TCREUR_Public/150323.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, March 23, 2015, Vol. 16, No. 57

                            Headlines


A U S T R I A

HYPO ALPE-ADRIA: Insolvency Still Possible For Bad Bank, FMA Says


A Z E R B A I J A N

MUGANBANK OJSC: S&P Revises Outlook & Affirms 'BB-/B' Ratings


B U L G A R I A

CORPORATE COMMERCIAL: Trustees to Be Appointed This Week


F R A N C E

INFINITY 2007-1: S&P Lowers Rating on Class F Notes to 'CCC-'


G E R M A N Y

E.R. OFFSHORE: Files For Insolvency in Germany
ULTRASONIC AG: Court Appoints Prelim. Insolvency Administrator


I R E L A N D

G SQUARE FINANCE: S&P Lowers & Withdraws D Ratings on 3 Notes
HUNTSMAN INT'L: S&P Assigns 'B+' Rating to EUR300 Unsecured Notes
ULSTER BANK: Moody's Puts Ba2 Debt Rating on Review for Downgrade


I T A L Y

PARMA FOOTBALL: Declared Bankrupt; Receivers Appointed


L U X E M B O U R G

INTELSAT SA: Moody's Affirms 'B3' Corporate Family Rating


N E T H E R L A N D S

EIGER ACQUISITION: Moody's Assigns B2 CFR; Outlook Remains Stable
REFRESCO GERBER: Moody's Puts B2 CFR Under Review for Upgrade
SENSATA TECHNOLOGIES: S&P Rates US$700MM Sr. Unsec. Notes 'BB+'


P O R T U G A L

BANCO ESPIRITO: Ex-Chief Executive Dismisses Audit Findings


R O M A N I A

* ROMANIA: Corporate Insolvencies Drop 50% in January to 930


R U S S I A

IRKUT CORPORATION: Moody's Confirms Ba3 CFR; Outlook Negative
NORD GOLD: Moody's Confirms 'Ba3' CFR; Outlook Stable


S P A I N

ABENGOA SA: Fitch Cuts Issuer Default Rating to 'B'
BANCO DE SABADELL: S&P Affirms 'BB+/B' Counterparty Ratings

U K R A I N E

ASTRA BANK: Put on NBU's List of Insolvent Banks
BANK KYIVSKA: Declared Insolvent by National Bank of Ukraine


U N I T E D   K I N G D O M

CITY LINK: Creditors Likely to See Less Than 2p in Pound
DECO 2015-HARP: Moody's Assigns (P)Ba3 Rating to Class D Notes
ECO BUSINESS: High Court Enters Wind Up Order
EUROSAIL-UK 2007-6: Fitch Affirms 'Csf' Rating on Class D1a Notes
GLAMORGAN CRICKET: Cardiff Council Writes Off GBP4.4MM Debt

MOTO HOSPITALITY: S&P Revises Outlook to Pos. & Affirms 'B-' CCR
ST. VINCENT STREET: Two Acting Directors Banned for Years


X X X X X X X X

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


                            *********


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A U S T R I A
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HYPO ALPE-ADRIA: Insolvency Still Possible For Bad Bank, FMA Says
-----------------------------------------------------------------
Shadia Nasralla and Angelika Gruber at Reuters report that the
"bad bank" of defunct Austrian lender Hypo Alpe Adria could still
be declared insolvent despite plans to wind it down, the Austrian
Financial Market Authority said on March 11.

Reuters relates that FMA, Austria's financial watchdog, took
control of the bad bank, Heta, this month and imposed a debt
moratorium until May 2016 after an outside audit exposed a
capital hole of up to EUR7.6 billion (US$8 billion), which the
government was not prepared to fill.

According to Reuters, the moratorium is aimed at giving the FMA
time to work out a plan to wind down Heta to ensure equal
treatment of creditors.  Reuters relates that FMA said it would
not negotiate on the size of any bail-ins -- imposed losses --
with debtholders, who will be informed of such actions by a
statement on its Web site, which it expects will come in about a
year.

The watchdog however said on March 11 that insolvency was still a
possibility, if it was deemed it was in the public interest to
let the bank go bust rather than to wind it down, Reuters relays.

"This has yet to be decided," Reuters FMA co-head Klaus
Kumpfmueller as saying. He added he expected a final audit would
show Heta's capital gap to be smaller than EUR7.6 billion,
Reuters reports.

Reuters relates that the FMA's other co-head, Helmut Ettl, said:
"It is a mystery to any observer what's happening here."

Some creditors have said they are looking into taking legal steps
over Heta, and the FMA is preparing itself for legal action
against its decisions, adds Reuters.

According to Reuters, the FMA said one major advantage of winding
down Heta is that the sale of Hypo's Balkan network could go
ahead.

Reuters recalls that Austria agreed in December to sell the
network to private equity firm Advent International and the
European Bank for Reconstruction and Development (EBRD) for up to
EUR200 million. The FMA still expects the deal to close by July,
Reuters adds.

                       About Hypo Alpe-Adria

Hypo Alpe-Adria International AG is a subsidiary of BayernLB.  It
is active in banking and leasing.  In banking, HGAA serves both
corporate and retail customers and offers services ranging from
traditional lending through savings and deposits to complex
investment products and asset management services.

Hypo Alpe received EUR1.75 billion in aid in emergency
capital from the Austrian government.  European Union Competition
Commissioner Joaquin Almunia said in March 2013 that Hypo Alpe
faced possible closure for failing to adequately restructure.
The European Commission approved Hypo's recapitalization in
December 2013, but made it conditional on the management
presenting a thorough plan to overhaul the group.  The Austrian
finance ministry, which effectively runs Hypo Alpe, submitted a
restructuring plan to the Commission on Feb. 5, 2013.  On Sept.
3, 2013, the Commission cleared Hypo Alpe's restructuring plan,
which includes the sale of the bank's Austrian unit and Balkans
banking network and the winding-down of non-viable parts.  It
also approved additional aid to wind down the bank.

As reported in the Troubled Company Reporter-Europe on Nov. 3,
2014, The Wall Street Journal said Austria's nationalized lender
Hypo Alpe-Adria-Bank International AG said on Oct. 30 it has
split itself between a wind-down unit, called Heta Asset
Resolution GmbH, and its southeastern European network of banks.

The split is part of the lender's restructuring plan approved by
the European Commission, the Journal disclosed.  According to the
Journal, under the plan, the Austrian government -- Hypo Alpe-
Adria's current owner -- must sell off all of the bank's assets
or transfer them into a wind-down unit by mid-2015.



===================
A Z E R B A I J A N
===================


MUGANBANK OJSC: S&P Revises Outlook & Affirms 'BB-/B' Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on Azerbaijan-based Muganbank OJSC to stable from
positive.  The 'B-/C' long- and short-term counterparty credit
ratings were affirmed.

At the same time, S&P affirmed its 'BB-/B' long- and short-term
counterparty credit ratings on PASHA Bank.  The outlook remains
stable.

The rating actions follow the revision of S&P's outlook on
Azerbaijan to negative from stable.

In S&P's opinion, economic risks for Azerbaijani banks have
increased because of the slowdown of the domestic economy, due to
the pronounced drop in international oil prices and sharp
devaluation of the manat in early 2015.  As a result, under S&P's
methodology for banking industry and country risk, S&P now views
the economic risk trend in Azerbaijan as negative, rather than
stable.  This reflects S&P's opinion of increasing challenges
that could constrain domestic banks' business growth and earnings
prospects.

Azerbaijan's economy and general government revenues depend on
the hydrocarbons sector, which S&P estimates contributed about
44% of GDP and 95% of merchandise exports in 2013-2014.  S&P has
recently significantly lowered its expectations on oil prices for
2015-2018.  S&P now forecasts that the oil price will decrease to
$55 per barrel in 2015 and modestly recover to an average $75 per
barrel in 2016-2018.  In 2015, S&P anticipates that the economy
will expand by only 1.9%, down from 2.8% in 2014, because oil
production and exports will continue to shrink, and the non-oil
sector, especially construction, will be affected by lower
public-sector capital investment.  S&P expects nominal GDP, on
the other hand, to contract by more than 10% this year, due to
the sharply lower oil prices.  A prolonged drop in oil prices may
test the government's ability to maintain its spending
initiatives, in S&P's view.  This could put additional pressure
on banks' financial fundamentals if asset quality deteriorates
because of borrowers' reducing debt-servicing capacity.

Credit risk in the economy is extremely high, in S&P's opinion.
Recent rapid growth in household and corporate debt is
exacerbating the risk of weaker economic prospects, despite low
leverage metrics in a global context.  Over the past few years,
lending in foreign currency has fallen gradually, due to the
stability of the local currency.  At the same time, owing to the
large parallel economy, it's difficult to assess debt-servicing
capabilities and therefore the true level of problem loans; the
domestic regulators have reported that nonperforming loans
represented 5.5% of system loans as of Sept. 30, 2014.  Given
Azerbaijan's commodity-led economy and the substantial drop in
oil prices in 2014, S&P believes that these factors may erode
banks' asset quality.

Furthermore, the poor credit standing of the nonexport economy
and Azerbaijan's weak payment culture continue to negatively
influence asset quality in the banking system.

Unlike banks in peer countries such as Hungary or Georgia,
Azerbaijani banks had limited risks from foreign currency lending
before 2015.  This was due to de facto manat-to-U.S. dollar peg
and a fairly stable exchange rate over the past five years.
However, S&P observes that the peg has loosened, and the manat
depreciated by 34% in January and February 2015.  Consequently,
S&P believes that lower confidence in the manat may lead to
currency imbalances in banks' balance sheets over the next 12
months.  That said, S&P already incorporates this in its
assessment of the country's extremely high credit risk in the
economy.

S&P views the trend for industry risk in Azerbaijan's banking
sector as stable, and expect that the industry structure will
remain broadly the same, dominated by state-owned and elite-
controlled banks.  This backs S&P's view of Azerbaijan's
government as supportive of the domestic banking sector.  S&P
believes that the recent increase in minimal capital requirements
for the banks to Azerbaijan manat 50 million (approximately $48
million) will not change the domestic competitive landscape
materially.  The banking system has a relatively high level of
core customer deposits, with no material reliance on external
funding.

S&P's view of increased economic risk puts pressure on its anchor
of 'bb-', which is the starting point for S&P's ratings on banks
operating predominantly in Azerbaijan.

Muganbank OJSC

S&P revised its outlook on Muganbank to stable from positive
because it believes the more difficult operating environment,
together with the manat's devaluation and likely higher
provisioning needs, could erode the bank's earnings.  At the same
time, S&P believes that the bank is continuing to strengthen its
business position, and its track record in previous years is
better than that of other domestic players.

The stable outlook reflects S&P's view that Muganbank's
experienced management team and market focus should help it
navigate through the difficult economic conditions, even if the
operating environment deteriorates further.

S&P could take a negative rating action if it saw the bank's
funding and liquidity deteriorating significantly, or if its
capital position came under more significant pressure that S&P
currently expects.

S&P might take a positive rating action if it believed that in
2015 the bank can demonstrate healthy profitability, with a
manageable increase in nonperforming loans, or if the operating
environment were to improve.

PASHA Bank

S&P has affirmed its ratings on PASHA Bank because, in S&P's
view, the bank's solid capital position counterbalances the
pressures from deteriorating operating conditions.  S&P believes
that, if the economy weakens further, the bank is likely to
adjust its strategy, scaling back its growth and dividend payout.

Nevertheless, S&P considers that worsening conditions will likely
affect PASHA Bank, resulting in higher nonperforming loans and
provisioning needs.  The bank's loan book shows very high single-
name concentration, with the 20 largest loans accounting for
about 73% of total loans and 80% of total adjusted capital as of
June 30, 2014.  It is therefore vulnerable to worsening payment
capacity of individual borrowers.

S&P also sees moderate uncertainty related to PASHA Bank's
acquisition of a bank in Turkey (PASHA Yatirim Bankasi, formerly
TAIB Bank).  Although TAIB Bank was relatively small compared
with PASHA Bank, S&P will needs to assess the impact on the
group's capital, especially if expansion plans for the Turkish
market appear aggressive.

The stable outlook reflects S&P's opinion that the bank's risk-
adjusted capital ratio will remain above 10% in the next 12-24
months, and asset quality deterioration would be only moderate
and not exceed the sector average.

S&P could lower the ratings on PASHA Bank if S&P saw the bank's
capital position deteriorating significantly, for example, as a
result of higher provisioning needs, high dividends, or rapid
business expansion.

A positive rating action is remote at this stage and would
require significant diversification of the bank's funding
sources, with capital buffers being maintained or asset quality
metrics not worsening substantially.

BICRA SCORE SNAPSHOT*
Azerbaijan                      To              From

BICRA Group                     8               8
Economic risk                  8               8
   Economic resilience          High            High
   Economic imbalances          Intermediate    Intermediate
   Credit risk in the economy   Extremely High  Extremely High
  Trend                         Negative        Stable

Industry risk                  8               8
   Institutional framework      Very High       Very High
   Competitive dynamics         High            High
   Systemwide funding           Very High       Very High
  Trend                         Stable          Stable

* Banking Industry Country Risk Assessment (BICRA) economic risk
  and industry risk scores are on a scale from 1 (lowest risk) to
  10 (highest risk).

RATINGS LIST

Ratings Affirmed; Outlook Action

                               To                 From
Muganbank OJSC
Counterparty Credit Rating    B-/Stable/C        B-/Positive/C

PASHA Bank
Counterparty Credit Rating    BB-/Stable/B       BB-/Stable/B



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


CORPORATE COMMERCIAL: Trustees to Be Appointed This Week
--------------------------------------------------------
FOCUS News Agency reports that Bulgarian Prime Minister Prime
Minister Boyko Borisov said on March 21, "There will be trustees
in bankruptcy at Corporate Commercial Bank (CorpBank) by the end
of next week".

Mr. Borisov indicated they will challenge all struck deals as the
government has said there could be no cessions.

"How can property be transferred provided the state has given
over BGN3.5 million so far?," FOCUS News quotes the official as
saying.

               About Corporate Commercial Bank AD

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

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



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


INFINITY 2007-1: S&P Lowers Rating on Class F Notes to 'CCC-'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its credit ratings on
Infinity 2007-1 "Soprano" FCC's class A, B, C, D, E, and F notes.
At the same time, S&P has affirmed its 'CCC- (sf)' rating on the
class G notes.

The rating actions follow S&P's review of the credit quality of
the remaining underlying loans under its European commercial
mortgage-backed securities (CMBS) criteria following the updated
valuation of the EHE - Pool 1A and EHE - Pool 1B loans.

EHE - POOL 1A LOAN (69% OF THE POOL)

This is the largest loan in the reference pool and has an A/B
note structure, with the securitized portion (EUR335.4 million)
representing 82% of the whole loan.

The borrower failed to repay the loan by the original loan
maturity date of Oct. 18, 2011 and the extended maturity date of
Oct. 18, 2013.  The loan has been in special servicing since
July 15, 2013.

Following a portfolio revaluation, the securitized loan-to-value
(LTV) ratio increased to 180.77% from 133.14%.  The reported
market value of the remaining 25 properties is EUR185.5 million,
compared with EUR254.27 million as of S&P's previous review.

The updated valuation will likely constrain the level of
recoveries that the special servicer could extract from the
underlying assets.  Therefore, S&P has reflected the increased
risk of losses in its 'B' stress scenario.

EHE - POOL 1B LOAN (2% OF THE POOL)

This loan also has an A/B note structure, with the securitized
portion (EUR12.1 million) representing 51% of the whole loan.

The borrower failed to repay the loan by the original loan
maturity date of Oct. 18, 2011 and the extended maturity date of
Oct. 18, 2013.  The loan has been in special servicing since
July 15, 2013.

Following a portfolio revaluation, the securitized LTV ratio
increased to 91.21% from 83.52%.  The reported market value of
the remaining three properties is EUR13.72 million.

The updated valuation will likely constrain the level of
recoveries that the special servicer could extract from the
underlying assets.  Therefore, S&P has reflected the increased
risk of losses in its 'B' stress scenario.

RATING ACTIONS

S&P's ratings in the transaction address the timely payment of
interest and the repayment of principal by the legal final
maturity date in November 2019.

In S&P's view, the class A to F notes' creditworthiness has
deteriorated as a result of the updated valuations for the EHE -
Pool 1A and EHE - Pool 1B loans.

S&P do not consider the available credit enhancement for the
class A notes to be sufficient to absorb the amount of losses
that the underlying properties would suffer at the currently
assigned rating level.  S&P has therefore lowered to 'B (sf)'
from 'BB (sf)' its rating on the class A notes.

S&P's analysis indicates that the available credit enhancement
for the class B to F notes is not sufficient to mitigate the risk
of principal losses from the underlying loans in a 'B' stress
scenario.  In S&P's opinion, these classes of notes' repayment
depends on favorable economic conditions.  They face at least a
one-in-two likelihood of default.  Therefore, S&P has lowered its
ratings on the class B to F notes in line with its criteria for
assigning 'CCC' category ratings.

S&P has also affirmed its 'CCC- (sf)' rating on the class G notes
as this class of notes is likely to experience losses, in S&P's
view.

RATINGS LIST

Infinity 2007-1 "Soprano" FCC
EUR1.028 bil commercial mortgage-backed floating-rate notes

                                    Rating              Rating
Class            Identifier         To                  From
A                FR0010478420       B (sf)              BB (sf)
B                FR0010478438       CCC+ (sf)           B (sf)
C                FR0010478446       CCC+ (sf)           B- (sf)
D                FR0010478453       CCC (sf)            B- (sf)
E                FR0010478479       CCC (sf)            CCC+ (sf)
F                FR0010478487       CCC- (sf)           CCC (sf)
G                FR0010478495       CCC- (sf)           CCC- (sf)



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


E.R. OFFSHORE: Files For Insolvency in Germany
----------------------------------------------
Jamie Lee at The Business Times reports that Vard Holdings on
March 14 said two affiliates of a customer E.R. Offshore have
filed for insolvency at a local court in Germany.

Consequently, on March 13, it terminated two shipbuilding
contracts for one platform supply vessel, or PSV, per affiliate,
the company said, the report relates.  Vard was first notified of
the insolvency case on March 12. It has received a 10 per cent
installment for one of the vessels, the report says.

"The group does not expect to repay the prepayment received, and
expects to be able to sell the vessels at a price that will cover
the expected construction cost less the prepayment received," the
report quotes Vard as saying.

The impact of the termination and the proposed resale is expected
not to have a material effect on the earnings per share of the
group for the financial year ending Dec 31, 2015, the report
adds.

ER Offshore AS is a privately owned engineering company founded
in 2011. The company is specialized on tailor made engineered
solutions to the oil and gas industry.


ULTRASONIC AG: Court Appoints Prelim. Insolvency Administrator
--------------------------------------------------------------
Reuters reports that the local Court of Cologne by way of order
has appointed lawyer Christoph Niering (Niering Stock Tomp) as
preliminary insolvency administrator of assets of Ultrasonic AG.

Interrupted negotiations with banking consortium shall be
recommenced in due time, the report relates.

The Troubled Company Reporter-Europe, citing Reuters, reported on
March 12, 2015, that Ultrasonic AG on March 10 said negotiations
with its lending banks have failed and that in consequence, the
management board was forced to file for insolvency. According to
Reuters, Frankfurt-listed Ultrasonic said in September its top
executives and most of its cash reserves in China and Hong Kong
had disappeared.

Ultrasonic AG (FRA:US5) -- http://www.ultrasonic-ag.de/en.html--
is a Germany-based holding company of the Chinese Ultrasonic-
Group and is principally engaged in the design, production and
sale of shoe soles, sandals, slippers, urban footwear and
accessories for the upper price segment. The Company's
operational facilities are located in the Shanqian Industrial
Area, Yonghe Town, Jinjiang City and Xiamen, Fujian Province,
People's Republic of China (PRC).



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I R E L A N D
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G SQUARE FINANCE: S&P Lowers & Withdraws D Ratings on 3 Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services has lowered to 'D (sf)' from
'CC (sf)' and withdrawn, effective in 30 days' time, its credit
ratings on G Square Finance 2006-1 Ltd.'s class A-1, A-2, and B
notes.

The rating actions reflect the notes' redemption in October 2014.
According to the October 2014 payment date report, the class A-1,
A-2, and B notes failed to repay part or all of their principal
balance.  S&P has therefore lowered to 'D (sf)' from 'CC (sf)'
its ratings on these classes of notes before withdrawing them.
The ratings will remain at 'D (sf)' for a period of 30 days
before the withdrawals become effective.

G Square Finance 2006-1 is a collateral debt obligation (CDO) of
asset-backed securities (ABS) that closed in March 2006.  The
collateral comprises predominantly U.S. prime and subprime
residential mortgage-backed securities and other U.S. structured
finance securities.  It was managed by Vertical Capital
Management LLC.

RATINGS LIST

Class         Rating
         To             From

G Square Finance 2006-1 Ltd.
$1.496 Billion Senior Secured Floating-Rate Notes

Ratings Lowered And Withdrawn[1]

A-1      D (sf)         CC (sf)
         NR             D (sf)

A-2      D (sf)         CC (sf)
         NR             D (sf)

B        D (sf)         CC (sf)
         NR             D (sf)

[1] The ratings will remain at 'D (sf)' for a period of 30 days
     before the withdrawals become effective.
NR--Not rated.


HUNTSMAN INT'L: S&P Assigns 'B+' Rating to EUR300 Unsecured Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'B+'
senior unsecured debt rating and '6' recovery rating to Huntsman
International LLC's proposed note offering of up to EUR300.

All existing ratings on Huntsman International LLC and parent
company Huntsman Corp. remain unchanged, which includes the 'BB'
corporate credit ratings.  The outlooks remain stable.  S&P
expects the company to use proceeds from the proposed notes to
pay down existing subordinated debt.

Huntsman International LLC is a wholly owned subsidiary of
Huntsman Corp.  The issue rating is two notches below the 'BB'
corporate credit rating.  The '6' recovery rating indicates
prospects for negligible (0% to 10%) recovery in the event of a
payment default.

The ratings reflect S&P's assessment of Huntsman's business risk
profile as "fair" as a diversified chemical manufacturer and
S&P's assessment of its financial risk profile as "significant."
All modifiers are neutral for the rating.

RATINGS LIST

Huntsman International LLC
Huntsman Corp.

Corporate credit ratings             BB/Stable/--

New Rating

Huntsman International LLC
EUR300 proposed sr unsecd notes     B+
  Recovery rating                    6


ULSTER BANK: Moody's Puts Ba2 Debt Rating on Review for Downgrade
-----------------------------------------------------------------
Moody's Investors Service has placed Ulster Bank Ireland Limited
(UBIL)'s long-term deposit and senior unsecured debt ratings of
Baa3/(P)Baa3, as well as the bank's Ba2 subordinated debt rating,
on review for downgrade.  The Agency also placed UBIL's short
term deposit/CD Program ratings of P-3 and Commercial Paper
rating of P-3 under review for downgrade.  Moreover, Moody's
placed UBIL's adjusted Baseline Credit Assessment (BCA) of baa3
on review for downgrade.

The review for downgrade on the deposit, senior and subordinated
debt ratings, as well as for short term deposits and adjusted
BCA, for UBIL follows the publication of Moody's new bank rating
methodology on March 16, which now is the primary methodology for
all of Moody's bank ratings globally. Additionally, Moody's has
withdrawn UBIL's E+ bank financial strength rating (BFSR).

RATINGS RATIONALE

The reviews follow the March 16 publication of Moody's updated
bank rating methodology, which incorporates several new elements
designed to help accurately predict bank failures and determine
how each creditor class is likely to be treated when a bank fails
and enters resolution, reflecting insights gained from the crisis
and the fundamental shift in the banking industry and its
regulation.

Key changes include the addition of a Macro Profile, a new
Financial Profile and a Loss Given Failure (LGF) analysis
framework.  The first two elements primarily affect the
positioning of a bank's BCA, while the last one can lead, through
the assessment of instrument volume and subordination levels and
of expected treatment by resolution authorities, to changes in
long-term issuer, deposit and debt ratings.

BFSR

Moody's has withdrawn the rating for its own business reasons.
Please refer to the Moody's Investors Service's Policy for
Withdrawal of Credit Ratings, available on its website,

SCOPE OF THE REVIEW

Whenever credit rating methodologies are revised, the updated
methodology is applied to all relevant credit ratings.
Accordingly, Moody's places on review the ratings of those banks
that are likely to be affected.  Moody's expects to conclude UBIL
review in the coming few months.  During the review period,
Moody's will assess the impact of the new methodology on rated
instruments and will focus on the Advanced LGF analysis, which
will incorporate 2014 full-year data, if available, and entail
further analysis of banks and their securities for which
subordination levels and volume thresholds are likely to lead to
a change in LGF notching.

List of Affected Credit Ratings

-- Bank Financial Strength Rating (BFSR), withdrawn

-- Adjusted Baseline Credit Assessment, baa3 on Review for
    Downgrade -- Preliminary Indication of outcome after the
    review conclusion*: ba2

-- Long Term Bank Deposit Rating, Baa3 on Review for Downgrade
    -- Preliminary Indication of outcome after the review
    conclusion*: Ba1

-- Short Term Bank Deposit Rating, P-3 on Review for Downgrade

-- Senior Unsecured MTN Rating, (P)Baa3 on Review for Downgrade
    -- Preliminary Indication of outcome after the review
    conclusion*: (P)Ba2

-- Subordinated Debt Rating, Ba2 on Review for Downgrade

-- Commercial Paper Rating, P-3 on Review for Downgrade

-- Short Term Deposit Note / CD Program Rating, P-3 on Review
    for Downgrade

-- Other Short Term Rating, (P)P-3 on Review for Downgrade
    * This is an indication only, based on preliminary
      information and subject to change

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks
published in March 2015.



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


PARMA FOOTBALL: Declared Bankrupt; Receivers Appointed
------------------------------------------------------
Jacopo Lo Monaco at Reuters reports that the Parma Football Club
was officially declared bankrupt on March 19, a day after their
chairman Giampietro Manenti was arrested in a money-laundering
probe.

According to Reuters, Parma's players have not been paid all
season and it took just 10 minutes for a court to declare the
club, rooted to the bottom of the league after finishing sixth
last season, bankrupt.

They have twice been docked points this season and are more than
EUR100 million (US$106.65 million) in debt, Reuters notes.

The court in Parma appointed accountants Angelo Anedda and
Alberto Guiotto as receivers, Reuters relates.

Parma Football Club, commonly referred to as just Parma, is an
Italian professional football club based in Parma, Emilia-Romagna
that will compete in Serie A in the 2014-15 season, having
finished in sixth position last season.



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


INTELSAT SA: Moody's Affirms 'B3' Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service affirmed Intelsat S.A.'s B3 corporate
family rating and B3-PD probability of default rating, while
lowerng the company's speculative grade liquidity rating to SGL-3
(adequate) from SGL-2 (good) and maintaining a stable ratings
outlook.  All instrument ratings in the Intelsat corporate family
remain unchanged and were also affirmed.  The actions were
prompted by disclosure during the company's 2014 earnings
presentation (Feb. 18, 2015) of significantly reduced 2015
revenue and EBITDA generation.

Intelsat is the senior-most entity in the Intelsat group of
companies, is the entity at which we maintain corporate family
and probability of default ratings (CFR and PDR respectively),
and is the only company in the family issuing financial
statements. Intelsat guarantees debts at its subsidiary, Intelsat
(Luxembourg) S.A. and as well, at Intelsat (Luxembourg)'s
subsidiary, Intelsat Jackson Holdings S.A.

These summarizes Moody's ratings and the rating actions for
Intelsat:

Actions for Intelsat S.A.

   -- Corporate Family Rating, affirmed at B3
   -- Probability of Default Rating, affirmed at B3-PD
   -- Speculative Grade Liquidity Rating, lowered to SGL-3
      (adequate) from SGL-2 (good)
   -- Outlook, Maintained at Stable

Actions for Intelsat Jackson Holdings S.A.

   -- Senior Secured Bank Credit Facility, affirmed at Ba3 (LGD1)
   -- Senior Unsecured Guaranteed Bond/Debenture, affirmed at B3
      (LGD3)
   -- Senior Unsecured Non-Guaranteed Bond/Debenture, affirmed at
      Caa1 (LGD5)

Actions for: Intelsat (Luxembourg) S.A.

   -- Senior Unsecured Regular Bond/Debenture, affirmed at Caa2
      with (LGD6)

RATINGS RATIONALE

Intelsat's B3 CFR primarily reflects the company's very limited
ability to repay debt, evidenced by elevated leverage and very
modest free cash flow.  Over 2015 and 2016, Moody's expects
Intelsat to generate about $100 million per year of free cash
flow, a very modest 0.7% of the company's ~$15.2 billion Moody's
adjusted debt load.  With leverage of debt-to-EBITDA expected to
be 8.3x and with nominal debt repayment capacity, Intelsat is
weakly positioned at the B3 rating category.  However, downside
risk is managed by management's ability to negotiate customer
funding of capital expenditures, a dynamic supported by the
company's solid business profile, which features a large 41
station-kept satellite fleet covering 99% of Earth's population,
and a stable, predictable, contract-based revenue stream with a
large $10.0 billion backlog (about 4 years of revenue) booked
with mostly well-regarded customers.

Rating Outlook

Intelsat's stable ratings outlook is based on reasonable
visibility of modest, positive cash flow, along with adequate
liquidity arrangements.

What Could Change the Rating -- UP

Positive ratings pressure would develop were Moody's to expect:

   -- Free cash flow to debt to exceed 2.5% on a sustained basis
   -- Together with
   -- Positive industry fundamentals
   -- Maintenance of solid liquidity
   -- Clarity on capital structure planning

Positive rating actions likely depend on management's ability to
substantiate and monetize the high throughput capabilities of
Intelsat's next generation Epic satellites.

What Could Change the Rating -- DOWN

Negative ratings pressure would develop were Moody's to expect:

   -- Free cash flow deficits, or
   -- Less than adequate liquidity arrangements.

Company Profile

Headquartered in Luxembourg, and with executive offices in
MaLean, VA, Intelsat S.A. (Intelsat) is one of the two largest
fixed satellite services operators in the world.  Annual revenues
are expected to be approximately US$2.4 billion with EBITDA of
approximately US$1.8 billion.

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



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


EIGER ACQUISITION: Moody's Assigns B2 CFR; Outlook Remains Stable
-----------------------------------------------------------------
Moody's Investors Service, has assigned a definitive corporate
family rating (CFR) of B2 and a B2-PD Probability of Default
rating (PDR) to Eiger Acquisition B.V.  Concurrently, Moody's has
also assigned definitive B1 ratings to the USD335 million
equivalent senior secured first lien term loan and EUR30 million
senior secured revolving credit facility and a Caa1 to the USD125
million second lien term loan, borrowed by Exact.  The outlook
remains stable.

Exact, which is ultimately controlled by funds advised by Apax
Partners has successfully acquired 99.66% of the shares in Exact
Holding N.V. and the shares will be delisted from the Euronext in
Amsterdam on March 31, 2015.

RATINGS RATIONALE

Moody's definitive ratings for the CFR and the instrument ratings
are in line with the provisional ratings assigned on January 12,
2015.  Moody's rating rationale was set out in a press release on
that date.  The final terms of the senior facilities and second
lien facility are largely in line with the drafts reviewed to
assign the provisional ratings.

Moody's notes that due to a higher than expected issuing discount
and a EUR6 million decrease in the equity contribution from funds
advised by Apax Partners the revolving credit facility was drawn
by EUR10 million, rather than completely undrawn as previously
expected.  However with EUR10 million in cash and EUR20 million
remaining available under the revolving credit facility at
closing Moody's still assesses Exact to have a good liquidity
profile.

STRUCTURAL CONSIDERATIONS

The PDR of B2-PD, at the same level as the CFR, reflects the mix
of first and second lien facilities in the capital structure
leading to Moody's assumption of a 50% family recovery rate.  The
B1 ratings on the USD335 million equivalent first lien term loan
and pari passu EUR30 million revolving credit facility, one notch
above the B2 CFR, reflects the fact that this debt ranks ahead of
the USD125 million second lien term loan, which is consequently
rated two notches below the CFR at Caa1.

OUTLOOK

The stable outlook reflects Moody's expectation that the company
will deleverage towards 5.5x in the next 18 months, supported by
a conservative financial policy with no debt-funded acquisitions.
The stable outlook also assumes a good liquidity position and
positive free cash flow.

WHAT COULD CHANGE THE RATINGS UP

Given the company's relatively weak position within the B2 rating
category, an upgrade is unlikely in the short term.  However,
positive pressure on the ratings could develop if Exact
demonstrates strong operating performance and improve
geographical diversification, leading to a financial leverage of
around 4.5x and Free Cash Flow/Debt sustainably above 10%.

WHAT COULD CHANGE THE RATINGS DOWN

Conversely, negative pressure on the ratings could occur if a
deleveraging from the current high level doesn't occur and
Moody's believes leverage will remain above 6x by the end of
2015, if its liquidity profile deteriorates and/or if free cash
flow turns negative.

PRINCIPAL METHODOLOGY

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

CORPORATE PROFILE

Headquartered in Delft, Exact is an enterprise resource planning
(ERP) software provider for small and medium businesses.  Exact's
clients include over 200,000 businesses in over 125 countries,
however its primary focus is the Netherlands and North America
(accounting for over 70% of revenues).  The company operates
under three segments: "Business Solutions" (58% of 2014 revenues)
provides on-premises and hosted ERP solutions in Benelux and 120
other countries; "Specialized Solutions" (26% of 2014 revenues)
operating in the US under three distinct business units --
Jobbos, Macola, Max; and "Cloud Solutions" (16% of 2014 revenues)
providing accountancy as well as industry specific ERP solutions
in Benelux.  Exact's customer base is concentrated on three
verticals: manufacturing, wholesale & distribution and
professional services.  In 2014, Exact generated revenues of
EUR188 million.


REFRESCO GERBER: Moody's Puts B2 CFR Under Review for Upgrade
-------------------------------------------------------------
Moody's Investors Service placed all ratings of Refresco Gerber
B.V. under review for upgrade, including the corporate family
rating (CFR) of B2, probability of default rating (PDR) of B2-PD,
and the B3 rating on the senior secured notes.  The rating action
follows the announcement of the IPO launched by the company.

RATINGS RATIONALE

On March 17, 2015, Refresco announced the expected amount of
primary proceeds to be raised from the proposed IPO of the
company's shares on the Euronext Amsterdam.  The total size of
the IPO is expected to result in a free float of up to 47.1% of
the issued share capital excluding exercise of the over-allotment
option (up to 54.2% assuming full exercise of the option) and is
expected to consist of a EUR100 million primary offering and a
secondary sell down by the current shareholders of existing
shares.  The net proceeds from the primary offering will be used
to repay part of the company's outstanding floating rate notes.
Fitch expects the company's Moody's-adjusted leverage ratio to be
approximately 3.4x as at year-end 2014 pro forma for the IPO and
the refinancing compared to 3.8x prior to this transaction.

Moody's review will focus on the deleveraging impact of the IPO.
The review will also evaluate the company's new ownership
structure, financial policy (including dividend policy expected
at 35% to 50% of net income adjusted for exceptional items) and
strategic objectives.  Should the IPO and the refinancing
conclude as envisaged, Moody's would expect the CFR to be
upgraded by up to two notches.

Before placing the ratings on review Moody's had indicated that
upward pressure on the rating could develop if the Moody's-
adjusted debt/EBITDA ratio falls to below 5x on a sustained
basis, and if the company maintains a Moody's adjusted EBIT
margin approaching 5% and a solid liquidity profile.  On the
other hand, the ratings could be lowered if earnings
deteriorated, resulting in the Moody's-adjusted debt/EBITDA ratio
rising above 6x, or if EBIT margins fall and/or liquidity
concerns emerge.

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

Headquartered in Rotterdam, the Netherlands, Refresco Gerber
(formerly Refresco) is a leading European manufacturer of private
label soft beverages.  The company has operations in nine
countries across Europe.  Refresco Gerber's private label product
portfolio includes fruit juices, carbonated soft drinks (CSD),
non-carbonated soft drinks (still drinks), functional drinks,
ready-to-drink (RTD) teas, and bottled water.  The company also
manufactures widely recognized European and international brands
or "A-brands" of beverages on contract, such as Orangina-
Schweppes, Coca-Cola and PepsiCo.


SENSATA TECHNOLOGIES: S&P Rates US$700MM Sr. Unsec. Notes 'BB+'
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' issue-level
rating and '3' recovery rating to the proposed US$700 million
issuance of senior unsecured notes due 2025 by The Netherlands-
based electronic sensors and controls manufacturer Sensata
Technologies B.V. (Sensata).  At the same time, Sensata is
amending its senior secured revolving facility by increasing the
size to US$350 million from $250 million and extending its
maturity to 2020.  S&P is maintaining its 'BBB' issue-level
rating and '1' recovery rating on the secured credit facilities.
The '1' recovery rating indicates a very high (90%-100%)
recovery, and the '3' recovery rating indicates a meaningful
(50%-70%; lower half of the range) recovery in the event of a
default.

Sensata will use the proceeds from the issuance of senior
unsecured notes primarily to purchase its US$700 million senior
notes due 2019 through a tender offer and redeem any 2019 notes
it does not purchase in the tender offer in accordance with the
governing indenture.  The company may use loan proceeds under the
revolving facility for working capital and general corporate
purposes.

The senior notes will be jointly and severally guaranteed on a
senior unsecured basis by each of the Sensata's existing and
future wholly owned subsidiaries that is a guarantor under the
senior credit facilities.  The proposed senior notes will rank
equally with all of its existing and future unsecured and
unsubordinated debt and senior in right of payment to obligations
subordinated to the notes and the guarantees.  The proposed notes
will be junior in right of payment to the issuer's and
guarantors' secured indebtedness.

The ratings on Sensata reflect the company's leading position as
a manufacturer and supplier of sensors and its diversified
revenue stream and customer base.  S&P's ratings also take into
account its lack of large near-term debt maturities as well as
S&P's assumption that its credit metrics and free cash flow are
sustainable.

RECOVERY ANALYSIS

Simulated default and valuation assumptions (mil. US$)
   -- Simulated year of default: 2020
   -- EBITDA at Emergence: 350
   -- EBITDA Multiple: 7x

Simplified Waterfall
   -- Net EV (after 5% admin. costs): 2328
   -- Valuation split in % (Obligors/Non-obligors): 68/32
   -- Priority claims: 49
   -- Collateral value available to secured creditors: 1533
   -- Secured first-lien debt: 1346
   -- Recovery expectations: 90% to 100%
   -- Total value available to unsecured claims: 932

Senior unsecured debt and pari-passu claims: 1653
   -- Recovery expectations: 50% to 70% (lower half of the range)

Notes: All debt amounts include six months of prepetition
interest.  Collateral value equals asset pledge from obligors
after priority claims plus equity pledge from non-obligors after
non-obligor debt.

RATINGS LIST

Sensata Technologies B.V.
Corporate Credit Rating                            BB+/Stable/--

New Ratings

Sensata Technologies B.V.
US$700 mil. senior unsecured notes due 2025        BB+
   Recovery rating                                  3L



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


BANCO ESPIRITO: Ex-Chief Executive Dismisses Audit Findings
-----------------------------------------------------------
Patricia Kowsmann at The Wall Street Journal reports that former
Banco Espirito Santo SA Chief Executive Ricardo Salgado on
March 19 dismissed findings from an audit conducted into the
bank's collapse that pointed the finger at his administration and
accused the country's central bank of leading a smear campaign
against him.

In his second public appearance since the bank failed in August,
Mr. Salgado told a Portuguese parliamentary commission that the
audit ordered by the Bank of Portugal and conducted by Deloitte
lacked proof and relevant information for many of its
conclusions, which were incomplete and mostly wrong, the Journal
relays.

Mr. Salgado also accused the central bank of releasing only parts
of the audit and of omitting four pages of disclaimers from
Deloitte about the limitations of the audit, the Journal notes.

He repeated many of his statements from his first hearing in
December, saying decisions from the country's central bank -- and
not his management -- led to the bank being bailed out and broken
up in the summer, the Journal relates.

At the time, Bank of Portugal Governor Carlos Costa said the bank
had "developed a fraudulent funding scheme between the companies
belonging to the group" to prop up the troubled group, the
Journal recounts.

Mr. Costa then ordered a forensic audit into the bank, the
Journal discloses.  According to the Journal, the audit,
conducted by Deloitte and partly released earlier this month,
identified more than 20 instances where Banco Espirito Santo's
management possibly broke rules established by authorities to
protect the lender from its parent.

For instance, it found that the bank continued to increase its
exposure to Espirito Santo entities, the Journal states.

Mr. Salgado, who has previously denied any wrongdoing, dismissed
those findings, the Journal says.  He said the bank increased its
exposure only to financial entities of the group, which he said
was allowed, the Journal notes.  He also said the loans given by
the two banks were actually used to repay retail clients,
according to the Journal.

                  About Banco Espirito Santo

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

In August 2014, Banco Espirito Santo was split into "good"
and "bad" banks as part of a EUR4.9 billion rescue of the
distressed Portuguese lender that protects taxpayers and senior
creditors but leaves shareholders and junior bondholders holding
only toxic assets.  A total of EUR4.9 billion in fresh capital
was injected into this "good bank", which will subsequently be
offered for sale.  It has been renamed "Novo Banco", meaning new
bank, and will include all BES's branches, workers, deposits and
healthy credit portfolios.

In August 2014, Espirito Santo Financial Portugal, a unit fully
owned by Espirito Santo Financial Group, filed under Portuguese
corporate insolvency and recovery code.

Also in August 2014, Espirito Santo Financiere SA, another entity
of troubled Portuguese conglomerate Espirito Santo International
SA, filed for creditor protection in Luxembourg.

In July 2014, Portuguese conglomerate Espirito Santo
International SA filed for creditor protection in a Luxembourg
court, saying it is unable to meet its debt obligations.



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


* ROMANIA: Corporate Insolvencies Drop 50% in January to 930
------------------------------------------------------------
ACTMEDIA reports that the number of companies which got into
insolvency in January was reduced by half against the first month
of last year at 930 files, from 2,054 in Bucharest by recording
the most entries in default, almost a quarter of the total,
according to the National Office of Commercial Registrar ONRC.

ACTMEDIA relates that the significant drop in the number of
insolvencies was shown recently by the specialists in insolvency
who explained the trend on the basis of coming into power at mid-
year of the new legislation in the domain, which discourages the
request for insolvency by the companies One of these is that
which involves the administrator's sanction for bringing the
company to insolvency by not allowing him to have same position
for a period of time. At the same time, the administrators can be
criminally involved for the situation of the company, as the new
legislation includes the fiscal inspection by specialised bodies.

According to the report, the data of the National Union of
Practitioners in Insolvency show that last year the drop in the
number of insolvencies was 23%, but over the last six months,
when the new law of insolvency came to power, the drop was 50%
from 15,000 files in Q2 of 2013 to 7,500 in Q2 in 2014.

In January, in all counties there was a drop in insolvencies with
the exception of Bacau(+105% with 41 companies) and Constanta
(+16 at 58 companies).  The drops vary from 90.24% (Bistrita -
Nasaud) to 6% (Maramures), ACTMedia relays.

The structure on domains shows a maintenance in the top of
insolvencies of commercial companies (350), constructions (132)
and manufacturing industry (100), the report says.

At the same time, during the period under analysis there were
written off 10% fewer than in January 2014, while 1,611 companies
were suspended dropping by 22.6%, adds ACTMedia.



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


IRKUT CORPORATION: Moody's Confirms Ba3 CFR; Outlook Negative
-------------------------------------------------------------
Moody's Investors Service has confirmed the Ba3 corporate family
rating (CFR) and the Ba3-PD probability of default rating (PDR)
of IRKUT Corporation, JSC (Irkut), a leading Russian military
aircraft producer.  The outlook on the ratings is negative.  The
action concludes the review for downgrade, which Moody's
initiated on Dec. 23, 2014, and subsequently maintained on Jan.
20, 2015 following the downgrade of the ratings to their current
levels.

The rating action follows the weakening of the macroeconomic and
financial climate in Russia, as reflected by Moody's downgrade of
Russia's government bond rating and the Russian foreign currency
bond ceiling to Ba1/Not Prime (negative outlook) from Baa3/Prime
3 (review for downgrade) on Feb. 20.

RATINGS RATIONALE

The action on Irkut reflects Moody's view that Irkut's Ba3
ratings are already positioned such that they can accommodate the
weakening of Russia's credit profile, as captured by Moody's
downgrade of Russia's sovereign rating and country foreign
currency ceiling to Ba1 from Baa3 with negative outlook.

As Irkut is controlled by the Russian government, the company is
seen by Moody's as a government-related issuer (GRI), whose Ba3
ratings benefit from an uplift to the company's standalone credit
strength, driven by the strong probability of state support in
the event of financial distress.  In addition, Irkut is
significantly dependent on the Russian government for aircraft
construction orders and funding.

The confirmation of Irkut's Ba3 ratings also reflects Moody's
view that the existing strong probability of government support
embedded within the company's ratings remains appropriate.  The
agency also notes that Irkut's standalone credit strength, as
reflected in its b3 baseline credit assessment (BCA), remains
unchanged: Moody's does not expect a material deterioration in
company-specific rating factors, including operating and
financial performance, market positions and liquidity.  In
particular, in Moody's view, Irkut's leverage net of state-
guaranteed loans and convertible shareholder loans should not
exceed 4x debt/EBITDA materially and sustainably over the next
12-18 months.  The agency also expects that the company's
liquidity will remain adequate supported by solid cash reserves
and committed facilities from state banks.

RATIONALE FOR NEGATIVE OUTLOOK

The negative outlook on Irkut's ratings is in line with the
negative outlook on the sovereign rating and reflects the fact
that a potential further downgrade of Russia's sovereign rating
may lead to a downgrade of the company's ratings.  In addition to
considerations related to the sovereign rating, Moody's will also
be monitoring the company's ability to address increasing country
and foreign exchange risks.

WHAT COULD CHANGE THE RATING DOWN/UP

Irkut's ratings will be affected by further developments at the
sovereign level.  The ratings are likely to be downgraded if (1)
there is a further downgrade of Russia's sovereign rating; (2)
the company's financial and/or liquidity profile deteriorates; or
(3) there is a revision downwards of Moody's assessment of the
probability of the Russian government providing extraordinary
support to Russian GRIs and/or Irkut in particular in the event
of financial distress.

Conversely, positive pressure could be exerted on Irkut's ratings
if (1) Russia's sovereign rating were upgraded; and (2) the
company's BCA were to strengthen.

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Global
Aerospace and Defense Industry published in April 2014.  Other
methodologies used include the Government-Related Issuers
published in October 2014.

IRKUT Corporation, JSC (Irkut) is a leading military aircraft
producer and one of the largest companies in the Russian aviation
industry.  Irkut is 85.89% owned by holding company United
Aircraft Corporation (UAC, 84.33% owned by the Russian Federation
via its Agency for Administration of Governmental Property) and
9.61% by OJSC "Aviation Holding Company Sukhoi" (89.6% owned by
UAC).  The remaining 4.50% of shares are in free float.  In 2013,
Irkut generated revenues of around US$1.9 billion and EBIT of
around US$100 million.


NORD GOLD: Moody's Confirms 'Ba3' CFR; Outlook Stable
-----------------------------------------------------
Moody's Investors Service has confirmed Nord Gold N.V.'s Ba3
corporate family rating (CFR), Ba3-PD probability of default
rating (PDR) and Ba3 (LGD4, 50%) rating of the company's senior
unsecured notes.  The outlook on the ratings is stable.  This
concludes the review for downgrade initiated by Moody's on
Dec. 23, 2014.

RATINGS RATIONALE

The confirmation of Nordgold's Ba3 ratings reflects the company's
fairly diversified operations, robust credit metrics and strong
liquidity profile.

Moody's expects that Nordgold will remain resilient despite
continuing gold price fluctuations owing to operational
improvements and competitive cost position, supported by
devaluation of its key local currencies (the Russian ruble,
Kazakh tenge and the West African franc, which is pegged to the
euro).

Nordgold's Ba3 rating reflects (1) Nordgold's fairly small size,
with revenues in 2014 of $1.2 billion and gold production 985
thousand ounces (koz); (2) substantial (although with a degree of
flexibility) capex program and execution risks, which are common
for mining companies; (3) heightened business and political risks
in the countries in which the company operates and has
substantial reserves (Burkina Faso, Guinea); (4) volatility of
gold price exacerbated by the currently low price environment;
and (5) lack of product diversification (no by-products).

The rating also reflects (1) relatively long-life reserve base,
dominated by open-pit mines; (2) good operational and geographic
diversification, given that the company has nine active mines and
a portfolio of projects mainly in West Africa, Russia and
Kazakhstan; (3) strong track record of organic growth; (4)
conservative financial profile and strong liquidity; (5)
competitive costs; and (6) strong corporate governance.

The company demonstrated strong results in 2014, despite gold
prices remaining fairly volatile, fluctuating in the range of
1,150-1,350 US$/ounce (oz).  Reported EBITDA in 2014 increased by
24% year-on-year to US$487 million mainly driven by improved
operational efficiencies, which offset lower realised gold
prices. All of the company's nine operating mines achieved total
cash costs (TCC) improvements in 2014 compared with 2013.  As a
result, TCC decreased by 20% year-on-year to $675/oz, out of
which 12% was driven by operational improvements while the
remaining 8% of cost reduction resulted from depreciation of the
Russian rouble, Kazakh tenge and West African franc against the
US dollar.  Nordgold's consolidated all-in sustained costs (AISC)
decreased by 19% year-on-year to $887/oz in 2014, compared with
US$1,091/oz in 2013.

The company has a conservative financial profile (with reported
EBITDA margin of 40% in 2014 and debt/EBITDA of 1.9x as of
Dec. 31, 2014), which it is committed to maintain through the
cycle.  Nordgold achieved positive free cash flow (FCF) at all
mines (2014 reported FCF of $140 million compared with marginally
negative in 2013), following higher operating cash flow and lower
capex.

The company only generated around 34% of its revenue in 2014 from
Russian mines and therefore is less exposed to the negative
developments at the Russian sovereign level compared with the
majority of other Russian issuers.  At the same time, the company
generated about 38% and 20% of its revenue in 2014 from mines
located in Burkina Faso and Guinea, respectively with
contribution to consolidated EBITDA from these countries of 52%
and 13%, respectively.  Burkina Faso and Guinea are fairly small
African countries with low institutional strength, developing
mining legislation and high political event risk.  Moody's
expects that the company's exposure to Burkina Faso will grow
with the development of Bouly mine, which is located not far from
the company's low cost Bissa mine, launched successfully in 2013.

Moody's previously placed Nordgold's ratings on review in a
combined decision to place 45 Russian non-financial corporates on
review for downgrade, reflecting the severe and rapid
deterioration in the operating environment in Russia and the
heightened risk of a more prolonged and acute economic downturn
than originally anticipated.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook on the rating reflects Moody's expectation
that, despite gold price volatility, Nordgold will continue to
generate significant operating cash flows to support the
company's capex requirements, manage its investment decisions
prudently and maintain conservative debt levels and appropriate
credit metrics for the category.  The outlook also reflects
Moody's expectation that the company will be able to successfully
commence operations at its Bouly deposit in Burkina Faso without
significant cost overruns or delays.  Furthermore, the outlook
assumes that the company will continue to follow its strategy of
organic growth whilst maintaining a conservative finance policy,
with leverage, as measured by the debt/EBITDA ratio, not
exceeding 3.0x and adequate liquidity.

WHAT COULD CHANGE THE RATING UP/DOWN

Positive pressure on the outlook or rating is unlikely over the
next 12-18 months given the company's limited scale of
operations. Positive pressure could develop if macroeconomic
environment in Russia stabilizes and if Nordgold is able to (1)
further improve its cost profile; and (2) achieve its growth
targets following the execution of its capex program and
launching production of the Bouly deposit, while demonstrating
its track record of adhering to a conservative capital structure.

Conversely, negative pressure could be exerted on the rating if
Nordgold experiences substantial delays or cost overruns in the
execution of its projects, or if the company's performance
deteriorates as a result of lower gold prices, higher operating
costs or falling gold recoveries such that debt/EBITDA exceeds
3.5x on a sustained basis.

PRINCIPAL METHODOLOGY

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

Nordgold is an established pure-play gold producer with nine
producing mines, one large-scale development project, five
advanced exploration projects and a broad portfolio of early
exploration projects and licenses located across West Africa in
Guinea and Burkina Faso, Russia and Kazakhstan.  Since
undertaking its operations in 2007, Nordgold has grown both
through acquisitions and organically.  In 2014, Nordgold reported
(unaudited) revenue of US$1.22 billion (2013: US$1.27 billion)
and EBITDA of US$487 million (2013: US$394 million).

The company controls 90% of the Taparko and Bissa mines in
Burkina Faso, owns 92.6% of Buryatzoloto (consisting of Zun-Holba
and Irokinda mines in Russia), 99.9% of Berezitovy mine and 50%
of Prognoz silver deposit in Russia and maintains 100% in Lefa
mine in Guinea, Neryungri, Aprelkovo in Russia and Suzdal in
Kazakhstan.

Mr. Alexey Mordashov owns 88.2% of the company's ordinary shares.



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


ABENGOA SA: Fitch Cuts Issuer Default Rating to 'B'
---------------------------------------------------
Fitch Ratings has downgraded Spanish engineering and construction
group Abengoa, S.A.'s Issuer Default Rating (IDR) and its senior
unsecured debt rating to 'B' from 'B+'. Its senior unsecured debt
has a Recovery Rating of 'RR4'. Simultaneously, Abengoa Finance,
S.A.U's and Abengoa Greenfield, S.A.U.'s senior unsecured ratings
have been downgraded to 'B'/'RR4' from 'B+'/'RR4'. The Outlook is
Stable.

The downgrade reflects an increase in Abengoa's Fitch-adjusted
net leverage for 2014 to 5.1x compared with its previous
expectations of 4.0x, breaching Fitch's negative trigger for a
downgrade of 4.0x. This rating action also considers the
company's improved disclosure related to cash linked to supplier
payments. The main driver for the net leverage increase was a
higher amount of cash (around EUR1.2 billion) linked to
confirming (supplier payments funding), compared with its
previous expectations of EUR367 million disclosed in 2013 audited
annual accounts, which related only to confirming used in group
transactions. Abengoa's 2014 annual accounts disclosed cash
linked to supplier payments of around EUR1.2 billion as of end-
December 2013, which related to the total amount of confirming.
Taking into account the latter, readjusted net leverage for 2013
is around 4.7x (compared with our previous 4.3x) which is not
commensurate with a 'B+' rating level.

Fitch acknowledges that Abengoa has been able to reduce gross
recourse debt to EUR5.7 billion (including Abengoa Greenfield
bond) compared with its previous expectations of EUR6.4 billion
as of December 2014. However, Fitch also notes that Abengoa's Q4
has been very weak in terms of working capital recovery, which
has negatively impacted the amount of cash at the end of the
year.

The Stable Outlook reflects Fitch's expectation of adjusted
recourse leverage decreasing to 4.3x in 2017 from a peak of 5.1x
in 2014, mainly as a result of lower capex needs. Nevertheless,
the rating agency will closely monitor the risk of Abengoa's
market access weakening and increased dependence on working
capital facilities to support the company's working capital
position. As of end-December 2014, Abengoa's negative working
capital position (payables greater than receivables) narrowed to
around EUR3.8 billion, from EUR4.2 billion in 2013.

Fitch adjusts leverage calculations for Abengoa to reflect the
non-recourse nature of concessions by excluding related EBITDA
and non-recourse debt but including sustainable dividends. Fitch-
calculated recourse leverage differs from Abengoa's corporate
leverage definition. Fitch adds off-balance sheet receivables
factoring (non-recourse) and assume that around EUR1.8 billion of
cash is not readily available for debt repayment as it is needed
for day-to-day operational activities (seasonal working capital).
The EUR1.8 billion includes cash linked (EUR1.2 billion at FYE14)
to its confirming lines as a source of trade payable financing.

KEY RATING DRIVERS

Cash Linked to Confirming

Fitch highlights that Abengoa's financial information disclosure
to the market since November 2014 has improved. Cash linked to
confirming is an example. According to 2013 audited annual
accounts, cash linked to confirming (funding of supplier
payments) was only related to confirming transactions with the
group and was around EUR367 million and according to Abengoa's
20-F report, was around EUR1 billion (representing the whole
amount of the confirming transactions). Disclosure in 2014's
audited annual accounts is clearer and indicates that around
EUR1.2 billion of cash is linked to confirming lines as of end-
December 2014 and around EUR1.3bn as of end-December 2013.
Further improvements on financial disclosure would be credit-
positive.

Large Working Capital Outflow

Abengoa posted a significant working capital outflow (EUR563
million) in 2014 compared with previous years where working
capital had remained fairly stable. Working capital dynamics in
4Q14 have remained abnormally stable as usually the last quarter
of the year is positive in terms of cash inflows. According to
management, this situation was linked to the market turmoil
suffered in November 2014 and 1Q15 has been unusually positive in
terms of working capital. Potential unwinding of working capital
remains a key risk.

Unbilled Receivables Growing

Unbilled receivables grew significantly to EUR913 million in 2014
from EUR489 million in 2013. Abengoa's unbilled receivables to
revenues ratio was 20% in 2014 compared with its historical 10%
since 2010 (when it reached 29%).

Transactions Expected to Reduce Debt

Recent equity transactions (including EIG transaction) are
positive as they should reduce the capital intensity of Abengoa's
model and should help generating neutral free cash flow (FCF) in
2016 and positive FCF in 2017 (compared with negative FCF in the
past years). According to Abengoa's management, these
transactions should help to strengthen the company's liquidity
profile and reduce recourse debt, which would be credit-positive
but given that the effectiveness of these transactions remains to
be proved, Fitch only partially factors in such benefits in its
projections.

Bridge Loans Factored in Analysis

Abengoa has bridge loans, which may not be able to convert into
project finance (non-recourse). However, this risk is largely
mitigated by the company's positive historical track record of
having successfully converted all bridge loans into non-recourse
facilities. Nevertheless, Fitch also identifies the risk of these
loans being called should Abengoa enter into a liquidation phase
as some of these loans have a parent guarantee or a cross-default
clause in place. Therefore, we have included these bridge loans
and the associated adjusted equity value of the concessions in
our recovery analysis for the unsecured bonds.

KEY ASSUMPTIONS

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

-- Annual recourse EBITDA around EUR900 million-
    EUR940 million in 2015-2017

-- Upstream dividends from Abengoa Yield between EUR20 million-
    EUR25 million on an annual basis

-- EUR1.8 billion cash adjustment comprising EUR1.2 billion of
    cash linked to confirming plus EUR600 million of seasonal
    working capital

-- EUR940 million of asset disposals in 2015

-- EUR200 million and EUR100 million working capital outflows in
    2015 and 2016 respectively

-- Use of non-recourse factoring lines around EUR250 million on
    an annual basis

RATING SENSITIVITIES

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

-- Fitch-adjusted recourse net leverage below 4.0x (or 5.0x on a
    gross adjusted basis) and recourse EBITDA net interest cover
    above 2.0x (FY14: 1.8x) on a sustained basis

-- Significant cash reduction linked to confirming lines without
    a negative impact on Abengoa's working capital position

-- Ability to generate meaningful positive Fitch-defined FCF at
    the recourse level without working capital inflows

-- Reduction in recourse gross debt and use of favorable working
    capital instruments to fund the business model

-- Improved track record in financial disclosure

Negative: Future developments that could lead to a downgrade
include:

-- Fitch-adjusted recourse net leverage above 5.0x (or 6.0x on a
    gross adjusted basis) and recourse EBITDA net interest cover
    below 1.5x

-- A significant decrease in Abengoa's E&C order book and/or
    inability to manage working capital resulting in material
    cash outflows

-- Negative recourse working capital (payables higher than
    receivables) higher than the amount of recourse cash and
    equivalents

-- An increase in recourse capex as a result of equity
    injections leading to negative FCF

LIQUIDITY AND DEBT STRUCTURE

Abengoa's recourse liquidity as of end-December 2014 was around
EUR2.9 billion, including cash and committed credit facilities,
which should be sufficient to cover debt maturities for the next
12-18 months. In addition, Abengoa realised asset disposals in
the first months of 2015 of around EUR940 million. Fitch
estimates that around EUR1.8 billion of cash, including cash
linked to its confirming lines (trade payables financing), is not
readily available for debt repayment as it is required for
operational activities.

FULL LIST OF RATING ACTIONS

Abengoa, S.A.

  Long-term IDR: downgraded to 'B' from 'B+'; Outlook Stable

  Senior unsecured rating: downgraded to 'B'/'RR4' from
  'B+'/'RR4'

Abengoa Finance, S.A.U.

  Senior unsecured rating: downgraded to 'B'/'RR4' from
  'B+'/'RR4'

Abengoa Greenfield, S.A.U.

  Senior unsecured rating: downgraded to 'B'/'RR4' from
  'B+'/'RR4'


BANCO DE SABADELL: S&P Affirms 'BB+/B' Counterparty Ratings
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+/B' long- and
short-term counterparty credit ratings on Spain-based Banco de
Sabadell S.A.  The outlook remains negative.

The affirmation follows the announcement of a preliminary
proposal from Sabadell to acquire the entire share capital of
TSB.  The proposal, which may or may not result in a formal
offer, for the entirety of TSB's shares, would amount to GBP1.7
billion.

TSB's board has stated that it would be willing to recommend the
offer to shareholders at the proposed price.  Similarly, Lloyds
Banking Group PLC -- TSB's main shareholder, with 50% of
shares -- has already indicated that it is minded to accept
Sabadell's offer, if it is confirmed.

Based on information currently available, S&P believes that if
this acquisition goes ahead, it is unlikely to affect its ratings
on the bank.

Nevertheless, this deal would present a number of strategic
challenges for Sabadell's management, as the U.K. would be a new
market for Sabadell, one that is highly competitive and faces
increasingly demanding regulation both from a prudential and
conduct standpoint.  This acquisition also comes at a time when
Sabadell's management is still dealing with the workout of a
relatively large portfolio of nonperforming assets in Spain.
Moreover, while S&P believes that TSB has good growth potential,
it currently lacks the size to fully compete with the market
leaders.  Sabadell would also face a complex and potentially
lengthy IT platform migration.

However, although Sabadell has no track record of material
acquisitions abroad, it has been one of Spain's most acquisitive
financial groups, having successfully integrated about a dozen
institutions in the past decade, one of which was
transformational for the group.

The risks stemming from this potential transaction would also be
partly compensated by geographical diversification benefits and
better growth prospects in a lower risk banking environment
compared with Spain.  TSB's credit portfolio would represent
about 20% of the combined entity's net loan book, which would add
to Sabadell's current 5% credit exposure outside Spain.

Financially, the consolidation of TSB would add what S&P
understands to be a relatively low risk loan book, primarily made
up of prime residential mortgages (GBP19 billion), which account
for 90% of TSB's total loans.  TSB is self-supporting from a
funding and liquidity standpoint.  However, given that TSB was
only launched on the U.K. high street about eighteen months ago,
as part of its carve out from Lloyds, it still has weak
underlying profitability.  The lack of scale might put pressure
on Sabadell to expand TSB rapidly, and this is something we would
monitor to assess whether it would lead the bank to take undue
risks.

S&P estimates that the potential acquisition could subtract 50
basis points from Sabadell's risk-adjusted capital (RAC) ratio
before diversification.  However, Sabadell intends to neutralize
the impact that the transaction would have on its regulatory
capital metrics.  If that were to be the case, S&P would not
change its view on Sabadell's capital and earnings and expect its
RAC forecast to remain between 6.0% and 6.5% through 2016.

S&P's ratings on Sabadell continue to incorporate a one-notch
uplift over the stand-alone credit profile (SACP) for potential
extraordinary government support, based on S&P's view of
Sabadell's high systemic importance and Spain's supportive stance
toward its banking system.

The negative outlook reflects that S&P might lower the ratings on
Sabadell by one notch by year-end 2015 if S&P considers that
extraordinary government support is less predictable under the
new EU legislative framework.  S&P could remove the one-notch
uplift for potential extraordinary support, which S&P currently
incorporates into the ratings, shortly before the January 2016
introduction of bail-in powers under the EU Bank Recovery and
Resolution Directive for senior unsecured liabilities.

S&P could revise the outlook to stable if it considers that
potential extraordinary government support for Sabadell's senior
unsecured creditors is unchanged in practice, despite the
introduction of bail-in powers and international efforts to
increase banks' resolvability.

S&P could also revise the outlook to stable if it believes that
other rating factors, such as a stronger SACP or a large buffer
of subordinated instruments, fully offset increased bail-in
risks. Specifically, S&P could revise the SACP if the bank's
capital position improves beyond the levels that S&P currently
incorporates into the ratings and, therefore, S&P's RAC ratio for
the bank stands sustainably above 7%.  This assumes, though, that
Sabadell will successfully deal with the challenges resulting
from the acquisition, if the TSB transaction goes through.



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


ASTRA BANK: Put on NBU's List of Insolvent Banks
------------------------------------------------
Interfax-Ukraine reports that the National Bank of Ukraine on
March 19 put Astra Bank on the list of insolvent banks.

According to Interfax-Ukraine, the regulator said in a report
that due to the fact that Astra Bank conducted risky
transactions, there is a threat to the interests of depositors
and other creditors, and control over the operation of the bank
needs to be tightened.

In February 2015, the financial institution was put on the list
of troubled banks and an NBU curator was appointed to the bank,
Interfax-Ukraine recounts.

The regulator, as cited by Interfax-Ukraine, said in the report
that after placing Astra Bank on the list of troubled banks, no
acceptable and convincing proposals on the financial readjustment
of the bank were submitted to the central bank.

Astra Bank is based in Kyiv.


BANK KYIVSKA: Declared Insolvent by National Bank of Ukraine
------------------------------------------------------------
Interfax-Ukraine reports that the National Bank of Ukraine on
March 19 put Bank Kyivska Rus on the list of insolvent banks.

The regulator said that placing Bank Kyivska Rus on the list of
insolvent banks is linked to the inability of shareholders in the
bank to ensure its additional capitalization after the stress
tests conducted in 2014, Interfax-Ukraine relates.

"Public joint-stock company Bank Kyivska Rus did not ensure the
implementation of a capitalization plan to increase its capital
under the terms set to cover the negative consequences of various
risks which banks take on themselves during their operation, and
to ensure the protection of deposits, financial stability and the
stable operation of banks," Interfax-Ukraine quotes the regulator
as saying in a report.

Bank Kyivska Rus is based in Kyiv.



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


CITY LINK: Creditors Likely to See Less Than 2p in Pound
---------------------------------------------------------
Marion Dakers at The Telegraph reports that City Link's
administrators said creditors are likely to see less than 2p in
the pound on any money they are owed following the delivery
company's collapse.

According to The Telegraph, the parcel firm, which fell into
administration on Christmas Eve, does not have enough assets to
repay the full GBP52.7 million owed to priority lenders -- and
unsecured creditors will be left with nothing until City Link's
property assets are sold.

Administrator EY said that a "small dividend" could then be paid,
but that it was likely to amount to less than 2p in the pound,
The Telegraph relates.

Those out-of-pocket include City Link's trade creditors, who are
owed GBP30.7 million, while the taxman is owed GBP5 million and
customers are left waiting for GBP400,000, The Telegraph
discloses.

EY, as cited by The Telegraph, said in its latest report that
most employee claims for unpaid wages and holiday pay have now
been settled.  Up to GBP28.4 million will be available to repay
secured creditors, The Telegraph states.

City Link was a Coventry-based parcels delivery company.


DECO 2015-HARP: Moody's Assigns (P)Ba3 Rating to Class D Notes
--------------------------------------------------------------
Moody's Investors Service assigned these provisional ratings to
the debt issuance of DECO 2015-Harp Limited:

-- EUR90 million Class A Notes due 2027, Assigned (P)Aa2 (sf)
-- EUR55 million Class B Notes due 2027, Assigned (P)Aa3 (sf)
-- EUR17.5 million Class C Notes due 2027, Assigned (P)Baa3 (sf)
-- EUR12.4812 million Class D Notes due 2027, Assigned
    (P)Ba3 (sf)

Moody's has not assigned provisional ratings to the Class X Notes
of the Issuer.

DECO 2015-Harp Limited is a true sale transaction backed by three
floating rate loans secured by 18 properties located in Ireland.
The loans were granted by Deutsche Bank AG, London Branch (A3/P-
2) to either refinance existing debt or to acquire the respective
properties.  The Shamrock Loan and the New York Loan are
predominantly secured by multifamily properties across Ireland
with a concentration in Dublin, while the Boland loan is secured
by a single office property in the Dublin 2 submarket.

RATINGS RATIONALE

The rating actions are based on (i) Moody's assessment of the
real estate quality and characteristics of the collateral, (ii)
analysis of the loan terms and (iii) the expected legal and
structural features of the transaction.

The key parameters in Moody's analysis are the default
probability of the securitized loan (both during the term and at
maturity) as well as Moody's value assessment of the collateral.
Moody's derives from these parameters a loss expectation for the
securitized loan.  Moody's default risk assumptions are low for
the Shamrock loan and medium for the New York and Boland loans.

In Moody's view the key strengths of the transaction include (i)
low to moderate leverage of the loans in the pool, (ii) Moody's
expectation of growing or at least stable granular cash flows
from the multifamily properties, (iii) recent positive momentum
in Ireland's economic growth as well as positive dynamics in the
commercial real estate market.

Challenges in the transaction include (i) the historically high
volatility of the Irish commercial real estate market, (ii)
limited amortization of the loans, resulting in refinancing risk
at loan maturity, (iii) a modified pro-rata pay structure where
credit enhancement increases due to loan prepayment or repayment
do not fully offset potential adverse credit selection in an
increasingly concentrated pool, and (iv) some limited unhedged
basis risk affecting the most junior class of Notes.

Moody's loan to value ratios (LTV) range from 56.4% on the
Shamrock loan to 83.5% on the Boland loan.  Moody's property
grades range from 1.75 on the New York loan to 2.6 for the
Shamrock loan. In Moody's view, the Shamrock loan exhibits the
lowest credit risk despite a weaker property grade than the New
York loan, mostly due to lower LTV and a high debt yield.  The
Boland loan is the weakest credit in the pool.

Moody's notes that the Boland loan matures about 3 years after
the maturity for the Shamrock and New York loans.  The
transaction allocates principal on a modified pro-rata basis (50%
pro-rata and 50% sequential).  As such, Moody's ratings on the
Class C Notes were restrained by this allocation of proceeds,
given the Notes' potential exposure to a single remaining loan
with the weakest credit quality during that 3 year period.

The ratings on the Class A Notes and the Class B Notes are
constrained at 4 to 5 notches above the current Irish government
bond ratings (Baa1).  Future changes to the government bond
ratings will likely result in a change of the Class A and B
ratings.

Methodology Underlying the Rating Action:

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

Moody's Parameter Sensitivity

Moody's Parameter Sensitivities provide a quantitative/model-
indicated calculation of the number of rating notches that a
Moody's-rated structured finance security may vary if certain
input parameters used in the initial rating process differed.
The analysis assumes that the deal has not aged and is not
intended to measure how the rating of the security might migrate
over time, but rather how the initial rating of the security
might have differed if key rating input parameters were varied.

Parameter Sensitivities for the typical EMEA Large Multi-
Borrower securitization are calculated by stressing key variable
inputs in Moody's primary rating model.  Moody's principal
portfolio model inputs are Moody's loan default probability
(Moody's DP) and Moody's modelling value (Moody's Model Value).
In the Parameter Sensitivity analysis, we assumed the following
stressed scenarios: Moody's Model Value decreased by -20% and -
40% and Moody's DP increased by 50% and 100%.  The parameter
sensitivity outcome ranges from 0 notches for Class A, 0 to 7
notches for Class B, 0 to 8 notches for Class C, and 1 to 6
notches on Class D.

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

Main factors or circumstances that could lead to a downgrade of
the ratings are (i) a decline in the property values backing the
underlying loans, (ii) an increase in the default probability
driven by declining loan performance or increase in refinancing
risk, (iii) an increase in the risk to the notes stemming from
transaction counterparty exposure (most notably the account bank,
the liquidity facility provider or borrower hedging
counterparties); (iv) a negative change in the Irish government
bond rating impacting the Class A and B notes.

Main factors or circumstances that could lead to an upgrade of
the rating are generally (i) an increase in the property values
backing the underlying loans, or (ii) a decrease in the default
probability driven by improving loan performance or decrease in
refinancing risk; (iii) a positive change in the Irish government
bond rating impacting the Class A and B notes.

The rating for the Notes addresses the expected loss posed to
investors by the legal final maturity.  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal at par on, or before, the final legal
maturity date.  Moody's ratings address only the credit risks
associated with the transaction; other non-credit risks have not
been addressed but may have significant effect on yield to
investors.  Moody's ratings do not address the payments of
EURIBOR Excess Amounts as defined in the Offering Circular.


ECO BUSINESS: High Court Enters Wind Up Order
---------------------------------------------
Eco Business Management Limited, a company shown to operate from
London and Stockholm, selling carbon credits to the public for
investment, was ordered into liquidation on March 4 in the public
interest for misleading potential investors.

The liquidation in the High Court followed a petition presented
by the Secretary of State for Business, Innovation & Skills to
wind up the company and followed confidential enquiries by
Company Investigations, part of the Insolvency Service. The
petition was unopposed.

The investigation found that the company mis-sold carbon credits
to the public for investment with investors persuaded by high
pressure sales techniques and false and misleading statements to
pay inflated prices of up to GBP11.95 for each credit and that in
some instances their credits were later retired (cancelled)
without their knowledge or consent.

The Court heard that investors were falsely told they would
receive returns of up to 82 per cent within 6 to 24 months and
that the company had businesses lined up to acquire the carbon
credits which would provide investors with the promised gains.
Investors seeking news of their investment were falsely told that
the company had entered into liquidation.

Welcoming the Court's winding up decision Chris Mayhew, Company
Investigations Supervisor, said:

"According to a Mr Aaron Whiteman, one of the individuals
involved in acquiring the company registration in October 2011,
the company did not trade or have a bank account or any records
or employees and that he 'handed over' the company to a broker
company whose name he could not recall other than he dealt with
someone called Chris whose surname and contact details he says
were unknown to him. When asked what he thought would happen as a
result he said that he 'did not give a s***' as he was doing
other things.

"Dormant accounts were filed for Eco Business Management Limited
for periods in which the company was clearly trading with the
public selling them overpriced carbon credits for investment with
promised short term returns of up to 82 per cent. It claimed to
be a sophisticated international business and to be 'covered' by
the FCA which it was not.

"The company claimed to be an organisation that treasures its
role as a leader in the carbon finance industry but in reality
was an eco con on investors cutting their savings not pollution.

"I would once more urge potential investors not to respond to
cold calling manipulative and deceitful investment sharks out to
make 'easy money' from you.

"The Insolvency Service will not allow rogue companies to rip-off
vulnerable and honest people and will investigate abuses and
close down companies if they are found to be operating or about
to operate, against the public interest."

The grounds to wind up the company were its objectionable trading
practices, abandonment, lack of transparency and lack of co-
operation with the investigation and breach of the Companies Act
2006.

Eco Business Management Limited was incorporated on December 15,
2003, in the name HB35 Limited. The name of the company was
changed on October 10, 2005, to Stratton Sport Limited and
changed again on October 12, 2011, to its present style.


EUROSAIL-UK 2007-6: Fitch Affirms 'Csf' Rating on Class D1a Notes
-----------------------------------------------------------------
Fitch Ratings has affirmed Eurosail-UK Prime 2007-A (ES07-A) and
Eurosail-UK 2007-6 NC Plc's (ES07-6) notes.

The transactions are securitizations of UK non-conforming loans,
originated by Southern Pacific Mortgage Limited, Preferred
Mortgages Limited, GMAC-RFC, Matlock Bank Limited (London
Mortgage Company), Northern Rock and Alliance and Leicester Plc.

KEY RATING DRIVERS

Divergent Asset Performance

ES07-A continued to perform well, with three months plus (3M+)
arrears low at 0.7% of current pool balance and total volume of
loans with properties taken into possession at 0.7% of initial
pool balance. Given the current low pipeline of late-stage
arrears, Fitch expects possession activities and associated
losses to remain minimal in the coming year. As a result of the
assets' robust performance, Fitch affirmed the ratings with
Stable Outlooks.

In contrast, ES07-6's portfolio performance is weak, with 3M+
arrears at 22% of the current portfolio balance and total volume
of loans with properties taken into possession at 15% of initial
pool balance. The difference in asset performance can be
attributed to more adverse loan characteristics, as well as the
lower weighted average loan interest rate paid by borrowers in
the ES07-A portfolio (2.6%) versus that paid by obligors in the
ES07-6 pool (3.6%). Fitch considered all the adverse features of
the transaction in its analysis, and found that the credit
enhancement was sufficient to withstand the respective rating
stresses. For this reason, the ratings were affirmed.

Unhedged Basis Risk

ES07-A comprises 100% bank base rate (BBR)-linked loans, while
the proportion of these loans in ES07-6 makes up 5% of the pool.
The notes in both transactions pay a margin over Libor, leaving
the structure exposed to basis risk. For this reason, Fitch
applied additional stresses to the cash flow of the structures by
reducing the margin on BBR loans. The resulting analysis
concluded that the rated notes were able to withstand the
reduction in coupons.

RATING SENSITIVITIES

A modest rise in interest rates could lead to deterioration of
the asset portfolio performance. If losses exceed Fitch's
expectations, the relatively thin reserve funds (0.8% and 0.9% of
current note balance of ES07-6 and ES07-A) could provide
insufficient support against depleting excess spread levels,
leading to negative rating actions, particularly on the junior
tranches.

The rating actions are as follows:

Eurosail-UK Prime 2007-A

  Class A1 (ISIN XS0328494157): affirmed at 'AAAsf'; Outlook
   Stable
  Class A2 (ISIN XS1074651628): affirmed at 'A+sf'; Outlook
   Stable
  Class M (ISIN XS1074652782): affirmed at 'Asf'; Outlook Stable
  Class B (ISIN XS1074654481): affirmed at 'BBBsf'; Outlook
   Stable
  Class C (ISIN XS1074654648): affirmed at 'Csf'; Recovery
   Estimate (RE) 45%.

Eurosail-UK 2007-6 NC Plc

  Class A2a (ISIN XS0332285039): affirmed at 'AAAsf', Outlook
   Stable
  Class A3a (ISIN XS0332285971): affirmed at 'BBB+sf', Outlook
   Stable
  Class B1a (ISIN XS0332286862): affirmed at 'BBsf', Outlook
   Stable
  Class C1a (ISIN XS0332287084): affirmed at 'CCCsf', RE 65%
  Class D1a (ISIN XS0332287597): affirmed at 'Csf', RE 0%


GLAMORGAN CRICKET: Cardiff Council Writes Off GBP4.4MM Debt
-----------------------------------------------------------
BBC News reports that a GBP4.4 million debt owed by Glamorgan
Cricket Club has been written off by Cardiff council.

The club had asked its main creditors, which include the council,
to write off about 70% of its debts, BBC relates.

Cabinet members discussed the proposal on March 19, BBC relays.

The council, as cited by BBC, said the redevelopment of the
Swalec Stadium was part-funded by loans from creditors including
themselves, with GBP16 million owed.

Glamorgan asked creditors to write-off 70% of the money and
interest owing and agree to a restructuring of the remaining 30%,
BBC discloses.

The plan to write off GBP4.4 million from a debt of GBP6.4
million the club owes to the council was recommended in a report
to the council's cabinet, BBC states.

Glamorgan chief executive Hugh Morris, as cited by BBC, said:
"The council's decision is extremely important to the club and is
one of the final pieces in the jigsaw in re-negotiating our debt.

"The club still faces financial challenges in the months and
years ahead and we are mindful of our responsibility to develop
our business to safeguard our long-term future."

Glamorgan's other main creditors -- Allied Irish Bank and Paul
Russell -- the club's former chairman, have also agreed to the
restructuring proposal, BBC notes.

Glamorgan County Cricket Club is one of the 18 major county clubs
which make up the English and Welsh national cricket structure,
representing the historic county of Glamorgan aka Glamorganshire.


MOTO HOSPITALITY: S&P Revises Outlook to Pos. & Affirms 'B-' CCR
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
outlook on U.K. motorway services area (MSA) operator Moto
Hospitality Ltd. to positive from stable.  At the same time, S&P
affirmed its 'B-' corporate credit rating and 'CCC' issue rating
on the GBP176 million second-lien notes still outstanding.

S&P subsequently withdrew these ratings at the company's request.

The rating actions follow Moto's announcement of its planned
refinancing of GBP176 million second-lien notes due 2017 with the
proceeds from GBP175 million second-lien notes due in 2020 and
cash on hand.  The company has launched a tender offer with the
effective redemption date set on March 24, 2015.  As part of the
refinancing, the company also signed a GBP385 million term loan
due in 2020 that will replace the existing GBP365 million of
existing senior loan, and a new GBP50 million capex facility and
GBP10 million revolver credit line.

The positive outlook reflected S&P's belief that Moto's new
capital structure and its related documentation would have
increased S&P's visibility on the company's future financial
policy.  It also reflected the company's good performance in 2014
and S&P's expectation of steady EBITDA growth over the next 12
months.  Had S&P not withdrawn the ratings, it would have
considered a one-notch upgrade of the corporate credit rating if
the refinancing were completed successfully and resulted in us
revising S&P's negative assessment of Moto's financial policy.

Under the proposed refinancing, S&P continues to view Moto's
financial risk profile as "highly leveraged."  This assessment
primarily reflects the high level of debt that the company will
maintain post-refinancing.  In addition, the company's
deleveraging prospects will likely be limited because S&P
anticipates that in the near future, it will mainly use free
operating cash for shareholder remuneration.  According to S&P's
base case scenario, it anticipates that the Standard & Poor's-
adjusted debt to EBITDA ratio will remain at 5.7x over the next
three years.

S&P views Moto's post-transaction liquidity as "adequate" given
S&P's expectations of at least 15% headroom under the new set of
covenants.

At the time of withdrawal, the rating on Moto reflected S&P's
view of its business risk profile as "fair".  S&P's assessment
continues to reflect the company's position as the largest MSA
operator in the U.K. with a 40% market share, the high barriers
to entry due to capital costs and legal planning restrictions on
building new MSAs, the stability of its revenues and earnings,
and the positive and stable long-term growth trends in traffic on
U.K. motorways.  S&P's assessment of Moto's business risk profile
also takes into consideration the company's portfolio of high-
quality freehold and long-term leasehold MSAs throughout the U.K.
In S&P's view, moderating these strengths are the company's
relatively small scale, operational risk as a tenant operator in
the service areas, some exposure to fluctuations in U.K. consumer
discretionary spending, and reliance on third-party brands.


ST. VINCENT STREET: Two Acting Directors Banned for Years
---------------------------------------------------------
Thomas Coakley and Ronald Coakley, directors of property company
ST Vincent Street (491) Ltd (SVS), have been disqualified from
acting directors for 7 and 3 1/2 years respectively for failing
to ensure SVS complied with its statutory obligations to HMRC and
tenants and for payments made to the benefit of a family member
at a time the company was insolvent.

Thomas Coakley (54) signed a disqualification undertaking on
February 12, 2015, for 7 years which resulted in him being banned
from acting as a director of a limited company until February
2022.  Ronald Andrew Coakley (28) signed a disqualification
undertaking on January 14, 2015, for 3 1/2 years which resulted
in him being banned from acting as a director of a limited
company until July 2018.

SVS traded between April 2010 and February 2013 in the
acquisition and letting of residential and commercial property.
SVS went into administration on February 14, 2013, with assets of
GBP9,126,015 and liabilities of GBP21,741,506 resulting in an
overall estimated deficiency to creditors of GBP12,615,491.

As a property company, SVS was required by law to protect
tenants' deposit and failed to do so. In addition, staff were
paid gross, despite employment contracts claiming otherwise.
Specifically, the Insolvency Service investigation showed that
SVS did not account properly for its tax throughout its trading.
Employment contracts showed that SVA was responsible for paying
employee tax under the PAYE system. However, only one employee,
latterly, was registered under the scheme. Accounts showed
employees were paid over GBP500,000 while declarations,
deductions and payments to HMRC in respect of PAYE and NIC
totalled under GBP10,000.

Furthermore, although the directors operated director loan
accounts they did not account to HMRC for any corporation tax.

SVS failed to protect tenancy deposits of GBP19,425, however,
shortly before SVS ceased to trade payments totalling GBP26,245
were made to a family member, clearing out the company bank
accounts of all funds.

Commenting on the disqualification, Cheryl Lambert, Head of
Outsourced Investigations at The Insolvency Service said:

"The Insolvency Service will take action to protect the integrity
of the market place where directors do not comply with their
obligations to pay tax and to safeguard tenant deposits. Where
they breach their fiduciary duty they can expect the Insolvency
Service to seek a ban."

"In this case, Thomas Coakley ran the business as a personal
fiefdom and consistently put his own interests before that of
tenants, creditors and the general taxpayer."

Thomas Coakley gave an undertaking to the Secretary of State for
Business, Innovation & Skills not to be a director for 7 years.
The disqualification commenced on March 5, 2015. Ronald Coakley
gave an undertaking on January 14, 2015, for 3yrs 6 months. The
disqualification is due to commence on April 2, 2015.

Thomas Coakley is of London and his date of birth is January 30,
1962. Ronald Andrew Coakley is of Riyadh, Saudi Arabia and his
date of birth is June 18, 1986. A disqualification order has the
effect that without specific permission of a court, a person with
a disqualification cannot:

   * act as a director of a company
   * take part, directly or indirectly, in the promotion,
     formation or management of a company or limited liability
     partnership
   * be a receiver of a company's property

In addition, that person cannot act as an insolvency practitioner
and there are many other restrictions are placed on disqualified
directors by other regulations.

Disqualification undertakings are the administrative equivalent
of a disqualification order but do not involve court proceedings.

St Vincent Street (491) Ltd was incorporated on November 2, 2009
and entered administration on February 14, 2013.



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


* BOND PRICING: For the Week March 16 to March 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.


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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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