TCREUR_Public/150413.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, April 13, 2015, Vol. 16, No. 71

                            Headlines

D E N M A R K

TELLER A/S: Fitch Cuts LT Issuer Default Rating to 'BB'


F R A N C E

TECHNICOLOR SA: Moody's Raises Corporate Family Rating to 'B1'


G R E E E C E

GREECE: Fails to Outline Structural Reforms


I R E L A N D

DERRYNANE HOTEL: Bank of Ireland Appoints Receivers


I T A L Y

CLARIS FINANCE 2006: S&P Cuts Rating on Class B Notes to 'B+'
* Asset Auction Scheduled for June 12


L U X E M B O U R G

APERAM SA: Moody's Raises Corporate Family Rating to Ba2


N E T H E R L A N D S

EIGER ACQUISITION: S&P Assigns 'B' Corporate Credit Rating
ETAM: Seeks Creditor Protection Following Consecutive Losses
KAZSTROYSERVICE GLOBAL: Moody's Withdraws Ba3 Corp. Family Rating
PDM CLO I: Moody's Raises Rating on EUR13.5MM Cl. E Notes to Ba3


R U S S I A

EVRAZ GROUP: Moody's Affirms Ba3 Corporate Family Rating
CB KEDR: Fitch Withdraws 'f' Viability Rating
MOSKOMMERTSBANK: Fitch Affirms 'CCC' LT Issuer Default Rating
TATTELECOM OJSC: Fitch Affirms 'BB' LT Issuer Default Rating
VAHOSTAV-SK: Launches Web site to Provide Restructuring Details


S P A I N

CAR RENTALS: S&P Assigns 'B' LT Corporate Credit Rating
MARTINSA FADESA: Court Begins Liquidation After Debt Talks Fail


U K R A I N E

UKRAINE: Creditors Mull Restructuring Plan; June Deadline Looms


U N I T E D   K I N G D O M

ELEMENT MATERIALS: Moody's Affirms B2 Corporate Family Rating
ELEMENT MATERIALS: S&P Affirms 'B' CCR on TRac Acquisition
INDEPENDENT INSURANCE: June 1 Scheme Creditors' Meeting Set
MACLAY GROUP: In Administration After Tax Debt Investigation
TGI FRIDAY'S: S&P Alters Outlook to Stable on Sale of UK Restos


X X X X X X X X

* BOND PRICING: For the Week April 6, 2015 to April 10, 2015


                            *********



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D E N M A R K
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TELLER A/S: Fitch Cuts LT Issuer Default Rating to 'BB'
-------------------------------------------------------
Fitch Ratings has downgraded Teller A/S's Long-term Issuer
Default Rating (IDR) to 'BB' from 'BB+'. The Outlook has been
revised to Negative from Stable.

Following completion of the merger of Teller AS into Teller, the
ratings of Teller AS have been withdrawn.

KEY RATING DRIVERS - IDR

The downgrade reflects Fitch's expectation that capital
management for Teller will increasingly be transferred to its
parent, Nets Holding A/S. While this does not reduce the
capitalization of the overall group, Fitch believes it may leave
capital at Teller, which is the only entity in the group that is
publicly rated by Fitch, very thin for the current rating level.

The Negative Outlook reflects a negative trajectory for
capitalization and our belief that the absolute amount of capital
may remain low going forward.

Teller is subject to regulatory capital requirements, which it
has historically exceeded by a wide margin. The relatively small
amount of capital limits rating upside potential, and should
capital reduce significantly, it would only leave a minimal
buffer for unexpected shocks without the need for capital
injections from the parent.

The ratings also reflect Teller's monoline business model in
Nordic merchant acquiring of international payment cards and
potentially large exposures to operational risk. These risks are
mitigated by its leading franchises in its business niche, the
absence of debt, its strong liquidity management and small
historical credit losses.

A key risk for Teller is the potential need to bridge a liquidity
gap that could be caused by a major operational event, such as a
system failure, which would delay payments from credit card
issuers. However, Fitch believes such a scenario is unlikely and
the risk is mitigated by a strong track record in managing
operational risk and significant holdings of cash.

Credit risk can stem from both fraud and default of a merchant.
Losses have consistently remained at low levels and are
comfortably absorbed by earnings. However, should a significant
portion of capital be up-streamed to the Nets group, this would
leave Teller more exposed to losses materially affecting
capitalization. Fitch expects that Teller will maintain prudent
underwriting standards and strict risk controls, particularly for
its high-risk customers with large pre-payments of goods and/or
services.

RATING SENSITIVITIES - IDRs

Teller's monoline business model and small capital base limit
rating upside potential. A downgrade of the Long-term IDR would
most likely be a result of a transfer of a sizeable portion of
excess capital over regulatory requirements to the holding
company, with future profits also being up-streamed to the group;
this is reflected in the Negative Outlook.

Significant increases in Teller's risk appetite through less
strict large exposure limits, less prudent liquidity management
or expansion into higher-risk markets would also be rating-
negative.

A revision of the Outlook to Stable from Negative would be
contingent on a commitment to rebuild capital to provide a larger
buffer for unexpected shocks, including large frauds or losses
from some of its largest customers.

KEY RATING DRIVERS AND SENSITIVITIES - SUPPORT RATING

Teller's Support Rating has been downgraded to '5', reflecting
Fitch's expectation that while support might be possible from
Nets Holding A/S, and in turn from the ultimate shareholders, it
cannot be relied upon following the sale of Nets Holding A/S to a
private equity consortium.

Fitch has subsequently withdrawn the Support Rating as it is no
longer viewed as relevant to the agency's coverage.

The rating actions are as follows:

Teller A/S

Long-term IDR: downgraded to 'BB' from 'BB+'; Outlook Revised
  to Negative from Stable
Short-term IDR: affirmed at 'B'
Support Rating: downgraded to '5' from '3' and withdrawn

Teller AS

Long-term IDR: withdrawn
Short-term IDR: withdrawn
Support Rating: withdrawn



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


TECHNICOLOR SA: Moody's Raises Corporate Family Rating to 'B1'
--------------------------------------------------------------
Moody's Investors Service has upgraded Technicolor SA's corporate
family rating (CFR) to B1 from B2, probability of default rating
(PDR) to B1-PD from B2-PD, and the senior secured term loan
ratings to B1 from B2 borrowed by Tech Finance & Co S.C.A. The
rating upgrade reflects the company's stronger-than-expected
operating performance and continued financial discipline, the
combination of which has strengthened Technicolor's credit
metrics and significantly increased the company's buffer to
absorb the anticipated loss of MPEG2 licensing revenues in
2016-17.

RATINGS RATIONALE

The upgrade to B1 was driven by the successful turnaround of
Technicolor's Connected Home division, which posted strongly
improved earnings in 2014, the stable contribution from its
Entertainment Services division, and the application of free cash
flows, predominantly generated at the Technology division, to
debt reduction. These effects prepare the company well for the
time when the licensing income for the MPEG2 technology, one of
the major contributors to profits in the last years, will have
expired.

Technicolor's B1 CFR therefore reflects the company's reduced
reliance on its declining MPEG2 licensing revenues, which
accounted for 45% of licensing revenues in 2014, down from 53% in
2013 and a significant portion of the group's EBITDA, which will
drop to nil in 2017. More positively, the current rating reflects
(1) the company's continued investments in its patent and
licensing portfolio to develop alternative sources of earnings,
which should lead to new revenues, albeit at a lower level than
compared to the MPEG licenses, such as those from the new HEVC
Advanced patent pool; (2) the stable performance of the group's
Entertainment Service division, which is generating positive cash
flows in an environment which is exposed to ongoing declines in
Standard Definition DVD activity, partially offset by growth in
the Blu Ray segment, as well as by expansion in the company's
Production Services activities, in particular in visual effects;
and (3) a successfully concluded turnaround in the Connected Home
division, although Moody's notes the strong competitiveness of
that industry and the risk of technological change in the
different markets for set-up boxes.

Technicolor continues to generate positive free cash flows and to
increase its already sizeable cash balance, which reached EUR328
million at the end of December 2014. Whilst Moody's analysis
focuses on gross debt and leverage, Technicolor's sizeable cash
balance and positive free cash flows give the company some
financial flexibility for small to medium-sized acquisitions,
which will add to its revenues and EBITDA. This should help
further reduce its reliance on MPEG2 license fees, in addition to
continued improvements in non-MPEG2 earnings from the Connected
Home and Technology divisions.

Moody's considers Technicolor to have a sound short-term
liquidity profile, with strong positive free cash flow
generation, a significant cash balance and very limited debt
maturities over the next 18 months as a result of continued debt
reduction in 2014. Technicolor has access to a EUR100 million
revolving credit facility maturing in July 2018, with good
covenant headroom. Interest payments have been reduced by
approximately EUR18 million per annum owing to a re-pricing of
the 2020 term loan facilities.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Technicolor's prospects for improved
operating performance and, hence, improved leverage over the next
two years as the company continues to focus on debt reduction and
invests in its patent and licensing portfolio, as well as its
market leading positions in its Entertainment Services division
to develop alternative sources of earnings.

WHAT COULD CHANGE THE RATING -- UP/DOWN

Technicolor's rating could be upgraded once the company has (1)
established a longer track record in terms of developing
alternative new sources of earnings in its licensing business;
(2) maintained the recent performance in its Entertainment
Services divisions; and (3) further improved the profitability in
the Connected Home division. Quantitatively, expectations of
sustained leverage below 4.0x, based on Moody's-adjusted figures,
excluding the estimated EBITDA contribution from the MPEG2
licensing agreement, could lead to an upgrade (we estimate the
debt/EBITDA ratio excluding MPEG2 revenues at 5.2x as per FYE
2014).

Negative rating pressure could develop if Technicolor failed to
sustain debt/EBITDA in the range of 4.5x -5.0x, also excluding
the MPEG2 contribution. A weakening of the company's liquidity
could also put pressure its rating.

Technicolor S.A., headquartered in Issy-les-Moulineaux, France,
is a leading provider of solutions for the creation, management,
delivery and access of video for the Communication, Media &
Entertainment industries operating in three business segments:
Technology, Entertainment Services and Connected Home. The
largest of these in terms of earnings is the Technology segment.
Total revenues for 2014 were approximately EUR3.4 billion.



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


GREECE: Fails to Outline Structural Reforms
-------------------------------------------
Reuters reports that euro zone officials were shocked at Greece's
failure to outline plans for structural reforms at talks in
Brussels, a German newspaper on April 11 cited participants as
saying, adding the Greek representative behaved like a "taxi
driver."

A meeting of deputy finance ministers on April 9 gave Athens a
six working day deadline to present revised economic reform plans
before euro zone finance ministers meet on April 24 to consider
unlocking emergency funding to keep Greece afloat, Reuters
relates.

According to Reuters, euro zone sources told the Frankfurter
Allgemeine Sonntagszeitung that they were disappointed and
shocked at Athens' lack of movement in its plans, and in
particular, its reluctance to talk about cutting civil servants'
pensions.

The mood between Greece's leftist government and its euro zone
partners, especially Germany, has deteriorated in the last few
weeks, with personal recriminations flying between ministers and
calls from Athens for Berlin to pay war reparations, Reuters
relays.

The paper, as cited by Reuters, said at the meeting the Greek
representative just asked where the money was "like a taxi
driver", according to sources, and insisted his country would
soon be bankrupt.

The euro zone sources told the paper that Greece's creditors do
not believe this is the case and that it would be a domestic
political issue if Athens is unable to fully pay salaries and
pensions, Reuters relates.

                 Greece Blows Debt Deal Chance

Separately, Reuters' Paul Taylor reports that even if it survives
the next three months teetering on the brink of bankruptcy,
Greece may have blown its best chance of a long-term debt deal by
alienating its euro zone partners when it most needed their
support.

Prime Minister Alexis Tsipras' leftist-led government has so
thoroughly shattered creditors' trust that solutions which might
have been on offer a few weeks ago now seem out of reach, Reuters
relates.

According to Reuters, with a public debt equivalent to 175% of
economic output and an economy struggling to pull out of a six-
year depression, Athens needs all the goodwill it can summon to
ease the burden.  It owes 80% of that debt to official lenders
after private bondholders took a hefty writedown in 2012, Reuters
discloses.

Since outright debt forgiveness is politically impossible, the
next best solution would be for Greece to pay off its expensive
IMF loans early, redeem bonds held by the European Central Bank
and extend the maturity of loans from euro zone governments to
secure lower interest rates for years to come, Reuters notes.

Mr. Tsipras' denunciations of EU-prescribed austerity, demands
for German war reparations and cosying up to Russian President
Vladimir Putin, and Varoufakis' foot-dragging on reform
negotiations and initial calls for a "haircut" on Greek debt,
have dried up the reservoir of sympathy for Athens, Reuters
states.

Creditors like Germany, the Netherlands and Finland are bent on
keeping the IMF involved as an enforcer of economic reform and
fiscal discipline because they don't trust the Greeks to keep
their word, nor the European Commission to hold them to it,
Reuters says.

Since Greece is stalling on its program and lacks market access,
the only way it could pay off EUR24 billion owed to the IMF and
redeem EUR27 billion of bonds held by the ECB would be for the
euro zone's rescue fund to lend it the money, Reuters notes.

That in turn would require euro zone governments to convince
their parliaments to risk more taxpayers' money than the roughly
EUR170 billion they have already lent Greece in two bailouts
totaling EUR240 billion, according to Reuters.

Many economists and euro zone officials believe Athens will
anyway need a third bailout of around EUR30 billion this year,
even though Mr. Tsipras insists Athens does not want that,
Reuters states.

Euro zone finance ministers promised in 2012 to "consider further
measures and assistance" to ease Greece's debt provided it stuck
to the terms of its program, which it has not done, Reuters
recounts.



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


DERRYNANE HOTEL: Bank of Ireland Appoints Receivers
---------------------------------------------------
Simon Brouder at The Kerryman reports that the future of
Derrynane Hotel in Caherdaniel is in doubt after the well known
hotel on the Ring of Kerry was placed in receivership.

On March 11, Bank of Ireland appointed Grant Thornton as
receivers to Earrai Traidisiunta Teoranta, the company which owns
and operates the hotel, The Kerryman relates.

It remains uncertain if the three-star hotel, which operates on a
seasonal basis typically opening between May and October, will
open for business this summer, The Kerryman says.

As of April 7, the hotel Web site was not taking bookings and in
workers have been seen removing stock, equipment and other items
from the premises, The Kerryman notes.

Accounts filed by the company show that Bank of Ireland was owed
approximately EUR3.2 million by the firm at the end of 2013, The
Kerryman discloses.

The Derrynane Hotel, which opened in July 1982, was owned by
Jerry O'Reilly, a well known hotelier and former business partner
of the builder and property developer Bernard McNamara.  The 50-
bedroom Derrynane Hotel, which also includes eight self catering
holiday cottages, employed approximately 30 staff on a seasonal
basis with many of the employees arriving each summer from
overseas, according to The Kerryman.



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


CLARIS FINANCE 2006: S&P Cuts Rating on Class B Notes to 'B+'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'B+ (sf)' from 'BB-
(sf)' and removed from CreditWatch negative its credit rating on
Claris Finance 2006 S.r.l.'s class B notes. S&P's ratings on the
class A1 and A2 notes remain unaffected by the rating
actions.

"On March 31, 2015, we lowered to 'B+' from 'BB-' our long-term
issuer credit rating (ICR) on Veneto Banca SCPA, the liquidity
guarantee provider in Claris Finance 2006, and removed it from
CreditWatch negative (see "Italy-Based Veneto Banca SCPA Long-
Term Rating Lowered To 'B+'; Outlook Negative").

"According to the transaction documents, the liquidity guarantee
covers the timely payment of interest and the ultimate payment of
principal. Under our current counterparty criteria, our rating on
the class B notes is weak-linked to our long-term ICR on Veneto
Banca (see "Counterparty Risk Framework Methodology And
Assumptions," published on June 25, 2013). Therefore, as any
change to our long-term ICR on Veneto Banca would result in an
equivalent change to our rating on Claris Finance 2006's class B
notes, we have lowered to 'B+ (sf)' from 'BB- (sf)' and removed
from CreditWatch negative our rating on the class B notes.

"We placed our rating on the class B notes on CreditWatch
negative on March 9, 2015, following our Feb. 26, 2015 rating
action on Veneto Banca (see "Rating On Claris Finance 2006's
Class B Italian RMBS Notes Placed On CreditWatch Negative For
Counterparty Reasons").

"Our ratings on the class A1 and A2 notes are unaffected by the
rating actions because these ratings are delinked from our long-
term ICR on the liquidity guarantee provider," said S&P.

Claris Finance 2006 is an Italian residential mortgage-backed
securities (RMBS) transaction, backed by a pool of mortgage loans
secured over residential and commercial properties in Italy. The
transaction closed in July 2006 and its revolving period ended in
March 2010.


* Asset Auction Scheduled for June 12
-------------------------------------
Insolvency administrator Marco Silvestrini will conduct an asset
auction at 10:00 a.m. on June 12, 2015 at Via Cacciatori delle
Alpi n.1 in Spoleto, Italy.

The assets up for sale include buildings of around 8,237 square
meters, warehouse and land of about 12,565 square meters, steel
tanks, n. 8 production lines and registered trademarks.  The sale
will take place at a base price of EUR2,500,000.  The minimum
raise amount for the auction is EUR100,000.

Regulation, expertise and photos, are available at
http://www.tribunaledispoleto.itand http://www.asteimmobili.it

Contact information:  Marco Silvestrini
                      E-mail: msilvestrini@tin.it



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


APERAM SA: Moody's Raises Corporate Family Rating to Ba2
--------------------------------------------------------
Moody's Investors Service upgraded its ratings for Aperam S.A.,
upgrading its corporate family rating (CFR) to Ba2 from Ba3 and
probability of default ratings (PDR) to Ba2-PD from Ba3-PD.
Moody's also upgraded the rating of the $200 million convertible
Eurobonds due 2020 to B1 from B2. The outlook on all the ratings
is positive.

Ratings Rationale

The upgrade of the CFR reflects the strong operational
performance of the company in 2014 and Moody's view that Aperam
will be able to continue to improve both its EBIT and EBITDA
margins in 2015. Moody's further believes that significant
operational improvement will be sustained by the gains realised
through topline strategy Leadership Journey and the positive
development on anti-dumping measures in the European Union.
Finally, Moody's believes that the improvement of the competitive
environment in Europe, with the rationalization of capacity
implemented by the biggest players in the last few quarters, will
also benefit Aperam. The rating on the senior unsecured notes due
2018 is withdrawn since it has been fully repaid by the company.

More broadly, Aperam's CFR reflects (1) the cyclicality of
Aperam's end markets, with high correlation to GDP growth level
and consumer spending; (2) the highly competitive industry, still
showing excess capacity despite restructuring by several European
players; (3) the company's exposure to raw material price
volatility, particularly nickel and scrap; and (4) exposure to
the declining Brazilian market which represents a high proportion
of the company's profitability.

However, these negatives are partially mitigated by (1) the
company's improved operating performance since the implementation
of the Leadership Journey and active capital structure
management, which resulted in a substantial margin increase year
on year and a much reduced gross leverage ratio; (2) its strong
market position in Europe and high market share in Brazil; (3) a
background of improved global demand from the main end-markets of
automotive, consumer goods and capital goods; (4) provisional
anti-dumping duties on imports of cold rolled flat stainless
steel in the EU from China and Taiwan; and (5) a reduced pressure
on base price while having the structural ability to fully pass
through raw material price increase through the alloy surcharge
mechanism in Europe.

The main underlying stainless steel markets have recovered,
particularly in Europe where demand has been driven by growth in
automotive, capital goods and construction. In addition, the
regulatory environment in Europe is now more positive, with the
European Commission's decision to impose anti-dumping duties on
flat cold rolled products imported from China and Taiwan. Moody's
believes that Aperam should be able to capitalize on the improved
European market conditions resulting in a higher capacity
utilization rate, and improvement in the pricing environment to
at least stabilize its operating margins compared to current
levels. In Brazil, the other main market for Aperam, the company
enjoys local status, high market share in flat-rolled sheets and
also benefits from anti-dumping duties implemented by the
Brazilian government in 2013.

Those factors lead to a better environment that Moody's believes
should continue over the next 12 months, supporting Aperam's
profitability. Finally, the gains realised through the
restructuring and cost efficiency measures implemented since 2011
allow the company to report a significant improvement in margins,
with both EBIT and EBITDA margins into positive territory since
H1 2014 and now standing at 5.1% and 9.6% respectively on a
Moody's adjusted basis.

Moody's expects that cash flow generation will remain positive,
helped by moderate capex and reduced financial expenses following
the company's active balance sheet management, with notably the
issuance of the ORNANE convertible bond in July 2014 and early
repayment of the outstanding High Yield Bonds at the beginning of
October 2014 and April 2015. Moody's expects working capital
requirement to be higher this year than historically on the
ground of higher volume and building up of inventories in
anticipation of higher demand post anti-dumping measures in
Europe, though not threatening solid positive free cash-flow
generation. The company has so far implemented a rather
conservative financial policy. While Moody's contemplates that a
dividend payment could be resumed at some stage, the current
rating and outlook does not incorporate a substantial step up of
payment to shareholders, nor a debt financed material
acquisition.

Liquidity Profile

Moody's sees the company as having adequate liquidity, with
sources of approximately USD697 million, consisting of cash and
cash equivalents of USD197 million (end of 2014 reported amount)
and credit lines of USD500 million (Borrowing Base Facility,
BBF). Moody's also notes that Aperam has recently renegotiated
its BBF, increasing the committed amount to USD500 million (with
a USD50 million swinging facility in the form of a sub limit) and
extended the maturity to 2018. Aperam can also rely on various
banking facilities for more than USD120 million. Finally, the
company uses True Sale of Receivables programs of EUR270 million
in total that helps in managing its working capital requirements,
particularly in a strong growth environment.

STRUCTURAL CONSIDERATIONS

Aperam has a mix of secured and unsecured debt. Its largest piece
of secured debt is its USD500 million borrowing base revolving
credit facility, which is secured by inventories and receivables,
and benefits from upstream guarantees of certain operating
subsidiaries. The company has repaid all its outstanding high
yield bonds and only reports USD500 million of Convertible Bonds
(including Equity portion) due in 2020 and 2021, that are
unsecured and do not benefit from any operating entities'
upstream guarantees. Moody's notes that the current notching on
the rated unsecured convertible notes due 2020 could narrow if
the CFR was to be upgraded with no significant change in the
current capital structure.

RATIONALE FOR THE POSITIVE OUTLOOK

Moody's maintained its positive outlook on the CFR. Moody's
assumes a continued favorable European stainless steel market for
2015 and a mostly stable Brazilian market, despite the slowdown
in GDP growth and domestic demand. Together with the operational
improvements gained from the Leadership Journey, this should
enable the company to solidify its operating performance.

WHAT COULD CHANGE THE RATINGS UP/DOWN

An upgrade could be considered if Moody's witnesses (1) continued
growth in stainless steel demand and increased stainless steel
base prices, together leading to sustained EBIT margin of above
6% on a Moody's adjusted basis (2) persistent high capacity
utilization rate; (3) continued strong liquidity profile; and (4)
sustained Moody's adjusted gross leverage of below 2x.

However, a downgrade could be implemented if, (1) underlying
markets slowdown, leading profitability to decline to level of 4%
or less; (2) debt/EBITDA sustainably rises above 3.0x; (3)
liquidity becomes tight, with FCF becoming negative on a
sustained basis; or (4) the company increases materially its
leverage as a result of a debt-financed acquisition.

The principal methodology used in these ratings was Global Steel
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.

Aperam is a leading global stainless and specialty steel producer
based on an annual production capacity of 2.5 million tons in
2014. They are the largest stainless and electrical steel
producer in South America (mainly Brazil), the second largest
stainless steel producer in Europe and fourth largest producer in
nickel alloys worldwide. In 2014, Aperam had sales of USD5.48
billion and shipments of 1.81 million tonnes.



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


EIGER ACQUISITION: S&P Assigns 'B' Corporate Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services said that it had assigned its
'B' long-term corporate credit rating to Netherlands-based
software company Eiger Acquisition B.V. (Exact). The outlook is
stable.

"At the same time, we assigned our 'B' issue rating to Exact's
senior secured loans due 2022 and the RCF due 2020, with a
recovery rating of '3' indicating our expectation of meaningful
recovery (50%-70%; higher half of the range) in the event of a
default," said S&P.

"We also assigned our 'CCC+' issue rating to the senior unsecured
loans due 2023, with a recovery rating of '6' indicating our
expectation of negligible recovery (0-10%) in the event of a
default.

"The long-term corporate credit rating reflects our view that
Exact has a narrow product offering and is relatively small, and
the industry shows only limited barriers to entry. Exact mainly
provides accounting software and enterprise resource planning
(ERP) solutions to small and midsize companies in The
Netherlands, and to a lesser extent in Belgium. We consider its
overall competitive position to be weaker than that of larger
international competitors -- including Microsoft, SAP, and
Oracle -- which however mainly target larger customers, and Exact
is somewhat smaller than domestic players, including Unit 4.
Other weaknesses include limited geographic diversification,
despite a presence in North America where it generates about 25%
of its revenues. We believe it could technically be rather simple
for a customer to switch to an alternative software supplier,
particularly for accounting solutions, despite the related
costs," said S&P.

These weaknesses are partly offset by Exact's solid niche market
positions in its main segments. According to Exact, it enjoys a
market share of about 30% in online accounting software in the
Netherlands, thanks to its relationships with 40% of the
country's accountants. Exact also has a market share of about
15% in ERP business with midsize companies in The Netherlands.
Other strengths include growth prospects in the Dutch cloud ERP
market, supported by a solid economic environment and a
moderately high average customer retention rate of about 92% on
average in the Business and Specialized Solutions segments, which
represent 85% of revenues. Moreover, Exact has a high proportion
of recurring revenues, slightly more than 70%, which is likely to
increase as business in the Cloud Solutions segment develops; a
large and diversified customer base; and broadly average
profitability despite some distortion caused by the carve-out of
the Cloud Solutions International (CSI) segment, divestments,
withdrawal of some older products, and restructuring.

"Our financial risk profile assessment primarily reflects Exact's
high leverage. We forecast a gross adjusted debt-to-EBITDA ratio
of 6.9x (our adjusted EBITDA measure is after capitalized
development costs, in line with our methodology) and funds from
operations to debt of 7.9% at year-end 2015. These weaknesses are
partly offset by EBITDA cash interest coverage of about
2.5x and our anticipation of stable free operating cash flow
(FOCF) generation, resulting in FOCF to debt exceeding 5% in
2015.

"The stable outlook reflects our anticipation of modestly
increasing revenues at Exact, with a Standard & Poor's-adjusted
EBITDA margin of about 30%, positive FOCF, and adequate
liquidity.

"We could lower the rating if FOCF were at breakeven (for
instance because investments in CSI materially exceed our
projections, there is weaker-than-expected revenue growth, and
additional restructuring costs) and EBITDA cash interest coverage
were at about 2x, or if Exact's liquidity weakened to "less than
adequate."

"We think ratings upside is limited over the next 12 months
because we do not expect the adjusted debt-to-EBITDA ratio to
fall below 5x," said S&P.


ETAM: Seeks Creditor Protection Following Consecutive Losses
------------------------------------------------------------
DutchNews.nl reports that Etam on April 3 asked for court
protection from creditors to stave off bankruptcy.

The company is hoping to be able to relaunch with new investors,
DutchNews.nl says, citing news agency.

The Etam group has been running at a loss for years and has
invested heavily in developing an online presence, DutchNews.nl
relates.  The company is also attempting to negotiate a rent cut
with its landlords, like troubled department store group V&D,
DutchNews.nl discloses.

Etam is a Duch retail fashion group.  The high street chain,
which has some 200 outlets in the Netherlands, operates the Miss
Etam and Promiss labels.


KAZSTROYSERVICE GLOBAL: Moody's Withdraws Ba3 Corp. Family Rating
-----------------------------------------------------------------
Moody's Investors Service has withdrawn the Ba3 corporate family
rating (CFR) and the Ba3-PD probability of default rating (PDR)
of KazStroyService Global B.V. (KSS), as well as the (P)Ba3
senior unsecured debt rating. At the time of withdrawal, all the
aforementioned ratings carried a stable outlook.

RATINGS RATIONALE

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

The last rating action on KSS was taken on November 3, 2014 when
Moody's first assigned the rating and the outlook.

KazStroyService Global B.V. domiciled in the Netherlands is the
largest EPC services provider in Kazakhstan via its 100%
subsidiary KSS Kazakhstan. In addition, the company operates KSS
Petron and Petron Engineering which are engaged in oil and gas,
industrial and infrastructure projects in India. KSS provides
general contracting, construction management and design-build
services for state-owned and private customers primarily in
Kazakhstan. KSS reported US$1.2 billion in revenue and US$354
million in EBITDA in 2013, and its backlog (secured orders in the
company's project portfolio) was $2.0 billion as of end-June
2014.


PDM CLO I: Moody's Raises Rating on EUR13.5MM Cl. E Notes to Ba3
----------------------------------------------------------------
Moody's Investors Service announced has taken rating actions on
the following classes of notes issued by PDM CLO I B.V.:

-- EUR208,500,000 (current balance EUR 202,553,708.67) Class A
    Senior Secured Floating Rate Notes due 2023, Affirmed Aaa
    (sf); previously on Jun 25, 2014 Upgraded to Aaa (sf)

-- EUR11,250,000 Class B Deferrable Secured Floating Rate Notes
    due 2023, Upgraded to Aa2 (sf); previously on Jun 25, 2014
    Upgraded to A1 (sf)

-- EUR17,250,000 Class C Deferrable Secured Floating Rate Notes
    due 2023, Upgraded to A2 (sf); previously on Jun 25, 2014
    Upgraded to Baa1 (sf)

-- EUR16,500,000 Class D Deferrable Secured Floating Rate Notes
    due 2023, Upgraded to Baa3 (sf); previously on Jun 25, 2014
    Upgraded to Ba1 (sf)

-- EUR13,500,000 Class E Deferrable Secured Floating Rate Notes
    due 2023, Upgraded to Ba3 (sf); previously on Jun 25, 2014
    Affirmed B1 (sf)

PDM CLO I B.V., issued in December 2007, is a single currency
Collateralised Loan Obligation ("CLO") backed by a portfolio of
mostly high yield European senior secured loans managed by
Permira Debt Managers Limited. This transaction's reinvestment
period ended in February 2015.

RATINGS RATIONALE

The rating actions result from the benefit of modelling actual
credit metrics following the expiry of the reinvestment period in
February 2015 and an improvement in credit metrics of the
underlying portfolio since the last rating action in June 2014
which was based on May 2014 portfolio data.

In light of reinvestment restrictions during the amortization
period, and therefore the limited ability to effect significant
changes to the current collateral pool, Moody's analyzed the deal
assuming a higher likelihood that the collateral pool
characteristics would maintain an adequate buffer relative to
certain covenant requirements. In particular, Moody's assumed
that the deal will benefit from a shorter amortization profile
and higher spread levels compared to the levels assumed prior the
end of the reinvestment period in February 2015.

Reported WARF has improved from 2888 to 2740 between May 2014 and
February 2015, the weighted average spread of the portfolio has
improved from 3.98% to 4.24%, the diversity score has improved
from 40 to 43, and defaults have reduced from EUR5.2 million to
EUR3.8 million over this period.

The key model inputs Moody's uses in its analysis, such as par,
weighted average rating factor, diversity score and the weighted
average recovery rate, are based on its published methodology and
could differ from the trustee's reported numbers. In its base
case, Moody's analyzed the underlying collateral pool as having a
EUR pool with performing par and principal proceeds balance of
EUR281.963 million and defaulted par of EUR3.786 million, a
weighted average default probability of 21.65% (consistent with a
WARF of 2854 over a weighted average life of 4.94 years), a
weighted average recovery rate upon default of 46.81% for a Aaa
liability target rating, a diversity score of 37 and a weighted
average spread of 4.24%.

The default probability derives from the credit quality of the
collateral pool and Moody's expectation of the remaining life of
the collateral pool. The estimated average recovery rate on
future defaults is based primarily on the seniority of the assets
in the collateral pool. For a Aaa liability target rating,
Moody's assumed that 90.73% of the portfolio exposed to senior
secured corporate assets would recover 50% upon default, while
the non-first lien loan corporate assets would recover 15%. In
each case, historical and market performance and a collateral
manager's latitude to trade collateral are also relevant factors.
Moody's incorporates these default and recovery characteristics
of the collateral pool into its cash flow model analysis,
subjecting them to stresses as a function of the target rating of
each CLO liability it is analyzing.

Methodology Underlying the Rating Action:

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

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

In addition to the base-case analysis, Moody's conducted
sensitivity analyses on the key parameters for the rated notes,
for which it assumed a lower weighted average recovery rate for
the portfolio. Moody's ran a model in which it reduced the
weighted average recovery rate by 5%; the model generated outputs
that were within two notches of the base-case results.

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

Additional uncertainty about performance is due to the following:

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

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

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



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


EVRAZ GROUP: Moody's Affirms Ba3 Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service confirmed Evraz Group S.A.'s Ba3
corporate family rating (CFR), Ba3-PD probability of default
rating (PDR) and B1 rating of its senior unsecured notes (LGD 5,
74%). The outlook on the ratings is stable. This concludes the
review for downgrade initiated by Moody's on December 23, 2014.

Moody's previously placed Evraz 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.

RATINGS RATIONALE

The confirmation primarily reflects Moody's view that Evraz's
competitive cost profile, as evidenced by slab cash costs falling
to US$266/tonne in 2014 down from US$348/tonne in 2013, will
remain strong on the back of falling iron ore prices, cost
cutting initiatives, an asset optimization program and the 42%
ruble devaluation in 2014.

This cost improvement, combined with the company's adequate
liquidity profile, higher year-on-year share sales in countries
other than Russia including sales executed by the company's
foreign subsidiaries (60% of total revenue in 2014 compared with
58% in 2013) and deleveraging achieved in 2014, contributed to
strong financial results in 2014 and created headroom in the
company's Ba3 rating category. This additional headroom will
allow the company to comfortably weather 2015, during which
Moody's expects a 10%-15% fall in domestic demand for steel
products owing to weakening demand from end-user sectors (i.e.,
construction, machinery).

The Russian market will remain key for the company in 2015,
despite a substantially improved competitive position in the
international markets owing to ruble devaluation, cost cutting
and asset optimization programs and improved profitability of its
steel North America segment. Evraz's continued focus on Russia
despite recent local currency volatility reflects (1) the
substantial contribution of Russian steel segment into
consolidated EBITDA of 76% in 2014, compared with 81% in 2013;
(2) the growing attractiveness of domestic sales owing to ruble
price hikes of 15%-40%, in the domestic market since November
2014, which equalized domestic prices with the export parity
level by March 2015 across all Russian steel makers; (3) the
strengthening of the ruble exchange rate in March 2015; and (4)
the challenging situation in the international steel markets,
including substantial headwinds in demand for oil country tubular
goods (OCTG) products in the US and Canada owing to low oil
prices, which will keep margins and capacity utilization of the
company's US and Canadian assets under pressure in 2015.

Evraz's Ba3 CFR remains constrained by (1) structural oversupply
of steel, exacerbated by weakening steel demand in China and
growing export volumes from South-East Asia, which exert negative
pressure on prices in key steel consuming regions; (2) increased
competition and pricing pressures, which are likely to develop in
the Russian steel market in 2015, owing to weakening steel demand
in the construction sector against the background of long steel
capacity additions that took place in 2013-14; and (3) low oil
and gas prices, which could exert negative pressure on the
company's US and Canada's assets capacity utilization in 2015 not
fully counterbalanced by robust performance of its rails
segments.

However, these negatives are partially offset by Evraz's (1)
profile as a low-cost integrated steelmaker; (2) increased
barriers to entry in the Russian market for imported steel
products owing to Russian ruble devaluation; (3) improved cash
costs of its iron ore assets with iron ore concentrate (58% Fe)
cash costs falling to US$47/tonne in 2014 compared with
US$56/tonne in 2013; (4) strong market share in long steel
products in Russia; (5) good product, operational and
geographical diversification; (6) substantial deleveraging
achieved during 2014, supported by ruble devaluation, cost
cutting and asset optimization initiatives; and (7) good
liquidity profile.

Evraz's liquidity as of December 31, 2014 was good, given the
company's cash balances of US$1.0 billion and approximately
US$0.5 billion of availability under committed credit facilities.

In 2015, Evraz will have to repay approximately US$1.0 billion of
debt and make capex investments totalling US$0.4 billion
(maintenance) and around US$0.2 billion (discretionary). The
rating agency expects that Evraz will be able to fund these
requirements from cash balances and its healthy operating cash
flows, which Moody's estimates will be around US$1.7-US$1.9
billion in 2015. During 2014 the company was in compliance with a
number of its financial and non-financial covenants.

As a result of robust operating environment in key markets and
supported by ruble and hryvna devaluation in 2014, as well as
capex reduction to US$0.5 billion compared with US$0.8 billion in
2013, the company generated US$0.6 billion in free cash flows, as
adjusted by Moody's, which helped the company to reduce total
debt by US$1.3 billion in 2014 to US$6.9 billion as at
December 31, 2014, while the company's net debt decreased by
US$0.7 billion to US$5.8 billion at December 31, 2014. The
dividend policy has been revised to support the financial
strategy of deleveraging and envisages that regular dividends
will be paid only when the net leverage (net debt to EBITDA)
target of below 3.0x is achieved. On March 31, 2015, the
company's board of directors resolved to announce a return of
capital to be effected by a tender offer to shareholders at
US$3.10 per share in the amount of up to $375 million.

RATIONALE FOR THE STABLE OUTLOOK

The stable rating outlook reflects Evraz's efficient operations,
supported by (1) a 42% Russian ruble and a 49% Ukrainian hryvna
devaluation that took place in 2014, which contributed to
substantial slab cash costs improvements in 2014 and will
continue positively affect the company's cost profile in 2015,
despite somewhat high cost iron ore assets in which the company
is 85% self-sufficient; (2) the company's diversified product
mix, operations and sales; (3) substantial deleveraging achieved
during 2014, which will allow the company to comfortably
withstand the increased risks of demand weakening in domestic
end-user sectors in 2015; and (4) a strong liquidity profile.

WHAT COULD CHANGE THE RATING UP/DOWN

Negative pressure could be exerted on the rating if (1) gross
leverage as measured by Moody's adjusted debt/EBITDA exceeds 3.5x
on a sustained basis; (2) the company embarks on a program of
high dividends or substantial share buybacks; and (3) its
liquidity profile deteriorates.

Provided there is stabilization of the macro-economic situation
in Russia, positive pressure could be exerted on Evraz's rating
if (1) the company achieves gross leverage, as measured by
Moody's-adjusted debt/EBITDA sustainably below 2.5x; (2) the
company continues generating positive free cash flow and
maintains a healthy liquidity profile.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Global Steel
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.
Please see the Credit Policy page on www.moodys.com for a copy of
these methodologies.

Evraz Group S.A. (Evraz) is one of the largest vertically
integrated steel, mining and vanadium companies in Russia. In
2014, Evraz sold 15.2 million tonnes of steel products (2013:
15.5 million tonnes) and reported revenues of US$13.1 billion
(2013: US$14.0 billion). In 2014 Evraz generated reported EBITDA
of US$2.3 billion (2013: US$1.8 billion).

Evraz's principal assets are steel plants in Russia, North
America, Europe, South Africa and Ukraine, iron ore and coal
mining facilities, as well as logistics and trading assets
located predominantly in Russia. In 2014 Evraz was 85% self-
covered in iron ore and 212% self-covered in coking coal (if 100%
of production volumes of Raspadskaya, OAO (B2 ratings under
review), a subsidiary of EVRAZ plc, are accounted for).

EVRAZ plc (unrated) currently holds 100% of the company's share
capital. EVRAZ plc is jointly controlled by Mr. Roman Abramovich,
Mr. Alexander Abramov, Mr. Alexander Frolov and Mr. Eugene
Shvidler.


CB KEDR: Fitch Withdraws 'f' Viability Rating
---------------------------------------------
Fitch Ratings has downgraded Russia-based JSC CB Kedr's Viability
Rating (VR) to 'f' from 'b-' and removed it from RWN. The bank's
other ratings, including its Long-term Issuer Default Ratings
(IDRs) of 'B-''/Rating Watch Negative (RWN), were unaffected by
this action.

At the same time, Fitch has withdrawn Kedr's ratings as the bank
has chosen to stop participating in the rating process.
Therefore, Fitch will no longer have sufficient information to
maintain the ratings. Accordingly, Fitch will no longer provide
ratings or analytical coverage for Kedr.

Fitch placed Kedr's ratings on RWN on December 3, 2014. The
rating action reflected the risk that some of the bank's
creditors may suffer losses and/or temporary loss of access to
funds as a result of the rehabilitation measures initiated by the
Central Bank of Russia (CBR) with respect to the group of banks
headed by Bank Rost, including Kedr.

On December 10, 2014, CBR and the state Deposit Insurance Agency
(DIA) chose B&N Bank as the new controlling shareholder for the
group. On December 17, 2014, B&N Bank acquired a controlling
stake in Kedr. However, Kedr was managed by DIA until March 25,
2015, when new managers were appointed by B&N Bank to Kedr's
board and its management team.

KEY RATING DRIVERS - VR

The downgrade of the VR to 'f' reflects Fitch's view that the
bank has failed, after its weak capital position led to
regulatory forbearance. At end-February 2015, Kedr's total and
core tier one regulatory capital ratios were 2.4% and 2.3%,
respectively, significantly below the required minimums of 10%
and 5%.

B&N Bank has informed Fitch that Kedr's capital will likely be
replenished by end-1H15 as a result of the disposal of most
problem and non-core assets. Management estimates that this could
result in Kedr's total capital ratio increasing to 14%.

KEY RATING DRIVERS - IDRS AND NATIONAL RATING, SUPPORT RATING AND
SUPPORT RATING FLOOR

Fitch has withdrawn Kedr's other ratings without resolving the
Rating Watch or affirmation due to insufficient information to
assess the other aspects of the bank's current and future credit
profile besides capitalization. Fitch believes it is likely that
Kedr's credit profile will become more aligned with that of B&N
Bank, which it does not rate.

Kedr has continued to service its obligations following the
initiation of rehabilitation measures and has not defaulted. Kedr
faced sizable deposit outflows in December 2014, but these were
offset by a RUB3.9 billion loan from B&N Bank, using funds
provided by DIA.

The rating actions are as follows:

Long-term foreign and local currency IDRs: 'B-' on RWN; withdrawn
Short-term foreign currency IDR: 'B' on RWN; withdrawn
National Long-term Rating: 'BB-(rus)' on RWN; withdrawn
Viability Rating: downgraded to 'f' from 'b-'; off RWN; withdrawn
Support Rating: '5'; withdrawn
Support Rating Floor: 'No Floor'; withdrawn


MOSKOMMERTSBANK: Fitch Affirms 'CCC' LT Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings has affirmed CB Moskommertsbank's (MKB) Long-term
Issuer Default Rating (IDR) at 'CCC'.

MKB is Kazkommertsbank's (KKB; B/Stable) Russian subsidiary.

KEY RATING DRIVERS

The affirmation of MKB's Long-term IDR at 'CCC' and Viability
Rating (VR) at 'ccc' reflects its deep-seated asset quality
problems, further aggravated by the recent rouble devaluation and
economic downturn, and tight Tier 1 capitalization.

Fitch does not factor potential support from KKB, MKB's sole
shareholder, into the ratings. This reflects the absence of
equity support from KKB in recent years, as well as the lack of
any concrete plans to inject equity in the foreseeable future,
notwithstanding MKB's high unreserved problem loans and tight
core capital.

MKB's problem loans (NPLs and restructured) increased to around
60% of the book at end-2014 from 53% at end-2013. The main source
of asset quality problems is the retail mortgage portfolio, which
is predominantly foreign currency denominated and thus
devaluation-sensitive. Statutory reserves covered a moderate 21%
of the loan book, and unreserved problem loans were equal to 4.3x
regulatory core Tier 1 capital. Foreclosed collateral was equal
to a further 0.5x Tier 1 capital.

MKB's regulatory Tier 1 capital ratio fell to 6.0% at end-2014
from 8.1% at end-1H14, just in line with the minimum permitted
level, before recovering moderately to 6.4% at end-February 2015.
The reduction was driven by revaluation of the foreign currency
mortgage portfolio (inflating risk-weighted assets) and operating
losses.

The bank's bottom line is highly volatile and largely depends on
non-recurring income from sales of foreclosed collateral.
Liquidity is currently satisfactory, with liquid assets net of
near term third party repayments covering 29% of deposits at end-
2014.

Although KKB has not provided equity to MKB, other forms of
support have been made available. In July 2014, KKB prolonged its
two US dollar-denominated subordinated loans to MKB (USD60
million in total) by 10 years and converted them into 'new style'
facilities. Combined with rouble devaluation, this significantly
increased the bank's Tier 2 capital, and raised its regulatory
total capital ratio to 21.4% at end-2M15 from 13.2% at end-1H14.
Nevertheless, net problem loans were still equal to 1.3x total
regulatory capital, suggesting that bail in of subordinated debt
might not by itself be sufficient to address MKB's solvency
problems.

Funding from KKB group entities (including both subordinated and
senior facilities) comprised a high 49% of total non-equity
funding at end-2014 and has supported MKB's liquidity. Other
forms of support include occasional transfers of MKB's larger
NPLs to KKB's balance sheet and outsourcing of a number of
functions/processes to KKB.

KKB's equity funding of MKB should not exceed 10% of the parent's
regulatory capital according to Kazakh regulation. However, this
is currently not a support constraint due to the very small size
of MKB relative to KKB (1.6% of group assets at end-2014). MKB
does not qualify as a 'material subsidiary' under the terms of
the cross-default clause in KKB's Eurobonds, and so its default
would not trigger acceleration of KKB's debt.

RATING SENSITIVITIES

A breach of minimum regulatory capital requirements could lead to
a downgrade of MKB's VR and IDRs. A further weakening of asset
quality would also be credit negative. A strengthening of MKB's
core capital could lead to an upgrade.

The ratings actions are as follows:

Long-term foreign currency IDR: affirmed at 'CCC'
Short-term foreign currency IDR: affirmed at 'C'
National Long-term rating: affirmed at 'B(rus)'
Viability Rating: affirmed at 'ccc'
Support Rating: affirmed at '5'


TATTELECOM OJSC: Fitch Affirms 'BB' LT Issuer Default Rating
------------------------------------------------------------
Fitch Ratings has affirmed Russia-based OJSC Tattelecom's
(Tattel) Long-term Issuer Default Rating (IDR) and senior
unsecured rating at 'BB' and Short-term IDR at 'B'. The Outlook
on the Long-term IDR is Stable.

The ratings reflect Tattel's well-established position as a
fixed-line incumbent in the Russian republic of Tatarstan
(BBB/Negative), with a dominant share in the traditional
telephony market. It has quickly become the largest broadband
player in its operating territory, and made a successful entry
into pay-TV. The company launched a mobile service in 2013, and
start-up losses are likely to negatively impact the company's
EBITDA margin in 2015. The rating also reflects the company's
small scale and weak parental support.

KEY RATING DRIVERS

Strong Market Shares

Tattel has been able to successfully defend and even expand its
market shares, most notably to 60% in the broadband segment in
terms of revenue, in spite of a congested competitive
environment. Its pay-TV market share increased by 14ppts in 2014,
reaching almost 50%. We believe the company is likely to continue
eating into its peers' market shares, capitalizing on its good-
quality network and a dedicated regional focus. With the lack of
unbundling regulation in Russia and the company's established
local power, the stronger financial resources of its larger
national peers will not necessarily lead to operating competitive
advantages.

Mobile Development to Accelerate

Tattel's entry into the mobile segment is strategically sound and
complements its existing wireline operations. Although it enables
the company to become a sole provider of quad-play bundles in
Tatarstan, the value of quad-play service in Russia remain
untested. The company has largely completed the rollout of its
2G/4G network and now plans to focus on subscriber acquisition.
Tattel plans to increase market share by cross-selling its mobile
services to its large existing fixed-line subscriber base. The
company's high capacity core network, which is the foundation of
its fixed-line operations, should also support a good quality
mobile data service offering.

Competitive Mobile Market

Tatarstan is a competitive mobile market, with four other mobile
operators as well as Tattel. There are 6.5m subscribers in total
with a 172% mobile penetration rate as of end-2014. Tattel's
market share in terms of subscribers was less than 1% at end-
2014, but subscriber additions have notably accelerated in the
past several months. Tattel positions itself as a price
discounter with easy to understand tariffs and a high-quality
network and aims to provide leading customer service. A number of
cheap promotional offers for new customers should lead to faster
subscriber growth but is likely to be a drag on the company's
overall EBITDA margin.

Modest Leverage

"We estimate Tattel's leverage increased to 1.0x net debt/EBITDA
and 1.7x funds from operations (FFO) adjusted net leverage at
end-2014 due to high capex for the mobile network rollout.
Leverage will likely further increase in 2015 due to the partial
deferral of payments for equipment from 2014 and pronounced
pressure on the EBITDA margin from expected losses in the mobile
segment. However, we expect leverage to remain below the
downgrade trigger of 2.25x FFO adjusted net leverage.
Deleveraging is likely from 2016 with an improvement in the
financial performance of the mobile segment."

Liquidity Risk

Tattel's liquidity is insufficient to cover 2016 debt maturities,
which is a risk. If there is no progress with finding sufficient
liquidity sources to cover next year's maturities by late 2015,
it may prompt negative rating action. However, Tattel's liquidity
situation is mitigated by strong relationships with local banks
and affiliation with one of the main creditors as well as by the
flexibility to reduce capex and receive potential liquidity
support from the company's controlling shareholder, OJSC
Svyazinvestneftekhim (SINEK; BBB-/Negative). Refinancing efforts
will be helped by Tattel's overall low leverage.

Small Size A Limitation

The company's small size could limit its financial options. Even
the smallest Russian market convention size bond issue would
create a substantial bullet refinancing exposure on the company's
balance sheet. Tattel has predominantly relied on bank financing,
where size is less of an issue.

Weak Parental Support

Fitch considers operational and strategic ties between the
company and its controlling shareholder, SINEK, as weak.
Therefore Tattel's rating primarily reflects its standalone
credit profile. However, it is likely that SINEK would provide
liquidity or lobbying support if necessary.

KEY ASSUMPTIONS

-- Stable market positions in the fixed-line segment
-- Largely stable total revenue growth in low single digits
-- Moderate EBITDA margin decline in 2015-2016 pressured by
    mobile segment
-- Stable core EBITDA margin without mobile segment in mid-30s
-- Gradually rising interest payments as historical low-interest
    debt instruments are replaced with more expensive debt
-- Capital expenditure at around 27% of revenue in 2015 with
    further notable decline below 20%

RATING SENSITIVITIES

A downgrade could be triggered by a rise in leverage to above
2.25x FFO adjusted net leverage on a sustained basis. Tight
liquidity and cash flow pressures driven by revenue and market
share losses, particularly in the broadband segment, could also
be negative for the ratings.

Rating upside is constrained by the company's small size, its
lack of geographical diversification, and limited access to
capital markets.


VAHOSTAV-SK: Launches Web site to Provide Restructuring Details
---------------------------------------------------------------
The Slovak Spectator reports that Vahostav-SK spokesman Tomas
Halan on April 9 said the company launched a Web site at
Mrzinasto.sk, which in Slovak means "we are sorry", providing
information about the company's restructuring.

In line with the restructuring the company is due to pay back 15%
of the money owed to construction companies and to self-earners,
which represents EUR15.7 million, The Slovak Spectator discloses.
Secured creditors, the most notable of which are banks, are to
receive 100%, a fact which receives huge media attention, The
Slovak Spectator notes.  Overall, Vahostav-SK plans to pay back
32.3% of its debts, or EUR43.9 million, The Slovak Spectator
says.  The total debt is over EUR136 million, The Slovak
Spectator states.

With the same intention to inform about restructuring the company
has created a Facebook page called "Vahostav -- SK
restrukturalizacia [restructuralisation]" and a "VahostavSK"
Twitter account, The Slovak Spectator relays.

The restructuring plan was recently approved by the creditors
committee, The Slovak Spectator relates.  A meeting of all
creditors, who must approve the latest plans, will take place on
April 30, according to The Slovak Spectator.

Vahostav-SK is a Slovak construction company.



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


CAR RENTALS: S&P Assigns 'B' LT Corporate Credit Rating
-------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'B'
long-term corporate credit rating to Car Rentals Parentco S.L.U.,
an intermediate holding company for Spanish rental company
Goldcar. The outlook is stable.

"At the same time, we assigned our 'B' issue rating to the
group's proposed EUR450 million senior secured debt (comprising a
EUR125 million revolving credit facility, EUR50 million term loan
A, and EUR275 million term loan B). The '3' recovery rating on
this debt indicates our expectation of meaningful (50%-70%)
recovery in the event of a payment default. Our recovery
expectations are in the higher half of the range," said S&P.

The ratings reflect S&P's assessment of Goldcar's business risk
profile as "weak," its management and governance as "fair," and
its financial risk profile as "aggressive," as its criteria
define these terms.

S&P's assessment of Goldcar's business risk profile is
constrained by the group's smaller size compared with peers, its
concentration in Spain (where it generates more than 75% of its
revenue), and the substantial seasonality in the business, with
the majority of earnings generated in the summer months. S&P also
considers consider the price-competitive and cyclical nature of
on-airport car rentals.

Goldcar targets leisure travelers. Although the group relies on
inbound tourism with good prospects in Spain, it is less
diversified in terms of geography and product offering than the
bigger players. The on-airport segment, which generates about 95%
of Goldcar's revenue, relies heavily on airline traffic. Demand
tends to be cyclical, influenced by global events (such as wars,
terrorism, and disease outbreaks), and is usually fiercely
price competitive, because of excess capacity at times and
participants' efforts to maintain market share.

"However, we acknowledge Goldcar's leading position in its home
market, with about 24% market share in leisure car rentals in
Spain. In addition, we recognize that Goldcar's business model
differs from its larger competitors. Goldcar's operations are
based on low rental costs, although heavily reliant on ancillary
services (which comprise about 50% of revenue to the usual
20%-30% for larger peers), and overall targeting the growing
segment of value-conscious customers. We also view the group's
EBITDA margins of about 40% as relatively high compared with
those of its car rental peers," said S&P.

"Our assessment of Goldcar's financial risk profile is
underpinned by the group's majority ownership by financial
sponsor Investindustrial. We view Goldcar's financial risk
profile as aggressive, similar to other car rental companies.
This is primarily due to the capital intensity of the car rental
business, which is largely debt financed. Still, Goldcar and
other car rental companies benefit from the highly liquid nature
of their assets, which supports financial flexibility. In
addition, a substantial portion of Goldcar's fleet is covered
under repurchase agreements, which require auto manufacturers to
repurchase the cars at preset prices if certain predetermined
conditions are met. This allows the company to adjust the size of
its fleet to better adapt to demand," said S&P.

"Although we expect that the group's credit metrics will sit
comfortably in our aggressive financial risk category, we are not
able to solely rely on year-end figures for a proper assessment
of the financial risk profile given Goldcar's seasonality and
intrayear financing needs. Moreover, our forecast of neutral
free operating cash flow (FOCF) generation in the next two years
is an important element of our overall rating assessment.
Reflecting the above factors, our rating on Goldcar is one notch
below 'B+', the guideline rating in our criteria for a company
with a "weak" business risk and "aggressive" financial risk
profile (see "Methodology: Business Risk/Financial Risk Matrix
Expanded," published on Sept. 18, 2012)," said S&P.

Under its base case, S&P assumes:

  About 4% revenue growth over the next 12 months, mainly driven
  by increasing volumes, and a slight reduction in ancillary
  prices;

  Stable reported EBITDA margins of about 40%;

  Net capital expenditures of 28%-30% of revenues per year; and

  No acquisitions or dividend distributions in the near term.

Based on these assumptions, S&P arrives at the following credit
measures for the next 12-18 months:

Adjusted debt to EBITDA of about 4.0x;
Adjusted EBITDA interest coverage of about 4.0x;
Unadjusted EBITDAR to interest plus rent of 2.4x; and
Adjusted FOCF to debt of about 4.1%.

The stable outlook on Goldcar reflects S&P's expectation that the
group will achieve low- to mid-single-digit percentage growth in
2015 with a stable EBITDA margin near 40%. S&P expects this will
result in adjusted leverage of roughly 4.0x at year-end. S&P also
factors in its view that Goldcar will maintain "adequate"
liquidity, with sufficient headroom under its covenants.

"We could consider lowering the rating if Goldcar's adjusted
EBITDA interest coverage falls below 2.5x, or if we perceive
weakening liquidity. We could also lower the rating if the group
is not able to execute its growth strategy outside Spain,
experiences an unexpected loss of market share, or suffers
considerable revenue or profit decline.

"We would consider an upgrade if Goldcar was able to materially
expand its business beyond Spain, which could improve its
business risk profile. However, this hinges on the group
refraining from adopting a more aggressive financial
policy regarding shareholder remuneration or releveraging. That
said, we consider a positive rating action unlikely over the next
12-18 months," said S&P.


MARTINSA FADESA: Court Begins Liquidation After Debt Talks Fail
--------------------------------------------------------------
Carlos Ruano at Reuters reports that Martinsa Fadesa on April 9
said a court had begun its liquidation, seven years after it
became one of the most notable casualties of Spain's real estate
crash and filed for bankruptcy.

The liquidation, after a struggle with creditors over a debt pile
of close to EUR7 billion (US$7.52 billion), is one of the
country's biggest ever bankruptcies, Reuters notes.

Martinsa Fadesa, born out of the merger of two big property
groups just before the real estate bubble burst, had tried to
strike a deal with its banks, asking them to write off large
chunks of its loans and swap debt for assets, Reuters relates.

The banks, which held about EUR4 billion of the EUR6.65 billion
in debt Martinsa had as of June last year, rejected the plan,
Reuters recounts.  They have already made heavy provisions
against losses on the company's loans, Reuters states.

KPMG and Bankinter, which is representing bank creditors, will
steer the liquidation process, Reuters discloses.

Martinsa Fadesa is a Spanish property developer.



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


UKRAINE: Creditors Mull Restructuring Plan; June Deadline Looms
---------------------------------------------------------------
Chiara Albanese and Nick Shchetko at The Wall Street Journal
report that investors holding US$10 billion of Ukrainian debt
have joined forces to develop a restructuring plan for the
country's debt that won't involve a reduction in the principal
value of the bonds.

"A detailed proposal is being developed by the committee that
provides Ukraine with the necessary financial liquidity support
it has requested . . . without any principal debt reductions,"
The Journal quotes Blackstone Group International Partners LLP
and Weil, Gotshal & Manges LLP, which are advising the
bondholders, as saying on April 9.

The committee includes U.S. asset manager Franklin Templeton
Investments, which had about US$4 billion of the Ukrainian bonds
at the end of December and is the largest private holder of the
country's debt, The Journal discloses.

Standard Bank analyst Tim Ash said the proposal doesn't guarantee
the creditors will be fully repaid for the outstanding debt, The
Journal relates.

Mr. Ash, as cited by The Journal, said the proposal "does not
mean that a deal will be done on these terms, without a haircut,"
or debt reduction.

In March, the International Monetary Fund approved a bailout
package of US$17.5 billion in loans over four years, The Journal
recounts.  But the country will need to draw on other
international funding sources and restructure its debt to address
its total financing need, estimated by the fund at US$40 billion
over the period, The Journal notes.

To help meet the goal, Ukraine is aiming to save US$15.3 billion
from debt restructuring as part of the program agreed with the
IMF, The Journal discloses.

Talks with the country's creditors are supposed to conclude in
May, before the first IMF performance review under the bailout
program, The Journal states.

               Debt Restructuring Plan Deadline

According to Reuters, the IMF on April 8 said it is "vital" that
Ukrainian authorities reach agreement with their creditors by
June, when the fund's next review of the country's US$17.5
billion bailout is due.

Ukraine officials have set themselves a June deadline to complete
a debt restructuring needed to plug a US$15 billion funding gap
in the IMF program, but many analysts are skeptical that deadline
can be met, Reuters relates.

The IMF could only lend to Ukraine under the assumption that its
debt is "sustainable," and Kiev can eventually pay back the fund
and resolve its balance of payments problems, Reuters states.

In order to do so, Kiev must satisfy the IMF's three requirements
for debt talks: generate US$15 billion in funds, bring the ratio
of debt to annual gross domestic product down below 71% by 2020,
and make sure the country's financing needs stay at an average of
10 percent of GDP from 2019 to 2025, Reuters says.

The agreement with creditors "will be an important consideration
in the upcoming review as we need financing assurances to be
satisfactory in order to proceed," Reuters quotes IMF spokesman
Gerry Rice as saying in a statement.

The IMF is slated to review Kiev's progress with the bailout
conditions in mid-June, Reuters relays.



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


ELEMENT MATERIALS: Moody's Affirms B2 Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service affirmed Element Materials Technology
Group Holdings CC2 Ltd's (Element or the company) B2 corporate
family rating (CFR) and B2-PD probability of default rating (PDR)
as well as the B2 instrument ratings of the USD285 million Term
Loan B due 2021 and the USD40 million Revolving Credit Facility
(RCF) due 2019 raised by Element Materials Technology Group US
Holdings Inc. (the US borrower) and Element Materials Technology
Holding UK Ltd (the UK borrower), both subsidiaries of the
company. Concurrently, Moody's has assigned a new (P)B2
instrument rating to the USD70 million incremental Term Loan B
due 2021 to be raised by the UK borrower. The outlook is stable
on all the ratings.

Moody's issues provisional ratings in advance of the final sale
of securities and these ratings reflect Moody's preliminary
credit opinion regarding the transaction only. Upon a conclusive
review of the final documentation, Moody's will endeavor to
assign a definitive rating to the facilities. A definitive rating
may differ from a provisional rating.

The proceeds from the issuance of the USD70 million incremental
term Loan B will be used to fund the acquisition of TRaC Global
Ltd (TRaC), a scale aerospace testing business, from Bioquell
Group Plc (Bioquell) and related fees. The transaction, expected
to close mid-May 2015, is conditional to Bioquell's shareholders'
majority approval.

RATINGS RATIONALE

Moody's decision to affirm Element's B2 CFR reflects the
company's continued positive momentum in terms of revenue and
EBITDA growth which mitigates the increased leverage of the
company pro-forma for the acquisition of TRaC. In addition, the
rating is supported by the company's good cash flow generation
projected to remain above 5% as a percentage of adjusted debt
pro-forma for the transaction.

We note, however, that the ratings remain constrained by the
company's relatively small scale. Pro-forma for the acquisition
of TRaC and all the acquisitions completed in 2014 and 2015
(Element Berlin, Accutek, and Environ), Element generated
revenues of USD283 million in the last twelve months (LTM) to 28
February 2015. While the acquisition of TRaC provides some
geographical diversification, Element's revenues remain
geographically concentrated with the US accounting for
approximately 73% of pro-forma 2014 group revenues. In addition,
the acquisition of TRaC increases the company's concentration
around aerospace which account for 52% of pro-forma sales.

Pro-forma for the acquisition of TRaC and all the acquisitions
completed in 2014 and 2015, Element's adjusted gross leverage (as
adjusted by Moody's for operating leases and pension liabilities)
will increase to 4.8x based on the last twelve months (LTM) to 28
February 2015 pro-forma EBITDA (as reported by the company) of
USD74.4 million from 4.5x prior to the transaction. TRaC's pro-
forma contribution to EBITDA is estimated at USD10 million
including USD2 million from identified synergies. While the
additional incremental facility will increase Element's leverage
close to the level at the closing of the company's refinancing in
July 2014, Moody's considers that the ratings are now more weakly
positioned within the B2 rating category based on our expectation
of slower deleveraging over the rating horizon compared to that
assumed at the time of the refinancing.

Element delivered a strong performance in 2014 with revenues
(pro-forma for the acquisition of Element Berlin and Accutek in
2014 and Environ in early 2015) growing at 8% compared to prior
year. All segments had a positive contribution to revenues with
Aerospace, Transportation & Industrials, and Oil & Gas increasing
sales by 8%, 5% and 10%, respectively. Based on the operating
leverage of the business, EBITDA (as reported by the company)
grew even faster to USD64 million from USD53 million a year
earlier leading to the EBITDA margin increasing to 24.9% from
22.2% in 2013. While we believe that market fundamentals remain
strong for the Testing, Inspection, and Certification (TIC)
market driven by increased outsourcing and regulation, and in
particular in the Aerospace segment driven by the strong order
backlog, we expect that the Oil & Gas segment will grow at a
slower pace in 2015 and beyond if oil prices remain at the
current lower levels. This should result in a more modest de-
leveraging over the next 12 months compared to that observed
between the closing of the company's refinancing in July 2014 and
the period to LTM 28 February 2015.

Moody's considers Element's liquidity position to be good,
supported by the pro-forma cash balance (pro-forma for the
acquisition of TRaC) of USD29.5 million and the undrawn USD40
million RCF. The RCF has a springing leverage covenant that acts
as a draw stop, tested only once 30% of the facility is drawn. In
addition, liquidity is enhanced by the company's good free cash
flow generation expected at above 5% as a percentage of adjusted
debt in 2015 (pro-forma for the transaction).

The USD70 million incremental term loan B will rank pari passu
with the company's existing Term Loan B and RCF and benefit from
the same security and guarantee package. The instrument ratings
of the term loans are in line with the company's B2 CFR in the
absence of other significant liabilities ranking ahead or below.

Element Materials' stable outlook reflects Moody's expectation
that the company will experience a continued organic growth in
revenues driven by strong underlying fundamentals partially
mitigating the negative impact on leverage of future debt-funded
bolt-on acquisitions.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Positive ratings pressure could arise if (1) the company's three
divisions experience continued strong growth improving the scale
and diversification of the business; (2) leverage decreases
sustainably to around 4.5x; (3) FCF/debt increases to high single
digit on a sustainable basis; (4) while maintaining a solid
liquidity position. Conversely, the ratings could be downgraded
if (1) the EBITDA margin as adjusted by Moody's decreases to
below 20%; (2) leverage increases towards 6.0x; (3) FCF is
negative for a prolonged period of time; or (4) other liquidity
weaknesses arise.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in December 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.

Headquartered in the United Kingdom, Element is an independent
global materials testing provider offering a full suite of
laboratory-based services operating mainly in the US and Europe.
These services cover technically demanding testing for a broad
range of advanced materials, components, products and systems to
ensure compliance with safety, performance and quality standards
imposed by customers, accreditation bodies and regulatory
authorities.


ELEMENT MATERIALS: S&P Affirms 'B' CCR on TRac Acquisition
----------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'B'
long-term corporate credit rating on U.K.-based product
qualification and materials testing company Element
Materials Technology Group Holding CC2 Ltd. (Element). The
outlook is stable.

"We affirmed our 'B' issue rating on the existing and incremental
term loan B, drawn by Element Materials Technology Group US
Holdings Inc. and Element Materials Technology Group Holding UK
Ltd. The recovery rating on these facilities is '3', indicating
our expectation of recovery prospects of 30%-50% -- in the lower
half of the range -- in the event of a payment default," said
S&P.

The affirmation follows Element's recent announcement of its
acquisition of U.K.-based testing business TRaC for US$70 million
in cash. In S&P's view, the acquisition will not meaningfully
alter the company's business risk profile, and Element's leverage
remains high.

The target company undertakes product qualification testing in
the aerospace sector. "We believe that the acquisition of TRaC
will support Element's leading position in the aerospace testing
market, as well as strengthen its testing capabilities by
offering an expanded range of materials testing services. The
transfer of technologies will be another benefit for the combined
company. However, we don't anticipate that Element's overall
competitive position will change significantly, as it remains a
small niche player in the global testing, inspection, and
certification (TIC) industry, with lower end-market and
geographic diversity than large global players. We assess
Element's business risk profile as 'fair'", said S&P.

"We assess Element's financial risk profile as "highly
leveraged." Following the acquisition, we forecast that Element's
Standard & Poor's-adjusted debt will increase to over US$390
million as of Dec. 31, 2015 (end of financial-year 2015) from
about US$320 million at the end of 2014. Our estimate of adjusted
debt includes the $281 million term loan B and new US$70 million
incremental term loan; our adjustment for operating lease
commitments of nearly $32 million; and deferred consideration of
over $6 million. Under our criteria, we consider preferred equity
certificates (PECs) that are held at an intermediate holding
company outside the rated group to be equity. We forecast debt to
EBITDA of over 5x and funds from operations (FFO) to debt of
about 12% for the financial year ending Dec. 31, 2015," said S&P.

"Our assessment of Element's financial policy as "aggressive"
reflects its private equity ownership as well as the possibility
of shareholder distributions. We consider Element's positive free
cash flow as supportive of the rating," said S&P.

S&P's base case assumes:

-- Revenue growth of nearly 17% to about $300 million in 2015 as
    Element fully incorporates TRaC's financial results, and
    about 6% revenue growth in 2016;

-- Standard & Poor's-adjusted EBITDA margins of about 23%-24%
    over the next 18 months; and

-- No further acquisitions.

Based on these assumptions, S&P arrives at the following credit
measures in 2015:

-- Debt to EBITDA of above 5x;

-- Funds from operations (FFO) to debt of about 12%; and

-- Free operating cash flow of about $8 million.

The stable outlook reflects S&P's view that Element will retain
its leading position as a materials testing provider in its niche
sectors in the U.S., as well as in European markets, and its good
profitability. The stable outlook also reflects our view that the
company will maintain its credit metrics in line with a "highly
leveraged" financial risk profile in the near term, including a
ratio of adjusted debt to EBITDA of above 5x.

"We could consider raising the rating if Element demonstrated a
track record of improved credit metrics, such that adjusted debt
to EBITDA were sustained at below 5x, as well as an absence of
shareholder distributions. An improvement in credit metrics could
result from better operating conditions than we currently
forecast, leading to growth in adjusted EBITDA," said S&P.

"We could consider lowering the rating if Element posted negative
free operating cash flow or we observed a sustained contraction
in its EBITDA margin, triggered by unexpected adverse operating
developments. Likewise, tightened liquidity or covenant headroom
could cause us to lower the ratings. Interest coverage ratios
below 2x would also put pressure on the rating," said S&P.


INDEPENDENT INSURANCE: June 1 Scheme Creditors' Meeting Set
-----------------------------------------------------------
By an Order dated March 16, 2015, the High Court of Justice No.
1863 of 2015 Chancery Division Companies Court has directed that
meetings of two classes of Scheme Creditors of Independent
Insurance Company Limited, in provisional liquidation, be
convened for the purpose of considering and, if thought fit,
approving (with or without modifications) a scheme of arrangement
proposed between the Company and the Scheme Creditors pursuant to
Part 26 of the Companies Act 2006 and that the Scheme Meetings
will be held concurrently at PricewaterhouseCoopers LLP, 7 More
London Place, London SE1 2RT commencing at 10:00 a.m. (London
time) on June 1, 2015 at which place and time all such Scheme
Creditors are requested to attend.

Scheme Creditors may vote in person at the Scheme Meetings or
they may appoint another person, whether a Scheme Creditor or not
(including the Chairman) as their proxy to attend and vote in
their place.

Scheme Creditors are encouraged to return completed and signed
Forms of Voting and Proxy electronically by email to the Company
at iiclscheme@capita.co.uk without delay or alternatively
by post or personal delivery to IICL-SOA, PO BOX 5456,
Manchester, M61 0LE marked for the attention of the Scheme
Manager.  In either case, Forms of Voting and Proxy must be
received by no later than 5:00 p.m. on May 29, 2015.  In
addition, valid and executed Forms of Voting and Proxy will be
accepted by the registration desk up to one hour prior to the
time at which the relevant Scheme Meeting is scheduled to
commence or by the Chairman at the relevant Scheme Meeting.

A short statement explaining the effect of the Scheme, together
with Forms of Voting and Proxy for use at the Scheme Meetings, is
being sent to all known Scheme Creditors of the Company.

Copies of the proposed Scheme, explanatory statement and Forms of
Voting and Proxy may be downloaded from the Company's Web site,
www.independent-insurance.co.uk and are also available on request
by email to iiclscheme@capita.co.uk or by post addressed to
Scheme Manager, IICL-SOA, PO BOX 5456, Manchester, M61 0LE.

By its Order, the Court has appointed Mark Charles Batten --
mark.c.batten@uk.pwc.com -- or, in his absence, Dan Yoram
Schwarzmann -- daniel.schwarzmann@uk.pwc.com -- both of
PricewaterhouseCoopers LLP, 7 More London Riverside, London SE1
2RT to act as Chairman of the Scheme Meetings and has directed
the Chairman to report the result of the Scheme Meetings to the
Court.

In the event that the Scheme Creditors vote in favor of the
Scheme, it will be subject to the subsequent approval of the
Court.

For queries in relation to the Scheme or completing your voting
form, please call the IICL helpline on +44 (0)161 274 8837


MACLAY GROUP: In Administration After Tax Debt Investigation
------------------------------------------------------------
Perry Gourley at The Scotsman reports that a tax debt of
GBP600,000 found after an investigation by accountants led to the
collapse of Maclay Group.

Administrators were appointed to Maclay Group, which has been in
business since 1830 and owns 15 sites, including the Southsider
in Edinburgh and the Three Judges in Glasgow, in January, The
Scotsman relates.

Although the underlying pubs business had been profitable, the
company had found itself unable to meet a shortfall in funding
requirements, The Scotsman says, citing a progress report for
creditors from administrators at EY.

The document said that during a period of absence by a senior
manager, the directors had identified an "unexpected funding
requirement" of up to GBP1.2 million which exceeded the group's
existing GBP500,000 overdraft facility, The Scotsman notes.

Although the pub group's underlying business was profitable,
there were insufficient funds to pay the tax liability in full,
The Scotsman states.  Negotiations with HMRC over a repayment
plan proved unsuccessful and, given the scale of funding
required, the shareholders of the company were unwilling to
provide an equity injection and administrators were called in,
The Scotsman recounts.

A handful of staff were made redundant but at the time of the
report some 280 were still employed and the administrators said
no further job losses were anticipated as the pubs were
continuing to trade, according to The Scotsman.

The administrators, as cited by The Scotsman, said that interest
in the pubs had been encouraging, with more than 50 expressions
of interest either for the whole portfolio, smaller portfolios or
individual units.  A closing date for offers has been set at
April 30, The Scotsman discloses.

The group owed around GBP10 million to its bankers which was
secured by a floating charge over assets, The Scotsman says.  The
sale of the pubs is expected to be able to repay most of that
money, The Scotsman notes.

According to The Scotsman, other creditors are thought to be owed
around GBP5.3 million. Although the outcome of the administration
remains uncertain, it is thought that there may be sufficient
funds to enable unsecured creditors to get some return, The
Scotsman states.

Maclay Group is one of Scotland's oldest pub operators.


TGI FRIDAY'S: S&P Alters Outlook to Stable on Sale of UK Restos
---------------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on TGI
Friday's Inc. (TGIF) to stable from negative.  S&P affirmed the
'B+' corporate credit rating.

"At the same time, we affirmed the 'BB-' issue-level rating on
the company's first-lien credit facility. The recovery rating is
'2'indicating our expectation towards the lower end of the
substantial (70% to 90%) recovery range for lenders in the event
of a payment default. Following the U.K. franchise sale, proceeds
of which the company used to pay down debt, and the subsequent
proposed capital structure transaction, TGIF's capital structure
will be a first-lien credit facility that consists of a five-year
$50 million revolving credit facility and a term loan with an
outstanding balance of $324 million," said S&P.

"We based our ratings on Carrollton, Texas-based casual dining
operator and franchisor TGIF on its vulnerability to consumer
spending and dining trends and its mid-size scale compared with
larger operators such as Applebee's, Olive Garden, and other
larger casual dining competitors," said credit analyst
Mathew Christy. "We think the remainder of the restaurants set to
be sold under its refranchising plans will allow the company to
generate sizeable cash proceeds in the near term and allow the
company to improve earnings and cash flow consistency. We do not
anticipate any debt-funded shareholder initiatives, but project
in our base-case that the company will use any near-term
franchise proceeds primarily for dividends to the private equity
sponsors. These are the primary factors that support our view of
the company's business and financial risk profiles."

"Our rating outlook is stable. We believe operating performance
for TGIF will remain relatively stable following the franchising
of more than 78% of the company's restaurants and anticipation
that more than 90% of the restaurant base will be franchised,
which we expect to be completed later this year. We also believe
credit metrics will remain in line with our estimates for
pro-forma levels, including debt to EBITDA in the mid- to high-
4x," said S&P.

Downside scenario

"We could lower the rating if we believe the company will sustain
total debt-to-EBITDA leverage above 5x in conjunction with FFO to
debt below 12%. This could occur as a result of a weaker-than-
anticipated operating performance or debt-financed dividend to
the private equity sponsors. We estimate EBITDA would need to
decline more than 5% from estimated 2015 levels for this to occur
or adjusted debt increases, neither of which we consider in
our base-case given the company's more stable earnings stream
from franchised restaurants and expected cash flow from continued
sale of restaurants to franchisees. A downgrade could also occur
if the company cannot achieve projected margins without a
significant pay down in debt," said S&P.

Upside scenario

"Although unlikely in the near term, we could raise the rating if
we believe the company can sustain an adjusted leverage ratio
less than 4x and FFO to debt that approaches 20%. Adjusted EBITDA
would need to increase nearly 20% from our estimated 2015 levels
for this to occur, assuming debt levels remain stable. We could
also consider a higher rating if the company uses proceeds
from franchise sales to pay down debt or if the private equity
owners reduce their holdings below 40%. Under this scenario we
would revise the financial risk profile to 'significant,'" said
S&P.



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


* BOND PRICING: For the Week April 6, 2015 to April 10, 2015
------------------------------------------------------------

Issuer               Coupon   Maturity  Currency   Price
------               ------   --------  --------   -----

Ukreximbank Via Bi    8.38    4/27/2015    USD    62.55
Ajecorp BV            6.50    5/14/2022    USD    63.00
Far East Capital L    8.00     5/2/2018    USD    44.01
Heta Asset Resolut    4.38    1/24/2017    EUR    57.00
Takko Luxembourg 2    9.88    4/15/2019    EUR    44.00
OAS Investments Gm    8.25   10/19/2019    USD    16.25
DTEK Finance BV       9.50    4/28/2015    USD    66.52
CHC Helicopter SA     9.38     6/1/2021    USD    65.06
Ukraine Government    7.50    4/17/2023    USD    41.00
QGOG Constellation    6.25    11/9/2019    USD    60.50
Ukraine Government    9.25    7/24/2017    USD    39.75
Heckler & Koch Gmb    9.50    5/15/2018    EUR    68.50
Ukraine Government    4.95   10/13/2015    EUR    45.00
Ukraine Government    6.88    9/23/2015    USD    44.00
Brunswick Rail Fin    6.50    11/1/2017    USD    41.02
Heta Asset Resolut    4.25   10/31/2016    EUR    57.00
Metinvest BV         10.25    5/20/2015    USD    66.45
MHP SA                8.25     4/2/2020    USD    71.00
Ukreximbank Via Bi    8.75    1/22/2018    USD    55.80
Russian Standard B    7.56    12/1/2016    USD    73.00
Heta Asset Resolut    2.75    5/31/2016    CHF    56.99
Metinvest BV          8.75    2/14/2018    USD    49.00
NBG Finance PLC       4.38    4/30/2019    EUR    62.38
Avangardco Investm   10.00   10/29/2015    USD    40.00
Public Power Corp     5.50     5/1/2019    EUR    71.63
Helios Towers Fina    8.38    7/15/2019    USD    69.75
Oschadbank Via SSB    8.25    3/10/2016    USD    52.51
Privatbank CJSC Vi    9.38    9/23/2015    USD    39.55
Far East Capital L    8.75     5/2/2020    USD    44.00
Piraeus Group Fina    5.00    3/27/2017    EUR    69.16
Nordea Bank AB        0.70                 EUR    74.89
Alpha Credit Group    3.38    6/17/2017    EUR    70.20
DTEK Finance PLC      7.88     4/4/2018    USD    41.60
Afren PLC             6.63    12/9/2020    USD    44.00
Iona Energy Co UK     9.50    9/27/2018    USD    48.00
Aegon NV              0.68                 EUR    73.04
Ukraine Government    7.75    9/23/2020    USD    41.25
OSX 3 Leasing BV     13.00    3/20/2015    USD    58.25
HSH Nordbank AG/Lu    2.64                 EUR    32.35
Singulus Technolog    7.75    3/23/2017    EUR    69.25
Asya Sukuk Co Ltd     7.50    3/28/2023    USD    64.00
AXA SA                1.18                 EUR    72.24
Oschadbank Via SSB    8.88    3/20/2018    USD    51.81
HSH Nordbank AG       7.25                 USD    41.62
Ekotechnika GmbH      9.75    5/10/2018    EUR     9.25
EnQuest PLC           7.00    4/15/2022    USD    74.00
Indo Energy Financ    6.38    1/24/2023    USD    66.63
Afren PLC            11.50     2/1/2016    USD    48.00
Heta Asset Resolut    0.10    5/31/2016    EUR    56.67
Paragon Offshore P    7.25    8/15/2024    USD    36.25
Ukraine Government    7.80   11/28/2022    USD    39.25
Bank of New York M    4.55   12/15/2050    EUR    66.67
Banco Espirito San    7.13   11/28/2023    EUR     9.00
OGX Austria GmbH      8.50     6/1/2018    USD     0.19
Ukraine Government    6.58   11/21/2016    USD    39.75
Public Power Corp     4.75     5/1/2017    EUR    74.84
Banca delle Marche    0.99     6/1/2017    EUR    50.38
Paragon Offshore P    6.75    7/15/2022    USD    35.00
EXIM of Ukraine CJ    5.79     2/9/2016    USD    40.00
Norske Skogindustr    7.00    6/26/2017    EUR    68.65
ING Groep NV          0.45                 EUR    72.19
WPE International    10.38    9/30/2020    USD     6.50
Awilco Drilling PL    7.00     4/9/2019    USD    69.52
First Ukrainian In   11.00   12/31/2018    USD    39.88
Virgolino de Olive   10.50    1/28/2018    USD     3.50
Oesterreichische V   10.00                 EUR     0.83
Russian Standard B   11.50    1/17/2024    USD    58.00
Banque Federative     1.02                 EUR    63.34
ING Groep NV          0.85                 EUR    74.48
ERB Hellas PLC        4.25    6/26/2018    EUR    62.33
Ukraine Railways v    9.50    5/21/2018    USD    39.00
Credit Agricole SA    0.71                 EUR    65.57
Alcatel-Lucent        4.25     7/1/2018    EUR     4.16
Metinvest BV         10.50   11/28/2017    USD    48.15
Ukraine Government    6.25    6/17/2016    USD    39.75
Norwegian Energy C    6.50     3/6/2018    NOK    30.00
Afren PLC            10.25     4/8/2019    USD    47.88
Etablissements Mau    1.63     7/1/2019    EUR    15.24
UKRLANDFARMING PLC   10.88    3/26/2018    USD    40.75
AXA SA                0.85                 EUR    74.11
Peugeot SA            4.45     1/1/2016    EUR    28.97
Tonon Luxembourg S   10.50    5/14/2024    USD    44.75
City of Kiev Ukrai    8.00    11/6/2015    USD    41.13
Oesterreichische V    0.89   11/28/2016    EUR    42.00
Hema Bondco II BV     8.50   12/15/2019    EUR    62.00
Ukraine Government    7.95    2/23/2021    USD    39.00
Yuksel Insaat AS      9.50   11/10/2015    USD    63.00
Commercial Bank Pr    5.80     2/9/2016    USD    24.88
Ukraine Government    6.75   11/14/2017    USD    39.00
Meyer Burger Techn    5.00    5/24/2017    CHF    68.67
Caixa Terrassa Soc    1.43                 EUR    64.69
IMMOFINANZ AG         4.25     3/8/2018    EUR     4.82
Aegon NV              4.16                 NLG    61.83
BNP Paribas Fortis    2.03                 EUR    74.50
SOITEC                6.75    9/18/2018    EUR     1.46
Vseukrainsky Aktsi    9.00    6/14/2019    USD     0.83
BPCE SA               0.14                 EUR    62.67
Bank of New York M    4.32   12/30/2099    EUR    34.05
Eurobank Ergasias     1.64     6/8/2017    EUR    51.93
Faurecia              3.25     1/1/2018    EUR    43.14
ESFIL-Espirito San    5.25    6/12/2015    EUR     2.80
CNP Assurances        0.53                 EUR    65.08
Rothschilds Contin    0.69                 USD    52.34
Banca delle Marche    1.18    6/15/2016    EUR    51.65
OGX Austria GmbH      8.38     4/1/2022    USD     0.05
Rothschilds Contin    0.91                 EUR    56.58
Santander Finance     0.62                 EUR    68.39
CGG SA                1.25     1/1/2019    EUR    27.12
Athens Urban Trans    4.85    9/19/2016    EUR    65.88
Astana Finance BV     7.88     6/8/2010    EUR     5.66
Mriya Agro Holding    9.45    4/19/2018    USD    11.00
City of Kyiv Via K    9.38    7/11/2016    USD    35.00
Air France-KLM        2.03    2/15/2023    EUR    11.58
Econocom Group SA/    1.50    1/15/2019    EUR    11.10
Phosphorus Holdco    10.00     4/1/2019    GBP     2.00
Depfa Funding II L    6.50                 EUR    58.26
Depfa Funding III     1.72                 EUR    55.98
Alcatel-Lucent        0.13    1/30/2020    EUR     4.74
HSBC Bank PLC         0.75                 USD    61.96
Codere Finance Lux    8.25    6/15/2015    EUR    64.13
Ageasfinlux SA        1.40                 EUR    63.83
Transcapitalbank J    7.74    7/18/2017    USD    70.00
Noreco Norway AS      6.50     3/6/2018    NOK    45.00
MS Deutschland Bet    6.88   12/18/2017    EUR    18.00
Banque Federative     0.83                 EUR    63.10
Sydbank A/S           1.22                 EUR    64.60
Privatbank CJSC Vi   10.88    2/28/2018    USD    40.00
Towergate Finance    10.50    2/15/2019    GBP     1.32
Santander Internat    2.00                 USD    48.00
Capital Raising Gm    7.50                 EUR    12.02
Talvivaara Mining     4.00   12/16/2015    EUR     0.68
Caisse Federale du    1.17                 EUR    61.06
Pescanova SA          5.13    4/20/2017    EUR     3.71
Lambay Capital Sec    6.25                 GBP     1.27
Takko Luxembourg 2    7.07    4/15/2019    EUR    41.00
Investec Finance P    6.25                 GBP    70.38
NIBC Bank NV          2.13                 USD    65.68
Ajecorp BV            6.50    5/14/2022    USD    63.50
PA Resources AB      13.50     3/3/2016    SEK     9.63
Banco Espirito San    2.67                 EUR     7.67
Renaissance Credit   13.50    5/22/2019    USD    55.75
Paragon Offshore P    7.25    8/15/2024    USD    34.75
Jasper Explorer PL   13.50    5/27/2016    USD    12.00
Island Drilling Co    9.50     4/3/2018    USD    55.00
NTRP Via Interpipe   10.25     8/2/2017    USD    25.00
Hellenic Republic     5.20    7/17/2034    EUR    58.00
Heta Asset Resolut    0.82    1/24/2017    EUR     3.39
Financing of Infra    9.00    12/7/2017    USD    38.50
Norske Skog Holdin    8.00    2/24/2021    EUR    73.18
Virgolino de Olive   11.75     2/9/2022    USD     3.88
Phones4u Finance P    9.50     4/1/2018    GBP    32.00
Assystem              4.50                 EUR    28.28
Pierre & Vacances     3.50    10/1/2019    EUR    38.32
Espirito Santo Fin    6.88   10/21/2019    EUR     0.05
NIBC Bank NV          0.67                 EUR    54.85
Jyske Bank A/S        0.74                 EUR    64.77
PA Resources AB      12.25     4/5/2016    NOK     5.63
EnQuest PLC           7.00    4/15/2022    USD    70.63
Popular Capital SA    0.70                 EUR    56.50
Jyske Bank A/S        0.98                 EUR    65.33
Ukraine Government    5.00   12/20/2015    USD    47.63
Credit Mutuel Arke    0.86                 EUR    61.25
Hybrid Raising Gmb    6.63                 EUR    12.13
Mriya Agro Holding   10.95    3/30/2016    USD     9.95
Pescanova SA          8.75    2/17/2019    EUR     3.73
Heta Asset Resolut    0.14    5/31/2016    EUR    55.63
Danske Bank Oyj       0.73                 EUR    66.44
Dannemora Mineral    11.75    3/22/2016    USD     0.67
Praktiker AG          5.88    2/10/2016    EUR     0.14
Barclays Bank PLC     1.18    3/21/2033    USD    66.50
Windreich GmbH        6.50    7/15/2016    EUR    10.88
Far East Capital L    8.00     5/2/2018    USD    41.75
Koninklijke Luchtv    0.75                 CHF    29.85
Oesterreichische V    9.06    7/26/2018    EUR    39.75
Pohjola Bank Oyj      0.64                 EUR    69.84
Scandinavian Airli    2.38                 CHF    28.38
Espirito Santo Fin    3.13    12/2/2018    EUR     2.21
Piraeus Group Fina    1.91    7/20/2016    EUR    64.90
ATF Capital BV       10.00                 USD    64.00
Rena GmbH             8.25    7/11/2018    EUR     9.50
Heta Asset Resolut    4.88    9/18/2017    EUR     2.78
Norshore Atlantic    12.00   12/21/2018    USD    61.00
Aralco Finance SA    10.13     5/7/2020    USD     9.10
Nexans SA             4.00     1/1/2016    EUR    55.04
Banco Espanol de C    1.25                 EUR    68.67
Barclays Bank PLC     1.44    3/28/2033    USD    66.00
HSBC Bank PLC         0.60                 USD    62.09
JZ Capital Partner    6.00    7/30/2021    GBP    11.00
Virgolino de Olive   10.88    1/13/2020    USD    25.50
Le Noble Age          4.88     1/3/2016    EUR    19.68
Belfius Bank SA/NV    2.05                 FRF    55.00
Etablissements Mau    7.13    7/31/2015    EUR    13.39
Songa Offshore        7.50   12/11/2018    NOK    74.17
Finance and Credit    9.25    1/25/2019    USD    10.00
BLT Finance BV        7.50    5/15/2014    USD     5.00
Corporate Commerci    8.25     8/8/2014    USD     3.43
Depfa Funding IV L    5.03                 EUR    58.00
Nexity SA             0.63     1/1/2020    EUR    50.54
Astana Finance BV     9.00   11/16/2011    USD     5.50
Cirio Holding Luxe    6.25    2/16/2004    EUR     1.91
Jacktel AS            7.00     7/9/2019    EUR    72.75
Hellenic Republic     2.09    7/25/2057    EUR    14.63
Bank of Scotland P    0.63                 USD    63.41
BNP Paribas SA        0.48                 USD    63.03
GNB - Cia de Segur    3.53                 EUR    68.80
Hellenic Republic     5.25     2/1/2016    JPY    69.50
Afren PLC             6.63    12/9/2020    USD    46.25
Hellenic Republic     6.14    4/14/2028    EUR    64.75
Hellenic Republic     5.00    8/22/2016    JPY    67.38
Global PVQ SE         6.75   10/21/2015    EUR     1.06
Paragon Offshore P    6.75    7/15/2022    USD    34.75
HSBC Bank PLC         0.69                 USD    62.07
Financing of Infra    7.40    4/20/2018    USD    38.00
Hellenic Railways     4.03    3/17/2017    EUR    69.63
Lehman Brothers UK    5.75                 EUR     0.02
Portigon AG           7.46   12/31/2019    EUR    15.00
Brunswick Rail Fin    6.50    11/1/2017    USD    41.02
Barclays Bank PLC     5.60   11/29/2030    USD    74.00
Heta Asset Resolut    1.91    9/29/2016    JPY    49.38
Orpea                 1.75     1/1/2020    EUR    67.76
Afren PLC            10.25     4/8/2019    USD    43.63
Hellenic Republic     3.80     8/8/2017    JPY    66.75
Societe Air France    2.75     4/1/2020    EUR    20.61
Far East Capital L    8.75     5/2/2020    USD    36.92
OAS Investments Gm    8.25   10/19/2019    USD    15.25
SNS Bank NV          11.25                 EUR     0.66
Commerzbank Holdin    0.75                 USD    60.55
IM Skaugen SE         9.60    6/30/2016    NOK    50.00
BOA Offshore AS       8.04   12/18/2018    NOK    68.25
Lloyds Bank PLC       1.70    2/22/2033    USD    66.50
Barclays Bank PLC     2.95    5/31/2033    USD    67.00
RENE LEZARD Mode G    7.25   11/25/2017    EUR    34.85
Dexia Credit Local    4.30                 EUR     7.25
Heta Asset Resolut    5.92    2/22/2022    EUR     2.00
Heta Asset Resolut    4.35    11/3/2016    EUR     3.27
Hellas Telecommuni    8.50   10/15/2013    EUR     0.00
Air Berlin Finance    1.50    4/11/2027    EUR    75.00
friedola Gebr Holz    7.25    4/11/2017    EUR    41.75
Afren PLC            11.50     2/1/2016    USD    42.41
SNS Bank NV           6.25   10/26/2020    EUR     2.40
Ukraine Government    9.25    7/24/2017    USD    43.62
Lehman Brothers UK    5.13                 EUR     0.06
Hellenic Republic     4.50    11/8/2016    JPY    67.63
Cirio Finanziaria     8.00   12/21/2005    EUR     1.58
Mox Telecom AG        7.25    11/2/2017    EUR     2.63
TAG Immobilien AG     6.50   12/10/2015    EUR    12.60
Tonon Luxembourg S   10.50    5/14/2024    USD    52.50
Espirito Santo Fin    9.75   12/19/2025    EUR     3.88
Societe Generale S    0.44                 USD    62.72
Laurel GmbH           7.13   11/16/2017    EUR    39.13
Financing of Infra    8.38    11/3/2017    USD    38.50
PNE Wind AG           3.75   10/10/2019    EUR     3.01
UniCredit Bank Aus    0.50   12/27/2031    EUR    66.63
Hellenic Railways     4.50    12/6/2016    JPY    67.88
Societe Generale S#N/A N/A    4/12/2033    USD    73.70
More & More AG        8.13    6/11/2018    EUR    49.88
Nordea Bank Norge     0.56                 USD    64.46
Lloyds Bank PLC       0.60                 USD    63.41
Kaupthing Bank Hf     9.00                 USD     0.13
Ukraine Government    7.50    4/17/2023    USD    44.57
Virgolino de Olive   10.50    1/28/2018    USD    18.00
Sairgroup Finance     4.38     6/8/2006    EUR    12.13
Deutsche Morgan Gr    0.65                 USD    60.25
BDT Media Automati    8.13    10/9/2017    EUR    57.13
MHP SA                8.25     4/2/2020    USD    70.58
Golden Gate AG        6.50   10/11/2014    EUR    39.00
Dexia Kommunalbank    5.63   12/31/2017    EUR    12.00
International Indu    9.00     7/6/2011    EUR     0.66
Dexia Kommunalbank    4.88   12/31/2016    EUR    20.10
Towergate Finance    10.50    2/15/2019    GBP     1.32
Barclays Bank PLC     0.63                 USD    60.50
Windreich GmbH        6.50     3/1/2015    EUR    10.88
Hellenic Railways     5.01   12/27/2017    EUR    66.00
EDOB Abwicklungs A    7.50     4/1/2012    EUR     0.75
Alpine Holding Gmb    6.00    5/22/2017    EUR     0.00
OGX Austria GmbH      8.50     6/1/2018    USD     0.01
Hellenic Republic     4.50     7/3/2017    JPY    67.63
Gamigo AG             8.50    6/19/2018    EUR    72.75
Pescanova SA          6.75     3/5/2015    EUR     3.12
Kezizalog Zrt         7.75    10/1/2018    EUR     9.51
National Westminst    0.63                 USD    63.75
Lehman Brothers Tr    6.00    11/2/2035    EUR     5.38
QGOG Constellation    6.25    11/9/2019    USD    58.50
Norske Skog Holdin    8.00    2/24/2023    USD    70.00
Ukraine Government    6.88    9/23/2015    USD    46.99
Talvivaara Mining     9.75     4/4/2017    EUR     0.03
Cirio Finance Luxe    7.50    11/3/2002    EUR     7.75
Norske Skog Holdin    8.00    2/24/2021    EUR    73.00
Rena GmbH             7.00   12/15/2015    EUR     9.50
Club Mediterranee     6.11    11/1/2015    EUR    24.37
KPNQwest NV          10.00    3/15/2012    EUR     0.50
Hellenic Railways     4.50    12/6/2016    JPY    69.88
Royal Bank of Scot    0.63                 USD    62.32
Ideal Standard Int   11.75     5/1/2018    EUR    40.50
APP International    11.75    10/1/2005    USD     5.00
SiC Processing Gmb    7.13     3/1/2016    EUR     4.00
Banco Pinto & Sott    1.08                 EUR    34.00
Heta Asset Resolut    4.25    5/31/2016    EUR    56.63
Ukraine Government    7.75    9/23/2020    USD    43.33
Sazka AS              9.00    7/12/2021    EUR     1.83
Mechel                8.40    5/27/2021    RUB    55.07
Takko Luxembourg 2    9.88    4/15/2019    EUR    45.34
Metinvest BV         10.25    5/20/2015    USD    65.50
Lloyds Bank PLC       0.48                 USD    63.63
ADLER Real Estate     6.00    6/30/2017    EUR    14.00
Sidetur Finance BV   10.00    4/20/2016    USD    13.00
Cirio Del Monte NV    7.75    3/14/2005    EUR     2.18
IT Holding Finance    9.88   11/15/2012    EUR     0.11
Northland Resource    4.00   10/15/2020    USD     0.15
Hellenic Republic     5.25     2/1/2016    JPY    69.50
Banca Carige SpA      8.34                 EUR    75.00
Barclays Bank PLC     3.44    4/19/2033    USD    66.00
Lloyds Bank PLC       0.44                 USD    63.41
Travel24.com AG       7.50    9/17/2017    EUR    55.00
Cooperatieve Centr    0.50   11/26/2021    ZAR    55.97
OGX Austria GmbH      8.38     4/1/2022    USD     0.03
Kaupthing Bank Hf     7.13    5/19/2016    USD     0.00
International Indu   11.00    2/19/2013    USD     0.66
Ukraine Railways v    9.50    5/21/2018    USD    40.00
Metinvest BV          8.75    2/14/2018    USD    40.25
National Westminst    0.69                 USD    62.41
SU-155 KAPITAL OOO   13.25    2/23/2016    RUB    45.00
Deutsche Bank AG/L    1.00    1/31/2033    USD    66.00
Northland Resource   15.00    7/15/2019    USD     1.13
LBI HF                6.10    8/25/2011    USD     9.19
TGC-2 OJSC           12.00   10/10/2018    RUB    64.56
Den Norske Creditb    0.53                 USD    63.37
Codere Finance Lux    9.25    2/15/2019    USD    64.00
DNB Bank ASA          0.56                 USD    63.55
Glitnir HF            6.69    6/15/2016    USD     0.02
Heta Asset Resolut    4.63     3/4/2018    EUR    54.13
TradeDoubler AB       6.75   12/20/2018    SEK    67.13
Lehman Brothers Tr    7.25    10/5/2035    EUR     4.62
LBI HF                6.25                 EUR     0.00
Norske Skogindustr    7.13   10/15/2033    USD    46.75
Heta Asset Resolut    0.67   11/29/2032    EUR     2.80
Depfa ACS Bank        0.25     7/8/2033    CAD    24.00
Ukraine Government    7.95    2/23/2021    USD    43.39
Popular Capital SA    7.00   11/25/2015    EUR    30.00
Seabird Exploratio    6.00   12/18/2015    USD    26.13
Teak Holz Internat    5.00    8/31/2015    EUR    70.00
Lehman Brothers Tr    6.00    2/15/2035    EUR     3.95
Swiss Re Europe Ho    6.85                 USD    40.13
Sympatex Holding G    8.00    12/3/2018    EUR    66.13
Barclays Bank PLC     0.63                 USD    64.90
Barclays Bank PLC     1.56                 GBP    71.55
MT-Energie GmbH &     8.25     4/4/2017    EUR    11.21
Russian Standard B   13.00    4/10/2020    USD    65.75
Heta Asset Resolut    0.24     4/9/2043    EUR    60.00
KA Finanz AG          5.43    2/13/2024    EUR    50.88
Karlie Group GmbH     6.75    6/25/2018    EUR    56.21
Ukraine Government    7.80   11/28/2022    USD    43.63
Glitnir HF            6.33    7/28/2011    USD    12.00
Heckler & Koch Gmb    9.50    5/15/2018    EUR    69.13
getgoods.de AG        7.75    10/2/2017    EUR     5.38
Mifa Mitteldeutsch    7.50    8/12/2018    EUR     3.90
Ukraine Government    6.25    6/17/2016    USD    43.47
Kaupthing Bank Hf     5.75    10/4/2011    USD    14.13
Solarworld AG         6.13    1/21/2017    EUR    31.88
Penell GmbH Elektr    7.75    6/10/2019    EUR     8.10
Codere Finance Lux    9.25    2/15/2019    USD    64.00
DEMIRE Real Estate    6.00   12/30/2018    EUR     3.51
Societe Generale S    1.50    2/28/2033    USD    73.39
Kaupthing Bank Hf     7.63    2/28/2015    USD    14.13
Barclays Bank PLC     0.63                 USD    63.75
Saphir Finance PLC    6.85                 GBP     1.38
Ukraine Government    5.00   12/20/2015    USD    47.63
Breeze Finance SA     6.71    4/19/2027    EUR    44.00
DTEK Finance PLC      7.88     4/4/2018    USD    34.49
Oesterreichische V    9.06    7/26/2024    EUR    65.00
Region of Abruzzo     0.56    11/7/2036    EUR    63.74
Virgolino de Olive   11.75     2/9/2022    USD     4.00
Kaupthing Bank Hf     6.25                 EUR     0.00
GNB - Cia de Segur    2.23   12/19/2022    EUR    61.55
Societe Generale S    1.92                 EUR    64.19
Mechel                8.40     6/1/2021    RUB    55.03
Dexia SA              4.89                 EUR     9.00
Raiffeisenlandesba    4.40    4/17/2024    EUR    71.75
Gunther Zamek Prod    7.75    5/15/2017    EUR     4.98
Lehman Brothers Tr    8.25    3/16/2035    EUR     5.38
Indo Energy Financ    6.38    1/24/2023    USD    70.50
DTEK Finance BV       9.50    4/28/2015    USD    66.77
IKB Deutsche Indus    5.63    3/31/2017    EUR    22.27
Gigaset AG            3.00    4/22/2015    EUR     0.78
Standard Chartered    0.69                 GBP    62.63
Lloyds Bank PLC       1.29    1/31/2033    USD    69.50
Accentro Real Esta    6.25    3/27/2019    EUR     2.60
National Westminst    0.56                 USD    63.50
SU-155 KAPITAL OOO   13.25    2/23/2016    RUB    45.12
Raiffeisen Bank In    4.50    9/28/2035    EUR    62.50
EFG International     1.35                 EUR    68.38
Frey                  6.00   11/15/2022    EUR    21.00
Den Norske Creditb    0.56                 USD    63.42
Sairgroup Finance     6.63    10/6/2010    EUR    15.88
Kaupthing Bank Hf     5.75    10/4/2011    USD    14.13
Region of Piemont     0.34   11/27/2036    EUR    60.30
Hellenic Railways     0.66    5/24/2016    EUR    71.63
Hellenic Republic     5.00    8/22/2016    JPY    66.88
Espirito Santo Fin    5.13    5/30/2016    EUR     3.57
Ukraine Government    4.95   10/13/2015    EUR    42.17
Region of Puglia I    0.53     2/6/2023    EUR    74.25
Virgolino de Olive   10.88    1/13/2020    USD    18.25
CRC Breeze Finance    6.11     5/8/2016    EUR    48.13
Abanka Vipa DD Via    1.95                 EUR     0.49
Financing of Infra    8.38    11/3/2017    USD    39.60
Credit Suisse AG/G    0.56                 USD    68.71
Mechel               10.00    8/25/2020    RUB    69.00
Alpine Holding Gmb    5.25     7/1/2015    EUR     0.01
Oesterreichische V    9.06    7/26/2019    EUR    34.25
Kaupthing Bank Hf     6.50     2/3/2045    EUR     0.00
Ukraine Government    6.75   11/14/2017    USD    42.87
Alpha Credit Group    1.75     2/1/2017    EUR    55.62
Del Monte Finance     6.63    5/24/2006    EUR    13.88
Assystem              4.00     1/1/2017    EUR    23.14
Glitnir HF            6.00     3/5/2012    GBP    12.00
Heta Asset Resolut    1.59    6/30/2019    CHF    52.25
BNP Paribas SA        1.28    4/30/2033    USD    65.38
Heta Asset Resolut    7.50    5/27/2024    ATS     3.81
Banco Espirito San    2.88                 EUR     7.38
Metinvest BV         10.50   11/28/2017    USD    46.88
Norske Skogindustr    7.13   10/15/2033    USD    46.75
ADLER Real Estate     6.00   12/27/2018    EUR    13.75
Solarworld AG         6.38    7/13/2016    EUR    31.50
Petromena ASA         9.75    5/24/2015    NOK     1.95
Finmek Internation    7.00    12/3/2004    EUR     0.13
Barclays Bank PLC     0.41   12/28/2040    EUR    68.79
GFI Informatique S    5.25     1/1/2017    EUR     6.40
Cyprus Popular Ban    1.79    5/26/2016    EUR     3.39
Banco Pastor SA       2.44                 EUR    49.50
Investkredit Bank     3.55    4/12/2022    EUR    75.00
Svyaznoy Bank ZAO    12.00     8/6/2015    RUB    42.06
Global PVQ Netherl    5.75    5/26/2014    EUR    26.38
Barclays Bank PLC     2.31    6/17/2033    USD    72.25
Heta Asset Resolut    0.12    5/31/2016    CHF    56.88
Mechel               10.00    8/25/2020    RUB    69.00
Lehman Brothers Tr    2.88    3/14/2013    CHF    11.13
Heta Asset Resolut    0.49   12/18/2030    EUR     4.52
Global PVQ Netherl    1.38    4/30/2012    EUR    25.13
Ukraine Government    6.58   11/21/2016    USD    43.39
Glitnir HF            8.00                 EUR     1.00
LBI HF                7.43                 USD     0.00
EXER D GmbH           5.70     2/1/2016    EUR    60.00
A-TEC Industries A    8.75   10/27/2014    EUR     2.00
Heta Asset Resolut    3.42    11/7/2016    EUR    49.00
Hema Bondco II BV     8.50   12/15/2019    EUR    62.00
Standard Chartered    0.69                 USD    61.00
DEIKON GmbH           1.00   11/16/2016    EUR    23.22
Heta Asset Resolut    0.31    9/26/2043    EUR    46.88
Kaupthing Bank Hf     3.00    2/12/2010    CHF    13.75
Municipality Finan    0.50    3/28/2018    BRL    72.55
Hellenic Republic     0.76    8/10/2019    EUR    58.20
SU-155 KAPITAL OOO   13.25    2/23/2016    RUB    44.02
LBI HF                4.65                 EUR     0.00
Cooperatieve Centr    0.50   10/29/2027    MXN    46.83
Northland Resource    4.00   10/15/2020    NOK     0.15
Banca Intesa ZAO      9.75   10/25/2015    RUB    60.22
Alpine Holding Gmb    5.25    6/10/2016    EUR     0.01
Italy Government I    0.72    7/31/2045    EUR    74.60
Global PVQ Netherl    1.38    4/30/2012    EUR    23.88
BKN biostrom AG       7.50     6/5/2016    EUR     1.50
Raiffeisenlandesba    5.00     7/1/2026    EUR    67.50
IKB Deutsche Indus    4.70    3/31/2017    EUR    22.00
Banco Comercial Po    5.00                 EUR    63.00
Petromena ASA        10.85   11/19/2014    USD     1.95
Codere Finance Lux    8.25    6/15/2015    EUR    63.75
Santander Finance     2.00                 EUR    40.63
MegaFon OAO           9.45     5/7/2024    RUB    65.01
La Veggia Finance     7.13   11/14/2004    EUR     0.63
BLT Finance BV       12.00    2/10/2015    USD    10.50
Deutsche Bank AG      1.24    6/28/2033    USD    72.09
Teksid Aluminum Lu   11.38    7/15/2011    EUR     0.01
Agroton Public Ltd    6.00    7/14/2019    USD    30.13
Kaupthing Bank Hf     6.75                 EUR     0.00
Petrol AD             8.38    1/26/2017    EUR    25.00
Mechel                8.40    5/27/2021    RUB    50.05
Banco Espirito San   10.00    12/6/2021    EUR    10.75
Nationwide Buildin    1.06                 GBP    70.00
Standard Chartered    0.50                 USD    60.50
Credit Agricole Co    0.50    2/28/2018    RUB    71.65
Strenesse AG          9.00    3/15/2017    EUR    45.10
Oesterreichische V    0.78    6/18/2018    EUR    64.88
Espirito Santo Fin    5.05   11/15/2025    EUR     2.87
Bank of Khanty-Man    9.15    6/18/2023    USD    74.63
Bank Nederlandse G    0.50    7/12/2022    ZAR    53.15
KPNQwest NV           7.13     6/1/2009    EUR     0.50
Raiffeisenlandesba    4.00    6/28/2023    EUR    72.75
WPE International    10.38    9/30/2020    USD     6.00
Solen AG              7.50     4/8/2016    EUR     1.11
Hellenic Republic     2.27     2/7/2022    EUR    54.00
Lehman Brothers Tr    5.00    3/18/2015    EUR     4.42
Oesterreichische V    5.27     2/8/2027    EUR    62.75
Colonia Real Estat    5.88    5/11/2015    EUR     6.97
Centrosolar Group     7.00    2/15/2016    EUR     2.14
Santander Finance     2.00                 EUR    38.25
Bulgaria Steel Fin   12.00     5/4/2013    EUR     1.00
Standard Chartered    0.59                 USD    60.83
Freshwater Finance    6.06   10/17/2036    GBP    74.75
Marine Subsea AS      9.00   12/16/2019    USD     0.50
Artea                 6.00     8/4/2019    EUR    13.61
Danske Bank Oyj       1.63                 EUR    72.13
Orient Express Ban   13.60     8/9/2018    RUB    46.50
Autonomous Communi    7.55    7/21/2026    EUR    54.52
Oesterreichische V    3.00     8/2/2016    EUR    73.75
Heta Asset Resolut    0.25    3/29/2017    EUR    56.00
Norske Skog Holdin    8.00    2/24/2023    USD    70.00
Hypo Tirol Bank AG    0.50    7/23/2026    EUR    56.88
Lehman Brothers Tr    7.00    5/17/2035    EUR     4.95
WGF Westfaelische     6.35    12/1/2016    EUR     8.00
Phosphorus Holdco    10.00     4/1/2019    GBP     2.00
KPNQwest NV           8.88     2/1/2008    EUR     0.50
Sovcombank ICB JSC   13.40    6/20/2016    RUB    60.04
Cooperatieve Centr    0.50   11/30/2027    MXN    48.50
Heta Asset Resolut    5.03    1/26/2017    EUR     3.63
Tjiwi Kimia Intern   13.25     8/1/2001    USD    15.50
Standard Chartered    0.59                 USD    61.00
City of Kiev Ukrai    8.00    11/6/2015    USD    41.13
Vnesheconombank       8.10    9/27/2018    RUB    70.07
Solon SE              1.38    12/6/2012    EUR     0.33
UniCredit Bank Aus    0.57    8/20/2033    EUR    64.63
HC Finance OOO        8.25   11/26/2021    RUB    60.00
Agentstvo po Ipote    7.49    2/15/2017    RUB    56.00
KA Finanz AG          4.90    6/23/2031    EUR    63.13
Breeze Finance SA    11.75    4/19/2027    EUR     3.00
Kaupthing Bank Hf     5.25    7/18/2017    BGN    13.75
SAir Group            0.13     7/7/2005    CHF    12.13
CBo Territoria        6.00     1/1/2020    EUR     4.01
DEIKON GmbH           1.00     7/1/2015    EUR    24.26
SNS Bank NV           6.63    5/14/2018    EUR     2.40
IVG Immobilien AG     5.83                 EUR     0.00
Allied Irish Banks    0.81   10/24/2035    EUR    23.13
UKRLANDFARMING PLC   10.88    3/26/2018    USD    38.50
Financing of Infra    7.40    4/20/2018    USD    39.76
Cooperatieve Centr    0.50    7/30/2043    MXN    20.80
Solar Millennium A    6.50    7/15/2015    EUR    11.50
Allied Irish Banks    5.25    3/10/2035    GBP    26.50
Astana Finance BV    14.50     7/2/2013    USD     5.88
Lehman Brothers Tr    5.00    2/16/2015    EUR     4.55
Glitnir HF            4.75   10/15/2010    USD    12.00
Russian Federal Bo    7.05    1/19/2028    RUB    74.79
Rostelecom OJSC       8.55    11/2/2017    RUB    60.01
City of Kyiv Via K    9.38    7/11/2016    USD    41.13
InterOil Explorati   15.00    3/14/2016    NOK    30.00
Glitnir HF            4.38     2/5/2010    EUR    12.00
Glitnir HF            3.00    6/30/2010    EUR    12.00
UniCredit Bank ZAO   12.00   11/20/2019    RUB    60.00
ffk environment Gm    7.25     6/1/2016    EUR     3.78
Societe Centrale d    9.00     7/1/2016    EUR     7.18
Takko Luxembourg 2    7.07    4/15/2019    EUR    41.68
Bashneft OAO          8.35   12/13/2016    RUB    60.15
LBI HF                6.10    8/25/2011    USD     9.13
Heta Asset Resolut    1.29    5/31/2016    EUR    57.00
Lehman Brothers Tr    8.00    2/16/2016    EUR     4.42
Societe Generale S    2.37   11/29/2032    USD    70.14
Privatbank CJSC Vi   10.88    2/28/2018    USD    40.00
Gazprom OAO           9.30   10/21/2043    RUB     5.35
Eirles Two Ltd        0.81    9/30/2046    USD    55.13
Cooperatieve Centr    0.50   10/30/2043    MXN    20.25
SAG Solarstrom AG     6.25   12/14/2015    EUR    45.00
Lehman Brothers Tr    8.50     7/5/2016    EUR     4.42
Russian Railways J    8.20    3/21/2028    RUB    60.01
Governo Portugues     3.00                 EUR    73.00
Governo Portugues     2.75                 EUR    60.00
Heta Asset Resolut    4.54    9/22/2017    EUR    52.25
Glitnir HF            5.44   12/22/2015    USD    12.00
SU-155 KAPITAL OOO   15.50    5/18/2015    RUB    69.02
Barclays Bank PLC     3.46    2/28/2034    USD    71.00
Kaupthing Bank Hf     5.50     2/2/2009    USD    13.75
Schneekoppe GmbH &    6.45    9/20/2015    EUR     5.50
Mortgage Agent KHM    9.20    8/25/2045    RUB    74.74
Volkswagen Bank Ru    9.35    6/29/2019    RUB    58.02
Hellenic Bank PCL    11.00                 EUR    65.38
Russian Federal Bo   14.85     3/3/2027    RUB    60.00
Heta Asset Resolut    5.73   12/10/2021    EUR     3.01
Kaupthing Bank Hf     6.13    10/4/2016    USD    13.75
Dolomite Capital L   12.01   12/20/2019    ZAR    53.20
Lehman Brothers Tr    8.25    12/3/2015    EUR     8.13
Financing of Infra    9.00    12/7/2017    USD    39.90
Agentstvo po Ipote    9.60     3/1/2033    RUB    60.00
LBI HF                2.25    2/14/2011    CHF     3.28
Barclays Bank PLC     3.84    8/15/2033    USD    73.00
Heta Asset Resolut    0.32    8/12/2017    EUR    55.00
Heta Asset Resolut    5.27     4/7/2028    EUR     2.60
Metalloinvest Hold    0.01     3/7/2022    RUB    60.00
Lehman Brothers Tr    6.00    3/18/2015    USD     4.42
Public Power Corp     5.50     5/1/2019    EUR    71.98
Region of Abruzzo     0.40    11/7/2031    EUR    70.57
Kommunekredit         0.50   10/22/2019    BRL    61.72
Glitnir HF            5.31   12/24/2012    USD    12.00
Lehman Brothers Tr    5.10     5/8/2017    HKD    29.88
Mobile TeleSystems    8.25    3/22/2023    RUB    60.01
Lehman Brothers Tr    5.00    9/22/2014    EUR     4.42
Kaupthing Bank Hf     6.13    10/4/2016    USD    13.75
Piraeus Bank SA       0.98     2/9/2017    EUR    73.24
Bank Nederlandse G    0.50    9/20/2022    MXN    70.41
Heta Asset Resolut    6.94    6/10/2017    EUR    51.50
Espirito Santo Fin    5.05   11/15/2025    EUR     2.22
Sidetur Finance BV   10.00    4/20/2016    USD    18.63
MegaFon Finans OOO    9.85    9/29/2022    RUB    70.01
Aralco Finance SA    10.13     5/7/2020    USD     6.88
Lehman Brothers Tr    7.00   11/26/2013    EUR     4.42
Tele2-Sankt-Peters    8.40    6/11/2021    RUB    56.01
Transcapitalbank J   15.00    3/15/2016    RUB    60.05
Erste Europaische     0.25     2/1/2037    USD    72.72
HSBC Bank PLC         0.50    4/27/2027    NZD    59.00
UniCredit Bank ZAO    9.70    5/17/2019    RUB    60.01
Atari SA              0.50    9/30/2015    EUR     1.34
Mriya Agro Holding    9.45    4/19/2018    USD    10.13
Rostelecom OJSC       9.15     6/7/2018    RUB    60.01
Kaupthing Bank Hf     7.50     2/1/2045    USD     0.00
RESO-Garantia OCAO   14.00    9/13/2022    RUB    60.01
Santander Finance     2.00                 USD    19.88
UniCredit Bank Aus    0.41    1/25/2031    EUR    68.88
Heta Asset Resolut    0.11    5/31/2016    EUR    49.00
Alpha Credit Group    0.55    2/21/2021    EUR    29.05
KPNQwest NV           8.13     6/1/2009    USD     0.50
CaixaBank SA          1.92                 EUR    49.00
HSBC Bank PLC         0.50    2/24/2027    NZD    59.58
GlobexBank CJSC      13.20    12/4/2015    RUB    60.03
VEB-Leasing OAO       8.50     3/1/2018    RUB    54.01
Kaupthing Bank Hf     1.80   10/20/2009    JPY    13.75
Finibanco Holding     5.00                 EUR    50.00
SNS Bank NV           2.81                 EUR     0.27
HSBC Bank PLC         0.50    2/24/2023    AUD    73.90
A-TEC Industries A    2.75    5/10/2014    EUR     2.00
Locko-Bank ZAO        9.50    7/23/2015    RUB    60.02
Hamburgische Lande    0.44    1/22/2041    EUR    59.11
Lehman Brothers Tr    6.00    3/14/2011    EUR     4.42
Atari SA              7.50    2/17/2020    EUR     0.29
Heta Asset Resolut    0.30    8/21/2017    EUR    53.25
Piraeus Bank SA       0.99   12/27/2016    EUR    74.84
Kommunekredit         0.50    7/30/2027    TRY    31.80
Svyaznoy Bank ZAO    13.50     6/8/2018    RUB    53.00
Eksportfinans ASA     0.50     5/9/2030    CAD    27.50
Bong AB              10.00    6/27/2018    SEK     1.00
Phones4u Finance P    9.50     4/1/2018    GBP    31.63
LBI HF                3.00    12/7/2010    CHF     3.28
Kaupthing Bank Hf     5.90                 EUR     0.13
HSBC Bank PLC         0.50    1/29/2027    NZD    59.77
SAir Group            5.50    7/23/2003    CHF    11.63
Heta Asset Resolut    0.30    3/12/2043    EUR    48.38
UniCredit Bank ZAO   10.30     8/6/2019    RUB    60.01
Lehman Brothers Tr    5.25    5/26/2026    EUR     4.42
Kaupthing Bank Hf     4.70    2/15/2010    CAD    13.75
Heta Asset Resolut    0.25    3/29/2017    EUR    49.88
Credit Europe Bank   11.25     9/5/2016    RUB    60.05
Pongs & Zahn AG       8.50                 EUR     0.18
Bulgaria Governmen    2.63    3/26/2027    EUR    21.85
UniCredit Bank Aus    0.45    1/24/2031    EUR    67.50
Novosibirsk Govern    7.79   10/30/2018    RUB    60.01
Heta Asset Resolut    5.80    6/17/2017    EUR    52.25
Atari SA              0.10     4/1/2020    EUR     1.81
Acron JSC            10.25    5/18/2021    RUB    70.01
Heta Asset Resolut    0.29    7/28/2017    EUR    52.25
Heta Asset Resolut    0.28    8/28/2017    EUR    52.25
Heta Asset Resolut    0.29    3/10/2018    EUR    54.00
Bank Nederlandse G    0.50    5/12/2021    ZAR    61.14
Heta Asset Resolut    0.32     7/1/2017    EUR    49.00
Rena Lange Holding    8.00   12/12/2017    EUR     0.74
Mechel                8.00     2/9/2021    RUB    42.51
Mersey Docks & Har    3.63                 GBP    60.00
Lehman Brothers Tr    4.50     5/2/2017    EUR     4.42
Barclays Bank PLC     0.50    4/24/2023    MXN    60.69
Heta Asset Resolut    0.20    2/17/2017    EUR    56.63
Solarwatt GmbH        7.00    11/1/2015    EUR    14.50
Credit Suisse AG/L    1.64     6/1/2042    USD    57.19
Atari SA              0.50    9/30/2015    EUR     1.94
Santander Finance     2.00                 USD    19.75
Oesterreichische V    5.05     8/5/2030    EUR    17.38
Rosselkhozbank OJS    7.90    9/18/2023    RUB    70.01
Banco Espirito San    1.59    5/27/2018    EUR    10.75
HSBC Bank PLC         0.50   10/30/2026    NZD    60.68
SAir Group            6.25    4/12/2005    CHF    11.38
SAG Solarstrom AG     7.50    7/10/2017    EUR    45.00
UniCredit Bank ZAO    8.10   11/20/2018    RUB    55.01
Russian Railways J    9.00    9/20/2039    RUB     3.30
Oesterreichische V    9.06    7/26/2020    EUR    34.25
A-TEC Industries A    5.75    11/2/2010    EUR     2.00
Glitnir HF            1.63    3/11/2009    CHF    12.00
Lehman Brothers Tr    3.03    1/31/2015    EUR     8.13
Investkredit Bank     0.56    3/14/2020    EUR    70.41
Europlan ZAO         12.50   10/31/2017    RUB    59.01
Lehman Brothers Tr    4.00   10/24/2012    EUR     4.42
OL Groupe SA          7.00   12/28/2015    EUR     7.86
Republika Srpska      9.00    9/26/2027    BAM    62.05
Heta Asset Resolut    0.17    1/24/2017    EUR    54.75
HYPO NOE Gruppe Ba    2.25    1/29/2035    EUR    67.28
Societe Generale S    0.50    5/30/2023    MXN    63.18
Heta Asset Resolut    5.04    2/15/2023    EUR    49.13
Bashneft OAO         10.70    5/13/2024    RUB    70.01
Oesterreichische V    4.25     9/7/2020    EUR    25.00
Heta Asset Resolut    0.27     4/9/2018    EUR    49.00
Barclays Bank PLC     1.73     4/9/2028    USD    70.62
CARPEVIGO AG          8.25    6/30/2016    EUR    29.89
Lehman Brothers Tr    1.00     5/9/2012    EUR     4.42
Lehman Brothers Tr    6.00   10/30/2012    EUR     4.42
Lehman Brothers Tr   11.00   12/20/2017    AUD     4.42
Municipality Finan    0.50    6/19/2024    ZAR    44.51
Rosselkhozbank OJS    9.95     2/9/2018    RUB    60.01
Lehman Brothers Tr    4.00    12/2/2012    EUR     4.42
RVK-Finans LLC        9.60    11/9/2015    RUB    60.01
Alpha Credit Group    2.00    4/27/2024    EUR    19.53
DeltaCredit Bank     11.92   10/10/2024    RUB    74.78
Heta Asset Resolut    4.70     4/2/2018    EUR    53.50
Mriya Agro Holding   10.95    3/30/2016    USD    10.75
Oesterreichische V    6.00    3/30/2017    EUR    59.00
Svensk Exportkredi    0.50    8/25/2021    ZAR    61.39
Glitnir HF            6.38    9/25/2012    USD    12.00
Ecureuil Vie Devel    0.98                 EUR    28.00
Emova Group           4.30     5/2/2022    EUR     4.11
Njord Gas Infrastr    5.10    9/30/2027    USD    73.55
Lehman Brothers Tr    8.00   10/17/2014    EUR     4.42
BNP Paribas SA        0.50    9/29/2029    AUD    56.95
Kommunekredit         0.50   12/14/2020    ZAR    65.55
Mortgage Agent Abs    9.20   11/12/2040    RUB    75.00
BLT Finance BV        7.50    5/15/2014    USD     5.00
Heta Asset Resolut    3.90    1/24/2017    EUR    52.63
UTair-Finans OOO     13.00   11/13/2015    RUB    34.10
International Bank   13.50    6/23/2016    RUB    60.14
UniCredit Bank Aus    0.67   12/27/2026    EUR    72.63
Forth Ports Ltd       3.75                 GBP    62.00
Eitzen Chemical AS   12.36     6/6/2016    NOK    20.88
Heta Asset Resolut    5.68     7/5/2017    EUR    49.25
Alpha Credit Group    2.00   11/28/2032    EUR     8.75
Bank Otkritie Fina   15.50    2/28/2017    RUB    61.01
HSBC Bank PLC         0.50    12/8/2026    AUD    59.74
Lehman Brothers Tr    4.00    2/16/2017    EUR     8.13
LBI HF                4.40    1/18/2010    CAD     3.28
Heta Asset Resolut    0.20     2/9/2017    EUR    49.00
UTair-Finans OOO     12.00    5/26/2015    RUB    30.30
Heta Asset Resolut    0.75    9/20/2017    EUR     3.27
Konservenfabrik Za    8.00     4/1/2016    EUR     0.00
Federal Grid Co Un    8.50   11/27/2023    RUB    55.01
Region of Molise I    0.58   12/15/2033    EUR    64.69
Svensk Exportkredi    0.50    1/31/2022    ZAR    54.38
Lehman Brothers Tr    5.00     5/2/2022    EUR     8.13
Heta Asset Resolut    4.07    3/21/2017    EUR    53.13
Bamble Sparebank      2.58                 NOK    54.95
Cerruti Finance SA    6.50    7/26/2004    EUR     1.06
Svensk Exportkredi    0.50    4/24/2029    AUD    57.46
Northland Resource   12.25    3/26/2016    USD     1.00
Lehman Brothers Tr    1.46    2/19/2012    JPY    29.88
SAir Group            6.25   10/27/2002    CHF    11.63
Accentro Real Esta    7.75    6/25/2017    EUR     2.85
SV Patrimonia         4.00    4/19/2016    EUR    58.00
Heta Asset Resolut    0.13    5/31/2016    EUR    52.25
RSL Communications   10.50   11/15/2008    USD     1.25
Investkredit Bank     7.00    7/24/2022    EUR    63.69
Oesterreichische V    1.80    5/24/2018    EUR    46.88
Bank UralSib OJSC    14.00    8/25/2017    RUB    60.01
SAir Group            4.25     2/2/2007    CHF    11.75
Heta Asset Resolut    0.81    5/28/2017    EUR    55.00
Heta Asset Resolut    0.36    4/22/2018    EUR    55.75
MTSB Mortgage Agen   10.50   11/26/2041    RUB    70.00
Comune di Verona      0.31    12/1/2026    EUR    67.52
Deutsche Bank AG/L    0.50    10/5/2021    IDR    62.07
Federal Grid Co Un    8.00     1/7/2028    RUB    60.01
wige MEDIA AG         6.00    3/17/2019    EUR     1.90
Mechel                8.00     2/9/2021    RUB    60.00
Northland Resource   15.00    7/15/2019    USD     1.00
Lloyds Bank PLC       3.44    4/26/2033    USD    71.50
Province of Milan     0.42   12/22/2033    EUR    68.44
Heta Asset Resolut    0.20    8/11/2017    EUR    54.00
Lehman Brothers Tr    8.88    1/28/2011    HKD    29.88
Credit Agricole Co    7.00    5/30/2019    JPY    71.50
Espirito Santo Fin    5.63    7/28/2017    EUR     3.59
BNP Paribas SA        0.50    1/31/2018    RUB    72.23
SAir Group            2.13    11/4/2004    CHF    11.50
Oesterreichische V    4.44    4/12/2017    EUR    65.13
Anglian Water Serv    1.02    1/26/2057    GBP    73.40
Oesterreichische V    4.80     5/9/2025    EUR    21.25
RUSNANO OAO          10.10    4/10/2019    RUB    61.11
Svensk Exportkredi    0.50    3/15/2022    ZAR    53.43
Alpha Credit Group    6.00    4/11/2018    EUR    65.31
Kommunalbanken AS     0.50    6/18/2019    INR    74.10
Royal Bank of Scot    4.24    1/12/2046    EUR    69.63
Heta Asset Resolut    0.13    3/15/2017    EUR    53.25
Oesterreichische V    4.26    3/22/2024    EUR    21.63
Lehman Brothers Tr    6.65    8/24/2011    AUD    29.88
Asian-Pacific Bank   12.00    2/19/2016    RUB    60.06
UniCredit Bank Aus    0.53    1/22/2031    EUR    67.75
Heta Asset Resolut    0.35    5/17/2017    EUR    52.25
Credit Suisse AG/L   15.00    9/18/2015    USD    61.31
KA Finanz AG          4.44   12/20/2030    EUR    54.88
Rosselkhozbank OJS   10.90   10/11/2022    RUB    60.00
HSBC Bank PLC         0.50   12/29/2022    AUD    74.12
Rosselkhozbank OJS   10.90   10/13/2022    RUB    60.01
Ingra DD              6.13    12/6/2016    HRK    12.99
WGF Westfaelische     5.35    5/15/2015    EUR     3.25
Transcapitalbank J   10.75    5/30/2023    RUB    60.01
Notenstein Finance    1.00    9/17/2019    CHF    63.40
Codere Finance Lux    8.25    6/15/2015    EUR    64.13
Oesterreichische V    4.90    8/18/2025    EUR    61.30
Leonteq Securities    9.15    5/20/2015    USD    52.56
HSBC Bank PLC         0.50     4/3/2023    AUD    73.50
Svensk Exportkredi    0.50    3/28/2029    AUD    70.64
Republika Srpska      1.50   12/22/2023    BAM    74.78
Ideal Standard Int   11.75     5/1/2018    EUR    40.50
Salvator Grundbesi    9.50                 EUR    41.00
hkw personalkonzep    8.25   11/15/2016    EUR     2.40
Oesterreichische V    2.75   10/21/2016    EUR    69.88
Lehman Brothers Tr    5.55    3/12/2015    EUR     8.13
DEIKON GmbH           1.00     7/1/2016    EUR    24.56
Bank Nederlandse G    0.50     8/9/2022    MXN    70.85
Heta Asset Resolut    4.40    6/20/2017    EUR    52.25
Windreich GmbH        6.25     3/1/2015    EUR    10.88
Kommunekredit         0.50    2/20/2020    BRL    58.62
Republika Srpska      1.50    9/25/2026    BAM    65.11
Kommunalbanken AS     0.50    5/27/2022    ZAR    55.80
Oesterreichische V    5.26     2/5/2025    EUR    22.88
Heta Asset Resolut    0.30    2/10/2018    EUR    49.00
Kommunalbanken AS     0.50    11/8/2018    BRL    68.31
Kommunalbanken AS     0.50     3/2/2018    BRL    73.38
Heta Asset Resolut    0.13    5/31/2016    EUR    54.13
Blaker Sparebank      3.00                 NOK    73.88
Oesterreichische V    6.60     5/6/2023    EUR    30.38
RSL Communications    9.88   11/15/2009    USD     1.25
Oesterreichische V    5.11    6/12/2017    EUR    63.63
Lehman Brothers Tr    1.75     2/7/2010    EUR     8.13
IT Holding Finance    9.88   11/15/2012    EUR     0.11
LBI HF                3.20    5/10/2010    SKK     3.28
Oesterreichische V    4.00   12/14/2023    EUR    21.38
Oesterreichische V    2.15    3/25/2019    EUR    39.50
Heta Asset Resolut    0.35    5/10/2017    EUR    53.50
Republika Srpska      1.50   12/15/2023    BAM    74.72
Oesterreichische V    3.13    6/30/2017    EUR    60.25
WGF Westfaelische     6.35     8/1/2017    EUR     3.52
Leonteq Securities   10.30    6/10/2015    CHF    65.24
UTair-Finans OOO     13.00   11/13/2015    RUB    34.00
ECM Real Estate In    5.00    10/9/2011    EUR    10.38
Sudostroitelny Ban   13.50   10/15/2016    RUB     2.64
Rosselkhozbank OJS    9.55    6/23/2017    RUB    60.01
Heta Asset Resolut    0.26     4/2/2018    EUR    53.50
BNP Paribas SA        0.50     5/6/2021    MXN    72.25
Barclays Bank PLC     8.20     9/4/2015    USD    21.05
Russian Bor Chemic   10.00   12/20/2018    RUB    51.90
Heta Asset Resolut    0.30    5/17/2017    EUR    48.75
Alpha Credit Group    6.00    7/29/2020    EUR    48.03
Emporiki Group Fin    5.00    2/24/2022    EUR    36.21
Barclays Bank PLC     2.50    5/24/2017    USD    10.11
World of Building     7.70    6/25/2019    RUB     3.39
Bank Nederlandse G    0.50     6/7/2022    ZAR    53.02
SAir Group            5.13     3/1/2003    CHF    11.00
Vontobel Financial    5.84     9/9/2016    EUR    68.28
Alpha Credit Group    2.05     2/1/2017    EUR    71.84
LBI HF                4.53    4/24/2012    EUR     3.28
UniCredit Bank ZAO   14.00    2/23/2016    RUB    60.04
Glitnir HF            6.38    9/25/2012    USD    12.00
HSBC Bank PLC         0.50    7/30/2027    NZD    58.17
Alpha Credit Group    1.50   12/18/2028    EUR     9.34
Vnesheconombank       2.00    6/18/2021    RUB    50.88
Lehman Brothers Tr    5.00    5/12/2011    CHF     4.42
Bulgaria Steel Fin   12.00     5/4/2013    EUR     1.00
LBI HF                4.40    11/3/2009    CZK     3.28
Kommunekredit         0.50    9/19/2019    BRL    62.24
Oesterreichische V    3.88    3/15/2022    EUR    26.25
Mobile TeleSystems    5.00    6/29/2021    RUB    60.63
Kaupthing Bank Hf     9.75    9/10/2015    USD    13.75
UTair-Finans OOO     12.00    4/22/2015    RUB    45.00
Lehman Brothers Tr    7.59   11/22/2009    MXN    29.88
Lehman Brothers Tr    4.69    2/19/2017    EUR     8.13
Kaupthing Bank Hf     4.65    2/19/2013    EUR    13.75
Exane Finance         1.75    4/28/2016    EUR    74.77
Oesterreichische V    1.46    7/13/2017    EUR    57.00
UBS AG                8.15    7/21/2015    USD    45.63
Glitnir HF            6.33    7/28/2011    USD    12.00
Heta Asset Resolut    0.16     8/1/2017    EUR    48.75
Lehman Brothers Tr    5.00    2/27/2014    EUR     4.42
KPNQwest NV           7.13     6/1/2009    EUR     0.50
Lehman Brothers Tr   23.30    9/16/2008    USD     8.13
Kommunalbanken AS     0.50    9/20/2018    BRL    69.06
Drangedal Spareban    2.58                 NOK    68.69
KIT Finance Capita   10.00   12/22/2016    RUB    61.09
Province of Bresci    0.68    6/30/2036    EUR    62.56
Salvator Grundbesi    9.50   12/31/2021    EUR    12.00
Raiffeisen Versich    5.08                 EUR    73.63
UTair-Finans OOO      9.50    7/21/2016    RUB    30.30
Credit Agricole Co    0.50     3/6/2023    RUB    41.97
Oesterreichische V    1.19   10/13/2020    EUR    26.50
Caisse Centrale du    7.00    9/10/2015    EUR    15.39
Dresdner Bank AG      0.77   11/19/2029    EUR    61.38
Hellenic Republic     5.00    3/11/2019    EUR    64.88
UniCredit Bank AG     0.80   11/19/2029    EUR    70.38
KPNQwest NV           8.88     2/1/2008    EUR     0.50
Heta Asset Resolut    0.28     3/4/2018    EUR    52.25
Heta Asset Resolut    3.72    3/15/2017    EUR    49.13
LBI HF                4.38   10/20/2008    EUR     3.28
Heta Asset Resolut    0.11    1/24/2017    EUR    54.50
Svensk Exportkredi    0.50    2/22/2022    ZAR    53.76
Municipality Finan    0.50   12/14/2018    TRY    71.42
Oesterreichische V    3.50    3/20/2018    EUR    50.00
Bank J Safra Saras    8.00    4/27/2015    CHF    70.07
Cooperatieve Centr    0.50    1/31/2033    MXN    33.84
Leonteq Securities   29.61   10/26/2017    EUR    69.06
Fonciere Volta SA     4.50    7/30/2020    EUR     2.60
ARTUG OAO            14.00    7/14/2015    RUB    70.24
Union Technologies    0.10     1/1/2020    EUR     5.50
RSL Communications    9.13     3/1/2008    USD     1.25
Oberoesterreichisc    0.36    4/25/2042    EUR    67.69
Balkanstroy JSC       4.08     3/7/2016    EUR     5.00
Hellenic Republic     3.38    7/17/2017    EUR    71.05
UTair-Finans OOO     12.00    6/17/2016    RUB    39.00
Glitnir HF            6.69    6/15/2016    USD     0.02
Lehman Brothers Tr    8.25     2/3/2016    EUR     4.42
Heta Asset Resolut    0.19    7/18/2017    EUR    52.25
Municipality Finan    0.50   11/21/2018    TRY    71.83
Yakutsk Fuel-Energ    0.10   10/27/2015    RUB    60.60
Codere Finance Lux    8.25    6/15/2015    EUR    63.75
Lehman Brothers Tr    3.50   12/20/2027    USD     4.42
UTair-Finans OOO     11.75    5/26/2015    RUB    33.00
Republika Srpska      1.50    5/31/2025    BAM    70.30
Barclays Bank PLC    10.00    4/24/2015    USD    10.77
Uboat Line SA         7.65    9/27/2015    PLN     1.00
Raiffeisen-Holding    5.10                 EUR    66.25
SAir Group            2.75    7/30/2004    CHF    11.38
JP Morgan Structur    1.55    11/6/2015    USD    73.16
Oesterreichische V    5.45     8/2/2019    EUR    72.70
Windreich GmbH        6.75     3/1/2015    EUR    10.88
Rinol AG              5.50   10/15/2006    DEM     0.00
NIBC Bank NV         25.98     5/7/2029    EUR    72.82
Barclays Bank PLC     0.50    3/13/2023    RUB    41.95
Oesterreichische V    1.75     9/9/2020    EUR    27.88
Republika Srpska      1.50   12/31/2022    BAM    75.00
City of Siret Roma    4.01     3/1/2028    RON    31.20
Lehman Brothers Tr    4.00     1/4/2011    USD     8.13
Lehman Brothers Tr    0.50   12/20/2017    AUD     4.42
Lehman Brothers Tr    7.60    3/26/2009    EUR     4.42
Banque Cantonale V   17.75   11/17/2015    CHF    68.07
Svensk Exportkredi    0.50    4/25/2019    BRL    62.40
UTair-Finans OOO     12.00    6/17/2016    RUB    30.30
Lehman Brothers Tr    7.38    9/20/2008    EUR     8.13
Lehman Brothers Tr    7.50     5/2/2017    EUR     4.42
Lehman Brothers Tr   11.00    6/29/2009    EUR     8.13
LBI HF                4.75    5/31/2013    EUR     3.28
HSBC Bank PLC         0.50   12/29/2026    AUD    64.61
HSBC Bank PLC         0.50    12/2/2022    AUD    73.51
Eksportfinans ASA     0.25    7/14/2033    CAD    19.13
Enemona AD-Kozlodu   10.00    4/28/2017    BGN     1.04
Oesterreichische V    1.05    5/20/2025    EUR    10.50
Oesterreichische V    1.93    7/20/2018    EUR    44.50
Koltso Urala CB LL   10.35    4/30/2015    RUB    60.00
Oesterreichische V    5.20     4/1/2020    EUR    39.13
Lehman Brothers Tr    2.50    11/9/2011    CHF     4.42
Svensk Exportkredi    0.50    6/26/2019    TRY    67.01
Municipality Finan    0.50     5/8/2029    AUD    57.24
RSL Communications   10.13     3/1/2008    USD     1.25
HYPO NOE Gruppe Ba    2.85   10/24/2039    EUR    70.84
City of Hunedoara     2.43    8/15/2026    RON    65.00
Deutsche Bank AG/L   11.50    8/31/2015    USD    48.88
Glitnir HF            2.57   12/31/2013    EUR    12.00
Glitnir HF            3.25    8/15/2016    EUR    12.00
Provinsor Fastighe    8.50    6/30/2015    DKK     0.10
Oesterreichische V    4.81    7/29/2025    EUR    61.00
Republic of Srpska    1.50     6/9/2025    BAM    70.21
Arizk                 3.00   12/20/2030    RUB    32.08
Lehman Brothers Tr    3.20    3/19/2018    JPY     8.13
Lehman Brothers Tr    4.00    7/27/2011    EUR     4.42
Lehman Brothers Tr    2.00    6/28/2011    EUR     4.42
Lehman Brothers Tr   14.90   11/16/2010    EUR     8.13
City of Baile Herc    2.50   12/16/2020    RON    75.00
UBS AG                5.56    2/10/2016    USD    36.53
COFIDUR SA            0.10   12/31/2024    EUR    15.05
Gold-Zack AG          7.00   12/14/2005    EUR    12.01
Municipality Finan    0.50   11/25/2020    ZAR    65.76
Oesterreichische V    0.95    2/11/2019    EUR    37.75
Oravita City Counc    3.88    6/15/2027    RON    52.00
City of Predeal Ro    2.50    5/15/2026    RON    60.00
Glitnir HF            6.00   12/15/2012    GBP    12.00
Municipiul Timisoa    1.28    5/12/2026    RON    70.00
UTair-Finans OOO     12.00    4/22/2015    RUB    40.00
HSBC Bank PLC         0.50    6/28/2019    IDR    69.48
JP Morgan Structur    8.20    5/18/2015    CHF    69.05
Lehman Brothers Tr    4.35     8/8/2016    SGD    29.88
Glitnir HF            5.86    7/28/2016    GBP    12.00
Hellenic Republic     4.75    4/17/2019    EUR    69.74
Oesterreichische V    4.25    7/15/2017    EUR    61.63
Lehman Brothers Tr   13.50   11/28/2008    USD     8.13
Lehman Brothers Tr    4.25    5/15/2010    EUR     4.42
Oesterreichische V    4.00     2/1/2021    EUR    31.38
LBI HF                7.75    2/22/2016    USD     3.28
Gjerstad Sparebank    2.87                 NOK    73.98
Municipality Finan    0.25    6/28/2040    CAD    28.20
Kaupthing Bank Hf     5.80     9/7/2012    EUR    13.75
Oesterreichische V    3.00    9/22/2017    EUR    57.00
Emporiki Group Fin    5.10    12/9/2021    EUR    37.44
Hypothekenbank Fra    0.29    6/30/2051    EUR    70.10
Ural Bank for Reco   11.75    4/10/2020    RUB    60.01
Oesterreichische V    2.00    4/24/2020    EUR    30.88
Lehman Brothers Tr    7.05     4/8/2015    USD     4.42
Kaupthing Bank Hf     7.00     1/3/2011    EUR    13.75
Lehman Brothers Tr    7.00    2/15/2010    CHF     8.13
Svensk Exportkredi    0.50    6/28/2022    ZAR    52.01
Municipality Finan    0.50    5/31/2022    ZAR    51.40
Oesterreichische V    1.52    2/19/2018    EUR    49.00
UBS AG/London         5.00    7/31/2015    CHF    60.67
UniCredit Bank AG     4.00    6/25/2015    EUR    66.53
UniCredit Bank AG     4.00    6/26/2015    EUR    72.11
Credit Suisse AG/N    8.40    6/26/2015    USD    38.53
Svensk Exportkredi    0.50    6/20/2029    AUD    68.53
Credit Suisse AG/N    8.25    7/31/2015    USD    68.51
Leonteq Securities    6.00    7/14/2015    USD    58.91
Oesterreichische V    5.00    4/24/2018    EUR    53.75
Glitnir HF            5.86    7/28/2016    GBP    12.00
Expobank LLC         11.50     7/3/2016    RUB    60.05
Societe Generale S    0.50    6/12/2023    RUB    40.75
Lehman Brothers Tr   14.90    9/15/2008    EUR     8.13
LBI HF                3.34    5/11/2012    EUR     3.28
Oesterreichische V    4.81     5/9/2035    EUR    15.75
Oesterreichische V    5.10    5/23/2022    EUR    28.88
Leonteq Securities    3.00    9/19/2019    CHF    58.11
Kaupthing Bank Hf     0.80    2/15/2011    EUR    13.75
UBS AG                8.25    4/28/2015    USD    24.48
Glitnir HF            3.30    6/10/2010    EUR    12.00
UniCredit Bank AG     6.00    6/24/2015    EUR    69.48
Leonteq Securities   19.94    5/21/2015    CHF    57.52
HSBC Bank PLC         0.50     2/2/2023    AUD    73.86
Kvinesdal Spareban    2.65                 NOK    72.09
UBS AG/London         9.06   10/23/2015    CHF    61.90
Eitzen Chemical AS   11.26     6/6/2016    USD    20.88
Oesterreichische V    4.78     6/7/2030    EUR    16.75
Kaupthing Bank Hf     1.65     7/5/2010    JPY    13.75
Lehman Brothers Tr    5.00    8/16/2017    EUR     4.42
Zaklady Miesne Mys   11.50    6/10/2015    PLN    73.99
Lehman Brothers Tr    9.75    6/22/2018    USD     4.42
LBI HF                7.25     4/2/2011    EUR     3.28
Lehman Brothers Tr    0.50     8/1/2020    EUR     8.13
Oesterreichische V    5.50    8/26/2025    EUR    22.75
Lehman Brothers Tr    4.30     6/4/2012    USD     8.13
RSL Communications   12.00    11/1/2008    USD     1.25
Glitnir HF            6.00     8/1/2015    ISK    12.00
Kaupthing Bank Hf     8.00    6/22/2011    ISK     0.00
Zurcher Kantonalba   11.03     8/7/2015    CHF    54.88
Mortgage Agent AHM    9.00   11/20/2042    RUB    73.00
Notenstein Privatb   10.12    8/26/2015    USD    68.50
Lehman Brothers Tr    4.68   12/12/2045    EUR     8.13
Kommunalbanken AS     0.50    2/23/2018    BRL    72.67
Lehman Brothers Tr    7.00   10/22/2010    EUR     4.42
Ofoten Sparebank      2.70                 NOK    66.60
Lehman Brothers Tr    7.50    9/13/2009    CHF     8.13
Bank Julius Baer &   12.20     6/8/2015    USD    69.60
Societe Generale S    0.50     4/4/2024    MXN    60.86
LBI HF                7.20    4/27/2026    EUR     0.01
LBI HF                6.00     6/6/2017    EUR     3.28
Nutritek Internati    8.75   12/11/2008    USD     2.00
Glitnir HF            3.00   11/30/2009    EUR    12.00
Kaupthing Bank Hf     7.90    4/28/2016    EUR    13.75
Lehman Brothers Tr    4.90    7/28/2020    EUR     4.42
Lehman Brothers Tr    4.50   12/30/2010    USD     8.13
Glitnir HF            2.25    2/15/2011    EUR    12.00
Oesterreichische V    4.21    1/25/2033    EUR    14.13
HYPO NOE Gruppe Ba    2.35    1/15/2035    EUR    68.51
UniCredit Bank AG     6.00    7/23/2015    EUR    67.12
Commerzbank AG        6.75    5/21/2015    EUR    67.78
Emporiki Group Fin    5.00    12/2/2021    EUR    36.97
Barclays Bank PLC     3.50     2/5/2016    EUR    68.26
LBI HF                4.32    1/31/2010    EUR     3.28
Araratbank OJSC       9.00   10/20/2015    USD    25.72
Oesterreichische V    1.53   12/19/2016    EUR    65.63
Morgan Stanley BV     8.50    5/25/2015    EUR    59.32
Zurcher Kantonalba    5.00    9/17/2015    CHF    72.98
Synergy Classic Vi    2.00     8/2/2015    USD    55.52
Kaupthing Bank Hf     3.75    2/15/2024    ISK    13.75
Oesterreichische V    5.03    6/11/2019    EUR    43.88
Lehman Brothers Tr    5.38     2/4/2014    USD     4.42
Zapsibcombank OAO    14.85   12/12/2019    RUB    60.00
Svensk Exportkredi    0.50    6/29/2029    AUD    71.33
Lehman Brothers Tr    5.00   11/22/2012    EUR     4.42
HSBC Bank PLC         0.50   10/30/2018    IDR    73.41
Bank Nederlandse G    0.50    8/15/2022    ZAR    52.66
LBI HF                8.65     5/1/2011    ISK     3.28
Bank Julius Baer &    9.00    10/8/2015    CHF    47.75
UBS AG                9.00     7/3/2017    CHF    71.75
Raiffeisen Centrob    7.33    8/21/2015    EUR    65.87
Lehman Brothers Tr    4.10    8/23/2010    USD     8.13
Svensk Exportkredi    0.50    8/29/2029    AUD    72.23
Sparebanken Din       2.67                 NOK    68.29
Cooperatieve Centr    0.50    8/21/2028    MXN    44.72
Lehman Brothers Tr    4.60     7/6/2016    EUR     4.42
SAir Group            2.75    7/30/2004    CHF    11.63
Lehman Brothers Tr    3.86    9/21/2011    SGD     8.13
Lehman Brothers Tr    0.80   12/30/2016    EUR     4.42
Driver & Bengsch A    8.50   12/31/2027    EUR     0.01
Reserve Trust Co C    2.00    8/18/2027    RUB    57.00
Bank Nederlandse G    0.50    9/20/2022    ZAR    52.15
Lehman Brothers Tr    0.50    2/16/2009    EUR     8.13
Glitnir HF            3.00     4/1/2010    CZK    12.00
Hellas Telecommuni    8.50   10/15/2013    EUR     0.00
UNIQA Sachversiche    2.99                 EUR    41.63
Barclays Bank PLC     0.50    3/19/2021    MXN    70.69
Barclays Bank PLC     0.50    1/28/2033    MXN    32.65
Bank Nederlandse G    0.50    6/22/2021    ZAR    61.39
Raiffeisen Centrob    2.40   12/19/2016    EUR    64.11
Banca di Cividale     0.09    10/2/2036    EUR    62.98
Lehman Brothers Tr    3.50   10/24/2011    USD     4.42
KPNQwest NV           7.13     6/1/2009    EUR     0.50
Leonteq Securities   12.10   10/22/2015    USD    66.97
Barclays Bank PLC     0.50    3/26/2021    MXN    70.60
Glitnir HF           10.00    6/28/2017    USD    12.00
Kaupthing Bank Hf     1.99     7/5/2012    JPY    13.75
Lehman Brothers Tr    4.05    9/16/2008    EUR     4.42
Lehman Brothers Tr   10.44   11/22/2008    CHF     8.13
Strommen Sparebank    2.41                 NOK    46.33
Lehman Brothers Tr   11.00     7/4/2011    CHF     8.13
LBI HF                7.43                 USD     0.00
Oesterreichische V    3.78    7/21/2033    EUR    12.63
Glitnir HF            7.32   12/19/2012    USD    12.00
Oesterreichische V    1.61    5/18/2020    EUR    30.13
Municipality Finan    0.50    7/30/2029    AUD    71.65
Lehman Brothers Tr    6.00    2/19/2023    USD     4.42
Oesterreichische V    1.38     2/8/2019    EUR    38.88
Glitnir HF            6.20   12/20/2009    ISK     0.02
Kaupthing Bank Hf     7.00    7/24/2009    ISK    13.75
KPNQwest NV           8.88     2/1/2008    EUR     0.50
Oesterreichische V    4.33     2/1/2017    EUR    67.38
Notenstein Privatb    6.10   12/30/2015    EUR    70.05
Republika Srpska      1.50   12/15/2023    BAM    74.00
Oesterreichische V    1.02     7/3/2019    EUR    35.13
Lehman Brothers Tr    4.20    12/3/2008    HKD     4.42
Lehman Brothers Tr   12.22   11/21/2017    USD     4.42
Sviaz Bank OAO       11.40    4/13/2022    RUB    60.00
Lehman Brothers Tr    8.28    3/26/2009    USD     4.42
Credit Suisse AG/L    8.00   11/29/2019    USD     8.34
Kaupthing Bank Hf     7.13    5/19/2016    USD     0.00
Glitnir HF            3.63     4/5/2009    EUR    12.00
LBI HF                4.40   11/30/2035    EUR     0.01
Efesk Group          13.25    6/14/2016    RUB    60.03
Lehman Brothers Tr    4.00    4/13/2011    CHF     4.42
Lehman Brothers Tr    7.00    4/14/2009    EUR     8.13
Lehman Brothers Tr    6.00   10/24/2008    EUR     8.13
Lehman Brothers Tr    7.25    10/6/2008    EUR     8.13
Lehman Brothers Tr    5.50    6/15/2009    CHF     8.13
Lehman Brothers Tr    7.00    2/15/2012    EUR     8.13
Lehman Brothers Tr    7.39     5/4/2017    USD     4.42
Province of Bresci    0.52   12/22/2036    EUR    61.92
Lehman Brothers Tr    0.25    7/21/2014    EUR     4.42
Kommunekredit         0.50    5/11/2029    CAD    73.85
LBI HF                3.11   11/10/2008    EUR     3.28
LBI HF                4.00    9/23/2015    EUR     3.28
Glitnir HF            3.25    9/15/2015    EUR    12.00
KFW                   0.25    10/6/2036    CAD    37.38
Kaupthing Bank Hf     6.40   12/15/2015    EUR    13.75
Cooperatieve Centr    0.50   12/29/2027    MXN    47.00
LBI HF                2.22   10/15/2019    JPY     3.28
Lehman Brothers Tr    2.30    4/28/2014    JPY     4.42
Lehman Brothers Tr    4.25    3/13/2021    EUR     8.13
Municipality Finan    0.50    4/26/2022    ZAR    51.84
Leonteq Securities   20.00    1/26/2016    CHF    62.50
e-Kancelaria Grupa   10.00   10/23/2015    PLN     1.00
Reserve Trust Co C   14.00     1/4/2027    RUB    60.00
Province of Palerm    0.28   12/31/2035    EUR    59.21
Municipality Finan    0.50    2/22/2019    IDR    70.87
Oesterreichische V    4.20    2/22/2033    EUR    14.13
RFA-Invest OAO       12.00    2/24/2016    RUB    60.22
Oesterreichische V    2.75    9/20/2016    EUR    71.25
Lehman Brothers Tr    7.15    3/21/2013    USD     4.42
Lehman Brothers Tr   10.60    4/22/2014    MXN     4.42
Lehman Brothers Tr   13.50     6/2/2009    USD     8.13
Oesterreichische V    3.78    8/25/2033    EUR    12.63
MORTGAGE AGENT AHM    3.00     9/9/2045    RUB    72.13
HYPO NOE Gruppe Ba    3.10    10/7/2044    EUR    71.15
Veniti SA             9.70    3/28/2016    PLN    53.00
Nesset Sparebank      2.71                 NOK    55.09
Oesterreichische V    3.50    1/14/2019    EUR    44.88
Landesbank Hessen-    3.50    7/10/2015    EUR    71.70
Intertekhelektro-N    8.50    4/21/2020    RUB    60.00
UBS AG               23.00   12/29/2015    EUR    73.37
EFG International     6.48    5/29/2018    EUR    61.54
Lehman Brothers Tr    8.28    7/31/2013    GBP     4.42
Lehman Brothers Tr    4.70    3/23/2016    EUR     4.42
Credit Suisse AG/L   11.00    8/28/2015    USD    41.50
Lloyds Bank PLC       0.50    7/26/2028    MXN    47.00
Skue Sparebank        2.62                 NOK    70.50
Lehman Brothers Tr    7.00   11/28/2008    CHF     8.13
Lehman Brothers Tr   10.00     1/3/2012    BRL     4.42
UBS AG/London         8.48    11/3/2015    CHF    60.90
EDOB Abwicklungs A    7.50     4/1/2012    EUR     0.75
Lehman Brothers Tr    6.50    5/16/2015    EUR     4.42
Kaupthing Bank Hf     7.50    12/5/2014    ISK    13.75
Glitnir HF            0.50   11/26/2009    EUR    12.00
Glitnir HF            4.85    4/26/2012    EUR    12.00
HSBC Trinkaus & Bu   27.50    6/26/2015    EUR    73.65
Oesterreichische V    3.09   10/15/2020    EUR    30.63
Lehman Brothers Tr    5.20    3/19/2018    EUR     8.13
Municipality Finan    0.50    3/17/2025    CAD    73.75
HSBC Bank PLC         0.50     6/9/2023    MXN    64.66
Municipality Finan    0.50    1/23/2018    BRL    74.67
HSBC Bank PLC         0.50    4/11/2023    MXN    65.39
Lehman Brothers Tr    6.00   12/30/2017    EUR     4.42
Lehman Brothers Tr    4.10    6/10/2014    SGD     8.13
Oesterreichische V    5.10     7/5/2022    EUR    28.50
Kaupthing Bank Hf     0.20    7/12/2009    JPY    13.75
Lehman Brothers Tr   13.00    7/25/2012    EUR     8.13
Glitnir HF            5.25     5/2/2014    ISK    12.00
Glitnir HF            5.25     5/2/2017    ISK    12.00
Lehman Brothers Tr    6.00    9/20/2011    EUR     4.42
Svensk Exportkredi    0.50    8/28/2020    TRY    60.84
Lehman Brothers Tr    4.00    3/10/2011    EUR     4.42
Oesterreichische V    5.00     3/5/2018    EUR    55.13
Kaupthing Bank Hf     7.63    2/28/2015    USD    14.13
Lehman Brothers Tr    8.00    3/19/2012    USD     4.42
Oesterreichische V    5.00    3/13/2018    EUR    55.00
Lehman Brothers Tr    7.80    3/31/2018    USD     4.42
Lehman Brothers Tr    9.50     4/1/2018    USD     4.42
Lehman Brothers Tr    6.00     3/4/2015    USD     4.42
Lehman Brothers Tr    6.45    2/20/2010    AUD     8.13
Lehman Brothers Tr    6.60    5/23/2012    AUD     8.13
Lehman Brothers Tr    3.45    5/23/2013    USD     4.42
Chelyabinsk Pipe R    8.00    4/21/2015    RUB    60.06
Lehman Brothers Tr   16.00   10/28/2008    USD     8.13
Lehman Brothers Tr    5.50    4/23/2014    EUR     4.42
Lehman Brothers Tr    5.00    2/15/2018    EUR     4.42
Lehman Brothers Tr    9.00     5/6/2011    CHF     8.13
Lehman Brothers Tr   16.20    5/14/2009    USD     8.13
Lehman Brothers Tr   16.00    11/9/2008    USD     8.13
Kaupthing Bank Hf     7.70    10/2/2011    EUR    13.75
Kaupthing Bank Hf     7.50     4/2/2011    EUR    13.75
Kaupthing Bank Hf     7.50    10/2/2010    EUR    13.75
Lehman Brothers Tr   10.00    5/22/2009    USD     8.13
Lehman Brothers Tr    4.60     8/1/2013    EUR     4.42
Lehman Brothers Tr    8.00    5/22/2009    USD     8.13
Lehman Brothers Tr    7.60     3/4/2010    NZD     8.13
Lehman Brothers Tr   17.00     6/2/2009    USD     8.13
Lehman Brothers Tr    3.00     6/3/2010    EUR     4.42
Lehman Brothers Tr   12.40    6/12/2009    USD     8.13
Lehman Brothers Tr    7.60    5/21/2013    USD     4.42
Lehman Brothers Tr   10.00    6/17/2009    USD     8.13
Oesterreichische V    5.00    3/26/2018    EUR    54.63
Oesterreichische V    5.01    3/26/2018    EUR    54.63
Oesterreichische V    5.01    3/26/2018    EUR    54.63
Lehman Brothers Tr    3.50    6/20/2011    EUR     4.42
LBI HF                7.00     4/2/2010    EUR     3.28
Lehman Brothers Tr    7.50    2/14/2010    AUD     8.13
Lehman Brothers Tr    7.60    1/31/2013    AUD     8.13
Lehman Brothers Tr    5.50    6/22/2010    USD     4.42
Lehman Brothers Tr    0.50     6/2/2020    EUR     8.13
Lehman Brothers Tr   11.00     7/4/2011    USD     8.13
Lehman Brothers Tr   12.00     7/4/2011    EUR     8.13
Lehman Brothers Tr    5.50     7/8/2013    EUR     4.42
Kaupthing Bank Hf     4.95     5/6/2009    EUR    13.75
Lehman Brothers Tr   16.00   12/26/2008    USD     8.13
Lehman Brothers Tr   13.43     1/8/2009    ILS     8.13
Lehman Brothers Tr    0.50     7/2/2020    EUR     8.13
Lehman Brothers Tr    7.75     1/3/2012    AUD     8.13
Lehman Brothers Tr    3.10     6/4/2010    USD     8.13
Lehman Brothers Tr    8.00   10/23/2008    USD     8.13
Oesterreichische V    5.10   10/23/2017    EUR    59.25
Oesterreichische V    5.18   11/13/2017    EUR    58.75
Lehman Brothers Tr    4.60    11/9/2011    EUR     4.42
Lehman Brothers Tr    4.60   10/11/2017    ILS    29.88
Lehman Brothers Tr    5.50   11/30/2012    CZK     4.42
Lehman Brothers Tr    6.00   10/30/2012    USD     8.13
Lehman Brothers Tr   16.00    10/8/2008    CHF     8.13
Lehman Brothers Tr    0.50   12/20/2017    USD     4.42
Lehman Brothers Tr    0.50   12/20/2017    USD     4.42
Lehman Brothers Tr    0.50   12/20/2017    USD     4.42
Lehman Brothers Tr    0.50   12/20/2017    USD     4.42
Lehman Brothers Tr    3.00    12/3/2012    EUR     4.42
Oesterreichische V    5.21    12/6/2022    EUR    27.50
Glitnir HF            3.75    1/15/2010    EUR    12.00
Lehman Brothers Tr   11.00   12/20/2017    AUD     4.42
Lehman Brothers Tr   11.00   12/20/2017    AUD     4.42
Lehman Brothers Tr    3.40    9/21/2009    HKD     8.13
Lehman Brothers Tr    4.00   10/12/2010    USD     8.13
Oesterreichische V    5.00   12/12/2018    EUR    47.88
Lehman Brothers Tr    8.80   12/27/2009    EUR     8.13
Kommunalbanken AS     0.50    8/15/2018    BRL    70.60
Lehman Brothers Tr    6.30   12/21/2018    USD     4.42
Lehman Brothers Tr   11.00    2/16/2009    CHF     8.13
Lehman Brothers Tr   10.00    2/16/2009    CHF     8.13
Lehman Brothers Tr   13.00    2/16/2009    CHF     8.13
Lehman Brothers Tr    8.00    3/21/2018    USD     4.42
Lehman Brothers Tr   11.75     3/1/2010    EUR     8.13
Lehman Brothers Tr   15.00     6/4/2009    CHF     8.13
Lehman Brothers Tr   10.00   10/23/2008    USD     8.13
Lehman Brothers Tr   10.00   10/22/2008    USD     8.13
HSBC Bank PLC         0.50    5/31/2019    IDR    69.15
Oesterreichische V    1.61    5/18/2020    EUR    30.13
Oesterreichische V    3.50    5/23/2022    EUR    23.63
Lehman Brothers Tr    2.50    8/15/2012    CHF     4.42
Lehman Brothers Tr   13.15   10/30/2008    USD     8.13
Lehman Brothers Tr    6.00     8/7/2013    EUR     4.42
Glitnir HF            5.24   12/22/2010    USD    12.00
Lehman Brothers Tr    6.25     9/5/2011    EUR     4.42
Lehman Brothers Tr   14.10   11/12/2008    USD     8.13
Lehman Brothers Tr    5.25     7/8/2014    EUR     8.13
LBI HF                6.75    8/18/2015    EUR     3.28
LBI HF                6.75    2/18/2015    EUR     3.28
Lehman Brothers Tr    4.00    8/11/2010    USD     4.42
Lehman Brothers Tr    2.30     6/6/2013    USD     8.13
Lehman Brothers Tr    7.50    5/30/2010    AUD     8.13
Lehman Brothers Tr   11.00     5/9/2020    USD     4.42
Lehman Brothers Tr    4.00     6/5/2011    USD     8.13
Oesterreichische V    1.61    5/18/2020    EUR    29.63
e-Kancelaria Grupa   10.00    6/27/2016    PLN     1.00
e-Kancelaria Grupa    9.00   10/25/2016    PLN     1.00
Svensk Exportkredi    0.50    8/28/2018    BRL    68.16
Oesterreichische V    2.00     8/1/2016    EUR    72.63
VIG Sp Zoo           12.00     5/8/2015    PLN    70.00
Oesterreichische V    5.21    2/13/2026    EUR    21.25
Lehman Brothers Tr    1.00    2/26/2010    USD     4.42
Lehman Brothers Tr   16.80    8/21/2009    USD     8.13
Haltdalen Spareban    2.75                 NOK    53.70
Raiffeisen Centrob    8.56    7/22/2015    EUR    71.51
Raiffeisen Centrob    9.87    7/22/2015    EUR    71.96
Lehman Brothers Tr    8.00   12/27/2032    JPY     4.42
Oesterreichische V    1.34     3/1/2018    EUR    48.63
Lehman Brothers Tr   12.00    7/13/2037    JPY     4.42
Lehman Brothers Tr   10.00    6/11/2038    JPY     4.42
Oesterreichische V    1.24     3/1/2022    EUR    19.63
Oesterreichische V    5.50    1/19/2017    EUR    69.25
Oesterreichische V    1.44    1/28/2019    EUR    39.25
UBS AG                2.75    8/18/2016    USD     9.31
UBS AG               11.22     2/4/2016    USD    23.10
HSBC Trinkaus & Bu    7.50    6/26/2015    EUR    63.55
Societe Generale S    5.50    7/27/2015    EUR    53.39
Goldman Sachs & Co    9.00    4/22/2015    EUR    72.13
Royal Bank of Scot    1.69   11/14/2016    GBP     1.08
Housing Financing     2.70     1/1/2020    ISK    67.78
Lehman Brothers Tr    6.60     2/9/2009    EUR     4.26
Lehman Brothers Tr    6.72   12/29/2008    EUR     4.31
Lehman Brothers Tr    7.06   12/29/2008    EUR     4.32
Lehman Brothers Tr    7.63    7/22/2011    HKD     8.13
Glitnir HF            6.00   12/10/2009    ISK     0.02
Glitnir HF            5.00     2/1/2011    ISK    12.00
Glitnir HF            5.25   10/23/2011    ISK    12.00
Glitnir HF            5.00     2/1/2016    ISK    12.00
Glitnir HF            6.00     8/1/2010    ISK    12.00
Kaupthing Bank Hf     7.00    4/28/2012    ISK     0.00
LBI HF                5.08     3/1/2013    ISK     3.28
Lehman Brothers Tr    4.05    9/16/2008    EUR     4.42
Lehman Brothers Tr    8.05   12/20/2010    HKD     8.13
Lehman Brothers Tr    5.00    3/13/2009    EUR     4.42
Lehman Brothers Tr    1.28    11/6/2010    JPY    29.88
HSBC Trinkaus & Bu   12.50    9/25/2015    EUR    74.39
HSBC Trinkaus & Bu   14.00    9/25/2015    EUR    68.34
HSBC Trinkaus & Bu   10.50    9/25/2015    EUR    72.41
BNP Paribas Emissi    5.00    5/21/2015    EUR    63.08
BNP Paribas Emissi    4.00    5/21/2015    EUR    66.65
HSBC Trinkaus & Bu    7.50    6/26/2015    EUR    69.67
Deutsche Bank AG      9.00    9/11/2015    EUR    65.73
Notenstein Privatb    4.00     2/1/2016    EUR    61.42
DZ Bank AG Deutsch    8.25    7/24/2015    EUR    71.96
HSBC Trinkaus & Bu   13.00    6/26/2015    EUR    64.29
DZ Bank AG Deutsch    5.00    9/25/2015    EUR    74.08
DZ Bank AG Deutsch    7.25    6/26/2015    EUR    72.59
Deutsche Bank AG      6.20    6/22/2015    EUR    73.30
Goldman Sachs & Co    8.00    5/20/2015    EUR    72.76
Goldman Sachs & Co    9.00    5/20/2015    EUR    69.08
Goldman Sachs & Co   13.00    5/20/2015    EUR    62.98
Goldman Sachs & Co   10.00    9/23/2015    EUR    69.30
Goldman Sachs & Co   11.00    9/23/2015    EUR    66.69
DZ Bank AG Deutsch    8.25    6/26/2015    EUR    66.33
Goldman Sachs & Co   14.00    4/22/2015    EUR    65.05
HSBC Trinkaus & Bu   12.50    6/26/2015    EUR    73.60
Vontobel Financial    4.70    6/26/2015    EUR    68.57
Vontobel Financial    6.65    6/26/2015    EUR    69.18
Leonteq Securities    7.07    9/21/2015    CHF    48.70
Vontobel Financial    9.00    4/14/2015    EUR    65.00
DZ Bank AG Deutsch    8.25    6/26/2015    EUR    70.13
DZ Bank AG Deutsch    8.00    9/11/2015    EUR    71.76
UniCredit Bank AG     4.00    6/25/2015    EUR    74.00
Bank Julius Baer &    7.00    4/14/2015    USD    67.15
UniCredit Bank AG     4.00    6/25/2015    EUR    52.17
Commerzbank AG        7.10    6/25/2015    EUR    73.84
Vontobel Financial    6.95    6/12/2015    EUR    70.00
Vontobel Financial    8.00    6/12/2015    EUR    70.17
Bank Julius Baer &    7.50    4/14/2015    CHF    73.60
HSBC Trinkaus & Bu   13.00    9/25/2015    EUR    63.00
HSBC Trinkaus & Bu   10.00    9/25/2015    EUR    65.99
HSBC Trinkaus & Bu    9.00    7/24/2015    EUR    66.67
Commerzbank AG        9.25    7/23/2015    EUR    66.59
Commerzbank AG       19.75    7/23/2015    EUR    71.56
Commerzbank AG       23.25    7/23/2015    EUR    66.51
Commerzbank AG       10.00    7/23/2015    EUR    72.82
Societe Generale S    4.00    3/29/2016    EUR    61.32
Commerzbank AG        7.00    6/25/2015    EUR    72.35
Vontobel Financial    9.00    4/24/2015    EUR    67.90
DZ Bank AG Deutsch    5.75    4/17/2015    EUR    73.38
Leonteq Securities   12.20    7/22/2015    USD    66.64
Vontobel Financial    5.00     5/6/2016    EUR    75.00
Leonteq Securities    6.58    3/29/2016    EUR    72.30
UniCredit Bank AG     4.60    6/26/2015    EUR    74.87
UniCredit Bank AG     6.00    6/26/2015    EUR    67.44
UniCredit Bank AG     5.20    6/26/2015    EUR    71.02
UniCredit Bank AG     6.10    6/26/2015    EUR    65.97
UniCredit Bank AG     5.50    6/26/2015    EUR    69.25
UniCredit Bank AG     5.80    6/26/2015    EUR    67.57
UniCredit Bank AG     5.50    6/26/2015    EUR    68.95
UniCredit Bank AG     4.90    6/26/2015    EUR    72.89
UniCredit Bank AG     4.80    6/26/2015    EUR    70.50
Vontobel Financial    7.90    6/26/2015    EUR    73.47
HSBC Trinkaus & Bu   14.00    6/26/2015    EUR    55.83
HSBC Trinkaus & Bu    7.50    6/26/2015    EUR    66.56
HSBC Trinkaus & Bu    9.50    6/26/2015    EUR    68.33
HSBC Trinkaus & Bu    7.00    9/25/2015    EUR    73.04
HSBC Trinkaus & Bu    8.50    6/26/2015    EUR    74.67
UniCredit Bank AG     4.00    6/25/2015    EUR    59.61
UniCredit Bank AG     5.50    6/25/2015    EUR    54.32
UniCredit Bank AG     6.00    6/25/2015    EUR    67.98
UniCredit Bank AG     5.00    6/25/2015    EUR    70.87
UniCredit Bank AG     4.75    6/25/2015    EUR    56.83
BNP Paribas Emissi    9.00    5/21/2015    EUR    69.01
BNP Paribas Emissi    8.00    6/25/2015    EUR    68.66
BNP Paribas Emissi    8.00    7/23/2015    EUR    69.29
BNP Paribas Emissi    6.75    7/23/2015    EUR    73.22
HSBC Trinkaus & Bu   14.00    6/26/2015    EUR    53.94
HSBC Trinkaus & Bu   10.00    6/26/2015    EUR    59.27
Lehman Brothers Tr    3.00    9/13/2010    JPY    29.88
Lehman Brothers Tr    9.25    6/20/2012    USD     4.42
Societe Generale S    0.50    4/30/2023    RUB    41.30
Oesterreichische V    3.00     2/3/2017    EUR    65.75
Oesterreichische V    2.00   11/15/2016    EUR    67.88
Barclays Bank PLC     1.99    12/1/2040    USD    73.39
UniCredit Bank AG     5.75    9/24/2015    EUR    68.80
UniCredit Bank AG     4.80    9/24/2015    EUR    72.48
UniCredit Bank AG     4.90    9/24/2015    EUR    72.09
Bank Julius Baer &   10.00     7/3/2015    USD    43.25
Banque Cantonale V   10.80    6/25/2015    CHF    53.21
Credit Suisse AG/N    8.25    1/11/2016    CHF    47.72
Leonteq Securities    7.35     7/2/2015    USD    68.54
Leonteq Securities    8.00     7/7/2016    USD    74.52
JP Morgan Structur    5.65     7/1/2015    CHF    41.51
Banque Cantonale V    5.25     7/2/2015    CHF    47.21
UBS AG/London        10.00     7/2/2015    CHF    53.49
HSBC Trinkaus & Bu   15.50    6/26/2015    EUR    60.49
HSBC Trinkaus & Bu    8.00    6/26/2015    EUR    71.43
Credit Suisse AG/L    8.00     7/3/2015    CHF    72.97
Credit Suisse AG/N   10.50     7/9/2015    USD    45.08
Commerzbank AG        8.50    6/25/2015    EUR    73.15
Commerzbank AG       10.50    6/25/2015    EUR    70.12
BNP Paribas Emissi    7.00   10/22/2015    EUR    71.62
Raiffeisen Centrob    7.55    1/20/2016    EUR    68.16
Raiffeisen Centrob    6.29    1/20/2016    EUR    65.90
UBS AG                9.50   12/29/2015    EUR    65.68
Credit Suisse AG/L    8.00    1/11/2016    USD    45.70
UBS AG                7.00    6/26/2015    EUR    72.60
UBS AG/London         6.75     7/2/2015    CHF    73.35
UBS AG               11.75    6/26/2015    EUR    67.09
UBS AG               10.25    9/25/2015    EUR    60.10
UBS AG                9.50    6/26/2015    EUR    73.80
Notenstein Privatb   11.00    8/14/2015    CHF    59.94
BNP Paribas Emissi   14.00    6/25/2015    EUR    62.41
BNP Paribas Emissi   17.00    6/25/2015    EUR    58.10
BNP Paribas Emissi   20.00    6/25/2015    EUR    54.50
Deutsche Bank AG      8.00    6/22/2015    EUR    73.70
Credit Suisse AG/N    8.50    7/20/2015    USD    66.19
UBS AG/London        12.00     7/9/2015    CHF    56.41
Leonteq Securities    9.40    10/8/2015    USD    71.31
HSBC Trinkaus & Bu   12.50    9/25/2015    EUR    72.50
HSBC Trinkaus & Bu   15.00    9/25/2015    EUR    66.26
HSBC Trinkaus & Bu   15.50    6/26/2015    EUR    71.21
BNP Paribas Emissi   10.00    6/25/2015    EUR    73.96
BNP Paribas Emissi   10.00    6/25/2015    EUR    73.22
BNP Paribas Emissi   14.00    6/25/2015    EUR    67.62
Banque Cantonale V    1.00     7/7/2016    CHF    32.13
HSBC Trinkaus & Bu   12.00    9/25/2015    EUR    70.16
HSBC Trinkaus & Bu    9.00    7/24/2015    EUR    73.87
Vontobel Financial    9.25    6/26/2015    EUR    73.74
HSBC Trinkaus & Bu   11.00    6/26/2015    EUR    66.47
HSBC Trinkaus & Bu   12.50    9/25/2015    EUR    64.87
HSBC Trinkaus & Bu   10.00    9/25/2015    EUR    68.38
HSBC Trinkaus & Bu    7.00    9/25/2015    EUR    72.35
HSBC Trinkaus & Bu    8.50    7/24/2015    EUR    69.18
UniCredit Bank AG     4.00    6/25/2015    EUR    74.08
HSBC Trinkaus & Bu   14.50    9/25/2015    EUR    72.51
Bank Julius Baer &    7.10     7/8/2015    CHF    42.25
Credit Suisse AG/L    9.00    7/11/2016    USD    46.00
Credit Suisse AG/N    8.50    6/17/2015    USD    61.79
Credit Suisse AG/L    7.50    6/25/2015    USD    67.50
Vontobel Financial    8.35    6/26/2015    EUR    67.19
Deutsche Bank AG      6.20    6/22/2015    EUR    66.10
Deutsche Bank AG      7.20   12/22/2015    EUR    73.00
Deutsche Bank AG      5.20   12/22/2015    EUR    71.60
Deutsche Bank AG      5.20    6/22/2015    EUR    69.30
Deutsche Bank AG      6.20    9/22/2015    EUR    71.00
Deutsche Bank AG      7.20    9/22/2015    EUR    68.10
Deutsche Bank AG      5.20    6/22/2015    EUR    65.90
Deutsche Bank AG      7.20    6/22/2015    EUR    69.70
Deutsche Bank AG      7.20    6/22/2015    EUR    66.30
Deutsche Bank AG      7.20   12/22/2015    EUR    69.80
Deutsche Bank AG      6.20    9/22/2015    EUR    67.60
Deutsche Bank AG      5.20    9/22/2015    EUR    67.20
Deutsche Bank AG      5.20    9/22/2015    EUR    74.30
Deutsche Bank AG      5.20    9/22/2015    EUR    70.60
Deutsche Bank AG      6.20   12/22/2015    EUR    72.30
Deutsche Bank AG      5.20    6/22/2015    EUR    73.10
Deutsche Bank AG      5.20   12/22/2015    EUR    68.40
Deutsche Bank AG      6.20    6/22/2015    EUR    69.50
Deutsche Bank AG      7.20    6/22/2015    EUR    73.50
Deutsche Bank AG      6.20   12/22/2015    EUR    69.10
Deutsche Bank AG      7.20    9/22/2015    EUR    71.50
Deutsche Bank AG      6.20    9/22/2015    EUR    74.70
Commerzbank AG        7.00    5/21/2015    EUR    73.86
Commerzbank AG        9.00    5/21/2015    EUR    70.22
Commerzbank AG       11.25    5/21/2015    EUR    66.96
DZ Bank AG Deutsch    9.75    5/22/2015    EUR    62.64
DZ Bank AG Deutsch   15.25    5/22/2015    EUR    53.88
Goldman Sachs & Co   11.00   12/23/2015    EUR    69.43
Notenstein Privatb    9.60    6/16/2015    CHF    43.69
Bank Julius Baer &    7.65     7/3/2015    USD    54.10
UBS AG/London        15.25    6/25/2015    CHF    52.73
Commerzbank AG        7.50    6/25/2015    EUR    68.09
Commerzbank AG        6.50    6/25/2015    EUR    73.34
Commerzbank AG        8.25    6/25/2015    EUR    69.93
Commerzbank AG       10.25    6/25/2015    EUR    66.44
DZ Bank AG Deutsch    5.00    7/24/2015    EUR    71.04
DZ Bank AG Deutsch    6.75    7/24/2015    EUR    73.07
DZ Bank AG Deutsch   16.00    7/24/2015    EUR    64.06
UniCredit Bank AG     5.25    9/24/2015    EUR    70.98
UniCredit Bank AG     4.25    9/24/2015    EUR    73.99
UniCredit Bank AG     5.40    9/24/2015    EUR    70.23
BNP Paribas Emissi    7.50    6/25/2015    EUR    73.47
BNP Paribas Emissi    9.00    6/25/2015    EUR    69.99
Leonteq Securities    8.64    8/25/2015    CHF    18.94
LBBW                  4.30    9/23/2016    EUR    73.27
Vontobel Financial    7.70    6/26/2015    EUR    74.97
Bank Julius Baer &    6.50    7/31/2015    USD    64.10
UBS AG/London        15.00    7/23/2015    CHF    50.51
DZ Bank AG Deutsch   16.00    8/28/2015    EUR    72.21
EFG International     7.30    7/22/2015    USD    74.72
Leonteq Securities   10.00    1/22/2016    USD    68.14
DZ Bank AG Deutsch    5.40    7/23/2015    EUR    72.81
DZ Bank AG Deutsch    5.60   10/23/2015    EUR    74.32
DZ Bank AG Deutsch    4.70    7/23/2015    EUR    56.06
DZ Bank AG Deutsch    5.70    7/23/2015    EUR    54.00
DZ Bank AG Deutsch    3.90   10/23/2015    EUR    61.79
DZ Bank AG Deutsch    4.90   10/23/2015    EUR    59.15
DZ Bank AG Deutsch    5.80   10/23/2015    EUR    57.22
Vontobel Financial    8.50    6/26/2015    EUR    69.82
Credit Suisse AG/N    8.00     2/8/2016    USD    69.08
Credit Suisse AG/N    8.00    1/29/2016    CHF    46.74
Banque Cantonale V   13.10    7/21/2015    CHF    67.22
Zurcher Kantonalba    6.60    7/29/2015    CHF    47.55
DZ Bank AG Deutsch    7.10    7/23/2015    EUR    66.08
DZ Bank AG Deutsch    6.10    7/23/2015    EUR    62.90
DZ Bank AG Deutsch    3.70    7/23/2015    EUR    58.88
DZ Bank AG Deutsch    4.20    7/23/2015    EUR    59.58
DZ Bank AG Deutsch    6.50   10/23/2015    EUR    70.67
DZ Bank AG Deutsch    6.00   10/23/2015    EUR    67.51
DZ Bank AG Deutsch    4.70   10/23/2015    EUR    63.99
DZ Bank AG Deutsch    6.30    7/23/2015    EUR    58.05
DZ Bank AG Deutsch    4.90    7/23/2015    EUR    57.66
DZ Bank AG Deutsch    4.40    7/23/2015    EUR    52.40
DZ Bank AG Deutsch    5.90   10/23/2015    EUR    61.24
DZ Bank AG Deutsch    5.80   10/23/2015    EUR    58.44
DZ Bank AG Deutsch    4.70   10/23/2015    EUR    55.35
DZ Bank AG Deutsch    3.10    7/22/2015    EUR    62.22
DZ Bank AG Deutsch    3.90   10/22/2015    EUR    63.84
DZ Bank AG Deutsch    4.70   10/22/2015    EUR    62.82
DZ Bank AG Deutsch    5.60   10/22/2015    EUR    61.91
DZ Bank AG Deutsch    3.90    7/22/2015    EUR    74.89
DZ Bank AG Deutsch    5.70    7/22/2015    EUR    71.67
DZ Bank AG Deutsch    7.80    7/22/2015    EUR    68.84
DZ Bank AG Deutsch    5.70   10/22/2015    EUR    74.37
DZ Bank AG Deutsch    6.60   10/22/2015    EUR    73.25
DZ Bank AG Deutsch    5.70    7/22/2015    EUR    60.13
DZ Bank AG Deutsch    8.30    7/22/2015    EUR    57.86
DZ Bank AG Deutsch    3.60   10/22/2015    EUR    66.34
DZ Bank AG Deutsch    4.90    7/22/2015    EUR    59.80
DZ Bank AG Deutsch    6.00    7/22/2015    EUR    58.75
DZ Bank AG Deutsch    3.70    7/22/2015    EUR    62.82
DZ Bank AG Deutsch    5.30   10/22/2015    EUR    63.92
DZ Bank AG Deutsch    7.30   10/22/2015    EUR    61.89
Leonteq Securities   11.52   10/28/2015    CHF    58.97
Notenstein Privatb   13.40    7/28/2015    USD    59.55
BNP Paribas Emissi    6.75    6/25/2015    EUR    72.70
UBS AG/London         7.00     7/9/2015    CHF    41.24
Commerzbank AG       16.50    5/21/2015    EUR    71.22
Commerzbank AG       20.50    5/21/2015    EUR    64.23
Commerzbank AG       24.75    5/21/2015    EUR    58.37
Commerzbank AG       16.50    6/25/2015    EUR    71.03
UBS AG/London        10.50    7/16/2015    CHF    57.90
Notenstein Privatb   11.00    8/28/2015    CHF    71.80
Commerzbank AG       10.75    6/25/2015    EUR    71.90
Commerzbank AG       19.75    6/25/2015    EUR    65.72
Commerzbank AG       23.50    6/25/2015    EUR    60.39
UBS AG               24.25   12/29/2015    EUR    74.83
UBS AG/London         7.00    7/16/2015    CHF    41.80
Commerzbank AG        7.50    6/25/2015    EUR    73.59
DZ Bank AG Deutsch    9.50    7/24/2015    EUR    67.03
Deutsche Bank AG      5.20    9/22/2015    EUR    72.20
Deutsche Bank AG      7.20    6/23/2015    EUR    72.90
Deutsche Bank AG      7.20    6/23/2015    EUR    69.50
Deutsche Bank AG      6.20    6/23/2015    EUR    69.30
Deutsche Bank AG      5.20    6/23/2015    EUR    66.00
Deutsche Bank AG      6.20    6/23/2015    EUR    66.20
Deutsche Bank AG      7.20    9/22/2015    EUR    74.10
Deutsche Bank AG      6.20    9/22/2015    EUR    73.60
Deutsche Bank AG      7.20    9/22/2015    EUR    70.90
Deutsche Bank AG      6.20    9/22/2015    EUR    70.50
Deutsche Bank AG      5.20    9/22/2015    EUR    70.00
Deutsche Bank AG      7.20    9/22/2015    EUR    68.00
Deutsche Bank AG      6.20    9/22/2015    EUR    67.50
Deutsche Bank AG      5.20    9/22/2015    EUR    67.10
Vontobel Financial    5.60    6/26/2015    EUR    74.67
Deutsche Bank AG      5.20    6/23/2015    EUR    72.50
Deutsche Bank AG      6.20    6/23/2015    EUR    72.70
Deutsche Bank AG      5.20    6/23/2015    EUR    69.10
Deutsche Bank AG      7.20    6/23/2015    EUR    66.40
Deutsche Bank AG      5.20    9/22/2015    EUR    73.20
UBS AG               10.75    6/26/2015    EUR    56.11
Commerzbank AG       11.00    6/25/2015    EUR    69.37
UBS AG               10.50    6/26/2015    EUR    53.14
UBS AG               14.75    9/25/2015    EUR    64.91
UniCredit Bank AG     4.75    9/24/2015    EUR    72.89
Societe Generale S    0.50    5/22/2024    MXN    60.98
Oesterreichische V    1.04     3/1/2021    EUR    23.50
e-Kancelaria Grupa    9.00    8/19/2016    PLN     1.00
DZ Bank AG Deutsch    6.25    7/10/2015    EUR    71.25
DZ Bank AG Deutsch    6.75    7/10/2015    EUR    71.37
DZ Bank AG Deutsch    7.25    7/10/2015    EUR    71.49
Vontobel Financial    5.65    6/26/2015    EUR    70.98
Goldman Sachs & Co    9.00    6/24/2015    EUR    73.72
Goldman Sachs & Co   11.00    6/24/2015    EUR    70.35
Credit Suisse AG/L    2.75    1/29/2019    SEK    74.40
DZ Bank AG Deutsch    6.90    4/15/2015    EUR    59.29
DZ Bank AG Deutsch    9.10    4/15/2015    EUR    56.21
DZ Bank AG Deutsch    5.10    4/15/2015    EUR    62.79
DZ Bank AG Deutsch    5.00    4/15/2015    EUR    58.63
DZ Bank AG Deutsch    3.70    4/15/2015    EUR    61.69
DZ Bank AG Deutsch   10.50    4/15/2015    EUR    61.43
DZ Bank AG Deutsch    6.80    4/15/2015    EUR    67.50
DZ Bank AG Deutsch    8.60    4/15/2015    EUR    64.32
DZ Bank AG Deutsch    6.60    4/15/2015    EUR    55.86
Credit Suisse AG/N    8.50     6/5/2015    CHF    74.79
UBS AG                7.00   12/29/2015    EUR    70.87
UBS AG                6.25    6/26/2015    EUR    71.11
UBS AG                9.75    9/25/2015    EUR    61.52
UBS AG               24.25    9/25/2015    EUR    44.21
UBS AG               20.75   12/29/2015    EUR    72.02
UBS AG               13.50    6/26/2015    EUR    53.74
UBS AG               12.00   12/29/2015    EUR    58.31
UBS AG               15.00    6/26/2015    EUR    51.82
UBS AG               13.75    9/25/2015    EUR    54.21
UBS AG               23.00    9/25/2015    EUR    73.60
UBS AG               20.25    9/25/2015    EUR    72.33
UBS AG               24.75    9/25/2015    EUR    70.44
UBS AG               19.50   12/29/2015    EUR    73.97
UBS AG               19.50   12/29/2015    EUR    74.24
UBS AG               12.50    9/25/2015    EUR    55.83
UBS AG                7.00    6/26/2015    EUR    68.35
UBS AG               10.25    6/26/2015    EUR    59.45
UBS AG               16.50    9/25/2015    EUR    51.62
UBS AG               12.25    6/26/2015    EUR    55.96
UBS AG                5.50    6/26/2015    EUR    74.12
UBS AG               20.25    6/26/2015    EUR    72.61
UBS AG               23.50    9/25/2015    EUR    67.77
UBS AG                6.25   12/29/2015    EUR    73.01
UBS AG               24.00    6/26/2015    EUR    72.49
UBS AG               11.00    9/25/2015    EUR    57.53
UBS AG               14.75   12/29/2015    EUR    54.55
UBS AG               24.50    9/25/2015    EUR    66.35
UBS AG               21.75   12/29/2015    EUR    70.87
UBS AG               13.50   12/29/2015    EUR    55.55
UBS AG               21.75    9/25/2015    EUR    70.12
UBS AG               21.75    6/26/2015    EUR    70.66
UBS AG               22.00    9/25/2015    EUR    69.96
UBS AG               17.50    9/25/2015    EUR    49.98
UBS AG               16.75    6/26/2015    EUR    50.12
UBS AG               15.00    9/25/2015    EUR    52.78
UBS AG               19.00    9/25/2015    EUR    74.86
UBS AG               20.25    6/26/2015    EUR    73.12
UBS AG               18.25    6/26/2015    EUR    48.54
UBS AG               12.50   12/29/2015    EUR    56.81
UBS AG                9.50   12/29/2015    EUR    63.56
UBS AG               22.50   12/29/2015    EUR    69.47
UBS AG               23.25    6/26/2015    EUR    67.78
UBS AG               11.25   12/29/2015    EUR    58.08
Barclays Bank PLC     4.17     1/5/2017    EUR    69.00
Notenstein Privatb    8.80    7/24/2015    EUR    71.24
HSBC Trinkaus & Bu    6.50    6/26/2015    EUR    73.25
UBS AG               23.00    6/26/2015    EUR    62.77
UBS AG               22.75    6/26/2015    EUR    55.52
UBS AG               20.25    6/26/2015    EUR    58.94
UBS AG               22.00    9/25/2015    EUR    57.55
UBS AG               16.50    6/26/2015    EUR    72.10
UBS AG               12.50    6/26/2015    EUR    73.67
UBS AG               20.25    9/25/2015    EUR    60.15
UBS AG               21.75   12/29/2015    EUR    66.05
UBS AG               18.25    9/25/2015    EUR    63.14
UBS AG               19.75   12/29/2015    EUR    68.23
UBS AG               22.50    9/25/2015    EUR    64.22
UBS AG               16.50   12/29/2015    EUR    66.59
UBS AG               18.25   12/29/2015    EUR    64.03
UBS AG               12.75   12/29/2015    EUR    73.25
UBS AG               19.75   12/29/2015    EUR    61.75
UBS AG               20.00    9/25/2015    EUR    67.27
UBS AG               14.75   12/29/2015    EUR    69.70
UBS AG               17.75    6/26/2015    EUR    63.00
UBS AG               23.75    6/26/2015    EUR    73.42
UBS AG               24.50    9/25/2015    EUR    72.13
UBS AG               19.75    6/26/2015    EUR    66.99
UBS AG               23.50    9/25/2015    EUR    72.41
UBS AG               23.75    6/26/2015    EUR    72.66
UBS AG               21.25   12/29/2015    EUR    59.88
UBS AG               17.75   12/29/2015    EUR    70.96
UBS AG               23.00   12/29/2015    EUR    74.11
UBS AG               24.75    9/25/2015    EUR    74.10
UBS AG               23.50    6/26/2015    EUR    73.34
UBS AG               22.50    9/25/2015    EUR    74.83
UBS AG               18.50   12/29/2015    EUR    69.59
UBS AG               17.50   12/29/2015    EUR    71.40
UBS AG               15.00    9/25/2015    EUR    74.89
UBS AG               20.00    9/25/2015    EUR    58.32
UBS AG               23.00    6/26/2015    EUR    73.45
UBS AG               15.00   12/29/2015    EUR    66.15
UBS AG               11.25    9/25/2015    EUR    73.15
UBS AG               18.75    6/26/2015    EUR    68.46
UBS AG               23.50    9/25/2015    EUR    62.42
UBS AG               13.50   12/29/2015    EUR    68.71
UBS AG               21.75   12/29/2015    EUR    57.82
UBS AG               17.00    6/26/2015    EUR    71.53
UBS AG               22.25    9/25/2015    EUR    64.02
UBS AG               20.75   12/29/2015    EUR    66.71
UBS AG               16.50    9/25/2015    EUR    72.20
UBS AG               20.75    6/26/2015    EUR    56.29
UBS AG               13.00    9/25/2015    EUR    69.18
UBS AG               24.50    9/25/2015    EUR    53.29
UBS AG               16.50   12/29/2015    EUR    63.99
UBS AG               21.25   12/29/2015    EUR    73.98
UBS AG               19.50    9/25/2015    EUR    67.70
UBS AG               22.75    6/26/2015    EUR    71.68
UBS AG               22.25    6/26/2015    EUR    63.25
UBS AG               18.00    9/25/2015    EUR    69.82
UBS AG               18.25    9/25/2015    EUR    60.43
UBS AG               12.00   12/29/2015    EUR    71.73
UBS AG               23.00    9/25/2015    EUR    54.73
UBS AG               19.75   12/29/2015    EUR    68.15
UBS AG               22.75   12/29/2015    EUR    73.76
UBS AG               23.00    9/25/2015    EUR    73.04
UBS AG               22.75   12/29/2015    EUR    71.64
UBS AG               21.00    9/25/2015    EUR    65.81
UBS AG               22.75    6/26/2015    EUR    53.78
UBS AG               18.50    6/26/2015    EUR    59.12
UBS AG               19.25   12/29/2015    EUR    60.48
UBS AG               16.50    9/25/2015    EUR    62.90
UBS AG               20.50    6/26/2015    EUR    65.72
UBS AG               24.75    6/26/2015    EUR    51.58
UBS AG               16.50    6/26/2015    EUR    62.43
UBS AG                7.25    6/26/2015    EUR    70.17
UBS AG                7.75    6/26/2015    EUR    64.54
UBS AG               13.75    6/26/2015    EUR    74.66
UBS AG               14.00    6/26/2015    EUR    66.16
Bank Julius Baer &    8.25    9/18/2015    CHF    48.35
Leonteq Securities   20.00   12/29/2015    CHF    68.31
Commerzbank AG        9.00    4/23/2015    EUR    69.71
EFG International     1.55    4/29/2015    EUR    45.38
JP Morgan Structur   12.20    9/30/2015    USD    72.35
HSBC Trinkaus & Bu   18.50    6/26/2015    EUR    74.80
HSBC Trinkaus & Bu   19.80    6/26/2015    EUR    66.21
Bank Julius Baer &    8.85    9/25/2015    CHF    52.75
DZ Bank AG Deutsch    7.10    9/23/2015    EUR    73.98
DZ Bank AG Deutsch    2.10    9/23/2015    EUR    70.45
DZ Bank AG Deutsch    3.50    9/23/2015    EUR    67.54
DZ Bank AG Deutsch    5.40    9/23/2015    EUR    65.16
DZ Bank AG Deutsch    2.10   12/23/2015    EUR    72.43
DZ Bank AG Deutsch    3.30   12/23/2015    EUR    69.72
DZ Bank AG Deutsch    4.80   12/23/2015    EUR    67.52
DZ Bank AG Deutsch    5.70    9/23/2015    EUR    63.89
DZ Bank AG Deutsch    5.70    9/23/2015    EUR    60.96
DZ Bank AG Deutsch    4.60    9/23/2015    EUR    57.82
DZ Bank AG Deutsch    5.10   12/23/2015    EUR    67.10
DZ Bank AG Deutsch    5.10   12/23/2015    EUR    64.15
DZ Bank AG Deutsch    4.40   12/23/2015    EUR    60.89
DZ Bank AG Deutsch    2.40    9/23/2015    EUR    71.80
DZ Bank AG Deutsch    3.90    9/23/2015    EUR    68.56
DZ Bank AG Deutsch    5.80    9/23/2015    EUR    65.79
DZ Bank AG Deutsch    2.20   12/23/2015    EUR    74.56
DZ Bank AG Deutsch    3.50   12/23/2015    EUR    71.55
DZ Bank AG Deutsch    5.10   12/23/2015    EUR    68.99
DZ Bank AG Deutsch    2.60    9/23/2015    EUR    62.34
DZ Bank AG Deutsch    3.10    9/23/2015    EUR    59.81
DZ Bank AG Deutsch    4.80    9/23/2015    EUR    60.56
DZ Bank AG Deutsch    2.70   12/23/2015    EUR    64.47
DZ Bank AG Deutsch    4.60   12/23/2015    EUR    63.00
DZ Bank AG Deutsch    3.20   12/23/2015    EUR    62.03
DZ Bank AG Deutsch    7.60    9/23/2015    EUR    71.95
DZ Bank AG Deutsch    6.60    9/23/2015    EUR    72.94
DZ Bank AG Deutsch    6.00    9/23/2015    EUR    68.23
DZ Bank AG Deutsch    4.90   12/23/2015    EUR    74.01
Commerzbank AG       10.75    8/27/2015    EUR    72.52
Lehman Brothers Tr    6.70    4/21/2011    USD     4.42
Lehman Brothers Tr    3.00    9/12/2036    JPY    29.88
Lehman Brothers Tr   13.00   12/14/2012    USD     4.42
Notenstein Finance    8.68     4/1/2016    USD    60.04
Bank Julius Baer &    8.25    10/9/2015    USD    57.05
UBS AG               13.25   12/29/2015    EUR    63.49
Vontobel Financial    6.05    6/26/2015    EUR    72.39
UBS AG               21.75    3/29/2016    EUR    71.15
UBS AG               22.50   12/29/2015    EUR    74.94
UBS AG               23.75    9/25/2015    EUR    72.79
UBS AG               23.00    6/26/2015    EUR    74.35
UBS AG               24.75    9/25/2015    EUR    67.86
UBS AG               23.75   12/29/2015    EUR    57.55
UBS AG               22.75    9/25/2015    EUR    56.57
UBS AG               23.75    6/26/2015    EUR    63.53
UBS AG               23.25    9/25/2015    EUR    73.89
UBS AG               25.00    9/25/2015    EUR    74.16
UBS AG               23.75   12/29/2015    EUR    72.90
UBS AG               20.25    6/24/2016    EUR    73.23
Araratbank OJSC       8.00    6/11/2018    USD    25.10
Vontobel Financial    6.40    6/26/2015    EUR    74.43
UBS AG               24.00   12/29/2015    EUR    69.54
UBS AG               22.00   12/29/2015    EUR    59.00
UBS AG               20.00   12/29/2015    EUR    60.66
UBS AG               21.75    6/26/2015    EUR    56.13
UBS AG               23.00   12/29/2015    EUR    63.82
UBS AG               21.25    3/29/2016    EUR    72.99
UBS AG               19.00    6/24/2016    EUR    74.94
UBS AG               24.50   12/29/2015    EUR    67.60
UBS AG               23.00    6/26/2015    EUR    74.59
UBS AG               24.75    9/25/2015    EUR    74.44
UBS AG               23.50   12/29/2015    EUR    57.19
UBS AG               20.00    6/26/2015    EUR    57.95
UBS AG               21.75   12/29/2015    EUR    72.29
UBS AG               23.00    6/26/2015    EUR    49.24
UBS AG               20.75    6/26/2015    EUR    51.79
UBS AG               24.00   12/29/2015    EUR    72.69
UBS AG               21.25    6/26/2015    EUR    66.96
UBS AG               20.25    3/29/2016    EUR    73.03
UBS AG               13.75    9/25/2015    EUR    74.03
UBS AG               12.25    6/26/2015    EUR    67.07
UBS AG               18.00   12/29/2015    EUR    62.18
UBS AG               21.50    9/25/2015    EUR    56.40
UBS AG               24.00    6/26/2015    EUR    61.03
UBS AG               22.00    9/25/2015    EUR    72.63
UBS AG               16.25   12/29/2015    EUR    73.27
UBS AG               23.75    9/25/2015    EUR    69.52
UBS AG               20.50   12/29/2015    EUR    59.04
UBS AG               14.75    9/25/2015    EUR    65.80
Leonteq Securities    9.00   10/20/2015    CHF    63.85
Powszechne Towarzy    8.01     8/1/2016    PLN    40.00
Leonteq Securities    9.00     4/8/2016    USD    33.11
Lehman Brothers Tr    7.25    6/20/2010    USD     4.42
Lehman Brothers Tr    7.00    9/20/2011    USD     4.42
Bank Julius Baer &   10.60    10/9/2015    USD    60.40
Zurcher Kantonalba    7.02    10/9/2015    CHF    61.08
Lehman Brothers Tr    4.82   12/18/2036    EUR     8.13
Lehman Brothers Tr    5.25     4/1/2023    EUR     8.13
Bank Julius Baer &   10.20    10/7/2015    CHF    74.50
Leonteq Securities   14.00   10/20/2015    CHF    63.34
Leonteq Securities   13.60     1/6/2016    CHF    68.72
e-Kancelaria Grupa    8.04    9/15/2016    PLN     1.00
Commerzbank AG       11.50    9/24/2015    EUR    73.45
Commerzbank AG       13.75    9/24/2015    EUR    71.17
Leonteq Securities   12.40    4/27/2016    CHF    66.62
Lehman Brothers Tr    5.12    4/30/2027    EUR     8.13
Leonteq Securities   10.40    4/27/2016    CHF    69.06
DZ Bank AG Deutsch   15.50    4/24/2015    EUR    64.27
HSBC Trinkaus & Bu   21.30    6/26/2015    EUR    57.30
HSBC Trinkaus & Bu   15.80    6/26/2015    EUR    60.43
HSBC Trinkaus & Bu    8.50    6/26/2015    EUR    66.77
HSBC Trinkaus & Bu   17.10    9/25/2015    EUR    60.65
HSBC Trinkaus & Bu   13.40    9/25/2015    EUR    63.20
HSBC Trinkaus & Bu   12.80    7/24/2015    EUR    63.18
HSBC Trinkaus & Bu   11.30   10/23/2015    EUR    65.37
Lehman Brothers Tr    1.50     2/8/2012    CHF     4.42
Oesterreichische V    0.89   10/15/2019    EUR    31.88
UBS AG/London         7.50   10/15/2015    CHF    57.21
Lehman Brothers Tr    7.75    2/21/2016    EUR     4.42
Oesterreichische V    4.05    12/1/2016    EUR    70.00
Bank Julius Baer &    7.00    10/2/2015    USD    74.65
Oesterreichische V    4.50   10/21/2020    EUR    34.63
Lehman Brothers Tr    0.01    9/20/2011    USD     4.42
Kommunalbanken AS     0.50     2/2/2018    BRL    73.09
Municipality Finan    0.50     8/8/2029    NZD    58.45
Notenstein Privatb    7.40   10/31/2016    CHF    47.97
Leonteq Securities   11.20   12/29/2015    CHF    54.82
UBS AG               13.75    6/26/2015    EUR    70.95
UBS AG               10.75    6/26/2015    EUR    61.65
LBI HF                3.00   10/22/2015    EUR     3.28
Oesterreichische V    5.02    11/6/2017    EUR    58.63
Lehman Brothers Tr    4.80   11/16/2012    HKD     8.13
Oesterreichische V    4.86   11/29/2017    EUR    57.63
Oesterreichische V    5.23    12/5/2022    EUR    27.50
Lehman Brothers Tr   18.25    10/2/2008    USD     8.13
Lehman Brothers Tr    1.50   10/12/2010    EUR     4.42
ECM Real Estate In    5.00    10/9/2011    EUR    10.38
Oesterreichische V    6.00   10/17/2017    EUR    60.75
Comune di Ferentin    0.24   12/28/2027    EUR    74.98
Oesterreichische V    5.25   12/20/2022    EUR    27.50
LBI HF                5.25     6/5/2023    EUR     3.28
Lehman Brothers Tr    0.50   12/20/2017    AUD     4.42
Lehman Brothers Tr    0.50   12/20/2017    AUD     4.42
Lehman Brothers Tr    0.50   12/20/2017    AUD     4.42
Lehman Brothers Tr    0.50   12/20/2017    AUD     4.42
Lehman Brothers Tr    9.30   12/21/2010    EUR     8.13
Province of Milan     0.17   12/20/2042    EUR    49.43
Oesterreichische V    5.10     1/2/2018    EUR    57.13
Lehman Brothers Tr    8.00   12/31/2010    USD     8.13
Lehman Brothers Tr   10.00     8/2/2037    JPY     4.42
Kaupthing Bank Hf     5.00    11/8/2013    EUR    13.75
Lehman Brothers Tr    4.00    7/20/2012    EUR     4.42
Lehman Brothers Tr    2.50    8/23/2012    GBP     8.13
Lehman Brothers Tr    3.00    8/13/2011    EUR     4.42
Oesterreichische V    5.01     2/5/2018    EUR    56.00
Lehman Brothers Tr    6.25   11/30/2012    EUR     4.42
e-Kancelaria Grupa   12.00     5/6/2015    PLN     2.02
e-Kancelaria Grupa   10.00    11/6/2015    PLN     0.10
DZ Bank AG Deutsch    5.60    10/7/2015    EUR    70.76
Bank Julius Baer &   11.00   10/14/2015    CHF    56.50
Lehman Brothers Tr    8.60    7/31/2013    GBP     4.42
Lehman Brothers Tr    7.50    7/31/2013    GBP     4.42
Lehman Brothers Tr    7.32    7/31/2013    GBP     4.42
Commerzbank AG       15.00    4/23/2015    EUR    74.86
Lehman Brothers Tr    6.85   12/22/2008    EUR     4.42
Lehman Brothers Tr    7.55   12/29/2008    USD     4.42
Societe Generale S   17.60   11/17/2015    EUR    69.50
Credit Suisse AG/L    8.25   11/29/2024    USD     9.45
Lehman Brothers Tr    4.50     8/2/2009    USD     8.13
Glitnir HF            6.31    7/28/2011    USD    12.00
Glitnir HF            6.31    7/28/2011    USD    12.00
LBI HF                2.75    3/16/2011    EUR     3.28
Lehman Brothers Tr    3.70     6/6/2009    EUR     4.42
Lehman Brothers Tr    4.70    3/23/2016    EUR     4.42
Lehman Brothers Tr    8.00    4/20/2009    EUR     4.42
Lehman Brothers Tr    8.50     7/6/2009    CHF     8.13
Lehman Brothers Tr    5.10    6/22/2046    EUR     8.13
Lehman Brothers Tr    6.50    7/24/2026    EUR     4.42
Lehman Brothers Tr    2.00   11/16/2009    EUR     4.42
Uboat Line SA         6.00    4/24/2015    PLN     1.00
Societe Generale S    0.07     6/4/2015    USD    63.30
Commerzbank AG        3.00    12/3/2015    EUR    72.60
JP Morgan Structur    9.72    6/25/2015    USD    73.33
Bank Julius Baer &    7.90   11/20/2015    USD    69.10
UBS AG/London        11.50   11/26/2015    CHF    67.91
UBS AG/London        10.75   11/26/2015    CHF    67.82
HSBC Bank PLC         0.50    5/29/2020    IDR    64.95
Notenstein Privatb    8.20    5/27/2016    CHF    71.14
Credit Suisse AG/N   10.25    8/28/2015    USD    52.69
Leonteq Securities   15.20    12/2/2015    CHF    59.02
Leonteq Securities   20.00    12/8/2015    USD    59.60
Leonteq Securities   13.00     9/2/2015    CHF    64.54
Notenstein Privatb    9.10    8/29/2016    CHF    68.68
Notenstein Privatb    9.10    8/29/2016    CHF    63.65
Bank Julius Baer &    7.00    8/28/2015    USD    70.60
UBS AG/London         7.50    8/13/2015    CHF    46.26
Leonteq Securities   11.00    8/25/2015    USD    57.70
Notenstein Privatb   10.00     9/5/2016    CHF    64.06
UBS AG/London        13.75    8/27/2015    CHF    72.16
Credit Suisse AG/N    8.50    2/29/2016    USD    71.31
Leonteq Securities   12.00   12/15/2015    CHF    70.82
UBS AG/London        11.25    8/27/2015    CHF    48.07
Commerzbank AG       10.25    8/27/2015    EUR    74.31
HSBC Trinkaus & Bu    6.00   12/28/2015    EUR    66.76
HSBC Trinkaus & Bu   11.50    9/25/2015    EUR    71.62
Notenstein Privatb    7.20     9/3/2015    EUR    61.12
Leonteq Securities    9.50     9/8/2016    USD    60.80
Leonteq Securities    8.64     9/8/2016    CHF    61.38
Bank Julius Baer &   10.70    9/16/2015    CHF    74.05
HSBC Trinkaus & Bu    6.00   12/28/2015    EUR    40.88
HSBC Trinkaus & Bu    6.00   12/28/2015    EUR    50.17
HSBC Trinkaus & Bu    6.00   12/28/2015    EUR    56.97
Bank Julius Baer &    7.40     9/9/2015    CHF    47.40
HSBC Trinkaus & Bu    6.00    9/25/2015    EUR    74.83
UBS AG/London        19.25    9/25/2015    EUR    73.72
e-Kancelaria Grupa    9.00   12/23/2015    PLN     1.00
UBS AG/London         5.00     8/6/2015    USD    56.56
e-Kancelaria Grupa    9.00    12/4/2015    PLN     0.10
UBS AG/London        24.75    3/29/2016    EUR    72.16
HSBC Trinkaus & Bu    8.00    8/28/2015    EUR    74.09
UBS AG/London        18.00    6/26/2015    EUR    74.33
UBS AG/London        21.75    6/26/2015    EUR    71.18
UBS AG/London        23.50    6/24/2016    EUR    73.50
UBS AG/London        23.75    6/26/2015    EUR    69.79
UBS AG/London        17.75    9/25/2015    EUR    74.82
UBS AG/London        18.50   12/29/2015    EUR    74.90
HSBC Trinkaus & Bu    9.50    4/24/2015    EUR    67.41
HSBC Trinkaus & Bu    8.50    8/28/2015    EUR    69.81
UBS AG/London        22.25    6/24/2016    EUR    73.77
UBS AG/London        22.00    9/25/2015    EUR    71.66
Bank Julius Baer &   11.50    8/19/2015    CHF    74.20
Vontobel Financial   24.30    6/26/2015    EUR    68.07
Bank Julius Baer &    8.20    9/23/2015    CHF    50.30
Republika Srpska      1.50   12/24/2025    BAM    68.02
Leonteq Securities   11.00    12/4/2015    USD    61.52
UBS AG/London        11.75   11/12/2015    CHF    61.77
UBS AG/London        18.00   12/29/2015    EUR    74.06
UBS AG/London        16.25    6/26/2015    EUR    74.31
UBS AG/London        21.25    6/26/2015    EUR    70.11
UBS AG/London        23.50    6/26/2015    EUR    61.97
UBS AG/London        17.75    9/25/2015    EUR    73.77
UBS AG/London        10.25    9/25/2015    EUR    61.80
HSBC Bank PLC         0.50    7/30/2019    IDR    68.91
UBS AG/London        24.75    9/25/2015    EUR    74.80
e-Kancelaria Grupa    8.32   10/17/2016    PLN     1.00
UTair-Finans OOO     12.00    6/17/2016    RUB    30.30
UBS AG/London        13.75    6/26/2015    EUR    70.73
UBS AG/London         9.00    9/25/2015    EUR    67.23
Leonteq Securities    9.60   11/18/2015    CHF    70.01
UBS AG/London        18.50    6/26/2015    EUR    65.88
UBS AG/London        21.25    9/25/2015    EUR    70.92
UBS AG/London         9.00   12/29/2015    EUR    64.08
UBS AG/London        14.75    9/25/2015    EUR    65.57
Lehman Brothers Tr    4.50     3/6/2013    CHF     4.42
Lehman Brothers Tr    3.85    4/24/2009    USD     8.13
Lehman Brothers Tr    8.00    5/22/2009    USD     8.13
Lehman Brothers Tr    5.75    6/15/2009    CHF     8.13
Lehman Brothers Tr    7.50   10/24/2008    USD     8.13
Lehman Brothers Tr   10.00    3/27/2009    USD     4.42
Lehman Brothers Tr    5.00   10/24/2008    CHF     8.13
Lehman Brothers Tr    7.75    1/30/2009    EUR     8.13
Kaupthing Bank Hf     1.75     6/7/2016    EUR    13.75
Credit Suisse AG/N    8.00    3/16/2016    USD    73.53
Glitnir HF            6.84   12/15/2015    EUR     0.02
Lehman Brothers Tr    4.00    4/24/2009    USD     8.13
Lehman Brothers Tr    9.00    6/13/2009    USD     8.13
Lehman Brothers Tr    9.00    3/17/2009    GBP     8.13
Lehman Brothers Tr   10.50     8/9/2010    EUR     8.13
Lehman Brothers Tr    8.00     8/3/2009    USD     8.13
Lehman Brothers Tr    2.50   12/15/2011    GBP     8.13
Lehman Brothers Tr    4.00   11/24/2016    EUR     4.42
Kaupthing Bank Hf     4.50    1/17/2011    EUR    13.75
Lehman Brothers Tr    6.00    2/14/2012    EUR     8.13
Lehman Brothers Tr   15.00    3/30/2011    EUR     4.42
Lehman Brothers Tr    6.00    5/12/2017    EUR     4.42
LBI HF                4.34     3/1/2011    EUR     3.28
Lehman Brothers Tr    5.00    2/28/2032    EUR     4.42
Lehman Brothers Tr    5.00    4/24/2017    EUR     4.42
Kaupthing Bank Hf     4.53    4/24/2012    EUR    13.75
Kaupthing Bank Hf     4.47   10/27/2010    EUR    13.75
Totens Sparebank      2.98                 NOK    69.81
Kaupthing Bank Hf     0.95   10/20/2010    JPY    13.75
Comune di Orvieto     0.30   12/31/2031    EUR    66.73
Lehman Brothers Tr    4.95   10/25/2036    EUR     4.42
Lehman Brothers Tr    1.50   10/25/2011    EUR     4.42
Lehman Brothers Tr    4.50    7/24/2014    EUR     4.42
Comune di Erchie      0.31   12/31/2036    EUR    57.94
Lehman Brothers Tr    0.25   10/19/2012    CHF     4.42
Lehman Brothers Tr    1.68     3/5/2015    EUR     4.42
Lehman Brothers Tr    9.00    5/15/2022    USD     4.42
Lehman Brothers Tr    6.75     4/5/2012    EUR     4.42
LBI HF                4.28   11/19/2010    EUR     3.28
Comune di Marscian    0.33   12/31/2036    EUR    58.43
Province of Trevis    0.17   12/31/2034    EUR    61.28
Comune di Comezzan    0.34    6/30/2030    EUR    70.29
Lehman Brothers Tr   11.00   12/19/2011    USD     4.42
Comune di Lozio       0.44   12/31/2035    EUR    61.66
Comune di Cimbergo    0.39   12/31/2035    EUR    60.88
Comune di Orvieto     0.30   12/31/2030    EUR    68.60
Province of Teramo    0.27   12/30/2030    EUR    69.52
Leonteq Securities    9.07     5/3/2016    GBP    55.20
Lehman Brothers Tr    3.35   10/13/2016    EUR     4.42
Kaupthing Bank Hf     0.69    5/21/2011    JPY    13.75
Lehman Brothers Tr    6.00    5/23/2018    CZK     4.42
Lehman Brothers Tr    2.48    5/12/2009    USD     4.42
Lehman Brothers Tr    2.25    5/12/2009    USD     4.42
Lehman Brothers Tr    7.50    6/15/2017    USD     4.42
Leonteq Securities   12.40     2/3/2016    CHF    68.04
Bank Julius Baer &   14.20   10/28/2015    CHF    61.85
HSBC Trinkaus & Bu   13.50    7/24/2015    EUR    71.80
HSBC Trinkaus & Bu   11.60   10/23/2015    EUR    73.56
HSBC Trinkaus & Bu   23.50    6/26/2015    EUR    64.16
Bank Julius Baer &   13.70   11/11/2015    CHF    66.35
UBS AG/London        12.35    11/3/2015    CHF    62.90
Araratbank OJSC       8.50    6/14/2016    USD    25.47
Bank Julius Baer &    9.75   11/13/2015    USD    67.15
Bank Julius Baer &   10.20   11/13/2015    USD    72.00
Leonteq Securities    9.40   11/17/2015    CHF    70.58
UBS AG/London         6.50    11/5/2015    USD    72.27
Goldman Sachs & Co   14.00    5/20/2015    EUR    69.54
Goldman Sachs & Co   12.00    9/23/2015    EUR    73.39
Kaupthing Bank Hf     7.90     2/1/2016    EUR    13.75
LBI HF                4.34   12/22/2025    EUR     3.28
Lehman Brothers Tr    4.50     3/7/2015    EUR     4.42
Credit Suisse AG/L    9.50    5/11/2015    USD    59.17
BNP Paribas Emissi    9.00    6/25/2015    EUR    73.76
BNP Paribas Emissi   11.00    6/25/2015    EUR    70.38
Deutsche Bank AG      6.20    6/22/2015    EUR    74.70
Zurcher Kantonalba   14.00    7/29/2015    EUR    73.67
Commerzbank AG       11.75    4/23/2015    EUR    62.56
Glitnir HF            2.00    1/30/2009    CHF    12.00
Commerzbank AG        7.00    4/23/2015    EUR    71.80
BNP Paribas Emissi    8.00    6/25/2015    EUR    72.94
BNP Paribas Emissi   10.50    6/25/2015    EUR    67.04
Glitnir HF            4.50     1/9/2012    EUR    12.00
HSBC Trinkaus & Bu   16.00    6/26/2015    EUR    62.52
Commerzbank AG        9.50    4/23/2015    EUR    74.30
Commerzbank AG       11.50    4/23/2015    EUR    70.34
Commerzbank AG       13.50    4/23/2015    EUR    66.79
Commerzbank AG       20.00    4/23/2015    EUR    66.89
Commerzbank AG       23.75    4/23/2015    EUR    60.34
Commerzbank AG       27.25    4/23/2015    EUR    54.78
UniCredit Bank AG     4.30    6/24/2015    EUR    70.81
UniCredit Bank AG     5.00    6/24/2015    EUR    71.91
DZ Bank AG Deutsch   15.75    4/24/2015    EUR    46.06
DZ Bank AG Deutsch   10.75    4/24/2015    EUR    62.31
Commerzbank AG        5.75    4/23/2015    EUR    67.08
Commerzbank AG        8.00    4/23/2015    EUR    63.78
Commerzbank AG        9.25    4/23/2015    EUR    66.85
Bank Julius Baer &    8.50     5/7/2015    USD    72.55
Lehman Brothers Tr    7.50     8/1/2035    EUR     4.42
Glitnir HF            4.75   10/15/2010    USD    12.00
Credit Suisse AG/N    8.25     5/4/2015    USD    70.98
Province of Rovigo    0.42   12/28/2035    EUR    62.96
Deutsche Bank AG      7.20    6/22/2015    EUR    70.90
Deutsche Bank AG      6.20    6/22/2015    EUR    63.00
Deutsche Bank AG      5.20    6/22/2015    EUR    66.40
Deutsche Bank AG      7.20    6/22/2015    EUR    63.20
Deutsche Bank AG      5.20    6/22/2015    EUR    70.50
Deutsche Bank AG      6.20    6/22/2015    EUR    70.70
Deutsche Bank AG      7.20    6/22/2015    EUR    66.80
DZ Bank AG Deutsch    9.00    4/24/2015    EUR    67.51
Lehman Brothers Tr    3.63     3/2/2012    EUR     8.13
LBI HF                4.08    3/16/2015    EUR     3.28
LBI HF                1.68   12/22/2014    JPY     3.28
Comune di Marscian    0.50   12/30/2034    EUR    63.77
Province of Trevis    0.31   12/31/2034    EUR    62.79
LBI HF                2.14     2/3/2020    JPY     3.28
Lehman Brothers Tr    7.00     6/6/2017    EUR     4.42
Glitnir HF            5.35    5/11/2010    USD    12.00
Lehman Brothers Tr    0.75    3/29/2012    EUR     4.42
Deutsche Bank AG      5.20    9/22/2015    EUR    72.40
Deutsche Bank AG      7.20    9/22/2015    EUR    73.30
Deutsche Bank AG      6.20    9/22/2015    EUR    72.80
UniCredit Bank AG     5.00    6/25/2015    EUR    68.02
UniCredit Bank AG     6.50    6/25/2015    EUR    65.24
UniCredit Bank AG     6.25    6/25/2015    EUR    65.94
UniCredit Bank AG     4.75    6/25/2015    EUR    69.62
Glitnir HF            2.75    3/31/2010    EUR    12.00
DZ Bank AG Deutsch    8.25    6/26/2015    EUR    61.65
DZ Bank AG Deutsch    7.50    6/26/2015    EUR    71.34
DZ Bank AG Deutsch    9.00    6/26/2015    EUR    71.64
Lehman Brothers Tr    3.00    8/15/2017    EUR     4.42
Lehman Brothers Tr    3.50    9/19/2017    EUR     8.13
DZ Bank AG Deutsch    9.25    6/12/2015    EUR    72.56
Glitnir HF            0.01     5/6/2009    JPY    12.00
Commerzbank AG       10.25    4/23/2015    EUR    71.65
Muehl Product & Se    6.75    3/10/2005    DEM     1.70
Lehman Brothers Tr    7.00    7/11/2010    EUR     4.42
Glitnir HF            4.01     7/6/2009    HKD    12.00
Lehman Brothers Tr    5.00     8/1/2025    EUR     4.42
Lehman Brothers Tr    6.00    7/28/2010    EUR     8.13
Lehman Brothers Tr    6.00    7/28/2010    EUR     8.13
Glitnir HF            3.45    8/22/2010    CZK    12.00
Glitnir HF            0.01     8/3/2009    JPY    12.00
Bank Julius Baer &   12.25    4/24/2015    USD    58.10
LBI HF                3.36    8/17/2012    EUR     3.28
Glitnir HF            3.30    8/22/2012    EUR    12.00
LBBW                  5.00    6/26/2015    EUR    74.54
Credit Suisse AG/L    7.60   10/15/2015    CHF    67.29
HSBC Trinkaus & Bu   14.00    6/26/2015    EUR    57.87
HSBC Trinkaus & Bu   10.00    6/26/2015    EUR    66.57
Glitnir HF            3.00    10/4/2011    EUR    12.00
Glitnir HF            5.00    3/14/2012    EUR    12.00
Lehman Brothers Tr    3.50    9/29/2017    EUR     8.13
Lehman Brothers Tr    3.00     8/8/2017    EUR     4.42
UniCredit Bank AG     6.10    6/25/2015    EUR    66.68
UniCredit Bank AG     4.25    6/25/2015    EUR    71.26
Lehman Brothers Tr    5.00     9/1/2011    EUR     4.42
DZ Bank AG Deutsch   10.00    6/12/2015    EUR    72.68
Goldman Sachs & Co   16.00    5/20/2015    EUR    63.28
Lehman Brothers Tr    6.00    12/6/2016    USD     4.42
HSBC Trinkaus & Bu   13.50    6/26/2015    EUR    68.59
HSBC Trinkaus & Bu   11.00    6/26/2015    EUR    61.86
HSBC Trinkaus & Bu   14.00    6/26/2015    EUR    61.69
HSBC Trinkaus & Bu    7.00    9/25/2015    EUR    71.03
HSBC Trinkaus & Bu   11.50    6/26/2015    EUR    69.04
Glitnir HF            6.75    3/27/2013    EUR    12.00
Glitnir HF            3.00   10/31/2015    EUR    12.00
UBS AG/London        19.75    4/16/2015    CHF    65.75
Lehman Brothers Tr    4.15    8/25/2020    EUR     8.13
Lehman Brothers Tr    2.30    6/27/2013    USD     8.13
Lehman Brothers Tr    2.37    7/15/2013    USD     4.42
Vontobel Financial    4.00    6/12/2015    EUR    55.10
Notenstein Privatb    7.00    6/17/2015    CHF    71.64
Kaupthing Bank Hf     6.50    10/8/2010    ISK    13.75
Vontobel Financial    8.00    6/12/2015    EUR    51.30
Leonteq Securities    5.00    5/23/2016    CHF    63.20
Leonteq Securities    5.65    5/27/2015    CHF    65.99
Lehman Brothers Tr    5.22     3/1/2024    EUR     8.13
Lehman Brothers Tr    2.75   10/28/2009    EUR     4.42
LBI HF                3.45   12/18/2033    JPY     0.01
Lehman Brothers Tr    4.10    5/20/2009    USD     8.13
Lehman Brothers Tr    2.00    5/17/2010    EUR     8.13
LBBW                  5.25    8/28/2015    EUR    73.03
LBBW                  6.50    8/28/2015    EUR    68.52
Province of Trevis    0.40   12/31/2034    EUR    64.55
Lehman Brothers Tr    3.82   10/20/2009    USD     8.13
Glitnir HF            3.00   12/15/2009    EUR    12.00
Lehman Brothers Tr    3.00    6/23/2009    EUR     4.42
Lehman Brothers Tr    4.00    2/28/2010    EUR     8.13
Lehman Brothers Tr    5.00    12/6/2011    EUR     8.13
Commerzbank AG        9.00    4/23/2015    EUR    71.33
UniCredit Bank AG     5.00    6/24/2015    EUR    68.41
Vontobel Financial   11.20    5/15/2015    EUR    69.05
Vontobel Financial    5.80    6/12/2015    EUR    70.75
UniCredit Bank AG     4.75    6/24/2015    EUR    73.84
UniCredit Bank AG     6.00    6/24/2015    EUR    74.32
Bank Julius Baer &    8.00     5/7/2015    USD    66.35
Glitnir HF            4.85     4/6/2012    EUR    12.00
Kaupthing Bank Hf     5.40    3/22/2014    ISK     0.00
DZ Bank AG Deutsch    7.50    6/12/2015    EUR    72.69
Commerzbank AG       11.50    4/23/2015    EUR    61.12
DZ Bank AG Deutsch    7.75    6/26/2015    EUR    73.88
Lehman Brothers Tr    6.00    3/17/2011    EUR     4.42
UniCredit Bank AG     5.25    6/24/2015    EUR    67.66
UniCredit Bank AG     4.75    6/24/2015    EUR    69.20
UniCredit Bank AG     4.50    6/24/2015    EUR    69.98
UniCredit Bank AG     5.00    6/24/2015    EUR    72.49
Leonteq Securities   11.60    8/12/2015    USD    61.19
DZ Bank AG Deutsch    5.25    6/26/2015    EUR    73.00
DZ Bank AG Deutsch   16.00    6/26/2015    EUR    70.95
Vontobel Financial    7.75    6/26/2015    EUR    72.23
Raiffeisen Centrob    9.12    7/22/2015    EUR    74.71
Raiffeisen Centrob    8.24    1/20/2016    EUR    74.20
UniCredit Bank AG     6.00    6/24/2015    EUR    72.35
UniCredit Bank AG     6.50    6/24/2015    EUR    73.27
UniCredit Bank AG     5.50    6/24/2015    EUR    66.93
UniCredit Bank AG     5.25    6/24/2015    EUR    70.07
Societe Generale E    4.00    6/26/2017    EUR    52.61
Lehman Brothers Tr    2.40    6/20/2011    JPY     4.42
Lehman Brothers Tr    1.60    6/21/2010    JPY     4.42
Lehman Brothers Tr    4.87    10/8/2013    USD     8.13
LBI HF                5.44     9/3/2018    EUR     0.01
Lehman Brothers Tr    1.95    11/4/2013    EUR     8.13
Raiffeisen-Holding    2.99                 EUR    71.75
HSBC Trinkaus & Bu   15.00    6/26/2015    EUR    67.24
HSBC Trinkaus & Bu   10.50    6/26/2015    EUR    72.32
HSBC Trinkaus & Bu   10.00    4/24/2015    EUR    73.36
Goldman Sachs & Co    8.00    7/22/2015    EUR    74.15
Goldman Sachs & Co   10.00   12/23/2015    EUR    71.74
Vontobel Financial    6.05    9/25/2015    EUR    69.42
Goldman Sachs & Co   10.00    7/22/2015    EUR    70.94
Goldman Sachs & Co   12.00    7/22/2015    EUR    68.09
DZ Bank AG Deutsch    9.25    5/22/2015    EUR    60.91
DZ Bank AG Deutsch   15.25    5/22/2015    EUR    52.55
HSBC Bank PLC         0.50     2/5/2018    RUB    72.02
e-Kancelaria Grupa    9.91    7/11/2015    PLN     0.10
DZ Bank AG Deutsch    7.25    6/12/2015    EUR    71.02
DZ Bank AG Deutsch    8.00    9/11/2015    EUR    73.03
DZ Bank AG Deutsch    6.75    9/11/2015    EUR    72.51
UBS AG/London        13.25    5/20/2015    CHF    43.39
Bank Julius Baer &   11.50    5/21/2015    USD    52.00
Credit Suisse AG/L    8.00    5/29/2015    USD    59.06
UBS AG/London        11.00    5/13/2015    CHF    43.60
Vontobel Financial    8.85    5/22/2015    EUR    72.81
DZ Bank AG Deutsch    7.50    6/12/2015    EUR    72.35
DZ Bank AG Deutsch    7.25    9/11/2015    EUR    73.98
DZ Bank AG Deutsch    7.75    9/11/2015    EUR    74.18
Bank Julius Baer &   14.75    5/20/2015    CHF    65.60
Bank Julius Baer &    8.75    5/22/2015    USD    73.30
Vontobel Financial    7.50    6/26/2015    EUR    72.00
HSBC Trinkaus & Bu   12.00    6/26/2015    EUR    70.80
HSBC Trinkaus & Bu    7.50    6/26/2015    EUR    73.01
HSBC Trinkaus & Bu   10.50    4/24/2015    EUR    65.39
HSBC Trinkaus & Bu   10.00    4/24/2015    EUR    70.33
UniCredit Bank AG     4.00    9/24/2015    EUR    69.09
UniCredit Bank AG     4.00    9/24/2015    EUR    72.42
UniCredit Bank AG     4.00    9/24/2015    EUR    71.46
Barclays Bank PLC     1.64     6/3/2041    USD    74.62
DZ Bank AG Deutsch    8.40    6/12/2015    EUR    74.40
UniCredit Bank AG     5.00    7/23/2015    EUR    70.90
UniCredit Bank AG     4.50    7/23/2015    EUR    72.54
UniCredit Bank AG     4.00    7/23/2015    EUR    74.24
Commerzbank AG       10.50    5/21/2015    EUR    71.70
Vontobel Financial    7.50    6/26/2015    EUR    67.80
UniCredit Bank AG     5.50    7/23/2015    EUR    68.54
UBS AG/London         8.98    5/22/2015    CHF    70.45
UBS AG/London        12.53    5/22/2015    CHF    69.75
UBS AG/London        14.83    5/22/2015    CHF    71.15
UBS AG/London         6.50    5/22/2015    CHF    44.55
UBS AG/London        10.60    5/12/2015    USD    57.70
HSBC Trinkaus & Bu    6.50    4/24/2015    EUR    72.16
Lehman Brothers Tr    5.25   11/21/2009    USD     4.42
Commerzbank AG        2.00     2/3/2016    EUR    63.83
Municipality Finan    0.50     2/7/2018    BRL    73.77
Leonteq Securities    6.70     6/6/2016    USD    66.48
Vontobel Financial   10.45    9/11/2015    EUR    69.00
Vontobel Financial    8.65    9/11/2015    EUR    71.63
Vontobel Financial    4.95    9/11/2015    EUR    69.04
Vontobel Financial    7.80    9/11/2015    EUR    70.20
UBS AG/London        10.50     6/5/2015    CHF    59.03
Vontobel Financial    9.50    6/12/2015    EUR    69.64
Vontobel Financial    6.95    9/11/2015    EUR    74.64
Commerzbank AG        6.75    5/21/2015    EUR    74.17
Commerzbank AG        8.75    5/21/2015    EUR    70.49
Commerzbank AG       11.00    5/21/2015    EUR    67.23
Oesterreichische V    1.28    6/14/2016    EUR    74.38
DZ Bank AG Deutsch   10.50    5/22/2015    EUR    61.30
DZ Bank AG Deutsch   16.00    5/22/2015    EUR    52.63
DZ Bank AG Deutsch    7.25    6/26/2015    EUR    68.71
Bank Julius Baer &   15.25     6/4/2015    CHF    59.90
HSBC Trinkaus & Bu   10.50    4/24/2015    EUR    71.89
HSBC Trinkaus & Bu   15.00    6/26/2015    EUR    72.82
UBS AG/London         7.75    5/28/2015    CHF    43.65
DZ Bank AG Deutsch    7.50    9/11/2015    EUR    74.57
HSBC Trinkaus & Bu   12.00    6/26/2015    EUR    70.55
Commerzbank AG       11.50    5/21/2015    EUR    71.55
Oesterreichische V    1.33    6/14/2017    EUR    57.88
Vontobel Financial    8.80    6/26/2015    EUR    69.88
Credit Suisse AG/L    9.00   12/18/2015    USD    44.79
Bank Julius Baer &   11.25     6/3/2015    CHF    59.35
Bank Julius Baer &    9.10    5/22/2015    EUR    72.90
Municipality Finan    0.50    1/10/2018    BRL    74.36
Bank Julius Baer &    3.90   11/30/2015    CHF    70.05
HSBC Bank PLC         0.50    11/9/2018    IDR    73.25
Leonteq Securities    6.25   11/13/2015    CHF    57.03
Leonteq Securities    6.11     1/7/2016    EUR    69.65
Leonteq Securities    6.00     1/7/2016    EUR    34.95
UBS AG/London         5.50   10/29/2015    USD    73.02
HSBC Trinkaus & Bu   17.00   12/28/2015    EUR    71.14
Notenstein Finance   12.00    11/3/2015    USD    72.84
BNP Paribas SA        0.50   11/16/2032    MXN    35.96
Leonteq Securities    4.50     4/4/2016    EUR    47.25
Notenstein Privatb    3.00    9/22/2020    CHF    63.77
Leonteq Securities    7.00    1/22/2016    CHF    44.95
Klaebu Sparebank      2.72                 NOK    70.55
UBS AG               11.50    6/26/2015    EUR    70.02
Zurcher Kantonalba    3.69    1/25/2016    CHF    55.23
Leonteq Securities    3.10     3/1/2016    EUR    64.98
Leonteq Securities    5.25    2/26/2016    CHF    61.30
Leonteq Securities    3.90     3/1/2016    EUR    51.85
HSBC Bank PLC         0.50   12/20/2018    RUB    65.46
Leonteq Securities    5.60   11/20/2015    GBP    74.18
Leonteq Securities    7.60   11/20/2015    USD    36.91
BNP Paribas Emissi   15.00   12/24/2015    EUR    74.09
BNP Paribas Emissi   16.00   12/24/2015    EUR    72.24
Comune di Bossico     0.39   12/31/2035    EUR    60.88
Comune di Ponte Di    0.39   12/31/2035    EUR    60.88
Comune di Roe Volc    0.39   12/31/2035    EUR    60.88
Comune di Bovegno     0.39   12/31/2035    EUR    60.88
Kaupthing Bank Hf     4.90    5/29/2017    EUR    13.75
Lehman Brothers Tr    4.00    5/30/2010    USD     8.13
Lehman Brothers Tr    4.00    5/17/2010    USD     4.42
Kaupthing Bank Hf     5.00     1/4/2027    SKK    13.75
Lehman Brothers Tr    4.10    2/19/2010    EUR     4.42
Lehman Brothers Tr    6.60    2/22/2012    EUR     8.13
Lehman Brothers Tr    3.50   10/31/2011    USD     4.42
Glitnir HF            3.50   10/30/2012    EUR    12.00
HSBC Trinkaus & Bu    6.50    9/25/2015    EUR    74.70
HSBC Trinkaus & Bu   14.00    6/26/2015    EUR    53.03
HSBC Trinkaus & Bu   11.00    6/26/2015    EUR    57.62
HSBC Trinkaus & Bu    8.00    6/26/2015    EUR    63.40
HSBC Trinkaus & Bu    6.50    6/26/2015    EUR    68.04
DZ Bank AG Deutsch    6.75    4/17/2015    EUR    71.36
Bank Julius Baer &   11.50    4/17/2015    EUR    74.80
DZ Bank AG Deutsch    7.25    8/14/2015    EUR    72.14
DZ Bank AG Deutsch    8.25    6/26/2015    EUR    73.98
DZ Bank AG Deutsch    9.00    6/26/2015    EUR    73.00
DZ Bank AG Deutsch    7.00    9/25/2015    EUR    74.27
Bank Julius Baer &    9.40    5/27/2015    CHF    69.45
DZ Bank AG Deutsch    8.50    5/22/2015    EUR    70.74
DZ Bank AG Deutsch    5.50    5/22/2015    EUR    67.84
DZ Bank AG Deutsch    7.00    5/22/2015    EUR    73.45
DZ Bank AG Deutsch   10.25    5/22/2015    EUR    66.27
DZ Bank AG Deutsch   16.00    5/22/2015    EUR    57.94
BNP Paribas Emissi    6.00    6/25/2015    EUR    69.20
Zurcher Kantonalba    8.00     6/4/2015    CHF    49.61
UniCredit Bank AG     5.50    7/23/2015    EUR    71.46
UniCredit Bank AG     5.20    7/23/2015    EUR    73.29
UniCredit Bank AG     6.00    7/23/2015    EUR    72.83
Vontobel Financial    9.20    9/25/2015    EUR    68.86
Vontobel Financial    5.90    9/25/2015    EUR    74.43
Vontobel Financial    6.40    6/26/2015    EUR    73.17
DZ Bank AG Deutsch    7.75    6/12/2015    EUR    67.65
DZ Bank AG Deutsch    6.50    6/12/2015    EUR    67.53
HSBC Trinkaus & Bu    7.00    4/24/2015    EUR    68.39
HSBC Trinkaus & Bu   15.00    6/26/2015    EUR    70.33
HSBC Trinkaus & Bu    9.50    4/24/2015    EUR    64.72
Deutsche Bank AG      5.20    8/26/2015    EUR    73.90
Deutsche Bank AG      6.20    7/22/2015    EUR    73.80
Deutsche Bank AG      5.20    7/22/2015    EUR    73.50
Deutsche Bank AG      6.20    8/26/2015    EUR    74.30
HSBC Trinkaus & Bu   10.00    4/24/2015    EUR    68.47
UBS AG               14.25    6/26/2015    EUR    64.35
DZ Bank AG Deutsch    3.60    8/21/2015    EUR    58.44
Banque Cantonale V    4.25    8/28/2015    CHF    52.33
Deutsche Bank AG      6.20    6/22/2015    EUR    66.60
Deutsche Bank AG      5.20    6/22/2015    EUR    62.80
Lehman Brothers Tr   10.00     1/4/2010    USD     4.42
Zurcher Kantonalba   12.00    7/23/2015    CHF    51.02
Leonteq Securities   13.00    8/25/2015    CHF    57.24
DZ Bank AG Deutsch   15.75    9/25/2015    EUR    67.88
HSBC Trinkaus & Bu    9.00    6/26/2015    EUR    71.47
HSBC Trinkaus & Bu    8.00    6/26/2015    EUR    71.27
HSBC Trinkaus & Bu    8.40    9/25/2015    EUR    72.64
HSBC Trinkaus & Bu    7.80    9/25/2015    EUR    72.38
HSBC Trinkaus & Bu    7.10    9/25/2015    EUR    72.06
HSBC Trinkaus & Bu    7.90   12/28/2015    EUR    73.44
HSBC Trinkaus & Bu    7.50   12/28/2015    EUR    73.16
HSBC Trinkaus & Bu    7.00   12/28/2015    EUR    72.80
HSBC Trinkaus & Bu    5.90   12/28/2015    EUR    72.03
UBS AG               15.50   12/29/2015    EUR    74.19
UBS AG               16.00    9/25/2015    EUR    66.62
UBS AG               22.75   12/29/2015    EUR    58.33
UBS AG               13.75    9/25/2015    EUR    70.82
UBS AG               15.00    6/26/2015    EUR    67.82
UBS AG               23.75    9/25/2015    EUR    55.37
UBS AG               24.50    9/25/2015    EUR    61.51
UBS AG               17.25    9/25/2015    EUR    70.89
BNP Paribas SA        0.50    2/13/2024    NZD    67.58
Leonteq Securities   13.00     6/5/2015    CHF    67.84
Credit Suisse AG/L   15.50     5/4/2016    USD    58.45
UBS AG/London        12.88   10/23/2015    CHF    64.55
DZ Bank AG Deutsch    8.50    5/22/2015    EUR    68.75
Notenstein Finance    7.00   10/23/2015    USD    62.42
HSBC Bank PLC         0.50     3/1/2018    RUB    71.39
UBS AG                0.50    4/27/2015    CHF    70.35
Provincia di Ancon    0.31    6/30/2028    EUR    74.51
Leonteq Securities   20.00    2/23/2016    USD    61.43
Societe Generale S    0.50     4/3/2023    RUB    41.82
Societe Generale E    2.50    10/7/2016    EUR    59.37
Oesterreichische V    2.75    8/24/2016    EUR    72.38
Oesterreichische V    2.75    8/26/2016    EUR    72.25
Oesterreichische V    3.00    7/26/2016    EUR    74.00
Barclays Bank PLC     3.50    12/7/2015    EUR    68.52
EFG International     6.00   11/30/2017    EUR    57.16
Barclays Bank PLC     2.50     3/7/2017    EUR    56.08
Raiffeisen Centrob    2.80   11/14/2016    EUR    63.63
EFG International    12.86   10/30/2017    EUR    74.63
Lehman Brothers Tr    6.00    6/21/2011    EUR     4.42
Lehman Brothers Tr    2.00    6/21/2011    EUR     4.42


                            *********

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

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

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


                            *********


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

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

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

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

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

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


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