/1/2010     CZK    11.88
Union Technologies     0.10    1/1/2020     EUR     5.30
LBI HF                 6.75   8/18/2015     EUR     4.20
Lehman Brothers Tre    0.50  12/20/2017     AUD     4.70
Lehman Brothers Tre    5.00   5/12/2011     CHF     4.70
Comune di Ladispoli    0.28  12/31/2026     EUR    74.18
Barclays Bank PLC      0.50   1/28/2033     MXN    34.82
HSBC Bank PLC          0.50   12/8/2026     AUD    62.75
Svensk Exportkredit    0.50   4/25/2019     BRL    61.24
HSBC Bank PLC          0.50  10/30/2026     NZD    57.84
Municipality Financ    0.50  11/21/2018     ZAR    73.25
City of Krasnodar R    9.00   11/5/2015     RUB    60.04
Russian Federal Sav    8.15   3/10/2027     RUB    70.78
Leonteq Securities    13.90   1/15/2015     USD    56.41
HSBC Bank PLC          0.50   9/28/2018     IDR    72.71
Russian Bor Chemica   10.00  12/20/2018     RUB     0.01
wige MEDIA AG          6.00   3/17/2019     EUR     1.85
Kaupthing Bank Hf      7.90    2/1/2016     EUR    13.50
NIBC Bank NV          25.98    5/7/2029     EUR    49.39
Kaupthing Bank Hf      7.90   4/28/2016     EUR    13.50
DEIKON GmbH            1.00    7/1/2016     EUR    27.00
Glitnir HF             5.86   7/28/2016     GBP    11.88
Lehman Brothers Tre    3.00   12/3/2012     EUR     4.70
Lehman Brothers Tre    6.00    3/4/2015     USD     4.70
Comune di Orvieto      0.30  12/31/2031     EUR    61.49
Heta Asset Resoluti    0.47   2/10/2018     EUR    51.13
Lehman Brothers Tre    6.70   4/21/2011     USD     4.70
HSBC Bank PLC          0.50  12/20/2018     RUB    69.92
Lehman Brothers Tre    9.25   6/20/2012     USD     4.70
Lehman Brothers Tre    7.00   2/15/2012     EUR     7.75
Lehman Brothers Tre    9.00   5/15/2022     USD     4.70
Comune di San Bened    0.25   6/30/2027     EUR    72.71
Lehman Brothers Tre   14.90  11/16/2010     EUR     7.75
e-Kancelaria Grupa     8.37  10/17/2016     PLN    70.80
Bank Nederlandse Ge    0.50   9/20/2022     ZAR    53.99
DeltaCredit Bank       8.25    8/7/2015     RUB    60.01
ExpertGroup OOO/Rus   13.00  12/11/2015     RUB    60.00
Societe Generale SA    0.50    4/3/2023     RUB    51.45
Kommunalbanken AS      0.50    8/9/2017     BRL    74.43
Municipality Financ    0.50  12/14/2018     TRY    70.58
Societe Generale Ef    5.00   11/7/2016     EUR    74.78
Republika Srpska       1.50  12/24/2025     BAM    66.36
BNP Paribas SA         0.50   9/29/2029     AUD    65.16
Svensk Exportkredit    0.50   6/29/2029     AUD    65.67
Bank Julius Baer &     8.25   9/18/2015     CHF    53.40
UBS AG/London          9.06  10/23/2015     CHF    68.80
UBS AG/London         12.75   2/12/2015     CHF    48.17
Heta Asset Resoluti    0.35    4/2/2018     EUR    46.50
KFW                    0.25   10/6/2036     CAD    37.21
Lehman Brothers Tre    0.80  12/30/2016     EUR     4.70
RSL Communications    10.13    3/1/2008     USD     1.25
Lehman Brothers Tre    3.70    6/6/2009     EUR     4.70
RSL Communications     9.13    3/1/2008     USD     1.25
Kaupthing Bank Hf      1.99    7/5/2012     JPY    13.50
Driver & Bengsch AG    8.50  12/31/2027     EUR     0.00
Municipality Financ    0.25   6/28/2040     CAD    26.47
Russian Federal Sav    7.70  12/16/2020     RUB    73.83
UniCredit Bank Aust    0.70   1/22/2031     EUR    67.63
Lehman Brothers Tre    0.50  12/20/2017     AUD     4.70
Lehman Brothers Tre    6.30  12/21/2018     USD     4.70
Lehman Brothers Tre    4.60  10/11/2017     ILS    29.88
Comune di Lozio        0.44  12/31/2035     EUR    55.88
Comune di Marsciano    0.33  12/31/2036     EUR    52.83
Lehman Brothers Tre    7.59  11/22/2009     MXN    29.88
LBI HF                 4.38  10/20/2008     EUR     4.20
Societe Generale SA    0.50   6/12/2023     RUB    50.51
Lehman Brothers Tre   11.00    7/4/2011     CHF     7.75
Lehman Brothers Tre   15.00   3/30/2011     EUR     4.70
UniCredit Bank Aust    0.47   1/24/2031     EUR    68.75
Lehman Brothers Tre    4.05   9/16/2008     EUR     4.70
Kommunekredit          0.50   9/19/2019     BRL    60.20
Svensk Exportkredit    0.50   8/28/2020     TRY    60.96
Municipality Financ    0.50   2/22/2019     IDR    69.68
Lehman Brothers Tre    2.50   11/9/2011     CHF     4.70
Lehman Brothers Tre    1.50  10/25/2011     EUR     4.70
RSL Communications     9.88  11/15/2009     USD     1.25
HSBC Bank PLC          0.50   5/31/2019     IDR    68.27
Lloyds Bank PLC        0.50   7/26/2028     MXN    41.18
Svensk Exportkredit    0.50   8/28/2018     BRL    65.56
Svensk Exportkredit    0.50   4/24/2029     AUD    64.26
Otkritie Holding      12.50   7/26/2017     RUB    60.00
Leonteq Securities    14.20  11/18/2015     CHF    74.93
Vontobel Financial     8.55   3/13/2015     EUR    73.12
Goldman Sachs & Co    11.00   6/24/2015     EUR    73.12
Banque Cantonale Va   15.70   3/27/2015     EUR    55.14
JP Morgan Structure   12.00   2/17/2015     CHF    41.71
UBS AG                10.00   3/27/2015     USD     7.55
Glitnir HF             3.00  11/30/2009     EUR    11.88
IT Holding Finance     9.88  11/15/2012     EUR     0.20
Heta Asset Resoluti    0.23    2/9/2017     EUR    60.38
Depfa ACS Bank         0.50    3/3/2025     CAD    73.20
Municipality Financ    0.50   3/17/2025     CAD    68.06
Lehman Brothers Tre    6.00   9/20/2011     EUR     4.70
Lehman Brothers Tre   18.25   10/2/2008     USD     7.75
Glitnir HF             4.85   4/26/2012     EUR    11.88
Lehman Brothers Tre   10.00    1/3/2012     BRL     4.70
Nutritek Internatio    8.75  12/11/2008     USD     2.00
Oesterreichische Vo    4.90   8/18/2025     EUR    61.30
ENEFI Energyefficie   10.24   2/12/2015     HUF    17.29
Bank Nederlandse Ge    0.50   6/22/2021     ZAR    55.92
Glitnir HF             6.00  12/15/2012     GBP    11.88
Kaupthing Bank Hf      7.00   4/28/2012     ISK     0.00
Province of Palermo    0.28  12/31/2035     EUR    53.57
LBI HF                 4.32   1/31/2010     EUR     4.20
Lehman Brothers Tre    3.00   3/19/2018     JPY     7.75
Kommunalbanken AS      0.50   9/20/2018     BRL    66.78
Medved-Finans OOO     12.50   8/22/2016     RUB    60.10
Kommunalbanken AS      0.50   8/15/2018     BRL    68.92
Cooperatieve Centra    0.50   8/21/2028     MXN    42.28
Comune di Orvieto      0.30  12/31/2030     EUR    63.59
Province of Teramo     0.27  12/30/2030     EUR    65.57
HSBC Bank PLC          0.50   1/29/2027     NZD    56.92
Municipality Financ    0.50  11/21/2018     TRY    70.68
HSBC Bank PLC          0.50   7/30/2019     IDR    67.43
Efesk Group           13.25   6/14/2016     RUB    60.10
Avangard Bank         10.25    2/1/2016     RUB    60.00
Republic of Karelia   12.25    4/8/2020     RUB    70.11
UBS AG                 8.05    1/7/2015     USD     7.78
Republic of Mariy E   11.30    7/7/2018     RUB    60.05
e-Kancelaria Grupa     9.00   12/4/2015     PLN    73.90
Notenstein Privatba   10.80   1/30/2015     USD    70.41
Bank Julius Baer &     8.00    5/7/2015     USD    51.10
EFG International F    6.48   5/29/2018     EUR    54.01
Notenstein Privatba   14.00    3/9/2015     CHF    46.11
Bank Julius Baer &     9.45   1/23/2015     USD    60.30
Banque Cantonale Va   16.10   3/27/2015     CHF    55.50
Zurcher Kantonalban    5.00   9/17/2015     CHF    62.56
JP Morgan Structure   10.00   1/15/2015     USD    64.35
Svensk Exportkredit    0.50   8/29/2029     AUD    66.91
Kaupthing Bank Hf      6.50   10/8/2010     ISK    13.50
Kaupthing Bank Hf      6.40  12/15/2015     EUR    13.50
Lehman Brothers Tre    4.50  12/30/2010     USD     7.75
Provinsor Fastighet    8.50   6/30/2015     DKK     0.10
Freshwater Finance     6.18   4/20/2035     GBP    68.13
Glitnir HF             3.30   6/10/2010     EUR    11.88
LBI HF                 1.68  12/22/2014     JPY     4.20
Rinol AG               5.50  10/15/2006     DEM     0.00
Lehman Brothers Tre    4.25   3/13/2021     EUR     7.75
LBI HF                 4.34  12/22/2025     EUR     4.20
LBI HF                 7.75   2/22/2016     USD     4.20
Province of Brescia    0.68   6/30/2036     EUR    58.53
Lehman Brothers Tre    4.80  11/16/2012     HKD     7.75
KPNQwest NV            7.13    6/1/2009     EUR     0.37
Comunita Montana de    0.31   6/30/2027     EUR    74.39
Glitnir HF             6.69   6/15/2016     USD     0.02
Glitnir HF             7.32  12/19/2012     USD    11.88
Lehman Brothers Tre    6.25  11/30/2012     EUR     4.70
Lehman Brothers Tre    6.25    9/5/2011     EUR     4.70
Svensk Exportkredit    0.50  12/17/2027     USD    71.58
Heta Asset Resoluti    0.35   5/10/2017     EUR    56.38
Glitnir HF             6.00    8/1/2015     ISK    11.88
LBI HF                 5.08    3/1/2013     ISK     4.20
Lehman Brothers Tre   11.00  12/19/2011     USD     4.70
Lehman Brothers Tre    6.60    2/9/2009     EUR     4.47
Comune di Bossico      0.39  12/31/2035     EUR    55.15
Comune di Ponte Di     0.39  12/31/2035     EUR    55.15
Lehman Brothers Tre    4.68  12/12/2045     EUR     7.75
Kaupthing Bank Hf      7.50    4/2/2011     EUR    13.50
Lehman Brothers Tre    9.75   6/22/2018     USD     4.70
Lehman Brothers Tre    2.00   6/28/2011     EUR     4.70
Arizk                  3.00  12/20/2030     RUB    23.91
Comune di Erchie       0.31  12/31/2036     EUR    52.28
Comune di Soriano N    0.27  12/31/2026     EUR    74.29
Lehman Brothers Tre    0.50    7/2/2020     EUR     7.75
Oesterreichische Vo    3.78   8/25/2033     EUR    71.00
HSBC Bank PLC          0.50   11/9/2018     IDR    71.88
Comune di Cimbergo     0.39  12/31/2035     EUR    55.15
Lehman Brothers Tre    4.60    7/6/2016     EUR     4.70
Lehman Brothers Tre    5.00  11/22/2012     EUR     4.70
Lehman Brothers Tre    8.28   3/26/2009     USD     4.70
BNP Paribas SA         0.50   2/13/2024     NZD    65.18
HSBC Bank PLC          0.50  12/29/2022     AUD    70.92
HSBC Bank PLC          0.50   12/2/2022     AUD    70.93
HSBC Bank PLC          0.50    6/9/2023     MXN    63.88
Svensk Exportkredit    0.50   6/28/2022     ZAR    49.45
Svensk Exportkredit    0.50   6/26/2019     TRY    66.73
Municipality Financ    0.50    8/8/2029     NZD    54.81
Municipality Financ    0.50   1/23/2018     BRL    72.83
Municipality Financ    0.50  11/25/2020     ZAR    58.36
Lehman Brothers Tre    3.00   6/23/2009     EUR     4.70
Leonteq Securities     6.70    6/6/2016     USD    67.65
Societe Generale SA    0.50    4/4/2024     MXN    60.50
Commerzbank AG         6.50   2/26/2015     EUR    70.56
DekaBank Deutsche G    5.75    2/5/2015     EUR    71.13
Bank Julius Baer &     6.50   7/31/2015     USD    56.55
Leonteq Securities    10.00   9/17/2015     USD    68.57
Notenstein Finance     7.00  10/23/2015     USD    62.03
SAir Group             2.13   11/4/2004     CHF    11.00
Republika Srpska       9.00   9/26/2027     BAM    62.00
Commerzbank AG         6.50   2/26/2015     EUR    57.77
Bank Julius Baer &     8.10    5/7/2015     USD    65.90
Bank Julius Baer &    12.50    4/7/2015     CHF    47.70
Goldman Sachs & Co    10.00   3/25/2015     EUR    67.93
Societe Generale SA    4.00   3/29/2016     EUR    66.68
Barclays Bank PLC      3.50    2/5/2016     EUR    58.36
Raiffeisen Centroba    5.32   3/12/2015     EUR    21.55
Commerzbank AG        10.00   3/26/2015     EUR    73.54
UBS AG/London          7.00   1/22/2015     CHF    41.64
Commerzbank AG         4.00    2/3/2015     EUR    55.33
Commerzbank AG        13.50   4/23/2015     EUR    60.57
SAir Group             2.75   7/30/2004     CHF    10.75
Lehman Brothers Tre    4.25   5/15/2010     EUR     4.70
Glitnir HF             5.25    5/2/2017     ISK    11.88
Oesterreichische Vo    1.55    3/1/2022     EUR    73.50
LBI HF                 3.36   8/17/2012     EUR     4.20
Lehman Brothers Tre   11.00  12/20/2017     AUD     4.70
Lehman Brothers Tre   11.00  12/20/2017     AUD     4.70
Lehman Brothers Tre    0.50  12/20/2017     AUD     4.70
Lehman Brothers Tre    0.50  12/20/2017     AUD     4.70
Oberoesterreichisch    0.39   4/25/2042     EUR    60.91
Comune di Roe Volci    0.39  12/31/2035     EUR    55.15
Lehman Brothers Tre   23.30   9/16/2008     USD     7.75
HSBC Bank PLC          0.50   5/29/2020     IDR    63.26
Lehman Brothers Tre    7.75    1/3/2012     AUD     7.75
Lehman Brothers Tre    6.45   2/20/2010     AUD     7.75
Lehman Brothers Tre   10.44  11/22/2008     CHF     7.75
Lehman Brothers Tre    6.00   2/19/2023     USD     4.70
Societe Generale SA    0.50   5/22/2024     MXN    60.84
HSBC Bank PLC          0.50   2/24/2023     AUD    69.36
HSBC Bank PLC          0.50    4/3/2023     AUD    69.78
Leonteq Securities    29.61  10/26/2017     EUR    45.99
Commerzbank AG         5.00   6/25/2015     EUR    73.49
Commerzbank AG         4.70   6/25/2015     EUR    67.87
Commerzbank AG         8.50   3/26/2015     EUR    73.55
Commerzbank AG         8.25   4/23/2015     EUR    74.63
HSBC Trinkaus & Bur    7.00   9/25/2015     EUR    67.42
UBS AG                 8.84   3/10/2015     USD     8.25
HSBC Trinkaus & Bur    6.00  12/28/2015     EUR    37.12
HSBC Trinkaus & Bur    6.00  12/28/2015     EUR    70.85
HSBC Trinkaus & Bur    6.00  12/28/2015     EUR    67.50
Notenstein Finance    12.00   11/3/2015     USD    72.32
Deutsche Bank AG       7.20  12/22/2015     EUR    71.60
UBS AG/London          8.00    1/9/2015     USD    51.05
Commerzbank AG        12.50   5/21/2015     EUR    44.67
Commerzbank AG         9.75   2/26/2015     EUR    47.60
Commerzbank AG        12.75   2/26/2015     EUR    41.39
Commerzbank AG        10.00   2/26/2015     EUR    63.40
DZ Bank AG Deutsche   14.50   3/27/2015     EUR    49.97
Commerzbank AG         6.50   2/26/2015     EUR    68.60
DZ Bank AG Deutsche    8.00   3/27/2015     EUR    60.61
Commerzbank AG        13.00   2/26/2015     EUR    74.06
Commerzbank AG        19.50   2/26/2015     EUR    33.63
Commerzbank AG        11.50   2/26/2015     EUR    74.66
Commerzbank AG         6.00   2/26/2015     EUR    74.16
Commerzbank AG         8.00   2/26/2015     EUR    70.68
Commerzbank AG         8.00   2/26/2015     EUR    70.67
Commerzbank AG        10.25   2/26/2015     EUR    52.32
Commerzbank AG        10.00   2/26/2015     EUR    72.17
Commerzbank AG         7.50   6/25/2015     EUR    58.63
Commerzbank AG         8.50   2/26/2015     EUR    69.17
Commerzbank AG         9.00   2/26/2015     EUR    54.41
Deutsche Bank AG       6.20   3/24/2015     EUR    53.50
Commerzbank AG        10.00   2/26/2015     EUR    49.36
Commerzbank AG        16.00   2/26/2015     EUR    36.87
Commerzbank AG         7.75   2/26/2015     EUR    66.36
Commerzbank AG         8.00   2/26/2015     EUR    54.05
UBS AG                22.00   3/27/2015     EUR    42.72
UBS AG                 6.25  12/29/2015     EUR    67.06
UBS AG                16.25  12/29/2015     EUR    72.98
Commerzbank AG        10.00   4/23/2015     EUR    72.75
Commerzbank AG         6.00   4/23/2015     EUR    74.91
Commerzbank AG        10.75   3/26/2015     EUR    65.22
Commerzbank AG         8.00   3/26/2015     EUR    70.93
Commerzbank AG         7.25   3/26/2015     EUR    57.24
Commerzbank AG         8.50   4/23/2015     EUR    70.46
Commerzbank AG         8.25   3/26/2015     EUR    70.30
Commerzbank AG        10.00   3/26/2015     EUR    67.20
Commerzbank AG        12.00   3/26/2015     EUR    64.40
Commerzbank AG         8.25   1/22/2015     EUR    70.33
Commerzbank AG         8.00   1/22/2015     EUR    64.18
HSBC Trinkaus & Bur   12.50   3/27/2015     EUR    72.00
Commerzbank AG         7.50   3/26/2015     EUR    74.26
UBS AG                 7.49   3/31/2015     USD     8.57
Commerzbank AG         6.50   1/22/2015     EUR    74.16
Vontobel Financial     7.70   1/30/2015     EUR    66.10
Commerzbank AG         6.00   1/22/2015     EUR    67.55
Leonteq Securities     7.00   1/22/2016     CHF    44.05
EFG International F   10.00   1/16/2015     USD    72.73
Commerzbank AG        13.00   3/26/2015     EUR    74.67
Commerzbank AG        10.50   1/22/2015     EUR    72.08
Commerzbank AG         8.50   3/26/2015     EUR    69.82
Commerzbank AG         8.00   1/22/2015     EUR    66.52
UBS AG/London          7.92   9/15/2015     USD     9.33
Commerzbank AG         8.50   3/26/2015     EUR    71.67
Commerzbank AG         7.00   1/22/2015     EUR    70.07
DZ Bank AG Deutsche   16.00   5/22/2015     EUR    67.71
Commerzbank AG         6.50   1/22/2015     EUR    62.32
Commerzbank AG         9.50   4/23/2015     EUR    71.06
Commerzbank AG        11.50   4/23/2015     EUR    62.96
Commerzbank AG        16.50   4/23/2015     EUR    42.29
Commerzbank AG        11.25   5/21/2015     EUR    74.54
Commerzbank AG         7.25   4/23/2015     EUR    61.33
Commerzbank AG        13.25   4/23/2015     EUR    46.67
Commerzbank AG        20.00   4/23/2015     EUR    39.16
Commerzbank AG        27.25   4/23/2015     EUR    35.12
Commerzbank AG         7.25   1/22/2015     EUR    59.88
Commerzbank AG         9.75   1/22/2015     EUR    56.36
Commerzbank AG         9.00   1/22/2015     EUR    71.21
Commerzbank AG        11.00   1/22/2015     EUR    74.51
Commerzbank AG         8.50   1/22/2015     EUR    59.77
Commerzbank AG         9.50   1/22/2015     EUR    45.74
Commerzbank AG        20.25   1/22/2015     EUR    31.12
Commerzbank AG        10.50   1/22/2015     EUR    62.97
Commerzbank AG        13.75   1/22/2015     EUR    72.37
HSBC Trinkaus & Bur    2.50   1/23/2015     EUR    72.41
Commerzbank AG         7.75   4/23/2015     EUR    73.35
Commerzbank AG         7.25   1/22/2015     EUR    74.13
Commerzbank AG        12.75   1/22/2015     EUR    39.50
Commerzbank AG        16.25   1/22/2015     EUR    34.84
Commerzbank AG         7.00   4/23/2015     EUR    74.68
Leonteq Securities    12.10  10/22/2015     USD    66.49
Commerzbank AG        11.00   5/21/2015     EUR    74.73
Commerzbank AG         6.75   5/21/2015     EUR    57.95
Bank Julius Baer &    10.00   2/27/2015     USD    36.05
Kaupthing Bank Hf      7.50   12/5/2014     ISK    13.50
Lehman Brothers Tre    2.30   6/27/2013     USD     7.75
Lehman Brothers Tre    2.37   7/15/2013     USD     4.70
LBI HF                 5.44    9/3/2018     EUR     0.01
City of Siret Roman    4.01    3/1/2028     RON    23.88
LBI HF                 3.11  11/10/2008     EUR     4.20
Glitnir HF             4.50    1/9/2012     EUR    11.88
Glitnir HF             6.75   3/27/2013     EUR    11.88
Glitnir HF             3.00   10/4/2011     EUR    11.88
Lehman Brothers Tre    6.50   5/16/2015     EUR     4.70
Glitnir HF             2.75   3/31/2010     EUR    11.88
Lehman Brothers Tre    3.50   9/29/2017     EUR     7.75
Lehman Brothers Tre    3.00    8/8/2017     EUR     4.70
Lehman Brothers Tre    5.00    9/1/2011     EUR     4.70
Lehman Brothers Tre    3.35  10/13/2016     EUR     4.70
Provincia di Ancona    0.31   6/30/2028     EUR    70.53
Eksportfinans ASA      0.25   7/14/2033     CAD    21.63
Lehman Brothers Tre    7.00   7/11/2010     EUR     4.70
Glitnir HF             4.01    7/6/2009     HKD    11.88
Lehman Brothers Tre    5.00    8/1/2025     EUR     4.70
Lehman Brothers Tre    6.00   7/28/2010     EUR     7.75
Lehman Brothers Tre    6.00   7/28/2010     EUR     7.75
Lehman Brothers Tre    7.50    8/1/2035     EUR     4.70
Lehman Brothers Tre    4.90   7/28/2020     EUR     4.70
Glitnir HF             3.45   8/22/2010     CZK    11.88
Glitnir HF             0.01    8/3/2009     JPY    11.88
Lehman Brothers Tre   12.00   7/13/2037     JPY     4.70
Lehman Brothers Tre   10.00   6/11/2038     JPY     4.70
UBS AG                 8.93   6/25/2015     USD    44.54
Credit Suisse AG       8.00   7/31/2015     USD     8.78
UBS AG                 2.75   8/18/2016     USD     8.62
Kaupthing Bank Hf      4.47  10/27/2010     EUR    13.50
Lehman Brothers Tre    2.30   4/28/2014     JPY     4.70
Lehman Brothers Tre    4.10   5/20/2009     USD     7.75
Lehman Brothers Tre    2.00   5/17/2010     EUR     7.75
Oesterreichische Vo    5.45    8/2/2019     EUR    72.70
Lehman Brothers Tre    0.75   3/29/2012     EUR     4.70
Glitnir HF             5.35   5/11/2010     USD    11.88
Eksportfinans ASA      0.50    5/9/2030     CAD    31.25
Lehman Brothers Tre    4.50    3/7/2015     EUR     4.70
Raiffeisenverband S    0.05   2/28/2031     EUR    71.71
LBI HF                 4.40   11/3/2009     CZK     4.20
LBI HF                 3.45  12/18/2033     JPY     0.01
Glitnir HF             0.50  11/26/2009     EUR    11.88
Lehman Brothers Tre    5.00   12/6/2011     EUR     7.75
Comune di Marsciano    0.50  12/30/2034     EUR    57.92
Lehman Brothers Tre    5.22    3/1/2024     EUR     7.75
Lehman Brothers Tre    3.63    3/2/2012     EUR     7.75
LBI HF                 4.08   3/16/2015     EUR     4.20
Lehman Brothers Tre    6.00   6/21/2011     EUR     4.70
Lehman Brothers Tre    2.00  11/16/2009     EUR     4.70
Lehman Brothers Tre    3.40   9/21/2009     HKD     7.75
Lehman Brothers Tre    2.00   6/21/2011     EUR     4.70
Lehman Brothers Tre    2.50   8/23/2012     GBP     7.75
Lehman Brothers Tre    3.00   8/13/2011     EUR     4.70
Kaupthing Bank Hf      3.75   2/15/2024     ISK    13.50
Glitnir HF             5.25    5/2/2014     ISK    11.88
Lehman Brothers Tre    4.70   3/23/2016     EUR     4.70
Comunita Montana Le    0.37   1/15/2027     EUR    73.85
Glitnir HF             3.63    4/5/2009     EUR    11.88
Lehman Brothers Tre   10.00    8/2/2037     JPY     4.70
Kaupthing Bank Hf      5.00   11/8/2013     EUR    13.50
UBS AG                10.05  10/23/2015     USD    37.24
LBI HF                 4.75   5/31/2013     EUR     4.20
Lehman Brothers Tre    4.00   5/17/2010     USD     4.70
Lehman Brothers Tre    2.48   5/12/2009     USD     4.70
Lehman Brothers Tre    2.25   5/12/2009     USD     4.70
Bulgaria Steel Fina   12.00    5/4/2013     EUR     1.00
Lehman Brothers Tre    7.50   6/15/2017     USD     4.70
Lehman Brothers Tre    0.50   2/16/2009     EUR     7.75
Kaupthing Bank Hf      1.65    7/5/2010     JPY    13.50
Glitnir HF             4.85    4/6/2012     EUR    11.88
Kaupthing Bank Hf      5.40   3/22/2014     ISK     0.00
Lehman Brothers Tre    6.00  12/30/2017     EUR     4.70
Kaupthing Bank Hf      0.20   7/12/2009     JPY    13.50
Lehman Brothers Tre    6.00   3/17/2011     EUR     4.70
Lehman Brothers Tre   13.00   7/25/2012     EUR     7.75
Glitnir HF            10.00   6/28/2017     USD    11.88
UBS AG                11.60  11/19/2015     USD     8.62
Lehman Brothers Tre    6.00   5/23/2018     CZK     4.70
Banca di Cividale S    0.18   10/2/2036     EUR    59.52
Kaupthing Bank Hf      4.90   5/29/2017     EUR    13.50
Lehman Brothers Tre    4.00   5/30/2010     USD     7.75
Lehman Brothers Tre    4.10   6/10/2014     SGD     7.75
Glitnir HF             2.57  12/31/2013     EUR    11.88
Lehman Brothers Tre   10.00    1/4/2010     USD     4.70
Lehman Brothers Tre    4.87   10/8/2013     USD     7.75
Lehman Brothers Tre    1.95   11/4/2013     EUR     7.75
Lehman Brothers Tre    3.00   8/15/2017     EUR     4.70
Lehman Brothers Tre    3.50   9/19/2017     EUR     7.75
Glitnir HF             0.01    5/6/2009     JPY    11.88
Oesterreichische Vo    1.08    3/1/2021     EUR    74.13
Lehman Brothers Tre    4.15   8/25/2020     EUR     7.75
Kaupthing Bank Hf      5.80    9/7/2012     EUR    13.50
Glitnir HF             3.30   8/22/2012     EUR    11.88
Lehman Brothers Tre    6.00   12/6/2016     USD     4.70
LBI HF                 4.00   9/23/2015     EUR     4.20
LBI HF                 2.14    2/3/2020     JPY     4.20
City of Pavullo nel    1.12  12/31/2030     EUR    74.17
Kaupthing Bank Hf      7.00    1/3/2011     EUR    13.50
Lehman Brothers Tre   16.80   8/21/2009     USD     7.75
Lehman Brothers Tre    5.20   3/19/2018     EUR     7.75
Lehman Brothers Tre   13.15  10/30/2008     USD     7.75
Glitnir HF             3.50  10/30/2012     EUR    11.88
Lehman Brothers Tre    8.60   7/31/2013     GBP     4.70
Lehman Brothers Tre    8.28   7/31/2013     GBP     4.70
Lehman Brothers Tre    7.50   7/31/2013     GBP     4.70
Lehman Brothers Tre    7.32   7/31/2013     GBP     4.70
Barclays Bank PLC      1.64    6/3/2041     USD    73.36
LBI HF                 4.40  11/30/2035     EUR     0.01
Lehman Brothers Tre    5.10   6/22/2046     EUR     7.75
Lehman Brothers Tre    4.60   11/9/2011     EUR     4.70
Lehman Brothers Tre    6.50   7/24/2026     EUR     4.70
Lehman Brothers Tre   12.22  11/21/2017     USD     4.70
LBI HF                 3.00  10/22/2015     EUR     4.20
Lehman Brothers Tre    3.50  12/20/2027     USD     4.70
Lehman Brothers Tre    4.50    8/2/2009     USD     7.75
Glitnir HF             6.33   7/28/2011     USD    11.88
KPNQwest NV            8.88    2/1/2008     EUR     0.37
Lehman Brothers Tre   14.10  11/12/2008     USD     7.75
Lehman Brothers Tre    4.50    3/6/2013     CHF     4.70
Lehman Brothers Tre    4.00   4/24/2009     USD     7.75
Lehman Brothers Tre    9.00   3/17/2009     GBP     7.75
Lehman Brothers Tre    8.00   5/22/2009     USD     7.75
Lehman Brothers Tre    0.50  12/20/2017     USD     4.70
Lehman Brothers Tre    0.50  12/20/2017     USD     4.70
Lehman Brothers Tre    0.50  12/20/2017     USD     4.70
Lehman Brothers Tre    4.00   8/11/2010     USD     4.70
Lehman Brothers Tre    4.50   7/24/2014     EUR     4.70
Lehman Brothers Tre    7.50   5/30/2010     AUD     7.75
Lehman Brothers Tre    4.30    6/4/2012     USD     7.75
Lehman Brothers Tre    4.00    6/5/2011     USD     7.75
Lehman Brothers Tre    4.00  10/12/2010     USD     7.75
KPNQwest NV            7.13    6/1/2009     EUR     0.37
Comune di Ferentino    0.24  12/28/2027     EUR    71.24
Glitnir HF             6.84  12/15/2015     EUR     0.02
Lehman Brothers Tre    4.00    1/4/2011     USD     7.75
Lehman Brothers Tre    9.30  12/21/2010     EUR     7.75
Lehman Brothers Tre    8.00  12/31/2010     USD     7.75
Lehman Brothers Tre    9.00   6/13/2009     USD     7.75
Lehman Brothers Tre    7.00  11/28/2008     CHF     7.75
Lehman Brothers Tre    7.38   9/20/2008     EUR     7.75
Lehman Brothers Tre    3.85   4/24/2009     USD     7.75
Lehman Brothers Tre    7.25   10/6/2008     EUR     7.75
Lehman Brothers Tre   10.50    8/9/2010     EUR     7.75
Lehman Brothers Tre    5.25    7/8/2014     EUR     7.75
Lehman Brothers Tre    0.50  12/20/2017     USD     4.70
Lehman Brothers Tre    2.30    6/6/2013     USD     7.75
Lehman Brothers Tre   11.00    5/9/2020     USD     4.70
Kaupthing Bank Hf      1.75    6/7/2016     EUR    13.50
Lehman Brothers Tre    1.50  10/12/2010     EUR     4.70
ECM Real Estate Inv    5.00   10/9/2011     EUR    10.38
Lehman Brothers Tre    8.00  10/23/2008     USD     7.75
Lehman Brothers Tre    8.50    7/6/2009     CHF     7.75
Glitnir HF             6.31   7/28/2011     USD    11.88
Glitnir HF             6.31   7/28/2011     USD    11.88
Oberoesterreichisch    0.51   11/6/2030     EUR    74.50
Lehman Brothers Tre    8.80  12/27/2009     EUR     7.75
Lehman Brothers Tre   13.00   2/16/2009     CHF     7.75
Lehman Brothers Tre    7.00   2/15/2010     CHF     7.75
Lehman Brothers Tre    7.75   1/30/2009     EUR     7.75
City of Hunedoara R    2.43   8/15/2026     RON    56.32
Lehman Brothers Tre   11.00   2/16/2009     CHF     7.75
Lehman Brothers Tre   10.00   2/16/2009     CHF     7.75
Lehman Brothers Tre    5.75   6/15/2009     CHF     7.75
Lehman Brothers Tre    7.50  10/24/2008     USD     7.75
Lehman Brothers Tre   10.00   3/27/2009     USD     4.70
Lehman Brothers Tre    5.00  10/24/2008     CHF     7.75
Lehman Brothers Tre    7.00   4/14/2009     EUR     7.75
Lehman Brothers Tre    0.25   7/21/2014     EUR     4.70
Lehman Brothers Tre    7.63   7/22/2011     HKD     7.75
Lehman Brothers Tre    8.00    8/3/2009     USD     7.75
Glitnir HF             5.86   7/28/2016     GBP    11.88
Lehman Brothers Tre    0.50    8/1/2020     EUR     7.75
Lehman Brothers Tre    6.00    8/7/2013     EUR     4.70
Glitnir HF             5.24  12/22/2010     USD    11.88
Lehman Brothers Tre    8.05  12/20/2010     HKD     7.75
Lehman Brothers Tre    7.60    3/4/2010     NZD     7.75
Lehman Brothers Tre   17.00    6/2/2009     USD     7.75
Lehman Brothers Tre   13.50    6/2/2009     USD     7.75
Lehman Brothers Tre    4.82  12/18/2036     EUR     7.75
Lehman Brothers Tre    5.25    4/1/2023     EUR     7.75
Kaupthing Bank Hf      5.00    1/4/2027     SKK    13.50
Lehman Brothers Tre   12.40   6/12/2009     USD     7.75
Lehman Brothers Tre    8.00   3/19/2012     USD     4.70
Lehman Brothers Tre    4.00  11/24/2016     EUR     4.70
Lehman Brothers Tre    7.05    4/8/2015     USD     4.70
Lehman Brothers Tre    7.80   3/31/2018     USD     4.70
Lehman Brothers Tre    7.15   3/21/2013     USD     4.70
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    11.88
Glitnir HF             5.25  10/23/2011     ISK    11.88
Glitnir HF             5.00    2/1/2016     ISK    11.88
LBI HF                 7.00    4/2/2010     EUR     4.20
Comune di Comezzano    0.34   6/30/2030     EUR    65.51
Lehman Brothers Tre    4.05   9/16/2008     EUR     4.70
Lehman Brothers Tre    7.60   1/31/2013     AUD     7.75
Lehman Brothers Tre    5.50   6/22/2010     USD     4.70
Lehman Brothers Tre    3.50   6/20/2011     EUR     4.70
Glitnir HF             6.00    8/1/2010     ISK    11.88
Kaupthing Bank Hf      7.00   7/24/2009     ISK    13.50
Kaupthing Bank Hf      8.00   6/22/2011     ISK     0.00
LBI HF                 8.65    5/1/2011     ISK     4.20
Lehman Brothers Tre    7.50   2/14/2010     AUD     7.75
Lehman Brothers Tre    2.50  12/15/2011     GBP     7.75
Lehman Brothers Tre    9.50    4/1/2018     USD     4.70
SG Option Europe SA    6.00    1/9/2015     EUR    71.41
Lehman Brothers Tre    8.00   3/21/2018     USD     4.70
Kaupthing Bank Hf      7.63   2/28/2015     USD    13.50
Lehman Brothers Tre    9.00    5/6/2011     CHF     7.75
Lehman Brothers Tre   10.60   4/22/2014     MXN     4.70
Lehman Brothers Tre   16.00   11/9/2008     USD     7.75
Kaupthing Bank Hf      7.70   10/2/2011     EUR    13.50
Lehman Brothers Tre    5.00   3/13/2009     EUR     4.70
Kaupthing Bank Hf      7.50   10/2/2010     EUR    13.50
Lehman Brothers Tre   13.00  12/14/2012     USD     4.70
Lehman Brothers Tre   10.00   5/22/2009     USD     7.75
Lehman Brothers Tre    8.00   5/22/2009     USD     7.75
Comune di Bovegno      0.39  12/31/2035     EUR    55.15
Lehman Brothers Tre    5.00   2/15/2018     EUR     4.70
Kaupthing Bank Hf      0.95  10/20/2010     JPY    13.50
Lehman Brothers Tre    3.00   9/12/2036     JPY    29.88
Lehman Brothers Tre   16.20   5/14/2009     USD     7.75
Lehman Brothers Tre    4.60    8/1/2013     EUR     4.70
Lehman Brothers Tre    3.00    6/3/2010     EUR     4.70
Lehman Brothers Tre    7.60   5/21/2013     USD     4.70
Lehman Brothers Tre   10.00   6/17/2009     USD     7.75
Lehman Brothers Tre    5.12   4/30/2027     EUR     7.75
Lehman Brothers Tre    1.50    2/8/2012     CHF     4.70
Synergy Classic Via    2.00    8/2/2015     USD    52.92
Lehman Brothers Tre    0.01   9/20/2011     USD     4.70
Kaupthing Bank Hf      4.53   4/24/2012     EUR    13.50
Lehman Brothers Tre    4.10   8/23/2010     USD     7.75
Oravita City Counci    3.88   6/15/2027     RON    40.02
Lehman Brothers Tre    5.00   4/24/2017     EUR     4.70
LBI HF                 3.34   5/11/2012     EUR     4.20
Lehman Brothers Tre    8.00  12/27/2032     JPY     4.70
Lehman Brothers Tre    7.39    5/4/2017     USD     4.70
Cooperatieve Centra    0.50  12/29/2027     MXN    44.42
Agrokompleks OOO      12.50  12/10/2015     RUB    60.20
Lehman Brothers Tre    3.50  10/31/2011     USD     4.70
Lehman Brothers Tre    3.50  10/24/2011     USD     4.70
Comune di Nervesa d    0.39   1/31/2027     EUR    73.96
Lehman Brothers Tre    7.25   6/20/2010     USD     4.70
Lehman Brothers Tre    7.00   9/20/2011     USD     4.70
Lehman Brothers Tre    0.25  10/19/2012     CHF     4.70
Lehman Brothers Tre    0.50    6/2/2020     EUR     7.75
Lehman Brothers Tre   12.00    7/4/2011     EUR     7.75
Lehman Brothers Tre    5.50    7/8/2013     EUR     4.70
Lehman Brothers Tre    6.00   2/14/2012     EUR     7.75
Kaupthing Bank Hf      4.95    5/6/2009     EUR    13.50
Lehman Brothers Tre   13.43    1/8/2009     ILS     7.75
Lehman Brothers Tre    6.00   5/12/2017     EUR     4.70
Lehman Brothers Tre    6.60   2/22/2012     EUR     7.75
Lehman Brothers Tre    6.75    4/5/2012     EUR     4.70
Lehman Brothers Tre   11.00    7/4/2011     USD     7.75
Lehman Brothers Tre   16.00  12/26/2008     USD     7.75
Lehman Brothers Tre    4.10   2/19/2010     EUR     4.70
Lehman Brothers Tre    3.10    6/4/2010     USD     7.75
Lehman Brothers Tre    1.68    3/5/2015     EUR     4.70
LBI HF                 4.28  11/19/2010     EUR     4.20
LBI HF                 4.34    3/1/2011     EUR     4.20
Lehman Brothers Tre    5.00   2/28/2032     EUR     4.70
Lehman Brothers Tre    3.45   5/23/2013     USD     4.70
Svensk Exportkredit    0.50   8/25/2021     ZAR    59.39
Lehman Brothers Tre    5.25  11/21/2009     USD     4.70
Lehman Brothers Tre   15.00    6/4/2009     CHF     7.75
City of Hunedoara R    2.43   8/15/2026     RON    73.00
Lehman Brothers Tre    5.38    2/4/2014     USD     4.70
Lehman Brothers Tre    6.72  12/29/2008     EUR     4.55
Lehman Brothers Tre    7.06  12/29/2008     EUR     4.56
Lehman Brothers Tre    2.50   8/15/2012     CHF     4.70
Lehman Brothers Tre    5.50  11/30/2012     CZK     4.70
Lehman Brothers Tre    6.00  10/30/2012     USD     7.75
Lehman Brothers Tre   16.00   10/8/2008     CHF     7.75
Lehman Brothers Tre    5.50   6/15/2009     CHF     7.75
Lehman Brothers Tre    1.00   2/26/2010     USD     4.70
LBI HF                 2.75   3/16/2011     EUR     4.20
Lehman Brothers Tre   10.00  10/23/2008     USD     7.75
Lehman Brothers Tre    6.60   5/23/2012     AUD     7.75
Lehman Brothers Tre   16.00  10/28/2008     USD     7.75
Kaupthing Bank Hf      4.50   1/17/2011     EUR    13.50
Lehman Brothers Tre    7.75   2/21/2016     EUR     4.70
Lehman Brothers Tre    7.50   9/13/2009     CHF     7.75
City of Predeal Rom    2.50   5/15/2026     RON    60.00
Lehman Brothers Tre    6.85  12/22/2008     EUR     4.70
Barclays Bank PLC      0.50   3/26/2021     MXN    71.84
HSBC Bank PLC          0.50   4/11/2023     MXN    64.64
Societe Generale SA    0.50   4/30/2023     RUB    50.96
Municipality Financ    0.50   5/31/2022     ZAR    50.22
Municipality Financ    0.50    2/7/2018     BRL    71.90
HSBC Bank PLC          0.50   7/30/2027     NZD    55.28
Oesterreichische Vo    3.78   7/21/2033     EUR    71.13
EFG International F    6.00  11/30/2017     EUR    54.95
Leonteq Securities     6.25  11/13/2015     CHF    56.92
Leonteq Securities     7.60  11/20/2015     USD    37.84
e-Kancelaria Grupa     9.00  10/25/2016     PLN    70.10
Municipality Financ    0.50   7/30/2029     AUD    66.05
Municipality Financ    0.50   1/10/2018     BRL    72.48
Municipality Financ    0.50   4/26/2022     ZAR    50.81
Lehman Brothers Tre    2.40   6/20/2011     JPY     4.70
Lehman Brothers Tre    1.60   6/21/2010     JPY     4.70
Lehman Brothers Tre    4.20   12/3/2008     HKD     4.70
HSBC Bank PLC          0.50    2/2/2023     AUD    70.23
UBS AG                10.75  12/29/2015     EUR    62.27
UBS AG                14.25   6/26/2015     EUR    53.63
Leonteq Securities     5.65   5/27/2015     CHF    56.55
Zurcher Kantonalban    4.51   1/25/2016     CHF    56.30
UniCredit Bank AG      5.25   2/26/2016     EUR    66.56
EFG International F   12.86  10/30/2017     EUR    70.18
Barclays Bank PLC      3.50   12/7/2015     EUR    58.69
Leonteq Securities    14.25   2/13/2015     USD    38.03
UBS AG                 7.10   7/22/2015     EUR    66.31
UBS AG                21.00  12/29/2015     EUR    70.62
UBS AG                21.00   3/27/2015     EUR    74.53
UBS AG                23.75   3/27/2015     EUR    58.07
UBS AG                15.75   3/27/2015     EUR    67.65
UBS AG                20.00   9/25/2015     EUR    63.87
UBS AG                23.75   9/25/2015     EUR    67.05
UBS AG                22.25   6/26/2015     EUR    67.97
UBS AG                17.25  12/29/2015     EUR    74.56
UBS AG                21.75   9/25/2015     EUR    69.15
UBS AG                19.00   9/25/2015     EUR    64.56
UBS AG                12.50  12/29/2015     EUR    73.19
UBS AG                22.00   3/27/2015     EUR    58.94
UBS AG                23.00   6/26/2015     EUR    59.60
UBS AG                13.50   9/25/2015     EUR    70.68
UBS AG                15.00  12/29/2015     EUR    70.27
UBS AG                24.75   6/26/2015     EUR    65.05
UBS AG                23.50   9/25/2015     EUR    72.37
UBS AG                19.50   9/25/2015     EUR    71.63
UBS AG                17.00   9/25/2015     EUR    74.59
UBS AG                19.25   3/27/2015     EUR    62.20
UBS AG                21.50   6/26/2015     EUR    60.92
UBS AG                15.00   3/27/2015     EUR    67.38
UBS AG                13.50  12/29/2015     EUR    71.34
UBS AG                13.50  12/29/2015     EUR    72.39
UBS AG                21.75  12/29/2015     EUR    63.82
UBS AG                22.25   9/25/2015     EUR    73.75
UBS AG                23.00   3/27/2015     EUR    74.64
UBS AG                21.25   3/27/2015     EUR    60.83
UBS AG                20.75   6/26/2015     EUR    62.08
UBS AG                13.00   9/25/2015     EUR    72.70
UBS AG                24.50   9/25/2015     EUR    60.08
UBS AG                16.50  12/29/2015     EUR    68.53
UBS AG                22.75   6/26/2015     EUR    74.02
UBS AG                21.75   3/27/2015     EUR    67.81
UBS AG                18.00  12/29/2015     EUR    66.57
UBS AG                19.25   6/26/2015     EUR    63.24
UBS AG                15.00   9/25/2015     EUR    68.89
UBS AG                17.00  12/29/2015     EUR    67.61
UBS AG                16.75   6/26/2015     EUR    65.93
Vontobel Financial     3.00   1/23/2015     EUR    62.60
Vontobel Financial    21.85   3/27/2015     EUR    71.03
Vontobel Financial     5.05   6/26/2015     EUR    73.26
Vontobel Financial     6.75   3/13/2015     EUR    63.99
Vontobel Financial     8.95   3/13/2015     EUR    61.09
BNP Paribas Emissio    4.50   3/26/2015     EUR    71.67
BNP Paribas Emissio    6.00   3/26/2015     EUR    67.86
BNP Paribas Emissio    8.00   3/26/2015     EUR    64.61
BNP Paribas Emissio    5.00   6/25/2015     EUR    71.43
BNP Paribas Emissio    5.50   6/25/2015     EUR    67.68
BNP Paribas Emissio    7.00   6/25/2015     EUR    64.80
UniCredit Bank AG      5.80   6/26/2015     EUR    74.01
UniCredit Bank AG      5.50   6/26/2015     EUR    58.73
Province of Treviso    0.40  12/31/2034     EUR    60.10
Lehman Brothers Tre    3.82  10/20/2009     USD     7.75
LBI HF                 2.22  10/15/2019     JPY     4.20
Glitnir HF             3.00  12/15/2009     EUR    11.88
Lehman Brothers Tre    2.75  10/28/2009     EUR     4.70
Leonteq Securities     4.50    4/4/2016     EUR    48.38
UniCredit Bank AG      4.90   2/26/2015     EUR    65.78
UBS AG                12.75   6/26/2015     EUR    69.86
UniCredit Bank AG      5.00   2/26/2015     EUR    61.27
UniCredit Bank AG      4.80   2/26/2015     EUR    59.56
UniCredit Bank AG      4.00   2/26/2015     EUR    60.95
UniCredit Bank AG      4.00   2/26/2015     EUR    71.14
UniCredit Bank AG      6.00   2/26/2015     EUR    56.96
UniCredit Bank AG      5.50   2/26/2015     EUR    64.45
UniCredit Bank AG      4.60   2/26/2015     EUR    66.49
UniCredit Bank AG      6.50   2/26/2015     EUR    72.76
UniCredit Bank AG     12.00   2/26/2015     EUR    74.01
UniCredit Bank AG      5.80   2/26/2015     EUR    63.77
Raiffeisen Centroba    8.28   1/21/2015     EUR    63.55
UniCredit Bank AG      4.00   2/26/2015     EUR    67.96
Commerzbank AG         4.80   6/25/2015     EUR    71.09
DZ Bank AG Deutsche    6.25   1/23/2015     EUR    72.60
DZ Bank AG Deutsche    5.50   1/23/2015     EUR    62.08
DZ Bank AG Deutsche    5.00   1/23/2015     EUR    63.35
Vontobel Financial    13.20   1/16/2015     EUR    69.18
DZ Bank AG Deutsche    8.75   5/22/2015     EUR    73.68
UniCredit Bank AG      6.00   2/26/2015     EUR    74.67
UniCredit Bank AG      6.10   2/26/2015     EUR    62.45
UBS AG                23.75  12/29/2015     EUR    71.69
UBS AG                23.50   9/25/2015     EUR    72.95
UBS AG                23.00  12/29/2015     EUR    57.44
UBS AG                23.25  12/29/2015     EUR    73.82
UBS AG                22.50   3/27/2015     EUR    70.75
UBS AG                21.25   3/29/2016     EUR    66.39
UBS AG                23.00   6/26/2015     EUR    72.83
UBS AG                21.50   9/25/2015     EUR    74.47
DZ Bank AG Deutsche    7.25   1/16/2015     EUR    62.02
DZ Bank AG Deutsche    9.00   1/16/2015     EUR    62.07
DZ Bank AG Deutsche    7.00   7/10/2015     EUR    64.10
DZ Bank AG Deutsche    8.00   7/10/2015     EUR    64.61
UBS AG                18.50   3/27/2015     EUR    67.68
Vontobel Financial     9.00   4/24/2015     EUR    74.10
UBS AG                25.00   9/25/2015     EUR    71.43
UBS AG                24.25  12/29/2015     EUR    72.18
UBS AG                21.00   3/27/2015     EUR    65.46
UBS AG                13.75   3/29/2016     EUR    71.15
UBS AG                22.75   6/26/2015     EUR    70.99
UBS AG                24.75   9/25/2015     EUR    69.83
DZ Bank AG Deutsche    4.25    2/6/2015     EUR    73.39
UBS AG                21.75   3/27/2015     EUR    74.71
UBS AG                10.50   3/29/2016     EUR    74.58
DZ Bank AG Deutsche    6.00   1/23/2015     EUR    64.32
DZ Bank AG Deutsche    7.50   1/23/2015     EUR    62.13
DZ Bank AG Deutsche    7.00   3/27/2015     EUR    63.31
DekaBank Deutsche G    4.90   6/11/2015     EUR    64.73
Bank Julius Baer &     7.25    4/1/2015     CHF    50.95
DZ Bank AG Deutsche    8.00   1/23/2015     EUR    71.97
DZ Bank AG Deutsche   18.00   1/23/2015     EUR    70.62
DZ Bank AG Deutsche    6.00   1/23/2015     EUR    67.23
DZ Bank AG Deutsche    7.75   1/23/2015     EUR    73.57
BNP Paribas Emissio   11.00   3/26/2015     EUR    71.35
BNP Paribas Emissio    4.00   3/26/2015     EUR    63.54
BNP Paribas Emissio    5.50   3/26/2015     EUR    59.96
BNP Paribas Emissio    7.50   3/26/2015     EUR    56.94
BNP Paribas Emissio   10.00   3/26/2015     EUR    54.41
BNP Paribas Emissio   10.00   3/26/2015     EUR    73.42
BNP Paribas Emissio    9.00   3/26/2015     EUR    73.19
BNP Paribas Emissio   13.00   3/26/2015     EUR    67.77
BNP Paribas Emissio    3.50   3/26/2015     EUR    66.53
BNP Paribas Emissio    6.00   3/26/2015     EUR    60.55
BNP Paribas Emissio    9.50   3/26/2015     EUR    55.93
BNP Paribas Emissio   16.50   3/26/2015     EUR    73.03
BNP Paribas Emissio    7.50   3/26/2015     EUR    72.69
BNP Paribas Emissio   12.50   3/26/2015     EUR    66.71
BNP Paribas Emissio    8.00   3/26/2015     EUR    45.20
BNP Paribas Emissio   11.00   3/26/2015     EUR    40.43
BNP Paribas Emissio   15.00   3/26/2015     EUR    37.07
HSBC Trinkaus & Bur    9.00   6/26/2015     EUR    73.90
HSBC Trinkaus & Bur   13.50   6/26/2015     EUR    71.46
HSBC Trinkaus & Bur   15.00   6/26/2015     EUR    66.21
HSBC Trinkaus & Bur   10.50   6/26/2015     EUR    70.19
HSBC Trinkaus & Bur    7.50   6/26/2015     EUR    73.49
HSBC Trinkaus & Bur    9.50   1/23/2015     EUR    69.76
HSBC Trinkaus & Bur   16.00   3/27/2015     EUR    69.74
HSBC Trinkaus & Bur   11.50   3/27/2015     EUR    74.04
HSBC Trinkaus & Bur   14.00   6/26/2015     EUR    71.41
HSBC Trinkaus & Bur    9.00   3/27/2015     EUR    68.12
HSBC Trinkaus & Bur    8.50   6/26/2015     EUR    69.62
HSBC Trinkaus & Bur    6.00   3/27/2015     EUR    69.82
DZ Bank AG Deutsche    6.00   3/27/2015     EUR    64.22
Goldman Sachs & Co     7.00   2/25/2015     EUR    64.08
Goldman Sachs & Co     9.00   2/25/2015     EUR    61.58
Goldman Sachs & Co    11.00   2/25/2015     EUR    59.31
Goldman Sachs & Co    13.00   2/25/2015     EUR    71.72
DZ Bank AG Deutsche    5.80   3/13/2015     EUR    74.05
DZ Bank AG Deutsche    5.50   6/12/2015     EUR    73.90
UniCredit Bank AG      4.00   2/26/2015     EUR    75.00
UniCredit Bank AG      5.20   2/26/2015     EUR    72.36
UniCredit Bank AG      4.00   2/26/2015     EUR    63.37
UniCredit Bank AG      4.50   2/26/2015     EUR    74.69
UniCredit Bank AG      5.45   2/26/2015     EUR    58.95
Commerzbank AG         9.25   4/23/2015     EUR    73.83
DZ Bank AG Deutsche    5.75   1/16/2015     EUR    73.85
Notenstein Privatba   11.30   6/10/2015     CHF    68.68
Notenstein Privatba    9.70   5/11/2015     EUR    73.27
UBS AG                14.25   6/26/2015     EUR    62.11
DZ Bank AG Deutsche    4.90   9/11/2015     EUR    74.71
UniCredit Bank AG      4.40   2/26/2015     EUR    74.09
UniCredit Bank AG      4.80   2/26/2015     EUR    73.21
UBS AG                10.75   6/26/2015     EUR    62.73
UniCredit Bank AG      6.00   2/26/2015     EUR    70.75
UBS AG                10.75  12/29/2015     EUR    61.00
UniCredit Bank AG      4.60   2/26/2015     EUR    61.82
UniCredit Bank AG      5.85   2/26/2015     EUR    57.60
UniCredit Bank AG      4.30   2/26/2015     EUR    62.59
UniCredit Bank AG      6.25   2/26/2015     EUR    69.91
Zurcher Kantonalban   12.00   7/23/2015     CHF    56.57
UBS AG                 9.25   6/26/2015     EUR    69.48
UBS AG                 7.75   6/26/2015     EUR    72.76
UBS AG                12.50   6/26/2015     EUR    64.20
UBS AG                10.75   6/26/2015     EUR    66.60
BNP Paribas Emissio    6.00   7/23/2015     EUR    72.31
Bank Julius Baer &     8.85   9/25/2015     CHF    57.65
Bank Julius Baer &     7.00   10/2/2015     USD    65.95
Bank Julius Baer &    13.90   10/2/2015     USD    71.70
Banque Cantonale Va   15.40   3/25/2015     USD    72.49
Leonteq Securities    11.20  12/29/2015     CHF    59.57
EFG International F    1.55   4/29/2015     EUR    45.44
DZ Bank AG Deutsche    7.50    3/6/2015     EUR    59.67
DZ Bank AG Deutsche    6.75   2/13/2015     EUR    68.11
Vontobel Financial    16.50   1/16/2015     EUR    59.85
Vontobel Financial     5.45   3/13/2015     EUR    73.39
Vontobel Financial    12.60   3/13/2015     EUR    63.71
Vontobel Financial     5.55   6/12/2015     EUR    73.37
Vontobel Financial     6.25   6/12/2015     EUR    71.94
Commerzbank AG         8.50   2/26/2015     EUR    67.37
BNP Paribas Emissio    7.00   1/22/2015     EUR    74.88
UBS AG                14.75   6/26/2015     EUR    69.74
DZ Bank AG Deutsche   11.00   1/23/2015     EUR    70.66
DZ Bank AG Deutsche   11.50   1/23/2015     EUR    73.67
Banque Cantonale Va   13.10   7/21/2015     CHF    63.66
Vontobel Financial     7.40   3/27/2015     EUR    70.63
Vontobel Financial     8.35   6/26/2015     EUR    70.81
Vontobel Financial     5.30   6/26/2015     EUR    73.37
Zurcher Kantonalban    5.60  11/18/2015     USD    74.81
Credit Suisse AG/Na    8.38  10/15/2015     USD    69.40
DZ Bank AG Deutsche   16.00   9/25/2015     EUR    54.08
DZ Bank AG Deutsche    2.90   3/23/2015     EUR    65.81
DZ Bank AG Deutsche    4.20   3/23/2015     EUR    64.21
DZ Bank AG Deutsche    7.80   3/23/2015     EUR    61.49
DZ Bank AG Deutsche    1.70   3/23/2015     EUR    66.29
DZ Bank AG Deutsche    4.10   3/23/2015     EUR    63.37
DZ Bank AG Deutsche    7.90   3/23/2015     EUR    61.07
DZ Bank AG Deutsche    2.10   9/23/2015     EUR    71.01
DZ Bank AG Deutsche    3.50   9/23/2015     EUR    68.76
DZ Bank AG Deutsche    5.40   9/23/2015     EUR    67.10
DZ Bank AG Deutsche    2.10  12/23/2015     EUR    72.81
DZ Bank AG Deutsche    3.30  12/23/2015     EUR    70.79
DZ Bank AG Deutsche    4.80  12/23/2015     EUR    69.26
DZ Bank AG Deutsche    5.20   3/23/2015     EUR    56.43
DZ Bank AG Deutsche    3.20   3/23/2015     EUR    53.50
DZ Bank AG Deutsche    5.70   9/23/2015     EUR    65.56
DZ Bank AG Deutsche    5.70   9/23/2015     EUR    62.85
DZ Bank AG Deutsche    4.60   9/23/2015     EUR    59.54
DZ Bank AG Deutsche    5.10  12/23/2015     EUR    68.39
DZ Bank AG Deutsche    5.10  12/23/2015     EUR    65.68
DZ Bank AG Deutsche    4.40  12/23/2015     EUR    62.47
DZ Bank AG Deutsche    2.40   9/23/2015     EUR    71.76
DZ Bank AG Deutsche    3.90   9/23/2015     EUR    69.29
DZ Bank AG Deutsche    5.80   9/23/2015     EUR    67.35
DZ Bank AG Deutsche    2.20  12/23/2015     EUR    74.01
DZ Bank AG Deutsche    3.50  12/23/2015     EUR    71.81
DZ Bank AG Deutsche    5.10  12/23/2015     EUR    70.10
DZ Bank AG Deutsche    4.30   3/23/2015     EUR    56.18
DZ Bank AG Deutsche    2.60   9/23/2015     EUR    63.61
DZ Bank AG Deutsche    3.10   9/23/2015     EUR    61.33
DZ Bank AG Deutsche    4.80   9/23/2015     EUR    62.29
DZ Bank AG Deutsche    2.70  12/23/2015     EUR    65.76
DZ Bank AG Deutsche    4.60  12/23/2015     EUR    64.97
DZ Bank AG Deutsche    3.20  12/23/2015     EUR    63.37
DZ Bank AG Deutsche    6.40   3/23/2015     EUR    59.43
JP Morgan Structure   12.20   9/30/2015     USD    65.60
UBS AG/London         23.75  12/29/2015     EUR    74.74
UBS AG/London         21.75   6/26/2015     EUR    74.86
UBS AG/London         14.50   6/26/2015     EUR    68.06
UBS AG/London         24.75   9/25/2015     EUR    72.51
UBS AG/London         21.75  12/29/2015     EUR    74.71
UBS AG/London          9.00  12/29/2015     EUR    58.07
UBS AG/London         14.75   9/25/2015     EUR    61.16
HSBC Trinkaus & Bur   20.00   3/27/2015     EUR    73.91
HSBC Trinkaus & Bur    6.00   9/25/2015     EUR    69.23
HSBC Trinkaus & Bur    9.50   4/24/2015     EUR    63.47
HSBC Trinkaus & Bur    8.50   8/28/2015     EUR    65.64
DZ Bank AG Deutsche   13.00   3/27/2015     EUR    65.38
HSBC Trinkaus & Bur    9.00   3/27/2015     EUR    74.78
HSBC Trinkaus & Bur    6.00   9/25/2015     EUR    74.72
HSBC Trinkaus & Bur    6.50   7/24/2015     EUR    73.27
HSBC Trinkaus & Bur   12.50   9/25/2015     EUR    72.02
HSBC Trinkaus & Bur   12.00   3/27/2015     EUR    61.08
HSBC Trinkaus & Bur   11.00   6/26/2015     EUR    63.35
HSBC Trinkaus & Bur   12.50   9/25/2015     EUR    62.84
HSBC Trinkaus & Bur    8.50   7/24/2015     EUR    64.98
Commerzbank AG         8.00   2/26/2015     EUR    70.52
Bank Julius Baer &     7.10    7/8/2015     CHF    47.90
Bank Julius Baer &    10.20   10/7/2015     CHF    68.20
Leonteq Securities     9.00    4/8/2016     USD    39.74
Commerzbank AG        20.50   9/24/2015     EUR    74.26
Commerzbank AG        23.75   9/24/2015     EUR    71.64
Commerzbank AG        26.75   9/24/2015     EUR    69.03
Raiffeisen Centroba   10.63   1/20/2016     EUR    72.39
Raiffeisen Centroba   25.04   1/21/2015     EUR    73.75
Raiffeisen Centroba   20.68   7/22/2015     EUR    73.71
UniCredit Bank AG      5.00  10/22/2015     EUR    71.72
UniCredit Bank AG      4.50  10/22/2015     EUR    72.87
UBS AG/London         11.75  11/12/2015     CHF    69.86
Bank Julius Baer &    10.60   10/9/2015     USD    59.95
Leonteq Securities    13.40   1/14/2016     CHF    72.84
Zurcher Kantonalban    7.02   10/9/2015     CHF    63.45
Leonteq Securities     6.00    1/7/2016     EUR    36.83
Bank Julius Baer &     8.60    1/7/2015     CHF    38.10
Leonteq Securities     6.20   7/15/2016     EUR    67.89
LBBW                   4.50   2/27/2015     EUR    73.74
Societe Generale Ef    4.00   6/26/2017     EUR    49.27
Raiffeisen Centroba    5.83   1/21/2015     EUR    71.25
Raiffeisen Centroba    7.45   1/21/2015     EUR    73.75
Raiffeisen Centroba    7.97   1/21/2015     EUR    74.60
Raiffeisen Centroba    7.94   1/21/2015     EUR    71.75
Bank Julius Baer &     8.20   9/23/2015     CHF    57.50
Leonteq Securities    15.20   12/2/2015     CHF    59.62
Credit Suisse AG/Na   10.25   8/28/2015     USD    73.82
Commerzbank AG         6.00   8/27/2015     EUR    71.12
Commerzbank AG         9.25   8/27/2015     EUR    70.30
Commerzbank AG        11.75   8/27/2015     EUR    69.14
Notenstein Privatba    7.20    9/3/2015     EUR    63.73
Leonteq Securities    12.00  12/15/2015     CHF    63.76
Credit Suisse AG/Na    8.00   3/16/2016     USD    66.02
Bank Julius Baer &    10.70   9/16/2015     CHF    67.70
HSBC Trinkaus & Bur   15.00   3/27/2015     EUR    66.85
UBS AG/London         22.50   3/27/2015     EUR    73.72
Bank Julius Baer &     7.70   2/11/2015     CHF    50.75
UniCredit Bank AG      4.25   8/14/2015     EUR    61.16
UBS AG/London          5.00    8/6/2015     USD    58.87
DZ Bank AG Deutsche    5.75   8/28/2015     EUR    74.24
DZ Bank AG Deutsche    9.50   8/28/2015     EUR    69.12
Bank Julius Baer &    11.50   8/19/2015     CHF    67.75
Leonteq Securities    13.00    9/2/2015     CHF    57.72
UBS AG/London         12.75   8/20/2015     CHF    71.56
Notenstein Privatba    9.10   8/29/2016     CHF    63.35
Credit Suisse AG/Lo   11.00   8/28/2015     USD    45.72
Bank Julius Baer &     7.00   8/28/2015     USD    61.95
Commerzbank AG        15.75   4/23/2015     EUR    64.29
Commerzbank AG        25.50   4/23/2015     EUR    54.60
Commerzbank AG        13.00   5/21/2015     EUR    68.29
Commerzbank AG        17.50   5/21/2015     EUR    52.30
Commerzbank AG        12.00   6/25/2015     EUR    72.01
Commerzbank AG        23.25   6/25/2015     EUR    57.72
Commerzbank AG        24.25   7/23/2015     EUR    57.60
UBS AG/London          6.50   11/5/2015     USD    73.99
DZ Bank AG Deutsche    7.75   7/24/2015     EUR    63.53
Commerzbank AG         7.50   6/25/2015     EUR    68.94
Commerzbank AG        16.25   6/25/2015     EUR    53.27
Commerzbank AG         8.00   7/23/2015     EUR    68.97
Commerzbank AG        11.75   7/23/2015     EUR    60.51
Commerzbank AG        16.00   7/23/2015     EUR    54.25
Commerzbank AG        11.75   3/26/2015     EUR    72.17
Commerzbank AG        11.50   4/23/2015     EUR    72.24
Commerzbank AG        14.25   4/23/2015     EUR    69.93
Commerzbank AG         9.25   5/21/2015     EUR    74.12
Commerzbank AG        11.50   5/21/2015     EUR    71.82
Commerzbank AG        12.00   6/25/2015     EUR    74.26
Commerzbank AG        12.75   7/23/2015     EUR    73.42
Raiffeisen Centroba    8.47   7/22/2015     EUR    74.60
Raiffeisen Centroba   10.59   7/22/2015     EUR    71.16
Raiffeisen Centroba    6.95   1/20/2016     EUR    71.80
Raiffeisen Centroba    6.95   1/20/2016     EUR    67.16
UBS AG/London          7.50   8/13/2015     CHF    52.35
Credit Suisse AG/Na    8.50   2/29/2016     USD    64.22
Leonteq Securities    20.00   12/8/2015     USD    72.16
Notenstein Privatba   10.00    9/5/2016     CHF    63.40
UBS AG/London         13.75   8/27/2015     CHF    70.74
HSBC Trinkaus & Bur    9.00   6/26/2015     EUR    66.88
HSBC Trinkaus & Bur    8.00   6/26/2015     EUR    66.38
HSBC Trinkaus & Bur    8.40   9/25/2015     EUR    68.02
HSBC Trinkaus & Bur    7.80   9/25/2015     EUR    67.57
HSBC Trinkaus & Bur    7.10   9/25/2015     EUR    67.05
HSBC Trinkaus & Bur    7.90  12/28/2015     EUR    69.18
HSBC Trinkaus & Bur    7.50  12/28/2015     EUR    68.77
HSBC Trinkaus & Bur    7.00  12/28/2015     EUR    68.27
HSBC Trinkaus & Bur    5.90  12/28/2015     EUR    67.16
Leonteq Securities     6.00   9/29/2015     EUR    72.64
UBS AG/London         11.25   8/27/2015     CHF    55.29
Commerzbank AG        10.25   8/27/2015     EUR    69.44
Commerzbank AG        11.00   8/27/2015     EUR    70.67
Commerzbank AG        14.00   8/27/2015     EUR    66.34
Commerzbank AG        17.25   8/27/2015     EUR    62.22
Commerzbank AG        20.50   8/27/2015     EUR    59.02
Commerzbank AG        23.75   8/27/2015     EUR    56.40
Bank Julius Baer &     7.40    9/9/2015     CHF    53.75
HSBC Trinkaus & Bur    6.00  12/28/2015     EUR    54.06
HSBC Trinkaus & Bur    6.00  12/28/2015     EUR    43.15
HSBC Trinkaus & Bur    6.30   3/27/2015     EUR    70.47
HSBC Trinkaus & Bur    6.90   6/26/2015     EUR    71.70
HSBC Trinkaus & Bur    8.70   7/24/2015     EUR    70.21
HSBC Trinkaus & Bur   11.50   9/25/2015     EUR    68.43
HSBC Trinkaus & Bur    6.60   9/25/2015     EUR    72.41
HSBC Trinkaus & Bur    7.90  10/23/2015     EUR    71.10
HSBC Trinkaus & Bur    6.00  12/28/2015     EUR    67.58
UBS AG/London          5.50  10/29/2015     USD    74.32
UBS AG/London         12.35   11/3/2015     CHF    70.95
UBS AG/London          8.48   11/3/2015     CHF    67.80
Leonteq Securities     9.40  11/17/2015     CHF    74.43
Deutsche Bank AG       5.20   3/24/2015     EUR    74.00
UBS AG/London         10.00    7/2/2015     CHF    50.41
BNP Paribas Emissio    5.25   1/22/2015     EUR    71.71
BNP Paribas Emissio    6.50   6/25/2015     EUR    72.13
BNP Paribas Emissio    4.00   1/22/2015     EUR    70.47
BNP Paribas Emissio    5.00   5/21/2015     EUR    67.17
BNP Paribas Emissio    4.00   5/21/2015     EUR    70.51
Bank Julius Baer &    11.00   3/13/2015     USD    57.95
Goldman Sachs & Co    12.00   2/25/2015     EUR    64.77
Vontobel Financial    19.30   3/27/2015     EUR    73.96
HSBC Trinkaus & Bur   16.50   3/27/2015     EUR    74.04
HSBC Trinkaus & Bur   13.50   3/27/2015     EUR    63.18
HSBC Trinkaus & Bur    7.00   3/27/2015     EUR    74.90
Credit Suisse AG/Na    8.50   7/20/2015     USD    58.29
UBS AG/London         12.00    7/9/2015     CHF    54.33
Leonteq Securities     6.00   7/14/2015     USD    63.05
Deutsche Bank AG       4.20   6/22/2015     EUR    70.60
Deutsche Bank AG       5.20   6/22/2015     EUR    69.40
DZ Bank AG Deutsche    7.50   3/27/2015     EUR    73.05
DZ Bank AG Deutsche    6.00   3/27/2015     EUR    57.35
Deutsche Bank AG       7.20   6/22/2015     EUR    73.20
DZ Bank AG Deutsche    6.75   3/27/2015     EUR    69.71
Deutsche Bank AG       7.20   6/22/2015     EUR    68.30
Deutsche Bank AG       5.20   9/22/2015     EUR    68.60
DZ Bank AG Deutsche   10.50   3/27/2015     EUR    59.17
DZ Bank AG Deutsche   17.50   3/27/2015     EUR    29.27
DZ Bank AG Deutsche    5.75   3/27/2015     EUR    57.65
Deutsche Bank AG       6.20   3/24/2015     EUR    73.50
Deutsche Bank AG       6.20   3/24/2015     EUR    68.40
Deutsche Bank AG       7.20   3/24/2015     EUR    68.60
Deutsche Bank AG       5.20  12/22/2015     EUR    69.70
Deutsche Bank AG       4.20   6/22/2015     EUR    75.00
Deutsche Bank AG       5.20   3/24/2015     EUR    73.30
Deutsche Bank AG       5.20   3/24/2015     EUR    68.20
Deutsche Bank AG       5.20   6/22/2015     EUR    67.40
Deutsche Bank AG       6.20   9/22/2015     EUR    69.30
Deutsche Bank AG       7.20   9/22/2015     EUR    70.00
Deutsche Bank AG       5.20   6/22/2015     EUR    72.20
Deutsche Bank AG       5.20   6/22/2015     EUR    72.80
Deutsche Bank AG       5.20   6/22/2015     EUR    71.10
Deutsche Bank AG       6.20   6/22/2015     EUR    73.20
Deutsche Bank AG       7.20   3/24/2015     EUR    73.70
Deutsche Bank AG       6.20   6/22/2015     EUR    69.90
Deutsche Bank AG       6.20   6/22/2015     EUR    72.70
Deutsche Bank AG       6.20   9/22/2015     EUR    74.00
Deutsche Bank AG       5.20   9/22/2015     EUR    73.30
Deutsche Bank AG       4.20   6/22/2015     EUR    72.30
Deutsche Bank AG       7.20   9/22/2015     EUR    74.70
Deutsche Bank AG       5.20  12/22/2015     EUR    74.30
Deutsche Bank AG       6.20   6/22/2015     EUR    67.80
Deutsche Bank AG       6.20   6/22/2015     EUR    71.50
Deutsche Bank AG       6.20  12/22/2015     EUR    70.60
Deutsche Bank AG       6.20   9/22/2015     EUR    68.90
Deutsche Bank AG       5.20   9/22/2015     EUR    65.60
Deutsche Bank AG       5.20   9/22/2015     EUR    74.30
Deutsche Bank AG       6.20   9/22/2015     EUR    75.00
Deutsche Bank AG       7.20   6/22/2015     EUR    74.40
Deutsche Bank AG       5.20   6/22/2015     EUR    73.40
Deutsche Bank AG       6.20   6/22/2015     EUR    73.90
HSBC Trinkaus & Bur    4.90   7/10/2015     EUR    74.13
UBS AG/London          7.00    7/9/2015     CHF    45.07
Commerzbank AG         6.00   6/25/2015     EUR    73.25
Commerzbank AG         6.00   6/25/2015     EUR    70.23
DZ Bank AG Deutsche    6.25   3/27/2015     EUR    74.38
DZ Bank AG Deutsche    5.50   7/24/2015     EUR    74.87
DZ Bank AG Deutsche    9.50   7/24/2015     EUR    62.32
JP Morgan Structure   28.50    5/7/2015     USD    70.92
UniCredit Bank AG      5.00   9/24/2015     EUR    74.56
Credit Suisse AG/Lo    7.00   8/14/2015     USD    70.50
Leonteq Securities     8.00   8/15/2016     CHF    70.20
Leonteq Securities     9.60  11/18/2015     CHF    73.34
UBS AG/London         14.50   6/26/2015     EUR    74.69
DZ Bank AG Deutsche   16.00   8/28/2015     EUR    40.29
Credit Suisse AG/Na    8.00    2/8/2016     USD    62.12
UBS AG/London          9.30   7/22/2015     EUR    73.21
DZ Bank AG Deutsche    5.25   9/11/2015     EUR    74.56
HSBC Trinkaus & Bur   19.00   3/27/2015     EUR    56.68
HSBC Trinkaus & Bur   13.00   9/25/2015     EUR    61.36
HSBC Trinkaus & Bur   10.00   9/25/2015     EUR    62.93
HSBC Trinkaus & Bur   10.00   2/27/2015     EUR    59.88
HSBC Trinkaus & Bur    9.00   7/24/2015     EUR    62.96
HSBC Trinkaus & Bur   12.50   3/27/2015     EUR    74.66
Commerzbank AG         9.25   7/23/2015     EUR    62.30
Commerzbank AG         7.00   7/23/2015     EUR    62.69
Commerzbank AG        10.00   7/23/2015     EUR    55.65
Commerzbank AG        13.00   7/23/2015     EUR    50.42
Commerzbank AG        16.25   7/23/2015     EUR    47.03
Commerzbank AG        19.75   7/23/2015     EUR    44.64
Commerzbank AG        23.25   7/23/2015     EUR    43.10
Zurcher Kantonalban   11.03    8/7/2015     CHF    57.20
Commerzbank AG         8.00   7/23/2015     EUR    73.07
Notenstein Privatba    4.00    2/1/2016     EUR    64.82
Vontobel Financial     5.05   7/10/2015     EUR    74.48
Vontobel Financial     7.20   7/10/2015     EUR    72.49
Vontobel Financial     9.60   7/10/2015     EUR    70.83
Banque Cantonale Va    6.00   7/15/2015     CHF    65.47
Commerzbank AG         5.00   1/22/2015     EUR    74.13
Commerzbank AG         8.50   1/22/2015     EUR    70.58
Commerzbank AG         5.00   2/26/2015     EUR    74.60
Commerzbank AG         8.00   2/26/2015     EUR    71.34
Commerzbank AG         5.00   3/26/2015     EUR    74.95
Commerzbank AG         7.50   3/26/2015     EUR    71.83
Commerzbank AG         5.00   4/23/2015     EUR    74.74
Commerzbank AG         7.25   4/23/2015     EUR    72.30
Commerzbank AG         6.25   5/21/2015     EUR    74.58
Commerzbank AG         8.75   5/21/2015     EUR    72.09
Commerzbank AG         8.25   6/25/2015     EUR    72.72
Commerzbank AG        11.00   6/25/2015     EUR    70.79
Commerzbank AG         8.50   6/25/2015     EUR    74.82
Commerzbank AG         7.00   6/25/2015     EUR    69.41
Commerzbank AG         9.00   5/21/2015     EUR    50.07
Commerzbank AG        16.50   5/21/2015     EUR    41.09
Commerzbank AG        20.50   5/21/2015     EUR    38.77
Commerzbank AG        24.75   5/21/2015     EUR    37.17
Commerzbank AG         6.25   6/25/2015     EUR    57.80
Commerzbank AG         9.25   6/25/2015     EUR    50.90
Commerzbank AG        12.50   6/25/2015     EUR    45.83
Commerzbank AG        16.50   6/25/2015     EUR    42.13
Commerzbank AG        19.75   6/25/2015     EUR    40.38
Commerzbank AG        23.50   6/25/2015     EUR    38.96
UBS AG/London         10.50   7/16/2015     CHF    54.62
UBS AG/London          7.00   7/16/2015     CHF    47.31
Credit Suisse AG/Na    8.00   1/29/2016     CHF    60.95
DZ Bank AG Deutsche    5.25   6/12/2015     EUR    73.66
Goldman Sachs & Co    13.00   1/21/2015     EUR    66.32
Goldman Sachs & Co     8.00   2/25/2015     EUR    74.41
Goldman Sachs & Co     9.00   4/22/2015     EUR    72.26
Goldman Sachs & Co    11.00   4/22/2015     EUR    69.53
Goldman Sachs & Co     9.00   6/24/2015     EUR    72.20
Goldman Sachs & Co    16.00   1/21/2015     EUR    70.71
Goldman Sachs & Co    10.00   9/23/2015     EUR    71.75
Goldman Sachs & Co    14.00   4/22/2015     EUR    74.15
BNP Paribas Emissio    6.50   3/26/2015     EUR    73.49
BNP Paribas Emissio   10.00   3/26/2015     EUR    69.17
BNP Paribas Emissio    7.00   6/25/2015     EUR    72.95
BNP Paribas Emissio   10.00   6/25/2015     EUR    69.53
HSBC Trinkaus & Bur   12.00   6/26/2015     EUR    65.17
HSBC Trinkaus & Bur    6.00   9/25/2015     EUR    71.97
HSBC Trinkaus & Bur   15.50   3/27/2015     EUR    71.11
HSBC Trinkaus & Bur   14.00   6/26/2015     EUR    73.96
HSBC Trinkaus & Bur   13.00   6/26/2015     EUR    74.39
HSBC Trinkaus & Bur   13.00   6/26/2015     EUR    72.58
HSBC Trinkaus & Bur   12.50   6/26/2015     EUR    68.81
BNP Paribas Emissio    9.50   3/26/2015     EUR    73.19
BNP Paribas Emissio    9.00   6/25/2015     EUR    73.92
HSBC Trinkaus & Bur   15.00   3/27/2015     EUR    59.84
BNP Paribas Emissio   15.00   3/26/2015     EUR    71.50
HSBC Trinkaus & Bur   14.00   6/26/2015     EUR    62.08
BNP Paribas Emissio   18.50   3/26/2015     EUR    66.88
HSBC Trinkaus & Bur    9.50   6/26/2015     EUR    65.39
BNP Paribas Emissio   23.00   3/26/2015     EUR    63.16
HSBC Trinkaus & Bur    6.00   6/26/2015     EUR    70.27
BNP Paribas Emissio   14.00   6/25/2015     EUR    73.21
HSBC Trinkaus & Bur    8.50   1/23/2015     EUR    64.75
BNP Paribas Emissio   17.00   6/25/2015     EUR    69.74
HSBC Trinkaus & Bur   13.50   6/26/2015     EUR    68.05
BNP Paribas Emissio   20.00   6/25/2015     EUR    66.76
HSBC Trinkaus & Bur   10.00   6/26/2015     EUR    71.08
HSBC Trinkaus & Bur    6.00   3/27/2015     EUR    61.53
HSBC Trinkaus & Bur   14.00   6/26/2015     EUR    52.34
HSBC Trinkaus & Bur   11.00   6/26/2015     EUR    55.48
HSBC Trinkaus & Bur    8.00   6/26/2015     EUR    59.66
HSBC Trinkaus & Bur    6.50   6/26/2015     EUR    63.21
HSBC Trinkaus & Bur   10.50   1/23/2015     EUR    52.82
BNP Paribas Emissio    8.50   3/26/2015     EUR    74.78
HSBC Trinkaus & Bur   13.50   6/26/2015     EUR    72.13
HSBC Trinkaus & Bur    6.00   3/27/2015     EUR    67.04
Zurcher Kantonalban    6.60   7/29/2015     CHF    50.26
EFG International F    7.30   7/22/2015     USD    73.66
Leonteq Securities    10.00   1/22/2016     USD    65.25
Credit Suisse AG/Na    8.25   7/31/2015     USD    60.83
DZ Bank AG Deutsche    4.90   1/22/2015     EUR    71.74
DZ Bank AG Deutsche    6.00   1/22/2015     EUR    68.38
DZ Bank AG Deutsche    5.40   7/23/2015     EUR    70.99
DZ Bank AG Deutsche    5.60  10/23/2015     EUR    72.08
DZ Bank AG Deutsche    4.70   7/23/2015     EUR    58.40
DZ Bank AG Deutsche    5.70   7/23/2015     EUR    56.61
DZ Bank AG Deutsche    3.90  10/23/2015     EUR    63.44
DZ Bank AG Deutsche    4.90  10/23/2015     EUR    61.20
DZ Bank AG Deutsche    5.80  10/23/2015     EUR    59.35
DZ Bank AG Deutsche    5.70   1/22/2015     EUR    74.52
DZ Bank AG Deutsche    4.00   1/22/2015     EUR    71.05
DZ Bank AG Deutsche    4.70   1/22/2015     EUR    67.82
DZ Bank AG Deutsche    2.20   1/22/2015     EUR    54.22
DZ Bank AG Deutsche    3.20   1/22/2015     EUR    51.36
DZ Bank AG Deutsche    4.20   1/22/2015     EUR    49.21
DZ Bank AG Deutsche    3.70   7/23/2015     EUR    60.90
DZ Bank AG Deutsche    5.50   1/22/2015     EUR    53.55
DZ Bank AG Deutsche    4.00   1/22/2015     EUR    50.95
DZ Bank AG Deutsche    4.80   1/22/2015     EUR    48.66
DZ Bank AG Deutsche    6.30   7/23/2015     EUR    60.36
DZ Bank AG Deutsche    4.90   7/23/2015     EUR    59.60
DZ Bank AG Deutsche    4.40   7/23/2015     EUR    54.08
DZ Bank AG Deutsche    5.90  10/23/2015     EUR    63.27
DZ Bank AG Deutsche    5.80  10/23/2015     EUR    60.57
DZ Bank AG Deutsche    4.70  10/23/2015     EUR    57.26
DZ Bank AG Deutsche    3.60   1/22/2015     EUR    56.46
DZ Bank AG Deutsche    5.50   1/22/2015     EUR    54.94
DZ Bank AG Deutsche    7.60   1/22/2015     EUR    53.76
DZ Bank AG Deutsche    3.10   7/22/2015     EUR    64.00
DZ Bank AG Deutsche    4.90   7/22/2015     EUR    62.14
DZ Bank AG Deutsche    6.00   7/22/2015     EUR    61.41
DZ Bank AG Deutsche    3.90  10/22/2015     EUR    65.39
DZ Bank AG Deutsche    4.70  10/22/2015     EUR    64.66
DZ Bank AG Deutsche    5.60  10/22/2015     EUR    64.06
DZ Bank AG Deutsche    2.90   1/22/2015     EUR    59.30
DZ Bank AG Deutsche    5.80   1/22/2015     EUR    56.31
DZ Bank AG Deutsche   10.30   1/22/2015     EUR    53.70
DZ Bank AG Deutsche    3.70   7/22/2015     EUR    64.23
DZ Bank AG Deutsche    5.70   7/22/2015     EUR    62.23
DZ Bank AG Deutsche    8.30   7/22/2015     EUR    60.80
DZ Bank AG Deutsche    3.60  10/22/2015     EUR    67.26
DZ Bank AG Deutsche    5.30  10/22/2015     EUR    65.55
DZ Bank AG Deutsche    7.30  10/22/2015     EUR    64.31
Vontobel Financial     7.90   6/26/2015     EUR    73.56
Vontobel Financial     8.15   3/27/2015     EUR    73.95
UBS AG/London         15.00   7/23/2015     CHF    55.72
Leonteq Securities    11.52  10/28/2015     CHF    57.28
Deutsche Bank AG       7.20   3/24/2015     EUR    70.20
BNP Paribas Emissio    8.00   6/25/2015     EUR    58.64
BNP Paribas Emissio    6.75   6/25/2015     EUR    61.56
BNP Paribas Emissio    8.00   7/23/2015     EUR    59.30
BNP Paribas Emissio    6.75   7/23/2015     EUR    62.11
Vontobel Financial    11.20   3/27/2015     EUR    54.00
Goldman Sachs & Co    10.00   2/25/2015     EUR    67.53
Vontobel Financial    23.50   3/27/2015     EUR    72.74
HSBC Trinkaus & Bur    6.50   6/26/2015     EUR    69.39
HSBC Trinkaus & Bur    9.00   3/27/2015     EUR    74.27
HSBC Trinkaus & Bur    8.00   1/23/2015     EUR    74.55
HSBC Trinkaus & Bur    8.00   6/26/2015     EUR    73.46
HSBC Trinkaus & Bur   10.00   3/27/2015     EUR    66.51
HSBC Trinkaus & Bur    9.00   1/23/2015     EUR    67.14
HSBC Trinkaus & Bur   14.50   3/27/2015     EUR    73.08
Banque Cantonale Va    1.00    7/7/2016     CHF    34.89
HSBC Trinkaus & Bur   11.00   9/25/2015     EUR    74.18
HSBC Trinkaus & Bur   13.00   9/25/2015     EUR    74.64
HSBC Trinkaus & Bur   12.50   9/25/2015     EUR    69.63
HSBC Trinkaus & Bur    9.50   9/25/2015     EUR    71.54
HSBC Trinkaus & Bur    6.50   2/27/2015     EUR    72.81
HSBC Trinkaus & Bur   10.00   9/25/2015     EUR    65.04
HSBC Trinkaus & Bur    9.50   2/27/2015     EUR    62.20
Commerzbank AG         6.25   2/26/2015     EUR    73.22
Leonteq Securities    12.40   4/27/2016     CHF    69.76
Bank Julius Baer &    11.00  10/14/2015     CHF    64.75
Commerzbank AG         3.00   12/3/2015     EUR    57.01
UBS AG/London          7.50  10/15/2015     CHF    65.06
Leonteq Securities     9.07    5/3/2016     GBP    62.70
UBS AG/London         12.88  10/23/2015     CHF    72.95
BNP Paribas Emissio    7.00  10/22/2015     EUR    61.30
HSBC Trinkaus & Bur    6.50   6/26/2015     EUR    67.87
HSBC Trinkaus & Bur   14.50   3/27/2015     EUR    66.89
DZ Bank AG Deutsche    5.50   1/23/2015     EUR    67.70
UniCredit Bank AG      4.00   6/24/2015     EUR    65.69
UniCredit Bank AG      4.50   6/24/2015     EUR    59.26
Vontobel Financial     5.30   4/17/2015     EUR    74.55
DZ Bank AG Deutsche    7.75   6/12/2015     EUR    74.73
Vontobel Financial     8.35   6/26/2015     EUR    57.64
Bank Julius Baer &    14.20  10/28/2015     CHF    70.40
UBS AG/London         10.50   10/8/2015     CHF    73.05
Leonteq Securities     9.00  10/20/2015     CHF    69.55
BNP Paribas Emissio   13.00   1/22/2015     EUR    74.09
Bank Julius Baer &     6.00    7/3/2015     EUR    72.20
Banque Cantonale Va   10.80   6/25/2015     CHF    55.46
Bank Julius Baer &     7.65    7/3/2015     USD    68.90
UBS AG/London         15.25   6/25/2015     CHF    43.12
DZ Bank AG Deutsche    5.75   3/27/2015     EUR    74.65
HSBC Trinkaus & Bur    7.00   4/24/2015     EUR    73.56
HSBC Trinkaus & Bur   15.50   6/26/2015     EUR    59.53
Credit Suisse AG/Na   10.50    7/9/2015     USD    51.82
UBS AG                10.75   3/27/2015     EUR    45.73
UBS AG                 7.75   6/26/2015     EUR    49.74
Bank Julius Baer &    10.00    7/3/2015     USD    50.20
UBS AG                14.75   3/27/2015     EUR    73.03
DZ Bank AG Deutsche    5.50   3/27/2015     EUR    70.42
DZ Bank AG Deutsche   11.00   3/27/2015     EUR    56.61
Credit Suisse AG/Na    8.40   6/26/2015     USD    42.31
Notenstein Privatba    6.10  12/30/2015     EUR    62.27
HSBC Trinkaus & Bur    8.00   6/26/2015     EUR    66.68
UBS AG                 4.75   3/27/2015     EUR    71.51
UBS AG                 7.25   6/26/2015     EUR    53.70
UBS AG                11.25   6/24/2016     EUR    72.67
DZ Bank AG Deutsche   10.75   6/26/2015     EUR    71.63
Credit Suisse AG/Na    8.00    3/7/2016     EUR    74.52
HSBC Trinkaus & Bur    6.50   1/23/2015     EUR    66.31
UBS AG                14.75   3/27/2015     EUR    72.72
HSBC Trinkaus & Bur   14.50   3/27/2015     EUR    65.48
HSBC Trinkaus & Bur    6.00   3/27/2015     EUR    64.53
UBS AG                13.50  12/29/2015     EUR    74.42
UBS AG                13.75   9/25/2015     EUR    61.73
UBS AG                12.25   6/26/2015     EUR    74.70
Leonteq Securities     8.64   8/25/2015     CHF    29.49
Commerzbank AG         6.25   2/26/2015     EUR    72.42
Commerzbank AG         7.25   2/26/2015     EUR    52.98
Commerzbank AG         5.75   2/26/2015     EUR    69.71
DZ Bank AG Deutsche    8.00   2/27/2015     EUR    72.28
Vontobel Financial     7.60   3/27/2015     EUR    68.14
Commerzbank AG         6.00   2/26/2015     EUR    56.64
Commerzbank AG         6.00   2/26/2015     EUR    74.22
Commerzbank AG        12.25   2/26/2015     EUR    50.07
UBS AG                13.00   3/27/2015     EUR    71.95
UBS AG                14.00   6/26/2015     EUR    70.02
DZ Bank AG Deutsche    6.25   6/26/2015     EUR    74.70
UBS AG                13.50   9/25/2015     EUR    74.53
DZ Bank AG Deutsche    5.00   7/24/2015     EUR    74.42
LBBW                   4.00   6/26/2015     EUR    64.95
LBBW                   3.00   6/26/2015     EUR    73.78
LBBW                   4.00   6/26/2015     EUR    70.68
DZ Bank AG Deutsche    9.75   3/13/2015     EUR    73.98
DZ Bank AG Deutsche    7.75   3/13/2015     EUR    73.45
Deutsche Bank AG       6.20   3/24/2015     EUR    74.30
Leonteq Securities     7.35    7/2/2015     USD    58.32
Deutsche Bank AG       6.20   3/24/2015     EUR    74.00
Deutsche Bank AG       6.20   3/24/2015     EUR    69.90
DZ Bank AG Deutsche    5.25   6/12/2015     EUR    73.66
Deutsche Bank AG       6.20   3/24/2015     EUR    70.00
Vontobel Financial    10.90   3/13/2015     EUR    73.53
Deutsche Bank AG       5.20   3/24/2015     EUR    72.10
Deutsche Bank AG       5.20   3/24/2015     EUR    69.80
Deutsche Bank AG       7.20   3/24/2015     EUR    70.10
Deutsche Bank AG       7.20   3/24/2015     EUR    53.10
Deutsche Bank AG       7.20   3/24/2015     EUR    74.50
Deutsche Bank AG       7.20   3/24/2015     EUR    72.50
Deutsche Bank AG       7.20   3/24/2015     EUR    53.70
Banque Cantonale Va    5.25    7/2/2015     CHF    50.49
Deutsche Bank AG       7.20   3/24/2015     EUR    74.20
Deutsche Bank AG       7.20   3/24/2015     EUR    54.90
Raiffeisen Centroba    6.29   1/20/2016     EUR    56.96
Deutsche Bank AG       7.10   2/25/2015     EUR    69.70
Deutsche Bank AG       5.10   2/25/2015     EUR    69.40
Deutsche Bank AG       5.10   2/25/2015     EUR    71.10
UBS AG                14.25   6/26/2015     EUR    73.90
Deutsche Bank AG       6.10   2/25/2015     EUR    67.10
Deutsche Bank AG       7.10   2/25/2015     EUR    73.20
Deutsche Bank AG       7.10   2/25/2015     EUR    71.40
Deutsche Bank AG       6.10   2/25/2015     EUR    71.20
UBS AG                12.50   3/27/2015     EUR    72.54
UniCredit Bank AG      4.25   9/24/2015     EUR    62.76
UniCredit Bank AG      5.75   9/24/2015     EUR    58.96
Deutsche Bank AG       6.10   2/25/2015     EUR    73.50
Deutsche Bank AG       7.10   2/25/2015     EUR    73.60
UBS AG                 5.00   6/26/2015     EUR    71.34
UniCredit Bank AG      4.90   9/24/2015     EUR    61.41
UniCredit Bank AG      4.75   9/24/2015     EUR    62.01
DZ Bank AG Deutsche    6.75   6/26/2015     EUR    73.61
Notenstein Privatba   12.00   3/10/2015     CHF    50.50
BNP Paribas Emissio    9.25   1/22/2015     EUR    68.43
BNP Paribas Emissio    9.00   2/26/2015     EUR    69.32
UBS AG                11.75   3/27/2015     EUR    68.64
UBS AG                13.50   3/27/2015     EUR    61.67
UBS AG                14.75   3/27/2015     EUR    56.07
HSBC Trinkaus & Bur   16.00   3/27/2015     EUR    73.70
HSBC Trinkaus & Bur    7.50   1/23/2015     EUR    72.30
Commerzbank AG        10.00   2/26/2015     EUR    71.64
Commerzbank AG         8.50   2/26/2015     EUR    69.06
DZ Bank AG Deutsche    7.50   2/27/2015     EUR    70.77
Vontobel Financial     5.25   3/27/2015     EUR    71.75
UBS AG                11.00   3/27/2015     EUR    61.88
Vontobel Financial    11.60   6/12/2015     EUR    74.77
Commerzbank AG         8.75   6/25/2015     EUR    73.34
UBS AG                14.75   9/25/2015     EUR    72.41
Commerzbank AG         6.50   6/25/2015     EUR    67.21
Commerzbank AG         8.25   6/25/2015     EUR    64.82
Commerzbank AG        10.25   6/25/2015     EUR    62.41
UBS AG                13.00   3/27/2015     EUR    59.34
DZ Bank AG Deutsche    5.00   7/24/2015     EUR    60.08
UBS AG                 9.00   3/27/2015     EUR    64.74
DZ Bank AG Deutsche    6.75   7/24/2015     EUR    66.52
DZ Bank AG Deutsche   16.00   7/24/2015     EUR    35.80
Vontobel Financial     8.45   3/13/2015     EUR    74.28
Credit Suisse AG/Na    8.25   1/11/2016     CHF    62.55
DZ Bank AG Deutsche    6.50   9/11/2015     EUR    74.68
Vontobel Financial     5.10   3/13/2015     EUR    70.82
Vontobel Financial     6.25   3/13/2015     EUR    71.03
Vontobel Financial     7.25   3/13/2015     EUR    71.22
Deutsche Bank AG       6.20   3/24/2015     EUR    56.60
Deutsche Bank AG       6.20   3/24/2015     EUR    54.70
Deutsche Bank AG       6.20   3/24/2015     EUR    72.30
Vontobel Financial     5.80   3/13/2015     EUR    67.50
Vontobel Financial     4.15   3/13/2015     EUR    71.35
Deutsche Bank AG       6.20   3/24/2015     EUR    72.30
Deutsche Bank AG       6.20   3/24/2015     EUR    72.50
Deutsche Bank AG       6.20   3/24/2015     EUR    74.30
Deutsche Bank AG       5.20   3/24/2015     EUR    72.30
Deutsche Bank AG       5.20   3/24/2015     EUR    74.10
Deutsche Bank AG       5.20   3/24/2015     EUR    72.10
Deutsche Bank AG       5.20   3/24/2015     EUR    54.40
Deutsche Bank AG       5.20   3/24/2015     EUR    73.80
Leonteq Securities     8.00    7/7/2016     USD    66.65
Deutsche Bank AG       5.20   3/24/2015     EUR    53.30
Vontobel Financial     4.95   3/13/2015     EUR    63.51
Vontobel Financial     5.40   3/13/2015     EUR    63.60
Deutsche Bank AG       5.20   3/24/2015     EUR    69.70
Vontobel Financial     5.90   3/13/2015     EUR    63.69
Deutsche Bank AG       5.20   3/24/2015     EUR    56.30
Deutsche Bank AG       7.20   3/24/2015     EUR    72.80
Deutsche Bank AG       7.20   3/24/2015     EUR    55.00
Deutsche Bank AG       7.20   3/24/2015     EUR    74.60
Deutsche Bank AG       7.20   3/24/2015     EUR    72.50
Deutsche Bank AG       7.20   3/24/2015     EUR    56.80
Raiffeisen Centroba    7.55   1/20/2016     EUR    59.63
Raiffeisen Centroba    5.98   1/20/2016     EUR    72.68
Raiffeisen Centroba    3.78   1/20/2016     EUR    73.18
Deutsche Bank AG       6.10   2/25/2015     EUR    73.00
Deutsche Bank AG       7.10   2/25/2015     EUR    74.70
Deutsche Bank AG       6.10   2/25/2015     EUR    69.50
Deutsche Bank AG       5.10   2/25/2015     EUR    72.90
Deutsche Bank AG       7.10   2/25/2015     EUR    67.30
UniCredit Bank AG      5.25   9/24/2015     EUR    60.60
UniCredit Bank AG      5.40   9/24/2015     EUR    60.04
Credit Suisse AG/Na    9.00   5/28/2015     EUR    66.34
Deutsche Bank AG       5.10   2/25/2015     EUR    73.30
UniCredit Bank AG      4.80   9/24/2015     EUR    61.67
UBS AG                 7.25   3/27/2015     EUR    48.59
Leonteq Securities    11.80   9/10/2015     EUR    72.97
DZ Bank AG Deutsche    4.25   9/11/2015     EUR    73.98
UniCredit Bank AG      5.25   6/24/2015     EUR    57.60
UniCredit Bank AG      6.00   6/24/2015     EUR    61.15
UniCredit Bank AG      5.50   6/24/2015     EUR    57.07
UniCredit Bank AG      5.00   6/24/2015     EUR    63.32
UniCredit Bank AG      6.50   6/24/2015     EUR    70.73
Vontobel Financial     4.45   3/13/2015     EUR    73.99
Vontobel Financial     3.15   6/12/2015     EUR    72.97
Goldman Sachs & Co     5.00   3/25/2015     EUR    74.38
Goldman Sachs & Co     7.00   3/25/2015     EUR    67.82
Goldman Sachs & Co    10.00   3/25/2015     EUR    62.52
UniCredit Bank AG      5.50   6/24/2015     EUR    72.43
UniCredit Bank AG      4.75   6/24/2015     EUR    58.69
UniCredit Bank AG      4.50   6/24/2015     EUR    74.26
UniCredit Bank AG      5.00   6/24/2015     EUR    58.14
Vontobel Financial     3.05   3/13/2015     EUR    73.73
Vontobel Financial     2.20   3/13/2015     EUR    73.57
Credit Suisse AG/Na    8.50   6/17/2015     USD    52.11
Credit Suisse AG/Lo    7.50   6/25/2015     USD    58.44
Goldman Sachs & Co     6.00   3/25/2015     EUR    70.93
Goldman Sachs & Co     8.00   3/25/2015     EUR    64.86
Goldman Sachs & Co     8.00   1/21/2015     EUR    66.11
DZ Bank AG Deutsche    6.50   3/13/2015     EUR    74.21
Deutsche Bank AG       7.80   1/21/2015     EUR    72.50
Deutsche Bank AG       5.80   1/21/2015     EUR    72.30
Deutsche Bank AG       6.80   1/21/2015     EUR    72.40
Deutsche Bank AG       5.80   1/21/2015     EUR    70.60
Deutsche Bank AG       6.80   1/21/2015     EUR    69.00
Deutsche Bank AG       7.80   1/21/2015     EUR    69.00
Credit Suisse AG/Na    7.85   3/20/2015     EUR    73.77
Deutsche Bank AG       5.80   1/21/2015     EUR    68.90
Deutsche Bank AG       5.80   1/21/2015     EUR    72.40
Deutsche Bank AG       7.80   1/21/2015     EUR    64.30
Deutsche Bank AG       6.80   1/21/2015     EUR    70.70
Deutsche Bank AG       6.80   1/21/2015     EUR    66.60
Deutsche Bank AG       6.80   1/21/2015     EUR    64.30
Deutsche Bank AG       6.80   1/21/2015     EUR    72.50
Deutsche Bank AG       7.80   1/21/2015     EUR    72.60
Deutsche Bank AG       5.80   1/21/2015     EUR    66.50
Vontobel Financial     4.70   6/26/2015     EUR    74.58
Vontobel Financial     5.00   3/27/2015     EUR    74.56
Deutsche Bank AG       5.80   1/21/2015     EUR    64.20
Deutsche Bank AG       7.80   1/21/2015     EUR    70.70
Deutsche Bank AG       7.80   1/21/2015     EUR    66.60
Leonteq Securities     7.07   9/21/2015     CHF    52.99
UBS AG                 5.79   9/17/2015     USD    33.83
Vontobel Financial     9.00   4/14/2015     EUR    72.30
Vontobel Financial     8.05   3/27/2015     EUR    73.60
Zurcher Kantonalban    9.28   1/15/2015     EUR    69.00
Bank Julius Baer &     6.25   3/27/2015     EUR    72.75
Bank Julius Baer &     9.10   3/27/2015     USD    70.70
BNP Paribas Emissio    9.75   3/26/2015     EUR    72.74
BNP Paribas Emissio    5.00   3/26/2015     EUR    73.57
BNP Paribas Emissio    6.50   3/26/2015     EUR    69.56
BNP Paribas Emissio    8.00   3/26/2015     EUR    66.77
BNP Paribas Emissio    5.00   1/22/2015     EUR    70.91
BNP Paribas Emissio    4.25   1/22/2015     EUR    72.69
BNP Paribas Emissio    5.25   7/23/2015     EUR    71.91
UBS AG                21.75  12/29/2015     EUR    58.48
UBS AG                 5.75  12/29/2015     EUR    74.42
UBS AG                19.75  12/29/2015     EUR    59.14
UBS AG                17.25   9/25/2015     EUR    70.16
UBS AG                23.25   9/25/2015     EUR    73.00
UBS AG                22.50   9/25/2015     EUR    55.90
UBS AG                16.50   3/27/2015     EUR    69.80
UBS AG                20.00   9/25/2015     EUR    57.14
UBS AG                23.75   6/26/2015     EUR    71.41
UBS AG                21.50  12/29/2015     EUR    74.83
UBS AG                24.50   9/25/2015     EUR    71.30
UBS AG                19.75   6/26/2015     EUR    73.56
UBS AG                24.25   3/27/2015     EUR    68.49
UBS AG                21.75   9/25/2015     EUR    72.29
UBS AG                21.75   6/26/2015     EUR    71.71
UBS AG                19.25   3/27/2015     EUR    73.41
UBS AG                21.75   3/27/2015     EUR    71.78
UBS AG                18.50   3/27/2015     EUR    55.43
UBS AG                23.25   6/26/2015     EUR    72.11
UBS AG                19.75   6/26/2015     EUR    55.50
UBS AG                23.50   9/25/2015     EUR    64.22
UBS AG                23.75   6/26/2015     EUR    63.10
UBS AG                21.25   6/26/2015     EUR    74.36
UBS AG                22.75   9/25/2015     EUR    71.82
UBS AG                21.75   3/27/2015     EUR    74.39
UBS AG                10.50  12/29/2015     EUR    65.78
UBS AG                17.75  12/29/2015     EUR    60.21
UBS AG                21.00   6/26/2015     EUR    74.13
UBS AG                20.25   3/27/2015     EUR    74.82
UBS AG                23.00  12/29/2015     EUR    71.95
UBS AG                23.50   6/26/2015     EUR    69.98
UBS AG                20.25   9/25/2015     EUR    73.56
UBS AG                20.00  12/29/2015     EUR    74.90
UBS AG                24.75   9/25/2015     EUR    74.54
UBS AG                23.75   3/27/2015     EUR    70.89
UBS AG                22.50   9/25/2015     EUR    73.00
UBS AG                21.75   3/27/2015     EUR    70.81
UBS AG                23.25   3/27/2015     EUR    74.58
Goldman Sachs & Co    12.00   1/21/2015     EUR    73.88
Goldman Sachs & Co     9.00   1/21/2015     EUR    74.37
Goldman Sachs & Co    13.00   1/21/2015     EUR    66.73
Vontobel Financial     4.05   6/26/2015     EUR    71.11
UBS AG                20.75  12/29/2015     EUR    67.73
UBS AG                21.75   3/27/2015     EUR    63.59
UBS AG                24.00   9/25/2015     EUR    74.03
UBS AG                15.50  12/29/2015     EUR    61.54
UBS AG                13.00  12/29/2015     EUR    63.28
UBS AG                23.50   6/26/2015     EUR    72.33
UBS AG                 6.00   9/25/2015     EUR    73.29
UBS AG                 9.25  12/29/2015     EUR    67.42
UBS AG                 7.25   9/25/2015     EUR    70.29
UBS AG                23.75   9/25/2015     EUR    74.87
UBS AG                24.50   9/25/2015     EUR    54.71
UBS AG                17.25   9/25/2015     EUR    58.70
UBS AG                 8.00  12/29/2015     EUR    69.34
UBS AG                10.00   9/25/2015     EUR    65.55
UBS AG                19.75   9/25/2015     EUR    74.67
UBS AG                18.50   3/27/2015     EUR    67.08
UBS AG                 8.50   9/25/2015     EUR    67.66
UBS AG                 6.75  12/29/2015     EUR    71.58
UBS AG                23.00   6/26/2015     EUR    53.48
UBS AG                24.75   3/27/2015     EUR    71.27
UBS AG                24.50   9/25/2015     EUR    72.13
UBS AG                22.00   6/26/2015     EUR    64.44
UBS AG                23.00   6/26/2015     EUR    71.18
UBS AG                22.75  12/29/2015     EUR    74.35
UBS AG                24.75   3/27/2015     EUR    60.57
UBS AG                20.50   9/25/2015     EUR    66.77
UBS AG                19.25   3/27/2015     EUR    74.76
UBS AG                19.25   9/25/2015     EUR    68.02
UBS AG                23.00   6/26/2015     EUR    75.00
UBS AG                24.75   6/26/2015     EUR    69.91
UBS AG                14.50   9/25/2015     EUR    60.90
UBS AG                25.00   9/25/2015     EUR    73.67
UBS AG                22.50   9/25/2015     EUR    74.55
UBS AG                 5.80   7/22/2015     EUR    68.81
Goldman Sachs & Co     5.00   1/21/2015     EUR    73.40
Goldman Sachs & Co     6.00   1/21/2015     EUR    69.37
Goldman Sachs & Co     7.00   1/21/2015     EUR    66.06
Goldman Sachs & Co     9.00   1/21/2015     EUR    63.12
Goldman Sachs & Co    11.00   1/21/2015     EUR    60.41
Goldman Sachs & Co     5.00   6/24/2015     EUR    73.85
Goldman Sachs & Co     6.00   6/24/2015     EUR    70.67
Goldman Sachs & Co     7.00   6/24/2015     EUR    67.93
Goldman Sachs & Co     8.00   6/24/2015     EUR    65.31
Goldman Sachs & Co    10.00   6/24/2015     EUR    63.68
UBS AG                22.25   6/26/2015     EUR    73.37
UBS AG                18.25   9/25/2015     EUR    65.49
UBS AG                12.00  12/29/2015     EUR    74.95
UBS AG                20.50  12/29/2015     EUR    64.62
UBS AG                20.25   9/25/2015     EUR    63.44
UBS AG                23.00   9/25/2015     EUR    61.11
UBS AG                17.00   3/27/2015     EUR    64.61
UBS AG                11.75   3/27/2015     EUR    72.15
UBS AG                22.75  12/29/2015     EUR    63.15
UBS AG                23.00   9/25/2015     EUR    61.00
UBS AG                22.75  12/29/2015     EUR    74.62
UBS AG                22.75  12/29/2015     EUR    69.23
UBS AG                22.75   6/26/2015     EUR    60.12
UBS AG                18.50   6/26/2015     EUR    64.28
UBS AG                19.25  12/29/2015     EUR    65.79
UBS AG                16.50   9/25/2015     EUR    67.47
UBS AG                19.25  12/29/2015     EUR    72.44
UBS AG                24.75   6/26/2015     EUR    58.47
UBS AG                16.50   6/26/2015     EUR    67.02
UBS AG                18.00  12/29/2015     EUR    67.14
UBS AG                21.50   9/25/2015     EUR    62.35
UBS AG                23.50   3/27/2015     EUR    71.76
UBS AG                24.00   6/26/2015     EUR    71.48
UBS AG                22.00   9/25/2015     EUR    74.98
UBS AG                15.00   6/26/2015     EUR    67.99
UBS AG                12.25   9/25/2015     EUR    72.93
UBS AG                18.50   3/27/2015     EUR    63.98
UBS AG                23.75   9/25/2015     EUR    72.63
UBS AG                17.00   9/25/2015     EUR    66.49
UBS AG                13.25   6/26/2015     EUR    70.35
UBS AG                11.00   6/26/2015     EUR    74.70
UBS AG                15.25  12/29/2015     EUR    69.24
UBS AG                20.50  12/29/2015     EUR    64.69
UBS AG                14.75   9/25/2015     EUR    69.85
UBS AG                19.25   6/26/2015     EUR    67.42
UBS AG                16.25   3/27/2015     EUR    70.35
UBS AG                24.25   3/27/2015     EUR    56.41
UBS AG                 7.00  12/29/2015     EUR    65.43
UBS AG                 7.00   3/27/2015     EUR    61.51
UBS AG                 6.25   6/26/2015     EUR    64.99
UBS AG                18.00   3/27/2015     EUR    69.91
UBS AG                11.50   9/25/2015     EUR    74.14
UBS AG                 9.75   9/25/2015     EUR    57.90
UBS AG                24.25   9/25/2015     EUR    47.26
UBS AG                 8.00   3/27/2015     EUR    59.33
UBS AG                 5.00   6/26/2015     EUR    70.03
UBS AG                21.00   3/27/2015     EUR    65.38
UBS AG                24.25   3/27/2015     EUR    69.34
UBS AG                20.25   3/27/2015     EUR    74.84
UBS AG                17.00   9/25/2015     EUR    70.66
UBS AG                15.00  12/29/2015     EUR    73.08
UBS AG                13.50   6/26/2015     EUR    59.74
UBS AG                17.00  12/29/2015     EUR    74.86
UBS AG                21.25   3/27/2015     EUR    52.02
UBS AG                23.50   3/27/2015     EUR    62.89
UBS AG                16.75   9/25/2015     EUR    72.08
UBS AG                18.25   9/25/2015     EUR    70.27
UBS AG                19.50   3/27/2015     EUR    61.04
UBS AG                15.75   3/27/2015     EUR    74.75
UBS AG                15.00   6/26/2015     EUR    58.14
UBS AG                19.75   3/27/2015     EUR    69.29
UBS AG                13.75   9/25/2015     EUR    58.44
UBS AG                13.75   9/25/2015     EUR    74.02
UBS AG                22.50   3/27/2015     EUR    63.23
UBS AG                18.00   3/27/2015     EUR    68.07
UBS AG                22.00   9/25/2015     EUR    72.85
UBS AG                22.00   6/26/2015     EUR    72.44
UBS AG                16.00   9/25/2015     EUR    67.34
UBS AG                19.50  12/29/2015     EUR    64.90
UBS AG                14.75   3/27/2015     EUR    67.10
UBS AG                12.50   9/25/2015     EUR    59.72
UBS AG                 7.00   6/26/2015     EUR    62.83
UBS AG                 4.50   6/26/2015     EUR    72.91
UBS AG                 4.25   3/27/2015     EUR    72.71
UBS AG                10.25   6/26/2015     EUR    55.99
UBS AG                10.75   3/27/2015     EUR    53.80
UBS AG                11.75  12/29/2015     EUR    74.07
UBS AG                16.50   9/25/2015     EUR    56.57
UBS AG                 5.25   9/25/2015     EUR    70.72
UBS AG                 4.75   3/27/2015     EUR    69.32
UBS AG                12.25   6/26/2015     EUR    53.47
UBS AG                 5.50   6/26/2015     EUR    67.35
UBS AG                13.00   3/27/2015     EUR    50.86
UBS AG                21.50   6/26/2015     EUR    68.79
UBS AG                17.00  12/29/2015     EUR    66.97
UBS AG                15.50   6/26/2015     EUR    67.07
UBS AG                13.00   3/27/2015     EUR    70.08
UBS AG                12.50   6/26/2015     EUR    71.89
UBS AG                18.75   6/26/2015     EUR    69.03
UBS AG                 6.25   3/27/2015     EUR    63.94
UBS AG                24.25   3/27/2015     EUR    41.31
UBS AG                13.25   3/27/2015     EUR    59.29
UBS AG                11.00   9/25/2015     EUR    61.02
UBS AG                14.75  12/29/2015     EUR    58.64
UBS AG                24.50   9/25/2015     EUR    59.58
UBS AG                21.75  12/29/2015     EUR    63.33
UBS AG                18.00   6/26/2015     EUR    64.27
UBS AG                19.25   3/27/2015     EUR    53.56
UBS AG                13.50  12/29/2015     EUR    59.31
UBS AG                15.50   3/27/2015     EUR    57.22
UBS AG                21.75   9/25/2015     EUR    61.39
UBS AG                 4.75  12/29/2015     EUR    73.60
UBS AG                16.00   6/26/2015     EUR    72.76
UBS AG                15.25  12/29/2015     EUR    74.84
UBS AG                24.25   9/25/2015     EUR    70.13
UBS AG                21.50  12/29/2015     EUR    73.81
UBS AG                23.25  12/29/2015     EUR    71.81
UBS AG                14.00   6/26/2015     EUR    73.36
UBS AG                16.00  12/29/2015     EUR    68.06
UBS AG                 5.75  12/29/2015     EUR    69.09
UBS AG                16.50   3/27/2015     EUR    64.45
UBS AG                21.75   6/26/2015     EUR    60.47
UBS AG                18.75   9/25/2015     EUR    72.00
UBS AG                17.25   3/27/2015     EUR    55.26
UBS AG                17.50   9/25/2015     EUR    50.21
UBS AG                24.25   9/25/2015     EUR    74.98
UBS AG                16.75   6/26/2015     EUR    56.84
UBS AG                18.25   6/26/2015     EUR    72.39
UBS AG                15.00   9/25/2015     EUR    57.34
UBS AG                19.00   9/25/2015     EUR    63.96
UBS AG                14.00   6/26/2015     EUR    69.33
UBS AG                20.25   6/26/2015     EUR    61.85
UBS AG                20.50   6/26/2015     EUR    66.89
UBS AG                18.25   6/26/2015     EUR    55.59
UBS AG                12.50  12/29/2015     EUR    60.31
UBS AG                17.75   9/25/2015     EUR    65.14
UBS AG                22.25   3/27/2015     EUR    58.10
UBS AG                 9.50  12/29/2015     EUR    59.88
UBS AG                22.50   3/27/2015     EUR    52.00
UBS AG                16.50   6/26/2015     EUR    58.17
Goldman Sachs & Co     6.00   2/25/2015     EUR    66.98
HSBC Trinkaus & Bur   12.50   3/27/2015     EUR    65.44
HSBC Trinkaus & Bur    9.50   3/27/2015     EUR    69.24
HSBC Trinkaus & Bur   10.00   3/27/2015     EUR    49.36
HSBC Trinkaus & Bur    7.00   3/27/2015     EUR    53.59
Commerzbank AG         9.00   3/26/2015     EUR    72.37
Vontobel Financial     7.25   5/22/2015     EUR    72.90
Goldman Sachs & Co    11.00   3/25/2015     EUR    72.00
Deutsche Bank AG       6.00   3/25/2015     EUR    63.57
Goldman Sachs & Co    16.00   2/25/2015     EUR    68.91
DZ Bank AG Deutsche    5.25   6/26/2015     EUR    61.80
DZ Bank AG Deutsche    7.75   6/26/2015     EUR    69.38
DZ Bank AG Deutsche   16.00   6/26/2015     EUR    38.59
Notenstein Privatba   10.20    4/7/2015     EUR    74.60
Vontobel Financial     7.20   5/22/2015     EUR    75.00
DZ Bank AG Deutsche    8.25   6/12/2015     EUR    70.32
DZ Bank AG Deutsche    7.25   6/12/2015     EUR    74.93
DZ Bank AG Deutsche    6.90   4/15/2015     EUR    62.45
DZ Bank AG Deutsche    9.10   4/15/2015     EUR    59.91
DZ Bank AG Deutsche    5.10   4/15/2015     EUR    65.44
DZ Bank AG Deutsche    5.00   4/15/2015     EUR    60.78
DZ Bank AG Deutsche    8.70   1/15/2015     EUR    70.49
DZ Bank AG Deutsche    6.90   1/15/2015     EUR    73.80
DZ Bank AG Deutsche   10.50   4/15/2015     EUR    72.85
DZ Bank AG Deutsche    5.30   1/15/2015     EUR    62.29
Raiffeisen Centroba   10.78   7/22/2015     EUR    67.37
Raiffeisen Centroba    9.41   1/20/2016     EUR    67.33
Raiffeisen Centroba    9.12   7/22/2015     EUR    65.02
DZ Bank AG Deutsche    5.30   1/15/2015     EUR    56.69
DZ Bank AG Deutsche    7.20   1/15/2015     EUR    54.04
DZ Bank AG Deutsche    6.60   4/15/2015     EUR    58.41
DZ Bank AG Deutsche    5.50   6/12/2015     EUR    65.72
BNP Paribas Emissio    7.00   1/22/2015     EUR    62.45
Credit Suisse AG/Na    8.50   10/8/2015     USD    70.10
BNP Paribas Emissio    5.00   3/26/2015     EUR    63.96
BNP Paribas Emissio    6.00   3/26/2015     EUR    64.18
BNP Paribas Emissio    7.00   3/26/2015     EUR    64.39
BNP Paribas Emissio    5.50   6/25/2015     EUR    64.09
BNP Paribas Emissio    6.50   6/25/2015     EUR    64.56
BNP Paribas Emissio   11.00   3/26/2015     EUR    72.00
BNP Paribas Emissio    8.00   6/25/2015     EUR    73.01
BNP Paribas Emissio    9.00   6/25/2015     EUR    73.47
UniCredit Bank AG      6.00   6/26/2015     EUR    57.66
UniCredit Bank AG      6.10   6/26/2015     EUR    72.41
DZ Bank AG Deutsche    9.90   1/15/2015     EUR    55.85
UniCredit Bank AG      4.00   6/26/2015     EUR    60.87
LBBW                   5.50   8/28/2015     EUR    74.34
DekaBank Deutsche G    4.50  10/30/2015     EUR    74.13
HSBC Trinkaus & Bur   12.00   6/26/2015     EUR    74.31
Commerzbank AG         9.00   3/26/2015     EUR    54.38
Commerzbank AG         8.00   3/26/2015     EUR    72.79
HSBC Trinkaus & Bur    9.00   3/27/2015     EUR    72.49
HSBC Trinkaus & Bur    7.50   1/23/2015     EUR    73.49
HSBC Trinkaus & Bur   10.00   4/24/2015     EUR    66.21
DZ Bank AG Deutsche    5.75   3/27/2015     EUR    74.99
Bank Julius Baer &     8.00   1/16/2015     EUR    70.80
Raiffeisen Centroba    8.23   7/22/2015     EUR    72.25
Raiffeisen Centroba    8.56   7/22/2015     EUR    63.53
UniCredit Bank AG      6.00   6/25/2015     EUR    59.96
Raiffeisen Centroba    9.87   7/22/2015     EUR    63.52
UniCredit Bank AG      5.00   6/25/2015     EUR    62.01
Vontobel Financial     8.45   6/26/2015     EUR    74.86
Vontobel Financial     9.35   3/27/2015     EUR    74.20
UniCredit Bank AG      5.00   6/25/2015     EUR    73.34
LBBW                   3.00   2/27/2015     EUR    71.42
UBS AG/London         11.00   5/13/2015     CHF    44.59
UniCredit Bank AG      4.80   6/26/2015     EUR    59.80
UBS AG/London         10.60   5/12/2015     USD    62.65
Commerzbank AG         6.75   3/26/2015     EUR    56.65
Commerzbank AG         6.00   3/26/2015     EUR    74.09
Leonteq Securities     6.70   7/16/2015     EUR    73.68
Goldman Sachs & Co    10.00   2/25/2015     EUR    74.69
Vontobel Financial     6.55   3/27/2015     EUR    56.68
UniCredit Bank AG      5.50   6/25/2015     EUR    59.02
Raiffeisen Centroba    8.88   7/22/2015     EUR    73.70
UniCredit Bank AG      6.00   6/25/2015     EUR    71.58
UniCredit Bank AG      4.75   6/25/2015     EUR    61.46
Vontobel Financial     5.10   6/26/2015     EUR    73.51
Vontobel Financial     4.70   3/27/2015     EUR    73.72
UniCredit Bank AG      4.00   6/25/2015     EUR    64.25
LBBW                   4.00   2/27/2015     EUR    69.06
Vontobel Financial     8.20   6/26/2015     EUR    68.42
Goldman Sachs & Co     6.00   2/25/2015     EUR    66.98
DZ Bank AG Deutsche    6.25   3/13/2015     EUR    68.56
DZ Bank AG Deutsche    6.00   6/12/2015     EUR    68.61
DZ Bank AG Deutsche    6.50   9/11/2015     EUR    70.29
Goldman Sachs & Co    12.00   2/25/2015     EUR    64.52
DZ Bank AG Deutsche    5.75   3/13/2015     EUR    72.46
DZ Bank AG Deutsche    6.25   9/11/2015     EUR    74.51
UBS AG/London         13.25   5/20/2015     CHF    47.77
HSBC Trinkaus & Bur    6.50   6/26/2015     EUR    69.72
HSBC Trinkaus & Bur    6.00   1/23/2015     EUR    68.53
Bank Julius Baer &    11.50   5/21/2015     USD    59.80
HSBC Trinkaus & Bur   12.50   3/27/2015     EUR    70.04
HSBC Trinkaus & Bur   13.50   3/27/2015     EUR    67.79
Bank Julius Baer &     7.50   1/27/2015     EUR    63.25
Bank Julius Baer &     9.00   10/8/2015     CHF    54.50
Credit Suisse AG/Lo    8.00   5/29/2015     USD    65.78
Bank Julius Baer &     7.00   4/14/2015     USD    60.25
DZ Bank AG Deutsche   17.00   1/23/2015     EUR    28.83
DZ Bank AG Deutsche    5.00   1/23/2015     EUR    58.99
DZ Bank AG Deutsche    6.00   5/22/2015     EUR    68.30
DZ Bank AG Deutsche    9.00   6/26/2015     EUR    70.30
DZ Bank AG Deutsche    6.25   1/16/2015     EUR    72.57
DZ Bank AG Deutsche    6.00   1/16/2015     EUR    68.68
UniCredit Bank AG      4.00   6/25/2015     EUR    53.93
UniCredit Bank AG      4.00   6/25/2015     EUR    72.73
Deutsche Bank AG       7.50   3/24/2015     EUR    73.20
Deutsche Bank AG       7.50   3/24/2015     EUR    69.40
Deutsche Bank AG       6.50   3/24/2015     EUR    74.90
Deutsche Bank AG       6.50   3/24/2015     EUR    69.20
Deutsche Bank AG       6.50   3/24/2015     EUR    73.20
Deutsche Bank AG       6.50   3/24/2015     EUR    71.10
Vontobel Financial     5.65   6/12/2015     EUR    73.16
Vontobel Financial     7.50   6/12/2015     EUR    73.96
Vontobel Financial     4.60   6/12/2015     EUR    72.71
Deutsche Bank AG       5.50   3/24/2015     EUR    71.60
Deutsche Bank AG       5.50   3/24/2015     EUR    63.80
Deutsche Bank AG       6.50   3/24/2015     EUR    71.80
Deutsche Bank AG       6.50   3/24/2015     EUR    70.10
Deutsche Bank AG       6.50   3/24/2015     EUR    67.70
Deutsche Bank AG       6.50   3/24/2015     EUR    64.00
Deutsche Bank AG       7.50   3/24/2015     EUR    70.30
Deutsche Bank AG       7.50   3/24/2015     EUR    65.70
Vontobel Financial     5.75   1/23/2015     EUR    72.33
Landesbank Hessen-T    3.50   7/10/2015     EUR    59.90
Leonteq Securities    11.40   7/31/2015     EUR    73.44
Goldman Sachs & Co     7.00   3/25/2015     EUR    74.10
Goldman Sachs & Co     6.00   6/24/2015     EUR    73.53
Goldman Sachs & Co     9.00   6/24/2015     EUR    69.91
Goldman Sachs & Co     8.00  12/23/2015     EUR    68.67
Goldman Sachs & Co     8.00   6/24/2015     EUR    68.11
Goldman Sachs & Co     7.00   6/24/2015     EUR    67.65
DZ Bank AG Deutsche    6.75   6/12/2015     EUR    68.93
Goldman Sachs & Co    12.00   1/21/2015     EUR    74.23
Goldman Sachs & Co    11.00   6/24/2015     EUR    66.52
DZ Bank AG Deutsche    6.50   6/12/2015     EUR    73.27
DZ Bank AG Deutsche    4.50    1/9/2015     EUR    67.01
Leonteq Securities     9.15   5/20/2015     USD    57.16
DZ Bank AG Deutsche    9.50   2/27/2015     EUR    67.37
DZ Bank AG Deutsche    9.00   3/27/2015     EUR    67.99
HSBC Trinkaus & Bur   12.00   3/27/2015     EUR    62.03
HSBC Trinkaus & Bur   12.50   3/27/2015     EUR    62.68
HSBC Trinkaus & Bur   13.50   3/27/2015     EUR    61.65
HSBC Trinkaus & Bur   10.00   3/27/2015     EUR    72.63
DZ Bank AG Deutsche    8.00   1/23/2015     EUR    53.15
DZ Bank AG Deutsche    5.50   9/25/2015     EUR    73.99
DZ Bank AG Deutsche    6.75   1/16/2015     EUR    68.70
DZ Bank AG Deutsche    6.00   1/16/2015     EUR    74.11
DZ Bank AG Deutsche    7.50   5/22/2015     EUR    71.06
Deutsche Bank AG       6.50   3/24/2015     EUR    71.10
Deutsche Bank AG       5.50   3/24/2015     EUR    69.00
Deutsche Bank AG       7.50   3/24/2015     EUR    71.40
Deutsche Bank AG       5.50   3/24/2015     EUR    74.70
Deutsche Bank AG       5.50   3/24/2015     EUR    70.90
Deutsche Bank AG       7.50   3/24/2015     EUR    73.40
Vontobel Financial     6.25   6/12/2015     EUR    73.42
Vontobel Financial     7.95   4/17/2015     EUR    74.37
Deutsche Bank AG       5.50   3/24/2015     EUR    69.90
Deutsche Bank AG       5.50   3/24/2015     EUR    67.50
Deutsche Bank AG       5.50   3/24/2015     EUR    62.40
Deutsche Bank AG       6.50   3/24/2015     EUR    65.40
Deutsche Bank AG       7.50   3/24/2015     EUR    67.90
Vontobel Financial     5.95   6/12/2015     EUR    72.92
Vontobel Financial     6.80   6/12/2015     EUR    73.29
Goldman Sachs & Co    16.00   2/25/2015     EUR    68.35
Credit Suisse AG/Na    8.50   1/22/2015     EUR    62.75
Goldman Sachs & Co     4.00   2/25/2015     EUR    73.87
HSBC Trinkaus & Bur    6.50   1/23/2015     EUR    72.74
HSBC Trinkaus & Bur   11.00   3/27/2015     EUR    57.20
HSBC Trinkaus & Bur    6.50   3/27/2015     EUR    61.82
HSBC Trinkaus & Bur   11.50   3/27/2015     EUR    67.52
HSBC Trinkaus & Bur    7.50   3/27/2015     EUR    73.66
HSBC Trinkaus & Bur    6.00   1/23/2015     EUR    74.81
HSBC Trinkaus & Bur   12.50   3/27/2015     EUR    74.68
HSBC Trinkaus & Bur   13.00   3/27/2015     EUR    65.67
HSBC Trinkaus & Bur    9.00   3/27/2015     EUR    71.48
HSBC Trinkaus & Bur    8.00   1/23/2015     EUR    71.79
HSBC Trinkaus & Bur   14.00   3/27/2015     EUR    46.27
HSBC Trinkaus & Bur    9.00   1/23/2015     EUR    49.24
HSBC Trinkaus & Bur   13.00   3/27/2015     EUR    69.46
HSBC Trinkaus & Bur    9.50   3/27/2015     EUR    74.63
Vontobel Financial     5.60   6/26/2015     EUR    64.25
Goldman Sachs & Co    10.00   1/21/2015     EUR    73.61
DZ Bank AG Deutsche    6.00   6/12/2015     EUR    63.16
DZ Bank AG Deutsche    7.40   1/15/2015     EUR    58.89
DZ Bank AG Deutsche    3.70   4/15/2015     EUR    63.51
DZ Bank AG Deutsche    3.90   1/15/2015     EUR    59.63
Raiffeisen Centroba    8.24   1/20/2016     EUR    64.38
BNP Paribas Emissio    7.00   6/25/2015     EUR    64.79
BNP Paribas Emissio    8.00   3/26/2015     EUR    71.36
BNP Paribas Emissio    9.50   3/26/2015     EUR    71.68
Vontobel Financial     6.35   6/26/2015     EUR    67.93
Goldman Sachs & Co     7.00   3/25/2015     EUR    64.33
Goldman Sachs & Co    10.00   3/25/2015     EUR    64.27
Goldman Sachs & Co    13.00   6/24/2015     EUR    64.11
Vontobel Financial     9.10   3/27/2015     EUR    74.14
Vontobel Financial     8.35   6/26/2015     EUR    74.81
Goldman Sachs & Co    10.00   2/25/2015     EUR    67.52
Goldman Sachs & Co     8.00   2/25/2015     EUR    64.22
Goldman Sachs & Co     7.00   2/25/2015     EUR    74.38
Goldman Sachs & Co     8.00  12/23/2015     EUR    73.02
Banque Cantonale Va    9.03   7/23/2015     CAD    74.78
DZ Bank AG Deutsche    4.50   4/13/2015     EUR    66.45
DZ Bank AG Deutsche    8.00   2/27/2015     EUR    62.92
HSBC Trinkaus & Bur   10.00   3/27/2015     EUR    59.12
HSBC Trinkaus & Bur    6.50   6/26/2015     EUR    70.93
UniCredit Bank AG      4.00   6/25/2015     EUR    57.84
Deutsche Bank AG       7.50   3/24/2015     EUR    69.50
Deutsche Bank AG       5.50   3/24/2015     EUR    69.10
Deutsche Bank AG       6.50   3/24/2015     EUR    73.00
Deutsche Bank AG       5.50   3/24/2015     EUR    72.90
Deutsche Bank AG       5.50   3/24/2015     EUR    65.20
Deutsche Bank AG       6.50   3/24/2015     EUR    62.70
Deutsche Bank AG       7.50   3/24/2015     EUR    72.00
Deutsche Bank AG       7.50   3/24/2015     EUR    64.20
Deutsche Bank AG       7.50   3/24/2015     EUR    62.90
Vontobel Financial     7.50   6/12/2015     EUR    73.59
Goldman Sachs & Co    17.00   2/25/2015     EUR    68.48
UniCredit Bank AG      6.15   1/23/2015     EUR    74.96
Bank Julius Baer &     3.90  11/30/2015     CHF    68.80
Leonteq Securities     5.25   2/26/2016     CHF    65.88
Zurcher Kantonalban    4.99    2/9/2015     CHF    55.95
UBS AG                10.00  12/29/2015     EUR    67.24
UBS AG                11.50   6/26/2015     EUR    57.08
Royal Bank of Scotl    7.25   1/30/2015     EUR    56.60
Societe Generale Ef    2.50   10/7/2016     EUR    55.61
Bank J Safra Sarasi    8.00   4/27/2015     CHF    66.98
Barclays Bank PLC      2.50    3/7/2017     EUR    43.08
Morgan Stanley BV      9.00   4/16/2015     EUR    70.85
Leonteq Securities     3.90    3/1/2016     EUR    48.54
SG Option Europe SA    8.00   9/29/2015     USD    74.00
UBS AG                 5.75    3/2/2015     USD    22.00
UBS AG                 0.50   4/27/2015     CHF    66.25
Kommunalbanken AS      0.50   2/23/2018     BRL    70.94
Kommunalbanken AS      0.50    2/2/2018     BRL    71.38
Vontobel Financial     4.00   6/12/2015     EUR    47.70
Vontobel Financial     8.00   6/12/2015     EUR    55.20
UBS AG                12.75  12/29/2015     EUR    70.15
UBS AG                14.75   6/26/2015     EUR    64.52
UBS AG                13.25   6/26/2015     EUR    67.93
SpareBank 1 Naering    2.29   1/16/2016     NOK     0.09
Vontobel Financial     6.00   6/12/2015     EUR    74.50
Notenstein Privatba    7.00   6/17/2015     CHF    62.53
UBS AG                12.25   6/26/2015     EUR    70.54
Leonteq Securities     5.00   5/23/2016     CHF    57.00
UBS AG                11.50  12/29/2015     EUR    72.93
UBS AG                14.50  12/29/2015     EUR    66.16
UBS AG                13.75  12/29/2015     EUR    67.57
DZ Bank AG Deutsche    8.25   6/26/2015     EUR    72.68
DZ Bank AG Deutsche    5.50   1/16/2015     EUR    70.38
DZ Bank AG Deutsche    5.25   7/10/2015     EUR    71.45
DZ Bank AG Deutsche    6.50   7/10/2015     EUR    69.37
UBS AG                24.25   3/27/2015     EUR    58.29
UBS AG                17.25   3/29/2016     EUR    68.67
UBS AG                24.75   3/27/2015     EUR    71.29
Bank Julius Baer &    11.00   2/11/2015     CHF    49.40
UBS AG                21.50   3/29/2016     EUR    74.91
UBS AG                23.75  12/29/2015     EUR    71.75
UBS AG                24.00  12/29/2015     EUR    72.83
Vontobel Financial     7.50   6/26/2015     EUR    73.40
UBS AG                21.25   6/26/2015     EUR    69.20
Vontobel Financial     4.70   3/13/2015     EUR    67.95
Vontobel Financial     4.80   4/24/2015     EUR    73.40
LBBW                   4.00   6/24/2016     EUR    69.69
UniCredit Bank AG      5.00   7/23/2015     EUR    60.27
UniCredit Bank AG      4.00   7/23/2015     EUR    62.69
UBS AG                 3.10   2/25/2015     EUR    71.91
Notenstein Privatba    4.33   7/28/2015     EUR    74.56
Leonteq Securities    10.40   8/14/2015     EUR    73.56
HSBC Trinkaus & Bur    9.00   3/27/2015     EUR    73.98
UBS AG                 4.70   4/15/2015     USD    33.16
Commerzbank AG         8.50   3/26/2015     EUR    73.43
JP Morgan Structure   10.00   1/15/2015     CHF    64.74
UniCredit Bank AG      4.00   9/24/2015     EUR    55.54
Deutsche Bank AG       6.20   8/26/2015     EUR    72.50
DZ Bank AG Deutsche    7.00   7/10/2015     EUR    72.80
Deutsche Bank AG       5.20   7/22/2015     EUR    74.50
Leonteq Securities    12.25   1/29/2015     EUR    69.50
UniCredit Bank AG      5.50   2/26/2015     EUR    58.25
UBS AG                20.00   6/26/2015     EUR    67.14
DZ Bank AG Deutsche    7.00   1/16/2015     EUR    67.61
UBS AG                21.75  12/29/2015     EUR    64.82
UBS AG                23.00   6/26/2015     EUR    68.96
UBS AG                12.25   3/29/2016     EUR    72.81
UBS AG                11.75   6/24/2016     EUR    73.61
Credit Suisse AG/Na    8.25    2/5/2015     EUR    68.11
Vontobel Financial     5.70   3/13/2015     EUR    68.13
UBS AG                13.25   6/24/2016     EUR    72.43
Vontobel Financial    14.35   1/16/2015     EUR    61.73
Vontobel Financial    10.75   3/13/2015     EUR    66.16
Raiffeisen Centroba    7.33   8/21/2015     EUR    57.48
UniCredit Bank AG      5.50   7/23/2015     EUR    74.14
UniCredit Bank AG      5.50   7/23/2015     EUR    58.49
UniCredit Bank AG      4.50   7/23/2015     EUR    61.43
Vontobel Financial     4.65   6/26/2015     EUR    73.12
UBS AG                13.25  12/29/2015     EUR    70.62
Credit Suisse AG/Lo    2.75   1/29/2019     SEK    58.30
DZ Bank AG Deutsche    8.75   1/23/2015     EUR    66.72
UniCredit Bank AG      4.00   9/24/2015     EUR    57.02
Deutsche Bank AG       6.20   7/22/2015     EUR    72.00
DZ Bank AG Deutsche    7.25   7/10/2015     EUR    72.93
Deutsche Bank AG       5.20   8/26/2015     EUR    75.00
UBS AG                13.25   3/27/2015     EUR    53.66
UBS AG                14.75   9/25/2015     EUR    53.33
Vontobel Financial     5.00    5/6/2016     EUR    73.50
Zurcher Kantonalban   10.50    2/6/2015     CHF    56.90
Leonteq Securities     9.68   7/29/2015     USD    69.87
DZ Bank AG Deutsche    6.25   9/25/2015     EUR    70.33
UBS AG                13.75   3/27/2015     EUR    58.10
UBS AG                 6.50  12/29/2015     EUR    64.60
UBS AG                 9.75   3/27/2015     EUR    65.74
UniCredit Bank AG      7.00   2/26/2015     EUR    70.95
UBS AG                23.50  12/29/2015     EUR    63.67
UBS AG                22.00   9/25/2015     EUR    74.73
UBS AG                23.25   6/26/2015     EUR    73.12
DZ Bank AG Deutsche    3.60   8/21/2015     EUR    61.26
Commerzbank AG         7.50   5/21/2015     EUR    73.96
UBS AG                14.75   3/29/2016     EUR    70.25
UBS AG                23.50   3/27/2015     EUR    67.34
UBS AG                20.75   6/26/2015     EUR    71.69
Zurcher Kantonalban   11.25   2/13/2015     EUR    73.06
Leonteq Securities    10.58    2/3/2017     USD    69.45
Vontobel Financial     6.25   3/13/2015     EUR    68.24
UniCredit Bank AG      6.00   7/23/2015     EUR    57.46
Vontobel Financial     7.40   3/27/2015     EUR    53.80
Commerzbank AG         7.00   3/26/2015     EUR    74.77
UniCredit Bank AG      6.00   7/23/2015     EUR    72.68
Commerzbank AG         9.00   3/26/2015     EUR    71.57
Vontobel Financial    10.30   3/13/2015     EUR    74.01
HSBC Trinkaus & Bur    8.50   3/27/2015     EUR    66.43
Notenstein Privatba   11.00   8/14/2015     CHF    65.68
UBS AG/London         19.75   4/16/2015     CHF    67.00
HSBC Trinkaus & Bur    8.00   3/27/2015     EUR    67.60
UBS AG/London          8.98   5/22/2015     CHF    63.60
UniCredit Bank AG      5.00   2/26/2015     EUR    69.95
UBS AG/London         14.83   5/22/2015     CHF    65.90
UniCredit Bank AG      5.00   2/26/2015     EUR    49.40
UniCredit Bank AG      5.30   2/26/2015     EUR    72.38
UniCredit Bank AG      4.00   2/26/2015     EUR    68.59
UniCredit Bank AG      4.00   2/26/2015     EUR    73.76
UniCredit Bank AG      5.50   2/26/2015     EUR    68.13
UniCredit Bank AG      4.50   2/26/2015     EUR    50.28
UniCredit Bank AG      5.40   2/26/2015     EUR    65.13
DZ Bank AG Deutsche    6.75   1/23/2015     EUR    68.83
DZ Bank AG Deutsche    7.10    3/6/2015     EUR    61.00
DZ Bank AG Deutsche    5.10    3/6/2015     EUR    59.27
DZ Bank AG Deutsche    5.75   3/27/2015     EUR    53.77
Barclays Bank PLC     11.50  10/10/2018     SEK    73.11
DZ Bank AG Deutsche    9.25   3/27/2015     EUR    68.76
UBS AG                24.00  12/29/2015     EUR    63.72
UBS AG                20.25   3/27/2015     EUR    70.97
Goldman Sachs & Co     9.00   5/20/2015     EUR    74.90
DZ Bank AG Deutsche    5.50   5/22/2015     EUR    73.55
DZ Bank AG Deutsche    7.00   5/22/2015     EUR    74.72
UBS AG                22.00  12/29/2015     EUR    74.94
DZ Bank AG Deutsche    8.50   5/22/2015     EUR    74.51
UBS AG                22.50  12/29/2015     EUR    73.39
UBS AG                24.75   9/25/2015     EUR    61.24
UBS AG                16.00   6/24/2016     EUR    69.88
UBS AG                23.75  12/29/2015     EUR    66.80
Goldman Sachs & Co    13.00   5/20/2015     EUR    70.76
Bank Julius Baer &     7.90    2/4/2015     CHF    45.70
UBS AG                20.00  12/29/2015     EUR    69.25
UBS AG                21.75   6/26/2015     EUR    65.66
UBS AG                14.00   6/24/2016     EUR    71.47
Zurcher Kantonalban    8.25   1/30/2015     EUR    68.83
UBS AG/London         10.50   1/29/2015     CHF    43.14
UniCredit Bank AG      4.80   2/26/2015     EUR    70.13
UniCredit Bank AG      4.00   2/26/2015     EUR    51.19
UniCredit Bank AG      4.00   6/25/2015     EUR    68.64
UBS AG/London          6.50   5/22/2015     CHF    50.05
UniCredit Bank AG      5.70   2/26/2015     EUR    70.93
UniCredit Bank AG      4.00   6/25/2015     EUR    57.82
UniCredit Bank AG      4.75   2/26/2015     EUR    66.85
UniCredit Bank AG      6.00   2/26/2015     EUR    63.56
DZ Bank AG Deutsche    8.30    3/6/2015     EUR    68.10
DZ Bank AG Deutsche    9.50    3/6/2015     EUR    58.25
DZ Bank AG Deutsche    5.20    3/6/2015     EUR    64.19
DZ Bank AG Deutsche    3.70    3/6/2015     EUR    62.11
Vontobel Financial     6.60   6/26/2015     EUR    72.01
DZ Bank AG Deutsche    5.00   3/27/2015     EUR    65.78
DZ Bank AG Deutsche    9.50   2/27/2015     EUR    64.74
DZ Bank AG Deutsche    5.00   2/27/2015     EUR    70.98
BNP Paribas Emissio    6.00   3/26/2015     EUR    72.88
BNP Paribas Emissio    8.00   3/26/2015     EUR    69.08
UBS AG                19.75   6/24/2016     EUR    68.37
UBS AG                24.75   3/27/2015     EUR    65.85
UBS AG                22.50  12/29/2015     EUR    72.99
Goldman Sachs & Co    13.00   5/20/2015     EUR    69.46
UBS AG                23.00   6/26/2015     EUR    71.05
UBS AG                21.25   3/27/2015     EUR    69.37
Goldman Sachs & Co    11.00   9/23/2015     EUR    73.36
UBS AG                22.25  12/29/2015     EUR    74.37
UBS AG                23.25   9/25/2015     EUR    72.94
HSBC Trinkaus & Bur    9.50   3/27/2015     EUR    72.23
UniCredit Bank AG      4.00   2/26/2015     EUR    72.24
HSBC Trinkaus & Bur   10.00   3/27/2015     EUR    69.86
UBS AG/London         12.53   5/22/2015     CHF    64.50
UniCredit Bank AG      5.50   2/26/2015     EUR    48.56
Commerzbank AG         6.00   1/22/2015     EUR    72.30
UniCredit Bank AG      4.90   2/26/2015     EUR    73.90
Barclays Bank PLC      5.88   8/19/2016     EUR    70.31
DZ Bank AG Deutsche   12.20    3/6/2015     EUR    63.52
DZ Bank AG Deutsche    6.90    3/6/2015     EUR    56.78
DZ Bank AG Deutsche    5.25   3/27/2015     EUR    74.72
DZ Bank AG Deutsche   16.00   3/27/2015     EUR    30.75
DZ Bank AG Deutsche   12.50   2/27/2015     EUR    46.32
DZ Bank AG Deutsche   18.25   2/27/2015     EUR    58.52
BNP Paribas Emissio    7.00   6/25/2015     EUR    71.53
UBS AG                18.00   6/24/2016     EUR    69.02
UBS AG                22.00  12/29/2015     EUR    67.94
UBS AG                23.75   9/25/2015     EUR    70.75
UBS AG                22.50   3/27/2015     EUR    70.86
Goldman Sachs & Co    11.00   9/23/2015     EUR    72.46
UBS AG                22.00  12/29/2015     EUR    73.23
UBS AG                21.25   3/27/2015     EUR    73.76
DZ Bank AG Deutsche   10.25   5/22/2015     EUR    61.95
Deutsche Bank AG       4.00   5/25/2015     EUR    65.20
UBS AG                23.00   3/27/2015     EUR    63.37
Zurcher Kantonalban    8.00    6/4/2015     CHF    52.46
UBS AG                22.75   9/25/2015     EUR    65.96
UBS AG                23.75   6/26/2015     EUR    66.71
DZ Bank AG Deutsche    5.00    3/6/2015     EUR    73.58
Goldman Sachs & Co    16.00   1/21/2015     EUR    66.44
DZ Bank AG Deutsche    6.50   1/23/2015     EUR    71.46
DZ Bank AG Deutsche    7.00   1/23/2015     EUR    72.72
Deutsche Bank AG       5.20   7/22/2015     EUR    71.40
Deutsche Bank AG       5.20   8/26/2015     EUR    71.90
Leonteq Securities     5.40   4/10/2015     USD    56.26
DZ Bank AG Deutsche    6.50   7/10/2015     EUR    72.55
Leonteq Securities    12.20   7/22/2015     USD    52.73
Bank Julius Baer &    10.20    2/6/2015     USD    56.60
UBS AG                 5.25  12/29/2015     EUR    69.94
Vontobel Financial     7.65    8/7/2015     EUR    73.60
UniCredit Bank AG      5.20   2/26/2015     EUR    65.09
UniCredit Bank AG      8.00   2/26/2015     EUR    73.39
UniCredit Bank AG      4.30   2/26/2015     EUR    67.22
UBS AG                15.50   6/26/2015     EUR    71.44
UBS AG                11.25  12/29/2015     EUR    61.23
UBS AG                23.75   3/27/2015     EUR    64.79
UBS AG                14.50  12/29/2015     EUR    70.02
UBS AG                14.00   9/25/2015     EUR    69.83
UBS AG                 5.25  12/29/2015     EUR    71.27
UBS AG                12.75  12/29/2015     EUR    72.18
UBS AG                12.75   9/25/2015     EUR    71.85
UBS AG                11.50   9/25/2015     EUR    63.75
UBS AG                14.00   6/26/2015     EUR    71.22
UBS AG                11.00   6/26/2015     EUR    73.34
Goldman Sachs & Co    11.00   3/25/2015     EUR    69.97
Leonteq Securities    11.60   8/12/2015     USD    65.44
Vontobel Financial     6.45   8/28/2015     EUR    70.20
HSBC Trinkaus & Bur    7.50   2/27/2015     EUR    71.51
BNP Paribas Emissio    9.00   3/26/2015     EUR    74.63
LBBW                   4.00   2/27/2015     EUR    73.76
LBBW                   3.00   2/27/2015     EUR    62.84
DZ Bank AG Deutsche   15.25   5/22/2015     EUR    63.37
HSBC Trinkaus & Bur    9.50   3/27/2015     EUR    70.10
HSBC Trinkaus & Bur   11.00   1/23/2015     EUR    64.13
HSBC Trinkaus & Bur   14.50   6/26/2015     EUR    70.90
HSBC Trinkaus & Bur   10.50   6/26/2015     EUR    74.33
Commerzbank AG        23.75   4/23/2015     EUR    36.93
UBS AG                 5.44   6/10/2015     USD    40.54
HSBC Trinkaus & Bur    2.75   1/23/2015     EUR    69.20
HSBC Trinkaus & Bur    6.50   3/27/2015     EUR    64.49
HSBC Trinkaus & Bur    7.50   1/23/2015     EUR    74.32
HSBC Trinkaus & Bur    7.50   2/27/2015     EUR    74.68
HSBC Trinkaus & Bur   10.50   3/27/2015     EUR    70.70
HSBC Trinkaus & Bur    8.50   2/27/2015     EUR    73.40
HSBC Trinkaus & Bur   11.50   3/27/2015     EUR    67.11
HSBC Trinkaus & Bur    9.00   3/27/2015     EUR    71.95
Vontobel Financial     8.30   8/28/2015     EUR    70.10
Notenstein Privatba    7.00   5/20/2015     CHF    74.53
HSBC Trinkaus & Bur    9.50   3/27/2015     EUR    73.10
HSBC Trinkaus & Bur    7.00   1/23/2015     EUR    75.00
HSBC Trinkaus & Bur    6.00   3/27/2015     EUR    74.38
HSBC Trinkaus & Bur   16.00   6/26/2015     EUR    61.67
Commerzbank AG         9.50   4/23/2015     EUR    65.63
Commerzbank AG        10.00   4/23/2015     EUR    52.74
HSBC Trinkaus & Bur    7.50   6/26/2015     EUR    71.49
HSBC Trinkaus & Bur    6.50   1/23/2015     EUR    64.82
HSBC Trinkaus & Bur   10.50   1/23/2015     EUR    59.04
HSBC Trinkaus & Bur    9.50   4/24/2015     EUR    61.09
Credit Suisse AG/Na    9.00   2/20/2015     EUR    67.14
HSBC Trinkaus & Bur    8.50   3/27/2015     EUR    69.90
UBS AG                14.00   6/26/2015     EUR    68.85
Banque Cantonale Va    8.53    3/2/2015     USD    70.72
HSBC Trinkaus & Bur    8.00   3/27/2015     EUR    71.00
UBS AG                13.75   6/26/2015     EUR    74.65
HSBC Trinkaus & Bur   19.00   3/27/2015     EUR    72.42
HSBC Trinkaus & Bur   15.00   6/26/2015     EUR    74.29
UBS AG                12.00   3/27/2015     EUR    71.39
Deutsche Bank AG       6.20   6/23/2015     EUR    71.84
Deutsche Bank AG       6.20   6/23/2015     EUR    69.23
Deutsche Bank AG       5.20   6/23/2015     EUR    66.73
Zurcher Kantonalban    7.82   2/20/2015     USD    56.88
Goldman Sachs & Co     9.00   7/22/2015     EUR    72.87
Deutsche Bank AG       5.20   6/23/2015     EUR    68.75
Deutsche Bank AG       8.20   6/23/2015     EUR    72.79
DZ Bank AG Deutsche   21.00   2/27/2015     EUR    30.78
DZ Bank AG Deutsche    5.00   2/27/2015     EUR    68.97
DZ Bank AG Deutsche    6.25   9/25/2015     EUR    74.70
Vontobel Financial     5.85   6/26/2015     EUR    74.26
UBS AG                 3.43    6/8/2015     USD    17.52
Zurcher Kantonalban   10.50   2/25/2015     CHF    49.45
HSBC Trinkaus & Bur   15.00   6/26/2015     EUR    71.61
HSBC Trinkaus & Bur   10.50   3/27/2015     EUR    60.40
HSBC Trinkaus & Bur   15.00   6/26/2015     EUR    70.23
HSBC Trinkaus & Bur    9.00   1/23/2015     EUR    73.91
HSBC Trinkaus & Bur   10.50   3/27/2015     EUR    67.82
HSBC Trinkaus & Bur   11.00   3/27/2015     EUR    65.34
UBS AG                11.25   6/26/2015     EUR    73.19
HSBC Trinkaus & Bur   12.50   6/26/2015     EUR    68.04
Deutsche Bank AG       6.20   6/23/2015     EUR    67.20
Goldman Sachs & Co     9.00  12/23/2015     EUR    73.07
Deutsche Bank AG       7.20   6/23/2015     EUR    72.31
Deutsche Bank AG       8.20   6/23/2015     EUR    70.18
Deutsche Bank AG       8.20   6/23/2015     EUR    68.15
Goldman Sachs & Co    13.00   2/25/2015     EUR    71.38
DZ Bank AG Deutsche    9.00   2/27/2015     EUR    58.26
DZ Bank AG Deutsche    6.25   2/27/2015     EUR    61.61
DZ Bank AG Deutsche    5.75   6/26/2015     EUR    68.70
DZ Bank AG Deutsche   15.25   5/22/2015     EUR    61.99
Vontobel Financial     6.85   8/28/2015     EUR    71.30
DZ Bank AG Deutsche    6.75   6/12/2015     EUR    69.71
DZ Bank AG Deutsche    6.75   6/12/2015     EUR    68.93
HSBC Trinkaus & Bur   13.00   3/27/2015     EUR    69.63
HSBC Trinkaus & Bur    8.50   1/23/2015     EUR    73.09
Deutsche Bank AG       7.20   6/22/2015     EUR    60.30
Deutsche Bank AG       6.20   6/22/2015     EUR    53.50
Deutsche Bank AG       5.20   6/22/2015     EUR    56.00
Deutsche Bank AG       6.20   6/22/2015     EUR    56.40
Deutsche Bank AG       5.20   6/22/2015     EUR    59.30
Deutsche Bank AG       6.20   3/24/2015     EUR    60.00
Deutsche Bank AG       6.20   6/22/2015     EUR    59.80
Deutsche Bank AG       7.20   6/22/2015     EUR    56.90
Deutsche Bank AG       6.20  12/22/2015     EUR    74.30
Deutsche Bank AG       7.20   6/22/2015     EUR    72.00
DZ Bank AG Deutsche    8.00   3/13/2015     EUR    69.75
Commerzbank AG         5.75   1/22/2015     EUR    69.72
HSBC Trinkaus & Bur   10.50   3/27/2015     EUR    61.60
HSBC Trinkaus & Bur    8.00   1/23/2015     EUR    70.84
HSBC Trinkaus & Bur   11.00   3/27/2015     EUR    63.78
Deutsche Bank AG       6.20   6/22/2015     EUR    72.10
DZ Bank AG Deutsche   10.75   4/24/2015     EUR    58.73
Commerzbank AG         5.75   4/23/2015     EUR    56.39
Commerzbank AG        10.00   4/23/2015     EUR    72.00
Deutsche Bank AG       5.20   6/22/2015     EUR    74.70
Deutsche Bank AG       7.20   9/22/2015     EUR    73.70
Deutsche Bank AG       5.20   6/22/2015     EUR    71.10
DZ Bank AG Deutsche    6.75   6/12/2015     EUR    74.30
Deutsche Bank AG       6.20  12/22/2015     EUR    74.20
HSBC Trinkaus & Bur   13.00   3/27/2015     EUR    69.64
DZ Bank AG Deutsche    7.25   6/12/2015     EUR    69.15
HSBC Trinkaus & Bur   14.50   3/27/2015     EUR    66.29
Credit Suisse AG/Na    8.25    5/4/2015     USD    61.48
Deutsche Bank AG       5.20   6/22/2015     EUR    53.00
Deutsche Bank AG       7.20   6/22/2015     EUR    53.90
Deutsche Bank AG       7.20   9/22/2015     EUR    73.60
Deutsche Bank AG       5.20  12/22/2015     EUR    73.30
DZ Bank AG Deutsche    8.25   6/12/2015     EUR    70.35
DZ Bank AG Deutsche    8.00   6/12/2015     EUR    66.55
Deutsche Bank AG       6.20   9/22/2015     EUR    72.90
Commerzbank AG         8.00   1/22/2015     EUR    66.14
Deutsche Bank AG       5.20   6/22/2015     EUR    74.30
Deutsche Bank AG       7.20   6/22/2015     EUR    72.60
HSBC Trinkaus & Bur    8.00   1/23/2015     EUR    68.68
Deutsche Bank AG       6.20   3/24/2015     EUR    73.00
Deutsche Bank AG       6.20   6/22/2015     EUR    74.80
Deutsche Bank AG       5.20   6/22/2015     EUR    71.60
Deutsche Bank AG       6.20   6/22/2015     EUR    73.80
Deutsche Bank AG       6.20   6/22/2015     EUR    67.90
Goldman Sachs & Co     5.00   3/25/2015     EUR    74.55
Goldman Sachs & Co     7.00   3/25/2015     EUR    74.98
DZ Bank AG Deutsche   15.75   4/24/2015     EUR    55.62
UBS AG                14.50  12/23/2016     EUR    74.95
UBS AG                16.00  12/23/2016     EUR    74.14
UBS AG                24.25  12/29/2015     EUR    72.69
Commerzbank AG         8.00   4/23/2015     EUR    54.31
Commerzbank AG         7.75   4/23/2015     EUR    74.79
Commerzbank AG         8.75   4/23/2015     EUR    71.45
Deutsche Bank AG       5.20  12/22/2015     EUR    73.20
UBS AG                22.50   3/29/2016     EUR    74.59
UniCredit Bank AG      4.75   2/26/2015     EUR    60.30
UniCredit Bank AG      6.50   2/26/2015     EUR    69.13
UniCredit Bank AG      5.60   2/26/2015     EUR    71.53
Vontobel Financial     6.20   3/27/2015     EUR    72.60
Vontobel Financial    15.15   2/27/2015     EUR    59.60
UBS AG                14.75   6/26/2015     EUR    74.23
Goldman Sachs & Co    11.00   6/24/2015     EUR    64.15
DZ Bank AG Deutsche    5.50   3/27/2015     EUR    56.40
HSBC Trinkaus & Bur    6.00   1/23/2015     EUR    63.35
HSBC Trinkaus & Bur    6.00   2/27/2015     EUR    63.92
Notenstein Privatba    9.60   6/16/2015     CHF    46.99
HSBC Trinkaus & Bur    8.25   1/23/2015     EUR    72.38
DZ Bank AG Deutsche    9.75   5/22/2015     EUR    58.74
HSBC Trinkaus & Bur   18.00   3/27/2015     EUR    58.34
Banque Cantonale Va    5.80   6/12/2015     CHF    73.50
HSBC Trinkaus & Bur   17.50   3/27/2015     EUR    69.35
HSBC Trinkaus & Bur    8.00   1/23/2015     EUR    72.17
HSBC Trinkaus & Bur    8.00   1/23/2015     EUR    70.57
Goldman Sachs & Co    11.00   7/22/2015     EUR    70.61
Deutsche Bank AG       7.20   6/23/2015     EUR    67.68
DZ Bank AG Deutsche    9.25   5/22/2015     EUR    58.55
Bank Julius Baer &     8.50    5/7/2015     USD    64.40
DZ Bank AG Deutsche    7.50   3/27/2015     EUR    73.05
UBS AG                 7.60   3/25/2015     EUR    67.87
Deutsche Bank AG       7.20   3/24/2015     EUR    60.20
Deutsche Bank AG       5.20   3/24/2015     EUR    59.80
Deutsche Bank AG       5.20   6/22/2015     EUR    73.30
Commerzbank AG        10.25   1/22/2015     EUR    73.24
Deutsche Bank AG       5.20   9/22/2015     EUR    72.20
HSBC Trinkaus & Bur    8.00   3/27/2015     EUR    72.20
Deutsche Bank AG       5.20   3/24/2015     EUR    66.50
DZ Bank AG Deutsche    5.25   4/24/2015     EUR    73.97
Deutsche Bank AG       6.20   6/22/2015     EUR    71.60
Deutsche Bank AG       7.20   6/22/2015     EUR    72.10
Deutsche Bank AG       6.20   9/22/2015     EUR    72.90
Deutsche Bank AG       5.20   9/22/2015     EUR    72.20
UniCredit Bank AG      5.00   6/25/2015     EUR    57.82
DZ Bank AG Deutsche    5.75   3/13/2015     EUR    71.28
UniCredit Bank AG      6.25   6/25/2015     EUR    56.48
DZ Bank AG Deutsche   16.00   5/22/2015     EUR    62.27
UniCredit Bank AG      6.00   6/25/2015     EUR    74.87
HSBC Trinkaus & Bur    6.25   1/23/2015     EUR    74.63
HSBC Trinkaus & Bur   11.50   3/27/2015     EUR    68.97
UBS AG                10.50   3/27/2015     EUR    60.61
DZ Bank AG Deutsche    5.75   1/16/2015     EUR    73.20
DZ Bank AG Deutsche    6.75   3/13/2015     EUR    73.70
DZ Bank AG Deutsche    5.00   3/13/2015     EUR    68.34
DZ Bank AG Deutsche   10.50   5/22/2015     EUR    57.81
Vontobel Financial     4.00   9/11/2015     EUR    72.39
Credit Suisse AG/Lo    9.00  12/18/2015     USD    57.51
UniCredit Bank AG      4.25   6/25/2015     EUR    60.23
Bank Julius Baer &    15.25    6/4/2015     CHF    55.50
UBS AG                10.25   6/26/2015     EUR    68.93
SAir Group             2.75   7/30/2004     CHF    11.00
HSBC Trinkaus & Bur    9.50   3/27/2015     EUR    63.90
HSBC Trinkaus & Bur   12.00   1/23/2015     EUR    70.82
DZ Bank AG Deutsche    5.75   3/27/2015     EUR    74.27
HSBC Trinkaus & Bur   11.50   1/23/2015     EUR    73.85
HSBC Trinkaus & Bur   10.25   1/23/2015     EUR    74.87
Vontobel Financial     4.25   9/11/2015     EUR    74.35
Vontobel Financial     4.95   9/11/2015     EUR    74.82
HSBC Trinkaus & Bur    8.50   1/23/2015     EUR    68.10
DZ Bank AG Deutsche    5.50   7/10/2015     EUR    74.16
UniCredit Bank AG      6.50   6/25/2015     EUR    56.01
UBS AG                 9.50  12/29/2015     EUR    71.94
Vontobel Financial     4.85   9/11/2015     EUR    72.97
Vontobel Financial     5.60   9/11/2015     EUR    73.48
UniCredit Bank AG      4.75   6/25/2015     EUR    59.06
Vontobel Financial     4.65   6/12/2015     EUR    71.85
UniCredit Bank AG      6.10   6/25/2015     EUR    57.05
UBS AG                12.25   9/25/2015     EUR    70.47
Bank Julius Baer &    11.25    6/3/2015     CHF    54.15
HSBC Trinkaus & Bur    9.25   1/23/2015     EUR    68.11
HSBC Trinkaus & Bur   11.00   3/27/2015     EUR    67.41
UBS AG                11.75   6/26/2015     EUR    74.59
HSBC Trinkaus & Bur    9.25   1/23/2015     EUR    56.50
HSBC Trinkaus & Bur   11.50   3/27/2015     EUR    72.32
HSBC Trinkaus & Bur   15.50   3/27/2015     EUR    49.32
HSBC Trinkaus & Bur   11.00   3/27/2015     EUR    74.89
HSBC Trinkaus & Bur   17.50   3/27/2015     EUR    71.73
HSBC Trinkaus & Bur   10.00   6/26/2015     EUR    74.31
HSBC Trinkaus & Bur    9.00   6/26/2015     EUR    71.48
HSBC Trinkaus & Bur   14.50   6/26/2015     EUR    67.89
HSBC Trinkaus & Bur   16.00   3/27/2015     EUR    59.78
HSBC Trinkaus & Bur   16.50   3/27/2015     EUR    72.28
UBS AG/London          7.75   5/28/2015     CHF    45.61
UBS AG                13.75   3/27/2015     EUR    67.06
Deutsche Bank AG       6.00   6/22/2015     EUR    71.40
Deutsche Bank AG       7.00   6/22/2015     EUR    67.90
Deutsche Bank AG       8.00   6/22/2015     EUR    68.40
HSBC Trinkaus & Bur    9.00   3/27/2015     EUR    74.37
HSBC Trinkaus & Bur   12.50   3/27/2015     EUR    66.36
HSBC Trinkaus & Bur    7.00   6/26/2015     EUR    73.53
HSBC Trinkaus & Bur   13.00   3/27/2015     EUR    73.51
Credit Suisse AG/Lo    7.60  10/15/2015     CHF    70.71
HSBC Trinkaus & Bur   11.50   6/26/2015     EUR    65.74
Commerzbank AG         7.50   5/21/2015     EUR    72.46
Deutsche Bank AG       6.00   6/22/2015     EUR    73.10
Deutsche Bank AG       6.00   6/22/2015     EUR    69.80
Deutsche Bank AG       8.00   6/22/2015     EUR    70.70
Deutsche Bank AG       5.20   9/22/2015     EUR    73.90
HSBC Trinkaus & Bur    8.50   3/27/2015     EUR    66.17
UBS AG                 6.75   9/25/2015     EUR    72.80
Vontobel Financial     6.40   6/26/2015     EUR    68.25
HSBC Trinkaus & Bur   13.50   3/27/2015     EUR    67.96
HSBC Trinkaus & Bur   11.50   3/27/2015     EUR    52.97
HSBC Trinkaus & Bur   13.50   6/26/2015     EUR    72.63
HSBC Trinkaus & Bur   13.00   6/26/2015     EUR    69.69
HSBC Trinkaus & Bur   14.00   6/26/2015     EUR    70.11
HSBC Trinkaus & Bur    7.00   9/25/2015     EUR    74.48
HSBC Trinkaus & Bur   14.50   6/26/2015     EUR    74.45
Vontobel Financial     5.10   6/26/2015     EUR    69.59
Deutsche Bank AG       6.20   9/22/2015     EUR    74.60
Deutsche Bank AG       7.00   6/22/2015     EUR    73.60
Deutsche Bank AG       7.00   6/22/2015     EUR    71.90
Deutsche Bank AG       7.00   6/22/2015     EUR    70.30
Deutsche Bank AG       8.00   6/22/2015     EUR    72.40
HSBC Trinkaus & Bur    7.50   3/27/2015     EUR    69.03
HSBC Trinkaus & Bur    6.00   3/27/2015     EUR    72.20
HSBC Trinkaus & Bur   10.00   3/27/2015     EUR    63.52
HSBC Trinkaus & Bur    7.00   3/27/2015     EUR    69.15
Zurcher Kantonalban    8.10    6/3/2015     EUR    74.91
Goldman Sachs & Co     8.00   3/25/2015     EUR    73.14
Goldman Sachs & Co     8.00   3/25/2015     EUR    74.07
Vontobel Financial     6.50   8/14/2015     EUR    68.40
Vontobel Financial     6.30   6/26/2015     EUR    72.18
Goldman Sachs & Co    16.00   3/25/2015     EUR    70.15
Vontobel Financial     6.50   6/26/2015     EUR    74.01
Vontobel Financial     5.30   9/11/2015     EUR    73.28
Vontobel Financial     5.85   6/12/2015     EUR    72.37
Vontobel Financial     5.30   7/10/2015     EUR    72.49
Vontobel Financial     3.75   7/10/2015     EUR    71.70
DZ Bank AG Deutsche    7.25   6/26/2015     EUR    74.86
Banque Cantonale Va   10.00   2/10/2015     CHF    57.50
HSBC Trinkaus & Bur    9.00   3/27/2015     EUR    73.98
HSBC Trinkaus & Bur    6.25   1/23/2015     EUR    63.53
DZ Bank AG Deutsche    7.25   1/16/2015     EUR    67.64
HSBC Trinkaus & Bur    7.50   3/27/2015     EUR    57.70
HSBC Trinkaus & Bur    9.00   1/23/2015     EUR    54.61
HSBC Trinkaus & Bur   15.00   6/26/2015     EUR    73.92
Deutsche Bank AG       8.00   6/22/2015     EUR    74.10
Goldman Sachs & Co    16.00   5/20/2015     EUR    71.85
Bank Julius Baer &    12.25   4/24/2015     USD    71.15
Bank Julius Baer &     7.80   2/27/2015     USD    72.85
UBS AG/London          8.50   2/19/2015     CHF    71.63
UBS AG/London         16.50   2/19/2015     CHF    63.63
Goldman Sachs & Co    10.00   3/25/2015     EUR    68.46
Goldman Sachs & Co    14.00   3/25/2015     EUR    60.82
Vontobel Financial     6.85   3/27/2015     EUR    73.91
Commerzbank AG         8.00   5/21/2015     EUR    73.37
Notenstein Privatba    7.40  10/31/2016     CHF    48.84
Bank Julius Baer &     8.00   2/25/2015     CHF    47.55
DZ Bank AG Deutsche    5.00   2/13/2015     EUR    70.74
DZ Bank AG Deutsche    5.00   8/14/2015     EUR    71.74
UniCredit Bank AG      6.00   6/24/2015     EUR    72.30
Goldman Sachs & Co     7.00   3/25/2015     EUR    71.15
Commerzbank AG         6.00   6/25/2015     EUR    74.16
Vontobel Financial     7.50   6/26/2015     EUR    73.80
UniCredit Bank AG      4.30   6/24/2015     EUR    59.90
Bayerische Landesba    3.40   6/19/2015     EUR    74.94
UBS AG/London          6.75    7/2/2015     CHF    71.37
DZ Bank AG Deutsche    6.00    3/6/2015     EUR    73.97
Vontobel Financial    10.85   4/17/2015     EUR    65.79
Vontobel Financial     8.40   1/16/2015     EUR    66.75
Vontobel Financial     7.05   6/12/2015     EUR    70.64
Vontobel Financial     8.25   6/12/2015     EUR    68.81
Vontobel Financial     9.65   6/12/2015     EUR    67.22
Vontobel Financial    10.55   6/12/2015     EUR    66.22
UBS AG/London         14.50   9/25/2015     EUR    67.99


                            *********

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

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

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


                            *********


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

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

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

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

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

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


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