TCREUR_Public/150427.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 27, 2015, Vol. 16, No. 81

                            Headlines

A U S T R I A

CARINTHIA: Seeks Financial Support Over Hypo Debt Woes


B U L G A R I A

CORPORATE COMMERCIAL: Central Bank to Challenge Insolvency Ruling


G E O R G I A

PARTNERSHIP FUND: Fitch Affirms 'BB-' LT Issuer Default Rating


G R E E C E

GREECE: Must Reach Reform Deal by Early May, EU Mulls Plan B
SEANERGY MARITIME: E&Y Expresses Going Concern Doubt


I R E L A N D

CARLYLE INSTITUTE: Judge Appoints Provisional Liquidator


K A Z A K H S T A N

KAZTRANSGAS: S&P Affirms 'BB+' CCR, Outlook Negative
KAZTRANSOIL: S&P Affirms 'BB+' CCR, Outlook Negative


L U X E M B O U R G

ONEX WIZARD: Moody's Assigns B1 Ratings to Sr. Secured Term Loans


N E T H E R L A N D S

DUCHESS IV CLO: S&P Raises Rating on Class E Notes to 'B+'
JUBILEE CLO 2015-XV: Moody's Rates EUR27MM Class E Notes (P)Ba2
JUBILEE CLO 2015-XV: S&P Assigns Prelim. B- Rating to Cl. F Notes


N O R W A Y

CECON ASA:  Seeks Bankruptcy After Failure to Present Plan


P O R T U G A L

BANCO ESPIRITO: Goldman Sachs Dispute May Disrupt Novo Banco Sale


R U S S I A

BORETS INTERNATIONAL: Moody's Alters Outlook on B1 CFR to Stable
RUSSIA: Fitch Cuts Insurer Financial Strength Rating to 'B-'
TAURUS BANK: Bank of Russia Revokes Banking License


S L O V A K   R E P U B L I C

VAHOSTAV-SK: Government Passes Insolvency Law Amendment


S W I T Z E R L A N D

MYMETICS CORP: Auditor Expresses Going Concern Doubt


U N I T E D   K I N G D O M

ALBA 2015-1: S&P Assigns 'BB' Rating to Class E Notes
SOUTHERN PACIFIC 05-3: Moody's Lifts Ratings on 2 Notes to Caa2


X X X X X X X X

* BOND PRICING: For the Week April 20, 2015 to April 24, 2015


                            *********


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


CARINTHIA: Seeks Financial Support Over Hypo Debt Woes
------------------------------------------------------
Angelika Gruber at Reuters reports that the home province of
defunct lender Hypo Alpe Adria, Carinthia, is asking Vienna for
financial support, saying it will run out of money by the
beginning of June without external help.

Carinthia provided debt guarantees for years to fuel Hypo's rapid
expansion before the practice was stopped in 2007, but the last
ones do not expire until around 2017, Reuters recounts.

With an annual budget of EUR2.2 billion (US$2.36 billion),
Carinthian officials have said the province cannot honor nearly
EUR11 billion of backing for Hypo debt that creditors facing a
"haircut" could demand, Reuters relates.

Adding to the province's woes, ratings agency Moody's downgraded
Carinthia last month to one notch above junk grade, making it
more difficult to borrow in the open markets, Reuters discloses.

According to Reuters, a spokeswoman for the province said in the
current financial year, Carinthia needs EUR340 million and is
hoping for loans from the capital.

No Austrian province has ever gone bankrupt and there is no
legislation on how to handle such an event, Reuters notes.

It was unclear whether Carinthia would tap around half a billion
euros from the sale of Hypo before its nationalization in 2009
which is parked in a so-called "future fund", Reuters states.

Austria is winding down what is left of Hypo, but regulators last
month took control of the Heta "bad bank" managing this and
imposed a debt repayment moratorium after an audit found
writedown needs that blew a hole in its balance sheet, Reuters
recounts.



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


CORPORATE COMMERCIAL: Central Bank to Challenge Insolvency Ruling
-----------------------------------------------------------------
Tsvetelia Tsolova at Reuters reports that the Bulgarian central
bank said it will challenge a court decision setting the date of
insolvency of Corporate Commercial Bank (Corpbank), which could
be important to recovering assets.

The Balkan country is preparing to collect the bank's assets and
pay back its creditors, Reuters discloses.  The state is
Corpbank's biggest creditor as it paid more than BGN3.5 billion
(US$1.9 billion) of guaranteed deposits to the lender's clients,
Reuters notes.

The date of insolvency is important because of deals that were
done after June and which allowed creditors to recover some of
their money when large unsecured depositors sold their deposits
to them at a discount, Reuters says.  Those deals could have hurt
the rights of creditors that will be first in line in bankruptcy
proceedings, Reuters states.

A Bulgarian court declared Corpbank bankrupt last week and said
the lender was insolvent since Nov. 6, when the central bank
revoked its license, Reuters relates.

The central bank however said the insolvency of the bank became
obvious with the financial reports of the lender at the end of
September, Reuters relays.

"The central bank position is that the initial date of the
insolvency should be set as of Sept. 30, when Corporate
Commercial Bank reported negative own capital and negative
capital adequacy," Reuters quotes the bank as saying in a
statement.

                About Corporate Commercial Bank AD

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

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



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G E O R G I A
=============


PARTNERSHIP FUND: Fitch Affirms 'BB-' LT Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has revised the Outlook on Georgia's JSC
Partnership Fund's (PF) Long-Term foreign and local currency
Issuer Default Ratings (IDR) to Stable from Positive and affirmed
the IDRs at 'BB-'. The agency has also affirmed the company's
Short-term local currency IDR at 'B'.

The revision of the Outlook follows the revision of the Outlook
on Georgia. PF's ratings are credit linked to the sovereign.

KEY RATING DRIVERS

The affirmation reflects the equalization of PF's ratings with
those of Georgia (BB-/Stable/B). Fitch uses its public sector
entities methodology and applies a top-down approach in its
analysis of PF. The Georgian government's ability and intent to
support the fund's potential issued or guaranteed debt remains a
key factor in determining rating equalization with the sovereign.

Fitch views the fund as an entity of strategic importance for the
Georgian government and factors in its strong integration with
the sovereign, including timely support if needed. While the
Georgian government remains committed to boosting economic growth
via the promotion of large-scale infrastructure projects, Fitch
believes the fund will remain a significant player in
facilitating investments, particularly in the energy sector.

PF is 100% owned by the state and its mandate is to oversee key
national infrastructure corporations. The state endowed PF with
100% stakes in Georgian Railway (BB-/Stable), JSC Georgian Oil
and Gas Corporation (GOGC, BB-/Positive), JSC Georgian State
Electrosystem, and JSC Electricity System Commercial Operator.

Another of PF's mandates is to develop private equity investments
in viable economic projects generating positive economic returns.
The private equity market is currently undeveloped in Georgia,
limiting the country's growth potential. PF targets profitable
projects in several key areas -- agriculture, manufacturing, real
estate and energy.

The fund's supervisory board is chaired by the Georgian prime
minister and composed of five leading cabinet members and four
independent directors. In Fitch's view, blending a corporate
structure with strong state control should ensure the fund's
accountability to Georgia's government, and hence its adherence
to mandated policy objectives, as well as adding investment
expertise.

PF's only debt is a loan from its subsidiary (USD50 million),
GOGC. PF has used the loan to invest in the equity of Gardabani
TPP SPV, which is expected to be commissioned in 2H15.

RATING SENSITIVITIES

Any positive rating action on Georgia, coupled with continued
support from the state, would be rating positive, as PF is credit
linked to the sovereign.

Weaker links with the state would be rating negative, although
Fitch currently views this as unlikely. A downgrade of Georgia
would also be negative.



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


GREECE: Must Reach Reform Deal by Early May, EU Mulls Plan B
------------------------------------------------------------
Angeliki Koutantou at Reuters reports that Deputy Prime Minister
Yannis Dragasakis said in an interview with a Greek newspaper
published on April 25 Greece and its lenders must reach a reform
deal by early May to address Greece's need for cash.

Shut out of international markets and locked in talks with its
European Union and International Monetary Fund creditors over its
proposed reform-for-cash deal, Greece risks running out of cash
within weeks, Reuters relates.

Athens must pay the International Monetary Fund almost EUR1
billion (US$1.1 billion) in May, according to Reuters.  Greece
has expressed it wants to honor its obligations and needs lenders
to offer something in return, Reuters relays.

"There is clearly a potential and an imperative need for an
interim deal to be concluded in the first days of May, if not
within April," Mr. Dragasakis, as cited by Reuters, said in an
interview with Avgi newspaper, the mouthpiece of the leftist
government of Alexis Tsipras.

"We are mainly requesting that the current liquidity problem be
recognized as a problem of common responsibility and that it be
jointly addressed," Reuters quotes Mr. Dragasakis as saying.
"Otherwise, the country's ability to smoothly service its
external obligations would be in an ever growing contrast to
Greek people's survival."

Tensions with lenders and slow progress have prompted speculation
that the government may be forced to call a snap election or a
referendum if Greece fails to reach agreement with its lenders,
Reuters discloses.  But the government has ruled out such an
option for now, according to Reuters.

                             Plan B

According to The Wall Street Journal's Gabriele Steinhauser, some
eurozone finance ministers on April 25 acknowledged for the first
time that they are considering plans on what to do if no deal on
Greece's future financing can be reached by the end of June.

The statements by the finance ministers of Slovenia and Germany
break a long-held taboo during eurozone crisis talks, where
policy makers have been insisting that they are entirely focused
on keeping Greece in the currency union with the help of more
bailout loans, The Journal states.  Yet, with the country's
existing EUR240 billion (US$261 billion) bailout deal expiring at
the end of June, and technical discussions on future support all
but stuck despite big debt repayments looming in July and August,
some politicians are starting to look at alternative scenarios,
The Journal relays.

Slovenia's finance minister confirmed that he raised the issue of
a "Plan B" during the April 24 meeting with his eurozone
counterparts, also known as the Eurogroup, The Journal relates.

"What my discussion was about is what we will do if . . . the new
program will not be achieved in time for Greece to be able to
finance itself and improve liquidity," The Journal quotes
Dusan Mramor as saying on April 25.


SEANERGY MARITIME: E&Y Expresses Going Concern Doubt
----------------------------------------------------
Seanergy Maritime Holdings Corp. filed with the Securities and
Exchange Commission its annual report on Form 20-F, disclosing
that the Company has acquired one vessel after the Company
disposed of its entire fleet of vessels to repay debt.

Ernst & Young (Hellas) Certified Auditors-Accountants S.A., in
Athens, Greece, issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31,
2014, citing that following the disposal of the Company's entire
fleet in early 2014 in the context of its restructuring plan, the
Company was unable to generate sufficient cash flow to meet its
obligations and sustain its continuing operations that raise
substantial doubt about the Company's ability to continue as a
going concern.

The Company disclosed net income of US$80.3 million on US$2.01
million of net vessel revenue for the year ended Dec. 31, 2014,
compared with net income of US$10.9 million on US$23.1 million of
net vessel revenue for the year ended Dec. 31, 2013.

Income reported during 2014 was mainly on account of an US$85.6
million gain from the restructuring, while a US$25.7 million gain
on disposal of subsidiaries contributed to the income in 2013.

Since August 2012, the Company has been engaged in restructuring
discussions with lenders to finalize the satisfaction and release
of its obligations under certain of the Company's loan facility
agreements and the amendment of the terms of certain of its loan
facility agreements.  Since Jan. 1, 2012, the Company has sold
all 20 of its vessels, in some cases, by transferring ownership
of certain of its vessel-owning subsidiaries to third parties
nominated by its lenders in connection with the Company's
restructuring.  At present, the Company owns one vessel, the M/V
Leadership.

On Nov. 9, 2012, the Company entered into an agreement with
I.M.I. Holdings Corp., or IMI, a company controlled by members of
the Restis family, to sell its 100% ownership interest in Bulk
Energy Transport (Holdings) Limited ("BET"), for a nominal cash
consideration of US$1.00.  In addition, the Company released BET
from all of its obligations and liabilities towards the Company,
which accrued to US$3.5 million as of the date of sale.

On January 29, 2013, the Company closed the sale of the four MCS
subsidiaries which owned the vessels Fiesta, Pacific Fantasy,
Pacific Fighter and Clipper Freeway, financed under the facility
agreement with DVB, to a third party entity nominated by DVB.  In
exchange for the sale, US$31.9 million of outstanding debt as of
Dec. 31, 2012 and all the liabilities and obligations under its
facility agreement with DVB were discharged and the guarantee
provided by MCS was fully released.  In connection with the sale
of these subsidiaries, the board of directors obtained a fairness
opinion from an independent third party.

On July 19, 2013, MCS sold its 100% ownership interest in the
three subsidiaries that owned the Handysize dry bulk carriers
African Joy, African Glory and Asian Grace. The buyer was a
third-party nominee of the lenders under the senior and the
subordinated credit facility with United Overseas Bank Limited,
or UOB.

As of Dec. 31, 2014, the Company had US$3.26 million in total
assets, US$592,000 in total liabilities, and US$2.67 million in
total stockholders' equity.

On April 10, 2013, the Company sold the African Oryx. Gross
proceeds amounted to US$4.1 million and were used to repay debt.

On Feb. 12, 2014, the Company entered into a delivery and
settlement agreement with Piraeus Bank for the sale of the
Company's four remaining vessels, to a nominee of the lender, in
exchange for a nominal cash consideration and full satisfaction
of the underlying loan.  On March 6, 2014 the Company sold the
Davakis G., on March 7, 2014 the Company sold the Hamburg Max, on
March 10, 2014 the Company sold the Bremen Max and on March 11,
2014 we sold the Delos Ranger.  On March 11, 2014, following the
closing of the transaction, approximately US$146 million of
outstanding debt and accrued interest were discharged and the
guarantee provided by the Company has been fully released.
Furthermore, on March 5, 2014, the Company entered into an
agreement with its technical management company, EST, and its
commercial manager, Safbulk Pty, in exchange of a full and
complete release of all their claims upon the completion of the
delivery of the last four remaining vessels and settlement
agreement with Piraeus Bank.  The transaction was completed
successfully on March 11, 2014 and total liabilities amounting to
US$9.8 million were released.

On March 19, 2015, the Company acquired a 2001 Capesize, 171,199
DWT vessel, which was renamed M/V Leadership, from an
unaffiliated third party.  The acquisition of the vessel was
financed by (i) a convertible promissory note dated March 12,
2015 of US$4 million from an entity affiliated with one of the
Company's major shareholders, Jelco, (ii) a loan agreement dated
March 06, 2015 of US$8.75 million with Alpha Bank A.E., or Alpha
Bank, and (iii) a share purchase agreement dated March 12, 2015
of US$4.5 million from Jelco in exchange for the issuance of
25,000,500 newly issuance shares of the Company's common stock.
This acquisition was made pursuant to the terms and conditions of
a memorandum of agreement among, Leader Shipping Co., or Leader,
the Company's wholly owned subsidiary, and a third party seller,
between the Company's vessel-owning subsidiary and the seller,
dated December 23, 2014.  On March 19, 2015, the Company took
delivery of the M/V Leadership.

A full-text copy of the Form 20-F is available for free at:

                        http://is.gd/15Plfm

                           About Seanergy

Athens, Greece-based Seanergy Maritime Holdings Corp. is an
international company providing worldwide seaborne transportation
of dry bulk commodities.  The Company owns and operates a fleet
of seven dry bulk vessels that consists of three Handysize, two
Supramax and two Panamax vessels.  Its fleet carries a variety of
dry bulk commodities, including coal, iron ore, and grains, as
well as bauxite, phosphate, fertilizer and steel products.



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I R E L A N D
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CARLYLE INSTITUTE: Judge Appoints Provisional Liquidator
--------------------------------------------------------
Irish Examiner reports that Mr. Justice Paul Gilligan appointed
insolvency practitioner Declan de Lacy of PKF O'Connor Leddy &
Holmes as provisional liquidator of The Carlyle Institute Ltd.,
which ceased operations earlier this month.

The judge made the appointment, on an ex parte basis after being
told many of the college's former students have concerns about
the conduct of the company, Irish Examiner relates.

Ching-Hsiu Huang, of Killiney, Co Dublin, petitioned the court
for Mr. De Lacy's appointment, Irish Examiner relays.  She is one
of 200 students who paid fees to the college, Irish Examiner
notes.  In an affidavit, she said she is owed EUR1,500 in respect
of fees paid to the company, Irish Examiner discloses.

According to Irish Examiner, on April 23, her lawyers said they
wanted Mr. de Lacy appointed in order to secure the company's
assets and to fully investigate its affairs.

In a sworn statement, David Moore of ICOS said that, in the
circumstances, it was impossible for ICOS to have confidence in
the potential outcome of any ballot of creditors in respect of
who is selected as liquidator taken at the creditors meeting on
April 23, Irish Examiner discloses.  Student creditors of the
company had signed what they believed were refund applications
but were in fact proxy forms which could be used by the directors
when it came to the creditors ballot for who is elected as the
company liquidator, Irish Examiner states.

The matter will come back before the court later this month,
Irish Examiner says.

The Carlyle Institute Ltd. is a Dublin-based college that English
language and business courses to mainly non-EU students.



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


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

S&P also affirmed the 'BB+' rating on the senior unsecured debt
of ICA.

The rating action reflects S&P's view that KTG has a stand-alone
credit profile (SACP) of 'bb', has a moderately strategic status
in the KazMunayGas (KMG) group, and enjoys a "moderately high"
likelihood of timely and sufficient extraordinary government
support from the government of Kazakhstan.

S&P assumes, however, that in case of financial stress, any
extraordinary support to KTG would likely come directly from the
government.  Therefore, S&P bases the corporate credit rating on
KTG on its SACP plus uplift for potential government support,
capped at the rating level of the parent company.

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

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

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

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

S&P bases its view of KTG's SACP as 'bb' on its "fair" business
risk profile, "intermediate" financial risk profile, and
"negative" financial policy.

KTG's "fair" business risk profile is supported by the stable and
regulated nature of the gas transportation business and ship-or-
pay terms until the end of 2015 in the gas transportation
contract with Russian energy major Gazprom.  It is constrained by
the company's exposure to high country risk, heavy dependence on
Gazprom in its gas transportation and sales activities, an aged
asset base, potential competition from alternative gas export
pipelines transporting Central Asian gas, and untransparent
retail gas tariff regulation in Kazakhstan.

KTG's financial risk profile is "intermediate," in S&P's view,
supported by moderate debt levels and resulting in the ratio of
debt to EBITDA not higher than 3x and funds from operations (FFO)
to debt of at least 30% in S&P's base-case projections for 2015-
2016.  It is constrained by continued ambitious planned
investments in gas transmission and distribution, rising cash
flow volatility, and exposure to foreign currency risk.  However,
the foreign currency risk is mitigated to some extent because
much of KTG's revenues are U.S. dollar denominated.  S&P assigns
a "negative" financial policy modifier because it thinks the
financial policy framework allows KTG to take a more leveraged
position than S&P currently expects, primarily on the back of
higher investment needs.

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

S&P thinks pressure on KTG's credit profile also could result
from a more aggressive financial profile than S&P currently
anticipates.  That would include weakened credit ratios (notably
debt to EBITDA rising above 3x) due to any unexpected financial
underperformance, extensive reliance on short-term funding, or
KTG's increased capital expenditures requiring significant
external borrowing and leading to leverage above S&P's
expectations.  For instance, this might occur if KTG increased
capital expenditures because of a greater need to invest in gas
distribution assets or start new large investment projects.  The
ratings could also come under pressure as a result of any
indications of negative interference from KMG, including, but not
limited to, inducement to pay excessive dividends.

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

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

Ratings upside is currently limited by the ratings on the parent.
S&P could revise the outlook to stable only if it revises the
outlook on KMG to stable.


KAZTRANSOIL: S&P Affirms 'BB+' CCR, Outlook Negative
----------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
'BB+' long-term corporate credit rating on Kazakhstan-based oil
pipeline operator KazTransOil (KTO).  The outlook is negative.

The affirmation reflects S&P's view that KTO continues to enjoy a
"high" likelihood of timely and sufficient extraordinary
government support from the government of Kazakhstan as well as
our assessment of KTO's stand-alone credit profile (SACP) at
'bb+'.  S&P also continues to see KTO as a "strategically
important" subsidiary of the KMG group.

KTO's "strategically important" status within the KMG group and
its importance to the government of Kazakhstan are underpinned,
in S&P's view, by the company's role as the main oil pipeline
network operator in the country, transporting more than 53% of
oil volumes in the country.  S&P considers KTO's role for the
government to be "very important" and the link between the
company and the government to be "strong," albeit indirect.  S&P
also assumes that extraordinary state support would likely come
directly from the government, rather than through the parent,
therefore S&P determines the corporate credit rating on KTO based
on its stand-alone credit profile (SACP) plus uplift for
potential government support.  At the moment there is zero uplift
from the SACP, since the SACP is 'bb+' and, in accordance with
S&P's group rating methodology, the rating on KTO is capped by
the rating on its parent, KMG (BB+/Negative/--).

S&P derives the SACP on KTO from its assessment of its "fair"
business risk profile, "modest" financial risk profile, as well
as S&P's application of a "negative" financial policy modifier.

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

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

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

S&P also could lower the rating if KTO were to undertake new
investment projects requiring significant external borrowing,
resulting in weakened credit measures, or if S&P was to see
substantial unfavorable changes in new contracts with customers.
However, S&P notes that if the local currency sovereign rating on
Kazakhstan stays at 'BBB', the rating on KMG remains at 'BB+',
and S&P's views of KTO's likelihood of state support and group
status are unchanged, S&P would have to revise the SACP of KTO
down as low as 'b+' to trigger a downgrade.  That might stem from
a substantial increase in leverage on the back of heavy
investments or dividends, taking the financial risk profile to
the "aggressive" category (with debt to EBITDA exceeding 4x, for
instance), or a significant deterioration in liquidity.  S&P
currently views these scenarios as very unlikely though.

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

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



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


ONEX WIZARD: Moody's Assigns B1 Ratings to Sr. Secured Term Loans
-----------------------------------------------------------------
Upon a conclusive review of final documentation, Moody's
Investors Service has assigned definitive B1 ratings to the Euro-
denominated EUR1,050 million and U.S. Dollar-denominated USD1,225
million senior secured term loan facilities due 2022 and the pari
passu ranking EUR300 million senior secured Revolving Credit
Facility due 2021 borrowed at Onex Wizard Acquisition Company I
S.a.r.l. In addition, Moody's has assigned a Caa1 rating to the
EUR675 million-equivalent senior unsecured notes, due 2023 issued
at Onex Wizard Acquisition Company II S.C.A. The corporate family
rating (CFR) and probability of default rating (PDR) are
unaffected by this rating action and remain at B2 and B2-PD. The
outlook on all ratings is stable.

Final changes to credit facilities of Onex Wizard Acquisition
Company II S.C.A., the parent holding company of SIG Combibloc
Group AG (SIG) and the top holding company of the restricted
group, have no impact to current ratings.

The stable outlook on the ratings reflects Moody's expectation
that SIG will gradually improve its key credit metrics,
benefitting from increasing penetration into profitable, growing
markets while maintaining a conservative financial policy.

The stable outlook also incorporates Moody's assumption that the
company will not embark on any large debt-financed acquisitions,
or engage in shareholder-friendly initiatives prior to
deleveraging the business over the next 12-18 months.

Upward pressure on the rating could result from the company's
success in improving operating profitability, leading to a
reduction in Moody's-adjusted leverage towards 5.5x, together
with an EBIT interest cover trending towards 2.0x.

Conversely, a rating downgrade could result from deteriorating
operating profitability preventing the company from improving key
credit metrics, that would result in financial leverage
deteriorating beyond 6.5x. Negative free cash flow or a
materially weakening liquidity profile would also create downward
rating pressure

The principal methodology used in these ratings was Global
Packaging Manufacturers: Metal, Glass, and Plastic Containers
published in June 2009. Other methodologies used include Loss
Given Default for Speculative-Grade Non-Financial Companies in
the U.S., Canada and EMEA published in June 2009.

SIG is a leading manufacturer of aseptic carton packaging systems
for both beverage and liquid food products, including juices,
milk, soups and sauces. SIG supplies complete aseptic carton
packaging systems, which include aseptic filling machines,
aseptic cartons, spouts, caps and closures and machine
optimization services. The company generated revenues of around
EUR1,629 million in FYE December 2014.



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


DUCHESS IV CLO: S&P Raises Rating on Class E Notes to 'B+'
----------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
Duchess IV CLO B.V.'s class C, D, and E notes.

The upgrades follow S&P's analysis of the transaction using data
from the trustee report dated Feb. 11, 2015, and the application
of S&P's relevant criteria.

Since S&P's Nov. 9, 2012 review, the rated notes have benefited
from an increase in par coverage and from the increase in the
portfolio's weighted-average spread to 3.90% from 3.41%.

S&P subjected the capital structure to its cash flow analysis to
determine the break-even default rate (BDR) for each class of
notes at each rating level.  The BDRs represent S&P's estimate of
the level of asset defaults that the notes can withstand and
still fully pay interest and principal to the noteholders.  As a
result of the above developments, S&P believes the rated notes
are now ableto withstand a larger amount of asset defaults.

S&P has estimated future defaults in the portfolio in each rating
scenario by applying its criteria for corporate collateralized
debt obligations (CDOs).

S&P's analysis shows that the available credit enhancement for
all classes of rated notes is now commensurate with higher
ratings than those previously assigned.  Therefore, S&P has
raised its rating on the class C notes to 'AAA (sf)' from 'BBB+
(sf)'.

As the portfolio became less diversified (currently 19 obligors,
compared with 66 at S&P's previous review), the application of
S&P's largest obligor test capped the ratings on the class D and
E notes at 'BBB- (sf)' and 'B+ (sf)', respectively.  S&P has
therefore raised to 'BBB- (sf)' from 'CCC+ (sf)' and to 'B+ (sf)'
from 'CCC- (sf)' its ratings on the class D and E notes,
respectively.

Duchess IV CLO is a cash flow collateralized loan obligation
(CLO) transaction managed by Babson Capital Management (UK) Ltd.
A portfolio of loans to speculative-grade corporate firms backs
the transaction.  Duchess IV CLO closed in May 2005 and its
reinvestment period ended in May 2008.

RATINGS LIST

Duchess IV CLO B.V.
EUR525 mil secured floating-rate notes

                                  Rating               Rating
Class            Identifier       To                   From
C                26410RAE9        AAA (sf)             BBB+ (sf)
D                26410RAF6        BBB- (sf)            CCC+ (sf)
E                26410RAB5        B+ (sf)              CCC- (sf)


JUBILEE CLO 2015-XV: Moody's Rates EUR27MM Class E Notes (P)Ba2
---------------------------------------------------------------
Moody's Investors Service assigned the following provisional
ratings to notes to be issued by Jubilee CLO 2015-XV B.V.:

  -- EUR252,750,000 Class A Senior Secured Floating Rate Notes
     due 2028, Assigned (P)Aaa (sf)

  -- EUR60,250,000 Class B Senior Secured Floating Rate Notes due
     2028, Assigned (P)Aa2 (sf)

  -- EUR26,000,000 Class C Deferrable Mezzanine Floating Rate
     Notes due 2028, Assigned (P)A2 (sf)

  -- EUR23,500,000 Class D Deferrable Mezzanine Floating Rate
     Notes due 2028, Assigned (P)Baa2 (sf)

  -- EUR27,000,000 Class E Deferrable Junior Floating Rate Notes
     due 2028, Assigned (P)Ba2 (sf)

  -- EUR15,250,000 Class F Deferrable Junior Floating Rate Notes
     due 2028, Assigned (P)B2 (sf)

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

Moody's provisional rating of the rated notes addresses the
expected loss posed to noteholders by the legal final maturity of
the notes in 2028. The provisional ratings reflect the risks due
to defaults on the underlying portfolio of loans given the
characteristics and eligibility criteria of the constituent
assets, the relevant portfolio tests and covenants as well as the
transaction's capital and legal structure. Furthermore, Moody's
is of the opinion that the collateral manager, Alcentra Limited,
has sufficient experience and operational capacity and is capable
of managing this CLO.

Jubilee CLO is a managed cash flow CLO. At least 90% of the
portfolio must consist of senior secured loans and senior secured
floating rate notes and up to 10% of the portfolio may consist of
unsecured loans, second-lien loans, mezzanine obligations and
high yield bonds. The bond bucket gives the flexibility to
Jubilee CLO to hold bonds if Volcker Rule is changed. The
portfolio is expected to be 70% ramped up as of the closing date
and to be comprised predominantly of corporate loans to obligors
domiciled in Western Europe.

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

In addition to the six classes of notes rated by Moody's, the
Issuer will issue EUR46.0m of subordinated notes, which will not
be rated.

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

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

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

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

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

- Par amount: EUR 437,775,000

- Diversity Score: 36

- Weighted Average Rating Factor (WARF): 2750

- Weighted Average Spread (WAS): 4.10%

- Weighted Average Recovery Rate (WARR): 42%

- Weighted Average Life (WAL): 8 years.

Moody's has analyzed the potential impact associated with
sovereign related risk of peripheral European countries. As part
of the base case, Moody's has addressed the potential exposure to
obligors domiciled in countries with local currency country risk
ceiling of A1 or below. Following the effective date, and given
the portfolio constraints and the current sovereign ratings in
Europe, such exposure may not exceed 10% of the total portfolio.
As a result and in conjunction with the current foreign
government bond ratings of the eligible countries, as a worst
case scenario, a maximum 5% of the pool would be domiciled in
countries with A3 and a maximum of 5% of the pool would be
domiciled in countries with Baa3 local currency country ceiling
each. The remainder of the pool will be domiciled in countries
which currently have a local or foreign currency country ceiling
of Aaa or Aa1 to Aa3. Given this portfolio composition, the model
was run with different target par amounts depending on the target
rating of each class as further described in the methodology. The
portfolio haircuts are a function of the exposure size to
peripheral countries and the target ratings of the rated notes
and amount to 0.75% for the Class A notes, 0.50% for the Class B
notes, 0.38% for the Class C notes and 0% for Classes D, E and F.

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

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

Ratings Impact in Rating Notches:

- Class A Senior Secured Floating Rate Notes: 0

- Class B Senior Secured Floating Rate Notes: -1

- Class C Deferrable Mezzanine Floating Rate Notes: -2

- Class D Deferrable Mezzanine Floating Rate Notes: -2

- Class E Deferrable Junior Floating Rate Notes: -1

- Class F Deferrable Junior Floating Rate Notes: 0

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

Ratings Impact in Rating Notches:

- Class A Senior Secured Floating Rate Notes: -1

- Class B Senior Secured Floating Rate Notes: -3

- Class C Deferrable Mezzanine Floating Rate Notes: -3

- Class D Deferrable Mezzanine Floating Rate Notes: -2

- Class E Deferrable Junior Floating Rate Notes: -1

- Class F Deferrable Junior Floating Rate Notes: -2

Given that the transaction allows for corporate rescue loans
which do not bear a Moody's rating or Credit Estimate, Moody's
has also tested the sensitivity of the ratings of the notes to
changes in the recovery rate assumption for corporate rescue
loans within the portfolio (up to 5% in aggregate). This analysis
includes haircuts to the 50% base recovery rate which Moody's
assume for corporate rescue loans if they satisfy certain
criteria, including having a Moody's rating or Credit Estimate.

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


JUBILEE CLO 2015-XV: S&P Assigns Prelim. B- Rating to Cl. F Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to Jubilee CLO 2015-XV B.V.'s class A, B, C, D, E,
and F notes.  At closing, Jubilee CLO 2015-XV will also issue an
unrated subordinated class of notes.

Jubilee CLO 2015-XV is a cash flow collateralized loan obligation
(CLO) transaction securitizing a portfolio of primarily broadly
syndicated speculative-grade senior secured loans and bonds
issued mainly by European borrowers.  Alcentra Ltd. is the
collateral manager.

Under the transaction documents, the rated notes pay quarterly
interest unless there is a frequency switch event.  Following
such an event, the notes will switch to semiannual payment.  The
transaction has a six-month ramp-up period, a four-year
reinvestment period, and a maximum weighted-average life of eight
years from the closing date.

At the end of the ramp-up period, S&P understands that the
portfolio will represent a well-diversified pool of corporate
credits.  Therefore, S&P has conducted its credit and cash flow
analysis by applying its criteria for corporate cash flow
collateralized debt obligations.

S&P's preliminary ratings reflect its assessment of the
preliminary collateral portfolio's credit quality as well as the
available credit enhancement for the rated notes through the
subordination of payable cash flow.  In S&P's cash flow analysis,
it used the EUR437.78 million target par amount, the covenanted
weighted-average spread (4.10%), the covenanted weighted-average
coupon (5.75%), and the covenanted weighted-average recovery
rates at each rating level.  S&P applied various cash flow stress
scenarios, using four different default patterns, in conjunction
with different interest rate stress scenarios for each liability
rating category.

The Bank of New York Mellon, London Branch, is the bank account
provider and custodian.  The portfolio can comprise a maximum of
30% non-euro-denominated obligations subject to an asset swap
provided by a hedge counterparty.  The participants' downgrade
remedies are expected to be in line with S&P's current
counterparty criteria.

The issuer is expected to be bankruptcy-remote, in accordance
with S&P's European legal criteria.

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

RATINGS LIST

Jubilee CLO 2015-XV B.V.

EUR450.75 Million Senior Secured And Deferrable Floating-Rate
Notes (Including EUR46.0 Million Subordinated Notes)

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

A                       AAA (sf)       252.75
B                       AA (sf)         60.25
C                       A (sf)          26.00
D                       BBB (sf)        23.50
E                       BB (sf)         27.00
F                       B- (sf)         15.25
Subordinated            NR              46.00

NR--Not rated.



===========
N O R W A Y
===========


CECON ASA:  Seeks Bankruptcy After Failure to Present Plan
----------------------------------------------------------
Reuters reports that Cecon ASA is unable to present a plan for a
compulsory composition and request that it be declared bankrupt.

According to Reuters, Cecon said due to recent and unforeseen
events, the company's cash balance was given to Gdf against the
company's will and understanding of Escrow terms.

Companies Cecon is invested in will continue its operations as
prior to this, Reuters notes.

Headquartered in Arendal, Norway, Cecon ASA --
http://www.cecon.no-- operates as an offshore and subsea
installation contractor in Norway, west African Continental
Shelf, and internationally.



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


BANCO ESPIRITO: Goldman Sachs Dispute May Disrupt Novo Banco Sale
-----------------------------------------------------------------
Anabela Reis and Kit Chellel at Bloomberg News report that the
Bank of Portugal said Goldman Sachs Group Inc.'s legal fight over
an US$835 million loan to Banco Espirito Santo SA before it
collapsed may disrupt attempts by the central bank to sell its
successor, Novo Banco SA.

Goldman Sachs is seeking a Lisbon court order putting the status
of the Oak Finance Luxembourg SA loan vehicle on hold until a
dispute over what entity owns the debt is resolved, according to
a Bank of Portugal document that was filed at the tribunal and
obtained by Bloomberg News.

"That disruption, at a time of a crucial stage of collecting
definitive offers from potential buyers, would not only create
uncertainty as to the configuration of the balance sheet of Novo
Banco, but it would also subject the buyer to significant future
risks of litigation," the Bank of Portugal, as cited by
Bloomberg, said in the document, dated April 17, which outlines a
resolution by bank directors.

The Bank of Portugal's EUR4.9 billion (US$5.3 billion) rescue of
Banco Espirito Santo in August split the stricken bank in two,
with depositors and healthy assets joining Novo Banco while bad
loans and junior creditors stayed with the old bank, Bloomberg
recounts.  Oak Finance was set up by Goldman to lend about
EUR$835 million to Banco Espirito Santo weeks before its failure,
Bloomberg discloses.

Goldman and a group of investors in Oak Finance have filed
lawsuits in the U.K. and Portugal seeking to ensure the debt is
transferred to Novo Banco, Bloomberg relays.  Oak Finance
investors face significant losses if the vehicle remains in the
bad bank, Bloomberg recounts.

The Bank of Portugal initially transferred Oak Finance's debts to
Novo Banco before reversing its decision in December, Bloomberg
notes.  It has invited five bidders to make binding offers by the
end of June for what was once Portugal's biggest bank by market
value, Bloomberg states.  The proceeds will be used to repay the
costs of the bailout, Bloomberg says.

The central bank, as cited by Bloomberg, said in the document
that if the Bank of Portugal's December decision regarding Oak
Finance was suspended, the uncertainty would create "negative
effects on the confidence of potential buyers with an impact on
their offers".

The Bank of Portugal said the delay in implementing the measure
would also create inequality between creditors of the same type
and increase the costs with the capitalization of Novo Banco.
Bloomberg relays.

                   About Banco Espirito Santo

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

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

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

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

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



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


BORETS INTERNATIONAL: Moody's Alters Outlook on B1 CFR to Stable
----------------------------------------------------------------
Moody's Investors Service changed to stable from positive the
outlook on the B1 corporate family rating and B1-PD probability
of default rating of Borets International Ltd, and on the B1
senior unsecured rating of the notes issued by Borets Finance
Limited, a wholly owned subsidiary of Borets. At the same time,
Moody's has affirmed all ratings.

The rating action reflects increasing concerns over Borets'
exposure to foreign currency risks as a result of the sharp
rouble devaluation since 4Q 2014 and the continued volatility
this year. The currency mismatch between Borets' revenues, 70% of
which are in roubles, and its US dollar debt will likely result
in a deterioration of the company's leverage metrics, with
adjusted debt/EBITDA potentially exceeding 4.0x in 2015.

Moody's also cautions that the drop in oil prices, and the
challenging macroeconomic and political environment in Russia,
could affect the company's operating and financial results in
2015. In particular, Moody's sees risk that oil companies could
revise their investment programs, further tightening pricing and
payment terms of contracts with suppliers.

At the same time, Borets' ratings continue to reflect its
consistent focus on positive free cash flow generation,
historically healthy cash balances, and moderate debt service
requirements until the maturity of the bond in 2018. These
positives to some extent mitigate the weaker-than-expected
leverage metrics.

Moody's also expects that Borets will be able to maintain an
adequate operating performance, supported by its (1) leading
position in the niche electric submersible pumps (ESP) market
with long-standing customer relationships; (2) favorable industry
fundamentals, supported by a globally increasing need for oil
recovery enhancement technologies; and (3) historically proven
resistance to oil price volatility, underpinned by its large
installed base and high portion of revenues derived from the
replacement and servicing of existing ESPs.

Given Borets' high level of vertical integration with all key
production facilities located in Russia, the rouble devaluation
should further reinforce its already competitive cost position.
The company should also be able to maintain profitability at
healthy levels, with its adjusted EBITDA margin remaining above
17% in 2015. This, together with the continuous development of
its international operations, should allow the company to resume
deleveraging in line with Moody's initial expectations of
adjusted debt/EBITDA at around 3.5x in 2016.

Moody's also notes that Borets has upheld its sound corporate
governance standards following the buyback of shares held by
Weatherford International Ltd. (Bermuda) (Baa3, negative) in
September 2013, and the subsequent acquisition by the European
Bank for Reconstruction and Development (EBRD, Aaa stable) and
International Finance Corporation (IFC, Aaa stable) of 5% and 3%
stakes in the company respectively, with comfortable protection
of creditors and minority rights.

Borets' B1 rating remains constrained by (1) its small scale and
focus on a single product line (ESP); (2) limited (albeit
gradually increasing) geographic and customer diversification
relative to global peers; and (3) competition from larger-scale
global players in the higher-end segment and from Russian and
Chinese producers in the lower-end segment.

The stable outlook on the ratings reflects Moody's expectation
that Borets will deliver on its operating targets, including
sustainable growth of its international business, while
maintaining robust cash flow generation and a strong liquidity
profile. These factors should compensate for a potential
temporary deterioration in leverage metrics in 2015 as a result
of the sharp rouble devaluation, bringing metrics back to within
the guidance by 2016. Moody's also expects that the company will
continue to adhere to its sound corporate governance standards.

Moody's would consider upgrading Borets' ratings if the company
continues to (1) adhere to sound corporate governance standards;
and (2) demonstrate robust operational performance, further
increasing the scale of its operations and geographical
diversification. In addition, to consider a rating upgrade,
Moody's would expect Borets to reduce its leverage (measured as
adjusted debt/EBITDA) comfortably below 3.5x on a gross basis or
3.0x on a net basis, while maintaining a solid liquidity profile
and positive free cash flow generation. The consideration of net
leverage reflects that cash is expected to accumulate over time
in view of the bullet debt structure and positive free cash-flow.

Downward rating pressure could emerge in case of (1) material
debt-financed acquisitions or capital investments; (2) aggressive
shareholder distributions; or (3) a material deterioration in
Borets' competitive position, with leverage, as measured by
adjusted debt/EBITDA, rising above 4.0x on a sustained basis.

The principal methodology used in these ratings was Global
Oilfield Services Industry Rating Methodology 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.

Borets International Limited is a leading vertically integrated
manufacturer of artificial lift products for the oil sector,
specializing in the design and manufacture of electric
submersible pumps (ESP) and related products and provision of
related services. In 2014, Borets generated US$720 million in
sales and $133 million of adjusted EBITDA and reported US$695
million in assets.


RUSSIA: Fitch Cuts Insurer Financial Strength Rating to 'B-'
------------------------------------------------------------
Fitch Ratings has downgraded Russian Insurance Centre (Russia)'s
(RIC) Insurer Financial Strength (IFS) rating to 'B-' from 'B'
and National IFS rating to 'BB-(rus)' from 'BBB-(rus)'. The
Outlook on the ratings is Negative.

Fitch is simultaneously withdrawing the ratings, as the agency
has not been able to obtain sufficient information to maintain
them. Accordingly, Fitch will no longer provide ratings or
analytical coverage for RIC.

KEY RATING DRIVERS

The downgrade of the ratings reflects a significant weakening of
RIC's liquidity position and underwriting performance. The
ratings have been withdrawn as Fitch has not been able to obtain
sufficient information about the composition of RIC's investment
portfolio.

RIC reported a sharp contraction of its liquid investments at
end-2014, when the proportion of cash and bank deposits in the
investment portfolio fell to 2%, from 18% at end-2013. Although
this increased to 6% at end-1Q15, there is now significant
concentration risk, as the increase is all held with a small
unrated local bank. Fitch has been unable to determine the
composition of the non-cash investment portfolio, which has
increased as a result of investing cash generated by the
insurance operations in 2014 and cash withdrawals from bank
accounts.

The sharp contraction of cash and bank deposits occurred in the
context of positive operating cash flow in 2014, which was
supported by a 110% growth in net premiums written and an
apparent reduction in claims paid, reflecting an increase in
claims case reserves.

RIC also reported a significant weakening of its underwriting
profitability, with a larger loss of RUB166 million in 2014,
compared with a RUB84 million loss in 2013.


TAURUS BANK: Bank of Russia Revokes Banking License
---------------------------------------------------
By its Order No. OD-886 dated April2 4, 2015, the Bank of Russia
revoked the banking license from the Moscow-based credit
institution joint-stock company Taurus Bank or JSC Taurus Bank
(Registration No. 655) from April 24, 2015.

The Bank of Russia took such an extreme measure -- revocation of
the banking license -- because of the failure of JSC Taurus Bank
to comply with federal banking laws and Bank of Russia
regulations, and application of supervisory measures envisaged by
the Federal Law "On the Central Bank of the Russian Federation
(Bank of Russia)".

JSC Taurus Bank implemented high-risk lending policy, did not
create loan loss provisions adequate to the risks assumed, and
did not meet the supervisor's requirements on restricting certain
banking operations.  Besides, in 2014 and 2015 Q1 the credit
institution was involved in dubious transit transactions and
overseas money transfers in significant amounts.  The management
and owners of the bank did not take measures to normalize its
activities.

By its Order No. OD-887 dated April 24, 2015, the Bank of Russia
has appointed a provisional administration to JSC Taurus Bank for
the period until the appointment of a receiver pursuant to the
Federal Law "On the Insolvency (Bankruptcy)' or a liquidator
under Article 23.1 of the Federal Law 'On Banks and Banking
Activities".  In accordance with federal laws, the powers of the
credit institution's executive bodies are suspended.

JSC Taurus Bank is a member of the deposit insurance system. The
revocation of banking license is an insured event envisaged by
Federal Law No. 177-FZ "On Insurance of Household Deposits with
Russian Banks" regarding the bank's obligations on deposits of
households determined in accordance with the legislation.

According to the financial statements, as of April 1, 2015, JSC
Taurus Bank ranked 436th by assets in the Russian banking system.


=============================
S L O V A K   R E P U B L I C
=============================


VAHOSTAV-SK: Government Passes Insolvency Law Amendment
-------------------------------------------------------
The Slovak Spectator reports that amid a race to pass legislation
that would come into effect before Vahostav-SK meets with
creditors April 30, Prime Minister Robert Fico's government
passed an overhaul to insolvency laws coupled with a bailout for
the ailing firm's creditors on April 23.

The legislation still needs President Andrej Kiska to sign it
into law, The Slovak Spectator notes.  The changes revise the
Commercial Code and other laws related to bankruptcy and
restructuring to the benefit of smaller unsecured creditors,
those whose claims are not secured by collateral, The Slovak
Spectator discloses.

The changes will allow unsecured creditors to sell their claims
towards Vahostav-SK the state Slovak Guarantee and Development
Bank and get immediately 50% of their nominal value, The Slovak
Spectator says.

Though small creditors could also opt to collect the full amount
they are owed from future Vahostav-SK profits many say they
prefer to get 50% immediately, The Slovak Spectator notes.

In response, the Finance Ministry stated that the European
Central Bank hasn't adopted a stance on the amendment yet and
neither asked for any consultations, The Slovak Spectator relays.

Under the original restructuring plan, scheduled to be discussed
on April 30, Vahostav-SK planned to settle 15% of its debts or
EUR15.7 million to small and medium-sized companies over a period
of five years, The Slovak Spectator discloses.  Secured creditors
would have received 100% of their claims, The Slovak Spectator
states.  In total, the firm planned to repay just 32.3% of its
total debts of EUR136 million, or EUR43.9 million, according to
The Slovak Spectator.

Vahostav-SK is a Slovak construction company.



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


MYMETICS CORP: Auditor Expresses Going Concern Doubt
----------------------------------------------------
Mymetics Corporation reported a net loss of EUR3.26 million on
EUR2.4 million of revenues for the year ended Dec. 31, 2014,
compared with a net income of EUR6 million on EUR4.38 million of
revenues in 2013.

Peterson Sullivan LLP expressed substantial doubt about the
Company's ability to continue as a going concern, citing that the
Company has not been able to generate significant revenue, which
has resulted in significant losses since inception.  Further, the
Company's current liabilities exceed its current assets by
EUR39,200 and there are limited resources to pay current
liabilities.

The Company's balance sheet at Dec. 31, 2014, showed EUR11.01
million in total assets, EUR41.1 million in total liabilities and
total stockholders' deficit of EUR30.09 million.

A copy of the Form 10-K filed with the U.S. Securities and
Exchange Commission is available at:

                       http://is.gd/6JBQl3

Switzerland-based Mymetics Corporation is an early stage
biotechnology company focused on the research and development of
vaccines for infectious diseases.  Mymetics currently has five
vaccines in its pipeline: HIV-1/AIDS, intra nasal Influenza,
Malaria, Herpes Simplex Virus and the RSV vaccine.


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


ALBA 2015-1: S&P Assigns 'BB' Rating to Class E Notes
-----------------------------------------------------
Standard & Poor's Ratings Services assigned credit ratings to
Aggregator of Loans Backed by Assets 2015-1 PLC (ALBA 2015-1)'s
class A to E notes.  At closing, ALBA 2015-1 also issued unrated
class Z notes and subordinated notes.

ALBA 2015-1 is a securitization of first-lien U.K. nonconforming
residential mortgage loans. Edeus Mortgage Creators Ltd.,
Kensington Mortgage Company Ltd., Amber Homeloans Ltd., and
Paratus AMC Ltd. (formerly known as GMAC-RFC Ltd.) originated the
closing pool's underlying collateral, which consists of first-
lien U.K. owner-occupied and buy-to-let nonconforming residential
mortgage loans.

At closing, the issuer purchased an initial portfolio of U.K.
residential mortgages from the seller (Ertow Holdings Ltd.),
using the note issuance proceeds to purchase the rights to the
mortgage pool.

This is the seventh ALBA transaction that S&P rates and the first
this year.

The collateral pool consists of first-lien U.K. nonconforming
residential mortgage loans, mostly originated between 2006 and
2007.  All of the loans pay a floating rate of interest
throughout the transaction's life.  The portfolio's weighted-
average indexed current loan-to-value ratio is 80.20% (based on
S&P's methodology).

The notes' interest is based on an index of one-month sterling
LIBOR, while the underlying collateral contains loans that are
linked to the Bank of England Base Rate, three-month sterling
LIBOR, or to a standard variable rate.  The transaction will not
benefit from a swap.

Any excess spread in this transaction is used to redeem the rated
notes.  Under a scenario where excess spread is generated and
applied to redeem the rated notes, overcollateralization would
increase.

S&P's ratings reflect its assessment of the transaction's payment
structure, cash flow mechanics, and the results of its cash flow
analysis to assess whether the notes would be repaid under stress
test scenarios.  Subordination, overcollateralization, and the
rated note reserve fund provide credit enhancement to the notes
that are senior to the unrated class Z notes.  Taking these
factors into account, S&P considers the available credit
enhancement for the rated notes to be commensurate with the
ratings that S&P has assigned.

RATINGS LIST

Aggregator of Loans Backed by Assets 2015-1 PLC
GBP273.6 Million Residential Mortgage-Backed Floating- And Fixed-
Rate Notes (Including Unrated Notes)

Class                Rating           Amount
                                    (mil. GBP)

A                    AAA (sf)            179
B                    AA (sf)              21
C                    A (sf)               21
D                    A- (sf)              18
E                    BB (sf)              21
Z                    NR                 5.47
Subordinated notes   NR                 8.20

NR--Not rated.


SOUTHERN PACIFIC 05-3: Moody's Lifts Ratings on 2 Notes to Caa2
---------------------------------------------------------------
Moody's Investors Service upgraded the ratings of 22 notes,
confirmed the ratings of 3 notes and affirmed the ratings of 8
notes in 4 UK non-conforming residential mortgage-backed
securities (RMBS) transactions: Southern Pacific Securities 05-3
plc, Newgate Funding PLC: Series 2006-3, Newgate Funding PLC:
Series 2007-1 and Newgate Funding PLC: Series 2007-2.

The rating action concludes the review of 21 notes placed on
review on Dec. 9, 2014.

The rating upgrades reflect (1) better than expected performance
and (2) the deleveraging of the transactions.

The rating confirmations and affirmations reflect the sufficiency
of credit enhancement.

The lifetime loss expectations have not been updated as part of
this review. The performance of the underlying asset portfolios
remain in line with Moody's assumptions.

Moody's revised the MILAN CE assumption to 26% in Newgate Funding
PLC: Series 2006-3, Newgate Funding PLC: Series 2007-1 and
Newgate Funding PLC: Series 2007-2, from 30% respectively, and to
34% in Southern Pacific Securities 05-3 plc from 39%, reflecting
updated portfolio characteristics.

Moody's quantitative analysis incorporates the ratings
sensitivity to increases in key collateral assumptions. The
increases included stress of 1.25x the current EL assumption and
1.2x MILAN CE. Moody's sensitivity analysis would typically
expect to see the ratings fall by no more than one to three
notches using these stressed assumptions. The results of this
analysis limited the potential upgrade of the ratings of Class
Ba, Bb and Cb in Newgate Funding PLC: Series 2006-3; Class Ba,
Bb, Ma and Mb, in Newgate Funding PLC: Series 2007-1; Class A3,
Bb and M in Newgate Funding PLC: Series 2007-2.

The ratings of Class A2a, A2c, B1a and B1c in Southern Pacific
Securities 05-3 plc are constrained by operational risk.

Acenden Limited (NR) acts as servicer and cash manager in
Southern Pacific Securities 05-3 plc with Homeloan Management
Limited (NR) acting as standby servicer. Moody's considers that
the transaction is exposed to operational risk as Homeloan
Management Limited may not be able to immediately take over the
servicing in case of servicer disruption. The transaction
benefits from a liquidity facility and reserve fund which
partially offset concerns regarding the back-up servicing
arrangement.

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

Finally, Moody's analysis considered the risks of additional
losses on the notes if they were to become unhedged following a
swap counterparty default. As a result, the ratings of Class Ba,
Bb and Mb in Newgate Funding PLC: Series 2006-3 are constrained
by swap exposure.

Moody's incorporated the updates to its structured finance
methodologies in its analysis of the transactions affected by the
rating actions

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

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

Factors or circumstances that could lead to a downgrade of the
ratings include (1) performance of the underlying collateral that
is worse than Moody's expects, (2) deterioration in the notes'
available credit enhancement and (3) deterioration in the credit
quality of the transaction counterparties.

List of Affected Ratings:

Issuer: Southern Pacific Securities 05-3 plc

  -- EUR130M Class A2a Notes, Affirmed Aa2 (sf); previously on
     Dec 10, 2009 Downgraded to Aa2 (sf)

  -- GBP105M Class A2c Notes, Affirmed Aa2 (sf); previously on
     Dec 10, 2009 Downgraded to Aa2 (sf)

  -- EUR24M Class B1a Notes, Upgraded to Aa2 (sf); previously on
     Dec 9, 2014 Aa3 (sf) Placed Under Review for Possible
     Upgrade

  -- GBP11M Class B1c Notes, Upgraded to Aa2 (sf); previously on
     Dec 9, 2014 Aa3 (sf) Placed Under Review for Possible
     Upgrade

  -- EUR9M Class C1a Notes, Confirmed at Ba2 (sf); previously on
     Dec 9, 2014 Ba2 (sf) Placed Under Review for Possible
     Upgrade

  -- GBP12M Class C1c Notes, Confirmed at Ba2 (sf); previously
     on Dec 9, 2014 Ba2 (sf) Placed Under Review for Possible
     Upgrade

  -- EUR10.3M Class D1a Notes, Upgraded to Caa2 (sf); previously
     on Dec 9, 2014 Ca (sf) Placed Under Review for Possible
     Upgrade

  -- GBP3M Class D1c Notes, Upgraded to Caa2 (sf); previously on
     Dec 9, 2014 Ca (sf) Placed Under Review for Possible Upgrade

Issuer: Newgate Funding PLC: Series 2006-3

  -- GBP177.45M Class A2 Notes, Affirmed Aaa (sf); previously on
     Oct 12, 2009 Confirmed at Aaa (sf)

  -- GBP108.8M Class A3a Notes, Upgraded to Aaa (sf); previously
     on Dec 9, 2014 Aa1 (sf) Placed Under Review for Possible
     Upgrade

  -- EUR80M Class A3b Notes, Upgraded to Aaa (sf); previously on
     Dec 9, 2014 Aa1 (sf) Placed Under Review for Possible
     Upgrade

  -- GBP10M Class Ba Notes, Upgraded to Aa2 (sf); previously on
     Dec 9, 2014 Baa2 (sf) Placed Under Review for Possible
     Upgrade

  -- EUR44M Class Bb Notes, Upgraded to Aa2 (sf); previously on
     Dec 9, 2014 Baa2 (sf) Placed Under Review for Possible
     Upgrade

  -- EUR36.8M Class Cb Notes, Upgraded to Baa3 (sf); previously
     on Dec 9, 2014 B3 (sf) Placed Under Review for Possible
     Upgrade

  -- GBP5M Class Da Notes, Upgraded to Caa1 (sf); previously on
     Dec 9, 2014 Ca (sf) Placed Under Review for Possible Upgrade

  -- EUR15.8M Class Db Notes, Upgraded to Caa1 (sf); previously
     on Dec 9, 2014 Ca (sf) Placed Under Review for Possible
     Upgrade

  -- GBP5.9M Class E Notes, Confirmed at C (sf); previously on
     Dec 9, 2014 C (sf) Placed Under Review for Possible Upgrade

  -- EUR24.3M Class Mb Notes, Upgraded to Aa1 (sf); previously
     on Dec 9, 2014 Aa3 (sf) Placed Under Review for Possible
     Upgrade

  -- MERCs Notes, Affirmed Aaa (sf); previously on Nov 2, 2006
     Definitive Rating Assigned Aaa (sf)

Issuer: Newgate Funding PLC: Series 2007-1

  -- GBP168.8M Class A2 Notes, Affirmed Aaa (sf); previously on
     Aug 14, 2009 Confirmed at Aaa (sf)

  -- GBP130.1M Class A3 Notes, Upgraded to Aaa (sf); previously
     on Dec 9, 2014 Aa2 (sf) Placed Under Review for Possible
     Upgrade

  -- GBP20M Class Ba Notes, Upgraded to A3 (sf); previously on
     Aug 14, 2009 Downgraded to Baa3 (sf)

  -- EUR24.5M Class Bb Notes, Upgraded to A3 (sf); previously on
     Aug 14, 2009 Downgraded to Baa3 (sf)

  -- EUR32.1M Class Cb Notes, Upgraded to B2 (sf); previously on
     Aug 14, 2009 Downgraded to Caa1 (sf)

  -- GBP11M Class Ma Notes, Upgraded to Aa1 (sf); previously on
     Dec 9, 2014 A2 (sf) Placed Under Review for Possible Upgrade

  -- EUR5M Class Mb Notes, Upgraded to Aa1 (sf); previously on
     Dec 9, 2014 A2 (sf) Placed Under Review for Possible Upgrade

  -- MERC Notes, Affirmed Aaa (sf); previously on Mar 15, 2007
     Definitive Rating Assigned Aaa (sf)

Issuer: Newgate Funding PLC: Series 2007-2

  -- GBP135.4M Class A2 Notes, Affirmed Aaa (sf); previously on
     Aug 14, 2009 Confirmed at Aaa (sf)

  -- GBP103.5M Class A3 Notes, Upgraded to Aa1 (sf); previously
     on Dec 9, 2014 Aa3 (sf) Placed Under Review for Possible
     Upgrade

  -- EUR37.7M Class Bb Notes, Upgraded to Baa2 (sf); previously
     on Dec 9, 2014 Ba3 (sf) Placed Under Review for Possible
     Upgrade

  -- EUR25.25M Class Cb Notes, Upgraded to B2 (sf); previously
     on Aug 14, 2009 Downgraded to Caa3 (sf)

  -- GBP11.2M Class M Notes, Upgraded to Aa3 (sf); previously on
     Dec 9, 2014 Baa2 (sf) Placed Under Review for Possible
     Upgrade

  -- MERC Notes, Affirmed Aaa (sf); previously on Jun 13, 2007
     Definitive Rating Assigned Aaa (sf)



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


* BOND PRICING: For the Week April 20, 2015 to April 24, 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.


                 * * * End of Transmission * * *